Revenues

3 Months Ended

Mar. 31, 2023

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 March 31,
thousands	2023		2022
Revenues from contracts with customers
Recognized at a point in time:
Condominium rights and unit sales	$	6,087	$	19,616
Master Planned Communities land sales	59,361		61,468
Builder price participation	14,009		14,496
Total	79,457		95,580
Recognized at a point in time or over time:
Other land, rental, and property revenues	18,968		19,537
Rental and lease-related revenues
Rental revenue	97,864		95,109
Total revenues	$	196,289	$	210,226
Revenues by segment
Operating Assets revenues	$	100,925	$	99,687
Master Planned Communities revenues	77,013		80,692
Seaport revenues	11,897		9,376
Strategic Developments revenues	6,440		20,456
Corporate revenues	14		15
Total revenues	$	196,289	$	210,226

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, 2022	$	457,831
Consideration earned during the period	(16,919)
Consideration received during the period	78,366
Balance at March 31, 2023	$	519,278
Balance at December 31, 2021	$	431,177
Consideration earned during the period	(31,897)
Consideration received during the period	68,389
Balance at March 31, 2022	$	467,669

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 non-cancelable 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, 2023, 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		$	80,538	$	795,483		$	1,700,181

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.