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Revenue Recognition | 12 Months Ended
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Dec. 31, 2018
Revenue From Contract With Customer [Abstract] |
Revenue Recognition |
2. | Revenue Recognition
The Company adopted the accounting guidance for revenue from contracts with customers (“Topic 606”) on January 1, 2018, using the modified retrospective approach and, therefore, the comparative information has not been adjusted. The guidance has been applied to contracts that were not completed as of the date of initial application. Most significantly for the real estate industry, leasing transactions are not within the scope of the new standard. A majority of the Company’s tenant-related revenue is recognized pursuant to lease agreements and is governed by the leasing guidance discussed in Note 1. Historically, the majority of the Company’s lease commission revenue was recognized 50% upon lease execution and 50% upon tenant rent commencement. Upon adoption of Topic 606, lease commission revenue is generally recognized in its entirety upon lease execution. The impact of adopting Topic 606 on the Company’s consolidated financial statements with respect to the change in revenue recognition as related to lease commission revenue at January 1, 2018, and for the year ended December 31, 2018, was not material. Revenue from contracts with customers is included in Fee and Other Income on the consolidated statements of operations and was composed of the following (in thousands):
| For the Year Ended December 31, |
| 2018 |  |  | 2017 |  |  | 2016 |
Revenue from contracts: |  |  |  |  |  |  |  |  |  |  |
Asset and property management fees | $ | 31,751 |  |  | $ | 21,494 |  |  | $ | 25,772 |
Leasing commissions |  | 6,380 |  |  |  | 7,138 |  |  |  | 5,988 |
Development fees |  | 1,638 |  |  |  | 1,921 |  |  |  | 1,474 |
Disposition fees |  | 2,959 |  |  |  | — |  |  |  | — |
Credit facility guaranty fee |  | 60 |  |  |  | — |  |  |  | — |
Total revenue from contracts with customers |  | 42,788 |  |  |  | 30,553 |  |  |  | 33,234 |
Other fee income: |  |  |  |  |  |  |  |  |  |  |
Ancillary and other property income |  | 13,863 |  |  |  | 16,989 |  |  |  | 18,758 |
Lease termination fees |  | 3,775 |  |  |  | 10,505 |  |  |  | 3,512 |
Other |  | 2,723 |  |  |  | 3,088 |  |  |  | 3,064 |
Total fee and other income | $ | 63,149 |  |  | $ | 61,135 |  |  | $ | 58,568 |
The aggregate amount of receivables from contracts with customers was $1.8 million and $1.9 million as of, December 31, 2018 and 2017, respectively. Contract assets are included in Other Assets, net on the consolidated balance sheets. The significant changes in the leasing commission balances during the year ended December 31, 2018, are as follows (in thousands):
Balance as of January 1, 2018 | $ | 1,371 |
Contract assets recognized |  | 2,236 |
Contract assets billed |  | (2,210 | )
Balance as of December 31, 2018 | $ | 1,397 |
All revenue from contracts with customers meets the exemption criteria for variable consideration directly allocable to wholly unsatisfied performance obligations or unsatisfied promise within a series and, therefore, the Company does not disclose the value of transaction price allocated to unsatisfied performance obligations. There is no fixed consideration included in the transaction price for any of these revenues.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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