v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue

13. Revenue

The table below sets forth revenue from tenant construction projects and the associated project management income disaggregated by tenant agency for the three and six months ended June 30, 2026 and 2025 (amounts in thousands):

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

Tenant

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Food and Drug Administration (“FDA”)

 

$

59

 

 

$

7

 

 

$

530

 

 

$

62

 

Department of Veteran Affairs (“VA”)

 

 

174

 

 

 

1,045

 

 

 

426

 

 

 

1,191

 

U.S. Joint Staff Command (“JSC”)

 

 

102

 

 

 

91

 

 

 

170

 

 

 

405

 

Federal Bureau of Investigation (“FBI”)

 

 

73

 

 

 

586

 

 

 

98

 

 

 

793

 

Internal Revenue Service (“IRS”)

 

 

—

 

 

 

14

 

 

 

31

 

 

 

64

 

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

 

 

10

 

 

 

15

 

 

 

11

 

 

 

43

 

Department of Transportation (“DOT”)

 

 

4

 

 

 

6

 

 

 

4

 

 

 

57

 

Department of Treasury (“TREAS”)

 

 

—

 

 

 

25

 

 

 

2

 

 

 

25

 

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

 

 

—

 

 

 

—

 

 

 

1

 

 

 

38

 

U.S. Coast Guard (“USCG”)

 

 

—

 

 

 

83

 

 

 

—

 

 

 

290

 

General Services Administration - Other

 

 

—

 

 

 

108

 

 

 

—

 

 

 

150

 

Homeland Security Investigations (“HSI”)

 

 

—

 

 

 

94

 

 

 

—

 

 

 

94

 

State of California (“CA”)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

41

 

Drug Enforcement Agency (“DEA”)

 

 

—

 

 

 

33

 

 

 

—

 

 

 

33

 

 

 

$

422

 

 

$

2,107

 

 

$

1,273

 

 

$

3,286

 

As of June 30, 2026 and December 31, 2025, the balance in Accounts receivable related to tenant construction projects and the associated project management income was $2.6 million and $2.5 million, respectively, which is inclusive of contract assets or liabilities.

The duration of the majority of tenant construction project reimbursement arrangements is 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 on-going as of June 30, 2026 with a duration of greater than one year.

During the three and six months ended June 30, 2026, we recognized $0.4 million and $0.7 million, respectively, in parking garage income. During the three and six months ended June 30, 2025, we recognized $0.2 million and $0.4 million, respectively, in parking garage income. The monthly and transient daily parking revenue falls within the scope of Revenue from Contracts with Customers (“ASC 606”) 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 June 30, 2026 and December 31, 2025, the balance in Accounts receivable related to parking garage income was $0.1 million and $0.2 million, respectively.