Revenue Recognition |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| 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 lease revenues recognized on a straight-line basis over the respective lease terms; (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 using practical expedients under 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 three and six months ended June 30, 2026, the Company recognized rental property revenues of $265.7 million and $526.8 million, respectively, of which $75.5 million and $149.3 million represented variable rental revenue, respectively. For the three and six months ended June 30, 2025, the Company recognized rental property revenues of $237.7 million and $480.7 million, respectively, of which $63.2 million and $132.1 million represented variable rental revenue. For the three and six months ended June 30, 2026, the Company recognized fee and other revenue of $2.8 million and $4.8 million, respectively. For the three and six months ended June 30, 2025, the Company recognized fee and other revenue of $2.4 million and $9.7 million, respectively. Included in other revenue is interest income from investments in real estate debt (see note 3) and in 2025, other revenue includes the $4.6 million proceeds from the sale of the Company's bankruptcy claim related to the 2023 bankruptcy of Silicon Valley Bank ("SVB"). SVB's subsidiary, SVB Financial Group, was a tenant in the Company's Phoenix market at the time of the bankruptcy filing.
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