The following table represents the change in the carrying value of all noncontrolling interests through March 31, 2014 (dollars in thousands):

	Tau Operating			Realty Income, L.P.
	Partnership units(1)			units(2)			Total
Carrying value at December 31, 2013	$	13,489		$	22,422		$	35,911
Reallocation of equity	-			(6,647		)	(6,647		)
Distributions	(173		)	(293		)	(466		)
Allocation of net income	53			279			332
Carrying value at March 31, 2014	$	13,369		$	15,761		$	29,130

	Tau Operating			Realty Income, L.P.
	Partnership units(1)			units(2)			Total
Fair value of units issued during 2013	$	13,962		$	22,601		$	36,563
Distributions	(691		)	(680		)	(1,371		)
Allocation of net income	218			501			719
Carrying value at December 31, 2013	$	13,489		$	22,422		$	35,911

(1) 317,022 Tau Operating Partnership units were issued on January 22, 2013 and remain outstanding as of March 31, 2014.

(2) 534,546 Realty Income, L.P. units were issued on June 27, 2013 and remain outstanding as of March 31, 2014.