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OPERATING PARTNERSHIP UNITS (Q2) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Business Combinations [Abstract]

Class M OP Units Conversion

In the event that the Class M OP Units are converted into Class C OP Units prior to December 31, 2023, such Class M OP Units shall be exchanged at the rate indicated below:

Date of Exchange		Early Conversion Rate
From December 31, 2020 to December 30, 2021		50% of the Class M conversion ratio
From December 31, 2021 to December 30, 2022		60% of the Class M conversion ratio
From December 31, 2022 to December 30, 2023		70% of the Class M conversion ratio

The Class M OP Units are eligible for an increase in the conversion ratio (conversion ratio enhancement) if the Company achieves both of the targets for AUM and AFFO in a given year as set forth below and as adjusted for the 1:3 reverse stock split:

		Hurdles
		AUM ($ in billions)				AFFO Per Share ($)			Class M Conversion Ratio
Initial Conversion Ratio									1:1.6667
Fiscal Year 2021		$	0.860			$	1.77		1:1.9167
Fiscal Year 2022		$	1.175			$	1.95		1:2.5000
Fiscal Year 2023		$	1.551			$	2.10		1:3.0000

In the event that the Class M OP Units are converted into Class C OP Units prior to December 31, 2023, such Class M OP Units shall be exchanged at the rate indicated below:

Date of Exchange		Early Conversion Rate
From December 31, 2020 to December 30, 2021		50% of the Class M conversion ratio
From December 31, 2021 to December 30, 2022		60% of the Class M conversion ratio
From December 31, 2022 to December 30, 2023		70% of the Class M conversion ratio

The Class M OP Units are eligible for an increase in the conversion ratio (conversion ratio enhancement) if the Company achieves both of the targets for assets under management (“AUM”) and adjusted funds from operations (“AFFO”) in a given year as set forth below and as adjusted for the 1:3 reverse stock split:

		Hurdles
		AUM ($ in billions)				AFFO Per Share ($)			Class M Conversion Ratio
Initial Conversion Ratio									1:1.6667
Fiscal Year 2021		$	0.860			$	1.77		1:1.9167
Fiscal Year 2022		$	1.175			$	1.95		1:2.5000
Fiscal Year 2023		$	1.551			$	2.10		1:3.0000

X

- References

No definition available.

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- Definition

Tabular disclosure of information related to converting stock into another financial instrument(s) in a noncash (or part noncash) transaction.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=123431023&loc=d3e4313-108586

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123431023&loc=d3e4304-108586

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123431023&loc=d3e4332-108586

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