Debt (Tables)

9 Months Ended

Sep. 30, 2011

Debt [Abstract]

Debt summary

	September 30, 2011					December 31, 2010
	Weighted Average Interest Rate (1)			Amount Outstanding (1)		Weighted Average Interest Rate			Amount Outstanding
Credit Facilities		2.14	%	$	1,354,323		3.53	%	$	520,141
Senior notes		6.29	%		4,778,782		6.63	%		3,195,724
Exchangeable senior notes (2)		4.86	%		1,351,267		4.90	%		1,521,568
Secured mortgage debt (3)		4.59	%		2,035,660		5.67	%		1,249,729
Secured mortgage debt of consolidated investees (4)		4.57	%		1,371,885		—			—
Other debt of consolidated investees (5)		4.92	%		859,254		—			—
Other debt (6)		2.44	%		396,106		6.48	%		18,867
Totals		5.00	%	$	12,147,277		5.79	%	$	6,506,029

(1) Included in the balances at September 30, 2011 was debt assumed in connection with the Merger and acquisition of PEPR (see Note 2 for more details). The weighted average interest rate represents the interest rate including amortization of related premiums/discounts. Includes $4.3 billion of principal borrowings denominated in euro ($2.4 billion), Japanese yen ($1.4 billion), British pound sterling ($0.4 billion) and Singapore dollar ($0.1 billion).

(2) The interest rates include the impact of amortization of the non-cash discount related to these notes. The weighted average coupon interest rate was 2.6% as of September 30, 2011 and December 31, 2010. During the third quarter of 2011, we repurchased $135 million of outstanding notes (amount including discount was $132.5 million) for $135.2 million, resulting in a $2.7 million non-cash loss.

(3) The debt is secured by 292 real estate properties with an aggregate undepreciated cost of $4.6 billion at September 30, 2011.

(4) This debt was assumed in connection with the Merger and acquisition of PEPR. The debt is secured by 196 real estate properties with an aggregate undepreciated cost of $2.9 billion at September 30, 2011.

(5) This debt was assumed in connection with the Merger and acquisition of PEPR and includes $54.8 million on a $70 million credit facility obtained by a consolidated investee, €458.9 million ($613.1 million at September 30, 2011) of Eurobonds payable to third parties and €142.3 million ($191.4 million at September 30, 2011) of unsecured credit facilities associated with PEPR. During the third quarter of 2011, we repurchased €64.1 million ($86.1 million) of PEPR public bonds, resulting in a $2.4 million gain.

(6) The debt includes $18.9 million of assessment bonds and $377.2 million of corporate term loans.

Extinguishment of debt

	Three Months Ended September 30,			Nine Months Ended September 30,
	2010			2010
Original principal amount	$	226,120			$	1,433,378
Cash purchase / repayment price	$	220,685			$	1,411,148
Loss on early extinguishment of debt (1)	$	(1,791	)		$	(48,449	)

(1) Represents the difference between the recorded debt (including unamortized related debt issuance costs, premiums and discounts) and the consideration we paid to retire the debt, which may include prepayment penalties and costs.

Credit Facilities

Aggregate - commitments	$	2,208.3
Less:
Borrowings outstanding		1,352.2
Outstanding letters of credit		87.6
Current availability	$	768.5

Long-term debt maturities

	Wholly Owned		Consolidated Investees		Total Consolidated
2011 (1)	$	48,891	$	39,884	$	88,775
2012 (1) (2)		1,153,008		381,672		1,534,680
2013 (2) (3)		1,044,335		620,162		1,664,497
2014		669,147		1,073,467		1,742,614
2015		1,132,571		17,830		1,150,401
2016		902,805		41,247		944,052
Thereafter		3,586,283		4,780		3,591,063
Total principal due		8,537,040		2,179,042		10,716,082
Premium, net		24,775		52,097		76,872
Net carrying balance	$	8,561,815	$	2,231,139	$	10,792,954

(1) We expect to repay the amounts maturing in 2011 and 2012 with borrowings under our Credit Facilities or with proceeds from the disposition of wholly owned real estate properties. The maturities in 2012 in our consolidated but not wholly owned subsidiaries include $240.2 million of unsecured credit facilities and $141.5 million of secured borrowings, which we expect to pay either by issuing new debt, with proceeds from asset sales or equity contributions to the funds. In October 2011, we repaid approximately $310 million of debt maturing in 2011 and 2012 with proceeds from the contribution to Prologis Targeted U.S. Logistics Fund.

(2) The maturities in 2012 and 2013 include $458.0 million and $527.8 million, respectively, of aggregate principal amounts of the exchangeable senior notes originally issued in 2007 and 2008, respectively, based on the year in which the holders first have the right to require us to repurchase their notes for cash.

(3) The exchangeable senior notes originally issued in November 2007 are included as 2013 maturities since the holders have the right to require us to repurchase their notes for cash in January 2013. The holders of these notes also have the option to exchange their notes in November 2012, which we may settle in cash or common stock, at our option.