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v3.22.2

Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Schedule of Segment Net Income (Loss) for Each Segment | The following tables provide components of segment net income (loss) for each segment for the three and six months ended June 30, 2022 and 2021 (amounts in thousands):
|  | Three Months Ended June 30, 2022
|  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Rental revenue |  | $ | 149,339 |  |  | $ | — |  |  | $ | — |  |  | $ | 149,339 |
Intercompany rental revenue |  | 17,109 |  |  | — |  |  | (17,109) |  |  | — |
Observatory revenue |  | — |  |  | 27,368 |  |  | — |  |  | 27,368 |
Lease termination fees |  | 18,859 |  |  | — |  |  | — |  |  | 18,859 |
Third-party management and other fees |  | 326 |  |  | — |  |  | — |  |  | 326 |
Other revenue and fees |  | 2,130 |  |  | — |  |  | — |  |  | 2,130 |
Total revenues |  | 187,763 |  |  | 27,368 |  |  | (17,109) |  |  | 198,022 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 37,433 |  |  | — |  |  | — |  |  | 37,433 |
Intercompany rent expense |  | — |  |  | 17,109 |  |  | (17,109) |  |  | — |
Ground rent expense |  | 2,332 |  |  | — |  |  | — |  |  | 2,332 |
General and administrative expenses |  | 15,876 |  |  | — |  |  | — |  |  | 15,876 |
Observatory expenses |  | — |  |  | 7,776 |  |  | — |  |  | 7,776 |
Real estate taxes |  | 29,802 |  |  | — |  |  | — |  |  | 29,802 |
Depreciation and amortization |  | 58,254 |  |  | 50 |  |  | — |  |  | 58,304 |
Total operating expenses |  | 143,697 |  |  | 24,935 |  |  | (17,109) |  |  | 151,523 |
Total operating income |  | 44,066 |  |  | 2,433 |  |  | — |  |  | 46,499 |
Other income (expense): |  |  |  |  |  |  |  |
Interest income |  | 426 |  |  | 5 |  |  | — |  |  | 431 |
Interest expense |  | (25,042) |  |  | — |  |  | — |  |  | (25,042) |
Gain on disposition of property |  | 27,170 |  |  | — |  |  | — |  |  | 27,170 |
Income before income taxes |  | 46,620 |  |  | 2,438 |  |  | — |  |  | 49,058 |
Income tax expense |  | (38) |  |  | (325) |  |  | — |  |  | (363) |
Net income |  | $ | 46,582 |  |  | $ | 2,113 |  |  | $ | — |  |  | $ | 48,695 |
Segment assets |  | $ | 3,969,257 |  |  | $ | 247,974 |  |  | $ | — |  |  | $ | 4,217,231 |
Expenditures for segment assets |  | $ | 13,115 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,115 |
|  | Three Months Ended June 30, 2021
|  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Rental revenue |  | $ | 140,797 |  |  | $ | — |  |  | $ | — |  |  | $ | 140,797 |
Intercompany rental revenue |  | 6,029 |  |  | — |  |  | (6,029) |  |  | — |
Observatory revenue |  | — |  |  | 8,359 |  |  | — |  |  | 8,359 |
Lease termination fees |  | 3,339 |  |  | — |  |  | — |  |  | 3,339 |
Third-party management and other fees |  | 327 |  |  | — |  |  | — |  |  | 327 |
Other revenue and fees |  | 586 |  |  | — |  |  | — |  |  | 586 |
Total revenues |  | 151,078 |  |  | 8,359 |  |  | (6,029) |  |  | 153,408 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 28,793 |  |  | — |  |  | — |  |  | 28,793 |
Intercompany rent expense |  | — |  |  | 6,029 |  |  | (6,029) |  |  | — |
Ground rent expense |  | 2,332 |  |  | — |  |  | — |  |  | 2,332 |
General and administrative expenses |  | 14,089 |  |  | — |  |  | — |  |  | 14,089 |
Observatory expenses |  | — |  |  | 5,268 |  |  | — |  |  | 5,268 |
Real estate taxes |  | 31,354 |  |  | — |  |  | — |  |  | 31,354 |
Depreciation and amortization |  | 45,066 |  |  | 22 |  |  | — |  |  | 45,088 |
Total operating expenses |  | 121,634 |  |  | 11,319 |  |  | (6,029) |  |  | 126,924 |
Total operating income (loss) |  | 29,444 |  |  | (2,960) |  |  | — |  |  | 26,484 |
Other income (expense): |  |  |  |  |  |  |  |
Interest income |  | 163 |  |  | 1 |  |  | — |  |  | 164 |
Interest expense |  | (23,422) |  |  | — |  |  | — |  |  | (23,422) |
Income (loss) before income taxes |  | 6,185 |  |  | (2,959) |  |  | — |  |  | 3,226 |
Income tax (expense) benefit |  | (135) |  |  | 1,320 |  |  | — |  |  | 1,185 |
Net income (loss) |  | $ | 6,050 |  |  | $ | (1,639) |  |  | $ | — |  |  | $ | 4,411 |
Segment assets |  | $ | 3,880,853 |  |  | $ | 242,619 |  |  | $ | — |  |  | $ | 4,123,472 |
Expenditures for segment assets |  | $ | 19,975 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,975 |
|  | Six Months Ended June 30, 2022
|  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Rental revenue |  | $ | 296,853 |  |  | $ | — |  |  | $ | — |  |  | $ | 296,853 |
Intercompany rental revenue |  | 27,729 |  |  | — |  |  | (27,729) |  |  | — |
Observatory revenue |  | — |  |  | 40,609 |  |  | — |  |  | 40,609 |
Lease termination fees |  | 20,032 |  |  | — |  |  | — |  |  | 20,032 |
Third-party management and other fees |  | 636 |  |  | — |  |  | — |  |  | 636 |
Other revenue and fees |  | 3,926 |  |  | — |  |  | — |  |  | 3,926 |
Total revenues |  | 349,176 |  |  | 40,609 |  |  | (27,729) |  |  | 362,056 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 76,077 |  |  | — |  |  | — |  |  | 76,077 |
Intercompany rent expense |  | — |  |  | 27,729 |  |  | (27,729) |  |  | — |
Ground rent expense |  | 4,663 |  |  | — |  |  | — |  |  | 4,663 |
General and administrative expenses |  | 29,562 |  |  | — |  |  | — |  |  | 29,562 |
Observatory expenses |  | — |  |  | 13,991 |  |  | — |  |  | 13,991 |
Real estate taxes |  | 59,806 |  |  | — |  |  | — |  |  | 59,806 |
Depreciation and amortization |  | 125,325 |  |  | 85 |  |  | — |  |  | 125,410 |
Total operating expenses |  | 295,433 |  |  | 41,805 |  |  | (27,729) |  |  | 309,509 |
Total operating income (loss) |  | 53,743 |  |  | (1,196) |  |  | — |  |  | 52,547 |
Other income (expense): |  |  |  |  |  |  |  |
Interest income |  | 575 |  |  | 5 |  |  | — |  |  | 580 |
Interest expense |  | (50,056) |  |  | — |  |  | — |  |  | (50,056) |
Gain on disposition of property |  | 27,170 |  |  | — |  |  | — |  |  | 27,170 |
Income (loss) before income taxes |  | 31,432 |  |  | (1,191) |  |  | — |  |  | 30,241 |
Income tax (expense) benefit |  | (182) |  |  | 1,415 |  |  | — |  |  | 1,233 |
Net income |  | $ | 31,250 |  |  | $ | 224 |  |  | $ | — |  |  | $ | 31,474 |
Expenditures for segment assets |  | $ | 51,999 |  |  | $ | 291 |  |  | $ | — |  |  | $ | 52,290 |
|  | Six Months Ended June 30, 2021
|  | Real Estate |  | Observatory |  |  |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |  |  |
Rental revenue |  | $ | 281,028 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 281,028 |
Intercompany rental revenue |  | 10,961 |  |  | — |  |  |  |  | (10,961) |  |  | — |
Observatory revenue |  | — |  |  | 10,962 |  |  |  |  | — |  |  | 10,962 |
Lease termination fees |  | 4,628 |  |  | — |  |  |  |  | — |  |  | 4,628 |
Third-party management and other fees |  | 603 |  |  | — |  |  |  |  | — |  |  | 603 |
Other revenue and fees |  | 1,491 |  |  | — |  |  |  |  | — |  |  | 1,491 |
Total revenues |  | 298,711 |  |  | 10,962 |  |  |  |  | (10,961) |  |  | 298,712 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Property operating expenses |  | 59,072 |  |  | — |  |  |  |  | — |  |  | 59,072 |
Intercompany rent expense |  | — |  |  | 10,961 |  |  |  |  | (10,961) |  |  | — |
Ground rent expense |  | 4,663 |  |  | — |  |  |  |  | — |  |  | 4,663 |
General and administrative expenses |  | 27,942 |  |  | — |  |  |  |  | — |  |  | 27,942 |
Observatory expenses |  | — |  |  | 9,856 |  |  |  |  | — |  |  | 9,856 |
Real estate taxes |  | 62,801 |  |  | — |  |  |  |  | — |  |  | 62,801 |
Depreciation and amortization |  | 89,485 |  |  | 60 |  |  |  |  | — |  |  | 89,545 |
Total operating expenses |  | 243,963 |  |  | 20,877 |  |  |  |  | (10,961) |  |  | 253,879 |
Total operating income (loss) |  | 54,748 |  |  | (9,915) |  |  |  |  | — |  |  | 44,833 |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest income |  | 283 |  |  | 3 |  |  |  |  | — |  |  | 286 |
Interest expense |  | (46,976) |  |  | — |  |  |  |  | — |  |  | (46,976) |
Loss on early extinguishment of debt |  | (214) |  |  | — |  |  |  |  | — |  |  | (214) |
Income (loss) before income taxes |  | 7,841 |  |  | (9,912) |  |  |  |  | — |  |  | (2,071) |
Income tax (expense) benefit |  | (418) |  |  | 3,709 |  |  |  |  | — |  |  | 3,291 |
Net income (loss) |  | $ | 7,423 |  |  | $ | (6,203) |  |  |  |  | $ | — |  |  | $ | 1,220 |
Expenditures for segment assets |  | $ | 43,307 |  |  | $ | 4 |  |  |  |  | $ | — |  |  | $ | 43,311 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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