Revenues

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
thousands	2021		2020		2021		2020
Revenues from contracts with customers
Recognized at a point in time:
Condominium rights and unit sales	$	163	$	142	$	50,191	$	185
Master Planned Communities land sales	56,305		39,248		152,124		136,053
Builder price participation	11,155		9,230		29,338		25,936
Total	67,623		48,620		231,653		162,174
Recognized at a point in time or over time:
Other land, rental and property revenues	56,350		35,748		120,982		82,092
Rental and lease-related revenues
Rental revenue	95,215		70,072		269,590		241,522
Total revenues	$	219,188	$	154,440	$	622,225	$	485,788
Revenues by segment
Operating Assets revenues	$	125,072	$	81,667	$	334,933	$	280,201
Master Planned Communities revenues	72,061		52,158		194,926		171,517
Seaport revenues	21,143		4,204		39,494		16,170
Strategic Developments revenues	809		16,365		52,575		17,749
Corporate revenues	103		46		297		151
Total revenues	$	219,188	$	154,440	$	622,225	$	485,788

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	(95,847)
Consideration received during the period	351,677
Balance as of September 30, 2021	$	616,246
Balance as of December 31, 2019	$	246,010
Consideration earned during the period	(38,960)
Consideration received during the period	138,291
Balance as of September 30, 2020	$	345,341

Remaining Unsatisfied Performance Obligations The Company’s remaining unsatisfied performance obligations as of September 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 September 30, 2021, is $2.4 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		$	1,314,945	$	21,221		$	1,093,345

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.