| Noncontrolling interest summary |
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Our Ownership
Percentage |
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Noncontrolling
Interests |
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Consolidated Entity
Total Investment
In
Real Estate |
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Consolidated Entity Debt |
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2012 |
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2011 |
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2012 |
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2011 |
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2012 |
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2011 |
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2012 |
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2011 |
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Partnerships with exchangeable units (1)
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various |
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various |
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$ |
43,301 |
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$ |
11,173 |
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$ |
831,795 |
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$ |
827,263 |
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$ |
26,417 |
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$ |
26,417 |
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Prologis Institutional Alliance Fund II (2)
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28.2 |
% |
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24.1 |
% |
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302,851 |
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324,721 |
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599,789 |
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624,318 |
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198,332 |
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220,625 |
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PEPR (3)
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99.5 |
% |
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93.7 |
% |
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9,968 |
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106,759 |
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3,621,172 |
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4,047,329 |
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1,390,917 |
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1,699,587 |
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Mexico Fondo Logistico (AFORES) (4)
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20.0 |
% |
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20.0 |
% |
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139,180 |
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118,580 |
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376,033 |
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312,914 |
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212,577 |
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177,000 |
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Prologis AMS (5)
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38.6 |
% |
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38.5 |
% |
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62,143 |
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83,897 |
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175,064 |
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211,627 |
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75,535 |
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77,041 |
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Other consolidated entities
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various |
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various |
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91,946 |
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90,092 |
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577,125 |
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620,052 |
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65,998 |
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70,140 |
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Operating Partnership noncontrolling interests
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649,389 |
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735,222 |
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6,180,978 |
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6,643,503 |
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1,969,776 |
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2,270,810 |
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Limited partners in the Operating Partnership (6)
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53,207 |
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58,613 |
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— |
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REIT noncontrolling interests
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$ |
702,596 |
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$ |
793,835 |
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$ |
6,180,978 |
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$ |
6,643,503 |
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$ |
1,969,776 |
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$ |
2,270,810 |
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| (1) |
At June 30, 2012 and December 31, 2011, there were 1,285,312 and 1,302,238 limited partnership units, respectively, that were exchangeable into an equal
number of shares of the REIT’s common stock. In the first quarter of 2012, 16,926 limited partnership units were exchanged for cash. The majority of the outstanding limited partnership units are entitled to quarterly cash distributions equal to
the quarterly dividends paid on our common stock. In 2012, we recorded an additional purchase accounting adjustment of $32.9 million associated with the Merger. |
| (2) |
In the second quarter of 2012, we purchased an additional interest in the fund from one of our partners for $14.1 million increasing our ownership to 28.2%.
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| (3) |
In the second quarter of 2012, we increased our ownership of PEPR up to 99.5%. In June 2012, the unitholders of PEPR passed a resolution to wind-up the entity in August
2012, pursuant to which we opted for in-kind distribution of assets and will assume responsibility for all liabilities of PEPR. In the first quarter of 2012, PEPR sold land under a ground lease and 18 properties aggregating 3,670 million square
feet for $342.3 million to third parties, and subsequently paid down $263.9 million of outstanding debt with proceeds from these dispositions. |
| (4) |
In the second quarter of 2012, we contributed four properties aggregating 0.8 million square feet to this entity for $40.6 million. As this entity is consolidated,
we did not record a gain on this transaction and the noncontrolling interests increased $15.7 million, which is primarily due to our partners’ investment in cash. |
| (5) |
In 2012, we recorded additional purchase accounting adjustments of $22.7 million associated with the Merger. |
| (6) |
At June 30, 2012 and December 31, 2011, 1,902,108 and 2,058,730 units were associated with the common limited partners in the Operating Partnership and
exchangeable into an equal number of shares of the REIT’s common stock. During the six months ended June 30, 2012, 156,622 units were exchanged for cash in the amount of $5.5 million. The majority of the outstanding limited partnership
units are entitled to quarterly cash distributions equal to the quarterly distributions paid on our common stock. |
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