v3.26.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Components of Segment Net Income for Each Segment
The following tables provide components of segment net income for each segment:
Three Months Ended March 31, 2026
(amounts in thousands)Real EstateObservatoryIntersegment EliminationTotal
Revenues:
Revenue, excluding third-party management and other fees$171,538 $18,510 $— $190,048 
Intercompany rental revenue12,821 — (12,821)— 
Total revenues, excluding third-party management and other fees184,359 18,510 (12,821)190,048 
Segment operating expenses:
Property operating expenses47,744 — — 47,744 
Observatory expenses— 7,868 — 7,868 
Other segment expenses(1)
36,944 12,821 (12,821)36,944 
Total segment operating expenses84,688 20,689 (12,821)92,556 
Net operating income (loss)$99,671 $(2,179)$— $97,492 
Segment assets$4,142,347 $263,377 $— $4,405,724 
(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 March 31, 2025
(amounts in thousands)Real EstateObservatoryIntersegment EliminationTotal
Revenues:
Revenue, excluding third-party management and other fees$156,474 $23,161 $— $179,635 
Intercompany rental revenue15,160 — (15,160)— 
Total revenues, excluding third-party management and other fees171,634 23,161 (15,160)179,635 
Segment operating expenses:
Property operating expenses45,060 — — 45,060 
Observatory expenses— 8,118 — 8,118 
Other segment expenses(1)
35,381 15,160 (15,160)35,381 
Total segment operating expenses80,441 23,278 (15,160)88,559 
Net operating income (loss)$91,193 $(117)$— $91,076 
Segment assets$3,851,216 $263,164 $— $4,114,380 
(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 before income taxes:
Three Months Ended March 31,
(amounts in thousands)20262025
(unaudited)
Net Operating Income$97,492 $91,076 
Add:
Gain on disposition of property— 13,170 
Third-party management and other fees277 431 
Interest income613 3,786 
Less:
General and administrative expenses(18,093)(16,940)
Depreciation and amortization(50,219)(48,779)
Interest expense(28,137)(26,938)
Interest expense associated with property in receivership— (647)
Income before Income Taxes$1,933 $15,159