Easterly Government Properties, Inc. Revenue Disclosure
13. Revenue
The table below sets forth revenue from tenant construction projects disaggregated by tenant agency for the years ended December 31, 2025, 2024, and 2023 (amounts in thousands).
|
|
For the year ended December 31, |
|
|
For the year ended December 31, |
|
|
For the year ended December 31, |
|
|||
Tenant |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Department of Veteran Affairs (“VA”) |
|
$ |
2,504 |
|
|
$ |
3,481 |
|
|
$ |
5,702 |
|
Federal Bureau of Investigation (“FBI”) |
|
|
1,496 |
|
|
|
151 |
|
|
|
792 |
|
U.S. Joint Staff Command (“JSC”) |
|
|
595 |
|
|
|
655 |
|
|
|
2,132 |
|
U.S. Coast Guard (“USCG”) |
|
|
465 |
|
|
|
155 |
|
|
|
346 |
|
Food and Drug Administration (“FDA”) |
|
|
409 |
|
|
|
124 |
|
|
|
45 |
|
Immigration and Customs Enforcement (“ICE”) |
|
|
196 |
|
|
|
20 |
|
|
|
111 |
|
General Services Administration - Other |
|
|
138 |
|
|
|
26 |
|
|
|
39 |
|
Internal Revenue Service (“IRS”) |
|
|
132 |
|
|
|
286 |
|
|
|
20 |
|
Drug Enforcement Administration (“DEA”) |
|
|
130 |
|
|
|
— |
|
|
|
— |
|
Department of Transportation (“DOT”) |
|
|
112 |
|
|
|
34 |
|
|
|
142 |
|
Homeland Security Investigations (“HSI”) |
|
|
105 |
|
|
|
— |
|
|
|
— |
|
The Judiciary of the U.S. Government (“JUD”) |
|
|
73 |
|
|
|
153 |
|
|
|
163 |
|
Department of Homeland Security (“DHS”) |
|
|
57 |
|
|
|
4 |
|
|
|
— |
|
U.S. Citizenship and Immigration Services (“USCIS”) |
|
|
50 |
|
|
|
294 |
|
|
|
56 |
|
State of California (“CA”) |
|
|
50 |
|
|
|
3 |
|
|
|
— |
|
Department of Treasury (“TREAS”) |
|
|
29 |
|
|
|
— |
|
|
|
— |
|
Environmental Protection Agency (“EPA”) |
|
|
15 |
|
|
|
34 |
|
|
|
— |
|
National Weather Service (“NWS”) |
|
|
5 |
|
|
|
25 |
|
|
|
— |
|
Customs and Border Protection (“CBP”) |
|
|
— |
|
|
|
1,747 |
|
|
|
293 |
|
Federal Emergency Management Agency (“FEMA”) |
|
|
— |
|
|
|
— |
|
|
|
89 |
|
Bonneville Power Administration (“BPA”) |
|
|
— |
|
|
|
— |
|
|
|
16 |
|
National Archives and Records Administration (“NARA”) |
|
|
— |
|
|
|
— |
|
|
|
13 |
|
Department of Labor (“DOL”) |
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
$ |
6,561 |
|
|
$ |
7,192 |
|
|
$ |
9,962 |
|
The balance in Accounts receivable related to tenant construction projects and the associated project management income was $2.5 million and $8.1 million which is inclusive of contract assets or liabilities, as of December 31, 2025 and 2024, 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, 2025 or as of December 31, 2024 with a duration of greater than one year.
During the years ended December 31, 2025, 2024, and 2023, we also recognized $1.2 million, $0.5 million, and $0.5 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, 2025 and 2024, there was $0.2 million and less than $0.1 million, respectively, in Accounts receivable attributable to parking garage income.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 28, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.