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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Revenue Recognition Schedule of Fee Types We have concluded that each of the separately disclosed fee types in the below table represents a separate performance obligation within the Management Agreements.
FeePerformance Obligation SatisfiedForm and Timing of Payment Description
Asset Management Over timeIn cash, monthlyBecause each increment of service is distinct, although substantially the same, revenue is recognized at the end of each reporting period based upon invested equity and the applicable rate.
Property ManagementOver timeIn cash, monthlyBecause each increment of service is distinct, although substantially the same, revenue is recognized at the end of each month based on a percentage of the properties’ cash receipts.
Leasing CommissionsPoint in time (upon close of a transaction)In cash, upon completionRevenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location.
Construction ManagementPoint in time (upon close of a project)In cash, upon completionRevenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location.
Acquisition/DispositionPoint in time (upon close of a transaction)In cash, upon close of the transactionRevenue is recognized based on a percentage of the purchase price or disposition price of the property acquired or sold.
New Accounting Pronouncements and Changes in Accounting Principles The following table provides a brief description of newly adopted accounting pronouncements and their effect on our consolidated financial statements:
StandardDescriptionDate of AdoptionEffect on the Financial Statements or Other Significant Matters
Accounting Standards Update (“ASU”) 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), Derivatives and Hedging (Topic 815)The amendments in this update clarify the interaction between the accounting for equity securities, equity method investments, and certain derivative instruments. This ASU, among other things, clarifies that an entity should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323 for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. January 1, 2021
The adoption of this standard did not have a material impact on our consolidated financial statements.
ASU 2021-01 Reference Rate Reform (Topic 848): ScopeThe amendments in this update clarify that certain optional expedients and exceptions in Topic 848, Reference Rate Reform, for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. January 1, 2021
The adoption of this standard did not have a material impact on our consolidated financial statements.