The following table summarizes our noncontrolling interests and the consolidated entity’s total investment in real estate and debt at September 30, 2015, and December 31, 2014 (dollars and shares/units in thousands):

	Our Ownership Percentage						Noncontrolling Interests				Total Investment in Real Estate				Debt
	2015			2014			2015		2014		2015		2014		2015		2014
Prologis U.S. Logistics Venture (1)		55.0	%		55.0	%		2,697,369		427,307		6,508,973		1,006,183		729,232		-
Prologis North American Industrial Fund		66.1	%		66.1	%		523,817		544,718		2,616,676		2,771,299		1,114,579		1,188,836
Prologis Brazil Logistics Partners Fund I (2)		50.0	%		50.0	%		47,245		68,533		-		-		-		-
Other consolidated entities (3)	various			various				102,994		119,343		1,006,607		1,018,996		16,150		18,270
Prologis, L.P. noncontrolling interests								3,371,425		1,159,901		10,132,256		4,796,478		1,859,961		1,207,106
Limited partners in Prologis, L.P. (4) (5)								181,976		48,189		-		-		-		-
Prologis, Inc. noncontrolling interests							$	3,553,401	$	1,208,090	$	10,132,256	$	4,796,478	$	1,859,961	$	1,207,106

(1)	As discussed in Note 2, USLV acquired a portfolio of properties from KTR in May 2015. We received a contribution of $2.3 billion from our venture partner to fund their share of this acquisition.

(2)	The assets of Prologis Brazil Logistics Partners Fund I (“Brazil Fund”) are primarily investments in unconsolidated entities of $101.0 million and $152.0 million at September 30, 2015, and December 31, 2014, respectively. For additional information on our unconsolidated investments, see Note 4.

(3)

This line item includes our two partnerships that have issued limited partnership units to third parties, as discussed above, along with various other consolidated entities. At September 30, 2015, and December 31, 2014, limited partnership units were exchangeable into cash or, at our option, 1,835 and 1,887 shares, respectively, of the Parent’s common stock. All of these 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.

(4)	As discussed in Note 2, we issued 4.5 million common limited partnership units in the Operating Partnership in connection with the KTR acquisition.

(5)

At September 30, 2015, and December 31, 2014, limited partnership units in the Operating Partnership were exchangeable into cash or, at our option, 6,554 and 1,767 shares, respectively, of the Parent’s common stock with a fair value of $255.0 million and $76.0 million, respectively, based on the closing stock price of the Parent’s common stock. At September 30, 2015, and December 31, 2014, there were 941 and 113 unvested LTIP Units (as defined in Note 10) outstanding, respectively, associated with our long-term compensation plan that are not exchangeable into the Parent’s common stock until they vest. All of these outstanding limited partnership units receive quarterly cash distributions equal to the quarterly distributions paid on our common stock pursuant to the terms of the partnership agreement.