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v3.26.1

Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Schedule of Components of Segment Net Income for Each Segment | The following tables provide components of segment net income (loss) for each segment:
|  | Three Months Ended June 30, 2026
(amounts in thousands) |  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Revenue, excluding third-party management and other fees |  | $ | 172,406 |  |  | $ | 24,225 |  |  | $ | — |  |  | $ | 196,631 |
Intercompany rental revenue |  | 14,771 |  |  | — |  |  | (14,771) |  |  | — |
Total revenues, excluding third-party management and other fees |  | 187,177 |  |  | 24,225 |  |  | (14,771) |  |  | 196,631 |
Segment operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 47,774 |  |  | — |  |  | — |  |  | 47,774 |
Observatory expenses |  | — |  |  | 11,795 |  |  | — |  |  | 11,795 |
Other segment expenses(1) |  | 34,418 |  |  | 14,771 |  |  | (14,771) |  |  | 34,418 |
Total segment operating expenses |  | 82,192 |  |  | 26,566 |  |  | (14,771) |  |  | 93,987 |
Net operating income (loss) |  | $ | 104,985 |  |  | $ | (2,341) |  |  | $ | — |  |  | $ | 102,644 |
Segment assets |  | $ | 4,177,101 |  |  | $ | 95,997 |  |  | $ | — |  |  | $ | 4,273,098 |
(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 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 in the real estate segment include real estate taxes and ground rent expense and in the Observatory segment includes intercompany rent expense.
|  | Six Months Ended June 30, 2026
(amounts in thousands) |  | Real Estate |  | Observatory |  | Intersegment Elimination |  | Total
Revenues: |  |  |  |  |  |  |  |
Revenue, excluding third-party management and other fees |  | $ | 343,944 |  |  | $ | 42,735 |  |  | $ | — |  |  | $ | 386,679 |
Intercompany rental revenue |  | 27,592 |  |  | — |  |  | (27,592) |  |  | — |
Total revenues, excluding third-party management and other fees |  | 371,536 |  |  | 42,735 |  |  | (27,592) |  |  | 386,679 |
Operating expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 95,518 |  |  | — |  |  | — |  |  | 95,518 |
Observatory expenses |  | — |  |  | 19,663 |  |  | — |  |  | 19,663 |
Other segment expenses(1) |  | 71,362 |  |  | 27,592 |  |  | (27,592) |  |  | 71,362 |
Total segment operating expenses |  | 166,880 |  |  | 47,255 |  |  | (27,592) |  |  | 186,543 |
Net operating income (loss) |  | $ | 204,656 |  |  | $ | (4,520) |  |  | $ | — |  |  | $ | 200,136 |
(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.
|  | 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 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 (loss) before income taxes:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(amounts in thousands) | 2026 |  | 2025 |  | 2026 |  | 2025
| (unaudited) |  | (unaudited)
Net Operating Income | $ | 102,644 |  |  | $ | 101,201 |  |  | $ | 200,136 |  |  | $ | 192,277 |
Add: |  |  |  |  |  |  |
Gain on disposition of properties | 124,622 |  |  | — |  |  | 124,622 |  |  | 13,170 |
Third-party management and other fees | 268 |  |  | 408 |  |  | 545 |  |  | 839 |
Interest income | 1,575 |  |  | 1,867 |  |  | 2,188 |  |  | 5,653 |
Less: |  |  |  |  |  |  |
General and administrative expenses | (25,123) |  |  | (18,685) |  |  | (43,216) |  |  | (35,625) |
Depreciation and amortization | (50,389) |  |  | (47,802) |  |  | (100,608) |  |  | (96,581) |
Interest expense | (27,805) |  |  | (25,126) |  |  | (55,942) |  |  | (52,064) |
Interest expense associated with property in receivership | — |  |  | — |  |  | — |  |  | (647) |
Goodwill impairment charge | (166,113) |  |  | — |  |  | (166,113) |  |  | — |
Income (loss) before Income Taxes | $ | (40,321) |  |  | $ | 11,863 |  |  | $ | (38,388) |  |  | $ | 27,022 |

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