FORM 10-Q |
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
for the quarterly period ended September 30, 2019 | ||||||||||||||
☐ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______ |
Maryland | 20-0068852 | |||||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||||||||||||||
Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||||||||||||||||||||
Common Stock | CXP | NYSE |
Large accelerated filer | Accelerated filer | ||||||||||
Non-accelerated filer | Smaller reporting company | ||||||||||
Emerging Growth Company |
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(Unaudited) | (Unaudited) | |||||||||||||||||||||||
September 30, 2017 | December 31, 2016 | September 30, 2019 | December 31, 2018 | |||||||||||||||||||||
Assets: | Assets: | |||||||||||||||||||||||
Real estate assets, at cost: | Real estate assets, at cost: | |||||||||||||||||||||||
Land | $ | 609,110 | $ | 751,351 | Land | $ | 803,986 | $ | 817,975 | |||||||||||||||
Buildings and improvements, less accumulated depreciation of $377,794 and $435,457, as of September 30, 2017 and December 31, 2016, respectively | 1,704,630 | 2,121,150 | ||||||||||||||||||||||
Intangible lease assets, less accumulated amortization of $89,950 and $112,777, as of September 30, 2017 and December 31, 2016, respectively | 164,699 | 193,311 | ||||||||||||||||||||||
Buildings and improvements, less accumulated depreciation of $344,037 and $403,355, as of September 30, 2019 and December 31, 2018, respectively | Buildings and improvements, less accumulated depreciation of $344,037 and $403,355, as of September 30, 2019 and December 31, 2018, respectively | 1,593,735 | 1,910,041 | |||||||||||||||||||||
Intangible lease assets, less accumulated amortization of $56,343 and $84,881, as of September 30, 2019 and December 31, 2018, respectively | Intangible lease assets, less accumulated amortization of $56,343 and $84,881, as of September 30, 2019 and December 31, 2018, respectively | 50,726 | 98,540 | |||||||||||||||||||||
Construction in progress | 49,255 | 36,188 | Construction in progress | 33,663 | 33,800 | |||||||||||||||||||
Real estate assets held for sale, less accumulated depreciation and amortization of $180,791, as of December 31, 2016 | — | 412,506 | ||||||||||||||||||||||
Total real estate assets | 2,527,694 | 3,514,506 | Total real estate assets | 2,482,110 | 2,860,356 | |||||||||||||||||||
Investment in unconsolidated joint ventures | 698,105 | 127,346 | ||||||||||||||||||||||
Operating lease assets | Operating lease assets | 29,710 | — | |||||||||||||||||||||
Investments in unconsolidated joint ventures | Investments in unconsolidated joint ventures | 1,058,570 | 1,071,353 | |||||||||||||||||||||
Cash and cash equivalents | 382,730 | 216,085 | Cash and cash equivalents | 147,485 | 17,118 | |||||||||||||||||||
Tenant receivables, net of allowance for doubtful accounts of $7 and $31, as of September 30, 2017 and December 31, 2016, respectively | 2,814 | 7,163 | ||||||||||||||||||||||
Tenant receivables, net of $4 allowance for doubtful accounts as of December 31, 2018 | Tenant receivables, net of $4 allowance for doubtful accounts as of December 31, 2018 | 2,474 | 3,258 | |||||||||||||||||||||
Straight-line rent receivable | 80,128 | 64,811 | Straight-line rent receivable | 87,076 | 87,159 | |||||||||||||||||||
Prepaid expenses and other assets | 75,802 | 24,275 | Prepaid expenses and other assets | 33,404 | 23,218 | |||||||||||||||||||
Intangible lease origination costs, less accumulated amortization of $55,532 and $74,578, as of September 30, 2017 and December 31, 2016, respectively | 28,067 | 54,279 | ||||||||||||||||||||||
Deferred lease costs, less accumulated amortization of $24,716 and $22,753, as of September 30, 2017 and December 31, 2016, respectively | 127,940 | 125,799 | ||||||||||||||||||||||
Investment in development authority bonds | 120,000 | 120,000 | ||||||||||||||||||||||
Other assets held for sale, less accumulated amortization of $34,152, as of December 31, 2016 | — | 45,529 | ||||||||||||||||||||||
Intangible lease origination costs, less accumulated amortization of $32,630 and $65,348, as of September 30, 2019 and December 31, 2018, respectively | Intangible lease origination costs, less accumulated amortization of $32,630 and $65,348, as of September 30, 2019 and December 31, 2018, respectively | 23,517 | 34,092 | |||||||||||||||||||||
Deferred lease costs, less accumulated amortization of $25,065 and $27,735, as of September 30, 2019 and December 31, 2018, respectively | Deferred lease costs, less accumulated amortization of $25,065 and $27,735, as of September 30, 2019 and December 31, 2018, respectively | 61,455 | 77,439 | |||||||||||||||||||||
Total assets | $ | 4,043,280 | $ | 4,299,793 | Total assets | $ | 3,925,801 | $ | 4,173,993 | |||||||||||||||
Liabilities: | Liabilities: | |||||||||||||||||||||||
Line of credit and notes payable, net of unamortized deferred financing costs of $2,611 and $3,136, as of September 30, 2017 and December 31, 2016, respectively | $ | 520,367 | $ | 721,466 | ||||||||||||||||||||
Bonds payable, net of discounts of $1,529 and $1,664 and unamortized deferred financing costs of $4,909 and $5,364, as of September 30, 2017 and December 31, 2016, respectively | 693,562 | 692,972 | ||||||||||||||||||||||
Line of credit and notes payable, net of unamortized deferred financing costs of $2,237 and $2,692, as of September 30, 2019 and December 31, 2018, respectively | Line of credit and notes payable, net of unamortized deferred financing costs of $2,237 and $2,692, as of September 30, 2019 and December 31, 2018, respectively | $ | 447,763 | $ | 629,308 | |||||||||||||||||||
Bonds payable, net of discounts of $1,169 and $1,304 and unamortized deferred financing costs of $3,704 and $4,158, as of September 30, 2019 and December 31, 2018, respectively | Bonds payable, net of discounts of $1,169 and $1,304 and unamortized deferred financing costs of $3,704 and $4,158, as of September 30, 2019 and December 31, 2018, respectively | 695,127 | 694,538 | |||||||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 2,335 | — | |||||||||||||||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | 129,802 | 131,028 | Accounts payable, accrued expenses, and accrued capital expenditures | 53,281 | 49,117 | |||||||||||||||||||
Dividends payable | — | 36,727 | Dividends payable | — | 23,340 | |||||||||||||||||||
Deferred income | 15,756 | 19,694 | Deferred income | 14,772 | 15,593 | |||||||||||||||||||
Intangible lease liabilities, less accumulated amortization of $19,437 and $44,564, as of September 30, 2017 and December 31, 2016, respectively | 9,891 | 33,375 | ||||||||||||||||||||||
Obligations under capital lease | 120,000 | 120,000 | ||||||||||||||||||||||
Liabilities held for sale, less accumulated amortization of $1,239, as of December 31, 2016 | — | 41,763 | ||||||||||||||||||||||
Intangible lease liabilities, less accumulated amortization of $13,913 and $21,766, as of September 30, 2019 and December 31, 2018, respectively | Intangible lease liabilities, less accumulated amortization of $13,913 and $21,766, as of September 30, 2019 and December 31, 2018, respectively | 14,989 | 21,081 | |||||||||||||||||||||
Total liabilities | 1,489,378 | 1,797,025 | Total liabilities | 1,228,267 | 1,432,977 | |||||||||||||||||||
Commitments and Contingencies (Note 7) | — | — | Commitments and Contingencies (Note 7) | — | — | |||||||||||||||||||
Equity: | Equity: | |||||||||||||||||||||||
Common stock, $0.01 par value, 225,000,000 shares authorized, 119,803,608 and 122,184,193 shares issued and outstanding, as of September 30, 2017 and December 31, 2016, respectively | 1,198 | 1,221 | ||||||||||||||||||||||
Common stock, $0.01 par value, 225,000,000 shares authorized, 116,908,658 and 116,698,033 shares issued and outstanding, as of September 30, 2019 and December 31, 2018, respectively | Common stock, $0.01 par value, 225,000,000 shares authorized, 116,908,658 and 116,698,033 shares issued and outstanding, as of September 30, 2019 and December 31, 2018, respectively | 1,169 | 1,167 | |||||||||||||||||||||
Additional paid-in capital | 4,485,368 | 4,538,912 | Additional paid-in capital | 4,424,372 | 4,421,587 | |||||||||||||||||||
Cumulative distributions in excess of earnings | (1,931,927 | ) | (2,036,482 | ) | Cumulative distributions in excess of earnings | (1,723,248) | (1,684,082) | |||||||||||||||||
Cumulative other comprehensive loss | (737 | ) | (883 | ) | ||||||||||||||||||||
Cumulative other comprehensive income (loss) | Cumulative other comprehensive income (loss) | (4,759) | 2,344 | |||||||||||||||||||||
Total equity | 2,553,902 | 2,502,768 | Total equity | 2,697,534 | 2,741,016 | |||||||||||||||||||
Total liabilities and equity | $ | 4,043,280 | $ | 4,299,793 | Total liabilities and equity | $ | 3,925,801 | $ | 4,173,993 |
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Lease revenues | $ | 68,963 | $ | 69,737 | $ | 210,426 | $ | 211,506 | |||||||||||||||||||||||||||
Asset and property management fee income | 1,914 | 1,825 | 5,681 | 5,402 | |||||||||||||||||||||||||||||||
Other property income | 1,072 | 1,778 | 4,005 | 5,512 | |||||||||||||||||||||||||||||||
71,949 | 73,340 | 220,112 | 222,420 | ||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||
Property operating costs | 23,147 | 21,000 | 69,970 | 66,512 | |||||||||||||||||||||||||||||||
Asset and property management fee expenses | 102 | 206 | 521 | 619 | |||||||||||||||||||||||||||||||
Depreciation | 19,773 | 19,878 | 59,512 | 61,394 | |||||||||||||||||||||||||||||||
Amortization | 7,485 | 7,920 | 22,052 | 24,559 | |||||||||||||||||||||||||||||||
Impairment loss on real estate assets | 23,364 | — | 23,364 | 30,812 | |||||||||||||||||||||||||||||||
General and administrative – corporate | 7,103 | 8,303 | 23,707 | 24,379 | |||||||||||||||||||||||||||||||
General and administrative – unconsolidated joint ventures | 839 | 746 | 2,486 | 2,213 | |||||||||||||||||||||||||||||||
Pre-acquisition costs (Note 15) | 2,437 | — | 2,437 | — | |||||||||||||||||||||||||||||||
84,250 | 58,053 | 204,049 | 210,488 | ||||||||||||||||||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||||||||||||||
Interest expense | (10,289) | (13,051) | (33,281) | (43,260) | |||||||||||||||||||||||||||||||
Gain on extinguishment of debt | — | — | — | 23,713 | |||||||||||||||||||||||||||||||
Interest and other income | — | 1,803 | 1 | 5,420 | |||||||||||||||||||||||||||||||
Gain on sale of unconsolidated joint venture interests | — | — | — | 762 | |||||||||||||||||||||||||||||||
Income tax expense | (2) | (3) | (18) | (16) | |||||||||||||||||||||||||||||||
Income from unconsolidated joint ventures | 2,194 | 2,393 | 6,179 | 5,937 | |||||||||||||||||||||||||||||||
Gain on sale of real estate assets | 112 | — | 42,030 | — | |||||||||||||||||||||||||||||||
(7,985) | (8,858) | 14,911 | (7,444) | ||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | (20,286) | $ | 6,429 | $ | 30,974 | $ | 4,488 | |||||||||||||||||||||||||||
Per-Share Information – Basic: | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (0.17) | $ | 0.05 | $ | 0.26 | $ | 0.04 | |||||||||||||||||||||||||||
Weighted-average common shares outstanding – basic | 116,522 | 117,609 | 116,498 | 118,237 | |||||||||||||||||||||||||||||||
Per-Share Information – Diluted: | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (0.17) | $ | 0.05 | $ | 0.26 | $ | 0.04 | |||||||||||||||||||||||||||
Weighted-average common shares outstanding – diluted | 116,821 | 118,207 | 116,762 | 118,749 |
(Unaudited) | (Unaudited) | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Rental income | $ | 55,015 | $ | 87,561 | $ | 193,309 | $ | 280,714 | |||||||
Tenant reimbursements | 3,053 | 17,090 | 18,609 | 55,551 | |||||||||||
Hotel income | — | 6,270 | 1,339 | 17,484 | |||||||||||
Asset and property management fee income | 1,154 | 511 | 2,126 | 1,655 | |||||||||||
Other property income | 1,140 | 1,834 | 1,992 | 12,371 | |||||||||||
60,362 | 113,266 | 217,375 | 367,775 | ||||||||||||
Expenses: | |||||||||||||||
Property operating costs | 18,567 | 39,101 | 64,503 | 120,679 | |||||||||||
Hotel operating costs | — | 4,946 | 2,085 | 14,315 | |||||||||||
Asset and property management fee expenses | 188 | 387 | 717 | 1,058 | |||||||||||
Depreciation | 18,501 | 26,778 | 60,529 | 84,517 | |||||||||||
Amortization | 6,870 | 11,895 | 24,518 | 42,902 | |||||||||||
General and administrative - corporate | 7,034 | 7,467 | 25,003 | 25,718 | |||||||||||
General and administrative - unconsolidated joint ventures | 713 | — | 713 | — | |||||||||||
51,873 | 90,574 | 178,068 | 289,189 | ||||||||||||
Real estate operating income | 8,489 | 22,692 | 39,307 | 78,586 | |||||||||||
Other income (expense): | |||||||||||||||
Interest expense | (14,731 | ) | (17,138 | ) | (44,308 | ) | (52,415 | ) | |||||||
Interest and other income | 2,841 | 1,839 | 7,668 | 5,452 | |||||||||||
Loss on early extinguishment of debt | (280 | ) | (18,905 | ) | (325 | ) | (18,997 | ) | |||||||
(12,170 | ) | (34,204 | ) | (36,965 | ) | (65,960 | ) | ||||||||
Income (loss) before income taxes, unconsolidated joint ventures, and sales of real estate: | (3,681 | ) | (11,512 | ) | 2,342 | 12,626 | |||||||||
Income tax benefit (expense) | (3 | ) | (65 | ) | 378 | (387 | ) | ||||||||
Income (loss) from unconsolidated joint ventures | 2,853 | (1,937 | ) | (849 | ) | (5,441 | ) | ||||||||
Income (loss) before sales of real estate: | (831 | ) | (13,514 | ) | 1,871 | 6,798 | |||||||||
Gain on sales of real estate assets | 102,365 | 50,412 | 175,518 | 50,083 | |||||||||||
Net income | $ | 101,534 | $ | 36,898 | $ | 177,389 | $ | 56,881 | |||||||
Per-share information – basic: | |||||||||||||||
Net income | $ | 0.84 | $ | 0.30 | $ | 1.46 | $ | 0.46 | |||||||
Weighted-average common shares outstanding – basic | 120,293 | 123,215 | 121,270 | 123,271 | |||||||||||
Per-share information – diluted: | |||||||||||||||
Net income | $ | 0.84 | $ | 0.30 | $ | 1.46 | $ | 0.46 | |||||||
Weighted-average common shares outstanding – diluted | 120,529 | 123,350 | 121,458 | 123,348 | |||||||||||
Dividends per share | $ | 0.20 | $ | 0.30 | $ | 0.60 | $ | 0.90 |
(Unaudited) | (Unaudited) | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 101,534 | $ | 36,898 | $ | 177,389 | $ | 56,881 | |||||||
Market value adjustments to interest rate swap | 148 | 1,250 | 146 | (5,629 | ) | ||||||||||
Comprehensive income | $ | 101,682 | $ | 38,148 | $ | 177,535 | $ | 51,252 |
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | (20,286) | $ | 6,429 | $ | 30,974 | $ | 4,488 | |||||||||||||||||||||||||||
Market value adjustments to interest rate swap | (3,068) | 722 | (7,103) | 4,174 | |||||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | (23,354) | $ | 7,151 | $ | 23,871 | $ | 8,662 |
For the Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Cumulative Other Comprehensive Loss | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | 116,909 | $ | 1,169 | $ | 4,422,833 | $ | (1,679,580) | $ | (1,691) | $ | 2,742,731 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | — | — | 1,539 | — | — | 1,539 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to common stockholders ($0.20 per share) | — | — | — | (23,382) | — | (23,382) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (20,286) | — | (20,286) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market value adjustment to interest rate swap | — | — | — | — | (3,068) | (3,068) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | 116,909 | $ | 1,169 | $ | 4,424,372 | $ | (1,723,248) | $ | (4,759) | $ | 2,697,534 |
Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Cumulative Other Comprehensive Income (Loss) | Total Equity | ||||||||||||||||||
Shares | Amount | |||||||||||||||||||||
Balance, December 31, 2016 | 122,184 | $ | 1,221 | $ | 4,538,912 | $ | (2,036,482 | ) | $ | (883 | ) | $ | 2,502,768 | |||||||||
Repurchases of common stock | (2,682 | ) | (26 | ) | (57,602 | ) | — | — | (57,628 | ) | ||||||||||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | 302 | 3 | 4,058 | — | — | 4,061 | ||||||||||||||||
Distributions to common stockholders ($0.60 per share) | — | — | — | (72,834 | ) | — | (72,834 | ) | ||||||||||||||
Net income | — | — | — | 177,389 | — | 177,389 | ||||||||||||||||
Market value adjustment to interest rate swap | — | — | — | — | 146 | 146 | ||||||||||||||||
Balance, September 30, 2017 | 119,804 | $ | 1,198 | $ | 4,485,368 | $ | (1,931,927 | ) | $ | (737 | ) | $ | 2,553,902 |
Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Cumulative Other Comprehensive Loss | Total Equity | ||||||||||||||||||
Shares | Amount | |||||||||||||||||||||
Balance, December 31, 2015 | 124,363 | $ | 1,243 | $ | 4,588,303 | $ | (1,972,916 | ) | $ | (2,436 | ) | $ | 2,614,194 | |||||||||
Repurchases of common stock | (1,105 | ) | (11 | ) | (24,989 | ) | — | — | (25,000 | ) | ||||||||||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | 213 | 2 | 2,337 | — | — | 2,339 | ||||||||||||||||
Distributions to common stockholders ($0.90 per share) | — | — | — | (111,120 | ) | — | (111,120 | ) | ||||||||||||||
Net income | — | — | — | 56,881 | — | 56,881 | ||||||||||||||||
Market value adjustment to interest rate swap | — | — | — | — | (5,629 | ) | (5,629 | ) | ||||||||||||||
Balance, September 30, 2016 | 123,471 | $ | 1,234 | $ | 4,565,651 | $ | (2,027,155 | ) | $ | (8,065 | ) | $ | 2,531,665 |
For the Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Cumulative Other Comprehensive Income (Loss) | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | 116,698 | $ | 1,167 | $ | 4,421,587 | $ | (1,684,082) | $ | 2,344 | $ | 2,741,016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | 211 | 2 | 2,785 | — | — | 2,787 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to common stockholders ($0.60 per share) | — | — | — | (70,140) | — | (70,140) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 30,974 | — | 30,974 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market value adjustment to interest rate swap | — | — | — | — | (7,103) | (7,103) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | 116,909 | $ | 1,169 | $ | 4,424,372 | $ | (1,723,248) | $ | (4,759) | $ | 2,697,534 |
For the Three Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Cumulative Other Comprehensive Income | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2018 | 117,974 | $ | 1,180 | $ | 4,447,054 | $ | (1,648,577) | $ | 4,355 | $ | 2,804,012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | 10 | — | 1,634 | — | — | 1,634 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to common stockholders ($0.20 per share) | — | — | — | (23,597) | — | (23,597) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 6,429 | — | 6,429 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market value adjustment to interest rate swap | — | — | — | — | 722 | 722 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2018 | 117,984 | $ | 1,180 | $ | 4,448,688 | $ | (1,665,745) | $ | 5,077 | $ | 2,789,200 |
For the Nine Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Cumulative Other Comprehensive Income | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2017 | 119,789 | $ | 1,198 | $ | 4,487,071 | $ | (1,957,236) | $ | 903 | $ | 2,531,936 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative-effect adjustment for the adoption of ASU 2017-05 | — | — | — | 357,755 | — | 357,755 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative-effect adjustment for the adoption of ASU 2014-09 | — | — | — | 343 | — | 343 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (1,954) | (19) | (41,770) | — | — | (41,789) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | 149 | 1 | 3,387 | — | — | 3,388 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to common stockholders ($0.60 per share) | — | — | — | (71,095) | — | (71,095) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 4,488 | — | 4,488 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market value adjustment to interest rate swap | — | — | — | — | 4,174 | 4,174 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2018 | 117,984 | $ | 1,180 | $ | 4,448,688 | $ | (1,665,745) | $ | 5,077 | $ | 2,789,200 |
(Unaudited) | ||||||||||||||||||||||||
(Unaudited) | Nine Months Ended September 30, | |||||||||||||||||||||||
Nine Months Ended September 30, | 2019 | 2018 | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||||||
Cash Flows From Operating Activities: | Cash Flows From Operating Activities: | |||||||||||||||||||||||
Net income | $ | 177,389 | $ | 56,881 | Net income | $ | 30,974 | $ | 4,488 | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||||||||||||||||||||
Straight-line rental income | (20,964 | ) | (15,470 | ) | Straight-line rental income | (10,387) | (22,262) | |||||||||||||||||
Noncash operating lease expense | Noncash operating lease expense | 630 | — | |||||||||||||||||||||
Depreciation | 60,529 | 84,517 | Depreciation | 59,512 | 61,394 | |||||||||||||||||||
Amortization | 24,115 | 39,271 | Amortization | 18,692 | 22,340 | |||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 5,177 | 5,352 | |||||||||||||||||||||
Impairment loss on real estate assets | Impairment loss on real estate assets | 23,364 | 30,812 | |||||||||||||||||||||
Noncash interest expense | 2,239 | 2,765 | Noncash interest expense | 1,922 | 2,427 | |||||||||||||||||||
Loss on early extinguishment of debt | 325 | 18,997 | ||||||||||||||||||||||
Loss from unconsolidated joint ventures | 849 | 5,441 | ||||||||||||||||||||||
Gain on sales of real estate assets | (175,518 | ) | (50,083 | ) | ||||||||||||||||||||
Stock-based compensation expense | 5,509 | 3,512 | ||||||||||||||||||||||
Gain on extinguishment of debt | Gain on extinguishment of debt | — | (23,713) | |||||||||||||||||||||
Gain on sale of unconsolidated joint venture interests | Gain on sale of unconsolidated joint venture interests | — | (762) | |||||||||||||||||||||
Income from unconsolidated joint ventures | Income from unconsolidated joint ventures | (6,179) | (5,937) | |||||||||||||||||||||
Distributions of earnings from unconsolidated joint ventures | Distributions of earnings from unconsolidated joint ventures | 20,601 | 21,464 | |||||||||||||||||||||
Gain on sale of real estate assets | Gain on sale of real estate assets | (42,030) | — | |||||||||||||||||||||
Changes in assets and liabilities, net of acquisitions and dispositions: | Changes in assets and liabilities, net of acquisitions and dispositions: | |||||||||||||||||||||||
Decrease in tenant receivables, net | 3,957 | 4,646 | ||||||||||||||||||||||
Decrease (increase) in tenant receivables, net | Decrease (increase) in tenant receivables, net | 856 | (2,061) | |||||||||||||||||||||
Decrease in prepaid expenses and other assets | 1,340 | 5,776 | Decrease in prepaid expenses and other assets | 1,483 | 6,533 | |||||||||||||||||||
Decrease in accounts payable and accrued expenses | (25,488 | ) | (3,799 | ) | ||||||||||||||||||||
Increase (decrease) in accounts payable and accrued expenses | Increase (decrease) in accounts payable and accrued expenses | 270 | (36,281) | |||||||||||||||||||||
Decrease in deferred income | (7,167 | ) | (2,750 | ) | Decrease in deferred income | (821) | (2,757) | |||||||||||||||||
Net cash provided by operating activities | 47,115 | 149,704 | ||||||||||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||||||
Net proceeds from the sales of real estate | 737,631 | 482,089 | ||||||||||||||||||||||
Prepaid earnest money | (52,000 | ) | — | |||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 104,064 | 61,037 | |||||||||||||||||||||
Cash Flows From Investing Activities: | Cash Flows From Investing Activities: | |||||||||||||||||||||||
Net proceeds from the sale of real estate | Net proceeds from the sale of real estate | 375,004 | 284,608 | |||||||||||||||||||||
Net proceeds from sale of investments in unconsolidated joint ventures | Net proceeds from sale of investments in unconsolidated joint ventures | — | 235,083 | |||||||||||||||||||||
Prepaid transaction costs and earnest money | Prepaid transaction costs and earnest money | (14,815) | (7,300) | |||||||||||||||||||||
Capital improvement and development costs | (59,022 | ) | (34,447 | ) | Capital improvement and development costs | (49,324) | (56,379) | |||||||||||||||||
Deferred lease costs paid | (14,437 | ) | (19,713 | ) | Deferred lease costs paid | (5,042) | (12,687) | |||||||||||||||||
Investments in unconsolidated joint ventures | (123,149 | ) | (12,351 | ) | Investments in unconsolidated joint ventures | (12,741) | (4,432) | |||||||||||||||||
Distributions from unconsolidated joint ventures | 1,411 | — | Distributions from unconsolidated joint ventures | 11,264 | 10,549 | |||||||||||||||||||
Net cash provided by investing activities | 490,434 | 415,578 | Net cash provided by investing activities | 304,346 | 449,442 | |||||||||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||||||
Cash Flows From Financing Activities: | Cash Flows From Financing Activities: | |||||||||||||||||||||||
Financing costs paid | (628 | ) | (3,111 | ) | Financing costs paid | (162) | (154) | |||||||||||||||||
Prepayments to settle debt | — | (17,921 | ) | |||||||||||||||||||||
Proceeds from lines of credit and notes payable | — | 435,000 | Proceeds from lines of credit and notes payable | 150,000 | 186,000 | |||||||||||||||||||
Repayments of lines of credit and notes payable | (201,625 | ) | (745,070 | ) | Repayments of lines of credit and notes payable | (332,000) | (551,476) | |||||||||||||||||
Proceeds from issuance of bonds payable | — | 348,691 | ||||||||||||||||||||||
Repayment of bonds payable | — | (250,000 | ) | |||||||||||||||||||||
Distributions paid to stockholders | (109,561 | ) | (148,474 | ) | Distributions paid to stockholders | (93,480) | (95,056) | |||||||||||||||||
Redemptions of common stock | (59,090 | ) | (26,186 | ) | Redemptions of common stock | (2,401) | (43,764) | |||||||||||||||||
Net cash used in financing activities | (370,904 | ) | (407,071 | ) | Net cash used in financing activities | (278,043) | (504,450) | |||||||||||||||||
Net increase in cash and cash equivalents | 166,645 | 158,211 | Net increase in cash and cash equivalents | 130,367 | 6,029 | |||||||||||||||||||
Cash and cash equivalents, beginning of period | 216,085 | 32,645 | Cash and cash equivalents, beginning of period | 17,118 | 9,567 | |||||||||||||||||||
Cash and cash equivalents, end of period | $ | 382,730 | $ | 190,856 | Cash and cash equivalents, end of period | $ | 147,485 | $ | 15,596 |
Buildings | ||||||||
Building and site improvements | 5-25 years | |||||||
Tenant improvements | Shorter of economic life or lease term | |||||||
Intangible lease assets | Lease term |
December 31, 2016 | |||
Real estate assets held for sale: | |||
Real estate assets, at cost: | |||
Land | $ | 30,243 | |
Buildings and improvements, less accumulated depreciation of $152,246 | 366,126 | ||
Intangible lease assets, less accumulated amortization of $28,545 | 13,365 | ||
Construction in progress | 2,772 | ||
Total real estate assets held for sale, net | $ | 412,506 | |
Other assets held for sale: | |||
Tenant receivables, net of allowance for doubtful accounts | $ | 1,722 | |
Straight-line rent receivable | 20,221 | ||
Prepaid expenses and other assets | 3,184 | ||
Intangible lease origination costs, less accumulated amortization of $22,949 | 1,815 | ||
Deferred lease costs, less accumulated amortization of $11,203 | 18,587 | ||
Total other assets held for sale, net | $ | 45,529 | |
Liabilities held for sale: | |||
Accounts payable, accrued expenses, and accrued capital expenditures | $ | 34,812 | |
Deferred income | 4,214 | ||
Intangible lease liabilities, less accumulated amortization of $1,239 | 2,737 | ||
Total liabilities held for sale, net | $ | 41,763 |
Intangible Lease Assets | Intangible Lease Origination Costs | Intangible Below-Market In-Place Lease Liabilities | ||||||||||||||||||||||||||||||
Above-Market In-Place Lease Assets | Absorption Period Costs | |||||||||||||||||||||||||||||||
September 30, 2019 | Gross | $ | 2,482 | $ | 104,587 | $ | 56,147 | $ | 28,902 | |||||||||||||||||||||||
Accumulated Amortization | (1,160) | (55,183) | (32,630) | (13,913) | ||||||||||||||||||||||||||||
Net | $ | 1,322 | $ | 49,404 | $ | 23,517 | $ | 14,989 | ||||||||||||||||||||||||
December 31, 2018 | Gross | $ | 3,174 | $ | 147,668 | $ | 99,440 | $ | 42,847 | |||||||||||||||||||||||
Accumulated Amortization | (1,060) | (81,220) | (65,348) | (21,766) | ||||||||||||||||||||||||||||
Net | $ | 2,114 | $ | 66,448 | $ | 34,092 | $ | 21,081 |
Intangible Lease Assets | Intangible Lease Origination Costs | Intangible Below-Market In-Place Lease Liabilities | ||||||||||||||
Above-Market In-Place Lease Assets | Absorption Period Costs | |||||||||||||||
September 30, 2017 | Gross | $ | 1,588 | $ | 112,145 | $ | 83,599 | $ | 29,328 | |||||||
Accumulated Amortization | (784 | ) | (67,035 | ) | (55,532 | ) | (19,437 | ) | ||||||||
Net | $ | 804 | $ | 45,110 | $ | 28,067 | $ | 9,891 | ||||||||
December 31, 2016 | Gross | $ | 10,589 | $ | 154,582 | $ | 128,857 | $ | 77,939 | |||||||
Accumulated Amortization | (9,305 | ) | (83,254 | ) | (74,578 | ) | (44,564 | ) | ||||||||
Net | $ | 1,284 | $ | 71,328 | $ | 54,279 | $ | 33,375 |
Intangible Lease Assets | Intangible Lease Origination Costs | Intangible Below-Market In-Place Lease Liabilities | |||||||||||||||||||||||||||
Above-Market In-Place Lease Assets | Absorption Period Costs | ||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2019 | $ | 80 | $ | 3,423 | $ | 1,946 | $ | 1,354 | |||||||||||||||||||||
For the Three Months Ended September 30, 2018 | $ | 51 | $ | 4,193 | $ | 2,376 | $ | 1,473 | |||||||||||||||||||||
For the Nine Months Ended September 30, 2019 | $ | 244 | $ | 10,613 | $ | 6,066 | $ | 4,181 | |||||||||||||||||||||
For the Nine Months Ended September 30, 2018 | $ | 153 | $ | 12,968 | $ | 7,333 | $ | 5,377 |
Intangible Lease Assets | Intangible Lease Origination Costs | Intangible Below-Market In-Place Lease Liabilities | |||||||||||||
Above-Market In-Place Lease Assets | Absorption Period Costs | ||||||||||||||
For the three months ended September 30, 2017 | $ | 22 | $ | 3,268 | $ | 1,957 | $ | 1,006 | |||||||
For the three months ended September 30, 2016 | $ | 594 | $ | 6,133 | $ | 3,757 | $ | 2,768 | |||||||
For the nine months ended September 30, 2017 | $ | 471 | $ | 12,525 | $ | 7,786 | $ | 5,322 | |||||||
For the nine months ended September 30, 2016 | $ | 2,014 | $ | 22,602 | $ | 13,811 | $ | 10,206 |
Intangible Lease Assets | Intangible Lease Origination Costs | Intangible Below-Market In-Place Lease Liabilities | |||||||||||||
Above-Market In-Place Lease Assets | Absorption Period Costs | ||||||||||||||
For the remainder of 2017 | $ | 22 | $ | 2,936 | $ | 1,875 | $ | 898 | |||||||
For the years ending December 31: | |||||||||||||||
2018 | 89 | 11,083 | 7,315 | 3,278 | |||||||||||
2019 | 89 | 9,800 | 7,024 | 3,128 | |||||||||||
2020 | 89 | 7,880 | 5,979 | 1,992 | |||||||||||
2021 | 89 | 4,043 | 2,057 | 327 | |||||||||||
2022 | 89 | 2,664 | 1,079 | 94 | |||||||||||
Thereafter | 337 | 6,704 | 2,738 | 174 | |||||||||||
$ | 804 | $ | 45,110 | $ | 28,067 | $ | 9,891 |
For the remainder of 2017 | $ | 637 | |
For the years ending December 31: | |||
2018 | 2,549 | ||
2019 | 2,549 | ||
2020 | 2,549 | ||
2021 | 2,549 | ||
2022 | 2,549 | ||
Thereafter | 105,403 | ||
$ | 118,785 |
Intangible Lease Assets | Intangible Lease Origination Costs | Intangible Below-Market In-Place Lease Liabilities | |||||||||||||||||||||||||||
Above-Market In-Place Lease Assets | Absorption Period Costs | ||||||||||||||||||||||||||||
For the remainder of 2019 | $ | 45 | $ | 2,712 | $ | 1,300 | $ | 1,107 | |||||||||||||||||||||
For the years ending December 31: | |||||||||||||||||||||||||||||
2020 | 172 | 9,373 | 4,502 | 3,519 | |||||||||||||||||||||||||
2021 | 172 | 6,977 | 3,329 | 1,591 | |||||||||||||||||||||||||
2022 | 172 | 5,483 | 2,325 | 1,287 | |||||||||||||||||||||||||
2023 | 172 | 4,842 | 2,096 | 1,264 | |||||||||||||||||||||||||
2024 | 172 | 4,506 | 1,995 | 1,118 | |||||||||||||||||||||||||
Thereafter | 417 | 15,511 | 7,970 | 5,103 | |||||||||||||||||||||||||
$ | 1,322 | $ | 49,404 | $ | 23,517 | $ | 14,989 |
Estimated Fair Value as of | ||||||||||
Instrument Type | Balance Sheet Classification | September 30, 2017 | December 31, 2016 | |||||||
Derivatives designated as hedging instruments: | ||||||||||
Interest rate contracts | Accounts payable | $ | (737 | ) | $ | (882 | ) |
Estimated Fair Value as of | ||||||||||||||||||||||||||
Instrument Type | Balance Sheet Classification | September 30, 2019 | December 31, 2018 | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||
Interest rate contracts | Prepaid expenses and other assets | $ | — | $ | 2,344 | |||||||||||||||||||||
Interest rate contracts | Accounts payable | $ | 4,759 | $ | — |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income | $ | 148 | $ | 1,250 | $ | 146 | $ | (5,629 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income (loss) | $ | (3,068) | $ | 722 | $ | (7,103) | $ | 4,174 | |||||||||||||||||||||||||||
Property | Location | Date | Percent Acquired | Purchase Price(1) (in thousands) | ||||||||||||||||||||||||||||
2018 | ||||||||||||||||||||||||||||||||
799 Broadway | New York, NY | October 3, 2018 | 49.7 | % | $ | 30,200 | (2) | |||||||||||||||||||||||||
Lindbergh Center – Retail | Atlanta, GA | October 24, 2018 | 100.0 | % | $ | 23,000 |
Property | Location | Date | % Sold | Sales Price(1) (in thousands) | Gain on Sale (in thousands) | |||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||
Lindbergh Center | Atlanta, GA | September 26, 2019 | 100.0 | % | $ | 187,000 | $ | — | ||||||||||||||||||||||||
One & Three Glenlake Parkway | Atlanta, GA | April 15, 2019 | 100.0 | % | $ | 227,500 | $ | 42,030 | ||||||||||||||||||||||||
2018 | ||||||||||||||||||||||||||||||||
222 East 41st Street | New York, NY | May 29, 2018 | 100.0 | % | $ | 332,500 | $ | — | ||||||||||||||||||||||||
263 Shuman Boulevard | Chicago, IL | April 13, 2018 | 100.0 | % | $ | 49,000 | $ | 24,039 | ||||||||||||||||||||||||
University Circle & 333 Market Street Joint Ventures | San Francisco, CA | February 1, 2018 | 22.5 | % | $ | 235,300 | $ | 762 |
Property | Location | Date | Percent Acquired | Purchase Price (in thousands)(1) | |||||||
1800 M Street(2) | Washington, D.C. | October 11, 2017 | 55.0 | % | $ | 231,550 | |||||
245-249 West 17th Street & 218 West 18th Street(3) | New York, NY | October 11, 2017 | 100.0 | % | $ | 514,100 | |||||
114 Fifth Avenue(4) | New York, NY | July 6, 2017 | 49.5 | % | $ | 108,900 |
Property | Location | Date | Sales Price(1) (in thousands) | Gain (Loss) on Sale (in thousands) | |||||||||
2017 | |||||||||||||
University Circle & 333 Market Street(2) | San Francisco, CA | July 6, 2017 | $ | 234,000 | $ | 102,365 | |||||||
Key Center Tower & Marriott(3) | Cleveland, OH | January 31, 2017 | $ | 267,500 | $ | 9,500 | |||||||
Houston Properties(4) | Houston, TX | January 6, 2017 | $ | 272,000 | $ | 63,700 | |||||||
2016 | |||||||||||||
SanTan Corporate Center | Phoenix, AZ | December 15, 2016 | $ | 58,500 | $ | 9,800 | |||||||
Sterling Commerce | Dallas, TX | November 30, 2016 | $ | 51,000 | $ | 12,500 | |||||||
9127 South Jamaica Street | Denver, CO | October 12, 2016 | $ | 19,500 | $ | — | (5) | ||||||
80 Park Plaza | Newark, NJ | September 30, 2016 | $ | 174,500 | $ | 21,600 | |||||||
9189, 9191 & 9193 South Jamaica Street | Denver, CO | September 22, 2016 | $ | 122,000 | $ | 27,200 | |||||||
800 North Frederick | Suburban, MD | July 8, 2016 | $ | 48,000 | $ | 2,100 | |||||||
100 East Pratt | Baltimore, MD | March 31, 2016 | $ | 187,000 | $ | (300 | ) |
Carrying Value of Investment | ||||||||||||||||||||||||||||||||||||||
Joint Venture | Property Name | Geographic Market | Ownership Interest | September 30, 2019(1) | December 31, 2018 | |||||||||||||||||||||||||||||||||
Market Square Joint Venture | Market Square | Washington, D.C. | 51.0 | % | $ | 136,775 | $ | 134,250 | ||||||||||||||||||||||||||||||
University Circle Joint Venture | University Circle | San Francisco | 55.0 | % | 286,405 | 292,951 | ||||||||||||||||||||||||||||||||
333 Market Street Joint Venture | 333 Market Street | San Francisco | 55.0 | % | 270,799 | 273,783 | ||||||||||||||||||||||||||||||||
114 Fifth Avenue Joint Venture | 114 Fifth Avenue | New York | 49.5 | % | 90,662 | 99,283 | ||||||||||||||||||||||||||||||||
1800 M Street Joint Venture | 1800 M Street | Washington, D.C. | 55.0 | % | 233,605 | 237,333 | ||||||||||||||||||||||||||||||||
799 Broadway Joint Venture(2) | 799 Broadway | New York, NY | 49.7 | % | 40,324 | 33,753 | ||||||||||||||||||||||||||||||||
$ | 1,058,570 | $ | 1,071,353 |
Carrying Value of Investment | ||||||||||||||||
Joint Venture | Property Name | Geographic Market | Ownership Interest | September 30, 2017 | December 31, 2016 | |||||||||||
Market Square Joint Venture | Market Square | Washington, D.C. | 51.0 | % | $ | 126,638 | $ | 127,346 | ||||||||
University Circle Joint Venture(1) | University Circle | San Francisco | 77.5 | % | (2) | 170,712 | — | |||||||||
333 Market Street Joint Venture(1) | 333 Market Street | San Francisco | 77.5 | % | (2) | 288,405 | — | |||||||||
114 Fifth Avenue Joint Venture(1) | 114 Fifth Avenue | New York | 49.5 | % | 112,350 | — | ||||||||||
$ | 698,105 | $ | 127,346 |
Total Assets | Total Debt | Total Equity(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Square Joint Venture | $ | 581,878 | $ | 582,176 | $ | 324,801 | (2) | $ | 324,762 | $ | 244,696 | $ | 241,581 | |||||||||||||||||||||||||||||||||||||||||||||||||
University Circle Joint Venture | 222,325 | 224,746 | — | — | 215,199 | 219,390 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
333 Market Street Joint Venture | 370,444 | 375,884 | — | — | 354,782 | 360,915 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
114 Fifth Avenue Joint Venture | 488,784 | 377,970 | — | — | 133,038 | 149,243 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1800 M Street Joint Venture | 436,385 | 447,585 | — | — | 422,308 | 429,016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
799 Broadway Joint Venture | 188,831 | 168,390 | 104,453 | (3) | 95,630 | 77,572 | 67,189 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 2,288,647 | $ | 2,176,751 | $ | 429,254 | $ | 420,392 | $ | 1,447,595 | $ | 1,467,334 |
Total Assets | Total Debt | Total Equity | |||||||||||||||||||||||
September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | ||||||||||||||||||||
Market Square Joint Venture | $ | 582,664 | $ | 587,344 | $ | 324,682 | $ | 324,656 | $ | 239,207 | $ | 242,802 | |||||||||||||
University Circle Joint Venture | 225,434 | — | — | — | 217,138 | (1) | — | ||||||||||||||||||
333 Market Street Joint Venture | 385,930 | — | — | — | 369,177 | (1) | — | ||||||||||||||||||
114 Fifth Avenue Joint Venture | 388,786 | — | — | — | 174,246 | (1) | — | ||||||||||||||||||
$ | 1,582,814 | $ | 587,344 | $ | 324,682 | $ | 324,656 | $ | 999,768 | $ | 242,802 |
(2)The Market Square Joint Venture has a $325.0 million mortgage note. The Market Square mortgage note bears interest at 5.07% and matures on July 1, 2023. (3)Reflects $108.4 million outstanding, net of $3.9 million of net unamortized deferred financing costs, on the 799 Broadway construction loan. The 799 Broadway construction loan is being used to finance a portion of the 799 Broadway development project, has total capacity of $187.0 million, and bears interest at LIBOR, capped at 4.00%, plus a spread of 425 basis points (the "Construction Loan"). A portion of the monthly interest payments accrue into the balance of the loan. The Construction Loan matures on October 9, 2021, with 2 one-year extension options. For a discussion of Columbia Property Trust's equity guaranty related to the Construction Loan, see Note 7, Commitments and Contingencies. |
Total Revenues | Net Income (Loss) | Columbia Property Trust's Share of Net Income (Loss)(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Market Square Joint Venture | $ | 12,195 | $ | 10,996 | $ | (2,810) | $ | (3,120) | $ | (1,433) | $ | (1,592) | ||||||||||||||||||||||||||||||||||||||||||||
University Circle Joint Venture | 10,522 | 11,577 | 5,840 | 6,601 | 3,212 | 3,630 | ||||||||||||||||||||||||||||||||||||||||||||||||||
333 Market Street Joint Venture | 7,039 | 6,677 | 3,748 | 3,602 | 2,061 | 1,981 | ||||||||||||||||||||||||||||||||||||||||||||||||||
114 Fifth Avenue Joint Venture | 10,943 | 10,210 | (2,649) | (2,740) | (1,311) | (1,357) | ||||||||||||||||||||||||||||||||||||||||||||||||||
1800 M Street Joint Venture | 9,733 | 9,482 | 1,576 | 1,422 | 867 | 782 | ||||||||||||||||||||||||||||||||||||||||||||||||||
799 Broadway Joint Venture | — | — | (85) | — | (42) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 50,432 | $ | 48,942 | $ | 5,620 | $ | 5,765 | $ | 3,354 | $ | 3,444 |
Total Revenues | Net Income (Loss) | Columbia Property Trust's Share of Net Income (Loss) | ||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Market Square Joint Venture | $ | 10,474 | $ | 9,787 | $ | (4,089 | ) | $ | (3,799 | ) | $ | (2,086 | ) | $ | (1,937 | ) | ||||||||
University Circle Joint Venture | 9,448 | — | 4,810 | — | 3,701 | — | ||||||||||||||||||
333 Market Street Joint Venture | 6,306 | — | 3,381 | — | 2,593 | — | ||||||||||||||||||
114 Fifth Avenue Joint Venture | 9,832 | — | (2,332 | ) | — | (1,355 | ) | — | ||||||||||||||||
$ | 36,060 | $ | 9,787 | $ | 1,770 | $ | (3,799 | ) | $ | 2,853 | $ | (1,937 | ) |
Total Revenues | Net Income (Loss) | Columbia Property Trust's Share of Net Income (Loss)(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Market Square Joint Venture | $ | 35,424 | $ | 33,260 | $ | (8,543) | $ | (9,127) | $ | (4,357) | $ | (4,655) | ||||||||||||||||||||||||||||||||||||||||||||
University Circle Joint Venture | 33,439 | 31,921 | 18,569 | 17,349 | 10,213 | 9,944 | ||||||||||||||||||||||||||||||||||||||||||||||||||
333 Market Street Joint Venture | 21,131 | 20,020 | 11,203 | 10,717 | 6,161 | 6,165 | ||||||||||||||||||||||||||||||||||||||||||||||||||
114 Fifth Avenue Joint Venture | 32,036 | 30,999 | (7,798) | (7,433) | (3,860) | (3,680) | ||||||||||||||||||||||||||||||||||||||||||||||||||
1800 M Street Joint Venture | 28,529 | 27,949 | 3,403 | 3,101 | 1,872 | 1,705 | ||||||||||||||||||||||||||||||||||||||||||||||||||
799 Broadway Joint Venture | — | — | (749) | — | (372) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 150,559 | $ | 144,149 | $ | 16,085 | $ | 14,607 | $ | 9,657 | $ | 9,479 |
Total Revenues | Net Income (Loss) | Columbia Property Trust's Share of Net Income (Loss) | ||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Market Square Joint Venture | $ | 31,036 | $ | 31,226 | $ | (11,348 | ) | $ | (10,669 | ) | $ | (5,788 | ) | $ | (5,441 | ) | ||||||||
University Circle Joint Venture | 9,448 | — | 4,810 | — | 3,701 | — | ||||||||||||||||||
333 Market Street Joint Venture | 6,306 | — | 3,381 | — | 2,593 | — | ||||||||||||||||||
114 Fifth Avenue Joint Venture | 9,832 | — | (2,332 | ) | — | (1,355 | ) | — | ||||||||||||||||
$ | 56,622 | $ | 31,226 | $ | (5,489 | ) | $ | (10,669 | ) | $ | (849 | ) | $ | (5,441 | ) |
For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Market Square Joint Venture | $ | 496 | $ | 511 | $ | 1,468 | $ | 1,655 | ||||||||
University Circle Joint Venture | 480 | — | 480 | — | ||||||||||||
333 Market Street Joint Venture | 178 | — | 178 | — | ||||||||||||
$ | 1,154 | $ | 511 | $ | 2,126 | $ | 1,655 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
Market Square Joint Venture | $ | 558 | $ | 521 | $ | 1,705 | $ | 1,596 | ||||||||||||||||||||||||||||||
University Circle Joint Venture | 610 | 565 | 1,755 | 1,657 | ||||||||||||||||||||||||||||||||||
333 Market Street Joint Venture | 204 | 193 | 615 | 586 | ||||||||||||||||||||||||||||||||||
1800 M Street Joint Venture | 542 | 546 | 1,606 | 1,563 | ||||||||||||||||||||||||||||||||||
$ | 1,914 | $ | 1,825 | $ | 5,681 | $ | 5,402 |
Facility | September 30, 2019 | December 31, 2018 | ||||||||||||
Revolving Credit Facility | $ | 300,000 | $ | 482,000 | ||||||||||
$150 Million Term Loan | 150,000 | 150,000 | ||||||||||||
Less: Deferred financing costs related to term loans and notes payable, net of accumulated amortization | (2,237) | (2,692) | ||||||||||||
$ | 447,763 | $ | 629,308 |
Facility | September 30, 2017 | December 31, 2016 | ||||||
$300 Million Term Loan | $ | 300,000 | $ | 300,000 | ||||
$150 Million Term Loan | 150,000 | 150,000 | ||||||
263 Shuman Boulevard building mortgage note(1) | 49,000 | 49,000 | ||||||
One Glenlake building mortgage note | 23,978 | 26,315 | ||||||
650 California Street building mortgage note | — | 126,287 | ||||||
221 Main Street building mortgage note | — | 73,000 | ||||||
Revolving Credit Facility | — | — | ||||||
Less: Deferred financing costs related to term loans and notes payable, net of accumulated amortization | (2,611 | ) | (3,136 | ) | ||||
$ | 520,367 | $ | 721,466 |
Time-Based Awards | Performance-Based Awards | |||||||||||||||||||||||||||||||||||||||||||
Restricted Shares (in thousands) | Weighted-Average Grant-Date Fair Value(1) | RSUs (in thousands) | Weighted-Average Grant-Date Fair Value(2) | |||||||||||||||||||||||||||||||||||||||||
Unvested awards – beginning of period | 375 | $ | 22.15 | 454 | $ | 19.37 | ||||||||||||||||||||||||||||||||||||||
Granted | 176 | $ | 19.36 | 256 | (3) | $ | 17.66 | |||||||||||||||||||||||||||||||||||||
Vested | (165) | $ | 21.99 | (121) | (3) | $ | 19.08 | |||||||||||||||||||||||||||||||||||||
Unvested awards – end of period(4) | 386 | $ | 20.95 | 589 | $ | 18.85 |
For the Nine Months Ended September 30, 2017 | |||||||
Shares (in thousands) | Weighted-Average Grant-Date Fair Value(1) | ||||||
Unvested shares – beginning of period | 256 | $ | 22.62 | ||||
Granted | 664 | $ | 20.20 | ||||
Vested | (161 | ) | $ | 22.67 | |||
Forfeited | (9 | ) | $ | 21.12 | |||
Unvested shares – end of period(2) | 750 | $ | 20.48 |
Date of Grant | Shares | Grant-Date Fair Value | ||||||||||||
May 14, 2019 | 28,000 | $ | 22.13 | |||||||||||
May 14, 2018 | 31,743 | $ | 22.20 |
Date of Grant | Shares | Grant-Date Fair Value | ||||||
2017 Director Grants: | ||||||||
January 3, 2017 | 8,279 | $ | 21.58 | |||||
May 2, 2017 | 33,581 | (1) | $ | 22.57 | ||||
2016 Director Grants: | ||||||||
January 4, 2016 | 7,439 | $ | 23.00 | |||||
April 1, 2016 | 8,120 | $ | 21.89 | |||||
July 1, 2016 | 8,158 | $ | 21.52 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Amortization of time-based awards granted under the LTI Plan | $ | 831 | $ | 948 | $ | 2,519 | $ | 2,857 | |||||||||||||||||||||||||||
Amortization of performance-based awards granted under the LTI Plan(1) | 704 | 682 | 2,039 | 1,790 | |||||||||||||||||||||||||||||||
Issuance of shares to independent directors | — | — | 619 | 705 | |||||||||||||||||||||||||||||||
Total stock-based compensation expense | $ | 1,535 | $ | 1,630 | $ | 5,177 | $ | 5,352 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Amortization of LTIP awards | $ | 917 | $ | 650 | $ | 2,721 | $ | 2,190 | |||||||
Amortization of future LTIP awards(1) | 639 | 91 | 1,851 | 797 | |||||||||||
Issuance of shares to independent directors | — | 176 | 937 | 525 | |||||||||||
Total stock-based compensation expense | $ | 1,556 | $ | 917 | $ | 5,509 | $ | 3,512 |
Nine Months Ended September 30, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Investments in real estate funded with other assets | $ | — | $ | 617 | |||||||||||||
Extinguishment of 263 Shuman Boulevard mortgage note by transferring property to lender | $ | — | $ | 49,000 | |||||||||||||
Amortization of net discounts on debt | $ | 135 | $ | 135 | |||||||||||||
Accrued transaction costs | $ | 128 | $ | — | |||||||||||||
Accrued investments in unconsolidated joint ventures | $ | 163 | $ | — | |||||||||||||
Accrued capital expenditures and deferred lease costs | $ | 12,009 | $ | 14,299 | |||||||||||||
Operating lease liability recorded at adoption of ASC 842 | $ | 34,791 | $ | — | |||||||||||||
Market value adjustments to interest rate swaps that qualify for hedge accounting treatment | $ | (7,103) | $ | 4,174 | |||||||||||||
Cumulative-effect adjustment to equity for the adoption of ASU 2017-05 and ASU 2014-09 | $ | — | $ | 358,098 | |||||||||||||
Stock-based compensation expense | $ | 5,177 | $ | 5,352 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Investments in real estate funded with other assets | $ | 311 | $ | 1,442 | |||
Real estate assets transferred to unconsolidated joint ventures | $ | 558,122 | $ | — | |||
Other assets transferred to unconsolidated joint ventures | $ | 43,670 | $ | — | |||
Other liabilities transferred to unconsolidated joint ventures | $ | 21,347 | $ | — | |||
Discount on issuance of bonds payable | $ | — | $ | 1,309 | |||
Deposits applied to sales of real estate | $ | 10,000 | $ | — | |||
Amortization of net discounts on debt | $ | 135 | $ | 222 | |||
Market value adjustments to interest rate swaps that qualify for hedge accounting treatment | $ | 146 | $ | (5,629 | ) | ||
Accrued capital expenditures and deferred lease costs | $ | 25,866 | $ | 16,074 | |||
Accrued deferred financing costs | $ | — | $ | 12 | |||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | $ | 4,061 | $ | 2,339 |
Remainder of 2019 | $ | 175 | |||
2020 | 728 | ||||
2021 | 760 | ||||
2022 | 793 | ||||
2023 | 67 | ||||
2024 | — | ||||
Thereafter | — | ||||
Total lease payments | 2,523 | ||||
Less: interest expense | (188) | ||||
Present value of lease liabilities | $ | 2,335 | |||
Weighted-average remaining lease term (years) | 3.3 years | ||||
Weighted-average discount rate | 4.5 | % |
2019 | $ | 2,502 | ||||||
2020 | 2,539 | |||||||
2021 | 2,704 | |||||||
2022 | 2,743 | |||||||
2023 | 2,023 | |||||||
Thereafter | 176,782 | |||||||
Total | $ | 189,293 | (1) |
Ground Leases | Office Lease | Total Operating Leases | |||||||||||||||
Assets: | |||||||||||||||||
Total operating lease assets | $ | 27,964 | $ | 1,746 | $ | 29,710 | |||||||||||
Liabilities: | |||||||||||||||||
Total operating lease liabilities | $ | — | $ | 2,335 | $ | 2,335 |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ground Leases | Office Lease | Total Operating Leases | Ground Leases | Office Lease | Total Operating Leases | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating costs | $ | 661 | $ | — | $ | 661 | $ | 2,045 | $ | — | $ | 2,045 | |||||||||||||||||||||||||||||||||||||||||||||||
General and administrative – corporate | — | 145 | 145 | — | 435 | 435 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating lease expenses | $ | 661 | $ | 145 | $ | 806 | $ | 2,045 | $ | 435 | $ | 2,480 |
Ground Leases | Office Lease | Total Operating Leases | |||||||||||||||
Cash paid for operating lease liabilities included in cash flows from operations | $ | (1,329) | $ | (522) | $ | (1,851) |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||||||
Fixed payments | $ | 62,149 | $ | 191,200 | |||||||
Variable payments | 6,814 | 19,226 | |||||||||
Total lease revenues | $ | 68,963 | $ | 210,426 |
Remainder of 2019 | $ | 52,701 | |||
2020 | 221,974 | ||||
2021 | 220,160 | ||||
2022 | 204,954 | ||||
2023 | 188,604 | ||||
2024 | 179,994 | ||||
Thereafter | 856,251 | ||||
Total | $ | 1,924,638 |
2019 | $ | 242,370 | |||
2020 | 247,826 | ||||
2021 | 221,692 | ||||
2022 | 209,845 | ||||
2023 | 192,261 | ||||
Thereafter | 1,106,275 | ||||
Total | $ | 2,220,269 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (20,286) | $ | 6,429 | $ | 30,974 | $ | 4,488 | ||||||||||||||||||||||||||||||
Distributions paid on unvested shares | (77) | (75) | (232) | (221) | ||||||||||||||||||||||||||||||||||
Net income (loss) used to calculate basic and diluted earnings per share | $ | (20,363) | $ | 6,354 | $ | 30,742 | $ | 4,267 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income | $ | 101,534 | $ | 36,898 | $ | 177,389 | $ | 56,881 | ||||||||
Distributions paid on unvested shares | (84 | ) | (77 | ) | (253 | ) | (237 | ) | ||||||||
Net income used to calculate basic and diluted earnings per share | $ | 101,450 | $ | 36,821 | $ | 177,136 | $ | 56,644 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
Weighted-average common shares – basic | 116,522 | 117,609 | 116,498 | 118,237 | ||||||||||||||||||||||||||||||||||
Plus incremental weighted-average shares from time-vested conversions, less assumed stock repurchases: | ||||||||||||||||||||||||||||||||||||||
Previously granted awards, unvested | 123 | 126 | 102 | 88 | ||||||||||||||||||||||||||||||||||
Future period LTI Plan awards | 176 | 472 | 162 | 424 | ||||||||||||||||||||||||||||||||||
Weighted-average common shares – diluted | 116,821 | 118,207 | 116,762 | 118,749 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
Weighted-average common shares – basic | 120,293 | 123,215 | 121,270 | 123,271 | ||||||||
Plus incremental weighted-average shares from time-vested conversions, less assumed share repurchases: | ||||||||||||
Previously granted LTIP awards, unvested | 116 | 82 | 89 | 46 | ||||||||
Future LTIP awards | 120 | 53 | 99 | 31 | ||||||||
Weighted-average common shares – diluted | 120,529 | 123,350 | 121,458 | 123,348 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
New York(1) | $ | 39,439 | $ | 37,990 | $ | 117,109 | $ | 119,248 | |||||||||||||||||||||||||||
San Francisco(2) | 27,866 | 26,548 | 83,650 | 76,156 | |||||||||||||||||||||||||||||||
Washington, D.C.(3) | 14,708 | 14,347 | 43,300 | 42,730 | |||||||||||||||||||||||||||||||
Atlanta | 6,699 | 10,485 | 25,666 | 30,626 | |||||||||||||||||||||||||||||||
Boston | 3,380 | 3,457 | 10,609 | 9,985 | |||||||||||||||||||||||||||||||
Los Angeles | 1,996 | 1,962 | 5,857 | 5,792 | |||||||||||||||||||||||||||||||
All other office markets | 3,947 | 3,941 | 11,769 | 11,782 | |||||||||||||||||||||||||||||||
Total office segments | 98,035 | 98,730 | 297,960 | 296,319 | |||||||||||||||||||||||||||||||
Corporate | 728 | 780 | 2,339 | 2,355 | |||||||||||||||||||||||||||||||
Total operating revenues | $ | 98,763 | $ | 99,510 | $ | 300,299 | $ | 298,674 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
New York(1) | $ | 30,488 | $ | 23,996 | $ | 83,598 | $ | 89,683 | |||||||
San Francisco(2) | 25,337 | 26,407 | 80,112 | 82,310 | |||||||||||
Atlanta | 9,401 | 9,192 | 28,239 | 27,625 | |||||||||||
Washington, D.C.(3) | 8,494 | 7,689 | 23,622 | 25,602 | |||||||||||
Boston | 2,734 | 2,879 | 8,358 | 8,782 | |||||||||||
Los Angeles | 1,899 | 1,635 | 5,534 | 5,526 | |||||||||||
All other office markets | 2,772 | 39,558 | 17,219 | 124,383 | |||||||||||
Total office segments | 81,125 | 111,356 | 246,682 | 363,911 | |||||||||||
Hotel | (24 | ) | 6,343 | 1,199 | 17,705 | ||||||||||
Corporate | 526 | 48 | 273 | 430 | |||||||||||
Total operating revenues | $ | 81,627 | $ | 117,747 | $ | 248,154 | $ | 382,046 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
New York(1) | $ | 16,536 | $ | 11,380 | $ | 50,411 | $ | 52,515 | |||||||
San Francisco(2) | 18,166 | 20,095 | 57,733 | 60,547 | |||||||||||
Atlanta | 8,500 | 8,249 | 25,078 | 24,756 | |||||||||||
Washington, D.C.(3) | 4,209 | 3,632 | 11,052 | 13,303 | |||||||||||
Boston | 1,196 | 1,425 | 3,797 | 4,111 | |||||||||||
Los Angeles | 1,155 | 894 | 3,439 | 3,336 | |||||||||||
All other office markets | 4,071 | 23,723 | 15,598 | 76,111 | |||||||||||
Total office segments | 53,833 | 69,398 | 167,108 | 234,679 | |||||||||||
Hotel | (24 | ) | 1,301 | (914 | ) | 3,171 | |||||||||
Corporate | (364 | ) | (59 | ) | (489 | ) | (137 | ) | |||||||
Total | $ | 53,445 | $ | 70,640 | $ | 165,705 | $ | 237,713 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 71,949 | $ | 73,340 | $ | 220,112 | $ | 222,420 | |||||||||||||||||||||||||||
Operating revenues included in income from unconsolidated joint ventures(1) | 28,728 | 27,995 | 85,868 | 81,656 | |||||||||||||||||||||||||||||||
Less: asset and property management fee income(2) | (1,914) | (1,825) | (5,681) | (5,402) | |||||||||||||||||||||||||||||||
Total operating revenues | $ | 98,763 | $ | 99,510 | $ | 300,299 | $ | 298,674 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Total revenues | $ | 60,362 | $ | 113,266 | $ | 217,375 | $ | 367,775 | |||||||
Operating revenues included in income (loss) from unconsolidated joint ventures(1) | 22,419 | 4,992 | 32,905 | 15,926 | |||||||||||
Asset and property management fee income(2) | (1,154 | ) | (511 | ) | (2,126 | ) | (1,655 | ) | |||||||
Total operating revenues | $ | 81,627 | $ | 117,747 | $ | 248,154 | $ | 382,046 |
(2)See Note 11, Non-Lease Revenues, of the accompanying consolidated financial statements. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
New York(1) | $ | 23,235 | $ | 23,145 | $ | 69,721 | $ | 71,693 | |||||||||||||||||||||||||||
San Francisco(2) | 20,495 | 19,925 | 61,399 | 58,875 | |||||||||||||||||||||||||||||||
Washington, D.C.(3) | 8,475 | 8,844 | 25,514 | 25,976 | |||||||||||||||||||||||||||||||
Atlanta | 5,640 | 9,245 | 19,935 | 27,083 | |||||||||||||||||||||||||||||||
Boston | 1,700 | 1,890 | 5,564 | 5,203 | |||||||||||||||||||||||||||||||
Los Angeles | 1,092 | 1,119 | 3,374 | 3,481 | |||||||||||||||||||||||||||||||
All other office markets | 3,870 | 3,989 | 11,558 | 11,149 | |||||||||||||||||||||||||||||||
Total office segments | 64,507 | 68,157 | 197,065 | 203,460 | |||||||||||||||||||||||||||||||
Corporate | (225) | (204) | (665) | (599) | |||||||||||||||||||||||||||||||
Total NOI | $ | 64,282 | $ | 67,953 | $ | 196,400 | $ | 202,861 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | (20,286) | $ | 6,429 | $ | 30,974 | $ | 4,488 | |||||||||||||||||||||||||||
Asset and property management fee income | (1,914) | (1,825) | (5,681) | (5,402) | |||||||||||||||||||||||||||||||
Depreciation | 19,773 | 19,878 | 59,512 | 61,394 | |||||||||||||||||||||||||||||||
Amortization | 7,485 | 7,920 | 22,052 | 24,559 | |||||||||||||||||||||||||||||||
Impairment loss | 23,364 | — | 23,364 | 30,812 | |||||||||||||||||||||||||||||||
General and administrative – corporate | 7,103 | 8,303 | 23,707 | 24,379 | |||||||||||||||||||||||||||||||
General and administrative – unconsolidated joint ventures | 839 | 746 | 2,486 | 2,213 | |||||||||||||||||||||||||||||||
Pre-acquisition costs | 2,437 | — | 2,437 | — | |||||||||||||||||||||||||||||||
Net interest expense | 10,289 | 13,049 | 33,280 | 43,241 | |||||||||||||||||||||||||||||||
Interest income from development authority bonds | — | (1,800) | — | (5,400) | |||||||||||||||||||||||||||||||
Gain on sale of unconsolidated joint venture interests | — | — | — | (762) | |||||||||||||||||||||||||||||||
Gain on extinguishment of debt | — | — | — | (23,713) | |||||||||||||||||||||||||||||||
Income tax expense | 2 | 3 | 18 | 16 | |||||||||||||||||||||||||||||||
Adjustments included in income from unconsolidated joint ventures | 15,302 | 15,250 | 46,281 | 47,036 | |||||||||||||||||||||||||||||||
Gain on sale of real estate assets | (112) | — | (42,030) | — | |||||||||||||||||||||||||||||||
NOI | $ | 64,282 | $ | 67,953 | $ | 196,400 | $ | 202,861 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 101,534 | $ | 36,898 | $ | 177,389 | $ | 56,881 | |||||||
Depreciation | 18,501 | 26,778 | 60,529 | 84,517 | |||||||||||
Amortization | 6,870 | 11,895 | 24,518 | 42,902 | |||||||||||
General and administrative - corporate | 7,034 | 7,467 | 25,003 | 25,718 | |||||||||||
General and administrative - joint ventures | 713 | — | 713 | — | |||||||||||
Net interest expense | 13,690 | 17,116 | 42,040 | 52,380 | |||||||||||
Interest income from development authority bonds | (1,800 | ) | (1,800 | ) | (5,400 | ) | (5,400 | ) | |||||||
Loss on early extinguishment of debt | 280 | 18,905 | 325 | 18,997 | |||||||||||
Income tax expense (benefit) | 3 | 65 | (378 | ) | 387 | ||||||||||
Asset and property management fee income | (1,154 | ) | (511 | ) | (2,126 | ) | (1,655 | ) | |||||||
Adjustments included in income (loss) from unconsolidated joint ventures | 10,139 | 4,239 | 18,610 | 13,069 | |||||||||||
Gain on sales of real estate assets | (102,365 | ) | (50,412 | ) | (175,518 | ) | (50,083 | ) | |||||||
NOI | $ | 53,445 | $ | 70,640 | $ | 165,705 | $ | 237,713 |
(1)The subsidiary issuer (Columbia Property Trust OP) is 100% owned by the parent company guarantor (Columbia Property Trust); (2)The guarantee is full and unconditional; and (3)No other subsidiary of the parent company guarantor (Columbia Property Trust) guarantees the 2026 Bonds Payable or the 2025 Bonds Payable. |
As of September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate assets, at cost: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | $ | — | $ | — | $ | 803,986 | $ | — | $ | 803,986 | |||||||||||||||||||||||||||||||||||||||||||
Buildings and improvements, net | — | 1,420 | 1,592,315 | — | 1,593,735 | ||||||||||||||||||||||||||||||||||||||||||||||||
Intangible lease assets, net | — | — | 50,726 | — | 50,726 | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction in progress | — | — | 33,663 | — | 33,663 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate assets | — | 1,420 | 2,480,690 | — | 2,482,110 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease assets | 1,746 | — | 27,964 | — | 29,710 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated joint ventures | — | 1,058,570 | — | — | 1,058,570 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 126,101 | 17,932 | 3,452 | — | 147,485 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 2,431,291 | 970,695 | — | (3,401,986) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Tenant receivables | — | — | 2,474 | — | 2,474 | ||||||||||||||||||||||||||||||||||||||||||||||||
Straight-line rent receivable | — | — | 87,076 | — | 87,076 | ||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets | 140,731 | 351,262 | 10,440 | (469,029) | 33,404 | ||||||||||||||||||||||||||||||||||||||||||||||||
Intangible lease origination costs, net | — | — | 23,517 | — | 23,517 | ||||||||||||||||||||||||||||||||||||||||||||||||
Deferred lease costs, net | — | — | 61,455 | — | 61,455 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 2,699,869 | $ | 2,399,879 | $ | 2,697,068 | $ | (3,871,015) | $ | 3,925,801 | |||||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit and notes payable, net | $ | — | $ | 447,763 | $ | 467,344 | $ | (467,344) | $ | 447,763 | |||||||||||||||||||||||||||||||||||||||||||
Bonds payable, net | ��� | 695,127 | — | — | 695,127 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease liabilities | 2,335 | — | — | — | 2,335 | ||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | — | 16,825 | 36,456 | — | 53,281 | ||||||||||||||||||||||||||||||||||||||||||||||||
Due to affiliates | — | — | 1,685 | (1,685) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income | — | — | 14,772 | — | 14,772 | ||||||||||||||||||||||||||||||||||||||||||||||||
Intangible lease liabilities, net | — | — | 14,989 | — | 14,989 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 2,335 | 1,159,715 | 535,246 | (469,029) | 1,228,267 | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity | 2,697,534 | 1,240,164 | 2,161,822 | (3,401,986) | 2,697,534 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 2,699,869 | $ | 2,399,879 | $ | 2,697,068 | $ | (3,871,015) | $ | 3,925,801 |
As of September 30, 2017 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||
Assets: | |||||||||||||||||||
Real estate assets, at cost: | |||||||||||||||||||
Land | $ | — | $ | — | $ | 609,110 | $ | — | $ | 609,110 | |||||||||
Buildings and improvements, net | — | 58 | 1,704,572 | — | 1,704,630 | ||||||||||||||
Intangible lease assets, net | — | — | 164,699 | — | 164,699 | ||||||||||||||
Construction in progress | — | — | 49,255 | — | 49,255 | ||||||||||||||
Total real estate assets | — | 58 | 2,527,636 | — | 2,527,694 | ||||||||||||||
Investment in unconsolidated joint ventures | — | 698,105 | — | — | 698,105 | ||||||||||||||
Cash and cash equivalents | 359,813 | 16,800 | 6,117 | — | 382,730 | ||||||||||||||
Investment in subsidiaries | 1,824,737 | 1,007,852 | — | (2,832,589 | ) | — | |||||||||||||
Tenant receivables, net of allowance | — | 31 | 2,783 | — | 2,814 | ||||||||||||||
Straight-line rent receivable | — | — | 80,128 | — | 80,128 | ||||||||||||||
Prepaid expenses and other assets | 369,358 | 123,064 | 15,735 | (432,355 | ) | 75,802 | |||||||||||||
Intangible lease origination costs, net | — | — | 28,067 | — | 28,067 | ||||||||||||||
Deferred lease costs, net | — | — | 127,940 | — | 127,940 | ||||||||||||||
Investment in development authority bonds | — | — | 120,000 | — | 120,000 | ||||||||||||||
Total assets | $ | 2,553,908 | $ | 1,845,910 | $ | 2,908,406 | $ | (3,264,944 | ) | $ | 4,043,280 | ||||||||
Liabilities: | |||||||||||||||||||
Line of credit and notes payable, net | $ | — | $ | 447,588 | $ | 503,542 | $ | (430,763 | ) | $ | 520,367 | ||||||||
Bonds payable, net | — | 693,562 | — | — | 693,562 | ||||||||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | 2 | 11,049 | 118,751 | — | 129,802 | ||||||||||||||
Due to affiliates | — | — | 1,592 | (1,592 | ) | — | |||||||||||||
Deferred income | 4 | 81 | 15,671 | — | 15,756 | ||||||||||||||
Intangible lease liabilities, net | — | — | 9,891 | — | 9,891 | ||||||||||||||
Obligations under capital lease | — | — | 120,000 | — | 120,000 | ||||||||||||||
Total liabilities | 6 | 1,152,280 | 769,447 | (432,355 | ) | 1,489,378 | |||||||||||||
Equity: | |||||||||||||||||||
Total equity | 2,553,902 | 693,630 | 2,138,959 | (2,832,589 | ) | 2,553,902 | |||||||||||||
Total liabilities and equity | $ | 2,553,908 | $ | 1,845,910 | $ | 2,908,406 | $ | (3,264,944 | ) | $ | 4,043,280 |
As of December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate assets, at cost: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | $ | — | $ | — | $ | 817,975 | $ | — | $ | 817,975 | |||||||||||||||||||||||||||||||||||||||||||
Building and improvements, net | — | 1,739 | 1,908,302 | — | 1,910,041 | ||||||||||||||||||||||||||||||||||||||||||||||||
Intangible lease assets, net | — | — | 98,540 | — | 98,540 | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction in progress | — | — | 33,800 | — | 33,800 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate assets | — | 1,739 | 2,858,617 | — | 2,860,356 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated joint ventures | — | 1,071,353 | — | — | 1,071,353 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1,705 | 10,573 | 4,840 | — | 17,118 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 2,622,528 | 1,236,982 | — | (3,859,510) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Tenant receivables, net | — | — | 3,258 | — | 3,258 | ||||||||||||||||||||||||||||||||||||||||||||||||
Straight-line rent receivable | — | — | 87,159 | — | 87,159 | ||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets | 140,797 | 340,071 | 11,379 | (469,029) | 23,218 | ||||||||||||||||||||||||||||||||||||||||||||||||
Intangible lease origination costs, net | — | — | 34,092 | — | 34,092 | ||||||||||||||||||||||||||||||||||||||||||||||||
Deferred lease costs, net | — | — | 77,439 | — | 77,439 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 2,765,030 | $ | 2,660,718 | $ | 3,076,784 | $ | (4,328,539) | $ | 4,173,993 | |||||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lines of credit and notes payable, net | $ | — | $ | 629,308 | $ | 467,344 | $ | (467,344) | $ | 629,308 | |||||||||||||||||||||||||||||||||||||||||||
Bonds payable, net | — | 694,538 | — | — | 694,538 | ||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | 674 | 9,441 | 39,007 | (5) | 49,117 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends payable | 23,340 | — | — | — | 23,340 | ||||||||||||||||||||||||||||||||||||||||||||||||
Due to affiliates | — | — | 1,680 | (1,680) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income | — | — | 15,593 | — | 15,593 | ||||||||||||||||||||||||||||||||||||||||||||||||
Intangible lease liabilities, net | — | — | 21,081 | — | 21,081 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 24,014 | 1,333,287 | 544,705 | (469,029) | 1,432,977 | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity | 2,741,016 | 1,327,431 | 2,532,079 | (3,859,510) | 2,741,016 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 2,765,030 | $ | 2,660,718 | $ | 3,076,784 | $ | (4,328,539) | $ | 4,173,993 |
As of December 31, 2016 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||
Assets: | |||||||||||||||||||
Real estate assets, at cost: | |||||||||||||||||||
Land | $ | — | $ | — | $ | 751,351 | $ | — | $ | 751,351 | |||||||||
Building and improvements, net | — | 219 | 2,120,931 | — | 2,121,150 | ||||||||||||||
Intangible lease assets, net | — | — | 193,311 | — | 193,311 | ||||||||||||||
Construction in progress | — | — | 36,188 | — | 36,188 | ||||||||||||||
Real estate assets held for sale, net | — | 34,956 | 377,550 | — | 412,506 | ||||||||||||||
Total real estate assets | — | 35,175 | 3,479,331 | — | 3,514,506 | ||||||||||||||
Investment in unconsolidated joint ventures | — | 127,346 | — | — | 127,346 | ||||||||||||||
Cash and cash equivalents | 174,420 | 16,509 | 25,156 | — | 216,085 | ||||||||||||||
Investment in subsidiaries | 2,047,922 | 1,782,752 | — | (3,830,674 | ) | — | |||||||||||||
Tenant receivables, net of allowance | — | — | 7,163 | — | 7,163 | ||||||||||||||
Straight-line rent receivable | — | — | 64,811 | — | 64,811 | ||||||||||||||
Prepaid expenses and other assets | 317,153 | 262,216 | 15,593 | (570,687 | ) | 24,275 | |||||||||||||
Intangible lease origination costs, net | — | — | 54,279 | — | 54,279 | ||||||||||||||
Deferred lease costs, net | — | — | 125,799 | — | 125,799 | ||||||||||||||
Investment in development authority bonds | — | — | 120,000 | — | 120,000 | ||||||||||||||
Other assets held for sale, net | — | 3,767 | 41,814 | (52 | ) | 45,529 | |||||||||||||
Total assets | $ | 2,539,495 | $ | 2,227,765 | $ | 3,933,946 | $ | (4,401,413 | ) | $ | 4,299,793 | ||||||||
Liabilities: | |||||||||||||||||||
Lines of credit and notes payable, net | $ | — | $ | 447,643 | $ | 704,585 | $ | (430,762 | ) | $ | 721,466 | ||||||||
Bonds payable, net | — | 692,972 | — | — | 692,972 | ||||||||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | — | 10,395 | 120,633 | — | 131,028 | ||||||||||||||
Dividends payable | 36,727 | — | — | — | 36,727 | ||||||||||||||
Due to affiliates | — | 58 | 1,534 | (1,592 | ) | — | |||||||||||||
Deferred income | — | — | 19,694 | — | 19,694 | ||||||||||||||
Intangible lease liabilities, net | — | — | 33,375 | — | 33,375 | ||||||||||||||
Obligations under capital leases | — | — | 120,000 | — | 120,000 | ||||||||||||||
Liabilities held for sale | — | 2,651 | 177,497 | (138,385 | ) | 41,763 | |||||||||||||
Total liabilities | 36,727 | 1,153,719 | 1,177,318 | (570,739 | ) | 1,797,025 | |||||||||||||
Equity: | |||||||||||||||||||
Total equity | 2,502,768 | 1,074,046 | 2,756,628 | (3,830,674 | ) | 2,502,768 | |||||||||||||
Total liabilities and equity | $ | 2,539,495 | $ | 2,227,765 | $ | 3,933,946 | $ | (4,401,413 | ) | $ | 4,299,793 |
For the Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues | $ | — | $ | — | $ | 68,963 | $ | — | $ | 68,963 | |||||||||||||||||||||||||||||||||||||||||||
Asset and property management fee income | 958 | — | 956 | — | 1,914 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other property income | — | — | 1,072 | — | 1,072 | ||||||||||||||||||||||||||||||||||||||||||||||||
958 | — | 70,991 | — | 71,949 | |||||||||||||||||||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating costs | — | — | 23,147 | — | 23,147 | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset and property management fee expenses | — | — | 102 | — | 102 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | — | 160 | 19,613 | — | 19,773 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization | — | — | 7,485 | — | 7,485 | ||||||||||||||||||||||||||||||||||||||||||||||||
Impairment loss on real estate assets | — | — | 23,364 | — | 23,364 | ||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative – corporate | 213 | 1,631 | 5,259 | — | 7,103 | ||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative – unconsolidated joint ventures | — | 13 | 826 | — | 839 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pre-acquisition costs | — | 2,437 | — | — | 2,437 | ||||||||||||||||||||||||||||||||||||||||||||||||
213 | 4,241 | 79,796 | — | 84,250 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | (10,289) | (5,053) | 5,053 | (10,289) | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other income | 1,575 | 3,478 | — | (5,053) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | — | — | (2) | — | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from unconsolidated entities | (22,606) | (9,559) | (2) | 34,361 | 2,194 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of real estate assets | — | — | 112 | — | 112 | ||||||||||||||||||||||||||||||||||||||||||||||||
(21,031) | (16,370) | (4,945) | 34,361 | (7,985) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | (20,286) | $ | (20,611) | $ | (13,750) | $ | 34,361 | $ | (20,286) |
For the Three Months Ended September 30, 2017 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||
Revenues: | |||||||||||||||||||
Rental income | $ | — | $ | — | $ | 55,113 | $ | (98 | ) | $ | 55,015 | ||||||||
Tenant reimbursements | — | 7 | 3,046 | — | 3,053 | ||||||||||||||
Asset and property management fee income | 569 | — | 585 | — | 1,154 | ||||||||||||||
Other property income | — | — | 1,140 | — | 1,140 | ||||||||||||||
569 | 7 | 59,884 | (98 | ) | 60,362 | ||||||||||||||
Expenses: | |||||||||||||||||||
Property operating costs | — | 113 | 18,552 | (98 | ) | 18,567 | |||||||||||||
Asset and property management fees | — | — | 188 | — | 188 | ||||||||||||||
Depreciation | — | 310 | 18,191 | — | 18,501 | ||||||||||||||
Amortization | — | — | 6,870 | — | 6,870 | ||||||||||||||
General and administrative - corporate | 39 | 1,758 | 5,237 | — | 7,034 | ||||||||||||||
General and administrative - unconsolidated joint ventures | — | — | 713 | — | 713 | ||||||||||||||
39 | 2,181 | 49,751 | (98 | ) | 51,873 | ||||||||||||||
Real estate operating income (loss) | 530 | (2,174 | ) | 10,133 | — | 8,489 | |||||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense | — | (10,702 | ) | (8,803 | ) | 4,774 | (14,731 | ) | |||||||||||
Interest and other income | 4,593 | 1,220 | 1,802 | (4,774 | ) | 2,841 | |||||||||||||
Loss on early extinguishment of debt | — | — | (280 | ) | — | (280 | ) | ||||||||||||
4,593 | (9,482 | ) | (7,281 | ) | — | (12,170 | ) | ||||||||||||
Income (loss) before income taxes and unconsolidated entities: | 5,123 | (11,656 | ) | 2,852 | — | (3,681 | ) | ||||||||||||
Income tax expense | — | (1 | ) | (2 | ) | — | (3 | ) | |||||||||||
Income (loss) from unconsolidated entities | 96,411 | 109,630 | (1 | ) | (203,187 | ) | 2,853 | ||||||||||||
Income (loss) before sales of real estate assets: | 101,534 | 97,973 | 2,849 | (203,187 | ) | (831 | ) | ||||||||||||
Gain on sales of real estate assets | — | — | 102,365 | — | 102,365 | ||||||||||||||
Net income | $ | 101,534 | $ | 97,973 | $ | 105,214 | $ | (203,187 | ) | $ | 101,534 |
For the Three Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues | $ | — | $ | 2 | $ | 69,735 | $ | — | $ | 69,737 | |||||||||||||||||||||||||||||||||||||||||||
Asset and property management fee income | 915 | — | 910 | — | 1,825 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other property income | — | — | 1,778 | — | 1,778 | ||||||||||||||||||||||||||||||||||||||||||||||||
915 | 2 | 72,423 | — | 73,340 | |||||||||||||||||||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating costs | — | — | 21,000 | — | 21,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset and property management fee expenses | — | — | 206 | — | 206 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | — | 168 | 19,710 | — | 19,878 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization | — | — | 7,920 | — | 7,920 | ||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative – corporate | 192 | 2,594 | 5,517 | — | 8,303 | ||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative – unconsolidated joint ventures | — | — | 746 | — | 746 | ||||||||||||||||||||||||||||||||||||||||||||||||
192 | 2,762 | 55,099 | — | 58,053 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | (10,905) | (7,199) | 5,053 | (13,051) | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other income | 1,575 | 3,478 | 1,803 | (5,053) | 1,803 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | — | — | (3) | — | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from unconsolidated entities | 4,131 | 15,858 | (3) | (17,593) | 2,393 | ||||||||||||||||||||||||||||||||||||||||||||||||
5,706 | 8,431 | (5,402) | (17,593) | (8,858) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | $ | 6,429 | $ | 5,671 | $ | 11,922 | $ | (17,593) | $ | 6,429 |
For the Three Months Ended September 30, 2016 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||
Revenues: | |||||||||||||||||||
Rental income | $ | — | $ | 956 | $ | 86,702 | $ | (97 | ) | $ | 87,561 | ||||||||
Tenant reimbursements | — | 564 | 16,526 | — | 17,090 | ||||||||||||||
Hotel income | — | — | 6,270 | — | 6,270 | ||||||||||||||
Asset and property management fee income | 245 | — | 266 | — | 511 | ||||||||||||||
Other property income | — | — | 1,930 | (96 | ) | 1,834 | |||||||||||||
245 | 1,520 | 111,694 | (193 | ) | 113,266 | ||||||||||||||
Expenses: | |||||||||||||||||||
Property operating costs | — | 860 | 38,338 | (97 | ) | 39,101 | |||||||||||||
Hotel operating costs | — | — | 4,946 | — | 4,946 | ||||||||||||||
Asset and property management fee expenses: | |||||||||||||||||||
Related-party | — | 40 | — | (40 | ) | — | |||||||||||||
Other | — | — | 387 | — | 387 | ||||||||||||||
Depreciation | — | 745 | 26,033 | — | 26,778 | ||||||||||||||
Amortization | — | 86 | 11,809 | — | 11,895 | ||||||||||||||
General and administrative - corporate | 38 | 2,297 | 5,188 | (56 | ) | 7,467 | |||||||||||||
38 | 4,028 | 86,701 | (193 | ) | 90,574 | ||||||||||||||
Real estate operating income (loss) | 207 | (2,508 | ) | 24,993 | — | 22,692 | |||||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense | — | (12,249 | ) | (12,256 | ) | 7,367 | (17,138 | ) | |||||||||||
Interest and other income | 3,571 | 3,813 | 1,822 | (7,367 | ) | 1,839 | |||||||||||||
Loss on early extinguishment of debt | — | (18,905 | ) | — | — | (18,905 | ) | ||||||||||||
3,571 | (27,341 | ) | (10,434 | ) | — | (34,204 | ) | ||||||||||||
Income (loss) before income taxes and unconsolidated entities: | 3,778 | (29,849 | ) | 14,559 | — | (11,512 | ) | ||||||||||||
Income tax expense | — | — | (65 | ) | — | (65 | ) | ||||||||||||
Income from subsidiaries | 33,120 | 61,442 | — | (94,562 | ) | — | |||||||||||||
Loss from unconsolidated joint venture | — | (1,937 | ) | — | — | (1,937 | ) | ||||||||||||
Income (loss) before sale of real estate assets: | 36,898 | 29,656 | 14,494 | (94,562 | ) | (13,514 | ) | ||||||||||||
Gain on sale of real estate assets | — | — | 50,412 | — | 50,412 | ||||||||||||||
Net income | $ | 36,898 | $ | 29,656 | $ | 64,906 | $ | (94,562 | ) | $ | 36,898 |
For the Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues | $ | — | $ | — | $ | 210,426 | $ | — | $ | 210,426 | |||||||||||||||||||||||||||||||||||||||||||
Asset and property management fee income | 2,796 | — | 2,885 | — | 5,681 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other property income | — | — | 4,005 | — | 4,005 | ||||||||||||||||||||||||||||||||||||||||||||||||
2,796 | — | 217,316 | — | 220,112 | |||||||||||||||||||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating costs | — | — | 69,970 | — | 69,970 | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset and property management fee expenses | — | — | 521 | — | 521 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | — | 493 | 59,019 | — | 59,512 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization | — | — | 22,052 | — | 22,052 | ||||||||||||||||||||||||||||||||||||||||||||||||
Impairment loss on real estate assets | — | — | 23,364 | — | 23,364 | ||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative – corporate | 611 | 6,196 | 16,900 | — | 23,707 | ||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative – unconsolidated joint ventures | — | 29 | 2,457 | — | 2,486 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pre-acquisition costs | — | 2,437 | — | — | 2,437 | ||||||||||||||||||||||||||||||||||||||||||||||||
611 | 9,155 | 194,283 | — | 204,049 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | (33,281) | (15,159) | 15,159 | (33,281) | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other income | 4,725 | 10,434 | 1 | (15,159) | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | — | — | (18) | — | (18) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from unconsolidated entities | 24,064 | 62,977 | (2) | (80,860) | 6,179 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of real estate assets | — | — | 42,030 | — | 42,030 | ||||||||||||||||||||||||||||||||||||||||||||||||
28,789 | 40,130 | 26,852 | (80,860) | 14,911 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 30,974 | $ | 30,975 | $ | 49,885 | $ | (80,860) | $ | 30,974 |
For the Nine Months Ended September 30, 2017 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||
Revenues: | |||||||||||||||||||
Rental income | $ | — | $ | 51 | $ | 193,551 | $ | (293 | ) | $ | 193,309 | ||||||||
Tenant reimbursements | — | (59 | ) | 18,668 | — | 18,609 | |||||||||||||
Hotel income | — | — | 1,339 | — | 1,339 | ||||||||||||||
Asset and property management fee income | 1,059 | — | 1,067 | — | 2,126 | ||||||||||||||
Other property income | — | — | 2,010 | (18 | ) | 1,992 | |||||||||||||
1,059 | (8 | ) | 216,635 | (311 | ) | 217,375 | |||||||||||||
Expenses: | |||||||||||||||||||
Property operating costs | — | 241 | 64,555 | (293 | ) | 64,503 | |||||||||||||
Hotel operating costs | — | — | 2,085 | — | 2,085 | ||||||||||||||
Asset and property management fee expenses: | |||||||||||||||||||
Related-party | — | 3 | — | (3 | ) | — | |||||||||||||
Other | — | — | 717 | — | 717 | ||||||||||||||
Depreciation | — | 544 | 59,985 | — | 60,529 | ||||||||||||||
Amortization | — | 5 | 24,513 | — | 24,518 | ||||||||||||||
General and administrative - corporate | 135 | 7,013 | 17,870 | (15 | ) | 25,003 | |||||||||||||
General and administrative - unconsolidated joint ventures | — | — | 713 | — | 713 | ||||||||||||||
135 | 7,806 | 170,438 | (311 | ) | 178,068 | ||||||||||||||
Real estate operating income (loss) | 924 | (7,814 | ) | 46,197 | — | 39,307 | |||||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense | — | (31,554 | ) | (27,935 | ) | 15,181 | (44,308 | ) | |||||||||||
Interest and other income | 12,923 | 4,517 | 5,409 | (15,181 | ) | 7,668 | |||||||||||||
Loss on early extinguishment of debt | — | — | (325 | ) | — | (325 | ) | ||||||||||||
12,923 | (27,037 | ) | (22,851 | ) | — | (36,965 | ) | ||||||||||||
Income (loss) before income taxes, unconsolidated entities, and sales of real estate: | 13,847 | (34,851 | ) | 23,346 | — | 2,342 | |||||||||||||
Income tax benefit (expense) | — | (1 | ) | 379 | — | 378 | |||||||||||||
Income (loss) from unconsolidated entities | 163,542 | 188,832 | — | (353,223 | ) | (849 | ) | ||||||||||||
Income before sales of real estate assets: | 177,389 | 153,980 | 23,725 | (353,223 | ) | 1,871 | |||||||||||||
Gains on sales of real estate assets | — | 11,050 | 164,468 | — | 175,518 | ||||||||||||||
Net income | $ | 177,389 | $ | 165,030 | $ | 188,193 | $ | (353,223 | ) | $ | 177,389 |
For the Nine Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues | $ | — | $ | 2 | $ | 211,504 | $ | — | $ | 211,506 | |||||||||||||||||||||||||||||||||||||||||||
Asset and property management fee income | 2,749 | — | 2,653 | — | 5,402 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other property income | — | — | 5,512 | — | 5,512 | ||||||||||||||||||||||||||||||||||||||||||||||||
2,749 | 2 | 219,669 | — | 222,420 | |||||||||||||||||||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating costs | — | — | 66,512 | — | 66,512 | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset and property management fee expenses | — | — | 619 | — | 619 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | — | 500 | 60,894 | — | 61,394 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization | — | — | 24,559 | — | 24,559 | ||||||||||||||||||||||||||||||||||||||||||||||||
Impairment loss on real estate | — | — | 30,812 | — | 30,812 | ||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative – corporate | 582 | 7,412 | 16,385 | — | 24,379 | ||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative – unconsolidated joint ventures | — | — | 2,213 | — | 2,213 | ||||||||||||||||||||||||||||||||||||||||||||||||
582 | 7,912 | 201,994 | — | 210,488 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | (35,322) | (26,344) | 18,406 | (43,260) | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | — | (326) | 24,039 | — | 23,713 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other income | 7,972 | 10,434 | 5,420 | (18,406) | 5,420 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of unconsolidated joint venture interests | — | 762 | — | — | 762 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | — | — | (16) | — | (16) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from unconsolidated entities | (5,651) | 26,521 | — | (14,933) | 5,937 | ||||||||||||||||||||||||||||||||||||||||||||||||
2,321 | 2,069 | 3,099 | (14,933) | (7,444) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 4,488 | $ | (5,841) | $ | 20,774 | $ | (14,933) | $ | 4,488 |
For the Nine Months Ended September 30, 2016 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||
Revenues: | |||||||||||||||||||
Rental income | $ | — | $ | 2,669 | $ | 278,330 | $ | (285 | ) | $ | 280,714 | ||||||||
Tenant reimbursements | — | 1,421 | 54,130 | — | 55,551 | ||||||||||||||
Hotel income | — | — | 17,484 | — | 17,484 | ||||||||||||||
Asset and property management fee income | 735 | — | 920 | — | 1,655 | ||||||||||||||
Other property income | — | — | 12,651 | (280 | ) | 12,371 | |||||||||||||
735 | 4,090 | 363,515 | (565 | ) | 367,775 | ||||||||||||||
Expenses: | |||||||||||||||||||
Property operating costs | — | 2,360 | 118,604 | (285 | ) | 120,679 | |||||||||||||
Hotel operating costs | — | — | 14,315 | — | 14,315 | ||||||||||||||
Asset and property management fee expenses: | |||||||||||||||||||
Related-party | — | 112 | — | (112 | ) | — | |||||||||||||
Other | — | — | 1,058 | — | 1,058 | ||||||||||||||
Depreciation | — | 2,166 | 82,351 | — | 84,517 | ||||||||||||||
Amortization | — | 239 | 42,663 | — | 42,902 | ||||||||||||||
General and administrative - corporate | 116 | 6,575 | 19,195 | (168 | ) | 25,718 | |||||||||||||
116 | 11,452 | 278,186 | (565 | ) | 289,189 | ||||||||||||||
Real estate operating income (loss) | 619 | (7,362 | ) | 85,329 | — | 78,586 | |||||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense | — | (36,479 | ) | (38,071 | ) | 22,135 | (52,415 | ) | |||||||||||
Interest and other income | 10,680 | 11,471 | 5,436 | (22,135 | ) | 5,452 | |||||||||||||
Loss on early extinguishment of debt | — | (18,987 | ) | (10 | ) | — | (18,997 | ) | |||||||||||
10,680 | (43,995 | ) | (32,645 | ) | — | (65,960 | ) | ||||||||||||
Income (loss) before income taxes, unconsolidated entities, and sales of real estate: | 11,299 | (51,357 | ) | 52,684 | — | 12,626 | |||||||||||||
Income tax expense | — | (12 | ) | (375 | ) | — | (387 | ) | |||||||||||
Income from unconsolidated entities | 45,582 | 89,972 | — | (135,554 | ) | — | |||||||||||||
Loss from unconsolidated joint venture | — | (5,441 | ) | — | — | (5,441 | ) | ||||||||||||
Income before sales of real estate assets: | 56,881 | 33,162 | 52,309 | (135,554 | ) | 6,798 | |||||||||||||
Gain on sales of real estate assets | — | — | 50,083 | — | 50,083 | ||||||||||||||
Net income | $ | 56,881 | $ | 33,162 | $ | 102,392 | $ | (135,554 | ) | $ | 56,881 |
For the Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (20,286) | $ | (20,611) | $ | (13,750) | $ | 34,361 | $ | (20,286) | |||||||||||||||||||||||||||||||||||||||||||
Market value adjustments to interest rate swap | (3,068) | (3,068) | — | 3,068 | (3,068) | ||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss | $ | (23,354) | $ | (23,679) | $ | (13,750) | $ | 37,429 | $ | (23,354) | |||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 6,429 | $ | 5,671 | $ | 11,922 | $ | (17,593) | $ | 6,429 | |||||||||||||||||||||||||||||||||||||||||||
Market value adjustments to interest rate swap | 722 | 722 | — | (722) | 722 | ||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 7,151 | $ | 6,393 | $ | 11,922 | $ | (18,315) | $ | 7,151 |
For the Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 30,974 | $ | 30,975 | $ | 49,885 | $ | (80,860) | $ | 30,974 | |||||||||||||||||||||||||||||||||||||||||||
Market value adjustments to interest rate swap | (7,103) | (7,103) | — | 7,103 | (7,103) | ||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 23,871 | $ | 23,872 | $ | 49,885 | $ | (73,757) | $ | 23,871 |
For the Nine Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 4,488 | $ | (5,841) | $ | 20,774 | $ | (14,933) | $ | 4,488 | |||||||||||||||||||||||||||||||||||||||||||
Market value adjustments to interest rate swap | 4,174 | 4,174 | — | (4,174) | 4,174 | ||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 8,662 | $ | (1,667) | $ | 20,774 | $ | (19,107) | $ | 8,662 |
For the Three Months Ended September 30, 2017 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||
Net income | $ | 101,534 | $ | 97,973 | $ | 105,214 | $ | (203,187 | ) | $ | 101,534 | ||||||||
Market value adjustments to interest rate swaps | 148 | 148 | — | (148 | ) | 148 | |||||||||||||
Comprehensive income | $ | 101,682 | $ | 98,121 | $ | 105,214 | $ | (203,335 | ) | $ | 101,682 |
For the Three Months Ended September 30, 2016 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||
Net income | $ | 36,898 | $ | 29,656 | $ | 64,906 | $ | (94,562 | ) | $ | 36,898 | ||||||||
Market value adjustments to interest rate swaps | 1,250 | 1,250 | — | (1,250 | ) | 1,250 | |||||||||||||
Comprehensive income | $ | 38,148 | $ | 30,906 | $ | 64,906 | $ | (95,812 | ) | $ | 38,148 |
For the Nine Months Ended September 30, 2017 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||
Net income | $ | 177,389 | $ | 165,030 | $ | 188,193 | $ | (353,223 | ) | $ | 177,389 | ||||||||
Market value adjustments to interest rate swaps | 146 | 146 | — | (146 | ) | 146 | |||||||||||||
Comprehensive income | $ | 177,535 | $ | 165,176 | $ | 188,193 | $ | (353,369 | ) | $ | 177,535 |
For the Nine Months Ended September 30, 2016 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||
Net income | $ | 56,881 | $ | 33,162 | $ | 102,392 | $ | (135,554 | ) | $ | 56,881 | ||||||||
Market value adjustments to interest rate swaps | (5,629 | ) | (5,629 | ) | — | 5,629 | (5,629 | ) | |||||||||||
Comprehensive income (loss) | $ | 51,252 | $ | 27,533 | $ | 102,392 | $ | (129,925 | ) | $ | 51,252 |
For the Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities | $ | 33,072 | $ | 31,084 | $ | 120,768 | $ | (80,860) | $ | 104,064 | |||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from the sale of real estate | — | — | 375,004 | — | 375,004 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment in real estate and related assets | (14,815) | — | (54,366) | — | (69,181) | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated joint ventures | — | (12,741) | — | — | (12,741) | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from unconsolidated joint ventures | — | 11,264 | — | — | 11,264 | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from subsidiaries | 202,020 | 384,877 | — | (586,897) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by investing activities | 187,205 | 383,400 | 320,638 | (586,897) | 304,346 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, net of fees | — | 149,838 | — | — | 149,838 | ||||||||||||||||||||||||||||||||||||||||||||||||
Repayments | — | (332,000) | — | — | (332,000) | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | (93,480) | (224,963) | (442,794) | 667,757 | (93,480) | ||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of common stock | (2,401) | — | — | — | (2,401) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net cash used in financing activities | (95,881) | (407,125) | (442,794) | 667,757 | (278,043) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 124,396 | 7,359 | (1,388) | — | 130,367 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1,705 | 10,573 | 4,840 | — | 17,118 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 126,101 | $ | 17,932 | $ | 3,452 | $ | — | $ | 147,485 |
For the Nine Months Ended September 30, 2017 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Eliminations | Columbia Property Trust (Consolidated) | |||||||||||||||
Cash flows from operating activities | $ | 168,209 | $ | 151,932 | $ | 80,195 | $ | (353,221 | ) | $ | 47,115 | ||||||||
Cash flows from investing activities: | |||||||||||||||||||
Net proceeds from sale of real estate | — | 49,531 | 688,100 | — | 737,631 | ||||||||||||||
Investment in real estate and related assets | (52,000 | ) | (630 | ) | (72,829 | ) | — | (125,459 | ) | ||||||||||
Investment in unconsolidated joint ventures | — | (123,149 | ) | — | — | (123,149 | ) | ||||||||||||
Distributions from unconsolidated joint ventures | — | 1,411 | — | — | 1,411 | ||||||||||||||
Distributions from subsidiaries | 237,835 | 330,939 | — | (568,774 | ) | — | |||||||||||||
Net cash provided by investing activities | 185,835 | 258,102 | 615,271 | (568,774 | ) | 490,434 | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Borrowings, net of fees | — | (628 | ) | — | — | (628 | ) | ||||||||||||
Repayments | — | — | (201,625 | ) | — | (201,625 | ) | ||||||||||||
Distributions | (109,561 | ) | (409,115 | ) | (512,880 | ) | 921,995 | (109,561 | ) | ||||||||||
Repurchases of common stock | (59,090 | ) | — | — | — | (59,090 | ) | ||||||||||||
Net cash used in financing activities | (168,651 | ) | (409,743 | ) | (714,505 | ) | 921,995 | (370,904 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | 185,393 | 291 | (19,039 | ) | — | 166,645 | |||||||||||||
Cash and cash equivalents, beginning of period | 174,420 | 16,509 | 25,156 | — | 216,085 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 359,813 | $ | 16,800 | $ | 6,117 | $ | — | $ | 382,730 |
For the Nine Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Consolidating Adjustments | Columbia Property Trust (Consolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities | $ | 2,167 | $ | 2,522 | $ | 77,122 | $ | (20,774) | $ | 61,037 | |||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from the sale of real estate | — | — | 284,608 | — | 284,608 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from sale of investments in unconsolidated joint ventures | — | 235,083 | — | — | 235,083 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment in real estate and related assets | (7,300) | (51) | (69,015) | — | (76,366) | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated joint ventures | — | (4,432) | — | — | (4,432) | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from unconsolidated joint ventures | — | 10,549 | — | — | 10,549 | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from subsidiaries | 143,562 | 266,276 | — | (409,838) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by investing activities | 136,262 | 507,425 | 215,593 | (409,838) | 449,442 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, net of fees | — | 185,846 | — | — | 185,846 | ||||||||||||||||||||||||||||||||||||||||||||||||
Repayments | — | (549,000) | (2,476) | — | (551,476) | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | (95,056) | (141,774) | (288,838) | 430,612 | (95,056) | ||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of common stock | (43,764) | — | — | — | (43,764) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net cash used in financing activities | (138,820) | (504,928) | (291,314) | 430,612 | (504,450) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (391) | 5,019 | 1,401 | — | 6,029 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 692 | 5,079 | 3,796 | — | 9,567 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 301 | $ | 10,098 | $ | 5,197 | $ | — | $ | 15,596 |
For the Nine Months Ended September 30, 2016 | |||||||||||||||||||
Columbia Property Trust (Parent) (Guarantor) | Columbia Property Trust OP (the Issuer) | Non- Guarantors | Eliminations | Columbia Property Trust (Consolidated) | |||||||||||||||
Cash flows from operating activities | $ | 33,797 | $ | 63,440 | $ | 188,021 | $ | (135,554 | ) | $ | 149,704 | ||||||||
Cash flows from investing activities: | |||||||||||||||||||
Net proceeds from sales of real estate(1) | — | — | 482,089 | — | 482,089 | ||||||||||||||
Investment in real estate and related assets | — | (1,552 | ) | (52,608 | ) | — | (54,160 | ) | |||||||||||
Investment in unconsolidated joint ventures | — | (12,351 | ) | — | — | (12,351 | ) | ||||||||||||
Distributions from subsidiaries(2) | 309,308 | 464,171 | — | (773,479 | ) | — | |||||||||||||
Net cash provided by investing activities | 309,308 | 450,268 | 429,481 | (773,479 | ) | 415,578 | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Debt prepayment and interest rate swap settlement costs paid(3) | — | (17,921 | ) | — | — | (17,921 | ) | ||||||||||||
Borrowings, net of fees(4) | — | 780,580 | — | — | 780,580 | ||||||||||||||
Repayments(5) | — | (952,000 | ) | (43,070 | ) | — | (995,070 | ) | |||||||||||
Distributions(6) | (148,474 | ) | (329,993 | ) | (579,040 | ) | 909,033 | (148,474 | ) | ||||||||||
Repurchases of common stock | (26,186 | ) | — | — | — | (26,186 | ) | ||||||||||||
Net cash used in financing activities | (174,660 | ) | (519,334 | ) | (622,110 | ) | 909,033 | (407,071 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | 168,445 | (5,626 | ) | (4,608 | ) | — | 158,211 | ||||||||||||
Cash and cash equivalents, beginning of period | 989 | 14,969 | 16,687 | — | 32,645 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 169,434 | $ | 9,343 | $ | 12,079 | $ | — | $ | 190,856 |
(2)On a net basis (i.e., reduced for cash on hand), our debt-to-real-estate-asset ratio is 27.7%. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Total number of leases | 12 | 17 | 38 | 44 | |||||||||||||||||||||||||||||||
Square feet of leasing – renewal | 144,418 | 230,045 | 155,553 | 270,821 | |||||||||||||||||||||||||||||||
Square feet of leasing – new | 39,350 | 174,981 | 156,362 | 386,693 | |||||||||||||||||||||||||||||||
Total square feet of leasing | 183,768 | 405,026 | 311,915 | 657,514 | |||||||||||||||||||||||||||||||
Lease term (months) | 105 | 119 | 108 | 111 | |||||||||||||||||||||||||||||||
Tenant improvements, per square foot – renewal | $ | 69.68 | $ | 14.25 | $ | 70.92 | $ | 14.05 | |||||||||||||||||||||||||||
Tenant improvements, per square foot – new | $ | 66.79 | $ | 76.20 | $ | 90.94 | $ | 69.08 | |||||||||||||||||||||||||||
Tenant improvements, per square foot – all leases | $ | 69.28 | $ | 65.95 | $ | 80.77 | $ | 63.48 | |||||||||||||||||||||||||||
Leasing commissions, per square foot – renewal | $ | 27.95 | $ | 11.48 | $ | 28.09 | $ | 10.50 | |||||||||||||||||||||||||||
Leasing commissions, per square foot – new | $ | 21.78 | $ | 22.84 | $ | 46.82 | $ | 26.10 | |||||||||||||||||||||||||||
Leasing commissions, per square foot – all leases | $ | 27.09 | $ | 20.96 | $ | 37.32 | $ | 24.51 | |||||||||||||||||||||||||||
Rent leasing spread – renewal(1) | 79.6 | % | 5.2 | % | 75.4 | % | 5.8 | % | |||||||||||||||||||||||||||
Rent leasing spread – new(1) | 54.3 | % | 21.8 | % | 67.3 | % | 29.8 | % | |||||||||||||||||||||||||||
Rent leasing spread – all leases(1) | 77.0 | % | 19.0 | % | 73.3 | % | 26.8 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Total number of leases | 11 | 11 | 46 | 32 | |||||||||||
Square feet of leasing – renewal(1) | 109,979 | 92,625 | 314,915 | 253,099 | |||||||||||
Square feet of leasing – new(1) | 41,236 | 34,388 | 430,565 | 530,653 | |||||||||||
Total square feet of leasing | 151,215 | 127,013 | 745,480 | 783,752 | |||||||||||
Lease term (months) | 74 | 82 | 98 | 341 | |||||||||||
Tenant improvements, per square foot – renewal | $ | 32.31 | $ | 50.85 | $ | 40.58 | $ | 38.66 | |||||||
Tenant improvements, per square foot – new | $ | 73.62 | $ | 31.36 | $ | 82.62 | $ | 168.18 | |||||||
Tenant improvements, per square foot – all leases | $ | 43.84 | $ | 44.59 | $ | 68.73 | $ | 161.51 | |||||||
Leasing commissions, per square foot – renewal | $ | 12.49 | $ | 16.98 | $ | 13.81 | $ | 13.88 | |||||||
Leasing commissions, per square foot – new | $ | 31.77 | $ | 24.07 | $ | 21.80 | $ | 43.70 | |||||||
Leasing commissions, per square foot – all leases | $ | 17.87 | $ | 19.25 | $ | 19.16 | $ | 42.16 | |||||||
Rent leasing spread – renewal(2) | 117.3 | % | 26.3 | % | 85.1 | % | 25.8 | % | |||||||
Rent leasing spread – new(3) | 79.3 | % | n/a | 121.9 | % | 18.9 | % | ||||||||
Rent leasing spread – all leases(2)(3) | 106.9 | % | 26.3 | % | 103.5 | % | 19.2 | % |
Contractual Obligations | Total | 2019 | 2020-2021 | 2022-2023 | Thereafter | |||||||||||||||||||||||||||
Debt obligations(1) | $ | 1,369,630 | $ | — | $ | 53,880 | $ | 615,750 | $ | 700,000 | ||||||||||||||||||||||
Interest obligations on debt(1)(2) | 245,106 | 12,759 | 101,221 | 77,838 | 53,288 | |||||||||||||||||||||||||||
Operating lease obligations(3) | 1,172,423 | 1,660 | 13,368 | 13,483 | 1,143,912 | |||||||||||||||||||||||||||
Total | $ | 2,787,159 | $ | 14,419 | $ | 168,469 | $ | 707,071 | $ | 1,897,200 |
Contractual Obligations | Total | 2017 | 2018-2019 | 2020-2021 | Thereafter | ||||||||||||||||
Debt obligations(1) | $ | 1,388,728 | $ | 49,802 | (2) | $ | 23,176 | $ | 300,000 | $ | 1,015,750 | ||||||||||
Interest obligations on debt(1)(3) | 315,748 | 12,157 | 95,752 | 84,660 | 123,179 | ||||||||||||||||
Capital lease obligations(4) | 120,000 | — | — | 120,000 | — | ||||||||||||||||
Operating lease obligations(5) | 206,461 | 661 | 5,342 | 5,342 | 195,116 | ||||||||||||||||
Total | $ | 2,030,937 | $ | 62,620 | $ | 124,270 | $ | 510,002 | $ | 1,334,045 |
Acquisitions | ||||||||||||||||||||||||||||||||||||||
Property | Location | % Acquired | Rentable Square Feet | Transaction Date | Purchase Price(1) (in thousands) | |||||||||||||||||||||||||||||||||
2018 | ||||||||||||||||||||||||||||||||||||||
799 Broadway | New York, NY | 49.7 | % | 182,000 | October 3, 2018 | $ | 30,200 | (2) | ||||||||||||||||||||||||||||||
Lindbergh Center – Retail | Atlanta, GA | 100.0 | % | 147,000 | October 24, 2018 | $ | 23,000 |
Dispositions | |||||||||||||||||||||||||||||||||||||||||
Property | Location | % Sold | Rentable Square Feet | Transaction Date | Sales Price(1) (in thousands) | ||||||||||||||||||||||||||||||||||||
2019 | |||||||||||||||||||||||||||||||||||||||||
Lindbergh Center | Atlanta, GA | 100.0 | % | 1,105,000 | September 26, 2019 | $ | 187,000 | ||||||||||||||||||||||||||||||||||
One & Three Glenlake Parkway | Atlanta, GA | 100.0 | % | 711,000 | April 15, 2019 | $ | 227,500 | ||||||||||||||||||||||||||||||||||
2018 | |||||||||||||||||||||||||||||||||||||||||
222 East 41st Street | New York, NY | 100.0 | % | 390,000 | May 29, 2018 | $ | 332,500 | ||||||||||||||||||||||||||||||||||
263 Shuman Boulevard | Chicago, IL | 100.0 | % | 354,000 | April 13, 2018 | $ | 49,000 | (2) | |||||||||||||||||||||||||||||||||
University Circle and 333 Market Street Joint Ventures(3) | San Francisco, CA | 22.5 | % | 1,108,000 | February 1, 2018 | $ | 235,300 |
Dispositions | |||||||||||
Property | Location | Rentable Square Footage | Transaction Date | Sale Price(1) (in thousands) | |||||||
2017 | |||||||||||
Allianz Joint Ventures: | 1,108,000 | July 6, 2017 | $ | 234,000 | |||||||
22.5% of University Circle(2) | San Francisco, CA | 451,000 | |||||||||
22.5% of 333 Market Street(2) | San Francisco, CA | 657,000 | |||||||||
Key Center Tower & Marriott | Cleveland, OH | 1,326,000 | January 31, 2017 | $ | 267,500 | ||||||
Houston Properties Sale: | 1,187,000 | January 6, 2017 | $ | 272,000 | |||||||
5 Houston Center | Houston, TX | 581,000 | |||||||||
Energy Center I | Houston, TX | 332,000 | |||||||||
515 Post Oak | Houston, TX | 274,000 | |||||||||
2016 | |||||||||||
SanTan Corporate Center | Phoenix, AZ | 267,000 | December 15, 2016 | $ | 58,500 | ||||||
Sterling Commerce | Dallas, TX | 310,000 | November 30, 2016 | $ | 51,000 | ||||||
9127 South Jamaica Street | Denver, CO | 108,000 | October 12, 2016 | $ | 19,500 | ||||||
80 Park Plaza | Newark, NJ | 961,000 | September 30, 2016 | $ | 174,500 | ||||||
9189, 9191 & 9193 South Jamaica Street | Denver, CO | 370,000 | September 22, 2016 | $ | 122,000 | ||||||
800 North Frederick | Suburban MD | 393,000 | July 8, 2016 | $ | 48,000 | ||||||
100 East Pratt | Baltimore, MD | 653,000 | March 31, 2016 | $ | 187,000 |
Acquisitions | |||||||||||
Property | Location | Rentable Square Feet | Transaction Date | Purchase Price(1) (in thousands) | |||||||
2017 | |||||||||||
49.5% of 114 Fifth Avenue(2) | New York, NY | 352,000 | July 6, 2017 | $ | 108,900 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
New York(1) | $ | 23,235 | $ | 23,145 | $ | 69,721 | $ | 71,693 | |||||||||||||||||||||||||||
San Francisco(2) | 20,495 | 19,925 | 61,399 | 58,875 | |||||||||||||||||||||||||||||||
Washington, D.C.(3) | 8,475 | 8,844 | 25,514 | 25,976 | |||||||||||||||||||||||||||||||
Atlanta | 5,640 | 9,245 | 19,935 | 27,083 | |||||||||||||||||||||||||||||||
Boston | 1,700 | 1,890 | 5,564 | 5,203 | |||||||||||||||||||||||||||||||
Los Angeles | 1,092 | 1,119 | 3,374 | 3,481 | |||||||||||||||||||||||||||||||
All other office markets | 3,870 | 3,989 | 11,558 | 11,149 | |||||||||||||||||||||||||||||||
Total office segments | 64,507 | 68,157 | 197,065 | 203,460 | |||||||||||||||||||||||||||||||
Corporate | (225) | (204) | (665) | (599) | |||||||||||||||||||||||||||||||
Total NOI | $ | 64,282 | $ | 67,953 | $ | 196,400 | $ | 202,861 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
New York | $ | 16,536 | $ | 11,380 | $ | 50,411 | $ | 52,515 | |||||||
San Francisco | 18,166 | 20,095 | 57,733 | 60,547 | |||||||||||
Atlanta | 8,500 | 8,249 | 25,078 | 24,756 | |||||||||||
Washington, D.C. | 4,209 | 3,632 | 11,052 | 13,303 | |||||||||||
Boston | 1,196 | 1,425 | 3,797 | 4,111 | |||||||||||
Los Angeles | 1,155 | 894 | 3,439 | 3,336 | |||||||||||
All other office markets | 4,071 | 23,723 | 15,598 | 76,111 | |||||||||||
Total office segments | 53,833 | 69,398 | 167,108 | 234,679 | |||||||||||
Hotel | (24 | ) | 1,301 | (914 | ) | 3,171 | |||||||||
Corporate | (364 | ) | (59 | ) | (489 | ) | (137 | ) | |||||||
Total | $ | 53,445 | $ | 70,640 | $ | 165,705 | $ | 237,713 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | (20,286) | $ | 6,429 | $ | 30,974 | $ | 4,488 | |||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Depreciation of real estate assets | 19,773 | 19,878 | 59,512 | 61,394 | |||||||||||||||||||||||||||||||
Amortization of lease-related costs | 7,485 | 7,920 | 22,052 | 24,559 | |||||||||||||||||||||||||||||||
Impairment loss on real estate assets | 23,364 | — | 23,364 | 30,812 | |||||||||||||||||||||||||||||||
Depreciation and amortization included in income from unconsolidated joint ventures(1) | 12,574 | 12,519 | 38,004 | 38,709 | |||||||||||||||||||||||||||||||
Gain on sale of unconsolidated joint venture interests | — | — | — | (762) | |||||||||||||||||||||||||||||||
Gain on sale of real estate assets | (112) | — | (42,030) | — | |||||||||||||||||||||||||||||||
Total funds from operations adjustments | 63,084 | 40,317 | 100,902 | 154,712 | |||||||||||||||||||||||||||||||
NAREIT FFO available to common stockholders | $ | 42,798 | $ | 46,746 | $ | 131,876 | $ | 159,200 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 101,534 | $ | 36,898 | $ | 177,389 | $ | 56,881 | |||||||
Adjustments: | |||||||||||||||
Depreciation of real estate assets | 18,501 | 26,778 | 60,529 | 84,517 | |||||||||||
Amortization of lease-related costs | 6,870 | 11,895 | 24,518 | 42,902 | |||||||||||
Depreciation and amortization included in income (loss) from unconsolidated joint ventures(1) | 7,180 | 2,123 | 11,401 | 6,670 | |||||||||||
Loss (gains) on sales of real estate assets | (102,365 | ) | (50,412 | ) | (175,518 | ) | (50,083 | ) | |||||||
Total funds from operations adjustments | (69,814 | ) | (9,616 | ) | (79,070 | ) | 84,006 | ||||||||
NAREIT FFO available to common stockholders | $ | 31,720 | $ | 27,282 | $ | 98,319 | $ | 140,887 |
Three Months Ended September 30, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Same Store NOI – wholly owned properties: | |||||||||||||||||
Revenues: | |||||||||||||||||
Lease revenues | $ | 62,265 | $ | 59,797 | |||||||||||||
Other property income | 1,071 | 1,216 | |||||||||||||||
Total revenues | 63,336 | 61,013 | |||||||||||||||
Property operating expenses | (22,189) | (19,992) | |||||||||||||||
Same Store NOI – wholly owned properties(1) | 41,147 | 41,021 | |||||||||||||||
Same Store NOI – joint venture-owned properties(2) | 17,534 | 17,648 | |||||||||||||||
Same Store NOI | 58,681 | 58,669 | |||||||||||||||
NOI from acquisitions(3) | (39) | — | |||||||||||||||
NOI from dispositions(4) | 5,640 | 9,284 | |||||||||||||||
NOI | $ | 64,282 | $ | 67,953 |
Three Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Revenues: | |||||||
Rental income | $ | 54,293 | $ | 48,862 | |||
Tenant reimbursements | 4,293 | 4,067 | |||||
Other property income | 946 | 1,703 | |||||
Total revenues | 59,532 | 54,632 | |||||
Property operating expenses | (19,991 | ) | (19,122 | ) | |||
Same Store NOI – wholly owned properties(1) | $ | 39,541 | $ | 35,510 | |||
Same Store NOI – joint venture owned properties(2) | $ | 13,079 | $ | 12,215 | |||
NOI from acquisitions(3) | 533 | — | |||||
NOI from dispositions(4) | 292 | 22,915 | |||||
NOI | $ | 53,445 | $ | 70,640 |
(1)Reflects NOI from properties that were wholly owned |
Nine Months Ended September 30, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Same Store NOI – wholly owned properties: | |||||||||||||||||
Revenues: | |||||||||||||||||
Lease revenues | $ | 184,998 | $ | 175,085 | |||||||||||||
Other property income | 3,795 | 3,860 | |||||||||||||||
Total revenues | 188,793 | 178,945 | |||||||||||||||
Property operating expenses | (64,767) | (61,022) | |||||||||||||||
Same Store NOI – wholly owned properties(1) | 124,026 | 117,923 | |||||||||||||||
Same Store NOI – joint venture-owned properties(2) | 52,713 | 51,649 | |||||||||||||||
Same Store NOI | 176,739 | 169,572 | |||||||||||||||
NOI from acquisitions(3) | (249) | — | |||||||||||||||
NOI from dispositions(4) | 19,910 | 33,289 | |||||||||||||||
NOI | $ | 196,400 | $ | 202,861 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | (20,286) | $ | 6,429 | $ | 30,974 | $ | 4,488 | |||||||||||||||||||||||||||
Asset and property management fee income | (1,914) | (1,825) | (5,681) | (5,402) | |||||||||||||||||||||||||||||||
Depreciation | 19,773 | 19,878 | 59,512 | 61,394 | |||||||||||||||||||||||||||||||
Amortization | 7,485 | 7,920 | 22,052 | 24,559 | |||||||||||||||||||||||||||||||
Impairment loss | 23,364 | — | 23,364 | 30,812 | |||||||||||||||||||||||||||||||
General and administrative – corporate | 7,103 | 8,303 | 23,707 | 24,379 | |||||||||||||||||||||||||||||||
General and administrative – unconsolidated joint ventures | 839 | 746 | 2,486 | 2,213 | |||||||||||||||||||||||||||||||
Pre-acquisition costs | 2,437 | — | 2,437 | — | |||||||||||||||||||||||||||||||
Net interest expense | 10,289 | 13,049 | 33,280 | 43,241 | |||||||||||||||||||||||||||||||
Interest income from development authority bonds | — | (1,800) | — | (5,400) | |||||||||||||||||||||||||||||||
Gain on extinguishment of debt | — | — | — | (762) | |||||||||||||||||||||||||||||||
Gain on sale of unconsolidated joint venture interests | — | — | — | (23,713) | |||||||||||||||||||||||||||||||
Income tax expense | 2 | 3 | 18 | 16 | |||||||||||||||||||||||||||||||
Adjustments included in income from unconsolidated joint ventures | 15,302 | 15,250 | 46,281 | 47,036 | |||||||||||||||||||||||||||||||
Gain on sale of real estate assets | (112) | — | (42,030) | — | |||||||||||||||||||||||||||||||
NOI: | $ | 64,282 | $ | 67,953 | $ | 196,400 | $ | 202,861 | |||||||||||||||||||||||||||
Same Store NOI – joint venture owned properties(1) | (17,534) | (17,648) | (52,713) | (51,649) | |||||||||||||||||||||||||||||||
NOI from acquisitions(2) | 39 | — | 249 | — | |||||||||||||||||||||||||||||||
NOI from dispositions(3) | (5,640) | (9,284) | (19,910) | (33,289) | |||||||||||||||||||||||||||||||
Same Store NOI – wholly owned properties(4) | $ | 41,147 | $ | 41,021 | $ | 124,026 | $ | 117,923 |
Three Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Net income | $ | 101,534 | $ | 36,898 | |||
Depreciation | 18,501 | 26,778 | |||||
Amortization | 6,870 | 11,895 | |||||
General and administrative - corporate | 7,034 | 7,467 | |||||
General and administrative - joint venture | 713 | — | |||||
Net interest expense | 13,690 | 17,116 | |||||
Interest income from development authority bonds | (1,800 | ) | (1,800 | ) | |||
Loss on early extinguishment of debt | 280 | 18,905 | |||||
Income tax expense | 3 | 65 | |||||
Asset and property management fee income | (1,154 | ) | (511 | ) | |||
Adjustments included in income (loss) from unconsolidated joint ventures | 10,139 | 4,239 | |||||
Loss on sales of real estate assets | (102,365 | ) | (50,412 | ) | |||
NOI: | $ | 53,445 | $ | 70,640 | |||
Same Store NOI – joint venture owned properties(1) | (13,079 | ) | (12,215 | ) | |||
NOI from acquisitions(2) | (533 | ) | — | ||||
NOI from dispositions(3) | (292 | ) | (22,915 | ) | |||
Same Store NOI – wholly owned properties(4) | $ | 39,541 | $ | 35,510 |
(2)For the three months ended September 30, 2019, reflects activity for the following property acquired since July 1, 2018: 49.7% of 799 Broadway, acquired on October 3, 2018. For the nine months ended September 30, 2019, reflects activity for the following property acquired since January 1, 2018: 49.7% of 799 Broadway, acquired on October 3, 2018. (3)For the three months ended September 30, 2019, reflects activity for the following properties sold since July 1, 2018, for all periods presented: Lindbergh Center, sold on September 26, 2019; One & Three Glenlake Parkway, sold on April 15, 2019; 222 East 41st Street, sold on May 29, 2018; and 263 Shuman Boulevard, returned to lender on April 13, 2018. For the nine months ended September 30, 2019, reflects activity for the following properties sold since January 1, 2018, for all periods presented: Lindbergh Center, sold on September 26, 2019; One & Three Glenlake Parkway, sold on April 15, 2019; 222 East 41st Street, sold on May 29, 2018; 263 Shuman Boulevard, returned to lender on April 13, 2018; and 22.5% of both University Circle and 333 Market Street, sold on February 1, 2018. (4)Reflects NOI from properties that were wholly owned for the entirety of the periods presented. |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan | Maximum Approximate Dollar Value Available for Future Purchase(1) | |||||||||||
July 2017 | 18,770 | $ | 21.470 | 18,770 | $ | 103,069,583 | (1) | ||||||||
August 2017 | 1,107,243 | $ | 20.992 | 1,107,243 | $ | 79,826,569 | (1) | ||||||||
September 2017 | 305,254 | $ | 21.118 | 305,254 | $ | 194,826,742 | (2) |
(b)Not applicable. ITEM 4. MINE SAFETY DISCLOSURES |
Ex. | Description | ||||
3.2 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
4.4 | |||||
4.5 | |||||
4.6 | |||||
31.2* | |||||
32.1* | |||||
101.INS* | Inline XBRL Instance | ||||
101.SCH* | Inline XBRL Taxonomy Extension Schema. | ||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase. | ||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase. | ||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase. | ||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase. | ||||
* | Filed herewith. |
COLUMBIA PROPERTY TRUST, INC.
60 |