Noncontrolling Interests

9 Months Ended

Sep. 30, 2023

Noncontrolling InterestsAs of September 30, 2023, we have seven entities with noncontrolling interests that we consolidate, consisting of our operating partnership, (Realty Income, L.P.), a joint venture formed in July 2023 in connection with the acquisition of properties, a joint venture acquired in December 2019, and four development joint ventures (one acquired in December 2020, one acquired in May 2021, one acquired in April 2023, and one acquired in September 2023).

The following table represents the change in the carrying value of all noncontrolling interests through September 30, 2023 (in thousands):


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







Carrying value at December 31, 2022	$	115,801	$	14,339	$	130,140
Contributions (2)	—		39,994		39,994
Distributions (3)	(4,243)		(2,865)		(7,108)
Allocation of net income	2,812		436		3,248

Carrying value at September 30, 2023	$	114,370	$	51,904	$	166,274

(1) 1,795,167 units were outstanding as of both September 30, 2023 and December 31, 2022.

(2) Includes contributions of $39.2 million for the issuance of a 5.0% joint venture interest as partial consideration paid on property acquisitions, contributions of $0.4 million related to a 5.0% interest in a development joint venture, and contributions of $0.4 million related to a 3.0% interest in a development joint venture.

(3) Includes 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 nine months ended September 30, 2023.