Revenue Recognition

12 Months Ended

Dec. 31, 2022

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, 2022, 2021, and 2020, the Company recognized rental property revenues of $753.5 million, $739.1 million, and $721.9 million, respectively, of which $212.3 million, $199.0 million, and $188.1 million, respectively, represented variable rental revenue. For the years ended December 31, 2022, 2021, and 2020, the Company recognized fee and other revenue of $8.8 million, $16.0 million, and $18.5 million, respectively. The following tables set forth the future minimum rents to be received by consolidated entities under existing non-cancellable leases as of December 31, 2022 and 2021 respectively ($ in thousands):

December 31, 2022
2023	$	521,193
2024	529,605
2025	498,106
2026	459,579
2027	421,998
Thereafter	1,588,897
	$	4,019,378

December 31, 2021
2022	$	496,020
2023	487,110
2024	472,827
2025	432,553
2026	387,711
Thereafter	1,516,491
	$	3,792,712