Document_Entity_Information
Document Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | COLUMBIA PROPERTY TRUST, INC. | ||
Entity Central Index Key | 1252849 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 125,090,973 | ||
Entity Public Float | $3,246,733,390 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Land | $785,101 | $706,938 |
Buildings and improvements, less accumulated depreciation of $660,098 and $604,497, as of December 31, 2014 and 2013, respectively | 3,026,431 | 2,976,287 |
Intangible lease assets, less accumulated amortization of $313,822 and $298,975, as of December 31, 2014 and 2013, respectively | 247,068 | 281,220 |
Construction in progress | 17,962 | 7,949 |
Total real estate assets | 4,076,562 | 3,972,394 |
Cash and cash equivalents | 149,790 | 99,855 |
Tenant receivables, net of allowance for doubtful accounts of $3 and $52, as of December 31, 2014 and 2013, respectively | 6,945 | 7,414 |
Straight-line rent receivable | 116,489 | 113,592 |
Prepaid expenses and other assets | 52,143 | 32,423 |
Deferred financing costs, less accumulated amortization of $15,205 and $11,938, as of December 31, 2014 and 2013, respectively | 8,426 | 10,388 |
Intangible lease origination costs, less accumulated amortization of $219,626 and $216,598, as of December 31, 2014 and 2013, respectively | 105,528 | 148,889 |
Deferred lease costs, less accumulated amortization of $36,589 and $27,375, as of December 31, 2014 and 2013, respectively | 102,995 | 87,527 |
Investment in development authority bonds | 120,000 | 120,000 |
Total assets | 4,738,878 | 4,592,482 |
Liabilities: | ||
Line of credit, term loan, and notes payable | 1,430,884 | 1,240,249 |
Bonds payable, net of discount of $818 and $1,070, as of December 31, 2014 and 2013, respectively | 249,182 | 248,930 |
Accounts payable, accrued expenses, and accrued capital expenditures | 106,276 | 99,678 |
Deferred income | 24,753 | 21,938 |
Intangible lease liabilities, less accumulated amortization of $84,935 and $76,500, as of December 31, 2014 and 2013, respectively | 74,305 | 73,864 |
Obligations under capital leases | 120,000 | 120,000 |
Total liabilities | 2,005,400 | 1,804,659 |
Commitments and Contingencies (Note 6) | ||
Equity: | ||
Common stock, $0.01 par value, 225,000,000 and 900,000,000 shares authorized, 124,973,304 and 124,830,122 shares issued and outstanding as of December 31, 2014 and 2013, respectively | 1,249 | 1,248 |
Additional paid-in capital | 4,601,808 | 4,600,166 |
Cumulative distributions in excess of earnings | -1,867,611 | -1,810,284 |
Accumulated other comprehensive loss | -1,968 | -3,307 |
Total equity | 2,733,478 | 2,787,823 |
Total liabilities and equity | $4,738,878 | $4,592,482 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Building and improvements, accumulated depreciation | $660,098 | $604,497 |
Intangible lease assets, accumulated amortization | 313,822 | 298,975 |
Allowance for doubtful accounts | 3 | 52 |
Deferred financing costs, accumulated amortization | 15,205 | 11,938 |
Intangible lease origination costs, accumulated amortization | 219,626 | 216,598 |
Deferred lease costs, accumulated amortization | 36,589 | 27,375 |
Bonds payable, discount | 818 | 1,070 |
Intangible lease liabilities, accumulated amortization | $84,935 | $76,500 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 225,000,000 | 900,000,000 |
Common stock, shares issued | 124,973,304 | 124,830,122 |
Common stock, shares outstanding | 124,973,304 | 124,830,122 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Rental income | $414,541 | $406,907 | $381,796 |
Tenant reimbursements | 95,375 | 90,875 | 88,402 |
Hotel income | 22,885 | 23,756 | 23,049 |
Other property income | 7,996 | 5,040 | 1,024 |
Revenues | 540,797 | 526,578 | 494,271 |
Expenses: | |||
Property operating costs | 163,722 | 154,559 | 147,202 |
Hotel operating costs | 18,792 | 18,340 | 18,362 |
Asset and property management fees: | |||
Related-party | 0 | 4,693 | 29,372 |
Other | 2,258 | 1,671 | 2,421 |
Depreciation | 117,766 | 108,105 | 98,698 |
Amortization | 78,843 | 78,710 | 86,458 |
Impairment loss on real estate assets | 25,130 | 0 | 0 |
General and administrative | 31,275 | 61,866 | 24,613 |
Listing costs | 0 | 4,060 | 0 |
Acquisition fees and expenses | 14,142 | 0 | 1,876 |
Costs and expenses | 451,928 | 432,004 | 409,002 |
Real estate operating income (loss) | 88,869 | 94,574 | 85,269 |
Other income (expense): | |||
Interest expense | -75,711 | -101,941 | -101,886 |
Interest and other income | 7,275 | 34,029 | 39,856 |
Loss on interest rate swaps | -371 | -342 | -1,225 |
Loss on the early extinguishment of debt | -23 | 0 | 0 |
Nonoperating income (expense) | -68,830 | -68,254 | -63,255 |
Income before income tax expense and gains on sale of real estate | 20,039 | 26,320 | 22,014 |
Income tax expense | -662 | -500 | -572 |
Income before gains of sale of real estate assets | 19,377 | 25,820 | 21,442 |
Gains on sale of real estate assets | 75,275 | 0 | 0 |
Income from continuing operations | 94,652 | 25,820 | 21,442 |
Discontinued operations: | |||
Operating income (loss) from discontinued operations | -390 | -21,325 | 6,484 |
Gain (loss) on disposition of discontinued operations | -1,627 | 11,225 | 20,117 |
Income (loss) from discontinued operations | -2,017 | -10,100 | 26,601 |
Net income | 92,635 | 15,720 | 48,043 |
Less: net income attributable to nonredeemable noncontrolling interests | 0 | 0 | -4 |
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $92,635 | $15,720 | $48,039 |
Per-share information b basic: | |||
Income from continuing operations (in dollars per share) | $0.76 | $0.19 | $0.16 |
Income (loss) from discontinued operations (in dollars per share) | ($0.02) | ($0.08) | $0.19 |
Net income attributable to the common stockholders of Columbia Property Trust, Inc. (in dollars per share) | $0.74 | $0.12 | $0.35 |
Weighted-average common shares outstanding b basic | 124,860 | 134,085 | 136,672 |
Per-share information b diluted: | |||
Income from continuing operations (in dollars per share) | $0.76 | $0.19 | $0.16 |
Income (loss) from discontinued operations (in dollars per share) | ($0.02) | ($0.08) | $0.19 |
Net income attributable to the common stockholders of Columbia Property Trust, Inc. (in dollars per share) | $0.74 | $0.12 | $0.35 |
Weighted-average common shares b diluted | 124,918 | 134,085 | 136,672 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Statement of Comprehensive Income [Abstract] | |||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $56,226 | [1] | $24,988 | $8,021 | $3,400 | $12,927 | $4,800 | $20,601 | ($22,608) | [2] | $92,635 | $15,720 | $48,039 |
Foreign currency translation adjustment | 0 | -83 | 0 | ||||||||||
Market value adjustment to interest rate swap | 1,339 | 1,997 | -5,305 | ||||||||||
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc. | 93,974 | 17,634 | 42,734 | ||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 4 | ||||||||||
Comprehensive income | $93,974 | $17,634 | $42,738 | ||||||||||
[1] | Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million. | ||||||||||||
[2] | Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements). |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Redeemable Common Stock | Accumulated Other Comprehensive Income (Loss) | Total Columbia Property Trust, Inc. Stockholders' Equity | Non- redeemable Non- controlling Interests | |||
In Thousands, except Share data, unless otherwise specified | |||||||||||
Balance, value at beginning of period at Dec. 31, 2011 | $3,346,972 | $1,365 | [1] | $4,884,903 | [1] | ($1,426,550) | ($113,147) | $84 | $3,346,655 | $317 | |
Balance, shares at beginning of period at Dec. 31, 2011 | [1] | 136,550,000 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of common stock, shares | [1] | 4,166,000 | |||||||||
Issuance of common stock, value | 118,388 | 42 | [1] | 118,346 | [1] | 118,388 | |||||
Redemptions of common stock, shares | [1] | -3,815,000 | |||||||||
Redemptions of common stock, value | -101,396 | -38 | [1] | -101,358 | [1] | -101,396 | |||||
Decrease in redeemable common stock | 13,621 | 13,621 | 13,621 | ||||||||
Distributions to common stockholders | -256,020 | -256,020 | -256,020 | ||||||||
Offering costs | -7 | -7 | [1] | -7 | |||||||
Distributions to noncontrolling interests | -15 | -15 | |||||||||
Acquisition of noncontrolling interest in consolidated joint ventures | -301 | 5 | [1] | 5 | -306 | ||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | 48,039 | 48,039 | 48,039 | ||||||||
Net income attributable to noncontrolling interest | 4 | 4 | |||||||||
Market value adjustment to interest rate swap | -5,305 | -5,305 | -5,305 | ||||||||
Balance, value at end of period at Dec. 31, 2012 | 3,163,980 | 1,369 | [1] | 4,901,889 | [1] | -1,634,531 | -99,526 | -5,221 | 3,163,980 | 0 | |
Balance, shares at end of period at Dec. 31, 2012 | [1] | 136,901,000 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of common stock, shares | [1] | 1,665,000 | |||||||||
Issuance of common stock, value | 46,602 | 17 | [1] | 46,585 | [1] | 46,602 | |||||
Stock compensation | 855 | 855 | [1] | 855 | |||||||
Redemptions of common stock, shares | [1] | -4,373,000 | |||||||||
Redemptions of common stock, value | -112,106 | -44 | [1] | -112,062 | [1] | -112,106 | |||||
Decrease in redeemable common stock | 99,526 | 99,526 | 99,526 | ||||||||
Tender repurchase of common stock, shares | [1] | -9,363,000 | |||||||||
Tender repurchase of common stock | -234,062 | -94 | [1] | -233,968 | [1] | -234,062 | |||||
Distributions to common stockholders | -191,473 | -191,473 | -191,473 | ||||||||
Offering costs | -3,133 | -3,133 | [1] | -3,133 | |||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | 15,720 | 15,720 | 15,720 | ||||||||
Foreign currency translation adjustment | -83 | -83 | -83 | ||||||||
Net income attributable to noncontrolling interest | 0 | ||||||||||
Market value adjustment to interest rate swap | 1,997 | 1,997 | 1,997 | ||||||||
Balance, value at end of period at Dec. 31, 2013 | 2,787,823 | 1,248 | [1] | 4,600,166 | [1] | -1,810,284 | 0 | -3,307 | 2,787,823 | 0 | |
Balance, shares at end of period at Dec. 31, 2013 | 124,830,122 | 124,830,000 | [1] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Common stock issued to employees and directors, and amortized (net of amounts withheld for income taxes), shares | [1] | 143,000 | |||||||||
Common stock issued to employees and directors, and amortized (net of amounts withheld for income taxes) | 1,643 | 1 | [1] | 1,642 | [1] | 1,643 | |||||
Distributions to common stockholders | -149,962 | -149,962 | -149,962 | ||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | 92,635 | 92,635 | 92,635 | ||||||||
Net income attributable to noncontrolling interest | 0 | ||||||||||
Market value adjustment to interest rate swap | 1,339 | 1,339 | 1,339 | ||||||||
Balance, value at end of period at Dec. 31, 2014 | $2,733,478 | $1,249 | [1] | $4,601,808 | [1] | ($1,867,611) | $0 | ($1,968) | $2,733,478 | $0 | |
Balance, shares at end of period at Dec. 31, 2014 | 124,973,304 | 124,973,000 | [1] | ||||||||
[1] | All share amounts and computations using such amounts have been retroactively adjusted to reflect the August 14, 2013, four-for-one reverse stock split (See Note 7, Stockholders' Equity). |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity Parentheticals (unaudited) (Common Stock, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Common Stock | |||
Distributions to common stockholders per share | $1.20 | $1.44 | $1.88 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities: | |||
Net income | $92,635 | $15,720 | $48,043 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Straight-line rental income | -9,916 | -22,793 | -11,033 |
Depreciation | 117,766 | 119,835 | 120,307 |
Amortization | 74,212 | 84,630 | 100,482 |
Impairment losses on real estate assets | 25,130 | 29,737 | 18,467 |
Noncash interest expense | 3,055 | 3,602 | 3,881 |
Loss on interest rate swaps | -4,945 | -5,530 | -173 |
Gain on sale of real estate | -73,648 | -11,225 | -20,117 |
Loss on early extinguishment of debt | 23 | 4,709 | 0 |
Stock-based compensation expense | 1,975 | 1,055 | 0 |
Changes in assets and liabilities, net of acquisitions and dispositions: | |||
Decrease (increase) in tenant receivables, net | -227 | 6,249 | -4,767 |
Decrease (increase) in prepaid expenses and other assets | 5,442 | -4,097 | 2,344 |
Increase in accounts payable and accrued expenses | 2,589 | 4,207 | 4,270 |
Decrease in due to affiliates | 0 | -1,801 | -1,411 |
Increase (decrease) in deferred income | 2,815 | -5,969 | -7,454 |
Net cash provided by operating activities | 236,906 | 218,329 | 252,839 |
Cash Flows from Investing Activities: | |||
Net proceeds from the sale of real estate | 418,207 | 565,945 | 304,264 |
Real estate acquisitions | -335,986 | 0 | -188,750 |
Earnest money paid | -27,000 | 0 | 0 |
Capital improvements | -54,005 | -44,856 | -45,048 |
Deferred lease costs paid | -25,004 | -25,700 | -39,419 |
Net cash provided by (used in) investing activities | -23,788 | 495,389 | 31,047 |
Cash Flows from Financing Activities: | |||
Financing costs paid | -1,482 | -3,721 | -4,198 |
Proceeds from lines of credit and notes payable | 283,000 | 301,000 | 599,000 |
Repayments of lines of credit and notes payable | -294,739 | -461,940 | -627,191 |
Prepayment penalty on early extinguishment of debt | 0 | -4,709 | 0 |
Issuance of common stock | 0 | 46,402 | 118,388 |
Redemptions of common stock | 0 | -115,781 | -99,381 |
Tender offer redemptions of common stock | 0 | -234,062 | 0 |
Distributions paid to stockholders | -149,962 | -145,071 | -137,632 |
Distributions paid to stockholders and reinvested in shares of our common stock | 0 | -46,402 | -118,388 |
Redemption of noncontrolling interests | 0 | 0 | -301 |
Tender offer and offering costs paid | 0 | -3,133 | -11 |
Distributions paid to nonredeemable noncontrolling interests | 0 | 0 | -15 |
Net cash used in financing activities | -163,183 | -667,417 | -269,729 |
Net increase in cash and cash equivalents | 49,935 | 46,301 | 14,157 |
Effect of foreign exchange rate on cash and cash equivalents | 0 | -103 | 32 |
Cash and cash equivalents, beginning of period | 99,855 | 53,657 | 39,468 |
Cash and cash equivalents, end of period | $149,790 | $99,855 | $53,657 |
Organization
Organization | 12 Months Ended |
Dec. 31, 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 December 31, 2014, Columbia Property Trust owned 35 office properties and one hotel, which included 52 operational buildings comprising approximately 15.7 million square feet of commercial space, located in 12 states and the District of Columbia. All of the office properties are wholly owned except for one property, which is owned through a consolidated subsidiary. As of December 31, 2014, the office properties were approximately 93.3% leased. In January 2015, Columbia Property Trust acquired three additional office properties comprising 0.9 million square feet. See Note 3, Real Estate and Other Transactions, for additional information. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 U.S. generally accepted accounting principles ("GAAP") and include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable interest entity ("VIE") in which Columbia Property Trust or Columbia Property Trust OP was deemed the primary beneficiary. With respect to entities that are not VIEs, Columbia Property Trust's consolidated financial statements shall also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling general partnership interest. In determining whether Columbia Property Trust or Columbia Property Trust OP has a controlling interest, the following factors are considered, among other things: the ownership of voting interests, protective rights, and participatory rights of the investors. | |||||||||||||||||
All intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability: | |||||||||||||||||
Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts. | |||||||||||||||||
Level 2 – Assets and liabilities valued based on observable market data for similar instruments. | |||||||||||||||||
Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider. | |||||||||||||||||
Real Estate Assets | |||||||||||||||||
Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition or construction, and any tenant improvements or major improvements and betterments that extend the useful life of the related asset. All repairs and maintenance are expensed as incurred. Additionally, Columbia Property Trust capitalizes interest while the development of a real estate asset is in progress. No interest was capitalized during 2014 or 2013. | |||||||||||||||||
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 and site improvements | 5-25 years | ||||||||||||||||
Tenant improvements | Shorter of economic life or lease term | ||||||||||||||||
Intangible lease assets | Lease term | ||||||||||||||||
Evaluating the Recoverability of Real Estate Assets | |||||||||||||||||
Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets, of both operating properties and properties under construction, in which Columbia Property Trust has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of real estate assets and related intangible assets (liabilities) may not be recoverable, Columbia Property Trust assesses the recoverability of these assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future operating cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, Columbia Property Trust adjusts the carrying value of the real estate assets and related intangible assets to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognizes an impairment loss. Estimated fair values are calculated based on the following information, in order of preference, depending upon availability: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated salvage value. Certain of Columbia Property Trust's assets may be carried at more than an amount that could be realized in a current disposition transaction. | |||||||||||||||||
Projections of expected future operating cash flows require that Columbia Property Trust estimates future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. The subjectivity of assumptions used in the future cash flow analysis, including discount rates, could result in an incorrect assessment of the property's fair value and could result in the misstatement of the carrying value of Columbia Property Trust's real estate assets and related intangible assets and net income. | |||||||||||||||||
In the third quarter of 2012, Columbia Property Trust focused on refining the portfolio by marketing and negotiating the sale of a collection of nine assets in outlying markets (the "Nine Property Sale"). Columbia Property Trust evaluated the recoverability of the carrying values of these assets pursuant to the accounting policy outlined above and determined that the carrying value of the 180 E 100 South property in Salt Lake City, Utah, one of the properties in the Nine Property Sale, was no longer recoverable due to the change in disposition strategy and the shortening of the expected hold period for this asset in the third quarter of 2012. As a result, Columbia Property Trust reduced the carrying value of the 180 E 100 South property to reflect fair value and recorded a corresponding property impairment loss of $18.5 million in the third quarter of 2012, which is included in operating income (loss) from discontinued operations in the accompanying statement of operations. | |||||||||||||||||
In connection with furthering its portfolio repositioning efforts, in the first quarter of 2013, Columbia Property Trust initiated a process to market 18 properties for sale. Pursuant to the accounting policy outlined above, Columbia Property Trust evaluated the recoverability of the carrying values of each of these properties and determined that the 120 Eagle Rock property in East Hanover, New Jersey, and the 333 & 777 Republic Drive property in Allen Park, Michigan, were no longer recoverable due to shortening the respective expected property holding periods in connection with these repositioning efforts. As a result, Columbia Property Trust reduced the carrying value of the 120 Eagle Rock property and the 333 & 777 Republic Drive property to reflect their respective fair values estimated, based on projected discounted future cash flows and recorded corresponding property impairment losses of $11.7 million and $5.2 million, respectively, in the first quarter of 2013, which are included in operating income (loss) from discontinued operations in the accompanying statement of operations. In connection with finalizing the terms of the sale agreement for these 18 properties (the "18 Property Sale") in November 2013, Columbia Property Trust reduced the aggregate carrying value of the assets therein to fair value, as estimated based on the approximate contract price of $500 million, by recognizing an additional impairment loss of $12.9 million in the third quarter of 2013, which is included in operating income (loss) from discontinued operations in the accompanying statement of operations. | |||||||||||||||||
In the first quarter of 2014, Columbia Property Trust revised its investment strategy for the 160 Park Avenue Building (formerly known as 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 160 Park Avenue 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 the160 Park Avenue 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. 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. | |||||||||||||||||
In the fourth quarter of 2014, Columbia Property Trust identified $500 million to $600 million of properties in its portfolio that fall outside of its targeted investment strategy, which are candidates for near-term disposition. Columbia Property Trust is in the process of developing our marketing strategy for these assets. Columbia Property Trust plans to carefully evaluate the disposition options revealed through our marketing efforts, and to pursue those which provide the best opportunity to optimize shareholder value. In connection with initiating this process, Columbia Property Trust evaluated the recoverability of the carrying values of each of these properties and determined that the carrying value of the Bannockburn Lake III property, a vacant property located in Bannockburn, Illinois, is no longer recoverable due to reducing its expected property holding period to less than one year. As a result, in the fourth quarter of 2014, Columbia Property Trust reduced the carrying value of the Bannockburn Lake III property to $5.0 million, estimated based on current projected discounted future cash flows, by recording an impairment loss of $10.1 million. | |||||||||||||||||
The fair value measurements used in this evaluation of nonfinancial assets are considered to be Level 3 valuations within the fair value hierarchy outlined above, as there are significant unobservable inputs. Examples of inputs that were utilized in the fair value calculations include estimated holding periods, discount rates, market capitalization rates, expected lease rental rates, and potential sales prices. The table below represents the detail of the adjustments recognized for 2014, 2013 and 2012 (in thousands) using Level 3 inputs. | |||||||||||||||||
Property | Net Book Value | Impairment Loss Recognized | Fair Value | ||||||||||||||
2014 | |||||||||||||||||
Bannockburn Lake III | $ | 15,148 | $ | (10,148 | ) | $ | 5,000 | ||||||||||
2013 | |||||||||||||||||
120 Eagle Rock | $ | 23,808 | $ | (11,708 | ) | $ | 12,100 | ||||||||||
333 & 777 Republic Drive | $ | 13,359 | $ | (5,159 | ) | $ | 8,200 | ||||||||||
2012 | |||||||||||||||||
180 E 100 South | $ | 30,847 | $ | (18,467 | ) | $ | 12,380 | ||||||||||
Assets Held for Sale | |||||||||||||||||
Columbia Property Trust classifies assets as held for sale according to Accounting Standard Codification 360, Accounting for the Impairment or Disposal of Long-Lived Assets ("ASC 360"). According to ASC 360, assets are considered held for sale when the following criteria are met: | |||||||||||||||||
• | Management, having the authority to approve the action, commits to a plan to sell the property. | ||||||||||||||||
• | The property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property. | ||||||||||||||||
• | An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated. | ||||||||||||||||
• | The sale of the property is probable, and transfer of the property is expected to qualify for recognition as a completed sale, within one year. | ||||||||||||||||
• | The property is being actively marketed for sale at a price that is reasonable in relation to its current fair value. | ||||||||||||||||
• | Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. | ||||||||||||||||
At such time that a property is determined to be held for sale, its carrying amount is reduced to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized. As of December 31, 2014, none of Columbia Property Trust's properties met the criteria to be classified as held for sale in the accompanying balance sheet. | |||||||||||||||||
Allocation of Purchase Price of Acquired Assets | |||||||||||||||||
Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see Fair Value Measurements section above for additional details). | |||||||||||||||||
The fair values of the tangible assets of an acquired property (which includes land, building, and site improvements) are determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building, and site improvements based on management's determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market demand. | |||||||||||||||||
Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust is the Lessor | |||||||||||||||||
As further described below, in-place leases with Columbia Property Trust as the lessor may have values related to: direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease, tenant relationships, and effective contractual rental rates that are above or below market rates: | |||||||||||||||||
• | Direct costs associated with obtaining a new tenant, including commissions, tenant improvements, and other direct costs, are estimated based on management's consideration of current market costs to execute a similar lease. Such direct costs are included in intangible lease origination costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. | ||||||||||||||||
• | The value of opportunity costs associated with lost rentals avoided by acquiring an in-place lease is calculated based on contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. Such opportunity costs ("Absorption Period Costs") are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. | ||||||||||||||||
• | The value of tenant relationships is calculated based on expected renewal of a lease or the likelihood of obtaining a particular tenant for other locations. Values associated with tenant relationships are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. | ||||||||||||||||
• | The value of effective rental rates of in-place leases that are above or below the market rates of comparable leases is calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be received pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining terms of the leases. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental income over the remaining terms of the respective leases. | ||||||||||||||||
As of December 31, 2014 and 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 | |||||||||||||||||
December 31, 2014 | Gross | $ | 79,805 | $ | 370,412 | $ | 325,154 | $ | 159,240 | ||||||||
Accumulated Amortization | (61,619 | ) | (237,084 | ) | (219,626 | ) | (84,935 | ) | |||||||||
Net | $ | 18,186 | $ | 133,328 | $ | 105,528 | $ | 74,305 | |||||||||
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 | |||||||||
During 2014, 2013, and 2012, Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands): | |||||||||||||||||
Intangible Lease Assets | Intangible | Intangible | |||||||||||||||
Lease | Below-Market | ||||||||||||||||
Origination | In-Place Lease | ||||||||||||||||
Above-Market | Absorption | Costs | Liabilities | ||||||||||||||
In-Place | Period Costs | ||||||||||||||||
Lease Assets | |||||||||||||||||
For the years ended December 31, | |||||||||||||||||
2014 | $ | 5,368 | $ | 36,474 | $ | 33,037 | $ | 15,507 | |||||||||
2013 | $ | 6,077 | $ | 38,879 | $ | 38,978 | $ | 14,411 | |||||||||
2012 | $ | 8,901 | $ | 48,997 | $ | 42,866 | $ | 15,324 | |||||||||
The remaining net intangible assets and liabilities as of December 31, 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 years ending December 31, | |||||||||||||||||
2015 | $ | 4,480 | $ | 35,284 | $ | 28,483 | $ | 17,198 | |||||||||
2016 | 3,748 | 24,942 | 21,587 | 11,895 | |||||||||||||
2017 | 1,879 | 16,687 | 14,777 | 8,073 | |||||||||||||
2018 | 1,075 | 12,297 | 10,269 | 6,596 | |||||||||||||
2019 | 1,035 | 10,969 | 9,198 | 5,893 | |||||||||||||
Thereafter | 5,969 | 33,149 | 21,214 | 24,650 | |||||||||||||
$ | 18,186 | $ | 133,328 | $ | 105,528 | $ | 74,305 | ||||||||||
Weighted-Average Amortization Period | 3 years | 4 years | 4 years | 6 years | |||||||||||||
Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust is the Lessee | |||||||||||||||||
In-place ground leases where Columbia Property Trust is the lessee may have value associated with effective contractual rental rates that are above or below market rates at the time of execution or assumption. Such values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place lease and (ii) management's estimate of fair market lease rates for the corresponding in-place lease at the time of execution or assumption, measured over a period equal to the remaining terms of the leases. The capitalized above-market and below-market in-place lease values are recorded as intangible lease liabilities and assets, respectively, and are amortized as an adjustment to property operating cost over the remaining term of the respective leases. Columbia Property Trust had gross below-market lease assets of approximately $110.7 million as of December 31, 2014 and 2013, net of accumulated amortization of $15.1 million and $13.1 million as of December 31, 2014 and 2013, respectively. Columbia Property Trust recognized amortization expense related to these assets of approximately $2.1 million for each of the years ended 2014, 2013, and 2012. | |||||||||||||||||
As of December 31, 2014, the remaining net below-market lease asset will be amortized as follows (in thousands): | |||||||||||||||||
For the years ending December 31: | |||||||||||||||||
2015 | $ | 2,069 | |||||||||||||||
2016 | 2,069 | ||||||||||||||||
2017 | 2,069 | ||||||||||||||||
2018 | 2,069 | ||||||||||||||||
2019 | 2,069 | ||||||||||||||||
Thereafter | 85,209 | ||||||||||||||||
$ | 95,554 | ||||||||||||||||
Weighted-Average Amortization Period | 47 years | ||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
Columbia Property Trust considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value as of December 31, 2014 and 2013. | |||||||||||||||||
Tenant Receivables, net | |||||||||||||||||
Tenant receivables comprise rental and reimbursement billings due from tenants and the cumulative amount of future adjustments necessary to present rental income on a straight-line basis. Tenant receivables are recorded at the original amount earned, less an allowance for any doubtful accounts, which approximates fair value. Management assesses the realizability of tenant receivables on an ongoing basis and provides for allowances as such balances, or portions thereof, become uncollectible. | |||||||||||||||||
Columbia Property Trust adjusted the allowance for doubtful accounts by recording a provision for doubtful accounts, net of recoveries, in general and administrative expenses in the accompanying consolidated statements of operations of approximately $0.5 million and $(0.1) million for 2014 and 2013, respectively. | |||||||||||||||||
Prepaid Expenses and Other Assets | |||||||||||||||||
Prepaid expenses and other assets primarily include earnest money deposits, escrow accounts held by lenders to pay future real estate taxes, insurance and tenant improvements, notes receivable, non-tenant 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. As of December 31, 2014, prepaid expenses and other assets included $27.0 million of earnest money deposits paid in 2014 for the January 2015 property acquisitions described in Note 3, Real Estate and Other Transactions. These deposits were applied to the purchase prices at closing. | |||||||||||||||||
Deferred Financing Costs | |||||||||||||||||
Deferred financing costs comprise costs incurred in connection with securing financing from third-party lenders and are capitalized and amortized over the term of the related financing arrangements. Columbia Property Trust recognized amortization of deferred financing costs for the years ended December 31, 2014, 2013, and 2012, of approximately $3.5 million, $3.8 million, and $3.2 million, respectively, which is included in interest expense in the accompanying consolidated statements of operations. | |||||||||||||||||
Deferred Lease Costs | |||||||||||||||||
Deferred lease costs comprise costs incurred to procure leases, which are capitalized and recognized as amortization expense on a straight-line basis over the terms of the lease. Such costs are capitalized and recognized as operating expenses over the lease term. Columbia Property Trust recognized amortization of deferred lease costs of approximately $12.2 million, $13.1 million, and $10.9 million for 2014, 2013, and 2012, respectively, the majority of which is recorded as amortization expense. Upon receiving notification of a tenant's intention to terminate a lease, unamortized deferred lease costs are amortized over the shortened lease period. | |||||||||||||||||
Investments in Development Authority Bonds and Obligations Under Capital Leases | |||||||||||||||||
In connection with the acquisition of certain real estate assets, Columbia Property Trust has assumed investments in development authority bonds and corresponding obligations under capital leases of land or buildings. The county development authority issued bonds to developers to finance the initial development of these projects, a portion of which was then leased back to the developer under a capital lease. This structure enabled the developer to receive property tax abatements over the concurrent terms of the development authority bonds and capital leases. The remaining property tax abatement benefits transferred to Columbia Property Trust upon assumption of the bonds and corresponding capital leases at acquisition. The development authority bonds and the obligations under the capital leases are both recorded at their net present values, which Columbia Property Trust believes approximates fair value. The related amounts of interest income and expense are recognized as earned in equal amounts and, accordingly, do not impact net income. In December 2013, upon maturity, Columbia Property Trust settled the $216.0 million and $250.0 million development authority bonds and the corresponding obligations under capital leases related to the Lenox Park Buildings and Lindbergh Center, respectively. In December 2012, upon maturity, Columbia Property Trust settled the $60.0 million development authority bond and the corresponding obligation under capital lease related to the One Glenlake Parkway Building. | |||||||||||||||||
Line of Credit and Notes Payable | |||||||||||||||||
Certain mortgage notes included in line of credit, term loan, and notes payable in the accompanying consolidated balance sheets were assumed upon the acquisition of real properties. When debt is assumed, Columbia Property Trust records the loan at fair value. The fair value adjustment is amortized to interest expense over the term of the loan using the effective interest method. | |||||||||||||||||
Bonds Payable | |||||||||||||||||
On April 4, 2011, Columbia Property Trust sold $250.0 million of its seven-year unsecured 5.875% senior notes at 99.295% of their face value (the "2018 Bonds Payable"). The discount on bonds payable is amortized to interest expense over the term of the bonds using the effective-interest method. | |||||||||||||||||
Noncontrolling Interests | |||||||||||||||||
Noncontrolling interests represent the equity interests of consolidated subsidiaries that are not owned by Columbia Property Trust. Noncontrolling interests are adjusted for contributions, distributions, and earnings attributable to the noncontrolling interest holders of the consolidated joint ventures. Pursuant to the terms of the consolidated joint venture agreements, all earnings and distributions are allocated to joint ventures in accordance with the terms of the respective joint venture agreements. Earnings allocated to such noncontrolling interest holders are recorded as net loss (income) attributable to noncontrolling interests in the accompanying consolidated statements of operations. | |||||||||||||||||
In April 2012, Columbia Property Trust purchased the remaining 0.7% interest in the Robbins Road Property for $0.3 million from an unaffiliated party. The purchase price approximated the book value of the noncontrolling interest at the time of purchase. | |||||||||||||||||
Redeemable Common Stock | |||||||||||||||||
In preparation for listing, Columbia Property Trust terminated its former share redemption program (the "SRP") effective July 31, 2013. Previously, under the SRP, the decision to honor redemptions, subject to certain plan requirements and limitations, fell outside the control of Columbia Property Trust. As a result, until the termination of the SRP, Columbia Property Trust recorded redeemable common stock in the temporary equity section of its consolidated balance sheet. | |||||||||||||||||
Preferred Stock | |||||||||||||||||
Columbia Property Trust is authorized to issue up to 100.0 million shares of one or more classes or series of preferred stock with a par value of $0.01 per share. Columbia Property Trust's board of directors may determine the relative rights, preferences, and privileges of each class or series of preferred stock issued, which may be more beneficial than the rights, preferences, and privileges attributable to Columbia Property Trust's common stock. To date, Columbia Property Trust has not issued any shares of preferred stock. | |||||||||||||||||
Common Stock | |||||||||||||||||
The par value of Columbia Property Trust's issued and outstanding shares of common stock is classified as common stock, with the remainder allocated to additional paid-in capital. | |||||||||||||||||
Distributions | |||||||||||||||||
To maintain its status as a REIT, Columbia Property Trust is required by the Internal Revenue Code of 1986, as amended (the "Code"), to make distributions to stockholders each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends-paid deduction and by excluding net capital gains attributable to stockholders ("REIT taxable income"). Distributions to the stockholders are determined by the board of directors of Columbia Property Trust and are dependent upon a number of factors relating to Columbia Property Trust, including funds available for payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain Columbia Property Trust's status as a REIT under the Code. | |||||||||||||||||
Interest Rate Swap Agreements | |||||||||||||||||
Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of the effective portion of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income, while changes in the fair value of the ineffective portion of a hedge, if any, is recognized currently in earnings. Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain (loss) on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment. | |||||||||||||||||
The following tables provide additional information related to Columbia Property Trust's interest rate swaps as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||
Estimated Fair Value as of | |||||||||||||||||
December 31, | |||||||||||||||||
Instrument Type | Balance Sheet Classification | 2014 | 2013 | ||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Accounts payable | $ | (1,968 | ) | $ | (3,307 | ) | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Accounts payable | $ | (2,633 | ) | $ | (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 $(4.6) million and $(10.9) million at December 31, 2014 and 2013, respectively. | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income | $ | 1,339 | $ | 1,997 | $ | (5,305 | ) | ||||||||||
Loss on interest rate swap recognized through earnings | $ | (371 | ) | $ | (342 | ) | $ | (1,225 | ) | ||||||||
During the periods presented, there was no hedge ineffectiveness required to be recognized into earnings on the interest rate swaps that qualified for hedge accounting treatment. | |||||||||||||||||
Revenue Recognition | |||||||||||||||||
All leases on real estate assets held by Columbia Property Trust are classified as operating leases, and the related base rental income is generally recognized on a straight-line basis over the terms of the respective leases. Tenant reimbursements are recognized as revenue in the period that the related operating cost is incurred and are billed to tenants pursuant to the terms of the underlying leases. Rental income and tenant reimbursements collected in advance are recorded as deferred income in the accompanying consolidated balance sheets. Lease termination fees are recorded as other property income and recognized once the tenant has lost the right to lease the space and Columbia Property Trust has satisfied all obligations under the related lease or lease termination agreement. | |||||||||||||||||
In conjunction with certain acquisitions, Columbia Property Trust has entered into master lease agreements with various sellers, whereby the sellers are obligated to pay rent pertaining to certain nonrevenue-producing spaces either at the time of, or subsequent to, the property acquisition. These master leases were established at the time of acquisition to mitigate the potential negative effects of lost rental revenues and expense reimbursement income. Columbia Property Trust records payments received under master lease agreements as a reduction of the basis of the underlying property rather than rental income. There were no proceeds received from master leases during 2014, 2013, or 2012. | |||||||||||||||||
Columbia Property Trust owns a full-service hotel through a taxable REIT subsidiary. Revenues derived from the operations of the hotel include, but are not limited to, revenues from rental of rooms, food and beverage sales, telephone usage, and other service revenues. Revenue is recognized when rooms are occupied, when services have been performed, and when products are delivered. | |||||||||||||||||
Income Taxes | |||||||||||||||||
Columbia Property Trust has elected to be taxed as a REIT under the Code, and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. As a REIT, Columbia Property Trust generally is not subject to income tax on income it distributes to stockholders. Columbia Property Trust's stockholder distributions typically exceed its taxable income due to the inclusion of noncash expenses, such as depreciation, in taxable income. As a result, Columbia Property Trust typically does not incur federal income taxes other than as described in the following paragraph. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements. | |||||||||||||||||
Columbia Property Trust TRS, LLC ("Columbia TRS"), Columbia KCP TRS, LLC ("Columbia KCP TRS"), and Columbia Energy TRS, LLC ("Columbia Energy TRS") (collectively, the "TRS Entities") are wholly owned subsidiaries of Columbia Property Trust, are organized as Delaware limited liability companies, and operate, among other things, a full-service hotel. Columbia Property Trust has elected to treat the TRS Entities as taxable REIT subsidiaries. Columbia Property Trust may perform certain additional, noncustomary services for tenants of its buildings through the TRS Entities; however, any earnings related to such services are subject to federal and state income taxes. In addition, for Columbia Property Trust to continue to qualify as a REIT, Columbia Property Trust must limit its investments in taxable REIT subsidiaries to 25% of the value of the total assets. The TRS Entities' deferred tax assets and liabilities represent temporary differences between the financial reporting basis and the tax basis of assets and liabilities based on the enacted rates expected to be in effect when the temporary differences reverse. If applicable, Columbia Property Trust records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations. | |||||||||||||||||
Operating Segments | |||||||||||||||||
Columbia Property Trust establishes its operating segments at the building level, and none of its operating segments meet the quantitative or qualitative thresholds to be considered an individual reportable segment. Therefore, Columbia Property Trust aggregates all of its operating segments into one reporting segment. | |||||||||||||||||
Reclassification | |||||||||||||||||
Certain prior period amounts may be reclassified to conform with the current-period financial statement presentation, including discontinued operations (see Note 12, Discontinued Operations) and equity accounts impacted by the Reverse Stock Split (see Note 7, Stockholders' Equity). | |||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||
In April 2014, Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components on an Entity ("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 asset sales will remain in continuing operations, whereas, asset sales that represent 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. | |||||||||||||||||
In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which establishes a comprehensive model to account for revenue arising from contracts with customers. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB's Accounting Standards Codification such as real estate leases. ASU 2014-09 will require companies to perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 will be effective for Columbia Property Trust beginning on January 1, 2017, and early adoption is not permitted. Columbia Property Trust is currently in the process of evaluating the potential impact, if any, ASU 2014-09 will have on its financial statements and disclosures. | |||||||||||||||||
In August 2014, the FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements – Going Concern ("ASU 2014-15"), which provides guidance about the responsibility of management to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures if necessary. ASU 2014-15 will be effective for Columbia Property Trust beginning on January 1, 2017, and early adoption is permitted. Columbia Property Trust does not expect the adoption of ASU 2014-15 to have a material impact on its financial statements and disclosures. |
Real_Estate_and_Other_Transact
Real Estate and Other Transactions | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Business Combinations [Abstract] | ||||||||||||
Real Estate and Other Transactions | Real Estate and Other Transactions | |||||||||||
Acquisitions | ||||||||||||
During 2014, Columbia Property Trust acquired interests in the following properties (in thousands). Columbia Property Trust did not acquire any real estate assets during 2013. | ||||||||||||
2014 | ||||||||||||
221 Main | 650 California | |||||||||||
Street Building | Street Building | |||||||||||
Location | San Francisco, CA | San Francisco, CA | ||||||||||
Date acquired | 22-Apr-14 | 9-Sep-14 | ||||||||||
Purchase price: | ||||||||||||
Land | $ | 60,509 | $ | 75,384 | ||||||||
Building and improvements | 161,853 | 221,135 | ||||||||||
Intangible lease assets | 12,776 | 19,306 | ||||||||||
Intangible lease origination costs | 3,475 | 4,290 | ||||||||||
Intangible below market lease liability | (10,323 | ) | (9,908 | ) | ||||||||
Total purchase price | $ | 228,290 | $ | 310,207 | ||||||||
Note 2, Summary of Significant Accounting Policies, provides a discussion of the estimated useful life for each asset class. | ||||||||||||
221 Main Street Building | ||||||||||||
On April 22, 2014, Columbia Property Trust acquired the 221 Main Street Building, a 388,000-square-foot office building in San Francisco, California (the "221 Main Street Building"), for $228.8 million, exclusive of transaction costs. The acquisition was funded with a $73.0 million assumed mortgage note, $116.0 million of borrowings on the JPMorgan Chase Credit Facility (the "JPMorgan Chase Credit Facility"), and cash on hand. Columbia Property Trust recognized revenues of $12.7 million and a net loss of $10.9 million from the 221 Main Street Building acquisition for the period from April 22, 2014 to December 31, 2014. The net loss includes acquisition-related expenses of $6.1 million. | ||||||||||||
As of the acquisition date, the 221 Main Street Building was 82.8% leased to 40 tenants, including DocuSign, Inc. (16%), and no other tenant leases more than 10% of the building based on annualized lease revenue. | ||||||||||||
650 California Street Building | ||||||||||||
On September 9, 2014, Columbia Property Trust acquired the 650 California Street Building, a 478,000-square-foot office building in San Francisco, California (the "650 California Street Building"), for $310.2 million, exclusive of transaction costs. The acquisition was funded with a $130.0 million assumed mortgage note, $118.0 million of borrowings on the JPMorgan Chase Credit Facility, and cash on hand. Columbia Property Trust recognized revenues of $8.0 million and a net loss of $9.7 million from the 650 California Street Building acquisition for the period from September 9, 2014 to December 31, 2014. The net loss includes acquisition-related expenses of $8.0 million. | ||||||||||||
As of the acquisition date, the 650 California Street Building was 88.1% leased to 18 tenants, including Littler Mendelson (24%), Credit Suisse (13%), and Goodby Silverstein (11%). | ||||||||||||
2015 Acquisitions | ||||||||||||
On January 7, 2015, Columbia Property Trust acquired a portfolio of two assets, which includes 315 Park Avenue South, a 341,000-square-foot office building in New York, New York (the "315 Park Avenue South Building") and 1881 Campus Commons, a 245,000-square-foot office building in Reston, Virginia (the "1881 Campus Commons Building"). This portfolio was acquired for $436.0 million, exclusive of transaction costs. An earnest money deposit of $17.0 million was prepaid for this transaction in December 2014, and is included in prepaid expenses and other assets in the accompanying consolidated balance sheet. | ||||||||||||
On January 8, 2015, Columbia Property Trust acquired a 274,000-square-foot office building in Boston, Massachusetts (the "116 Huntington Avenue Building"), for $152.0 million, inclusive of capital credits. An earnest money deposit of $10.0 million was prepaid for this transaction in December 2014, and is included in prepaid expenses and other assets in the accompanying consolidated balance sheet. | ||||||||||||
These acquisitions were funded with $300.0 million in proceeds from the the Bridge Loan (as described in Note 4, Line of Credit, Term Loan, and Notes Payable), $140.0 million of borrowings on the JPMorgan Chase Credit Facility (as described in Note 4, Line of Credit, Term Loan, and Notes Payable), and cash on hand. | ||||||||||||
Pro Forma Financial Information | ||||||||||||
The following unaudited pro forma statements of operations presented for 2014, 2013, and 2012 have been prepared for Columbia Property Trust to give effect to the acquisition of both the 650 California Street Building and the 221 Main Street Building as if the acquisitions occurred on January 1, 2012. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had the acquisitions of the 650 California Street Building and the 221 Main Street Building been consummated as of January 1, 2012 (in thousands). | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues | $ | 555,472 | $ | 550,675 | $ | 517,958 | ||||||
Net income (loss) | $ | 90,999 | $ | (17,969 | ) | $ | (665 | ) | ||||
Net income (loss) per share – basic | $ | 0.73 | $ | (0.13 | ) | $ | — | |||||
Net income (loss) per share – diluted | $ | 0.73 | $ | (0.13 | ) | $ | — | |||||
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 accompanying consolidated statements of operations, the revenues and expenses associated with the second and third quarter 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. | ||||||||||||
160 Park Avenue Building | ||||||||||||
On June 4, 2014, Columbia Property Trust closed on the sale of the 160 Park Avenue Building (formerly known as 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 $18.8 million, exclusive of transaction costs. This transaction resulted in a $1.4 million impairment loss in the second quarter of 2014, as further described in Note 2, Significant Accounting Policies. | ||||||||||||
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 $59.5 million, exclusive of transaction costs, yielding a gain on sale of real estate assets of $7.7 million. | ||||||||||||
9 Technology Drive Building | ||||||||||||
On August 22, 2014, Columbia Property Trust closed on the sale of the 9 Technology Drive Building in Westborough, Massachusetts, for $47.0 million, exclusive of purchase price adjustments and transaction costs, yielding a gain on sale of real estate assets of $11.1 million. | ||||||||||||
Lenox Park Property | ||||||||||||
On October 3, 2014, Columbia Property Trust closed on the sale of the five buildings comprising the Lenox Park Property in Atlanta, Georgia, for $290.0 million, exclusive of transaction costs, yielding a gain on sale of real estate assets of $56.5 million in the fourth quarter of 2014. | ||||||||||||
18 Property Sale | ||||||||||||
On November 5, 2013, Columbia Property Trust closed on the 18 Property Sale to an unaffiliated third party for $521.5 million, exclusive of closing costs. In connection with marketing these assets for sale and finalizing the terms of the sale agreement, Columbia Property Trust recognized aggregate impairment losses of $29.7 million. After considering the impact of these impairment losses, upon closing in the fourth quarter of 2013, the 18 Property Sale yielded a loss of $0.4 million, which is included in gain (loss) on disposition of discontinued operations in the accompanying consolidated statement of operations. | ||||||||||||
The following properties make up the 18 Property Sale: | ||||||||||||
2500 Windy Ridge Parkway | Sterling Commerce Center | 11200 West Parkland Avenue | ||||||||||
4100-4300 Wildwood Parkway | 4300 Centreway Place | One Century Place | ||||||||||
4200 Wildwood Parkway | 919 Hidden Ridge | 1200 Morris Drive | ||||||||||
4241 Irwin Simpson | 333 & 777 Republic Drive | 15815 25th Avenue West | ||||||||||
8990 Duke Road | 120 Eagle Rock | 16201 25th Avenue West | ||||||||||
Chase Center Building | College Park Plaza | 13655 Riverport Drive | ||||||||||
Dvintsev Business Center – Tower B | ||||||||||||
On March 21, 2013, Columbia Property Trust closed on the sale of the Dvintsev Business Center – Tower B building in Moscow, Russia, and its holding entity, Landlink Ltd., which was 100% owned by Columbia Property Trust, for $67.5 million, exclusive of transaction costs, resulting in a gain on disposition of discontinued operations in the accompanying consolidated statement of operations of $10.0 million. | ||||||||||||
Other Transactions | ||||||||||||
As described in Note 10, 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 2013 and 2012, have been prepared for Columbia Property Trust to give effect to the acquisitions of Columbia Property Trust Advisory Services and Columbia Property Trust Services as if the acquisitions occurred on January 1, 2012. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had the acquisitions of Columbia Property Trust Advisory Services and Columbia Property Trust Services been consummated as of January 1, 2012 (in thousands). | ||||||||||||
As of December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues | * | $ | 526,966 | $ | 479,056 | |||||||
Net income attributable to common shareholders | * | $ | 47,661 | $ | 47,591 | |||||||
* | Columbia Property Trust owned Columbia Property Trust Advisory Services and Columbia Property Trust Services for all of 2014. |
Line_of_Credit_Term_Loan_and_N
Line of Credit, Term Loan, and Notes Payable | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Line of Credit, Term Loan, and Notes Payable | Line of Credit, Term Loan, and Notes Payable | ||||||||||||||||
As of December 31, 2014 and 2013, Columbia Property Trust had the following line of credit, term loan, and notes payable indebtedness outstanding (excluding bonds payable; see Note 5, Bonds Payable) in thousands: | |||||||||||||||||
Rate as of | Term Debt or Interest Only | Outstanding Balance as of | |||||||||||||||
31-Dec-14 | December 31, | ||||||||||||||||
Facility | Maturity | 2014 | 2013 | ||||||||||||||
$450 Million Term Loan | LIBOR + 130 bp | (1) | Interest only | 2/3/16 | $ | 450,000 | $ | 450,000 | |||||||||
Market Square Buildings mortgage note | 5.07 | % | Interest only | 7/1/23 | 325,000 | 325,000 | |||||||||||
333 Market Street Building mortgage note | LIBOR + 202 bp | (2) | Interest only | 7/1/15 | 206,810 | 207,559 | |||||||||||
650 California Street Building mortgage note | 3.6 | % | Interest only | 7/1/19 | 130,000 | — | |||||||||||
100 East Pratt Street Building mortgage note | 5.08 | % | Interest only | 6/11/17 | 105,000 | 105,000 | |||||||||||
221 Main Building mortgage note | 3.95 | % | Interest only | 5/10/17 | 73,000 | — | |||||||||||
263 Shuman Boulevard Building mortgage note | 5.55 | % | Interest only | 7/1/17 | 49,000 | 49,000 | |||||||||||
SanTan Corporate Center mortgage notes | 5.83 | % | Interest only | 10/11/16 | 39,000 | 39,000 | |||||||||||
One Glenlake Building mortgage note | 5.8 | % | Term debt | 12/10/18 | 32,074 | 34,713 | |||||||||||
215 Diehl Road Building mortgage note | 5.55 | % | Interest only | 7/1/17 | 21,000 | 21,000 | |||||||||||
544 Lakeview Building mortgage note | 5.54 | % | Interest only | 12/1/14 | — | 8,977 | |||||||||||
JPMorgan Chase Credit Facility | LIBOR + 110 bp | (3) | Interest only | 8/21/17 | — | — | |||||||||||
Total indebtedness | $ | 1,430,884 | $ | 1,240,249 | |||||||||||||
(1) | Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $450 Million Term Loan (the "450 Million Term Loan") at 2.07% per annum and terminates on February 3, 2016. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statements of other comprehensive income. | ||||||||||||||||
(2) | Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the 333 Market Street Building mortgage note at 4.75% per annum and terminates on July 1, 2015. This interest rate swap agreement does not qualify for hedge accounting treatment; therefore, changes in fair value are recorded as loss on interest rate swaps in the accompanying consolidated statements of operations. | ||||||||||||||||
(3) | JPMorgan Chase Credit Facility debt bears interest at a rate based on, at the option of Columbia Property Trust, LIBOR for seven-day or one-, two-, three-, or six-month periods, plus an applicable margin ranging from 1.00% to 1.70%, or the alternate base rate for any day is the greatest of the rate of interest publicly announced by JPMorgan Chase Bank ("JPMorgan Chase Bank") as its prime rate in effect in its principal office in New York City for such day plus an applicable margin ranging from 0.00% to 0.70%. | ||||||||||||||||
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 the 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. | |||||||||||||||||
650 California Street Building Mortgage Note | |||||||||||||||||
In September 2014, in connection with acquiring the 650 California Street Building in San Francisco, California, Columbia Property Trust assumed a $130.0 million mortgage note payable (the "650 California Street Building Mortgage Note"), which is secured by the property. At the time of acquisition, Columbia Property Trust evaluated the 650 California Street Building Mortgage Note and determined that the face value of the note approximates its fair value. The fair value of the 650 California 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 650 California Building Mortgage Note is due on July 1, 2019. Through June 2015, the 650 California Street Building Mortgage Note requires monthly, interest-only payments at an interest rate of 3.60% per annum. Beginning in July 2015, monthly payments will be $591,000 monthly ($7.1 million annually), consisting of principal and interest. | |||||||||||||||||
Bridge Loan | |||||||||||||||||
On January 6, 2015, Columbia Property Trust entered into a $300 million, six-month, unsecured loan with a syndicate of banks led by JPMorgan Chase Bank (the "Bridge Loan") to finance a portion of the the real estate assets purchased in January 2015. At the Columbia Property Trust's option, borrowings under the Bridge Loan bear interest at either (i) an alternate base rate plus an applicable margin ranging from 0.00% to 0.80% or (ii) LIBOR plus an applicable margin based on four stated pricing levels ranging from 1.00% to 1.80%, in each case based on Columbia Property Trust's credit rating. Subject to customary conditions, Columbia Property Trust may increase the borrowings under the Bridge Loan up to two times up to an aggregate amount of $150 million. Each increase must be in an increment of $25 million. | |||||||||||||||||
The Bridge Loan matures on July 6, 2015, with a six-month extension at the option of Columbia Property Trust, and may be prepaid by Columbia Property Trust at any time without premium or penalty. In addition, amounts under the Bridge Loan must be repaid by Columbia Property Trust with the net cash proceeds of certain financing activities and asset sales, including (i) the issuance of common or preferred equity securities, (ii) the incurrence of mortgage indebtedness on any property, (iii) the incurrence of unsecured indebtedness, or (iv) the sale of certain real estate assets or any equity interests. | |||||||||||||||||
Debt Covenants | |||||||||||||||||
Columbia Property Trust is subject to a $25.0 million limitation on letters of credit that may be issued under the JPMorgan Chase Credit Facility. The JPMorgan Chase Credit Facility, and the Bridge Loan contain the following restrictive covenants: | |||||||||||||||||
• | limits the ratio of debt to total asset value, as defined, to 50% or less during the term of the facility; | ||||||||||||||||
• | limits the ratio of secured debt to total asset value, as defined, to 40% or less during the term of the facility; | ||||||||||||||||
• | requires the ratio of unencumbered asset value, as defined, to total unsecured debt to be at least 2:1 at all times; | ||||||||||||||||
• | requires maintenance of certain interest and fixed-charge coverage ratios; | ||||||||||||||||
• | limits the ratio of secured recourse debt to total asset value, as defined, to 10% or less at all times; | ||||||||||||||||
• | requires maintenance of certain minimum tangible net worth balances; and | ||||||||||||||||
• | limits investments that fall outside Columbia Property Trust's core investments of improved office properties located in the United States. | ||||||||||||||||
As of December 31, 2014, Columbia Property Trust believes it was in compliance with the restrictive covenants on its outstanding debt obligations. | |||||||||||||||||
Fair Value of Debt | |||||||||||||||||
The estimated fair value of Columbia Property Trust's line of credit, term loan, and notes payable as of December 31, 2014 and 2013, was approximately $1,465.2 million and $1,245.3 million, respectively. Columbia Property Trust estimated the fair value of its line of credit by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates. Therefore, the fair values determined are considered to be based on observable market data for similar instruments (Level 2). The fair values of all other debt instruments were estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowing arrangements as of the respective reporting dates. The discounted cash flow method of assessing fair value results in a general approximation of value, and such value may never actually be realized. | |||||||||||||||||
Interest Paid | |||||||||||||||||
As of December 31, 2014 and 2013, Columbia Property Trust's weighted-average interest rate on its line of credit and notes payable was approximately 3.95% and 4.08%, respectively. Columbia Property Trust made interest payments of approximately $56.1 million, $59.6 million, and $50.1 million during 2014, 2013, and 2012, respectively, none of which was capitalized. | |||||||||||||||||
Debt Maturities and Extinguishment | |||||||||||||||||
On October 8, 2014, Columbia Property Trust repaid the mortgage note for the 544 Lakeview Building for $9.1 million, resulting in a loss on early extinguishment of debt of $23,000. The original maturity date for the 544 Lakeview Building mortgage note was December 1, 2014. There were no other debt maturities during 2014. | |||||||||||||||||
The following table summarizes the aggregate maturities of Columbia Property Trust's line of credit, term loan, and notes payable as of December 31, 2014 (in thousands): | |||||||||||||||||
2015 | $ | 210,821 | |||||||||||||||
2016 | 494,460 | ||||||||||||||||
2017 | 253,728 | ||||||||||||||||
2018 | 25,860 | ||||||||||||||||
2019 | 121,015 | ||||||||||||||||
Thereafter | 325,000 | ||||||||||||||||
Total | $ | 1,430,884 | |||||||||||||||
Bonds_Payable
Bonds Payable | 12 Months Ended | |
Dec. 31, 2014 | ||
Debt Disclosure [Abstract] | ||
Bonds Payable | Bonds Payable | |
In 2011, Columbia Property Trust issued $250.0 million of its seven-year, unsecured 5.875% senior notes at 99.295% of their face value. Columbia Property Trust received proceeds from the 2018 Bonds Payable, net of fees, of $246.7 million. The 2018 Bonds Payable require semiannual interest payments in April and October based on a contractual annual interest rate of 5.875%, which is subject to adjustment in certain circumstances. In the accompanying consolidated balance sheets, the 2018 Bonds Payable are shown net of the initial issuance discount of approximately $1.8 million, which is amortized to interest expense over the term of the 2018 Bonds Payable using the effective interest method. The principal amount of the 2018 Bonds Payable is due and payable on the maturity date, April 1, 2018. Interest payments of $14.7 million were made on the 2018 Bonds Payable during 2014 and 2013. | ||
The restrictive covenants on the 2018 Bonds Payable as defined pursuant to an indenture include: | ||
• | limits to Columbia Property Trust's ability to merge or consolidate with another entity or transfer all or substantially all of Columbia Property Trust's property and assets, subject to important exceptions and qualifications; | |
• | a limitation on the ratio of debt to total assets, as defined, to 60%; | |
• | limits to Columbia Property Trust's ability to incur debt if the consolidated income available for debt service to annual debt service charge, as defined, for four previous consecutive fiscal quarters is less than 1.5:1 on a pro forma basis; | |
• | limits to Columbia Property Trust's ability to incur liens if, on an aggregate basis for Columbia Property Trust, the secured debt amount would exceed 40% of the value of the total assets; and | |
• | a requirement that the ratio of unencumbered asset value, as defined, to total unsecured debt be at least 150% at all times. | |
As of December 31, 2014, Columbia Property Trust believes it was in compliance with the restrictive covenants on its 2018 Bonds Payable. The 2018 Bonds Payable were originally issued through a private offering and subsequently registered. | ||
The estimated fair value of the 2018 Bonds Payable as of December 31, 2014 and 2013 was approximately $250.6 million and $250.8 million, respectively. The fair value of the 2018 Bonds Payable was estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowing as the 2018 Bonds Payable arrangements, as of the respective reporting dates (Level 2). The discounted cash flow method of assessing fair value results in a general approximation of value, and such value may never actually be realized. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | Commitments and Contingencies | |||
Obligations Under Operating Leases | ||||
Columbia Property Trust owns three properties that are subject to ground leases with expiration dates of December 31, 2058; February 28, 2062; and July 31, 2099. We incurred $2.1 million in rent expense related to such ground leases in 2014, 2013, and 2012. As of December 31, 2014, the remaining required payments under the terms of these ground leases are as follows (in thousands): | ||||
2015 | $ | 2,557 | ||
2016 | 2,557 | |||
2017 | 2,702 | |||
2018 | 2,731 | |||
2019 | 2,731 | |||
Thereafter | 202,798 | |||
Total | $ | 216,076 | ||
Obligations Under Capital Leases | ||||
The Three Glenlake Building is subject to a capital lease of land. This obligation requires payments equal to the amounts of principal and interest receivable from related investments in development authority bonds, which matures in 2021. The required payments under the terms of the leases are as follows as of December 31, 2014 (in thousands): | ||||
2015 | $ | 7,200 | ||
2016 | 7,200 | |||
2017 | 7,200 | |||
2018 | 7,200 | |||
2019 | 7,200 | |||
Thereafter | 134,400 | |||
170,400 | ||||
Amounts representing interest | (50,400 | ) | ||
Total | $ | 120,000 | ||
Commitments Under Existing Lease Agreements | ||||
Certain lease agreements include provisions that, at the option of the tenant, may obligate Columbia Property Trust to expend capital to expand an existing property or provide other expenditures for the benefit of the tenant. As of December 31, 2014, no tenants have exercised such options that had not been materially satisfied. | ||||
Litigation | ||||
Columbia Property Trust is subject to various legal proceedings, claims, and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any reasonably possible loss relating to these matters using the latest information available. Columbia Property Trust records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, Columbia Property Trust accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, Columbia Property Trust accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, Columbia Property Trust discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, Columbia Property Trust discloses the nature and estimate of the possible loss of the litigation. Columbia Property Trust does not disclose information with respect to litigation where the possibility of an unfavorable outcome is considered to be remote. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business, or financial condition of Columbia Property Trust. Columbia Property Trust is not currently involved in any legal proceedings of which management would consider the outcome to be reasonably likely to have a material adverse effect on the results of operations or financial condition of Columbia Property Trust. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Stockholders' Equity Note [Abstract] | |||||||||
Stockholders' Equity | Stockholders' Equity | ||||||||
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 "Long-Term Incentive Plan"). In July 2013, Columbia Property Trust's shareholders approved the Long-Term Incentive Plan, and 2,000,000 shares were authorized and reserved for issuance under the Long-Term Incentive Plan. | |||||||||
Employee Grants | |||||||||
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 Long-Term Incentive Plan for 2013 performance (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 Long-Term Incentive Plan for 2014, follows: | |||||||||
Shares | Weighted-Average, | ||||||||
(in thousands) | Grant-Date Fair Value(1) | ||||||||
Unvested shares as of January 1, 2014 | — | $ | — | ||||||
Granted | 144 | $ | 24.82 | ||||||
Vested | (39 | ) | $ | 24.82 | |||||
Forfeited | (1 | ) | $ | 24.82 | |||||
Unvested shares as of December 31, 2014 | 104 | (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 December 31, 2014, we expect approximately 98,800 of the 104,000 unvested shares to ultimately vest, assuming a forfeiture rate of 5%, which was determined based on peer company data, adjusted for the specifics of the Long-Term Incentive Plan. | ||||||||
On January 21, 2015, Columbia Property Trust granted 123,187 shares of common stock to employees, net of 11,368 shares withheld to settle the related tax liability, under the Long-Term Incentive Plan (the "2014 LTIP Employee Grant"), of which 25% vested upon grant, and the remaining shares will vest ratably, with the passage of time, on January 31, 2016, 2017, and 2018. | |||||||||
Independent Director Grants | |||||||||
Beginning in January 2014, Columbia Property Trust pays quarterly installments of the independent directors' annual equity retainers by granting shares to the independent directors, which vest at the time of grant. In October 2013, Columbia Property Trust paid the annual equity retainer for 2013. A summary of these grants, made under the Long-Term Incentive Plan, follows: | |||||||||
Date of Grant | Shares | Weighted-Average | |||||||
Grant-Date Fair Value | |||||||||
2015 Director Grants: | |||||||||
January 2, 2015 | 5,850 | $ | 25.75 | ||||||
2014 Director Grants: | |||||||||
January 21, 2014 | 3,344 | $ | 24.82 | ||||||
April 1, 2014 | 2,968 | $ | 27.22 | ||||||
July 1, 2014 | 3,016 | $ | 25.78 | ||||||
October 1, 2014 | 4,960 | $ | 23.89 | ||||||
2013 Director Grant: | |||||||||
September 13, 2013 | 6,820 | $ | 29.32 | ||||||
Stock-Based Compensation Expense | |||||||||
In 2014, Columbia Property Trust incurred $2.0 million in stock-based compensation expense, of which $0.4 million related to the issuance of shares to independent directors as described above, $0.7 million related to the amortization of unvested awards under the 2013 LTIP Employee Grant, and $0.9 million related to the 2014 LTIP Employee Grant, which was authorized, and employee service related to these awards began on January 1, 2014. The 2014 LTIP Employee Grant was granted 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. In 2013, Columbia Property Trust incurred approximately $1.1 million of stock-based compensation expense, of which $0.2 million related to the issuance of shares to independent directors and $0.9 million related to future employee awards related to service during 2013, which were granted in January 2014. These expenses are included in general and administrative expenses in the accompanying consolidated statement of operations. There was $1.7 million and $0.9 million of unrecognized compensation costs related to unvested awards under the 2013 LTIP Employee Grant as of December 31, 2014 and December 31, 2013, respectively. This amount will be amortized over the respective vesting period, ranging from one year 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. | |||||||||
Authorized Shares | |||||||||
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. | |||||||||
Listing | |||||||||
On October 10, 2013, Columbia Property Trust listed its shares of common stock on the New York Stock Exchange (the "NYSE") under the ticker symbol "CXP." Columbia Property Trust has incurred $4.1 million of costs related to the listing during 2013, primarily related to professional and legal fees associated with the listing. Such fees have been recorded separately as listing costs in the accompanying statement of operations. | |||||||||
Tender Offer | |||||||||
On October 10, 2013, Columbia Property Trust commenced a modified "Dutch-auction" tender offer to purchase for cash up to $300.0 million in value of shares of its common stock (the "Tender Offer"). As a result of the Tender Offer, on November 18, 2013, we accepted for purchase 9.4 million shares of common stock at a purchase price of $25.00 per share, for an aggregate cost to Columbia Property Trust of $234.1 million, exclusive of fees and expenses related to the Tender Offer. | |||||||||
Independent Director Stock Option Plan | |||||||||
Columbia Property Trust maintains an independent director stock option plan that provides for grants of stock to be made to independent directors of Columbia Property Trust (the "Director Plan"). On April 24, 2008, the Conflicts Committee of the Board of Directors suspended the Director Plan in connection with the registration of a public offering of shares of its common stock in certain states. A total of 25,000 shares have been authorized and reserved for issuance under the Director Plan. | |||||||||
Under the Director Plan, options to purchase 625 shares of common stock at $48.00 per share were granted upon initially becoming an independent director of Columbia Property Trust. Of these options, 20% are exercisable immediately on the date of grant. An additional 20% of these options become exercisable on each anniversary for four years following the date of grant. Additionally, effective on the date of each annual stockholder meeting, beginning in 2004, each independent director was granted options to purchase 250 additional shares of common stock at the greater of (1) $48.00 per share or (2) the fair market value (as defined in the Director Plan) on the last business day preceding the date of the annual stockholder meeting. These options are 100% exercisable two years after the date of grant. All options granted under the Director Plan expire no later than the tenth anniversary of the date of grant and may expire sooner if the independent director dies, is disabled, or ceases to serve as a director. In the event of a corporate transaction or other recapitalization event, the Conflicts Committee will adjust the number of shares, class of shares, exercise price, or other terms of the Director Plan to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Director Plan or with respect to any option as necessary. No stock option may be exercised if such exercise would jeopardize Columbia Property Trust's status as a REIT under the Code, and no stock option may be granted if the grant, when combined with those issuable upon exercise of outstanding options or warrants granted to Columbia Property Trust's advisor, directors, officers, or any of their affiliates, would exceed 10% of Columbia Property Trust's outstanding shares. No option may be sold, pledged, assigned, or transferred by an independent director in any manner other than by will or the laws of descent or distribution. | |||||||||
A summary of stock option activity under the Director Plan during 2014, 2013, and 2012, follows: | |||||||||
Number | Exercise | Exercisable | |||||||
Price | |||||||||
Outstanding as of December 31, 2011 | 7,375 | $48 | 7,250 | ||||||
Granted | — | ||||||||
Expired | — | ||||||||
Outstanding as of December 31, 2012 | 7,375 | $48 | 7,375 | ||||||
Granted | — | ||||||||
Expired | — | ||||||||
Outstanding as of December 31, 2013 | 7,375 | $48 | 7,375 | ||||||
Granted | — | ||||||||
Expired | (3,500 | ) | |||||||
Outstanding as of December 31, 2014 | 3,875 | $48 | 3,875 | ||||||
Columbia Property Trust has evaluated the fair values of options granted under the Director Plan using the Black-Scholes-Merton model and concluded that such values are insignificant as of the end of the period presented. The weighted-average contractual remaining life for options that were exercisable as of December 31, 2014, was approximately 1.75 years. |
Operating_Leases
Operating Leases | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
Operating Leases | Operating Leases | |||
Columbia Property Trust's real estate assets are leased to tenants under operating leases for which the terms vary, including certain provisions to extend the lease agreement, options for early terminations, subject to specified penalties, and other terms and conditions as negotiated. Columbia Property Trust retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant; however, such deposits generally are not significant. Therefore, exposure to credit risk exists to the extent that the receivables exceed this amount. Security deposits related to tenant leases are included in accounts payable, accrued expenses, and accrued capital expenditures in the accompanying consolidated balance sheets. | ||||
Based on 2014 Annualized Lease Revenue, as defined, none of our tenants comprised more than 6% of Columbia Property Trust's portfolio. Tenants in the legal services, banking, and business services industries each comprise 18%, 14%, and 8%, respectively, of Columbia Property Trust's 2014 Annualized Lease Revenue. Columbia Property Trust's properties are located in 12 states and the District of Columbia. | ||||
As of December 31, 2014, approximately 19%, 12%, and 10% of Columbia Property Trust's office properties are located in San Francisco, metropolitan District of Columbia, and northern New Jersey, respectively. | ||||
The future minimum rental income from Columbia Property Trust's investment in real estate assets under noncancelable operating leases, excluding properties under development, as of December 31, 2014, is as follows (in thousands): | ||||
2015 | $ | 376,623 | ||
2016 | 361,085 | |||
2017 | 306,788 | |||
2018 | 269,712 | |||
2019 | 248,991 | |||
Thereafter | 1,070,022 | |||
Total | $ | 2,633,221 | ||
Supplemental_Disclosures_of_No
Supplemental Disclosures of Noncash Investing and Financing Activities | 12 Months Ended | |||||||||||
Dec. 31, 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 years ended December 31, 2014, 2013, and 2012 (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Investment in real estate funded with other assets | $ | 3,807 | $ | — | $ | — | ||||||
Other assets assumed upon acquisition | $ | 2,493 | $ | 741 | $ | 130 | ||||||
Other liabilities assumed upon acquisition | $ | 2,004 | $ | 741 | $ | — | ||||||
Other liabilities settled at disposition | $ | — | $ | 872 | $ | — | ||||||
Interest rate swap assumed upon acquisition of property | $ | — | $ | — | $ | 11,560 | ||||||
Notes payable assumed at acquisition | $ | 203,000 | $ | — | $ | 208,330 | ||||||
Interest accruing into notes payable | $ | — | $ | 186 | $ | 306 | ||||||
Amortization of discounts (premiums) on debt | $ | 396 | $ | (363 | ) | $ | 364 | |||||
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment | $ | 1,339 | $ | 1,997 | $ | (5,305 | ) | |||||
Accrued capital expenditures and deferred lease costs | $ | 17,283 | $ | 15,997 | $ | 16,325 | ||||||
Accrued deferred financing costs | $ | — | $ | — | $ | 35 | ||||||
Common stock issued to employees and directors, and amortized (net of amounts withheld for taxes) | $ | 1,642 | $ | — | $ | — | ||||||
Accrued redemptions of common stock | $ | — | $ | — | $ | 3,655 | ||||||
Transfer of development authority bonds | $ | — | $ | 466,000 | $ | 60,000 | ||||||
Stock-based compensation expense | $ | — | $ | 1,055 | $ | — | ||||||
Increase (decrease) in redeemable common stock | $ | — | $ | (99,526 | ) | $ | 13,621 | |||||
RelatedParty_Transactions_and_
Related-Party Transactions and Agreements | 12 Months Ended | |||||||||||
Dec. 31, 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, 2013, 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 during 2014, 2013, and 2012, respectively (in thousands): | ||||||||||||
Years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Consulting services | $ | — | $ | 25,417 | $ | — | ||||||
Transition services | — | 5,750 | 3,008 | |||||||||
Asset management fees | — | 5,083 | 32,000 | |||||||||
Administrative reimbursements, net(1) | — | 1,939 | 11,099 | |||||||||
Investor services | — | 829 | — | |||||||||
Property management fees | — | 523 | 4,462 | |||||||||
Construction fees(2) | — | 139 | 220 | |||||||||
Other | — | 69 | 126 | |||||||||
Acquisition fees | — | — | 1,500 | |||||||||
Disposition fees | — | — | 1,311 | |||||||||
Total | $ | — | $ | 39,749 | $ | 53,726 | ||||||
(1) | Administrative reimbursements are presented net of reimbursements from tenants of approximately $0.7 million and $4.4 million for the years ended December 31, 2013 and 2012, respectively. | |||||||||||
(2) | Construction fees are capitalized to real estate assets as incurred. | |||||||||||
There were no amounts due to affiliates as of December 31, 2014 or December 31, 2013. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
Columbia Property Trust's income tax basis net income during 2014, 2013, and 2012 (in thousands) follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
GAAP basis financial statement net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 92,635 | $ | 15,720 | $ | 48,039 | ||||||
Increase (decrease) in net income resulting from: | ||||||||||||
Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes | 69,832 | 72,554 | 81,681 | |||||||||
Rental income accrued for financial reporting purposes in excess of amounts for income tax purposes | (8,437 | ) | (26,565 | ) | (24,798 | ) | ||||||
Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes | (9,394 | ) | (8,186 | ) | (3,423 | ) | ||||||
Gain on interest rate swaps that do not qualify for hedge accounting treatment for financial reporting purposes in excess of amounts for income tax purposes | (4,945 | ) | (5,530 | ) | (173 | ) | ||||||
Bad debt expense for financial reporting purposes less than amounts for income tax purposes | (1 | ) | (65 | ) | (5,034 | ) | ||||||
Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes | (47,159 | ) | (78,559 | ) | (61,198 | ) | ||||||
Other expenses for financial reporting purposes in excess of amounts for income tax purposes | 31,991 | 9,710 | 7,349 | |||||||||
Income tax basis net income (loss), prior to dividends-paid deduction | $ | 124,522 | $ | (20,921 | ) | $ | 42,443 | |||||
As of December 31, 2014, the tax basis carrying value of Columbia Property Trust's total assets was approximately $5.2 billion. For income tax purposes, distributions to common stockholders are characterized as ordinary income, capital gains, or as a return of a stockholder's invested capital. Columbia Property Trust's distributions per common share are summarized as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Ordinary income | 83.1 | % | — | % | 16 | % | ||||||
Capital gains | — | % | — | % | — | % | ||||||
Return of capital | 16.9 | % | 100 | % | 84 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | ||||||
As of December 31, 2014, returns for the calendar years 2010 through 2014 remain subject to examination by U.S. or various state tax jurisdictions. | ||||||||||||
No provisions for federal income taxes have been made in the accompanying consolidated financial statements, other than the provisions relating to Columbia TRS, Columbia KCP TRS, and Columbia Energy TRS, as we made distributions in excess of taxable income for the periods presented. We are subject to certain state and local taxes related to property operations in certain locations, which have been provided for in our accompanying consolidated financial statements. The income taxes recorded by the TRS Entities for the years ended December 31, 2014, 2013, and 2012, are as follows: | ||||||||||||
Years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal income tax | $ | 318 | $ | 307 | $ | 265 | ||||||
State income tax | 35 | 2 | 14 | |||||||||
Total income tax | $ | 353 | $ | 309 | $ | 279 | ||||||
As of December 31, 2014 and 2013, Columbia Property Trust had no deferred tax liabilities. As of December 31, 2014 and 2013, Columbia Property Trust had a deferred tax asset of $0.3 million and $0.6 million, respectively, included in prepaid expenses and other assets in the accompanying consolidated balance sheets. Columbia Property Trust has assessed its ability to realize this deferred tax asset and determined that it is more likely than not that the deferred tax asset of $0.3 million as of December 31, 2014, is realizable. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operation, Additional Disclosures [Abstract] | ||||||||||||
Discontinued Operations | 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 loss of $0.4 million; | |||||||||||
• | Dvintsev Business Center – Tower B in Moscow, Russia, which sold on March 21, 2013, along with its holding entity, Landlink, Ltd., which was 100% owned by Columbia Property Trust, for $67.5 million and resulted in a gain of $10.0 million; | |||||||||||
• | the properties included in the Nine Property Sale, which closed in December 2012 for $260.5 million and resulted in a net gain of $3.2 million; | |||||||||||
• | 5995 Opus Parkway and Emerald Point, both of which closed in January 2012 for $60.1 million and resulted in aggregate gains of $16.9 million. | |||||||||||
The following table shows the revenues and expenses of the above-described discontinued operations (in thousands). 2014 amounts reflect post closing adjustments and true ups related to the 18 Property Sale, which closed prior to our adoption of ASU 2014-08. | ||||||||||||
Years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues: | ||||||||||||
Rental income | $ | 4 | $ | 48,550 | $ | 91,132 | ||||||
Tenant reimbursements | 115 | 11,205 | 18,059 | |||||||||
Other property income | — | 291 | 5,471 | |||||||||
119 | 60,046 | 114,662 | ||||||||||
Expenses: | ||||||||||||
Property operating costs | (250 | ) | 21,232 | 36,996 | ||||||||
Asset and property management fees | 7 | 1,501 | 7,974 | |||||||||
Depreciation | — | 11,730 | 21,609 | |||||||||
Amortization | — | 7,590 | 15,776 | |||||||||
Impairment loss on real estate assets | — | 29,737 | 18,467 | |||||||||
General and administrative | 755 | 1,360 | 748 | |||||||||
Total expenses | 512 | 73,150 | 101,570 | |||||||||
Operating income (loss) | (393 | ) | (13,104 | ) | 13,092 | |||||||
Other income (expense): | ||||||||||||
Interest expense | 3 | (3,804 | ) | (6,610 | ) | |||||||
Interest and other income | — | 293 | 16 | |||||||||
Loss on early extinguishment of debt | — | (4,709 | ) | — | ||||||||
Income (loss) from discontinued operations before income tax expense | (390 | ) | (21,324 | ) | 6,498 | |||||||
Income tax expense | — | (1 | ) | (14 | ) | |||||||
Income (loss) from discontinued operations | (390 | ) | (21,325 | ) | 6,484 | |||||||
Gain (loss) on disposition of discontinued operations | (1,627 | ) | 11,225 | 20,117 | ||||||||
Income (loss) from discontinued operations | $ | (2,017 | ) | $ | (10,100 | ) | $ | 26,601 | ||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | Earnings Per Share | ||||||||||||
For 2014, the basic and diluted earnings-per-share computations, net income, and income 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 2014, 2013, and 2012 (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income | $ | 92,635 | $ | 15,720 | $ | 48,039 | |||||||
Distributions paid on unvested shares | (128 | ) | — | — | |||||||||
Net income used to calculate basic and diluted earnings per share | $ | 92,507 | $ | 15,720 | $ | 48,039 | |||||||
The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of income for 2014, 2013, and 2012 (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted-average common shares – basic | 124,860 | 134,085 | 136,672 | ||||||||||
Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases: | |||||||||||||
2013 LTIP Employee Grant | 29 | — | — | ||||||||||
2014 LTIP Employee Grant | 29 | — | — | ||||||||||
Weighted-average common shares – diluted | 124,918 | 134,085 | 136,672 | ||||||||||
Quarterly_Results_unaudited
Quarterly Results (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Results (unaudited) | Quarterly Results (unaudited) | ||||||||||||||||
Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2014 and 2013(in thousands, except per-share data): | |||||||||||||||||
2014 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Revenues | $ | 129,168 | $ | 136,757 | $ | 136,981 | $ | 137,891 | |||||||||
Net income attributable to common stockholders of Columbia Property Trust, Inc. | $ | 3,400 | $ | 8,021 | $ | 24,988 | $ | 56,226 | (1) | ||||||||
Basic net income attributable to common stockholders of Columbia Property Trust, Inc. per share | $ | 0.03 | $ | 0.06 | $ | 0.2 | $ | 0.45 | |||||||||
Diluted net income attributable to common stockholders of Columbia Property Trust, Inc. per share | $ | 0.03 | $ | 0.06 | $ | 0.2 | $ | 0.45 | |||||||||
Distributions declared per share | $ | 0.3 | $ | 0.3 | $ | 0.3 | $ | 0.3 | |||||||||
2013 | |||||||||||||||||
First | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Quarter | |||||||||||||||||
Revenues(2) | $ | 128,792 | $ | 131,897 | $ | 132,502 | $ | 133,387 | |||||||||
Net income (loss) attributable to common stockholders of Columbia Property Trust, Inc. | $ | (22,608 | ) | (3) | $ | 20,601 | $ | 4,800 | $ | 12,927 | |||||||
Basic net income (loss) attributable to common stockholders of Columbia Property Trust, Inc. per share(4) | $ | (0.17 | ) | $ | 0.15 | $ | 0.04 | $ | 0.1 | ||||||||
Diluted net income (loss) attributable to common stockholders of Columbia Property Trust, Inc. per share(4) | $ | (0.17 | ) | $ | 0.15 | $ | 0.04 | $ | 0.1 | ||||||||
Distributions declared per share(4) | $ | 0.38 | $ | 0.38 | $ | 0.38 | $ | 0.3 | |||||||||
(1) | Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million. | ||||||||||||||||
(2) | Prior-period amounts adjusted to conform with current-period presentation, including classifying revenues generated by properties sold as discontinued operations for all periods presented (see Note 12, Discontinued Operations). | ||||||||||||||||
(3) | Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements). | ||||||||||||||||
(4) | All computations using share amounts have been retroactively adjusted to reflect the August 14, 2013, four-for-one reverse stock split (See Note 7, Stockholders' Equity). |
Financial_Information_for_Pare
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries, and Non-Guarantor Subsidiaries | Financial Information for Parent Guarantor, Other Guarantor Subsidiaries, and Non-Guarantor Subsidiaries | |||||||||||||||||||
The 2018 Bonds Payable (see Note 5, Bonds Payable) were issued by Columbia Property Trust OP and are guaranteed by Columbia Property Trust. 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 Million Term Loan, the JPMorgan Chase Credit Facility, and the 2018 Bonds Payable were released under customary circumstances as guarantors, which resulted in the reclassification of prior-period amounts from the guarantor to the non-guarantor groupings within the condensed consolidating financial statements to conform with the current period presentation. In accordance with SEC Rule 3-10(c), Columbia Property Trust includes herein condensed consolidating financial information in lieu of separate financial statements of the subsidiary issuer (Columbia Property Trust OP) and Subsidiary Guarantors, as defined in the bond indenture, because all of the following criteria are met: | ||||||||||||||||||||
-1 | the subsidiary issuer (Columbia Property Trust OP) is 100% owned by the parent company guarantor (Columbia Property Trust); | |||||||||||||||||||
-2 | the guarantees are full and unconditional; and | |||||||||||||||||||
-3 | the guarantees are joint and several. | |||||||||||||||||||
Columbia Property Trust uses the equity method with respect to its investment in subsidiaries included in its condensed consolidating financial statements. Set forth below are Columbia Property Trust's condensed consolidating balance sheets as of December 31, 2014 and 2013 (in thousands), as well as its condensed consolidating statements of operations and its condensed consolidating statements of comprehensive income for 2014, 2013, and 2012 (in thousands); and its condensed consolidating statements of cash flows for 2014, 2013, and 2012 (in thousands). | ||||||||||||||||||||
Condensed Consolidating Balance Sheets (in thousands) | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Assets: | ||||||||||||||||||||
Real estate assets, at cost: | ||||||||||||||||||||
Land | $ | — | $ | 6,241 | $ | 778,860 | $ | — | $ | 785,101 | ||||||||||
Buildings and improvements, net | — | 29,899 | 2,996,532 | — | 3,026,431 | |||||||||||||||
Intangible lease assets, net | — | — | 247,068 | — | 247,068 | |||||||||||||||
Construction in progress | — | 433 | 17,529 | — | 17,962 | |||||||||||||||
Total real estate assets | — | 36,573 | 4,039,989 | — | 4,076,562 | |||||||||||||||
Cash and cash equivalents | 119,488 | 10,504 | 19,798 | — | 149,790 | |||||||||||||||
Investment in subsidiaries | 2,409,941 | 2,120,018 | — | (4,529,959 | ) | — | ||||||||||||||
Tenant receivables, net of allowance | — | 246 | 6,699 | — | 6,945 | |||||||||||||||
Straight-line rent receivable | — | 781 | 115,708 | — | 116,489 | |||||||||||||||
Prepaid expenses and other assets | 204,079 | 148,226 | 19,734 | (319,896 | ) | 52,143 | ||||||||||||||
Deferred financing costs, net | — | 6,020 | 2,406 | — | 8,426 | |||||||||||||||
Intangible lease origination costs, net | — | — | 105,528 | — | 105,528 | |||||||||||||||
Deferred lease costs, net | — | 1,658 | 101,337 | — | 102,995 | |||||||||||||||
Investment in development authority bonds | — | — | 120,000 | — | 120,000 | |||||||||||||||
Total assets | $ | 2,733,508 | $ | 2,324,026 | $ | 4,531,199 | $ | (4,849,855 | ) | $ | 4,738,878 | |||||||||
Liabilities: | ||||||||||||||||||||
Line of credit, term loan, and notes payable | $ | — | $ | 450,000 | $ | 1,299,232 | $ | (318,348 | ) | $ | 1,430,884 | |||||||||
Bonds payable, net | — | 249,182 | — | — | 249,182 | |||||||||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | 30 | 9,749 | 96,497 | — | 106,276 | |||||||||||||||
Due to affiliates | — | 24 | 1,524 | (1,548 | ) | — | ||||||||||||||
Deferred income | — | 171 | 24,582 | — | 24,753 | |||||||||||||||
Intangible lease liabilities, net | — | — | 74,305 | — | 74,305 | |||||||||||||||
Obligations under capital leases | — | — | 120,000 | — | 120,000 | |||||||||||||||
Total liabilities | 30 | 709,126 | 1,616,140 | (319,896 | ) | 2,005,400 | ||||||||||||||
Equity: | ||||||||||||||||||||
Total equity | 2,733,478 | 1,614,900 | 2,915,059 | (4,529,959 | ) | 2,733,478 | ||||||||||||||
Total liabilities, redeemable common stock, and equity | $ | 2,733,508 | $ | 2,324,026 | $ | 4,531,199 | $ | (4,849,855 | ) | $ | 4,738,878 | |||||||||
Condensed Consolidating Balance Sheets (in thousands) | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Assets: | ||||||||||||||||||||
Real estate assets, at cost: | ||||||||||||||||||||
Land | $ | — | $ | 6,241 | $ | 700,697 | $ | — | $ | 706,938 | ||||||||||
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 | — | — | 120,000 | — | 120,000 | |||||||||||||||
bonds | ||||||||||||||||||||
Total assets | $ | 2,787,854 | $ | 2,499,229 | $ | 4,471,898 | $ | (5,166,499 | ) | $ | 4,592,482 | |||||||||
Liabilities: | ||||||||||||||||||||
Lines of credit, term loan, and notes payable | $ | — | $ | 450,000 | $ | 1,110,838 | $ | (320,589 | ) | $ | 1,240,249 | |||||||||
Bonds payable, net | — | 248,930 | — | — | 248,930 | |||||||||||||||
Accounts payable, accrued expenses, | 31 | 11,816 | 87,831 | — | 99,678 | |||||||||||||||
and accrued capital expenditures | ||||||||||||||||||||
Due to affiliates | — | (925 | ) | 2,506 | (1,581 | ) | — | |||||||||||||
Deferred income | — | 146 | 21,792 | — | 21,938 | |||||||||||||||
Intangible lease liabilities, net | — | — | 73,864 | — | 73,864 | |||||||||||||||
Obligations under capital leases | — | — | 120,000 | — | 120,000 | |||||||||||||||
Total liabilities | 31 | 709,967 | 1,416,831 | (322,170 | ) | 1,804,659 | ||||||||||||||
Equity: | ||||||||||||||||||||
Total equity | 2,787,823 | 1,789,262 | 3,055,067 | (4,844,329 | ) | 2,787,823 | ||||||||||||||
Total liabilities, redeemable | $ | 2,787,854 | $ | 2,499,229 | $ | 4,471,898 | $ | (5,166,499 | ) | $ | 4,592,482 | |||||||||
common stock, and equity | ||||||||||||||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 1,150 | $ | 413,752 | $ | (361 | ) | $ | 414,541 | |||||||||
Tenant reimbursements | — | 222 | 95,153 | — | 95,375 | |||||||||||||||
Hotel income | — | — | 22,885 | — | 22,885 | |||||||||||||||
Other property income | — | — | 8,220 | (224 | ) | 7,996 | ||||||||||||||
— | 1,372 | 540,010 | (585 | ) | 540,797 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 2,716 | 161,367 | (361 | ) | 163,722 | ||||||||||||||
Hotel operating costs | — | — | 18,792 | — | 18,792 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | — | 17 | — | (17 | ) | — | ||||||||||||||
Other | — | — | 2,258 | — | 2,258 | |||||||||||||||
Depreciation | — | 1,795 | 115,971 | — | 117,766 | |||||||||||||||
Amortization | — | 121 | 78,722 | — | 78,843 | |||||||||||||||
Impairment loss on real estate assets | — | — | 25,130 | — | 25,130 | |||||||||||||||
General and administrative | 149 | 9,701 | 21,632 | (207 | ) | 31,275 | ||||||||||||||
Acquisition expenses | — | — | 14,142 | — | 14,142 | |||||||||||||||
149 | 14,350 | 438,014 | (585 | ) | 451,928 | |||||||||||||||
Real estate operating income (loss) | (149 | ) | (12,978 | ) | 101,996 | — | 88,869 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (30,271 | ) | (64,105 | ) | 18,665 | (75,711 | ) | ||||||||||||
Interest and other income | 7,969 | 10,724 | 7,247 | (18,665 | ) | 7,275 | ||||||||||||||
Loss on interest rate swaps | — | — | (371 | ) | — | (371 | ) | |||||||||||||
Loss on early extinguishment of debt | — | — | (23 | ) | — | (23 | ) | |||||||||||||
Income from equity investment | 84,815 | 113,976 | — | (198,791 | ) | — | ||||||||||||||
92,784 | 94,429 | (57,252 | ) | (198,791 | ) | (68,830 | ) | |||||||||||||
Income before income tax expense | 92,635 | 81,451 | 44,744 | (198,791 | ) | 20,039 | ||||||||||||||
Income tax expense | — | (4 | ) | (658 | ) | — | (662 | ) | ||||||||||||
Income before gains of sale of real estate assets | 92,635 | 81,447 | 44,086 | (198,791 | ) | 19,377 | ||||||||||||||
Gains on sale of real estate assets | — | — | 75,275 | — | 75,275 | |||||||||||||||
Income from continuing operations | 92,635 | 81,447 | 119,361 | (198,791 | ) | 94,652 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating loss from discontinued operations | — | — | (390 | ) | — | (390 | ) | |||||||||||||
Loss on disposition of discontinued operations | — | — | (1,627 | ) | — | (1,627 | ) | |||||||||||||
Loss from discontinued operations | — | — | (2,017 | ) | — | (2,017 | ) | |||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 92,635 | $ | 81,447 | $ | 117,344 | $ | (198,791 | ) | $ | 92,635 | |||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 403 | $ | 406,791 | $ | (287 | ) | $ | 406,907 | |||||||||
Tenant reimbursements | — | 149 | 90,726 | — | 90,875 | |||||||||||||||
Hotel income | — | — | 23,756 | — | 23,756 | |||||||||||||||
Other property income | — | 17 | 5,208 | (185 | ) | 5,040 | ||||||||||||||
— | 569 | 526,481 | (472 | ) | 526,578 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 1,966 | 152,880 | (287 | ) | 154,559 | ||||||||||||||
Hotel operating costs | — | — | 18,340 | — | 18,340 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | 4,397 | 15 | 313 | (32 | ) | 4,693 | ||||||||||||||
Other | — | — | 1,671 | — | 1,671 | |||||||||||||||
Depreciation | — | 1,247 | 106,858 | — | 108,105 | |||||||||||||||
Amortization | — | 28 | 78,682 | — | 78,710 | |||||||||||||||
General and administrative | 16 | 43,555 | 18,448 | (153 | ) | 61,866 | ||||||||||||||
Listing fees | 317 | 3,743 | — | — | 4,060 | |||||||||||||||
4,730 | 50,554 | 377,192 | (472 | ) | 432,004 | |||||||||||||||
Real estate operating income (loss) | (4,730 | ) | (49,985 | ) | 149,289 | — | 94,574 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (32,659 | ) | (88,137 | ) | 18,855 | (101,941 | ) | ||||||||||||
Interest and other income | 7,987 | 10,874 | 34,023 | (18,855 | ) | 34,029 | ||||||||||||||
Loss on interest rate swaps | — | — | (342 | ) | — | (342 | ) | |||||||||||||
Income from equity investment | 12,463 | 86,101 | — | (98,564 | ) | — | ||||||||||||||
20,450 | 64,316 | (54,456 | ) | (98,564 | ) | (68,254 | ) | |||||||||||||
Income before income tax expense | 15,720 | 14,331 | 94,833 | (98,564 | ) | 26,320 | ||||||||||||||
Income tax expense | — | (3 | ) | (497 | ) | — | (500 | ) | ||||||||||||
Income from continuing operations | 15,720 | 14,328 | 94,336 | (98,564 | ) | 25,820 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income (loss) from discontinued operations | — | 658 | (21,983 | ) | — | (21,325 | ) | |||||||||||||
Gain on disposition of discontinued operations | — | — | 11,225 | — | 11,225 | |||||||||||||||
Income (loss) from discontinued operations | — | 658 | (10,758 | ) | — | (10,100 | ) | |||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 15,720 | $ | 14,986 | $ | 83,578 | $ | (98,564 | ) | $ | 15,720 | |||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 1,649 | $ | 380,280 | $ | (133 | ) | $ | 381,796 | |||||||||
Tenant reimbursements | — | 103 | 90,756 | (2,457 | ) | 88,402 | ||||||||||||||
Hotel income | — | — | 23,049 | — | 23,049 | |||||||||||||||
Other property income | — | 86 | 1,024 | (86 | ) | 1,024 | ||||||||||||||
— | 1,838 | 495,109 | (2,676 | ) | 494,271 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 1,634 | 148,025 | (2,457 | ) | 147,202 | ||||||||||||||
Hotel operating costs | — | — | 18,495 | (133 | ) | 18,362 | ||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | 26,264 | 58 | 4,191 | (1,141 | ) | 29,372 | ||||||||||||||
Other | — | — | 2,421 | — | 2,421 | |||||||||||||||
Depreciation | — | 710 | 97,988 | — | 98,698 | |||||||||||||||
Amortization | — | 357 | 86,101 | — | 86,458 | |||||||||||||||
General and administrative | 49 | 21,436 | 3,128 | — | 24,613 | |||||||||||||||
Acquisition fees and expenses | — | — | 1,876 | — | 1,876 | |||||||||||||||
26,313 | 24,195 | 362,225 | (3,731 | ) | 409,002 | |||||||||||||||
Real estate operating income (loss) | (26,313 | ) | (22,357 | ) | 132,884 | 1,055 | 85,269 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (32,469 | ) | (88,414 | ) | 18,997 | (101,886 | ) | ||||||||||||
Interest and other income | 7,988 | 11,018 | 39,847 | (18,997 | ) | 39,856 | ||||||||||||||
Loss on interest rate swaps | — | — | (1,225 | ) | — | (1,225 | ) | |||||||||||||
Income from equity investment | 66,364 | 92,228 | — | (158,592 | ) | — | ||||||||||||||
74,352 | 70,777 | (49,792 | ) | (158,592 | ) | (63,255 | ) | |||||||||||||
Income before income tax expense | 48,039 | 48,420 | 83,092 | (157,537 | ) | 22,014 | ||||||||||||||
Income tax expense | — | (14 | ) | (558 | ) | — | (572 | ) | ||||||||||||
Income from continuing operations | 48,039 | 48,406 | 82,534 | (157,537 | ) | 21,442 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income from discontinued operations | — | 5,942 | 542 | — | 6,484 | |||||||||||||||
Gain on disposition of discontinued operations | — | — | 20,117 | — | 20,117 | |||||||||||||||
Income from discontinued operations | — | 5,942 | 20,659 | — | 26,601 | |||||||||||||||
Net income | 48,039 | 54,348 | 103,193 | (157,537 | ) | 48,043 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 48,039 | $ | 54,348 | $ | 103,189 | $ | (157,537 | ) | $ | 48,039 | |||||||||
Consolidating Statements of Comprehensive Income (in thousands) | ||||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 92,635 | $ | 81,447 | $ | 117,344 | $ | (198,791 | ) | $ | 92,635 | |||||||||
Market value adjustment to interest rate swap | 1,339 | 1,339 | — | (1,339 | ) | 1,339 | ||||||||||||||
Comprehensive income | $ | 93,974 | $ | 82,786 | $ | 117,344 | $ | (200,130 | ) | $ | 93,974 | |||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 15,720 | $ | 14,986 | $ | 83,578 | $ | (98,564 | ) | $ | 15,720 | |||||||||
Foreign currency translation adjustment | (83 | ) | — | (83 | ) | 83 | (83 | ) | ||||||||||||
Market value adjustment to interest rate swap | 1,997 | 1,997 | — | (1,997 | ) | 1,997 | ||||||||||||||
Comprehensive income | $ | 17,634 | $ | 16,983 | $ | 83,495 | $ | (100,478 | ) | $ | 17,634 | |||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 48,039 | $ | 54,348 | $ | 103,189 | $ | (157,537 | ) | $ | 48,039 | |||||||||
Market value adjustment to interest rate swap | (5,305 | ) | (5,305 | ) | — | 5,305 | (5,305 | ) | ||||||||||||
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc. | 42,734 | 49,043 | 103,189 | (152,232 | ) | 42,734 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | 4 | — | 4 | |||||||||||||||
Comprehensive income | $ | 42,734 | $ | 49,043 | $ | 103,193 | $ | (152,232 | ) | $ | 42,738 | |||||||||
Consolidating Statements of Cash Flows (in thousands) | ||||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating Adjustments | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | (Consolidated) | |||||||||||||||||
Cash flows from operating activities | $ | (122 | ) | $ | (38,618 | ) | $ | 275,646 | $ | — | $ | 236,906 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Net proceeds from sale of real estate | — | 418,207 | — | — | 418,207 | |||||||||||||||
Investment in real estate and related assets | (5,000 | ) | (366,380 | ) | (70,615 | ) | — | (441,995 | ) | |||||||||||
Investments in subsidiaries | 67,403 | — | — | (67,403 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 62,403 | 51,827 | (70,615 | ) | (67,403 | ) | (23,788 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings, net of fees and prepayment penalty on early extinguishment of debt | — | 282,807 | (1,289 | ) | — | 281,518 | ||||||||||||||
Repayments | — | (283,000 | ) | (11,739 | ) | — | (294,739 | ) | ||||||||||||
Loss on early extinguishment of debt | — | — | — | — | — | |||||||||||||||
Redemptions of common stock and fees, net of issuances | — | — | — | — | — | |||||||||||||||
Distributions | (149,962 | ) | — | — | — | (149,962 | ) | |||||||||||||
Intercompany transfers, net | 153,847 | (23,220 | ) | (198,030 | ) | 67,403 | — | |||||||||||||
Net cash provided by (used in) financing activities | 3,885 | (23,413 | ) | (211,058 | ) | 67,403 | (163,183 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 66,166 | (10,204 | ) | (6,027 | ) | — | 49,935 | |||||||||||||
Cash and cash equivalents, beginning of period | 53,322 | 20,708 | 25,825 | — | 99,855 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 119,488 | $ | 10,504 | $ | 19,798 | $ | — | $ | 149,790 | ||||||||||
Consolidating Statements of Cash Flows (in thousands) | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Columbia Property Trust | |||||||||||||||||
(Parent) | (the Issuer) | Guarantors | (Consolidated) | |||||||||||||||||
Cash flows from operating activities | $ | (331 | ) | $ | (84,270 | ) | $ | 302,930 | $ | 218,329 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Net proceeds from sale of real estate | 14,127 | 551,818 | — | 565,945 | ||||||||||||||||
Investment in real estate and related assets | — | (5,270 | ) | (65,286 | ) | (70,556 | ) | |||||||||||||
Net cash provided by (used in) investing activities | 14,127 | 546,548 | (65,286 | ) | 495,389 | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings, net of fees | — | 297,320 | (41 | ) | 297,279 | |||||||||||||||
Repayments | — | (343,000 | ) | (118,940 | ) | (461,940 | ) | |||||||||||||
Loss on early extinguishment of debt | — | — | (4,709 | ) | (4,709 | ) | ||||||||||||||
Redemptions of common stock and fees, net of issuances | (306,574 | ) | — | — | (306,574 | ) | ||||||||||||||
Distributions | (191,473 | ) | — | — | (191,473 | ) | ||||||||||||||
Intercompany transfers | 516,659 | (400,712 | ) | (115,947 | ) | — | ||||||||||||||
Net cash provided by (used in) financing activities | 18,612 | (446,392 | ) | (239,637 | ) | (667,417 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 32,408 | 15,886 | (1,993 | ) | 46,301 | |||||||||||||||
Effect of foreign exchange rate on cash and cash equivalents | — | — | (103 | ) | (103 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 20,914 | 4,822 | 27,921 | 53,657 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 53,322 | $ | 20,708 | $ | 25,825 | $ | 99,855 | ||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Columbia Property Trust | |||||||||||||||||
(Parent) | (the Issuer) | Guarantors | (Consolidated) | |||||||||||||||||
Cash flows from operating activities | $ | (49 | ) | $ | (83,489 | ) | $ | 336,377 | $ | 252,839 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Net proceeds from sale of real estate | 30,441 | 273,823 | — | 304,264 | ||||||||||||||||
Investment in real estate and related assets | — | (193,410 | ) | (79,807 | ) | (273,217 | ) | |||||||||||||
Net cash provided by (used in) investing activities | 30,441 | 80,413 | (79,807 | ) | 31,047 | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings, net of fees | — | 595,731 | (929 | ) | 594,802 | |||||||||||||||
Repayments | — | (591,000 | ) | (36,191 | ) | (627,191 | ) | |||||||||||||
Issuance of common stock, net of redemptions and fees | 18,996 | — | — | 18,996 | ||||||||||||||||
Distributions | (256,020 | ) | — | (15 | ) | (256,035 | ) | |||||||||||||
Intercompany transfers | 216,255 | (7,430 | ) | (208,825 | ) | — | ||||||||||||||
Redemptions of noncontrolling interest | — | — | (301 | ) | (301 | ) | ||||||||||||||
Net cash used in financing activities | (20,769 | ) | (2,699 | ) | (246,261 | ) | (269,729 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 9,623 | (5,775 | ) | 10,309 | 14,157 | |||||||||||||||
Effect of foreign exchange rate on cash and cash equivalents | — | — | 32 | 32 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 11,291 | 10,597 | 17,580 | 39,468 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 20,914 | $ | 4,822 | $ | 27,921 | $ | 53,657 | ||||||||||||
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Events |
Columbia Property Trust has evaluated subsequent events in connection with the preparation of its consolidated financial statements and notes thereto included in this report on Form 10-K and noted the following items in addition to those disclosed elsewhere in this report: | |
Property Acquisitions and Financing | |
During January 2015, Columbia Property Trust closed on the acquisitions of three properties. These acquisitions and the related financing transaction are described in Note 3, Real Estate and Other Transactions, and Note 4, Line of Credit, Term Loan, and Notes Payable, of the accompanying consolidated financial statements. | |
Dividend Declaration | |
On February 11, 2015, the board of directors declared dividends for the first quarter of 2015 in the amount of $0.30 per share, payable on March 17, 2015 to stockholders of record on March 2, 2015. |
Schedule_III_Real_Estate_Asset
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization | ||||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III – Real Estate Assets and Accumulated Depreciation and Amortization | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount at Which Carried at | Accumulated Depreciation and Amortization | Life on Which Depreciation and Amortization is Computed(d) | ||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||||
Description | Location | Owner- ship % | Encumbrances | Land | Buildings and Improvements | Total | Land | Buildings and Improvements | Total | Date of Construction | Date Acquired | |||||||||||||||||||||||||||||||||||||
515 POST OAK | Houston, TX | 100 | % | None | $ | 6,100 | $ | 28,905 | $ | 35,005 | $ | 9,761 | $ | 6,241 | $ | 38,525 | $ | 44,766 | $ | 8,267 | 1980 | 2/10/04 | 0 to 40 years | |||||||||||||||||||||||||
Florham Park, NJ | 100 | % | None | 10,802 | 62,595 | 73,397 | (54,688 | ) | 4,125 | 14,584 | 18,709 | 3,729 | 1982 | 6/23/04 | 0 to 40 years | |||||||||||||||||||||||||||||||||
170 PARK AVENUE | ||||||||||||||||||||||||||||||||||||||||||||||||
ONE GLENLAKE PARKWAY | Atlanta, GA | 100 | % | $ | 34,713 | 5,846 | 66,681 | 72,527 | 742 | 5,934 | 67,335 | 73,269 | 23,777 | 2003 | 6/25/04 | 0 to 40 years | ||||||||||||||||||||||||||||||||
80 M STREET | Washington, DC | 100 | % | None | 26,248 | 76,269 | 102,517 | (5,816 | ) | 26,806 | 69,895 | 96,701 | 23,496 | 2001 | 6/29/04 | 0 to 40 years | ||||||||||||||||||||||||||||||||
ACXIOM | Downers Grove, IL | 100 | % | None | 10,504 | 51,795 | 62,299 | 958 | 10,640 | 52,617 | 63,257 | 15,599 | 1988/1999 | 8/4/04 | 0 to 40 years | |||||||||||||||||||||||||||||||||
Gaithersburg, MD | 100 | % | None | 22,758 | 43,174 | 65,932 | 582 | 20,195 | 46,319 | 66,514 | 20,559 | 1986 | 10/22/04 | 0 to 40 years | ||||||||||||||||||||||||||||||||||
800 NORTH FREDERICK | ||||||||||||||||||||||||||||||||||||||||||||||||
Downers Grove, IL | 100 | % | None | 2,524 | 35,016 | 37,540 | (2,034 | ) | 2,558 | 32,948 | 35,506 | 10,876 | 2001 | 11/1/04 | 0 to 40 years | |||||||||||||||||||||||||||||||||
THE CORRIDORS III | ||||||||||||||||||||||||||||||||||||||||||||||||
Downers Grove, IL | 100 | % | None | 3,028 | 47,454 | 50,482 | (3,592 | ) | 3,055 | 43,835 | 46,890 | 13,122 | 2000 | 12/27/04 | 0 to 40 years | |||||||||||||||||||||||||||||||||
HIGHLAND LANDMARK III | ||||||||||||||||||||||||||||||||||||||||||||||||
Florham Park, NJ | 100 | % | None | 4,501 | 47,957 | 52,458 | (3,016 | ) | 4,501 | 44,941 | 49,442 | 11,184 | 2001 | 3/14/05 | 0 to 40 years | |||||||||||||||||||||||||||||||||
180 PARK AVENUE | ||||||||||||||||||||||||||||||||||||||||||||||||
215 DIEHL ROAD | Naperville, IL | 100 | % | $ | 21,000 | 3,452 | 17,456 | 20,908 | 4,144 | 3,472 | 21,580 | 25,052 | 8,366 | 1988 | 4/19/05 | 0 to 40 years | ||||||||||||||||||||||||||||||||
100 EAST PRATT | Baltimore, MD | 100 | % | $ | 105,000 | 31,234 | 140,217 | 171,451 | 35,139 | 31,777 | 174,813 | 206,590 | 60,604 | 1975/1991 | 5/12/05 | 0 to 40 years | ||||||||||||||||||||||||||||||||
ROBBINS ROAD | Westford, MA | 100 | % | None | 8,341 | 66,332 | 74,673 | 250 | 8,341 | 66,582 | 74,923 | 27,538 | 1981/2001 | 8/18/05 | 0 to 40 years | |||||||||||||||||||||||||||||||||
East Palo Alto, CA | 100 | % | None | 27,493 | 278,288 | 305,781 | (19,915 | ) | 27,756 | 258,110 | 285,866 | 63,652 | 2001/2002/ 2003 | 9/20/05 | 0 to 40 years | |||||||||||||||||||||||||||||||||
UNIVERSITY CIRCLE | ||||||||||||||||||||||||||||||||||||||||||||||||
5 HOUSTON CENTER | Houston, TX | 100 | % | None | 8,186 | 147,653 | 155,839 | (17,528 | ) | 8,186 | 130,125 | 138,311 | 39,497 | 2002 | 12/20/05 | 0 to 40 years | ||||||||||||||||||||||||||||||||
KEY CENTER TOWER | Cleveland, OH | 100 | % | None | (a) | 7,269 | 244,424 | 251,693 | 20,566 | 7,454 | 264,805 | 272,259 | 87,912 | 1991 | 12/22/05 | 0 to 40 years | ||||||||||||||||||||||||||||||||
KEY CENTER MARRIOTT | Cleveland, OH | 100 | % | None | 3,473 | 34,458 | 37,931 | 16,278 | 3,629 | 50,580 | 54,209 | 17,287 | 1991 | 12/22/05 | 0 to 40 years | |||||||||||||||||||||||||||||||||
SANTAN CORPORATE CENTER | Chandler, AZ | 100 | % | $ | 39,000 | 8,045 | 46,282 | 54,327 | (1,867 | ) | 8,193 | 44,267 | 52,460 | 11,495 | 2000/2003 | 4/18/06 | 0 to 40 years | |||||||||||||||||||||||||||||||
263 SHUMAN BOULEVARD | Naperville, IL | 100 | % | $ | 49,000 | 7,142 | 41,535 | 48,677 | 6,890 | 7,233 | 48,334 | 55,567 | 19,327 | 1986 | 7/20/06 | 0 to 40 years | ||||||||||||||||||||||||||||||||
80 PARK PLAZA | Newark, NJ | 100 | % | None | 31,766 | 109,952 | 141,718 | 22,484 | 32,221 | 131,981 | 164,202 | 47,027 | 1979 | 9/21/06 | 0 to 40 years | |||||||||||||||||||||||||||||||||
INTERNATIONAL FINANCIAL TOWER | Jersey City, NJ | 100 | % | None | 29,061 | 141,544 | 170,605 | 17,407 | 29,712 | 158,300 | 188,012 | 49,998 | 1989 | 10/31/06 | 0 to 40 years | |||||||||||||||||||||||||||||||||
STERLING COMMERCE | Irving, TX | 100 | % | None | 8,639 | 43,980 | 52,619 | 2,637 | 8,752 | 46,504 | 55,256 | 21,305 | 1999 | 12/21/06 | 0 to 40 years | |||||||||||||||||||||||||||||||||
PASADENA CORPORATE PARK | Pasadena, CA | 100 | % | None | 53,099 | 59,630 | 112,729 | 352 | 53,099 | 59,982 | 113,081 | 14,267 | 1965/2000/ 2002/2003 | 7/11/07 | 0 to 40 years | |||||||||||||||||||||||||||||||||
222 EAST 41ST STREET | New York City, NY | 100 | % | None | (a) | — | 324,520 | 324,520 | (429 | ) | — | 324,091 | 324,091 | 72,842 | 2001 | 8/17/07 | 0 to 40 years | |||||||||||||||||||||||||||||||
BANNOCKBURN LAKE III | Bannockburn, IL | 100 | % | None | 7,635 | 11,002 | 18,637 | (12,030 | ) | 2,797 | 3,810 | 6,607 | 1,608 | 1987 | 9/10/07 | 0 to 40 years | ||||||||||||||||||||||||||||||||
SOUTH JAMAICA STREET | Englewood, CO | 100 | % | None | 13,429 | 109,781 | 123,210 | 3,252 | 13,735 | 112,727 | 126,462 | 32,657 | 2002/2003/ 2007 | 9/26/07 | 0 to 40 years | |||||||||||||||||||||||||||||||||
LINDBERGH CENTER | Atlanta, GA | 100 | % | None | (a) | — | 262,468 | 262,468 | 3,252 | — | 265,720 | 265,720 | 52,966 | 2002 | 7/1/08 | 0 to 40 years | ||||||||||||||||||||||||||||||||
THREE GLENLAKE BUILDING | Atlanta, GA | 100 | % | $ | 120,000 | (b) | 7,517 | 88,784 | 96,301 | 891 | 8,055 | 89,137 | 97,192 | 18,906 | 2008 | 7/31/08 | 0 to 40 years | |||||||||||||||||||||||||||||||
1580 WEST NURSERY ROAD | Linthicum, MD | 100 | % | None | 11,410 | 78,988 | 90,398 | 1,212 | 11,745 | 79,865 | 91,610 | 20,336 | 1992 | 9/5/08 | 0 to 40 years | |||||||||||||||||||||||||||||||||
550 KING STREET BUILDINGS | Boston, MA | 100 | % | None | 8,632 | 74,625 | 83,257 | 8,177 | 8,632 | 82,802 | 91,434 | 19,457 | 1984 | 4/1/10 | 0 to 40 years | |||||||||||||||||||||||||||||||||
Columbia Property Trust, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III – Real Estate Assets and Accumulated Depreciation and Amortization | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount at Which Carried at | Accumulated Depreciation and Amortization | Life on Which Depreciation and Amortization is Computed(d) | ||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||||
Description | Location | Owner- ship % | Encumbrances | Land | Buildings and Improvements | Total | Land | Buildings and Improvements | Total | Date of Construction | Date Acquired | |||||||||||||||||||||||||||||||||||||
CRANBERRY WOODS DRIVE | Cranberry Township, PA | 100 | % | None | $ | 15,512 | $ | 173,062 | $ | 188,574 | $ | 3,542 | $ | 15,512 | $ | 176,604 | $ | 192,116 | $ | 29,050 | 2009/2010 | 6/1/10 | 0 to 40 years | |||||||||||||||||||||||||
HOUSTON ENERGY CENTER I | Houston, TX | 100 | % | None | 4,734 | 79,344 | 84,078 | 5,045 | 4,734 | 84,389 | 89,123 | 15,015 | 2008 | 6/28/10 | 0 to 40 years | |||||||||||||||||||||||||||||||||
MARKET SQUARE BUILDINGS | Washington, DC | 100 | % | $ | 325,000 | 152,629 | 450,757 | 603,386 | 12,158 | 152,629 | 462,915 | 615,544 | 79,798 | 1990 | 3/7/11 | 0 to 40 years | ||||||||||||||||||||||||||||||||
544 LAKEVIEW | Vernon Hills, IL | 100 | % | (c) | None | 3,006 | 3,100 | 6,106 | 2,701 | 3,006 | 5,801 | 8,807 | 742 | 1994 | 4/1/11 | 0 to 40 years | ||||||||||||||||||||||||||||||||
333 MARKET STREET | San Francisco, CA | 100 | % | $ | 206,500 | 114,483 | 292,840 | 407,323 | — | 114,483 | 292,840 | 407,323 | 18,406 | 1979 | 12/21/12 | 0 to 40 years | ||||||||||||||||||||||||||||||||
221 MAIN STREET | San Francisco, CA | 100 | % | $ | 73,000 | 60,509 | 174,629 | 235,138 | 2,604 | 60,509 | 177,233 | 237,742 | 8,486 | 1974 | 4/22/14 | 0 to 40 years | ||||||||||||||||||||||||||||||||
650 CALIFORNIA STREET | San Francisco, CA | 100 | % | $ | 130,000 | 75,384 | 240,441 | 315,825 | 44 | 75,384 | 240,485 | 315,869 | 4,767 | 1964 | 9/9/14 | 0 to 40 years | ||||||||||||||||||||||||||||||||
TOTAL REAL ESTATE ASSETS | $ | 794,391 | $ | 4,195,938 | $ | 4,990,329 | $ | 60,153 | $ | 785,101 | $ | 4,265,381 | $ | 5,050,482 | $ | 973,920 | ||||||||||||||||||||||||||||||||
(a) | Property is owned subject to a long-term ground lease. | |||||||||||||||||||||||||||||||||||||||||||||||
(b) | As a result of the acquisition of the Three Glenlake Building, Columbia Property Trust acquired investments in bonds and certain obligations under capital leases in the amount of $120.0 million. | |||||||||||||||||||||||||||||||||||||||||||||||
(c) | 544 Lakeview is owned through a subsidiary in which Columbia Property Trust holds a 50% ownership interest and owns 100% of the economic interest. | |||||||||||||||||||||||||||||||||||||||||||||||
(d) | Columbia Property Trust assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, tenant improvements are amortized over the shorter of economic life or lease term, lease intangibles are amortized over the respective lease term, building improvements are depreciated over 5-25 years and buildings are depreciated over 40 years. | |||||||||||||||||||||||||||||||||||||||||||||||
Columbia Property Trust, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III – Real Estate Assets and Accumulated Depreciation and Amortization | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 4,875,866 | $ | 5,507,769 | $ | 5,483,193 | ||||||||||||||||||||||||||||||||||||||||||
Additions to/improvements of real estate | 610,510 | 51,422 | 453,541 | |||||||||||||||||||||||||||||||||||||||||||||
Sale/transfer of real estate | (399,499 | ) | (614,822 | ) | (328,804 | ) | ||||||||||||||||||||||||||||||||||||||||||
Impairment of real estate | (25,130 | ) | (29,737 | ) | (18,467 | ) | ||||||||||||||||||||||||||||||||||||||||||
Write-offs of building and tenant improvements | (1,230 | ) | (492 | ) | (301 | ) | ||||||||||||||||||||||||||||||||||||||||||
Write-offs of intangible assets(1) | (5,251 | ) | (466 | ) | (1,311 | ) | ||||||||||||||||||||||||||||||||||||||||||
Write-offs of fully depreciated assets | (4,784 | ) | (37,808 | ) | (80,082 | ) | ||||||||||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 5,050,482 | $ | 4,875,866 | $ | 5,507,769 | ||||||||||||||||||||||||||||||||||||||||||
Accumulated Depreciation and Amortization: | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 903,472 | $ | 896,174 | $ | 867,975 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 161,133 | 166,720 | 181,155 | |||||||||||||||||||||||||||||||||||||||||||||
Sale/transfer of real estate | (80,607 | ) | (120,981 | ) | (71,654 | ) | ||||||||||||||||||||||||||||||||||||||||||
Write-offs of tenant improvements | (690 | ) | (212 | ) | (196 | ) | ||||||||||||||||||||||||||||||||||||||||||
Write-offs of intangible assets(1) | (4,604 | ) | (421 | ) | (1,024 | ) | ||||||||||||||||||||||||||||||||||||||||||
Write-offs of fully depreciated assets | (4,784 | ) | (37,808 | ) | (80,082 | ) | ||||||||||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 973,920 | $ | 903,472 | $ | 896,174 | ||||||||||||||||||||||||||||||||||||||||||
(1) | Consists of write-offs of intangible lease assets related to lease restructurings, amendments, and terminations. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Basis of Presentation | Basis of Presentation | ||
The consolidated financial statements of Columbia Property Trust have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable interest entity ("VIE") in which Columbia Property Trust or Columbia Property Trust OP was deemed the primary beneficiary. With respect to entities that are not VIEs, Columbia Property Trust's consolidated financial statements shall also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling general partnership interest. In determining whether Columbia Property Trust or Columbia Property Trust OP has a controlling interest, the following factors are considered, among other things: the ownership of voting interests, protective rights, and participatory rights of the investors. | |||
All intercompany balances and transactions have been eliminated in consolidation. | |||
Use of Estimates | Use of Estimates | ||
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. | |||
Fair Value Measurements | Fair Value Measurements | ||
Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability: | |||
Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts. | |||
Level 2 – Assets and liabilities valued based on observable market data for similar instruments. | |||
Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider. | |||
Real Estate Assets | Real Estate Assets | ||
Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition or construction, and any tenant improvements or major improvements and betterments that extend the useful life of the related asset. All repairs and maintenance are expensed as incurred. Additionally, Columbia Property Trust capitalizes interest while the development of a real estate asset is in progress. No interest was capitalized during 2014 or 2013. | |||
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 and site improvements | 5-25 years | ||
Tenant improvements | Shorter of economic life or lease term | ||
Intangible lease assets | Lease term | ||
Evaluating the Recoverability of Real Estate Assets | Evaluating the Recoverability of Real Estate Assets | ||
Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets, of both operating properties and properties under construction, in which Columbia Property Trust has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of real estate assets and related intangible assets (liabilities) may not be recoverable, Columbia Property Trust assesses the recoverability of these assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future operating cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, Columbia Property Trust adjusts the carrying value of the real estate assets and related intangible assets to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognizes an impairment loss. Estimated fair values are calculated based on the following information, in order of preference, depending upon availability: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated salvage value. Certain of Columbia Property Trust's assets may be carried at more than an amount that could be realized in a current disposition transaction. | |||
Projections of expected future operating cash flows require that Columbia Property Trust estimates future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. The subjectivity of assumptions used in the future cash flow analysis, including discount rates, could result in an incorrect assessment of the property's fair value and could result in the misstatement of the carrying value of Columbia Property Trust's real estate assets and related intangible assets and net income. | |||
Assets Held for Sale | Assets Held for Sale | ||
Columbia Property Trust classifies assets as held for sale according to Accounting Standard Codification 360, Accounting for the Impairment or Disposal of Long-Lived Assets ("ASC 360"). According to ASC 360, assets are considered held for sale when the following criteria are met: | |||
• | Management, having the authority to approve the action, commits to a plan to sell the property. | ||
• | The property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property. | ||
• | An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated. | ||
• | The sale of the property is probable, and transfer of the property is expected to qualify for recognition as a completed sale, within one year. | ||
• | The property is being actively marketed for sale at a price that is reasonable in relation to its current fair value. | ||
• | Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. | ||
At such time that a property is determined to be held for sale, its carrying amount is reduced to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized. | |||
Allocation of Purchase Price of Acquired Assets | Allocation of Purchase Price of Acquired Assets | ||
Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see Fair Value Measurements section above for additional details). | |||
The fair values of the tangible assets of an acquired property (which includes land, building, and site improvements) are determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building, and site improvements based on management's determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market demand. | |||
Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust is the Lessee and Lessor | Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust is the Lessor | ||
As further described below, in-place leases with Columbia Property Trust as the lessor may have values related to: direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease, tenant relationships, and effective contractual rental rates that are above or below market rates: | |||
• | Direct costs associated with obtaining a new tenant, including commissions, tenant improvements, and other direct costs, are estimated based on management's consideration of current market costs to execute a similar lease. Such direct costs are included in intangible lease origination costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. | ||
• | The value of opportunity costs associated with lost rentals avoided by acquiring an in-place lease is calculated based on contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. Such opportunity costs ("Absorption Period Costs") are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. | ||
• | The value of tenant relationships is calculated based on expected renewal of a lease or the likelihood of obtaining a particular tenant for other locations. Values associated with tenant relationships are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. | ||
• | The value of effective rental rates of in-place leases that are above or below the market rates of comparable leases is calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be received pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining terms of the leases. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental income over the remaining terms of the respective leases. | ||
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. | |||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||
Columbia Property Trust considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value as of December 31, 2014 and 2013. | |||
Tenant Receivables, net | Tenant Receivables, net | ||
Tenant receivables comprise rental and reimbursement billings due from tenants and the cumulative amount of future adjustments necessary to present rental income on a straight-line basis. Tenant receivables are recorded at the original amount earned, less an allowance for any doubtful accounts, which approximates fair value. Management assesses the realizability of tenant receivables on an ongoing basis and provides for allowances as such balances, or portions thereof, become uncollectible. | |||
Columbia Property Trust adjusted the allowance for doubtful accounts by recording a provision for doubtful accounts, net of recoveries | |||
Prepaid Expenses and Other Assets | Prepaid Expenses and Other Assets | ||
Prepaid expenses and other assets primarily include earnest money deposits, escrow accounts held by lenders to pay future real estate taxes, insurance and tenant improvements, notes receivable, non-tenant 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. | |||
Deferred Costs | Deferred Financing Costs | ||
Deferred financing costs comprise costs incurred in connection with securing financing from third-party lenders and are capitalized and amortized over the term of the related financing arrangements. Columbia Property Trust recognized amortization of deferred financing costs for the years ended December 31, 2014, 2013, and 2012, of approximately $3.5 million, $3.8 million, and $3.2 million, respectively, which is included in interest expense in the accompanying consolidated statements of operations. | |||
Deferred Lease Costs | |||
Deferred lease costs comprise costs incurred to procure leases, which are capitalized and recognized as amortization expense on a straight-line basis over the terms of the lease. Such costs are capitalized and recognized as operating expenses over the lease term. Columbia Property Trust recognized amortization of deferred lease costs of approximately $12.2 million, $13.1 million, and $10.9 million for 2014, 2013, and 2012, respectively, the majority of which is recorded as amortization expense. Upon receiving notification of a tenant's intention to terminate a lease, unamortized deferred lease costs are amortized over the shortened lease period. | |||
Investments in Development Authority Bonds and Obligations Under Capital Leases | Investments in Development Authority Bonds and Obligations Under Capital Leases | ||
In connection with the acquisition of certain real estate assets, Columbia Property Trust has assumed investments in development authority bonds and corresponding obligations under capital leases of land or buildings. The county development authority issued bonds to developers to finance the initial development of these projects, a portion of which was then leased back to the developer under a capital lease. This structure enabled the developer to receive property tax abatements over the concurrent terms of the development authority bonds and capital leases. The remaining property tax abatement benefits transferred to Columbia Property Trust upon assumption of the bonds and corresponding capital leases at acquisition. The development authority bonds and the obligations under the capital leases are both recorded at their net present values, which Columbia Property Trust believes approximates fair value. The related amounts of interest income and expense are recognized as earned in equal amounts and, accordingly, do not impact net income. | |||
Debts | Line of Credit and Notes Payable | ||
Certain mortgage notes included in line of credit, term loan, and notes payable in the accompanying consolidated balance sheets were assumed upon the acquisition of real properties. When debt is assumed, Columbia Property Trust records the loan at fair value. The fair value adjustment is amortized to interest expense over the term of the loan using the effective interest method. | |||
Bonds Payable | |||
On April 4, 2011, Columbia Property Trust sold $250.0 million of its seven-year unsecured 5.875% senior notes at 99.295% of their face value (the "2018 Bonds Payable"). The discount on bonds payable is amortized to interest expense over the term of the bonds using the effective-interest method. | |||
Noncontrolling Interests | Noncontrolling Interests | ||
Noncontrolling interests represent the equity interests of consolidated subsidiaries that are not owned by Columbia Property Trust. Noncontrolling interests are adjusted for contributions, distributions, and earnings attributable to the noncontrolling interest holders of the consolidated joint ventures. Pursuant to the terms of the consolidated joint venture agreements, all earnings and distributions are allocated to joint ventures in accordance with the terms of the respective joint venture agreements. Earnings allocated to such noncontrolling interest holders are recorded as net loss (income) attributable to noncontrolling interests in the accompanying consolidated statements of operations. | |||
Stockholders' Equity | Redeemable Common Stock | ||
In preparation for listing, Columbia Property Trust terminated its former share redemption program (the "SRP") effective July 31, 2013. Previously, under the SRP, the decision to honor redemptions, subject to certain plan requirements and limitations, fell outside the control of Columbia Property Trust. As a result, until the termination of the SRP, Columbia Property Trust recorded redeemable common stock in the temporary equity section of its consolidated balance sheet. | |||
Preferred Stock | |||
Columbia Property Trust is authorized to issue up to 100.0 million shares of one or more classes or series of preferred stock with a par value of $0.01 per share. Columbia Property Trust's board of directors may determine the relative rights, preferences, and privileges of each class or series of preferred stock issued, which may be more beneficial than the rights, preferences, and privileges attributable to Columbia Property Trust's common stock. To date, Columbia Property Trust has not issued any shares of preferred stock. | |||
Common Stock | |||
The par value of Columbia Property Trust's issued and outstanding shares of common stock is classified as common stock, with the remainder allocated to additional paid-in capital. | |||
Distributions | |||
To maintain its status as a REIT, Columbia Property Trust is required by the Internal Revenue Code of 1986, as amended (the "Code"), to make distributions to stockholders each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends-paid deduction and by excluding net capital gains attributable to stockholders ("REIT taxable income"). Distributions to the stockholders are determined by the board of directors of Columbia Property Trust and are dependent upon a number of factors relating to Columbia Property Trust, including funds available for payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain Columbia Property Trust's status as a REIT under the Code. | |||
Interest Rate Swap Agreements | Interest Rate Swap Agreements | ||
Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of the effective portion of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income, while changes in the fair value of the ineffective portion of a hedge, if any, is recognized currently in earnings. Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain (loss) on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment. | |||
Revenue Recognition | Revenue Recognition | ||
All leases on real estate assets held by Columbia Property Trust are classified as operating leases, and the related base rental income is generally recognized on a straight-line basis over the terms of the respective leases. Tenant reimbursements are recognized as revenue in the period that the related operating cost is incurred and are billed to tenants pursuant to the terms of the underlying leases. Rental income and tenant reimbursements collected in advance are recorded as deferred income in the accompanying consolidated balance sheets. Lease termination fees are recorded as other property income and recognized once the tenant has lost the right to lease the space and Columbia Property Trust has satisfied all obligations under the related lease or lease termination agreement. | |||
In conjunction with certain acquisitions, Columbia Property Trust has entered into master lease agreements with various sellers, whereby the sellers are obligated to pay rent pertaining to certain nonrevenue-producing spaces either at the time of, or subsequent to, the property acquisition. These master leases were established at the time of acquisition to mitigate the potential negative effects of lost rental revenues and expense reimbursement income. Columbia Property Trust records payments received under master lease agreements as a reduction of the basis of the underlying property rather than rental income. There were no proceeds received from master leases during 2014, 2013, or 2012. | |||
Columbia Property Trust owns a full-service hotel through a taxable REIT subsidiary. Revenues derived from the operations of the hotel include, but are not limited to, revenues from rental of rooms, food and beverage sales, telephone usage, and other service revenues. Revenue is recognized when rooms are occupied, when services have been performed, and when products are delivered. | |||
Income Taxes | Income Taxes | ||
Columbia Property Trust has elected to be taxed as a REIT under the Code, and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. As a REIT, Columbia Property Trust generally is not subject to income tax on income it distributes to stockholders. Columbia Property Trust's stockholder distributions typically exceed its taxable income due to the inclusion of noncash expenses, such as depreciation, in taxable income. As a result, Columbia Property Trust typically does not incur federal income taxes other than as described in the following paragraph. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements. | |||
Columbia Property Trust TRS, LLC ("Columbia TRS"), Columbia KCP TRS, LLC ("Columbia KCP TRS"), and Columbia Energy TRS, LLC ("Columbia Energy TRS") (collectively, the "TRS Entities") are wholly owned subsidiaries of Columbia Property Trust, are organized as Delaware limited liability companies, and operate, among other things, a full-service hotel. Columbia Property Trust has elected to treat the TRS Entities as taxable REIT subsidiaries. Columbia Property Trust may perform certain additional, noncustomary services for tenants of its buildings through the TRS Entities; however, any earnings related to such services are subject to federal and state income taxes. In addition, for Columbia Property Trust to continue to qualify as a REIT, Columbia Property Trust must limit its investments in taxable REIT subsidiaries to 25% of the value of the total assets. The TRS Entities' deferred tax assets and liabilities represent temporary differences between the financial reporting basis and the tax basis of assets and liabilities based on the enacted rates expected to be in effect when the temporary differences reverse. If applicable, Columbia Property Trust records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations. | |||
Operating Segments | Operating Segments | ||
Columbia Property Trust establishes its operating segments at the building level, and none of its operating segments meet the quantitative or qualitative thresholds to be considered an individual reportable segment. Therefore, Columbia Property Trust aggregates all of its operating segments into one reporting segment. | |||
Reclassification | Reclassification | ||
Certain prior period amounts may be reclassified to conform with the current-period financial statement presentation, including discontinued operations (see Note 12, Discontinued Operations) and equity accounts impacted by the Reverse Stock Split (see Note 7, Stockholders' Equity). | |||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||
In April 2014, Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components on an Entity ("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 asset sales will remain in continuing operations, whereas, asset sales that represent 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. | |||
In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which establishes a comprehensive model to account for revenue arising from contracts with customers. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB's Accounting Standards Codification such as real estate leases. ASU 2014-09 will require companies to perform a five-step analysis of transactions to determine when and how revenue is recognized. ASU 2014-09 will be effective for Columbia Property Trust beginning on January 1, 2017, and early adoption is not permitted. Columbia Property Trust is currently in the process of evaluating the potential impact, if any, ASU 2014-09 will have on its financial statements and disclosures. | |||
In August 2014, the FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements – Going Concern ("ASU 2014-15"), which provides guidance about the responsibility of management to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures if necessary. ASU 2014-15 will be effective for Columbia Property Trust beginning on January 1, 2017, and early adoption is permitted. Columbia Property Trust does not expect the adoption of ASU 2014-15 to have a material impact on its financial statements and disclosures. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 and site improvements | 5-25 years | ||||||||||||||||
Tenant improvements | Shorter of economic life or lease term | ||||||||||||||||
Intangible lease assets | Lease term | ||||||||||||||||
Schedule of Recognized Fair Value Adjustments for Real Estate Properties | The table below represents the detail of the adjustments recognized for 2014, 2013 and 2012 (in thousands) using Level 3 inputs. | ||||||||||||||||
Property | Net Book Value | Impairment Loss Recognized | Fair Value | ||||||||||||||
2014 | |||||||||||||||||
Bannockburn Lake III | $ | 15,148 | $ | (10,148 | ) | $ | 5,000 | ||||||||||
2013 | |||||||||||||||||
120 Eagle Rock | $ | 23,808 | $ | (11,708 | ) | $ | 12,100 | ||||||||||
333 & 777 Republic Drive | $ | 13,359 | $ | (5,159 | ) | $ | 8,200 | ||||||||||
2012 | |||||||||||||||||
180 E 100 South | $ | 30,847 | $ | (18,467 | ) | $ | 12,380 | ||||||||||
Schedule of Intangible Assets and Liabilities | As of December 31, 2014 and 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 | |||||||||||||||||
December 31, 2014 | Gross | $ | 79,805 | $ | 370,412 | $ | 325,154 | $ | 159,240 | ||||||||
Accumulated Amortization | (61,619 | ) | (237,084 | ) | (219,626 | ) | (84,935 | ) | |||||||||
Net | $ | 18,186 | $ | 133,328 | $ | 105,528 | $ | 74,305 | |||||||||
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 | |||||||||
During 2014, 2013, and 2012, Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands): | |||||||||||||||||
Intangible Lease Assets | Intangible | Intangible | |||||||||||||||
Lease | Below-Market | ||||||||||||||||
Origination | In-Place Lease | ||||||||||||||||
Above-Market | Absorption | Costs | Liabilities | ||||||||||||||
In-Place | Period Costs | ||||||||||||||||
Lease Assets | |||||||||||||||||
For the years ended December 31, | |||||||||||||||||
2014 | $ | 5,368 | $ | 36,474 | $ | 33,037 | $ | 15,507 | |||||||||
2013 | $ | 6,077 | $ | 38,879 | $ | 38,978 | $ | 14,411 | |||||||||
2012 | $ | 8,901 | $ | 48,997 | $ | 42,866 | $ | 15,324 | |||||||||
The remaining net intangible assets and liabilities as of December 31, 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 years ending December 31, | |||||||||||||||||
2015 | $ | 4,480 | $ | 35,284 | $ | 28,483 | $ | 17,198 | |||||||||
2016 | 3,748 | 24,942 | 21,587 | 11,895 | |||||||||||||
2017 | 1,879 | 16,687 | 14,777 | 8,073 | |||||||||||||
2018 | 1,075 | 12,297 | 10,269 | 6,596 | |||||||||||||
2019 | 1,035 | 10,969 | 9,198 | 5,893 | |||||||||||||
Thereafter | 5,969 | 33,149 | 21,214 | 24,650 | |||||||||||||
$ | 18,186 | $ | 133,328 | $ | 105,528 | $ | 74,305 | ||||||||||
Weighted-Average Amortization Period | 3 years | 4 years | 4 years | 6 years | |||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of December 31, 2014, the remaining net below-market lease asset will be amortized as follows (in thousands): | ||||||||||||||||
For the years ending December 31: | |||||||||||||||||
2015 | $ | 2,069 | |||||||||||||||
2016 | 2,069 | ||||||||||||||||
2017 | 2,069 | ||||||||||||||||
2018 | 2,069 | ||||||||||||||||
2019 | 2,069 | ||||||||||||||||
Thereafter | 85,209 | ||||||||||||||||
$ | 95,554 | ||||||||||||||||
Weighted-Average Amortization Period | 47 years | ||||||||||||||||
Schedule of Interest Rate Derivatives | The following tables provide additional information related to Columbia Property Trust's interest rate swaps as of December 31, 2014 and 2013 (in thousands): | ||||||||||||||||
Estimated Fair Value as of | |||||||||||||||||
December 31, | |||||||||||||||||
Instrument Type | Balance Sheet Classification | 2014 | 2013 | ||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Accounts payable | $ | (1,968 | ) | $ | (3,307 | ) | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Accounts payable | $ | (2,633 | ) | $ | (7,579 | ) | ||||||||||
The fair value of Columbia Property Trust's interest rate swaps were $(4.6) million and $(10.9) million at December 31, 2014 and 2013, respectively. | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income | $ | 1,339 | $ | 1,997 | $ | (5,305 | ) | ||||||||||
Loss on interest rate swap recognized through earnings | $ | (371 | ) | $ | (342 | ) | $ | (1,225 | ) |
Real_Estate_and_Other_Transact1
Real Estate and Other Transactions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Business Combinations [Abstract] | ||||||||||||
Interests in Properties Acquired | During 2014, Columbia Property Trust acquired interests in the following properties (in thousands). Columbia Property Trust did not acquire any real estate assets during 2013. | |||||||||||
2014 | ||||||||||||
221 Main | 650 California | |||||||||||
Street Building | Street Building | |||||||||||
Location | San Francisco, CA | San Francisco, CA | ||||||||||
Date acquired | 22-Apr-14 | 9-Sep-14 | ||||||||||
Purchase price: | ||||||||||||
Land | $ | 60,509 | $ | 75,384 | ||||||||
Building and improvements | 161,853 | 221,135 | ||||||||||
Intangible lease assets | 12,776 | 19,306 | ||||||||||
Intangible lease origination costs | 3,475 | 4,290 | ||||||||||
Intangible below market lease liability | (10,323 | ) | (9,908 | ) | ||||||||
Total purchase price | $ | 228,290 | $ | 310,207 | ||||||||
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 acquisitions of Columbia Property Trust Advisory Services and Columbia Property Trust Services been consummated as of January 1, 2012 (in thousands). | |||||||||||
As of December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues | * | $ | 526,966 | $ | 479,056 | |||||||
Net income attributable to common shareholders | * | $ | 47,661 | $ | 47,591 | |||||||
* | Columbia Property Trust owned Columbia Property Trust Advisory Services and Columbia Property Trust Services for all of 2014. | |||||||||||
The following unaudited pro forma statements of operations presented for 2014, 2013, and 2012 have been prepared for Columbia Property Trust to give effect to the acquisition of both the 650 California Street Building and the 221 Main Street Building as if the acquisitions occurred on January 1, 2012. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had the acquisitions of the 650 California Street Building and the 221 Main Street Building been consummated as of January 1, 2012 (in thousands). | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues | $ | 555,472 | $ | 550,675 | $ | 517,958 | ||||||
Net income (loss) | $ | 90,999 | $ | (17,969 | ) | $ | (665 | ) | ||||
Net income (loss) per share – basic | $ | 0.73 | $ | (0.13 | ) | $ | — | |||||
Net income (loss) per share – diluted | $ | 0.73 | $ | (0.13 | ) | $ | — | |||||
Schedule of Properties of the 18 Property Sale | The following properties make up the 18 Property Sale: | |||||||||||
2500 Windy Ridge Parkway | Sterling Commerce Center | 11200 West Parkland Avenue | ||||||||||
4100-4300 Wildwood Parkway | 4300 Centreway Place | One Century Place | ||||||||||
4200 Wildwood Parkway | 919 Hidden Ridge | 1200 Morris Drive | ||||||||||
4241 Irwin Simpson | 333 & 777 Republic Drive | 15815 25th Avenue West | ||||||||||
8990 Duke Road | 120 Eagle Rock | 16201 25th Avenue West | ||||||||||
Chase Center Building | College Park Plaza | 13655 Riverport Drive |
Line_of_Credit_Term_Loan_and_N1
Line of Credit, Term Loan, and Notes Payable (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Line of credit and notes payable indebtedness outstanding | As of December 31, 2014 and 2013, Columbia Property Trust had the following line of credit, term loan, and notes payable indebtedness outstanding (excluding bonds payable; see Note 5, Bonds Payable) in thousands: | ||||||||||||||||
Rate as of | Term Debt or Interest Only | Outstanding Balance as of | |||||||||||||||
31-Dec-14 | December 31, | ||||||||||||||||
Facility | Maturity | 2014 | 2013 | ||||||||||||||
$450 Million Term Loan | LIBOR + 130 bp | (1) | Interest only | 2/3/16 | $ | 450,000 | $ | 450,000 | |||||||||
Market Square Buildings mortgage note | 5.07 | % | Interest only | 7/1/23 | 325,000 | 325,000 | |||||||||||
333 Market Street Building mortgage note | LIBOR + 202 bp | (2) | Interest only | 7/1/15 | 206,810 | 207,559 | |||||||||||
650 California Street Building mortgage note | 3.6 | % | Interest only | 7/1/19 | 130,000 | — | |||||||||||
100 East Pratt Street Building mortgage note | 5.08 | % | Interest only | 6/11/17 | 105,000 | 105,000 | |||||||||||
221 Main Building mortgage note | 3.95 | % | Interest only | 5/10/17 | 73,000 | — | |||||||||||
263 Shuman Boulevard Building mortgage note | 5.55 | % | Interest only | 7/1/17 | 49,000 | 49,000 | |||||||||||
SanTan Corporate Center mortgage notes | 5.83 | % | Interest only | 10/11/16 | 39,000 | 39,000 | |||||||||||
One Glenlake Building mortgage note | 5.8 | % | Term debt | 12/10/18 | 32,074 | 34,713 | |||||||||||
215 Diehl Road Building mortgage note | 5.55 | % | Interest only | 7/1/17 | 21,000 | 21,000 | |||||||||||
544 Lakeview Building mortgage note | 5.54 | % | Interest only | 12/1/14 | — | 8,977 | |||||||||||
JPMorgan Chase Credit Facility | LIBOR + 110 bp | (3) | Interest only | 8/21/17 | — | — | |||||||||||
Total indebtedness | $ | 1,430,884 | $ | 1,240,249 | |||||||||||||
(1) | Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $450 Million Term Loan (the "450 Million Term Loan") at 2.07% per annum and terminates on February 3, 2016. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statements of other comprehensive income. | ||||||||||||||||
(2) | Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the 333 Market Street Building mortgage note at 4.75% per annum and terminates on July 1, 2015. This interest rate swap agreement does not qualify for hedge accounting treatment; therefore, changes in fair value are recorded as loss on interest rate swaps in the accompanying consolidated statements of operations. | ||||||||||||||||
(3) | JPMorgan Chase Credit Facility debt bears interest at a rate based on, at the option of Columbia Property Trust, LIBOR for seven-day or one-, two-, three-, or six-month periods, plus an applicable margin ranging from 1.00% to 1.70%, or the alternate base rate for any day is the greatest of the rate of interest publicly announced by JPMorgan Chase Bank ("JPMorgan Chase Bank") as its prime rate in effect in its principal office in New York City for such day plus an applicable margin ranging from 0.00% to 0.70%. | ||||||||||||||||
Aggregate maturities of Columbia Property Trust's line of credit, term loan, and notes payable | The following table summarizes the aggregate maturities of Columbia Property Trust's line of credit, term loan, and notes payable as of December 31, 2014 (in thousands): | ||||||||||||||||
2015 | $ | 210,821 | |||||||||||||||
2016 | 494,460 | ||||||||||||||||
2017 | 253,728 | ||||||||||||||||
2018 | 25,860 | ||||||||||||||||
2019 | 121,015 | ||||||||||||||||
Thereafter | 325,000 | ||||||||||||||||
Total | $ | 1,430,884 | |||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | As of December 31, 2014, the remaining required payments under the terms of these ground leases are as follows (in thousands): | |||
2015 | $ | 2,557 | ||
2016 | 2,557 | |||
2017 | 2,702 | |||
2018 | 2,731 | |||
2019 | 2,731 | |||
Thereafter | 202,798 | |||
Total | $ | 216,076 | ||
Schedule of Future Minimum Lease Payments for Capital Leases | The required payments under the terms of the leases are as follows as of December 31, 2014 (in thousands): | |||
2015 | $ | 7,200 | ||
2016 | 7,200 | |||
2017 | 7,200 | |||
2018 | 7,200 | |||
2019 | 7,200 | |||
Thereafter | 134,400 | |||
170,400 | ||||
Amounts representing interest | (50,400 | ) | ||
Total | $ | 120,000 | ||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Stockholders' Equity Note [Abstract] | |||||||||
Summary of the Activity of the Employee Stock Grants | A summary of the activity for the employee stock grants under the Long-Term Incentive Plan for 2014, follows: | ||||||||
Shares | Weighted-Average, | ||||||||
(in thousands) | Grant-Date Fair Value(1) | ||||||||
Unvested shares as of January 1, 2014 | — | $ | — | ||||||
Granted | 144 | $ | 24.82 | ||||||
Vested | (39 | ) | $ | 24.82 | |||||
Forfeited | (1 | ) | $ | 24.82 | |||||
Unvested shares as of December 31, 2014 | 104 | (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 December 31, 2014, we expect approximately 98,800 of the 104,000 unvested shares to ultimately vest, assuming a forfeiture rate of 5%, which was determined based on peer company data, adjusted for the specifics of the Long-Term Incentive Plan. | ||||||||
Summary of Shares Granted to Independent Directors | A summary of these grants, made under the Long-Term Incentive Plan, follows: | ||||||||
Date of Grant | Shares | Weighted-Average | |||||||
Grant-Date Fair Value | |||||||||
2015 Director Grants: | |||||||||
January 2, 2015 | 5,850 | $ | 25.75 | ||||||
2014 Director Grants: | |||||||||
January 21, 2014 | 3,344 | $ | 24.82 | ||||||
April 1, 2014 | 2,968 | $ | 27.22 | ||||||
July 1, 2014 | 3,016 | $ | 25.78 | ||||||
October 1, 2014 | 4,960 | $ | 23.89 | ||||||
2013 Director Grant: | |||||||||
September 13, 2013 | 6,820 | $ | 29.32 | ||||||
Summary of Stock Option Activity Under the Director Plan | A summary of stock option activity under the Director Plan during 2014, 2013, and 2012, follows: | ||||||||
Number | Exercise | Exercisable | |||||||
Price | |||||||||
Outstanding as of December 31, 2011 | 7,375 | $48 | 7,250 | ||||||
Granted | — | ||||||||
Expired | — | ||||||||
Outstanding as of December 31, 2012 | 7,375 | $48 | 7,375 | ||||||
Granted | — | ||||||||
Expired | — | ||||||||
Outstanding as of December 31, 2013 | 7,375 | $48 | 7,375 | ||||||
Granted | — | ||||||||
Expired | (3,500 | ) | |||||||
Outstanding as of December 31, 2014 | 3,875 | $48 | 3,875 | ||||||
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
Schedule of Future Minimum Payments Receivable for Operating Leases | The future minimum rental income from Columbia Property Trust's investment in real estate assets under noncancelable operating leases, excluding properties under development, as of December 31, 2014, is as follows (in thousands): | |||
2015 | $ | 376,623 | ||
2016 | 361,085 | |||
2017 | 306,788 | |||
2018 | 269,712 | |||
2019 | 248,991 | |||
Thereafter | 1,070,022 | |||
Total | $ | 2,633,221 | ||
Supplemental_Disclosures_of_No1
Supplemental Disclosures of Noncash Investing and Financing Activities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||
Schedule of Other Significant Noncash Transactions | Outlined below are significant noncash investing and financing activities for the years ended December 31, 2014, 2013, and 2012 (in thousands): | |||||||||||
Years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Investment in real estate funded with other assets | $ | 3,807 | $ | — | $ | — | ||||||
Other assets assumed upon acquisition | $ | 2,493 | $ | 741 | $ | 130 | ||||||
Other liabilities assumed upon acquisition | $ | 2,004 | $ | 741 | $ | — | ||||||
Other liabilities settled at disposition | $ | — | $ | 872 | $ | — | ||||||
Interest rate swap assumed upon acquisition of property | $ | — | $ | — | $ | 11,560 | ||||||
Notes payable assumed at acquisition | $ | 203,000 | $ | — | $ | 208,330 | ||||||
Interest accruing into notes payable | $ | — | $ | 186 | $ | 306 | ||||||
Amortization of discounts (premiums) on debt | $ | 396 | $ | (363 | ) | $ | 364 | |||||
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment | $ | 1,339 | $ | 1,997 | $ | (5,305 | ) | |||||
Accrued capital expenditures and deferred lease costs | $ | 17,283 | $ | 15,997 | $ | 16,325 | ||||||
Accrued deferred financing costs | $ | — | $ | — | $ | 35 | ||||||
Common stock issued to employees and directors, and amortized (net of amounts withheld for taxes) | $ | 1,642 | $ | — | $ | — | ||||||
Accrued redemptions of common stock | $ | — | $ | — | $ | 3,655 | ||||||
Transfer of development authority bonds | $ | — | $ | 466,000 | $ | 60,000 | ||||||
Stock-based compensation expense | $ | — | $ | 1,055 | $ | — | ||||||
Increase (decrease) in redeemable common stock | $ | — | $ | (99,526 | ) | $ | 13,621 | |||||
RelatedParty_Transactions_and_1
Related-Party Transactions and Agreements (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
Schedule of Related Party Transactions | Columbia Property Trust incurred the following related-party costs during 2014, 2013, and 2012, respectively (in thousands): | |||||||||||
Years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Consulting services | $ | — | $ | 25,417 | $ | — | ||||||
Transition services | — | 5,750 | 3,008 | |||||||||
Asset management fees | — | 5,083 | 32,000 | |||||||||
Administrative reimbursements, net(1) | — | 1,939 | 11,099 | |||||||||
Investor services | — | 829 | — | |||||||||
Property management fees | — | 523 | 4,462 | |||||||||
Construction fees(2) | — | 139 | 220 | |||||||||
Other | — | 69 | 126 | |||||||||
Acquisition fees | — | — | 1,500 | |||||||||
Disposition fees | — | — | 1,311 | |||||||||
Total | $ | — | $ | 39,749 | $ | 53,726 | ||||||
(1) | Administrative reimbursements are presented net of reimbursements from tenants of approximately $0.7 million and $4.4 million for the years ended December 31, 2013 and 2012, respectively. | |||||||||||
(2) | Construction fees are capitalized to real estate assets as incurred. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Income Tax Basis Net Income Reconciliation | Columbia Property Trust's income tax basis net income during 2014, 2013, and 2012 (in thousands) follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
GAAP basis financial statement net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 92,635 | $ | 15,720 | $ | 48,039 | ||||||
Increase (decrease) in net income resulting from: | ||||||||||||
Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes | 69,832 | 72,554 | 81,681 | |||||||||
Rental income accrued for financial reporting purposes in excess of amounts for income tax purposes | (8,437 | ) | (26,565 | ) | (24,798 | ) | ||||||
Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes | (9,394 | ) | (8,186 | ) | (3,423 | ) | ||||||
Gain on interest rate swaps that do not qualify for hedge accounting treatment for financial reporting purposes in excess of amounts for income tax purposes | (4,945 | ) | (5,530 | ) | (173 | ) | ||||||
Bad debt expense for financial reporting purposes less than amounts for income tax purposes | (1 | ) | (65 | ) | (5,034 | ) | ||||||
Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes | (47,159 | ) | (78,559 | ) | (61,198 | ) | ||||||
Other expenses for financial reporting purposes in excess of amounts for income tax purposes | 31,991 | 9,710 | 7,349 | |||||||||
Income tax basis net income (loss), prior to dividends-paid deduction | $ | 124,522 | $ | (20,921 | ) | $ | 42,443 | |||||
Schedule of Distributions to Common Stockholders | Columbia Property Trust's distributions per common share are summarized as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Ordinary income | 83.1 | % | — | % | 16 | % | ||||||
Capital gains | — | % | — | % | — | % | ||||||
Return of capital | 16.9 | % | 100 | % | 84 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | ||||||
Schedule of Income Taxes | The income taxes recorded by the TRS Entities for the years ended December 31, 2014, 2013, and 2012, are as follows: | |||||||||||
Years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal income tax | $ | 318 | $ | 307 | $ | 265 | ||||||
State income tax | 35 | 2 | 14 | |||||||||
Total income tax | $ | 353 | $ | 309 | $ | 279 | ||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operation, Additional Disclosures [Abstract] | ||||||||||||
Schedule of revenues and expenses of the discontinued operations | The following table shows the revenues and expenses of the above-described discontinued operations (in thousands). 2014 amounts reflect post closing adjustments and true ups related to the 18 Property Sale, which closed prior to our adoption of ASU 2014-08. | |||||||||||
Years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues: | ||||||||||||
Rental income | $ | 4 | $ | 48,550 | $ | 91,132 | ||||||
Tenant reimbursements | 115 | 11,205 | 18,059 | |||||||||
Other property income | — | 291 | 5,471 | |||||||||
119 | 60,046 | 114,662 | ||||||||||
Expenses: | ||||||||||||
Property operating costs | (250 | ) | 21,232 | 36,996 | ||||||||
Asset and property management fees | 7 | 1,501 | 7,974 | |||||||||
Depreciation | — | 11,730 | 21,609 | |||||||||
Amortization | — | 7,590 | 15,776 | |||||||||
Impairment loss on real estate assets | — | 29,737 | 18,467 | |||||||||
General and administrative | 755 | 1,360 | 748 | |||||||||
Total expenses | 512 | 73,150 | 101,570 | |||||||||
Operating income (loss) | (393 | ) | (13,104 | ) | 13,092 | |||||||
Other income (expense): | ||||||||||||
Interest expense | 3 | (3,804 | ) | (6,610 | ) | |||||||
Interest and other income | — | 293 | 16 | |||||||||
Loss on early extinguishment of debt | — | (4,709 | ) | — | ||||||||
Income (loss) from discontinued operations before income tax expense | (390 | ) | (21,324 | ) | 6,498 | |||||||
Income tax expense | — | (1 | ) | (14 | ) | |||||||
Income (loss) from discontinued operations | (390 | ) | (21,325 | ) | 6,484 | |||||||
Gain (loss) on disposition of discontinued operations | (1,627 | ) | 11,225 | 20,117 | ||||||||
Income (loss) from discontinued operations | $ | (2,017 | ) | $ | (10,100 | ) | $ | 26,601 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Basic and Diluted Earnings per Share | The following table reconciles the numerator for the basic and diluted earnings per share computations shown on the consolidated statements of income for 2014, 2013, and 2012 (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income | $ | 92,635 | $ | 15,720 | $ | 48,039 | |||||||
Distributions paid on unvested shares | (128 | ) | — | — | |||||||||
Net income used to calculate basic and diluted earnings per share | $ | 92,507 | $ | 15,720 | $ | 48,039 | |||||||
The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of income for 2014, 2013, and 2012 (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted-average common shares – basic | 124,860 | 134,085 | 136,672 | ||||||||||
Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases: | |||||||||||||
2013 LTIP Employee Grant | 29 | — | — | ||||||||||
2014 LTIP Employee Grant | 29 | — | — | ||||||||||
Weighted-average common shares – diluted | 124,918 | 134,085 | 136,672 | ||||||||||
Quarterly_Results_unaudited_Ta
Quarterly Results (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information | Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2014 and 2013(in thousands, except per-share data): | ||||||||||||||||
2014 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Revenues | $ | 129,168 | $ | 136,757 | $ | 136,981 | $ | 137,891 | |||||||||
Net income attributable to common stockholders of Columbia Property Trust, Inc. | $ | 3,400 | $ | 8,021 | $ | 24,988 | $ | 56,226 | (1) | ||||||||
Basic net income attributable to common stockholders of Columbia Property Trust, Inc. per share | $ | 0.03 | $ | 0.06 | $ | 0.2 | $ | 0.45 | |||||||||
Diluted net income attributable to common stockholders of Columbia Property Trust, Inc. per share | $ | 0.03 | $ | 0.06 | $ | 0.2 | $ | 0.45 | |||||||||
Distributions declared per share | $ | 0.3 | $ | 0.3 | $ | 0.3 | $ | 0.3 | |||||||||
2013 | |||||||||||||||||
First | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Quarter | |||||||||||||||||
Revenues(2) | $ | 128,792 | $ | 131,897 | $ | 132,502 | $ | 133,387 | |||||||||
Net income (loss) attributable to common stockholders of Columbia Property Trust, Inc. | $ | (22,608 | ) | (3) | $ | 20,601 | $ | 4,800 | $ | 12,927 | |||||||
Basic net income (loss) attributable to common stockholders of Columbia Property Trust, Inc. per share(4) | $ | (0.17 | ) | $ | 0.15 | $ | 0.04 | $ | 0.1 | ||||||||
Diluted net income (loss) attributable to common stockholders of Columbia Property Trust, Inc. per share(4) | $ | (0.17 | ) | $ | 0.15 | $ | 0.04 | $ | 0.1 | ||||||||
Distributions declared per share(4) | $ | 0.38 | $ | 0.38 | $ | 0.38 | $ | 0.3 | |||||||||
(1) | Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million. | ||||||||||||||||
(2) | Prior-period amounts adjusted to conform with current-period presentation, including classifying revenues generated by properties sold as discontinued operations for all periods presented (see Note 12, Discontinued Operations). | ||||||||||||||||
(3) | Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements). | ||||||||||||||||
(4) | All computations using share amounts have been retroactively adjusted to reflect the August 14, 2013, four-for-one reverse stock split (See Note 7, Stockholders' Equity). |
Financial_Information_for_Pare1
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets (in thousands) | |||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Assets: | ||||||||||||||||||||
Real estate assets, at cost: | ||||||||||||||||||||
Land | $ | — | $ | 6,241 | $ | 778,860 | $ | — | $ | 785,101 | ||||||||||
Buildings and improvements, net | — | 29,899 | 2,996,532 | — | 3,026,431 | |||||||||||||||
Intangible lease assets, net | — | — | 247,068 | — | 247,068 | |||||||||||||||
Construction in progress | — | 433 | 17,529 | — | 17,962 | |||||||||||||||
Total real estate assets | — | 36,573 | 4,039,989 | — | 4,076,562 | |||||||||||||||
Cash and cash equivalents | 119,488 | 10,504 | 19,798 | — | 149,790 | |||||||||||||||
Investment in subsidiaries | 2,409,941 | 2,120,018 | — | (4,529,959 | ) | — | ||||||||||||||
Tenant receivables, net of allowance | — | 246 | 6,699 | — | 6,945 | |||||||||||||||
Straight-line rent receivable | — | 781 | 115,708 | — | 116,489 | |||||||||||||||
Prepaid expenses and other assets | 204,079 | 148,226 | 19,734 | (319,896 | ) | 52,143 | ||||||||||||||
Deferred financing costs, net | — | 6,020 | 2,406 | — | 8,426 | |||||||||||||||
Intangible lease origination costs, net | — | — | 105,528 | — | 105,528 | |||||||||||||||
Deferred lease costs, net | — | 1,658 | 101,337 | — | 102,995 | |||||||||||||||
Investment in development authority bonds | — | — | 120,000 | — | 120,000 | |||||||||||||||
Total assets | $ | 2,733,508 | $ | 2,324,026 | $ | 4,531,199 | $ | (4,849,855 | ) | $ | 4,738,878 | |||||||||
Liabilities: | ||||||||||||||||||||
Line of credit, term loan, and notes payable | $ | — | $ | 450,000 | $ | 1,299,232 | $ | (318,348 | ) | $ | 1,430,884 | |||||||||
Bonds payable, net | — | 249,182 | — | — | 249,182 | |||||||||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | 30 | 9,749 | 96,497 | — | 106,276 | |||||||||||||||
Due to affiliates | — | 24 | 1,524 | (1,548 | ) | — | ||||||||||||||
Deferred income | — | 171 | 24,582 | — | 24,753 | |||||||||||||||
Intangible lease liabilities, net | — | — | 74,305 | — | 74,305 | |||||||||||||||
Obligations under capital leases | — | — | 120,000 | — | 120,000 | |||||||||||||||
Total liabilities | 30 | 709,126 | 1,616,140 | (319,896 | ) | 2,005,400 | ||||||||||||||
Equity: | ||||||||||||||||||||
Total equity | 2,733,478 | 1,614,900 | 2,915,059 | (4,529,959 | ) | 2,733,478 | ||||||||||||||
Total liabilities, redeemable common stock, and equity | $ | 2,733,508 | $ | 2,324,026 | $ | 4,531,199 | $ | (4,849,855 | ) | $ | 4,738,878 | |||||||||
Condensed Consolidating Balance Sheets (in thousands) | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Assets: | ||||||||||||||||||||
Real estate assets, at cost: | ||||||||||||||||||||
Land | $ | — | $ | 6,241 | $ | 700,697 | $ | — | $ | 706,938 | ||||||||||
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 | — | — | 120,000 | — | 120,000 | |||||||||||||||
bonds | ||||||||||||||||||||
Total assets | $ | 2,787,854 | $ | 2,499,229 | $ | 4,471,898 | $ | (5,166,499 | ) | $ | 4,592,482 | |||||||||
Liabilities: | ||||||||||||||||||||
Lines of credit, term loan, and notes payable | $ | — | $ | 450,000 | $ | 1,110,838 | $ | (320,589 | ) | $ | 1,240,249 | |||||||||
Bonds payable, net | — | 248,930 | — | — | 248,930 | |||||||||||||||
Accounts payable, accrued expenses, | 31 | 11,816 | 87,831 | — | 99,678 | |||||||||||||||
and accrued capital expenditures | ||||||||||||||||||||
Due to affiliates | — | (925 | ) | 2,506 | (1,581 | ) | — | |||||||||||||
Deferred income | — | 146 | 21,792 | — | 21,938 | |||||||||||||||
Intangible lease liabilities, net | — | — | 73,864 | — | 73,864 | |||||||||||||||
Obligations under capital leases | — | — | 120,000 | — | 120,000 | |||||||||||||||
Total liabilities | 31 | 709,967 | 1,416,831 | (322,170 | ) | 1,804,659 | ||||||||||||||
Equity: | ||||||||||||||||||||
Total equity | 2,787,823 | 1,789,262 | 3,055,067 | (4,844,329 | ) | 2,787,823 | ||||||||||||||
Total liabilities, redeemable | $ | 2,787,854 | $ | 2,499,229 | $ | 4,471,898 | $ | (5,166,499 | ) | $ | 4,592,482 | |||||||||
common stock, and equity | ||||||||||||||||||||
Consolidating Statements of Operations | Consolidating Statements of Operations (in thousands) | |||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 1,150 | $ | 413,752 | $ | (361 | ) | $ | 414,541 | |||||||||
Tenant reimbursements | — | 222 | 95,153 | — | 95,375 | |||||||||||||||
Hotel income | — | — | 22,885 | — | 22,885 | |||||||||||||||
Other property income | — | — | 8,220 | (224 | ) | 7,996 | ||||||||||||||
— | 1,372 | 540,010 | (585 | ) | 540,797 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 2,716 | 161,367 | (361 | ) | 163,722 | ||||||||||||||
Hotel operating costs | — | — | 18,792 | — | 18,792 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | — | 17 | — | (17 | ) | — | ||||||||||||||
Other | — | — | 2,258 | — | 2,258 | |||||||||||||||
Depreciation | — | 1,795 | 115,971 | — | 117,766 | |||||||||||||||
Amortization | — | 121 | 78,722 | — | 78,843 | |||||||||||||||
Impairment loss on real estate assets | — | — | 25,130 | — | 25,130 | |||||||||||||||
General and administrative | 149 | 9,701 | 21,632 | (207 | ) | 31,275 | ||||||||||||||
Acquisition expenses | — | — | 14,142 | — | 14,142 | |||||||||||||||
149 | 14,350 | 438,014 | (585 | ) | 451,928 | |||||||||||||||
Real estate operating income (loss) | (149 | ) | (12,978 | ) | 101,996 | — | 88,869 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (30,271 | ) | (64,105 | ) | 18,665 | (75,711 | ) | ||||||||||||
Interest and other income | 7,969 | 10,724 | 7,247 | (18,665 | ) | 7,275 | ||||||||||||||
Loss on interest rate swaps | — | — | (371 | ) | — | (371 | ) | |||||||||||||
Loss on early extinguishment of debt | — | — | (23 | ) | — | (23 | ) | |||||||||||||
Income from equity investment | 84,815 | 113,976 | — | (198,791 | ) | — | ||||||||||||||
92,784 | 94,429 | (57,252 | ) | (198,791 | ) | (68,830 | ) | |||||||||||||
Income before income tax expense | 92,635 | 81,451 | 44,744 | (198,791 | ) | 20,039 | ||||||||||||||
Income tax expense | — | (4 | ) | (658 | ) | — | (662 | ) | ||||||||||||
Income before gains of sale of real estate assets | 92,635 | 81,447 | 44,086 | (198,791 | ) | 19,377 | ||||||||||||||
Gains on sale of real estate assets | — | — | 75,275 | — | 75,275 | |||||||||||||||
Income from continuing operations | 92,635 | 81,447 | 119,361 | (198,791 | ) | 94,652 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating loss from discontinued operations | — | — | (390 | ) | — | (390 | ) | |||||||||||||
Loss on disposition of discontinued operations | — | — | (1,627 | ) | — | (1,627 | ) | |||||||||||||
Loss from discontinued operations | — | — | (2,017 | ) | — | (2,017 | ) | |||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 92,635 | $ | 81,447 | $ | 117,344 | $ | (198,791 | ) | $ | 92,635 | |||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 403 | $ | 406,791 | $ | (287 | ) | $ | 406,907 | |||||||||
Tenant reimbursements | — | 149 | 90,726 | — | 90,875 | |||||||||||||||
Hotel income | — | — | 23,756 | — | 23,756 | |||||||||||||||
Other property income | — | 17 | 5,208 | (185 | ) | 5,040 | ||||||||||||||
— | 569 | 526,481 | (472 | ) | 526,578 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 1,966 | 152,880 | (287 | ) | 154,559 | ||||||||||||||
Hotel operating costs | — | — | 18,340 | — | 18,340 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | 4,397 | 15 | 313 | (32 | ) | 4,693 | ||||||||||||||
Other | — | — | 1,671 | — | 1,671 | |||||||||||||||
Depreciation | — | 1,247 | 106,858 | — | 108,105 | |||||||||||||||
Amortization | — | 28 | 78,682 | — | 78,710 | |||||||||||||||
General and administrative | 16 | 43,555 | 18,448 | (153 | ) | 61,866 | ||||||||||||||
Listing fees | 317 | 3,743 | — | — | 4,060 | |||||||||||||||
4,730 | 50,554 | 377,192 | (472 | ) | 432,004 | |||||||||||||||
Real estate operating income (loss) | (4,730 | ) | (49,985 | ) | 149,289 | — | 94,574 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (32,659 | ) | (88,137 | ) | 18,855 | (101,941 | ) | ||||||||||||
Interest and other income | 7,987 | 10,874 | 34,023 | (18,855 | ) | 34,029 | ||||||||||||||
Loss on interest rate swaps | — | — | (342 | ) | — | (342 | ) | |||||||||||||
Income from equity investment | 12,463 | 86,101 | — | (98,564 | ) | — | ||||||||||||||
20,450 | 64,316 | (54,456 | ) | (98,564 | ) | (68,254 | ) | |||||||||||||
Income before income tax expense | 15,720 | 14,331 | 94,833 | (98,564 | ) | 26,320 | ||||||||||||||
Income tax expense | — | (3 | ) | (497 | ) | — | (500 | ) | ||||||||||||
Income from continuing operations | 15,720 | 14,328 | 94,336 | (98,564 | ) | 25,820 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income (loss) from discontinued operations | — | 658 | (21,983 | ) | — | (21,325 | ) | |||||||||||||
Gain on disposition of discontinued operations | — | — | 11,225 | — | 11,225 | |||||||||||||||
Income (loss) from discontinued operations | — | 658 | (10,758 | ) | — | (10,100 | ) | |||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 15,720 | $ | 14,986 | $ | 83,578 | $ | (98,564 | ) | $ | 15,720 | |||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 1,649 | $ | 380,280 | $ | (133 | ) | $ | 381,796 | |||||||||
Tenant reimbursements | — | 103 | 90,756 | (2,457 | ) | 88,402 | ||||||||||||||
Hotel income | — | — | 23,049 | — | 23,049 | |||||||||||||||
Other property income | — | 86 | 1,024 | (86 | ) | 1,024 | ||||||||||||||
— | 1,838 | 495,109 | (2,676 | ) | 494,271 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 1,634 | 148,025 | (2,457 | ) | 147,202 | ||||||||||||||
Hotel operating costs | — | — | 18,495 | (133 | ) | 18,362 | ||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | 26,264 | 58 | 4,191 | (1,141 | ) | 29,372 | ||||||||||||||
Other | — | — | 2,421 | — | 2,421 | |||||||||||||||
Depreciation | — | 710 | 97,988 | — | 98,698 | |||||||||||||||
Amortization | — | 357 | 86,101 | — | 86,458 | |||||||||||||||
General and administrative | 49 | 21,436 | 3,128 | — | 24,613 | |||||||||||||||
Acquisition fees and expenses | — | — | 1,876 | — | 1,876 | |||||||||||||||
26,313 | 24,195 | 362,225 | (3,731 | ) | 409,002 | |||||||||||||||
Real estate operating income (loss) | (26,313 | ) | (22,357 | ) | 132,884 | 1,055 | 85,269 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (32,469 | ) | (88,414 | ) | 18,997 | (101,886 | ) | ||||||||||||
Interest and other income | 7,988 | 11,018 | 39,847 | (18,997 | ) | 39,856 | ||||||||||||||
Loss on interest rate swaps | — | — | (1,225 | ) | — | (1,225 | ) | |||||||||||||
Income from equity investment | 66,364 | 92,228 | — | (158,592 | ) | — | ||||||||||||||
74,352 | 70,777 | (49,792 | ) | (158,592 | ) | (63,255 | ) | |||||||||||||
Income before income tax expense | 48,039 | 48,420 | 83,092 | (157,537 | ) | 22,014 | ||||||||||||||
Income tax expense | — | (14 | ) | (558 | ) | — | (572 | ) | ||||||||||||
Income from continuing operations | 48,039 | 48,406 | 82,534 | (157,537 | ) | 21,442 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income from discontinued operations | — | 5,942 | 542 | — | 6,484 | |||||||||||||||
Gain on disposition of discontinued operations | — | — | 20,117 | — | 20,117 | |||||||||||||||
Income from discontinued operations | — | 5,942 | 20,659 | — | 26,601 | |||||||||||||||
Net income | 48,039 | 54,348 | 103,193 | (157,537 | ) | 48,043 | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 48,039 | $ | 54,348 | $ | 103,189 | $ | (157,537 | ) | $ | 48,039 | |||||||||
Consolidating Statements Comprehensive Income | Consolidating Statements of Comprehensive Income (in thousands) | |||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 92,635 | $ | 81,447 | $ | 117,344 | $ | (198,791 | ) | $ | 92,635 | |||||||||
Market value adjustment to interest rate swap | 1,339 | 1,339 | — | (1,339 | ) | 1,339 | ||||||||||||||
Comprehensive income | $ | 93,974 | $ | 82,786 | $ | 117,344 | $ | (200,130 | ) | $ | 93,974 | |||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 15,720 | $ | 14,986 | $ | 83,578 | $ | (98,564 | ) | $ | 15,720 | |||||||||
Foreign currency translation adjustment | (83 | ) | — | (83 | ) | 83 | (83 | ) | ||||||||||||
Market value adjustment to interest rate swap | 1,997 | 1,997 | — | (1,997 | ) | 1,997 | ||||||||||||||
Comprehensive income | $ | 17,634 | $ | 16,983 | $ | 83,495 | $ | (100,478 | ) | $ | 17,634 | |||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | Adjustments | (Consolidated) | ||||||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 48,039 | $ | 54,348 | $ | 103,189 | $ | (157,537 | ) | $ | 48,039 | |||||||||
Market value adjustment to interest rate swap | (5,305 | ) | (5,305 | ) | — | 5,305 | (5,305 | ) | ||||||||||||
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc. | 42,734 | 49,043 | 103,189 | (152,232 | ) | 42,734 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | 4 | — | 4 | |||||||||||||||
Comprehensive income | $ | 42,734 | $ | 49,043 | $ | 103,193 | $ | (152,232 | ) | $ | 42,738 | |||||||||
Consolidating Statements Cash Flows | Consolidating Statements of Cash Flows (in thousands) | |||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Consolidating Adjustments | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | (Consolidated) | |||||||||||||||||
Cash flows from operating activities | $ | (122 | ) | $ | (38,618 | ) | $ | 275,646 | $ | — | $ | 236,906 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Net proceeds from sale of real estate | — | 418,207 | — | — | 418,207 | |||||||||||||||
Investment in real estate and related assets | (5,000 | ) | (366,380 | ) | (70,615 | ) | — | (441,995 | ) | |||||||||||
Investments in subsidiaries | 67,403 | — | — | (67,403 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 62,403 | 51,827 | (70,615 | ) | (67,403 | ) | (23,788 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings, net of fees and prepayment penalty on early extinguishment of debt | — | 282,807 | (1,289 | ) | — | 281,518 | ||||||||||||||
Repayments | — | (283,000 | ) | (11,739 | ) | — | (294,739 | ) | ||||||||||||
Loss on early extinguishment of debt | — | — | — | — | — | |||||||||||||||
Redemptions of common stock and fees, net of issuances | — | — | — | — | — | |||||||||||||||
Distributions | (149,962 | ) | — | — | — | (149,962 | ) | |||||||||||||
Intercompany transfers, net | 153,847 | (23,220 | ) | (198,030 | ) | 67,403 | — | |||||||||||||
Net cash provided by (used in) financing activities | 3,885 | (23,413 | ) | (211,058 | ) | 67,403 | (163,183 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 66,166 | (10,204 | ) | (6,027 | ) | — | 49,935 | |||||||||||||
Cash and cash equivalents, beginning of period | 53,322 | 20,708 | 25,825 | — | 99,855 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 119,488 | $ | 10,504 | $ | 19,798 | $ | — | $ | 149,790 | ||||||||||
Consolidating Statements of Cash Flows (in thousands) | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Columbia Property Trust | |||||||||||||||||
(Parent) | (the Issuer) | Guarantors | (Consolidated) | |||||||||||||||||
Cash flows from operating activities | $ | (331 | ) | $ | (84,270 | ) | $ | 302,930 | $ | 218,329 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Net proceeds from sale of real estate | 14,127 | 551,818 | — | 565,945 | ||||||||||||||||
Investment in real estate and related assets | — | (5,270 | ) | (65,286 | ) | (70,556 | ) | |||||||||||||
Net cash provided by (used in) investing activities | 14,127 | 546,548 | (65,286 | ) | 495,389 | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings, net of fees | — | 297,320 | (41 | ) | 297,279 | |||||||||||||||
Repayments | — | (343,000 | ) | (118,940 | ) | (461,940 | ) | |||||||||||||
Loss on early extinguishment of debt | — | — | (4,709 | ) | (4,709 | ) | ||||||||||||||
Redemptions of common stock and fees, net of issuances | (306,574 | ) | — | — | (306,574 | ) | ||||||||||||||
Distributions | (191,473 | ) | — | — | (191,473 | ) | ||||||||||||||
Intercompany transfers | 516,659 | (400,712 | ) | (115,947 | ) | — | ||||||||||||||
Net cash provided by (used in) financing activities | 18,612 | (446,392 | ) | (239,637 | ) | (667,417 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 32,408 | 15,886 | (1,993 | ) | 46,301 | |||||||||||||||
Effect of foreign exchange rate on cash and cash equivalents | — | — | (103 | ) | (103 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 20,914 | 4,822 | 27,921 | 53,657 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 53,322 | $ | 20,708 | $ | 25,825 | $ | 99,855 | ||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Columbia Property Trust | |||||||||||||||||
(Parent) | (the Issuer) | Guarantors | (Consolidated) | |||||||||||||||||
Cash flows from operating activities | $ | (49 | ) | $ | (83,489 | ) | $ | 336,377 | $ | 252,839 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Net proceeds from sale of real estate | 30,441 | 273,823 | — | 304,264 | ||||||||||||||||
Investment in real estate and related assets | — | (193,410 | ) | (79,807 | ) | (273,217 | ) | |||||||||||||
Net cash provided by (used in) investing activities | 30,441 | 80,413 | (79,807 | ) | 31,047 | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings, net of fees | — | 595,731 | (929 | ) | 594,802 | |||||||||||||||
Repayments | — | (591,000 | ) | (36,191 | ) | (627,191 | ) | |||||||||||||
Issuance of common stock, net of redemptions and fees | 18,996 | — | — | 18,996 | ||||||||||||||||
Distributions | (256,020 | ) | — | (15 | ) | (256,035 | ) | |||||||||||||
Intercompany transfers | 216,255 | (7,430 | ) | (208,825 | ) | — | ||||||||||||||
Redemptions of noncontrolling interest | — | — | (301 | ) | (301 | ) | ||||||||||||||
Net cash used in financing activities | (20,769 | ) | (2,699 | ) | (246,261 | ) | (269,729 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 9,623 | (5,775 | ) | 10,309 | 14,157 | |||||||||||||||
Effect of foreign exchange rate on cash and cash equivalents | — | — | 32 | 32 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 11,291 | 10,597 | 17,580 | 39,468 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 20,914 | $ | 4,822 | $ | 27,921 | $ | 53,657 | ||||||||||||
Organization_Details
Organization (Details) | 1 Months Ended | |
Jan. 31, 2015 | Dec. 31, 2014 | |
Properties | Buildings | |
sqft | States | |
sqft | ||
Real Estate | ||
Number of operational buildings | 52 | |
Square feet of commercial space | 15,700,000 | |
Number of states with properties | 12 | |
Leased office space of owned properties, percent | 93.30% | |
Office Building | ||
Real Estate | ||
Number of properties | 35 | |
Office Building | Corporate Joint Venture | ||
Real Estate | ||
Number of properties | 1 | |
Hotel | ||
Real Estate | ||
Number of properties | 1 | |
Subsequent Event | Office Building | ||
Real Estate | ||
Square feet of commercial space | 900,000 | |
Number of real estate properties acquired | 3 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Nov. 05, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Jun. 04, 2014 | Apr. 30, 2012 | Mar. 31, 2014 | Jun. 30, 2014 | Apr. 04, 2011 | Dec. 31, 2011 | |
Asset | Asset | ||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Interest capitalized | $0 | $0 | |||||||||||||||
Impairment loss on real estate assets | 10,100,000 | 25,130,000 | 0 | 0 | |||||||||||||
Accumulated depreciation of lease assets | 313,822,000 | 313,822,000 | 298,975,000 | 298,975,000 | 298,975,000 | ||||||||||||
Amortization of intangible assets | 74,212,000 | 84,630,000 | 100,482,000 | ||||||||||||||
Cash equivalent maturity period | 3 months | ||||||||||||||||
Provision for doubtful accounts | 500,000 | -100,000 | |||||||||||||||
Earnest money deposits | 27,000,000 | 27,000,000 | |||||||||||||||
Amortization of financing costs | 3,500,000 | 3,800,000 | 3,200,000 | ||||||||||||||
Amortization of deferred leasing costs | 12,200,000 | 13,100,000 | 10,900,000 | ||||||||||||||
Acquisition of noncontrolling interest in consolidated joint ventures | 301,000 | ||||||||||||||||
Preferred stock shares authorized | 100,000,000 | 100,000,000 | |||||||||||||||
Preferred stock par value per share | $0.01 | $0.01 | |||||||||||||||
Requirement to distribute taxable income (percent) | 90.00% | 90.00% | |||||||||||||||
Fair value of interest rate swaps | -4,600,000 | -4,600,000 | -10,900,000 | -10,900,000 | -10,900,000 | ||||||||||||
Limit on investments in taxable real estate investment trusts (percent) | 25.00% | 25.00% | |||||||||||||||
Building | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Estimated useful life of assets | 40 years | ||||||||||||||||
Minimum | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Amount of assets identified that are near-term disposition | 500,000,000 | 500,000,000 | |||||||||||||||
Minimum | Building and site improvements | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Estimated useful life of assets | 5 years | ||||||||||||||||
Maximum | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Amount of assets identified that are near-term disposition | 600,000,000 | 600,000,000 | |||||||||||||||
Maximum | Building and site improvements | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Estimated useful life of assets | 25 years | ||||||||||||||||
Below-Market Lease Assets | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Gross intangible assets | 110,673,000 | 110,673,000 | 110,700,000 | 110,700,000 | 110,700,000 | ||||||||||||
Accumulated depreciation of lease assets | 15,119,000 | 15,119,000 | 13,100,000 | 13,100,000 | 13,100,000 | ||||||||||||
Amortization of intangible assets | 2,100,000 | 2,100,000 | 2,100,000 | ||||||||||||||
Lenox Park Buildings | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Repayment of development authority bonds and capital lease obligations | 216,000,000 | ||||||||||||||||
Lindbergh Center | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Repayment of development authority bonds and capital lease obligations | 250,000,000 | ||||||||||||||||
One Glenlake Parkway | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Repayment of development authority bonds and capital lease obligations | 60,000,000 | ||||||||||||||||
Nine-Property Sale | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Number of assets in outlying markets marketed for sale | 9 | ||||||||||||||||
180 E 100 South Property | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Impairment loss on real estate assets | 18,500,000 | ||||||||||||||||
18 Property Sale | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Impairment loss on real estate assets | 29,700,000 | 12,900,000 | |||||||||||||||
Number of properties | 18 | ||||||||||||||||
Fair value of property | 500,000,000 | ||||||||||||||||
Proceeds from sale of real estate | 521,500,000 | ||||||||||||||||
160 Park Avenue Building | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Proceeds from sale of real estate | 10,200,000 | ||||||||||||||||
Bannockburn Lake III | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Impairment loss on real estate assets | 10,100,000 | ||||||||||||||||
Robbins Road | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Additional percentage of noncontrolling interest acquired in consolidated joint ventures | 0.70% | ||||||||||||||||
Acquisition of noncontrolling interest in consolidated joint ventures | 300,000 | ||||||||||||||||
Fair Value, Inputs, Level 3 | 120 Eagle Rock | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Impairment loss on real estate assets | 11,708,000 | 11,700,000 | |||||||||||||||
Fair value of property | 12,100,000 | 12,100,000 | 12,100,000 | ||||||||||||||
Fair Value, Inputs, Level 3 | 333 & 777 Republic Drive | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Impairment loss on real estate assets | 5,159,000 | 5,200,000 | |||||||||||||||
Fair value of property | 8,200,000 | 8,200,000 | 8,200,000 | ||||||||||||||
Fair Value, Inputs, Level 3 | Bannockburn Lake III | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Impairment loss on real estate assets | 10,148,000 | ||||||||||||||||
Fair value of property | 5,000,000 | 5,000,000 | |||||||||||||||
Fair Value, Inputs, Level 2 | 160 Park Avenue Building | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Impairment loss on real estate assets | 13,600,000 | ||||||||||||||||
Fair Value, Inputs, Level 1 | 200 South Orange Building | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Impairment loss on real estate assets | 1,400,000 | ||||||||||||||||
Fair value of property | 18,400,000 | ||||||||||||||||
Proceeds from sale of real estate | 18,400,000 | ||||||||||||||||
Unsecured Debt | 2018 Bonds Payable | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Debt face amount | $250,000,000 | ||||||||||||||||
Terms of debt | 7 years | ||||||||||||||||
Interest rate for debt instrument (percent) | 5.88% | ||||||||||||||||
Discount rate of face value of issued debt instrument (percent) | 99.30% |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Schedule of Recognized Fair Value Adjustments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment Loss Recognized | ($10,100) | ($25,130) | $0 | $0 | |
Bannockburn Lake III | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment Loss Recognized | -10,100 | ||||
Bannockburn Lake III | Fair Value, Inputs, Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Net Book Value | 15,148 | 15,148 | |||
Impairment Loss Recognized | -10,148 | ||||
Fair Value | 5,000 | 5,000 | |||
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 | ||||
Impairment Loss Recognized | -11,708 | -11,700 | |||
Fair Value | 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 | ||||
Impairment Loss Recognized | -5,159 | -5,200 | |||
Fair Value | 8,200 | ||||
180 E 100 South | Fair Value, Inputs, Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Net Book Value | 30,847 | ||||
Impairment Loss Recognized | -18,467 | ||||
Fair Value | $12,380 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Schedule of Intangible Assets & Liabilities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Intangible Lease Assets | |||
Accumulated Amortization | ($313,822) | ($298,975) | |
Intangible lease origination costs, accumulated amortization | -219,626 | -216,598 | |
Intangible Lease Assets, Net | 247,068 | 281,220 | |
Intangible Lease Origination Costs, Net | 105,528 | 148,889 | |
Intangible Below-Market In-Place Lease Liabilities | |||
Intangible Below-Market In-Place Lease Liabilities, Gross | 159,240 | 150,364 | |
Intangible Below-Market In-Please Lease Liabilities, Accumulated Amortization | -84,935 | -76,500 | |
Below Market Lease, Net | 74,305 | 73,864 | |
Amortization of Below Market Lease | 15,507 | 14,411 | 15,324 |
Above-Market In-Place Lease Assets | |||
Intangible Lease Assets | |||
Intangible Lease Assets, Gross | 79,805 | 80,836 | |
Accumulated Amortization | -61,619 | -56,859 | |
Intangible Lease Assets, Net | 18,186 | 23,977 | |
Amortization of Intangible Assets | 5,368 | 6,077 | 8,901 |
Absorption Period Costs | |||
Intangible Lease Assets | |||
Intangible Lease Assets, Gross | 370,412 | 388,686 | |
Accumulated Amortization | -237,084 | -229,065 | |
Intangible Lease Assets, Net | 133,328 | 159,621 | |
Amortization of Intangible Assets | 36,474 | 38,879 | 48,997 |
Intangible Lease Origination Costs | |||
Intangible Lease Assets | |||
Intangible Lease Origination Costs, Gross | 325,154 | 365,487 | |
Intangible lease origination costs, accumulated amortization | -219,626 | -216,598 | |
Intangible Lease Origination Costs, Net | 105,528 | 148,889 | |
Amortization of Intangible Assets | $33,037 | $38,978 | $42,866 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Schedule of Future Amortization by Intangible Asset Class) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Intangible Lease Assets | ||
Intangible Lease Assets, Net | $247,068 | $281,220 |
Intangible Lease Origination Costs, Net | 105,528 | 148,889 |
Intangible Below-Market In-Place Lease Liabilities | ||
2015 | 17,198 | |
2016 | 11,895 | |
2017 | 8,073 | |
2018 | 6,596 | |
2019 | 5,893 | |
Thereafter | 24,650 | |
Below Market Lease, Net | 74,305 | 73,864 |
Weighted-Average Amortization Period | 6 years | |
Above-Market In-Place Lease Assets | ||
Intangible Lease Assets | ||
2015 | 4,480 | |
2016 | 3,748 | |
2017 | 1,879 | |
2018 | 1,075 | |
2019 | 1,035 | |
Thereafter | 5,969 | |
Intangible Lease Assets, Net | 18,186 | 23,977 |
Weighted-Average Amortization Period | 3 years | |
Absorption Period Costs | ||
Intangible Lease Assets | ||
2015 | 35,284 | |
2016 | 24,942 | |
2017 | 16,687 | |
2018 | 12,297 | |
2019 | 10,969 | |
Thereafter | 33,149 | |
Intangible Lease Assets, Net | 133,328 | 159,621 |
Weighted-Average Amortization Period | 4 years | |
Intangible Lease Origination Costs | ||
Intangible Lease Assets | ||
2015 | 28,483 | |
2016 | 21,587 | |
2017 | 14,777 | |
2018 | 10,269 | |
2019 | 9,198 | |
Thereafter | 21,214 | |
Intangible Lease Origination Costs, Net | $105,528 | $148,889 |
Weighted-Average Amortization Period | 4 years |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Schedule of Future Amortization for Below-Market Lease Assets) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Intangible Lease Assets | ||
Intangible Lease Assets, Net | $247,068 | $281,220 |
Below-Market Lease Assets | ||
Intangible Lease Assets | ||
2015 | 2,069 | |
2016 | 2,069 | |
2017 | 2,069 | |
2018 | 2,069 | |
2019 | 2,069 | |
Thereafter | 85,209 | |
Intangible Lease Assets, Net | $95,554 | |
Weighted-Average Amortization Period | 47 years |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Interest Rate Swaps) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of Derivative Instruments Impact on Results of Operations [Abstract] | |||
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income | $1,339 | $1,997 | ($5,305) |
Loss on interest rate swap recognized through earnings | -371 | -342 | -1,225 |
Interest Rate Contract | Accounts Payable | |||
Derivative, Fair Value, Net [Abstract] | |||
Derivative designated as hedging instruments, interest rate contracts | -1,968 | -3,307 | |
Derivatives not designated as hedging instruments, interest rate contracts | ($2,633) | ($7,579) |
Real_Estate_and_Other_Transact2
Real Estate and Other Transactions (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 9 Months Ended | 4 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 04, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jul. 01, 2014 | Aug. 22, 2014 | Oct. 03, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Nov. 05, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 21, 2013 | Mar. 21, 2013 | Apr. 22, 2014 | Sep. 09, 2014 | Dec. 31, 2014 | Jan. 07, 2015 | Jan. 08, 2015 | Jan. 06, 2015 | Jan. 31, 2015 | |
sqft | sqft | Buildings | Properties | sqft | sqft | |||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Square feet of commercial space | 15,700,000 | 15,700,000 | 15,700,000 | 15,700,000 | 15,700,000 | |||||||||||||||||||
Payments to acquire real estate | $335,986,000 | $0 | $188,750,000 | |||||||||||||||||||||
Acquisition fees and expenses | 14,142,000 | 0 | 1,876,000 | |||||||||||||||||||||
Leased office space of owned properties, percent | 93.30% | 93.30% | 93.30% | 93.30% | 93.30% | |||||||||||||||||||
Earnest money deposits | 27,000,000 | 0 | 0 | |||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||
Impairment loss on real estate assets | 10,100,000 | 25,130,000 | 0 | 0 | ||||||||||||||||||||
Gain (loss) on disposition of discontinued operations | -1,627,000 | 11,225,000 | 20,117,000 | |||||||||||||||||||||
160 Park Avenue Building | ||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||
Proceeds from sale of real estate | 10,200,000 | |||||||||||||||||||||||
Impairment loss on real estate assets | 13,600,000 | |||||||||||||||||||||||
200 South Orange Building | ||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||
Proceeds from sale of real estate | 18,800,000 | |||||||||||||||||||||||
Impairment loss on real estate assets | 1,400,000 | |||||||||||||||||||||||
7031 Columbia Gateway Drive | ||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||
Proceeds from sale of real estate | 59,500,000 | |||||||||||||||||||||||
Gain on sale of real estate | 7,700,000 | |||||||||||||||||||||||
Nine Technology Drive Building | ||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||
Proceeds from sale of real estate | 47,000,000 | |||||||||||||||||||||||
Gain on sale of real estate | 11,100,000 | |||||||||||||||||||||||
Lenox Park Buildings | ||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||
Proceeds from sale of real estate | 290,000,000 | |||||||||||||||||||||||
Gain on sale of real estate | 56,500,000 | |||||||||||||||||||||||
Number of property sold | 5 | |||||||||||||||||||||||
221 MAIN STREET | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Revenues recognized since acquisition date | 12,700,000 | |||||||||||||||||||||||
Net loss recognized since acquisition date | 10,900,000 | |||||||||||||||||||||||
Acquisition fees and expenses | 6,100,000 | |||||||||||||||||||||||
Leased office space of owned properties, percent | 82.80% | |||||||||||||||||||||||
Number of tenants | 40 | |||||||||||||||||||||||
650 CALIFORNIA STREET | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Revenues recognized since acquisition date | 8,000,000 | |||||||||||||||||||||||
Net loss recognized since acquisition date | 9,700,000 | |||||||||||||||||||||||
Acquisition fees and expenses | 8,000,000 | |||||||||||||||||||||||
Leased office space of owned properties, percent | 88.10% | |||||||||||||||||||||||
Number of tenants | 18 | |||||||||||||||||||||||
18 Property Sale | ||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||
Proceeds from sale of real estate | 521,500,000 | |||||||||||||||||||||||
Impairment loss on real estate assets | 29,700,000 | 12,900,000 | ||||||||||||||||||||||
Number of property sold | 18 | |||||||||||||||||||||||
Gain (loss) on sale of real estate properties | -400,000 | |||||||||||||||||||||||
Dvintsev Business Center - Tower B | Landlink Ltd | ||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||
Proceeds from sale of real estate | 67,500,000 | |||||||||||||||||||||||
Gain (loss) on sale of real estate properties | 10,000,000 | |||||||||||||||||||||||
Real estate ownership percentage | 100.00% | 100.00% | ||||||||||||||||||||||
Gain (loss) on disposition of discontinued operations | 10,000,000 | |||||||||||||||||||||||
Office Building | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Number of properties | 35 | 35 | 35 | 35 | 35 | |||||||||||||||||||
Office Building | 221 MAIN STREET | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Square feet of commercial space | 388,000 | |||||||||||||||||||||||
Payments to acquire real estate | 228,800,000 | |||||||||||||||||||||||
Liability assumed from business acquisition | 73,000,000 | |||||||||||||||||||||||
Office Building | 650 CALIFORNIA STREET | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Square feet of commercial space | 478,000 | |||||||||||||||||||||||
Payments to acquire real estate | 310,200,000 | |||||||||||||||||||||||
Liability assumed from business acquisition | 130,000,000 | |||||||||||||||||||||||
Office Building | 315 Park Ave S and 1881 Campus Commons Building | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Earnest money deposits | 17,000,000 | |||||||||||||||||||||||
Office Building | 116 Huntington Avenue | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Earnest money deposits | 10,000,000 | |||||||||||||||||||||||
JPMorgan | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Proceeds from borrowings on line of credit | 116,000,000 | 118,000,000 | ||||||||||||||||||||||
DocuSign, Inc | Customer concentration risk | 221 MAIN STREET | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Concentration risk percentage | 16.00% | |||||||||||||||||||||||
Littler Mendelson | Customer concentration risk | 650 CALIFORNIA STREET | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Concentration risk percentage | 24.00% | |||||||||||||||||||||||
Credit Suisse | Customer concentration risk | 650 CALIFORNIA STREET | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Concentration risk percentage | 13.00% | |||||||||||||||||||||||
Goodby Silverstein | Customer concentration risk | 650 CALIFORNIA STREET | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Concentration risk percentage | 11.00% | |||||||||||||||||||||||
Subsequent Event | Office Building | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Square feet of commercial space | 900,000 | |||||||||||||||||||||||
Subsequent Event | Office Building | 315 Park Ave S and 1881 Campus Commons Building | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Payments to acquire real estate | 436,000,000 | |||||||||||||||||||||||
Number of properties | 2 | |||||||||||||||||||||||
Subsequent Event | Office Building | 116 Huntington Avenue | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Square feet of commercial space | 274,000 | |||||||||||||||||||||||
Payments to acquire real estate | 152,000,000 | |||||||||||||||||||||||
Subsequent Event | Office Building | 315 Park Avenue Commons Building | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Square feet of commercial space | 341,000 | |||||||||||||||||||||||
Subsequent Event | Office Building | 1881 Campus Commons Building | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Square feet of commercial space | 245,000 | |||||||||||||||||||||||
JPMorgan Chase Term Loan | Unsecured Debt | Subsequent Event | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Debt face amount | 300,000,000 | |||||||||||||||||||||||
JPMorgan Chase Credit Facility | Credit Facilities | Subsequent Event | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Proceeds from borrowings on line of credit | $140,000,000 |
Real_Estate_and_Other_Transact3
Real Estate and Other Transactions (Interests in Properties Acquired) (Details) (USD $) | Apr. 22, 2014 | Sep. 09, 2014 |
In Thousands, unless otherwise specified | ||
221 MAIN STREET | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||
Land | $60,509 | |
Building and improvements | 161,853 | |
Intangible lease assets | 12,776 | |
Intangible lease origination costs | 3,475 | |
Intangible below market lease liability | -10,323 | |
Total Purchase Price | 228,290 | |
650 CALIFORNIA STREET | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||
Land | 75,384 | |
Building and improvements | 221,135 | |
Intangible lease assets | 19,306 | |
Intangible lease origination costs | 4,290 | |
Intangible below market lease liability | -9,908 | |
Total Purchase Price | $310,207 |
Real_Estate_and_Other_Transact4
Real Estate and Other Transactions (Pro Forma) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
650 California Street Building and 221 Main Street Building | |||
Business Acquisition [Line Items] | |||
Revenues | $555,472 | $550,675 | $517,958 |
Net income (loss) | 90,999 | -17,969 | -665 |
Net income (loss) per share - basic (in dollars per share) | $0.73 | ($0.13) | $0 |
Net income (loss) per share - diluted (in dollars per share) | $0.73 | ($0.13) | $0 |
Columbia Property Trust Advisory Services and Columbia Property Trust Services | |||
Business Acquisition [Line Items] | |||
Revenues | 526,966 | 479,056 | |
Net income (loss) | $47,661 | $47,591 |
Line_of_Credit_Term_Loan_and_N2
Line of Credit, Term Loan, and Notes Payable (Schedule of Long-Term Debt (excluding Bonds Payable)) (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Aug. 21, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Apr. 30, 2014 | ||
Debt Instrument [Line Items] | ||||||
Outstanding Balance | $1,430,884,000 | $1,240,249,000 | ||||
Term Loans | $450 Million Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 3-Feb-16 | |||||
Outstanding Balance | 450,000,000 | 450,000,000 | ||||
Debt face amount | 450,000,000 | |||||
Effective interest rate (percent) | 2.07% | |||||
Mortgage Notes | Market Square Buildings mortgage note | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 5.07% | |||||
Maturity | 1-Jul-23 | |||||
Outstanding Balance | 325,000,000 | 325,000,000 | ||||
Mortgage Notes | 333 Market Street Building mortgage note | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 1-Jul-15 | |||||
Outstanding Balance | 206,810,000 | 207,559,000 | ||||
Effective interest rate (percent) | 4.75% | |||||
Mortgage Notes | 650 California Street Building mortgage note | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 3.60% | |||||
Maturity | 1-Jul-19 | |||||
Outstanding Balance | 130,000,000 | 0 | 130,000,000 | |||
Mortgage Notes | 100 East Pratt Street Building mortgage note | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 5.08% | |||||
Maturity | 11-Jun-17 | |||||
Outstanding Balance | 105,000,000 | 105,000,000 | ||||
Mortgage Notes | 221 Main Building mortgage note | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 3.95% | |||||
Maturity | 10-May-17 | |||||
Outstanding Balance | 73,000,000 | 0 | 73,000,000 | |||
Mortgage Notes | 263 Shuman Boulevard Building mortgage note | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 5.55% | |||||
Maturity | 1-Jul-17 | |||||
Outstanding Balance | 49,000,000 | 49,000,000 | ||||
Mortgage Notes | SanTan Corporate Center mortgage notes | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 5.83% | |||||
Maturity | 11-Oct-16 | |||||
Outstanding Balance | 39,000,000 | 39,000,000 | ||||
Mortgage Notes | One Glenlake Building mortgage note | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 5.80% | |||||
Maturity | 10-Dec-18 | |||||
Outstanding Balance | 32,074,000 | 34,713,000 | ||||
Mortgage Notes | 215 Diehl Road Building mortgage note | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 5.55% | |||||
Maturity | 1-Jul-17 | |||||
Outstanding Balance | 21,000,000 | 21,000,000 | ||||
Mortgage Notes | 544 Lakeview Building mortgage note | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 5.54% | |||||
Maturity | 1-Dec-14 | |||||
Outstanding Balance | 0 | 8,977,000 | ||||
Credit Facilities | JPMorgan Chase Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 21-Aug-17 | |||||
Outstanding Balance | $0 | $0 | ||||
London Interbank Offered Rate (LIBOR) | Term Loans | $450 Million Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 1.30% | [1] | ||||
Variable rate basis | LIBOR | [1] | ||||
London Interbank Offered Rate (LIBOR) | Mortgage Notes | 333 Market Street Building mortgage note | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 2.02% | [2] | ||||
Variable rate basis | LIBOR | [2] | ||||
London Interbank Offered Rate (LIBOR) | Credit Facilities | JPMorgan Chase Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 1.10% | [3] | ||||
Variable rate basis | LIBOR | [3] | ||||
Seven-Day LIBOR | JPMorgan Chase Credit Facility Amended | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate basis | Seven-Day LIBOR | |||||
Seven-Day LIBOR | Minimum | JPMorgan Chase Credit Facility Amended | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 1.00% | |||||
Seven-Day LIBOR | Maximum | JPMorgan Chase Credit Facility Amended | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 1.70% | |||||
Prime Rate | Credit Facilities | JPMorgan Chase Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate basis | prime rate | |||||
Alternative Base Rate | Minimum | JPMorgan Chase Credit Facility Amended | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 0.00% | |||||
Alternative Base Rate | Maximum | JPMorgan Chase Credit Facility Amended | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 0.70% | |||||
One-Month LIBOR | JPMorgan Chase Credit Facility Amended | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate basis | One-Month LIBOR | |||||
One-Month LIBOR | Minimum | JPMorgan Chase Credit Facility Amended | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 1.00% | |||||
One-Month LIBOR | Maximum | JPMorgan Chase Credit Facility Amended | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 1.70% | |||||
Two-Month LIBOR | JPMorgan Chase Credit Facility Amended | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate basis | Two-Month LIBOR | |||||
Two-Month LIBOR | Minimum | JPMorgan Chase Credit Facility Amended | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 1.00% | |||||
Two-Month LIBOR | Maximum | JPMorgan Chase Credit Facility Amended | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 1.70% | |||||
Three-Month LIBOR | JPMorgan Chase Credit Facility Amended | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate basis | Three-Month LIBOR | |||||
Three-Month LIBOR | Minimum | JPMorgan Chase Credit Facility Amended | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 1.00% | |||||
Three-Month LIBOR | Maximum | JPMorgan Chase Credit Facility Amended | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 1.70% | |||||
Six-Month LIBOR | JPMorgan Chase Credit Facility Amended | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate basis | Six-Month LIBOR | |||||
Six-Month LIBOR | Minimum | JPMorgan Chase Credit Facility Amended | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 1.00% | |||||
Six-Month LIBOR | Maximum | JPMorgan Chase Credit Facility Amended | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 1.70% | |||||
[1] | Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $450 Million Term Loan (the "450 Million Term Loan") at 2.07% per annum and terminates on February 3, 2016. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statements of other comprehensive income. | |||||
[2] | Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the 333 Market Street Building mortgage note at 4.75% per annum and terminates on July 1, 2015. This interest rate swap agreement does not qualify for hedge accounting treatment; therefore, changes in fair value are recorded as loss on interest rate swaps in the accompanying consolidated statements of operations. | |||||
[3] | JPMorgan Chase Credit Facility debt bears interest at a rate based on, at the option of Columbia Property Trust, LIBOR for seven-day or one-, two-, three-, or six-month periods, plus an applicable margin ranging from 1.00% to 1.70%, or the alternate base rate for any day is the greatest of the rate of interest publicly announced by JPMorgan Chase Bank ("JPMorgan Chase Bank") as its prime rate in effect in its principal office in New York City for such day plus an applicable margin ranging from 0.00% to 0.70%. |
Line_of_Credit_Term_Loan_and_N3
Line of Credit, Term Loan, and Notes Payable (Narratives) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 08, 2014 | Jan. 06, 2015 | Jun. 30, 2015 | Apr. 30, 2014 | Sep. 30, 2014 | |
Debt Instrument [Line Items] | ||||||||
Line of credit, term loan, and notes payable | $1,430,884,000 | $1,240,249,000 | ||||||
Line of credit maximum borrowing capacity | 25,000,000 | |||||||
Weighted-average interest rate | 3.95% | 4.08% | ||||||
Interest payments | 56,100,000 | 59,600,000 | 50,100,000 | |||||
Prepayment of mortgage note | 294,739,000 | 461,940,000 | 627,191,000 | |||||
Loss on early extinguishment of debt | 0 | 4,709,000 | 0 | |||||
Mortgage Notes | 221 Main Building mortgage note | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit, term loan, and notes payable | 73,000,000 | 0 | 73,000,000 | |||||
Interest rate for debt instrument (percent) | 3.95% | |||||||
Mortgage Notes | 650 California Street Building mortgage note | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit, term loan, and notes payable | 130,000,000 | 0 | 130,000,000 | |||||
Interest rate for debt instrument (percent) | 3.60% | |||||||
544 Lakeview Building | ||||||||
Debt Instrument [Line Items] | ||||||||
Prepayment of mortgage note | 9,100,000 | |||||||
Loss on early extinguishment of debt | 23,000 | |||||||
Fair Value, Inputs, Level 2 | ||||||||
Debt Instrument [Line Items] | ||||||||
Estimated fair value of line of credit and notes payable | 1,465,200,000 | 1,245,300,000 | ||||||
Minimum | Letter of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Ratio of unencumbered asset value to total unsecured debt | 200.00% | |||||||
Maximum | Letter of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Restrictive covenant ratio of debt to total asset | 50.00% | |||||||
Restrictive covenant ratio of secured debt to total asset | 40.00% | |||||||
Restrictive covenant ratio of secured recourse debt to total asset | 10.00% | |||||||
Subsequent Event | Unsecured Debt | JPMorgan Chase Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | 300,000,000 | |||||||
Terms of debt | 6 months | |||||||
Number of borrowing increase options | 2 | |||||||
Aggregate borrowing increases capacity | 150,000,000 | |||||||
Maximum borrowing increase per option | 25,000,000 | |||||||
Extension period option | 6 months | |||||||
Base Rate | Subsequent Event | Unsecured Debt | JPMorgan Chase Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable rate basis | alternate base rate | |||||||
Base Rate | Subsequent Event | Minimum | Unsecured Debt | JPMorgan Chase Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable rate margin | 0.00% | |||||||
Base Rate | Subsequent Event | Maximum | Unsecured Debt | JPMorgan Chase Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable rate margin | 0.80% | |||||||
London Interbank Offered Rate (LIBOR) | Subsequent Event | Unsecured Debt | JPMorgan Chase Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable rate basis | LIBOR | |||||||
London Interbank Offered Rate (LIBOR) | Subsequent Event | Minimum | Unsecured Debt | JPMorgan Chase Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable rate margin | 1.00% | |||||||
London Interbank Offered Rate (LIBOR) | Subsequent Event | Maximum | Unsecured Debt | JPMorgan Chase Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable rate margin | 1.80% | |||||||
Scenario, Forecast | Mortgage Notes | 650 California Street Building mortgage note | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate for debt instrument (percent) | 3.60% | |||||||
Monthly payments amount | 591,000 | |||||||
Frequency of periodic payment | monthly | |||||||
Annual principal and interest payment | $7,100,000 |
Line_of_Credit_Term_Loan_and_N4
Line of Credit, Term Loan, and Notes Payable (Maturities) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2015 | $210,821 |
2016 | 494,460 |
2017 | 253,728 |
2018 | 25,860 |
2019 | 121,015 |
Thereafter | 325,000 |
Total | $1,430,884 |
Bonds_Payable_Details
Bonds Payable (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | |
Debt Instrument [Line Items] | |||
Initial issuance discount of bonds payable | $818,000 | $1,070,000 | |
Bonds Payable | |||
Debt Instrument [Line Items] | |||
Maturity period of debt instrument | 7 years | ||
Bonds Payable | 2018 Bonds Payable | |||
Debt Instrument [Line Items] | |||
Debt face amount | 250,000,000 | ||
Interest rate for debt instrument (percent) | 5.88% | ||
Discount rate of face value of issued debt instrument (percent) | 99.30% | ||
Net proceeds received from issuance of bonds payable | 246,700,000 | ||
Initial issuance discount of bonds payable | 1,800,000 | ||
Interest payments | 14,700,000 | 14,700,000 | |
Restrictive covenant ratio of debt to total asset | 60.00% | ||
Fair Value, Inputs, Level 2 | Bonds Payable | 2018 Bonds Payable | |||
Debt Instrument [Line Items] | |||
Estimated fair value of debt instrument | $250,600,000 | $250,800,000 | |
Maximum | Bonds Payable | 2018 Bonds Payable | |||
Debt Instrument [Line Items] | |||
Restrictive covenant ratio of secured debt to total asset | 40.00% | ||
Minimum | Bonds Payable | 2018 Bonds Payable | |||
Debt Instrument [Line Items] | |||
Restrictive covenant of consolidated income to annual debt service charges | 150.00% | ||
Ratio of unencumbered asset value to total unsecured debt | 150.00% |
Commitments_and_Contingencies_1
Commitments and Contingencies (Lease Obligations) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Properties | |||
Commitments and Contingencies Disclosure [Abstract] | |||
Number of properties subject to ground leases | 3 | ||
Rent expenses incurred | $2,100,000 | $2,100,000 | $2,100,000 |
Obligations Under Operating Leases | |||
2015 | 2,557,000 | ||
2016 | 2,557,000 | ||
2017 | 2,702,000 | ||
2018 | 2,731,000 | ||
2019 | 2,731,000 | ||
Thereafter | 202,798,000 | ||
Total | 216,076,000 | ||
Obligations Under Capital Leases | |||
2015 | 7,200,000 | ||
2016 | 7,200,000 | ||
2017 | 7,200,000 | ||
2018 | 7,200,000 | ||
2019 | 7,200,000 | ||
Thereafter | 134,400,000 | ||
Total payments with interest | 170,400,000 | ||
Amounts representing interest | -50,400,000 | ||
Total | $120,000,000 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||
Aug. 14, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 21, 2014 | Nov. 18, 2013 | Jan. 21, 2015 | Jul. 01, 2014 | Jun. 30, 2014 | Jul. 31, 2013 | Oct. 10, 2013 | |
Class of Stock [Line Items] | |||||||||||
Stock-based compensation expense | $0 | $1,055,000 | $0 | ||||||||
Four for one reverse stock split (in percent) | 0.25 | ||||||||||
Common stock, shares authorized | 225,000,000 | 900,000,000 | 225,000,000 | 900,000,000 | |||||||
Listing costs | 0 | 4,060,000 | 0 | ||||||||
Redemption of common stock | 0 | 115,781,000 | 99,381,000 | ||||||||
2014 LTIP Employee Grant | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock-based compensation expense related to future employee awards | 900,000 | ||||||||||
2013 LTIP Employee Grant | |||||||||||
Class of Stock [Line Items] | |||||||||||
Shares authorized and reserved under the Director Plan | 2,000,000 | ||||||||||
Shares granted | 144,000 | 143,740 | |||||||||
Shares withheld to settle tax liability | 12,752 | ||||||||||
Stock-based compensation expense | 2,000,000 | 1,100,000 | |||||||||
Unrecognized compensation costs related to unvested awards | 1,700,000 | 900,000 | |||||||||
Stock Options | Director Stock Option Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Shares authorized and reserved under the Director Plan | 25,000 | ||||||||||
Award vesting rights (in percent) | 20.00% | ||||||||||
Shares available for options upon granted initially | 625 | ||||||||||
Options to purchase common stock price per share upon granted initially | $48 | ||||||||||
Exercisable percentage of stock options on each anniversary (percent) | 20.00% | ||||||||||
Additional options to purchase share on each annual stockholder meeting | 250 | ||||||||||
Additional options to purchase share on each annual stockholder meeting, per share | $48 | ||||||||||
Percentage of additional shares purchased on date of each annual stockholder meeting exercisable after two years (percent) | 100.00% | ||||||||||
Stock option exercisable period after the date of grant | 2 years | ||||||||||
Options granted expiration period | 10 years | ||||||||||
Percentage of outstanding shares ( in percent) | 10.00% | ||||||||||
Weighted-average contractual remaining life for options | 1 year 9 months | ||||||||||
Minimum | |||||||||||
Class of Stock [Line Items] | |||||||||||
Unrecognized compensation costs recognition period (years) | 1 year | ||||||||||
Maximum | |||||||||||
Class of Stock [Line Items] | |||||||||||
Unrecognized compensation costs recognition period (years) | 3 years | ||||||||||
Dutch-Auction Tender Offer | |||||||||||
Class of Stock [Line Items] | |||||||||||
Dutch-auction tender offer maximum amount | 300,000,000 | ||||||||||
Tender offer redemptions of common stock accepted (in shares) | 9,400,000 | ||||||||||
Redemption of common stock | 234,100,000 | ||||||||||
Dutch-Auction Tender Offer | Maximum | |||||||||||
Class of Stock [Line Items] | |||||||||||
Tender offer price per share | $25 | ||||||||||
Grant date | 2013 LTIP Employee Grant | |||||||||||
Class of Stock [Line Items] | |||||||||||
Award vesting rights (in percent) | 25.00% | ||||||||||
12 months after grant date | 2013 LTIP Employee Grant | |||||||||||
Class of Stock [Line Items] | |||||||||||
Award vesting rights (in percent) | 25.00% | ||||||||||
24 months after grant date | 2013 LTIP Employee Grant | |||||||||||
Class of Stock [Line Items] | |||||||||||
Award vesting rights (in percent) | 25.00% | ||||||||||
36 months after grant date | 2013 LTIP Employee Grant | |||||||||||
Class of Stock [Line Items] | |||||||||||
Award vesting rights (in percent) | 25.00% | ||||||||||
Employees | 2013 LTIP Employee Grant | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock-based compensation expense | 700,000 | 900,000 | |||||||||
Director | 2013 LTIP Employee Grant | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock-based compensation expense | $400,000 | $200,000 | |||||||||
Subsequent Event | 2014 LTIP Employee Grant | |||||||||||
Class of Stock [Line Items] | |||||||||||
Shares granted | 123,187 | ||||||||||
Shares withheld to settle tax liability | 11,368 | ||||||||||
Subsequent Event | Grant date | 2014 LTIP Employee Grant | |||||||||||
Class of Stock [Line Items] | |||||||||||
Award vesting rights (in percent) | 25.00% | ||||||||||
Subsequent Event | 12 months after grant date | 2014 LTIP Employee Grant | |||||||||||
Class of Stock [Line Items] | |||||||||||
Award vesting rights (in percent) | 25.00% | ||||||||||
Subsequent Event | 24 months after grant date | 2014 LTIP Employee Grant | |||||||||||
Class of Stock [Line Items] | |||||||||||
Award vesting rights (in percent) | 25.00% | ||||||||||
Subsequent Event | 36 months after grant date | 2014 LTIP Employee Grant | |||||||||||
Class of Stock [Line Items] | |||||||||||
Award vesting rights (in percent) | 25.00% |
Stockholders_Equity_Unvested_A
Stockholders' Equity (Unvested Activity Rollforward) (Details) (2013 LTIP Employee Grant, USD $) | 0 Months Ended | 12 Months Ended | |
Jan. 21, 2014 | Dec. 31, 2014 | ||
2013 LTIP Employee Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested shares as of January 1, 2014 | 0 | ||
Granted | 143,740 | 144,000 | |
Vested | -39,000 | ||
Forfeited | -1,000 | ||
Unvested shares as of December 31, 2014 | 104,000 | [1] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Unvested shares as of January 1, 2014 | $0 | [2] | |
Granted | $24.82 | [2] | |
Vested | $24.82 | [2] | |
Forfeited | $24.82 | [2] | |
Unvested shares as of December 31, 2014 | $24.82 | [2] | |
Shares expected to ultimately vest | 98,800 | ||
Expected forfeiture rate | 5.00% | ||
[1] | As of DecemberB 31, 2014, we expect approximately 98,800 of the 104,000 unvested shares to ultimately vest, assuming a forfeiture rate of 5%, which was determined based on peer company data, adjusted for the specifics of the 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
Stockholders' Equity (Summary of Shares Granted to Independent Director) (Details) (2013 LTIP Employee Grant, USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Jan. 21, 2014 | Dec. 31, 2014 | Apr. 02, 2014 | Jul. 01, 2014 | Oct. 01, 2014 | Sep. 13, 2013 | Jan. 02, 2015 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted | 143,740 | 144,000 | ||||||
Weighted-Average Grant-Date Fair Value | $24.82 | [1] | ||||||
January 21, 2014 | Director | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted | 3,344 | |||||||
Weighted-Average Grant-Date Fair Value | 24.82 | |||||||
April 1, 2014 | Director | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted | 2,968 | |||||||
Weighted-Average Grant-Date Fair Value | $27.22 | |||||||
July 1, 2014 | Director | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted | 3,016 | |||||||
Weighted-Average Grant-Date Fair Value | $25.78 | |||||||
October 1, 2014 | Director | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted | 4,960 | |||||||
Weighted-Average Grant-Date Fair Value | $23.89 | |||||||
September 13, 2013 | Director | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted | 6,820 | |||||||
Weighted-Average Grant-Date Fair Value | $29.32 | |||||||
Subsequent Event | January 02, 2015 | Director | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted | 5,850 | |||||||
Weighted-Average Grant-Date Fair Value | $25.75 | |||||||
[1] | 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_of1
Stockholders' Equity (Summary of Stock Option Under the Director Plan) (Details) (Director Stock Option Plan, Stock Options, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Director Stock Option Plan | Stock Options | |||
Number of Shares | |||
Outstanding, beginning period | 7,375 | 7,375 | 7,375 |
Granted | 0 | 0 | 0 |
Expired | -3,500 | 0 | 0 |
Outstanding, period end | 3,875 | 7,375 | 7,375 |
Exercise Price per Share | |||
Outstanding exercise price, beginning period | $48 | $48 | $48 |
Outstanding exercise price, period end | $48 | $48 | $48 |
Outstanding shares exercisable, beginning period | 7,375 | 7,375 | 7,250 |
Outstanding shares exercisable, period end | 3,875 | 7,375 | 7,375 |
Operating_Leases_Details
Operating Leases (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Operating Leased Assets [Line Items] | |
Number of states in which entity operates | 12 |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2015 | 376,623 |
2016 | 361,085 |
2017 | 306,788 |
2018 | 269,712 |
2019 | 248,991 |
Thereafter | 1,070,022 |
Total | 2,633,221 |
Lease revenue | Customer concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 6.00% |
Number of properties | San Francisco | Geographic concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 19.00% |
Number of properties | District Of Columbia | Geographic concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 12.00% |
Number of properties | Northern New Jersey | Geographic concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 10.00% |
Legal industry | Lease revenue | Customer concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 18.00% |
Banking industry | Lease revenue | Customer concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 14.00% |
Business Services Industry | Lease revenue | Customer concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 8.00% |
Supplemental_Disclosures_of_No2
Supplemental Disclosures of Noncash Investing and Financing Activities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Cash Flow Information [Abstract] | |||
Investment in real estate funded with other assets | $3,807 | $0 | $0 |
Other assets assumed upon acquisition | 2,493 | 741 | 130 |
Other liabilities assumed upon acquisition | 2,004 | 741 | 0 |
Other liabilities settled at disposition | 0 | 872 | 0 |
Interest rate swap assumed upon acquisition of property | 0 | 0 | 11,560 |
Notes payable assumed at acquisition | 203,000 | 0 | 208,330 |
Interest accruing into notes payable | 0 | 186 | 306 |
Amortization of discounts (premiums) on debt | 396 | -363 | 364 |
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment | 1,339 | 1,997 | -5,305 |
Accrued capital expenditures and deferred lease costs | 17,283 | 15,997 | 16,325 |
Accrued deferred financing costs | 0 | 0 | 35 |
Common stock issued to employees and directors, and amortized (net of amounts withheld for taxes) | 1,642 | 0 | 0 |
Accrued redemptions of common stock | 0 | 0 | 3,655 |
Transfer of development authority bonds | 0 | 466,000 | 60,000 |
Stock-based compensation expense | 0 | 1,055 | 0 |
Increase (decrease) in redeemable common stock | $0 | ($99,526) | $13,621 |
RelatedParty_Transactions_and_2
Related-Party Transactions and Agreements (Narratives) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Due to affiliates | $0 | $0 |
Transitional Services Agreement | WREF | ||
Related Party Transaction [Line Items] | ||
Total amount payable to related party under agreement | $8,800,000 |
RelatedParty_Transactions_and_3
Related-Party Transactions and Agreements (Schedule of Related-Party Costs) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Related Party Transaction [Line Items] | ||||||
Total related-party costs | $0 | $39,749,000 | $53,726,000 | |||
Tenant reimbursements | 700,000 | 4,400,000 | ||||
Consulting Fees | ||||||
Related Party Transaction [Line Items] | ||||||
Total related-party costs | 0 | 25,417,000 | 0 | |||
Transition services | ||||||
Related Party Transaction [Line Items] | ||||||
Total related-party costs | 0 | 5,750,000 | 3,008,000 | |||
Asset management fees | ||||||
Related Party Transaction [Line Items] | ||||||
Total related-party costs | 0 | 5,083,000 | 32,000,000 | |||
Administrative reimbursements, net | ||||||
Related Party Transaction [Line Items] | ||||||
Total related-party costs | 0 | [1] | 1,939,000 | [1] | 11,099,000 | [1] |
Investor Services | ||||||
Related Party Transaction [Line Items] | ||||||
Total related-party costs | 0 | 829,000 | 0 | |||
Property management fees | ||||||
Related Party Transaction [Line Items] | ||||||
Total related-party costs | 0 | 523,000 | 4,462,000 | |||
Construction fees | ||||||
Related Party Transaction [Line Items] | ||||||
Total related-party costs | 0 | [2] | 139,000 | [2] | 220,000 | [2] |
Other offering costs | ||||||
Related Party Transaction [Line Items] | ||||||
Total related-party costs | 0 | 69,000 | 126,000 | |||
Acquisition Fees | ||||||
Related Party Transaction [Line Items] | ||||||
Total related-party costs | 0 | 0 | 1,500,000 | |||
Disposition Fee | ||||||
Related Party Transaction [Line Items] | ||||||
Total related-party costs | $0 | $0 | $1,311,000 | |||
[1] | Administrative reimbursements are presented net of reimbursements from tenants of approximately $0.7 million and $4.4 million for the years ended DecemberB 31, 2013 and 2012, respectively. | |||||
[2] | Construction fees are capitalized to real estate assets as incurred |
Income_Taxes_Schedule_of_Incom
Income Taxes (Schedule of Income Tax Basis Net Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Income Tax Disclosure [Abstract] | |||||||||||||
GAAP basis financial statement net income attributable to the common stockholders of Columbia Property Trust, Inc. | $56,226 | [1] | $24,988 | $8,021 | $3,400 | $12,927 | $4,800 | $20,601 | ($22,608) | [2] | $92,635 | $15,720 | $48,039 |
Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes | 69,832 | 72,554 | 81,681 | ||||||||||
Rental income accrued for financial reporting purposes in excess of amounts for income tax purposes | -8,437 | -26,565 | -24,798 | ||||||||||
Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes | -9,394 | -8,186 | -3,423 | ||||||||||
Gain on interest rate swaps that do not qualify for hedge accounting treatment for financial reporting purposes in excess of amounts for income tax purposes | -4,945 | -5,530 | -173 | ||||||||||
Bad debt expense for financial reporting purposes less than amounts for income tax purposes | -1 | -65 | -5,034 | ||||||||||
Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes | -47,159 | -78,559 | -61,198 | ||||||||||
Other expenses for financial reporting purposes in excess of amounts for income tax purposes | 31,991 | 9,710 | 7,349 | ||||||||||
Income tax basis net income (loss), prior to dividends-paid deduction | $124,522 | ($20,921) | $42,443 | ||||||||||
[1] | Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million. | ||||||||||||
[2] | Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements). |
Income_Taxes_Distributions_Det
Income Taxes (Distributions) (Details) (USD $) | 12 Months Ended | ||
In Billions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Tax basis carrying value of total assets | $5.20 | ||
Ordinary income | 83.10% | 0.00% | 16.00% |
Capital gains | 0.00% | 0.00% | 0.00% |
Return of capital | 16.90% | 100.00% | 84.00% |
Total | 100.00% | 100.00% | 100.00% |
Income_Taxes_Effective_Tax_Rat
Income Taxes (Effective Tax Rate Reconciliation) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Effective Tax Reconciliation [Line Items] | |||
Total income tax | $662,000 | $500,000 | $572,000 |
Deferred tax liabilities | 0 | 0 | |
Deferred tax asset | 300,000 | 600,000 | |
Columbia TRS | |||
Effective Tax Reconciliation [Line Items] | |||
Federal income tax | 318,000 | 307,000 | 265,000 |
State income tax | 35,000 | 2,000 | 14,000 |
Total income tax | $353,000 | $309,000 | $279,000 |
Discontinued_Operations_Narrat
Discontinued Operations (Narratives) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 05, 2013 | Mar. 21, 2013 | Mar. 21, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | |
Properties | Asset | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Net proceeds from the sale of real estate | $418,207,000 | $565,945,000 | $304,264,000 | |||||
18 Property Sale | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of property sold | 18 | |||||||
Proceeds from sale of real estate | 521,500,000 | |||||||
Gain (loss) on sale of real estate properties | -400,000 | |||||||
Dvintsev Business Center - Tower B | Landlink Ltd | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from sale of real estate | 67,500,000 | |||||||
Gain (loss) on sale of real estate properties | 10,000,000 | |||||||
Real estate ownership percentage | 100.00% | 100.00% | ||||||
Nine-Property Sale | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of property sold | 9 | |||||||
Gain (loss) on sale of real estate properties | 3,200,000 | |||||||
Net proceeds from the sale of real estate | 260,500,000 | |||||||
Opus Parkway and Emerald Point | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain (loss) on sale of real estate properties | 16,900,000 | |||||||
Net proceeds from the sale of real estate | $60,100,000 |
Discontinued_Operations_Schedu
Discontinued Operations (Schedule of Revenue and Expenses from Discontinued Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Rental income | $4 | $48,550 | $91,132 |
Tenant reimbursements | 115 | 11,205 | 18,059 |
Other property income | 0 | 291 | 5,471 |
Revenues | 119 | 60,046 | 114,662 |
Expenses: | |||
Property operating costs | -250 | 21,232 | 36,996 |
Asset and property management fees | 7 | 1,501 | 7,974 |
Depreciation | 0 | 11,730 | 21,609 |
Amortization | 0 | 7,590 | 15,776 |
Impairment loss on real estate assets | 0 | 29,737 | 18,467 |
General and administrative | 755 | 1,360 | 748 |
Total expenses | 512 | 73,150 | 101,570 |
Operating income (loss) | -393 | -13,104 | 13,092 |
Other income (expense): | |||
Interest expense | 3 | -3,804 | -6,610 |
Interest and other income | 0 | 293 | 16 |
Loss on early extinguishment of debt | 0 | -4,709 | 0 |
Income (loss) from discontinued operations before income tax expense | -390 | -21,324 | 6,498 |
Income tax expense | 0 | -1 | -14 |
Income (loss) from discontinued operations | -390 | -21,325 | 6,484 |
Gain (loss) on disposition of discontinued operations | -1,627 | 11,225 | 20,117 |
Income from discontinued operations | ($2,017) | ($10,100) | $26,601 |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of Basic and Diluted EPS Computation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $56,226 | [1] | $24,988 | $8,021 | $3,400 | $12,927 | $4,800 | $20,601 | ($22,608) | [2] | $92,635 | $15,720 | $48,039 |
Distributions paid on unvested shares | -128 | ||||||||||||
Net income used to calculate basic and diluted earnings per share | $92,507 | $15,720 | $48,039 | ||||||||||
Weighted-average common shares b basic | 124,860 | 134,085 | 136,672 | ||||||||||
Weighted-average common shares b diluted | 124,918 | 134,085 | 136,672 | ||||||||||
2013 LTIP Employee Grant | |||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||
Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases: | 29 | 0 | 0 | ||||||||||
2014 LTIP Employee Grant | |||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||
Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases: | 29 | 0 | 0 | ||||||||||
[1] | Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million. | ||||||||||||
[2] | Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements). |
Quarterly_Results_unaudited_De
Quarterly Results (unaudited) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 14, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Revenues | $137,891 | $136,981 | $136,757 | $129,168 | $133,387 | [1] | $132,502 | [1] | $131,897 | [1] | $128,792 | [1] | $540,797 | $526,578 | $494,271 | ||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | 56,226 | [2] | 24,988 | 8,021 | 3,400 | 12,927 | 4,800 | 20,601 | -22,608 | [3] | 92,635 | 15,720 | 48,039 | ||||
Basic net income attributable to common stockholders of Columbia Property Trust, Inc. per share (in dollars per share) | $0.45 | $0.20 | $0.06 | $0.03 | $0.10 | [4] | $0.04 | [4] | $0.15 | [4] | ($0.17) | [4] | $0.74 | $0.12 | $0.35 | ||
Diluted net income attributable to common stockholders of Columbia Property Trust, Inc. per share (in dollars per share) | $0.45 | $0.20 | $0.06 | $0.03 | $0.10 | [4] | $0.04 | [4] | $0.15 | [4] | ($0.17) | [4] | $0.74 | $0.12 | $0.35 | ||
Distributions declared per share (in dollars per share) | $0.30 | $0.30 | $0.30 | $0.30 | $0.30 | [4] | $0.38 | [4] | $0.38 | [4] | $0.38 | [4] | |||||
Gains on sale of real estate assets | 56,600 | 75,275 | 0 | 0 | |||||||||||||
Four for one reverse stock split (in percent) | 0.25 | ||||||||||||||||
Impairment loss on real estate assets | $10,100 | $25,130 | $0 | $0 | |||||||||||||
[1] | Prior-period amounts adjusted to conform with current-period presentation, including classifying revenues generated by properties sold as discontinued operations for all periods presented (see Note 12, Discontinued Operations). | ||||||||||||||||
[2] | Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million. | ||||||||||||||||
[3] | Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements). | ||||||||||||||||
[4] | All computations using share amounts have been retroactively adjusted to reflect the August 14, 2013, four-for-one reverse stock split (See Note 7, Stockholders' Equity). |
Financial_Information_for_Pare2
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Narratives) (Details) (USD $) | Dec. 31, 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 $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets: | ||||
Land | $785,101 | $706,938 | ||
Buildings and improvements, net | 3,026,431 | 2,976,287 | ||
Intangible lease assets, net | 247,068 | 281,220 | ||
Construction in progress | 17,962 | 7,949 | ||
Total real estate assets | 4,076,562 | 3,972,394 | ||
Cash and cash equivalents | 149,790 | 99,855 | 53,657 | 39,468 |
Investment in subsidiaries | 0 | 0 | ||
Tenant receivables, net of allowance | 6,945 | 7,414 | ||
Straight-line rent receivable | 116,489 | 113,592 | ||
Prepaid expenses and other assets | 52,143 | 32,423 | ||
Deferred financing costs, net | 8,426 | 10,388 | ||
Intangible lease origination costs, net | 105,528 | 148,889 | ||
Deferred lease costs, net | 102,995 | 87,527 | ||
Investment in development authority bonds | 120,000 | 120,000 | ||
Total assets | 4,738,878 | 4,592,482 | ||
Liabilities: | ||||
Line of credit, term loan, and notes payable | 1,430,884 | 1,240,249 | ||
Bonds payable, net | 249,182 | 248,930 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 106,276 | 99,678 | ||
Due to affiliates | 0 | 0 | ||
Deferred income | 24,753 | 21,938 | ||
Intangible lease liabilities, net | 74,305 | 73,864 | ||
Obligations under capital leases | 120,000 | 120,000 | ||
Total liabilities | 2,005,400 | 1,804,659 | ||
Equity: | ||||
Total equity | 2,733,478 | 2,787,823 | 3,163,980 | 3,346,972 |
Total liabilities and equity | 4,738,878 | 4,592,482 | ||
Columbia Property Trust (Parent) | ||||
Assets: | ||||
Land | 0 | 0 | ||
Buildings and improvements, net | 0 | 0 | ||
Intangible lease assets, net | 0 | 0 | ||
Construction in progress | 0 | 0 | ||
Total real estate assets | 0 | 0 | ||
Cash and cash equivalents | 119,488 | 53,322 | 20,914 | 11,291 |
Investment in subsidiaries | 2,409,941 | 2,557,347 | ||
Tenant receivables, net of allowance | 0 | 0 | ||
Straight-line rent receivable | 0 | 0 | ||
Prepaid expenses and other assets | 204,079 | 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 assets | 2,733,508 | 2,787,854 | ||
Liabilities: | ||||
Line of credit, term loan, and notes payable | 0 | 0 | ||
Bonds payable, net | 0 | 0 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 30 | 31 | ||
Due to affiliates | 0 | 0 | ||
Deferred income | 0 | 0 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Obligations under capital leases | 0 | 0 | ||
Total liabilities | 30 | 31 | ||
Equity: | ||||
Total equity | 2,733,478 | 2,787,823 | ||
Total liabilities and equity | 2,733,508 | 2,787,854 | ||
Columbia Property Trust OP (the Issuer) | ||||
Assets: | ||||
Land | 6,241 | 6,241 | ||
Buildings and improvements, net | 29,899 | 24,185 | ||
Intangible lease assets, net | 0 | 0 | ||
Construction in progress | 433 | 28 | ||
Total real estate assets | 36,573 | 30,454 | ||
Cash and cash equivalents | 10,504 | 20,708 | 4,822 | 10,597 |
Investment in subsidiaries | 2,120,018 | 2,286,982 | ||
Tenant receivables, net of allowance | 246 | 0 | ||
Straight-line rent receivable | 781 | 22 | ||
Prepaid expenses and other assets | 148,226 | 150,806 | ||
Deferred financing costs, net | 6,020 | 8,762 | ||
Intangible lease origination costs, net | 0 | 0 | ||
Deferred lease costs, net | 1,658 | 1,495 | ||
Investment in development authority bonds | 0 | 0 | ||
Total assets | 2,324,026 | 2,499,229 | ||
Liabilities: | ||||
Line of credit, term loan, and notes payable | 450,000 | 450,000 | ||
Bonds payable, net | 249,182 | 248,930 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 9,749 | 11,816 | ||
Due to affiliates | 24 | -925 | ||
Deferred income | 171 | 146 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Obligations under capital leases | 0 | 0 | ||
Total liabilities | 709,126 | 709,967 | ||
Equity: | ||||
Total equity | 1,614,900 | 1,789,262 | ||
Total liabilities and equity | 2,324,026 | 2,499,229 | ||
Non-Guarantors | ||||
Assets: | ||||
Land | 778,860 | 700,697 | ||
Buildings and improvements, net | 2,996,532 | 2,952,102 | ||
Intangible lease assets, net | 247,068 | 281,220 | ||
Construction in progress | 17,529 | 7,921 | ||
Total real estate assets | 4,039,989 | 3,941,940 | ||
Cash and cash equivalents | 19,798 | 25,825 | 27,921 | 17,580 |
Investment in subsidiaries | 0 | 0 | ||
Tenant receivables, net of allowance | 6,699 | 7,414 | ||
Straight-line rent receivable | 115,708 | 113,570 | ||
Prepaid expenses and other assets | 19,734 | 26,602 | ||
Deferred financing costs, net | 2,406 | 1,626 | ||
Intangible lease origination costs, net | 105,528 | 148,889 | ||
Deferred lease costs, net | 101,337 | 86,032 | ||
Investment in development authority bonds | 120,000 | 120,000 | ||
Total assets | 4,531,199 | 4,471,898 | ||
Liabilities: | ||||
Line of credit, term loan, and notes payable | 1,299,232 | 1,110,838 | ||
Bonds payable, net | 0 | 0 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 96,497 | 87,831 | ||
Due to affiliates | 1,524 | 2,506 | ||
Deferred income | 24,582 | 21,792 | ||
Intangible lease liabilities, net | 74,305 | 73,864 | ||
Obligations under capital leases | 120,000 | 120,000 | ||
Total liabilities | 1,616,140 | 1,416,831 | ||
Equity: | ||||
Total equity | 2,915,059 | 3,055,067 | ||
Total liabilities and equity | 4,531,199 | 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 | ||
Total real estate assets | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | ||
Investment in subsidiaries | -4,529,959 | -4,844,329 | ||
Tenant receivables, net of allowance | 0 | 0 | ||
Straight-line rent receivable | 0 | 0 | ||
Prepaid expenses and other assets | -319,896 | -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 assets | -4,849,855 | -5,166,499 | ||
Liabilities: | ||||
Line of credit, term loan, and notes payable | -318,348 | -320,589 | ||
Bonds payable, net | 0 | 0 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 0 | 0 | ||
Due to affiliates | -1,548 | -1,581 | ||
Deferred income | 0 | 0 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Obligations under capital leases | 0 | 0 | ||
Total liabilities | -319,896 | -322,170 | ||
Equity: | ||||
Total equity | -4,529,959 | -4,844,329 | ||
Total liabilities and equity | ($4,849,855) | ($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 | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||
Revenues: | ||||||||||||||||
Rental income | $414,541 | $406,907 | $381,796 | |||||||||||||
Tenant reimbursements | 95,375 | 90,875 | 88,402 | |||||||||||||
Hotel income | 22,885 | 23,756 | 23,049 | |||||||||||||
Other property income | 7,996 | 5,040 | 1,024 | |||||||||||||
Revenues | 137,891 | 136,981 | 136,757 | 129,168 | 133,387 | [1] | 132,502 | [1] | 131,897 | [1] | 128,792 | [1] | 540,797 | 526,578 | 494,271 | |
Expenses: | ||||||||||||||||
Property operating costs | 163,722 | 154,559 | 147,202 | |||||||||||||
Hotel operating costs | 18,792 | 18,340 | 18,362 | |||||||||||||
Asset and property management fees: | ||||||||||||||||
Related-party | 0 | 4,693 | 29,372 | |||||||||||||
Other | 2,258 | 1,671 | 2,421 | |||||||||||||
Depreciation | 117,766 | 108,105 | 98,698 | |||||||||||||
Amortization | 78,843 | 78,710 | 86,458 | |||||||||||||
Impairment loss on real estate assets | 10,100 | 25,130 | 0 | 0 | ||||||||||||
General and administrative | 31,275 | 61,866 | 24,613 | |||||||||||||
Listing costs | 0 | 4,060 | 0 | |||||||||||||
Acquisition fees and expenses | 14,142 | 0 | 1,876 | |||||||||||||
Costs and expenses | 451,928 | 432,004 | 409,002 | |||||||||||||
Real estate operating income (loss) | 88,869 | 94,574 | 85,269 | |||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | -75,711 | -101,941 | -101,886 | |||||||||||||
Interest and other income | 7,275 | 34,029 | 39,856 | |||||||||||||
Loss on interest rate swaps | -371 | -342 | -1,225 | |||||||||||||
Loss on the early extinguishment of debt | -23 | 0 | 0 | |||||||||||||
Income from equity investment | 0 | 0 | 0 | |||||||||||||
Nonoperating income (expense) | -68,830 | -68,254 | -63,255 | |||||||||||||
Income before income tax expense and gains on sale of real estate | 20,039 | 26,320 | 22,014 | |||||||||||||
Income tax expense | -662 | -500 | -572 | |||||||||||||
Income before gains of sale of real estate assets | 19,377 | 25,820 | 21,442 | |||||||||||||
Gains on sale of real estate assets | 56,600 | 75,275 | 0 | 0 | ||||||||||||
Income from continuing operations | 94,652 | 25,820 | 21,442 | |||||||||||||
Discontinued operations: | ||||||||||||||||
Operating loss from discontinued operations | -390 | -21,325 | 6,484 | |||||||||||||
Gain (loss) on disposition of discontinued operations | -1,627 | 11,225 | 20,117 | |||||||||||||
Income (loss) from discontinued operations | -2,017 | -10,100 | 26,601 | |||||||||||||
Net income | 92,635 | 15,720 | 48,043 | |||||||||||||
Less: net income attributable to nonredeemable noncontrolling interests | 0 | 0 | -4 | |||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | 56,226 | [2] | 24,988 | 8,021 | 3,400 | 12,927 | 4,800 | 20,601 | -22,608 | [3] | 92,635 | 15,720 | 48,039 | |||
Columbia Property Trust (Parent) | ||||||||||||||||
Revenues: | ||||||||||||||||
Rental income | 0 | 0 | 0 | |||||||||||||
Tenant reimbursements | 0 | 0 | 0 | |||||||||||||
Hotel income | 0 | 0 | 0 | |||||||||||||
Other property income | 0 | 0 | 0 | |||||||||||||
Revenues | 0 | 0 | 0 | |||||||||||||
Expenses: | ||||||||||||||||
Property operating costs | 0 | 0 | 0 | |||||||||||||
Hotel operating costs | 0 | 0 | 0 | |||||||||||||
Asset and property management fees: | ||||||||||||||||
Related-party | 0 | 4,397 | 26,264 | |||||||||||||
Other | 0 | 0 | 0 | |||||||||||||
Depreciation | 0 | 0 | 0 | |||||||||||||
Amortization | 0 | 0 | 0 | |||||||||||||
Impairment loss on real estate assets | 0 | |||||||||||||||
General and administrative | 149 | 16 | 49 | |||||||||||||
Listing costs | 317 | |||||||||||||||
Acquisition fees and expenses | 0 | 0 | ||||||||||||||
Costs and expenses | 149 | 4,730 | 26,313 | |||||||||||||
Real estate operating income (loss) | -149 | -4,730 | -26,313 | |||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||||
Interest and other income | 7,969 | 7,987 | 7,988 | |||||||||||||
Loss on interest rate swaps | 0 | 0 | 0 | |||||||||||||
Loss on the early extinguishment of debt | 0 | |||||||||||||||
Income from equity investment | 84,815 | 12,463 | 66,364 | |||||||||||||
Nonoperating income (expense) | 92,784 | 20,450 | 74,352 | |||||||||||||
Income before income tax expense and gains on sale of real estate | 92,635 | 15,720 | 48,039 | |||||||||||||
Income tax expense | 0 | 0 | 0 | |||||||||||||
Income before gains of sale of real estate assets | 92,635 | |||||||||||||||
Gains on sale of real estate assets | 0 | |||||||||||||||
Income from continuing operations | 92,635 | 15,720 | 48,039 | |||||||||||||
Discontinued operations: | ||||||||||||||||
Operating loss from discontinued operations | 0 | 0 | 0 | |||||||||||||
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 | |||||||||||||
Income (loss) from discontinued operations | 0 | 0 | 0 | |||||||||||||
Net income | 48,039 | |||||||||||||||
Less: net income attributable to nonredeemable noncontrolling interests | 0 | |||||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | 92,635 | 15,720 | 48,039 | |||||||||||||
Columbia Property Trust OP (the Issuer) | ||||||||||||||||
Revenues: | ||||||||||||||||
Rental income | 1,150 | 403 | 1,649 | |||||||||||||
Tenant reimbursements | 222 | 149 | 103 | |||||||||||||
Hotel income | 0 | 0 | 0 | |||||||||||||
Other property income | 0 | 17 | 86 | |||||||||||||
Revenues | 1,372 | 569 | 1,838 | |||||||||||||
Expenses: | ||||||||||||||||
Property operating costs | 2,716 | 1,966 | 1,634 | |||||||||||||
Hotel operating costs | 0 | 0 | 0 | |||||||||||||
Asset and property management fees: | ||||||||||||||||
Related-party | 17 | 15 | 58 | |||||||||||||
Other | 0 | 0 | 0 | |||||||||||||
Depreciation | 1,795 | 1,247 | 710 | |||||||||||||
Amortization | 121 | 28 | 357 | |||||||||||||
Impairment loss on real estate assets | 0 | |||||||||||||||
General and administrative | 9,701 | 43,555 | 21,436 | |||||||||||||
Listing costs | 3,743 | |||||||||||||||
Acquisition fees and expenses | 0 | 0 | ||||||||||||||
Costs and expenses | 14,350 | 50,554 | 24,195 | |||||||||||||
Real estate operating income (loss) | -12,978 | -49,985 | -22,357 | |||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | -30,271 | -32,659 | -32,469 | |||||||||||||
Interest and other income | 10,724 | 10,874 | 11,018 | |||||||||||||
Loss on interest rate swaps | 0 | 0 | 0 | |||||||||||||
Loss on the early extinguishment of debt | 0 | |||||||||||||||
Income from equity investment | 113,976 | 86,101 | 92,228 | |||||||||||||
Nonoperating income (expense) | 94,429 | 64,316 | 70,777 | |||||||||||||
Income before income tax expense and gains on sale of real estate | 81,451 | 14,331 | 48,420 | |||||||||||||
Income tax expense | -4 | -3 | -14 | |||||||||||||
Income before gains of sale of real estate assets | 81,447 | |||||||||||||||
Gains on sale of real estate assets | 0 | |||||||||||||||
Income from continuing operations | 81,447 | 14,328 | 48,406 | |||||||||||||
Discontinued operations: | ||||||||||||||||
Operating loss from discontinued operations | 0 | 658 | 5,942 | |||||||||||||
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 | |||||||||||||
Income (loss) from discontinued operations | 0 | 658 | 5,942 | |||||||||||||
Net income | 54,348 | |||||||||||||||
Less: net income attributable to nonredeemable noncontrolling interests | 0 | |||||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | 81,447 | 14,986 | 54,348 | |||||||||||||
Non-Guarantors | ||||||||||||||||
Revenues: | ||||||||||||||||
Rental income | 413,752 | 406,791 | 380,280 | |||||||||||||
Tenant reimbursements | 95,153 | 90,726 | 90,756 | |||||||||||||
Hotel income | 22,885 | 23,756 | 23,049 | |||||||||||||
Other property income | 8,220 | 5,208 | 1,024 | |||||||||||||
Revenues | 540,010 | 526,481 | 495,109 | |||||||||||||
Expenses: | ||||||||||||||||
Property operating costs | 161,367 | 152,880 | 148,025 | |||||||||||||
Hotel operating costs | 18,792 | 18,340 | 18,495 | |||||||||||||
Asset and property management fees: | ||||||||||||||||
Related-party | 0 | 313 | 4,191 | |||||||||||||
Other | 2,258 | 1,671 | 2,421 | |||||||||||||
Depreciation | 115,971 | 106,858 | 97,988 | |||||||||||||
Amortization | 78,722 | 78,682 | 86,101 | |||||||||||||
Impairment loss on real estate assets | 25,130 | |||||||||||||||
General and administrative | 21,632 | 18,448 | 3,128 | |||||||||||||
Listing costs | 0 | |||||||||||||||
Acquisition fees and expenses | 14,142 | 1,876 | ||||||||||||||
Costs and expenses | 438,014 | 377,192 | 362,225 | |||||||||||||
Real estate operating income (loss) | 101,996 | 149,289 | 132,884 | |||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | -64,105 | -88,137 | -88,414 | |||||||||||||
Interest and other income | 7,247 | 34,023 | 39,847 | |||||||||||||
Loss on interest rate swaps | -371 | -342 | -1,225 | |||||||||||||
Loss on the early extinguishment of debt | -23 | |||||||||||||||
Income from equity investment | 0 | 0 | 0 | |||||||||||||
Nonoperating income (expense) | -57,252 | -54,456 | -49,792 | |||||||||||||
Income before income tax expense and gains on sale of real estate | 44,744 | 94,833 | 83,092 | |||||||||||||
Income tax expense | -658 | -497 | -558 | |||||||||||||
Income before gains of sale of real estate assets | 44,086 | |||||||||||||||
Gains on sale of real estate assets | 75,275 | |||||||||||||||
Income from continuing operations | 119,361 | 94,336 | 82,534 | |||||||||||||
Discontinued operations: | ||||||||||||||||
Operating loss from discontinued operations | -390 | -21,983 | 542 | |||||||||||||
Gain (loss) on disposition of discontinued operations | -1,627 | 11,225 | 20,117 | |||||||||||||
Income (loss) from discontinued operations | -2,017 | -10,758 | 20,659 | |||||||||||||
Net income | 103,193 | |||||||||||||||
Less: net income attributable to nonredeemable noncontrolling interests | -4 | |||||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | 117,344 | 83,578 | 103,189 | |||||||||||||
Consolidating Adjustments | ||||||||||||||||
Revenues: | ||||||||||||||||
Rental income | -361 | -287 | -133 | |||||||||||||
Tenant reimbursements | 0 | 0 | -2,457 | |||||||||||||
Hotel income | 0 | 0 | 0 | |||||||||||||
Other property income | -224 | -185 | -86 | |||||||||||||
Revenues | -585 | -472 | -2,676 | |||||||||||||
Expenses: | ||||||||||||||||
Property operating costs | -361 | -287 | -2,457 | |||||||||||||
Hotel operating costs | 0 | 0 | -133 | |||||||||||||
Asset and property management fees: | ||||||||||||||||
Related-party | -17 | -32 | -1,141 | |||||||||||||
Other | 0 | 0 | 0 | |||||||||||||
Depreciation | 0 | 0 | 0 | |||||||||||||
Amortization | 0 | 0 | 0 | |||||||||||||
Impairment loss on real estate assets | 0 | |||||||||||||||
General and administrative | -207 | -153 | 0 | |||||||||||||
Listing costs | 0 | |||||||||||||||
Acquisition fees and expenses | 0 | 0 | ||||||||||||||
Costs and expenses | -585 | -472 | -3,731 | |||||||||||||
Real estate operating income (loss) | 0 | 0 | 1,055 | |||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | 18,665 | 18,855 | 18,997 | |||||||||||||
Interest and other income | -18,665 | -18,855 | -18,997 | |||||||||||||
Loss on interest rate swaps | 0 | 0 | 0 | |||||||||||||
Loss on the early extinguishment of debt | 0 | |||||||||||||||
Income from equity investment | -198,791 | -98,564 | -158,592 | |||||||||||||
Nonoperating income (expense) | -198,791 | -98,564 | -158,592 | |||||||||||||
Income before income tax expense and gains on sale of real estate | -198,791 | -98,564 | -157,537 | |||||||||||||
Income tax expense | 0 | 0 | 0 | |||||||||||||
Income before gains of sale of real estate assets | -198,791 | |||||||||||||||
Gains on sale of real estate assets | 0 | |||||||||||||||
Income from continuing operations | -198,791 | -98,564 | -157,537 | |||||||||||||
Discontinued operations: | ||||||||||||||||
Operating loss from discontinued operations | 0 | 0 | 0 | |||||||||||||
Gain (loss) on disposition of discontinued operations | 0 | 0 | 0 | |||||||||||||
Income (loss) from discontinued operations | 0 | 0 | 0 | |||||||||||||
Net income | -157,537 | |||||||||||||||
Less: net income attributable to nonredeemable noncontrolling interests | 0 | |||||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | ($198,791) | ($98,564) | ($157,537) | |||||||||||||
[1] | Prior-period amounts adjusted to conform with current-period presentation, including classifying revenues generated by properties sold as discontinued operations for all periods presented (see Note 12, Discontinued Operations). | |||||||||||||||
[2] | Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million. | |||||||||||||||
[3] | Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements). |
Financial_Information_for_Pare5
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Consolidating Statements of Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $56,226 | [1] | $24,988 | $8,021 | $3,400 | $12,927 | $4,800 | $20,601 | ($22,608) | [2] | $92,635 | $15,720 | $48,039 |
Foreign currency translation adjustment | 0 | -83 | 0 | ||||||||||
Market value adjustment to interest rate swap | 1,339 | 1,997 | -5,305 | ||||||||||
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc. | 93,974 | 17,634 | 42,734 | ||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 4 | ||||||||||
Comprehensive income | 93,974 | 17,634 | 42,738 | ||||||||||
Columbia Property Trust (Parent) | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | 92,635 | 15,720 | 48,039 | ||||||||||
Foreign currency translation adjustment | -83 | ||||||||||||
Market value adjustment to interest rate swap | 1,339 | 1,997 | -5,305 | ||||||||||
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc. | 42,734 | ||||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | ||||||||||||
Comprehensive income | 93,974 | 17,634 | 42,734 | ||||||||||
Columbia Property Trust OP (the Issuer) | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | 81,447 | 14,986 | 54,348 | ||||||||||
Foreign currency translation adjustment | 0 | ||||||||||||
Market value adjustment to interest rate swap | 1,339 | 1,997 | -5,305 | ||||||||||
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc. | 49,043 | ||||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | ||||||||||||
Comprehensive income | 82,786 | 16,983 | 49,043 | ||||||||||
Non-Guarantors | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | 117,344 | 83,578 | 103,189 | ||||||||||
Foreign currency translation adjustment | -83 | ||||||||||||
Market value adjustment to interest rate swap | 0 | 0 | 0 | ||||||||||
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc. | 103,189 | ||||||||||||
Comprehensive income attributable to noncontrolling interests | 4 | ||||||||||||
Comprehensive income | 117,344 | 83,495 | 103,193 | ||||||||||
Consolidating Adjustments | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | -198,791 | -98,564 | -157,537 | ||||||||||
Foreign currency translation adjustment | 83 | ||||||||||||
Market value adjustment to interest rate swap | -1,339 | -1,997 | 5,305 | ||||||||||
Comprehensive income attributable to the common stockholders of Columbia Property Trust, Inc. | -152,232 | ||||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | ||||||||||||
Comprehensive income | ($200,130) | ($100,478) | ($152,232) | ||||||||||
[1] | Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million. | ||||||||||||
[2] | Net income for the first quarter of 2013 reflects the incurrence of nonrecurring fees under the Consulting and Transitions Services Agreements (See Note 10, Related-Party Transactions and Agreements). |
Financial_Information_for_Pare6
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Consolidating Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | $236,906 | $218,329 | $252,839 |
Cash flows from investing activities: | |||
Net proceeds from the sale of real estate | 418,207 | 565,945 | 304,264 |
Investment in real estate and related assets | -441,995 | -70,556 | -273,217 |
Investments in subsidiaries | 0 | ||
Net cash provided by (used in) investing activities | -23,788 | 495,389 | 31,047 |
Cash flows from financing activities: | |||
Borrowings, net of fees and prepayment penalty on early extinguishment of debt | 281,518 | 297,279 | 594,802 |
Repayments | -294,739 | -461,940 | -627,191 |
Loss on early extinguishment of debt | 0 | -4,709 | 0 |
Redemptions of common stock and fees, net of issuances | 0 | -306,574 | 18,996 |
Distributions | -149,962 | -191,473 | -256,035 |
Intercompany transfers, net | 0 | 0 | 0 |
Redemptions of noncontrolling interest | 0 | 0 | -301 |
Net cash used in financing activities | -163,183 | -667,417 | -269,729 |
Net increase in cash and cash equivalents | 49,935 | 46,301 | 14,157 |
Effect of foreign exchange rate on cash and cash equivalents | 0 | -103 | 32 |
Cash and cash equivalents, beginning of period | 99,855 | 53,657 | 39,468 |
Cash and cash equivalents, end of period | 149,790 | 99,855 | 53,657 |
Columbia Property Trust (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | -331 | -49 | |
Cash flows from investing activities: | |||
Net proceeds from the sale of real estate | 14,127 | 30,441 | |
Investment in real estate and related assets | 0 | 0 | |
Net cash provided by (used in) investing activities | 14,127 | 30,441 | |
Cash flows from financing activities: | |||
Borrowings, net of fees and prepayment penalty on early extinguishment of debt | 0 | 0 | |
Repayments | 0 | 0 | |
Loss on early extinguishment of debt | 0 | ||
Redemptions of common stock and fees, net of issuances | -306,574 | 18,996 | |
Distributions | -191,473 | -256,020 | |
Intercompany transfers, net | 516,659 | 216,255 | |
Redemptions of noncontrolling interest | 0 | ||
Net cash used in financing activities | 18,612 | -20,769 | |
Net increase in cash and cash equivalents | 32,408 | 9,623 | |
Effect of foreign exchange rate on cash and cash equivalents | 0 | 0 | |
Cash and cash equivalents, beginning of period | 20,914 | 11,291 | |
Cash and cash equivalents, end of period | 119,488 | 53,322 | 20,914 |
Columbia Property Trust OP (the Issuer) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | -84,270 | -83,489 | |
Cash flows from investing activities: | |||
Net proceeds from the sale of real estate | 551,818 | 273,823 | |
Investment in real estate and related assets | -5,270 | -193,410 | |
Net cash provided by (used in) investing activities | 546,548 | 80,413 | |
Cash flows from financing activities: | |||
Borrowings, net of fees and prepayment penalty on early extinguishment of debt | 297,320 | 595,731 | |
Repayments | -343,000 | -591,000 | |
Loss on early extinguishment of debt | 0 | ||
Redemptions of common stock and fees, net of issuances | 0 | 0 | |
Distributions | 0 | 0 | |
Intercompany transfers, net | -400,712 | -7,430 | |
Redemptions of noncontrolling interest | 0 | ||
Net cash used in financing activities | -446,392 | -2,699 | |
Net increase in cash and cash equivalents | 15,886 | -5,775 | |
Effect of foreign exchange rate on cash and cash equivalents | 0 | 0 | |
Cash and cash equivalents, beginning of period | 4,822 | 10,597 | |
Cash and cash equivalents, end of period | 10,504 | 20,708 | 4,822 |
Non-Guarantors | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | 302,930 | 336,377 | |
Cash flows from investing activities: | |||
Net proceeds from the sale of real estate | 0 | 0 | |
Investment in real estate and related assets | -65,286 | -79,807 | |
Net cash provided by (used in) investing activities | -65,286 | -79,807 | |
Cash flows from financing activities: | |||
Borrowings, net of fees and prepayment penalty on early extinguishment of debt | -41 | -929 | |
Repayments | -118,940 | -36,191 | |
Loss on early extinguishment of debt | -4,709 | ||
Redemptions of common stock and fees, net of issuances | 0 | 0 | |
Distributions | 0 | -15 | |
Intercompany transfers, net | -115,947 | -208,825 | |
Redemptions of noncontrolling interest | -301 | ||
Net cash used in financing activities | -239,637 | -246,261 | |
Net increase in cash and cash equivalents | -1,993 | 10,309 | |
Effect of foreign exchange rate on cash and cash equivalents | -103 | 32 | |
Cash and cash equivalents, beginning of period | 27,921 | 17,580 | |
Cash and cash equivalents, end of period | 19,798 | 25,825 | 27,921 |
Reportable Legal Entities | Columbia Property Trust (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | -122 | ||
Cash flows from investing activities: | |||
Net proceeds from the sale of real estate | 0 | ||
Investment in real estate and related assets | -5,000 | ||
Investments in subsidiaries | 67,403 | ||
Net cash provided by (used in) investing activities | 62,403 | ||
Cash flows from financing activities: | |||
Borrowings, net of fees and prepayment penalty on early extinguishment of debt | 0 | ||
Repayments | 0 | ||
Loss on early extinguishment of debt | 0 | ||
Redemptions of common stock and fees, net of issuances | 0 | ||
Distributions | -149,962 | ||
Intercompany transfers, net | 153,847 | ||
Net cash used in financing activities | 3,885 | ||
Net increase in cash and cash equivalents | 66,166 | ||
Cash and cash equivalents, beginning of period | 53,322 | ||
Cash and cash equivalents, end of period | 119,488 | ||
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | -38,618 | ||
Cash flows from investing activities: | |||
Net proceeds from the sale of real estate | 418,207 | ||
Investment in real estate and related assets | -366,380 | ||
Investments in subsidiaries | 0 | ||
Net cash provided by (used in) investing activities | 51,827 | ||
Cash flows from financing activities: | |||
Borrowings, net of fees and prepayment penalty on early extinguishment of debt | 282,807 | ||
Repayments | -283,000 | ||
Loss on early extinguishment of debt | 0 | ||
Redemptions of common stock and fees, net of issuances | 0 | ||
Distributions | 0 | ||
Intercompany transfers, net | -23,220 | ||
Net cash used in financing activities | -23,413 | ||
Net increase in cash and cash equivalents | -10,204 | ||
Cash and cash equivalents, beginning of period | 20,708 | ||
Cash and cash equivalents, end of period | 10,504 | ||
Reportable Legal Entities | Non-Guarantors | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | 275,646 | ||
Cash flows from investing activities: | |||
Net proceeds from the sale of real estate | 0 | ||
Investment in real estate and related assets | -70,615 | ||
Investments in subsidiaries | 0 | ||
Net cash provided by (used in) investing activities | -70,615 | ||
Cash flows from financing activities: | |||
Borrowings, net of fees and prepayment penalty on early extinguishment of debt | -1,289 | ||
Repayments | -11,739 | ||
Loss on early extinguishment of debt | 0 | ||
Redemptions of common stock and fees, net of issuances | 0 | ||
Distributions | 0 | ||
Intercompany transfers, net | -198,030 | ||
Net cash used in financing activities | -211,058 | ||
Net increase in cash and cash equivalents | -6,027 | ||
Cash and cash equivalents, beginning of period | 25,825 | ||
Cash and cash equivalents, end of period | 19,798 | ||
Consolidating Adjustments | |||
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 | -67,403 | ||
Net cash provided by (used in) investing activities | -67,403 | ||
Cash flows from financing activities: | |||
Borrowings, net of fees and prepayment penalty on early extinguishment of debt | 0 | ||
Repayments | 0 | ||
Loss on early extinguishment of debt | 0 | ||
Redemptions of common stock and fees, net of issuances | 0 | ||
Distributions | 67,403 | ||
Net cash used in financing activities | 67,403 | ||
Net increase 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 $) | 3 Months Ended | 0 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Feb. 11, 2015 | |||||
Subsequent Event [Line Items] | |||||||||||||
Dividend declared, per share (in dollars per share) | $0.30 | $0.30 | $0.30 | $0.30 | $0.30 | [1] | $0.38 | [1] | $0.38 | [1] | $0.38 | [1] | |
Subsequent Event | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Dividend declared, per share (in dollars per share) | $0.30 | ||||||||||||
[1] | All computations using share amounts have been retroactively adjusted to reflect the August 14, 2013, four-for-one reverse stock split (See Note 7, Stockholders' Equity). |
Schedule_III_Real_Estate_Asset1
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | 794,391 | ||||
Initial Costs, Building and Improvements | 4,195,938 | ||||
Initial Costs, Total | 4,990,329 | ||||
Costs Capitalized Subsequent to Acquisition | 60,153 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 785,101 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 4,265,381 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 5,050,482 | 4,875,866 | 5,507,769 | 5,483,193 | |
Accumulated Depreciation and Amortization | 973,920 | ||||
Investment in development authority bonds | 120,000 | 120,000 | |||
515 POST OAK | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 6,100 | ||||
Initial Costs, Building and Improvements | 28,905 | ||||
Initial Costs, Total | 35,005 | ||||
Costs Capitalized Subsequent to Acquisition | 9,761 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 6,241 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 38,525 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 44,766 | ||||
Accumulated Depreciation and Amortization | 8,267 | ||||
170 PARK AVENUE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 10,802 | ||||
Initial Costs, Building and Improvements | 62,595 | ||||
Initial Costs, Total | 73,397 | ||||
Costs Capitalized Subsequent to Acquisition | -54,688 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 4,125 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 14,584 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 18,709 | ||||
Accumulated Depreciation and Amortization | 3,729 | ||||
ONE GLENLAKE PARKWAY | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 34,713 | ||||
Initial Costs, Land | 5,846 | ||||
Initial Costs, Building and Improvements | 66,681 | ||||
Initial Costs, Total | 72,527 | ||||
Costs Capitalized Subsequent to Acquisition | 742 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 5,934 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 67,335 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 73,269 | ||||
Accumulated Depreciation and Amortization | 23,777 | ||||
80 M STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 26,248 | ||||
Initial Costs, Building and Improvements | 76,269 | ||||
Initial Costs, Total | 102,517 | ||||
Costs Capitalized Subsequent to Acquisition | -5,816 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 26,806 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 69,895 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 96,701 | ||||
Accumulated Depreciation and Amortization | 23,496 | ||||
ACXIOM | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 10,504 | ||||
Initial Costs, Building and Improvements | 51,795 | ||||
Initial Costs, Total | 62,299 | ||||
Costs Capitalized Subsequent to Acquisition | 958 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 10,640 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 52,617 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 63,257 | ||||
Accumulated Depreciation and Amortization | 15,599 | ||||
800 NORTH FREDERICK | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 22,758 | ||||
Initial Costs, Building and Improvements | 43,174 | ||||
Initial Costs, Total | 65,932 | ||||
Costs Capitalized Subsequent to Acquisition | 582 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 20,195 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 46,319 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 66,514 | ||||
Accumulated Depreciation and Amortization | 20,559 | ||||
THE CORRIDORS III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 2,524 | ||||
Initial Costs, Building and Improvements | 35,016 | ||||
Initial Costs, Total | 37,540 | ||||
Costs Capitalized Subsequent to Acquisition | -2,034 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 2,558 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 32,948 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 35,506 | ||||
Accumulated Depreciation and Amortization | 10,876 | ||||
HIGHLAND LANDMARK III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 3,028 | ||||
Initial Costs, Building and Improvements | 47,454 | ||||
Initial Costs, Total | 50,482 | ||||
Costs Capitalized Subsequent to Acquisition | -3,592 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 3,055 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 43,835 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 46,890 | ||||
Accumulated Depreciation and Amortization | 13,122 | ||||
180 PARK AVENUE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 4,501 | ||||
Initial Costs, Building and Improvements | 47,957 | ||||
Initial Costs, Total | 52,458 | ||||
Costs Capitalized Subsequent to Acquisition | -3,016 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 4,501 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 44,941 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 49,442 | ||||
Accumulated Depreciation and Amortization | 11,184 | ||||
215 DIEHL ROAD | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 21,000 | ||||
Initial Costs, Land | 3,452 | ||||
Initial Costs, Building and Improvements | 17,456 | ||||
Initial Costs, Total | 20,908 | ||||
Costs Capitalized Subsequent to Acquisition | 4,144 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 3,472 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 21,580 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 25,052 | ||||
Accumulated Depreciation and Amortization | 8,366 | ||||
100 EAST PRATT | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 105,000 | ||||
Initial Costs, Land | 31,234 | ||||
Initial Costs, Building and Improvements | 140,217 | ||||
Initial Costs, Total | 171,451 | ||||
Costs Capitalized Subsequent to Acquisition | 35,139 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 31,777 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 174,813 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 206,590 | ||||
Accumulated Depreciation and Amortization | 60,604 | ||||
ROBBINS ROAD | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 8,341 | ||||
Initial Costs, Building and Improvements | 66,332 | ||||
Initial Costs, Total | 74,673 | ||||
Costs Capitalized Subsequent to Acquisition | 250 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 8,341 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 66,582 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 74,923 | ||||
Accumulated Depreciation and Amortization | 27,538 | ||||
UNIVERSITY CIRCLE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 27,493 | ||||
Initial Costs, Building and Improvements | 278,288 | ||||
Initial Costs, Total | 305,781 | ||||
Costs Capitalized Subsequent to Acquisition | -19,915 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 27,756 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 258,110 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 285,866 | ||||
Accumulated Depreciation and Amortization | 63,652 | ||||
5 HOUSTON CENTER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 8,186 | ||||
Initial Costs, Building and Improvements | 147,653 | ||||
Initial Costs, Total | 155,839 | ||||
Costs Capitalized Subsequent to Acquisition | -17,528 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 8,186 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 130,125 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 138,311 | ||||
Accumulated Depreciation and Amortization | 39,497 | ||||
KEY CENTER TOWER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | [1] | |||
Initial Costs, Land | 7,269 | ||||
Initial Costs, Building and Improvements | 244,424 | ||||
Initial Costs, Total | 251,693 | ||||
Costs Capitalized Subsequent to Acquisition | 20,566 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 7,454 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 264,805 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 272,259 | ||||
Accumulated Depreciation and Amortization | 87,912 | ||||
KEY CENTER MARRIOTT | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 3,473 | ||||
Initial Costs, Building and Improvements | 34,458 | ||||
Initial Costs, Total | 37,931 | ||||
Costs Capitalized Subsequent to Acquisition | 16,278 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 3,629 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 50,580 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 54,209 | ||||
Accumulated Depreciation and Amortization | 17,287 | ||||
SANTAN CORPORATE CENTER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 39,000 | ||||
Initial Costs, Land | 8,045 | ||||
Initial Costs, Building and Improvements | 46,282 | ||||
Initial Costs, Total | 54,327 | ||||
Costs Capitalized Subsequent to Acquisition | -1,867 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 8,193 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 44,267 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 52,460 | ||||
Accumulated Depreciation and Amortization | 11,495 | ||||
263 SHUMAN BOULEVARD | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 49,000 | ||||
Initial Costs, Land | 7,142 | ||||
Initial Costs, Building and Improvements | 41,535 | ||||
Initial Costs, Total | 48,677 | ||||
Costs Capitalized Subsequent to Acquisition | 6,890 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 7,233 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 48,334 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 55,567 | ||||
Accumulated Depreciation and Amortization | 19,327 | ||||
80 PARK PLAZA | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 31,766 | ||||
Initial Costs, Building and Improvements | 109,952 | ||||
Initial Costs, Total | 141,718 | ||||
Costs Capitalized Subsequent to Acquisition | 22,484 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 32,221 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 131,981 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 164,202 | ||||
Accumulated Depreciation and Amortization | 47,027 | ||||
INTERNATIONAL FINANCIAL TOWER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 29,061 | ||||
Initial Costs, Building and Improvements | 141,544 | ||||
Initial Costs, Total | 170,605 | ||||
Costs Capitalized Subsequent to Acquisition | 17,407 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 29,712 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 158,300 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 188,012 | ||||
Accumulated Depreciation and Amortization | 49,998 | ||||
STERLING COMMERCE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 8,639 | ||||
Initial Costs, Building and Improvements | 43,980 | ||||
Initial Costs, Total | 52,619 | ||||
Costs Capitalized Subsequent to Acquisition | 2,637 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 8,752 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 46,504 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 55,256 | ||||
Accumulated Depreciation and Amortization | 21,305 | ||||
PASADENA CORPORATE PARK | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 53,099 | ||||
Initial Costs, Building and Improvements | 59,630 | ||||
Initial Costs, Total | 112,729 | ||||
Costs Capitalized Subsequent to Acquisition | 352 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 53,099 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 59,982 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 113,081 | ||||
Accumulated Depreciation and Amortization | 14,267 | ||||
222 EAST 41ST STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | [1] | |||
Initial Costs, Land | 0 | ||||
Initial Costs, Building and Improvements | 324,520 | ||||
Initial Costs, Total | 324,520 | ||||
Costs Capitalized Subsequent to Acquisition | -429 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 0 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 324,091 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 324,091 | ||||
Accumulated Depreciation and Amortization | 72,842 | ||||
BANNOCKBURN LAKE III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 7,635 | ||||
Initial Costs, Building and Improvements | 11,002 | ||||
Initial Costs, Total | 18,637 | ||||
Costs Capitalized Subsequent to Acquisition | -12,030 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 2,797 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 3,810 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 6,607 | ||||
Accumulated Depreciation and Amortization | 1,608 | ||||
SOUTH JAMAICA STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 13,429 | ||||
Initial Costs, Building and Improvements | 109,781 | ||||
Initial Costs, Total | 123,210 | ||||
Costs Capitalized Subsequent to Acquisition | 3,252 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 13,735 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 112,727 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 126,462 | ||||
Accumulated Depreciation and Amortization | 32,657 | ||||
LINDBERGH CENTER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | [1] | |||
Initial Costs, Land | 0 | ||||
Initial Costs, Building and Improvements | 262,468 | ||||
Initial Costs, Total | 262,468 | ||||
Costs Capitalized Subsequent to Acquisition | 3,252 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 0 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 265,720 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 265,720 | ||||
Accumulated Depreciation and Amortization | 52,966 | ||||
THREE GLENLAKE BUILDING | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 120,000 | [2] | |||
Initial Costs, Land | 7,517 | ||||
Initial Costs, Building and Improvements | 88,784 | ||||
Initial Costs, Total | 96,301 | ||||
Costs Capitalized Subsequent to Acquisition | 891 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 8,055 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 89,137 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 97,192 | ||||
Accumulated Depreciation and Amortization | 18,906 | ||||
Investment in development authority bonds | 120,000 | ||||
1580 WEST NURSERY ROAD | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 11,410 | ||||
Initial Costs, Building and Improvements | 78,988 | ||||
Initial Costs, Total | 90,398 | ||||
Costs Capitalized Subsequent to Acquisition | 1,212 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 11,745 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 79,865 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 91,610 | ||||
Accumulated Depreciation and Amortization | 20,336 | ||||
550 KING STREET BUILDINGS | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 8,632 | ||||
Initial Costs, Building and Improvements | 74,625 | ||||
Initial Costs, Total | 83,257 | ||||
Costs Capitalized Subsequent to Acquisition | 8,177 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 8,632 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 82,802 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 91,434 | ||||
Accumulated Depreciation and Amortization | 19,457 | ||||
CRANBERRY WOODS DRIVE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 15,512 | ||||
Initial Costs, Building and Improvements | 173,062 | ||||
Initial Costs, Total | 188,574 | ||||
Costs Capitalized Subsequent to Acquisition | 3,542 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 15,512 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 176,604 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 192,116 | ||||
Accumulated Depreciation and Amortization | 29,050 | ||||
HOUSTON ENERGY CENTER I | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 0 | ||||
Initial Costs, Land | 4,734 | ||||
Initial Costs, Building and Improvements | 79,344 | ||||
Initial Costs, Total | 84,078 | ||||
Costs Capitalized Subsequent to Acquisition | 5,045 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 4,734 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 84,389 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 89,123 | ||||
Accumulated Depreciation and Amortization | 15,015 | ||||
MARKET SQUARE BUILDINGS | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 325,000 | ||||
Initial Costs, Land | 152,629 | ||||
Initial Costs, Building and Improvements | 450,757 | ||||
Initial Costs, Total | 603,386 | ||||
Costs Capitalized Subsequent to Acquisition | 12,158 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 152,629 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 462,915 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 615,544 | ||||
Accumulated Depreciation and Amortization | 79,798 | ||||
544 LAKEVIEW | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | [3] | |||
Encumbrances | 0 | ||||
Initial Costs, Land | 3,006 | ||||
Initial Costs, Building and Improvements | 3,100 | ||||
Initial Costs, Total | 6,106 | ||||
Costs Capitalized Subsequent to Acquisition | 2,701 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 3,006 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 5,801 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 8,807 | ||||
Accumulated Depreciation and Amortization | 742 | ||||
Columbia Property Trust's interest in property through a subsidiary | 50.00% | ||||
333 MARKET STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 206,500 | ||||
Initial Costs, Land | 114,483 | ||||
Initial Costs, Building and Improvements | 292,840 | ||||
Initial Costs, Total | 407,323 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 114,483 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 292,840 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 407,323 | ||||
Accumulated Depreciation and Amortization | 18,406 | ||||
221 MAIN STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 73,000 | ||||
Initial Costs, Land | 60,509 | ||||
Initial Costs, Building and Improvements | 174,629 | ||||
Initial Costs, Total | 235,138 | ||||
Costs Capitalized Subsequent to Acquisition | 2,604 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 60,509 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 177,233 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 237,742 | ||||
Accumulated Depreciation and Amortization | 8,486 | ||||
650 CALIFORNIA STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | 130,000 | ||||
Initial Costs, Land | 75,384 | ||||
Initial Costs, Building and Improvements | 240,441 | ||||
Initial Costs, Total | 315,825 | ||||
Costs Capitalized Subsequent to Acquisition | 44 | ||||
Gross Amount at Which Carried at December 31, 2014, Land | 75,384 | ||||
Gross Amount at Which Carried at December 31, 2014, Buildings and Improvements | 240,485 | ||||
Gross Amount at Which Carried at December 31, 2014, Total | 315,869 | ||||
Accumulated Depreciation and Amortization | 4,767 | ||||
Minimum | 515 POST OAK | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | 170 PARK AVENUE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | ONE GLENLAKE PARKWAY | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | 80 M STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | ACXIOM | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | 800 NORTH FREDERICK | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | THE CORRIDORS III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | HIGHLAND LANDMARK III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | 180 PARK AVENUE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | 215 DIEHL ROAD | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | 100 EAST PRATT | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | ROBBINS ROAD | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | UNIVERSITY CIRCLE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | 5 HOUSTON CENTER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | KEY CENTER TOWER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | KEY CENTER MARRIOTT | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | SANTAN CORPORATE CENTER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | 263 SHUMAN BOULEVARD | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | 80 PARK PLAZA | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | INTERNATIONAL FINANCIAL TOWER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | STERLING COMMERCE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | PASADENA CORPORATE PARK | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | 222 EAST 41ST STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | BANNOCKBURN LAKE III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | SOUTH JAMAICA STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | LINDBERGH CENTER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | THREE GLENLAKE BUILDING | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | 1580 WEST NURSERY ROAD | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | [4] | |||
Minimum | 550 KING STREET BUILDINGS | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Minimum | CRANBERRY WOODS DRIVE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Minimum | HOUSTON ENERGY CENTER I | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Minimum | MARKET SQUARE BUILDINGS | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Minimum | 544 LAKEVIEW | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Minimum | 333 MARKET STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Minimum | 221 MAIN STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Minimum | 650 CALIFORNIA STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Maximum | 515 POST OAK | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | 170 PARK AVENUE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | ONE GLENLAKE PARKWAY | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | 80 M STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | ACXIOM | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | 800 NORTH FREDERICK | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | THE CORRIDORS III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | HIGHLAND LANDMARK III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | 180 PARK AVENUE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | 215 DIEHL ROAD | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | 100 EAST PRATT | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | ROBBINS ROAD | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | UNIVERSITY CIRCLE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | 5 HOUSTON CENTER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | KEY CENTER TOWER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | KEY CENTER MARRIOTT | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | SANTAN CORPORATE CENTER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | 263 SHUMAN BOULEVARD | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | 80 PARK PLAZA | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | INTERNATIONAL FINANCIAL TOWER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | STERLING COMMERCE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | PASADENA CORPORATE PARK | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | 222 EAST 41ST STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | BANNOCKBURN LAKE III | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | SOUTH JAMAICA STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | LINDBERGH CENTER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | THREE GLENLAKE BUILDING | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | 1580 WEST NURSERY ROAD | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | [4] | |||
Maximum | 550 KING STREET BUILDINGS | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Maximum | CRANBERRY WOODS DRIVE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Maximum | HOUSTON ENERGY CENTER I | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Maximum | MARKET SQUARE BUILDINGS | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Maximum | 544 LAKEVIEW | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Maximum | 333 MARKET STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Maximum | 221 MAIN STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Maximum | 650 CALIFORNIA STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Building Improvements | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 5 years | ||||
Building Improvements | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 25 years | ||||
Building | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
[1] | Property is owned subject to a long-term ground lease. | ||||
[2] | As a result of the acquisition of the Three Glenlake Building, Columbia Property Trust acquired investments in bonds and certain obligations under capital leases in the amount of $120.0 million. | ||||
[3] | 544 Lakeview is owned through a subsidiary in which Columbia Property Trust holds a 50% ownership interest and owns 100% of the economic interest. | ||||
[4] | Columbia Property Trust assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, tenant improvements are amortized over the shorter of economic life or lease term, lease intangibles are amortized over the respective lease term, building improvements are depreciated over 5-25 years and buildings are depreciated over 40 years. |
Schedule_III_Real_Estate_Asset2
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization Rollforward (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Real Estate [Roll Forward] | ||||||
Balance at beginning of year | $4,875,866 | $5,507,769 | $5,483,193 | |||
Additions to/improvements of real estate | 610,510 | 51,422 | 453,541 | |||
Sale/transfer of real estate | -399,499 | -614,822 | -328,804 | |||
Impairment of real estate | -25,130 | -29,737 | -18,467 | |||
Write-offs of building and tenant improvements | -1,230 | -492 | -301 | |||
Write-offs of intangible assets | -5,251 | [1] | -466 | [1] | -1,311 | [1] |
Write-offs of fully depreciated assets | -4,784 | -37,808 | -80,082 | |||
Balance at end of the year | 5,050,482 | 4,875,866 | 5,507,769 | |||
Real Estate Accumulated Depreciation and Amortization [Roll Forward] | ||||||
Balance at beginning of year | 903,472 | 896,174 | 867,975 | |||
Depreciation and amortization expense | 161,133 | 166,720 | 181,155 | |||
Sale/transfer of real estate | -80,607 | -120,981 | -71,654 | |||
Write-offs of tenant improvements | -690 | -212 | -196 | |||
Write-offs of intangible assets | -4,604 | [1] | -421 | [1] | -1,024 | [1] |
Write-offs of fully depreciated assets | -4,784 | -37,808 | -80,082 | |||
Balance at end of the year | $973,920 | $903,472 | $896,174 | |||
[1] | Consists of write-offs of intangible lease assets related to lease restructurings, amendments, and terminations. |