REVENUE

9 Months Ended

Sep. 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				Nine Months Ended
(In thousands)	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Revenues
From contracts with customers
Recognized at a point in time:
Condominium rights and unit sales	$	9,999	$	8,045	$	443,931	$	39,767
Master Planned Communities land sales	77,368		127,730		177,001		226,727
Hospitality revenues	20,031		19,108		68,536		64,738
Builder price participation	9,660		8,685		24,224		19,394
Total revenue from contracts with customers	117,058		163,568		713,692		350,626

Recognized at a point in time and/or over time:
Other land revenues	5,954		7,145		16,646		15,988
Other rental and property revenues	37,816		20,397		79,872		42,266
Total other income	43,770		27,542		96,518		58,254

Rental and other income (lease-related revenues)
Minimum rents	55,552		53,244		164,356		153,156
Tenant recoveries	13,704		12,806		40,724		37,808
Interest income from sales-type leases	1,088		—		1,088		—
Total rental income	70,344		66,050		206,168		190,964

Total revenues	$	231,172	$	257,160	$	1,016,378	$	599,844

Revenues by segment
Operating Assets revenues	$	104,223	$	87,462	$	305,395	$	264,017
Seaport District revenues	23,130		14,601		43,051		22,612
Master Planned Communities revenues	92,287		143,135		216,042		261,665
Strategic Developments revenues	11,515		11,962		451,873		51,550
Corporate revenues	17		—		17		—
Total revenues	$	231,172	$	257,160	$	1,016,378	$	599,844

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	—			(453,939		)
Consideration received during the period	—			375,624
Balance as of September 30, 2019	$	—		$	218,181

Remaining Unsatisfied Performance Obligations

The Company’s remaining unsatisfied performance obligations as of September 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 noncancelable 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 September 30, 2019 is $1.2 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	$	237,256	$	442,123	$	534,567

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.