Document_Entity_Information
Document Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
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-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 124,856,642 | ' |
Entity Public Float | ' | ' | $0 |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Land | $706,938 | $789,237 |
Buildings and improvements, less accumulated depreciation of $604,497 and $580,334, as of December 31, 2013 and 2012, respectively | 2,976,287 | 3,468,218 |
Intangible lease assets, less accumulated amortization of $298,975 and $315,840, as of December 31, 2013 and 2012, respectively | 281,220 | 341,460 |
Construction in progress | 7,949 | 12,680 |
Total real estate assets | 3,972,394 | 4,611,595 |
Cash and cash equivalents | 99,855 | 53,657 |
Tenant receivables, net of allowance for doubtful accounts of $52 and $117, as of December 31, 2013 and 2012, respectively | 7,414 | 14,426 |
Straight-line rent receivable | 113,592 | 119,673 |
Prepaid expenses and other assets | 32,423 | 29,373 |
Deferred financing costs, less accumulated amortization of $11,938 and $8,527, as of December 31, 2013 and 2012, respectively | 10,388 | 10,490 |
Intangible lease origination costs, less accumulated amortization of $216,598 and $230,930, as of December 31, 2013 and 2012, respectively | 148,889 | 206,927 |
Deferred lease costs, less accumulated amortization of $27,375 and $24,222, as of December 31, 2013 and 2012, respectively | 87,527 | 98,808 |
Investment in development authority bonds | 120,000 | 586,000 |
Total assets | 4,592,482 | 5,730,949 |
Liabilities: | ' | ' |
Line of credit and notes payable | 1,240,249 | 1,401,618 |
Bonds payable, net of discount of $1,070 and $1,322, as of December 31, 2013 and 2012, respectively | 248,930 | 248,678 |
Accounts payable, accrued expenses, and accrued capital expenditures | 99,678 | 102,858 |
Due to affiliates | 0 | 1,920 |
Deferred income | 21,938 | 28,071 |
Intangible lease liabilities, less accumulated amortization of $76,500 and $84,326, as of December 31, 2013 and 2012, respectively | 73,864 | 98,298 |
Obligations under capital leases | 120,000 | 586,000 |
Total liabilities | 1,804,659 | 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, 124,830,122 and 136,900,911 shares issued and outstanding as of December 31, 2013 and 2012, respectively | 1,248 | 1,369 |
Additional paid-in capital | 4,600,166 | 4,901,889 |
Cumulative distributions in excess of earnings | -1,810,284 | -1,634,531 |
Redeemable common stock | 0 | -99,526 |
Other comprehensive loss | -3,307 | -5,221 |
Total equity | 2,787,823 | 3,163,980 |
Total liabilities, redeemable common stock, and equity | $4,592,482 | $5,730,949 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Building and improvements, accumulated depreciation | $604,497 | $580,334 |
Intangible lease assets, accumulated amortization | 298,975 | 315,840 |
Allowance for doubtful accounts | 52 | 117 |
Deferred financing costs, accumulated amortization | 11,938 | 8,527 |
Intangible lease origination costs, accumulated amortization | 216,598 | 230,930 |
Deferred lease costs, accumulated amortization | 27,375 | 24,222 |
Bonds payable, discount | 1,070 | 1,322 |
Intangible lease liabilities, accumulated amortization | $76,500 | $84,326 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 900,000,000 | 900,000,000 |
Common stock, shares issued | 124,830,122 | 136,900,911 |
Common stock, shares outstanding | 124,830,122 | 136,900,911 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Rental income | $406,907 | $381,796 | $379,641 |
Tenant reimbursements | 90,875 | 88,402 | 87,071 |
Hotel income | 23,756 | 23,049 | 20,600 |
Other property income | 5,040 | 1,024 | 5,575 |
Revenues | 526,578 | 494,271 | 492,887 |
Expenses: | ' | ' | ' |
Property operating costs | 154,559 | 147,202 | 142,492 |
Hotel operating costs | 18,340 | 18,362 | 17,394 |
Asset and property management fees: | ' | ' | ' |
Related-party | 4,693 | 29,372 | 29,613 |
Other | 1,671 | 2,421 | 2,185 |
Depreciation | 108,105 | 98,698 | 95,724 |
Amortization | 78,710 | 86,458 | 96,902 |
General and administrative | 61,866 | 24,613 | 21,017 |
Listing costs | 4,060 | 0 | 0 |
Acquisition fees and expenses | 0 | 1,876 | 11,239 |
Costs and expenses | 432,004 | 409,002 | 416,566 |
Real estate operating income | 94,574 | 85,269 | 76,321 |
Other income (expense): | ' | ' | ' |
Interest expense | -101,941 | -101,886 | -101,799 |
Interest and other income | 34,029 | 39,856 | 42,395 |
Loss on interest rate swaps | -342 | -1,225 | -38,383 |
Gain on the early extinguishment of debt | 0 | 0 | 53,018 |
Nonoperating income (expense) | -68,254 | -63,255 | -44,769 |
Income (loss) before income tax (expense) benefit | 26,320 | 22,014 | 31,552 |
Income tax benefit (expense) | -500 | -572 | 390 |
Income (loss) from continuing operations | 25,820 | 21,442 | 31,942 |
Discontinued operations: | ' | ' | ' |
Operating income (loss) from discontinued operations | -21,325 | 6,484 | 11,192 |
Gain on disposition of discontinued operations | 11,225 | 20,117 | 13,522 |
Income (loss) from discontinued operations | -10,100 | 26,601 | 24,714 |
Net income (loss) | 15,720 | 48,043 | 56,656 |
Less: net income attributable to nonredeemable noncontrolling interests | 0 | -4 | -14 |
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $15,720 | $48,039 | $56,642 |
Per share information b basic and diluted: | ' | ' | ' |
Income from continuing operations | $0.19 | $0.16 | $0.24 |
Income (loss) from discontinued operations | ($0.08) | $0.19 | $0.18 |
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $0.12 | $0.35 | $0.42 |
Weighted-average common shares outstanding b basic and diluted | 134,085 | 136,672 | 135,680 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | $12,927 | $4,800 | $20,601 | ($22,608) | [1] | $11,853 | ($5,859) | $10,914 | $31,131 | $15,720 | $48,039 | $56,642 |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -83 | 0 | 0 | |
Market value adjustment to interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | 1,997 | -5,305 | 11,223 | |
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 17,634 | 42,734 | 67,865 | |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 4 | 14 | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $17,634 | $42,738 | $67,879 | |
[1] | Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements). |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Redeemable Common Stock | Other Comprehensive Income (Loss) | Total Columbia Property Trust Inc. Stockholders' Equity | Nonredeemable Noncontrolling Interest | |||
In Thousands, except Share data, unless otherwise specified | |||||||||||
Balance, value at beginning of period at Dec. 31, 2010 | $3,456,044 | $1,352 | [1] | $4,839,145 | [1] | ($1,212,472) | ($161,189) | ($11,139) | $3,455,697 | $347 | |
Balance, shares at beginning of period at Dec. 31, 2010 | [1] | ' | 135,227,000 | ' | ' | ' | ' | ' | ' | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Issuance of common stock, shares | [1] | ' | 3,702,000 | ' | ' | ' | ' | ' | ' | ||
Issuance of common stock, value | 130,289 | 37 | [1] | 130,252 | [1] | ' | ' | ' | 130,289 | ' | |
Redemptions of common stock, shares | [1] | ' | -2,379,000 | ' | ' | ' | ' | ' | ' | ||
Redemptions of common stock, value | -84,518 | -24 | [1] | -84,494 | [1] | ' | ' | ' | -84,518 | ' | |
Decrease in redeemable common stock | 48,042 | ' | ' | ' | 48,042 | ' | 48,042 | ' | |||
Distributions to common stockholders | -270,720 | ' | ' | -270,720 | ' | ' | -270,720 | ' | |||
Distributions to noncontrolling interests | -44 | ' | ' | ' | ' | ' | ' | -44 | |||
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | 56,642 | ' | ' | 56,642 | ' | ' | 56,642 | ' | |||
Foreign currency translation adjustment | 0 | ' | ' | ' | ' | ' | ' | ' | |||
Net income attributable to noncontrolling interests | 14 | ' | ' | ' | ' | ' | ' | 14 | |||
Market value adjustment to interest rate swap | 11,223 | ' | ' | ' | ' | 11,223 | 11,223 | ' | |||
Balance, value at end 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 end of period at Dec. 31, 2011 | [1] | ' | 136,550,000 | ' | ' | ' | ' | ' | ' | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Issuance of common stock, shares | [1] | ' | 4,166,000 | ' | ' | ' | ' | ' | ' | ||
Issuance of common stock, value | 118,388 | 42 | [1] | 118,346 | [1] | ' | ' | ' | 118,388 | ' | |
Redemptions of common stock, shares | [1] | ' | -3,815,000 | ' | ' | ' | ' | ' | ' | ||
Redemptions of common stock, value | -101,396 | -38 | [1] | -101,358 | [1] | ' | ' | ' | -101,396 | ' | |
Decrease in redeemable common stock | 13,621 | ' | ' | ' | 13,621 | ' | 13,621 | ' | |||
Distributions to common stockholders | -256,020 | ' | ' | -256,020 | ' | ' | -256,020 | ' | |||
Tender offer and offering costs | -7 | ' | -7 | [1] | ' | ' | ' | -7 | ' | ||
Distributions to noncontrolling interests | -15 | ' | ' | ' | ' | ' | ' | -15 | |||
Acquisition of noncontrolling interest in consolidated joint ventures | -301 | ' | 5 | [1] | ' | ' | ' | 5 | -306 | ||
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | 48,039 | ' | ' | 48,039 | ' | ' | 48,039 | ' | |||
Foreign currency translation adjustment | 0 | ' | ' | ' | ' | ' | ' | ' | |||
Net income attributable to noncontrolling interests | 4 | ' | ' | ' | ' | ' | ' | 4 | |||
Market value adjustment to interest rate swap | -5,305 | ' | ' | ' | ' | -5,305 | -5,305 | ' | |||
Balance, value at end of period at Dec. 31, 2012 | 3,163,980 | 1,369 | [1] | 4,901,889 | [1] | -1,634,531 | -99,526 | -5,221 | 3,163,980 | 0 | |
Balance, shares at end 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 | ' | 17 | [1] | 46,585 | [1] | ' | ' | ' | 46,602 | ' | |
Stock compensation | ' | ' | 855 | [1] | ' | ' | ' | 855 | ' | ||
Redemptions of common stock, shares | [1] | ' | -4,373,000 | ' | ' | ' | ' | ' | ' | ||
Redemptions of common stock, value | ' | -44 | [1] | -112,062 | [1] | ' | ' | ' | -112,106 | ' | |
Decrease in redeemable common stock | ' | ' | ' | ' | 99,526 | ' | 99,526 | ' | |||
Tender repurchase of common stock, shares | [1] | ' | -9,363,000 | ' | ' | ' | ' | ' | ' | ||
Tender repurchase of common stock | ' | -94 | [1] | -233,968 | [1] | ' | ' | ' | -234,062 | ' | |
Distributions to common stockholders | ' | ' | ' | -191,473 | ' | ' | -191,473 | ' | |||
Tender offer and offering costs | ' | ' | -3,133 | [1] | ' | ' | ' | -3,133 | ' | ||
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | 15,720 | ' | ' | 15,720 | ' | ' | 15,720 | ' | |||
Foreign currency translation adjustment | -83 | ' | ' | ' | ' | -83 | -83 | ' | |||
Net income attributable to noncontrolling interests | 0 | ' | ' | ' | ' | ' | ' | ' | |||
Market value adjustment to interest rate swap | 1,997 | ' | ' | ' | ' | 1,997 | 1,997 | ' | |||
Balance, value at end of period at Dec. 31, 2013 | $2,787,823 | $1,248 | [1] | $4,600,166 | [1] | ($1,810,284) | $0 | ($3,307) | $2,787,823 | ' | |
Balance, shares at end of period at Dec. 31, 2013 | 124,830,122 | 124,830,000 | [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, Stockholders' Equity). |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity Parentheticals (unaudited) (Common Stock, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common Stock | ' | ' | ' |
Distributions to common stockholders per share | $1.44 | $1.88 | $2 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net income | $15,720 | $48,043 | $56,656 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Straight-line rental income | -22,793 | -11,033 | -22,165 |
Depreciation | 119,835 | 120,307 | 119,772 |
Amortization | 84,630 | 100,482 | 122,807 |
Impairment losses on real estate assets | 29,737 | 18,467 | 5,817 |
Noncash interest expense | 3,602 | 3,881 | 23,967 |
Loss (gain) on interest rate swaps | -5,530 | -173 | 28,635 |
Gain on sale of discontinued operations | -11,225 | -20,117 | 0 |
Loss (gain) on early extinguishment of debt | 4,709 | 0 | -66,540 |
Stock-based compensation expense | 1,055 | 0 | 0 |
Changes in assets and liabilities, net of acquisitions and dispositions: | ' | ' | ' |
Decrease (increase) in tenant receivables, net | 6,249 | -4,767 | -1,438 |
Decrease (increase) in prepaid expenses and other assets | -4,097 | 2,344 | -4,443 |
Increase in accounts payable and accrued expenses | 4,207 | 4,270 | 8,114 |
Decrease in due to affiliates | -1,801 | -1,411 | -1,146 |
Increase (decrease) in deferred income | -5,969 | -7,454 | 9,122 |
Net cash provided by operating activities | 218,329 | 252,839 | 279,158 |
Cash Flows from Investing Activities: | ' | ' | ' |
Net proceeds from the sale of real estate | 565,945 | 304,264 | 0 |
Acquisition of real estate assets and related intangibles | 0 | -188,750 | -609,492 |
Capitalized expenditures | -44,856 | -45,048 | -29,291 |
Deferred lease costs paid | -25,700 | -39,419 | -27,307 |
Net cash provided by (used in) investing activities | 495,389 | 31,047 | -666,090 |
Cash Flows from Financing Activities: | ' | ' | ' |
Financing costs paid | -3,721 | -4,198 | -12,395 |
Proceeds from lines of credit and notes payable | 301,000 | 599,000 | 1,543,500 |
Repayments of lines of credit and notes payable | -461,940 | -627,191 | -1,168,278 |
Prepayment penalty on early extinguishment of debt | -4,709 | 0 | 0 |
Proceeds from issuance of bonds payable | 0 | 0 | 248,237 |
Issuance of common stock | 46,402 | 118,388 | 130,289 |
Redemptions of common stock | -115,781 | -99,381 | -82,892 |
Tender offer redemptions of common stock | -234,062 | 0 | 0 |
Distributions paid to stockholders | -145,071 | -137,632 | -140,431 |
Distributions paid to stockholders and reinvested in shares of our common stock | -46,402 | -118,388 | -130,289 |
Redemption of noncontrolling interests | 0 | -301 | -87 |
Offering costs paid | -3,133 | -11 | 0 |
Distributions paid to nonredeemable noncontrolling interests | 0 | -15 | -44 |
Net cash provided by (used in) financing activities | -667,417 | -269,729 | 387,610 |
Net increase in cash and cash equivalents | 46,301 | 14,157 | 678 |
Effect of foreign exchange rate on cash and cash equivalents | -103 | 32 | -92 |
Cash and cash equivalents, beginning of period | 53,657 | 39,468 | 38,882 |
Cash and cash equivalents, end of period | $99,855 | $53,657 | $39,468 |
Organization
Organization | 12 Months Ended |
Dec. 31, 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 seeks to invest in high-quality, income-generating office properties leased to creditworthy companies and governmental entities. As of December 31, 2013, Columbia Property Trust owned interests in 42 office properties and one hotel, which include 59 operational buildings, comprising approximately 16.8 million square feet of commercial space located in 13 states and the District of Columbia. Of these office properties, 41 are wholly owned and one is owned through a consolidated subsidiary. As of December 31, 2013, our office properties were approximately 92.3% leased. | |
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 10, 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. 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 for the acquisition of Columbia Property Trust Advisory Services or Columbia Property Trust Services, Columbia Property Trust paid fees to WREF for consulting and investor services for the remainder of 2013. For additional details about these transactions and the related agreements, please refer to Note 10, Related-Party Transactions and Agreements. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 U.S. generally accepted accounting principles ("GAAP") and include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable interest entity ("VIE") in which Columbia Property Trust or Columbia Property Trust OP was deemed the primary beneficiary. With respect to entities that are not VIEs, Columbia Property Trust's consolidated financial statements shall also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or its 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. In determining whether Columbia Property Trust or Columbia Property Trust OP has a controlling interest, the following factors are considered, among other things: the ownership of voting interests, protective rights, and participatory rights of the investors. | |||||||||||||||||
All intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification ("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 are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition or construction, and any tenant improvements or major improvements and betterments that extend the useful life of the related asset. All repairs and maintenance are expensed as incurred. Additionally, Columbia Property Trust capitalizes interest while the development of a real estate asset is in progress. No interest was capitalized during 2013 or 2012. | |||||||||||||||||
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). | |||||||||||||||||
During the third quarter of 2011, Columbia Property Trust evaluated the recoverability of the carrying value of the Manhattan Towers property and determined that it was not recoverable, as defined by the accounting policy outlined above. The Manhattan Towers property is located in Manhattan Beach, California, and includes two office buildings, which had total occupancy of 22%. In the third quarter of 2011, upon considering the economic impact of various property disposition scenarios not previously contemplated, including the likelihood of achieving the projected returns associated with each scenario, Columbia Property Trust opted to transfer the Manhattan Towers property to an affiliate of the lender in full settlement of a $75.0 million nonrecourse mortgage loan through a deed in lieu of foreclosure transaction, which closed on September 6, 2011. As a result of this transaction, Columbia Property Trust reduced the carrying value of the Manhattan Towers property to its fair value, estimated based on the present value of estimated future property cash flows, by recognizing a property impairment loss of approximately $5.8 million, which is included in operating income (loss) from discontinued operations in the statement of operations; and recognized a gain on early extinguishment of debt of $13.5 million, which is reflected as gain on disposition of discontinued operations in the accompanying statement of operations. | |||||||||||||||||
In the third quarter of 2012, Columbia Property Trust focused on refining the 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, which is included in operating income (loss) from discontinued operations in the accompanying statement of operations. | |||||||||||||||||
In connection with furthering its portfolio repositioning efforts, in the first quarter of 2013, Columbia Property Trust initiated a process to market 18 properties for sale. Pursuant to the accounting policy outlined above, Columbia Property Trust evaluated the recoverability of the carrying values of each of these properties and determined that the 120 Eagle Rock property in East Hanover, New Jersey, and the 333 & 777 Republic Drive property in Allen Park, Michigan, were 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, which are included in operating income (loss) from discontinued operations in the accompanying statement of operations. | |||||||||||||||||
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 for 2013, 2012, and 2011 (in thousands) using Level 3 inputs. | |||||||||||||||||
Property | Net Book Value | Impairment Loss Recognized | Fair Value | ||||||||||||||
2013 | |||||||||||||||||
120 Eagle Rock | $ | 23,808 | $ | (11,708 | ) | $ | 12,100 | ||||||||||
333 & 777 Republic Drive | $ | 13,359 | $ | (5,159 | ) | $ | 8,200 | ||||||||||
2012 | |||||||||||||||||
180 E 100 South | $ | 30,847 | $ | (18,467 | ) | $ | 12,380 | ||||||||||
2011 | |||||||||||||||||
Manhattan Towers | $ | 65,317 | $ | (5,817 | ) | $ | 59,500 | ||||||||||
In connection with finalizing the terms of the sale agreement for these 18 properties (the "18 Property Sale") in November of 2013, Columbia Property Trust reduced the aggregate carrying value of the assets therein to fair value, as estimated based on the approximate contract price of $500 million, by recognizing an additional impairment loss of $12.9 million in the third quarter of 2013, which is included in operating income (loss) from discontinued operations in the accompanying statement of operations. | |||||||||||||||||
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 December 31, 2013, none of Columbia Property Trust's properties met the criteria to be classified as held for sale in the accompanying balance sheet. | |||||||||||||||||
Allocation of Purchase Price of Acquired Assets | |||||||||||||||||
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 details). | |||||||||||||||||
The fair values of the tangible assets of an acquired property (which includes land, building, and site improvements) are determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building, and site improvements based on management's determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market demand. | |||||||||||||||||
Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust is the Lessor | |||||||||||||||||
As further described below, in-place leases with Columbia Property Trust as the lessor may have values related to: direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease, tenant relationships, and effective contractual rental rates that are above or below market rates: | |||||||||||||||||
• | Direct costs associated with obtaining a new tenant, including commissions, tenant improvements, and other direct costs, are estimated based on management's consideration of current market costs to execute a similar lease. Such direct costs are included in intangible lease origination costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. | ||||||||||||||||
• | The value of opportunity costs associated with lost rentals avoided by acquiring an in-place lease is calculated based on contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. Such opportunity costs ("Absorption Period Costs") are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. | ||||||||||||||||
• | The value of tenant relationships is calculated based on expected renewal of a lease or the likelihood of obtaining a particular tenant for other locations. Values associated with tenant relationships are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. | ||||||||||||||||
• | The value of effective rental rates of in-place leases that are above or below the market rates of comparable leases is calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be received pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining terms of the leases. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental income over the remaining terms of the respective leases. | ||||||||||||||||
As of December 31, 2013 and 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 | |||||||||||||||||
December 31, 2013 | Gross | $ | 80,836 | $ | 388,686 | $ | 365,487 | $ | 150,364 | ||||||||
Accumulated Amortization | (56,859 | ) | (229,065 | ) | (216,598 | ) | (76,500 | ) | |||||||||
Net | $ | 23,977 | $ | 159,621 | $ | 148,889 | $ | 73,864 | |||||||||
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 | |||||||||
During 2013, 2012, and 2011, 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 years ended December 31, | |||||||||||||||||
2013 | $ | 6,077 | $ | 38,879 | $ | 38,978 | $ | 14,411 | |||||||||
2012 | $ | 8,901 | $ | 48,997 | $ | 42,866 | $ | 15,324 | |||||||||
2011 | $ | 14,273 | $ | 63,156 | $ | 50,194 | $ | 17,203 | |||||||||
The remaining net intangible assets and liabilities as of December 31, 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 years ending December 31, | |||||||||||||||||
2014 | $ | 5,403 | $ | 32,746 | $ | 32,861 | $ | 12,351 | |||||||||
2015 | 4,555 | 29,171 | 29,338 | 10,930 | |||||||||||||
2016 | 3,823 | 22,634 | 22,426 | 8,582 | |||||||||||||
2017 | 1,954 | 16,370 | 15,979 | 6,500 | |||||||||||||
2018 | 1,150 | 12,125 | 11,542 | 5,764 | |||||||||||||
Thereafter | 7,092 | 46,575 | 36,743 | 29,737 | |||||||||||||
$ | 23,977 | $ | 159,621 | $ | 148,889 | $ | 73,864 | ||||||||||
Weighted-Average Amortization Period | 4 years | 5 years | 5 years | 7 years | |||||||||||||
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 December 31, 2013 and 2012, net of accumulated amortization of $13.1 million and $11.0 million as of December 31, 2013 and 2012, respectively. Columbia Property Trust recognized amortization of these assets of approximately $2.1 million for each of the years ended 2013, 2012, and 2011. | |||||||||||||||||
As of December 31, 2013, the remaining net below-market lease asset will be amortized as follows (in thousands): | |||||||||||||||||
For the years ending December 31: | |||||||||||||||||
2014 | $ | 2,069 | |||||||||||||||
2015 | 2,069 | ||||||||||||||||
2016 | 2,069 | ||||||||||||||||
2017 | 2,069 | ||||||||||||||||
2018 | 2,069 | ||||||||||||||||
Thereafter | 87,277 | ||||||||||||||||
$ | 97,622 | ||||||||||||||||
Weighted-Average Amortization Period | 48 years | ||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
Columbia Property Trust considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value as of December 31, 2013 and 2012. | |||||||||||||||||
Tenant Receivables, net | |||||||||||||||||
Tenant receivables are comprised of rental and reimbursement billings due from tenants and the cumulative amount of future adjustments necessary to present rental income on a straight-line basis. Tenant receivables are recorded at the original amount earned, less an allowance for any doubtful accounts, which approximates fair value. Management assesses the realizability of tenant receivables on an ongoing basis and provides for allowances as such balances, or portions thereof, become uncollectible. | |||||||||||||||||
Columbia Property Trust adjusted the allowance for doubtful accounts by recording a provision for doubtful accounts, net of recoveries, in general and administrative expenses of approximately $(0.1) million and $0.2 million for 2013 and 2012, respectively. | |||||||||||||||||
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. | |||||||||||||||||
Deferred Financing Costs | |||||||||||||||||
Deferred financing costs are comprised of costs incurred in connection with securing financing from third-party lenders and are capitalized and amortized over the term of the related financing arrangements. Columbia Property Trust recognized amortization of deferred financing costs for the years ended December 31, 2013, 2012, and 2011, of approximately $3.8 million, $3.2 million, and $8.4 million, respectively, which is included in interest expense in the accompanying consolidated statements of operations. | |||||||||||||||||
Deferred Lease Costs | |||||||||||||||||
Deferred lease costs include (i) costs incurred to procure leases, which are capitalized and recognized as amortization expense on a straight-line basis over the terms of the lease, and (ii) common area maintenance costs that are recoverable from tenants under the terms of the existing leases. Such costs are capitalized and recognized as operating expenses over the shorter of the lease term or the recovery period provided for in the lease. Columbia Property Trust recognized amortization of deferred lease costs of approximately $13.1 million, $10.9 million, and $6.8 million for 2013, 2012, and 2011, respectively, the majority of which is recorded as amortization. Upon receiving notification of a tenant's intention to terminate a lease, unamortized deferred lease costs are amortized over the shortened lease period. | |||||||||||||||||
Investments in Development Authority Bonds and Obligations Under Capital Leases | |||||||||||||||||
In connection with the acquisition of certain real estate assets, Columbia Property Trust has assumed investments in development authority bonds and corresponding obligations under capital leases of land or buildings. The county development authority issued bonds to developers to finance the initial development of these projects, a portion of which was then leased back to the developer under a capital lease. This structure enabled the developer to receive property tax abatements over the concurrent terms of the development authority bonds and capital leases. The remaining property tax abatement benefits transferred to Columbia Property Trust upon assumption of the bonds and corresponding capital leases at acquisition. The development authority bonds and the obligations under the capital leases are both recorded at their net present values, which Columbia Property Trust believes approximates fair value. The related amounts of interest income and expense are recognized as earned in equal amounts and, accordingly, do not impact net income. In December 2013, upon maturity, Columbia Property Trust settled the $216.0 million and $250.0 million development authority bonds and the corresponding obligations under capital leases related to the Lenox Park Buildings and Lindbergh Center, respectively. In December 2012, Columbia Property Trust settled the $60.0 million development authority bond and the corresponding obligation under capital lease at maturity related to One Glenlake Parkway. | |||||||||||||||||
Line of Credit and Notes Payable | |||||||||||||||||
Certain mortgage notes included in line of credit and notes payable in the accompanying consolidated balance sheets were assumed upon the acquisition of real properties. When debt is assumed, Columbia Property Trust records the loan at fair value with a corresponding adjustment to building. The fair value adjustment is amortized to interest expense over the term of the loan using the effective interest method. | |||||||||||||||||
As of December 31, 2013 and 2012, the estimated fair value of Columbia Property Trust's line of credit and notes payable was approximately $1,245.3 million and $1,433.1 million, respectively. Columbia Property Trust estimated the fair values of its line of credit by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates. The fair values of the notes payable 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. | |||||||||||||||||
Bonds Payable | |||||||||||||||||
On April 4, 2011, Columbia Property Trust sold $250.0 million of its seven-year unsecured 5.875% senior notes at 99.295% of their face value (the "2018 Bonds Payable"). The discount on bonds payable is amortized to interest expense over the term of the bonds using the effective-interest method. | |||||||||||||||||
The estimated fair value of Columbia Property Trust's 2018 Bonds Payable as of December 31, 2013 and 2012, was approximately $250.8 million and $250.9 million, respectively. 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. The discounted cash flow method of assessing fair value results in a general approximation of value, and such value may never actually be realized. | |||||||||||||||||
Noncontrolling Interests | |||||||||||||||||
Noncontrolling interests represent the equity interests of consolidated subsidiaries that are not owned by Columbia Property Trust. Noncontrolling interests are adjusted for contributions, distributions, and earnings attributable to the noncontrolling interest holders of the consolidated joint ventures. Pursuant to the terms of the consolidated joint venture agreements, all earnings and distributions are allocated to joint ventures in accordance with the terms of the respective joint venture agreements. Earnings allocated to such noncontrolling interest holders are recorded as net loss (income) attributable to noncontrolling interests in the accompanying consolidated statements of operations. | |||||||||||||||||
In April 2012, Columbia Property Trust purchased the remaining 0.7% interest in the One Robbins Road and Four Robbins Road Buildings for $0.3 million from an unaffiliated party. The purchase price approximated the book value of the noncontrolling interest at the time of purchase. | |||||||||||||||||
Redeemable Common Stock | |||||||||||||||||
In preparation for listing, Columbia Property Trust terminated its former share redemption program 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. | |||||||||||||||||
Total redemptions (including those tendered within two years of a stockholder's death) were limited to the extent that they would cause both (i) the aggregate amount paid for all redemptions during the then-current calendar year to exceed 100% of the net proceeds raised under the Dividend Reinvestment Program (the "DRP") during such calendar year, and (ii) the total number of shares redeemed during the then-current calendar year to exceed 5.0% of the weighted-average number of shares outstanding in the prior calendar year. Therefore, Columbia Property Trust measured redeemable common stock at the greater of these limits (or, for the periods presented in this report, 5.0% of the weighted-average number of shares outstanding in the prior calendar year, multiplied by the maximum price at which future shares could be redeemed), less the amount incurred to redeem shares during the current calendar year. The maximum price at which shares could be redeemed (i.e., in cases of death, disability, or qualification for federal assistance for confinement to a long-term care facility) was measured at the most recently reported net asset value per share. | |||||||||||||||||
Preferred Stock | |||||||||||||||||
Columbia Property Trust is authorized to issue up to 100.0 million shares of one or more classes or series of preferred stock with a par value of $0.01 per share. Columbia Property Trust's board of directors may determine the relative rights, preferences, and privileges of each class or series of preferred stock issued, which may be more beneficial than the rights, preferences, and privileges attributable to Columbia Property Trust's common stock. To date, Columbia Property Trust has not issued any shares of preferred stock. | |||||||||||||||||
Common Stock | |||||||||||||||||
The par value of Columbia Property Trust's issued and outstanding shares of common stock is classified as common stock, with the remainder allocated to additional paid-in capital. | |||||||||||||||||
Distributions | |||||||||||||||||
To maintain its status as a REIT, Columbia Property Trust is required by the Internal Revenue Code of 1986, as amended (the "Code"), to make distributions to stockholders each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends-paid deduction and by excluding net capital gains attributable to stockholders ("REIT taxable income"). Distributions to the stockholders are determined by the board of directors of Columbia Property Trust and are dependent upon a number of factors relating to Columbia Property Trust, including funds available for payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain Columbia Property Trust's status as a REIT under the Code. | |||||||||||||||||
Interest Rate Swap Agreements | |||||||||||||||||
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 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 as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||
Estimated Fair Value as of | |||||||||||||||||
December 31, | |||||||||||||||||
Instrument Type | Balance Sheet Classification | 2013 | 2012 | ||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Accounts payable | $ | (3,307 | ) | $ | (5,305 | ) | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Accounts payable | $ | (7,579 | ) | $ | (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 $(10.9) million and $(18.4) million at December 31, 2013 and 2012, respectively. | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Market value adjustment to interest rate swaps designated as hedging instruments and | $ | 1,997 | $ | (5,305 | ) | ||||||||||||
included in other comprehensive income | |||||||||||||||||
Loss on interest rate swap recognized through earnings | $ | (342 | ) | $ | (1,225 | ) | |||||||||||
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. | |||||||||||||||||
Revenue Recognition | |||||||||||||||||
All leases on real estate assets held by Columbia Property Trust are classified as operating leases, and the related base rental income is generally recognized on a straight-line basis over the terms of the respective leases. Tenant reimbursements are recognized as revenue in the period that the related operating cost is incurred and are billed to tenants pursuant to the terms of the underlying leases. Rental income and tenant reimbursements collected in advance are recorded as deferred income in the accompanying consolidated balance sheets. Lease termination fees are recorded as other property income and recognized once the tenant has lost the right to lease the space and Columbia Property Trust has satisfied all obligations under the related lease or lease termination agreement. | |||||||||||||||||
In conjunction with certain acquisitions, Columbia Property Trust has entered into master lease agreements with various sellers, whereby the sellers are obligated to pay rent pertaining to certain nonrevenue-producing spaces either at the time of, or subsequent to, the property acquisition. These master leases were established at the time of acquisition to mitigate the potential negative effects of lost rental revenues and expense reimbursement income. Columbia Property Trust records payments received under master lease agreements as a reduction of the basis of the underlying property rather than rental income. There were no proceeds received from master leases during 2013, 2012, and 2011. | |||||||||||||||||
Columbia Property Trust owns a full-service hotel through a taxable REIT subsidiary. Revenues derived from the operations of the hotel include, but are not limited to, revenues from rental of rooms, food and beverage sales, telephone usage, and other service revenues. Revenue is recognized when rooms are occupied, when services have been performed, and when products are delivered. | |||||||||||||||||
Earnings Per Share | |||||||||||||||||
Basic earnings per share are calculated as net income attributable to the common stockholders of Columbia Property Trust divided by the weighted-average number of common shares outstanding for the period. Diluted earnings per share equals basic earnings per share, adjusted to reflect the dilution that would occur if all outstanding securities convertible into common shares or contracts to issue common shares were converted/exercised and the related proceeds were used to repurchase common shares. As the exercise price of Columbia Property Trust's director stock options exceeds the current market price of Columbia Property Trust's common stock, the impact of assuming that the 25,000 director stock options outstanding under the Director Plan (see Note 7, Equity) have been exercised is anti-dilutive. Therefore, basic earnings per share equals diluted earnings per share for each of the periods presented. | |||||||||||||||||
Income Taxes | |||||||||||||||||
Columbia Property Trust has elected to be taxed as a REIT under the Code, and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, 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 TRS"), Columbia KCP TRS, LLC ("Columbia KCP TRS"), and Columbia Energy TRS, LLC ("Columbia 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. | |||||||||||||||||
Operating Segments | |||||||||||||||||
Columbia Property Trust operates in a single reporting segment, and the presentation of Columbia Property Trust's financial condition and performance is consistent with the way in which Columbia Property Trust's operations are managed. | |||||||||||||||||
Reclassification | |||||||||||||||||
Certain prior period amounts may be reclassified to conform with the current-period financial statement presentation, including discontinued operations (see Note 12, Discontinued Operations) and equity accounts impacted by the Reverse Stock Split (see Note 7, Stockholders' Equity). |
Real_Estate_Transactions
Real Estate Transactions | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Real Estate Transactions | ' | ||||||||||||||||||||||||||||||||||||||||
Real Estate Transactions | |||||||||||||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust did not acquire any properties during 2013. During 2012, Columbia Property Trust acquired interests in the following properties (in thousands): | |||||||||||||||||||||||||||||||||||||||||
Property Name | City | State | Acquisition | Land | Buildings | Intangible | Intangible | Below-Market | Notes Payable Step Up | Swap | Total | Lease | |||||||||||||||||||||||||||||
Date | and | Lease | Lease | Lease | Purchase | Details | |||||||||||||||||||||||||||||||||||
Improvements | Assets | Origination | Liability | Price | |||||||||||||||||||||||||||||||||||||
333 Market Street | San Francisco | CA | 12/21/12 | $ | 114,483 | $ | 273,203 | $ | 19,637 | $ | 26,824 | $ | (25,507 | ) | $ | (1,830 | ) | $ | (11,560 | ) | $ | 395,250 | (1) | ||||||||||||||||||
$ | 114,483 | $ | 273,203 | $ | 19,637 | $ | 26,824 | $ | (25,507 | ) | $ | (1,830 | ) | $ | (11,560 | ) | $ | 395,250 | |||||||||||||||||||||||
(1) | As of the acquisition date, 333 Market Street was 100% leased to Wells Fargo Bank, N.A., through 2026. | ||||||||||||||||||||||||||||||||||||||||
The acquisition of the 333 Market Street Building is immaterial and, as a result, pro forma financial information is not provided. | |||||||||||||||||||||||||||||||||||||||||
Financial Information for Market Square Buildings Acquisition | |||||||||||||||||||||||||||||||||||||||||
In March 2011, Columbia Property Trust acquired the Market Square Buildings in Washington, D.C., for $603.4 million. Columbia Property Trust recognized revenues of $38.7 million and a net loss of $16.2 million from the Market Square Buildings acquisition for the period from March 7, 2011 through December 31, 2011. The net loss includes acquisition-related expenses of $9.4 million. See Note 2, Summary of Significant Accounting Policies, for a discussion of the estimated useful life for each asset class. | |||||||||||||||||||||||||||||||||||||||||
The following unaudited pro forma statements of operations presented for the year ended December 31, 2011, have been prepared for Columbia Property Trust to give effect to the acquisition of the Market Square Buildings as if the acquisition occurred on January 1, 2011. The unaudited pro forma financial information has been prepared for informational purposes only and is not necessarily indicative of future results or of actual results that would have been achieved had the acquisition of the Market Square Buildings acquisition been consummated as of January 1, 2011 (in thousands): | |||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||||||||||
Revenues(1) | $ | 501,627 | |||||||||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 53,567 | |||||||||||||||||||||||||||||||||||||||
(1) | Prior-period amounts adjusted to conform with current-period presentation, including classifying revenues generated by properties held for sale and by properties sold, as discontinued operations for all periods presented (see Note 12, Discontinued Operations). | ||||||||||||||||||||||||||||||||||||||||
Financial Information for Columbia Property Trust Advisory Services and Columbia Property Trust Services | |||||||||||||||||||||||||||||||||||||||||
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 2013, 2012, and 2011 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, 2011. 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, 2011 (in thousands): | |||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Revenues | $ | 526,966 | $ | 462,786 | $ | 575,175 | |||||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 47,661 | $ | 47,591 | $ | 83,615 | |||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||
18 Property Sale | |||||||||||||||||||||||||||||||||||||||||
On November 5, 2013, Columbia Property Trust closed on the 18 Property Sale to an unaffiliated third party for $521.5 million, exclusive of closing costs. In connection with marketing these assets for sale and finalizing the terms of the sale agreement, Columbia Property Trust recognized aggregate impairment losses of $29.7 million. After considering the impact of these impairment losses, upon closing in the fourth quarter of 2013, the 18 Property Sale yielded a net gain of approximately $1.2 million, which is included in income from discontinued operations in the accompanying consolidated statement of operations. | |||||||||||||||||||||||||||||||||||||||||
The following properties make up the 18 Property Sale: | |||||||||||||||||||||||||||||||||||||||||
2500 Windy Ridge Parkway | Sterling Commerce Center | 11200 West Parkland Avenue | |||||||||||||||||||||||||||||||||||||||
4100-4300 Wildwood Parkway | 4300 Centreway Place | One Century Place | |||||||||||||||||||||||||||||||||||||||
4200 Wildwood Parkway | 919 Hidden Ridge | 1200 Morris Drive | |||||||||||||||||||||||||||||||||||||||
4241 Irwin Simpson | 333 & 777 Republic Drive | 15815 25th Avenue West | |||||||||||||||||||||||||||||||||||||||
8990 Duke Road | 120 Eagle Rock | 16201 25th Avenue West | |||||||||||||||||||||||||||||||||||||||
Chase Center Building | College Park Plaza | 13655 Riverport Drive | |||||||||||||||||||||||||||||||||||||||
Dvintsev Business Center – Tower B | |||||||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||
Nine Property Sale | |||||||||||||||||||||||||||||||||||||||||
On December 12, 2012, Columbia Property Trust closed on the Nine Property Sale for $260.5 million, exclusive of closing costs to an unaffiliated third party. In connection with changing the disposition strategy for these assets, Columbia Property Trust recorded an impairment loss of $18.5 million on the 180 E 100 South property in the third quarter of 2012. After reflecting this impairment loss, upon closing in the fourth quarter of 2012, the Nine Property Sale yielded a net gain of $3.2 million, which is included in income from discontinued operations in the accompanying consolidated statement of operations. The following properties make up the portfolio of assets sold in the Nine Property Sale: | |||||||||||||||||||||||||||||||||||||||||
One West Fourth Street | Tampa Commons | 11950 Corporate Boulevard | |||||||||||||||||||||||||||||||||||||||
180 E 100 South | Lakepointe 5 | Edgewater Corporate Center | |||||||||||||||||||||||||||||||||||||||
Baldwin Point | Lakepointe 3 | 2000 Park Lane | |||||||||||||||||||||||||||||||||||||||
Emerald Point and 5995 Opus Parkway | |||||||||||||||||||||||||||||||||||||||||
In January 2012, Columbia Property Trust closed on the sale of the Emerald Point Building for $37.3 million, exclusive of transaction costs, and on the sale of the 5995 Opus Parkway for $22.8 million, exclusive of transaction costs, resulting in a gain on disposition of discontinued operations of $16.9 million. | |||||||||||||||||||||||||||||||||||||||||
Manhattan Towers | |||||||||||||||||||||||||||||||||||||||||
On September 6, 2011, Columbia Property Trust transferred the Manhattan Towers property, an office building located in Manhattan Beach, California, to an affiliate of its lender in connection with settling a $75.0 million mortgage note through a deed in lieu of foreclosure transaction, resulting in a $13.5 million gain on extinguishment of debt. | |||||||||||||||||||||||||||||||||||||||||
For further discussion of impairment related to these dispositions, see section Evaluating the Recoverability of Real Estate Assets of Note 2, Summary of Significant Accounting Policies. For further discussion of the financial impact of these dispositions, see Note 12, Discontinued Operations. |
Line_of_Credit_and_Notes_Payab
Line of Credit and Notes Payable | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||
Line of Credit and Notes Payable | ' | |||||||||||||||||
Line of Credit and Notes Payable | ||||||||||||||||||
As of December 31, 2013 and 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: | ||||||||||||||||||
Rate as of December 31, 2013 | Term Debt or Interest Only | Outstanding Balance as of | ||||||||||||||||
December 31, | ||||||||||||||||||
Facility | Maturity | 2013 | 2012 | |||||||||||||||
$450 Million Term Loan | LIBOR + 150 bp | (1) | Interest only | 2/3/16 | $ | 450,000 | $ | 450,000 | ||||||||||
Market Square Buildings mortgage note | 5.07 | % | Interest only | 7/1/23 | 325,000 | 325,000 | ||||||||||||
333 Market Street Building mortgage note | LIBOR + 202 bp | (2) | Interest only | 7/1/15 | 207,559 | 208,308 | ||||||||||||
100 East Pratt Street Building mortgage note | 5.08 | % | Interest only | 6/11/17 | 105,000 | 105,000 | ||||||||||||
263 Shuman Boulevard Building mortgage note | 5.55 | % | Interest only | 7/1/17 | 49,000 | 49,000 | ||||||||||||
SanTan Corporate Center mortgage notes | 5.83 | % | Interest only | 10/11/16 | 39,000 | 39,000 | ||||||||||||
One Glenlake Building mortgage note | 5.8 | % | Term debt | 12/10/18 | 34,713 | 37,204 | ||||||||||||
215 Diehl Road Building mortgage note | 5.55 | % | Interest only | 7/1/17 | 21,000 | 21,000 | ||||||||||||
544 Lakeview Building mortgage note | 5.54 | % | Interest only | 12/1/14 | 8,977 | 8,842 | ||||||||||||
JPMorgan Chase Credit Facility | LIBOR + 130 bp | (3) | Interest only | 8/21/17 | — | 42,000 | ||||||||||||
Wildwood Buildings mortgage note | 5 | % | Interest only | 12/1/14 | — | 90,000 | ||||||||||||
Three Glenlake Building mortgage note | LIBOR + 90 bp | Interest only | (4) | 7/31/13 | — | 26,264 | ||||||||||||
Total indebtedness | $ | 1,240,249 | $ | 1,401,618 | ||||||||||||||
(1) | Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $450 Million Term Loan at 2.28% per annum and terminates on February 3, 2016. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statements of other comprehensive income. | |||||||||||||||||
(2) | Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the 333 Market Street Building mortgage note at 4.75% per annum and terminates on July 1, 2015. This interest rate swap agreement does not qualify for hedge accounting treatment; therefore, changes in fair value are recorded as loss on interest rate swaps in the accompanying consolidated statements of operations. | |||||||||||||||||
(3) | The JPMorgan Chase Bank, N.A. (the "JPMorgan Chase Bank") unsecured debt bears interest at a rate based on, at the option of Columbia Property Trust, LIBOR for seven-day or one-, two-, three-, or six-month periods, plus an applicable margin ranging from 1.00% to 1.70%, or the alternate base rate for any day is the greatest of the rate of interest publicly announced by JPMorgan Chase Bank as its prime rate in effect in its principal office in New York City for such day plus an applicable margin ranging from 0.00% to 0.70%. | |||||||||||||||||
(4) | Interest was due monthly; however, under the terms of the loan agreement, a portion of the monthly debt service amount accrued and was added to the outstanding balance of the note over the term. | |||||||||||||||||
$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 LIBOR or a range from 0.15% to 0.95% for the margin for 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 for 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 for 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 for 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%. | ||||||||||||||||||
Columbia Property Trust is subject to a $25.0 million limitation on letters of credit that may be issued under the JPMorgan Chase Credit Facility. The JPMorgan Chase Credit Facility contains the following restrictive covenants: | ||||||||||||||||||
• | limits the ratio of debt to total asset value, as defined, to 50% or less during the term of the facility; | |||||||||||||||||
• | limits the ratio of secured debt to total asset value, as defined, to 40% or less during the term of the facility; | |||||||||||||||||
• | requires the ratio of unencumbered asset value, as defined, to total unsecured debt to be at least 2:1 at all times; | |||||||||||||||||
• | requires maintenance of certain interest and fixed-charge coverage ratios; | |||||||||||||||||
• | limits the ratio of secured recourse debt to total asset value, as defined, to 10% or less at all times; | |||||||||||||||||
• | requires maintenance of certain minimum tangible net worth balances; and | |||||||||||||||||
• | limits investments that fall outside Columbia Property Trust's core investments of improved office properties located in the United States. | |||||||||||||||||
As of December 31, 2013, Columbia Property Trust believes it was in compliance with the restrictive covenants on its outstanding debt obligations. | ||||||||||||||||||
Fair Value of Debt | ||||||||||||||||||
The estimated fair value of Columbia Property Trust's line of credit and notes payable as of December 31, 2013 and 2012, was approximately $1,245.3 million and $1,433.1 million, respectively. Columbia Property Trust estimated the fair value of its line of credit 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 Extinguishment of Debt | ||||||||||||||||||
On November 5, 2013, Columbia Property Trust repaid the mortgage note for the Wildwood Buildings (included in the 18 Property Sale) for $90.0 million, plus a pre-payment fee of $4.7 million. The original maturity date for the Wildwood Buildings mortgage was December 1, 2014. | ||||||||||||||||||
As of December 31, 2013 and 2012, Columbia Property Trust's weighted-average interest rate on its line of credit and notes payable was approximately 4.08% and 4.25%, respectively. Columbia Property Trust made interest payments of approximately $59.6 million, $50.1 million, and $45.9 million during 2013, 2012, and 2011, respectively, none of which was capitalized. | ||||||||||||||||||
Debt Maturities | ||||||||||||||||||
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. | ||||||||||||||||||
The following table summarizes the aggregate maturities of Columbia Property Trust's line of credit, term loan, and notes payable as of December 31, 2013 (in thousands): | ||||||||||||||||||
2014 | $ | 11,616 | ||||||||||||||||
2015 | 210,355 | |||||||||||||||||
2016 | 491,963 | |||||||||||||||||
2017 | 178,139 | |||||||||||||||||
2018 | 23,176 | |||||||||||||||||
Thereafter | 325,000 | |||||||||||||||||
Total | $ | 1,240,249 | ||||||||||||||||
Bonds_Payable
Bonds Payable | 12 Months Ended | |
Dec. 31, 2013 | ||
Debt Disclosure [Abstract] | ' | |
Bonds Payable | ' | |
Bonds Payable | ||
In 2011, Columbia Property Trust issued $250.0 million of its seven-year, unsecured 5.875% senior notes at 99.295% of their face value. Columbia Property Trust received proceeds from the 2018 Bonds Payable, net of fees, of $246.7 million. The 2018 Bonds Payable require semiannual 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 $14.7 million were made on the 2018 Bonds Payable during 2013 and 2012. | ||
The restrictive covenants on the 2018 Bonds Payable as defined pursuant to an indenture (the "Indenture") include: | ||
• | limits to Columbia Property Trust's ability to merge or consolidate with another entity or transfer all or substantially all of Columbia Property Trust's property and assets, subject to important exceptions and qualifications; | |
• | a limitation on the ratio of debt to total assets, as defined, to 60%; | |
• | limits to Columbia Property Trust's ability to incur debt if the consolidated income available for debt service to annual debt service charge, as defined, for four previous consecutive fiscal quarters is less than 1.5:1 on a pro forma basis; | |
• | limits to Columbia Property Trust's ability to incur liens if, on an aggregate basis for Columbia Property Trust, the secured debt amount would exceed 40% of the value of the total assets; and | |
• | a requirement that the ratio of unencumbered asset value, as defined, to total unsecured debt be at least 150% at all times. | |
As of December 31, 2013, Columbia Property Trust believes it was in compliance with the restrictive covenants on its 2018 Bonds Payable. The 2018 Bonds Payable were originally issued through a private offering and subsequently registered. | ||
The estimated fair value of the 2018 Bonds Payable as of December 31, 2013 and 2012 was approximately $250.8 million and $250.9 million, respectively. 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 | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Obligations Under Operating Leases | ||||
Columbia Property Trust owns three properties that are subject to ground leases with expiration dates of December 31, 2058; February 28, 2062; and July 31, 2099. We incurred $2.1 million in rent expense related to such ground leases in 2013, 2012, and 2011, respectively. As of December 31, 2013, the remaining required payments under the terms of these ground leases are as follows (in thousands): | ||||
2014 | $ | 2,557 | ||
2015 | 2,557 | |||
2016 | 2,557 | |||
2017 | 2,702 | |||
2018 | 2,731 | |||
Thereafter | 205,529 | |||
Total | $ | 218,633 | ||
Obligations Under Capital Leases | ||||
The Three Glenlake Building is subject to a capital lease of land. This obligation requires payments equal to the amounts of principal and interest receivable from related investments in development authority bonds, which matures in 2021. The required payments under the terms of the leases are as follows as of December 31, 2013 (in thousands): | ||||
2014 | $ | 7,200 | ||
2015 | 7,200 | |||
2016 | 7,200 | |||
2017 | 7,200 | |||
2018 | 7,200 | |||
Thereafter | 141,600 | |||
177,600 | ||||
Amounts representing interest | (57,600 | ) | ||
Total | $ | 120,000 | ||
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 December 31, 2013, no tenants have exercised such options 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
Stockholders' Equity | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ' | ||||||||
Stockholders' Equity | ' | ||||||||
Stockholders' Equity | |||||||||
Listing | |||||||||
On October 10, 2013, Columbia Property Trust listed its shares of common stock on the NYSE under the ticker symbol "CXP." Columbia Property Trust has incurred $4.1 million of costs related to the listing during 2013, primarily related to professional and legal fees associated with the listing. Such fees have been recorded separately as listing costs in the accompanying statement of operations. | |||||||||
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"). As a result of the Tender Offer, on November 18, 2013, we accepted for purchase 9.4 million shares of common stock at a purchase price of $25.00 per share, for an aggregate cost to Columbia Property Trust of $234.1 million, exclusive of fees and expenses related to the Tender Offer. | |||||||||
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). | |||||||||
2013 Long-Term Incentive Plan | |||||||||
Columbia Property Trust maintains a long-term incentive plan that provides for grants of stock to be made to employees and independent directors of Columbia Property Trust (the "2013 Long-Term Incentive Plan"). The 2013 Long-Term Incentive Plan was approved by Columbia Property Trust's shareholders in August 2013. A total of 200 million shares are authorized and reserved for issuance under the 2013 Long-Term Incentive Plan. | |||||||||
In September 2013, Columbia Property Trust paid the 2013 annual equity retainers to its independent directors by issuing a total of 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) under the 2013 Long-Term Incentive Plan. As a result of this payment, Columbia Property Trust incurred approximately $0.2 million of stock-based compensation expense during 2013, which is included in general and administrative expenses in the accompanying consolidated statement of operations. Also, in January 2014, Columbia Property Trust paid the first quarterly installment of annual equity retainers to its independent directors by issuing a total of 3,344 shares of common stock under the 2013 Long-Term Incentive Plan. Additionally, Columbia Property Trust incurred $0.9 million in stock-based compensation in the fourth quarter of 2013 relating to shares that will be issued in 2014, which is also included in general and administrative expenses in the accompanying consolidated statement of operations. These grants were made under the 2013 Long-Term Incentive Plan. | |||||||||
Independent Director Stock Option Plan | |||||||||
Columbia Property Trust maintains an independent director stock option plan that provides for grants of stock to be made to independent directors of Columbia Property Trust (the "Director Plan"). On April 24, 2008, the Conflicts Committee of the Board of Directors suspended the Director Plan in connection with the registration of a public offering of shares of its common stock in certain states. A total of 25,000 shares have been authorized and reserved for issuance under the Director Plan. | |||||||||
Under the Director Plan, options to purchase 625 shares of common stock at $48.00 per share were granted upon initially becoming an independent director of Columbia Property Trust. Of these options, 20% are exercisable immediately on the date of grant. An additional 20% of these options become exercisable on each anniversary for four years following the date of grant. Additionally, effective on the date of each annual stockholder meeting, beginning in 2004, each independent director was granted options to purchase 250 additional shares of common stock at the greater of (1) $48.00 per share or (2) the fair market value (as defined in the Director Plan) on the last business day preceding the date of the annual stockholder meeting. These options are 100% exercisable two years after the date of grant. All options granted under the Director Plan expire no later than the tenth anniversary of the date of grant and may expire sooner if the independent director dies, is disabled, or ceases to serve as a director. In the event of a corporate transaction or other recapitalization event, the Conflicts Committee will adjust the number of shares, class of shares, exercise price, or other terms of the Director Plan to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Director Plan or with respect to any option as necessary. No stock option may be exercised if such exercise would jeopardize Columbia Property Trust's status as a REIT under the Code, and no stock option may be granted if the grant, when combined with those issuable upon exercise of outstanding options or warrants granted to Columbia Property Trust's advisor, directors, officers, or any of their affiliates, would exceed 10% of Columbia Property Trust's outstanding shares. No option may be sold, pledged, assigned, or transferred by an independent director in any manner other than by will or the laws of descent or distribution. | |||||||||
A summary of stock option activity under the Director Plan during 2013, 2012, and 2011, follows: | |||||||||
Number | Exercise | Exercisable | |||||||
Price | |||||||||
Outstanding as of December 31, 2010 | 7,375 | $48 | 7,250 | ||||||
Granted | — | ||||||||
Terminated | — | ||||||||
Outstanding as of December 31, 2011 | 7,375 | $48 | 7,375 | ||||||
Granted | — | ||||||||
Terminated | — | ||||||||
Outstanding as of December 31, 2012 | 7,375 | $48 | 7,375 | ||||||
Granted | — | ||||||||
Terminated | — | ||||||||
Outstanding as of December 31, 2013 | 7,375 | $48 | 7,375 | ||||||
Columbia Property Trust has evaluated the fair values of options granted under the Director Plan using the Black-Scholes-Merton model and concluded that such values are insignificant as of the end of the period presented. The weighted-average contractual remaining life for options that were exercisable as of December 31, 2013, was approximately 1.5 years. | |||||||||
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 December 31, 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 its share redemption program 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. |
Operating_Leases
Operating Leases | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Operating Leases | ' | |||
Operating Leases | ||||
Columbia Property Trust's real estate assets are leased to tenants under operating leases for which the terms vary, including certain provisions to extend the lease agreement, options for early terminations, subject to specified penalties, and other terms and conditions as negotiated. Columbia Property Trust retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant; however, such deposits generally are not significant. Therefore, exposure to credit risk exists to the extent that the receivables exceed this amount. Security deposits related to tenant leases are included in accounts payable, accrued expenses, and accrued capital expenditures in the accompanying consolidated balance sheets. | ||||
Based on 2013 Annualized Lease Revenue, as defined, AT&T comprised approximately 9% of Columbia Property Trust's portfolio. Tenants in the legal services, banking, and communications industries each comprise 17%, 16%, and 10%, respectively, of Columbia Property Trust's 2013 Annualized Lease Revenue. Columbia Property Trust's properties are located in 13 states and the District of Columbia. | ||||
As of December 31, 2013, approximately 13%, 12%, and 11% of Columbia Property Trust's office properties are located in metropolitan District of Columbia, Atlanta, and San Francisco, respectively. | ||||
The future minimum rental income from Columbia Property Trust's investment in real estate assets under noncancelable operating leases, excluding properties under development, as of December 31, 2013, is as follows (in thousands): | ||||
2014 | $ | 375,108 | ||
2015 | 369,626 | |||
2016 | 342,653 | |||
2017 | 289,273 | |||
2018 | 245,086 | |||
Thereafter | 1,167,286 | |||
Total | $ | 2,789,032 | ||
Supplemental_Disclosures_of_No
Supplemental Disclosures of Noncash Investing and Financing Activities | 12 Months Ended | |||||||||||
Dec. 31, 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 years ended December 31, 2013, 2012, and 2011 (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Other assets assumed upon acquisition | $ | 741 | $ | 130 | $ | — | ||||||
Other liabilities assumed upon acquisition | $ | 741 | $ | — | $ | 1,174 | ||||||
Other liabilities settled at disposition | $ | 872 | $ | — | $ | — | ||||||
Interest rate swap assumed upon acquisition of property | $ | — | $ | 11,560 | $ | — | ||||||
Notes payable assumed at acquisition | $ | — | $ | 208,330 | $ | 8,607 | ||||||
Interest accruing into notes payable | $ | 186 | $ | 306 | $ | 15,891 | ||||||
Amortization of discounts (premiums) on debt | $ | (363 | ) | $ | 364 | $ | 869 | |||||
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment | $ | 1,997 | $ | (5,305 | ) | $ | — | |||||
Accrued capital expenditures and deferred lease costs | $ | 15,997 | $ | 16,325 | $ | 7,751 | ||||||
Accrued deferred financing costs | $ | — | $ | 35 | $ | 48 | ||||||
Accrued redemptions of common stock | $ | — | $ | 3,655 | $ | 1,640 | ||||||
Settlement of redeemable controlling interest through issuance of common stock | $ | — | $ | — | $ | 14 | ||||||
Settlement of Manhattan Towers mortgage note by transferring property to lender | $ | — | $ | — | $ | 75,000 | ||||||
Transfer of development authority bonds | $ | 466,000 | $ | 60,000 | $ | — | ||||||
Nonrefundable earnest money for property sales | $ | — | $ | — | $ | 880 | ||||||
Stock-based compensation expense | $ | 1,055 | $ | — | $ | — | ||||||
Increase (decrease) in redeemable common stock | $ | (99,526 | ) | $ | 13,621 | $ | 48,042 | |||||
RelatedParty_Transactions_and_
Related-Party Transactions and Agreements | 12 Months Ended | |||||||||||
Dec. 31, 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 of the 333 Market Street Building in San Francisco, California, in December 2012. No acquisition fees were 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 Columbia Property Trust Advisory Services and its affiliates 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 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 were parties to an agreement under which WREF provided 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 was obligated to pay a fee to WREF of approximately $2.8 million in monthly installments from July 2013 through December 2013. The Transition Services Agreement terminated on December 31, 2013. The fees paid under the Transition Services Agreement are included in general and administrative expense in the accompanying consolidated statement of operations. | ||||||||||||
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. The 2013 Investor Services Agreement terminated on December 31, 2013. | ||||||||||||
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 provided 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 were 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 terminated on 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 was 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 10 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 during 2013, 2012, and 2011, respectively (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Consulting services | $ | 25,417 | $ | — | $ | — | ||||||
Transition services | 5,750 | 3,008 | — | |||||||||
Asset management fees | 5,083 | 32,000 | 32,094 | |||||||||
Administrative reimbursements, net(1) | 1,939 | 11,099 | 11,609 | |||||||||
Investor services | 829 | — | — | |||||||||
Property management fees | 523 | 4,462 | 4,546 | |||||||||
Construction fees(2) | 139 | 220 | 211 | |||||||||
Other | 69 | 126 | — | |||||||||
Acquisition fees | — | 1,500 | 1,307 | |||||||||
Disposition fees | — | 1,311 | — | |||||||||
Total | $ | 39,749 | $ | 53,726 | $ | 49,767 | ||||||
(1) | Administrative reimbursements are presented net of reimbursements from tenants of approximately $0.7 million, $4.4 million, and $4.0 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||
(2) | Construction fees are capitalized to real estate assets as incurred. | |||||||||||
Due to Affiliates | ||||||||||||
The detail of amounts due to WREF and its affiliates is provided below as of December 31, 2013 and 2012 (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Administrative reimbursements | $ | — | $ | 1,360 | ||||||||
Asset and property management fees | — | 560 | ||||||||||
Total | $ | — | $ | 1,920 | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Columbia Property Trust's income tax basis net income during 2013, 2012, and 2011 (in thousands) follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
GAAP basis financial statement net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 15,720 | $ | 48,039 | $ | 56,642 | ||||||
Increase (decrease) in net income resulting from: | ||||||||||||
Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes | 72,554 | 81,681 | 101,498 | |||||||||
Rental income accrued for financial reporting purposes in excess of amounts for income tax purposes | (26,565 | ) | (24,798 | ) | (11,203 | ) | ||||||
Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes | (8,186 | ) | (3,423 | ) | (2,960 | ) | ||||||
Gain on interest rate swaps that do not qualify for hedge accounting treatment for financial reporting purposes in excess of amounts for income tax purposes | (5,530 | ) | (173 | ) | (35,487 | ) | ||||||
Bad debt expense for financial reporting purposes less than amounts for income tax purposes | (65 | ) | (5,034 | ) | (229 | ) | ||||||
Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes | (78,559 | ) | (61,198 | ) | (16,282 | ) | ||||||
Other expenses for financial reporting purposes in excess of amounts for income tax purposes | 9,710 | 7,349 | 15,603 | |||||||||
Income tax basis net income, prior to dividends-paid deduction | $ | (20,921 | ) | $ | 42,443 | $ | 107,582 | |||||
As of December 31, 2013, the tax basis carrying value of Columbia Property Trust's total assets was approximately $5.0 billion. For income tax purposes, distributions to common stockholders are characterized as ordinary income, capital gains, or as a return of a stockholder's invested capital. Columbia Property Trust's distributions per common share are summarized as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Ordinary income | — | % | 16 | % | 39 | % | ||||||
Capital gains | — | % | — | % | — | % | ||||||
Return of capital | 100 | % | 84 | % | 61 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | ||||||
As of December 31, 2013, returns for the calendar years 2009 through 2013 remain subject to examination by U.S. or various state tax jurisdictions. | ||||||||||||
No provisions for federal income taxes have been made in the accompanying consolidated financial statements, other than the provisions relating to Columbia TRS, Columbia KCP TRS, and Columbia Energy TRS, as we made distributions in excess of taxable income for the periods presented. We are subject to certain state and local taxes related to property operations in certain locations, which have been provided for in our accompanying consolidated financial statements. The TRS Entities recorded the following income taxes for the years ended December 31, 2013, 2012, and 2011, is as follows: | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal income tax | $ | 307 | $ | 265 | $ | (676 | ) | |||||
State income tax | 2 | 14 | (35 | ) | ||||||||
Total income tax | $ | 309 | $ | 279 | $ | (711 | ) | |||||
As of December 31, 2013 and 2012, Columbia Property Trust had no deferred tax liabilities. As of December 31, 2013 and 2012, Columbia Property Trust had a deferred tax asset of $0.6 million and $0.8 million, respectively, included in prepaid expenses and other assets in the accompanying consolidated balance sheets. Columbia Property Trust has assessed its ability to realize this deferred tax asset and determined that it is more likely than not that the deferred tax asset of $0.6 million as of December 31, 2013 is realizable. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 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: the properties included in the 18 Property Sale, which closed on November 5, 2013, for $521.5 million and resulted in a net gain of $1.2 million. 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, which closed in December 2012 for $260.5 million and resulted in a net gain of $3.2 million; 5995 Opus Parkway and Emerald Point, which closed in January 2012 for $60.1 million and resulted in total gains of $16.9 million; and Manhattan Towers, which was transferred to an affiliate of the lender in full settlement of a $75.0 million nonrecourse mortgage loan through a deed in lieu of foreclosure transaction on September 6, 2011 and resulted in a net gain of $13.5 million. | ||||||||||||
The following table shows the revenues and expenses of the above-described discontinued operations (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues: | ||||||||||||
Rental income | $ | 48,550 | $ | 91,132 | $ | 101,906 | ||||||
Tenant reimbursements | 11,205 | 18,059 | 18,585 | |||||||||
Other property income | 291 | 5,471 | 5,878 | |||||||||
60,046 | 114,662 | 126,369 | ||||||||||
Expenses: | ||||||||||||
Property operating costs | 21,232 | 36,996 | 40,607 | |||||||||
Asset and property management fees | 1,501 | 7,974 | 8,201 | |||||||||
Depreciation | 11,730 | 21,609 | 24,048 | |||||||||
Amortization | 7,590 | 15,776 | 23,482 | |||||||||
Impairment loss on real estate assets | 29,737 | 18,467 | 5,817 | |||||||||
General and administrative | 1,360 | 748 | 3,146 | |||||||||
Acquisition fees | — | — | 11 | |||||||||
Total expenses | 73,150 | 101,570 | 105,312 | |||||||||
Real estate operating income (loss) | (13,104 | ) | 13,092 | 21,057 | ||||||||
Other income (expense): | ||||||||||||
Interest expense | (3,804 | ) | (6,610 | ) | (9,755 | ) | ||||||
Interest and other income | 293 | 16 | 4 | |||||||||
Gain (loss) on early extinguishment of debt | (4,709 | ) | — | — | ||||||||
Income (loss) from discontinued operations before income tax expense | (21,324 | ) | 6,498 | 11,306 | ||||||||
Income tax expense | (1 | ) | (14 | ) | (114 | ) | ||||||
Income (loss) from discontinued operations | (21,325 | ) | 6,484 | 11,192 | ||||||||
Gain (loss) on disposition of discontinued operations | 11,225 | 20,117 | 13,522 | |||||||||
Income (loss) from discontinued operations | $ | (10,100 | ) | $ | 26,601 | $ | 24,714 | |||||
Quarterly_Results_unaudited
Quarterly Results (unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Results (unaudited) | ' | |||||||||||||||
Quarterly Results (unaudited) | ||||||||||||||||
Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2013 and 2012(in thousands, except per-share data): | ||||||||||||||||
2013 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Revenues(1) | $ | 128,792 | $ | 131,897 | $ | 132,502 | $ | 133,387 | ||||||||
Net income (loss) attributable to common stockholders of Columbia Property Trust, Inc. | $ | (22,608 | ) | (2) | $ | 20,601 | $ | 4,800 | $ | 12,927 | ||||||
Basic and diluted net income (loss) attributable to common stockholders of Columbia Property Trust, Inc. per share(3) | $ | (0.17 | ) | $ | 0.15 | $ | 0.04 | $ | 0.1 | |||||||
Distributions declared per share(3) | $ | 0.38 | $ | 0.38 | $ | 0.38 | $ | 0.3 | ||||||||
(1) | Prior-period amounts adjusted to conform with current-period presentation, including classifying revenues generated by properties held for sale and by properties sold, as discontinued operations for all periods presented (see Note 12, Discontinued Operations). | |||||||||||||||
(2) | Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements). | |||||||||||||||
(3) | All computations using share amounts have been retroactively adjusted to reflect the August 14, 2013, four-for-one reverse stock split (See Note 7, Stockholders' Equity). | |||||||||||||||
2012 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Revenues(1) | $ | 121,894 | $ | 122,716 | $ | 124,159 | $ | 125,502 | ||||||||
Net income (loss) attributable to common stockholders of Columbia Property Trust, Inc. | $ | 31,131 | $ | 10,914 | $ | (5,859 | ) | $ | 11,853 | |||||||
Basic and diluted net income (loss) attributable to common stockholders of Columbia Property Trust, Inc. per share(2) | $ | 0.23 | $ | 0.08 | $ | (0.04 | ) | $ | 0.09 | |||||||
Distributions declared per share(2) | $ | 0.5 | $ | 0.5 | $ | 0.5 | $ | 0.38 | ||||||||
(1) | Prior-period amounts adjusted to conform with current-period presentation, including classifying revenues generated by properties held for sale and by properties sold, as discontinued operations for all periods presented (see Note 12, Discontinued Operations). | |||||||||||||||
(2) | All computations using share amounts have been retroactively adjusted to reflect the August 14, 2013, four-for-one reverse stock split (See Note 7, Stockholders' Equity). |
Financial_Information_for_Pare
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [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 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 December 31, 2013 and 2012 (in thousands), as well as its condensed consolidating statements of operations and its condensed consolidating statements of comprehensive income for 2013, 2012, and 2011 (in thousands); and its condensed consolidating statements of cash flows for 2013, 2012, and 2011 (in thousands). | ||||||||||||||||||||
Condensed Consolidating Balance Sheets (in thousands) | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Assets: | ||||||||||||||||||||
Real estate assets, at cost: | ||||||||||||||||||||
Land | $ | — | $ | 6,241 | $ | 700,697 | $ | — | $ | 706,938 | ||||||||||
Buildings and improvements, net | — | 24,185 | 2,952,102 | — | 2,976,287 | |||||||||||||||
Intangible lease assets, net | — | — | 281,220 | — | 281,220 | |||||||||||||||
Construction in progress | — | 28 | 7,921 | — | 7,949 | |||||||||||||||
Total real estate assets | — | 30,454 | 3,941,940 | — | 3,972,394 | |||||||||||||||
Cash and cash equivalents | 53,322 | 20,708 | 25,825 | — | 99,855 | |||||||||||||||
Investment in subsidiaries | 2,557,347 | 2,286,982 | — | (4,844,329 | ) | — | ||||||||||||||
Tenant receivables, net of allowance | — | — | 7,414 | — | 7,414 | |||||||||||||||
Straight-line rent receivable | — | 22 | 113,570 | — | 113,592 | |||||||||||||||
Prepaid expenses and other assets | 177,185 | 150,806 | 26,602 | (322,170 | ) | 32,423 | ||||||||||||||
Deferred financing costs, net | — | 8,762 | 1,626 | — | 10,388 | |||||||||||||||
Intangible lease origination costs, net | — | — | 148,889 | — | 148,889 | |||||||||||||||
Deferred lease costs, net | — | 1,495 | 86,032 | — | 87,527 | |||||||||||||||
Investment in development authority bonds | — | — | 120,000 | — | 120,000 | |||||||||||||||
Total assets | $ | 2,787,854 | $ | 2,499,229 | $ | 4,471,898 | $ | (5,166,499 | ) | $ | 4,592,482 | |||||||||
Liabilities: | ||||||||||||||||||||
Line of credit and notes payable | $ | — | $ | 450,000 | $ | 1,110,838 | $ | (320,589 | ) | $ | 1,240,249 | |||||||||
Bonds payable, net | — | 248,930 | — | — | 248,930 | |||||||||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | 31 | 11,816 | 87,831 | — | 99,678 | |||||||||||||||
Due to affiliates | — | (925 | ) | 2,506 | (1,581 | ) | — | |||||||||||||
Deferred income | — | 146 | 21,792 | — | 21,938 | |||||||||||||||
Intangible lease liabilities, net | — | — | 73,864 | — | 73,864 | |||||||||||||||
Obligations under capital leases | — | — | 120,000 | — | 120,000 | |||||||||||||||
Total liabilities | 31 | 709,967 | 1,416,831 | (322,170 | ) | 1,804,659 | ||||||||||||||
Redeemable Common Stock | — | — | — | — | — | |||||||||||||||
Equity: | ||||||||||||||||||||
Total equity | 2,787,823 | 1,789,262 | 3,055,067 | (4,844,329 | ) | 2,787,823 | ||||||||||||||
Total liabilities, redeemable common stock, and equity | $ | 2,787,854 | $ | 2,499,229 | $ | 4,471,898 | $ | (5,166,499 | ) | $ | 4,592,482 | |||||||||
Condensed Consolidating Balance Sheets (in thousands) | ||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
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 | — | — | 14,426 | — | 14,426 | |||||||||||||||
Straight-line rent receivable | — | 22 | 119,651 | — | 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 | — | — | 586,000 | — | 586,000 | |||||||||||||||
bonds | ||||||||||||||||||||
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, | 3,645 | 12,417 | 86,796 | — | 102,858 | |||||||||||||||
and accrued capital expenditures | ||||||||||||||||||||
Due to 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 | $ | 3,267,151 | $ | 2,924,955 | $ | 5,667,583 | $ | (6,128,740 | ) | $ | 5,730,949 | |||||||||
common stock, and equity | ||||||||||||||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 403 | $ | 406,791 | $ | (287 | ) | $ | 406,907 | |||||||||
Tenant reimbursements | — | 149 | 90,726 | — | 90,875 | |||||||||||||||
Hotel income | — | — | 23,756 | — | 23,756 | |||||||||||||||
Other property income | — | 17 | 5,208 | (185 | ) | 5,040 | ||||||||||||||
— | 569 | 526,481 | (472 | ) | 526,578 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 1,966 | 152,880 | (287 | ) | 154,559 | ||||||||||||||
Hotel operating costs | — | — | 18,340 | — | 18,340 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | 4,397 | 15 | 313 | (32 | ) | 4,693 | ||||||||||||||
Other | — | — | 1,671 | — | 1,671 | |||||||||||||||
Depreciation | — | 1,247 | 106,858 | — | 108,105 | |||||||||||||||
Amortization | — | 28 | 78,682 | — | 78,710 | |||||||||||||||
General and administrative | 16 | 43,555 | 18,448 | (153 | ) | 61,866 | ||||||||||||||
Listing fees | 317 | 3,743 | — | — | 4,060 | |||||||||||||||
4,730 | 50,554 | 377,192 | (472 | ) | 432,004 | |||||||||||||||
Real estate operating (loss) income | (4,730 | ) | (49,985 | ) | 149,289 | — | 94,574 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (32,659 | ) | (88,137 | ) | 18,855 | (101,941 | ) | ||||||||||||
Interest and other income | 7,987 | 10,874 | 34,023 | (18,855 | ) | 34,029 | ||||||||||||||
Loss on interest rate swaps | — | — | (342 | ) | — | (342 | ) | |||||||||||||
Income (loss) from equity investment | 12,463 | 86,101 | — | (98,564 | ) | — | ||||||||||||||
20,450 | 64,316 | (54,456 | ) | (98,564 | ) | (68,254 | ) | |||||||||||||
Income (loss) before income tax benefit (expense) | 15,720 | 14,331 | 94,833 | (98,564 | ) | 26,320 | ||||||||||||||
Income tax benefit (expense) | — | (3 | ) | (497 | ) | — | (500 | ) | ||||||||||||
Income (loss) from continuing operations | 15,720 | 14,328 | 94,336 | (98,564 | ) | 25,820 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income (loss) from discontinued operations | — | 658 | (21,983 | ) | — | (21,325 | ) | |||||||||||||
Gain (loss) on disposition of discontinued operations | — | — | 11,225 | — | 11,225 | |||||||||||||||
Income from discontinued operations | — | 658 | (10,758 | ) | — | (10,100 | ) | |||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 15,720 | $ | 14,986 | $ | 83,578 | $ | (98,564 | ) | $ | 15,720 | |||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 1,649 | $ | 380,280 | $ | (133 | ) | $ | 381,796 | |||||||||
Tenant reimbursements | — | 103 | 90,756 | (2,457 | ) | 88,402 | ||||||||||||||
Hotel income | — | — | 23,049 | — | 23,049 | |||||||||||||||
Other property income | — | 86 | 1,024 | (86 | ) | 1,024 | ||||||||||||||
— | 1,838 | 495,109 | (2,676 | ) | 494,271 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 1,634 | 148,025 | (2,457 | ) | 147,202 | ||||||||||||||
Hotel operating costs | — | — | 18,495 | (133 | ) | 18,362 | ||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | 26,264 | 58 | 4,191 | (1,141 | ) | 29,372 | ||||||||||||||
Other | — | — | 2,421 | — | 2,421 | |||||||||||||||
Depreciation | — | 710 | 97,988 | — | 98,698 | |||||||||||||||
Amortization | — | 357 | 86,101 | — | 86,458 | |||||||||||||||
General and administrative | 49 | 21,436 | 3,128 | — | 24,613 | |||||||||||||||
Acquisition fees and expenses | — | — | 1,876 | — | 1,876 | |||||||||||||||
26,313 | 24,195 | 362,225 | (3,731 | ) | 409,002 | |||||||||||||||
Real estate operating (loss) income | (26,313 | ) | (22,357 | ) | 132,884 | 1,055 | 85,269 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (32,469 | ) | (88,414 | ) | 18,997 | (101,886 | ) | ||||||||||||
Interest and other income | 7,988 | 11,018 | 39,847 | (18,997 | ) | 39,856 | ||||||||||||||
Loss on interest rate swaps | — | — | (1,225 | ) | — | (1,225 | ) | |||||||||||||
Income from equity investment | 66,364 | 92,228 | — | (158,592 | ) | — | ||||||||||||||
74,352 | 70,777 | (49,792 | ) | (158,592 | ) | (63,255 | ) | |||||||||||||
Income before income tax expense | 48,039 | 48,420 | 83,092 | (157,537 | ) | 22,014 | ||||||||||||||
Income tax expense | — | (14 | ) | (558 | ) | — | (572 | ) | ||||||||||||
Income from continuing operations | 48,039 | 48,406 | 82,534 | (157,537 | ) | 21,442 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income from discontinued operations | — | 5,942 | 542 | — | 6,484 | |||||||||||||||
Gain on disposition of discontinued operations | — | — | 20,117 | — | 20,117 | |||||||||||||||
Income from discontinued operations | — | 5,942 | 20,659 | — | 26,601 | |||||||||||||||
Net income | 48,039 | 54,348 | 103,193 | (157,537 | ) | 48,043 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 48,039 | $ | 54,348 | $ | 103,189 | $ | (157,537 | ) | $ | 48,039 | |||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | — | $ | 379,641 | $ | — | $ | 379,641 | ||||||||||
Tenant reimbursements | — | — | 87,071 | — | 87,071 | |||||||||||||||
Hotel income | — | — | 20,600 | — | 20,600 | |||||||||||||||
Other property income | — | 145 | 5,575 | (145 | ) | 5,575 | ||||||||||||||
— | 145 | 492,887 | (145 | ) | 492,887 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | — | 142,492 | — | 142,492 | |||||||||||||||
Hotel operating costs | — | — | 17,394 | — | 17,394 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | 25,521 | — | 4,237 | (145 | ) | 29,613 | ||||||||||||||
Other | — | — | 2,185 | — | 2,185 | |||||||||||||||
Depreciation | — | — | 95,724 | — | 95,724 | |||||||||||||||
Amortization | — | — | 96,902 | — | 96,902 | |||||||||||||||
General and administrative | 43 | 18,124 | 2,850 | — | 21,017 | |||||||||||||||
Acquisition fees and expenses | 1,307 | — | 9,932 | — | 11,239 | |||||||||||||||
26,871 | 18,124 | 371,716 | (145 | ) | 416,566 | |||||||||||||||
Real estate operating income (loss) | (26,871 | ) | (17,979 | ) | 121,171 | — | 76,321 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (28,329 | ) | (84,693 | ) | 11,223 | (101,799 | ) | ||||||||||||
Interest and other income | 2,129 | 11,444 | 40,045 | (11,223 | ) | 42,395 | ||||||||||||||
Loss on interest rate swaps | — | — | (38,383 | ) | — | (38,383 | ) | |||||||||||||
Income from equity investment | 81,384 | 114,257 | — | (195,641 | ) | — | ||||||||||||||
Gain on early extinguishment of debt | — | — | 53,018 | — | 53,018 | |||||||||||||||
83,513 | 97,372 | (30,013 | ) | (195,641 | ) | (44,769 | ) | |||||||||||||
Income before income tax benefit | 56,642 | 79,393 | 91,158 | (195,641 | ) | 31,552 | ||||||||||||||
Income tax benefit | — | — | 390 | — | 390 | |||||||||||||||
Income from continuing operations | 56,642 | 79,393 | 91,548 | (195,641 | ) | 31,942 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income from discontinued operations | — | 6,388 | 4,804 | — | 11,192 | |||||||||||||||
Income on disposition of discontinued operations | — | — | 13,522 | — | 13,522 | |||||||||||||||
Income from discontinued operations | — | 6,388 | 18,326 | — | 24,714 | |||||||||||||||
Net income | 56,642 | 85,781 | 109,874 | (195,641 | ) | 56,656 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | (14 | ) | — | (14 | ) | |||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 56,642 | $ | 85,781 | $ | 109,860 | $ | (195,641 | ) | $ | 56,642 | |||||||||
Consolidating Statements of Comprehensive Income (in thousands) | ||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 15,720 | $ | 14,986 | $ | 83,578 | $ | (98,564 | ) | $ | 15,720 | |||||||||
Foreign currency translation adjustment | (83 | ) | — | (83 | ) | 83 | (83 | ) | ||||||||||||
Market value adjustment to interest rate swap | 1,997 | 1,997 | — | (1,997 | ) | 1,997 | ||||||||||||||
Comprehensive income | $ | 17,634 | $ | 16,983 | $ | 83,495 | $ | (100,478 | ) | $ | 17,634 | |||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 48,039 | $ | 54,348 | $ | 103,189 | $ | (157,537 | ) | $ | 48,039 | |||||||||
Market value adjustment to interest rate swap | (5,305 | ) | (5,305 | ) | — | 5,305 | (5,305 | ) | ||||||||||||
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc. | 42,734 | 49,043 | 103,189 | (152,232 | ) | 42,734 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | 4 | — | 4 | |||||||||||||||
Comprehensive income | $ | 42,734 | $ | 49,043 | $ | 103,193 | $ | (152,232 | ) | $ | 42,738 | |||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 56,642 | $ | 85,781 | $ | 109,860 | $ | (195,641 | ) | $ | 56,642 | |||||||||
Market value adjustment to interest rate swap | 11,223 | — | 11,223 | (11,223 | ) | 11,223 | ||||||||||||||
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc. | 67,865 | 85,781 | 121,083 | (206,864 | ) | 67,865 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | 14 | — | 14 | |||||||||||||||
Comprehensive income | $ | 67,865 | $ | 85,781 | $ | 121,097 | $ | (206,864 | ) | $ | 67,879 | |||||||||
Consolidating Statements of Cash Flows (in thousands) | ||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Columbia Property Trust | |||||||||||||||||
(Parent) | (the Issuer) | Guarantors | (Consolidated) | |||||||||||||||||
Cash flows from operating activities | $ | (331 | ) | $ | (84,270 | ) | $ | 302,930 | $ | 218,329 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Net proceeds from sale of real estate | 14,127 | 551,818 | — | 565,945 | ||||||||||||||||
Investment in real estate and related assets | — | (5,270 | ) | (65,286 | ) | (70,556 | ) | |||||||||||||
Net cash provided by (used in) investing activities | 14,127 | 546,548 | (65,286 | ) | 495,389 | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings, net of fees and prepayment penalty on early extinguishment of debt | — | 297,320 | (41 | ) | 297,279 | |||||||||||||||
Repayments | — | (343,000 | ) | (118,940 | ) | (461,940 | ) | |||||||||||||
Loss on early extinguishment of debt | — | — | (4,709 | ) | (4,709 | ) | ||||||||||||||
Redemptions of common stock and fees, net of issuances | (306,574 | ) | — | — | (306,574 | ) | ||||||||||||||
Distributions | (191,473 | ) | — | — | (191,473 | ) | ||||||||||||||
Intercompany transfers, net | 516,659 | (400,712 | ) | (115,947 | ) | — | ||||||||||||||
Net cash provided by (used in) financing activities | 18,612 | (446,392 | ) | (239,637 | ) | (667,417 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 32,408 | 15,886 | (1,993 | ) | 46,301 | |||||||||||||||
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 | $ | 53,322 | $ | 20,708 | $ | 25,825 | $ | 99,855 | ||||||||||||
Consolidating Statements of Cash Flows (in thousands) | ||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Columbia Property Trust | |||||||||||||||||
(Parent) | (the Issuer) | Guarantors | (Consolidated) | |||||||||||||||||
Cash flows from operating activities | $ | (49 | ) | $ | (83,489 | ) | $ | 336,377 | $ | 252,839 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Net proceeds from sale of real estate | 30,441 | 273,823 | — | 304,264 | ||||||||||||||||
Investment in real estate and related assets | — | (193,410 | ) | (79,807 | ) | (273,217 | ) | |||||||||||||
Net cash used in investing activities | 30,441 | 80,413 | (79,807 | ) | 31,047 | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings, net of fees | — | 595,731 | (929 | ) | 594,802 | |||||||||||||||
Repayments | — | (591,000 | ) | (36,191 | ) | (627,191 | ) | |||||||||||||
Issuance of common stock, net of redemptions and fees | 18,996 | — | — | 18,996 | ||||||||||||||||
Distributions | (256,020 | ) | — | (15 | ) | (256,035 | ) | |||||||||||||
Intercompany transfers | 216,255 | (7,430 | ) | (208,825 | ) | — | ||||||||||||||
Redemptions of noncontrolling interest | — | — | (301 | ) | (301 | ) | ||||||||||||||
Net cash used in financing activities | (20,769 | ) | (2,699 | ) | (246,261 | ) | (269,729 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 9,623 | (5,775 | ) | 10,309 | 14,157 | |||||||||||||||
Effect of foreign exchange rate on cash and cash equivalents | — | — | 32 | 32 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 11,291 | 10,597 | 17,580 | 39,468 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 20,914 | $ | 4,822 | $ | 27,921 | $ | 53,657 | ||||||||||||
Consolidating Statements of Cash Flows (in thousands) | ||||||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Columbia Property Trust | |||||||||||||||||
(Parent) | (the Issuer) | Guarantors | (Consolidated) | |||||||||||||||||
Cash flows from operating activities | $ | 508 | $ | (78,219 | ) | $ | 356,869 | $ | 279,158 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Investment in real estate and related assets | (606,116 | ) | — | (59,974 | ) | (666,090 | ) | |||||||||||||
Net cash used in investing activities | (606,116 | ) | — | (59,974 | ) | (666,090 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings, net of fees | — | 1,454,978 | 324,364 | 1,779,342 | ||||||||||||||||
Repayments | — | (806,500 | ) | (361,778 | ) | (1,168,278 | ) | |||||||||||||
Issuance of common stock, net of redemptions and fees | 47,397 | — | — | 47,397 | ||||||||||||||||
Distributions | (270,720 | ) | — | (44 | ) | (270,764 | ) | |||||||||||||
Intercompany transfers | 831,941 | (570,649 | ) | (261,292 | ) | — | ||||||||||||||
Redemptions of noncontrolling interest | — | (87 | ) | — | (87 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 608,618 | 77,742 | (298,750 | ) | 387,610 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 3,010 | (477 | ) | (1,855 | ) | 678 | ||||||||||||||
Effect of foreign exchange rate on cash and cash equivalents | — | — | (92 | ) | (92 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 8,281 | 11,074 | 19,527 | 38,882 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 11,291 | $ | 10,597 | $ | 17,580 | $ | 39,468 | ||||||||||||
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Subsequent Event | |
Columbia Property Trust has evaluated subsequent events in connection with the preparation of its consolidated financial statements and notes thereto included in this report on Form 10-K and noted the following items in addition to those disclosed elsewhere in this report: | |
Dividend Declaration | |
On February 20, 2014, the board of directors declared dividends for the first quarter of 2014 in the amount of $0.30 per share, payable on March 18, 2014 to stockholders of record on March 3, 2014. |
Schedule_III_Real_Estate_Asset
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization Real Estate Assets and Accumulated Depreciation and Amortization (Notes) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III – Real Estate Assets and Accumulated Depreciation and Amortization | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amount at Which Carried at | Life on Which Depreciation and Amortization is Computed (d) | |||||||||||||||||||||||||||||||||||||||||||||||
Initial Costs | 31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||
Description | Location | Ownership Percentage | Encumbrances | Land | Buildings and Improvements | Total | Costs Capitalized Subsequent to Acquisition | Land | Buildings and Improvements | Total | Accumulated Depreciation and Amortization | Date of Construction | Date Acquired | |||||||||||||||||||||||||||||||||||
515 POST OAK | Houston, TX | 100 | % | None | $ | 6,100 | $ | 28,905 | $ | 35,005 | $ | 2,042 | $ | 6,241 | $ | 30,806 | $ | 37,047 | $ | 6,681 | 1980 | 2/10/04 | 0 to 40 years | |||||||||||||||||||||||||
9 TECHNOLOGY DRIVE | Westborough, MA | 100 | % | None | 5,570 | 38,218 | 43,788 | (2,430 | ) | 5,627 | 35,731 | 41,358 | 9,773 | 1987 | 5/27/04 | 0 to 40 years | ||||||||||||||||||||||||||||||||
Florham Park, NJ | 100 | % | None | 10,802 | 62,595 | 73,397 | (26,880 | ) | 11,050 | 35,467 | 46,517 | 8,410 | 1982 | 6/23/04 | 0 to 40 years | |||||||||||||||||||||||||||||||||
180 PARK AVENUE | ||||||||||||||||||||||||||||||||||||||||||||||||
ONE GLENLAKE PARKWAY | Atlanta, GA | 100 | % | 34,713 | 5,846 | 66,681 | 72,527 | 634 | 5,934 | 67,227 | 73,161 | 21,834 | 2003 | 6/25/04 | 0 to 40 years | |||||||||||||||||||||||||||||||||
80 M STREET | Washington, DC | 100 | % | None | 26,248 | 76,269 | 102,517 | (5,747 | ) | 26,806 | 69,964 | 96,770 | 21,700 | 2001 | 6/29/04 | 0 to 40 years | ||||||||||||||||||||||||||||||||
Downers Grove, IL | 100 | % | None | 6,925 | 34,575 | 41,500 | 630 | 7,015 | 35,115 | 42,130 | 9,382 | 1999 | 8/4/04 | 0 to 40 years | ||||||||||||||||||||||||||||||||||
3333 FINLEY ROAD | ||||||||||||||||||||||||||||||||||||||||||||||||
Downers Grove, IL | 100 | % | None | 3,579 | 17,220 | 20,799 | 328 | 3,625 | 17,502 | 21,127 | 4,715 | 1988 | 8/4/04 | 0 to 40 years | ||||||||||||||||||||||||||||||||||
1501 OPUS PLACE | ||||||||||||||||||||||||||||||||||||||||||||||||
Gaithersburg, MD | 100 | % | None | 22,758 | 43,174 | 65,932 | 582 | 20,195 | 46,319 | 66,514 | 18,434 | 1986 | 10/22/04 | 0 to 40 years | ||||||||||||||||||||||||||||||||||
800 NORTH FREDERICK | ||||||||||||||||||||||||||||||||||||||||||||||||
Downers Grove, IL | 100 | % | None | 2,524 | 35,016 | 37,540 | (1,655 | ) | 2,558 | 33,327 | 35,885 | 10,398 | 2001 | 11/1/04 | 0 to 40 years | |||||||||||||||||||||||||||||||||
THE CORRIDORS III | ||||||||||||||||||||||||||||||||||||||||||||||||
Downers Grove, IL | 100 | % | None | 3,028 | 47,454 | 50,482 | (3,088 | ) | 3,055 | 44,339 | 47,394 | 13,537 | 2000 | 12/27/04 | 0 to 40 years | |||||||||||||||||||||||||||||||||
HIGHLAND LANDMARK III | ||||||||||||||||||||||||||||||||||||||||||||||||
Florham Park, NJ | 100 | % | None | 4,501 | 47,957 | 52,458 | (7,534 | ) | 4,501 | 40,423 | 44,924 | 10,032 | 2001 | 3/14/05 | 0 to 40 years | |||||||||||||||||||||||||||||||||
180 PARK AVENUE 105 | ||||||||||||||||||||||||||||||||||||||||||||||||
215 DIEHL ROAD | Naperville, IL | 100 | % | $ | 21,000 | 3,452 | 17,456 | 20,908 | 2,941 | 3,472 | 20,377 | 23,849 | 7,521 | 1988 | 4/19/05 | 0 to 40 years | ||||||||||||||||||||||||||||||||
100 EAST PRATT | Baltimore, MD | 100 | % | $ | 105,000 | 31,234 | 140,217 | 171,451 | 31,653 | 31,777 | 171,327 | 203,104 | 54,398 | 1975/1991 | 5/12/05 | 0 to 40 years | ||||||||||||||||||||||||||||||||
ONE ROBBINS ROAD | Westford, MA | 100 | % | None | 5,391 | 33,788 | 39,179 | 175 | 5,391 | 33,963 | 39,354 | 9,827 | 1981 | 8/18/05 | 0 to 40 years | |||||||||||||||||||||||||||||||||
FOUR ROBBINS ROAD | Westford, MA | 100 | % | None | 2,950 | 32,544 | 35,494 | — | 2,950 | 32,544 | 35,494 | 14,759 | 2001 | 8/18/05 | 0 to 40 years | |||||||||||||||||||||||||||||||||
East Palo Alto, CA | 100 | % | None | 8,722 | 107,730 | 116,452 | (26,171 | ) | 8,803 | 81,478 | 90,281 | 17,407 | 2001 | 9/20/05 | 0 to 40 years | |||||||||||||||||||||||||||||||||
1900 UNIVERSITY CIRCLE | ||||||||||||||||||||||||||||||||||||||||||||||||
East Palo Alto, CA | 100 | % | None | 10,040 | 93,716 | 103,756 | 2,432 | 10,134 | 96,054 | 106,188 | 20,983 | 2002 | 9/20/05 | 0 to 40 years | ||||||||||||||||||||||||||||||||||
1950 UNIVERSITY CIRCLE | ||||||||||||||||||||||||||||||||||||||||||||||||
East Palo Alto, CA | 100 | % | None | 8,731 | 76,842 | 85,573 | 599 | 8,819 | 77,353 | 86,172 | 18,339 | 2003 | 9/20/05 | 0 to 40 years | ||||||||||||||||||||||||||||||||||
2000 UNIVERSITY CIRCLE | ||||||||||||||||||||||||||||||||||||||||||||||||
5 HOUSTON CENTER | Houston, TX | 100 | % | None | 8,186 | 147,653 | 155,839 | (18,722 | ) | 8,186 | 128,931 | 137,117 | 35,420 | 2002 | 12/20/05 | 0 to 40 years | ||||||||||||||||||||||||||||||||
KEY CENTER TOWER | Cleveland, OH | 100 | % | None | (a) | 7,269 | 244,424 | 251,693 | 12,972 | 7,454 | 257,211 | 264,665 | 78,556 | 1991 | 12/22/05 | 0 to 40 years | ||||||||||||||||||||||||||||||||
KEY CENTER MARRIOTT | Cleveland, OH | 100 | % | None | 3,473 | 34,458 | 37,931 | 11,430 | 3,629 | 45,732 | 49,361 | 15,353 | 1991 | 12/22/05 | 0 to 40 years | |||||||||||||||||||||||||||||||||
ONE SANTAN CORPORATE CENTER | Chandler, AZ | 100 | % | $ | 18,000 | 4,871 | 24,669 | 29,540 | (1,432 | ) | 4,948 | 23,160 | 28,108 | 5,835 | 2000 | 4/18/06 | 0 to 40 years | |||||||||||||||||||||||||||||||
TWO SANTAN CORPORATE CENTER | Chandler, AZ | 100 | % | $ | 21,000 | 3,174 | 21,613 | 24,787 | (654 | ) | 3,245 | 20,888 | 24,133 | 4,316 | 2003 | 4/18/06 | 0 to 40 years | |||||||||||||||||||||||||||||||
263 SHUMAN BOULEVARD | Naperville, IL | 100 | % | $ | 49,000 | 7,142 | 41,535 | 48,677 | 6,890 | 7,233 | 48,334 | 55,567 | 17,023 | 1986 | 7/20/06 | 0 to 40 years | ||||||||||||||||||||||||||||||||
80 PARK PLAZA | Newark, NJ | 100 | % | None | 31,766 | 109,952 | 141,718 | 14,230 | 32,221 | 123,727 | 155,948 | 43,074 | 1979 | 9/21/06 | 0 to 40 years | |||||||||||||||||||||||||||||||||
INTERNATIONAL FINANCIAL TOWER | Jersey City, NJ | 100 | % | None | 29,061 | 141,544 | 170,605 | 14,434 | 29,712 | 155,327 | 185,039 | 44,486 | 1989 | 10/31/06 | 0 to 40 years | |||||||||||||||||||||||||||||||||
Columbia Property Trust, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III – Real Estate Assets and Accumulated Depreciation and Amortization | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amount at Which Carried at | Life on Which Depreciation and Amortization is Computed (d) | |||||||||||||||||||||||||||||||||||||||||||||||
Initial Costs | 31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||
Description | Location | Ownership Percentage | Encumbrances | Land | Buildings and Improvements | Total | Costs Capitalized Subsequent to Acquisition | Land | Buildings and Improvements | Total | Accumulated Depreciation and Amortization | Date of Construction | Date Acquired | |||||||||||||||||||||||||||||||||||
STERLING COMMERCE | Irving, TX | 100 | % | None | $ | 8,639 | $ | 43,980 | $ | 52,619 | $ | 889 | $ | 8,752 | $ | 44,756 | $ | 53,508 | $ | 19,694 | 1999 | 12/21/06 | 0 to 40 years | |||||||||||||||||||||||||
PASADENA CORPORATE PARK | Pasadena, CA | 100 | % | None | 53,099 | 59,630 | 112,729 | 254 | 53,099 | 59,884 | 112,983 | 11,898 | 1965/2000/ 2002/2003 | 7/11/07 | 0 to 40 years | |||||||||||||||||||||||||||||||||
7031 COLUMBIA GATEWAY DRIVE | Columbia, MD | 100 | % | None | 10,232 | 54,070 | 64,302 | 35 | 10,232 | 54,105 | 64,337 | 13,655 | 2000 | 7/12/07 | 0 to 40 years | |||||||||||||||||||||||||||||||||
222 EAST 41ST STREET | New York City, NY | 100 | % | None | (a) | — | 324,520 | 324,520 | (832 | ) | — | 323,688 | 323,688 | 62,379 | 2001 | 8/17/07 | 0 to 40 years | |||||||||||||||||||||||||||||||
BANNOCKBURN LAKE III | Bannockburn, IL | 100 | % | None | 7,635 | 11,002 | 18,637 | (1,881 | ) | 7,663 | 9,093 | 16,756 | 1,361 | 1987 | 9/10/07 | 0 to 40 years | ||||||||||||||||||||||||||||||||
SOUTH JAMAICA STREET | Englewood, CO | 100 | % | None | 13,429 | 109,781 | 123,210 | 3,252 | 13,735 | 112,727 | 126,462 | 28,175 | 2002/2003/ 2007 | 9/26/07 | 0 to 40 years | |||||||||||||||||||||||||||||||||
LENOX PARK BUILDINGS | Atlanta, GA | 100 | % | None | 28,478 | 225,067 | 253,545 | 4,224 | 28,858 | 228,911 | 257,769 | 41,373 | 1992/1999/ 2001/2002 | 5/8/08 | 0 to 40 years | |||||||||||||||||||||||||||||||||
LINDBERGH CENTER | Atlanta, GA | 100 | % | None | (a) | — | 262,468 | 262,468 | 3,252 | — | 265,720 | 265,720 | 44,815 | 2002 | 7/1/08 | 0 to 40 years | ||||||||||||||||||||||||||||||||
THREE GLENLAKE BUILDING | Sandy Springs, GA | 100 | % | $ | 120,000 | (b) | 7,517 | 88,784 | 96,301 | 891 | 8,055 | 89,137 | 97,192 | 15,984 | 2008 | 7/31/08 | 0 to 40 years | |||||||||||||||||||||||||||||||
1580 WEST NURSERY ROAD | Linthicum, MD | 100 | % | None | 11,410 | 78,988 | 90,398 | 1,212 | 11,745 | 79,865 | 91,610 | 17,105 | 1992 | 9/5/08 | 0 to 40 years | |||||||||||||||||||||||||||||||||
550 KING STREET BUILDINGS | Boston, MA | 100 | % | None | 8,632 | 74,625 | 83,257 | 8,177 | 8,632 | 82,802 | 91,434 | 15,240 | 1984 | 4/1/10 | 0 to 40 years | |||||||||||||||||||||||||||||||||
CRANBERRY WOODS DRIVE | Cranberry Township, PA | 100 | % | None | 15,512 | 173,062 | 188,574 | 3,501 | 15,512 | 176,563 | 192,075 | 23,292 | 2009/2010 | 6/1/10 | 0 to 40 years | |||||||||||||||||||||||||||||||||
HOUSTON ENERGY CENTER I | Houston, TX | 100 | % | None | 4,734 | 79,344 | 84,078 | 5,037 | 4,734 | 84,381 | 89,115 | 11,684 | 2008 | 6/28/10 | 0 to 40 years | |||||||||||||||||||||||||||||||||
SUNTRUST BUILDING | Orlando, FL | 100 | % | None | 1,222 | 20,402 | 21,624 | 938 | 1,222 | 21,340 | 22,562 | 3,181 | 1959 | 8/25/10 | 0 to 40 years | |||||||||||||||||||||||||||||||||
MARKET SQUARE BUILDINGS | Washington, DC | 100 | % | $ | 325,000 | 152,629 | 450,757 | 603,386 | 14,390 | 152,629 | 465,147 | 617,776 | 62,487 | 1990 | 3/7/11 | 0 to 40 years | ||||||||||||||||||||||||||||||||
544 LAKEVIEW | Vernon Hills, IL | 100 | % | (c) | $ | 9,100 | 3,006 | 3,100 | 6,106 | 2,243 | 3,006 | 5,343 | 8,349 | 404 | 1994 | 4/1/11 | 0 to 40 years | |||||||||||||||||||||||||||||||
333 MARKET STREET | San Francisco, CA | 100 | % | $ | 206,500 | 114,483 | 292,840 | 407,323 | — | 114,483 | 292,840 | 407,323 | 8,552 | 1979 | 12/21/12 | 0 to 40 years | ||||||||||||||||||||||||||||||||
TOTAL REAL ESTATE ASSETS | $ | 704,000 | $ | 4,118,625 | $ | 4,822,625 | $ | 53,241 | $ | 706,938 | $ | 4,168,928 | $ | 4,875,866 | $ | 903,472 | ||||||||||||||||||||||||||||||||
(a) | Property is owned subject to a long-term ground lease. | |||||||||||||||||||||||||||||||||||||||||||||||
(b) | As a result of the acquisition of the Three Glenlake Building, Columbia Property Trust acquired investments in bonds and certain obligations under capital leases in the amount of $120.0 million. | |||||||||||||||||||||||||||||||||||||||||||||||
(c) | 544 Lakeview is owned through a subsidiary in which Columbia Property Trust holds a 50% ownership interest, and owns 100% of the economic interest. | |||||||||||||||||||||||||||||||||||||||||||||||
(d) | Columbia Property Trust assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, tenant improvements are amortized over the shorter of economic life or lease term, lease intangibles are amortized over the respective lease term, building improvements are depreciated over 5-25 years, site improvements are depreciated over 15 years, and buildings are depreciated over 40 years. | |||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III – Real Estate Assets and Accumulated Depreciation and Amortization | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 5,507,769 | $ | 5,483,193 | $ | 4,999,902 | ||||||||||||||||||||||||||||||||||||||||||
Additions to/improvements of real estate | 51,422 | 453,541 | 676,230 | |||||||||||||||||||||||||||||||||||||||||||||
Sale/transfer of real estate | (614,822 | ) | (328,804 | ) | (70,082 | ) | ||||||||||||||||||||||||||||||||||||||||||
Impairment of real estate | (29,737 | ) | (18,467 | ) | (5,817 | ) | ||||||||||||||||||||||||||||||||||||||||||
Write-offs of building and tenant improvements | (492 | ) | (301 | ) | (228 | ) | ||||||||||||||||||||||||||||||||||||||||||
Write-offs of intangible assets(1) | (466 | ) | (1,311 | ) | (6,978 | ) | ||||||||||||||||||||||||||||||||||||||||||
Write-offs of fully depreciated assets | (37,808 | ) | (80,082 | ) | (109,834 | ) | ||||||||||||||||||||||||||||||||||||||||||
Balance at end of the year | $ | 4,875,866 | $ | 5,507,769 | $ | 5,483,193 | ||||||||||||||||||||||||||||||||||||||||||
Accumulated Depreciation and Amortization: | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 896,174 | $ | 867,975 | $ | 769,863 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 166,720 | 181,155 | 225,139 | |||||||||||||||||||||||||||||||||||||||||||||
Sale/transfer of real estate | (120,981 | ) | (71,654 | ) | (12,258 | ) | ||||||||||||||||||||||||||||||||||||||||||
Write-offs of tenant improvements | (212 | ) | (196 | ) | (16 | ) | ||||||||||||||||||||||||||||||||||||||||||
Write-offs of intangible assets(1) | (421 | ) | (1,024 | ) | (4,915 | ) | ||||||||||||||||||||||||||||||||||||||||||
Write-offs of fully depreciated assets | (37,808 | ) | (80,082 | ) | (109,838 | ) | ||||||||||||||||||||||||||||||||||||||||||
Balance at end of the year | $ | 903,472 | $ | 896,174 | $ | 867,975 | ||||||||||||||||||||||||||||||||||||||||||
(1) | Consists of write-offs of intangible lease assets related to lease restructurings, amendments, and terminations. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Basis of Presentation | ' | |||
Basis of Presentation | ||||
The consolidated financial statements of Columbia Property Trust have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable interest entity ("VIE") in which Columbia Property Trust or Columbia Property Trust OP was deemed the primary beneficiary. With respect to entities that are not VIEs, Columbia Property Trust's consolidated financial statements shall also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or its 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. In determining whether Columbia Property Trust or Columbia Property Trust OP has a controlling interest, the following factors are considered, among other things: the ownership of voting interests, protective rights, and participatory rights of the investors. | ||||
All intercompany balances and transactions have been eliminated in consolidation. | ||||
Use of Estimates | ' | |||
Use of Estimates | ||||
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. | ||||
Fair Value Measurements | ' | |||
Fair Value Measurements | ||||
Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification ("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 | ||||
Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition or construction, and any tenant improvements or major improvements and betterments that extend the useful life of the related asset. All repairs and maintenance are expensed as incurred. Additionally, Columbia Property Trust capitalizes interest while the development of a real estate asset is in progress. No interest was capitalized during 2013 or 2012. | ||||
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. | ||||
Allocation of Purchase Price of Acquired Assets | ' | |||
Allocation of Purchase Price of Acquired Assets | ||||
Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see Fair Value Measurements section above for additional details). | ||||
The fair values of the tangible assets of an acquired property (which includes land, building, and site improvements) are determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building, and site improvements based on management's determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market demand. | ||||
Intangible Assets and Liabilities Arising from In-Place Leases | ' | |||
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 | ||||
As further described below, in-place leases with Columbia Property Trust as the lessor may have values related to: direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease, tenant relationships, and effective contractual rental rates that are above or below market rates: | ||||
• | Direct costs associated with obtaining a new tenant, including commissions, tenant improvements, and other direct costs, are estimated based on management's consideration of current market costs to execute a similar lease. Such direct costs are included in intangible lease origination costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. | |||
• | The value of opportunity costs associated with lost rentals avoided by acquiring an in-place lease is calculated based on contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. Such opportunity costs ("Absorption Period Costs") are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. | |||
• | The value of tenant relationships is calculated based on expected renewal of a lease or the likelihood of obtaining a particular tenant for other locations. Values associated with tenant relationships are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. | |||
• | The value of effective rental rates of in-place leases that are above or below the market rates of comparable leases is calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be received pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining terms of the leases. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental income over the remaining terms of the respective leases. | |||
Cash and Cash Equivalents | ' | |||
Cash and Cash Equivalents | ||||
Columbia Property Trust considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value as of December 31, 2013 and 2012. | ||||
Tenant Receivables, net | ' | |||
Tenant Receivables, net | ||||
Tenant receivables are comprised of rental and reimbursement billings due from tenants and the cumulative amount of future adjustments necessary to present rental income on a straight-line basis. Tenant receivables are recorded at the original amount earned, less an allowance for any doubtful accounts, which approximates fair value. Management assesses the realizability of tenant receivables on an ongoing basis and provides for allowances as such balances, or portions thereof, become uncollectible. | ||||
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. | ||||
Deferred Costs | ' | |||
Deferred Financing Costs | ||||
Deferred financing costs are comprised of costs incurred in connection with securing financing from third-party lenders and are capitalized and amortized over the term of the related financing arrangements. Columbia Property Trust recognized amortization of deferred financing costs for the years ended December 31, 2013, 2012, and 2011, of approximately $3.8 million, $3.2 million, and $8.4 million, respectively, which is included in interest expense in the accompanying consolidated statements of operations. | ||||
Deferred Lease Costs | ||||
Deferred lease costs include (i) costs incurred to procure leases, which are capitalized and recognized as amortization expense on a straight-line basis over the terms of the lease, and (ii) common area maintenance costs that are recoverable from tenants under the terms of the existing leases. Such costs are capitalized and recognized as operating expenses over the shorter of the lease term or the recovery period provided for in the lease. Columbia Property Trust recognized amortization of deferred lease costs of approximately $13.1 million, $10.9 million, and $6.8 million for 2013, 2012, and 2011, respectively, the majority of which is recorded as amortization. Upon receiving notification of a tenant's intention to terminate a lease, unamortized deferred lease costs are amortized over the shortened lease period. | ||||
Investments in Development Authority Bonds and Obligations Under Capital Leases | ' | |||
Investments in Development Authority Bonds and Obligations Under Capital Leases | ||||
In connection with the acquisition of certain real estate assets, Columbia Property Trust has assumed investments in development authority bonds and corresponding obligations under capital leases of land or buildings. The county development authority issued bonds to developers to finance the initial development of these projects, a portion of which was then leased back to the developer under a capital lease. This structure enabled the developer to receive property tax abatements over the concurrent terms of the development authority bonds and capital leases. The remaining property tax abatement benefits transferred to Columbia Property Trust upon assumption of the bonds and corresponding capital leases at acquisition. The development authority bonds and the obligations under the capital leases are both recorded at their net present values, which Columbia Property Trust believes approximates fair value. The related amounts of interest income and expense are recognized as earned in equal amounts and, accordingly, do not impact net income. | ||||
Debts | ' | |||
Line of Credit and Notes Payable | ||||
Certain mortgage notes included in line of credit and notes payable in the accompanying consolidated balance sheets were assumed upon the acquisition of real properties. When debt is assumed, Columbia Property Trust records the loan at fair value with a corresponding adjustment to building. The fair value adjustment is amortized to interest expense over the term of the loan using the effective interest method. | ||||
As of December 31, 2013 and 2012, the estimated fair value of Columbia Property Trust's line of credit and notes payable was approximately $1,245.3 million and $1,433.1 million, respectively. Columbia Property Trust estimated the fair values of its line of credit by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates. The fair values of the notes payable 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. | ||||
Bonds Payable | ||||
On April 4, 2011, Columbia Property Trust sold $250.0 million of its seven-year unsecured 5.875% senior notes at 99.295% of their face value (the "2018 Bonds Payable"). The discount on bonds payable is amortized to interest expense over the term of the bonds using the effective-interest method. | ||||
The estimated fair value of Columbia Property Trust's 2018 Bonds Payable as of December 31, 2013 and 2012, was approximately $250.8 million and $250.9 million, respectively. 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. The discounted cash flow method of assessing fair value results in a general approximation of value, and such value may never actually be realized. | ||||
Noncontrolling Interests | ' | |||
Noncontrolling Interests | ||||
Noncontrolling interests represent the equity interests of consolidated subsidiaries that are not owned by Columbia Property Trust. Noncontrolling interests are adjusted for contributions, distributions, and earnings attributable to the noncontrolling interest holders of the consolidated joint ventures. Pursuant to the terms of the consolidated joint venture agreements, all earnings and distributions are allocated to joint ventures in accordance with the terms of the respective joint venture agreements. Earnings allocated to such noncontrolling interest holders are recorded as net loss (income) attributable to noncontrolling interests in the accompanying consolidated statements of operations. | ||||
Stockholders' Equity | ' | |||
Redeemable Common Stock | ||||
In preparation for listing, Columbia Property Trust terminated its former share redemption program 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. | ||||
Total redemptions (including those tendered within two years of a stockholder's death) were limited to the extent that they would cause both (i) the aggregate amount paid for all redemptions during the then-current calendar year to exceed 100% of the net proceeds raised under the Dividend Reinvestment Program (the "DRP") during such calendar year, and (ii) the total number of shares redeemed during the then-current calendar year to exceed 5.0% of the weighted-average number of shares outstanding in the prior calendar year. Therefore, Columbia Property Trust measured redeemable common stock at the greater of these limits (or, for the periods presented in this report, 5.0% of the weighted-average number of shares outstanding in the prior calendar year, multiplied by the maximum price at which future shares could be redeemed), less the amount incurred to redeem shares during the current calendar year. The maximum price at which shares could be redeemed (i.e., in cases of death, disability, or qualification for federal assistance for confinement to a long-term care facility) was measured at the most recently reported net asset value per share. | ||||
Preferred Stock | ||||
Columbia Property Trust is authorized to issue up to 100.0 million shares of one or more classes or series of preferred stock with a par value of $0.01 per share. Columbia Property Trust's board of directors may determine the relative rights, preferences, and privileges of each class or series of preferred stock issued, which may be more beneficial than the rights, preferences, and privileges attributable to Columbia Property Trust's common stock. To date, Columbia Property Trust has not issued any shares of preferred stock. | ||||
Common Stock | ||||
The par value of Columbia Property Trust's issued and outstanding shares of common stock is classified as common stock, with the remainder allocated to additional paid-in capital. | ||||
Distributions | ||||
To maintain its status as a REIT, Columbia Property Trust is required by the Internal Revenue Code of 1986, as amended (the "Code"), to make distributions to stockholders each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends-paid deduction and by excluding net capital gains attributable to stockholders ("REIT taxable income"). Distributions to the stockholders are determined by the board of directors of Columbia Property Trust and are dependent upon a number of factors relating to Columbia Property Trust, including funds available for payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain Columbia Property Trust's status as a REIT under the Code. | ||||
Interest Rate Swap Agreements | ' | |||
Interest Rate Swap 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 loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment. | ||||
Revenue Recognition | ' | |||
Revenue Recognition | ||||
All leases on real estate assets held by Columbia Property Trust are classified as operating leases, and the related base rental income is generally recognized on a straight-line basis over the terms of the respective leases. Tenant reimbursements are recognized as revenue in the period that the related operating cost is incurred and are billed to tenants pursuant to the terms of the underlying leases. Rental income and tenant reimbursements collected in advance are recorded as deferred income in the accompanying consolidated balance sheets. Lease termination fees are recorded as other property income and recognized once the tenant has lost the right to lease the space and Columbia Property Trust has satisfied all obligations under the related lease or lease termination agreement. | ||||
In conjunction with certain acquisitions, Columbia Property Trust has entered into master lease agreements with various sellers, whereby the sellers are obligated to pay rent pertaining to certain nonrevenue-producing spaces either at the time of, or subsequent to, the property acquisition. These master leases were established at the time of acquisition to mitigate the potential negative effects of lost rental revenues and expense reimbursement income. Columbia Property Trust records payments received under master lease agreements as a reduction of the basis of the underlying property rather than rental income. There were no proceeds received from master leases during 2013, 2012, and 2011. | ||||
Columbia Property Trust owns a full-service hotel through a taxable REIT subsidiary. Revenues derived from the operations of the hotel include, but are not limited to, revenues from rental of rooms, food and beverage sales, telephone usage, and other service revenues. Revenue is recognized when rooms are occupied, when services have been performed, and when products are delivered. | ||||
Earnings Per Share | ' | |||
Earnings Per Share | ||||
Basic earnings per share are calculated as net income attributable to the common stockholders of Columbia Property Trust divided by the weighted-average number of common shares outstanding for the period. Diluted earnings per share equals basic earnings per share, adjusted to reflect the dilution that would occur if all outstanding securities convertible into common shares or contracts to issue common shares were converted/exercised and the related proceeds were used to repurchase common shares. As the exercise price of Columbia Property Trust's director stock options exceeds the current market price of Columbia Property Trust's common stock, the impact of assuming that the 25,000 director stock options outstanding under the Director Plan (see Note 7, Equity) have been exercised is anti-dilutive. Therefore, basic earnings per share equals diluted earnings per share for each of the periods presented. | ||||
Income Taxes | ' | |||
Income Taxes | ||||
Columbia Property Trust has elected to be taxed as a REIT under the Code, and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, 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 TRS"), Columbia KCP TRS, LLC ("Columbia KCP TRS"), and Columbia Energy TRS, LLC ("Columbia 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. | ||||
Operating Segments | ' | |||
Operating Segments | ||||
Columbia Property Trust operates in a single reporting segment, and the presentation of Columbia Property Trust's financial condition and performance is consistent with the way in which Columbia Property Trust's operations are managed. | ||||
Reclassification | ' | |||
Reclassification | ||||
Certain prior period amounts may be reclassified to conform with the current-period financial statement presentation, including discontinued operations (see Note 12, Discontinued Operations) and equity accounts impacted by the Reverse Stock Split (see Note 7, Stockholders' Equity). |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 for 2013, 2012, and 2011 (in thousands) using Level 3 inputs. | |||||||||||||||||
Property | Net Book Value | Impairment Loss Recognized | Fair Value | ||||||||||||||
2013 | |||||||||||||||||
120 Eagle Rock | $ | 23,808 | $ | (11,708 | ) | $ | 12,100 | ||||||||||
333 & 777 Republic Drive | $ | 13,359 | $ | (5,159 | ) | $ | 8,200 | ||||||||||
2012 | |||||||||||||||||
180 E 100 South | $ | 30,847 | $ | (18,467 | ) | $ | 12,380 | ||||||||||
2011 | |||||||||||||||||
Manhattan Towers | $ | 65,317 | $ | (5,817 | ) | $ | 59,500 | ||||||||||
Schedule of Intangible Assets and Liabilities | ' | ||||||||||||||||
As of December 31, 2013 and 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 | |||||||||||||||||
December 31, 2013 | Gross | $ | 80,836 | $ | 388,686 | $ | 365,487 | $ | 150,364 | ||||||||
Accumulated Amortization | (56,859 | ) | (229,065 | ) | (216,598 | ) | (76,500 | ) | |||||||||
Net | $ | 23,977 | $ | 159,621 | $ | 148,889 | $ | 73,864 | |||||||||
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 | |||||||||
During 2013, 2012, and 2011, 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 years ended December 31, | |||||||||||||||||
2013 | $ | 6,077 | $ | 38,879 | $ | 38,978 | $ | 14,411 | |||||||||
2012 | $ | 8,901 | $ | 48,997 | $ | 42,866 | $ | 15,324 | |||||||||
2011 | $ | 14,273 | $ | 63,156 | $ | 50,194 | $ | 17,203 | |||||||||
The remaining net intangible assets and liabilities as of December 31, 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 years ending December 31, | |||||||||||||||||
2014 | $ | 5,403 | $ | 32,746 | $ | 32,861 | $ | 12,351 | |||||||||
2015 | 4,555 | 29,171 | 29,338 | 10,930 | |||||||||||||
2016 | 3,823 | 22,634 | 22,426 | 8,582 | |||||||||||||
2017 | 1,954 | 16,370 | 15,979 | 6,500 | |||||||||||||
2018 | 1,150 | 12,125 | 11,542 | 5,764 | |||||||||||||
Thereafter | 7,092 | 46,575 | 36,743 | 29,737 | |||||||||||||
$ | 23,977 | $ | 159,621 | $ | 148,889 | $ | 73,864 | ||||||||||
Weighted-Average Amortization Period | 4 years | 5 years | 5 years | 7 years | |||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ' | ||||||||||||||||
As of December 31, 2013, the remaining net below-market lease asset will be amortized as follows (in thousands): | |||||||||||||||||
For the years ending December 31: | |||||||||||||||||
2014 | $ | 2,069 | |||||||||||||||
2015 | 2,069 | ||||||||||||||||
2016 | 2,069 | ||||||||||||||||
2017 | 2,069 | ||||||||||||||||
2018 | 2,069 | ||||||||||||||||
Thereafter | 87,277 | ||||||||||||||||
$ | 97,622 | ||||||||||||||||
Weighted-Average Amortization Period | 48 years | ||||||||||||||||
Schedule of Interest Rate Derivatives | ' | ||||||||||||||||
The following tables provide additional information related to Columbia Property Trust's interest rate swaps as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||
Estimated Fair Value as of | |||||||||||||||||
December 31, | |||||||||||||||||
Instrument Type | Balance Sheet Classification | 2013 | 2012 | ||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Accounts payable | $ | (3,307 | ) | $ | (5,305 | ) | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Accounts payable | $ | (7,579 | ) | $ | (13,109 | ) | ||||||||||
The fair value of Columbia Property Trust's interest rate swaps were $(10.9) million and $(18.4) million at December 31, 2013 and 2012, respectively. | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Market value adjustment to interest rate swaps designated as hedging instruments and | $ | 1,997 | $ | (5,305 | ) | ||||||||||||
included in other comprehensive income | |||||||||||||||||
Loss on interest rate swap recognized through earnings | $ | (342 | ) | $ | (1,225 | ) |
Real_Estate_Transactions_Table
Real Estate Transactions (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Interests in Properties Acquired | ' | ||||||||||||||||||||||||||||||||||||||||
During 2012, Columbia Property Trust acquired interests in the following properties (in thousands): | |||||||||||||||||||||||||||||||||||||||||
Property Name | City | State | Acquisition | Land | Buildings | Intangible | Intangible | Below-Market | Notes Payable Step Up | Swap | Total | Lease | |||||||||||||||||||||||||||||
Date | and | Lease | Lease | Lease | Purchase | Details | |||||||||||||||||||||||||||||||||||
Improvements | Assets | Origination | Liability | Price | |||||||||||||||||||||||||||||||||||||
333 Market Street | San Francisco | CA | 12/21/12 | $ | 114,483 | $ | 273,203 | $ | 19,637 | $ | 26,824 | $ | (25,507 | ) | $ | (1,830 | ) | $ | (11,560 | ) | $ | 395,250 | (1) | ||||||||||||||||||
$ | 114,483 | $ | 273,203 | $ | 19,637 | $ | 26,824 | $ | (25,507 | ) | $ | (1,830 | ) | $ | (11,560 | ) | $ | 395,250 | |||||||||||||||||||||||
(1) | As of the acquisition date, 333 Market Street was 100% leased to Wells Fargo Bank, N.A., through 2026. | ||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Information | ' | ||||||||||||||||||||||||||||||||||||||||
The unaudited pro forma financial information has been prepared for informational purposes only and is not necessarily indicative of future results or of actual results that would have been achieved had the acquisition of the Market Square Buildings acquisition been consummated as of January 1, 2011 (in thousands): | |||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||||||||||
Revenues(1) | $ | 501,627 | |||||||||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 53,567 | |||||||||||||||||||||||||||||||||||||||
(1) | Prior-period amounts adjusted to conform with current-period presentation, including classifying revenues generated by properties held for sale and by properties sold, as discontinued operations for all periods presented (see Note 12, Discontinued Operations). | ||||||||||||||||||||||||||||||||||||||||
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, 2011 (in thousands): | |||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Revenues | $ | 526,966 | $ | 462,786 | $ | 575,175 | |||||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 47,661 | $ | 47,591 | $ | 83,615 | |||||||||||||||||||||||||||||||||||
Line_of_Credit_and_Notes_Payab1
Line of Credit and Notes Payable (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||
Line of credit and notes payable indebtedness outstanding | ' | |||||||||||||||||
As of December 31, 2013 and 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: | ||||||||||||||||||
Rate as of December 31, 2013 | Term Debt or Interest Only | Outstanding Balance as of | ||||||||||||||||
December 31, | ||||||||||||||||||
Facility | Maturity | 2013 | 2012 | |||||||||||||||
$450 Million Term Loan | LIBOR + 150 bp | (1) | Interest only | 2/3/16 | $ | 450,000 | $ | 450,000 | ||||||||||
Market Square Buildings mortgage note | 5.07 | % | Interest only | 7/1/23 | 325,000 | 325,000 | ||||||||||||
333 Market Street Building mortgage note | LIBOR + 202 bp | (2) | Interest only | 7/1/15 | 207,559 | 208,308 | ||||||||||||
100 East Pratt Street Building mortgage note | 5.08 | % | Interest only | 6/11/17 | 105,000 | 105,000 | ||||||||||||
263 Shuman Boulevard Building mortgage note | 5.55 | % | Interest only | 7/1/17 | 49,000 | 49,000 | ||||||||||||
SanTan Corporate Center mortgage notes | 5.83 | % | Interest only | 10/11/16 | 39,000 | 39,000 | ||||||||||||
One Glenlake Building mortgage note | 5.8 | % | Term debt | 12/10/18 | 34,713 | 37,204 | ||||||||||||
215 Diehl Road Building mortgage note | 5.55 | % | Interest only | 7/1/17 | 21,000 | 21,000 | ||||||||||||
544 Lakeview Building mortgage note | 5.54 | % | Interest only | 12/1/14 | 8,977 | 8,842 | ||||||||||||
JPMorgan Chase Credit Facility | LIBOR + 130 bp | (3) | Interest only | 8/21/17 | — | 42,000 | ||||||||||||
Wildwood Buildings mortgage note | 5 | % | Interest only | 12/1/14 | — | 90,000 | ||||||||||||
Three Glenlake Building mortgage note | LIBOR + 90 bp | Interest only | (4) | 7/31/13 | — | 26,264 | ||||||||||||
Total indebtedness | $ | 1,240,249 | $ | 1,401,618 | ||||||||||||||
(1) | Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $450 Million Term Loan at 2.28% per annum and terminates on February 3, 2016. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statements of other comprehensive income. | |||||||||||||||||
(2) | Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the 333 Market Street Building mortgage note at 4.75% per annum and terminates on July 1, 2015. This interest rate swap agreement does not qualify for hedge accounting treatment; therefore, changes in fair value are recorded as loss on interest rate swaps in the accompanying consolidated statements of operations. | |||||||||||||||||
(3) | The JPMorgan Chase Bank, N.A. (the "JPMorgan Chase Bank") unsecured debt bears interest at a rate based on, at the option of Columbia Property Trust, LIBOR for seven-day or one-, two-, three-, or six-month periods, plus an applicable margin ranging from 1.00% to 1.70%, or the alternate base rate for any day is the greatest of the rate of interest publicly announced by JPMorgan Chase Bank as its prime rate in effect in its principal office in New York City for such day plus an applicable margin ranging from 0.00% to 0.70%. | |||||||||||||||||
(4) | Interest was due monthly; however, under the terms of the loan agreement, a portion of the monthly debt service amount accrued and was added to the outstanding balance of the note over the term. | |||||||||||||||||
Aggregate maturities of Columbia Property Trust's line of credit, term loan, and notes payable | ' | |||||||||||||||||
The following table summarizes the aggregate maturities of Columbia Property Trust's line of credit, term loan, and notes payable as of December 31, 2013 (in thousands): | ||||||||||||||||||
2014 | $ | 11,616 | ||||||||||||||||
2015 | 210,355 | |||||||||||||||||
2016 | 491,963 | |||||||||||||||||
2017 | 178,139 | |||||||||||||||||
2018 | 23,176 | |||||||||||||||||
Thereafter | 325,000 | |||||||||||||||||
Total | $ | 1,240,249 | ||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||
As of December 31, 2013, the remaining required payments under the terms of these ground leases are as follows (in thousands): | ||||
2014 | $ | 2,557 | ||
2015 | 2,557 | |||
2016 | 2,557 | |||
2017 | 2,702 | |||
2018 | 2,731 | |||
Thereafter | 205,529 | |||
Total | $ | 218,633 | ||
Schedule of Future Minimum Lease Payments for Capital Leases | ' | |||
The required payments under the terms of the leases are as follows as of December 31, 2013 (in thousands): | ||||
2014 | $ | 7,200 | ||
2015 | 7,200 | |||
2016 | 7,200 | |||
2017 | 7,200 | |||
2018 | 7,200 | |||
Thereafter | 141,600 | |||
177,600 | ||||
Amounts representing interest | (57,600 | ) | ||
Total | $ | 120,000 | ||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ' | ||||||||
Summary of stock option activity under Director Plan | ' | ||||||||
A summary of stock option activity under the Director Plan during 2013, 2012, and 2011, follows: | |||||||||
Number | Exercise | Exercisable | |||||||
Price | |||||||||
Outstanding as of December 31, 2010 | 7,375 | $48 | 7,250 | ||||||
Granted | — | ||||||||
Terminated | — | ||||||||
Outstanding as of December 31, 2011 | 7,375 | $48 | 7,375 | ||||||
Granted | — | ||||||||
Terminated | — | ||||||||
Outstanding as of December 31, 2012 | 7,375 | $48 | 7,375 | ||||||
Granted | — | ||||||||
Terminated | — | ||||||||
Outstanding as of December 31, 2013 | 7,375 | $48 | 7,375 | ||||||
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Schedule of Future Minimum Payments Receivable for Operating Leases | ' | |||
The future minimum rental income from Columbia Property Trust's investment in real estate assets under noncancelable operating leases, excluding properties under development, as of December 31, 2013, is as follows (in thousands): | ||||
2014 | $ | 375,108 | ||
2015 | 369,626 | |||
2016 | 342,653 | |||
2017 | 289,273 | |||
2018 | 245,086 | |||
Thereafter | 1,167,286 | |||
Total | $ | 2,789,032 | ||
Supplemental_Disclosures_of_No1
Supplemental Disclosures of Noncash Investing and Financing Activities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||||
Schedule of Other Significant Noncash Transactions | ' | |||||||||||
Outlined below are significant noncash investing and financing activities for the years ended December 31, 2013, 2012, and 2011 (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Other assets assumed upon acquisition | $ | 741 | $ | 130 | $ | — | ||||||
Other liabilities assumed upon acquisition | $ | 741 | $ | — | $ | 1,174 | ||||||
Other liabilities settled at disposition | $ | 872 | $ | — | $ | — | ||||||
Interest rate swap assumed upon acquisition of property | $ | — | $ | 11,560 | $ | — | ||||||
Notes payable assumed at acquisition | $ | — | $ | 208,330 | $ | 8,607 | ||||||
Interest accruing into notes payable | $ | 186 | $ | 306 | $ | 15,891 | ||||||
Amortization of discounts (premiums) on debt | $ | (363 | ) | $ | 364 | $ | 869 | |||||
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment | $ | 1,997 | $ | (5,305 | ) | $ | — | |||||
Accrued capital expenditures and deferred lease costs | $ | 15,997 | $ | 16,325 | $ | 7,751 | ||||||
Accrued deferred financing costs | $ | — | $ | 35 | $ | 48 | ||||||
Accrued redemptions of common stock | $ | — | $ | 3,655 | $ | 1,640 | ||||||
Settlement of redeemable controlling interest through issuance of common stock | $ | — | $ | — | $ | 14 | ||||||
Settlement of Manhattan Towers mortgage note by transferring property to lender | $ | — | $ | — | $ | 75,000 | ||||||
Transfer of development authority bonds | $ | 466,000 | $ | 60,000 | $ | — | ||||||
Nonrefundable earnest money for property sales | $ | — | $ | — | $ | 880 | ||||||
Stock-based compensation expense | $ | 1,055 | $ | — | $ | — | ||||||
Increase (decrease) in redeemable common stock | $ | (99,526 | ) | $ | 13,621 | $ | 48,042 | |||||
RelatedParty_Transactions_and_1
Related-Party Transactions and Agreements (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Schedule of Related Party Transactions | ' | |||||||||||
Columbia Property Trust incurred the following related-party costs during 2013, 2012, and 2011, respectively (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Consulting services | $ | 25,417 | $ | — | $ | — | ||||||
Transition services | 5,750 | 3,008 | — | |||||||||
Asset management fees | 5,083 | 32,000 | 32,094 | |||||||||
Administrative reimbursements, net(1) | 1,939 | 11,099 | 11,609 | |||||||||
Investor services | 829 | — | — | |||||||||
Property management fees | 523 | 4,462 | 4,546 | |||||||||
Construction fees(2) | 139 | 220 | 211 | |||||||||
Other | 69 | 126 | — | |||||||||
Acquisition fees | — | 1,500 | 1,307 | |||||||||
Disposition fees | — | 1,311 | — | |||||||||
Total | $ | 39,749 | $ | 53,726 | $ | 49,767 | ||||||
(1) | Administrative reimbursements are presented net of reimbursements from tenants of approximately $0.7 million, $4.4 million, and $4.0 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||
(2) | Construction fees are capitalized to real estate assets as incurred. | |||||||||||
Schedule of Amounts Due to Affiliates | ' | |||||||||||
The detail of amounts due to WREF and its affiliates is provided below as of December 31, 2013 and 2012 (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Administrative reimbursements | $ | — | $ | 1,360 | ||||||||
Asset and property management fees | — | 560 | ||||||||||
Total | $ | — | $ | 1,920 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Income Tax Basis Net Income Reconciliation | ' | |||||||||||
Columbia Property Trust's income tax basis net income during 2013, 2012, and 2011 (in thousands) follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
GAAP basis financial statement net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 15,720 | $ | 48,039 | $ | 56,642 | ||||||
Increase (decrease) in net income resulting from: | ||||||||||||
Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes | 72,554 | 81,681 | 101,498 | |||||||||
Rental income accrued for financial reporting purposes in excess of amounts for income tax purposes | (26,565 | ) | (24,798 | ) | (11,203 | ) | ||||||
Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes | (8,186 | ) | (3,423 | ) | (2,960 | ) | ||||||
Gain on interest rate swaps that do not qualify for hedge accounting treatment for financial reporting purposes in excess of amounts for income tax purposes | (5,530 | ) | (173 | ) | (35,487 | ) | ||||||
Bad debt expense for financial reporting purposes less than amounts for income tax purposes | (65 | ) | (5,034 | ) | (229 | ) | ||||||
Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes | (78,559 | ) | (61,198 | ) | (16,282 | ) | ||||||
Other expenses for financial reporting purposes in excess of amounts for income tax purposes | 9,710 | 7,349 | 15,603 | |||||||||
Income tax basis net income, prior to dividends-paid deduction | $ | (20,921 | ) | $ | 42,443 | $ | 107,582 | |||||
Schedule of Distributions to Common Stockholders | ' | |||||||||||
Columbia Property Trust's distributions per common share are summarized as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Ordinary income | — | % | 16 | % | 39 | % | ||||||
Capital gains | — | % | — | % | — | % | ||||||
Return of capital | 100 | % | 84 | % | 61 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | ||||||
Schedule of Income Taxes | ' | |||||||||||
The TRS Entities recorded the following income taxes for the years ended December 31, 2013, 2012, and 2011, is as follows: | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal income tax | $ | 307 | $ | 265 | $ | (676 | ) | |||||
State income tax | 2 | 14 | (35 | ) | ||||||||
Total income tax | $ | 309 | $ | 279 | $ | (711 | ) | |||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operation, Additional Disclosures [Abstract] | ' | |||||||||||
Schedule of revenues and expenses of the discontinued operations | ' | |||||||||||
The following table shows the revenues and expenses of the above-described discontinued operations (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues: | ||||||||||||
Rental income | $ | 48,550 | $ | 91,132 | $ | 101,906 | ||||||
Tenant reimbursements | 11,205 | 18,059 | 18,585 | |||||||||
Other property income | 291 | 5,471 | 5,878 | |||||||||
60,046 | 114,662 | 126,369 | ||||||||||
Expenses: | ||||||||||||
Property operating costs | 21,232 | 36,996 | 40,607 | |||||||||
Asset and property management fees | 1,501 | 7,974 | 8,201 | |||||||||
Depreciation | 11,730 | 21,609 | 24,048 | |||||||||
Amortization | 7,590 | 15,776 | 23,482 | |||||||||
Impairment loss on real estate assets | 29,737 | 18,467 | 5,817 | |||||||||
General and administrative | 1,360 | 748 | 3,146 | |||||||||
Acquisition fees | — | — | 11 | |||||||||
Total expenses | 73,150 | 101,570 | 105,312 | |||||||||
Real estate operating income (loss) | (13,104 | ) | 13,092 | 21,057 | ||||||||
Other income (expense): | ||||||||||||
Interest expense | (3,804 | ) | (6,610 | ) | (9,755 | ) | ||||||
Interest and other income | 293 | 16 | 4 | |||||||||
Gain (loss) on early extinguishment of debt | (4,709 | ) | — | — | ||||||||
Income (loss) from discontinued operations before income tax expense | (21,324 | ) | 6,498 | 11,306 | ||||||||
Income tax expense | (1 | ) | (14 | ) | (114 | ) | ||||||
Income (loss) from discontinued operations | (21,325 | ) | 6,484 | 11,192 | ||||||||
Gain (loss) on disposition of discontinued operations | 11,225 | 20,117 | 13,522 | |||||||||
Income (loss) from discontinued operations | $ | (10,100 | ) | $ | 26,601 | $ | 24,714 | |||||
Quarterly_Results_unaudited_Ta
Quarterly Results (unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2013 and 2012(in thousands, except per-share data): | ||||||||||||||||
2013 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Revenues(1) | $ | 128,792 | $ | 131,897 | $ | 132,502 | $ | 133,387 | ||||||||
Net income (loss) attributable to common stockholders of Columbia Property Trust, Inc. | $ | (22,608 | ) | (2) | $ | 20,601 | $ | 4,800 | $ | 12,927 | ||||||
Basic and diluted net income (loss) attributable to common stockholders of Columbia Property Trust, Inc. per share(3) | $ | (0.17 | ) | $ | 0.15 | $ | 0.04 | $ | 0.1 | |||||||
Distributions declared per share(3) | $ | 0.38 | $ | 0.38 | $ | 0.38 | $ | 0.3 | ||||||||
(1) | Prior-period amounts adjusted to conform with current-period presentation, including classifying revenues generated by properties held for sale and by properties sold, as discontinued operations for all periods presented (see Note 12, Discontinued Operations). | |||||||||||||||
(2) | Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements). | |||||||||||||||
(3) | All computations using share amounts have been retroactively adjusted to reflect the August 14, 2013, four-for-one reverse stock split (See Note 7, Stockholders' Equity). | |||||||||||||||
2012 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Revenues(1) | $ | 121,894 | $ | 122,716 | $ | 124,159 | $ | 125,502 | ||||||||
Net income (loss) attributable to common stockholders of Columbia Property Trust, Inc. | $ | 31,131 | $ | 10,914 | $ | (5,859 | ) | $ | 11,853 | |||||||
Basic and diluted net income (loss) attributable to common stockholders of Columbia Property Trust, Inc. per share(2) | $ | 0.23 | $ | 0.08 | $ | (0.04 | ) | $ | 0.09 | |||||||
Distributions declared per share(2) | $ | 0.5 | $ | 0.5 | $ | 0.5 | $ | 0.38 | ||||||||
(1) | Prior-period amounts adjusted to conform with current-period presentation, including classifying revenues generated by properties held for sale and by properties sold, as discontinued operations for all periods presented (see Note 12, Discontinued Operations). | |||||||||||||||
(2) | All computations using share amounts have been retroactively adjusted to reflect the August 14, 2013, four-for-one reverse stock split (See Note 7, Stockholders' Equity). |
Financial_Information_for_Pare1
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheets (in thousands) | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Assets: | ||||||||||||||||||||
Real estate assets, at cost: | ||||||||||||||||||||
Land | $ | — | $ | 6,241 | $ | 700,697 | $ | — | $ | 706,938 | ||||||||||
Buildings and improvements, net | — | 24,185 | 2,952,102 | — | 2,976,287 | |||||||||||||||
Intangible lease assets, net | — | — | 281,220 | — | 281,220 | |||||||||||||||
Construction in progress | — | 28 | 7,921 | — | 7,949 | |||||||||||||||
Total real estate assets | — | 30,454 | 3,941,940 | — | 3,972,394 | |||||||||||||||
Cash and cash equivalents | 53,322 | 20,708 | 25,825 | — | 99,855 | |||||||||||||||
Investment in subsidiaries | 2,557,347 | 2,286,982 | — | (4,844,329 | ) | — | ||||||||||||||
Tenant receivables, net of allowance | — | — | 7,414 | — | 7,414 | |||||||||||||||
Straight-line rent receivable | — | 22 | 113,570 | — | 113,592 | |||||||||||||||
Prepaid expenses and other assets | 177,185 | 150,806 | 26,602 | (322,170 | ) | 32,423 | ||||||||||||||
Deferred financing costs, net | — | 8,762 | 1,626 | — | 10,388 | |||||||||||||||
Intangible lease origination costs, net | — | — | 148,889 | — | 148,889 | |||||||||||||||
Deferred lease costs, net | — | 1,495 | 86,032 | — | 87,527 | |||||||||||||||
Investment in development authority bonds | — | — | 120,000 | — | 120,000 | |||||||||||||||
Total assets | $ | 2,787,854 | $ | 2,499,229 | $ | 4,471,898 | $ | (5,166,499 | ) | $ | 4,592,482 | |||||||||
Liabilities: | ||||||||||||||||||||
Line of credit and notes payable | $ | — | $ | 450,000 | $ | 1,110,838 | $ | (320,589 | ) | $ | 1,240,249 | |||||||||
Bonds payable, net | — | 248,930 | — | — | 248,930 | |||||||||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | 31 | 11,816 | 87,831 | — | 99,678 | |||||||||||||||
Due to affiliates | — | (925 | ) | 2,506 | (1,581 | ) | — | |||||||||||||
Deferred income | — | 146 | 21,792 | — | 21,938 | |||||||||||||||
Intangible lease liabilities, net | — | — | 73,864 | — | 73,864 | |||||||||||||||
Obligations under capital leases | — | — | 120,000 | — | 120,000 | |||||||||||||||
Total liabilities | 31 | 709,967 | 1,416,831 | (322,170 | ) | 1,804,659 | ||||||||||||||
Redeemable Common Stock | — | — | — | — | — | |||||||||||||||
Equity: | ||||||||||||||||||||
Total equity | 2,787,823 | 1,789,262 | 3,055,067 | (4,844,329 | ) | 2,787,823 | ||||||||||||||
Total liabilities, redeemable common stock, and equity | $ | 2,787,854 | $ | 2,499,229 | $ | 4,471,898 | $ | (5,166,499 | ) | $ | 4,592,482 | |||||||||
Condensed Consolidating Balance Sheets (in thousands) | ||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
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 | — | — | 14,426 | — | 14,426 | |||||||||||||||
Straight-line rent receivable | — | 22 | 119,651 | — | 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 | — | — | 586,000 | — | 586,000 | |||||||||||||||
bonds | ||||||||||||||||||||
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, | 3,645 | 12,417 | 86,796 | — | 102,858 | |||||||||||||||
and accrued capital expenditures | ||||||||||||||||||||
Due to 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 | $ | 3,267,151 | $ | 2,924,955 | $ | 5,667,583 | $ | (6,128,740 | ) | $ | 5,730,949 | |||||||||
common stock, and equity | ||||||||||||||||||||
Consolidating Statements of Operations | ' | |||||||||||||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 403 | $ | 406,791 | $ | (287 | ) | $ | 406,907 | |||||||||
Tenant reimbursements | — | 149 | 90,726 | — | 90,875 | |||||||||||||||
Hotel income | — | — | 23,756 | — | 23,756 | |||||||||||||||
Other property income | — | 17 | 5,208 | (185 | ) | 5,040 | ||||||||||||||
— | 569 | 526,481 | (472 | ) | 526,578 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 1,966 | 152,880 | (287 | ) | 154,559 | ||||||||||||||
Hotel operating costs | — | — | 18,340 | — | 18,340 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | 4,397 | 15 | 313 | (32 | ) | 4,693 | ||||||||||||||
Other | — | — | 1,671 | — | 1,671 | |||||||||||||||
Depreciation | — | 1,247 | 106,858 | — | 108,105 | |||||||||||||||
Amortization | — | 28 | 78,682 | — | 78,710 | |||||||||||||||
General and administrative | 16 | 43,555 | 18,448 | (153 | ) | 61,866 | ||||||||||||||
Listing fees | 317 | 3,743 | — | — | 4,060 | |||||||||||||||
4,730 | 50,554 | 377,192 | (472 | ) | 432,004 | |||||||||||||||
Real estate operating (loss) income | (4,730 | ) | (49,985 | ) | 149,289 | — | 94,574 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (32,659 | ) | (88,137 | ) | 18,855 | (101,941 | ) | ||||||||||||
Interest and other income | 7,987 | 10,874 | 34,023 | (18,855 | ) | 34,029 | ||||||||||||||
Loss on interest rate swaps | — | — | (342 | ) | — | (342 | ) | |||||||||||||
Income (loss) from equity investment | 12,463 | 86,101 | — | (98,564 | ) | — | ||||||||||||||
20,450 | 64,316 | (54,456 | ) | (98,564 | ) | (68,254 | ) | |||||||||||||
Income (loss) before income tax benefit (expense) | 15,720 | 14,331 | 94,833 | (98,564 | ) | 26,320 | ||||||||||||||
Income tax benefit (expense) | — | (3 | ) | (497 | ) | — | (500 | ) | ||||||||||||
Income (loss) from continuing operations | 15,720 | 14,328 | 94,336 | (98,564 | ) | 25,820 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income (loss) from discontinued operations | — | 658 | (21,983 | ) | — | (21,325 | ) | |||||||||||||
Gain (loss) on disposition of discontinued operations | — | — | 11,225 | — | 11,225 | |||||||||||||||
Income from discontinued operations | — | 658 | (10,758 | ) | — | (10,100 | ) | |||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 15,720 | $ | 14,986 | $ | 83,578 | $ | (98,564 | ) | $ | 15,720 | |||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 1,649 | $ | 380,280 | $ | (133 | ) | $ | 381,796 | |||||||||
Tenant reimbursements | — | 103 | 90,756 | (2,457 | ) | 88,402 | ||||||||||||||
Hotel income | — | — | 23,049 | — | 23,049 | |||||||||||||||
Other property income | — | 86 | 1,024 | (86 | ) | 1,024 | ||||||||||||||
— | 1,838 | 495,109 | (2,676 | ) | 494,271 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 1,634 | 148,025 | (2,457 | ) | 147,202 | ||||||||||||||
Hotel operating costs | — | — | 18,495 | (133 | ) | 18,362 | ||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | 26,264 | 58 | 4,191 | (1,141 | ) | 29,372 | ||||||||||||||
Other | — | — | 2,421 | — | 2,421 | |||||||||||||||
Depreciation | — | 710 | 97,988 | — | 98,698 | |||||||||||||||
Amortization | — | 357 | 86,101 | — | 86,458 | |||||||||||||||
General and administrative | 49 | 21,436 | 3,128 | — | 24,613 | |||||||||||||||
Acquisition fees and expenses | — | — | 1,876 | — | 1,876 | |||||||||||||||
26,313 | 24,195 | 362,225 | (3,731 | ) | 409,002 | |||||||||||||||
Real estate operating (loss) income | (26,313 | ) | (22,357 | ) | 132,884 | 1,055 | 85,269 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (32,469 | ) | (88,414 | ) | 18,997 | (101,886 | ) | ||||||||||||
Interest and other income | 7,988 | 11,018 | 39,847 | (18,997 | ) | 39,856 | ||||||||||||||
Loss on interest rate swaps | — | — | (1,225 | ) | — | (1,225 | ) | |||||||||||||
Income from equity investment | 66,364 | 92,228 | — | (158,592 | ) | — | ||||||||||||||
74,352 | 70,777 | (49,792 | ) | (158,592 | ) | (63,255 | ) | |||||||||||||
Income before income tax expense | 48,039 | 48,420 | 83,092 | (157,537 | ) | 22,014 | ||||||||||||||
Income tax expense | — | (14 | ) | (558 | ) | — | (572 | ) | ||||||||||||
Income from continuing operations | 48,039 | 48,406 | 82,534 | (157,537 | ) | 21,442 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income from discontinued operations | — | 5,942 | 542 | — | 6,484 | |||||||||||||||
Gain on disposition of discontinued operations | — | — | 20,117 | — | 20,117 | |||||||||||||||
Income from discontinued operations | — | 5,942 | 20,659 | — | 26,601 | |||||||||||||||
Net income | 48,039 | 54,348 | 103,193 | (157,537 | ) | 48,043 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 48,039 | $ | 54,348 | $ | 103,189 | $ | (157,537 | ) | $ | 48,039 | |||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | — | $ | 379,641 | $ | — | $ | 379,641 | ||||||||||
Tenant reimbursements | — | — | 87,071 | — | 87,071 | |||||||||||||||
Hotel income | — | — | 20,600 | — | 20,600 | |||||||||||||||
Other property income | — | 145 | 5,575 | (145 | ) | 5,575 | ||||||||||||||
— | 145 | 492,887 | (145 | ) | 492,887 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | — | 142,492 | — | 142,492 | |||||||||||||||
Hotel operating costs | — | — | 17,394 | — | 17,394 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | 25,521 | — | 4,237 | (145 | ) | 29,613 | ||||||||||||||
Other | — | — | 2,185 | — | 2,185 | |||||||||||||||
Depreciation | — | — | 95,724 | — | 95,724 | |||||||||||||||
Amortization | — | — | 96,902 | — | 96,902 | |||||||||||||||
General and administrative | 43 | 18,124 | 2,850 | — | 21,017 | |||||||||||||||
Acquisition fees and expenses | 1,307 | — | 9,932 | — | 11,239 | |||||||||||||||
26,871 | 18,124 | 371,716 | (145 | ) | 416,566 | |||||||||||||||
Real estate operating income (loss) | (26,871 | ) | (17,979 | ) | 121,171 | — | 76,321 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (28,329 | ) | (84,693 | ) | 11,223 | (101,799 | ) | ||||||||||||
Interest and other income | 2,129 | 11,444 | 40,045 | (11,223 | ) | 42,395 | ||||||||||||||
Loss on interest rate swaps | — | — | (38,383 | ) | — | (38,383 | ) | |||||||||||||
Income from equity investment | 81,384 | 114,257 | — | (195,641 | ) | — | ||||||||||||||
Gain on early extinguishment of debt | — | — | 53,018 | — | 53,018 | |||||||||||||||
83,513 | 97,372 | (30,013 | ) | (195,641 | ) | (44,769 | ) | |||||||||||||
Income before income tax benefit | 56,642 | 79,393 | 91,158 | (195,641 | ) | 31,552 | ||||||||||||||
Income tax benefit | — | — | 390 | — | 390 | |||||||||||||||
Income from continuing operations | 56,642 | 79,393 | 91,548 | (195,641 | ) | 31,942 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income from discontinued operations | — | 6,388 | 4,804 | — | 11,192 | |||||||||||||||
Income on disposition of discontinued operations | — | — | 13,522 | — | 13,522 | |||||||||||||||
Income from discontinued operations | — | 6,388 | 18,326 | — | 24,714 | |||||||||||||||
Net income | 56,642 | 85,781 | 109,874 | (195,641 | ) | 56,656 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | (14 | ) | — | (14 | ) | |||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 56,642 | $ | 85,781 | $ | 109,860 | $ | (195,641 | ) | $ | 56,642 | |||||||||
Consolidating Statements Comprehensive Income | ' | |||||||||||||||||||
Consolidating Statements of Comprehensive Income (in thousands) | ||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 15,720 | $ | 14,986 | $ | 83,578 | $ | (98,564 | ) | $ | 15,720 | |||||||||
Foreign currency translation adjustment | (83 | ) | — | (83 | ) | 83 | (83 | ) | ||||||||||||
Market value adjustment to interest rate swap | 1,997 | 1,997 | — | (1,997 | ) | 1,997 | ||||||||||||||
Comprehensive income | $ | 17,634 | $ | 16,983 | $ | 83,495 | $ | (100,478 | ) | $ | 17,634 | |||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 48,039 | $ | 54,348 | $ | 103,189 | $ | (157,537 | ) | $ | 48,039 | |||||||||
Market value adjustment to interest rate swap | (5,305 | ) | (5,305 | ) | — | 5,305 | (5,305 | ) | ||||||||||||
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc. | 42,734 | 49,043 | 103,189 | (152,232 | ) | 42,734 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | 4 | — | 4 | |||||||||||||||
Comprehensive income | $ | 42,734 | $ | 49,043 | $ | 103,193 | $ | (152,232 | ) | $ | 42,738 | |||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 56,642 | $ | 85,781 | $ | 109,860 | $ | (195,641 | ) | $ | 56,642 | |||||||||
Market value adjustment to interest rate swap | 11,223 | — | 11,223 | (11,223 | ) | 11,223 | ||||||||||||||
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc. | 67,865 | 85,781 | 121,083 | (206,864 | ) | 67,865 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | 14 | — | 14 | |||||||||||||||
Comprehensive income | $ | 67,865 | $ | 85,781 | $ | 121,097 | $ | (206,864 | ) | $ | 67,879 | |||||||||
Consolidating Statements Cash Flows | ' | |||||||||||||||||||
Consolidating Statements of Cash Flows (in thousands) | ||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Columbia Property Trust | |||||||||||||||||
(Parent) | (the Issuer) | Guarantors | (Consolidated) | |||||||||||||||||
Cash flows from operating activities | $ | (331 | ) | $ | (84,270 | ) | $ | 302,930 | $ | 218,329 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Net proceeds from sale of real estate | 14,127 | 551,818 | — | 565,945 | ||||||||||||||||
Investment in real estate and related assets | — | (5,270 | ) | (65,286 | ) | (70,556 | ) | |||||||||||||
Net cash provided by (used in) investing activities | 14,127 | 546,548 | (65,286 | ) | 495,389 | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings, net of fees and prepayment penalty on early extinguishment of debt | — | 297,320 | (41 | ) | 297,279 | |||||||||||||||
Repayments | — | (343,000 | ) | (118,940 | ) | (461,940 | ) | |||||||||||||
Loss on early extinguishment of debt | — | — | (4,709 | ) | (4,709 | ) | ||||||||||||||
Redemptions of common stock and fees, net of issuances | (306,574 | ) | — | — | (306,574 | ) | ||||||||||||||
Distributions | (191,473 | ) | — | — | (191,473 | ) | ||||||||||||||
Intercompany transfers, net | 516,659 | (400,712 | ) | (115,947 | ) | — | ||||||||||||||
Net cash provided by (used in) financing activities | 18,612 | (446,392 | ) | (239,637 | ) | (667,417 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 32,408 | 15,886 | (1,993 | ) | 46,301 | |||||||||||||||
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 | $ | 53,322 | $ | 20,708 | $ | 25,825 | $ | 99,855 | ||||||||||||
Consolidating Statements of Cash Flows (in thousands) | ||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Columbia Property Trust | |||||||||||||||||
(Parent) | (the Issuer) | Guarantors | (Consolidated) | |||||||||||||||||
Cash flows from operating activities | $ | (49 | ) | $ | (83,489 | ) | $ | 336,377 | $ | 252,839 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Net proceeds from sale of real estate | 30,441 | 273,823 | — | 304,264 | ||||||||||||||||
Investment in real estate and related assets | — | (193,410 | ) | (79,807 | ) | (273,217 | ) | |||||||||||||
Net cash used in investing activities | 30,441 | 80,413 | (79,807 | ) | 31,047 | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings, net of fees | — | 595,731 | (929 | ) | 594,802 | |||||||||||||||
Repayments | — | (591,000 | ) | (36,191 | ) | (627,191 | ) | |||||||||||||
Issuance of common stock, net of redemptions and fees | 18,996 | — | — | 18,996 | ||||||||||||||||
Distributions | (256,020 | ) | — | (15 | ) | (256,035 | ) | |||||||||||||
Intercompany transfers | 216,255 | (7,430 | ) | (208,825 | ) | — | ||||||||||||||
Redemptions of noncontrolling interest | — | — | (301 | ) | (301 | ) | ||||||||||||||
Net cash used in financing activities | (20,769 | ) | (2,699 | ) | (246,261 | ) | (269,729 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 9,623 | (5,775 | ) | 10,309 | 14,157 | |||||||||||||||
Effect of foreign exchange rate on cash and cash equivalents | — | — | 32 | 32 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 11,291 | 10,597 | 17,580 | 39,468 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 20,914 | $ | 4,822 | $ | 27,921 | $ | 53,657 | ||||||||||||
Consolidating Statements of Cash Flows (in thousands) | ||||||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Columbia Property Trust | |||||||||||||||||
(Parent) | (the Issuer) | Guarantors | (Consolidated) | |||||||||||||||||
Cash flows from operating activities | $ | 508 | $ | (78,219 | ) | $ | 356,869 | $ | 279,158 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Investment in real estate and related assets | (606,116 | ) | — | (59,974 | ) | (666,090 | ) | |||||||||||||
Net cash used in investing activities | (606,116 | ) | — | (59,974 | ) | (666,090 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings, net of fees | — | 1,454,978 | 324,364 | 1,779,342 | ||||||||||||||||
Repayments | — | (806,500 | ) | (361,778 | ) | (1,168,278 | ) | |||||||||||||
Issuance of common stock, net of redemptions and fees | 47,397 | — | — | 47,397 | ||||||||||||||||
Distributions | (270,720 | ) | — | (44 | ) | (270,764 | ) | |||||||||||||
Intercompany transfers | 831,941 | (570,649 | ) | (261,292 | ) | — | ||||||||||||||
Redemptions of noncontrolling interest | — | (87 | ) | — | (87 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 608,618 | 77,742 | (298,750 | ) | 387,610 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 3,010 | (477 | ) | (1,855 | ) | 678 | ||||||||||||||
Effect of foreign exchange rate on cash and cash equivalents | — | — | (92 | ) | (92 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 8,281 | 11,074 | 19,527 | 38,882 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 11,291 | $ | 10,597 | $ | 17,580 | $ | 39,468 | ||||||||||||
Organization_Details
Organization (Details) | Dec. 31, 2013 |
sqft | |
Buildings | |
States | |
Real Estate | ' |
Number of operational buildings | 59 |
Square feet of commercial space | 16,800,000 |
Number of states with properties | 13 |
Leased office space of owned properties, percent | 92.30% |
Office Building | ' |
Real Estate | ' |
Number of owned real estate properties with controlling interests | 42 |
Office Building | Wholly owned properties | ' |
Real Estate | ' |
Number of owned real estate properties with controlling interests | 41 |
Office Building | Corporate Joint Venture | ' |
Real Estate | ' |
Number of owned real estate properties with controlling interests | 1 |
Hotel | ' |
Real Estate | ' |
Number of owned real estate properties with controlling interests | 1 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narratives) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2012 | Apr. 30, 2012 | Apr. 29, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2011 | Sep. 06, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 04, 2011 | Apr. 04, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Building | Site Improvements | Minimum | Maximum | Below-Market Lease Assets | Below-Market Lease Assets | Below-Market Lease Assets | Lenox Park Buildings | Lindbergh Center | One Glenlake Parkway | Manhattan Towers Property | Nine-Property Sale | 180 E 100 South Property | One Robbins Road | One Robbins Road | 18 Property Sale | 18 Property Sale | 18 Property Sale | Manhattan Towers Property | Mortgage Notes | Share Redemption Program | 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, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | Stock Options | ||||
Building Improvements | Building Improvements | Buildings | Asset | Asset | Manhattan Towers Property | Manhattan Towers Property | 120 Eagle Rock | 120 Eagle Rock | 333 & 777 Republic Drive | 333 & 777 Republic Drive | 2018 Bonds Payable | 2018 Bonds Payable | 2018 Bonds Payable | Director Stock Option Plan | ||||||||||||||||||||||
Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | |||||||||||||||||||||||||||||||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life of assets | ' | ' | ' | '40 years | '15 years | '5 years | '25 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of office buildings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Occupancy percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of mortgage note on real estate in deed in-lieu of foreclosure transaction | $0 | $0 | $75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment loss on real estate assets | 29,737,000 | 18,467,000 | 5,817,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on early extinguishment of debt | -4,709,000 | 0 | 66,540,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of assets in outlying markets marketed for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment loss on real estate assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,500,000 | ' | ' | 29,700,000 | 12,900,000 | ' | ' | ' | ' | 5,817,000 | 5,200,000 | 11,708,000 | 11,700,000 | 5,159,000 | ' | ' | ' | ' | ' | ' | ' |
Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | 59,500,000 | ' | 12,100,000 | ' | 8,200,000 | ' | ' | ' | ' | ' | ' | ' |
Gross intangible assets | ' | ' | ' | ' | ' | ' | ' | 110,673,000 | 110,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated depreciation of lease assets | 298,975,000 | 315,840,000 | ' | ' | ' | ' | ' | 13,051,000 | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of intangible assets | 84,630,000 | 100,482,000 | 122,807,000 | ' | ' | ' | ' | 2,100,000 | 2,100,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash equivalent maturity period | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for doubtful accounts | -100,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of financing costs | 3,800,000 | 3,200,000 | 8,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred leasing costs | 13,100,000 | 10,900,000 | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of development authority bonds and capital lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 216,000,000 | 250,000,000 | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of line of credit and notes payable | 1,245,300,000 | 1,433,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,245,300,000 | 1,433,100,000 | ' | ' | ' | ' | ' |
Debt face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 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 (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.30% | ' | ' | ' |
Estimated fair value of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,800,000 | 250,900,000 | ' |
Additional percentage of noncontrolling interest acquired in consolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of noncontrolling interest in consolidated joint ventures | ' | 301,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from dividend reinvestment program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of the weighted-average number of shares outstanding in the prior calendar year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock shares authorized | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock par value per share | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Requirement to distribute taxable income (percent) | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of interest rate swaps | ($10,900,000) | ($18,400,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized and reserved under the Director Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 |
Limit on investments in taxable real estate investment trusts (percent) | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Schedule of Recognized Fair Value Adjustments) (Details) (Fair Value, Inputs, Level 3, USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
120 Eagle Rock | 120 Eagle Rock | 333 & 777 Republic Drive | 333 & 777 Republic Drive | 180 E 100 South | Manhattan Towers Property | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Net Book Value | ' | $23,808 | ' | $13,359 | $30,847 | $65,317 |
Impairment Loss Recognized | -5,200 | -11,708 | -11,700 | -5,159 | -18,467 | -5,817 |
Fair Value | ' | $12,100 | ' | $8,200 | $12,380 | $59,500 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Schedule of Intangible Assets & Liabilities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Intangible Lease Assets | ' | ' | ' |
Accumulated Amortization | ($298,975) | ($315,840) | ' |
Intangible lease origination costs, accumulated amortization | -216,598 | -230,930 | ' |
Intangible Lease Assets, Net | 281,220 | 341,460 | ' |
Intangible Lease Origination Costs, Net | 148,889 | 206,927 | ' |
Intangible Below-Market In-Place Lease Liabilities | ' | ' | ' |
Intangible Below-Market In-Place Lease Liabilities, Gross | 150,364 | 182,624 | ' |
Intangible Below-Market In-Please Lease Liabilities, Accumulated Amortization | -76,500 | -84,326 | ' |
Below Market Lease, Net | 73,864 | 98,298 | ' |
Amortization of Below Market Lease | 14,411 | 15,324 | 17,203 |
Above-Market In-Place Lease Assets | ' | ' | ' |
Intangible Lease Assets | ' | ' | ' |
Intangible Lease Assets, Gross | 80,836 | 86,696 | ' |
Accumulated Amortization | -56,859 | -56,259 | ' |
Intangible Lease Assets, Net | 23,977 | 30,437 | ' |
Amortization of Intangible Assets | 6,077 | 8,901 | 14,273 |
Absorption Period Costs | ' | ' | ' |
Intangible Lease Assets | ' | ' | ' |
Intangible Lease Assets, Gross | 388,686 | 459,931 | ' |
Accumulated Amortization | -229,065 | -248,600 | ' |
Intangible Lease Assets, Net | 159,621 | 211,331 | ' |
Amortization of Intangible Assets | 38,879 | 48,997 | 63,156 |
Intangible Lease Origination Costs | ' | ' | ' |
Intangible Lease Assets | ' | ' | ' |
Intangible Lease Origination Costs, Gross | 365,487 | 437,857 | ' |
Intangible lease origination costs, accumulated amortization | -216,598 | -230,930 | ' |
Intangible Lease Origination Costs, Net | 148,889 | 206,927 | ' |
Amortization of Intangible Assets | $38,978 | $42,866 | $50,194 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Schedule of Future Amortization by Intangible Asset Class) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Intangible Lease Assets | ' | ' |
Intangible Lease Assets, Net | $281,220 | $341,460 |
Intangible Lease Origination Costs, Net | 148,889 | 206,927 |
Intangible Below-Market In-Place Lease Liabilities | ' | ' |
2014 | 12,351 | ' |
2015 | 10,930 | ' |
2016 | 8,582 | ' |
2017 | 6,500 | ' |
2018 | 5,764 | ' |
Thereafter | 29,737 | ' |
Below Market Lease, Net | 73,864 | 98,298 |
Weighted-Average Amortization Period | '7 years | ' |
Above-Market In-Place Lease Assets | ' | ' |
Intangible Lease Assets | ' | ' |
2014 | 5,403 | ' |
2015 | 4,555 | ' |
2016 | 3,823 | ' |
2017 | 1,954 | ' |
2018 | 1,150 | ' |
Thereafter | 7,092 | ' |
Intangible Lease Assets, Net | 23,977 | 30,437 |
Weighted-Average Amortization Period | '4 years | ' |
Absorption Period Costs | ' | ' |
Intangible Lease Assets | ' | ' |
2014 | 32,746 | ' |
2015 | 29,171 | ' |
2016 | 22,634 | ' |
2017 | 16,370 | ' |
2018 | 12,125 | ' |
Thereafter | 46,575 | ' |
Intangible Lease Assets, Net | 159,621 | 211,331 |
Weighted-Average Amortization Period | '5 years | ' |
Intangible Lease Origination Costs | ' | ' |
Intangible Lease Assets | ' | ' |
2014 | 32,861 | ' |
2015 | 29,338 | ' |
2016 | 22,426 | ' |
2017 | 15,979 | ' |
2018 | 11,542 | ' |
Thereafter | 36,743 | ' |
Intangible Lease Origination Costs, Net | $148,889 | $206,927 |
Weighted-Average Amortization Period | '5 years | ' |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Schedule of Future Amortization for Below-Market Lease Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Below-Market Lease Assets | ||
Intangible Lease Assets | ' | ' | ' |
2014 | ' | ' | $2,069 |
2015 | ' | ' | 2,069 |
2016 | ' | ' | 2,069 |
2017 | ' | ' | 2,069 |
2018 | ' | ' | 2,069 |
Thereafter | ' | ' | 87,277 |
Intangible Lease Assets, Net | $281,220 | $341,460 | $97,622 |
Weighted-Average Amortization Period | ' | ' | '48 years |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Interest Rate Swaps) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
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 | $1,997 | ($5,305) | $11,223 |
Loss on interest rate swaps recognized through earnings | -342 | -1,225 | ' |
Interest Rate Contract | Accounts Payable | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' |
Derivative designated as hedging instruments, interest rate contracts | -3,307 | -5,305 | ' |
Derivatives not designated as hedging instruments, interest rate contracts | ($7,579) | ($13,109) | ' |
Real_Estate_Transactions_Detai
Real Estate Transactions (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | 10 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 06, 2011 | Nov. 05, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 21, 2013 | Mar. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Sep. 30, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | |||||||||
Manhattan Towers Property | 18 Property Sale | 18 Property Sale | 18 Property Sale | Dvintsev Business Center - Tower B | Market Square Buildings | Market Square Buildings | Nine-Property Sale | 180 E 100 South Property | Emerald Point | 5995 Opus Parkway | Opus Parkway and Emerald Point | ||||||||||||||||||||
Mortgages | Asset | Landlink Ltd | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Cash paid for acquired property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $603,400,000 | ' | ' | ' | ' | ' | ' | ||||||||
Revenues | 133,387,000 | [1] | 132,502,000 | [1] | 131,897,000 | [1] | 128,792,000 | [1] | 125,502,000 | [1] | 124,159,000 | [1] | 122,716,000 | [1] | 121,894,000 | [1] | 526,578,000 | 494,271,000 | 492,887,000 | ' | ' | ' | ' | ' | ' | 38,700,000 | ' | ' | ' | ' | ' |
Net loss attributable to parent | -12,927,000 | -4,800,000 | -20,601,000 | 22,608,000 | [2] | -11,853,000 | 5,859,000 | -10,914,000 | -31,131,000 | -15,720,000 | -48,039,000 | -56,642,000 | ' | ' | ' | ' | ' | ' | 16,200,000 | ' | ' | ' | ' | ' | |||||||
Acquisition-related cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,400,000 | ' | ' | ' | ' | ' | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Number of property sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Proceeds from sale of real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 521,500,000 | ' | ' | 67,500,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Impairment loss on real estate assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,700,000 | 12,900,000 | ' | ' | ' | ' | 18,500,000 | ' | ' | ' | ||||||||
Gain on sale of real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,500,000 | 1,200,000 | 1,200,000 | ' | 10,000,000 | ' | ' | 3,200,000 | ' | ' | ' | 16,900,000 | ||||||||
Real estate ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ||||||||
Gain (loss) on disposition of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 11,225,000 | 20,117,000 | 13,522,000 | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Proceeds from the sale of property | ' | ' | ' | ' | ' | ' | ' | ' | 565,945,000 | 304,264,000 | 0 | ' | ' | ' | ' | ' | ' | ' | 260,500,000 | ' | 37,300,000 | 22,800,000 | 60,100,000 | ||||||||
Impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,500,000 | ' | ' | ' | ||||||||
Gain (loss) on disposition of assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | ' | ' | ' | 16,900,000 | ||||||||
Settlement of a mortgage note | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 75,000,000 | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Gain (loss) on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ($4,709,000) | $0 | $66,540,000 | $13,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | Prior-period amounts adjusted to conform with current-period presentation, including classifying revenues generated by properties held for sale and by properties sold, as discontinued operations for all periods presented (see Note 12, Discontinued Operations). | ||||||||||||||||||||||||||||||
[2] | Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements). |
Real_Estate_Transactions_Inter
Real Estate Transactions - Interests in Properties Acquired (Details) (USD $) | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ' | |
Land | $114,483 | [1] |
Buildings and Improvements | 273,203 | |
Intangible Lease Assets | 19,637 | |
Intangible Lease Origination | 26,824 | |
Below-Market Lease Liability | -25,507 | |
Notes Payable Step Up | 1,830 | |
Swap | 11,560 | |
Total Purchase Price | 395,250 | |
333 Market Street | ' | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ' | |
Land | 114,483 | [1] |
Buildings and Improvements | 273,203 | [1] |
Intangible Lease Assets | 19,637 | [1] |
Intangible Lease Origination | 26,824 | [1] |
Below-Market Lease Liability | -25,507 | [1] |
Notes Payable Step Up | 1,830 | [1] |
Swap | 11,560 | [1] |
Total Purchase Price | $395,250 | [1] |
Wells Fargo Bank, N.A. | 333 Market Street | ' | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ' | |
Occupancy percentage | 100.00% | |
[1] | As of the acquisition date, 333 Market Street was 100% leased to Wells Fargo Bank, N.A., through 2026. |
Real_Estate_Transactions_Pro_F
Real Estate Transactions - Pro Forma (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Market Square Buildings | ' | ' | ' | |
Business Acquisition [Line Items] | ' | ' | ' | |
Revenues | ' | ' | $501,627 | [1] |
Net income attributable to common stockholders | ' | ' | 53,567 | |
Columbia Property Trust Advisory Services and Columbia Property Trust Services | ' | ' | ' | |
Business Acquisition [Line Items] | ' | ' | ' | |
Revenues | 526,966 | 462,786 | 575,175 | |
Net income attributable to common stockholders | $47,661 | $47,591 | $83,615 | |
[1] | Prior-period amounts adjusted to conform with current-period presentation, including classifying revenues generated by properties held for sale and by properties sold, as discontinued operations for all periods presented (see Note 12, Discontinued Operations). |
Line_of_Credit_and_Notes_Payab2
Line of Credit and Notes Payable (Schedule of Long-Term Debt (excluding Bonds Payable)) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 21, 2013 | Aug. 21, 2013 | Dec. 31, 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 | |||
Term Loans | Term Loans | Mortgage Notes | Mortgage Notes | Mortgage Notes | Mortgage Notes | Mortgage Notes | Mortgage Notes | Mortgage Notes | Mortgage Notes | Mortgage Notes | Mortgage Notes | Mortgage Notes | Mortgage Notes | Mortgage Notes | Mortgage Notes | Mortgage Notes | Mortgage Notes | Mortgage Notes | Mortgage Notes | Mortgage Notes | Mortgage Notes | Credit Facilities | Credit Facilities | Seven-Day LIBOR | Seven-Day LIBOR | Prime Rate | Alternative Base Rate | Alternative Base Rate | Alternative Base Rate | Alternative Base Rate | Alternative Base Rate | Alternative Base Rate | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | One-Month LIBOR | One-Month LIBOR | Two-Month LIBOR | Two-Month LIBOR | Three-Month LIBOR | Three-Month LIBOR | Six-Month LIBOR | Six-Month LIBOR | ||||||
$450 Million Term Loan | $450 Million Term Loan | Market Square Buildings Mortgage Note | Market Square Buildings Mortgage Note | Three Hundred Thirty Three Market Street Building Mortgage Note | Three Hundred Thirty Three Market Street Building Mortgage Note | 100 East Pratt Street Building Mortgage Note | 100 East Pratt Street Building Mortgage Note | 263 Shuman Boulevard Mortgage Note | 263 Shuman Boulevard Mortgage Note | SanTan Corporate Center Mortgage Notes | SanTan Corporate Center Mortgage Notes | One Glenlake Building Mortgage Note | One Glenlake Building Mortgage Note | 215 Diehl Road Building Mortgage Note | 215 Diehl Road Building Mortgage Note | 544 Lakeview Building Mortgage Note | 544 Lakeview Building Mortgage Note | Wildwood Buildings | Wildwood Buildings | Three Glenlake Building Mortgage Note | Three Glenlake Building Mortgage Note | JPMorgan Chase Credit Facility | JPMorgan Chase Credit Facility | Minimum | Maximum | Credit Facilities | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | ||||||
JPMorgan Chase Credit Facility Amended | JPMorgan Chase Credit Facility Amended | JPMorgan Chase Credit Facility | $450 Million Term Loan | JPMorgan Chase Credit Facility | JPMorgan Chase Credit Facility Amended | $450 Million Term Loan | JPMorgan Chase Credit Facility | JPMorgan Chase Credit Facility Amended | $450 Million Term Loan | JPMorgan Chase Credit Facility | $450 Million Term Loan | JPMorgan Chase Credit Facility | JPMorgan Chase Credit Facility Amended | JPMorgan Chase Credit Facility Amended | JPMorgan Chase Credit Facility Amended | JPMorgan Chase Credit Facility Amended | JPMorgan Chase Credit Facility Amended | JPMorgan Chase Credit Facility Amended | JPMorgan Chase Credit Facility Amended | JPMorgan Chase Credit Facility Amended | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Stated Interest Rate | ' | ' | ' | ' | 5.07% | ' | ' | ' | 5.08% | ' | 5.55% | ' | 5.83% | ' | 5.80% | ' | 5.55% | ' | 5.54% | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Maturity | ' | ' | 3-Feb-16 | ' | 1-Jul-23 | ' | 1-Jul-15 | ' | 11-Jun-17 | ' | 1-Jul-17 | ' | 11-Oct-16 | ' | 10-Dec-18 | ' | 1-Jul-17 | ' | 1-Dec-14 | ' | 1-Dec-14 | ' | 31-Jul-13 | ' | 21-Aug-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Outstanding Balance | $1,240,249,000 | $1,401,618,000 | $450,000,000 | $450,000,000 | $325,000,000 | $325,000,000 | $207,559,000 | $208,308,000 | $105,000,000 | $105,000,000 | $49,000,000 | $49,000,000 | $39,000,000 | $39,000,000 | $34,713,000 | $37,204,000 | $21,000,000 | $21,000,000 | $8,977,000 | $8,842,000 | $0 | $90,000,000 | $0 | $26,264,000 | $0 | $42,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Debt face amount | ' | ' | $450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Effective interest rate (percent) | ' | ' | 2.28% | ' | ' | ' | 4.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Variable rate basis | ' | ' | 'LIBOR | [1] | ' | ' | ' | 'LIBOR | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | 'LIBOR | [3] | ' | 'Seven-Day LIBOR | ' | 'prime rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'One-Month LIBOR | ' | 'Two-Month LIBOR | ' | 'Three-Month LIBOR | ' | 'Six-Month LIBOR | ' |
Variable rate margin | ' | ' | 1.50% | [1] | ' | ' | ' | 2.02% | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.90% | ' | 1.30% | [3] | ' | 1.00% | 1.70% | ' | 0.30% | 0.25% | 0.00% | 1.30% | 1.05% | 0.70% | 1.30% | 1.25% | 2.30% | 2.05% | 1.00% | 1.70% | 1.00% | 1.70% | 1.00% | 1.70% | 1.00% | 1.70% |
[1] | Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $450 Million Term Loan at 2.28% per annum and terminates on February 3, 2016. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statements of other comprehensive income. | |||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the 333 Market Street Building mortgage note at 4.75% per annum and terminates on July 1, 2015. This interest rate swap agreement does not qualify for hedge accounting treatment; therefore, changes in fair value are recorded as loss on interest rate swaps in the accompanying consolidated statements of operations. | |||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The JPMorgan Chase Bank, N.A. (the "JPMorgan Chase Bank") unsecured debt bears interest at a rate based on, at the option of Columbia Property Trust, LIBOR for seven-day or one-, two-, three-, or six-month periods, plus an applicable margin ranging from 1.00% to 1.70%, or the alternate base rate for any day is the greatest of the rate of interest publicly announced by JPMorgan Chase Bank as its prime rate in effect in its principal office in New York City for such day plus an applicable margin ranging from 0.00% to 0.70%. |
Line_of_Credit_and_Notes_Payab3
Line of Credit and Notes Payable (Narratives) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 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 | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 21, 2013 | Sep. 30, 2013 | Aug. 21, 2013 | Dec. 31, 2013 | Nov. 05, 2013 | Jul. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 21, 2013 | Aug. 21, 2013 | Dec. 31, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Dec. 31, 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 | ||
$450 Million Term Loan Amended | $450 Million Term Loan Amended | JPMorgan Chase Credit Facility Amended | Term Loans | Wildwood Buildings | Three Glenlake Building Mortgage Note | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (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 | |||||
Option | Option | $450 Million Term Loan | JPMorgan Chase Credit Facility Amended | JPMorgan Chase Credit Facility | Letter of Credit | JPMorgan Chase Credit Facility Amended | JPMorgan Chase Credit Facility | Letter of Credit | $450 Million Term Loan Amended | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | ||||||||||
$450 Million Term Loan | $450 Million Term Loan Amended | JPMorgan Chase Credit Facility | $450 Million Term Loan | $450 Million Term Loan Amended | JPMorgan Chase Credit Facility | $450 Million Term Loan | $450 Million Term Loan Amended | JPMorgan Chase Credit Facility Amended | JPMorgan Chase Credit Facility | $450 Million Term Loan | $450 Million Term Loan Amended | JPMorgan Chase Credit Facility Amended | JPMorgan Chase Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt face amount | ' | ' | ' | ' | ' | ' | $450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Extension option term (in years) | ' | ' | ' | '1 year | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of additional accordion options | ' | ' | ' | 4 | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of credit aggregate borrowing increases capacity | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of credit minimum borrowing increases per option | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Variable rate basis | ' | ' | ' | ' | ' | ' | 'LIBOR | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate margin | ' | ' | ' | ' | ' | ' | 1.50% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.30% | 1.15% | 1.25% | 2.30% | 1.95% | 2.05% | 0.30% | 0.15% | 0.00% | 0.25% | 1.30% | 0.95% | 0.70% | 1.05% |
Effective interest rate (percent) | ' | ' | ' | ' | 2.28% | ' | 2.28% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of credit maximum borrowing increase per option | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of credit maximum borrowing capacity | 25,000,000 | ' | ' | ' | ' | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.15% | 0.25% | ' | 0.35% | 0.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Restrictive covenant ratio of debt to total asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Restrictive covenant ratio of secured debt to total asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Ratio of unencumbered asset value to total unsecured debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Restrictive covenant ratio of secured recourse debt to total asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Estimated fair value of line of credit and notes payable | 1,245,300,000 | 1,433,100,000 | ' | ' | ' | ' | ' | ' | ' | 1,245,300,000 | 1,433,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Prepayment of mortgage note | 461,940,000 | 627,191,000 | 1,168,278,000 | ' | ' | ' | ' | 90,000,000 | 26,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Loss on early extinguishment of debt | 4,709,000 | 0 | 0 | ' | ' | ' | ' | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Weighted-average interest rate | 4.08% | 4.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest payments | $59,600,000 | $50,100,000 | $45,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $450 Million Term Loan at 2.28% per annum and terminates on February 3, 2016. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statements of other comprehensive income. |
Line_of_Credit_and_Notes_Payab4
Line of Credit and Notes Payable Maturities (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $11,616 |
2015 | 210,355 |
2016 | 491,963 |
2017 | 178,139 |
2018 | 23,176 |
Thereafter | 325,000 |
Total | $1,240,249 |
Bonds_Payable_Details
Bonds Payable (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
Apr. 04, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' |
Initial issuance discount of bonds payable | ' | $1,070,000 | $1,322,000 |
Bonds Payable | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Maturity period of debt instrument (in years) | '7 years | ' | ' |
Bonds Payable | 2018 Bonds Payable | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt face amount | 250,000,000 | ' | ' |
Interest rate for debt instrument (percent) | 5.88% | ' | ' |
Discount rate of face value of issued debt instrument (percent) | 99.30% | ' | ' |
Net proceeds received from issuance of bonds payable | 246,700,000 | ' | ' |
Initial issuance discount of bonds payable | 1,800,000 | ' | ' |
Interest payments | ' | 14,700,000 | 14,700,000 |
Restrictive covenant ratio of debt to total asset | 60.00% | ' | ' |
Fair Value, Inputs, Level 2 | Bonds Payable | 2018 Bonds Payable | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Estimated fair value of debt instrument | ' | $250,800,000 | $250,900,000 |
Maximum | Bonds Payable | 2018 Bonds Payable | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Restrictive covenant ratio of secured debt to total asset | 40.00% | ' | ' |
Minimum | Bonds Payable | 2018 Bonds Payable | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Ratio of unencumbered asset value to total unsecured debt | 150.00% | ' | ' |
Restrictive covenant of consolidated income to annual debt service charges | ' | ' | 150.00% |
Commitments_and_Contingencies_1
Commitments and Contingencies Lease Obligations (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Properties | |||
Obligations Under Operating Leases | ' | ' | ' |
2014 | $2,557,000 | ' | ' |
2015 | 2,557,000 | ' | ' |
2016 | 2,557,000 | ' | ' |
2017 | 2,702,000 | ' | ' |
2018 | 2,731,000 | ' | ' |
Thereafter | 205,529,000 | ' | ' |
Total | 218,633,000 | ' | ' |
Obligations Under Capital Leases | ' | ' | ' |
2014 | 7,200,000 | ' | ' |
2015 | 7,200,000 | ' | ' |
2016 | 7,200,000 | ' | ' |
2017 | 7,200,000 | ' | ' |
2018 | 7,200,000 | ' | ' |
Thereafter | 141,600,000 | ' | ' |
Total payments with interest | 177,600,000 | ' | ' |
Amounts representing interest | -57,600,000 | ' | ' |
Total | 120,000,000 | ' | ' |
Number of properties subject to ground leases | 3 | ' | ' |
Rent expenses incurred | $2,100,000 | $2,100,000 | $2,100,000 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 0 Months Ended | 12 Months Ended | 79 Months Ended | 109 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 109 Months Ended | 0 Months Ended | |||||||||
Aug. 14, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2010 | Dec. 31, 2012 | Aug. 16, 2013 | Aug. 21, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Oct. 18, 2013 | Oct. 10, 2013 | Nov. 18, 2013 | |
Offering | 2013 Long Term Incentive Plan | Stock Options | Director | Director | Subsequent Event | Commissions and Dealer-Manager Fees | Acquisition Fees | Other offering costs | Common Stock Redemptions | Dutch-Auction Tender Offer | Dutch-Auction Tender Offer | Dutch-Auction Tender Offer | |||||||
Director Stock Option Plan | 2013 Long Term Incentive Plan | 2013 Long Term Incentive Plan | Director | Maximum | |||||||||||||||
2013 Long Term Incentive Plan | |||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Listing costs | ' | $4,060,000 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dutch-auction tender offer maximum amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' |
Tender offer redemptions of common stock accepted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,400,000 | ' |
Tender offer price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 |
Redemption of common stock | ' | 115,781,000 | 99,381,000 | 82,892,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 234,062,000 | ' | ' |
Four for one reverse stock split (in percents) | 0.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fractional shares redemption price per share | ' | ' | ' | ' | ' | ' | $29.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized and reserved under the Director Plan | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares granted to independent directors (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,820 | ' | 3,344 | ' | ' | ' | ' | ' | ' | ' |
Shares granted to independent directors (per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $29.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense related to independent directors annual equity retainers | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for options upon granted initially | ' | ' | ' | ' | ' | ' | ' | ' | 625 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options to purchase common stock price per share upon granted initially | ' | ' | ' | ' | ' | ' | ' | ' | $48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable percentage of stock options on grant date (percent) | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable percentage of stock options on each anniversary (percent) | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional options to purchase share on each annual stockholder meeting | ' | ' | ' | ' | ' | ' | ' | ' | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional options to purchase share on each annual stockholder meeting, per share | ' | ' | ' | ' | ' | ' | ' | ' | $48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of additional shares purchased on date of each annual stockholder meeting exercisable after two years (percent) | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option exercisable period after the date of grant | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted options expiration period after the date of grant (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding shares ( in percent) | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average contractual remaining life for options | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of uninterrupted public offerings | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock, Gross | ' | 6,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments 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 | $118,388,000 | $130,289,000 | ' | $4,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Summary_of
Stockholders' Equity Summary of Stock Option Under the Director Plan (Details) (Director Stock Option Plan, Stock Options, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Director Stock Option Plan | Stock Options | ' | ' | ' |
Number of Shares | ' | ' | ' |
Outstanding, beginning period | 7,375 | 7,375 | 7,375 |
Granted | 0 | 0 | 0 |
Terminated | 0 | 0 | 0 |
Outstanding, period end | 7,375 | 7,375 | 7,375 |
Exercise Price per Share | ' | ' | ' |
Outstanding exercise price, beginning period | $48 | $48 | $48 |
Outstanding exercise price, period end | $48 | $48 | $48 |
Outstanding shares exercisable, beginning period | 7,375 | 7,375 | 7,250 |
Outstanding shares exercisable, period end | 7,375 | 7,375 | 7,375 |
Operating_Leases_Details
Operating Leases (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Operating Leased Assets [Line Items] | ' |
Number of states in which entity operates | 13 |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ' |
2014 | 375,108 |
2015 | 369,626 |
2016 | 342,653 |
2017 | 289,273 |
2018 | 245,086 |
Thereafter | 1,167,286 |
Total | 2,789,032 |
Number of properties | Metropolitan Atlanta | Geographic concentration risk | ' |
Operating Leased Assets [Line Items] | ' |
Concentration risk percentage | 12.00% |
Number of properties | District Of Columbia | Geographic concentration risk | ' |
Operating Leased Assets [Line Items] | ' |
Concentration risk percentage | 13.00% |
Number of properties | Metropolitan San Francisco | Geographic concentration risk | ' |
Operating Leased Assets [Line Items] | ' |
Concentration risk percentage | 11.00% |
AT&T | Lease revenue | Customer concentration risk | ' |
Operating Leased Assets [Line Items] | ' |
Concentration risk percentage | 9.00% |
Legal industry | Lease revenue | Customer concentration risk | ' |
Operating Leased Assets [Line Items] | ' |
Concentration risk percentage | 17.00% |
Banking industry | Lease revenue | Customer concentration risk | ' |
Operating Leased Assets [Line Items] | ' |
Concentration risk percentage | 16.00% |
Communications industry | Lease revenue | Customer concentration risk | ' |
Operating Leased Assets [Line Items] | ' |
Concentration risk percentage | 10.00% |
Supplemental_Disclosures_of_No2
Supplemental Disclosures of Noncash Investing and Financing Activities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Information [Abstract] | ' | ' | ' |
Other assets assumed upon acquisition | $741 | $130 | $0 |
Other liabilities assumed upon acquisition | 741 | 0 | 1,174 |
Other liabilities settled at disposition | 872 | 0 | 0 |
Interest rate swap assumed upon acquisition of property | 0 | 11,560 | 0 |
Notes payable assumed at acquisition | 0 | 208,330 | 8,607 |
Interest accruing into notes payable | 186 | 306 | 15,891 |
Amortization of discounts (premiums) on debt | -363 | 364 | 869 |
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment | 1,997 | -5,305 | 0 |
Accrued capital expenditures and deferred lease costs | 15,997 | 16,325 | 7,751 |
Accrued deferred financing costs | 0 | 35 | 48 |
Accrued redemptions of common stock | 0 | 3,655 | 1,640 |
Settlement of redeemable controlling interest through issuance of common stock | 0 | 0 | 14 |
Settlement of Manhattan Towers mortgage note by transferring property to lender | 0 | 0 | 75,000 |
Transfer of development authority bonds | 466,000 | 60,000 | 0 |
Nonrefundable earnest money for property sales | 0 | 0 | 880 |
Stock-based compensation expense | 1,055 | 0 | 0 |
Increase (decrease) in redeemable common stock | ($99,526) | $13,621 | $48,042 |
RelatedParty_Transactions_and_2
Related-Party Transactions and Agreements (Narratives) (Details) (USD $) | 12 Months Ended | 2 Months Ended | 6 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | 18 Months Ended | 6 Months Ended | ||||||
Dec. 31, 2013 | Feb. 28, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
WREAS II | Wells Management | Maximum | Organization and Offering Costs | Acquisition Fees | Personnel Expenses | General and Administrative Expense | Leasing Commissions | Renewal Advisory Agreement | Renewal Advisory Agreement | Initial Term Advisory | Transitional Services Agreement | Transitional Services Agreement | Amended to Transition Services Agreement | |
WREAS II | Maximum | WREAS II | Maximum | Maximum | Wells Management | Disposition Fee | 333 Market Street | Occupancy Costs | WREF | WREF | WREF | |||
WREAS II | WREAS II | WREAS II | WREAS II | Acquisition Fees | WREF | Monthly_Installment_Payments | ||||||||
Maximum | ||||||||||||||
WREAS II | ||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly management fee as percentage of cost of properties owned and investments in joint venture | 0.05% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly management fee at cap | ' | ' | $2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual management fees | ' | ' | 30,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limitation on reimbursed expenses | ' | ' | ' | ' | ' | 10,000,000 | 18,200,000 | ' | ' | ' | ' | ' | ' | ' |
Acquisitions fees percent of purchase price | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold percent of gross offering proceeds for reimbursement | ' | ' | ' | 2.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate cap of acquisition fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' |
Potential Disposition Fee, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | ' | ' | ' |
Monthly payments under agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,000 | ' | 500,000 | ' |
Advisory services assignment option paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Total amount payable to related party under agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | 2,800,000 |
Number of monthly installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' |
Maximum reimbursement obligation for out-of-pocket and third-party costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250,000 | ' | ' |
Maximum lease term for leasing commissions payable | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' |
Leasing concession percent of all build-out funds | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RelatedParty_Transactions_and_3
Related-Party Transactions and Agreements (Schedule of Related-Party Costs) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Total related-party costs | $39,749,000 | $53,726,000 | $49,767,000 | |||
Tenant reimbursements | 700,000 | 4,400,000 | 4,000,000 | |||
Consulting Fees | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Total related-party costs | 25,417,000 | 0 | 0 | |||
Transition services | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Total related-party costs | 5,750,000 | 3,008,000 | 0 | |||
Asset management fees | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Total related-party costs | 5,083,000 | 32,000,000 | 32,094,000 | |||
Administrative reimbursements, net | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Total related-party costs | 1,939,000 | [1] | 11,099,000 | [1] | 11,609,000 | [1] |
Investor Services | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Total related-party costs | 829,000 | 0 | 0 | |||
Property management fees | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Total related-party costs | 523,000 | 4,462,000 | 4,546,000 | |||
Construction fees | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Total related-party costs | 139,000 | [2] | 220,000 | [2] | 211,000 | [2] |
Other offering costs | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Total related-party costs | 69,000 | 126,000 | 0 | |||
Acquisition Fees | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Total related-party costs | 0 | 1,500,000 | 1,307,000 | |||
Disposition Fee | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Total related-party costs | $0 | $1,311,000 | $0 | |||
[1] | Administrative reimbursements are presented net of reimbursements from tenants of approximately $0.7 million, $4.4 million, and $4.0 million for the years ended DecemberB 31, 2013, 2012, and 2011, respectively. | |||||
[2] | 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 $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Due to affiliates | $0 | $1,920 |
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 |
Income_Taxes_Schedule_of_Incom
Income Taxes Schedule of Income Tax Basis Net Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
GAAP basis financial statement net income attributable to the common stockholders of Columbia Property Trust, Inc. | $12,927 | $4,800 | $20,601 | ($22,608) | [1] | $11,853 | ($5,859) | $10,914 | $31,131 | $15,720 | $48,039 | $56,642 |
Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes | ' | ' | ' | ' | ' | ' | ' | ' | 72,554 | 81,681 | 101,498 | |
Rental income accrued for financial reporting purposes in excess of amounts for income tax purposes | ' | ' | ' | ' | ' | ' | ' | ' | -26,565 | -24,798 | -11,203 | |
Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes | ' | ' | ' | ' | ' | ' | ' | ' | -8,186 | -3,423 | -2,960 | |
Gain on interest rate swaps that do not qualify for hedge accounting treatment for financial reporting purposes in excess of amounts for income tax purposes | ' | ' | ' | ' | ' | ' | ' | ' | -5,530 | -173 | -35,487 | |
Bad debt expense for financial reporting purposes less than amounts for income tax purposes | ' | ' | ' | ' | ' | ' | ' | ' | -65 | -5,034 | -229 | |
Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes | ' | ' | ' | ' | ' | ' | ' | ' | -78,559 | -61,198 | -16,282 | |
Other expenses for financial reporting purposes in excess of amounts for income tax purposes | ' | ' | ' | ' | ' | ' | ' | ' | 9,710 | 7,349 | 15,603 | |
Income tax basis net income, prior to dividends-paid deduction | ' | ' | ' | ' | ' | ' | ' | ' | ($20,921) | $42,443 | $107,582 | |
[1] | Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements). |
Income_Taxes_Distributions_Det
Income Taxes Distributions (Details) (USD $) | 12 Months Ended | ||
In Billions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Tax basis carrying value of total assets | $5 | ' | ' |
Ordinary income | 0.00% | 16.00% | 39.00% |
Capital gains | 0.00% | 0.00% | 0.00% |
Return of capital | 100.00% | 84.00% | 61.00% |
Total | 100.00% | 100.00% | 100.00% |
Income_Taxes_Effective_Tax_Rat
Income Taxes Effective Tax Rate Reconciliation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Tax Reconciliation [Line Items] | ' | ' | ' |
Total income tax | $500,000 | $572,000 | ($390,000) |
Deferred tax asset | 600,000 | 800,000 | ' |
Columbia TRS | ' | ' | ' |
Effective Tax Reconciliation [Line Items] | ' | ' | ' |
Federal income tax | 307,000 | 265,000 | -676,000 |
State income tax | 2,000 | 14,000 | -35,000 |
Total income tax | $300,000 | $300,000 | ($700,000) |
Discontinued_Operations_Narrat
Discontinued Operations (Narratives) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 05, 2013 | Dec. 31, 2013 | Mar. 21, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | Sep. 06, 2011 | |
18 Property Sale | 18 Property Sale | Dvintsev Business Center - Tower B | Nine-Property Sale | Opus Parkway and Emerald Point | Mortgages | ||||
Asset | Landlink Ltd | Manhattan Towers Property | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of property sold | ' | ' | ' | 18 | ' | ' | ' | ' | ' |
Proceeds from sale of real estate | ' | ' | ' | $521,500,000 | ' | $67,500,000 | ' | ' | ' |
Gain on sale of real estate properties | ' | ' | ' | 1,200,000 | 1,200,000 | 10,000,000 | 3,200,000 | 16,900,000 | 13,500,000 |
Settlement of Manhattan Towers mortgage note by transferring property to lender | 0 | 0 | 75,000,000 | ' | ' | ' | ' | ' | 75,000,000 |
Net proceeds from the sale of real estate | $565,945,000 | $304,264,000 | $0 | ' | ' | ' | $260,500,000 | $60,100,000 | ' |
Discontinued_Operations_Schedu
Discontinued Operations (Schedule of Revenue and Expenses from Discontinued Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Rental income | $48,550 | $91,132 | $101,906 |
Tenant reimbursements | 11,205 | 18,059 | 18,585 |
Other property income | 291 | 5,471 | 5,878 |
Revenues | 60,046 | 114,662 | 126,369 |
Expenses: | ' | ' | ' |
Property operating costs | 21,232 | 36,996 | 40,607 |
Asset and property management fees | 1,501 | 7,974 | 8,201 |
Depreciation | 11,730 | 21,609 | 24,048 |
Amortization | 7,590 | 15,776 | 23,482 |
Impairment loss on real estate assets | 29,737 | 18,467 | 5,817 |
General and administrative | 1,360 | 748 | 3,146 |
Acquisition fees | 0 | 0 | 11 |
Total expenses | 73,150 | 101,570 | 105,312 |
Real estate operating (loss) income | -13,104 | 13,092 | 21,057 |
Other income (expense): | ' | ' | ' |
Interest expense | -3,804 | -6,610 | -9,755 |
Interest and other income | 293 | 16 | 4 |
Gain (loss) on early extinguishment of debt | -4,709 | 0 | 0 |
Income (loss) from discontinued operations before income tax expense | -21,324 | 6,498 | 11,306 |
Income tax expense | -1 | -14 | -114 |
Operating (loss) income from discontinued operations | -21,325 | 6,484 | 11,192 |
Gain on disposition of discontinued operations | 11,225 | 20,117 | 13,522 |
Income from discontinued operations | ($10,100) | $26,601 | $24,714 |
Quarterly_Results_unaudited_De
Quarterly Results (unaudited) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 14, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenues | ' | $133,387 | [1] | $132,502 | [1] | $131,897 | [1] | $128,792 | [1] | $125,502 | [1] | $124,159 | [1] | $122,716 | [1] | $121,894 | [1] | $526,578 | $494,271 | $492,887 |
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | ' | $12,927 | $4,800 | $20,601 | ($22,608) | [2] | $11,853 | ($5,859) | $10,914 | $31,131 | $15,720 | $48,039 | $56,642 | |||||||
Basic and diluted net income (loss) attributable to common stockholders of Columbia Property Trust, Inc. per share | ' | $0.10 | [3] | $0.04 | [3] | $0.15 | [3] | ($0.17) | [3] | $0.09 | [2] | ($0.04) | [2] | $0.08 | [2] | $0.23 | [2] | $0.12 | $0.35 | $0.42 |
Distributions declared per share | ' | $0.30 | [3] | $0.38 | [3] | $0.38 | [3] | $0.38 | [3] | $0.38 | [2] | $0.50 | [2] | $0.50 | [2] | $0.50 | [2] | ' | ' | ' |
Four for one reverse stock split (in percents) | 0.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | Prior-period amounts adjusted to conform with current-period presentation, including classifying revenues generated by properties held for sale and by properties sold, as discontinued operations for all periods presented (see Note 12, Discontinued Operations). | |||||||||||||||||||
[2] | Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements). | |||||||||||||||||||
[3] | All computations using share amounts have been retroactively adjusted to reflect the August 14, 2013, four-for-one reverse stock split (See Note 7, Stockholders' Equity). |
Financial_Information_for_Pare2
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Narratives) (Details) (USD $) | Dec. 31, 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 $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ' | ' |
Land | $706,938 | $789,237 | ' | ' |
Buildings and improvements, net | 2,976,287 | 3,468,218 | ' | ' |
Intangible lease assets, net | 281,220 | 341,460 | ' | ' |
Construction in progress | 7,949 | 12,680 | ' | ' |
Total real estate assets | 3,972,394 | 4,611,595 | ' | ' |
Cash and cash equivalents | 99,855 | 53,657 | 39,468 | 38,882 |
Investment in subsidiaries | 0 | 0 | ' | ' |
Tenant receivables, net of allowance | 7,414 | 14,426 | ' | ' |
Straight-line rent receivable | 113,592 | 119,673 | ' | ' |
Prepaid expenses and other assets | 32,423 | 29,373 | ' | ' |
Deferred financing costs, net | 10,388 | 10,490 | ' | ' |
Intangible lease origination costs | 148,889 | 206,927 | ' | ' |
Deferred lease costs, net | 87,527 | 98,808 | ' | ' |
Investment in development authority bonds | 120,000 | 586,000 | ' | ' |
Total assets | 4,592,482 | 5,730,949 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Line of credit and notes payable | 1,240,249 | 1,401,618 | ' | ' |
Bonds payable, net | 248,930 | 248,678 | ' | ' |
Accounts payable, accrued expenses, and accrued capital expenditures | 99,678 | 102,858 | ' | ' |
Due to affiliates | 0 | 1,920 | ' | ' |
Deferred income | 21,938 | 28,071 | ' | ' |
Intangible lease liabilities, net | 73,864 | 98,298 | ' | ' |
Obligations under capital leases | 120,000 | 586,000 | ' | ' |
Total liabilities | 1,804,659 | 2,467,443 | ' | ' |
Redeemable common stock | 0 | 99,526 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | 2,787,823 | 3,163,980 | 3,346,972 | 3,456,044 |
Total liabilities, redeemable common stock, and equity | 4,592,482 | 5,730,949 | ' | ' |
Columbia Property Trust (Parent) | ' | ' | ' | ' |
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 | 53,322 | 20,914 | 11,291 | 8,281 |
Investment in subsidiaries | 2,557,347 | 3,068,106 | ' | ' |
Tenant receivables, net of allowance | 0 | 0 | ' | ' |
Straight-line rent receivable | 0 | 0 | ' | ' |
Prepaid expenses and other assets | 177,185 | 178,131 | ' | ' |
Deferred financing costs, net | 0 | 0 | ' | ' |
Intangible lease origination costs | 0 | 0 | ' | ' |
Deferred lease costs, net | 0 | 0 | ' | ' |
Investment in development authority bonds | 0 | 0 | ' | ' |
Total assets | 2,787,854 | 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 | 31 | 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 | 31 | 3,645 | ' | ' |
Redeemable common stock | 0 | 99,526 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | 2,787,823 | 3,163,980 | ' | ' |
Total liabilities, redeemable common stock, and equity | 2,787,854 | 3,267,151 | ' | ' |
Columbia Property Trust OP (the Issuer) | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Land | 6,241 | 6,241 | ' | ' |
Buildings and improvements, net | 24,185 | 16,513 | ' | ' |
Intangible lease assets, net | 0 | 0 | ' | ' |
Construction in progress | 28 | 5,252 | ' | ' |
Total real estate assets | 30,454 | 28,006 | ' | ' |
Cash and cash equivalents | 20,708 | 4,822 | 10,597 | 11,074 |
Investment in subsidiaries | 2,286,982 | 2,679,950 | ' | ' |
Tenant receivables, net of allowance | 0 | 0 | ' | ' |
Straight-line rent receivable | 22 | 22 | ' | ' |
Prepaid expenses and other assets | 150,806 | 203,589 | ' | ' |
Deferred financing costs, net | 8,762 | 8,498 | ' | ' |
Intangible lease origination costs | 0 | 0 | ' | ' |
Deferred lease costs, net | 1,495 | 68 | ' | ' |
Investment in development authority bonds | 0 | 0 | ' | ' |
Total assets | 2,499,229 | 2,924,955 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Line of credit and notes payable | 450,000 | 492,000 | ' | ' |
Bonds payable, net | 248,930 | 248,678 | ' | ' |
Accounts payable, accrued expenses, and accrued capital expenditures | 11,816 | 12,417 | ' | ' |
Due to affiliates | -925 | 960 | ' | ' |
Deferred income | 146 | 81 | ' | ' |
Intangible lease liabilities, net | 0 | 0 | ' | ' |
Obligations under capital leases | 0 | 0 | ' | ' |
Total liabilities | 709,967 | 754,136 | ' | ' |
Redeemable common stock | 0 | 0 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | 1,789,262 | 2,170,819 | ' | ' |
Total liabilities, redeemable common stock, and equity | 2,499,229 | 2,924,955 | ' | ' |
Non-Guarantors | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Land | 700,697 | 782,996 | ' | ' |
Buildings and improvements, net | 2,952,102 | 3,451,705 | ' | ' |
Intangible lease assets, net | 281,220 | 341,460 | ' | ' |
Construction in progress | 7,921 | 7,428 | ' | ' |
Total real estate assets | 3,941,940 | 4,583,589 | ' | ' |
Cash and cash equivalents | 25,825 | 27,921 | 17,580 | 19,527 |
Investment in subsidiaries | 0 | 0 | ' | ' |
Tenant receivables, net of allowance | 7,414 | 14,426 | ' | ' |
Straight-line rent receivable | 113,570 | 119,651 | ' | ' |
Prepaid expenses and other assets | 26,602 | 28,337 | ' | ' |
Deferred financing costs, net | 1,626 | 1,992 | ' | ' |
Intangible lease origination costs | 148,889 | 206,927 | ' | ' |
Deferred lease costs, net | 86,032 | 98,740 | ' | ' |
Investment in development authority bonds | 120,000 | 586,000 | ' | ' |
Total assets | 4,471,898 | 5,667,583 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Line of credit and notes payable | 1,110,838 | 1,288,618 | ' | ' |
Bonds payable, net | 0 | 0 | ' | ' |
Accounts payable, accrued expenses, and accrued capital expenditures | 87,831 | 86,796 | ' | ' |
Due to affiliates | 2,506 | 2,644 | ' | ' |
Deferred income | 21,792 | 27,990 | ' | ' |
Intangible lease liabilities, net | 73,864 | 98,298 | ' | ' |
Obligations under capital leases | 120,000 | 586,000 | ' | ' |
Total liabilities | 1,416,831 | 2,090,346 | ' | ' |
Redeemable common stock | 0 | 0 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | 3,055,067 | 3,577,237 | ' | ' |
Total liabilities, redeemable common stock, and equity | 4,471,898 | 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 | -4,844,329 | -5,748,056 | ' | ' |
Tenant receivables, net of allowance | 0 | 0 | ' | ' |
Straight-line rent receivable | 0 | 0 | ' | ' |
Prepaid expenses and other assets | -322,170 | -380,684 | ' | ' |
Deferred financing costs, net | 0 | 0 | ' | ' |
Intangible lease origination costs | 0 | 0 | ' | ' |
Deferred lease costs, net | 0 | 0 | ' | ' |
Investment in development authority bonds | 0 | 0 | ' | ' |
Total assets | -5,166,499 | -6,128,740 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Line of credit and notes payable | -320,589 | -379,000 | ' | ' |
Bonds payable, net | 0 | 0 | ' | ' |
Accounts payable, accrued expenses, and accrued capital expenditures | 0 | 0 | ' | ' |
Due to affiliates | -1,581 | -1,684 | ' | ' |
Deferred income | 0 | 0 | ' | ' |
Intangible lease liabilities, net | 0 | 0 | ' | ' |
Obligations under capital leases | 0 | 0 | ' | ' |
Total liabilities | -322,170 | -380,684 | ' | ' |
Redeemable common stock | 0 | 0 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | -4,844,329 | -5,748,056 | ' | ' |
Total liabilities, redeemable common stock, and equity | ($5,166,499) | ($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 | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | $406,907 | $381,796 | $379,641 | ||||||||
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | 90,875 | 88,402 | 87,071 | ||||||||
Hotel income | ' | ' | ' | ' | ' | ' | ' | ' | 23,756 | 23,049 | 20,600 | ||||||||
Other property income | ' | ' | ' | ' | ' | ' | ' | ' | 5,040 | 1,024 | 5,575 | ||||||||
Revenues | 133,387 | [1] | 132,502 | [1] | 131,897 | [1] | 128,792 | [1] | 125,502 | [1] | 124,159 | [1] | 122,716 | [1] | 121,894 | [1] | 526,578 | 494,271 | 492,887 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Property operating costs | ' | ' | ' | ' | ' | ' | ' | ' | 154,559 | 147,202 | 142,492 | ||||||||
Hotel operating costs | ' | ' | ' | ' | ' | ' | ' | ' | 18,340 | 18,362 | 17,394 | ||||||||
Asset and property management fees: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Related-party | ' | ' | ' | ' | ' | ' | ' | ' | 4,693 | 29,372 | 29,613 | ||||||||
Other | ' | ' | ' | ' | ' | ' | ' | ' | 1,671 | 2,421 | 2,185 | ||||||||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 108,105 | 98,698 | 95,724 | ||||||||
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 78,710 | 86,458 | 96,902 | ||||||||
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 61,866 | 24,613 | 21,017 | ||||||||
Listing costs | ' | ' | ' | ' | ' | ' | ' | ' | 4,060 | 0 | 0 | ||||||||
Acquisition fees and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,876 | 11,239 | ||||||||
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 432,004 | 409,002 | 416,566 | ||||||||
Real estate operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 94,574 | 85,269 | 76,321 | ||||||||
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -101,941 | -101,886 | -101,799 | ||||||||
Interest and other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 34,029 | 39,856 | 42,395 | ||||||||
Loss on interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | -342 | -1,225 | -38,383 | ||||||||
Income (loss) from equity investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Gain on the early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 53,018 | ||||||||
Nonoperating income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -68,254 | -63,255 | -44,769 | ||||||||
Income (loss) before income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | 26,320 | 22,014 | 31,552 | ||||||||
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | -500 | -572 | 390 | ||||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 25,820 | 21,442 | 31,942 | ||||||||
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Operating income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -21,325 | 6,484 | 11,192 | ||||||||
Gain on disposition of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 11,225 | 20,117 | 13,522 | ||||||||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -10,100 | 26,601 | 24,714 | ||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 15,720 | 48,043 | 56,656 | ||||||||
Less: net income attributable to nonredeemable noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -4 | -14 | ||||||||
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | 12,927 | 4,800 | 20,601 | -22,608 | [2] | 11,853 | -5,859 | 10,914 | 31,131 | 15,720 | 48,039 | 56,642 | |||||||
Columbia Property Trust (Parent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Hotel income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Other property income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Property operating costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Hotel operating costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Asset and property management fees: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Related-party | ' | ' | ' | ' | ' | ' | ' | ' | 4,397 | 26,264 | 25,521 | ||||||||
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 49 | 43 | ||||||||
Listing costs | ' | ' | ' | ' | ' | ' | ' | ' | 317 | ' | ' | ||||||||
Acquisition fees and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,307 | ||||||||
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 4,730 | 26,313 | 26,871 | ||||||||
Real estate operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -4,730 | -26,313 | -26,871 | ||||||||
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Interest and other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 7,987 | 7,988 | 2,129 | ||||||||
Loss on interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Income (loss) from equity investments | ' | ' | ' | ' | ' | ' | ' | ' | 12,463 | 66,364 | 81,384 | ||||||||
Gain on the early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ||||||||
Nonoperating income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 20,450 | 74,352 | 83,513 | ||||||||
Income (loss) before income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | 15,720 | 48,039 | 56,642 | ||||||||
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 15,720 | 48,039 | 56,642 | ||||||||
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Operating income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Gain on disposition of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,039 | 56,642 | ||||||||
Less: net income attributable to nonredeemable noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ||||||||
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 15,720 | 48,039 | 56,642 | ||||||||
Columbia Property Trust OP (the Issuer) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | 403 | 1,649 | 0 | ||||||||
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | 149 | 103 | 0 | ||||||||
Hotel income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Other property income | ' | ' | ' | ' | ' | ' | ' | ' | 17 | 86 | 145 | ||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 569 | 1,838 | 145 | ||||||||
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Property operating costs | ' | ' | ' | ' | ' | ' | ' | ' | 1,966 | 1,634 | 0 | ||||||||
Hotel operating costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Asset and property management fees: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Related-party | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 58 | 0 | ||||||||
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 1,247 | 710 | 0 | ||||||||
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 28 | 357 | 0 | ||||||||
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 43,555 | 21,436 | 18,124 | ||||||||
Listing costs | ' | ' | ' | ' | ' | ' | ' | ' | 3,743 | ' | ' | ||||||||
Acquisition fees and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ||||||||
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 50,554 | 24,195 | 18,124 | ||||||||
Real estate operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -49,985 | -22,357 | -17,979 | ||||||||
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -32,659 | -32,469 | -28,329 | ||||||||
Interest and other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 10,874 | 11,018 | 11,444 | ||||||||
Loss on interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Income (loss) from equity investments | ' | ' | ' | ' | ' | ' | ' | ' | 86,101 | 92,228 | 114,257 | ||||||||
Gain on the early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ||||||||
Nonoperating income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 64,316 | 70,777 | 97,372 | ||||||||
Income (loss) before income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | 14,331 | 48,420 | 79,393 | ||||||||
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | -3 | -14 | 0 | ||||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 14,328 | 48,406 | 79,393 | ||||||||
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Operating income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 658 | 5,942 | 6,388 | ||||||||
Gain on disposition of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 658 | 5,942 | 6,388 | ||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,348 | 85,781 | ||||||||
Less: net income attributable to nonredeemable noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ||||||||
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 14,986 | 54,348 | 85,781 | ||||||||
Non-Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | 406,791 | 380,280 | 379,641 | ||||||||
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | 90,726 | 90,756 | 87,071 | ||||||||
Hotel income | ' | ' | ' | ' | ' | ' | ' | ' | 23,756 | 23,049 | 20,600 | ||||||||
Other property income | ' | ' | ' | ' | ' | ' | ' | ' | 5,208 | 1,024 | 5,575 | ||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 526,481 | 495,109 | 492,887 | ||||||||
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Property operating costs | ' | ' | ' | ' | ' | ' | ' | ' | 152,880 | 148,025 | 142,492 | ||||||||
Hotel operating costs | ' | ' | ' | ' | ' | ' | ' | ' | 18,340 | 18,495 | 17,394 | ||||||||
Asset and property management fees: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Related-party | ' | ' | ' | ' | ' | ' | ' | ' | 313 | 4,191 | 4,237 | ||||||||
Other | ' | ' | ' | ' | ' | ' | ' | ' | 1,671 | 2,421 | 2,185 | ||||||||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 106,858 | 97,988 | 95,724 | ||||||||
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 78,682 | 86,101 | 96,902 | ||||||||
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 18,448 | 3,128 | 2,850 | ||||||||
Listing costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ||||||||
Acquisition fees and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,876 | 9,932 | ||||||||
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 377,192 | 362,225 | 371,716 | ||||||||
Real estate operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 149,289 | 132,884 | 121,171 | ||||||||
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -88,137 | -88,414 | -84,693 | ||||||||
Interest and other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 34,023 | 39,847 | 40,045 | ||||||||
Loss on interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | -342 | -1,225 | -38,383 | ||||||||
Income (loss) from equity investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Gain on the early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,018 | ||||||||
Nonoperating income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -54,456 | -49,792 | -30,013 | ||||||||
Income (loss) before income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | 94,833 | 83,092 | 91,158 | ||||||||
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | -497 | -558 | 390 | ||||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 94,336 | 82,534 | 91,548 | ||||||||
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Operating income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -21,983 | 542 | 4,804 | ||||||||
Gain on disposition of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 11,225 | 20,117 | 13,522 | ||||||||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -10,758 | 20,659 | 18,326 | ||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103,193 | 109,874 | ||||||||
Less: net income attributable to nonredeemable noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4 | -14 | ||||||||
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 83,578 | 103,189 | 109,860 | ||||||||
Consolidating Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | -287 | -133 | 0 | ||||||||
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -2,457 | 0 | ||||||||
Hotel income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Other property income | ' | ' | ' | ' | ' | ' | ' | ' | -185 | -86 | -145 | ||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -472 | -2,676 | -145 | ||||||||
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Property operating costs | ' | ' | ' | ' | ' | ' | ' | ' | -287 | -2,457 | 0 | ||||||||
Hotel operating costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -133 | 0 | ||||||||
Asset and property management fees: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Related-party | ' | ' | ' | ' | ' | ' | ' | ' | -32 | -1,141 | -145 | ||||||||
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | -153 | 0 | 0 | ||||||||
Listing costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ||||||||
Acquisition fees and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ||||||||
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | -472 | -3,731 | -145 | ||||||||
Real estate operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,055 | 0 | ||||||||
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 18,855 | 18,997 | 11,223 | ||||||||
Interest and other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -18,855 | -18,997 | -11,223 | ||||||||
Loss on interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Income (loss) from equity investments | ' | ' | ' | ' | ' | ' | ' | ' | -98,564 | -158,592 | -195,641 | ||||||||
Gain on the early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ||||||||
Nonoperating income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -98,564 | -158,592 | -195,641 | ||||||||
Income (loss) before income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | -98,564 | -157,537 | -195,641 | ||||||||
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -98,564 | -157,537 | -195,641 | ||||||||
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Operating income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Gain on disposition of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -157,537 | -195,641 | ||||||||
Less: net income attributable to nonredeemable noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ||||||||
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ($98,564) | ($157,537) | ($195,641) | ||||||||
[1] | Prior-period amounts adjusted to conform with current-period presentation, including classifying revenues generated by properties held for sale and by properties sold, as discontinued operations for all periods presented (see Note 12, Discontinued Operations). | ||||||||||||||||||
[2] | Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements). |
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 | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | $12,927 | $4,800 | $20,601 | ($22,608) | [1] | $11,853 | ($5,859) | $10,914 | $31,131 | $15,720 | $48,039 | $56,642 |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -83 | 0 | 0 | |
Market value adjustment to interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | 1,997 | -5,305 | 11,223 | |
Comprehensive income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 17,634 | 42,734 | 67,865 | |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 4 | 14 | |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 17,634 | 42,738 | 67,879 | |
Columbia Property Trust (Parent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 15,720 | 48,039 | 56,642 | |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -83 | ' | ' | |
Market value adjustment to interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | 1,997 | -5,305 | 11,223 | |
Comprehensive income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 17,634 | 42,734 | 67,865 | |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,734 | 67,865 | |
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. | ' | ' | ' | ' | ' | ' | ' | ' | 14,986 | 54,348 | 85,781 | |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
Market value adjustment to interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | 1,997 | -5,305 | 0 | |
Comprehensive income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 16,983 | 49,043 | 85,781 | |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,043 | 85,781 | |
Non-Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 83,578 | 103,189 | 109,860 | |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -83 | ' | ' | |
Market value adjustment to interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 11,223 | |
Comprehensive income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 83,495 | 103,189 | 121,083 | |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 14 | |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103,193 | 121,097 | |
Consolidating Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | -98,564 | -157,537 | -195,641 | |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 83 | ' | ' | |
Market value adjustment to interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | -1,997 | 5,305 | -11,223 | |
Comprehensive income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | -100,478 | -152,232 | -206,864 | |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($152,232) | ($206,864) | |
[1] | Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements). |
Financial_Information_for_Pare6
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Consolidating Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Cash flows from operating activities: | $218,329 | $252,839 | $279,158 |
Cash flows from investing activities: | ' | ' | ' |
Net proceeds from the sale of real estate | 565,945 | 304,264 | 0 |
Investment in real estate and related assets | -70,556 | -273,217 | -666,090 |
Net cash provided by (used in) investing activities | 495,389 | 31,047 | -666,090 |
Cash flows from financing activities: | ' | ' | ' |
Borrowings, net of fees | 297,279 | 594,802 | 1,779,342 |
Repayments | -461,940 | -627,191 | -1,168,278 |
Loss on early extinguishment of debt | -4,709 | 0 | 0 |
Issuance of common stock, net of redemptions and fees | -306,574 | 18,996 | 47,397 |
Distributions | -191,473 | -256,035 | -270,764 |
Intercompany transfers, net | 0 | 0 | 0 |
Redemptions of noncontrolling interest | 0 | -301 | -87 |
Net cash provided by (used in) financing activities | -667,417 | -269,729 | 387,610 |
Net increase (decrease) in cash and cash equivalents | 46,301 | 14,157 | 678 |
Effect of foreign exchange rate on cash and cash equivalents | -103 | 32 | -92 |
Cash and cash equivalents, beginning of period | 53,657 | 39,468 | 38,882 |
Cash and cash equivalents, end of period | 99,855 | 53,657 | 39,468 |
Columbia Property Trust (Parent) | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Cash flows from operating activities: | -331 | -49 | 508 |
Cash flows from investing activities: | ' | ' | ' |
Net proceeds from the sale of real estate | 14,127 | 30,441 | ' |
Investment in real estate and related assets | 0 | 0 | -606,116 |
Net cash provided by (used in) investing activities | 14,127 | 30,441 | -606,116 |
Cash flows from financing activities: | ' | ' | ' |
Borrowings, net of fees | 0 | 0 | 0 |
Repayments | 0 | 0 | 0 |
Loss on early extinguishment of debt | 0 | ' | ' |
Issuance of common stock, net of redemptions and fees | -306,574 | 18,996 | 47,397 |
Distributions | -191,473 | -256,020 | -270,720 |
Intercompany transfers, net | 516,659 | 216,255 | 831,941 |
Redemptions of noncontrolling interest | ' | 0 | 0 |
Net cash provided by (used in) financing activities | 18,612 | -20,769 | 608,618 |
Net increase (decrease) in cash and cash equivalents | 32,408 | 9,623 | 3,010 |
Effect of foreign exchange rate on cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 20,914 | 11,291 | 8,281 |
Cash and cash equivalents, end of period | 53,322 | 20,914 | 11,291 |
Columbia Property Trust OP (the Issuer) | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Cash flows from operating activities: | -84,270 | -83,489 | -78,219 |
Cash flows from investing activities: | ' | ' | ' |
Net proceeds from the sale of real estate | 551,818 | 273,823 | ' |
Investment in real estate and related assets | -5,270 | -193,410 | 0 |
Net cash provided by (used in) investing activities | 546,548 | 80,413 | 0 |
Cash flows from financing activities: | ' | ' | ' |
Borrowings, net of fees | 297,320 | 595,731 | 1,454,978 |
Repayments | -343,000 | -591,000 | -806,500 |
Loss on early extinguishment of debt | 0 | ' | ' |
Issuance of common stock, net of redemptions and fees | 0 | 0 | 0 |
Distributions | 0 | 0 | 0 |
Intercompany transfers, net | -400,712 | -7,430 | -570,649 |
Redemptions of noncontrolling interest | ' | 0 | -87 |
Net cash provided by (used in) financing activities | -446,392 | -2,699 | 77,742 |
Net increase (decrease) in cash and cash equivalents | 15,886 | -5,775 | -477 |
Effect of foreign exchange rate on cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 4,822 | 10,597 | 11,074 |
Cash and cash equivalents, end of period | 20,708 | 4,822 | 10,597 |
Non-Guarantors | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Cash flows from operating activities: | 302,930 | 336,377 | 356,869 |
Cash flows from investing activities: | ' | ' | ' |
Net proceeds from the sale of real estate | 0 | 0 | ' |
Investment in real estate and related assets | -65,286 | -79,807 | -59,974 |
Net cash provided by (used in) investing activities | -65,286 | -79,807 | -59,974 |
Cash flows from financing activities: | ' | ' | ' |
Borrowings, net of fees | -41 | -929 | 324,364 |
Repayments | -118,940 | -36,191 | -361,778 |
Loss on early extinguishment of debt | -4,709 | ' | ' |
Issuance of common stock, net of redemptions and fees | 0 | 0 | 0 |
Distributions | 0 | -15 | -44 |
Intercompany transfers, net | -115,947 | -208,825 | -261,292 |
Redemptions of noncontrolling interest | ' | -301 | 0 |
Net cash provided by (used in) financing activities | -239,637 | -246,261 | -298,750 |
Net increase (decrease) in cash and cash equivalents | -1,993 | 10,309 | -1,855 |
Effect of foreign exchange rate on cash and cash equivalents | -103 | 32 | -92 |
Cash and cash equivalents, beginning of period | 27,921 | 17,580 | 19,527 |
Cash and cash equivalents, end of period | $25,825 | $27,921 | $17,580 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 3 Months Ended | 0 Months Ended | |||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Feb. 20, 2014 | |||||||||
Subsequent Event | |||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Dividend declared, per share | $0.30 | [1] | $0.38 | [1] | $0.38 | [1] | $0.38 | [1] | $0.38 | [2] | $0.50 | [2] | $0.50 | [2] | $0.50 | [2] | $0.30 |
[1] | All computations using share amounts have been retroactively adjusted to reflect the August 14, 2013, four-for-one reverse stock split (See Note 7, Stockholders' Equity). | ||||||||||||||||
[2] | Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements). |
Schedule_III_Real_Estate_Asset1
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | 515 POST OAK | 9 TECHNOLOGY DRIVE | 180 PARK AVENUE | ONE GLENLAKE PARKWAY | 80 M STREET | 3333 FINLEY ROAD | 1501 OPUS PLACE | 800 NORTH FREDERICK | THE CORRIDORS III | HIGHLAND LANDMARK III | 180 PARK AVENUE 105 | 215 DIEHL ROAD | 100 EAST PRATT | ONE ROBBINS ROAD | FOUR ROBBINS ROAD | 1900 UNIVERSITY CIRCLE | 1950 UNIVERSITY CIRCLE | 2000 UNIVERSITY CIRCLE | 5 HOUSTON CENTER | KEY CENTER TOWER | KEY CENTER MARRIOTT | ONE SANTAN CORPORATE CENTER | TWO SANTAN CORPORATE CENTER | 263 SHUMAN BOULEVARD | 80 PARK PLACE | INTERNATIONAL FINANCIAL TOWER | STERLING COMMERCE | PASADENA CORPORATE PARK | 7031 COLUMBIA GATEWAY DRIVE | 222 EAST 41ST STREET | BANNOCKBURN LAKE III | SOUTH JAMAICA STREET | LENOX PARK BUILDINGS | LINDBERGH CENTER | THREE GLENLAKE BUILDING | 1580 WEST NURSERY ROAD | FIVE HUNDRED FIFTY KING STREET BUILDING | CRANBERRY WOODS DRIVE | HOUSTON ENERGY CENTER I | SUNTRUST BUILDING | MARKET SQUARE BUILDINGS | 544 LAKEVIEW | 333 MARKET STREET | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Mortgage Note | Capital Lease Obligations | Building Improvements | Building Improvements | Site Improvements | Building | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
515 POST OAK | 9 TECHNOLOGY DRIVE | 180 PARK AVENUE | ONE GLENLAKE PARKWAY | 80 M STREET | 3333 FINLEY ROAD | 1501 OPUS PLACE | 800 NORTH FREDERICK | THE CORRIDORS III | HIGHLAND LANDMARK III | 180 PARK AVENUE 105 | 215 DIEHL ROAD | 100 EAST PRATT | ONE ROBBINS ROAD | FOUR ROBBINS ROAD | 1900 UNIVERSITY CIRCLE | 1950 UNIVERSITY CIRCLE | 2000 UNIVERSITY CIRCLE | 5 HOUSTON CENTER | KEY CENTER TOWER | KEY CENTER MARRIOTT | ONE SANTAN CORPORATE CENTER | TWO SANTAN CORPORATE CENTER | 263 SHUMAN BOULEVARD | 80 PARK PLACE | INTERNATIONAL FINANCIAL TOWER | STERLING COMMERCE | PASADENA CORPORATE PARK | 7031 COLUMBIA GATEWAY DRIVE | 222 EAST 41ST STREET | BANNOCKBURN LAKE III | SOUTH JAMAICA STREET | LENOX PARK BUILDINGS | LINDBERGH CENTER | THREE GLENLAKE BUILDING | 1580 WEST NURSERY ROAD | FIVE HUNDRED FIFTY KING STREET BUILDING | CRANBERRY WOODS DRIVE | HOUSTON ENERGY CENTER I | SUNTRUST BUILDING | MARKET SQUARE BUILDINGS | 544 LAKEVIEW | 333 MARKET STREET | 515 POST OAK | 9 TECHNOLOGY DRIVE | 180 PARK AVENUE | ONE GLENLAKE PARKWAY | 80 M STREET | 3333 FINLEY ROAD | 1501 OPUS PLACE | 800 NORTH FREDERICK | THE CORRIDORS III | HIGHLAND LANDMARK III | 180 PARK AVENUE 105 | 215 DIEHL ROAD | 100 EAST PRATT | ONE ROBBINS ROAD | FOUR ROBBINS ROAD | 1900 UNIVERSITY CIRCLE | 1950 UNIVERSITY CIRCLE | 2000 UNIVERSITY CIRCLE | 5 HOUSTON CENTER | KEY CENTER TOWER | KEY CENTER MARRIOTT | ONE SANTAN CORPORATE CENTER | TWO SANTAN CORPORATE CENTER | 263 SHUMAN BOULEVARD | 80 PARK PLACE | INTERNATIONAL FINANCIAL TOWER | STERLING COMMERCE | PASADENA CORPORATE PARK | 7031 COLUMBIA GATEWAY DRIVE | 222 EAST 41ST STREET | BANNOCKBURN LAKE III | SOUTH JAMAICA STREET | LENOX PARK BUILDINGS | LINDBERGH CENTER | THREE GLENLAKE BUILDING | 1580 WEST NURSERY ROAD | FIVE HUNDRED FIFTY KING STREET BUILDING | CRANBERRY WOODS DRIVE | HOUSTON ENERGY CENTER I | SUNTRUST BUILDING | MARKET SQUARE BUILDINGS | 544 LAKEVIEW | 333 MARKET STREET | THREE GLENLAKE BUILDING | THREE GLENLAKE BUILDING | Minimum | Maximum | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | [1] | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances | ' | ' | ' | ' | $0 | $0 | $0 | $34,713 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $21,000 | $105,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | [2] | $0 | $18,000 | $21,000 | $49,000 | $0 | $0 | $0 | $0 | $0 | $0 | [2] | $0 | $0 | $0 | $0 | [2] | $120,000 | [3] | $0 | $0 | $0 | $0 | $0 | $325,000 | $9,100 | $206,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26,264 | [3] | $120,000 | [3] | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Costs, Land | 704,000 | ' | ' | ' | 6,100 | 5,570 | 10,802 | 5,846 | 26,248 | 6,925 | 3,579 | 22,758 | 2,524 | 3,028 | 4,501 | 3,452 | 31,234 | 5,391 | 2,950 | 8,722 | 10,040 | 8,731 | 8,186 | 7,269 | 3,473 | 4,871 | 3,174 | 7,142 | 31,766 | 29,061 | 8,639 | 53,099 | 10,232 | 0 | 7,635 | 13,429 | 28,478 | 0 | 7,517 | 11,410 | 8,632 | 15,512 | 4,734 | 1,222 | 152,629 | 3,006 | 114,483 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Costs, Building and Improvements | 4,118,625 | ' | ' | ' | 28,905 | 38,218 | 62,595 | 66,681 | 76,269 | 34,575 | 17,220 | 43,174 | 35,016 | 47,454 | 47,957 | 17,456 | 140,217 | 33,788 | 32,544 | 107,730 | 93,716 | 76,842 | 147,653 | 244,424 | 34,458 | 24,669 | 21,613 | 41,535 | 109,952 | 141,544 | 43,980 | 59,630 | 54,070 | 324,520 | 11,002 | 109,781 | 225,067 | 262,468 | 88,784 | 78,988 | 74,625 | 173,062 | 79,344 | 20,402 | 450,757 | 3,100 | 292,840 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Costs, Total | 4,822,625 | ' | ' | ' | 35,005 | 43,788 | 73,397 | 72,527 | 102,517 | 41,500 | 20,799 | 65,932 | 37,540 | 50,482 | 52,458 | 20,908 | 171,451 | 39,179 | 35,494 | 116,452 | 103,756 | 85,573 | 155,839 | 251,693 | 37,931 | 29,540 | 24,787 | 48,677 | 141,718 | 170,605 | 52,619 | 112,729 | 64,302 | 324,520 | 18,637 | 123,210 | 253,545 | 262,468 | 96,301 | 90,398 | 83,257 | 188,574 | 84,078 | 21,624 | 603,386 | 6,106 | 407,323 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | 53,241 | ' | ' | ' | 2,042 | -2,430 | -26,880 | 634 | -5,747 | 630 | 328 | 582 | -1,655 | -3,088 | -7,534 | 2,941 | 31,653 | 175 | 0 | -26,171 | 2,432 | 599 | -18,722 | 12,972 | 11,430 | -1,432 | -654 | 6,890 | 14,230 | 14,434 | 889 | 254 | 35 | -832 | -1,881 | 3,252 | 4,224 | 3,252 | 891 | 1,212 | 8,177 | 3,501 | 5,037 | 938 | 14,390 | 2,243 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amount at Which Carried at December 31, 2013, Land | 706,938 | ' | ' | ' | 6,241 | 5,627 | 11,050 | 5,934 | 26,806 | 7,015 | 3,625 | 20,195 | 2,558 | 3,055 | 4,501 | 3,472 | 31,777 | 5,391 | 2,950 | 8,803 | 10,134 | 8,819 | 8,186 | 7,454 | 3,629 | 4,948 | 3,245 | 7,233 | 32,221 | 29,712 | 8,752 | 53,099 | 10,232 | 0 | 7,663 | 13,735 | 28,858 | 0 | 8,055 | 11,745 | 8,632 | 15,512 | 4,734 | 1,222 | 152,629 | 3,006 | 114,483 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amount at Which Carried at December 31, 2013, Buildings and Improvements | 4,168,928 | ' | ' | ' | 30,806 | 35,731 | 35,467 | 67,227 | 69,964 | 35,115 | 17,502 | 46,319 | 33,327 | 44,339 | 40,423 | 20,377 | 171,327 | 33,963 | 32,544 | 81,478 | 96,054 | 77,353 | 128,931 | 257,211 | 45,732 | 23,160 | 20,888 | 48,334 | 123,727 | 155,327 | 44,756 | 59,884 | 54,105 | 323,688 | 9,093 | 112,727 | 228,911 | 265,720 | 89,137 | 79,865 | 82,802 | 176,563 | 84,381 | 21,340 | 465,147 | 5,343 | 292,840 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amount at Which Carried at December 31, 2013, Total | 4,875,866 | 5,507,769 | 5,483,193 | 4,999,902 | 37,047 | 41,358 | 46,517 | 73,161 | 96,770 | 42,130 | 21,127 | 66,514 | 35,885 | 47,394 | 44,924 | 23,849 | 203,104 | 39,354 | 35,494 | 90,281 | 106,188 | 86,172 | 137,117 | 264,665 | 49,361 | 28,108 | 24,133 | 55,567 | 155,948 | 185,039 | 53,508 | 112,983 | 64,337 | 323,688 | 16,756 | 126,462 | 257,769 | 265,720 | 97,192 | 91,610 | 91,434 | 192,075 | 89,115 | 22,562 | 617,776 | 8,349 | 407,323 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Depreciation and Amortization | 903,472 | ' | ' | ' | 6,681 | 9,773 | 8,410 | 21,834 | 21,700 | 9,382 | 4,715 | 18,434 | 10,398 | 13,537 | 10,032 | 7,521 | 54,398 | 9,827 | 14,759 | 17,407 | 20,983 | 18,339 | 35,420 | 78,556 | 15,353 | 5,835 | 4,316 | 17,023 | 43,074 | 44,486 | 19,694 | 11,898 | 13,655 | 62,379 | 1,361 | 28,175 | 41,373 | 44,815 | 15,984 | 17,105 | 15,240 | 23,292 | 11,684 | 3,181 | 62,487 | 404 | 8,552 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in development authority bonds | $120,000 | $586,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust's interest in property through a subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate and accumulated depreciation, life used for depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '0 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | '40 years | [4] | ' | ' | '5 years | '25 years | '15 years | '40 years | |||||||
[1] | 544 Lakeview is owned through a subsidiary in which Columbia Property Trust holds a 50% ownership interest, and owns 100% of the economic interest. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Property is owned subject to a long-term ground lease. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | As a result of the acquisition of the Three Glenlake Building, Columbia Property Trust acquired investments in bonds and certain obligations under capital leases in the amount of $120.0 million. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Columbia Property Trust assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, tenant improvements are amortized over the shorter of economic life or lease term, lease intangibles are amortized over the respective lease term, building improvements are depreciated over 5-25 years, site improvements are depreciated over 15 years, and buildings are depreciated over 40 years. |
Schedule_III_Real_Estate_Asset2
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization Rollforward (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Real Estate [Roll Forward] | ' | ' | ' | |||
Balance at beginning of year | $5,507,769 | $5,483,193 | $4,999,902 | |||
Additions to/improvements of real estate | 51,422 | 453,541 | 676,230 | |||
Sale/transfer of real estate | -614,822 | -328,804 | -70,082 | |||
Impairment of real estate | -29,737 | -18,467 | -5,817 | |||
Write-offs of building and tenant improvements | -492 | -301 | -228 | |||
Write-offs of intangible assets | -466 | [1] | -1,311 | [1] | -6,978 | [1] |
Write-offs of fully depreciated assets | -37,808 | -80,082 | -109,834 | |||
Balance at end of the year | 4,875,866 | 5,507,769 | 5,483,193 | |||
Real Estate Accumulated Depreciation and Amortization [Roll Forward] | ' | ' | ' | |||
Balance at beginning of year | 896,174 | 867,975 | 769,863 | |||
Depreciation and amortization expense | 166,720 | 181,155 | 225,139 | |||
Sale/transfer of real estate | -120,981 | -71,654 | -12,258 | |||
Write-offs of tenant improvements | -212 | -196 | -16 | |||
Write-offs of intangible assets | -421 | [1] | -1,024 | [1] | -4,915 | [1] |
Write-offs of fully depreciated assets | -37,808 | -80,082 | -109,838 | |||
Balance at end of the year | $903,472 | $896,174 | $867,975 | |||
[1] | Consists of write-offs of intangible lease assets related to lease restructurings, amendments, and terminations. |