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Segment Reporting | 3 Months Ended
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Mar. 31, 2021
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, redevelopment, repositioning and disposition of our traditional real estate assets. Our observatory segment includes the operation of 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 marketing strategies. We account for intersegment sales and rent as if the sales or rent were to third parties, that is, at current market prices. The following tables provide components of segment net income (loss) for each segment for the three and three months ended March 31, 2021 and 2020 (amounts in thousands):
|  | Three Months Ended March 31, 2021
|  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Rental revenue |  | $ | 140,231 |  |  | $ | — |  |  | $ | — |  |  | $ | 140,231 |
Intercompany rental revenue |  | 4,932 |  |  | — |  |  | (4,932) |  |  | — |
Observatory revenue |  | — |  |  | 2,603 |  |  | — |  |  | 2,603 |
Lease termination fees |  | 1,289 |  |  | — |  |  | — |  |  | 1,289 |
Third-party management and other fees |  | 276 |  |  | — |  |  | — |  |  | 276 |
Other revenue and fees |  | 905 |  |  | — |  |  | — |  |  | 905 |
Total revenues |  | 147,633 |  |  | 2,603 |  |  | (4,932) |  |  | 145,304 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 30,279 |  |  | — |  |  | — |  |  | 30,279 |
Intercompany rent expense |  | — |  |  | 4,932 |  |  | (4,932) |  |  | — |
Ground rent expense |  | 2,331 |  |  | — |  |  | — |  |  | 2,331 |
General and administrative expenses |  | 13,853 |  |  | — |  |  | — |  |  | 13,853 |
Observatory expenses |  | — |  |  | 4,588 |  |  | — |  |  | 4,588 |
Real estate taxes |  | 31,447 |  |  | — |  |  | — |  |  | 31,447 |
Depreciation and amortization |  | 44,419 |  |  | 38 |  |  | — |  |  | 44,457 |
Total operating expenses |  | 122,329 |  |  | 9,558 |  |  | (4,932) |  |  | 126,955 |
Total operating income (loss) |  | 25,304 |  |  | (6,955) |  |  | — |  |  | 18,349 |
Other income (expense): |  |  |  |  |  |  |  |
Interest income |  | 120 |  |  | 2 |  |  | — |  |  | 122 |
Interest expense |  | (23,554) |  |  | — |  |  | — |  |  | (23,554) |
Loss on early extinguishment of debt |  | (214) |  |  | — |  |  | — |  |  | (214) |
Income (loss) before income taxes |  | 1,656 |  |  | (6,953) |  |  | — |  |  | (5,297) |
Income tax (expense) benefit |  | (283) |  |  | 2,389 |  |  | — |  |  | 2,106 |
Net income (loss) |  | $ | 1,373 |  |  | $ | (4,564) |  |  | $ | — |  |  | $ | (3,191) |
Segment assets |  | $ | 3,910,152 |  |  | $ | 241,371 |  |  | $ | — |  |  | $ | 4,151,523 |
Expenditures for segment assets |  | $ | 23,331 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 23,335 |
|  | Three Months Ended March 31, 2020
|  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Rental revenue |  | $ | 148,113 |  |  | $ | — |  |  | $ | — |  |  | $ | 148,113 |
Intercompany rental revenue |  | 11,536 |  |  | — |  |  | (11,536) |  |  | — |
Observatory revenue |  | — |  |  | 19,544 |  |  | — |  |  | 19,544 |
Lease termination fees |  | 211 |  |  | — |  |  | — |  |  | 211 |
Third-party management and other fees |  | 346 |  |  | — |  |  | — |  |  | 346 |
Other revenue and fees |  | 2,010 |  |  | — |  |  | — |  |  | 2,010 |
Total revenues |  | 162,216 |  |  | 19,544 |  |  | (11,536) |  |  | 170,224 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 41,468 |  |  | — |  |  | — |  |  | 41,468 |
Intercompany rent expense |  | — |  |  | 11,536 |  |  | (11,536) |  |  | — |
Ground rent expense |  | 2,331 |  |  | — |  |  | — |  |  | 2,331 |
General and administrative expenses |  | 15,951 |  |  | — |  |  | — |  |  | 15,951 |
Observatory expenses |  | — |  |  | 8,154 |  |  | — |  |  | 8,154 |
Real estate taxes |  | 29,254 |  |  | — |  |  | — |  |  | 29,254 |
Depreciation and amortization |  | 46,085 |  |  | 8 |  |  | — |  |  | 46,093 |
Total operating expenses |  | 135,089 |  |  | 19,698 |  |  | (11,536) |  |  | 143,251 |
Total operating income |  | 27,127 |  |  | (154) |  |  | — |  |  | 26,973 |
Other income (expense): |  |  |  |  |  |  |  |
Interest income |  | 637 |  |  | — |  |  | — |  |  | 637 |
Interest expense |  | (19,618) |  |  | — |  |  | — |  |  | (19,618) |
Loss on early extinguishment of debt |  | (86) |  |  | — |  |  | — |  |  | (86) |
Income before income taxes |  | 8,060 |  |  | (154) |  |  | — |  |  | 7,906 |
Income tax (expense) benefit |  | (227) |  |  | 609 |  |  | — |  |  | 382 |
Net income |  | $ | 7,833 |  |  | $ | 455 |  |  | $ | — |  |  | $ | 8,288 |
Segment assets |  | $ | 4,409,281 |  |  | $ | 255,277 |  |  | $ | — |  |  | $ | 4,664,558 |
Expenditures for segment assets |  | $ | 26,570 |  |  | $ | 1,237 |  |  | $ | — |  |  | $ | 27,807 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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