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Revenues
 12 Months Ended
Dec. 31, 2024
Revenues.  
Revenues

10.

Revenues

Revenues from contracts with customers (excluding lease-related revenues) are recognized when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.

The following presents the Company’s revenues disaggregated by revenue source:

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Year Ended December 31, 

in thousands

    

2024

    

2023

    

2022

Revenues from contracts with customers

 

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​

​

  

 

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Recognized at a point in time or over time

 

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Sponsorships, events, and entertainment revenue

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$

56,153

​

$

60,623

​

$

55,724

Other revenue (a)

​

 

92

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8

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947

Total

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56,245

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60,631

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56,671

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Recognized at a point in time

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Hospitality revenue

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29,528

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32,951

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42,565

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​

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​

​

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Rental and lease-related revenues

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​

 

  

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Rental revenue

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25,363

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22,096

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19,810

Total revenues

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$

111,136

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$

115,678

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$

119,046

(a) Other revenue in 2022 primarily relates to parking revenue at 250 Water Street prior to the start of initial foundation and voluntary site remediation work in the second quarter of 2022.

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Contract Assets and Liabilities

Contract assets are the Company’s right to consideration in exchange for goods or services that have been transferred to a customer, excluding any amounts presented as a receivable. Contract liabilities are the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration.

There were no contract assets for the periods presented. The contract liabilities primarily relate to deferred Aviators and Seaport concert series ticket sales and sponsorship revenues. The beginning and ending balances of contract liabilities and significant activity during the periods presented are as follows:

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Contract

in thousands

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Liabilities

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Balance at December 31, 2021

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$

6,127

Consideration earned during the period

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(41,664)

Consideration received during the period

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40,277

Balance at December 31, 2022

​

$

4,740

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​

​

​

Balance at December 31, 2022

​

$

4,740

Consideration earned during the period

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(42,195)

Consideration received during the period

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41,162

Balance at December 31, 2023

​

$

3,707

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​

​

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Balance at December 31, 2023

​

$

3,707

Consideration earned during the period

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(43,839)

Consideration received during the period

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44,078

Balance at December 31, 2024

​

$

3,946

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Remaining Unsatisfied Performance Obligation

The Company’s remaining unsatisfied performance obligations represent a measure of the total dollar value of work to be performed on contracts executed and in progress. These performance obligations primarily relate to the completion of the 2025 Aviators baseball season and 2025 concert series, as well as performance under various sponsorship agreements. The aggregate amount of the transaction price allocated to the Company’s remaining unsatisfied performance

obligations from contracts with customers as of December 31, 2024, is $16.4 million. The Company expects to recognize this amount as revenue over the following periods:

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Less than 1

    

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3 years and

    

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in thousands

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year

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1-2 years

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thereafter

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Total

Total remaining unsatisfied performance obligations

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$

8,019

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$

2,890

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$

5,474

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$

16,383

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The Company’s remaining performance obligations are adjusted to reflect any known contract cancellations, revisions to customer agreements, and deferrals, as appropriate.

During the year ended December 31, 2024, no customers accounted for greater than 10% of the Company’s revenue.

For the year ended December 31, 2023, revenue from one customer accounted for approximately 10.1% of the Company’s total revenue, respectively, through a related-party transaction. See Note 14 – Related-Party Transactions for additional information. For the year ended December 31, 2022, no customers accounted for greater than 10% of the Company’s revenue.