Revenue Recognition

6 Months Ended

Jun. 30, 2019

Revenue From Contract With Customer [Abstract]

Revenue Recognition

2. Revenue Recognition

Rental Income

Rental Income on the consolidated statements of operations includes contractual lease payments that generally include the following:

• Fixed lease payments, which include fixed payments associated with expense reimbursements from tenants for common area maintenance, taxes and insurance from tenants in shopping centers, are recognized on a straight-line basis over the non-cancelable term of the lease, which generally ranges from one month to 30 years, and include the effects of applicable rent steps and abatements.  

• Variable lease payments, which include percentage and overage income, which are recognized after a tenant’s reported sales have exceeded the applicable sales breakpoint set forth in the applicable lease.  

• Variable lease payments associated with expense reimbursements from tenants for common area maintenance, taxes, insurance and other property operating expenses, based upon the tenant’s lease provisions, which are recognized in the period the related expenses are incurred.

• Lease termination payments, which are recognized upon the effective termination of a tenant’s lease when the Company has no further obligations under the lease.  

• Ancillary and other property-related rental payments, primarily composed of leasing vacant space to temporary tenants, kiosk income, and parking income, which are recognized in the period earned.

Upon adoption of Topic 842, Rental Income for the periods beginning on or after January 1, 2019, has been reduced for amounts the Company believes are not probable of being collected.

Fee and Other Income

Fee and Other Income on the consolidated statements of operations includes revenue from contracts with customers and other property-related income, primarily composed of theater income, is recognized in the period earned as follows (in thousands):

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2019		2018		2019		2018
Revenue from contracts:
Asset and property management fees	$	11,110	$	4,886	$	22,641	$	10,482
Leasing commissions		1,381		1,312		2,880		2,934
Development fees		392		303		945		628
Disposition fees		1,515		—		2,717		—
Credit facility guaranty and refinancing fees		—		—		1,800		—
Total revenue from contracts with customers		14,398		6,501		30,983		14,044
Other property income:
Other		1,985		1,913		4,201		3,672
Total fee and other income	$	16,383	$	8,414	$	35,184	$	17,716