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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables provide components of segment profit for each segment:

						Year Ended December 31, 2024
(amounts in thousands)						Real Estate						Observatory						Intersegment Elimination						Total
Revenues:
Revenue, excluding third-party management and other fees						$	630,376					$	136,377					$	—					$	766,753
Intercompany rental revenue						83,477						—						(83,477)						—
Total revenues						713,853						136,377						(83,477)						766,753
Segment operating expenses:
Property operating expenses						179,175						—						—						179,175
Observatory expenses						—						36,834						—						36,834
Other segment expenses1						138,152						83,477						(83,477)						138,152
Total segment operating expenses						317,327						120,311						(83,477)						354,161
Net operating income						396,526						16,066						—						412,592
Segment assets						$	4,242,953					$	267,334					$	—					$	4,510,287

(1) Other segment expenses include real estate taxes, ground rent expense and intercompany rent expense.

						Year Ended December 31, 2023
(amounts in thousands)						Real Estate						Observatory						Intersegment Elimination						Total
Revenues:
Revenue, excluding third-party management and other fees						$	608,855					$	129,366					$	—					$	738,221
Intercompany rental revenue						80,514						—						(80,514)						—
Total revenues						689,369						129,366						(80,514)						738,221
Segment operating expenses:
Property operating expenses						167,324						—						—						167,324
Observatory expenses						—						35,265						—						35,265
Other segment expenses1						136,427						80,514						(80,514)						136,427
Total segment operating expenses						303,751						115,779						(80,514)						339,016
Net operating income						385,618						13,587						—						399,205
Segment assets						$	3,957,659					$	261,674					$	—					$	4,219,333

(1) Other segment expenses include real estate taxes, ground rent expense and intercompany rent expense.

						Year Ended December 31, 2022
(amounts in thousands)						Real Estate						Observatory						Intersegment Elimination						Total
Revenues:
Revenue, excluding third-party management and other fees						$	619,702					$	105,978					$	—					$	725,680
Intercompany rental revenue						65,005						—						(65,005)						—
Total revenues						684,707						105,978						(65,005)						725,680
Segment operating expenses:
Property operating expenses						157,935						—						—						157,935
Observatory expenses						—						31,036						—						31,036
Other segment expenses1						132,383						65,005						(65,005)						132,383
Total segment operating expenses						290,318						96,041						(65,005)						321,354
Net operating income						394,389						9,937						—						404,326
Segment assets						$	3,909,299					$	254,295					$	—					$	4,163,594

(1) Other segment expenses include real estate taxes, ground rent expense and intercompany rent expense.

Schedule of Reconciliation of Net income to Net operating Income

Below is a reconciliation of Net income to Net operating income:

			Years Ended December 31,
(amounts in thousands)			2024						2023						2022
Net income			$	80,359					$	84,407					$	63,212
Add:
General and administrative expenses			70,234						63,939						61,765
Depreciation and amortization			184,818						189,911						216,894
Interest expense			105,239						101,484						101,206
Interest expense associated with property in receivership			4,471						—						—
Loss on early extinguishment of debt			553						—						—
Income tax expense			2,688						2,715						1,546
Less:
Gain on sale/disposition of properties			(13,302)						(26,764)						(33,988)
Third-party management and other fees			(1,170)						(1,351)						(1,361)
Interest income			(21,298)						(15,136)						(4,948)
Net operating income			$	412,592					$	399,205					$	404,326

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-Publisher FASB
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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
-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

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-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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