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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2022
Accounting Policies [Abstract] |
Schedule of Investment Properties | The following table summarizes the composition of the Company’s investment properties as of December 31, 2022 and 2021 (in thousands):
| December 31,
| 2022 |  | 2021
Land, buildings and improvements | $ | 7,656,765 |  |  | $ | 7,550,988 |
Construction in progress | 75,808 |  |  | 41,360 |
Investment properties, at cost | $ | 7,732,573 |  |  | $ | 7,592,348 |
Summary of Cash, Cash Equivalents, and Restricted Cash | The following is a summary of our total cash, cash equivalents and restricted cash as presented in the accompanying consolidated statements of cash flows for the years ended December 31, 2022, 2021, and 2020 (in thousands):
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Cash and cash equivalents | $ | 115,799 |  |  | $ | 93,241 |  |  | $ | 43,648 |
Restricted cash and escrow deposits | 6,171 |  |  | 7,122 |  |  | 2,938 |
Total cash, cash equivalents and restricted cash | $ | 121,970 |  |  | $ | 100,363 |  |  | $ | 46,586 |
Schedule of Concentration by Risk Factor | For the year ended December 31, 2022, the Company’s revenue recognized from tenants leasing space in the states where the majority of our portfolio is concentrated, which includes Texas, Florida, New York, Virginia, and Indiana, was as follows:
Texas | 26.3 | %
Florida | 9.9 | %
New York | 6.9 | %
Virginia | 6.8 | %
Indiana | 6.4 | %
Schedule of Tax Characterization of Dividends Paid | A summary of the tax characterization of the dividends paid by the Parent Company for the years ended December 31, 2022, 2021, and 2020 is as follows:
| 2022 |  | 2021 |  | 2020
Ordinary income | 86.1 | % |  | 0.0 | % |  | 89.3 | %
Return of capital | 0.0 | % |  | 13.4 | % |  | 0.0 | %
Capital gains | 13.9 | % |  | 86.6 | % |  | 10.7 | %
Balance, end of year | 100.0 | % |  | 100.0 | % |  | 100.0 | %
Schedule of Noncontrolling Interests | The following table summarizes the non-redeemable noncontrolling interests in consolidated properties for the years ended December 31, 2022, 2021, and 2020 (in thousands):
| 2022 |  | 2021 |  | 2020
Noncontrolling interests balance as of January 1, | $ | 5,146 |  |  | $ | 698 |  |  | $ | 698 |
Noncontrolling interests acquired in the Merger | — |  |  | 4,463 |  |  | — |
Net loss (income) allocable to noncontrolling interests, excluding redeemable noncontrolling interests | 224 |  |  | (15) |  |  | — |
Distributions to noncontrolling interests | — |  |  | — |  |  | — |
Noncontrolling interests balance as of December 31, | $ | 5,370 |  |  | $ | 5,146 |  |  | $ | 698 |
Schedule of Ownership Interests of the Parent Company and Limited Partners | For the years ended December 31, 2022, 2021, and 2020, the weighted average interests of the Parent Company and the limited partners in the Operating Partnership were as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Parent Company’s weighted average interest in Operating Partnership | 98.7 | % |  | 97.8 | % |  | 97.4 | %
Limited partners’ weighted average interests in Operating Partnership | 1.3 | % |  | 2.2 | % |  | 2.6 | %
Summary of Redeemable Noncontrolling Interest | The redeemable noncontrolling interests in the Operating Partnership and subsidiaries for the years ended December 31, 2022, 2021, and 2020 were as follows (in thousands):
| 2022 |  | 2021 |  | 2020
Redeemable noncontrolling interests balance as of January 1, | $ | 55,173 |  |  | $ | 43,275 |  |  | $ | 52,574 |
Net income (loss) allocable to redeemable noncontrolling interests | 258 |  |  | (901) |  |  | 100 |
Distributions declared to redeemable noncontrolling interests | (2,622) |  |  | (2,208) |  |  | (1,533) |
Payment for redemption of redeemable noncontrolling interests | (10,070) |  |  | — |  |  | — |
Other, net including adjustments to redemption value | 11,228 |  |  | 15,007 |  |  | (7,866) |
Total limited partners’ interests in Operating Partnership and other redeemable noncontrolling interests balance as of December 31, | $ | 53,967 |  |  | $ | 55,173 |  |  | $ | 43,275 |
Limited partners’ interests in Operating Partnership | $ | 53,967 |  |  | $ | 45,103 |  |  | $ | 33,205 |
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 December 31, | $ | 53,967 |  |  | $ | 55,173 |  |  | $ | 43,275 |

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