Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables provides components of segment profit for each segment for the three and nine months ended September 30, 2014 and 2013, as reviewed by management (amounts in thousands):

	Three Months Ended September 30, 2014
	Real Estate				Observatory			Other			Totals
Revenues from external customers	$	127,942			$	35,684		$	5,815		$	169,441
Intersegment revenues	19,986			(1)	—			1,488			21,474
Total revenues	147,928				35,684			7,303			190,915
All operating expenses	(74,215		)		(26,982		)	(7,365		)	(108,562		)
Interest expense	(17,674		)		—			—			(17,674		)
Depreciation and amortization expense	(37,797		)		(79		)	(4		)	(37,880		)
Income tax expense	(371		)		(2,970		)	(75		)	(3,416		)
Segment profit (loss)	$	17,871			$	5,653		$	(141	)	$	23,383
Segment assets	$	3,038,363			$	255,081		$	8,572		$	3,302,016
Expenditures for segment assets	$	422,175			$	99		$	—		$	422,274

___________

(1) The observatory pays a market-based rent payment comprised of fixed and percentage rent to the Empire State Building.

	Three Months Ended September 30, 2013
	Real Estate			Other			Totals
Revenues from external customers	$	56,374		$	5,869		$	62,243
Intersegment revenues	19			1,923			1,942
Total revenues	56,393			7,792			64,185
All operating expenses, excluding noncash items	(22,173		)	(7,623		)	(29,796		)
Interest expense	(14,906		)	—			(14,906		)
Depreciation and amortization expense	(12,763		)	—			(12,763		)
Equity in net income of non-controlled entities	6,918			—			6,918
Segment profit	$	13,469		$	169		$	13,638
Segment assets	$	1,023,333		$	10,585		$	1,033,918
Investment in non-controlled entities	$	88,304		$	—		$	88,304
Expenditures for segment assets	$	23,118		$	—		$	23,118

	Nine Months Ended September 30, 2014
	Real Estate				Observatory			Other			Totals
Revenues from external customers	$	346,807			$	83,374		$	33,759		$	463,940
Intersegment revenues	51,552			(1)	—			3,351			54,903
Total revenues	398,359				83,374			37,110			518,843
All operating expenses	(202,504		)		(72,762		)	(36,052		)	(311,318		)
Interest expense	(46,640		)		—			—			(46,640		)
Depreciation and amortization expense	(96,404		)		(217		)	(11		)	(96,632		)
Income tax expense	(1,024		)		(3,035		)	(94		)	(4,153		)
Segment profit	$	51,787			$	7,360		$	953		$	60,100
Segment assets	$	3,038,363			$	255,081		$	8,572		$	3,302,016
Expenditures for segment assets	$	459,910			$	99		$	—		$	460,009

___________

(1) The observatory pays a market-based rent payment comprised of fixed and percentage rent to the Empire State Building.

	Nine Months Ended September 30, 2013
	Real Estate			Other			Totals
Revenues from external customers	$	165,852		$	18,269		$	184,121
Intersegment revenues	56			6,730			6,786
Total revenues	165,908			24,999			190,907
All operating expenses, excluding noncash items	(63,918		)	(24,651		)	(88,569		)
Interest expense	(43,817		)	—			(43,817		)
Depreciation and amortization expense	(38,030		)	—			(38,030		)
Equity in net income of non-controlled entities	14,816			—			14,816
Segment profit	$	34,959		$	348		$	35,307
Segment assets	$	1,023,333		$	10,585		$	1,033,918
Investment in non-controlled entities	$	88,304		$	—		$	88,304
Expenditures for segment assets	$	56,129		$	—		$	56,129

Reconciliation of Revenue from Segments to Consolidated

The following table provides a reconciliation of segment data to the consolidated financial statements:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	Company			Predecessor			Company			Predecessor
Revenue reconciliation
Total revenues for reportable segments	$	190,915		$	64,185		$	518,843		$	190,907
Other revenues	—			35			975			146
Elimination for intersegment revenues	(21,474		)	(1,942		)	(54,903		)	(6,786		)
Total consolidated revenues	$	169,441		$	62,278		$	464,915		$	184,267
Profit or loss
Total profit or loss for reportable segments	$	23,383		$	13,638		60,100			$	35,307
Other profit or loss items	—			(9,633		)	975			(22,807		)
Formation transaction expenses	—			(1,507		)	—			(4,507		)
Private perpetual preferred exchange offering costs	(407		)	—			(1,357		)	—
Elimination for capitalized intersegment profit or loss	(242		)	(252		)	(472		)	(857		)
Unallocated amounts:
Investment income	—			35			—			146
Net income	22,734			$	2,281		59,246			$	7,282
Private perpetual preferred unit distributions	(241		)				(241		)
Net income attributable to non-controlling interests	(14,171		)				(36,480		)
Net income attributable to common stockholders	$	8,322					$	22,525