v2.4.1.9

Debt (Tables) | 12 Months Ended
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Dec. 31, 2014
Debt Disclosure [Abstract] |
Debt Summary | Our debt consisted of the following at December 31 (dollars in thousands):
|  | 2014 |  |  | 2013 |
|  | Weighted Average Interest Rate (1) |  |  | Amount Outstanding (2) |  |  | Weighted Average Interest Rate (1) |  |  | Amount Outstanding |
Credit facilities |  |  | - % |  |  | $ | - |  |  |  | 1.2% |  |  | $ | 725,483 |
Senior notes (3) |  |  | 3.6% |  |  |  | 6,076,920 |  |  |  | 4.5% |  |  |  | 5,357,933 |
Exchangeable senior notes |  |  | 3.3% |  |  |  | 456,766 |  |  |  | 3.3% |  |  |  | 438,481 |
Secured mortgage debt (4) |  |  | 6.1% |  |  |  | 1,050,591 |  |  |  | 5.6% |  |  |  | 1,696,597 |
Secured mortgage debt of consolidated entities (5) |  |  | 2.5% |  |  |  | 1,207,106 |  |  |  | 4.7% |  |  |  | 239,992 |
Term loans |  |  | 1.3% |  |  |  | 572,730 |  |  |  | 1.7% |  |  |  | 535,908 |
Other debt (6) |  |  | 6.2% |  |  |  | 16,086 |  |  |  | 6.2% |  |  |  | 16,822 |
Totals |  |  | 3.6% |  |  | $ | 9,380,199 |  |  |  | 4.2% |  |  | $ | 9,011,216 |
(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 ($3.3 billion) and Japanese yen ($0.4 billion).
(3) | Notes are due July 2017 to June 2026 and effective interest rates range from 1.4% to 7.6% at December 31, 2014.
(4) | Debt is due July 2015 to April 2025 and effective interest rates range from 3.3% to 7.6% at December 31, 2014. The debt is secured by 196 real estate properties with an aggregate undepreciated cost of $2.6 billion at December 31, 2014.
(5) | Debt is due July 2015 to December 2027 and effective interest rates range from 1.9% to 6.9% at December 31, 2014. The debt is secured by 171 real estate properties with an aggregate undepreciated cost of $2.0 billion at December 31, 2014.
(6) | The balance at December 31, 2014, represents primarily assessment bonds with varying interest rates from 4.5% to 7.9% that are due December 2015 to September 2033. The assessment bonds are issued by municipalities and guaranteed by us as a means of financing infrastructure and secured by assessments (similar to property taxes) on various underlying real estate properties with an aggregate undepreciated cost of $784.2 million at December 31, 2014.
Credit Facilities | Information about our Credit Facilities at December 31 was as follows (in millions):
|  | 2014 |  |  | 2013 |  |  | 2012 |
For the years ended December 31: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average daily interest rate |  |  | 1.1 % |  |  |  | 1.7 % |  |  |  | 1.6 % |
Weighted average daily borrowings |  | $ | 182 |  |  | $ | 789 |  |  | $ | 815 |
Maximum borrowings outstanding at any month-end |  | $ | 742 |  |  | $ | 1,325 |  |  | $ | 1,634 |
At December 31: |  |  |  |  |  |  |  |  |  |  |  |
Aggregate lender - commitments |  | $ | 2,742 |  |  | $ | 2,451 |  |  | $ | 2,118 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Borrowings outstanding |  |  | - |  |  |  | 726 |  |  |  | 889 |
Outstanding letters of credit |  |  | 35 |  |  |  | 73 |  |  |  | 68 |
Current availability |  | $ | 2,707 |  |  | $ | 1,652 |  |  | $ | 1,161 |
Schedule of Senior Notes | During the years ended December 31, we issued the following senior notes (dollars and euros in thousands):
2014 |  | Principal Amount |  |  | Interest Rate |  |  | Effective Interest Rate |  |  | Maturity Date |
February 2014 (1) |  | € | 700,000 |  |  | $ | 959,420 |  |  |  | 3.375% |  |  |  | 3.52% |  |  |  | February 2024 |
June 2014 (1) |  | € | 500,000 |  |  | $ | 680,550 |  |  |  | 3.000% |  |  |  | 3.10% |  |  |  | June 2026 |
October 2014 (1) |  | € | 600,000 |  |  | $ | 756,420 |  |  |  | 1.375% |  |  |  | 1.40% |  |  |  | October 2020 |
2013 |  | Principal Amount |  |  | Interest Rate |  |  | Effective Interest Rate |  |  | Maturity Date |
August 2013 |  |  |  |  |  | $ | 400,000 |  |  |  | 2.750% |  |  |  | 2.76% |  |  |  | February 2019 |
August 2013 |  |  |  |  |  | $ | 850,000 |  |  |  | 4.250% |  |  |  | 4.28% |  |  |  | August 2023 |
November 2013 |  |  |  |  |  | $ | 500,000 |  |  |  | 3.350% |  |  |  | 3.35% |  |  |  | February 2021 |
December 2013 (1) |  | € | 700,000 |  |  | $ | 950,500 |  |  |  | 3.000% |  |  |  | 3.08% |  |  |  | January 2022 |
(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.
Long-Term Debt Maturities | Principal payments due on our debt, for each year through the period ending December 31, 2024, and thereafter were as follows at December 31, 2014 (in millions):
|  | Prologis |  |  |  |  |  |  |
|  | Unsecured |  |  |  |  |  |  |  |  |  |  |  |  |
Maturity |  | Senior Notes |  |  | Exchangeable Notes |  |  | Credit Facilities |  |  | Term Loans and Other Debt |  |  | Secured Mortgage Debt |  |  | Total |  |  | Consolidated Entities’ Debt |  |  | Total Consolidated Debt |
2015(1) |  | $ | - |  |  | $ | 460 |  |  | $ | - |  |  | $ | 1 |  |  | $ | 24 |  |  | $ | 485 |  |  | $ | 114 |  |  | $ | 599 |
2016 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | 294 |  |  |  | 295 |  |  |  | 446 |  |  |  | 741 |
2017 |  |  | 377 |  |  |  | - |  |  |  | - |  |  |  | 232 |  |  |  | 156 |  |  |  | 765 |  |  |  | 206 |  |  |  | 971 |
2018 |  |  | 262 |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | 111 |  |  |  | 374 |  |  |  | 166 |  |  |  | 540 |
2019 |  |  | 693 |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | 285 |  |  |  | 979 |  |  |  | 1 |  |  |  | 980 |
2020 |  |  | 1,096 |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | 6 |  |  |  | 1,103 |  |  |  | 189 |  |  |  | 1,292 |
2021 |  |  | 500 |  |  |  | - |  |  |  | - |  |  |  | 342 |  |  |  | 11 |  |  |  | 853 |  |  |  | 1 |  |  |  | 854 |
2022 |  |  | 850 |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | 7 |  |  |  | 858 |  |  |  | 1 |  |  |  | 859 |
2023 |  |  | 850 |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | 7 |  |  |  | 858 |  |  |  | 1 |  |  |  | 859 |
2024 |  |  | 850 |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | 129 |  |  |  | 980 |  |  |  | 1 |  |  |  | 981 |
Thereafter |  |  | 607 |  |  |  | - |  |  |  | - |  |  |  | 7 |  |  |  | - |  |  |  | 614 |  |  |  | 3 |  |  |  | 617 |
Subtotal |  |  | 6,085 |  |  |  | 460 |  |  |  | - |  |  |  | 589 |  |  |  | 1,030 |  |  |  | 8,164 |  |  |  | 1,129 |  |  |  | 9,293 |
Unamortized (discounts) premiums, net |  |  | (8) |  |  |  | (3) |  |  |  | - |  |  |  | - |  |  |  | 20 |  |  |  | 9 |  |  |  | 78 |  |  |  | 87 |
Total |  | $ | 6,077 |  |  | $ | 457 |  |  | $ | - |  |  | $ | 589 |  |  | $ | 1,050 |  |  | $ | 8,173 |  |  | $ | 1,207 |  |  | $ | 9,380 |
(1) | The Exchangeable Notes are due on March 15, 2015. We will settle the exchanges in all cash, all stock or a combination of both pursuant to the applicable indenture.
Interest Expense | Interest expense from continuing operations included the following components for the years ended December 31 (in thousands):
|  | 2014 |  |  | 2013 |  |  | 2012 |
Gross interest expense |  | $ | 377,666 |  |  | $ | 471,923 |  |  | $ | 578,518 |
Amortization of premium, net |  |  | (21,440) |  |  |  | (39,015) |  |  |  | (36,687) |
Amortization of deferred loan costs |  |  | 14,116 |  |  |  | 14,374 |  |  |  | 16,781 |
Interest expense before capitalization |  |  | 370,342 |  |  |  | 447,282 |  |  |  | 558,612 |
Capitalized amounts |  |  | (61,457) |  |  |  | (67,955) |  |  |  | (53,397) |
Net interest expense |  | $ | 308,885 |  |  | $ | 379,327 |  |  | $ | 505,215 |
Total cash paid for interest, net of amounts capitalized |  | $ | 258,441 |  |  | $ | 426,528 |  |  | $ | 546,627 |
Activity Related to Repurchase of Debt and Net Loss on Early Extinguishment of Debt | A summary of the activity related to the repurchase of debt and net loss on early extinguishment of debt is as follows (in millions):
|  | 2014 |  |  | 2013 |
Repurchase of senior notes |  | $ | 1,290 |  |  | $ | 2,142 |
Repurchase of secured mortgage debt |  | $ | 528 |  |  | $ | 1,571 |
Loss on early extinguishment of debt |  | $ | 165 |  |  | $ | 277 |

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