As of June 30, 2026, we have 13 entities with noncontrolling interests that we consolidate, including the Fund,

The Fund is an open-end, perpetual life private fund, which is consolidated by Realty Income. In March 2026, we

closed our cornerstone equity capital raise round, securing $1.7 billion in commitments from third-party institutional

investors, of which $167.5 million was committed during the six months ended June 30, 2026. During the same

period, we called $948.0 million of capital. As of June 30, 2026, we owned approximately 26.8% of the outstanding

In March 2026, we established our Managed Insurance and Retirement Annuity investment platform as a vehicle to

pursue various co-investment opportunities with institutional investors. On March 31, 2026, we completed the

formation of MDC Mercury 2604 Venture, LLC (the "Apollo JV") and entered into an Amended and Restated Limited

Liability Company Agreement (the “JV Agreement”) with Apollo in connection with our Managed Insurance and

Retirement Annuity strategic initiative. Pursuant to the JV Agreement, we contributed 492 net lease properties in

exchange for 51,000,000 Class A Shares in the Apollo JV, and Apollo contributed $1.0 billion in cash in exchange for

a noncontrolling equity interest of 49,000,000 Class B Shares in the Apollo JV (such contributions by Realty Income

The Apollo JV is a variable interest entity ("VIE") under ASC 810 because the decision-making authority of the

Manager (our wholly owned subsidiary, Realty Income Property Management Co I, LLC) is not conveyed through an

equity interest, and the equity holders as a group therefore lack the power to direct the activities that most

significantly affect the Apollo JV's economic performance. We consolidate the Apollo JV as its primary beneficiary

because we have both (i) the power to direct the activities that most significantly affect its economic performance

through our role as the sole exclusive Manager that is exercisable independent of our equity ownership and (ii) the

obligation to absorb losses and right to receive benefits that could potentially be significant to the Apollo JV through

our 51% equity interest and other contractual arrangements. The Class B Shares are classified as permanent equity

(noncontrolling interest) on our consolidated balance sheet because all redemption features are solely within our

The Apollo JV Transaction was accounted for as an issuance of noncontrolling interest in a consolidated subsidiary

without a loss of control. We received $1.0 billion for Apollo’s initial capital contribution. The carrying amount of

Apollo's 49% share of the net assets was $778.9 million, which was recognized as noncontrolling interest, with the

difference of $238.5 million recorded as an increase to additional paid-in capital ("APIC"). Direct and incremental

transaction costs of $20.7 million were recorded as a reduction of APIC for the six months ended June 30, 2026.

The JV Agreement provides for, among other things, quarterly distributions of available cash flow to the Apollo JV’s

members. Prior to Apollo achieving the Target IRR (as defined in the JV Agreement), the Class B Member will

receive a default allocation of 55% of available cash flow, which may decrease to 49% if the Apollo JV’s NOI

outperforms an upper level of certain performance metric, or increase to 60% if the Apollo JV’s NOI underperforms

a lower level of certain performance metric. Because the parties' economic interests are not proportionate to their

stated ownership percentages, we allocate income and loss attributable to the noncontrolling interest using the

hypothetical liquidation at book value ("HLBV") method, taking into account any capital transactions between the

With respect to Realty Income, L.P., as of June 30, 2026, outstanding common partnership units in our operating

partnership represented a 9.95% ownership interest owned by third parties. We hold the remaining 90.05% interest

The following table represents the change in the carrying value of all noncontrolling interests through June 30, 2026


	U.S. Core Plus Fund	Apollo	Realty Income, L.P. units (1)	Other Noncontrolling Interests	Total
Carrying value as of December 31, 2025	$477,081	$—	$165,663	$42,529	$685,273
Contributions	960,186	1,000,000	—	4,711	1,964,897
Distributions	(23,180)	—	(4,505)	(2,305)	(29,990)
Allocation of net income	15,146	17,376	3,237	(32)	35,727
Reallocation of equity	(32,593)	(238,500)	—	—	(271,093)
Purchase of noncontrolling interests	—	—	—	(294)	(294)
Carrying value as of June 30, 2026	$1,396,640	$778,876	$164,395	$44,609	$2,384,520

As of June 30, 2026, we are considered the primary beneficiary of our Fund, Apollo, Realty Income, L.P. and other