The following table represents the change in the carrying value of all noncontrolling interests through March 31, 2015 (dollars in thousands):

	Tau Operating			Realty Income, L.P.
	Partnership units(1)			units(2)			Total
Carrying value at December 31, 2014	$	13,067		$	14,631		$	27,698
Reallocation of equity	836			(1,887		)	(1,051		)
Redemptions	-			(2,120		)	(2,120		)
Distributions	(180		)	(238		)	(418		)
Allocation of net income	73			244			317
Carrying value at March 31, 2015	$	13,796		$	10,630		$	24,426

	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		)
Redemptions	-			(1,032		)	(1,032		)
Distributions	(695		)	(1,144		)	(1,839		)
Allocation of net income	273			1,032			1,305
Carrying value at December 31, 2014	$	13,067		$	14,631		$	27,698

(1)

317,022 Tau Operating Partnership units were issued on January 22, 2013 and remained outstanding as of March 31, 2015 and December 31, 2014.

(2)

534,546 Realty Income, L.P. units were issued on June 27, 2013, 499,546 units were outstanding as of December 31, 2014 and 419,546 remain outstanding as of March 31, 2015.