Revenues

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenues

14. Revenues

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. 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 March 31,
thousands	2021		2020
Revenues from contracts with customers
Recognized at a point in time:
Condominium rights and unit sales	$	37,167	$	43
Master Planned Communities land sales	37,477		39,732
Builder price participation	6,794		7,759
Total	81,438		47,534
Recognized at a point in time or over time:
Other land, rental and property revenues	23,243		34,897
Rental and lease-related revenues
Rental revenue	85,899		92,744
Total revenues	$	190,580	$	175,175
Revenues by segment
Operating Assets revenues	$	96,439	$	114,257
Master Planned Communities revenues	48,287		50,446
Seaport revenues	7,453		9,694
Strategic Developments revenues	38,300		760
Corporate revenues	101		18
Total revenues	$	190,580	$	175,175

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 period. 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 period are as follows:

thousands	Contract Liabilities
Balance as of December 31, 2020	$	360,416
Consideration earned during the period	(43,967)
Consideration received during the period	61,221
Balance as of March 31, 2021	$	377,670
Balance as of December 31, 2019	$	246,010
Consideration earned during the period	(17,885)
Consideration received during the period	64,432
Balance as of March 31, 2020	$	292,557

Remaining Unsatisfied Performance Obligations The Company’s remaining unsatisfied performance obligations as of March 31, 2021, 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 March 31, 2021, is $1.9 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		$	725,912	$	528,989		$	685,474

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.