Noncontrolling Interests

9 Months Ended

Sep. 30, 2024

As of September 30, 2024, we have eight entities with noncontrolling interests that we consolidate, including an operating partnership, Realty Income, L.P., and interests in consolidated property partnerships not wholly-owned by us.

The following table represents the change in the carrying value of all noncontrolling interests through September 30, 2024 (in thousands):


	Realty Income, L.P. units (1)		Other Noncontrolling Interests		Total
Carrying value at December 31, 2023	$	114,072	$	51,430	$	165,502
Contributions	—		1,770		1,770
Distributions	(4,627)		(2,811)		(7,438)
Allocation of net income	4,287		544		4,831

Issuance of common partnership units (2)	54,643		(7,390)		47,253
Carrying value at September 30, 2024	$	168,375	$	43,543	$	211,918

(1) 2,681,808 and 1,795,167 units were outstanding as of September 30, 2024 and December 31, 2023, respectively.

(2) In July 2024, a joint venture partner converted their interests in two consolidated property partnerships into 156,621 common partnership units in Realty Income, LP and recorded the excess over carrying value of $0.8 million as a reduction to common stock and paid in capital.

In September 2024, we completed the acquisition of 42 properties by paying cash and by issuing 730,020 common partnership units in Realty Income, LP.

At September 30, 2024, we are considered the primary beneficiary of Realty Income, L.P. and other VIEs. For further information, see note 1, Summary of Significant Accounting Policies