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CONSOLIDATION, INVESTMENTS IN JOINT VENTURES AND NONCONTROLLING INTERESTS (Tables) | 6 Months Ended
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Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Investment Properties | The following table summarizes the composition of the Company’s investment properties as of June 30, 2022 and December 31, 2021:
| Balance as of
($ in thousands) | June 30, 2022 |  | December 31, 2021
Land, buildings and improvements | $ | 7,577,909 |  |  | $ | 7,543,376 |
Furniture, equipment and other | 7,524 |  |  | 7,612 |
Construction in progress | 51,839 |  |  | 41,360 |
Investment properties, at cost | $ | 7,637,272 |  |  | $ | 7,592,348 |
Schedule of Rental Income | Rental income related to the Company’s operating leases is comprised of the following for the three and six months ended June 30, 2022 and 2021:
| Three Months Ended June 30, |  | Six Months Ended June 30,
($ in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Fixed contractual lease payments – operating leases | $ | 150,708 |  |  | $ | 54,398 |  |  | $ | 299,498 |  |  | $ | 109,201 |
Variable lease payments – operating leases | 39,064 |  |  | 12,148 |  |  | 76,089 |  |  | 26,078 |
Bad debt reserve | (1,171) |  |  | (61) |  |  | (1,742) |  |  | (1,370) |
Straight-line rent adjustments | 4,530 |  |  | 426 |  |  | 8,623 |  |  | 524 |
Straight-line rent reserve for uncollectibility | (202) |  |  | 658 |  |  | (264) |  |  | 547 |
Amortization of in-place lease liabilities, net | 1,332 |  |  | 421 |  |  | 1,915 |  |  | 900 |
Rental income | $ | 194,261 |  |  | $ | 67,990 |  |  | $ | 384,119 |  |  | $ | 135,880 |
Schedule of Stockholders Equity | The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the six months ended June 30, 2022 and 2021:
| Six Months Ended June 30,
($ in thousands) | 2022 |  | 2021
Noncontrolling interests balance as of January 1, | $ | 5,146 |  |  | $ | 698 |
Net income allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 62 |  |  | — |
Noncontrolling interests balance as of June 30, | $ | 5,208 |  |  | $ | 698 |
Schedule of Weighted Average Interests of Parent and OP | For the three and six months ended June 30, 2022 and 2021, the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Parent Company’s weighted average interest in Operating Partnership | 98.7 | % |  | 97.2 | % |  | 98.8 | % |  | 97.1 | %
Limited partners’ weighted average interests in Operating Partnership | 1.3 | % |  | 2.8 | % |  | 1.2 | % |  | 2.9 | %
Schedule of Redeemable Noncontrolling Interests | The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the six months ended June 30, 2022 and 2021 were as follows:
| Six Months Ended June 30,
($ in thousands) | 2022 |  | 2021
Redeemable noncontrolling interests balance as of January 1, | $ | 55,173 |  |  | $ | 43,275 |
Net income allocable to redeemable noncontrolling interests | 230 |  |  | 926 |
Distributions declared to redeemable noncontrolling interests | (1,219) |  |  | (1,065) |
Other, net including adjustments to redemption value | 2,995 |  |  | 14,231 |
Total limited partners’ interests in Operating Partnership and other redeemable noncontrolling interests balance as of June 30, | $ | 57,179 |  |  | $ | 57,367 |
Limited partners’ interests in Operating Partnership | $ | 47,109 |  |  | $ | 47,297 |
Other redeemable noncontrolling interests in certain subsidiaries | 10,070 |  |  | 10,070 |
Total limited partners’ interests in Operating Partnership and other redeemable noncontrolling interests balance as of June 30, | $ | 57,179 |  |  | $ | 57,367 |

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- Definition The tabular disclosure of the effects of any changes in a parent's ownership interest in a subsidiary on the equity attributable to the parent if the ownership interests in a subsidiary changes during the period. The changes represented by this element did not result in the deconsolidation of the subsidiary. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4M -URI https://asc.fasb.org/extlink&oid=120409616&loc=SL4591554-111686 + Details
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- Definition Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity. + References No definition available. + Details
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