Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of components of segment net income (loss) for each segment

The following tables provide components of segment net income (loss) for each segment for the three and six months ended June 30, 2023 and 2022 (amounts in thousands):

	Three Months Ended June 30, 2023
	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Rental revenue	$	154,603	$	—	$	—	$	154,603
Intercompany rental revenue	20,942		—		(20,942)		—
Observatory revenue	—		33,433		—		33,433
Third-party management and other fees	381		—		—		381
Other revenue and fees	2,125		—		—		2,125
Total revenues	178,051		33,433		(20,942)		190,542
Operating expenses:
Property operating expenses	39,519		—		—		39,519
Intercompany rent expense	—		20,942		(20,942)		—
Ground rent expenses	2,332		—		—		2,332
General and administrative expenses	16,075		—		—		16,075
Observatory expenses	—		8,657		—		8,657
Real estate taxes	31,490		—		—		31,490
Depreciation and amortization	46,237		43		—		46,280
Total operating expenses	135,653		29,642		(20,942)		144,353
Total operating income	42,398		3,791		—		46,189
Other income (expense):
Interest income	3,289		50		—		3,339
Interest expense	(25,405)		—		—		(25,405)
Gain on disposition of property	13,565		—		—		13,565
Income before income taxes	33,847		3,841		—		37,688
Income tax expense	(197)		(536)		—		(733)
Net income	$	33,650	$	3,305	$	—	$	36,955
Segment assets	$	3,928,943	$	255,825	$	—	$	4,184,768
Expenditures for segment assets	$	32,908	$	—	$	—	$	32,908

	Three Months Ended June 30, 2022
	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Rental revenue	$	149,339	$	—	$	—	$	149,339
Intercompany rental revenue	17,109		—		(17,109)		—
Observatory revenue	—		27,368		—		27,368
Lease termination fees	18,859		—		—		18,859
Third-party management and other fees	326		—		—		326
Other revenue and fees	2,130		—		—		2,130
Total revenues	187,763		27,368		(17,109)		198,022
Operating expenses:
Property operating expenses	37,433		—		—		37,433
Intercompany rent expense	—		17,109		(17,109)		—
Ground rent expense	2,332		—		—		2,332
General and administrative expenses	15,876		—		—		15,876
Observatory expenses	—		7,776		—		7,776
Real estate taxes	29,802		—		—		29,802
Depreciation and amortization	58,254		50		—		58,304
Total operating expenses	143,697		24,935		(17,109)		151,523
Total operating income	44,066		2,433		—		46,499
Other income (expense):
Interest income	426		5		—		431
Interest expense	(25,042)		—		—		(25,042)
Gain on disposition of property	27,170		—		—		27,170
Income before income taxes	46,620		2,438		—		49,058
Income tax expense	(38)		(325)		—		(363)
Net income	$	46,582	$	2,113	$	—	$	48,695
Segment assets	$	3,969,257	$	247,974	$	—	$	4,217,231
Expenditures for segment assets	$	13,115	$	—	$	—	$	13,115

	Six Months June 30, 2023
	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Rental revenue	294,694		—		—		$	294,694
Intercompany rental revenue	36,856		—		(36,856)		—
Observatory revenue	—		55,587		—		55,587
Third-party management and other fees	808		—		—		808
Other revenue and fees	4,075		—		—		4,075
Total revenues	336,433		55,587		(36,856)		355,164
Operating expenses:
Property operating expenses	81,563		—		—		81,563
Intercompany rent expense	—		36,856		(36,856)		—
Ground rent expenses	4,663		—		—		4,663
General and administrative expenses	31,783		—		—		31,783
Observatory expenses	—		16,512		—		16,512
Real estate taxes	63,278		—		—		63,278
Depreciation and amortization	93,601		87		—		93,688
Total operating expenses	274,888		53,455		(36,856)		291,487
Total operating income	61,545		2,132		—		63,677
Other income (expense):
Interest income	5,847		87		—		5,934
Interest expense	(50,709)		—		—		(50,709)
Gain on disposition of property	29,261		—		—		29,261
Income before income taxes	45,944		2,219		—		48,163
Income tax (expense) benefit	(395)		881		—		486
Net income	$	45,549	$	3,100	$	—	$	48,649
Expenditures for segment assets	35,576		58		—		$	35,634

	Six Months June 30, 2022
	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Rental revenue	296,853		—		—		$	296,853
Intercompany rental revenue	27,729		—		(27,729)		—
Observatory revenue	—		40,609		—		40,609
Lease termination fees	20,032		—		—		20,032
Third-party management and other fees	636		—		—		636
Other revenue and fees	3,926		—		—		3,926
Total revenues	349,176		40,609		(27,729)		362,056
Operating expenses:
Property operating expenses	76,077		—		—		76,077
Intercompany rent expense	—		27,729		(27,729)		—
Ground rent expenses	4,663		—		—		4,663
General and administrative expenses	29,562		—		—		29,562
Observatory expenses	—		13,991		—		13,991
Real estate taxes	59,806		—		—		59,806
Depreciation and amortization	125,325		85		—		125,410
Total operating expenses	295,433		41,805		(27,729)		309,509
Total operating income (loss)	53,743		(1,196)		—		52,547
Other income (expense):
Interest income	575		5		—		580
Interest expense	(50,056)		—		—		(50,056)
Gain on disposition of property	27,170		—		—		27,170
Income (loss) before income taxes	31,432		(1,191)		—		30,241
Income tax (expense) benefit	(182)		1,415		—		1,233
Net income	$	31,250	$	224	$	—	$	31,474
Expenditures for segment assets	51,999		291		—		$	52,290