Revenues

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenues

REVENUES

The following tables present the Company’s consolidated revenues disaggregated by revenue source and reporting segment (see Note 14) (in thousands):

	Three Months Ended June 30, 2020										Six Months Ended June 30, 2020
	Valencia		San Francisco		Great Park		Commercial		Total		Valencia		San Francisco		Great Park		Commercial		Total
Land sales	$	17,030	$	—	$	—	$	—	$	17,030	$	17,046	$	—	$	—	$	—	$	17,046
Management services	—		40		6,177		97		6,314		—		835		13,529		194		14,558
Operating properties	538		132		—		—		670		1,031		312		—		—		1,343
	17,568		172		6,177		97		24,014		18,077		1,147		13,529		194		32,947
Operating properties leasing revenues	293		—		—		—		293		580		—		—		—		580
	$	17,861	$	172	$	6,177	$	97	$	24,307	$	18,657	$	1,147	$	13,529	$	194	$	33,527

	Three Months Ended June 30, 2019										Six Months Ended June 30, 2019
	Valencia		San Francisco		Great Park		Commercial		Total		Valencia		San Francisco		Great Park		Commercial		Total
Land sales	$	24	$	222	$	—	$	—	$	246	$	88	$	443	$	—	$	—	$	531
Management services	—		573		10,437		158		11,168		—		1,271		20,833		127		22,231
Operating properties	455		177		—		—		632		1,708		351		—		—		2,059
	479		972		10,437		158		12,046		1,796		2,065		20,833		127		24,821
Operating properties leasing revenues	341		—		—		—		341		639		—		—		—		639
	$	820	$	972	$	10,437	$	158	$	12,387	$	2,435	$	2,065	$	20,833	$	127	$	25,460

The opening and closing balances of the Company’s contract assets for the six months ended June 30, 2020 were $73.0 million ($68.1 million related party, see Note 8) and $78.9 million ($72.8 million related party, see Note 8), respectively. The opening and closing balances of the Company’s contract assets for the six months ended June 30, 2019 were $50.6 million ($49.8 million related party) and $63.4 million ($61.5 million related party), respectively. The increase of $5.9 million and $12.8 million for the six months ended June 30, 2020 and 2019, respectively, between the opening and closing balances of the Company’s contract assets primarily result from a timing difference between the Company’s recognition of revenue earned for the performance of management services and no contractual payments due from the customer during the period.

During the three and six months ended June 30, 2020, land sales revenue included $14.9 million that was recognized as a receivable upon completion of the performance obligation. The receivable is in the form of a promissory note that was substantially paid in July 2020 with the balance due in December 2020. The opening and closing balances of the Company’s other receivables from contracts with customers and contract liabilities for the six months ended June 30, 2020 and 2019 were insignificant.

The Company, through the Management Company, has a development management agreement, as amended and restated (“A&R DMA”), with the Great Park Venture. The A&R DMA has an original term commencing on December 29, 2010 and ending on December 31, 2021, with options to renew upon mutual agreement for three additional years and then two additional years. Consideration in the form of contingent incentive compensation from the A&R DMA is recognized as revenue and a contract asset as services are provided over the expected contract term, with contractual payments payable in connection with, and as a percentage of, distributions made to the members of the Great Park Venture. As of June 30, 2020, the aggregate amount of the estimated transaction price allocated to the Company’s partially unsatisfied performance obligations associated with the A&R DMA was $21.8 million. Subject to changes in the estimated transaction price and constraints on the transaction price, the Company will recognize this revenue ratably as services are provided over the remaining expected contract term.