v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
The following tables provide components of segment net income (loss) for each segment:
Three Months Ended June 30, 2026
(amounts in thousands)Real EstateObservatoryIntersegment EliminationTotal
Revenues:
Revenue, excluding third-party management and other fees$172,406 $24,225 $— $196,631 
Intercompany rental revenue14,771 — (14,771)— 
Total revenues, excluding third-party management and other fees187,177 24,225 (14,771)196,631 
Segment operating expenses:
Property operating expenses47,774 — — 47,774 
Observatory expenses— 11,795 — 11,795 
Other segment expenses(1)
34,418 14,771 (14,771)34,418 
Total segment operating expenses82,192 26,566 (14,771)93,987 
Net operating income (loss)$104,985 $(2,341)$— $102,644 
Segment assets$4,177,101 $95,997 $— $4,273,098 
(1) Other segment expenses in the real estate segment include real estate taxes and ground rent expense and in the Observatory segment includes intercompany rent expense.
Three Months Ended June 30, 2025
(amounts in thousands)Real EstateObservatoryIntersegment EliminationTotal
Revenues:
Revenue, excluding third-party management and other fees$156,943 $33,899 $— $190,842 
Intercompany rental revenue20,666 — (20,666)— 
Total revenues, excluding third-party management and other fees177,609 33,899 (20,666)190,842 
Segment operating expenses:
Property operating expenses44,880 — — 44,880 
Observatory expenses— 9,822 — 9,822 
Other segment expenses(1)
34,939 20,666 (20,666)34,939 
Total segment operating expenses79,819 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 in the real estate segment include real estate taxes and ground rent expense and in the Observatory segment includes intercompany rent expense.
Six Months Ended June 30, 2026
(amounts in thousands)Real EstateObservatoryIntersegment EliminationTotal
Revenues:
Revenue, excluding third-party management and other fees$343,944 $42,735 $— $386,679 
Intercompany rental revenue27,592 — (27,592)— 
Total revenues, excluding third-party management and other fees371,536 42,735 (27,592)386,679 
Operating expenses:
Property operating expenses95,518 — — 95,518 
Observatory expenses— 19,663 — 19,663 
Other segment expenses(1)
71,362 27,592 (27,592)71,362 
Total segment operating expenses166,880 47,255 (27,592)186,543 
Net operating income (loss)$204,656 $(4,520)$— $200,136 
(1) Other segment expenses in the real estate segment include real estate taxes and ground rent expense and in the Observatory segment includes intercompany rent expense.
Six Months Ended June 30, 2025
(amounts in thousands)Real EstateObservatoryIntersegment EliminationTotal
Revenues:
Revenue, excluding third-party management and other fees$313,417 $57,060 $— $370,477 
Intercompany rental revenue35,826 — (35,826)— 
Total revenues, excluding third-party management and other fees349,243 57,060 (35,826)370,477 
Operating expenses:
Property operating expenses89,940 — — 89,940 
Observatory expenses— 17,940 — 17,940 
Other segment expenses(1)
70,320 35,826 (35,826)70,320 
Total segment operating expenses160,260 53,766 (35,826)178,200 
Net operating income$188,983 $3,294 $— $192,277 
(1) Other segment expenses in the real estate segment include real estate taxes and ground rent expense and in the Observatory segment includes intercompany rent expense.
Schedule of Reconciliation of Net income to Net operating Income
Below is a reconciliation of Net operating income to Income (loss) before income taxes:
Three Months Ended June 30,Six Months Ended June 30,
(amounts in thousands)2026202520262025
(unaudited)(unaudited)
Net Operating Income$102,644 $101,201 $200,136 $192,277 
Add:
Gain on disposition of properties124,622 — 124,622 13,170 
Third-party management and other fees268 408 545 839 
Interest income1,575 1,867 2,188 5,653 
Less:
General and administrative expenses(25,123)(18,685)(43,216)(35,625)
Depreciation and amortization(50,389)(47,802)(100,608)(96,581)
Interest expense(27,805)(25,126)(55,942)(52,064)
Interest expense associated with property in receivership— — — (647)
Goodwill impairment charge(166,113)— (166,113)— 
Income (loss) before Income Taxes$(40,321)$11,863 $(38,388)$27,022