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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
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,
20222021
Land, buildings and improvements$7,656,765 $7,550,988 
Construction in progress75,808 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,
202220212020
Cash and cash equivalents$115,799 $93,241 $43,648 
Restricted cash and escrow deposits6,171 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:
Texas26.3 %
Florida9.9 %
New York6.9 %
Virginia6.8 %
Indiana6.4 %
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:
202220212020
Ordinary income86.1 %0.0 %89.3 %
Return of capital0.0 %13.4 %0.0 %
Capital gains13.9 %86.6 %10.7 %
Balance, end of year100.0 %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):
202220212020
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,
 202220212020
Parent Company’s weighted average interest in Operating Partnership98.7 %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):
202220212020
Redeemable noncontrolling interests balance as of January 1,$55,173 $43,275 $52,574 
Net income (loss) allocable to redeemable noncontrolling interests258 (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 value11,228 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