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Segment Reporting | 12 Months Ended
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Dec. 31, 2014
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting We have identified two reportable segments: (1) Real Estate and (2) Observatory. Our real estate segment includes all activities related to the ownership, management, operation, acquisition, repositioning and disposition of our real estate assets. Our observatory segment operates the 86th and 102nd floor observatories at the Empire State Building. These two lines of businesses are managed separately because each business requires different support infrastructures, provides different services and has dissimilar economic characteristics such as investments needed, stream of revenues and different marketing strategies. We account for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices. We include our construction operation in "Other" and it includes all activities related to providing construction services to tenants and to other entities within and outside our company. The following tables provides components of segment profit for each segment for the years ended December 31, 2014, 2013 and 2012, as reviewed by management (amounts in thousands):
|  | 2014
|  | Real Estate |  | Observatory |  | Other |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |  |  |
Rental revenue |  | $ | 400,825 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 400,825 |
Intercompany rental revenue |  | 69,293 |  |  | — |  |  | — |  |  | (69,293 | ) |  | — |
Tenant expense reimbursement |  | 67,651 |  |  | — |  |  | — |  |  | — |  |  | 67,651 |
Observatory revenue |  | — |  |  | 111,541 |  |  | — |  |  | — |  |  | 111,541 |
Construction revenue |  | — |  |  | — |  |  | 44,989 |  |  | (6,341 | ) |  | 38,648 |
Third-party management and other fees |  | 2,376 |  |  | — |  |  | — |  |  | — |  |  | 2,376 |
Other revenue and fees |  | 13,280 |  |  | 982 |  |  | 23 |  |  | — |  |  | 14,285 |
Total revenues |  | 553,425 |  |  | 112,523 |  |  | 45,012 |  |  | (75,634 | ) |  | 635,326 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Property operating expenses |  | 151,048 |  |  | — |  |  | — |  |  | — |  |  | 151,048 |
Intercompany rent expense |  | — |  |  | 69,293 |  |  | — |  |  | (69,293 | ) |  | — |
Ground rent expense |  | 5,339 |  |  | — |  |  | — |  |  | — |  |  | 5,339 |
Marketing, general, and administrative expenses |  | 39,037 |  |  | — |  |  | — |  |  | — |  |  | 39,037 |
Observatory expenses |  | — |  |  | 29,041 |  |  | — |  |  | — |  |  | 29,041 |
Construction expenses |  | — |  |  | — |  |  | 44,185 |  |  | (5,589 | ) |  | 38,596 |
Real estate taxes |  | 82,131 |  |  | — |  |  | — |  |  | — |  |  | 82,131 |
Acquisition expenses |  | 3,382 |  |  | — |  |  | — |  |  | — |  |  | 3,382 |
Depreciation and amortization |  | 145,121 |  |  | 295 |  |  | 15 |  |  | — |  |  | 145,431 |
Total operating expenses |  | 426,058 |  |  | 98,629 |  |  | 44,200 |  |  | (74,882 | ) |  | 494,005 |
Total operating income (loss) |  | 127,367 |  |  | 13,894 |  |  | 812 |  |  | (752 | ) |  | 141,321 |
Interest expense |  | (66,456 | ) |  | — |  |  | — |  |  | — |  |  | (66,456 | )
Income (loss) before income taxes |  | 60,911 |  |  | 13,894 |  |  | 812 |  |  | (752 | ) |  | 74,865 |
Income tax expense |  | (1,437 | ) |  | (2,876 | ) |  | (342 | ) |  | — |  |  | (4,655 | )
Net income (loss) |  | $ | 59,474 |  |  | $ | 11,018 |  |  | $ | 470 |  |  | $ | (752 | ) |  | $ | 70,210 |
Segment assets |  | $ | 3,036,087 |  |  | $ | 252,376 |  |  | $ | 8,032 |  |  | $ | — |  |  | $ | 3,296,495 |
Expenditures for segment assets |  | $ | 497,645 |  |  | $ | 99 |  |  | $ | — |  |  |  |  | $ | 497,744 |
|  | Period from October 7, 2013 through December 31, 2013
|  | Real Estate |  | Observatory |  | Other |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |  |  |
Rental revenue |  | $ | 79,987 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 79,987 |
Intercompany rental revenue |  | 20,134 |  |  | — |  |  | — |  |  | (20,134 | ) |  |
Tenant expense reimbursement |  | 15,836 |  |  | — |  |  | — |  |  | — |  |  | 15,836 |
Observatory revenue |  | — |  |  | 23,735 |  |  | — |  |  | — |  |  | 23,735 |
Construction revenue |  | — |  |  | — |  |  | 6,801 |  |  | (1,536 | ) |  | 5,265 |
Third-party management and other fees |  | 550 |  |  | — |  |  | — |  |  | — |  |  | 550 |
Other revenue and fees |  | 2,211 |  |  | — |  |  | — |  |  | (1 | ) |  | 2,210 |
Total revenues |  | 118,718 |  |  | 23,735 |  |  | 6,801 |  |  | (21,671 | ) |  | 127,583 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Property operating expenses |  | 34,055 |  |  | — |  |  | — |  |  | — |  |  | 34,055 |
Intercompany rent expense |  | — |  |  | 20,134 |  |  | — |  |  | (20,134 | ) |  |
Ground rent expense |  | 398 |  |  | — |  |  | — |  |  | — |  |  | 398 |
Marketing, general, and administrative expenses |  | 16,375 |  |  | — |  |  | — |  |  | 4 |  |  | 16,379 |
Observatory expenses |  | — |  |  | 5,687 |  |  | — |  |  | — |  |  | 5,687 |
Construction expenses |  | — |  |  | — |  |  | 6,792 |  |  | (1,324 | ) |  | 5,468 |
Real estate taxes |  | 17,191 |  |  | — |  |  | — |  |  | — |  |  | 17,191 |
Acquisition expenses |  | 138,140 |  |  | — |  |  | — |  |  | — |  |  | 138,140 |
Depreciation and amortization |  | 27,376 |  |  | 4 |  |  | 5 |  |  | (10 | ) |  | 27,375 |
Total operating expenses |  | 233,535 |  |  | 25,825 |  |  | 6,797 |  |  | (21,464 | ) |  | 244,693 |
Total operating income (loss) |  | (114,817 | ) |  | (2,090 | ) |  | 4 |  |  | (207 | ) |  | (117,110 | )
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest expense |  | (13,147 | ) |  | — |  |  | — |  |  | — |  |  | (13,147 | )
Gain on consolidation of non-controlled entities |  | 322,563 |  |  | — |  |  | — |  |  | — |  |  | 322,563 |
Income (loss) before income taxes |  | 194,599 |  |  | (2,090 | ) |  | 4 |  |  | (207 | ) |  | 192,306 |
Income tax benefit |  | — |  |  | 1,125 |  |  | — |  |  | — |  |  | 1,125 |
Net income (loss) |  | $ | 194,599 |  |  | $ | (965 | ) |  | $ | 4 |  |  | $ | (207 | ) |  | $ | 193,431 |
Segment assets |  | $ | 2,218,143 |  |  | $ | 249,084 |  |  | $ | 8,834 |  |  | $ | — |  |  | $ | 2,476,061 |
Expenditures for segment assets |  | $ | 56,434 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 56,434 |
|  | Period from January 1, 2013 through October 6, 2013
|  | Real Estate |  | Other |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Rental revenue |  | $ | 148,690 |  |  | $ | — |  |  | $ | — |  |  | $ | 148,690 |
Intercompany rental revenue |  | 56 |  |  | — |  |  | (56 | ) |  |
Tenant expense reimbursement |  | 21,272 |  |  | — |  |  | — |  |  | 21,272 |
Construction revenue |  | — |  |  | 25,473 |  |  | (6,837 | ) |  | 18,636 |
Third-party management and other fees |  | 5,067 |  |  | — |  |  | — |  |  | 5,067 |
Other revenue and fees |  | 12,407 |  |  | — |  |  | — |  |  | 12,407 |
Total revenues |  | 187,492 |  |  | 25,473 |  |  | (6,893 | ) |  | 206,072 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 41,297 |  |  | — |  |  | — |  |  | 41,297 |
Marketing, general, and administrative expenses |  | 23,600 |  |  | — |  |  | — |  |  | 23,600 |
Construction expenses |  | — |  |  | 25,824 |  |  | (6,003 | ) |  | 19,821 |
Real estate taxes |  | 24,331 |  |  | — |  |  | — |  |  | 24,331 |
Formation transaction expenses |  | 4,507 |  |  | — |  |  | — |  |  | 4,507 |
Depreciation and amortization |  | 38,963 |  |  | 19 |  |  | (19 | ) |  | 38,963 |
Total operating expenses |  | 132,698 |  |  | 25,843 |  |  | (6,022 | ) |  | 152,519 |
Total operating income (loss) |  | 54,794 |  |  | (370 | ) |  | (871 | ) |  | 53,553 |
Other income (expense): |  |  |  |  |  |  |  |
Equity in net income of non-controlled entities |  | 14,875 |  |  | — |  |  | — |  |  | 14,875 |
Interest expense |  | (50,660 | ) |  | — |  |  | — |  |  | (50,660 | )
Settlement expense |  | (55,000 | ) |  | — |  |  | — |  |  | (55,000 | )
Net loss |  | $ | (35,991 | ) |  | $ | (370 | ) |  | $ | (871 | ) |  | $ | (37,232 | )
Segment assets |  | $ | 1,023,333 |  |  | $ | 10,585 |  |  | $ | — |  |  | $ | 1,033,918 |
Investment in non-controlled entities |  | $ | 88,304 |  |  | $ | — |  |  | $ | — |  |  | $ | 88,304 |
Expenditures for segment assets |  | $ | 55,820 |  |  | $ | 130 |  |  | $ | — |  |  | $ | 55,950 |
|  | 2012
|  | Real Estate |  | Other |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Rental revenue |  | $ | 196,187 |  |  | $ | — |  |  | $ | — |  |  | $ | 196,187 |
Intercompany rental revenue |  | 74 |  |  | — |  |  | (74 | ) |  | — |
Tenant expense reimbursement |  | 29,483 |  |  | — |  |  | — |  |  | 29,483 |
Construction revenue |  | — |  |  | 24,616 |  |  | (5,714 | ) |  | 18,902 |
Third-party management and other fees |  | 5,103 |  |  | — |  |  | — |  |  | 5,103 |
Other revenue and fees |  | 10,619 |  |  | — |  |  | — |  |  | 10,619 |
Total revenues |  | 241,466 |  |  | 24,616 |  |  | (5,788 | ) |  | 260,294 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 55,442 |  |  | — |  |  | 265 |  |  | 55,707 |
Marketing, general, and administrative expenses |  | 20,963 |  |  | — |  |  | — |  |  | 20,963 |
Construction expenses |  | — |  |  | 24,734 |  |  | (5,142 | ) |  | 19,592 |
Real estate taxes |  | 30,406 |  |  | — |  |  | — |  |  | 30,406 |
Formation transaction expenses |  | 2,247 |  |  | — |  |  | — |  |  | 2,247 |
Depreciation and amortization |  | 42,661 |  |  | 29 |  |  | — |  |  | 42,690 |
Total operating expenses |  | 151,719 |  |  | 24,763 |  |  | (4,877 | ) |  | 171,605 |
Total operating income (loss) |  | 89,747 |  |  | (147 | ) |  | (911 | ) |  | 88,689 |
Other income (expense): |  |  |  |  |  |  |  |
Equity in net income of non-controlled entities |  | 14,348 |  |  | — |  |  | — |  |  | 14,348 |
Interest expense |  | (54,394 | ) |  | — |  |  | — |  |  | (54,394 | )
Net income |  | $ | 49,701 |  |  | $ | (147 | ) |  | $ | (911 | ) |  | $ | 48,643 |
Segment assets |  | $ | 964,160 |  |  | $ | 11,514 |  |  | $ | — |  |  | $ | 975,674 |
Investment in non-controlled entities |  | $ | 76,879 |  |  | $ | — |  |  | $ | — |  |  | $ | 76,879 |
Expenditures for segment assets |  | $ | 87,659 |  |  | $ | — |  |  | $ | — |  |  | $ | 87,659 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: 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 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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