Revenues

9 Months Ended

Sep. 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 September 30, 2020										Nine Months Ended September 30, 2020
	Valencia		San Francisco		Great Park		Commercial		Total		Valencia		San Francisco		Great Park		Commercial		Total
Land sales	$	44	$	—	$	—	$	—	$	44	$	17,090	$	—	$	—	$	—	$	17,090
Management services	—		—		7,895		104		7,999		—		835		21,424		298		22,557
Operating properties	(116)		138		—		—		22		915		450		—		—		1,365
	(72)		138		7,895		104		8,065		18,005		1,285		21,424		298		41,012
Operating properties leasing revenues	312		—		—		—		312		892		—		—		—		892
	$	240	$	138	$	7,895	$	104	$	8,377	$	18,897	$	1,285	$	21,424	$	298	$	41,904

	Three Months Ended September 30, 2019										Nine Months Ended September 30, 2019
	Valencia		San Francisco		Great Park		Commercial		Total		Valencia		San Francisco		Great Park		Commercial		Total
Land sales	$	17	$	221	$	—	$	—	$	238	$	105	$	664	$	—	$	—	$	769
Management services	—		545		10,814		99		11,458		—		1,816		31,647		226		33,689
Operating properties	(251)		184		—		—		(67)		1,457		535		—		—		1,992
	(234)		950		10,814		99		11,629		1,562		3,015		31,647		226		36,450
Operating properties leasing revenues	385		—		—		—		385		1,024		—		—		—		1,024
	$	151	$	950	$	10,814	$	99	$	12,014	$	2,586	$	3,015	$	31,647	$	226	$	37,474

The opening and closing balances of the Company’s contract assets for the nine months ended September 30, 2020 were $73.0 million ($68.1 million related party, see Note 8) and $80.7 million ($75.2 million related party, see Note 8), respectively. The opening and closing balances of the Company’s contract assets for the nine months ended September 30, 2019 were $50.6 million ($49.8 million related party) and $68.7 million ($67.9 million related party), respectively. The increase of $7.7 million and $18.1 million for the nine months ended September 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 nine months ended September 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 nine months ended September 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 September 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 $19.5 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.