Revenues (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Summary of revenue disaggregated by revenue source

The following presents the Company’s revenues disaggregated by revenue source:

	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2024		2023		2024		2023
Revenues from contracts with customers
Recognized at a point in time:
Condominium rights and unit sales	$	—	$	14,866	$	23	$	20,953
Master Planned Communities land sales	154,790		42,306		187,205		101,667
Builder price participation	12,905		15,907		25,471		29,916
Total	167,695		73,079		212,699		152,536
Recognized at a point in time or over time:
Other land, rental, and property revenues	38,224		46,898		56,607		65,866
Rental and lease-related revenues
Rental revenue	111,490		103,339		219,241		201,203
Total revenues	$	317,409	$	223,316	$	488,547	$	419,605
Revenues by segment
Operating Assets revenues	$	123,841	$	121,427	$	233,993	$	222,352
Master Planned Communities revenues	172,181		63,311		221,056		140,324
Seaport revenues	20,860		22,804		32,362		34,701
Strategic Developments revenues	509		15,758		1,102		22,198
Corporate revenues	18		16		34		30
Total revenues	$	317,409	$	223,316	$	488,547	$	419,605

Summary of contract with customer, assets and liabilities

The beginning and ending balances of contract liabilities and significant activity during the periods presented are as follows:

thousands
Balance at December 31, 2023	$	579,328
Consideration earned during the period	(55,996)
Consideration received during the period	199,657
Balance at June 30, 2024	$	722,989
Balance at December 31, 2022	$	457,831
Consideration earned during the period	(58,807)
Consideration received during the period	132,527
Balance at June 30, 2023	$	531,551

Summary of remaining performance obligation, expected timing of satisfaction

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		$	1,077,443	$	1,199,675		$	1,533,749