XML 25 R14.htm IDEA: XBRL DOCUMENT v3.23.1
Revenue Recognition
3 Months Ended
Mar. 31, 2023
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, 2023 and 2022.
For the Three Months Ended March 31,
(Amounts in thousands)20232022
Lease revenues$51,036 $46,808 
Parking revenue1,096 1,228 
Tenant services809 1,179 
Rental revenues$52,941 $49,215 
The components of lease revenues for the three months ended March 31, 2023 and 2022 are as follows:
For the Three Months Ended March 31,
(Amounts in thousands)20232022
Fixed lease revenues$34,724 $32,203 
Variable lease revenues16,312 14,605 
Lease revenues$51,036 $46,808 

Bloomberg L.P. (“Bloomberg”) accounted for revenue of $29,516,000 and $27,518,000 for the three months ended March 31, 2023 and 2022, respectively, representing approximately 56% of our rental revenues in each period. No other tenant accounted for more than 10% of our rental 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.