Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2025

The following tables provide components of segment net income for each segment:


	Three Months Ended June 30, 2025
(amounts in thousands)	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Revenue, excluding third-party management and other fees	$	156,943	$	33,899	$	—	$	190,842
Intercompany rental revenue	20,666		—		(20,666)		—
Total revenues, excluding third-party management and other fees	177,609		33,899		(20,666)		190,842
Segment operating expenses:
Property operating expenses	44,880		—		—		44,880
Observatory expenses	—		9,822		—		9,822
Other segment expenses1	34,939		20,666		(20,666)		34,939
Total segment operating expenses	79,819		30,488		(20,666)		89,641
Net operating income	$	97,790	$	3,411	$	—	$	101,201

Segment assets	$	3,813,645	$	265,105	$	—	$	4,078,750

(1) Other segment expenses include real estate taxes, ground rent expense and intercompany rent expense.


	Three Months Ended June 30, 2024
(amounts in thousands)	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Revenue, excluding third-party management and other fees	$	155,043	$	34,124	$	—	$	189,167
Intercompany rental revenue	20,980		—		(20,980)		—
Total revenues, excluding third-party management and other fees	176,023		34,124		(20,980)		189,167
Segment operating expenses:
Property operating expenses	41,516		—		—		41,516
Observatory expenses	—		8,958		—		8,958
Other segment expenses1	34,215		20,980		(20,980)		34,215
Total segment operating expenses	75,731		29,938		(20,980)		84,689
Net operating income	$	100,292	$	4,186	$	—	$	104,478

Segment assets	$	4,171,251	$	261,999	$	—	$	4,433,250

(1) Other segment expenses include real estate taxes, ground rent expense and intercompany rent expense.



	Six Months Ended June 30, 2025
(amounts in thousands)	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Revenue, excluding third-party management and other fees	$	313,417	$	57,060	$	—	$	370,477
Intercompany rental revenue	35,826		—		(35,826)		—
Total revenues, excluding third-party management and other fees	349,243		57,060		(35,826)		370,477
Operating expenses:
Property operating expenses	89,940		—		—		89,940
Observatory expenses	—		17,940		—		17,940
Other segment expenses1	70,320		35,826		(35,826)		70,320
Total segment operating expenses	160,260		53,766		(35,826)		178,200
Net operating income	$	188,983	$	3,294	$	—	$	192,277

(1) Other segment expenses include real estate taxes, ground rent expense and intercompany rent expense.



	Six Months Ended June 30, 2024
(amounts in thousands)	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Revenue, excluding third-party management and other fees	$	311,361	$	58,720	$	—	$	370,081
Intercompany rental revenue	37,047		—		(37,047)		—
Total revenues, excluding third-party management and other fees	348,408		58,720		(37,047)		370,081
Operating expenses:
Property operating expenses	86,576		—		—		86,576
Observatory expenses	—		17,389		—		17,389
Other segment expenses1	68,787		37,047		(37,047)		68,787
Total segment operating expenses	155,363		54,436		(37,047)		172,752
Net operating income	$	193,045	$	4,284	$	—	$	197,329

(1) Other segment expenses include real estate taxes, ground rent expense and intercompany rent expense.

Below is a reconciliation of Net income to Net operating income:


	Three Months Ended June 30,				Six Months Ended June 30,
(amounts in thousands)	2025		2024		2025		2024
	(unaudited)				(unaudited)
Net income	$	11,385	$	28,555	$	27,163	$	38,770
Add:
General and administrative expenses	18,685		18,020		35,625		33,992
Depreciation and amortization	47,802		47,473		96,581		93,554
Interest expense	25,126		25,323		52,064		50,451
Interest expense associated with property in receivership	—		628		647		628
Loss on early extinguishment of debt	—		—		—		553
Income tax expense (benefit)	478		750		(141)		95
Less:
Gain on disposition of property	—		(10,803)		(13,170)		(10,803)
Third-party management and other fees	(408)		(376)		(839)		(641)
Interest income	(1,867)		(5,092)		(5,653)		(9,270)
Net operating income	$	101,201	$	104,478	$	192,277	$	197,329