REDEEMABLE NONCONTROLLING INTERESTS (Tables)

9 Months Ended

Sep. 30, 2022

Redeemable Noncontrolling Interest [Abstract]

Schedule of redeemable noncontrolling interest activity

The following table summarizes the redeemable noncontrolling interests activity for the nine months ended September 30, 2022 and 2021:

	For the Nine Months Ended September 30,
($ in thousands)	2022		2021
Balance at beginning of the year	$	8,994	$	3,798
Settlement of prior year performance participation allocation (1)		15,327		4,608
Distributions to redeemable noncontrolling interests		(543)		(314)
Redemptions to redeemable noncontrolling interests (2)		(7,724)		—
Net (loss) income attributable to redeemable noncontrolling interests		(67)		169
Change from cash flow hedging activities attributable to redeemable noncontrolling interests		283		70
Redemption value allocation adjustment to redeemable noncontrolling interests		1,900		293
Ending balance	$	18,170	$	8,624

(1) The 2021 performance participation allocation in the amount of $15.3 million became payable on December 31, 2021, and was issued as 1.9 million Class I OP Units in January 2022. At the direction of the Advisor and in light of our Former Sponsor having been the holder of a separate series of partnership interests in the Operating Partnership with special distribution rights (the “Special Units”) for the first six months of 2021, the holder of the Special Units designated 465,000 of these Class I OP Units to an entity owned indirectly by our Chairman, Mr. Mulvihill, and 465,000 of these Class I OP Units to an entity owned indirectly by a member of our Former Sponsor. The holder of the Special Units transferred 945,000 Class I OP Units to the Advisor thereafter. The 2020 performance participation allocation in the amount of $4.6 million became payable to the Former Sponsor, as the former holder of the Special Units, on December 31, 2020. At the Former Advisor’s election, it was paid in the form of Class I OP Units valued at $4.6 million (based on the NAV per unit as of December 31, 2020), which were issued to the Former Sponsor in January 2021 and subsequently transferred to its members or their affiliates.

(2) At the request of the Advisor, the Operating Partnership redeemed all Class I OP Units issued to the Advisor in January 2022 for $7.7 million.