REVENUES

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenues

16. Revenues

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. 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 presents the Company’s revenues disaggregated by revenue source for the years ended December 31:

thousands	2020		2019		2018
Revenues from contracts with customers
Recognized at a point in time
Condominium rights and unit sales	$	1,143	$	448,940	$	357,720
Master Planned Communities land sales	233,044		330,146		261,905
Builder price participation	37,072		35,681		27,085
Total	271,259		814,767		646,710
Recognized at a point in time or over time
Other land, rental and property revenues	105,048		206,966		160,519
Rental and lease-related revenues
Rental revenue	323,182		278,806		257,308
Total revenues	$	699,489	$	1,300,539	$	1,064,537
Revenues by segment
Operating Assets revenues	$	372,057	$	400,131	$	348,242
Master Planned Communities revenues	283,953		386,781		309,451
Seaport revenues	23,814		55,645		32,632
Strategic Developments revenues	19,407		457,948		374,212
Corporate revenues	258		34		—
Total revenues	$	699,489	$	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.

There were no contract assets for the periods presented. The contract liabilities primarily relate to escrowed condominium deposits, MPC land sales deposits and deferred MPC land sales related to unsatisfied land improvements. The beginning and ending balances of contract liabilities and significant activity during the periods presented are as follows:

thousands	Contract Liabilities
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
Consideration earned during the period	(55,696)
Consideration received during the period	170,102
Balance as of December 31, 2020	$	360,416

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 primarily relate to the completion of condominium construction and transfer of control to a buyer, as well as the completion of contracted MPC land sales and related land improvements. These 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, 2020, is $1.7 billion. The Company expects to recognize this amount as revenue over the following periods:

thousands	Less than 1 year			1-2 years		3 years and thereafter
Total remaining unsatisfied performance obligations		$	589,860	$	521,957		$	628,837

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.