Revenues

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
thousands	2022		2021		2022		2021
Revenues from contracts with customers
Recognized at a point in time:
Condominium rights and unit sales	$	418,645	$	163	$	459,681	$	50,191
Master Planned Communities land sales	52,585		56,305		199,032		152,124
Builder price participation	18,852		11,155		51,819		29,338
Total	490,082		67,623		710,532		231,653
Recognized at a point in time or over time:
Other land, rental and property revenues	52,550		56,350		119,870		120,982
Rental and lease-related revenues
Rental revenue	96,917		95,215		296,081		269,590
Total revenues	$	639,549	$	219,188	$	1,126,483	$	622,225
Revenues by segment
Operating Assets revenues	$	109,493	$	125,072	$	327,742	$	334,933
Master Planned Communities revenues	78,188		72,061		266,990		194,926
Seaport revenues	32,501		21,143		70,053		39,494
Strategic Developments revenues	419,353		809		461,655		52,575
Corporate revenues	14		103		43		297
Total revenues	$	639,549	$	219,188	$	1,126,483	$	622,225

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	(558,462)
Consideration received during the period	693,535
Balance at September 30, 2022	$	566,250
Balance at December 31, 2020	$	360,416
Consideration earned during the period	(95,847)
Consideration received during the period	351,677
Balance at September 30, 2021	$	616,246

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 September 30, 2022, is $2.2 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		$	375,697	$	791,321		$	1,022,572

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.