REVENUE

The Company categorizes its primary sources of revenue into revenue from contracts with customers and other revenue accounted for as leases under ASC 842 as follows:

•

Rental property revenue consists of (1) contractual revenues from leases recognized on a straight-line basis over the term of the respective lease; (2) percentage rents recognized once a specified sales target is achieved; (3) parking revenue; and (4) the reimbursement of the tenants' share of real estate taxes, insurance, and other operating expenses. The Company's leases typically include renewal options and are classified and accounted for as operating leases. Rental property revenue is accounted for in accordance with the guidance set forth in ASC 842.


•	Fee income consists of development fees, management fees, and leasing fees earned from unconsolidated joint ventures and from third parties. Fee income is accounted for in accordance with the guidance set forth in ASC 606.


•	Other revenue consists primarily of termination fees, which are accounted for in accordance with the guidance set forth in ASC 842.

For the three months ended March 31, 2019, the Company recognized rental property revenue of $123.3 million, of which $32.6 million represented variable rental revenue. For the three months ended March 31, 2018 the Company recognized rental property revenue of $113.3 million. For the three months ended March 31, 2019 and 2018 the Company recognized fee and other revenue of $9.4 million and $3.9 million, respectively. The following tables set forth the future minimum rents to be received by consolidated entities under existing non-cancellable leases as of March 31, 2019 and December 31, 2018, respectively (in thousands):



March 31, 2019

2019	$	301,235
2020	400,754
2021	379,056
2022	334,015
2023	301,549
Thereafter	1,266,401
	$	2,983,010



December 31, 2018

2019	$	328,607
2020	330,477
2021	314,410
2022	280,959
2023	256,233
Thereafter	1,115,490
	$	2,626,176