XML 41 R30.htm IDEA: XBRL DOCUMENT v3.26.1

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Components of Segment Net Income for Each Segment

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

						Three Months Ended March 31, 2026
(amounts in thousands)						Real Estate						Observatory						Intersegment Elimination						Total
Revenues:
Revenue, excluding third-party management and other fees						$	171,538					$	18,510					$	—					$	190,048
Intercompany rental revenue						12,821						—						(12,821)						—
Total revenues, excluding third-party management and other fees						184,359						18,510						(12,821)						190,048
Segment operating expenses:
Property operating expenses						47,744						—						—						47,744
Observatory expenses						—						7,868						—						7,868
Other segment expenses(1)						36,944						12,821						(12,821)						36,944
Total segment operating expenses						84,688						20,689						(12,821)						92,556
Net operating income (loss)						$	99,671					$	(2,179)					$	—					$	97,492
Segment assets						$	4,142,347					$	263,377					$	—					$	4,405,724

(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 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, excluding third-party management and other fees						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 expenses(1)						35,381						15,160						(15,160)						35,381
Total segment operating expenses						80,441						23,278						(15,160)						88,559
Net operating income (loss)						$	91,193					$	(117)					$	—					$	91,076
Segment assets						$	3,851,216					$	263,164					$	—					$	4,114,380

(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 operating income to Income before income taxes:

			Three Months Ended March 31,
(amounts in thousands)			2026						2025
			(unaudited)
Net Operating Income			$	97,492					$	91,076
Add:
Gain on disposition of property			—						13,170
Third-party management and other fees			277						431
Interest income			613						3,786
Less:
General and administrative expenses			(18,093)						(16,940)
Depreciation and amortization			(50,219)						(48,779)
Interest expense			(28,137)						(26,938)
Interest expense associated with property in receivership			—						(647)
Income before Income Taxes			$	1,933					$	15,159

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

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

Name:	us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration