Noncontrolling Interests

9 Months Ended

Sep. 30, 2021

Noncontrolling InterestsThere are four entities with noncontrolling interests that we consolidate including an operating partnership, Realty Income, L.P., a joint venture acquired in 2019, and two development joint ventures, one acquired in 2020 and one acquired in May 2021. The following table represents the change in the carrying value of all noncontrolling interests through September 30, 2021 (dollars in thousands):


	Realty Income, L.P. units (1)		Other Noncontrolling Interests		Total
Carrying value at December 31, 2020	$	24,100	$	8,147	$	32,247
Contributions	—		2,106		2,106
Distributions	(980)		(218)		(1,198)
Allocation of net income	749		116		865
Carrying value at September 30, 2021	$	23,869	$	10,151	$	34,020

(1) 242,007 units were issued on March 30, 2018, 131,790 units were issued on April 30, 2018, and 89,322 units were issued on March 28, 2019. 463,119 remained outstanding at each of September 30, 2021 and December 31, 2020.

In May 2021, we completed the acquisition of a development property by acquiring a controlling interest in a joint venture. We are the managing member of this joint venture, and possess the ability to control the business and manage the affairs of this entity. At September 30, 2021, we and our subsidiaries held an 85.2% interest, and consolidated this entity in our consolidated financial statements.

At September 30, 2021, Realty Income, L.P. and certain of our joint venture investments are considered variable interest entities, or VIEs, in which we were deemed the primary beneficiary based on our controlling financial interests. Below is a summary of selected financial data of consolidated VIEs included in the consolidated balance sheets at September 30, 2021 and December 31, 2020 (in thousands):


	September 30, 2021		December 31, 2020
Net real estate	$	658,425	$	635,963
Total assets	$	744,403	$	723,668
Total liabilities	$	53,665	$	47,962