XML 38 R27.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Segment Reporting (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2017
Segment Reporting [Abstract] |
Components of Segment Profit for Each Segment | The following tables provide components of segment profit for each segment for the three and six months ended June 30, 2017 and 2016 (amounts in thousands):
|  | Three Months Ended June 30, 2017
|  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Rental revenue |  | $ | 120,844 |  |  | $ | — |  |  | $ | — |  |  | $ | 120,844 |
Intercompany rental revenue |  | 20,675 |  |  | — |  |  | (20,675 | ) |  | — |
Tenant expense reimbursement |  | 17,569 |  |  | — |  |  | — |  |  | 17,569 |
Observatory revenue |  | — |  |  | 33,966 |  |  | — |  |  | 33,966 |
Third-party management and other fees |  | 392 |  |  | — |  |  | — |  |  | 392 |
Other revenue and fees |  | 4,353 |  |  | — |  |  | — |  |  | 4,353 |
Total revenues |  | 163,833 |  |  | 33,966 |  |  | (20,675 | ) |  | 177,124 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 38,529 |  |  | — |  |  | — |  |  | 38,529 |
Intercompany rent expense |  | — |  |  | 20,675 |  |  | (20,675 | ) |  | — |
Ground rent expense |  | 2,332 |  |  | — |  |  | — |  |  | 2,332 |
General and administrative expenses |  | 12,579 |  |  | — |  |  | — |  |  | 12,579 |
Observatory expenses |  | — |  |  | 7,176 |  |  | — |  |  | 7,176 |
Real estate taxes |  | 24,542 |  |  | — |  |  | — |  |  | 24,542 |
Depreciation and amortization |  | 40,458 |  |  | 74 |  |  | — |  |  | 40,532 |
Total operating expenses |  | 118,440 |  |  | 27,925 |  |  | (20,675 | ) |  | 125,690 |
Total operating income |  | 45,393 |  |  | 6,041 |  |  | — |  |  | 51,434 |
Other expense: |  |  |  |  |  |  |  |
Interest expense |  | (17,477 | ) |  | — |  |  | — |  |  | (17,477 | )
Loss from derivative financial instruments |  | (42 | ) |  | — |  |  | — |  |  | (42 | )
Income before income taxes |  | 27,874 |  |  | 6,041 |  |  | — |  |  | 33,915 |
Income tax expense |  | (413 | ) |  | (2,143 | ) |  | — |  |  | (2,556 | )
Net income |  | $ | 27,461 |  |  | $ | 3,898 |  |  | $ | — |  |  | $ | 31,359 |
Segment assets |  | $ | 3,579,873 |  |  | $ | 251,328 |  |  | $ | — |  |  | $ | 3,831,201 |
Expenditures for segment assets |  | $ | 54,474 |  |  | $ | 6,850 |  |  | $ | — |  |  | $ | 61,324 |
|  | Three Months Ended June 30, 2016
|  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Rental revenue |  | $ | 112,613 |  |  | $ | — |  |  | $ | — |  |  | $ | 112,613 |
Intercompany rental revenue |  | 18,488 |  |  | — |  |  | (18,488 | ) |  | — |
Tenant expense reimbursement |  | 19,054 |  |  | — |  |  | — |  |  | 19,054 |
Observatory revenue |  | — |  |  | 31,838 |  |  | — |  |  | 31,838 |
Third-party management and other fees |  | 423 |  |  | — |  |  | — |  |  | 423 |
Other revenue and fees |  | 1,882 |  |  | 5 |  |  | — |  |  | 1,887 |
Total revenues |  | 152,460 |  |  | 31,843 |  |  | (18,488 | ) |  | 165,815 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 37,386 |  |  | — |  |  | — |  |  | 37,386 |
Intercompany rent expense |  | — |  |  | 18,488 |  |  | (18,488 | ) |  | — |
Ground rent expense |  | 2,330 |  |  | — |  |  | — |  |  | 2,330 |
General and administrative expenses |  | 12,907 |  |  | — |  |  | — |  |  | 12,907 |
Observatory expenses |  | — |  |  | 6,895 |  |  | — |  |  | 6,895 |
Real estate taxes |  | 23,557 |  |  | — |  |  | — |  |  | 23,557 |
Acquisition expenses |  | — |  |  | — |  |  | — |  |  | — |
Depreciation and amortization |  | 38,451 |  |  | 97 |  |  | — |  |  | 38,548 |
Total operating expenses |  | 114,631 |  |  | 25,480 |  |  | (18,488 | ) |  | 121,623 |
Total operating income |  | 37,829 |  |  | 6,363 |  |  | — |  |  | 44,192 |
Interest expense |  | (17,420 | ) |  | — |  |  | — |  |  | (17,420 | )
Income before income taxes |  | 20,409 |  |  | 6,363 |  |  | — |  |  | 26,772 |
Income tax expense |  | (281 | ) |  | (1,851 | ) |  | — |  |  | (2,132 | )
Net income |  | $ | 20,128 |  |  | $ | 4,512 |  |  | $ | — |  |  | $ | 24,640 |
Segment assets |  | $ | 3,056,928 |  |  | $ | 244,726 |  |  | $ | — |  |  | $ | 3,301,654 |
Expenditures for segment assets |  | $ | 63,766 |  |  | $ | 47 |  |  | $ | — |  |  | $ | 63,813 |
|  | Six Months Ended June 30, 2017
|  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Rental revenue |  | $ | 237,957 |  |  | $ | — |  |  | $ | — |  |  | $ | 237,957 |
Intercompany rental revenue |  | 34,053 |  |  | — |  |  | (34,053 | ) |  | — |
Tenant expense reimbursement |  | 33,543 |  |  | — |  |  | — |  |  | 33,543 |
Observatory revenue |  | — |  |  | 54,906 |  |  | — |  |  | 54,906 |
Third-party management and other fees |  | 743 |  |  | — |  |  | — |  |  | 743 |
Other revenue and fees |  | 14,929 |  |  | — |  |  | — |  |  | 14,929 |
Total revenues |  | 321,225 |  |  | 54,906 |  |  | (34,053 | ) |  | 342,078 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 80,739 |  |  | — |  |  | — |  |  | 80,739 |
Intercompany rent expense |  | — |  |  | 34,053 |  |  | (34,053 | ) |  | — |
Ground rent expense |  | 4,663 |  |  | — |  |  | — |  |  | 4,663 |
General and administrative expenses |  | 23,667 |  |  | — |  |  | — |  |  | 23,667 |
Observatory expenses |  | — |  |  | 14,431 |  |  | — |  |  | 14,431 |
Real estate taxes |  | 49,100 |  |  | — |  |  | — |  |  | 49,100 |
Acquisition expenses |  | — |  |  | — |  |  | — |  |  | — |
Depreciation and amortization |  | 81,291 |  |  | 87 |  |  | — |  |  | 81,378 |
Total operating expenses |  | 239,460 |  |  | 48,571 |  |  | (34,053 | ) |  | 253,978 |
Total operating income |  | 81,765 |  |  | 6,335 |  |  | — |  |  | 88,100 |
Interest expense |  | (35,219 | ) |  | — |  |  | — |  |  | (35,219 | )
Loss from derivative financial instruments |  | (289 | ) |  | — |  |  | — |  |  | (289 | )
Income before income taxes |  | 46,257 |  |  | 6,335 |  |  | — |  |  | 52,592 |
Income tax expense |  | (696 | ) |  | (1,392 | ) |  | — |  |  | (2,088 | )
Net income |  | $ | 45,561 |  |  | $ | 4,943 |  |  | $ | — |  |  | $ | 50,504 |
Expenditures for segment assets |  | $ | 102,534 |  |  | $ | 6,850 |  |  | $ | — |  |  | $ | 109,384 |
|  | Six Months Ended June 30, 2016
|  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Rental revenue |  | $ | 227,521 |  |  | $ | — |  |  | $ | — |  |  | $ | 227,521 |
Intercompany rental revenue |  | 32,206 |  |  | — |  |  | (32,206 | ) |  | — |
Tenant expense reimbursement |  | 37,174 |  |  | — |  |  | — |  |  | 37,174 |
Observatory revenue |  | — |  |  | 53,019 |  |  | — |  |  | 53,019 |
Third-party management and other fees |  | 968 |  |  | — |  |  | — |  |  | 968 |
Other revenue and fees |  | 4,202 |  |  | 5 |  |  | — |  |  | 4,207 |
Total revenues |  | 302,071 |  |  | 53,024 |  |  | (32,206 | ) |  | 322,889 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 76,490 |  |  | — |  |  | — |  |  | 76,490 |
Intercompany rent expense |  | — |  |  | 32,206 |  |  | (32,206 | ) |  | — |
Ground rent expense |  | 4,663 |  |  | — |  |  | — |  |  | 4,663 |
General and administrative expenses |  | 23,825 |  |  | — |  |  | — |  |  | 23,825 |
Observatory expenses |  | — |  |  | 14,650 |  |  | — |  |  | 14,650 |
Real estate taxes |  | 47,082 |  |  | — |  |  | — |  |  | 47,082 |
Acquisition expenses |  | 98 |  |  | — |  |  | — |  |  | 98 |
Depreciation and amortization |  | 77,581 |  |  | 194 |  |  | — |  |  | 77,775 |
Total operating expenses |  | 229,739 |  |  | 47,050 |  |  | (32,206 | ) |  | 244,583 |
Total operating income |  | 72,332 |  |  | 5,974 |  |  | — |  |  | 78,306 |
Interest expense |  | (35,371 | ) |  | — |  |  | — |  |  | (35,371 | )
Income before income taxes |  | 36,961 |  |  | 5,974 |  |  | — |  |  | 42,935 |
Income tax expense |  | (686 | ) |  | (904 | ) |  | — |  |  | (1,590 | )
Net income |  | $ | 36,275 |  |  | $ | 5,070 |  |  | $ | — |  |  | $ | 41,345 |
Expenditures for segment assets |  | $ | 87,224 |  |  | $ | 47 |  |  | $ | — |  |  | $ | 87,271 |

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 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 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=68060357&loc=d3e8813-108599 Reference 3: 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=68060357&loc=d3e8721-108599 Reference 4: 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=35741047&loc=d3e13816-109267 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=68060357&loc=d3e8736-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration