Revenue Recognition

12 Months Ended

Dec. 31, 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 years ended December 31, 2020, 2019, and 2018, the Company recognized rental property revenues of $721.9 million, $628.8 million, and $463.4 million, respectively, of which $188.1 million, $176.6 million, and $119.3 million, respectively, represented variable rental revenue. For the years ended December 31, 2020, 2019, and 2018, the Company recognized fee and other revenue of $18.5 million, $28.8 million, and $11.8 million, respectively. The following tables set forth the future minimum rents to be received by consolidated entities under existing non-cancellable leases as of December 31, 2020, accounted for in accordance with ASC 842 and as of December 31, 2020, accounted for in accordance with ASC 840, respectively (in thousands):

December 31, 2020
2021	$	513,015
2022	489,715
2023	457,250
2024	425,805
2025	378,499
Thereafter	1,390,864
	$	3,655,148

December 31, 2019
2020	$	502,147
2021	487,815
2022	438,624
2023	401,363
2024	365,024
Thereafter	1,358,674
	$	3,553,647