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Noncontrolling Interests

3 Months Ended

Mar. 31, 2021

Noncontrolling Interest [Abstract]

Noncontrolling Interests

Noncontrolling InterestsThere are three entities with noncontrolling interests that we consolidate including an operating partnership, Realty Income, L.P., a joint venture acquired in 2019 and a development joint venture acquired in 2020. The following table represents the change in the carrying value of all noncontrolling interests through March 31, 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
Distributions			(326)						(76)						(402)
Allocation of net income			252						43						296
Carrying value at March 31, 2021			$	24,026					$	8,114					$	32,141

(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 March 31, 2021 and December 31, 2020.

At March 31, 2021 and December 31, 2020, Realty Income, L.P., the joint venture acquired during 2019 and the development joint venture acquired in 2020 were 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 March 31, 2021 and December 31, 2020 (in thousands):

			March 31, 2021						December 31, 2020
Net real estate			$	635,261					$	635,963
Total assets			720,646						723,668
Total liabilities			51,896						47,962

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- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-URI http://asc.fasb.org/topic&trid=2197479

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- References

No definition available.

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