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Noncontrolling Interests | 6 Months Ended
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Jun. 30, 2021
Noncontrolling Interest [Abstract] |
Noncontrolling Interests | Noncontrolling Interests There 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 June 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 | (653) |  |  | (138) |  |  | (791) |
Allocation of net income | 498 |  |  | 87 |  |  | 585 |
Carrying value at June 30, 2021 | $ | 23,945 |  |  | $ | 10,202 |  |  | $ | 34,147 |
(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 June 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 June 30, 2021, we and our subsidiaries held an 68.0% interest, and consolidated this entity in our consolidated financial statements. At June 30, 2021, Realty Income, L.P., the joint venture acquired during 2019, and two development joint ventures, one acquired in 2020 and one acquired in May 2021, 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 June 30, 2021 and December 31, 2020 (in thousands):
| June 30, 2021 |  | December 31, 2020
Net real estate | $ | 651,920 |  | $ | 635,963 |
Total assets | 737,071 |  | 723,668 |
Total liabilities | 50,300 |  | 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 + Details
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- References No definition available. + Details
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