XML 31 R29.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Segment Reporting (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2014
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables provides components of segment profit for each segment for the three and six months ended June 30, 2014 and 2013, as reviewed by management (amounts in thousands):
| Three Months Ended June 30, 2014
| Real Estate |  | Observatory |  | Other |  | Totals
Revenues from external customers | $ | 110,838 |  |  | $ | 30,389 |  |  | $ | 12,966 |  |  | $ | 154,193 |
Intersegment revenues | 16,298 |  | (1) | — |  |  | 901 |  |  | 17,199 |
Total revenues | 127,136 |  |  | 30,389 |  |  | 13,867 |  |  | 171,392 |
All operating expenses | (63,380 | ) |  | (25,799 | ) |  | (13,591 | ) |  | (102,770 | )
Interest expense | (14,629 | ) |  | — |  |  | — |  |  | (14,629 | )
Depreciation and amortization expense | (28,556 | ) |  | (77 | ) |  | (4 | ) |  | (28,637 | )
Segment profit (loss) | $ | 20,571 |  |  | $ | 4,513 |  |  | $ | 272 |  |  | $ | 25,356 |
Segment assets | $ | 2,221,530 |  |  | $ | 243,189 |  |  | $ | 11,906 |  |  | $ | 2,476,625 |
Expenditures for segment assets | $ | 37,735 |  |  | $ | — |  |  | $ | — |  |  | $ | 37,735 |
___________
(1) | The observatory pays a market-based rent payment comprised of fixed and percentage rent to the Empire State Building.
| Three Months Ended June 30, 2013
| Real Estate |  | Other |  | Totals
Revenues from external customers | $ | 53,303 |  |  | $ | 6,218 |  |  | $ | 59,521 |
Intersegment revenues | 19 |  |  | 2,034 |  |  | 2,053 |
Total revenues | 53,322 |  |  | 8,252 |  |  | 61,574 |
All operating expenses, excluding noncash items | (20,141 | ) |  | (8,269 | ) |  | (28,410 | )
Interest expense | (14,715 | ) |  | — |  |  | (14,715 | )
Depreciation and amortization expense | (13,118 | ) |  | 7 |  |  | (13,111 | )
Equity in net income of non-controlled entities | 6,079 |  |  | — |  |  | 6,079 |
Segment profit | $ | 11,427 |  |  | $ | (10 | ) |  | $ | 11,417 |
Segment assets | $ | 999,902 |  |  | $ | 11,356 |  |  | $ | 1,011,258 |
Investment in non-controlled entities | $ | 82,515 |  |  | $ | — |  |  | $ | 82,515 |
Expenditures for segment assets | $ | 19,968 |  |  | $ | — |  |  | $ | 19,968 |
| Six Months Ended June 30, 2014
| Real Estate |  | Observatory |  | Other |  | Totals
Revenues from external customers | $ | 218,865 |  |  | $ | 47,690 |  |  | $ | 27,944 |  |  | $ | 294,499 |
Intersegment revenues | 31,566 |  | (1) | — |  |  | 1,863 |  |  | 33,429 |
Total revenues | 250,431 |  |  | 47,690 |  |  | 29,807 |  |  | 327,928 |
All operating expenses | (128,942 | ) |  | (45,845 | ) |  | (28,706 | ) |  | (203,493 | )
Interest expense | (28,966 | ) |  | — |  |  | — |  |  | (28,966 | )
Depreciation and amortization expense | (58,607 | ) |  | (138 | ) |  | (7 | ) |  | (58,752 | )
Segment profit (loss) | $ | 33,916 |  |  | $ | 1,707 |  |  | $ | 1,094 |  |  | $ | 36,717 |
Segment assets | $ | 2,221,530 |  |  | $ | 243,189 |  |  | $ | 11,906 |  |  | $ | 2,476,625 |
Expenditures for segment assets | $ | 54,978 |  |  | $ | — |  |  | $ | — |  |  | $ | 54,978 |
___________
(1) | The observatory pays a market-based rent payment comprised of fixed and percentage rent to the Empire State Building.
| Six Months Ended June 30, 2013
| Real Estate |  | Other |  | Totals
Revenues from external customers | $ | 109,478 |  |  | $ | 12,400 |  |  | $ | 121,878 |
Intersegment revenues | 37 |  |  | 4,807 |  |  | 4,844 |
Total revenues | 109,515 |  |  | 17,207 |  |  | 126,722 |
All operating expenses, excluding noncash items | (41,745 | ) |  | (17,028 | ) |  | (58,773 | )
Interest expense | (28,911 | ) |  | — |  |  | (28,911 | )
Depreciation and amortization expense | (25,267 | ) |  | — |  |  | (25,267 | )
Equity in net income of non-controlled entities | 7,898 |  |  | — |  |  | 7,898 |
Segment profit | $ | 21,490 |  |  | $ | 179 |  |  | $ | 21,669 |
Segment assets | $ | 999,902 |  |  | $ | 11,356 |  |  | $ | 1,011,258 |
Investment in non-controlled entities | $ | 82,515 |  |  | $ | — |  |  | $ | 82,515 |
Expenditures for segment assets | $ | 33,011 |  |  | $ | — |  |  | $ | 33,011 |
The following table provides a reconciliation of segment data to the consolidated financial statements:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
| Company |  | Predecessor |  | Company |  | Predecessor
Revenue reconciliation |  |  |  |  |  |  |
Total revenues for reportable segments | $ | 171,392 |  |  | $ | 61,574 |  |  | 327,928 |  |  | $ | 126,722 |
Other revenues | 975 |  |  | 48 |  |  | 975 |  |  | 111 |
Elimination for intersegment revenues | (17,199 | ) |  | (2,053 | ) |  | (33,429 | ) |  | (4,844 | )
Total consolidated revenues | $ | 155,168 |  |  | $ | 59,569 |  |  | $ | 295,474 |  |  | $ | 121,989 |
Profit or loss |  |  |  |  |  |  |
Total profit or loss for reportable segments | $ | 25,356 |  |  | $ | 11,417 |  |  | 36,717 |  |  | $ | 21,669 |
Other profit or loss items | 975 |  |  | (6,849 | ) |  | 975 |  |  | (13,174 | )
Formation transaction expenses | — |  |  | (1,305 | ) |  | — |  |  | (3,000 | )
Private perpetual preferred exchange offering costs | (950 | ) |  | — |  |  | (950 | ) |  | — |
Elimination for capitalized intersegment profit or loss | (100 | ) |  | (240 | ) |  | (230 | ) |  | (605 | )
Unallocated amounts: |  |  |  |  |  |  |
Investment income | — |  |  | 48 |  |  | — |  |  | 111 |
Net income | $ | 25,281 |  |  | $ | 3,071 |  |  | $ | 36,512 |  |  | $ | 5,001 |

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8721-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8736-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration