Document_Entity_Information
Document Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'COLUMBIA PROPERTY TRUST, INC. | ' |
Entity Central Index Key | '0001252849 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 124,969,182 |
Consolidated_Balance_Sheets_un
Consolidated Balance Sheets (unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Land | $749,068 | $706,938 |
Buildings and improvements, less accumulated depreciation of $641,687 and $604,497, as of June 30, 2014 and December 31, 2013, respectively | 3,020,793 | 2,976,287 |
Intangible lease assets, less accumulated amortization of $308,341 and $298,975, as of June 30, 2014 and December 31, 2013, respectively | 269,821 | 281,220 |
Construction in progress | 18,943 | 7,949 |
Real estate assets held for sale, less accumulated depreciation and amortization of $14,527, as of June 30, 2014 | 49,809 | 0 |
Total real estate assets | 4,108,434 | 3,972,394 |
Cash and cash equivalents | 49,334 | 99,855 |
Tenant receivables, net of allowance for doubtful accounts of $10 and $52 as of June 30, 2014 and December 31, 2013, respectively | 7,154 | 7,414 |
Straight line rent receivable | 117,991 | 113,592 |
Prepaid expenses and other assets | 27,974 | 32,423 |
Deferred financing costs, less accumulated amortization of $13,444 and $11,938, as of June 30, 2014 and December 31, 2013, respectively | 9,527 | 10,388 |
Intangible lease origination costs, less accumulated amortization of $221,615 and $216,598, as of June 30, 2014 and December 31, 2013, respectively | 133,778 | 148,889 |
Deferred lease costs, less accumulated amortization of $33,096 and $27,375, as of June 30, 2014 and December 31, 2013, respectively | 105,640 | 87,527 |
Investment in development authority bonds | 120,000 | 120,000 |
Other assets held for sale, less accumulated amortization of $4,296, as of June 30, 2014 | 1,539 | 0 |
Total assets | 4,681,371 | 4,592,482 |
Liabilities: | ' | ' |
Line of credit and notes payable | 1,386,644 | 1,240,249 |
Bonds payable, net of discount of $944 and $1,070, as of June 30, 2014 and December 31, 2013, respectively | 249,056 | 248,930 |
Accounts payable, accrued expenses, and accrued capital expenditures | 98,737 | 99,678 |
Deferred income | 24,353 | 21,938 |
Intangible lease liabilities, less accumulated amortization of $78,945 and $76,500, as of June 30, 2014 and December 31, 2013, respectively | 76,069 | 73,864 |
Obligations under capital leases | 120,000 | 120,000 |
Liabilities held for sale, less accumulated amortization of $3,719, as of June 30, 2014 | 1,327 | 0 |
Total liabilities | 1,956,186 | 1,804,659 |
Commitments and Contingencies (Note 6) | ' | ' |
Equity: | ' | ' |
Common stock, $0.01 par value, 900,000,000 shares authorized, 124,966,166 and 124,830,122 shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively | 1,249 | 1,248 |
Additional paid-in capital | 4,600,874 | 4,600,166 |
Cumulative distributions in excess of earnings | -1,873,842 | -1,810,284 |
Other comprehensive loss | -3,096 | -3,307 |
Total equity | 2,725,185 | 2,787,823 |
Total liabilities and equity | $4,681,371 | $4,592,482 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parentheticals (unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Buildings and improvements - accumulated depreciation | $641,687 | $604,497 |
Intangible lease assets - accumulated amortization | 308,341 | 298,975 |
Real estate assets held for sale, accumulated depreciation and amortization | 14,527 | 0 |
Allowance for doubtful accounts | 10 | 52 |
Deferred financing costs, accumulated amortization | 13,444 | 11,938 |
Intangible lease origination costs, accumulated amortization | 221,615 | 216,598 |
Deferred lease costs, accumulated amortization | 33,096 | 27,375 |
Other assets held for sale, accumulated amortization | 4,296 | 0 |
Bonds payable, discount | 944 | 1,070 |
Intangible lease liabilities, accumulated amortization | 78,945 | 76,500 |
Intangible lease liabilities - accumulated amortization | $3,719 | $0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 900,000,000 | 900,000,000 |
Common stock, shares issued | 124,966,166 | 124,830,122 |
Common stock, shares outstanding | 124,966,166 | 124,830,122 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Rental income | $103,821 | $103,103 | $204,388 | $204,409 |
Tenant reimbursements | 22,934 | 21,266 | 46,667 | 43,510 |
Hotel income | 6,505 | 6,562 | 10,566 | 11,516 |
Other property income | 3,497 | 966 | 4,304 | 1,254 |
Revenues | 136,757 | 131,897 | 265,925 | 260,689 |
Expenses: | ' | ' | ' | ' |
Property operating costs | 38,832 | 37,069 | 77,812 | 74,653 |
Hotel operating costs | 4,689 | 4,820 | 8,830 | 9,081 |
Asset and property management fees: | ' | ' | ' | ' |
Related-party | 0 | 0 | 0 | 4,693 |
Other | 675 | 530 | 964 | 1,143 |
Depreciation | 30,169 | 26,955 | 57,473 | 53,665 |
Amortization | 20,221 | 19,982 | 38,742 | 39,884 |
Impairment loss on real estate assets | 1,432 | 0 | 14,982 | 0 |
General and administrative | 8,412 | 8,957 | 15,358 | 45,776 |
Acquisition expenses | 6,102 | 0 | 6,102 | 0 |
Costs and expenses | 110,532 | 98,313 | 220,263 | 228,895 |
Real estate operating income | 26,225 | 33,584 | 45,662 | 31,794 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -18,860 | -26,049 | -36,770 | -52,183 |
Interest and other income | 1,802 | 9,113 | 3,612 | 18,224 |
Gain (loss) on interest rate swaps | -105 | 164 | -335 | 221 |
Nonoperating income (expense) | -17,163 | -16,772 | -33,493 | -33,738 |
Income (loss) before income tax expense | 9,062 | 16,812 | 12,169 | -1,944 |
Income tax expense | -351 | -323 | -7 | -222 |
Income (loss) from continuing operations | 8,711 | 16,489 | 12,162 | -2,166 |
Discontinued operations: | ' | ' | ' | ' |
Operating income (loss) from discontinued operations | -40 | 4,112 | 237 | -9,855 |
Gain (loss) on disposition of discontinued operations | -650 | 0 | -978 | 10,014 |
Income (loss) from discontinued operations | -690 | 4,112 | -741 | 159 |
Net income (loss) | $8,021 | $20,601 | $11,421 | ($2,007) |
Per-share information b basic: | ' | ' | ' | ' |
Income (loss) from continuing operations - basic (dollars per share) | $0.07 | $0.12 | $0.10 | ($0.02) |
Income (loss) from discontinued operations - basic (dollars per share) | ($0.01) | $0.03 | ($0.01) | $0 |
Net income (loss) - basic (dollars per share) | $0.06 | $0.15 | $0.09 | ($0.01) |
Weighted-average common shares outstanding b basic | 124,860 | 135,816 | 124,855 | 136,166 |
Per-share information b diluted: | ' | ' | ' | ' |
Income (loss) from continuing operations - diluted (dollars per share) | $0.07 | $0.12 | $0.10 | ($0.02) |
Income (loss) from discontinued operations - diluted (dollars per share) | ($0.01) | $0.03 | ($0.01) | $0 |
Net income (loss) - diluted (dollars per share) | $0.06 | $0.15 | $0.09 | ($0.01) |
Weighted-average common shares outstanding b diluted | 124,919 | 135,816 | 124,901 | 136,166 |
Dividends per share | $0.30 | $0.38 | $0.60 | $0.76 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income (loss) | $8,021 | $20,601 | $11,421 | ($2,007) |
Foreign currency translation adjustment realized in discontinued operations | 0 | 0 | 0 | -83 |
Market value adjustment to interest rate swap | -43 | 2,168 | 211 | 2,717 |
Comprehensive income | $7,978 | $22,769 | $11,632 | $627 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (unaudited) (USD $) | Total | Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Redeemable Common Stock | Other Comprehensive Income (Loss) | |||
In Thousands, except Share data, unless otherwise specified | |||||||||
Balance, value at beginning of period at Dec. 31, 2012 | $3,163,980 | $1,369 | [1] | $4,901,889 | [1] | ($1,634,531) | ($99,526) | ($5,221) | |
Balance, shares at beginning of period at Dec. 31, 2012 | [1] | ' | 136,901,000 | ' | ' | ' | ' | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | |||
Issuance of common stock, shares | [1] | ' | 1,657,000 | ' | ' | ' | ' | ||
Issuance of common stock | 46,402 | 17 | [1] | 46,385 | [1] | ' | ' | ' | |
Redemptions of common stock, shares | [1] | ' | -2,986,000 | ' | ' | ' | ' | ||
Redemptions of common stock | -77,033 | -30 | [1] | -77,003 | [1] | ' | ' | ' | |
Increase in redeemable common stock | -22,226 | ' | ' | ' | -22,226 | ' | |||
Distributions to common stockholders | -103,030 | ' | ' | -103,030 | ' | ' | |||
Offering costs | -127 | ' | -127 | [1] | ' | ' | ' | ||
Net income (loss) | -2,007 | ' | ' | -2,007 | ' | ' | |||
Foreign currency translation adjustment | -83 | ' | ' | ' | ' | -83 | |||
Market value adjustment to interest rate swap | 2,717 | ' | ' | ' | ' | 2,717 | |||
Balance, value at end of period at Jun. 30, 2013 | 3,008,593 | 1,356 | [1] | 4,871,144 | [1] | -1,739,568 | -121,752 | -2,587 | |
Balance, shares at end of period at Jun. 30, 2013 | [1] | ' | 135,572,000 | ' | ' | ' | ' | ||
Balance, value at beginning of period at Dec. 31, 2013 | 2,787,823 | 1,248 | 4,600,166 | -1,810,284 | ' | -3,307 | |||
Balance, shares at beginning of period at Dec. 31, 2013 | 124,830,122 | 124,830,000 | ' | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | |||
Common stock issued to employees and directors, and amortized (net of amounts withheld for income taxes), shares | ' | 136,000 | ' | ' | ' | ' | |||
Common stock issued to employees and directors, and amortized (net of amounts withheld for income taxes) | 709 | 1 | 708 | ' | ' | ' | |||
Increase in redeemable common stock | 0 | ' | ' | ' | ' | ' | |||
Distributions to common stockholders | -74,979 | ' | ' | -74,979 | ' | ' | |||
Net income (loss) | 11,421 | ' | ' | 11,421 | ' | ' | |||
Market value adjustment to interest rate swap | 211 | ' | ' | ' | ' | 211 | |||
Balance, value at end of period at Jun. 30, 2014 | $2,725,185 | $1,249 | $4,600,874 | ($1,873,842) | ' | ($3,096) | |||
Balance, shares at end of period at Jun. 30, 2014 | 124,966,166 | 124,966,000 | ' | ' | ' | ' | |||
[1] | All share amounts and computations using such amounts have been retroactively adjusted to reflect the August 14, 2013 four-for-one reverse stock split (see Note 7, Equity). |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity Parentheticals (unaudited) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Distributions to common stockholders per share | $0.60 | $0.76 |
Common Stock | ' | ' |
Distributions to common stockholders per share | $0.60 | $0.76 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net income (loss) | $11,421 | ($2,007) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Straight-line rental income | -4,623 | -13,121 |
Depreciation | 57,473 | 61,235 |
Amortization | 37,542 | 43,100 |
Impairment losses on real estate assets | 14,982 | 16,867 |
Noncash interest expense | 1,512 | 1,720 |
Gain on interest rate swaps | -2,324 | -3,461 |
Loss (gain) on sale of real estate | 978 | -10,014 |
Stock-based compensation expense | 1,023 | 0 |
Changes in assets and liabilities, net of acquisitions: | ' | ' |
Decrease (increase) in tenant receivables, net | -455 | 5,872 |
Decrease (increase) in prepaid expenses and other assets | 650 | -3,989 |
Decrease in accounts payable and accrued expenses | -7,957 | -4,422 |
Increase in due to affiliates | 0 | 16,205 |
Increase (decrease) in deferred income | 2,761 | -5,664 |
Net cash provided by operating activities | 112,983 | 102,321 |
Cash Flows from Investing Activities: | ' | ' |
Net proceeds from the sale of real estate | 27,131 | 65,928 |
Real estate acquisitions | -155,203 | 0 |
Capital improvements | -18,868 | -22,495 |
Deferred lease costs paid | -14,487 | -9,816 |
Net cash provided by (used in) investing activities | -161,427 | 33,617 |
Cash Flows from Financing Activities: | ' | ' |
Financing costs paid | -798 | -240 |
Proceeds from lines of credit and notes payable | 130,000 | 120,000 |
Repayments of lines of credit and notes payable | -56,300 | -112,227 |
Issuance of common stock | 0 | 46,402 |
Redemptions of common stock | 0 | -78,609 |
Distributions paid to stockholders | -74,979 | -56,628 |
Distributions paid to stockholders and reinvested in shares of our common stock | 0 | -46,402 |
Tender offer and offering costs paid | 0 | -121 |
Net cash used in financing activities | -2,077 | -127,825 |
Net increase (decrease) in cash and cash equivalents | -50,521 | 8,113 |
Effect of foreign exchange rate on cash and cash equivalents | 0 | -103 |
Cash and cash equivalents, beginning of period | 99,855 | 53,657 |
Cash and cash equivalents, end of period | $49,334 | $61,667 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization | ' |
Organization | |
Columbia Property Trust, Inc. ("Columbia Property Trust") (NYSE: CXP) is a Maryland corporation that operates as a real estate investment trust ("REIT") for federal income tax purposes and owns and operates commercial real estate properties. Columbia Property Trust was incorporated in 2003, commenced operations in 2004, and conducts business primarily through Columbia Property Trust Operating Partnership, L.P. ("Columbia Property Trust OP"), a Delaware limited partnership. Columbia Property Trust is the general partner and sole owner of Columbia Property Trust OP and possesses full legal control and authority over its operations. Columbia Property Trust OP acquires, develops, owns, leases, and operates real properties directly, through wholly owned subsidiaries, or through joint ventures. References to Columbia Property Trust, "we," "us," or "our" herein shall include Columbia Property Trust and all subsidiaries of Columbia Property Trust, direct and indirect, and consolidated joint ventures. | |
Columbia Property Trust typically invests in high-quality, income-generating office properties. As of June 30, 2014, Columbia Property Trust owned 37 office properties and one hotel, which includes 58 operational buildings. These properties are comprised of approximately 16.8 million square feet of commercial space and are located in 12 states and the District of Columbia. As of June 30, 2014, 36 of the office properties were wholly owned and the remaining property was owned through a consolidated subsidiary; the office properties were approximately 93.5% leased. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
Summary of Significant Accounting Policies | |||||||||||||||||
Basis of Presentation | |||||||||||||||||
The consolidated financial statements of Columbia Property Trust have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by U.S. generally accepted accounting principles ("GAAP") for complete financial statements. In the opinion of management, the statements for these unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year's results. Columbia Property Trust's consolidated financial statements include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable interest entity in which Columbia Property Trust or Columbia Property Trust OP was deemed the primary beneficiary. With respect to entities that are not variable interest entities, Columbia Property Trust's consolidated financial statements also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling general partnership interest. All intercompany balances and transactions have been eliminated in consolidation. For further information, refer to the financial statements and footnotes included in Columbia Property Trust's Annual Report on Form 10-K for the year ended December 31, 2013 (the "2013 Form 10-K"). | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification ("ASC") 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability: | |||||||||||||||||
Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts. | |||||||||||||||||
Level 2 – Assets and liabilities valued based on observable market data for similar instruments. | |||||||||||||||||
Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider. | |||||||||||||||||
Real Estate Assets | |||||||||||||||||
Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. Columbia Property Trust considers the period of future benefit of the asset to determine the appropriate useful lives. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows: | |||||||||||||||||
Buildings | 40 years | ||||||||||||||||
Building improvements | 5-25 years | ||||||||||||||||
Site improvements | 15 years | ||||||||||||||||
Tenant improvements | Shorter of economic life or lease term | ||||||||||||||||
Intangible lease assets | Lease term | ||||||||||||||||
Evaluating the Recoverability of Real Estate Assets | |||||||||||||||||
Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets, of both operating properties and properties under construction, in which Columbia Property Trust has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of real estate assets and related intangible assets (liabilities) may not be recoverable, Columbia Property Trust assesses the recoverability of these assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future operating cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, Columbia Property Trust adjusts the carrying value of the real estate assets and related intangible assets to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognizes an impairment loss. Estimated fair values are calculated based on the following information, in order of preference, depending upon availability: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated salvage value. Certain of Columbia Property Trust's assets may be carried at more than an amount that could be realized in a current disposition transaction. | |||||||||||||||||
Projections of expected future operating cash flows require that Columbia Property Trust estimate future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. The subjectivity of assumptions used in the future cash flow analysis, including discount rates, could result in an incorrect assessment of the property's fair value and could result in the misstatement of the carrying value of Columbia Property Trust's real estate assets and related intangible assets and net income (loss). | |||||||||||||||||
In 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 (the "18 Property 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. In connection with finalizing the terms of the 18 Property Sale agreement in the fourth quarter of 2013, Columbia Property Trust reduced the aggregate carrying value of the assets included therein to fair value, as estimated based on the approximate net contract price (Level 2) of $500 million, by recognizing an additional impairment loss of $12.9 million in the third quarter of 2013. | |||||||||||||||||
In the first quarter of 2014, Columbia Property Trust revised its investment strategy for the 180 Park Avenue, #103 Building in Florham Park, New Jersey, to sell the property to a user in the near term. As a result, management reduced its intended holding period for the building and reevaluated the property's carrying value as of March 31, 2014, pursuant to the accounting policy outlined above. Columbia Property Trust concluded that the 180 Park Avenue, #103 Building was not recoverable and reduced its carrying value to reflect its fair value, estimated based on recently quoted market prices (Level 2), by recording an impairment loss of approximately $13.6 million in the first quarter of 2014. The sale of the180 Park Avenue, #103 Building closed on June 4, 2014 for $10.2 million, exclusive of transaction costs. | |||||||||||||||||
In the second quarter of 2014, Columbia Property Trust decided to pursue a near-term sale of the 200 South Orange Building (formerly known as the SunTrust Building) in Orlando, Florida in connection with exiting this market. As a result, management reduced its intended holding period for the building and reevaluated the property's carrying value in the second quarter of 2014. In connection with negotiating the terms of the sale, Columbia Property Trust reduced the carrying value of the 200 South Orange Building to reflect fair value, estimated based on an approximate net contract price of $18.4 million (Level 1), by recording an impairment loss of $1.4 million in the second quarter. The sale of the 200 South Orange Building closed on June 30, 2014 for $18.4 million, net of transaction costs. | |||||||||||||||||
The fair value measurements used in the evaluation of the 120 Eagle Rock property and the 333 & 777 Republic Drive property are considered to be Level 3 valuations within the fair value hierarchy outlined above, as there are significant unobservable inputs. Examples of inputs that were utilized in the fair value calculations include estimated holding periods, discount rates, market capitalization rates, expected lease rental rates, and potential sales prices. The table below represents the detail of the adjustments recognized using Level 3 inputs. | |||||||||||||||||
For the three and six months ended June 30, 2013 (in thousands): | |||||||||||||||||
Property | Net Book Value | Impairment Loss Recognized | Fair Value | ||||||||||||||
120 Eagle Rock | $ | 23,808 | $ | (11,708 | ) | $ | 12,100 | ||||||||||
333 & 777 Republic Drive | $ | 13,359 | $ | (5,159 | ) | $ | 8,200 | ||||||||||
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 June 30, 2014, the 7031 Columbia Gateway Drive Building met the criteria to be classified as held for sale in the accompanying balance sheet. See Note 3, Real Estate and Other Transactions, for discussion of this disposition. | |||||||||||||||||
Intangible Assets and Liabilities Arising from In-Place Leases where Columbia Property Trust is the Lessor | |||||||||||||||||
Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see Fair Value Measurements section above for additional detail). As of June 30, 2014 and December 31, 2013, 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 | |||||||||||||||||
June 30, 2014 | Gross | $ | 79,982 | $ | 395,819 | $ | 360,660 | $ | 159,629 | ||||||||
Accumulated Amortization | (59,032 | ) | (241,922 | ) | (225,859 | ) | (82,664 | ) | |||||||||
Net | $ | 20,950 | $ | 153,897 | $ | 134,801 | $ | 76,965 | |||||||||
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 | |||||||||
Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands): | |||||||||||||||||
Intangible Lease Assets | Intangible | Intangible | |||||||||||||||
Lease | Below-Market | ||||||||||||||||
Origination | In-Place Lease | ||||||||||||||||
Above-Market | Absorption | Costs | Liabilities | ||||||||||||||
In-Place | Period Costs | ||||||||||||||||
Lease Assets | |||||||||||||||||
For the three months ended June 30, 2014 | $ | 1,350 | $ | 9,178 | $ | 8,440 | $ | 3,778 | |||||||||
For the three months ended June 30, 2013 | $ | 1,453 | $ | 9,919 | $ | 10,017 | $ | 3,705 | |||||||||
For the six months ended June 30, 2014 | $ | 2,706 | $ | 17,251 | $ | 16,873 | $ | 6,859 | |||||||||
For the six months ended June 30, 2013 | $ | 3,138 | $ | 20,054 | $ | 19,941 | $ | 7,431 | |||||||||
The remaining net intangible assets and liabilities as of June 30, 2014, 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 six months ended December 31, 2014 | $ | 2,665 | $ | 18,353 | $ | 16,645 | $ | 7,870 | |||||||||
For the years ending December 31: | |||||||||||||||||
2015 | 4,492 | 31,302 | 29,937 | 13,302 | |||||||||||||
2016 | 3,760 | 23,430 | 22,897 | 10,091 | |||||||||||||
2017 | 1,891 | 17,208 | 16,342 | 7,684 | |||||||||||||
2018 | 1,087 | 13,297 | 11,834 | 6,730 | |||||||||||||
2019 | 1,047 | 12,261 | 10,681 | 6,074 | |||||||||||||
Thereafter | 6,008 | 38,046 | 26,465 | 25,214 | |||||||||||||
$ | 20,950 | $ | 153,897 | $ | 134,801 | $ | 76,965 | ||||||||||
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 June 30, 2014 and December 31, 2013, and recognized amortization of these assets of approximately $0.5 million for the three months ended June 30, 2014 and 2013, and $1.0 million for the six months ended June 30, 2014 and 2013. | |||||||||||||||||
As of June 30, 2014, the remaining net below-market lease asset will be amortized as follows (in thousands): | |||||||||||||||||
For the six months ended December 31, 2014 | $ | 1,036 | |||||||||||||||
For the years ending December 31: | |||||||||||||||||
2015 | 2,069 | ||||||||||||||||
2016 | 2,069 | ||||||||||||||||
2017 | 2,069 | ||||||||||||||||
2018 | 2,069 | ||||||||||||||||
2019 | 2,069 | ||||||||||||||||
Thereafter | 85,207 | ||||||||||||||||
$ | 96,588 | ||||||||||||||||
Prepaid Expenses and Other Assets | |||||||||||||||||
Prepaid expenses and other assets primarily are comprised of escrow accounts held by lenders to pay future real estate taxes, insurance and tenant improvements, notes receivable, nontenant receivables, prepaid taxes, insurance and operating costs, certain corporate assets, hotel inventory, and deferred tax assets. Prepaid expenses and other assets will be expensed as incurred or reclassified to other asset accounts upon being put into service in future periods. | |||||||||||||||||
Interest Rate Swap Agreements | |||||||||||||||||
Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate swap transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of the effective portion of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income, while changes in the fair value of the ineffective portion of a hedge, if any, is recognized currently in earnings. Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain (loss) on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as gain (loss) on interest rate swaps for contracts that do not qualify for hedge accounting treatment. | |||||||||||||||||
The following tables provide additional information related to Columbia Property Trust's interest rate swaps (in thousands): | |||||||||||||||||
Estimated Fair Value as of | |||||||||||||||||
Instrument Type | Balance Sheet Classification | June 30, | December 31, | ||||||||||||||
2014 | 2013 | ||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Accounts payable | $ | (3,096 | ) | $ | (3,307 | ) | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Accounts payable | $ | (5,255 | ) | $ | (7,579 | ) | ||||||||||
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 $(8.4) million and $(10.9) million at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||
Six months ended | |||||||||||||||||
June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income | $ | 211 | $ | 2,717 | |||||||||||||
Gain (loss) on interest rate swap recognized through earnings | $ | (335 | ) | $ | 221 | ||||||||||||
During the periods presented, there was no hedge ineffectiveness required to be recognized into earnings on the interest rate swaps that qualified for hedge accounting treatment. | |||||||||||||||||
Income Taxes | |||||||||||||||||
Columbia Property Trust has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"), and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. As a REIT, Columbia Property Trust generally is not subject to income tax on income it distributes to stockholders. Columbia Property Trust's stockholder distributions typically exceed its taxable income due to the inclusion of noncash expenses, such as depreciation, in taxable income. As a result, Columbia Property Trust typically does not incur federal income taxes other than as described in the following paragraph. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements. | |||||||||||||||||
Columbia Property Trust TRS, LLC ("Columbia Property Trust TRS"), Columbia KCP TRS, LLC ("Columbia KCP TRS"), and 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. | |||||||||||||||||
Reclassification | |||||||||||||||||
Certain prior period amounts have been reclassified to provide additional detail, or to conform with the current-period financial statement presentation, including 2013 discontinued operations (see Note 10, Held for Sale and Discontinued Operations) and historical share and per-share data impacted by the Reverse Stock Split (see Note 7, Equity). | |||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||
In April 2014, FASB issued ASU 2014-08, which raises the threshold used to determine whether revenues and expenses associated with dispositions are reclassified to discontinued operations in the statement of operations. Under the new standard, typical assets sales will remain in continuing operations; whereas, assets sales that represents a strategic shift in operations (for example, exiting a major geographical area) would be reclassified to discontinued operations. ASU 2014-08 is required beginning with the first quarter of 2015; however, Columbia Property Trust elected to adopt the new standard effective April 1, 2014. |
Real_Estate_and_Other_Transact
Real Estate and Other Transactions | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||||||||||||||||||
Real Estate and Other Transactions | ' | ||||||||||||||||||||||||||||||||
Real Estate and Other Transactions | |||||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||||
During the six months ended June 30, 2014, Columbia Property Trust acquired the following property (in thousands): | |||||||||||||||||||||||||||||||||
Property Name | City | State | Date | Land | Buildings | Intangible Lease Assets | Intangible Lease Origination Costs | Intangible Below- | Total | Lease | |||||||||||||||||||||||
Acquired | and | Market | Purchase | Details | |||||||||||||||||||||||||||||
Improvements | Lease | Price | |||||||||||||||||||||||||||||||
Liability | |||||||||||||||||||||||||||||||||
221 Main Street Building | San Francisco | CA | 22-Apr-14 | $ | 60,509 | $ | 161,853 | $ | 12,776 | $ | 3,475 | $ | (10,323 | ) | $ | 228,290 | (1) | ||||||||||||||||
(1) | As of the acquisition date, the 221 Main Street Building was 82.8% leased to 40 tenants, including DocuSign, Inc. (15.7%). No other tenants lease more than 10% of the building, based on annualized lease revenue. | ||||||||||||||||||||||||||||||||
The purchase price for the acquisition includes allocations based upon preliminary estimates of the fair value of the assets and liabilities acquired. These allocations may be adjusted in the future upon finalization of these preliminary estimates. Note 2, Summary of Significant Accounting Policies, provides a discussion of the estimated useful life for each asset class. | |||||||||||||||||||||||||||||||||
On April 22, 2014, Columbia Property Trust acquired the 221 Main Street Building, a 388,000 square foot office building in San Francisco, California, for $228.8 million, exclusive of closing costs. The acquisition was funded with a $73.0 million assumed mortgage note, $116.0 million of borrowings on the JPMorgan Credit Facility and cash on hand. Columbia Property Trust recognized revenues of $3.4 million and a net loss of $7.5 million from the 221 Main Street Building acquisition for the period from April 22, 2014 to June 30, 2014. The net loss includes acquisition-related expenses of $6.1 million. | |||||||||||||||||||||||||||||||||
The following unaudited pro forma statements of operations presented for the three and six months ended June 30, 2014, have been prepared for Columbia Property Trust to give effect to the acquisition of the 221 Main Building as if the acquisition occurred on January 1, 2013. 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 acquisition of the 221 Main Street Building been consummated as of January 1, 2013 (in thousands). | |||||||||||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Revenues | $ | 137,482 | $ | 134,708 | $ | 269,863 | $ | 266,414 | |||||||||||||||||||||||||
Net income (loss) | $ | 14,241 | $ | 20,113 | $ | 18,014 | $ | (8,904 | ) | ||||||||||||||||||||||||
Net income (loss) per share - basic | $ | 0.11 | $ | 0.15 | $ | 0.14 | $ | (0.07 | ) | ||||||||||||||||||||||||
Net income (loss) per share - diluted | $ | 0.11 | $ | 0.15 | $ | 0.14 | $ | (0.07 | ) | ||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||
As a result of adopting ASU 2014-08 effective April 1, 2014 (see Note 2, Significant Accounting Policies), for all periods presented in the statements of operations, the revenues and expenses associated with the June and July 2014 property sales described below are included in continuing operations, while the revenues and expenses associated with sales executed before April 1, 2014, are classified as discontinued operations. | |||||||||||||||||||||||||||||||||
180 Park Avenue, #103 Building | |||||||||||||||||||||||||||||||||
On June 4, 2014, Columbia Property Trust closed on the sale of the 180 Park Avenue, #103 Building in Florham Park, New Jersey, for $10.2 million, exclusive of transaction costs. Columbia Property Trust recognized an impairment loss of $13.6 million related to this building in the first quarter of 2014, as further described in Note 2, Significant Accounting Policies. | |||||||||||||||||||||||||||||||||
200 South Orange Building | |||||||||||||||||||||||||||||||||
On June 30, 2014, Columbia Property Trust closed on the sale of the 200 South Orange Building in Orlando, Florida, for $18.4 million, net of transaction costs. This transaction resulted in a $1.4 million impairment loss (see Note 2, Summary of Significant Accounting Policies, for additional details). | |||||||||||||||||||||||||||||||||
7031 Columbia Gateway Drive Building | |||||||||||||||||||||||||||||||||
On July 1, 2014, Columbia Property Trust closed on the sale of the 7031 Columbia Gateway Drive Building in Columbia, Maryland, for approximately $59.5 million, exclusive of transaction costs. This transaction yielded a gain of approximately $7.8 million, which will be reflected in the third quarter and may be adjusted in future periods as additional information regarding estimated transaction costs becomes available. As of June 30, 2014, the assets and liabilities of the 7031 Columbia Gateway Drive Building are classified as held for sale in the accompanying balance sheet. | |||||||||||||||||||||||||||||||||
Dvintsev Business Center - Tower B Building | |||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||
Other Transactions | |||||||||||||||||||||||||||||||||
As described in Note 9, Related-Party Transactions and Agreements, Columbia Property Trust acquired Columbia Property Trust Advisory Services, LLC ("Columbia Property Trust Advisory Services") and Columbia Property Trust Services, LLC ("Columbia Property Trust Services") on February 28, 2013. The following unaudited pro forma statements of operations presented for the six months ended June 30, 2013, 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, 2013. 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, 2013 (in thousands). | |||||||||||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Revenues | * | * | * | $ | 261,848 | ||||||||||||||||||||||||||||
Net income | * | * | * | $ | 31,770 | ||||||||||||||||||||||||||||
* | Columbia Property Trust owned Columbia Property Trust Advisory Services and Columbia Property Trust Services for all of the three months ended June 30, 2014 and 2013, and the six months ended June 30, 2014. |
Line_of_Credit_and_Notes_Payab
Line of Credit and Notes Payable | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Line of Credit and Notes Payable | ' | ||||||||
Line of Credit and Notes Payable | |||||||||
As of June 30, 2014 and December 31, 2013, Columbia Property Trust had the following line of credit and notes payable indebtedness (excluding bonds payable; see Note 5, Bonds Payable) in thousands: | |||||||||
Facility | June 30, | December 31, | |||||||
2014 | 2013 | ||||||||
$450 Million Term Loan | $ | 450,000 | $ | 450,000 | |||||
Market Square Buildings mortgage note | 325,000 | 325,000 | |||||||
333 Market Street Building mortgage note | 207,187 | 207,559 | |||||||
100 East Pratt Street Building mortgage note | 105,000 | 105,000 | |||||||
JPMorgan Chase Credit Facility | 75,000 | — | |||||||
221 Main Street Building mortgage note | 73,000 | — | |||||||
263 Shuman Boulevard Building mortgage note | 49,000 | 49,000 | |||||||
SanTan Corporate Center mortgage notes | 39,000 | 39,000 | |||||||
One Glenlake Building mortgage note | 33,413 | 34,713 | |||||||
215 Diehl Road Building mortgage note | 21,000 | 21,000 | |||||||
544 Lakeview Building mortgage note | 9,044 | 8,977 | |||||||
Total indebtedness | $ | 1,386,644 | $ | 1,240,249 | |||||
221 Main Street Building Mortgage Note | |||||||||
In April 2014, in connection with acquiring the 221 Main Street Building in San Francisco, California, Columbia Property Trust assumed a $73.0 million mortgage note payable (the "221 Main Street Building Mortgage Note"), which is secured by this property. At the time of acquisition, Columbia Property Trust evaluated the 221 Main Street Building Mortgage Note and determined that the face value of the note approximates its fair value. The fair value of the 221 Main Street Building mortgage note was estimated by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates (Level 2). The 221 Main Street Building Mortgage Note is due on May 10, 2017, and requires monthly interest-only payments at an interest rate of 3.95% per annum. | |||||||||
Fair Value of Debt | |||||||||
The estimated fair value of Columbia Property Trust's line of credit and notes payable as of June 30, 2014 and December 31, 2013, was approximately $1,406.5 million and $1,245.3 million, respectively. Columbia Property Trust estimated the fair value of its JPMorgan Chase Credit Facility (the "JPMorgan Chase Credit Facility") by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates. Therefore, the fair values determined are considered to be based on observable market data for similar instruments (Level 2). The fair values of all other debt instruments were estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowing arrangements as of the respective reporting dates. The discounted cash flow method of assessing fair value results in a general approximation of value, and such value may never actually be realized. | |||||||||
Interest Paid and Debt Covenants | |||||||||
During the six months ended June 30, 2014 and 2013, Columbia Property Trust made interest payments of approximately $27.2 million and $30.4 million, respectively. There was no interest capitalized in either period. As of June 30, 2014, Columbia Property Trust believes it was in compliance with the restrictive covenants on its $450 Million Term Loan (the "$450 Million Term Loan"), JPMorgan Chase Credit Facility, and notes payable obligations. |
Bonds_Payable
Bonds Payable | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Bonds Payable | ' |
Bonds Payable | |
In 2011, Columbia Property Trust OP issued $250.0 million of seven-year, unsecured 5.875% senior notes at 99.295% of their face value (the "2018 Bonds Payable"), which are guaranteed by Columbia Property Trust. Columbia Property Trust OP received proceeds from the 2018 Bonds Payable, net of fees, of $246.7 million. The 2018 Bonds Payable require semi-annual interest payments in April and October based on a contractual annual interest rate of 5.875%, which is subject to adjustment in certain circumstances. In the accompanying consolidated balance sheets, the 2018 Bonds Payable are shown net of the initial issuance discount of approximately $1.8 million, which is amortized to interest expense over the term of the 2018 Bonds Payable using the effective interest method. The principal amount of the 2018 Bonds Payable is due and payable on the maturity date, April 1, 2018. Interest payments of $7.3 million were made on the 2018 Bonds Payable during the six months ended June 30, 2014 and 2013. As of June 30, 2014, Columbia Property Trust believes it was in compliance with the restrictive covenants on the 2018 Bonds Payable. | |
The estimated fair value of the 2018 Bonds Payable as of June 30, 2014, and December 31, 2013, was approximately $250.8 million. The fair value of the 2018 Bonds Payable was estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowing as the 2018 Bonds Payable arrangements as of the respective reporting dates (Level 2). The discounted cash flow method of assessing fair value results in a general approximation of value, and such value may never actually be realized. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Commitments Under Existing Lease Agreements | |
Certain lease agreements include provisions that, at the option of the tenant, may obligate Columbia Property Trust to expend capital to expand an existing property or provide other expenditures for the benefit of the tenant. As of June 30, 2014, no such options have been exercised that have 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, liquidity, or financial condition of Columbia Property Trust. |
Stockholders_Equity
Stockholder's Equity | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Equity [Abstract] | ' | |||||||||
Stockholders' Equity | ' | |||||||||
Stockholders' Equity | ||||||||||
2013 Long-Term Incentive Plan | ||||||||||
Columbia Property Trust maintains a long-term incentive plan that provides for grants of stock to be made to certain 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 July 2013. A total of 2,000,000 shares are authorized and reserved for issuance under the 2013 Long-Term Incentive Plan. | ||||||||||
On January 21, 2014, Columbia Property Trust granted 143,740 shares of common stock to employees, net of 12,752 shares withheld to settle the related tax liability, under the 2013 Long-Term Incentive Plan (the "2013 LTIP Employee Grant"), of which 25% vested upon grant, and the remaining shares will vest ratably, with the passage of time, on January 31, 2015, 2016, and 2017. Employees will receive quarterly dividends related to their entire grant, including the unvested shares, on each dividend payment date. A summary of the activity for the employee stock grants under the 2013 Long-Term Incentive Plan for the six months ended June 30, 2014, follows: | ||||||||||
Shares | Weighted-Average, | |||||||||
(in thousands) | Grant-Date Fair Value(1) | |||||||||
Unvested shares as of January 1, 2014 | — | $ | — | |||||||
Granted | 144 | $ | 24.82 | |||||||
Vested | (36 | ) | $ | 24.82 | ||||||
Forfeited | (1 | ) | $ | 24.82 | ||||||
Unvested shares as of June 30, 2014 | 107 | (2) | $ | 24.82 | ||||||
(1) | Columbia Property Trust determined the weighted-average, grant-date fair value using the market closing price on the date of the grant. | |||||||||
(2) | As of June 30, 2014, we expect approximately 101,000 of the 107,000 unvested shares to ultimately vest, assuming a forfeiture rate of 5.0%, which was determined based on peer company data, adjusted for the specifics of the 2013 Long-Term Incentive Plan. | |||||||||
In January, April, and July 2014, Columbia Property Trust paid quarterly installments of the independent directors' annual equity retainers by granting shares to the independent directors, which vested at the time of grant. A summary of these grants, which were made under the 2013 Long-Term Incentive Plan follows: | ||||||||||
Date of Grant | Shares | Weighted Average | ||||||||
Grant-Date Fair Value | ||||||||||
Q1 2014 Director Grant | January 21, 2014 | 3,344 | $ | 24.82 | ||||||
Q2 2014 Director Grant | April 1, 2014 | 2,968 | $ | 27.22 | ||||||
Q3 2014 Director Grant | July 1, 2014 | 3,016 | $ | 25.78 | ||||||
For the three and six months ended June 30, 2014, Columbia Property Trust incurred $0.5 million and $1.0 million, respectively, in stock-based compensation expense, of which $0.1 million and $0.2 million, respectively, related to the issuance of shares to independent directors as described above, $0.2 million and $0.4 million, respectively, related to the amortization of unvested awards under the 2013 LTIP Employee Grant, and $0.2 million and $0.4 million, respectively, related to future employee awards to be granted for service during this period. These future awards have been authorized and employee service related to these awards began on January 1, 2014. Columbia Property Trust anticipates granting these awards in January 2015, with 25% of the grant vesting on the grant date and the remaining shares vesting ratably on January 31, 2016, 2017, and 2018 (the "2014 LTIP Employee Grant"). These expenses are included in general and administrative expenses in the accompanying consolidated statement of operations. As of June 30, 2014, there was $2.1 million of unrecognized compensation costs related to unvested awards under the 2013 LTIP Employee Grant. This amount will be amortized over the respective vesting period, ranging from one to three years at the time of grant. | ||||||||||
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. | ||||||||||
On July 1, 2014, Columbia Property Trust reduced the number of common shares authorized from 900,000,000 to 225,000,000, which is proportionally equal to the reduction in shares outstanding as a result of the Reverse Stock Split. |
Supplemental_Disclosures_of_No
Supplemental Disclosures of Noncash Investing and Financing Activities | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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 six months ended June 30, 2014 and 2013 (in thousands): | ||||||||
Six months ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Investment in real estate funded with other assets | $ | 3,807 | $ | — | ||||
Other assets assumed at acquisition | $ | 501 | $ | 741 | ||||
Other liabilities assumed at acquisition | $ | 589 | $ | 741 | ||||
Other liabilities settled at disposition | $ | — | $ | 872 | ||||
Note payable assumed at acquisition | $ | 73,000 | $ | — | ||||
Interest accruing to notes payable | $ | — | $ | 159 | ||||
Amortization of premiums (discounts) on debt | $ | 178 | $ | 304 | ||||
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment | $ | 211 | $ | 2,717 | ||||
Accrued capital expenditures and deferred lease costs | $ | 18,431 | $ | 13,408 | ||||
Accrued deferred financing costs | $ | 31 | $ | — | ||||
Accrued redemptions of common stock | $ | — | $ | 2,079 | ||||
Common stock issued to employees and directors, and amortized (net of amounts withheld for income taxes) | $ | 708 | $ | — | ||||
Increase in redeemable common stock | $ | — | $ | 22,226 | ||||
RelatedParty_Transactions_and_
Related-Party Transactions and Agreements | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Related-Party Transactions and Agreements | ' | |||||||||||||||
Related-Party Transactions and Agreements | ||||||||||||||||
During 2013, Columbia Property Trust was party to agreements with various entities of Wells Real Estate Funds ("WREF"), which served as our Advisor (the "Advisor"). Since January 1, 2014, Columbia Property Trust has had no contractual relationship with WREF. | ||||||||||||||||
• | Transition Services Agreement - Columbia Property Trust exercised the option to acquire Columbia Property Trust Advisory Services and Columbia Property Trust Services from WREF (the "Assignment Options") on February 13, 2014, as provided for in the Transition Services Agreement, as amended (the "Transition Services Agreement"). No payment was associated with the Assignment Options; however, Columbia Property Trust was required to pay WREF a total of $8.8 million, for the work required to transfer sufficient employees, proprietary systems and processes, and assets to Columbia Property Trust Advisory Services and Columbia Property Trust Services. | |||||||||||||||
• | Consulting Services Agreement - Under the Consulting Services Agreement, WREF provided consulting services with respect to the same matters that were provided under the Advisory Agreement, described below (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. | |||||||||||||||
• | Advisory Agreement - Under the terms of the advisory agreement in place from January 1, 2013 to February 27, 2013 (the "Advisory Agreement"), Columbia Property Trust incurred fees and reimbursements payable to the Advisor for asset management and administrative services. | |||||||||||||||
Related-Party Costs | ||||||||||||||||
Pursuant to the terms of the agreements described above, Columbia Property Trust incurred the following related-party costs for the three and six months ended June 30, 2014 and 2013, respectively (in thousands): | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Investor services | $ | — | $ | 278 | $ | — | $ | 369 | ||||||||
Administrative reimbursements, net(1) | — | 70 | — | 1,891 | ||||||||||||
Other | — | 20 | — | 69 | ||||||||||||
Consulting fees(2) | — | — | — | 25,417 | ||||||||||||
Transition services(3) | — | — | — | 5,750 | ||||||||||||
Asset management fees | — | — | — | 5,083 | ||||||||||||
Property management fees | — | — | — | 523 | ||||||||||||
Construction fees(4) | — | — | — | 139 | ||||||||||||
Total | $ | — | $ | 368 | $ | — | $ | 39,241 | ||||||||
-1 | Administrative reimbursements are presented net of reimbursements from tenants of approximately $0.7 million for the six months ended June 30, 2013. | |||||||||||||||
(2) | $10.2 million of the $25.4 million of consulting fees incurred were paid during the six months ended June 30, 2013. The remaining $15.2 million was paid ratably over the remainder of 2013. | |||||||||||||||
(3) | $3.0 million of the $5.8 million of transition services fees incurred were paid during the six months ended June 30, 2013; $1.5 million was paid in the third quarter of 2013; and the remaining $1.3 million was paid in the fourth quarter of 2013. | |||||||||||||||
(4) | Construction fees are capitalized to real estate assets as incurred. |
Held_for_Sale_and_Discontinued
Held for Sale and Discontinued Operations | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Discontinued Operation, Additional Disclosures [Abstract] | ' | |||||||||||||||
Held for Sale and Discontinued Operations | ' | |||||||||||||||
Held for Sale and Discontinued Operations | ||||||||||||||||
Held for Sale | ||||||||||||||||
In accordance with GAAP, assets and liabilities that meet certain criteria for disposal are required to be classified as held for sale. As of June 30, 2014, the 7031 Columbia Gateway Drive Building was subject to a firm sale contract and, thus, classified as held for sale in the accompanying consolidated balance sheet. This transaction closed on July 1, 2014, and will be reflected in the third quarter of 2014 (see Note 3, Real Estate and Other Transactions). | ||||||||||||||||
The major classes of assets and liabilities classified as held for sale as of June 30, 2014, is provided below (in thousands): | ||||||||||||||||
30-Jun-14 | ||||||||||||||||
Real estate assets held for sale: | ||||||||||||||||
Real estate assets, at cost: | ||||||||||||||||
Land | $ | 10,232 | ||||||||||||||
Buildings and improvements, less accumulated depreciation of $7,829 | 37,963 | |||||||||||||||
Intangible lease assets, less accumulated amortization of $6,698 | 1,614 | |||||||||||||||
Total real estate assets held for sale, net | $ | 49,809 | ||||||||||||||
Other assets held for sale: | ||||||||||||||||
Tenant receivables | $ | 403 | ||||||||||||||
Prepaid expenses and other assets | 26 | |||||||||||||||
Intangible lease origination costs, less accumulated amortization of $4,244 | 1,023 | |||||||||||||||
Deferred lease costs, less accumulated amortization of $52 | 87 | |||||||||||||||
Total other assets held for sale, net | $ | 1,539 | ||||||||||||||
Liabilities held for sale: | ||||||||||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | $ | 85 | ||||||||||||||
Deferred income | 346 | |||||||||||||||
Intangible lease liabilities, less accumulated amortization of $3,719 | 896 | |||||||||||||||
Total liabilities held for sale, net | $ | 1,327 | ||||||||||||||
Discontinued Operations | ||||||||||||||||
As a result of implementing ASU 2014-08 effective April 1, 2014 (see Note 2., Significant Accounting Policies), beginning in the second quarter of 2014, the operating results for properties sold will generally be included in continuing operations. The following properties were sold prior to implementing ASU 2014-08 and are, therefore, included in 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 $0.2 million; and | |||||||||||||||
• | 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 following table shows the revenues and expenses of the above-described discontinued operations (in thousands): | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues: | ||||||||||||||||
Rental income | $ | 1 | $ | 13,848 | $ | 4 | $ | 28,970 | ||||||||
Tenant reimbursements | 151 | 3,192 | 100 | 6,557 | ||||||||||||
Other property income | — | 292 | — | 292 | ||||||||||||
152 | 17,332 | 104 | 35,819 | |||||||||||||
Expenses: | ||||||||||||||||
Property operating costs | 82 | 6,068 | (265 | ) | 12,373 | |||||||||||
Asset and property management fees | — | 150 | 7 | 1,308 | ||||||||||||
Depreciation | — | 3,653 | — | 7,570 | ||||||||||||
Amortization | — | 2,345 | — | 4,390 | ||||||||||||
Impairment loss on real estate assets | — | — | — | 16,867 | ||||||||||||
General and administrative | 110 | 37 | 128 | 1,072 | ||||||||||||
Total expenses | 192 | 12,253 | (130 | ) | 43,580 | |||||||||||
Operating income (loss) | (40 | ) | 5,079 | 234 | (7,761 | ) | ||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | — | (1,126 | ) | — | (2,252 | ) | ||||||||||
Interest and other income | — | 161 | 3 | 164 | ||||||||||||
— | (965 | ) | 3 | (2,088 | ) | |||||||||||
Income (loss) from discontinued operations before income tax expense | (40 | ) | 4,114 | 237 | (9,849 | ) | ||||||||||
Income tax expense | — | (2 | ) | — | (6 | ) | ||||||||||
Income (loss) from discontinued operations | (40 | ) | 4,112 | 237 | (9,855 | ) | ||||||||||
Gain (loss) on disposition of discontinued operations | (650 | ) | — | (978 | ) | 10,014 | ||||||||||
Income (loss) from discontinued operations | $ | (690 | ) | $ | 4,112 | $ | (741 | ) | $ | 159 | ||||||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Earnings Per Share | |||||||||||||||||
For the three and six months ended June 30, 2014, the basic and diluted earnings per-share computations, net income (loss), and income (loss) from continuing operations have been reduced for the dividends paid on unvested shares related to the 2013 LTIP Employee Grant and the 2014 LTIP Employee Grant. The following table reconciles the numerator for the basic and diluted earnings per share computations shown on the consolidated statements of income for the three and six months ended June 30, 2014 and 2013, respectively (in thousands): | |||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income (loss) | $ | 8,021 | $ | 20,601 | $ | 11,421 | $ | (2,007 | ) | ||||||||
Distributions paid on unvested shares | (32 | ) | — | (64 | ) | — | |||||||||||
Net income (loss) used to calculate basic and diluted earnings per share | $ | 7,989 | $ | 20,601 | $ | 11,357 | $ | (2,007 | ) | ||||||||
The following table reconciles the denominator for the basic and diluted earnings per share computations shown on the consolidated statements of income for the three and six months ended June 30, 2014 and 2013, respectively (in thousands): | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted-average common shares - basic | 124,860 | 135,816 | 124,855 | 136,166 | |||||||||||||
Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases: | |||||||||||||||||
2013 LTIP Employee Grant | 27 | — | 25 | — | |||||||||||||
2014 LTIP Employee Grant | 32 | — | 21 | — | |||||||||||||
Weighted-average common shares - diluted | 124,919 | 135,816 | 124,901 | 136,166 | |||||||||||||
Financial_Information_for_Pare
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non Guarantor Subsidiaries [Abstract] | ' | |||||||||||||||||||
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries | ' | |||||||||||||||||||
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries | ||||||||||||||||||||
The 2018 Bonds Payable (see Note 5, Bonds Payable) were issued by Columbia Property Trust OP, and are guaranteed by Columbia Property Trust. As a result of amending the $450 Million Term Loan and the JPMorgan Chase Credit Facility in August 2013, all of the indirect and direct subsidiaries of Columbia Property Trust that previously guaranteed the $450.0 Million Term Loan, the JPMorgan Chase Credit Facility, and the 2018 Bonds Payable were released under customary circumstances as guarantors, which resulted in the reclassification of prior-period amounts from the guarantor to the non-guarantor groupings within the condensed consolidating financial statements to conform with the current period presentation. In accordance with SEC Rule 3-10(c), Columbia Property Trust includes herein condensed consolidating financial information in lieu of separate financial statements of the subsidiary issuer (Columbia Property Trust OP), 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 June 30, 2014 and December 31, 2013 (in thousands), as well as its condensed consolidating statements of operations and its condensed consolidating statements of comprehensive income for the three and six months ended June 30, 2014 and 2013 (in thousands); and its condensed consolidating statements of cash flows for the six months ended June 30, 2014 and 2013 (in thousands). | ||||||||||||||||||||
Condensed Consolidating Balance Sheets (in thousands) | ||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Real estate assets, at cost: | ||||||||||||||||||||
Land | $ | — | $ | 6,241 | $ | 742,827 | $ | — | $ | 749,068 | ||||||||||
Buildings and improvements, net | — | 23,903 | 2,996,890 | — | 3,020,793 | |||||||||||||||
Intangible lease assets, net | — | — | 269,821 | — | 269,821 | |||||||||||||||
Construction in progress | — | 2,074 | 16,869 | — | 18,943 | |||||||||||||||
Real estate assets held for sale, net | — | — | 49,809 | — | 49,809 | |||||||||||||||
Total real estate assets | — | 32,218 | 4,076,216 | — | 4,108,434 | |||||||||||||||
Cash and cash equivalents | 24,320 | 5,122 | 19,892 | — | 49,334 | |||||||||||||||
Investment in subsidiaries | 2,523,593 | 2,263,021 | — | (4,786,614 | ) | — | ||||||||||||||
Tenant receivables, net of allowance | — | 220 | 6,934 | — | 7,154 | |||||||||||||||
Straight line rent receivable | — | 31 | 117,960 | — | 117,991 | |||||||||||||||
Prepaid expenses and other assets | 177,272 | 148,845 | 23,030 | (321,173 | ) | 27,974 | ||||||||||||||
Deferred financing costs, net | — | 7,505 | 2,022 | — | 9,527 | |||||||||||||||
Intangible lease origination costs, net | — | — | 133,778 | — | 133,778 | |||||||||||||||
Deferred lease costs, net | — | 1,835 | 103,805 | — | 105,640 | |||||||||||||||
Investment in development authority bonds | — | — | 120,000 | — | 120,000 | |||||||||||||||
Other assets held for sale, net | — | — | 1,539 | — | 1,539 | |||||||||||||||
Total assets | $ | 2,725,185 | $ | 2,458,797 | $ | 4,605,176 | $ | (5,107,787 | ) | $ | 4,681,371 | |||||||||
Liabilities: | ||||||||||||||||||||
Line of credit and notes payable | $ | — | $ | 525,000 | $ | 1,181,232 | $ | (319,588 | ) | $ | 1,386,644 | |||||||||
Bonds payable, net | — | 249,056 | — | — | 249,056 | |||||||||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | — | 11,155 | 87,582 | — | 98,737 | |||||||||||||||
Due to affiliates | — | 18 | 1,567 | (1,585 | ) | — | ||||||||||||||
Deferred income | — | 184 | 24,169 | — | 24,353 | |||||||||||||||
Intangible lease liabilities, net | — | — | 76,069 | — | 76,069 | |||||||||||||||
Obligations under capital leases | — | — | 120,000 | — | 120,000 | |||||||||||||||
Liabilities held for sale, net | — | — | 1,327 | — | 1,327 | |||||||||||||||
Total liabilities | — | 785,413 | 1,491,946 | (321,173 | ) | 1,956,186 | ||||||||||||||
Equity: | ||||||||||||||||||||
Total equity | 2,725,185 | 1,673,384 | 3,113,230 | (4,786,614 | ) | 2,725,185 | ||||||||||||||
Total liabilities and equity | $ | 2,725,185 | $ | 2,458,797 | $ | 4,605,176 | $ | (5,107,787 | ) | $ | 4,681,371 | |||||||||
Condensed Consolidating Balance Sheets (in thousands) | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Real estate assets, at cost: | ||||||||||||||||||||
Land | $ | — | $ | 6,241 | $ | 700,697 | $ | — | $ | 706,938 | ||||||||||
Building 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: | ||||||||||||||||||||
Lines 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 (from) 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 | ||||||||||||||
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 | |||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the three months ended June 30, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 110 | $ | 103,802 | $ | (91 | ) | $ | 103,821 | |||||||||
Tenant reimbursements | — | 43 | 22,891 | — | 22,934 | |||||||||||||||
Hotel income | — | — | 6,505 | — | 6,505 | |||||||||||||||
Other property income | — | — | 3,555 | (58 | ) | 3,497 | ||||||||||||||
— | 153 | 136,753 | (149 | ) | 136,757 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 634 | 38,289 | (91 | ) | 38,832 | ||||||||||||||
Hotel operating costs | — | — | 4,689 | — | 4,689 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | — | 4 | — | (4 | ) | — | ||||||||||||||
Other | — | — | 675 | — | 675 | |||||||||||||||
Depreciation | — | 405 | 29,764 | — | 30,169 | |||||||||||||||
Amortization | — | 13 | 20,208 | — | 20,221 | |||||||||||||||
Impairment loss on real estate assets | — | — | 1,432 | — | 1,432 | |||||||||||||||
General and administrative | 47 | 2,597 | 5,822 | (54 | ) | 8,412 | ||||||||||||||
Acquisition expenses | — | — | 6,102 | — | 6,102 | |||||||||||||||
47 | 3,653 | 106,981 | (149 | ) | 110,532 | |||||||||||||||
Real estate operating income (loss) | (47 | ) | (3,500 | ) | 29,772 | — | 26,225 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (7,779 | ) | (15,753 | ) | 4,672 | (18,860 | ) | ||||||||||||
Interest and other income | 1,988 | 2,686 | 1,800 | (4,672 | ) | 1,802 | ||||||||||||||
Loss on interest rate swaps | — | — | (105 | ) | — | (105 | ) | |||||||||||||
Income from equity investment | 6,080 | 12,848 | — | (18,928 | ) | — | ||||||||||||||
8,068 | 7,755 | (14,058 | ) | (18,928 | ) | (17,163 | ) | |||||||||||||
Income before income tax expense | 8,021 | 4,255 | 15,714 | (18,928 | ) | 9,062 | ||||||||||||||
Income tax expense | — | (1 | ) | (350 | ) | — | (351 | ) | ||||||||||||
Income from continuing operations | 8,021 | 4,254 | 15,364 | (18,928 | ) | 8,711 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating loss from discontinued operations | — | — | (40 | ) | — | (40 | ) | |||||||||||||
Loss on disposition of discontinued operations | — | — | (650 | ) | — | (650 | ) | |||||||||||||
Loss from discontinued operations | — | — | (690 | ) | — | (690 | ) | |||||||||||||
Net income | $ | 8,021 | $ | 4,254 | $ | 14,674 | $ | (18,928 | ) | $ | 8,021 | |||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the three months ended June 30, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 101 | $ | 103,088 | $ | (86 | ) | $ | 103,103 | |||||||||
Tenant reimbursements | — | (20 | ) | 21,286 | — | 21,266 | ||||||||||||||
Hotel income | — | — | 6,562 | — | 6,562 | |||||||||||||||
Other property income | — | — | 1,013 | (47 | ) | 966 | ||||||||||||||
— | 81 | 131,949 | (133 | ) | 131,897 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 594 | 36,561 | (86 | ) | 37,069 | ||||||||||||||
Hotel operating costs | — | — | 4,820 | — | 4,820 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | — | 4 | — | (4 | ) | — | ||||||||||||||
Other | — | — | 530 | — | 530 | |||||||||||||||
Depreciation | — | 328 | 26,627 | — | 26,955 | |||||||||||||||
Amortization | — | 7 | 19,975 | — | 19,982 | |||||||||||||||
General and administrative | — | 4,046 | 4,954 | (43 | ) | 8,957 | ||||||||||||||
— | 4,979 | 93,467 | (133 | ) | 98,313 | |||||||||||||||
Real estate operating income (loss) | — | (4,898 | ) | 38,482 | — | 33,584 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (8,148 | ) | (22,624 | ) | 4,723 | (26,049 | ) | ||||||||||||
Interest and other income | 2,002 | 2,723 | 9,111 | (4,723 | ) | 9,113 | ||||||||||||||
Loss on interest rate swaps | — | — | 164 | — | 164 | |||||||||||||||
Income from equity investment | 18,599 | 26,693 | — | (45,292 | ) | — | ||||||||||||||
20,601 | 21,268 | (13,349 | ) | (45,292 | ) | (16,772 | ) | |||||||||||||
Income before income tax expense | 20,601 | 16,370 | 25,133 | (45,292 | ) | 16,812 | ||||||||||||||
Income tax expense | — | (1 | ) | (322 | ) | — | (323 | ) | ||||||||||||
Income from continuing operations | 20,601 | 16,369 | 24,811 | (45,292 | ) | 16,489 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income from discontinued operations | — | — | 4,112 | — | 4,112 | |||||||||||||||
Income from discontinued operations | — | — | 4,112 | — | 4,112 | |||||||||||||||
Net income | $ | 20,601 | $ | 16,369 | $ | 28,923 | $ | (45,292 | ) | $ | 20,601 | |||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the six months ended June 30, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 219 | $ | 204,349 | $ | (180 | ) | $ | 204,388 | |||||||||
Tenant reimbursements | — | 89 | 46,578 | — | 46,667 | |||||||||||||||
Hotel income | — | — | 10,566 | — | 10,566 | |||||||||||||||
Other property income | — | — | 4,399 | (95 | ) | 4,304 | ||||||||||||||
— | 308 | 265,892 | (275 | ) | 265,925 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 1,244 | 76,748 | (180 | ) | 77,812 | ||||||||||||||
Hotel operating costs | — | — | 8,830 | — | 8,830 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | — | 8 | — | (8 | ) | — | ||||||||||||||
Other | — | — | 964 | — | 964 | |||||||||||||||
Depreciation | — | 786 | 56,687 | — | 57,473 | |||||||||||||||
Amortization | — | 22 | 38,720 | — | 38,742 | |||||||||||||||
Impairment loss on real estate assets | — | — | 14,982 | — | 14,982 | |||||||||||||||
General and administrative | 76 | 5,214 | 10,155 | (87 | ) | 15,358 | ||||||||||||||
Acquisition expenses | — | — | 6,102 | — | 6,102 | |||||||||||||||
76 | 7,274 | 213,188 | (275 | ) | 220,263 | |||||||||||||||
Real estate operating income (loss) | (76 | ) | (6,966 | ) | 52,704 | — | 45,662 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (15,213 | ) | (30,911 | ) | 9,354 | (36,770 | ) | ||||||||||||
Interest and other income | 3,976 | 5,381 | 3,609 | (9,354 | ) | 3,612 | ||||||||||||||
Loss on interest rate swaps | — | — | (335 | ) | — | (335 | ) | |||||||||||||
Income from equity investment | 7,521 | 21,454 | — | (28,975 | ) | — | ||||||||||||||
11,497 | 11,622 | (27,637 | ) | (28,975 | ) | (33,493 | ) | |||||||||||||
Income before income tax expense | 11,421 | 4,656 | 25,067 | (28,975 | ) | 12,169 | ||||||||||||||
Income tax expense | — | (2 | ) | (5 | ) | — | (7 | ) | ||||||||||||
Income from continuing operations | 11,421 | 4,654 | 25,062 | (28,975 | ) | 12,162 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income from discontinued operations | — | — | 237 | — | 237 | |||||||||||||||
Loss on disposition of discontinued operations | — | — | (978 | ) | — | (978 | ) | |||||||||||||
Loss from discontinued operations | — | — | (741 | ) | — | (741 | ) | |||||||||||||
Net income | $ | 11,421 | $ | 4,654 | $ | 24,321 | $ | (28,975 | ) | $ | 11,421 | |||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the six months ended June 30, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 202 | $ | 204,322 | $ | (115 | ) | $ | 204,409 | |||||||||
Tenant reimbursements | — | 83 | 43,427 | — | 43,510 | |||||||||||||||
Hotel income | — | — | 11,516 | — | 11,516 | |||||||||||||||
Other property income | — | 17 | 1,316 | (79 | ) | 1,254 | ||||||||||||||
— | 302 | 260,581 | (194 | ) | 260,689 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 1,069 | 73,699 | (115 | ) | 74,653 | ||||||||||||||
Hotel operating costs | — | — | 9,081 | — | 9,081 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | 4,397 | 7 | 313 | (24 | ) | 4,693 | ||||||||||||||
Other | — | — | 1,143 | — | 1,143 | |||||||||||||||
Depreciation | — | 561 | 53,104 | — | 53,665 | |||||||||||||||
Amortization | — | 14 | 39,870 | — | 39,884 | |||||||||||||||
General and administrative | — | 37,751 | 8,080 | (55 | ) | 45,776 | ||||||||||||||
4,397 | 39,402 | 185,290 | (194 | ) | 228,895 | |||||||||||||||
Real estate operating income (loss) | (4,397 | ) | (39,100 | ) | 75,291 | — | 31,794 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (16,325 | ) | (45,309 | ) | 9,451 | (52,183 | ) | ||||||||||||
Interest and other income | 3,999 | 5,455 | 18,221 | (9,451 | ) | 18,224 | ||||||||||||||
Gain on interest rate swaps | — | — | 221 | — | 221 | |||||||||||||||
Income (loss) from equity investment | (1,609 | ) | 45,011 | — | (43,402 | ) | — | |||||||||||||
2,390 | 34,141 | (26,867 | ) | (43,402 | ) | (33,738 | ) | |||||||||||||
Income (loss) before income tax expense | (2,007 | ) | (4,959 | ) | 48,424 | (43,402 | ) | (1,944 | ) | |||||||||||
Income tax expense | — | (2 | ) | (220 | ) | — | (222 | ) | ||||||||||||
Income (loss) from continuing operations | (2,007 | ) | (4,961 | ) | 48,204 | (43,402 | ) | (2,166 | ) | |||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income (loss) from discontinued operations | — | 658 | (10,513 | ) | — | (9,855 | ) | |||||||||||||
Gain on disposition of discontinued operations | — | — | 10,014 | — | 10,014 | |||||||||||||||
Income (loss) from discontinued operations | — | 658 | (499 | ) | — | 159 | ||||||||||||||
Net income (loss) | $ | (2,007 | ) | $ | (4,303 | ) | $ | 47,705 | $ | (43,402 | ) | $ | (2,007 | ) | ||||||
Consolidating Statements of Comprehensive Income (in thousands) | ||||||||||||||||||||
For the three months ended June 30, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Net income | $ | 8,021 | $ | 4,254 | $ | 14,674 | $ | (18,928 | ) | $ | 8,021 | |||||||||
Market value adjustment to interest rate swap | (43 | ) | (43 | ) | — | 43 | (43 | ) | ||||||||||||
Comprehensive income | $ | 7,978 | $ | 4,211 | $ | 14,674 | $ | (18,885 | ) | $ | 7,978 | |||||||||
For the three months ended June 30, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Net income | $ | 20,601 | $ | 16,369 | $ | 28,923 | $ | (45,292 | ) | $ | 20,601 | |||||||||
Market value adjustment to interest rate swap | 2,168 | 2,168 | — | (2,168 | ) | 2,168 | ||||||||||||||
Comprehensive income | $ | 22,769 | $ | 18,537 | $ | 28,923 | $ | (47,460 | ) | $ | 22,769 | |||||||||
For the six months ended June 30, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Net income | $ | 11,421 | $ | 4,654 | $ | 24,321 | $ | (28,975 | ) | $ | 11,421 | |||||||||
Market value adjustment to interest rate swap | 211 | 211 | — | (211 | ) | 211 | ||||||||||||||
Comprehensive income | $ | 11,632 | $ | 4,865 | $ | 24,321 | $ | (29,186 | ) | $ | 11,632 | |||||||||
For the six months ended June 30, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Net income (loss) | $ | (2,007 | ) | $ | (4,303 | ) | $ | 47,705 | $ | (43,402 | ) | $ | (2,007 | ) | ||||||
Foreign currency translation adjustment | (83 | ) | — | (83 | ) | 83 | (83 | ) | ||||||||||||
Market value adjustment to interest rate swap | 2,717 | 2,717 | — | (2,717 | ) | 2,717 | ||||||||||||||
Comprehensive income (loss) | $ | 627 | $ | (1,586 | ) | $ | 47,622 | $ | (46,036 | ) | $ | 627 | ||||||||
Consolidating Statements of Cash Flows (in thousands) | ||||||||||||||||||||
For the six months ended June 30, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Eliminations | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | (Consolidated) | |||||||||||||||||
(Guarantor) | ||||||||||||||||||||
Cash flows from operating activities | $ | (73 | ) | $ | (19,585 | ) | $ | 132,641 | $ | — | $ | 112,983 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Net proceeds from sale of real estate | — | 27,131 | — | — | 27,131 | |||||||||||||||
Investment in real estate and related assets | — | (157,776 | ) | (30,782 | ) | — | (188,558 | ) | ||||||||||||
Investments in subsidiaries | (133,515 | ) | — | — | 133,515 | — | ||||||||||||||
Net cash used in investing activities | (133,515 | ) | (130,645 | ) | (30,782 | ) | 133,515 | (161,427 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings, net of fees | — | 129,807 | (605 | ) | — | 129,202 | ||||||||||||||
Repayments of notes payable | — | (55,000 | ) | (1,300 | ) | — | (56,300 | ) | ||||||||||||
Distributions | (74,979 | ) | — | — | — | (74,979 | ) | |||||||||||||
Intercompany contributions (distributions) | 179,565 | 59,837 | (105,887 | ) | (133,515 | ) | — | |||||||||||||
Net cash provided by (used in) financing activities | 104,586 | 134,644 | (107,792 | ) | (133,515 | ) | (2,077 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (29,002 | ) | (15,586 | ) | (5,933 | ) | — | (50,521 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 53,322 | 20,708 | 25,825 | — | 99,855 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 24,320 | $ | 5,122 | $ | 19,892 | $ | — | $ | 49,334 | ||||||||||
For the six months ended June 30, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Columbia Property Trust | |||||||||||||||||
(Parent) | (the Issuer) | Guarantors | (Consolidated) | |||||||||||||||||
(Guarantor) | ||||||||||||||||||||
Cash flows from operating activities | $ | — | $ | (41,902 | ) | $ | 144,223 | $ | 102,321 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Net proceeds from sale of real estate | — | 65,928 | — | 65,928 | ||||||||||||||||
Investment in real estate and related assets | — | (3,355 | ) | (28,956 | ) | (32,311 | ) | |||||||||||||
Net cash provided by (used in) investing activities | — | 62,573 | (28,956 | ) | 33,617 | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings, net of fees | — | 119,801 | (41 | ) | 119,760 | |||||||||||||||
Repayments of line of credit and notes payable | — | (111,000 | ) | (1,227 | ) | (112,227 | ) | |||||||||||||
Issuance of common stock, net of redemptions and fees | (32,328 | ) | — | — | (32,328 | ) | ||||||||||||||
Distributions | (103,030 | ) | — | — | (103,030 | ) | ||||||||||||||
Intercompany transfers, net | 136,389 | (30,808 | ) | (105,581 | ) | — | ||||||||||||||
Net cash provided by (used in) financing activities | 1,031 | (22,007 | ) | (106,849 | ) | (127,825 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 1,031 | (1,336 | ) | 8,418 | 8,113 | |||||||||||||||
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 | $ | 21,945 | $ | 3,486 | $ | 36,236 | $ | 61,667 | ||||||||||||
Subsequent_Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Subsequent Event | |
Columbia Property Trust has evaluated subsequent events in connection with the preparation of the consolidated financial statements and notes thereto included in this report on Form 10-Q and noted the following in addition to those disclosed elsewhere in this report: | |
Property Disposition | |
On July 1, 2014, Columbia Property Trust closed on the disposition of the 7031 Columbia Gateway Drive Building. This disposition is described in Note 3, Real Estate and Other Transactions. | |
Amended Articles of Incorporation | |
Columbia Property Trust amended its articles of incorporation on July 1, 2014, which reduced the number of common shares authorized from 900,000,000 to 225,000,000, as discussed in Note 7, Stockholders' Equity. | |
Dividend Declaration | |
On August 6, 2014, the board of directors declared dividends for the third quarter of 2014 in the amount of $0.30 per share, payable on September 16, 2014 to stockholders of record on September 2, 2014. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Basis of Presentation | ' | ||
Basis of Presentation | |||
The consolidated financial statements of Columbia Property Trust have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by U.S. generally accepted accounting principles ("GAAP") for complete financial statements. In the opinion of management, the statements for these unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year's results. Columbia Property Trust's consolidated financial statements include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable interest entity in which Columbia Property Trust or Columbia Property Trust OP was deemed the primary beneficiary. With respect to entities that are not variable interest entities, Columbia Property Trust's consolidated financial statements also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling general partnership interest. All intercompany balances and transactions have been eliminated in consolidation. | |||
Fair Value Measurements | ' | ||
Fair Value Measurements | |||
Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification ("ASC") 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability: | |||
Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts. | |||
Level 2 – Assets and liabilities valued based on observable market data for similar instruments. | |||
Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider. | |||
Real Estate Assets | ' | ||
Real Estate Assets | |||
Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. Columbia Property Trust considers the period of future benefit of the asset to determine the appropriate useful lives. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows: | |||
Buildings | 40 years | ||
Building improvements | 5-25 years | ||
Site improvements | 15 years | ||
Tenant improvements | Shorter of economic life or lease term | ||
Intangible lease assets | Lease term | ||
Evaluating the Recoverability of Real Estate Assets | ' | ||
Evaluating the Recoverability of Real Estate Assets | |||
Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets, of both operating properties and properties under construction, in which Columbia Property Trust has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of real estate assets and related intangible assets (liabilities) may not be recoverable, Columbia Property Trust assesses the recoverability of these assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future operating cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, Columbia Property Trust adjusts the carrying value of the real estate assets and related intangible assets to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognizes an impairment loss. Estimated fair values are calculated based on the following information, in order of preference, depending upon availability: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated salvage value. Certain of Columbia Property Trust's assets may be carried at more than an amount that could be realized in a current disposition transaction. | |||
Projections of expected future operating cash flows require that Columbia Property Trust estimate future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. The subjectivity of assumptions used in the future cash flow analysis, including discount rates, could result in an incorrect assessment of the property's fair value and could result in the misstatement of the carrying value of Columbia Property Trust's real estate assets and related intangible assets and net income (loss). | |||
Assets Held for Sale | ' | ||
Assets Held for Sale | |||
Columbia Property Trust classifies assets as held for sale according to ASC 360, Accounting for the Impairment or Disposal of Long-Lived Assets ("ASC 360"). According to ASC 360, assets are considered held for sale when the following criteria are met: | |||
• | Management, having the authority to approve the action, commits to a plan to sell the property. | ||
• | The property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property. | ||
• | An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated. | ||
• | The sale of the property is probable, and transfer of the property is expected to qualify for recognition as a completed sale, within one year. | ||
• | The property is being actively marketed for sale at a price that is reasonable in relation to its current fair value. | ||
• | Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. | ||
At such time that a property is determined to be held for sale, its carrying amount is reduced to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized. | |||
Intangible Assets and Liabilities Arising from In-Place Leases | ' | ||
Intangible Assets and Liabilities Arising from In-Place Leases where Columbia Property Trust is the Lessee | |||
In-place ground leases where Columbia Property Trust is the lessee may have value associated with effective contractual rental rates that are above or below market rates at the time of execution or assumption. Such values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place lease and (ii) management's estimate of fair market lease rates for the corresponding in-place lease at the time of execution or assumption, measured over a period equal to the remaining terms of the leases. The capitalized above-market and below-market in-place lease values are recorded as intangible lease liabilities and assets, respectively, and are amortized as an adjustment to property operating cost over the remaining term of the respective leases. | |||
Intangible Assets and Liabilities Arising from In-Place Leases where Columbia Property Trust is the Lessor | |||
Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see Fair Value Measurements section above for additional detail). | |||
Prepaid Expenses and Other Assets | ' | ||
Prepaid Expenses and Other Assets | |||
Prepaid expenses and other assets primarily are comprised of escrow accounts held by lenders to pay future real estate taxes, insurance and tenant improvements, notes receivable, nontenant receivables, prepaid taxes, insurance and operating costs, certain corporate assets, hotel inventory, and deferred tax assets. Prepaid expenses and other assets will be expensed as incurred or reclassified to other asset accounts upon being put into service in future periods. | |||
Interest Rate Swap Agreements | ' | ||
Interest Rate Swap Agreements | |||
Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate swap transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of the effective portion of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income, while changes in the fair value of the ineffective portion of a hedge, if any, is recognized currently in earnings. Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain (loss) on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as gain (loss) on interest rate swaps for contracts that do not qualify for hedge accounting treatment. | |||
Income Taxes | ' | ||
Income Taxes | |||
Columbia Property Trust has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"), and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. As a REIT, Columbia Property Trust generally is not subject to income tax on income it distributes to stockholders. Columbia Property Trust's stockholder distributions typically exceed its taxable income due to the inclusion of noncash expenses, such as depreciation, in taxable income. As a result, Columbia Property Trust typically does not incur federal income taxes other than as described in the following paragraph. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements. | |||
Columbia Property Trust TRS, LLC ("Columbia Property Trust TRS"), Columbia KCP TRS, LLC ("Columbia KCP TRS"), and 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. | |||
New Accounting Pronouncements | ' | ||
Recent Accounting Pronouncements | |||
In April 2014, FASB issued ASU 2014-08, which raises the threshold used to determine whether revenues and expenses associated with dispositions are reclassified to discontinued operations in the statement of operations. Under the new standard, typical assets sales will remain in continuing operations; whereas, assets sales that represents a strategic shift in operations (for example, exiting a major geographical area) would be reclassified to discontinued operations. ASU 2014-08 is required beginning with the first quarter of 2015; however, Columbia Property Trust elected to adopt the new standard effective April 1, 2014. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Schedule of Estimated Useful Lives for Real Estate Assets | ' | ||||||||||||||||
The estimated useful lives of its assets by class are as follows: | |||||||||||||||||
Buildings | 40 years | ||||||||||||||||
Building improvements | 5-25 years | ||||||||||||||||
Site improvements | 15 years | ||||||||||||||||
Tenant improvements | Shorter of economic life or lease term | ||||||||||||||||
Intangible lease assets | Lease term | ||||||||||||||||
Schedule of Recognized Fair Value Adjustments for Real Estate Properties | ' | ||||||||||||||||
The table below represents the detail of the adjustments recognized using Level 3 inputs. | |||||||||||||||||
For the three and six months ended June 30, 2013 (in thousands): | |||||||||||||||||
Property | Net Book Value | Impairment Loss Recognized | Fair Value | ||||||||||||||
120 Eagle Rock | $ | 23,808 | $ | (11,708 | ) | $ | 12,100 | ||||||||||
333 & 777 Republic Drive | $ | 13,359 | $ | (5,159 | ) | $ | 8,200 | ||||||||||
Schedule of Intangible Assets and Liabilities | ' | ||||||||||||||||
As of June 30, 2014 and December 31, 2013, 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 | |||||||||||||||||
June 30, 2014 | Gross | $ | 79,982 | $ | 395,819 | $ | 360,660 | $ | 159,629 | ||||||||
Accumulated Amortization | (59,032 | ) | (241,922 | ) | (225,859 | ) | (82,664 | ) | |||||||||
Net | $ | 20,950 | $ | 153,897 | $ | 134,801 | $ | 76,965 | |||||||||
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 | |||||||||
Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands): | |||||||||||||||||
Intangible Lease Assets | Intangible | Intangible | |||||||||||||||
Lease | Below-Market | ||||||||||||||||
Origination | In-Place Lease | ||||||||||||||||
Above-Market | Absorption | Costs | Liabilities | ||||||||||||||
In-Place | Period Costs | ||||||||||||||||
Lease Assets | |||||||||||||||||
For the three months ended June 30, 2014 | $ | 1,350 | $ | 9,178 | $ | 8,440 | $ | 3,778 | |||||||||
For the three months ended June 30, 2013 | $ | 1,453 | $ | 9,919 | $ | 10,017 | $ | 3,705 | |||||||||
For the six months ended June 30, 2014 | $ | 2,706 | $ | 17,251 | $ | 16,873 | $ | 6,859 | |||||||||
For the six months ended June 30, 2013 | $ | 3,138 | $ | 20,054 | $ | 19,941 | $ | 7,431 | |||||||||
The remaining net intangible assets and liabilities as of June 30, 2014, 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 six months ended December 31, 2014 | $ | 2,665 | $ | 18,353 | $ | 16,645 | $ | 7,870 | |||||||||
For the years ending December 31: | |||||||||||||||||
2015 | 4,492 | 31,302 | 29,937 | 13,302 | |||||||||||||
2016 | 3,760 | 23,430 | 22,897 | 10,091 | |||||||||||||
2017 | 1,891 | 17,208 | 16,342 | 7,684 | |||||||||||||
2018 | 1,087 | 13,297 | 11,834 | 6,730 | |||||||||||||
2019 | 1,047 | 12,261 | 10,681 | 6,074 | |||||||||||||
Thereafter | 6,008 | 38,046 | 26,465 | 25,214 | |||||||||||||
$ | 20,950 | $ | 153,897 | $ | 134,801 | $ | 76,965 | ||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ' | ||||||||||||||||
As of June 30, 2014, the remaining net below-market lease asset will be amortized as follows (in thousands): | |||||||||||||||||
For the six months ended December 31, 2014 | $ | 1,036 | |||||||||||||||
For the years ending December 31: | |||||||||||||||||
2015 | 2,069 | ||||||||||||||||
2016 | 2,069 | ||||||||||||||||
2017 | 2,069 | ||||||||||||||||
2018 | 2,069 | ||||||||||||||||
2019 | 2,069 | ||||||||||||||||
Thereafter | 85,207 | ||||||||||||||||
$ | 96,588 | ||||||||||||||||
Schedule of Interest Rate Derivatives | ' | ||||||||||||||||
The following tables provide additional information related to Columbia Property Trust's interest rate swaps (in thousands): | |||||||||||||||||
Estimated Fair Value as of | |||||||||||||||||
Instrument Type | Balance Sheet Classification | June 30, | December 31, | ||||||||||||||
2014 | 2013 | ||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Accounts payable | $ | (3,096 | ) | $ | (3,307 | ) | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Accounts payable | $ | (5,255 | ) | $ | (7,579 | ) | ||||||||||
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position | ' | ||||||||||||||||
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 $(8.4) million and $(10.9) million at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||
Six months ended | |||||||||||||||||
June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income | $ | 211 | $ | 2,717 | |||||||||||||
Gain (loss) on interest rate swap recognized through earnings | $ | (335 | ) | $ | 221 | ||||||||||||
Real_Estate_and_Other_Transact1
Real Estate and Other Transactions (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Real Estate Property Acquired | ' | ||||||||||||||||||||||||||||||||
During the six months ended June 30, 2014, Columbia Property Trust acquired the following property (in thousands): | |||||||||||||||||||||||||||||||||
Property Name | City | State | Date | Land | Buildings | Intangible Lease Assets | Intangible Lease Origination Costs | Intangible Below- | Total | Lease | |||||||||||||||||||||||
Acquired | and | Market | Purchase | Details | |||||||||||||||||||||||||||||
Improvements | Lease | Price | |||||||||||||||||||||||||||||||
Liability | |||||||||||||||||||||||||||||||||
221 Main Street Building | San Francisco | CA | 22-Apr-14 | $ | 60,509 | $ | 161,853 | $ | 12,776 | $ | 3,475 | $ | (10,323 | ) | $ | 228,290 | (1) | ||||||||||||||||
(1) | As of the acquisition date, the 221 Main Street Building was 82.8% leased to 40 tenants, including DocuSign, Inc. (15.7%). No other tenants lease more than 10% of the building, based on annualized lease revenue. | ||||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Information | ' | ||||||||||||||||||||||||||||||||
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 acquisition of the 221 Main Street Building been consummated as of January 1, 2013 (in thousands). | |||||||||||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Revenues | $ | 137,482 | $ | 134,708 | $ | 269,863 | $ | 266,414 | |||||||||||||||||||||||||
Net income (loss) | $ | 14,241 | $ | 20,113 | $ | 18,014 | $ | (8,904 | ) | ||||||||||||||||||||||||
Net income (loss) per share - basic | $ | 0.11 | $ | 0.15 | $ | 0.14 | $ | (0.07 | ) | ||||||||||||||||||||||||
Net income (loss) per share - diluted | $ | 0.11 | $ | 0.15 | $ | 0.14 | $ | (0.07 | ) | ||||||||||||||||||||||||
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, 2013 (in thousands). | |||||||||||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Revenues | * | * | * | $ | 261,848 | ||||||||||||||||||||||||||||
Net income | * | * | * | $ | 31,770 | ||||||||||||||||||||||||||||
* | Columbia Property Trust owned Columbia Property Trust Advisory Services and Columbia Property Trust Services for all of the three months ended June 30, 2014 and 2013, and the six months ended June 30, 2014. |
Line_of_Credit_and_Notes_Payab1
Line of Credit and Notes Payable (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of line of credit and notes payable indebtedness outstanding | ' | ||||||||
As of June 30, 2014 and December 31, 2013, Columbia Property Trust had the following line of credit and notes payable indebtedness (excluding bonds payable; see Note 5, Bonds Payable) in thousands: | |||||||||
Facility | June 30, | December 31, | |||||||
2014 | 2013 | ||||||||
$450 Million Term Loan | $ | 450,000 | $ | 450,000 | |||||
Market Square Buildings mortgage note | 325,000 | 325,000 | |||||||
333 Market Street Building mortgage note | 207,187 | 207,559 | |||||||
100 East Pratt Street Building mortgage note | 105,000 | 105,000 | |||||||
JPMorgan Chase Credit Facility | 75,000 | — | |||||||
221 Main Street Building mortgage note | 73,000 | — | |||||||
263 Shuman Boulevard Building mortgage note | 49,000 | 49,000 | |||||||
SanTan Corporate Center mortgage notes | 39,000 | 39,000 | |||||||
One Glenlake Building mortgage note | 33,413 | 34,713 | |||||||
215 Diehl Road Building mortgage note | 21,000 | 21,000 | |||||||
544 Lakeview Building mortgage note | 9,044 | 8,977 | |||||||
Total indebtedness | $ | 1,386,644 | $ | 1,240,249 | |||||
Stockholders_Equity_Tables
Stockholder's Equity (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Equity [Abstract] | ' | |||||||||
Summary of the Activity of Employee Stock Grants | ' | |||||||||
A summary of the activity for the employee stock grants under the 2013 Long-Term Incentive Plan for the six months ended June 30, 2014, follows: | ||||||||||
Shares | Weighted-Average, | |||||||||
(in thousands) | Grant-Date Fair Value(1) | |||||||||
Unvested shares as of January 1, 2014 | — | $ | — | |||||||
Granted | 144 | $ | 24.82 | |||||||
Vested | (36 | ) | $ | 24.82 | ||||||
Forfeited | (1 | ) | $ | 24.82 | ||||||
Unvested shares as of June 30, 2014 | 107 | (2) | $ | 24.82 | ||||||
(1) | Columbia Property Trust determined the weighted-average, grant-date fair value using the market closing price on the date of the grant. | |||||||||
(2) | As of June 30, 2014, we expect approximately 101,000 of the 107,000 unvested shares to ultimately vest, assuming a forfeiture rate of 5.0%, which was determined based on peer company data, adjusted for the specifics of the 2013 Long-Term Incentive Plan. | |||||||||
Summary of Shares Granted to Independent Directors | ' | |||||||||
A summary of these grants, which were made under the 2013 Long-Term Incentive Plan follows: | ||||||||||
Date of Grant | Shares | Weighted Average | ||||||||
Grant-Date Fair Value | ||||||||||
Q1 2014 Director Grant | January 21, 2014 | 3,344 | $ | 24.82 | ||||||
Q2 2014 Director Grant | April 1, 2014 | 2,968 | $ | 27.22 | ||||||
Q3 2014 Director Grant | July 1, 2014 | 3,016 | $ | 25.78 | ||||||
Supplemental_Disclosures_of_No1
Supplemental Disclosures of Noncash Investing and Financing Activities (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Schedule of Other Significant Noncash Transactions | ' | |||||||
Outlined below are significant noncash investing and financing activities for the six months ended June 30, 2014 and 2013 (in thousands): | ||||||||
Six months ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Investment in real estate funded with other assets | $ | 3,807 | $ | — | ||||
Other assets assumed at acquisition | $ | 501 | $ | 741 | ||||
Other liabilities assumed at acquisition | $ | 589 | $ | 741 | ||||
Other liabilities settled at disposition | $ | — | $ | 872 | ||||
Note payable assumed at acquisition | $ | 73,000 | $ | — | ||||
Interest accruing to notes payable | $ | — | $ | 159 | ||||
Amortization of premiums (discounts) on debt | $ | 178 | $ | 304 | ||||
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment | $ | 211 | $ | 2,717 | ||||
Accrued capital expenditures and deferred lease costs | $ | 18,431 | $ | 13,408 | ||||
Accrued deferred financing costs | $ | 31 | $ | — | ||||
Accrued redemptions of common stock | $ | — | $ | 2,079 | ||||
Common stock issued to employees and directors, and amortized (net of amounts withheld for income taxes) | $ | 708 | $ | — | ||||
Increase in redeemable common stock | $ | — | $ | 22,226 | ||||
RelatedParty_Transactions_and_1
Related-Party Transactions and Agreements (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Schedule of Related Party Transactions | ' | |||||||||||||||
Pursuant to the terms of the agreements described above, Columbia Property Trust incurred the following related-party costs for the three and six months ended June 30, 2014 and 2013, respectively (in thousands): | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Investor services | $ | — | $ | 278 | $ | — | $ | 369 | ||||||||
Administrative reimbursements, net(1) | — | 70 | — | 1,891 | ||||||||||||
Other | — | 20 | — | 69 | ||||||||||||
Consulting fees(2) | — | — | — | 25,417 | ||||||||||||
Transition services(3) | — | — | — | 5,750 | ||||||||||||
Asset management fees | — | — | — | 5,083 | ||||||||||||
Property management fees | — | — | — | 523 | ||||||||||||
Construction fees(4) | — | — | — | 139 | ||||||||||||
Total | $ | — | $ | 368 | $ | — | $ | 39,241 | ||||||||
-1 | Administrative reimbursements are presented net of reimbursements from tenants of approximately $0.7 million for the six months ended June 30, 2013. | |||||||||||||||
(2) | $10.2 million of the $25.4 million of consulting fees incurred were paid during the six months ended June 30, 2013. The remaining $15.2 million was paid ratably over the remainder of 2013. | |||||||||||||||
(3) | $3.0 million of the $5.8 million of transition services fees incurred were paid during the six months ended June 30, 2013; $1.5 million was paid in the third quarter of 2013; and the remaining $1.3 million was paid in the fourth quarter of 2013. | |||||||||||||||
(4) | Construction fees are capitalized to real estate assets as incurred. |
Held_for_Sale_and_Discontinued1
Held for Sale and Discontinued Operations (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Discontinued Operation, Additional Disclosures [Abstract] | ' | |||||||||||||||
Major classes of assets and liabilities classified as held for sale | ' | |||||||||||||||
The major classes of assets and liabilities classified as held for sale as of June 30, 2014, is provided below (in thousands): | ||||||||||||||||
30-Jun-14 | ||||||||||||||||
Real estate assets held for sale: | ||||||||||||||||
Real estate assets, at cost: | ||||||||||||||||
Land | $ | 10,232 | ||||||||||||||
Buildings and improvements, less accumulated depreciation of $7,829 | 37,963 | |||||||||||||||
Intangible lease assets, less accumulated amortization of $6,698 | 1,614 | |||||||||||||||
Total real estate assets held for sale, net | $ | 49,809 | ||||||||||||||
Other assets held for sale: | ||||||||||||||||
Tenant receivables | $ | 403 | ||||||||||||||
Prepaid expenses and other assets | 26 | |||||||||||||||
Intangible lease origination costs, less accumulated amortization of $4,244 | 1,023 | |||||||||||||||
Deferred lease costs, less accumulated amortization of $52 | 87 | |||||||||||||||
Total other assets held for sale, net | $ | 1,539 | ||||||||||||||
Liabilities held for sale: | ||||||||||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | $ | 85 | ||||||||||||||
Deferred income | 346 | |||||||||||||||
Intangible lease liabilities, less accumulated amortization of $3,719 | 896 | |||||||||||||||
Total liabilities held for sale, net | $ | 1,327 | ||||||||||||||
Schedule of revenues and expenses of the above-described discontinued operations | ' | |||||||||||||||
The following table shows the revenues and expenses of the above-described discontinued operations (in thousands): | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues: | ||||||||||||||||
Rental income | $ | 1 | $ | 13,848 | $ | 4 | $ | 28,970 | ||||||||
Tenant reimbursements | 151 | 3,192 | 100 | 6,557 | ||||||||||||
Other property income | — | 292 | — | 292 | ||||||||||||
152 | 17,332 | 104 | 35,819 | |||||||||||||
Expenses: | ||||||||||||||||
Property operating costs | 82 | 6,068 | (265 | ) | 12,373 | |||||||||||
Asset and property management fees | — | 150 | 7 | 1,308 | ||||||||||||
Depreciation | — | 3,653 | — | 7,570 | ||||||||||||
Amortization | — | 2,345 | — | 4,390 | ||||||||||||
Impairment loss on real estate assets | — | — | — | 16,867 | ||||||||||||
General and administrative | 110 | 37 | 128 | 1,072 | ||||||||||||
Total expenses | 192 | 12,253 | (130 | ) | 43,580 | |||||||||||
Operating income (loss) | (40 | ) | 5,079 | 234 | (7,761 | ) | ||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | — | (1,126 | ) | — | (2,252 | ) | ||||||||||
Interest and other income | — | 161 | 3 | 164 | ||||||||||||
— | (965 | ) | 3 | (2,088 | ) | |||||||||||
Income (loss) from discontinued operations before income tax expense | (40 | ) | 4,114 | 237 | (9,849 | ) | ||||||||||
Income tax expense | — | (2 | ) | — | (6 | ) | ||||||||||
Income (loss) from discontinued operations | (40 | ) | 4,112 | 237 | (9,855 | ) | ||||||||||
Gain (loss) on disposition of discontinued operations | (650 | ) | — | (978 | ) | 10,014 | ||||||||||
Income (loss) from discontinued operations | $ | (690 | ) | $ | 4,112 | $ | (741 | ) | $ | 159 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Basic and Diluted Earnings per Share Computations | ' | ||||||||||||||||
The following table reconciles the numerator for the basic and diluted earnings per share computations shown on the consolidated statements of income for the three and six months ended June 30, 2014 and 2013, respectively (in thousands): | |||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income (loss) | $ | 8,021 | $ | 20,601 | $ | 11,421 | $ | (2,007 | ) | ||||||||
Distributions paid on unvested shares | (32 | ) | — | (64 | ) | — | |||||||||||
Net income (loss) used to calculate basic and diluted earnings per share | $ | 7,989 | $ | 20,601 | $ | 11,357 | $ | (2,007 | ) | ||||||||
The following table reconciles the denominator for the basic and diluted earnings per share computations shown on the consolidated statements of income for the three and six months ended June 30, 2014 and 2013, respectively (in thousands): | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted-average common shares - basic | 124,860 | 135,816 | 124,855 | 136,166 | |||||||||||||
Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases: | |||||||||||||||||
2013 LTIP Employee Grant | 27 | — | 25 | — | |||||||||||||
2014 LTIP Employee Grant | 32 | — | 21 | — | |||||||||||||
Weighted-average common shares - diluted | 124,919 | 135,816 | 124,901 | 136,166 | |||||||||||||
Financial_Information_for_Pare1
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non Guarantor Subsidiaries [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheets (in thousands) | ||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Real estate assets, at cost: | ||||||||||||||||||||
Land | $ | — | $ | 6,241 | $ | 742,827 | $ | — | $ | 749,068 | ||||||||||
Buildings and improvements, net | — | 23,903 | 2,996,890 | — | 3,020,793 | |||||||||||||||
Intangible lease assets, net | — | — | 269,821 | — | 269,821 | |||||||||||||||
Construction in progress | — | 2,074 | 16,869 | — | 18,943 | |||||||||||||||
Real estate assets held for sale, net | — | — | 49,809 | — | 49,809 | |||||||||||||||
Total real estate assets | — | 32,218 | 4,076,216 | — | 4,108,434 | |||||||||||||||
Cash and cash equivalents | 24,320 | 5,122 | 19,892 | — | 49,334 | |||||||||||||||
Investment in subsidiaries | 2,523,593 | 2,263,021 | — | (4,786,614 | ) | — | ||||||||||||||
Tenant receivables, net of allowance | — | 220 | 6,934 | — | 7,154 | |||||||||||||||
Straight line rent receivable | — | 31 | 117,960 | — | 117,991 | |||||||||||||||
Prepaid expenses and other assets | 177,272 | 148,845 | 23,030 | (321,173 | ) | 27,974 | ||||||||||||||
Deferred financing costs, net | — | 7,505 | 2,022 | — | 9,527 | |||||||||||||||
Intangible lease origination costs, net | — | — | 133,778 | — | 133,778 | |||||||||||||||
Deferred lease costs, net | — | 1,835 | 103,805 | — | 105,640 | |||||||||||||||
Investment in development authority bonds | — | — | 120,000 | — | 120,000 | |||||||||||||||
Other assets held for sale, net | — | — | 1,539 | — | 1,539 | |||||||||||||||
Total assets | $ | 2,725,185 | $ | 2,458,797 | $ | 4,605,176 | $ | (5,107,787 | ) | $ | 4,681,371 | |||||||||
Liabilities: | ||||||||||||||||||||
Line of credit and notes payable | $ | — | $ | 525,000 | $ | 1,181,232 | $ | (319,588 | ) | $ | 1,386,644 | |||||||||
Bonds payable, net | — | 249,056 | — | — | 249,056 | |||||||||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | — | 11,155 | 87,582 | — | 98,737 | |||||||||||||||
Due to affiliates | — | 18 | 1,567 | (1,585 | ) | — | ||||||||||||||
Deferred income | — | 184 | 24,169 | — | 24,353 | |||||||||||||||
Intangible lease liabilities, net | — | — | 76,069 | — | 76,069 | |||||||||||||||
Obligations under capital leases | — | — | 120,000 | — | 120,000 | |||||||||||||||
Liabilities held for sale, net | — | — | 1,327 | — | 1,327 | |||||||||||||||
Total liabilities | — | 785,413 | 1,491,946 | (321,173 | ) | 1,956,186 | ||||||||||||||
Equity: | ||||||||||||||||||||
Total equity | 2,725,185 | 1,673,384 | 3,113,230 | (4,786,614 | ) | 2,725,185 | ||||||||||||||
Total liabilities and equity | $ | 2,725,185 | $ | 2,458,797 | $ | 4,605,176 | $ | (5,107,787 | ) | $ | 4,681,371 | |||||||||
Condensed Consolidating Balance Sheets (in thousands) | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Real estate assets, at cost: | ||||||||||||||||||||
Land | $ | — | $ | 6,241 | $ | 700,697 | $ | — | $ | 706,938 | ||||||||||
Building 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: | ||||||||||||||||||||
Lines 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 (from) 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 | ||||||||||||||
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 | |||||||||
Consolidating Statements of Operations | ' | |||||||||||||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the three months ended June 30, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 110 | $ | 103,802 | $ | (91 | ) | $ | 103,821 | |||||||||
Tenant reimbursements | — | 43 | 22,891 | — | 22,934 | |||||||||||||||
Hotel income | — | — | 6,505 | — | 6,505 | |||||||||||||||
Other property income | — | — | 3,555 | (58 | ) | 3,497 | ||||||||||||||
— | 153 | 136,753 | (149 | ) | 136,757 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 634 | 38,289 | (91 | ) | 38,832 | ||||||||||||||
Hotel operating costs | — | — | 4,689 | — | 4,689 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | — | 4 | — | (4 | ) | — | ||||||||||||||
Other | — | — | 675 | — | 675 | |||||||||||||||
Depreciation | — | 405 | 29,764 | — | 30,169 | |||||||||||||||
Amortization | — | 13 | 20,208 | — | 20,221 | |||||||||||||||
Impairment loss on real estate assets | — | — | 1,432 | — | 1,432 | |||||||||||||||
General and administrative | 47 | 2,597 | 5,822 | (54 | ) | 8,412 | ||||||||||||||
Acquisition expenses | — | — | 6,102 | — | 6,102 | |||||||||||||||
47 | 3,653 | 106,981 | (149 | ) | 110,532 | |||||||||||||||
Real estate operating income (loss) | (47 | ) | (3,500 | ) | 29,772 | — | 26,225 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (7,779 | ) | (15,753 | ) | 4,672 | (18,860 | ) | ||||||||||||
Interest and other income | 1,988 | 2,686 | 1,800 | (4,672 | ) | 1,802 | ||||||||||||||
Loss on interest rate swaps | — | — | (105 | ) | — | (105 | ) | |||||||||||||
Income from equity investment | 6,080 | 12,848 | — | (18,928 | ) | — | ||||||||||||||
8,068 | 7,755 | (14,058 | ) | (18,928 | ) | (17,163 | ) | |||||||||||||
Income before income tax expense | 8,021 | 4,255 | 15,714 | (18,928 | ) | 9,062 | ||||||||||||||
Income tax expense | — | (1 | ) | (350 | ) | — | (351 | ) | ||||||||||||
Income from continuing operations | 8,021 | 4,254 | 15,364 | (18,928 | ) | 8,711 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating loss from discontinued operations | — | — | (40 | ) | — | (40 | ) | |||||||||||||
Loss on disposition of discontinued operations | — | — | (650 | ) | — | (650 | ) | |||||||||||||
Loss from discontinued operations | — | — | (690 | ) | — | (690 | ) | |||||||||||||
Net income | $ | 8,021 | $ | 4,254 | $ | 14,674 | $ | (18,928 | ) | $ | 8,021 | |||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the three months ended June 30, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 101 | $ | 103,088 | $ | (86 | ) | $ | 103,103 | |||||||||
Tenant reimbursements | — | (20 | ) | 21,286 | — | 21,266 | ||||||||||||||
Hotel income | — | — | 6,562 | — | 6,562 | |||||||||||||||
Other property income | — | — | 1,013 | (47 | ) | 966 | ||||||||||||||
— | 81 | 131,949 | (133 | ) | 131,897 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 594 | 36,561 | (86 | ) | 37,069 | ||||||||||||||
Hotel operating costs | — | — | 4,820 | — | 4,820 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | — | 4 | — | (4 | ) | — | ||||||||||||||
Other | — | — | 530 | — | 530 | |||||||||||||||
Depreciation | — | 328 | 26,627 | — | 26,955 | |||||||||||||||
Amortization | — | 7 | 19,975 | — | 19,982 | |||||||||||||||
General and administrative | — | 4,046 | 4,954 | (43 | ) | 8,957 | ||||||||||||||
— | 4,979 | 93,467 | (133 | ) | 98,313 | |||||||||||||||
Real estate operating income (loss) | — | (4,898 | ) | 38,482 | — | 33,584 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (8,148 | ) | (22,624 | ) | 4,723 | (26,049 | ) | ||||||||||||
Interest and other income | 2,002 | 2,723 | 9,111 | (4,723 | ) | 9,113 | ||||||||||||||
Loss on interest rate swaps | — | — | 164 | — | 164 | |||||||||||||||
Income from equity investment | 18,599 | 26,693 | — | (45,292 | ) | — | ||||||||||||||
20,601 | 21,268 | (13,349 | ) | (45,292 | ) | (16,772 | ) | |||||||||||||
Income before income tax expense | 20,601 | 16,370 | 25,133 | (45,292 | ) | 16,812 | ||||||||||||||
Income tax expense | — | (1 | ) | (322 | ) | — | (323 | ) | ||||||||||||
Income from continuing operations | 20,601 | 16,369 | 24,811 | (45,292 | ) | 16,489 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income from discontinued operations | — | — | 4,112 | — | 4,112 | |||||||||||||||
Income from discontinued operations | — | — | 4,112 | — | 4,112 | |||||||||||||||
Net income | $ | 20,601 | $ | 16,369 | $ | 28,923 | $ | (45,292 | ) | $ | 20,601 | |||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the six months ended June 30, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 219 | $ | 204,349 | $ | (180 | ) | $ | 204,388 | |||||||||
Tenant reimbursements | — | 89 | 46,578 | — | 46,667 | |||||||||||||||
Hotel income | — | — | 10,566 | — | 10,566 | |||||||||||||||
Other property income | — | — | 4,399 | (95 | ) | 4,304 | ||||||||||||||
— | 308 | 265,892 | (275 | ) | 265,925 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 1,244 | 76,748 | (180 | ) | 77,812 | ||||||||||||||
Hotel operating costs | — | — | 8,830 | — | 8,830 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | — | 8 | — | (8 | ) | — | ||||||||||||||
Other | — | — | 964 | — | 964 | |||||||||||||||
Depreciation | — | 786 | 56,687 | — | 57,473 | |||||||||||||||
Amortization | — | 22 | 38,720 | — | 38,742 | |||||||||||||||
Impairment loss on real estate assets | — | — | 14,982 | — | 14,982 | |||||||||||||||
General and administrative | 76 | 5,214 | 10,155 | (87 | ) | 15,358 | ||||||||||||||
Acquisition expenses | — | — | 6,102 | — | 6,102 | |||||||||||||||
76 | 7,274 | 213,188 | (275 | ) | 220,263 | |||||||||||||||
Real estate operating income (loss) | (76 | ) | (6,966 | ) | 52,704 | — | 45,662 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (15,213 | ) | (30,911 | ) | 9,354 | (36,770 | ) | ||||||||||||
Interest and other income | 3,976 | 5,381 | 3,609 | (9,354 | ) | 3,612 | ||||||||||||||
Loss on interest rate swaps | — | — | (335 | ) | — | (335 | ) | |||||||||||||
Income from equity investment | 7,521 | 21,454 | — | (28,975 | ) | — | ||||||||||||||
11,497 | 11,622 | (27,637 | ) | (28,975 | ) | (33,493 | ) | |||||||||||||
Income before income tax expense | 11,421 | 4,656 | 25,067 | (28,975 | ) | 12,169 | ||||||||||||||
Income tax expense | — | (2 | ) | (5 | ) | — | (7 | ) | ||||||||||||
Income from continuing operations | 11,421 | 4,654 | 25,062 | (28,975 | ) | 12,162 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income from discontinued operations | — | — | 237 | — | 237 | |||||||||||||||
Loss on disposition of discontinued operations | — | — | (978 | ) | — | (978 | ) | |||||||||||||
Loss from discontinued operations | — | — | (741 | ) | — | (741 | ) | |||||||||||||
Net income | $ | 11,421 | $ | 4,654 | $ | 24,321 | $ | (28,975 | ) | $ | 11,421 | |||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the six months ended June 30, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 202 | $ | 204,322 | $ | (115 | ) | $ | 204,409 | |||||||||
Tenant reimbursements | — | 83 | 43,427 | — | 43,510 | |||||||||||||||
Hotel income | — | — | 11,516 | — | 11,516 | |||||||||||||||
Other property income | — | 17 | 1,316 | (79 | ) | 1,254 | ||||||||||||||
— | 302 | 260,581 | (194 | ) | 260,689 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 1,069 | 73,699 | (115 | ) | 74,653 | ||||||||||||||
Hotel operating costs | — | — | 9,081 | — | 9,081 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | 4,397 | 7 | 313 | (24 | ) | 4,693 | ||||||||||||||
Other | — | — | 1,143 | — | 1,143 | |||||||||||||||
Depreciation | — | 561 | 53,104 | — | 53,665 | |||||||||||||||
Amortization | — | 14 | 39,870 | — | 39,884 | |||||||||||||||
General and administrative | — | 37,751 | 8,080 | (55 | ) | 45,776 | ||||||||||||||
4,397 | 39,402 | 185,290 | (194 | ) | 228,895 | |||||||||||||||
Real estate operating income (loss) | (4,397 | ) | (39,100 | ) | 75,291 | — | 31,794 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (16,325 | ) | (45,309 | ) | 9,451 | (52,183 | ) | ||||||||||||
Interest and other income | 3,999 | 5,455 | 18,221 | (9,451 | ) | 18,224 | ||||||||||||||
Gain on interest rate swaps | — | — | 221 | — | 221 | |||||||||||||||
Income (loss) from equity investment | (1,609 | ) | 45,011 | — | (43,402 | ) | — | |||||||||||||
2,390 | 34,141 | (26,867 | ) | (43,402 | ) | (33,738 | ) | |||||||||||||
Income (loss) before income tax expense | (2,007 | ) | (4,959 | ) | 48,424 | (43,402 | ) | (1,944 | ) | |||||||||||
Income tax expense | — | (2 | ) | (220 | ) | — | (222 | ) | ||||||||||||
Income (loss) from continuing operations | (2,007 | ) | (4,961 | ) | 48,204 | (43,402 | ) | (2,166 | ) | |||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income (loss) from discontinued operations | — | 658 | (10,513 | ) | — | (9,855 | ) | |||||||||||||
Gain on disposition of discontinued operations | — | — | 10,014 | — | 10,014 | |||||||||||||||
Income (loss) from discontinued operations | — | 658 | (499 | ) | — | 159 | ||||||||||||||
Net income (loss) | $ | (2,007 | ) | $ | (4,303 | ) | $ | 47,705 | $ | (43,402 | ) | $ | (2,007 | ) | ||||||
Consolidating Statements of Comprehensive Income | ' | |||||||||||||||||||
Consolidating Statements of Comprehensive Income (in thousands) | ||||||||||||||||||||
For the three months ended June 30, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Net income | $ | 8,021 | $ | 4,254 | $ | 14,674 | $ | (18,928 | ) | $ | 8,021 | |||||||||
Market value adjustment to interest rate swap | (43 | ) | (43 | ) | — | 43 | (43 | ) | ||||||||||||
Comprehensive income | $ | 7,978 | $ | 4,211 | $ | 14,674 | $ | (18,885 | ) | $ | 7,978 | |||||||||
For the three months ended June 30, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Net income | $ | 20,601 | $ | 16,369 | $ | 28,923 | $ | (45,292 | ) | $ | 20,601 | |||||||||
Market value adjustment to interest rate swap | 2,168 | 2,168 | — | (2,168 | ) | 2,168 | ||||||||||||||
Comprehensive income | $ | 22,769 | $ | 18,537 | $ | 28,923 | $ | (47,460 | ) | $ | 22,769 | |||||||||
For the six months ended June 30, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Net income | $ | 11,421 | $ | 4,654 | $ | 24,321 | $ | (28,975 | ) | $ | 11,421 | |||||||||
Market value adjustment to interest rate swap | 211 | 211 | — | (211 | ) | 211 | ||||||||||||||
Comprehensive income | $ | 11,632 | $ | 4,865 | $ | 24,321 | $ | (29,186 | ) | $ | 11,632 | |||||||||
For the six months ended June 30, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Net income (loss) | $ | (2,007 | ) | $ | (4,303 | ) | $ | 47,705 | $ | (43,402 | ) | $ | (2,007 | ) | ||||||
Foreign currency translation adjustment | (83 | ) | — | (83 | ) | 83 | (83 | ) | ||||||||||||
Market value adjustment to interest rate swap | 2,717 | 2,717 | — | (2,717 | ) | 2,717 | ||||||||||||||
Comprehensive income (loss) | $ | 627 | $ | (1,586 | ) | $ | 47,622 | $ | (46,036 | ) | $ | 627 | ||||||||
Consolidating Statements of Cash Flows | ' | |||||||||||||||||||
Consolidating Statements of Cash Flows (in thousands) | ||||||||||||||||||||
For the six months ended June 30, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Eliminations | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | (Consolidated) | |||||||||||||||||
(Guarantor) | ||||||||||||||||||||
Cash flows from operating activities | $ | (73 | ) | $ | (19,585 | ) | $ | 132,641 | $ | — | $ | 112,983 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Net proceeds from sale of real estate | — | 27,131 | — | — | 27,131 | |||||||||||||||
Investment in real estate and related assets | — | (157,776 | ) | (30,782 | ) | — | (188,558 | ) | ||||||||||||
Investments in subsidiaries | (133,515 | ) | — | — | 133,515 | — | ||||||||||||||
Net cash used in investing activities | (133,515 | ) | (130,645 | ) | (30,782 | ) | 133,515 | (161,427 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings, net of fees | — | 129,807 | (605 | ) | — | 129,202 | ||||||||||||||
Repayments of notes payable | — | (55,000 | ) | (1,300 | ) | — | (56,300 | ) | ||||||||||||
Distributions | (74,979 | ) | — | — | — | (74,979 | ) | |||||||||||||
Intercompany contributions (distributions) | 179,565 | 59,837 | (105,887 | ) | (133,515 | ) | — | |||||||||||||
Net cash provided by (used in) financing activities | 104,586 | 134,644 | (107,792 | ) | (133,515 | ) | (2,077 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (29,002 | ) | (15,586 | ) | (5,933 | ) | — | (50,521 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 53,322 | 20,708 | 25,825 | — | 99,855 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 24,320 | $ | 5,122 | $ | 19,892 | $ | — | $ | 49,334 | ||||||||||
For the six months ended June 30, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Columbia Property Trust | |||||||||||||||||
(Parent) | (the Issuer) | Guarantors | (Consolidated) | |||||||||||||||||
(Guarantor) | ||||||||||||||||||||
Cash flows from operating activities | $ | — | $ | (41,902 | ) | $ | 144,223 | $ | 102,321 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Net proceeds from sale of real estate | — | 65,928 | — | 65,928 | ||||||||||||||||
Investment in real estate and related assets | — | (3,355 | ) | (28,956 | ) | (32,311 | ) | |||||||||||||
Net cash provided by (used in) investing activities | — | 62,573 | (28,956 | ) | 33,617 | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings, net of fees | — | 119,801 | (41 | ) | 119,760 | |||||||||||||||
Repayments of line of credit and notes payable | — | (111,000 | ) | (1,227 | ) | (112,227 | ) | |||||||||||||
Issuance of common stock, net of redemptions and fees | (32,328 | ) | — | — | (32,328 | ) | ||||||||||||||
Distributions | (103,030 | ) | — | — | (103,030 | ) | ||||||||||||||
Intercompany transfers, net | 136,389 | (30,808 | ) | (105,581 | ) | — | ||||||||||||||
Net cash provided by (used in) financing activities | 1,031 | (22,007 | ) | (106,849 | ) | (127,825 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 1,031 | (1,336 | ) | 8,418 | 8,113 | |||||||||||||||
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 | $ | 21,945 | $ | 3,486 | $ | 36,236 | $ | 61,667 | ||||||||||||
Organization_Details
Organization (Details) | Jun. 30, 2014 |
sqft | |
States | |
Buildings | |
Real Estate | ' |
Number of operational buildings | 58 |
Square feet of real estate | 16,800,000 |
Number of states with properties | 12 |
Percent of leased office space of owned properties | 93.50% |
Office Building | ' |
Real Estate | ' |
Number of real estate properties | 37 |
Hotel | ' |
Real Estate | ' |
Number of real estate properties | 1 |
Wholly Owned Properties | ' |
Real Estate | ' |
Number of real estate properties | 36 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narratives) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Jun. 04, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | |
Building | Site Improvements | Below-Market Lease Assets | Below-Market Lease Assets | Below-Market Lease Assets | Below-Market Lease Assets | Below-Market Lease Assets | Minimum | Maximum | 18 Property Sale | 18 Property Sale | 18 Property Sale | 120 Eagle Rock | 333 & 777 Republic Drive | 180 Park Avenue 103 | 180 Park Avenue 103 | 200 South Orange Building | ||||||
Building Improvements | Building Improvements | Properties | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 1 | ||||||||||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties subject to be sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life of real estate assets (in years) | ' | ' | ' | ' | ' | '40 years | '15 years | ' | ' | ' | ' | ' | '5 years | '25 years | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value determined by net contract price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000,000 | ' | ' | ' | ' | $18,400,000 |
Impairment loss on real estate assets | 1,432,000 | 0 | 14,982,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,900,000 | ' | 11,700,000 | 5,200,000 | ' | 13,600,000 | 1,400,000 |
Net proceeds from the sale of real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,200,000 | ' | ' |
Gross intangible assets | ' | ' | ' | ' | ' | ' | ' | 110,700,000 | ' | 110,700,000 | ' | 110,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of intangible assets | ' | ' | 37,542,000 | 43,100,000 | ' | ' | ' | 500,000 | 500,000 | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of interest rate swaps | ($8,400,000) | ' | ($8,400,000) | ' | ($10,900,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Requirement to distribute taxable income (percent) | 90.00% | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limit on investments in taxable real estate investment trusts (percent) | 25.00% | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Schedule of Recognized Fair Value Adjustments) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Impairment losses on real estate assets | ($1,432) | $0 | ($14,982) | $0 |
120 Eagle Rock | Fair Value, Inputs, Level 3 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Net Book Value | ' | 23,808 | ' | 23,808 |
Impairment losses on real estate assets | ' | -11,708 | ' | -11,708 |
Fair Value | ' | 12,100 | ' | 12,100 |
333 & 777 Republic Drive | Fair Value, Inputs, Level 3 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Net Book Value | ' | 13,359 | ' | 13,359 |
Impairment losses on real estate assets | ' | -5,159 | ' | -5,159 |
Fair Value | ' | $8,200 | ' | $8,200 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Schedule of Intangible Assets & Liabilities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ' | ' |
Intangible Lease Assets, Accumulated Amortization | ($308,341) | ($298,975) |
Intangible lease assets, net | 269,821 | 281,220 |
Intangible Lease Origination Costs, Accumulated Amortization | -221,615 | -216,598 |
Intangible Lease Origination Costs, Net | 133,778 | 148,889 |
Below Market Lease, Gross | 159,629 | 150,364 |
Below Market Lease, Accumulated Amortization | -82,664 | -76,500 |
Below Market Lease, Net | 76,965 | 73,864 |
Above-Market In-Place Lease Assets | ' | ' |
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ' | ' |
Intangible Lease Assets, Gross | 79,982 | 80,836 |
Intangible Lease Assets, Accumulated Amortization | -59,032 | -56,859 |
Intangible lease assets, net | 20,950 | 23,977 |
Absorption Period Costs | ' | ' |
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ' | ' |
Intangible Lease Assets, Gross | 395,819 | 388,686 |
Intangible Lease Assets, Accumulated Amortization | -241,922 | -229,065 |
Intangible lease assets, net | 153,897 | 159,621 |
Intangible Lease Origination Costs | ' | ' |
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ' | ' |
Intangible Lease Origination Costs, Gross | 360,660 | 365,487 |
Intangible Lease Origination Costs, Accumulated Amortization | -225,859 | -216,598 |
Intangible Lease Origination Costs, Net | $134,801 | $148,889 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Schedule of Recognized Amortization) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization of Below Market Lease | $3,778 | $3,705 | $6,859 | $7,431 |
Above-Market In-Place Lease Assets | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization of Intangible Assets | 1,350 | 1,453 | 2,706 | 3,138 |
Absorption Period Costs | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization of Intangible Assets | 9,178 | 9,919 | 17,251 | 20,054 |
Intangible Lease Origination Costs | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization of Intangible Assets | $8,440 | $10,017 | $16,873 | $19,941 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Schedule of Future Amortization by Intangible Asset Class) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' |
Intangible lease assets, net | $269,821 | $281,220 |
Intangible Lease Origination Costs, Net | 133,778 | 148,889 |
Below Market Lease [Abstract] | ' | ' |
For the six months ended December 31, 2014 | 7,870 | ' |
2015 | 13,302 | ' |
2016 | 10,091 | ' |
2017 | 7,684 | ' |
2018 | 6,730 | ' |
2019 | 6,074 | ' |
Thereafter | 25,214 | ' |
Below Market Lease, Net | 76,965 | 73,864 |
Above-Market In-Place Lease Assets | ' | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' |
For the six months ended December 31, 2014 | 2,665 | ' |
2015 | 4,492 | ' |
2016 | 3,760 | ' |
2017 | 1,891 | ' |
2018 | 1,087 | ' |
2019 | 1,047 | ' |
Thereafter | 6,008 | ' |
Intangible lease assets, net | 20,950 | 23,977 |
Absorption Period Costs | ' | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' |
For the six months ended December 31, 2014 | 18,353 | ' |
2015 | 31,302 | ' |
2016 | 23,430 | ' |
2017 | 17,208 | ' |
2018 | 13,297 | ' |
2019 | 12,261 | ' |
Thereafter | 38,046 | ' |
Intangible lease assets, net | 153,897 | 159,621 |
Intangible Lease Origination Costs | ' | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' |
For the six months ended December 31, 2014 | 16,645 | ' |
2015 | 29,937 | ' |
2016 | 22,897 | ' |
2017 | 16,342 | ' |
2018 | 11,834 | ' |
2019 | 10,681 | ' |
Thereafter | 26,465 | ' |
Intangible Lease Origination Costs, Net | $134,801 | $148,889 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Schedule of Future Amortization for Below-Market Lease Assets) (Details) (Below-Market Lease Assets, USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Below-Market Lease Assets | ' |
For the years ending December 31: | ' |
For the six months ended December 31, 2014 | $1,036 |
2015 | 2,069 |
2016 | 2,069 |
2017 | 2,069 |
2018 | 2,069 |
2019 | 2,069 |
Thereafter | 85,207 |
Future amortization expense | $96,588 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies (Interest Rate Swaps) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Interest Rate Contract | Interest Rate Contract | |||||
Accounts Payable | Accounts Payable | |||||
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' | ' |
Derivative designated as hedging instruments | ' | ' | ' | ' | ($3,096) | ($3,307) |
Derivatives not designated as hedging instruments | ' | ' | ' | ' | -5,255 | -7,579 |
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 | -43 | 2,168 | 211 | 2,717 | ' | ' |
Gain (loss) on interest rate swap recognized through earnings | ' | ' | ($335) | $221 | ' | ' |
Real_Estate_and_Other_Transact2
Real Estate and Other Transactions (Acquisitions) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 22, 2014 | Apr. 22, 2014 | Apr. 22, 2014 | Apr. 22, 2014 | Apr. 22, 2014 | Apr. 22, 2014 | ||||
sqft | sqft | 221 Main Street Building | 221 Main Street Building | 221 Main Street Building | 221 Main Street Building | 221 Main Street Building | 221 Main Street Building | Intangible Lease Assets | Intangible Lease Origination Costs | Customer Concentration Risk | Office Building | JPMorgan | ||||||
Tenant | 221 Main Street Building | 221 Main Street Building | DocuSign, Inc | 221 Main Street Building | ||||||||||||||
221 Main Street Building | sqft | |||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Land | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60,509,000 | [1] | ' | ' | ' | ' | ' | ||
Buildings and Improvements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 161,853,000 | [1] | ' | ' | ' | ' | ' | ||
Intangible Lease Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,776,000 | [1] | 3,475,000 | [1] | ' | ' | ' | |
Intangible Below- Market Lease Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,323,000 | [1] | ' | ' | ' | ' | ' | ||
Total Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | 228,290,000 | [1] | ' | ' | ' | ' | ' | ||
Percent of leased office space of owned properties | 93.50% | ' | 93.50% | ' | ' | ' | ' | ' | ' | 82.80% | ' | ' | ' | ' | ' | |||
Number of Customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40 | ' | ' | ' | ' | ' | |||
Concentration risk percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.70% | ' | ' | |||
Square feet of real estate | 16,800,000 | ' | 16,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 388,000 | ' | |||
Payments to Acquire Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 228,800,000 | ' | |||
Business Combination, Consideration Transferred, Liabilities Incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,000,000 | ' | |||
Proceeds from Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 116,000,000 | |||
Business Acquisition, Pro Forma Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue recognized since acquisition date | ' | ' | ' | ' | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net loss recognized since acquisition date | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Acquisition expenses | 6,102,000 | 0 | 6,102,000 | 0 | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | 137,482,000 | 134,708,000 | 269,863,000 | 266,414,000 | ' | ' | ' | ' | ' | ' | |||
Net loss attributable to common stockholders | ' | ' | ' | ' | ' | $14,241,000 | $20,113,000 | $18,014,000 | ($8,904,000) | ' | ' | ' | ' | ' | ' | |||
Net income (loss) per share - basic | ' | ' | ' | ' | ' | $0.11 | $0.15 | $0.14 | ($0.07) | ' | ' | ' | ' | ' | ' | |||
Net income (loss) per share - diluted | ' | ' | ' | ' | ' | $0.11 | $0.15 | $0.14 | ($0.07) | ' | ' | ' | ' | ' | ' | |||
[1] | As of the acquisition date, the 221 Main Street Building was 82.8% leased to 40 tenants, including DocuSign, Inc. (15.7%). No other tenants lease more than 10% of the building, based on annualized lease revenue. |
Real_Estate_and_Other_Transact3
Real Estate and Other Transactions (Dispositions) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 04, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 21, 2013 | Jul. 01, 2014 | |
180 Park Avenue 103 | 180 Park Avenue 103 | 200 South Orange Building | Dvintsev Business Center - Tower B | Subsequent Event | |||||
Landlink Ltd | 7031 Columbia Gateway Drive | ||||||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage of real estate | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Net proceeds from the sale of real estate | ' | ' | ' | ' | $10,200,000 | ' | ' | $67,500,000 | $59,500,000 |
Gain (loss) on sale of real estate assets | ' | ' | ' | ' | ' | ' | ' | ' | 7,800,000 |
Impairment loss on real estate assets | 1,432,000 | 0 | 14,982,000 | 0 | ' | 13,600,000 | 1,400,000 | ' | ' |
Proceeds from sale of real estate net of transaction costs | ' | ' | ' | ' | ' | ' | 18,400,000 | ' | ' |
Gain (loss) on disposition of discontinued operations | ($650,000) | $0 | ($978,000) | $10,014,000 | ' | ' | ' | $10,000,000 | ' |
Real_Estate_and_Other_Transact4
Real Estate and Other Transactions (Other Transactions) (Details) (Columbia Property Trust Advisory Services, LLC and Columbia Property Trust Services, LLC, USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2013 |
Columbia Property Trust Advisory Services, LLC and Columbia Property Trust Services, LLC | ' |
Business Acquisition [Line Items] | ' |
Revenues | $261,848 |
Net loss attributable to common stockholders | $31,770 |
Line_of_Credit_and_Notes_Payab2
Line of Credit and Notes Payable (Schedule of Long-Term Debt (excluding Bonds Payable)) (Details) (USD $) | Jun. 30, 2014 | Apr. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Total indebtedness | $1,386,644 | ' | $1,240,249 |
Term Loans | $450 Million Term Loan | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total indebtedness | 450,000 | ' | 450,000 |
Mortgage Notes | Market Square Buildings mortgage note | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total indebtedness | 325,000 | ' | 325,000 |
Mortgage Notes | 333 Market Street Building mortgage note | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total indebtedness | 207,187 | ' | 207,559 |
Mortgage Notes | 100 East Pratt Street Building mortgage note | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total indebtedness | 105,000 | ' | 105,000 |
Mortgage Notes | 221 Main Street Building mortgage note | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total indebtedness | 73,000 | 73,000 | 0 |
Mortgage Notes | 263 Shuman Boulevard Building mortgage note | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total indebtedness | 49,000 | ' | 49,000 |
Mortgage Notes | SanTan Corporate Center mortgage notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total indebtedness | 39,000 | ' | 39,000 |
Mortgage Notes | One Glenlake Building mortgage note | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total indebtedness | 33,413 | ' | 34,713 |
Mortgage Notes | 215 Diehl Road Building mortgage note | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total indebtedness | 21,000 | ' | 21,000 |
Mortgage Notes | 544 Lakeview Building mortgage note | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total indebtedness | 9,044 | ' | 8,977 |
Credit Facilities | JPMorgan Chase Credit Facility | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total indebtedness | $75,000 | ' | $0 |
Line_of_Credit_and_Notes_Payab3
Line of Credit and Notes Payable (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
$450 Million Term Loan Amended | Mortgage Notes | Mortgage Notes | Mortgage Notes | Loans Payable | Loans Payable | Loans Payable | |||
221 Main Street Building mortgage note | 221 Main Street Building mortgage note | 221 Main Street Building mortgage note | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit and notes payable | $1,386,644,000 | $1,240,249,000 | ' | $73,000,000 | $73,000,000 | $0 | ' | ' | ' |
Interest rate for debt instrument (percent) | ' | ' | ' | 3.95% | ' | ' | ' | ' | ' |
Estimated fair value of line of credit and notes payable | ' | ' | ' | ' | ' | ' | 1,406,500,000 | ' | 1,245,300,000 |
Interest payments | ' | ' | ' | ' | ' | ' | 27,200,000 | 30,400,000 | ' |
Interest capitalized | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Debt face amount | ' | ' | $450,000,000 | ' | ' | ' | ' | ' | ' |
Bonds_Payable_Narratives_Detai
Bonds Payable (Narratives) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2011 | Jun. 30, 2014 | Dec. 31, 2013 |
Bonds Payable | Bonds Payable | Bonds Payable | Bonds Payable | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | |||
2018 Bonds Payable | 2018 Bonds Payable | 2018 Bonds Payable | Bonds Payable | Bonds Payable | ||||
2018 Bonds Payable | 2018 Bonds Payable | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of issued debt instrument | ' | ' | ' | ' | ' | $250,000,000 | ' | ' |
Maturity period of debt instrument (in years) | ' | ' | '7 years | ' | ' | ' | ' | ' |
Interest rate for debt instrument (percent) | ' | ' | ' | ' | ' | 5.88% | ' | ' |
Discount rate of face value of issued debt instrument (in percent) | ' | ' | ' | ' | ' | 99.30% | ' | ' |
Net proceeds received from issuance of bonds payable | ' | ' | ' | ' | ' | 246,700,000 | ' | ' |
Frequency of interest payments | ' | ' | ' | ' | ' | 'semi-annual | ' | ' |
Initial issuance discount of bonds payable | 944,000 | 1,070,000 | ' | ' | ' | 1,800,000 | ' | ' |
Maturity date | ' | ' | ' | 1-Apr-18 | ' | ' | ' | ' |
Interest payments | ' | ' | ' | 7,300,000 | 7,300,000 | ' | ' | ' |
Estimated fair value of debt instrument | ' | ' | ' | ' | ' | ' | $250,800,000 | $250,800,000 |
Stockholders_Equity_Details
Stockholder's Equity (Details) (USD $) | 0 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||
Aug. 14, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jan. 21, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Aug. 21, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 02, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
2013 Long Term Incentive Plan | 2013 Long Term Incentive Plan | 2013 Long Term Incentive Plan | 2013 Long Term Incentive Plan | Director | Director | Employees | Employees | Grant Date | 31-Jan-15 | 31-Jan-16 | 31-Jan-17 | Subsequent Event | Minimum | Maximum | |||||
2013 Long Term Incentive Plan | 2013 Long Term Incentive Plan | 2013 Long Term Incentive Plan | 2013 Long Term Incentive Plan | 2013 Long Term Incentive Plan | 2013 Long Term Incentive Plan | 2013 Long Term Incentive Plan | 2013 Long Term Incentive Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share authorized | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock granted to employees | ' | ' | ' | ' | 143,740 | ' | 144,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares withheld to settle tax liability | ' | ' | ' | ' | 12,752 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent vested upon grant (percent) | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | $1,023,000 | $0 | ' | ' | $500,000 | $1,000,000 | ' | $100,000 | $200,000 | $200,000 | $400,000 | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense related to future employee awards | ' | ' | ' | ' | ' | 200,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting rights (in percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | 25.00% | 25.00% | ' | ' | ' |
Unrecognized compensation costs related to unvested awards | ' | ' | ' | ' | ' | $2,100,000 | $2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs recognition period (years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '3 years |
Stock split ratio | 0.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | 900,000,000 | ' | 900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225,000,000 | ' | ' |
Stockholders_Equity_Unvested_A
Stockholder's Equity (Unvested Activity Rollforward) (Details) (2013 Long Term Incentive Plan, USD $) | 0 Months Ended | 6 Months Ended | |
Jan. 21, 2014 | Jun. 30, 2014 | ||
2013 Long Term Incentive Plan | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Shares expected to ultimately vest | ' | 101,000 | |
Expected forfeiture rate | ' | 5.00% | |
Shares Rollforward | ' | ' | |
Unvested shares as of | ' | 0 | |
Granted | 143,740 | 144,000 | |
Vested | ' | -36,000 | |
Forfeited | ' | -1,000 | |
Unvested shares as of | ' | 107,000 | [1] |
Weighted-Average, Grant-Date Fair Value Rollforward | ' | ' | |
Unvested shares as of | ' | $0 | [2] |
Granted | ' | $24.82 | [2] |
Vested | ' | $24.82 | [2] |
Forfeited | ' | $24.82 | [2] |
Unvested shares as of | ' | $24.82 | [2] |
[1] | As of JuneB 30, 2014, we expect approximately 101,000 of the 107,000 unvested shares to ultimately vest, assuming a forfeiture rate of 5.0%, which was determined based on peer company data, adjusted for the specifics of the 2013 Long-Term Incentive Plan. | ||
[2] | Columbia Property Trust determined the weighted-average, grant-date fair value using the market closing price on the date of the grant. |
Stockholders_Equity_Summary_of
Stockholder's Equity (Summary of Shares Granted to Independent Directors) (Details) (2013 Long Term Incentive Plan, USD $) | 0 Months Ended | 6 Months Ended | 0 Months Ended | |||
Jan. 21, 2014 | Jun. 30, 2014 | Jan. 21, 2014 | Apr. 02, 2014 | Jul. 01, 2014 | ||
Director | Director | Subsequent Event | ||||
21-Jan-14 | 1-Apr-14 | Director | ||||
1-Jul-14 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | |
Shares of common stock granted to employees | 143,740 | 144,000 | 3,344 | 2,968 | 3,016 | |
Weighted average grant date fair value of shares granted | ' | $24.82 | [1] | $24.82 | $27.22 | $25.78 |
[1] | Columbia Property Trust determined the weighted-average, grant-date fair value using the market closing price on the date of the grant. |
Supplemental_Disclosures_of_No2
Supplemental Disclosures of Noncash Investing and Financing Activities (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Investment in real estate funded with other assets | $3,807 | $0 |
Other assets assumed at acquisition | 501 | 741 |
Other liabilities assumed at acquisition | 589 | 741 |
Other liabilities settled at disposition | 0 | 872 |
Note payable assumed at acquisition | 73,000 | 0 |
Interest accruing to notes payable | 0 | 159 |
Amortization of premiums (discounts) on debt | 178 | 304 |
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment | 211 | 2,717 |
Accrued capital expenditures and deferred lease costs | 18,431 | 13,408 |
Accrued deferred financing costs | 31 | 0 |
Accrued redemptions of common stock | 0 | 2,079 |
Common stock issued to employees and directors, and amortized (net of amounts withheld for income taxes) | 708 | 0 |
Increase in redeemable common stock | $0 | $22,226 |
RelatedParty_Transactions_and_2
Related-Party Transactions and Agreements (Narratives) (Details) (Transitional Services Agreement, WREF, USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Transitional Services Agreement | WREF | ' |
Related Party Transaction [Line Items] | ' |
Amount payable under agreement with related party | $8.80 |
RelatedParty_Transactions_and_3
Related-Party Transactions and Agreements (Schedule of Related-Party Costs) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Total related-party costs | $0 | ' | ' | $368,000 | $0 | $39,241,000 | ||||
Tenant reimbursements | 22,934,000 | ' | ' | 21,266,000 | 46,667,000 | 43,510,000 | ||||
Consulting Fees | ' | ' | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Total related-party costs | 0 | [1] | ' | ' | 0 | [1] | 0 | [1] | 25,417,000 | [1] |
Payment for related party costs | ' | ' | ' | ' | ' | 10,200,000 | ||||
Related party transaction, due in remainder of fiscal year | ' | ' | 15,200,000 | ' | ' | ' | ||||
Transition Services | ' | ' | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Total related-party costs | 0 | [2] | ' | ' | 0 | [2] | 0 | [2] | 5,750,000 | [2] |
Payment for related party costs | ' | ' | 1,500,000 | ' | ' | 3,000,000 | ||||
Related party transition services fees due in fourth quarter | ' | 1,300,000 | ' | ' | ' | ' | ||||
Asset Management Fees | ' | ' | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Total related-party costs | 0 | ' | ' | 0 | 0 | 5,083,000 | ||||
Administrative Reimbursements, Net | ' | ' | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Total related-party costs | 0 | [3] | ' | ' | 70,000 | [3] | 0 | [3] | 1,891,000 | [3] |
Tenant reimbursements | ' | ' | ' | 700,000 | [2] | ' | ' | |||
Property Management Fees | ' | ' | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Total related-party costs | 0 | ' | ' | 0 | 0 | 523,000 | ||||
Construction Fees | ' | ' | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Total related-party costs | 0 | [4] | ' | ' | 0 | [4] | 0 | [4] | 139,000 | [4] |
Investor Services | ' | ' | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Total related-party costs | 0 | ' | ' | 278,000 | 0 | 369,000 | ||||
Other | ' | ' | ' | ' | ' | ' | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Total related-party costs | $0 | ' | ' | $20,000 | $0 | $69,000 | ||||
[1] | $10.2 million of the $25.4 million of consulting fees incurred were paid during the six months ended JuneB 30, 2013. The remaining $15.2 million was paid ratably over the remainder of 2013. | |||||||||
[2] | $3.0 million of the $5.8 million of transition services fees incurred were paid during the six months ended JuneB 30, 2013; $1.5 million was paid in the third quarter of 2013; and the remaining $1.3 million was paid in the fourth quarter of 2013. | |||||||||
[3] | Administrative reimbursements are presented net of reimbursements from tenants of approximately $0.7 million for the six months ended JuneB 30, 2013. | |||||||||
[4] | Construction fees are capitalized to real estate assets as incurred. |
Held_for_Sale_and_Discontinued2
Held for Sale and Discontinued Operations (Narratives) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Nov. 05, 2013 | Mar. 21, 2013 | |
18 Property Sale | Dvintsev Business Center - Tower B | |||||
Landlink Ltd | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Net proceeds from the sale of real estate | ' | ' | ' | ' | ' | $67,500,000 |
Gain (loss) on disposition of discontinued operations | -650,000 | 0 | -978,000 | 10,014,000 | ' | 10,000,000 |
Net proceeds from the sale of real estate | ' | ' | 27,131,000 | 65,928,000 | 521,500,000 | ' |
Gain on extinguishment of debt | ' | ' | ' | ' | $200,000 | ' |
Held_for_Sale_and_Discontinued3
Held for Sale and Discontinued Operations (Schedule of Assets and Liabilities Held for Sale) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ' | ' |
Total real estate assets held for sale, net | $49,809 | $0 |
Total other assets held for sale, net | 1,539 | 0 |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | ' | ' |
Total liabilities held for sale, net | 1,327 | 0 |
7031 Columbia Gateway Drive | ' | ' |
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ' | ' |
Land | 10,232 | ' |
Buildings and improvements, less accumulated depreciation of $7,829 | 37,963 | ' |
Intangible lease assets, less accumulated amortization of $6,698 | 1,614 | ' |
Total real estate assets held for sale, net | 49,809 | ' |
Tenant receivables | 403 | ' |
Prepaid expenses and other assets | 26 | ' |
Total other assets held for sale, net | 1,539 | ' |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | ' | ' |
Accounts payable, accrued expenses, and accrued capital expenditures | 85 | ' |
Deferred income | 346 | ' |
Intangible lease liabilities, less accumulated amortization of $3,719 | 896 | ' |
Total liabilities held for sale, net | 1,327 | ' |
Intangible Lease Origination Costs | 7031 Columbia Gateway Drive | ' | ' |
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ' | ' |
Intangible lease assets, less accumulated amortization of $6,698 | 1,023 | ' |
Deferred Leasing Costs [Member] | 7031 Columbia Gateway Drive | ' | ' |
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ' | ' |
Intangible lease assets, less accumulated amortization of $6,698 | $87 | ' |
Held_for_Sale_and_Discontinued4
Held for Sale and Discontinued Operations (Schedule of Assets and Liabilities Held for Sale - Parenthetical) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Buildings and improvements - accumulated depreciation | $641,687 | $604,497 |
Intangible lease assets - accumulated amortization | 308,341 | 298,975 |
Intangible lease liabilities - accumulated amortization | 3,719 | 0 |
7031 Columbia Gateway Drive | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Buildings and improvements - accumulated depreciation | 7,829 | ' |
Intangible lease assets - accumulated amortization | 6,698 | ' |
Intangible lease origination costs - accumulated amortization | 4,244 | ' |
Deferred lease costs - accumulated amortization | 52 | ' |
Intangible lease liabilities - accumulated amortization | $3,719 | ' |
Held_for_Sale_and_Discontinued5
Held for Sale and Discontinued Operations (Schedule of Revenue and Expenses from Discontinued Operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Rental income | $1 | $13,848 | $4 | $28,970 |
Tenant reimbursements | 151 | 3,192 | 100 | 6,557 |
Other property income | 0 | 292 | 0 | 292 |
Revenues | 152 | 17,332 | 104 | 35,819 |
Expenses: | ' | ' | ' | ' |
Property operating costs | 82 | 6,068 | -265 | 12,373 |
Asset and property management fees | 0 | 150 | 7 | 1,308 |
Depreciation | 0 | 3,653 | 0 | 7,570 |
Amortization | 0 | 2,345 | 0 | 4,390 |
Impairment loss on real estate assets | 0 | 0 | 0 | 16,867 |
General and administrative | 110 | 37 | 128 | 1,072 |
Total expenses | 192 | 12,253 | -130 | 43,580 |
Operating income (loss) | -40 | 5,079 | 234 | -7,761 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | 0 | -1,126 | 0 | -2,252 |
Interest and other income | 0 | 161 | 3 | 164 |
Nonoperating income (expense) | 0 | -965 | 3 | -2,088 |
Income (loss) from discontinued operations before income tax expense | -40 | 4,114 | 237 | -9,849 |
Income tax expense | 0 | -2 | 0 | -6 |
Income (loss) from discontinued operations | -40 | 4,112 | 237 | -9,855 |
Gain (loss) on disposition of discontinued operations | -650 | 0 | -978 | 10,014 |
Income (loss) from discontinued operations | ($690) | $4,112 | ($741) | $159 |
Earnings_Per_Share_Basic_and_D
Earnings Per Share (Basic and Diluted EPS Computations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net income (loss) | $8,021 | $20,601 | $11,421 | ($2,007) |
Distributions paid on unvested shares | -32 | 0 | -64 | 0 |
Net income (loss) used to calculate basic and diluted earnings per share | $7,989 | $20,601 | $11,357 | ($2,007) |
Weighted-average common shares - basic | 124,860 | 135,816 | 124,855 | 136,166 |
Weighted-average common shares - diluted | 124,919 | 135,816 | 124,901 | 136,166 |
2013 Long Term Incentive Plan | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases: | 27 | 0 | 25 | 0 |
2014 Long Term Incentive Plan | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases: | 32 | 0 | 21 | 0 |
Financial_Information_for_Pare2
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Narratives) (Details) (USD $) | Jun. 30, 2014 |
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 $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ' | ' |
Land | $749,068 | $706,938 | ' | ' |
Buildings and improvements, net | 3,020,793 | 2,976,287 | ' | ' |
Intangible lease assets, net | 269,821 | 281,220 | ' | ' |
Construction in progress | 18,943 | 7,949 | ' | ' |
Real estate assets held for sale, less accumulated depreciation and amortization of $14,527, as of June 30, 2014 | 49,809 | 0 | ' | ' |
Total real estate assets | 4,108,434 | 3,972,394 | ' | ' |
Cash and cash equivalents | 49,334 | 99,855 | 61,667 | 53,657 |
Investment in subsidiaries | 0 | 0 | ' | ' |
Tenant receivables, net of allowance | 7,154 | 7,414 | ' | ' |
Straight line rent receivable | 117,991 | 113,592 | ' | ' |
Prepaid expenses and other assets | 27,974 | 32,423 | ' | ' |
Deferred financing costs, net | 9,527 | 10,388 | ' | ' |
Intangible lease origination costs, net | 133,778 | 148,889 | ' | ' |
Deferred lease costs, net | 105,640 | 87,527 | ' | ' |
Investment in development authority bonds | 120,000 | 120,000 | ' | ' |
Total other assets held for sale, net | 1,539 | 0 | ' | ' |
Total assets | 4,681,371 | 4,592,482 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Line of credit and notes payable | 1,386,644 | 1,240,249 | ' | ' |
Bonds payable, net | 249,056 | 248,930 | ' | ' |
Accounts payable, accrued expenses, and accrued capital expenditures | 98,737 | 99,678 | ' | ' |
Due to affiliates | 0 | 0 | ' | ' |
Deferred income | 24,353 | 21,938 | ' | ' |
Intangible lease liabilities, net | 76,069 | 73,864 | ' | ' |
Obligations under capital leases | 120,000 | 120,000 | ' | ' |
Liabilities held for sale, net | 1,327 | 0 | ' | ' |
Total liabilities | 1,956,186 | 1,804,659 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | 2,725,185 | 2,787,823 | 3,008,593 | 3,163,980 |
Total liabilities and equity | 4,681,371 | 4,592,482 | ' | ' |
Columbia Property Trust (Parent) (Guarantor) | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | 21,945 | 20,914 |
Columbia Property Trust OP (the Issuer) | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | 3,486 | 4,822 |
Non- Guarantors | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | 36,236 | 27,921 |
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Land | 0 | 0 | ' | ' |
Buildings and improvements, net | 0 | 0 | ' | ' |
Intangible lease assets, net | 0 | 0 | ' | ' |
Construction in progress | 0 | 0 | ' | ' |
Real estate assets held for sale, less accumulated depreciation and amortization of $14,527, as of June 30, 2014 | 0 | ' | ' | ' |
Total real estate assets | 0 | 0 | ' | ' |
Cash and cash equivalents | 24,320 | 53,322 | ' | ' |
Investment in subsidiaries | 2,523,593 | 2,557,347 | ' | ' |
Tenant receivables, net of allowance | 0 | 0 | ' | ' |
Straight line rent receivable | 0 | 0 | ' | ' |
Prepaid expenses and other assets | 177,272 | 177,185 | ' | ' |
Deferred financing costs, net | 0 | 0 | ' | ' |
Intangible lease origination costs, net | 0 | 0 | ' | ' |
Deferred lease costs, net | 0 | 0 | ' | ' |
Investment in development authority bonds | 0 | 0 | ' | ' |
Total other assets held for sale, net | 0 | ' | ' | ' |
Total assets | 2,725,185 | 2,787,854 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Line of credit and notes payable | 0 | 0 | ' | ' |
Bonds payable, net | 0 | 0 | ' | ' |
Accounts payable, accrued expenses, and accrued capital expenditures | 0 | 31 | ' | ' |
Due to affiliates | 0 | 0 | ' | ' |
Deferred income | 0 | 0 | ' | ' |
Intangible lease liabilities, net | 0 | 0 | ' | ' |
Obligations under capital leases | 0 | 0 | ' | ' |
Liabilities held for sale, net | 0 | ' | ' | ' |
Total liabilities | 0 | 31 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | 2,725,185 | 2,787,823 | ' | ' |
Total liabilities and equity | 2,725,185 | 2,787,854 | ' | ' |
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Land | 6,241 | 6,241 | ' | ' |
Buildings and improvements, net | 23,903 | 24,185 | ' | ' |
Intangible lease assets, net | 0 | 0 | ' | ' |
Construction in progress | 2,074 | 28 | ' | ' |
Real estate assets held for sale, less accumulated depreciation and amortization of $14,527, as of June 30, 2014 | 0 | ' | ' | ' |
Total real estate assets | 32,218 | 30,454 | ' | ' |
Cash and cash equivalents | 5,122 | 20,708 | ' | ' |
Investment in subsidiaries | 2,263,021 | 2,286,982 | ' | ' |
Tenant receivables, net of allowance | 220 | 0 | ' | ' |
Straight line rent receivable | 31 | 22 | ' | ' |
Prepaid expenses and other assets | 148,845 | 150,806 | ' | ' |
Deferred financing costs, net | 7,505 | 8,762 | ' | ' |
Intangible lease origination costs, net | 0 | 0 | ' | ' |
Deferred lease costs, net | 1,835 | 1,495 | ' | ' |
Investment in development authority bonds | 0 | 0 | ' | ' |
Total other assets held for sale, net | 0 | ' | ' | ' |
Total assets | 2,458,797 | 2,499,229 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Line of credit and notes payable | 525,000 | 450,000 | ' | ' |
Bonds payable, net | 249,056 | 248,930 | ' | ' |
Accounts payable, accrued expenses, and accrued capital expenditures | 11,155 | 11,816 | ' | ' |
Due to affiliates | 18 | -925 | ' | ' |
Deferred income | 184 | 146 | ' | ' |
Intangible lease liabilities, net | 0 | 0 | ' | ' |
Obligations under capital leases | 0 | 0 | ' | ' |
Liabilities held for sale, net | 0 | ' | ' | ' |
Total liabilities | 785,413 | 709,967 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | 1,673,384 | 1,789,262 | ' | ' |
Total liabilities and equity | 2,458,797 | 2,499,229 | ' | ' |
Reportable Legal Entities | Non- Guarantors | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Land | 742,827 | 700,697 | ' | ' |
Buildings and improvements, net | 2,996,890 | 2,952,102 | ' | ' |
Intangible lease assets, net | 269,821 | 281,220 | ' | ' |
Construction in progress | 16,869 | 7,921 | ' | ' |
Real estate assets held for sale, less accumulated depreciation and amortization of $14,527, as of June 30, 2014 | 49,809 | ' | ' | ' |
Total real estate assets | 4,076,216 | 3,941,940 | ' | ' |
Cash and cash equivalents | 19,892 | 25,825 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Tenant receivables, net of allowance | 6,934 | 7,414 | ' | ' |
Straight line rent receivable | 117,960 | 113,570 | ' | ' |
Prepaid expenses and other assets | 23,030 | 26,602 | ' | ' |
Deferred financing costs, net | 2,022 | 1,626 | ' | ' |
Intangible lease origination costs, net | 133,778 | 148,889 | ' | ' |
Deferred lease costs, net | 103,805 | 86,032 | ' | ' |
Investment in development authority bonds | 120,000 | 120,000 | ' | ' |
Total other assets held for sale, net | 1,539 | ' | ' | ' |
Total assets | 4,605,176 | 4,471,898 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Line of credit and notes payable | 1,181,232 | 1,110,838 | ' | ' |
Bonds payable, net | 0 | 0 | ' | ' |
Accounts payable, accrued expenses, and accrued capital expenditures | 87,582 | 87,831 | ' | ' |
Due to affiliates | 1,567 | 2,506 | ' | ' |
Deferred income | 24,169 | 21,792 | ' | ' |
Intangible lease liabilities, net | 76,069 | 73,864 | ' | ' |
Obligations under capital leases | 120,000 | 120,000 | ' | ' |
Liabilities held for sale, net | 1,327 | ' | ' | ' |
Total liabilities | 1,491,946 | 1,416,831 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | 3,113,230 | 3,055,067 | ' | ' |
Total liabilities and equity | 4,605,176 | 4,471,898 | ' | ' |
Consolidating adjustments | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Land | 0 | 0 | ' | ' |
Buildings and improvements, net | 0 | 0 | ' | ' |
Intangible lease assets, net | 0 | 0 | ' | ' |
Construction in progress | 0 | 0 | ' | ' |
Real estate assets held for sale, less accumulated depreciation and amortization of $14,527, as of June 30, 2014 | 0 | ' | ' | ' |
Total real estate assets | 0 | 0 | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Investment in subsidiaries | -4,786,614 | -4,844,329 | ' | ' |
Tenant receivables, net of allowance | 0 | 0 | ' | ' |
Straight line rent receivable | 0 | 0 | ' | ' |
Prepaid expenses and other assets | -321,173 | -322,170 | ' | ' |
Deferred financing costs, net | 0 | 0 | ' | ' |
Intangible lease origination costs, net | 0 | 0 | ' | ' |
Deferred lease costs, net | 0 | 0 | ' | ' |
Investment in development authority bonds | 0 | 0 | ' | ' |
Total other assets held for sale, net | 0 | ' | ' | ' |
Total assets | -5,107,787 | -5,166,499 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Line of credit and notes payable | -319,588 | -320,589 | ' | ' |
Bonds payable, net | 0 | 0 | ' | ' |
Accounts payable, accrued expenses, and accrued capital expenditures | 0 | 0 | ' | ' |
Due to affiliates | -1,585 | -1,581 | ' | ' |
Deferred income | 0 | 0 | ' | ' |
Intangible lease liabilities, net | 0 | 0 | ' | ' |
Obligations under capital leases | 0 | 0 | ' | ' |
Liabilities held for sale, net | 0 | ' | ' | ' |
Total liabilities | -321,173 | -322,170 | ' | ' |
Equity: | ' | ' | ' | ' |
Total equity | -4,786,614 | -4,844,329 | ' | ' |
Total liabilities and equity | ($5,107,787) | ($5,166,499) | ' | ' |
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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Rental income | $103,821 | $103,103 | $204,388 | $204,409 |
Tenant reimbursements | 22,934 | 21,266 | 46,667 | 43,510 |
Hotel income | 6,505 | 6,562 | 10,566 | 11,516 |
Other property income | 3,497 | 966 | 4,304 | 1,254 |
Revenues | 136,757 | 131,897 | 265,925 | 260,689 |
Expenses: | ' | ' | ' | ' |
Property operating costs | 38,832 | 37,069 | 77,812 | 74,653 |
Hotel operating costs | 4,689 | 4,820 | 8,830 | 9,081 |
Related-party | 0 | 0 | 0 | 4,693 |
Other | 675 | 530 | 964 | 1,143 |
Depreciation | 30,169 | 26,955 | 57,473 | 53,665 |
Amortization | 20,221 | 19,982 | 38,742 | 39,884 |
Impairment loss on real estate assets | 1,432 | 0 | 14,982 | 0 |
General and administrative | 8,412 | 8,957 | 15,358 | 45,776 |
Acquisition expenses | 6,102 | 0 | 6,102 | 0 |
Costs and expenses | 110,532 | 98,313 | 220,263 | 228,895 |
Real estate operating income | 26,225 | 33,584 | 45,662 | 31,794 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -18,860 | -26,049 | -36,770 | -52,183 |
Interest and other income | 1,802 | 9,113 | 3,612 | 18,224 |
Gain (loss) on interest rate swaps | -105 | 164 | -335 | 221 |
Income from equity investment | 0 | 0 | 0 | 0 |
Nonoperating income (expense) | -17,163 | -16,772 | -33,493 | -33,738 |
Income (loss) before income tax expense | 9,062 | 16,812 | 12,169 | -1,944 |
Income tax benefit (expense) | -351 | -323 | -7 | -222 |
Income (loss) from continuing operations | 8,711 | 16,489 | 12,162 | -2,166 |
Discontinued operations: | ' | ' | ' | ' |
Operating loss from discontinued operations | -40 | 4,112 | 237 | -9,855 |
Gain (loss) on disposition of discontinued operations | -650 | 0 | -978 | 10,014 |
Income (loss) from discontinued operations | -690 | 4,112 | -741 | 159 |
Net income (loss) | 8,021 | 20,601 | 11,421 | -2,007 |
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rental income | 0 | 0 | 0 | 0 |
Tenant reimbursements | 0 | 0 | 0 | 0 |
Hotel income | 0 | 0 | 0 | 0 |
Other property income | 0 | 0 | 0 | 0 |
Revenues | 0 | 0 | 0 | 0 |
Expenses: | ' | ' | ' | ' |
Property operating costs | 0 | 0 | 0 | 0 |
Hotel operating costs | 0 | 0 | 0 | 0 |
Related-party | 0 | 0 | 0 | 4,397 |
Other | 0 | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 |
Impairment loss on real estate assets | 0 | ' | 0 | ' |
General and administrative | 47 | 0 | 76 | 0 |
Acquisition expenses | 0 | ' | 0 | ' |
Costs and expenses | 47 | 0 | 76 | 4,397 |
Real estate operating income | -47 | 0 | -76 | -4,397 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | 0 | 0 | 0 | 0 |
Interest and other income | 1,988 | 2,002 | 3,976 | 3,999 |
Gain (loss) on interest rate swaps | 0 | 0 | 0 | 0 |
Income from equity investment | 6,080 | 18,599 | 7,521 | -1,609 |
Nonoperating income (expense) | 8,068 | 20,601 | 11,497 | 2,390 |
Income (loss) before income tax expense | 8,021 | 20,601 | 11,421 | -2,007 |
Income tax benefit (expense) | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | 8,021 | 20,601 | 11,421 | -2,007 |
Discontinued operations: | ' | ' | ' | ' |
Operating loss from discontinued operations | 0 | 0 | 0 | 0 |
Gain (loss) on disposition of discontinued operations | 0 | ' | 0 | 0 |
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net income (loss) | 8,021 | 20,601 | 11,421 | -2,007 |
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rental income | 110 | 101 | 219 | 202 |
Tenant reimbursements | 43 | -20 | 89 | 83 |
Hotel income | 0 | 0 | 0 | 0 |
Other property income | 0 | 0 | 0 | 17 |
Revenues | 153 | 81 | 308 | 302 |
Expenses: | ' | ' | ' | ' |
Property operating costs | 634 | 594 | 1,244 | 1,069 |
Hotel operating costs | 0 | 0 | 0 | 0 |
Related-party | 4 | 4 | 8 | 7 |
Other | 0 | 0 | 0 | 0 |
Depreciation | 405 | 328 | 786 | 561 |
Amortization | 13 | 7 | 22 | 14 |
Impairment loss on real estate assets | 0 | ' | 0 | ' |
General and administrative | 2,597 | 4,046 | 5,214 | 37,751 |
Acquisition expenses | 0 | ' | 0 | ' |
Costs and expenses | 3,653 | 4,979 | 7,274 | 39,402 |
Real estate operating income | -3,500 | -4,898 | -6,966 | -39,100 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -7,779 | -8,148 | -15,213 | -16,325 |
Interest and other income | 2,686 | 2,723 | 5,381 | 5,455 |
Gain (loss) on interest rate swaps | 0 | 0 | 0 | 0 |
Income from equity investment | 12,848 | 26,693 | 21,454 | 45,011 |
Nonoperating income (expense) | 7,755 | 21,268 | 11,622 | 34,141 |
Income (loss) before income tax expense | 4,255 | 16,370 | 4,656 | -4,959 |
Income tax benefit (expense) | -1 | -1 | -2 | -2 |
Income (loss) from continuing operations | 4,254 | 16,369 | 4,654 | -4,961 |
Discontinued operations: | ' | ' | ' | ' |
Operating loss from discontinued operations | 0 | 0 | 0 | 658 |
Gain (loss) on disposition of discontinued operations | 0 | ' | 0 | 0 |
Income (loss) from discontinued operations | 0 | 0 | 0 | 658 |
Net income (loss) | 4,254 | 16,369 | 4,654 | -4,303 |
Reportable Legal Entities | Non- Guarantors | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rental income | 103,802 | 103,088 | 204,349 | 204,322 |
Tenant reimbursements | 22,891 | 21,286 | 46,578 | 43,427 |
Hotel income | 6,505 | 6,562 | 10,566 | 11,516 |
Other property income | 3,555 | 1,013 | 4,399 | 1,316 |
Revenues | 136,753 | 131,949 | 265,892 | 260,581 |
Expenses: | ' | ' | ' | ' |
Property operating costs | 38,289 | 36,561 | 76,748 | 73,699 |
Hotel operating costs | 4,689 | 4,820 | 8,830 | 9,081 |
Related-party | 0 | 0 | 0 | 313 |
Other | 675 | 530 | 964 | 1,143 |
Depreciation | 29,764 | 26,627 | 56,687 | 53,104 |
Amortization | 20,208 | 19,975 | 38,720 | 39,870 |
Impairment loss on real estate assets | 1,432 | ' | 14,982 | ' |
General and administrative | 5,822 | 4,954 | 10,155 | 8,080 |
Acquisition expenses | 6,102 | ' | 6,102 | ' |
Costs and expenses | 106,981 | 93,467 | 213,188 | 185,290 |
Real estate operating income | 29,772 | 38,482 | 52,704 | 75,291 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -15,753 | -22,624 | -30,911 | -45,309 |
Interest and other income | 1,800 | 9,111 | 3,609 | 18,221 |
Gain (loss) on interest rate swaps | -105 | 164 | -335 | 221 |
Income from equity investment | 0 | 0 | 0 | 0 |
Nonoperating income (expense) | -14,058 | -13,349 | -27,637 | -26,867 |
Income (loss) before income tax expense | 15,714 | 25,133 | 25,067 | 48,424 |
Income tax benefit (expense) | -350 | -322 | -5 | -220 |
Income (loss) from continuing operations | 15,364 | 24,811 | 25,062 | 48,204 |
Discontinued operations: | ' | ' | ' | ' |
Operating loss from discontinued operations | -40 | 4,112 | 237 | -10,513 |
Gain (loss) on disposition of discontinued operations | -650 | ' | -978 | 10,014 |
Income (loss) from discontinued operations | -690 | 4,112 | -741 | -499 |
Net income (loss) | 14,674 | 28,923 | 24,321 | 47,705 |
Consolidating adjustments | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rental income | -91 | -86 | -180 | -115 |
Tenant reimbursements | 0 | 0 | 0 | 0 |
Hotel income | 0 | 0 | 0 | 0 |
Other property income | -58 | -47 | -95 | -79 |
Revenues | -149 | -133 | -275 | -194 |
Expenses: | ' | ' | ' | ' |
Property operating costs | -91 | -86 | -180 | -115 |
Hotel operating costs | 0 | 0 | 0 | 0 |
Related-party | -4 | -4 | -8 | -24 |
Other | 0 | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 |
Impairment loss on real estate assets | 0 | ' | 0 | ' |
General and administrative | -54 | -43 | -87 | -55 |
Acquisition expenses | 0 | ' | 0 | ' |
Costs and expenses | -149 | -133 | -275 | -194 |
Real estate operating income | 0 | 0 | 0 | 0 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | 4,672 | 4,723 | 9,354 | 9,451 |
Interest and other income | -4,672 | -4,723 | -9,354 | -9,451 |
Gain (loss) on interest rate swaps | 0 | 0 | 0 | 0 |
Income from equity investment | -18,928 | -45,292 | -28,975 | -43,402 |
Nonoperating income (expense) | -18,928 | -45,292 | -28,975 | -43,402 |
Income (loss) before income tax expense | -18,928 | -45,292 | -28,975 | -43,402 |
Income tax benefit (expense) | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | -18,928 | -45,292 | -28,975 | -43,402 |
Discontinued operations: | ' | ' | ' | ' |
Operating loss from discontinued operations | 0 | 0 | 0 | 0 |
Gain (loss) on disposition of discontinued operations | 0 | ' | 0 | 0 |
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net income (loss) | ($18,928) | ($45,292) | ($28,975) | ($43,402) |
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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net income (loss) | $8,021 | $20,601 | $11,421 | ($2,007) |
Foreign currency translation adjustment | ' | ' | ' | -83 |
Market value adjustment to interest rate swap | -43 | 2,168 | 211 | 2,717 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 7,978 | 22,769 | 11,632 | 627 |
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net income (loss) | 8,021 | 20,601 | 11,421 | -2,007 |
Foreign currency translation adjustment | ' | ' | ' | -83 |
Market value adjustment to interest rate swap | -43 | 2,168 | 211 | 2,717 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 7,978 | 22,769 | 11,632 | 627 |
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net income (loss) | 4,254 | 16,369 | 4,654 | -4,303 |
Foreign currency translation adjustment | ' | ' | ' | 0 |
Market value adjustment to interest rate swap | -43 | 2,168 | 211 | 2,717 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 4,211 | 18,537 | 4,865 | -1,586 |
Reportable Legal Entities | Non- Guarantors | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net income (loss) | 14,674 | 28,923 | 24,321 | 47,705 |
Foreign currency translation adjustment | ' | ' | ' | -83 |
Market value adjustment to interest rate swap | 0 | 0 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 14,674 | 28,923 | 24,321 | 47,622 |
Consolidating adjustments | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net income (loss) | -18,928 | -45,292 | -28,975 | -43,402 |
Foreign currency translation adjustment | ' | ' | ' | 83 |
Market value adjustment to interest rate swap | 43 | -2,168 | -211 | -2,717 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | ($18,885) | ($47,460) | ($29,186) | ($46,036) |
Financial_Information_for_Pare6
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Consolidating Statements of Cash Flows) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash flows from operating activities | $112,983 | $102,321 |
Cash flows from investing activities: | ' | ' |
Net proceeds from the sale of real estate | 27,131 | 65,928 |
Investment in real estate and related assets | -188,558 | -32,311 |
Investments in subsidiaries | 0 | ' |
Net cash provided by (used in) investing activities | -161,427 | 33,617 |
Cash flows from financing activities: | ' | ' |
Borrowings, net of fees | 129,202 | 119,760 |
Repayments of line of credit and notes payable | -56,300 | -112,227 |
Issuance of common stock, net of redemptions and fees | ' | -32,328 |
Distributions | -74,979 | -103,030 |
Intercompany transfers, net | 0 | 0 |
Net cash used in financing activities | -2,077 | -127,825 |
Net increase (decrease) in cash and cash equivalents | -50,521 | 8,113 |
Effect of foreign exchange rate on cash and cash equivalents | 0 | -103 |
Cash and cash equivalents, beginning of period | 99,855 | 53,657 |
Cash and cash equivalents, end of period | 49,334 | 61,667 |
Columbia Property Trust (Parent) (Guarantor) | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash flows from operating activities | ' | 0 |
Cash flows from investing activities: | ' | ' |
Net proceeds from the sale of real estate | ' | 0 |
Investment in real estate and related assets | ' | 0 |
Net cash provided by (used in) investing activities | ' | 0 |
Cash flows from financing activities: | ' | ' |
Borrowings, net of fees | ' | 0 |
Repayments of line of credit and notes payable | ' | 0 |
Issuance of common stock, net of redemptions and fees | ' | -32,328 |
Distributions | ' | -103,030 |
Intercompany transfers, net | ' | 136,389 |
Net cash used in financing activities | ' | 1,031 |
Net increase (decrease) in cash and cash equivalents | ' | 1,031 |
Effect of foreign exchange rate on cash and cash equivalents | ' | 0 |
Cash and cash equivalents, beginning of period | ' | 20,914 |
Cash and cash equivalents, end of period | ' | 21,945 |
Columbia Property Trust OP (the Issuer) | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash flows from operating activities | ' | -41,902 |
Cash flows from investing activities: | ' | ' |
Net proceeds from the sale of real estate | ' | 65,928 |
Investment in real estate and related assets | ' | -3,355 |
Net cash provided by (used in) investing activities | ' | 62,573 |
Cash flows from financing activities: | ' | ' |
Borrowings, net of fees | ' | 119,801 |
Repayments of line of credit and notes payable | ' | -111,000 |
Issuance of common stock, net of redemptions and fees | ' | 0 |
Distributions | ' | 0 |
Intercompany transfers, net | ' | -30,808 |
Net cash used in financing activities | ' | -22,007 |
Net increase (decrease) in cash and cash equivalents | ' | -1,336 |
Effect of foreign exchange rate on cash and cash equivalents | ' | 0 |
Cash and cash equivalents, beginning of period | ' | 4,822 |
Cash and cash equivalents, end of period | ' | 3,486 |
Non- Guarantors | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash flows from operating activities | ' | 144,223 |
Cash flows from investing activities: | ' | ' |
Net proceeds from the sale of real estate | ' | 0 |
Investment in real estate and related assets | ' | -28,956 |
Net cash provided by (used in) investing activities | ' | -28,956 |
Cash flows from financing activities: | ' | ' |
Borrowings, net of fees | ' | -41 |
Repayments of line of credit and notes payable | ' | -1,227 |
Issuance of common stock, net of redemptions and fees | ' | 0 |
Distributions | ' | 0 |
Intercompany transfers, net | ' | -105,581 |
Net cash used in financing activities | ' | -106,849 |
Net increase (decrease) in cash and cash equivalents | ' | 8,418 |
Effect of foreign exchange rate on cash and cash equivalents | ' | -103 |
Cash and cash equivalents, beginning of period | ' | 27,921 |
Cash and cash equivalents, end of period | ' | 36,236 |
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash flows from operating activities | -73 | ' |
Cash flows from investing activities: | ' | ' |
Net proceeds from the sale of real estate | 0 | ' |
Investment in real estate and related assets | 0 | ' |
Investments in subsidiaries | -133,515 | ' |
Net cash provided by (used in) investing activities | -133,515 | ' |
Cash flows from financing activities: | ' | ' |
Borrowings, net of fees | 0 | ' |
Repayments of line of credit and notes payable | 0 | ' |
Distributions | -74,979 | ' |
Intercompany transfers, net | 179,565 | ' |
Net cash used in financing activities | 104,586 | ' |
Net increase (decrease) in cash and cash equivalents | -29,002 | ' |
Cash and cash equivalents, beginning of period | 53,322 | ' |
Cash and cash equivalents, end of period | 24,320 | ' |
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash flows from operating activities | -19,585 | ' |
Cash flows from investing activities: | ' | ' |
Net proceeds from the sale of real estate | 27,131 | ' |
Investment in real estate and related assets | -157,776 | ' |
Investments in subsidiaries | 0 | ' |
Net cash provided by (used in) investing activities | -130,645 | ' |
Cash flows from financing activities: | ' | ' |
Borrowings, net of fees | 129,807 | ' |
Repayments of line of credit and notes payable | -55,000 | ' |
Distributions | 0 | ' |
Intercompany transfers, net | 59,837 | ' |
Net cash used in financing activities | 134,644 | ' |
Net increase (decrease) in cash and cash equivalents | -15,586 | ' |
Cash and cash equivalents, beginning of period | 20,708 | ' |
Cash and cash equivalents, end of period | 5,122 | ' |
Reportable Legal Entities | Non- Guarantors | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash flows from operating activities | 132,641 | ' |
Cash flows from investing activities: | ' | ' |
Net proceeds from the sale of real estate | 0 | ' |
Investment in real estate and related assets | -30,782 | ' |
Investments in subsidiaries | 0 | ' |
Net cash provided by (used in) investing activities | -30,782 | ' |
Cash flows from financing activities: | ' | ' |
Borrowings, net of fees | -605 | ' |
Repayments of line of credit and notes payable | -1,300 | ' |
Distributions | 0 | ' |
Intercompany transfers, net | -105,887 | ' |
Net cash used in financing activities | -107,792 | ' |
Net increase (decrease) in cash and cash equivalents | -5,933 | ' |
Cash and cash equivalents, beginning of period | 25,825 | ' |
Cash and cash equivalents, end of period | 19,892 | ' |
Eliminations | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash flows from operating activities | 0 | ' |
Cash flows from investing activities: | ' | ' |
Net proceeds from the sale of real estate | 0 | ' |
Investment in real estate and related assets | 0 | ' |
Investments in subsidiaries | 133,515 | ' |
Net cash provided by (used in) investing activities | 133,515 | ' |
Cash flows from financing activities: | ' | ' |
Borrowings, net of fees | 0 | ' |
Repayments of line of credit and notes payable | 0 | ' |
Distributions | 0 | ' |
Intercompany transfers, net | -133,515 | ' |
Net cash used in financing activities | -133,515 | ' |
Net increase (decrease) in cash and cash equivalents | 0 | ' |
Cash and cash equivalents, beginning of period | 0 | ' |
Cash and cash equivalents, end of period | $0 | ' |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 06, 2014 | Jul. 02, 2014 |
Subsequent Event | Subsequent Event | |||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Common stock, shares authorized | 900,000,000 | 900,000,000 | ' | 225,000,000 |
Dividend declared (dollars per share) | ' | ' | $0.30 | ' |