REVENUES

12 Months Ended

Dec. 31, 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:



	Year Ended		Year Ended
(In thousands)	December 31, 2019		December 31, 2018
Revenues
From contracts with customers
Recognized at a point in time:
Condominium rights and unit sales	$	448,940	$	357,720
Master Planned Communities land sales	330,146		261,905
Hospitality revenues	87,864		82,037
Builder price participation	35,681		27,085
Total revenue from contracts with customers	902,631		728,747

Recognized at a point in time and/or over time:
Other land revenues	23,399		21,314
Other rental and property revenues	95,703		57,168
Total other income	119,102		78,482

Rental and other income (lease-related revenues)
Minimum rents	221,907		207,315
Tenant recoveries	54,710		49,993
Interest income from sales-type leases	2,189		—
Total rental income	278,806		257,308

Total revenues	$	1,300,539	$	1,064,537

Revenues by segment
Operating Assets revenues	$	400,131	$	348,242
Master Planned Communities revenues	386,781		309,451
Seaport revenues	55,645		32,632
Strategic Developments revenues	457,948		374,212
Corporate revenues	34		—

Total revenues	$	1,300,539	$	1,064,537

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)	Liabilities			Assets
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	—			(490,137		)
Consideration received during the period	—			439,651
Balance as of December 31, 2019	$	—		$	246,010

Remaining Unsatisfied Performance Obligations

The Company’s remaining unsatisfied performance obligations 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 December 31, 2019 is $1.0 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	$	120,856	$	431,263	$	491,466

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.