Noncontrolling Interests

6 Months Ended

Jun. 30, 2025

As of June 30, 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 June 30, 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	—		1,529		1,529
Distributions	(4,435)		(1,552)		(5,987)
Allocation of net income	3,439		300		3,739

Carrying value at June 30, 2025	$	166,807	$	43,422	$	210,229

(1) 2,681,808 units were outstanding as of both June 30, 2025 and December 31, 2024.

At June 30, 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.