Noncontrolling Interests

6 Months Ended

Jun. 30, 2024

NOTE 6. NONCONTROLLING INTERESTS

Prologis, L.P.

We report noncontrolling interests related to several entities we consolidate but of which we do not own 100% of the equity. These entities include two real estate partnerships that have issued limited partnership units to third parties. Depending on the specific partnership agreements, these limited partnership units are redeemable for cash or, at our option, shares of the Parent’s common

stock, generally at a rate of one share of common stock to one limited partnership unit. We also consolidate certain entities in which we do not own 100% of the equity but the equity of these entities is not exchangeable into our common stock.

Prologis, Inc.

The noncontrolling interests of the Parent include the noncontrolling interests described above for the OP, as well as the limited partnership units in the OP that are not owned by the Parent. The outstanding limited partnership units receive quarterly cash distributions equal to the quarterly dividends paid on our common stock pursuant to the terms of the applicable partnership agreements.

The following table summarizes these entities (dollars in thousands):


	Our Ownership Percentage						Noncontrolling Interests				Total Assets				Total Liabilities
	Jun 30, 2024			Dec 31, 2023			Jun 30, 2024		Dec 31, 2023		Jun 30, 2024		Dec 31, 2023		Jun 30, 2024		Dec 31, 2023
Prologis U.S. Logistics Venture		55.0	%		55.0	%	$	3,107,288	$	3,147,790	$	7,033,979	$	7,142,889	$	138,989	$	156,303
Other consolidated entities (1)	various			various				169,673		176,485		2,609,551		2,369,959		372,860		333,114
Prologis, L.P.								3,276,961		3,324,275		9,643,530		9,512,848		511,849		489,417
Limited partners in Prologis, L.P. (2)(3)								1,301,300		1,317,721		-		-		-		-
Prologis, Inc.							$	4,578,261	$	4,641,996	$	9,643,530	$	9,512,848	$	511,849	$	489,417

(1)

Includes two partnerships that have issued limited partnership units to third parties, as discussed above, along with various other consolidated entities. The limited partnership units outstanding at June 30, 2024 and December 31, 2023 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock.

(2)

We had 7.7 million and 8.6 million Class A Units at June 30, 2024 and December 31, 2023, respectively, that were convertible into 7.3 million and 8.2 million limited partnership units of the OP at the end of each period.

(3)

There were limited partnership units in the OP, excluding the Class A Units, that were exchangeable into cash or, at our option, 9.1 million shares of the Parent’s common stock, at June 30, 2024 and December 31, 2023. Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plans of 6.2 million and 5.7 million shares of the Parent’s common stock at June 30, 2024 and December 31, 2023, respectively. See further discussion of LTIP Units in Note 7.