Document_Entity_Information
Document Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 24, 2015 | |
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-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 125,077,771 |
Consolidated_Balance_Sheets_un
Consolidated Balance Sheets (unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Land | $912,035 | $785,101 |
Buildings and improvements, less accumulated depreciation of $693,780 and $660,098, as of March 31, 2015 and December 31, 2014, respectively | 3,389,402 | 3,026,431 |
Intangible lease assets, less accumulated amortization of $316,720 and $313,822, as of March 31, 2015 and December 31, 2014, respectively | 291,969 | 247,068 |
Construction in progress | 27,201 | 17,962 |
Total real estate assets | 4,620,607 | 4,076,562 |
Cash and cash equivalents | 31,236 | 149,790 |
Tenant receivables, net of allowance for doubtful accounts of $3 as of December 31, 2014 | 10,859 | 6,945 |
Straight-line rent receivable | 121,098 | 116,489 |
Prepaid expenses and other assets | 29,728 | 52,143 |
Deferred financing costs, less accumulated amortization of $15,909 and $15,205, as of March 31, 2015 and December 31, 2014, respectively | 10,653 | 8,426 |
Intangible lease origination costs, less accumulated amortization of $220,596 and $219,626, as of March 31, 2015 and December 31, 2014, respectively | 105,759 | 105,528 |
Deferred lease costs, less accumulated amortization of $39,338 and $36,589, as of March 31, 2015 and December 31, 2014, respectively | 107,668 | 102,995 |
Investment in development authority bonds | 120,000 | 120,000 |
Total assets | 5,157,608 | 4,738,878 |
Liabilities: | ||
Line of credit and notes payable | 1,535,015 | 1,430,884 |
Bonds payable, net of discounts of $1,246 and $818, as of March 31, 2015 and December 31, 2014, respectively | 598,754 | 249,182 |
Accounts payable, accrued expenses, and accrued capital expenditures | 97,973 | 106,276 |
Deferred income | 25,688 | 24,753 |
Intangible lease liabilities, less accumulated amortization of $86,922 and $84,935, as of March 31, 2015 and December 31, 2014, respectively | 78,072 | 74,305 |
Obligations under capital leases | 120,000 | 120,000 |
Total liabilities | 2,455,502 | 2,005,400 |
Commitments and Contingencies (Note 6) | ||
Equity: | ||
Common stock, $0.01 par value, 225,000,000 shares authorized, 125,076,869 and 124,973,304 shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively | 1,250 | 1,249 |
Additional paid-in capital | 4,602,201 | 4,601,808 |
Cumulative distributions in excess of earnings | -1,899,536 | -1,867,611 |
Cumulative other comprehensive loss | -1,809 | -1,968 |
Total equity | 2,702,106 | 2,733,478 |
Total liabilities and equity | $5,157,608 | $4,738,878 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parentheticals (unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Buildings and improvements - accumulated depreciation | $693,780 | $660,098 |
Intangible lease assets - accumulated amortization | 316,720 | 313,822 |
Allowance for doubtful accounts | 0 | 3 |
Deferred financing costs, accumulated amortization | 15,909 | 15,205 |
Intangible lease origination costs, accumulated amortization | 220,596 | 219,626 |
Deferred lease costs, accumulated amortization | 39,338 | 36,589 |
Bonds payable, discount | 1,246 | 818 |
Intangible lease liabilities, accumulated amortization | $86,922 | $84,935 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 125,076,869 | 124,973,304 |
Common stock, shares outstanding | 125,076,869 | 124,973,304 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Rental income | $112,809 | $100,567 |
Tenant reimbursements | 28,249 | 23,733 |
Hotel income | 4,993 | 4,061 |
Other property income | 1,492 | 807 |
Revenues | 147,543 | 129,168 |
Expenses: | ||
Property operating costs | 49,754 | 38,980 |
Hotel operating costs | 4,591 | 4,141 |
Asset and property management fees | 397 | 289 |
Depreciation | 34,007 | 27,304 |
Amortization | 23,219 | 18,521 |
Impairment loss on real estate assets | 0 | 13,550 |
General and administrative | 8,044 | 6,946 |
Acquisition expenses | 1,995 | 0 |
Costs and expenses | 122,007 | 109,731 |
Real estate operating income | 25,536 | 19,437 |
Other income (expense): | ||
Interest expense | -21,484 | -17,910 |
Interest and other income | 1,833 | 1,810 |
Loss on interest rate swaps | -6 | -230 |
Loss on early extinguishment of debt | -477 | 0 |
Nonoperating income (expense) | -20,134 | -16,330 |
Income before income tax benefit | 5,402 | 3,107 |
Income tax benefit | 196 | 344 |
Income from continuing operations | 5,598 | 3,451 |
Discontinued operations: | ||
Operating income from discontinued operations | 0 | 277 |
Loss on disposition of discontinued operations | 0 | -328 |
Loss from discontinued operations | 0 | -51 |
Net income | $5,598 | $3,400 |
Per-share information b basic: | ||
Income from continuing operations - basic (dollars per share) | $0.04 | $0.03 |
Loss from discontinued operations - basic (dollars per share) | $0 | $0 |
Net income - basic (dollars per share) | $0.04 | $0.03 |
Weighted-average common shares outstanding b basic | 124,903 | 124,851 |
Per-share information b diluted: | ||
Income from continuing operations - diluted (dollars per share) | $0.04 | $0.03 |
Loss from discontinued operations - diluted (dollars per share) | $0 | $0 |
Net income - diluted (dollars per share) | $0.04 | $0.03 |
Weighted-average common shares outstanding b diluted | 124,935 | 124,887 |
Dividends per share (dollars per share) | $0.30 | $0.30 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $5,598 | $3,400 |
Market value adjustment to interest rate swap | 159 | 254 |
Comprehensive income | $5,757 | $3,654 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (unaudited) (USD $) | Total | Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Cumulative Other Comprehensive Income (Loss) |
In Thousands, except Share data, unless otherwise specified | |||||
Balance, value at beginning of period at Dec. 31, 2013 | $2,787,823 | $1,248 | $4,600,166 | ($1,810,284) | ($3,307) |
Balance, shares at beginning of period at Dec. 31, 2013 | 124,830,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued to employees and directors, and amortized (net of amounts withheld for income taxes), shares | 134,000 | ||||
Common stock issued to employees and directors, and amortized (net of amounts withheld for income taxes) | 190 | 1 | 189 | ||
Distributions to common stockholders | -37,489 | -37,489 | |||
Net income | 3,400 | 3,400 | |||
Market value adjustment to interest rate swap | 254 | 254 | |||
Balance, value at end of period at Mar. 31, 2014 | 2,754,178 | 1,249 | 4,600,355 | -1,844,373 | -3,053 |
Balance, shares at end of period at Mar. 31, 2014 | 124,964,000 | ||||
Balance, value at beginning of period at Dec. 31, 2014 | 2,733,478 | 1,249 | 4,601,808 | -1,867,611 | -1,968 |
Balance, shares at beginning of period at Dec. 31, 2014 | 124,973,304 | 124,973,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued to employees and directors, and amortized (net of amounts withheld for income taxes), shares | 104,000 | ||||
Common stock issued to employees and directors, and amortized (net of amounts withheld for income taxes) | 394 | 1 | 393 | ||
Distributions to common stockholders | -37,523 | -37,523 | |||
Net income | 5,598 | 5,598 | |||
Market value adjustment to interest rate swap | 159 | 159 | |||
Balance, value at end of period at Mar. 31, 2015 | $2,702,106 | $1,250 | $4,602,201 | ($1,899,536) | ($1,809) |
Balance, shares at end of period at Mar. 31, 2015 | 125,076,869 | 125,077,000 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity Parentheticals (unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Distributions to common stockholders per share (dollars per share) | $0.30 | $0.30 |
Common Stock | ||
Distributions to common stockholders per share (dollars per share) | $0.30 | $0.30 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities: | ||
Net income | $5,598 | $3,400 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Straight-line rental income | -5,064 | -2,356 |
Depreciation | 34,007 | 27,304 |
Amortization | 20,477 | 18,245 |
Impairment loss on real estate assets | 0 | 13,550 |
Noncash interest expense | 1,069 | 736 |
Loss on early extinguishment of debt | 477 | 0 |
Gain on interest rate swaps | -1,315 | -1,097 |
Loss on sale of real estate | 0 | 328 |
Stock-based compensation expense | 1,014 | 507 |
Changes in assets and liabilities, net of acquisitions: | ||
Increase in tenant receivables, net | -3,935 | -1,594 |
Decrease (increase) in prepaid expenses and other assets | -1,295 | 2,426 |
Decrease in accounts payable and accrued expenses | -7,436 | -6,348 |
Increase in deferred income | 935 | 2,690 |
Net cash provided by operating activities | 44,532 | 57,791 |
Cash Flows from Investing Activities: | ||
Real estate acquisitions | -551,277 | 0 |
Earnest money paid | 0 | -10,000 |
Capital improvements | -17,256 | -12,773 |
Deferred lease costs paid | -6,804 | -10,495 |
Net cash used in investing activities | -575,337 | -33,268 |
Cash Flows from Financing Activities: | ||
Financing costs paid | -3,429 | 0 |
Proceeds from lines of credit and notes payable | 463,000 | 0 |
Repayments of lines of credit and notes payable | -358,684 | -646 |
Proceeds from issuance of bonds payable | 349,507 | 0 |
Distributions paid to stockholders | -37,523 | -37,489 |
Shares redeemed to fund income tax withholdings on stock compensation | -620 | 0 |
Net cash provided by (used in) financing activities | 412,251 | -38,135 |
Net decrease in cash and cash equivalents | -118,554 | -13,612 |
Cash and cash equivalents, beginning of period | 149,790 | 99,855 |
Cash and cash equivalents, end of period | $31,236 | $86,243 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015, Columbia Property Trust owned 38 office properties and one hotel, which includes 55 operational buildings comprising approximately 16.6 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 March 31, 2015, the office properties were approximately 92.3% leased. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | ||||||||||||||||
Basis of Presentation | |||||||||||||||||
The consolidated financial statements of Columbia Property Trust have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by U.S. generally accepted accounting principles ("GAAP") for complete financial statements. In the opinion of management, the statements for these unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year's results. Columbia Property Trust's consolidated financial statements include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable interest entity in which Columbia Property Trust or Columbia Property Trust OP was deemed the primary beneficiary. With respect to entities that are not variable interest entities, Columbia Property Trust's consolidated financial statements also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling general partnership interest. All intercompany balances and transactions have been eliminated in consolidation. For further information, refer to the financial statements and footnotes included in Columbia Property Trust's Annual Report on Form 10-K for the year ended December 31, 2014 (the "2014 Form 10-K"). | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification ("ASC") 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability: | |||||||||||||||||
Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts. | |||||||||||||||||
Level 2 – Assets and liabilities valued based on observable market data for similar instruments. | |||||||||||||||||
Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider. | |||||||||||||||||
Real Estate Assets | |||||||||||||||||
Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. Columbia Property Trust considers the period of future benefit of the asset to determine the appropriate useful lives. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows: | |||||||||||||||||
Buildings | 40 years | ||||||||||||||||
Building 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 and liabilities may not be recoverable, Columbia Property Trust assesses the recoverability of these assets and liabilities 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 and liabilities 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. Columbia Property Trust has determined that there is no additional impairment in the carrying values of our real estate assets and related intangible assets for the three months ended March 31, 2015. | |||||||||||||||||
Projections of expected future operating cash flows require that Columbia Property Trust estimate future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. The subjectivity of assumptions used in the future cash flow analysis, including discount rates, could result in an incorrect assessment of the property's fair value and could result in the misstatement of the carrying value of Columbia Property Trust's real estate assets and related intangible assets and liabilities and net income. | |||||||||||||||||
In the first quarter of 2014, Columbia Property Trust revised its investment strategy for the 160 Park Avenue 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. | |||||||||||||||||
Assets Held for Sale | |||||||||||||||||
Columbia Property Trust classifies assets as held for sale according to ASC 360, Accounting for the Impairment or Disposal of Long-Lived Assets ("ASC 360"). According to ASC 360, assets are considered held for sale when the following criteria are met: | |||||||||||||||||
• | Management, having the authority to approve the action, commits to a plan to sell the property. | ||||||||||||||||
• | The property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property. | ||||||||||||||||
• | An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated. | ||||||||||||||||
• | The sale of the property is probable, and transfer of the property is expected to qualify for recognition as a completed sale, within one year. | ||||||||||||||||
• | The property is being actively marketed for sale at a price that is reasonable in relation to its current fair value. | ||||||||||||||||
• | Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. | ||||||||||||||||
At such time that a property is determined to be held for sale, its carrying amount is reduced to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized. As of March 31, 2015, none of Columbia Property Trust's properties met the criteria to be classified as held for sale in the accompanying balance sheet. | |||||||||||||||||
Intangible Assets and Liabilities Arising from In-Place Leases where Columbia Property Trust Is the Lessor | |||||||||||||||||
Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see Fair Value Measurements section above for additional detail). As of March 31, 2015 and December 31, 2014, 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 | |||||||||||||||||
March 31, 2015 | Gross | $ | 77,271 | $ | 390,502 | $ | 326,355 | $ | 164,994 | ||||||||
Accumulated Amortization | (59,645 | ) | (241,319 | ) | (220,596 | ) | (86,922 | ) | |||||||||
Net | $ | 17,626 | $ | 149,183 | $ | 105,759 | $ | 78,072 | |||||||||
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 | |||||||||
Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands): | |||||||||||||||||
Intangible Lease Assets | Intangible | Intangible | |||||||||||||||
Lease | Below-Market | ||||||||||||||||
Origination | In-Place Lease | ||||||||||||||||
Above-Market | Absorption | Costs | Liabilities | ||||||||||||||
In-Place | Period Costs | ||||||||||||||||
Lease Assets | |||||||||||||||||
For the three months ended March 31, 2015 | $ | 1,367 | $ | 12,362 | $ | 8,157 | $ | 5,411 | |||||||||
For the three months ended March 31, 2014 | $ | 1,356 | $ | 8,073 | $ | 8,432 | $ | 3,081 | |||||||||
The remaining net intangible assets and liabilities as of March 31, 2015, 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 nine months ending December 31, 2015 | $ | 3,573 | $ | 34,139 | $ | 22,371 | $ | 14,366 | |||||||||
For the years ending December 31: | |||||||||||||||||
2016 | 4,039 | 32,656 | 23,508 | 14,624 | |||||||||||||
2017 | 1,920 | 19,958 | 15,972 | 9,559 | |||||||||||||
2018 | 1,081 | 13,497 | 11,052 | 7,442 | |||||||||||||
2019 | 1,035 | 12,041 | 9,944 | 6,738 | |||||||||||||
2020 | 996 | 10,126 | 8,434 | 5,543 | |||||||||||||
Thereafter | 4,982 | 26,766 | 14,478 | 19,800 | |||||||||||||
$ | 17,626 | $ | 149,183 | $ | 105,759 | $ | 78,072 | ||||||||||
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 $140.9 million and $110.7 million as of March 31, 2015 and December 31, 2014, respectively, and recognized amortization of these assets of approximately $0.6 million and $0.5 million for the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||
As of March 31, 2015, the remaining net below-market lease assets will be amortized as follows (in thousands): | |||||||||||||||||
For the nine months ending December 31, 2015 | $ | 1,912 | |||||||||||||||
For the years ending December 31: | |||||||||||||||||
2016 | 2,549 | ||||||||||||||||
2017 | 2,549 | ||||||||||||||||
2018 | 2,549 | ||||||||||||||||
2019 | 2,549 | ||||||||||||||||
2020 | 2,549 | ||||||||||||||||
Thereafter | 110,502 | ||||||||||||||||
$ | 125,159 | ||||||||||||||||
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 Transactions. These deposits were applied to the purchase prices at closing. | |||||||||||||||||
Interest Rate Swap Agreements | |||||||||||||||||
Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate swap transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of the effective portion of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income, while changes in the fair value of the ineffective portion of a hedge, if any, is recognized currently in earnings. Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain (loss) on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as gain (loss) on interest rate swaps for contracts that do not qualify for hedge accounting treatment. | |||||||||||||||||
The following tables provide additional information related to Columbia Property Trust's interest rate swaps (in thousands): | |||||||||||||||||
Estimated Fair Value as of | |||||||||||||||||
Instrument Type | Balance Sheet Classification | March 31, | December 31, | ||||||||||||||
2015 | 2014 | ||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Accounts payable | $ | (1,809 | ) | $ | (1,968 | ) | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Accounts payable | $ | (1,318 | ) | $ | (2,633 | ) | ||||||||||
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 was $(3.1) million and $(4.6) million at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income | $ | 159 | $ | 254 | |||||||||||||
Loss on interest rate swap recognized through earnings | $ | (6 | ) | $ | (230 | ) | |||||||||||
During the periods presented, there was no hedge ineffectiveness required to be recognized into earnings on the interest rate swaps that qualified for hedge accounting treatment. | |||||||||||||||||
Income Taxes | |||||||||||||||||
Columbia Property Trust has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"), and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. As a REIT, Columbia Property Trust generally is not subject to income tax on income it distributes to stockholders. Columbia Property Trust's stockholder distributions typically exceed its taxable income due to the inclusion of noncash expenses, such as depreciation, in taxable income. As a result, Columbia Property Trust typically does not incur federal income taxes other than as described in the following paragraph. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements. | |||||||||||||||||
Columbia Property Trust TRS, LLC ("Columbia Property Trust TRS"), Columbia KCP TRS, LLC ("Columbia KCP TRS"), and Columbia Energy TRS, LLC ("Columbia Energy TRS") (collectively, the "TRS Entities") are wholly owned subsidiaries of Columbia Property Trust, are organized as Delaware limited liability companies, and operate, among other things, office properties that Columbia Property Trust does not intend to hold long term and 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. | |||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||
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 retrospectively for Columbia Property Trust beginning on January 1, 2018, 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 prospectively 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. | |||||||||||||||||
In February 2015, the FASB issued Accounting Standards Update 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”), which requires the reevaluation of certain legal entities for consolidation, including limited partnerships, variable interest entities ("VIEs"), and reporting entities that are involved with VIEs. ASU 2015-02 will be effective retrospectively for Columbia Property Trust beginning on January 1, 2017, and early adoption is permitted. Columbia Property Trust does not expect the adoption of ASU 2015-02 to have a material impact on its financial statements and disclosures. | |||||||||||||||||
In April 2015, the FASB issued Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires that deferred financing costs be presented on the balance sheet as a direct deduction of the carrying amount of the related debt. ASU 2015-03 will be effective retrospectively for Columbia Property Trust beginning on January 1, 2016, and early adoption is permitted. Columbia Property Trust is currently in the process of evaluating additional potential impacts of ASU 2015-03 will have on its financial statements and disclosures. |
Real_Estate_Transactions
Real Estate Transactions | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Real Estate [Abstract] | |||||||||||||
Real Estate Transactions | Real Estate Transactions | ||||||||||||
Acquisitions | |||||||||||||
During the three months ended March 31, 2015, Columbia Property Trust acquired the following properties (in thousands): | |||||||||||||
315 Park Avenue | 1881 Campus Commons Building | 116 Huntington | |||||||||||
South Building | Avenue Building | ||||||||||||
Location | New York, NY | Reston, VA | Boston, MA | ||||||||||
Date Acquired | 7-Jan-15 | January 7, 2015 | January 8, 2015 | ||||||||||
Purchase price: | |||||||||||||
Land | $ | 119,746 | $ | 7,186 | $ | — | |||||||
Building and improvements | 232,547 | 49,186 | 108,383 | ||||||||||
Intangible lease assets | 16,916 | 4,645 | 7,907 | ||||||||||
Intangible below market ground lease assets | — | — | 30,244 | ||||||||||
Intangible lease origination costs | 4,163 | 1,607 | 2,669 | ||||||||||
Intangible below market lease liability | (7,494 | ) | (97 | ) | (1,878 | ) | |||||||
Total purchase price | $ | 365,878 | $ | 62,527 | $ | 147,325 | |||||||
The purchase price for these acquisitions includes allocations based upon preliminary estimates of the fair value of the assets and liabilities acquired. These allocations may be adjusted in the future upon finalization of these preliminary estimates. Note 2, Summary of Significant Accounting Policies, provides a discussion of the estimated useful life for each asset class. Columbia Property Trust did not acquire any properties during the three months ended March 31, 2014. | |||||||||||||
Columbia Property Trust acquired these three properties in January 2015, in two separate transactions, as described below. The total purchase price of these two transactions of $588.0 million, exclusive of closing costs, was funded with a $300 million bridge loan; $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. | |||||||||||||
Portfolio Acquisition - 315 Park Avenue South Building & 1881 Campus Commons Building | |||||||||||||
On January 7, 2015, Columbia Property Trust acquired a portfolio of two assets, which included 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 and purchase price adjustments. | |||||||||||||
As of the acquisition date, the 315 Park Avenue South Building was 94.9% leased to nine tenants, including Credit Suisse (74%). For the period from January 7, 2015 to March 31, 2015, Columbia Property Trust recognized revenues of $6.2 million and a net loss of $1.3 million from the 315 Park Avenue South Building. The net loss includes acquisition expenses of $1.2 million. | |||||||||||||
As of the acquisition date, the 1881 Campus Commons Building was 78.0% leased to 15 tenants, including SOS International (15%) and Siemens (12%). For the period from January 7, 2015 to March 31, 2015, Columbia Property Trust recognized revenues of $1.5 million and a net loss of $0.6 million from the 1881 Campus Commons Building. The net loss includes acquisition expenses of $0.5 million. | |||||||||||||
116 Huntington Avenue Building | |||||||||||||
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. As of the acquisition date, the 116 Huntington Avenue Building was 78.0% leased to 17 tenants, including American Tower (21%), GE Healthcare (13%), and Brigham and Women's (12%). For the period from January 8, 2015 to March 31, 2015, Columbia Property Trust recognized revenues of $2.9 million and a net loss of $0.2 million from the 116 Huntington Avenue Building. The net loss includes acquisition expenses of $0.3 million. | |||||||||||||
Pro Forma Financial Information | |||||||||||||
The following unaudited pro forma statements of operations presented for the three months ended March 31, 2015 have been prepared for Columbia Property Trust to give effect to the acquisitions of the 315 Park Avenue South Building, the 1881 Campus Commons Building, and the 116 Huntington Avenue Building as if the acquisitions occurred on January 1, 2014. 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 these acquisitions been consummated as of January 1, 2014 (in thousands). | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Revenues | $ | 148,258 | $ | 170,025 | |||||||||
Net income (loss) | $ | 7,495 | $ | (4,563 | ) | ||||||||
Net income (loss) per share - basic | $ | 0.06 | $ | (0.04 | ) | ||||||||
Net income (loss) per share - diluted | $ | 0.06 | $ | (0.04 | ) | ||||||||
Dispositions | |||||||||||||
Columbia Property Trust did not dispose of any properties during the three months ended March 31, 2015 or 2014. |
Line_of_Credit_Term_Loan_and_N
Line of Credit, Term Loan, and Notes Payable | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Line of Credit, Term Loan, and Notes Payable | Line of Credit, Term Loan, and Notes Payable | ||||||||
As of March 31, 2015 and December 31, 2014, Columbia Property Trust had the following line of credit, term loan, and notes payable indebtedness (excluding bonds payable; see Note 5, Bonds Payable) in thousands: | |||||||||
Facility | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
$450 Million Term Loan | $ | 450,000 | $ | 450,000 | |||||
Market Square Buildings mortgage note | 325,000 | 325,000 | |||||||
333 Market Street Building mortgage note | 206,625 | 206,810 | |||||||
650 California Street Building mortgage note | 130,000 | 130,000 | |||||||
JPMorgan Chase Credit Facility | 105,000 | — | |||||||
100 East Pratt Street Building mortgage note | 105,000 | 105,000 | |||||||
221 Main Street Building mortgage note | 73,000 | 73,000 | |||||||
263 Shuman Boulevard Building mortgage note | 49,000 | 49,000 | |||||||
SanTan Corporate Center mortgage notes | 39,000 | 39,000 | |||||||
One Glenlake Building mortgage note | 31,390 | 32,074 | |||||||
215 Diehl Road Building mortgage note | 21,000 | 21,000 | |||||||
Total indebtedness | $ | 1,535,015 | $ | 1,430,884 | |||||
Bridge Loan | |||||||||
On January 6, 2015, Columbia Property Trust entered into a $300.0 million, six-month, unsecured loan with a syndicate of banks led by JPMorgan Chase Bank (the "Bridge Loan") to finance a portion of the real estate assets purchased in January 2015 (see Note 3, Real Estate Transactions). The Bridge Loan was originally set to mature on July 6, 2015; however, Columbia Property Trust fully repaid the Bridge Loan on March 12, 2015, without premium or penalty, using the proceeds from the 2025 Bonds Payable, as described in Note 5, Bonds Payable. Columbia Property Trust recognized a loss on early extinguishment of debt of $0.5 million as a result of writing off the unamortized deferred financing costs relating to the Bridge Loan. | |||||||||
Fair Value of Debt | |||||||||
The estimated fair value of Columbia Property Trust's line of credit and notes payable as of March 31, 2015 and December 31, 2014, was approximately $1,569.8 million and $1,465.2 million, respectively. Columbia Property Trust estimated the fair value of its JPMorgan Chase Credit Facility (the "JPMorgan Chase Credit Facility") by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates. Therefore, the fair values determined are considered to be based on observable market data for similar instruments (Level 2). The fair values of all other debt instruments were estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowing arrangements as of the respective reporting dates. The discounted cash flow method of assessing fair value results in a general approximation of value, and such value may never actually be realized. | |||||||||
Interest Paid and Capitalized and Debt Covenants | |||||||||
During the three months ended March 31, 2015 and 2014, Columbia Property Trust made interest payments totaling approximately $15.5 million and $13.0 million, respectively, of which approximately $0.1 million was capitalized during the three months ended March 31, 2015, and no interest was capitalized during the three months ended March 31, 2014. As of March 31, 2015, Columbia Property Trust believes it was in compliance with the restrictive financial covenants on its $450 Million Term Loan (the "$450 Million Term Loan"), JPMorgan Chase Credit Facility, and notes payable obligations. |
Bonds_Payable
Bonds Payable | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Bonds Payable | Bonds Payable |
In March 2015, Columbia Property Trust OP issued $350.0 million of ten-year, unsecured 4.150% senior notes at 99.859% of their face value (the "2025 Bonds Payable"), which are guaranteed by Columbia Property Trust. Columbia Property Trust OP received proceeds from the 2025 Bonds Payable, net of fees, of $347.2 million. The 2025 Bonds Payable require semi-annual interest payments in April and October based on a contractual annual interest rate of 4.150%. In the accompanying consolidated balance sheets, the 2025 Bonds Payable are shown net of the initial issuance discount of approximately $0.5 million, which will be amortized to interest expense over the term of the 2025 Bonds Payable using the effective interest method. The principal amount of the 2025 Bonds Payable is due and payable on the maturity date, April 1, 2025. | |
In 2011, Columbia Property Trust OP issued $250.0 million of seven-year, unsecured 5.875% senior notes at 99.295% of their face value (the "2018 Bonds Payable"), which are guaranteed by Columbia Property Trust. Columbia Property Trust OP received proceeds from the 2018 Bonds Payable, net of fees, of $246.7 million. The 2018 Bonds Payable require semi-annual interest payments in April and October based on a contractual annual interest rate of 5.875%, which is subject to adjustment in certain circumstances. In the accompanying consolidated balance sheets, the 2018 Bonds Payable are shown net of the initial issuance discount of approximately $1.8 million, which is amortized to interest expense over the term of the 2018 Bonds Payable using the effective interest method. The principal amount of the 2018 Bonds Payable is due and payable on the maturity date, April 1, 2018. | |
No interest payments were made on the 2025 Bonds Payable or the 2018 Bonds Payable during the three months ended March 31, 2015 and 2014. Columbia Property Trust is subject to substantially similar covenants under the 2025 Bonds Payable and the 2018 Bonds Payable. As of March 31, 2015, Columbia Property Trust believes it was in compliance with the restrictive covenants on the 2025 Bonds Payable and the 2018 Bonds Payable. | |
The estimated fair value of the 2025 Bonds Payable and the 2018 Bonds Payable as of March 31, 2015 was approximately $602.6 million, and the estimated fair value of the 2018 Bonds Payable as of December 31, 2014 was $250.6 million, respectively. The fair value of the 2025 Bonds Payable and the 2018 Bonds Payable was estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowings as the 2025 Bonds Payable and 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 | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
Commitments Under Existing Lease Agreements | |
Certain lease agreements include provisions that, at the option of the tenant, may obligate Columbia Property Trust to expend capital to expand an existing property or provide other expenditures for the benefit of the tenant. As of March 31, 2015, no such options have been exercised that have not been materially satisfied. | |
Litigation | |
Columbia Property Trust is subject to various legal proceedings, claims, and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any reasonably possible loss relating to these matters using the latest information available. Columbia Property Trust records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, Columbia Property Trust accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, Columbia Property Trust accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, Columbia Property Trust discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, Columbia Property Trust discloses the nature and estimate of the possible loss of the litigation. Columbia Property Trust does not disclose information with respect to litigation where the possibility of an unfavorable outcome is considered to be remote. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business, or financial condition of Columbia Property Trust. Columbia Property Trust is not currently involved in any legal proceedings of which management would consider the outcome to be reasonably likely to have a material adverse effect on the results of operations, liquidity, or financial condition of Columbia Property Trust. |
Stockholders_Equity
Stockholder's Equity | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Equity [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"). Columbia Property Trust's shareholders approved the The Long-Term Incentive Plan in July 2013, and a total of 2,000,000 shares are authorized and reserved for issuance under 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. 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 the three months ended March 31, 2015 and 2014, follows: | ||||||||
For the Three Months Ended | ||||||||
31-Mar-15 | ||||||||
Shares | Weighted-Average | |||||||
(in thousands) | Grant-Date | |||||||
Fair Value(1) | ||||||||
Unvested shares - beginning of period | 104 | $ | 24.82 | |||||
Granted | 123 | $ | 24.4 | |||||
Vested | (65 | ) | $ | 24.62 | ||||
Forfeited | — | $ | — | |||||
Unvested shares - end of period(2) | 162 | $ | 24.58 | |||||
(1) | Columbia Property Trust determined the weighted-average grant-date fair value using the market closing price on the date of the respective grants. | |||||||
(2) | As of March 31, 2015, we expect approximately 154,000 of the 162,000 unvested shares to ultimately vest, assuming a forfeiture rate of 5.0%, which was determined based on peer company data, adjusted for the specifics of the Long-Term Incentive Plan. | |||||||
During the three months ended March 31, 2015 and 2014, Columbia Property Trust paid quarterly installments of the independent directors' annual equity retainers by granting shares to the independent directors, which vested at the time of grant. A summary of these grants, made under the Long-Term Incentive Plan, follows: | ||||||||
Date of Grant | Shares | Grant-Date Fair Value | ||||||
2015 Director Grants: | ||||||||
January 2, 2015 | 5,850 | $ | 25.75 | |||||
April 1, 2015 | 4,995 | $ | 27.16 | |||||
2014 Director Grants: | ||||||||
January 21, 2014 | 3,344 | $ | 24.82 | |||||
April 1, 2014 | 2,968 | $ | 27.22 | |||||
For the three months ended March 31, 2015 and 2014, Columbia Property Trust incurred $1.0 million and $0.5 million, respectively, in stock-based compensation expense, of which $0.1 million and $0.1 million, respectively, related to the issuance of shares to independent directors as described above; $0.6 million and $0.2 million, respectively, related to the amortization of unvested awards under the Long-Term Incentive Plan; and $0.3 million and $0.2 million, respectively, related to future employee awards to be granted for service during this period. These future awards have been authorized, and employee service related to these awards began on January 1, 2015. Columbia Property Trust anticipates granting these awards in January 2016, with 25% of the grant vesting on the grant date and the remaining shares vesting ratably, with the passage of time, on January 31, 2017, 2018, and 2019 (the "2015 LTIP Employee Grant"). These expenses are included in general and administrative expenses in the accompanying consolidated statement of operations. As of March 31, 2015, there was $3.2 million of unrecognized compensation costs related to unvested awards under the Long-Term Incentive Plan. This amount will be amortized over the respective vesting period, ranging from one to three years at the time of grant. |
Supplemental_Disclosures_of_No
Supplemental Disclosures of Noncash Investing and Financing Activities | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 three months ended March 31, 2015 and 2014 (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Investments in real estate funded with other assets | $ | 27,000 | $ | — | ||||
Other assets assumed at acquisition | $ | 6,119 | $ | — | ||||
Other liabilities assumed at acquisition | $ | 2,917 | $ | — | ||||
Discount on issuance of bonds payable | $ | 494 | $ | — | ||||
Amortization of net (premiums) discounts on debt | $ | (119 | ) | $ | (88 | ) | ||
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment | $ | 159 | $ | 254 | ||||
Accrued capital expenditures and deferred lease costs | $ | 10,153 | $ | 6,669 | ||||
Accrued deferred financing costs | $ | 461 | $ | 24 | ||||
Common stock issued to employees and directors, and amortized (net of amounts withheld for income taxes) | $ | 393 | $ | 189 | ||||
Discontinued_Operations
Discontinued Operations | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Discontinued Operation, Additional Disclosures [Abstract] | ||||
Discontinued Operations | Discontinued Operations | |||
As a result of implementing Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components on an Entity ("ASU 2014-08") effective April 1, 2014, beginning in the second quarter of 2014, the operating results for properties sold will generally be included in continuing operations. Properties sold prior to implementing ASU 2014-08 are, therefore, included in discontinued operations in the accompanying consolidated statements of operations for all periods presented. | ||||
Columbia Property Trust sold 18 properties for $521.5 million in November 2013, resulting in a net loss of $0.4 million (the "18 Property Sale"). The activity reflected in 2014 relates to post-closing adjustments and true ups related to the 18 Property Sale, and no activity has been reclassified to discontinued operations during the three months ended March 31, 2015. | ||||
For the | ||||
Three Months Ended | ||||
31-Mar-14 | ||||
Revenues: | ||||
Rental income | $ | 3 | ||
Tenant reimbursements | (51 | ) | ||
(48 | ) | |||
Expenses: | ||||
Property operating costs | (347 | ) | ||
Asset and property management fees | 7 | |||
General and administrative | 18 | |||
Total expenses | (322 | ) | ||
Operating income | 274 | |||
Other income (expense): | ||||
Interest and other income | 3 | |||
Income from discontinued operations | 277 | |||
Loss on disposition of discontinued operations | (328 | ) | ||
Loss from discontinued operations | $ | (51 | ) |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share | Earnings Per Share | ||||||||
For the three months ended March 31, 2015 and 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 unvested awards under the Long-Term Incentive Plan and the 2015 LTIP Employee Grant. The following table reconciles the numerator for the basic and diluted earnings per share computations shown on the consolidated statements of income for the three months ended March 31, 2015 and 2014, respectively (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net income | $ | 5,598 | $ | 3,400 | |||||
Distributions paid on unvested shares | (49 | ) | (32 | ) | |||||
Net income used to calculate basic and diluted earnings per share | $ | 5,549 | $ | 3,368 | |||||
The following table reconciles the denominator for the basic and diluted earnings per-share computations shown on the consolidated statements of income for the three months ended March 31, 2015 and 2014, respectively (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Weighted-average common shares - basic | 124,903 | 124,851 | |||||||
Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases: | |||||||||
Unvested awards under the Long-Term Incentive Plan | 17 | 23 | |||||||
2015 LTIP Employee Grant | 15 | 13 | |||||||
Weighted-average common shares - diluted | 124,935 | 124,887 | |||||||
Financial_Information_for_Pare
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non Guarantor Subsidiaries [Abstract] | ||||||||||||||||||||
Financial Information for Parent Guarantor, Issuer Subsidiary and Non-Guarantor Subsidiaries | Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries | |||||||||||||||||||
The 2025 Bonds Payable and the 2018 Bonds Payable (see Note 5, Bonds Payable) were issued by Columbia Property Trust OP, and are guaranteed by Columbia Property Trust. In accordance with SEC Rule 3-10(c), Columbia Property Trust includes herein condensed consolidating financial information in lieu of separate financial statements of the subsidiary issuer (Columbia Property Trust OP), as defined in the bond indentures, 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 guarantee is full and unconditional; and | |||||||||||||||||||
-3 | No other subsidiary of the parent company guarantor (Columbia Property Trust) guarantees the 2025 Bonds Payable or the 2018 Bonds Payable. | |||||||||||||||||||
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 March 31, 2015, and December 31, 2014 (in thousands), as well as its condensed consolidating statements of operations and its condensed consolidating statements of comprehensive income for the three months ended March 31, 2015 and 2014 (in thousands); and its condensed consolidating statements of cash flows for the three months ended March 31, 2015 and 2014 (in thousands). | ||||||||||||||||||||
Condensed Consolidating Balance Sheets (in thousands) | ||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Real estate assets, at cost: | ||||||||||||||||||||
Land | $ | — | $ | 6,241 | $ | 905,794 | $ | — | $ | 912,035 | ||||||||||
Buildings and improvements, net | — | 30,132 | 3,359,270 | — | 3,389,402 | |||||||||||||||
Intangible lease assets, net | — | — | 291,969 | — | 291,969 | |||||||||||||||
Construction in progress | — | 308 | 26,893 | — | 27,201 | |||||||||||||||
Total real estate assets | — | 36,681 | 4,583,926 | — | 4,620,607 | |||||||||||||||
Cash and cash equivalents | 3,521 | 7,580 | 20,135 | — | 31,236 | |||||||||||||||
Investment in subsidiaries | 2,521,532 | 2,166,615 | — | (4,688,147 | ) | — | ||||||||||||||
Tenant receivables, net of allowance | — | 205 | 10,654 | — | 10,859 | |||||||||||||||
Straight-line rent receivable | — | 1,079 | 120,019 | — | 121,098 | |||||||||||||||
Prepaid expenses and other assets | 177,062 | 147,788 | 24,236 | (319,358 | ) | 29,728 | ||||||||||||||
Deferred financing costs, net | — | 8,417 | 2,236 | — | 10,653 | |||||||||||||||
Intangible lease origination costs, net | — | — | 105,759 | — | 105,759 | |||||||||||||||
Deferred lease costs, net | — | 1,558 | 106,110 | — | 107,668 | |||||||||||||||
Investment in development authority bonds | — | — | 120,000 | — | 120,000 | |||||||||||||||
Total assets | $ | 2,702,115 | $ | 2,369,923 | $ | 5,093,075 | $ | (5,007,505 | ) | $ | 5,157,608 | |||||||||
Liabilities: | ||||||||||||||||||||
Line of credit and notes payable | $ | — | $ | 555,000 | $ | 1,297,829 | $ | (317,814 | ) | $ | 1,535,015 | |||||||||
Bonds payable, net | — | 598,754 | — | — | 598,754 | |||||||||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | 9 | 14,179 | 83,785 | — | 97,973 | |||||||||||||||
Due to affiliates | — | 26 | 1,518 | (1,544 | ) | — | ||||||||||||||
Deferred income | — | 341 | 25,347 | — | 25,688 | |||||||||||||||
Intangible lease liabilities, net | — | — | 78,072 | — | 78,072 | |||||||||||||||
Obligations under capital leases | — | — | 120,000 | — | 120,000 | |||||||||||||||
Total liabilities | 9 | 1,168,300 | 1,606,551 | (319,358 | ) | 2,455,502 | ||||||||||||||
Equity: | ||||||||||||||||||||
Total equity | 2,702,106 | 1,201,623 | 3,486,524 | (4,688,147 | ) | 2,702,106 | ||||||||||||||
Total liabilities and equity | $ | 2,702,115 | $ | 2,369,923 | $ | 5,093,075 | $ | (5,007,505 | ) | $ | 5,157,608 | |||||||||
Condensed Consolidating Balance Sheets (in thousands) | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Real estate assets, at cost: | ||||||||||||||||||||
Land | $ | — | $ | 6,241 | $ | 778,860 | $ | — | $ | 785,101 | ||||||||||
Building 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: | ||||||||||||||||||||
Lines of credit 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 and equity | $ | 2,733,508 | $ | 2,324,026 | $ | 4,531,199 | $ | (4,849,855 | ) | $ | 4,738,878 | |||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 544 | $ | 112,359 | $ | (94 | ) | $ | 112,809 | |||||||||
Tenant reimbursements | — | 228 | 28,021 | — | 28,249 | |||||||||||||||
Hotel income | — | — | 4,993 | — | 4,993 | |||||||||||||||
Other property income | — | — | 1,563 | (71 | ) | 1,492 | ||||||||||||||
— | 772 | 146,936 | (165 | ) | 147,543 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 739 | 49,109 | (94 | ) | 49,754 | ||||||||||||||
Hotel operating costs | — | — | 4,591 | — | 4,591 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | — | 14 | — | (14 | ) | — | ||||||||||||||
Other | — | — | 397 | — | 397 | |||||||||||||||
Depreciation | — | 623 | 33,384 | — | 34,007 | |||||||||||||||
Amortization | — | 56 | 23,163 | — | 23,219 | |||||||||||||||
General and administrative | 38 | 1,956 | 6,107 | (57 | ) | 8,044 | ||||||||||||||
Acquisition expenses | — | — | 1,995 | — | 1,995 | |||||||||||||||
38 | 3,388 | 118,746 | (165 | ) | 122,007 | |||||||||||||||
Real estate operating income (loss) | (38 | ) | (2,616 | ) | 28,190 | — | 25,536 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (9,225 | ) | (16,899 | ) | 4,640 | (21,484 | ) | ||||||||||||
Interest and other income | 1,991 | 2,657 | 1,825 | (4,640 | ) | 1,833 | ||||||||||||||
Loss on interest rate swaps | — | — | (6 | ) | — | (6 | ) | |||||||||||||
Loss on early extinguishment of debt | — | (477 | ) | — | — | (477 | ) | |||||||||||||
Income from equity investment | 3,645 | 12,794 | — | (16,439 | ) | — | ||||||||||||||
5,636 | 5,749 | (15,080 | ) | (16,439 | ) | (20,134 | ) | |||||||||||||
Income before income tax benefit (expense) | 5,598 | 3,133 | 13,110 | (16,439 | ) | 5,402 | ||||||||||||||
Income tax benefit (expense) | — | (5 | ) | 201 | — | 196 | ||||||||||||||
Net income | $ | 5,598 | $ | 3,128 | $ | 13,311 | $ | (16,439 | ) | $ | 5,598 | |||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 109 | $ | 100,547 | $ | (89 | ) | $ | 100,567 | |||||||||
Tenant reimbursements | — | 46 | 23,687 | — | 23,733 | |||||||||||||||
Hotel income | — | — | 4,061 | — | 4,061 | |||||||||||||||
Other property income | — | — | 844 | (37 | ) | 807 | ||||||||||||||
— | 155 | 129,139 | (126 | ) | 129,168 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 610 | 38,459 | (89 | ) | 38,980 | ||||||||||||||
Hotel operating costs | — | — | 4,141 | — | 4,141 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | — | 4 | — | (4 | ) | — | ||||||||||||||
Other | — | — | 575 | (286 | ) | 289 | ||||||||||||||
Depreciation | — | 381 | 26,923 | — | 27,304 | |||||||||||||||
Amortization | — | 9 | 18,512 | — | 18,521 | |||||||||||||||
Impairment loss on real estate assets | — | — | 13,550 | — | 13,550 | |||||||||||||||
General and administrative | 29 | 2,617 | 4,333 | (33 | ) | 6,946 | ||||||||||||||
29 | 3,621 | 106,493 | (412 | ) | 109,731 | |||||||||||||||
Real estate operating income (loss) | (29 | ) | (3,466 | ) | 22,646 | 286 | 19,437 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (7,434 | ) | (15,158 | ) | 4,682 | (17,910 | ) | ||||||||||||
Interest and other income | 1,988 | 2,695 | 1,809 | (4,682 | ) | 1,810 | ||||||||||||||
Loss on interest rate swaps | — | — | (230 | ) | — | (230 | ) | |||||||||||||
Income from equity investment | 1,441 | 8,617 | — | (10,058 | ) | — | ||||||||||||||
3,429 | 3,878 | (13,579 | ) | (10,058 | ) | (16,330 | ) | |||||||||||||
Income before income tax benefit (expense) | 3,400 | 412 | 9,067 | (9,772 | ) | 3,107 | ||||||||||||||
Income tax benefit (expense) | — | (1 | ) | 345 | — | 344 | ||||||||||||||
Income from continuing operations | 3,400 | 411 | 9,412 | (9,772 | ) | 3,451 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income from discontinued operations | — | — | 277 | — | 277 | |||||||||||||||
Loss on disposition of discontinued operations | — | — | (328 | ) | — | (328 | ) | |||||||||||||
Loss from discontinued operations | — | — | (51 | ) | — | (51 | ) | |||||||||||||
Net income | $ | 3,400 | $ | 411 | $ | 9,361 | $ | (9,772 | ) | $ | 3,400 | |||||||||
Consolidating Statements of Comprehensive Income (in thousands) | ||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Net income | $ | 5,598 | $ | 3,128 | $ | 13,311 | $ | (16,439 | ) | $ | 5,598 | |||||||||
Market value adjustment to interest rate swap | 159 | 159 | — | (159 | ) | 159 | ||||||||||||||
Comprehensive income | $ | 5,757 | $ | 3,287 | $ | 13,311 | $ | (16,598 | ) | $ | 5,757 | |||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Net income | $ | 3,400 | $ | 411 | $ | 9,361 | $ | (9,772 | ) | $ | 3,400 | |||||||||
Market value adjustment to interest rate swap | 254 | 254 | — | (254 | ) | 254 | ||||||||||||||
Comprehensive income | $ | 3,654 | $ | 665 | $ | 9,361 | $ | (10,026 | ) | $ | 3,654 | |||||||||
Consolidating Statements of Cash Flows (in thousands) | ||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Eliminations | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | (Consolidated) | |||||||||||||||||
(Guarantor) | ||||||||||||||||||||
Cash flows from operating activities | $ | (32 | ) | $ | (10,292 | ) | $ | 54,856 | $ | — | $ | 44,532 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Net proceeds from sale of real estate | — | — | — | — | — | |||||||||||||||
Investment in real estate and related assets | (57,123 | ) | (494,850 | ) | (23,364 | ) | — | (575,337 | ) | |||||||||||
Investments in subsidiaries | (553,203 | ) | — | — | 553,203 | — | ||||||||||||||
Net cash used in investing activities | (610,326 | ) | (494,850 | ) | (23,364 | ) | 553,203 | (575,337 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings, net of fees | — | 809,078 | — | — | 809,078 | |||||||||||||||
Repayments of notes payable | — | (358,000 | ) | (684 | ) | — | (358,684 | ) | ||||||||||||
Distributions | (37,523 | ) | — | — | — | (37,523 | ) | |||||||||||||
Shares redeemed to fund income tax withholdings on stock compensation | (620 | ) | — | — | — | (620 | ) | |||||||||||||
Intercompany contributions (distributions) | 532,534 | 51,140 | (30,471 | ) | (553,203 | ) | — | |||||||||||||
Net cash provided by (used in) financing activities | 494,391 | 502,218 | (31,155 | ) | (553,203 | ) | 412,251 | |||||||||||||
Net decrease in cash and cash equivalents | (115,967 | ) | (2,924 | ) | 337 | — | (118,554 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | 119,488 | 10,504 | 19,798 | — | 149,790 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 3,521 | $ | 7,580 | $ | 20,135 | $ | — | $ | 31,236 | ||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Eliminations | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | (Consolidated) | |||||||||||||||||
(Guarantor) | ||||||||||||||||||||
Cash flows from operating activities | $ | (28 | ) | $ | (9,614 | ) | $ | 67,433 | $ | — | $ | 57,791 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Investment in real estate and related assets | — | (10,932 | ) | (22,336 | ) | — | (33,268 | ) | ||||||||||||
Intercompany contributions (distributions) | (13,700 | ) | (12,985 | ) | — | 26,685 | — | |||||||||||||
Net cash used in investing activities | (13,700 | ) | (23,917 | ) | (22,336 | ) | 26,685 | (33,268 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Repayments of line of credit and notes payable | — | — | (646 | ) | — | (646 | ) | |||||||||||||
Distributions | (37,489 | ) | — | — | — | (37,489 | ) | |||||||||||||
Intercompany transfers, net | 23,392 | 53,225 | (49,932 | ) | (26,685 | ) | — | |||||||||||||
Net cash provided by (used in) financing activities | (14,097 | ) | 53,225 | (50,578 | ) | (26,685 | ) | (38,135 | ) | |||||||||||
Net increase (decrease) in cash and cash equivalents | (27,825 | ) | 19,694 | (5,481 | ) | — | (13,612 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | 53,322 | 20,708 | 25,825 | — | 99,855 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 25,497 | $ | 40,402 | $ | 20,344 | $ | — | $ | 86,243 | ||||||||||
Subsequent_Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event |
Columbia Property Trust has evaluated subsequent events in connection with the preparation of the consolidated financial statements and notes thereto included in this report on Form 10-Q and did not note any additional subsequent events, other than those disclosed elsewhere in this report. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | ||
Mar. 31, 2015 | |||
Accounting Policies [Abstract] | |||
Basis of Presentation | Basis of Presentation | ||
The consolidated financial statements of Columbia Property Trust have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by U.S. generally accepted accounting principles ("GAAP") for complete financial statements. In the opinion of management, the statements for these unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year's results. Columbia Property Trust's consolidated financial statements include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable interest entity in which Columbia Property Trust or Columbia Property Trust OP was deemed the primary beneficiary. With respect to entities that are not variable interest entities, Columbia Property Trust's consolidated financial statements also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling general partnership interest. All intercompany balances and transactions have been eliminated in consolidation. | |||
Fair Value Measurements | Fair Value Measurements | ||
Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification ("ASC") 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability: | |||
Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts. | |||
Level 2 – Assets and liabilities valued based on observable market data for similar instruments. | |||
Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider. | |||
Real Estate Assets | Real Estate Assets | ||
Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. Columbia Property Trust considers the period of future benefit of the asset to determine the appropriate useful lives. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows: | |||
Buildings | 40 years | ||
Building 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 and liabilities may not be recoverable, Columbia Property Trust assesses the recoverability of these assets and liabilities 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 and liabilities 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. Columbia Property Trust has determined that there is no additional impairment in the carrying values of our real estate assets and related intangible assets for the three months ended March 31, 2015. | |||
Projections of expected future operating cash flows require that Columbia Property Trust estimate future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. The subjectivity of assumptions used in the future cash flow analysis, including discount rates, could result in an incorrect assessment of the property's fair value and could result in the misstatement of the carrying value of Columbia Property Trust's real estate assets and related intangible assets and liabilities and net income. | |||
Assets Held for Sale | Assets Held for Sale | ||
Columbia Property Trust classifies assets as held for sale according to ASC 360, Accounting for the Impairment or Disposal of Long-Lived Assets ("ASC 360"). According to ASC 360, assets are considered held for sale when the following criteria are met: | |||
• | Management, having the authority to approve the action, commits to a plan to sell the property. | ||
• | The property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property. | ||
• | An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated. | ||
• | The sale of the property is probable, and transfer of the property is expected to qualify for recognition as a completed sale, within one year. | ||
• | The property is being actively marketed for sale at a price that is reasonable in relation to its current fair value. | ||
• | Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. | ||
At such time that a property is determined to be held for sale, its carrying amount is reduced to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized. | |||
Intangible Assets and Liabilities Arising from In-Place Leases | Intangible Assets and Liabilities Arising from In-Place Leases where Columbia Property Trust Is the Lessee | ||
In-place ground leases where Columbia Property Trust is the lessee may have value associated with effective contractual rental rates that are above or below market rates at the time of execution or assumption. Such values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place lease and (ii) management's estimate of fair market lease rates for the corresponding in-place lease at the time of execution or assumption, measured over a period equal to the remaining terms of the leases. The capitalized above-market and below-market in-place lease values are recorded as intangible lease liabilities and assets, respectively, and are amortized as an adjustment to property operating cost over the remaining term of the respective leases. | |||
Intangible Assets and Liabilities Arising from In-Place Leases where Columbia Property Trust Is the Lessor | |||
Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see Fair Value Measurements section above for additional detail). | |||
Prepaid Expenses and Other Assets | Prepaid Expenses and Other Assets | ||
Prepaid expenses and other assets primarily 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. | |||
Interest Rate Swap Agreements | Interest Rate Swap Agreements | ||
Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate swap transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of the effective portion of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income, while changes in the fair value of the ineffective portion of a hedge, if any, is recognized currently in earnings. Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain (loss) on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as gain (loss) on interest rate swaps for contracts that do not qualify for hedge accounting treatment. | |||
Income Taxes | Income Taxes | ||
Columbia Property Trust has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"), and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. As a REIT, Columbia Property Trust generally is not subject to income tax on income it distributes to stockholders. Columbia Property Trust's stockholder distributions typically exceed its taxable income due to the inclusion of noncash expenses, such as depreciation, in taxable income. As a result, Columbia Property Trust typically does not incur federal income taxes other than as described in the following paragraph. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements. | |||
Columbia Property Trust TRS, LLC ("Columbia Property Trust TRS"), Columbia KCP TRS, LLC ("Columbia KCP TRS"), and Columbia Energy TRS, LLC ("Columbia Energy TRS") (collectively, the "TRS Entities") are wholly owned subsidiaries of Columbia Property Trust, are organized as Delaware limited liability companies, and operate, among other things, office properties that Columbia Property Trust does not intend to hold long term and 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. | |||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||
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 retrospectively for Columbia Property Trust beginning on January 1, 2018, 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 prospectively 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. | |||
In February 2015, the FASB issued Accounting Standards Update 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”), which requires the reevaluation of certain legal entities for consolidation, including limited partnerships, variable interest entities ("VIEs"), and reporting entities that are involved with VIEs. ASU 2015-02 will be effective retrospectively for Columbia Property Trust beginning on January 1, 2017, and early adoption is permitted. Columbia Property Trust does not expect the adoption of ASU 2015-02 to have a material impact on its financial statements and disclosures. | |||
In April 2015, the FASB issued Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires that deferred financing costs be presented on the balance sheet as a direct deduction of the carrying amount of the related debt. ASU 2015-03 will be effective retrospectively for Columbia Property Trust beginning on January 1, 2016, and early adoption is permitted. Columbia Property Trust is currently in the process of evaluating additional potential impacts of ASU 2015-03 will have on its financial statements and disclosures. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 Intangible Assets and Liabilities | As of March 31, 2015 and December 31, 2014, 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 | |||||||||||||||||
March 31, 2015 | Gross | $ | 77,271 | $ | 390,502 | $ | 326,355 | $ | 164,994 | ||||||||
Accumulated Amortization | (59,645 | ) | (241,319 | ) | (220,596 | ) | (86,922 | ) | |||||||||
Net | $ | 17,626 | $ | 149,183 | $ | 105,759 | $ | 78,072 | |||||||||
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 | |||||||||
Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands): | |||||||||||||||||
Intangible Lease Assets | Intangible | Intangible | |||||||||||||||
Lease | Below-Market | ||||||||||||||||
Origination | In-Place Lease | ||||||||||||||||
Above-Market | Absorption | Costs | Liabilities | ||||||||||||||
In-Place | Period Costs | ||||||||||||||||
Lease Assets | |||||||||||||||||
For the three months ended March 31, 2015 | $ | 1,367 | $ | 12,362 | $ | 8,157 | $ | 5,411 | |||||||||
For the three months ended March 31, 2014 | $ | 1,356 | $ | 8,073 | $ | 8,432 | $ | 3,081 | |||||||||
The remaining net intangible assets and liabilities as of March 31, 2015, 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 nine months ending December 31, 2015 | $ | 3,573 | $ | 34,139 | $ | 22,371 | $ | 14,366 | |||||||||
For the years ending December 31: | |||||||||||||||||
2016 | 4,039 | 32,656 | 23,508 | 14,624 | |||||||||||||
2017 | 1,920 | 19,958 | 15,972 | 9,559 | |||||||||||||
2018 | 1,081 | 13,497 | 11,052 | 7,442 | |||||||||||||
2019 | 1,035 | 12,041 | 9,944 | 6,738 | |||||||||||||
2020 | 996 | 10,126 | 8,434 | 5,543 | |||||||||||||
Thereafter | 4,982 | 26,766 | 14,478 | 19,800 | |||||||||||||
$ | 17,626 | $ | 149,183 | $ | 105,759 | $ | 78,072 | ||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of March 31, 2015, the remaining net below-market lease assets will be amortized as follows (in thousands): | ||||||||||||||||
For the nine months ending December 31, 2015 | $ | 1,912 | |||||||||||||||
For the years ending December 31: | |||||||||||||||||
2016 | 2,549 | ||||||||||||||||
2017 | 2,549 | ||||||||||||||||
2018 | 2,549 | ||||||||||||||||
2019 | 2,549 | ||||||||||||||||
2020 | 2,549 | ||||||||||||||||
Thereafter | 110,502 | ||||||||||||||||
$ | 125,159 | ||||||||||||||||
Schedule of Interest Rate Derivatives | The following tables provide additional information related to Columbia Property Trust's interest rate swaps (in thousands): | ||||||||||||||||
Estimated Fair Value as of | |||||||||||||||||
Instrument Type | Balance Sheet Classification | March 31, | December 31, | ||||||||||||||
2015 | 2014 | ||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Accounts payable | $ | (1,809 | ) | $ | (1,968 | ) | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate contracts | Accounts payable | $ | (1,318 | ) | $ | (2,633 | ) | ||||||||||
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position | Columbia Property Trust applied the provisions of ASC 820 in recording its interest rate swaps at fair value. The fair values of the interest rate swaps, classified under Level 2, were determined using a third-party proprietary model that is based on prevailing market data for contracts with matching durations, current and anticipated London Interbank Offered Rate ("LIBOR") information, and reasonable estimates about relevant future market conditions. Columbia Property Trust has determined that the fair value, as determined by the third party, is reasonable. The fair value of Columbia Property Trust's interest rate swaps was $(3.1) million and $(4.6) million at March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income | $ | 159 | $ | 254 | |||||||||||||
Loss on interest rate swap recognized through earnings | $ | (6 | ) | $ | (230 | ) |
Real_Estate_Transactions_Table
Real Estate Transactions (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Real Estate [Abstract] | |||||||||||||
Schedule of Real Estate Property Acquired | During the three months ended March 31, 2015, Columbia Property Trust acquired the following properties (in thousands): | ||||||||||||
315 Park Avenue | 1881 Campus Commons Building | 116 Huntington | |||||||||||
South Building | Avenue Building | ||||||||||||
Location | New York, NY | Reston, VA | Boston, MA | ||||||||||
Date Acquired | 7-Jan-15 | January 7, 2015 | January 8, 2015 | ||||||||||
Purchase price: | |||||||||||||
Land | $ | 119,746 | $ | 7,186 | $ | — | |||||||
Building and improvements | 232,547 | 49,186 | 108,383 | ||||||||||
Intangible lease assets | 16,916 | 4,645 | 7,907 | ||||||||||
Intangible below market ground lease assets | — | — | 30,244 | ||||||||||
Intangible lease origination costs | 4,163 | 1,607 | 2,669 | ||||||||||
Intangible below market lease liability | (7,494 | ) | (97 | ) | (1,878 | ) | |||||||
Total purchase price | $ | 365,878 | $ | 62,527 | $ | 147,325 | |||||||
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 these acquisitions been consummated as of January 1, 2014 (in thousands). | ||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Revenues | $ | 148,258 | $ | 170,025 | |||||||||
Net income (loss) | $ | 7,495 | $ | (4,563 | ) | ||||||||
Net income (loss) per share - basic | $ | 0.06 | $ | (0.04 | ) | ||||||||
Net income (loss) per share - diluted | $ | 0.06 | $ | (0.04 | ) | ||||||||
Line_of_Credit_Term_Loan_and_N1
Line of Credit, Term Loan, and Notes Payable (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of line of credit and notes payable indebtedness outstanding | As of March 31, 2015 and December 31, 2014, Columbia Property Trust had the following line of credit, term loan, and notes payable indebtedness (excluding bonds payable; see Note 5, Bonds Payable) in thousands: | ||||||||
Facility | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
$450 Million Term Loan | $ | 450,000 | $ | 450,000 | |||||
Market Square Buildings mortgage note | 325,000 | 325,000 | |||||||
333 Market Street Building mortgage note | 206,625 | 206,810 | |||||||
650 California Street Building mortgage note | 130,000 | 130,000 | |||||||
JPMorgan Chase Credit Facility | 105,000 | — | |||||||
100 East Pratt Street Building mortgage note | 105,000 | 105,000 | |||||||
221 Main Street Building mortgage note | 73,000 | 73,000 | |||||||
263 Shuman Boulevard Building mortgage note | 49,000 | 49,000 | |||||||
SanTan Corporate Center mortgage notes | 39,000 | 39,000 | |||||||
One Glenlake Building mortgage note | 31,390 | 32,074 | |||||||
215 Diehl Road Building mortgage note | 21,000 | 21,000 | |||||||
Total indebtedness | $ | 1,535,015 | $ | 1,430,884 | |||||
Stockholders_Equity_Tables
Stockholder's Equity (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Equity [Abstract] | ||||||||
Summary of the Activity of Employee Stock Grants | A summary of the activity for the employee stock grants under the Long-Term Incentive Plan for the three months ended March 31, 2015 and 2014, follows: | |||||||
For the Three Months Ended | ||||||||
31-Mar-15 | ||||||||
Shares | Weighted-Average | |||||||
(in thousands) | Grant-Date | |||||||
Fair Value(1) | ||||||||
Unvested shares - beginning of period | 104 | $ | 24.82 | |||||
Granted | 123 | $ | 24.4 | |||||
Vested | (65 | ) | $ | 24.62 | ||||
Forfeited | — | $ | — | |||||
Unvested shares - end of period(2) | 162 | $ | 24.58 | |||||
(1) | Columbia Property Trust determined the weighted-average grant-date fair value using the market closing price on the date of the respective grants. | |||||||
(2) | As of March 31, 2015, we expect approximately 154,000 of the 162,000 unvested shares to ultimately vest, assuming a forfeiture rate of 5.0%, which was determined based on peer company data, adjusted for the specifics of the 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 | Grant-Date Fair Value | ||||||
2015 Director Grants: | ||||||||
January 2, 2015 | 5,850 | $ | 25.75 | |||||
April 1, 2015 | 4,995 | $ | 27.16 | |||||
2014 Director Grants: | ||||||||
January 21, 2014 | 3,344 | $ | 24.82 | |||||
April 1, 2014 | 2,968 | $ | 27.22 | |||||
Supplemental_Disclosures_of_No1
Supplemental Disclosures of Noncash Investing and Financing Activities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Schedule of Other Significant Noncash Transactions | Outlined below are significant noncash investing and financing activities for the three months ended March 31, 2015 and 2014 (in thousands): | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Investments in real estate funded with other assets | $ | 27,000 | $ | — | ||||
Other assets assumed at acquisition | $ | 6,119 | $ | — | ||||
Other liabilities assumed at acquisition | $ | 2,917 | $ | — | ||||
Discount on issuance of bonds payable | $ | 494 | $ | — | ||||
Amortization of net (premiums) discounts on debt | $ | (119 | ) | $ | (88 | ) | ||
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment | $ | 159 | $ | 254 | ||||
Accrued capital expenditures and deferred lease costs | $ | 10,153 | $ | 6,669 | ||||
Accrued deferred financing costs | $ | 461 | $ | 24 | ||||
Common stock issued to employees and directors, and amortized (net of amounts withheld for income taxes) | $ | 393 | $ | 189 | ||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Discontinued Operation, Additional Disclosures [Abstract] | ||||
Schedule of revenues and expenses of the above-described discontinued operations | The activity reflected in 2014 relates to post-closing adjustments and true ups related to the 18 Property Sale, and no activity has been reclassified to discontinued operations during the three months ended March 31, 2015. | |||
For the | ||||
Three Months Ended | ||||
31-Mar-14 | ||||
Revenues: | ||||
Rental income | $ | 3 | ||
Tenant reimbursements | (51 | ) | ||
(48 | ) | |||
Expenses: | ||||
Property operating costs | (347 | ) | ||
Asset and property management fees | 7 | |||
General and administrative | 18 | |||
Total expenses | (322 | ) | ||
Operating income | 274 | |||
Other income (expense): | ||||
Interest and other income | 3 | |||
Income from discontinued operations | 277 | |||
Loss on disposition of discontinued operations | (328 | ) | ||
Loss from discontinued operations | $ | (51 | ) |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Basic and Diluted Earnings per Share Computations | The following table reconciles the numerator for the basic and diluted earnings per share computations shown on the consolidated statements of income for the three months ended March 31, 2015 and 2014, respectively (in thousands): | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net income | $ | 5,598 | $ | 3,400 | |||||
Distributions paid on unvested shares | (49 | ) | (32 | ) | |||||
Net income used to calculate basic and diluted earnings per share | $ | 5,549 | $ | 3,368 | |||||
The following table reconciles the denominator for the basic and diluted earnings per-share computations shown on the consolidated statements of income for the three months ended March 31, 2015 and 2014, respectively (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Weighted-average common shares - basic | 124,903 | 124,851 | |||||||
Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases: | |||||||||
Unvested awards under the Long-Term Incentive Plan | 17 | 23 | |||||||
2015 LTIP Employee Grant | 15 | 13 | |||||||
Weighted-average common shares - diluted | 124,935 | 124,887 | |||||||
Financial_Information_for_Pare1
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non Guarantor Subsidiaries [Abstract] | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets (in thousands) | |||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Real estate assets, at cost: | ||||||||||||||||||||
Land | $ | — | $ | 6,241 | $ | 905,794 | $ | — | $ | 912,035 | ||||||||||
Buildings and improvements, net | — | 30,132 | 3,359,270 | — | 3,389,402 | |||||||||||||||
Intangible lease assets, net | — | — | 291,969 | — | 291,969 | |||||||||||||||
Construction in progress | — | 308 | 26,893 | — | 27,201 | |||||||||||||||
Total real estate assets | — | 36,681 | 4,583,926 | — | 4,620,607 | |||||||||||||||
Cash and cash equivalents | 3,521 | 7,580 | 20,135 | — | 31,236 | |||||||||||||||
Investment in subsidiaries | 2,521,532 | 2,166,615 | — | (4,688,147 | ) | — | ||||||||||||||
Tenant receivables, net of allowance | — | 205 | 10,654 | — | 10,859 | |||||||||||||||
Straight-line rent receivable | — | 1,079 | 120,019 | — | 121,098 | |||||||||||||||
Prepaid expenses and other assets | 177,062 | 147,788 | 24,236 | (319,358 | ) | 29,728 | ||||||||||||||
Deferred financing costs, net | — | 8,417 | 2,236 | — | 10,653 | |||||||||||||||
Intangible lease origination costs, net | — | — | 105,759 | — | 105,759 | |||||||||||||||
Deferred lease costs, net | — | 1,558 | 106,110 | — | 107,668 | |||||||||||||||
Investment in development authority bonds | — | — | 120,000 | — | 120,000 | |||||||||||||||
Total assets | $ | 2,702,115 | $ | 2,369,923 | $ | 5,093,075 | $ | (5,007,505 | ) | $ | 5,157,608 | |||||||||
Liabilities: | ||||||||||||||||||||
Line of credit and notes payable | $ | — | $ | 555,000 | $ | 1,297,829 | $ | (317,814 | ) | $ | 1,535,015 | |||||||||
Bonds payable, net | — | 598,754 | — | — | 598,754 | |||||||||||||||
Accounts payable, accrued expenses, and accrued capital expenditures | 9 | 14,179 | 83,785 | — | 97,973 | |||||||||||||||
Due to affiliates | — | 26 | 1,518 | (1,544 | ) | — | ||||||||||||||
Deferred income | — | 341 | 25,347 | — | 25,688 | |||||||||||||||
Intangible lease liabilities, net | — | — | 78,072 | — | 78,072 | |||||||||||||||
Obligations under capital leases | — | — | 120,000 | — | 120,000 | |||||||||||||||
Total liabilities | 9 | 1,168,300 | 1,606,551 | (319,358 | ) | 2,455,502 | ||||||||||||||
Equity: | ||||||||||||||||||||
Total equity | 2,702,106 | 1,201,623 | 3,486,524 | (4,688,147 | ) | 2,702,106 | ||||||||||||||
Total liabilities and equity | $ | 2,702,115 | $ | 2,369,923 | $ | 5,093,075 | $ | (5,007,505 | ) | $ | 5,157,608 | |||||||||
Condensed Consolidating Balance Sheets (in thousands) | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Real estate assets, at cost: | ||||||||||||||||||||
Land | $ | — | $ | 6,241 | $ | 778,860 | $ | — | $ | 785,101 | ||||||||||
Building 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: | ||||||||||||||||||||
Lines of credit 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 and equity | $ | 2,733,508 | $ | 2,324,026 | $ | 4,531,199 | $ | (4,849,855 | ) | $ | 4,738,878 | |||||||||
Consolidating Statements of Operations | Consolidating Statements of Operations (in thousands) | |||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 544 | $ | 112,359 | $ | (94 | ) | $ | 112,809 | |||||||||
Tenant reimbursements | — | 228 | 28,021 | — | 28,249 | |||||||||||||||
Hotel income | — | — | 4,993 | — | 4,993 | |||||||||||||||
Other property income | — | — | 1,563 | (71 | ) | 1,492 | ||||||||||||||
— | 772 | 146,936 | (165 | ) | 147,543 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 739 | 49,109 | (94 | ) | 49,754 | ||||||||||||||
Hotel operating costs | — | — | 4,591 | — | 4,591 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | — | 14 | — | (14 | ) | — | ||||||||||||||
Other | — | — | 397 | — | 397 | |||||||||||||||
Depreciation | — | 623 | 33,384 | — | 34,007 | |||||||||||||||
Amortization | — | 56 | 23,163 | — | 23,219 | |||||||||||||||
General and administrative | 38 | 1,956 | 6,107 | (57 | ) | 8,044 | ||||||||||||||
Acquisition expenses | — | — | 1,995 | — | 1,995 | |||||||||||||||
38 | 3,388 | 118,746 | (165 | ) | 122,007 | |||||||||||||||
Real estate operating income (loss) | (38 | ) | (2,616 | ) | 28,190 | — | 25,536 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (9,225 | ) | (16,899 | ) | 4,640 | (21,484 | ) | ||||||||||||
Interest and other income | 1,991 | 2,657 | 1,825 | (4,640 | ) | 1,833 | ||||||||||||||
Loss on interest rate swaps | — | — | (6 | ) | — | (6 | ) | |||||||||||||
Loss on early extinguishment of debt | — | (477 | ) | — | — | (477 | ) | |||||||||||||
Income from equity investment | 3,645 | 12,794 | — | (16,439 | ) | — | ||||||||||||||
5,636 | 5,749 | (15,080 | ) | (16,439 | ) | (20,134 | ) | |||||||||||||
Income before income tax benefit (expense) | 5,598 | 3,133 | 13,110 | (16,439 | ) | 5,402 | ||||||||||||||
Income tax benefit (expense) | — | (5 | ) | 201 | — | 196 | ||||||||||||||
Net income | $ | 5,598 | $ | 3,128 | $ | 13,311 | $ | (16,439 | ) | $ | 5,598 | |||||||||
Consolidating Statements of Operations (in thousands) | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | — | $ | 109 | $ | 100,547 | $ | (89 | ) | $ | 100,567 | |||||||||
Tenant reimbursements | — | 46 | 23,687 | — | 23,733 | |||||||||||||||
Hotel income | — | — | 4,061 | — | 4,061 | |||||||||||||||
Other property income | — | — | 844 | (37 | ) | 807 | ||||||||||||||
— | 155 | 129,139 | (126 | ) | 129,168 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 610 | 38,459 | (89 | ) | 38,980 | ||||||||||||||
Hotel operating costs | — | — | 4,141 | — | 4,141 | |||||||||||||||
Asset and property management fees: | ||||||||||||||||||||
Related-party | — | 4 | — | (4 | ) | — | ||||||||||||||
Other | — | — | 575 | (286 | ) | 289 | ||||||||||||||
Depreciation | — | 381 | 26,923 | — | 27,304 | |||||||||||||||
Amortization | — | 9 | 18,512 | — | 18,521 | |||||||||||||||
Impairment loss on real estate assets | — | — | 13,550 | — | 13,550 | |||||||||||||||
General and administrative | 29 | 2,617 | 4,333 | (33 | ) | 6,946 | ||||||||||||||
29 | 3,621 | 106,493 | (412 | ) | 109,731 | |||||||||||||||
Real estate operating income (loss) | (29 | ) | (3,466 | ) | 22,646 | 286 | 19,437 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense | — | (7,434 | ) | (15,158 | ) | 4,682 | (17,910 | ) | ||||||||||||
Interest and other income | 1,988 | 2,695 | 1,809 | (4,682 | ) | 1,810 | ||||||||||||||
Loss on interest rate swaps | — | — | (230 | ) | — | (230 | ) | |||||||||||||
Income from equity investment | 1,441 | 8,617 | — | (10,058 | ) | — | ||||||||||||||
3,429 | 3,878 | (13,579 | ) | (10,058 | ) | (16,330 | ) | |||||||||||||
Income before income tax benefit (expense) | 3,400 | 412 | 9,067 | (9,772 | ) | 3,107 | ||||||||||||||
Income tax benefit (expense) | — | (1 | ) | 345 | — | 344 | ||||||||||||||
Income from continuing operations | 3,400 | 411 | 9,412 | (9,772 | ) | 3,451 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Operating income from discontinued operations | — | — | 277 | — | 277 | |||||||||||||||
Loss on disposition of discontinued operations | — | — | (328 | ) | — | (328 | ) | |||||||||||||
Loss from discontinued operations | — | — | (51 | ) | — | (51 | ) | |||||||||||||
Net income | $ | 3,400 | $ | 411 | $ | 9,361 | $ | (9,772 | ) | $ | 3,400 | |||||||||
Consolidating Statements of Comprehensive Income | Consolidating Statements of Comprehensive Income (in thousands) | |||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Net income | $ | 5,598 | $ | 3,128 | $ | 13,311 | $ | (16,439 | ) | $ | 5,598 | |||||||||
Market value adjustment to interest rate swap | 159 | 159 | — | (159 | ) | 159 | ||||||||||||||
Comprehensive income | $ | 5,757 | $ | 3,287 | $ | 13,311 | $ | (16,598 | ) | $ | 5,757 | |||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia | Non- | Consolidating | Columbia Property Trust | ||||||||||||||||
(Parent) | Property | Guarantors | adjustments | (Consolidated) | ||||||||||||||||
(Guarantor) | Trust OP | |||||||||||||||||||
(the Issuer) | ||||||||||||||||||||
Net income | $ | 3,400 | $ | 411 | $ | 9,361 | $ | (9,772 | ) | $ | 3,400 | |||||||||
Market value adjustment to interest rate swap | 254 | 254 | — | (254 | ) | 254 | ||||||||||||||
Comprehensive income | $ | 3,654 | $ | 665 | $ | 9,361 | $ | (10,026 | ) | $ | 3,654 | |||||||||
Consolidating Statements of Cash Flows | Consolidating Statements of Cash Flows (in thousands) | |||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Eliminations | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | (Consolidated) | |||||||||||||||||
(Guarantor) | ||||||||||||||||||||
Cash flows from operating activities | $ | (32 | ) | $ | (10,292 | ) | $ | 54,856 | $ | — | $ | 44,532 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Net proceeds from sale of real estate | — | — | — | — | — | |||||||||||||||
Investment in real estate and related assets | (57,123 | ) | (494,850 | ) | (23,364 | ) | — | (575,337 | ) | |||||||||||
Investments in subsidiaries | (553,203 | ) | — | — | 553,203 | — | ||||||||||||||
Net cash used in investing activities | (610,326 | ) | (494,850 | ) | (23,364 | ) | 553,203 | (575,337 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings, net of fees | — | 809,078 | — | — | 809,078 | |||||||||||||||
Repayments of notes payable | — | (358,000 | ) | (684 | ) | — | (358,684 | ) | ||||||||||||
Distributions | (37,523 | ) | — | — | — | (37,523 | ) | |||||||||||||
Shares redeemed to fund income tax withholdings on stock compensation | (620 | ) | — | — | — | (620 | ) | |||||||||||||
Intercompany contributions (distributions) | 532,534 | 51,140 | (30,471 | ) | (553,203 | ) | — | |||||||||||||
Net cash provided by (used in) financing activities | 494,391 | 502,218 | (31,155 | ) | (553,203 | ) | 412,251 | |||||||||||||
Net decrease in cash and cash equivalents | (115,967 | ) | (2,924 | ) | 337 | — | (118,554 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | 119,488 | 10,504 | 19,798 | — | 149,790 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 3,521 | $ | 7,580 | $ | 20,135 | $ | — | $ | 31,236 | ||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
Columbia Property Trust | Columbia Property Trust OP | Non- | Eliminations | Columbia Property Trust | ||||||||||||||||
(Parent) | (the Issuer) | Guarantors | (Consolidated) | |||||||||||||||||
(Guarantor) | ||||||||||||||||||||
Cash flows from operating activities | $ | (28 | ) | $ | (9,614 | ) | $ | 67,433 | $ | — | $ | 57,791 | ||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Investment in real estate and related assets | — | (10,932 | ) | (22,336 | ) | — | (33,268 | ) | ||||||||||||
Intercompany contributions (distributions) | (13,700 | ) | (12,985 | ) | — | 26,685 | — | |||||||||||||
Net cash used in investing activities | (13,700 | ) | (23,917 | ) | (22,336 | ) | 26,685 | (33,268 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Repayments of line of credit and notes payable | — | — | (646 | ) | — | (646 | ) | |||||||||||||
Distributions | (37,489 | ) | — | — | — | (37,489 | ) | |||||||||||||
Intercompany transfers, net | 23,392 | 53,225 | (49,932 | ) | (26,685 | ) | — | |||||||||||||
Net cash provided by (used in) financing activities | (14,097 | ) | 53,225 | (50,578 | ) | (26,685 | ) | (38,135 | ) | |||||||||||
Net increase (decrease) in cash and cash equivalents | (27,825 | ) | 19,694 | (5,481 | ) | — | (13,612 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | 53,322 | 20,708 | 25,825 | — | 99,855 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 25,497 | $ | 40,402 | $ | 20,344 | $ | — | $ | 86,243 | ||||||||||
Organization_Details
Organization (Details) | Mar. 31, 2015 |
sqft | |
States | |
Buildings | |
Real Estate | |
Number of operational buildings | 55 |
Square feet of real estate | 16,600,000 |
Number of states with properties | 12 |
Percent of leased office space of owned properties | 92.30% |
Office Building | |
Real Estate | |
Number of real estate properties | 38 |
Hotel | |
Real Estate | |
Number of real estate properties | 1 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narratives) (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Jun. 04, 2014 | Dec. 31, 2014 | |
Significant Accounting Policies [Line Items] | ||||
Impairment loss on real estate assets | $0 | $13,550,000 | ||
Amortization of intangible assets | 20,477,000 | 18,245,000 | ||
Earnest money deposits included in prepaid expenses and other assets | 27,000,000 | |||
Fair value of interest rate swaps | -3,100,000 | -4,600,000 | ||
Requirement to distribute taxable income (percent) | 90.00% | |||
Limit on investments in taxable real estate investment trusts (percent) | 25.00% | |||
Building | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life of real estate assets | 40 years | |||
Intangible below market lease assets | ||||
Significant Accounting Policies [Line Items] | ||||
Gross intangible assets | 140,900,000 | 110,700,000 | ||
Amortization of intangible assets | 600,000 | 500,000 | ||
Minimum | Building Improvements | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life of real estate assets | 5 years | |||
Maximum | Building Improvements | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life of real estate assets | 25 years | |||
160 Park Avenue | ||||
Significant Accounting Policies [Line Items] | ||||
Net proceeds from the sale of real estate | 10,200,000 | |||
160 Park Avenue | Fair Value, Inputs, Level 2 | ||||
Significant Accounting Policies [Line Items] | ||||
Impairment loss on real estate assets | $13,600,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Schedule of Intangible Assets & Liabilities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ||
Intangible Lease Assets, Accumulated Amortization | ($316,720) | ($313,822) |
Intangible lease assets, net | 291,969 | 247,068 |
Intangible Lease Origination Costs, Accumulated Amortization | -220,596 | -219,626 |
Intangible Lease Origination Costs, Net | 105,759 | 105,528 |
Below Market Lease, Gross | 164,994 | 159,240 |
Below Market Lease, Accumulated Amortization | -86,922 | -84,935 |
Below Market Lease, Net | 78,072 | 74,305 |
Above-Market In-Place Lease Assets | ||
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ||
Intangible Lease Assets, Gross | 77,271 | 79,805 |
Intangible Lease Assets, Accumulated Amortization | -59,645 | -61,619 |
Intangible lease assets, net | 17,626 | 18,186 |
Absorption Period Costs | ||
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ||
Intangible Lease Assets, Gross | 390,502 | 370,412 |
Intangible Lease Assets, Accumulated Amortization | -241,319 | -237,084 |
Intangible lease assets, net | 149,183 | 133,328 |
Intangible lease origination costs | ||
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ||
Intangible Lease Origination Costs, Gross | 326,355 | 325,154 |
Intangible Lease Origination Costs, Accumulated Amortization | -220,596 | -219,626 |
Intangible Lease Origination Costs, Net | $105,759 | $105,528 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Schedule of Recognized Amortization) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | $23,219 | $18,521 |
Amortization of Below Market Lease | 5,411 | 3,081 |
Above-Market In-Place Lease Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | 1,367 | 1,356 |
Absorption Period Costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | 12,362 | 8,073 |
Intangible lease origination costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | $8,157 | $8,432 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Schedule of Future Amortization by Intangible Asset Class) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible lease assets, net | $291,969 | $247,068 |
Intangible Lease Origination Costs, Net | 105,759 | 105,528 |
Below Market Lease [Abstract] | ||
For the nine months ending December 31, 2015 | 14,366 | |
2016 | 14,624 | |
2017 | 9,559 | |
2018 | 7,442 | |
2019 | 6,738 | |
2020 | 5,543 | |
Thereafter | 19,800 | |
Below Market Lease, Net | 78,072 | 74,305 |
Above-Market In-Place Lease Assets | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
For the nine months ending December 31, 2015 | 3,573 | |
2016 | 4,039 | |
2017 | 1,920 | |
2018 | 1,081 | |
2019 | 1,035 | |
2020 | 996 | |
Thereafter | 4,982 | |
Intangible lease assets, net | 17,626 | 18,186 |
Absorption Period Costs | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
For the nine months ending December 31, 2015 | 34,139 | |
2016 | 32,656 | |
2017 | 19,958 | |
2018 | 13,497 | |
2019 | 12,041 | |
2020 | 10,126 | |
Thereafter | 26,766 | |
Intangible lease assets, net | 149,183 | 133,328 |
Intangible lease origination costs | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
For the nine months ending December 31, 2015 | 22,371 | |
2016 | 23,508 | |
2017 | 15,972 | |
2018 | 11,052 | |
2019 | 9,944 | |
2020 | 8,434 | |
Thereafter | 14,478 | |
Intangible Lease Origination Costs, Net | $105,759 | $105,528 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Schedule of Future Amortization for Below-Market Lease Assets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
For the years ending December 31: | ||
Intangible lease assets, net | $291,969 | $247,068 |
Intangible below market lease assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
For the nine months ending December 31, 2015 | 1,912 | |
For the years ending December 31: | ||
2016 | 2,549 | |
2017 | 2,549 | |
2018 | 2,549 | |
2019 | 2,549 | |
2020 | 2,549 | |
Thereafter | 110,502 | |
Intangible lease assets, net | $125,159 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Interest Rate Swaps) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Summary of Derivative Instruments Impact on Results of Operations [Abstract] | |||
Market value adjustment to interest rate swap designated as a hedge instrument included in other comprehensive income | $159 | $254 | |
Loss on interest rate swap recognized through earnings | -6 | -230 | |
Interest Rate Contract | Accounts Payable | |||
Derivative, Fair Value, Net [Abstract] | |||
Derivative designated as hedging instruments | -1,809 | -1,968 | |
Derivatives not designated as hedging instruments | ($1,318) | ($2,633) |
Real_Estate_Transactions_Sched
Real Estate Transactions (Schedule of Properties Acquired) (Details) (USD $) | Jan. 07, 2015 | Jan. 08, 2015 |
In Thousands, unless otherwise specified | ||
315 Park Avenue South Building | ||
Business Acquisition [Line Items] | ||
Land | $119,746 | |
Buildings and Improvements | 232,547 | |
Intangible below market lease liability | -7,494 | |
Total Purchase Price | 365,878 | |
1881 Campus Commons Building | ||
Business Acquisition [Line Items] | ||
Land | 7,186 | |
Buildings and Improvements | 49,186 | |
Intangible below market lease liability | -97 | |
Total Purchase Price | 62,527 | |
116 Huntington Avenue Building | ||
Business Acquisition [Line Items] | ||
Land | 0 | |
Buildings and Improvements | 108,383 | |
Intangible below market lease liability | -1,878 | |
Total Purchase Price | 147,325 | |
Intangible lease assets | 315 Park Avenue South Building | ||
Business Acquisition [Line Items] | ||
Intangible Lease Assets | 16,916 | |
Intangible lease assets | 1881 Campus Commons Building | ||
Business Acquisition [Line Items] | ||
Intangible Lease Assets | 4,645 | |
Intangible lease assets | 116 Huntington Avenue Building | ||
Business Acquisition [Line Items] | ||
Intangible Lease Assets | 7,907 | |
Intangible below market ground lease assets | 315 Park Avenue South Building | ||
Business Acquisition [Line Items] | ||
Intangible Lease Assets | 0 | |
Intangible below market ground lease assets | 1881 Campus Commons Building | ||
Business Acquisition [Line Items] | ||
Intangible Lease Assets | 0 | |
Intangible below market ground lease assets | 116 Huntington Avenue Building | ||
Business Acquisition [Line Items] | ||
Intangible Lease Assets | 30,244 | |
Intangible lease origination costs | 315 Park Avenue South Building | ||
Business Acquisition [Line Items] | ||
Intangible Lease Assets | 4,163 | |
Intangible lease origination costs | 1881 Campus Commons Building | ||
Business Acquisition [Line Items] | ||
Intangible Lease Assets | 1,607 | |
Intangible lease origination costs | 116 Huntington Avenue Building | ||
Business Acquisition [Line Items] | ||
Intangible Lease Assets | $2,669 |
Real_Estate_Transactions_Acqui
Real Estate Transactions (Acquisitions) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 0 Months Ended | ||||
Jan. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Jan. 08, 2015 | Jan. 07, 2015 | Jan. 06, 2015 | |
transaction | sqft | ||||||
Properties | |||||||
Business Acquisition [Line Items] | |||||||
Number of real estate properties acquired | 3 | ||||||
Number of transactions | 2 | ||||||
Real estate acquisitions | $551,277,000 | $0 | |||||
Square feet of real estate | 16,600,000 | 16,600,000 | |||||
Percent of leased office space of owned properties | 92.30% | 92.30% | |||||
Acquisition expenses | 1,995,000 | 0 | |||||
315 Park Avenue South Building | |||||||
Business Acquisition [Line Items] | |||||||
Revenue recognized since acquisition date | 6,200,000 | ||||||
Net loss recognized since acquisition date | 1,300,000 | ||||||
Acquisition expenses | 1,200,000 | ||||||
1881 Campus Commons Building | |||||||
Business Acquisition [Line Items] | |||||||
Revenue recognized since acquisition date | 1,500,000 | ||||||
Net loss recognized since acquisition date | 600,000 | ||||||
Acquisition expenses | 500,000 | ||||||
116 Huntington Avenue Building | |||||||
Business Acquisition [Line Items] | |||||||
Revenue recognized since acquisition date | 2,900,000 | ||||||
Net loss recognized since acquisition date | 200,000 | ||||||
Acquisition expenses | 300,000 | ||||||
Customer Concentration Risk | Credit Suisse | 315 Park Avenue South Building | |||||||
Business Acquisition [Line Items] | |||||||
Concentration risk percentage | 74.00% | ||||||
Customer Concentration Risk | SOS International | 1881 Campus Commons Building | |||||||
Business Acquisition [Line Items] | |||||||
Concentration risk percentage | 15.00% | ||||||
Customer Concentration Risk | Siemens | 1881 Campus Commons Building | |||||||
Business Acquisition [Line Items] | |||||||
Concentration risk percentage | 12.00% | ||||||
Customer Concentration Risk | American Tower | 116 Huntington Avenue Building | |||||||
Business Acquisition [Line Items] | |||||||
Concentration risk percentage | 21.00% | ||||||
Customer Concentration Risk | GE Healthcare | 116 Huntington Avenue Building | |||||||
Business Acquisition [Line Items] | |||||||
Concentration risk percentage | 13.00% | ||||||
Customer Concentration Risk | Brigham and Women's | 116 Huntington Avenue Building | |||||||
Business Acquisition [Line Items] | |||||||
Concentration risk percentage | 12.00% | ||||||
Office Building | |||||||
Business Acquisition [Line Items] | |||||||
Real estate acquisitions | 588,000,000 | ||||||
Number of real estate properties | 38 | 38 | |||||
Office Building | 315 Park Avenue South Building | |||||||
Business Acquisition [Line Items] | |||||||
Square feet of real estate | 341,000 | ||||||
Percent of leased office space of owned properties | 94.90% | ||||||
Number of customers | 9 | ||||||
Office Building | 1881 Campus Commons Building | |||||||
Business Acquisition [Line Items] | |||||||
Square feet of real estate | 245,000 | ||||||
Percent of leased office space of owned properties | 78.00% | ||||||
Number of customers | 15 | ||||||
Office Building | 116 Huntington Avenue Building | |||||||
Business Acquisition [Line Items] | |||||||
Real estate acquisitions | 152,000,000 | ||||||
Square feet of real estate | 274,000 | ||||||
Percent of leased office space of owned properties | 78.00% | ||||||
Number of customers | 17 | ||||||
Office Building | 315 Park Avenue South and 1881 Campus Commons Building | |||||||
Business Acquisition [Line Items] | |||||||
Real estate acquisitions | 436,000,000 | ||||||
Number of real estate properties | 2 | ||||||
Bonds Payable | JPMorgan Chase Term Loan | |||||||
Business Acquisition [Line Items] | |||||||
Debt face amount | 300,000,000 | ||||||
Credit Facilities | JPMorgan Chase Credit Facility | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from lines of credit | $140,000,000 |
Real_Estate_Transactions_Pro_F
Real Estate Transactions (Pro Forma) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Real Estate [Abstract] | ||
Revenues | $148,258 | $170,025 |
Net income (loss) | $7,495 | ($4,563) |
Net income (loss) per share - basic (in dollars per share) | $0.06 | ($0.04) |
Net income (loss) per share - diluted (in dollars per share) | $0.06 | ($0.04) |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total indebtedness | $1,535,015 | $1,430,884 |
Term Loans | $450 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Total indebtedness | 450,000 | 450,000 |
Mortgage Notes | Market Square Buildings mortgage note | ||
Debt Instrument [Line Items] | ||
Total indebtedness | 325,000 | 325,000 |
Mortgage Notes | 333 Market Street Building mortgage note | ||
Debt Instrument [Line Items] | ||
Total indebtedness | 206,625 | 206,810 |
Mortgage Notes | 650 California Street Building mortgage note | ||
Debt Instrument [Line Items] | ||
Total indebtedness | 130,000 | 130,000 |
Mortgage Notes | 100 East Pratt Street Building mortgage note | ||
Debt Instrument [Line Items] | ||
Total indebtedness | 105,000 | 105,000 |
Mortgage Notes | 221 Main Street Building mortgage note | ||
Debt Instrument [Line Items] | ||
Total indebtedness | 73,000 | 73,000 |
Mortgage Notes | 263 Shuman Boulevard Building mortgage note | ||
Debt Instrument [Line Items] | ||
Total indebtedness | 49,000 | 49,000 |
Mortgage Notes | SanTan Corporate Center mortgage notes | ||
Debt Instrument [Line Items] | ||
Total indebtedness | 39,000 | 39,000 |
Mortgage Notes | One Glenlake Building mortgage note | ||
Debt Instrument [Line Items] | ||
Total indebtedness | 31,390 | 32,074 |
Mortgage Notes | 215 Diehl Road Building mortgage note | ||
Debt Instrument [Line Items] | ||
Total indebtedness | 21,000 | 21,000 |
Credit Facilities | JPMorgan Chase Credit Facility | ||
Debt Instrument [Line Items] | ||
Total indebtedness | $105,000 | $0 |
Line_of_Credit_Term_Loan_and_N3
Line of Credit, Term Loan, and Notes Payable (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2011 | Mar. 12, 2015 | Jan. 06, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||||
Loss on early extinguishment of debt | $477,000 | $0 | ||||
$450 Million Term Loan Amended | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | 450,000,000 | |||||
Bonds Payable | ||||||
Debt Instrument [Line Items] | ||||||
Maturity of debt instrument | 7 years | |||||
Bonds Payable | JPMorgan Chase Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | 300,000,000 | |||||
Maturity of debt instrument | 6 months | |||||
Loss on early extinguishment of debt | 500,000 | |||||
Loans Payable | ||||||
Debt Instrument [Line Items] | ||||||
Estimated fair value of line of credit and notes payable | 1,569,800,000 | 1,465,200,000 | ||||
Interest payments | 15,500,000 | 13,000,000 | ||||
Interest capitalized | $100,000 | $0 |
Bonds_Payable_Narratives_Detai
Bonds Payable (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2011 | Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||||
Proceeds from issuance of bonds payable | $349,507,000 | $0 | |||
Initial issuance discount of bonds payable | 1,246,000 | 1,246,000 | 818,000 | ||
Bonds Payable | |||||
Debt Instrument [Line Items] | |||||
Maturity of debt instrument | 7 years | ||||
Bonds Payable | 2025 Bonds Payable | |||||
Debt Instrument [Line Items] | |||||
Face amount of issued debt instrument | 350,000,000 | 350,000,000 | |||
Maturity of debt instrument | 10 years | ||||
Interest rate for debt instrument (percent) | 4.15% | 4.15% | |||
Discount rate of face value of issued debt instrument (in percent) | 99.86% | 99.86% | |||
Proceeds from issuance of bonds payable | 347,200,000 | ||||
Frequency of payments | semi-annual | ||||
Initial issuance discount of bonds payable | 500,000 | 500,000 | |||
Maturity date | 1-Apr-25 | ||||
Interest payments | 0 | 0 | |||
Bonds Payable | 2018 Bonds Payable | |||||
Debt Instrument [Line Items] | |||||
Face amount of issued debt instrument | 250,000,000 | ||||
Interest rate for debt instrument (percent) | 5.88% | ||||
Discount rate of face value of issued debt instrument (in percent) | 99.30% | ||||
Proceeds from issuance of bonds payable | 246,700,000 | ||||
Frequency of payments | semi-annual | ||||
Initial issuance discount of bonds payable | 1,800,000 | ||||
Maturity date | 1-Apr-18 | ||||
Interest payments | 0 | 0 | |||
Fair Value, Inputs, Level 2 | Bonds Payable | 2025 and 2018 Bonds Payable | |||||
Debt Instrument [Line Items] | |||||
Estimated fair value of debt instrument | 602,600,000 | 602,600,000 | |||
Fair Value, Inputs, Level 2 | Bonds Payable | 2018 Bonds Payable | |||||
Debt Instrument [Line Items] | |||||
Estimated fair value of debt instrument | $250,600,000 |
Stockholders_Equity_Details
Stockholder's Equity (Details) (USD $) | 0 Months Ended | 3 Months Ended | |
Jan. 21, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $1,014,000 | $507,000 | |
2013 Long Term Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share authorized | 2,000,000 | ||
Shares of common stock granted to employees | 123,187 | 123,000 | |
Shares withheld to settle tax liability | 11,368 | ||
Percent vested upon grant (percent) | 25.00% | ||
Stock-based compensation expense | 1,000,000 | 500,000 | |
Stock-based compensation expense related to future employee awards | 300,000 | 200,000 | |
Unrecognized compensation costs related to unvested awards | 3,200,000 | ||
Director | 2013 Long Term Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 100,000 | 100,000 | |
Employees | 2013 Long Term Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $600,000 | $200,000 | |
Grant Date | 2013 Long Term Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights (in percent) | 25.00% | ||
January 31, 2016 | 2013 Long Term Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights (in percent) | 25.00% | ||
January 31, 2017 | 2013 Long Term Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights (in percent) | 25.00% | ||
January 31, 2018 | 2013 Long Term Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights (in percent) | 25.00% | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation costs recognition period (years) | 1 year | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation costs recognition period (years) | 3 years |
Stockholders_Equity_Unvested_A
Stockholder's Equity (Unvested Activity Rollforward) (Details) (2013 Long Term Incentive Plan, USD $) | 0 Months Ended | 3 Months Ended | |
Jan. 21, 2015 | Mar. 31, 2015 | ||
2013 Long Term Incentive Plan | |||
Shares Rollforward | |||
Unvested shares as of | 104,000 | ||
Granted | 123,187 | 123,000 | |
Vested | -65,000 | ||
Forfeited | 0 | ||
Unvested shares as of | 162,000 | [1] | |
Weighted-Average, Grant-Date Fair Value Rollforward | |||
Unvested shares as of | $24.82 | [2] | |
Granted | $24.40 | [2] | |
Vested | $24.62 | [2] | |
Forfeited | $0 | [2] | |
Unvested shares as of | $24.58 | [2] | |
Shares expected to ultimately vest | 154,000 | ||
Expected forfeiture rate | 5.00% | ||
[1] | As of MarchB 31, 2015, we expect approximately 154,000 of the 162,000 unvested shares to ultimately vest, assuming a forfeiture rate of 5.0%, which was determined based on peer company data, adjusted for the specifics of the 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 respective grants. |
Stockholders_Equity_Summary_of
Stockholder's Equity (Summary of Shares Granted to Independent Directors) (Details) (2013 Long Term Incentive Plan, USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||
Jan. 21, 2015 | Mar. 31, 2015 | Jan. 02, 2015 | Jan. 21, 2014 | Apr. 01, 2014 | Apr. 01, 2015 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares of common stock granted to employees | 123,187 | 123,000 | |||||
Weighted average grant date fair value of shares granted | $24.40 | [1] | |||||
Director | January 02, 2015 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares of common stock granted to employees | 5,850 | ||||||
Weighted average grant date fair value of shares granted | $25.75 | ||||||
Director | January 21, 2014 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares of common stock granted to employees | 3,344 | ||||||
Weighted average grant date fair value of shares granted | $24.82 | ||||||
Director | April 1, 2014 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares of common stock granted to employees | 2,968 | ||||||
Weighted average grant date fair value of shares granted | $27.22 | ||||||
Subsequent Event | Director | April 1, 2015 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares of common stock granted to employees | 4,995 | ||||||
Weighted average grant date fair value of shares granted | $27.16 | ||||||
[1] | Columbia Property Trust determined the weighted-average grant-date fair value using the market closing price on the date of the respective grants. |
Supplemental_Disclosures_of_No2
Supplemental Disclosures of Noncash Investing and Financing Activities (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Cash Flow Information [Abstract] | ||
Investments in real estate funded with other assets | $27,000 | $0 |
Other assets assumed at acquisition | 6,119 | 0 |
Other liabilities assumed at acquisition | 2,917 | 0 |
Discount on issuance of bonds payable | 494 | 0 |
Amortization of net (premiums) discounts on debt | -119 | -88 |
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment | 159 | 254 |
Accrued capital expenditures and deferred lease costs | 10,153 | 6,669 |
Accrued deferred financing costs | 461 | 24 |
Common stock issued to employees and directors, and amortized (net of amounts withheld for income taxes) | $393 | $189 |
Discontinued_Operations_Narrat
Discontinued Operations (Narratives) (Details) (USD $) | 3 Months Ended | 1 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Nov. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net proceeds from the sale of real estate | $0 | ||
Loss on disposition of discontinued operations | 0 | -328 | |
Discontinued Operations, Disposed of by Sale | 18 Property Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net proceeds from the sale of real estate | 521,500 | ||
Loss on disposition of discontinued operations | ($328) | ($400) |
Discontinued_Operations_Schedu
Discontinued Operations (Schedule of Revenue and Expenses from Discontinued Operations) (Details) (USD $) | 3 Months Ended | 1 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Nov. 30, 2013 |
Other income (expense): | |||
Income from discontinued operations | $0 | $277 | |
Loss on disposition of discontinued operations | 0 | -328 | |
Loss from discontinued operations | 0 | -51 | |
18 Property Sale | Discontinued Operations, Disposed of by Sale | |||
Revenues: | |||
Rental income | 3 | ||
Tenant reimbursements | -51 | ||
Revenues | -48 | ||
Expenses: | |||
Property operating costs | -347 | ||
Asset and property management fees | 7 | ||
General and administrative | 18 | ||
Total expenses | -322 | ||
Operating income | 274 | ||
Other income (expense): | |||
Interest and other income | 3 | ||
Income from discontinued operations | 277 | ||
Loss on disposition of discontinued operations | -328 | -400 | |
Loss from discontinued operations | ($51) |
Earnings_Per_Share_Basic_and_D
Earnings Per Share (Basic and Diluted EPS Computations) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Net income | $5,598 | $3,400 |
Distributions paid on unvested shares | -49 | -32 |
Net income used to calculate basic and diluted earnings per share | $5,549 | $3,368 |
Weighted-average common shares - basic | 124,903 | 124,851 |
Weighted-average common shares - diluted | 124,935 | 124,887 |
Unvested awards under the Long-Term Incentive Plan | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases: | 17 | 23 |
2015 LTIP Employee Grant | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases: | 15 | 13 |
Financial_Information_for_Pare2
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Narratives) (Details) | Mar. 31, 2015 |
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non Guarantor Subsidiaries [Abstract] | |
Ownership percentage of wholly owned subsidiary | 100.00% |
Financial_Information_for_Pare3
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Condensed Consolidating Balance Sheets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Assets: | ||||
Land | $912,035 | $785,101 | ||
Buildings and improvements, net | 3,389,402 | 3,026,431 | ||
Intangible lease assets, net | 291,969 | 247,068 | ||
Construction in progress | 27,201 | 17,962 | ||
Total real estate assets | 4,620,607 | 4,076,562 | ||
Cash and cash equivalents | 31,236 | 149,790 | 86,243 | 99,855 |
Investment in subsidiaries | 0 | 0 | ||
Tenant receivables, net of allowance | 10,859 | 6,945 | ||
Straight-line rent receivable | 121,098 | 116,489 | ||
Prepaid expenses and other assets | 29,728 | 52,143 | ||
Deferred financing costs, net | 10,653 | 8,426 | ||
Intangible lease origination costs, net | 105,759 | 105,528 | ||
Deferred lease costs, net | 107,668 | 102,995 | ||
Investment in development authority bonds | 120,000 | 120,000 | ||
Total assets | 5,157,608 | 4,738,878 | ||
Liabilities: | ||||
Line of credit and notes payable | 1,535,015 | 1,430,884 | ||
Bonds payable, net | 598,754 | 249,182 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 97,973 | 106,276 | ||
Due to affiliates | 0 | 0 | ||
Deferred income | 25,688 | 24,753 | ||
Intangible lease liabilities, net | 78,072 | 74,305 | ||
Obligations under capital leases | 120,000 | 120,000 | ||
Total liabilities | 2,455,502 | 2,005,400 | ||
Equity: | ||||
Total equity | 2,702,106 | 2,733,478 | 2,754,178 | 2,787,823 |
Total liabilities and equity | 5,157,608 | 4,738,878 | ||
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||||
Assets: | ||||
Land | 0 | 0 | ||
Buildings and improvements, net | 0 | 0 | ||
Intangible lease assets, net | 0 | 0 | ||
Construction in progress | 0 | 0 | ||
Total real estate assets | 0 | 0 | ||
Cash and cash equivalents | 3,521 | 119,488 | 25,497 | 53,322 |
Investment in subsidiaries | 2,521,532 | 2,409,941 | ||
Tenant receivables, net of allowance | 0 | 0 | ||
Straight-line rent receivable | 0 | 0 | ||
Prepaid expenses and other assets | 177,062 | 204,079 | ||
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 | 2,702,115 | 2,733,508 | ||
Liabilities: | ||||
Line of credit and notes payable | 0 | 0 | ||
Bonds payable, net | 0 | 0 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 9 | 30 | ||
Due to affiliates | 0 | 0 | ||
Deferred income | 0 | 0 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Obligations under capital leases | 0 | 0 | ||
Total liabilities | 9 | 30 | ||
Equity: | ||||
Total equity | 2,702,106 | 2,733,478 | ||
Total liabilities and equity | 2,702,115 | 2,733,508 | ||
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||||
Assets: | ||||
Land | 6,241 | 6,241 | ||
Buildings and improvements, net | 30,132 | 29,899 | ||
Intangible lease assets, net | 0 | 0 | ||
Construction in progress | 308 | 433 | ||
Total real estate assets | 36,681 | 36,573 | ||
Cash and cash equivalents | 7,580 | 10,504 | 40,402 | 20,708 |
Investment in subsidiaries | 2,166,615 | 2,120,018 | ||
Tenant receivables, net of allowance | 205 | 246 | ||
Straight-line rent receivable | 1,079 | 781 | ||
Prepaid expenses and other assets | 147,788 | 148,226 | ||
Deferred financing costs, net | 8,417 | 6,020 | ||
Intangible lease origination costs, net | 0 | 0 | ||
Deferred lease costs, net | 1,558 | 1,658 | ||
Investment in development authority bonds | 0 | 0 | ||
Total assets | 2,369,923 | 2,324,026 | ||
Liabilities: | ||||
Line of credit and notes payable | 555,000 | 450,000 | ||
Bonds payable, net | 598,754 | 249,182 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 14,179 | 9,749 | ||
Due to affiliates | 26 | 24 | ||
Deferred income | 341 | 171 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Obligations under capital leases | 0 | 0 | ||
Total liabilities | 1,168,300 | 709,126 | ||
Equity: | ||||
Total equity | 1,201,623 | 1,614,900 | ||
Total liabilities and equity | 2,369,923 | 2,324,026 | ||
Reportable Legal Entities | Non- Guarantors | ||||
Assets: | ||||
Land | 905,794 | 778,860 | ||
Buildings and improvements, net | 3,359,270 | 2,996,532 | ||
Intangible lease assets, net | 291,969 | 247,068 | ||
Construction in progress | 26,893 | 17,529 | ||
Total real estate assets | 4,583,926 | 4,039,989 | ||
Cash and cash equivalents | 20,135 | 19,798 | 20,344 | 25,825 |
Investment in subsidiaries | 0 | 0 | ||
Tenant receivables, net of allowance | 10,654 | 6,699 | ||
Straight-line rent receivable | 120,019 | 115,708 | ||
Prepaid expenses and other assets | 24,236 | 19,734 | ||
Deferred financing costs, net | 2,236 | 2,406 | ||
Intangible lease origination costs, net | 105,759 | 105,528 | ||
Deferred lease costs, net | 106,110 | 101,337 | ||
Investment in development authority bonds | 120,000 | 120,000 | ||
Total assets | 5,093,075 | 4,531,199 | ||
Liabilities: | ||||
Line of credit and notes payable | 1,297,829 | 1,299,232 | ||
Bonds payable, net | 0 | 0 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 83,785 | 96,497 | ||
Due to affiliates | 1,518 | 1,524 | ||
Deferred income | 25,347 | 24,582 | ||
Intangible lease liabilities, net | 78,072 | 74,305 | ||
Obligations under capital leases | 120,000 | 120,000 | ||
Total liabilities | 1,606,551 | 1,616,140 | ||
Equity: | ||||
Total equity | 3,486,524 | 2,915,059 | ||
Total liabilities and equity | 5,093,075 | 4,531,199 | ||
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 | 0 | 0 |
Investment in subsidiaries | -4,688,147 | -4,529,959 | ||
Tenant receivables, net of allowance | 0 | 0 | ||
Straight-line rent receivable | 0 | 0 | ||
Prepaid expenses and other assets | -319,358 | -319,896 | ||
Deferred financing costs, net | 0 | 0 | ||
Intangible lease origination costs, net | 0 | 0 | ||
Deferred lease costs, net | 0 | 0 | ||
Investment in development authority bonds | 0 | 0 | ||
Total assets | -5,007,505 | -4,849,855 | ||
Liabilities: | ||||
Line of credit and notes payable | -317,814 | -318,348 | ||
Bonds payable, net | 0 | 0 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 0 | 0 | ||
Due to affiliates | -1,544 | -1,548 | ||
Deferred income | 0 | 0 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Obligations under capital leases | 0 | 0 | ||
Total liabilities | -319,358 | -319,896 | ||
Equity: | ||||
Total equity | -4,688,147 | -4,529,959 | ||
Total liabilities and equity | ($5,007,505) | ($4,849,855) |
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 | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Rental income | $112,809 | $100,567 |
Tenant reimbursements | 28,249 | 23,733 |
Hotel income | 4,993 | 4,061 |
Other property income | 1,492 | 807 |
Revenues | 147,543 | 129,168 |
Expenses: | ||
Property operating costs | 49,754 | 38,980 |
Hotel operating costs | 4,591 | 4,141 |
Asset and property management fees - Related-party | 0 | 0 |
Asset and property management fees - Other | 397 | 289 |
Depreciation | 34,007 | 27,304 |
Amortization | 23,219 | 18,521 |
Impairment loss on real estate assets | 0 | 13,550 |
General and administrative | 8,044 | 6,946 |
Acquisition expenses | 1,995 | 0 |
Costs and expenses | 122,007 | 109,731 |
Real estate operating income | 25,536 | 19,437 |
Other income (expense): | ||
Interest expense | -21,484 | -17,910 |
Interest and other income | 1,833 | 1,810 |
Loss on interest rate swaps | -6 | -230 |
Loss on early extinguishment of debt | -477 | 0 |
Income from equity investment | 0 | 0 |
Nonoperating income (expense) | -20,134 | -16,330 |
Income before income tax benefit | 5,402 | 3,107 |
Income tax expense | 196 | 344 |
Income from continuing operations | 5,598 | 3,451 |
Discontinued operations: | ||
Operating income (loss) from discontinued operations | 0 | 277 |
Loss on disposition of discontinued operations | 0 | -328 |
Loss from discontinued operations | 0 | -51 |
Net income | 5,598 | 3,400 |
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||
Revenues: | ||
Rental income | 0 | 0 |
Tenant reimbursements | 0 | 0 |
Hotel income | 0 | 0 |
Other property income | 0 | 0 |
Revenues | 0 | 0 |
Expenses: | ||
Property operating costs | 0 | 0 |
Hotel operating costs | 0 | 0 |
Asset and property management fees - Related-party | 0 | 0 |
Asset and property management fees - Other | 0 | 0 |
Depreciation | 0 | 0 |
Amortization | 0 | 0 |
Impairment loss on real estate assets | 0 | |
General and administrative | 38 | 29 |
Acquisition expenses | 0 | |
Costs and expenses | 38 | 29 |
Real estate operating income | -38 | -29 |
Other income (expense): | ||
Interest expense | 0 | 0 |
Interest and other income | 1,991 | 1,988 |
Loss on interest rate swaps | 0 | 0 |
Loss on early extinguishment of debt | 0 | |
Income from equity investment | 3,645 | 1,441 |
Nonoperating income (expense) | 5,636 | 3,429 |
Income before income tax benefit | 5,598 | 3,400 |
Income tax expense | 0 | 0 |
Income from continuing operations | 3,400 | |
Discontinued operations: | ||
Operating income (loss) from discontinued operations | 0 | |
Loss on disposition of discontinued operations | 0 | |
Loss from discontinued operations | 0 | |
Net income | 5,598 | 3,400 |
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||
Revenues: | ||
Rental income | 544 | 109 |
Tenant reimbursements | 228 | 46 |
Hotel income | 0 | 0 |
Other property income | 0 | 0 |
Revenues | 772 | 155 |
Expenses: | ||
Property operating costs | 739 | 610 |
Hotel operating costs | 0 | 0 |
Asset and property management fees - Related-party | 14 | 4 |
Asset and property management fees - Other | 0 | 0 |
Depreciation | 623 | 381 |
Amortization | 56 | 9 |
Impairment loss on real estate assets | 0 | |
General and administrative | 1,956 | 2,617 |
Acquisition expenses | 0 | |
Costs and expenses | 3,388 | 3,621 |
Real estate operating income | -2,616 | -3,466 |
Other income (expense): | ||
Interest expense | -9,225 | -7,434 |
Interest and other income | 2,657 | 2,695 |
Loss on interest rate swaps | 0 | 0 |
Loss on early extinguishment of debt | -477 | |
Income from equity investment | 12,794 | 8,617 |
Nonoperating income (expense) | 5,749 | 3,878 |
Income before income tax benefit | 3,133 | 412 |
Income tax expense | -5 | -1 |
Income from continuing operations | 411 | |
Discontinued operations: | ||
Operating income (loss) from discontinued operations | 0 | |
Loss on disposition of discontinued operations | 0 | |
Loss from discontinued operations | 0 | |
Net income | 3,128 | 411 |
Reportable Legal Entities | Non- Guarantors | ||
Revenues: | ||
Rental income | 112,359 | 100,547 |
Tenant reimbursements | 28,021 | 23,687 |
Hotel income | 4,993 | 4,061 |
Other property income | 1,563 | 844 |
Revenues | 146,936 | 129,139 |
Expenses: | ||
Property operating costs | 49,109 | 38,459 |
Hotel operating costs | 4,591 | 4,141 |
Asset and property management fees - Related-party | 0 | 0 |
Asset and property management fees - Other | 397 | 575 |
Depreciation | 33,384 | 26,923 |
Amortization | 23,163 | 18,512 |
Impairment loss on real estate assets | 13,550 | |
General and administrative | 6,107 | 4,333 |
Acquisition expenses | 1,995 | |
Costs and expenses | 118,746 | 106,493 |
Real estate operating income | 28,190 | 22,646 |
Other income (expense): | ||
Interest expense | -16,899 | -15,158 |
Interest and other income | 1,825 | 1,809 |
Loss on interest rate swaps | -6 | -230 |
Loss on early extinguishment of debt | 0 | |
Income from equity investment | 0 | 0 |
Nonoperating income (expense) | -15,080 | -13,579 |
Income before income tax benefit | 13,110 | 9,067 |
Income tax expense | 201 | 345 |
Income from continuing operations | 9,412 | |
Discontinued operations: | ||
Operating income (loss) from discontinued operations | 277 | |
Loss on disposition of discontinued operations | -328 | |
Loss from discontinued operations | -51 | |
Net income | 13,311 | 9,361 |
Consolidating adjustments | ||
Revenues: | ||
Rental income | -94 | -89 |
Tenant reimbursements | 0 | 0 |
Hotel income | 0 | 0 |
Other property income | -71 | -37 |
Revenues | -165 | -126 |
Expenses: | ||
Property operating costs | -94 | -89 |
Hotel operating costs | 0 | 0 |
Asset and property management fees - Related-party | -14 | -4 |
Asset and property management fees - Other | 0 | -286 |
Depreciation | 0 | 0 |
Amortization | 0 | 0 |
Impairment loss on real estate assets | 0 | |
General and administrative | -57 | -33 |
Acquisition expenses | 0 | |
Costs and expenses | -165 | -412 |
Real estate operating income | 0 | 286 |
Other income (expense): | ||
Interest expense | 4,640 | 4,682 |
Interest and other income | -4,640 | -4,682 |
Loss on interest rate swaps | 0 | 0 |
Loss on early extinguishment of debt | 0 | |
Income from equity investment | -16,439 | -10,058 |
Nonoperating income (expense) | -16,439 | -10,058 |
Income before income tax benefit | -16,439 | -9,772 |
Income tax expense | 0 | 0 |
Income from continuing operations | -9,772 | |
Discontinued operations: | ||
Operating income (loss) from discontinued operations | 0 | |
Loss on disposition of discontinued operations | 0 | |
Loss from discontinued operations | 0 | |
Net income | ($16,439) | ($9,772) |
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 | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Net income | $5,598 | $3,400 |
Market value adjustment to interest rate swap | 159 | 254 |
Comprehensive income (loss) | 5,757 | 3,654 |
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income | 5,598 | 3,400 |
Market value adjustment to interest rate swap | 159 | 254 |
Comprehensive income (loss) | 5,757 | 3,654 |
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income | 3,128 | 411 |
Market value adjustment to interest rate swap | 159 | 254 |
Comprehensive income (loss) | 3,287 | 665 |
Reportable Legal Entities | Non- Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income | 13,311 | 9,361 |
Market value adjustment to interest rate swap | 0 | 0 |
Comprehensive income (loss) | 13,311 | 9,361 |
Consolidating adjustments | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income | -16,439 | -9,772 |
Market value adjustment to interest rate swap | -159 | -254 |
Comprehensive income (loss) | ($16,598) | ($10,026) |
Financial_Information_for_Pare6
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Consolidating Statements of Cash Flows) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | $44,532 | $57,791 |
Cash flows from investing activities: | ||
Net proceeds from sale of real estate | 0 | |
Investment in real estate and related assets | -575,337 | -33,268 |
Intercompany contributions (distributions) | 0 | |
Investments in subsidiaries | 0 | |
Net cash used in investing activities | -575,337 | -33,268 |
Cash flows from financing activities: | ||
Borrowings, net of fees | 809,078 | |
Repayments of line of credit and notes payable | -358,684 | -646 |
Distributions | -37,523 | -37,489 |
Shares redeemed to fund income tax withholdings on stock compensation | -620 | |
Intercompany contributions (distributions) | 0 | |
Intercompany transfers, net | 0 | |
Net cash provided by (used in) financing activities | 412,251 | -38,135 |
Net increase (decrease) in cash and cash equivalents | -118,554 | -13,612 |
Cash and cash equivalents, beginning of period | 149,790 | 99,855 |
Cash and cash equivalents, end of period | 31,236 | 86,243 |
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | -32 | -28 |
Cash flows from investing activities: | ||
Net proceeds from sale of real estate | 0 | |
Investment in real estate and related assets | -57,123 | 0 |
Intercompany contributions (distributions) | -13,700 | |
Investments in subsidiaries | -553,203 | |
Net cash used in investing activities | -610,326 | -13,700 |
Cash flows from financing activities: | ||
Borrowings, net of fees | 0 | |
Repayments of line of credit and notes payable | 0 | 0 |
Distributions | -37,523 | -37,489 |
Shares redeemed to fund income tax withholdings on stock compensation | -620 | |
Intercompany contributions (distributions) | 532,534 | |
Intercompany transfers, net | 23,392 | |
Net cash provided by (used in) financing activities | 494,391 | -14,097 |
Net increase (decrease) in cash and cash equivalents | -115,967 | -27,825 |
Cash and cash equivalents, beginning of period | 119,488 | 53,322 |
Cash and cash equivalents, end of period | 3,521 | 25,497 |
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | -10,292 | -9,614 |
Cash flows from investing activities: | ||
Net proceeds from sale of real estate | 0 | |
Investment in real estate and related assets | -494,850 | -10,932 |
Intercompany contributions (distributions) | -12,985 | |
Investments in subsidiaries | 0 | |
Net cash used in investing activities | -494,850 | -23,917 |
Cash flows from financing activities: | ||
Borrowings, net of fees | 809,078 | |
Repayments of line of credit and notes payable | -358,000 | 0 |
Distributions | 0 | 0 |
Shares redeemed to fund income tax withholdings on stock compensation | 0 | |
Intercompany contributions (distributions) | 51,140 | |
Intercompany transfers, net | 53,225 | |
Net cash provided by (used in) financing activities | 502,218 | 53,225 |
Net increase (decrease) in cash and cash equivalents | -2,924 | 19,694 |
Cash and cash equivalents, beginning of period | 10,504 | 20,708 |
Cash and cash equivalents, end of period | 7,580 | 40,402 |
Reportable Legal Entities | Non- Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 54,856 | 67,433 |
Cash flows from investing activities: | ||
Net proceeds from sale of real estate | 0 | |
Investment in real estate and related assets | -23,364 | -22,336 |
Intercompany contributions (distributions) | 0 | |
Investments in subsidiaries | 0 | |
Net cash used in investing activities | -23,364 | -22,336 |
Cash flows from financing activities: | ||
Borrowings, net of fees | 0 | |
Repayments of line of credit and notes payable | -684 | -646 |
Distributions | 0 | 0 |
Shares redeemed to fund income tax withholdings on stock compensation | 0 | |
Intercompany contributions (distributions) | -30,471 | |
Intercompany transfers, net | -49,932 | |
Net cash provided by (used in) financing activities | -31,155 | -50,578 |
Net increase (decrease) in cash and cash equivalents | 337 | -5,481 |
Cash and cash equivalents, beginning of period | 19,798 | 25,825 |
Cash and cash equivalents, end of period | 20,135 | 20,344 |
Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 0 | 0 |
Cash flows from investing activities: | ||
Net proceeds from sale of real estate | 0 | |
Investment in real estate and related assets | 0 | 0 |
Intercompany contributions (distributions) | 26,685 | |
Investments in subsidiaries | 553,203 | |
Net cash used in investing activities | 553,203 | 26,685 |
Cash flows from financing activities: | ||
Borrowings, net of fees | 0 | |
Repayments of line of credit and notes payable | 0 | 0 |
Distributions | 0 | 0 |
Shares redeemed to fund income tax withholdings on stock compensation | 0 | |
Intercompany contributions (distributions) | -553,203 | |
Intercompany transfers, net | -26,685 | |
Net cash provided by (used in) financing activities | -553,203 | -26,685 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | $0 | $0 |