XML 41 R30.htm IDEA: XBRL DOCUMENT
v3.24.3

Segment Reporting (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of Components of Segment Net Income | The following tables provide components of segment net income for each segment:
|  | Three Months Ended September 30, 2024
(amounts in thousands) |  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Rental revenue |  | $ | 153,117 |  |  | $ | — |  |  | $ | — |  |  | $ | 153,117 |
Intercompany rental revenue |  | 23,461 |  |  | — |  |  | (23,461) |  |  | — |
Observatory revenue |  | — |  |  | 39,382 |  |  | — |  |  | 39,382 |
Lease termination fees |  | 4,771 |  |  | — |  |  | — |  |  | 4,771 |
Third-party management and other fees |  | 271 |  |  | — |  |  | — |  |  | 271 |
Other revenue and fees |  | 2,058 |  |  | — |  |  | — |  |  | 2,058 |
Total revenues |  | 183,678 |  |  | 39,382 |  |  | (23,461) |  |  | 199,599 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 45,954 |  |  | — |  |  | — |  |  | 45,954 |
Intercompany rent expense |  | — |  |  | 23,461 |  |  | (23,461) |  |  | — |
Ground rent expenses |  | 2,331 |  |  | — |  |  | — |  |  | 2,331 |
General and administrative expenses |  | 18,372 |  |  | — |  |  | — |  |  | 18,372 |
Observatory expenses |  | — |  |  | 9,715 |  |  | — |  |  | 9,715 |
Real estate taxes |  | 31,982 |  |  | — |  |  | — |  |  | 31,982 |
Depreciation and amortization |  | 45,861 |  |  | 38 |  |  | — |  |  | 45,899 |
Total operating expenses |  | 144,500 |  |  | 33,214 |  |  | (23,461) |  |  | 154,253 |
Total operating income |  | 39,178 |  |  | 6,168 |  |  | — |  |  | 45,346 |
Other income (expense): |  |  |  |  |  |  |  |
Interest income |  | 6,871 |  |  | 89 |  |  | — |  |  | 6,960 |
Interest expense |  | (27,408) |  |  | — |  |  | — |  |  | (27,408) |
Interest expense associated with property in receivership |  | (1,922) |  |  | — |  |  | — |  |  | (1,922) |
Gain on disposition of property |  | 1,262 |  |  | — |  |  | — |  |  | 1,262 |
Income before income taxes |  | 17,981 |  |  | 6,257 |  |  | — |  |  | 24,238 |
Income tax expense |  | (216) |  |  | (1,226) |  |  | — |  |  | (1,442) |
Net income |  | $ | 17,765 |  |  | $ | 5,031 |  |  | $ | — |  |  | $ | 22,796 |
Segment assets |  | $ | 4,174,754 |  |  | $ | 262,183 |  |  | $ | — |  |  | $ | 4,436,937 |
Expenditures for segment assets |  | $ | 167,865 |  |  | $ | 94 |  |  | $ | — |  |  | $ | 167,959 |
|  | Three Months Ended September 30, 2023
(amounts in thousands) |  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Rental revenue |  | $ | 151,458 |  |  | $ | — |  |  | $ | — |  |  | $ | 151,458 |
Intercompany rental revenue |  | 22,113 |  |  | — |  |  | (22,113) |  |  | — |
Observatory revenue |  | — |  |  | 37,562 |  |  | — |  |  | 37,562 |
Third-party management and other fees |  | 268 |  |  | — |  |  | — |  |  | 268 |
Other revenue and fees |  | 2,238 |  |  | — |  |  | — |  |  | 2,238 |
Total revenues |  | 176,077 |  |  | 37,562 |  |  | (22,113) |  |  | 191,526 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 42,817 |  |  | — |  |  | — |  |  | 42,817 |
Intercompany rent expense |  | — |  |  | 22,113 |  |  | (22,113) |  |  | — |
Ground rent expenses |  | 2,331 |  |  | — |  |  | — |  |  | 2,331 |
General and administrative expenses |  | 16,012 |  |  | — |  |  | — |  |  | 16,012 |
Observatory expenses |  | — |  |  | 9,471 |  |  | — |  |  | 9,471 |
Real estate taxes |  | 32,014 |  |  | — |  |  | — |  |  | 32,014 |
Depreciation and amortization |  | 46,593 |  |  | 31 |  |  | — |  |  | 46,624 |
Total operating expenses |  | 139,767 |  |  | 31,615 |  |  | (22,113) |  |  | 149,269 |
Total operating income |  | 36,310 |  |  | 5,947 |  |  | — |  |  | 42,257 |
Other income (expense): |  |  |  |  |  |  |  |
Interest income |  | 4,410 |  |  | 52 |  |  | — |  |  | 4,462 |
Interest expense |  | (25,382) |  |  | — |  |  | — |  |  | (25,382) |
Income before income taxes |  | 15,338 |  |  | 5,999 |  |  | — |  |  | 21,337 |
Income tax expense |  | (146) |  |  | (1,263) |  |  | — |  |  | (1,409) |
Net income |  | $ | 15,192 |  |  | $ | 4,736 |  |  | $ | — |  |  | $ | 19,928 |
Segment assets |  | $ | 3,959,249 |  |  | $ | 257,298 |  |  | $ | — |  |  | $ | 4,216,547 |
Expenditures for segment assets |  | $ | 56,227 |  |  | $ | — |  |  | $ | — |  |  | $ | 56,227 |
|  | Nine Months Ended September 30, 2024
(amounts in thousands) |  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Rental revenue |  | $ | 459,469 |  |  | $ | — |  |  | $ | — |  |  | $ | 459,469 |
Intercompany rental revenue |  | 60,508 |  |  | — |  |  | (60,508) |  |  | — |
Observatory revenue |  | — |  |  | 98,102 |  |  | — |  |  | 98,102 |
Lease termination fees |  | 4,771 |  |  | — |  |  | — |  |  | 4,771 |
Third-party management and other fees |  | 912 |  |  | — |  |  | — |  |  | 912 |
Other revenue and fees |  | 7,067 |  |  | — |  |  | — |  |  | 7,067 |
Total revenues |  | 532,727 |  |  | 98,102 |  |  | (60,508) |  |  | 570,321 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 132,530 |  |  | — |  |  | — |  |  | 132,530 |
Intercompany rent expense |  | — |  |  | 60,508 |  |  | (60,508) |  |  | — |
Ground rent expenses |  | 6,994 |  |  | — |  |  | — |  |  | 6,994 |
General and administrative expenses |  | 52,364 |  |  | — |  |  | — |  |  | 52,364 |
Observatory expenses |  | — |  |  | 27,104 |  |  | — |  |  | 27,104 |
Real estate taxes |  | 96,106 |  |  | — |  |  | — |  |  | 96,106 |
Depreciation and amortization |  | 139,346 |  |  | 107 |  |  | — |  |  | 139,453 |
Total operating expenses |  | 427,340 |  |  | 87,719 |  |  | (60,508) |  |  | 454,551 |
Total operating income |  | 105,387 |  |  | 10,383 |  |  | — |  |  | 115,770 |
Other income (expense): |  |  |  |  |  |  |  |
Interest income |  | 16,022 |  |  | 208 |  |  | — |  |  | 16,230 |
Interest expense |  | (77,859) |  |  | — |  |  | — |  |  | (77,859) |
Interest expense associated with property in receivership |  | (2,550) |  |  | — |  |  | — |  |  | (2,550) |
Loss on early extinguishment of debt |  | (553) |  |  | — |  |  | — |  |  | (553) |
Gain on disposition of property |  | 12,065 |  |  | — |  |  | — |  |  | 12,065 |
Income before income taxes |  | 52,512 |  |  | 10,591 |  |  | — |  |  | 63,103 |
Income tax expense |  | (537) |  |  | (1,000) |  |  | — |  |  | (1,537) |
Net income |  | $ | 51,975 |  |  | $ | 9,591 |  |  | $ | — |  |  | $ | 61,566 |
Expenditures for segment assets |  | $ | 259,617 |  |  | $ | 238 |  |  | $ | — |  |  | $ | 259,855 |
|  | Nine Months Ended September 30, 2023
(amounts in thousands) |  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Rental revenue |  | $ | 446,152 |  |  | $ | — |  |  | $ | — |  |  | $ | 446,152 |
Intercompany rental revenue |  | 58,969 |  |  | — |  |  | (58,969) |  |  | — |
Observatory revenue |  | — |  |  | 93,149 |  |  | — |  |  | 93,149 |
Third-party management and other fees |  | 1,076 |  |  | — |  |  | — |  |  | 1,076 |
Other revenue and fees |  | 6,313 |  |  | — |  |  | — |  |  | 6,313 |
Total revenues |  | 512,510 |  |  | 93,149 |  |  | (58,969) |  |  | 546,690 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 124,380 |  |  | — |  |  | — |  |  | 124,380 |
Intercompany rent expense |  | — |  |  | 58,969 |  |  | (58,969) |  |  | — |
Ground rent expenses |  | 6,994 |  |  | — |  |  | — |  |  | 6,994 |
General and administrative expenses |  | 47,795 |  |  | — |  |  | — |  |  | 47,795 |
Observatory expenses |  | — |  |  | 25,983 |  |  | — |  |  | 25,983 |
Real estate taxes |  | 95,292 |  |  | — |  |  | — |  |  | 95,292 |
Depreciation and amortization |  | 140,194 |  |  | 118 |  |  | — |  |  | 140,312 |
Total operating expenses |  | 414,655 |  |  | 85,070 |  |  | (58,969) |  |  | 440,756 |
Total operating income |  | 97,855 |  |  | 8,079 |  |  | — |  |  | 105,934 |
Other income (expense): |  |  |  |  |  |  |  |
Interest income |  | 10,257 |  |  | 139 |  |  | — |  |  | 10,396 |
Interest expense |  | (76,091) |  |  | — |  |  | — |  |  | (76,091) |
Gain on disposition of property |  | 29,261 |  |  | — |  |  | — |  |  | 29,261 |
Income before income taxes |  | 61,282 |  |  | 8,218 |  |  | — |  |  | 69,500 |
Income tax expense |  | (541) |  |  | (382) |  |  | — |  |  | (923) |
Net income |  | $ | 60,741 |  |  | $ | 7,836 |  |  | $ | — |  |  | $ | 68,577 |
Expenditures for segment assets |  | $ | 123,671 |  |  | $ | 58 |  |  | $ | — |  |  | $ | 123,729 |

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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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