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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________ 
FORM 10-Q
__________________________________ 
(Mark One)

FORM 10-Q
(Mark One)
x☒Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended March 31, 20192020
or
o☐
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from ______ to ______
Commission file number 001-36113
COLUMBIA PROPERTY TRUST, INC.
(Exact name of registrant as specified in its charter)

__________________________________
Maryland20-0068852
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
1170 Peachtree Street NE, Suite 600, Atlanta, Georgia 30309
(Address of principal executive offices) (Zip Code)
(404) 465-2200
(Registrant's telephone number, including area code)
(Former name, former address, and former fiscal year, if changed since last report)

315 Park Avenue South, New York, New York 10010
(Address of principal executive offices) (Zip Code)

(212) 687-0800
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Common StockCXPCXPNYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  x☒    No  o☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  x☒  No  o☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act (check one).
Large accelerated filer
x
☒		Accelerated filero☐
Non-accelerated filer
o☐ (Do not check if a smaller reporting company)
Smaller reporting companyo☐
Emerging Growth Companyo☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  o☐    No  x☒


Number of shares outstanding of the registrant's
only class of common stock, as of April 22, 2019: 116,879,66524, 2020: 114,413,205 shares



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FORM 10-Q
COLUMBIA PROPERTY TRUST, INC.
TABLE OF CONTENTS
 
Page No.
PART I. FINANCIAL INFORMATION
Page No.
Item 1.
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Page 4133
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Page 5146
Item 4.
Controls and Procedures
Page 5246
Item 1.
Legal Proceedings
48
Item 1.1A.
Legal ProceedingsRisk Factors
Page 5348
Item 1A.2.
Risk Factors
Page 53
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Page 5349
Item 3.
Defaults Upon Senior Securities
Page 5349
Item 4.
Mine Safety Disclosures
Page 5349
Item 5.
Other Information
Page 5349
Item 6.
Exhibits
Page 5450





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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this quarterly report on Form 10-Q of Columbia Property Trust, Inc. ("Columbia Property Trust," "we," "our," or "us"), other than historical facts may constitute "forward-looking statements” within the meaning of the Private Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Columbia Property Trust intends for all such forward-looking statements presented in this quarterly report on Form 10-Q ("Form 10-Q"), or that management may make orally or in writing from time to time, to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts.
Such statements in this current Form 10-Q include, among other things, information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, plans, strategies, prospects, and objectives. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. As forward-looking statements, these statements are subject to certain risks and uncertainties, including known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. These risks, uncertainties, and other factors include, without limitation:
•risks affecting the real estate industry and the office sector, in particular (such as the inability to enter into new leases, dependence on tenants' financial condition, and competition from other owners of real estate);
risks relating to our ability to maintain and increase property occupancy rates and rental rates;
adverse economic or real estate market developments in our target markets;
risks relating to the use of debt to fund acquisitions;
availability and terms of financing;
ability to refinance indebtedness as it comes due;
sensitivity of our operations and financing arrangements to fluctuations in interest rates;
reductions in asset valuations and related impairment charges;
risks relating to construction, development, and redevelopment activities;
risks associated with joint ventures, including disagreements with, or misconduct by, joint venture partners;
risks relating to repositioning our portfolio;
risks relating to reduced demand for, or over supply of, office space in our markets;
•risks relating to lease terminations, lease defaults, or changes in the financial condition of our tenants, particularly by a significant tenant;
•risks relating to our ability to maintain and increase property occupancy rates and rental rates;
•adverse economic or real estate market developments in our target markets;
•the risks of pandemics or other public health emergencies, including the continued spread and impact of, and the governmental and third-party response to, the recent COVID-19 outbreak;
•the impact of social distancing, shelter-in-place, border closings, travel restrictions, remote work requirements and similar governmental and private measures taken to combat the spread of COVID-19;
•risks relating to the use of debt to fund acquisitions;
•availability and terms of financing;
•ability to refinance indebtedness as it comes due;
•sensitivity of our operations and financing arrangements to fluctuations in interest rates;
•reductions in asset valuations and related impairment charges;
•risks relating to construction, development, and redevelopment activities;
•risks associated with joint ventures, including disagreements with, or misconduct by, joint venture partners;
•risks relating to repositioning our portfolio;
•risks relating to reduced demand for, or over supply of, office space in our markets;
•risks relating to acquisition and disposition activities;
•ability to successfully integrate our operations and employees in connection with the acquisition of Normandy Real Estate Management, LLC ("Normandy");
•ability to realize anticipated benefits and synergies of the acquisition of Normandy;
•amount of the costs, fees, expenses, and charges related to the acquisition of Normandy;
•risks associated with our ability to continue to qualify as a real estate investment trust ("REIT");
•risks associated with possible cybersecurity attacks against us or any of our tenants;
•potential liability for uninsured losses and environmental contamination;
•potential adverse impact of market interest rates on the market price for our securities; and
•risks associated with our dependence on key personnel whose continued service is not guaranteed.
For further discussion of these and additional risks and uncertainties that may cause actual results to differ from expectation, see Item 1A, Risk Factors, inon our Form 10-K for the year ended December 31, 2018.2019 and Part II, Item 1A – Risk Factors, in this Quarterly Report. Although we believe that the expectations reflected in such forward-looking
2
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statements are based on reasonable assumptions, we can give no assurances that our expectations will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this Form 10-Q is filed with the U.S. Securities and Exchange Commission ("SEC"). We do not intend to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.


Page
3
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PART I.FINANCIAL INFORMATION
PART I.FINANCIAL INFORMATION

ITEM 1.CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
ITEM 1.CONSOLIDATED FINANCIAL STATEMENTS
The information furnished in the accompanying consolidated balance sheets and related consolidated statements of operations, comprehensive income, equity, and cash flows, reflects all normal and recurring adjustments that are, in management's opinion, necessary for a fair and consistent presentation of the aforementioned financial statements. The accompanying consolidated financial statements should be read in conjunction with the condensed notes to Columbia Property Trust's financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations included in this Quarterly Report on Form 10-Q, and with audited consolidated financial statements and the related notes for the year ended December 31, 2018.2019. Columbia Property Trust's results of operations for the three months endedMarch 31, 20192020 are not necessarily indicative of the operating results expected for the full year.



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4
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COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per-share amounts)
(Unaudited)
March 31, 2020December 31, 2019
Assets:
Real estate assets, at cost:
Land$870,352  $870,352  
Buildings and improvements, less accumulated depreciation of $298,089 and $281,248, as of
March 31, 2020 and December 31, 2019, respectively
1,709,699  1,719,207  
Intangible lease assets, less accumulated amortization of $60,794 and $58,659, as of
March 31, 2020 and December 31, 2019, respectively
57,282  61,025  
Construction in progress65,592  53,621  
Real estate assets held for sale, less accumulated depreciation and amortization of $80,543 as of December 31, 2019—  214,956  
Total real estate assets2,702,925  2,919,161  
Operating lease assets30,090  29,470  
Investments in unconsolidated joint ventures1,087,694  1,054,460  
Cash and cash equivalents292,814  12,303  
Tenant receivables4,322  2,464  
Straight-line rent receivable80,935  77,330  
Prepaid expenses and other assets29,133  21,484  
Intangible lease origination costs, less accumulated amortization of $33,952 and $33,731, as of
March 31, 2020 and December 31, 2019, respectively
26,386  27,971  
Deferred lease costs, less accumulated amortization of $17,962 and $16,732, as of
March 31, 2020 and December 31, 2019, respectively
82,886  76,385  
Other assets held for sale, less accumulated amortization of $10,222 as of December 31, 2019—  23,917  
Goodwill (Note 3)63,806  —  
Total assets$4,400,991  $4,244,945  
Liabilities:
Line of credit and notes payable, net of unamortized deferred financing costs of $1,930 and $2,084, as of March 31, 2020 and December 31, 2019, respectively$949,070  $781,916  
Bonds payable, net of discounts of $1,078 and $1,124 and unamortized deferred financing costs of $3,403 and $3,552, as of March 31, 2020 and December 31, 2019, respectively695,519  695,324  
Operating lease liabilities2,887  2,186  
Accounts payable, accrued expenses, and accrued capital expenditures90,291  70,845  
Dividends payable—  24,209  
Deferred income18,593  16,955  
Intangible lease liabilities, less accumulated amortization of $16,043 and $15,127, as of
March 31, 2020 and December 31, 2019, respectively
20,244  21,839  
Liabilities held for sale, less accumulated amortization of $— as of December 31, 2019—  3,054  
Total liabilities1,776,604  1,616,328  
Commitments and Contingencies (Note 7)—  —  
Equity:
Common stock, $0.01 par value, 225,000,000 shares authorized, 114,413,205 and 115,280,597 shares issued and outstanding, as of March 31, 2020 and December 31, 2019, respectively1,144  1,153  
Additional paid-in capital4,369,155  4,392,322  
Cumulative distributions in excess of earnings(1,787,119) (1,769,234) 
Cumulative other comprehensive loss(20,509) (1,101) 
Total stockholders' equity attributable to Columbia Property Trust2,562,671  2,623,140  
Noncontrolling interest in Columbia Operating Partnership56,465  —  
Noncontrolling interest in consolidated joint venture5,251  5,477  
Total equity2,624,387  2,628,617  
Total liabilities and equity$4,400,991  $4,244,945  
See accompanying notes

5
 (Unaudited)
 March 31,
2019		 December 31,
2018
Assets:   
Real estate assets, at cost:   
Land$803,986
 $817,975
Buildings and improvements, less accumulated depreciation of $375,981 and $403,355, as of March 31, 2019 and December 31, 2018, respectively1,791,926
 1,910,041
Intangible lease assets, less accumulated amortization of $74,807 and $84,881, as of
March 31, 2019 and December 31, 2018, respectively
64,250
 98,540
Construction in progress37,772
 33,800
Real estate assets held for sale, less accumulated depreciation and amortization of $56,948 as of March 31, 2019145,346
 —
Total real estate assets2,843,280
 2,860,356
Operating lease assets63,829
 —
Investments in unconsolidated joint ventures1,067,905
 1,071,353
Cash and cash equivalents18,551
 17,118
Tenant receivables, net of $4 allowance for doubtful accounts as of December 31, 20183,760
 3,258
Straight-line rent receivable83,828
 87,159
Prepaid expenses and other assets31,520
 23,218
Intangible lease origination costs, less accumulated amortization of $60,186 and $65,348, as of March 31, 2019 and December 31, 2018, respectively31,626
 34,092
Deferred lease costs, less accumulated amortization of $22,325 and $27,735, as of
March 31, 2019 and December 31, 2018, respectively		58,932
 77,439
Other assets held for sale, less accumulated amortization of $13,593 as of March 31, 201920,498
 —
Total assets$4,223,729
 $4,173,993
Liabilities:   
Line of credit and notes payable, net of unamortized deferred financing costs of $2,544 and $2,692, as of March 31, 2019 and December 31, 2018, respectively$680,456
 $629,308
Bonds payable, net of discounts of $1,259 and $1,304 and unamortized deferred financing costs of $4,005 and $4,158, as of March 31, 2019 and December 31, 2018, respectively
694,736
 694,538
Operating lease liabilities34,738
 —
Accounts payable, accrued expenses, and accrued capital expenditures37,962
 49,117
Dividends payable—
 23,340
Deferred income16,943
 15,593
Intangible lease liabilities, less accumulated amortization of $22,812 and $21,766, as of
March 31, 2019 and December 31, 2018, respectively		19,539
 21,081
Liabilities held for sale, less accumulated amortization of $380 as of March 31, 201920,491
 —
Total liabilities1,504,865
 1,432,977
Commitments and Contingencies (Note 7)—
 —
Equity:   
Common stock, $0.01 par value, 225,000,000 shares authorized, 116,879,665 and 116,698,033 shares issued and outstanding, as of March 31, 2019 and December 31, 2018, respectively1,169
 1,167
Additional paid-in capital4,420,727
 4,421,587
Cumulative distributions in excess of earnings(1,703,945) (1,684,082)
Cumulative other comprehensive income913
 2,344
Total equity2,718,864
 2,741,016
Total liabilities and equity$4,223,729
 $4,173,993
See accompanying notes.

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COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per-share amounts)
(Unaudited)
 Three Months Ended
March 31,
 20202019
Revenues:
Lease revenues$68,007  $71,862  
Management fee revenues8,240  1,869  
Other property income7  1,702  
76,254  75,433  
Expenses:
Property operating costs22,697  24,492  
Depreciation18,330  20,404  
Amortization6,721  7,461  
General and administrative – corporate11,782  8,424  
Management fee expense6,945  —  
General and administrative – joint venture—  809  
Acquisition costs (Note 3)12,081  —  
78,556  61,590  
Other Income (Expense):
Interest expense(9,555) (12,095) 
Interest and other income (expense)(158) 1  
Income tax benefit (expense)2,243  (7) 
Income from unconsolidated joint ventures2,656  1,771  
Gain on sale of real estate assets13,344  —  
8,530  (10,330) 
Net income6,228  3,513  
Less: net (income) loss attributable to noncontrolling interest in Columbia Operating Partnership(71) —  
Less: net (income) loss attributable to noncontrolling interest in consolidated joint venture133  —  
Net income attributable to common stockholders$6,290  $3,513  
Per-Share Information – Basic:
Net income$0.05  $0.03  
Weighted-average common shares outstanding – basic114,471  116,462  
Per-Share Information – Diluted:
Net income$0.05  $0.03  
Weighted-average common shares outstanding – diluted114,486  116,880  
 (Unaudited)
 Three Months Ended
March 31,
 2019 2018
Revenues:   
Rental income and tenant reimbursements$71,862
 $70,360
Asset and property management fee income1,869
 1,759
Other property income1,702
 1,591
 75,433
 73,710
Expenses:   
Property operating costs24,237
 23,062
Asset and property management fee expenses255
 208
Depreciation20,404
 20,835
Amortization7,461
 8,016
General and administrative – corporate8,424
 7,794
General and administrative – unconsolidated joint ventures809
 731
 61,590
 60,646
Other Income (Expense):   
Interest expense(12,095) (15,895)
Interest and other income1
 1,803
Gain on sale of unconsolidated joint venture interests—
 762
Income tax expense(7) (7)
Income from unconsolidated joint ventures1,771
 1,771
 (10,330) (11,566)
Net income$3,513

$1,498
Per-Share Information – Basic:   
Net income$0.03
 $0.01
Weighted-average common shares outstanding – basic116,462
 119,082
Per-Share Information – Diluted:   
Net income$0.03
 $0.01
Weighted-average common shares outstanding – diluted116,880
 119,350

See accompanying notes.

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COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)

 (Unaudited)
 Three Months Ended
March 31,
 2019 2018
Net income$3,513
 $1,498
Market value adjustments to interest rate swap(1,431) 2,514
Comprehensive income$2,082
 $4,012

(Unaudited)
Three Months Ended
March 31,
 20202019
Net income$6,228  $3,513  
Market value adjustments to interest rate swaps(19,993) (1,431) 
Comprehensive income (loss)(13,765) 2,082  
Less: market value adjustments to interest rate swaps585  —  
Less: net (income) loss attributable to noncontrolling interest in Columbia Operating Partnership(71) —  
Less: net (income) loss attributable to noncontrolling interest in consolidated joint venture133  —  
Comprehensive income (loss) attributable to common stockholders$(13,118) $2,082  
See accompanying notes.





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COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 20192020 AND 20182019 (UNAUDITED)
(in thousands, except per-share amounts)


Stockholders' Equity
Common StockAdditional
Paid-In
Capital		Cumulative
Distributions
in Excess of
Earnings		Cumulative
Other
Comprehensive
Loss		Total
Equity		Noncontrolling Interests
 Columbia Operating PartnershipConsolidated Joint VentureTotal Equity
 SharesAmount
Balance, December 31, 2019115,280  $1,153  $4,392,322  $(1,769,234) $(1,101) $2,623,140  $—  $5,477  $2,628,617  
Repurchases of common stock(1,194) (12) (23,264) —  —  (23,276) —  —  (23,276) 
Issuance of noncontrolling interest in
Columbia Operating Partnership		—  —  —  —  —  —  55,306  —  55,306  
Common stock issued to employees and directors, and amortized (net of income tax withholdings)327  3  97  —  —  100  2,358  —  2,458  
Distributions to common stockholders ($0.21 per share)—  —  —  (24,175) —  (24,175) —  —  (24,175) 
Contributions from noncontrolling interest in consolidated joint venture—  —  —  —  —  —  —  16  16  
Distributions to consolidated joint venture partner and Operating Partnership Unit holders—  —  —  —  —  —  (685) (109) (794) 
Allocation of net income (loss)—  —  —  6,290  —  6,290  71  (133) 6,228  
Market value adjustment to interest rate swap—  —  —  —  (19,408) (19,408) (585) —  (19,993) 
Balance, March 31, 2020114,413  $1,144  $4,369,155  $(1,787,119) $(20,509) $2,562,671  $56,465  $5,251  $2,624,387  
 Common Stock 
Additional
Paid-In
Capital
 
Cumulative
Distributions
in Excess of
Earnings
 
Cumulative
Other
Comprehensive
Income (Loss)
 
Total
Equity
 Shares Amount    
Balance, December 31, 2018116,698
 $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)182
 2
 (860) —
 —
 (858)
Distributions to common stockholders ($0.20 per share)

 

 —
 (23,376) —
 (23,376)
Net income—
 —
 —
 3,513
 —
 3,513
Market value adjustment to interest rate swap—
 —
 —
 —
 (1,431) (1,431)
Balance, March 31, 2019116,880
 $1,169
 $4,420,727
 $(1,703,945) $913
 $2,718,864

Stockholders' Equity
 Common StockAdditional
Paid-In
Capital		Cumulative
Distributions
in Excess of
Earnings		Cumulative
Other
Comprehensive
Income (Loss)		Total
Equity
 SharesAmount
Balance, December 31, 2018116,698  $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)182  2  (860) —  —  (858) 
Distributions to common stockholders ($0.20 per share)—  —  —  (23,376) —  (23,376) 
Net income—  —  —  3,513  —  3,513  
Market value adjustment to interest rate swap—  —  —  —  (1,431) (1,431) 
Balance, March 31, 2019116,880  $1,169  $4,420,727  $(1,703,945) $913  $2,718,864  
 Common Stock 
Additional
Paid-In
Capital
 
Cumulative
Distributions
in Excess of
Earnings
 
Cumulative
Other
Comprehensive
Income
 
Total
 Equity
 Shares Amount    
Balance, December 31, 2017119,789
 $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(1,295) (13) (27,273) —
 —
 (27,286)
Common stock issued to employees and directors, and amortized (net of income tax withholdings)108
 1
 (444) —
 —
 (443)
Distributions to common stockholders ($0.20 per share)—
 —
 —
 (23,858) —
 (23,858)
Net income—
 —
 —
 1,498
 —
 1,498
Market value adjustment to interest rate swap—
 —
 —
 —
 2,514
 2,514
Balance, March 31, 2018118,602
 $1,186
 $4,459,354
 $(1,621,498) $3,417
 $2,842,459

See accompanying notes.

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COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)(Unaudited)
Three Months Ended
March 31,		Three Months Ended
March 31,
2019 2018 20202019
Cash Flows From Operating Activities:   Cash Flows From Operating Activities:
Net income$3,513
 $1,498
Net income$6,228  $3,513  
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(4,631) (9,698)Straight-line rental income(3,394) (4,631) 
Noncash operating lease expense212
 —
Noncash operating lease expense82  212  
Depreciation20,404
 20,835
Depreciation18,330  20,404  
Amortization6,351
 7,955
Amortization5,330  6,351  
Stock-based compensation expense1,539
 1,528
Noncash compensation expenseNoncash compensation expense4,657  1,539  
Noncash interest expense640
 882
Noncash interest expense642  640  
Gain on sale of unconsolidated joint venture interests—
 (762)
Income from unconsolidated joint ventures(1,771) (1,771)Income from unconsolidated joint ventures(2,656) (1,771) 
Distributions of earnings from unconsolidated joint ventures6,161
 8,573
Distributions of earnings from unconsolidated joint ventures6,996  6,161  
Gain on sale of real estate assetsGain on sale of real estate assets(13,344) —  
Market value adjustment to investment in Real Estate FundsMarket value adjustment to investment in Real Estate Funds160  —  
Changes in assets and liabilities, net of acquisitions and dispositions:   Changes in assets and liabilities, net of acquisitions and dispositions:
Increase in tenant receivables, net(294) (829)Increase in tenant receivables, net(1,702) (294) 
Decrease in prepaid expenses and other assets3,563
 4,962
Decrease (increase) in prepaid expenses and other assetsDecrease (increase) in prepaid expenses and other assets(235) 3,563  
Decrease in accounts payable and accrued expenses(2,701) (18,185)Decrease in accounts payable and accrued expenses(4,605) (2,701) 
Increase (decrease) in deferred income2,093
 (217)Increase (decrease) in deferred income(342) 2,093  
Net cash provided by operating activities35,079
 14,771
Net cash provided by operating activities16,147  35,079  
Cash Flows From Investing Activities:   Cash Flows From Investing Activities:
Net proceeds from sale of investments in unconsolidated joint ventures—
 235,083
Net proceeds from the sale of real estateNet proceeds from the sale of real estate250,822  —  
Normandy Acquisition (Note 3)Normandy Acquisition (Note 3)(13,971) —  
Prepaid transaction costs and earnest money(13,701) —
Prepaid transaction costs and earnest money—  (13,701) 
Capital improvement and development costs(19,014) (19,363)Capital improvement and development costs(23,583) (19,014) 
Deferred lease costs paid(1,937) (4,514)Deferred lease costs paid(3,965) (1,937) 
Investments in unconsolidated joint ventures(6,528) (1,541)Investments in unconsolidated joint ventures(43,641) (6,528) 
Investments in Real Estate FundsInvestments in Real Estate Funds(253) —  
Distributions from unconsolidated joint ventures5,672
 2,976
Distributions from unconsolidated joint ventures6,487  5,672  
Net cash provided by (used in) investing activities(35,508) 212,641
Net cash provided by (used in) investing activities171,896  (35,508) 
Cash Flows From Financing Activities:   Cash Flows From Financing Activities:
Financing costs paid(21) (17)Financing costs paid(5) (21) 
Proceeds from lines of credit and notes payable74,000
 109,000
Proceeds from lines of credit and notes payable347,000  74,000  
Repayments of lines of credit and notes payable(23,000) (247,814)Repayments of lines of credit and notes payable(180,000) (23,000) 
Contributions from noncontrolling interest in consolidated joint ventureContributions from noncontrolling interest in consolidated joint venture16  —  
Distributions paid to stockholders(46,716) (47,819)Distributions paid to stockholders(48,384) (46,716) 
Distributions paid to noncontrolling interest in Columbia Operating PartnershipDistributions paid to noncontrolling interest in Columbia Operating Partnership(685) —  
Redemptions of common stock(2,401) (29,261)Redemptions of common stock(25,474) (2,401) 
Net cash provided by (used in) financing activities1,862
 (215,911)
Net cash provided by financing activitiesNet cash provided by financing activities92,468  1,862  
Net increase in cash and cash equivalents1,433
 11,501
Net increase in cash and cash equivalents280,511  1,433  
Cash and cash equivalents, beginning of period17,118
 9,567
Cash and cash equivalents, beginning of period12,303  17,118  
Cash and cash equivalents, end of period$18,551
 $21,068
Cash and cash equivalents, end of period$292,814  $18,551  
See accompanying notes.

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COLUMBIA PROPERTY TRUST, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 20192020
(unaudited)

1.Organization
1.Organization
Columbia Property Trust, Inc. ("Columbia Property Trust") (NYSE: CXP) is a Maryland corporation that operates as a real estate investment trust ("REIT") for federal income tax purposes, and owns and operates commercial real estate properties. Columbia Property Trust conducts business primarily through Columbia Property Trust Operating Partnership, L.P. ("Columbia Property Trust OP"), a Delaware limited partnership in which Columbia Property Trust is the general partner and sole owner.majority owner (97.2%). Columbia Property Trust acquires, develops, redevelops, owns, leases, and operates real properties directly, through wholly owned subsidiaries, or through joint ventures. Unless otherwise noted herein, references to Columbia Property Trust, the "Company," "we," "us," or "our" herein shall include Columbia Property Trust and all subsidiaries of Columbia Property Trust, direct and indirect.
As of March 31, 2019,2020, Columbia Property Trust owned 1815 operating properties and two4 properties under development or redevelopment, of which 1411 were wholly owned and six8 were owned through unconsolidated joint ventures, located primarily in New York, San Francisco, Washington, D.C., and Atlanta.Boston. As of March 31, 2019, the2020, these operating properties contained 8.96.3 million rentable square feet and were approximately 97.1%97.6% leased. Columbia Property Trust also provides asset and property management services for 8.0 million square feet of office space located primarily in New York, Washington, D.C., and Boston.

2.Summary of Significant Accounting Policies
2. Summary of Significant Accounting Policies
Basis of Presentation
The consolidated financial statements of Columbia Property Trust have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by U.S. generally accepted accounting principles ("GAAP") for complete financial statements. In the opinion of management, the statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year's results. For additional information on Columbia Property Trust's unconsolidated joint ventures, which are accounted for using the equity method of accounting, see Note 4, Unconsolidated Joint Ventures. Columbia Property Trust's consolidated financial statements include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable-interest entity in which Columbia Property Trust or Columbia Property Trust OP is deemed the primary beneficiary. With respect to entities that are not variable interest entities, Columbia Property Trust's consolidated financial statements also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling general partnership interest. All intercompany balances and transactions have been eliminated in consolidation. For further information, refer to the financial statements and footnotes included in Columbia Property Trust's Annual Report on Form 10-K for the year ended December 31, 20182019 (the "2018"2019 Form 10-K").
Fair Value Measurements
Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date, under current market conditions. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability:
Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts.
Level 2 – Assets or liabilities valued based on observable market data for similar instruments.
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Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider.

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Real Estate Assets
Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. To determine the appropriate useful life of an asset, Columbia Property Trust considers the period of future benefit of the asset. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows:
Buildings40 years
Building and site improvements5-25 years
Tenant improvementsShorter of economic life or lease term
Intangible lease assetsLease term
As further described in Note 5, Line of Credit and Notes Payable, Columbia Property Trust capitalizes interest incurred on outstanding debt balances as well as joint venture investments, as appropriate, during development or redevelopment of real estate held directly or in unconsolidated joint ventures. During both the three months ended March 31, 2020 and 2019, $2.6 million and 2018, $0.9 million, respectively, of interest was capitalized to construction in progress; and during the three months ended March 31, 2020 and 2019, $0.4 million and $0.3 million, respectively, of interest was capitalized to investments in unconsolidated joint ventures.
Assets Held for Sale
Columbia Property Trust classifies properties as held for sale according to Accounting Standard Codification 360, Accounting for the Impairment or Disposal of Long-Lived Assets ("ASC 360"). According to ASC 360, properties having separately identifiable operations and cash flows are considered held for sale when all of the following criteria are met:
•Management, having the authority to approve the action, commits to a plan to sell the property.
•The property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property.
•An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated.
•The property is being actively marketed for sale at a price that is reasonable in relation to its current fair value.
•Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
•The sale of the property is probable (i.e., typically subject to a binding sale contract with a non-refundable deposit), and transfer of the property is expected to qualify for recognition as a completed sale within one year.

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As of March 31, 2019, One & Three Glenlake Parkway2020, none of Columbia Property Trust's properties met the criteria to be classified as held for sale in the accompanying balance sheet. sheets. As of December 31, 2019, Cranberry Woods Drive and Pasadena Corporate Park met the aforementioned criteria; thus, these properties are classified as held for sale in the accompanying consolidated balance sheets. The sale of Cranberry Woods closed on January 16, 2020; and the sale of Pasadena Corporate Park closed on March 31, 2020.
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The major classes of assets and liabilities classified as held for sale as of MarchDecember 31, 2019, are provided below (in thousands):
December 31, 2019
Real Estate Assets Held for Sale:
Real estate assets, at cost:
Land$57,117 
Buildings and improvements, less accumulated depreciation of $80,543157,701 
Construction in progress138 
Total real estate assets held for sale, net$214,956 
Other Assets Held for Sale:
Tenant receivables$156 
Straight-line rent receivable12,591 
Prepaid expenses and other assets334 
Deferred lease costs, less accumulated amortization of $10,22210,836 
Total other assets held for sale, net$23,917 
Liabilities Held for Sale:
Accounts payable, accrued expenses, and accrued capital expenditures$1,151 
Deferred income1,903 
Total liabilities held for sale$3,054 
 March 31, 2019
Real Estate Assets Held for Sale: 
Real Estate Assets, at Cost: 
Land$13,989
Buildings and improvements, less accumulated depreciation of $46,118104,030
Intangible lease assets, less accumulated amortization of $10,830533
Construction in progress26,794
Total real estate assets held for sale, net$145,346
Other Assets Held for Sale: 
Tenant receivables$53
Straight-line rent receivable7,700
Prepaid expenses and other assets49
Intangible lease origination costs, less accumulated amortization of $7,109350
Deferred lease costs, less accumulated amortization of $6,48412,346
Total other assets held for sale, net$20,498
Liabilities Held for Sale: 
Accounts payable, accrued expenses, and accrued capital expenditures$19,632
Deferred income743
Intangible lease liabilities, less accumulated amortization of $380116
Total liabilities held for sale, net$20,491

Evaluating the Recoverability of Real Estate Assets
Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the net carrying amounts of its real estate and related intangible assets and liabilities, of both operating properties and properties under development or redevelopment, may not be recoverable. When indicators of potential impairment are present that suggest that the net carrying amounts of real estate assets and related intangible assets and liabilities may not be recoverable, Columbia Property Trust assesses the recoverability of these net assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future cash flows expected from the use of the net assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, Columbia Property Trust adjusts the carrying values of the real estate assets and related intangible assets and liabilities to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognizes an impairment loss. At such time that a property is required to be classified as held for sale, its net carrying amount is adjusted to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized.
Estimated fair values are calculated based on the following hierarchy of information: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated residual value. Projections of expected future operating cash flows require that Columbia Property Trust estimate future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. Due to the inherent subjectivity of the assumptions used to project future cash flows, estimated fair values may differ from the values that would be realized in market transactions. Certain of Columbia Property Trust's assets may be carried at an amount that exceeds that which could be realized in a current disposition transaction. Columbia Property Trust has determined that the carrying values of its real estate assets and related intangible assets are recoverable as of March 31, 2019.2020.


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Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessor
Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of the properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see "Fair Value Measurements" section above for additional detail). As of March 31, 20192020 and December 31, 2018,2019, Columbia Property Trust had the following intangible assets and liabilities, arising from in-place leases, excluding amounts held for sale, if applicable (in thousands):
 Intangible Lease AssetsIntangible
Lease
Origination
Costs		Intangible
Below-Market
In-Place Lease
Liabilities
Above-Market
In-Place
Lease Assets		Absorption
Period Costs
March 31, 2020Gross$2,480  $115,596  $60,338  $36,287  
Accumulated Amortization(1,245) (59,549) (33,952) (16,043) 
Net$1,235  $56,047  $26,386  $20,244  
December 31, 2019Gross$2,481  $117,203  $61,702  $36,966  
Accumulated Amortization(1,202) (57,457) (33,731) (15,127) 
Net$1,279  $59,746  $27,971  $21,839  
  Intangible Lease Assets 
Intangible
Lease
Origination
Costs
 
Intangible
Below-Market
In-Place Lease
Liabilities
 
Above-Market
In-Place
Lease Assets
 
Absorption
Period Costs
 
March 31, 2019Gross$3,174
 $135,883
 $91,812
 $42,351
 Accumulated Amortization(1,142) (73,665) (60,186) (22,812)
 Net$2,032
 $62,218
 $31,626
 $19,539
December 31, 2018Gross$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

Amortization of Intangible Assets and Liabilities Arising From In-Place Leases
For the three months ended March 31, 20192020 and 2018,2019, Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands):
 Intangible Lease AssetsIntangible
Lease
Origination
Costs		Intangible
Below-Market
In-Place Lease
Liabilities
Above-Market
In-Place
Lease Assets		Absorption
Period Costs
For the Three Months Ended March 31, 2020$43  $3,700  $1,586  $1,596  
For the Three Months Ended March 31, 2019$82  $3,656  $2,100  $1,426  
 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 March 31, 2019$82
 $3,656
 $2,100
 $1,426
For the Three Months Ended March 31, 2018$51
 $4,339
 $2,419
 $1,589

The net intangible assets and liabilities remaining as of March 31, 20192020 will be amortized as follows, excluding amounts held for sale, if applicable (in thousands):
 Intangible Lease AssetsIntangible
Lease
Origination
Costs		Intangible
Below-Market
In-Place Lease
Liabilities
Above-Market
In-Place
Lease Assets		Absorption
Period Costs
For the remainder of 2020$129  $9,219  $4,296  $3,888  
For the years ending December 31:
2021172  9,328  4,516  3,191  
2022172  7,959  3,429  2,910  
2023172  6,455  2,903  2,336  
2024172  5,594  2,586  1,990  
2025172  4,083  1,921  1,364  
Thereafter246  13,409  6,735  4,565  
$1,235  $56,047  $26,386  $20,244  

13
 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$246
 $10,397
 $5,963
 $4,122
For the years ending December 31:       
2020275
 12,338
 7,406
 4,597
2021247
 7,490
 3,429
 1,714
2022243
 5,848
 2,406
 1,374
2023243
 5,098
 2,165
 1,308
2024230
 4,756
 2,062
 1,162
Thereafter548
 16,291
 8,195
 5,262
 $2,032
 $62,218
 $31,626
 $19,539

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Investments in Unconsolidated Joint Ventures
Columbia Property Trust uses the equity method to account for investments that are not wholly owned and: (i) are considered variable interest entities where the Company is not the primary beneficiary, or (ii) in which the Company, along with its co-owners, possesses substantive participation rights, including management selection and termination, and the approval of significant capital and operating decisions. Under the equity method, investments in unconsolidated joint ventures are recorded at cost and adjusted for cash contributions and distributions, and allocations of income or loss.
Investments in Real Estate Funds
In connection with the Normandy Acquisition described in Note 3, Transactions, Columbia Property Trust acquired general partnership interests and limited partnership interests in 3 real estate funds: Normandy Real Estate Fund III, LP; Normandy Real Estate Fund IV, LP; and Normandy Opportunity Zone Fund, LP (collectively, the "Real Estate Funds"). The Company owns minimal economic interests in the Real Estate Funds (ranging from 2.0% to 2.5%). Significant decision rights are shared between the general partners and limited partners; and the general partner can be removed with a majority vote from the limited partners. As a result, Columbia Property Trust accounts for its investments in the Real Estate Funds using the equity method. The Real Estate Funds are subject to the rules of the AICPA Investment Company Guide; as a result, GAAP requires the Company to record its investments in the Real Estate Funds at their respective estimated fair market values. The Company determines the Real Estate Funds' estimated net asset values per share using a discounted cash flow model, which is considered a Level 3 valuation technique (see Fair Value Measurements section above). As of March 31, 2020, investments in the Real Estate Funds of approximately $3.8 million are included in prepaid expenses and other assets on the accompanying consolidated balance sheet. From January 24, 2020 (date of acquisition) through March 31, 2020, Columbia Property Trust recognized an unrealized loss on its investments in Real Estate Funds of approximately $160,000, which is recorded as other income (loss) in the accompanying consolidated statements of operations.
Columbia Property Trust has entered into agreements to provide acquisition, disposition, investment management, property management, leasing, and other services to the properties in which the Real Estate Funds own interests. See Note 12, Non-Lease Revenues, for more details. From time to time, Columbia Property Trust may be required to make additional capital contributions to the Real Estate Funds. See Note 7, Commitments and Contingencies, for more details.
Goodwill
Goodwill represents purchase price not specifically assigned to assets acquired and liabilities assumed in a business combination. On January 24, 2020, Columbia Property Trust recorded goodwill of $63.8 million in connection with the Normandy Acquisition (see Note 3, Transactions for details). Columbia Property Trust assesses the recoverability of goodwill on an annual basis, and on an interim basis if an event occurs or circumstances change that would indicate that the carrying value of goodwill may be impaired. When indicators of potential impairment exist, Columbia evaluates whether the carrying value of the reporting unit to which the goodwill relates exceeds the reporting unit's estimated fair value. If the reporting unit's carrying value exceeds its estimated fair value, Columbia Property Trust would then perform the same assessment at the enterprise level. If the carrying value of Columbia Property Trust's equity exceeds the estimated fair value of the Company, then goodwill would be reduced, and an impairment loss would be recognized, for the amount of this excess (not to exceed total goodwill). Columbia Property Trust has determined that the carrying value of goodwill is recoverable as of March 31, 2020.

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Interest Rate Swap Agreements
Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate swap transactions for speculative purposes;purposes and currently does not have any derivatives that are not designated as hedges; however, certain of its derivatives may, at times, not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps on its consolidated balance sheet either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income.income (loss). Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain or loss on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as gain or loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment. As of March 31, 2020, Columbia Property Trust has 2 interest rate swaps with an aggregate notional value of $450.0 million. The following tables provide additional information related to Columbia Property Trust's interest rate swaps (in thousands):
   Estimated Fair Value as of  Estimated Fair Value as of
Instrument Type Balance Sheet Classification March 31,
2019		 December 31,
2018		Instrument TypeBalance Sheet ClassificationMarch 31,
2020		December 31,
2019
Derivatives designated as hedging instruments:    
Derivatives Designated as Hedging Instruments:Derivatives Designated as Hedging Instruments:
Interest rate contracts Prepaid expenses and other assets $913
 $2,344
Interest rate contractsPrepaid expenses and other assets$—  $551  
Interest rate contractsInterest rate contractsAccounts payable$21,094  $1,652  
Columbia Property Trust applied the provisions of ASC 820 in recording its interest rate swaps at fair value. The fair values of the interest rate swaps, classified under Level 2, were determined using a third-party proprietary model that is based on prevailing market data for contracts with matching durations, current and anticipated London Interbank Offered Rate ("LIBOR") information, and reasonable estimates about relevant future market conditions. Columbia Property Trust has determined that the fair value, as determined by the third party, is reasonable.
 Three Months Ended
March 31,
 2019 2018
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income$(1,431) $2,514
 Three Months Ended
March 31,
 20202019
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income (loss)$(19,993) $(1,431) 
During the periods presented, no0 hedge ineffectiveness was required to be recognized into earnings on the interest rate swaps that qualified for hedge accounting treatment.
Noncontrolling Interests
Noncontrolling interests represent the portion of equity in consolidated entities that is owned by third-parties. Noncontrolling interests are adjusted for cash contributions and distributions, and for earnings. Earnings are allocated between the Company and noncontrolling interests using the hypothetical liquidation at book value method pursuant to the terms of the respective ownership agreements, and are reflected as net income (loss) attributable to noncontrolling interests in the accompanying consolidated statements of operations.
Income Taxes
Columbia Property Trust has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code") and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trustthe Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. To the extent that Columbia Property Trust satisfies the distribution requirement but distributes less than 100% of its REIT taxable income, Columbia Property Trustthe Company would be subject to federal and state corporate income tax on the undistributed income. Generally, Columbia Property Trustthe Company does not incur federal income taxes, other than as described in the following paragraph, because its stockholder distributions typically exceed its taxable income due to noncash expenses such as depreciation. Columbia Property Trust is, however, subject
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to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements.
Columbia Property Trust TRS, LLC,LLC; Columbia KCP TRS, LLC,LLC; Columbia Development TRS 13, LLC; and Columbia EnergyDevelopment TRS 87, LLC (collectively, the "TRS Entities") are wholly owned subsidiaries of Columbia Property Trustthe Company and are organized as Delaware limited liability companies. The TRS Entities, among other things, provide services related to asset and property management, construction and development, and other tenant services that Columbia Property Trust, as a REIT, cannot otherwise provide. Columbia Property TrustThe Company has elected to treat the TRS Entities as taxable REIT subsidiaries. Columbia Property Trust may perform certain additional, noncustomary services for tenants of its buildings through the TRS Entities; however, any earnings related to such services are subject to federal and state income taxes. In addition, for Columbia Property Trustthe Company to continue to qualify as a REIT, Columbia Property Trust must limit its investments in taxable REIT subsidiaries to 20% of the value of the total assets. The TRS Entities' deferred tax assets and liabilities represent temporary differences between the financial reporting basis and the tax basis of assets and liabilities based on the enacted rates expected to be in effect when the temporary differences reverse. If applicable, Columbia Property Trustthe Company records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations.

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Reclassification
In connection with adopting Accounting Standard Codification ("ASC") 842, Leases ("ASC 842"), effective January 1, 2019, rental income and tenant reimbursementsCertain prior-period amounts on our consolidated statement of operations have been combined into a single line on the consolidated statements of operations for all periods presented. See Recent Accounting Pronouncements below for additional details.reclassified to conform with current-period's presentation: property operating costs includes amounts previously reported as asset and property management fees.
Recent Accounting Pronouncements
Effective January 1, 2019,Accounting Standard Update 2020-04, Reference Rate Reform ("ASC 2020-04"), which was issued on and effective as of March 12, 2020, addresses the accounting and disclosure impacts of reference rate reform and the anticipated discontinuance of London Interbank Offering Rate ("LIBOR"). ASU 2020-04 provides optional guidance that may be elected over time, and includes practical expedients for activities that impact debt, leases, derivatives, and other contracts. Columbia Property Trust adopted ASC 842, which amendshas matched LIBOR-based debt with LIBOR-based interest rate swaps, and has elected to apply the lease accounting rules withASU 2020-04's practical expedients related to (i) probability and (ii) the following key changes:
Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months, and to classify such leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchaseassessment of the leased asset byeffectiveness for future LIBOR-indexed cash flows, which assume that the lessee, or not. This classificationdebt instrument will determine whetheruse the lease expensesame index rate as its corresponding interest rate swap once a new reference rate is recognized usingestablished to replace LIBOR. Application of these expedients preserves the effectiveeffectiveness of our interest method (finance leases) or onrate swaps as cash flow hedges in the event that our debt and interest rate swaps are not amended concurrently to reflect a straight-line basis over the term of the lease (operating leases).
Lessors are required to account for leases using an approach that is substantially similar to the pre-existing rules for operating leases, sales-type leases and direct financing leases, with a few targeted changes, including that: (i) lessors are no longer permitted to capitalize and amortize initial indirect costs incurred to obtain a lease, and (ii) provisions for uncollectible tenant receivables are reflected as a reduction to lease revenues, instead of as general and administrative expense.
In connection with transitioning to ASC 842,new reference rate. Columbia Property Trust electedcontinues to use certain practical expedients whichevaluate the impact of the Companyguidance and may apply other elections as follows:
Prospective implementation. In-place contracts retain their character as to whether they meet the definition ofadditional reference rate changes occur. ASU 2020-04 did not have a lease or not; in-place leases retain their classification as an operating, sales-type, or direct financing lease; and prior-period accounting and presentation is unchanged.
Rental income and tenant reimbursements are combined in a single linematerial impact on the statements of operations for all periods presented.
Leases with a term of 12 months or less are expensed as incurred, as provided for in a practical expedient elected by Columbia Property Trust.Trust's consolidated financial statements or disclosures.
See Note 10, Leases, for additional information.
Accounting Standard Update 2018-13, Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"), which will bebecame effective for Columbia Property Trust on January 1, 2020, expandsis intended to improve the disclosure requirements related to a change ineffectiveness of disclosures required by entities regarding recurring and nonrecurring fair value technique hierarchy.measurements by removing, modifying, or adding certain disclosures. ASU 2018-13 isdid not expected to have a material impact on Columbia Property Trust's consolidated financial statements or disclosures.
3.Real Estate Transactions
AcquisitionsRecent Disclosure Pronouncement
During 2018,The SEC's Final Rule Release No. 33-10762, Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant's Securities (the "SEC Release No. 33-10762") was issued on March 2, 2020 and adopted by Columbia Property Trust in the first quarter of 2020. With respect to the disclosure requirements for subsidiary issuers and guarantors of registered debt securities, SEC Release No. 33-10762 amends SEC Rule 3-10 by, among other things:
•Simplifying the criteria that must be met for a parent registrant to qualify for an exemption allowing it to provide summarized financial information in lieu of standalone audited financial statements of the subsidiary issuer, including replacing the requirement that a subsidiary issuer be wholly owned by the parent guarantor with a requirement that the subsidiary issuer be consolidated in the parent guarantor’s financial statements.
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•Upon qualifying for the exemption above, replacing the previous requirement to include condensed consolidating financial information in the registrant's (parent guarantor's) financial statements, with a requirement to include certain summarized financial information (Alternative Disclosures) in either the registrant's financial statement footnotes or in its Management’s Discussion and Analysis.
Our Bonds Payable (see Note 6., Bond Payable) were issued by Columbia OP, and are fully and unconditionally guaranteed by Columbia Property Trust and by no other party. Columbia Property Trust owns 97.2% of Columbia OP, and includes the accounts of Columbia OP in its consolidated financial statements. Therefore, upon adopting SEC Release No. 33-10762 this quarter, we are providing Alternative Disclosures in the Management's Discussion and Analysis section of this Form 10-Q.

3.  Transactions
Normandy Acquisition
On January 24, 2020, Columbia Property Trust acquired Normandy Real Estate Management, LLC ("Normandy"), a developer, operator, and investment manager of office and mixed-use assets with a focus on assets in New York, Boston, and Washington, D.C. (the "Normandy Acquisition"). As a result of the following properties and partialNormandy Acquisition, the Company acquired an operating platform, interests in properties.the Real Estate Funds, and contracts to earn fees for providing management services to properties affiliated with the Real Estate Funds (see Note 12, Non-Lease Revenues, for details).
The purchase price, exclusive of adjustments and transaction costs, is comprised of 2 components: (i) an approximately $14.0 million cash payment, and (ii) the issuance of 3,264,151 Series A Convertible, Perpetual Preferred Units of Columbia OP with a liquidation preference of $26.50 per unit (the "Preferred OP Units"). The Preferred OP Units are convertible for common units of Columbia OP, which are exchangeable into shares of Columbia Property Trust's common stock, subject to certain terms and conditions. As of the closing date of the acquisition, the Preferred OP Units had an estimated fair value of $24.43. The fair value of the Preferred OP Units was determined using a lattice valuation model, utilizing significant unobservable inputs (Level 3 under the fair value hierarchy described in Note 2, Summary of Significant Accounting Policies). The initial purchase consideration was allocated as follows (in thousands):
January 24, 2020
Goodwill$63,806 
Prepaid expenses and other assets(1)
7,670 
Cash1,260 
Operating lease assets934 
Investments in unconsolidated joint ventures(2)
419 
Accounts payable, accrued expenses, and accrued capital expenditures(2,881)
Operating lease liabilities(934)
Deferred income(77)
Total initial purchase consideration$70,197 
(1)Prepaid expenses and other assets includes $3.7 million of investments in Real Estate Funds, as described in Note 2, Summary of Significant Accounting Policies.
(2)Reflects interests in 5 unconsolidated joint ventures that earn fees for providing management services to properties affiliated with the Real Estate Funds.
In addition, approximately $24.4 million will be recorded as compensation expense over the next four years based on the vesting periods of the respective Preferred OP Units. During the first quarter of 2020, Columbia Property Trust did not acquire any properties duringincurred $12.1 million of transaction costs related to the three months endedNormandy Acquisition, which include legal, advisory, and other professional services fees and is reflected as acquisition costs on the accompanying consolidated statements of operations. For the period from January 24, 2020 through March 31, 2019.
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
 
(1)
Exclusive of transaction costs and price adjustments. See purchase price allocation table below for a breakout of the net purchase price for wholly owned properties.
(2)
Purchase price is for Columbia Property Trust's partial interests in the property, which is owned through an unconsolidated joint venture.
799 Broadway Joint Venture
On October 3, 2018,2020, Columbia Property Trust formedrecognized additional revenues of $5.2 million and additional net income, excluding the impact of acquisition costs, of $0.7 million as a joint venture withresult of the Normandy Acquisition.
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Real Estate Partners ("Normandy") for the purpose of developing a 12-story, 182,000-square-foot office building at 799 Broadway in New York (the "799 Broadway JointAcquisitions

PropertyLocationDatePercent Acquired
Purchase Price
(in thousands)(1)
2020
Terminal WarehouseNew York, NYMarch 13, 20208.65 %$40,048  
(2)
2019
201 California StreetSan Francisco, CADecember 9, 2019100.00 %$238,900  
101 Franklin Street(3)
New York, NYDecember 2, 201992.50 %$205,500  
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Venture"). Columbia Property Trust made an initial equity contribution of $30.2 million in the 799 Broadway Joint Venture for a 49.7% interest therein. At inception, the 799 Broadway Joint Venture acquired the property located at 799 Broadway for $145.5 million, exclusive(1)Exclusive of transaction costs and development costs, and borrowed $97.0 million underprice adjustments. See purchase price allocation table below for a construction loan with total capacitybreakout of $187.0 million.the net purchase price for wholly owned properties.
Lindbergh Center – Retail(2)This property is owned through an unconsolidated joint venture. Purchase price is for Columbia Property Trust's partial interest in the property.
(3)Property is owned through a consolidated joint venture.
Terminal Warehouse Joint Venture
On October 24, 2018,March 13, 2020, Columbia Property Trust acquired the 147,000 square feet of ancillarya one-third general partnership interest and limited partnership interests, totaling an 8.65% economic interest, in Terminal Warehouse, a 1.2-million-square-foot property located in West Chelsea, New York, that will be fully redeveloped into mixed-use retail and office space surrounding its existing property, Lindbergh Center,(the "Terminal Warehouse Joint Venture"). The Terminal Warehouse Joint Venture has a two-year, interest-only acquisition loan with a total capacity of $650.0 million, and an outstanding balance of $625.5 million as of March 31, 2020. The loan matures on October 23, 2020, with a one-year extension option. The Company earns fees from providing management services to the Terminal Warehouse Joint Venture. See Note 4, Unconsolidated Joint Ventures, and Note 12, Non-Lease Revenues, for more detail.
201 California Street
On December 9, 2019, Columbia Property Trust acquired 201 California Street, a gross purchase price of $23.0 million.17-story, 252,000-square-foot office tower in San Francisco. As of the acquisition date, Lindbergh Center – Retail201 California Street was 91%99% leased to 1434 tenants, including Pike Nurseries (18%First Republic Bank (13%), Dow Jones & Company, Inc. (12%), and Cooper, White & Cooper, LLP (12%). For the period from December 9, 2019 to December 31, 2019, Columbia Property Trust recognized revenues of $1.4 million and net income of $0.1 million from 201 California Street.
101 Franklin Street
On December 2, 2019, Columbia Property Trust acquired a 92.5% controlling financial interest in 101 Franklin Street, a 16-story, 235,000-square-foot office building in Manhattan that will be fully redeveloped through a consolidated joint venture.
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Purchase Price Allocations for Consolidated Property Acquisitions
201 California Street
101 Franklin Street(1)
(in thousands)(in thousands)
LocationSan Francisco, CANew York, NY
Date AcquiredDecember 9, 2019December 2, 2019
Purchase Price:
Land$77,833  $57,145  
Building and improvements157,513  149,500  
Intangible lease assets13,241  —  
Intangible lease origination costs5,785  —  
Intangible below market lease liability(8,064) —  
Total purchase price$246,308  $206,645  
  Lindbergh Center – Retail
Location Atlanta, GA
Date acquired October 24, 2018
Purchase Price (in thousands):  
Building and improvements $17,558
Intangible lease assets 5,726
Intangible lease origination costs 794
Intangible below market lease liability (715)
Total purchase price $23,363
Note 2, Summary of Significant Accounting Policies, provides(1)Owned through a discussion of the estimated useful life for each asset class.consolidated joint venture, in which Columbia Property Trust owns a 92.5% interest.
Pro Forma Financial Information
The following unaudited pro forma statementsstatement of operations presented for the three months ended March 31, 2018, have2019, has been prepared for Columbia Property Trust to give effect to the acquisitionacquisitions of Lindbergh Center – Retail201 California Street and 101 Franklin Street as if the acquisitionacquisitions had occurred on January 1, 2017. Columbia Property Trust owned Lindbergh Center – Retail for the entirety of the three months ended March 31, 2019.2018. The following unaudited pro forma financial resultsinformation for Columbia Property Trust havehas been prepared for informational purposes only and areis not necessarily indicative of future results or of actual results that would have been achieved had this acquisitionthese acquisitions been consummated as of January 1, 20172018 (in thousands):
For the Three Months Ended March 31, 2019
Revenues$79,656 
Net income attributable to common stockholders of Columbia Property Trust$5,736 
 Three Months Ended
March 31, 2018
Revenues$74,458
Net income$1,521


Real Estate Dispositions
During 2020 and 2019, Columbia Property Trust sold the following properties, or partial interests in properties of unconsolidated joint ventures. Additional information for certain of the disposition transactions is provided below the table.
PropertyLocationDate% Sold
Sales Price(1)
(in thousands)
Gain (loss) on Sale
(in thousands)
2020
Pasadena Corporate ParkLos Angeles, CAMarch 31, 2020100 %$78,000  $(83) 
Cranberry Woods DrivePittsburgh, PAJanuary 16, 2020100 %$180,000  $13,428  
2019
Lindbergh CenterAtlanta, GASeptember 26, 2019100 %$187,000  $—  
One & Three Glenlake ParkwayAtlanta, GAApril 15, 2019100 %$227,500  $42,030  
(1)Exclusive of transaction costs and price adjustments.

Pasadena Corporate Park
On March 31, 2020, Columbia Property Trust closed on the sale of Pasadena Corporate Park for a gross sales price of $78.0 million, exclusive of transaction costs, resulting in a loss on sale of $83,000. Columbia Property Trust recognized an impairment loss of $20.6 million related to this property in the fourth quarter of 2019. The proceeds from this transaction are held in cash and cash equivalents on the accompanying consolidated balance sheet as of March 31, 2020.
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DispositionsCranberry Woods Drive
On January 19, 2020, Columbia Property Trust closed on the sale of Cranberry Woods Drive for a gross sales price of $180.0 million, exclusive of transaction costs, resulting in a gain on sale of $13.4 million. The proceeds from this transaction were used to pay down the Revolving Credit Facility, as described in Note 5, Line of Credit and Notes Payable.
Lindbergh Center
On September 26, 2019, DispositionsColumbia Property Trust closed on the sale of Lindbergh Center, including Lindbergh Center – Retail, for a gross sales price of $187.0 million, exclusive of transaction costs. Columbia Property Trust recognized an impairment loss of $23.4 million related to this property in the third quarter of 2019. $46.0 million of the proceeds from this transaction had been used to pay down the Revolving Credit Facility, as described in Note 5, Line of Credit and Notes Payable.
One & Three Glenlake Parkway
On April 15, 2019, Columbia Property Trust closed on the sale of One & Three Glenlake Parkway in Atlanta, for a gross sale price of $227.5 million, and expects to recognize a gain related to the sale in the second quarter of 2019. As described in Note 2, Summary of Significant Accounting Policies, One & Three Glenlake Parkway are classified as held for sale as of March 31, 2019, on the accompanying consolidated balance sheet.
2018 Dispositions
During 2018, Columbia Property Trust disposed of the following properties, or partial interests in properties of unconsolidated joint ventures:
Property Location Date % Sold 
Sales Price(1) 
(in thousands)
 
Gain on Sale
(in thousands)
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
 $24,000
University Circle &
333 Market Street Joint Ventures		 San Francisco, CA February 1, 2018 22.5% $235,300
 $800
(1)
Exclusive of transaction costs and price adjustments.
222 East 41st Street
On May 29, 2018, Columbia Property Trust closed on the sale of 222 East 41st Street in New York, for $332.5 million, exclusive of transaction costs. Columbia Property Trust recognized an impairment loss$33.6 million of $30.8 million related to this property in the second quarter of 2018, as further described in Note 2, Summary of Significant Accounting Policies.adjustments for tenant improvements and rent abatements funded at closing. The proceeds from this transaction were used to fully repay the $180.0 million remaining balance on a bridge loan.
263 Shuman Boulevard
On April 13, 2018, Columbia Property Trust transferred 263 Shuman Boulevard to the lender, which extinguished the $49.0 million mortgage liability, accrued interest, and accrued property operating costs, and resulted in a $24.0 million gain on extinguishment of debt.
University Circle & 333 Market Street Joint Ventures
On July 6, 2017, Columbia Property Trust contributed University Circle and 333 Market Street to joint ventures, and simultaneously sold a 22.5% interest in these joint ventures. On February 1, 2018, Columbia Property Trust sold an additional 22.5% interest in University Circle and 333 Market Street to its joint venture partner for $235.3 million, which resulted in a $0.8 million gain on sale of unconsolidated joint venture interests. The gain on sale is calculated as the net sales price over the adjusted carrying value of the joint venture interest sold. Following this transaction, Columbia Property Trust owns a 55.0% interest in the University Circle and 333 Market Street joint ventures. The proceeds from the February 1, 2018 transaction were used to reduce the balance on a bridge loan andpay down the Revolving Credit Facility, as described in Note 5, Line of Credit and Notes Payable.


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4. Unconsolidated Joint Ventures
As of March 31, 20192020 and December 31, 2018,2019, Columbia Property Trust owned interests in the following properties through joint ventures, which are accounted for using the equity method of accounting:accounting (in thousands):
Carrying Value of Investment(1)
Joint VentureProperty NameGeographic MarketOwnership InterestMarch 31, 2020December 31, 2019
Market Square Joint VentureMarket SquareWashington, D.C.51.00 %$136,481  $135,557  
University Circle Joint VentureUniversity CircleSan Francisco55.00 %281,457  283,633  
333 Market Street Joint Venture333 Market StreetSan Francisco55.00 %268,438  269,638  
114 Fifth Avenue Joint Venture114 Fifth AvenueNew York49.50 %83,726  87,750  
1800 M Street Joint Venture1800 M StreetWashington, D.C.55.00 %230,570  233,196  
799 Broadway Joint Venture(2)
799 BroadwayNew York, NY49.70 %46,620  44,686  
Terminal Warehouse Joint VentureTerminal WarehouseNew York, NY8.65 %39,724  —  
Real Estate Services Joint Ventures(3)
n/a(3)
n/a(3)
Various(3)
678  —  
$1,087,694  $1,054,460  
        
Carrying Value of Investment(1)
Joint Venture Property Name Geographic Market Ownership Interest March 31, 2019 December 31, 2018
Market Square Joint Venture Market Square Washington, D.C. 51.0% $137,825
 $134,250
University Circle Joint Venture University Circle San Francisco 55.0% 291,159
 292,951
333 Market Street Joint Venture 333 Market Street San Francisco 55.0% 272,519
 273,783
114 Fifth Avenue Joint Venture 114 Fifth Avenue New York 49.5% 96,059
 99,283
1800 M Street Joint Venture 1800 M Street Washington, D.C. 55.0% 234,837
 237,333
799 Broadway Joint Venture(2)
 799 Broadway New York, NY 49.7% 35,506
 33,753
        $1,067,905
 $1,071,353
(1)Includes basis differences. There is an aggregate net difference of $288.9 million and $279.2 million as of March 31, 2020 and December 31, 2019, respectively, between the historical costs recorded at the joint venture level, and Columbia Property Trust's investments in unconsolidated joint ventures. Such basis differences result from the timing of each partner's joint venture interest acquisition; and formation costs incurred by Columbia Property Trust. Basis differences are amortized to income (loss) from unconsolidated joint ventures over the lives of the underlying assets or liabilities.
(1)
(2)Columbia Property Trust capitalized interest of $0.4 million and $0.3 million on its investment in the 799 Broadway Joint Venture during the three months ended March 31, 2020 and 2019, respectively.
(3)Columbia Property Trust owns interests in the following 5 unconsolidated joint ventures that earn fees for providing management services to properties affiliated with the Real Estate Funds (the "Real Estate Services Joint Ventures"): L&L Normandy Terminal Asset Manager, LLC (67%); L&L Normandy Terminal Development Manager, LLC (50%); L&L Normandy Terminal Property Manager (50%) (collectively, the "Terminal Services Joint Ventures"); WNK Maiden Management (50%); and Maple AB Services, LLC (55%). The Terminal Services Joint Ventures earn fees from providing services to the Terminal Warehouse Joint Venture.
Includes basis differences.
(2)
Columbia Property Trust capitalized interest of $0.3 million on its investment in the 799 Broadway Joint Venture during the three months ended March 31, 2019.
Columbia Property Trust has determined that noneNaN of its unconsolidated joint ventures are variable interest entities. However, Columbia Property Trust and its partners have substantive participation rights in the unconsolidated joint ventures, including management selection and termination, and the approval of operating and capital decisions. As such, Columbia Property Trust uses the equity method of accounting to record its investment in these joint ventures. Under
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the equity method, the investmentinvestments in theunconsolidated joint venture isventures are recorded at cost and adjusted for cash contributions and distributions, and allocations of income or loss.
Columbia Property Trust evaluates the recoverability of its investments in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing the investment for any indicators of impairment. If indicators are present, Columbia Property Trust estimates the fair value of the investment. If the carrying value of the investment is greater thanexceeds the estimated fair value, management makes an assessment of whether the deficit is "temporary" or "other-than-temporary," and if other-than-temporary, reduces the carrying value to reflect the estimated fair value by recording an impairment loss. In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost and (2) Columbia Property Trust's intent and ability to retain its interest long enough for a recovery in market value. Based on the analysis described above, Columbia Property Trust has determined that none of its investments in joint ventures are impaired as of March 31, 2019.

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2020.
Condensed Combined Financial Information
Summarized balance sheet information for each of the unconsolidated joint ventures is as follows (in thousands):
Total AssetsTotal Debt
Total Equity(1)
March 31,
2020		December 31, 2019March 31,
2020		December 31, 2019March 31,
2020		December 31, 2019
Market Square Joint Venture$579,363  $582,747  $324,828  
(2)
$324,815  $242,942  $241,719  
University Circle Joint Venture217,185  216,546  —  —  211,218  212,656  
333 Market Street Joint Venture364,893  367,652  —  —  349,936  352,385  
114 Fifth Avenue Joint Venture476,785  485,442  —  —  119,831  127,554  
1800 M Street Joint Venture429,767  437,439  —  —  416,836  421,588  
799 Broadway Joint Venture220,024  201,210  119,156  
(3)
109,735  88,374  85,316  
Terminal Warehouse1,042,748  —  618,766  
(4)
—  339,319  —  
Real Estate Services Joint Ventures2,495  —  —  —  1,198  —  
$3,333,260  $2,291,036  $1,062,750  $434,550  $1,769,654  $1,441,218  
(1)Excludes basis differences (see footnote (1) to the Carrying Value of Investment table above), which are amortized to income (loss) from unconsolidated joint ventures over the lives of the underlying assets of liabilities.
(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 $122.1 million outstanding, net of $3.0 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.
(4)Reflects $625.5 million outstanding, net of $6.7 million of net unamortized deferred financing costs, on the Terminal Warehouse acquisition loan. The Terminal Warehouse Joint Venture has an interest-only acquisition loan with a total capacity of $650.0 million. The Terminal Warehouse acquisition loan bears interest at LIBOR plus 340 basis points and matures on October 23, 2020, with a one-year extension option.

21
  Total Assets Total Debt 
Total Equity(1)
  March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018
Market Square Joint Venture $586,797
 $582,176
 $324,775
(2) 
 $324,762
 $248,004
 $241,581
University Circle Joint Venture 225,398
 224,746
 —
  —
 218,753
 219,390
333 Market Street Joint Venture 372,814
 375,884
 —
  —
 358,452
 360,915
114 Fifth Avenue Joint Venture 498,686
 377,970
 —
  —
 143,138
 149,243
1800 M Street Joint Venture 441,114
 447,585
 —
  —
 424,501
 429,016
799 Broadway Joint Venture 170,075
 168,390
 98,130
(3) 
 95,630
 69,836
 67,189
  $2,294,884
 $2,176,751
 $422,905
  $420,392
 $1,462,684
 $1,467,334
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(1)
Excludes basis differences. There is an aggregate net difference of $281.2 million and $282.0 million as of March 31, 2019 and December 31, 2018, respectively, between the historical costs recorded at the joint venture level, and Columbia Property Trust's investments in unconsolidated joint ventures. Such basis differences result from the timing of each partner's joint venture interest acquisition; and formation costs incurred by Columbia Property Trust. Basis differences are amortized to income (loss) from unconsolidated joint ventures over the lives of the underlying assets or liabilities.
(2)
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. For a discussion of Columbia Property Trust's guaranty of a portion of this mortgage note, see Note 7, Commitments and Contingencies.
(3)
Reflects $103.1 million outstanding, net of $5.0 million of net unamortized deferred financing costs, on the 799 Broadway construction loan.  The 799 Broadway construction loan is being used to finance a portion of the 799 Broadway development project, has total capacity of $187.0 million and bears interest at LIBOR, capped at 4.00%, plus a spread of 425 basis points (the "Construction Loan").  A portion of the monthly interest payments accrue into the balance of the loan. The Construction Loan matures on October 9, 2021, with two one-year extension options. For a discussion of Columbia Property Trust's equity guaranty related to the Construction Loan, see Note 7, Commitments and Contingencies.
Summarized income statement information for the unconsolidated joint ventures for the three months ended March 31, 20192020 and 20182019 is as follows (in thousands):
Total RevenuesNet Income (Loss)
Columbia Property Trust's Share of Net Income (Loss)(1)
202020192020201920202019
Market Square Joint Venture$12,690  $11,337  $(1,994) $(2,595) $(1,017) $(1,323) 
University Circle Joint Venture10,924  11,272  5,715  6,364  3,144  3,500  
333 Market Street Joint Venture7,067  7,054  3,705  3,713  2,037  2,042  
114 Fifth Avenue Joint Venture10,428  10,919  (2,653) (2,506) (1,314) (1,240) 
1800 M Street Joint Venture9,937  9,454  1,752  388  964  214  
799 Broadway Joint Venture—  —  (32) (526) (16) (262) 
Terminal Warehouse2,307  —  (3,741) —  (324) —  
Real Estate Services Joint Ventures1,875  —  938  —  341  —  
$55,228  $50,036  $3,690  $4,838  $3,815  $2,931  
  Total Revenues Net Income (Loss) 
Columbia Property Trust's Share of Net Income (Loss)(1)
  2019 2018 2019 2018 2019 2018
Market Square Joint Venture $11,337
 $11,015
 $(2,595) $(3,009) $(1,323) $(1,534)
University Circle Joint Venture 11,272
 10,341
 6,364
 5,505
 3,500
 3,429
333 Market Street Joint Venture 7,054
 6,668
 3,713
 3,557
 2,042
 2,227
114 Fifth Avenue Joint Venture 10,919
 10,300
 (2,506) (2,331) (1,240) (1,154)
1800 M Street Joint Venture 9,454
 8,897
 388
 243
 214
 133
799 Broadway Joint Venture —
 —
 (526) —
 (262) —
  $50,036
 $47,221
 $4,838
 $3,965
 $2,931
 $3,101
(1)
Excludes amortization of basis differences described in footnote (1) to the above table, which are recorded as income (loss) from unconsolidated joint ventures in the accompanying consolidated statements of operations.

(1)Excludes amortization of basis differences (see footnote to (1) the Carrying Value of Investment table above), which are recorded as income (loss) from unconsolidated joint ventures in the accompanying consolidated statements of operations.
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Asset and Property Management Fees
Columbia Property Trust provides property and asset management services to the Market Square Joint Venture,following joint ventures, including asset and property management and/or development management. Under the University Circle Joint Venture, the 333 Market Street Joint Venture,asset and the 1800 M Street Joint Venture. Under theseproperty management agreements, Columbia Property Trust oversees the day-to-day operations of these joint ventures and their properties, including property management, property accounting, and other administrative services. Under the development management agreements, Columbia Property Trust oversees the development or redevelopment projects at the joint-venture-owned properties. During the three months ended March 31, 20192020 and 2018,2019, Columbia Property Trust earned the following fees from theseits unconsolidated joint ventures (in thousands):
Three Months Ended
March 31,
20202019
Market Square Joint Venture$574  $568  
University Circle Joint Venture587  574  
333 Market Street Joint Venture214  207  
1800 M Street Joint Venture555  520  
799 Broadway Joint Venture223  —  
$2,153  $1,869  
  Three Months Ended
March 31,
  2019 2018
Market Square Joint Venture $568
 $523
University Circle Joint Venture 574
 529
333 Market Street Joint Venture 207
 197
1800 M Street Joint Venture 520
 510
  $1,869
 $1,759

In the first quarter of 2020, Columbia Property Trust also received reimbursementsearned reimbursement income for management fee administration costs of property operating$1.3 million which is included in management fee revenues. In the first quarter of 2019, Columbia Property Trust earned reimbursement income for management fee administration costs of $1.2 million and $1.0 million for the three months ended March 31, 2019 and 2018, respectively. These reimbursements arewhich is included in other property income revenues in the accompanying consolidated statements of operations. Propertyincome.
Asset and assetproperty management fees of $0.6$0.3 million and $0.7$0.6 million were due to Columbia Property Trust from the joint ventures and are included in prepaid expenses and other assets on the accompanying consolidated balance sheets as of March 31, 20192020 and December 31, 2018,2019, respectively. Additionally,
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Columbia Property Trust leases office space fromalso earns management fees through its interest in the Market Squarethe Real Estate Services Joint Venture, andVentures, which are recorded as income in unconsolidated joint ventures in the 799 Broadway Joint Venture leases retail space from Columbia Property Trust. Under these leases, Columbia Property Trust paid $37,000 to the Market Square Joint Venture and received $30,000 from the 799 Broadway Joint Venture, for the three months ended March 31, 2019.accompanying consolidated statement of operations.

5. Line of Credit and Notes Payable
As of March 31, 20192020 and December 31, 2018,2019, Columbia Property Trust had the following line of credit and notes payable indebtedness (excluding bonds payable; see Note 6, Bonds Payable) (in thousands):
FacilityMarch 31,
2020		December 31,
2019
Revolving Credit Facility$501,000  $334,000  
$300 Million Term Loan300,000  300,000  
$150 Million Term Loan150,000  150,000  
Less: Deferred financing costs related to term loans and notes payable, net of accumulated amortization(1,930) (2,084) 
$949,070  $781,916  
Facility March 31,
2019		 December 31,
2018
Revolving Credit Facility $533,000
 $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 (2,544) (2,692)
  $680,456
 $629,308
On December 7, 2018, Columbia Property TrustTrust's amended and restated its $500.0 million revolving credit facility and $300.0 million unsecured term loan (together, theagreement (the "Credit Agreement"). The Credit Agreement provides for (i) a $650.0 million unsecured revolving credit facility (the "Revolving Credit Facility"), with an initial term ending January 31, 2023 and two six-month2 six-month extension options (for a total possible extension option of one year to January 31, 2024), subject to the paying of certain fees and the satisfaction of certain other conditions, and (ii) a 12-month, delayed-draw, $300.0 million unsecured term loan, with a term ending January 31, 2024 (the "$300 Million Term Loan"). The $300 Million Term Loan remains undrawn at March 31, 2019 and may be drawn until December 7, 2019.
At Columbia Property Trust's option, borrowings under the Credit Agreement bear interest at either (i) the alternate base rate plus an applicable margin based on five stated pricing levels ranging from 0.00% to 0.45% for the Revolving Credit Facility and 0.00% to 0.65% for the $300 Million Term Loan, or (ii) the LIBOR rate, as defined in the credit agreement, plus an applicable margin based on five stated pricing levels ranging from 0.775% to 1.45% for the Revolving Credit Facility and 0.85% to 1.65% for the $300 Million Term Loan, in each case based on the Columbia Property Trust's credit rating. The interest rate on the $300 Million Term Loan has been effectively fixed at 2.55% with an interest rate swap agreement.
Columbia Property Trust's $150.0 million unsecured term loan matures in July 2022 (the "$150 Million Term Loan") and bears interest, at our option, at either (i) LIBOR, plus an applicable margin ranging from 0.90% to 1.75% for LIBOR loans, or (ii) alternative base rate, plus an applicable margin ranging from 0.00% to 0.75% for base rate loans. The interest rate on the $150 Million Term Loan is effectively fixed with an interest rate swap agreement, which is designated as a cash flow hedge. Based on the terms of the interest rate swap and our current credit rating, the interest rate on the $150 Million Term Loan is effectively fixed at 3.07%.
Fair Value of Debt
The estimated fair value of Columbia Property Trust's line of credit and notes payable as of March 31, 20192020 and December 31, 2018,2019, was approximately $683.1$935.8 million and $632.1$784.1 million, respectively. The related carrying value of the line of credit and notes payable as of March 31, 20192020 and December 31, 2018,2019, was $683.0$951.0 million and $632.0$784.0 million, respectively. Columbia Property Trust estimated the fair value of the $150 Million Term Loanits term loans and the Revolving Credit Facility by obtaining estimates for similar

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facilities from multiple market participants as of the respective reporting dates. Therefore, the fair values determined are considered to be based on observable market data for similar instruments (Level 2).
Interest Paid and Capitalized
During the three months ended March 31, 20192020 and 2018,2019, Columbia Property Trust made interest payments of approximately $5.6$5.0 million and $6.3$5.6 million, respectively.
Columbia Property Trust capitalizes interest on development, redevelopment, and improvement projects funded directly and through its interest in unconsolidated joint ventures, using the weighted-average interest rate of its consolidated
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borrowings for the period. During the three months ended March 31, 2020, Columbia Property Trust capitalized interest of $3.0 million, $2.6 million of which was capitalized to construction in progress, and $0.4 million of which was capitalized to investments in unconsolidated joint ventures. During the three months ended March 31, 2019, Columbia Property Trust capitalized interest of $1.2 million, $0.9 million of which was capitalized to construction in progress and $0.3 million of which was capitalized to investments in unconsolidated joint ventures. During the three months ended March 31, 2018, Columbia Property Trust capitalized interest of $0.9 million, all of which was capitalized to construction in progress. For the three months ended March 31, 2019,2020, the weighted average interest rate on Columbia Property Trust’sTrust's consolidated outstanding borrowings was 3.59%3.26%.
Debt Covenants
As of March 31, 2019,2020, Columbia Property Trust was in compliance with all of its debt covenants on its term loans and the Revolving Credit Facility.

6. Bonds Payable
Columbia Property Trust has two2 series of bonds outstanding as of March 31, 20192020 and December 31, 2018:2019: $350.0 million of 10-year, unsecured 3.650% senior notes issued at 99.626% of their face value (the "2026 Bonds Payable"); and $350.0 million of 10-year, unsecured 4.150% senior notes issued at 99.859% of their face value (the "2025 Bonds Payable"), (collectively, the "Bonds Payable"). Both series of bonds require semi-annual interest payments. The principal amount of the 2026 Bonds Payable is due and payable on August 15, 2026, and the principal amount of the 2025 Bonds Payable is due and payable on April 1, 2025. The Bonds Payable were issued by Columbia OP and are fully and unconditionally guaranteed by Columbia Property Trust, Inc.
Interest payments of $6.4 million were made on the Bonds Payable during both the three months ended March 31, 20192020 and 2018.2019. Columbia Property Trust is subject to substantially similar covenants under the 2026 Bonds Payable and the 2025 Bonds Payable. As of March 31, 2019,2020, Columbia Property Trust was in compliance with the restrictive financial covenants on the 2026 Bonds Payable and the 2025 Bonds Payable.
As of March 31, 20192020 and December 31, 2018,2019, the estimated fair value of the Bonds Payable was approximately $695.1$735.7 million and $685.0$734.4 million, respectively, and the related carrying value, net of discounts, as of both March 31, 20192020 and December 31, 20182019 was $698.7$698.9 million. The fair value of the Bonds Payable was estimated based on a discounted cash flow analysis, using observable market data for its bonds payable and similar instruments (Level 2). The discounted cash flow method of assessing fair value results in a general approximation of value, which may differ from the price that could be achieved in a market transaction.

7.Commitments and Contingencies
7.  Commitments and Contingencies
Commitments Under Existing Lease Agreements
Certain lease agreements include tenant allowances that, at the option of the tenant, may obligate Columbia Property Trust to expend capital to improve an existing property, or to provide other expenditures for the benefit of the tenant. As of March 31, 2019,2020, Columbia Property Trust had one individually significant unrecordedhas the following material tenant allowance commitment: $28.3obligations under leases: (i) $15.9 million forrelated to the WeWork lease at 149 Madison, Avenue. These commitments will be accruedand (ii) $17.6 million related to the Pershing lease at 95 Columbus. As of March 31, 2020, accruals have not been recorded for these amounts, as the related costssuch obligations are recorded as incurred.
Guaranties of Debt of Unconsolidated Joint Ventures
In addition, in January 2020, Columbia Property Trust guarantees portionspreleased space to be added to 80 M Street in a vertical expansion project. Columbia is required to fund approximately $65.3 million for construction and tenant improvement allowances related to the new space at 80 M Street.
Commitments Under Joint Venture Agreements
Columbia Property Trust's joint venture agreements, including those that are developing or redeveloping properties, provide for capital contributions to be made to the joint ventures by the joint venture partners. As of the debt at two of itsMarch 31, 2020, Columbia Property Trust holds 8 properties through consolidated and unconsolidated joint ventures, (see Note 4, Unconsolidated Joint Ventures).including three that are under development or redevelopment. Capital contributions are payable when a capital call is made by the joint venture, and there are no unfunded capital calls as of March 31, 2020.
As of March 31, 2019, Columbia Property Trust guaranteed $4.0 million of the $325.0 million Market Square mortgage loan. In April 2019, as a result of additional leasing, the guaranty was reduced to $0 and eliminated.
As of March 31, 2019,2020, the 799 Broadway Joint Venture has $103.1$122.1 million in outstanding borrowings on the Construction Loan. Pursuant to a joint and several guaranty agreement with the Construction Loan lender, Columbia Property Trust
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and its joint venture partner are required to make aggregate additional equity contributions to the joint venture based on the initial expected project costs, less the amount of equity contributions made to date. As of March 31, 2019,2020, the remaining equity contribution requirement is $47.7$28.8 million, of which $23.7$14.3 million reflects Columbia Property Trust's allocated

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share. Equity contributions become payable by Columbia Property Trust to the joint venture when a capital call is received. As of March 31, 2019, no2020, 0 capital calls remain unpaid; therefore, no0 liability has been recorded related to this guaranty.
Commitments Under Real Estate Fund Agreements
Columbia Property Trust's Real Estate Fund investments require capital contributions from time to time. As of March 31, 2020, the Company had $4.6 million of unfunded capital contributions, which are callable for the life of the Real Estate Funds, through 2026. Such capital contributions are payable when a capital call is made by the Real Estate Funds, and there are no unfunded capital calls as of March 31, 2020.
Litigation
Columbia Property Trust is subject to various legal proceedings, claims, and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any reasonably possible loss relating to these matters using the latest information available. Columbia Property Trust records a liability for litigation if an unfavorable outcome is probable, and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, Columbia Property Trust accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, Columbia Property Trust accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, Columbia Property Trust discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, Columbia Property Trust discloses the nature and estimate of the possible loss of the litigation. Columbia Property Trust does not disclose information with respect to litigation where the possibility of an unfavorable outcome is considered to be remote. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business, or financial condition of Columbia Property Trust. Columbia Property Trust is not currently involved in any legal proceedings of which management would consider the outcome to be reasonably likely to have a material adverse effect on the results of operations, liquidity, or financial condition of Columbia Property Trust.

8.Stockholders' Equity
8. Stockholders' Equity
Common Stock Repurchase Program
Columbia Property Trust's board of directors authorized a stock repurchase program to purchase up to an aggregate of $200.0 million of its common stock, par value $0.01 per share, from September 4, 20172019 through September 4, 20192021 (the "2017"2019 Stock Repurchase Program"). DuringUnder the 2019 Stock Repurchase Program, Columbia Property Trust acquired 1.2 million shares at an average price of $19.47 per share, for aggregate purchases of $23.3 million during the three months ended March 31, 2019, Columbia Property Trust did not make any share repurchases.2020. As of March 31, 2019, $124.42020, $143.3 million remains available for repurchases under the 20172019 Stock Repurchase Program. Common stock repurchases are charged against equity as incurred, and the repurchased shares are retired. Columbia Property Trust will continue to evaluate the purchase of shares, primarily through open market transactions, which are subject to market conditions and other factors.

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Long-Term Incentive Compensation
Columbia Property Trust maintains a stockholder-approved, long-term incentive plan (the "LTI Plan") that provides for grants of up to 4.8 million shares of stock to be made to certain employees and independent directors of Columbia Property Trust.
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Employee Awards
Under the LTI Plan, Columbia Property Trust grants time-based stock awards and performance-based restricted stock unit awards to its employees.
On January 1, 2019,During the three months ended March 31, 2020, Columbia Property Trust granted 175,129294,725 shares of stock awards (the "Time-Based Restricted Shares") to employees, which will vest ratably on each anniversary of the grant over the next four years. On January 1, 2019,Also, during the three months ended March 31, 2020, Columbia Property Trust granted 221,199351,730 of performance-based restricted stock units (the "Performance-Based RSUs"), of which 75% will vest at the conclusion of a three-yearthree-year performance period, and the remaining 25% will vest one year later. The payout of the 2019 Performance-Based RSUs will be determined based on Columbia Property Trust's total stockholder return relative to the FTSE NAREIT Equity Office Index. Below is a summary of the employee awards issued under the LTI Plan induring the three months ended March 31, 2019:2020:
Time-Based AwardsPerformance-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 period374  $20.96  584  $18.86  
Granted295  $21.06  303  $18.06  
Converted(3)
33  (33) 
Vested(166) $21.22  (101) $18.48  
Forfeited—  $—  (9) $20.49  
Unvested awards – end of period(4)
536  $20.94  744  $18.58  
  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 175
 $19.35
 256
(3) 
 $17.66
Vested (165) $21.98
 (121)  $19.08
Forfeited —
 $—
 —
  $—
Unvested awards – end of period(4)
 385
 $20.95
 589
  $18.77
(1)Reflects the weighted-average, grant-date fair value using the market closing price on the date of the respective grants.
(1)
(2)Reflects the weighted-average, grant-date fair value using a Monte Carlo valuation.
(3)Reflects 25% of the 2017 3-year Performance-Based RSUs granted on January 1, 2017, which converted to Time-Based Restricted shares in January 2020 and will vest in January 2021.
(4)As of March 31, 2020, Columbia Property Trust expects approximately 514,000 of the 536,000 unvested restricted stock units to ultimately vest and approximately 713,000 of the 744,000 unvested Performance-Based RSUs to ultimately vest, assuming a weighted-average forfeiture rate of 4.1%, which was determined based on historical forfeiture rates.
Reflects the weighted-average, grant-date fair value using the market closing price on the date of the respective grants.
(2)
Reflects the weighted-average, grant-date fair value using a Monte Carlo valuation.
(3)
Includes approximately 35,000 RSUs, which were converted to shares based on performance, as defined by the LTI Plan, over the period from January 1, 2017 through December 31, 2018.
(4)
As of March 31, 2019, Columbia Property Trust expects approximately 370,000 of the 385,000 unvested restricted stock units to ultimately vest and approximately 566,000 of the 589,000 unvested Performance-Based RSUs, assuming a weighted-average forfeiture rate of 3.8%, which was determined based on historical forfeiture rates.
Director Stock Grants
Columbia Property Trust grants equity retainers to its directors under the LTI Plan. Such grants vest immediately. Beginning in May 2017, these grants are made annually for the following year. Foryear and vest immediately. During the three months ended March 31, 20182020 and 2019, no stock grants wereColumbia Property Trust made the following equity retainer grant:
Date of GrantSharesGrant-Date Fair Value
March 2, 2020(1)
591  $19.80  
(1)In March 2020, a new director was appointed to the directors.board of directors of Columbia Property Trust. The new director received a pro-rated annual equity retainer grant at appointment.

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Stock-Based Compensation Expense
For the three months ended March 31, 20192020 and 2018,2019, Columbia Property Trust incurred stock-based compensation expense related to the following events (in thousands):
Three Months Ended
March 31,
20202019
Amortization of time-based awards$947  $884  
Amortization of performance-based awards(1)
1,031  655  
Amortization of Preferred OP unit awards issued in connection with the Normandy Acquisition2,358  —  
Issuance of shares to independent directors12  —  
Total stock-based compensation expense$4,348  $1,539  
 Three Months Ended
March 31,
 2019 2018
Amortization of time-based awards granted under the LTI Plan$884
 $1,036
Amortization of performance-based awards granted under the LTI Plan(1)
655
 492
Total stock-based compensation expense$1,539
 $1,528
(1)Reflects amortization of awards made under the LTI Plan that will vest in future periods for service during the current period.
(1)
Reflects amortization of awards made under the LTI Plan for service during the current period, for which shares will be issued in future periods.
These expenses are included in general and administrative expenses –corporate in the accompanying consolidated statements of operations. As of March 31, 20192020 and December 31, 2018,2019, there were $13.6$18.3 million and $8.6$9.5 million, respectively, of unrecognized compensation costs related to unvested awards under the LTI Plan, which will be amortized over the respective vesting period, ranging from one to four years at the time of grant; and as of March 31, 2020, there were $22.1 million of unvested Preferred OP unit awards, which will vest over four years at the time of grant.

9.  Noncontrolling Interests
Noncontrolling Interest – Columbia OP
In connection with the Normandy Acquisition, Columbia Property Trust issued 3,264,151 Series A Convertible, Preferred Units of Columbia OP with a liquidation preference of $26.50 per unit (the “Preferred OP Units”). The Preferred OP Units vest over four years, subject to certain conditions. The Preferred OP Units are convertible into common units of Columbia OP, which are exchangeable for shares of Columbia Property Trust's common stock on a 1-for-one basis, subject to certain terms and conditions. As of March 31, 2020, Columbia Property Trust holds a 97.2% controlling financial interest in Columbia OP. Columbia OP is a variable interest entity in which the Company is the primary beneficiary. Thus, Columbia Property Trust consolidates the accounts of Columbia OP, and reflects the third-party ownership in this entity as noncontrolling interest in the accompanying consolidated balance sheet. As of March 31, 2020, Columbia OP has total assets and liabilities of $4.3 billion and $1.9 billion, respectively.
Noncontrolling Interest – Consolidated Joint Venture
Columbia Property Trust holds a 92.5% controlling financial interest in 101 Franklin Street, a 16-story, 235,000-square-foot office building in Manhattan that will be fully redeveloped through a consolidated joint venture with an affiliate of Normandy. 101 Franklin Street is a variable interest entity, or VIE, in which Columbia Property Trust is the primary beneficiary. Thus, the Company consolidates the accounts of 101 Franklin Street, and reflects the third-party ownership in this entity as noncontrolling interest in the accompanying consolidated balance sheet. As of March 31, 2020, Franklin Street had total assets and liabilities of $5.1 million and $3.0 million, respectively.


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9.10.  Supplemental Disclosures of Noncash Investing and Financing Activities
Outlined below are significant noncash investing and financing activities for the three months ended March 31, 20192020 and 20182019 (in thousands): 
 Three Months Ended
March 31,
 20202019
Other assets assumed at acquisition$245  $—  
Operating lease liability assumed at acquisition$961  $34,791  
Other liabilities assumed at acquisition$245  $—  
Amortization of net discounts on debt$45  $45  
Accrued investments in unconsolidated joint ventures$—  $88  
Accrued capital expenditures and deferred lease costs$15,447  $19,603  
Market value adjustments to interest rate swaps that qualify for hedge accounting treatment$(19,993) $(1,431) 
Issuance of Preferred OP Units for the Normandy Acquisition (Note 3)$55,306  $—  
Stock-based compensation expense$4,348  $1,539  

 Three Months Ended
March 31,
 2019 2018
Amortization of net discounts on debt$45
 $45
Accrued investments in unconsolidated joint ventures$88
 $—
Accrued capital expenditures and deferred lease costs$19,603
 $12,414
Operating lease liability recorded at adoption of ASC 842$34,791
 $—
Market value adjustments to interest rate swaps that qualify for hedge accounting treatment$(1,431) $2,514
Cumulative-effect adjustment to equity for the adoption of ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Non-Financial Assets
$—
 $357,755
Amortization of common stock issued to employees and directors$1,539
 $1,528


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10.11.  Leases
Columbia Property Trust as Lessee
Columbia Property Trust is a lessee on ground leases at certain of its investment properties, office space leases, and various information technology equipment leases. Operating lease assets represent Columbia Property Trust's right to use the underlying asset over the lease term, and operating lease liabilities represent Columbia Property Trust's obligation to make lease payments over the lease term. Operating lease liabilities are measured as the present value of lease payments over the lease term. As most of Columbia Property Trust's leases do not provide an implicit rate, Columbia Property Trust uses its incremental borrowing rate, based on information available at commencement, to calculate the present value of lease payments. Lease term extensions are included in the operating lease liability when it is reasonably certain that they will be exercised. Any variable payments for non-lease services provided under leases are expensed as incurred. Operating lease assets are measured based on the corresponding operating lease liability amount, reduced for lease incentives and straight-line rent payable (receivable) balances at adoption of ASC 842. Operating lease expense is recognized on a straight-line basis over the lease term, and is reflected as property operating costs for ground leases and as general and administrative – corporate for all other operating leases. Contracts are evaluated at commencement to determine if the contract contains a lease, and the appropriate classification for such leases.
As of March 31, 2019,2020, Columbia Property Trust has three1 ground leaseslease with a remaining lease terms ranging from 58 years to 111term of 57.8 years inclusive of renewal options, which areis included in operating lease assets of $63.8$30.1 million. Under one of the ground leases, paymentsPayments for all future periods under this ground lease have already been made. Thus, as of March 31, 2019,2020, operating lease liabilities of $34.7$2.9 million reflectinclude only the present value of future payments due under the other two groundoffice leases, which havewith a weighted average remaining lease terms ranging from 80 years to 111term of 2.5 years, inclusive of renewal options.
As of March 31, 2019, the future minimum lease payments to be made by Columbia Property Trust under its operating leases are as follows (thousands):
Remainder of 2019$1,877
20202,539
20212,704
20222,743
20232,023
20241,962
Thereafter174,821
     Total lease payments188,669
Less: interest expense(153,931)
Present value of lease liabilities$34,738
Weighted-average remaining lease term (years)76 years
Weighted-average discount rate6.6%
As of December 31, 2018, the future minimum lease payments to be made by Columbia Property Trust under its operating leases are as follows (in thousands):
2019$2,502
20202,539
20212,704
20222,743
20232,023
Thereafter176,782
       Total$189,293

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Columbia Property Trust's operating leases had the following impacts on the consolidated balance sheet as of March 31, 2019 (in thousands):
 Ground Leases Office Lease Total Operating Leases
Assets:     
Total operating lease assets$61,849
 $1,980
 $63,829
Liabilities:     
Total operating lease liabilities$32,112
 $2,626
 $34,738
Columbia Property Trust's operating leases had the following impacts on the consolidated statements of operations for the three months ended March 31, 2019 (in thousands):
 Ground Leases Office Lease Total Operating Leases
Property operating costs$692
 $—
 $692
General and administrative – corporate
—
 145
 145
Total operating lease expenses$692
 $145
 $837
Columbia Property Trust's operating leases had the following impacts on the consolidated statements of cash flows for the three months ended March 31, 2019:
 Ground Leases Office Lease Total Operating Leases
Cash paid for operating lease liabilities included in cash flows from operations$(451) $(174) $(625)
Columbia Property Trust as Lessor
Columbia Property Trust owns and leases commercial real estate, primarily office space, to tenants under operating leases for specified periods of time. Some of Columbia Property Trust's leases contain extension and/or termination options; however, the exercise of these extensions or terminations is at the discretion of the tenant and subject to negotiations. Therefore, such options are only recognized once they are deemed reasonably certain, typically at the time the option is exercised. Rental income related to such leases is recognized on a straight-line basis over the remaining lease period, and is included in rental income and tenant reimbursementslease revenues on the consolidated statements of operations. Contracts are evaluated at commencement to determine if the contract contains a lease, and the appropriate classification for such leases. As of March 31, 2019,2020, the weighted-average remaining term for such leases is approximately 6.96.4 years.
Rental income and tenant reimbursementsLease revenues include fixed and variable payments. Fixed payments primarily relate to base rent;rent and include payments related to lease terminations; and variable payments primarily relate to tenant reimbursements for certain property operating costs. Fixed and variable payments for the three months ended March 31, 20192020 are as follows (in thousands):
For the Three Months Ended March 31,
20202019
Fixed payments$61,243  $65,517  
Variable payments6,764  6,345  
Total lease revenues$68,007  $71,862  
 Three Months Ended March 31, 2019
Fixed payments$65,517
Variable payments6,345
Total rental income and tenant reimbursements$71,862


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As of March 31, 2019, the future minimum lease payments due to Columbia Property Trust under non-cancelable operating leases are as follows (thousands):
Remainder of 2019$184,860
2020251,836
2021225,294
2022213,492
2023196,011
2024183,205
Thereafter939,626
     Total$2,194,324
As of December 31, 2018, the future minimum lease payments due to Columbia Property Trust under non-cancelable operating leases are as follows (in thousands):
2019$242,370
2020247,826
2021221,692
2022209,845
2023192,261
Thereafter1,106,275
     Total$2,220,269


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11.12.  Non-Lease Revenues
Columbia Property Trust derives most of its revenues from leases, as described in Note 10, 11, Leases. Columbia Property Trust also has the following non-lease revenue streams.
Asset and Property Management Fee IncomeRevenue
Under asset and property management agreements in place with third parties and certain of its unconsolidated joint ventures, Columbia Property Trust earns revenue for performing asset and property management functions for properties owned throughby the Real Estate Funds and its joint ventures, as further described in Note 4, Unconsolidated Joint Ventures., as well as third-party-owned properties. For the three months ended March 31, 20192020 and 2018,2019, Columbia Property Trust earned management fee revenues of $1.9$4.3 million and $1.8$1.9 million, respectively, under these agreements.
Leasing Override Fees
Under the asset and property management agreements in place with third parties and for certain properties owned through unconsolidatedby joint ventures and the Real Estate Funds, Columbia Property Trust is eligible to earn leasing override fees equal to a percentage of the total rental payments to be made by the tenant over the term of the lease. For the three months ended March 31, 2020 and 2019, Columbia Property Trust earned leasing override fees of $14,600 and $3,000, whichrespectively. Such fees are included in asset and property management fee incomerevenue on the accompanying consolidated statements of operations.
Construction and Development Fee Income
Under construction and development contracts in place with third-party properties and for certain properties owned by joint ventures and the Real Estate Funds, Columbia Property Trust earns fees related to construction and development project management and supervision, using a percentage of completion method, measured by the percentage of costs incurred to date as compared with the estimated total costs for each contract. For the three months ended March 31, 2020, Columbia Property Trust earned construction and development fees of $0.8 million. Such fees are included in management fee revenue on the accompanying consolidated statements of operations.
Salary and Other Reimbursement Revenue
Under the property management agreements for third-party-owned properties and certain properties owned through unconsolidated joint ventures and the Real Estate Funds, Columbia Property Trust receives reimbursements for salaries and property operating costs for services that are provided by Columbia Property Trust employees on an ongoing basis. For the three months ended March 31, 20192020 and 2018,2019, Columbia Property Trust earned salary and other reimbursement revenue of $3.1 million and $1.1 million, respectively. These amounts are included in management fee revenues in 2020, and $1.0 million, respectively, which is included in other property income in 2019, on the accompanying consolidated statements of income.operations.
Miscellaneous Revenue
Columbia Property Trust also receives revenues for services provided to its tenants through the TRS Entities, including fitness centers, shuttles, and cafeterias, whichcafeterias. For the three months ended March 31, 2020 and 2019, Columbia Property Trust earned miscellaneous revenue of $7,100 and $176,500, respectively. These amounts are included in other property income on the accompanying consolidated statements of income. For both the three months ended March 31, 2019 and 2018, Columbia Property Trust earned miscellaneous revenue of $0.2 million, which is included in other property income on the accompanying consolidated statements of income.operations.


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12.13. Earnings Per Share
For the three months ended March 31, 20192020 and 2018,2019, in computing the basic and diluted earnings per share, net income has been reduced for the dividends paid on unvested shares granted under the LTI Plan. The following table reconciles the numerator for the basic and diluted earnings-per-share computations shown on the consolidated statements of operations for the three months ended March 31, 20192020 and 20182019 (in thousands):
Three Months Ended
March 31,
20202019
Net income attributable to common stockholders$6,290  $3,513  
Distributions paid on unvested shares(113) (77) 
Net income attributable to common stockholders used to calculate basic and diluted earnings per share$6,177  $3,436  
  Three Months Ended
March 31,
  2019 2018
Net income $3,513
 $1,498
Distributions paid on unvested shares (77) (73)
Net income used to calculate basic and diluted earnings per share $3,436
 $1,425
The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of operations for the three months ended March 31, 20192020 and 2018,2019, respectively (in thousands):
Three Months Ended
March 31,
20202019
Weighted-average common shares – basic114,471  116,462  
Plus incremental weighted-average shares from time-vested conversions, less assumed stock repurchases:
Previously granted awards, unvested15  90  
Future period LTI Plan awards—  328  
Weighted-average common shares – diluted114,486  116,880  

  Three Months Ended
March 31,
  2019 2018
Weighted-average common shares – basic 116,462
 119,082
Plus incremental weighted-average shares from time-vested conversions, less assumed
stock repurchases:
    
Previously granted awards, unvested 90
 70
Future period LTI Plan awards 328
 198
Weighted-average common shares – diluted 116,880
 119,350
13.14. Segment Information
Columbia Property Trust establishes operating segments at the property level and aggregates individual properties into reportable segments for high-barrier-to-entry markets and other geographic locations in which Columbia Property Trust has significant investments. Columbia Property Trust considers geographic location when evaluating its portfolio composition and in assessing the ongoing operations and performance of its properties. As of March 31, 2019,2020, Columbia Property Trust had the following reportable segments:  New York, San Francisco, Atlanta, Washington, D.C., Boston, Los Angeles, and all other office markets. The all other office markets reportable segment consists of properties in similar low-barrier-to-entry geographic locations in which Columbia Property Trust does not have a substantial presence and does not plan to make further investments. Upon selling its remaining properties in Atlanta during 2019 and Los Angeles in March of 2020, Columbia Property Trust has combined Atlanta and the all other office markets reportable segment for all periods presented. During the periods presented, there have been no material intersegment transactions.
Net operating income ("NOI") is a non-GAAP financial measure. NOI is the primary performance measure reviewed by management to assess operating performance of properties and is calculated by deducting operating expenses from operating revenues. Operating revenues include rental income, tenant reimbursements,lease revenues and other property income; and operating expenses include property operating costs. The NOI performance metric consists only of revenues and expenses directly related to real estate rental operations. NOI reflects property acquisitions and dispositions, occupancy levels, rental rate increases or decreases, and the recoverability of operating expenses. NOI, as Columbia Property Trust calculates it, may not be directly comparable to similarly titled, but differently calculated, measures for other REITs.
Asset information and capital expenditures by segment are not reported because Columbia Property Trust does not use these measures to assess performance. Depreciation and amortization expense, along with other expense and income items, are not allocated among segments.

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The following table presents operating revenues included in NOI by geographic reportable segment for Columbia Property Trust's respective ownership interests (in thousands):
Three Months Ended March 31,
20202019
New York(1)
$41,105  $38,696  
San Francisco(2)
34,801  27,763  
Washington, D.C.(3)
15,018  14,130  
Boston4,149  3,674  
All other office markets2,587  17,060  
Total office segments97,660  101,323  
Corporate(373) 786  
Total operating revenues$97,287  $102,109  
 Three Months Ended March 31,
 2019 2018
New York(1)
$38,696
 $40,909
San Francisco(2)
27,763
 23,520
Atlanta11,223
 9,858
Washington, D.C.(3)
14,130
 13,972
Boston3,674
 3,370
Los Angeles1,934
 1,920
All other office markets3,903
 3,936
Total office segments101,323
 97,485
Corporate786
 681
Total operating revenues$102,109
 $98,166
(1)Includes operating revenues for two unconsolidated properties, based on Columbia Property Trust's ownership interests: 49.5% for 114 Fifth Avenue for all periods presented; and 8.65% for Terminal Warehouse from March 13, 2020 through March 31, 2020.
(1)
(2)Includes operating revenues for two unconsolidated properties, 333 Market Street and University Circle, based on Columbia Property Trust's ownership interests:  55.0% for all periods presented.
(3)Includes operating revenues for two unconsolidated properties, Market Square and 1800 M Street, based on Columbia Property Trust's ownership interests: 51.0% for Market Square and 55.0% for 1800 M Street for all periods presented.
Includes operating revenues for one unconsolidated property, 114 Fifth Avenue, based on Columbia Property Trust's ownership interest: 49.5% for all periods presented.
(2)
Includes operating revenues for two unconsolidated properties, 333 Market Street and University Circle, based on Columbia Property Trust's ownership interests:  77.5% from January 1, 2018 through January 31, 2018; and 55.0% from February 1, 2018 through March 31, 2019.
(3)
Includes operating revenues for two unconsolidated properties, Market Square and 1800 M Street, based on Columbia Property Trust's ownership interests: 51.0% for the Market Square and 55.0% for 1800 M Street for all periods presented.
A reconciliation of GAAP revenues to operating revenues is presented below (in thousands):
Three Months Ended March 31,
20202019
Total revenues$76,254  $75,433  
Operating revenues included in income from unconsolidated joint ventures(1)
29,273  28,545  
Less: management fee revenue(2)
(8,240) (1,869) 
Total operating revenues$97,287  $102,109  
 Three Months Ended March 31,
 2019 2018
Total revenues$75,433
 $73,710
Operating revenues included in income from unconsolidated joint ventures(1)
28,545
 26,215
Less: asset and property management fee income(2)
(1,869) (1,759)
Total operating revenues$102,109
 $98,166
(1)Columbia Property Trust records its interest in properties held through unconsolidated joint ventures using the equity method of accounting, and reflects its interest in the operating revenues of these properties in income from unconsolidated joint ventures in the accompanying consolidated statements of operations.
(1)
Columbia Property Trust records its interest in properties held through unconsolidated joint ventures using the equity method of accounting, and reflects its interest in the operating revenues of these properties in income from unconsolidated joint ventures in the accompanying consolidated statements of operations.
(2)
See Note 11, Non-Lease Revenues, of the accompanying consolidated financial statements.

(2)See Note 12, Non-Lease Revenues, of the accompanying consolidated financial statements.


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The following table presents NOI by geographic reportable segment (in thousands):
Three Months Ended March 31,
20202019
New York(1)
$25,075  $22,806  
San Francisco(2)
25,072  20,497  
Washington, D.C.(3)
9,151  8,453  
Boston2,458  1,989  
All other office markets1,525  13,106  
Total office segments63,281  66,851  
Corporate(272) (205) 
Total NOI$63,009  $66,646  
 Three Months Ended March 31,
 2019 2018
New York(1)
$22,806
 $24,179
San Francisco(2)
20,497
 19,554
Atlanta8,151
 8,754
Washington, D.C.(3)
8,453
 8,330
Boston1,989
 1,768
Los Angeles1,119
 1,208
All other office markets3,836
 3,291
Total office segments66,851
 67,084
Corporate(205) (225)
Total NOI$66,646
 $66,859
(1)Includes NOI for three unconsolidated properties, 114 Fifth Avenue and 799 Broadway, based on Columbia Property Trust's ownership interest: 49.5% for 114 Fifth Avenue for all periods presented; and 49.7% for 799 Broadway for all periods presented; and 8.65% for Terminal Warehouse from March 13, 2020 though March 31, 2020.
(1)
(2)Includes NOI for two unconsolidated properties, 333 Market Street and University Circle, based on Columbia Property Trust's ownership interests:  55.0% for all periods presented.
(3)Includes NOI for two unconsolidated properties, Market Square and 1800 M Street, based on Columbia Property Trust's ownership interests: 51.0% for the Market Square and 55.0% for 1800 M Street for all periods presented.
Includes NOI for two unconsolidated properties, 114 Fifth Avenue and 799 Broadway, based on Columbia Property Trust's ownership interest: 49.5% for 114 Fifth Avenue for all periods presented; and 49.7% for 799 Broadway from October 3, 2018 through March 31, 2019.
(2)
Includes NOI for two unconsolidated properties, 333 Market Street and University Circle, based on Columbia Property Trust's ownership interests:  77.5% from January 1, 2018 through January 31, 2018; and 55.0% from February 1, 2018 through March 31, 2019.
(3)
Includes NOI for two unconsolidated properties, Market Square and 1800 M Street, based on Columbia Property Trust's ownership interests: 51.0% for the Market Square and 55.0% for 1800 M Street for all periods presented.
A reconciliation of GAAP net income to NOI is presented below (in thousands):
Three Months Ended March 31,
20202019
Net income attributable to common stockholders$6,290  $3,513  
Management fee revenues(8,240) (1,869) 
Depreciation18,330  20,404  
Amortization6,721  7,461  
General and administrative – corporate11,782  8,424  
Management fee expenses6,945  —  
General and administrative – joint ventures—  809  
Acquisition costs12,081  —  
Net interest expense9,713  12,094  
Income tax expense(2,243) 7  
Adjustments included in income from unconsolidated joint ventures14,903  15,803  
Gain on sale of real estate assets(13,344) —  
Adjustments attributable to noncontrolling interests71  —  
NOI$63,009  $66,646  
 Three Months Ended March 31,
 2019 2018
Net income$3,513
 $1,498
Depreciation20,404
 20,835
Amortization7,461
 8,016
General and administrative – corporate8,424
 7,794
General and administrative – unconsolidated joint ventures809
 731
Net interest expense12,094
 15,892
Interest income from development authority bonds—
 (1,800)
Gain on sale of unconsolidated joint venture interests—
 (762)
Income tax expense7
 7
Asset and property management fee income(1,869) (1,759)
Adjustments included in income from unconsolidated joint ventures15,803
 16,407
NOI$66,646
 $66,859


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14.     Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries
The 2026 Bonds Payable and the 2025 Bonds Payable (see Note 6, Bonds Payable) were issued by Columbia Property Trust OP, and are guaranteed by Columbia Property Trust. In accordance with SEC Rule 3-10(c), Columbia Property Trust includes herein condensed consolidating financial information in lieu of separate financial statements of the subsidiary issuer (Columbia Property Trust OP), as defined in the bond indentures, because all of the following criteria are met:
(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.
Columbia Property Trust uses the equity method with respect to its investment in subsidiaries included in its consolidated financial statements. Set forth below are Columbia Property Trust's condensed consolidating balance sheets as of March 31, 2019 and December 31, 2018, as well as its condensed consolidating statements of operations, its condensed consolidating statements of comprehensive income, and its condensed consolidating statements of cash flows for the three months ended March 31, 2019 and 2018.

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Condensed Consolidating Balance Sheets (in thousands):
 As of March 31, 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—
 1,633
 1,790,293
 —
 1,791,926
Intangible lease assets, net—
 —
 64,250
 —
 64,250
Construction in progress—
 —
 37,772
 —
 37,772
Real estate assets held for sale, net—
 —
 145,346
 —
 145,346
Total real estate assets—
 1,633
 2,841,647
 —
 2,843,280
Operating lease assets1,980
 —
 61,849
 —
 63,829
Investments in unconsolidated joint ventures—
 1,067,905
 —
 —
 1,067,905
Cash and cash equivalents165
 11,768
 6,618
 —
 18,551
Investment in subsidiaries2,578,461
 1,202,861
 —
 (3,781,322) —
Tenant receivables—
 —
 3,760
 —
 3,760
Straight-line rent receivable—
 —
 83,828
 —
 83,828
Prepaid expenses and other assets140,890
 352,349
 7,309
 (469,028) 31,520
Intangible lease origination costs, net—
 —
 31,626
 —
 31,626
Deferred lease costs, net—
 —
 58,932
 —
 58,932
Other assets held for sale—
 —
 20,498
 —
 20,498
Total assets$2,721,496
 $2,636,516
 $3,116,067
 $(4,250,350) $4,223,729
Liabilities:         
Line of credit and notes payable, net$—
 $680,456
 $467,344
 $(467,344) $680,456
Bonds payable, net—
 694,736
 —
 —
 694,736
Operating lease liabilities2,626
 —
 32,112
 —
 34,738
Accounts payable, accrued expenses, and accrued capital expenditures6
 10,628
 27,328
 —
 37,962
Due to affiliates—
 —
 1,684
 (1,684) —
Deferred income—
 —
 16,943
 —
 16,943
Intangible lease liabilities, net—
 —
 19,539
 —
 19,539
Liabilities held for sale—
 —
 20,491
 —
 20,491
Total liabilities2,632
 1,385,820
 585,441
 (469,028) 1,504,865
Equity:         
Total equity2,718,864
 1,250,696
 2,530,626
 (3,781,322) 2,718,864
Total liabilities and equity$2,721,496
 $2,636,516
 $3,116,067
 $(4,250,350) $4,223,729




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Condensed Consolidating Balance Sheets (in thousands):
 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 equivalents1,705
 10,573
 4,840
 —
 17,118
Investment in subsidiaries2,622,528
 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 assets140,797
 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 expenditures674
 9,441
 39,007
 (5) 49,117
Dividends payable23,340
 —
 —
 —
 23,340
Due to affiliates—
 —
 1,680
 (1,680) —
Deferred income—
 —
 15,593
 —
 15,593
Intangible lease liabilities, net—
 —
 21,081
 —
 21,081
Total liabilities24,014
 1,333,287
 544,705
 (469,029) 1,432,977
Equity:         
Total equity2,741,016
 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




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Condensed Consolidating Statements of Operations (in thousands):
 For the Three Months Ended March 31, 2019
 
Columbia Property Trust
(Parent)
(Guarantor)
 
Columbia
 Property
Trust OP 
(the Issuer)
 
Non-
Guarantors
 
Consolidating
Adjustments
 Columbia Property Trust
(Consolidated)
Revenues:         
Rental income and tenant reimbursements$—
 $—
 $71,862
 $—
 $71,862
Asset and property management fee income912
 —
 957
 —
 1,869
Other property income—
 —
 1,702
 —
 1,702
 912
 —
 74,521
 —
 75,433
Expenses:         
Property operating costs—
 —
 24,237
 —
 24,237
Asset and property management fees—
 —
 255
 —
 255
Depreciation—
 171
 20,233
 —
 20,404
Amortization—
 —
 7,461
 —
 7,461
General and administrative – corporate199
 2,220
 6,005
 —
 8,424
General and administrative – unconsolidated joint ventures—
 —
 809
 —
 809
 199
 2,391
 59,000
 —
 61,590
Other income (expense):         
Interest expense—
 (12,095) (5,053) 5,053
 (12,095)
Interest and other income1,575
 3,478
 1
 (5,053) 1
Income tax expense—
 —
 (7) —
 (7)
Income (loss) from unconsolidated entities1,225
 14,933
 (3) (14,384) 1,771
 2,800
 6,316
 (5,062) (14,384) (10,330)
Net income$3,513

$3,925

$10,459

$(14,384)
$3,513

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Condensed Consolidating Statements of Operations (in thousands):
 For the Three Months Ended March 31, 2018
 
Columbia Property Trust
(Parent)
(Guarantor)
 
Columbia
 Property
Trust OP 
(the Issuer)
 
Non-
Guarantors
 
Consolidating
Adjustments
 Columbia Property Trust
(Consolidated)
Revenues:         
Rental income and tenant reimbursements$—
 $—
 $70,360
 $—
 $70,360
Asset and property management fee income905
 —
 854
 —
 1,759
Other property income—
 —
 1,591
 —
 1,591
 905
 —
 72,805
 —
 73,710
Expenses:         
Property operating costs—
 —
 23,062
 —
 23,062
Asset and property management fees—
 —
 208
 —
 208
Depreciation—
 167
 20,668
 —
 20,835
Amortization—
 —
 8,016
 —
 8,016
General and administrative – corporate198
 2,309
 5,287
 —
 7,794
General and administrative – unconsolidated joint ventures—
 —
 731
 —
 731
 198
 2,476
 57,972
 —
 60,646
Other income (expense):         
Interest expense—
 (12,434) (10,494) 7,033
 (15,895)
Interest and other income3,555
 3,478
 1,803
 (7,033) 1,803
Gain on sale of unconsolidated joint venture interests—
 762
 —
 —
 762
Income tax expense—
 —
 (7) —
 (7)
Income (loss) from unconsolidated entities(2,764) 9,194
 —
 (4,659) 1,771
 791

1,000

(8,698)
(4,659)
(11,566)
Net income (loss)$1,498

$(1,476)
$6,135

$(4,659)
$1,498

















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Condensed Consolidating Statements of Comprehensive Income (in thousands):
 For the Three Months Ended March 31, 2019
 
Columbia Property Trust
(Parent)
(Guarantor)
 
Columbia
Property
Trust OP 
(the Issuer)
 
Non-
Guarantors
 
Consolidating
Adjustments
 Columbia Property Trust
(Consolidated)
Net income$3,513
 $3,925
 $10,459
 $(14,384) $3,513
Market value adjustments to interest
rate swaps
(1,431) (1,431) —
 1,431
 (1,431)
Comprehensive income$2,082
 $2,494
 $10,459
 $(12,953) $2,082
 For the Three Months Ended March 31, 2018
 
Columbia Property Trust
(Parent)
(Guarantor)
 
Columbia
 Property
Trust OP 
(the Issuer)
 
Non-
Guarantors
 
Consolidating
Adjustments
 Columbia Property Trust
(Consolidated)
Net income$1,498
 $(1,476) $6,135
 $(4,659) $1,498
Market value adjustments to interest
rate swaps
2,514
 2,514
 —
 (2,514) 2,514
Comprehensive income$4,012
 $1,038
 $6,135
 $(7,173) $4,012









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Condensed Consolidating Statements of Cash Flows (in thousands):
 For the Three Months Ended March 31, 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$4,638
 $2,948
 $41,877
 $(14,384) $35,079
Cash flows from investing activities:         
Investment in real estate and related assets(13,701) —
 (20,951) —
 (34,652)
Investments in unconsolidated joint ventures—
 (6,528) —
 —
 (6,528)
Distributions from unconsolidated joint ventures—
 5,672
 —
 —
 5,672
Distributions from subsidiaries56,640
 7,313
 —
 (63,953) —
Net cash provided by (used in) investing activities42,939
 6,457
 (20,951) (63,953) (35,508)
Cash flows from financing activities:         
Borrowings, net of fees—
 73,979
 —
 —
 73,979
Repayments—
 (23,000) —
 —
 (23,000)
Distributions(46,716) (59,189) (19,148) 78,337
 (46,716)
Repurchases of common stock(2,401) —
 —
 —
 (2,401)
Net cash provided by (used in) financing activities(49,117) (8,210) (19,148) 78,337
 1,862
Net increase (decrease) in cash and cash equivalents(1,540) 1,195
 1,778
 —
 1,433
Cash and cash equivalents, beginning
of period
1,705
 10,573
 4,840
 —
 17,118
Cash and cash equivalents, end of period$165
 $11,768
 $6,618
 $—
 $18,551


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Condensed Consolidating Statements of Cash Flows (in thousands):
 For the Three Months Ended March 31, 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$708
 $(5,326) $19,389
 $—
 $14,771
Cash flows from investing activities:         
Net proceeds from sale of investments in unconsolidated joint ventures—
 235,083
 —
 —
 235,083
Investment in real estate and related assets—
 —
 (23,877) —
 (23,877)
Investments in unconsolidated joint ventures—
 (1,541) —
 —
 (1,541)
Distributions from unconsolidated joint ventures—
 2,976
 —
 —
 2,976
Distributions from subsidiaries75,935
 (9,988) —
 (65,947) —
Net cash provided by (used in) investing activities75,935
 226,530
 (23,877)
(65,947) 212,641
Cash flows from financing activities:         
Borrowings, net of fees—
 108,983
 —
 —
 108,983
Repayments—
 (247,000) (814) —
 (247,814)
Distributions(47,819) (77,811) 11,864
 65,947
 (47,819)
Repurchases of common stock(29,261) —
 —
 —
 (29,261)
Net cash provided by (used in) financing activities(77,080) (215,828) 11,050

65,947
 (215,911)
Net increase (decrease) in cash and cash equivalents(437) 5,376
 6,562

—
 11,501
Cash and cash equivalents, beginning
of period
692
 5,079
 3,796
 —
 9,567
Cash and cash equivalents, end of period$255
 $10,455
 $10,358

$—
 $21,068




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15.  Subsequent Event
The response to the COVID-19 pandemic continues to rapidly evolve, and aggressive actions taken to reduce the spread of the disease have seriously disrupted activities in large segments of the economy. Columbia Property Trust has evaluated subsequent eventsis monitoring the COVID-19 outbreak and its impact on the Company's business, tenants, and industry as a whole. While the extent to which COVID-19 impacts the Company's results will depend on future developments, the outbreak and associated economic impacts could result in connection witha material impact to the preparationCompany's future financial condition, results of the consolidated financial statementsoperations, and notes thereto included in this report on Form 10-Q,cash flows. Some effects could include lease modifications, deferral of rental income, and notes that the sale of One & Three Glenlake Parkway closed on April 15, 2019.increased operating expenses. See Note 3, Real Estate TransactionsPart II, Item 1A. Risk Factors, for additional details.information.




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ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis should be read in conjunction with our accompanying consolidated financial statements (and notes thereto) and the "Cautionary Note Regarding Forward-Looking Statements" preceding Part I of this report, as well as our consolidated financial statements (and the notes thereto) and Management's Discussion and Analysis of Financial Condition and Results of Operations included in our 20182019 Form 10-K.

Executive Summary
On January 24, 2020, we acquired Normandy, a developer, operator, and investment manager of office and mixed-use assets in New York, Boston, and Washington, D.C., interests in three real estate funds and contracts to provide real estate services to properties affiliated with those funds. We believe that the acquisition of Normandy will further our strategic initiatives by strengthening our platform with additional development and redevelopment expertise, deal sourcing, and other key capabilities, and by increasing our access to capital through Normandy's investor relationships.
On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. While response to the COVID-19 outbreak continues to rapidly evolve, it has led to aggressive actions to reduce the spread of the disease that have seriously disrupted activities in large segments of the economy, including in the regional economies where we operate. We are continuing to monitor the COVID-19 outbreak and its impact on our business, tenants, and industry as a whole.
We are committed to the health and safety of our employees, tenants, and communities. Because of our low-leverage operating model of long-term leases to creditworthy tenants, to date the COVID-19 pandemic has not materially impacted our financial condition or results of operations, our liquidity position, or caused material impairments in our portfolio of operating properties. While the impact of the COVID-19 pandemic on our business has not been severe to date, the long-term impact of the pandemic on our tenants and the global economy is uncertain and will depend on various factors, including the scope, severity, and duration of the pandemic. A prolonged economic downturn or recession resulting from the pandemic could adversely affect many of our tenants which could, in turn, adversely impact our business, financial condition, and results of operations. We have worked closely with our impacted tenants and will continue to address their concerns on a case-by-case basis, seeking arrangements that address cash flow interruptions while maintaining long-term lease obligations.
Our primary strategic objective is to generate long-term stockholder returns from a combination of growing cash flows and appreciation in the values of our properties, by owningproperties. We own and operatingoperate high-quality office properties located in certain high-barrier-to-entry markets.markets, primarily New York, San Francisco, Washington, D.C., and Boston. Our approach is to own office buildings that are competitive within the top tier of their markets or that will be repositioned as such through value-add initiatives. In addition, ourinitiatives, including development or redevelopment. Our investment objectives include optimizing our portfolio allocation between stabilized investments and more growth-oriented, value-add investments and development projects with an emphasis on central business districts and multi-tenant buildings.
Over the past several years, we have undertaken a capital recycling program that has involved selling more than 50 properties in geographically dispersed markets for aggregate proceeds of $4.0$4.5 billion, including the following recent transactions:
and reinvesting those proceeds in our core markets. In April 2019,January 2020, we sold One & Three Glenlake ParkwayCranberry Woods Drive in AtlantaPittsburgh for a gross sale price of $227.5$180.0 million; and in March 2020, we sold Pasadena Corporate Park in Los Angeles for a gross sale price of $78.0 million, which we expect to result in a gain inmarked the second quarterexit of 2019.
our last non-target market. In October 2018,March 2020, we acquired a 49.7%an 8.65% interest in Terminal Warehouse, a joint venture1.2-million-square-foot property located in West Chelsea, New York, that will develop a 12-story, 182,000-square-foot office building at 799 Broadway in New York.
In May 2018, we sold 222 East 41st Street in New York, after releasing the property to a single tenant for 30 years, for $332.5 million. 
In March 2019, we enteredbe fully redeveloped into a contract with a joint venture partner to purchase a 16-story, 235,000-square-footmixed-use retail and office building in Manhattanspace, for a full-scale redevelopment project. We are continuing to actively pursue additional strategic investment opportunitiesan initial equity contribution of approximately $40.0 million.
As of March 31, 2020, the operating properties in our target markets, and selective property dispositions in non-target markets.
Our portfolio is 97.1%are 97.6% leased, with less than 2%3% of our leases scheduled to expire this year andin 2020. During the first three months of 2020, we leased a substantial majoritytotal of our revenues generated from properties125,800 square feet of space, including a new lease for 34,800 square feet at 315 Park Avenue South in our high-barrier target markets.New York. We continue to maintain a strong and flexible balance sheet. In December 2018, we amended and restated our $500 million unsecured revolving credit facility and $300 million unsecured term loan, resulting in a $950 million combined credit facility. The amended and restated facility extended maturities, lowered interest costs, and increased the Revolving Credit Facility from $500 million to $650 million. Further, the new $300 million term loan is currently undrawn and includes a delayed-draw feature, which allows for us to fully draw the term loan by December 7, 2019. As of March 31, 2019,2020, due to borrowings on our line of credit, which are held as cash on hand at period end, our debt-to-real-estate-asset ratio is 33.2%(1)(2); 92%41.8%(1), and approximately 34.9% on a net basis (i.e., reduced for cash on hand)(1). Additionally, 89%(1) of our portfolio is unencumbered by mortgages; and ourthe weighted average cost of borrowingour consolidated and pro-rata share of joint venture borrowings during the quarter is 3.85%3.40%(1) per annum. Our debt maturities are laddered, coming due in three toover the next six years, and $683.0$951.0 million of our unsecured borrowings can be
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repaid prior to maturity without penalty.
From time to time when we believe our stock is undervalued, we may take advantage of market opportunities by using our stock repurchase program to buy shares and return capital to our stockholders. During the first quarter of 2020, we repurchased 1.2 million shares at an average price of $19.47 per share, for aggregate purchases of $23.3 million. As of March 31, 2019, $124.42020, $143.3 million remains available under our current repurchase program.
(1)
Statistics include our ownership interest in the gross real estate assets and debt at properties held through unconsolidated joint ventures as described in Note 4, Unconsolidated Joint Ventures, of the accompanying financial statements.
(2)
On a net basis (i.e., reduced for cash on hand), our debt-to-real-estate-asset ratio is 32.3%.

(1)Statistics include 100% of all of our consolidated properties and our ownership interest in the gross real estate assets and debt at properties held through unconsolidated joint ventures as described in Note 4, Unconsolidated Joint Ventures, of the accompanying financial statements.
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Key Performance Indicators
Our operating results depend primarily upon the level of income generated by the leases at our properties. Occupancy and rental rates are key drivers of our lease income. Over the last year, our quarter-end averageOur portfolio percentagewas 97.6% leased ranged from 96.8% atas of March 31, 2018 to2020, and 97.1% atleased as of March 31, 2019. The following table sets forth details related to the financial impact of our recent leasing activities for properties we own directly and based on our proportionate share of properties owned through unconsolidated joint ventures:
Three Months Ended March 31,
20202019
Total number of leases8  13  
Square feet of leasing – renewal17,115  3,925  
Square feet of leasing – new102,549  63,291  
Total square feet of leasing119,664  67,216  
Lease term (months)162  130  
Tenant improvements, per square foot – renewal$34.28  $102.91  
Tenant improvements, per square foot – new$103.37  $91.72  
Tenant improvements, per square foot – all leases$97.82  $92.01  
Leasing commissions, per square foot – renewal$18.79  $23.53  
Leasing commissions, per square foot – new$62.86  $69.87  
Leasing commissions, per square foot – all leases$59.33  $68.65  
Rent leasing spread – renewal(1)
42.4 %— %
Rent leasing spread – new(1)
9.0 %65.8 %
Rent leasing spread – all leases(1)
16.0 %61.7 %
 Three Months Ended March 31,
 2019 2018
Total number of leases13
 17
Square feet of leasing – renewal
3,925
 18,146
Square feet of leasing – new
63,291
 97,014
Total square feet of leasing67,216
 115,160
Lease term (months)130
 96
Tenant improvements, per square foot – renewal
$102.91
 $33.47
Tenant improvements, per square foot – new
$91.72
 $62.78
Tenant improvements, per square foot – all leases
$92.01
 $60.87
Leasing commissions, per square foot – renewal
$23.53
 $6.76
Leasing commissions, per square foot – new
$69.87
 $29.84
Leasing commissions, per square foot – all leases
$68.65
 $27.96
    
Rent leasing spread – renewal(1)
—% 11.2%
Rent leasing spread – new(1)
65.8% 66.2%
Rent leasing spread – all leases(1)
61.7% 63.2%
(1)Rent leasing spreads are calculated based on the change in base rental income measured on a straight-line basis; and, for new leases, only include space that has been vacant for less than one year.
(1)
Rent leasing spreads are calculated based on the change in base rental income measured on a straight-line basis; and, for new leases, only include space that has been vacant for less than one year.
Current-quarterIn the first quarter of 2020, rent leasing spreads (positive 16.0%) primarily relate to a 15,500-square-foot office lease renewal at 650 California Street in San Francisco and a new 34,800-square-foot lease at 315 Park Avenue South in New York; and current quarter tenant improvements ($97.82 per square foot) and leasing commissions ($59.33 per square foot) primarily relate to a new 59,500-square-foot lease at 80 M Street in Washington, D.C. In 2019, rent leasing spreads (positive 61.7%) and lease commissions ($68.65 per square foot) primarily relate to a new 3,500-square-foot retail lease at 315 Park Avenue South in New York, offset by other leasing across our portfolio; and current quarter tenant improvement costs for lease renewals ($102.91 per square foot) primarily relate to a 3,000-square-foot lease at Market Square, measured at our proportionate share. For the first three months of 2018, rent leasing spreads were positive (63.2%) primarily due to a new 27,000-square-foot lease at 218 West 18th Street in New York. Over the next 12 months, approximately 131,000104,000 square feet of leases at our operating properties (approximately 2.5%2.3% of our portfolio, based on revenues) are scheduled to expire.
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Liquidity and Capital Resources
Overview
Cash flows generated from the operation of our properties are primarily used to fund recurring expenditures and stockholder dividends. The amount of distributions to common stockholders is determined by our board of directors and is dependent upon a number of factors, including funds deemed available for distribution based principally on our current and future projected operating cash flows, reduced by capital requirements necessary to maintain our existing portfolio, our future capital needs, and future sources of liquidity, as well as the annual distribution requirements necessary to maintain our status as a REIT under the Code. Investments in new property acquisitions and first-generation capital improvements are generally funded with capital proceeds from property sales, debt, or cash on hand. Our board of directors elected to maintain a $0.20$0.21 dividend rate for the first quarter of 2019.2020.
We are continuing to monitor the rapid developments around COVID-19 and the related impacts to our business. In response to the economic uncertainty that has unfolded as a result of COVID-19, we drew down $200.0 million on our Revolving Credit Facility in late March 2020 and held approximately $292.0 million of cash balances as of March 31, 2020. See Item IA., Risk Factors, for additional information.
Short-Term Liquidity and Capital Resources
During the first three months of 2019,2020, we generated net cash flows from operating activities of $35.1$16.1 million, which consists primarily of receipts from tenants for rent and reimbursements, reduced by payments for operating costs, administrative expenses, interest expense, and lease inducements. During the same period, we paid total distributions to stockholders of $46.7$48.4 million, which included dividend payments for two quarters ($23.324.2 million for each of the fourth quarter of 20182019 and $23.4 million for the first quarter of 2019)2020). Primarily, as a result of paying twoFirst quarter 2020 dividends in the current period, distributions to stockholders($24.2 million) exceeded cash flowsflow from operating activitiesoperations for the first quarter of 2019.

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same period ($16.1 million), primarily due to acquisition costs incurred in connection with the Normandy acquisition ($12.1 million).
During the first three months of 2019,2020, we drew $51.0received $250.8 million in aggregate net sales proceeds from the sale of Cranberry Woods Drive and Pasadena Corporate Park and made net borrowings on our Revolving Credit Facility whichof $167.0 million. These proceeds were used to fund the Terminal Warehouse Joint Venture ($40.0 million), leasing and capital projects including those atfor consolidated and unconsolidated properties ($27.2 million), and redemptions of common stock ($25.5 million). As of March 31, 2020, we had cash on hand of $292.8 million, which includes $200 million of proceeds drawn on our joint ventures, of $27.5 million; and an earnest money deposit of $13.7 million, relatedRevolving Credit Facility in late March 2020 in response to a joint venture that will redevelop 250 Church Streetthe increase in New York.economic uncertainty resulting from the COVID-19 outbreak.
Over the short term, we expect our primary sources of capital and liquidity to be operating cash flows select property dispositions, and debt. Wecash on hand, and expect that our principal demands for fundscapital will be property acquisitions,to fund development and redevelopment costs, capital improvements to our existing portfolio, stockholder distributions, stock repurchases, operating expenses, and interest and principal payments. As of April 22, 2019,24, 2020, in addition to cash on hand, we have access to $308.0additional borrowings of $149.0 million under our Revolving Credit Facility and $300.0 million under our delayed-draw term loan.Facility. We believe that we will have adequate liquidity and capital resources to meet our current obligations as they come due.
Long-Term Liquidity and Capital Resources
Over the long term, we expect that our primary sources of capital will include operating cash flows, cash on hand, borrowing proceeds, and select property dispositions, and borrowing proceeds.dispositions. We expect that our primary uses of capital will continue to include stockholder distributions; acquisitions; development and redevelopment costs; capital expenditures, such as building improvements, tenant improvements, and leasing costs; and repaying or refinancing debt.
Consistent with our financing objectives and operational strategy over the long term, we have generally maintained debt levels ofat less than 40% of the undepreciated costs of our assets. Asassets; however, due to the amount of cash on hand as of March 31, 2019,2020, our debt-to-real-estate-asset ratio was approximately 33.2%41.8% on a gross basis, and approximately 34.9% on a net basis (i.e., reduced for cash on hand). Our debt-to-real-estate-asset ratio includes our share of joint venture real estate assets and debt, as well as basis adjustments related to joint venture real estate assets.
As described below, our variable ratevariable-rate indebtedness may use LIBORLondon Interbank Offering Rate ("LIBOR") as a benchmark for establishing the rate. LIBOR is expected to be discontinued at the subjectend of recent national, international2021. The anticipated discontinuation of
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LIBOR will require lenders and other regulatory guidance and proposals for reform. These reforms and other pressures may causetheir borrowers to transition from LIBOR to disappear entirely or to perform differently than in the past. The consequences of these developments cannot be entirely predicted but could include an alternative benchmark interest rate, which might increase in the cost of our variablevariable-interest debt instruments. At this time, no consensus exists as to what rate indebtedness.or rates may become acceptable alternatives to LIBOR, and it is impossible to predict the effect of any such alternatives on the value of LIBOR-based variable-rate loans or other financial arrangements. If LIBOR is no longer widely available,discontinued as anticipated, or otherwise at our option, our Revolving Credit Facility and term loan facilities provide for alternate interest rate calculations.
Unsecured Bank Debt
Our Revolving Credit Facility has a capacity of $650.0 million and matures in January 2023, with two six-month extension options. As of March 31, 2019,2020, we had $533.0$501.0 million in outstanding borrowings on the Revolving Credit Facility. Amounts outstanding under the Revolving Credit Facility bear interest at either (i) LIBOR, plus an applicable margin ranging from 0.775% to 1.45% for LIBOR borrowings, or (ii) an alternate base rate, plus an applicable margin ranging from 0.00% to 0.45% for base rate borrowings, based on our applicable credit rating. The per annum facility fee on the aggregate revolving commitment (used or unused) ranges from 0.125% to 0.30%, also based on our applicable credit rating. Additionally, the Revolving Credit Facility, along with the $300 Million Term Loan, as described below, provides for four accordion options for an aggregate additional amount of up to $500 million, subject to certain limitations.
Our $300 Million Term Loan matures in January 2024 and bears interest, at our option, at either (i) LIBOR, plus an applicable margin ranging from 0.85% to 1.65% for LIBOR loans, or (ii) an alternate base rate, plus an applicable margin ranging from 0.00% to 0.65% for base rate loans, based on our applicable credit rating. The per annum facility feeinterest rate on the aggregate term loan commitment (used or unused) ranges from 0.125% to 0.30%, also based$300 Million Term Loan is effectively fixed with an interest rate swap agreement, which is designated as a cash flow hedge. Based on the terms of the interest rate swap and our applicablecurrent credit rating. As of March 31, 2019,rating, the interest rate on the $300 million term loan remained undrawn and includes a delayed-draw feature, which allows us until December 7, 2019 to fully draw the term loan.Million Term Loan is effectively fixed at 2.55%.
Our $150.0 million unsecured term loan$150 Million Term Loan matures in July 2022 (the "$150 Million Term Loan") and bears interest, at our option, at either (i) LIBOR, plus an applicable margin ranging from 0.90% to 1.75% for LIBOR loans, or (ii) alternative base rate, plus an applicable margin ranging from 0.00% to 0.75% for base rate loans. The interest rate on the $150 Million Term Loan is effectively fixed with an interest rate swap agreement, which is designated as a cash flow hedge. Based on the terms of the interest rate swap and our current credit rating, the interest rate on the $150 Million Term Loan is effectively fixed at 3.07%.
Bonds Payable
In August 2016, weWe have two series of bonds outstanding as of March 31, 2020:
•$350.0 million of 10-year, unsecured 4.150% senior notes issued $350.0at 99.859% of their face value, which require semi-annual interest payments in April and October (the "2025 Bonds Payable").
•$350.0 million of 10-year, unsecured 3.650% senior notes issued at 99.626% of their face value. The 2026 Bonds Payablevalue, which require semi-annual interest payments in February and August based(the "2026 Bonds Payable").
Columbia OP is the issuer of our Bonds Payable, both series of which are fully and unconditionally guaranteed by Columbia Property Trust. Columbia Property Trust owns 97.2% of Columbia OP, and includes the accounts of Columbia OP in its consolidated financial statements.The primary differences between Columbia Property Trust and Columbia OP are as follows: Columbia Property Trust owns one property directly and has made intercompany loans to subsidiaries of Columbia OP, and Columbia Property Trust – the publicly traded entity -- issues publicly traded common stock to investors (including employees), and has engaged in share repurchases from time to time. Columbia Property Trust has contributed the substantial majority of proceeds from sales of its common stock to Columbia OP.
Columbia Property Trust guarantees of Columbia OP’s obligations under the Bonds Payable include the punctual payments of principal, premium, if any, and interest on the Bonds Payable, whether at stated maturity, by declaration of acceleration, call for redemption or otherwise. The obligations of Columbia Property Trust under its guarantees is limited to the amount necessary to prevent such guarantees from constituting a fraudulent transfer or conveyance under applicable law. The Bonds Payable are Columbia OP’s senior unsecured obligations and rank equally in right of payment with all of its other existing and future senior unsecured indebtedness; Columbia Property Trust’s guarantees of the Bonds Payable are its senior unsecured obligations and rank equally in right of payment with all of Columbia Property Trust’s other existing and future senior unsecured indebtedness and guarantees.
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As a result of Columbia Property Trust’s guarantee, we are presenting the following summarized financial information (in thousands) for Columbia Property Trust and Columbia OP pursuant to Rule 13-01 of Regulation S-X, Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.For purposes of the following summarized financial information, transactions between Columbia Property Trust and Columbia OP, presented on a contractual annual interest rate of 3.650%. The principal amount of the 2026 Bonds Payable is duecombined basis, have been eliminated and payable on the maturity date, August 15, 2026.information for non-guarantor subsidiaries has been excluded.
In March 2015, we issued $350.0 million of 10-year unsecured 4.150% senior notes at 99.859% of their face value. The 2025 Bonds Payable require semi-annual interest payments in April and October, based on a contractual annual interest rate of 4.150%. The principal amount of the 2025 Bonds Payable is due and payable on the maturity date, April 1, 2025.
Balance Sheet Information:
March 31, 2020December 31, 2019
Total assets$4,306,278  $3,991,256  
Total liabilities$1,773,813  $1,611,957  
Noncontrolling interests$61,716  $5,477  
Statement of Operations Information:
For the Three Months Ended March 31, 2020For the Year Ended December 31, 2019
Total revenues$72,565  $260,453  
Total expenses$76,302  $268,204  
Net income$4,969  $(1,052) 
Net income attributable to noncontrolling interests$61  $133  
Net income attributable to common stockholders$5,030  $(919) 


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Debt Covenants
The $300 Million Term Loan, the $150 Million Term Loan, the Revolving Credit Facility, the 2026 Bonds Payable, and the 2025 Bonds Payable contain certain covenants and restrictions that require us to meet certain financial ratios. We were in compliance with all of our debt covenants as of March 31, 2019.2020. We expect to continue to be able to meet the requirements of our debt covenants over the next 12 months.
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Contractual Commitments and Contingencies
As of March 31, 2019,2020, our contractual obligations will become payable in the following periods (in thousands):
Contractual ObligationsTotal20202021-20222023-2024Thereafter
Debt obligations(1)
$1,941,548  $54,102  $220,696  $966,750  $700,000  
Interest obligations on debt(1)(2)
253,837  46,945  113,132  67,772  25,988  
Operating lease obligations(3)
1,169,994  5,356  13,976  13,432  1,137,230  
Total$3,365,379  $106,403  $347,804  $1,047,954  $1,863,218  
Contractual Obligations Total 2019 2020-2021 2022-2023 Thereafter
Debt obligations(1)
 $1,599,980
 $—
 $51,230
 $848,750
 $700,000
Interest obligations on debt(1)(2)
 319,026
 48,674
 128,060
 89,004
 53,288
Operating lease obligations(3)
 1,361,539
 6,332
 17,124
 17,388
 1,320,695
Total $3,280,545
 $55,006
 $196,414
 $955,142
 $2,073,983
(1)
Includes our ownership share of the debt and interest obligations for the Market Square Joint Venture and the 799 Broadway Joint Venture, which we own through unconsolidated joint ventures. The Market Square Joint Venture has a $325.0 million mortgage loan on the Market Square Buildings, which bears interest at 5.07% and matures on July 1, 2023. We own a 51% interest in the Market Square Joint Venture. The 799 Broadway Joint Venture has $103.1 million outstanding on a construction loan, which has a total capacity of $187.0 million; bears interest at LIBOR, capped at 4.00%, plus 4.25%; and matures on October 9, 2021. We own a 49.7% interest in the 799 Broadway Joint Venture. As of March 31, 2019, we guarantee $4.0 million of the Market Square Buildings mortgage loan, and under the 799 Broadway construction loan agreement, we guarantee equity contributions of $23.7 million to be made to the joint venture (see Note 7, Commitments and Contingencies, to the accompanying financial statements).
(2)
Interest obligations on variable-rate debt are measured at the rate at which they are effectively fixed with interest rate swap agreements (where applicable) or the rate in effect as of March 31, 2019. Interest obligations on all other debt instruments are measured at the contractual rate. See Item 3, Quantitative and Qualitative Disclosure About Market Risk, for more information regarding our interest rate swaps.
(3)
These obligations are related to ground leases at certain properties, including 49.5% of the ground lease obligation at 114 Fifth Avenue, based on our ownership interest in the unconsolidated joint venture that owns that property, as well as our corporate office lease. See Note 10, Leases, for additional information. In addition to the amounts shown, certain lease agreements include provisions that, at the option of the tenant, may obligate us to expend capital to expand an existing property or provide other expenditures for the benefit of the tenant.

(1)Includes our ownership share of the debt and interest obligations for the Market Square Joint Venture, the Terminal Warehouse Joint Venture, and the 799 Broadway Joint Venture, which we own through unconsolidated joint ventures. The Market Square Joint Venture (51% ownership) has a $325.0 million mortgage loan on the Market Square Buildings, which bears interest at 5.07% and matures on July 1, 2023. The Terminal Warehouse Joint Venture (8.65% ownership) has a $625.5 million loan, which has a total capacity of $650.0 million, which bears interest at 5.68% and matures on October 23, 2020. The 799 Broadway Joint Venture (49.7% ownership) has $122.1 million outstanding on a construction loan, which has a total capacity of $187.0 million; bears interest at LIBOR, capped at 4.00%, plus a spread of 425 basis points; and matures on October 9, 2021. As of March 31, 2020, under the 799 Broadway construction loan agreement, we guarantee equity contributions of $14.3 million to be made to the joint venture (see Note 7, Commitments and Contingencies, of the accompanying consolidated financial statements).

(2)Interest obligations on variable-rate debt are measured at the rate at which they are effectively fixed with interest rate swap agreements (where applicable) or the rate in effect as of March 31, 2020. Interest obligations on all other debt instruments are measured at the contractual rate. See Item 3, Quantitative and Qualitative Disclosure About Market Risk, for more information regarding our interest rate swaps.
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(3)These obligations are related to ground leases at certain properties, including 49.5% of the ground lease obligation at 114 Fifth Avenue, based on our ownership interest in the unconsolidated joint venture that owns that property, as well as our corporate office lease. See Note 11, Leases, of the accompanying consolidated financial statements for additional information. In addition to the amounts shown, certain lease agreements include provisions that, at the option of the tenant, may obligate us to expend capital to expand an existing property or provide other expenditures for the benefit of the tenant.


Results of Operations
Overview
As of March 31, 2019,2020, our portfolio of 1815 operating properties and twofour properties under development or redevelopment was approximately 97.1%97.6% leased. For the periods presented, our operating results are impacted by investing activity as set forth below. In the near term, we expect real estate operating income to vary, primarily based on investing and leasing activities.
Acquisitions
PropertyLocation% AcquiredRentable Square FeetTransaction Date
Purchase Price(1)
(in thousands)
2020
Terminal WarehouseNew York, NY8.65 %1,230,000March 13, 2020$40,048  
2019
201 California StreetSan Francisco, CA100.0 %252,000December 9, 2019$238,900  
101 Franklin StreetNew York, NY92.5 %235,000December 2, 2019$205,500  
(2)
(1)Exclusive of transaction costs and purchase price adjustments.
(2)Purchase price is for our partial interests in the property, which is owned through an unconsolidated joint venture. Please refer to Note 3, Transactions, and Note 4, Unconsolidated Joint Ventures, of the accompanying consolidated financial statements for more information.
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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
PropertyLocation% SoldRentable Square FeetTransaction Date
Sales Price(1)
(in thousands)
2020
Pasadena Corporate ParkLos Angeles, CA100.0 %262,000  March 31, 2020$78,000  
Cranberry Woods DrivePittsburgh, PA100.0 %824,000  January 16, 2020$180,000  
2019
Lindbergh CenterAtlanta, GA100.0 %1,105,000  September 26, 2019$187,000  
One & Three Glenlake ParkwayAtlanta, GA100.0 %711,000  April 15, 2019$227,500  
(1)
(1)Exclusive of transaction costs and purchase price adjustments.

Exclusive of transaction costs and purchase price adjustments.
(2)
Purchase price is for our partial interests in the properties. These properties are owned through unconsolidated joint ventures. Please refer to Note 3, Real Estate Transactions, and Note 4, Unconsolidated Joint Ventures, of the accompanying consolidated financial statements for more information.
Dispositions         
Property Location % Sold Rentable Square Feet Transaction Date 
Sales Price(1)
(in thousands)
2018           
222 East 41st Street New York, NY 100.0% 390,000
 May 29, 2018 $332,500
 
263 Shuman Boulevard Chicago, IL 100.0% 354,000
 April 13, 2018 $49,000
(2) 
University Circle and 333 Market Street Joint Ventures(3)
 San Francisco, CA 22.5% 1,108,000
 February 1, 2018 $235,300
 
(1)
Exclusive of transaction costs and price adjustments.
(2)
Reflects the principal balance of the 263 Shuman Boulevard mortgage note, which was extinguished by transferring the property to the lender in the second quarter of 2018.
(3)
After the closing of this transaction, we retain a 55.0% ownership interest in both University Circle and 333 Market Street through unconsolidated joint ventures.
Comparison of the Three Months Ended March 31, 20192020 With the Three Months Ended March 31, 20182019
Rental income and tenant reimbursementsLease revenues were $68.0 million for the three months ended March 31, 2020, which represents a slight decrease as compared with $71.9 million for the three months ended March 31, 2019, which represents a slight increase as compared with $70.4 million for the three months ended March 31, 2018, asimpact of dispositions ($14.3 million) is partially offset by the acquisition of 201 California Street ($5.5 million) and additional revenues from recent leasing ($5.1 million) and the acquisition of Lindbergh Center – Retail ($0.8 million) were offset by the impact of the prior-year sale of 222 East 41st Street ($ 4.54.6 million). We expect future rental incomelease revenues to vary based on recent and future investing and leasing activities.
Asset and property managementManagement fee income was relatively stable atrevenues were $8.2 million for the three months ended March 31, 2020, which represents an increase as compared with $1.9 million and $1.8 million for the three months ended March 31, 2019, due to the Normandy Acquisition. In connection with the Normandy Acquisition, we acquired contracts to provide management services to properties affiliated with the Real Estate Funds. Management fee revenues include $3.1 million of reimbursements of salaries and 2018, respectively. We expect asset and propertythird-party costs recorded as management fee expense. Management fee revenue is expected to remain at a similar level in the near term.
Other property income was $7,000 for the three months ended March 31, 2020, which represents a decrease as compared with $1.7 million for the three months ended March 31, 2019, primarily due to moving reimbursements for management fee administration costs to management fee revenues beginning in the first quarter of 2020 ($1.1 million recognized in 2019) and moving lease termination fees to lease revenues beginning in the second quarter of 2019 ($0.4 million recognized in 2019). Other property operating income is expected to remain at similar levels in the near term.
Other property income was also relatively stable at $1.7Property operating costs were $22.7 million and $1.6for the three months ended March 31, 2020, which represents a decrease as compared with $24.5 million for the three months ended March 31, 2019, as the impact of recent dispositions ($2.6 million) and 2018, respectively. Other propertymoving expenses for reimbursed management fee administration costs to management fee expenses beginning in the first quarter of 2020 ($1.1 million), are offset by the acquisition of 201 California Street ($2.0 million). Property operating income iscosts are expected to vary in the future, based on additionalrecent and future joint venture activitiesinvesting and lease restructurings.leasing activities.
Property operating costs were $24.2Depreciation was $18.3 million for the three months ended March 31, 2019,2020, which represents a slight increasedecrease as compared with $23.1 million for the three months ended March 31, 2018, respectively. The increase is primarily due to property and other taxes ($1.1 million), other operating cost increases across our same store portfolio ($1.2 million), and the acquisition of Lindbergh Center – Retail ($0.6 million), which are offset by the impact of dispositions ($1.8 million). Property operating costs are expected to vary with future leasing activity and changes in our portfolio.
Asset and property management fee expenses were $0.3 million for the three months ended March 31, 2019, which represents a slight increase as compared with $0.2 million for the three months ended March 31, 2018, primarily due to the acquisition of

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Lindbergh Center – Retail. Future asset and property management fee expenses are expected to remain stable in the near term, and may increase as a result of future investing activities.
Depreciation was $20.4 million for the three months ended March 31, 2019, which represents a slight decrease as compared with $20.8 million for the three months ended March 31, 2018. The impact of the prior-yearrecent dispositions ($1.15.2 million) was partially offset by the acquisition of 201 California Street ($1.6 million) and putting various capital projects across the portfoliointo service ($0.71.4 million). Depreciation is expected to vary based on recent and future investing activities and capital projects.
Amortization was $6.7 million for the three months ended March 31, 2020, which represents a decrease as compared with $7.5 million for the three months ended March 31, 2019, which represents a decreaseprimarily as compared with $8.0 million for the three months ended March 31, 2018, primarily due toimpact of recent dispositions ($2.0 million) and lease terminations and extensionsrestructurings ($0.60.2 million) are offset by the acquisition of 201 California Street ($1.6 million). We expectexpect future amortization to vary, based on recent and future investing and leasing activities.
General and administrative – corporate expenses were $11.8 million for the three months ended March 31, 2020, which represents an increase as compared with $8.4 million for the three months ended March 31, 2019, which represents an increase from $7.8 million for the three months ended March 31, 2018, primarily due to compensation coststhe Normandy Acquisition: $2.4 million related to expanding our team investing of the second half of 2018 ($0.4 million)Preferred OP Units issued as consideration for the transaction, and additional insurance costs ($0.3 million).$1.2 million related to increased payroll costs. General and administrative – corporate expenses are expected to remain at similar levels in the near term.
General and administrative – unconsolidated joint ventures expenses were relatively stable at $0.8 million and $0.7Management fee expense of $6.9 million for the three months ended March 31, 20192020, reflects salaries and 2018, respectively. Future general and administrative –third-party costs incurred to earn management fee revenues by providing management services to properties owned by
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unconsolidated joint ventures and affiliated with the Real Estate Funds. Future management fee expenses are expected to vary as a result of future investing activities.
General and administrative – joint venture expenses were $0.8 million for the three months ended March 31, 2019. These expenses represent costs incurred to manage assets owned by our unconsolidated joint ventures. Effective January 1, 2020, such costs are included in management fee expense on the accompanying consolidated statements of operations.
For the three months ended March 31, 2020, we recognized acquisition costs of $12.1 million related to the Normandy Acquisition. These costs include legal, advisory, and other professional services fees related to the acquisition. Future levels of acquisition costs will vary based on future transaction activities.
Interest expense was $9.6 million for the three months ended March 31, 2020, which represents a decrease as compared with $12.1 million for the three months ended March 31, 2019,2019. The decrease results from borrowings on our term loans, rather than our Revolving Credit Facility, in the current year ($0.8 million) and interest capitalization ($1.8 million). We expect interest expense to increase in the near term due to increased borrowings on our Revolving Credit Facility.
Interest and other income (expense) was $(158,000) for the three months ended March 31, 2020, which represents a decrease from $15.9as compared with $1,000 for the three months ended March 31, 2019. The current period amount includes a market value adjustment to the investment in Real Estate Funds (see Note 2, Summary of Significant Accounting Policies, to the accompanying financial statements). Interest and other income is expected to vary primarily based on future Real Estate Fund valuations.
Income tax benefit was $2.2 million for the three months ended March 31, 2018. The decrease results from prior-year debt repayments and settlements ($3.3 million),2020, as a result of the settlement of a capital lease obligation using the corresponding development authority bonds ($1.8 million), and interest capitalization ($0.3 million),acquisition expenses, which are partially offsetincurred by the net impact of using our Revolving Credit Facility to pay down the $300 Million Term Loan ($1.6 million).TRS Entities. We expect interest expenseincome tax benefit to varydecrease in relation to acquisition expenses in future periods.
Income from the near term based on future financing activities.
Interest and other incomeunconsolidated joint ventures was $1,000$2.7 million for the three months ended March 31, 2019,2020, which represents a decreasean increase as compared with $1.8 million for the three months ended March 31, 2018. The majority of this income in 2018 was earned on investments in development authority bonds,2019, primarily due to a prior-period lease termination at 799 Broadway, which were used to settle a corresponding capital lease obligation in December 2018. Interest income earned on investments in development authority bonds was entirely offset by interest expense incurred on the corresponding capital leases. Interest income is expected to remain at similar levelsresulted in the near term.
We recognized a gain on salewrite off of unconsolidated joint venture interests of $0.8 million in 2018, related to the sale of a second 22.5% interest in University Circle and 333 Market Street joint ventures in February 2018. We expect future gains or losses on sales of unconsolidated joint venture interests to vary with future joint venture disposition activities.
Income from the unconsolidated joint ventures was flat at $1.8 million for both the three months ended March 31, 2019 and 2018.intangible assets. We expect income from the unconsolidated joint ventures to vary based on future joint venture investing activities and leasing activity at the properties owned through unconsolidated joint ventures.
We recognized a gain on sale of real estate assets of $13.3 million for the three months ended March 31, 2020, for the sale of Cranberry Woods Drive. See Note 3, Transactions, of the accompanying consolidated financial statements for additional details. We expect future gains on sales of real estate assets to vary with disposition activity.
Net income attributable to common stockholders was $6.3 million, or $0.05 per basic and diluted share, for the three months ended March 31, 2020, which represents an increase as compared with a net income of $3.5 million, or $0.03 per basic and diluted share, for the three months ended March 31, 2019, which represents an increase as compared with net income of $1.5 million, or $0.01 per basic and diluted share, for the three months ended March 31, 2018.2019. The increase is primarily due to recent leasingdriven by the current-period gain on sale of real estate ($3.513.3 million), partially offset by a reduction in income dueacquisition costs related to prior-year dispositionsthe Normandy Acquisition, net of the corresponding tax benefits ($1.59.5 million). See the "SupplementalSupplemental Performance Measures" sectionMeasures below for our same-store results compared with the prior year. We expectexpect future earnings to vary, primarily as a result of leasing activity at our existing properties and future investing activity.


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NOI by Geographic Segment
We consider geographic location when evaluating our portfolio composition and in assessing the ongoing operations and performance of our properties. As of March 31, 2019,2020, we aggregated our properties into the following geographic segments: New York, San Francisco, Atlanta, Washington, D.C., Boston, Los Angeles, and all other office markets. All other office markets consists of properties in low-barrier-to-entry geographic locations in which we do not have a substantial presence and do not plan to make further investments. NOI, as presented below, includes our share of properties owned through unconsolidated joint ventures. See Note 13,14, Segment Information, of the accompanying consolidated financial statements for additional information and a reconciliation from GAAP net income to NOI.
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The following table presents NOI by geographic segment (in thousands):
Three Months Ended March 31,
20202019
New York(1)
$25,075  $22,806  
San Francisco(2)
25,072  20,497  
Washington, D.C.(3)
9,151  8,453  
Boston2,458  1,989  
All other office markets1,525  13,106  
Total office segments63,281  66,851  
Corporate(272) (205) 
Total NOI$63,009  $66,646  
 Three Months Ended March 31,
 2019 2018
New York(1)
$22,806
 $24,179
San Francisco(2)
20,497
 19,554
Atlanta8,151
 8,754
Washington, D.C.(3)
8,453
 8,330
Boston1,989
 1,768
Los Angeles1,119
 1,208
All other office markets3,836
 3,291
Total office segments66,851
 67,084
Corporate(205) (225)
Total NOI$66,646
 $66,859
(1)Includes NOI for three unconsolidated properties, based on our ownership interests: 49.5% for 114 Fifth Avenue, 49.7% for 799 Broadway, and 8.65% for Terminal Warehouse from March 13, 2020 through March 31, 2020.
(1)
(2)Includes NOI for two unconsolidated properties, based on our ownership interests: 55.0% for 333 Market Street and University Circle
(3)Includes NOI for two unconsolidated properties, based on our ownership interests: 51.0% for the Market Square and 55.0% for 1800 M Street.
Includes NOI for two unconsolidated properties, 114 Fifth Avenue and 799 Broadway, based on our ownership interest: 49.5% for 114 Fifth Avenue for all periods presented; and 49.7% for 799 Broadway from October 3, 2018 through March 31, 2019.
(2)
Includes NOI for two unconsolidated properties, 333 Market Street and University Circle, based on our ownership interests:  77.5% from January 1, 2018 through January 31, 2018; and 55.0% from February 1, 2018 through March 31, 2019.
(3)
Includes NOI for two unconsolidated properties, Market Square and 1800 M Street, based on our ownership interests: 51.0% for the Market Square and 55.0% for 1800 M Street for all periods presented.
New York
NOI has decreasedincreased across the New York market as a result of leasing (economic occupancy increased from 91.1% at March 31, 2019 to 96.7% at March 31, 2020).
San Francisco
NOI increased as a result of the saleDecember 2019 acquisition of 222 East 41st Street in May of 2018, partially offset by leasing, primarily at 315 Park Avenue South. From March 31, 2018 to March 31, 2019, 315 Park Avenue South's commenced occupancy increased from 62.9% to 93.8%.201 California Street.
San FranciscoWashington, D.C.
NOI has increased as a result of leasing primarilyacross our Washington, D.C. portfolio (economic occupancy increased from 80.8% at 650 California Street. From March 31, 2018 to March 31, 2019 650 California Street's commenced occupancy increased from 76.7% to 93.9%89.2% at March 31, 2020).
Boston
NOI has increased as a result of leasingdue to new leases at increase rental rates commencing at 116 Huntington Avenue. From March 31, 2018 to March 31, 2019, 116 Huntington Avenue's commenced occupancy increased from 78.5% to 89.0%.
All Other Office Marketsother office markets
NOI decreased as a result of the tenant at 263 Shuman Boulevard vacating2019 sales of Lindbergh Center and One & Three Glenlake in Atlanta and the propertyJanuary 2020 sale of Cranberry Woods Drive in May 2017. 263 Shuman Boulevard was transferred to the lender in extinguishment of the related mortgage note on April 13, 2018.Pittsburgh.


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Supplemental Performance Measures
In addition to net income, we measure the company'sour performance using certain non-GAAP metrics, including: (i) Funds From Operations ("FFO"), (ii) Net Operating Income ("NOI"), and (iii) Same Store Net Operating Income ("Same Store NOI"). These supplemental performance measures are commonly used by REIT industry analysts and investors, and are viewed by management to be useful indicators of operating performance principally because they exclude the effects of certain income and expenses that do not reflect the cash-generating capability of our operations. Management believes that the use of FFO, NOI, and Same Store NOI, combined with net income, improves the understanding of operating results of REITs among the investing public and makes comparisons of REIT operating results more meaningful.
Net income is the most comparable GAAP measure to FFO, NOI, and Same Store NOI. Each of these supplemental performance measures excludes expenses that materially impact our overall results of operations and, therefore, should not be considered as a substitute for net income, or any other measures derived in accordance with GAAP. Furthermore, these metrics may not be comparable to other similarly titled measures used by other companies.
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Funds From Operations
FFO is a non-GAAP measure used by many investors and analysts who follow the real estate industry to measure the performance of an equity REIT. We consider FFO a useful measure of our performance, principally because it excludes the effects of depreciation and amortization of real estate assets. GAAP depreciation and amortization reflect a systematic reduction in the carrying value of real estate assets and, therefore, are not indicative of the actual increase or decrease in the realizable value of real estate assets. We believe that the use of FFO, combined with the required GAAP presentations, is beneficial in improving our investors' understanding of our operating results and allowing for comparisons among other companies who define FFO as we do.
FFO, as defined by the National Association of Real Estate Investment Trusts ("NAREIT"), represents net income (computed in accordance with GAAP), excluding gains or losses on sales of real estate and impairments of real estate assets, plusand real estate-related depreciation and amortization, after adjustments for unconsolidated partnerships and joint ventures, for both continuing and discontinued operations. We compute FFO in accordance with NAREIT's definition, which may differ from the methodology for calculating FFO, or similarly titled measures, used by other companies, and thus may not be comparable to those presentations.
FFO is not reduced for the amounts needed to fund capital replacements or expansions, debt service obligations, or other commitments and uncertainties, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. Our presentation of FFO should not be considered as an alternative to net income (computed in accordance with GAAP) or as an indicator of financial performance.
GAAP net income reconciles to FFO as follows (in thousands):
Three Months Ended
March 31,
20202019
Net income attributable to common stockholders$6,290  $3,513  
Adjustments:
Depreciation of real estate assets18,330  20,404  
Amortization of lease-related costs6,721  7,461  
Depreciation and amortization included in income from unconsolidated joint ventures(1)
12,797  12,928  
Gain on sale of real estate assets(13,344) —  
NAREIT FFO available to common stockholders$30,794  $44,306  
 Three Months Ended
March 31,
 2019 2018
Net income$3,513
 $1,498
Adjustments:   
Depreciation of real estate assets20,404
 20,835
Amortization of lease-related costs7,461
 8,016
Depreciation and amortization included in income from unconsolidated joint ventures(1)
12,928
 13,558
Gain on sale of unconsolidated joint venture interests—
 (762)
Total funds from operations adjustments40,793
 41,647
NAREIT FFO available to common stockholders$44,306
 $43,145
(1)Reflects depreciation and amortization for investments in unconsolidated joint ventures multiplied by our respective ownership interests.
(1)
Reflects our ownership interest in depreciation and amortization for investments in unconsolidated joint ventures.
The following significant noncash revenues and expenses are included in our funds from operations:
•Straight-line rental income, net:  to recognize rent on a straight-line basis over the lease term, we recognized net straight-line rental income for our wholly owned properties of $4.5$3.3 million and $9.5$4.5 million for the three months ended March 31, 20192020 and 2018,2019, respectively. Income from unconsolidated joint ventures includes additional net straight-line rental income of $(0.2)$0.4 million and $34,000$(0.2) million for the three months ended March 31, 2020 and 2019, and 2018, respectively. 
•Amortization of intangible lease assets and liabilities:  to amortize above- and below-market, in-place lease intangible assets (liabilities), we recognized net increases to rental revenues (or decreases to operating expenses) for our wholly

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owned properties of $1.0$1.4 million and $0.1$1.0 million for the three months ended March 31, 20192020 and 2018,2019, respectively. Income from unconsolidated joint ventures includes additional net operating income for amortization of intangible lease assets and liabilities of $2.5 million and $3.1 million for both the three months ended March 31, 20192020 and 2018, respectively.2019.
•Amortization of deferred financing costs and debt premiums (discounts):  to amortize costs associated with securing debt from third-party lenders over the terms of the respective debt facilities, we recognized noncash interest expense of $0.6 million and $0.9 million for the three months ended March 31, 20192020 and 2018, respectively.2019. Income from unconsolidated joint ventures includes additional noncash interest expense of $0.4 million for both the three months ended March 31, 20192020 and 2018. 2019.
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Net Operating Income
As set forth below, NOI is calculated by deducting property operating costs from rental and other property revenues for continuing operations. As a performance metric consisting of only revenues and expenses directly related to ongoing real estate rental operations, which have been or will be settled in cash, NOI is narrower in scope than FFO.
NOI, as we calculate it, may not be directly comparable to similarly titled, but differently calculated, measures for other REITs. We believe that NOI is another useful supplemental performance measure, as it is an input in many REIT valuation models, and it provides a means by which to evaluate the performance of the properties.
The major factors influencing our NOI are property acquisitions and dispositions, occupancy levels, rental rate increases or decreases, and the recoverability of operating expenses.
Same Store Net Operating Income
We also evaluate the performance of our properties, on a "same-store" basis, using a metric referred to as Same Store NOI. We view Same Store NOI as a useful supplemental performance measure because it improves comparability between periods by eliminating the effects of changes in our operating portfolio. On an individual property basis, Same Store NOI is computed in the same manner as NOI (as described in the preceding section).
For the periods presented,three months ended March 31, 2020, we have defined our same-store portfolio as those properties that have been continuously owned and operated since January 1, 20182019 (the first day of the first quarterly period presented). NOI and Same Store NOI are calculated as follows for the three months ended March 31, 20192020 and 20182019 (in thousands):
Three Months Ended March 31,
20202019
Same Store NOI – Wholly Owned Properties:
Revenues:
Lease revenues$59,884  $54,967  
Other property income7  1,537  
Total revenues59,891  56,504  
Property operating expenses(19,593) (20,538) 
Same Store NOI – wholly owned properties(1)
40,298  35,966  
Same Store NOI – joint venture-owned properties(2)
17,573  17,719  
Same Store NOI57,871  53,685  
NOI from acquisitions(3)
3,612  (145) 
NOI from dispositions(4)
1,526  13,106  
NOI$63,009  $66,646  
 Three Months Ended March 31,
 2019 2018
Same Store NOI – wholly owned properties:
   
Revenues:   
Rental income and tenant reimbursements$71,001
 $65,847
Other property income1,702
 1,640
Total revenues72,703
 67,487
Property operating expenses(23,878) (21,534)
Same Store NOI – wholly owned properties(1)
48,825
 45,953
Same Store NOI – joint venture-owned properties(2)
17,719
 16,846
Same Store NOI66,544
 62,799
NOI from acquisitions(3)
102
 —
NOI from dispositions(4)
—
 4,060
NOI$66,646
 $66,859
(1)Reflects NOI from properties that were wholly owned for the entirety of the periods presented.
(1)
Reflects NOI from properties that were wholly owned for the entirety of the periods presented.
(2)
Reflects NOI earned from properties owned through unconsolidated joint ventures based on our ownership interest as of March 31, 2019, for the entirety of the periods presented. The NOI for properties held through unconsolidated joint ventures is included in income from unconsolidated joint ventures in our accompanying consolidated statements of operations. See Note 4, Unconsolidated Joint Ventures, of the accompanying consolidated financial statements, for more information.
(3)
Reflects activity for the following properties acquired since January 1, 2018, for all periods presented: Lindbergh Center – Retail, acquired on October 24, 2018 and 49.7% of 799 Broadway, acquired on October 3, 2018.
(4)
Reflects activity for the following properties sold since January 1, 2018, for all periods presented: 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.

(2)Reflects NOI earned from properties owned through unconsolidated joint ventures based on our ownership interest as of March 31, 2020, for the entirety of the periods presented. The NOI for properties held through unconsolidated joint ventures is included in income from unconsolidated joint ventures in our accompanying consolidated statements of operations. See Note 4, Unconsolidated Joint Ventures, of the accompanying consolidated financial statements, for more information.
(3)Reflects activity for the following property acquired since January 1, 2019: 8.65% of Terminal Warehouse, acquired on March 13, 2020; 201 California Street, acquired on December 9, 2019; and 101 Franklin Street, acquired on December 2, 2019.
(4)Reflects activity for the following properties sold since January 1, 2019, for all periods presented: Pasadena Corporate Park, sold on March 31, 2020; Cranberry Woods Drive, sold on January 16, 2020; Lindbergh Center, sold on September 26, 2019; One & Three Glenlake Parkway, sold on April 15, 2019.



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Reconciliation
Same Store NOI increased from $62.8 million for the three months ended March 31, 2018, to $66.5 million for the three months ended March 31, 2019, primarily as a result of leasing at 315 Park Avenue South in New York and 650 California Street in San Francisco.
A reconciliation of GAAP net income to NOI and Same Store NOI is presented below (in thousands):
Three Months Ended March 31,
20202019
Net income attributable to common stockholders$6,290  $3,513  
Management fee revenues(8,240) (1,869) 
Depreciation18,330  20,404  
Amortization6,721  7,461  
General and administrative – corporate11,782  8,424  
Management fee expenses6,945  —  
General and administrative – unconsolidated joint ventures—  809  
Acquisition costs12,081  —  
Net interest expense9,713  12,094  
Income tax expense(2,243) 7  
Adjustments included in income from unconsolidated joint ventures14,903  15,803  
Gain on sale of real estate assets(13,344) —  
Adjustments attributable to noncontrolling interests71  —  
NOI:$63,009  $66,646  
Same Store NOI – joint venture owned properties(1)
(17,573) (17,719) 
NOI from acquisitions(2)
(3,612) 145  
NOI from dispositions(3)
(1,526) (13,106) 
Same Store NOI – wholly owned properties(4)
$40,298  $35,966  
 Three Months Ended March 31,
 2019 2018
Net income$3,513
 $1,498
Depreciation20,404
 20,835
Amortization7,461
 8,016
General and administrative – corporate8,424
 7,794
General and administrative – unconsolidated joint ventures809
 731
Net interest expense12,094
 15,892
Interest income from development authority bonds—
 (1,800)
Gain on sale of unconsolidated joint venture interests—
 (762)
Income tax expense7
 7
Asset and property management fee income(1,869) (1,759)
Adjustments included in income from unconsolidated joint ventures15,803
 16,407
NOI:$66,646
 $66,859
Same Store NOI – joint venture owned properties(1)
(17,719) (16,846)
NOI from acquisitions(2)
(102) —
NOI from dispositions(3)
—
 (4,060)
Same Store NOI – wholly owned properties(4)
$48,825
 $45,953
(1)Reflects NOI earned from properties owned through unconsolidated joint ventures based on our ownership interest as of March 31, 2020, for the entirety of the periods presented. The NOI for properties held through unconsolidated joint ventures is included in income from unconsolidated joint ventures in our accompanying consolidated statements of operations.
(2)Reflects activity for the following properties acquired since January 1, 2019: 8.65% of Terminal Warehouse, acquired on March 13, 2020, 201 California Street, acquired on December 9, 2019; and 101 Franklin Street, acquired on December 2, 2019.
(3)Reflects activity for the following properties sold since January 1, 2019, for all periods presented: Pasadena Corporate Park, sold on March 31, 2020; Cranberry Woods Drive, sold on January 16, 2020; Lindbergh Center, sold on September 26, 2019; One & Three Glenlake Parkway, sold on April 15, 2019.
(4)Reflects NOI from properties that were wholly owned for the entirety of the periods presented.

(1)
Reflects NOI earned from properties owned through unconsolidated joint ventures based on our ownership interest as of March 31, 2019, for the entirety of the periods presented. The NOI for properties held through unconsolidated joint ventures is included in income from unconsolidated joint ventures in our accompanying consolidated statements of operations.
(2)
Reflects NOI for the following properties acquired since January 1, 2018, for all periods presented: Lindbergh Center – Retail, acquired on October 24, 2018 and 49.7% of 799 Broadway, acquired on October 3, 2018.
(3)
Reflects NOI for the following properties sold since January 1, 2018, for all periods presented: 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.
Election as a REIT
We have elected to be taxed as a REIT under the Code and have operated as such beginning with our taxable year ended December 31, 2003. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our adjusted taxable income, as defined in the Code, to our stockholders. To the extent that we satisfy the distribution requirement but distribute less than 100% of our REIT taxable income, we would be subject to federal and state corporate income tax on the undistributed income. If we fail to qualify as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income for that year and for the four years following the year during which qualification is lost, unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially affect our net income and net cash available for distribution to our stockholders. However, we believe that we are organized and operate in such a manner as to qualify for treatment as a REIT for federal income tax purposes.
The TRS Entities are wholly owned subsidiaries of Columbia Property Trust and are organized as Delaware limited liability companies. The TRS Entities, among other things, provide services related to asset and property management, construction and development, and other tenant services that we,Columbia Property Trust, as a REIT, cannot otherwise provide. We have elected to treat the TRS Entities as taxable REIT subsidiaries. We may perform certain additional, noncustomary services for tenants of our buildings through the TRS Entities; however, any earnings related to such
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services are subject to federal and state income taxes. In addition, for us to continue to qualify as a REIT, we must limit our investments in taxable REIT subsidiaries to 20% of the value of our total assets. Deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted rates expected to be in effect when the temporary differences reverse.

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

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

Application of Critical Accounting Policies
There have been no material changes in our critical accounting policies from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2018.2019. As described in Note 2, Summary of Significant Accounting Policies, to the accompanying consolidated financial statements, we adopted ASC 842 during the quarter ended March 31, 2019.

Related-Party Transactions
During the three months ended March 31, 2019 and 2018, we did not have any related-party transactions, except as described in Note 4, Unconsolidated Joint Ventures, of the accompanying financial statements.
Commitments and Contingencies
We are subject to certain commitments and contingencies with regard to certain transactions. Refer to Note 7, Commitments and Contingencies, of our accompanying consolidated financial statements for further explanation. Examples of such commitments and contingencies include:
•guaranties related to the debt ofour unconsolidated joint ventures;
•commitments to contribute capital to the Real Estate Funds;
•obligations under operating leases;
•obligations under capital leases;
•commitments under existing lease agreements; and
•litigation.

Subsequent EventsEvent
We have evaluated subsequent events in connection withThe response to the preparationCOVID-19 pandemic continues to rapidly evolve, and aggressive actions taken to reduce the spread of the consolidated financial statements and notes thereto includeddisease have seriously disrupted activities in this report on Form 10-Q, and notes that the sale of One & Three Glenlake Parkway closed on April 15, 2019. See Note 3, Real Estate Transactions,large segments of the accompanyingeconomy. We are monitoring the COVID-19 outbreak and its impact on our business, tenants, and industry as a whole. While the extent to which COVID-19 impacts our results will depend on future developments, the outbreak and associated economic impacts could result in a material impact to the Company’s future financial statementscondition, results of operations, and cash flows. Some effects could include lease modifications, deferral of rental income, and increased operating expenses. See Part II, Item 1A. Risk Factors, for additional details.information.
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ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As a result of certain of our outstanding debt facilities, we are exposed to interest rate changes. Our interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flow, primarily through a low to moderate level of overall borrowings. We manage our ratio of fixed- to floating-rate debt with the objective of achieving a mix that we believe is appropriate in light of anticipated changes. We closely monitor interest rates and will continue to consider the sources and terms of our borrowing facilities to determine whether we have appropriately guarded ourselves against the risk of increasing interest rates in future periods. Fluctuations in LIBOR may affect the amount of interest expense we incur on borrowings indexed to LIBOR, such as borrowings under the Revolving Credit Facility, and the $300 Million Term Loan, which bearbears interest at the applicable LIBOR rate, as defined in the credit agreements, plus an applicable margin that is subject to adjustment based on our credit ratings.
Additionally, we have entered into interest rate swaps and may enter into other interest rate swaps, caps, or other arrangements to mitigate our interest rate risk on a related financial instrument. We do not currently enter into derivative or interest rate transactions for speculative purposes; however, at times certain of our derivatives may not qualify for hedge accounting treatment. All of our debt was entered into for other-than-trading purposes.

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Our financial instruments consist of both fixed-rate and variable-rate debt. Our variable-rate borrowings consist of the Revolving Credit Facility, the $300 Million Term Loan, and the $150 Million Term Loan. However, as of March 31, 2020, only borrowings under the Revolving Credit Facility and the $300 Million Term Loan bear interest at effectively variable rates, as the variable rate on the $150 Million Term Loan hasand $300 Million Term Loan have been effectively fixed through the interest rate swap agreement described in the "Liquidity and Capital Resources" section of Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations.
As of March 31, 2019,2020, we had $533.0$501.0 million in outstanding borrowings under the Revolving Credit Facility; $300 million in outstanding borrowings on the $300 Million Term Loan; $150.0 million outstanding on the $150 Million Term Loan; $349.7$349.8 million in 2025 Bonds Payable outstanding; $349.0and $349.2 million in 2026 Bonds Payable outstanding; and no borrowings outstanding on our $300 Million Term Loan.outstanding. The amounts outstanding on our Revolving Credit Facility in the future will largely depend upon future acquisition and disposition activity. The weighted-average interest rate of all our consolidated debt instruments was 3.58%2.90% as of March 31, 2019.2020.
Approximately $848.7$1,014.7 million of our total debt outstanding as of March 31, 2019,2020, is subject to fixed rates, either directly or when coupled with an interest rate swap agreement. As of March 31, 2019,2020, these balances incurred interest expense at an average interest rate of 3.75%3.97% and have expirations ranging from 2022 through 2026. A change in the market interest rate impacts the net financial instrument position of our fixed-rate debt portfolio; however, it has no impact on interest incurred or cash flows.
Approximately $533.0$615.8 million of our total debt outstanding as of March 31, 2020, is subject to variable rates. As of March 31, 2019, this balance2020, these balances incurred interest expense at an average interest rate of 3.31%2.61% and expires inhave expirations ranging from 2020 through 2023. An increase or decrease in interest rates of 100 basis points would have a $5.3$6.2 million annual impact on our interest payments.
Our unconsolidated borrowings consist of a fixed-rate mortgage note, a variable-rate construction note, and a variable-rate acquisition note. The Market Square Joint Venture holds a $325 million mortgage note, which bears interest at a fixed rate of 5.07%; and ourthe 799 Broadway Joint Venture holds a $103.1$122.1 million construction note, which bears interest at a floating rate of 6.74%5.26%; and the Terminal Warehouse Joint Venture holds a $625.5 million note, which bears interest at a floating rate of 5.68% as of March 31, 2019. Adjusting for2020. Our weighted-average interest rate of debt, including all consolidated borrowings and our ownership share of debt held by the debt at theseaforementioned unconsolidated joint ventures, our weighted-average interest rate of all of our debt instrumentswas is 3.84%3.24% at March 31, 2019.2020.


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ITEM 4.CONTROLS AND PROCEDURES
ITEM 4.  CONTROLS AND PROCEDURES
Management's Conclusions Regarding the Effectiveness of Disclosure Controls and Procedures
We carried out an evaluation, under the supervision and with the participation of management, including the Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15(e) under the Securities Exchange Act of 1934 as of the end of the period covered by this report. Based upon that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report in providing a reasonable level of assurance that information we are required to disclose in reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods in SEC rules and forms, including providing a reasonable level of assurance that information required to be disclosed by us in such reports is accumulated and communicated to our management, including our Principal Executive Officer and our Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There have been no changes in our internal control over financial reporting during the quarter ended March 31, 2019,2020, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II.OTHER INFORMATION
PART II.  OTHER INFORMATION

ITEM 1.LEGAL PROCEEDINGS
ITEM 1.LEGAL PROCEEDINGS
From time to time, we are party to legal proceedings which arise in the ordinary course of our business. We are not currently involved in any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on our results of operations, liquidity, or financial condition, nor are we aware of any such legal proceedings contemplated by governmental authorities.

ITEM 1A.RISK FACTORS
There have been no material changes from theITEM 1A.RISK FACTORS
The following additional risk factors disclosed infactor updates the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2018.2019:
Our business has been, and will continue to be, adversely affected by the COVID-19 pandemic.
On March 11, 2020, the World Health Organization announced that the outbreak of the novel coronavirus (COVID-19) had become a pandemic. Federal, state, and local authorities and health officials have implemented aggressive actions to reduce the spread of the disease, including limiting non-essential gatherings of people, ceasing all non-essential travel, and issuing "social or physical distancing" guidelines, "shelter-in-place" orders, and mandatory closures for non-essential businesses. The COVID-19 outbreak and the measures put in place to address it have negatively impacted the global economy, disrupted consumer spending and global supply chains, and created significant volatility and disruption of financial markets.
The extent of the impact of the COVID-19 pandemic on our business is highly uncertain and difficult to predict, as information is rapidly evolving with respect to the duration and severity of the pandemic. The extent to which the COVID-19 pandemic ultimately impacts our business, results of operations, financial condition, and stock price will depend on numerous evolving factors, including: the duration and scope of the pandemic; governmental, business, and individuals' actions taken in response to the pandemic; the impact on economic activity from the pandemic and actions taken in response; the effect on our tenants and their businesses; the ability of tenants to pay their rental income and any closures of our tenants' facilities, including, without limitation, due to shutdowns and "shelter-in-place" orders that may be requested or mandated by governmental authorities; the effect of the pandemic on our construction, development, and redevelopment activities; and the impact on our employees and any other operational disruptions or difficulties we may face. Any of these factors and risks could materially adversely impact our business, financial condition, results of operations, or stock price.
In addition to the general economic impact of the pandemic, if an outbreak of COVID-19 occurs within the workforce of our tenants or otherwise disrupts their management and other personnel, the business and operating results of our tenants could be negatively impacted. Large-scale "social or physical distancing" guidelines, "shelter-in-place" orders, and mandatory closures could cause our retail and restaurant tenants to close for an extended period of time. The negative impact upon our tenants may include an immediate reduction in cash flow available to pay rent under our leases, and although various governmental financial programs may mitigate this, governmental assistance may not be available to all affected tenants or may be significantly delayed. In turn, our tenants' inability to pay rent under our leases could adversely affect our own liquidity, and there can be no guarantee that additional liquidity will be readily available or available on favorable terms in the future. For example, in response to the economic uncertainty that has unfolded as a result of COVID-19, we drew down $200.0 million on our Line of Credit in March 2020 and may need to rely on our lines of credit again in the future, depending on the severity of the pandemic.
Large-scale executive orders and other measures taken to curb the spread of COVID-19 may also negatively impact the ability of our properties to continue to obtain necessary goods and services or provide adequate staffing, which may also adversely affect our operating results and reputation. Such orders could also impact our ability to commence or continue construction, development, and redevelopment activities, which could result in delays, increased costs, and potentially missed deadlines. Any increased costs or lost revenue as a result of tenant financial difficulty, or their need to comply with executive orders and other guidance from the Centers for Disease Control and Prevention, may not be fully recoverable under our leases or adequately covered by insurance, which could impact our profitability. In addition to the potential consequences listed above, these same factors may cause prospective tenants to delay their leasing decisions
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or to lease less space. Even after the pandemic has ceased to be active, the prevalence of work-from-home policies during the pandemic may alter tenant preferences in the long term with respect to the demand for leasing office space.

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
(a)During the quarter ended March 31, 2019, we did not sell any equity securities that were not registered under the Securities Act of 1933.
(b)Not applicable.
(c)On September 4, 2017, our board of directors approved the 2017 Stock Repurchase Program, which provides for Columbia Property Trust to buy up to $200 million of our common stock over a two-year period, expiring on September 4, 2019.
ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
(a)During the quarter ended March 31, 2019,2020, we did not repurchasesell any equity securities that were not registered under the Securities Act of 1933.
(b)Not applicable.
(c)On August 13, 2019, our board of directors extended the authority for stock repurchases and approved the 2019 Stock Repurchase Program, which provides for Columbia Property Trust to buy up to $200 million of our common stock over a two-year period, expiring on September 4, 2021.
During the quarter ended March 31, 2020, we repurchased and retired the following shares in accordance with the 20172019 Stock Repurchase Program:
PeriodTotal 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)
January 2020374,748  $20.67  374,748  $158,786,537  
February 202013,436  $21.00  13,436  $158,486,381  
March 2020805,999  $18.89  805,999  $143,263,625  
(1)Amounts available for future purchase relate only to our 2019 Stock Repurchase Program as described in Note 8, Stockholders'Equity,and represent the remainder of the accompanying financial statements.$200 million authorized by our board of directors for share repurchases.

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
January 2019(1)
 114,491
 $20.970
 114,491
 $124,373,520
February 2019 —
 $—
 —
 $124,373,520
March 2019 —
 $—
 —
 $124,373,520
(1)
All activity for January 2019 relates to the remittance of shares for income taxes associated with certain stock grants made under the LTI Plan (See Note 8, Equity, to the accompanying financial statements).
ITEM 3.DEFAULTS UPON SENIOR SECURITIES
(a)There have been no defaults with respect to any of our indebtedness.
(b)Not applicable.
ITEM 3.  DEFAULTS UPON SENIOR SECURITIES
(a)There have been no defaults with respect to any of our indebtedness.
(b)Not applicable.

ITEM 4.MINE SAFETY DISCLOSURES
ITEM 4.  MINE SAFETY DISCLOSURES
Not applicable.

ITEM 5.OTHER INFORMATION
(a)During the first quarter of 2019, there was no information that was required to be disclosed in a report on Form 8-K that was not disclosed in a report on Form 8-K.
(b)There are no material changes to the procedures by which stockholders may recommend nominees to our board of directors since the filing of our most recent Schedule 14A.

ITEM 5.  OTHER INFORMATION
(a)During the first quarter of 2020, there was no information that was required to be disclosed in a report on Form 8-K that was not disclosed in a report on Form 8-K.
(b)There are no material changes to the procedures by which stockholders may recommend nominees to our board of directors since the filing of our most recent Schedule 14A.
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ITEM 6.EXHIBITS
(a)Exhibits
ITEM 6.  EXHIBITS
(a)Exhibits
EXHIBIT INDEX TO
FIRST QUARTER 20192020 FORM 10-Q OF
COLUMBIA PROPERTY TRUST, INC.
The following documents are filed as exhibits to this report. Exhibits that are not required for this report are omitted.
Ex.Description
3.1
3.2
3.3
3.4
4.1
4.2
4.3
4.34.4
4.44.5
4.54.6
4.64.7
31.1*10.1
22.1*
31.1*
31.2*
32.1*
101.INS*Inline XBRL Instance Document.Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*Inline XBRL Taxonomy Extension Schema.
101.CAL*Inline XBRL Taxonomy Extension Calculation Linkbase.
101.DEF*Inline XBRL Taxonomy Extension Definition Linkbase.
101.LAB*Inline XBRL Taxonomy Extension Label Linkbase.
101.PRE*Inline XBRL Taxonomy Extension Presentation Linkbase.
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
*
* Filed herewith.



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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
COLUMBIA PROPERTY TRUST, INC.
(Registrant)
Dated:April 30, 2020
COLUMBIA PROPERTY TRUST, INC.
(Registrant)
By:
Dated:April 25, 2019By:/s/ JAMES A. FLEMING
James A. Fleming

Executive Vice President and Chief Financial Officer





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