Debt (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Debt Summary

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

	September 30, 2014					December 31, 2013
	Weighted Average Interest Rate (1)			Amount Outstanding (2)		Weighted Average Interest Rate (1)			Amount Outstanding
Credit facilities		1.1	%	$	741,610		1.2	%	$	725,483
Senior notes		3.9	%		5,443,138		4.5	%		5,357,933
Exchangeable senior notes		3.3	%		451,999		3.3	%		438,481
Secured mortgage debt		5.9	%		1,141,772		5.6	%		1,696,597
Secured mortgage debt of consolidated entities		3.9	%		26,064		4.7	%		239,992
Term loans		1.1	%		1,001,930		1.7	%		535,908
Other debt		6.2	%		16,439		6.2	%		16,822
Totals		3.6	%	$	8,822,952		4.2	%	$	9,011,216

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

(2) Included in the outstanding balances are borrowings denominated in non-U.S. currency, principally: euro ($3.2 billion), Japanese yen ($0.5 billion) and British pounds sterling ($0.1 billion).

Credit Facilities

Commitments and availability under our Credit Facilities as of September 30, 2014, were as follows (in millions):

Aggregate lender - commitments	$	2,840.2
Less:
Borrowings outstanding		741.6
Outstanding letters of credit		45.5
Current availability	$	2,053.1

Schedule of Senior Notes

During the nine months ended September 30, 2014, and through the date of this report, we issued the following senior notes (in thousands except for percentages):

Issuance Date	Principal Amount (1)				Interest Rate			Effective Interest Rate			Maturity Date
February 2014 (2)	€	700,000	$	959,420		3.375	%		3.52	%		February 2024
June 2014 (2)	€	500,000	$	680,550		3.000	%		3.10	%		June 2026
October 2014 (3)	€	600,000	$	756,420		1.375	%		1.40	%		October 2020

(1) This debt is denominated in euro and the exchange rate used to calculate into U.S. dollar was the effective rate at the date of the transaction.

(2) We used the net proceeds for general corporate purposes, including to repurchase senior debt and to repay borrowings under our multi-currency senior term loan and our Global Facility.

(3) We used the net proceeds for general corporate purposes, including the acquisition and development of properties and additional investments in our European co-investment ventures.

Long-Term Debt Maturities

Principal payments due on our debt, for the remainder of 2014 and for each of the years in the period ending December 31, 2023, and thereafter were as follows at September 30, 2014 (in millions):

	Prologis														Consolidated Entities’ Debt		Total Consolidated Debt
	Unsecured										Secured Mortgage Debt		Total
Maturity	Senior Debt			Exchangeable Notes			Credit Facilities		Other Debt
2014(1)	$	—		$	—		$	—	$	1	$	16	$	17	$	2	$	19
2015(2)		—			460			—		1		10		471		4		475
2016		—			—			—		1		311		312		3		315
2017(3)		377			—			742		630		227		1,976		1		1,977
2018		262			—			—		1		111		374		1		375
2019		693			—			—		—		285		978		2		980
2020		375			—			—		1		6		382		2		384
2021		500			—			—		373		11		884		2		886
2022		881			—			—		1		7		889		3		892
2023		850			—			—		1		7		858		1		859
Thereafter		1,510			—			—		8		128		1,646		5		1,651
Subtotal		5,448			460			742		1,018		1,119		8,787		26		8,813
Unamortized premiums (discounts), net		(5	)		(8	)		—		—		23		10		—		10
Total	$	5,443		$	452		$	742	$	1,018	$	1,142	$	8,797	$	26	$	8,823

(1) We expect to repay the amounts maturing in 2014 with cash generated from operations, proceeds from the disposition of real estate properties and with borrowings on our Credit Facilities.

(2) The exchangeable notes mature in March 2015 and may be exchanged at an initial conversion rate of 25.8244 shares of our common stock per $1,000 principal amount of notes.

(3) Included in the 2017 maturities in Credit Facilities is our Global Facility and in other debt is the Euro Term Loan that can be extended until 2018 and 2019, respectively.