Debt (Tables)

3 Months Ended

Mar. 31, 2017

The following table summarizes our debt (dollars in thousands):

	March 31, 2017					December 31, 2016
	Weighted Average Interest Rate (1)			Amount Outstanding (2)		Weighted Average Interest Rate (1)			Amount Outstanding
Credit facilities		-		$	-		1.0	%	$	35,023
Senior notes		3.3	%		6,471,112		3.3	%		6,417,492
Term loans		1.4	%		1,825,796		1.4	%		1,484,523
Unsecured other		6.1	%		14,604		6.1	%		14,478
Secured mortgages (3)		4.1	%		1,945,201		4.9	%		979,585
Secured mortgages of consolidated entities (3)		2.7	%		710,219		3.0	%		1,677,193
Totals		3.1	%	$	10,966,932		3.2	%	$	10,608,294

(1)	The interest rates presented represent the effective interest rates (including amortization of debt issuance costs and the noncash premiums or discounts) at the end of the period for the debt outstanding.

(2)	Included in the outstanding balances are borrowings denominated in non-U.S. dollars, principally: euro ($3.4 billion), Japanese yen ($1.4 billion), Canadian dollars ($0.4 billion) and British pounds sterling ($37.5 million).

(3)	As discussed in Note 6, we acquired all of our partner’s interest in Prologis North American Industrial Fund, therefore, the related secured mortgage debt of $958.9 million is now wholly-owned and reported as secured mortgages.

Credit Facilities

The following table summarizes information about our Credit Facilities at March 31, 2017 (in millions):

Aggregate lender commitments	$	3,398
Less:
Borrowings outstanding		-
Outstanding letters of credit		36
Current availability	$	3,362

Long-Term Debt Maturities

Principal payments due on our debt, for the remainder of 2017 and for each of the years in the period ending December 31, 2026, and thereafter were as follows at March 31, 2017 (in thousands):

	Unsecured
	Senior			Term Loans			Secured
Maturity	Notes			and Other			Mortgage Debt			Total
2017 (1) (2)	$	-		$	378,334		$	424,476		$	802,810
2018		175,000			961			570,107			746,068
2019		618,294			1,084			446,360			1,065,738
2020		844,077			1,190			436,736			1,282,003
2021		1,248,370			1,012			141,573			1,390,955
2022		748,370			447,914			163,197			1,359,481
2023		850,000			905,517			174,416			1,929,933
2024		748,370			911			133,333			882,614
2025		750,000			976			135,895			886,871
2026		534,550			696			1,223			536,469
Thereafter		-			112,679			1,161			113,840
Subtotal		6,517,031			1,851,274			2,628,477			10,996,782
Premiums (discounts), net		(19,003	)		-			36,098			17,095
Debt issuance costs, net		(26,916	)		(10,874	)		(9,155	)		(46,945	)
Totals	$	6,471,112		$	1,840,400		$	2,655,420		$	10,966,932

(1)	We expect to repay the amounts maturing in 2017 with cash generated from operations, proceeds from the dispositions of wholly owned real estate properties or, as necessary, with borrowings on our Credit Facilities.

(2)	Included in the 2017 maturities is a term loan that can be extended until 2019.