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

9 Months Ended

Sep. 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 September 30, 2022 and December 31, 2021:

			Balance as of
($ in thousands)			September 30, 2022						December 31, 2021
Land, buildings and improvements			$	7,639,490					$	7,543,376
Furniture, equipment and other			7,495						7,612
Construction in progress			68,531						41,360
Investment properties, at cost			$	7,715,516					$	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 nine months ended September 30, 2022 and 2021:

			Three Months Ended September 30,												Nine Months Ended September 30,
($ in thousands)			2022						2021						2022						2021
Fixed contractual lease payments – operating leases			$	155,399					$	54,894					$	457,875					$	164,095
Variable lease payments – operating leases			36,636						12,461						112,725						38,540
Bad debt (reserve) recovery			(1,882)						1,709						(3,624)						338
Straight-line rent adjustments			4,328						585						12,951						1,109
Straight-line rent (reserve) recovery for uncollectibility			(34)						39						(298)						587
Amortization of in-place lease liabilities, net			1,228						528						3,143						1,428
Rental income			$	195,675					$	70,216					$	582,772					$	206,097

Schedule of Stockholders Equity

The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the nine months ended September 30, 2022 and 2021:

			Nine Months Ended September 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			139						—
Noncontrolling interests balance as of September 30,			$	5,285					$	698

Schedule of Weighted Average Interests of Parent and OP

For the three and nine months ended September 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 September 30,												Nine Months Ended September 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 nine months ended September 30, 2022 and 2021 were as follows:

			Nine Months Ended September 30,
($ in thousands)			2022						2021
Redeemable noncontrolling interests balance as of January 1,			$	55,173					$	43,275
Net income allocable to redeemable noncontrolling interests			269						1,058
Distributions declared to redeemable noncontrolling interests			(1,972)						(1,639)
Other, net including adjustments to redemption value			3,484						10,587
Total limited partners’ interests in Operating Partnership and other redeemable noncontrolling interests balance as of September 30,			$	56,954					$	53,281
Limited partners’ interests in Operating Partnership			$	46,884					$	43,211
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 September 30,			$	56,954					$	53,281

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