Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of the Change in the Carrying Value of all Noncontrolling Interests

The following table represents the change in the carrying value of all noncontrolling interests through December 31, 2023 (in thousands):


	Realty Income, L.P. units (1)		Other Noncontrolling Interests		Total
Carrying value at December 31, 2021	$	62,416	$	14,410	$	76,826
Contributions (2)	51,221		—		51,221


Reallocation of equity	3,210		—		3,210
Distributions	(3,818)		(307)		(4,125)
Allocation of net income	2,772		236		3,008
Carrying value at December 31, 2022	$	115,801	$	14,339	$	130,140
Contributions (3)	—		40,097		40,097
Distributions (4)	(5,663)		(3,677)		(9,340)
Allocation of net income	3,934		671		4,605

Carrying value at December 31, 2023	$	114,072	$	51,430	$	165,502

(1) 1,795,167 units were outstanding as of both December 31, 2023 and December 31, 2022. 1,060,709 units were outstanding as of December 31, 2021.

(2) In September 2022, we issued 734,458 common partnership units in Realty Income, L.P. in connection with the acquisition of nine properties and recorded $51.2 million of contributions to noncontrolling interests.

(3) Primarily related to contributions of $39.2 million for the issuance of a 5.0% joint venture interest as partial consideration paid on property acquisitions. The remaining amount represents contributions for two development joint ventures.

(4) Includes a non-cash reduction of noncontrolling interest of $1.5 million from our partner's responsibility to absorb construction cost overages for a development joint venture during the year ended December 31, 2023.