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Segment Reporting
 9 Months Ended
Sep. 30, 2024
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 operates 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 rents as if the sales or rents were to third parties, that is, at current market prices.
The following tables provide components of segment net income for each segment:
Three Months Ended September 30, 2024
(amounts in thousands)
Real EstateObservatoryIntersegment EliminationTotal
Revenues:
Rental revenue$153,117 $— $— $153,117 
Intercompany rental revenue23,461 — (23,461)— 
Observatory revenue— 39,382 — 39,382 
Lease termination fees4,771 — — 4,771 
Third-party management and other fees271 — — 271 
Other revenue and fees2,058 — — 2,058 
Total revenues183,678 39,382 (23,461)199,599 
Operating expenses:
Property operating expenses45,954 — — 45,954 
Intercompany rent expense— 23,461 (23,461)— 
Ground rent expenses2,331 — — 2,331 
General and administrative expenses18,372 — — 18,372 
Observatory expenses— 9,715 — 9,715 
Real estate taxes31,982 — — 31,982 
Depreciation and amortization45,861 38 — 45,899 
Total operating expenses144,500 33,214 (23,461)154,253 
Total operating income39,178 6,168 — 45,346 
Other income (expense):
Interest income6,871 89 — 6,960 
Interest expense(27,408)— — (27,408)
Interest expense associated with property in receivership(1,922)— — (1,922)
Gain on disposition of property1,262 — — 1,262 
 Income before income taxes17,981 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 EstateObservatoryIntersegment EliminationTotal
Revenues:
Rental revenue$151,458 $— $— $151,458 
Intercompany rental revenue22,113 — (22,113)— 
Observatory revenue— 37,562 — 37,562 
Third-party management and other fees268 — — 268 
Other revenue and fees2,238 — — 2,238 
Total revenues176,077 37,562 (22,113)191,526 
Operating expenses:
Property operating expenses42,817 — — 42,817 
Intercompany rent expense— 22,113 (22,113)— 
Ground rent expenses2,331 — — 2,331 
General and administrative expenses16,012 — — 16,012 
Observatory expenses— 9,471 — 9,471 
Real estate taxes32,014 — — 32,014 
Depreciation and amortization46,593 31 — 46,624 
Total operating expenses139,767 31,615 (22,113)149,269 
Total operating income36,310 5,947 — 42,257 
Other income (expense):
Interest income4,410 52 — 4,462 
Interest expense(25,382)— — (25,382)
 Income before income taxes15,338 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 EstateObservatoryIntersegment EliminationTotal
Revenues:
Rental revenue$459,469 $— $— $459,469 
Intercompany rental revenue60,508 — (60,508)— 
Observatory revenue— 98,102 — 98,102 
Lease termination fees4,771 — — 4,771 
Third-party management and other fees912 — — 912 
Other revenue and fees7,067 — — 7,067 
Total revenues532,727 98,102 (60,508)570,321 
Operating expenses:
Property operating expenses132,530 — — 132,530 
Intercompany rent expense— 60,508 (60,508)— 
Ground rent expenses6,994 — — 6,994 
General and administrative expenses52,364 — — 52,364 
Observatory expenses— 27,104 — 27,104 
Real estate taxes96,106 — — 96,106 
Depreciation and amortization139,346 107 — 139,453 
Total operating expenses427,340 87,719 (60,508)454,551 
Total operating income105,387 10,383 — 115,770 
Other income (expense):
Interest income16,022 208 — 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 property12,065 — — 12,065 
 Income before income taxes52,512 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 EstateObservatoryIntersegment EliminationTotal
Revenues:
Rental revenue$446,152 $— $— $446,152 
Intercompany rental revenue58,969 — (58,969)— 
Observatory revenue— 93,149 — 93,149 
Third-party management and other fees1,076 — — 1,076 
Other revenue and fees6,313 — — 6,313 
Total revenues512,510 93,149 (58,969)546,690 
Operating expenses:
Property operating expenses124,380 — — 124,380 
Intercompany rent expense— 58,969 (58,969)— 
Ground rent expenses6,994 — — 6,994 
General and administrative expenses47,795 — — 47,795 
Observatory expenses— 25,983 — 25,983 
Real estate taxes95,292 — — 95,292 
Depreciation and amortization140,194 118 — 140,312 
Total operating expenses414,655 85,070 (58,969)440,756 
Total operating income97,855 8,079 — 105,934 
Other income (expense):
Interest income10,257 139 — 10,396 
Interest expense(76,091)— — (76,091)
Gain on disposition of property29,261 — — 29,261 
 Income before income taxes61,282 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