Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2020

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, 2020 and 2019 (amounts in thousands):

	Three Months Ended June 30, 2020
	Real Estate			Observatory			Intersegment Elimination			Total
Revenues:
Rental revenue	$	137,999		$	—		$	—		$	137,999
Intercompany rental revenue	4,053			—			(4,053		)	—
Observatory revenue	—			86			—			86
Lease termination fees	1,033			—			—			1,033
Third-party management and other fees	301			—			—			301
Other revenue and fees	1,611			—			—			1,611
Total revenues	144,997			86			(4,053		)	141,030
Operating expenses:
Property operating expenses	29,750			—			—			29,750
Intercompany rent expense	—			4,053			(4,053		)	—
Ground rent expense	2,332			—			—			2,332
General and administrative expenses	18,149			—			—			18,149
Observatory expenses	—			4,002			—			4,002
Real estate taxes	29,579			—			—			29,579
Impairment charge	4,101			—			—			4,101
Depreciation and amortization	52,758			25			—			52,783
Total operating expenses	136,669			8,080			(4,053		)	140,696
Total operating income (loss)	8,328			(7,994		)	—			334
Other income (expense):
Interest income	1,441			85			—			1,526
Interest expense	(23,928		)	—			—			(23,928		)
Loss on early extinguishment of debt	—			—			—			—
Income before income taxes	(14,159		)	(7,909		)	—			(22,068		)
Income tax (expense) benefit	(269		)	2,719			—			2,450
Net income (loss)	$	(14,428	)	$	(5,190	)	$	—		$	(19,618	)
Segment assets	$	4,305,105		$	245,290		$	—		$	4,550,395
Expenditures for segment assets	$	20,100		$	995		$	—		$	21,095

	Three Months Ended June 30, 2019
	Real Estate			Observatory			Intersegment Elimination			Total
Revenues:
Rental revenue	$	141,071		$	—		$	—		$	141,071
Intercompany rental revenue	21,491			—			(21,491		)	—
Observatory revenue	—			32,895			—			32,895
Lease termination fees	363			—			—			363
Third-party management and other fees	331			—			—			331
Other revenue and fees	1,584			—			—			1,584
Total revenues	164,840			32,895			(21,491		)	176,244
Operating expenses:
Property operating expenses	40,227			—			—			40,227
Intercompany rent expense	—			21,491			(21,491		)	—
Ground rent expense	2,332			—			—			2,332
General and administrative expenses	15,998			—			—			15,998
Observatory expenses	—			8,360			—			8,360
Real estate taxes	28,267			—			—			28,267
Depreciation and amortization	44,813			8			—			44,821
Total operating expenses	131,637			29,859			(21,491		)	140,005
Total operating income	33,203			3,036			—			36,239
Other income (expense):
Interest income	3,899			—			—			3,899
Interest expense	(20,597		)	—			—			(20,597		)
Income before income taxes	16,505			3,036			—			19,541
Income tax (expense) benefit	(261		)	(350		)	—			(611		)
Net income	$	16,244		$	2,686		$	—		$	18,930
Segment assets	$	3,891,038		$	264,537		$	—		$	4,155,575
Expenditures for segment assets	$	47,433		$	14,539		$	—		$	61,972

	Six Months Ended June 30, 2020
	Real Estate			Observatory			Intersegment Elimination			Total
Revenues:
Rental revenue	$	286,112		$	—		$	—		$	286,112
Intercompany rental revenue	15,589			—			(15,589		)	—
Observatory revenue	—			19,630			—			19,630
Lease termination fees	1,244			—			—			1,244
Third-party management and other fees	647			—			—			647
Other revenue and fees	3,621			—			—			3,621
Total revenues	307,213			19,630			(15,589		)	311,254
Operating expenses:
Property operating expenses	71,218			—			—			71,218
Intercompany rent expense	—			15,589			(15,589		)	—
Ground rent expense	4,663			—			—			4,663
General and administrative expenses	34,100			—			—			34,100
Observatory expenses	—			12,156			—			12,156
Real estate taxes	58,833			—			—			58,833
Impairment charge	4,101			—			—			4,101
Depreciation and amortization	98,843			33			—			98,876
Total operating expenses	271,758			27,778			(15,589		)	283,947
Total operating income (loss)	35,455			(8,148		)	—			27,307
Other income (expense):
Interest income	2,078			85			—			2,163
Interest expense	(43,546		)	—			—			(43,546		)
Loss on early extinguishment of debt	(86		)	—			—			(86		)
Income before income taxes	(6,099		)	(8,063		)	—			(14,162		)
Income tax (expense) benefit	(496		)	3,328			—			2,832
Net income (loss)	$	(6,595	)	$	(4,735	)	$	—		$	(11,330	)
Expenditures for segment assets	$	46,672		$	2,232		$	—		$	48,904

	Six Months Ended June 30, 2019
	Real Estate			Observatory		Intersegment Elimination			Total
Revenues:
Rental revenue	$	284,488		$	—	$	—		$	284,488
Intercompany rental revenue	35,512			—		(35,512		)	—
Observatory revenue	—			53,464		—			53,464
Lease termination fees	751			—		—			751
Third-party management and other fees	651			—		—			651
Other revenue and fees	4,183			—		—			4,183
Total revenues	325,585			53,464		(35,512		)	343,537
Operating expenses:
Property operating expenses	83,182			—		—			83,182
Intercompany rent expense	—			35,512		(35,512		)	—
Ground rent expense	4,663			—		—			4,663
General and administrative expenses	30,024			—		—			30,024
Observatory expenses	—			15,935		—			15,935
Real estate taxes	56,499			—		—			56,499
Depreciation and amortization	90,904			15		—			90,919
Total operating expenses	265,272			51,462		(35,512		)	281,222
Total operating income	60,313			2,002		—			62,315
Other income (expense):
Interest income	7,638			—		—			7,638
Interest expense	(41,286		)	—		—			(41,286		)
Income before income taxes	26,665			2,002		—			28,667
Income tax (expense) benefit	(495		)	614		—			119
Net income	$	26,170		$	2,616	$	—		$	28,786
Expenditures for segment assets	$	91,964		$	28,328	$	—		$	120,292