Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2019

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, 2019 and 2018 (amounts in thousands):

	Three Months Ended September 30, 2019
	Real Estate			Observatory			Intersegment Elimination			Total
Revenues:
Rental revenue	$	150,225		$	—		$	—		$	150,225
Intercompany rental revenue	23,242			—			(23,242		)	—
Observatory revenue	—			37,575			—			37,575
Lease termination fees	2,361			—			—			2,361
Third-party management and other fees	304			—			—			304
Other revenue and fees	2,408			—			—			2,408
Total revenues	178,540			37,575			(23,242		)	192,873
Operating expenses:
Property operating expenses	47,894			—			—			47,894
Intercompany rent expense	—			23,242			(23,242		)	—
Ground rent expense	2,331			—			—			2,331
General and administrative expenses	14,421			—			—			14,421
Observatory expenses	—			9,089			—			9,089
Real estate taxes	29,599			—			—			29,599
Depreciation and amortization	44,253			7			—			44,260
Total operating expenses	138,498			32,338			(23,242		)	147,594
Total operating income	40,042			5,237			—			45,279
Other income (expense):
Interest income	2,269			—			—			2,269
Interest expense	(19,426		)	—			—			(19,426		)
Income before income taxes	22,885			5,237			—			28,122
Income tax expense	(267		)	(1,071		)	—			(1,338		)
Net income	$	22,618		$	4,166		$	—		$	26,784
Segment assets	$	3,659,592		$	265,725		$	—		$	3,925,317
Expenditures for segment assets	$	42,901		$	18,375		$	—		$	61,276

	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

	Nine Months Ended September 30, 2019
	Real Estate			Observatory			Intersegment Elimination			Total
Revenues:
Rental revenue	$	434,713		$	—		$	—		$	434,713
Intercompany rental revenue	58,754			—			(58,754		)	—
Observatory revenue	—			91,039			—			91,039
Lease termination fees	3,112			—			—			3,112
Third-party management and other fees	955			—			—			955
Other revenue and fees	6,591			—			—			6,591
Total revenues	504,125			91,039			(58,754		)	536,410
Operating expenses:
Property operating expenses	131,076			—			—			131,076
Intercompany rent expense	—			58,754			(58,754		)	—
Ground rent expense	6,994			—			—			6,994
General and administrative expenses	44,445			—			—			44,445
Observatory expenses	—			25,024			—			25,024
Real estate taxes	86,098			—			—			86,098
Depreciation and amortization	135,157			22			—			135,179
Total operating expenses	403,770			83,800			(58,754		)	428,816
Total operating income	100,355			7,239			—			107,594
Other income (expense):
Interest income	9,907			—			—			9,907
Interest expense	(60,712		)	—			—			(60,712		)
Income before income taxes	49,550			7,239			—			56,789
Income tax expense	(762		)	(457		)	—			(1,219		)
Net income	$	48,788		$	6,782		$	—		$	55,570
Expenditures for segment assets	$	134,865		$	46,703		$	—		$	181,568

	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