Revenues

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
thousands	2021		2020		2021		2020
Revenues from contracts with customers
Recognized at a point in time:
Condominium rights and unit sales	$	12,861	$	—	$	50,028	$	43
Master Planned Communities land sales	58,342		57,073		95,819		96,805
Builder price participation	11,389		8,947		18,183		16,706
Total	82,592		66,020		164,030		113,554
Recognized at a point in time or over time:
Other land, rental and property revenues	41,389		11,447		64,632		46,344
Rental and lease-related revenues
Rental revenue	88,476		78,706		174,375		171,450
Total revenues	$	212,457	$	156,173	$	403,037	$	331,348
Revenues by segment
Operating Assets revenues	$	113,422	$	84,277	$	209,861	$	198,534
Master Planned Communities revenues	74,578		68,913		122,865		119,359
Seaport revenues	10,898		2,272		18,351		11,966
Strategic Developments revenues	13,466		624		51,766		1,384
Corporate revenues	93		87		194		105
Total revenues	$	212,457	$	156,173	$	403,037	$	331,348

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	(71,778)
Consideration received during the period	127,030
Balance as of June 30, 2021	$	415,668
Balance as of December 31, 2019	$	246,010
Consideration earned during the period	(30,200)
Consideration received during the period	122,526
Balance as of June 30, 2020	$	338,336

Remaining Unsatisfied Performance Obligations The Company’s remaining unsatisfied performance obligations as of June 30, 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 June 30, 2021, is $2.0 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		$	713,231	$	544,582		$	737,106

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 that are constrained, such as builder price participation.