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Revenue
12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue

13. Revenue

The table below sets forth revenue from tenant construction projects disaggregated by tenant agency for the years ended December 31, 2024, 2023, and 2022 (amounts in thousands).

 

 

For the year ended December 31,

 

 

For the year ended December 31,

 

 

For the year ended December 31,

 

Tenant

 

2024

 

 

2023

 

 

2022

 

Department of Veteran Affairs (“VA”)

 

$

3,481

 

 

$

5,702

 

 

$

2,373

 

Customs and Border Protection (“CBP”)

 

 

1,747

 

 

 

293

 

 

 

157

 

U.S. Joint Staff Command (“JSC”)

 

 

655

 

 

 

2,132

 

 

 

948

 

U.S. Citizenship and Immigration Services (“USCIS”)

 

 

294

 

 

 

56

 

 

 

250

 

Internal Revenue Service (“IRS”)

 

 

286

 

 

 

20

 

 

 

37

 

U.S. Coast Guard (“USCG”)

 

 

155

 

 

 

346

 

 

 

182

 

The Judiciary of the U.S. Government (“JUD”)

 

 

153

 

 

 

163

 

 

 

391

 

Federal Bureau of Investigation (“FBI”)

 

 

151

 

 

 

792

 

 

 

1,307

 

Food and Drug Administration (“FDA”)

 

 

124

 

 

 

45

 

 

 

346

 

Department of Transportation (“DOT”)

 

 

34

 

 

 

142

 

 

 

 

Environmental Protection Agency (“EPA”)

 

 

34

 

 

 

 

 

 

 

General Services Administration - Other

 

 

26

 

 

 

39

 

 

 

42

 

National Weather Service (“NWS”)

 

 

25

 

 

 

 

 

 

2

 

Immigration and Customs Enforcement (“ICE”)

 

 

20

 

 

 

111

 

 

 

7

 

Department of Homeland Security (“DHS”)

 

 

4

 

 

 

 

 

 

 

State of California (“CA”)

 

 

3

 

 

 

 

 

 

 

Federal Emergency Management Agency (“FEMA”)

 

 

 

 

 

89

 

 

 

318

 

Bonneville Power Administration (“BPA”)

 

 

 

 

 

16

 

 

 

 

National Archives and Records Administration (“NARA”)

 

 

 

 

 

13

 

 

 

 

Department of Labor (“DOL”)

 

 

 

 

 

3

 

 

 

 

Occupational Safety and Health Administration (“OSHA”)

 

 

 

 

 

 

 

 

116

 

National Park Service (“NPS”)

 

 

 

 

 

 

 

 

110

 

Drug Enforcement Administration (“DEA”)

 

 

 

 

 

 

 

 

40

 

Federal Aviation Administration (“FAA”)

 

 

 

 

 

 

 

 

29

 

Patent and Trademark Office (“PTO”)

 

 

 

 

 

 

 

 

14

 

Health Resources and Services Administration (“HRSA”)

 

 

 

 

 

 

 

 

4

 

 

 

$

7,192

 

 

$

9,962

 

 

$

6,673

 

The balance in Accounts receivable related to tenant construction projects and the associated project management income was $8.1 million and $9.6 million, as of December 31, 2024 and 2023, respectively. The duration of the majority of tenant construction project reimbursement arrangements are less than a year and payment is typically due once a project is complete and work has been

accepted by the tenant. There were no projects ongoing as of December 31, 2024 or as of December 31, 2023 with a duration of greater than one year.

During the years ended December 31, 2024, 2023, and 2022, we also recognized $0.5 million, $0.5 million, and $0.4 million, respectively, in parking garage income generated from the operations of parking garages situated on both the Various GSA – Buffalo property and on the Various GSA - Portland property. The monthly and transient daily parking revenue falls within the scope of ASC Topic 606 Revenue from Contracts with Customers and is accounted for at the point in time when control of the goods or services transfers to the customer and our performance obligation is satisfied. As of December 31, 2024 and 2023, there was less than $0.1 million in Accounts receivable attributable to parking garage income.

There were no contract assets or liabilities as of December 31, 2024 and 2023.