Revenue Recognition
Operating Leases
Minimum lease payments to be received under long-term operating leases and short-term specialty leases, excluding additional percentage rent based on tenants' sales volume and tenant reimbursements of certain operating expenses, and assuming no exercise of renewal options or early termination rights, are as follows:
For the year ending December 31,
As of December 31, 2025
2026$225,471 
2027204,441 
2028180,226 
2029150,073 
2030121,865 
Thereafter433,108 
Total$1,315,184 
The foregoing table includes payments from tenants who have taken possession of their space and tenants who have been moved to the cash basis of accounting for revenue recognition purposes. The remaining lease terms range from less than one year to fifty-five years.
The following table reflects the disaggregation of lease income, net:
Year Ended December 31
202520242023
Minimum base rent$191,082 $175,068 $165,267 
Real estate tax recoveries35,053 33,343 31,220 
Common area maintenance, insurance, and other recoveries38,231 33,003 30,731 
Ground rent income21,290 19,321 19,044 
Amortization of market-lease intangibles and inducements, net4,422 2,804 3,343 
Short-term and other lease income4,457 4,567 4,389 
Termination fee income308 1,364 836 
Straight-line rent adjustments, net3,671 3,400 3,349 
Provision for estimated credit losses(1,037)(430)(1,033)
Lease income, net$297,477 $272,440 $257,146 

Historical Timeline

Fiscal YearFiled
2025Feb 12, 2026Showing above
2024Feb 13, 2025
2023Feb 14, 2024
2022Feb 21, 2023
2021Feb 15, 2022
2020Feb 19, 2021
2019Feb 21, 2020
2018Mar 7, 2019
2015Mar 18, 2016

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.