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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Schedule of Variable Interest Entities | The major classes of assets, liabilities, and noncontrolling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows:
(in thousands) |  | December 31, 2023 |  |  | December 31, 2022 |
Assets |  |  |  |  |  |
Net real estate investments |  | $ | 270,674 |  |  |  | 107,725 |
Cash, cash equivalents, and restricted cash |  |  | 8,201 |  |  |  | 2,420 |
Liabilities |  |  |  |  |  |
Notes payable |  |  | 33,211 |  |  |  | 4,188 |
Equity |  |  |  |  |  |
Limited partners’ interests in consolidated partnerships |  |  | 88,794 |  |  |  | 24,364 |
Components of Tenant and Other Receivables, Net | The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets:
|  | December 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Tenant receivables |  | $ | 34,814 |  |  |  | 31,486 |
Straight-line rent receivables |  |  | 138,590 |  |  |  | 128,214 |
Other receivables (1) |  |  | 32,758 |  |  |  | 29,163 |
Total tenant and other receivables, net |  | $ | 206,162 |  |  |  | 188,863 |
(1) Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income.
Revenues and Other Receivables | The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows:
|  |  |  | Year ended December 31, |  |
(in thousands) |  | Timing of satisfaction of performance obligations |  | 2023 |  |  | 2022 |  |  | 2021 |  |
Management, transaction, and other fees: |  |  |  |  |  |  |  |  |  |  |  |
Property management services |  | Over time |  | $ | 14,075 |  |  |  | 13,470 |  |  |  | 14,415 |  |
Asset management services |  | Over time |  |  | 6,542 |  |  |  | 6,752 |  |  |  | 6,921 |  |
Promote income |  | Over time |  |  | — |  |  |  | — |  |  |  | 13,589 |  | (1)
Leasing services |  | Point in time |  |  | 3,908 |  |  |  | 3,945 |  |  |  | 4,096 |  |
Other transaction fees |  | Point in time |  |  | 2,429 |  |  |  | 1,684 |  |  |  | 1,316 |  |
Total management, transaction, and other fees |  | $ | 26,954 |  |  |  | 25,851 |  |  |  | 40,337 |  |
(1) The Company recog nized $13.6 million in p romote revenue during the year ended December 31, 2021, for exceeding partnership return hurdles from the Company's performance as managing member in the USAA partnership. The consideration was paid in the form of a real estate asset.
Components of Real Estate Assets | The following table details the components of Real estate assets in the Consolidated Balance Sheets:
(in thousands) |  | December 31, 2023 |  |  | December 31, 2022 |
Land |  | $ | 4,802,583 |  |  |  | 4,379,877 |
Land improvements |  |  | 758,779 |  |  |  | 707,227 |
Buildings |  |  | 6,371,894 |  |  |  | 5,465,877 |
Building and tenant improvements |  |  | 1,302,954 |  |  |  | 1,171,650 |
Construction in progress |  |  | 218,181 |  |  |  | 133,433 |
Total real estate assets |  | $ | 13,454,391 |  |  |  | 11,858,064 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements:
Standard |  | Description |  | Date of adoption |  | Effect on the financial statements or other significant matters
Recently adopted: |  |  |  |  |  |
ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting |  | In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related to activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The amendments in this update provide exceptions to the guidance in Topic 815 related to changes to the critical terms of a hedging relationship due to reference rate reform, which if criteria are met, provide such changes should not result in the dedesignation and redesignation of the hedging relationship. |  | March 2020 through March 31, 2023 |  | The Company has elected to apply the hedge accounting expedients and exceptions related to changes to the reference rate from LIBOR to SOFR in the Company's interest rate swaps, which it completed during the three months ended March 31, 2023. Application of these exceptions preserves the hedge designation of interest rate swaps and the related accounting and presentation consistent with past presentation.
ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers |  | The amendments in this update require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination rather than at fair value on the acquisition date required by Topic 805. |  | January 1, 2023 |  | The adoption of this ASU did no t have a material impact on the Company’s financial position and/or results of operations.
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures |  | The amendments are aimed at enhancing the disclosures public entities provide regarding significant segment expenses so that investors can “better understand an entity’s overall performance” and assess “potential future cash flows.” |  | January 1, 2024 |  | The Company is assessing the impact this ASU will have on the Company’s financial statement disclosures.
ASU 2023-09, Income Taxes (Topic 740):Improvements to Income Tax Disclosures. |  | ASU 2023-09 requires public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold. |  | January 1, 2025 |  | The Company is assessing the impact this ASU will have on the Company’s financial statement disclosures.

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