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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

The major classes of assets, liabilities, and noncontrolling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows:


(in thousands)	December 31, 2021		December 31, 2020
Assets
Net real estate investments	$	379,075		127,240
Cash, cash equivalents, and restricted cash		5,202		4,496
Liabilities
Notes payable		5,000		6,340
Equity
Limited partners’ interests in consolidated partnerships		27,950		28,685

Components of Tenant and Other Receivables, Net

The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets:


	December 31,
(in thousands)	2021		2020
Tenant receivables	$	27,354		39,658
Straight-line rent receivables		103,942		86,615
Other receivables (1)		21,795		17,360
Total tenant and other receivables, net	$	153,091		143,633

(1)

Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income.

Components of Revenue Streams, Timing of Satisfying Performance Obligations, and Amounts

The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows:


		Year ended December 31,
(in thousands)	Timing of satisfaction of performance obligations	2021			2020		2019
Management, transaction, and other fees:
Property management services	Over time	$	14,415			14,444		14,744
Asset management services	Over time		6,921			6,963		7,135
Promote income	Over time		13,589	(1)		—		—
Leasing services	Point in time		4,096			3,150		3,692
Other transaction fees	Point in time		1,316			1,944		4,065
Total management, transaction, and other fees		$	40,337			26,501		29,636

(1)

The Company recognized $13.6 million in promote revenue during the year ended December 31, 2021, for exceeding partnership return thresholds from the Company's performance as managing member in the USAA partnership. The consideration was paid in the form of a real estate asset.

Components of Real Estate Assets

The following table details the components of Real estate assets in the Consolidated Balance Sheets:


(in thousands)	December 31, 2021		December 31, 2020
Land	$	4,340,084	$	4,230,989
Land improvements		684,613		630,264
Buildings		5,270,540		5,083,660
Building and tenant improvements		1,061,044		997,704
Construction in progress		139,300		159,241
Total real estate assets	$	11,495,581		11,101,858

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements:

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Description

Date of adoption

Effect on the financial statements or other significant matters

Recently adopted:

ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes.

January 2021

The adoption of this standard did not have a material impact to the Company's financial condition, results of operations, cash flows or related footnote disclosures