Noncontrolling Interests

3 Months Ended

Mar. 31, 2020

The two noncontrolling interests that we consolidate include an operating partnership, Realty Income, L.P., and a joint venture acquired during 2019. The following table represents the change in the carrying value of all noncontrolling interests through March 31, 2020 (dollars in thousands):



	Realty Income, L.P. units ⁽¹⁾			Other Noncontrolling Interests			Total
Carrying value at December 31, 2019	$	24,596		$	5,106		$	29,702
Distributions	(323		)	(71		)	(394		)
Allocation of net income	277			39			316
Carrying value at March 31, 2020	$	24,550		$	5,074		$	29,624

⁽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, 2020 and December 31, 2019.

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



	March 31, 2020		December 31, 2019
Net real estate	$	647,877	$	654,305
Total assets	737,990		744,394
Total liabilities	52,613		52,087