Noncontrolling Interests

3 Months Ended

Mar. 31, 2025

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
	Mar 31, 2025			Dec 31, 2024			Mar 31, 2025		Dec 31, 2024		Mar 31, 2025		Dec 31, 2024		Mar 31, 2025		Dec 31, 2024
Prologis U.S. Logistics Venture		55.0	%		55.0	%	$	3,073,723	$	3,091,941	$	6,967,309	$	7,014,774	$	145,723	$	149,823
Other consolidated entities (1)	various			various				246,750		231,106		3,114,628		3,031,608		448,023		399,277
Prologis, L.P.								3,320,473		3,323,047		10,081,937		10,046,382		593,746		549,100
Limited partners in Prologis, L.P. (2)(3)								1,287,755		1,342,585		-		-		-		-
Prologis, Inc.							$	4,608,228	$	4,665,632	$	10,081,937	$	10,046,382	$	593,746	$	549,100

(1)

Includes two partnerships that have issued limited partnership units to third parties. The limited partnership units outstanding at March 31, 2025 and December 31, 2024 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock.

(2)

We had 5.9 million and 7.7 million Class A Units at March 31, 2025 and December 31, 2024, respectively, that were convertible into 5.8 million and 7.4 million limited partnership units of the OP at the end of each period.

(3)

At March 31, 2025 and December 31, 2024, limited partnership units in the OP, excluding the Class A Units, were exchangeable into cash or, at our option, 9.5 million and 9.0 million shares of the Parent’s common stock, respectively, and vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plans were exchangeable into 7.1 million and 6.7 million shares of the Parent’s common stock, respectively. See further discussion of LTIP Units in Note 7.