FORM 10-Q |
☒ | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||||||||||||||
for the quarterly period ended | ||||||||||||||||
or | ||||||||||||||||
☐ | 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 001-36113 |
Maryland | 20-0068852 | |||||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||||||||||||||
Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||||||||||||||||||||
Common Stock | CXP | NYSE |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ (Do not check if a smaller reporting company) | Smaller reporting company | ☐ | ||||||||
Emerging Growth Company | ☐ |
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(Unaudited) | (Unaudited) | |||||||||||||||||||||||
June 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | |||||||||||||||||||||
Assets: | Assets: | |||||||||||||||||||||||
Real estate assets, at cost: | Real estate assets, at cost: | |||||||||||||||||||||||
Land | $ | 803,986 | $ | 817,975 | Land | $ | 803,986 | $ | 817,975 | |||||||||||||||
Buildings and improvements, less accumulated depreciation of $395,250 and $403,355, as of June 30, 2019 and December 31, 2018, respectively | 1,784,994 | 1,910,041 | ||||||||||||||||||||||
Intangible lease assets, less accumulated amortization of $78,234 and $84,881, as of June 30, 2019 and December 31, 2018, respectively | 60,654 | 98,540 | ||||||||||||||||||||||
Buildings and improvements, less accumulated depreciation of $344,037 and $403,355, as of September 30, 2019 and December 31, 2018, respectively | Buildings and improvements, less accumulated depreciation of $344,037 and $403,355, as of September 30, 2019 and December 31, 2018, respectively | 1,593,735 | 1,910,041 | |||||||||||||||||||||
Intangible lease assets, less accumulated amortization of $56,343 and $84,881, as of September 30, 2019 and December 31, 2018, respectively | Intangible lease assets, less accumulated amortization of $56,343 and $84,881, as of September 30, 2019 and December 31, 2018, respectively | 50,726 | 98,540 | |||||||||||||||||||||
Construction in progress | 39,893 | 33,800 | Construction in progress | 33,663 | 33,800 | |||||||||||||||||||
Total real estate assets | 2,689,527 | 2,860,356 | Total real estate assets | 2,482,110 | 2,860,356 | |||||||||||||||||||
Operating lease assets | 63,563 | — | Operating lease assets | 29,710 | — | |||||||||||||||||||
Investments in unconsolidated joint ventures | 1,064,648 | 1,071,353 | Investments in unconsolidated joint ventures | 1,058,570 | 1,071,353 | |||||||||||||||||||
Cash and cash equivalents | 11,981 | 17,118 | Cash and cash equivalents | 147,485 | 17,118 | |||||||||||||||||||
Tenant receivables, net of $4 allowance for doubtful accounts as of December 31, 2018 | 2,904 | 3,258 | Tenant receivables, net of $4 allowance for doubtful accounts as of December 31, 2018 | 2,474 | 3,258 | |||||||||||||||||||
Straight-line rent receivable | 87,190 | 87,159 | Straight-line rent receivable | 87,076 | 87,159 | |||||||||||||||||||
Prepaid expenses and other assets | 37,420 | 23,218 | Prepaid expenses and other assets | 33,404 | 23,218 | |||||||||||||||||||
Intangible lease origination costs, less accumulated amortization of $62,124 and $65,348, as of June 30, 2019 and December 31, 2018, respectively | 29,620 | 34,092 | ||||||||||||||||||||||
Deferred lease costs, less accumulated amortization of $23,850 and $27,735, as of June 30, 2019 and December 31, 2018, respectively | 57,942 | 77,439 | ||||||||||||||||||||||
Intangible lease origination costs, less accumulated amortization of $32,630 and $65,348, as of September 30, 2019 and December 31, 2018, respectively | Intangible lease origination costs, less accumulated amortization of $32,630 and $65,348, as of September 30, 2019 and December 31, 2018, respectively | 23,517 | 34,092 | |||||||||||||||||||||
Deferred lease costs, less accumulated amortization of $25,065 and $27,735, as of September 30, 2019 and December 31, 2018, respectively | Deferred lease costs, less accumulated amortization of $25,065 and $27,735, as of September 30, 2019 and December 31, 2018, respectively | 61,455 | 77,439 | |||||||||||||||||||||
Total assets | $ | 4,044,795 | $ | 4,173,993 | Total assets | $ | 3,925,801 | $ | 4,173,993 | |||||||||||||||
Liabilities: | Liabilities: | |||||||||||||||||||||||
Line of credit and notes payable, net of unamortized deferred financing costs of $2,391 and $2,692, as of June 30, 2019 and December 31, 2018, respectively | $ | 494,609 | $ | 629,308 | ||||||||||||||||||||
Bonds payable, net of discounts of $1,214 and $1,304 and unamortized deferred financing costs of $3,856 and $4,158, as of June 30, 2019 and December 31, 2018, respectively | 694,930 | 694,538 | ||||||||||||||||||||||
Line of credit and notes payable, net of unamortized deferred financing costs of $2,237 and $2,692, as of September 30, 2019 and December 31, 2018, respectively | Line of credit and notes payable, net of unamortized deferred financing costs of $2,237 and $2,692, as of September 30, 2019 and December 31, 2018, respectively | $ | 447,763 | $ | 629,308 | |||||||||||||||||||
Bonds payable, net of discounts of $1,169 and $1,304 and unamortized deferred financing costs of $3,704 and $4,158, as of September 30, 2019 and December 31, 2018, respectively | Bonds payable, net of discounts of $1,169 and $1,304 and unamortized deferred financing costs of $3,704 and $4,158, as of September 30, 2019 and December 31, 2018, respectively | 695,127 | 694,538 | |||||||||||||||||||||
Operating lease liabilities | 34,684 | — | Operating lease liabilities | 2,335 | — | |||||||||||||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | 43,403 | 49,117 | Accounts payable, accrued expenses, and accrued capital expenditures | 53,281 | 49,117 | |||||||||||||||||||
Dividends payable | — | 23,340 | Dividends payable | — | 23,340 | |||||||||||||||||||
Deferred income | 16,296 | 15,593 | Deferred income | 14,772 | 15,593 | |||||||||||||||||||
Intangible lease liabilities, less accumulated amortization of $24,208 and $21,766, as of June 30, 2019 and December 31, 2018, respectively | 18,142 | 21,081 | ||||||||||||||||||||||
Intangible lease liabilities, less accumulated amortization of $13,913 and $21,766, as of September 30, 2019 and December 31, 2018, respectively | Intangible lease liabilities, less accumulated amortization of $13,913 and $21,766, as of September 30, 2019 and December 31, 2018, respectively | 14,989 | 21,081 | |||||||||||||||||||||
Total liabilities | 1,302,064 | 1,432,977 | Total liabilities | 1,228,267 | 1,432,977 | |||||||||||||||||||
Commitments and Contingencies (Note 7) | — | — | Commitments and Contingencies (Note 7) | — | — | |||||||||||||||||||
Equity: | Equity: | |||||||||||||||||||||||
Common stock, $0.01 par value, 225,000,000 shares authorized, 116,908,658 and 116,698,033 shares issued and outstanding, as of June 30, 2019 and December 31, 2018, respectively | 1,169 | 1,167 | ||||||||||||||||||||||
Common stock, $0.01 par value, 225,000,000 shares authorized, 116,908,658 and 116,698,033 shares issued and outstanding, as of September 30, 2019 and December 31, 2018, respectively | Common stock, $0.01 par value, 225,000,000 shares authorized, 116,908,658 and 116,698,033 shares issued and outstanding, as of September 30, 2019 and December 31, 2018, respectively | 1,169 | 1,167 | |||||||||||||||||||||
Additional paid-in capital | 4,422,833 | 4,421,587 | Additional paid-in capital | 4,424,372 | 4,421,587 | |||||||||||||||||||
Cumulative distributions in excess of earnings | (1,679,580 | ) | (1,684,082 | ) | Cumulative distributions in excess of earnings | (1,723,248) | (1,684,082) | |||||||||||||||||
Cumulative other comprehensive income (loss) | (1,691 | ) | 2,344 | Cumulative other comprehensive income (loss) | (4,759) | 2,344 | ||||||||||||||||||
Total equity | 2,742,731 | 2,741,016 | Total equity | 2,697,534 | 2,741,016 | |||||||||||||||||||
Total liabilities and equity | $ | 4,044,795 | $ | 4,173,993 | Total liabilities and equity | $ | 3,925,801 | $ | 4,173,993 |
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Lease revenues | $ | 68,963 | $ | 69,737 | $ | 210,426 | $ | 211,506 | |||||||||||||||||||||||||||
Asset and property management fee income | 1,914 | 1,825 | 5,681 | 5,402 | |||||||||||||||||||||||||||||||
Other property income | 1,072 | 1,778 | 4,005 | 5,512 | |||||||||||||||||||||||||||||||
71,949 | 73,340 | 220,112 | 222,420 | ||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||
Property operating costs | 23,147 | 21,000 | 69,970 | 66,512 | |||||||||||||||||||||||||||||||
Asset and property management fee expenses | 102 | 206 | 521 | 619 | |||||||||||||||||||||||||||||||
Depreciation | 19,773 | 19,878 | 59,512 | 61,394 | |||||||||||||||||||||||||||||||
Amortization | 7,485 | 7,920 | 22,052 | 24,559 | |||||||||||||||||||||||||||||||
Impairment loss on real estate assets | 23,364 | — | 23,364 | 30,812 | |||||||||||||||||||||||||||||||
General and administrative – corporate | 7,103 | 8,303 | 23,707 | 24,379 | |||||||||||||||||||||||||||||||
General and administrative – unconsolidated joint ventures | 839 | 746 | 2,486 | 2,213 | |||||||||||||||||||||||||||||||
Pre-acquisition costs (Note 15) | 2,437 | — | 2,437 | — | |||||||||||||||||||||||||||||||
84,250 | 58,053 | 204,049 | 210,488 | ||||||||||||||||||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||||||||||||||
Interest expense | (10,289) | (13,051) | (33,281) | (43,260) | |||||||||||||||||||||||||||||||
Gain on extinguishment of debt | — | — | — | 23,713 | |||||||||||||||||||||||||||||||
Interest and other income | — | 1,803 | 1 | 5,420 | |||||||||||||||||||||||||||||||
Gain on sale of unconsolidated joint venture interests | — | — | — | 762 | |||||||||||||||||||||||||||||||
Income tax expense | (2) | (3) | (18) | (16) | |||||||||||||||||||||||||||||||
Income from unconsolidated joint ventures | 2,194 | 2,393 | 6,179 | 5,937 | |||||||||||||||||||||||||||||||
Gain on sale of real estate assets | 112 | — | 42,030 | — | |||||||||||||||||||||||||||||||
(7,985) | (8,858) | 14,911 | (7,444) | ||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | (20,286) | $ | 6,429 | $ | 30,974 | $ | 4,488 | |||||||||||||||||||||||||||
Per-Share Information – Basic: | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (0.17) | $ | 0.05 | $ | 0.26 | $ | 0.04 | |||||||||||||||||||||||||||
Weighted-average common shares outstanding – basic | 116,522 | 117,609 | 116,498 | 118,237 | |||||||||||||||||||||||||||||||
Per-Share Information – Diluted: | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (0.17) | $ | 0.05 | $ | 0.26 | $ | 0.04 | |||||||||||||||||||||||||||
Weighted-average common shares outstanding – diluted | 116,821 | 118,207 | 116,762 | 118,749 |
(Unaudited) | (Unaudited) | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues: | |||||||||||||||
Lease revenues | $ | 69,601 | $ | 71,409 | $ | 141,463 | $ | 141,769 | |||||||
Management fee income | 1,898 | 1,818 | 3,767 | 3,577 | |||||||||||
Other property income | 1,231 | 2,143 | 2,933 | 3,734 | |||||||||||
72,730 | 75,370 | 148,163 | 149,080 | ||||||||||||
Expenses: | |||||||||||||||
Property operating costs | 22,586 | 22,450 | 46,823 | 45,512 | |||||||||||
Management fee expenses | 164 | 205 | 419 | 413 | |||||||||||
Depreciation | 19,335 | 20,681 | 39,739 | 41,516 | |||||||||||
Amortization | 7,106 | 8,623 | 14,567 | 16,639 | |||||||||||
Impairment loss on real estate assets | — | 30,812 | — | 30,812 | |||||||||||
General and administrative – corporate | 8,180 | 8,282 | 16,604 | 16,076 | |||||||||||
General and administrative – unconsolidated joint ventures | 838 | 736 | 1,647 | 1,467 | |||||||||||
58,209 | 91,789 | 119,799 | 152,435 | ||||||||||||
Other Income (Expense): | |||||||||||||||
Interest expense | (10,897 | ) | (14,314 | ) | (22,992 | ) | (30,209 | ) | |||||||
Gain on extinguishment of debt | — | 23,713 | — | 23,713 | |||||||||||
Interest and other income | — | 1,814 | 1 | 3,617 | |||||||||||
Gain on sale of unconsolidated joint venture interests | — | — | — | 762 | |||||||||||
Income tax expense | (9 | ) | (6 | ) | (16 | ) | (13 | ) | |||||||
Income from unconsolidated joint ventures | 2,214 | 1,773 | 3,985 | 3,544 | |||||||||||
Gain on sale of real estate assets | 41,918 | — | 41,918 | — | |||||||||||
33,226 | 12,980 | 22,896 | 1,414 | ||||||||||||
Net income (loss) | $ | 47,747 | $ | (3,439 | ) | $ | 51,260 | $ | (1,941 | ) | |||||
Per-Share Information – Basic: | |||||||||||||||
Net income (loss) | $ | 0.41 | $ | (0.03 | ) | $ | 0.44 | $ | (0.02 | ) | |||||
Weighted-average common shares outstanding – basic | 116,509 | 118,035 | 116,486 | 118,556 | |||||||||||
Per-Share Information – Diluted: | |||||||||||||||
Net income (loss) | $ | 0.41 | $ | (0.03 | ) | $ | 0.44 | $ | (0.02 | ) | |||||
Weighted-average common shares outstanding – diluted | 116,823 | 118,462 | 116,776 | 118,960 |
(Unaudited) | (Unaudited) | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income (loss) | $ | 47,747 | $ | (3,439 | ) | $ | 51,260 | $ | (1,941 | ) | |||||
Market value adjustments to interest rate swap | (2,604 | ) | 938 | (4,035 | ) | 3,452 | |||||||||
Comprehensive income (loss) | $ | 45,143 | $ | (2,501 | ) | $ | 47,225 | $ | 1,511 |
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | (20,286) | $ | 6,429 | $ | 30,974 | $ | 4,488 | |||||||||||||||||||||||||||
Market value adjustments to interest rate swap | (3,068) | 722 | (7,103) | 4,174 | |||||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | (23,354) | $ | 7,151 | $ | 23,871 | $ | 8,662 |
For the Three Months Ended June 30, 2019 | ||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Cumulative Other Comprehensive Income (Loss) | Total Equity | ||||||||||||||||||
Shares | Amount | |||||||||||||||||||||
Balance, March 31, 2019 | 116,880 | $ | 1,169 | $ | 4,420,727 | $ | (1,703,945 | ) | $ | 913 | $ | 2,718,864 | ||||||||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | 29 | — | 2,106 | — | — | 2,106 | ||||||||||||||||
Distributions to common stockholders ($0.20 per share) | — | — | — | (23,382 | ) | — | (23,382 | ) | ||||||||||||||
Net income | — | — | — | 47,747 | — | 47,747 | ||||||||||||||||
Market value adjustment to interest rate swap | — | — | — | — | (2,604 | ) | (2,604 | ) | ||||||||||||||
Balance, June 30, 2019 | 116,909 | $ | 1,169 | $ | 4,422,833 | $ | (1,679,580 | ) | $ | (1,691 | ) | $ | 2,742,731 |
For the Six Months Ended June 30, 2019 | ||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Cumulative Other Comprehensive Income (Loss) | Total Equity | ||||||||||||||||||
Shares | Amount | |||||||||||||||||||||
Balance, December 31, 2018 | 116,698 | $ | 1,167 | $ | 4,421,587 | $ | (1,684,082 | ) | $ | 2,344 | $ | 2,741,016 | ||||||||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | 211 | 2 | 1,246 | — | — | 1,248 | ||||||||||||||||
Distributions to common stockholders ($0.40 per share) | — | — | — | (46,758 | ) | — | (46,758 | ) | ||||||||||||||
Net income | — | — | — | 51,260 | — | 51,260 | ||||||||||||||||
Market value adjustment to interest rate swap | — | — | — | — | (4,035 | ) | (4,035 | ) | ||||||||||||||
Balance, June 30, 2019 | 116,909 | $ | 1,169 | $ | 4,422,833 | $ | (1,679,580 | ) | $ | (1,691 | ) | $ | 2,742,731 |
For the Three Months Ended June 30, 2018 | ||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Cumulative Other Comprehensive Income | Total Equity | ||||||||||||||||||
Shares | Amount | |||||||||||||||||||||
Balance, March 31, 2018 | 118,602 | $ | 1,186 | $ | 4,459,354 | $ | (1,621,498 | ) | $ | 3,417 | $ | 2,842,459 | ||||||||||
Repurchases of common stock | (659 | ) | (6 | ) | (14,497 | ) | — | — | (14,503 | ) | ||||||||||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | 31 | — | 2,197 | — | — | 2,197 | ||||||||||||||||
Distributions to common stockholders ($0.20 per share) | — | — | — | (23,640 | ) | — | (23,640 | ) | ||||||||||||||
Net loss | — | — | — | (3,439 | ) | — | (3,439 | ) | ||||||||||||||
Market value adjustment to interest rate swap | — | — | — | — | 938 | 938 | ||||||||||||||||
Balance, June 30, 2018 | 117,974 | $ | 1,180 | $ | 4,447,054 | $ | (1,648,577 | ) | $ | 4,355 | $ | 2,804,012 |
For the Six Months Ended June 30, 2018 | ||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Cumulative Other Comprehensive Income | Total Equity | ||||||||||||||||||
Shares | Amount | |||||||||||||||||||||
Balance, December 31, 2017 | 119,789 | $ | 1,198 | $ | 4,487,071 | $ | (1,957,236 | ) | $ | 903 | $ | 2,531,936 | ||||||||||
Cumulative-effect adjustment for the adoption of ASU 2017-05 | — | — | — | 357,755 | — | 357,755 | ||||||||||||||||
Cumulative-effect adjustment for the adoption of ASU 2014-09 | — | — | — | 343 | — | 343 | ||||||||||||||||
Repurchases of common stock | (1,954 | ) | (19 | ) | (41,770 | ) | — | — | (41,789 | ) | ||||||||||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | 139 | 1 | 1,753 | — | — | 1,754 | ||||||||||||||||
Distributions to common stockholders ($0.40 per share) | — | — | — | (47,498 | ) | — | (47,498 | ) | ||||||||||||||
Net loss | — | — | — | (1,941 | ) | — | (1,941 | ) | ||||||||||||||
Market value adjustment to interest rate swap | — | — | — | — | 3,452 | 3,452 | ||||||||||||||||
Balance, June 30, 2018 | 117,974 | $ | 1,180 | $ | 4,447,054 | $ | (1,648,577 | ) | $ | 4,355 | $ | 2,804,012 |
For the Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Cumulative Other Comprehensive Loss | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | 116,909 | $ | 1,169 | $ | 4,422,833 | $ | (1,679,580) | $ | (1,691) | $ | 2,742,731 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | — | — | 1,539 | — | — | 1,539 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to common stockholders ($0.20 per share) | — | — | — | (23,382) | — | (23,382) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (20,286) | — | (20,286) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market value adjustment to interest rate swap | — | — | — | — | (3,068) | (3,068) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | 116,909 | $ | 1,169 | $ | 4,424,372 | $ | (1,723,248) | $ | (4,759) | $ | 2,697,534 |
For the Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Cumulative Other Comprehensive Income (Loss) | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | 116,698 | $ | 1,167 | $ | 4,421,587 | $ | (1,684,082) | $ | 2,344 | $ | 2,741,016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | 211 | 2 | 2,785 | — | — | 2,787 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to common stockholders ($0.60 per share) | — | — | — | (70,140) | — | (70,140) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 30,974 | — | 30,974 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market value adjustment to interest rate swap | — | — | — | — | (7,103) | (7,103) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | 116,909 | $ | 1,169 | $ | 4,424,372 | $ | (1,723,248) | $ | (4,759) | $ | 2,697,534 |
For the Three Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Cumulative Other Comprehensive Income | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2018 | 117,974 | $ | 1,180 | $ | 4,447,054 | $ | (1,648,577) | $ | 4,355 | $ | 2,804,012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | 10 | — | 1,634 | — | — | 1,634 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to common stockholders ($0.20 per share) | — | — | — | (23,597) | — | (23,597) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 6,429 | — | 6,429 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market value adjustment to interest rate swap | — | — | — | — | 722 | 722 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2018 | 117,984 | $ | 1,180 | $ | 4,448,688 | $ | (1,665,745) | $ | 5,077 | $ | 2,789,200 |
For the Nine Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Cumulative Other Comprehensive Income | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2017 | 119,789 | $ | 1,198 | $ | 4,487,071 | $ | (1,957,236) | $ | 903 | $ | 2,531,936 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative-effect adjustment for the adoption of ASU 2017-05 | — | — | — | 357,755 | — | 357,755 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative-effect adjustment for the adoption of ASU 2014-09 | — | — | — | 343 | — | 343 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (1,954) | (19) | (41,770) | — | — | (41,789) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | 149 | 1 | 3,387 | — | — | 3,388 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to common stockholders ($0.60 per share) | — | — | — | (71,095) | — | (71,095) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 4,488 | — | 4,488 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market value adjustment to interest rate swap | — | — | — | — | 4,174 | 4,174 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2018 | 117,984 | $ | 1,180 | $ | 4,448,688 | $ | (1,665,745) | $ | 5,077 | $ | 2,789,200 |
(Unaudited) | (Unaudited) | |||||||||||||||||||||||
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||
Cash Flows From Operating Activities: | Cash Flows From Operating Activities: | |||||||||||||||||||||||
Net income (loss) | $ | 51,260 | $ | (1,941 | ) | |||||||||||||||||||
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: | ||||||||||||||||||||||||
Net income | Net income | $ | 30,974 | $ | 4,488 | |||||||||||||||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||||||||||||||||||||
Straight-line rental income | (8,201 | ) | (17,207 | ) | Straight-line rental income | (10,387) | (22,262) | |||||||||||||||||
Noncash operating lease expense | 424 | — | Noncash operating lease expense | 630 | — | |||||||||||||||||||
Depreciation | 39,739 | 41,516 | Depreciation | 59,512 | 61,394 | |||||||||||||||||||
Amortization | 12,315 | 15,440 | Amortization | 18,692 | 22,340 | |||||||||||||||||||
Stock-based compensation expense | 3,641 | 3,722 | Stock-based compensation expense | 5,177 | 5,352 | |||||||||||||||||||
Impairment loss on real estate assets | — | 30,812 | Impairment loss on real estate assets | 23,364 | 30,812 | |||||||||||||||||||
Noncash interest expense | 1,282 | 1,708 | Noncash interest expense | 1,922 | 2,427 | |||||||||||||||||||
Gain on extinguishment of debt | — | (23,713 | ) | Gain on extinguishment of debt | — | (23,713) | ||||||||||||||||||
Gain on sale of unconsolidated joint venture interests | — | (762 | ) | Gain on sale of unconsolidated joint venture interests | — | (762) | ||||||||||||||||||
Income from unconsolidated joint ventures | (3,985 | ) | (3,544 | ) | Income from unconsolidated joint ventures | (6,179) | (5,937) | |||||||||||||||||
Distributions of earnings from unconsolidated joint ventures | 13,526 | 15,015 | Distributions of earnings from unconsolidated joint ventures | 20,601 | 21,464 | |||||||||||||||||||
Gain on sale of real estate assets | (41,918 | ) | — | Gain on sale of real estate assets | (42,030) | — | ||||||||||||||||||
Changes in assets and liabilities, net of acquisitions and dispositions: | Changes in assets and liabilities, net of acquisitions and dispositions: | |||||||||||||||||||||||
Decrease (increase) in tenant receivables, net | 603 | (1,039 | ) | Decrease (increase) in tenant receivables, net | 856 | (2,061) | ||||||||||||||||||
Decrease (increase) in prepaid expenses and other assets | (2,087 | ) | 1,591 | |||||||||||||||||||||
Decrease in accounts payable and accrued expenses | (3,786 | ) | (39,934 | ) | ||||||||||||||||||||
Increase (decrease) in deferred income | 703 | (2,481 | ) | |||||||||||||||||||||
Decrease in prepaid expenses and other assets | Decrease in prepaid expenses and other assets | 1,483 | 6,533 | |||||||||||||||||||||
Increase (decrease) in accounts payable and accrued expenses | Increase (decrease) in accounts payable and accrued expenses | 270 | (36,281) | |||||||||||||||||||||
Decrease in deferred income | Decrease in deferred income | (821) | (2,757) | |||||||||||||||||||||
Net cash provided by operating activities | 63,516 | 19,183 | Net cash provided by operating activities | 104,064 | 61,037 | |||||||||||||||||||
Cash Flows From Investing Activities: | Cash Flows From Investing Activities: | |||||||||||||||||||||||
Net proceeds from the sale of real estate | 193,912 | 284,608 | Net proceeds from the sale of real estate | 375,004 | 284,608 | |||||||||||||||||||
Net proceeds from sale of investments in unconsolidated joint ventures | — | 235,083 | Net proceeds from sale of investments in unconsolidated joint ventures | — | 235,083 | |||||||||||||||||||
Prepaid transaction costs and earnest money | (14,216 | ) | — | Prepaid transaction costs and earnest money | (14,815) | (7,300) | ||||||||||||||||||
Capital improvement and development costs | (35,212 | ) | (40,084 | ) | Capital improvement and development costs | (49,324) | (56,379) | |||||||||||||||||
Deferred lease costs paid | (2,773 | ) | (7,510 | ) | Deferred lease costs paid | (5,042) | (12,687) | |||||||||||||||||
Investments in unconsolidated joint ventures | (9,067 | ) | (2,460 | ) | Investments in unconsolidated joint ventures | (12,741) | (4,432) | |||||||||||||||||
Distributions from unconsolidated joint ventures | 6,364 | 4,585 | Distributions from unconsolidated joint ventures | 11,264 | 10,549 | |||||||||||||||||||
Net cash provided by investing activities | 139,008 | 474,222 | Net cash provided by investing activities | 304,346 | 449,442 | |||||||||||||||||||
Cash Flows From Financing Activities: | Cash Flows From Financing Activities: | |||||||||||||||||||||||
Financing costs paid | (162 | ) | (149 | ) | Financing costs paid | (162) | (154) | |||||||||||||||||
Proceeds from lines of credit and notes payable | 114,000 | 150,000 | Proceeds from lines of credit and notes payable | 150,000 | 186,000 | |||||||||||||||||||
Repayments of lines of credit and notes payable | (249,000 | ) | (525,639 | ) | Repayments of lines of credit and notes payable | (332,000) | (551,476) | |||||||||||||||||
Distributions paid to stockholders | (70,098 | ) | (71,459 | ) | Distributions paid to stockholders | (93,480) | (95,056) | |||||||||||||||||
Redemptions of common stock | (2,401 | ) | (43,764 | ) | Redemptions of common stock | (2,401) | (43,764) | |||||||||||||||||
Net cash used in financing activities | (207,661 | ) | (491,011 | ) | Net cash used in financing activities | (278,043) | (504,450) | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (5,137 | ) | 2,394 | |||||||||||||||||||||
Net increase in cash and cash equivalents | Net increase in cash and cash equivalents | 130,367 | 6,029 | |||||||||||||||||||||
Cash and cash equivalents, beginning of period | 17,118 | 9,567 | Cash and cash equivalents, beginning of period | 17,118 | 9,567 | |||||||||||||||||||
Cash and cash equivalents, end of period | $ | 11,981 | $ | 11,961 | Cash and cash equivalents, end of period | $ | 147,485 | $ | 15,596 |
Buildings | 40 years | |||||||
Building and site improvements | 5-25 years | |||||||
Tenant improvements | Shorter of economic life or lease term | |||||||
Intangible lease assets | Lease term |
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 | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2019 | Gross | $ | 3,175 | $ | 135,713 | $ | 91,744 | $ | 42,350 | |||||||||||||||||||||||||||||||||||||||
September 30, 2019 | September 30, 2019 | Gross | $ | 2,482 | $ | 104,587 | $ | 56,147 | $ | 28,902 | ||||||||||||||||||||||||||||||||||||||
Accumulated Amortization | (1,225 | ) | (77,009 | ) | (62,124 | ) | (24,208 | ) | Accumulated Amortization | (1,160) | (55,183) | (32,630) | (13,913) | |||||||||||||||||||||||||||||||||||
Net | $ | 1,950 | $ | 58,704 | $ | 29,620 | $ | 18,142 | Net | $ | 1,322 | $ | 49,404 | $ | 23,517 | $ | 14,989 | |||||||||||||||||||||||||||||||
December 31, 2018 | Gross | $ | 3,174 | $ | 147,668 | $ | 99,440 | $ | 42,847 | December 31, 2018 | Gross | $ | 3,174 | $ | 147,668 | $ | 99,440 | $ | 42,847 | |||||||||||||||||||||||||||||
Accumulated Amortization | (1,060 | ) | (81,220 | ) | (65,348 | ) | (21,766 | ) | Accumulated Amortization | (1,060) | (81,220) | (65,348) | (21,766) | |||||||||||||||||||||||||||||||||||
Net | $ | 2,114 | $ | 66,448 | $ | 34,092 | $ | 21,081 | Net | $ | 2,114 | $ | 66,448 | $ | 34,092 | $ | 21,081 |
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 September 30, 2019 | $ | 80 | $ | 3,423 | $ | 1,946 | $ | 1,354 | |||||||||||||||||||||
For the Three Months Ended September 30, 2018 | $ | 51 | $ | 4,193 | $ | 2,376 | $ | 1,473 | |||||||||||||||||||||
For the Nine Months Ended September 30, 2019 | $ | 244 | $ | 10,613 | $ | 6,066 | $ | 4,181 | |||||||||||||||||||||
For the Nine Months Ended September 30, 2018 | $ | 153 | $ | 12,968 | $ | 7,333 | $ | 5,377 |
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, 2019 | $ | 82 | $ | 3,534 | $ | 2,020 | $ | 1,401 | |||||||
For the Three Months Ended June 30, 2018 | $ | 51 | $ | 4,436 | $ | 2,538 | $ | 2,315 | |||||||
For the Six Months Ended June 30, 2019 | $ | 164 | $ | 7,190 | $ | 4,120 | $ | 2,827 | |||||||
For the Six Months Ended June 30, 2018 | $ | 102 | $ | 8,775 | $ | 4,957 | $ | 3,904 |
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 remainder of 2019 | $ | 164 | $ | 6,883 | $ | 3,957 | $ | 2,725 | |||||||
For the years ending December 31: | |||||||||||||||
2020 | 275 | 12,338 | 7,406 | 4,597 | |||||||||||
2021 | 247 | 7,490 | 3,429 | 1,714 | |||||||||||
2022 | 243 | 5,848 | 2,406 | 1,374 | |||||||||||
2023 | 243 | 5,098 | 2,165 | 1,308 | |||||||||||
2024 | 230 | 4,756 | 2,062 | 1,162 | |||||||||||
Thereafter | 548 | 16,291 | 8,195 | 5,262 | |||||||||||
$ | 1,950 | $ | 58,704 | $ | 29,620 | $ | 18,142 |
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 remainder of 2019 | $ | 45 | $ | 2,712 | $ | 1,300 | $ | 1,107 | |||||||||||||||||||||
For the years ending December 31: | |||||||||||||||||||||||||||||
2020 | 172 | 9,373 | 4,502 | 3,519 | |||||||||||||||||||||||||
2021 | 172 | 6,977 | 3,329 | 1,591 | |||||||||||||||||||||||||
2022 | 172 | 5,483 | 2,325 | 1,287 | |||||||||||||||||||||||||
2023 | 172 | 4,842 | 2,096 | 1,264 | |||||||||||||||||||||||||
2024 | 172 | 4,506 | 1,995 | 1,118 | |||||||||||||||||||||||||
Thereafter | 417 | 15,511 | 7,970 | 5,103 | |||||||||||||||||||||||||
$ | 1,322 | $ | 49,404 | $ | 23,517 | $ | 14,989 |
Estimated Fair Value as of | ||||||||||
Instrument Type | Balance Sheet Classification | June 30, 2019 | December 31, 2018 | |||||||
Derivatives designated as hedging instruments: | ||||||||||
Interest rate contracts | Prepaid expenses and other assets | $ | — | $ | 2,344 | |||||
Interest rate contracts | Accounts payable | $ | 1,691 | $ | — |
Estimated Fair Value as of | ||||||||||||||||||||||||||
Instrument Type | Balance Sheet Classification | September 30, 2019 | December 31, 2018 | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||
Interest rate contracts | Prepaid expenses and other assets | $ | — | $ | 2,344 | |||||||||||||||||||||
Interest rate contracts | Accounts payable | $ | 4,759 | $ | — |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income | $ | (2,604 | ) | $ | 938 | $ | (4,035 | ) | $ | 3,452 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income (loss) | $ | (3,068) | $ | 722 | $ | (7,103) | $ | 4,174 | |||||||||||||||||||||||||||
Property | Location | Date | Percent Acquired | Purchase Price(1) (in thousands) | ||||||||||||||||||||||||||||
2018 | ||||||||||||||||||||||||||||||||
799 Broadway | New York, NY | October 3, 2018 | 49.7 | % | $ | 30,200 | (2) | |||||||||||||||||||||||||
Lindbergh Center – Retail | Atlanta, GA | October 24, 2018 | 100.0 | % | $ | 23,000 |
Property | Location | Date | Percent Acquired | Purchase Price(1) (in thousands) | ||||||||
2018 | ||||||||||||
799 Broadway | New York, NY | October 3, 2018 | 49.7 | % | $ | 30,200 | (2) | |||||
Lindbergh Center – Retail | Atlanta, GA | October 24, 2018 | 100.0 | % | $ | 23,000 |
(2)Purchase price is for Columbia Property Trust's partial interest in the property, which is owned through an unconsolidated joint venture. |
Lindbergh Center – Retail | ||||
Location | Atlanta, GA | |||
Date acquired | October 24, 2018 | |||
Purchase Price (in thousands): | ||||
Building and improvements | $ | 17,558 | ||
Intangible lease assets | 5,726 | |||
Intangible lease origination costs | 794 | |||
Intangible below market lease liability | (715 | ) | ||
Total purchase price | $ | 23,363 |
Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | ||||||
Revenues | $ | 76,118 | $ | 150,576 | |||
Net income | $ | (3,416 | ) | $ | (1,895 | ) |
Property | Location | Date | % Sold | Sales Price(1) (in thousands) | Gain on Sale (in thousands) | |||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||
Lindbergh Center | Atlanta, GA | September 26, 2019 | 100.0 | % | $ | 187,000 | $ | — | ||||||||||||||||||||||||
One & Three Glenlake Parkway | Atlanta, GA | April 15, 2019 | 100.0 | % | $ | 227,500 | $ | 42,030 | ||||||||||||||||||||||||
2018 | ||||||||||||||||||||||||||||||||
222 East 41st Street | New York, NY | May 29, 2018 | 100.0 | % | $ | 332,500 | $ | — | ||||||||||||||||||||||||
263 Shuman Boulevard | Chicago, IL | April 13, 2018 | 100.0 | % | $ | 49,000 | $ | 24,039 | ||||||||||||||||||||||||
University Circle & 333 Market Street Joint Ventures | San Francisco, CA | February 1, 2018 | 22.5 | % | $ | 235,300 | $ | 762 |
Property | Location | Date | % Sold | Sales Price(1) (in thousands) | Gain on Sale (in thousands) | ||||||||||
2019 | |||||||||||||||
One & Three Glenlake Parkway | Atlanta, GA | April 15, 2019 | 100.0 | % | $ | 227,500 | $ | 41,918 | |||||||
2018 | |||||||||||||||
222 East 41st Street | New York, NY | May 29, 2018 | 100.0 | % | $ | 332,500 | $ | — | |||||||
263 Shuman Boulevard | Chicago, IL | April 13, 2018 | 100.0 | % | $ | 49,000 | $ | 24,039 | |||||||
University Circle & 333 Market Street Joint Ventures | San Francisco, CA | February 1, 2018 | 22.5 | % | $ | 235,300 | $ | 762 |
Lindbergh Center On September 26, 2019, Columbia Property Trust closed on the sale of Lindbergh Center, including Lindbergh Center – Retail, for a gross sales price of $187.0 million, exclusive of transaction costs. Columbia Property Trust recognized an impairment loss of $23.4 million related to this property in the third quarter of 2019, as further described in Note 2, Summary of Significant Accounting Policies. As of September 30, 2019, $46.0 million of the proceeds from this transaction were used to pay down the Revolving Credit Facility, as described in Note 5, Line of Credit and Notes Payable. |
Carrying Value of Investment | ||||||||||||||||||||||||||||||||||||||
Joint Venture | Property Name | Geographic Market | Ownership Interest | September 30, 2019(1) | December 31, 2018 | |||||||||||||||||||||||||||||||||
Market Square Joint Venture | Market Square | Washington, D.C. | 51.0 | % | $ | 136,775 | $ | 134,250 | ||||||||||||||||||||||||||||||
University Circle Joint Venture | University Circle | San Francisco | 55.0 | % | 286,405 | 292,951 | ||||||||||||||||||||||||||||||||
333 Market Street Joint Venture | 333 Market Street | San Francisco | 55.0 | % | 270,799 | 273,783 | ||||||||||||||||||||||||||||||||
114 Fifth Avenue Joint Venture | 114 Fifth Avenue | New York | 49.5 | % | 90,662 | 99,283 | ||||||||||||||||||||||||||||||||
1800 M Street Joint Venture | 1800 M Street | Washington, D.C. | 55.0 | % | 233,605 | 237,333 | ||||||||||||||||||||||||||||||||
799 Broadway Joint Venture(2) | 799 Broadway | New York, NY | 49.7 | % | 40,324 | 33,753 | ||||||||||||||||||||||||||||||||
$ | 1,058,570 | $ | 1,071,353 |
Carrying Value of Investment(1) | |||||||||||||||
Joint Venture | Property Name | Geographic Market | Ownership Interest | June 30, 2019 | December 31, 2018 | ||||||||||
Market Square Joint Venture | Market Square | Washington, D.C. | 51.0 | % | $ | 136,523 | $ | 134,250 | |||||||
University Circle Joint Venture | University Circle | San Francisco | 55.0 | % | 288,460 | 292,951 | |||||||||
333 Market Street Joint Venture | 333 Market Street | San Francisco | 55.0 | % | 271,972 | 273,783 | |||||||||
114 Fifth Avenue Joint Venture | 114 Fifth Avenue | New York | 49.5 | % | 94,550 | 99,283 | |||||||||
1800 M Street Joint Venture | 1800 M Street | Washington, D.C. | 55.0 | % | 235,118 | 237,333 | |||||||||
799 Broadway Joint Venture(2) | 799 Broadway | New York, NY | 49.7 | % | 38,025 | 33,753 | |||||||||
$ | 1,064,648 | $ | 1,071,353 |
(2)Columbia Property Trust capitalized interest of $0.9 million on its investment in the 799 Broadway Joint Venture during the nine months ended September 30, 2019. |
Total Assets | Total Debt | Total Equity(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Square Joint Venture | $ | 581,878 | $ | 582,176 | $ | 324,801 | (2) | $ | 324,762 | $ | 244,696 | $ | 241,581 | |||||||||||||||||||||||||||||||||||||||||||||||||
University Circle Joint Venture | 222,325 | 224,746 | — | — | 215,199 | 219,390 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
333 Market Street Joint Venture | 370,444 | 375,884 | — | — | 354,782 | 360,915 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
114 Fifth Avenue Joint Venture | 488,784 | 377,970 | — | — | 133,038 | 149,243 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1800 M Street Joint Venture | 436,385 | 447,585 | — | — | 422,308 | 429,016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
799 Broadway Joint Venture | 188,831 | 168,390 | 104,453 | (3) | 95,630 | 77,572 | 67,189 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 2,288,647 | $ | 2,176,751 | $ | 429,254 | $ | 420,392 | $ | 1,447,595 | $ | 1,467,334 |
Total Assets | Total Debt | Total Equity(1) | |||||||||||||||||||||||
June 30, 2019 | December 31, 2018 | June 30, 2019 | December 31, 2018 | June 30, 2019 | December 31, 2018 | ||||||||||||||||||||
Market Square Joint Venture | $ | 584,505 | $ | 582,176 | $ | 324,788 | (2) | $ | 324,762 | $ | 244,862 | $ | 241,581 | ||||||||||||
University Circle Joint Venture | 222,461 | 224,746 | — | — | 216,363 | 219,390 | |||||||||||||||||||
333 Market Street Joint Venture | 373,251 | 375,884 | — | — | 357,188 | 360,915 | |||||||||||||||||||
114 Fifth Avenue Joint Venture | 495,682 | 377,970 | — | — | 140,487 | 149,243 | |||||||||||||||||||
1800 M Street Joint Venture | 441,847 | 447,585 | — | — | 425,036 | 429,016 | |||||||||||||||||||
799 Broadway Joint Venture | 178,121 | 168,390 | 101,333 | (3) | 95,630 | 73,938 | 67,189 | ||||||||||||||||||
$ | 2,295,867 | $ | 2,176,751 | $ | 426,121 | $ | 420,392 | $ | 1,457,874 | $ | 1,467,334 |
(2)The Market Square Joint Venture has a $325.0 million mortgage note. The Market Square mortgage note bears interest at 5.07% and matures on July 1, 2023. (3)Reflects $108.4 million outstanding, net of $3.9 million of net unamortized deferred financing costs, on the 799 Broadway construction loan. The 799 Broadway construction loan is being used to finance a portion of the 799 Broadway development project, has total capacity of $187.0 million, and bears interest at LIBOR, capped at 4.00%, plus a spread of 425 basis points (the "Construction Loan"). A portion of the monthly interest payments accrue into the balance of the loan. The Construction Loan matures on October 9, 2021, with 2 one-year extension options. For a discussion of Columbia Property Trust's equity guaranty related to the Construction Loan, see Note 7, Commitments and Contingencies. |
Total Revenues | Net Income (Loss) | Columbia Property Trust's Share of Net Income (Loss)(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Market Square Joint Venture | $ | 12,195 | $ | 10,996 | $ | (2,810) | $ | (3,120) | $ | (1,433) | $ | (1,592) | ||||||||||||||||||||||||||||||||||||||||||||
University Circle Joint Venture | 10,522 | 11,577 | 5,840 | 6,601 | 3,212 | 3,630 | ||||||||||||||||||||||||||||||||||||||||||||||||||
333 Market Street Joint Venture | 7,039 | 6,677 | 3,748 | 3,602 | 2,061 | 1,981 | ||||||||||||||||||||||||||||||||||||||||||||||||||
114 Fifth Avenue Joint Venture | 10,943 | 10,210 | (2,649) | (2,740) | (1,311) | (1,357) | ||||||||||||||||||||||||||||||||||||||||||||||||||
1800 M Street Joint Venture | 9,733 | 9,482 | 1,576 | 1,422 | 867 | 782 | ||||||||||||||||||||||||||||||||||||||||||||||||||
799 Broadway Joint Venture | — | — | (85) | — | (42) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 50,432 | $ | 48,942 | $ | 5,620 | $ | 5,765 | $ | 3,354 | $ | 3,444 |
Total Revenues | Net Income (Loss) | Columbia Property Trust's Share of Net Income (Loss)(1) | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Market Square Joint Venture | $ | 11,892 | $ | 11,249 | $ | (3,138 | ) | $ | (2,998 | ) | $ | (1,600 | ) | $ | (1,529 | ) | ||||||||
University Circle Joint Venture | 11,644 | 10,003 | 6,366 | 5,243 | 3,501 | 2,885 | ||||||||||||||||||
333 Market Street Joint Venture | 7,039 | 6,675 | 3,742 | 3,558 | 2,058 | 1,957 | ||||||||||||||||||
114 Fifth Avenue Joint Venture | 10,174 | 10,489 | (2,643 | ) | (2,362 | ) | (1,308 | ) | (1,169 | ) | ||||||||||||||
1800 M Street Joint Venture | 9,342 | 9,571 | 1,439 | 1,436 | 791 | 790 | ||||||||||||||||||
799 Broadway Joint Venture | — | — | (138 | ) | — | (68 | ) | — | ||||||||||||||||
$ | 50,091 | $ | 47,987 | $ | 5,628 | $ | 4,877 | $ | 3,374 | $ | 2,934 |
Total Revenues | Net Income (Loss) | Columbia Property Trust's Share of Net Income (Loss)(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Market Square Joint Venture | $ | 35,424 | $ | 33,260 | $ | (8,543) | $ | (9,127) | $ | (4,357) | $ | (4,655) | ||||||||||||||||||||||||||||||||||||||||||||
University Circle Joint Venture | 33,439 | 31,921 | 18,569 | 17,349 | 10,213 | 9,944 | ||||||||||||||||||||||||||||||||||||||||||||||||||
333 Market Street Joint Venture | 21,131 | 20,020 | 11,203 | 10,717 | 6,161 | 6,165 | ||||||||||||||||||||||||||||||||||||||||||||||||||
114 Fifth Avenue Joint Venture | 32,036 | 30,999 | (7,798) | (7,433) | (3,860) | (3,680) | ||||||||||||||||||||||||||||||||||||||||||||||||||
1800 M Street Joint Venture | 28,529 | 27,949 | 3,403 | 3,101 | 1,872 | 1,705 | ||||||||||||||||||||||||||||||||||||||||||||||||||
799 Broadway Joint Venture | — | — | (749) | — | (372) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 150,559 | $ | 144,149 | $ | 16,085 | $ | 14,607 | $ | 9,657 | $ | 9,479 |
Total Revenues | Net Income (Loss) | Columbia Property Trust's Share of Net Income (Loss)(1) | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Market Square Joint Venture | $ | 23,228 | $ | 22,264 | $ | (5,733 | ) | $ | (6,007 | ) | $ | (2,924 | ) | $ | (3,063 | ) | ||||||||
University Circle Joint Venture | 22,916 | 20,344 | 12,730 | 10,748 | 7,001 | 6,314 | ||||||||||||||||||
333 Market Street Joint Venture | 14,093 | 13,343 | 7,456 | 7,115 | 4,100 | 4,184 | ||||||||||||||||||
114 Fifth Avenue Joint Venture | 21,093 | 20,789 | (5,149 | ) | (4,693 | ) | (2,549 | ) | (2,323 | ) | ||||||||||||||
1800 M Street Joint Venture | 18,795 | 18,467 | 1,828 | 1,679 | 1,005 | 923 | ||||||||||||||||||
799 Broadway Joint Venture | — | — | (664 | ) | — | (329 | ) | — | ||||||||||||||||
$ | 100,125 | $ | 95,207 | $ | 10,468 | $ | 8,842 | $ | 6,304 | $ | 6,035 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Market Square Joint Venture | $ | 579 | $ | 552 | $ | 1,147 | $ | 1,075 | ||||||||
University Circle Joint Venture | 571 | 563 | 1,145 | 1,092 | ||||||||||||
333 Market Street Joint Venture | 204 | 196 | 411 | 393 | ||||||||||||
1800 M Street Joint Venture | 544 | 507 | 1,064 | 1,017 | ||||||||||||
$ | 1,898 | $ | 1,818 | $ | 3,767 | $ | 3,577 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
Market Square Joint Venture | $ | 558 | $ | 521 | $ | 1,705 | $ | 1,596 | ||||||||||||||||||||||||||||||
University Circle Joint Venture | 610 | 565 | 1,755 | 1,657 | ||||||||||||||||||||||||||||||||||
333 Market Street Joint Venture | 204 | 193 | 615 | 586 | ||||||||||||||||||||||||||||||||||
1800 M Street Joint Venture | 542 | 546 | 1,606 | 1,563 | ||||||||||||||||||||||||||||||||||
$ | 1,914 | $ | 1,825 | $ | 5,681 | $ | 5,402 |
Facility | June 30, 2019 | December 31, 2018 | ||||||
Revolving Credit Facility | $ | 347,000 | $ | 482,000 | ||||
$150 Million Term Loan | 150,000 | 150,000 | ||||||
Less: Deferred financing costs related to term loans and notes payable, net of accumulated amortization | (2,391 | ) | (2,692 | ) | ||||
$ | 494,609 | $ | 629,308 |
Facility | September 30, 2019 | December 31, 2018 | ||||||||||||
Revolving Credit Facility | $ | 300,000 | $ | 482,000 | ||||||||||
$150 Million Term Loan | 150,000 | 150,000 | ||||||||||||
Less: Deferred financing costs related to term loans and notes payable, net of accumulated amortization | (2,237) | (2,692) | ||||||||||||
$ | 447,763 | $ | 629,308 |
Time-Based Awards | Performance-Based Awards | |||||||||||||||||||||||||||||||||||||||||||
Restricted Shares (in thousands) | Weighted-Average Grant-Date Fair Value(1) | RSUs (in thousands) | Weighted-Average Grant-Date Fair Value(2) | |||||||||||||||||||||||||||||||||||||||||
Unvested awards – beginning of period | 375 | $ | 22.15 | 454 | $ | 19.37 | ||||||||||||||||||||||||||||||||||||||
Granted | 176 | $ | 19.36 | 256 | (3) | $ | 17.66 | |||||||||||||||||||||||||||||||||||||
Vested | (165) | $ | 21.99 | (121) | (3) | $ | 19.08 | |||||||||||||||||||||||||||||||||||||
Unvested awards – end of period(4) | 386 | $ | 20.95 | 589 | $ | 18.85 |
Time-Based Awards | Performance-Based Awards | ||||||||||||||
Restricted Shares (in thousands) | Weighted-Average Grant-Date Fair Value(1) | RSUs (in thousands) | Weighted-Average Grant-Date Fair Value(2) | ||||||||||||
Unvested awards – beginning of period | 375 | $ | 22.15 | 454 | $ | 19.37 | |||||||||
Granted | 176 | $ | 19.36 | 256 | (3) | $ | 17.66 | ||||||||
Vested | (165 | ) | $ | 21.99 | (121 | ) | $ | 19.08 | |||||||
Unvested awards – end of period(4) | 386 | $ | 20.95 | 589 | $ | 18.85 |
(2)Reflects the weighted-average, grant-date fair value using a Monte Carlo valuation. (3)Includes approximately 35,000 Performance-Based RSUs for amounts earned above the target performance level, as defined by the LTI Plan, for the period from January 1, 2017 through December 31, 2018. These RSUs were granted and converted to shares in 2019. (4)As of September 30, 2019, Columbia Property Trust expects approximately 371,000 of the 386,000 unvested restricted stock units to ultimately vest and approximately 567,000 of the 589,000 unvested Performance-Based RSUs to ultimately vest, assuming a weighted-average forfeiture rate of 3.8%, which was determined based on historical forfeiture rates. |
Date of Grant | Shares | Grant-Date Fair Value | ||||||||||||
May 14, 2019 | 28,000 | $ | 22.13 | |||||||||||
May 14, 2018 | 31,743 | $ | 22.20 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Amortization of time-based awards granted under the LTI Plan | $ | 831 | $ | 948 | $ | 2,519 | $ | 2,857 | |||||||||||||||||||||||||||
Amortization of performance-based awards granted under the LTI Plan(1) | 704 | 682 | 2,039 | 1,790 | |||||||||||||||||||||||||||||||
Issuance of shares to independent directors | — | — | 619 | 705 | |||||||||||||||||||||||||||||||
Total stock-based compensation expense | $ | 1,535 | $ | 1,630 | $ | 5,177 | $ | 5,352 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Amortization of time-based awards granted under the LTI Plan | $ | 803 | $ | 873 | $ | 1,687 | $ | 1,909 | |||||||
Amortization of performance-based awards granted under the LTI Plan(1) | 680 | 616 | 1,335 | 1,108 | |||||||||||
Issuance of shares to independent directors | 619 | 705 | 619 | 705 | |||||||||||
Total stock-based compensation expense | $ | 2,102 | $ | 2,194 | $ | 3,641 | $ | 3,722 |
Nine Months Ended September 30, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Investments in real estate funded with other assets | $ | — | $ | 617 | |||||||||||||
Extinguishment of 263 Shuman Boulevard mortgage note by transferring property to lender | $ | — | $ | 49,000 | |||||||||||||
Amortization of net discounts on debt | $ | 135 | $ | 135 | |||||||||||||
Accrued transaction costs | $ | 128 | $ | — | |||||||||||||
Accrued investments in unconsolidated joint ventures | $ | 163 | $ | — | |||||||||||||
Accrued capital expenditures and deferred lease costs | $ | 12,009 | $ | 14,299 | |||||||||||||
Operating lease liability recorded at adoption of ASC 842 | $ | 34,791 | $ | — | |||||||||||||
Market value adjustments to interest rate swaps that qualify for hedge accounting treatment | $ | (7,103) | $ | 4,174 | |||||||||||||
Cumulative-effect adjustment to equity for the adoption of ASU 2017-05 and ASU 2014-09 | $ | — | $ | 358,098 | |||||||||||||
Stock-based compensation expense | $ | 5,177 | $ | 5,352 |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Extinguishment of 263 Shuman Boulevard mortgage note by transferring property to lender | $ | — | $ | 49,000 | |||
Amortization of net discounts on debt | $ | 90 | $ | 90 | |||
Accrued transaction costs | $ | 818 | $ | — | |||
Accrued investments in unconsolidated joint ventures | $ | 136 | $ | — | |||
Accrued capital expenditures and deferred lease costs | $ | 6,704 | $ | 16,771 | |||
Operating lease liability recorded at adoption of ASC 842 | $ | 34,791 | $ | — | |||
Market value adjustments to interest rate swaps that qualify for hedge accounting treatment | $ | (4,035 | ) | $ | 3,452 | ||
Cumulative-effect adjustment to equity for the adoption of ASU 2017-05 and ASU 2014-09 | $ | — | $ | 358,098 | |||
Amortization of common stock issued to employees and directors | $ | 3,641 | $ | 3,722 |
Remainder of 2019 | $ | 1,252 | |
2020 | 2,539 | ||
2021 | 2,704 | ||
2022 | 2,743 | ||
2023 | 2,023 | ||
2024 | 1,962 | ||
Thereafter | 174,820 | ||
Total lease payments | 188,043 | ||
Less: interest expense | (153,359 | ) | |
Present value of lease liabilities | $ | 34,684 | |
Weighted-average remaining lease term (years) | 75.8 years | ||
Weighted-average discount rate | 6.6 | % |
Remainder of 2019 | $ | 175 | |||
2020 | 728 | ||||
2021 | 760 | ||||
2022 | 793 | ||||
2023 | 67 | ||||
2024 | — | ||||
Thereafter | — | ||||
Total lease payments | 2,523 | ||||
Less: interest expense | (188) | ||||
Present value of lease liabilities | $ | 2,335 | |||
Weighted-average remaining lease term (years) | 3.3 years | ||||
Weighted-average discount rate | 4.5 | % |
2019 | $ | 2,502 | ||||||
2020 | 2,539 | |||||||
2021 | 2,704 | |||||||
2022 | 2,743 | |||||||
2023 | 2,023 | |||||||
Thereafter | 176,782 | |||||||
Total | $ | 189,293 | (1) |
2019 | $ | 2,502 | |
2020 | 2,539 | ||
2021 | 2,704 | ||
2022 | 2,743 | ||
2023 | 2,023 | ||
Thereafter | 176,782 | ||
Total | $ | 189,293 |
Ground Leases | Office Lease | Total Operating Leases | |||||||||||||||
Assets: | |||||||||||||||||
Total operating lease assets | $ | 27,964 | $ | 1,746 | $ | 29,710 | |||||||||||
Liabilities: | |||||||||||||||||
Total operating lease liabilities | $ | — | $ | 2,335 | $ | 2,335 |
Ground Leases | Office Lease | Total Operating Leases | |||||||||
Assets: | |||||||||||
Total operating lease assets | $ | 61,699 | $ | 1,864 | $ | 63,563 | |||||
Liabilities: | |||||||||||
Total operating lease liabilities | $ | 32,202 | $ | 2,482 | $ | 34,684 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ground Leases | Office Lease | Total Operating Leases | Ground Leases | Office Lease | Total Operating Leases | Ground Leases | Office Lease | Total Operating Leases | Ground Leases | Office Lease | Total Operating Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating costs | $ | 692 | $ | — | $ | 692 | $ | 1,384 | $ | — | $ | 1,384 | Property operating costs | $ | 661 | $ | — | $ | 661 | $ | 2,045 | $ | — | $ | 2,045 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative – corporate | — | 145 | 145 | — | 290 | 290 | General and administrative – corporate | — | 145 | 145 | — | 435 | 435 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating lease expenses | $ | 692 | $ | 145 | $ | 837 | $ | 1,384 | $ | 290 | $ | 1,674 | Total operating lease expenses | $ | 661 | $ | 145 | $ | 806 | $ | 2,045 | $ | 435 | $ | 2,480 |
Ground Leases | Office Lease | Total Operating Leases | |||||||||
Cash paid for operating lease liabilities included in cash flows from operations | $ | (903 | ) | $ | (348 | ) | $ | (1,251 | ) |
Ground Leases | Office Lease | Total Operating Leases | |||||||||||||||
Cash paid for operating lease liabilities included in cash flows from operations | $ | (1,329) | $ | (522) | $ | (1,851) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
Fixed payments | $ | 63,534 | $ | 129,051 | |||
Variable payments | 6,067 | 12,412 | |||||
Total lease revenues | $ | 69,601 | $ | 141,463 |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||||||
Fixed payments | $ | 62,149 | $ | 191,200 | |||||||
Variable payments | 6,814 | 19,226 | |||||||||
Total lease revenues | $ | 68,963 | $ | 210,426 |
Remainder of 2019 | $ | 115,858 | |
2020 | 243,403 | ||
2021 | 212,110 | ||
2022 | 195,677 | ||
2023 | 178,941 | ||
2024 | 169,133 | ||
Thereafter | 815,346 | ||
Total | $ | 1,930,468 |
Remainder of 2019 | $ | 52,701 | |||
2020 | 221,974 | ||||
2021 | 220,160 | ||||
2022 | 204,954 | ||||
2023 | 188,604 | ||||
2024 | 179,994 | ||||
Thereafter | 856,251 | ||||
Total | $ | 1,924,638 |
2019 | $ | 242,370 | |||
2020 | 247,826 | ||||
2021 | 221,692 | ||||
2022 | 209,845 | ||||
2023 | 192,261 | ||||
Thereafter | 1,106,275 | ||||
Total | $ | 2,220,269 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (20,286) | $ | 6,429 | $ | 30,974 | $ | 4,488 | ||||||||||||||||||||||||||||||
Distributions paid on unvested shares | (77) | (75) | (232) | (221) | ||||||||||||||||||||||||||||||||||
Net income (loss) used to calculate basic and diluted earnings per share | $ | (20,363) | $ | 6,354 | $ | 30,742 | $ | 4,267 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net income (loss) | $ | 47,747 | $ | (3,439 | ) | $ | 51,260 | $ | (1,941 | ) | ||||||
Distributions paid on unvested shares | (77 | ) | (73 | ) | (155 | ) | (146 | ) | ||||||||
Net income (loss) used to calculate basic and diluted earnings per share | $ | 47,670 | $ | (3,512 | ) | $ | 51,105 | $ | (2,087 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
Weighted-average common shares – basic | 116,522 | 117,609 | 116,498 | 118,237 | ||||||||||||||||||||||||||||||||||
Plus incremental weighted-average shares from time-vested conversions, less assumed stock repurchases: | ||||||||||||||||||||||||||||||||||||||
Previously granted awards, unvested | 123 | 126 | 102 | 88 | ||||||||||||||||||||||||||||||||||
Future period LTI Plan awards | 176 | 472 | 162 | 424 | ||||||||||||||||||||||||||||||||||
Weighted-average common shares – diluted | 116,821 | 118,207 | 116,762 | 118,749 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Weighted-average common shares – basic | 116,509 | 118,035 | 116,486 | 118,556 | ||||||||
Plus incremental weighted-average shares from time-vested conversions, less assumed stock repurchases: | ||||||||||||
Previously granted awards, unvested | 100 | 72 | 93 | 70 | ||||||||
Future period LTI Plan awards | 214 | 355 | 197 | 334 | ||||||||
Weighted-average common shares – diluted | 116,823 | 118,462 | 116,776 | 118,960 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
New York(1) | $ | 39,439 | $ | 37,990 | $ | 117,109 | $ | 119,248 | |||||||||||||||||||||||||||
San Francisco(2) | 27,866 | 26,548 | 83,650 | 76,156 | |||||||||||||||||||||||||||||||
Washington, D.C.(3) | 14,708 | 14,347 | 43,300 | 42,730 | |||||||||||||||||||||||||||||||
Atlanta | 6,699 | 10,485 | 25,666 | 30,626 | |||||||||||||||||||||||||||||||
Boston | 3,380 | 3,457 | 10,609 | 9,985 | |||||||||||||||||||||||||||||||
Los Angeles | 1,996 | 1,962 | 5,857 | 5,792 | |||||||||||||||||||||||||||||||
All other office markets | 3,947 | 3,941 | 11,769 | 11,782 | |||||||||||||||||||||||||||||||
Total office segments | 98,035 | 98,730 | 297,960 | 296,319 | |||||||||||||||||||||||||||||||
Corporate | 728 | 780 | 2,339 | 2,355 | |||||||||||||||||||||||||||||||
Total operating revenues | $ | 98,763 | $ | 99,510 | $ | 300,299 | $ | 298,674 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
New York(1) | $ | 38,974 | $ | 40,349 | $ | 77,670 | $ | 81,258 | |||||||
San Francisco(2) | 28,021 | 26,088 | 55,784 | 49,608 | |||||||||||
Washington, D.C.(3) | 14,462 | 14,411 | 28,592 | 28,383 | |||||||||||
Atlanta | 7,744 | 10,283 | 18,967 | 20,141 | |||||||||||
Boston | 3,555 | 3,158 | 7,229 | 6,528 | |||||||||||
Los Angeles | 1,927 | 1,910 | 3,861 | 3,830 | |||||||||||
All other office markets | 3,919 | 3,905 | 7,822 | 7,841 | |||||||||||
Total office segments | 98,602 | 100,104 | 199,925 | 197,589 | |||||||||||
Corporate | 825 | 894 | 1,611 | 1,575 | |||||||||||
Total operating revenues | $ | 99,427 | $ | 100,998 | $ | 201,536 | $ | 199,164 |
(2)Includes operating revenues for two unconsolidated properties, 333 Market Street and University Circle, based on Columbia Property Trust's ownership interests: 77.5% from January 1, 2018 through January 31, 2018; and 55.0% from February 1, 2018 through September 30, 2019. (3)Includes operating revenues for two unconsolidated properties, Market Square and 1800 M Street, based on Columbia Property Trust's ownership interests: 51.0% for the Market Square and 55.0% for 1800 M Street for all periods presented. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 71,949 | $ | 73,340 | $ | 220,112 | $ | 222,420 | |||||||||||||||||||||||||||
Operating revenues included in income from unconsolidated joint ventures(1) | 28,728 | 27,995 | 85,868 | 81,656 | |||||||||||||||||||||||||||||||
Less: asset and property management fee income(2) | (1,914) | (1,825) | (5,681) | (5,402) | |||||||||||||||||||||||||||||||
Total operating revenues | $ | 98,763 | $ | 99,510 | $ | 300,299 | $ | 298,674 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Total revenues | $ | 72,730 | $ | 75,370 | $ | 148,163 | $ | 149,080 | |||||||
Operating revenues included in income from unconsolidated joint ventures(1) | 28,595 | 27,446 | 57,140 | 53,661 | |||||||||||
Less: management fee income(2) | (1,898 | ) | (1,818 | ) | (3,767 | ) | (3,577 | ) | |||||||
Total operating revenues | $ | 99,427 | $ | 100,998 | $ | 201,536 | $ | 199,164 |
(2)See Note 11, Non-Lease Revenues, of the accompanying consolidated financial statements. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
New York(1) | $ | 23,235 | $ | 23,145 | $ | 69,721 | $ | 71,693 | |||||||||||||||||||||||||||
San Francisco(2) | 20,495 | 19,925 | 61,399 | 58,875 | |||||||||||||||||||||||||||||||
Washington, D.C.(3) | 8,475 | 8,844 | 25,514 | 25,976 | |||||||||||||||||||||||||||||||
Atlanta | 5,640 | 9,245 | 19,935 | 27,083 | |||||||||||||||||||||||||||||||
Boston | 1,700 | 1,890 | 5,564 | 5,203 | |||||||||||||||||||||||||||||||
Los Angeles | 1,092 | 1,119 | 3,374 | 3,481 | |||||||||||||||||||||||||||||||
All other office markets | 3,870 | 3,989 | 11,558 | 11,149 | |||||||||||||||||||||||||||||||
Total office segments | 64,507 | 68,157 | 197,065 | 203,460 | |||||||||||||||||||||||||||||||
Corporate | (225) | (204) | (665) | (599) | |||||||||||||||||||||||||||||||
Total NOI | $ | 64,282 | $ | 67,953 | $ | 196,400 | $ | 202,861 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
New York(1) | $ | 23,680 | $ | 24,369 | $ | 46,486 | $ | 48,548 | |||||||
San Francisco(2) | 20,407 | 19,396 | 40,904 | 38,950 | |||||||||||
Washington, D.C.(3) | 8,586 | 8,802 | 17,039 | 17,132 | |||||||||||
Atlanta | 6,144 | 9,084 | 14,295 | 17,838 | |||||||||||
Boston | 1,875 | 1,545 | 3,864 | 3,313 | |||||||||||
Los Angeles | 1,163 | 1,154 | 2,282 | 2,362 | |||||||||||
All other office markets | 3,852 | 3,869 | 7,688 | 7,160 | |||||||||||
Total office segments | 65,707 | 68,219 | 132,558 | 135,303 | |||||||||||
Corporate | (235 | ) | (170 | ) | (440 | ) | (395 | ) | |||||||
Total NOI | $ | 65,472 | $ | 68,049 | $ | 132,118 | $ | 134,908 |
(2)Includes NOI for two unconsolidated properties, 333 Market Street and University Circle, based on Columbia Property Trust's ownership interests: 77.5% from January 1, 2018 through January 31, 2018; and 55.0% from February 1, 2018 through September 30, 2019. (3)Includes NOI for two unconsolidated properties, Market Square and 1800 M Street, based on Columbia Property Trust's ownership interests: 51.0% for the Market Square and 55.0% for 1800 M Street for all periods presented. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | (20,286) | $ | 6,429 | $ | 30,974 | $ | 4,488 | |||||||||||||||||||||||||||
Asset and property management fee income | (1,914) | (1,825) | (5,681) | (5,402) | |||||||||||||||||||||||||||||||
Depreciation | 19,773 | 19,878 | 59,512 | 61,394 | |||||||||||||||||||||||||||||||
Amortization | 7,485 | 7,920 | 22,052 | 24,559 | |||||||||||||||||||||||||||||||
Impairment loss | 23,364 | — | 23,364 | 30,812 | |||||||||||||||||||||||||||||||
General and administrative – corporate | 7,103 | 8,303 | 23,707 | 24,379 | |||||||||||||||||||||||||||||||
General and administrative – unconsolidated joint ventures | 839 | 746 | 2,486 | 2,213 | |||||||||||||||||||||||||||||||
Pre-acquisition costs | 2,437 | — | 2,437 | — | |||||||||||||||||||||||||||||||
Net interest expense | 10,289 | 13,049 | 33,280 | 43,241 | |||||||||||||||||||||||||||||||
Interest income from development authority bonds | — | (1,800) | — | (5,400) | |||||||||||||||||||||||||||||||
Gain on sale of unconsolidated joint venture interests | — | — | — | (762) | |||||||||||||||||||||||||||||||
Gain on extinguishment of debt | — | — | — | (23,713) | |||||||||||||||||||||||||||||||
Income tax expense | 2 | 3 | 18 | 16 | |||||||||||||||||||||||||||||||
Adjustments included in income from unconsolidated joint ventures | 15,302 | 15,250 | 46,281 | 47,036 | |||||||||||||||||||||||||||||||
Gain on sale of real estate assets | (112) | — | (42,030) | — | |||||||||||||||||||||||||||||||
NOI | $ | 64,282 | $ | 67,953 | $ | 196,400 | $ | 202,861 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income (loss) | $ | 47,747 | $ | (3,439 | ) | $ | 51,260 | $ | (1,941 | ) | |||||
Management fee income | (1,898 | ) | (1,818 | ) | (3,767 | ) | (3,577 | ) | |||||||
Depreciation | 19,335 | 20,681 | 39,739 | 41,516 | |||||||||||
Amortization | 7,106 | 8,623 | 14,567 | 16,639 | |||||||||||
General and administrative – corporate | 8,180 | 8,282 | 16,604 | 16,076 | |||||||||||
General and administrative – unconsolidated joint ventures | 838 | 736 | 1,647 | 1,467 | |||||||||||
Net interest expense | 10,897 | 14,300 | 22,991 | 30,192 | |||||||||||
Interest income from development authority bonds | — | (1,800 | ) | — | (3,600 | ) | |||||||||
Gain on sale of unconsolidated joint venture interests | — | — | — | (762 | ) | ||||||||||
Gain on extinguishment of debt | — | (23,713 | ) | — | (23,713 | ) | |||||||||
Income tax expense | 9 | 6 | 16 | 13 | |||||||||||
Adjustments included in income from unconsolidated joint ventures | 15,176 | 15,379 | 30,979 | 31,786 | |||||||||||
Gain on sale of real estate assets | (41,918 | ) | — | (41,918 | ) | — | |||||||||
Impairment loss | — | 30,812 | — | 30,812 | |||||||||||
NOI | $ | 65,472 | $ | 68,049 | $ | 132,118 | $ | 134,908 |
As of September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | — | $ | 803,986 | $ | — | $ | 803,986 | |||||||||||||||||||||||||||||||||||||||||||
Buildings and improvements, net | — | 1,420 | 1,592,315 | — | 1,593,735 | ||||||||||||||||||||||||||||||||||||||||||||||||
Intangible lease assets, net | — | — | 50,726 | — | 50,726 | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction in progress | — | — | 33,663 | — | 33,663 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate assets | — | 1,420 | 2,480,690 | — | 2,482,110 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease assets | 1,746 | — | 27,964 | — | 29,710 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated joint ventures | — | 1,058,570 | — | — | 1,058,570 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 126,101 | 17,932 | 3,452 | — | 147,485 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 2,431,291 | 970,695 | — | (3,401,986) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Tenant receivables | — | — | 2,474 | — | 2,474 | ||||||||||||||||||||||||||||||||||||||||||||||||
Straight-line rent receivable | — | — | 87,076 | — | 87,076 | ||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets | 140,731 | 351,262 | 10,440 | (469,029) | 33,404 | ||||||||||||||||||||||||||||||||||||||||||||||||
Intangible lease origination costs, net | — | — | 23,517 | — | 23,517 | ||||||||||||||||||||||||||||||||||||||||||||||||
Deferred lease costs, net | — | — | 61,455 | — | 61,455 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 2,699,869 | $ | 2,399,879 | $ | 2,697,068 | $ | (3,871,015) | $ | 3,925,801 | |||||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit and notes payable, net | $ | — | $ | 447,763 | $ | 467,344 | $ | (467,344) | $ | 447,763 | |||||||||||||||||||||||||||||||||||||||||||
Bonds payable, net | ��� | 695,127 | — | — | 695,127 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease liabilities | 2,335 | — | — | — | 2,335 | ||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | — | 16,825 | 36,456 | — | 53,281 | ||||||||||||||||||||||||||||||||||||||||||||||||
Due to affiliates | — | — | 1,685 | (1,685) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income | — | — | 14,772 | — | 14,772 | ||||||||||||||||||||||||||||||||||||||||||||||||
Intangible lease liabilities, net | — | — | 14,989 | — | 14,989 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 2,335 | 1,159,715 | 535,246 | (469,029) | 1,228,267 | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity | 2,697,534 | 1,240,164 | 2,161,822 | (3,401,986) | 2,697,534 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 2,699,869 | $ | 2,399,879 | $ | 2,697,068 | $ | (3,871,015) | $ | 3,925,801 |
As of June 30, 2019 | |||||||||||||||||||
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 | $ | — | $ | — | $ | 803,986 | $ | — | $ | 803,986 | |||||||||
Buildings and improvements, net | — | 1,526 | 1,783,468 | — | 1,784,994 | ||||||||||||||
Intangible lease assets, net | — | — | 60,654 | — | 60,654 | ||||||||||||||
Construction in progress | — | — | 39,893 | — | 39,893 | ||||||||||||||
Total real estate assets | — | 1,526 | 2,688,001 | — | 2,689,527 | ||||||||||||||
Operating lease assets | 1,864 | — | 61,699 | — | 63,563 | ||||||||||||||
Investments in unconsolidated joint ventures | — | 1,064,648 | — | — | 1,064,648 | ||||||||||||||
Cash and cash equivalents | 287 | 7,551 | 4,143 | — | 11,981 | ||||||||||||||
Investment in subsidiaries | 2,602,248 | 1,116,706 | — | (3,718,954 | ) | — | |||||||||||||
Tenant receivables | — | — | 2,904 | — | 2,904 | ||||||||||||||
Straight-line rent receivable | — | — | 87,190 | — | 87,190 | ||||||||||||||
Prepaid expenses and other assets | 140,814 | 352,010 | 13,623 | (469,027 | ) | 37,420 | |||||||||||||
Intangible lease origination costs, net | — | — | 29,620 | — | 29,620 | ||||||||||||||
Deferred lease costs, net | — | — | 57,942 | — | 57,942 | ||||||||||||||
Total assets | $ | 2,745,213 | $ | 2,542,441 | $ | 2,945,122 | $ | (4,187,981 | ) | $ | 4,044,795 | ||||||||
Liabilities: | |||||||||||||||||||
Line of credit and notes payable, net | $ | — | $ | 494,609 | $ | 467,344 | $ | (467,344 | ) | $ | 494,609 | ||||||||
Bonds payable, net | — | 694,930 | — | — | 694,930 | ||||||||||||||
Operating lease liabilities | 2,482 | — | 32,202 | — | 34,684 | ||||||||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | — | 12,296 | 31,107 | — | 43,403 | ||||||||||||||
Due to affiliates | — | — | 1,683 | (1,683 | ) | — | |||||||||||||
Deferred income | — | — | 16,296 | — | 16,296 | ||||||||||||||
Intangible lease liabilities, net | — | — | 18,142 | — | 18,142 | ||||||||||||||
Total liabilities | 2,482 | 1,201,835 | 566,774 | (469,027 | ) | 1,302,064 | |||||||||||||
Equity: | |||||||||||||||||||
Total equity | 2,742,731 | 1,340,606 | 2,378,348 | (3,718,954 | ) | 2,742,731 | |||||||||||||
Total liabilities and equity | $ | 2,745,213 | $ | 2,542,441 | $ | 2,945,122 | $ | (4,187,981 | ) | $ | 4,044,795 |
As of December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | — | $ | 817,975 | $ | — | $ | 817,975 | |||||||||||||||||||||||||||||||||||||||||||
Building and improvements, net | — | 1,739 | 1,908,302 | — | 1,910,041 | ||||||||||||||||||||||||||||||||||||||||||||||||
Intangible lease assets, net | — | — | 98,540 | — | 98,540 | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction in progress | — | — | 33,800 | — | 33,800 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate assets | — | 1,739 | 2,858,617 | — | 2,860,356 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated joint ventures | — | 1,071,353 | — | — | 1,071,353 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1,705 | 10,573 | 4,840 | — | 17,118 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 2,622,528 | 1,236,982 | — | (3,859,510) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Tenant receivables, net | — | — | 3,258 | — | 3,258 | ||||||||||||||||||||||||||||||||||||||||||||||||
Straight-line rent receivable | — | — | 87,159 | — | 87,159 | ||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets | 140,797 | 340,071 | 11,379 | (469,029) | 23,218 | ||||||||||||||||||||||||||||||||||||||||||||||||
Intangible lease origination costs, net | — | — | 34,092 | — | 34,092 | ||||||||||||||||||||||||||||||||||||||||||||||||
Deferred lease costs, net | — | — | 77,439 | — | 77,439 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 2,765,030 | $ | 2,660,718 | $ | 3,076,784 | $ | (4,328,539) | $ | 4,173,993 | |||||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lines of credit and notes payable, net | $ | — | $ | 629,308 | $ | 467,344 | $ | (467,344) | $ | 629,308 | |||||||||||||||||||||||||||||||||||||||||||
Bonds payable, net | — | 694,538 | — | — | 694,538 | ||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | 674 | 9,441 | 39,007 | (5) | 49,117 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends payable | 23,340 | — | — | — | 23,340 | ||||||||||||||||||||||||||||||||||||||||||||||||
Due to affiliates | — | — | 1,680 | (1,680) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income | — | — | 15,593 | — | 15,593 | ||||||||||||||||||||||||||||||||||||||||||||||||
Intangible lease liabilities, net | — | — | 21,081 | — | 21,081 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 24,014 | 1,333,287 | 544,705 | (469,029) | 1,432,977 | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity | 2,741,016 | 1,327,431 | 2,532,079 | (3,859,510) | 2,741,016 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 2,765,030 | $ | 2,660,718 | $ | 3,076,784 | $ | (4,328,539) | $ | 4,173,993 |
As of December 31, 2018 | |||||||||||||||||||
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 | $ | — | $ | — | $ | 817,975 | $ | — | $ | 817,975 | |||||||||
Building and improvements, net | — | 1,739 | 1,908,302 | — | 1,910,041 | ||||||||||||||
Intangible lease assets, net | — | — | 98,540 | — | 98,540 | ||||||||||||||
Construction in progress | — | — | 33,800 | — | 33,800 | ||||||||||||||
Total real estate assets | — | 1,739 | 2,858,617 | — | 2,860,356 | ||||||||||||||
Investments in unconsolidated joint ventures | — | 1,071,353 | — | — | 1,071,353 | ||||||||||||||
Cash and cash equivalents | 1,705 | 10,573 | 4,840 | — | 17,118 | ||||||||||||||
Investment in subsidiaries | 2,622,528 | 1,236,982 | — | (3,859,510 | ) | — | |||||||||||||
Tenant receivables, net | — | — | 3,258 | — | 3,258 | ||||||||||||||
Straight-line rent receivable | — | — | 87,159 | — | 87,159 | ||||||||||||||
Prepaid expenses and other assets | 140,797 | 340,071 | 11,379 | (469,029 | ) | 23,218 | |||||||||||||
Intangible lease origination costs, net | — | — | 34,092 | — | 34,092 | ||||||||||||||
Deferred lease costs, net | — | — | 77,439 | — | 77,439 | ||||||||||||||
Total assets | $ | 2,765,030 | $ | 2,660,718 | $ | 3,076,784 | $ | (4,328,539 | ) | $ | 4,173,993 | ||||||||
Liabilities: | |||||||||||||||||||
Lines of credit and notes payable, net | $ | — | $ | 629,308 | $ | 467,344 | $ | (467,344 | ) | $ | 629,308 | ||||||||
Bonds payable, net | — | 694,538 | — | — | 694,538 | ||||||||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | 674 | 9,441 | 39,007 | (5 | ) | 49,117 | |||||||||||||
Dividends payable | 23,340 | — | — | — | 23,340 | ||||||||||||||
Due to affiliates | — | — | 1,680 | (1,680 | ) | — | |||||||||||||
Deferred income | — | — | 15,593 | — | 15,593 | ||||||||||||||
Intangible lease liabilities, net | — | — | 21,081 | — | 21,081 | ||||||||||||||
Total liabilities | 24,014 | 1,333,287 | 544,705 | (469,029 | ) | 1,432,977 | |||||||||||||
Equity: | |||||||||||||||||||
Total equity | 2,741,016 | 1,327,431 | 2,532,079 | (3,859,510 | ) | 2,741,016 | |||||||||||||
Total liabilities and equity | $ | 2,765,030 | $ | 2,660,718 | $ | 3,076,784 | $ | (4,328,539 | ) | $ | 4,173,993 |
For the Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues | $ | — | $ | — | $ | 68,963 | $ | — | $ | 68,963 | |||||||||||||||||||||||||||||||||||||||||||
Asset and property management fee income | 958 | — | 956 | — | 1,914 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other property income | — | — | 1,072 | — | 1,072 | ||||||||||||||||||||||||||||||||||||||||||||||||
958 | — | 70,991 | — | 71,949 | |||||||||||||||||||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating costs | — | — | 23,147 | — | 23,147 | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset and property management fee expenses | — | — | 102 | — | 102 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | — | 160 | 19,613 | — | 19,773 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization | — | — | 7,485 | — | 7,485 | ||||||||||||||||||||||||||||||||||||||||||||||||
Impairment loss on real estate assets | — | — | 23,364 | — | 23,364 | ||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative – corporate | 213 | 1,631 | 5,259 | — | 7,103 | ||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative – unconsolidated joint ventures | — | 13 | 826 | — | 839 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pre-acquisition costs | — | 2,437 | — | — | 2,437 | ||||||||||||||||||||||||||||||||||||||||||||||||
213 | 4,241 | 79,796 | — | 84,250 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | (10,289) | (5,053) | 5,053 | (10,289) | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other income | 1,575 | 3,478 | — | (5,053) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | — | — | (2) | — | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from unconsolidated entities | (22,606) | (9,559) | (2) | 34,361 | 2,194 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of real estate assets | — | — | 112 | — | 112 | ||||||||||||||||||||||||||||||||||||||||||||||||
(21,031) | (16,370) | (4,945) | 34,361 | (7,985) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | (20,286) | $ | (20,611) | $ | (13,750) | $ | 34,361 | $ | (20,286) |
For the Three Months Ended June 30, 2019 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||
Revenues: | |||||||||||||||||||
Lease revenues | $ | — | $ | — | $ | 69,601 | $ | — | $ | 69,601 | |||||||||
Management fee income | 926 | — | 972 | — | 1,898 | ||||||||||||||
Other property income | — | — | 1,231 | — | 1,231 | ||||||||||||||
926 | — | 71,804 | — | 72,730 | |||||||||||||||
Expenses: | |||||||||||||||||||
Property operating costs | — | — | 22,586 | — | 22,586 | ||||||||||||||
Management fee expenses | — | — | 164 | — | 164 | ||||||||||||||
Depreciation | — | 162 | 19,173 | — | 19,335 | ||||||||||||||
Amortization | — | — | 7,106 | — | 7,106 | ||||||||||||||
General and administrative – corporate | 200 | 2,352 | 5,628 | — | 8,180 | ||||||||||||||
General and administrative – unconsolidated joint ventures | — | 17 | 821 | — | 838 | ||||||||||||||
200 | 2,531 | 55,478 | — | 58,209 | |||||||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense | — | (10,897 | ) | (5,053 | ) | 5,053 | (10,897 | ) | |||||||||||
Interest and other income | 1,575 | 3,478 | — | (5,053 | ) | — | |||||||||||||
Income tax expense | — | — | (9 | ) | — | (9 | ) | ||||||||||||
Income (loss) from unconsolidated entities | 45,446 | 57,611 | (3 | ) | (100,840 | ) | 2,214 | ||||||||||||
Gain on sale of real estate assets | — | — | 41,918 | — | 41,918 | ||||||||||||||
47,021 | 50,192 | 36,853 | (100,840 | ) | 33,226 | ||||||||||||||
Net income | $ | 47,747 | $ | 47,661 | $ | 53,179 | $ | (100,840 | ) | $ | 47,747 |
For the Three Months Ended June 30, 2018 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||
Revenues: | |||||||||||||||||||
Lease revenues | $ | — | $ | — | $ | 71,409 | $ | — | $ | 71,409 | |||||||||
Management fee income | 930 | — | 888 | — | 1,818 | ||||||||||||||
Other property income | — | — | 2,143 | — | 2,143 | ||||||||||||||
930 | — | 74,440 | — | 75,370 | |||||||||||||||
Expenses: | |||||||||||||||||||
Property operating costs | — | — | 22,450 | — | 22,450 | ||||||||||||||
Management fee expenses | — | — | 205 | — | 205 | ||||||||||||||
Depreciation | — | 166 | 20,515 | — | 20,681 | ||||||||||||||
Amortization | — | — | 8,623 | — | 8,623 | ||||||||||||||
Impairment loss on real estate | — | — | 30,812 | — | 30,812 | ||||||||||||||
General and administrative – corporate | 193 | 2,512 | 5,577 | — | 8,282 | ||||||||||||||
General and administrative – unconsolidated joint ventures | — | — | 736 | — | 736 | ||||||||||||||
193 | 2,678 | 88,918 | — | 91,789 | |||||||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense | — | (11,983 | ) | (8,651 | ) | 6,320 | (14,314 | ) | |||||||||||
Gain (loss) on extinguishment of debt | — | (326 | ) | 24,039 | — | 23,713 | |||||||||||||
Interest and other income | 2,842 | 3,478 | 1,814 | (6,320 | ) | 1,814 | |||||||||||||
Income tax expense | — | — | (6 | ) | — | (6 | ) | ||||||||||||
Income (loss) from unconsolidated entities | (7,018 | ) | 5,823 | (2 | ) | 2,970 | 1,773 | ||||||||||||
(4,176 | ) | (3,008 | ) | 17,194 | 2,970 | 12,980 | |||||||||||||
Net income (loss) | $ | (3,439 | ) | $ | (5,686 | ) | $ | 2,716 | $ | 2,970 | $ | (3,439 | ) |
For the Three Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues | $ | — | $ | 2 | $ | 69,735 | $ | — | $ | 69,737 | |||||||||||||||||||||||||||||||||||||||||||
Asset and property management fee income | 915 | — | 910 | — | 1,825 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other property income | — | — | 1,778 | — | 1,778 | ||||||||||||||||||||||||||||||||||||||||||||||||
915 | 2 | 72,423 | — | 73,340 | |||||||||||||||||||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating costs | — | — | 21,000 | — | 21,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset and property management fee expenses | — | — | 206 | — | 206 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | — | 168 | 19,710 | — | 19,878 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization | — | — | 7,920 | — | 7,920 | ||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative – corporate | 192 | 2,594 | 5,517 | — | 8,303 | ||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative – unconsolidated joint ventures | — | — | 746 | — | 746 | ||||||||||||||||||||||||||||||||||||||||||||||||
192 | 2,762 | 55,099 | — | 58,053 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | (10,905) | (7,199) | 5,053 | (13,051) | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other income | 1,575 | 3,478 | 1,803 | (5,053) | 1,803 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | — | — | (3) | — | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from unconsolidated entities | 4,131 | 15,858 | (3) | (17,593) | 2,393 | ||||||||||||||||||||||||||||||||||||||||||||||||
5,706 | 8,431 | (5,402) | (17,593) | (8,858) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | $ | 6,429 | $ | 5,671 | $ | 11,922 | $ | (17,593) | $ | 6,429 |
For the Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues | $ | — | $ | — | $ | 210,426 | $ | — | $ | 210,426 | |||||||||||||||||||||||||||||||||||||||||||
Asset and property management fee income | 2,796 | — | 2,885 | — | 5,681 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other property income | — | — | 4,005 | — | 4,005 | ||||||||||||||||||||||||||||||||||||||||||||||||
2,796 | — | 217,316 | — | 220,112 | |||||||||||||||||||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating costs | — | — | 69,970 | — | 69,970 | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset and property management fee expenses | — | — | 521 | — | 521 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | — | 493 | 59,019 | — | 59,512 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization | — | — | 22,052 | — | 22,052 | ||||||||||||||||||||||||||||||||||||||||||||||||
Impairment loss on real estate assets | — | — | 23,364 | — | 23,364 | ||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative – corporate | 611 | 6,196 | 16,900 | — | 23,707 | ||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative – unconsolidated joint ventures | — | 29 | 2,457 | — | 2,486 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pre-acquisition costs | — | 2,437 | — | — | 2,437 | ||||||||||||||||||||||||||||||||||||||||||||||||
611 | 9,155 | 194,283 | — | 204,049 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | (33,281) | (15,159) | 15,159 | (33,281) | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other income | 4,725 | 10,434 | 1 | (15,159) | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | — | — | (18) | — | (18) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from unconsolidated entities | 24,064 | 62,977 | (2) | (80,860) | 6,179 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of real estate assets | — | — | 42,030 | — | 42,030 | ||||||||||||||||||||||||||||||||||||||||||||||||
28,789 | 40,130 | 26,852 | (80,860) | 14,911 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 30,974 | $ | 30,975 | $ | 49,885 | $ | (80,860) | $ | 30,974 |
For the Six Months Ended June 30, 2019 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||
Revenues: | |||||||||||||||||||
Lease revenues | $ | — | $ | — | $ | 141,463 | $ | — | $ | 141,463 | |||||||||
Management fee income | 1,838 | — | 1,929 | — | 3,767 | ||||||||||||||
Other property income | — | — | 2,933 | — | 2,933 | ||||||||||||||
1,838 | — | 146,325 | — | 148,163 | |||||||||||||||
Expenses: | |||||||||||||||||||
Property operating costs | — | — | 46,823 | — | 46,823 | ||||||||||||||
Management fee expenses | — | — | 419 | — | 419 | ||||||||||||||
Depreciation | — | 333 | 39,406 | — | 39,739 | ||||||||||||||
Amortization | — | — | 14,567 | — | 14,567 | ||||||||||||||
General and administrative – corporate | 399 | 4,570 | 11,635 | — | 16,604 | ||||||||||||||
General and administrative – unconsolidated joint ventures | — | 17 | 1,630 | — | 1,647 | ||||||||||||||
399 | 4,920 | 114,480 | — | 119,799 | |||||||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense | — | (22,992 | ) | (10,106 | ) | 10,106 | (22,992 | ) | |||||||||||
Interest and other income | 3,150 | 6,956 | 1 | (10,106 | ) | 1 | |||||||||||||
Income tax expense | — | — | (16 | ) | — | (16 | ) | ||||||||||||
Income (loss) from unconsolidated entities | 46,671 | 72,542 | (3 | ) | (115,225 | ) | 3,985 | ||||||||||||
Gain on sale of real estate assets | — | — | 41,918 | — | 41,918 | ||||||||||||||
49,821 | 56,506 | 31,794 | (115,225 | ) | 22,896 | ||||||||||||||
Net income | $ | 51,260 | $ | 51,586 | $ | 63,639 | $ | (115,225 | ) | $ | 51,260 |
For the Nine Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues | $ | — | $ | 2 | $ | 211,504 | $ | — | $ | 211,506 | |||||||||||||||||||||||||||||||||||||||||||
Asset and property management fee income | 2,749 | — | 2,653 | — | 5,402 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other property income | — | — | 5,512 | — | 5,512 | ||||||||||||||||||||||||||||||||||||||||||||||||
2,749 | 2 | 219,669 | — | 222,420 | |||||||||||||||||||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating costs | — | — | 66,512 | — | 66,512 | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset and property management fee expenses | — | — | 619 | — | 619 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | — | 500 | 60,894 | — | 61,394 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization | — | — | 24,559 | — | 24,559 | ||||||||||||||||||||||||||||||||||||||||||||||||
Impairment loss on real estate | — | — | 30,812 | — | 30,812 | ||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative – corporate | 582 | 7,412 | 16,385 | — | 24,379 | ||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative – unconsolidated joint ventures | — | — | 2,213 | — | 2,213 | ||||||||||||||||||||||||||||||||||||||||||||||||
582 | 7,912 | 201,994 | — | 210,488 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | (35,322) | (26,344) | 18,406 | (43,260) | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | — | (326) | 24,039 | — | 23,713 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other income | 7,972 | 10,434 | 5,420 | (18,406) | 5,420 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of unconsolidated joint venture interests | — | 762 | — | — | 762 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | — | — | (16) | — | (16) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from unconsolidated entities | (5,651) | 26,521 | — | (14,933) | 5,937 | ||||||||||||||||||||||||||||||||||||||||||||||||
2,321 | 2,069 | 3,099 | (14,933) | (7,444) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 4,488 | $ | (5,841) | $ | 20,774 | $ | (14,933) | $ | 4,488 |
For the Six Months Ended June 30, 2018 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||
Revenues: | |||||||||||||||||||
Lease revenues | $ | — | $ | — | $ | 141,769 | $ | — | $ | 141,769 | |||||||||
Management fee income | 1,834 | — | 1,743 | — | 3,577 | ||||||||||||||
Other property income | — | — | 3,734 | — | 3,734 | ||||||||||||||
1,834 | — | 147,246 | — | 149,080 | |||||||||||||||
Expenses: | |||||||||||||||||||
Property operating costs | — | — | 45,512 | — | 45,512 | ||||||||||||||
Management fee expenses | — | — | 413 | — | 413 | ||||||||||||||
Depreciation | — | 332 | 41,184 | — | 41,516 | ||||||||||||||
Amortization | — | — | 16,639 | — | 16,639 | ||||||||||||||
Impairment loss on real estate | — | — | 30,812 | — | 30,812 | ||||||||||||||
General and administrative – corporate | 389 | 4,820 | 10,867 | — | 16,076 | ||||||||||||||
General and administrative – unconsolidated joint ventures | — | — | 1,467 | — | 1,467 | ||||||||||||||
389 | 5,152 | 146,894 | — | 152,435 | |||||||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense | — | (24,417 | ) | (19,145 | ) | 13,353 | (30,209 | ) | |||||||||||
Gain (loss) on extinguishment of debt | — | (326 | ) | 24,039 | — | 23,713 | |||||||||||||
Interest and other income | 6,397 | 6,956 | 3,617 | (13,353 | ) | 3,617 | |||||||||||||
Gain on sale of unconsolidated joint venture interests | — | 762 | — | — | 762 | ||||||||||||||
Income tax expense | — | — | (13 | ) | — | (13 | ) | ||||||||||||
Income (loss) from unconsolidated entities | (9,783 | ) | 12,838 | — | 489 | 3,544 | |||||||||||||
(3,386 | ) | (4,187 | ) | 8,498 | 489 | 1,414 | |||||||||||||
Net income (loss) | $ | (1,941 | ) | $ | (9,339 | ) | $ | 8,850 | $ | 489 | $ | (1,941 | ) |
For the Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (20,286) | $ | (20,611) | $ | (13,750) | $ | 34,361 | $ | (20,286) | |||||||||||||||||||||||||||||||||||||||||||
Market value adjustments to interest rate swap | (3,068) | (3,068) | — | 3,068 | (3,068) | ||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss | $ | (23,354) | $ | (23,679) | $ | (13,750) | $ | 37,429 | $ | (23,354) | |||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2019 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||
Net income | $ | 47,747 | $ | 47,661 | $ | 53,179 | $ | (100,840 | ) | $ | 47,747 | ||||||||
Market value adjustments to interest rate swap | (2,604 | ) | (2,604 | ) | — | 2,604 | (2,604 | ) | |||||||||||
Comprehensive income | $ | 45,143 | $ | 45,057 | $ | 53,179 | $ | (98,236 | ) | $ | 45,143 |
For the Three Months Ended June 30, 2018 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||
Net income (loss) | $ | (3,439 | ) | $ | (5,686 | ) | $ | 2,716 | $ | 2,970 | $ | (3,439 | ) | ||||||
Market value adjustments to interest rate swap | 938 | 938 | — | (938 | ) | 938 | |||||||||||||
Comprehensive income (loss) | $ | (2,501 | ) | $ | (4,748 | ) | $ | 2,716 | $ | 2,032 | $ | (2,501 | ) |
For the Three Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 6,429 | $ | 5,671 | $ | 11,922 | $ | (17,593) | $ | 6,429 | |||||||||||||||||||||||||||||||||||||||||||
Market value adjustments to interest rate swap | 722 | 722 | — | (722) | 722 | ||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 7,151 | $ | 6,393 | $ | 11,922 | $ | (18,315) | $ | 7,151 |
For the Six Months Ended June 30, 2019 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||
Net income | $ | 51,260 | $ | 51,586 | $ | 63,639 | $ | (115,225 | ) | $ | 51,260 | ||||||||
Market value adjustments to interest rate swap | (4,035 | ) | (4,035 | ) | — | 4,035 | (4,035 | ) | |||||||||||
Comprehensive income | $ | 47,225 | $ | 47,551 | $ | 63,639 | $ | (111,190 | ) | $ | 47,225 |
For the Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 30,974 | $ | 30,975 | $ | 49,885 | $ | (80,860) | $ | 30,974 | |||||||||||||||||||||||||||||||||||||||||||
Market value adjustments to interest rate swap | (7,103) | (7,103) | — | 7,103 | (7,103) | ||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 23,871 | $ | 23,872 | $ | 49,885 | $ | (73,757) | $ | 23,871 |
For the Six Months Ended June 30, 2018 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||
Net income (loss) | $ | (1,941 | ) | $ | (9,339 | ) | $ | 8,850 | $ | 489 | $ | (1,941 | ) | ||||||
Market value adjustments to interest rate swap | 3,452 | 3,452 | — | (3,452 | ) | 3,452 | |||||||||||||
Comprehensive income (loss) | $ | 1,511 | $ | (5,887 | ) | $ | 8,850 | $ | (2,963 | ) | $ | 1,511 |
For the Nine Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 4,488 | $ | (5,841) | $ | 20,774 | $ | (14,933) | $ | 4,488 | |||||||||||||||||||||||||||||||||||||||||||
Market value adjustments to interest rate swap | 4,174 | 4,174 | — | (4,174) | 4,174 | ||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 8,662 | $ | (1,667) | $ | 20,774 | $ | (19,107) | $ | 8,662 |
For the Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities | $ | 33,072 | $ | 31,084 | $ | 120,768 | $ | (80,860) | $ | 104,064 | |||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from the sale of real estate | — | — | 375,004 | — | 375,004 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment in real estate and related assets | (14,815) | — | (54,366) | — | (69,181) | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated joint ventures | — | (12,741) | — | — | (12,741) | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from unconsolidated joint ventures | — | 11,264 | — | — | 11,264 | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from subsidiaries | 202,020 | 384,877 | — | (586,897) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by investing activities | 187,205 | 383,400 | 320,638 | (586,897) | 304,346 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, net of fees | — | 149,838 | — | — | 149,838 | ||||||||||||||||||||||||||||||||||||||||||||||||
Repayments | — | (332,000) | — | — | (332,000) | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | (93,480) | (224,963) | (442,794) | 667,757 | (93,480) | ||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of common stock | (2,401) | — | — | — | (2,401) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net cash used in financing activities | (95,881) | (407,125) | (442,794) | 667,757 | (278,043) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 124,396 | 7,359 | (1,388) | — | 130,367 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1,705 | 10,573 | 4,840 | — | 17,118 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 126,101 | $ | 17,932 | $ | 3,452 | $ | — | $ | 147,485 |
For the Six Months Ended June 30, 2019 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||
Cash flows from operating activities | $ | 52,967 | $ | 51,491 | $ | 74,283 | $ | (115,225 | ) | $ | 63,516 | ||||||||
Cash flows from investing activities: | |||||||||||||||||||
Net proceeds from the sale of real estate assets | — | — | 193,912 | — | 193,912 | ||||||||||||||
Investment in real estate and related assets | (14,216 | ) | — | (37,985 | ) | — | (52,201 | ) | |||||||||||
Investments in unconsolidated joint ventures | — | (9,067 | ) | — | — | (9,067 | ) | ||||||||||||
Distributions from unconsolidated joint ventures | — | 6,364 | — | — | 6,364 | ||||||||||||||
Distributions from subsidiaries | 32,330 | 159,236 | — | (191,566 | ) | — | |||||||||||||
Net cash provided by investing activities | 18,114 | 156,533 | 155,927 | (191,566 | ) | 139,008 | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Borrowings, net of fees | — | 113,838 | — | — | 113,838 | ||||||||||||||
Repayments | — | (249,000 | ) | — | — | (249,000 | ) | ||||||||||||
Distributions | (70,098 | ) | (75,884 | ) | (230,907 | ) | 306,791 | (70,098 | ) | ||||||||||
Redemptions of common stock | (2,401 | ) | — | — | — | (2,401 | ) | ||||||||||||
Net cash used in financing activities | (72,499 | ) | (211,046 | ) | (230,907 | ) | 306,791 | (207,661 | ) | ||||||||||
Net decrease in cash and cash equivalents | (1,418 | ) | (3,022 | ) | (697 | ) | — | (5,137 | ) | ||||||||||
Cash and cash equivalents, beginning of period | 1,705 | 10,573 | 4,840 | — | 17,118 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 287 | $ | 7,551 | $ | 4,143 | $ | — | $ | 11,981 |
For the Nine Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities | $ | 2,167 | $ | 2,522 | $ | 77,122 | $ | (20,774) | $ | 61,037 | |||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from the sale of real estate | — | — | 284,608 | — | 284,608 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from sale of investments in unconsolidated joint ventures | — | 235,083 | — | — | 235,083 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment in real estate and related assets | (7,300) | (51) | (69,015) | — | (76,366) | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated joint ventures | — | (4,432) | — | — | (4,432) | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from unconsolidated joint ventures | — | 10,549 | — | — | 10,549 | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from subsidiaries | 143,562 | 266,276 | — | (409,838) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by investing activities | 136,262 | 507,425 | 215,593 | (409,838) | 449,442 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, net of fees | — | 185,846 | — | — | 185,846 | ||||||||||||||||||||||||||||||||||||||||||||||||
Repayments | — | (549,000) | (2,476) | — | (551,476) | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | (95,056) | (141,774) | (288,838) | 430,612 | (95,056) | ||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of common stock | (43,764) | — | — | — | (43,764) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net cash used in financing activities | (138,820) | (504,928) | (291,314) | 430,612 | (504,450) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (391) | 5,019 | 1,401 | — | 6,029 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 692 | 5,079 | 3,796 | — | 9,567 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 301 | $ | 10,098 | $ | 5,197 | $ | — | $ | 15,596 |
For the Six Months Ended June 30, 2018 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||
Cash flows from operating activities | $ | 1,445 | $ | (3,037 | ) | $ | 29,625 | $ | (8,850 | ) | $ | 19,183 | |||||||
Cash flows from investing activities: | |||||||||||||||||||
Net proceeds from the sale of real estate assets | — | — | 284,608 | — | 284,608 | ||||||||||||||
Net proceeds from sale of investments in unconsolidated joint ventures | — | 235,083 | — | — | 235,083 | ||||||||||||||
Investment in real estate and related assets | — | (51 | ) | (47,543 | ) | — | (47,594 | ) | |||||||||||
Investments in unconsolidated joint ventures | — | (2,460 | ) | — | — | (2,460 | ) | ||||||||||||
Distributions from unconsolidated joint ventures | — | 4,585 | — | — | 4,585 | ||||||||||||||
Distributions from subsidiaries | 113,274 | 254,037 | — | (367,311 | ) | — | |||||||||||||
Net cash provided by investing activities | 113,274 | 491,194 | 237,065 | (367,311 | ) | 474,222 | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Borrowings, net of fees | — | 149,851 | — | — | 149,851 | ||||||||||||||
Repayments | — | (524,000 | ) | (1,639 | ) | — | (525,639 | ) | |||||||||||
Distributions | (71,459 | ) | (112,481 | ) | (263,680 | ) | 376,161 | (71,459 | ) | ||||||||||
Redemptions of common stock | (43,764 | ) | — | — | — | (43,764 | ) | ||||||||||||
Net cash used in financing activities | (115,223 | ) | (486,630 | ) | (265,319 | ) | 376,161 | (491,011 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | (504 | ) | 1,527 | 1,371 | — | 2,394 | |||||||||||||
Cash and cash equivalents, beginning of period | 692 | 5,079 | 3,796 | — | 9,567 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 188 | $ | 6,606 | $ | 5,167 | $ | — | $ | 11,961 |
(1)Statistics include our ownership interest in the gross real estate assets and debt at properties held through unconsolidated joint ventures as described in Note 4, Unconsolidated Joint Ventures, of the accompanying financial statements. (2)On a net basis (i.e., reduced for cash on hand), our debt-to-real-estate-asset ratio is 27.7%. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Total number of leases | 12 | 17 | 38 | 44 | |||||||||||||||||||||||||||||||
Square feet of leasing – renewal | 144,418 | 230,045 | 155,553 | 270,821 | |||||||||||||||||||||||||||||||
Square feet of leasing – new | 39,350 | 174,981 | 156,362 | 386,693 | |||||||||||||||||||||||||||||||
Total square feet of leasing | 183,768 | 405,026 | 311,915 | 657,514 | |||||||||||||||||||||||||||||||
Lease term (months) | 105 | 119 | 108 | 111 | |||||||||||||||||||||||||||||||
Tenant improvements, per square foot – renewal | $ | 69.68 | $ | 14.25 | $ | 70.92 | $ | 14.05 | |||||||||||||||||||||||||||
Tenant improvements, per square foot – new | $ | 66.79 | $ | 76.20 | $ | 90.94 | $ | 69.08 | |||||||||||||||||||||||||||
Tenant improvements, per square foot – all leases | $ | 69.28 | $ | 65.95 | $ | 80.77 | $ | 63.48 | |||||||||||||||||||||||||||
Leasing commissions, per square foot – renewal | $ | 27.95 | $ | 11.48 | $ | 28.09 | $ | 10.50 | |||||||||||||||||||||||||||
Leasing commissions, per square foot – new | $ | 21.78 | $ | 22.84 | $ | 46.82 | $ | 26.10 | |||||||||||||||||||||||||||
Leasing commissions, per square foot – all leases | $ | 27.09 | $ | 20.96 | $ | 37.32 | $ | 24.51 | |||||||||||||||||||||||||||
Rent leasing spread – renewal(1) | 79.6 | % | 5.2 | % | 75.4 | % | 5.8 | % | |||||||||||||||||||||||||||
Rent leasing spread – new(1) | 54.3 | % | 21.8 | % | 67.3 | % | 29.8 | % | |||||||||||||||||||||||||||
Rent leasing spread – all leases(1) | 77.0 | % | 19.0 | % | 73.3 | % | 26.8 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Total number of leases | 13 | 10 | 26 | 27 | |||||||||||
Square feet of leasing – renewal | 7,210 | 22,630 | 11,135 | 40,776 | |||||||||||
Square feet of leasing – new | 53,721 | 114,698 | 117,012 | 211,712 | |||||||||||
Total square feet of leasing | 60,931 | 137,328 | 128,147 | 252,488 | |||||||||||
Lease term (months) | 108 | 112 | 113 | 104 | |||||||||||
Tenant improvements, per square foot – renewal | $ | 90.00 | $ | 3.74 | $ | 93.40 | $ | 13.47 | |||||||
Tenant improvements, per square foot – new | $ | 101.73 | $ | 66.00 | $ | 95.50 | $ | 63.87 | |||||||
Tenant improvements, per square foot – all leases | $ | 100.43 | $ | 61.97 | $ | 95.38 | $ | 61.43 | |||||||
Leasing commissions, per square foot – renewal | $ | 33.25 | $ | 8.14 | $ | 30.69 | $ | 7.69 | |||||||
Leasing commissions, per square foot – new | $ | 21.42 | $ | 28.32 | $ | 51.56 | $ | 28.49 | |||||||
Leasing commissions, per square foot – all leases | $ | 22.73 | $ | 27.01 | $ | 50.31 | $ | 27.48 | |||||||
Rent leasing spread – renewal(1) | (0.5 | )% | 5.7 | % | (0.3 | )% | 7.5 | % | |||||||
Rent leasing spread – new(1) | 118.5 | % | 13.9 | % | 73.2 | % | 38.2 | % | |||||||
Rent leasing spread – all leases(1) | 55.6 | % | 13.1 | % | 60.2 | % | 35.9 | % |
Contractual Obligations | Total | 2019 | 2020-2021 | 2022-2023 | Thereafter | |||||||||||||||||||||||||||
Debt obligations(1) | $ | 1,369,630 | $ | — | $ | 53,880 | $ | 615,750 | $ | 700,000 | ||||||||||||||||||||||
Interest obligations on debt(1)(2) | 245,106 | 12,759 | 101,221 | 77,838 | 53,288 | |||||||||||||||||||||||||||
Operating lease obligations(3) | 1,172,423 | 1,660 | 13,368 | 13,483 | 1,143,912 | |||||||||||||||||||||||||||
Total | $ | 2,787,159 | $ | 14,419 | $ | 168,469 | $ | 707,071 | $ | 1,897,200 |
Contractual Obligations | Total | 2019 | 2020-2021 | 2022-2023 | Thereafter | |||||||||||||||
Debt obligations(1) | $ | 1,415,325 | $ | — | $ | 52,575 | $ | 662,750 | $ | 700,000 | ||||||||||
Interest obligations on debt(1)(2) | 272,488 | 27,578 | 109,438 | 82,184 | 53,288 | |||||||||||||||
Operating lease obligations(3) | 1,359,429 | 4,222 | 17,124 | 17,388 | 1,320,695 | |||||||||||||||
Total | $ | 3,047,242 | $ | 31,800 | $ | 179,137 | $ | 762,322 | $ | 2,073,983 |
Acquisitions | ||||||||||||||||||||||||||||||||||||||
Property | Location | % Acquired | Rentable Square Feet | Transaction Date | Purchase Price(1) (in thousands) | |||||||||||||||||||||||||||||||||
2018 | ||||||||||||||||||||||||||||||||||||||
799 Broadway | New York, NY | 49.7 | % | 182,000 | October 3, 2018 | $ | 30,200 | (2) | ||||||||||||||||||||||||||||||
Lindbergh Center – Retail | Atlanta, GA | 100.0 | % | 147,000 | October 24, 2018 | $ | 23,000 |
Acquisitions | |||||||||||||||
Property | Location | % Acquired | Rentable Square Feet | Transaction Date | Purchase Price(1) (in thousands) | ||||||||||
2018 | |||||||||||||||
799 Broadway | New York, NY | 49.7 | % | 182,000 | October 3, 2018 | $ | 30,200 | (2) | |||||||
Lindbergh Center – Retail | Atlanta, GA | 100.0 | % | 147,000 | October 24, 2018 | $ | 23,000 |
Dispositions | |||||||||||||||
Property | Location | % Sold | Rentable Square Feet | Transaction Date | Sales Price(1) (in thousands) | ||||||||||
2019 | |||||||||||||||
One & Three Glenlake Parkway | Atlanta, GA | 100.0 | % | 711,000 | April 15, 2019 | 227,500 | |||||||||
2018 | |||||||||||||||
222 East 41st Street | New York, NY | 100.0 | % | 390,000 | May 29, 2018 | $ | 332,500 | ||||||||
263 Shuman Boulevard | Chicago, IL | 100.0 | % | 354,000 | April 13, 2018 | $ | 49,000 | (2) | |||||||
University Circle and 333 Market Street Joint Ventures(3) | San Francisco, CA | 22.5 | % | 1,108,000 | February 1, 2018 | $ | 235,300 |
(1)Exclusive of transaction costs and price adjustments. (2)Reflects the principal balance of the 263 Shuman Boulevard mortgage note, which was extinguished by transferring the property to the lender in the second quarter of 2018. (3)After the closing of this transaction, we retain a 55.0% ownership interest in both University Circle and 333 Market Street through unconsolidated joint ventures. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
New York(1) | $ | 23,235 | $ | 23,145 | $ | 69,721 | $ | 71,693 | |||||||||||||||||||||||||||
San Francisco(2) | 20,495 | 19,925 | 61,399 | 58,875 | |||||||||||||||||||||||||||||||
Washington, D.C.(3) | 8,475 | 8,844 | 25,514 | 25,976 | |||||||||||||||||||||||||||||||
Atlanta | 5,640 | 9,245 | 19,935 | 27,083 | |||||||||||||||||||||||||||||||
Boston | 1,700 | 1,890 | 5,564 | 5,203 | |||||||||||||||||||||||||||||||
Los Angeles | 1,092 | 1,119 | 3,374 | 3,481 | |||||||||||||||||||||||||||||||
All other office markets | 3,870 | 3,989 | 11,558 | 11,149 | |||||||||||||||||||||||||||||||
Total office segments | 64,507 | 68,157 | 197,065 | 203,460 | |||||||||||||||||||||||||||||||
Corporate | (225) | (204) | (665) | (599) | |||||||||||||||||||||||||||||||
Total NOI | $ | 64,282 | $ | 67,953 | $ | 196,400 | $ | 202,861 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
New York(1) | $ | 23,680 | $ | 24,369 | $ | 46,486 | $ | 48,548 | |||||||
San Francisco(2) | 20,407 | 19,396 | 40,904 | 38,950 | |||||||||||
Washington, D.C.(3) | 8,586 | 8,802 | 17,039 | 17,132 | |||||||||||
Atlanta | 6,144 | 9,084 | 14,295 | 17,838 | |||||||||||
Boston | 1,875 | 1,545 | 3,864 | 3,313 | |||||||||||
Los Angeles | 1,163 | 1,154 | 2,282 | 2,362 | |||||||||||
All other office markets | 3,852 | 3,869 | 7,688 | 7,160 | |||||||||||
Total office segments | 65,707 | 68,219 | 132,558 | 135,303 | |||||||||||
Corporate | (235 | ) | (170 | ) | (440 | ) | (395 | ) | |||||||
Total NOI | $ | 65,472 | $ | 68,049 | $ | 132,118 | $ | 134,908 |
Includes NOI for two unconsolidated properties, 333 Market |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | (20,286) | $ | 6,429 | $ | 30,974 | $ | 4,488 | |||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Depreciation of real estate assets | 19,773 | 19,878 | 59,512 | 61,394 | |||||||||||||||||||||||||||||||
Amortization of lease-related costs | 7,485 | 7,920 | 22,052 | 24,559 | |||||||||||||||||||||||||||||||
Impairment loss on real estate assets | 23,364 | — | 23,364 | 30,812 | |||||||||||||||||||||||||||||||
Depreciation and amortization included in income from unconsolidated joint ventures(1) | 12,574 | 12,519 | 38,004 | 38,709 | |||||||||||||||||||||||||||||||
Gain on sale of unconsolidated joint venture interests | — | — | — | (762) | |||||||||||||||||||||||||||||||
Gain on sale of real estate assets | (112) | — | (42,030) | — | |||||||||||||||||||||||||||||||
Total funds from operations adjustments | 63,084 | 40,317 | 100,902 | 154,712 | |||||||||||||||||||||||||||||||
NAREIT FFO available to common stockholders | $ | 42,798 | $ | 46,746 | $ | 131,876 | $ | 159,200 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income | $ | 47,747 | $ | (3,439 | ) | $ | 51,260 | $ | (1,941 | ) | |||||
Adjustments: | |||||||||||||||
Depreciation of real estate assets | 19,335 | 20,681 | 39,739 | 41,516 | |||||||||||
Amortization of lease-related costs | 7,106 | 8,623 | 14,567 | 16,639 | |||||||||||
Impairment loss on real estate assets | — | 30,812 | — | 30,812 | |||||||||||
Depreciation and amortization included in income from unconsolidated joint ventures(1) | 12,502 | 12,632 | 25,430 | 26,190 | |||||||||||
Gain on sale of unconsolidated joint venture interests | — | — | — | (762 | ) | ||||||||||
Gain on sale of real estate assets | (41,918 | ) | — | (41,918 | ) | — | |||||||||
Total funds from operations adjustments | (2,975 | ) | 72,748 | 37,818 | 114,395 | ||||||||||
NAREIT FFO available to common stockholders | $ | 44,772 | $ | 69,309 | $ | 89,078 | $ | 112,454 |
50 •Straight-line rental income, net: to recognize rent on a straight-line basis over the lease term, we recognized net straight-line rental income for our wholly owned properties of $2.0 million and $5.1 million for the three months ended September 30, 2019 and 2018, respectively; and $9.7 million and $22.3 million for the nine months ended September 30, 2019 and 2018, respectively. Income from unconsolidated joint ventures includes additional net straight-line rental income of $0.2 million and $(0.1) million for the three months ended September 30, 2019 and 2018, respectively; and $0.9 million and $0.3 million for the nine months ended September 30, 2019 and 2018, respectively. •Amortization of intangible lease assets and liabilities: to amortize above- and below-market, in-place lease intangible assets (liabilities), we recognized net increases to rental revenues (or decreases to operating expenses) for our wholly owned properties of $(1.1) million and $1.0 million for the three months ended September 30, 2019 and 2018, respectively; and $(3.4) million and $(2.2) million for the nine months ended September 30, 2019 and 2018, respectively. Income from unconsolidated joint ventures includes additional net operating income for amortization of intangible lease assets and liabilities of $(2.4) million and $(2.8) million for the three months ended September 30, 2019 and 2018, respectively; and $(7.4) million and $(8.7) million for the nine months ended September 30, 2019 and 2018, respectively. •Gain on extinguishment of debt: we recognized a gain on the settlement of debt of $23.7 million during the nine months ended September 30, 2018. •Amortization of deferred financing costs and debt premiums (discounts): to amortize costs associated with securing debt from third-party lenders over the terms of the respective debt facilities, we recognized noncash interest expense of $0.6 million and $0.7 million for the three months ended September 30, 2019 and 2018, respectively; and $1.9 million and $2.4 million for the nine months ended September 30, 2019 and 2018, respectively. Income from unconsolidated joint ventures includes additional noncash interest expense of $0.4 million for both the three months ended September 30, 2019 and 2018; and $1.2 million for both the nine months ended September 30, 2019 and 2018. |
Three Months Ended September 30, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Same Store NOI – wholly owned properties: | |||||||||||||||||
Revenues: | |||||||||||||||||
Lease revenues | $ | 62,265 | $ | 59,797 | |||||||||||||
Other property income | 1,071 | 1,216 | |||||||||||||||
Total revenues | 63,336 | 61,013 | |||||||||||||||
Property operating expenses | (22,189) | (19,992) | |||||||||||||||
Same Store NOI – wholly owned properties(1) | 41,147 | 41,021 | |||||||||||||||
Same Store NOI – joint venture-owned properties(2) | 17,534 | 17,648 | |||||||||||||||
Same Store NOI | 58,681 | 58,669 | |||||||||||||||
NOI from acquisitions(3) | (39) | — | |||||||||||||||
NOI from dispositions(4) | 5,640 | 9,284 | |||||||||||||||
NOI | $ | 64,282 | $ | 67,953 |
Three Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Same Store NOI – wholly owned properties: | |||||||
Revenues: | |||||||
Lease revenues | $ | 67,941 | $ | 64,418 | |||
Other property income | 1,186 | 1,593 | |||||
Total revenues | 69,127 | 66,011 | |||||
Property operating expenses | (21,605 | ) | (20,716 | ) | |||
Same Store NOI – wholly owned properties(1) | 47,522 | 45,295 | |||||
Same Store NOI – joint venture-owned properties(2) | 17,459 | 17,155 | |||||
Same Store NOI | 64,981 | 62,450 | |||||
NOI from acquisitions(3) | 195 | — | |||||
NOI from dispositions(4) | 296 | 5,599 | |||||
NOI | $ | 65,472 | $ | 68,049 |
(1) | Reflects NOI from properties that were wholly owned |
Nine Months Ended September 30, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Same Store NOI – wholly owned properties: | |||||||||||||||||
Revenues: | |||||||||||||||||
Lease revenues | $ | 184,998 | $ | 175,085 | |||||||||||||
Other property income | 3,795 | 3,860 | |||||||||||||||
Total revenues | 188,793 | 178,945 | |||||||||||||||
Property operating expenses | (64,767) | (61,022) | |||||||||||||||
Same Store NOI – wholly owned properties(1) | 124,026 | 117,923 | |||||||||||||||
Same Store NOI – joint venture-owned properties(2) | 52,713 | 51,649 | |||||||||||||||
Same Store NOI | 176,739 | 169,572 | |||||||||||||||
NOI from acquisitions(3) | (249) | — | |||||||||||||||
NOI from dispositions(4) | 19,910 | 33,289 | |||||||||||||||
NOI | $ | 196,400 | $ | 202,861 |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Same Store NOI – wholly owned properties: | |||||||
Revenues: | |||||||
Lease revenues | $ | 134,830 | $ | 126,577 | |||
Other property income | 2,723 | 2,645 | |||||
Total revenues | 137,553 | 129,222 | |||||
Property operating expenses | (43,542 | ) | (41,131 | ) | |||
Same Store NOI – wholly owned properties(1) | 94,011 | 88,091 | |||||
Same Store NOI – joint venture-owned properties(2) | 35,178 | 34,001 | |||||
Same Store NOI | 129,189 | 122,092 | |||||
NOI from acquisitions(3) | 297 | — | |||||
NOI from dispositions(4) | 2,632 | 12,816 | |||||
NOI | $ | 132,118 | $ | 134,908 |
(2)Reflects NOI earned from properties owned through unconsolidated joint ventures based on our ownership interest as of September 30, 2019, for the entirety of the periods presented. The NOI for properties held through unconsolidated joint ventures is included in income from unconsolidated joint ventures in our accompanying consolidated statements of operations. See Note 4, Unconsolidated Joint Ventures, of the accompanying consolidated financial statements, for more information. (3)Reflects activity for the following property acquired since January 1, 2018: 49.7% of 799 Broadway, acquired on October 3, 2018. (4)Reflects activity for the following properties sold since January 1, 2018, for all periods presented: Lindbergh Center, sold on September 26, 2019; One & Three Glenlake Parkway, sold on April 15, 2019; 222 East 41st Street, sold on May 29, 2018; 263 Shuman Boulevard, returned to lender on April 13, 2018; and 22.5% of both University Circle and 333 Market Street, sold on February 1, 2018. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | (20,286) | $ | 6,429 | $ | 30,974 | $ | 4,488 | |||||||||||||||||||||||||||
Asset and property management fee income | (1,914) | (1,825) | (5,681) | (5,402) | |||||||||||||||||||||||||||||||
Depreciation | 19,773 | 19,878 | 59,512 | 61,394 | |||||||||||||||||||||||||||||||
Amortization | 7,485 | 7,920 | 22,052 | 24,559 | |||||||||||||||||||||||||||||||
Impairment loss | 23,364 | — | 23,364 | 30,812 | |||||||||||||||||||||||||||||||
General and administrative – corporate | 7,103 | 8,303 | 23,707 | 24,379 | |||||||||||||||||||||||||||||||
General and administrative – unconsolidated joint ventures | 839 | 746 | 2,486 | 2,213 | |||||||||||||||||||||||||||||||
Pre-acquisition costs | 2,437 | — | 2,437 | — | |||||||||||||||||||||||||||||||
Net interest expense | 10,289 | 13,049 | 33,280 | 43,241 | |||||||||||||||||||||||||||||||
Interest income from development authority bonds | — | (1,800) | — | (5,400) | |||||||||||||||||||||||||||||||
Gain on extinguishment of debt | — | — | — | (762) | |||||||||||||||||||||||||||||||
Gain on sale of unconsolidated joint venture interests | — | — | — | (23,713) | |||||||||||||||||||||||||||||||
Income tax expense | 2 | 3 | 18 | 16 | |||||||||||||||||||||||||||||||
Adjustments included in income from unconsolidated joint ventures | 15,302 | 15,250 | 46,281 | 47,036 | |||||||||||||||||||||||||||||||
Gain on sale of real estate assets | (112) | — | (42,030) | — | |||||||||||||||||||||||||||||||
NOI: | $ | 64,282 | $ | 67,953 | $ | 196,400 | $ | 202,861 | |||||||||||||||||||||||||||
Same Store NOI – joint venture owned properties(1) | (17,534) | (17,648) | (52,713) | (51,649) | |||||||||||||||||||||||||||||||
NOI from acquisitions(2) | 39 | — | 249 | — | |||||||||||||||||||||||||||||||
NOI from dispositions(3) | (5,640) | (9,284) | (19,910) | (33,289) | |||||||||||||||||||||||||||||||
Same Store NOI – wholly owned properties(4) | $ | 41,147 | $ | 41,021 | $ | 124,026 | $ | 117,923 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income (loss) | $ | 47,747 | $ | (3,439 | ) | $ | 51,260 | $ | (1,941 | ) | |||||
Management fee income | (1,898 | ) | (1,818 | ) | (3,767 | ) | (3,577 | ) | |||||||
Depreciation | 19,335 | 20,681 | 39,739 | 41,516 | |||||||||||
Amortization | 7,106 | 8,623 | 14,567 | 16,639 | |||||||||||
General and administrative – corporate | 8,180 | 8,282 | 16,604 | 16,076 | |||||||||||
General and administrative – unconsolidated joint ventures | 838 | 736 | 1,647 | 1,467 | |||||||||||
Net interest expense | 10,897 | 14,300 | 22,991 | 30,192 | |||||||||||
Interest income from development authority bonds | — | (1,800 | ) | — | (3,600 | ) | |||||||||
Gain on extinguishment of debt | — | — | — | (762 | ) | ||||||||||
Gain on sale of unconsolidated joint venture interests | — | (23,713 | ) | — | (23,713 | ) | |||||||||
Income tax expense | 9 | 6 | 16 | 13 | |||||||||||
Adjustments included in income from unconsolidated joint ventures | 15,176 | 15,379 | 30,979 | 31,786 | |||||||||||
Gain on sale of real estate assets | (41,918 | ) | — | (41,918 | ) | — | |||||||||
Impairment loss | — | 30,812 | — | 30,812 | |||||||||||
NOI: | $ | 65,472 | $ | 68,049 | $ | 132,118 | $ | 134,908 | |||||||
Same Store NOI – joint venture owned properties(1) | (17,459 | ) | (17,155 | ) | (35,178 | ) | (34,001 | ) | |||||||
NOI from acquisitions(2) | (195 | ) | — | (297 | ) | — | |||||||||
NOI from dispositions(3) | (296 | ) | (5,599 | ) | (2,632 | ) | (12,816 | ) | |||||||
Same Store NOI – wholly owned properties(4) | $ | 47,522 | $ | 45,295 | $ | 94,011 | $ | 88,091 |
(2)For the three months ended September 30, 2019, reflects activity for the following property acquired since July 1, 2018: 49.7% of 799 Broadway, acquired on October 3, 2018. For the nine months ended September 30, 2019, reflects activity for the following property acquired since January 1, 2018: 49.7% of 799 Broadway, acquired on October 3, 2018. (3)For the three months ended September 30, 2019, reflects activity for the following properties sold since July 1, 2018, for all periods presented: Lindbergh Center, sold on September 26, 2019; One & Three Glenlake Parkway, sold on April 15, 2019; 222 East 41st Street, sold on May 29, 2018; and 263 Shuman Boulevard, returned to lender on April 13, 2018. For the nine months ended September 30, 2019, reflects activity for the following properties sold since January 1, 2018, for all periods presented: Lindbergh Center, sold on September 26, 2019; One & Three Glenlake Parkway, sold on April 15, 2019; 222 East 41st Street, sold on May 29, 2018; 263 Shuman Boulevard, returned to lender on April 13, 2018; and 22.5% of both University Circle and 333 Market Street, sold on February 1, 2018. (4)Reflects NOI from properties that were wholly owned for the entirety of the periods presented. |
Ex. | Description | ||||
3.1 | |||||
3.2 | |||||
3.3 | |||||
3.4 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
4.4 | |||||
4.5 | |||||
4.6 | |||||
31.1* | |||||
31.2* | |||||
32.1* | |||||
101.INS* | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH* | Inline XBRL Taxonomy Extension Schema. | ||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase. | ||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase. | ||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase. | ||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase. | ||||
* | Filed herewith. |
COLUMBIA PROPERTY TRUST, INC.
60 |