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Debt (Tables)
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9 Months Ended |
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Sep. 30, 2014
|
| Debt Disclosure [Abstract] |
|
| Debt Summary |
Our debt consisted of the following (dollars in thousands):
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September 30,
2014 |
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December 31,
2013 |
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Weighted
Average Interest
Rate (1) |
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Amount
Outstanding (2) |
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Weighted
Average Interest
Rate (1) |
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Amount
Outstanding |
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Credit facilities
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1.1 |
% |
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$ |
741,610 |
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1.2 |
% |
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$ |
725,483 |
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Senior notes
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3.9 |
% |
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|
5,443,138 |
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4.5 |
% |
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5,357,933 |
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Exchangeable senior notes
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3.3 |
% |
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451,999 |
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3.3 |
% |
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|
438,481 |
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Secured mortgage debt
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5.9 |
% |
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1,141,772 |
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5.6 |
% |
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1,696,597 |
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Secured mortgage debt of consolidated entities
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3.9 |
% |
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26,064 |
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4.7 |
% |
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239,992 |
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Term loans
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1.1 |
% |
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1,001,930 |
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1.7 |
% |
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535,908 |
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Other debt
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6.2 |
% |
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16,439 |
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6.2 |
% |
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16,822 |
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Totals
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3.6 |
% |
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$ |
8,822,952 |
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4.2 |
% |
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$ |
9,011,216 |
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| (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 ($0.1 billion). |
|
| Credit Facilities |
Commitments and availability under our Credit Facilities as of
September 30, 2014, were as follows (in millions):
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Aggregate lender - commitments
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$ |
2,840.2 |
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Less:
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Borrowings outstanding
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741.6 |
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Outstanding letters of credit
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45.5 |
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Current availability
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$ |
2,053.1 |
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|
| 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):
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| Issuance
Date |
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Principal
Amount (1) |
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Interest
Rate |
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Effective
Interest Rate |
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Maturity
Date |
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February 2014 (2)
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€ |
700,000 |
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$ |
959,420 |
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3.375 |
% |
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3.52 |
% |
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February 2024 |
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June 2014 (2)
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€ |
500,000 |
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$ |
680,550 |
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3.000 |
% |
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3.10 |
% |
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June 2026 |
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October 2014 (3)
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€ |
600,000 |
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|
$ |
756,420 |
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1.375 |
% |
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1.40 |
% |
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October 2020 |
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| (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):
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Prologis |
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Consolidated
Entities’
Debt |
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Total
Consolidated
Debt |
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Unsecured |
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Secured
Mortgage
Debt |
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Total |
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| Maturity |
|
Senior
Debt |
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Exchangeable
Notes |
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|
Credit
Facilities |
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Other
Debt |
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2014(1)
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
1 |
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$ |
16 |
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$ |
17 |
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$ |
2 |
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$ |
19 |
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2015(2)
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— |
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460 |
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— |
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1 |
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|
10 |
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471 |
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4 |
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|
475 |
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2016
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— |
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— |
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— |
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1 |
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311 |
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312 |
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3 |
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315 |
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2017(3)
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377 |
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— |
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742 |
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630 |
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227 |
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1,976 |
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1 |
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1,977 |
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2018
|
|
|
262 |
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— |
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— |
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1 |
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|
111 |
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374 |
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1 |
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375 |
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2019
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693 |
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— |
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— |
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— |
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285 |
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|
978 |
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2 |
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980 |
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2020
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375 |
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— |
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— |
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1 |
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6 |
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382 |
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2 |
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384 |
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2021
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|
500 |
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— |
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— |
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373 |
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11 |
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|
884 |
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2 |
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|
886 |
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2022
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|
881 |
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— |
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— |
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1 |
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7 |
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|
889 |
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3 |
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|
892 |
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2023
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850 |
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— |
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— |
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1 |
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7 |
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|
858 |
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1 |
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859 |
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Thereafter
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1,510 |
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— |
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— |
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8 |
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128 |
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1,646 |
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5 |
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1,651 |
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Subtotal
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5,448 |
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|
460 |
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742 |
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1,018 |
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1,119 |
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8,787 |
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26 |
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8,813 |
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Unamortized premiums (discounts), net
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(5 |
) |
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(8 |
) |
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— |
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— |
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23 |
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10 |
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— |
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10 |
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Total
|
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$ |
5,443 |
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$ |
452 |
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$ |
742 |
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$ |
1,018 |
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$ |
1,142 |
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$ |
8,797 |
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$ |
26 |
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$ |
8,823 |
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| (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. |
|