The following is a summary of the noncontrolling interest and the consolidated entity’s total investment in real estate and debt at September 30, 2013 and December 31, 2012 (dollars in thousands):


	Our Ownership Percentage						Noncontrolling Interest				Total Investment In Real Estate				Debt
	2013			2012			2013		2012		2013		2012		2013		2012
Partnerships with exchangeable units (1)		various			various		$	74,611	$	44,476	$	589,352	$	826,605	$	—	$	—
Prologis Institutional Alliance Fund II (2)		N/A			28.2	%		—		280,751		—		571,668		—		178,778
Mexico Fondo Logistico (AFORES) (3)		20.0	%		20.0	%		215,056		157,843		455,011		388,960		197,349		214,084
Brazil Fund (4)		50.0	%		50.0	%		68,503		66,494		—		—		—		—
Prologis AMS		38.5	%		38.5	%		63,005		59,631		145,102		160,649		44,861		63,749
Other consolidated entities		various			various			38,722		43,930		379,472		404,825		59,086		62,061

Operating Partnership noncontrolling interests								459,897		653,125		1,568,937		2,352,707		301,296		518,672
Limited partners in the Operating Partnership (5)								50,532		51,194		—		—		—		—

REIT noncontrolling interests							$	510,429	$	704,319	$	1,568,937	$	2,352,707	$	301,296	$	518,672

(1)

At September 30, 2013 and December 31, 2012, there were 1,949,501 and 1,173,571 limited partnership units, respectively, that were exchangeable into an equal number of shares of the REIT’s common stock. At September 30, 2013, this included the 804,734 units of one of our limited partnerships issued as part of the Prologis Institutional Alliance Fund II transaction. In the second quarter of 2013, 1,053 limited partnership units were redeemed for cash and the remaining limited partnership units of one of our limited partnerships were redeemed for 27,751 shares of common stock. All of these 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.

(2)	As disclosed above, we acquired our partners’ interest in June 2013.

(3)	In May 2013, we contributed land and five properties aggregating 0.7 million square feet to this entity for $52.1 million. As this entity is consolidated, we did not record a gain on this transaction.

(4)

We have a 50% ownership interest in and consolidate the Brazil Fund that in turn has investments in several joint ventures that are accounted for on the equity method. The Brazil Fund’s assets are primarily investments in unconsolidated entities of $139.6 million at September 30, 2013. For additional information on our unconsolidated investments, see Note 4.

(5)

At September 30, 2013 and December 31, 2012, there were 1,843,131 and 1,893,266 units respectively, that were associated with the limited partners in the Operating Partnership and were exchangeable into an equal number of shares of the REIT’s common stock. In the third quarter of 2013, 50,135 units were redeemed for cash. All of these outstanding limited partnership units receive quarterly cash distributions equal to the quarterly distributions paid on our common stock pursuant to the terms of the partnership agreement.