Noncontrolling Interests

3 Months Ended

Mar. 31, 2023

Noncontrolling InterestsThere are four entities with noncontrolling interests that we consolidate, consisting of our operating partnership, (Realty Income, L.P.), a joint venture acquired in December 2019, and two development joint ventures (one acquired in December 2020 and one acquired in May 2021). The following table represents the change in the carrying value of all noncontrolling interests through March 31, 2023 (dollars in thousands):


	Realty Income, L.P. units (1)		Other Noncontrolling Interests		Total







Carrying value at December 31, 2022	$	115,801	$	14,339	$	130,140

Distributions (2)	(1,411)		(1,603)		(3,014)
Allocation of net income	973		133		1,106

Carrying value at March 31, 2023	$	115,363	$	12,869	$	128,232

(1) 1,795,167 units were outstanding as of March 31, 2023 and December 31, 2022.

(2) Include a non-cash reduction of noncontrolling interest of $1.5 million from our partner's responsibility to absorb construction cost overages for a development joint venture during the three months ended March 31, 2023.