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Noncontrolling Interests
9 Months Ended
Sep. 30, 2011
Noncontrolling Interests [Abstract] 
Noncontrolling Interests
12. Noncontrolling Interests

Operating Partnership

We report noncontrolling interest related to several entities we consolidate but do not own 100% of the common equity. These entities include three real estate partnerships that have issued limited partnership units to third parties. Depending on the specific partnership agreements, these limited partnership units are exchangeable into shares of our common stock, generally at a rate of one share of common stock to one unit or into cash. The Limited Partnership units of two entities that were consolidated pre-merger are exchangeable at the Merger exchange ratio and have been reflected as such in our Consolidated Financial Statements.

In the aggregate as of September 30, 2011, for all our consolidated investees in which we own less than 100% of the equity, we have recorded approximately $6.3 billion of investments in real estate properties and $2.7 billion of debt. PEPR (in which we own 93.7% of the common equity) represents $4.2 billion of the real estate properties and $1.9 billion of the debt. See further discussion in Note 2 related to PEPR.

REIT

The noncontrolling interest of the REIT includes the noncontrolling interests presented in the Operating Partnership, as well as the common limited partnership units in the Operating Partnership that are not owned by the REIT. As of September 30, 2011, the REIT owned 99.55% of the common partnership units of the Operating Partnership.

The following is a summary of the noncontrolling interest (in thousands):

 

                 
    September 30,
2011
    December 31,
2010
 

Partnerships with exchangeable units

  $ 27,533     $ 11,189  

Prologis Institutional Alliance Fund II

    324,688       —    

PEPR

    107,446       —    

Prologis AMS

    85,463       —    

Other consolidated entities

    64,129       3,943  
   

 

 

   

 

 

 

Operating Partnership noncontrolling interest

    609,259       15,132  

Limited partners in the Operating Partnership

    59,877       —    
   

 

 

   

 

 

 

REIT noncontrolling interest

  $ 669,136     $ 15,132