v3.26.1
Revenue
 3 Months Ended
Mar. 31, 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 months ended March 31, 2026 (amounts in thousands):

 

 

For the three months ended March 31,

 

 

Tenant

 

2026

 

 

2025

 

 

 

 

 

 

 

 

 

 

Food and Drug Administration (“FDA”)

 

$

471

 

 

$

55

 

 

Department of Veteran Affairs (“VA”)

 

 

252

 

 

 

146

 

 

U.S. Joint Staff Command (“JSC”)

 

 

68

 

 

 

314

 

 

Internal Revenue Service (“IRS”)

 

 

31

 

 

 

50

 

 

Federal Bureau of Investigation (“FBI”)

 

 

25

 

 

 

207

 

 

Department of Treasury (“TREAS”)

 

 

2

 

 

 

—

 

 

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

 

 

1

 

 

 

38

 

 

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

 

 

1

 

 

 

28

 

 

U.S. Coast Guard (“USCG”)

 

 

—

 

 

 

207

 

 

Department of Transportation (“DOT”)

 

 

—

 

 

 

51

 

 

General Services Administration - Other

 

 

—

 

 

 

42

 

 

State of California (“CA”)

 

 

—

 

 

 

41

 

 

 

 

$

851

 

 

$

1,179

 

 

As of both March 31, 2026 and December 31, 2025, the balance in Accounts receivable related to tenant construction projects and the associated project management income was $2.5 million, 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 March 31, 2026 with a duration of greater than one year.

During the three months ended March 31, 2026 and 2025, we recognized $0.4 million and $0.2 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 March 31, 2026 and December 31, 2025, the balance in Accounts receivable related to parking garage income was $0.1 million and $0.2 million, respectively.