Revenue Recognition

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

The following is a summary of revenue sources for the three months ended March 31, 2022 and 2021.

	Three Months Ended March 31,
(Amounts in thousands)	2022		2021
Lease revenues	$	46,808	$	54,411
Parking revenue	1,228		796
Tenant services	1,179		946
Rental revenues	$	49,215	$	56,153

The components of lease revenues for the three months ended March 31, 2022 and 2021 are as follows:

	Three Months Ended March 31,
(Amounts in thousands)	2022		2021
Fixed lease revenues	$	32,203	$	33,810
Variable lease revenues	14,605		20,601
Lease revenues	$	46,808	$	54,411

4.Revenue Recognition - continued

Bloomberg L.P. (“Bloomberg”) accounted for revenue of $27,518,000 and $28,757,000 for the three months ended March 31, 2022 and 2021, respectively, representing approximately 56% and 51% of our total revenues in each period, respectively. No other tenant accounted for more than 10% of our total revenues. If we were to lose Bloomberg as a tenant, or if Bloomberg were to be unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition. In order to assist us in our continuing assessment of Bloomberg’s creditworthiness, we receive certain confidential financial information and metrics from Bloomberg. In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data.