Revenues

6 Months Ended

Jun. 30, 2022

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 presents the Company’s revenues disaggregated by revenue source:

	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2022		2021		2022		2021
Revenues from contracts with customers
Recognized at a point in time:
Condominium rights and unit sales	$	21,420	$	12,861	$	41,036	$	50,028
Master Planned Communities land sales	84,979		58,342		146,447		95,819
Builder price participation	18,471		11,389		32,967		18,183
Total	124,870		82,592		220,450		164,030
Recognized at a point in time or over time:
Other land, rental and property revenues	47,783		41,389		67,320		64,632
Rental and lease-related revenues
Rental revenue	104,055		88,476		199,164		174,375
Total revenues	$	276,708	$	212,457	$	486,934	$	403,037
Revenues by segment
Operating Assets revenues	$	118,562	$	113,422	$	218,249	$	209,861
Master Planned Communities revenues	108,110		74,578		188,802		122,865
Seaport revenues	28,176		10,898		37,552		18,351
Strategic Developments revenues	21,846		13,466		42,302		51,766
Corporate revenues	14		93		29		194
Total revenues	$	276,708	$	212,457	$	486,934	$	403,037

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 at December 31, 2021	$	431,177
Consideration earned during the period	(102,087)
Consideration received during the period	175,343
Balance at June 30, 2022	$	504,433
Balance at December 31, 2020	$	360,416
Consideration earned during the period	(71,778)
Consideration received during the period	127,030
Balance at June 30, 2021	$	415,668

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 June 30, 2022, is $2.6 billion. The Company expects to recognize this amount as revenue over the following periods:

thousands	Less than 1 year			1-2 years		Thereafter
Total remaining unsatisfied performance obligations		$	837,073	$	796,429		$	998,870

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.