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v3.22.4

Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables provide components of segment profit for each segment for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands):
|  | 2022
|  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Rental revenue |  | $ | 591,048 |  |  | $ | — |  |  | $ | — |  |  | $ | 591,048 |
Intercompany rental revenue |  | 65,005 |  |  | — |  |  | (65,005) |  |  | — |
Observatory revenue |  | — |  |  | 105,978 |  |  | — |  |  | 105,978 |
Lease termination fees |  | 20,032 |  |  | — |  |  | — |  |  | 20,032 |
Third-party management and other fees |  | 1,361 |  |  | — |  |  | — |  |  | 1,361 |
Other revenue and fees |  | 8,622 |  |  | — |  |  | — |  |  | 8,622 |
Total revenues |  | 686,068 |  |  | 105,978 |  |  | (65,005) |  |  | 727,041 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 157,935 |  |  | — |  |  | — |  |  | 157,935 |
Intercompany rent expense |  | — |  |  | 65,005 |  |  | (65,005) |  |  | — |
Ground rent expense |  | 9,326 |  |  | — |  |  | — |  |  | 9,326 |
General and administrative expenses |  | 61,765 |  |  | — |  |  | — |  |  | 61,765 |
Observatory expenses |  | — |  |  | 31,036 |  |  | — |  |  | 31,036 |
Real estate taxes |  | 123,057 |  |  | — |  |  | — |  |  | 123,057 |
Depreciation and amortization |  | 216,707 |  |  | 187 |  |  | — |  |  | 216,894 |
Total operating expenses |  | 568,790 |  |  | 96,228 |  |  | (65,005) |  |  | 600,013 |
Total operating income |  | 117,278 |  |  | 9,750 |  |  | — |  |  | 127,028 |
Other income (expense): |  |  |  |  |  |  |  |
Interest income |  | 4,901 |  |  | 47 |  |  | — |  |  | 4,948 |
Interest expense |  | (101,206) |  |  | — |  |  | — |  |  | (101,206) |
Gain on sale/disposition of properties |  | 33,988 |  |  | — |  |  | — |  |  | 33,988 |
Income before income taxes |  | 54,961 |  |  | 9,797 |  |  | — |  |  | 64,758 |
Income tax expense |  | (584) |  |  | (962) |  |  | — |  |  | (1,546) |
Net income |  | $ | 54,377 |  |  | $ | 8,835 |  |  | $ | — |  |  | $ | 63,212 |
Segment assets |  | $ | 3,909,299 |  |  | $ | 254,295 |  |  | $ | — |  |  | $ | 4,163,594 |
Expenditures for segment assets |  | $ | 85,646 |  |  | $ | 315 |  |  | $ | — |  |  | $ | 85,961 |
|  | 2021
|  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Rental revenue |  | $ | 559,690 |  |  | $ | — |  |  | $ | — |  |  | $ | 559,690 |
Intercompany rental revenue |  | 23,413 |  |  | — |  |  | (23,413) |  |  | — |
Observatory revenue |  | — |  |  | 41,474 |  |  | — |  |  | 41,474 |
Lease termination fees |  | 16,230 |  |  | — |  |  | — |  |  | 16,230 |
Third-party management and other fees |  | 1,219 |  |  | — |  |  | — |  |  | 1,219 |
Other revenue and fees |  | 5,343 |  |  | 138 |  |  | — |  |  | 5,481 |
Total revenues |  | 605,895 |  |  | 41,612 |  |  | (23,413) |  |  | 624,094 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 126,986 |  |  | — |  |  | — |  |  | 126,986 |
Intercompany rent expense |  | — |  |  | 23,413 |  |  | (23,413) |  |  | — |
Ground rent expense |  | 9,326 |  |  | — |  |  | — |  |  | 9,326 |
General and administrative expenses |  | 55,947 |  |  | — |  |  | — |  |  | 55,947 |
Observatory expenses |  | — |  |  | 23,206 |  |  | — |  |  | 23,206 |
Real estate taxes |  | 119,967 |  |  | — |  |  | — |  |  | 119,967 |
Impairment charge |  | 7,723 |  |  | — |  |  | — |  |  | 7,723 |
Depreciation and amortization |  | 201,676 |  |  | 130 |  |  | — |  |  | 201,806 |
Total operating expenses |  | 521,625 |  |  | 46,749 |  |  | (23,413) |  |  | 544,961 |
Total operating income (loss) |  | 84,270 |  |  | (5,137) |  |  | — |  |  | 79,133 |
Other income (expense): |  |  |  |  |  |  |  |
Interest income |  | 701 |  |  | 3 |  |  | — |  |  | 704 |
Interest expense |  | (94,292) |  |  | (102) |  |  | — |  |  | (94,394) |
Loss on early extinguishment of debt |  | (214) |  |  | — |  |  | — |  |  | (214) |
Loss before income taxes |  | (9,535) |  |  | (5,236) |  |  | — |  |  | (14,771) |
Income tax (expense) benefit |  | (613) |  |  | 2,347 |  |  | — |  |  | 1,734 |
Net loss |  | $ | (10,148) |  |  | $ | (2,889) |  |  | $ | — |  |  | $ | (13,037) |
Segment assets |  | $ | 4,037,122 |  |  | $ | 245,325 |  |  | $ | — |  |  | $ | 4,282,447 |
Expenditures for segment assets |  | $ | 398,368 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 398,372 |
|  | 2020
|  | Real Estate |  | Observatory |  |  |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |  |  |
Rental revenue |  | $ | 563,071 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 563,071 |
Intercompany rental revenue |  | 17,827 |  |  | — |  |  |  |  | (17,827) |  |  | — |
Observatory revenue |  | — |  |  | 29,057 |  |  |  |  | — |  |  | 29,057 |
Lease termination fees |  | 9,416 |  |  | — |  |  |  |  | — |  |  | 9,416 |
Third-party management and other fees |  | 1,225 |  |  | — |  |  |  |  | — |  |  | 1,225 |
Other revenue and fees |  | 6,459 |  |  | — |  |  |  |  | — |  |  | 6,459 |
Total revenues |  | 597,998 |  |  | 29,057 |  |  |  |  | (17,827) |  |  | 609,228 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Property operating expenses |  | 136,141 |  |  | — |  |  |  |  | — |  |  | 136,141 |
Intercompany rent expense |  | — |  |  | 17,827 |  |  |  |  | (17,827) |  |  | — |
Ground rent expense |  | 9,326 |  |  | — |  |  |  |  | — |  |  | 9,326 |
General and administrative expenses |  | 62,244 |  |  | — |  |  |  |  | — |  |  | 62,244 |
Observatory expenses |  | — |  |  | 23,723 |  |  |  |  | — |  |  | 23,723 |
Real estate taxes |  | 121,923 |  |  | — |  |  |  |  | — |  |  | 121,923 |
Impairment charges |  | 6,204 |  |  | — |  |  |  |  | — |  |  | 6,204 |
Depreciation and amortization |  | 190,863 |  |  | 143 |  |  |  |  | — |  |  | 191,006 |
Total operating expenses |  | 526,701 |  |  | 41,693 |  |  |  |  | (17,827) |  |  | 550,567 |
Total operating income (loss) |  | 71,297 |  |  | (12,636) |  |  |  |  | — |  |  | 58,661 |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest income |  | 2,542 |  |  | 95 |  |  |  |  | — |  |  | 2,637 |
Interest expense |  | (89,907) |  |  | — |  |  |  |  | — |  |  | (89,907) |
Loss on early extinguishment of debt |  | (86) |  |  | — |  |  |  |  | — |  |  | (86) |
IPO litigation expense |  | (1,165) |  |  | — |  |  |  |  | — |  |  | (1,165) |
Loss before income taxes |  | (17,319) |  |  | (12,541) |  |  |  |  | — |  |  | (29,860) |
Income tax (expense) benefit |  | (843) |  |  | 7,814 |  |  |  |  | — |  |  | 6,971 |
Net loss |  | $ | (18,162) |  |  | $ | (4,727) |  |  |  |  | $ | — |  |  | $ | (22,889) |
Segment assets |  | $ | 3,903,884 |  |  | $ | 246,811 |  |  |  |  | $ | — |  |  | $ | 4,150,695 |
Expenditures for segment assets |  | $ | 101,306 |  |  | $ | 2,754 |  |  |  |  | $ | — |  |  | $ | 104,060 |

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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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