The following is a summary of the noncontrolling interest and the consolidated entity’s total investment in real estate and debt at December 31 (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	$	75,532	$	44,476	$	783,052	$	826,605	$	-	$	-
Fund II (2)		N/A		28.2%		-		280,751		-		571,668		-		178,778
Mexico Fondo Logistico (AFORES) (3)		20.0%		20.0%		220,292		157,843		457,006		388,960		191,866		214,084
Brazil Fund (4)		50.0%		50.0%		65,006		66,494		-		-		-		-
Prologis AMS		38.5%		38.5%		24,791		59,631		58,575		160,649		17,063		63,749
Other consolidated entities		various		various		31,465		43,930		312,358		404,825		31,063		62,061

Operating Partnership noncontrolling interests						417,086		653,125		1,610,991		2,352,707		239,992		518,672
Limited partners in the Operating Partnership (5)						48,209		51,194		-		-		-		-

REIT noncontrolling interests					$	465,295	$	704,319	$	1,610,991	$	2,352,707	$	239,992	$	518,672

(1)

At December 31, 2013 and 2012, there were 1,948,608 and 1,173,571 limited partnership units, respectively, that were exchangeable into an equal number of shares of the REIT’s common stock. At December 31, 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 2013, 1,197 limited partnership units were redeemed for cash and 27,751 limited partnership units were redeemed for an equal number of common shares. 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 $152.0 million at December 31, 2013. For additional information on our unconsolidated investments, see Note 5.

(5)

At December 31, 2013 and December 31, 2012, there were 1,766,691 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. During 2013, 126,575 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.