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Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company's operating segments are based on our method of internal reporting and include our office properties, retail portfolio, multifamily portfolio, and the Observatory. These operating segments have been aggregated for reporting into 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.
Our Chief Executive Officer, who also serves as our CODM, manages our business, regularly accesses information, and evaluates performance for operating decision-making purposes, including allocation of resources. The CODM uses Net Operating Income ("NOI") to review actual performance and decide whether to invest in capital expenditures, pursue acquisitions and/or dispositions, determine dividend payments, and/or engage in other capital transactions. Our CODM does not evaluate operating segments using asset or liability information.
The following tables provide components of segment net income for each segment:
Three Months Ended March 31, 2025
(amounts in thousands)
Real EstateObservatoryIntersegment EliminationTotal
Revenues:
Revenue, excluding third-party management and other fees$156,474 $23,161 $— $179,635 
Intercompany rental revenue15,160 — (15,160)— 
Total revenues171,634 23,161 (15,160)179,635 
Segment operating expenses:
Property operating expenses45,060 — — 45,060 
Observatory expenses— 8,118 — 8,118 
Other segment expenses1
35,381 15,160 (15,160)35,381 
Total segment operating expenses80,441 23,278 (15,160)88,559 
Net operating income$91,193 $(117)$— $91,076 
Segment assets$3,851,216 $263,164 $— $4,114,380 
(1) Other segment expenses include real estate taxes, ground rent expense and intercompany rent expense.
Three Months Ended March 31, 2024
(amounts in thousands)
Real EstateObservatoryIntersegment EliminationTotal
Revenues:
Revenue, excluding third-party management and other fees$156,318 $24,596 $— $180,914 
Intercompany rental revenue16,067 — (16,067)— 
Total revenues172,385 24,596 (16,067)180,914 
Segment operating expenses:
Property operating expenses45,060 — — 45,060 
Observatory expenses— 8,431 — 8,431 
Other segment expenses1
34,572 16,067 (16,067)34,572 
Total segment operating expenses79,632 24,498 (16,067)88,063 
Net operating income$92,753 $98 $— $92,851 
Segment assets$3,931,685 $258,902 $— $4,190,587 
(1) Other segment expenses include real estate taxes, ground rent expense and intercompany rent expense.
            
Below is a reconciliation of Net income to Net operating income:
Three Months Ended March 31,
(amounts in thousands)20252024
(unaudited)
Net income$15,778 $10,215 
Add:
General and administrative expenses16,940 15,972 
Depreciation and amortization48,779 46,081 
Interest expense26,938 25,128 
Interest expense associated with property in receivership647 — 
Loss on early extinguishment of debt— 553 
Less:
Income tax benefit(619)(655)
Gain on disposition of property(13,170)— 
Third-party management and other fees(431)(265)
Interest income(3,786)(4,178)
Net operating income$91,076 $92,851