Revenue Recognition

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

REVENUE RECOGNITION

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 revenues consist 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 revenues are 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, 2020, the Company recognized rental property revenues of $175.1 million and $364.2 million, respectively, of which $44.2 million and $98.3 million, respectively, represented variable rental revenue. For the three and six months ended June 30, 2019, the Company recognized rental property revenues 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, 2020, the Company recognized fee and other revenue of $4.8 million and $9.6 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.