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v3.26.1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2026
Debt Disclosure [Abstract] |
Debt | NOTE 5. DEBT All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt (dollars in thousands):
| March 31, 2026 |  |  | December 31, 2025 |
| Weighted Average |  | Amount |  |  | Weighted Average |  | Amount |
| Interest Rate (1) |  | Term (Years) (2) |  | Outstanding (3) |  |  | Interest Rate (1) |  | Term (Years) (2) |  | Outstanding (3) |
Credit facilities and commercial paper | 2.5% |  |  | 1.1 |  |  |  | $ | 553,865 |  |  | 0.9% |  | 1.6 |  |  | $ | 44,679 |
Senior notes | 3.3% |  |  | 8.7 |  |  |  |  | 31,987,819 |  |  | 3.2% |  | 8.8 |  |  |  | 32,887,971 |
Term loans and unsecured other | 2.0% |  |  | 5.6 |  |  |  |  | 1,913,648 |  |  | 1.9% |  | 3.9 |  |  |  | 1,908,723 |
Secured mortgage | 4.2% |  |  | 5.7 |  |  |  |  | 214,260 |  |  | 4.5% |  | 3.7 |  |  |  | 195,700 |
Total | 3.2% |  |  | 8.4 |  |  |  | $ | 34,669,592 |  |  | 3.2% |  | 8.5 |  |  | $ | 35,037,073 |
(1) The weighted average interest rates presented represent the effective interest rates (including amortization of debt issuance costs and noncash premiums or discounts) at the end of the period for the debt outstanding and include the impact of designated interest rate contracts, which effectively fix the interest rate on certain variable rate debt. (2) The weighted average term represents the remaining maturity in years, based on debt agreements in place, at period end. (3) We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies:
|  |  | March 31, 2026 |  |  | December 31, 2025 |
|  |  | Weighted Average Interest Rate |  | Amount Outstanding |  |  | % of Total |  |  | Weighted Average Interest Rate |  | Amount Outstanding |  |  | % of Total |
| British pound sterling |  | 3.0% |  | $ | 1,813,412 |  |  |  | 5.2 | % |  | 3.0% |  | $ | 1,843,931 |  |  |  | 5.3 | %
| Canadian dollar |  | 4.4% |  |  | 1,968,980 |  |  |  | 5.7 | % |  | 4.4% |  |  | 2,004,638 |  |  |  | 5.7 | %
| Euro |  | 2.2% |  |  | 11,777,170 |  |  |  | 34.0 | % |  | 2.2% |  |  | 12,302,104 |  |  |  | 35.1 | %
| Japanese yen |  | 1.3% |  |  | 2,957,165 |  |  |  | 8.5 | % |  | 1.2% |  |  | 2,930,594 |  |  |  | 8.4 | %
| U.S. dollar |  | 4.1% |  |  | 15,568,447 |  |  |  | 44.9 | % |  | 4.1% |  |  | 15,385,826 |  |  |  | 43.9 | %
| Other |  | 3.8% |  |  | 584,418 |  |  |  | 1.7 | % |  | 3.8% |  |  | 569,980 |  |  |  | 1.6 | %
| Total |  | 3.2% |  | $ | 34,669,592 |  |  |  | 100.0 | % |  | 3.2% |  | $ | 35,037,073 |  |  |  | 100.0 | %
Credit Facilities and Commercial Paper The following table summarizes information about our available liquidity at March 31, 2026 (in millions):
Aggregate lender commitments |  |  |
Credit facilities |  | $ | 6,390 |
Less: |  |  |
Credit facility borrowings outstanding |  |  | 243 |
Commercial paper borrowings outstanding (1) |  |  | 310 |
Outstanding letters of credit |  |  | 26 |
Current availability |  |  | 5,811 |
Cash and cash equivalents |  |  | 861 |
Total liquidity |  | $ | 6,672 |
(1) We are required to maintain available commitments under our credit facilities in an amount at least equal to the commercial paper borrowings outstanding. Credit Facilities In March 2026, we amended and restated one of our global senior credit facilities (the "2023 Global Facility") as the 2026 Global Facility. Each of the global senior credit facilities, the 2025 Global Facility and the 2026 Global Facility, have a borrowing capacity of $3.0 billion (subject to currency fluctuations). We may draw on both facilities on a revolving basis in British pounds sterling, Canadian dollars, euro, Japanese yen, Mexican pesos and U.S. dollars. The 2025 Global Facility is scheduled to mature in June 2029 and the 2026 Global Facility in June 2030; however, we can extend the maturity date for each facility by six months on two occasions, subject to the payment of extension fees. We also have the ability to increase each credit facility to $4.0 billion, subject to currency fluctuations and obtaining additional lender commitments. We also have a Japanese yen revolver (the "Yen Credit Facility") with a borrowing capacity of ¥58.5 billion ($366.8 million at March 31, 2026). We have the ability to increase the borrowing capacity of the Yen Credit Facility to ¥75.0 billion ($470.2 million at March 31, 2026), subject to obtaining additional lender commitments. The Yen Credit Facility is scheduled to mature in August 2027; however, we may extend the maturity date for one year, subject to the payment of extension fees. We refer to the 2025 Global Facility, the 2026 Global Facility and the Yen Credit Facility, collectively, as our “Credit Facilities.” Pricing for the Credit Facilities, including the spread over the applicable benchmark and the rates applicable to facility fees and letter of credit fees, varies based on the public debt ratings of the OP. Our Credit Facilities are utilized to support our cash needs for general corporate purposes on a short-term basis. The maturities of the borrowings under the Credit Facilities generally range from overnight to three months. Commercial Paper We have commercial paper programs under which we may issue, repay and re-issue short-term unsecured commercial paper notes. Under our existing U.S. dollar-denominated program, the aggregate principal amount of notes outstanding at any time cannot exceed $1.0 billion. We also have an additional multicurrency program under which we may issue notes denominated in British pound sterling, euros or U.S. dollars. The aggregate principal amount of notes outstanding under this program cannot exceed €1.0 billion (or its equivalent in other currencies) ($1.1 billion at March 31, 2026). The net proceeds from both programs are expected to be used for general corporate purposes. The maturities of the notes generally range from overnight to three months. Under customary terms in the commercial paper market, the notes are issued either at a discount to par or at par with fixed or floating interest rates. At any point in time, we are required to maintain available commitments under our Credit Facilities in an amount at least equal to the amount of notes outstanding under both programs. Long-Term Debt Maturities Scheduled principal payments due on our debt for the remainder of 2026 and for each year through the period ended December 31, 2030, and thereafter were as follows at March 31, 2026 (in thousands):
|  | Unsecured |  |  |  |  |  |
|  | Credit Facilities and |  |  | Senior |  |  | Term Loans |  |  | Secured |  |  |  |
Maturity |  | Commercial Paper |  |  | Notes |  |  | and Other |  |  | Mortgage |  |  | Total |
2026 (1)(2) |  | $ | 310,446 |  |  | $ | 399,879 |  |  | $ | 288,059 |  |  | $ | 45,807 |  |  | $ | 1,044,191 |
2027 (3) |  |  | 93,419 |  |  |  | 1,970,940 |  |  |  | 54,016 |  |  |  | 4,156 |  |  |  | 2,122,531 |
2028 |  |  | - |  |  |  | 2,574,695 |  |  |  | 113,652 |  |  |  | 3,041 |  |  |  | 2,691,388 |
2029 (4) |  |  | 150,000 |  |  |  | 3,381,285 |  |  |  | - |  |  |  | 3,191 |  |  |  | 3,534,476 |
2030 |  |  | - |  |  |  | 2,831,665 |  |  |  | 31,348 |  |  |  | 3,345 |  |  |  | 2,866,358 |
Thereafter |  |  | - |  |  |  | 21,355,682 |  |  |  | 1,430,814 |  |  |  | 149,538 |  |  |  | 22,936,034 |
Subtotal |  |  | 553,865 |  |  |  | 32,514,146 |  |  |  | 1,917,889 |  |  |  | 209,078 |  |  |  | 35,194,978 |
Unamortized premiums (discounts), net |  |  | - |  |  |  | (397,056 | ) |  |  | - |  |  |  | 6,169 |  |  |  | (390,887 | )
Unamortized debt issuance costs, net |  |  | - |  |  |  | (129,271 | ) |  |  | (4,241 | ) |  |  | (987 | ) |  |  | (134,499 | )
Total |  | $ | 553,865 |  |  | $ | 31,987,819 |  |  | $ | 1,913,648 |  |  | $ | 214,260 |  |  | $ | 34,669,592 |
(1) We expect to repay the amounts maturing in the next twelve months with cash generated from operations, proceeds from dispositions of real estate properties, or as necessary, with additional borrowings, including drawing on our available Credit Facilities. (2) Included in 2026 maturities was the Canadian dollar term loan ($143.5 million at March 31, 2026), which can be extended until 2027, subject to the payment of extension fees. (3) Included in the 2027 maturities were the amounts borrowed on the Yen Credit Facility ($93.4 million, at March 31, 2026), which can be extended until 2028. (4) Included in the 2029 maturities were the amounts borrowed on the 2025 Global Facility ($150.0 million, at March 31, 2026), which can be extended until 2030. Financial Debt Covenants Our Credit Facilities, senior notes and term loans outstanding at March 31, 2026 were subject to certain financial covenants under their related documents. At March 31, 2026, we were in compliance with all of our financial debt covenants. Guarantee of Finance Subsidiary Debt We have finance subsidiaries as part of our operations in Europe (Prologis Euro Finance LLC), Japan (Prologis Yen Finance LLC) and the U.K. (Prologis Sterling Finance LLC) in order to mitigate our foreign currency risk by borrowing in the currencies in which we invest. These entities are 100% indirectly owned by the OP and all unsecured debt issued or to be issued by each entity is or will be fully and unconditionally guaranteed by the OP. There are no restrictions or limits on the OP’s ability to obtain funds from its subsidiaries by dividend or loan. In reliance on Rule 13-01 of Regulation S-X, the separate financial statements of Prologis Euro Finance LLC, Prologis Yen Finance LLC and Prologis Sterling Finance LLC are not provided.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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