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Noncontrolling Interests | 12 Months Ended
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Dec. 31, 2024
Noncontrolling Interest [Abstract] |
Noncontrolling Interests | Noncontrolling Interests As of December 31, 2024, we have ten entities with noncontrolling interests that we consolidate, including an operating partnership, Realty Income, L.P., and interests in consolidated property partnerships not wholly-owned by us. At December 31, 2024, outstanding common partnership units in Realty Income, L.P. represented 9.95% ownership interest in Realty Income L.P. We hold the remaining 90.05% 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. 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. The following table represents the change in the carrying value of all noncontrolling interests through December 31, 2024 (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 | — |  |  | 40,097 |  |  | 40,097 |  |  |
Distributions | (5,663) |  |  | (3,677) |  |  | (9,340) |  |  |
Allocation of net income | 3,934 |  |  | 671 |  |  | 4,605 |  |  |
Carrying value at December 31, 2023 | $ | 114,072 |  |  | $ | 51,430 |  |  | $ | 165,502 |  |  |
Contributions | — |  |  | 2,022 |  |  | 2,022 |  |  |
Distributions | (6,810) |  |  | (3,588) |  |  | (10,398) |  |  |
Allocation of net income | 5,898 |  |  | 671 |  |  | 6,569 |  |  |
Issuance of common partnership units | 54,643 |  |  | (7,390) |  |  | 47,253 |  |  |
Carrying value at December 31, 2024 | $ | 167,803 |  |  | $ | 43,145 |  |  | $ | 210,948 |  |  |
(1) 2,681,808 units were outstanding as of December 31, 2024 and 1,795,167 units were outstanding as of December 31, 2023 and 2022. In July 2024, a joint venture partner converted their interests in two consolidated property partnerships into 156,621 common partnership units in Realty Income, LP and we recorded the excess over carrying value of $0.8 million as a reduction to common stock and paid in capital. In September 2024, we completed the acquisition of 42 properties by paying cash and by issuing 730,020 common partnership units in Realty Income, LP. At December 31, 2024, we are considered the primary beneficiary of Realty Income, L.P. and other VIEs. For further information, see note 1, Summary of Significant Accounting Policies

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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 -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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