Revenue Recognition

12 Months Ended

Dec. 31, 2019

Revenue From Contract With Customer [Abstract]

2.	Revenue Recognition

The Company adopted ASC 606, Revenue from Contracts with Customers, on January 1, 2018. For the real estate industry, leasing transactions fall under Topic 842 (Note 1), which has been adopted at January 1, 2019. Therefore, Fee and Other Income on the consolidated statements of operations was the revenue stream impacted by ASC 606 and includes revenue from contracts with customers and other property-related income, primarily composed of theater income, and is recognized in the period earned. Fee and Other Income is as follows (in thousands):

	For the Year Ended December 31,
	2019		2018		2017
Revenue from contracts:
Asset and property management fees	$	42,355	$	31,751	$	21,494
Leasing commissions		6,300		6,380		7,138
Development fees		2,019		1,638		1,921
Disposition fees		3,454		2,959		—
Credit facility guaranty and refinancing fees		1,860		60		—
Total revenue from contracts with customers		55,988		42,788		30,553
Other property income:
Other		7,694		6,989		6,645
Total fee and other income	$	63,682	$	49,777	$	37,198

The aggregate amount of receivables from contracts with customers was $1.4 million and $1.8 million as of December 31, 2019 and 2018, 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, 2019, are as follows (in thousands):

Balance as of January 1, 2019	$	1,397
Contract assets recognized		1,488
Contract assets billed		(1,784	)
Balance as of December 31, 2019	$	1,101

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.