Debt (Tables)

9 Months Ended

Sep. 30, 2012

Debt Summary

Our debt consisted of the following (dollars in thousands):

	September 30, 2012					December 31, 2011
	Weighted Average Interest Rate (1)			Amount Outstanding		Weighted Average Interest Rate (1)			Amount Outstanding
Credit Facilities		1.40	%	$	1,209,467		2.17	%	$	936,796
Senior notes (2)		5.60	%		5,230,412		6.30	%		4,772,607
Exchangeable senior notes (3)		4.56	%		881,682		4.82	%		1,315,448
Secured mortgage debt (2)		4.00	%		4,010,205		4.71	%		1,699,363
Secured mortgage debt of consolidated entities (2)		4.40	%		516,212		4.54	%		1,495,047
Other debt of consolidated entities (2)		4.79	%		67,936		5.30	%		775,763
Other debt		1.75	%		662,146		2.44	%		387,384
Totals		4.32	%	$	12,578,060		5.12	%	$	11,382,408

(1) The interest rates presented represent the effective interest rates (including amortization of the non-cash premiums or discount).

(2) As discussed in Note 10, during the third quarter of 2012 in connection with the liquidation of PEPR, we acquired the remaining interest in PEPR’s assets and liabilities. As such, $1,390.9 million was reclassified from debt of consolidated entities to $538.7 million of senior notes and $852.2 million of secured mortgage debt.

(3) The weighted average coupon interest rate was 2.8% as of September 30, 2012 and 2.6% as of December 31, 2011.

Credit Facilities

Commitments and availability under our Credit Facilities as of September 30, 2012 were as follows (dollars in millions):

Aggregate lender - commitments	$	2,178.6
Less:
Borrowings outstanding		1,209.3
Outstanding letters of credit		66.9
Current availability	$	902.4

Long-Term Debt Maturities

Principal payments due on our debt, for the remainder of 2012 and for each of the years in the ten-year period ending December 31, 2021 and thereafter are as follows (in millions):

	Prologis
	Unsecured									Secured				Consolidated		Total
	Senior		Exchangeable			Credit		Other		Mortgage				Entities’		Consolidated
Maturity	Debt		Notes			Facilities		Debt		Debt		Total		Debt		Debt
2012 (1) (2)	$	—	$	—		$	—	$	—	$	9	$	9	$	34	$	43
2013 (1) (2)		376		483			—		1		518		1,378		255		1,633
2014		903		—			465		645		1,137		3,150		62		3,212
2015		287		460			744		1		214		1,706		27		1,733
2016		640		—			—		1		316		957		123		1,080
2017		700		9			—		1		579		1,289		3		1,292
2018		900		—			—		1		330		1,231		73		1,304
2019		647		—			—		1		528		1,176		1		1,177
2020		690		—			—		1		10		701		1		702
2021		—		—			—		—		171		171		1		172
Thereafter		—		—			—		10		143		153		1		154
Subtotal		5,143		952			1,209		662		3,955		11,921		581		12,502
Unamortized (discounts) premiums, net		87		(70	)		—		—		56		73		3		76
Total	$	5,230	$	882		$	1,209	$	662	$	4,011	$	11,994	$	584	$	12,578

(1) We expect to repay the amounts maturing in 2012 and 2013 related to our wholly owned debt with cash generated from operations, proceeds from the disposition of wholly owned real estate properties and with borrowings on our Credit Facilities. The maturities in 2012 and 2013 in our consolidated but not wholly owned subsidiaries principally include $206.7 million of secured mortgage debt, which we expect to extend, or pay, through the issuance of new debt, with proceeds from asset sales, available cash, or equity contributions to the funds by us and our venture partners.

(2) The maturities in 2013 include the aggregate principal amounts of the exchangeable senior notes issued in 2007 and 2008, as this is when the holders first have the right to require us to repurchase their notes for cash.