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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

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X

- References

No definition available.

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