Revenue Recognition

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Our revenues consist of property rentals and expense reimbursements. We have the following revenue sources and revenue recognition policies:

•

Base Rent is revenue arising from tenant leases. These rents are recognized over the non-cancelable term of the related leases on a straight-line basis, which includes the effects of rent steps and rent abatements. We commence rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. In addition, in circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease.


•	Percentage Rent is revenue arising from retail tenant leases that is contingent upon the sales of tenants exceeding defined thresholds. These rents are recognized only after the contingency has been removed (i.e., when tenant sales thresholds have been achieved).


•	Parking Revenue arising from the rental of parking spaces at our properties. This income is recognized as the services are provided.


•	Operating Expense Reimbursements is revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of our properties. Revenue is recognized in the same period as the related expenses are incurred.


•	Tenant Services is revenue arising from sub-metered electric, elevator and other services provided to tenants at their request. This revenue is recognized as the services are transferred.

Parking revenue and tenant services income represent revenue recognized from contracts with customers and are recognized in accordance with ASC 606. Base rent, percentage rent and operating expense reimbursements are recognized in accordance with ASC Topic 840, Leases.

The following is a summary of revenue sources for the three months ended March 31, 2018 and 2017.



	For the Three Months Ended March 31,
(Amounts in thousands)	2018		2017
Base rent	$	36,700	$	36,662
Percentage rent	234		197
Parking revenue	1,307		1,414
Property rentals	38,241		38,273

Operating expense reimbursements	18,680		18,020
Tenant services	959		936
Expense reimbursements	19,639		18,956
Total revenues	$	57,880	$	57,229