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Segment Reporting (Tables)

9 Months Ended

Sep. 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 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 expenses1						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 expenses1						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 expenses1						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 expenses1						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.

Schedule of Reconciliation of Net income to Net operating Income

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

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
-Paragraph 30
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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
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 30
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