Document_Entity_Information
Document Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'COLUMBIA PROPERTY TRUST, INC. | ' |
Entity Central Index Key | '0001252849 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 134,192,610 |
Consolidated_Balance_Sheets_un
Consolidated Balance Sheets (unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Land | $784,381 | $789,237 |
Buildings and improvements, less accumulated depreciation of $666,162 and $580,334, as of September 30, 2013 and December 31, 2012, respectively | 3,340,143 | 3,468,218 |
Intangible lease assets, less accumulated amortization of $344,274 and $315,840, as of September 30, 2013 and December 31, 2012, respectively | 305,499 | 341,460 |
Construction in progress | 5,900 | 12,680 |
Total real estate assets | 4,435,923 | 4,611,595 |
Cash and cash equivalents | 59,908 | 53,657 |
Tenant receivables, net of allowance for doubtful accounts of $823 and $117, as of September 30, 2013 and December 31, 2012, respectively | 11,103 | 14,426 |
Straight line rent receivable | 137,980 | 119,673 |
Prepaid expenses and other assets | 33,679 | 29,373 |
Deferred financing costs, less accumulated amortization of $11,235 and $8,527, as of September 30, 2013 and December 31, 2012, respectively | 11,129 | 10,490 |
Intangible lease origination costs, less accumulated amortization of $257,694 and $230,930, as of September 30, 2013 and December 31, 2012, respectively | 177,029 | 206,927 |
Deferred lease costs, less accumulated amortization of $32,015 and $24,222, as of September 30, 2013 and December 31, 2012, respectively | 109,874 | 98,808 |
Investment in development authority bonds | 586,000 | 586,000 |
Total assets | 5,562,625 | 5,730,949 |
Liabilities: | ' | ' |
Line of credit and notes payable | 1,461,040 | 1,401,618 |
Bonds payable, net of discount of $1,133 and $1,322, as of September 30, 2013 and December 31, 2012, respectively | 248,867 | 248,678 |
Accounts payable, accrued expenses, and accrued capital expenditures | 93,965 | 102,858 |
Due to affiliates | 8,875 | 1,920 |
Deferred income | 28,290 | 28,071 |
Intangible lease liabilities, less accumulated amortization of $93,130 and $84,326, as of September 30, 2013 and December 31, 2012, respectively | 87,226 | 98,298 |
Obligations under capital leases | 586,000 | 586,000 |
Total liabilities | 2,514,263 | 2,467,443 |
Commitments and Contingencies (Note 6) | ' | ' |
Redeemable Common Stock | 0 | 99,526 |
Equity: | ' | ' |
Common stock, $0.01 par value, 900,000,000 shares authorized, 134,192,610 and 136,900,911 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively | 1,342 | 1,369 |
Additional paid-in capital | 4,836,291 | 4,901,889 |
Cumulative distributions in excess of earnings | -1,785,762 | -1,634,531 |
Redeemable common stock | 0 | -99,526 |
Other comprehensive loss | -3,509 | -5,221 |
Total equity | 3,048,362 | 3,163,980 |
Total liabilities, redeemable common stock, and equity | $5,562,625 | $5,730,949 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parentheticals (unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Building and improvements, accumulated depreciation | $666,162 | $580,334 |
Intangible lease assets, accumulated amortization | 344,274 | 315,840 |
Allowance for doubtful accounts | 823 | 117 |
Deferred financing costs, accumulated amortization | 11,235 | 8,527 |
Intangible lease origination costs, accumulated amortization | 257,694 | 230,930 |
Deferred lease costs, accumulated amortization | 32,015 | 24,222 |
Bonds payable, discount | 1,133 | 1,322 |
Intangible lease liabilities, accumulated amortization | $93,130 | $84,326 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 900,000,000 | 900,000,000 |
Common stock, shares issued | 134,192,610 | 136,900,911 |
Common stock, shares outstanding | 134,192,610 | 136,900,911 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Rental income | $116,005 | $107,355 | $348,075 | $327,398 |
Tenant reimbursements | 26,429 | 26,582 | 76,312 | 75,855 |
Hotel income | 6,788 | 6,689 | 18,304 | 17,527 |
Other property income | 782 | 4,082 | 2,328 | 6,239 |
Revenues | 150,004 | 144,708 | 445,019 | 427,019 |
Expenses: | ' | ' | ' | ' |
Property operating costs | 46,314 | 44,370 | 133,156 | 125,631 |
Hotel operating costs | 4,693 | 4,913 | 13,774 | 14,006 |
Asset and property management fees: | ' | ' | ' | ' |
Related-party | 0 | 8,381 | 5,541 | 25,874 |
Other | 380 | 711 | 1,760 | 2,061 |
Depreciation | 30,911 | 28,156 | 91,771 | 84,023 |
Amortization | 22,027 | 23,423 | 66,264 | 75,893 |
Impairment losses on real estate assets | 12,870 | 0 | 29,737 | 0 |
General and administrative | 7,943 | 6,789 | 53,963 | 18,273 |
Listing costs | 756 | 0 | 756 | 0 |
Costs and expenses | 125,894 | 116,743 | 396,722 | 345,761 |
Operating income | 24,110 | 27,965 | 48,297 | 81,258 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -27,694 | -26,749 | -82,129 | -79,556 |
Interest and other income | 9,168 | 10,011 | 27,553 | 30,039 |
Loss on interest rate swaps | -419 | -29 | -198 | -118 |
Nonoperating income (expense) | -18,945 | -16,767 | -54,774 | -49,635 |
Income before income tax expense | 5,165 | 11,198 | -6,477 | 31,623 |
Income tax expense | -428 | -252 | -656 | -553 |
Income (loss) from continuing operations | 4,737 | 10,946 | -7,133 | 31,070 |
Discontinued operations: | ' | ' | ' | ' |
Operating income (loss) from discontinued operations | 63 | -16,805 | -88 | -11,827 |
Gains on disposition of discontinued operations | 0 | 0 | 10,014 | 16,947 |
Income (loss) from discontinued operations | 63 | -16,805 | 9,926 | 5,120 |
Net income (loss) | 4,800 | -5,859 | 2,793 | 36,190 |
Less: net income attributable to nonredeemable noncontrolling interests | 0 | 0 | 0 | -4 |
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | $4,800 | ($5,859) | $2,793 | $36,186 |
Per-share information b basic and diluted: | ' | ' | ' | ' |
Income (loss) from continuing operations | $0.04 | $0.08 | ($0.05) | $0.23 |
Income (loss) from discontinued operations | $0 | ($0.12) | $0.07 | $0.04 |
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | $0.04 | ($0.04) | $0.02 | $0.26 |
Weighted-average common shares outstanding b basic and diluted | 134,668 | 136,741 | 135,661 | 136,559 |
Dividends per share | $0.38 | $0.50 | $1.14 | $1.50 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | $4,800 | ($5,859) | $2,793 | $36,186 |
Foreign currency translation adjustment realized in discontinued operations | 0 | 0 | -83 | 0 |
Market value adjustment to interest rate swap | -922 | -2,475 | 1,795 | -5,883 |
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc. | 3,878 | -8,334 | 4,505 | 30,303 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 4 |
Comprehensive income (loss) | $3,878 | ($8,334) | $4,505 | $30,307 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (unaudited) (USD $) | Total | Common Stock | Additional Paid-In Capital(1) | Cumulative Distributions in Excess of Earnings | Redeemable Common Stock | Other Comprehensive Income (Loss) | Total Columbia Property Trust, Inc. Stockholders' Equity | Nonredeemable Noncontrolling Interests | |||
In Thousands, except Share data, unless otherwise specified | |||||||||||
Balance, value at beginning of period at Dec. 31, 2011 | $3,346,972 | $1,365 | [1] | $4,884,903 | [1] | ($1,426,550) | ($113,147) | $84 | $3,346,655 | $317 | |
Balance, shares at beginning of period at Dec. 31, 2011 | [1] | ' | 136,550,000 | ' | ' | ' | ' | ' | ' | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Issuance of common stock, shares | [1] | ' | 3,310,000 | ' | ' | ' | ' | ' | ' | ||
Issuance of common stock, value | 94,402 | 33 | [1] | 94,369 | [1] | ' | ' | ' | 94,402 | ' | |
Redemptions of common stock, shares | [1] | ' | -2,647,000 | ' | ' | ' | ' | ' | ' | ||
Redemptions of common stock, value | -70,111 | -26 | [1] | -70,085 | [1] | ' | ' | ' | -70,111 | ' | |
Increase in redeemable common stock | -15,886 | ' | ' | ' | -15,886 | ' | -15,886 | ' | |||
Distributions to common stockholders | -204,141 | ' | ' | -204,141 | ' | ' | -204,141 | ' | |||
Distributions to noncontrolling interests | -15 | ' | ' | ' | ' | ' | ' | -15 | |||
Acquisition of noncontrolling interest in consolidated joint ventures | -301 | ' | 5 | [1] | ' | ' | ' | 5 | -306 | ||
Offering costs | -17 | ' | -17 | [1] | ' | ' | ' | -17 | ' | ||
Net income attributable to common stockholders of Columbia Property Trust, Inc. | 36,186 | ' | ' | 36,186 | ' | ' | 36,186 | ' | |||
Foreign currency translation adjustment | 0 | ' | ' | ' | ' | ' | ' | ' | |||
Net income attributable to noncontrolling interests | 4 | ' | ' | ' | ' | ' | ' | 4 | |||
Market value adjustment to interest rate swap | -5,883 | ' | ' | ' | ' | -5,883 | -5,883 | ' | |||
Balance, value at end of period at Sep. 30, 2012 | 3,181,210 | 1,372 | [1] | 4,909,175 | [1] | -1,594,505 | -129,033 | -5,799 | 3,181,210 | 0 | |
Balance, shares at end of period at Sep. 30, 2012 | [1] | ' | 137,213,000 | ' | ' | ' | ' | ' | ' | ||
Balance, value at beginning of period at Dec. 31, 2012 | 3,163,980 | 1,369 | [1] | 4,901,889 | [1] | -1,634,531 | -99,526 | -5,221 | ' | ' | |
Balance, shares at beginning of period at Dec. 31, 2012 | 136,900,911 | 136,901,000 | [1] | ' | ' | ' | ' | ' | ' | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Issuance of common stock, shares | [1] | ' | 1,665,000 | ' | ' | ' | ' | ' | ' | ||
Issuance of common stock, value | 46,602 | 17 | [1] | 46,585 | [1] | ' | ' | ' | ' | ' | |
Redemptions of common stock, shares | [1] | ' | -4,373,000 | ' | ' | ' | ' | ' | ' | ||
Redemptions of common stock, value | -112,106 | -44 | [1] | -112,062 | [1] | ' | ' | ' | ' | ' | |
Increase in redeemable common stock | 99,526 | ' | ' | ' | 99,526 | ' | ' | ' | |||
Distributions to common stockholders | -154,024 | ' | ' | -154,024 | ' | ' | ' | ' | |||
Offering costs | -121 | ' | -121 | [1] | ' | ' | ' | ' | ' | ||
Net income attributable to common stockholders of Columbia Property Trust, Inc. | 2,793 | ' | ' | 2,793 | ' | ' | ' | ' | |||
Foreign currency translation adjustment | -83 | ' | ' | ' | ' | -83 | ' | ' | |||
Net income attributable to noncontrolling interests | 0 | ' | ' | ' | ' | ' | ' | ' | |||
Market value adjustment to interest rate swap | 1,795 | ' | ' | ' | ' | 1,795 | ' | ' | |||
Balance, value at end of period at Sep. 30, 2013 | $3,048,362 | $1,342 | [1] | $4,836,291 | [1] | ($1,785,762) | $0 | ($3,509) | ' | ' | |
Balance, shares at end of period at Sep. 30, 2013 | 134,192,610 | 134,193,000 | [1] | ' | ' | ' | ' | ' | ' | ||
[1] | All share amounts and computations using such amounts have been retroactively adjusted to reflect the August 14, 2013 four-for-one reverse stock split (see Note 7, Equity). |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity Parentheticals (unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Distributions to common stockholders per share | $1.14 | $1.50 |
Common Stock | ' | ' |
Distributions to common stockholders per share | $1.14 | $1.50 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities: | ' | ' |
Net income | $2,793 | $36,190 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Straight-line rental income | -19,188 | -4,794 |
Depreciation | 92,146 | 90,767 |
Amortization | 64,716 | 78,070 |
Impairment losses on real estate assets | 29,737 | 18,467 |
Noncash interest expense | 2,947 | 2,893 |
Gain on interest rate swaps | -4,354 | -807 |
Gain on sale of discontinued operations | -10,014 | -16,947 |
Stock-based compensation expense | 200 | 0 |
Changes in assets and liabilities, net of acquisitions: | ' | ' |
Decrease (increase) in tenant receivables, net | 2,562 | -593 |
Increase in prepaid expenses and other assets | -5,136 | -349 |
Increase in accounts payable and accrued expenses | 499 | 1,415 |
Increase (decrease) in due to affiliates | 7,074 | -1,670 |
Increase (decrease) in deferred income | 383 | -7,036 |
Net cash provided by operating activities | 164,365 | 195,606 |
Cash Flows from Investing Activities: | ' | ' |
Net proceeds from the sale of real estate | 65,928 | 57,747 |
Investment in real estate | -36,053 | -28,134 |
Deferred lease costs paid | -20,356 | -28,476 |
Net cash provided by investing activities | 9,519 | 1,137 |
Cash Flows from Financing Activities: | ' | ' |
Financing costs paid | -3,702 | -3,265 |
Proceeds from lines of credit and notes payable | 214,000 | 568,000 |
Repayments of lines of credit and notes payable | -154,304 | -572,590 |
Issuance of common stock | 46,402 | 94,402 |
Redemptions of common stock | -115,781 | -69,879 |
Distributions paid to stockholders | -107,622 | -109,739 |
Distributions paid to stockholders and reinvested in shares of our common stock | -46,402 | -94,402 |
Offering costs paid | -121 | -8 |
Redemption of noncontrolling interest | 0 | -301 |
Distributions paid to nonredeemable noncontrolling interests | 0 | -15 |
Net cash used in financing activities | -167,530 | -187,797 |
Net increase in cash and cash equivalents | 6,354 | 8,946 |
Effect of foreign exchange rate on cash and cash equivalents | -103 | 22 |
Cash and cash equivalents, beginning of period | 53,657 | 39,468 |
Cash and cash equivalents, end of period | $59,908 | $48,436 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization | ' |
Organization | |
On October 10, 2013, Columbia Property Trust, Inc. ("Columbia Property Trust") listed its shares on the New York Stock Exchange (the "NYSE") under the ticker symbol "CXP." Columbia Property Trust is a Maryland corporation that operates in a manner as to qualify as a real estate investment trust ("REIT") for federal income tax purposes and engages in the acquisition and ownership of commercial real estate properties, including properties that have operating histories, are newly constructed, or are under construction. Columbia Property Trust was incorporated in 2003, commenced operations in 2004, and conducts business primarily through Columbia Property Trust Operating Partnership, L.P. ("Columbia Property Trust OP"), a Delaware limited partnership. Columbia Property Trust is the general partner and sole owner of Columbia Property Trust OP and possesses full legal control and authority over its operations. Columbia Property Trust OP acquires, develops, owns, leases, and operates real properties directly, through wholly owned subsidiaries, or through joint ventures. References to Columbia Property Trust, "we," "us," or "our" herein shall include Columbia Property Trust and all subsidiaries of Columbia Property Trust, direct and indirect, and consolidated joint ventures. | |
Columbia Property Trust typically invests in high-quality, income-generating office properties leased to creditworthy companies and governmental entities. As of September 30, 2013, Columbia Property Trust owned controlling interests in 60 office properties and one hotel, which includes 82 operational buildings. These properties are comprised of approximately 20.8 million square feet of commercial space and are located in 19 states and the District of Columbia. As of September 30, 2013, 59 of the office properties were wholly owned and the remaining property was owned through a consolidated subsidiary; the office properties were approximately 93.2% leased. On November 5, 2013, Columbia Property Trust closed on a sale of 18 of its office properties. The terms of the sale are described in Note 12, Subsequent Events. | |
From inception through February 27, 2013, Columbia Property Trust operated as an externally advised REIT pursuant to an advisory agreement under which a subsidiary of Wells Real Estate Funds ("WREF"), Columbia Property Trust Advisory Services, LLC ("Columbia Property Trust Advisory Services"), performed certain key functions on behalf of Columbia Property Trust, including, among others, managing the day-to-day operations, investing capital proceeds, and arranging financings. Also during this period of time, a subsidiary of WREF, Columbia Property Trust Services, LLC ("Columbia Property Trust Services"), provided the personnel necessary to carry out property management services on behalf of Wells Management Company, Inc. ("Wells Management") and its affiliates pursuant to a property management agreement. The advisory agreement and property management agreement are described in Note 9, Related-Party Transactions and Agreements. | |
On February 28, 2013, Columbia Property Trust became a self-managed company by terminating the above-mentioned advisory agreement and property management agreement, and acquiring Columbia Property Trust Advisory Services and Columbia Property Trust Services. As a result, the contractual services described above are now performed by employees of Columbia Property Trust (except for certain investor services). Contemporaneous with this transaction, Columbia Property Trust entered into a consulting agreement and an investor services agreement with WREF for the remainder of 2013. While no fees were paid to execute these acquisitions, Columbia Property Trust will pay fees to WREF for consulting and investor services for the remainder of 2013. For additional details about this transaction and the related agreements, please refer to Note 9, Related-Party Transactions and Agreements. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
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 these 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. 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 was 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 its 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, 2012. | |||||||||||||||||
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 ("ASC") 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability: | |||||||||||||||||
Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts. | |||||||||||||||||
Level 2 – Assets and liabilities valued based on observable market data for similar instruments. | |||||||||||||||||
Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider. | |||||||||||||||||
Real Estate Assets | |||||||||||||||||
Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. Columbia Property Trust considers the period of future benefit of the asset to determine the appropriate useful lives. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows: | |||||||||||||||||
Buildings | 40 years | ||||||||||||||||
Building improvements | 5-25 years | ||||||||||||||||
Site improvements | 15 years | ||||||||||||||||
Tenant improvements | Shorter of economic life or lease term | ||||||||||||||||
Intangible lease assets | Lease term | ||||||||||||||||
Evaluating the Recoverability of Real Estate Assets | |||||||||||||||||
Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets, of both operating properties and properties under construction, in which Columbia Property Trust has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of real estate assets and related intangible assets (liabilities) may not be recoverable, Columbia Property Trust assesses the recoverability of these assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future operating cash flows expected from the use of the 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 value of the real estate assets and related intangible assets 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. Estimated fair values are calculated based on the following information, in order of preference, depending upon availability: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated salvage value. Certain of Columbia Property Trust's assets may be carried at more than an amount that could be realized in a current disposition transaction. | |||||||||||||||||
Projections of expected future operating cash flows require that Columbia Property Trust estimates 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. The subjectivity of assumptions used in the future cash flow analysis, including discount rates, could result in an incorrect assessment of the property's fair value and could result in the misstatement of the carrying value of Columbia Property Trust's real estate assets and related intangible assets and net income (loss). | |||||||||||||||||
In the third quarter of 2012, Columbia Property Trust focused on refining its portfolio by marketing and negotiating the sale of a collection of nine assets in outlying markets (the "Nine Property Sale"). Columbia Property Trust evaluated the recoverability of the carrying values of these assets pursuant to the accounting policy outlined above and determined that the carrying value of the 180 E 100 South property in Salt Lake City, Utah, one of the properties in the Nine Property Sale, was no longer recoverable due to the change in disposition strategy and the shortening of the expected hold period for this asset in the third quarter of 2012. As a result, Columbia Property Trust reduced the carrying value of the 180 E 100 South property to reflect fair value and recorded a corresponding property impairment loss of $18.5 million in the third quarter of 2012. This impairment loss is included in discontinued operations as of September 30, 2013 (see Note 10, Discontinued Operations). | |||||||||||||||||
In connection with furthering its portfolio repositioning efforts, in the first quarter of 2013, Columbia Property Trust initiated a process to market for sale a group of 18 properties (the "18 Property Sale"). Pursuant to the accounting policy outlined above, Columbia Property Trust evaluated the recoverability of the carrying values of each of the properties in this group and determined that the 120 Eagle Rock property in East Hanover, New Jersey, and the 333 & 777 Republic Drive property in Allen Park, Michigan, are no longer recoverable due to shortening the respective expected property holding periods in connection with these repositioning efforts. As a result, Columbia Property Trust reduced the carrying value of the 120 Eagle Rock property and the 333 & 777 Republic Drive property to reflect their respective fair values estimated based on projected discounted future cash flows and recorded corresponding property impairment losses of $11.7 million and $5.2 million, respectively, in the first quarter of 2013. | |||||||||||||||||
The fair value measurements used in this evaluation of nonfinancial assets are considered to be Level 3 valuations within the fair value hierarchy outlined above, as there are significant unobservable inputs. Examples of inputs that were utilized in the fair value calculations include estimated holding periods, discount rates, market capitalization rates, expected lease rental rates, and potential sales prices. The table below represents the detail of the adjustments recognized using Level 3 inputs. | |||||||||||||||||
For the nine months ended September 30, 2013 (in thousands): | |||||||||||||||||
Property | Net Book Value | Impairment Loss Recognized | Fair Value | ||||||||||||||
120 Eagle Rock | $ | 23,808 | $ | (11,708 | ) | $ | 12,100 | ||||||||||
333 & 777 Republic Drive | $ | 13,359 | $ | (5,159 | ) | $ | 8,200 | ||||||||||
For the three and nine months ended September 30, 2012 (in thousands): | |||||||||||||||||
Property | Net Book Value | Impairment Loss Recognized | Fair Value | ||||||||||||||
180 E 100 South | $ | 30,847 | $ | (18,467 | ) | $ | 12,380 | ||||||||||
In connection with finalizing the terms of the 18 Property Sale agreement in the fourth quarter of 2013, Columbia Property Trust reduced the aggregate carrying value of the assets included therein to fair value, as estimated based on the approximate net contract price of $500 million, by recognizing an additional impairment loss of $12.9 million the third quarter of 2013. | |||||||||||||||||
Assets Held for Sale | |||||||||||||||||
Columbia Property Trust classifies assets as held for sale according to ASC 360, Accounting for the Impairment or Disposal of Long-Lived Assets ("ASC 360"). According to ASC 360, assets are considered held for sale when the following criteria are met: | |||||||||||||||||
• | Management, having the authority to approve the action, commits to a plan to sell the property. | ||||||||||||||||
• | The property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property. | ||||||||||||||||
• | An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated. | ||||||||||||||||
• | The sale of the property is probable, and transfer of the property is expected to qualify for recognition as a completed sale, within one year. | ||||||||||||||||
• | 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. | ||||||||||||||||
At such time that a property is determined to be held for sale, its carrying amount is reduced to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized. As of September 30, 2013, none of Columbia Property Trust's properties met the criteria to be classified as held for sale in the accompanying balance sheet. See Note 12, Subsequent Events, for discussion of the 18 Property Sale, which met the criteria for "held for sale" classification during the fourth quarter of 2013. | |||||||||||||||||
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 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 September 30, 2013 and December 31, 2012, Columbia Property Trust had the following gross intangible in-place lease assets and liabilities (in thousands): | |||||||||||||||||
Intangible Lease Assets | Intangible | Intangible | |||||||||||||||
Lease | Below-Market | ||||||||||||||||
Origination | In-Place Lease | ||||||||||||||||
Above-Market | Absorption | Costs | Liabilities | ||||||||||||||
In-Place | Period Costs | ||||||||||||||||
Lease Assets | |||||||||||||||||
September 30, 2013 | Gross | $ | 85,204 | $ | 453,896 | $ | 434,723 | $ | 180,356 | ||||||||
Accumulated Amortization | (59,392 | ) | (272,348 | ) | (257,694 | ) | (93,130 | ) | |||||||||
Net | $ | 25,812 | $ | 181,548 | $ | 177,029 | $ | 87,226 | |||||||||
December 31, 2012 | Gross | $ | 86,696 | $ | 459,931 | $ | 437,857 | $ | 182,624 | ||||||||
Accumulated Amortization | (56,259 | ) | (248,600 | ) | (230,930 | ) | (84,326 | ) | |||||||||
Net | $ | 30,437 | $ | 211,331 | $ | 206,927 | $ | 98,298 | |||||||||
Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands): | |||||||||||||||||
Intangible Lease Assets | Intangible | Intangible | |||||||||||||||
Lease | Below-Market | ||||||||||||||||
Origination | In-Place Lease | ||||||||||||||||
Above-Market | Absorption | Costs | Liabilities | ||||||||||||||
In-Place | Period Costs | ||||||||||||||||
Lease Assets | |||||||||||||||||
For the three months ended September 30, 2013 | $ | 1,487 | $ | 9,728 | $ | 9,957 | $ | 3,640 | |||||||||
For the three months ended September 30, 2012 | $ | 2,193 | $ | 11,195 | $ | 10,107 | $ | 4,316 | |||||||||
For the nine months ended September 30, 2013 | $ | 4,626 | $ | 29,783 | $ | 29,898 | $ | 11,071 | |||||||||
For the nine months ended September 30, 2012 | $ | 6,882 | $ | 37,175 | $ | 31,252 | $ | 12,731 | |||||||||
The remaining net intangible assets and liabilities as of September 30, 2013 will be amortized as follows (in thousands): | |||||||||||||||||
Intangible Lease Assets | Intangible | Intangible | |||||||||||||||
Lease | Below-Market | ||||||||||||||||
Origination | In-Place Lease | ||||||||||||||||
Above-Market | Absorption | Costs | Liabilities | ||||||||||||||
In-Place | Period Costs | ||||||||||||||||
Lease Assets | |||||||||||||||||
For the three months ending December 31, 2013 | $ | 1,467 | $ | 9,533 | $ | 9,811 | $ | 3,643 | |||||||||
For the years ending December 31: | |||||||||||||||||
2014 | 5,581 | 35,303 | 36,815 | 14,298 | |||||||||||||
2015 | 4,580 | 31,442 | 32,938 | 12,847 | |||||||||||||
2016 | 3,848 | 24,805 | 25,907 | 10,417 | |||||||||||||
2017 | 1,979 | 18,409 | 19,297 | 8,325 | |||||||||||||
2018 | 1,168 | 13,501 | 13,760 | 7,576 | |||||||||||||
Thereafter | 7,189 | 48,555 | 38,501 | 30,120 | |||||||||||||
$ | 25,812 | $ | 181,548 | $ | 177,029 | $ | 87,226 | ||||||||||
Intangible Assets and Liabilities Arising from In-Place Leases where Columbia Property Trust is the Lessee | |||||||||||||||||
In-place ground leases where Columbia Property Trust is the lessee may have value associated with effective contractual rental rates that are above or below market rates at the time of execution or assumption. Such values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place lease and (ii) management's estimate of fair market lease rates for the corresponding in-place lease at the time of execution or assumption, measured over a period equal to the remaining terms of the leases. The capitalized above-market and below-market in-place lease values are recorded as intangible lease liabilities and assets, respectively, and are amortized as an adjustment to property operating cost over the remaining term of the respective leases. Columbia Property Trust had gross below-market lease assets of approximately $110.7 million as of September 30, 2013 and December 31, 2012, and recognized amortization of these assets of approximately $0.5 million for the three months ended September 30, 2013 and 2012, and $1.6 million for the nine months ended September 30, 2013 and 2012. | |||||||||||||||||
As of September 30, 2013, the remaining net below-market lease asset will be amortized as follows (in thousands): | |||||||||||||||||
For the three months ending December 31, 2013 | $ | 517 | |||||||||||||||
For the years ending December 31: | |||||||||||||||||
2014 | 2,069 | ||||||||||||||||
2015 | 2,069 | ||||||||||||||||
2016 | 2,069 | ||||||||||||||||
2017 | 2,069 | ||||||||||||||||
2018 | 2,069 | ||||||||||||||||
Thereafter | 87,277 | ||||||||||||||||
$ | 98,139 | ||||||||||||||||
Prepaid Expenses and Other Assets | |||||||||||||||||
Prepaid expenses and other assets primarily are comprised of escrow accounts held by lenders to pay future real estate taxes, insurance and tenant improvements, notes receivable, nontenant receivables, prepaid taxes, insurance and operating costs, certain corporate assets, hotel inventory, and deferred tax assets. Prepaid expenses and other assets will be expensed as incurred or reclassified to other asset accounts upon being put into service in future periods. | |||||||||||||||||
Interest Rate Swap Agreements | |||||||||||||||||
Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of the effective portion of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income, while changes in the fair value of the ineffective portion of a hedge, if any, is recognized currently in earnings. Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain (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 (loss) on interest rate swaps for contracts that do not qualify for hedge accounting treatment. | |||||||||||||||||
The following tables provide additional information related to Columbia Property Trust's interest rate swaps (in thousands): | |||||||||||||||||
Estimated Fair Value as of | |||||||||||||||||
Instrument Type | Balance Sheet Classification | September 30, | December 31, | ||||||||||||||
2013 | 2012 | ||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Accounts payable | $ | (3,509 | ) | $ | (5,305 | ) | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Accounts payable | $ | (8,755 | ) | $ | (13,109 | ) | ||||||||||
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. The fair value of Columbia Property Trust's interest rate swaps were $(12.3) million and $(18.4) million at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||
Nine months ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Market value adjustment to interest rate swaps designated as hedging instruments and included in | $ | 1,795 | $ | (5,883 | ) | ||||||||||||
other comprehensive income | |||||||||||||||||
Loss on interest rate swap recognized through earnings | $ | (198 | ) | $ | (118 | ) | |||||||||||
During the periods presented, there was no hedge ineffectiveness required to be recognized into earnings on the interest rate swaps that qualified for hedge accounting treatment. | |||||||||||||||||
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 Trust 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. As a REIT, Columbia Property Trust generally is not subject to income tax on income it distributes to stockholders. Columbia Property Trust's stockholder distributions typically exceed its taxable income due to the inclusion of noncash expenses, such as depreciation, in taxable income. As a result, Columbia Property Trust typically does not incur federal income taxes other than as described in the following paragraph. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements. | |||||||||||||||||
Columbia Property Trust TRS, LLC ("Columbia Property Trust TRS"), Columbia KCP TRS, LLC ("Columbia KCP TRS"), and Wells Energy TRS, LLC ("Wells Energy TRS") (collectively, the "TRS Entities") are wholly owned subsidiaries of Columbia Property Trust, are organized as Delaware limited liability companies, and operate, among other things, a full-service hotel. Columbia Property Trust 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 Trust to continue to qualify as a REIT, Columbia Property Trust must limit its investments in taxable REIT subsidiaries to 25% 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 Trust records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations. | |||||||||||||||||
Reclassification | |||||||||||||||||
Certain prior period amounts have been reclassified to provide additional detail, or to conform with the current-period financial statement presentation, including discontinued operations (see Note 10, Discontinued Operations). |
Real_Estate_and_Other_Transact
Real Estate and Other Transactions | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||
Real Estate and Other Transactions | ' | |||||||||||||
Real Estate and Other Transactions | ||||||||||||||
Acquisitions | ||||||||||||||
Columbia Property Trust did not acquire any properties during the nine months ended September 30, 2012 or 2013. | ||||||||||||||
As described in Note 1, Organization, Columbia Property Trust acquired Columbia Property Trust Advisory Services and Columbia Property Trust Services on February 28, 2013. The following unaudited pro forma statements of operations presented for the nine months ended September 30, 2013, and the three and nine months ended September 30, 2012 have been prepared for Columbia Property Trust to give effect to the acquisitions of Columbia Property Trust Advisory Services and Columbia Property Trust Services as if the acquisitions occurred on January 1, 2012. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had the acquisitions of Columbia Property Trust Advisory Services and Columbia Property Trust Services been consummated as of January 1, 2012 (in thousands). | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Revenues | * | $ | 145,114 | $ | 446,141 | $ | 431,190 | |||||||
Net income attributable to common stockholders | * | $ | 2,133 | $ | 36,430 | $ | 25,851 | |||||||
* | Columbia Property Trust owned Columbia Property Trust Advisory Services and Columbia Property Trust Services for all of the three months ended September 30, 2013. | |||||||||||||
Dispositions | ||||||||||||||
On March 21, 2013, Columbia Property Trust closed on the sale of the Dvintsev Business Center - Tower B building in Moscow, Russia, and its holding entity, Landlink Ltd., which was 100% owned by Columbia Property Trust, for $67.5 million, exclusive of transaction costs, resulting in a gain on disposition of discontinued operations in the accompanying consolidated statement of operations of $10.0 million. |
Line_of_Credit_and_Notes_Payab
Line of Credit and Notes Payable | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Line of Credit and Notes Payable | ' | ||||||||
Line of Credit and Notes Payable | |||||||||
As of September 30, 2013 and December 31, 2012, Columbia Property Trust had the following line of credit and notes payable indebtedness outstanding (excluding bonds payable; see Note 5, Bonds Payable) in thousands: | |||||||||
Facility | September 30, | December 31, | |||||||
2013 | 2012 | ||||||||
$450 Million Term Loan | $ | 450,000 | $ | 450,000 | |||||
Market Square Buildings mortgage note | 325,000 | 325,000 | |||||||
333 Market Street Building mortgage note | 207,747 | 208,308 | |||||||
JPMorgan Chase Credit Facility | 130,000 | 42,000 | |||||||
100 East Pratt Street Building mortgage note | 105,000 | 105,000 | |||||||
Wildwood Buildings mortgage note | 90,000 | 90,000 | |||||||
263 Shuman Boulevard Building mortgage note | 49,000 | 49,000 | |||||||
SanTan Corporate Center mortgage notes | 39,000 | 39,000 | |||||||
One Glenlake Building mortgage note | 35,349 | 37,204 | |||||||
215 Diehl Road Building mortgage note | 21,000 | 21,000 | |||||||
544 Lakeview Building mortgage note | 8,944 | 8,842 | |||||||
Three Glenlake Building mortgage note | — | 26,264 | |||||||
Total indebtedness | $ | 1,461,040 | $ | 1,401,618 | |||||
$450 Million Term Loan | |||||||||
On August 21, 2013, Columbia Property Trust amended and restated its $450 Million Term Loan (the "$450 Million Term Loan") with a syndicate of banks with JP Morgan Securities, LLC and PNC Capital Markets, LLC, serving as joint lead arrangers and joint book runners, to, among other things: (i) change the margins on the interest rate under the term loan, as described below; (ii) provide for an additional one-year extension option; (iii) provide for four additional accordion options for an aggregate amount of $250.0 million, in minimum amounts of $25.0 million each; and (iv) revise certain restrictive covenants under the term loan, and thereby create additional flexibility. | |||||||||
The $450 Million Term Loan, as amended, reduced the applicable margin on the interest rate to a range from 1.15% to 1.95% for the LIBOR or a range from 0.15% to 0.95% for the margin adjustment to the alternate base rate, based on Columbia Property Trust's applicable credit rating. Prior to the amendment of the $450 Million Term Loan, the applicable margin on the interest rate was a range from 1.30% to 2.30% for LIBOR or a range from 0.30% to 1.30% for the margin adjustment to the alternate base rate. The interest rate on the $450 Million Term Loan continues to be effectively fixed with an interest rate swap agreement. Based on the terms of the interest rate swap and Columbia Property Trust's current credit rating, the interest rate on the $450 Million Term Loan is effectively fixed at 2.28%. | |||||||||
JPMorgan Chase Credit Facility | |||||||||
On August 21, 2013, Columbia Property Trust also amended and restated the JPMorgan Chase Credit Facility (the "JPMorgan Chase Credit Facility") with JP Morgan Securities, LLC and PNC Capital Markets, LLC, serving as joint lead arrangers and joint book runners, to, among other things: (i) change the margins on the interest rate under the facility, as described below; (ii) extend the maturity date from May 2015 to August 2017, with a one-year extension option; (iii) enable Columbia Property Trust to increase the facility amount by an aggregate of up to $300.0 million, not to exceed a total facility of $800.0 million on four occasions; and (iv) revise certain restrictive covenants under the facility, and thereby create additional flexibility. | |||||||||
The JPMorgan Chase Credit Facility, as amended, reduced the applicable margin on the interest rate to a range from 1.00% to 1.70% for LIBOR or a range from 0.00% to 0.70% for the margin adjustment to the alternate base rate, based on Columbia Property Trust's applicable credit rating. Prior to amendment, the applicable margin on the interest rate was a range from 1.25% to 2.05% for LIBOR or a range from 0.25% to 1.05% for the margin adjustment to the alternate base rate. Additionally, the per annum facility fee on the aggregate revolving commitment (used or unused) now ranges from 0.15% to 0.35%, also based on Columbia Property Trust's applicable credit rating. Prior to amendment, the per annum facility fee ranged from 0.25% to 0.45%. | |||||||||
Fair Value of Debt | |||||||||
The estimated fair value of Columbia Property Trust's line of credit and notes payable as of September 30, 2013 and December 31, 2012 was approximately $1,472.7 million and $1,433.1 million, respectively. Columbia Property Trust estimated the fair value of its JPMorgan Chase Credit Facility by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates. Therefore, the fair values determined are considered to be based on observable market data for similar instruments (Level 2). The fair values of all other debt instruments were estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowing arrangements as of the respective reporting dates. The discounted cash flow method of assessing fair value results in a general approximation of value, and such value may never actually be realized. | |||||||||
Interest Paid and Debt Covenants | |||||||||
During the nine months ended September 30, 2013 and 2012, Columbia Property Trust made interest payments of approximately $45.6 million and $37.3 million, respectively. There was no interest capitalized in either period. As of September 30, 2013, Columbia Property Trust believes it was in compliance with the restrictive covenants on its $450 Million Term Loan, JPMorgan Chase Credit Facility, and notes payable obligations. | |||||||||
Debt Maturity | |||||||||
On July 31, 2013, Columbia Property Trust repaid the Three Glenlake Building mortgage note of $26.4 million with cash on hand and proceeds from the JPMorgan Chase Credit Facility, and the related interest rate swap matured. |
Bonds_Payable
Bonds Payable | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Bonds Payable | ' |
Bonds Payable | |
In 2011, Columbia Property Trust issued $250.0 million of seven-year, unsecured 5.875% senior notes at 99.295% of their face value (the "2018 Bonds Payable"). Columbia Property Trust received proceeds from the 2018 Bonds Payable, net of fees, of $246.7 million. The 2018 Bonds Payable require semi-annual interest payments in April and October based on a contractual annual interest rate of 5.875%, which is subject to adjustment in certain circumstances. In the accompanying consolidated balance sheets, the 2018 Bonds Payable are shown net of the initial issuance discount of approximately $1.8 million, which is amortized to interest expense over the term of the 2018 Bonds Payable using the effective interest method. The principal amount of the 2018 Bonds Payable is due and payable on the maturity date, April 1, 2018. Interest payments of $7.3 million were made on the 2018 Bonds Payable during the nine months ended September 30, 2013. As of September 30, 2013, Columbia Property Trust believes it was in compliance with the restrictive covenants on the 2018 Bonds Payable. | |
The estimated fair value of the 2018 Bonds Payable as of September 30, 2013 and December 31, 2012 was approximately $250.9 million. The fair value of the 2018 Bonds Payable was estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowing as the 2018 Bonds Payable arrangements as of the respective reporting dates (Level 2). The discounted cash flow method of assessing fair value results in a general approximation of value, and such value may never actually be realized. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Commitments Under Existing Lease Agreements | |
Certain lease agreements include provisions that, at the option of the tenant, may obligate Columbia Property Trust to expend capital to expand an existing property or provide other expenditures for the benefit of the tenant. As of September 30, 2013, no such options have been exercised that had not been materially satisfied. | |
Litigation | |
Columbia Property Trust is subject to various legal proceedings, claims and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any reasonably possible loss relating to these matters using the latest information available. Columbia Property Trust records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, Columbia Property Trust accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, Columbia Property Trust accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, Columbia Property Trust discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, Columbia Property Trust discloses the nature and estimate of the possible loss of the litigation. Columbia Property Trust does not disclose information with respect to litigation where the possibility of an unfavorable outcome is considered to be remote. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business or financial condition of Columbia Property Trust. Columbia Property Trust is not currently involved in any legal proceedings of which management would consider the outcome to be reasonably likely to have a material adverse effect on the results of operations or financial condition of Columbia Property Trust. |
Stockholders_Equity
Stockholder's Equity | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Equity | ' |
Equity | |
Listing | |
As of October 10, 2013, Columbia Property Trust listed its common stock on the NYSE under the ticker symbol "CXP." Columbia Property Trust has incurred $0.8 million of costs related to the listing as of September 30, 2013, primarily related to professional and legal fees associated with the listing, and will incur additional costs in the fourth quarter of 2013. | |
Tender Offer | |
On October 10, 2013, Columbia Property Trust commenced a modified "Dutch-auction" tender offer to purchase for cash up to $300.0 million in value of shares of its common stock (the "Tender Offer"). Under the terms of the Tender Offer, Columbia Property Trust intends to select the lowest price, not greater than $25.00, nor less than $22.00 per share, net to the seller in cash, less any applicable withholding taxes and without interest, that will enable Columbia Property Trust to purchase the maximum number of shares of common stock properly tendered in the Tender Offer and not properly withdrawn having an aggregate purchase price not exceeding $300.0 million (or such lesser number if less than $300.0 million in value of shares of common stock are properly tendered) after giving effect to any shares of common stock properly withdrawn. Columbia Property Trust intends to fund the purchase price for shares accepted for payment pursuant to the Tender Offer, and related fees and expenses, from cash on hand and proceeds from the 18 Property Sale. Subject to extension or withdrawal in accordance with its terms, the Tender Offer is scheduled to expire at 11:59 P.M., New York City Time, on November 8, 2013. | |
Reverse Stock Split | |
On August 6, 2013, Columbia Property Trust's board of directors approved a four-for-one reverse stock split (the “Reverse Stock Split”). The Reverse Stock Split became effective on August 14, 2013 (the “Effective Date”), causing every four shares of common stock that were issued and outstanding as of the Effective Date to be automatically combined into one issued and outstanding share of common stock. The share combination affected all shareholders uniformly and did not affect any shareholder's percentage ownership interest or any shareholder rights. In addition, the par value and number of authorized shares of common stock remained unchanged. The Reverse Stock Split requires retroactive adjustment; therefore, all share and per-share data for prior periods has been adjusted to reflect the Reverse Stock Split. | |
Redemption of Fractional Shares | |
In connection with the Reverse Stock Split, the board of directors approved the redemption of all fractional shares of Columbia Property Trust's common stock that remained following effectuation of the Reverse Stock Split. Each affected shareholder of record as of the close of business on August 14, 2013 received a cash payment equal to the fractional share held by such shareholder multiplied by $29.32 (which number is the product of Columbia Property Trust's most recently appraised net asset value per share as of September 30, 2012 multiplied by four to account for the Reverse Stock Split). | |
Redeemable Common Stock | |
In preparation for listing, Columbia Property Trust terminated its former share redemption program ("SRP") effective July 31, 2013. Previously, under the SRP, the decision to honor redemptions, subject to certain plan requirements and limitations, fell outside the control of Columbia Property Trust. As a result, until the termination of the SRP, Columbia Property Trust recorded redeemable common stock in the temporary equity section of its consolidated balance sheet. | |
Stock-based Compensation | |
In September 2013, Columbia Property Trust paid the 2013 annual equity retainers to its independent directors by issuing 6,820 shares of common stock at $29.32 per share (Columbia Property Trust's most recently appraised net asset value per share as adjusted for the Reverse Stock Split as of September 30, 2012). As a result of this payment, Columbia Property Trust incurred approximately $0.2 million of stock-based compensation expense in the third quarter of 2013, which is included in general and administrative expenses in the accompanying consolidated statement of operations. | |
Prior Public Offerings | |
From December 2003 through June 2010, Columbia Property Trust raised proceeds through three uninterrupted public offerings of shares of its common stock. Through July 7, 2013, Columbia Property Trust offered shares of its common stock to its current investors through its Distribution Reinvestment Plan ("DRP") pursuant to a registration statement on Form S-3. As of September 30, 2013, Columbia Property Trust had raised gross offering proceeds from the sale of common stock under its public offerings of approximately $6.2 billion. After deductions from such gross offering proceeds for selling commissions and dealer-manager fees of approximately $509.5 million, acquisition fees of approximately $116.8 million, other organization and offering expenses of approximately $76.1 million, and common stock redemptions pursuant to the SRP of approximately $829.8 million, Columbia Property Trust had received aggregate net offering proceeds of approximately $4.7 billion. Substantially all of Columbia Property Trust's net offering proceeds have been invested in real estate. |
Supplemental_Disclosures_of_No
Supplemental Disclosures of Noncash Investing and Financing Activities | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Disclosures of Noncash Investing and Financing Activities | ' | |||||||
Supplemental Disclosures of Noncash Investing and Financing Activities | ||||||||
Outlined below are significant noncash investing and financing activities for the nine months ended September 30, 2013 and 2012 (in thousands): | ||||||||
Nine months ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Other assets assumed at acquisition | $ | 741 | $ | — | ||||
Other liabilities assumed at acquisition | $ | 741 | $ | — | ||||
Other liabilities settled at disposition | $ | 872 | $ | — | ||||
Interest accruing to notes payable | $ | 186 | $ | 229 | ||||
Amortization of discounts (premiums) on debt | $ | (270 | ) | $ | 290 | |||
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment | $ | 1,795 | $ | (5,883 | ) | |||
Accrued capital expenditures and deferred lease costs | $ | 10,203 | $ | 21,439 | ||||
Accrued deferred financing costs | $ | 7 | $ | — | ||||
Accrued redemptions of common stock | $ | — | $ | 1,872 | ||||
Stock-based compensation expense | $ | 200 | $ | — | ||||
Increase (decrease) in redeemable common stock | $ | (99,526 | ) | $ | 15,886 | |||
RelatedParty_Transactions_and_
Related-Party Transactions and Agreements | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Related-Party Transactions and Agreements | ' | |||||||||||||||
Related-Party Transactions and Agreements | ||||||||||||||||
Advisory Agreement | ||||||||||||||||
From December 2003 through February 28, 2013, Columbia Property Trust was party to uninterrupted advisory agreements with affiliates of WREF (the "Advisor"), pursuant to which the Advisor acted as Columbia Property Trust's external advisor and performed certain key functions on behalf of Columbia Property Trust, including, among others, the investment of capital proceeds and management of day-to-day operations (the "Advisory Agreement"). As discussed in detail below, in connection with Columbia Property Trust's transition to a self-managed structure, the most recent advisory agreement was terminated effective February 28, 2013. | ||||||||||||||||
Under the terms of the Advisory Agreement most recently in place, Columbia Property Trust incurred fees and reimbursements payable to the Advisor for services as described below: | ||||||||||||||||
• | Asset management fees were incurred monthly at one-twelfth of 0.625% of the lesser of (i) gross cost, as defined, of all properties of Columbia Property Trust (other than those that failed to meet specified occupancy thresholds) and investments in joint ventures, or (ii) the aggregate value of Columbia Property Trust's interest in the properties and joint ventures as established with the most recent asset-based valuation, until the monthly payment equals $2.5 million (or $30.5 million annualized), as of the last day of each preceding month. Columbia Property Trust paid fees at the cap in January and February 2013. With respect to (ii) above, Columbia Property Trust's published net asset-based valuations did not impact asset management fees incurred due to continued applicability of the cap described above. | |||||||||||||||
• | Reimbursement for all costs and expenses the Advisor incurred in fulfilling its duties as the asset portfolio manager, generally included (i) wages and salaries and other employee-related expenses of the Advisor's employees, who performed a full range of real estate services for Columbia Property Trust, including management, administration, operations, and marketing, and are billed to Columbia Property Trust based on the amount of time spent on Columbia Property Trust by such personnel, provided that such expenses are not reimbursed if incurred in connection with services for which the Advisor received a disposition fee (described below) or an acquisition fee; and (ii) amounts paid for an individual retirement account, or "IRA," custodial service costs allocated to Columbia Property Trust accounts. The Advisory Agreement limited the amount of reimbursements to the Advisor of "portfolio general and administrative expenses" and "personnel expenses," as defined, to the extent they would exceed $18.2 million and $10.0 million, respectively, during 2013. | |||||||||||||||
• | Acquisition fees were incurred at 1.0% of property purchase price (excluding acquisition expenses); however, in no event could total acquisition fees for the calendar year exceed 2.0% of total gross offering proceeds. Columbia Property Trust also reimbursed the Advisor for expenses it paid to third parties in connection with acquisitions or potential acquisitions. Per the Transition Services Agreement discussed below, acquisition fees payable to the Advisor for 2012 and 2013 had an aggregate cap of $1.5 million. Columbia Property Trust paid acquisition fees of $1.5 million related to the acquisition on the 333 Market Street Building in San Francisco, California, in December 2012. As a result, no acquisition fees will be paid to the Advisor during 2013. | |||||||||||||||
• | The disposition fee payable for the sale of any property for which the Advisor provided substantial services was the lesser of (i) 0.3% or (ii) the broker fee paid to a third-party broker in connection with the sale. | |||||||||||||||
• | Reimbursement of organization and offering costs paid by the Advisor on behalf of Columbia Property Trust, not to exceed 2.0% of gross offering proceeds. | |||||||||||||||
• | For January and February 2013 Columbia Property Trust paid occupancy costs of $42,000 to the Advisor's for use of dedicated office space. | |||||||||||||||
Transition Services Agreement | ||||||||||||||||
For the period from July 1, 2012 through December 31, 2013, Columbia Property Trust, Columbia Property Trust Advisory Services, and WREF are parties to an agreement under which WREF provides services to support the transition of Columbia Property Trust from an externally advised management platform to a self-managed structure (the "Transition Services Agreement"). Pursuant to the Transition Services Agreement, (i) WREF was required to transfer the assets and employees necessary to provide the services under the Advisory Agreement (other than investor services and property management) to Columbia Property Trust Advisory Services by January 1, 2013; provided that if WREF was not able to transfer certain assets by then, WREF was required to use its commercially reasonable best efforts to transfer such delayed assets as promptly as possible, but no later than June 30, 2013; and (ii) Columbia Property Trust had the option to acquire Columbia Property Trust Advisory Services from WREF at any time during 2013 (the "Columbia Property Trust Advisory Services Assignment Option"). The Columbia Property Trust Advisory Services Assignment Option closed as of February 28, 2013, and all assets were transferred by June 30, 2013. No payment was associated with the assignment; however, Columbia Property Trust was required to pay WREF for the work required to transfer sufficient employees, proprietary systems and processes, and assets to Columbia Property Trust Advisory Services to prepare for a successful transition to a self-managed structure a total of $6.0 million payable in 12 monthly installments of $0.5 million commencing on July 31, 2012. In addition, Columbia Property Trust and WREF were each obligated to pay half of any out-of-pocket and third-party costs and expenses incurred in connection with providing these services, provided that Columbia Property Trust's obligation to reimburse WREF for such expenses was limited to approximately $250,000 in the aggregate. Pursuant to the Transition Services Agreement at the close of the Columbia Property Trust Advisory Services Assignment Option, Columbia Property Trust entered into a consulting services agreement with WREF as described below. | ||||||||||||||||
On December 28, 2012, the Transition Services Agreement was amended and Wells Management and Columbia Property Trust Services were made parties to the agreement. Pursuant to the amendment, Columbia Property Trust could acquire Columbia Property Trust Services, the entity that provided personnel to carry out property management services on behalf of Wells Management and its affiliates, in connection with exercising the Columbia Property Trust Advisory Services Assignment Option. Columbia Property Trust exercised this option on February 28, 2013. No payment was associated with this assignment; however, Columbia Property Trust is obligated to pay a fee to WREF of approximately $2.8 million in monthly installments from July 2013 through December 2013. The fees paid under the Transition Services Agreement are included in general and administrative expense in the accompanying consolidated statement of operations. The Transition Services Agreement is terminable if there is a material breach by WREF that is not cured, or if WREF is in an insolvency proceeding. Otherwise, if Columbia Property Trust elects to terminate the agreement early, all remaining payments due under the agreement will be accelerated. | ||||||||||||||||
Investor Services Agreement | ||||||||||||||||
Columbia Property Trust and WREF entered into an investor services agreement, effective January 1, 2013 through February 28, 2013, that required WREF to provide certain investor and transfer agent support services to Columbia Property Trust, which were previously provided under the advisory agreement dated March 30, 2011 (the "Investor Services Agreement"). As the sole consideration for these services, Columbia Property Trust reimbursed WREF for expenses incurred in connection with carrying out such services, subject to the cap on "portfolio general and administrative expenses" and "personnel expenses" included in the Advisory Agreement and, thus, did not incur a separate fee. | ||||||||||||||||
2013 Investor Services Agreement | ||||||||||||||||
Effective February 28, 2013, upon the effective date of the Columbia Property Trust Advisory Services Assignment Option, Columbia Property Trust entered into an agreement with WREF, which requires WREF to provide the investor and transfer agent support services to Columbia Property Trust that were previously provided for under the Investor Services Agreement (the "2013 Investor Services Agreement"). The 2013 Investor Services Agreement requires Columbia Property Trust to compensate WREF for these services by reimbursing the related expenses and payroll costs, plus a premium. | ||||||||||||||||
Consulting Services Agreement | ||||||||||||||||
On February 28, 2013, the Columbia Property Trust Advisory Services Assignment Option and Columbia Property Trust Services Assignment Option closed, and in connection therewith, the Advisory Agreement and Investor Services Agreement terminated and Columbia Property Trust entered into a consulting services agreement with WREF (the "Consulting Services Agreement"). Under the Consulting Services Agreement, WREF will provide consulting services with respect to the same matters that the Advisor provided services under the most recently effective advisory agreement. Payments under the Consulting Services Agreement are monthly fees in the same amount as the asset management fee that would have been paid under the most recently effective advisory agreement, if the most recently effective advisory agreement was not terminated. No acquisition or disposition fees are payable under the Consulting Services Agreement. The Consulting Services Agreement will terminate on December 31, 2013. If Columbia Property Trust elects to terminate the Consulting Services Agreement early for cause, Columbia Property Trust would not be required to make further payments under the agreement other than fees earned by WREF and unpaid at the time of termination. If Columbia Property Trust terminates the Consulting Services Agreement other than for cause, Columbia Property Trust would be required to make a fee acceleration payment, which is calculated as the fees incurred in the last month prior to termination, adjusted for partial months, multiplied by the number of months remaining between the time of termination and December 31, 2013. The fees incurred under the Consulting Services Agreement are included in general and administrative expense in the accompanying consolidated statement of operations. | ||||||||||||||||
Property Management Agreement | ||||||||||||||||
Columbia Property Trust was party to master property management, leasing, and construction agreements (the "Property Management Agreement") with affiliates of WREF (the "Property Manager") until February 28, 2013, on which date Columbia Property Trust terminated the Property Management Agreement contemporaneous with acquiring Columbia Property Trust Services. As a result, property management services are now performed by employees of Columbia Property Trust. While no fee was paid to execute this acquisition, Columbia Property Trust is obligated to pay a fee to WREF totaling $2.8 million from July through December 2013 for the transition of property management services to Columbia Property Trust Services. | ||||||||||||||||
During January and February 2013, the Property Manager received the following fees and reimbursements in consideration for supervising the management, leasing, and construction of certain Columbia Property Trust properties: | ||||||||||||||||
• | Property management fees in an amount equal to a percentage negotiated for each property managed by the Property Manager of the gross monthly income collected for that property for the preceding month; | |||||||||||||||
• | Leasing commissions for new, renewal, or expansion leases entered into with respect to any property for which the Property Manager serves as leasing agent equal to a percentage as negotiated for that property of the total base rental and operating expenses to be paid to Columbia Property Trust during the applicable term of the lease, provided, however, that no commission shall be payable as to any portion of such term beyond ten years; | |||||||||||||||
• | Initial lease-up fees for newly constructed properties under the agreement, generally equal to one month's rent; | |||||||||||||||
• | Fees equal to a specified percentage of up to 5.0% of all construction build-out funded by Columbia Property Trust, given as a leasing concession, and overseen by the Property Manager; and | |||||||||||||||
• | Other fees as negotiated with the addition of each specific property covered under the agreement. | |||||||||||||||
Related-Party Costs | ||||||||||||||||
Pursuant to the terms of the agreements described above, Columbia Property Trust incurred the following related-party costs for the three and nine months ended September 30, 2013 and 2012, respectively (in thousands): | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Investor services | $ | 269 | $ | — | $ | 638 | $ | — | ||||||||
Administrative reimbursements, net(1) | 37 | 2,665 | 1,928 | 8,256 | ||||||||||||
Consulting fees(2) | — | — | 25,417 | — | ||||||||||||
Transition services(3) | — | 1,500 | 5,750 | 1,500 | ||||||||||||
Asset management fees | — | 7,875 | 5,083 | 24,125 | ||||||||||||
Property management fees | — | 1,028 | 523 | 3,307 | ||||||||||||
Construction fees(4) | — | 55 | 139 | 116 | ||||||||||||
Other | — | 63 | 69 | 63 | ||||||||||||
Total | $ | 306 | $ | 13,186 | $ | 39,547 | $ | 37,367 | ||||||||
-1 | Administrative reimbursements are presented net of reimbursements from tenants of approximately $1.2 million for the three months ended September 30, 2012, and approximately $0.7 million and $3.3 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||
(2) | $17.8 million of the $25.4 million of consulting fees incurred were paid during the nine months ended September 30, 2013. The remaining $7.6 million will be paid ratably over the remainder of 2013. | |||||||||||||||
(3) | $4.5 million of the $5.8 million of transition services fees incurred were paid during the nine months ended September 30, 2013. The remaining $1.3 million will be paid in the fourth quarter of 2013. | |||||||||||||||
(4) | Construction fees are capitalized to real estate assets as incurred. | |||||||||||||||
Columbia Property Trust incurred no related-party commissions, dealer-manager fees, offering costs, incentive fees, listing fees, acquisition fees, disposition fees, or leasing commissions during the three and nine months ended September 30, 2013 or the three and nine months ended September 30, 2012. | ||||||||||||||||
Due to Affiliates | ||||||||||||||||
The detail of amounts due to WREF and its affiliates as of September 30, 2013 and December 31, 2012 (in thousands) are provided below: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Consulting fees | $ | 7,625 | $ | — | ||||||||||||
Transition services | 1,250 | — | ||||||||||||||
Administrative reimbursements | — | 1,360 | ||||||||||||||
Asset and property management fees | — | 560 | ||||||||||||||
Total | $ | 8,875 | $ | 1,920 | ||||||||||||
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operation, Additional Disclosures [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
Discontinued Operations | ||||||||||||||||
The historical operating results and gains from the disposition of certain assets, including assets "held for sale" and operating properties sold, are required to be reflected in a separate section ("discontinued operations") in the consolidated statements of operations for all periods presented. As a result, the revenues and expenses of the following properties are included in income (loss) from discontinued operations in the accompanying consolidated statements of operations for all periods presented: Dvintsev Business Center - Tower B, which sold on March 21, 2013 for $67.5 million and resulted in a gain of $10.0 million; the properties included in the Nine Property Sale (consisting of the One West Fourth Street, 180 E 100 South, Baldwin Point, Tampa Commons, Lakepointe 5, Lakepointe 3, 11950 Corporate Boulevard, Edgewater Corporate Center, and 2000 Park Lane properties), which closed in December 2012 for $260.5 million and resulted in a net gain of $3.2 million; and 5995 Opus Parkway and Emerald Point, which closed in January 2012 for $60.1 million and resulted in total gains of $16.9 million. | ||||||||||||||||
The following table shows the revenues and expenses of the above-described discontinued operations (in thousands): | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues: | ||||||||||||||||
Rental income | $ | 74 | $ | 9,032 | $ | 1,383 | $ | 28,404 | ||||||||
Tenant reimbursements | (62 | ) | 721 | 122 | 2,140 | |||||||||||
12 | 9,753 | 1,505 | 30,544 | |||||||||||||
Expenses: | ||||||||||||||||
Property operating costs | (190 | ) | 3,171 | (6 | ) | 9,784 | ||||||||||
Asset and property management fees | — | 697 | 223 | 2,071 | ||||||||||||
Depreciation | — | 2,254 | 375 | 6,744 | ||||||||||||
Amortization | — | 1,207 | 37 | 3,752 | ||||||||||||
Impairment loss on real estate assets | — | 18,467 | — | 18,467 | ||||||||||||
General and administrative | 156 | 224 | 984 | (128 | ) | |||||||||||
Total expenses | (34 | ) | 26,020 | 1,613 | 40,690 | |||||||||||
Operating income (loss) | 46 | (16,267 | ) | (108 | ) | (10,146 | ) | |||||||||
Other income (expense): | ||||||||||||||||
Interest expense | — | (538 | ) | — | (1,681 | ) | ||||||||||
Interest and other income | 17 | — | 20 | — | ||||||||||||
Operating income (loss) from discontinued operations | 63 | (16,805 | ) | (88 | ) | (11,827 | ) | |||||||||
Gain on disposition of discontinued operations | — | — | 10,014 | 16,947 | ||||||||||||
Income (loss) from discontinued operations | $ | 63 | $ | (16,805 | ) | $ | 9,926 | $ | 5,120 | |||||||
Financial_Information_for_Pare
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: | ||||||||||||||||||||
-1 | The subsidiary issuer (Columbia Property Trust OP) is 100% owned by the parent company guarantor (Columbia Property Trust); | |||||||||||||||||||
-2 | The guarantees are full and unconditional; and | |||||||||||||||||||
-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) | ||||||||||||||||||||
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 | |||||||||||||||
Investment in development authority bonds | — | — | 586,000 | — | 586,000 | |||||||||||||||
Total assets | $ | 3,048,515 | $ | 2,729,251 | $ | 5,484,757 | $ | (5,699,898 | ) | $ | 5,562,625 | |||||||||
Liabilities: | ||||||||||||||||||||
Line of credit and notes payable | $ | — | $ | 580,000 | $ | 1,202,116 | $ | (321,076 | ) | $ | 1,461,040 | |||||||||
Bonds payable, net | — | 248,867 | — | — | 248,867 | |||||||||||||||
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 | ||||||||||||||
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 | |||||||||
Condensed Consolidating Balance Sheets (in thousands) | ||||||||||||||||||||
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 | |||||||||
Consolidating Statements of Operations (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) | ||||||||||||||||||||
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 | ||||||||||||||
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. | ||||||||||||||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
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 | |||||||||||||||
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 | ||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income (loss) from discontinued operations | — | 1,770 | (18,575 | ) | — | (16,805 | ) | |||||||||||||
Gain on disposition of discontinued operations | — | — | — | — | — | |||||||||||||||
Income (loss) from discontinued operations | — | 1,770 | (18,575 | ) | — | (16,805 | ) | |||||||||||||
Net income (loss) attributable to the common stockholders of | $ | (5,859 | ) | $ | (2,496 | ) | $ | 9,839 | $ | (7,343 | ) | $ | (5,859 | ) | ||||||
Columbia Property Trust, Inc. | ||||||||||||||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
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 | ||||||||||||||
— | 419 | 444,937 | (337 | ) | 445,019 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 1,455 | 131,902 | (201 | ) | 133,156 | ||||||||||||||
Hotel operating costs | — | — | 13,774 | — | 13,774 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | 5,018 | 11 | 540 | (28 | ) | 5,541 | ||||||||||||||
Other | — | — | 1,760 | — | 1,760 | |||||||||||||||
Depreciation | — | 894 | 90,877 | — | 91,771 | |||||||||||||||
Amortization | — | 21 | 66,243 | — | 66,264 | |||||||||||||||
Impairment loss on real estate asset | — | — | 29,737 | — | 29,737 | |||||||||||||||
General and administrative | 17 | 41,436 | 12,618 | (108 | ) | 53,963 | ||||||||||||||
Listing costs | 25 | 731 | — | — | 756 | |||||||||||||||
5,060 | 44,548 | 347,451 | (337 | ) | 396,722 | |||||||||||||||
Operating income (loss) | (5,060 | ) | (44,129 | ) | 97,486 | — | 48,297 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (24,981 | ) | (71,312 | ) | 14,164 | (82,129 | ) | ||||||||||||
Interest and other income (expense) | 6,000 | 8,169 | 27,548 | (14,164 | ) | 27,553 | ||||||||||||||
Loss on interest rate swaps | — | — | (198 | ) | — | (198 | ) | |||||||||||||
Income (loss) from equity investment | 1,853 | 57,478 | — | (59,331 | ) | — | ||||||||||||||
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 | ) | ||||||||||||
Income (loss) from continuing operations | 2,793 | (3,465 | ) | 52,870 | (59,331 | ) | (7,133 | ) | ||||||||||||
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 | |||||||||||||||
Net income (loss) attributable to the common stockholders of | $ | 2,793 | $ | (2,807 | ) | $ | 62,138 | $ | (59,331 | ) | $ | 2,793 | ||||||||
Columbia Property Trust, Inc. | ||||||||||||||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
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 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 1,460 | 124,171 | — | 125,631 | |||||||||||||||
Hotel operating costs | — | — | 14,006 | — | 14,006 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | 22,528 | 46 | 3,407 | (107 | ) | 25,874 | ||||||||||||||
Other | — | — | 2,061 | — | 2,061 | |||||||||||||||
Depreciation | — | 531 | 83,492 | — | 84,023 | |||||||||||||||
Amortization | — | 350 | 75,543 | — | 75,893 | |||||||||||||||
General and administrative | 23 | 14,970 | 3,280 | — | 18,273 | |||||||||||||||
22,551 | 17,357 | 305,960 | (107 | ) | 345,761 | |||||||||||||||
Operating income (loss) | (22,551 | ) | (15,597 | ) | 119,406 | — | 81,258 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (24,151 | ) | (69,665 | ) | 14,260 | (79,556 | ) | ||||||||||||
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 | ) | ||||||||||||
Income (loss) from continuing operations | 36,186 | 43,248 | 79,115 | (127,479 | ) | 31,070 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income (loss) from discontinued operations | — | 5,177 | (17,004 | ) | — | (11,827 | ) | |||||||||||||
Gain on disposition of discontinued operations | — | — | 16,947 | — | 16,947 | |||||||||||||||
Income (loss) from discontinued operations | — | 5,177 | (57 | ) | — | 5,120 | ||||||||||||||
Net income (loss) | 36,186 | 48,425 | 79,058 | (127,479 | ) | 36,190 | ||||||||||||||
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 | ||||||||||||
Subsequent_Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Subsequent Event | |
Columbia Property Trust has evaluated subsequent events in connection with the preparation of the consolidated financial statements and notes thereto included in this report on Form 10-Q and noted the following in addition to those disclosed elsewhere in this report: | |
Property Disposition | |
On November 5, 2013, Columbia Property Trust closed on the 18 Property Sale for a gross sale price of $521.5 million, exclusive of closing costs. In connection with finalizing the terms of the 18 Property Sale agreement in the fourth quarter, Columbia Property Trust reduced the aggregate carrying value of the assets included therein to fair value, as estimated based on the approximate net contact price of $500 million, by recognizing an additional impairment loss of $12.9 million in the third quarter of 2013. On November 5, 2013, Columbia Property Trust also repaid the mortgage note for the Wildwood Buildings (included in the 18 Property Sale) for $90.0 million, plus a pre-payment fee of approximately $5.0 million. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Basis of Presentation | ' | |||
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 these 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. 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 was 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 its subsidiaries own a controlling general partnership interest. All intercompany balances and transactions have been eliminated in consolidation. | ||||
Fair Value Measurements | ' | |||
Fair Value Measurements | ||||
Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification ("ASC") 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability: | ||||
Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts. | ||||
Level 2 – Assets and liabilities valued based on observable market data for similar instruments. | ||||
Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider. | ||||
Real Estate Assets | ' | |||
Real Estate Assets | ||||
Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. Columbia Property Trust considers the period of future benefit of the asset to determine the appropriate useful lives. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows: | ||||
Buildings | 40 years | |||
Building improvements | 5-25 years | |||
Site improvements | 15 years | |||
Tenant improvements | Shorter of economic life or lease term | |||
Intangible lease assets | Lease term | |||
Evaluating the Recoverability of Real Estate Assets | ' | |||
Evaluating the Recoverability of Real Estate Assets | ||||
Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets, of both operating properties and properties under construction, in which Columbia Property Trust has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of real estate assets and related intangible assets (liabilities) may not be recoverable, Columbia Property Trust assesses the recoverability of these assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future operating cash flows expected from the use of the 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 value of the real estate assets and related intangible assets 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. Estimated fair values are calculated based on the following information, in order of preference, depending upon availability: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated salvage value. Certain of Columbia Property Trust's assets may be carried at more than an amount that could be realized in a current disposition transaction. | ||||
Projections of expected future operating cash flows require that Columbia Property Trust estimates 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. The subjectivity of assumptions used in the future cash flow analysis, including discount rates, could result in an incorrect assessment of the property's fair value and could result in the misstatement of the carrying value of Columbia Property Trust's real estate assets and related intangible assets and net income (loss). | ||||
Assets Held for Sale | ' | |||
Assets Held for Sale | ||||
Columbia Property Trust classifies assets as held for sale according to ASC 360, Accounting for the Impairment or Disposal of Long-Lived Assets ("ASC 360"). According to ASC 360, assets are considered held for sale when the following criteria are met: | ||||
• | Management, having the authority to approve the action, commits to a plan to sell the property. | |||
• | The property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property. | |||
• | An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated. | |||
• | The sale of the property is probable, and transfer of the property is expected to qualify for recognition as a completed sale, within one year. | |||
• | 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. | |||
At such time that a property is determined to be held for sale, its carrying amount is reduced to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized. | ||||
Intangible Assets and Liabilities Arising from In-Place Leases | ' | |||
Intangible Assets and Liabilities Arising from In-Place Leases where Columbia Property Trust is the Lessee | ||||
In-place ground leases where Columbia Property Trust is the lessee may have value associated with effective contractual rental rates that are above or below market rates at the time of execution or assumption. Such values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place lease and (ii) management's estimate of fair market lease rates for the corresponding in-place lease at the time of execution or assumption, measured over a period equal to the remaining terms of the leases. The capitalized above-market and below-market in-place lease values are recorded as intangible lease liabilities and assets, respectively, and are amortized as an adjustment to property operating cost over the remaining term of the respective leases. | ||||
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 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). | ||||
Prepaid Expenses and Other Assets | ' | |||
Prepaid Expenses and Other Assets | ||||
Prepaid expenses and other assets primarily are comprised of escrow accounts held by lenders to pay future real estate taxes, insurance and tenant improvements, notes receivable, nontenant receivables, prepaid taxes, insurance and operating costs, certain corporate assets, hotel inventory, and deferred tax assets. Prepaid expenses and other assets will be expensed as incurred or reclassified to other asset accounts upon being put into service in future periods. | ||||
Interest Rate Swap Agreements | ' | |||
Interest Rate Swap Agreements | ||||
Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of the effective portion of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income, while changes in the fair value of the ineffective portion of a hedge, if any, is recognized currently in earnings. Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain (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 (loss) on interest rate swaps for contracts that do not qualify for hedge accounting treatment. | ||||
Income Taxes | ' | |||
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 Trust 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. As a REIT, Columbia Property Trust generally is not subject to income tax on income it distributes to stockholders. Columbia Property Trust's stockholder distributions typically exceed its taxable income due to the inclusion of noncash expenses, such as depreciation, in taxable income. As a result, Columbia Property Trust typically does not incur federal income taxes other than as described in the following paragraph. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements. | ||||
Columbia Property Trust TRS, LLC ("Columbia Property Trust TRS"), Columbia KCP TRS, LLC ("Columbia KCP TRS"), and Wells Energy TRS, LLC ("Wells Energy TRS") (collectively, the "TRS Entities") are wholly owned subsidiaries of Columbia Property Trust, are organized as Delaware limited liability companies, and operate, among other things, a full-service hotel. Columbia Property Trust 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 Trust to continue to qualify as a REIT, Columbia Property Trust must limit its investments in taxable REIT subsidiaries to 25% 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 Trust records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Schedule of Estimated Useful Lives for Real Estate Assets | ' | ||||||||||||||||
The estimated useful lives of its assets by class are as follows: | |||||||||||||||||
Buildings | 40 years | ||||||||||||||||
Building improvements | 5-25 years | ||||||||||||||||
Site improvements | 15 years | ||||||||||||||||
Tenant improvements | Shorter of economic life or lease term | ||||||||||||||||
Intangible lease assets | Lease term | ||||||||||||||||
Schedule of Recognized Fair Value Adjustments for Real Estate Properties | ' | ||||||||||||||||
The table below represents the detail of the adjustments recognized using Level 3 inputs. | |||||||||||||||||
For the nine months ended September 30, 2013 (in thousands): | |||||||||||||||||
Property | Net Book Value | Impairment Loss Recognized | Fair Value | ||||||||||||||
120 Eagle Rock | $ | 23,808 | $ | (11,708 | ) | $ | 12,100 | ||||||||||
333 & 777 Republic Drive | $ | 13,359 | $ | (5,159 | ) | $ | 8,200 | ||||||||||
For the three and nine months ended September 30, 2012 (in thousands): | |||||||||||||||||
Property | Net Book Value | Impairment Loss Recognized | Fair Value | ||||||||||||||
180 E 100 South | $ | 30,847 | $ | (18,467 | ) | $ | 12,380 | ||||||||||
Schedule of Intangible Assets and Liabilities | ' | ||||||||||||||||
As of September 30, 2013 and December 31, 2012, Columbia Property Trust had the following gross intangible in-place lease assets and liabilities (in thousands): | |||||||||||||||||
Intangible Lease Assets | Intangible | Intangible | |||||||||||||||
Lease | Below-Market | ||||||||||||||||
Origination | In-Place Lease | ||||||||||||||||
Above-Market | Absorption | Costs | Liabilities | ||||||||||||||
In-Place | Period Costs | ||||||||||||||||
Lease Assets | |||||||||||||||||
September 30, 2013 | Gross | $ | 85,204 | $ | 453,896 | $ | 434,723 | $ | 180,356 | ||||||||
Accumulated Amortization | (59,392 | ) | (272,348 | ) | (257,694 | ) | (93,130 | ) | |||||||||
Net | $ | 25,812 | $ | 181,548 | $ | 177,029 | $ | 87,226 | |||||||||
December 31, 2012 | Gross | $ | 86,696 | $ | 459,931 | $ | 437,857 | $ | 182,624 | ||||||||
Accumulated Amortization | (56,259 | ) | (248,600 | ) | (230,930 | ) | (84,326 | ) | |||||||||
Net | $ | 30,437 | $ | 211,331 | $ | 206,927 | $ | 98,298 | |||||||||
Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands): | |||||||||||||||||
Intangible Lease Assets | Intangible | Intangible | |||||||||||||||
Lease | Below-Market | ||||||||||||||||
Origination | In-Place Lease | ||||||||||||||||
Above-Market | Absorption | Costs | Liabilities | ||||||||||||||
In-Place | Period Costs | ||||||||||||||||
Lease Assets | |||||||||||||||||
For the three months ended September 30, 2013 | $ | 1,487 | $ | 9,728 | $ | 9,957 | $ | 3,640 | |||||||||
For the three months ended September 30, 2012 | $ | 2,193 | $ | 11,195 | $ | 10,107 | $ | 4,316 | |||||||||
For the nine months ended September 30, 2013 | $ | 4,626 | $ | 29,783 | $ | 29,898 | $ | 11,071 | |||||||||
For the nine months ended September 30, 2012 | $ | 6,882 | $ | 37,175 | $ | 31,252 | $ | 12,731 | |||||||||
The remaining net intangible assets and liabilities as of September 30, 2013 will be amortized as follows (in thousands): | |||||||||||||||||
Intangible Lease Assets | Intangible | Intangible | |||||||||||||||
Lease | Below-Market | ||||||||||||||||
Origination | In-Place Lease | ||||||||||||||||
Above-Market | Absorption | Costs | Liabilities | ||||||||||||||
In-Place | Period Costs | ||||||||||||||||
Lease Assets | |||||||||||||||||
For the three months ending December 31, 2013 | $ | 1,467 | $ | 9,533 | $ | 9,811 | $ | 3,643 | |||||||||
For the years ending December 31: | |||||||||||||||||
2014 | 5,581 | 35,303 | 36,815 | 14,298 | |||||||||||||
2015 | 4,580 | 31,442 | 32,938 | 12,847 | |||||||||||||
2016 | 3,848 | 24,805 | 25,907 | 10,417 | |||||||||||||
2017 | 1,979 | 18,409 | 19,297 | 8,325 | |||||||||||||
2018 | 1,168 | 13,501 | 13,760 | 7,576 | |||||||||||||
Thereafter | 7,189 | 48,555 | 38,501 | 30,120 | |||||||||||||
$ | 25,812 | $ | 181,548 | $ | 177,029 | $ | 87,226 | ||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ' | ||||||||||||||||
As of September 30, 2013, the remaining net below-market lease asset will be amortized as follows (in thousands): | |||||||||||||||||
For the three months ending December 31, 2013 | $ | 517 | |||||||||||||||
For the years ending December 31: | |||||||||||||||||
2014 | 2,069 | ||||||||||||||||
2015 | 2,069 | ||||||||||||||||
2016 | 2,069 | ||||||||||||||||
2017 | 2,069 | ||||||||||||||||
2018 | 2,069 | ||||||||||||||||
Thereafter | 87,277 | ||||||||||||||||
$ | 98,139 | ||||||||||||||||
Schedule of Interest Rate Derivatives | ' | ||||||||||||||||
The following tables provide additional information related to Columbia Property Trust's interest rate swaps (in thousands): | |||||||||||||||||
Estimated Fair Value as of | |||||||||||||||||
Instrument Type | Balance Sheet Classification | September 30, | December 31, | ||||||||||||||
2013 | 2012 | ||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Accounts payable | $ | (3,509 | ) | $ | (5,305 | ) | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Accounts payable | $ | (8,755 | ) | $ | (13,109 | ) | ||||||||||
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position | ' | ||||||||||||||||
Nine months ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Market value adjustment to interest rate swaps designated as hedging instruments and included in | $ | 1,795 | $ | (5,883 | ) | ||||||||||||
other comprehensive income | |||||||||||||||||
Loss on interest rate swap recognized through earnings | $ | (198 | ) | $ | (118 | ) |
Real_Estate_and_Other_Transact1
Real Estate and Other Transactions (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||
Business Acquisition, Pro Forma Information | ' | |||||||||||||
The following unaudited pro forma statements of operations presented for the nine months ended September 30, 2013, and the three and nine months ended September 30, 2012 have been prepared for Columbia Property Trust to give effect to the acquisitions of Columbia Property Trust Advisory Services and Columbia Property Trust Services as if the acquisitions occurred on January 1, 2012. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had the acquisitions of Columbia Property Trust Advisory Services and Columbia Property Trust Services been consummated as of January 1, 2012 (in thousands). | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Revenues | * | $ | 145,114 | $ | 446,141 | $ | 431,190 | |||||||
Net income attributable to common stockholders | * | $ | 2,133 | $ | 36,430 | $ | 25,851 | |||||||
Line_of_Credit_and_Notes_Payab1
Line of Credit and Notes Payable (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of line of credit and notes payable indebtedness outstanding | ' | ||||||||
As of September 30, 2013 and December 31, 2012, Columbia Property Trust had the following line of credit and notes payable indebtedness outstanding (excluding bonds payable; see Note 5, Bonds Payable) in thousands: | |||||||||
Facility | September 30, | December 31, | |||||||
2013 | 2012 | ||||||||
$450 Million Term Loan | $ | 450,000 | $ | 450,000 | |||||
Market Square Buildings mortgage note | 325,000 | 325,000 | |||||||
333 Market Street Building mortgage note | 207,747 | 208,308 | |||||||
JPMorgan Chase Credit Facility | 130,000 | 42,000 | |||||||
100 East Pratt Street Building mortgage note | 105,000 | 105,000 | |||||||
Wildwood Buildings mortgage note | 90,000 | 90,000 | |||||||
263 Shuman Boulevard Building mortgage note | 49,000 | 49,000 | |||||||
SanTan Corporate Center mortgage notes | 39,000 | 39,000 | |||||||
One Glenlake Building mortgage note | 35,349 | 37,204 | |||||||
215 Diehl Road Building mortgage note | 21,000 | 21,000 | |||||||
544 Lakeview Building mortgage note | 8,944 | 8,842 | |||||||
Three Glenlake Building mortgage note | — | 26,264 | |||||||
Total indebtedness | $ | 1,461,040 | $ | 1,401,618 | |||||
Supplemental_Disclosures_of_No1
Supplemental Disclosures of Noncash Investing and Financing Activities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Schedule of Other Significant Noncash Transactions | ' | |||||||
Outlined below are significant noncash investing and financing activities for the nine months ended September 30, 2013 and 2012 (in thousands): | ||||||||
Nine months ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Other assets assumed at acquisition | $ | 741 | $ | — | ||||
Other liabilities assumed at acquisition | $ | 741 | $ | — | ||||
Other liabilities settled at disposition | $ | 872 | $ | — | ||||
Interest accruing to notes payable | $ | 186 | $ | 229 | ||||
Amortization of discounts (premiums) on debt | $ | (270 | ) | $ | 290 | |||
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment | $ | 1,795 | $ | (5,883 | ) | |||
Accrued capital expenditures and deferred lease costs | $ | 10,203 | $ | 21,439 | ||||
Accrued deferred financing costs | $ | 7 | $ | — | ||||
Accrued redemptions of common stock | $ | — | $ | 1,872 | ||||
Stock-based compensation expense | $ | 200 | $ | — | ||||
Increase (decrease) in redeemable common stock | $ | (99,526 | ) | $ | 15,886 | |||
RelatedParty_Transactions_and_1
Related-Party Transactions and Agreements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Schedule of Related Party Transactions | ' | |||||||||||||||
Pursuant to the terms of the agreements described above, Columbia Property Trust incurred the following related-party costs for the three and nine months ended September 30, 2013 and 2012, respectively (in thousands): | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Investor services | $ | 269 | $ | — | $ | 638 | $ | — | ||||||||
Administrative reimbursements, net(1) | 37 | 2,665 | 1,928 | 8,256 | ||||||||||||
Consulting fees(2) | — | — | 25,417 | — | ||||||||||||
Transition services(3) | — | 1,500 | 5,750 | 1,500 | ||||||||||||
Asset management fees | — | 7,875 | 5,083 | 24,125 | ||||||||||||
Property management fees | — | 1,028 | 523 | 3,307 | ||||||||||||
Construction fees(4) | — | 55 | 139 | 116 | ||||||||||||
Other | — | 63 | 69 | 63 | ||||||||||||
Total | $ | 306 | $ | 13,186 | $ | 39,547 | $ | 37,367 | ||||||||
-1 | Administrative reimbursements are presented net of reimbursements from tenants of approximately $1.2 million for the three months ended September 30, 2012, and approximately $0.7 million and $3.3 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||
(2) | $17.8 million of the $25.4 million of consulting fees incurred were paid during the nine months ended September 30, 2013. The remaining $7.6 million will be paid ratably over the remainder of 2013. | |||||||||||||||
(3) | $4.5 million of the $5.8 million of transition services fees incurred were paid during the nine months ended September 30, 2013. The remaining $1.3 million will be paid in the fourth quarter of 2013. | |||||||||||||||
(4) | Construction fees are capitalized to real estate assets as incurred. | |||||||||||||||
The detail of amounts due to WREF and its affiliates as of September 30, 2013 and December 31, 2012 (in thousands) are provided below: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Consulting fees | $ | 7,625 | $ | — | ||||||||||||
Transition services | 1,250 | — | ||||||||||||||
Administrative reimbursements | — | 1,360 | ||||||||||||||
Asset and property management fees | — | 560 | ||||||||||||||
Total | $ | 8,875 | $ | 1,920 | ||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operation, Additional Disclosures [Abstract] | ' | |||||||||||||||
Schedule of revenues and expenses of the above-described discontinued operations | ' | |||||||||||||||
The following table shows the revenues and expenses of the above-described discontinued operations (in thousands): | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues: | ||||||||||||||||
Rental income | $ | 74 | $ | 9,032 | $ | 1,383 | $ | 28,404 | ||||||||
Tenant reimbursements | (62 | ) | 721 | 122 | 2,140 | |||||||||||
12 | 9,753 | 1,505 | 30,544 | |||||||||||||
Expenses: | ||||||||||||||||
Property operating costs | (190 | ) | 3,171 | (6 | ) | 9,784 | ||||||||||
Asset and property management fees | — | 697 | 223 | 2,071 | ||||||||||||
Depreciation | — | 2,254 | 375 | 6,744 | ||||||||||||
Amortization | — | 1,207 | 37 | 3,752 | ||||||||||||
Impairment loss on real estate assets | — | 18,467 | — | 18,467 | ||||||||||||
General and administrative | 156 | 224 | 984 | (128 | ) | |||||||||||
Total expenses | (34 | ) | 26,020 | 1,613 | 40,690 | |||||||||||
Operating income (loss) | 46 | (16,267 | ) | (108 | ) | (10,146 | ) | |||||||||
Other income (expense): | ||||||||||||||||
Interest expense | — | (538 | ) | — | (1,681 | ) | ||||||||||
Interest and other income | 17 | — | 20 | — | ||||||||||||
Operating income (loss) from discontinued operations | 63 | (16,805 | ) | (88 | ) | (11,827 | ) | |||||||||
Gain on disposition of discontinued operations | — | — | 10,014 | 16,947 | ||||||||||||
Income (loss) from discontinued operations | $ | 63 | $ | (16,805 | ) | $ | 9,926 | $ | 5,120 | |||||||
Financial_Information_for_Pare1
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non Guarantor Subsidiaries [Abstract] | ' | |||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure | ' | |||||||||||||||||||
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) | ||||||||||||||||||||
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 | |||||||||||||||
Investment in development authority bonds | — | — | 586,000 | — | 586,000 | |||||||||||||||
Total assets | $ | 3,048,515 | $ | 2,729,251 | $ | 5,484,757 | $ | (5,699,898 | ) | $ | 5,562,625 | |||||||||
Liabilities: | ||||||||||||||||||||
Line of credit and notes payable | $ | — | $ | 580,000 | $ | 1,202,116 | $ | (321,076 | ) | $ | 1,461,040 | |||||||||
Bonds payable, net | — | 248,867 | — | — | 248,867 | |||||||||||||||
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 | ||||||||||||||
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 | |||||||||
Condensed Consolidating Balance Sheets (in thousands) | ||||||||||||||||||||
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 | |||||||||
Consolidating Statements of Operations (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) | ||||||||||||||||||||
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 | ||||||||||||||
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. | ||||||||||||||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
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 | |||||||||||||||
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 | ||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income (loss) from discontinued operations | — | 1,770 | (18,575 | ) | — | (16,805 | ) | |||||||||||||
Gain on disposition of discontinued operations | — | — | — | — | — | |||||||||||||||
Income (loss) from discontinued operations | — | 1,770 | (18,575 | ) | — | (16,805 | ) | |||||||||||||
Net income (loss) attributable to the common stockholders of | $ | (5,859 | ) | $ | (2,496 | ) | $ | 9,839 | $ | (7,343 | ) | $ | (5,859 | ) | ||||||
Columbia Property Trust, Inc. | ||||||||||||||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
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 | ||||||||||||||
— | 419 | 444,937 | (337 | ) | 445,019 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 1,455 | 131,902 | (201 | ) | 133,156 | ||||||||||||||
Hotel operating costs | — | — | 13,774 | — | 13,774 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | 5,018 | 11 | 540 | (28 | ) | 5,541 | ||||||||||||||
Other | — | — | 1,760 | — | 1,760 | |||||||||||||||
Depreciation | — | 894 | 90,877 | — | 91,771 | |||||||||||||||
Amortization | — | 21 | 66,243 | — | 66,264 | |||||||||||||||
Impairment loss on real estate asset | — | — | 29,737 | — | 29,737 | |||||||||||||||
General and administrative | 17 | 41,436 | 12,618 | (108 | ) | 53,963 | ||||||||||||||
Listing costs | 25 | 731 | — | — | 756 | |||||||||||||||
5,060 | 44,548 | 347,451 | (337 | ) | 396,722 | |||||||||||||||
Operating income (loss) | (5,060 | ) | (44,129 | ) | 97,486 | — | 48,297 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (24,981 | ) | (71,312 | ) | 14,164 | (82,129 | ) | ||||||||||||
Interest and other income (expense) | 6,000 | 8,169 | 27,548 | (14,164 | ) | 27,553 | ||||||||||||||
Loss on interest rate swaps | — | — | (198 | ) | — | (198 | ) | |||||||||||||
Income (loss) from equity investment | 1,853 | 57,478 | — | (59,331 | ) | — | ||||||||||||||
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 | ) | ||||||||||||
Income (loss) from continuing operations | 2,793 | (3,465 | ) | 52,870 | (59,331 | ) | (7,133 | ) | ||||||||||||
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 | |||||||||||||||
Net income (loss) attributable to the common stockholders of | $ | 2,793 | $ | (2,807 | ) | $ | 62,138 | $ | (59,331 | ) | $ | 2,793 | ||||||||
Columbia Property Trust, Inc. | ||||||||||||||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
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 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 1,460 | 124,171 | — | 125,631 | |||||||||||||||
Hotel operating costs | — | — | 14,006 | — | 14,006 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | 22,528 | 46 | 3,407 | (107 | ) | 25,874 | ||||||||||||||
Other | — | — | 2,061 | — | 2,061 | |||||||||||||||
Depreciation | — | 531 | 83,492 | — | 84,023 | |||||||||||||||
Amortization | — | 350 | 75,543 | — | 75,893 | |||||||||||||||
General and administrative | 23 | 14,970 | 3,280 | — | 18,273 | |||||||||||||||
22,551 | 17,357 | 305,960 | (107 | ) | 345,761 | |||||||||||||||
Operating income (loss) | (22,551 | ) | (15,597 | ) | 119,406 | — | 81,258 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (24,151 | ) | (69,665 | ) | 14,260 | (79,556 | ) | ||||||||||||
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 | ) | ||||||||||||
Income (loss) from continuing operations | 36,186 | 43,248 | 79,115 | (127,479 | ) | 31,070 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income (loss) from discontinued operations | — | 5,177 | (17,004 | ) | — | (11,827 | ) | |||||||||||||
Gain on disposition of discontinued operations | — | — | 16,947 | — | 16,947 | |||||||||||||||
Income (loss) from discontinued operations | — | 5,177 | (57 | ) | — | 5,120 | ||||||||||||||
Net income (loss) | 36,186 | 48,425 | 79,058 | (127,479 | ) | 36,190 | ||||||||||||||
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 | ||||||||||||
Organization_Details
Organization (Details) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Nov. 05, 2013 |
States | Office Building | Hotel | Wholly Owned Properties | 18 Property Sale | |
Buildings | Properties | Properties | Properties | Subsequent Event | |
sqft | Properties | ||||
Real Estate | ' | ' | ' | ' | ' |
Number of operational buildings | 82 | ' | ' | ' | ' |
Square feet of commercial space | 20,800,000 | ' | ' | ' | ' |
Number of states with properties | 19 | ' | ' | ' | ' |
Number of real estate properties | ' | 60 | 1 | 59 | ' |
Percent of leased office space of owned properties | 93.20% | ' | ' | ' | ' |
Number of real estate properties sold | ' | ' | ' | ' | 18 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | |
Properties | Building | Site Improvements | Below-Market Lease Assets | Below-Market Lease Assets | Below-Market Lease Assets | Below-Market Lease Assets | Below-Market Lease Assets | Minimum | Maximum | Nine-Property Sale | 180 E 100 South | 180 E 100 South | 18 Property Sale | 18 Property Sale | 120 Eagle Rock | 120 Eagle Rock | 333 & 777 Republic Drive | 333 & 777 Republic Drive | |||||
Building Improvements | Building Improvements | Properties | Fair Value, Inputs, Level 3 | Asset | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | |||||||||||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life of real estate assets (in years) | ' | ' | ' | ' | ' | '40 years | '15 years | ' | ' | ' | ' | ' | '5 years | '25 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value determined by net contract price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,380,000 | $500,000,000 | ' | ' | $12,100,000 | ' | $8,200,000 |
Impairment losses on real estate assets | -12,870,000 | 0 | -29,737,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18,467,000 | -18,467,000 | -12,900,000 | ' | -11,700,000 | -11,708,000 | -5,200,000 | -5,159,000 |
Real estate held for sale, number of properties | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | 18 | ' | ' | ' | ' |
Gross intangible assets | ' | ' | ' | ' | ' | ' | ' | 110,700,000 | ' | 110,700,000 | ' | 110,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of intangible assets | ' | ' | 64,716,000 | 78,070,000 | ' | ' | ' | 500,000 | 500,000 | 1,600,000 | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of interest rate swaps | ($12,300,000) | ' | ($12,300,000) | ' | ($18,400,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Requirement to distribute taxable income (percent) | 90.00% | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limit on investments in taxable real estate investment trusts (percent) | 25.00% | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Schedule of Recognized Fair Value Adjustments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 |
120 Eagle Rock | 120 Eagle Rock | 333 & 777 Republic Drive | 333 & 777 Republic Drive | 180 E 100 South | 180 E 100 South | |||||
Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Book Value | ' | ' | ' | ' | ' | $23,808 | ' | $13,359 | ' | $30,847 |
Impairment losses on real estate assets | -12,870 | 0 | -29,737 | 0 | -11,700 | -11,708 | -5,200 | -5,159 | -18,467 | -18,467 |
Fair Value | ' | ' | ' | ' | ' | $12,100 | ' | $8,200 | ' | $12,380 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Schedule of Intangible Assets & Liabilities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ' | ' |
Intangible Lease Assets, Accumulated Amortization | ($344,274) | ($315,840) |
Intangible Lease Origination Costs, Accumulated Amortization | -257,694 | -230,930 |
Intangible lease assets, net | 305,499 | 341,460 |
Intangible Lease Origination Costs, Net | 177,029 | 206,927 |
Intangible Below-Market In-Place Lease Liabilities, Net | 87,226 | 98,298 |
Above-Market In-Place Lease Assets | ' | ' |
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ' | ' |
Intangible Lease Assets, Gross | 85,204 | 86,696 |
Intangible Lease Assets, Accumulated Amortization | -59,392 | -56,259 |
Intangible lease assets, net | 25,812 | 30,437 |
Absorption Period Costs | ' | ' |
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ' | ' |
Intangible Lease Assets, Gross | 453,896 | 459,931 |
Intangible Lease Assets, Accumulated Amortization | -272,348 | -248,600 |
Intangible lease assets, net | 181,548 | 211,331 |
Intangible Lease Origination Costs | ' | ' |
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ' | ' |
Intangible Lease Origination Costs, Gross | 434,723 | 437,857 |
Intangible Lease Origination Costs, Accumulated Amortization | -257,694 | -230,930 |
Intangible Lease Origination Costs, Net | 177,029 | 206,927 |
Intangible Below-Market In-Place Lease Liabilities | ' | ' |
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ' | ' |
Intangible Below-Market In-Place Lease Liabilities, Gross | 180,356 | 182,624 |
Intangible Below-Market In-Place Lease Liabilities, Accumulated Amortization | -93,130 | -84,326 |
Intangible lease assets, net | 87,226 | ' |
Intangible Below-Market In-Place Lease Liabilities, Net | $87,226 | $98,298 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Schedule of Recognized Amortization) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Above-Market In-Place Lease Assets | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization of Intangible Assets | $1,487 | $2,193 | $4,626 | $6,882 |
Absorption Period Costs | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization of Intangible Assets | 9,728 | 11,195 | 29,783 | 37,175 |
Intangible Lease Origination Costs | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization of Intangible Assets | 9,957 | 10,107 | 29,898 | 31,252 |
Intangible Below-Market In-Place Lease Liabilities | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization of Intangible Assets | $3,640 | $4,316 | $11,071 | $12,731 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Schedule of Future Amortization by Intangible Asset Class) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
For the years ending December 31: | ' | ' |
Intangible lease assets, net | $305,499 | $341,460 |
Intangible Lease Origination Costs, Net | 177,029 | 206,927 |
Above-Market In-Place Lease Assets | ' | ' |
For the years ending December 31: | ' | ' |
For the nine months ended December 31, 2013 | 1,467 | ' |
2014 | 5,581 | ' |
2015 | 4,580 | ' |
2016 | 3,848 | ' |
2017 | 1,979 | ' |
2018 | 1,168 | ' |
Thereafter | 7,189 | ' |
Intangible lease assets, net | 25,812 | 30,437 |
Absorption Period Costs | ' | ' |
For the years ending December 31: | ' | ' |
For the nine months ended December 31, 2013 | 9,533 | ' |
2014 | 35,303 | ' |
2015 | 31,442 | ' |
2016 | 24,805 | ' |
2017 | 18,409 | ' |
2018 | 13,501 | ' |
Thereafter | 48,555 | ' |
Intangible lease assets, net | 181,548 | 211,331 |
Intangible Lease Origination Costs | ' | ' |
For the years ending December 31: | ' | ' |
For the nine months ended December 31, 2013 | 9,811 | ' |
2014 | 36,815 | ' |
2015 | 32,938 | ' |
2016 | 25,907 | ' |
2017 | 19,297 | ' |
2018 | 13,760 | ' |
Thereafter | 38,501 | ' |
Intangible Lease Origination Costs, Net | 177,029 | 206,927 |
Intangible Below-Market In-Place Lease Liabilities | ' | ' |
For the years ending December 31: | ' | ' |
For the nine months ended December 31, 2013 | 3,643 | ' |
2014 | 14,298 | ' |
2015 | 12,847 | ' |
2016 | 10,417 | ' |
2017 | 8,325 | ' |
2018 | 7,576 | ' |
Thereafter | 30,120 | ' |
Intangible lease assets, net | $87,226 | ' |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Schedule of Future Amortization for Below-Market Lease Assets) (Details) (Below-Market Lease Assets, USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Below-Market Lease Assets | ' |
For the years ending December 31: | ' |
For the nine months ended December 31, 2013 | $517 |
2014 | 2,069 |
2015 | 2,069 |
2016 | 2,069 |
2017 | 2,069 |
2018 | 2,069 |
Thereafter | 87,277 |
Future amortization expense | $98,139 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies (Interest Rate Swaps) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Interest Rate Contract | Interest Rate Contract | |||||
Accounts Payable | Accounts Payable | |||||
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' | ' |
Derivative designated as hedging instruments | ' | ' | ' | ' | ($3,509) | ($5,305) |
Derivatives not designated as hedging instruments | ' | ' | ' | ' | -8,755 | -13,109 |
Summary of Derivative Instruments Impact on Results of Operations [Abstract] | ' | ' | ' | ' | ' | ' |
Market value adjustment to interest rate swap designated as a hedge instrument included in other comprehensive income | -922 | -2,475 | 1,795 | -5,883 | ' | ' |
Loss on interest rate swaps recognized through earnings | ' | ' | ($198) | ($118) | ' | ' |
Real_Estate_and_Other_Transact2
Real Estate and Other Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 21, 2013 | ||
Landlink Ltd | ||||||
Dvintsev Business Center - Tower B | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | |
Revenues | $0 | [1] | $145,114,000 | $446,141,000 | $431,190,000 | ' |
Net loss attributable to common stockholders | 0 | [1] | 2,133,000 | 36,430,000 | 25,851,000 | ' |
Ownership percentage of real estate | ' | ' | ' | ' | 100.00% | |
Net proceeds from the sale of real estate | ' | ' | ' | ' | 67,500,000 | |
Gains on disposition of discontinued operations | $0 | $0 | $10,014,000 | $16,947,000 | $10,000,000 | |
[1] | Columbia Property Trust owned Columbia Property Trust Advisory Services and Columbia Property Trust Services for all of the three months ended SeptemberB 30, 2013. |
Line_of_Credit_and_Notes_Payab2
Line of Credit and Notes Payable (Schedule of Long-Term Debt (excluding Bonds Payable)) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total indebtedness | $1,461,040 | $1,401,618 |
Term Loans | $450 Million Term Loan | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total indebtedness | 450,000 | 450,000 |
Mortgage Notes | Market Square Buildings mortgage note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total indebtedness | 325,000 | 325,000 |
Mortgage Notes | 333 Market Street Building mortgage note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total indebtedness | 207,747 | 208,308 |
Mortgage Notes | 100 East Pratt Street Building mortgage note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total indebtedness | 105,000 | 105,000 |
Mortgage Notes | Wildwood Buildings mortgage note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total indebtedness | 90,000 | 90,000 |
Mortgage Notes | 263 Shuman Boulevard mortgage note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total indebtedness | 49,000 | 49,000 |
Mortgage Notes | SanTan Corporate Center mortgage notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total indebtedness | 39,000 | 39,000 |
Mortgage Notes | One Glenlake Building mortgage note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total indebtedness | 35,349 | 37,204 |
Mortgage Notes | 215 Diehl Road Building mortgage note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total indebtedness | 21,000 | 21,000 |
Mortgage Notes | 544 Lakeview Building mortgage note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total indebtedness | 8,944 | 8,842 |
Mortgage Notes | Three Glenlake Building mortgage note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total indebtedness | 0 | 26,264 |
Credit Facilities | JPMorgan Chase Credit Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total indebtedness | $130,000 | $42,000 |
Line_of_Credit_and_Notes_Payab3
Line of Credit and Notes Payable (Details) (USD $) | 9 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 8 Months Ended | 1 Months Ended | 8 Months Ended | 1 Months Ended | 8 Months Ended | 1 Months Ended | 8 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Aug. 21, 2013 | Sep. 30, 2013 | Aug. 21, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Aug. 21, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Jul. 31, 2013 | |
$450 Million Term Loan Amended | $450 Million Term Loan Amended | JPMorgan Chase Credit Facility Amended | Loans Payable | Loans Payable | Loans Payable | Minimum | Minimum | Maximum | Maximum | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | Alternative Base Rate | Alternative Base Rate | Alternative Base Rate | Alternative Base Rate | Alternative Base Rate | Alternative Base Rate | Alternative Base Rate | Alternative Base Rate | Three Glenlake Building mortgage note | |||
Option | Option | JPMorgan Chase Credit Facility Amended | JPMorgan Chase Credit Facility | JPMorgan Chase Credit Facility Amended | JPMorgan Chase Credit Facility | $450 Million Term Loan Amended | JPMorgan Chase Credit Facility Amended | JPMorgan Chase Credit Facility | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | ||||||||
$450 Million Term Loan Amended | $450 Million Term Loan | JPMorgan Chase Credit Facility Amended | JPMorgan Chase Credit Facility | $450 Million Term Loan Amended | $450 Million Term Loan | JPMorgan Chase Credit Facility Amended | JPMorgan Chase Credit Facility | $450 Million Term Loan Amended | $450 Million Term Loan | JPMorgan Chase Credit Facility Amended | JPMorgan Chase Credit Facility | $450 Million Term Loan Amended | $450 Million Term Loan | JPMorgan Chase Credit Facility Amended | JPMorgan Chase Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt face amount | ' | ' | $450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument extended period | ' | ' | '1 year | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of option to increase borrowing amount | ' | ' | 4 | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate borrowing increase capacity | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum borrowing increase per option | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate (in percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.15% | 1.30% | 1.00% | 1.25% | 1.95% | 2.30% | 1.70% | 2.05% | 0.15% | 0.30% | 0.00% | 0.25% | 0.95% | 1.30% | 0.70% | 1.05% | ' |
Effective rate of term loan | ' | ' | ' | 2.28% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing increase per option | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity on total facility | ' | ' | ' | ' | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee rate on line of credit (in percent) | ' | ' | ' | ' | ' | ' | ' | ' | 0.15% | 0.25% | 0.35% | 0.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of line of credit and notes payable | ' | ' | ' | ' | ' | 1,472,700,000 | ' | 1,433,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest payments | ' | ' | ' | ' | ' | 45,600,000 | 37,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest capitalized | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of long-term debt | $154,304,000 | $572,590,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26,400,000 |
Bonds_Payable_Narratives_Detai
Bonds Payable (Narratives) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 |
Bonds Payable | Bonds Payable | Bonds Payable | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | |||
2018 Bonds Payable | 2018 Bonds Payable | Bonds Payable | Bonds Payable | ||||
2018 Bonds Payable | 2018 Bonds Payable | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Face amount of issued debt instrument | ' | ' | ' | ' | $250,000,000 | ' | ' |
Maturity period of debt instrument (in years) | ' | ' | '7 years | ' | ' | ' | ' |
Interest rate for debt instrument (percent) | ' | ' | ' | ' | 5.88% | ' | ' |
Discount rate of face value of issued debt instrument (in percent) | ' | ' | ' | ' | 99.30% | ' | ' |
Net proceeds received from issuance of bonds payable | ' | ' | ' | ' | 246,700,000 | ' | ' |
Frequency of interest payments | ' | ' | ' | ' | 'semi-annual | ' | ' |
Initial issuance discount of bonds payable | 1,133,000 | 1,322,000 | ' | ' | 1,800,000 | ' | ' |
Maturity date | ' | ' | ' | 1-Apr-18 | ' | ' | ' |
Interest payments | ' | ' | ' | 7,300,000 | ' | ' | ' |
Estimated fair value of debt instrument | ' | ' | ' | ' | ' | $250,900,000 | $250,900,000 |
Stockholders_Equity_Details
Stockholder's Equity (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 118 Months Ended | 1 Months Ended | 3 Months Ended | 118 Months Ended | |||||||||
Aug. 14, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Aug. 16, 2013 | Oct. 10, 2013 | Oct. 10, 2013 | Oct. 10, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Offering | Subsequent Event | Maximum | Minimum | Director | Director | Commissions and Dealer-Manager Fees | Acquisition Fees | Other Offering Expenses | Common Stock Redemptions | |||||||
Subsequent Event | Subsequent Event | |||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Listing costs | ' | $756,000 | $0 | $756,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum tender offer to purchase amount | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fractional shares redemption (price per share) | ' | ' | ' | ' | ' | ' | $29.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,820 | ' | ' | ' | ' | ' |
Share price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $29.32 | $29.32 | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' |
Tender offer per share | ' | ' | ' | ' | ' | ' | ' | ' | $25 | $22 | ' | ' | ' | ' | ' | ' |
Number of public offering | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock split ratio | 0.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock, Gross | ' | 6,200,000,000 | ' | 6,200,000,000 | ' | 6,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of Financing and Stock Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 509,500,000 | 116,800,000 | 76,100,000 | 829,800,000 |
Issuance of common stock | ' | ' | ' | $46,402,000 | $94,402,000 | $4,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental_Disclosures_of_No2
Supplemental Disclosures of Noncash Investing and Financing Activities (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Other assets assumed at acquisition | $741 | $0 |
Other liabilities assumed at acquisition | 741 | 0 |
Other liabilities settled at disposition | 872 | 0 |
Interest accruing to notes payable | 186 | 229 |
Amortization of discounts (premiums) on debt | -270 | 290 |
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment | 1,795 | -5,883 |
Accrued capital expenditures and deferred lease costs | 10,203 | 21,439 |
Accrued deferred financing costs | 7 | 0 |
Accrued redemptions of common stock | 0 | 1,872 |
Stock-based compensation expense | 200 | 0 |
Increase in redeemable common stock | ($99,526) | $15,886 |
RelatedParty_Transactions_and_2
Related-Party Transactions and Agreements (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 14 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | |
WREAS II | Wells Management | Maximum | Transitional Services Agreement | Amended to Transition Services Agreement | General and Administrative Expense | Personnel Expenses | Acquisition Fees | Acquisition Fees | Acquisition Fees | Acquisition Fees | Acquisition Fees | Acquisition Fees | Real Estate Commissions | Organization and Offering Costs | Occupancy Costs | Leasing Commissions | Leasing Commissions | Leasing Commissions | Leasing Commissions | Leasing Commissions | |||||
WREAS II | WREF | WREF | Maximum | Maximum | WREAS II | WREAS II | Maximum | Maximum | Initial Term Advisory | Wells Management | |||||||||||||||
Monthly_Installment_Payments | WREAS II | WREAS II | WREAS II | WREAS II | WREF | ||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly management fee percent of gross cost | ' | ' | ' | ' | 0.05% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold percent of gross offering proceeds for reimbursement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' |
Monthly management fee | ' | ' | ' | ' | ' | ' | $2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual management fees | ' | ' | ' | ' | ' | ' | 30,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions fees percent of purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Acquisitions Fees | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Acquisitions Fees Paid | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limitation on reimbursed expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,200,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate commission percent of sales price of each property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' |
Monthly payments under agreement | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,000 | ' | ' | ' | ' | ' |
Related Party Transaction, Terms of Agreement, Reimbursement Obligation, Maximum | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Advisory Services Assignment Option Paid | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Amount Payable Under Agreement | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Lease Term for Leasing Commissions Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years |
Related Party Transaction, Terms of Agreement, Monthly Installments | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leasing concession percent of all build-out funds | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total related-party costs | $306,000 | $13,186,000 | $39,547,000 | $37,367,000 | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | $0 | $0 | $0 | $0 | ' |
RelatedParty_Transactions_and_3
Related-Party Transactions and Agreements (Schedule of Related-Party Costs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | |||||||||||||||||
Consulting Fees | Consulting Fees | Consulting Fees | Consulting Fees | Transition Services | Transition Services | Transition Services | Transition Services | Asset Management Fees | Asset Management Fees | Asset Management Fees | Asset Management Fees | Administrative Reimbursements, Net | Administrative Reimbursements, Net | Administrative Reimbursements, Net | Administrative Reimbursements, Net | Property Management Fees | Property Management Fees | Property Management Fees | Property Management Fees | Construction Fees | Construction Fees | Construction Fees | Construction Fees | Investor Services | Investor Services | Investor Services | Investor Services | Other | Other | Other | Other | Dealer Manager Fees | Dealer Manager Fees | Dealer Manager Fees | Dealer Manager Fees | Other Offering Expenses | Other Offering Expenses | Other Offering Expenses | Other Offering Expenses | Incentive Fees | Incentive Fees | Incentive Fees | Incentive Fees | Listing Fees | Listing Fees | Listing Fees | Listing Fees | Acquisition Fees | Acquisition Fees | Acquisition Fees | Acquisition Fees | Disposition Fee | Disposition Fee | Disposition Fee | Disposition Fee | Leasing Commissions | Leasing Commissions | Leasing Commissions | Leasing Commissions | Commissions | Commissions | Commissions | Commissions | |||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Total related-party costs | $306,000 | $13,186,000 | $39,547,000 | $37,367,000 | $0 | [1] | $0 | [1] | $25,417,000 | [1] | $0 | [1] | $0 | [2] | $1,500,000 | [2] | $5,750,000 | [2] | $1,500,000 | [2] | $0 | $7,875,000 | $5,083,000 | $24,125,000 | $37,000 | [3] | $2,665,000 | [3] | $1,928,000 | [3] | $8,256,000 | [3] | $0 | $1,028,000 | $523,000 | $3,307,000 | $0 | [4] | $55,000 | [4] | $139,000 | [4] | $116,000 | [4] | $269,000 | $0 | $638,000 | $0 | $0 | $63,000 | $69,000 | $63,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Tenant reimbursements | ' | 1,200,000 | 700,000 | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Payment for related party costs | ' | ' | ' | ' | ' | ' | 17,800,000 | ' | ' | ' | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Related party transaction, due in remainder of fiscal year | ' | ' | ' | ' | ' | ' | 7,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Related party transition services fees due in fourth quarter | ' | ' | ' | ' | ' | ' | ' | ' | $1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
[1] | $17.8 million of the $25.4 million of consulting fees incurred were paid during the nine months ended SeptemberB 30, 2013. The remaining $7.6 million will be paid ratably over the remainder of 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | $4.5 million of the $5.8 million of transition services fees incurred were paid during the nine months ended SeptemberB 30, 2013. The remaining $1.3 million will be paid in the fourth quarter of 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Administrative reimbursements are presented net of reimbursements from tenants of approximately $1.2 million for the three months ended SeptemberB 30, 2012, and approximately $0.7 million and $3.3 million for the nine months ended SeptemberB 30, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Construction fees are capitalized to real estate assets as incurred. |
RelatedParty_Transactions_and_4
Related-Party Transactions and Agreements (Schedule of Amounts Due to Affiliates) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Due to affiliates | $8,875 | $1,920 |
Consulting Fees | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Due to affiliates | 7,625 | 0 |
Transition Services | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Due to affiliates | 1,250 | 0 |
Administrative Reimbursements | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Due to affiliates | 0 | 1,360 |
Asset and Property Management Fees | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Due to affiliates | $0 | $560 |
Discontinued_Operations_Narrat
Discontinued Operations (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jan. 31, 2012 | Mar. 21, 2013 | |
Nine-Property Sale | 5995 Opus Parkway and Emerald Point | Dvintsev Business Center - Tower B | |||||
Landlink Ltd | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from the sale of real estate | ' | ' | ' | ' | ' | ' | $67,500,000 |
Gains on disposition of discontinued operations | 0 | 0 | 10,014,000 | 16,947,000 | ' | ' | 10,000,000 |
Net proceeds from the sale of real estate | ' | ' | 65,928,000 | 57,747,000 | 260,500,000 | 60,100,000 | ' |
Gain on extinguishment of debt | ' | ' | ' | ' | $3,200,000 | $16,900,000 | ' |
Discontinued_Operations_Schedu
Discontinued Operations (Schedule of Revenue and Expenses from Discontinued Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Rental income | $74 | $9,032 | $1,383 | $28,404 |
Tenant reimbursements | -62 | 721 | 122 | 2,140 |
Revenues | 12 | 9,753 | 1,505 | 30,544 |
Expenses: | ' | ' | ' | ' |
Property operating costs | -190 | 3,171 | -6 | 9,784 |
Asset and property management fees | 0 | 697 | 223 | 2,071 |
Depreciation | 0 | 2,254 | 375 | 6,744 |
Amortization | 0 | 1,207 | 37 | 3,752 |
Impairment loss on real estate assets | 0 | 18,467 | 0 | 18,467 |
General and administrative | 156 | 224 | 984 | -128 |
Total expenses | -34 | 26,020 | 1,613 | 40,690 |
Real estate operating income (loss) | 46 | -16,267 | -108 | -10,146 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | 0 | -538 | 0 | -1,681 |
Interest and other income | 17 | 0 | 20 | 0 |
Operating income (loss) from discontinued operations | 63 | -16,805 | -88 | -11,827 |
Gain on disposition of discontinued operations | 0 | 0 | 10,014 | 16,947 |
Income from discontinued operations | $63 | ($16,805) | $9,926 | $5,120 |
Financial_Information_for_Pare2
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Narratives) (Details) (USD $) | Sep. 30, 2013 |
Guarantor Obligations [Line Items] | ' |
Ownership percentage of wholly owned subsidiary | 100.00% |
$450 Million Term Loan | Term Loans | ' |
Guarantor Obligations [Line Items] | ' |
Debt face amount | 450,000,000 |
Financial_Information_for_Pare3
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Condensed Consolidating Balance Sheets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ' | ' |
Land | $784,381 | $789,237 | ' | ' |
Buildings and improvements, net | 3,340,143 | 3,468,218 | ' | ' |
Intangible lease assets, net | 305,499 | 341,460 | ' | ' |
Construction in progress | 5,900 | 12,680 | ' | ' |
Total real estate assets | 4,435,923 | 4,611,595 | ' | ' |
Cash and cash equivalents | 59,908 | 53,657 | 48,436 | 39,468 |
Investment in subsidiaries | 0 | 0 | ' | ' |
Tenant receivables, net of allowance | 11,103 | 14,426 | ' | ' |
Straight line rent receivable | 137,980 | 119,673 | ' | ' |
Prepaid expenses and other assets | 33,679 | 29,373 | ' | ' |
Deferred financing costs, net | 11,129 | 10,490 | ' | ' |
Intangible lease origination costs, net | 177,029 | 206,927 | ' | ' |
Deferred lease costs, net | 109,874 | 98,808 | ' | ' |
Investment in development authority bonds | 586,000 | 586,000 | ' | ' |
Total assets | 5,562,625 | 5,730,949 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Line of credit and notes payable | 1,461,040 | 1,401,618 | ' | ' |
Bonds payable, net | 248,867 | 248,678 | ' | ' |
Accounts payable, accrued expenses, and accrued capital expenditures | 93,965 | 102,858 | ' | ' |
Due to affiliates | 8,875 | 1,920 | ' | ' |
Deferred income | 28,290 | 28,071 | ' | ' |
Intangible lease liabilities, net | 87,226 | 98,298 | ' | ' |
Obligations under capital leases | 586,000 | 586,000 | ' | ' |
Total liabilities | 2,514,263 | 2,467,443 | ' | ' |
Redeemable Common Stock | 0 | 99,526 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | 3,048,362 | 3,163,980 | 3,181,210 | 3,346,972 |
Total liabilities, redeemable common stock, and equity | 5,562,625 | 5,730,949 | ' | ' |
Columbia Property Trust (Parent) (Guarantor) | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Land | 0 | 0 | ' | ' |
Buildings and improvements, net | 0 | 0 | ' | ' |
Intangible lease assets, net | 0 | 0 | ' | ' |
Construction in progress | 0 | 0 | ' | ' |
Total real estate assets | 0 | 0 | ' | ' |
Cash and cash equivalents | 24,948 | 20,914 | 20,469 | 11,291 |
Investment in subsidiaries | 2,846,170 | 3,068,106 | ' | ' |
Tenant receivables, net of allowance | 0 | 0 | ' | ' |
Straight line rent receivable | 0 | 0 | ' | ' |
Prepaid expenses and other assets | 177,397 | 178,131 | ' | ' |
Deferred financing costs, net | 0 | 0 | ' | ' |
Intangible lease origination costs, net | 0 | 0 | ' | ' |
Deferred lease costs, net | 0 | 0 | ' | ' |
Investment in development authority bonds | 0 | 0 | ' | ' |
Total assets | 3,048,515 | 3,267,151 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Line of credit and notes payable | 0 | 0 | ' | ' |
Bonds payable, net | 0 | 0 | ' | ' |
Accounts payable, accrued expenses, and accrued capital expenditures | 153 | 3,645 | ' | ' |
Due to affiliates | 0 | 0 | ' | ' |
Deferred income | 0 | 0 | ' | ' |
Intangible lease liabilities, net | 0 | 0 | ' | ' |
Obligations under capital leases | 0 | 0 | ' | ' |
Total liabilities | 153 | 3,645 | ' | ' |
Redeemable Common Stock | ' | 99,526 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | 3,048,362 | 3,163,980 | ' | ' |
Total liabilities, redeemable common stock, and equity | 3,048,515 | 3,267,151 | ' | ' |
Columbia Property Trust OP (the Issuer) | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Land | 6,241 | 6,241 | ' | ' |
Buildings and improvements, net | 23,141 | 16,513 | ' | ' |
Intangible lease assets, net | 0 | 0 | ' | ' |
Construction in progress | 1,107 | 5,252 | ' | ' |
Total real estate assets | 30,489 | 28,006 | ' | ' |
Cash and cash equivalents | 7,338 | 4,822 | 10,131 | 10,597 |
Investment in subsidiaries | 2,531,078 | 2,679,950 | ' | ' |
Tenant receivables, net of allowance | 26 | 22 | ' | ' |
Straight line rent receivable | 0 | 0 | ' | ' |
Prepaid expenses and other assets | 150,860 | 203,589 | ' | ' |
Deferred financing costs, net | 9,412 | 8,498 | ' | ' |
Intangible lease origination costs, net | 0 | 0 | ' | ' |
Deferred lease costs, net | 48 | 68 | ' | ' |
Investment in development authority bonds | 0 | 0 | ' | ' |
Total assets | 2,729,251 | 2,924,955 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Line of credit and notes payable | 580,000 | 492,000 | ' | ' |
Bonds payable, net | 248,867 | 248,678 | ' | ' |
Accounts payable, accrued expenses, and accrued capital expenditures | 14,370 | 12,417 | ' | ' |
Due to affiliates | 8,892 | 960 | ' | ' |
Deferred income | 24 | 81 | ' | ' |
Intangible lease liabilities, net | 0 | 0 | ' | ' |
Obligations under capital leases | 0 | 0 | ' | ' |
Total liabilities | 852,153 | 754,136 | ' | ' |
Redeemable Common Stock | ' | 0 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | 1,877,098 | 2,170,819 | ' | ' |
Total liabilities, redeemable common stock, and equity | 2,729,251 | 2,924,955 | ' | ' |
Non- Guarantors | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Land | 778,140 | 782,996 | ' | ' |
Buildings and improvements, net | 3,317,002 | 3,451,705 | ' | ' |
Intangible lease assets, net | 305,499 | 341,460 | ' | ' |
Construction in progress | 4,793 | 7,428 | ' | ' |
Total real estate assets | 4,405,434 | 4,583,589 | ' | ' |
Cash and cash equivalents | 27,622 | 27,921 | 17,836 | 17,580 |
Investment in subsidiaries | 0 | 0 | ' | ' |
Tenant receivables, net of allowance | 11,077 | 14,404 | ' | ' |
Straight line rent receivable | 137,980 | 119,673 | ' | ' |
Prepaid expenses and other assets | 28,072 | 28,337 | ' | ' |
Deferred financing costs, net | 1,717 | 1,992 | ' | ' |
Intangible lease origination costs, net | 177,029 | 206,927 | ' | ' |
Deferred lease costs, net | 109,826 | 98,740 | ' | ' |
Investment in development authority bonds | 586,000 | 586,000 | ' | ' |
Total assets | 5,484,757 | 5,667,583 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Line of credit and notes payable | 1,202,116 | 1,288,618 | ' | ' |
Bonds payable, net | 0 | 0 | ' | ' |
Accounts payable, accrued expenses, and accrued capital expenditures | 79,442 | 86,796 | ' | ' |
Due to affiliates | 1,557 | 2,644 | ' | ' |
Deferred income | 28,266 | 27,990 | ' | ' |
Intangible lease liabilities, net | 87,226 | 98,298 | ' | ' |
Obligations under capital leases | 586,000 | 586,000 | ' | ' |
Total liabilities | 1,984,607 | 2,090,346 | ' | ' |
Redeemable Common Stock | ' | 0 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | 3,500,150 | 3,577,237 | ' | ' |
Total liabilities, redeemable common stock, and equity | 5,484,757 | 5,667,583 | ' | ' |
Consolidating adjustments | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Land | 0 | 0 | ' | ' |
Buildings and improvements, net | 0 | 0 | ' | ' |
Intangible lease assets, net | 0 | 0 | ' | ' |
Construction in progress | 0 | 0 | ' | ' |
Total real estate assets | 0 | 0 | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Investment in subsidiaries | -5,377,248 | -5,748,056 | ' | ' |
Tenant receivables, net of allowance | 0 | 0 | ' | ' |
Straight line rent receivable | 0 | 0 | ' | ' |
Prepaid expenses and other assets | -322,650 | -380,684 | ' | ' |
Deferred financing costs, net | 0 | 0 | ' | ' |
Intangible lease origination costs, net | 0 | 0 | ' | ' |
Deferred lease costs, net | 0 | 0 | ' | ' |
Investment in development authority bonds | 0 | 0 | ' | ' |
Total assets | -5,699,898 | -6,128,740 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Line of credit and notes payable | -321,076 | -379,000 | ' | ' |
Bonds payable, net | 0 | 0 | ' | ' |
Accounts payable, accrued expenses, and accrued capital expenditures | 0 | 0 | ' | ' |
Due to affiliates | -1,574 | -1,684 | ' | ' |
Deferred income | 0 | 0 | ' | ' |
Intangible lease liabilities, net | 0 | 0 | ' | ' |
Obligations under capital leases | 0 | 0 | ' | ' |
Total liabilities | -322,650 | -380,684 | ' | ' |
Redeemable Common Stock | ' | 0 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | -5,377,248 | -5,748,056 | ' | ' |
Total liabilities, redeemable common stock, and equity | ($5,699,898) | ($6,128,740) | ' | ' |
Financial_Information_for_Pare4
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Consolidating Statements of Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Rental income | $116,005 | $107,355 | $348,075 | $327,398 |
Tenant reimbursements | 26,429 | 26,582 | 76,312 | 75,855 |
Hotel income | 6,788 | 6,689 | 18,304 | 17,527 |
Other property income | 782 | 4,082 | 2,328 | 6,239 |
Revenues | 150,004 | 144,708 | 445,019 | 427,019 |
Expenses: | ' | ' | ' | ' |
Property operating costs | 46,314 | 44,370 | 133,156 | 125,631 |
Hotel operating costs | 4,693 | 4,913 | 13,774 | 14,006 |
Related-party | 0 | 8,381 | 5,541 | 25,874 |
Other | 380 | 711 | 1,760 | 2,061 |
Depreciation | 30,911 | 28,156 | 91,771 | 84,023 |
Amortization | 22,027 | 23,423 | 66,264 | 75,893 |
Impairment losses on real estate assets | 12,870 | 0 | 29,737 | 0 |
General and administrative | 7,943 | 6,789 | 53,963 | 18,273 |
Listing costs | 756 | 0 | 756 | 0 |
Costs and expenses | 125,894 | 116,743 | 396,722 | 345,761 |
Operating income | 24,110 | 27,965 | 48,297 | 81,258 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -27,694 | -26,749 | -82,129 | -79,556 |
Interest and other income | 9,168 | 10,011 | 27,553 | 30,039 |
Loss on interest rate swaps | -419 | -29 | -198 | -118 |
Income (loss) from equity investment | 0 | 0 | 0 | 0 |
Nonoperating income (expense) | -18,945 | -16,767 | -54,774 | -49,635 |
Income before income tax expense | 5,165 | 11,198 | -6,477 | 31,623 |
Income tax benefit (expense) | -428 | -252 | -656 | -553 |
Income (loss) from continuing operations | 4,737 | 10,946 | -7,133 | 31,070 |
Discontinued operations: | ' | ' | ' | ' |
Operating loss from discontinued operations | 63 | -16,805 | -88 | -11,827 |
Gains on disposition of discontinued operations | 0 | 0 | 10,014 | 16,947 |
Income (loss) from discontinued operations | 63 | -16,805 | 9,926 | 5,120 |
Net income (loss) | 4,800 | -5,859 | 2,793 | 36,190 |
Less: net income attributable to nonredeemable noncontrolling interests | 0 | 0 | 0 | -4 |
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | 4,800 | -5,859 | 2,793 | 36,186 |
Columbia Property Trust (Parent) (Guarantor) | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rental income | 0 | 0 | 0 | 0 |
Tenant reimbursements | 0 | 0 | 0 | 0 |
Hotel income | 0 | 0 | 0 | 0 |
Other property income | 0 | 0 | 0 | 0 |
Revenues | 0 | 0 | 0 | 0 |
Expenses: | ' | ' | ' | ' |
Property operating costs | 0 | 0 | 0 | 0 |
Hotel operating costs | 0 | 0 | 0 | 0 |
Related-party | 0 | 7,403 | 5,018 | 22,528 |
Other | 0 | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 |
Impairment losses on real estate assets | 0 | ' | 0 | ' |
General and administrative | 17 | 23 | 17 | 23 |
Listing costs | 25 | ' | 25 | ' |
Costs and expenses | 42 | 7,426 | 5,060 | 22,551 |
Operating income | -42 | -7,426 | -5,060 | -22,551 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | 0 | 0 | 0 | 0 |
Interest and other income | 2,001 | 1,997 | 6,000 | 5,991 |
Loss on interest rate swaps | 0 | 0 | 0 | 0 |
Income (loss) from equity investment | 2,841 | -430 | 1,853 | 52,746 |
Nonoperating income (expense) | 4,842 | 1,567 | 7,853 | 58,737 |
Income before income tax expense | 4,800 | -5,859 | 2,793 | 36,186 |
Income tax benefit (expense) | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | 4,800 | -5,859 | 2,793 | 36,186 |
Discontinued operations: | ' | ' | ' | ' |
Operating loss from discontinued operations | 0 | 0 | 0 | 0 |
Gains on disposition of discontinued operations | 0 | 0 | 0 | 0 |
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net income (loss) | ' | ' | ' | 36,186 |
Less: net income attributable to nonredeemable noncontrolling interests | ' | ' | ' | 0 |
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | 4,800 | -5,859 | 2,793 | 36,186 |
Columbia Property Trust OP (the Issuer) | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rental income | 101 | 98 | 303 | 1,548 |
Tenant reimbursements | 16 | 39 | 99 | 105 |
Hotel income | 0 | 0 | 0 | 0 |
Other property income | 0 | 31 | 17 | 107 |
Revenues | 117 | 168 | 419 | 1,760 |
Expenses: | ' | ' | ' | ' |
Property operating costs | 386 | 454 | 1,455 | 1,460 |
Hotel operating costs | 0 | 0 | 0 | 0 |
Related-party | 4 | 0 | 11 | 46 |
Other | 0 | 0 | 0 | 0 |
Depreciation | 333 | 180 | 894 | 531 |
Amortization | 7 | 6 | 21 | 350 |
Impairment losses on real estate assets | 0 | ' | 0 | ' |
General and administrative | 3,685 | 6,055 | 41,436 | 14,970 |
Listing costs | 731 | ' | 731 | ' |
Costs and expenses | 5,146 | 6,695 | 44,548 | 17,357 |
Operating income | -5,029 | -6,527 | -44,129 | -15,597 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -8,656 | -8,264 | -24,981 | -24,151 |
Interest and other income | 2,714 | 2,751 | 8,169 | 8,276 |
Loss on interest rate swaps | 0 | 0 | 0 | 0 |
Income (loss) from equity investment | 11,827 | 7,773 | 57,478 | 74,733 |
Nonoperating income (expense) | 5,885 | 2,260 | 40,666 | 58,858 |
Income before income tax expense | 856 | -4,267 | -3,463 | 43,261 |
Income tax benefit (expense) | 0 | 1 | -2 | -13 |
Income (loss) from continuing operations | 856 | -4,266 | -3,465 | 43,248 |
Discontinued operations: | ' | ' | ' | ' |
Operating loss from discontinued operations | 0 | 1,770 | 658 | 5,177 |
Gains on disposition of discontinued operations | 0 | 0 | 0 | 0 |
Income (loss) from discontinued operations | 0 | 1,770 | 658 | 5,177 |
Net income (loss) | ' | ' | ' | 48,425 |
Less: net income attributable to nonredeemable noncontrolling interests | ' | ' | ' | 0 |
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | 856 | -2,496 | -2,807 | 48,425 |
Non- Guarantors | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rental income | 115,990 | 107,257 | 347,973 | 325,850 |
Tenant reimbursements | 26,413 | 26,543 | 76,213 | 75,750 |
Hotel income | 6,788 | 6,689 | 18,304 | 17,527 |
Other property income | 839 | 4,082 | 2,447 | 6,239 |
Revenues | 150,030 | 144,571 | 444,937 | 425,366 |
Expenses: | ' | ' | ' | ' |
Property operating costs | 46,014 | 43,916 | 131,902 | 124,171 |
Hotel operating costs | 4,693 | 4,913 | 13,774 | 14,006 |
Related-party | 0 | 1,009 | 540 | 3,407 |
Other | 380 | 711 | 1,760 | 2,061 |
Depreciation | 30,578 | 27,976 | 90,877 | 83,492 |
Amortization | 22,020 | 23,417 | 66,243 | 75,543 |
Impairment losses on real estate assets | 12,870 | ' | 29,737 | ' |
General and administrative | 4,294 | 711 | 12,618 | 3,280 |
Listing costs | 0 | ' | 0 | ' |
Costs and expenses | 120,849 | 102,653 | 347,451 | 305,960 |
Operating income | 29,181 | 41,918 | 97,486 | 119,406 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -23,751 | -23,228 | -71,312 | -69,665 |
Interest and other income | 9,166 | 10,006 | 27,548 | 30,032 |
Loss on interest rate swaps | -419 | -29 | -198 | -118 |
Income (loss) from equity investment | 0 | 0 | 0 | 0 |
Nonoperating income (expense) | -15,004 | -13,251 | -43,962 | -39,751 |
Income before income tax expense | 14,177 | 28,667 | 53,524 | 79,655 |
Income tax benefit (expense) | -428 | -253 | -654 | -540 |
Income (loss) from continuing operations | 13,749 | 28,414 | 52,870 | 79,115 |
Discontinued operations: | ' | ' | ' | ' |
Operating loss from discontinued operations | 63 | -18,575 | -746 | -17,004 |
Gains on disposition of discontinued operations | 0 | 0 | 10,014 | 16,947 |
Income (loss) from discontinued operations | 63 | -18,575 | 9,268 | -57 |
Net income (loss) | ' | ' | ' | 79,058 |
Less: net income attributable to nonredeemable noncontrolling interests | ' | ' | ' | -4 |
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | 13,812 | 9,839 | 62,138 | 79,054 |
Consolidating adjustments | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rental income | -86 | 0 | -201 | 0 |
Tenant reimbursements | 0 | 0 | 0 | 0 |
Hotel income | 0 | 0 | 0 | 0 |
Other property income | -57 | -31 | -136 | -107 |
Revenues | -143 | -31 | -337 | -107 |
Expenses: | ' | ' | ' | ' |
Property operating costs | -86 | 0 | -201 | 0 |
Hotel operating costs | 0 | 0 | 0 | 0 |
Related-party | -4 | -31 | -28 | -107 |
Other | 0 | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 |
Impairment losses on real estate assets | 0 | ' | 0 | ' |
General and administrative | -53 | 0 | -108 | 0 |
Listing costs | 0 | ' | 0 | ' |
Costs and expenses | -143 | -31 | -337 | -107 |
Operating income | 0 | 0 | 0 | 0 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | 4,713 | 4,743 | 14,164 | 14,260 |
Interest and other income | -4,713 | -4,743 | -14,164 | -14,260 |
Loss on interest rate swaps | 0 | 0 | 0 | 0 |
Income (loss) from equity investment | -14,668 | -7,343 | -59,331 | -127,479 |
Nonoperating income (expense) | -14,668 | -7,343 | -59,331 | -127,479 |
Income before income tax expense | -14,668 | -7,343 | -59,331 | -127,479 |
Income tax benefit (expense) | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | -14,668 | -7,343 | -59,331 | -127,479 |
Discontinued operations: | ' | ' | ' | ' |
Operating loss from discontinued operations | 0 | 0 | 0 | 0 |
Gains on disposition of discontinued operations | 0 | 0 | 0 | 0 |
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net income (loss) | ' | ' | ' | -127,479 |
Less: net income attributable to nonredeemable noncontrolling interests | ' | ' | ' | 0 |
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | ($14,668) | ($7,343) | ($59,331) | ($127,479) |
Financial_Information_for_Pare5
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Consolidating Statements of Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | $4,800 | ($5,859) | $2,793 | $36,186 |
Foreign currency translation adjustment | 0 | 0 | -83 | 0 |
Market value adjustment to interest rate swap | -922 | -2,475 | 1,795 | -5,883 |
Comprehensive income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | 3,878 | -8,334 | 4,505 | 30,303 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 4 |
Comprehensive income (loss) | 3,878 | -8,334 | 4,505 | 30,307 |
Columbia Property Trust (Parent) (Guarantor) | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | 4,800 | -5,859 | 2,793 | 36,186 |
Foreign currency translation adjustment | ' | ' | -83 | ' |
Market value adjustment to interest rate swap | -922 | -2,475 | 1,795 | -5,883 |
Comprehensive income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | ' | ' | ' | 30,303 |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' | 4 |
Comprehensive income (loss) | 3,878 | -8,334 | 4,505 | 30,307 |
Columbia Property Trust OP (the Issuer) | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | 856 | -2,496 | -2,807 | 48,425 |
Foreign currency translation adjustment | ' | ' | 0 | ' |
Market value adjustment to interest rate swap | -922 | -2,475 | 1,795 | -5,883 |
Comprehensive income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | ' | ' | ' | 42,542 |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' | 0 |
Comprehensive income (loss) | -66 | -4,971 | -1,012 | 42,542 |
Non- Guarantors | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | 13,812 | 9,839 | 62,138 | 79,054 |
Foreign currency translation adjustment | ' | ' | -83 | ' |
Market value adjustment to interest rate swap | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | ' | ' | ' | 79,054 |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' | 4 |
Comprehensive income (loss) | 13,812 | 9,839 | 62,055 | 79,058 |
Consolidating adjustments | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | -14,668 | -7,343 | -59,331 | -127,479 |
Foreign currency translation adjustment | ' | ' | 83 | ' |
Market value adjustment to interest rate swap | 922 | 2,475 | -1,795 | 5,883 |
Comprehensive income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | ' | ' | ' | -121,596 |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' | -4 |
Comprehensive income (loss) | ($13,746) | ($4,868) | ($61,043) | ($121,600) |
Financial_Information_for_Pare6
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Consolidating Statements of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash flows from operating activities: | $164,365 | $195,606 |
Cash flows from investing activities: | ' | ' |
Net proceeds from the sale of real estate | 65,928 | 57,747 |
Investment in real estate and related assets | -56,409 | -56,610 |
Net cash provided by investing activities | 9,519 | 1,137 |
Cash flows from financing activities: | ' | ' |
Borrowings, net of fees | 210,298 | 564,735 |
Repayments | -154,304 | -572,590 |
Issuance of common stock, net of redemptions and fees | -69,500 | 24,515 |
Distributions | -154,024 | -204,156 |
Intercompany transfers, net | 0 | 0 |
Redemption of noncontrolling interest | 0 | -301 |
Net cash used in financing activities | -167,530 | -187,797 |
Net increase (decrease) in cash and cash equivalents | 6,354 | 8,946 |
Effect of foreign exchange rate on cash and cash equivalents | -103 | 22 |
Cash and cash equivalents, beginning of period | 53,657 | 39,468 |
Cash and cash equivalents, end of period | 59,908 | 48,436 |
Columbia Property Trust (Parent) (Guarantor) | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash flows from operating activities: | -40 | -23 |
Cash flows from investing activities: | ' | ' |
Net proceeds from the sale of real estate | 0 | 0 |
Investment in real estate and related assets | 0 | 0 |
Net cash provided by investing activities | 0 | 0 |
Cash flows from financing activities: | ' | ' |
Borrowings, net of fees | 0 | 0 |
Repayments | 0 | 0 |
Issuance of common stock, net of redemptions and fees | -69,500 | 24,515 |
Distributions | -154,024 | -204,141 |
Intercompany transfers, net | 227,598 | 188,827 |
Redemption of noncontrolling interest | ' | 0 |
Net cash used in financing activities | 4,074 | 9,201 |
Net increase (decrease) in cash and cash equivalents | 4,034 | 9,178 |
Effect of foreign exchange rate on cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 20,914 | 11,291 |
Cash and cash equivalents, end of period | 24,948 | 20,469 |
Columbia Property Trust OP (the Issuer) | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash flows from operating activities: | -62,941 | -61,816 |
Cash flows from investing activities: | ' | ' |
Net proceeds from the sale of real estate | 65,928 | 57,747 |
Investment in real estate and related assets | -4,252 | -1,616 |
Net cash provided by investing activities | 61,676 | 56,131 |
Cash flows from financing activities: | ' | ' |
Borrowings, net of fees | 210,339 | 564,735 |
Repayments | -126,000 | -537,000 |
Issuance of common stock, net of redemptions and fees | 0 | 0 |
Distributions | 0 | 0 |
Intercompany transfers, net | -80,558 | -22,516 |
Redemption of noncontrolling interest | ' | 0 |
Net cash used in financing activities | 3,781 | 5,219 |
Net increase (decrease) in cash and cash equivalents | 2,516 | -466 |
Effect of foreign exchange rate on cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 4,822 | 10,597 |
Cash and cash equivalents, end of period | 7,338 | 10,131 |
Non- Guarantors | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash flows from operating activities: | 227,346 | 257,445 |
Cash flows from investing activities: | ' | ' |
Net proceeds from the sale of real estate | 0 | 0 |
Investment in real estate and related assets | -52,157 | -54,994 |
Net cash provided by investing activities | -52,157 | -54,994 |
Cash flows from financing activities: | ' | ' |
Borrowings, net of fees | -41 | 0 |
Repayments | -28,304 | -35,590 |
Issuance of common stock, net of redemptions and fees | 0 | 0 |
Distributions | 0 | -15 |
Intercompany transfers, net | -147,040 | -166,311 |
Redemption of noncontrolling interest | ' | -301 |
Net cash used in financing activities | -175,385 | -202,217 |
Net increase (decrease) in cash and cash equivalents | -196 | 234 |
Effect of foreign exchange rate on cash and cash equivalents | -103 | 22 |
Cash and cash equivalents, beginning of period | 27,921 | 17,580 |
Cash and cash equivalents, end of period | $27,622 | $17,836 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Nov. 05, 2013 | Nov. 05, 2013 | |
18 Property Sale | 18 Property Sale | 18 Property Sale | |||||
Subsequent Event | Mortgage Notes | ||||||
Properties | Subsequent Event | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties sold | ' | ' | ' | ' | ' | 18 | ' |
Gross sales price excluding closing costs | ' | ' | ' | ' | ' | $521,500,000 | ' |
Fair value determined by net contract price | ' | ' | ' | ' | 500,000,000 | ' | ' |
Impairment losses on real estate assets | 12,870,000 | 0 | 29,737,000 | 0 | 12,900,000 | ' | ' |
Debt settlement on Wildwood Buildings mortgage note | ' | ' | ' | ' | ' | ' | 90,000,000 |
Fee related to extinguishment of debt | ' | ' | ' | ' | ' | ' | $5,000,000 |