Revenue

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

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; (4) termination fees; and (5) 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.

For the three and six months ended June 30, 2019, the Company recognized rental property revenue of $134.9 million and $258.8 million, respectively, of which $35.8 million and $68.9 million, respectively, represented variable rental revenue. For the three and six months ended June 30, 2018, the Company recognized rental property revenue of $114.3 million and $228.0 million, respectively. For the three and six months ended June 30, 2019, the Company recognized fee and other revenue of $7.1 million and $16.0 million, respectively. For the three and six months ended June 30, 2018, the Company recognized fee and other revenue of $2.3 million and

$5.8 million, respectively. The following tables set forth the future minimum rents to be received by consolidated entities under existing non-cancellable leases as of June 30, 2019 and December 31, 2018, respectively (in thousands):



June 30, 2019

2019	$	268,869
2020	540,982
2021	507,607
2022	454,993
2023	414,041
Thereafter	1,772,076
	$	3,958,568



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