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Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables provide components of segment net income for each segment:

						Three Months Ended March 31, 2025
(amounts in thousands)						Real Estate						Observatory						Intersegment Elimination						Total
Revenues:
Revenue, excluding third-party management and other fees						$	156,474					$	23,161					$	—					$	179,635
Intercompany rental revenue						15,160						—						(15,160)						—
Total revenues						171,634						23,161						(15,160)						179,635
Segment operating expenses:
Property operating expenses						45,060						—						—						45,060
Observatory expenses						—						8,118						—						8,118
Other segment expenses1						35,381						15,160						(15,160)						35,381
Total segment operating expenses						80,441						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 Estate						Observatory						Intersegment Elimination						Total
Revenues:
Revenue, excluding third-party management and other fees						$	156,318					$	24,596					$	—					$	180,914
Intercompany rental revenue						16,067						—						(16,067)						—
Total revenues						172,385						24,596						(16,067)						180,914
Segment operating expenses:
Property operating expenses						45,060						—						—						45,060
Observatory expenses						—						8,431						—						8,431
Other segment expenses1						34,572						16,067						(16,067)						34,572
Total segment operating expenses						79,632						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.

Schedule of Reconciliation of Net income to Net operating Income

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

			Three Months Ended March 31,
(amounts in thousands)			2025						2024
			(unaudited)
Net income			$	15,778					$	10,215
Add:
General and administrative expenses			16,940						15,972
Depreciation and amortization			48,779						46,081
Interest expense			26,938						25,128
Interest expense associated with property in receivership			647						—
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

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
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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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
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-Section 50
-Paragraph 30
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