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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.