Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Segment Reporting Information, by Segment

The following tables provide components of segment net income for each segment for the three months ended March 31, 2024 and 2023 (amounts in thousands):


	Three Months Ended March 31, 2024
	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Rental revenue	$	153,882	$	—	$	—	$	153,882
Intercompany rental revenue	16,067		—		(16,067)		—

Observatory revenue	—		24,596		—		24,596

Third-party management and other fees	265		—		—		265
Other revenue and fees	2,436		—		—		2,436
Total revenues	172,650		24,596		(16,067)		181,179
Operating expenses:
Property operating expenses	45,060		—		—		45,060
Intercompany rent expense	—		16,067		(16,067)		—
Ground rent expenses	2,331		—		—		2,331
General and administrative expenses	15,972		—		—		15,972
Observatory expenses	—		8,431		—		8,431
Real estate taxes	32,241		—		—		32,241


Depreciation and amortization	46,044		37		—		46,081
Total operating expenses	141,648		24,535		(16,067)		150,116
Total operating income	31,002		61		—		31,063
Other income (expense):
Interest income	4,140		38		—		4,178
Interest expense	(25,128)		—		—		(25,128)
Loss on early extinguishment of debt	(553)		—		—		(553)

Income before income taxes	9,461		99		—		9,560
Income tax (expense) benefit	(113)		768		—		655
Net income	$	9,348	$	867	$	—	$	10,215
Segment assets	$	3,931,685	$	258,902	$	—	$	4,190,587
Expenditures for segment assets	$	47,645	$	39	$	—	$	47,684


	Three Months Ended March 31, 2023
	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Rental revenue	$	140,091	$	—	$	—	$	140,091
Intercompany rental revenue	15,914		—		(15,914)		—

Observatory revenue	—		22,154		—		22,154

Third-party management and other fees	427		—		—		427
Other revenue and fees	1,950		—		—		1,950
Total revenues	158,382		22,154		(15,914)		164,622
Operating expenses:
Property operating expenses	42,044		—		—		42,044
Intercompany rent expense	—		15,914		(15,914)		—
Ground rent expenses	2,331		—		—		2,331
General and administrative expenses	15,708		—		—		15,708
Observatory expenses	—		7,855		—		7,855
Real estate taxes	31,788		—		—		31,788

Depreciation and amortization	47,364		44		—		47,408
Total operating expenses	139,235		23,813		(15,914)		147,134
Total operating income (loss)	19,147		(1,659)		—		17,488
Other income (expense):
Interest income	2,558		37		—		2,595
Interest expense	(25,304)		—		—		(25,304)

Gain on sale of property	15,696		—		—		15,696
Income (loss) before income taxes	12,097		(1,622)		—		10,475
Income tax (expense) benefit	(198)		1,417		—		1,219
Net income (loss)	$	11,899	$	(205)	$	—	$	11,694
Segment assets	$	3,903,661	$	253,702	$	—	$	4,157,363
Expenditures for segment assets	$	34,536	$	58	$	—	$	34,594