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Noncontrolling Interests | 12 Months Ended
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Dec. 31, 2022
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 December 2019, and two development joint ventures, one acquired in December 2020 and one acquired in May 2021. In November 2021, we issued 300,604 common partnership units in Realty Income, L.P. in connection with the acquisition of seven properties and recorded $20.4 million of noncontrolling interests. In December 2021, we issued 240,586 common partnership units in Realty Income, L.P. in connection with the acquisition of one property and recorded $16.6 million of noncontrolling interests. In November 2021 we issued 56,400 of common partnership units in Realty Income, L.P. in exchange for VEREIT OP units in connection with our merger with VEREIT and recorded noncontrolling interests of $1.8 million. In addition, during September 2022, we issued 734,458 common partnership units in Realty Income, L.P. in connection with the acquisition of nine properties and recorded $51.2 million of contributions to noncontrolling interests. At December 31, 2022, outstanding common partnership units in Realty Income, L.P. represented 6.9% ownership interest in Realty Income L.P. We hold the remaining 93.1% interest and consolidate the entity. None of our common partnership units have voting rights. Common partnership units are entitled to monthly distributions equal to the amount paid to common stockholders of Realty Income, and are redeemable in cash or Realty Income common stock, at our option, and at a conversion ratio of 1.02934 due to the Orion Divestiture, subject to certain exceptions. Prior to the Orion Divestiture, the conversion ratio was one to one. These issuances with redemption provisions that permit the issuer to settle in either cash or common stock, at the option of the issuer, were evaluated to determine whether temporary or permanent equity classification on the balance sheet was appropriate. We determined that the units meet the requirements to qualify for presentation as permanent equity. In May 2021 and December 2020, we completed the respective acquisition of a development property by acquiring a controlling interest in a joint venture. We are the managing member of these two joint ventures, and possess the ability to control the business and manage the affairs of these entities. At December 31, 2022, we and our subsidiaries held an 89.6% interest in the joint venture established in May 2021 and an 94.5% interest in the joint venture established in December 2020. In December 2019, we completed the acquisition of nine properties 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 December 31, 2022, we and our subsidiaries held an 89.9% interest, and consolidated this entity in our consolidated financial statements. The following table represents the change in the carrying value of all noncontrolling interests through December 31, 2022 (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 | 36,975 |  |  | 6,415 |  |  | 43,390 |  |  |
Issued in merger | 3,160 |  |  | — |  |  | 3,160 |  |  |
Orion divestiture | (1,352) |  |  | — |  |  | (1,352) |  |  |
Reallocation of equity | (42) |  |  | — |  |  | (42) |  |  |
Distributions | (1,574) |  |  | (294) |  |  | (1,868) |  |  |
Allocation of net income | 1,149 |  |  | 142 |  |  | 1,291 |  |  |
Carrying value at December 31, 2021 | $ | 62,416 |  |  | $ | 14,410 |  |  | $ | 76,826 |  |  |
Contributions | 51,221 |  |  | — |  |  | 51,221 |  |  |
Distributions | (3,818) |  |  | (307) |  |  | (4,125) |  |  |
Allocation of net income | 2,772 |  |  | 236 |  |  | 3,008 |  |  |
Reallocation of equity | 3,210 |  |  | — |  |  | 3,210 |  |  |
Carrying value at December 31, 2022 | $ | 115,801 |  |  | $ | 14,339 |  |  | $ | 130,140 |  |  |
(1) In September 2022, we issued 734,458 common partnership units in Realty Income, L.P. in connection with the acquisition of nine properties and recorded $51.2 million of contributions to noncontrolling interests. 1,795,167 and 1,060,709 units were outstanding as of December 31, 2022 and 2021, respectively. At December 31, 2022, Realty Income, L.P. and certain of our investments, including investments in joint ventures, are considered VIEs in which we were deemed the primary beneficiary based on our controlling financial interests. For further information, see note 2 Summary of Significant Accounting Policies and Procedures and New Accounting Standards.

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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 https://asc.fasb.org/topic&trid=2197479 + Details
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- References No definition available. + Details
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