7. Debt of the Operating Partnership

A summary of outstanding indebtedness of the Operating Partnership as of December 31, 2012 and 2011 is as follows (in thousands):



Indebtedness	Interest Rate at December 31, 2012		Maturity Date		Principal Outstanding December 31, 2012		Principal Outstanding December 31, 2011
Global revolving credit facility	Various	(1)	Nov. 3, 2015		$ 723,729	(2)	$ 275,106	(2)

Unsecured term loan	Various	(3)(9)	Apr. 16, 2017		$ 757,839	(4)	$ -

Unsecured senior notes:
Prudential Shelf Facility:
Series B	9.320%		Nov. 5, 2013		33,000		33,000
Series C	9.680%		Jan. 6, 2016		25,000		25,000
Series D	4.570%		Jan. 20, 2015		50,000		50,000
Series E	5.730%		Jan. 20, 2017		50,000		50,000
Series F	4.500%		Feb. 3, 2015		17,000		17,000
Total Prudential Shelf Facility					175,000		175,000
Senior Notes:
4.50% notes due 2015	4.500%		Jul. 15, 2015		375,000		375,000
5.875% notes due 2020	5.875%		Feb. 1, 2020		500,000		500,000
5.25% notes due 2021	5.250%		Mar. 15, 2021		400,000		400,000
3.625% notes due 2022	3.625%		Oct. 1, 2022		300,000		-
Unamortized discounts					(11,779)		(8,928)
Total senior notes, net of discount					1,563,221		1,266,072
Total unsecured senior notes, net of discount					1,738,221		1,441,072

Exchangeable Debentures:
5.50% exchangeable senior debentures due 2029	5.50%		Apr. 15, 2029	(5)	266,400		266,400
Total exchangeable senior debentures					266,400		266,400



Indebtedness	Interest Rate at December 31, 2012		Maturity Date		Principal Outstanding December 31, 2012		Principal Outstanding December 31, 2011
Mortgage loans:
Secured Term Debt (6)(7)	5.65%		Nov. 11, 2014		135,991		138,828
200 Paul Avenue 1-4 (7)	5.74%		Oct. 8, 2015		72,646		74,458
Mundells Roundabout	3-month GBP LIBOR + 1.20%	(9)	Nov. 30, 2013		69,612	(10)	66,563	(10)
2045 & 2055 LaFayette Street (7)	5.93%		Feb. 6, 2017		64,621		65,551
34551 Ardenwood Boulevard 1-4 (7)	5.95%		Nov. 11, 2016		52,916		53,627
1100 Space Park Drive (7)	5.89%		Dec. 11, 2016		52,889		53,609
1350 Duane Avenue/3080 Raymond Street (7)	5.42%		Oct. 1, 2012	(13)	-		52,800
600 West Seventh Street	5.80%		Mar. 15, 2016		51,174		52,709
150 South First Street (7)	6.30%		Feb. 6, 2017		50,830		51,508
360 Spear Street (7)	6.32%		Nov. 8, 2013		46,613		47,569
114 Rue Ambroise Croizat	3-month EURIBOR + 1.35%		Jan. 18, 2012	(13)	-		39,483	(11)
2334 Lundy Place (7)	5.96%		Nov. 11, 2016		38,486		39,003
Clonshaugh Industrial Estate II (8)	3-month EURIBOR + 4.50%	(9)	Sep. 4, 2014		39,579	(11)	38,883	(11)
1500 Space Park Drive (7)	6.15%		Oct. 5, 2013		35,682		37,875
Unit 9, Blanchardstown Corporate Park	3-month EURIBOR + 1.35%		Jan. 18, 2012	(13)	-		33,946	(11)
Cressex 1 (12)	5.68%		Oct. 16, 2014		28,560	(10)	27,786	(10)
1201 Comstock Street (7)	1-month LIBOR + 3.50%		Jun. 24, 2012	(13)	-		16,163
Paul van Vlissingenstraat 16	3-month EURIBOR + 1.60%	(9)	Jul. 18, 2013		13,336	(11)	13,319	(11)
2805 Lafayette Street (7)(14)	1-month LIBOR + 4.75%		Jun. 9, 2013	(13)	-		10,000
Chemin de l'Epinglier 2	3-month EURIBOR + 1.50%	(9)	Jul. 18, 2013		9,649	(11)	9,636	(11)
Gyroscoopweg 2E-2F	3-month EURIBOR + 1.50%	(9)	Oct. 18, 2013		8,492	(11)	8,480	(11)
Manchester Technopark (12)	5.68%		Oct. 16, 2014		8,688	(10)	8,453	(10)
8025 North Interstate 35	4.09%		Mar. 6, 2016		6,561		-
731 East Trade Street	8.22%		Jul. 1, 2020		4,509		4,806
Unamortized net premiums					1,542		2,077
Total mortgage loans, net of premiums					792,376		947,132
Other secured loan:
2805 Lafayette Street Mezzanine (7)(14)	1-month LIBOR + 8.50%		Jun. 9, 2013	(13)	-		10,500
Total other secured loan					-		10,500
Total indebtedness					$ 4,278,565		$ 2,940,210


(1)	The interest rate for borrowings under the global revolving credit facility equals the applicable index plus a margin of 125 basis points which is based on the credit rating of our long-term debt. An annual facility fee of 25 basis points, which is based on the credit rating of our long-term debt, is due and payable quarterly on the total commitment amount of the facility.


2)	Balances as of December 31, 2012 and December 31, 2011 are as follows (balances, in thousands):



Denomination of Draw	Balance as of December 31, 2012		Weighted-average interest rate	Balance as of December 31, 2011		Weighted-average interest rate
US ($)	$ 49,000		2.05%	$ 194,000		1.54%
British Sterling (£)	433,195	(a)	1.75%	49,892	(b)	1.99%
Euro (€)	87,074	(a)	1.36%	-		-
Singapore Dollar (SGD)	26,191	(a)	1.56%	28,151	(b)	1.56%
Australian Dollar (AUD)	93,754	(a)	4.42%	3,063	(b)	5.89%
Hong Kong Dollar (HKD)	34,515	(a)	1.53%	-		0.00%
Total	$ 723,729		2.05%	$ 275,106		1.67%


	(a)	Based on exchange rates of $1.63 to £1.00, $1.32 to €1.00, $0.82 to 1.00 SGD, $1.04 to 1.00 AUD and $0.13 to 1.00 HKD, respectively, as of December 31, 2012.
	(b)	Based on exchange rates of $1.55 to £1.00, $0.77 to 1.00 SGD and $1.02 to 1.00 AUD, respectively, as of December 31, 2011.


(3)	Interest rates are based on our senior unsecured debt ratings and are currently 145 basis points over the applicable index for floating rate advances.


(4)	Balances as of December 31, 2012 are as follows (balances, in thousands):



Denomination of Draw	Balance as of December 31, 2012			Weighted-average interest rate
U.S. Dollar ($)	$	410,905			1.66	%
Singapore Dollar (SGD)		155,098	(a)		1.77	%
British Pound Sterling (£)		91,191	(a)		1.94	%
Euro (€)		65,305	(a)		1.56	%
Australian Dollar (AUD)		35,340	(a)		4.57	%

	$	757,839			1.84	%


	(a)	Based on exchange rates of $0.82 to 1.00 SGD, $1.63 to £1.00, $1.32 to €1.00 and $1.04 to 1.00 AUD, respectively, as of December 31, 2012.

(5)

The holders of the debentures have the right to require the Operating Partnership to repurchase the debentures in cash in whole or in part for a price of 100% of the principal amount plus accrued and unpaid interest on each of April 15, 2014, April 15, 2019 and April 15, 2024. We have the right to redeem the debentures in cash for a price of 100% of the principal amount plus accrued and unpaid interest commencing on April 18, 2014.


(6)	This amount represents six mortgage loans secured by our interests in 36 NE 2nd Street, 3300 East Birch Street, 100 & 200 Quannapowitt Parkway, 300 Boulevard East, 4849 Alpha Road, and 11830 Webb Chapel Road. Each of these loans is cross-collateralized by the six properties.


(7)	The respective borrower’s assets and credit are not available to satisfy the debts and other obligations of affiliates or any other person.


(8)	The Operating Partnership or its subsidiary provides a limited recourse guarantee with respect to this loan.


(9)	We have entered into interest rate swap agreements as a cash flow hedge for interest generated by these US LIBOR, EURIBOR and GBP LIBOR based loans as well as the U.S. Dollar and Singapore Dollar tranches of the unsecured term loan. See note 14 for further information.


(10)	Based on exchange rate of $1.63 to £1.00 as of December 31, 2012 and $1.55 to £1.00 as of December 31, 2011.


(11)	Based on exchange rate of $1.32 to €1.00 as of December 31, 2012 and $1.30 to €1.00 as of December 31, 2011.


(12)	These loans are also secured by a £7.8 million letter of credit. These loans are cross-collateralized by the two properties.



(13)	These loans were repaid in full: 114 Rue Ambroise Croizat (January 2012), Unit 9, Blanchardstown Corporate Park (January 2012), 1201 Comstock Street (April 2012), 2805 Lafayette Street (May 2012), 2805 Lafayette Street Mezzanine (May 2012) and 1350 Duane Avenue/3080 Raymond Street (September 2012). Net loss from early extinguishment of debt related to write-off of unamortized deferred loan costs on 1201 Comstock Street, 2805 Lafayette Street and 2805 Lafayette Street Mezzanine amounted to $0.3 million for the year ended December 31, 2012.
(14)	Property formerly referred to as 800 Central Expressway.

Global Revolving Credit Facility

On November 3, 2011, the Operating Partnership replaced its corporate and Asia Pacific revolving credit facilities with an expanded revolving credit facility, which we refer to as the global revolving credit facility, increasing its total capacity to $1.5 billion from $850 million. The global revolving credit facility has an accordion feature that would enable us to increase the borrowing capacity of the credit facility to $2.25 billion, subject to the receipt of lender commitments. On August 10, 2012, we increased the aggregate commitments under our global revolving credit facility from $1.5 billion to $1.8 billion, pursuant to the partial exercise of the accordion feature. The renewed facility matures in November 2015, with a one-year extension option. The interest rate for borrowings under the expanded facility equals the applicable index plus a margin which is based on the credit rating of our long-term debt and is currently 125 basis points. An annual facility fee on the total commitment amount of the facility, based on the credit rating of our long-term debt and currently 25 basis points, is payable quarterly. Funds may be drawn in U.S., Canadian, Singapore, Australian and Hong Kong dollars, as well as Euro, Pound Sterling, Swiss Franc and Japanese yen denominations. As of December 31, 2012, borrowings under the global revolving credit facility bore interest at a blended rate of 1.47% (U.S.), 1.75% (GBP), 1.36% (Euros), 1.56% (Singapore Dollars), 4.42% (Australian Dollars) and 1.53% (Hong Kong Dollars), which are based on 1-month LIBOR, 1-month GBP LIBOR, 1-month EURIBOR,1-month SIBOR, 1-month BBR and 1-month HIBOR, respectively, plus a margin of 1.25%. The facility also bore a blended rate of 3.50% (USD) which is based on U.S. Prime Rate plus a margin of 0.25%.We have used and intend to use available borrowings under the global revolving credit facility to acquire additional properties, fund development opportunities and to provide for working capital and other corporate purposes, including potentially for the repurchase, redemption or retirement of outstanding debt or preferred equity securities. As of December 31, 2012, we have capitalized approximately $11.2 million of financing costs related to the global revolving credit facility. As of December 31, 2012, approximately $723.7 million was drawn under this facility and $33.7 million of letters of credit were issued.

The global revolving credit facility contains various restrictive covenants, including limitations on our ability to incur additional indebtedness, make certain investments or merge with another company, and requirements to maintain financial coverage ratios, including with respect to unencumbered assets. In addition, the global revolving credit facility restricts Digital Realty Trust, Inc. from making distributions to its stockholders, or redeeming or otherwise repurchasing shares of its capital stock, after the occurrence and during the continuance of an event of default, except in limited circumstances including as necessary to enable Digital Realty Trust, Inc. to maintain its qualification as a REIT and to minimize the payment of income or excise tax. As of December 31, 2012, we were in compliance with all of such covenants.

Unsecured Term Loan

On April 17, 2012, we closed a new $750.0 million senior unsecured multi-currency term loan facility. The new facility matures on April 16, 2017. Interest rates are based on our senior unsecured debt ratings and are currently 145 basis points over the applicable index for floating rate advances. Funds may be drawn in U.S, Singapore and Australian dollars, as well as Euro and Pound Sterling denominations with the option to add Hong Kong dollars and Yen upon an accordion exercise, subject to the receipt of lender commitments. We had the ability to delay draw up to $250.0 million for up to 90 days from the date of closing. As of June 30, 2012, we had drawn approximately $525 million of the available facility based on exchange rates in effect at the time of each draw. An additional $225 million was drawn against the facility during July 2012 based on exchange rates in effect at the time of the draws. Based on exchange rates in effect at December 31, 2012, the balance outstanding is approximately $757.8 million. We have used borrowings under the term loan for acquisitions, repayment of indebtedness, development, working capital and general corporate purposes. The covenants under this loan are consistent with our global revolving credit facility. As of December 31, 2012, we have capitalized approximately $5.3 million of financing costs related to the unsecured term loan.

Unsecured Senior Notes

Prudential Shelf Facility

On January 20, 2010, the Operating Partnership closed the sale of $100.0 million aggregate principal amount of its senior unsecured term notes to Prudential Investment Management, Inc. and certain of its affiliates, or, collectively, Prudential, pursuant to a Note Purchase and Private Shelf Agreement, which we refer to as the Prudential shelf facility. The notes were issued in two series referred to as the series D and series E notes. The series D notes have a principal amount of $50.0 million, an interest-only rate of 4.57% per annum and a five-year maturity, and the series E notes have a principal amount of $50.0 million, an interest-only rate of 5.73% per annum and a seven-year maturity. On February 3, 2010, the Operating Partnership closed the sale of an additional $17.0 million aggregate principal amount of its senior unsecured term notes, which we refer to as the series F notes, to Prudential pursuant to the Prudential shelf facility. The series F notes have an interest-only rate of 4.50% per annum and a five-year maturity. We used the proceeds of the series D, series E and series F notes to fund acquisitions, to temporarily repay borrowings under our corporate revolving credit facility, to fund working capital and for general corporate purposes. The sale of the series A ($25.0 million), series B ($33.0 million) and series C ($25.0 million) were completed in July 2008, November 2008 and January 2009, respectively. We may prepay the notes of any series, in whole or in part, at any time at a price equal to the principal amount and accrued interest of the notes being prepaid, plus a make-whole provision. On December 8, 2010, the Operating Partnership and Prudential entered into an amendment to the Note Purchase and Private Shelf Agreement, increasing the capacity of the Prudential shelf facility from $200.0 million to $250.0 million. Our ability to make additional issuances of notes under the Prudential shelf facility expired on July 24, 2011, with $50.0 million remaining unissued under the shelf facility. On July 25, 2011, we repaid the $25.0 million of 7.0% Series A unsecured notes under the Prudential shelf facility at maturity. As of December 31, 2012 and 2011, there was $175.0 million of unsecured senior notes outstanding.

On November 3, 2011, concurrent with the entry into the global revolving credit facility, the Operating Partnership and Digital Realty Trust, Inc. and the other subsidiary guarantors set forth therein entered into an Amended and Restated Note Purchase and Private Shelf Agreement with Prudential to conform the restrictive and financial covenants of the original Prudential shelf facility that apply to the outstanding Series B, C, D, E and F Notes under the facility to those in the global revolving credit facility described above and, subject to the completion of specified conditions, to authorize the potential issuance and sale of up to $50.0 million of additional senior unsecured fixed-rate term notes. The Prudential shelf facility contains restrictive covenants that are identical to those in our global revolving credit facility.

Senior Notes

4.500% Notes due 2015

On July 8, 2010, the Operating Partnership issued $375.0 million aggregate principal amount of notes, maturing on July 15, 2015 with an interest rate of 4.50% per annum (the 2015 Notes). The purchase price paid by the initial purchasers was 99.697% of the principal amount. The 2015 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Digital Realty Trust, Inc. Interest on the 2015 Notes is payable on January 15 and July 15 of each year, beginning on January 15, 2011. The net proceeds from the offering after deducting the original issue discount of approximately $1.1 million and underwriting commissions and expenses of approximately $3.1 million was approximately $370.8 million.

The indenture governing the 2015 Notes contains certain covenants, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 40% and (3) an interest coverage ratio of greater than 1.50, and also requires us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At December 31, 2012, we were in compliance with each of these financial covenants.

We entered into a registration rights agreement whereby the Operating Partnership agreed to conduct an offer to exchange the 2015 Notes for a new series of publicly registered notes with substantially identical terms. If the Operating Partnership did not fulfill certain of its obligations under the registration rights agreement, it would have been required to pay liquidated damages to the holders of the 2015 Notes. No separate contingent obligation was recorded as no liquidated damages became probable. We filed a registration statement with the U.S. Securities and Exchange Commission in October 2010 in connection with the exchange offer, which was declared effective in December 2010. We completed the exchange offer on January 19, 2011.

5.875% Notes due 2020

On January 28, 2010, the Operating Partnership issued $500.0 million aggregate principal amount of notes, maturing on February 1, 2020 with an interest rate of 5.875% per annum (the 2020 Notes). The purchase price paid by the initial purchasers was 98.296% of the principal amount. The 2020 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Digital Realty Trust, Inc. Interest on the 2020 Notes is payable on February 1 and August 1 of each year, beginning on August 1, 2010. The net proceeds from the offering after deducting the original issue discount of approximately $8.5 million and underwriting commissions and expenses of approximately $4.4 million was approximately $487.1 million. The 2020 Notes have been reflected net of discount in the consolidated balance sheet.

The indenture governing the 2020 Notes contains certain covenants, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 40% and (3) an interest coverage ratio of greater than 1.50, and also requires us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At December 31, 2012, we were in compliance with each of these financial covenants.

We entered into a registration rights agreement whereby the Operating Partnership agreed to conduct an offer to exchange the 2020 Notes for a new series of publicly registered notes with substantially identical terms. If the Operating Partnership did not fulfill certain of its obligations under the registration rights agreement, it would have been required to pay liquidated damages to the holders of the 2020 Notes. No separate contingent obligation was recorded as no liquidated damages became probable. We filed a registration statement with the U.S. Securities and Exchange Commission in June 2010 in connection with the exchange offer, which was declared effective in September 2010. We completed the exchange offer on November 5, 2010.

5.250% Notes due 2021

On March 8, 2011, the Operating Partnership issued $400.0 million aggregate principal amount of notes, maturing on March 15, 2021 with an interest rate of 5.250% per annum (the 2021 Notes). The purchase price paid by the initial purchasers was 99.775% of the principal amount. The 2021 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Digital Realty Trust, Inc. Interest on the 2021 Notes is payable on March 15 and September 15 of each year, beginning on September 15, 2011. The net proceeds from the offering after deducting the original issue discount of approximately $0.9 million and underwriting commissions and expenses of approximately $3.6 million was approximately $395.5 million. The 2021 Notes have been reflected net of discount in the consolidated balance sheet.

The indenture governing the 2021 Notes contains certain covenants, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 40% and (3) an interest coverage ratio of greater than 1.50, and also requires us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At December 31, 2012, we were in compliance with each of these financial covenants.

3.625% Notes due 2022

On September 24, 2012, the Operating Partnership issued $300.0 million in aggregate principal amount of notes, maturing on October 1, 2022 with an interest rate of 3.625% per annum (the 2022 Notes). The purchase price paid by the initial purchasers was 98.684% of the principal amount. The 2022 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Digital Realty Trust, Inc. Interest on the 2022 Notes is payable on April 1 and October 1 of each year, beginning on April 1, 2013. The net proceeds from the offering after deducting the original issue discount of approximately $3.9 million and underwriting commissions and expenses of approximately $3.0 million was approximately $293.1 million. We used the net proceeds from this offering to temporarily repay borrowings under our global revolving credit facility. The 2022 Notes have been reflected net of discount in the consolidated balance sheet.

The indenture governing the 2022 Notes contains certain covenants, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 40% and (3) an interest coverage ratio of greater than 1.50, and also requires us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At December 31, 2012, we were in compliance with each of these financial covenants.

Exchangeable Senior Debentures

5.50% Exchangeable Senior Debentures due 2029

On April 20, 2009, the Operating Partnership issued $266.4 million of its 5.50% exchangeable senior debentures due April 15, 2029 (the 2029 Debentures). Costs incurred to issue the 2029 Debentures were approximately $7.8 million. These costs are being amortized over a period of five years, which represents the estimated term of the 2029 Debentures, and are included in deferred financing costs, net in the consolidated balance sheet. The 2029 Debentures are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Digital Realty Trust, Inc.

Interest is payable on October 15 and April 15 of each year beginning October 15, 2009 until the maturity date of April 15, 2029. The 2029 Debentures bear interest at 5.50% per annum and may be exchanged for shares of Digital Realty Trust, Inc. common stock at an exchange rate that was initially 23.2558 shares per $1,000 principal amount of 2029 Debentures. The exchange rate on the 2029 Debentures is subject to adjustment for certain events, including, but not limited to, certain dividends on Digital Realty Trust, Inc. common stock in excess of $0.33 per share per quarter (the “reference dividend”). Effective December 12, 2012, the exchange rate has been adjusted to 24.7390 shares per $1,000 principal amount of 2029 Debentures as a result of the aggregate dividends in excess of the reference dividend that Digital Realty Trust, Inc. declared and paid on its common stock beginning with the quarter ended September 30, 2012 and through the quarter ended December 31, 2012. Due to the fact that the exchange feature for the 2029 Debentures must be settled in the common stock of Digital Realty Trust, Inc., accounting guidance on convertible debt instruments that requires the principal amount to be settled in cash upon conversion does not apply.

The table below summarizes our debt maturities and principal payments as of December 31, 2012 (in thousands):



	Global Revolving Credit Facility (1)	Unsecured Term Loan	Prudential Shelf Facility	Senior Notes	Exchangeable Senior Debentures (2)	Mortgage Loans (3)	Total Debt
2013	$ -	$ -	$ 33,000	$ -	$ -	$ 195,012	$ 228,012
2014	-	-	-	-	266,400	217,585	483,985
2015	723,729	-	67,000	375,000	-	75,493	1,241,222
2016	-	-	25,000	-	-	191,979	216,979
2017	-	757,839	50,000	-	-	108,395	916,234
Thereafter	-	-	-	1,200,000	-	2,370	1,202,370
Subtotal	$ 723,729	$ 757,839	$ 175,000	$ 1,575,000	$ 266,400	$ 790,834	$ 4,288,802
Unamortized discount	-	-	-	(11,779)	-	-	(11,779)
Unamortized premium	-	-	-	-	-	1,542	1,542
Total	$ 723,729	$ 757,839	$ 175,000	$ 1,563,221	$ 266,400	$ 792,376	$ 4,278,565


(1)	Subject to a one-year extension option exercisable by us. The bank group is obligated to grant the extension option provided we give proper notice, we make certain representations and warranties and no default exists under the global revolving credit facility.


(2)	Assumes maturity of the 2029 Debentures at their first redemption date in April 2014.

(3)

Our mortgage loans are generally non-recourse to us, subject to carve-outs for specified actions by us or specified undisclosed environmental liabilities. As of December 31, 2012, we provided limited recourse guarantees with respect to approximately $39.6 million of the outstanding mortgage indebtedness, and partial letter of credit support with respect to approximately an additional $37.2 million of the outstanding mortgage indebtedness (based on exchange rates as of December 31, 2012).