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 and units in thousands):


	Our Ownership Percentage				Noncontrolling Interest				Total Investment In Real Estate				Debt
	2014		2013		2014		2013		2014		2013		2014		2013
Partnerships with exchangeable units (1)		various		various	$	70,716	$	75,532	$	711,310	$	783,052	$	-	$	-
Prologis North American Industrial Fund		66.1%		N/A		544,718		-		2,771,299		-		1,188,836		-
Prologis U.S. Logistics Venture		55.0%		N/A		427,307		-		1,006,183		-		-		-
Brazil Fund (2)		50.0%		50.0%		68,533		65,006		-		-		-		-
Mexico Fondo Logistico (AFORES) (3)		20.0%		20.0%		17,122		220,292		-		457,006		-		191,866
Other consolidated entities		various		various		31,505		56,256		307,686		370,933		18,269		48,126

Prologis, L.P. noncontrolling interests						1,159,901		417,086		4,796,478		1,610,991		1,207,105		239,992
Limited partners in Prologis, L.P. (4)						48,189		48,209		-		-		-		-

Prologis, Inc. noncontrolling interests					$	1,208,090	$	465,295	$	4,796,478	$	1,610,991	$	1,207,105	$	239,992

(1)

At December 31, 2014 and 2013, there were limited partnership units that were exchangeable into cash or, at our option, 1,887 and 1,949 shares, respectively, of the Parent’s common stock. In 2014, 62 limited partnership units were redeemed for cash of $2.5 million. 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)	We have a 50% ownership interest in and consolidate the Brazil Fund. The Brazil Fund’s assets are primarily investments in unconsolidated entities of $152.0 million at December 31, 2014. For additional information on our unconsolidated investments, see Note 5.

(3)

In 2014, AFORES contributed its remaining operating properties and the balance of its secured debt to FIBRA Prologis in two separate transactions. The difference between the amount received and the noncontrolling interest balance related to the properties contributed was $34.6 million, and was adjusted through equity with no gain or loss recognized. See Notes 4 and 5 for more information on these transactions.

(4)

At December 31, 2014 and 2013, there were limited partnership units in the Operating Partnership that were exchangeable into cash or, at our option, 1,767 shares of the Parent’s common stock. In 2014, no limited partnership units were redeemed for cash or the Parent’s common stock. 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.