XML 15 R4.htm IDEA: XBRL DOCUMENT v3.24.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Rental revenue $ 153,117 $ 151,458 $ 459,469 $ 446,152
Observatory revenue 39,382 37,562 98,102 93,149
Lease termination fees 4,771 0 4,771 0
Third-party management and other fees 271 268 912 1,076
Other revenue and fees 2,058 2,238 7,067 6,313
Total revenues 199,599 191,526 570,321 546,690
Operating expenses:        
Property operating expenses 45,954 42,817 132,530 124,380
Ground rent expenses 2,331 2,331 6,994 6,994
General and administrative expenses 18,372 16,012 52,364 47,795
Observatory expenses 9,715 9,471 27,104 25,983
Real estate taxes 31,982 32,014 96,106 95,292
Depreciation and amortization 45,899 46,624 139,453 140,312
Total operating expenses 154,253 149,269 454,551 440,756
Total operating income 45,346 42,257 115,770 105,934
Other income (expense):        
Interest income 6,960 4,462 16,230 10,396
Interest expense (27,408) (25,382) (77,859) (76,091)
Interest expense associated with property in receivership (1,922) 0 (2,550) 0
Loss on early extinguishment of debt 0 0 (553) 0
Gain on disposition of property 1,262 0 12,065 29,261
Income before income taxes 24,238 21,337 63,103 69,500
Income tax expense (1,442) (1,409) (1,537) (923)
Net income 22,796 19,928 61,566 68,577
Private perpetual preferred unit distributions (1,050) (1,050) (3,151) (3,151)
Net income attributable to non-controlling interests in other partnerships 0 (111) (4) (69)
Net income attributable to common unitholders $ 21,746 $ 18,767 $ 58,411 $ 65,357
Total weighted average units:        
Basic (in shares) 264,787 262,756 264,675 263,379
Diluted (in shares) 269,613 266,073 268,608 265,269
Earnings per unit attributable to common unitholders:        
Basic (in USD per share) $ 0.08 $ 0.07 $ 0.22 $ 0.25
Diluted (in USD per share) 0.08 0.07 0.22 0.25
Dividends per unit ((in USD per share) $ 0.035 $ 0.035 $ 0.105 $ 0.105