Noncontrolling Interests

6 Months Ended

Jun. 30, 2022

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, 2022			Dec 31, 2021			Jun 30, 2022		Dec 31, 2021		Jun 30, 2022		Dec 31, 2021		Jun 30, 2022		Dec 31, 2021
Prologis U.S. Logistics Venture		55.0	%		55.0	%	$	3,204,880	$	3,264,337	$	7,253,495	$	7,397,195	$	139,521	$	147,545
Other consolidated entities⁽¹⁾	various			various				128,541		133,201		1,482,754		1,453,236		162,254		162,598
Prologis, L.P.								3,333,421		3,397,538		8,736,249		8,850,431		301,775		310,143
Limited partners in Prologis, L.P. ⁽²⁾⁽³⁾								964,750		917,799		-		-		-		-
Prologis, Inc.							$	4,298,171	$	4,315,337	$	8,736,249	$	8,850,431	$	301,775	$	310,143

(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, 2022 and December 31, 2021 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 June 30, 2022 and December 31, 2021.

(3)

There were limited partnership units in the OP, excluding the Class A Units, that were exchangeable into cash or, at our option, 8.3 million and 8.4 million shares of the Parent’s common stock, at June 30, 2022 and December 31, 2021, respectively. Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plans of 4.4 million and 4.0 million shares of the Parent’s common stock at June 30, 2022 and December 31, 2021, respectively. See further discussion of LTIP Units in Note 7.