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Segment Reporting (Tables)
12 Months Ended
Dec. 31, 2014
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables provides components of segment profit for each segment for the years ended December 31, 2014, 2013 and 2012, as reviewed by management (amounts in thousands):
 
 
2014
 
 
Real Estate
 
Observatory
 
Other
 
Intersegment Elimination
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
 
Rental revenue
 
$
400,825

 
$

 
$

 
$

 
$
400,825

Intercompany rental revenue
 
69,293

 

 

 
(69,293
)
 

Tenant expense reimbursement
 
67,651

 

 

 

 
67,651

Observatory revenue
 

 
111,541

 

 

 
111,541

Construction revenue
 

 

 
44,989

 
(6,341
)
 
38,648

Third-party management and other fees
 
2,376

 

 

 

 
2,376

Other revenue and fees
 
13,280

 
982

 
23

 

 
14,285

Total revenues
 
553,425

 
112,523

 
45,012

 
(75,634
)
 
635,326

Operating expenses:
 
 
 
 
 
 
 
 
 
 
Property operating expenses
 
151,048

 

 

 

 
151,048

Intercompany rent expense
 

 
69,293

 

 
(69,293
)
 

Ground rent expense
 
5,339

 

 

 

 
5,339

Marketing, general, and administrative expenses
 
39,037

 

 

 

 
39,037

Observatory expenses
 

 
29,041

 

 

 
29,041

Construction expenses
 

 

 
44,185

 
(5,589
)
 
38,596

Real estate taxes
 
82,131

 

 

 

 
82,131

Acquisition expenses
 
3,382

 

 

 

 
3,382

Depreciation and amortization
 
145,121

 
295

 
15

 

 
145,431

Total operating expenses
 
426,058

 
98,629

 
44,200

 
(74,882
)
 
494,005

Total operating income (loss)
 
127,367

 
13,894

 
812

 
(752
)
 
141,321

Interest expense
 
(66,456
)
 

 

 

 
(66,456
)
Income (loss) before income taxes
 
60,911

 
13,894

 
812

 
(752
)
 
74,865

Income tax expense
 
(1,437
)
 
(2,876
)
 
(342
)
 

 
(4,655
)
Net income (loss)
 
$
59,474

 
$
11,018

 
$
470

 
$
(752
)
 
$
70,210

Segment assets
 
$
3,036,087

 
$
252,376

 
$
8,032

 
$

 
$
3,296,495

Expenditures for segment assets
 
$
497,645

 
$
99

 
$

 
$

 
$
497,744



 
 
Period from October 7, 2013 through December 31, 2013
 
 
Real Estate
 
Observatory
 
Other
 
Intersegment Elimination
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
 
Rental revenue
 
$
79,987

 
$

 
$

 
$

 
$
79,987

Intercompany rental revenue
 
20,134

 

 

 
(20,134
)
 
 
Tenant expense reimbursement
 
15,836

 

 

 

 
15,836

Observatory revenue
 

 
23,735

 

 

 
23,735

Construction revenue
 

 

 
6,801

 
(1,536
)
 
5,265

Third-party management and other fees
 
550

 

 

 

 
550

Other revenue and fees
 
2,211

 

 

 
(1
)
 
2,210

Total revenues
 
118,718

 
23,735

 
6,801

 
(21,671
)
 
127,583

Operating expenses:
 
 
 
 
 
 
 
 
 
 
Property operating expenses
 
34,055

 

 

 

 
34,055

Intercompany rent expense
 

 
20,134

 

 
(20,134
)
 
 
Ground rent expense
 
398

 

 

 

 
398

Marketing, general, and administrative expenses
 
16,375

 

 

 
4

 
16,379

Observatory expenses
 

 
5,687

 

 

 
5,687

Construction expenses
 

 

 
6,792

 
(1,324
)
 
5,468

Real estate taxes
 
17,191

 

 

 

 
17,191

Acquisition expenses
 
138,140

 

 

 

 
138,140

Depreciation and amortization
 
27,376

 
4

 
5

 
(10
)
 
27,375

Total operating expenses
 
233,535

 
25,825

 
6,797

 
(21,464
)
 
244,693

Total operating income (loss)
 
(114,817
)
 
(2,090
)
 
4

 
(207
)
 
(117,110
)
Other income (expense):
 
 
 
 
 
 
 
 
 
 
Interest expense
 
(13,147
)
 

 

 

 
(13,147
)
Gain on consolidation of non-controlled entities
 
322,563

 

 

 

 
322,563

Income (loss) before income taxes
 
194,599

 
(2,090
)
 
4

 
(207
)
 
192,306

Income tax benefit
 

 
1,125

 

 

 
1,125

Net income (loss)
 
$
194,599

 
$
(965
)
 
$
4

 
$
(207
)
 
$
193,431

Segment assets
 
$
2,218,143

 
$
249,084

 
$
8,834

 
$

 
$
2,476,061

Expenditures for segment assets
 
$
56,434

 
$

 
$

 
$

 
$
56,434


 
 
Period from January 1, 2013 through October 6, 2013
 
 
Real Estate
 
Other
 
Intersegment Elimination
 
Total
Revenues:
 
 
 
 
 
 
 
 
Rental revenue
 
$
148,690

 
$

 
$

 
$
148,690

Intercompany rental revenue
 
56

 

 
(56
)
 
 
Tenant expense reimbursement
 
21,272

 

 

 
21,272

Construction revenue
 

 
25,473

 
(6,837
)
 
18,636

Third-party management and other fees
 
5,067

 

 

 
5,067

Other revenue and fees
 
12,407

 

 

 
12,407

Total revenues
 
187,492

 
25,473

 
(6,893
)
 
206,072

Operating expenses:
 
 
 
 
 
 
 
 
Property operating expenses
 
41,297

 

 

 
41,297

Marketing, general, and administrative expenses
 
23,600

 

 

 
23,600

Construction expenses
 

 
25,824

 
(6,003
)
 
19,821

Real estate taxes
 
24,331

 

 

 
24,331

Formation transaction expenses
 
4,507

 

 

 
4,507

Depreciation and amortization
 
38,963

 
19

 
(19
)
 
38,963

Total operating expenses
 
132,698

 
25,843

 
(6,022
)
 
152,519

Total operating income (loss)
 
54,794

 
(370
)
 
(871
)
 
53,553

Other income (expense):
 
 
 
 
 
 
 
 
Equity in net income of non-controlled entities
 
14,875

 

 

 
14,875

Interest expense
 
(50,660
)
 

 

 
(50,660
)
Settlement expense
 
(55,000
)
 

 

 
(55,000
)
Net loss
 
$
(35,991
)
 
$
(370
)
 
$
(871
)
 
$
(37,232
)
Segment assets
 
$
1,023,333

 
$
10,585

 
$

 
$
1,033,918

Investment in non-controlled entities
 
$
88,304

 
$

 
$

 
$
88,304

Expenditures for segment assets
 
$
55,820

 
$
130

 
$

 
$
55,950


 
 
2012
 
 
Real Estate
 
Other
 
Intersegment Elimination
 
Total
Revenues:
 
 
 
 
 
 
 
 
Rental revenue
 
$
196,187

 
$

 
$

 
$
196,187

Intercompany rental revenue
 
74

 

 
(74
)
 

Tenant expense reimbursement
 
29,483

 

 

 
29,483

Construction revenue
 

 
24,616

 
(5,714
)
 
18,902

Third-party management and other fees
 
5,103

 

 

 
5,103

Other revenue and fees
 
10,619

 

 

 
10,619

Total revenues
 
241,466

 
24,616

 
(5,788
)
 
260,294

Operating expenses:
 
 
 
 
 
 
 
 
Property operating expenses
 
55,442

 

 
265

 
55,707

Marketing, general, and administrative expenses
 
20,963

 

 

 
20,963

Construction expenses
 

 
24,734

 
(5,142
)
 
19,592

Real estate taxes
 
30,406

 

 

 
30,406

Formation transaction expenses
 
2,247

 

 

 
2,247

Depreciation and amortization
 
42,661

 
29

 

 
42,690

Total operating expenses
 
151,719

 
24,763

 
(4,877
)
 
171,605

Total operating income (loss)
 
89,747

 
(147
)
 
(911
)
 
88,689

Other income (expense):
 
 
 
 
 
 
 
 
Equity in net income of non-controlled entities
 
14,348

 

 

 
14,348

Interest expense
 
(54,394
)
 

 

 
(54,394
)
Net income
 
$
49,701

 
$
(147
)
 
$
(911
)
 
$
48,643

Segment assets
 
$
964,160

 
$
11,514

 
$

 
$
975,674

Investment in non-controlled entities
 
$
76,879

 
$

 
$

 
$
76,879

Expenditures for segment assets
 
$
87,659

 
$

 
$

 
$
87,659