Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Segment Reporting Information, by Segment

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


	Three Months Ended September 30, 2025
(amounts in thousands)	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Revenue, excluding third-party management and other fees	$	161,289	$	36,037	$	—	$	197,326
Intercompany rental revenue	20,185		—		(20,185)		—
Total revenues, excluding third-party management and other fees	181,474		36,037		(20,185)		197,326
Segment operating expenses:
Property operating expenses	46,957		—		—		46,957
Observatory expenses	—		9,510		—		9,510
Other segment expenses1	35,572		20,185		(20,185)		35,572
Total segment operating expenses	82,529		29,695		(20,185)		92,039
Net operating income	$	98,945	$	6,342	$	—	$	105,287

Segment assets	$	3,840,603	$	265,676	$	—	$	4,106,279

(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 September 30, 2024
(amounts in thousands)	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Revenue, excluding third-party management and other fees	$	159,946	$	39,382	$	—	$	199,328
Intercompany rental revenue	23,461		—		(23,461)		—
Total revenues, excluding third-party management and other fees	183,407		39,382		(23,461)		199,328
Segment operating expenses:
Property operating expenses	45,954		—		—		45,954
Observatory expenses	—		9,715		—		9,715
Other segment expenses1	34,313		23,461		(23,461)		34,313
Total segment operating expenses	80,267		33,176		(23,461)		89,982
Net operating income	$	103,140	$	6,206	$	—	$	109,346

Segment assets	$	4,174,754	$	262,183	$	—	$	4,436,937

(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.



	Nine Months Ended September 30, 2025
(amounts in thousands)	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Revenue, excluding third-party management and other fees	$	474,706	$	93,097	$	—	$	567,803
Intercompany rental revenue	56,011		—		(56,011)		—
Total revenues, excluding third-party management and other fees	530,717		93,097		(56,011)		567,803
Operating expenses:
Property operating expenses	136,897		—		—		136,897
Observatory expenses	—		27,450		—		27,450
Other segment expenses1	105,892		56,011		(56,011)		105,892
Total segment operating expenses	242,789		83,461		(56,011)		270,239
Net operating income	$	287,928	$	9,636	$	—	$	297,564

(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.



	Nine Months Ended September 30, 2024
(amounts in thousands)	Real Estate		Observatory		Intersegment Elimination		Total
Revenues:
Revenue, excluding third-party management and other fees	$	471,307	$	98,102	$	—	$	569,409
Intercompany rental revenue	60,508		—		(60,508)		—
Total revenues, excluding third-party management and other fees	531,815		98,102		(60,508)		569,409
Operating expenses:
Property operating expenses	132,530		—		—		132,530
Observatory expenses	—		27,104		—		27,104
Other segment expenses1	103,100		60,508		(60,508)		103,100
Total segment operating expenses	235,630		87,612		(60,508)		262,734
Net operating income	$	296,185	$	10,490	$	—	$	306,675

(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 income to Net operating income:


	Three Months Ended September 30,				Nine Months Ended September 30,
(amounts in thousands)	2025		2024		2025		2024
	(unaudited)				(unaudited)
Net income	$	13,645	$	22,796	$	40,808	$	61,566
Add:
General and administrative expenses	18,743		18,372		54,368		52,364
Depreciation and amortization	47,615		45,899		144,196		139,453
Interest expense	25,189		27,408		77,253		77,859
Interest expense associated with property in receivership	—		1,922		647		2,550
Loss on early extinguishment of debt	—		—		—		553
Income tax expense	1,645		1,442		1,504		1,537
Less:
Gain on disposition of property	—		(1,262)		(13,170)		(12,065)
Third-party management and other fees	(404)		(271)		(1,243)		(912)
Interest income	(1,146)		(6,960)		(6,799)		(16,230)
Net operating income	$	105,287	$	109,346	$	297,564	$	306,675