Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Ownership Percentages and Noncontrolling Interests

The following table summarizes these entities at December 31 (dollars in thousands):


	Our Ownership Percentage						Noncontrolling Interests				Total Assets				Total Liabilities
	2024			2023			2024		2023		2024		2023		2024		2023
Prologis U.S. Logistics Venture		55.0	%		55.0	%	$	3,091,941	$	3,147,790	$	7,014,774	$	7,142,889	$	149,823	$	156,303
Other consolidated entities (1)	various			various				231,106		176,485		3,031,608		2,369,959		399,277		333,114
Prologis, L.P.								3,323,047		3,324,275		10,046,382		9,512,848		549,100		489,417
Limited partners in Prologis, L.P. (2)(3)								1,342,585		1,317,721		-		-		-		-
Prologis, Inc.							$	4,665,632	$	4,641,996	$	10,046,382	$	9,512,848	$	549,100	$	489,417

(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 December 31, 2024 and 2023 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock.

(2)

We had 7.7 million and 8.6 million Class A Units at December 31, 2024 and 2023, respectively, that were convertible into 7.4 million and 8.2 million, respectively, limited partnership units of the OP at the end of each year. See Note 10 for further discussion of our Class A Units.

(3)

There were limited partnership units in the OP, excluding the Class A Units, that were exchangeable into cash or, at our option, 9.0 million and 9.1 million shares of the Parent’s common stock, at December 31, 2024 and 2023, respectively. Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plans of 6.7 million and 5.7 million shares of the Parent’s common stock at December 31, 2024 and 2023, respectively. See further discussion of LTIP Units in Note 12.