Related Party Transactions

9 Months Ended

Sep. 30, 2020

Related Party Transactions [Abstract]

Related Party Transactions

RELATED PARTY TRANSACTIONS

Construction Contracts and Material Sales. The Company entered into contracts in the ordinary course of business, as a supplier, with affiliates that are members in entities in which the Company also is a member. Related to the periods during which the relationship existed, revenues earned from transactions with affiliates were $3.8 million and $2.8 million for the three months ended September 30, 2020 and 2019, respectively, and $5.8 million and $9.6 million for the nine months ended September 30, 2020 and 2019, respectively. Expenses recognized from transactions with affiliates were $0.2 million and less than $0.1 million for the three months ended September 30, 2020 and 2019, respectively, and $1.1 million and less than $0.1 million for the nine months ended September 30, 2020 and 2019, respectively. Receivables from these affiliates were $1.1 million and $0.2 million as of September 30, 2020 and December 31, 2019, respectively. Amounts due to these affiliates were $1.0 million and $1.2 million as of September 30, 2020 and December 31, 2019.

Commercial Real Estate. The Company entered into contracts in the ordinary course of business, as a lessor of property, with certain affiliates that were partially owned by a former director of the Company, as lessee. Revenue from transactions with these affiliates (confined to periods during which the former director was actively serving the Company) was approximately $1.3 million during the nine months ended September 30, 2019 and none in the nine months ended September 30, 2020.

Land Operations. During the three months ended and nine months ended September 30, 2020 and 2019, the Company recognized $0.3 million and $1.1 million, respectively, and $1.4 million and $1.7 million, respectively, related to revenue for services provided to certain unconsolidated investments in affiliates and interest earned on notes receivable from related parties. Receivables from service arrangements with these affiliates were less than $0.1 million as of September 30, 2020 and December 31, 2019. Notes receivable from related parties were held at carrying values of $9.8 million and $13.1 million as of September 30, 2020 and December 31, 2019, respectively, related to a construction loan secured by a mortgage on real property with one of the Company's joint ventures.