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Debt (Tables)
 6 Months Ended
Jun. 30, 2013
Debt Summary

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

 

     June 30, 2013      December 31, 2012  
     Weighted
Average Interest
Rate (1)		     Amount
Outstanding  (2)		      Weighted
Average  Interest
Rate (1)		     Amount
Outstanding		  

Credit Facilities

      1.6 %    $ 630,836         1.5 %    $ 888,966   

Senior notes (3)

      5.6 %      4,436,785         5.6 %      5,223,136   

Exchangeable senior notes (4)

      3.3 %      397,481         4.6 %      876,884   

Secured mortgage debt (5)

      5.1 %      1,974,909         4.0 %      3,625,908   

Secured mortgage debt of consolidated entities

      4.5 %      308,204         4.4 %      450,923   

Other debt of consolidated entities

      4.8 %      14,437         4.8 %      67,749   

Other debt

      1.8 %      654,658         1.8 %      657,228   
  

 

 

    

 

 

     

 

 

    

 

 

  

Totals

      4.7 %    $ 8,417,310         4.4 %    $ 11,790,794   
  

 

 

    

 

 

     

 

 

    

 

 

  

 

(1) The interest rates presented represent the effective interest rates (including amortization of the non-cash premiums or discount).
(2) Included in the outstanding balances are borrowings denominated in non-U.S. currency, principally: euro ($1.2 billion) and Japanese yen ($0.6 billion).
(3) In the second quarter of 2013, we incurred $32.6 million of debt extinguishment costs, primarily due to the prepayment of $350 million senior notes that were scheduled to mature in 2014, that were included in Gains (Losses) on Early Extinguishment of Debt, Net in our Consolidated Statements of Operations. In addition, we repaid $202.3 million of outstanding senior notes at maturity.
(4) The weighted average coupon interest rate was 3.3% and 2.8% as of June 30, 2013 and December 31, 2012, respectively. During the second quarter of 2013, we repaid $342.2 million of these notes. As of June 30, 2013, we only have one series of exchangeable notes outstanding with a coupon interest rate of 3.3%.
(5) In the first quarter of 2013, we repaid $1.4 billion of outstanding secured mortgage debt with the proceeds received from contributions of properties to PELP and NPR. In addition, we transferred $353.2 million of debt to PELP in connection with the contribution.
Credit Facilities

Commitments and availability under our Credit Facilities as of June 30, 2013 were as follows (dollars in millions):

 

Aggregate lender - commitments

    $ 2,026.1   

Less:

   

Borrowings outstanding

      630.8   

Outstanding letters of credit

      68.2   
  

 

 

  

Current availability

    $ 1,327.1   
  

 

 

  
Long-Term Debt Maturities

Principal payments due on our debt, for the remainder of 2013 and for each of the years in the ten-year period ending December 31, 2022 and thereafter was as follows (in millions):

 

    Prologis              
    Unsecured     Secured           Consolidated     Total  
    Senior     Exchangeable     Credit     Other     Mortgage           Entities’     Consolidated  

Maturity

   Debt     Notes     Facilities     Debt     Debt     Total     Debt (1)     Debt  

2013 (2)

   $ 92      $ —        $ —        $ —        $ 41      $ 133      $ 42      $ 175   

2014 (2) (3)

     557        —          322        638        475        1,992        36        2,028   

2015

     175        460        309        1        149        1,094        25        1,119   

2016

     640        —          —          1        312        953        126        1,079   

2017

     700        —          —          1        264        965        4        969   

2018

     900        —          —          1        113        1,014        74        1,088   

2019

     647        —          —          1        294        942        2        944   

2020

     662        —          —          1        9        672        2        674   

2021

     —          —          —          1        135        136        2        138   

2022

     —          —          —          —          7        7        2        9   

Thereafter

     —          —          —          10        137        147        6        153   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

     4,373        460        631        655        1,936        8,055        321        8,376   

Unamortized premiums (discounts), net

     64        (63 )      —          —          39        40        1        41   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 4,437      $ 397      $ 631      $ 655      $ 1,975      $ 8,095      $ 322      $ 8,417   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) Our consolidated entities have $7.6 million available to borrow under credit facilities.
(2) We expect to use the proceeds from property dispositions, cash on hand, and borrowings on our Credit Facilities to repay 2013 maturities of our wholly owned debt. Of the amounts maturing in 2014, we expect to extend or pay these amounts with proceeds from asset sales, available cash and borrowings on our Credit Facilities. The maturities in 2013 of debt of our consolidated but not wholly owned subsidiaries includes $42.0 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 our consolidated entities by us and our venture partners.
(3) On July 10, 2013, we repaid $160.0 million of secured mortgage debt with a scheduled maturity date in 2014.