9. Stockholders' Equity of the REIT and Partners' Capital of the Operating Partnership

In connection with the Merger, holders of ProLogis common shares received 0.4464 of a newly issued share of AMB common stock, ProLogis became a subsidiary of AMB and AMB changed its name to Prologis, Inc. Because ProLogis was the accounting acquirer (as discussed earlier), the historical ProLogis shares outstanding were adjusted by the Merger exchange ratio and restated to 254.5 million shares at January 1, 2011. As of the Merger date, 169.6 million shares were added to reflect the outstanding shares of common stock of AMB. In addition, in late June we issued 34.5 million shares of common stock generating net proceeds of $1.1 billion. As of June 30, 2011, we had 458.9 million shares of common stock outstanding.

For each share of common stock or preferred stock the REIT issues, the Operating Partnership issues a corresponding common or preferred partnership unit, as applicable, to the REIT in exchange for the contribution of the proceeds from the stock issuance. In addition, other third parties own common limited partnership units that make up 0.45% of the common partnership units.

Upon completion of the Merger, each outstanding Series C, F and G Cumulative Redeemable Preferred Share of beneficial interest in ProLogis was exchanged for a newly issued share of Cumulative Redeemable Preferred Stock, Series Q, R and S, respectively. We had the following preferred stock issued and outstanding (in thousands, except per share and par value data):

		June 30,		December 31,
		2011		2010

Series L Preferred stock at stated liquidation preference of $25 per share;
	$0.01 par value; 2,000 shares	$	49,100	$	-
Series M Preferred stock at stated liquidation preference of $25 per share;
	$0.01 par value; 2,300 shares		57,500		-
Series O Preferred stock at stated liquidation preference of $25 per share;
	$0.01 par value; 3,000 shares		75,300		-
Series P Preferred stock at stated liquidation preference of $25 per share;
	$0.01 par value; 2,000 shares		50,300		-
Series Q Preferred stock at stated liquidation preference of $50 per share;
	$0.01 par value; 2,000 shares		100,000		100,000
Series R Preferred stock at stated liquidation preference of $25 per share;
	$0.01 par value; 5,000 shares		125,000		125,000
Series S Preferred stock at stated liquidation preference of $25 per share;
	$0.01 par value; 5,000 shares		125,000		125,000
Total preferred stock		$	582,200	$	350,000

The holders of the preferred stock have preference rights with respect to distributions and liquidation over the common stock and certain rights in the case of arrearage. Holders of the preferred stock are not entitled to vote on any matters, except under certain limited circumstances. At June 30, 2011, there were no dividends in arrears. The series L, M, O, R and S preferred stock are redeemable solely at our option, in whole or in part. The series P and Q preferred stock will be redeemable at our option on and after August 25, 2011, and November 13, 2026, respectively.