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Segment Reporting (Tables)
6 Months Ended
Jun. 30, 2018
Segment Reporting [Abstract]  
Components of segment profit for each segment
The following tables provide components of segment profit for each segment for the three and six months ended June 30, 2018 and 2017 (amounts in thousands):

 
 
Three Months Ended June 30, 2018
 
 
Real Estate
 
Observatory
 
Intersegment Elimination
 
Total
Revenues:
 
 
 
 
 
 
 
 
Rental revenue
 
$
124,038

 
$

 
$

 
$
124,038

Intercompany rental revenue
 
21,990

 

 
(21,990
)
 

Tenant expense reimbursement
 
16,205

 

 

 
16,205

Observatory revenue
 

 
35,201

 

 
35,201

Lease termination fees
 
357

 

 

 
357

Third-party management and other fees
 
376

 

 

 
376

Other revenue and fees
 
2,352

 

 

 
2,352

Total revenues
 
165,318

 
35,201

 
(21,990
)
 
178,529

Operating expenses:
 
 
 
 
 
 
 
 
Property operating expenses
 
39,418

 

 

 
39,418

Intercompany rent expense
 

 
21,990

 
(21,990
)
 

Ground rent expense
 
2,332

 

 

 
2,332

General and administrative expenses
 
13,225

 

 

 
13,225

Observatory expenses
 

 
7,678

 

 
7,678

Real estate taxes
 
26,743

 

 

 
26,743

Depreciation and amortization
 
39,452

 
16

 

 
39,468

Total operating expenses
 
121,170

 
29,684

 
(21,990
)
 
128,864

Total operating income
 
44,148

 
5,517

 

 
49,665

Other income (expense):

 
 
 
 
 
 
 
 
Interest income
 
2,499

 

 

 
2,499

Interest expense
 
(20,525
)
 

 

 
(20,525
)
Income before income taxes
 
26,122

 
5,517

 

 
31,639

Income tax (expense) benefit
 
(268
)
 
(1,187
)
 

 
(1,455
)
Net income
 
$
25,854

 
$
4,330

 
$

 
$
30,184

Segment assets
 
$
3,902,676

 
$
260,229

 
$

 
$
4,162,905

Expenditures for segment assets
 
$
61,017

 
$
15,872

 
$

 
$
76,889



 
 
Three Months Ended June 30, 2017
 
 
Real Estate
 
Observatory
 
Intersegment Elimination
 
Total
Revenues:
 
 
 
 
 
 
 
 
Rental revenue
 
$
120,844

 
$

 
$

 
$
120,844

Intercompany rental revenue
 
20,675

 

 
(20,675
)
 

Tenant expense reimbursement
 
17,569

 

 

 
17,569

Observatory revenue
 

 
33,966

 

 
33,966

Lease termination fees
 
1,251

 

 

 
1,251

Third-party management and other fees
 
392

 

 

 
392

Other revenue and fees
 
2,327

 

 

 
2,327

Total revenues
 
163,058

 
33,966

 
(20,675
)
 
176,349

Operating expenses:
 
 
 
 
 
 
 
 
Property operating expenses
 
38,529

 

 

 
38,529

Intercompany rent expense
 

 
20,675

 
(20,675
)
 

Ground rent expense
 
2,332

 

 

 
2,332

General and administrative expenses
 
12,579

 

 

 
12,579

Observatory expenses
 

 
7,176

 

 
7,176

Real estate taxes
 
24,542

 

 

 
24,542

Depreciation and amortization
 
40,458

 
74

 

 
40,532

Total operating expenses
 
118,440

 
27,925

 
(20,675
)
 
125,690

Total operating income
 
44,618

 
6,041

 

 
50,659

Other income (expense):

 
 
 
 
 
 
 
 
Interest income
 
775

 

 

 
775

Interest expense
 
(17,477
)
 

 

 
(17,477
)
Loss from derivative financial instruments

 
(42
)
 

 

 
(42
)
Income before income taxes
 
27,874

 
6,041

 

 
33,915

Income tax (expense) benefit
 
(413
)
 
(2,143
)
 

 
(2,556
)
Net income
 
$
27,461

 
$
3,898

 
$

 
$
31,359

Segment assets
 
$
3,579,873

 
$
251,328

 
$

 
$
3,831,201

Expenditures for segment assets
 
$
54,474

 
$
6,850

 
$

 
$
61,324


 
 
Six Months Ended June 30, 2018
 
 
Real Estate
 
Observatory
 
Intersegment Elimination
 
Total
Revenues:
 
 
 
 
 
 
 
 
Rental revenue
 
$
246,349

 
$

 
$

 
$
246,349

Intercompany rental revenue
 
35,551

 

 
(35,551
)
 

Tenant expense reimbursement
 
33,999

 

 

 
33,999

Observatory revenue
 

 
56,450

 

 
56,450

Lease termination fees
 
979

 

 

 
979

Third-party management and other fees
 
839

 

 

 
839

Other revenue and fees
 
7,184

 

 

 
7,184

Total revenues
 
324,901

 
56,450

 
(35,551
)
 
345,800

Operating expenses:
 
 
 
 
 
 
 
 
Property operating expenses
 
83,603

 

 

 
83,603

Intercompany rent expense
 

 
35,551

 
(35,551
)
 

Ground rent expense
 
4,663

 

 

 
4,663

General and administrative expenses
 
25,853

 

 

 
25,853

Observatory expenses
 

 
15,014

 

 
15,014

Real estate taxes
 
53,487

 

 

 
53,487

Depreciation and amortization
 
79,317

 
34

 

 
79,351

Total operating expenses
 
246,923

 
50,599

 
(35,551
)
 
261,971

Total operating income
 
77,978

 
5,851

 

 
83,829

Other income (expense):

 
 
 
 
 
 
 
 
Interest income
 
3,724

 

 

 
3,724

Interest expense
 
(38,116
)
 

 

 
(38,116
)
Income before income taxes
 
43,586

 
5,851

 

 
49,437

Income tax expense
 
(575
)
 
(620
)
 

 
(1,195
)
Net income
 
$
43,011

 
$
5,231

 
$

 
$
48,242

Expenditures for segment assets
 
$
95,816

 
$
27,423

 
$

 
$
123,239

 
 
Six Months Ended June 30, 2017
 
 
Real Estate
 
Observatory
 
Intersegment Elimination
 
Total
Revenues:
 
 
 
 
 
 
 
 
Rental revenue
 
$
237,957

 
$

 
$

 
$
237,957

Intercompany rental revenue
 
34,053

 

 
(34,053
)
 

Tenant expense reimbursement
 
33,543

 

 

 
33,543

Observatory revenue
 

 
54,906

 

 
54,906

Lease termination fees
 
9,189

 

 

 
9,189

Third-party management and other fees
 
743

 

 

 
743

Other revenue and fees
 
4,344

 

 

 
4,344

Total revenues
 
319,829

 
54,906

 
(34,053
)
 
340,682

Operating expenses:
 
 
 
 
 
 
 
 
Property operating expenses
 
80,739

 

 

 
80,739

Intercompany rent expense
 

 
34,053

 
(34,053
)
 

Ground rent expense
 
4,663

 

 

 
4,663

General and administrative expenses
 
23,667

 

 

 
23,667

Observatory expenses
 

 
14,431

 

 
14,431

Real estate taxes
 
49,100

 

 

 
49,100

Depreciation and amortization
 
81,291

 
87

 

 
81,378

Total operating expenses
 
239,460

 
48,571

 
(34,053
)
 
253,978

Total operating income
 
80,369

 
6,335

 

 
86,704

Other income (expense):

 
 
 
 
 
 
 
 
Interest income
 
1,396

 

 

 
1,396

Interest expense
 
(35,219
)
 

 

 
(35,219
)
Loss from derivative financial instruments

 
(289
)
 

 

 
(289
)
Income before income taxes
 
46,257

 
6,335

 

 
52,592

Income tax expense
 
(696
)
 
(1,392
)
 

 
(2,088
)
Net income
 
$
45,561

 
$
4,943

 
$

 
$
50,504

Expenditures for segment assets
 
$
102,534

 
$
6,850

 
$

 
$
109,384