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v3.25.2

Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2025
(amounts in thousands) |  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Revenue, excluding third-party management and other fees |  | $ | 156,943 |  |  | $ | 33,899 |  |  | $ | — |  |  | $ | 190,842 |
Intercompany rental revenue |  | 20,666 |  |  | — |  |  | (20,666) |  |  | — |
Total revenues, excluding third-party management and other fees |  | 177,609 |  |  | 33,899 |  |  | (20,666) |  |  | 190,842 |
Segment operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 44,880 |  |  | — |  |  | — |  |  | 44,880 |
Observatory expenses |  | — |  |  | 9,822 |  |  | — |  |  | 9,822 |
Other segment expenses 1 |  | 34,939 |  |  | 20,666 |  |  | (20,666) |  |  | 34,939 |
Total segment operating expenses |  | 79,819 |  |  | 30,488 |  |  | (20,666) |  |  | 89,641 |
Net operating income |  | $ | 97,790 |  |  | $ | 3,411 |  |  | $ | — |  |  | $ | 101,201 |
Segment assets |  | $ | 3,813,645 |  |  | $ | 265,105 |  |  | $ | — |  |  | $ | 4,078,750 |
(1) Other segment expenses include real estate taxes, ground rent expense and intercompany rent expense.
|  | Three Months Ended June 30, 2024
(amounts in thousands) |  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Revenue, excluding third-party management and other fees |  | $ | 155,043 |  |  | $ | 34,124 |  |  | $ | — |  |  | $ | 189,167 |
Intercompany rental revenue |  | 20,980 |  |  | — |  |  | (20,980) |  |  | — |
Total revenues, excluding third-party management and other fees |  | 176,023 |  |  | 34,124 |  |  | (20,980) |  |  | 189,167 |
Segment operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 41,516 |  |  | — |  |  | — |  |  | 41,516 |
Observatory expenses |  | — |  |  | 8,958 |  |  | — |  |  | 8,958 |
Other segment expenses 1 |  | 34,215 |  |  | 20,980 |  |  | (20,980) |  |  | 34,215 |
Total segment operating expenses |  | 75,731 |  |  | 29,938 |  |  | (20,980) |  |  | 84,689 |
Net operating income |  | $ | 100,292 |  |  | $ | 4,186 |  |  | $ | — |  |  | $ | 104,478 |
Segment assets |  | $ | 4,171,251 |  |  | $ | 261,999 |  |  | $ | — |  |  | $ | 4,433,250 |
(1) Other segment expenses include real estate taxes, ground rent expense and intercompany rent expense.
|  | Six Months Ended June 30, 2025
(amounts in thousands) |  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Revenue, excluding third-party management and other fees |  | $ | 313,417 |  |  | $ | 57,060 |  |  | $ | — |  |  | $ | 370,477 |
Intercompany rental revenue |  | 35,826 |  |  | — |  |  | (35,826) |  |  | — |
Total revenues, excluding third-party management and other fees |  | 349,243 |  |  | 57,060 |  |  | (35,826) |  |  | 370,477 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 89,940 |  |  | — |  |  | — |  |  | 89,940 |
Observatory expenses |  | — |  |  | 17,940 |  |  | — |  |  | 17,940 |
Other segment expenses 1 |  | 70,320 |  |  | 35,826 |  |  | (35,826) |  |  | 70,320 |
Total segment operating expenses |  | 160,260 |  |  | 53,766 |  |  | (35,826) |  |  | 178,200 |
Net operating income |  | $ | 188,983 |  |  | $ | 3,294 |  |  | $ | — |  |  | $ | 192,277 |
(1) Other segment expenses include real estate taxes, ground rent expense and intercompany rent expense.
|  | Six Months Ended June 30, 2024
(amounts in thousands) |  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Revenue, excluding third-party management and other fees |  | $ | 311,361 |  |  | $ | 58,720 |  |  | $ | — |  |  | $ | 370,081 |
Intercompany rental revenue |  | 37,047 |  |  | — |  |  | (37,047) |  |  | — |
Total revenues, excluding third-party management and other fees |  | 348,408 |  |  | 58,720 |  |  | (37,047) |  |  | 370,081 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 86,576 |  |  | — |  |  | — |  |  | 86,576 |
Observatory expenses |  | — |  |  | 17,389 |  |  | — |  |  | 17,389 |
Other segment expenses 1 |  | 68,787 |  |  | 37,047 |  |  | (37,047) |  |  | 68,787 |
Total segment operating expenses |  | 155,363 |  |  | 54,436 |  |  | (37,047) |  |  | 172,752 |
Net operating income |  | $ | 193,045 |  |  | $ | 4,284 |  |  | $ | — |  |  | $ | 197,329 |
(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 June 30, |  | Six Months Ended June 30,
(amounts in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
| (unaudited) |  | (unaudited)
Net income | $ | 11,385 |  |  | $ | 28,555 |  |  | $ | 27,163 |  |  | $ | 38,770 |
Add: |  |  |  |  |  |  |
General and administrative expenses | 18,685 |  |  | 18,020 |  |  | 35,625 |  |  | 33,992 |
Depreciation and amortization | 47,802 |  |  | 47,473 |  |  | 96,581 |  |  | 93,554 |
Interest expense | 25,126 |  |  | 25,323 |  |  | 52,064 |  |  | 50,451 |
Interest expense associated with property in receivership | — |  |  | 628 |  |  | 647 |  |  | 628 |
Loss on early extinguishment of debt | — |  |  | — |  |  | — |  |  | 553 |
Income tax expense (benefit) | 478 |  |  | 750 |  |  | (141) |  |  | 95 |
Less: |  |  |  |  |  |  |
Gain on disposition of property | — |  |  | (10,803) |  |  | (13,170) |  |  | (10,803) |
Third-party management and other fees | (408) |  |  | (376) |  |  | (839) |  |  | (641) |
Interest income | (1,867) |  |  | (5,092) |  |  | (5,653) |  |  | (9,270) |
Net operating income | $ | 101,201 |  |  | $ | 104,478 |  |  | $ | 192,277 |  |  | $ | 197,329 |

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- 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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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 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 + Details
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