Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt

NOTE 5. DEBT

All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt (dollars in thousands):

	March 31, 2025				December 31, 2024
	Weighted Average		Amount		Weighted Average		Amount
	Interest Rate (1)	Years (2)	Outstanding (3)		Interest Rate (1)	Years (2)	Outstanding (3)
Credit facilities and      commercial paper	4.2%	1.6	$	532,132	4.1%	1.8	$	224,966
Senior notes	3.2%	9.5		29,390,246	3.2%	9.8		28,322,163
Term loans and      unsecured other	2.0%	4.3		2,021,761	2.0%	4.4		2,013,317
Secured mortgage	4.3%	2.9		317,916	4.3%	3.2		318,817
Total	3.1%	9.0	$	32,262,055	3.1%	9.4	$	30,879,263

(1)The weighted average interest rates presented represent the effective interest rates (including amortization of debt issuance costs and noncash premiums or discounts) at the end of the period for the debt outstanding and include the impact of designated interest rate contracts, which effectively fix the interest rate on certain variable rate debt.

(2)The weighted average years represents the remaining maturity in years on the debt outstanding at period end.

(3)We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies:

	March 31, 2025						December 31, 2024
	Weighted Average Interest Rate	Amount Outstanding		% of Total			Weighted Average Interest Rate	Amount Outstanding		% of Total
British pound sterling	3.1%	$	1,772,102		5.5	%	3.1%	$	1,714,653		5.6	%
Canadian dollar	4.6%		1,627,723		5.0	%	4.7%		1,262,508		4.1	%
Euro	2.1%		10,425,583		32.3	%	2.1%		9,900,602		32.1	%
Japanese yen	1.2%		3,057,948		9.5	%	1.1%		2,910,755		9.4	%
U.S. dollar	4.1%		14,744,387		45.7	%	4.1%		14,457,872		46.8	%
Other	3.6%		634,312		2.0	%	3.6%		632,873		2.0	%
Total	3.1%	$	32,262,055		100.0	%	3.1%	$	30,879,263		100.0	%

Credit Facilities and Commercial Paper

The following table summarizes information about our available liquidity at March 31, 2025 (in millions):

Aggregate lender commitments
Credit facilities	$	6,411
Less:
Credit facility borrowings outstanding		532
Commercial paper borrowings outstanding (1)		-
Outstanding letters of credit		28
Current availability		5,851
Cash and cash equivalents		671
Total liquidity	$	6,522

(1)We are required to maintain available commitments under our credit facilities in an amount at least equal to the commercial paper borrowings outstanding.

Credit Facilities

We have two global senior credit facilities (the “2022 Global Facility” and "2023 Global Facility"), each with a borrowing capacity of $3.0 billion (subject to currency fluctuations). We may draw on both facilities in British pounds sterling, Canadian dollars, euro, Japanese yen, Mexican pesos and U.S. dollars on a revolving basis. The 2022 Global Facility is scheduled to initially mature in June 2026 and the 2023 Global Facility in June 2027; however, we can extend the maturity date for each facility by six months on two occasions, subject to the payment of extension fees. We also have the ability to increase each credit facility to $4.0 billion, subject to currency fluctuations and obtaining additional lender commitments.

We also have a Japanese yen revolver (the "Yen Credit Facility") with a borrowing capacity of ¥58.5 billion ($391.5 million at March 31, 2025). We have the ability to increase the borrowing capacity of the Yen Credit Facility to ¥75.0 billion ($501.9 million at March 31, 2025), subject to obtaining additional lender commitments. The Yen Credit Facility is scheduled to initially mature in August 2027; however, we may extend the maturity date for one year, subject to the payment of extension fees.

We refer to the 2022 Global Facility, the 2023 Global Facility and the Yen Credit Facility, collectively, as our “Credit Facilities.” Pricing for the Credit Facilities, including the spread over the applicable benchmark and the rates applicable to facility fees and letter of credit fees, varies based on the public debt ratings of the OP.

Our Credit Facilities are utilized to support our cash needs for development and acquisition activities on a short-term basis. The maturities of the borrowings under the Credit Facilities generally range from overnight to three months.

Commercial Paper

We have a commercial paper program under which we may issue, repay and re-issue short-term unsecured commercial paper notes denominated in U.S. dollars. The aggregate principal amount of notes outstanding under the commercial paper program at any time cannot exceed $1.0 billion and the net proceeds of the notes are expected to be used for general corporate purposes. The maturities of the notes generally range from overnight to three months. The notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. At any point in time, we are required to maintain available commitments under our Credit Facilities in an amount at least equal to the amount of the notes outstanding.

Senior Notes

In February 2025, we issued C$750.0 million ($520.4 million) of senior notes maturing in 8 years with a weighted average interest rate of 4.2%.

Long-Term Debt Maturities

Scheduled principal payments due on our debt for the remainder of 2025 and for each year through the period ended December 31, 2029, and thereafter were as follows at March 31, 2025 (in thousands):

	Unsecured
	Credit Facilities and		Senior			Term Loans			Secured
Maturity	Commercial Paper		Notes			and Other			Mortgage			Total
2025 (1)(2)	$	-	$	33,462		$	239,789		$	172,625		$	445,876
2026 (1)(3)		353,144		1,305,918			708,202			45,616			2,412,880
2027 (4)		178,988		1,929,498			48,770			4,156			2,161,412
2028		-		2,557,972			99,048			3,041			2,660,061
2029		-		3,266,967			-			3,191			3,270,158
Thereafter		-		20,861,287			928,841			82,903			21,873,031
Subtotal		532,132		29,955,104			2,024,650			311,532			32,823,418
Unamortized premiums (discounts), net		-		(437,352	)		-			6,966			(430,386	)
Unamortized debt issuance costs, net		-		(127,506	)		(2,889	)		(582	)		(130,977	)
Total	$	532,132	$	29,390,246		$	2,021,761		$	317,916		$	32,262,055

(1)We expect to repay the amounts maturing in the next twelve months with cash generated from operations, proceeds from dispositions of real estate properties, or as necessary, with additional borrowings, including drawing on our available Credit Facilities.

(2)Included in the 2025 maturities were a Canadian dollar term loan ($139.3 million at March 31, 2025), which can be extended until 2027, subject to the payment of extension fees, and a Chinese renminbi term loan ($100.3 million at March 31, 2025), which can be extended until 2026, subject to the prevailing interest rate at the time of extension and payment of extension fees.

(3)Included in the 2026 maturities was the 2022 Global Facility ($353.1 million at March 31, 2025) which can be extended until 2027.

(4)Included in the 2027 maturities was the 2023 Global Facility ($179.0 million at March 31, 2025) which can be extended until 2028.

Financial Debt Covenants

Our Credit Facilities, senior notes and term loans outstanding at March 31, 2025 were subject to certain financial covenants under their related documents. At March 31, 2025, we were in compliance with all of our financial debt covenants.

Guarantee of Finance Subsidiary Debt

We have finance subsidiaries as part of our operations in Europe (Prologis Euro Finance LLC), Japan (Prologis Yen Finance LLC) and the U.K. (Prologis Sterling Finance LLC) in order to mitigate our foreign currency risk by borrowing in the currencies in which we invest. These entities are 100% indirectly owned by the OP and all unsecured debt issued or to be issued by each entity is or will be fully and unconditionally guaranteed by the OP. There are no restrictions or limits on the OP’s ability to obtain funds from its subsidiaries by dividend or loan. In reliance on Rule 13-01 of Regulation S-X, the separate financial statements of Prologis Euro Finance LLC, Prologis Yen Finance LLC and Prologis Sterling Finance LLC are not provided.