Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries | 9 Months Ended |
Sep. 30, 2013 |
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non Guarantor Subsidiaries [Abstract] | ' |
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries | ' |
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries |
The 2018 Bonds Payable (see Note 5, Bonds Payable) were issued by Columbia Property Trust OP, and are guaranteed by Columbia Property Trust. Columbia Property Trust Advisory Services and Columbia Property Trust Services were added to the non-guarantor grouping upon acquisition in February 2013. As a result of amending the $450 Million Term Loan and the JP Morgan Chase Credit Facility in August 2013, all of the indirect and direct subsidiaries of Columbia Property Trust that previously guaranteed the $450.0 Million Term Loan, the JPMorgan Chase Credit Facility, and the 2018 Bonds Payable were released under customary circumstances as guarantors, which resulted in the reclassification of prior-period amounts from the guarantor to the non-guarantor groupings within the condensed consolidating financial statements to conform with the current period presentation. In accordance with SEC Rule 3-10(c), Columbia Property Trust includes herein condensed consolidating financial information in lieu of separate financial statements of the subsidiary issuer (Columbia Property Trust OP) and Subsidiary Guarantors, as defined in the bond indenture, because all of the following criteria are met: |
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-1 | The subsidiary issuer (Columbia Property Trust OP) is 100% owned by the parent company guarantor (Columbia Property Trust); | | | | | | | | | | | | | | | | | | |
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-2 | The guarantees are full and unconditional; and | | | | | | | | | | | | | | | | | | |
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-3 | The guarantees are joint and several. | | | | | | | | | | | | | | | | | | |
Columbia Property Trust uses the equity method with respect to its investment in subsidiaries included in its condensed consolidating financial statements. Set forth below are Columbia Property Trust's condensed consolidating balance sheets as of September 30, 2013 and December 31, 2012 (in thousands), as well as its condensed consolidating statements of operations and its condensed consolidating statements of comprehensive income for the three and nine months ended September 30, 2013 and 2012 (in thousands); and its condensed consolidating statements of cash flows for the nine months ended September 30, 2013 and 2012 (in thousands). |
Condensed Consolidating Balance Sheets (in thousands) |
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| | | | | | | | | | | | | | | | | | | |
| As of September 30, 2013 |
| Columbia Property Trust | | Columbia | | Non- | | Consolidating | | Columbia Property Trust |
(Parent) | Property | Guarantors | adjustments | (Consolidated) |
(Guarantor) | Trust OP | | | |
| (the Issuer) | | | |
Assets: | | | | | | | | | |
Real estate assets, at cost: | | | | | | | | | |
Land | $ | — | | | $ | 6,241 | | | $ | 778,140 | | | $ | — | | | $ | 784,381 | |
|
Buildings and improvements, net | — | | | 23,141 | | | 3,317,002 | | | — | | | 3,340,143 | |
|
Intangible lease assets, net | — | | | — | | | 305,499 | | | — | | | 305,499 | |
|
Construction in progress | — | | | 1,107 | | | 4,793 | | | — | | | 5,900 | |
|
Total real estate assets | — | | | 30,489 | | | 4,405,434 | | | — | | | 4,435,923 | |
|
Cash and cash equivalents | 24,948 | | | 7,338 | | | 27,622 | | | — | | | 59,908 | |
|
Investment in subsidiaries | 2,846,170 | | | 2,531,078 | | | — | | | (5,377,248 | ) | | — | |
|
Tenant receivables, net of allowance | — | | | 26 | | | 11,077 | | | — | | | 11,103 | |
|
Straight line rent receivable | — | | | — | | | 137,980 | | | — | | | 137,980 | |
|
Prepaid expenses and other assets | 177,397 | | | 150,860 | | | 28,072 | | | (322,650 | ) | | 33,679 | |
|
Deferred financing costs, net | — | | | 9,412 | | | 1,717 | | | — | | | 11,129 | |
|
Intangible lease origination costs, net | — | | | — | | | 177,029 | | | — | | | 177,029 | |
|
Deferred lease costs, net | — | | | 48 | | | 109,826 | | | — | | | 109,874 | |
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Investment in development authority bonds | — | | | — | | | 586,000 | | | — | | | 586,000 | |
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Total assets | $ | 3,048,515 | | | $ | 2,729,251 | | | $ | 5,484,757 | | | $ | (5,699,898 | ) | | $ | 5,562,625 | |
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Liabilities: | | | | | | | | | |
Line of credit and notes payable | $ | — | | | $ | 580,000 | | | $ | 1,202,116 | | | $ | (321,076 | ) | | $ | 1,461,040 | |
|
Bonds payable, net | — | | | 248,867 | | | — | | | — | | | 248,867 | |
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Accounts payable, accrued expenses, and accrued capital expenditures | 153 | | | 14,370 | | | 79,442 | | | — | | | 93,965 | |
|
Due to (from) affiliates | — | | | 8,892 | | | 1,557 | | | (1,574 | ) | | 8,875 | |
|
Deferred income | — | | | 24 | | | 28,266 | | | — | | | 28,290 | |
|
Intangible lease liabilities, net | — | | | — | | | 87,226 | | | — | | | 87,226 | |
|
Obligations under capital leases | — | | | — | | | 586,000 | | | — | | | 586,000 | |
|
Total liabilities | 153 | | | 852,153 | | | 1,984,607 | | | (322,650 | ) | | 2,514,263 | |
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Equity: | | | | | | | | | |
Total equity | 3,048,362 | | | 1,877,098 | | | 3,500,150 | | | (5,377,248 | ) | | 3,048,362 | |
|
Total liabilities and equity | $ | 3,048,515 | | | $ | 2,729,251 | | | $ | 5,484,757 | | | $ | (5,699,898 | ) | | $ | 5,562,625 | |
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Condensed Consolidating Balance Sheets (in thousands) |
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| | | | | | | | | | | | | | | | | | | |
| As of December 31, 2012 |
| Columbia Property Trust | | Columbia | | Non- | | Consolidating | | Columbia Property Trust |
(Parent) | Property | Guarantors | adjustments | (Consolidated) |
(Guarantor) | Trust OP | | | |
| (the Issuer) | | | |
Assets: | | | | | | | | | |
Real estate assets, at cost: | | | | | | | | | |
Land | $ | — | | | $ | 6,241 | | | $ | 782,996 | | | $ | — | | | $ | 789,237 | |
|
Building and improvements, net | — | | | 16,513 | | | 3,451,705 | | | — | | | 3,468,218 | |
|
Intangible lease assets, net | — | | | — | | | 341,460 | | | — | | | 341,460 | |
|
Construction in progress | — | | | 5,252 | | | 7,428 | | | — | | | 12,680 | |
|
Total real estate assets | — | | | 28,006 | | | 4,583,589 | | | — | | | 4,611,595 | |
|
Cash and cash equivalents | 20,914 | | | 4,822 | | | 27,921 | | | — | | | 53,657 | |
|
Investment in subsidiaries | 3,068,106 | | | 2,679,950 | | | — | | | (5,748,056 | ) | | — | |
|
Tenant receivables, net of allowance | — | | | 22 | | | 14,404 | | | — | | | 14,426 | |
|
Straight line rent receivable | — | | | — | | | 119,673 | | | — | | | 119,673 | |
|
Prepaid expenses and other assets | 178,131 | | | 203,589 | | | 28,337 | | | (380,684 | ) | | 29,373 | |
|
Deferred financing costs, net | — | | | 8,498 | | | 1,992 | | | — | | | 10,490 | |
|
Intangible lease origination costs, net | — | | | — | | | 206,927 | | | — | | | 206,927 | |
|
Deferred lease costs, net | — | | | 68 | | | 98,740 | | | — | | | 98,808 | |
|
Investment in development authority bonds | — | | | — | | | 586,000 | | | — | | | 586,000 | |
|
Total assets | $ | 3,267,151 | | | $ | 2,924,955 | | | $ | 5,667,583 | | | $ | (6,128,740 | ) | | $ | 5,730,949 | |
|
Liabilities: | | | | | | | | | |
Lines of credit and notes payable | $ | — | | | $ | 492,000 | | | $ | 1,288,618 | | | $ | (379,000 | ) | | $ | 1,401,618 | |
|
Bonds payable, net | — | | | 248,678 | | | — | | | — | | | 248,678 | |
|
Accounts payable, accrued expenses, and accrued capital expenditures | 3,645 | | | 12,417 | | | 86,796 | | | — | | | 102,858 | |
|
Due to (from) affiliates | — | | | 960 | | | 2,644 | | | (1,684 | ) | | 1,920 | |
|
Deferred income | — | | | 81 | | | 27,990 | | | — | | | 28,071 | |
|
Intangible lease liabilities, net | — | | | — | | | 98,298 | | | — | | | 98,298 | |
|
Obligations under capital leases | — | | | — | | | 586,000 | | | — | | | 586,000 | |
|
Total liabilities | 3,645 | | | 754,136 | | | 2,090,346 | | | (380,684 | ) | | 2,467,443 | |
|
Redeemable Common Stock | 99,526 | | | — | | | — | | | — | | | 99,526 | |
|
Equity: | | | | | | | | | |
Total equity | 3,163,980 | | | 2,170,819 | | | 3,577,237 | | | (5,748,056 | ) | | 3,163,980 | |
|
Total liabilities, redeemable common stock, and equity | $ | 3,267,151 | | | $ | 2,924,955 | | | $ | 5,667,583 | | | $ | (6,128,740 | ) | | $ | 5,730,949 | |
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Consolidating Statements of Operations (in thousands) |
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| | | | | | | | | | | | | | | | | | | |
| For the three months ended September 30, 2013 |
| Columbia Property Trust | | Columbia | | Non- | | Consolidating | | Columbia Property Trust |
(Parent) | Property | Guarantors | adjustments | (Consolidated) |
(Guarantor) | Trust OP | | | |
| (the Issuer) | | | |
Revenues: | | | | | | | | | |
Rental income | $ | — | | | $ | 101 | | | $ | 115,990 | | | $ | (86 | ) | | $ | 116,005 | |
|
Tenant reimbursements | — | | | 16 | | | 26,413 | | | — | | | 26,429 | |
|
Hotel income | — | | | — | | | 6,788 | | | — | | | 6,788 | |
|
Other property income | — | | | — | | | 839 | | | (57 | ) | | 782 | |
|
| — | | | 117 | | | 150,030 | | | (143 | ) | | 150,004 | |
|
Expenses: | | | | | | | | | |
Property operating costs | — | | | 386 | | | 46,014 | | | (86 | ) | | 46,314 | |
|
Hotel operating costs | — | | | — | | | 4,693 | | | — | | | 4,693 | |
|
Asset and property management fees: | | | | | | | | | |
Related-party | — | | | 4 | | | — | | | (4 | ) | | — | |
|
Other | — | | | — | | | 380 | | | — | | | 380 | |
|
Depreciation | — | | | 333 | | | 30,578 | | | — | | | 30,911 | |
|
Amortization | — | | | 7 | | | 22,020 | | | — | | | 22,027 | |
|
Impairment loss on real estate assets | — | | | — | | | 12,870 | | | — | | | 12,870 | |
|
General and administrative | 17 | | | 3,685 | | | 4,294 | | | (53 | ) | | 7,943 | |
|
Listing costs | 25 | | | 731 | | | — | | | — | | | 756 | |
|
| 42 | | | 5,146 | | | 120,849 | | | (143 | ) | | 125,894 | |
|
Operating income (loss) | (42 | ) | | (5,029 | ) | | 29,181 | | | — | | | 24,110 | |
|
Other income (expense): | | | | | | | | | |
Interest expense | — | | | (8,656 | ) | | (23,751 | ) | | 4,713 | | | (27,694 | ) |
|
Interest and other income (expense) | 2,001 | | | 2,714 | | | 9,166 | | | (4,713 | ) | | 9,168 | |
|
Loss on interest rate swaps | — | | | — | | | (419 | ) | | — | | | (419 | ) |
|
Income (loss) from equity investment | 2,841 | | | 11,827 | | | — | | | (14,668 | ) | | — | |
|
| 4,842 | | | 5,885 | | | (15,004 | ) | | (14,668 | ) | | (18,945 | ) |
|
Income (loss) before income tax expense | 4,800 | | | 856 | | | 14,177 | | | (14,668 | ) | | 5,165 | |
|
Income tax expense | — | | | — | | | (428 | ) | | — | | | (428 | ) |
|
Income (loss) from continuing operations | 4,800 | | | 856 | | | 13,749 | | | (14,668 | ) | | 4,737 | |
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Discontinued operations: | | | | | | | | | |
Operating income from discontinued operations | — | | | — | | | 63 | | | — | | | 63 | |
|
Gain on disposition of discontinued operations | — | | | — | | | — | | | — | | | — | |
|
Income from discontinued operations | — | | | — | | | 63 | | | — | | | 63 | |
|
Net income (loss) attributable to the common stockholders of | $ | 4,800 | | | $ | 856 | | | $ | 13,812 | | | $ | (14,668 | ) | | $ | 4,800 | |
Columbia Property Trust, Inc. |
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Consolidating Statements of Operations (in thousands) |
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| | | | | | | | | | | | | | | | | | | |
| For the three months ended September 30, 2012 |
| Columbia Property Trust | | Columbia | | Non- | | Consolidating | | Columbia Property Trust |
(Parent) | Property | Guarantors | adjustments | (Consolidated) |
(Guarantor) | Trust OP | | | |
| (the Issuer) | | | |
Revenues: | | | | | | | | | |
Rental income | $ | — | | | $ | 98 | | | $ | 107,257 | | | $ | — | | | $ | 107,355 | |
|
Tenant reimbursements | — | | | 39 | | | 26,543 | | | — | | | 26,582 | |
|
Hotel income | — | | | — | | | 6,689 | | | — | | | 6,689 | |
|
Other property income | — | | | 31 | | | 4,082 | | | (31 | ) | | 4,082 | |
|
| — | | | 168 | | | 144,571 | | | (31 | ) | | 144,708 | |
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Expenses: | | | | | | | | | |
Property operating costs | — | | | 454 | | | 43,916 | | | — | | | 44,370 | |
|
Hotel operating costs | — | | | — | | | 4,913 | | | — | | | 4,913 | |
|
Asset and property management fees: | | | | | | | | | |
Related-party | 7,403 | | | — | | | 1,009 | | | (31 | ) | | 8,381 | |
|
Other | — | | | — | | | 711 | | | — | | | 711 | |
|
Depreciation | — | | | 180 | | | 27,976 | | | — | | | 28,156 | |
|
Amortization | — | | | 6 | | | 23,417 | | | — | | | 23,423 | |
|
General and administrative | 23 | | | 6,055 | | | 711 | | | — | | | 6,789 | |
|
| 7,426 | | | 6,695 | | | 102,653 | | | (31 | ) | | 116,743 | |
|
Operating income (loss) | (7,426 | ) | | (6,527 | ) | | 41,918 | | | — | | | 27,965 | |
|
Other income (expense): | | | | | | | | | |
Interest expense | — | | | (8,264 | ) | | (23,228 | ) | | 4,743 | | | (26,749 | ) |
|
Interest and other income (expense) | 1,997 | | | 2,751 | | | 10,006 | | | (4,743 | ) | | 10,011 | |
|
Loss on interest rate swaps | — | | | — | | | (29 | ) | | — | | | (29 | ) |
|
Income (loss) from equity investment | (430 | ) | | 7,773 | | | — | | | (7,343 | ) | | — | |
|
| 1,567 | | | 2,260 | | | (13,251 | ) | | (7,343 | ) | | (16,767 | ) |
|
Income (loss) before income tax benefit (expense) | (5,859 | ) | | (4,267 | ) | | 28,667 | | | (7,343 | ) | | 11,198 | |
|
Income tax benefit (expense) | — | | | 1 | | | (253 | ) | | — | | | (252 | ) |
|
Income (loss) from continuing operations | (5,859 | ) | | (4,266 | ) | | 28,414 | | | (7,343 | ) | | 10,946 | |
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Discontinued operations: | | | | | | | | | |
Operating income (loss) from discontinued operations | — | | | 1,770 | | | (18,575 | ) | | — | | | (16,805 | ) |
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Gain on disposition of discontinued operations | — | | | — | | | — | | | — | | | — | |
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Income (loss) from discontinued operations | — | | | 1,770 | | | (18,575 | ) | | — | | | (16,805 | ) |
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Net income (loss) attributable to the common stockholders of | $ | (5,859 | ) | | $ | (2,496 | ) | | $ | 9,839 | | | $ | (7,343 | ) | | $ | (5,859 | ) |
Columbia Property Trust, Inc. |
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Consolidating Statements of Operations (in thousands) |
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| | | | | | | | | | | | | | | | | | | |
| For the nine months ended September 30, 2013 |
| Columbia Property Trust | | Columbia | | Non- | | Consolidating | | Columbia Property Trust |
(Parent) | Property | Guarantors | adjustments | (Consolidated) |
(Guarantor) | Trust OP | | | |
| (the Issuer) | | | |
Revenues: | | | | | | | | | |
Rental income | $ | — | | | $ | 303 | | | $ | 347,973 | | | $ | (201 | ) | | $ | 348,075 | |
|
Tenant reimbursements | — | | | 99 | | | 76,213 | | | — | | | 76,312 | |
|
Hotel income | — | | | — | | | 18,304 | | | — | | | 18,304 | |
|
Other property income | — | | | 17 | | | 2,447 | | | (136 | ) | | 2,328 | |
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| — | | | 419 | | | 444,937 | | | (337 | ) | | 445,019 | |
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Expenses: | | | | | | | | | |
Property operating costs | — | | | 1,455 | | | 131,902 | | | (201 | ) | | 133,156 | |
|
Hotel operating costs | — | | | — | | | 13,774 | | | — | | | 13,774 | |
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Asset and property management fees: | | | | | | | | | |
Related-party | 5,018 | | | 11 | | | 540 | | | (28 | ) | | 5,541 | |
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Other | — | | | — | | | 1,760 | | | — | | | 1,760 | |
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Depreciation | — | | | 894 | | | 90,877 | | | — | | | 91,771 | |
|
Amortization | — | | | 21 | | | 66,243 | | | — | | | 66,264 | |
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Impairment loss on real estate asset | — | | | — | | | 29,737 | | | — | | | 29,737 | |
|
General and administrative | 17 | | | 41,436 | | | 12,618 | | | (108 | ) | | 53,963 | |
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Listing costs | 25 | | | 731 | | | — | | | — | | | 756 | |
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| 5,060 | | | 44,548 | | | 347,451 | | | (337 | ) | | 396,722 | |
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Operating income (loss) | (5,060 | ) | | (44,129 | ) | | 97,486 | | | — | | | 48,297 | |
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Other income (expense): | | | | | | | | | |
Interest expense | — | | | (24,981 | ) | | (71,312 | ) | | 14,164 | | | (82,129 | ) |
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Interest and other income (expense) | 6,000 | | | 8,169 | | | 27,548 | | | (14,164 | ) | | 27,553 | |
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Loss on interest rate swaps | — | | | — | | | (198 | ) | | — | | | (198 | ) |
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Income (loss) from equity investment | 1,853 | | | 57,478 | | | — | | | (59,331 | ) | | — | |
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| 7,853 | | | 40,666 | | | (43,962 | ) | | (59,331 | ) | | (54,774 | ) |
|
Income (loss) before income tax expense | 2,793 | | | (3,463 | ) | | 53,524 | | | (59,331 | ) | | (6,477 | ) |
|
Income tax expense | — | | | (2 | ) | | (654 | ) | | — | | | (656 | ) |
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Income (loss) from continuing operations | 2,793 | | | (3,465 | ) | | 52,870 | | | (59,331 | ) | | (7,133 | ) |
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Discontinued operations: | | | | | | | | | |
Operating income (loss) from discontinued operations | — | | | 658 | | | (746 | ) | | — | | | (88 | ) |
|
Gain on disposition of discontinued operations | — | | | — | | | 10,014 | | | — | | | 10,014 | |
|
Income from discontinued operations | — | | | 658 | | | 9,268 | | | — | | | 9,926 | |
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Net income (loss) attributable to the common stockholders of | $ | 2,793 | | | $ | (2,807 | ) | | $ | 62,138 | | | $ | (59,331 | ) | | $ | 2,793 | |
Columbia Property Trust, Inc. |
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Consolidating Statements of Operations (in thousands) |
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| | | | | | | | | | | | | | | | | | | |
| For the nine months ended September 30, 2012 |
| Columbia Property Trust | | Columbia | | Non- | | Consolidating | | Columbia Property Trust |
(Parent) | Property | Guarantors | adjustments | (Consolidated) |
(Guarantor) | Trust OP | | | |
| (the Issuer) | | | |
Revenues: | | | | | | | | | |
Rental income | $ | — | | | $ | 1,548 | | | $ | 325,850 | | | $ | — | | | $ | 327,398 | |
|
Tenant reimbursements | — | | | 105 | | | 75,750 | | | — | | | 75,855 | |
|
Hotel income | — | | | — | | | 17,527 | | | — | | | 17,527 | |
|
Other property income | — | | | 107 | | | 6,239 | | | (107 | ) | | 6,239 | |
|
| — | | | 1,760 | | | 425,366 | | | (107 | ) | | 427,019 | |
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Expenses: | | | | | | | | | |
Property operating costs | — | | | 1,460 | | | 124,171 | | | — | | | 125,631 | |
|
Hotel operating costs | — | | | — | | | 14,006 | | | — | | | 14,006 | |
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Asset and property management fees: | | | | | | | | | |
Related-party | 22,528 | | | 46 | | | 3,407 | | | (107 | ) | | 25,874 | |
|
Other | — | | | — | | | 2,061 | | | — | | | 2,061 | |
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Depreciation | — | | | 531 | | | 83,492 | | | — | | | 84,023 | |
|
Amortization | — | | | 350 | | | 75,543 | | | — | | | 75,893 | |
|
General and administrative | 23 | | | 14,970 | | | 3,280 | | | — | | | 18,273 | |
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| 22,551 | | | 17,357 | | | 305,960 | | | (107 | ) | | 345,761 | |
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Operating income (loss) | (22,551 | ) | | (15,597 | ) | | 119,406 | | | — | | | 81,258 | |
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Other income (expense): | | | | | | | | | |
Interest expense | — | | | (24,151 | ) | | (69,665 | ) | | 14,260 | | | (79,556 | ) |
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Interest and other income | 5,991 | | | 8,276 | | | 30,032 | | | (14,260 | ) | | 30,039 | |
|
Loss on interest rate swaps | — | | | — | | | (118 | ) | | — | | | (118 | ) |
|
Income (loss) from equity investment | 52,746 | | | 74,733 | | | — | | | (127,479 | ) | | — | |
|
| 58,737 | | | 58,858 | | | (39,751 | ) | | (127,479 | ) | | (49,635 | ) |
|
Income (loss) before income tax expense | 36,186 | | | 43,261 | | | 79,655 | | | (127,479 | ) | | 31,623 | |
|
Income tax expense | — | | | (13 | ) | | (540 | ) | | — | | | (553 | ) |
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Income (loss) from continuing operations | 36,186 | | | 43,248 | | | 79,115 | | | (127,479 | ) | | 31,070 | |
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Discontinued operations: | | | | | | | | | |
Operating income (loss) from discontinued operations | — | | | 5,177 | | | (17,004 | ) | | — | | | (11,827 | ) |
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Gain on disposition of discontinued operations | — | | | — | | | 16,947 | | | — | | | 16,947 | |
|
Income (loss) from discontinued operations | — | | | 5,177 | | | (57 | ) | | — | | | 5,120 | |
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Net income (loss) | 36,186 | | | 48,425 | | | 79,058 | | | (127,479 | ) | | 36,190 | |
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Less: Net income attributable to noncontrolling interest | — | | | — | | | (4 | ) | | — | | | (4 | ) |
|
Net income (loss) attributable to the common stockholders of | $ | 36,186 | | | $ | 48,425 | | | $ | 79,054 | | | $ | (127,479 | ) | | $ | 36,186 | |
Columbia Property Trust, Inc. |
|
|
|
|
Consolidating Statements of Comprehensive Income (in thousands) |
|
| | | | | | | | | | | | | | | | | | | |
| For the three months ended September 30, 2013 |
| Columbia Property Trust | | Columbia | | Non- | | Consolidating | | Columbia Property Trust |
(Parent) | Property | Guarantors | adjustments | (Consolidated) |
(Guarantor) | Trust OP | | | |
| (the Issuer) | | | |
Net income (loss) attributable to the common stockholders of | $ | 4,800 | | | $ | 856 | | | $ | 13,812 | | | $ | (14,668 | ) | | $ | 4,800 | |
Columbia Property Trust, Inc. |
Market value adjustment to interest rate swap | (922 | ) | | (922 | ) | | — | | | 922 | | | (922 | ) |
|
Comprehensive income (loss) | $ | 3,878 | | | $ | (66 | ) | | $ | 13,812 | | | $ | (13,746 | ) | | $ | 3,878 | |
|
|
| | | | | | | | | | | | | | | | | | | |
| For the three months ended September 30, 2012 |
| Columbia Property Trust | | Columbia | | Non- | | Consolidating | | Columbia Property Trust |
(Parent) | Property | Guarantors | adjustments | (Consolidated) |
(Guarantor) | Trust OP | | | |
| (the Issuer) | | | |
Net income (loss) attributable to the common stockholders of | $ | (5,859 | ) | | $ | (2,496 | ) | | $ | 9,839 | | | $ | (7,343 | ) | | $ | (5,859 | ) |
Columbia Property Trust, Inc. |
Market value adjustment to interest rate swap | (2,475 | ) | | (2,475 | ) | | — | | | 2,475 | | | (2,475 | ) |
|
Comprehensive income (loss) | $ | (8,334 | ) | | $ | (4,971 | ) | | $ | 9,839 | | | $ | (4,868 | ) | | $ | (8,334 | ) |
|
|
| | | | | | | | | | | | | | | | | | | |
| For the nine months ended September 30, 2013 |
| Columbia Property Trust | | Columbia | | Non- | | Consolidating | | Columbia Property Trust |
(Parent) | Property | Guarantors | adjustments | (Consolidated) |
(Guarantor) | Trust OP | | | |
| (the Issuer) | | | |
Net income (loss) attributable to the common stockholders of | $ | 2,793 | | | $ | (2,807 | ) | | $ | 62,138 | | | $ | (59,331 | ) | | $ | 2,793 | |
Columbia Property Trust, Inc. |
Foreign currency translation adjustment | (83 | ) | | — | | | (83 | ) | | 83 | | | (83 | ) |
|
Market value adjustment to interest rate swap | 1,795 | | | 1,795 | | | — | | | (1,795 | ) | | 1,795 | |
|
Comprehensive income (loss) | $ | 4,505 | | | $ | (1,012 | ) | | $ | 62,055 | | | $ | (61,043 | ) | | $ | 4,505 | |
|
|
| | | | | | | | | | | | | | | | | | | |
| For the nine months ended September 30, 2012 |
| Columbia Property Trust | | Columbia | | Non- | | Consolidating | | Columbia Property Trust |
(Parent) | Property | Guarantors | adjustments | (Consolidated) |
(Guarantor) | Trust OP | | | |
| (the Issuer) | | | |
Net income (loss) attributable to the common stockholders of | $ | 36,186 | | | $ | 48,425 | | | $ | 79,054 | | | $ | (127,479 | ) | | $ | 36,186 | |
Columbia Property Trust, Inc. |
Market value adjustment to interest rate swap | (5,883 | ) | | (5,883 | ) | | — | | | 5,883 | | | (5,883 | ) |
|
Comprehensive income (loss) attributable to the common stockholders of | 30,303 | | | 42,542 | | | 79,054 | | | (121,596 | ) | | 30,303 | |
Columbia Property Trust, Inc. |
Comprehensive income attributable to noncontrolling interests | 4 | | | — | | | 4 | | | (4 | ) | | 4 | |
|
Comprehensive income (loss) | $ | 30,307 | | | $ | 42,542 | | | $ | 79,058 | | | $ | (121,600 | ) | | $ | 30,307 | |
|
Consolidating Statements of Cash Flows (in thousands) |
|
| | | | |
| | | | | | | | | | | | | | | | | | | |
| For the nine months ended September 30, 2013 | | | | |
| Columbia Property Trust | | Columbia Property Trust OP | | Non- | | Columbia Property Trust | | | | |
(Parent) | (the Issuer) | Guarantors | (Consolidated) | | | | |
(Guarantor) | | | | | | | |
Cash flows from operating activities | $ | (40 | ) | | $ | (62,941 | ) | | $ | 227,346 | | | $ | 164,365 | | | | | |
| | | |
| | | | | | | | | | | |
Cash flows from investing activities: | | | | | | | | | | | |
Net proceeds from sale of real estate | — | | | 65,928 | | | — | | | 65,928 | | | | | |
| | | |
Investment in real estate and related assets | — | | | (4,252 | ) | | (52,157 | ) | | (56,409 | ) | | | | |
| | | |
Net cash provided by (used in) investing activities | — | | | 61,676 | | | (52,157 | ) | | 9,519 | | | | | |
| | | |
| | | | | | | | | | | |
Cash flows from financing activities: | | | | | | | | | | | |
Borrowings, net of fees | — | | | 210,339 | | | (41 | ) | | 210,298 | | | | | |
| | | |
Repayments | — | | | (126,000 | ) | | (28,304 | ) | | (154,304 | ) | | | | |
| | | |
Issuance of common stock, net of redemptions and fees | (69,500 | ) | | — | | | — | | | (69,500 | ) | | | | |
| | | |
Distributions | (154,024 | ) | | — | | | — | | | (154,024 | ) | | | | |
| | | |
Intercompany transfers, net | 227,598 | | | (80,558 | ) | | (147,040 | ) | | — | | | | | |
| | | |
Net cash provided by (used in) financing activities | 4,074 | | | 3,781 | | | (175,385 | ) | | (167,530 | ) | | | | |
| | | |
| | | | | | | | | | | |
Net increase (decrease) in cash and cash equivalents | 4,034 | | | 2,516 | | | (196 | ) | | 6,354 | | | | | |
| | | |
Effect of foreign exchange rate on cash and cash equivalents | — | | | — | | | (103 | ) | | (103 | ) | | | | |
| | | |
Cash and cash equivalents, beginning of period | 20,914 | | | 4,822 | | | 27,921 | | | 53,657 | | | | | |
| | | |
Cash and cash equivalents, end of period | $ | 24,948 | | | $ | 7,338 | | | $ | 27,622 | | | $ | 59,908 | | | | | |
| | | |
|
Consolidating Statements of Cash Flows (in thousands) |
|
| | | | |
| | | | | | | | | | | | | | | | | | | |
| For the nine months ended September 30, 2012 | | | | |
| Columbia Property Trust | | Columbia Property Trust OP | | Non- | | Columbia Property Trust | | | | |
(Parent) | (the Issuer) | Guarantors | (Consolidated) | | | | |
(Guarantor) | | | | | | | |
Cash flows from operating activities | $ | (23 | ) | | $ | (61,816 | ) | | $ | 257,445 | | | $ | 195,606 | | | | | |
| | | |
| | | | | | | | | | | |
Cash flows from investing activities: | | | | | | | | | | | |
Net proceeds from sale of real estate | — | | | 57,747 | | | — | | | 57,747 | | | | | |
| | | |
Investment in real estate and related assets | — | | | (1,616 | ) | | (54,994 | ) | | (56,610 | ) | | | | |
| | | |
Net cash provided by (used in) investing activities | — | | | 56,131 | | | (54,994 | ) | | 1,137 | | | | | |
| | | |
| | | | | | | | | | | |
Cash flows from financing activities: | | | | | | | | | | | |
Borrowings, net of fees | — | | | 564,735 | | | — | | | 564,735 | | | | | |
| | | |
Repayments | — | | | (537,000 | ) | | (35,590 | ) | | (572,590 | ) | | | | |
| | | |
Issuance of common stock, net of redemptions and fees | 24,515 | | | — | | | — | | | 24,515 | | | | | |
| | | |
Distributions | (204,141 | ) | | — | | | (15 | ) | | (204,156 | ) | | | | |
| | | |
Intercompany transfers | 188,827 | | | (22,516 | ) | | (166,311 | ) | | — | | | | | |
| | | |
Redemption of noncontrolling interest | — | | | — | | | (301 | ) | | (301 | ) | | | | |
| | | |
Net cash provided by (used in) financing activities | 9,201 | | | 5,219 | | | (202,217 | ) | | (187,797 | ) | | | | |
| | | |
| | | | | | | | | | | |
Net increase (decrease) in cash and cash equivalents | 9,178 | | | (466 | ) | | 234 | | | 8,946 | | | | | |
| | | |
Effect of foreign exchange rate on cash and cash equivalents | — | | | — | | | 22 | | | 22 | | | | | |
| | | |
Cash and cash equivalents, beginning of period | 11,291 | | | 10,597 | | | 17,580 | | | 39,468 | | | | | |
| | | |
Cash and cash equivalents, end of period | $ | 20,469 | | | $ | 10,131 | | | $ | 17,836 | | | $ | 48,436 | | | | | |
| | | |
| | | | | | | | | | | | | | | | | | | | |