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: |
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-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) |
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| | | | | | | | | | | | | | | | | | | |
| 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 | |
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Condensed Consolidating Balance Sheets (in thousands) |
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| | | | | | | | | | | | | | | | | | | |
| 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 | |
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Consolidating Statements of Operations (in thousands) |
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| | | | | | | | | | | | | | | | | | | |
| 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) |
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| | | | | | | | | | | | | | | | | | | |
| 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 | |
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Consolidating Statements of Operations (in thousands) |
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| | | | | | | | | | | | | | | | | | | |
| 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 | |
|
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Consolidating Statements of Operations (in thousands) |
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| | | | | | | | | | | | | | | | | | | |
| 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 | ) |
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Consolidating Statements of Comprehensive Income (in thousands) |
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| | | | | | | | | | | | | | | | | | | |
| 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 | | | | | |
| | | |
| | | | | | | | | | | | | | | | | | | | |