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CONSOLIDATION, INVESTMENTS IN JOINT VENTURES AND NONCONTROLLING INTERESTS (Tables)

6 Months Ended

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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