Noncontrolling Interests

3 Months Ended

Mar. 31, 2025

As of March 31, 2025, we have ten 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 March 31, 2025 (in thousands):


	Realty Income, L.P. units (1)		Other Noncontrolling Interests		Total
Carrying value at December 31, 2024	$	167,803	$	43,145	$	210,948
Contributions	—		1,342		1,342
Distributions	(2,210)		(801)		(3,011)
Allocation of net income	1,486		161		1,647

Carrying value at March 31, 2025	$	167,079	$	43,847	$	210,926

(1) 2,681,808 units were outstanding as of both March 31, 2025 and December 31, 2024.

At March 31, 2025, 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