Noncontrolling Interests

9 Months Ended

Sep. 30, 2025

As of September 30, 2025, we have 11 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, 2025 (in thousands):


	Realty Income, L.P. units (1)		Other Noncontrolling Interests		Total
Carrying value as of December 31, 2024	$	167,803	$	43,145	$	210,948
Contributions	—		2,041		2,041
Distributions	(6,664)		(2,343)		(9,007)
Allocation of net income	5,260		382		5,642

Carrying value as of September 30, 2025	$	166,399	$	43,225	$	209,624

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

As of September 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.