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Segment Reporting | 9 Months Ended
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Sep. 30, 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 September 30, 2025
(amounts in thousands) |  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Revenue, excluding third-party management and other fees |  | $ | 161,289 |  |  | $ | 36,037 |  |  | $ | — |  |  | $ | 197,326 |
Intercompany rental revenue |  | 20,185 |  |  | — |  |  | (20,185) |  |  | — |
Total revenues, excluding third-party management and other fees |  | 181,474 |  |  | 36,037 |  |  | (20,185) |  |  | 197,326 |
Segment operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 46,957 |  |  | — |  |  | — |  |  | 46,957 |
Observatory expenses |  | — |  |  | 9,510 |  |  | — |  |  | 9,510 |
Other segment expenses 1 |  | 35,572 |  |  | 20,185 |  |  | (20,185) |  |  | 35,572 |
Total segment operating expenses |  | 82,529 |  |  | 29,695 |  |  | (20,185) |  |  | 92,039 |
Net operating income |  | $ | 98,945 |  |  | $ | 6,342 |  |  | $ | — |  |  | $ | 105,287 |
Segment assets |  | $ | 3,840,603 |  |  | $ | 265,676 |  |  | $ | — |  |  | $ | 4,106,279 |
(1) Other segment expenses in the real estate segment include real estate taxes and ground rent expense and in the Observatory segment includes intercompany rent expense.
|  | Three Months Ended September 30, 2024
(amounts in thousands) |  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Revenue, excluding third-party management and other fees |  | $ | 159,946 |  |  | $ | 39,382 |  |  | $ | — |  |  | $ | 199,328 |
Intercompany rental revenue |  | 23,461 |  |  | — |  |  | (23,461) |  |  | — |
Total revenues, excluding third-party management and other fees |  | 183,407 |  |  | 39,382 |  |  | (23,461) |  |  | 199,328 |
Segment operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 45,954 |  |  | — |  |  | — |  |  | 45,954 |
Observatory expenses |  | — |  |  | 9,715 |  |  | — |  |  | 9,715 |
Other segment expenses 1 |  | 34,313 |  |  | 23,461 |  |  | (23,461) |  |  | 34,313 |
Total segment operating expenses |  | 80,267 |  |  | 33,176 |  |  | (23,461) |  |  | 89,982 |
Net operating income |  | $ | 103,140 |  |  | $ | 6,206 |  |  | $ | — |  |  | $ | 109,346 |
Segment assets |  | $ | 4,174,754 |  |  | $ | 262,183 |  |  | $ | — |  |  | $ | 4,436,937 |
(1) Other segment expenses in the real estate segment include real estate taxes and ground rent expense and in the Observatory segment includes intercompany rent expense.
|  | Nine Months Ended September 30, 2025
(amounts in thousands) |  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Revenue, excluding third-party management and other fees |  | $ | 474,706 |  |  | $ | 93,097 |  |  | $ | — |  |  | $ | 567,803 |
Intercompany rental revenue |  | 56,011 |  |  | — |  |  | (56,011) |  |  | — |
Total revenues, excluding third-party management and other fees |  | 530,717 |  |  | 93,097 |  |  | (56,011) |  |  | 567,803 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 136,897 |  |  | — |  |  | — |  |  | 136,897 |
Observatory expenses |  | — |  |  | 27,450 |  |  | — |  |  | 27,450 |
Other segment expenses 1 |  | 105,892 |  |  | 56,011 |  |  | (56,011) |  |  | 105,892 |
Total segment operating expenses |  | 242,789 |  |  | 83,461 |  |  | (56,011) |  |  | 270,239 |
Net operating income |  | $ | 287,928 |  |  | $ | 9,636 |  |  | $ | — |  |  | $ | 297,564 |
(1) Other segment expenses in the real estate segment include real estate taxes and ground rent expense and in the Observatory segment includes intercompany rent expense.
|  | Nine Months Ended September 30, 2024
(amounts in thousands) |  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Revenue, excluding third-party management and other fees |  | $ | 471,307 |  |  | $ | 98,102 |  |  | $ | — |  |  | $ | 569,409 |
Intercompany rental revenue |  | 60,508 |  |  | — |  |  | (60,508) |  |  | — |
Total revenues, excluding third-party management and other fees |  | 531,815 |  |  | 98,102 |  |  | (60,508) |  |  | 569,409 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 132,530 |  |  | — |  |  | — |  |  | 132,530 |
Observatory expenses |  | — |  |  | 27,104 |  |  | — |  |  | 27,104 |
Other segment expenses 1 |  | 103,100 |  |  | 60,508 |  |  | (60,508) |  |  | 103,100 |
Total segment operating expenses |  | 235,630 |  |  | 87,612 |  |  | (60,508) |  |  | 262,734 |
Net operating income |  | $ | 296,185 |  |  | $ | 10,490 |  |  | $ | — |  |  | $ | 306,675 |
(1) Other segment expenses in the real estate segment include real estate taxes and ground rent expense and in the Observatory segment includes intercompany rent expense. Below is a reconciliation of Net income to Net operating income:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(amounts in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
| (unaudited) |  | (unaudited)
Net income | $ | 13,645 |  |  | $ | 22,796 |  |  | $ | 40,808 |  |  | $ | 61,566 |
Add: |  |  |  |  |  |  |
General and administrative expenses | 18,743 |  |  | 18,372 |  |  | 54,368 |  |  | 52,364 |
Depreciation and amortization | 47,615 |  |  | 45,899 |  |  | 144,196 |  |  | 139,453 |
Interest expense | 25,189 |  |  | 27,408 |  |  | 77,253 |  |  | 77,859 |
Interest expense associated with property in receivership | — |  |  | 1,922 |  |  | 647 |  |  | 2,550 |
Loss on early extinguishment of debt | — |  |  | — |  |  | — |  |  | 553 |
Income tax expense | 1,645 |  |  | 1,442 |  |  | 1,504 |  |  | 1,537 |
Less: |  |  |  |  |  |  |
Gain on disposition of property | — |  |  | (1,262) |  |  | (13,170) |  |  | (12,065) |
Third-party management and other fees | (404) |  |  | (271) |  |  | (1,243) |  |  | (912) |
Interest income | (1,146) |  |  | (6,960) |  |  | (6,799) |  |  | (16,230) |
Net operating income | $ | 105,287 |  |  | $ | 109,346 |  |  | $ | 297,564 |  |  | $ | 306,675 |

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- Definition The entire disclosure for reporting segments including data and tables. 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