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EQUITY (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Schedule of Dividends Payable Distributions paid to stockholders and OP unit holders of record subsequent to December 31, 2021 were as follows (dollars in thousands, excluding per share amounts):
MonthDate of RecordMonthly Distribution RateDate Distribution PaidNet Cash Distribution
December12/15/2021$0.091/3/2022$10,189 
January1/19/20220.092/1/202210,207 
Schedule of OP Unit Activity
The table below is a summary of our OP unit activity for the years ended December 31, 2021 and 2020 (dollars and shares in thousands):
20212020
OP units converted into shares of common stock(1)
28 997 
Distributions paid on OP units(2)
$14,332 $8,255 
(1)Prior to our Recapitalization on June 18, 2021, OP units were converted to shares of common stock at a 1:1 ratio. From the Recapitalization through January 18, 2022, OP units were converted into shares of our Class B common stock at a 1:1 ratio. On January 18, 2022, each share of our Class B common stock automatically converted into one share of our listed common stock, and going forward, OP units will be converted into shares of our common stock on a 1:1 ratio.
(2)Distributions paid on OP units are included in Distributions to Noncontrolling Interests on the consolidated statements of equity.