Noncontrolling Interests

3 Months Ended

Mar. 31, 2021

NOTE 7. 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
	Mar 31, 2021			Dec 31, 2020			Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020		Mar 31, 2021		Dec 31, 2020
Prologis U.S. Logistics Venture		55.0	%		55.0	%	$	3,375,502	$	3,385,110	$	7,625,390	$	7,663,800	$	134,457	$	145,131
Other consolidated entities⁽¹⁾	various			various				97,960		98,416		1,055,677		1,066,129		72,204		73,987
Prologis, L.P.								3,473,462		3,483,526		8,681,067		8,729,929		206,661		219,118
Limited partners in Prologis, L.P. ⁽²⁾⁽³⁾								903,224		869,507		-		-		-		-
Prologis, Inc.							$	4,376,686	$	4,353,033	$	8,681,067	$	8,729,929	$	206,661	$	219,118

(1)

Includes our 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 March 31, 2021 and December 31, 2020 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock.

(2)	We had 8.6 million Class A Units that were convertible into 8.0 million limited partnership units of the OP at March 31, 2021 and December 31, 2020.

(3)

At March 31, 2021 and December 31, 2020, excluding the Class A Units, there were limited partnership units in the OP that were exchangeable into cash or, at our option, 8.2 million shares of the Parent’s common stock. Also included were the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plan of 4.7 million at March 31, 2021 and 3.9 million at December 31, 2020. See further discussion of LTIP Units in Note 8.