REVENUE

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

The core principle of ASC 606, Revenues from Contracts with Customers, is that revenues from contracts with customers (excluding lease-related revenues) are recognized when control of the promised goods or services is transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Condominium rights and unit sales revenues were previously required to be recognized under the percentage of completion method. Under ASC 606, revenue and cost of sales for condominium units sold are not recognized until the construction is complete, the sale closes and the title to the property has transferred to the buyer (point in time). Additionally, certain real estate selling costs, such as the costs related to the Company's condominium model units, are either expensed immediately or capitalized as property and equipment and depreciated over their estimated useful life.

The following table presents the Company's revenues disaggregated by revenue source:



	Three Months Ended				Six Months Ended
(In thousands)	June 30, 2019		June 30, 2018		June 30, 2019		June 30, 2018
Revenues
From contracts with customers
Recognized at a point in time:
Condominium rights and unit sales	$	235,622	$	20,885	$	433,932	$	31,722
Master Planned Communities land sales	58,321		52,432		99,633		98,997
Hospitality revenues	25,576		22,569		48,505		45,630
Builder price participation	9,369		5,628		14,564		10,709
Total revenue from contracts with customers	328,888		101,514		596,634		187,058

Recognized at a point in time and/or over time:
Other land revenues	5,569		4,712		10,298		8,843
Other rental and property revenues	28,629		12,020		42,450		21,869
Total other income	34,198		16,732		52,748		30,712

Rental and other income (lease-related revenues)
Minimum rents	54,718		50,509		108,804		99,912
Tenant recoveries	13,512		12,250		27,020		25,002
Total rental income	68,230		62,759		135,824		124,914

Total revenues	$	431,316	$	181,005	$	785,206	$	342,684

Revenues by segment
Operating Assets revenues	$	109,219	$	88,808	$	201,172	$	176,555
Seaport District revenues	12,891		4,500		19,921		8,011
Master Planned Communities revenues	72,859		62,765		123,755		118,530
Strategic Developments revenues	236,347		24,932		440,358		39,588

Total revenues	$	431,316	$	181,005	$	785,206	$	342,684

Contract Assets and Liabilities

Contract assets are the Company's right to consideration in exchange for goods or services that have been transferred to a customer, excluding any amounts presented as a receivable. Contract liabilities are the Company's obligation to transfer goods or services to a customer for which the Company has received consideration.

The beginning and ending balances of contract assets and liabilities and significant activity during the period is as follows:



	Contract			Contract
(In thousands)	Assets			Liabilities
Balance as of January 1, 2018	$	—		$	179,179
Consideration earned during the period	(35,834		)	(308,898		)
Consideration received during the period	35,834			426,215
Balance as of December 31, 2018	—			296,496
Consideration earned during the period	—			(410,322		)
Consideration received during the period	—			322,771
Balance as of June 30, 2019	$	—		$	208,945

Remaining Unsatisfied Performance Obligations

The Company’s remaining unsatisfied performance obligations as of June 30, 2019 represent a measure of the total dollar value of work to be performed on contracts executed and in progress. These performance obligations are associated with contracts that generally are noncancellable by the customer after 30 days; however, purchasers of condominium units have the right to cancel the contract should the Company elect not to construct the condominium unit within a certain period of time or materially change the design of the condominium unit. The aggregate amount of the transaction price allocated to the Company's remaining unsatisfied performance obligations as of June 30, 2019 is $1.1 billion. The Company expects to recognize this amount as revenue over the following periods:



(In thousands)	Less than 1 year		1-2 years		3 years and thereafter
Total remaining unsatisfied performance obligations	$	296,426	$	17,290	$	814,334

The Company’s remaining performance obligations are adjusted to reflect any known project cancellations, revisions to project scope and cost, and deferrals, as appropriate. These amounts exclude estimated amounts of variable consideration which are constrained, such as builder price participation.