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Segment Reporting (Tables)
9 Months Ended
Sep. 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 nine months ended September 30, 2018 and 2017 (amounts in thousands):

 
 
Three Months Ended September 30, 2018
 
 
Real Estate
 
Observatory
 
Intersegment Elimination
 
Total
Revenues:
 
 
 
 
 
 
 
 
Rental revenue
 
$
123,621

 
$

 
$

 
$
123,621

Intercompany rental revenue
 
23,805

 

 
(23,805
)
 

Tenant expense reimbursement
 
18,627

 

 

 
18,627

Observatory revenue
 

 
40,241

 

 
40,241

Lease termination fees
 
1,185

 

 

 
1,185

Third-party management and other fees
 
312

 

 

 
312

Other revenue and fees
 
2,416

 

 

 
2,416

Total revenues
 
169,966

 
40,241

 
(23,805
)
 
186,402

Operating expenses:
 
 
 
 
 
 
 
 
Property operating expenses
 
42,772

 

 

 
42,772

Intercompany rent expense
 

 
23,805

 
(23,805
)
 

Ground rent expense
 
2,331

 

 

 
2,331

General and administrative expenses
 
13,148

 

 

 
13,148

Observatory expenses
 

 
8,854

 

 
8,854

Real estate taxes
 
28,284

 

 

 
28,284

Depreciation and amortization
 
42,458

 
17

 

 
42,475

Total operating expenses
 
128,993

 
32,676

 
(23,805
)
 
137,864

Total operating income
 
40,973

 
7,565

 

 
48,538

Other income (expense):

 
 
 
 
 
 
 
 
Interest income
 
3,485

 

 

 
3,485

Interest expense
 
(20,658
)
 

 

 
(20,658
)
Income before income taxes
 
23,800

 
7,565

 

 
31,365

Income tax expense
 
(277
)
 
(1,858
)
 

 
(2,135
)
Net income
 
$
23,523

 
$
5,707

 
$

 
$
29,230

Segment assets
 
$
3,904,454

 
$
262,378

 
$

 
$
4,166,832

Expenditures for segment assets
 
$
52,613

 
$
14,507

 
$

 
$
67,120



 
 
Three Months Ended September 30, 2017
 
 
Real Estate
 
Observatory
 
Intersegment Elimination
 
Total
Revenues:
 
 
 
 
 
 
 
 
Rental revenue
 
$
122,391

 
$

 
$

 
$
122,391

Intercompany rental revenue
 
23,301

 

 
(23,301
)
 

Tenant expense reimbursement
 
20,346

 

 

 
20,346

Observatory revenue
 

 
39,306

 

 
39,306

Lease termination fees
 
1,165

 

 

 
1,165

Third-party management and other fees
 
345

 

 

 
345

Other revenue and fees
 
2,993

 

 

 
2,993

Total revenues
 
170,541

 
39,306

 
(23,301
)
 
186,546

Operating expenses:
 
 
 
 
 
 
 
 
Property operating expenses
 
41,270

 

 

 
41,270

Intercompany rent expense
 

 
23,301

 
(23,301
)
 

Ground rent expense
 
2,331

 

 

 
2,331

General and administrative expenses
 
12,899

 

 

 
12,899

Observatory expenses
 

 
8,648

 

 
8,648

Real estate taxes
 
26,901

 

 

 
26,901

Depreciation and amortization
 
38,473

 
17

 

 
38,490

Total operating expenses
 
121,874

 
31,966

 
(23,301
)
 
130,539

Total operating income
 
48,667

 
7,340

 

 
56,007

Other income (expense):

 
 
 
 
 
 
 
 
Interest income
 
774

 

 

 
774

Interest expense
 
(16,890
)
 

 

 
(16,890
)
Loss on early extinguishment of debt

 
(2,157
)
 

 

 
(2,157
)
Income before income taxes
 
30,394

 
7,340

 

 
37,734

Income tax expense
 
(264
)
 
(1,981
)
 

 
(2,245
)
Net income
 
$
30,130

 
$
5,359

 
$

 
$
35,489

Segment assets
 
$
3,582,935

 
$
265,999

 
$

 
$
3,848,934

Expenditures for segment assets
 
$
40,320

 
$
13,411

 
$

 
$
53,731


 
 
Nine Months Ended September 30, 2018
 
 
Real Estate
 
Observatory
 
Intersegment Elimination
 
Total
Revenues:
 
 
 
 
 
 
 
 
Rental revenue
 
$
369,970

 
$

 
$

 
$
369,970

Intercompany rental revenue
 
59,356

 

 
(59,356
)
 

Tenant expense reimbursement
 
52,626

 

 

 
52,626

Observatory revenue
 

 
96,691

 

 
96,691

Lease termination fees
 
2,164

 

 

 
2,164

Third-party management and other fees
 
1,151

 

 

 
1,151

Other revenue and fees
 
9,600

 

 

 
9,600

Total revenues
 
494,867

 
96,691

 
(59,356
)
 
532,202

Operating expenses:
 
 
 
 
 
 
 
 
Property operating expenses
 
126,375

 

 

 
126,375

Intercompany rent expense
 

 
59,356

 
(59,356
)
 

Ground rent expense
 
6,994

 

 

 
6,994

General and administrative expenses
 
39,001

 

 

 
39,001

Observatory expenses
 

 
23,868

 

 
23,868

Real estate taxes
 
81,771

 

 

 
81,771

Depreciation and amortization
 
121,775

 
51

 

 
121,826

Total operating expenses
 
375,916

 
83,275

 
(59,356
)
 
399,835

Total operating income
 
118,951

 
13,416

 

 
132,367

Other income (expense):

 
 
 
 
 
 
 
 
Interest income
 
7,209

 

 

 
7,209

Interest expense
 
(58,774
)
 

 

 
(58,774
)
Income before income taxes
 
67,386

 
13,416

 

 
80,802

Income tax expense
 
(852
)
 
(2,478
)
 

 
(3,330
)
Net income
 
$
66,534

 
$
10,938

 
$

 
$
77,472

Expenditures for segment assets
 
$
148,429

 
$
41,930

 
$

 
$
190,359

 
 
Nine Months Ended September 30, 2017
 
 
Real Estate
 
Observatory
 
Intersegment Elimination
 
Total
Revenues:
 
 
 
 
 
 
 
 
Rental revenue
 
$
360,348

 
$

 
$

 
$
360,348

Intercompany rental revenue
 
57,354

 

 
(57,354
)
 

Tenant expense reimbursement
 
53,889

 

 

 
53,889

Observatory revenue
 

 
94,212

 

 
94,212

Lease termination fees
 
10,354

 

 

 
10,354

Third-party management and other fees
 
1,088

 

 

 
1,088

Other revenue and fees
 
7,338

 

 

 
7,338

Total revenues
 
490,371

 
94,212

 
(57,354
)
 
527,229

Operating expenses:
 
 
 
 
 
 
 
 
Property operating expenses
 
122,009

 

 

 
122,009

Intercompany rent expense
 

 
57,354

 
(57,354
)
 

Ground rent expense
 
6,994

 

 

 
6,994

General and administrative expenses
 
36,566

 

 

 
36,566

Observatory expenses
 

 
23,079

 

 
23,079

Real estate taxes
 
76,001

 

 

 
76,001

Depreciation and amortization
 
119,764

 
104

 

 
119,868

Total operating expenses
 
361,334

 
80,537

 
(57,354
)
 
384,517

Total operating income
 
129,037

 
13,675

 

 
142,712

Other income (expense):

 
 
 
 
 
 
 
 
Interest income
 
2,169

 

 

 
2,169

Interest expense
 
(52,109
)
 

 

 
(52,109
)
Loss on early extinguishment of debt

 
(2,157
)
 

 

 
(2,157
)
Loss from derivative financial instruments

 
(289
)
 

 

 
(289
)
Income before income taxes
 
76,651

 
13,675

 

 
90,326

Income tax expense
 
(960
)
 
(3,373
)
 

 
(4,333
)
Net income
 
$
75,691

 
$
10,302

 
$

 
$
85,993

Expenditures for segment assets
 
$
142,854

 
$
20,261

 
$

 
$
163,115