Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 31, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-36113 | ||
Entity Registrant Name | COLUMBIA PROPERTY TRUST, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 20-0068852 | ||
Entity Address, Address Line One | 315 Park Avenue South | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10010 | ||
City Area Code | 212 | ||
Local Phone Number | 687-0800 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | CXP | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,268,450,269 | ||
Entity Common Stock, Shares Outstanding | 114,871,825 | ||
Documents Incorporated by Reference | Registrant incorporates by reference portions of the Columbia Property Trust, Inc. Definitive Proxy Statement for the 2021 Annual Meeting of Stockholders (Items 10, 11, 12, 13, and 14 of Part III) to be filed prior to April 30, 2021. | ||
Entity Central Index Key | 0001252849 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real Estate Assets, at Cost: | ||
Land | $ 809,843 | $ 870,352 |
Buildings and improvements, less accumulated depreciation of $303,764 and $281,248, as of December 31, 2020 and 2019, respectively | 1,537,683 | 1,719,207 |
Intangible lease assets, less accumulated amortization of $57,947 and $58,659, as of December 31, 2020 and 2019, respectively | 46,075 | 61,025 |
Construction in progress | 83,943 | 53,621 |
Real estate assets held for sale, less accumulated depreciation and amortization of $80,543 as of December 31, 2019 | 0 | 214,956 |
Total real estate assets | 2,477,544 | 2,919,161 |
Operating lease assets | 39,165 | 29,470 |
Investments in unconsolidated joint ventures | 1,295,800 | 1,054,460 |
Cash and cash equivalents | 61,882 | 12,303 |
Tenant receivables | 2,540 | 2,464 |
Straight-line rent receivables | 74,051 | 77,330 |
Prepaid expenses and other assets | 42,285 | 21,484 |
Intangible lease origination costs, less accumulated amortization of $35,161 and $33,731, as of December 31, 2020 and 2019, respectively | 21,451 | 27,971 |
Deferred lease costs, less accumulated amortization of $18,669 and $16,732, as of December 31, 2020 and 2019, respectively | 71,800 | 76,385 |
Other assets held for sale, less accumulated amortization of $10,222, as of December 31, 2019 | 0 | 23,917 |
Total assets | 4,086,518 | 4,244,945 |
Liabilities: | ||
Line of credit and notes payable, net of deferred financing costs of $1,470 and $2,084, as of December 31, 2020 and 2019, respectively | 558,530 | 781,916 |
Bonds payable, net of discounts of $943 and $1,124 and deferred financing costs of $2,954 and $3,552, as of December 31, 2020 and 2019, respectively | 696,103 | 695,324 |
Operating lease liabilities | 2,185 | 2,186 |
Accounts payable, accrued expenses, and accrued capital expenditures | 91,493 | 70,845 |
Dividends payable | 24,038 | 24,209 |
Deferred income | 16,155 | 16,955 |
Intangible lease liabilities, less accumulated amortization of $8,867 and $15,127, as of December 31, 2020 and 2019, respectively | 14,420 | 21,839 |
Liabilities held for sale | 0 | 3,054 |
Total liabilities | 1,402,924 | 1,616,328 |
Commitments and Contingencies (Note 7) | 0 | 0 |
Equity: | ||
Common stock, $0.01 par value, 225,000,000 shares authorized, 114,453,379 and 115,280,597 shares issued and outstanding, as of December 31, 2020 and 2019, respectively | 1,145 | 1,153 |
Additional paid-in capital | 4,376,116 | 4,392,322 |
Cumulative distributions in excess of earnings | (1,749,811) | (1,769,234) |
Accumulated other comprehensive loss | (18,201) | (1,101) |
Total stockholders' equity attributable to Columbia Property Trust | 2,609,249 | 2,623,140 |
Noncontrolling interest in Columbia Operating Partnership | 69,414 | 0 |
Noncontrolling interest in consolidated joint venture | 4,931 | 5,477 |
Total equity | 2,683,594 | 2,628,617 |
Total liabilities and equity | $ 4,086,518 | $ 4,244,945 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Building and improvements, accumulated depreciation | $ 303,764 | $ 281,248 |
Intangible lease assets, accumulated amortization | 57,947 | 58,659 |
Real estate assets held for sale, accumulated amortization | 80,543 | |
Intangible lease origination costs, accumulated amortization | 35,161 | 33,731 |
Accumulated amortization for deferred lease cost | 18,669 | 16,732 |
Other assets held for sale, accumulated amortization | 10,222 | |
Deferred Financing Costs | 1,470 | 2,084 |
Bonds payable, discount | 943 | 1,124 |
Intangible lease liabilities, accumulated amortization | $ 8,867 | $ 15,127 |
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 114,453,379 | 115,280,597 |
Common stock, shares outstanding | 114,453,379 | 115,280,597 |
Term Loans | ||
Deferred Financing Costs | $ 1,470 | $ 2,084 |
Unsecured Debt | ||
Deferred Financing Costs | $ 2,954 | $ 3,552 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Lease revenues | $ 262,113 | $ 276,149 | $ 283,252 |
Revenues | 300,566 | 288,837 | 297,943 |
Expenses: | |||
Property operating costs | 87,479 | 93,904 | 89,667 |
Depreciation | 68,454 | 78,292 | 81,795 |
Amortization | 30,578 | 27,908 | 32,554 |
Impairment loss on real estate assets | 0 | 43,941 | 30,812 |
Impairment loss on goodwill | 63,806 | 0 | 0 |
General and administrative | 44,011 | 32,779 | 32,979 |
Management fee expense | 31,483 | 3,567 | 3,108 |
Acquisition and restructuring costs (Note 3) | 19,004 | 6,398 | 0 |
Expenses | 344,815 | 286,789 | 270,915 |
Other Income (Expense): | |||
Interest expense | (36,923) | (43,170) | (56,499) |
Gain on extinguishment of debt | 0 | 0 | 23,340 |
Interest and other income (expense) | (516) | 173 | 6,894 |
Income tax benefit (expense) | 2,805 | (21) | (37) |
Income from unconsolidated joint ventures | 8,646 | 8,004 | 8,003 |
Gain on sale of unconsolidated joint venture interests | 0 | 0 | 762 |
Gains on sales of real estate assets | 188,633 | 42,030 | 0 |
Other Income (Expense) | 162,645 | 7,016 | (17,537) |
Net income | 118,396 | 9,064 | 9,491 |
Less: net income attributable to non-controlling interest in Columbia Operating Partnership | (3,226) | 0 | 0 |
Less: net loss attributable to non-controlling interest in consolidated joint venture | 540 | 133 | 0 |
Net income attributable to common stockholders | $ 115,710 | $ 9,197 | $ 9,491 |
Per-Share Information – Basic: | |||
Net income attributable to common stockholders (in dollars per share) | $ 1.01 | $ 0.08 | $ 0.08 |
Weighted-average common shares outstanding (in shares) | 114,055 | 116,261 | 117,888 |
Per-Share Information – Diluted: | |||
Net income attributable to common stockholders (in dollars per share) | $ 1.01 | $ 0.08 | $ 0.08 |
Weighted-average common shares outstanding (in shares) | 117,107 | 116,458 | 118,311 |
Management fee revenues | |||
Revenues: | |||
Revenue | $ 38,446 | $ 7,544 | $ 7,384 |
Other property income | |||
Revenues: | |||
Revenue | $ 7 | $ 5,144 | $ 7,307 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 118,396 | $ 9,064 | $ 9,491 |
Market value adjustment to interest rate swaps | (17,100) | (3,445) | 1,441 |
Comprehensive income | 101,296 | 5,619 | 10,932 |
Less: market value adjustments to interest rate swaps attributable to noncontrolling interest in Columbia Operating Partnership | 519 | 0 | 0 |
Less: net income attributable to noncontrolling interest in Columbia Operating Partnership | (3,226) | 0 | 0 |
Less: net loss attributable to non-controlling interest in consolidated joint venture | 540 | 133 | 0 |
Comprehensive income attributable to common stockholders | $ 99,129 | $ 5,752 | $ 10,932 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Accumulated Other Comprehensive Income (Loss) | Total | Columbia Operating PartnershipNoncontrolling Interest | Consolidated Joint VentureNoncontrolling Interest |
Balance, shares at beginning of period at Dec. 31, 2017 | 119,789,000 | |||||||
Balance, value at beginning of period at Dec. 31, 2017 | $ 2,531,936 | $ 1,198 | $ 4,487,071 | $ (1,957,236) | $ 903 | $ 2,531,936 | $ 0 | $ 0 |
Balance, value at beginning of period (ASU 2017-05) at Dec. 31, 2017 | 357,755 | 357,755 | 357,755 | |||||
Balance, value at beginning of period (ASU 2014-09) at Dec. 31, 2017 | 343 | 343 | 343 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Repurchases of common stock, shares | (3,240,000) | |||||||
Repurchases of common stock | (70,520) | $ (32) | (70,488) | (70,520) | ||||
Common stock issued to employees and directors, and amortized (net of income tax witholdings), shares | 149,000 | |||||||
Common stock issued to employees and directors, and amortized (net of income tax witholdings) | 5,005 | $ 1 | 5,004 | 5,005 | ||||
Distributions to common stockholders | (94,435) | (94,435) | (94,435) | |||||
Net income | 9,491 | 9,491 | 9,491 | |||||
Market value adjustment to interest rate swaps | 1,441 | 1,441 | 1,441 | |||||
Balance, shares at end of period at Dec. 31, 2018 | 116,698,000 | |||||||
Balance, value at end of period at Dec. 31, 2018 | 2,741,016 | $ 1,167 | 4,421,587 | (1,684,082) | 2,344 | 2,741,016 | 0 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Repurchases of common stock, shares | (1,616,000) | |||||||
Repurchases of common stock | (33,516) | $ (16) | (33,500) | (33,516) | ||||
Common stock issued to employees and directors, and amortized (net of income tax witholdings), shares | 198,000 | |||||||
Common stock issued to employees and directors, and amortized (net of income tax witholdings) | 4,237 | $ 2 | 4,235 | 4,237 | ||||
Distributions to common stockholders | (94,349) | (94,349) | (94,349) | |||||
Contributions from noncontrolling interest | 5,610 | 5,610 | ||||||
Net income | 9,064 | 9,197 | 9,197 | (133) | ||||
Market value adjustment to interest rate swaps | $ (3,445) | (3,445) | (3,445) | |||||
Balance, shares at end of period at Dec. 31, 2019 | 115,280,597 | 115,280,000 | ||||||
Balance, value at end of period at Dec. 31, 2019 | $ 2,628,617 | $ 1,153 | 4,392,322 | (1,769,234) | (1,101) | 2,623,140 | 0 | 5,477 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Repurchases of common stock, shares | (1,194,000) | |||||||
Repurchases of common stock | (23,276) | $ (12) | (23,264) | (23,276) | ||||
Issuance of noncontrolling interest in Columbia Operating Partnership | 55,306 | 55,306 | ||||||
Common stock issued to employees and directors, and amortized (net of income tax witholdings), shares | 367,000 | |||||||
Common stock issued to employees and directors, and amortized (net of income tax witholdings) | 21,206 | $ 4 | 7,058 | 7,062 | 14,144 | |||
Distributions to common stockholders | (99,030) | (96,287) | (96,287) | |||||
Consolidated joint venture partnership interest acquired through investment in Real Estate Funds | (109) | (2,743) | (109) | |||||
Contributions from noncontrolling interest | 103 | 103 | ||||||
Net income | 118,396 | 115,710 | 115,710 | 3,226 | (540) | |||
Market value adjustment to interest rate swaps | $ (17,619) | (17,100) | (17,100) | (519) | ||||
Balance, shares at end of period at Dec. 31, 2020 | 114,453,379 | 114,453,000 | ||||||
Balance, value at end of period at Dec. 31, 2020 | $ 2,683,594 | $ 1,145 | $ 4,376,116 | $ (1,749,811) | $ (18,201) | $ 2,609,249 | $ 69,414 | $ 4,931 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common Stock | |||
Distributions to common stockholders (in dollars per share) | $ 0.84 | $ 0.81 | $ 0.80 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows From Operating Activities: | |||
Net income | $ 118,396 | $ 9,064 | $ 9,491 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
Straight-line rental income | (13,742) | (13,230) | (25,952) |
Lease revenues reversed for doubtful accounts - straight-line rent receivables | 7,204 | 0 | 0 |
Lease revenues reversed for doubtful accounts - tenant receivables | 1,306 | 22 | 0 |
Noncash operating lease expense | 305 | 720 | 0 |
Depreciation | 68,454 | 78,292 | 81,795 |
Amortization | 23,970 | 23,546 | 29,401 |
Impairment loss on real estate assets | 0 | 43,941 | 30,812 |
Impairment loss on goodwill | 63,806 | 0 | 0 |
Noncash interest expense | 2,571 | 2,562 | 3,103 |
Gain on extinguishment of debt | 0 | 0 | (23,340) |
Gains on sales of real estate assets | (188,633) | (42,030) | 0 |
Income from unconsolidated joint ventures | (8,646) | (8,004) | (8,003) |
Distributions of earnings from unconsolidated joint ventures | 26,445 | 27,977 | 28,802 |
Market value adjustment to investment in Real Estate Funds | 700 | 0 | 0 |
Gain on sale of unconsolidated joint venture interest | 0 | 0 | (762) |
Stock-based compensation expense | 23,689 | 6,622 | 6,966 |
Changes in Assets and Liabilities, Net of Acquisitions and Dispositions: | |||
Increase in operating lease asset | (10,000) | 0 | 0 |
Decrease (increase) in tenant receivables, net | (2,296) | 675 | (2,947) |
Decrease (increase) in prepaid expenses and other assets | (13,636) | (1,539) | 7,871 |
Increase (decrease) in accounts payable and accrued expenses | 4,655 | 5,560 | (36,724) |
Increase (decrease) in deferred income | (128) | 3,265 | (2,888) |
Net cash provided by operating activities | 104,420 | 137,443 | 97,625 |
Cash Flows From Investing Activities: | |||
Net proceeds from the sale of real estate | 426,220 | 375,004 | 284,608 |
Normandy Acquisition (Note 3) | (13,971) | 0 | 0 |
Net proceeds from the sale of investments in unconsolidated joint ventures | 0 | 0 | 235,083 |
Real estate acquisitions and prepaid transaction costs | 0 | (453,128) | (23,034) |
Capital investments and development costs | (68,879) | (66,994) | (71,033) |
Deferred lease costs paid | (6,902) | (22,307) | (24,816) |
Investments in unconsolidated joint ventures | (58,881) | (17,134) | (38,763) |
Investment in real estate-related funds | (1,887) | 0 | 0 |
Distributions in excess of earnings from unconsolidated joint ventures | 18,477 | 14,250 | 13,685 |
Net cash provided by (used in) investing activities | 294,177 | (170,309) | 375,730 |
Cash Flows From Financing Activities: | |||
Financing costs paid | (159) | (162) | (5,078) |
Proceeds from lines of credit and notes payable | 347,000 | 802,000 | 579,000 |
Repayments of lines of credit and notes payable | (571,000) | (650,000) | (872,175) |
Distributions paid to stockholders | (96,459) | (93,480) | (95,056) |
Distributions paid to noncontrolling interest in Columbia Operating Partnership | (2,742) | 0 | 0 |
Redemptions of common stock | (25,761) | (35,917) | (72,495) |
Contribution from noncontrolling interest in consolidated joint venture | 103 | 5,610 | 0 |
Net cash provided by (used in) financing activities | (349,018) | 28,051 | (465,804) |
Net increase (decrease) in cash and cash equivalents | 49,579 | (4,815) | 7,551 |
Cash and cash equivalents, beginning of period | 12,303 | 17,118 | 9,567 |
Cash and cash equivalents, end of period | $ 61,882 | $ 12,303 | $ 17,118 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Columbia Property Trust, Inc. ("Columbia Property Trust") (NYSE: CXP) is a Maryland corporation that operates as a real estate investment trust ("REIT") for federal income tax purposes, and owns and operates commercial real estate properties. Columbia Property Trust conducts business primarily through Columbia Property Trust Operating Partnership, L.P. ("Columbia OP"), a Delaware limited partnership in which Columbia Property Trust is the general partner and majority owner (97.2%). Columbia Property Trust acquires, develops, redevelops, owns, leases, and operates real properties directly, through wholly owned subsidiaries, or through joint ventures. Unless otherwise noted herein, references to "Columbia Property Trust," "Columbia," the "Company," "we," "us," or "our" herein shall include Columbia Property Trust and all subsidiaries of Columbia Property Trust, direct and indirect. As of December 31, 2020, Columbia Property Trust owned 15 operating properties and four properties under development or redevelopment, of which 10 were wholly owned and nine were owned through joint ventures, located primarily in New York, San Francisco, Washington, D.C., and Boston. As of December 31, 2020 these operating properties contained a total of 6.2 million rentable square feet and were approximately 95.6% leased. Columbia Property Trust also provides asset and property management services for 8.0 million square feet of office space located primarily in New York, Washington, D.C., and Boston. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"), which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Columbia Property Trust's consolidated financial statements include the accounts of Columbia Property Trust, Columbia OP, and their consolidated subsidiaries. We consolidate any variable interest entity ("VIE") in which we are deemed the primary beneficiary. With respect to entities that are not VIEs, our consolidated financial statements also include the accounts of any entity in which we own a controlling financial interest, and any limited partnership in which we own a controlling general partnership interest. In determining whether Columbia Property Trust owns a controlling interest, the following factors are considered, among other things: the ownership of voting interests, protective rights, and participatory rights of the investors. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Fair Value Measurements Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability: Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts. Level 2 – Assets and liabilities valued based on observable market data for similar instruments. Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider. Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition or construction, and any tenant improvements or major improvements that extend the useful life of the related asset. All repairs and maintenance costs are expensed as incurred. Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. To determine the appropriate useful life of an asset, Columbia Property Trust considers the period of future benefit of the asset. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows: Buildings 40 years Building and site improvements 5-25 years Tenant improvements Shorter of economic life or lease term Intangible lease assets Lease term As further described in Note 5, Line of Credit and Notes Payable , Columbia Property Trust capitalizes interest incurred on outstanding debt balances as well as joint venture investments, as appropriate, during development or redevelopment of real estate held directly or in joint ventures. During 2020 and 2019, $9.8 million and $5.1 million of interest was capitalized to construction in progress, respectively; and $2.0 million and $1.3 million of interest was capitalized to investments in unconsolidated joint ventures, respectively. Assets Held for Sale Columbia Property Trust classifies properties as held for sale according to Accounting Standard Codification 360, Accounting for the Impairment or Disposal of Long-Lived Assets ("ASC 360"). According to ASC 360, properties having separately identifiable operations and cash flows are considered held for sale when the following criteria are met: • Management, having the authority to approve the action, commits to a plan to sell the property. • The property is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of such property. • An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated. • The property is being actively marketed for sale at a price that is reasonable in relation to its current fair value. • Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. • The sale of the property is probable and transfer of the property is expected to qualify for recognition as a completed sale, within one year. At such time that a property is determined to be held for sale, its carrying amount is adjusted to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized; and assets and liabilities are required to be classified as held for sale on the accompanying consolidated balance sheet. As of December 31, 2020, none of Columbia Property Trust's properties met the criteria to be classified as held for sale in the accompanying consolidated balance sheet. As of December 31, 2019, Cranberry Woods Drive and Pasadena Corporate Park met the aforementioned criteria; thus, these properties are classified as held for sale in the accompanying consolidated balance sheets. The sale of Cranberry Woods closed on January 16, 2020, and the sale of Pasadena Corporate Park closed on March 31, 2020. See Note 3, Transactions , for more information regarding these transactions. The major classes of assets and liabilities classified as held for sale are provided below (in thousands): December 31, 2019 Real Estate Assets Held for Sale: Real estate assets, at cost: Land $ 57,117 Buildings and improvements, less accumulated depreciation of $80,543 157,701 Construction in progress 138 Total real estate assets held for sale, net $ 214,956 Other Assets Held for Sale: Tenant receivables $ 156 Straight-line rent receivables 12,591 Prepaid expenses and other assets 334 Deferred lease costs, less accumulated amortization of $10,222 10,836 Total other assets held for sale, net $ 23,917 Liabilities Held for Sale: Accounts payable, accrued expenses, and accrued capital expenditures $ 1,151 Deferred income 1,903 Total liabilities held for sale $ 3,054 Evaluating the Recoverability of Real Estate Assets Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the net carrying amounts of its real estate and related intangible assets and liabilities, of both operating properties and properties under redevelopment, may not be recoverable. When indicators of potential impairment are present that suggest that the net carrying amounts of real estate assets and related intangible assets and liabilities may not be recoverable, Columbia Property Trust assesses the recoverability of these net assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future cash flows expected from the use of the net assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, Columbia Property Trust adjusts the carrying values of the real estate assets and related intangible assets and liabilities to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognizes an impairment loss. At such time that a property is required to be classified as held for sale, its net carrying amount is adjusted to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized. Estimated fair values are calculated based on the following hierarchy of information: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated residual value. Projections of expected future operating cash flows require that Columbia Property Trust estimate future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. Due to the inherent subjectivity of the assumptions used to project future cash flows, estimated fair values may differ from the values that would be realized in market transactions. Certain of Columbia Property Trust's assets may be carried at an amount that exceeds that which could be realized in a current disposition transaction. Columbia Property Trust has determined that the carrying values of its real estate assets and related intangible assets are recoverable as of December 31, 2020. In the fourth quarter of 2019, Columbia Property Trust recorded an impairment loss of $20.6 million on Pasadena Corporate Park. Upon deciding to exit the Los Angeles market, Columbia Property Trust began to market for sale its only asset therein, Pasadena Corporate Park, in the fourth quarter of 2019. In January 2020, Columbia Property Trust entered into a contract to sell Pasadena Corporate Park, and closed on the sale on March 31, 2020. As a result, as of December 31, 2019, Columbia Property Trust reduced the carrying value of Pasadena Corporate Park to reflect its estimated fair value of $74.5 million, determined based on estimated net sale proceeds (Level 1), by recording an impairment loss of $20.6 million. In the third quarter of 2019, Columbia Property Trust recognized an impairment loss of $23.4 million as a result of changing its holding period expectations for Lindbergh Center in Atlanta, Georgia. Columbia Property Trust entered into a contract to sell Lindbergh Center in the third quarter of 2019, and closed the sale on September 26, 2019. As a result, Columbia Property Trust reduced the carrying value of Lindbergh Center to reflect its estimated fair value, based on the estimated net sale proceeds of $181.0 million (Level 1), by recording an impairment loss of $23.4 million in the third quarter of 2019. Allocation of Purchase Price of Acquired Assets Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of properties and related transaction costs to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see "Fair Value Measurements" section above for additional details). In conjunction with certain acquisitions, Columbia Property Trust has entered into master lease agreements, which obligate the seller to pay rent pertaining to certain nonrevenue-producing spaces to mitigate the negative effects of lower rental revenues. Columbia Property Trust records payments receivable under such master lease agreements as a reduction of the property basis rather than income. Columbia Property Trust received no proceeds for master leases during 2020, 2019, or 2018. The fair values of the tangible assets of an acquired property (which includes land, building, and site improvements) are determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building, and site improvements based on management's determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market demand. Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessor As further described below, in-place leases with Columbia Property Trust as the lessor may have values related to direct costs associated with obtaining a new tenant that are avoided for in-place leases, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease, tenant relationships, and effective contractual rental rates that are above or below market: • Direct costs associated with obtaining a new tenant that are avoided for in-place leases, including commissions, tenant improvement allowances, and other direct costs, are estimated based on management's consideration of current market costs to execute a similar lease. Such direct costs are included in intangible lease origination costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. • The value of opportunity costs associated with lost rentals avoided by acquiring an in-place lease is calculated based on contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. Such opportunity costs ("Absorption Period Costs") are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. • The value of effective rental rates of in-place leases that are above or below the market rates of comparable leases is calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be received pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases. This calculation includes significantly below-market renewal options for which exercise of the renewal option appears to be reasonably assured. These intangible assets or liabilities are measured over the actual or assumed (in the case of renewal options) remaining lease terms. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental income over the remaining terms of the respective leases. As of December 31, 2020 and 2019, Columbia Property Trust had the following gross intangible in-place lease assets and liabilities (in thousands): Intangible Lease Assets Intangible Intangible Above-Market Absorption December 31, 2020 Gross $ 2,480 $ 101,542 $ 56,612 $ 23,287 Accumulated Amortization (1,374) (56,573) (35,161) (8,867) Net $ 1,106 $ 44,969 $ 21,451 $ 14,420 December 31, 2019 Gross $ 2,481 $ 117,203 $ 61,702 $ 36,966 Accumulated Amortization (1,202) (57,457) (33,731) (15,127) Net $ 1,279 $ 59,746 $ 27,971 $ 21,839 During 2020, 2019, and 2018, Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands): Intangible Lease Assets Intangible Intangible Above-Market Absorption For the Years Ended December 31, 2020 $ 172 $ 12,879 $ 5,871 $ 5,461 2019 $ 288 $ 13,511 $ 7,398 $ 5,395 2018 $ 228 $ 17,137 $ 9,660 $ 6,851 The remaining net intangible assets and liabilities as of December 31, 2020, will be amortized as follows (in thousands): Intangible Lease Assets Intangible Intangible Above-Market Absorption For the Years Ending December 31, 2021 $ 172 $ 8,963 $ 4,410 $ 2,801 2022 172 7,620 3,335 2,571 2023 172 6,138 2,810 1,995 2024 172 5,333 2,500 1,748 2025 172 3,943 1,849 1,182 Thereafter 246 12,972 6,547 4,123 $ 1,106 $ 44,969 $ 21,451 $ 14,420 Weighted-average amortization period 5.7 years 4.7 years 4.2 years 6.3 years Investments in Unconsolidated Joint Ventures Columbia Property Trust uses the equity method to account for investments that are not wholly owned and: (i) are considered VIEs where the Company is not the primary beneficiary, or (ii) in which the Company, along with its co-owners, possesses substantive participation rights, including management selection and termination, and the approval of significant capital and operating decisions. Under the equity method, investments in unconsolidated joint ventures are recorded at cost and adjusted for cash contributions and distributions, and allocations of income or loss. Cash and Cash Equivalents Columbia Property Trust considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value as of December 31, 2020 and 2019. Tenant Receivables Tenant receivables consist of rental and reimbursement billings due from tenants. Tenant receivables are recorded at the original amount earned, which approximates fair value. Management assesses the realizability of tenant receivables on an ongoing basis. When the collectability of tenant receivables is not considered probable, the receivable is written down against lease revenues. During 2020 and 2019, $1.3 million and $22,000 of tenant receivables were written down against lease revenues, respectively. Straight-Line Rent Receivables Straight-line rent receivables include the amount of cumulative adjustments necessary to present rental income on a straight-line basis, and deferred receivables. Columbia Property Trust recognizes rental revenues on a straight-line basis, ratably over the term of each lease; however, leases often provide for payment terms that differ from the revenue recognized. When the amount of cash billed is less than the amount of revenue recognized, typically early in the lease, straight-line rent receivables are recorded for the difference. The receivable is depleted during periods later in the lease when the amount of cash paid by the tenant is greater than the amount of revenue recognized. When the collection of rental billings is not considered probable, tenants are moved to "cash basis billings," at which point the corresponding straight-line rent receivables are written down against lease revenues, and future revenues are recognized upon receipt of payment. Deferred receivables are amounts due under payment plans, where rents have been billed and lease revenues have been recorded, but payments are not due to us currently. During 2020, approximately $7.2 million of straight-line rent receivables were written down against lease revenues. Prepaid Expenses and Other Assets Prepaid expenses and other assets primarily include earnest money deposits; escrow accounts held by lenders to pay future real estate taxes, insurance and tenant improvements; notes receivable; non-tenant receivables; prepaid taxes; insurance and operating costs; unamortized deferred financing costs related to the line of credit (the "Revolving Credit Facility"); interest rate swaps (when in an asset position); certain corporate assets; deferred tax assets; and Investments in Real Estate Funds, as defined below. Prepaid expenses are recognized over the period to which the good or service relates. Other assets are written off when the asset no longer has future value, or when the company is no longer obligated for the corresponding liability. Investments in Real Estate Funds In connection with the Normandy Acquisition described in Note 3, Transactions , Columbia Property Trust acquired general partnership interests and limited partnership interests in three real estate funds: Normandy Real Estate Fund III, LP; Normandy Real Estate Fund IV, LP; and Normandy Opportunity Zone Fund, LP (collectively, the "Real Estate Funds"). The Company owns minimal economic interests in the Real Estate Funds (ranging from 2.0% to 2.5%). Significant decision rights are shared between the general partners and limited partners; and the general partner can be removed with a majority vote from the limited partners. As a result, Columbia Property Trust accounts for its investments in the Real Estate Funds using the equity method. The Real Estate Funds are subject to the rules of the AICPA Investment Company Guide; as a result, GAAP requires the Company to record its investments in the Real Estate Funds at their respective estimated fair market values. The Company determines the Real Estate Funds' estimated net asset values per share using a discounted cash flow model, which is considered a Level 3 valuation technique (see "Fair Value Measurements" section above). As of December 31, 2020, investments in the Real Estate Funds of approximately $4.3 million are included in prepaid expenses and other assets on the accompanying consolidated balance sheet. From January 24, 2020 (date of acquisition) through December 31, 2020, Columbia Property Trust recognized an unrealized loss on its investments in Real Estate Funds of approximately $0.7 million, which is recorded as other income (loss) in the accompanying consolidated statements of operations. Columbia Property Trust has entered into agreements to provide acquisition, disposition, investment management, property management, leasing, and other services to the properties in which the Real Estate Funds own interests. See Note 12, Non-Lease Revenues , for more details. From time to time, Columbia Property Trust may be required to make additional capital contributions to the Real Estate Funds. See Note 7, Commitments and Contingencies , for more details . Deferred Financing Costs Deferred financing costs include costs incurred to secure debt from third-party lenders. Deferred financing costs, except for costs related to the Revolving Credit Facility, are presented as a direct reduction to the carrying amount of the related debt for all periods presented. Deferred financing costs related to the Revolving Credit Facility are included in prepaid expenses and other assets. Columbia Property Trust recognized amortization of deferred financing costs for the years ended December 31, 2020, 2019, and 2018 of approximately $2.4 million, $2.4 million, and $2.9 million, respectively, which is included in interest expense in the accompanying consolidated statements of operations. Deferred Lease Costs Deferred lease costs include costs incurred to procure leases that are paid to third parties or tenants, and incentives that are provided to tenants under the terms of their leases. These costs are capitalized and amortized on a straight-line basis over the terms of the lease. Amortization of third-party leasing costs is reflected as amortization expense, and amortization of lease incentives is reflected as an adjustment to rental income. Columbia Property Trust recognized amortization of third-party lease costs as amortization expense of $5.5 million, $6.3 million, and $5.5 million, during 2020, 2019, and 2018, respectively. Columbia Property Trust recognized amortization of lease incentives as adjustments to rental income of $0.5 million, $0.7 million, and $2.1 million during 2020, 2019, and 2018, respectively. Upon receiving notification of a tenant's intention to terminate a lease, unamortized deferred lease costs are amortized over the shortened lease period. Goodwill Goodwill represents purchase price not specifically assigned to assets acquired and liabilities assumed in a business combination. Columbia Property Trust assesses the recoverability of goodwill on an annual basis, and on an interim basis if an event occurs or circumstances change that would indicate that the carrying value of goodwill may be impaired. When indicators of potential impairment exist, Columbia evaluates whether the carrying value of the reporting unit to which the goodwill relates exceeds the reporting unit's estimated fair value. If the reporting unit's carrying value, including the goodwill, exceeds its estimated fair value, then goodwill would be reduced, and an impairment loss would be recognized, for the amount of this excess (not to exceed total goodwill). The Company's reporting units are determined based on the key geographic markets in which its properties are located. On January 24, 2020, Columbia Property Trust recorded goodwill of $63.8 million in connection with the acquisition of Normandy, a New York-based, fully integrated real estate operator and fund management platform (see Note 3, Transactions , for additional details). While the Company’s market capitalization has been negatively affected by market disruptions and the deterioration in macroeconomic conditions caused by the COVID-19 pandemic throughout the year, the Company’s cash flows have remained strong throughout 2020, and the Company has maintained high rates of occupancy and collections since the onset of the pandemic. Therefore, at the end of the first, second, and third quarters of 2020, the Company concluded that goodwill was not impaired. Throughout 2020, the Company worked to integrate and align Normandy's operations with its own. In the fourth quarter of 2020, the integration was substantially completed in conjunction with establishing the Company’s business plan and budget for the upcoming year. The Company’s 2021 business plan and budget take into account the near-term effects the COVID-19 pandemic may have on demand for office space and on our tenants' businesses. The Company performed its annual assessment of the recoverability of goodwill in the fourth quarter of 2020, and concluded that the carrying value of its New York reporting unit, including the goodwill related to the Normandy Acquisition, exceeded the corresponding estimated fair value. Accordingly, in the fourth quarter goodwill was written off by recording an impairment loss of $63.8 million. Accounts Payable, Accrued Expenses, and Accrued Capital Expenditures Accounts payable, accrued expenses, and accrued capital expenditures primarily include payables related to property operations, capital projects, and interest rate swaps (when in a liability position). Line of Credit and Notes Payable When debt is assumed, Columbia Property Trust records the loan at fair value. The fair value adjustment is amortized to interest expense over the term of the loan using the effective interest method. As described in the "Deferred Financing Costs" section above, line of credit and notes payable is presented on the accompanying consolidated balance sheet net of deferred financing costs related to term loans and notes payable of $1.5 million and $2.1 million as of December 31, 2020 and 2019, respectively. Bonds Payable Columbia OP has two series of bonds outstanding as of December 31, 2020 and 2019: $350 million of its 10-year unsecured 3.650% senior notes issued at 99.626% of their face value (the "2026 Bonds Payable"); and $350.0 million of its 10-year unsecured 4.150% senior notes issued at 99.859% of their face value (the "2025 Bonds Payable"). The discount on the 2026 Bonds Payable and the 2025 Bonds Payable is amortized to interest expense over the term of the bonds using the effective-interest method. As described in the "Deferred Financing Costs" section above, bonds payable is presented on the accompanying consolidated balance sheet net of deferred financing costs related to bonds payable of $3.0 million and $3.6 million as of December 31, 2020 and 2019, respectively. Common Stock Repurchase Program Columbia Property Trust is authorized to repurchase shares of its common stock, par value $0.01 per share, subject to certain limitations. As of December 31, 2020, $143.3 million remains available for repurchases under the current stock repurchase program. See Note 8, Stockholders' Equity , for additional details. Common stock repurchases are charged against equity as incurred, and the repurchased shares are retired. Preferred Stock Columbia Property Trust is authorized to issue up to 100.0 million shares of one or more classes or series of preferred stock with a par value of $0.01 per share. Columbia Property Trust's board of directors may determine the relative rights, preferences, and privileges of each class or series of preferred stock issued, which may be more beneficial than the rights, preferences, and privileges attributable to Columbia Property Trust's common stock. To date, Columbia Property Trust has not issued any shares of preferred stock. Common Stock The par value of Columbia Property Trust's issued and outstanding shares of common stock is classified as common stock, with the remainder allocated to additional paid-in capital. Distributions To maintain its status as a REIT, Columbia Property Trust is required by the Internal Revenue Code of 1986, as amended (the "Code"), to make distributions to stockholders each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends-paid deduction and by excluding net capital gains attributable to stockholders ("REIT taxable income"). To the extent that Columbia Property Trust satisfies the distribution requirement but distributes less than 100% of its REIT taxable income, Columbia Property Trust would be subject to federal and state corporate income tax on the undistributed income. Distributions to the stockholders are determined by the board of directors of Columbia Property Trust and are dependent upon a number of factors relating to Columbia Property Trust, including funds available for payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain Columbia Property Trust's status as a REIT under the Code. Noncontrolling Interests Noncontrolling interests represent the portion of equity in consolidated entities that is owned by third parties. Noncontrolling interests are adjusted for cash contributions and distributions, and for earnings. Such earnings are allocated between the Company and noncontrolling interests using the hypothetical liquidation at book value method pursuant to the terms of the respective ownership agreements, and are reflected as net income (loss) attributable to noncontrolling interests in the accompanying consolidated statements of operations. Interest Rate Swap Agreements Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate transactions for speculative purposes and currently does not have any derivatives that are not designated as hedges; however, certain of its derivatives may, at times, not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps on its consolidated balance sheet either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income (loss). Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain or loss on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment. As of December 31, 2020, Columbia Property Trust has two interest rate swaps, with an aggregate notional amount of $450.0 million. The following tables provide additional information rel |
Transactions
Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Business Acquisitions and Dispositions [Abstract] | |
Business Combination And Real Estate | Transactions Normandy Acquisition On January 24, 2020, Columbia Property Trust acquired Normandy Real Estate Management, LLC ("Normandy"), a developer, operator, and investment manager of office and mixed-use assets with a focus on assets in New York, Boston, and Washington, D.C. (the "Normandy Acquisition"). As a result of the Normandy Acquisition, the Company acquired an operating platform, interests in the Real Estate Funds, and contracts to earn fees for providing management services to properties affiliated with the Real Estate Funds (see Note 12, Non-Lease Revenues , for details). The purchase price, exclusive of adjustments and transaction costs, is comprised of two components: (i) an approximately $14.0 million cash payment and (ii) the issuance of 3,264,151 Series A Convertible, Perpetual Preferred Units of Columbia OP with a liquidation preference of $26.50 per unit (the "Preferred OP Units"). The Preferred OP Units are convertible for common units of Columbia OP, which are exchangeable into shares of Columbia Property Trust's common stock, subject to certain terms and conditions. As of the closing date of the acquisition, the Preferred OP Units had an estimated fair value of $24.43. The fair value of the Preferred OP Units was determined using a lattice valuation model, utilizing significant unobservable inputs (Level 3 under the fair value hierarchy described in Note 2, Summary of Significant Accounting Policies ). The initial purchase consideration was allocated as follows (in thousands): January 24, 2020 Goodwill (1) $ 63,806 Prepaid expenses and other assets (2) 7,670 Cash 1,260 Operating lease assets 934 Investments in unconsolidated joint ventures (3) 419 Accounts payable, accrued expenses, and accrued capital expenditures (2,881) Operating lease liabilities (934) Deferred income (77) Total initial purchase consideration (4) $ 70,197 (1) In the fourth quarter of 2020, the Company wrote off this balance by recording an impairment loss of $63.8 million. See Note 2, Summary of Significant Accounting Policies , for additional details. (2) Prepaid expenses and other assets includes $3.7 million of investments in Real Estate Funds, as described in Note 2, Summary of Significant Accounting Policies . (3) Reflects interests in five unconsolidated joint ventures that earn fees for providing management services to properties affiliated with the Real Estate Funds. (4) As of the acquisition date, an additional $24.4 million will be recorded as compensation expense over the next four years based on the vesting periods of the respective Preferred OP Units. During 2020 and 2019, Columbia Property Trust incurred $19.0 million and $6.4 million of transaction costs, respectively, related to the Normandy Acquisition, which include legal, advisory, other professional services fees, and restructuring costs and are reflected as acquisition and restructuring costs on the accompanying consolidated statements of operations. For the period from January 24, 2020 through December 31, 2020, Columbia Property Trust recognized additional revenues of $26.3 million and operating income, excluding the impact of acquisition and restructuring costs, of $5.1 million as a result of the Normandy Acquisition. Acquisitions During 2020, 2019, and 2018, Columbia Property Trust acquired the following properties and partial interests in properties of consolidated and unconsolidated joint ventures: Property Location Date Percent Acquired Purchase Price (in thousands) (1) 2020 Terminal Warehouse New York, NY March 13, 2020 8.65 % $ 40,048 (2) 2019 201 California Street San Francisco, CA December 9, 2019 100.00 % $ 238,900 101 Franklin Street (3) New York, NY December 2, 2019 92.50 % $ 205,500 2018 Lindbergh Center – Retail Atlanta, GA October 24, 2018 100.00 % $ 23,000 799 Broadway New York, NY October 3, 2018 49.70 % $ 30,200 (2) (1) Exclusive of transaction costs and price adjustments. See purchase price allocation table below for a breakout of the net purchase price for wholly owned properties. (2) These properties are owned through unconsolidated joint ventures. Purchase price is for Columbia Property Trust's partial interests in the properties. (3) Property is owned through a consolidated joint venture. Terminal Warehouse On March 13, 2020, Columbia Property Trust acquired a one-third general partnership interest and limited partnership interests, totaling an 8.65% economic interest, in Terminal Warehouse, a 1.2-million-square-foot property located in West Chelsea, New York, that will be fully redeveloped into mixed-use office project with ancillary retail (the "Terminal Warehouse Joint Venture"). The Terminal Warehouse Joint Venture has a two-year, interest-only acquisition loan with a total capacity of $650.0 million, and an outstanding balance of $643.8 million as of December 31, 2020. After executing an extension in January 2021, the loan matures on March 23, 2021, with two extension options for a total possible extension period of nine months, to January 24, 2022. The Company earns fees from providing management services to the Terminal Warehouse Joint Venture. See Note 4, Unconsolidated Joint Ventures , and Note 12, Non-Lease Revenues , for more detail. 201 California Street On December 9, 2019, Columbia Property Trust acquired 201 California Street, a 17-story, 252,000-square-foot office tower in San Francisco. As of the acquisition date, 201 California Street was 99% leased to 34 tenants, including First Republic Bank (13%), Dow Jones & Company, Inc. (12%), and Cooper, White & Cooper, LLP (12%). For the period from December 9, 2019 to December 31, 2019, Columbia Property Trust recognized revenues of $1.4 million and net income of $0.1 million from 201 California Street. 101 Franklin Street On December 2, 2019, Columbia Property Trust acquired a 92.5% controlling financial interest in 101 Franklin Street (formerly 250 Church Street), a 16-story, 235,000-square-foot office building in Manhattan that will be fully redeveloped through a consolidated joint venture with an affiliate of Normandy. During 2019, Columbia Property Trust earned $37,000 from its investment in 101 Franklin Street. Lindbergh Center – Retail On October 24, 2018, Columbia Property Trust acquired the 147,000 square feet of ancillary retail and office space surrounding its existing property, Lindbergh Center, for a gross purchase price of $23.0 million. Lindbergh Center – Retail was sold in the Lindbergh Center disposition, as described below. 799 Broadway Joint Venture On October 3, 2018, Columbia Property Trust formed a joint venture with an affiliate of Normandy for the purpose of developing a 12-story, 182,000-square-foot office building at 799 Broadway in New York (the "799 Broadway Joint Venture"). Columbia Property Trust made an initial equity contribution of $30.2 million in the 799 Broadway Joint Venture for a 49.7% interest therein. At inception, the 799 Broadway Joint Venture acquired the property located at 799 Broadway for $145.5 million, exclusive of transaction costs and development costs, and borrowed $97.0 million under a construction loan with total capacity of $187.0 million. Purchase Price Allocations for Consolidated Property Acquisitions 201 California Street 101 Franklin Street (1) Location San Francisco, CA New York, NY Date Acquired December 9, 2019 December 2, 2019 Purchase Price (in thousands): Land $ 77,833 $ 57,145 Building and improvements 157,513 149,500 Intangible lease assets 13,241 — Intangible lease origination costs 5,785 — Intangible below market lease liability (8,064) — Total purchase price $ 246,308 $ 206,645 (1) Owned through a consolidated joint venture, in which Columbia Property Trust owns a 92.5% interest. On January 24, 2020, the Company acquired an additional 0.15% interest in this property through interests in the Real Estate Funds acquired in connection with the Normandy Acquisition described above. Note 2, Summary of Significant Accounting Policies , provides a discussion of the estimated useful life for each asset class. Pro Forma Financial Information The following unaudited pro forma statements of operations presented for 2019 and 2018, have been prepared for Columbia Property Trust to give effect to the acquisitions of 201 California Street and 101 Franklin Street as if the acquisitions had occurred on January 1, 2018. These properties were owned for the entirety of 2020. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had these acquisitions been consummated as of January 1, 2018 (in thousands): 2019 2018 Revenues $ 304,756 $ 312,003 Net income attributable to common stockholders of Columbia Property Trust $ 17,600 $ 16,822 Dispositions During 2020, 2019, and 2018, Columbia Property Trust sold the following properties and partial interest in properties of unconsolidated joint ventures. Additional information for certain of the dispositions is provided below the table. Property Location Date % Sold Sale Price (1) (in thousands) Gain on Sale 2020 221 Main Street San Francisco, CA October 8, 2020 45.0 % $ 180,000 (2) $ 175,271 Pasadena Corporate Park Los Angeles, CA March 31, 2020 100.0 % $ 78,000 $ (67) Cranberry Woods Drive Pittsburgh, PA January 16, 2020 100.0 % $ 180,000 $ 13,428 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 & San Francisco, CA February 1, 2018 22.5 % $ 235,300 (2) $ 762 (1) Exclusive of transaction costs and price adjustments. (2) Sales price is for the partial interests in the properties or joint ventures that were sold. 221 Main Street On October 8, 2020, Columbia Property Trust contributed 221 Main Street to a joint venture and simultaneously sold a 45.0% interest in this joint venture (the "221 Main Street Joint Venture") for a gross sales price of $180.0 million, exclusive of transaction costs, which values 221 Main Street at $400.0 million, resulting in a gain on sale of $175.3 million. Following this transaction, Columbia Property Trust owns a 55.0% interest in the 221 Main Street Joint Venture. 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 , during the fourth quarter of 2020. Pasadena Corporate Park On March 31, 2020, Columbia Property Trust closed on the sale of Pasadena Corporate Park for a gross sales price of $78.0 million, exclusive of transaction costs, resulting in a loss on sale of $0.07 million. Columbia Property Trust recognized an impairment loss of $20.6 million related to this property in the fourth quarter of 2019. The proceeds from this transaction were held in cash and cash equivalents. Cranberry Woods Drive On January 16, 2020, Columbia Property Trust closed on the sale of Cranberry Woods Drive for a gross sales price of $180.0 million, exclusive of transaction costs, resulting in a gain on sale of $13.4 million. 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 . 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 . $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 . One & Three Glenlake Parkway On April 15, 2019, Columbia Property Trust closed on the sale of One & Three Glenlake Parkway in Atlanta, for a gross sale price of $227.5 million, exclusive of $33.6 million of adjustments for tenant improvement allowances and rent abatements funded at closing. 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 . 222 East 41st Street On May 29, 2018, Columbia Property Trust closed on the sale of 222 East 41st Street in New York, for $332.5 million, exclusive of transaction costs. Columbia Property Trust recognized an impairment loss of $30.8 million related to this property in the second quarter of 2018, as further described in Note 2, Summary of Significant Accounting Policies . The proceeds from this transaction were used to fully repay the $180.0 million remaining balance on a $300 million bridge loan, as described in Note 5, Line of Credit and Notes Payable . 263 Shuman Boulevard On April 13, 2018, Columbia Property Trust transferred 263 Shuman Boulevard to the lender in extinguishment of the loan principal of $49.0 million, accrued interest expense, and accrued property operating costs, which resulted in a gain on extinguishment of debt of $24.0 million in the second quarter of 2018. University Circle & 333 Market Street On July 6, 2017, Columbia Property Trust contributed 333 Market Street and the University Circle to joint ventures, and simultaneously sold a 22.5% interest in those joint ventures for $234.0 million to Allianz, an unrelated third party (collectively, the "San Francisco Joint Ventures"). On February 1, 2018, as agreed at the time of the initial San Francisco Joint Ventures formation, Allianz acquired another 22.5% interest in each of the San Francisco Joint Ventures at an aggregate price of $235.3 million, thereby reducing Columbia Property Trust's equity interest in each joint venture to 55.0%. These proceeds were used to reduce the balance on a $300 million bridge loan and the Revolving Credit Facility, as described in Note 5, Line of Credit and Notes Payable |
Unconsolidated Joint Ventures
Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Unconsolidated Joint Ventures | Unconsolidated Joint Ventures As of December 31, 2020 and 2019, Columbia owns interests in the following properties through joint ventures, which are accounted for using the equity method of accounting: Geographic Market Ownership Interest Carrying Value of Investment (1) (in thousands) Joint Venture Property Name December 31, 2020 December 31, 2019 Market Square Joint Venture Market Square Washington, D.C. 51.00 % $ 134,747 $ 135,557 University Circle Joint Venture University Circle San Francisco 55.00 % 276,574 283,633 333 Market Street Joint Venture 333 Market Street San Francisco 55.00 % 265,673 269,638 114 Fifth Avenue Joint Venture 114 Fifth Avenue New York 49.50 % 74,273 87,750 1800 M Street Joint Venture 1800 M Street Washington, D.C. 55.00 % 227,847 233,196 799 Broadway Joint Venture (2) 799 Broadway New York 49.70 % 53,248 44,686 Terminal Warehouse Joint Venture (2) Terminal Warehouse New York 8.65 % 43,771 — 221 Main Street Joint Venture 221 Main Street San Francisco 55.00 % 219,078 — Real Estate Services Joint Ventures (3) n/a (3) n/a (3) various (3) 589 — $ 1,295,800 $ 1,054,460 (1) Includes basis differences. Columbia Property Trust's investments in unconsolidated joint ventures were greater than the historical costs recorded at the underlying joint venture level by $383.5 million and $279.2 million as of December 31, 2020 and December 31, 2019, respectively. Such basis differences result from the timing of each partner's joint venture interest acquisition; and formation costs incurred by Columbia Property Trust. Basis differences are amortized to income (loss) from unconsolidated joint ventures over the lives of the underlying assets or liabilities. (2) Columbia Property Trust capitalized interest of $2.0 million on its investments in the 799 Broadway Joint Venture and Terminal Warehouse Joint Venture in 2020 and $1.3 million on its investment in the 799 Broadway Joint Venture in 2019. (3) Columbia Property Trust owns the following interests in five unconsolidated joint ventures that earn fees for providing management services to properties affiliated with the Real Estate Funds (the "Real Estate Services Joint Ventures"): L&L Normandy Terminal Asset Manager, LLC (67.0%); L&L Normandy Terminal Development Manager, LLC (50.0%); L&L Normandy Terminal Property Manager (50.0%) (collectively, the "Terminal Services Joint Ventures"); WNK Maiden Management (50.0%); and Maple AB Services, LLC (55.0%). The Terminal Services Joint Ventures earn fees from providing services to the Terminal Warehouse Joint Venture. Columbia Property Trust has determined that two of its unconsolidated joint ventures are VIEs and the Company is not the primary beneficiary. Therefore, the Company uses the equity method of accounting to record its investment in these joint ventures. For the remaining joint ventures, Columbia Property Trust and its partners have substantive participation rights in the unconsolidated joint ventures, including management selection and termination, and the approval of operating and capital decisions. As such, Columbia Property Trust also uses the equity method of accounting to record its investment in these joint ventures. Under the equity method, investments in unconsolidated joint ventures are recorded at cost and adjusted for cash contributions and distributions, and allocations of income or loss. Columbia Property Trust evaluates the recoverability of its investments in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing the investment for any indicators of impairment. If indicators are present, Columbia Property Trust estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management makes an assessment of whether the impairment is "other-than-temporary." In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, and (2) Columbia Property Trust's intent and ability to retain its interest long enough for a recovery in market value. Based on the assessment as described above, Columbia Property Trust has determined that none of its investments in joint ventures are other-than-temporarily impaired as of December 31, 2020. Condensed Combined Financial Information Summarized balance sheet information for each of the unconsolidated joint ventures is as follows (in thousands): Total Assets Total Debt Total Equity (1) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Market Square Joint Venture $ 577,095 $ 582,747 $ 324,868 (2) $ 324,815 $ 237,778 $ 241,719 University Circle Joint Venture 213,045 216,546 — — 208,541 212,656 333 Market Street Joint Venture 357,370 367,652 — — 344,103 352,385 114 Fifth Avenue Joint Venture 462,319 485,442 — — 101,952 127,554 1800 M Street Joint Venture 427,602 437,439 — — 411,957 421,588 799 Broadway Joint Venture 246,456 201,210 138,930 (3) 109,735 99,000 85,316 Terminal Warehouse Joint Venture 1,045,852 — 643,819 (4) — 380,277 — 221 Main Street Joint Venture 229,745 — — — 224,732 — Real Estate Services Joint Venture 1,754 — — — 1,104 — $ 3,561,238 $ 2,291,036 $ 1,107,617 $ 434,550 $ 2,009,444 $ 1,441,218 (1) Excludes basis differences (see footnote (1) to the Carrying Value of Investment table above). (2) The Market Square Joint Venture has a mortgage note with an outstanding balance of $325.0 million as of December 31, 2020 and 2019. The Market Square mortgage note bears interest at 5.07% and matures on July 1, 2023. (3) Reflects $140.4 million outstanding, net of $1.5 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 two 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 . (4) Reflects $643.8 million outstanding on the Terminal Warehouse acquisition loan. The Terminal Warehouse Joint Venture has an interest-only acquisition loan with a total capacity of $650.0 million. The Terminal Warehouse acquisition loan bears interest at LIBOR plus a spread of 340 basis points, with a LIBOR floor of 2.28% and cap of 3.50%, and matures on March 23, 2021, with two extension options for a total of nine months. Summarized income statement information for the unconsolidated joint ventures for the years ended December 31, 2020, 2019, and 2018 is as follows (in thousands): Total Revenues Net Income (Loss) Columbia Property Trust's Share of Net Income (Loss) (1) 2020 2019 2018 2020 2019 2018 2020 2019 2018 Market Square Joint Venture $ 49,117 $ 47,737 $ 44,815 $ (11,075) $ (11,515) $ (12,304) $ (5,648) $ (5,873) $ (6,275) University Circle Joint Venture 42,856 44,427 43,581 21,954 24,251 23,776 12,075 13,338 13,478 333 Market Street Joint Venture 28,435 28,170 27,006 14,687 14,929 14,620 8,078 8,211 8,312 114 Fifth Avenue Joint Venture 42,274 42,921 41,169 (10,532) (10,674) (10,256) (5,214) (5,283) (5,077) 1800 M Street Joint Venture 38,455 38,377 37,486 5,784 4,887 4,239 3,180 2,688 2,332 799 Broadway Joint Venture — — — (249) (882) (132) (124) (439) (66) Terminal Warehouse Joint Venture 35,124 — — (17,706) — — (1,532) — — 221 Main Street Joint Venture 7,516 — — 2,474 — — 1,361 — — Real Estate Services Joint Ventures 8,103 — — 4,478 — — 2,211 — — $ 251,880 $ 201,632 $ 194,057 $ 9,815 $ 20,996 $ 19,943 $ 14,387 $ 12,642 $ 12,704 (1) Excludes amortization of basis differences, as described in footnote (1) to the carrying value of investment table above, which are recorded as income (loss) from unconsolidated joint ventures in the accompanying consolidated statements of operations. Asset and Property Management Fees Columbia Property Trust provides property and asset management services to certain of its joint ventures. Under these agreements, Columbia Property Trust oversees the day-to-day operations of these joint ventures and their properties, including property management, property accounting, and other administrative services. During the years ended December 31, 2020, 2019, and 2018, Columbia Property Trust earned the following fees from these unconsolidated joint ventures (in thousands): 2020 2019 2018 Market Square Joint Venture $ 2,342 $ 2,256 $ 2,156 University Circle Joint Venture 2,327 2,313 2,283 333 Market Street Joint Venture 856 819 784 1800 M Street Joint Venture 2,341 2,156 2,161 799 Broadway Joint Venture 524 — — 221 Main Street Joint Venture 436 — — $ 8,826 $ 7,544 $ 7,384 For 2020, Columbia Property Trust earned reimbursement income for management fee administration costs of $6.9 million, which are included in management fee revenues. For 2019 and 2018, Columbia Property Trust earned reimbursement income for management fee administration costs of $4.3 million and $4.2 million, respectively, which is included in other property income. Asset and property management fees of $0.4 million and $0.6 million were due to Columbia Property Trust from the joint ventures and are included in prepaid expenses and other assets on the accompanying consolidated balance sheets as of December 31, 2020 and 2019, respectively. |
Line of Credit and Notes Payabl
Line of Credit and Notes Payable | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Line of Credit and Notes Payable | Line of Credit and Notes Payable As of December 31, 2020 and 2019, Columbia Property Trust had the following line of credit and notes payable indebtedness outstanding (excluding bonds payable; see Note 6, Bonds Payable ) in thousands: Rate as of Term Debt or Interest Only Outstanding Balance as of Facility Maturity 2020 2019 $300 Million Term Loan LIBOR + 100 bp (1) Interest only January 31, 2024 300,000 300,000 $150 Million Term Loan LIBOR + 110 bp (2) Interest only July 29, 2022 150,000 150,000 Revolving Credit Facility LIBOR + 90 bp (3) Interest only January 31, 2023 $ 110,000 $ 334,000 Less: Deferred financing costs related to term loans (1,470) (2,084) Total indebtedness $ 558,530 $ 781,916 (1) Columbia Property Trust is party to an interest rate swap agreement with a notional amount of $300.0 million, which effectively fixes its interest rate on the $300 Million Term Loan, as further described below, at 2.55% and terminates on August 13, 2024. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in the fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statement of other comprehensive income. (2) Columbia Property Trust is party to an interest rate swap agreement with a notional amount of $150.0 million, which effectively fixes its interest rate on the $150 Million Term Loan, as further described below, at 3.07% and terminates on July 29, 2022. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statement of other comprehensive income. (3) As of December 31, 2020, borrowings under the Revolving Credit Facility, as described below, bear interest at the option of Columbia Property Trust at an alternate base rate, plus an applicable margin ranging from 0.00% to 0.45% for base-rate borrowings, or at LIBOR, as defined in the credit agreement, plus an applicable margin ranging from 0.775% to 1.45% for LIBOR-based borrowings, based on Columbia Property Trust's applicable credit rating. Term Loans and Line of Credit Columbia Property Trust's amended and restated revolving credit facility and unsecured term loan (together, the "Credit Agreement") provides for (i) a $650.0 million unsecured revolving credit facility (the "Revolving Credit Facility"), with an initial term ending January 31, 2023 and two six-month extension options (for a total possible extension option of one year to January 31, 2024), subject to the paying of certain fees and the satisfaction of certain other conditions, and (ii) a 12-month, delayed-draw, $300.0 million unsecured term loan, with a term ending January 31, 2024 (the "$300 Million Term Loan"). At Columbia Property Trust's option, borrowings under the Credit Agreement bear interest at either (i) the alternate base rate plus an applicable margin based on five stated pricing levels ranging from 0.00% to 0.45% for the Revolving Credit Facility and 0.00% to 0.65% for the $300 Million Term Loan, or (ii) the LIBOR rate, as defined in the credit agreement, plus an applicable margin based on five stated pricing levels ranging from 0.775% to 1.45% for the Revolving Credit Facility and 0.85% to 1.65% for the $300 Million Term Loan, in each case based on Columbia Property Trust's credit rating. As described above, the interest rate on the $300 Million Term Loan has been effectively fixed at 2.55% with an interest rate swap agreement, which is designated as a cash flow hedge. Columbia Property Trust's $150.0 million unsecured term loan matures in July 2022 (the "$150 Million Term Loan") and bears interest, at the Company's option, at either (i) LIBOR, plus an applicable margin ranging from 0.90% to 1.75% for LIBOR loans, or (ii) alternative base rate, plus an applicable margin ranging from 0.00% to 0.75% for base rate loans. The interest rate on the $150 Million Term Loan is effectively fixed with an interest rate swap agreement, which is designated as a cash flow hedge. Based on the terms of the interest rate swap and the Company's current credit rating, the interest rate on the $150 Million Term Loan is effectively fixed at 3.07%. Debt Covenants As of December 31, 2020, the $300 Million Term Loan, the $150 Million Term Loan, and the Revolving Credit Facility (collectively, the "Debt Facilities") contain representations and warranties, financial and other affirmative and negative covenants, events of defaults, and remedies typical for these types of facilities. The financial covenants as defined in the Debt Facilities: • limit the ratio of secured debt to total asset value to 40% or less; • require the fixed charge coverage ratio to be at least 1.50:1.00; • limit the ratio of debt to total asset value to 60% or less, or 65% or less following a material transaction; • require the unencumbered interest coverage ratio to be at least 1.75:1.00; and • limit the unencumbered leverage ratio to 60% or less, or 65% or less following a material transaction. As of December 31, 2020, Columbia Property Trust was in compliance with the restrictive financial covenants on its Debt Facilities and notes payable obligations. Fair Value of Debt The estimated fair value of Columbia Property Trust's consolidated line of credit and notes payable as of December 31, 2020 and 2019, was approximately $564.6 million and $784.1 million, respectively. The related carrying value of the line of credit and notes payable as of December 31, 2020 and 2019, was $560.0 million and $784.0 million, respectively. Columbia Property Trust estimated the fair value of its Revolving Credit Facility and term loans by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates. Therefore, the fair values determined are considered to be based on observable market data for similar instruments (Level 2). Interest Paid and Capitalized As of December 31, 2020 and 2019, Columbia Property Trust's weighted-average interest rate on its consolidated line of credit and notes payable was approximately 2.39% and 2.63%, respectively. Columbia Property Trust made interest payments of approximately $19.1 million, $17.9 million, and $22.1 million during 2020, 2019, and 2018, respectively. Columbia Property Trust capitalizes interest on development, redevelopment, and improvement projects funded directly and through its interest in unconsolidated joint ventures, using the weighted-average interest rate of its consolidated borrowings for the period. During 2020, Columbia Property Trust capitalized interest of $11.8 million, $9.8 million of which was capitalized to construction in progress, and $2.0 million of which was capitalized to investments in unconsolidated joint ventures. During 2019, Columbia Property Trust capitalized interest of $6.4 million, $5.1 million of which was capitalized to construction in progress and $1.3 million of which was capitalized to investments in unconsolidated joint ventures. For 2020, the weighted average interest rate on Columbia Property Trust's consolidated outstanding borrowings was 2.85%. Debt Maturities The following table summarizes the aggregate maturities of Columbia Property Trust's line of credit and notes payable as of December 31, 2020 (in thousands): 2021 $ — 2022 150,000 2023 110,000 2024 300,000 2025 — Thereafter — Total $ 560,000 |
Bonds Payable
Bonds Payable | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Bonds Payable | Bonds Payable Columbia has two series of bonds outstanding as of December 31, 2020 and 2019: $350 million of 10-year, unsecured 3.650% senior notes issued at 99.626% of their face value (the "2026 Bonds Payable"); and $350.0 million of 10-year, unsecured 4.150% senior notes issued at 99.859% of their face value (the "2025 Bonds Payable"). Both series of bonds are guaranteed by Columbia Property Trust and require semi-annual interest payments. Upon issuance, a portion of the 2026 Bonds Payable was used to redeem $250.0 million of bonds payable, due in April 2018. During the years ended December 31, 2020 and 2019, Columbia Property Trust made interest payments of $27.3 million on its bonds payable. The principal amount of the 2026 Bonds Payable is due and payable on August 15, 2026, and the principal amount of the 2025 Bonds Payable is due and payable on April 1, 2025. The Bonds Payable were issued by Columbia OP and are fully and unconditionally guaranteed by Columbia Property Trust, Inc. The 2026 Bonds Payable and the 2025 Bonds Payable contain certain restrictive covenants. These covenants, as defined, pursuant to an indenture: • limit the ratio of debt to total assets to 60%; • limit Columbia Property Trust's ability to incur debt if the consolidated income available for debt service to annual debt service charge for four previous consecutive fiscal quarters is less than 1.50:1.00 on a pro forma basis; • limit Columbia Property Trust's ability to incur liens if, on an aggregate basis for Columbia Property Trust, the secured debt amount would exceed 40% of the value of the total assets; and • require that the ratio of unencumbered asset value, as defined, to total unsecured debt be at least 150% at all times. As of December 31, 2020, Columbia Property Trust was in compliance with the restrictive financial covenants on its 2026 Bonds Payable and 2025 Bonds Payable. The estimated fair value of the 2025 Bonds Payable and the 2026 Bonds Payable as of December 31, 2020 and 2019, was approximately $738.2 million and $734.4 million, respectively. The related carrying value of the bonds payable, net of discounts, as of December 31, 2020 and 2019, was $699.1 million and $698.9 million, respectively. Columbia Property Trust estimated the fair value of the bonds payable based on a discounted cash flow analysis, using observable market data for its bonds payable and similar instruments (Level 2). The discounted cash flow method of assessing fair value results in a general approximation of value, which may differ from the price that could be achieved in a market transaction. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Under Existing Lease Agreements Certain lease agreements include tenant allowances that, at the option of the tenant, may obligate Columbia Property Trust to expend capital to improve an existing property, or to provide other expenditures for the benefit of the tenant. As of December 31, 2020, the Company is required to fund an additional $52.1 million for construction and tenant improvement allowances related to a vertical expansion project at 80 M Street in Washington, D.C., and $27.6 million related to lobby and tenant improvement allowances for the Pershing lease at 95 Columbus in Jersey City, New Jersey. As of December 31, 2020, accruals have not been recorded for these amounts, as such obligations are recorded as incurred. Commitments Under Unconsolidated Joint Venture Agreements Columbia Property Trust's joint venture agreements, including those that are developing or redeveloping properties, provide for capital contributions to be made to the joint ventures by the joint venture partners. As of December 31, 2020, Columbia Property Trust holds nine properties through consolidated and unconsolidated joint ventures, including three that are under development or redevelopment. Capital contributions are payable when a capital call is made by the joint venture, and there are no unfunded capital calls as of December 31, 2020. Columbia Property Trust guarantees a portion of the debt held by the 799 Broadway Joint Venture. As of December 31, 2020, the 799 Broadway Joint Venture has $140.4 million in outstanding borrowings on the Construction Loan, as further described in Note 4, Unconsolidated Joint Ventures . Pursuant to a joint and several guaranty agreement with the Construction Loan lender, Columbia Property Trust and Normandy are required to make aggregate additional equity contributions to the joint venture based on the initial expected project costs, less the amount of equity contributions made to date. As of December 31, 2020, the remaining equity contribution requirement is $17.9 million, of which $8.9 million reflects Columbia Property Trust's allocated share. Equity contributions become payable by Columbia Property Trust to the joint venture when a capital call is received. As of December 31, 2020, no capital calls remain unpaid; therefore, no liability has been recorded related to this guaranty. Commitments Under Real Estate Fund Agreements Columbia Property Trust's Real Estate Fund investments require capital contributions from time to time. As of December 31, 2020, the Company had $3.8 million of unfunded capital contributions, which are callable for the life of the Real Estate Funds, through 2026. Such capital contributions are payable when a capital call is made by the Real Estate Funds, and there are no unfunded capital calls as of December 31, 2020. Litigation Columbia Property Trust is subject to various legal proceedings, claims, and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any reasonably possible loss relating to these matters using the latest information available. Columbia Property Trust records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, Columbia Property Trust accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, Columbia Property Trust accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, Columbia Property Trust discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, Columbia Property Trust discloses the nature and estimate of the possible loss of the litigation. Columbia Property Trust does not disclose information with respect to litigation where the possibility of an unfavorable outcome is considered to be remote. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business, or financial condition of Columbia Property Trust. Columbia Property Trust is not currently involved in any legal proceedings of which management would consider the outcome to be reasonably likely to have a material adverse effect on the results of operations or financial condition of Columbia Property Trust. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common Stock Repurchase Program Columbia Property Trust's board of directors authorized the repurchase of up to an aggregate of $200.0 million of its common stock, par value $0.01 per share, from September 4, 2019 through September 4, 2021 (the "2019 Stock Repurchase Program"). Under the 2019 Stock Repurchase Program, Columbia Property Trust acquired 1.2 million shares at an average price of $19.47 per share, for aggregate purchases of $23.3 million during 2020. As of December 31, 2020, $143.3 million remains available for repurchases under the 2019 Stock Repurchase Program. Common stock repurchases are charged against equity as incurred, and the repurchased shares are retired. Columbia Property Trust will continue to evaluate the purchase of shares, primarily through open market transactions, which are subject to market conditions and other factors. Long-Term Incentive Plan Employee Awards Columbia Property Trust maintains a stockholder-approved, long-term incentive plan that provides for grants of stock to be made to certain employees and independent directors of Columbia Property Trust (as amended and restated, the "LTI Plan"). In May 2017, Columbia Property Trust's stockholders approved the LTI Plan, and 4.8 million shares are authorized and reserved for issuance under the LTI Plan. Columbia Property Trust's LTI Plan includes both time-based awards and performance-based awards for all participants. Time-based awards vest ratably on each anniversary of the grant date over the next four years. Performance-based restricted stock units (the "Performance-Based RSUs") will vest 75% at the conclusion of a three-year performance period, and the remaining 25% will vest one year later. For 2020, 2019, and 2018 time-based awards, Columbia Property Trust issued 300,141, 176,122, and 128,486 shares of common stock to employees, respectively; and for 2020, 2019, and 2018 performance-based awards Columbia Property Trust granted 297,553, 256,384, and 176,702 restricted stock units, respectively. Upon reaching a predefined performance threshold, the payout of the Performance-Based RSUs will range from 50% to 150% of the Performance-Based RSUs granted, depending on Columbia Property Trust's total stockholder return relative to the FTSE NAREIT Equity Office Index and is contingent upon meeting predetermined minimum performance levels. All awards are expensed over the vesting period based on their estimated fair values. The fair value of time-based awards is estimated using the closing stock price on the grant date, and fair values of performance-based awards are estimated using a Monte Carlo valuation. On January 1, 2021, Columbia Property Trust granted 418,802 shares of time-based stock awards to employees, which will vest ratably on each anniversary of the grant over the next four years, and granted 511,147 Performance-Based RSUs, of which 75% will vest at the conclusion of a three-year performance period, and the remaining 25% will vest one year later. Consistent with the prior-year awards, the payout of the 2021 Performance-Based RSUs is contingent upon meeting predetermined minimum performance levels and will be determined based on Columbia Property Trust's total stockholder return relative to the FTSE NAREIT Equity Office Index. Below is a summary of the employee awards issued under the LTI Plan for 2020, 2019, and 2018: Restricted Shares RSUs Shares Estimated Fair Value (1) Units Estimated Fair Value (2) Unvested as of January 1, 2018 389 $ 21.85 329 $ — Granted 139 $ 22.97 206 $ 20.55 Vested (153) $ 22.13 (70) $ 19.47 Forfeited — $ — (11) $ 18.60 Unvested as of December 31, 2018 375 $ 22.15 454 $ — Granted 176 $ 19.36 257 $ 17.66 Vested (165) $ 21.99 (121) $ 19.08 Forfeited (12) $ 20.66 (6) $ 18.67 Unvested as of December 31, 2019 374 $ 20.96 584 $ 18.86 Granted 300 $ 21.19 298 $ 18.00 Converted (3) 33 (33) Vested (210) $ 21.24 (109) $ 18.47 Forfeited — $ — (25) $ 19.24 Unvested as of December 31, 2020 497 (4) $ 20.82 715 (4) $ 18.51 (1) Reflects the weighted-average grant-date fair value using the market closing price on the date of the grant. (2) Reflects the weighted-average grant-date fair value using a Monte Carlo valuation. (3) Reflects 25.0% of the 2017 3-year Performance-Based RSUs granted on January 1, 2017, which converted to Time-Based Restricted shares in January 2020 and will vest in January 2021. (4) As of December 31, 2020, Columbia Property Trust expects approximately 477,000 of the 497,000 unvested restricted shares to ultimately vest and approximately 686,000 of the 715,000 unvested RSUs to ultimately vest, assuming a forfeiture rate of 4%, which was determined based on peer company data, adjusted for the specifics of the LTI Plan. Director Stock Grants Columbia Property Trust grants annual equity retainers to its directors under the LTI Plan. During 2020, 2019, and 2018, Columbia Property Trust granted the following equity retainers: Date of Grant Shares Grant-Date Fair Value (1) May 12, 2020 46,983 $ 11.73 March 2, 2020 (2) 591 $ 19.80 May 14, 2019 28,000 $ 22.13 May 14, 2018 31,743 $ 22.20 (1) Columbia Property Trust determined the grant-date fair value using the market closing price on the date of the grant. (2) In March 2020, a new director was appointed to the board of directors of Columbia Property Trust. The new director received a pro-rated annual equity retainer grant at appointment. Stock-Based Compensation Expense Columbia Property Trust incurred stock-based compensation expense related to the following events (in thousands): 2020 2019 2018 Amortization of unvested LTI Plan awards $ 3,875 $ 3,282 $ 3,800 Future employee awards (1) 4,297 2,720 2,461 Amortization of Preferred OP unit awards issued in connection with the Normandy Acquisition 11,893 — — Issuance of shares to independent directors 379 620 705 Total stock-based compensation expense $ 20,444 $ 6,622 $ 6,966 (1) Reflects amortization of LTI Plan awards for service during the current period, for which shares will be issued in future periods. three |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling Interest – Columbia OP In connection with the Normandy Acquisition, Columbia Property Trust issued 3,264,151 Series A Convertible, Preferred Units of Columbia OP with a liquidation preference of $26.50 per unit (the "Preferred OP Units"). The Preferred OP Units vest over three Noncontrolling Interest – Consolidated Joint Venture Columbia Property Trust holds a 92.5% controlling financial interest in 101 Franklin Street, a 16-story, 235,000-square-foot office building in Manhattan that will be fully redeveloped through a consolidated joint venture with an affiliate of Normandy. The Company owns an additional 0.15% interest in 101 Franklin Street through its interest in |
Supplemental Disclosures of Non
Supplemental Disclosures of Noncash Investing and Financing Activities | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Noncash Investing and Financing Activities | Supplemental Disclosures of Noncash Investing and Financing Activities Outlined below are significant noncash investing and financing activities for Columbia Property Trust for the years ended December 31, 2020, 2019, and 2018 (in thousands): Years Ended December 31, 2020 2019 2018 Investment in real estate funded with other assets $ — $ — $ 617 Other assets assumed upon acquisition $ 245 $ 6 $ 259 Operating lease asset and liability assumed at acquisition $ 1,168 $ — $ — Other liabilities assumed upon acquisition $ 245 $ 137 $ 664 Real estate assets transferred to unconsolidated joint venture $ 208,476 $ — $ — Other assets transferred to unconsolidated joint venture $ 15,774 $ — $ — Other liabilities transferred to unconsolidated joint venture $ 5,824 $ — $ — Extinguishment of 263 Shuman Boulevard mortgage note by transferring property to lender $ — $ — $ 49,000 Settlement of capital lease obligation with related development authority bonds $ — $ — $ 120,000 Amortization of net discounts on debt $ 180 $ 180 $ 180 Accrued investments in unconsolidated joint ventures $ — $ 198 $ 386 Accrued capital expenditures and deferred lease costs $ 15,959 $ 12,944 $ 15,145 Operating lease liability recorded at adoption of ASC 842 $ — $ 34,791 $ — Accrued dividends payable $ 24,038 $ 24,209 $ 23,340 Cumulative-effect adjustment to equity for the adoption of ASU 2017-05 and 2014-09 $ — $ — $ 358,098 Market value adjustment to interest rate swaps that qualify for hedge accounting treatment $ (17,619) $ (3,445) $ 1,441 Issuance of Preferred OP Units for the Normandy Acquisition $ 55,306 $ — $ — Common stock issued to employees and directors, and amortized (net of income tax witholdings) $ 23,689 $ 6,622 $ 6,966 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases Columbia Property Trust as Lessee Columbia Property Trust is a lessee with respect to ground leases at certain of its investment properties, office space leases, and various information technology equipment leases. Operating lease assets represent Columbia Property Trust's right to use the underlying asset over the lease term, and operating lease liabilities represent Columbia Property Trust's obligation to make lease payments over the lease term. Operating lease liabilities are measured as the present value of lease payments over the lease term. As most of Columbia Property Trust's leases do not provide an implicit rate, Columbia Property Trust uses its incremental borrowing rate, based on information available at commencement, to calculate the present value of lease payments. Lease term extensions are included in the operating lease liability when it is reasonably certain that they will be exercised. Any variable payments for non-lease services provided under leases are expensed as incurred. Operating lease assets are measured based on the corresponding operating lease liability amount, reduced for lease incentives. Operating lease expense is recognized on a straight-line basis over the lease term, and is recorded as property operating costs for ground leases and as general and administrative or management fee expenses for all other operating leases. Contracts are evaluated at commencement to determine if the contract contains a lease, and the appropriate classification for such leases. As of December 31, 2020, Columbia Property Trust has one ground lease at 116 Huntington Avenue in Boston. In August 2020, the Company extended the term of this ground lease to 99.0 years, expiring in 2119, for a $10.0 million payment. As a result, as of December 31, 2020, Columbia Property Trust's ground lease has a remaining lease term of 98.7 years, inclusive of renewal options, which is included in operating lease assets of $39.2 million. Payments for all future periods under this ground lease have already been made. Thus, as of December 31, 2020, operating lease liabilities of $2.2 million include only the present value of future payments due under two office leases, which have a remaining lease term of 2.0 years. As of December 31, 2020, the future minimum lease payments to be made by Columbia Property Trust under its operating leases are as follows (in thousands): 2021 $ 1,369 2022 844 2023 67 2024 — 2025 — Thereafter — Total lease payments 2,280 Less: interest expense (95) Present value of lease liabilities $ 2,185 Weighted-average remaining lease term (years) 2.0 years Weighted-average discount rate 4.5 % Columbia Property Trust's operating leases had the following impacts on the consolidated balance sheet (in thousands): Ground Leases Office Lease Total Operating Leases December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Assets: Total operating lease assets $ 37,405 $ 27,843 $ 1,760 $ 1,627 $ 39,165 $ 29,470 Liabilities: Total operating lease liabilities $ — $ — $ 2,185 $ 2,186 $ 2,185 $ 2,186 Columbia Property Trust's operating leases had the following impacts on the consolidated statements of operations (in thousands): Ground Leases Office Lease Total Operating Leases 2020 2019 2020 2019 2020 2019 Property operating costs $ 438 $ 2,165 $ — $ — $ 438 $ 2,165 Management fee expense — — 568 — 568 — General and administrative — — 566 580 566 580 Total operating lease expenses $ 438 $ 2,165 $ 1,134 $ 580 $ 1,572 $ 2,745 Columbia Property Trust's operating leases had the following impacts on the consolidated statements of cash flows (in thousands): Ground Leases Office Lease Total Operating Leases 2020 2019 2020 2019 2020 2019 Cash paid for operating lease liabilities included in cash flows from operations $ — $ (1,329) $ (1,965) $ (697) $ (1,965) $ (2,026) Columbia Property Trust as Lessor Columbia Property Trust owns and leases commercial real estate, primarily office space, to tenants under operating leases for specified periods of time. Some of Columbia Property Trust's leases contain extension and/or termination options; however, the exercise of these extensions or terminations is at the discretion of the tenant and subject to negotiations. Therefore, such options are only recognized once they are deemed reasonably certain, typically at the time the option is exercised. Rental income related to such leases is recognized on a straight-line basis over the remaining lease period, and is included in lease revenues on the consolidated statements of operations. If at any point during the term of a lease, it is determined that the collectability of a tenant receivable is not probable, such receivable is written off against lease revenues. Contracts are evaluated at commencement to determine if the contract contains a lease, as defined by ASC 842, and the appropriate classification for such leases. In making this determination, Columbia Property Trust evaluates, among other things, whether the customer has the right to control the use of the identified asset. As of December 31, 2020, the weighted-average remaining term for such leases is approximately 6.0 years. Lease revenues include fixed and variable payments. Fixed payments primarily relate to base rent and include payments related to lease termination fees; and variable payments primarily relate to tenant reimbursements for certain property operating costs. Lease termination fees are recognized on a straight-line basis from the point at which Columbia Property Trust receives notification of termination until the date the tenant loses the right to lease the space and Columbia Property Trust has satisfied all obligations under the lease or termination agreement. During 2020, 2019, and 2018, Columbia Property Trust earned lease termination fees of $13.1 million, $0.4 million, and $2.2 million, respectively. Fixed and variable payments are as follows (in thousands): For the Years Ended December 31, 2020 2019 Fixed payments $ 236,315 $ 250,077 Variable payments 25,798 26,072 Total lease revenues $ 262,113 $ 276,149 As of December 31, 2020, the future minimum fixed lease payments due to Columbia Property Trust under non-cancelable operating leases are as follows (thousands): 2021 $ 182,787 2022 173,442 2023 166,287 2024 166,632 2025 150,358 Thereafter 746,663 Total $ 1,586,169 |
Non-Lease Revenues
Non-Lease Revenues | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Non-Lease Revenues | Non-Lease Revenues Columbia Property Trust applies Accounting Standard Codification 606, Revenues from Contracts with Customers ("ASC 606"), to its non-lease revenue streams outlined below. ASC 606 requires companies to perform a five-step analysis of transactions to determine when and how revenue is recognized. See Note 11, Leases , for information about revenues earned under leases. Management Fee Revenue Under asset and property management agreements in place with third parties and certain of its unconsolidated joint ventures, Columbia Property Trust earns revenue for performing asset and property management functions for properties owned by the Real Estate Funds and its joint ventures, as further described in Note 4, Unconsolidated Joint Ventures , as well as third-party-owned properties. During 2020, 2019, and 2018, Columbia Property Trust earned management fee revenues of $38.4 million, $7.5 million, and $7.4 million, respectively, under these agreements. Management services are ongoing and routine, and are provided on a recurring basis. Therefore such fees are recognized ratably over the service period, usually a period of three months. Columbia Property Trust receives payments quarterly for asset management fees and monthly for property management fees. Construction and Development Fee Income Under construction and development contracts in place with third-party properties and for certain properties owned by joint ventures and the Real Estate Funds, Columbia Property Trust earns fees related to construction and development project management and supervision. During 2020, Columbia Property Trust earned construction and development fees of $3.4 million. Such fees are included in management fee revenue on the accompanying consolidated statements of operations. Such fees are recognized using a percentage of completion method, measured by the percentage of costs incurred to date as compared with the estimated total costs for each contract. Leasing Override Fees Under the asset management agreements for certain properties owned through unconsolidated joint ventures, Columbia Property Trust is eligible to earn leasing override fees equal to a percentage of the total rental payments to be made by the tenant over the term of the lease. Such fees are required to be recognized when Columbia Property Trust's obligation to perform is complete, typically upon execution of the lease. Prior to January 1, 2018, such fees were not recognized until billable to the applicable joint venture, typically upon commencement of the lease. During 2020, 2019, and 2018, Columbia Property Trust earned leasing override fees of $0.5 million, $0.1 million, and $0.2 million, respectively, which are included in management fee revenue on the accompanying consolidated statements of operations. Salary and Other Reimbursement Revenue Under the property management agreements for third-party-owned properties and certain properties owned through joint ventures and the Real Estate Funds, Columbia Property Trust receives reimbursements for salaries and property operating costs for ongoing and routine services that are provided by Columbia Property Trust employees on a recurring basis. Such revenues are recognized ratably over the service period, usually a period of one month, three months, or one year. During 2020, 2019, and 2018, Columbia Property Trust earned salary and other reimbursement revenue of $14.5 million, $4.5 million, and $4.4 million, respectively. For 2020, these amounts are included in management fee revenues on the accompanying consolidated statements of income, and for 2019 and 2018, these amounts are included in other property income on the accompanying consolidated statements of income. Miscellaneous Revenue Columbia Property Trust also receives revenues for services provided to its tenants through the TRS Entities, including fitness centers, shuttles, and cafeterias, which are included in other property income on the accompanying consolidated statements of income. Such services are ongoing and routine, and are provided on a recurring basis. These revenues are recognized ratably over the service period, usually a period of one month or one quarter. During 2020, 2019, and 2018, Columbia Property Trust earned miscellaneous revenue of $7,000, $260,000, and $745,000, respectively. These amounts are included in other property income on the accompanying consolidated statements of income. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Columbia Property Trust's income tax basis net income during 2020, 2019, and 2018 (in thousands) follows: 2020 2019 2018 GAAP basis financial statement net income attributable to common stockholders $ 115,710 $ 9,197 $ 9,491 Increase (Decrease) in Net Income Resulting From: Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes 44,633 41,648 43,753 Rental income accrued for financial reporting purposes in excess of (less than) amounts for income tax purposes (8,851) (10,373) 7,145 Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes (7,156) (5,107) (5,990) Interest expense for financial reporting purposes in excess of amounts for income tax purposes (6,308) 5,852 — Bad debt expense for financial reporting purposes less than (in excess of) amounts for income tax purposes 1,073 1 4 Income from unconsolidated joint ventures for financial reporting purposes in excess of amount for income tax purposes 17,352 15,224 16,654 Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes (145,443) (57,284) 79,376 Impairment loss on goodwill for financial reporting purposes in excess of amount for income tax purposes 63,806 — — Other expenses or revenues for financial reporting purposes in excess of (less than) amounts for income tax purposes 22,232 37,912 (32,342) Income tax basis net income, prior to dividends-paid deduction $ 97,048 $ 37,070 $ 118,091 As of December 31, 2020 and 2019, the tax basis carrying value of Columbia Property Trust's total assets was approximately $4.1 billion and $4.4 billion. For income tax purposes, distributions to common stockholders are characterized as ordinary income, capital gains, or as a return of a stockholder's invested capital. Columbia Property Trust's distributions per common share are summarized as follows: 2020 2019 2018 Ordinary income 100.0 % 53.1 % 100.0 % Capital gains — % — % — % Return of capital — % 46.9 % — % Total 100.0 % 100.0 % 100.0 % As of December 31, 2020, returns for the calendar years 2016 through 2020 remain subject to examination by U.S. or various state tax jurisdictions. No provisions for federal income taxes have been made in the accompanying consolidated financial statements, other than the provisions relating to the TRS Entities, as Columbia Property Trust made distributions in excess of taxable income for the periods presented. Columbia Property Trust is subject to certain state and local taxes related to property operations in certain locations, which have been provided for in the accompanying consolidated financial statements. The income taxes recorded by the TRS Entities for the years ended December 31, 2020, 2019, and 2018, are as follows: Years Ended December 31, 2020 2019 2018 Federal income tax $ (2,123) $ 14 $ 63 State income tax (683) 6 (26) Total income tax $ (2,806) $ 20 $ 37 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share In computing the basic and diluted earnings per share, net income (loss) attributable to common stockholders has been reduced for the dividends paid on unvested shares granted under the LTI Plan. The following table reconciles the numerator for the basic and diluted earnings-per-share computations shown on the consolidated statements of operations (in thousands): 2020 2019 2018 Net income (loss) $ 118,396 $ 9,064 $ 9,491 Net (income) loss attributable to noncontrolling interest in Columbia OP (3,226) — — Net (income) loss attributable to noncontrolling interest in consolidated joint venture 540 133 — Net income attributable to common stockholders 115,710 9,197 9,491 Distributions paid on unvested shares (453) (310) (296) Net income attributable to common stockholders used to calculate basic earnings per share 115,257 8,887 9,195 Net income attributable to noncontrolling interest in Columbia OP 3,226 — — Net income attributable to common stockholders and Columbia OP unit-holders used to calculated diluted earnings per share $ 118,483 $ 8,887 $ 9,195 The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of income (in thousands): 2020 2019 2018 Weighted-average common shares – basic 114,055 116,261 117,888 Plus Incremental Weighted-Average Shares From Time-Vested Conversions Less Assumed Share Repurchases: Convertible Preferred OP Units 3,049 — — Previously granted LTI Plan awards, unvested — 114 104 Future LTI Plan awards 3 83 319 Weighted-average common shares – diluted 117,107 116,458 118,311 Certain anti-dilutive stock awards are not included in the current calculation of dilutive weighted average shares, but could be dilutive in the future. As of December 31, 2020, there were 255,000 anti-dilutive shares, and there were no anti-dilutive shares outstanding as of December 31, 2019 and 2018. |
Quarterly Results (Unaudited)
Quarterly Results (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results (Unaudited) | Quarterly Results (Unaudited) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2020 and 2019 (in thousands, except per-share data): 2020 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 76,254 $ 79,371 $ 82,084 $ 62,857 Net income attributable to common stockholders $ 6,290 $ 5,085 $ 5,367 $ 98,968 (1) Net income attributable to common stockholders per share – basic (2) $ 0.05 $ 0.04 $ 0.05 $ 0.87 Net income attributable to common stockholders per share – diluted (2) $ 0.05 $ 0.04 $ 0.05 $ 0.87 Dividends declared per share $ 0.21 $ 0.21 $ 0.21 $ 0.21 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 75,433 $ 72,730 $ 71,949 $ 68,725 Net income (loss) attributable to common stockholders $ 3,513 $ 47,747 (3) $ (20,286) (4) $ (21,777) (5) Net income (loss) attributable to common stockholders – basic (2) $ 0.03 $ 0.41 $ (0.17) $ (0.19) Net income (loss) attributable to common stockholders – diluted (2) $ 0.03 $ 0.41 $ (0.17) $ (0.19) Dividends declared per share $ 0.20 $ 0.20 $ 0.20 $ 0.21 (1) Net loss attributable to common stockholders for the fourth quarter of 2020 includes a gain on sale of real estate assets of $175.3 million, as described in Note 3, Transactions , offset by an impairment loss on goodwill $63.8 million related to the Normandy Acquisition, as described in Note 2, Summary of Significant Accounting Policies. (2) Quarterly net income (loss) per share – basic and diluted is calculated based on quarterly basic and diluted weighted-average shares outstanding, respectively. (3) Net income attributable to common stockholders for the second quarter of 2019 includes a gain on sale of real estate assets of $41.9 million, as described in Note 3, Transactions. (4) Net loss attributable to common stockholders for the third quarter of 2019 includes an impairment loss on real estate of $23.4 million related to sales of real estate assets, as described in Note 3, Transactions. (5) Net loss attributable to common stockholders for the fourth quarter of 2019 includes an impairment loss on real estate of $20.6 million related to sales of real estate assets, as described in Note 2, Summary of Significant Accounting Policies. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Columbia Property Trust considers geographic location when evaluating its portfolio composition, and in assessing the ongoing operations and performance of its properties. As of December 31, 2020, our reportable segments consist of the four key markets in which we own assets: New York, San Francisco, Washington, D.C., and Boston. The all other office markets reportable segment includes properties that are situated similarly within their geographic markets, typically in sub-markets not located within central business districts, and in which Columbia Property Trust does not have a substantial presence and/or does not plan to make further investments. Upon selling its remaining properties in Atlanta during 2019 and Los Angeles during 2020, Columbia Property Trust has combined Atlanta, Los Angeles, and the all other office markets reportable segments for all periods presented. During the periods presented, there have been no material intersegment transactions. Net operating income ("NOI") is a non-GAAP financial measure and is not considered a measure of operating results or cash flows from operations under GAAP. NOI is the primary performance measure reviewed by management to assess operating performance of each reportable segment and is calculated by deducting operating expenses from operating revenues. Operating revenues include lease revenues and other property income, and operating expenses include property operating costs. The NOI performance metric consists of only revenues and expenses directly related to real estate rental operations. NOI reflects property acquisitions and dispositions, occupancy levels, rental rate increases or decreases, and the recoverability of operating expenses. NOI, as Columbia Property Trust calculates it, may not be directly comparable to similarly titled, but differently calculated, measures for other REITs. Asset information and capital expenditures by segment are not reported because Columbia Property Trust does not use these measures to assess performance. Depreciation and amortization expense, along with other expense and income items, are not allocated among segments. The following table presents property operating revenues by geographic reportable segment (in thousands): For the Years Ended December 31, 2020 2019 2018 New York (1) $ 174,161 $ 157,244 $ 158,077 San Francisco (2) 134,224 114,295 105,947 Washington, D.C. (3) 58,373 58,200 57,274 Boston 16,090 14,285 13,441 All other office markets 2,567 49,075 65,178 Total office segments 385,415 393,099 399,917 Corporate (2,156) 3,137 3,165 Total $ 383,259 $ 396,236 $ 403,082 (1) Includes operating revenues for two unconsolidated properties, based on Columbia Property Trust's ownership interests: 8.65% for Terminal Warehouse from March 13, 2020 (acquisition date) to December 31, 2020; and 49.5% for 114 Fifth Avenue for all periods presented. (2) Includes operating revenues for three unconsolidated properties, based on Columbia Property Trust's ownership interests: 100.0% for 221 Main Street from January 1, 2018 to October 7, 2020, and 55.0% for 221 Main Street from October 8, 2020 to December 31, 2020; 77.5% for 333 Market Street and University Circle from January 1, 2018 through January 31, 2018; and 55.0% for 333 Market Street and University Circle from February 1, 2018 through December 31, 2020. (3) Includes operating revenues for two unconsolidated properties, based on Columbia Property Trust's ownership interests: 51.0% for the Market Square for all periods presented; 55.0% for 1800 M Street for all periods presented. A reconciliation of GAAP revenues to operating revenues is presented below (in thousands): For the Years Ended December 31, 2020 2019 2018 Total revenues $ 300,566 $ 288,837 $ 297,943 Operating revenues included in income (loss) from unconsolidated joint ventures (1) 121,139 114,943 112,523 Less: management fee revenues (2) (38,446) (7,544) (7,384) Total property operating revenues $ 383,259 $ 396,236 $ 403,082 (1) Columbia Property Trust records its interest in properties held through unconsolidated joint ventures using the equity method of accounting, and reflects its interest in the operating revenues of these properties in income (loss) from unconsolidated joint ventures in the accompanying consolidated statements of operations. (2) See Note 12, Non-Lease Revenues , of the accompanying consolidated financial statements. The following table presents net operating income by geographic reportable segment (in thousands): For the Years Ended December 31, 2020 2019 2018 New York (1) $ 107,956 $ 93,112 $ 94,765 San Francisco (2) 95,564 83,305 79,354 Washington, D.C. (3) 33,725 33,953 34,750 Boston 9,343 7,539 7,205 All other office markets 1,379 40,029 56,228 Total office segments 247,967 257,938 272,302 Corporate (1,774) (904) (803) Total $ 246,193 $ 257,034 $ 271,499 (1) Includes operating revenues for two unconsolidated properties, based on Columbia Property Trust's ownership interests: 8.65% for Terminal Warehouse from March 13, 2020 (acquisition date) to December 31, 2020; and 49.5% for 114 Fifth Avenue for all periods presented. (2) Includes operating revenues for three unconsolidated properties, based on Columbia Property Trust's ownership interests: 100.0% for 221 Main Street from January 1, 2018 to October 7, 2020, and 55.0% for 221 Main Street from October 8, 2020 to December 31, 2020; 77.5% for 333 Market Street and University Circle from January 1, 2018 through January 31, 2018; and 55.0% for 333 Market Street and University Circle from February 1, 2018 through December 31, 2020. (3) Includes operating revenues for two unconsolidated properties, based on Columbia Property Trust's ownership interests: 51.0% for the Market Square for all periods presented; 55.0% for 1800 M Street for all periods presented. A reconciliation of GAAP net income to NOI is presented below (in thousands): For the Years Ended December 31, 2020 2019 2018 Net income attributable to common stockholders $ 115,710 $ 9,197 $ 9,491 Management fee revenues (38,446) (7,544) (7,384) Depreciation 68,454 78,292 81,795 Amortization 30,578 27,908 32,554 Impairment loss on real estate assets — 43,941 30,812 Impairment loss on goodwill 63,806 — — General and administrative 44,011 32,779 32,979 Management fee expense 31,483 3,567 3,108 Acquisition and restructuring fees 19,004 6,398 — Net interest expense 36,740 42,997 56,477 Market value adjustments to investment in Real Estate Funds 700 — — Interest income from development authority bonds — — (6,871) (Gain) loss on extinguishment of debt — — (23,340) Income tax expense (2,805) 21 37 Adjustments included in loss from unconsolidated joint venture 62,893 61,634 62,603 Gain on sale of unconsolidated joint venture interest — — (762) Gains on sales of real estate assets (188,633) (42,030) — Adjustment attributable to noncontrolling interests 2,698 (126) — Net operating income $ 246,193 $ 257,034 $ 271,499 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Columbia Property Trust has evaluated subsequent events in connection with the preparation of its consolidated financial statements and notes thereto included in this report on Form 10-K and noted the following items in addition to those disclosed elsewhere in this report: • On February 12, 2021, the board of directors declared dividends for the first quarter of 2021 of $0.21 per share, payable on March 16, 2021, to stockholders of record on March 1, 2021. • On January 8, 2021, Columbia Property Trust paid an aggregate amount of $24.2 million in dividends for the fourth quarter of 2020 to stockholders of record on December 1, 2020. |
Schedule III - Real Estate Asse
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization | Columbia Property Trust, Inc. Schedule III – Real Estate Assets and Accumulated Depreciation and Amortization December 31, 2020 (in thousands) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Accumulated Depreciation and Amortization Date of Construc- tion Life on Which Depreciation and Amortization is Computed (b) Description Location Owner- ship % Encum-brances Land Buildings and Improvements Total Land Buildings and Improvements Total (a) Date Acquired 80 M Street (c) Washington, D.C. 100 % None $ 26,248 $ 76,269 $ 102,517 $ 24,158 $ 26,806 $ 99,869 $ 126,675 $ 32,979 2001 6/29/2004 0 to 40 years 95 Columbus Jersey City, NJ 100 % None 29,061 141,544 170,605 18,153 29,712 159,046 188,758 77,249 1989 10/31/2006 0 to 40 years 650 California Street San Francisco, CA 100 % None 75,384 240,441 315,825 27,388 75,384 267,829 343,213 56,528 1964 9/9/2014 0 to 40 years 315 Park Avenue South New York, NY 100 % None 119,633 249,510 369,143 39,291 119,633 288,801 408,434 48,987 1910 1/7/2015 0 to 40 years 116 Huntington Avenue Boston, MA 100 % None (d) — 116,290 116,290 27,505 — 143,795 143,795 32,353 1991 1/8/2015 0 to 40 years 229 West 43rd Street New York, NY 100 % None 207,233 292,991 500,224 4,017 207,233 297,008 504,241 56,787 1912/1924/ 1932/1947 8/4/2015 0 to 40 years 249 West 17th Street New York, NY 100 % None 113,149 221,517 334,666 7,504 113,149 229,021 342,170 26,275 1902/1909 10/11/2017 0 to 40 years 218 West 18th Street New York, NY 100 % None 43,836 139,077 182,913 1,420 43,836 140,497 184,333 17,796 1912 10/11/2017 0 to 40 years 149 Madison Avenue (e) New York, NY 100 % None 59,112 28,989 88,101 30,596 59,112 59,585 118,697 — (e) 11/28/2017 0 to 40 years 101 Franklin Street (e) New York, NY 92.5 % None 57,145 149,500 206,645 6,245 57,145 155,745 212,890 — (e) 12/2/2019 0 to 40 years 201 California Street San Francisco, CA 100 % None 77,833 170,754 248,587 3,056 77,833 173,810 251,643 10,461 1948 12/9/2019 0 to 40 years TOTAL CONSOLIDATED REAL ESTATE ASSETS (f) $ 808,634 $ 1,826,882 $ 2,635,516 $ 189,333 $ 809,843 $ 2,015,006 $ 2,824,849 $ 359,415 UNCONSOLIDATED REAL ESTATE ASSETS (presented at 100% of the Joint Venture's Basis) (g) : Market Square Washington, D.C. 51.00 % $ 325,000 $ 152,629 $ 450,757 $ 603,386 $ (10,340) $ 152,630 $ 440,416 $ 593,046 $ 76,720 1990 10/28/2015 0 to 40 years University Circle East Palo Alto, CA 55.00 % None 27,493 278,288 305,781 (95,138) 27,756 182,887 210,643 19,281 2001/2002/ 2003 7/6/2017 0 to 40 years 333 Market Street San Francisco, CA 55.00 % None 114,483 292,840 407,323 (41,230) 114,483 251,610 366,093 29,001 1979 7/6/2017 0 to 40 years 114 Fifth Avenue New York, NY 49.50 % None (h) — 383,694 383,694 2,301 — 385,995 385,995 65,516 1910 7/6/2017 0 to 40 years 1800 M Street Washington, D.C. 55.00 % None 125,735 272,353 398,088 36,072 125,735 308,425 434,160 47,195 1975 10/11/2017 0 to 40 years 799 Broadway (e) New York, NY 49.70 % $ 140,414 145,991 4,865 150,856 95,136 145,992 100,000 245,992 — (e) 10/3/2018 0 to 40 years Terminal Warehouse (e) New York, NY 8.65 % $ 643,819 154,269 733,034 887,303 179,878 154,036 913,145 1,067,181 36,006 (e) 3/13/2020 0 to 40 years 221 Main Street (i) San Francisco, CA 55.00 % None 60,509 147,967 208,476 967 60,509 148,934 209,443 1,851 1974 10/8/2020 0 to 40 years TOTAL UNCONSOLIDATED REAL ESTATE ASSETS $ 781,109 $ 2,563,798 $ 3,344,907 $ 167,646 $ 781,141 $ 2,731,412 $ 3,512,553 $ 275,570 (a) The aggregate cost of consolidated land and buildings and improvements for federal income tax purposes is approximately $2.909 billion. (b) Columbia Property Trust assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, tenant improvements are amortized over the shorter of economic life or lease term; lease intangibles are amortized over the respective lease term; building improvements are depreciated over 5-25 years; and buildings are depreciated over 40 years. (c) 80 M Street and Cranberry Woods Drive are owned directly by Columbia Property Trust, Inc.; therefore, they are not consolidated into Columbia OP. (d) 116 Huntington Avenue is owned subject to a long-term, pre-paid ground lease. (e) 101 Franklin Street, 149 Madison Avenue, 799 Broadway, and Terminal Warehouse are under development. (f) Consolidated real estate assets excludes $12.1 million of corporate assets. (g) The aggregate cost of Columbia Property Trust's share of the land and buildings and improvements, net of debt, held by unconsolidated joint ventures for federal income tax purposes is approximately $1.439 billion. (h) Property is owned subject to a long-term ground lease. (i) 221 Main Street was acquired by Columbia Property Trust on April 22, 2014; it was contributed to an unconsolidated joint venture on October 8, 2020. Schedule III – Real Estate Assets and Accumulated Depreciation and Amortization (in thousands) For the Years Ended December 31, 2020 2019 2018 Real Estate: Balance at beginning of year $ 3,336,448 $ 3,345,301 $ 3,612,294 Additions to/improvements of real estate 53,673 531,336 87,398 Sale/transfer of real estate (550,435) (1) (456,331) (313,683) (2) Impairment loss on real estate — (43,941) (30,812) Write-offs of building and tenant improvements (67) (270) (1,464) Write-offs of intangible assets (3) (13,086) (34,039) (6,131) Write-offs of fully depreciated assets (1,684) (5,608) (2,301) Balance at end of year $ 2,824,849 $ 3,336,448 $ 3,345,301 Accumulated Depreciation and Amortization: Balance at beginning of year $ 418,979 $ 487,485 $ 482,627 Depreciation and amortization expense 80,583 90,926 98,858 Sale/transfer of real estate (126,618) (1) (149,708) (84,965) (2) Write-offs of tenant improvements (53) (228) (603) Write-offs of intangible assets (3) (11,792) (3,888) (6,131) Write-offs of fully depreciated assets (1,684) (5,608) (2,301) Balance at end of year $ 359,415 $ 418,979 $ 487,485 (1) Includes the contribution of 100% of 221 Main Street to an unconsolidated joint venture, in which Columbia Property Trust owned a 55.0% interest as of December 31, 2020. (2) Includes the contribution of 100% of both University Circle and 333 Market Street to unconsolidated joint ventures, in which Columbia Property Trust owned a 55.0% interest as of December 31, 2020. (3) Consists of write-offs of intangible lease assets related to lease restructurings, amendments, and terminations. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"), which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Columbia Property Trust's consolidated financial statements include the accounts of Columbia Property Trust, Columbia OP, and their consolidated subsidiaries. We consolidate any variable interest entity ("VIE") in which we are deemed the primary beneficiary. With respect to entities that are not VIEs, our consolidated financial statements also include the accounts of any entity in which we own a controlling financial interest, and any limited partnership in which we own a controlling general partnership interest. In determining whether Columbia Property Trust owns a controlling interest, the following factors are considered, among other things: the ownership of voting interests, protective rights, and participatory rights of the investors. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. |
Fair Value Measurements | Fair Value Measurements Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability: Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts. Level 2 – Assets and liabilities valued based on observable market data for similar instruments. Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider. |
Real Estate Assets | Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition or construction, and any tenant improvements or major improvements that extend the useful life of the related asset. All repairs and maintenance costs are expensed as incurred. Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. To determine the appropriate useful life of an asset, Columbia Property Trust considers the period of future benefit of the asset. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows: Buildings 40 years Building and site improvements 5-25 years Tenant improvements Shorter of economic life or lease term Intangible lease assets Lease term |
Assets Held for Sale | Assets Held for Sale Columbia Property Trust classifies properties as held for sale according to Accounting Standard Codification 360, Accounting for the Impairment or Disposal of Long-Lived Assets ("ASC 360"). According to ASC 360, properties having separately identifiable operations and cash flows are considered held for sale when the following criteria are met: • Management, having the authority to approve the action, commits to a plan to sell the property. • The property is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of such property. • An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated. • The property is being actively marketed for sale at a price that is reasonable in relation to its current fair value. • Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. • The sale of the property is probable and transfer of the property is expected to qualify for recognition as a completed sale, within one year. |
Evaluating the Recoverability of Real Estate Assets | Evaluating the Recoverability of Real Estate Assets Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the net carrying amounts of its real estate and related intangible assets and liabilities, of both operating properties and properties under redevelopment, may not be recoverable. When indicators of potential impairment are present that suggest that the net carrying amounts of real estate assets and related intangible assets and liabilities may not be recoverable, Columbia Property Trust assesses the recoverability of these net assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future cash flows expected from the use of the net assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, Columbia Property Trust adjusts the carrying values of the real estate assets and related intangible assets and liabilities to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognizes an impairment loss. At such time that a property is required to be classified as held for sale, its net carrying amount is adjusted to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized. Estimated fair values are calculated based on the following hierarchy of information: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated residual value. Projections of expected future operating cash flows require that Columbia Property Trust estimate future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. Due to the inherent subjectivity of the assumptions used to project future cash flows, estimated fair values may differ from the values that would be realized in market transactions. Certain of |
Allocation of Purchase Price of Acquired Assets | Allocation of Purchase Price of Acquired Assets Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of properties and related transaction costs to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see "Fair Value Measurements" section above for additional details). In conjunction with certain acquisitions, Columbia Property Trust has entered into master lease agreements, which obligate the seller to pay rent pertaining to certain nonrevenue-producing spaces to mitigate the negative effects of lower rental revenues. Columbia Property Trust records payments receivable under such master lease agreements as a reduction of the property basis rather than income. Columbia Property Trust received no proceeds for master leases during 2020, 2019, or 2018. The fair values of the tangible assets of an acquired property (which includes land, building, and site improvements) are determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building, and site improvements based on management's determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market demand. |
Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessor | Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessor As further described below, in-place leases with Columbia Property Trust as the lessor may have values related to direct costs associated with obtaining a new tenant that are avoided for in-place leases, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease, tenant relationships, and effective contractual rental rates that are above or below market: • Direct costs associated with obtaining a new tenant that are avoided for in-place leases, including commissions, tenant improvement allowances, and other direct costs, are estimated based on management's consideration of current market costs to execute a similar lease. Such direct costs are included in intangible lease origination costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. • The value of opportunity costs associated with lost rentals avoided by acquiring an in-place lease is calculated based on contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. Such opportunity costs ("Absorption Period Costs") are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. • The value of effective rental rates of in-place leases that are above or below the market rates of comparable leases is calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be received pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases. This calculation includes significantly below-market renewal options for which exercise of the renewal option appears to be reasonably assured. These intangible assets or liabilities are measured over the actual or assumed (in the case of renewal options) remaining lease terms. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental income over the remaining terms of the respective leases. |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint VenturesColumbia Property Trust uses the equity method to account for investments that are not wholly owned and: (i) are considered VIEs where the Company is not the primary beneficiary, or (ii) in which the Company, along with its co-owners, possesses substantive participation rights, including management selection and termination, and the approval of significant capital and operating decisions. Under the equity method, investments in unconsolidated joint ventures are recorded at cost and adjusted for cash contributions and distributions, and allocations of income or loss. |
Cash and Cash Equivalents | Cash and Cash EquivalentsColumbia Property Trust considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value as of December 31, 2020 and 2019. |
Tenant Receivables | Tenant ReceivablesTenant receivables consist of rental and reimbursement billings due from tenants. Tenant receivables are recorded at the original amount earned, which approximates fair value. Management assesses the realizability of tenant receivables on an ongoing basis. When the collectability of tenant receivables is not considered probable, the receivable is written down against lease revenues. |
Straight-Line Rent Receivable | Straight-Line Rent ReceivablesStraight-line rent receivables include the amount of cumulative adjustments necessary to present rental income on a straight-line basis, and deferred receivables. Columbia Property Trust recognizes rental revenues on a straight-line basis, ratably over the term of each lease; however, leases often provide for payment terms that differ from the revenue recognized. When the amount of cash billed is less than the amount of revenue recognized, typically early in the lease, straight-line rent receivables are recorded for the difference. The receivable is depleted during periods later in the lease when the amount of cash paid by the tenant is greater than the amount of revenue recognized. When the collection of rental billings is not considered probable, tenants are moved to "cash basis billings," at which point the corresponding straight-line rent receivables are written down against lease revenues, and future revenues are recognized upon receipt of payment. Deferred receivables are amounts due under payment plans, where rents have been billed and lease revenues have been recorded, but payments are not due to us currently. |
Prepaid Expenses and Other Assets | Prepaid Expenses and Other Assets Prepaid expenses and other assets primarily include earnest money deposits; escrow accounts held by lenders to pay future real estate taxes, insurance and tenant improvements; notes receivable; non-tenant receivables; prepaid taxes; insurance and operating costs; unamortized deferred financing costs related to the line of credit (the "Revolving Credit Facility"); interest rate swaps (when in an asset position); certain corporate assets; deferred tax assets; and Investments in Real Estate Funds, as defined below. Prepaid expenses are recognized over the period to which the good or service relates. Other assets are written off when the asset no longer has future value, or when the company is no longer obligated for the corresponding liability. |
Investments in Real Estate Funds and Noncontrolling Interests | Investments in Real Estate Funds In connection with the Normandy Acquisition described in Note 3, Transactions |
Deferred Lease Costs | Deferred Lease CostsDeferred lease costs include costs incurred to procure leases that are paid to third parties or tenants, and incentives that are provided to tenants under the terms of their leases. These costs are capitalized and amortized on a straight-line basis over the terms of the lease. Amortization of third-party leasing costs is reflected as amortization expense, and amortization of lease incentives is reflected as an adjustment to rental income. |
Goodwill | Goodwill Goodwill represents purchase price not specifically assigned to assets acquired and liabilities assumed in a business combination. Columbia Property Trust assesses the recoverability of goodwill on an annual basis, and on an interim basis if an event occurs or circumstances change that would indicate that the carrying value of goodwill may be impaired. When indicators of potential impairment exist, Columbia evaluates whether the carrying value of the reporting unit to which the goodwill relates exceeds the reporting unit's estimated fair value. If the reporting unit's carrying value, including the goodwill, exceeds its estimated fair value, then goodwill would be reduced, and an impairment loss would be recognized, for the amount of this excess (not to exceed total goodwill). The Company's reporting units are determined based on the key geographic markets in which its properties are located. On January 24, 2020, Columbia Property Trust recorded goodwill of $63.8 million in connection with the acquisition of Normandy, a New York-based, fully integrated real estate operator and fund management platform (see Note 3, Transactions , for additional details). While the Company’s market capitalization has been negatively affected by market disruptions and the deterioration in macroeconomic conditions caused by the COVID-19 pandemic throughout the year, the Company’s cash flows have remained strong throughout 2020, and the Company has maintained high rates of occupancy and collections since the onset of the pandemic. Therefore, at the end of the first, second, and third quarters of 2020, the Company concluded that goodwill was not impaired. Throughout 2020, the Company worked to integrate and align Normandy's operations with its own. In the fourth quarter of 2020, the integration was substantially completed in conjunction with establishing the Company’s business plan and budget for the upcoming year. The Company’s 2021 business plan and budget take into account the near-term effects the COVID-19 pandemic may have on demand for office space and on our tenants' businesses. The Company performed its annual assessment of the recoverability of goodwill in the fourth quarter of 2020, and concluded that the carrying value of its New York reporting unit, including the goodwill related to the Normandy Acquisition, exceeded the corresponding estimated fair value. Accordingly, in the fourth quarter goodwill was written off by recording an impairment loss of $63.8 million. |
Accounts Payable, Accrued Expenses, and Accrued Capital Expenditures | Accounts Payable, Accrued Expenses, and Accrued Capital ExpendituresAccounts payable, accrued expenses, and accrued capital expenditures primarily include payables related to property operations, capital projects, and interest rate swaps (when in a liability position). |
Line of Credit and Notes Payable | Deferred Financing CostsDeferred financing costs include costs incurred to secure debt from third-party lenders. Deferred financing costs, except for costs related to the Revolving Credit Facility, are presented as a direct reduction to the carrying amount of the related debt for all periods presented. Deferred financing costs related to the Revolving Credit Facility are included in prepaid expenses and other assets.Line of Credit and Notes PayableWhen debt is assumed, Columbia Property Trust records the loan at fair value. The fair value adjustment is amortized to interest expense over the term of the loan using the effective interest method. |
Common Stock Repurchase Program | Common Stock Repurchase Program Columbia Property Trust is authorized to repurchase shares of its common stock, par value $0.01 per share, subject to certain limitations. As of December 31, 2020, $143.3 million remains available for repurchases under the current stock repurchase program. See Note 8, Stockholders' Equity |
Preferred Stock, Common Stock and Distributions | Preferred Stock Columbia Property Trust is authorized to issue up to 100.0 million shares of one or more classes or series of preferred stock with a par value of $0.01 per share. Columbia Property Trust's board of directors may determine the relative rights, preferences, and privileges of each class or series of preferred stock issued, which may be more beneficial than the rights, preferences, and privileges attributable to Columbia Property Trust's common stock. To date, Columbia Property Trust has not issued any shares of preferred stock. Common Stock The par value of Columbia Property Trust's issued and outstanding shares of common stock is classified as common stock, with the remainder allocated to additional paid-in capital. Distributions To maintain its status as a REIT, Columbia Property Trust is required by the Internal Revenue Code of 1986, as amended (the "Code"), to make distributions to stockholders each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends-paid deduction and by excluding net capital gains attributable to stockholders ("REIT taxable income"). To the extent that Columbia Property Trust satisfies the distribution requirement but distributes less than 100% of its REIT taxable income, Columbia Property Trust would be subject to federal and state corporate income tax on the undistributed income. Distributions to the stockholders are determined by the board of directors of Columbia Property Trust and are dependent upon a number of factors relating to Columbia Property Trust, including funds available for payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain Columbia Property Trust's status as a REIT under the Code. |
Interest Rate Swap Agreements | Interest Rate Swap AgreementsColumbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate transactions for speculative purposes and currently does not have any derivatives that are not designated as hedges; however, certain of its derivatives may, at times, not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps on its consolidated balance sheet either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income (loss). Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain or loss on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment. |
Revenue Recognition | Revenue Recognition The majority of Columbia Property Trust's revenues are derived from leases and are reflected as lease revenues on the accompanying consolidated statements of operations. For more information about Columbia Property Trust's lease revenue streams see Note 11, Leases . In determining when to begin recognizing rental revenues, Columbia Property Trust considers a number of factors, including the nature of the physical improvements made in connection with the lease. When Columbia Property Trust owns the improvements for accounting purposes, revenue recognition generally begins once the improvements are substantially complete and the lessee has taken possession of the improved space. When Columbia Property Trust does not own the improvements for accounting purposes (the lessee is the owner), revenue recognition generally begins once the lessee takes possession of the unimproved space; in these instances, the tenant allowance is accounted for as a lease incentive, which reduces rental revenues over the lease term. When evaluating which party (lessee or lessor) owns the improvements for accounting purposes, Columbia Property Trust considers a number of factors, including, among other things: whether the lease stipulates what the tenant allowance may be used for; whether the lessee or lessor retains legal title to the improvements; the expected economic life of the improvements relative to the lease term; and who directs the construction of the improvements. The determination of who owns the improvements for accounting purposes is subject to significant judgment and is not based on any one factor. |
Income Taxes | Income Taxes Columbia Property Trust has elected to be taxed as a REIT under the Code and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. To the extent that Columbia Property Trust satisfies the distribution requirement but distributes less than 100% of its REIT taxable income, the Company would be subject to federal and state corporate income tax on the undistributed income. Generally, the Company does not incur federal income taxes, other than as described in the following paragraph, because its stockholder distributions typically exceed its taxable income due to noncash expenses such as depreciation. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements. Columbia Property Trust TRS, LLC; Columbia KCP TRS, LLC; Columbia Development TRS 13, LLC; and Columbia Development TRS 87, LLC (collectively, the "TRS Entities") are subsidiaries of the Company and are organized as Delaware limited liability companies. The TRS Entities, among other things, provide services related to asset and property management, construction and development, and other tenant services that Columbia Property Trust, as a REIT, cannot otherwise provide. The Company has elected to treat the TRS Entities as taxable REIT subsidiaries. Columbia Property Trust may perform certain additional, noncustomary services for tenants of its buildings through the TRS Entities; however, earnings of a TRS entity are subject to federal and state income taxes. In addition, for the Company to continue to qualify as a REIT, Columbia Property Trust must limit its investments in taxable REIT subsidiaries to 20% of the value of the total assets. The TRS Entities' deferred tax assets and liabilities represent temporary differences between the financial reporting basis and the tax basis of assets and liabilities based on the enacted rates expected to be in effect when the temporary differences reverse. If applicable, the Company records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations. |
Segment Information | Segment Information As of December 31, 2020, Columbia Property Trust's reportable segments are determined based on the geographic markets in which it has significant investments. Columbia Property Trust considers geographic location when evaluating its portfolio composition, and in assessing the ongoing operations and performance of its properties (see Note 16, Segment Information ). |
Reclassification | Reclassifications Certain prior-period amounts on the consolidated statement of operations have been reclassified to conform with the current-period's presentation: property operating costs include amounts previously reported as asset and property management fees; and management fee expense includes amounts previously reported as general and administrative – joint venture. Certain prior-period amounts on the consolidated statement of cash flows have been reclassified to conform with the current-period's presentation: lease revenues reversed for doubtful accounts - tenant receivables include amounts previously reported decrease (increase) in tenant receivables, net. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In April 2020, the Financial Accounting Standards Board issued guidance on accounting for lease amendments resulting from the economic effects of the COVID-19 pandemic, Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic . The guidance provides a policy election that allows issuers to account for rent concessions as a continuation of the existing lease, instead of as a lease modification (the "COVID-19 Concession Option") as required under existing GAAP. To be eligible for the COVID-19 Concession Option, aggregate future rent payments cannot be materially more under the amended lease terms than under the original lease terms. Issuers must apply the accounting method selected consistently to leases with similar characteristics and circumstances. • Rent abatements : Under the COVID-19 Concession Option, revenues are reduced for rent abatements (past and future) in the period of execution, and future straight-line rental income is unchanged. Conversely, without adopting the COVID-19 Concession Option, revenues are reduced for past rents forgiven by writing down the related receivables in the period of execution, and future straight-line income is reduced for future rent reductions. Columbia Property Trust has elected to account for rent abatements under existing GAAP. During the year ended December 31, 2020, Columbia Property Trust has abated $0.7 million in rental billings, including the Company's proportionate share of rents earned through unconsolidated joint ventures. • Rent deferrals : Under the COVID-19 Concession Option, rent deferrals may be accounted for as either (a) payment plans, where rents are billed and revenues are recorded on the same schedule; or as (b) variable lease payments, where revenues are not recognized until the amounts become payable in the future based on the amended terms. Conversely, without adopting the COVID-19 Concession option, revenues are recorded on the same schedule; however, deferred rents are classified as straight-line rent receivables until payable. Columbia Property Trust has elected to account for rent deferrals as a lease modification under existing GAAP. During the year ended December 31, 2020, Columbia Property Trust has deferred payments of $3.2 million, including the Company's proportionate share of rents earned through unconsolidated joint ventures. Accounting Standards Update 2020-04, Reference Rate Reform |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives for Real Estate Assets | The estimated useful lives of its assets by class are as follows: Buildings 40 years Building and site improvements 5-25 years Tenant improvements Shorter of economic life or lease term Intangible lease assets Lease term |
Assets and Liabilities Held for Sale | The major classes of assets and liabilities classified as held for sale are provided below (in thousands): December 31, 2019 Real Estate Assets Held for Sale: Real estate assets, at cost: Land $ 57,117 Buildings and improvements, less accumulated depreciation of $80,543 157,701 Construction in progress 138 Total real estate assets held for sale, net $ 214,956 Other Assets Held for Sale: Tenant receivables $ 156 Straight-line rent receivables 12,591 Prepaid expenses and other assets 334 Deferred lease costs, less accumulated amortization of $10,222 10,836 Total other assets held for sale, net $ 23,917 Liabilities Held for Sale: Accounts payable, accrued expenses, and accrued capital expenditures $ 1,151 Deferred income 1,903 Total liabilities held for sale $ 3,054 |
Schedule of Intangible Assets and Liabilities | As of December 31, 2020 and 2019, Columbia Property Trust had the following gross intangible in-place lease assets and liabilities (in thousands): Intangible Lease Assets Intangible Intangible Above-Market Absorption December 31, 2020 Gross $ 2,480 $ 101,542 $ 56,612 $ 23,287 Accumulated Amortization (1,374) (56,573) (35,161) (8,867) Net $ 1,106 $ 44,969 $ 21,451 $ 14,420 December 31, 2019 Gross $ 2,481 $ 117,203 $ 61,702 $ 36,966 Accumulated Amortization (1,202) (57,457) (33,731) (15,127) Net $ 1,279 $ 59,746 $ 27,971 $ 21,839 During 2020, 2019, and 2018, Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands): Intangible Lease Assets Intangible Intangible Above-Market Absorption For the Years Ended December 31, 2020 $ 172 $ 12,879 $ 5,871 $ 5,461 2019 $ 288 $ 13,511 $ 7,398 $ 5,395 2018 $ 228 $ 17,137 $ 9,660 $ 6,851 |
Schedule of Net Below-Market Lease Asset Amortization | The remaining net intangible assets and liabilities as of December 31, 2020, will be amortized as follows (in thousands): Intangible Lease Assets Intangible Intangible Above-Market Absorption For the Years Ending December 31, 2021 $ 172 $ 8,963 $ 4,410 $ 2,801 2022 172 7,620 3,335 2,571 2023 172 6,138 2,810 1,995 2024 172 5,333 2,500 1,748 2025 172 3,943 1,849 1,182 Thereafter 246 12,972 6,547 4,123 $ 1,106 $ 44,969 $ 21,451 $ 14,420 Weighted-average amortization period 5.7 years 4.7 years 4.2 years 6.3 years |
Schedule of Interest Rate Derivatives | The following tables provide additional information related to Columbia Property Trust's interest rate swaps as of December 31, 2020 and 2019 (in thousands): Estimated Fair Value as of Instrument Type Balance Sheet Classification 2020 2019 Derivatives Designated as Hedging Instruments: Interest rate contracts Prepaid expenses and other assets $ — $ 551 Interest rate contracts Accounts payable $ 18,720 $ 1,652 Years Ended December 31, 2020 2019 2018 Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income (loss) $ (17,619) $ (3,445) $ 1,441 |
Transactions (Tables)
Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Acquisitions and Dispositions [Abstract] | |
Interests in Properties Acquired | The initial purchase consideration was allocated as follows (in thousands): January 24, 2020 Goodwill (1) $ 63,806 Prepaid expenses and other assets (2) 7,670 Cash 1,260 Operating lease assets 934 Investments in unconsolidated joint ventures (3) 419 Accounts payable, accrued expenses, and accrued capital expenditures (2,881) Operating lease liabilities (934) Deferred income (77) Total initial purchase consideration (4) $ 70,197 (1) In the fourth quarter of 2020, the Company wrote off this balance by recording an impairment loss of $63.8 million. See Note 2, Summary of Significant Accounting Policies , for additional details. (2) Prepaid expenses and other assets includes $3.7 million of investments in Real Estate Funds, as described in Note 2, Summary of Significant Accounting Policies . (3) Reflects interests in five unconsolidated joint ventures that earn fees for providing management services to properties affiliated with the Real Estate Funds. (4) As of the acquisition date, an additional $24.4 million will be recorded as compensation expense over the next four years based on the vesting periods of the respective Preferred OP Units. During 2020, 2019, and 2018, Columbia Property Trust acquired the following properties and partial interests in properties of consolidated and unconsolidated joint ventures: Property Location Date Percent Acquired Purchase Price (in thousands) (1) 2020 Terminal Warehouse New York, NY March 13, 2020 8.65 % $ 40,048 (2) 2019 201 California Street San Francisco, CA December 9, 2019 100.00 % $ 238,900 101 Franklin Street (3) New York, NY December 2, 2019 92.50 % $ 205,500 2018 Lindbergh Center – Retail Atlanta, GA October 24, 2018 100.00 % $ 23,000 799 Broadway New York, NY October 3, 2018 49.70 % $ 30,200 (2) (1) Exclusive of transaction costs and price adjustments. See purchase price allocation table below for a breakout of the net purchase price for wholly owned properties. (2) These properties are owned through unconsolidated joint ventures. Purchase price is for Columbia Property Trust's partial interests in the properties. (3) Property is owned through a consolidated joint venture. Purchase Price Allocations for Consolidated Property Acquisitions 201 California Street 101 Franklin Street (1) Location San Francisco, CA New York, NY Date Acquired December 9, 2019 December 2, 2019 Purchase Price (in thousands): Land $ 77,833 $ 57,145 Building and improvements 157,513 149,500 Intangible lease assets 13,241 — Intangible lease origination costs 5,785 — Intangible below market lease liability (8,064) — Total purchase price $ 246,308 $ 206,645 (1) Owned through a consolidated joint venture, in which Columbia Property Trust owns a 92.5% interest. On January 24, 2020, the Company acquired an additional 0.15% interest in this property through interests in the Real Estate Funds acquired in connection with the Normandy Acquisition described above. |
Business Acquisition, Pro Forma Information | The following unaudited pro forma statements of operations presented for 2019 and 2018, have been prepared for Columbia Property Trust to give effect to the acquisitions of 201 California Street and 101 Franklin Street as if the acquisitions had occurred on January 1, 2018. These properties were owned for the entirety of 2020. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had these acquisitions been consummated as of January 1, 2018 (in thousands): 2019 2018 Revenues $ 304,756 $ 312,003 Net income attributable to common stockholders of Columbia Property Trust $ 17,600 $ 16,822 |
Schedule of Properties Sold | During 2020, 2019, and 2018, Columbia Property Trust sold the following properties and partial interest in properties of unconsolidated joint ventures. Additional information for certain of the dispositions is provided below the table. Property Location Date % Sold Sale Price (1) (in thousands) Gain on Sale 2020 221 Main Street San Francisco, CA October 8, 2020 45.0 % $ 180,000 (2) $ 175,271 Pasadena Corporate Park Los Angeles, CA March 31, 2020 100.0 % $ 78,000 $ (67) Cranberry Woods Drive Pittsburgh, PA January 16, 2020 100.0 % $ 180,000 $ 13,428 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 & San Francisco, CA February 1, 2018 22.5 % $ 235,300 (2) $ 762 (1) Exclusive of transaction costs and price adjustments. |
Unconsolidated Joint Ventures (
Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Financial Information for the Joint Ventures | As of December 31, 2020 and 2019, Columbia owns interests in the following properties through joint ventures, which are accounted for using the equity method of accounting: Geographic Market Ownership Interest Carrying Value of Investment (1) (in thousands) Joint Venture Property Name December 31, 2020 December 31, 2019 Market Square Joint Venture Market Square Washington, D.C. 51.00 % $ 134,747 $ 135,557 University Circle Joint Venture University Circle San Francisco 55.00 % 276,574 283,633 333 Market Street Joint Venture 333 Market Street San Francisco 55.00 % 265,673 269,638 114 Fifth Avenue Joint Venture 114 Fifth Avenue New York 49.50 % 74,273 87,750 1800 M Street Joint Venture 1800 M Street Washington, D.C. 55.00 % 227,847 233,196 799 Broadway Joint Venture (2) 799 Broadway New York 49.70 % 53,248 44,686 Terminal Warehouse Joint Venture (2) Terminal Warehouse New York 8.65 % 43,771 — 221 Main Street Joint Venture 221 Main Street San Francisco 55.00 % 219,078 — Real Estate Services Joint Ventures (3) n/a (3) n/a (3) various (3) 589 — $ 1,295,800 $ 1,054,460 (1) Includes basis differences. Columbia Property Trust's investments in unconsolidated joint ventures were greater than the historical costs recorded at the underlying joint venture level by $383.5 million and $279.2 million as of December 31, 2020 and December 31, 2019, respectively. Such basis differences result from the timing of each partner's joint venture interest acquisition; and formation costs incurred by Columbia Property Trust. Basis differences are amortized to income (loss) from unconsolidated joint ventures over the lives of the underlying assets or liabilities. (2) Columbia Property Trust capitalized interest of $2.0 million on its investments in the 799 Broadway Joint Venture and Terminal Warehouse Joint Venture in 2020 and $1.3 million on its investment in the 799 Broadway Joint Venture in 2019. (3) Columbia Property Trust owns the following interests in five unconsolidated joint ventures that earn fees for providing management services to properties affiliated with the Real Estate Funds (the "Real Estate Services Joint Ventures"): L&L Normandy Terminal Asset Manager, LLC (67.0%); L&L Normandy Terminal Development Manager, LLC (50.0%); L&L Normandy Terminal Property Manager (50.0%) (collectively, the "Terminal Services Joint Ventures"); WNK Maiden Management (50.0%); and Maple AB Services, LLC (55.0%). The Terminal Services Joint Ventures earn fees from providing services to the Terminal Warehouse Joint Venture. Summarized balance sheet information for each of the unconsolidated joint ventures is as follows (in thousands): Total Assets Total Debt Total Equity (1) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Market Square Joint Venture $ 577,095 $ 582,747 $ 324,868 (2) $ 324,815 $ 237,778 $ 241,719 University Circle Joint Venture 213,045 216,546 — — 208,541 212,656 333 Market Street Joint Venture 357,370 367,652 — — 344,103 352,385 114 Fifth Avenue Joint Venture 462,319 485,442 — — 101,952 127,554 1800 M Street Joint Venture 427,602 437,439 — — 411,957 421,588 799 Broadway Joint Venture 246,456 201,210 138,930 (3) 109,735 99,000 85,316 Terminal Warehouse Joint Venture 1,045,852 — 643,819 (4) — 380,277 — 221 Main Street Joint Venture 229,745 — — — 224,732 — Real Estate Services Joint Venture 1,754 — — — 1,104 — $ 3,561,238 $ 2,291,036 $ 1,107,617 $ 434,550 $ 2,009,444 $ 1,441,218 (1) Excludes basis differences (see footnote (1) to the Carrying Value of Investment table above). (2) The Market Square Joint Venture has a mortgage note with an outstanding balance of $325.0 million as of December 31, 2020 and 2019. The Market Square mortgage note bears interest at 5.07% and matures on July 1, 2023. (3) Reflects $140.4 million outstanding, net of $1.5 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 two 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 . (4) Reflects $643.8 million outstanding on the Terminal Warehouse acquisition loan. The Terminal Warehouse Joint Venture has an interest-only acquisition loan with a total capacity of $650.0 million. The Terminal Warehouse acquisition loan bears interest at LIBOR plus a spread of 340 basis points, with a LIBOR floor of 2.28% and cap of 3.50%, and matures on March 23, 2021, with two extension options for a total of nine months. Summarized income statement information for the unconsolidated joint ventures for the years ended December 31, 2020, 2019, and 2018 is as follows (in thousands): Total Revenues Net Income (Loss) Columbia Property Trust's Share of Net Income (Loss) (1) 2020 2019 2018 2020 2019 2018 2020 2019 2018 Market Square Joint Venture $ 49,117 $ 47,737 $ 44,815 $ (11,075) $ (11,515) $ (12,304) $ (5,648) $ (5,873) $ (6,275) University Circle Joint Venture 42,856 44,427 43,581 21,954 24,251 23,776 12,075 13,338 13,478 333 Market Street Joint Venture 28,435 28,170 27,006 14,687 14,929 14,620 8,078 8,211 8,312 114 Fifth Avenue Joint Venture 42,274 42,921 41,169 (10,532) (10,674) (10,256) (5,214) (5,283) (5,077) 1800 M Street Joint Venture 38,455 38,377 37,486 5,784 4,887 4,239 3,180 2,688 2,332 799 Broadway Joint Venture — — — (249) (882) (132) (124) (439) (66) Terminal Warehouse Joint Venture 35,124 — — (17,706) — — (1,532) — — 221 Main Street Joint Venture 7,516 — — 2,474 — — 1,361 — — Real Estate Services Joint Ventures 8,103 — — 4,478 — — 2,211 — — $ 251,880 $ 201,632 $ 194,057 $ 9,815 $ 20,996 $ 19,943 $ 14,387 $ 12,642 $ 12,704 (1) Excludes amortization of basis differences, as described in footnote (1) to the carrying value of investment table above, which are recorded as income (loss) from unconsolidated joint ventures in the accompanying consolidated statements of operations. 2020 2019 2018 Market Square Joint Venture $ 2,342 $ 2,256 $ 2,156 University Circle Joint Venture 2,327 2,313 2,283 333 Market Street Joint Venture 856 819 784 1800 M Street Joint Venture 2,341 2,156 2,161 799 Broadway Joint Venture 524 — — 221 Main Street Joint Venture 436 — — $ 8,826 $ 7,544 $ 7,384 |
Line of Credit and Notes Paya_2
Line of Credit and Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit and Notes Payable Indebtedness Outstanding (Excluding Bonds Payable) | As of December 31, 2020 and 2019, Columbia Property Trust had the following line of credit and notes payable indebtedness outstanding (excluding bonds payable; see Note 6, Bonds Payable ) in thousands: Rate as of Term Debt or Interest Only Outstanding Balance as of Facility Maturity 2020 2019 $300 Million Term Loan LIBOR + 100 bp (1) Interest only January 31, 2024 300,000 300,000 $150 Million Term Loan LIBOR + 110 bp (2) Interest only July 29, 2022 150,000 150,000 Revolving Credit Facility LIBOR + 90 bp (3) Interest only January 31, 2023 $ 110,000 $ 334,000 Less: Deferred financing costs related to term loans (1,470) (2,084) Total indebtedness $ 558,530 $ 781,916 (1) Columbia Property Trust is party to an interest rate swap agreement with a notional amount of $300.0 million, which effectively fixes its interest rate on the $300 Million Term Loan, as further described below, at 2.55% and terminates on August 13, 2024. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in the fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statement of other comprehensive income. (2) Columbia Property Trust is party to an interest rate swap agreement with a notional amount of $150.0 million, which effectively fixes its interest rate on the $150 Million Term Loan, as further described below, at 3.07% and terminates on July 29, 2022. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statement of other comprehensive income. (3) As of December 31, 2020, borrowings under the Revolving Credit Facility, as described below, bear interest at the option of Columbia Property Trust at an alternate base rate, plus an applicable margin ranging from 0.00% to 0.45% for base-rate borrowings, or at LIBOR, as defined in the credit agreement, plus an applicable margin ranging from 0.775% to 1.45% for LIBOR-based borrowings, based on Columbia Property Trust's applicable credit rating. |
Schedule of Aggregate Maturities of Columbia Property Trust's Line of Credit and Notes Payable | The following table summarizes the aggregate maturities of Columbia Property Trust's line of credit and notes payable as of December 31, 2020 (in thousands): 2021 $ — 2022 150,000 2023 110,000 2024 300,000 2025 — Thereafter — Total $ 560,000 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of the Activity of the Employee Stock Grants | Below is a summary of the employee awards issued under the LTI Plan for 2020, 2019, and 2018: Restricted Shares RSUs Shares Estimated Fair Value (1) Units Estimated Fair Value (2) Unvested as of January 1, 2018 389 $ 21.85 329 $ — Granted 139 $ 22.97 206 $ 20.55 Vested (153) $ 22.13 (70) $ 19.47 Forfeited — $ — (11) $ 18.60 Unvested as of December 31, 2018 375 $ 22.15 454 $ — Granted 176 $ 19.36 257 $ 17.66 Vested (165) $ 21.99 (121) $ 19.08 Forfeited (12) $ 20.66 (6) $ 18.67 Unvested as of December 31, 2019 374 $ 20.96 584 $ 18.86 Granted 300 $ 21.19 298 $ 18.00 Converted (3) 33 (33) Vested (210) $ 21.24 (109) $ 18.47 Forfeited — $ — (25) $ 19.24 Unvested as of December 31, 2020 497 (4) $ 20.82 715 (4) $ 18.51 (1) Reflects the weighted-average grant-date fair value using the market closing price on the date of the grant. (2) Reflects the weighted-average grant-date fair value using a Monte Carlo valuation. (3) Reflects 25.0% of the 2017 3-year Performance-Based RSUs granted on January 1, 2017, which converted to Time-Based Restricted shares in January 2020 and will vest in January 2021. (4) As of December 31, 2020, Columbia Property Trust expects approximately 477,000 of the 497,000 unvested restricted shares to ultimately vest and approximately 686,000 of the 715,000 unvested RSUs to ultimately vest, assuming a forfeiture rate of 4%, which was determined based on peer company data, adjusted for the specifics of the LTI Plan. |
Summary of Shares Granted to Independent Directors | During 2020, 2019, and 2018, Columbia Property Trust granted the following equity retainers: Date of Grant Shares Grant-Date Fair Value (1) May 12, 2020 46,983 $ 11.73 March 2, 2020 (2) 591 $ 19.80 May 14, 2019 28,000 $ 22.13 May 14, 2018 31,743 $ 22.20 (1) Columbia Property Trust determined the grant-date fair value using the market closing price on the date of the grant. (2) In March 2020, a new director was appointed to the board of directors of Columbia Property Trust. The new director received a pro-rated annual equity retainer grant at appointment. |
Summary of Incurred Stock-Based Compensation Expense | Columbia Property Trust incurred stock-based compensation expense related to the following events (in thousands): 2020 2019 2018 Amortization of unvested LTI Plan awards $ 3,875 $ 3,282 $ 3,800 Future employee awards (1) 4,297 2,720 2,461 Amortization of Preferred OP unit awards issued in connection with the Normandy Acquisition 11,893 — — Issuance of shares to independent directors 379 620 705 Total stock-based compensation expense $ 20,444 $ 6,622 $ 6,966 (1) Reflects amortization of LTI Plan awards for service during the current period, for which shares will be issued in future periods. |
Supplemental Disclosure of Nonc
Supplemental Disclosure of Noncash Investing and Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Other Significant Noncash Transactions | Outlined below are significant noncash investing and financing activities for Columbia Property Trust for the years ended December 31, 2020, 2019, and 2018 (in thousands): Years Ended December 31, 2020 2019 2018 Investment in real estate funded with other assets $ — $ — $ 617 Other assets assumed upon acquisition $ 245 $ 6 $ 259 Operating lease asset and liability assumed at acquisition $ 1,168 $ — $ — Other liabilities assumed upon acquisition $ 245 $ 137 $ 664 Real estate assets transferred to unconsolidated joint venture $ 208,476 $ — $ — Other assets transferred to unconsolidated joint venture $ 15,774 $ — $ — Other liabilities transferred to unconsolidated joint venture $ 5,824 $ — $ — Extinguishment of 263 Shuman Boulevard mortgage note by transferring property to lender $ — $ — $ 49,000 Settlement of capital lease obligation with related development authority bonds $ — $ — $ 120,000 Amortization of net discounts on debt $ 180 $ 180 $ 180 Accrued investments in unconsolidated joint ventures $ — $ 198 $ 386 Accrued capital expenditures and deferred lease costs $ 15,959 $ 12,944 $ 15,145 Operating lease liability recorded at adoption of ASC 842 $ — $ 34,791 $ — Accrued dividends payable $ 24,038 $ 24,209 $ 23,340 Cumulative-effect adjustment to equity for the adoption of ASU 2017-05 and 2014-09 $ — $ — $ 358,098 Market value adjustment to interest rate swaps that qualify for hedge accounting treatment $ (17,619) $ (3,445) $ 1,441 Issuance of Preferred OP Units for the Normandy Acquisition $ 55,306 $ — $ — Common stock issued to employees and directors, and amortized (net of income tax witholdings) $ 23,689 $ 6,622 $ 6,966 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments To Be Made | As of December 31, 2020, the future minimum lease payments to be made by Columbia Property Trust under its operating leases are as follows (in thousands): 2021 $ 1,369 2022 844 2023 67 2024 — 2025 — Thereafter — Total lease payments 2,280 Less: interest expense (95) Present value of lease liabilities $ 2,185 Weighted-average remaining lease term (years) 2.0 years Weighted-average discount rate 4.5 % |
Summary of Impact of Operating Leases on Consolidated Balance Sheet | Columbia Property Trust's operating leases had the following impacts on the consolidated balance sheet (in thousands): Ground Leases Office Lease Total Operating Leases December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Assets: Total operating lease assets $ 37,405 $ 27,843 $ 1,760 $ 1,627 $ 39,165 $ 29,470 Liabilities: Total operating lease liabilities $ — $ — $ 2,185 $ 2,186 $ 2,185 $ 2,186 |
Summary of Impact of Operating Leases on Statements of Operations and Statements of Cash Flows | Columbia Property Trust's operating leases had the following impacts on the consolidated statements of operations (in thousands): Ground Leases Office Lease Total Operating Leases 2020 2019 2020 2019 2020 2019 Property operating costs $ 438 $ 2,165 $ — $ — $ 438 $ 2,165 Management fee expense — — 568 — 568 — General and administrative — — 566 580 566 580 Total operating lease expenses $ 438 $ 2,165 $ 1,134 $ 580 $ 1,572 $ 2,745 Columbia Property Trust's operating leases had the following impacts on the consolidated statements of cash flows (in thousands): Ground Leases Office Lease Total Operating Leases 2020 2019 2020 2019 2020 2019 Cash paid for operating lease liabilities included in cash flows from operations $ — $ (1,329) $ (1,965) $ (697) $ (1,965) $ (2,026) |
Summary of Fixed and Variable Revenues | Fixed and variable payments are as follows (in thousands): For the Years Ended December 31, 2020 2019 Fixed payments $ 236,315 $ 250,077 Variable payments 25,798 26,072 Total lease revenues $ 262,113 $ 276,149 |
Schedule of Future Minimum Lease Payments To Be Received | As of December 31, 2020, the future minimum fixed lease payments due to Columbia Property Trust under non-cancelable operating leases are as follows (thousands): 2021 $ 182,787 2022 173,442 2023 166,287 2024 166,632 2025 150,358 Thereafter 746,663 Total $ 1,586,169 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Basis Net Income Reconciliation | Columbia Property Trust's income tax basis net income during 2020, 2019, and 2018 (in thousands) follows: 2020 2019 2018 GAAP basis financial statement net income attributable to common stockholders $ 115,710 $ 9,197 $ 9,491 Increase (Decrease) in Net Income Resulting From: Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes 44,633 41,648 43,753 Rental income accrued for financial reporting purposes in excess of (less than) amounts for income tax purposes (8,851) (10,373) 7,145 Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes (7,156) (5,107) (5,990) Interest expense for financial reporting purposes in excess of amounts for income tax purposes (6,308) 5,852 — Bad debt expense for financial reporting purposes less than (in excess of) amounts for income tax purposes 1,073 1 4 Income from unconsolidated joint ventures for financial reporting purposes in excess of amount for income tax purposes 17,352 15,224 16,654 Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes (145,443) (57,284) 79,376 Impairment loss on goodwill for financial reporting purposes in excess of amount for income tax purposes 63,806 — — Other expenses or revenues for financial reporting purposes in excess of (less than) amounts for income tax purposes 22,232 37,912 (32,342) Income tax basis net income, prior to dividends-paid deduction $ 97,048 $ 37,070 $ 118,091 |
Schedule of Distributions to Common Stockholders | Columbia Property Trust's distributions per common share are summarized as follows: 2020 2019 2018 Ordinary income 100.0 % 53.1 % 100.0 % Capital gains — % — % — % Return of capital — % 46.9 % — % Total 100.0 % 100.0 % 100.0 % |
Schedule of Income Taxes | The income taxes recorded by the TRS Entities for the years ended December 31, 2020, 2019, and 2018, are as follows: Years Ended December 31, 2020 2019 2018 Federal income tax $ (2,123) $ 14 $ 63 State income tax (683) 6 (26) Total income tax $ (2,806) $ 20 $ 37 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings per Share | The following table reconciles the numerator for the basic and diluted earnings-per-share computations shown on the consolidated statements of operations (in thousands): 2020 2019 2018 Net income (loss) $ 118,396 $ 9,064 $ 9,491 Net (income) loss attributable to noncontrolling interest in Columbia OP (3,226) — — Net (income) loss attributable to noncontrolling interest in consolidated joint venture 540 133 — Net income attributable to common stockholders 115,710 9,197 9,491 Distributions paid on unvested shares (453) (310) (296) Net income attributable to common stockholders used to calculate basic earnings per share 115,257 8,887 9,195 Net income attributable to noncontrolling interest in Columbia OP 3,226 — — Net income attributable to common stockholders and Columbia OP unit-holders used to calculated diluted earnings per share $ 118,483 $ 8,887 $ 9,195 The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of income (in thousands): 2020 2019 2018 Weighted-average common shares – basic 114,055 116,261 117,888 Plus Incremental Weighted-Average Shares From Time-Vested Conversions Less Assumed Share Repurchases: Convertible Preferred OP Units 3,049 — — Previously granted LTI Plan awards, unvested — 114 104 Future LTI Plan awards 3 83 319 Weighted-average common shares – diluted 117,107 116,458 118,311 |
Quarterly Results (Unaudited) (
Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2020 and 2019 (in thousands, except per-share data): 2020 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 76,254 $ 79,371 $ 82,084 $ 62,857 Net income attributable to common stockholders $ 6,290 $ 5,085 $ 5,367 $ 98,968 (1) Net income attributable to common stockholders per share – basic (2) $ 0.05 $ 0.04 $ 0.05 $ 0.87 Net income attributable to common stockholders per share – diluted (2) $ 0.05 $ 0.04 $ 0.05 $ 0.87 Dividends declared per share $ 0.21 $ 0.21 $ 0.21 $ 0.21 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 75,433 $ 72,730 $ 71,949 $ 68,725 Net income (loss) attributable to common stockholders $ 3,513 $ 47,747 (3) $ (20,286) (4) $ (21,777) (5) Net income (loss) attributable to common stockholders – basic (2) $ 0.03 $ 0.41 $ (0.17) $ (0.19) Net income (loss) attributable to common stockholders – diluted (2) $ 0.03 $ 0.41 $ (0.17) $ (0.19) Dividends declared per share $ 0.20 $ 0.20 $ 0.20 $ 0.21 (1) Net loss attributable to common stockholders for the fourth quarter of 2020 includes a gain on sale of real estate assets of $175.3 million, as described in Note 3, Transactions , offset by an impairment loss on goodwill $63.8 million related to the Normandy Acquisition, as described in Note 2, Summary of Significant Accounting Policies. (2) Quarterly net income (loss) per share – basic and diluted is calculated based on quarterly basic and diluted weighted-average shares outstanding, respectively. (3) Net income attributable to common stockholders for the second quarter of 2019 includes a gain on sale of real estate assets of $41.9 million, as described in Note 3, Transactions. (4) Net loss attributable to common stockholders for the third quarter of 2019 includes an impairment loss on real estate of $23.4 million related to sales of real estate assets, as described in Note 3, Transactions. (5) Net loss attributable to common stockholders for the fourth quarter of 2019 includes an impairment loss on real estate of $20.6 million related to sales of real estate assets, as described in Note 2, Summary of Significant Accounting Policies. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | The following table presents property operating revenues by geographic reportable segment (in thousands): For the Years Ended December 31, 2020 2019 2018 New York (1) $ 174,161 $ 157,244 $ 158,077 San Francisco (2) 134,224 114,295 105,947 Washington, D.C. (3) 58,373 58,200 57,274 Boston 16,090 14,285 13,441 All other office markets 2,567 49,075 65,178 Total office segments 385,415 393,099 399,917 Corporate (2,156) 3,137 3,165 Total $ 383,259 $ 396,236 $ 403,082 (1) Includes operating revenues for two unconsolidated properties, based on Columbia Property Trust's ownership interests: 8.65% for Terminal Warehouse from March 13, 2020 (acquisition date) to December 31, 2020; and 49.5% for 114 Fifth Avenue for all periods presented. (2) Includes operating revenues for three unconsolidated properties, based on Columbia Property Trust's ownership interests: 100.0% for 221 Main Street from January 1, 2018 to October 7, 2020, and 55.0% for 221 Main Street from October 8, 2020 to December 31, 2020; 77.5% for 333 Market Street and University Circle from January 1, 2018 through January 31, 2018; and 55.0% for 333 Market Street and University Circle from February 1, 2018 through December 31, 2020. (3) Includes operating revenues for two unconsolidated properties, based on Columbia Property Trust's ownership interests: 51.0% for the Market Square for all periods presented; 55.0% for 1800 M Street for all periods presented. A reconciliation of GAAP revenues to operating revenues is presented below (in thousands): For the Years Ended December 31, 2020 2019 2018 Total revenues $ 300,566 $ 288,837 $ 297,943 Operating revenues included in income (loss) from unconsolidated joint ventures (1) 121,139 114,943 112,523 Less: management fee revenues (2) (38,446) (7,544) (7,384) Total property operating revenues $ 383,259 $ 396,236 $ 403,082 (1) Columbia Property Trust records its interest in properties held through unconsolidated joint ventures using the equity method of accounting, and reflects its interest in the operating revenues of these properties in income (loss) from unconsolidated joint ventures in the accompanying consolidated statements of operations. (2) See Note 12, Non-Lease Revenues , of the accompanying consolidated financial statements. |
Schedule of Segment Reporting Information, by Segment | The following table presents net operating income by geographic reportable segment (in thousands): For the Years Ended December 31, 2020 2019 2018 New York (1) $ 107,956 $ 93,112 $ 94,765 San Francisco (2) 95,564 83,305 79,354 Washington, D.C. (3) 33,725 33,953 34,750 Boston 9,343 7,539 7,205 All other office markets 1,379 40,029 56,228 Total office segments 247,967 257,938 272,302 Corporate (1,774) (904) (803) Total $ 246,193 $ 257,034 $ 271,499 (1) Includes operating revenues for two unconsolidated properties, based on Columbia Property Trust's ownership interests: 8.65% for Terminal Warehouse from March 13, 2020 (acquisition date) to December 31, 2020; and 49.5% for 114 Fifth Avenue for all periods presented. (2) Includes operating revenues for three unconsolidated properties, based on Columbia Property Trust's ownership interests: 100.0% for 221 Main Street from January 1, 2018 to October 7, 2020, and 55.0% for 221 Main Street from October 8, 2020 to December 31, 2020; 77.5% for 333 Market Street and University Circle from January 1, 2018 through January 31, 2018; and 55.0% for 333 Market Street and University Circle from February 1, 2018 through December 31, 2020. (3) Includes operating revenues for two unconsolidated properties, based on Columbia Property Trust's ownership interests: 51.0% for the Market Square for all periods presented; 55.0% for 1800 M Street for all periods presented. A reconciliation of GAAP net income to NOI is presented below (in thousands): For the Years Ended December 31, 2020 2019 2018 Net income attributable to common stockholders $ 115,710 $ 9,197 $ 9,491 Management fee revenues (38,446) (7,544) (7,384) Depreciation 68,454 78,292 81,795 Amortization 30,578 27,908 32,554 Impairment loss on real estate assets — 43,941 30,812 Impairment loss on goodwill 63,806 — — General and administrative 44,011 32,779 32,979 Management fee expense 31,483 3,567 3,108 Acquisition and restructuring fees 19,004 6,398 — Net interest expense 36,740 42,997 56,477 Market value adjustments to investment in Real Estate Funds 700 — — Interest income from development authority bonds — — (6,871) (Gain) loss on extinguishment of debt — — (23,340) Income tax expense (2,805) 21 37 Adjustments included in loss from unconsolidated joint venture 62,893 61,634 62,603 Gain on sale of unconsolidated joint venture interest — — (762) Gains on sales of real estate assets (188,633) (42,030) — Adjustment attributable to noncontrolling interests 2,698 (126) — Net operating income $ 246,193 $ 257,034 $ 271,499 |
Organization (Details)
Organization (Details) ft² in Millions | 12 Months Ended |
Dec. 31, 2020ft²property | |
Real Estate | |
Square Feet of Commercial Space | ft² | 6.2 |
Leased Office Space of Owned Properties (as a percent) | 95.60% |
Office Building | |
Real Estate | |
Operating properties | 15 |
Number of Properties Under Development or Redevelopment | 4 |
Office Building | Wholly Owned Properties | |
Real Estate | |
Operating properties | 10 |
Office Building | Unconsolidated Properties | |
Real Estate | |
Operating properties | 9 |
Asset And Property Management Services Office Space | |
Real Estate | |
Square Feet of Commercial Space | ft² | 8 |
Columbia Operating Partnership | |
Real Estate | |
Ownership Percentage | 97.20% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives for Real Estate (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Buildings | |
Real Estate Properties [Line Items] | |
Estimated useful life of assets (in years) | 40 years |
Building and site improvements | Minimum | |
Real Estate Properties [Line Items] | |
Estimated useful life of assets (in years) | 5 years |
Building and site improvements | Maximum | |
Real Estate Properties [Line Items] | |
Estimated useful life of assets (in years) | 25 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Narrative) (Details) | Sep. 26, 2019USD ($) | Dec. 31, 2020USD ($)investmentbondinterest_rate_swap$ / sharesshares | Dec. 31, 2019USD ($)bond$ / shares | Sep. 30, 2019USD ($) | Dec. 31, 2020USD ($)investmentbondinterest_rate_swap$ / sharesshares | Dec. 31, 2019USD ($)bond$ / shares | Dec. 31, 2018USD ($) |
Property, Plant and Equipment [Line Items] | |||||||
Interest Capitalized to Investments in Unconsolidated Joint Ventures | $ 9,800,000 | $ 5,100,000 | |||||
Impairment loss on real estate assets | $ 23,400,000 | $ 0 | 43,941,000 | $ 30,812,000 | |||
Cash Equivalent Maturity Period (in months) | 3 months | ||||||
Write-Off of Tenant Receivables | $ 1,300,000 | 22,000 | |||||
Straight-Line Rent Write-Off | 7,200,000 | ||||||
Unrealized Loss on Investments in Real Estate Funds | (8,646,000) | (8,004,000) | (8,003,000) | ||||
Amortization of Deferred Lease Costs | 5,500,000 | 6,300,000 | 5,500,000 | ||||
Amortization of Lease Incentives | 500,000 | 700,000 | 2,100,000 | ||||
Impairment loss on goodwill | $ 63,800,000 | 63,806,000 | 0 | 0 | |||
Deferred Financing Costs | $ 1,470,000 | $ 2,084,000 | $ 1,470,000 | $ 2,084,000 | |||
Number of Series of Bonds | bond | 2 | 2 | 2 | 2 | |||
Common Stock, Par Value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||
Preferred Stock Shares Authorized (in share) | shares | 100,000,000 | 100,000,000 | |||||
Preferred Stock Par Value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||
Estimated Gain to be Reclassified from AOCI as Reduction to Interest Expense Over Next 12 Months | $ 7,100,000 | $ 7,100,000 | |||||
Minimum requirement to distribute taxable income (percent) | 90.00% | 90.00% | |||||
Limit on investments in taxable real estate investment trusts (percent) | 20.00% | 20.00% | |||||
Deferred Rent Payments | $ 700,000 | ||||||
Deferred Payments | $ 3,200,000 | ||||||
Interest Rate Contract | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of Derivative Instruments Held | interest_rate_swap | 2 | 2 | |||||
Notional Amount | $ 450,000,000 | $ 450,000,000 | |||||
Normandy Acquisition | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment loss on goodwill | 63,800,000 | ||||||
Real Estate Funds | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Carrying Value of Investment | $ 4,300,000 | 4,300,000 | |||||
Unrealized Loss on Investments in Real Estate Funds | $ 700,000 | ||||||
Real Estate Funds | Normandy | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of Real Estate Funds | investment | 3 | 3 | |||||
Real Estate Funds | Normandy | Minimum | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Economic Interest Percentage | 2.00% | ||||||
Real Estate Funds | Normandy | Maximum | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Economic Interest Percentage | 2.50% | ||||||
Term Loans | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Deferred Financing Costs | $ 1,470,000 | $ 2,084,000 | $ 1,470,000 | $ 2,084,000 | |||
Unsecured Debt | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Deferred Financing Costs | $ 2,954,000 | $ 3,552,000 | $ 2,954,000 | $ 3,552,000 | |||
Number of Series of Bonds | bond | 2 | 2 | 2 | 2 | |||
Unsecured Debt | 2026 Bonds Payable | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Debt Face Amount | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | |||
Debt Term | 10 years | 10 years | |||||
Stated Interest Rate | 3.65% | 3.65% | 3.65% | 3.65% | |||
Discount Rate of Face Value of Issued Debt Instrument | 99.626% | 99.626% | 99.626% | 99.626% | |||
Unsecured Debt | 2025 Bonds Payable | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Debt Face Amount | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | |||
Debt Term | 10 years | 10 years | |||||
Stated Interest Rate | 4.15% | 4.15% | 4.15% | 4.15% | |||
Discount Rate of Face Value of Issued Debt Instrument | 99.859% | 99.859% | 99.859% | 99.859% | |||
Common Stock | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Common Stock, Par Value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||
Stock Repurchase Program, Amount Available for Repurchase | $ 143,300,000 | $ 143,300,000 | |||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Pasedena Corporate Park | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment loss on real estate assets | $ 20,600,000 | ||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Lindbergh Center | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment loss on real estate assets | $ 23,400,000 | 23,400,000 | |||||
Level 1 | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Pasedena Corporate Park | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Real Estate Investment, Fair Value | 74,500,000 | $ 74,500,000 | |||||
Level 1 | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Lindbergh Center | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Real Estate Investment, Fair Value | $ 181,000,000 | ||||||
Corporate Joint Venture | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Interest Capitalized to Investments in Unconsolidated Joint Ventures | 2,000,000 | 1,300,000 | |||||
Carrying Value of Investment | $ 1,295,800,000 | $ 1,054,460,000 | 1,295,800,000 | 1,054,460,000 | |||
Interest Expense | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Amortization of Deferred Financing Costs | $ 2,400,000 | $ 2,400,000 | $ 2,900,000 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Assets and Liabilities Held for sale (Details) $ in Thousands | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) |
Accounting Policies [Abstract] | ||
Number of properties held-for-sale | property | 0 | |
Land | $ 57,117 | |
Buildings and improvements, less accumulated depreciation of $80,543 | 157,701 | |
Construction in progress | 138 | |
Total real estate assets held for sale, net | 214,956 | |
Tenant receivables | 156 | |
Straight-line rent receivables | 12,591 | |
Prepaid expenses and other assets | 334 | |
Deferred lease costs, less accumulated amortization of $10,222 | 10,836 | |
Total other assets held for sale, net | $ 0 | 23,917 |
Accounts payable, accrued expenses, and accrued capital expenditures | 1,151 | |
Deferred income | 1,903 | |
Total liabilities held for sale | 3,054 | |
Accumulated depreciation | 80,543 | |
Accumulated amortization | $ 10,222 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Intangible Assets & Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible Lease Assets | |||
Intangible lease assets, accumulated amortization | $ (57,947) | $ (58,659) | |
Intangible lease origination costs, accumulated amortization | (35,161) | (33,731) | |
Intangible lease assets, net | 46,075 | 61,025 | |
Intangible lease origination costs, net | 21,451 | 27,971 | |
Intangible Below-Market In-Place Lease Liabilities | |||
Intangible below-market in-place lease liabilities, gross | 23,287 | 36,966 | |
Intangible below-market in-place lease liabilities, accumulated amortization | (8,867) | (15,127) | |
Below market lease, net | 14,420 | 21,839 | |
Amortization of intangible lease assets | |||
Amortization of intangible lease assets | 30,578 | 27,908 | $ 32,554 |
Amortization of below market lease liabilities | 5,461 | 5,395 | 6,851 |
Above-Market In-Place Lease Assets | |||
Intangible Lease Assets | |||
Intangible lease assets, gross | 2,480 | 2,481 | |
Intangible lease assets, accumulated amortization | (1,374) | (1,202) | |
Intangible lease assets, net | 1,106 | 1,279 | |
Amortization of intangible lease assets | |||
Amortization of intangible lease assets | 172 | 288 | 228 |
Absorption Period Costs | |||
Intangible Lease Assets | |||
Intangible lease assets, gross | 101,542 | 117,203 | |
Intangible lease assets, accumulated amortization | (56,573) | (57,457) | |
Intangible lease assets, net | 44,969 | 59,746 | |
Amortization of intangible lease assets | |||
Amortization of intangible lease assets | 12,879 | 13,511 | 17,137 |
Intangible Lease Origination Costs | |||
Intangible Lease Assets | |||
Intangible lease origination costs, gross | 56,612 | 61,702 | |
Intangible lease origination costs, accumulated amortization | (35,161) | (33,731) | |
Intangible lease origination costs, net | 21,451 | 27,971 | |
Amortization of intangible lease assets | |||
Amortization of intangible lease assets | $ 5,871 | $ 7,398 | $ 9,660 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Net Below-Market Lease Asset Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible Lease Assets | ||
Intangible lease assets, net | $ 46,075 | $ 61,025 |
Intangible lease origination costs, net | 21,451 | 27,971 |
Intangible Below-Market In-Place Lease Liabilities | ||
2021 | 2,801 | |
2022 | 2,571 | |
2023 | 1,995 | |
2024 | 1,748 | |
2025 | 1,182 | |
Thereafter | 4,123 | |
Below market lease, net | $ 14,420 | 21,839 |
Weighted - average amortization period (in years) | 6 years 3 months 18 days | |
Above-Market In-Place Lease Assets | ||
Intangible Lease Assets | ||
2021 | $ 172 | |
2022 | 172 | |
2023 | 172 | |
2024 | 172 | |
2025 | 172 | |
Thereafter | 246 | |
Intangible lease assets, net | $ 1,106 | 1,279 |
Weighted - average amortization period (in years) | 5 years 8 months 12 days | |
Absorption Period Costs | ||
Intangible Lease Assets | ||
2021 | $ 8,963 | |
2022 | 7,620 | |
2023 | 6,138 | |
2024 | 5,333 | |
2025 | 3,943 | |
Thereafter | 12,972 | |
Intangible lease assets, net | $ 44,969 | 59,746 |
Weighted - average amortization period (in years) | 4 years 8 months 12 days | |
Intangible Lease Origination Costs | ||
Intangible Lease Assets | ||
2021 | $ 4,410 | |
2022 | 3,335 | |
2023 | 2,810 | |
2024 | 2,500 | |
2025 | 1,849 | |
Thereafter | 6,547 | |
Intangible lease origination costs, net | $ 21,451 | $ 27,971 |
Weighted - average amortization period (in years) | 4 years 2 months 12 days |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Interest Rate Swaps) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of Derivative Instruments Impact on Results of Operations [Abstract] | |||
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income (loss) | $ (17,619) | $ (3,445) | $ 1,441 |
Interest Rate Contract | Prepaid Expenses and Other Assets | |||
Derivative, Fair Value, Net [Abstract] | |||
Derivative designated as hedging instruments, interest rate contracts | 0 | 551 | |
Interest Rate Contract | Accounts Payable | |||
Derivative, Fair Value, Net [Abstract] | |||
Derivative designated as hedging instruments, interest rate contracts | $ 18,720 | $ 1,652 |
Transactions - Narrative (Detai
Transactions - Narrative (Details) $ / shares in Units, ft² in Thousands | Mar. 13, 2020USD ($)ft² | Jan. 24, 2020USD ($)component$ / sharesshares | Dec. 09, 2019USD ($)ft²Tenant | Dec. 02, 2019USD ($)ft² | Sep. 26, 2019USD ($) | Oct. 24, 2018USD ($)ft² | Oct. 03, 2018USD ($)ft² | Feb. 01, 2018USD ($) | Jul. 06, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2020USD ($)ft²extension | Dec. 31, 2020USD ($)ft²extension | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Oct. 09, 2020USD ($) | Oct. 08, 2020USD ($) | Mar. 31, 2020USD ($) |
Business Acquisition [Line Items] | |||||||||||||||||||
Square feet of space | ft² | 6,200 | 6,200 | |||||||||||||||||
Payments to Acquire Real Estate | $ 0 | $ 453,128,000 | $ 23,034,000 | ||||||||||||||||
Purchase Price of Joint Venture | 58,881,000 | 17,134,000 | 38,763,000 | ||||||||||||||||
Real estate assets transferred to unconsolidated joint venture | 208,476,000 | 0 | 0 | ||||||||||||||||
Net proceeds from the sale of investments in unconsolidated joint ventures | 0 | 0 | 235,083,000 | ||||||||||||||||
Impairment loss on real estate assets | $ 23,400,000 | 0 | 43,941,000 | $ 30,812,000 | |||||||||||||||
221 Main Street Joint Venture | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Ownership Interest | 55.00% | ||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 221 Main Street Joint Venture | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Sales Price | $ 400,000,000 | $ 180,000,000 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Pasadena Corporate Park | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Sales Price | $ 78,000,000 | ||||||||||||||||||
Impairment loss on real estate assets | $ 20,600,000 | ||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Lindbergh Center | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Sales Price | $ 187,000,000 | ||||||||||||||||||
Impairment loss on real estate assets | $ 23,400,000 | $ 23,400,000 | |||||||||||||||||
Normandy Acquisition | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Purchase Price (in thousands): | component | 2 | ||||||||||||||||||
Cash Payment | $ 14,000,000 | ||||||||||||||||||
Transaction costs related to acquisition | $ 6,400,000 | $ 6,400,000 | $ 19,000,000 | 19,000,000 | 6,400,000 | ||||||||||||||
Revenue of Acquiree Since Acquisition Date | 26,300,000 | ||||||||||||||||||
Earnings (loss) of Acquiree Since Acquisition Date | 5,100,000 | ||||||||||||||||||
Normandy Acquisition | Series A Convertible, Perpetual Preferred Units | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Issuance of Shares (in shares) | shares | 3,264,151 | ||||||||||||||||||
Liquidation Preference (usd per share) | $ / shares | $ 26.50 | ||||||||||||||||||
Estimated Fair Value (usd per share) | $ / shares | $ 24.43 | ||||||||||||||||||
Compensation Expense | $ 24,400,000 | ||||||||||||||||||
Terminal Warehouse Joint Venture | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Payments to Acquire Real Estate | $ 40,048,000 | ||||||||||||||||||
201 California Street | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Revenue of Acquiree Since Acquisition Date | 1,400,000 | ||||||||||||||||||
Earnings (loss) of Acquiree Since Acquisition Date | $ 100,000 | ||||||||||||||||||
Square feet of space | ft² | 252 | ||||||||||||||||||
Percent leased | 99.00% | ||||||||||||||||||
Number of Tenants | Tenant | 34 | ||||||||||||||||||
Payments to Acquire Real Estate | $ 238,900,000 | ||||||||||||||||||
Ownership Interest | 100.00% | ||||||||||||||||||
101 Franklin Street | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Earnings (loss) of Acquiree Since Acquisition Date | $ 37,000 | ||||||||||||||||||
Square feet of space | ft² | 235 | ||||||||||||||||||
Payments to Acquire Real Estate | $ 205,500,000 | ||||||||||||||||||
Ownership Interest | 0.15% | 92.50% | |||||||||||||||||
Lindbergh Center – Retail | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Payments to Acquire Real Estate | $ 23,000,000 | ||||||||||||||||||
Ownership Interest | 100.00% | ||||||||||||||||||
Ancillary Retail And Office Building | Lindbergh Center – Retail | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Square feet of space | ft² | 147 | ||||||||||||||||||
Customer Concentration Risk | First Republic Bank | 201 California Street | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Concentration Risk Percentage | 13.00% | ||||||||||||||||||
Customer Concentration Risk | Dow Jones & Company, Inc. | 201 California Street | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Concentration Risk Percentage | 12.00% | ||||||||||||||||||
Customer Concentration Risk | Cooper, White & Cooper, LLP | 201 California Street | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Concentration Risk Percentage | 12.00% | ||||||||||||||||||
Corporate Joint Venture | Terminal Warehouse Joint Venture | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Ownership Percentage | 33.00% | ||||||||||||||||||
Square feet of space | ft² | 1,200 | ||||||||||||||||||
Debt Term | 2 years | ||||||||||||||||||
Total Capacity | $ 650,000,000 | ||||||||||||||||||
Outstanding balance | $ 643,800,000 | $ 643,800,000 | |||||||||||||||||
Number of Extension Options | extension | 2 | 2 | |||||||||||||||||
Corporate Joint Venture | 799 Broadway Joint Venture | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Purchase Price of Joint Venture | $ 30,200,000 | ||||||||||||||||||
Ownership Interest | 49.70% | 49.70% | 49.70% | ||||||||||||||||
Corporate Joint Venture | 799 Broadway Joint Venture | Office Building | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Square feet of space | ft² | 182 | ||||||||||||||||||
Corporate Joint Venture | San Francisco Joint Ventures | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Net proceeds from the sale of investments in unconsolidated joint ventures | $ 235,300,000 | ||||||||||||||||||
Ownership Interest | 55.00% | ||||||||||||||||||
Corporate Joint Venture | 799 Broadway Joint Venture | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Proceeds from Construction Loan | $ 97,000,000 | $ 140,400,000 | |||||||||||||||||
Corporate Joint Venture | Normandy | 799 Broadway Joint Venture | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Real estate assets transferred to unconsolidated joint venture | 145,500,000 | ||||||||||||||||||
Corporate Joint Venture | Allianz | San Francisco Joint Ventures | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Net proceeds from the sale of investments in unconsolidated joint ventures | $ 234,000,000 | ||||||||||||||||||
Construction Loan Payable | Corporate Joint Venture | 799 Broadway Joint Venture | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Total Capacity | $ 187,000,000 |
Transactions - Initial Purchase
Transactions - Initial Purchase Consideration (Details) $ in Thousands | Jan. 24, 2020USD ($)joint_venture | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | |||||
Impairment loss on goodwill | $ 63,800 | $ 63,806 | $ 0 | $ 0 | |
Normandy Acquisition | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 63,806 | ||||
Prepaid expenses and other assets | 7,670 | ||||
Cash | 1,260 | ||||
Operating lease assets | 934 | ||||
Investments in unconsolidated joint ventures | 419 | ||||
Accounts payable, accrued expenses, and accrued capital expenditures | (2,881) | ||||
Operating lease liabilities | (934) | ||||
Deferred income | (77) | ||||
Total purchase price | 70,197 | ||||
Impairment loss on goodwill | $ 63,800 | ||||
Investments in real estate funds | $ 3,700 | ||||
Number of unconsolidated joint ventures | joint_venture | 5 | ||||
Normandy Acquisition | Series A Convertible, Perpetual Preferred Units | |||||
Business Acquisition [Line Items] | |||||
Compensation Expense | $ 24,400 |
Transactions - Schedule of Prop
Transactions - Schedule of Properties Acquired (Details) - USD ($) $ in Thousands | Mar. 13, 2020 | Dec. 09, 2019 | Dec. 02, 2019 | Oct. 24, 2018 | Oct. 03, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 24, 2020 |
Business Acquisition [Line Items] | |||||||||
Purchase Price | $ 0 | $ 453,128 | $ 23,034 | ||||||
Terminal Warehouse Joint Venture | Corporate Joint Venture | |||||||||
Business Acquisition [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 8.65% | ||||||||
Terminal Warehouse Joint Venture | |||||||||
Business Acquisition [Line Items] | |||||||||
Purchase Price | $ 40,048 | ||||||||
201 California Street | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership Interest | 100.00% | ||||||||
Purchase Price | $ 238,900 | ||||||||
101 Franklin Street | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership Interest | 92.50% | 0.15% | |||||||
Purchase Price | $ 205,500 | ||||||||
Lindbergh Center – Retail | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership Interest | 100.00% | ||||||||
Purchase Price | $ 23,000 | ||||||||
799 Broadway | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership Interest | 49.70% | ||||||||
Purchase Price | $ 30,200 |
Transactions - Purchase Price A
Transactions - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jan. 24, 2020 | Dec. 09, 2019 | Dec. 02, 2019 |
201 California Street | |||
Purchase Price (in thousands): | |||
Land | $ 77,833 | ||
Building and improvements | 157,513 | ||
Intangible below market lease liability | (8,064) | ||
Total purchase price | $ 246,308 | ||
Ownership Interest | 100.00% | ||
101 Franklin Street | |||
Purchase Price (in thousands): | |||
Land | $ 57,145 | ||
Building and improvements | 149,500 | ||
Intangible below market lease liability | 0 | ||
Total purchase price | $ 206,645 | ||
Ownership Interest | 0.15% | 92.50% | |
Intangible lease assets | 201 California Street | |||
Purchase Price (in thousands): | |||
Intangible lease assets | $ 13,241 | ||
Intangible lease assets | 101 Franklin Street | |||
Purchase Price (in thousands): | |||
Intangible lease assets | $ 0 | ||
Intangible lease origination costs | 201 California Street | |||
Purchase Price (in thousands): | |||
Intangible lease assets | $ 5,785 | ||
Intangible lease origination costs | 101 Franklin Street | |||
Purchase Price (in thousands): | |||
Intangible lease assets | $ 0 |
Transactions - Pro Forma (Detai
Transactions - Pro Forma (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisitions and Dispositions [Abstract] | ||
Revenues | $ 304,756 | $ 312,003 |
Net income attributable to common stockholders of Columbia Property Trust | $ 17,600 | $ 16,822 |
Transactions - Dispositions (De
Transactions - Dispositions (Details) - USD ($) | Oct. 08, 2020 | Mar. 31, 2020 | Jan. 16, 2020 | Sep. 26, 2019 | Apr. 15, 2019 | May 29, 2018 | Apr. 13, 2018 | Feb. 01, 2018 | Jul. 06, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 09, 2020 |
Business Acquisition [Line Items] | ||||||||||||||||||
Net proceeds from the sale of investments in unconsolidated joint ventures | $ 0 | $ 0 | $ 235,083,000 | |||||||||||||||
Gain on sale of real estate | $ 175,300,000 | $ 41,900,000 | ||||||||||||||||
Impairment loss on real estate assets | $ 23,400,000 | 0 | 43,941,000 | 30,812,000 | ||||||||||||||
Gain on extinguishment of debt | $ 0 | $ 0 | $ 23,340,000 | |||||||||||||||
San Francisco Joint Ventures | Corporate Joint Venture | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Net proceeds from the sale of investments in unconsolidated joint ventures | $ 235,300,000 | |||||||||||||||||
Ownership Interest | 55.00% | |||||||||||||||||
San Francisco Joint Ventures | Corporate Joint Venture | Allianz | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
% Sold | 22.50% | |||||||||||||||||
Net proceeds from the sale of investments in unconsolidated joint ventures | $ 234,000,000 | |||||||||||||||||
Additional ownership percentage acquired | 22.50% | |||||||||||||||||
Credit Facilities | Revolving Credit Facility | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Repayments of Debt | 46,000,000 | |||||||||||||||||
Bridge Loan | $300 Million Bridge Loan | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Repayments of Debt | $ 180,000,000 | |||||||||||||||||
Bridge loan | $ 300,000,000 | |||||||||||||||||
Mortgages | 263 Shuman Boulevard Building mortgage note | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Extinguishment of debt | $ 49,000,000 | |||||||||||||||||
Gain on extinguishment of debt | $ 24,000,000 | |||||||||||||||||
221 Main Street | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Ownership Interest | 55.00% | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 221 Main Street | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
% Sold | 45.00% | 45.00% | ||||||||||||||||
Sales Price | $ 180,000,000 | $ 400,000,000 | ||||||||||||||||
Gain on sale of real estate | $ 175,271,000 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Pasadena Corporate Park | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
% Sold | 100.00% | |||||||||||||||||
Sales Price | $ 78,000,000 | |||||||||||||||||
Gain on sale of real estate | $ (67,000) | |||||||||||||||||
Impairment loss on real estate assets | $ 20,600,000 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Cranberry Woods Drive | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
% Sold | 100.00% | |||||||||||||||||
Sales Price | $ 180,000,000 | |||||||||||||||||
Gain on sale of real estate | $ 13,428,000 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Lindbergh Center | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
% Sold | 100.00% | |||||||||||||||||
Sales Price | $ 187,000,000 | |||||||||||||||||
Gain on sale of real estate | 0 | |||||||||||||||||
Impairment loss on real estate assets | $ 23,400,000 | $ 23,400,000 | ||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | One & Three Glenlake Parkway | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
% Sold | 100.00% | |||||||||||||||||
Sales Price | $ 227,500,000 | |||||||||||||||||
Gain on sale of real estate | 42,030,000 | |||||||||||||||||
Adjustments for tenant improvement allowances and rent abatements | $ 33,600,000 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 222 East 41st Street | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
% Sold | 100.00% | |||||||||||||||||
Sales Price | $ 332,500,000 | |||||||||||||||||
Gain on sale of real estate | $ 0 | |||||||||||||||||
Impairment loss on real estate assets | $ 30,800,000 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 263 Shuman Boulevard | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
% Sold | 100.00% | |||||||||||||||||
Sales Price | $ 49,000,000 | |||||||||||||||||
Gain on sale of real estate | $ 24,039,000 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | University Circle & 333 Market Street Joint Ventures | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
% Sold | 22.50% | |||||||||||||||||
Sales Price | $ 235,300,000 | |||||||||||||||||
Gain on sale of real estate | $ 762,000 |
Unconsolidated Joint Ventures -
Unconsolidated Joint Ventures - Summary of Financial Information for the Joint Ventures (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)extension | Dec. 31, 2019USD ($) | Dec. 31, 2018 | Oct. 03, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||
Difference between carrying amount and underlying equity | $ 383,500 | $ 279,200 | ||
Interest capitalized | 11,800 | 6,400 | ||
Corporate Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Carrying Value of Investment | $ 1,295,800 | 1,054,460 | ||
Corporate Joint Venture | Unconsolidated Properties | L&L Normandy Terminal Asset Manager, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Interest | 67.00% | |||
Corporate Joint Venture | Unconsolidated Properties | L&L Normandy Terminal Development Manager, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Interest | 50.00% | |||
Corporate Joint Venture | Unconsolidated Properties | L&L Normandy Terminal Property Manager | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Interest | 50.00% | |||
Corporate Joint Venture | Unconsolidated Properties | WNK Maiden Management | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Interest | 50.00% | |||
Corporate Joint Venture | Unconsolidated Properties | Maple AB Services, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Interest | 55.00% | |||
Corporate Joint Venture | Market Square Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Interest | 51.00% | |||
Carrying Value of Investment | $ 134,747 | 135,557 | ||
Corporate Joint Venture | University Circle Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Interest | 55.00% | |||
Carrying Value of Investment | $ 276,574 | 283,633 | ||
Corporate Joint Venture | 333 Market Street Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Interest | 55.00% | |||
Carrying Value of Investment | $ 265,673 | $ 269,638 | ||
Corporate Joint Venture | 114 Fifth Avenue Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Interest | 49.50% | 49.50% | 49.50% | |
Carrying Value of Investment | $ 74,273 | $ 87,750 | ||
Corporate Joint Venture | 1800 M Street Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Interest | 55.00% | |||
Carrying Value of Investment | $ 227,847 | 233,196 | ||
Corporate Joint Venture | 799 Broadway Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Interest | 49.70% | 49.70% | ||
Carrying Value of Investment | $ 53,248 | 44,686 | ||
Interest capitalized | $ 2,000 | 1,300 | ||
Corporate Joint Venture | Terminal Warehouse Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Interest | 8.65% | |||
Carrying Value of Investment | $ 43,771 | 0 | ||
Corporate Joint Venture | 221 Main Street Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Interest | 55.00% | |||
Carrying Value of Investment | $ 219,078 | 0 | ||
Corporate Joint Venture | Real Estate Services Joint Ventures | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Carrying Value of Investment | $ 589 | $ 0 | ||
Corporate Joint Venture | Real Estate Services Joint Ventures | Unconsolidated Properties | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of unconsolidated joint ventures | extension | 5 |
Unconsolidated Joint Ventures_2
Unconsolidated Joint Ventures (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)joint_venture | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Related Party Transaction [Line Items] | |||
Number of unconsolidated joint ventures | joint_venture | 2 | ||
Prepaid Expenses and Other Assets | Corporate Joint Venture | |||
Related Party Transaction [Line Items] | |||
Property management fees due to Columbia Property Trust | $ 400 | $ 600 | |
Management fee revenues | |||
Related Party Transaction [Line Items] | |||
Revenue | 38,446 | 7,544 | $ 7,384 |
Management fee revenues | Other Property Income | |||
Related Party Transaction [Line Items] | |||
Revenue | $ 6,900 | $ 4,300 | $ 4,200 |
Unconsolidated Joint Ventures_3
Unconsolidated Joint Ventures (Condensed Balance Sheet Information) (Details) | Oct. 03, 2018USD ($) | Dec. 31, 2020USD ($)extension | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | $ 4,086,518,000 | $ 4,244,945,000 | |||
Total Debt | 1,402,924,000 | 1,616,328,000 | |||
Total Equity | 2,683,594,000 | 2,628,617,000 | $ 2,741,016,000 | $ 2,531,936,000 | |
Corporate Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 3,561,238,000 | 2,291,036,000 | |||
Total Debt | 1,107,617,000 | 434,550,000 | |||
Total Equity | 2,009,444,000 | 1,441,218,000 | |||
Corporate Joint Venture | Market Square Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 577,095,000 | 582,747,000 | |||
Total Debt | 324,868,000 | 324,815,000 | |||
Total Equity | 237,778,000 | 241,719,000 | |||
Corporate Joint Venture | University Circle Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 213,045,000 | 216,546,000 | |||
Total Debt | 0 | 0 | |||
Total Equity | 208,541,000 | 212,656,000 | |||
Corporate Joint Venture | 333 Market Street Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 357,370,000 | 367,652,000 | |||
Total Debt | 0 | 0 | |||
Total Equity | 344,103,000 | 352,385,000 | |||
Corporate Joint Venture | 114 Fifth Avenue Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 462,319,000 | 485,442,000 | |||
Total Debt | 0 | 0 | |||
Total Equity | 101,952,000 | 127,554,000 | |||
Corporate Joint Venture | 1800 M Street Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 427,602,000 | 437,439,000 | |||
Total Debt | 0 | 0 | |||
Total Equity | 411,957,000 | 421,588,000 | |||
Corporate Joint Venture | 799 Broadway Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 246,456,000 | 201,210,000 | |||
Total Debt | 138,930,000 | 109,735,000 | |||
Total Equity | 99,000,000 | 85,316,000 | |||
Corporate Joint Venture | Terminal Warehouse Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 1,045,852,000 | 0 | |||
Total Debt | 643,819,000 | 0 | |||
Total Equity | 380,277,000 | 0 | |||
Corporate Joint Venture | 221 Main Street Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 229,745,000 | 0 | |||
Total Debt | 0 | 0 | |||
Total Equity | 224,732,000 | 0 | |||
Corporate Joint Venture | Real Estate Services Joint Ventures | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 1,754,000 | 0 | |||
Total Debt | 0 | 0 | |||
Total Equity | 1,104,000 | 0 | |||
Blackstone Property Partners | Corporate Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Mortgage note transferred to joint venture | $ 325,000,000 | $ 325,000,000 | |||
Stated Interest Rate | 5.07% | 5.07% | |||
799 Broadway Joint Venture | Corporate Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Proceeds from Construction Loan | $ 97,000,000 | $ 140,400,000 | |||
Deferred financing costs | 1,500,000 | ||||
Borrowing capacity | $ 187,000,000 | ||||
Interest rate | 4.00% | ||||
Basis spread | 4.25% | ||||
Number of extension options | extension | 2 | ||||
Extension term | 1 year | ||||
799 Broadway Joint Venture | Corporate Joint Venture | Construction Loan Payable | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Capacity | $ 187,000,000 | ||||
Terminal Warehouse Joint Venture | Corporate Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Proceeds from Construction Loan | $ 643,800,000 | ||||
Number of extension options | extension | 2 | ||||
LIBOR (minimum) | 2.28% | ||||
LIBOR (maximum) | 3.50% | ||||
Terminal Warehouse Joint Venture | Corporate Joint Venture | London Interbank Offered Rate (LIBOR) | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Variable rate margin | 3.40% | ||||
Terminal Warehouse Joint Venture | Corporate Joint Venture | Construction Loan Payable | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Capacity | $ 650,000,000 |
Unconsolidated Joint Ventures_4
Unconsolidated Joint Ventures (Condensed Income Statement Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total Revenues | $ 62,857 | $ 82,084 | $ 79,371 | $ 76,254 | $ 68,725 | $ 71,949 | $ 72,730 | $ 75,433 | $ 300,566 | $ 288,837 | $ 297,943 |
Net Income (Loss) | 118,396 | 9,064 | 9,491 | ||||||||
Corporate Joint Venture | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total Revenues | 251,880 | 201,632 | 194,057 | ||||||||
Net Income (Loss) | 9,815 | 20,996 | 19,943 | ||||||||
Columbia Property Trust's Share of Net Income (Loss) | 14,387 | 12,642 | 12,704 | ||||||||
Corporate Joint Venture | Market Square Joint Venture | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total Revenues | 49,117 | 47,737 | 44,815 | ||||||||
Net Income (Loss) | (11,075) | (11,515) | (12,304) | ||||||||
Columbia Property Trust's Share of Net Income (Loss) | (5,648) | (5,873) | (6,275) | ||||||||
Corporate Joint Venture | University Circle Joint Venture | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total Revenues | 42,856 | 44,427 | 43,581 | ||||||||
Net Income (Loss) | 21,954 | 24,251 | 23,776 | ||||||||
Columbia Property Trust's Share of Net Income (Loss) | 12,075 | 13,338 | 13,478 | ||||||||
Corporate Joint Venture | 333 Market Street Joint Venture | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total Revenues | 28,435 | 28,170 | 27,006 | ||||||||
Net Income (Loss) | 14,687 | 14,929 | 14,620 | ||||||||
Columbia Property Trust's Share of Net Income (Loss) | 8,078 | 8,211 | 8,312 | ||||||||
Corporate Joint Venture | 114 Fifth Avenue Joint Venture | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total Revenues | 42,274 | 42,921 | 41,169 | ||||||||
Net Income (Loss) | (10,532) | (10,674) | (10,256) | ||||||||
Columbia Property Trust's Share of Net Income (Loss) | (5,214) | (5,283) | (5,077) | ||||||||
Corporate Joint Venture | 1800 M Street Joint Venture | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total Revenues | 38,455 | 38,377 | 37,486 | ||||||||
Net Income (Loss) | 5,784 | 4,887 | 4,239 | ||||||||
Columbia Property Trust's Share of Net Income (Loss) | 3,180 | 2,688 | 2,332 | ||||||||
Corporate Joint Venture | 799 Broadway Joint Venture | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total Revenues | 0 | 0 | 0 | ||||||||
Net Income (Loss) | (249) | (882) | (132) | ||||||||
Columbia Property Trust's Share of Net Income (Loss) | (124) | (439) | (66) | ||||||||
Corporate Joint Venture | Terminal Warehouse Joint Venture | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total Revenues | 35,124 | 0 | 0 | ||||||||
Net Income (Loss) | (17,706) | 0 | 0 | ||||||||
Columbia Property Trust's Share of Net Income (Loss) | (1,532) | 0 | 0 | ||||||||
Corporate Joint Venture | 221 Main Street Joint Venture | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total Revenues | 7,516 | 0 | 0 | ||||||||
Net Income (Loss) | 2,474 | 0 | 0 | ||||||||
Columbia Property Trust's Share of Net Income (Loss) | 1,361 | 0 | 0 | ||||||||
Corporate Joint Venture | Real Estate Services Joint Ventures | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total Revenues | 8,103 | 0 | 0 | ||||||||
Net Income (Loss) | 4,478 | 0 | 0 | ||||||||
Columbia Property Trust's Share of Net Income (Loss) | $ 2,211 | $ 0 | $ 0 |
Unconsolidated Joint Ventures_5
Unconsolidated Joint Ventures (Property and Asset Management Fees) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Asset and property management fee income | $ 38,400 | $ 7,500 | $ 7,400 |
Corporate Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset and property management fee income | 8,826 | 7,544 | 7,384 |
Corporate Joint Venture | Market Square Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset and property management fee income | 2,342 | 2,256 | 2,156 |
Corporate Joint Venture | University Circle Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset and property management fee income | 2,327 | 2,313 | 2,283 |
Corporate Joint Venture | 333 Market Street Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset and property management fee income | 856 | 819 | 784 |
Corporate Joint Venture | 1800 M Street Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset and property management fee income | 2,341 | 2,156 | 2,161 |
Corporate Joint Venture | 799 Broadway Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset and property management fee income | 524 | 0 | 0 |
Corporate Joint Venture | 221 Main Street Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset and property management fee income | $ 436 | $ 0 | $ 0 |
Line of Credit and Notes Paya_3
Line of Credit and Notes Payable - Schedule of Long-Term Debt (excluding Bonds Payable) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Outstanding debt | $ 558,530,000 | $ 781,916,000 |
Less: Deferred financing costs related to term loans | (1,470,000) | (2,084,000) |
Total indebtedness | 558,530,000 | 781,916,000 |
Term Loans | ||
Debt Instrument [Line Items] | ||
Less: Deferred financing costs related to term loans | (1,470,000) | (2,084,000) |
Term Loans | $300 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Debt Face Amount | 300,000,000 | |
Outstanding debt | $ 300,000,000 | 300,000,000 |
Effective interest rate | 2.55% | |
Term Loans | $150 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Debt Face Amount | $ 150,000,000 | |
Outstanding debt | $ 150,000,000 | 150,000,000 |
Effective interest rate | 3.07% | |
Credit Facilities | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Outstanding debt | $ 110,000,000 | $ 334,000,000 |
Base Rate | Term Loans | Minimum | $300 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Variable rate margin | 0.00% | |
Base Rate | Term Loans | Maximum | $300 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Variable rate margin | 0.65% | |
Base Rate | Credit Facilities | Minimum | $150 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Variable rate margin | 0.00% | |
Base Rate | Credit Facilities | Maximum | $150 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Variable rate margin | 0.75% | |
London Interbank Offered Rate (LIBOR) | Term Loans | $300 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Variable rate margin | 1.00% | |
London Interbank Offered Rate (LIBOR) | Term Loans | $150 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Variable rate margin | 1.10% | |
London Interbank Offered Rate (LIBOR) | Term Loans | Minimum | $300 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Variable rate margin | 0.85% | |
London Interbank Offered Rate (LIBOR) | Term Loans | Maximum | $300 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Variable rate margin | 1.65% | |
London Interbank Offered Rate (LIBOR) | Credit Facilities | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Variable rate margin | 0.90% | |
London Interbank Offered Rate (LIBOR) | Credit Facilities | Minimum | $150 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Variable rate margin | 0.90% | |
London Interbank Offered Rate (LIBOR) | Credit Facilities | Maximum | $150 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Variable rate margin | 1.75% | |
Interest Rate Swap | $300 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 300,000,000 | |
Interest Rate Swap | $150 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 150,000,000 |
Line of Credit and Notes Paya_4
Line of Credit and Notes Payable (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)extension | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |||
Outstanding debt | $ 558,530,000 | $ 781,916,000 | |
Carrying value of the line of credit, term loan and notes payable | $ 560,000,000 | 784,000,000 | |
Weighted-average interest rate | 2.85% | ||
Interest payments | $ 19,100,000 | 17,900,000 | $ 22,100,000 |
Interest capitalized | 11,800,000 | 6,400,000 | |
Interest Capitalized to Investments in Unconsolidated Joint Ventures | 9,800,000 | 5,100,000 | |
Corporate Joint Venture | |||
Debt Instrument [Line Items] | |||
Interest Capitalized to Investments in Unconsolidated Joint Ventures | 2,000,000 | 1,300,000 | |
Fair Value, Inputs, Level 2 | |||
Debt Instrument [Line Items] | |||
Fair value of line of credit and notes payable | $ 564,600,000 | 784,100,000 | |
Letter of Credit | Maximum | |||
Debt Instrument [Line Items] | |||
Restrictive covenant ratio of secured debt to total asset | 40.00% | ||
Restrictive covenant ratio of debt to total asset | 60.00% | ||
Restrictive covenant ratio of debt to total asset following material transaction | 65.00% | ||
Credit Facilities | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Term of extension | 1 year | ||
Credit Facilities | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Outstanding debt | $ 110,000,000 | 334,000,000 | |
Credit Facilities | Revolving Credit Facility | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Total Capacity | $ 650,000,000 | ||
Number of possible extensions | extension | 2 | ||
Term of extension | 6 months | ||
Credit Facilities | Revolving Credit Facility | Base Rate | Revolving Credit Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Variable rate margin | 0.00% | ||
Credit Facilities | Revolving Credit Facility | Base Rate | Revolving Credit Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Variable rate margin | 0.45% | ||
Credit Facilities | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Variable rate margin | 0.90% | ||
Credit Facilities | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Variable rate margin | 0.775% | ||
Credit Facilities | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Variable rate margin | 1.45% | ||
Credit Facilities | $150 Million Term Loan | Base Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Variable rate margin | 0.00% | ||
Credit Facilities | $150 Million Term Loan | Base Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Variable rate margin | 0.75% | ||
Credit Facilities | $150 Million Term Loan | London Interbank Offered Rate (LIBOR) | Minimum | |||
Debt Instrument [Line Items] | |||
Variable rate margin | 0.90% | ||
Credit Facilities | $150 Million Term Loan | London Interbank Offered Rate (LIBOR) | Maximum | |||
Debt Instrument [Line Items] | |||
Variable rate margin | 1.75% | ||
Term Loans | $300 Million Term Loan | |||
Debt Instrument [Line Items] | |||
Term of extension | 12 months | ||
Debt Face Amount | $ 300,000,000 | ||
Effective interest rate | 2.55% | ||
Outstanding debt | $ 300,000,000 | 300,000,000 | |
Term Loans | $300 Million Term Loan | Base Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Variable rate margin | 0.00% | ||
Term Loans | $300 Million Term Loan | Base Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Variable rate margin | 0.65% | ||
Term Loans | $300 Million Term Loan | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Variable rate margin | 1.00% | ||
Term Loans | $300 Million Term Loan | London Interbank Offered Rate (LIBOR) | Minimum | |||
Debt Instrument [Line Items] | |||
Variable rate margin | 0.85% | ||
Term Loans | $300 Million Term Loan | London Interbank Offered Rate (LIBOR) | Maximum | |||
Debt Instrument [Line Items] | |||
Variable rate margin | 1.65% | ||
Term Loans | $150 Million Term Loan | |||
Debt Instrument [Line Items] | |||
Debt Face Amount | $ 150,000,000 | ||
Effective interest rate | 3.07% | ||
Outstanding debt | $ 150,000,000 | $ 150,000,000 | |
Term Loans | $150 Million Term Loan | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Variable rate margin | 1.10% | ||
Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Fixed charge coverage ratio (at least) | 1.50 | ||
Unencumbered interest coverage ratio (at least) | 1.75 | ||
Unencumbered leverage ratio, minimum | 0.60 | ||
Unencumbered leverage ratio following material transaction, minimum | 0.65 | ||
Line of credit and notes payable | |||
Debt Instrument [Line Items] | |||
Weighted-average interest rate | 2.39% | 2.63% | |
Loans Payable | |||
Debt Instrument [Line Items] | |||
Interest Capitalized to Investments in Unconsolidated Joint Ventures | $ 5,100,000 |
Line of Credit and Notes Paya_5
Line of Credit and Notes Payable (Maturities) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 0 |
2022 | 150,000 |
2023 | 110,000 |
2024 | 300,000 |
2025 | 0 |
Thereafter | 0 |
Total | $ 560,000 |
Bonds Payable (Details)
Bonds Payable (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)bond | Dec. 31, 2019USD ($)bond | |
Debt Instrument [Line Items] | ||
Number of Series of Bonds | bond | 2 | 2 |
Bonds payable, net | $ 699,100,000 | $ 698,900,000 |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Number of Series of Bonds | bond | 2 | 2 |
Unsecured Debt | 2026 Bonds Payable | ||
Debt Instrument [Line Items] | ||
Debt Face Amount | $ 350,000,000 | $ 350,000,000 |
Debt Term | 10 years | 10 years |
Stated Interest Rate | 3.65% | 3.65% |
Discount Rate of Face Value of Issued Debt Instrument | 99.626% | 99.626% |
Unsecured Debt | 2025 Bonds Payable | ||
Debt Instrument [Line Items] | ||
Debt Face Amount | $ 350,000,000 | $ 350,000,000 |
Debt Term | 10 years | 10 years |
Stated Interest Rate | 4.15% | 4.15% |
Discount Rate of Face Value of Issued Debt Instrument | 99.859% | 99.859% |
Unsecured Debt | 2018 Bonds Payable | ||
Debt Instrument [Line Items] | ||
Debt Face Amount | $ 250,000,000 | |
Unsecured Debt | 2026 and 2025 Bonds Payable | ||
Debt Instrument [Line Items] | ||
Interest payments | $ 27,300,000 | $ 27,300,000 |
Restrictive covenant ratio of debt to total asset | 60.00% | |
Restrictive covenant of consolidated income to annual debt service charges (less than) | 1.50 | |
Fair Value, Inputs, Level 2 | Unsecured Debt | 2026 and 2025 Bonds Payable | ||
Debt Instrument [Line Items] | ||
Estimated fair value of debt instrument | $ 738,200,000 | $ 734,400,000 |
Maximum | Unsecured Debt | 2026 and 2025 Bonds Payable | ||
Debt Instrument [Line Items] | ||
Restrictive covenant ratio of secured debt to total asset | 40.00% | |
Minimum | Unsecured Debt | 2026 and 2025 Bonds Payable | ||
Debt Instrument [Line Items] | ||
Ratio of unencumbered asset value to total unsecured debt (at least) | 150.00% |
Commitments and Contingencies (
Commitments and Contingencies (Lease Obligations) (Details) | Oct. 03, 2018USD ($) | Dec. 31, 2020USD ($)property |
Loss Contingencies [Line Items] | ||
Unfunded capital contributions | $ 3,800,000 | |
Office Building | ||
Loss Contingencies [Line Items] | ||
Operating properties | property | 15 | |
Office Building | Unconsolidated Properties | ||
Loss Contingencies [Line Items] | ||
Operating properties | property | 9 | |
Corporate Joint Venture | ||
Loss Contingencies [Line Items] | ||
Capital calls payable | $ 0 | |
Guaranty liability | 0 | |
Corporate Joint Venture | 799 Broadway Joint Venture | ||
Loss Contingencies [Line Items] | ||
Proceeds from Construction Loan | $ 97,000,000 | 140,400,000 |
799 Broadway Joint Venture | Corporate Joint Venture | ||
Loss Contingencies [Line Items] | ||
Aggregate additional equity contributions | 8,900,000 | |
799 Broadway Joint Venture | Corporate Joint Venture | Normandy And Columbia Property Trust | ||
Loss Contingencies [Line Items] | ||
Aggregate additional equity contributions | 17,900,000 | |
80 M Street | Capital Addition Purchase Commitments | ||
Loss Contingencies [Line Items] | ||
Required funding amount related to construction and tenant improvement allowances | 52,100,000 | |
95 Columbus | ||
Loss Contingencies [Line Items] | ||
Tenant obligation | $ 27,600,000 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) | Jan. 01, 2020 | Jan. 01, 2019 | Jan. 01, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 04, 2019 | May 31, 2017 |
Class of Stock [Line Items] | ||||||||
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 | ||||||
Long Term Incentive Plan | ||||||||
Class of Stock [Line Items] | ||||||||
Shares authorized and reserved under the LTIP (in shares) | 4,800,000 | |||||||
Unrecognized compensation costs related to unvested awards | $ 12,400,000 | $ 9,500,000 | ||||||
RSUs | Long Term Incentive Plan | ||||||||
Class of Stock [Line Items] | ||||||||
Performance period | 3 years | 3 years | ||||||
Granted (shares) | 511,147 | 297,553 | 256,384 | 176,702 | ||||
Time-based Stock Awards | Long Term Incentive Plan | ||||||||
Class of Stock [Line Items] | ||||||||
Granted (shares) | 300,141 | 176,122 | 128,486 | |||||
Time-based Stock Awards | 2020 LTI Plan | ||||||||
Class of Stock [Line Items] | ||||||||
Vesting Period | 4 years | |||||||
Granted (shares) | 418,802 | |||||||
Preferred Operating Partnership Unit Awards | ||||||||
Class of Stock [Line Items] | ||||||||
Unvested unit awards | $ 10,300,000 | |||||||
Minimum | ||||||||
Class of Stock [Line Items] | ||||||||
Unrecognized compensation costs recognition period | 1 year | |||||||
Minimum | RSUs | Long Term Incentive Plan | ||||||||
Class of Stock [Line Items] | ||||||||
Shareholder payout | 50.00% | |||||||
Minimum | Preferred Operating Partnership Unit Awards | ||||||||
Class of Stock [Line Items] | ||||||||
Unrecognized compensation costs recognition period | 3 years | |||||||
Maximum | ||||||||
Class of Stock [Line Items] | ||||||||
Unrecognized compensation costs recognition period | 4 years | |||||||
Maximum | RSUs | Long Term Incentive Plan | ||||||||
Class of Stock [Line Items] | ||||||||
Shareholder payout | 150.00% | |||||||
Maximum | Preferred Operating Partnership Unit Awards | ||||||||
Class of Stock [Line Items] | ||||||||
Unrecognized compensation costs recognition period | 4 years | |||||||
36 months after grant date | RSUs | Long Term Incentive Plan | ||||||||
Class of Stock [Line Items] | ||||||||
Award vesting rights | 75.00% | 75.00% | ||||||
48 months after grant date | RSUs | Long Term Incentive Plan | ||||||||
Class of Stock [Line Items] | ||||||||
Vesting Period | 1 year | |||||||
Award vesting rights | 25.00% | 25.00% | ||||||
Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 200,000,000 | |||||||
Common Stock, Par Value (in dollars per share) | $ 0.01 | |||||||
Number of shares repurchased (in shares) | 1,200,000 | |||||||
Shares repurchased, average cost per share (in dollars per share) | $ 19.47 | |||||||
Value of stock repurchased | $ 23,300,000 | |||||||
Stock Repurchase Program, Amount Available for Repurchase | $ 143,300,000 | |||||||
Common Stock | Long Term Incentive Plan | ||||||||
Class of Stock [Line Items] | ||||||||
Vesting Period | 4 years |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of the Activity of the Employee Stock Grants (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Long Term Incentive Plan | |||
Estimated Fair Value | |||
Expected forfeiture rate | 4.00% | ||
Restricted Shares | |||
Shares (in thousands) | |||
Converted (shares) | 33 | ||
Estimated Fair Value | |||
Performance period | 3 years | ||
Restricted Shares | Long Term Incentive Plan | |||
Shares (in thousands) | |||
Unvested shares, beginning balance (shares) | 374 | 375 | 389 |
Granted (shares) | 300 | 176 | 139 |
Vested (shares) | (210) | (165) | (153) |
Forfeited (shares) | 0 | (12) | 0 |
Unvested shares, ending balance (shares) | 497 | 374 | 375 |
Estimated Fair Value | |||
Unvested shares, beginning balance (in dollars per share) | $ 20.96 | $ 22.15 | $ 21.85 |
Granted (in dollars per share) | 21.19 | 19.36 | 22.97 |
Vested (in dollars per share) | 21.24 | 21.99 | 22.13 |
Forfeited (in dollars per share) | 0 | 20.66 | 0 |
Unvested shares, ending balance (in dollars per share) | $ 20.82 | $ 20.96 | $ 22.15 |
Shares expected to ultimately vest (in shares) | 477 | ||
RSUs | |||
Shares (in thousands) | |||
Converted (shares) | (33) | ||
RSUs | Long Term Incentive Plan | |||
Shares (in thousands) | |||
Unvested shares, beginning balance (shares) | 584 | 454 | 329 |
Granted (shares) | 298 | 257 | 206 |
Vested (shares) | (109) | (121) | (70) |
Forfeited (shares) | (25) | (6) | (11) |
Unvested shares, ending balance (shares) | 715 | 584 | 454 |
Estimated Fair Value | |||
Unvested shares, beginning balance (in dollars per share) | $ 18.86 | $ 0 | $ 0 |
Granted (in dollars per share) | 18 | 17.66 | 20.55 |
Vested (in dollars per share) | 18.47 | 19.08 | 19.47 |
Forfeited (in dollars per share) | 19.24 | 18.67 | 18.60 |
Unvested shares, ending balance (in dollars per share) | $ 18.51 | $ 18.86 | $ 0 |
Shares expected to ultimately vest (in shares) | 686 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Shares Granted to Independent Directors (Details) - Long Term Incentive Plan - Director - $ / shares | May 12, 2020 | Mar. 02, 2020 | May 14, 2019 | May 14, 2018 |
May 12, 2020 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares | 46,983 | |||
Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 11.73 | |||
March 2, 2020 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares | 591 | |||
Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 19.80 | |||
May 14, 2019 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares | 28,000 | |||
Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 22.13 | |||
May 14, 2018 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares | 31,743 | |||
Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 22.20 |
Stockholders' Equity - Based Co
Stockholders' Equity - Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 23,689 | $ 6,622 | $ 6,966 |
Future employee awards | 4,297 | 2,720 | 2,461 |
Amortization of Preferred OP unit awards issued in connection with the Normandy Acquisition | 11,893 | 0 | 0 |
Total stock-based compensation expense | 20,444 | 6,622 | 6,966 |
Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 3,875 | 3,282 | 3,800 |
Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 379 | $ 620 | $ 705 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) $ / shares in Units, ft² in Thousands, $ in Thousands | Jan. 24, 2020extension$ / sharesshares | Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($) |
Noncontrolling Interests [Line Items] | |||
Total assets | $ 4,086,518 | $ 4,244,945 | |
Total liabilities | $ 1,402,924 | $ 1,616,328 | |
Square Feet of Commercial Space | ft² | 6,200 | ||
Columbia Operating Partnership | |||
Noncontrolling Interests [Line Items] | |||
Total assets | $ 4,000,000 | ||
Total liabilities | 1,500,000 | ||
101 Franklin Street | |||
Noncontrolling Interests [Line Items] | |||
Total assets | 4,400 | ||
Total liabilities | $ 7,800 | ||
Square Feet of Commercial Space | ft² | 235 | ||
Variable Interest Entity, Primary Beneficiary | Columbia Operating Partnership | |||
Noncontrolling Interests [Line Items] | |||
Variable interest entity percentage | 97.20% | ||
Variable Interest Entity, Primary Beneficiary | 101 Franklin Street | |||
Noncontrolling Interests [Line Items] | |||
Variable interest entity percentage | 92.50% | ||
Variable Interest Entity, Primary Beneficiary | 101 Franklin Street | Normandy Real Estate Fund I V L P | |||
Noncontrolling Interests [Line Items] | |||
Variable interest entity percentage | 0.15% | ||
Series A Convertible, Perpetual Preferred Units | |||
Noncontrolling Interests [Line Items] | |||
Conversion rate of Preferred OP Units | extension | 1 | ||
Series A Convertible, Perpetual Preferred Units | Minimum | |||
Noncontrolling Interests [Line Items] | |||
Vesting Period | 3 years | ||
Series A Convertible, Perpetual Preferred Units | Maximum | |||
Noncontrolling Interests [Line Items] | |||
Vesting Period | 4 years | ||
Normandy Acquisition | Series A Convertible, Perpetual Preferred Units | |||
Noncontrolling Interests [Line Items] | |||
Issuance of Shares (in shares) | shares | 3,264,151 | ||
Liquidation Preference (usd per share) | $ / shares | $ 26.50 |
Supplemental Disclosure of No_2
Supplemental Disclosure of Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Investment in real estate funded with other assets | $ 0 | $ 0 | $ 617 | |
Other assets assumed upon acquisition | 245 | 6 | 259 | |
Operating lease asset and liability assumed at acquisition | 1,168 | 0 | 0 | |
Other liabilities assumed upon acquisition | 245 | 137 | 664 | |
Real estate assets transferred to unconsolidated joint venture | 208,476 | 0 | 0 | |
Other assets transferred to unconsolidated joint venture | 15,774 | 0 | 0 | |
Other liabilities transferred to unconsolidated joint venture | 5,824 | 0 | 0 | |
Extinguishment of 263 Shuman Boulevard mortgage note by transferring property to lender | 0 | 0 | 49,000 | |
Settlement of capital lease obligation with related development authority bonds | 0 | 0 | 120,000 | |
Amortization of net discounts on debt | 180 | 180 | 180 | |
Accrued investments in unconsolidated joint ventures | 0 | 198 | 386 | |
Accrued capital expenditures and deferred lease costs | 15,959 | 12,944 | 15,145 | |
Operating lease liability recorded at adoption of ASC 842 | 0 | 34,791 | 0 | |
Accrued dividends payable | 24,038 | 24,209 | 23,340 | |
Cumulative-effect adjustment to equity for the adoption of ASU 2017-05 and 2014-09 | 2,683,594 | 2,628,617 | 2,741,016 | $ 2,531,936 |
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment | (17,619) | (3,445) | 1,441 | |
Issuance of Preferred OP Units for the Normandy Acquisition | 55,306 | 0 | 0 | |
Common stock issued to employees and directors, and amortized (net of income tax witholdings) | 23,689 | 6,622 | 6,966 | |
Accounting Standards Update 2017-05 And 2014-09 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative-effect adjustment to equity for the adoption of ASU 2017-05 and 2014-09 | $ 0 | $ 0 | $ 358,098 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2020USD ($) | Dec. 31, 2020USD ($)ground_lease | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Lessee, Lease, Description [Line Items] | ||||
Ground lease payment | $ 1,965 | $ 2,026 | ||
Operating lease assets | 39,165 | 29,470 | ||
Operating lease liabilities | $ 2,185 | 2,186 | ||
Remaining lease term (in years) | 6 years | |||
Lease Termination Fees | $ 13,100 | 400 | $ 2,200 | |
Ground Leases | ||||
Lessee, Lease, Description [Line Items] | ||||
Number of contracts | ground_lease | 1 | |||
Term of ground lease | 99 years | |||
Ground lease payment | $ 10,000 | $ 0 | 1,329 | |
Operating lease assets | 37,405 | 27,843 | ||
Operating lease liabilities | $ 0 | $ 0 | ||
Minimum | Ground Leases | ||||
Lessee, Lease, Description [Line Items] | ||||
Remaining lease term | 98 years 8 months 12 days | |||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Remaining lease term | 2 years |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments To Be Made (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 1,369 | |
2022 | 844 | |
2023 | 67 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 0 | |
Total lease payments | 2,280 | |
Less: interest expense | (95) | |
Present value of lease liabilities | $ 2,185 | $ 2,186 |
Weighted-average remaining lease term (years) | 2 years | |
Weighted-average discount rate | 4.50% |
Leases - Summary of Impact of O
Leases - Summary of Impact of Operating Leases on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Total operating lease assets | $ 39,165 | $ 29,470 |
Liabilities: | ||
Total operating lease liabilities | 2,185 | 2,186 |
Ground Leases | ||
Assets: | ||
Total operating lease assets | 37,405 | 27,843 |
Liabilities: | ||
Total operating lease liabilities | 0 | 0 |
Office Lease | ||
Assets: | ||
Total operating lease assets | 1,760 | 1,627 |
Liabilities: | ||
Total operating lease liabilities | $ 2,185 | $ 2,186 |
Leases - Summary of Impact of_2
Leases - Summary of Impact of Operating Leases on Statements of Operations and Statements of Cash Flows (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease expenses | $ 1,572 | $ 2,745 | |
Cash paid for operating lease liabilities included in cash flows from operations | (1,965) | (2,026) | |
Ground Leases | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease expenses | 438 | 2,165 | |
Cash paid for operating lease liabilities included in cash flows from operations | $ (10,000) | 0 | (1,329) |
Office Lease | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease expenses | 1,134 | 580 | |
Cash paid for operating lease liabilities included in cash flows from operations | (1,965) | (697) | |
Property operating costs | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease expenses | 438 | 2,165 | |
Property operating costs | Ground Leases | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease expenses | 438 | 2,165 | |
Property operating costs | Office Lease | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease expenses | 0 | 0 | |
Management fee expense | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease expenses | 568 | 0 | |
Management fee expense | Ground Leases | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease expenses | 0 | 0 | |
Management fee expense | Office Lease | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease expenses | 568 | 0 | |
General and administrative | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease expenses | 566 | 580 | |
General and administrative | Ground Leases | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease expenses | 0 | 0 | |
General and administrative | Office Lease | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease expenses | $ 566 | $ 580 |
Leases - Summary of Fixed and V
Leases - Summary of Fixed and Variable Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||||
Fixed payments | $ 236,315 | $ 250,077 | |||
Variable payments | 25,798 | 26,072 | |||
Total lease revenues | $ 262,113 | $ 276,149 | $ 262,113 | $ 276,149 | $ 283,252 |
Leases - Schedule of Future M_2
Leases - Schedule of Future Minimum Lease Payments To Be Received (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 182,787 |
2022 | 173,442 |
2023 | 166,287 |
2024 | 166,632 |
2025 | 150,358 |
Thereafter | 746,663 |
Total | $ 1,586,169 |
Non-Lease Revenues (Details)
Non-Lease Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Asset and property management fee income | $ 38,400 | $ 7,500 | $ 7,400 |
Construction and development fees | 3,400 | ||
Lease override fee revenue earned | $ 500 | $ 100 | $ 200 |
Salary and other reimbursement revenue, recognition period, one | 1 month | ||
Salary and other reimbursement revenue recognition period, two | 3 months | ||
Salary and other reimbursement revenue, recognition period, three | 1 year | ||
Salary and other reimbursement revenue | $ 14,500 | $ 4,500 | $ 4,400 |
Miscellaneous revenue | $ 7 | $ 260 | $ 745 |
Maximum | |||
Disaggregation of Revenue [Line Items] | |||
Management fee revenue, recognition period | 3 months | ||
Minimum | |||
Disaggregation of Revenue [Line Items] | |||
Miscellaneous revenue, recognition period | 1 month |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax Basis Net Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||||||||
GAAP basis financial statement net income attributable to common stockholders | $ 98,968 | $ 5,367 | $ 5,085 | $ 6,290 | $ (21,777) | $ (20,286) | $ 47,747 | $ 3,513 | $ 115,710 | $ 9,197 | $ 9,491 |
Increase (Decrease) in Net Income Resulting From: | |||||||||||
Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes | 44,633 | 41,648 | 43,753 | ||||||||
Rental income accrued for financial reporting purposes in excess of (less than) amounts for income tax purposes | (8,851) | (10,373) | 7,145 | ||||||||
Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes | (7,156) | (5,107) | (5,990) | ||||||||
Interest expense for financial reporting purposes in excess of amounts for income tax purposes | (6,308) | 5,852 | 0 | ||||||||
Bad debt expense for financial reporting purposes less than (in excess of) amounts for income tax purposes | 1,073 | 1 | 4 | ||||||||
Income from unconsolidated joint ventures for financial reporting purposes in excess of amount for income tax purposes | 17,352 | 15,224 | 16,654 | ||||||||
Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes | (145,443) | (57,284) | 79,376 | ||||||||
Impairment loss on goodwill for financial reporting purposes in excess of amount for income tax purposes | 63,806 | 0 | 0 | ||||||||
Other expenses or revenues for financial reporting purposes in excess of (less than) amounts for income tax purposes | 22,232 | 37,912 | (32,342) | ||||||||
Income tax basis net income, prior to dividends-paid deduction | 97,048 | 37,070 | $ 118,091 | ||||||||
Tax basis carrying value of total assets | 4,100,000 | 4,400,000 | 4,100,000 | 4,400,000 | |||||||
Deferred tax asset | $ 3,400 | $ 200 | $ 3,400 | $ 200 |
Income Taxes (Distributions) (D
Income Taxes (Distributions) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | 100.00% | 53.10% | 100.00% |
Capital gains | 0.00% | 0.00% | 0.00% |
Return of capital | 0.00% | 46.90% | 0.00% |
Total | 100.00% | 100.00% | 100.00% |
Income Taxes (Effective Tax Rat
Income Taxes (Effective Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | |||
Total income tax | $ (2,805) | $ 21 | $ 37 |
Deferred tax asset | 3,400 | 200 | |
Columbia TRS | |||
Income Tax Contingency [Line Items] | |||
Federal income tax | (2,123) | 14 | 63 |
State income tax | (683) | 6 | (26) |
Total income tax | $ (2,806) | $ 20 | $ 37 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Basic and Diluted EPS Computation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income (loss) | $ 118,396 | $ 9,064 | $ 9,491 | ||||||||
Net (income) loss attributable to noncontrolling interest in Columbia OP | (3,226) | 0 | 0 | ||||||||
Less: net loss attributable to non-controlling interest in consolidated joint venture | 540 | 133 | 0 | ||||||||
Net income attributable to common stockholders | $ 98,968 | $ 5,367 | $ 5,085 | $ 6,290 | $ (21,777) | $ (20,286) | $ 47,747 | $ 3,513 | 115,710 | 9,197 | 9,491 |
Distributions paid on unvested shares | (453) | (310) | (296) | ||||||||
Net income attributable to common stockholders used to calculate basic earnings per share | 115,257 | 8,887 | 9,195 | ||||||||
Net income attributable to noncontrolling interest in Columbia OP | 3,226 | 0 | 0 | ||||||||
Net income attributable to common stockholders and Columbia OP unit-holders used to calculated diluted earnings per share | $ 118,483 | $ 8,887 | $ 9,195 | ||||||||
Weighted-average common shares – basic | 114,055,000 | 116,261,000 | 117,888,000 | ||||||||
Weighted-average common shares – diluted | 117,107,000 | 116,458,000 | 118,311,000 | ||||||||
Anti-dilutive shares | 255,000 | 0 | 0 | ||||||||
Convertible Preferred OP Units | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Plus Incremental Weighted-Average Shares From Time-Vested Conversions Less Assumed Share Repurchases: | 3,049,000 | 0 | 0 | ||||||||
Previously granted LTI Plan awards, unvested | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Plus Incremental Weighted-Average Shares From Time-Vested Conversions Less Assumed Share Repurchases: | 0 | 114,000 | 104,000 | ||||||||
Future LTI Plan awards | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Plus Incremental Weighted-Average Shares From Time-Vested Conversions Less Assumed Share Repurchases: | 3,000 | 83,000 | 319,000 |
Quarterly Results (Unaudited)_2
Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenues | $ 62,857 | $ 82,084 | $ 79,371 | $ 76,254 | $ 68,725 | $ 71,949 | $ 72,730 | $ 75,433 | $ 300,566 | $ 288,837 | $ 297,943 |
Net income (loss) attributable to common stockholders | $ 98,968 | $ 5,367 | $ 5,085 | $ 6,290 | $ (21,777) | $ (20,286) | $ 47,747 | $ 3,513 | $ 115,710 | $ 9,197 | $ 9,491 |
Net income (loss) attributable to common stockholders – basic (in dollars per share) | $ 0.87 | $ 0.05 | $ 0.04 | $ 0.05 | $ (0.19) | $ (0.17) | $ 0.41 | $ 0.03 | $ 1.01 | $ 0.08 | $ 0.08 |
Net income (loss) attributable to common stockholders – diluted (in dollars per share) | 0.87 | 0.05 | 0.04 | 0.05 | (0.19) | (0.17) | 0.41 | 0.03 | $ 1.01 | $ 0.08 | $ 0.08 |
Dividends declared per share (in dollars per share) | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.20 | $ 0.20 | $ 0.20 | |||
Gain on sale of real estate | $ 175,300 | $ 41,900 | |||||||||
Impairment loss on goodwill | $ 63,800 | $ 63,806 | $ 0 | $ 0 | |||||||
Impairment loss on real estate assets | $ 23,400 | $ 0 | $ 43,941 | $ 30,812 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Pasedena Corporate Park | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Impairment loss on real estate assets | $ 20,600 |
Segment Information (Operating
Segment Information (Operating Revenues By Geographic Reportable Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 07, 2020 | Jan. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||||
Total Revenues | $ 62,857 | $ 82,084 | $ 79,371 | $ 76,254 | $ 68,725 | $ 71,949 | $ 72,730 | $ 75,433 | $ 300,566 | $ 288,837 | $ 297,943 | ||
Less: asset and property management fee income | (38,400) | (7,500) | (7,400) | ||||||||||
Total property operating revenues | 383,259 | 396,236 | 403,082 | ||||||||||
Operating Segments | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total property operating revenues | 385,415 | 393,099 | 399,917 | ||||||||||
Operating Segments | New York | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total property operating revenues | 174,161 | 157,244 | 158,077 | ||||||||||
Operating Segments | San Francisco | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total property operating revenues | 134,224 | 114,295 | 105,947 | ||||||||||
Operating Segments | Washington, D.C. | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total property operating revenues | 58,373 | 58,200 | 57,274 | ||||||||||
Operating Segments | Boston | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total property operating revenues | 16,090 | 14,285 | 13,441 | ||||||||||
Operating Segments | All other office markets | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total property operating revenues | 2,567 | 49,075 | 65,178 | ||||||||||
Corporate | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total property operating revenues | (2,156) | 3,137 | 3,165 | ||||||||||
Joint Venture | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total Revenues | 121,139 | 114,943 | 112,523 | ||||||||||
Less: asset and property management fee income | (38,446) | (7,544) | (7,384) | ||||||||||
Corporate Joint Venture | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total Revenues | 251,880 | 201,632 | 194,057 | ||||||||||
Less: asset and property management fee income | (8,826) | (7,544) | (7,384) | ||||||||||
Terminal Warehouse | Corporate Joint Venture | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total Revenues | $ 35,124 | 0 | 0 | ||||||||||
Ownership Interest | 8.65% | 8.65% | |||||||||||
114 Fifth Avenue Joint Venture | Corporate Joint Venture | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total Revenues | $ 42,274 | $ 42,921 | $ 41,169 | ||||||||||
Ownership Interest | 49.50% | 49.50% | 49.50% | 49.50% | 49.50% | ||||||||
221 Main Street(i) | Corporate Joint Venture | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Ownership Interest | 55.00% | 55.00% | 100.00% | ||||||||||
University Circle & 333 Market Street Joint Ventures | Corporate Joint Venture | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Ownership Interest | 55.00% | 55.00% | 77.50% | ||||||||||
Market Square Joint Venture | Corporate Joint Venture | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total Revenues | $ 49,117 | $ 47,737 | $ 44,815 | ||||||||||
Less: asset and property management fee income | $ (2,342) | (2,256) | (2,156) | ||||||||||
Ownership Interest | 51.00% | 51.00% | |||||||||||
1800 M Street Joint Venture | Corporate Joint Venture | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total Revenues | $ 38,455 | 38,377 | 37,486 | ||||||||||
Less: asset and property management fee income | $ (2,341) | $ (2,156) | $ (2,161) | ||||||||||
Ownership Interest | 55.00% | 55.00% |
Segment Information (Reconcilia
Segment Information (Reconciliation of Net Operating Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 07, 2020 | Jan. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Net operating income including consolidated joint venture | $ 246,193 | $ 257,034 | $ 271,499 | ||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net operating income including consolidated joint venture | 247,967 | 257,938 | 272,302 | ||
Operating Segments | New York | |||||
Segment Reporting Information [Line Items] | |||||
Net operating income including consolidated joint venture | 107,956 | 93,112 | 94,765 | ||
Operating Segments | San Francisco | |||||
Segment Reporting Information [Line Items] | |||||
Net operating income including consolidated joint venture | 95,564 | 83,305 | 79,354 | ||
Operating Segments | Washington, D.C. | |||||
Segment Reporting Information [Line Items] | |||||
Net operating income including consolidated joint venture | 33,725 | 33,953 | 34,750 | ||
Operating Segments | Boston | |||||
Segment Reporting Information [Line Items] | |||||
Net operating income including consolidated joint venture | 9,343 | 7,539 | 7,205 | ||
Operating Segments | All other office markets | |||||
Segment Reporting Information [Line Items] | |||||
Net operating income including consolidated joint venture | 1,379 | 40,029 | 56,228 | ||
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Net operating income including consolidated joint venture | $ (1,774) | $ (904) | $ (803) | ||
Terminal Warehouse | Corporate Joint Venture | |||||
Segment Reporting Information [Line Items] | |||||
Ownership Interest | 8.65% | ||||
114 Fifth Avenue Joint Venture | Corporate Joint Venture | |||||
Segment Reporting Information [Line Items] | |||||
Ownership Interest | 49.50% | 49.50% | 49.50% | ||
221 Main Street(i) | Corporate Joint Venture | |||||
Segment Reporting Information [Line Items] | |||||
Ownership Interest | 55.00% | 100.00% | |||
University Circle & 333 Market Street Joint Ventures | Corporate Joint Venture | |||||
Segment Reporting Information [Line Items] | |||||
Ownership Interest | 55.00% | 77.50% | |||
Market Square Joint Venture | Corporate Joint Venture | |||||
Segment Reporting Information [Line Items] | |||||
Ownership Interest | 51.00% | ||||
1800 M Street Joint Venture | Corporate Joint Venture | |||||
Segment Reporting Information [Line Items] | |||||
Ownership Interest | 55.00% |
Segment Information - Reconcili
Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Net income attributable to common stockholders | $ 98,968 | $ 5,367 | $ 5,085 | $ 6,290 | $ (21,777) | $ (20,286) | $ 47,747 | $ 3,513 | $ 115,710 | $ 9,197 | $ 9,491 |
Less: asset and property management fee income | (38,400) | (7,500) | (7,400) | ||||||||
Depreciation | 68,454 | 78,292 | 81,795 | ||||||||
Amortization | 30,578 | 27,908 | 32,554 | ||||||||
Impairment loss on real estate assets | $ 23,400 | 0 | 43,941 | 30,812 | |||||||
Impairment loss on goodwill | $ 63,800 | 63,806 | 0 | 0 | |||||||
General and administrative | 44,011 | 32,779 | 32,979 | ||||||||
Acquisition and restructuring fees | 19,004 | 6,398 | 0 | ||||||||
Income tax expense | (2,805) | 21 | 37 | ||||||||
Gain on sale of unconsolidated joint venture interest | 0 | 0 | (762) | ||||||||
Gains on sales of real estate assets | (188,633) | (42,030) | 0 | ||||||||
Adjustment attributable to noncontrolling interests | 3,226 | 0 | 0 | ||||||||
Net operating income | 246,193 | 257,034 | 271,499 | ||||||||
Segment Reconciling Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Less: asset and property management fee income | (38,446) | (7,544) | (7,384) | ||||||||
Depreciation | 68,454 | 78,292 | 81,795 | ||||||||
Amortization | 30,578 | 27,908 | 32,554 | ||||||||
Impairment loss on real estate assets | 0 | 43,941 | 30,812 | ||||||||
Impairment loss on goodwill | 63,806 | 0 | 0 | ||||||||
General and administrative | 44,011 | 32,779 | 32,979 | ||||||||
Management fee expense | 31,483 | 3,567 | 3,108 | ||||||||
Acquisition and restructuring fees | 19,004 | 6,398 | 0 | ||||||||
Net interest expense | 36,740 | 42,997 | 56,477 | ||||||||
Market value adjustments to investment in Real Estate Funds | 700 | 0 | 0 | ||||||||
Interest income from development authority bonds | 0 | 0 | (6,871) | ||||||||
(Gain) loss on extinguishment of debt | 0 | 0 | (23,340) | ||||||||
Income tax expense | (2,805) | 21 | 37 | ||||||||
Adjustments included in loss from unconsolidated joint venture | 62,893 | 61,634 | 62,603 | ||||||||
Gain on sale of unconsolidated joint venture interest | 0 | 0 | (762) | ||||||||
Gains on sales of real estate assets | (188,633) | (42,030) | 0 | ||||||||
Adjustment attributable to noncontrolling interests | $ 2,698 | $ (126) | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 12, 2021 | Jan. 08, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | |||||||||||||
Dividend declared, per share (in dollars per share) | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.20 | $ 0.20 | $ 0.20 | |||||
Dividends payable | $ 96,459 | $ 93,480 | $ 95,056 | ||||||||||
Subsequent Event | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Dividend declared, per share (in dollars per share) | $ 0.21 | ||||||||||||
Dividends payable | $ 24,200 |
Schedule III - Real Estate As_2
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross Amount at Which Carried at December 31, 2020, Total | $ 2,824,849 | $ 3,336,448 | $ 3,345,301 | $ 3,612,294 |
Aggregate cost of land and buildings and improvements for federal income tax purposes | $ 2,909,000 | |||
Building and site improvements | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 5 years | |||
Building and site improvements | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 25 years | |||
Office Lease | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 808,634 | |||
Initial Costs, Building and Improvements | 1,826,882 | |||
Initial Costs, Total | 2,635,516 | |||
Costs Capitalized Subsequent to Acquisition | 189,333 | |||
Gross Amount at Which Carried at December 31, 2020, Land | 809,843 | |||
Gross Amount at Which Carried at December 31, 2020, Buildings and Improvements | 2,015,006 | |||
Gross Amount at Which Carried at December 31, 2020, Total | 2,824,849 | |||
Accumulated Depreciation and Amortization | $ 359,415 | |||
Consolidated Properties | 80 M Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 26,248 | |||
Initial Costs, Building and Improvements | 76,269 | |||
Initial Costs, Total | 102,517 | |||
Costs Capitalized Subsequent to Acquisition | 24,158 | |||
Gross Amount at Which Carried at December 31, 2020, Land | 26,806 | |||
Gross Amount at Which Carried at December 31, 2020, Buildings and Improvements | 99,869 | |||
Gross Amount at Which Carried at December 31, 2020, Total | 126,675 | |||
Accumulated Depreciation and Amortization | $ 32,979 | |||
Consolidated Properties | 95 Columbus | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 29,061 | |||
Initial Costs, Building and Improvements | 141,544 | |||
Initial Costs, Total | 170,605 | |||
Costs Capitalized Subsequent to Acquisition | 18,153 | |||
Gross Amount at Which Carried at December 31, 2020, Land | 29,712 | |||
Gross Amount at Which Carried at December 31, 2020, Buildings and Improvements | 159,046 | |||
Gross Amount at Which Carried at December 31, 2020, Total | 188,758 | |||
Accumulated Depreciation and Amortization | $ 77,249 | |||
Consolidated Properties | 650 California Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 75,384 | |||
Initial Costs, Building and Improvements | 240,441 | |||
Initial Costs, Total | 315,825 | |||
Costs Capitalized Subsequent to Acquisition | 27,388 | |||
Gross Amount at Which Carried at December 31, 2020, Land | 75,384 | |||
Gross Amount at Which Carried at December 31, 2020, Buildings and Improvements | 267,829 | |||
Gross Amount at Which Carried at December 31, 2020, Total | 343,213 | |||
Accumulated Depreciation and Amortization | $ 56,528 | |||
Consolidated Properties | 315 Park Avenue South | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 119,633 | |||
Initial Costs, Building and Improvements | 249,510 | |||
Initial Costs, Total | 369,143 | |||
Costs Capitalized Subsequent to Acquisition | 39,291 | |||
Gross Amount at Which Carried at December 31, 2020, Land | 119,633 | |||
Gross Amount at Which Carried at December 31, 2020, Buildings and Improvements | 288,801 | |||
Gross Amount at Which Carried at December 31, 2020, Total | 408,434 | |||
Accumulated Depreciation and Amortization | $ 48,987 | |||
Consolidated Properties | 116 Huntington Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Building and Improvements | 116,290 | |||
Initial Costs, Total | 116,290 | |||
Costs Capitalized Subsequent to Acquisition | 27,505 | |||
Gross Amount at Which Carried at December 31, 2020, Land | 0 | |||
Gross Amount at Which Carried at December 31, 2020, Buildings and Improvements | 143,795 | |||
Gross Amount at Which Carried at December 31, 2020, Total | 143,795 | |||
Accumulated Depreciation and Amortization | $ 32,353 | |||
Consolidated Properties | 229 West 43rd Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 207,233 | |||
Initial Costs, Building and Improvements | 292,991 | |||
Initial Costs, Total | 500,224 | |||
Costs Capitalized Subsequent to Acquisition | 4,017 | |||
Gross Amount at Which Carried at December 31, 2020, Land | 207,233 | |||
Gross Amount at Which Carried at December 31, 2020, Buildings and Improvements | 297,008 | |||
Gross Amount at Which Carried at December 31, 2020, Total | 504,241 | |||
Accumulated Depreciation and Amortization | $ 56,787 | |||
Consolidated Properties | 249 West 17th Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 113,149 | |||
Initial Costs, Building and Improvements | 221,517 | |||
Initial Costs, Total | 334,666 | |||
Costs Capitalized Subsequent to Acquisition | 7,504 | |||
Gross Amount at Which Carried at December 31, 2020, Land | 113,149 | |||
Gross Amount at Which Carried at December 31, 2020, Buildings and Improvements | 229,021 | |||
Gross Amount at Which Carried at December 31, 2020, Total | 342,170 | |||
Accumulated Depreciation and Amortization | $ 26,275 | |||
Consolidated Properties | 218 West 18th Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 43,836 | |||
Initial Costs, Building and Improvements | 139,077 | |||
Initial Costs, Total | 182,913 | |||
Costs Capitalized Subsequent to Acquisition | 1,420 | |||
Gross Amount at Which Carried at December 31, 2020, Land | 43,836 | |||
Gross Amount at Which Carried at December 31, 2020, Buildings and Improvements | 140,497 | |||
Gross Amount at Which Carried at December 31, 2020, Total | 184,333 | |||
Accumulated Depreciation and Amortization | $ 17,796 | |||
Consolidated Properties | 149 Madison Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 59,112 | |||
Initial Costs, Building and Improvements | 28,989 | |||
Initial Costs, Total | 88,101 | |||
Costs Capitalized Subsequent to Acquisition | 30,596 | |||
Gross Amount at Which Carried at December 31, 2020, Land | 59,112 | |||
Gross Amount at Which Carried at December 31, 2020, Buildings and Improvements | 59,585 | |||
Gross Amount at Which Carried at December 31, 2020, Total | 118,697 | |||
Accumulated Depreciation and Amortization | $ 0 | |||
Consolidated Properties | 101 Franklin Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 92.50% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 57,145 | |||
Initial Costs, Building and Improvements | 149,500 | |||
Initial Costs, Total | 206,645 | |||
Costs Capitalized Subsequent to Acquisition | 6,245 | |||
Gross Amount at Which Carried at December 31, 2020, Land | 57,145 | |||
Gross Amount at Which Carried at December 31, 2020, Buildings and Improvements | 155,745 | |||
Gross Amount at Which Carried at December 31, 2020, Total | 212,890 | |||
Accumulated Depreciation and Amortization | $ 0 | |||
Consolidated Properties | 201 California Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 77,833 | |||
Initial Costs, Building and Improvements | 170,754 | |||
Initial Costs, Total | 248,587 | |||
Costs Capitalized Subsequent to Acquisition | 3,056 | |||
Gross Amount at Which Carried at December 31, 2020, Land | 77,833 | |||
Gross Amount at Which Carried at December 31, 2020, Buildings and Improvements | 173,810 | |||
Gross Amount at Which Carried at December 31, 2020, Total | 251,643 | |||
Accumulated Depreciation and Amortization | $ 10,461 | |||
Consolidated Properties | Minimum | 80 M Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | 95 Columbus | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | 650 California Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | 315 Park Avenue South | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | 116 Huntington Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | 229 West 43rd Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | 249 West 17th Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | 218 West 18th Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | 149 Madison Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | 101 Franklin Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | 201 California Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Maximum | 80 M Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | 95 Columbus | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | 650 California Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | 315 Park Avenue South | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | 116 Huntington Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | 229 West 43rd Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | 249 West 17th Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | 218 West 18th Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | 149 Madison Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | 101 Franklin Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | 201 California Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Unconsolidated Properties | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 781,109 | |||
Initial Costs, Building and Improvements | 2,563,798 | |||
Initial Costs, Total | 3,344,907 | |||
Costs Capitalized Subsequent to Acquisition | 167,646 | |||
Gross Amount at Which Carried at December 31, 2020, Land | 781,141 | |||
Gross Amount at Which Carried at December 31, 2020, Buildings and Improvements | 2,731,412 | |||
Gross Amount at Which Carried at December 31, 2020, Total | 3,512,553 | |||
Accumulated Depreciation and Amortization | 275,570 | |||
Initial cost of land, buildings and improvements net of encumbrances | $ 1,439,000 | |||
Unconsolidated Properties | Market Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 51.00% | |||
Encumbrances | $ 325,000 | |||
Initial Costs, Land | 152,629 | |||
Initial Costs, Building and Improvements | 450,757 | |||
Initial Costs, Total | 603,386 | |||
Costs Capitalized Subsequent to Acquisition | (10,340) | |||
Gross Amount at Which Carried at December 31, 2020, Land | 152,630 | |||
Gross Amount at Which Carried at December 31, 2020, Buildings and Improvements | 440,416 | |||
Gross Amount at Which Carried at December 31, 2020, Total | 593,046 | |||
Accumulated Depreciation and Amortization | $ 76,720 | |||
Unconsolidated Properties | University Circle | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 55.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 27,493 | |||
Initial Costs, Building and Improvements | 278,288 | |||
Initial Costs, Total | 305,781 | |||
Costs Capitalized Subsequent to Acquisition | (95,138) | |||
Gross Amount at Which Carried at December 31, 2020, Land | 27,756 | |||
Gross Amount at Which Carried at December 31, 2020, Buildings and Improvements | 182,887 | |||
Gross Amount at Which Carried at December 31, 2020, Total | 210,643 | |||
Accumulated Depreciation and Amortization | $ 19,281 | |||
Unconsolidated Properties | 333 Market Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 55.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 114,483 | |||
Initial Costs, Building and Improvements | 292,840 | |||
Initial Costs, Total | 407,323 | |||
Costs Capitalized Subsequent to Acquisition | (41,230) | |||
Gross Amount at Which Carried at December 31, 2020, Land | 114,483 | |||
Gross Amount at Which Carried at December 31, 2020, Buildings and Improvements | 251,610 | |||
Gross Amount at Which Carried at December 31, 2020, Total | 366,093 | |||
Accumulated Depreciation and Amortization | $ 29,001 | |||
Unconsolidated Properties | 114 Fifth Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 49.50% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Building and Improvements | 383,694 | |||
Initial Costs, Total | 383,694 | |||
Costs Capitalized Subsequent to Acquisition | 2,301 | |||
Gross Amount at Which Carried at December 31, 2020, Land | 0 | |||
Gross Amount at Which Carried at December 31, 2020, Buildings and Improvements | 385,995 | |||
Gross Amount at Which Carried at December 31, 2020, Total | 385,995 | |||
Accumulated Depreciation and Amortization | $ 65,516 | |||
Unconsolidated Properties | 1800 M Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 55.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 125,735 | |||
Initial Costs, Building and Improvements | 272,353 | |||
Initial Costs, Total | 398,088 | |||
Costs Capitalized Subsequent to Acquisition | 36,072 | |||
Gross Amount at Which Carried at December 31, 2020, Land | 125,735 | |||
Gross Amount at Which Carried at December 31, 2020, Buildings and Improvements | 308,425 | |||
Gross Amount at Which Carried at December 31, 2020, Total | 434,160 | |||
Accumulated Depreciation and Amortization | $ 47,195 | |||
Unconsolidated Properties | 799 Broadway | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 49.70% | |||
Encumbrances | $ 140,414 | |||
Initial Costs, Land | 145,991 | |||
Initial Costs, Building and Improvements | 4,865 | |||
Initial Costs, Total | 150,856 | |||
Costs Capitalized Subsequent to Acquisition | 95,136 | |||
Gross Amount at Which Carried at December 31, 2020, Land | 145,992 | |||
Gross Amount at Which Carried at December 31, 2020, Buildings and Improvements | 100,000 | |||
Gross Amount at Which Carried at December 31, 2020, Total | 245,992 | |||
Accumulated Depreciation and Amortization | $ 0 | |||
Unconsolidated Properties | Terminal Warehouse | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 8.65% | |||
Encumbrances | $ 643,819 | |||
Initial Costs, Land | 154,269 | |||
Initial Costs, Building and Improvements | 733,034 | |||
Initial Costs, Total | 887,303 | |||
Costs Capitalized Subsequent to Acquisition | 179,878 | |||
Gross Amount at Which Carried at December 31, 2020, Land | 154,036 | |||
Gross Amount at Which Carried at December 31, 2020, Buildings and Improvements | 913,145 | |||
Gross Amount at Which Carried at December 31, 2020, Total | 1,067,181 | |||
Accumulated Depreciation and Amortization | $ 36,006 | |||
Unconsolidated Properties | 221 Main Street(i) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 55.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 60,509 | |||
Initial Costs, Building and Improvements | 147,967 | |||
Initial Costs, Total | 208,476 | |||
Costs Capitalized Subsequent to Acquisition | 967 | |||
Gross Amount at Which Carried at December 31, 2020, Land | 60,509 | |||
Gross Amount at Which Carried at December 31, 2020, Buildings and Improvements | 148,934 | |||
Gross Amount at Which Carried at December 31, 2020, Total | 209,443 | |||
Accumulated Depreciation and Amortization | $ 1,851 | |||
Unconsolidated Properties | Minimum | Market Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Unconsolidated Properties | Minimum | University Circle | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Unconsolidated Properties | Minimum | 333 Market Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Unconsolidated Properties | Minimum | 114 Fifth Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Unconsolidated Properties | Minimum | 1800 M Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Unconsolidated Properties | Minimum | 799 Broadway | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Unconsolidated Properties | Minimum | Terminal Warehouse | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Unconsolidated Properties | Minimum | 221 Main Street(i) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Unconsolidated Properties | Maximum | Market Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Unconsolidated Properties | Maximum | University Circle | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Unconsolidated Properties | Maximum | 333 Market Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Unconsolidated Properties | Maximum | 114 Fifth Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Unconsolidated Properties | Maximum | 1800 M Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Unconsolidated Properties | Maximum | 799 Broadway | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Unconsolidated Properties | Maximum | Terminal Warehouse | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Unconsolidated Properties | Maximum | 221 Main Street(i) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Corporate | Consolidated Properties | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross Amount at Which Carried at December 31, 2020, Total | $ 12,100 |
Schedule III - Real Estate As_3
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization (Rollforward) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 31, 2018 | |
Real Estate: | ||||
Balance at beginning of year | $ 3,336,448 | $ 3,345,301 | $ 3,612,294 | |
Additions to/improvements of real estate | 53,673 | 531,336 | 87,398 | |
Sale/transfer of real estate | (550,435) | (456,331) | (313,683) | |
Impairment loss on real estate | 0 | (43,941) | (30,812) | |
Write-offs of building and tenant improvements | (67) | (270) | (1,464) | |
Write-offs of intangible assets | (13,086) | (34,039) | (6,131) | |
Write-offs of fully depreciated assets | (1,684) | (5,608) | (2,301) | |
Balance at end of year | 2,824,849 | 3,336,448 | 3,345,301 | |
Accumulated Depreciation and Amortization: | ||||
Balance at beginning of year | 418,979 | 487,485 | 482,627 | |
Depreciation and amortization expense | 80,583 | 90,926 | 98,858 | |
Sale/transfer of real estate | (126,618) | (149,708) | (84,965) | |
Write-offs of tenant improvements | (53) | (228) | (603) | |
Write-offs of intangible assets | (11,792) | (3,888) | (6,131) | |
Write-offs of fully depreciated assets | (1,684) | (5,608) | (2,301) | |
Balance at end of year | $ 359,415 | $ 418,979 | $ 487,485 | |
University Circle & 333 Market Street Joint Ventures | Corporate Joint Venture | ||||
Accumulated Depreciation and Amortization: | ||||
Percentage of real estate transferred | 100.00% | |||
Ownership Interest | 55.00% | 77.50% |