Prologis, Inc. Debt Disclosure
NOTE 7. DEBT
All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt at December 31 (dollars in thousands):
|
|
2025 |
|
|
2024 |
|
||||||||||||||||
|
|
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 |
|
0.9% |
|
|
1.6 |
|
|
|
$ |
44,679 |
|
|
4.1% |
|
|
1.8 |
|
|
|
$ |
224,966 |
|
Senior notes (4) |
|
3.2% |
|
|
8.8 |
|
|
|
|
32,887,971 |
|
|
3.2% |
|
|
9.8 |
|
|
|
|
28,322,163 |
|
Term loans and |
|
1.9% |
|
|
3.9 |
|
|
|
|
1,908,723 |
|
|
2.0% |
|
|
4.4 |
|
|
|
|
2,013,317 |
|
Secured mortgage (5) |
|
4.5% |
|
|
3.7 |
|
|
|
|
195,700 |
|
|
4.3% |
|
|
3.2 |
|
|
|
|
318,817 |
|
Total |
|
3.2% |
|
|
8.5 |
|
|
|
$ |
35,037,073 |
|
|
3.1% |
|
|
9.4 |
|
|
|
$ |
30,879,263 |
|
|
|
|
2025 |
|
|
2024 |
|
||||||||||||||
|
|
|
Weighted Average Interest Rate |
|
Amount Outstanding |
|
|
% of Total |
|
|
Weighted Average Interest Rate |
|
Amount Outstanding |
|
|
% of Total |
|
||||
|
British pound sterling |
|
3.0% |
|
$ |
1,843,931 |
|
|
|
5.3 |
% |
|
3.1% |
|
$ |
1,714,653 |
|
|
|
5.6 |
% |
|
Canadian dollar |
|
4.4% |
|
|
2,004,638 |
|
|
|
5.7 |
% |
|
4.7% |
|
|
1,262,508 |
|
|
|
4.1 |
% |
|
Euro |
|
2.2% |
|
|
12,302,104 |
|
|
|
35.1 |
% |
|
2.1% |
|
|
9,900,602 |
|
|
|
32.1 |
% |
|
Japanese yen |
|
1.2% |
|
|
2,930,594 |
|
|
|
8.4 |
% |
|
1.1% |
|
|
2,910,755 |
|
|
|
9.4 |
% |
|
U.S. dollar |
|
4.1% |
|
|
15,385,826 |
|
|
|
43.9 |
% |
|
4.1% |
|
|
14,457,872 |
|
|
|
46.8 |
% |
|
Other |
|
3.8% |
|
|
569,980 |
|
|
|
1.6 |
% |
|
3.6% |
|
|
632,873 |
|
|
|
2.0 |
% |
|
Total |
|
3.2% |
|
$ |
35,037,073 |
|
|
|
100.0 |
% |
|
3.1% |
|
$ |
30,879,263 |
|
|
|
100.0 |
% |
Credit Facilities
In May 2025, we amended and restated one of our global senior credit facilities (the "2022 Global Facility") as the 2025 Global Facility. Each of the global senior credit facilities, the 2023 Global Facility and the 2025 Global Facility, have a borrowing capacity of $3.0 billion (subject to currency fluctuations). We may draw on both facilities in British pounds sterling, Canadian dollars, euro, Japanese yen, Mexican pesos and U.S. dollars on a revolving basis. The 2023 Global Facility is scheduled to mature in June 2027 and the 2025
Global Facility in June 2029; 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 ($373.4 million at December 31, 2025). We have the ability to increase the borrowing capacity of the Yen Credit Facility to ¥75.0 billion ($478.7 million at December 31, 2025), 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 2023 Global Facility, the 2025 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.
The following table summarizes information about our Credit Facility activity and available liquidity (dollars in millions):
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Credit Facility activity for the years ended December 31: |
|
|
|
|
|
|
|
|
|
|||
Weighted average daily interest rate |
|
|
6.8 |
% |
|
|
4.4 |
% |
|
|
4.3 |
% |
Weighted average daily borrowings |
|
$ |
263 |
|
|
$ |
519 |
|
|
$ |
411 |
|
Maximum borrowings outstanding at any month-end |
|
$ |
532 |
|
|
$ |
1,031 |
|
|
$ |
1,587 |
|
|
|
|
|
|
|
|
|
|
|
|||
Available liquidity at December 31: |
|
|
|
|
|
|
|
|
|
|||
Aggregate lender commitments |
|
|
|
|
|
|
|
|
|
|||
Credit Facilities |
|
$ |
6,503 |
|
|
$ |
6,313 |
|
|
$ |
6,477 |
|
Less: |
|
|
|
|
|
|
|
|
|
|||
Credit facility borrowings outstanding |
|
|
45 |
|
|
|
225 |
|
|
|
979 |
|
Commercial paper borrowings outstanding (1) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Outstanding letters of credit |
|
|
27 |
|
|
|
25 |
|
|
|
24 |
|
Current availability |
|
$ |
6,431 |
|
|
$ |
6,063 |
|
|
$ |
5,474 |
|
Cash and cash equivalents |
|
|
1,146 |
|
|
|
1,319 |
|
|
|
530 |
|
Total liquidity |
|
$ |
7,577 |
|
|
$ |
7,382 |
|
|
$ |
6,004 |
|
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. In June 2025, we established 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) ($1.2 billion at December 31, 2025). The net proceeds from both programs are expected to be used for general corporate purposes. The maturities of the notes generally range from overnight to three months. Under customary terms in the commercial paper market, the notes are issued either at a discount to par or at par with fixed or floating interest rates. At any point in time, we are required to maintain available commitments under our Credit Facilities in an amount at least equal to the amount of notes outstanding under both programs.
Senior Notes
The senior notes are unsecured and our obligations are effectively subordinated in certain respects to any of our debt that is secured by a lien on real property, to the extent of the value of such real property. The senior notes require interest payments be made quarterly, semi-annually or annually. The majority of the senior notes are redeemable at any time at our option, subject to certain prepayment penalties. Such repurchase and other terms are governed by the provisions of indenture agreements, various note purchase agreements or trust deeds. The following table summarizes the issuances of senior notes during 2025 (principal in thousands):
|
|
Aggregate Principal |
|
|
Issuance Date Weighted Average |
|
|
|||||||||||
Issuance Date |
|
Borrowing Currency |
|
|
USD (1) |
|
|
Interest Rate |
|
Term (Years) |
|
Maturity Dates |
||||||
February |
|
C$ |
|
750,000 |
|
|
$ |
520,428 |
|
|
4.2% |
|
|
8.0 |
|
|
|
February 2033 |
May |
|
$ |
|
1,250,000 |
|
|
$ |
1,250,000 |
|
|
5.1% |
|
|
8.3 |
|
|
|
January 2031 – May 2035 |
September |
|
€ |
|
1,000,000 |
|
|
$ |
1,178,100 |
|
|
3.6% |
|
|
9.5 |
|
|
|
September 2032 – |
October |
|
C$ |
|
700,000 |
|
|
$ |
500,614 |
|
|
3.6% |
|
|
6.3 |
|
|
|
February 2032 |
Total |
|
|
|
|
|
$ |
3,449,142 |
|
|
4.2% |
|
|
8.4 |
|
|
|
|
|
Term Loans
The following table summarizes our outstanding term loans at December 31 (dollars and borrowing currency in thousands):
Term Loan |
Borrowing Currency |
|
Issuance Date |
|
Lender Commitment at 2025 |
|
|
Amount Outstanding at 2025 |
|
|
Amount Outstanding at 2024 |
|
|
Interest Rate |
|
Maturity Date |
||||||
|
|
|
|
|
Borrowing Currency |
|
USD |
|
|
USD |
|
|
USD |
|
|
|
|
|
||||
March 2017 Yen |
JPY |
|
¥ |
|
12,000,000 |
|
$ |
76,593 |
|
|
$ |
76,593 |
|
|
$ |
76,455 |
|
|
0.9% and 1.0% |
|
March 2027 – |
|
October 2017 Yen |
JPY |
|
¥ |
|
10,000,000 |
|
$ |
63,827 |
|
|
|
63,827 |
|
|
|
63,713 |
|
|
0.9% |
|
October 2032 |
|
December 2018 Yen |
JPY |
|
¥ |
|
20,000,000 |
|
$ |
127,654 |
|
|
|
127,654 |
|
|
|
127,426 |
|
|
1.2% and TIBOR + 0.7% |
|
December 2031 – June 2033 |
|
January 2019 Yen |
JPY |
|
¥ |
|
15,000,000 |
|
$ |
95,741 |
|
|
|
95,741 |
|
|
|
95,569 |
|
|
TIBOR + 0.5% to 0.6% |
|
January 2028 – |
|
March 2019 Yen |
JPY |
|
¥ |
|
85,000,000 |
|
$ |
542,534 |
|
|
|
542,534 |
|
|
|
541,558 |
|
|
TIBOR + 0.4% |
|
March 2026 |
|
June 2022 Yen |
JPY |
|
¥ |
|
25,000,000 |
|
$ |
159,569 |
|
|
|
159,569 |
|
|
|
159,281 |
|
|
1.1% and 1.2% |
|
June 2032 – |
|
2022 Canadian |
CAD |
|
C$ |
|
200,000 |
|
$ |
146,072 |
|
|
|
146,072 |
|
|
|
208,503 |
|
|
CORRA |
|
August 2026 |
|
December 2022 Yen |
JPY |
|
¥ |
|
15,000,000 |
|
$ |
95,741 |
|
|
|
95,741 |
|
|
|
95,569 |
|
|
1.4% |
|
December 2033 |
|
2023 Yen |
JPY |
|
¥ |
|
10,000,000 |
|
$ |
63,827 |
|
|
|
63,827 |
|
|
|
63,713 |
|
|
1.5% |
|
April 2031 |
|
2023 Chinese |
CNH |
|
CN¥ |
|
1,000,000 |
|
$ |
142,272 |
|
|
|
142,272 |
|
|
|
239,274 |
|
|
3.6% |
|
September 2026 |
|
2024 Yen |
JPY |
|
¥ |
|
20,000,000 |
|
$ |
127,655 |
|
|
|
127,655 |
|
|
|
127,425 |
|
|
1.5% |
|
April 2034 |
|
2024 Euro |
EUR |
|
€ |
|
202,500 |
|
$ |
237,938 |
|
|
|
237,938 |
|
|
|
210,377 |
|
|
3.0% and Euribor + 0.7% |
|
November 2034 |
|
Subtotal |
|
|
|
|
|
|
|
|
|
|
1,879,423 |
|
|
|
2,008,863 |
|
|
|
|
|
||
Debt issuance costs, net |
|
|
|
|
|
|
|
|
|
(1,797 |
) |
|
|
(3,117 |
) |
|
|
|
|
|||
Total term loans |
|
|
|
|
|
|
|
|
|
$ |
1,877,626 |
|
|
$ |
2,005,746 |
|
|
|
|
|
||
Long-Term Debt Maturities
Scheduled principal payments due on our debt for each year through the period ended December 31, 2030, and thereafter were as follows at December 31, 2025 (in thousands):
|
Unsecured |
|
|
|
|
|
|
|||||||||||||
|
|
Credit Facilities and |
|
|
Senior |
|
|
Term Loans |
|
|
Secured |
|
|
|
|
|||||
Maturity |
|
Commercial Paper |
|
|
Notes |
|
|
and Other |
|
|
Mortgage |
|
|
Total |
|
|||||
2026 (1) (2) |
|
$ |
- |
|
|
$ |
987,380 |
|
|
$ |
830,891 |
|
|
$ |
96,259 |
|
|
$ |
1,914,530 |
|
2027 (3) |
|
|
44,679 |
|
|
|
1,984,652 |
|
|
|
53,740 |
|
|
|
4,156 |
|
|
|
2,087,227 |
|
2028 |
|
|
- |
|
|
|
2,594,128 |
|
|
|
110,919 |
|
|
|
3,041 |
|
|
|
2,708,088 |
|
2029 |
|
|
- |
|
|
|
3,427,001 |
|
|
|
- |
|
|
|
3,191 |
|
|
|
3,430,192 |
|
2030 |
|
|
- |
|
|
|
2,847,961 |
|
|
|
31,914 |
|
|
|
3,345 |
|
|
|
2,883,220 |
|
Thereafter |
|
|
- |
|
|
|
21,592,195 |
|
|
|
883,056 |
|
|
|
79,538 |
|
|
|
22,554,789 |
|
Subtotal |
|
|
44,679 |
|
|
|
33,433,317 |
|
|
|
1,910,520 |
|
|
|
189,530 |
|
|
|
35,578,046 |
|
Unamortized premiums |
|
|
- |
|
|
|
(410,322 |
) |
|
|
- |
|
|
|
6,368 |
|
|
|
(403,954 |
) |
Unamortized debt issuance |
|
|
- |
|
|
|
(135,024 |
) |
|
|
(1,797 |
) |
|
|
(198 |
) |
|
|
(137,019 |
) |
Total |
|
$ |
44,679 |
|
|
$ |
32,887,971 |
|
|
$ |
1,908,723 |
|
|
$ |
195,700 |
|
|
$ |
35,037,073 |
|
Interest Expense
The following table summarizes the components of interest expense for the years ended December 31 (in thousands):
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Gross interest expense |
|
$ |
1,023,805 |
|
|
$ |
892,612 |
|
|
$ |
683,363 |
|
Amortization of debt discounts (premiums), net |
|
|
55,562 |
|
|
|
52,249 |
|
|
|
51,980 |
|
Amortization of debt issuance costs, net |
|
|
30,085 |
|
|
|
26,636 |
|
|
|
22,609 |
|
Interest expense before capitalization |
|
$ |
1,109,452 |
|
|
$ |
971,497 |
|
|
$ |
757,952 |
|
Capitalized amounts |
|
|
(107,108 |
) |
|
|
(107,565 |
) |
|
|
(116,620 |
) |
Net interest expense |
|
$ |
1,002,344 |
|
|
$ |
863,932 |
|
|
$ |
641,332 |
|
Total cash paid for interest, net of amounts capitalized |
|
$ |
842,257 |
|
|
$ |
710,754 |
|
|
$ |
457,021 |
|
Financial Debt Covenants
Our Credit Facilities, senior notes and term loans outstanding at December 31, 2025 were subject to certain financial covenants under their related documents. At December 31, 2025, 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.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 13, 2024 | |
| 2022 | Feb 14, 2023 | |
| 2021 | Feb 9, 2022 | |
| 2020 | Feb 11, 2021 | |
| 2019 | Feb 11, 2020 | |
| 2018 | Feb 13, 2019 | |
| 2017 | Feb 15, 2018 | |
| 2016 | Feb 15, 2017 | |
| 2015 | Feb 19, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.