UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________

FORM 10-Q

__________________________________

(Mark One)



x	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the quarterly period ended ~~June~~September 30, 2013



o	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the transition period from ______ to ______

Commission file number 000-51262

COLUMBIA PROPERTY TRUST, INC.

(Exact name of registrant as specified in its charter)



Maryland		20-0068852
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

One Glenlake Parkway, Suite 1200

Atlanta, GA 30328

(Address of principal executive offices)

(Zip Code)

(404) 465-2200

(Registrant's telephone number, including area code)

(Former name, former address, and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of "large accelerated filer", "accelerated filer", and "smaller reporting company" in Rule 12b-2 of the Exchange Act (check one).



Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	x (Do not check if a smaller reporting company)	Smaller reporting company	o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No x

Number of shares outstanding of the registrant's

only class of common stock, as of ~~July~~October 31, 2013: ~~537,048,293~~134,192,610 shares

Table of Contents

FORM 10-Q

COLUMBIA PROPERTY TRUST, INC.

TABLE OF CONTENTS



PART I. FINANCIAL INFORMATION		Page No.

Item 1.	Condensed Consolidated Financial Statements	Page 4

	Consolidated Balance Sheets as of ~~June~~September 30, 2013 (unaudited) and December 31, 2012	Page 5

	Consolidated Statements of Operations for the Three and ~~Six~~Nine Months Ended ~~June~~September 30, 2013 (unaudited) and 2012 (unaudited)	Page 6

	Consolidated Statements of Comprehensive Income for the Three and ~~Six~~Nine Months Ended ~~June~~September 30, 2013 (unaudited) and 2012 (unaudited)	Page 7

	Consolidated Statements of Equity for the ~~Three and Six~~Nine Months Ended ~~June~~September 30, 2013 (unaudited) and 2012 (unaudited)	Page 8

	Consolidated Statements of Cash Flows for the ~~Six~~Nine Months Ended ~~June~~September 30, 2013 (unaudited) and 2012 (unaudited)	Page 10

	Condensed Notes to Consolidated Financial Statements (unaudited)	Page 11

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	Page 3235

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	Page 4245

Item 4.	Controls and Procedures	Page 4246

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	Page 4347

Item 1A.	Risk Factors	Page 4347

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	Page 4347

Item 3.	Defaults Upon Senior Securities	Page 4348

Item 4.	Mine Safety Disclosures	Page 4348

Item 5.	Other Information	Page 4449

Item 6.	Exhibits	Page 4449

Page 2

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this Form 10-Q of Columbia Property Trust, Inc. ("Columbia Property Trust," "we," "our" or "us") other than historical facts may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such statements include, in particular, statements about our plans, strategies, and prospects and are subject to certain risks and uncertainties, including known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of our performance in future periods. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this report is filed with the U.S. Securities and Exchange Commission ("SEC"). We make no representations or warranties (express or implied) about the accuracy of any such forward-looking statements contained in this Form 10-Q, and we do not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Any such forward-looking statements are subject to risks, uncertainties, and other factors and are based on a number of assumptions involving judgments with respect to, among other things, future economic, competitive, and market conditions, all of which are difficult or impossible to predict accurately. To the extent that our assumptions differ from actual conditions, our ability to accurately anticipate results expressed in such forward-looking statements, including our ability to generate positive cash flow from operations, make distributions to stockholders, and maintain the value of our real estate properties, may be significantly hindered. See Item 1A in Columbia Property Trust's Annual Report on Form 10-K for the year ended December 31, 2012 and Part II, Item IA in this Quarterly Report on Form 10-Q for a discussion of some of the risks and uncertainties that could cause actual results to differ materially from those presented in our forward-looking statements. The risk factors described in our Annual Report and this Quarterly Report are not the only ones we face, but do represent those risks and uncertainties that we believe are material to us. Additional risks and uncertainties not currently known to us or that we currently deem immaterial may also harm our business.

Page 3

Table of Contents


PART I.	FINANCIAL INFORMATION


ITEM 1.	CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The information furnished in the accompanying consolidated balance sheets, and related consolidated statements of operations, comprehensive income, equity and cash flows, reflects all normal and recurring adjustments that are, in management's opinion, necessary for a fair and consistent presentation of the aforementioned financial statements. The accompanying consolidated financial statements should be read in conjunction with the condensed notes to Columbia Property Trust's financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations included in this quarterly report on Form 10-Q, and with Columbia Property Trust's Annual Report on Form 10-K filed for the year ended December 31, 2012. Columbia Property Trust's results of operations for the three and ~~six~~nine months ended ~~June~~September 30, 2013 are not necessarily indicative of the operating results expected for the full year.

Page 4

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COLUMBIA PROPERTY TRUST, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per-share amounts)


	(Unaudited)						(Unaudited)			(Unaudited)
	June 30, 2013			December 31, 2012			September 30, 2013			December 31, 2012
Assets:
Real estate assets, at cost:
Land	$	786,336		$	789,237		$	784,381		$	789,237
Buildings and improvements, less accumulated depreciation of $635,280 and $580,334, as of June 30, 2013 and December 31, 2012, respectively	3,370,152			3,468,218
Intangible lease assets, less accumulated amortization of $332,936 and $315,840, as of June 30, 2013 and December 31, 2012, respectively	317,232			341,460
Buildings and improvements, less accumulated depreciation of $666,162 and $580,334, as of September 30, 2013 and December 31, 2012, respectively							3,340,143			3,468,218
Intangible lease assets, less accumulated amortization of $344,274 and $315,840, as of September 30, 2013 and December 31, 2012, respectively							305,499			341,460
Construction in progress	6,781			12,680			5,900			12,680
Total real estate assets	4,480,501			4,611,595			4,435,923			4,611,595
Cash and cash equivalents	61,667			53,657			59,908			53,657
Tenant receivables, net of allowance for doubtful accounts of $892 and $117, as of June 30, 2013 and December 31, 2012, respectively	139,473			134,099
Tenant receivables, net of allowance for doubtful accounts of $823 and $117, as of September 30, 2013 and December 31, 2012, respectively							11,103			14,426
Straight line rent receivable							137,980			119,673
Prepaid expenses and other assets	33,208			29,373			33,679			29,373
Deferred financing costs, less accumulated amortization of $10,081 and $8,527, as of June 30, 2013 and December 31, 2012, respectively	8,952			10,490
Intangible lease origination costs, less accumulated amortization of $247,781 and $230,930, as of June 30, 2013 and December 31, 2012, respectively	186,986			206,927
Deferred lease costs, less accumulated amortization of $29,119 and $24,222, as of June 30, 2013 and December 31, 2012, respectively	106,652			98,808
Deferred financing costs, less accumulated amortization of $11,235 and $8,527, as of September 30, 2013 and December 31, 2012, respectively							11,129			10,490
Intangible lease origination costs, less accumulated amortization of $257,694 and $230,930, as of September 30, 2013 and December 31, 2012, respectively							177,029			206,927
Deferred lease costs, less accumulated amortization of $32,015 and $24,222, as of September 30, 2013 and December 31, 2012, respectively							109,874			98,808
Investment in development authority bonds	586,000			586,000			586,000			586,000
Total assets	$	5,603,439		$	5,730,949		$	5,562,625		$	5,730,949
Liabilities:
Line of credit and notes payable	$	1,409,245		$	1,401,618		$	1,461,040		$	1,401,618
Bonds payable, net of discount of $1,196 and $1,322, as of June 30, 2013 and December 31, 2012, respectively	248,804			248,678
Bonds payable, net of discount of $1,133 and $1,322, as of September 30, 2013 and December 31, 2012, respectively							248,867			248,678
Accounts payable, accrued expenses, and accrued capital expenditures	97,929			102,858			93,965			102,858
Due to affiliates	18,006			1,920			8,875			1,920
Deferred income	22,243			28,071			28,290			28,071
Intangible lease liabilities, less accumulated amortization of $89,592 and $84,326, as of June 30, 2013 and December 31, 2012, respectively	90,867			98,298
Intangible lease liabilities, less accumulated amortization of $93,130 and $84,326, as of September 30, 2013 and December 31, 2012, respectively							87,226			98,298
Obligations under capital leases	586,000			586,000			586,000			586,000
Total liabilities	2,473,094			2,467,443			2,514,263			2,467,443
Commitments and Contingencies (Note 6)	—			—			—			—
Redeemable Common Stock	121,752			99,526			—			99,526
Equity:
Common stock, $0.01 par value, 900,000,000 shares authorized, 542,288,114 and 547,603,642 shares issued and outstanding as of June 30, 2013 and December 31, 2012, respectively	5,423			5,476
Common stock, $0.01 par value, 900,000,000 shares authorized, 134,192,610 and 136,900,911 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively							1,342			1,369
Additional paid-in capital	4,867,077			4,897,782			4,836,291			4,901,889
Cumulative distributions in excess of earnings	(1,739,568		)	(1,634,531		)	(1,785,762		)	(1,634,531		)
Redeemable common stock	(121,752		)	(99,526		)	—			(99,526		)
Other comprehensive loss	(2,587		)	(5,221		)	(3,509		)	(5,221		)
Total equity	3,008,593			3,163,980			3,048,362			3,163,980
Total liabilities, redeemable common stock, and equity	$	5,603,439		$	5,730,949		$	5,562,625		$	5,730,949

See accompanying notes.

Page 5

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COLUMBIA PROPERTY TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per-share amounts)


	(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)
	Three months ended June 30,						Six months ended June 30,						Three months ended September 30,						Nine months ended September 30,
	2013			2012			2013			2012			2013			2012			2013			2012
Revenues:
Rental income	$	116,949		$	109,857		$	232,070		$	220,043		$	116,005		$	107,355		$	348,075		$	327,398
Tenant reimbursements	24,451			24,193			49,883			49,273			26,429			26,582			76,312			75,855
Hotel income	6,562			6,463			11,516			10,838			6,788			6,689			18,304			17,527
Other property income	1,258			458			1,546			2,157			782			4,082			2,328			6,239
	149,220			140,971			295,015			282,311			150,004			144,708			445,019			427,019
Expenses:
Property operating costs	43,130			40,023			86,842			81,261			46,314			44,370			133,156			125,631
Hotel operating costs	4,820			4,996			9,081			9,093			4,693			4,913			13,774			14,006
Asset and property management fees:
Related-party	—			8,671			5,541			17,493			—			8,381			5,541			25,874
Other	680			651			1,380			1,350			380			711			1,760			2,061
Depreciation	30,608			27,982			60,860			55,867			30,911			28,156			91,771			84,023
Amortization	22,327			26,751			44,237			52,470			22,027			23,423			66,264			75,893
Impairment loss on real estate assets	—			—			16,867			—			12,870			—			29,737			—
General and administrative	9,113			6,614			46,020			11,484			7,943			6,789			53,963			18,273
Listing costs													756			—			756			—
	110,678			115,688			270,828			229,018			125,894			116,743			396,722			345,761
Real estate operating income	38,542			25,283			24,187			53,293
Operating income													24,110			27,965			48,297			81,258
Other income (expense):
Interest expense	(27,175		)	(26,526		)	(54,435		)	(52,807		)	(27,694		)	(26,749		)	(82,129		)	(79,556		)
Interest and other income	9,274			10,012			18,385			20,028			9,168			10,011			27,553			30,039
Gain (loss) on interest rate swaps	164			(13		)	221			(89		)
Loss on interest rate swaps													(419		)	(29		)	(198		)	(118		)
	(17,737		)	(16,527		)	(35,829		)	(32,868		)	(18,945		)	(16,767		)	(54,774		)	(49,635		)
Income (loss) before income tax expense	20,805			8,756			(11,642		)	20,425
Income before income tax expense													5,165			11,198			(6,477		)	31,623
Income tax expense	(325		)	(398		)	(228		)	(301		)	(428		)	(252		)	(656		)	(553		)
Income (loss) from continuing operations	20,480			8,358			(11,870		)	20,124			4,737			10,946			(7,133		)	31,070
Discontinued operations:
Operating income (loss) from discontinued operations	121			2,494			(151		)	4,978			63			(16,805		)	(88		)	(11,827		)
Gains on disposition of discontinued operations	—			62			10,014			16,947			—			—			10,014			16,947
Income from discontinued operations	121			2,556			9,863			21,925
Income (loss) from discontinued operations													63			(16,805		)	9,926			5,120
Net income (loss)	20,601			10,914			(2,007		)	42,049			4,800			(5,859		)	2,793			36,190
Less: net income attributable to nonredeemable noncontrolling interests	—			—			—			(4		)	—			—			—			(4		)
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc.	$	20,601		$	10,914		$	(2,007	)	$	42,045		$	4,800		$	(5,859	)	$	2,793		$	36,186
Per-share information – basic and diluted:
Income (loss) from continuing operations	$	0.04		$	0.02		$	(0.02	)	$	0.04		$	0.04		$	0.08		$	(0.05	)	$	0.23
Income from discontinued operations	$	0.00		$	0.00		$	0.02		$	0.04
Income (loss) from discontinued operations													$	0.00		$	(0.12	)	$	0.07		$	0.04
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc.	$	0.04		$	0.02		$	0.00		$	0.08		$	0.04		$	(0.04	)	$	0.02		$	0.26
Weighted-average common shares outstanding – basic and diluted	543,262			546,134			544,664			545,867			134,668			136,741			135,661			136,559
Distributions per share	$	0.095		$	0.125		$	0.190		$	0.250
Dividends per share													$	0.380		$	0.500		$	1.140		$	1.500

See accompanying notes.

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COLUMBIA PROPERTY TRUST, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)


	(Unaudited)					(Unaudited)						(Unaudited)						(Unaudited)
	Three months ended June 30,					Six months ended June 30,						Three months ended September 30,						Nine months ended September 30,
	2013		2012			2013			2012			2013			2012			2013			2012
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc.	$	20,601	$	10,914		$	(2,007	)	$	42,045		$	4,800		$	(5,859	)	$	2,793		$	36,186
Foreign currency translation adjustment realized in discontinued operations	—		—			(83		)	—			—			—			(83		)	—
Market value adjustment to interest rate swap	2,168		(4,016		)	2,717			(3,408		)	(922		)	(2,475		)	1,795			(5,883		)
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc.	22,769		6,898			627			38,637			3,878			(8,334		)	4,505			30,303
Comprehensive income attributable to noncontrolling interests	—		—			—			4			—			—			—			4
Comprehensive income	$	22,769	$	6,898		$	627		$	38,641
Comprehensive income (loss)												$	3,878		$	(8,334	)	$	4,505		$	30,307

See accompanying notes.

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COLUMBIA PROPERTY TRUST, INC.

CONSOLIDATED STATEMENTS OF EQUITY

FOR THE ~~SIX~~NINE MONTHS ENDED ~~JUNE~~SEPTEMBER 30, 2013 (UNAUDITED)

(in thousands, except per-share amounts)


	Stockholders' Equity																							Stockholders' Equity
	Common Stock					Additional Paid-In Capital				Cumulative Distributions in Excess of Earnings				Redeemable Common Stock			Other Comprehensive Income (Loss)				Total Equity			Common Stock						Additional Paid-In Capital⁽¹⁾				Cumulative Distributions in Excess of Earnings				Redeemable Common Stock				Other Comprehensive Income (Loss)				Total Equity
	Shares		Amount							Cumulative Distributions in Excess of Earnings			Shares⁽¹⁾				Other Comprehensive Income (Loss)			Amount⁽¹⁾										Additional Paid-In Capital⁽¹⁾				Cumulative Distributions in Excess of Earnings				Redeemable Common Stock				Other Comprehensive Income (Loss)				Total Equity
Balance, December 31, 2012	547,604		$	5,476		Additional Paid-In Capital			$	4,897,782			$	Redeemable Common Stock	(1,634,531	)	$	(99,526	)		Total Equity		$	(5,221	)	$	3,163,980		136,901			$	1,369			$	4,901,889			$	(1,634,531	)		$	(99,526	)		$	(5,221	)	$	3,163,980
Issuance of common stock	6,629		66			46,336				—				—			—				46,402			1,665		17				46,585				—				—				—				46,602
Redemptions of common stock	(11,945	)	(119		)	(76,914		)		—				—			—				(77,033		)	(4,373	)	(44		)		(112,062		)		—				—				—				(112,106		)
Increase in redeemable common stock	—		—			—				—				(22,226		)	—				(22,226		)
Distributions to common stockholders ($0.190 per share)	—		—			—				(103,030		)		—			—				(103,030		)
Decrease in redeemable common stock																								—		—				—				—				99,526				—				99,526
Distributions to common stockholders ($1.14 per share)																								—		—				—				(154,024		)		—				—				(154,024		)
Offering costs	—		—			(127		)		—				—			—				(127		)	—		—				(121		)		—				—				—				(121		)
Net loss attributable to the common stockholders of Columbia Property Trust, Inc.	—		—			—				(2,007		)		—			—				(2,007		)
Net income attributable to the common stockholders of Columbia Property Trust, Inc.																								—		—				—				2,793				—				—				2,793
Foreign currency translation adjustment	—		—			—				—				—			(83		)		(83		)	—		—				—				—				—				(83		)		(83		)
Market value adjustment to interest rate swap	—		—			—				—				—			2,717				2,717			—		—				—				—				—				1,795				1,795
Balance, June 30, 2013	542,288		$	5,423		$	4,867,077			$	(1,739,568	)		$	(121,752	)	$	(2,587	)		$	3,008,593
Balance, September 30, 2013																								134,193		$	1,342			$	4,836,291			$	(1,785,762	)		$	—			$	(3,509	)		$	3,048,362


⁽¹⁾	All share amounts and computations using such amounts have been retroactively adjusted to reflect the August 14, 2013 four-for-one reverse stock split (see Note 7, Equity).

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COLUMBIA PROPERTY TRUST, INC.

CONSOLIDATED STATEMENTS OF EQUITY

FOR THE ~~SIX~~NINE MONTHS ENDED ~~JUNE~~SEPTEMBER 30, 2012 (UNAUDITED)

(in thousands, except per-share amounts)


	Stockholders' Equity																															Stockholders' Equity
	Common Stock					Additional Paid-In Capital				Cumulative Distributions in Excess of Earnings				Redeemable Common Stock				Other Comprehensive Income				Total Columbia Property Trust, Inc. Stockholders' Equity			Nonredeemable Noncontrolling Interests				Total Equity			Common Stock							Additional Paid-In Capital⁽¹⁾				Cumulative Distributions in Excess of Earnings			Redeemable Common Stock			Other Comprehensive Income (Loss)			Total Columbia Property Trust, Inc. Stockholders' Equity				Nonredeemable Noncontrolling Interests				Total Equity
	Shares		Amount										Shares⁽¹⁾					Other Comprehensive Income			Amount⁽¹⁾																		Additional Paid-In Capital⁽¹⁾				Cumulative Distributions in Excess of Earnings			Redeemable Common Stock			Other Comprehensive Income (Loss)			Total Columbia Property Trust, Inc. Stockholders' Equity				Nonredeemable Noncontrolling Interests				Total Equity
Balance, December 31, 2011	546,198		$	5,462		Additional Paid-In Capital			$	Cumulative Distributions in Excess of Earnings		4,880,806		Redeemable Common Stock		$	(1,426,550	)		$	(113,147	Total Columbia Property Trust, Inc. Stockholders' Equity		)	Nonredeemable Noncontrolling Interests			$	Total Equity		84			$	3,346,655			$	317			$	3,346,972		136,550		$	1,365		$	4,884,903		$	(1,426,550	)		$	(113,147	)		$	84	$	3,346,655	$	317	$	3,346,972
Issuance of common stock	8,796		88			62,634				—				—				—				62,722			—				62,722			3,310			33				94,369				—			—			—			94,402				—				94,402
Redemptions of common stock	(7,735	)	(77		)	(50,755		)		—				—				—				(50,832		)	—				(50,832		)	(2,647	)		(26		)		(70,085		)		—			—			—			(70,111		)		—				(70,111		)
Increase in redeemable common stock	—		—			—				—				(38,308		)		—				(38,308		)	—				(38,308		)	—			—				—				—			(15,886		)	—			(15,886		)		—				(15,886		)
Distributions to common stockholders ($0.250 per share)	—		—			—				(135,984		)		—				—				(135,984		)	—				(135,984		)
Distributions to common stockholders ($1.50 per share)																																—			—				—				(204,141		)	—			—			(204,141		)		—				(204,141		)
Distributions to noncontrolling interests	—		—			—				—				—				—				—			(15		)		(15		)	—			—				—				—			—			—			—				(15		)		(15		)
Offering costs																																—			—				(17		)		—			—			—			(17		)		—				(17		)
Acquisition of noncontrolling interest in consolidated joint ventures	—		—			5				—				—				—				5			(306		)		(301		)	—			—				5				—			—			—			5				(306		)		(301		)
Net income attributable to common stockholders of Columbia Property Trust, Inc.	—		—			—				42,045				—				—				42,045			—				42,045			—			—				—				36,186			—			—			36,186				—				36,186
Net income attributable to noncontrolling interests	—		—			—				—				—				—				—			4				4			—			—				—				—			—			—			—				4				4
Market value adjustment to interest rate swap	—		—			—				—				—				(3,408		)		(3,408		)	—				(3,408		)	—			—				—				—			—			(5,883		)	(5,883		)		—				(5,883		)
Balance, June 30, 2012	547,259		$	5,473		$	4,892,690			$	(1,520,489	)		$	(151,455	)		$	(3,324	)		$	3,222,895		$	—			$	3,222,895
Balance, September 30, 2012																																137,213			$	1,372			$	4,909,175			$	(1,594,505	)	$	(129,033	)	$	(5,799	)	$	3,181,210			$	—			$	3,181,210


⁽¹⁾	All share amounts and computations using such amounts have been retroactively adjusted to reflect the August 14, 2013 four-for-one reverse stock split (see Note 7, Equity).

See accompanying notes.

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COLUMBIA PROPERTY TRUST, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)


	(Unaudited)						(Unaudited)
	Six months ended June 30,						Nine months ended September 30,
	2013			2012			2013			2012
Cash Flows from Operating Activities:
Net income (loss)	$	(2,007	)	$	42,049
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net income							$	2,793		$	36,190
Adjustments to reconcile net income to net cash provided by operating activities:
Straight-line rental income	(13,121		)	(845		)	(19,188		)	(4,794		)
Depreciation	61,235			60,357			92,146			90,767
Amortization	43,100			53,330			64,716			78,070
Impairment losses on real estate assets	16,867			—			29,737			18,467
Noncash interest expense	1,720			1,897			2,947			2,893
Gain on interest rate swaps	(3,461		)	(527		)	(4,354		)	(807		)
Gain on sale of discontinued operations	(10,014		)	(16,947		)	(10,014		)	(16,947		)
Stock-based compensation expense							200			—
Changes in assets and liabilities, net of acquisitions:
Decrease in tenant receivables, net	5,872			2,164
Decrease (increase) in prepaid expenses and other assets	(3,989		)	2,257
Decrease in accounts payable and accrued expenses	(4,422		)	(3,000		)
Decrease (increase) in tenant receivables, net							2,562			(593		)
Increase in prepaid expenses and other assets							(5,136		)	(349		)
Increase in accounts payable and accrued expenses							499			1,415
Increase (decrease) in due to affiliates	16,205			(1,744		)	7,074			(1,670		)
Decrease in deferred income	(5,664		)	(5,343		)
Increase (decrease) in deferred income							383			(7,036		)
Net cash provided by operating activities	102,321			133,648			164,365			195,606
Cash Flows from Investing Activities:
Net proceeds from the sale of real estate	65,928			57,747			65,928			57,747
Investment in real estate	(22,495		)	(14,439		)	(36,053		)	(28,134		)
Deferred lease costs paid	(9,816		)	(15,839		)	(20,356		)	(28,476		)
Net cash provided by investing activities	33,617			27,469			9,519			1,137
Cash Flows from Financing Activities:
Financing costs paid	(240		)	(3,112		)	(3,702		)	(3,265		)
Proceeds from lines of credit and notes payable	120,000			479,000			214,000			568,000
Repayments of lines of credit and notes payable	(112,227		)	(490,998		)	(154,304		)	(572,590		)
Issuance of common stock	46,402			62,722			46,402			94,402
Redemptions of common stock	(78,609		)	(51,256		)	(115,781		)	(69,879		)
Distributions paid to stockholders	(56,628		)	(73,262		)	(107,622		)	(109,739		)
Distributions paid to stockholders and reinvested in shares of our common stock	(46,402		)	(62,722		)	(46,402		)	(94,402		)
Offering costs paid	(121		)	—			(121		)	(8		)
Redemption of noncontrolling interest	—			(301		)	—			(301		)
Distributions paid to nonredeemable noncontrolling interests	—			(15		)	—			(15		)
Net cash used in financing activities	(127,825		)	(139,944		)	(167,530		)	(187,797		)
Net increase in cash and cash equivalents	8,113			21,173			6,354			8,946
Effect of foreign exchange rate on cash and cash equivalents	(103		)	(23		)	(103		)	22
Cash and cash equivalents, beginning of period	53,657			39,468			53,657			39,468
Cash and cash equivalents, end of period	$	61,667		$	60,618		$	59,908		$	48,436

See accompanying notes.

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COLUMBIA PROPERTY TRUST, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~JUNE~~SEPTEMBER 30, 2013

(unaudited)


1.	Organization

On October 10, 2013, Columbia Property Trust, Inc. ("Columbia Property Trust") listed its shares on the New York Stock Exchange (the "NYSE") under the ticker symbol "CXP." Columbia Property Trust is a Maryland corporation that operates in a manner as to qualify as a real estate investment trust ("REIT") for federal income tax purposes and engages in the acquisition and ownership of commercial real estate properties, including properties that have operating histories, are newly constructed, or are under construction. Columbia Property Trust was incorporated in 2003, commenced operations in 2004, and conducts business primarily through Columbia Property Trust Operating Partnership, L.P. ("Columbia Property Trust OP"), a Delaware limited partnership. Columbia Property Trust is the general partner and sole owner of Columbia Property Trust OP and possesses full legal control and authority over its operations. Columbia Property Trust OP acquires, develops, owns, leases, and operates real properties directly, through wholly owned subsidiaries, or through joint ventures. References to Columbia Property Trust, "we," "us," or "our" herein shall include Columbia Property Trust and all subsidiaries of Columbia Property Trust, direct and indirect, and consolidated joint ventures.

Columbia Property Trust typically invests in high-quality, income-generating office properties leased to creditworthy companies and governmental entities. As of ~~June~~September 30, 2013, Columbia Property Trust owned controlling interests in 60 office properties and one hotel, which includes 82 operational buildings. These properties are comprised of approximately 20.8 million square feet of commercial space and are located in 19 states and the District of Columbia. As of ~~June~~September 30, 2013, 59 of the office properties were wholly owned and the remaining property was owned through a consolidated subsidiary; the office properties were approximately ~~93.0%~~93.2% leased. On November 5, 2013, Columbia Property Trust closed on a sale of 18 of its office properties. The terms of the sale are described in Note 12, Subsequent Events.

From inception through February 27, 2013, Columbia Property Trust operated as an externally advised REIT pursuant to an advisory agreement under which a subsidiary of Wells Real Estate Funds ("WREF"), Columbia Property Trust Advisory Services, LLC ("Columbia Property Trust Advisory Services"), performed certain key functions on behalf of Columbia Property Trust, including, among others, managing the day-to-day operations, investing capital proceeds, and arranging financings. Also during this period of time, a subsidiary of WREF, Columbia Property Trust Services, LLC ("Columbia Property Trust Services"), provided the personnel necessary to carry out property management services on behalf of Wells Management Company, Inc. ("Wells Management") and its affiliates pursuant to a property management agreement. The advisory agreement and property management agreement are described in Note 8,9, Related-Party Transactions and Agreements.

On February 28, 2013, Columbia Property Trust became a self-managed company by terminating the above-mentioned advisory agreement and property management agreement, and acquiring Columbia Property Trust Advisory Services and Columbia Property Trust Services. As a result, the contractual services described above are now performed by employees of Columbia Property Trust (except for certain investor services). Contemporaneous with this transaction, Columbia Property Trust entered into a consulting agreement and an investor services agreement with WREF for the remainder of 2013. While no fees were paid to execute these acquisitions, Columbia Property Trust will pay fees to WREF for consulting and investor services for the remainder of 2013. For additional details about this transaction and the related agreements, please refer to Note 8,9, Related-Party Transactions and Agreements.

At present, Columbia Property Trust is preparing for a stockholder liquidity event and believes that listing on a national exchange will provide the most flexible means by which to maximize its long-term value. Thus, Columbia Property Trust is taking steps to position the company to be able to list its shares later this year, should market conditions support that strategy. In the event that Columbia Property Trust's stock is not listed on a national securities exchange by October 2015, Columbia Property Trust must either seek stockholder approval to extend or amend this listing deadline or seek stockholder approval to begin liquidating investments and distributing the resulting proceeds to the stockholders. If Columbia Property Trust seeks stockholder approval to extend or amend this listing date and does not obtain it, Columbia Property Trust would then be required to seek stockholder approval to liquidate. In this circumstance, if Columbia Property Trust seeks and does not obtain approval to liquidate, Columbia Property Trust would not be required to list or liquidate and could continue to operate indefinitely as an unlisted company.

~~From December 2003 through June 2010, Columbia Property Trust raised proceeds through~~ ~~three~~ uninterrupted public offerings of shares of its common stock. Through July 7, 2013, Columbia Property Trust offered shares of its common stock to its current investors through its distribution reinvestment plan ("DRP") pursuant to a registration statement on Form S-3. As of ~~June 30, 2013, Columbia Property Trust had raised gross offering proceeds from the sale of common stock under its public offerings of approximately~~ ~~$6.2 billion. After deductions from such gross offering proceeds for selling commissions and dealer-manager fees of approximately~~ ~~$509.5 million, acquisition fees of approximately~~ ~~$116.8 million, other organization and offering expenses of approximately~~ ~~$76.1 million, and common stock redemptions pursuant to its share redemption program (the "SRP") of~~

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~~approximately~~ ~~$774.3 million, Columbia Property Trust had received aggregate net offering proceeds of approximately~~ ~~$4.7 billion~~. Substantially all of Columbia Property Trust's net offering proceeds have been invested in real estate. In preparation for listing, Columbia Property Trust terminated the SRP effective July 31, 2013.


2.	Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements of Columbia Property Trust have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by U.S. generally accepted accounting principles ("GAAP") for complete financial statements. In the opinion of management, the statements for these unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year's results. Columbia Property Trust's consolidated financial statements include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable interest entity in which Columbia Property Trust or Columbia Property Trust OP was deemed the primary beneficiary. With respect to entities that are not variable interest entities, Columbia Property Trust's consolidated financial statements also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries

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own a controlling general partnership interest. All intercompany balances and transactions have been eliminated in consolidation. For further information, refer to the financial statements and footnotes included in Columbia Property Trust's Annual Report on Form 10-K for the year ended December 31, 2012.

Fair Value Measurements

Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification ("ASC") 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability:

Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts.

Level 2 – Assets and liabilities valued based on observable market data for similar instruments.

Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider.

Real Estate Assets

Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. Columbia Property Trust considers the period of future benefit of the asset to determine the appropriate useful lives. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows:



	Buildings		40 years
	Building improvements		5-25 years
	Site improvements		15 years
	Tenant improvements		Shorter of economic life or lease term
	Intangible lease assets		Lease term

Evaluating the Recoverability of Real Estate Assets

Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets, of both operating properties and properties under construction, in which Columbia Property Trust has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of real estate assets and related intangible assets (liabilities) may not be recoverable, Columbia Property Trust assesses the recoverability of these assets by determining

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whether the respective carrying values will be recovered through the estimated undiscounted future operating cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, Columbia Property Trust adjusts the carrying value of the real estate assets and related intangible assets to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognizes an impairment loss. Estimated fair values are calculated based on the following information, in order of preference, depending upon availability: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated salvage value. Certain of ~~our~~Columbia Property Trust's assets may be carried at more than an amount that could be realized in a current disposition transaction.

Projections of expected future operating cash flows require that Columbia Property Trust estimates future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. The subjectivity of assumptions used in the future cash flow analysis, including discount rates, could result in an incorrect assessment of the property's fair value and could result in the misstatement of the carrying value of ~~our~~Columbia Property Trust's real estate assets and related intangible assets and net income (loss).

In the third quarter of 2012, Columbia Property Trust focused on refining its portfolio by marketing and negotiating the sale of a collection of nine assets in outlying markets (the "Nine Property Sale"). Columbia Property Trust evaluated the recoverability of the carrying values of these assets pursuant to the accounting policy outlined above and determined that the carrying value of the

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180 E 100 South property in Salt Lake City, Utah, one of the properties in the Nine Property Sale, was no longer recoverable due to the change in disposition strategy and the shortening of the expected hold period for this asset in the third quarter of 2012. As a result, Columbia Property Trust reduced the carrying value of the 180 E 100 South property to reflect fair value and recorded a corresponding property impairment loss of $18.5 million in the third quarter of 2012. This impairment loss is included in discontinued operations as of September 30, 2013 (see Note 10, Discontinued Operations).

In connection with furthering its portfolio repositioning efforts, in the first quarter of 2013, Columbia Property Trust initiated a process to market for sale a group of 18 ~~properties.~~properties (the "18 Property Sale"). Pursuant to the accounting policy outlined above, Columbia Property Trust evaluated the recoverability of the carrying values of each of the properties in this group and determined that the 120 Eagle Rock property in East Hanover, New Jersey, and the 333 & 777 Republic Drive property in Allen Park, Michigan, are no longer recoverable due to shortening the respective expected property holding periods in connection with these repositioning efforts. As a result, Columbia Property Trust reduced the carrying value of the 120 Eagle Rock property and the 333 & 777 Republic Drive property to reflect their respective fair values estimated based on projected discounted future cash flows and recorded corresponding property impairment losses of $11.7 million and $5.2 million, respectively, in the first quarter of 2013.

The fair value measurements used in this evaluation of nonfinancial assets are considered to be Level 3 valuations within the fair value hierarchy outlined above, as there are significant unobservable inputs. Examples of inputs that were utilized in the fair value calculations include estimated holding periods, discount rates, market capitalization rates, expected lease rental rates, and potential sales prices. The table below represents the detail of the adjustments recognized ~~for the~~ ~~six months endedJune 30, 2013~~ ~~(in thousands)~~ using Level 3 inputs. ~~There were~~ no ~~adjustments recognized during~~

For the ~~six~~nine months ended~~June~~ September 30, ~~2012~~.2013 (in thousands):



Property	Net Book Value		Impairment Loss Recognized			Fair Value
120 Eagle Rock	$	23,808	$	(11,708	)	$	12,100
333 & 777 Republic Drive	$	13,359	$	(5,159	)	$	8,200

For the three and nine months ended September 30, 2012 (in thousands):



Property	Net Book Value		Impairment Loss Recognized			Fair Value
180 E 100 South	$	30,847	$	(18,467	)	$	12,380

In connection with finalizing the terms of the 18 Property Sale agreement in the fourth quarter of 2013, Columbia Property Trust reduced the aggregate carrying value of the assets included therein to fair value, as estimated based on the approximate net contract price of $500 million, by recognizing an additional impairment loss of $12.9 million the third quarter of 2013.

Assets Held for Sale

Columbia Property Trust classifies assets as held for sale according to ASC 360, Accounting for the Impairment or Disposal of Long-Lived Assets ("ASC 360"). According to ASC 360, assets are considered held for sale when the following criteria are met:

Management, having the authority to approve the action, commits to a plan to sell the property.

The property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property.

An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated.

The sale of the property is probable, and transfer of the property is expected to qualify for recognition as a completed sale, within one year.

The property is being actively marketed for sale at a price that is reasonable in relation to its current fair value.

Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

At such time that a property is determined to be held for sale, its carrying amount is reduced to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized. As of ~~June~~September 30, 2013, none of Columbia Property Trust's properties met the criteria to be classified as held for sale in the accompanying balance sheet. See Note 12, Subsequent Events, for discussion of the 18 Property Sale, which met the criteria for "held for sale" classification during the fourth quarter of 2013.

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Intangible Assets and Liabilities Arising from In-Place Leases where Columbia Property Trust is the Lessor

Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see Fair Value Measurements section above for additional detail). As of ~~June~~September 30, 2013 and December 31, 2012, Columbia Property Trust had the following gross intangible in-place lease assets and liabilities (in thousands):


		Intangible Lease Assets						Intangible Lease Origination Costs			Intangible Below-Market In-Place Lease Liabilities				Intangible Lease Assets						Intangible Lease Origination Costs			Intangible Below-Market In-Place Lease Liabilities
		Above-Market In-Place Lease Assets			Absorption Period Costs			Intangible Lease Origination Costs			Intangible Below-Market In-Place Lease Liabilities				Above-Market In-Place Lease Assets			Absorption Period Costs			Intangible Lease Origination Costs			Intangible Below-Market In-Place Lease Liabilities
June 30, 2013	Gross	$	85,204		$	454,291		$	434,767		$	180,459
September 30, 2013														Gross	$	85,204		$	453,896		$	434,723		$	180,356
	Accumulated Amortization	(57,905		)	(263,015		)	(247,781		)	(89,592		)	Accumulated Amortization	(59,392		)	(272,348		)	(257,694		)	(93,130		)
	Net	$	27,299		$	191,276		$	186,986		$	90,867		Net	$	25,812		$	181,548		$	177,029		$	87,226
December 31, 2012	Gross	$	86,696		$	459,931		$	437,857		$	182,624		Gross	$	86,696		$	459,931		$	437,857		$	182,624
	Accumulated Amortization	(56,259		)	(248,600		)	(230,930		)	(84,326		)	Accumulated Amortization	(56,259		)	(248,600		)	(230,930		)	(84,326		)
	Net	$	30,437		$	211,331		$	206,927		$	98,298		Net	$	30,437		$	211,331		$	206,927		$	98,298

Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands):

Intangible Lease Assets
Intangible
Lease
Origination
Costs

Intangible
Below-Market
In-Place Lease
Liabilities
Above-Market
In-Place
Lease Assets

Absorption
Period Costs

For the three months ended June 30, 2013 $ 1,453
$ 9,919
$ 10,017
$ 3,705
For the three months ended June 30, 2012 $ 2,254
$ 12,608
$ 10,498
$ 4,174
For the six months ended June 30, 2013 $ 3,138
$ 20,054
$ 19,941
$ 7,431
For the six months ended June 30, 2012 $ 4,688
$ 25,980
$ 21,145
$ 8,415



	Intangible Lease Assets				Intangible Lease Origination Costs		Intangible Below-Market In-Place Lease Liabilities
	Above-Market In-Place Lease Assets		Absorption Period Costs		Intangible Lease Origination Costs		Intangible Below-Market In-Place Lease Liabilities
For the three months ended September 30, 2013	$	1,487	$	9,728	$	9,957	$	3,640
For the three months ended September 30, 2012	$	2,193	$	11,195	$	10,107	$	4,316
For the nine months ended September 30, 2013	$	4,626	$	29,783	$	29,898	$	11,071
For the nine months ended September 30, 2012	$	6,882	$	37,175	$	31,252	$	12,731

The remaining net intangible assets and liabilities as of ~~June~~September 30, 2013 will be amortized as follows (in thousands):


	Intangible Lease Assets				Intangible Lease Origination Costs		Intangible Below-Market In-Place Lease Liabilities		Intangible Lease Assets				Intangible Lease Origination Costs		Intangible Below-Market In-Place Lease Liabilities
	Above-Market In-Place Lease Assets		Absorption Period Costs						Above-Market In-Place Lease Assets		Absorption Period Costs
For the six months ending December 31, 2013	$	2,954	$	19,442	$	19,767	$	7,363
For the three months ending December 31, 2013									$	1,467	$	9,533	$	9,811	$	3,643
For the years ending December 31:
2014	5,581		35,447		36,815		14,362		5,581		35,303		36,815		14,298
2015	4,580		31,399		32,938		12,828		4,580		31,442		32,938		12,847
2016	3,848		24,761		25,907		10,398		3,848		24,805		25,907		10,417
2017	1,979		18,366		19,297		8,306		1,979		18,409		19,297		8,325
2018	1,168		13,457		13,760		7,557		1,168		13,501		13,760		7,576
Thereafter	7,189		48,404		38,502		30,053		7,189		48,555		38,501		30,120
	$	27,299	$	191,276	$	186,986	$	90,867	$	25,812	$	181,548	$	177,029	$	87,226

Intangible Assets and Liabilities Arising from In-Place Leases where Columbia Property Trust is the Lessee

In-place ground leases where Columbia Property Trust is the lessee may have value associated with effective contractual rental rates that are above or below market rates at the time of execution or assumption. Such values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place lease and (ii) management's estimate of fair market lease rates for the corresponding in-place lease at the time of execution or assumption, measured over a period equal to the remaining terms of the leases. The capitalized above-market and below-market in-place lease values are recorded as intangible lease liabilities and assets, respectively,

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and are amortized as an adjustment to property operating cost over the remaining term of the respective leases. Columbia Property Trust had gross below-market lease assets of approximately $110.7 million as of ~~June~~September 30, 2013 and December 31, 2012, and recognized amortization of these assets of approximately $0.5 million for the three months ended ~~June~~September 30, 2013 and 2012, and $~~1.0~~1.6 million for the ~~six~~nine months ended ~~June~~September 30, 2013 and 2012.

As of ~~June~~September 30, 2013, the remaining net below-market lease asset will be amortized as follows (in thousands):


For the six months ending December 31, 2013	$	1,034
For the three months ending December 31, 2013			$	517
For the years ending December 31:
2014	2,069		2,069
2015	2,069		2,069
2016	2,069		2,069
2017	2,069		2,069
2018	2,069		2,069
Thereafter	87,794		87,277
	$	99,173	$	98,139

Prepaid Expenses and Other Assets

Prepaid expenses and other assets primarily are comprised of escrow accounts held by lenders to pay future real estate taxes, insurance and tenant improvements, notes receivable, nontenant receivables, prepaid taxes, insurance and operating costs, certain corporate assets, hotel inventory, and deferred tax assets. Prepaid expenses and other assets will be expensed as incurred or reclassified to other asset accounts upon being put into service in future periods.

Interest Rate Swap Agreements

Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of the effective portion of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income, while changes in the fair value of the ineffective portion of a hedge, if any, is recognized currently in earnings. Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain (loss) on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as gain (loss) on interest rate swaps for contracts that do not qualify for hedge accounting treatment.

The following tables provide additional information related to Columbia Property Trust's interest rate swaps (in thousands):


		Estimated Fair Value as of							Estimated Fair Value as of
Instrument Type	Balance Sheet Classification	June 30, 2013			December 31, 2012			Balance Sheet Classification	September 30, 2013			December 31, 2012
Derivatives designated as hedging instruments:
Interest rate contracts	Accounts payable	$	(2,587	)	$	(5,305	)	Accounts payable	$	(3,509	)	$	(5,305	)
Derivatives not designated as hedging instruments:
Interest rate contracts	Accounts payable	$	(9,648	)	$	(13,109	)	Accounts payable	$	(8,755	)	$	(13,109	)

Columbia Property Trust applied the provisions of ASC 820 in recording its interest rate swaps at fair value. The fair values of the interest rate swaps, classified under Level 2, were determined using a third-party proprietary model that is based on prevailing market data for contracts with matching durations, current and anticipated London Interbank Offered Rate ("LIBOR") information, and reasonable estimates about relevant future market conditions. Columbia Property Trust has determined that the fair value, as determined by the third party, is reasonable. The fair value of Columbia Property Trust's interest rate swaps were $~~(12.2)~~(12.3) million and $(18.4) million at ~~June~~September 30, 2013 and December 31, 2012, respectively.

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	Six months ended June 30,					Nine months ended September 30,
	2013		2012			2013			2012
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income	$	2,717	$	(3,408	)	$	1,795		$	(5,883	)
Gain (loss) on interest rate swap recognized through earnings	$	221	$	(89	)
Loss on interest rate swap recognized through earnings						$	(198	)	$	(118	)

During the periods presented, there was no hedge ineffectiveness required to be recognized into earnings on the interest rate swaps that qualified for hedge accounting treatment.

Income Taxes

Columbia Property Trust has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"), and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. As a REIT, Columbia Property Trust generally is not subject to income tax on income it distributes to stockholders. Columbia Property Trust's stockholder distributions typically exceed its taxable income due to the inclusion of noncash expenses, such as depreciation, in taxable income. As a result, Columbia Property Trust typically does not incur federal income taxes other than as described in the following paragraph. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements.

Columbia Property Trust TRS, LLC ("Columbia Property Trust TRS"), ~~formerly Wells TRS II, LLC;~~ Columbia KCP TRS, LLC ("Columbia KCP TRS"), ~~formerly Wells KCP TRS, LLC;~~ and Wells Energy TRS, LLC ("Wells Energy TRS") (collectively, the "TRS Entities") are wholly owned subsidiaries of Columbia Property Trust, are organized as Delaware limited liability companies, and operate, among other things, a full-service hotel. Columbia Property Trust has elected to treat the TRS Entities as taxable REIT subsidiaries. Columbia Property Trust may perform certain additional, noncustomary services for tenants of its buildings through the TRS Entities; however, any earnings related to such services are subject to federal and state income taxes. In addition, for Columbia Property Trust to continue to qualify as a REIT, Columbia Property Trust must limit its investments in taxable REIT subsidiaries to 25% of the value of the total assets. The TRS Entities' deferred tax assets and liabilities represent temporary differences between the financial reporting basis and the tax basis of assets and liabilities based on the enacted rates expected to be in effect when the temporary differences reverse. If applicable, Columbia Property Trust records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations.

Reclassification

Certain prior period amounts have been reclassified to provide additional detail, or to conform with the current-period financial statement presentation, including discontinued operations (see Note 10, Discontinued Operations).

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3.	Real Estate and Other Transactions

Acquisitions

Columbia Property Trust did not acquire any ~~real~~ properties during the ~~six~~nine months ended ~~June~~September 30, 2012 or 2013.

As described in Note 1, Organization, Columbia Property Trust acquired Columbia Property Trust Advisory Services and Columbia Property Trust Services on February 28, 2013. The following unaudited pro forma statements of operations presented for the ~~six~~nine months ended ~~June~~September 30, 2013, and the three and ~~six~~nine months ended ~~June~~September 30, 2012 have been prepared for Columbia Property Trust to give effect to the acquisitions of Columbia Property Trust Advisory Services and Columbia Property Trust Services as if the acquisitions occurred on January 1, 2012. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had the acquisitions of Columbia Property Trust Advisory Services and Columbia Property Trust Services been consummated as of January 1, 2012 (in thousands).


	Three months ended June 30,		Six months ended June 30,				Three months ended September 30,			Nine months ended September 30,
	2012		2013		2012		2013	2012		2013		2012
Revenues	$	142,775	$	296,244	$	286,076	*	$	145,114	$	446,141	$	431,190
Net income attributable to common stockholders	$	18,919	$	31,770	$	23,719	*	$	2,133	$	36,430	$	25,851

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*	Columbia Property Trust owned Columbia Property Trust Advisory Services and Columbia Property Trust Services for all of the three months ended September 30, 2013.

Dispositions

On March 21, 2013, Columbia Property Trust closed on the sale of the Dvintsev Business Center - Tower B building in Moscow, Russia, and its holding entity, Landlink Ltd., which was 100% owned by Columbia Property Trust, for $67.5 million, exclusive of transaction costs, resulting in a gain on disposition of discontinued operations in the accompanying consolidated statement of operations of $10.0 million.


4.	Line of Credit and Notes Payable

As of ~~June~~September 30, 2013 and December 31, 2012, Columbia Property Trust had the following line of credit and notes payable indebtedness outstanding (excluding bonds payable; see Note 5, Bonds Payable) in thousands:


Facility	June 30, 2013		December 31, 2012		September 30, 2013		December 31, 2012
$450 Million Term Loan	$	450,000	$	450,000	$	450,000	$	450,000
Market Square Buildings mortgage note	325,000		325,000		325,000		325,000
333 Market Street Building mortgage note	207,936		208,308		207,747		208,308
JPMorgan Chase Credit Facility					130,000		42,000
100 East Pratt Street Building mortgage note	105,000		105,000		105,000		105,000
Wildwood Buildings mortgage note	90,000		90,000		90,000		90,000
JPMorgan Chase Credit Facility	51,000		42,000
263 Shuman Boulevard Building mortgage note	49,000		49,000		49,000		49,000
SanTan Corporate Center mortgage notes	39,000		39,000		39,000		39,000
One Glenlake Building mortgage note	35,977		37,204		35,349		37,204
Three Glenlake Building mortgage note	26,423		26,264
215 Diehl Road Building mortgage note	21,000		21,000		21,000		21,000
544 Lakeview Building mortgage note	8,909		8,842		8,944		8,842
Three Glenlake Building mortgage note					—		26,264
Total indebtedness	$	1,409,245	$	1,401,618	$	1,461,040	$	1,401,618

$450 Million Term Loan

On August 21, 2013, Columbia Property Trust amended and restated its $450 Million Term Loan (the "$450 Million Term Loan") with a syndicate of banks with JP Morgan Securities, LLC and PNC Capital Markets, LLC, serving as joint lead arrangers and joint book runners, to, among other things: (i) change the margins on the interest rate under the term loan, as described below; (ii) provide for an additional one-year extension option; (iii) provide for four additional accordion options for an aggregate amount

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of $250.0 million, in minimum amounts of $25.0 million each; and (iv) revise certain restrictive covenants under the term loan, and thereby create additional flexibility.

The $450 Million Term Loan, as amended, reduced the applicable margin on the interest rate to a range from 1.15% to 1.95% for the LIBOR or a range from 0.15% to 0.95% for the margin adjustment to the alternate base rate, based on Columbia Property Trust's applicable credit rating. Prior to the amendment of the $450 Million Term Loan, the applicable margin on the interest rate was a range from 1.30% to 2.30% for LIBOR or a range from 0.30% to 1.30% for the margin adjustment to the alternate base rate. The interest rate on the $450 Million Term Loan continues to be effectively fixed with an interest rate swap agreement. Based on the terms of the interest rate swap and Columbia Property Trust's current credit rating, the interest rate on the $450 Million Term Loan is effectively fixed at 2.28%.

JPMorgan Chase Credit Facility

On August 21, 2013, Columbia Property Trust also amended and restated the JPMorgan Chase Credit Facility (the "JPMorgan Chase Credit Facility") with JP Morgan Securities, LLC and PNC Capital Markets, LLC, serving as joint lead arrangers and joint book runners, to, among other things: (i) change the margins on the interest rate under the facility, as described below; (ii) extend the maturity date from May 2015 to August 2017, with a one-year extension option; (iii) enable Columbia Property Trust to increase the facility amount by an aggregate of up to $300.0 million, not to exceed a total facility of $800.0 million on four occasions; and (iv) revise certain restrictive covenants under the facility, and thereby create additional flexibility.

The JPMorgan Chase Credit Facility, as amended, reduced the applicable margin on the interest rate to a range from 1.00% to 1.70% for LIBOR or a range from 0.00% to 0.70% for the margin adjustment to the alternate base rate, based on Columbia Property Trust's applicable credit rating. Prior to amendment, the applicable margin on the interest rate was a range from 1.25% to 2.05% for LIBOR or a range from 0.25% to 1.05% for the margin adjustment to the alternate base rate.Additionally, the per annum facility fee on the aggregate revolving commitment (used or unused) now ranges from 0.15% to 0.35%, also based on Columbia Property Trust's applicable credit rating. Prior to amendment, the per annum facility fee ranged from 0.25% to 0.45%.

Fair Value of Debt

The estimated fair value of Columbia Property Trust's line of credit and notes payable as of ~~June~~September 30, 2013 and December 31, 2012 was approximately $~~1,420.5~~1,472.7 million and $1,433.1 million, respectively. Columbia Property Trust estimated the fair value of its ~~line of credit~~JPMorgan Chase Credit Facility by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates. Therefore, the fair values determined are considered to be based on observable market data for similar instruments (Level 2). The fair values of all other debt instruments were estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowing arrangements as of the respective reporting dates. The discounted cash flow method of assessing fair value results in a general approximation of value, and such value may never actually be realized.

Interest Paid and Debt Covenants

During the ~~six~~nine months ended ~~June~~September 30, 2013 and 2012, Columbia Property Trust made interest payments of approximately $~~30.4~~45.6 million and $~~24.5~~37.3 million, respectively. There was no interest capitalized in either period. As of ~~June~~September 30, 2013, Columbia Property Trust believes it was in compliance with the restrictive covenants on its ~~term loan, outstanding line of credit,~~$450 Million Term Loan, JPMorgan Chase Credit Facility, and notes payable obligations.

Debt Maturity

On July 31, 2013, Columbia Property Trust repaid the Three Glenlake Building mortgage note of $26.4 million with cash on hand and proceeds from the JPMorgan Chase Credit Facility, and the related interest rate swap matured.

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5.	Bonds Payable

In 2011, Columbia Property Trust issued $250.0 million of seven-year, unsecured 5.875% senior notes at 99.295% of their face value (the "2018 Bonds Payable"). Columbia Property Trust received proceeds from the 2018 Bonds Payable, net of fees, of $246.7 million. The 2018 Bonds Payable require semi-annual interest payments in April and October based on a contractual annual interest rate of 5.875%, which is subject to adjustment in certain circumstances. In the accompanying consolidated balance sheets, the 2018 Bonds Payable are shown net of the initial issuance discount of approximately $1.8 million, which is amortized to interest expense over the term of the 2018 Bonds Payable using the effective interest method. The principal amount of the 2018 Bonds Payable is due and payable on the maturity date, April 1, 2018. Interest payments of $7.3 million were made on the 2018 Bonds Payable during the ~~six~~nine months ended ~~June~~September 30, 2013. As of ~~June~~September 30, 2013, Columbia Property Trust believes it was in compliance with the restrictive covenants on the 2018 Bonds Payable.

The estimated fair value of the 2018 Bonds Payable as of ~~June~~September 30, 2013 and December 31, 2012 was approximately $~~251.0 million~~ ~~and~~ $250.9 million~~, respectively.~~. The fair value of the 2018 Bonds Payable was estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowing as the 2018 Bonds Payable arrangements as of the respective reporting dates (Level 2). The discounted cash flow method of assessing fair value results in a general approximation of value, and such value may never actually be realized.

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6.	Commitments and Contingencies

Commitments Under Existing Lease Agreements

Certain lease agreements include provisions that, at the option of the tenant, may obligate Columbia Property Trust to expend capital to expand an existing property or provide other expenditures for the benefit of the tenant. As of ~~June~~September 30, 2013, no such options have been exercised that had not been materially satisfied.

Litigation

Columbia Property Trust is subject to various legal proceedings, claims and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any reasonably possible loss relating to these matters using the latest information available. Columbia Property Trust records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, Columbia Property Trust accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, Columbia Property Trust accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, Columbia Property Trust discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, Columbia Property Trust discloses the nature and estimate of the possible loss of the litigation. Columbia Property Trust does not disclose information with respect to litigation where the possibility of an unfavorable outcome is considered to be remote. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business or financial condition of Columbia Property Trust. Columbia Property Trust is not currently involved in any legal proceedings of which management would consider the outcome to be reasonably likely to have a material adverse effect on the results of operations or financial condition of Columbia Property Trust.


7.	Equity

7.Listing

As of October 10, 2013, Columbia Property Trust listed its common stock on the NYSE under the ticker symbol "CXP." Columbia Property Trust has incurred $0.8 million of costs related to the listing as of September 30, 2013, primarily related to professional and legal fees associated with the listing, and will incur additional costs in the fourth quarter of 2013.

Tender Offer

On October 10, 2013, Columbia Property Trust commenced a modified "Dutch-auction" tender offer to purchase for cash up to $300.0 million in value of shares of its common stock (the "Tender Offer"). Under the terms of the Tender Offer, Columbia Property Trust intends to select the lowest price, not greater than $25.00, nor less than $22.00 per share, net to the seller in cash, less any applicable withholding taxes and without interest, that will enable Columbia Property Trust to purchase the maximum number of shares of common stock properly tendered in the Tender Offer and not properly withdrawn having an aggregate purchase price not exceeding $300.0 million (or such lesser number if less than $300.0 million in value of shares of common stock are properly tendered) after giving effect to any shares of common stock properly withdrawn. Columbia Property Trust intends to fund the

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purchase price for shares accepted for payment pursuant to the Tender Offer, and related fees and expenses, from cash on hand and proceeds from the 18 Property Sale. Subject to extension or withdrawal in accordance with its terms, the Tender Offer is scheduled to expire at 11:59 P.M., New York City Time, on November 8, 2013.

Reverse Stock Split

On August 6, 2013, Columbia Property Trust's board of directors approved a four-for-one reverse stock split (the “Reverse Stock Split”). The Reverse Stock Split became effective on August 14, 2013 (the “Effective Date”), causing every four shares of common stock that were issued and outstanding as of the Effective Date to be automatically combined into one issued and outstanding share of common stock. The share combination affected all shareholders uniformly and did not affect any shareholder's percentage ownership interest or any shareholder rights. In addition, the par value and number of authorized shares of common stock remained unchanged. The Reverse Stock Split requires retroactive adjustment; therefore, all share and per-share data for prior periods has been adjusted to reflect the Reverse Stock Split.

Redemption of Fractional Shares

In connection with the Reverse Stock Split, the board of directors approved the redemption of all fractional shares of Columbia Property Trust's common stock that remained following effectuation of the Reverse Stock Split. Each affected shareholder of record as of the close of business on August 14, 2013 received a cash payment equal to the fractional share held by such shareholder multiplied by $29.32 (which number is the product of Columbia Property Trust's most recently appraised net asset value per share as of September 30, 2012 multiplied by four to account for the Reverse Stock Split).

Redeemable Common Stock

In preparation for listing, Columbia Property Trust terminated its former share redemption program ("SRP") effective July 31, 2013. Previously, under the SRP, the decision to honor redemptions, subject to certain plan requirements and limitations, fell outside the control of Columbia Property Trust. As a result, until the termination of the SRP, Columbia Property Trust recorded redeemable common stock in the temporary equity section of its consolidated balance sheet.

Stock-based Compensation

In September 2013, Columbia Property Trust paid the 2013 annual equity retainers to its independent directors by issuing 6,820 shares of common stock at $29.32 per share (Columbia Property Trust's most recently appraised net asset value per share as adjusted for the Reverse Stock Split as of September 30, 2012). As a result of this payment, Columbia Property Trust incurred approximately $0.2 million of stock-based compensation expense in the third quarter of 2013, which is included in general and administrative expenses in the accompanying consolidated statement of operations.

Prior Public Offerings

From December 2003 through June 2010, Columbia Property Trust raised proceeds through three uninterrupted public offerings of shares of its common stock. Through July 7, 2013, Columbia Property Trust offered shares of its common stock to its current investors through its Distribution Reinvestment Plan ("DRP") pursuant to a registration statement on Form S-3. As of September 30, 2013, Columbia Property Trust had raised gross offering proceeds from the sale of common stock under its public offerings of approximately $6.2 billion. After deductions from such gross offering proceeds for selling commissions and dealer-manager fees of approximately $509.5 million, acquisition fees of approximately $116.8 million, other organization and offering expenses of approximately $76.1 million, and common stock redemptions pursuant to the SRP of approximately $829.8 million, Columbia Property Trust had received aggregate net offering proceeds of approximately $4.7 billion. Substantially all of Columbia Property Trust's net offering proceeds have been invested in real estate.

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8. Supplemental Disclosures of Noncash Investing and Financing Activities

Outlined below are significant noncash investing and financing activities for the ~~six~~nine months ended ~~June~~September 30, 2013 and 2012 (in thousands):


	Six months ended June 30,						Nine months ended September 30,
	2013			2012			2013			2012
Other assets assumed at acquisition	$	741		$	—		$	741		$	—
Other liabilities assumed at acquisition	$	741		$	—		$	741		$	—
Other liabilities settled at disposition	$	872		$	—		$	872		$	—
Interest accruing to notes payable	$	159		$	152		$	186		$	229
Amortization of discounts (premiums) on debt	$	(304	)	$	193		$	(270	)	$	290
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment	$	2,717		$	(3,408	)	$	1,795		$	(5,883	)
Accrued capital expenditures and deferred lease costs	$	13,408		$	5,432		$	10,203		$	21,439
Accrued deferred financing costs	$	—		$	10		$	7		$	—
Accrued offering costs	$	6		$	—
Accrued redemptions of common stock	$	2,079		$	1,216		$	—		$	1,872
Increase in redeemable common stock	$	22,226		$	38,308
Stock-based compensation expense							$	200		$	—
Increase (decrease) in redeemable common stock							$	(99,526	)	$	15,886


8.9.	Related-Party Transactions and Agreements

Advisory Agreement

From December 2003 through February 28, 2013, Columbia Property Trust was party to uninterrupted advisory agreements with affiliates of WREF (the "Advisor"), pursuant to which the Advisor acted as Columbia Property Trust's external advisor and performed certain key functions on behalf of Columbia Property Trust, including, among others, the investment of capital proceeds and management of day-to-day operations (the "Advisory Agreement"). As discussed in detail below, in connection with Columbia Property Trust's transition to a self-managed structure, the most recent advisory agreement was terminated effective February 28, 2013.

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Under the terms of the Advisory Agreement most recently in place, Columbia Property Trust incurred fees and reimbursements payable to the Advisor for services as described below:

Asset management fees were incurred monthly at one-twelfth of 0.625% of the lesser of (i) gross cost, as defined, of all properties of Columbia Property Trust (other than those that failed to meet specified occupancy thresholds) and investments in joint ventures, or (ii) the aggregate value of Columbia Property Trust's interest in the properties and joint ventures as established with the most recent asset-based valuation, until the monthly payment equals $2.5 million (or $30.5 million annualized), as of the last day of each preceding month. Columbia Property Trust paid fees at the cap in January and February 2013. With respect to (ii) above, Columbia Property Trust's published net asset-based valuations did not impact asset management fees incurred due to continued applicability of the cap described above.

Reimbursement for all costs and expenses the Advisor incurred in fulfilling its duties as the asset portfolio manager, generally included (i) wages and salaries and other employee-related expenses of the Advisor's employees, who performed a full range of real estate services for Columbia Property Trust, including management, administration, operations, and marketing, and are billed to Columbia Property Trust based on the amount of time spent on Columbia Property Trust by such personnel, provided that such expenses are not reimbursed if incurred in connection with services for which the Advisor received a disposition fee (described below) or an acquisition fee; and (ii) amounts paid for an individual retirement account, or "IRA," custodial service costs allocated to Columbia Property Trust accounts. The Advisory Agreement limited the amount of reimbursements to the Advisor of "portfolio general and administrative expenses" and "personnel expenses," as defined, to the extent they would exceed $18.2 million and $10.0 million, respectively, during 2013.

Acquisition fees were incurred at 1.0% of property purchase price (excluding acquisition expenses); however, in no event could total acquisition fees for the calendar year exceed 2.0% of total gross offering proceeds. Columbia Property Trust also reimbursed the Advisor for expenses it paid to third parties in connection with acquisitions or potential acquisitions. Per the Transition Services Agreement discussed below, acquisition fees payable to the Advisor for 2012 and 2013 had

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an aggregate cap of $1.5 million. Columbia Property Trust paid acquisition fees of $1.5 million related to the acquisition on the 333 Market Street Building in San Francisco, California, in December 2012. As a result, no acquisition fees will be paid to the Advisor during 2013.

The disposition fee payable for the sale of any property for which the Advisor provided substantial services was the lesser of (i) 0.3% or (ii) the broker fee paid to a third-party broker in connection with the sale.

Reimbursement of organization and offering costs paid by the Advisor on behalf of Columbia Property Trust, not to exceed 2.0% of gross offering proceeds.

For January and February 2013 Columbia Property Trust paid occupancy costs of $42,000 to the Advisor's for use of dedicated office space.

Transition Services Agreement

For the period from July 1, 2012 through December 31, 2013, Columbia Property Trust, Columbia Property Trust Advisory Services, and WREF are parties to an agreement under which WREF provides services to support the transition of Columbia Property Trust from an externally advised management platform to a self-managed structure (the "Transition Services Agreement"). Pursuant to the Transition Services Agreement, (i) WREF was required to transfer the assets and employees necessary to provide the services under the Advisory Agreement (other than investor services and property management) to Columbia Property Trust Advisory Services by January 1, 2013; provided that if WREF was not able to transfer certain assets by then, WREF was required to use its commercially reasonable best efforts to transfer such delayed assets as promptly as possible, but no later than June 30, 2013; and (ii) Columbia Property Trust had the option to acquire Columbia Property Trust Advisory Services from WREF at any time during 2013 (the "Columbia Property Trust Advisory Services Assignment Option"). The Columbia Property Trust Advisory Services Assignment Option closed as of February 28, 2013, and all assets were transferred by June 30, 2013. No payment was associated with the assignment; however, Columbia Property Trust iswas required to pay WREF for the work required to transfer sufficient employees, proprietary systems and processes, and assets to Columbia Property Trust Advisory Services to prepare for a successful transition to a self-managed structure a total of $6.0 million payable in 12 monthly installments of $0.5 million commencing on July 31, 2012. In addition, Columbia Property Trust and WREF ~~will~~were each obligated to pay half of any out-of-pocket and third-party costs and expenses incurred in connection with providing these services, provided that Columbia Property Trust's obligation to reimburse WREF for such expenses iswas limited to approximately $250,000 in the aggregate. Pursuant to the Transition Services Agreement at the close of the Columbia Property Trust Advisory Services Assignment Option, Columbia Property Trust entered into a consulting services agreement with WREF as described below.

On December 28, 2012, the Transition Services Agreement was amended and Wells Management and Columbia Property Trust Services were made parties to the agreement. Pursuant to the amendment, Columbia Property Trust could acquire Columbia

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Property Trust Services, the entity that provided personnel to carry out property management services on behalf of Wells Management and its affiliates, in connection with exercising the Columbia Property Trust Advisory Services Assignment Option. Columbia Property Trust exercised this option on February 28, 2013. No payment was associated with this assignment; however, Columbia Property Trust is obligated to pay a fee to WREF of approximately $2.8 million in monthly installments from July 2013 through December 2013. The fees paid under the Transition Services Agreement are included in general and administrative expense in the accompanying consolidated statement of operations. The Transition Services Agreement is terminable if there is a material breach by WREF that is not cured, or if WREF is in an insolvency proceeding. Otherwise, if Columbia Property Trust elects to terminate the agreement early, all remaining payments due under the agreement will be accelerated.

Investor Services Agreement

Columbia Property Trust and WREF entered into an investor services agreement, effective January 1, 2013 through February 28, 2013, that required WREF to provide certain investor and transfer agent support services to Columbia Property Trust, which were previously provided under the advisory agreement dated March 30, 2011 (the "Investor Services Agreement"). As the sole consideration for these services, Columbia Property Trust reimbursed WREF for expenses incurred in connection with carrying out such services, subject to the cap on "portfolio general and administrative expenses" and "personnel expenses" included in the Advisory Agreement and, thus, did not incur a separate fee.

2013 Investor Services Agreement

Effective February 28, 2013, upon the effective date of the Columbia Property Trust Advisory Services Assignment Option, Columbia Property Trust entered into an agreement with WREF, which requires WREF to provide the investor and transfer agent support services to Columbia Property Trust that were previously provided for under the Investor Services Agreement (the "2013 Investor Services Agreement"). The 2013 Investor Services Agreement requires Columbia Property Trust to compensate WREF for these services by reimbursing the related expenses and payroll costs, plus a premium.

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Consulting Services Agreement

On February 28, 2013, the Columbia Property Trust Advisory Services Assignment Option and Columbia Property Trust Services Assignment Option closed, and in connection therewith, the Advisory Agreement and Investor Services Agreement terminated and Columbia Property Trust entered into a consulting services agreement with WREF (the "Consulting Services Agreement"). Under the Consulting Services Agreement, WREF will provide consulting services with respect to the same matters that the Advisor provided services under the most recently effective advisory agreement. Payments under the Consulting Services Agreement are monthly fees in the same amount as the asset management fee that would have been paid under the most recently effective advisory agreement, if the most recently effective advisory agreement was not terminated. No acquisition or disposition fees are payable under the Consulting Services Agreement. The Consulting Services Agreement will terminate on December 31, 2013. If Columbia Property Trust elects to terminate the Consulting Services Agreement early for cause, Columbia Property Trust would not be required to make further payments under the agreement other than fees earned by WREF and unpaid at the time of termination. If Columbia Property Trust terminates the Consulting Services Agreement other than for cause, Columbia Property Trust would be required to make a fee acceleration payment, which is calculated as the fees incurred in the last month prior to termination, adjusted for partial months, multiplied by the number of months remaining between the time of termination and December 31, 2013. The fees incurred under the Consulting Services Agreement are included in general and administrative expense in the accompanying consolidated statement of operations.

Property Management Agreement

Columbia Property Trust was party to master property management, leasing, and construction agreements (the "Property Management Agreement") with affiliates of WREF (the "Property Manager") until February 28, 2013, on which date Columbia Property Trust terminated the Property Management Agreement contemporaneous with acquiring Columbia Property Trust Services. As a result, property management services are now performed by employees of Columbia Property Trust. While no fee was paid to execute this acquisition, Columbia Property Trust is obligated to pay a fee to WREF totaling $2.8 million from July through December 2013 for the transition of property management services to Columbia Property Trust Services.

During January and February 2013, the Property Manager received the following fees and reimbursements in consideration for supervising the management, leasing, and construction of certain Columbia Property Trust properties:

Property management fees in an amount equal to a percentage negotiated for each property managed by the Property Manager of the gross monthly income collected for that property for the preceding month;

Leasing commissions for new, renewal, or expansion leases entered into with respect to any property for which the Property Manager serves as leasing agent equal to a percentage as negotiated for that property of the total base rental and

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operating expenses to be paid to Columbia Property Trust during the applicable term of the lease, provided, however, that no commission shall be payable as to any portion of such term beyond ten years;

Initial lease-up fees for newly constructed properties under the agreement, generally equal to one month's rent;

Fees equal to a specified percentage of up to 5.0% of all construction build-out funded by Columbia Property Trust, given as a leasing concession, and overseen by the Property Manager; and

Other fees as negotiated with the addition of each specific property covered under the agreement.

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Related-Party Costs

Pursuant to the terms of the agreements described above, Columbia Property Trust incurred the following related-party costs for the three and ~~six~~nine months ended ~~June~~September 30, 2013 and 2012, respectively (in thousands):


	Three months ended June 30,				Six months ended June 30,				Three months ended September 30,				Nine months ended September 30,
	2013		2012		2013		2012		2013		2012		2013		2012
Investor services	$	278	$	—	$	369	$	—	$	269	$	—	$	638	$	—
Administrative reimbursements, net⁽¹⁾	70		2,839		1,891		5,591		37		2,665		1,928		8,256
Other	20		—		69		—
Consulting fees⁽²⁾	—		—		25,417		—		—		—		25,417		—
Transition services⁽³⁾	—		—		5,750		—		—		1,500		5,750		1,500
Asset management fees	—		8,125		5,083		16,250		—		7,875		5,083		24,125
Property management fees	—		1,053		523		2,279		—		1,028		523		3,307
Construction fees⁽⁴⁾	—		20		139		61		—		55		139		116
Other									—		63		69		63
Total	$	368	$	12,037	$	39,241	$	24,181	$	306	$	13,186	$	39,547	$	37,367


⁽¹⁾	Administrative reimbursements are presented net of reimbursements from tenants of approximately $~~1.1~~1.2 million for the three months ended ~~June~~September 30, 2012, and approximately $0.7 million and $~~2.2~~3.3 million for the ~~six~~nine months ended ~~June~~September 30, 2013 and 2012, respectively.


⁽²⁾	$~~10.2~~17.8 million of the $25.4 million of consulting fees incurred were paid during the ~~six~~nine months ended ~~June~~September 30, 2013. The remaining $~~15.2~~7.6 million will be paid ratably over the remainder of 2013.


⁽³⁾	$~~3.0~~4.5 million of the $5.8 million of transition services fees incurred were paid during the ~~six~~nine months ended ~~June~~September 30, 2013; ~~$1.5 million~~ ~~will be paid in the third quarter of 2013; and the~~. The remaining $1.3 million will be paid in the fourth quarter of 2013.


⁽⁴⁾	Construction fees are capitalized to real estate assets as incurred.

Columbia Property Trust incurred no related-party commissions, dealer-manager fees, offering costs, incentive fees, listing fees, acquisition fees, disposition fees, or leasing commissions during the three and ~~six~~nine months ended ~~June~~September 30, 2013 or the three and ~~six~~nine months ended ~~June~~September 30, 2012.

Due to Affiliates

The detail of amounts due to WREF and its affiliates as of ~~June~~September 30, 2013 and December 31, 2012 (in thousands) are provided below:


	June 30, 2013		December 31, 2012		September 30, 2013		December 31, 2012
Consulting fees	$	15,250	$	—	$	7,625	$	—
Transition services	2,750		—		1,250		—
Administrative reimbursements	6		1,360		—		1,360
Asset and property management fees	—		560		—		560
Total	$	18,006	$	1,920	$	8,875	$	1,920

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9.10.	Discontinued Operations

The historical operating results and gains from the disposition of certain assets, including assets "held for sale" and operating properties sold, are required to be reflected in a separate section ("discontinued operations") in the consolidated statements of operations for all periods presented. As a result, the revenues and expenses of the following properties are included in income (loss) from discontinued operations in the accompanying consolidated statements of operations for all periods presented: Dvintsev Business Center - Tower B, ~~(see Note 3,~~which sold on March 21, 2013 for ~~Real Estate~~$67.5 million and ~~Other Transactions~~resulted in a gain of )$10.0 million; the properties included in the ~~portfolio disposition that closed in December 2012 (the "Nine~~Nine Property ~~Sale"), consisting~~Sale (consisting of the One West Fourth Street, 180 E 100 South, Baldwin Point, Tampa Commons, Lakepointe 5, Lakepointe 3, 11950 Corporate Boulevard, Edgewater Corporate Center, and 2000 Park Lane ~~properties,~~properties), which closed in December 2012 for $260.5 million~~, resulting~~ and resulted in a net gain of $3.2 million; and 5995 Opus Parkway and Emerald Point, which closed in January 2012 for $60.1 million~~, resulting~~ and resulted in total gains of $16.9 million~~, are included in income from discontinued operations in the accompanying consolidated statements of operations for all periods presented.~~.

The following table shows the revenues and expenses of the above-described discontinued operations (in thousands):


	Three months ended June 30,						Six months ended June 30,						Three months ended September 30,						Nine months ended September 30,
	2013			2012			2013			2012			2013			2012			2013			2012
Revenues:
Rental income	$	2		$	8,983		$	1,309		$	19,372		$	74		$	9,032		$	1,383		$	28,404
Tenant reimbursements	7			505			184			1,419			(62		)	721			122			2,140
	9			9,488			1,493			20,791			12			9,753			1,505			30,544
Expenses:
Property operating costs	7			3,131			184			6,613			(190		)	3,171			(6		)	9,784
Asset and property management fees	—			674			223			1,373			—			697			223			2,071
Depreciation	—			2,250			375			4,490			—			2,254			375			6,744
Amortization	—			1,208			37			2,545			—			1,207			37			3,752
Impairment loss on real estate assets													—			18,467			—			18,467
General and administrative	(119		)	(837		)	828			(351		)	156			224			984			(128		)
Total expenses	(112		)	6,426			1,647			14,670			(34		)	26,020			1,613			40,690
Real estate operating income (loss)	121			3,062			(154		)	6,121
Operating income (loss)													46			(16,267		)	(108		)	(10,146		)
Other income (expense):
Interest expense	—			(568		)	—			(1,143		)	—			(538		)	—			(1,681		)
Interest and other income	—			—			3			—			17			—			20			—
Operating income (loss) from discontinued operations	121			2,494			(151		)	4,978			63			(16,805		)	(88		)	(11,827		)
Gain on disposition of discontinued operations	—			62			10,014			16,947			—			—			10,014			16,947
Income from discontinued operations	$	121		$	2,556		$	9,863		$	21,925
Income (loss) from discontinued operations													$	63		$	(16,805	)	$	9,926		$	5,120

~~10.~~11. Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries

The 2018 Bonds Payable (see Note 5, Bonds Payable) were issued by Columbia Property Trust OP, and are guaranteed by Columbia Property ~~Trust and certain direct and indirect subsidiaries of each of Columbia Property Trust and Columbia Property Trust OP.~~Trust. Columbia Property Trust Advisory Services and Columbia Property Trust Services were added to the non-guarantor grouping upon acquisition in February 2013. ~~In March 2013, as~~As a result of ~~closing~~amending the $450 Million Term Loan and the JP Morgan Chase Credit Facility in August 2013, all of the ~~Nine Property Sale,~~indirect and direct subsidiaries of Columbia Property Trust ~~added~~ ~~four~~ ~~subsidiaries as guarantors to~~that previously guaranteed the $450.0 Million Term Loan, the JPMorgan Chase Credit Facility, and the 2018 Bonds Payable were released under customary circumstances as guarantors, which resulted in the reclassification of prior-period amounts ~~between~~from the guarantor ~~and~~to the non-guarantor groupings within the condensed consolidating financial statements to conform with the current period presentation. In accordance with SEC Rule ~~3-10(d)~~3-10(c), Columbia Property Trust includes herein condensed consolidating financial information in lieu of separate financial statements of the subsidiary issuer (Columbia Property Trust OP) and Subsidiary Guarantors, as defined in the bond indenture, because all of the following criteria are met:


(1)	The subsidiary issuer (Columbia Property Trust OP) ~~and all Subsidiary Guarantors are~~is 100% owned by the parent company guarantor (Columbia Property Trust);


(2)	The guarantees are full and unconditional; and


(3)	The guarantees are joint and several.

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Columbia Property Trust uses the equity method with respect to its investment in subsidiaries included in its condensed consolidating financial statements. Set forth below are Columbia Property Trust's condensed consolidating balance sheets as of ~~June~~September 30, 2013

~~Page 22~~

~~Table of Contents~~

and December 31, 2012 (in thousands), as well as its condensed consolidating statements of operations and its condensed consolidating statements of comprehensive income for the three and ~~six~~nine months ended ~~June~~September 30, 2013 and 2012 (in thousands); and its condensed consolidating statements of cash flows for the ~~six~~nine months ended ~~June~~September 30, 2013 and 2012 (in thousands).

Condensed Consolidating Balance Sheets (in thousands)


	As of June 30, 2013													As of September 30, 2013
	Columbia Property Trust (Parent)		Columbia Property Trust OP (the Issuer)		Guarantors		Non- Guarantors		Consolidating adjustments			Columbia Property Trust (Consolidated)		Columbia Property Trust (Parent) (Guarantor)		Columbia Property Trust OP (the Issuer)		Non- Guarantors		Consolidating adjustments			Columbia Property Trust (Consolidated)
Assets:
Real estate assets, at cost:
Land	$	—	$	6,241	$	270,261	$	509,834	$	—		$	786,336	$	—	$	6,241	$	778,140	$	—		$	784,381
Buildings and improvements, net	—		23,275		1,782,978		1,563,899		—			3,370,152		—		23,141		3,317,002		—			3,340,143
Intangible lease assets, net	—		—		134,093		183,139		—			317,232		—		—		305,499		—			305,499
Construction in progress	—		713		3,725		2,343		—			6,781		—		1,107		4,793		—			5,900
Total real estate assets	—		30,229		2,191,057		2,259,215		—			4,480,501		—		30,489		4,405,434		—			4,435,923
Cash and cash equivalents	21,945		3,486		20,295		15,941		—			61,667		24,948		7,338		27,622		—			59,908
Investment in subsidiaries	2,931,767		2,638,923		—		—		(5,570,690		)	—		2,846,170		2,531,078		—		(5,377,248		)	—
Tenant receivables, net of allowance	—		28		80,511		63,213		(4,279		)	139,473		—		26		11,077		—			11,103
Straight line rent receivable														—		—		137,980		—			137,980
Prepaid expenses and other assets	178,711		151,742		2,406		25,011		(324,662		)	33,208		177,397		150,860		28,072		(322,650		)	33,679
Deferred financing costs, net	—		7,145		—		1,807		—			8,952		—		9,412		1,717		—			11,129
Intangible lease origination costs, net	—		—		117,184		69,802		—			186,986		—		—		177,029		—			177,029
Deferred lease costs, net	—		55		63,159		43,438		—			106,652		—		48		109,826		—			109,874
Investment in development authority bonds	—		—		466,000		120,000		—			586,000		—		—		586,000		—			586,000
Total assets	$	3,132,423	$	2,831,608	$	2,940,612	$	2,598,427	$	(5,899,631	)	$	5,603,439	$	3,048,515	$	2,729,251	$	5,484,757	$	(5,699,898	)	$	5,562,625
Liabilities:
Line of credit and notes payable	$	—	$	501,000	$	145,045	$	1,086,145	$	(322,945	)	$	1,409,245	$	—	$	580,000	$	1,202,116	$	(321,076	)	$	1,461,040
Bonds payable, net	—		248,804		—		—		—			248,804		—		248,867		—		—			248,867
Accounts payable, accrued expenses, and accrued capital expenditures	2,078		9,691		39,915		50,524		(4,279		)	97,929		153		14,370		79,442		—			93,965
Due to affiliates	—		18,029		1,598		96		(1,717		)	18,006
Due to (from) affiliates														—		8,892		1,557		(1,574		)	8,875
Deferred income	—		—		10,202		12,041		—			22,243		—		24		28,266		—			28,290
Intangible lease liabilities, net	—		—		40,923		49,944		—			90,867		—		—		87,226		—			87,226
Obligations under capital leases	—		—		466,000		120,000		—			586,000		—		—		586,000		—			586,000
Total liabilities	2,078		777,524		703,683		1,318,750		(328,941		)	2,473,094		153		852,153		1,984,607		(322,650		)	2,514,263
Redeemable Common Stock	121,752		—		—		—		—			121,752
Equity:
Total equity	3,008,593		2,054,084		2,236,929		1,279,677		(5,570,690		)	3,008,593		3,048,362		1,877,098		3,500,150		(5,377,248		)	3,048,362
Total liabilities, redeemable common stock, and equity	$	3,132,423	$	2,831,608	$	2,940,612	$	2,598,427	$	(5,899,631	)	$	5,603,439
Total liabilities and equity														$	3,048,515	$	2,729,251	$	5,484,757	$	(5,699,898	)	$	5,562,625

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Condensed Consolidating Balance Sheets (in thousands)

As of December 31, 2012
Columbia Property Trust
(Parent)
Columbia
Property
Trust OP
(the Issuer)
Guarantors
Non-
Guarantors

Consolidating
adjustments
Columbia Property Trust
(Consolidated)
Assets:
Real estate assets, at cost:
Land $ —
$ 6,241
$ 271,757
$ 511,239
$ —
$ 789,237
Building and improvements, net —
16,513
1,812,882
1,638,823
—
3,468,218
Intangible lease assets, net —
—
146,448
195,012
—
341,460
Construction in progress —
5,252
2,505
4,923
—
12,680
Total real estate assets —
28,006
2,233,592
2,349,997
—
4,611,595
Cash and cash equivalents 20,914
4,822
13,673
14,248
—
53,657
Investment in subsidiaries 3,068,106
2,679,950
—
—
(5,748,056 ) —
Tenant receivables, net of allowance —
22
72,283
66,017
(4,223 ) 134,099
Prepaid expenses and other assets 178,131
203,589
1,531
26,806
(380,684 ) 29,373
Deferred financing costs, net —
8,498
—
1,992
—
10,490
Intangible lease origination costs, net —
—
129,947
76,980
—
206,927
Deferred lease costs, net —
68
54,900
43,840
—
98,808
Investment in development authority bonds —
—
466,000
120,000
—
586,000
Total assets $ 3,267,151
$ 2,924,955
$ 2,971,926
$ 2,699,880
$ (6,132,963 ) $ 5,730,949
Liabilities:
Lines of credit and notes payable $ —
$ 492,000
$ 145,974
$ 1,142,644
$ (379,000 ) $ 1,401,618
Bonds payable, net —
248,678
—
—
—
248,678
Accounts payable, accrued expenses, and accrued capital expenditures 3,645
12,417
39,834
51,185
(4,223 ) 102,858
Due to affiliates —
960
1,593
1,051
(1,684 ) 1,920
Deferred income —
81
16,748
11,242
—
28,071
Intangible lease liabilities, net —
—
44,201
54,097
—
98,298
Obligations under capital leases —
—
466,000
120,000
—
586,000
Total liabilities 3,645
754,136
714,350
1,380,219
(384,907 ) 2,467,443
Redeemable Common Stock 99,526
—
—
—
—
99,526
Equity:
Total equity 3,163,980
2,170,819
2,257,576
1,319,661
(5,748,056 ) 3,163,980
Total liabilities, redeemable common stock, and equity $ 3,267,151
$ 2,924,955
$ 2,971,926
$ 2,699,880
$ (6,132,963 ) $ 5,730,949

~~Page 24~~

~~Table of Contents~~

~~Consolidating Statements of Operations~~ ~~(in thousands)~~

For the three months ended June 30, 2013
Columbia Property Trust
(Parent)
Columbia
Property
Trust OP
(the Issuer)
Guarantors
Non-
Guarantors

Consolidating
adjustments
Columbia Property Trust
(Consolidated)
Revenues:
Rental income $ —
$ 101
$ 66,239
$ 51,638
$ (1,029 ) $ 116,949
Tenant reimbursements —
(20 ) 14,174
10,854
(557 ) 24,451
Hotel income —
—
—
6,562
—
6,562
Other property income —
—
863
4,200
(3,805 ) 1,258
—
81
81,276
73,254
(5,391 ) 149,220
Expenses:
Property operating costs —
594
21,828
21,500
(792 ) 43,130
Hotel operating costs —
—
—
5,749
(929 ) 4,820
Asset and property management fees:
Related-party —
4
1,104
1,254
(2,362 ) —
Other —
—
10
670
—
680
Depreciation —
328
16,211
14,069
—
30,608
Amortization —
7
12,856
9,464
—
22,327
Impairment loss on real estate assets —
—
—
—
—
—
General and administrative —
4,046
226
6,153
(1,312 ) 9,113
—
4,979
52,235
58,859
(5,395 ) 110,678
Real estate operating (loss) income —
(4,898 ) 29,041
14,395
4
38,542
Other income (expense):
Interest expense —
(8,148 ) (10,029 ) (13,721 ) 4,723
(27,175 )
Interest and other income (expense) 2,002
2,723
7,309
1,963
(4,723 ) 9,274
Gain on interest rate swaps —
—
—
164
—
164
Income (loss) from equity investment 18,599
26,693
—
—
(45,292 ) —
20,601
21,268
(2,720 ) (11,594 ) (45,292 ) (17,737 )
Income (loss) before income tax benefit (expense) 20,601
16,370
26,321
2,801
(45,288 ) 20,805
Income tax benefit (expense) —
(1 ) (62 ) (262 ) —
(325 )
Income (loss) from continuing operations 20,601
16,369
26,259
2,539
(45,288 ) 20,480
Discontinued operations:
Operating income from discontinued operations —
—
(24 ) 145
—
121
Gain on disposition of discontinued operations —
—
—
—
—
—
Income from discontinued operations —
—
(24 ) 145
—
121
Net income (loss) attributable to the common stockholders of
Columbia Property Trust, Inc.
$ 20,601
$ 16,369
$ 26,235
$ 2,684
$ (45,288 ) $ 20,601

~~Page 25~~

~~Table of Contents~~

~~Consolidating Statements of Operations~~ ~~(in thousands)~~

For the three months ended June 30, 2012
Columbia Property Trust
(Parent)
Columbia
Property
Trust OP
(the Issuer)
Guarantors
Non-
Guarantors

Consolidating
adjustments
Columbia Property Trust
(Consolidated)
Revenues:
Rental income $ —
$ 90
$ 56,466
$ 54,111
$ (810 ) $ 109,857
Tenant reimbursements —
51
9,672
15,814
(1,344 ) 24,193
Hotel income —
—
—
6,463
—
6,463
Other property income —
38
201
417
(198 ) 458
—
179
66,339
76,805
(2,352 ) 140,971
Expenses:
Property operating costs —
464
16,084
24,979
(1,504 ) 40,023
Hotel operating costs —
—
—
5,806
(810 ) 4,996
Asset and property management fees:
Related-party 7,569
4
421
717
(40 ) 8,671
Other —
—
394
257
—
651
Depreciation —
177
13,201
14,604
—
27,982
Amortization —
6
13,943
12,802
—
26,751
General and administrative —
4,559
1,611
442
2
6,614
7,569
5,210
45,654
59,607
(2,352 ) 115,688
Real estate operating income (loss) (7,569 ) (5,031 ) 20,685
17,198
—
25,283
Other income (expense):
Interest expense —
(8,084 ) (10,064 ) (13,134 ) 4,756
(26,526 )
Interest and other income (expense) 1,997
2,759
7,307
2,705
(4,756 ) 10,012
Loss on interest rate swaps —
—
—
(13 ) —
(13 )
Income (loss) from equity investment 16,486
23,306
—
—
(39,792 ) —
18,483
17,981
(2,757 ) (10,442 ) (39,792 ) (16,527 )
Income (loss) before income tax benefit (expense) 10,914
12,950
17,928
6,756
(39,792 ) 8,756
Income tax benefit (expense) —
(3 ) (51 ) (344 ) —
(398 )
Income (loss) from continuing operations 10,914
12,947
17,877
6,412
(39,792 ) 8,358
Discontinued operations:
Operating loss from discontinued operations —
1,708
578
208
—
2,494
Gain on disposition of discontinued operations —
—
—
62
—
62
Income from discontinued operations —

1,708
578
270
—
2,556
Net income (loss) attributable to the common stockholders of
Columbia Property Trust, Inc.
$ 10,914
$ 14,655
$ 18,455
$ 6,682
$ (39,792 ) $ 10,914

~~Page 26~~

~~Table of Contents~~

~~Consolidating Statements of Operations~~ ~~(in thousands)~~

For the six months ended June 30, 2013
Columbia Property Trust
(Parent)
Columbia
Property
Trust OP
(the Issuer)
Guarantors
Non-
Guarantors

Consolidating
adjustments
Columbia Property Trust
(Consolidated)
Revenues:
Rental income $ —
$ 202
$ 130,852
$ 103,059
$ (2,043 ) $ 232,070
Tenant reimbursements —
83
29,135
21,900
(1,235 ) 49,883
Hotel income —
—
—
11,516
—
11,516
Other property income —
17
863
5,881
(5,215 ) 1,546
—
302
160,850
142,356
(8,493 ) 295,015
Expenses:
Property operating costs —
1,069
44,284
43,139
(1,650 ) 86,842
Hotel operating costs —
—
—
10,941
(1,860 ) 9,081
Asset and property management fees:
Related-party 5,018
7
1,927
2,232
(3,643 ) 5,541
Other —
—
272
1,108
—
1,380
Depreciation —
561
32,343
27,956
—
60,860
Amortization —
14
25,638
18,585
—
44,237
Impairment loss on real estate asset —
—
5,159
11,708
—
16,867
General and administrative —
37,751
1,163
8,943
(1,837 ) 46,020
5,018
39,402
110,786
124,612
(8,990 ) 270,828
Real estate operating income (loss) (5,018 ) (39,100 ) 50,064
17,744
497
24,187
Other income (expense):
Interest expense —
(16,325 ) (20,067 ) (27,494 ) 9,451
(54,435 )
Interest and other income (expense) 3,999
5,455
14,616
3,766
(9,451 ) 18,385
Loss on interest rate swaps —
—
—
221
—
221
Income (loss) from equity investment (988 ) 44,994
—
—
(44,006 ) —
3,011
34,124
(5,451 ) (23,507 ) (44,006 ) (35,829 )
Income (loss) before income tax expense (2,007 ) (4,976 ) 44,613
(5,763 ) (43,509 ) (11,642 )
Income tax expense —
(2 ) (124 ) (102 ) —
(228 )
Income (loss) from continuing operations (2,007 ) (4,978 ) 44,489
(5,865 ) (43,509 ) (11,870 )
Discontinued operations:
Operating loss from discontinued operations —
658
(5 ) (804 ) —
(151 )
Gain on disposition of discontinued operations —
—
—
10,014
—
10,014
Income from discontinued operations —
658
(5 ) 9,210
—
9,863
Net income (loss) attributable to the common stockholders of
Columbia Property Trust, Inc.
$ (2,007 ) $ (4,320 ) $ 44,484
$ 3,345
$ (43,509 ) $ (2,007 )



	As of December 31, 2012
	Columbia Property Trust (Parent) (Guarantor)		Columbia Property Trust OP (the Issuer)		Non- Guarantors		Consolidating adjustments			Columbia Property Trust (Consolidated)
Assets:
Real estate assets, at cost:
Land	$	—	$	6,241	$	782,996	$	—		$	789,237
Building and improvements, net	—		16,513		3,451,705		—			3,468,218
Intangible lease assets, net	—		—		341,460		—			341,460
Construction in progress	—		5,252		7,428		—			12,680
Total real estate assets	—		28,006		4,583,589		—			4,611,595
Cash and cash equivalents	20,914		4,822		27,921		—			53,657
Investment in subsidiaries	3,068,106		2,679,950		—		(5,748,056		)	—
Tenant receivables, net of allowance	—		22		14,404		—			14,426
Straight line rent receivable	—		—		119,673		—			119,673
Prepaid expenses and other assets	178,131		203,589		28,337		(380,684		)	29,373
Deferred financing costs, net	—		8,498		1,992		—			10,490
Intangible lease origination costs, net	—		—		206,927		—			206,927
Deferred lease costs, net	—		68		98,740		—			98,808
Investment in development authority bonds	—		—		586,000		—			586,000
Total assets	$	3,267,151	$	2,924,955	$	5,667,583	$	(6,128,740	)	$	5,730,949
Liabilities:
Lines of credit and notes payable	$	—	$	492,000	$	1,288,618	$	(379,000	)	$	1,401,618
Bonds payable, net	—		248,678		—		—			248,678
Accounts payable, accrued expenses, and accrued capital expenditures	3,645		12,417		86,796		—			102,858
Due to (from) affiliates	—		960		2,644		(1,684		)	1,920
Deferred income	—		81		27,990		—			28,071
Intangible lease liabilities, net	—		—		98,298		—			98,298
Obligations under capital leases	—		—		586,000		—			586,000
Total liabilities	3,645		754,136		2,090,346		(380,684		)	2,467,443
Redeemable Common Stock	99,526		—		—		—			99,526
Equity:
Total equity	3,163,980		2,170,819		3,577,237		(5,748,056		)	3,163,980
Total liabilities, redeemable common stock, and equity	$	3,267,151	$	2,924,955	$	5,667,583	$	(6,128,740	)	$	5,730,949

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Table of Contents

Consolidating Statements of Operations (in thousands)


	For the six months ended June 30, 2012																		For the three months ended September 30, 2013
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Guarantors			Non- Guarantors			Consolidating adjustments			Columbia Property Trust (Consolidated)			Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	1,450		$	111,999		$	108,154		$	(1,560	)	$	220,043		$	—		$	101		$	115,990		$	(86	)	$	116,005
Tenant reimbursements	—			66			19,349			31,202			(1,344		)	49,273			—			16			26,413			—			26,429
Hotel income	—			—			—			10,838			—			10,838			—			—			6,788			—			6,788
Other property income	—			76			403			2,021			(343		)	2,157			—			—			839			(57		)	782
	—			1,592			131,751			152,215			(3,247		)	282,311			—			117			150,030			(143		)	150,004
Expenses:
Property operating costs	—			1,006			31,859			50,007			(1,611		)	81,261			—			386			46,014			(86		)	46,314
Hotel operating costs	—			—			—			10,653			(1,560		)	9,093			—			—			4,693			—			4,693
Asset and property management fees:
Related-party	15,125			47			851			1,546			(76		)	17,493			—			4			—			(4		)	—
Other	—			—			813			537			—			1,350			—			—			380			—			380
Depreciation	—			350			26,326			29,191			—			55,867			—			333			30,578			—			30,911
Amortization	—			344			25,936			26,190			—			52,470			—			7			22,020			—			22,027
Impairment loss on real estate assets																			—			—			12,870			—			12,870
General and administrative	—			8,914			1,800			770			—			11,484			17			3,685			4,294			(53		)	7,943
Listing costs																			25			731			—			—			756
	15,125			10,661			87,585			118,894			(3,247		)	229,018			42			5,146			120,849			(143		)	125,894
Real estate operating income (loss)	(15,125		)	(9,069		)	44,166			33,321			—			53,293
Operating income (loss)																			(42		)	(5,029		)	29,181			—			24,110
Other income (expense):
Interest expense	—			(15,887		)	(20,136		)	(26,301		)	9,517			(52,807		)	—			(8,656		)	(23,751		)	4,713			(27,694		)
Interest and other income (expense)	3,994			5,526			14,615			5,410			(9,517		)	20,028			2,001			2,714			9,166			(4,713		)	9,168
Loss on interest rate swaps	—			—			—			(89		)	—			(89		)	—			—			(419		)	—			(419		)
Income (loss) from equity investment	53,176			66,971			—			—			(120,147		)	—			2,841			11,827			—			(14,668		)	—
	57,170			56,610			(5,521		)	(20,980		)	(120,147		)	(32,868		)	4,842			5,885			(15,004		)	(14,668		)	(18,945		)
Income (loss) before income tax benefit (expense)	42,045			47,541			38,645			12,341			(120,147		)	20,425
Income tax benefit (expense)	—			(14		)	(101		)	(186		)	—			(301		)
Income (loss) before income tax expense																			4,800			856			14,177			(14,668		)	5,165
Income tax expense																			—			—			(428		)	—			(428		)
Income (loss) from continuing operations	42,045			47,527			38,544			12,155			(120,147		)	20,124			4,800			856			13,749			(14,668		)	4,737
Discontinued operations:
Operating loss from discontinued operations	—			3,407			1,242			329			—			4,978
Operating income from discontinued operations																			—			—			63			—			63
Gain on disposition of discontinued operations	—			—			—			16,947			—			16,947			—			—			—			—			—
Income from discontinued operations	—			3,407			1,242			17,276			—			21,925			—			—			63			—			63
Net income (loss)	42,045			50,934			39,786			29,431			(120,147		)	42,049
Less: Net loss (income) attributable to noncontrolling interest	—			—			—			(4		)	—			(4		)
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc.	$	42,045		$	50,934		$	39,786		$	29,427		$	(120,147	)	$	42,045		$	4,800		$	856		$	13,812		$	(14,668	)	$	4,800

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Consolidating Statements of Operations (in thousands)



	For the three months ended September 30, 2012
	Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	98		$	107,257		$	—		$	107,355
Tenant reimbursements	—			39			26,543			—			26,582
Hotel income	—			—			6,689			—			6,689
Other property income	—			31			4,082			(31		)	4,082
	—			168			144,571			(31		)	144,708
Expenses:
Property operating costs	—			454			43,916			—			44,370
Hotel operating costs	—			—			4,913			—			4,913
Asset and property management fees:
Related-party	7,403			—			1,009			(31		)	8,381
Other	—			—			711			—			711
Depreciation	—			180			27,976			—			28,156
Amortization	—			6			23,417			—			23,423
General and administrative	23			6,055			711			—			6,789
	7,426			6,695			102,653			(31		)	116,743
Operating income (loss)	(7,426		)	(6,527		)	41,918			—			27,965
Other income (expense):
Interest expense	—			(8,264		)	(23,228		)	4,743			(26,749		)
Interest and other income (expense)	1,997			2,751			10,006			(4,743		)	10,011
Loss on interest rate swaps	—			—			(29		)	—			(29		)
Income (loss) from equity investment	(430		)	7,773			—			(7,343		)	—
	1,567			2,260			(13,251		)	(7,343		)	(16,767		)
Income (loss) before income tax benefit (expense)	(5,859		)	(4,267		)	28,667			(7,343		)	11,198
Income tax benefit (expense)	—			1			(253		)	—			(252		)
Income (loss) from continuing operations	(5,859		)	(4,266		)	28,414			(7,343		)	10,946
Discontinued operations:
Operating income (loss) from discontinued operations	—			1,770			(18,575		)	—			(16,805		)
Gain on disposition of discontinued operations	—			—			—			—			—
Income (loss) from discontinued operations	—			1,770			(18,575		)	—			(16,805		)
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc.	$	(5,859	)	$	(2,496	)	$	9,839		$	(7,343	)	$	(5,859	)

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Table of Contents

Consolidating Statements of Operations (in thousands)



	For the nine months ended September 30, 2013
	Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	303		$	347,973		$	(201	)	$	348,075
Tenant reimbursements	—			99			76,213			—			76,312
Hotel income	—			—			18,304			—			18,304
Other property income	—			17			2,447			(136		)	2,328
	—			419			444,937			(337		)	445,019
Expenses:
Property operating costs	—			1,455			131,902			(201		)	133,156
Hotel operating costs	—			—			13,774			—			13,774
Asset and property management fees:
Related-party	5,018			11			540			(28		)	5,541
Other	—			—			1,760			—			1,760
Depreciation	—			894			90,877			—			91,771
Amortization	—			21			66,243			—			66,264
Impairment loss on real estate asset	—			—			29,737			—			29,737
General and administrative	17			41,436			12,618			(108		)	53,963
Listing costs	25			731			—			—			756
	5,060			44,548			347,451			(337		)	396,722
Operating income (loss)	(5,060		)	(44,129		)	97,486			—			48,297
Other income (expense):
Interest expense	—			(24,981		)	(71,312		)	14,164			(82,129		)
Interest and other income (expense)	6,000			8,169			27,548			(14,164		)	27,553
Loss on interest rate swaps	—			—			(198		)	—			(198		)
Income (loss) from equity investment	1,853			57,478			—			(59,331		)	—
	7,853			40,666			(43,962		)	(59,331		)	(54,774		)
Income (loss) before income tax expense	2,793			(3,463		)	53,524			(59,331		)	(6,477		)
Income tax expense	—			(2		)	(654		)	—			(656		)
Income (loss) from continuing operations	2,793			(3,465		)	52,870			(59,331		)	(7,133		)
Discontinued operations:
Operating income (loss) from discontinued operations	—			658			(746		)	—			(88		)
Gain on disposition of discontinued operations	—			—			10,014			—			10,014
Income from discontinued operations	—			658			9,268			—			9,926
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc.	$	2,793		$	(2,807	)	$	62,138		$	(59,331	)	$	2,793

Page 30

Table of Contents

Consolidating Statements of Operations (in thousands)



	For the nine months ended September 30, 2012
	Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	1,548		$	325,850		$	—		$	327,398
Tenant reimbursements	—			105			75,750			—			75,855
Hotel income	—			—			17,527			—			17,527
Other property income	—			107			6,239			(107		)	6,239
	—			1,760			425,366			(107		)	427,019
Expenses:
Property operating costs	—			1,460			124,171			—			125,631
Hotel operating costs	—			—			14,006			—			14,006
Asset and property management fees:
Related-party	22,528			46			3,407			(107		)	25,874
Other	—			—			2,061			—			2,061
Depreciation	—			531			83,492			—			84,023
Amortization	—			350			75,543			—			75,893
General and administrative	23			14,970			3,280			—			18,273
	22,551			17,357			305,960			(107		)	345,761
Operating income (loss)	(22,551		)	(15,597		)	119,406			—			81,258
Other income (expense):
Interest expense	—			(24,151		)	(69,665		)	14,260			(79,556		)
Interest and other income	5,991			8,276			30,032			(14,260		)	30,039
Loss on interest rate swaps	—			—			(118		)	—			(118		)
Income (loss) from equity investment	52,746			74,733			—			(127,479		)	—
	58,737			58,858			(39,751		)	(127,479		)	(49,635		)
Income (loss) before income tax expense	36,186			43,261			79,655			(127,479		)	31,623
Income tax expense	—			(13		)	(540		)	—			(553		)
Income (loss) from continuing operations	36,186			43,248			79,115			(127,479		)	31,070
Discontinued operations:
Operating income (loss) from discontinued operations	—			5,177			(17,004		)	—			(11,827		)
Gain on disposition of discontinued operations	—			—			16,947			—			16,947
Income (loss) from discontinued operations	—			5,177			(57		)	—			5,120
Net income (loss)	36,186			48,425			79,058			(127,479		)	36,190
Less: Net income attributable to noncontrolling interest	—			—			(4		)	—			(4		)
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc.	$	36,186		$	48,425		$	79,054		$	(127,479	)	$	36,186

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Table of Contents

Consolidating Statements of Comprehensive Income (in thousands)


	For the three months ended June 30, 2013													For the three months ended September 30, 2013
	Columbia Property Trust (Parent)		Columbia Property Trust OP (the Issuer)		Guarantors		Non- Guarantors		Consolidating adjustments			Columbia Property Trust (Consolidated)		Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP (the Issuer)			Non- Guarantors		Consolidating adjustments			Columbia Property Trust (Consolidated)
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc.	$	20,601	$	16,369	$	26,235	$	2,684	$	(45,288	)	$	20,601	$	4,800		$	856		$	13,812	$	(14,668	)	$	4,800
Market value adjustment to interest rate swap	2,168		2,168		—		—		(2,168		)	2,168		(922		)	(922		)	—		922			(922		)
Comprehensive income (loss)	$	22,769	$	18,537	$	26,235	$	2,684	$	(47,456	)	$	22,769	$	3,878		$	(66	)	$	13,812	$	(13,746	)	$	3,878


	For the three months ended June 30, 2012																For the three months ended September 30, 2012
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Guarantors		Non- Guarantors		Consolidating adjustments			Columbia Property Trust (Consolidated)			Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP (the Issuer)			Non- Guarantors		Consolidating adjustments			Columbia Property Trust (Consolidated)
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc.	$	10,914		$	14,655		$	18,455	$	6,682	$	(39,792	)	$	10,914		$	(5,859	)	$	(2,496	)	$	9,839	$	(7,343	)	$	(5,859	)
Market value adjustment to interest rate swap	(4,016		)	(4,016		)	—		—		4,016			(4,016		)	(2,475		)	(2,475		)	—		2,475			(2,475		)
Comprehensive income (loss)	$	6,898		$	10,639		$	18,455	$	6,682	$	(35,776	)	$	6,898		$	(8,334	)	$	(4,971	)	$	9,839	$	(4,868	)	$	(8,334	)


	For the six months ended June 30, 2013																	For the nine months ended September 30, 2013
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Guarantors		Non- Guarantors			Consolidating adjustments			Columbia Property Trust (Consolidated)			Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating adjustments			Columbia Property Trust (Consolidated)
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc.	$	(2,007	)	$	(4,320	)	$	44,484	$	3,345		$	(43,509	)	$	(2,007	)	$	2,793		$	(2,807	)	$	62,138		$	(59,331	)	$	2,793
Foreign currency translation adjustment	(83		)	—			—		(83		)	83			(83		)	(83		)	—			(83		)	83			(83		)
Market value adjustment to interest rate swap	2,717			2,717			—		—			(2,717		)	2,717			1,795			1,795			—			(1,795		)	1,795
Comprehensive income (loss)	$	627		$	(1,603	)	$	44,484	$	3,262		$	(46,143	)	$	627		$	4,505		$	(1,012	)	$	62,055		$	(61,043	)	$	4,505


	For the six months ended June 30, 2012																For the nine months ended September 30, 2012
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Guarantors		Non- Guarantors		Consolidating adjustments			Columbia Property Trust (Consolidated)			Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP (the Issuer)			Non- Guarantors		Consolidating adjustments			Columbia Property Trust (Consolidated)
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc.	$	42,045		$	50,934		$	39,786	$	29,427	$	(120,147	)	$	42,045		$	36,186		$	48,425		$	79,054	$	(127,479	)	$	36,186
Market value adjustment to interest rate swap	(3,408		)	(3,408		)	—		—		3,408			(3,408		)	(5,883		)	(5,883		)	—		5,883			(5,883		)
Comprehensive income (loss) attributable to the common stockholders of Columbia Property Trust, Inc.	38,637			47,526			39,786		29,427		(116,739		)	38,637			30,303			42,542			79,054		(121,596		)	30,303
Comprehensive income attributable to noncontrolling interests	—			—			—		4		—			4			4			—			4		(4		)	4
Comprehensive income (loss)	$	38,637		$	47,526		$	39,786	$	29,431	$	(116,739	)	$	38,641		$	30,307		$	42,542		$	79,058	$	(121,600	)	$	30,307

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Consolidating Statements of Cash Flows (in thousands)


	For the six months ended June 30, 2013															For the nine months ended September 30, 2013
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Guarantors			Non- Guarantors			Columbia Property Trust (Consolidated)			Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Columbia Property Trust (Consolidated)
Cash flows from operating activities:	$	—		$	(41,902	)	$	96,132		$	48,091		$	102,321
Cash flows from operating activities																$	(40	)	$	(62,941	)	$	227,346		$	164,365

Cash flows from investing activities:
Net proceeds from sale of real estate	—			65,928			—			—			65,928			—			65,928			—			65,928
Investment in real estate and related assets	—			(3,355		)	(12,007		)	(16,949		)	(32,311		)	—			(4,252		)	(52,157		)	(56,409		)
Net cash provided by (used in) investing activities	—			62,573			(12,007		)	(16,949		)	33,617			—			61,676			(52,157		)	9,519

Cash flows from financing activities:
Borrowings, net of fees	—			119,801			—			(41		)	119,760			—			210,339			(41		)	210,298
Repayments	—			(111,000		)	—			(1,227		)	(112,227		)	—			(126,000		)	(28,304		)	(154,304		)
Issuance of common stock, net of redemptions and fees	(32,328		)	—			—			—			(32,328		)	(69,500		)	—			—			(69,500		)
Distributions	(103,030		)	—			—			—			(103,030		)	(154,024		)	—			—			(154,024		)
Intercompany transfers, net	136,389			(30,808		)	(77,503		)	(28,078		)	—			227,598			(80,558		)	(147,040		)	—
Net cash provided by (used in) financing activities	1,031			(22,007		)	(77,503		)	(29,346		)	(127,825		)	4,074			3,781			(175,385		)	(167,530		)

Net increase (decrease) in cash and cash equivalents	1,031			(1,336		)	6,622			1,796			8,113			4,034			2,516			(196		)	6,354
Effect of foreign exchange rate on cash and cash equivalents	—			—			—			(103		)	(103		)	—			—			(103		)	(103		)
Cash and cash equivalents, beginning of period	20,914			4,822			13,673			14,248			53,657			20,914			4,822			27,921			53,657
Cash and cash equivalents, end of period	$	21,945		$	3,486		$	20,295		$	15,941		$	61,667		$	24,948		$	7,338		$	27,622		$	59,908

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Consolidating Statements of Cash Flows (in thousands)


	For the six months ended June 30, 2012															For the nine months ended September 30, 2012
	Columbia Property Trust (Parent)			Columbia Property Trust OP (the Issuer)			Guarantors			Non- Guarantors			Columbia Property Trust (Consolidated)			Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Columbia Property Trust (Consolidated)
Cash flows from operating activities:	$	—		$	(40,251	)	$	111,220		$	62,679		$	133,648
Cash flows from operating activities																$	(23	)	$	(61,816	)	$	257,445		$	195,606

Cash flows from investing activities:
Net proceeds from sale of real estate	—			57,747			—			—			57,747			—			57,747			—			57,747
Investment in real estate and related assets	—			(883		)	(12,369		)	(17,026		)	(30,278		)	—			(1,616		)	(54,994		)	(56,610		)
Net cash provided by (used in) investing activities	—			56,864			(12,369		)	(17,026		)	27,469			—			56,131			(54,994		)	1,137

Cash flows from financing activities:
Borrowings, net of fees	—			475,888			—			—			475,888			—			564,735			—			564,735
Repayments	—			(456,000		)	—			(34,998		)	(490,998		)	—			(537,000		)	(35,590		)	(572,590		)
Issuance of common stock, net of redemptions and fees	11,466			—			—			—			11,466			24,515			—			—			24,515
Distributions	(135,984		)	—			—			(15		)	(135,999		)	(204,141		)	—			(15		)	(204,156		)
Intercompany transfers	149,143			(42,623		)	(100,564		)	(5,956		)	—			188,827			(22,516		)	(166,311		)	—
Redemption of noncontrolling interest	—			—			—			(301		)	(301		)	—			—			(301		)	(301		)
Net cash provided by (used in) financing activities	24,625			(22,735		)	(100,564		)	(41,270		)	(139,944		)	9,201			5,219			(202,217		)	(187,797		)

Net increase (decrease) in cash and cash equivalents	24,625			(6,122		)	(1,713		)	4,383			21,173			9,178			(466		)	234			8,946
Effect of foreign exchange rate on cash and cash equivalents	—			—			—			(23		)	(23		)	—			—			22			22
Cash and cash equivalents, beginning of period	11,291			10,597			9,134			8,446			39,468			11,291			10,597			17,580			39,468
Cash and cash equivalents, end of period	$	35,916		$	4,475		$	7,421		$	12,806		$	60,618		$	20,469		$	10,131		$	17,836		$	48,436


~~11.~~12.	Subsequent Event

Columbia Property Trust has evaluated subsequent events in connection with the preparation of the consolidated financial statements and notes thereto included in this report on Form 10-Q and noted the following ~~items~~ in addition to those disclosed elsewhere in this report:

~~Listing Preparations~~

~~In preparation for a potential listing, the DRP was suspended effective July 7, 2013 and the SRP was terminated effective July 31, 2013.~~

~~Debt Maturity~~Property Disposition

On ~~July 31,~~November 5, 2013, Columbia Property Trust ~~used cash~~closed on ~~hand and proceeds from~~ the ~~line~~18 Property Sale for a gross sale price of ~~credit~~$521.5 million, exclusive of closing costs. In connection with finalizing the terms of the 18 Property Sale agreement in the fourth quarter, Columbia Property Trust reduced the aggregate carrying value of the assets included therein to ~~fully repay~~fair value, as estimated based on the ~~Three Glenlake Building~~approximate net contact price of $500 million, by recognizing an additional impairment loss of $12.9 million in the third quarter of 2013. On November 5, 2013, Columbia Property Trust also repaid the mortgage note offor the Wildwood Buildings (included in the 18 Property Sale) for $~~26.4~~90.0 million ~~and the related swap at maturity.~~, plus a pre-payment fee of approximately

$5.0 million.

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ITEM 2.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with our accompanying consolidated financial statements (and notes thereto) and the "Cautionary Note Regarding Forward-Looking Statements" preceding Part I of this report, as well as our consolidated financial statements (and the notes thereto) and Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2012.

Overview

On October 10, 2013, we listed our shares on the NYSE under the ticker symbol "CXP." We ~~have evaluated various liquidity options and~~ believe that listing our shares on a ~~national~~public securities exchange ~~will provide the most flexible means~~supports our objective of increasing our shareholders’ long-term total return potential by ~~which to maximize our long-term value. In addition to~~ providing ~~an opportunity for our shareholders to monetize their investment, a listing would give~~ the company with access to ~~more efficient~~additional sources of capital ~~which can be invested toward long-term value~~to fund our value-creation and growth ~~and to enhance income to support dividends. We are, therefore, taking steps to position~~strategies. In preparation for the ~~company to be able to list its~~listing of our shares, ~~later~~earlier this year, ~~should market conditions remain favorable.~~

~~Over the past year,~~ we ~~have~~ transitioned ~~from an externally advised management structure~~ to a self-managed ~~team, which culminated on February 28, 2013 upon terminating the advisory agreement and property management agreements, and~~platform by acquiring, ~~Columbia Property Trust Advisory Services and Columbia Property Trust Services, which included~~or hiring, the employees necessary to perform the functions previously performed by our external advisor and property ~~manager.~~manager upon terminating the respective advisory and property management agreements. See Note 8, 9,Related-Party Transactions and Agreements,, to the accompanying consolidated financial statements.

~~We are continuing~~As a newly listed company, we anticipated initial volatility in our stock price as the supply and demand for our shares evolve toward a point of equilibrium and, thus, an efficient market for our shares begins to ~~focus~~develop. In an effort to mitigate some of the anticipated near-term volatility, on October 10, 2013, we commenced a modified “Dutch Auction” tender offer to purchase up to $300.0 million of our ~~strategic investment objective~~shares to provide our shareholders with an alternative to selling in the open market. See Note 7, Equity, to the accompanying consolidated financial statements.

In the third quarter of 2013, we have continued to proactively manage our real estate portfolio with an emphasis on leasing and re-leasing space, and refining the composition of our portfolio ~~in an effort~~ to enhance the REIT's value potential and, consequently, its attractiveness to current and future investors. We are immediately focused on improving our market concentration by growing our economic presence in key markets through strategic investment opportunities, and by divesting of properties situated in outlying markets, or which face more challenging appreciation prospects. In furtherance of these objectives, we closed on the disposition of 18 properties for $521.5 million on November 5, 2013, which we believe improves our geographical, concentration and strengthens the underlying real estate fundamentals of our portfolio. Over the intermediate and longer term, we are seeking to optimize the allocation between our traditional, stabilized core investments, and growth-oriented, core-plus, and value-added investments which we believe have ~~upside~~ potential for healthy growth in net operating income and value over the intermediate term. We are also working to improve our market concentration by growing our economic presence in key markets through the pursuit of strategic investment opportunities, and by divesting of properties that are situated in outlying markets or face more challenging appreciation prospects. Recently, we initiated a process to market for sale a group of 18 additional properties with an aggregate carrying value of approximately $514 million, the disposition of which would meaningfully improve our geographical concentration and strengthen the underlying real estate fundamentals of our portfolio.time.

Liquidity and Capital Resources

Overview

In ~~2012 and 2013,~~connection with preparing to enter the publicly-traded marketplace, in the third quarter, we ~~actively managed our real estate portfolio with an emphasis on leasing and re-leasing space, and pursuing and closing on strategic acquisitions and dispositions~~took steps to ~~concentrate our market focus. During this period, we also enhanced~~enhance our capital structure ~~by raising net equity proceeds through~~and refine our ~~DRP, improving the composition, maturities and capacity~~dividend policy. In August, we amended $950 million of our ~~debt portfolio while lowering~~unsecured borrowing facilities by reducing the borrowing rates, providing additional accordion and extensions options, and extending the term for a portion of the borrowings, among other things. We believe that listing our ~~overall borrowing costs, accessing new~~common shares on a national securities exchange will promote access to additional, and more efficient, sources of capital going forward as well. Effective for the fourth quarter of 2013, we reduced dividends payable to common stockholders from a quarterly rate per share of $0.38 to $0.30, to provide a yield competitive with other comparable publicly traded REITs, and ~~identifying additional sources~~to better position us to meet our goal of ~~future capital.~~

~~In determining how and when to allocate cash resources, we initially consider the source of the cash. We reserve a portion of~~covering dividends with operating cash ~~flows to fund~~flow, less capital expenditures ~~for~~required to maintain our ~~existing portfolio.~~ properties. We believe that this dividend adjustment will foster both stability, and potential dividend growth over time.

The amount of distributions ~~that we pay~~ to ~~our~~ common stockholders ~~based on our operations~~ is determined by our board of directors and is dependent upon a number of factors, including ~~the~~ funds deemed available for distribution based principally on our current and future projected operating cash flows, reduced by capital requirements necessary to maintain our existing portfolio. In determining the amount of distributions to common stockholders, ~~based on~~we also consider our ~~operations, our financial condition, our~~future capital ~~expenditure requirements, our expectations of~~needs and future sources of liquidity, ~~and~~as well as the annual distribution requirements necessary to maintain our status as a REIT under the Code. ~~We have used~~Investments in new property acquisitions and first-generation capital improvements, as well as equity repurchases, are generally funded with recycled capital proceeds from property sales, debt or cash on ~~hand and DRP proceeds to fund share redemptions (subject to the limitations of our former share redemption program).~~hand.

Short-term Liquidity and Capital Resources

During the ~~six~~nine months ended ~~June~~September 30, 2013, we generated net cash flows from operating activities of $~~102.3~~164.4 million, which consists primarily of receipts from tenants for rent and reimbursements, reduced by payments for operating costs, administrative expenses, and interest expense. During the same period, we paid total distributions to stockholders of $~~103.0~~154.0 million, which includes $46.4 million reinvested in our common stock pursuant to our DRP. ~~In the event that distributions exceed current-period and prior-period accumulated~~On a short-term basis, our principal demands for

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funds will be operating ~~cash flow, borrowings may be used to pay stockholder distributions. We expect to use the majority of our future net cash flow from operating activities to fund~~expenses, distributions to stockholders, ~~and~~ capital improvements to our existing ~~assets.~~assets, purchases of our shares under the Tender Offer and interest and principal on current and any future debt financings. We intend to fund the purchase price for shares accepted for payment pursuant to the Tender Offer, and related fees and expenses, from cash on hand and proceeds from the 18 Property Sale.

During the ~~six~~nine months ended ~~June~~September 30, 2013, we sold the Dvintsev Business Center - Tower B for net proceeds of $65.9 million and generated net proceeds from the sale of common stock under our DRP of $46.4 million. We used these proceeds, along with

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cash on hand and net borrowings of $59.7 million, to fund share redemptions of $~~78.6~~115.8 million, and capital expenditures of $~~32.3 million, and net debt repayments of~~ ~~$7.8~~56.4 million.

We believe that we have adequate liquidity and capital resources to meet our current obligations as they come due. We listed our shares on the NYSE on October 10, 2013, which, we believe, will give us access to additional and more efficient sources of capital in the future. As of ~~July~~October 31, 2013, we had access to the borrowing capacity under the JPMorgan Chase Credit Facility of ~~$394.0~~$295.0 million. Further, we are taking steps to prepare the company to list its shares on a national exchange should market conditions remain favorable. We believe that listing our shares would give us access to additional and more efficient sources of capital in the future.

Long-term Liquidity and Capital Resources

Over the long term, we expect that our primary sources of capital will include operating cash flows, proceeds from secured or unsecured borrowings from third-party lenders, and, if and when deemed appropriate, proceeds from strategic property sales. We expect that our primary uses of capital will continue to include stockholder distributions; capital expenditures, such as building improvements, tenant improvements, and leasing costs; repaying or refinancing debt; and selective property acquisitions, either directly or through investments in joint ventures.

Consistent with our financing objectives and operational strategy, we continue to maintain low debt levels, historically less than 40% of the cost of our assets. This conservative leverage goal could reduce the amount of current income we can generate for our stockholders, but it also reduces their risk of loss. We believe that preserving investor capital while generating stable current income is in the best interest of our stockholders. Our debt-to-real-estate-asset ratio is calculated using the outstanding debt balance and real estate at cost. As of ~~June~~September 30, 2013, our debt-to-real-estate-asset ratio was approximately ~~29.1%~~30.0%.

Our board of directors elected to maintain the distribution rate of $0.095 for the second quarter of 2013. We are continuing to monitor our cash flows and market conditions and to assess their impact on our future earnings and distribution decisions.

Debt Covenants

Our portfolio debt instruments, the $450 Million Term Loan, the JPMorgan Chase Credit Facility, and the unsecured senior notes, contain certain covenants and restrictions that require us to meet certain financial ratios, including the following key financial covenants and respective covenant levels as of ~~June~~September 30, 2013:



	Covenant Level	Actual Performance ~~June~~September 30, 2013
JP Morgan Chase Credit Facility and $450 Million Term Loan:
Total debt to total asset value ratio	Less than 50%	33	%
Secured debt to total asset value ratio	Less than 40%	1917	%
Fixed charge coverage ratio	Greater than 1.75x	~~4.26x~~4.08x
Unencumbered interest coverage ratio	Greater than 2.0x	~~6.48x~~7.56x
Unencumbered asset coverage ratio	Greater than 2.0x	~~3.47x~~4.31x
Unsecured Senior Notes due 2018:
Aggregate debt test	Less than 60%	2829	%
Debt service test	Greater than 1.5x	~~3.85x~~3.90x
Secured debt test	Less than 40%	15	%
Maintenance of total unencumbered assets	Greater than 150%	~~550~~510	%

During the third quarter of 2013, certain of our restrictive covenants were revised as a result of the amending the $450 Million Term Loan and the JPMorgan Chase Credit Facility. We were in compliance with all of our debt covenants as of ~~June~~September 30, 2013. Currently, we expect to continue to meet the requirements of our debt covenants over the short and long term.

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Contractual Commitments and Contingencies

As of ~~June~~September 30, 2013, our contractual obligations will become payable in the following periods (in thousands):


Contractual Obligations	Total		2013		2014-2015		2016-2017		Thereafter		Total		2013		2014-2015		2016-2017		Thereafter
Debt obligations	$	1,657,999	$	27,687	$	362,035	$	670,102	$	598,175	$	1,709,949	$	636	$	311,035	$	800,102	$	598,176
Interest obligations on debt⁽¹⁾	349,180		36,401		133,989		82,579		96,211		333,075		17,946		133,240		85,711		96,178
Capital lease obligations⁽²⁾	586,000		466,000		—		—		120,000		586,000		466,000		—		—		120,000
Operating lease obligations	219,912		1,279		5,114		5,259		208,260		219,272		639		5,114		5,259		208,260
Total	$	2,813,091	$	531,367	$	501,138	$	757,940	$	1,022,646	$	2,848,296	$	485,221	$	449,389	$	891,072	$	1,022,614

⁽¹⁾

Interest obligations on variable-rate debt are measured at the rate at which they are effectively fixed with interest rate swap agreements (where applicable), a portion of which is reflected as gain ~~(loss)~~ on interest rate swaps in our accompanying consolidated statements of operations. Interest obligations on all other debt are measured at the contractual rate. See Item 3, Quantitative and Qualitative Disclosure About Market Risk, for more information regarding our interest rate swaps.

⁽²⁾

Amounts include principal obligations only. We made interest payments on these obligations of ~~$18.2~~$27.3 million during the ~~six~~nine months ended ~~June~~September 30, 2013, all of which was funded with interest income earned on the corresponding investments in development authority bonds. These obligations will be fully satisfied at maturity with equivalent investments in development authority bonds.

Results of Operations

Overview

As of ~~June~~September 30, 2013, we owned controlling interests in 60 office properties, which were approximately ~~93.0%~~93.2% leased, and one hotel. Our ~~real estate~~ operating ~~results have~~income has decreased for the ~~six~~nine months ended ~~June~~September 30, 2013, as compared to the same ~~periods~~period in 2012, primarily due to fees ~~payable~~incurred in connection with transitioning to ~~WREF incurred~~a self-managed platform in the first quarter of 2013, which are included in general and administrative expense in our accompanying statement of operations, and impairment losses recorded in the first ~~quarter~~and third quarters of ~~2013.~~2013 in connection with the 18 Property Sale, partially offset by the acquisition of 333 Market Street. In the near term, ~~absent future acquisitions or dispositions,~~ we expect future ~~real estate~~ operating income to fluctuate primarily based on leasing activities, property dispositions, and acquisitions for our portfolio.

Comparison of the three months ended ~~June~~September 30, 2013 versus the three months ended ~~June~~September 30, 2012

Rental income was $~~116.9~~116.0 million for the three months ended ~~June~~September 30, 2013, which represents an increase as compared to $~~109.9~~107.4 million for the three months ended ~~June~~September 30, 2012, primarily due to the acquisition of the 333 Market Street Building in December 2012 and the impact of 2012 leasing activity. Absent changes to our portfolio or the leases currently in place at our properties, future rental income is expected to remain at similar levels in the near term.

Tenant reimbursements and property operating costs remained stable at $~~24.5~~26.4 million and $46.3 million, respectively, for the three months ended ~~June~~September 30, 2013, as compared to $~~24.2~~26.6 million and $44.4 million, respectively, for the three months ended ~~June~~September 30, 2012. ~~Property operating costs, however, increased to~~ ~~$43.1 million~~ ~~for the three months ended~~ ~~June 30, 2013, as compared to~~ ~~$40.0 million~~ ~~for the three months ended~~ ~~June 30, 2012~~, primarily due to increases in property taxes, resulting from annual reassessments and association dues, and construction work related to a prospective tenant. Tenant reimbursements of the additional 2013 property operating costs were neutralized by the impact of concessions offered with new and modified leases. Absent changes to our portfolio, over the near term, tenant reimbursements and property operating costs are expected to ~~fluctuate in a~~remain at similar ~~manner based on leasing activities.~~levels.

Hotel income, net of hotel operating costs, was $~~1.7~~2.1 million for the three months ended ~~June~~September 30, 2013, which represents an increase as compared to $~~1.5~~1.8 million for the three months ended ~~June~~September 30, 2012, due to ~~increased room rates.~~cost savings associated with banquet business, utility savings as a result of more moderate temperatures, and repairs in the prior year. Hotel income and hotel operating costs are primarily driven by the local economic conditions and, as a result, are expected to fluctuate in the future primarily based on changes in the supply of, and demand for, hotel and banquet space in Cleveland, Ohio, similar to that offered by the Key Center Marriott hotel.

Other property income was $~~1.3~~0.8 million for the three months ended ~~June~~September 30, 2013, which represents ~~an increase~~a decrease as compared to $~~0.5~~4.1 million for the three months ended ~~June~~September 30, 2012, primarily due to fees earned in connection with lease ~~restructuring activities~~terminations during ~~second~~the third quarter of ~~2013.~~2012. Future other property income fluctuations are expected to primarily relate to future lease restructuring and termination activities.

Asset and property management fees were $~~0.7~~0.4 million for the three months ended ~~June~~September 30, 2013, which represents a decrease as compared to $~~9.3~~9.1 million for the three months ended ~~June~~September 30, 2012, due to terminating the Advisory Agreement effective

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February 28, 2013 as further discussed in Note 8,9, Related-Party Transactions and Agreements. Thus, going forward, no ~~related-party~~related-

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party asset or property management fees will be incurred, as such services will be performed by employees of Columbia Property Trust.

Depreciation was $~~30.6~~30.9 million for the three months ended ~~June~~September 30, 2013, which represents an increase as compared to $~~28.0~~28.2 million for the three months ended ~~June~~September 30, 2012, primarily due to the acquisition of the 333 Market Street building in December ~~2012.~~2012 and capital improvements at existing properties. Excluding the impact of acquisitions, dispositions, and changes to the leases currently in place at our properties, depreciation is expected to continue to increase in future periods, as compared to historical periods, due to ongoing capital improvements to our properties.

Amortization was $~~22.3~~22.0 million for the three months ended ~~June~~September 30, 2013, which represents a decrease as compared to $~~26.8~~23.4 million for the three months ended ~~June~~September 30, 2012, primarily due to ~~a lease termination, a lease extension, and~~ the expiration of in-place leases at our properties in 2012 and 2013, partially offset by the acquisition of 333 Market Street in December 2012. Future amortization is expected to fluctuate, primarily based on the expiration of additional in-place leases, offset by amortization of deferred lease costs incurred in connection with recent leasing activity and in-place leases at acquired properties.

In connection with finalizing the terms of the 18 Property Sale agreement in the fourth quarter of 2013, we reduced the aggregate carrying value of the properties included in the sale to the net contract price by recognizing an additional impairment loss of $12.9 million in the third quarter of 2013. No impairment losses were recognized for the three months ended September 30, 2012. We expect future impairment losses on real estate assets to be dependent upon the nature and timing of future disposition activity.

General and administrative expenses and listing costs were $~~9.1~~8.7 million for the three months ended ~~June~~September 30, 2013, which represents an increase as compared to $~~6.6~~6.8 million for the three months ended ~~June~~September 30, 2012, ~~primarily~~ due to incurring expenses ~~incurred~~ in connection with transitioning to a self-managed ~~platform. Quarterly~~platform, and in connection with listing our shares on the NYSE. We expect general and administrative expenses and listing costs are expected to increase in the near term ~~due~~as we continue to ~~non-recurring~~incur expenses related to our listing ~~preparations.~~in the fourth quarter of 2013.

Interest expense was $~~27.2~~27.7 million for the three months ended ~~June~~September 30, 2013, which represents a slight increase as compared to $~~26.5~~26.7 million for the three months ended ~~June~~September 30, 2012, primarily due to the 333 Market Street Building mortgage note assumed at acquisition in December 2012, partially offset by ~~lowering our weighted-average cost of borrowing upon executing the $450 Million Term Loan and~~ the settlement of the development authority bonds and ~~the~~ related ~~obligation under~~ capital lease obligation related to the One Glenlake Parkway Building in December 2012. Absent ~~acquisition~~acquisitions or other borrowing activity, interest expense is expected to ~~remain at comparable levels in~~decrease going forward as a result of reducing the ~~near term,~~borrowing rates on the amended $450 Million Term Loan and ~~decrease over~~ the ~~longer term,~~JPMorgan Chase Credit Facility, and as a result of $466.0 million of our $586.0 million total capital lease obligations ~~mature~~maturing in December 2013.

Interest and other income was $~~9.3~~9.2 million for the three months ended ~~June~~September 30, 2013, which represents a ~~slight~~ decrease as compared to $10.0 million for the three months ended ~~June~~September 30, 2012, due to the settlement of the development authority bonds and the related obligation under capital lease related to One Glenlake Parkway Building in December 2012. Interest income is expected to remain at comparable levels in the near term, as the majority of this activity consists of interest income earned on investments in development authority bonds with a weighted-average remaining term of approximately ~~2.4~~2.1 years as of ~~June~~September 30, 2013, and decrease significantly over the longer term, as $466.0 million of our $586.0 million total development authority bonds mature in December 2013. Interest income earned on investments in development authority bonds is entirely offset by interest expense incurred on the corresponding capital leases.

We recognized a ~~gain (loss)~~loss on interest rate swaps that do not qualify for hedge accounting treatment of approximately $~~164,000~~419,000 for the three months ended ~~June~~September 30, 2013, compared to $~~(13,000)~~29,000 for the three months ended ~~June~~September 30, 2012. We anticipate future gains and losses on interest rate swaps that do not qualify for hedge accounting treatment will fluctuate, primarily due to changes in the estimated fair value of our interest rate swaps relative to then-current market conditions. Market value adjustments to swaps that qualify for hedge accounting treatment are recorded directly to equity, and therefore do not impact net income.

Income (loss) from discontinued operations was approximately $0.1 million for the three months ended September 30, 2013, which represents an increase as compared to $(16.8) million for the three months ended September 30, 2012. The increase is due to the impairment loss related to the 180 E 100 South property, one of the properties included in the Nine Property Sale, incurred in the third quarter of 2012. As further explained in Note 10, Discontinued Operations, to the accompanying consolidated financial statements, properties meeting certain criteria for disposal are classified as "discontinued operations" in the accompanying consolidated statements of operations for all periods presented. For the periods presented, discontinued operations include Dvintsev Business Center - Tower B, which closed in March 2013 for a net gain of $10.0 million; the Nine Property Sale, which closed in December 2012 for a net gain of $3.2 million after recognizing an $18.5 million impairment loss on the 180 E 100 South Building, one of the properties in the Nine Property Sale; and 5995 Opus Parkway and Emerald Point, which both closed in January 2012 for total gains of $16.9 million.

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Net income (loss) attributable to Columbia Property Trust was $4.8 million, or $0.04 per share, for the three months ended September 30, 2013, which represents an increase as compared to $(5.9) million, or $(0.04) per share, for the three months ended September 30, 2012. The increase is primarily due to recognizing an impairment loss on the 180 E 100 South property, which was disposed of in the Nine Property Sale in the third quarter of 2012, which is included in discontinued operations, and the commencement of new leases, partially offset by additional depreciation of capital improvements at existing properties. We expect earnings to fluctuate in the near term based on disposition and acquisition activity. Should the U.S. economic recovery remain sluggish, or the U.S. real estate markets remain depressed for a prolonged period of time, the creditworthiness of our tenants and our ability to achieve market rents comparable to the leases currently in place at our properties may suffer and could lead to a decline in net income over the long term.

Comparison of the nine months ended September 30, 2013 versus the nine months ended September 30, 2012

Rental income was $348.1 million for the nine months ended September 30, 2013, which represents an increase as compared to $327.4 million for the nine months ended September 30, 2012, primarily due to the acquisition of the 333 Market Street Building in December 2012. Absent changes to our portfolio or the leases currently in place at our properties, future rental income is expected to remain at similar levels in the near term.

Tenant reimbursements remained stable at $76.3 million for the nine months ended September 30, 2013 and $75.9 million for the nine months ended 2012. Property operating costs; however, increased to $133.2 million for the nine months ended September 30, 2013, as compared to $125.6 million for the nine months ended September 30, 2012, primarily due to increases in property taxes resulting from annual reassessments, and increased administrative costs primarily driven by non-capital project initiatives. Tenant reimbursements of the additional 2013 property operating costs were neutralized by the impact of concessions offered with new and modified leases. Absent changes to our portfolio, over the near term, tenant reimbursements and property operating costs are expected to remain at similar levels.

Hotel income, net of hotel operating costs, was $4.5 million for the nine months ended September 30, 2013, which represents an increase as compared to $3.5 million for the nine months ended September 30, 2012, due to increased group demand, and due to cost savings associated with banquet business, utility savings as a result of more moderate temperatures, and repairs in the prior year. Hotel income and hotel operating costs are primarily driven by the local economic conditions and, as a result, are expected to fluctuate in the future primarily based on changes in the supply of, and demand for, hotel and banquet space in Cleveland, Ohio, similar to that offered by the Key Center Marriott hotel.

Other property income was $2.3 million for the nine months ended September 30, 2013, which represents a decrease as compared to $6.2 million for the nine months ended September 30, 2012, primarily due to fees earned in connection with lease restructurings and terminations during 2012. Future other property income fluctuations are expected to primarily relate to future lease restructuring and termination activities.

Asset and property management fees were $7.3 million for the nine months ended September 30, 2013, which represents a decrease as compared to $27.9 million for the nine months ended September 30, 2012, due to terminating the Advisory Agreement effective February 28, 2013, as further discussed in Note 9, Related-Party Transactions and Agreements. Thus, going forward, no related-party asset management or property management fees will be incurred, as such services will be performed by employees of Columbia Property Trust.

Depreciation was $91.8 million for the nine months ended September 30, 2013, which represents an increase as compared to $84.0 million for the nine months ended September 30, 2012, primarily due to the acquisition of the 333 Market Street building in December 2012 and capital improvements at existing properties. Excluding the impact of acquisitions, dispositions, and changes to the leases currently in place at our properties, depreciation is expected to continue to increase in future periods, as compared to historical periods, due to ongoing capital improvements to our properties.

Amortization was $66.3 million for the nine months ended September 30, 2013, which represents a decrease as compared to $75.9 million for the nine months ended September 30, 2012, primarily due to the expiration of in-place leases at our properties in 2012 and 2013 and lease terminations. Future amortization is expected to fluctuate, primarily based on the expiration of additional in-place leases, offset by amortization of deferred lease costs incurred in connection with recent leasing activity and in-place leases at acquired properties.

In the first quarter of 2013, we recognized an impairment loss of $16.9 million to reduce the carrying values of the 120 Eagle Rock and 333 & 777 Republic Drive properties to their estimated fair values in connection with refining our disposition strategy for these assets as a result of initiating a process to market for sale a group of 18 properties. In connection with finalizing the terms of the 18 Property Sale agreement in the fourth quarter of 2013, we reduced the aggregate carrying value of the properties included in the sale to the net contract price by recognizing an additional impairment loss of $12.9 million in the third quarter of 20

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13. In the third quarter of 2012, we recognized an impairment loss on real estate assets of $18.5 million, which is included in discontinued operations, to reduce the carrying value of the 180 E 100 South property to its estimated fair value in connection with refining our disposition strategy for this asset as part of a strategic sale of a collection of nine assets situated in outlying markets. We expect future impairment losses on real estate assets to be dependent upon the nature and timing of future disposition activities.

General and administrative expenses and listing costs were $54.7 million for the nine months ended September 30, 2013, which represents an increase as compared to $18.3 million for the nine months ended September 30, 2012, primarily due to the contractual impact of transitioning to a self-managed platform (see Note 9, Related-Party Transactions and Agreements for details), and costs associated with operating on a self-managed platform and listing our shares on the NYSE. As a result, for the first nine months of 2013, general and administrative expenses include all of the fees payable under the Consulting Service Agreement and the Transition Services Agreement, as amended, during 2013. General and administrative expenses and listing costs are expected to increase in the near term as we completed our listing in the fourth quarter of 2013.

Interest expense was $82.1 million for the nine months ended September 30, 2013, which represents a slight increase as compared to $79.6 million for the nine months ended September 30, 2012, primarily due to the 333 Market Street Building mortgage note assumed at acquisition in December 2012, partially offset by the settlement of the development authority bonds and the related obligation under capital lease related to One Glenlake Parkway Building in December 2012. Absent acquisitions or other borrowing activities, interest expense is expected to decrease going forward as a result of reducing the borrowing rates on the $450 Million Term Loan and the JPMorgan Chase Credit Facility, and as a result of $466.0 million of our $586.0 million total capital lease obligations maturing in December 2013.

Interest and other income was $27.6 million for the nine months ended September 30, 2013, which represents a slight decrease as compared to $30.0 million for the nine months ended September 30, 2012, due to the settlement of the development authority bonds and the related obligation under capital lease related to the One Glenlake Parkway Building in December 2012. Interest income is expected to remain at comparable levels in the near term, as the majority of this activity consists of interest income earned on investments in development authority bonds with a weighted-average remaining term of approximately 2.1 years as of September 30, 2013, and decrease significantly over the longer term, as $466.0 million of our $586.0 million total development authority bonds mature in December 2013. Interest income earned on investments in development authority bonds is entirely offset by interest expense incurred on the corresponding capital leases.

We recognized a loss on interest rate swaps that do not qualify for hedge accounting treatment of approximately $0.2 million for the nine months ended September 30, 2013, compared to $0.1 million for the nine months ended September 30, 2012. We anticipate future gains and losses on interest rate swaps that do not qualify for hedge accounting treatment will fluctuate, primarily due to changes in the estimated fair value of our interest rate swaps relative to then-current market conditions. Market value adjustments to swaps that qualify for hedge accounting treatment are recorded directly to equity, and therefore do not impact net income.

Income from discontinued operations was approximately $~~0.1~~9.9 million for the ~~three~~nine months ended ~~June~~September 30, 2013 ~~and~~, which represents an increase as compared to $~~2.6~~5.1 million for the ~~three~~nine months ended ~~June~~September 30, 2012. The increase is due to the impairment loss related to the 180 E 100 South property, which was included in the Nine Property Sale, incurred in the third quarter of 2012. As further explained in Note 9,10, Discontinued Operations, to the accompanying consolidated financial statements, properties meeting certain criteria for disposal are classified as "discontinued operations" in the accompanying consolidated statements of operations for all periods presented. For the periods presented, discontinued operations include Dvintsev Business Center - Tower B, which closed in March 2013 for a net gain of $10.0 million; the Nine Property Sale, which closed in December 2012 for a net gain of $3.2 million after recognizing an $18.5 million impairment loss on the 180 E 100 South Building, one of the properties in the Nine Property Sale; and 5995 Opus Parkway and Emerald Point, which both closed in January 2012 for total gains of $16.9 million.

Net income ~~(loss)~~ attributable to Columbia Property Trust was $~~20.6 million, or~~ ~~$0.04~~ ~~per share, for the three months ended~~ ~~June 30, 2013, which represents an increase as compared to~~ ~~$10.9~~2.8 million, or $0.02 per share, for the ~~three months ended~~ ~~June 30, 2012~~. The increase is primarily due to the transition to in-house management of the majority of our properties, as a result of the acquisition of Columbia Property Trust Services, and lower amortization expense due to expiring and restructuring of in place leases, partially offset by increased expenses resulting from our transition to a self-managed platform, and selling properties in 2012 and early 2013. We expect earnings to fluctuate in the near term based on disposition and acquisition activity. Should the U.S. economic recovery remain sluggish, or the U.S. real estate markets remain depressed for a prolonged period of time, the

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creditworthiness of our tenants and our ability to achieve market rents comparable to the leases currently in place at our properties may suffer and could lead to a decline in net income over the long term.

~~Comparison of the~~ ~~six~~nine months ended ~~June 30, 2013~~ ~~versus the~~ ~~six~~ ~~months ended~~ ~~June 30, 2012~~

~~Rental income was~~ ~~$232.1 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2013, which represents an increase as compared to~~ ~~$220.0 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2012~~, primarily due to the acquisition of the 333 Market Street Building in December 2012 and the impact of 2012 leasing activity. Absent changes to our portfolio or the leases currently in place at our properties, future rental income is expected to remain at similar levels in the near term.

~~Tenant reimbursements remained stable at~~ ~~$49.9 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2013, as compared to~~ ~~$49.3 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2012. Property operating costs, however, increased to~~ ~~$86.8 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2013, as compared to~~ ~~$81.3 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2012~~, primarily due to increases in property taxes, resulting from annual reassessments and increased administrative costs primarily driven by non-capital project initiatives. Tenant reimbursements of the additional 2013 property operating costs were neutralized by the impact of concessions offered with new and modified leases. Absent changes to our portfolio, over the near term, tenant reimbursements and property operating costs are expected to fluctuate in a similar manner based on leasing activities.

~~Hotel income, net of hotel operating costs, was~~ ~~$2.4 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2013, which represents an increase as compared to~~ ~~$1.7 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2012~~, due to stable occupancy rates and increased room rates. Hotel income and hotel operating costs are primarily driven by the local economic conditions and, as a result, are expected to fluctuate in the future primarily based on changes in the supply of, and demand for, hotel and banquet space in Cleveland, Ohio, similar to that offered by the Key Center Marriott hotel.

~~Other property income was~~ ~~$1.5 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June~~September 30, 2013, which represents a decrease as compared to $~~2.2 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2012~~, primarily due to fees earned in connection with lease terminations in the first quarter of 2012, offset by fees earned in connection with lease restructuring activities during the second quarter of 2013. Future other property income fluctuations are expected to primarily relate to future lease restructuring and termination activities.

~~Asset and property management fees were~~ ~~$6.9 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2013, which represents a decrease as compared to~~ ~~$18.8 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2012, due to terminating the Advisory Agreement effective February 28, 2013 as further discussed in Note 8,~~ ~~Related-Party Transactions and Agreements. Thus, going forward, no related-party asset management fees will be incurred, as such services will be performed by employees of Columbia Property Trust.~~

~~Depreciation was~~ ~~$60.9 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2013, which represents an increase as compared to~~ ~~$55.9 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2012~~, primarily due to the acquisition of the 333 Market Street building in December 2012. Excluding the impact of acquisitions, dispositions, and changes to the leases currently in place at our properties, depreciation is expected to continue to increase in future periods, as compared to historical periods, due to ongoing capital improvements to our properties.

~~Amortization was~~ ~~$44.2 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2013, which represents a decrease as compared to~~ ~~$52.5 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2012~~, primarily due to a lease termination, lease restructuring, and the expiration of in-place leases at our properties in 2012 and 2013. Future amortization is expected to fluctuate, primarily based on the expiration of additional in-place leases, offset by amortization of deferred lease costs incurred in connection with recent leasing activity and in-place leases at acquired properties.

~~We recognized an impairment loss of~~ ~~$16.9 million~~ in the first quarter of 2013 to reduce the carrying values of the 120 Eagle Rock and 333 & 777 Republic Drive properties to their estimated fair values in connection with refining our disposition strategy for these assets as a result of initiating a process to market for sale a group of 18 properties. We expect future impairment losses on real estate assets to be dependent upon the nature and timing of future disposition activities.

~~General and administrative expenses were~~ ~~$46.0 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2013, which represents an increase as compared to~~ ~~$11.5 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2012, primarily due to the contractual impact of transitioning to a self-managed platform (see Note 8,~~ ~~Related-Party Transactions and Agreements~~ ~~for details). As a result, for the first~~ ~~six~~ months of 2013, general and administrative expenses include all of the fees payable under the Consulting Service Agreement and the Transition Services Agreement, as amended, during 2013. General and administrative expenses are expected to decrease in the near term as we do not expect to incur additional fees under either agreement going forward. The decrease will be slightly offset by non-recurring fees related to our listing preparations.

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~~Interest expense was~~ ~~$54.4 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2013, which represents a slight increase as compared to~~ ~~$52.8 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2012~~, primarily due to the 333 Market Street Building mortgage note assumed at acquisition in December 2012, partially offset by the settlement of the development authority bonds and the related obligation under capital lease related to One Glenlake Parkway Building in December 2012. Absent acquisition activity, interest expense is expected to remain at comparable levels in the near term, and decrease over the longer term, as $466.0 million of our $586.0 million total capital lease obligations mature in December 2013.

~~Interest and other income was~~ ~~$18.4 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2013, which represents a slight decrease as compared to~~ ~~$20.0 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2012~~, due to the settlement of the development authority bonds and the related obligation under capital lease related to One Glenlake Parkway Building in December 2012. Interest income is expected to remain at comparable levels in the near term, as the majority of this activity consists of interest income earned on investments in development authority bonds with a weighted-average remaining term of approximately 2.4 years as of ~~June 30, 2013~~, and decrease significantly over the longer term, as $466.0 million of our $586.0 million total development authority bonds mature in December 2013. Interest income earned on investments in development authority bonds is entirely offset by interest expense incurred on the corresponding capital leases.

~~We recognized a gain (loss) on interest rate swaps that do not qualify for hedge accounting treatment of approximately~~ ~~$0.2 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2013, compared to~~ ~~$(0.1) million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2012~~. We anticipate future gains and losses on interest rate swaps that do not qualify for hedge accounting treatment will fluctuate, primarily due to changes in the estimated fair value of our interest rate swaps relative to then-current market conditions. Market value adjustments to swaps that qualify for hedge accounting treatment are recorded directly to equity, and therefore do not impact net income.

~~Income from discontinued operations was approximately~~ ~~$9.9 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2013~~ ~~and~~ ~~$21.9 million~~ ~~for the~~ ~~six~~ ~~months ended~~ ~~June 30, 2012. As further explained in Note 9,~~ ~~Discontinued Operations,~~ to the accompanying consolidated financial statements, properties meeting certain criteria for disposal are classified as "discontinued operations" in the accompanying consolidated statements of operations for all periods presented. For the periods presented, discontinued operations include Dvintsev Business Center - Tower B, which closed in March 2013 for a net gain of $10.0 million; the Nine Property Sale, which closed in December 2012 for a net gain of $3.2 million after recognizing an $18.5 million impairment loss on the 180 E 100 South Building, one of the properties in the Nine Property Sale; and 5995 Opus Parkway and Emerald Point, which both closed in January 2012 for total gains of $16.9 million.

~~Net income (loss) attributable to Columbia Property Trust was~~ ~~$(2.0)~~36.2 million, or $~~0.00~~0.26 per share, for the ~~six~~nine months ended ~~June 30, 2013, which represents a decrease as compared to~~ ~~$42.0 million, or~~ ~~$0.08~~ ~~per share, for the~~ ~~six~~ ~~months ended~~ ~~June~~September 30, 2012. The decrease is primarily due to ~~incurring $28.6 million under~~costs incurred in the ~~Transition Services Agreement and~~first quarter of 2013 in connection with transitioning to self-management, partially offset by the ~~Consulting Services Agreement (as described~~acquisition of 333 Market Street in ~~Note 8,~~ ~~Related-Party Transactions and Agreements,~~ December of ~~the accompanying consolidated financial statements), and changes in disposition activity between the periods presented.~~2012. We expect future period earnings to ~~improve due~~increase. As a result of transitioning to ~~the nonrecurring~~a self-managed platform, we incurred one-time transition services and consulting costs of $31.2 million in 2013, and no longer incur asset management fees ~~incurred during the~~ ~~six~~ ~~months ended~~ ~~June 30, 2013~~of ($2.7 million monthly, or $32.0 million annualized). Should the U.S. economic recovery remain sluggish, or the U.S. real estate markets remain depressed for a prolonged period of time, the creditworthiness of our tenants and our ability to achieve market rents comparable to the leases currently in place at our properties may suffer and could lead to a decline in net income over the long term.

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Funds From Operations

Funds from operations (“FFO”) is a non-GAAP measure used by many investors and analysts that follow the real estate industry to measure the performance of an equity REIT. We consider FFO a useful measure of our performance because it principally adjusts for the effects of GAAP depreciation and amortization of real estate assets, which ~~assume~~assumes that the value of real estate diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, we believe that FFO provides a meaningful supplemental measure of our performance. We believe that the use of FFO, combined with the required GAAP presentations, is beneficial in improving our investors' understanding of our operating results and allowing for comparisons among other companies who define FFO as we do.

FFO, as defined by the National Association of Real Estate Investment Trusts ("NAREIT"), represents net income (computed in accordance with GAAP), excluding gains (losses) on sales of real estate and impairments of real estate assets, plus real estate-related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. We compute FFO in accordance with NAREIT's definition, which may differ from the methodology for calculating FFO, or similarly titled measures, used by other companies and this may not be comparable to those presentations.

FFO does not represent amounts available for management's discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties, nor is it indicative of funds available to fund the Company's cash needs, including its ability to make distributions. Our presentation of FFO should not be considered as an alternative to net income

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~~(computed~~ (computed in accordance with GAAP) as an indicator of the Company's financial ~~performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity.~~performance.

Reconciliations of net income to FFO (in thousands):


	Three Months Ended June 30,					Six months ended June 30,						Three months ended September 30,					Nine months ended September 30,
	2013		2012			2013			2012			2013		2012			2013			2012
Reconciliation of Net Income to Funds From Operations and Adjusted Funds From Operations:
Reconciliation of Net Income to Funds From Operations:
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc.	$	20,601	$	10,914		$	(2,007	)	$	42,045		$	4,800	$	(5,859	)	$	2,793		$	36,186
Adjustments:
Depreciation of real estate assets	30,608		30,232			61,235			60,357			30,911		30,410			92,146			90,767
Amortization of lease-related costs	22,327		27,959			44,274			55,015			22,027		24,630			66,301			79,645
Impairment loss on real estate assets	—		—			16,867			—			12,870		18,467			29,737			18,467
Gain on disposition of discontinued operations	—		(62		)	(10,014		)	(16,947		)	—		—			(10,014		)	(16,947		)
Total Funds From Operations adjustments	52,935		58,129			112,362			98,425			65,808		73,507			178,170			171,932
Funds From Operations	$	73,536	$	69,043		$	110,355		$	140,470		$	70,608	$	67,648		$	180,963		$	208,118

Election as a REIT

We have elected to be taxed as a REIT under the Code, and have operated as such beginning with our taxable year ended December 31, 2003. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our adjusted taxable income, as defined in the Code, to our stockholders, computed without regard to the dividends-paid deduction and by excluding our net capital gain. As a REIT, we generally will not be subject to federal income tax on income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income for that year and for the four years following the year during which qualification is lost, unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially affect our net income and net cash available for distribution to our stockholders. However, we believe that we are organized and operate in such a manner as to qualify for treatment as a REIT for federal income tax purposes.

Columbia Property Trust TRS, Columbia KCP TRS, and Wells Energy TRS are wholly owned subsidiaries of Columbia Property Trust, ~~and~~ are organized as Delaware limited liability companies, and ~~include the operations of,~~operate, among other things, a full-service hotel. We have elected to treat the TRS Entities as taxable REIT subsidiaries. We may perform certain additional, noncustomary services for tenants of our buildings through the the TRS Entities; however, any earnings related to such services are subject to federal and state income taxes. In addition, for us to continue to qualify as a REIT, we must limit our investments in taxable REIT subsidiaries to 25% of the value of our total assets. Deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted rates expected to be in effect when the temporary differences reverse.

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No provisions for federal income taxes have been made in our accompanying consolidated financial statements, other than the provisions relating to Columbia Property Trust TRS, Columbia KCP TRS, and Wells Energy TRS, as we made distributions in excess of taxable income for the periods presented. We are subject to certain state and local taxes related to property operations in certain locations, which have been provided for in our accompanying consolidated financial statements.

Inflation

We are exposed to inflation risk, as income from long-term leases is the primary source of our cash flows from operations. There are provisions in the majority of our tenant leases that are intended to protect us from, and mitigate the risk of, the impact of inflation. These provisions include rent steps, reimbursement billings for operating expense pass-through charges, real estate tax and insurance reimbursements on a per-square-foot basis, or in some cases, annual reimbursement of operating expenses above a certain per-square-foot allowance. However, due to the long-term nature of the leases, the leases may not reset frequently enough to fully cover inflation.

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Application of Critical Accounting Policies

Our accounting policies have been established to conform with GAAP. The preparation of financial statements in conformity with GAAP requires management to use judgment in the application of accounting policies, including making estimates and assumptions. These judgments affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. If our judgment or interpretation of the facts and circumstances relating to various transactions had been different, it is possible that different accounting policies would have been applied, thus resulting in a different presentation of the financial statements. Additionally, other companies may utilize different estimates that may impact the comparability of our results of operations to those of companies in similar businesses.

Investment in Real Estate Assets

We are required to make subjective assessments as to the useful lives of our depreciable assets. We consider the period of future benefit of the asset to determine the appropriate useful lives. These assessments have a direct impact on net income. The estimated useful lives of our assets by class are as follows:



	Buildings		40 years
	Building improvements		5-25 years
	Site improvements		15 years
	Tenant improvements		Shorter of economic life or lease term
	Intangible lease assets		Lease term

Evaluating the Recoverability of Real Estate Assets

We continually monitor events and changes in circumstances that could indicate that the carrying amounts of the real estate and related intangible assets of both operating properties and properties under construction, in which we have an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of real estate assets and related intangible assets (liabilities) may not be recoverable, we assess the recoverability of these assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future operating cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, we adjust the carrying value of the real estate assets and related intangible assets to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognize an impairment loss. Estimated fair values are calculated based on the following information, in order of preference, depending upon availability: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated salvage value. Certain of our assets may be carried at more than an amount that could be realized in a current disposition transaction.

Projections of expected future operating cash flows require that we estimate future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. The subjectivity of assumptions used in the future cash flow analysis, including discount rates, could result in an incorrect assessment of the property's fair value and could result in the misstatement of the carrying value of our real estate assets and related intangible assets and net income (loss).

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In connection with furthering our portfolio repositioning efforts, in the first quarter of 2013, we began to market for sale a group of 18 properties. Pursuant to the accounting policy outlined above, we evaluated the recoverability of the carrying values of each of the properties in this group and determined that the 120 Eagle Rock property in East Hanover, New Jersey, and the 333 & 777 Republic Drive property in Allen Park, Michigan, are no longer recoverable due to shortening the respective expected property holding periods in connection with these repositioning efforts. As a result, we reduced the carrying value of the 120 Eagle Rock property and the 333 & 777 Republic Drive property to reflect their respective fair values estimated based on projected discounted future cash flows and recorded corresponding property impairment losses of $11.7 million and $5.2 million, respectively, in the first quarter of 2013.

In the third quarter of 2012, we focused on refining our portfolio by marketing and negotiating the Nine Property Sale. We evaluated the recoverability of the carrying values of these assets pursuant to the accounting policy outlined above and determined that the carrying value of the 180 E 100 South property in Salt Lake City, Utah, one of the properties in the Nine Property Sale, was no longer recoverable due to the change in disposition strategy and the shortening of the expected hold period for this asset in the third quarter of 2012. As a result, we reduced the carrying value of the 180 E 100 South property to reflect fair value and recorded a corresponding property impairment loss of $18.5 million in the third quarter of 2012. This impairment loss is included in discontinued operations as of September 30, 2013 (see Note 10, Discontinued Operations, of the accompanying financial statements).

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For the ~~six~~nine months ended~~June~~ September 30, ~~2012~~.2013 (in thousands):



Property	Net Book Value		Impairment Loss Recognized			Fair Value
120 Eagle Rock	$	23,808	$	(11,708	)	$	12,100
333 & 777 Republic Drive	$	13,359	$	(5,159	)	$	8,200

For the three and nine months ended September 30, 2012 (in thousands):



Property	Net Book Value		Impairment Loss Recognized			Fair Value
180 E 100 South	$	30,847	$	(18,467	)	$	12,380

In connection with finalizing the terms of the 18 Property Sale agreement in the fourth quarter of 2013, we reduced the aggregate carrying value of the assets therein to fair value, as estimated based on the approximate net contact price of contract price of $500 million, by recognizing an additional impairment loss of $12.9 million the third quarter of 2013.

Assets Held for Sale

We classify assets as held for sale according to ASC 360. According to ASC 360, assets are considered held for sale when the following criteria are met:

Management, having the authority to approve the action, commits to a plan to sell the property.

The property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property.

An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated.

The sale of the property is probable, and transfer of the property is expected to qualify for recognition as a completed sale, within one year.

The property is being actively marketed for sale at a price that is reasonable in relation to its current fair value.

Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

At such time that a property is determined to be held for sale, its carrying amount is reduced to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized. As of ~~June~~September 30, 2013, none of our properties met the criteria to be classified as held for sale in the accompanying balance sheet. See Note 12, Subsequent Events,

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of the accompanying financial statements for discussion of the 18 Property Sale, which met the criteria for "held for sale" classification during the fourth quarter of 2013.

Allocation of Purchase Price of Acquired Assets

Upon the acquisition of real properties, we allocate the purchase price of properties to tangible assets, consisting of land and building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on our estimate of their fair values.

The fair values of the tangible assets of an acquired property (which includes land and building) are determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land and building based on our determination of the relative fair value of these assets. We determine the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors we consider in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, we include real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market demand.

Intangible Assets and Liabilities Arising from In-Place Leases where We are the Lessor

As further described below, in-place leases where we are the lessor may have values related to direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease, tenant relationships, and effective contractual rental rates that are above or below market rates:

Direct costs associated with obtaining a new tenant, including commissions, tenant improvements, and other direct costs, are estimated based on management's consideration of current market costs to execute a similar lease. Such direct costs are included in intangible lease origination costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases.

The value of opportunity costs associated with lost rentals avoided by acquiring an in-place lease is calculated based on the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. Such opportunity costs are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases.

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The value of tenant relationships is calculated based on expected renewal of a lease or the likelihood of obtaining a particular tenant for other locations. Values associated with tenant relationships are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases.

The value of effective rental rates of in-place leases that are above or below the market rates of comparable leases is calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be received pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining terms of the leases. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental income over the remaining terms of the respective leases.

Evaluating the Recoverability of Intangible Assets and Liabilities

The values of intangible lease assets and liabilities are determined based on assumptions made at the time of acquisition and have defined useful lives, which correspond with the lease terms. There may be instances in which intangible lease assets and liabilities become impaired and we are required to write-off the remaining asset or liability immediately or over a shorter period of time. Lease restructurings, including lease terminations and lease extensions, may impact the value and useful life of in-place leases. In-place leases that are terminated, partially terminated, or modified will be evaluated for impairment if the original in-place lease terms have been modified. In the event that the discounted cash flows of the original in-place lease stream do not exceed the discounted modified in-place lease stream, we adjust the carrying value of the intangible lease assets to the discounted cash flows and recognize an impairment loss. For in-place lease extensions that are executed more than one year prior to the original in-place lease expiration date, the useful life of the in-place lease will be extended over the new lease term with the exception of those in-place lease components, such as lease commissions and tenant allowances, which have been renegotiated for the extended term. Renegotiated in-place lease components, such as lease commissions and tenant allowances, will be amortized over the shorter of the useful life of the asset or the new lease term.

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Intangible Assets and Liabilities Arising from In-Place Leases where We are the Lessee

In-place ground leases where we are the lessee may have value associated with effective contractual rental rates that are above or below market rates. Such values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place lease and (ii) management's estimate of fair market lease rates for the corresponding in-place lease, measured over a period equal to the remaining terms of the leases. The capitalized above-market and below-market in-place lease values are recorded as intangible lease liabilities or assets and amortized as an adjustment to property operating cost over the remaining term of the respective leases.

Related Parties Transactions and Agreements

During the periods presented, we were party to agreements with our former advisor and its affiliates, whereby we incurred and paid fees and reimbursements for certain advisory services and property management services. On February 28, 2013, we terminated the related agreements and acquired Columbia Property Trust Advisory Services and Columbia Property Trust Services, including the employees necessary to perform the corporate and property management functions previously performed by our former advisor and property manager. See Note 8,9, Related-Party Transition and Agreements, of our accompanying consolidated financial statements for details of our related-party transactions, agreements, and fees.

Commitments and Contingencies

We are subject to certain commitments and contingencies with regard to certain transactions. Refer to Note 6, Commitments and Contingencies, of our accompanying consolidated financial statements for further explanation. Examples of such commitments and contingencies include:

obligations under operating leases;

obligations under capital leases;

commitments under existing lease agreements; and

litigation.

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Subsequent Events

~~We have evaluated subsequent events in~~Property Disposition

On November 5, 2013, we closed on the 18 Property Sale for $521.5 million, exclusive of closing costs. In connection with finalizing the ~~preparation~~terms of ~~our consolidated financial statements and notes thereto~~the 18 Property Sale agreement in the fourth quarter, we reduced the aggregate carrying value of the assets included therein to fair value, as estimated based on the approximate net contact price of $500 million, by recognizing an additional impairment loss of $12.9 million in ~~this report on Form 10-Q and noted~~ the ~~following items in addition to those disclosed elsewhere in this report:~~

~~Listing Preparations~~

~~In preparation for a potential listing, the DRP was suspended effective July 7, 2013 and the SRP was terminated effective July 31,~~third quarter of 2013.

~~Debt Maturity~~

On ~~July 31,~~November 5, 2013, we ~~used cash on hand and proceeds from~~also repaid the ~~line of credit to fully repay the Three Glenlake Building~~ mortgage note for the Wildwood Buildings (included in the 18 Property Sale) for $90.0 million, plus an pre-payment fee of ~~$26.4 million and the related swap at maturity.~~approximately $5.0 million.


ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a result of our debt facilities, we are exposed to interest rate changes. Our interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flow primarily through a low to moderate level of overall borrowings. However, we currently have a substantial amount of debt outstanding. We manage our ratio of fixed- to floating-rate debt with the objective of achieving a mix that we believe is appropriate in light of anticipated changes in interest rates. We closely monitor interest rates and will continue to consider the sources and terms of our borrowing facilities to determine whether we have appropriately guarded ourselves against the risk of increasing interest rates in future periods.

Additionally, we have entered into interest rate swaps, and may enter into other interest rate swaps, caps, or other arrangements to mitigate our interest rate risk on a related financial instrument. We do not enter into derivative or interest rate transactions for speculative purposes; however, certain of our derivatives may not qualify for hedge accounting treatment. All of our debt was entered into for other-than-trading purposes.

On August 21, 2013, we entered into an amendment to the $450 Million Term Loan with a syndicate of banks with JP Morgan Securities, LLC and PNC Capital Markets, LLC, serving as joint lead arrangers and joint book runners, to, among other things: (i) change the margins on the interest rate under the term loan, as described below; (ii) provide for an additional one-year extension option; (iii) provide for four additional accordion options for an aggregate amount of $250.0 million, in minimum amounts of $25.0 million each; and (iv) revise certain restrictive covenants under the term loan, and thereby create additional flexibility.

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rating. Prior to amending the $450 Million Term Loan, the applicable margin on the interest rate was a range from 1.30% to 2.30% for LIBOR or a range from 0.30% to 1.30% for the margin adjustment to the alternate base rate. The interest rate on the $450 Million Term Loan continues to be effectively fixed with an interest rate swap agreement. Based on the terms of the interest rate swap and Columbia Property Trust's current credit rating, the interest rate on the $450 Million Term Loan is effectively fixed at 2.28%.

On August 21, 2013, we also amended the JPMorgan Chase Credit Facility with JP Morgan Securities, LLC and PNC Capital Markets, LLC, serving as joint lead arrangers and joint book runners, to, among other things: (i) change the margins on the interest rate under the facility, as described below; (ii) extend the maturity date from May 2015 to August 2017, with a one-year extension option; (iii) enable us to increase the facility amount by an aggregate of up to $300.0 million, not to exceed a total facility of $800.0 million on four occasions; (iv) revise certain restrictive covenants under the facility, and thereby created additional flexibility.

The JPMorgan Chase Credit Facility, as amended, reduced the applicable margin on the interest rate to a range from 1.00% to 1.70% for LIBOR or a range from 0.00% to 0.70% for the margin adjustment to the alternate base rate, based on Columbia Property Trust's applicable credit rating. Prior to amendment, the applicable margin on the interest rate was a range from 1.25% to 2.05% for LIBOR or a range from 0.25% to 1.05% for the margin adjustment to the alternate base rate.Additionally, the per annum facility fee on the aggregate revolving commitment (used or unused) now ranges from 0.15% to 0.35%, also based on our applicable credit rating. Prior to amendment, the per annum facility fee ranged from 0.25% to 0.45%.

Our financial instruments consist of both fixed-rate and variable-rate debt. Our variable-rate borrowings consist of the JPMorgan Chase Credit Facility, the $450 Million Term Loan and the 333 Market Street ~~Building mortgage note, and the Three Glenlake~~ Building mortgage note. However, only the JPMorgan Chase Credit Facility bears interest at an effectively variable rate, as the variable rates on the $450.0 Million Term Loan and the 333 Market Street ~~Building mortgage note, and the Three Glenlake~~ Building mortgage note have been effectively fixed through the interest rate swap agreements described below.

As of ~~June~~September 30, 2013, we had $~~51.0~~130.0 million outstanding under the JPMorgan Chase Credit Facility; $450.0 million outstanding on the $450 Million Term Loan; $~~207.9~~207.7 million outstanding on the 333 Market Street Building mortgage note; $~~26.4 million~~ ~~outstanding on the Three Glenlake Building mortgage note;~~ ~~$248.8~~248.9 million in 5.875% bonds outstanding; and ~~$673.9~~$673.3 million outstanding on fixed-rate, term mortgage loans. The weighted-average interest rate of all of our debt instruments was ~~4.47%~~4.20% as of ~~June~~September 30, 2013.

Approximately ~~$1,607.0~~$1,579.9 million of our total debt outstanding as of ~~June~~September 30, 2013, is subject to fixed rates, either directly or when coupled with an interest rate swap agreement. As of ~~June~~September 30, 2013, these balances incurred interest expense at an average interest rate of ~~4.54%~~4.42% and have expirations ranging from 2013 through 2023. A change in the market interest rate impacts the net financial instrument position of our fixed-rate debt portfolio; however, it has no impact on interest incurred or cash flows. The amounts outstanding on our variable-rate debt facility in the future will largely depend upon future acquisition and disposition activity.

We do not believe there is any exposure to increases in interest rates related to the capital lease obligations of $586.0 million at ~~June~~September 30, 2013, as the obligations are at fixed interest rates.


ITEM 4.	CONTROLS AND PROCEDURES

Management's Conclusions Regarding the Effectiveness of Disclosure Controls and Procedures

We carried out an evaluation, under the supervision and with the participation of management, including the Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15(e) under the Securities Exchange Act of 1934 as of the end of the period covered by this report. Based upon that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report in providing a reasonable level of assurance that information we are required to disclose in reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods in SEC rules and forms, including providing a reasonable level of assurance that information required to be disclosed by us in such reports is accumulated and communicated to our management,

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including our Principal Executive Officer and our Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There have been no significant changes in our internal control over financial reporting during the quarter ended ~~June~~September 30, 2013 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II.	OTHER INFORMATION


ITEM 1.	LEGAL PROCEEDINGS

From time to time, we are party to legal proceedings, which arise in the ordinary course of our business. We are not currently involved in any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on our results of operations or financial condition, nor are we aware of any such legal proceedings contemplated by governmental authorities.


ITEM 1A.	RISK FACTORS

~~There have been no material changes from~~The following risk factors update the risk factors ~~disclosed~~included in ~~the "Risk Factors" section of~~ our Annual Report on Form 10-K for the year ended December 31, 2012.

On October 10, 2013 we listed our shares of common stock for trading on a national securities exchange; previously, no public market existed for our shares, and as a result, our initial trading price may not be reflective of our long-term value.

We recently listed our shares of common stock for trading on the New York Stock Exchange. Prior to the listing of our common stock, no public market existed for our shares. Therefore, our initial trading price may not be reflective of our long term value because, among other reasons, it may take some time for an efficient market to develop for our shares as more institutional investors and buy-side analysts begin to evaluate us as an investment opportunity.

Maryland General Corporation Law provides certain protections relating to deterring or defending hostile takeovers, which may discourage others from trying to acquire control of us and may prevent our stockholders from receiving a premium price for their stock in connection with a business combination.

Under Maryland law, "business combinations" between a Maryland corporation and certain interested stockholders or affiliates of interested stockholders are prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder. These business combinations include a merger, consolidation, share exchange, or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. Also under Maryland law, control shares of a Maryland corporation acquired in a control share acquisition have no voting rights except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter. Shares owned by the acquirer, an officer of the corporation, or an employee of the corporation who is also a director of the corporation are excluded from the vote on whether to accord voting rights to the control shares. These provisions may therefore discourage others from trying to acquire control of us and increase the difficulty of consummating any offer. Similarly, provisions of Title 3, Subtitle 8 of the Maryland General Corporation Law, commonly referred to as the “Maryland Unsolicited Takeover Act” could provide similar anti-takeover protection.

Our board of directors has determined to opt out of these provisions of Maryland law; in the case of the business combination provisions of Maryland law, by resolution of our board of directors; in the case of the control share provisions of Maryland law, pursuant to a provision in our bylaws; and in the case of certain provisions of the Maryland Unsolicited Takeover Act, pursuant to Articles Supplementary. Only upon the approval of our stockholders, our board of directors may repeal the foregoing opt-outs from the anti-takeover provisions of Maryland General Corporation Law.


ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS


(a)	~~All equity securities sold by us in~~During the quarter ended ~~June~~September 30, 2013 we did not sell any equity securities that were ~~sold in an offering~~not registered under the Securities Act of 1933.


(b)	Not applicable.

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(c)	During the quarter ended ~~June~~September 30, 2013, we redeemed shares as follows (in thousands, except per-share amounts):

Period
Total Number
of Shares
Purchased⁽¹⁾

Average Price
Paid per Share

Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs ⁽²⁾

Approximate Dollar
Value of Shares
Available That May
Yet Be Redeemed
Under the Program⁽³⁾
April 2013 2,108
$ 6.56
2,108
N/A
May 2013 1,888
$ 6.58
1,888
N/A
June 2013 1,752
$ 6.57
1,752
N/A



Period	Total Number of Shares Purchased	Average Price Paid per Share ⁽¹⁾			Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs⁽²⁾	Approximate Dollar Value of Shares Available That May Yet Be Redeemed Under the Program
July 2013	1,363	$	25.68		1,363	N/A
August 2013	76	$	28.32	⁽³⁾	76	N/A
September 2013	—	$	—		—	N/A

~~During the quarter ended~~ ~~June 30, 2013, we~~We redeemed all of the shares eligible and properly submitted for redemption pursuant to our SRP prior to the final redemption ~~payment~~ date in ~~June 2013~~.July 2013. Redemption requests for the period were funded with cash on hand, along with ~~proceeds from the sale~~borrowings on our line of ~~common stock under our DRP.~~credit.


⁽¹⁾	~~All purchases of our equity securities by us~~The average price paid per share as reflected in the ~~three months ended~~ ~~June 30, 2013~~ ~~were made pursuant~~above column has been adjusted to ~~our SRP.~~ reflect the Reverse Stock Split we effected on August 14, 2013.

⁽²⁾

Purchases of equity securities by us during the three months ended September 30, 2013, were made pursuant to our SRP and in connection with the fractional share repurchase related to the Reverse Stock Split we effected on August 14, 2013 (as described in the accompanying Note 7, Equity). We announced the commencement of ~~the program~~our SRP on December 10, 2003, and amendments to the program on April 22, 2004; March 28, 2006; May 11, 2006; August 10, 2006; August 8, 2007; November 13, 2008; March 31, 2009; August 13, 2009; February 18, 2010; July 21, 2010; September 23, 2010; July 19, 2011; August 12, 2011; November 8, 2011; December 12, 2011; February 28, 2013; and June 27, 2013. The SRP terminated on July 31, 2013. On August 7, 2013, we announced that our board of directors approved the redemption of all fractional shares of our common stock that remained following effectuation of the Reverse Stock Split.


⁽³⁾	~~The~~In August 2013, we purchased approximately 22,000 shares related to the redemption requests under the SRP ~~terminated on~~received prior to July ~~31, 2013.~~24, 2013 at an average price of $25.80, and approximately 54,000 shares in the fractional share repurchase at a price of $29.32.


ITEM 3.	DEFAULTS UPON SENIOR SECURITIES


(a)	There have been no defaults with respect to any of our indebtedness.


(b)	Not applicable.


ITEM 4.	MINE SAFETY DISCLOSURES

Not applicable.

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ITEM 5.	OTHER INFORMATION

(a)

~~On April 15, 2013,~~

During the ~~compensation committee~~third quarter of ~~our board~~2013, there was no information that was required to be disclosed in a report of directors approved an annual cash incentive compensation program (the “Cash Incentive Program”) pursuant to which cash incentive compensation for our named executive officers and certain other key employees will be determined. In establishing the terms of the Cash Incentive Program as well as other components of our executive compensation program, the compensation committee worked with an independent compensation consultant who provided competitive market compensation data forForm 8-K that was not disclosed in a group of 12 of our peers and made recommendations for pay levels for each component of our executive compensation. In establishing the total compensation amounts for our executive officers, the committee did not target compensation levels at any specific point or percentile against the peer group data, however, it did look to ensure that overall compensation levels did not exceed the market median, basedreport on the peer groups presented by the independent compensation consultant, unless substantial performance occurs. The peer group considered by our compensation committee consisted of 12 public REITs primarily focused in the office REIT sector, with the majority focused in suburban office. At the time of the study, the peer group companies ranged in size, defined by total capitalization, from approximately $1.5 billion to $8.7 billion, with a median capitalization of $4.7 billion. Columbia Property Trust's total capitalization of approximately $5.7 billion placed it within the 75th percentile of the group. The peer group consisted of the following: BioMed Realty Trust, Inc., Brandywine Realty Trust, Corporate Office Properties Trust, Cousins Properties Incorporated, Douglas Emmett, Inc., Duke Realty Corporation, Highwoods Properties, Inc., Kilroy Realty Corporation, Liberty Property Trust, Mack-Cali Realty Corporation, Piedmont Office Realty Trust, Inc., and Washington Real Estate Investment Trust.Form 8-K.

The ~~Cash Incentive Program provides~~SEC is conducting a formal, non-public investigation regarding Wells Investment Securities, Inc. ("WIS"), the former dealer-manager for ~~the payment~~our previous non-listed public offerings. The investigation also relates to CatchMark Timber Trust, which also conducted public offerings through WIS, and our company. The investigation relates to whether there have been violations of cash compensation based on employee performance. Each eligible employee will be evaluated based on performance goals that fall within three general categories: corporate, business unit, and individual. The weight given to each of these categories will vary by position, with our Chief Executive Officer and Chief Financial Officer weighted 67%, 0%, and 33%, respectively and Senior Vice Presidents weighted 33%, 33%, and 34%, respectively. Performance goals include both quantitative performance measures such as our adjusted funds from operations per share, net asset value, revenue and expense control as well as more subjective elements. Memberscertain provisions of the ~~compensation committee will determine compensation amounts by assessing performance against annually established performance targets,~~federal securities laws in connection with public offerings in which WIS served as dealer-manager, including a public offering of our shares that concluded in August 2010. In February 2013, we received a subpoena for documents and ~~any payouts under~~information and we have been cooperating fully with the ~~Cash Incentive Program~~SEC. We are not in a position to estimate the ~~discretion~~timing of a conclusion of the ~~compensation committee.~~

~~Under~~investigation or whether the ~~Cash Incentive Program, target payout opportunities are expressed as a percentage~~SEC may accuse us of base salary, with threshold, target and high payout opportunities expressed as a percentage of the target award (actual cash incentive compensation may range anywhere between the threshold and high amounts). Target opportunities are grouped by organizational hierarchy with the target for the Chief Executive Officer being 100% of base salary, the Chief Financial Officer being 90% of base salary (for 2014 and after), and Senior Vice Presidents being 65-75% of base salary. The threshold payout opportunity is 50% of the target and the high payout opportunity is 150% of the target. No cash incentive compensation will be paid if threshold performance is not achieved.any wrongdoing.

(b)

~~There are no material changes~~The information required in response to this Item 5(b) is incorporated herein by reference to the ~~procedures by which stockholders may recommend nominees~~disclosure under the caption “Bylaws - Advance Notice Requirements for Annual Meetings of Stockholders” and “Bylaws - Advance Notice Requirements for Director Nominations at a Special Meeting” under Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year in our ~~board of directors since~~Current Report on Form 8-K filed with the ~~filing of our Schedule 14A.~~SEC on September 4, 2013.


ITEM 6.	EXHIBITS

The exhibits required to be filed with this report are set forth on the Exhibit Index to this quarterly report attached hereto.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



		COLUMBIA PROPERTY TRUST, INC. (Registrant)

Dated:	~~August 6,~~November 5, 2013	By:	/s/ ~~WENDY W. GILL~~JAMES A. FLEMING
			~~Wendy W. Gill~~James A. Fleming ~~Chief Accounting Officer, Treasurer~~Executive Vice President and ~~Principal~~Chief Financial Officer

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EXHIBIT INDEX TO

~~SECOND~~THIRD QUARTER 2013 FORM 10-Q OF

COLUMBIA PROPERTY TRUST, INC.

The following documents are filed as exhibits to this report. Exhibits that are not required for this report are omitted.



Ex.	Description
~~3.1~~3.1*	Second Amended and Restated Articles of Incorporation as Amended by the First, Second, and Third Articles of Amendment ~~(incorporated by reference to Exhibit 3.1 to~~and the ~~Company's Annual Report on Form 10-K filed with the Commission on March 1, 2013).~~Articles Supplementary.
3.2	~~Second~~Third Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company's ~~Annual~~Current Report on Form ~~10-K~~8-K filed with the Commission on ~~March 1,~~September 4, 2013).
4.1	Statement regarding restrictions on transferability of shares of common stock (to appear on stock certificate or to be sent upon request and without charge to stockholders issued shares without certificates) (incorporated by reference to Exhibit 4.1 to the Company's Annual Report on Form 10-K filed with the Commission on March 1, 2013).
~~4.2~~10.1	~~Third Amended~~Executive Employment Agreement by and ~~Restated Distribution Reinvestment Plan~~between Columbia Property Trust, Inc. and E. Nelson Mills, dated as of August 6, 2013 (incorporated by reference to Exhibit ~~4.1~~10.1 to the Company's ~~Annual~~Current Report on Form ~~10-K~~8-K filed with the Commission on ~~March 1,~~September 4, 2013).
~~10.1~~10.2	Executive Employment Agreement by and between Columbia Property Trust, Inc. and James A. Fleming, dated as of August 6, 2013 ~~Long-Term Incentive Plan incorporated~~(incorporated by reference to Exhibit A10.2 to the Company's ~~Definitive Proxy Statement in Schedule 14A~~Current Report on Form 8-K filed with the Commission on ~~April 25, 2013.~~September 4, 2013).
10.3*	Amended and Restated Credit Agreement dated as of August 21, 2013 by and among Columbia Property Trust Operating Partnership, L.P. as Borrower, J.P. Morgan Securities LLC and PNC Capital Markets LLC as Joint Lead Arrangers and Joint Bookrunners, JPMorgan Chase Bank, N.A. as Administrative Agent, PNC Bank, National Association as Syndication Agent and Regions Bank, U.S. Bank National Association and BMO Capital Market Financing, Inc. as Documentation Agents.
10.4*	Amended and Restated Term Loan Agreement dated as of August 21, 2013 by and among Columbia Property Trust Operating Partnership, L.P., as Borrower, J.P. Morgan Securities LLC and PNC Capital Markets LLC as Joint Lead Arrangers and Joint Bookrunners, JPMorgan Chase Bank, N.A. as Administrative Agent, PNC Bank, National Association as Syndication Agent and Regions Bank, U.S. Bank National Association and Union Bank, N.A. as Documentation Agents.
31.1*	Certification of the Principal Executive Officer of the Company, pursuant to Securities Exchange Act Rules 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of the Principal Financial Officer of the Company, pursuant to Securities Exchange Act Rules 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of the Principal Executive Officer and Principal Financial Officer of the Company, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS**	XBRL Instance Document.
101.SCH**	XBRL Taxonomy Extension Schema.
101.CAL**	XBRL Taxonomy Extension Calculation Linkbase.
101.DEF**	XBRL Taxonomy Extension Definition Linkbase.
101.LAB**	XBRL Taxonomy Extension Label Linkbase.
101.PRE**	XBRL Taxonomy Extension Presentation Linkbase.

*	Filed herewith.
**	Furnished with this Form 10-Q.

Page 4651



Period	Total Number of Shares Purchased⁽¹⁾	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs ⁽²⁾	Approximate Dollar Value of Shares Available That May Yet Be Redeemed Under the Program⁽³⁾
April 2013	2,108	$	6.56	2,108	N/A
May 2013	1,888	$	6.58	1,888	N/A
June 2013	1,752	$	6.57	1,752	N/A