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Revenue |
10. 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, 2021 and 2020 (amounts in thousands):
The balance in Accounts receivable related to tenant construction projects and the associated project management income was $2.3 million as of June 30, 2021 and $3.0 million as of December 31, 2020. 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. For those projects ongoing as of June 30, 2021 and with a duration of greater than one year, the aggregate amount of transaction price allocated to remaining performance obligations as of June 30, 2021 was $1.4 million. During the three and six months ended June 30, 2021 and 2020, the Company recognized less than $0.1 million, $0.1 million, $0.1 million and $0.4 million, respectively, in parking garage income generated from the operations of parking garages situated on the Various GSA – Buffalo property and on the Various GSA – Portland property. 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 the Company’s performance obligation is satisfied. The balance in Accounts receivable related to parking garage income was less than $0.1 million as of June 30, 2021, and less than $0.1 million as of December 31, 2020. During the three and six months ended June 30, 2021 and 2020, the Company recognized $0.3 million, $0.6 million, less than $0.1 million and less than $0.1 million in income for providing COVID-19 related cleaning services to certain tenants. The income falls within the scope of ASC 606 and is recognized over time as the performance obligation is satisfied. The balance in Accounts receivable related to these services was $0.2 million as of June 30, 2021, and $0.3 million as of December 31, 2020. There were no contract assets or liabilities as of June 30, 2021 or December 31, 2020. |