Document Entity Information
Document Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | COLUMBIA PROPERTY TRUST, INC. | ||
Entity Central Index Key | 1,252,849 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 123,475,470 | ||
Entity Public Float | $ 2,717,276,000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real estate assets, at cost: | ||
Land | $ 896,467 | $ 785,101 |
Buildings and improvements, less accumulated depreciation of $613,639 and $660,098, as of December 31, 2015 and 2014, respectively | 2,897,431 | 3,026,431 |
Intangible lease assets, less accumulated amortization of $250,085 and $313,822, as of December 31, 2015 and 2014, respectively | 259,136 | 247,068 |
Construction in progress | 31,847 | 17,962 |
Total real estate assets | 4,084,881 | 4,076,562 |
Investment in unconsolidated joint venture | 118,695 | 0 |
Cash and cash equivalents | 32,645 | 149,790 |
Tenant receivables, net of allowance for doubtful accounts of $8 and $3, as of December 31, 2015 and 2014, respectively | 11,670 | 6,945 |
Straight-line rent receivable | 109,062 | 116,489 |
Prepaid expenses and other assets | 35,848 | 55,931 |
Intangible lease origination costs, less accumulated amortization of $181,482 and $219,626, as of December 31, 2015 and 2014, respectively | 77,190 | 105,528 |
Deferred lease costs, less accumulated amortization of $40,817 and $36,589, as of December 31, 2015 and 2014, respectively | 88,127 | 102,995 |
Investment in development authority bonds | 120,000 | 120,000 |
Total assets | 4,678,118 | 4,734,240 |
Liabilities: | ||
Line of credit, term loans, and notes payable, net of deferred financing costs of $4,492 and $3,438, as of December 31, 2015 and 2014, respectively | 1,130,571 | 1,427,446 |
Bonds payable, net of discount of $1,020 and $818 and deferred financing costs of $3,721 and $1,200, as of December 31, 2015 and 2014, respectively | 595,259 | 247,982 |
Accounts payable, accrued expenses, and accrued capital expenditures | 98,759 | 106,276 |
Dividends payable | 37,354 | 0 |
Deferred income | 24,814 | 24,753 |
Intangible lease liabilities, less accumulated amortization of $81,496 and $84,935, as of December 31, 2015 and 2014, respectively | 57,167 | 74,305 |
Obligations under capital leases | 120,000 | 120,000 |
Total liabilities | $ 2,063,924 | $ 2,000,762 |
Commitments and Contingencies | ||
Equity: | ||
Common stock, $0.01 par value, 225,000,000 shares authorized, 124,363,073 and 124,973,304 shares issued and outstanding as of December 31, 2015 and 2014, respectively | $ 1,243 | $ 1,249 |
Additional paid-in capital | 4,588,303 | 4,601,808 |
Cumulative distributions in excess of earnings | (1,972,916) | (1,867,611) |
Accumulated other comprehensive loss | (2,436) | (1,968) |
Total equity | 2,614,194 | 2,733,478 |
Total liabilities and equity | $ 4,678,118 | $ 4,734,240 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Building and improvements, accumulated depreciation | $ 613,639 | $ 660,098 |
Intangible lease assets, accumulated amortization | 250,085 | 313,822 |
Allowance for doubtful accounts | 8 | 3 |
Intangible lease origination costs, accumulated amortization | 181,482 | 219,626 |
Deferred lease costs, accumulated amortization | 40,817 | 36,589 |
Deferred financing costs | 4,492 | 3,438 |
Bonds payable, discount | 1,020 | 818 |
Intangible lease liabilities, accumulated amortization | $ 81,496 | $ 84,935 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 124,363,073 | 124,973,304 |
Common stock, shares outstanding | 124,363,073 | 124,973,304 |
Term Loans | ||
Deferred financing costs | $ 4,492 | $ 3,438 |
Bonds Payable | ||
Deferred financing costs | $ 3,721 | $ 1,200 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Rental income | $ 436,048 | $ 414,541 | $ 406,907 |
Tenant reimbursements | 99,655 | 95,375 | 90,875 |
Hotel income | 24,309 | 22,885 | 23,756 |
Other property income | 6,053 | 7,996 | 5,040 |
Revenues | 566,065 | 540,797 | 526,578 |
Expenses: | |||
Property operating costs | 188,078 | 163,722 | 154,559 |
Hotel operating costs | 19,615 | 18,792 | 18,340 |
Asset and property management fees: | |||
Related-party | 0 | 0 | 4,693 |
Other | 1,816 | 2,258 | 1,671 |
Depreciation | 131,490 | 117,766 | 108,105 |
Amortization | 87,128 | 78,843 | 78,710 |
Impairment loss on real estate assets | 0 | 25,130 | 0 |
General and administrative | 29,683 | 31,275 | 61,866 |
Listing costs | 0 | 0 | 4,060 |
Acquisition expenses | 3,675 | 14,142 | 0 |
Costs and expenses | 461,485 | 451,928 | 432,004 |
Real estate operating income (loss) | 104,580 | 88,869 | 94,574 |
Other income (expense): | |||
Interest expense | (85,296) | (75,711) | (101,941) |
Interest and other income | 7,254 | 7,275 | 34,029 |
Loss on interest rate swaps | (1,110) | (371) | (342) |
Loss on the early extinguishment of debt | (3,149) | (23) | 0 |
Nonoperating income (expense) | (82,301) | (68,830) | (68,254) |
Income before income tax expenses, unconsolidated joint ventures, and gains on sale of real estate | 22,279 | 20,039 | 26,320 |
Income tax expense | (378) | (662) | (500) |
Loss from unconsolidated joint venture | (1,142) | 0 | 0 |
Income before gains of sale of real estate assets | 20,759 | 19,377 | 25,820 |
Gains on sale of real estate assets | 23,860 | 75,275 | 0 |
Income from continuing operations | 44,619 | 94,652 | 25,820 |
Discontinued operations: | |||
Operating loss from discontinued operations | 0 | (390) | (21,325) |
Gain (loss) on disposition of discontinued operations | 0 | (1,627) | 11,225 |
Loss from discontinued operations | 0 | (2,017) | (10,100) |
Net income | $ 44,619 | $ 92,635 | $ 15,720 |
Per-share information – basic: | |||
Income from continuing operations (in dollars per share) | $ 0.36 | $ 0.76 | $ 0.19 |
Loss from discontinued operations (in dollars per share) | 0 | (0.02) | (0.08) |
Net income (in dollars per share) | $ 0.36 | $ 0.74 | $ 0.12 |
Weighted-average common shares outstanding – basic | 124,757 | 124,860 | 134,085 |
Per-share information – diluted: | |||
Income from continuing operations (in dollars per share) | $ 0.36 | $ 0.76 | $ 0.19 |
Loss from discontinued operations (in dollars per share) | 0 | (0.02) | (0.08) |
Net income (in dollars per share) | $ 0.36 | $ 0.74 | $ 0.12 |
Weighted-average common shares – diluted | 124,847 | 124,918 | 134,085 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 44,619 | $ 92,635 | $ 15,720 |
Market value adjustment to interest rate swap | (1,570) | 1,339 | 1,997 |
Settlement of interest rate swap | 1,102 | 0 | 0 |
Foreign currency translation adjustment | 0 | 0 | (83) |
Comprehensive income | $ 44,151 | $ 93,974 | $ 17,634 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | [1] | Cumulative Distributions in Excess of Earnings | Redeemable Common Stock | Accumulated Other Comprehensive Income (Loss) | ||
Balance, shares at beginning of period at Dec. 31, 2012 | [1] | 136,901,000 | |||||||
Balance, value at beginning of period at Dec. 31, 2012 | $ 3,163,980 | $ 1,369 | [1] | $ 4,901,889 | $ (1,634,531) | $ (99,526) | $ (5,221) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of common stock, shares | [1] | 1,665,000 | |||||||
Issuance of common stock, value | 46,602 | $ 17 | [1] | 46,585 | |||||
Stock compensation | 855 | 855 | |||||||
Redemptions of common stock, shares | [1] | (4,373,000) | |||||||
Redemptions of common stock, value | (112,106) | $ (44) | [1] | (112,062) | |||||
Decrease in redeemable common stock | 99,526 | 99,526 | |||||||
Tender repurchase of common stock, shares | [1] | (9,363,000) | |||||||
Tender repurchase of common stock, value | (234,062) | $ (94) | [1] | (233,968) | |||||
Distributions to common stockholders | (191,473) | (191,473) | |||||||
Offering Costs | (3,133) | (3,133) | |||||||
Net income | 15,720 | 15,720 | |||||||
Foreign currency translation adjustment | (83) | (83) | |||||||
Market value adjustment to interest rate swap | 1,997 | 1,997 | |||||||
Settlement of interest rate swap | 0 | ||||||||
Balance, shares at end of period at Dec. 31, 2013 | [1] | 124,830,000 | |||||||
Balance, value at end of period at Dec. 31, 2013 | 2,787,823 | $ 1,248 | [1] | 4,600,166 | (1,810,284) | 0 | (3,307) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common stock issued to employees and directors, and amortized (net of amounts withheld for income taxes), shares | [1] | 143,000 | |||||||
Common stock issued to employees and directors, and amortized (net of amounts withheld for income taxes) | 1,643 | $ 1 | [1] | 1,642 | |||||
Distributions to common stockholders | (149,962) | (149,962) | |||||||
Net income | 92,635 | 92,635 | |||||||
Market value adjustment to interest rate swap | 1,339 | 1,339 | |||||||
Settlement of interest rate swap | $ 0 | ||||||||
Balance, shares at end of period at Dec. 31, 2014 | 124,973,304 | 124,973,000 | [1] | ||||||
Balance, value at end of period at Dec. 31, 2014 | $ 2,733,478 | $ 1,249 | [1] | 4,601,808 | (1,867,611) | 0 | (1,968) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Redemptions of common stock, shares | [1] | (721,000) | |||||||
Redemptions of common stock, value | (16,335) | $ (7) | [1] | (16,328) | |||||
Common stock issued to employees and directors, and amortized (net of amounts withheld for income taxes), shares | [1] | 111,000 | |||||||
Common stock issued to employees and directors, and amortized (net of amounts withheld for income taxes) | 2,824 | $ 1 | [1] | 2,823 | |||||
Distributions to common stockholders | (149,924) | (149,924) | |||||||
Net income | 44,619 | 44,619 | |||||||
Market value adjustment to interest rate swap | (1,570) | (1,570) | |||||||
Settlement of interest rate swap | $ 1,102 | 1,102 | |||||||
Balance, shares at end of period at Dec. 31, 2015 | 124,363,073 | 124,363,000 | [1] | ||||||
Balance, value at end of period at Dec. 31, 2015 | $ 2,614,194 | $ 1,243 | [1] | $ 4,588,303 | $ (1,972,916) | $ 0 | $ (2,436) | ||
[1] | All share amounts and computations using such amounts have been retroactively adjusted to reflect the August 14, 2013, four-for-one reverse stock split (See Note 8, Stockholders' Equity). |
Consolidated Statements of Equ7
Consolidated Statements of Equity (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2015$ / shares | Dec. 31, 2014$ / shares | Dec. 31, 2013$ / shares | |
Common Stock | |||
Distributions to common stockholders per share | $ 1.20 | $ 1.20 | $ 1.44 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities: | |||
Net income | $ 44,619 | $ 92,635 | $ 15,720 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Straight-line rental income | (16,632) | (9,916) | (22,793) |
Depreciation | 131,490 | 117,766 | 119,835 |
Amortization | 78,000 | 74,212 | 84,630 |
Impairment losses on real estate assets | 0 | 25,130 | 29,737 |
Noncash interest expense | 4,335 | 3,055 | 3,602 |
Loss on early extinguishment of debt | 3,149 | 23 | 4,709 |
Gain on interest rate swaps | (1,532) | (4,945) | (5,530) |
Gain on sale of real estate | (23,860) | (73,648) | (11,225) |
Loss from unconsolidated joint venture | 1,142 | 0 | 0 |
Stock-based compensation expense | 3,548 | 1,975 | 1,055 |
Changes in assets and liabilities, net of acquisitions and dispositions: | |||
Decrease (increase) in tenant receivables, net | (4,414) | (227) | 6,249 |
Decrease (increase) in prepaid expenses and other assets | (2,155) | 5,442 | (4,097) |
Increase in accounts payable and accrued expenses | 3,330 | 2,589 | 4,207 |
Decrease in due to affiliates | 0 | 0 | (1,801) |
Increase (decrease) in deferred income | 2,060 | 2,815 | (5,969) |
Net cash provided by operating activities | 223,080 | 236,906 | 218,329 |
Cash Flows from Investing Activities: | |||
Net proceeds from the sale of real estate | 596,734 | 418,207 | 565,945 |
Real estate acquisitions | (1,062,031) | (335,986) | 0 |
Earnest money paid | 0 | (27,000) | 0 |
Capital improvements | (83,371) | (54,005) | (44,856) |
Deferred lease costs paid | (22,531) | (25,004) | (25,700) |
Investment in unconsolidated joint venture | (5,500) | 0 | 0 |
Net cash provided by (used in) investing activities | (576,699) | (23,788) | 495,389 |
Cash Flows from Financing Activities: | |||
Financing costs paid | (9,729) | (1,482) | (3,721) |
Prepayments to settle debt and interest rate swap | (3,165) | 0 | (4,709) |
Proceeds from lines of credit and notes payable | 1,884,000 | 283,000 | 301,000 |
Proceeds from issuance of bonds payable | 349,507 | 0 | 0 |
Repayments of lines of credit and notes payable | (1,854,512) | (294,739) | (461,940) |
Issuance of common stock | 0 | 0 | 46,402 |
Distributions paid to stockholders | (112,570) | (149,962) | (145,071) |
Distributions paid to stockholders and reinvested in shares of our common stock | 0 | 0 | (46,402) |
Redemptions of common stock | (17,057) | 0 | (115,781) |
Tender offer redemptions of common stock | 0 | 0 | (234,062) |
Tender offer and offering costs paid | 0 | 0 | (3,133) |
Net cash provided by (used in) financing activities | 236,474 | (163,183) | (667,417) |
Net increase (decrease) in cash and cash equivalents | (117,145) | 49,935 | 46,301 |
Effect of foreign exchange rate on cash and cash equivalents | 0 | 0 | (103) |
Cash and cash equivalents, beginning of period | 149,790 | 99,855 | 53,657 |
Cash and cash equivalents, end of period | $ 32,645 | $ 149,790 | $ 99,855 |
Organization
Organization | 12 Months Ended |
Dec. 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 any unconsolidated joint ventures. Columbia Property Trust typically invests in high-quality, income-generating office properties. As of December 31, 2015 , Columbia Property Trust owned 27 office properties and one hotel, which contain approximately 14.0 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 an unconsolidated joint venture, as described in Note 4, Unconsolidated Joint Venture . As of December 31, 2015 , the office properties, including Columbia Property Trust's share of the unconsolidated joint venture, were approximately 93.2% leased. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 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 U.S. generally accepted accounting principles ("GAAP") and include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable interest entity ("VIE") in which Columbia Property Trust or Columbia Property Trust OP was deemed the primary beneficiary. With respect to entities that are not VIEs, Columbia Property Trust's consolidated financial statements shall also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling general partnership interest. In determining whether Columbia Property Trust or Columbia Property Trust OP has a controlling interest, the following factors are considered, among other things: the ownership of voting interests, protective rights, and participatory rights of the investors. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Fair Value Measurements Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability: Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts. Level 2 – Assets and liabilities valued based on observable market data for similar instruments. Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider. Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition or construction, and any tenant improvements or major improvements and betterments that extend the useful life of the related asset. All repairs and maintenance are expensed as incurred. Additionally, Columbia Property Trust capitalizes interest while the development of a real estate asset is in progress. During the year ended December 31, 2015 , $0.6 million of interest was capitalized, and for the year ended December 31, 2014 , no interest was capitalized. Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. Columbia Property Trust considers the period of future benefit of the asset to determine the appropriate useful lives. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows: Buildings 40 years Building and site improvements 5-25 years Tenant improvements Shorter of economic life or lease term Intangible lease assets Lease term Evaluating the Recoverability of Real Estate Assets Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets, of both operating properties and properties under construction, in which Columbia Property Trust has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of real estate assets and related intangible assets (liabilities) may not be recoverable, Columbia Property Trust assesses the recoverability of these assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future operating cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, Columbia Property Trust adjusts the carrying value of the real estate assets and related intangible assets to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognizes an impairment loss. Estimated fair values are calculated based on the following information, in order of preference, depending upon availability: (Level 1) recently quoted market prices, (Level 2) market prices for comparable properties, or (Level 3) 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 impairment in the carrying values of our real estate assets and related intangible assets for the year ended December 31, 2015 . Projections of expected future operating cash flows require that Columbia Property Trust estimates future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. The subjectivity of assumptions used in the future cash flow analysis, including discount rates, could result in an incorrect assessment of the property's fair value and could result in the misstatement of the carrying value of Columbia Property Trust's real estate assets and related intangible assets and net income. In connection with furthering its portfolio repositioning efforts, in the first quarter of 2013, Columbia Property Trust initiated a process to market 18 properties for sale. Pursuant to the accounting policy outlined above, Columbia Property Trust evaluated the recoverability of the carrying values of each of these properties and determined that the 120 Eagle Rock property in East Hanover, New Jersey, and the 333 & 777 Republic Drive property in Allen Park, Michigan, were no longer recoverable due to shortening the respective expected property holding periods in connection with these repositioning efforts. As a result, Columbia Property Trust reduced the carrying value of the 120 Eagle Rock property and the 333 & 777 Republic Drive property to reflect their respective fair values estimated, based on projected discounted future cash flows (Level 3) and recorded corresponding property impairment losses of $11.7 million and $5.2 million , respectively, in the first quarter of 2013, which are included in operating income (loss) from discontinued operations in the accompanying statement of operations. In connection with finalizing the terms of the sale agreement for these 18 properties (the "18 Property Sale") in November 2013, Columbia Property Trust reduced the aggregate carrying value of the assets therein to fair value, as estimated based on the approximate contract price (Level 1) of $500 million , by recognizing an additional impairment loss of $12.9 million in the third quarter of 2013, which is included in operating income (loss) from discontinued operations in the accompanying statement of operations. In the first quarter of 2014, Columbia Property Trust revised its investment strategy for the 160 Park Avenue Building (formerly known as the 180 Park Avenue, #103 Building) in Florham Park, New Jersey, to sell the property to a user in the near-term. As a result, management reduced its intended holding period for the building and reevaluated the property's carrying value as of March 31, 2014, pursuant to the accounting policy outlined above. Columbia Property Trust concluded that the 160 Park Avenue Building was not recoverable and reduced its carrying value to reflect its fair value, estimated based on recently quoted market prices (Level 2), by recording an impairment loss of approximately $13.6 million in the first quarter of 2014. The sale of the160 Park Avenue Building closed on June 4, 2014, for $10.2 million , exclusive of transaction costs. In the second quarter of 2014, Columbia Property Trust decided to pursue a near-term sale of the 200 South Orange Building (formerly known as the SunTrust Building) in Orlando, Florida. As a result, management reduced its intended holding period for the building and reevaluated the property's carrying value in the second quarter of 2014. In connection with negotiating the terms of the sale, Columbia Property Trust reduced the carrying value of the 200 South Orange Building to reflect fair value, estimated based on an approximate net contract price of $18.4 million (Level 1), by recording an impairment loss of $1.4 million in the second quarter. The sale of the 200 South Orange Building closed on June 30, 2014, for $18.4 million , net of transaction costs. In the fourth quarter of 2014, Columbia Property Trust identified $500 million to $600 million of properties in its portfolio that fell outside of its targeted investment strategy. In connection with initiating the sales process for these assets, Columbia Property Trust evaluated the recoverability of the carrying values of each of these properties and determined that the carrying value of the Bannockburn Lake III property, a vacant property located in Bannockburn, Illinois, was no longer recoverable due to reducing its expected property holding period to less than one year. As a result, in the fourth quarter of 2014, Columbia Property Trust reduced the carrying value of the Bannockburn Lake III property to $5.0 million , estimated based on current projected discounted future cash flows (Level 3), by recording an impairment loss of $10.1 million . The fair value measurements used in this evaluation of nonfinancial assets are considered to be Level 3 valuations within the fair value hierarchy outlined above, as there are significant unobservable inputs. Examples of inputs that were utilized in the fair value calculations include estimated holding periods, discount rates, market capitalization rates, expected lease rental rates, and potential sales prices. The table below represents the detail of the adjustments recognized for 2015 , 2014 , and 2013 (in thousands) using Level 3 inputs. Property Net Book Value Impairment Loss Recognized Fair Value 2014 Bannockburn Lake III $ 15,148 $ (10,148 ) $ 5,000 2013 120 Eagle Rock $ 23,808 $ (11,708 ) $ 12,100 333 & 777 Republic Drive $ 13,359 $ (5,159 ) $ 8,200 Assets Held for Sale Columbia Property Trust classifies assets as held for sale according to Accounting Standard Codification 360, Accounting for the Impairment or Disposal of Long-Lived Assets ("ASC 360"). According to ASC 360, assets are considered held for sale when the following criteria are met: • Management, having the authority to approve the action, commits to a plan to sell the property. • The property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property. • An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated. • The sale of the property is probable, and transfer of the property is expected to qualify for recognition as a completed sale, within one year. • The property is being actively marketed for sale at a price that is reasonable in relation to its current fair value. • Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. At such time that a property is determined to be held for sale, its carrying amount is reduced to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized. As of December 31, 2015 , none of Columbia Property Trust's properties met the criteria to be classified as held for sale in the accompanying consolidated balance sheet. Allocation of Purchase Price of Acquired Assets Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see Fair Value Measurements section above for additional details). The fair values of the tangible assets of an acquired property (which includes land, building, and site improvements) are determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building, and site improvements based on management's determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market demand. Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust is the Lessor As further described below, in-place leases with Columbia Property Trust as the lessor may have values related to: direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease, tenant relationships, and effective contractual rental rates that are above or below market rates: • Direct costs associated with obtaining a new tenant, including commissions, tenant improvements, and other direct costs, are estimated based on management's consideration of current market costs to execute a similar lease. Such direct costs are included in intangible lease origination costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. • The value of opportunity costs associated with lost rentals avoided by acquiring an in-place lease is calculated based on contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. Such opportunity costs ("Absorption Period Costs") are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. • The value of tenant relationships is calculated based on expected renewal of a lease or the likelihood of obtaining a particular tenant for other locations. Values associated with tenant relationships are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. • The value of effective rental rates of in-place leases that are above or below the market rates of comparable leases is calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be received pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases. This calculation includes significantly below- market renewal options for which exercise of the renewal option appears to be reasonably assured. These intangible assets or liabilities are measured over the actual or assumed (in the case of renewal options) remaining lease terms. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental income over the remaining terms of the respective leases. As of December 31, 2015 and 2014 , Columbia Property Trust had the following gross intangible in-place lease assets and liabilities (in thousands): Intangible Lease Assets Intangible Lease Origination Costs Intangible Below-Market In-Place Lease Liabilities Above-Market In-Place Lease Assets Absorption Period Costs December 31, 2015 Gross $ 50,463 $ 317,841 $ 258,672 $ 138,663 Accumulated Amortization (37,971 ) (194,446 ) (181,482 ) (81,496 ) Net $ 12,492 $ 123,395 $ 77,190 $ 57,167 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 During 2015 , 2014 , and 2013 , Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands): Intangible Lease Assets Intangible Lease Origination Costs Intangible Below-Market In-Place Lease Liabilities Above-Market In-Place Lease Assets Absorption Period Costs For the years ended December 31, 2015 $ 4,412 $ 45,972 $ 28,530 $ 19,345 2014 $ 5,368 $ 36,474 $ 33,037 $ 15,507 2013 $ 6,077 $ 38,879 $ 38,978 $ 14,411 The remaining net intangible assets and liabilities as of December 31, 2015 , will be amortized as follows (in thousands): Intangible Lease Assets Intangible Lease Origination Costs Intangible Below-Market In-Place Lease Liabilities Above-Market In-Place Lease Assets Absorption Period Costs For the years ending December 31, 2016 $ 2,565 $ 30,806 $ 19,070 $ 14,172 2017 1,383 19,850 13,387 9,218 2018 1,041 15,576 10,564 7,234 2019 1,041 13,706 9,583 6,557 2020 1,039 11,734 8,516 5,363 Thereafter 5,423 31,723 16,070 14,623 $ 12,492 $ 123,395 $ 77,190 $ 57,167 Weighted-Average Amortization Period 4 years 4 years 4 years 5 years Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust is the Lessee In-place ground leases where Columbia Property Trust is the lessee may have value associated with effective contractual rental rates that are above or below market rates at the time of execution or assumption. Such values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place lease and (ii) management's estimate of fair market lease rates for the corresponding in-place lease at the time of execution or assumption. This calculation includes significantly below market renewal options for which exercise of the renewal option appears to be reasonably assured. These intangible assets and liabilities are measured over the actual or assumed (in the case of renewal options) remaining lease terms. 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 December 31, 2015 and 2014 , respectively, net of accumulated amortization of $17.7 million and $15.1 million as of December 31, 2015 and 2014 , respectively. Columbia Property Trust recognized amortization expense related to these assets of approximately $2.5 million for 2015 and $2.1 million for 2014 and 2013 . As of December 31, 2015 , the remaining net below-market lease asset will be amortized as follows (in thousands): For the years ending December 31: 2016 $ 2,549 2017 2,549 2018 2,549 2019 2,549 2020 2,549 Thereafter 110,504 $ 123,249 Weighted-Average Amortization Period 49 years Cash and Cash Equivalents Columbia Property Trust considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value as of December 31, 2015 and 2014 . Tenant Receivables, net Tenant receivables consist of rental and reimbursement billings due from tenants. Tenant receivables are recorded at the original amount earned, less an allowance for any doubtful accounts, which approximates fair value. Management assesses the realizability of tenant receivables on an ongoing basis and provides for allowances as such balances, or portions thereof, become uncollectible. Columbia Property Trust adjusted the allowance for doubtful accounts by recording a provision for doubtful accounts, net of recoveries, in general and administrative expenses in the accompanying consolidated statements of operations of approximately $26,000 and $518,000 for 2015 and 2014 , respectively. Straight Line Rent Receivable Straight line rent receivable reflects the amount of cumulative adjustments necessary to present rental income on a straight-line basis. Columbia Property Trust recognizes revenues on a straight-line basis, ratably over the term of each lease; however, leases often provide for payment terms that differ from the revenue recognized. When the amount of cash received is less than the amount of revenue recognized, typically early in the lease, straight line rent receivable is recorded for the difference. The receivable is depleted during periods later in the lease when the amount of cash paid by the tenant is greater than the amount of revenue recognized. 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, unamortized deferred financing costs related to the line of credit (the "Revolving Credit Facility"), certain corporate assets, hotel inventory, and deferred tax assets. Prepaid expenses and other assets will be expensed as incurred. As of December 31, 2014, prepaid expenses and other assets included $27.0 million of earnest money deposits paid in 2014 for the January 2015 property acquisitions described in Note 3, Real Estate and Other Transactions . These deposits were applied to the purchase prices at closing. Deferred Financing Costs Deferred financing costs include costs incurred to secure debt from third-party lenders. Columbia Property Trust has elected to adopt Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03") and Accounting Standards Update 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements ("ASU 2015-15") effective December 31, 2015. These standards require deferred financing costs, except for costs related to revolving credit facilities, to be presented as a direct reduction to the carrying amount of the related debt for all periods presented. As a result, as of December 31, 2014 , $8.4 million of deferred financing costs have been reclassified as follows: $3.8 million is included in prepaid expenses and other assets; $3.4 million is presented as a reduction to line of credit, term loan, and notes payable; and the remaining $1.2 million is presented as a reduction to bonds payable. Columbia Property Trust recognized amortization of deferred financing costs for the years ended December 31, 2015 , 2014 , and 2013 , of approximately $4.4 million , $3.5 million , and $3.8 million , respectively, which is included in interest expense in the accompanying consolidated statements of operations. Deferred Lease Costs Deferred lease costs consist of costs incurred to procure leases, which are capitalized and recognized as amortization expense on a straight-line basis over the terms of the lease. Such costs are capitalized and recognized as operating expenses over the lease term. Columbia Property Trust recognized amortization of deferred lease costs of approximately $12.6 million , $12.2 million , and $13.1 million for 2015 , 2014 , and 2013 , respectively, the majority of which is recorded as amortization expense. Upon receiving notification of a tenant's intention to terminate a lease, unamortized deferred lease costs are amortized over the shortened lease period. Investments in Development Authority Bonds and Obligations Under Capital Leases In connection with the acquisition of certain real estate assets, Columbia Property Trust has assumed investments in development authority bonds and corresponding obligations under capital leases of land or buildings. The county development authority issued bonds to developers to finance the initial development of these projects, a portion of which was then leased back to the developer under a capital lease. This structure enabled the developer to receive property tax abatements over the concurrent terms of the development authority bonds and capital leases. The remaining property tax abatement benefits transferred to Columbia Property Trust upon assumption of the bonds and corresponding capital leases at acquisition. The development authority bonds and the obligations under the capital leases are both recorded at their net present values, which Columbia Property Trust believes approximates fair value. The related amounts of interest income and expense are recognized as earned in equal amounts and, accordingly, do not impact net income. In December 2013, upon maturity, Columbia Property Trust settled the $216.0 million and $250.0 million development authority bonds and the corresponding obligations under capital leases related to the Lenox Park Buildings and Lindbergh Center, respectively. Line of Credit, Term Loans, and Notes Payable Certain mortgage notes included in line of credit, term loan, and notes payable in the accompanying consolidated balance sheets were assumed upon the acquisition of real properties. When debt is assumed, Columbia Property Trust records the loan at fair value. The fair value adjustment is amortized to interest expense over the term of the loan using the effective interest method. As described in the Deferred Financing Costs section above, line of credit, term loans, and notes payable are presented on the accompanying consolidated balance sheet net of deferred financing costs related to term loans and notes payable of $4.5 million and $3.4 million as of December 31, 2015 and December 31, 2014 , respectively. Bonds Payable In March 2015, Columbia Property Trust issued $350.0 million of its ten -year unsecured 4.150% senior notes at 99.859% of their face value (the "2025 Bonds Payable"). In April 2011, Columbia Property Trust issued $250.0 million of its seven -year unsecured 5.875% senior notes at 99.295% of their face value (the "2018 Bonds Payable"). The discount on the 2025 Bonds Payable and the 2018 Bonds Payable is amortized to interest expense over the term of the bonds using the effective-interest method. As described in the Deferred Financing Costs section above, bonds payable are presented on the accompanying consolidated balance sheet net of deferred financing costs related to bonds payable of $3.7 million and $1.2 million as of December 31, 2015 and December 31, 2014 , respectively. Common Stock Repurchase Program Columbia Property Trust's board of directors has authorized the repurchase of up to an aggregate of $200 million of its common stock, par value $0.01 , through September 4, 2017 (the "Stock Repurchase Program"). Columbia Property Trust expects to acquire shares primarily through open market transactions, subject to market conditions and other factors. As of December 31, 2015 , $183.7 million remains available for repurchases under the Stock Repurchase Program. Common stock repurchases are charged against equity as incurred, and the repurchased shares are retired. See Note 8, Stockholders' Equity , for additional details. Redeemable Common Stock In preparation for listing, Columbia Property Trust terminated its former share redemption program (the "SRP") effective July 31, 2013. Previously, under the SRP, the decision to honor redemptions, subject to certain plan requirements and limitations, fell outside the control of Columbia Property Trust. Preferred Stock Columbia Property Trust is authorized to issue up to 100.0 million shares of one or more classes or series of preferred stock with a par value of $0.01 per share. Columbia Property Trust's board of directors may determine the relative rights, preferences, and privileges of each class or series of preferred stock issued, which may be more beneficial than the rights, preferences, and privileges attributable to Columbia Property Trust's common stock. To date, Columbia Property Trust has not issued any shares of preferred stock. Common Stock The par value of Columbia Property Trust's issued and outstanding shares of common stock is classified as common stock, with the remainder allocated to additional paid-in capital. Distributions To maintain its status as a REIT, Columbia Property Trust is required by the Internal Revenue Code of 1986, as amended (the "Code"), to make distributions to stockholders each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends-paid deduction and by excluding net capital gains attributable to stockholders ("REIT taxable income"). Distributions to the stockholders are determined by the board of directors of Columbia Property Trust and are dependent upon a number of factors relating to Columbia Property Trust, including funds available for payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain Columbia Property Trust's status as a REIT under the Code. Interest Rate Swap Agreements Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of the effective portion of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income, while changes in the fair value of the ineffective portion of a hedge, if any, is recognized currently in earnings. Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain (loss) on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment. The following tables provide additional information related to Columbia Property Trust's interest rate swaps as of December 31, 2015 and 2014 (in thousands): Estimated Fair Value as of December 31, Instrument Type Balance Sheet Classification 2015 2014 Derivatives designated as hedging instruments: Interest rate contracts Accounts payable $ (2,436 ) $ (1,968 ) Derivatives not designated as hedging instruments: Interest rate contracts Accounts payable $ — $ (2,633 ) Fair value of interest rate swaps $ (2,436 ) $ (4,601 ) Columbia Property Trust applied the provisions of ASC 820 in recording its interest rate swaps at fair value. The fair values of the inter |
Real Estate and Other Transacti
Real Estate and Other Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Real Estate and Other Transactions | Real Estate and Other Transactions Acquisitions During 2015 and 2014 , Columbia Property Trust acquired the following properties (in thousands). Columbia Property Trust did not acquire any properties during 2013. 315 Park Avenue 1881 Campus Commons Building 116 Huntington 229 West 43rd Street Building 221 Main Street Building 650 California Street Building Location New York, NY Reston, VA Boston, MA New York, NY San Francisco, CA San Francisco, CA Date Acquired January 7, 2015 January 7, 2015 January 8, 2015 August 4, 2015 April 22, 2014 September 9, 2014 Purchase price: Land $ 119,633 $ 7,179 $ — $ 207,233 $ 60,509 $ 75,384 Building and improvements 232,598 49,273 108,383 265,952 161,853 221,135 Intangible lease assets 16,912 4,643 7,907 27,039 12,776 19,306 Intangible below market ground lease assets — — 30,244 — — — Intangible lease origination costs 4,148 1,603 2,669 10,059 3,475 4,290 Intangible below market lease liability (7,487 ) (97 ) (1,878 ) — (10,323 ) (9,908 ) Total purchase price $ 365,804 $ 62,601 $ 147,325 $ 510,283 $ 228,290 $ 310,207 Note 2, Summary of Significant Accounting Policies , provides a discussion of the estimated useful life for each asset class. 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 328,000 -square-foot office building in New York, New York (the "315 Park Avenue South Building") and 1881 Campus Commons, a 244,000 -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, using proceeds from the issuance of $350.0 million in bonds payable due in 2025, proceeds from the Revolving Credit Facility, and cash on hand. 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 December 31, 2015, Columbia Property Trust recognized revenues of $25.1 million and a net loss of $6.6 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 December 31, 2015 , Columbia Property Trust recognized revenues of $5.8 million and a net loss of $1.3 million from the 1881 Campus Commons Building. The net loss includes acquisition expenses of $0.5 million . Columbia Property Trust sold 1881 Campus Commons on December 10, 2015, as described in the Dispositions section below. 116 Huntington Avenue Building On January 8, 2015, Columbia Property Trust acquired a 271,000 -square-foot office building in Boston, Massachusetts (the "116 Huntington Avenue Building"), for $152.0 million , inclusive of capital credits, using proceeds from the issuance of $350.0 million in bonds payable due in 2025, proceeds from the Revolving Credit Facility, and cash on hand. 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 December 31, 2015, Columbia Property Trust recognized revenues of $11.3 million and a net loss of $0.7 million from the 116 Huntington Avenue Building. The net loss includes acquisition expenses of $0.3 million . 229 West 43rd Street Building On August 4, 2015, Columbia Property Trust acquired the 481,000 -square-foot office portion of the 229 West 43rd Street building, a 16 -story, 732,000 -square-foot building located in the Times Square sub-market of Manhattan in New York, New York (the "229 West 43rd Street Building"), for $516.0 million , exclusive of transaction costs and purchase price adjustments. This acquisition was funded with the $300 Million Bridge Loan and borrowings on the Revolving Credit Facility, as described in Note 5, Line of Credit, Term Loans, and Notes Payable . As of the acquisition date, the 229 West 43rd Street Building was 98.0% leased to nine tenants, including Yahoo! ( 40% ), Snapchat ( 13% ), Collective, Inc. ( 12% ), and MongoDB ( 10% ). For the period from August 4, 2015 to December 31, 2015, Columbia Property Trust recognized revenues of $15.3 million and net income of $2.2 million from the 229 West 43rd Street Building. The net income includes acquisition expenses of $1.7 million . 221 Main Street Building On April 22, 2014, Columbia Property Trust acquired the 221 Main Street Building, a 378,000 -square-foot office building in San Francisco, California, for $228.8 million , exclusive of closing costs. The acquisition was funded with a $73.0 million assumed mortgage note, $116.0 million of borrowings on the Revolving Credit Facility, and cash on hand. As of the acquisition date, the 221 Main Street Building was 82.8% leased to 40 tenants, including DocuSign, Inc. ( 16% ). Columbia Property Trust recognized revenues of $12.7 million and a net loss of $10.9 million from the 221 Main Street Building acquisition for the period from April 22, 2014 to December 31, 2014. The net loss includes acquisition expenses of $6.1 million . 650 California Street Building On September 9, 2014, Columbia Property Trust acquired the 650 California Street Building, a 477,000 -square-foot office building in San Francisco, California, for $310.2 million , exclusive of transaction costs. The acquisition was funded with a $130.0 million assumed mortgage note, $118.0 million of borrowings on the Revolving Credit Facility, and cash on hand. As of the acquisition date, the 650 California Street Building was 88.1% leased to 18 tenants, including Littler Mendelson ( 24% ), Credit Suisse ( 13% ), and Goodby Silverstein ( 11% ). Columbia Property Trust recognized revenues of $8.0 million and a net loss of $9.7 million from the 650 California Street Building acquisition for the period from September 9, 2014 to December 31, 2014 . The net loss includes acquisition expenses of $8.0 million . Pro Forma Financial Information The following unaudited pro forma statements of operations presented for 2015 , 2014 , and 2013 , 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, the 116 Huntington Avenue Building, the 229 West 43rd Street Building, the 221 Main Street Building, and the 650 California Street Building as if the acquisitions occurred on January 1, 2013. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had these acquisitions been consummated as of January 1, 2013 (in thousands). 2015 2014 2013 Revenues $ 582,699 $ 605,494 $ 604,205 Net income (loss) $ 46,363 $ 66,814 $ (58,043 ) Net income (loss) per share – basic $ 0.37 $ 0.53 $ (0.43 ) Net income (loss) per share – diluted $ 0.37 $ 0.53 $ (0.43 ) Dispositions As a result of adopting Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components on an Entity ("ASU 2014-08") effective April 1, 2014, for all periods presented in the accompanying consolidated statements of operations, the revenues and expenses associated with the 2015 and 2014 property sales described below are included in continuing operations, while the revenues and expenses associated with sales executed before April 1, 2014, are classified as discontinued operations. During 2015 , 2014 and 2013, Columbia Property Trust closed on the following transactions: Market Square Buildings - Partial Sale On October 28, 2015, Columbia Property Trust transferred the Market Square Buildings and the related $325.0 million mortgage note to a joint venture (the "Market Square Joint Venture") and sold a 49% interest in the Market Square Joint Venture to Blackstone Property Partners ("Blackstone") for approximately $120.0 million of net proceeds, which were used to repay a portion of the $300 Million Bridge Loan. As a result of this transaction, Columbia Property Trust recognized a gain on real estate assets of $3.1 million and retains a 51% interest in the Market Square Joint Venture. The Market Square Joint Venture owns and operates the Market Square Buildings through a REIT ("Market Square East & West, LLC"). See Note 4, Unconsolidated Joint Venture , for additional information. 11 Property Sale On July 1, 2015, Columbia Property Trust sold 11 properties to an unaffiliated third party for $433.3 million , exclusive of purchase price adjustments and closing costs (the "11 Property Sale"), which resulted in a gain of $20.2 million . The proceeds for 10 of the properties were available on July 1, 2015, and the remaining proceeds were available on August 3, 2015. For the period from January 1, 2015 through July 1, 2015, the aggregate net income, excluding the gain on sale, for the properties included in the 11 Property Sale was $6.5 million ; and for the years ended December 31, 2014 and 2013 , the net income for the properties included in the 11 Property Sale was $3.0 million and $15.1 million , respectively. The 11 Property Sale including the following properties: 170 Park Avenue Bannockburn Lake III Acxiom 180 Park Avenue 544 Lakeview 215 Diehl Road Robbins Road Highland Landmark III 1580 West Nursery 550 King Street The Corridors III 1881 Campus Commons On December 10, 2015, Columbia Property Trust closed on the sale of the 1881 Campus Commons Building in Reston, Virginia for $65.0 million , exclusive of purchase price adjustments and closing costs, yielding a gain of $0.5 million . The proceeds from the sale of the 1881 Campus Commons Building were used to reduce the outstanding balance of the $300 Million Bridge Loan, as described in Note 5, Line of Credit, Term Loans, and Notes Payable . 160 Park Avenue Building On June 4, 2014, Columbia Property Trust closed on the sale of the 160 Park Avenue Building (formerly known as the 180 Park Avenue, #103 Building) in Florham Park, New Jersey, for $10.2 million , exclusive of transaction costs. Columbia Property Trust recognized an impairment loss of $13.6 million related to this building in the first quarter of 2014, as further described in Note 2, Significant Accounting Policies . 200 South Orange Building On June 30, 2014, Columbia Property Trust closed on the sale of the 200 South Orange Building in Orlando, Florida, for $18.8 million , exclusive of transaction costs. This transaction resulted in a $1.4 million impairment loss in the second quarter of 2014, as further described in Note 2, Significant Accounting Policies . 7031 Columbia Gateway Drive Building On July 1, 2014, Columbia Property Trust closed on the sale of the 7031 Columbia Gateway Drive Building in Columbia, Maryland, for $59.5 million , exclusive of transaction costs, yielding a gain on sale of real estate assets of $7.7 million . 9 Technology Drive Building On August 22, 2014, Columbia Property Trust closed on the sale of the 9 Technology Drive Building in Westborough, Massachusetts, for $47.0 million , exclusive of purchase price adjustments and transaction costs, yielding a gain on sale of real estate assets of $11.1 million . Lenox Park Property On October 3, 2014, Columbia Property Trust closed on the sale of the Lenox Park Property, containing five buildings, in Atlanta, Georgia, for $290.0 million , exclusive of transaction costs, yielding a gain on sale of real estate assets of $56.5 million in the fourth quarter of 2014. 18 Property Sale On November 5, 2013 , Columbia Property Trust closed on the 18 Property Sale to an unaffiliated third party for $521.5 million , exclusive of closing costs. In connection with marketing these assets for sale and finalizing the terms of the sale agreement, Columbia Property Trust recognized aggregate impairment losses of $29.7 million . After considering the impact of these impairment losses, upon closing in the fourth quarter of 2013, the 18 Property Sale yielded a loss of $0.4 million , which is included in gain (loss) on disposition of discontinued operations in the accompanying consolidated statement of operations. The following properties make up the 18 Property Sale: 2500 Windy Ridge Parkway Sterling Commerce Center 11200 West Parkland Avenue 4100-4300 Wildwood Parkway 4300 Centreway Place One Century Place 4200 Wildwood Parkway 919 Hidden Ridge 1200 Morris Drive 4241 Irwin Simpson 333 & 777 Republic Drive 15815 25th Avenue West 8990 Duke Road 120 Eagle Rock 16201 25th Avenue West Chase Center Building College Park Plaza 13655 Riverport Drive Dvintsev Business Center – Tower B On March 21, 2013, Columbia Property Trust closed on the sale of the Dvintsev Business Center – Tower B building in Moscow, Russia, and its holding entity, Landlink Ltd., which was 100% owned by Columbia Property Trust, for $67.5 million , exclusive of transaction costs, resulting in a gain on disposition of discontinued operations in the accompanying consolidated statement of operations of $10.0 million . Other Transactions As described in Note 11, Related-Party Transactions and Agreements , Columbia Property Trust acquired Columbia Property Trust Advisory Services, LLC ("Columbia Property Trust Advisory Services") and Columbia Property Trust Services, LLC ("Columbia Property Trust Services") on February 28, 2013. The following unaudited pro forma statements of operations presented for 2013 , have been prepared for Columbia Property Trust to give effect to the acquisitions of Columbia Property Trust Advisory Services and Columbia Property Trust Services as if the acquisitions occurred on January 1, 2013. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had the acquisitions of Columbia Property Trust Advisory Services and Columbia Property Trust Services been consummated as of January 1, 2013 (in thousands). As of December 31, 2015 2014 2013 Revenues * * $ 526,966 Net income attributable to common shareholders * * $ 18,475 * Columbia Property Trust owned Columbia Property Trust Advisory Services and Columbia Property Trust Services for all of 2015 and 2014. |
Unconsolidated Joint Venture
Unconsolidated Joint Venture | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Unconsolidated Joint Venture | Unconsolidated Joint Venture Columbia Property Trust owns a majority interest of 51% in the Market Square Joint Venture, and Blackstone owns the remaining 49% interest in the joint venture. The Market Square Joint Venture owns and operates the Market Square Buildings through Market Square East & West, LLC, which operates as a REIT. The Market Square Buildings are two , 13-story office buildings containing 687,000 square feet of office space in Washington, D.C. Columbia Property Trust shares substantive participation rights with Blackstone, including management selection and termination, and the approval of material operating and capital decisions and, as such, uses the equity method of accounting to record its investment. Under the equity method, the investment in the joint venture is recorded at cost and adjusted for equity in earnings and cash contributions and distributions. Income or loss and cash distributions are allocated according to the provisions of the joint venture agreement, which are consistent with the ownership percentages for the Market Square Joint Venture. Columbia Property Trust evaluates the recoverability of its investment in unconsolidated joint venture in accordance with accounting standards for equity investments by first reviewing the investment for any indicators of impairment. If indicators are present, Columbia Property Trust estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management makes an assessment of whether the impairment is "temporary" or "other-than-temporary." In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost, (2) Columbia Property Trust's intent and ability to retain its interest long enough for a recovery in market value. As of December 31, 2015, the outstanding balance on the interest-only Market Square mortgage note is $325.0 million , bearing interest at 5.07% . The Market Square mortgage note matures on July 1, 2023. On October 28, 2015, Columbia Property Trust entered into a guaranty of a $25.0 million portion of the Market Square mortgage note, the amount of which will be reduced as space is leased. Condensed balance sheet information for the Market Square Joint Venture is as follows (in thousands): December 31, 2015 Total assets $ 573,073 Total debt $ 324,603 Total equity $ 230,060 Columbia Property Trust's investment $ 118,695 Condensed income statement information for the Market Square Joint Venture is as follows (in thousands): From inception through Total Revenues $ 7,962 Net loss $ (2,239 ) Columbia Property Trust's share $ (1,142 ) Columbia Property Trust provides property and asset management services to the Market Square Joint Venture. Under these agreements, Columbia Property Trust oversees the day-to-day operations of the Market Square Joint Venture and the Market Square Buildings, including property management, property accounting, and other property services. Columbia Property Trust receives property management fees equal to 3% of the gross revenue of the Market Square Buildings, payable monthly, and asset management fees of $1.0 million annually, in equal quarterly installments. During 2015, Columbia Property Trust earned $0.2 million in fees related to these asset and property management services, which are included in other property income on the accompanying consolidated statement of operations. As of December 31, 2015, $0.1 million in property management fees was payable to Columbia Property Trust, and included in prepaid expenses and other assets on the accompanying consolidated balance sheet. |
Line of Credit, Term Loan, and
Line of Credit, Term Loan, and Notes Payable | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Line of Credit, Term Loan, and Notes Payable | Line of Credit, Term Loans, and Notes Payable As of December 31, 2015 and 2014 , Columbia Property Trust had the following line of credit, term loan, and notes payable indebtedness outstanding (excluding bonds payable; see Note 6, Bonds Payable ) in thousands: Rate as of Term Debt or Interest Only Outstanding Balance as of December 31, Facility Maturity 2015 2014 $300 Million Term Loan LIBOR + 110 bp (1) Interest only 7/31/2020 $ 300,000 $ — Revolving Credit Facility LIBOR + 100 bp (2) Interest only 7/31/2019 247,000 — $150 Million Term Loan LIBOR + 155 bp (3) Interest only 7/29/2022 150,000 — 650 California Street Building mortgage note 3.60 % Term debt 7/1/2019 128,785 130,000 $300 Million Bridge Loan LIBOR + 110 bp (4) Interest only 8/4/2016 119,000 — 221 Main Building mortgage note 3.95 % Interest only 5/10/2017 73,000 73,000 263 Shuman Boulevard Building mortgage note 5.55 % Interest only 7/1/2017 49,000 49,000 SanTan Corporate Center mortgage notes 5.83 % Interest only 10/11/2016 39,000 39,000 One Glenlake Building mortgage note 5.80 % Term debt 12/10/2018 29,278 32,074 $450 Million Term Loan LIBOR + 130 bp Interest only 2/3/2016 — 450,000 Market Square Buildings mortgage note 5.07 % Interest only 7/1/2023 — (5) 325,000 333 Market Street Building mortgage note LIBOR + 202 bp Interest only 7/1/2015 — 206,810 100 East Pratt Street Building mortgage note 5.08 % Interest only 6/11/2017 — 105,000 215 Diehl Road Building mortgage note 5.55 % Interest only 7/1/2017 — 21,000 Less: Deferred financing costs related to term loans and notes payable (4,492 ) (3,438 ) Total indebtedness $ 1,130,571 $ 1,427,446 (1) The $300 Million Term Loan, as further described below, bears interest, at Columbia Property Trust's option, at LIBOR, plus an applicable margin ranging from 0.90% to 1.75% for LIBOR loans, or an alternate base rate, plus an applicable margin ranging from 0.00% to 0.75% for base-rate loans, based on Columbia Property Trust's applicable credit rating. (2) Borrowings under the Revolving Credit Facility, as described below, bear interest at the option of Columbia Property Trust at LIBOR, plus an applicable margin ranging from 0.875% to 1.55% for LIBOR-based borrowings, or an alternate base rate, plus an applicable margin ranging from 0.00% to 0.55% for base-rate borrowings, based on Columbia Property Trust's applicable credit rating. (3) Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $150 Million Term Loan, as further described below, at 3.52% and terminates on July 29, 2022. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in the fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statement of other comprehensive income. (4) The $300 Million Bridge Loan, as further described below, bears interest, at Columbia Property Trust's option, at either LIBOR, plus an applicable margin ranging from 0.90% to 1.75% for LIBOR loans, or an alternate base rate, plus an applicable margin ranging from 0.00% to 0.75% based on Columbia Property Trust's applicable credit rating. (5) The Market Square Buildings mortgage note was transferred to the Market Square Joint Venture, effective October 28, 2015. See Note 4, Unconsolidated Joint Venture , for details. Term Loans On July 30, 2015, Columbia Property Trust replaced its $450 Million Term Loan, which had a maturity date of February 3, 2016, with two separate term loans. Columbia Property Trust entered into a $300.0 million unsecured, single-draw term loan (the " $300 Million Term Loan") with a syndicate of banks with J.P. Morgan Securities LLC and PNC Capital Markets LLC serving as joint lead arrangers and joint book runners. The $300 Million Term Loan matures on July 31, 2020. Columbia Property Trust also entered into a $150.0 million unsecured, single-draw term loan (the " $150 Million Term Loan") with a syndicate of banks with Wells Fargo Securities, LLC, U.S. Bank National Association, and Regions Capital Markets serving as joint lead arrangers and joint bookrunners. The $150 Million Term Loan matures on July 29, 2022. The $300 Million Term Loan bears interest, at Columbia Property Trust's option, at LIBOR, plus an applicable margin ranging from 0.90% to 1.75% for LIBOR Loans, or an alternate base rate, plus an applicable margin ranging from 0.00% to 0.75% for base rate loans, based on Columbia Property Trust's applicable credit rating. The $300 Million Term Loan and the Revolving Credit Facility, as described below, provide for four accordion options for an aggregate amount of up to $400.0 million , subject to certain conditions. The $150 Million Term Loan bears interest, at Columbia Property Trust's option, at LIBOR, plus an applicable margin ranging from 1.40% to 2.35% for LIBOR loans, or a base rate, plus an applicable margin ranging from 0.40% to 1.35% for base-rate loans, based on Columbia Property Trust's applicable credit rating. The interest rate on the $150 Million Term Loan has been effectively fixed at 3.52% with an interest rate swap agreement, which was designated as a cash flow hedge. The $150 Million Term Loan provides for four accordion options for an aggregate amount of $300.0 million , subject to certain conditions. The $450 Million Term Loan bore interest at LIBOR, plus an applicable margin ranging from 1.15% to 1.95% for LIBOR loans, or an alternate base rate, plus an applicable margin ranging from 0.15% to 0.95% for base-rate loans, based on Columbia Property Trust's applicable credit rating. The interest rate on the $450 Million Term Loan was effectively fixed at 2.07% with an interest rate swap agreement, which was designated as a cash flow hedge. At the time the $450 Million Term Loan was replaced, the related interest rate swap was settled, resulting in a loss on interest rate swap of $1.1 million . Revolving Credit Facility On July 30, 2015, Columbia Property Trust amended the Revolving Credit Facility, with a total capacity of $500.0 million (the "Revolving Credit Facility") with J.P. Morgan Securities LLC and PNC Capital Markets LLC serving as joint lead arrangers and joint book runners, to, among other things: (i) change the margins on the interest rate under the facility, as described below; (ii) extend the maturity date from August 2017 to July 2019 with two , six -month extension options; (iii) enable Columbia Property Trust to increase the Revolving Credit Facility and the $300 Million Term Loan, as described above, by an aggregate amount of up to $400.0 million on four occasions; and (iv) revise certain covenants under the facility. The Revolving Credit Facility, as entered into on July 30, 2015, bears interest, at Columbia Property Trust's option, at LIBOR, plus an applicable margin ranging from 0.875% to 1.55% for LIBOR-based borrowings, or an alternate base rate, plus an applicable margin ranging from 0.00% to 0.55% for base-rate borrowings, based on Columbia Property Trust's applicable credit rating. Previously, the applicable margin was a range from 1.00% to 1.70% for LIBOR-based borrowings or a range from 0.00% to 0.70% for base-rate borrowings. Additionally, the per annum facility fee on the aggregate revolving commitment (used or unused) now ranges from 0.125% to 0.30% , also based on Columbia Property Trust's applicable credit rating. Prior to amendment, the per annum facility fee ranged from 0.15% to 0.35% . $300 Million Bridge Loan On August 4, 2015, Columbia Property Trust entered into a $300.0 million , six -month, unsecured loan with a syndicate of banks led by JPMorgan Chase Bank, N.A. (the " $300 Million Bridge Loan") to finance a portion of the 229 West 43rd Street Building acquisition. At Columbia Property Trust's option, borrowings under the $300 Million Bridge Loan bear interest at either (i) an alternate base rate, plus an applicable margin based on five stated pricing levels ranging from 0.00% to 0.75% or (ii) LIBOR, plus an applicable margin based on five stated pricing levels ranging from 0.90% to 1.75% , in each case based on Columbia Property Trust's credit rating. On December 21, 2015, Columbia Property Trust exercised its option to extend the $300 Million Bridge Loan's maturity date by six months from February 4, 2016 to August 4, 2016. Columbia Property Trust may prepay the $300 Million Bridge Loan at any time without premium or penalty. In addition, amounts under the $300 Million Bridge Loan must be repaid by Columbia Property Trust with the net cash proceeds of certain financing activities and asset sales, including (i) the issuance of common or preferred equity securities, (ii) the incurrence of mortgage indebtedness on any property, (iii) the incurrence of unsecured indebtedness, or (iv) the sale of certain real estate assets or any equity interests. 221 Main Street Building Mortgage Note In April 2014, in connection with acquiring the 221 Main Street Building in San Francisco, California, Columbia Property Trust assumed a $73.0 million mortgage note payable (the "221 Main Street Building Mortgage Note"), which is secured by the property. At the time of acquisition, Columbia Property Trust evaluated the 221 Main Street Building Mortgage Note and determined that the face value of the note approximates its fair value. The fair value of the 221 Main Street Building Mortgage Note was estimated by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates (Level 2). The 221 Main Street Building Mortgage Note is due on May 10, 2017, and requires monthly, interest-only payments at an interest rate of 3.95% per annum. 650 California Street Building Mortgage Note In September 2014, in connection with acquiring the 650 California Street Building in San Francisco, California, Columbia Property Trust assumed a $130.0 million mortgage note payable (the "650 California Street Building Mortgage Note"), which is secured by the property. At the time of acquisition, Columbia Property Trust evaluated the 650 California Street Building Mortgage Note and determined that the face value of the note approximates its fair value. The fair value of the 650 California Street Building Mortgage Note was estimated by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates (Level 2). The 650 California Building Mortgage Note is due on July 1, 2019. Through June 2015, the 650 California Street Building Mortgage Note requires monthly, interest-only payments at an interest rate of 3.60% per annum. In July 2015, Columbia Property Trust began making $591,000 monthly payments, or $7.1 million annually, consisting of principal and interest. Debt Covenants The $300 Million Term Loan, the $150 Million Term Loan, the Revolving Credit Facility, and the $300 Million Bridge Loan (collectively, the "Debt Facilities") contain representations and warranties, financial and other affirmative and negative covenants, events of defaults, and remedies typical for these types of facilities. The financial covenants in the Debt Facilities: (a) limit the ratio of secured debt to total asset value, as defined therein, to 40% or less; (b) require the fixed charge coverage ratio, as defined therein, to be at least 1.50 :1.00; (c) limit the ratio of debt to total asset value, as defined therein, to 60% or less; (d) require the ratio of unencumbered adjusted net operating income, as defined therein, to unsecured interest expense, as defined therein, to be at least 1.75 :1.00; (e) require the ratio of unencumbered asset value, as defined therein, to total unsecured debt, as defined therein, to be at least 1.66 :1.00; and (f) require maintenance of certain minimum tangible net worth balances. The $300 Million Bridge Loan also contains customary negative covenants applicable to Columbia Property Trust, Columbia Property Trust OP, and certain subsidiaries, including, among other things, restrictions on indebtedness, liens, restricted payments, sales of assets and transactions with affiliates' and customary events of default, including but not limited to, the nonpayment of principal or interest, material inaccuracy of representations and warranties, violations of covenants, cross-default to material indebtedness, bankruptcy and insolvency, and material adverse judgments. As of December 31, 2015 , Columbia Property Trust believes it was in compliance with the restrictive financial covenants on its Debt Facilities and notes payable obligations. Fair Value of Debt The estimated fair value of Columbia Property Trust's consolidated line of credit, term loan, and notes payable as of December 31, 2015 and 2014 , was approximately $1,140.1 million and $1,465.2 million , respectively. The related carrying value of the line of credit, term loan, and notes payable as of December 31, 2015 and 2014 , was $1,135.1 million and $1,430.9 million , respectively. Columbia Property Trust estimated the fair value of its line of credit by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates. Therefore, the fair values determined are considered to be based on observable market data for similar instruments (Level 2). The fair values of all other debt instruments were estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowing arrangements as of the respective reporting dates (Level 3). Interest Paid and Capitalized As of December 31, 2015 and 2014 , Columbia Property Trust's weighted-average interest rate on its consolidated line of credit and notes payable, was approximately 2.54% and 3.95% , respectively. Columbia Property Trust made interest payments of approximately $54.0 million , $56.1 million , and $59.6 million during 2015 , 2014 , and 2013 , respectively, of which approximately $0.6 million was capitalized during 2015 , and no interest was capitalized during 2014 or 2013 . Debt Repayments and Maturities On January 6, 2015, Columbia Property Trust entered into a $300.0 million , six -month, unsecured loan to finance a portion of the real estate assets purchased in January 2015. On March 12, 2015, Columbia Property Trust fully repaid the loan with proceeds from the 2025 Bonds Payable, as described in Note 5, Bonds Payable , at which time 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. The loan was set to mature on July 6, 2015. On June 1, 2015, Columbia Property Trust repaid the mortgage note for the 333 Market Street Building for $206.5 million and the related interest rate swap agreement expired. The maturity date for the 333 Market Street Building mortgage note was July 1, 2015. On July 1, 2015, in connection with the 11 Property Sale, Columbia Property Trust repaid the mortgage note for the 215 Diehl Road Building, one of the properties included in the 11 Property Sale, for $21.0 million . As a result, Columbia Property Trust recognized a loss on early extinguishment of debt of $2.1 million , primarily as a result of a prepayment premium. The maturity date for the 215 Diehl Road Building mortgage note was July 1, 2017. On July 13, 2015, Columbia Property Trust repaid the $105.0 million mortgage note on the 100 East Pratt Street Building at par. The maturity date for the 100 East Pratt Street Building mortgage note was June 11, 2017. On October 8, 2014, Columbia Property Trust repaid the mortgage note for the 544 Lakeview Building for $9.1 million , resulting in a loss on early extinguishment of debt of $23,000 . The original maturity date for the 544 Lakeview Building mortgage note was December 1, 2014. The following table summarizes the aggregate maturities of Columbia Property Trust's line of credit, term loan, and notes payable as of December 31, 2015 (in thousands): 2016 $ 163,460 2017 127,728 2018 25,859 2019 368,016 2020 300,000 Thereafter 150,000 Total $ 1,135,063 |
Bonds Payable
Bonds Payable | 12 Months Ended |
Dec. 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"), pursuant to a shelf registration statement, 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 issued $250.0 million of its seven -year, unsecured 5.875% senior notes at 99.295% of their face value. Columbia Property Trust received proceeds from the 2018 Bonds Payable, net of fees, of $246.7 million . The 2018 Bonds Payable require semiannual interest payments in April and October based on a contractual annual interest rate of 5.875% , which is subject to adjustment in certain circumstances. In the accompanying consolidated balance sheets, the 2018 Bonds Payable are shown net of the initial issuance discount of approximately $1.8 million , which is amortized to interest expense over the term of the 2018 Bonds Payable using the effective interest method. The principal amount of the 2018 Bonds Payable is due and payable on the maturity date, April 1, 2018. Interest payments on the 2025 Bonds Payable began in October 2015. Interest payments of $22.7 million were made on the 2025 Bonds Payable and the 2018 Bonds Payable during 2015, and interest payments of $14.7 million were made on the 2018 Bonds Payable during 2014 . The restrictive covenants on the 2025 Bonds Payable and the 2018 Bonds Payable, as defined, pursuant to an indenture include: • a limitation on the ratio of debt to total assets, as defined, to 60% ; • limits to Columbia Property Trust's ability to incur debt if the consolidated income available for debt service to annual debt service charge, as defined, for four previous consecutive fiscal quarters is less than 1.5:1 on a pro forma basis; • limits to Columbia Property Trust's ability to incur liens if, on an aggregate basis for Columbia Property Trust, the secured debt amount would exceed 40% of the value of the total assets; and • a requirement that the ratio of unencumbered asset value, as defined, to total unsecured debt be at least 150% at all times. As of December 31, 2015 , Columbia Property Trust believes it was in compliance with the restrictive financial covenants on its 2025 Bonds Payable and 2018 Bonds Payable. The 2018 Bonds Payable were originally issued through a private offering and subsequently registered. The estimated fair value of the 2025 Bonds Payable and the 2018 Bonds Payable as of December 31, 2015 , was approximately $602.3 million and the fair value of the 2018 Bonds Payable as of December 31, 2014, was $250.6 million . The related carrying value of the bonds payable, net of discounts, as of December 31, 2015 and 2014 was $595.3 million and $248.0 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 borrowing 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 | 12 Months Ended |
Dec. 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 December 31, 2015 , no tenants have exercised such options that had not been materially satisfied. Obligations Under Operating Leases Columbia Property Trust owns four properties that are subject to ground leases with expiration dates of December 31, 2058 ; February 28, 2062 ; December 14, 2077, and July 31, 2099 . We incurred $2.6 million in rent expense related to such ground leases in 2015 , 2014 , and 2013 . The lease expiring on December 14, 2077 has been fully prepaid. As of December 31, 2015 , the required payments under the terms of the remaining three ground leases are as follows (in thousands): 2016 $ 2,557 2017 2,702 2018 2,731 2019 2,731 2020 2,731 Thereafter 200,066 Total $ 213,518 Obligations Under Capital Leases The Three Glenlake Building is subject to a capital lease of land. This obligation requires payments equal to the amounts of principal and interest receivable from related investments in development authority bonds, which matures in 2021 . The required payments under the terms of the leases are as follows as of December 31, 2015 (in thousands): 2016 $ 7,200 2017 7,200 2018 7,200 2019 7,200 2020 7,200 Thereafter 127,200 163,200 Amounts representing interest (43,200 ) Total $ 120,000 Guaranty of Debt of Unconsolidated Joint Venture Columbia Property Trust entered into a guaranty of a $25.0 million portion of the Market Square mortgage note, the amount of which will be reduced as space is leased. As of December 31, 2015, Columbia Property Trust believes that the likelihood of making a payment under this guaranty is remote; therefore, no liability has been recorded related to this guaranty. Litigation Columbia Property Trust is subject to various legal proceedings, claims, and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any reasonably possible loss relating to these matters using the latest information available. Columbia Property Trust records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, Columbia Property Trust accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, Columbia Property Trust accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, Columbia Property Trust discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, Columbia Property Trust discloses the nature and estimate of the possible loss of the litigation. Columbia Property Trust does not disclose information with respect to litigation where the possibility of an unfavorable outcome is considered to be remote. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business, or financial condition of Columbia Property Trust. Columbia Property Trust is not currently involved in any legal proceedings of which management would consider the outcome to be reasonably likely to have a material adverse effect on the results of operations or financial condition of Columbia Property Trust. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common Stock Repurchase Program Columbia Property Trust's board of directors has authorized the repurchase of up to an aggregate of $200 million of its common stock, par value $0.01 , through September 4, 2017 (the "Stock Repurchase Program"). Columbia Property Trust intends to continue to acquire shares primarily through open market transactions, subject to market conditions and other factors. Under the Stock Repurchase Program, during 2015, Columbia Property Trust acquired approximately 721,000 shares at an average price of $22.62 , for aggregate purchases of $16.3 million . As of December 31, 2015 , $183.7 million remains available for repurchases under the Stock Repurchase Program. Common stock repurchases are charged against equity as incurred, and the repurchased shares are retired. 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 "LTIP"). In July 2013, Columbia Property Trust's shareholders approved the LTIP, and 2,000,000 shares were authorized and reserved for issuance under the LTIP. 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 LTIP (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. On January 21, 2014, Columbia Property Trust granted 143,740 shares of common stock to employees, net of 12,752 shares withheld to settle the related tax liability, under the LTIP for 2013 performance (the "2013 LTIP Employee Grant"), of which 25% vested upon grant, and the remaining shares will vest ratably, with the passage of time, on January 31, 2015, 2016, and 2017. Employees will receive quarterly dividends related to their entire grant, including the unvested shares, on each dividend payment date. A summary of the activity for the employee stock grants under the LTIP follows: Shares (in thousands) Weighted-Average, Grant-Date Fair Value (1) Unvested shares as of January 1, 2014 — $ — Granted 144 $ 24.82 Vested (39 ) $ 24.82 Forfeited (1 ) $ 24.82 Unvested shares as of December 31, 2014 104 $ 24.82 Granted 123 $ 24.40 Vested (74 ) $ 24.60 Forfeited (2 ) $ 24.56 Unvested shares as of December 31, 2015 151 (2) $ 24.59 (1) Columbia Property Trust determined the weighted-average grant-date fair value using the market closing price on the date of the grant. (2) As of December 31, 2015 , we expect approximately 143,450 of the 151,000 unvested shares to ultimately vest, assuming a forfeiture rate of 5% , which was determined based on peer company data, adjusted for the specifics of the LTIP. On January 21, 2016, Columbia Property Trust granted 231,015 shares of common stock to employees, net of 20,842 shares withheld to settle the related tax liability, under the LTIP, of which 25% vested upon grant, and the remaining shares will vest ratably, with the passage of time, on January 31, 2017, 2018, and 2019. Beginning in January 2014, Columbia Property Trust pays quarterly installments of the independent directors' annual equity retainers by granting shares to the independent directors, which vest at the time of grant. In September 2013, Columbia Property Trust paid the annual equity retainer for 2013. A summary of these grants, made under the LTIP, follows: Date of Grant Shares Weighted-Average Grant-Date Fair Value 2015 Director Grants: January 2, 2015 5,850 $ 25.75 April 1, 2015 4,995 $ 27.16 July 1, 2015 4,144 $ 24.84 October 1, 2015 4,571 $ 23.40 2014 Director Grants: January 21, 2014 3,344 $ 24.82 April 1, 2014 2,968 $ 27.22 July 1, 2014 3,016 $ 25.78 October 1, 2014 4,960 $ 23.89 2013 Director Grant: September 13, 2013 6,820 $ 29.32 Stock-Based Compensation Expense Columbia Property Trust incurred stock-based compensation expense related to the following events (in thousands): 2015 2014 2013 Amortization of unvested LTIP awards $ 1,699 $ 749 $ — Future employee awards (1) 1,353 866 855 Issuance of shares to independent directors 496 360 200 Total stock-based compensation expense $ 3,548 $ 1,975 $ 1,055 (1) These future employee awards relate to service during the period, to be granted in January of the subsequent year, with 25% vesting on the date of grant, and the remaining 75% vesting ratably on January 31st of each of the following three years. These expenses are included in general and administrative expenses in the accompanying consolidated statements of operations. There was $2.2 million and $1.7 million of unrecognized compensation costs related to unvested awards under the LTIP as of December 31, 2015 and December 31, 2014 , respectively. This amount will be amortized over the respective vesting period, ranging from one year to three years at the time of grant. Authorized Shares On July 1, 2014, Columbia Property Trust reduced the number of common shares authorized from 900,000,000 to 225,000,000 , which is proportionally equal to the reduction in shares outstanding as a result of the Reverse Stock Split. Listing On October 10, 2013, Columbia Property Trust listed its shares of common stock on the New York Stock Exchange under the ticker symbol "CXP." Columbia Property Trust has incurred $4.1 million of costs related to the listing during 2013, primarily related to professional and legal fees associated with the listing. Such fees have been recorded separately as listing costs in the accompanying statement of operations. Tender Offer On October 10, 2013, Columbia Property Trust commenced a modified "Dutch-auction" tender offer to purchase for cash up to $300.0 million in value of shares of its common stock (the "Tender Offer"). As a result of the Tender Offer, on November 18, 2013, we accepted for purchase 9.4 million shares of common stock at a purchase price of $25.00 per share, for an aggregate cost to Columbia Property Trust of $234.1 million , exclusive of fees and expenses related to the Tender Offer. Reverse Stock Split On August 6, 2013, Columbia Property Trust's board of directors approved a four -for- one reverse stock split (the "Reverse Stock Split"). The Reverse Stock Split became effective on August 14, 2013 (the "Effective Date"), causing every four shares of common stock that were issued and outstanding as of the Effective Date to be automatically combined into one issued and outstanding share of common stock. The share combination affected all shareholders uniformly and did not affect any shareholder's percentage ownership interest or any shareholder rights. In addition, the par value and number of authorized shares of common stock remained unchanged. The Reverse Stock Split requires retroactive adjustment; therefore, all share and per-share data for prior periods has been adjusted to reflect the Reverse Stock Split. Independent Director Stock Option Plan Columbia Property Trust maintains an independent director stock option plan that provides for grants of stock to be made to independent directors of Columbia Property Trust (the "Director Plan"). On April 24, 2008 , the Conflicts Committee of the Board of Directors suspended the Director Plan in connection with the registration of a public offering of shares of its common stock in certain states. A total of 25,000 shares have been authorized and reserved for issuance under the Director Plan. Under the Director Plan, options to purchase 625 shares of common stock at $48.00 per share were granted upon initially becoming an independent director of Columbia Property Trust. Of these options, 20% are exercisable immediately on the date of grant. An additional 20% of these options become exercisable on each anniversary for four years following the date of grant. Additionally, effective on the date of each annual stockholder meeting, beginning in 2004, each independent director was granted options to purchase 250 additional shares of common stock at the greater of (1) $48.00 per share or (2) the fair market value (as defined in the Director Plan) on the last business day preceding the date of the annual stockholder meeting. These options are 100% exercisable two years after the date of grant. All options granted under the Director Plan expire no later than the tenth anniversary of the date of grant and may expire sooner if the independent director dies, is disabled, or ceases to serve as a director. In the event of a corporate transaction or other recapitalization event, the Conflicts Committee will adjust the number of shares, class of shares, exercise price, or other terms of the Director Plan to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Director Plan or with respect to any option as necessary. No stock option may be exercised if such exercise would jeopardize Columbia Property Trust's status as a REIT under the Code, and no stock option may be granted if the grant, when combined with those issuable upon exercise of outstanding options or warrants granted to Columbia Property Trust's advisor, directors, officers, or any of their affiliates, would exceed 10% of Columbia Property Trust's outstanding shares. No option may be sold, pledged, assigned, or transferred by an independent director in any manner other than by will or the laws of descent or distribution. A summary of stock option activity under the Director Plan during 2015 , 2014 , and 2013 , follows: Number Exercise Price Exercisable Outstanding as of December 31, 2012 7,375 $48 7,375 Granted — Expired — Outstanding as of December 31, 2013 7,375 $48 7,375 Granted — Expired (3,500 ) Outstanding as of December 31, 2014 3,875 $48 3,875 Granted — Expired (2,000 ) Outstanding as of December 31, 2015 1,875 $48 1,875 Columbia Property Trust has evaluated the fair values of options granted under the Director Plan using the Black-Scholes-Merton model and concluded that such values are insignificant as of the end of the period presented. The weighted-average contractual remaining life for options that were exercisable as of December 31, 2015 , was approximately 1.3 years. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Operating Leases | Operating Leases Columbia Property Trust's real estate assets are leased to tenants under operating leases for which the terms vary, including certain provisions to extend the lease agreement, options for early terminations, subject to specified penalties, and other terms and conditions as negotiated. Columbia Property Trust retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant; however, such deposits generally are not significant. Therefore, exposure to credit risk exists to the extent that the receivables exceed this amount. Security deposits related to tenant leases are included in accounts payable, accrued expenses, and accrued capital expenditures in the accompanying consolidated balance sheets. Based on 2015 Annualized Lease Revenue, as defined, none of our tenants represent more than 6% of Columbia Property Trust's portfolio. Tenants in the legal services, business services, and banking industries each represent 16% , 14% , and 13% , respectively, of Columbia Property Trust's annualized lease revenue. Columbia Property Trust's properties are located in 12 states and the District of Columbia. As of December 31, 2015 , approximately 22% and 17% of Columbia Property Trust's office properties are located in San Francisco and New York, respectively, based on annualized lease revenue. The future minimum rental income from Columbia Property Trust's investment in real estate assets under noncancelable operating leases, excluding properties under development, as of December 31, 2015 , is as follows (in thousands): 2016 $ 372,172 2017 333,328 2018 315,690 2019 295,537 2020 275,081 Thereafter 1,191,990 Total $ 2,783,798 |
Supplemental Disclosures of Non
Supplemental Disclosures of Noncash Investing and Financing Activities | 12 Months Ended |
Dec. 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 years ended December 31, 2015 , 2014 , and 2013 (in thousands): Years ended December 31, 2015 2014 2013 Investment in real estate funded with other assets $ 27,000 $ 3,807 $ — Other assets assumed upon acquisition $ 7,785 $ 2,493 $ 741 Other liabilities assumed upon acquisition $ 4,765 $ 2,004 $ 741 Real estate assets transferred to unconsolidated joint venture $ 531,696 $ — $ — Mortgage note transferred to unconsolidated joint venture $ 325,000 $ — $ — Other assets transferred to unconsolidated joint venture $ 37,987 $ — $ — Other liabilities transferred to unconsolidated joint venture $ 20,595 $ — $ — Other liabilities settled at disposition $ — $ — $ 872 Notes payable assumed at acquisition $ — $ 203,000 $ — Interest accruing into notes payable $ — $ — $ 186 Discount on issuance of bonds payable $ 494 $ — $ — Amortization of discounts (premiums) on debt $ (18 ) $ 396 $ (363 ) Market value adjustment to interest rate swaps that qualify for hedge accounting treatment $ (1,570 ) $ 1,339 $ 1,997 Accrued capital expenditures and deferred lease costs $ 19,324 $ 17,283 $ 15,997 Accrued dividends payable $ 37,354 $ — $ — Transfer of development authority bonds $ — $ — $ 466,000 Common stock issued to employees and directors, and amortized (net of amounts withheld for taxes) $ 3,548 $ 1,642 $ 1,055 Decrease in redeemable common stock $ — $ — $ (99,526 ) |
Related-Party Transactions and
Related-Party Transactions and Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions and Agreements | Related-Party Transactions and Agreements During 2013, Columbia Property Trust was party to agreements with various entities of Wells Real Estate Funds ("WREF"), which served as our Advisor (the "Advisor"). Since January 1, 2014, Columbia Property Trust has had no contractual relationship with WREF. • Transition Services Agreement – Columbia Property Trust exercised the option to acquire Columbia Property Trust Advisory Services and Columbia Property Trust Services from WREF (the "Assignment Options") on February 13, 2013, as provided for in the Transition Services Agreement, as amended (the "Transition Services Agreement"). No payment was associated with the Assignment Options; however, Columbia Property Trust was required to pay WREF a total of $8.8 million , for the work required to transfer sufficient employees, proprietary systems and processes, and assets to Columbia Property Trust Advisory Services and Columbia Property Trust Services. • Consulting Services Agreement – Under the Consulting Services Agreement, WREF provided consulting services with respect to the same matters that were provided under the Advisory Agreement, described below (the "Consulting Services Agreement"). The Consulting Services Agreement terminated on December 31, 2013. The fees incurred under the Consulting Services Agreement are included in general and administrative expense in the accompanying consolidated statement of operations. • Advisory Agreement – Under the terms of the advisory agreement in place from January 1, 2013 to February 27, 2013 (the "Advisory Agreement"), Columbia Property Trust incurred fees and reimbursements payable to the Advisor for asset management and administrative services. Related-Party Costs Columbia Property Trust did not incur any related party costs in 2015 or 2014. In 2013, pursuant to the terms of the agreements described above, Columbia Property Trust incurred the following related-party costs (in thousands): Year ended December 31, 2013 Consulting services $ 25,417 Transition services 5,750 Asset management fees 5,083 Administrative reimbursements, net (1) 1,939 Investor services 829 Property management fees 523 Construction fees (2) 139 Other 69 Total $ 39,749 (1) Administrative reimbursements are presented net of reimbursements from tenants of approximately $0.7 million for the year ended December 31, 2013 . (2) Construction fees were capitalized to real estate assets as incurred. There were no amounts due to affiliates as of December 31, 2015 or December 31, 2014 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Columbia Property Trust's income tax basis net income during 2015 , 2014 , and 2013 (in thousands) follows: 2015 2014 2013 GAAP basis financial statement net income attributable to the common stockholders of Columbia Property Trust, Inc. $ 44,619 $ 92,635 $ 15,720 Increase (decrease) in net income resulting from: Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes 81,559 69,832 72,554 Rental income accrued for financial reporting purposes in excess of amounts for income tax purposes (13,409 ) (8,437 ) (26,565 ) Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes (6,626 ) (9,394 ) (8,186 ) Gain on interest rate swaps that do not qualify for hedge accounting treatment for financial reporting purposes in excess of amounts for income tax purposes (2,633 ) (4,945 ) (5,530 ) Bad debt expense for financial reporting purposes less than amounts for income tax purposes 5 (1 ) (65 ) Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes (117,857 ) (47,159 ) (78,559 ) Other expenses for financial reporting purposes in excess of amounts for income tax purposes 14,342 31,991 9,710 Income tax basis net income (loss), prior to dividends-paid deduction $ — $ 124,522 $ (20,921 ) As of December 31, 2015 , the tax basis carrying value of Columbia Property Trust's total assets was approximately $5.0 billion . For income tax purposes, distributions to common stockholders are characterized as ordinary income, capital gains, or as a return of a stockholder's invested capital. Columbia Property Trust's distributions per common share are summarized as follows: 2015 2014 2013 Ordinary income — % 83.1 % — % Capital gains — % — % — % Return of capital 100 % 16.9 % 100 % Total 100 % 100 % 100 % As of December 31, 2015 , returns for the calendar years 2011 through 2015 remain subject to examination by U.S. or various state tax jurisdictions. No provisions for federal income taxes have been made in the accompanying consolidated financial statements, other than the provisions relating to the TRS Entities, as we made distributions in excess of taxable income for the periods presented. We are subject to certain state and local taxes related to property operations in certain locations, which have been provided for in our accompanying consolidated financial statements. The income taxes recorded by the TRS Entities for the years ended December 31, 2015 , 2014 , and 2013 , are as follows: Years ended December 31, 2015 2014 2013 Federal income tax $ 17 $ 318 $ 307 State income tax 25 35 2 Total income tax $ 42 $ 353 $ 309 As of December 31, 2015 and 2014 , Columbia Property Trust had no deferred tax liabilities. As of December 31, 2015 and 2014 , Columbia Property Trust had a deferred tax asset of $ 0.2 million and $ 0.3 million , respectively, included in prepaid expenses and other assets in the accompanying consolidated balance sheets. Columbia Property Trust has assessed its ability to realize this deferred tax asset and determined that it is more likely than not that the deferred tax asset of $ 0.2 million as of December 31, 2015 , is realizable. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations As a result of implementing ASU 2014-08 effective April 1, 2014, beginning in the second quarter of 2014, the operating results for properties sold are included in continuing operations. Properties sold prior to implementing ASU 2014-08 are included in discontinued operations in the accompanying consolidated statements of operations for all periods presented. The following properties were sold prior to implementing ASU 2014-08 and are, therefore, included in discontinued operations in the accompanying consolidated statements of operations for all periods presented: • the properties included in the 18 Property Sale, which closed on November 5, 2013, for $521.5 million and resulted in a net loss of $0.4 million ; • Dvintsev Business Center – Tower B in Moscow, Russia, which sold on March 21, 2013, along with its holding entity, Landlink, Ltd., which was 100% owned by Columbia Property Trust, for $67.5 million and resulted in a gain of $10.0 million ; The following table shows the revenues and expenses of the above-described discontinued operations (in thousands). No activity has been reclassified to discontinued operations in 2015. Amounts reclassified in 2014 reflect post closing adjustments and true ups related to the 18 Property Sale, which closed prior to our adoption of ASU 2014-08. Years ended December 31, 2014 2013 Revenues: Rental income $ 4 $ 48,550 Tenant reimbursements 115 11,205 Other property income — 291 119 60,046 Expenses: Property operating costs (250 ) 21,232 Asset and property management fees 7 1,501 Depreciation — 11,730 Amortization — 7,590 Impairment loss on real estate assets — 29,737 General and administrative 755 1,360 Total expenses 512 73,150 Operating loss (393 ) (13,104 ) Other income (expense): Interest expense 3 (3,804 ) Interest and other income — 293 Loss on early extinguishment of debt — (4,709 ) Loss from discontinued operations before income tax expense (390 ) (21,324 ) Income tax expense — (1 ) Loss from discontinued operations (390 ) (21,325 ) Gain (loss) on disposition of discontinued operations (1,627 ) 11,225 Loss from discontinued operations $ (2,017 ) $ (10,100 ) |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share For 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 the LTIP grants, as described in Note 8, Stockholders' Equity . The following table reconciles the numerator for the basic and diluted earnings per share computations shown on the consolidated statements of income for 2015 , 2014 , and 2013 (in thousands): 2015 2014 2013 Net income $ 44,619 $ 92,635 $ 15,720 Distributions paid on unvested shares (185 ) (128 ) — Net income used to calculate basic and diluted earnings per share $ 44,434 $ 92,507 $ 15,720 The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of income for 2015 , 2014 , and 2013 (in thousands): 2015 2014 2013 Weighted-average common shares – basic 124,757 124,860 134,085 Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases: Previously granted LTIP awards, unvested 33 29 — Future LTIP awards 57 29 — Weighted-average common shares – diluted 124,847 124,918 134,085 |
Quarterly Results (unaudited)
Quarterly Results (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results (unaudited) | Quarterly Results (unaudited) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 and 2014 (in thousands, except per-share data): 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 147,543 $ 148,124 $ 137,719 $ 132,679 Net income $ 5,598 $ 8,709 $ 20,143 (1) $ 10,169 Net income per share - basic $ 0.04 $ 0.07 $ 0.16 $ 0.08 Net income per share - diluted $ 0.04 $ 0.07 $ 0.16 $ 0.08 Dividends declared per share $ 0.30 $ 0.30 $ 0.30 $ 0.30 (1) Net income for the third quarter of 2015 includes gains on sales of real estate assets of $20.2 million related to the 11 Property Sale, partially offset by losses on early extinguishment of debt of $2.7 million . 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 129,168 $ 136,757 $ 136,981 $ 137,891 Net income $ 3,400 $ 8,021 $ 24,988 $ 56,226 (1) Net income per share - basic $ 0.03 $ 0.06 $ 0.20 $ 0.45 Net income per share - diluted $ 0.03 $ 0.06 $ 0.20 $ 0.45 Dividends declared per share $ 0.30 $ 0.30 $ 0.30 $ 0.30 (1) Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions ), partially offset by impairment losses of $10.1 million . |
Financial Information for Paren
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries, and Non-Guarantor Subsidiaries | Financial Information for Parent Guarantor, Other Guarantor Subsidiaries, and Non-Guarantor Subsidiaries The 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 guarantees are 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 December 31, 2015 and 2014 (in thousands), as well as its condensed consolidating statements of operations and its condensed consolidating statements of comprehensive income for 2015 , 2014 , and 2013 (in thousands); and its condensed consolidating statements of cash flows for 2015 , 2014 , and 2013 (in thousands). Condensed Consolidating Balance Sheets (in thousands) As of December 31, 2015 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Assets: Real estate assets, at cost: Land $ — $ 6,241 $ 890,226 $ — $ 896,467 Buildings and improvements, net — 28,913 2,868,518 — 2,897,431 Intangible lease assets, net — — 259,136 — 259,136 Construction in progress — 917 30,930 — 31,847 Total real estate assets — 36,071 4,048,810 — 4,084,881 Investment in unconsolidated joint venture — 118,695 — — 118,695 Cash and cash equivalents 989 14,969 16,687 — 32,645 Investment in subsidiaries 2,333,408 1,901,581 — (4,234,989 ) — Tenant receivables, net of allowance — 52 11,618 — 11,670 Straight-line rent receivable — 1,311 107,751 — 109,062 Prepaid expenses and other assets 317,151 265,615 26,153 (573,071 ) 35,848 Intangible lease origination costs, net — — 77,190 — 77,190 Deferred lease costs, net — 2,055 86,072 — 88,127 Investment in development authority bonds — — 120,000 — 120,000 Total assets $ 2,651,548 $ 2,340,349 $ 4,494,281 $ (4,808,060 ) $ 4,678,118 Liabilities: Line of credit, term loan, and notes payable, net $ — $ 812,836 $ 888,340 $ (570,605 ) $ 1,130,571 Bonds payable, net — 595,259 — — 595,259 Accounts payable, accrued expenses, and accrued capital expenditures — 13,313 85,446 — 98,759 Dividends payable 37,354 — — — 37,354 Due to affiliates — 21 2,445 (2,466 ) — Deferred income — 200 24,614 — 24,814 Intangible lease liabilities, net — — 57,167 — 57,167 Obligations under capital leases — — 120,000 — 120,000 Total liabilities 37,354 1,421,629 1,178,012 (573,071 ) 2,063,924 Equity: Total equity 2,614,194 918,720 3,316,269 (4,234,989 ) 2,614,194 Total liabilities, redeemable common stock, and equity $ 2,651,548 $ 2,340,349 $ 4,494,281 $ (4,808,060 ) $ 4,678,118 Condensed Consolidating Balance Sheets (in thousands) As of December 31, 2014 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust 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 204,079 152,014 19,734 (319,896 ) 55,931 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 $ 2,321,794 $ 4,528,793 $ (4,849,855 ) $ 4,734,240 Liabilities: Lines of credit, term loan, and notes payable $ — $ 448,968 $ 1,296,826 $ (318,348 ) $ 1,427,446 Bonds payable, net — 247,982 — — 247,982 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 30 706,894 1,613,734 (319,896 ) 2,000,762 Equity: Total equity 2,733,478 1,614,900 2,915,059 (4,529,959 ) 2,733,478 Total liabilities, redeemable common stock, and equity $ 2,733,508 $ 2,321,794 $ 4,528,793 $ (4,849,855 ) $ 4,734,240 Consolidating Statements of Operations (in thousands) For the Year Ended December 31, 2015 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income $ — $ 2,662 $ 433,763 $ (377 ) $ 436,048 Tenant reimbursements — 1,316 98,339 — 99,655 Hotel income — — 24,309 — 24,309 Other property income 171 — 6,215 (333 ) 6,053 171 3,978 562,626 (710 ) 566,065 Expenses: Property operating costs — 3,065 185,390 (377 ) 188,078 Hotel operating costs — — 19,615 — 19,615 Asset and property management fees: Related-party — 100 — (100 ) — Other — — 1,816 — 1,816 Depreciation — 2,571 128,919 — 131,490 Amortization — 237 86,891 — 87,128 General and administrative 152 8,754 21,010 (233 ) 29,683 Acquisition expenses — 11 3,664 — 3,675 152 14,738 447,305 (710 ) 461,485 Real estate operating income (loss) 19 (10,760 ) 115,321 — 104,580 Other income (expense): Interest expense — (44,919 ) (67,076 ) 26,699 (85,296 ) Interest and other income 14,141 12,565 7,247 (26,699 ) 7,254 Loss on interest rate swaps — (1,101 ) (9 ) — (1,110 ) Loss on early extinguishment of debt — (1,050 ) (2,099 ) — (3,149 ) 14,141 (34,505 ) (61,937 ) — (82,301 ) Income before income tax expense and unconsolidated joint venture 14,160 (45,265 ) 53,384 — 22,279 Income tax expense — (25 ) (353 ) — (378 ) Income (loss) from unconsolidated entities 30,459 59,165 — (90,766 ) (1,142 ) Income before gain (loss) on sale of real estate assets 44,619 13,875 53,031 (90,766 ) 20,759 Gain (loss) on sale of real estate assets — (19 ) 23,879 — 23,860 Net income $ 44,619 $ 13,856 $ 76,910 $ (90,766 ) $ 44,619 Consolidating Statements of Operations (in thousands) For the Year Ended December 31, 2014 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income $ — $ 1,150 $ 413,752 $ (361 ) $ 414,541 Tenant reimbursements — 222 95,153 — 95,375 Hotel income — — 22,885 — 22,885 Other property income — — 8,220 (224 ) 7,996 — 1,372 540,010 (585 ) 540,797 Expenses: Property operating costs — 2,716 161,367 (361 ) 163,722 Hotel operating costs — — 18,792 — 18,792 Asset and property management fees: Related-party — 17 — (17 ) — Other — — 2,258 — 2,258 Depreciation — 1,795 115,971 — 117,766 Amortization — 121 78,722 — 78,843 Impairment loss on real estate assets — — 25,130 — 25,130 General and administrative 149 9,701 21,632 (207 ) 31,275 Acquisition expenses — — 14,142 — 14,142 149 14,350 438,014 (585 ) 451,928 Real estate operating income (loss) (149 ) (12,978 ) 101,996 — 88,869 Other income (expense): Interest expense — (30,271 ) (64,105 ) 18,665 (75,711 ) Interest and other income 7,969 10,724 7,247 (18,665 ) 7,275 Loss on interest rate swaps — — (371 ) — (371 ) Loss on early extinguishment of debt — — (23 ) — (23 ) Income from equity investment 84,815 113,976 — (198,791 ) — 92,784 94,429 (57,252 ) (198,791 ) (68,830 ) Income before income tax expense and gain on sale of real estate assets 92,635 81,451 44,744 (198,791 ) 20,039 Income tax expense — (4 ) (658 ) — (662 ) Income before gain on sale of real estate assets 92,635 81,447 44,086 (198,791 ) 19,377 Gain on sale of real estate assets — — 75,275 — 75,275 92,635 81,447 119,361 (198,791 ) 94,652 Discontinued operations: Operating loss from discontinued operations — — (390 ) — (390 ) Loss on disposition of discontinued operations — — (1,627 ) — (1,627 ) Loss from discontinued operations — — (2,017 ) — (2,017 ) Net income $ 92,635 $ 81,447 $ 117,344 $ (198,791 ) $ 92,635 Consolidating Statements of Operations (in thousands) For the Year Ended December 31, 2013 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income $ — $ 403 $ 406,791 $ (287 ) $ 406,907 Tenant reimbursements — 149 90,726 — 90,875 Hotel income — — 23,756 — 23,756 Other property income — 17 5,208 (185 ) 5,040 — 569 526,481 (472 ) 526,578 Expenses: Property operating costs — 1,966 152,880 (287 ) 154,559 Hotel operating costs — — 18,340 — 18,340 Asset and property management fees: Related-party 4,397 15 313 (32 ) 4,693 Other — — 1,671 — 1,671 Depreciation — 1,247 106,858 — 108,105 Amortization — 28 78,682 — 78,710 General and administrative 16 43,555 18,448 (153 ) 61,866 Listing fees 317 3,743 — — 4,060 4,730 50,554 377,192 (472 ) 432,004 Real estate operating income (loss) (4,730 ) (49,985 ) 149,289 — 94,574 Other income (expense): Interest expense — (32,659 ) (88,137 ) 18,855 (101,941 ) Interest and other income 7,987 10,874 34,023 (18,855 ) 34,029 Loss on interest rate swaps — — (342 ) — (342 ) Income from equity investment 12,463 86,101 — (98,564 ) — 20,450 64,316 (54,456 ) (98,564 ) (68,254 ) Income before income tax expense 15,720 14,331 94,833 (98,564 ) 26,320 Income tax expense — (3 ) (497 ) — (500 ) Income from continuing operations 15,720 14,328 94,336 (98,564 ) 25,820 Discontinued operations: Operating income (loss) from discontinued operations — 658 (21,983 ) — (21,325 ) Gain on disposition of discontinued operations — — 11,225 — 11,225 Income (loss) from discontinued operations — 658 (10,758 ) — (10,100 ) Net income $ 15,720 $ 14,986 $ 83,578 $ (98,564 ) $ 15,720 Consolidating Statements of Comprehensive Income (in thousands) For the Year Ended December 31, 2015 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 44,619 $ 13,856 $ 76,910 $ (90,766 ) $ 44,619 Market value adjustment to interest rate swap (1,570 ) (1,570 ) — 1,570 (1,570 ) Settlement of interest rate swap 1,102 1,102 — (1,102 ) 1,102 Comprehensive income $ 44,151 $ 13,388 $ 76,910 $ (90,298 ) $ 44,151 For the Year Ended December 31, 2014 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 92,635 $ 81,447 $ 117,344 $ (198,791 ) $ 92,635 Market value adjustment to interest rate swap 1,339 1,339 — (1,339 ) 1,339 Comprehensive income $ 93,974 $ 82,786 $ 117,344 $ (200,130 ) $ 93,974 For the Year Ended December 31, 2013 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 15,720 $ 14,986 $ 83,578 $ (98,564 ) $ 15,720 Market value adjustment to interest rate swap 1,997 1,997 — (1,997 ) 1,997 Foreign currency translation adjustment (83 ) — (83 ) 83 (83 ) Comprehensive income $ 17,634 $ 16,983 $ 83,495 $ (100,478 ) $ 17,634 Consolidating Statements of Cash Flows (in thousands) For the Year Ended December 31, 2015 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Cash flows from operating activities $ 26 $ (50,601 ) $ 273,655 $ — $ 223,080 Cash flows from investing activities: Net proceeds from sale of real estate 72,353 524,381 — — 596,734 Investment in real estate and related assets (57,198 ) (1,007,511 ) (103,224 ) — (1,167,933 ) Investment in unconsolidated joint venture — (5,500 ) — — (5,500 ) Investments in subsidiaries (1,065,695 ) — — 1,065,695 — Net cash used in investing activities (1,050,540 ) (488,630 ) (103,224 ) 1,065,695 (576,699 ) Cash flows from financing activities: Borrowings, net of fees — 2,223,778 — — 2,223,778 Repayments — (1,518,000 ) (336,512 ) — (1,854,512 ) Prepayments to settle debt and interest rate swap — (1,102 ) (2,063 ) — (3,165 ) Redemptions of common stock (17,057 ) — — — (17,057 ) Distributions (112,570 ) — — — (112,570 ) Intercompany transfers, net 1,061,642 (160,980 ) 165,033 (1,065,695 ) — Net cash provided by (used in) financing activities 932,015 543,696 (173,542 ) (1,065,695 ) 236,474 Net increase (decrease) in cash and cash equivalents (118,499 ) 4,465 (3,111 ) — (117,145 ) Cash and cash equivalents, beginning of period 119,488 10,504 19,798 — 149,790 Cash and cash equivalents, end of period $ 989 $ 14,969 $ 16,687 $ — $ 32,645 Consolidating Statements of Cash Flows (in thousands) For the Year Ended December 31, 2014 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Cash flows from operating activities $ (122 ) $ (38,618 ) $ 275,646 $ — $ 236,906 Cash flows from investing activities: Net proceeds from sale of real estate — 418,207 — — 418,207 Investment in real estate and related assets (5,000 ) (366,380 ) (70,615 ) — (441,995 ) Investments in subsidiaries 67,403 — — (67,403 ) — Net cash provided by (used in) investing activities 62,403 51,827 (70,615 ) (67,403 ) (23,788 ) Cash flows from financing activities: Borrowings, net of fees — 282,807 (1,289 ) — 281,518 Repayments — (283,000 ) (11,739 ) — (294,739 ) Distributions (149,962 ) — — — (149,962 ) Intercompany transfers 153,847 (23,220 ) (198,030 ) 67,403 — Net cash provided by (used in) financing activities 3,885 (23,413 ) (211,058 ) 67,403 (163,183 ) Net increase (decrease) in cash and cash equivalents 66,166 (10,204 ) (6,027 ) — 49,935 Cash and cash equivalents, beginning of period 53,322 20,708 25,825 — 99,855 Cash and cash equivalents, end of period $ 119,488 $ 10,504 $ 19,798 $ — $ 149,790 For the Year Ended December 31, 2013 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Columbia Property Trust Cash flows from operating activities $ (331 ) $ (84,270 ) $ 302,930 $ 218,329 Cash flows from investing activities: Net proceeds from sale of real estate 14,127 551,818 — 565,945 Investment in real estate and related assets — (5,270 ) (65,286 ) (70,556 ) Net cash provided by (used in) investing activities 14,127 546,548 (65,286 ) 495,389 Cash flows from financing activities: Borrowings, net of fees — 297,320 (41 ) 297,279 Repayments — (343,000 ) (118,940 ) (461,940 ) Loss on early extinguishment of debt — — (4,709 ) (4,709 ) Redemptions of common stock, net of issuances (306,574 ) — — (306,574 ) Distributions (191,473 ) — — (191,473 ) Intercompany transfers 516,659 (400,712 ) (115,947 ) — Net cash used in financing activities 18,612 (446,392 ) (239,637 ) (667,417 ) Net increase (decrease) in cash and cash equivalents 32,408 15,886 (1,993 ) 46,301 Effect of foreign exchange rate on cash and cash equivalents — — (103 ) (103 ) Cash and cash equivalents, beginning of period 20,914 4,822 27,921 53,657 Cash and cash equivalents, end of period $ 53,322 $ 20,708 $ 25,825 $ 99,855 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Columbia Property Trust has evaluated subsequent events in connection with the preparation of its consolidated financial statements and notes thereto included in this report on Form 10-K and noted the following items in addition to those disclosed elsewhere in this report: Dividends On January 6, 2016, Columbia Property Trust paid the dividends for the fourth quarter of 2015 for an aggregate amount of $37.4 million to shareholders of record on December 1, 2015. On February 10, 2016, the board of directors declared dividends for the first quarter of 2016 in the amount of $0.30 per share, payable on March 15, 2016, to stockholders of record on March 1, 2016. |
Schedule III - Real Estate Asse
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization | Columbia Property Trust, Inc. Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Accumulated Depreciation and Amortization Life on Which Depreciation and Amortization is Computed (e) Description Location Owner- ship % Encum-brances Land Buildings and Improvements Total Land Buildings and Improvements Total (d) Date of Construction Date Acquired 515 POST OAK Houston, TX 100 % None $ 6,100 $ 28,905 $ 35,005 $ 11,097 $ 6,241 $ 39,861 $ 46,102 $ 10,091 1980 2/10/2004 0 to 40 years ONE GLENLAKE PARKWAY Atlanta, GA 100 % $ 29,278 5,846 66,681 72,527 (4,416 ) 5,934 62,177 68,111 18,137 2003 6/25/2004 0 to 40 years 80 M STREET Washington, D.C. 100 % None 26,248 76,269 102,517 (3,222 ) 26,806 72,489 99,295 25,872 2001 6/29/2004 0 to 40 years 800 NORTH FREDERICK Gaithersburg, MD 100 % None 22,758 43,174 65,932 582 20,195 46,319 66,514 22,684 1986 10/22/2004 0 to 40 years 100 EAST PRATT Baltimore, MD 100 % None 31,234 140,217 171,451 39,414 31,777 179,088 210,865 66,984 1975/1991 5/12/2005 0 to 40 years UNIVERSITY CIRCLE East Palo Alto, CA 100 % None 27,493 278,288 305,781 (18,499 ) 27,756 259,526 287,282 70,843 2001/2002/2003 9/20/2005 0 to 40 years 5 HOUSTON CENTER Houston, TX 100 % None 8,186 147,653 155,839 (26,891 ) 8,186 120,762 128,948 33,568 2002 12/20/2005 0 to 40 years KEY CENTER TOWER Cleveland, OH 100 % None (a) 7,269 244,424 251,693 19,746 7,454 263,985 271,439 84,190 1991 12/22/2005 0 to 40 years KEY CENTER MARRIOTT Cleveland, OH 100 % None 3,473 34,458 37,931 15,993 3,629 50,295 53,924 18,479 1991 12/22/2005 0 to 40 years SANTAN CORPORATE CENTER Chandler, AZ 100 % $ 39,000 8,045 46,282 54,327 (3,552 ) 8,193 42,582 50,775 10,624 2000/2003 4/18/2006 0 to 40 years 263 SHUMAN BOULEVARD Naperville, IL 100 % $ 49,000 7,142 41,535 48,677 6,890 7,233 48,334 55,567 21,631 1986 7/20/2006 0 to 40 years 80 PARK PLAZA Newark, NJ 100 % None 31,766 109,952 141,718 37,804 32,221 147,301 179,522 51,407 1979 9/21/2006 0 to 40 years INTERNATIONAL FINANCIAL TOWER Jersey City, NJ 100 % None 29,061 141,544 170,605 11,350 29,712 152,243 181,955 48,398 1989 10/31/2006 0 to 40 years STERLING COMMERCE Irving, TX 100 % None 8,639 43,980 52,619 4,111 8,752 47,978 56,730 23,162 1999 12/21/2006 0 to 40 years PASADENA CORPORATE PARK Pasadena, CA 100 % None 53,099 59,630 112,729 (2,074 ) 53,099 57,556 110,655 13,542 1965/2000/ 2002/2003 7/11/2007 0 to 40 years 222 EAST 41ST STREET New York City, NY 100 % None (a) — 324,520 324,520 2,465 — 326,985 326,985 83,786 2001 8/17/2007 0 to 40 years SOUTH JAMAICA STREET Englewood, CO 100 % None 13,429 109,781 123,210 3,252 13,735 112,727 126,462 37,184 2002/2003/2007 9/26/2007 0 to 40 years LINDBERGH CENTER Atlanta, GA 100 % None (a) — 262,468 262,468 3,252 — 265,720 265,720 61,116 2002 7/1/2008 0 to 40 years THREE GLENLAKE BUILDING Atlanta, GA 100 % None (b) 7,517 88,784 96,301 891 8,055 89,137 97,192 21,829 2008 7/31/2008 0 to 40 years CRANBERRY WOODS DRIVE Cranberry Township, PA 100 % None 15,512 173,062 188,574 5,210 15,512 178,272 193,784 34,875 2009/2010 6/1/2010 0 to 40 years HOUSTON ENERGY CENTER I Houston, TX 100 % None 4,734 79,344 84,078 5,130 4,734 84,474 89,208 18,352 2008 6/28/2010 0 to 40 years 333 MARKET STREET San Francisco, CA 100 % None 114,483 292,840 407,323 1 114,484 292,840 407,324 27,487 1979 12/21/2012 0 to 40 years 221 MAIN STREET San Francisco, CA 100 % $ 73,000 60,509 174,629 235,138 1,906 60,509 176,535 237,044 14,728 1974 4/22/2014 0 to 40 years 650 CALIFORNIA STREET San Francisco, CA 100 % $ 128,785 75,384 240,441 315,825 4,442 75,384 244,883 320,267 20,572 1964 9/9/2014 0 to 40 years 315 PARK AVENUE SOUTH New York, NY 100 % None 119,633 249,510 369,143 304 119,633 249,814 369,447 12,711 1910 1/7/2015 0 to 40 years 116 HUNTINGTON AVENUE Boston, MA 100 % None (c) — 116,290 116,290 32,189 — 148,479 148,479 6,125 1991 1/8/2015 0 to 40 years 229 WEST 43RD STREET New York, NY 100 % None 207,233 292,991 500,224 (1,215 ) 207,233 291,776 499,009 5,347 1912/1924/ 1932/1947 8/4/2015 0 to 40 years TOTAL CONSOLIDATED REAL ESTATE ASSETS $ 894,793 $ 3,907,652 $ 4,802,445 $ 146,160 $ 896,467 $ 4,052,138 $ 4,948,605 $ 863,724 UNCONSOLIDATED REAL ESTATE ASSETS: MARKET SQUARE BUILDINGS (f) Washington, D.C. 51 % 325,000 152,629 450,757 603,386 62,698 152,629 388,059 540,688 2,640 1990 10/28/2015 0 to 40 years (a) Property is owned subject to a long-term ground lease. (b) As a result of the acquisition of the Three Glenlake Building, Columbia Property Trust acquired investments in bonds and certain obligations under capital leases in the amount of $120.0 million . (c) 116 Huntington Avenue is owned subject to a long-term, pre-paid ground lease. (d) The aggregate cost of consolidated land and buildings and improvements for federal income tax purposes is approximately $5.229 billion . (e) Columbia Property Trust assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, tenant improvements are amortized over the shorter of economic life or lease term, lease intangibles are amortized over the respective lease term, building improvements are depreciated over 5 - 25 years and buildings are depreciated over 40 years. (f) Account balances are presented at 100% for the Market Square Buildings. On October 28, 2015, the Market Square Buildings were transferred to an unconsolidated joint venture in which Columbia Property Trust owned 51% as of December 31, 2015. The aggregate cost of 100% of the land and buildings and improvements, net of debt, held by the Market Square Joint Venture, for federal income tax purposes is approximately $298.8 million . Columbia Property Trust, Inc. Schedule III – Real Estate Assets and Accumulated Depreciation and Amortization (in thousands) For the Years Ended December 31, 2015 2014 2013 Real Estate: Balance at beginning of year $ 5,050,482 $ 4,875,866 $ 5,507,769 Additions to/improvements of real estate 1,162,068 610,510 51,422 Sale/transfer of real estate (1,188,083 ) (1) (399,499 ) (614,822 ) Impairment of real estate — (25,130 ) (29,737 ) Write-offs of building and tenant improvements (1,552 ) (1,230 ) (492 ) Write-offs of intangible assets (2) (12,614 ) (5,251 ) (466 ) Write-offs of fully depreciated assets (61,696 ) (4,784 ) (37,808 ) Balance at end of year $ 4,948,605 $ 5,050,482 $ 4,875,866 Accumulated Depreciation and Amortization: Balance at beginning of year $ 973,920 $ 903,472 $ 896,174 Depreciation and amortization expense 183,492 161,133 166,720 Sale/transfer of real estate (221,481 ) (1) (80,607 ) (120,981 ) Write-offs of tenant improvements (948 ) (690 ) (212 ) Write-offs of intangible assets (2) (9,563 ) (4,604 ) (421 ) Write-offs of fully depreciated assets (61,696 ) (4,784 ) (37,808 ) Balance at end of year $ 863,724 $ 973,920 $ 903,472 (1) Includes the transfer of 100% of the Market Square Buildings to an unconsolidated joint venture, in which Columbia Property Trust currently owns a 51% interest. (2) Consists of write-offs of intangible lease assets related to lease restructurings, amendments, and terminations. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The consolidated financial statements of Columbia Property Trust have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable interest entity ("VIE") in which Columbia Property Trust or Columbia Property Trust OP was deemed the primary beneficiary. With respect to entities that are not VIEs, Columbia Property Trust's consolidated financial statements shall also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling general partnership interest. In determining whether Columbia Property Trust or Columbia Property Trust OP has a controlling interest, the following factors are considered, among other things: the ownership of voting interests, protective rights, and participatory rights of the investors. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. |
Fair Value Measurements | Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability: Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts. Level 2 – Assets and liabilities valued based on observable market data for similar instruments. Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider. |
Real Estate Assets | Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition or construction, and any tenant improvements or major improvements and betterments that extend the useful life of the related asset. All repairs and maintenance are expensed as incurred. Additionally, Columbia Property Trust capitalizes interest while the development of a real estate asset is in progress. During the year ended December 31, 2015 , $0.6 million of interest was capitalized, and for the year ended December 31, 2014 , no interest was capitalized. Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. Columbia Property Trust considers the period of future benefit of the asset to determine the appropriate useful lives. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows: Buildings 40 years Building and site improvements 5-25 years Tenant improvements Shorter of economic life or lease term Intangible lease assets Lease term |
Evaluating the Recoverability of Real Estate Assets | Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets, of both operating properties and properties under construction, in which Columbia Property Trust has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of real estate assets and related intangible assets (liabilities) may not be recoverable, Columbia Property Trust assesses the recoverability of these assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future operating cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, Columbia Property Trust adjusts the carrying value of the real estate assets and related intangible assets to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognizes an impairment loss. Estimated fair values are calculated based on the following information, in order of preference, depending upon availability: (Level 1) recently quoted market prices, (Level 2) market prices for comparable properties, or (Level 3) 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 impairment in the carrying values of our real estate assets and related intangible assets for the year ended December 31, 2015 . Projections of expected future operating cash flows require that Columbia Property Trust estimates future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. The subjectivity of assumptions used in the future cash flow analysis, including discount rates, could result in an incorrect assessment of the property's fair value and could result in the misstatement of the carrying value of Columbia Property Trust's real estate assets and related intangible assets and net income. |
Assets Held for Sale | Columbia Property Trust classifies assets as held for sale according to Accounting Standard Codification 360, Accounting for the Impairment or Disposal of Long-Lived Assets ("ASC 360"). According to ASC 360, assets are considered held for sale when the following criteria are met: • Management, having the authority to approve the action, commits to a plan to sell the property. • The property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property. • An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated. • The sale of the property is probable, and transfer of the property is expected to qualify for recognition as a completed sale, within one year. • The property is being actively marketed for sale at a price that is reasonable in relation to its current fair value. • Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. At such time that a property is determined to be held for sale, its carrying amount is reduced to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized. |
Allocation of Purchase Price of Acquired Assets | Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see Fair Value Measurements section above for additional details). The fair values of the tangible assets of an acquired property (which includes land, building, and site improvements) are determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building, and site improvements based on management's determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market demand. |
Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust is the Lessee and Lessor | As further described below, in-place leases with Columbia Property Trust as the lessor may have values related to: direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease, tenant relationships, and effective contractual rental rates that are above or below market rates: • Direct costs associated with obtaining a new tenant, including commissions, tenant improvements, and other direct costs, are estimated based on management's consideration of current market costs to execute a similar lease. Such direct costs are included in intangible lease origination costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. • The value of opportunity costs associated with lost rentals avoided by acquiring an in-place lease is calculated based on contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. Such opportunity costs ("Absorption Period Costs") are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. • The value of tenant relationships is calculated based on expected renewal of a lease or the likelihood of obtaining a particular tenant for other locations. Values associated with tenant relationships are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. • The value of effective rental rates of in-place leases that are above or below the market rates of comparable leases is calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be received pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases. This calculation includes significantly below- market renewal options for which exercise of the renewal option appears to be reasonably assured. These intangible assets or liabilities are measured over the actual or assumed (in the case of renewal options) remaining lease terms. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental income over the remaining terms of the respective leases. 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. This calculation includes significantly below market renewal options for which exercise of the renewal option appears to be reasonably assured. These intangible assets and liabilities are measured over the actual or assumed (in the case of renewal options) remaining lease terms. The capitalized above-market and below-market in-place lease values are recorded as intangible lease liabilities and assets, respectively, and are amortized as an adjustment to property operating cost over the remaining term of the respective leases. |
Cash and Cash Equivalents | Columbia Property Trust considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value as of December 31, 2015 and 2014 . |
Tenant Receivables, net | Tenant receivables consist of rental and reimbursement billings due from tenants. Tenant receivables are recorded at the original amount earned, less an allowance for any doubtful accounts, which approximates fair value. Management assesses the realizability of tenant receivables on an ongoing basis and provides for allowances as such balances, or portions thereof, become uncollectible. |
Straight Line Rent Receivable | Straight line rent receivable reflects the amount of cumulative adjustments necessary to present rental income on a straight-line basis. Columbia Property Trust recognizes revenues on a straight-line basis, ratably over the term of each lease; however, leases often provide for payment terms that differ from the revenue recognized. When the amount of cash received is less than the amount of revenue recognized, typically early in the lease, straight line rent receivable is recorded for the difference. The receivable is depleted during periods later in the lease when the amount of cash paid by the tenant is greater than the amount of revenue recognized. |
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, unamortized deferred financing costs related to the line of credit (the "Revolving Credit Facility"), certain corporate assets, hotel inventory, and deferred tax assets. Prepaid expenses and other assets will be expensed as incurred. |
Deferred Financing Costs | Deferred financing costs include costs incurred to secure debt from third-party lenders. Columbia Property Trust has elected to adopt Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03") and Accounting Standards Update 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements ("ASU 2015-15") effective December 31, 2015. These standards require deferred financing costs, except for costs related to revolving credit facilities, to be presented as a direct reduction to the carrying amount of the related debt for all periods presented. Deferred lease costs consist of costs incurred to procure leases, which are capitalized and recognized as amortization expense on a straight-line basis over the terms of the lease. Such costs are capitalized and recognized as operating expenses over the lease term. Columbia Property Trust recognized amortization of deferred lease costs of approximately $12.6 million , $12.2 million , and $13.1 million for 2015 , 2014 , and 2013 , respectively, the majority of which is recorded as amortization expense. Upon receiving notification of a tenant's intention to terminate a lease, unamortized deferred lease costs are amortized over the shortened lease period. |
Investments in Development Authority Bonds and Obligations Under Capital Leases | In connection with the acquisition of certain real estate assets, Columbia Property Trust has assumed investments in development authority bonds and corresponding obligations under capital leases of land or buildings. The county development authority issued bonds to developers to finance the initial development of these projects, a portion of which was then leased back to the developer under a capital lease. This structure enabled the developer to receive property tax abatements over the concurrent terms of the development authority bonds and capital leases. The remaining property tax abatement benefits transferred to Columbia Property Trust upon assumption of the bonds and corresponding capital leases at acquisition. The development authority bonds and the obligations under the capital leases are both recorded at their net present values, which Columbia Property Trust believes approximates fair value. The related amounts of interest income and expense are recognized as earned in equal amounts and, accordingly, do not impact net income. |
Lines of Credit, Term Loans, Notes and Bonds Payable | Certain mortgage notes included in line of credit, term loan, and notes payable in the accompanying consolidated balance sheets were assumed upon the acquisition of real properties. When debt is assumed, Columbia Property Trust records the loan at fair value. The fair value adjustment is amortized to interest expense over the term of the loan using the effective interest method. As described in the Deferred Financing Costs section above, line of credit, term loans, and notes payable are presented on the accompanying consolidated balance sheet net of deferred financing costs related to term loans and notes payable of $4.5 million and $3.4 million as of December 31, 2015 and December 31, 2014 , respectively. Bonds Payable In March 2015, Columbia Property Trust issued $350.0 million of its ten -year unsecured 4.150% senior notes at 99.859% of their face value (the "2025 Bonds Payable"). In April 2011, Columbia Property Trust issued $250.0 million of its seven -year unsecured 5.875% senior notes at 99.295% of their face value (the "2018 Bonds Payable"). The discount on the 2025 Bonds Payable and the 2018 Bonds Payable is amortized to interest expense over the term of the bonds using the effective-interest method. |
Stockholders' Equity | In preparation for listing, Columbia Property Trust terminated its former share redemption program (the "SRP") effective July 31, 2013. Previously, under the SRP, the decision to honor redemptions, subject to certain plan requirements and limitations, fell outside the control of Columbia Property Trust. Preferred Stock Columbia Property Trust is authorized to issue up to 100.0 million shares of one or more classes or series of preferred stock with a par value of $0.01 per share. Columbia Property Trust's board of directors may determine the relative rights, preferences, and privileges of each class or series of preferred stock issued, which may be more beneficial than the rights, preferences, and privileges attributable to Columbia Property Trust's common stock. To date, Columbia Property Trust has not issued any shares of preferred stock. Common Stock The par value of Columbia Property Trust's issued and outstanding shares of common stock is classified as common stock, with the remainder allocated to additional paid-in capital. Distributions To maintain its status as a REIT, Columbia Property Trust is required by the Internal Revenue Code of 1986, as amended (the "Code"), to make distributions to stockholders each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends-paid deduction and by excluding net capital gains attributable to stockholders ("REIT taxable income"). Distributions to the stockholders are determined by the board of directors of Columbia Property Trust and are dependent upon a number of factors relating to Columbia Property Trust, including funds available for payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain Columbia Property Trust's status as a REIT under the Code. |
Interest Rate Swap Agreements | Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of the effective portion of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income, while changes in the fair value of the ineffective portion of a hedge, if any, is recognized currently in earnings. Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain (loss) on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment. |
Revenue Recognition | All leases on real estate assets held by Columbia Property Trust are classified as operating leases, and the related base rental income is generally recognized on a straight-line basis over the terms of the respective leases. Tenant reimbursements are recognized as revenue in the period that the related operating cost is incurred and are billed to tenants pursuant to the terms of the underlying leases. Rental income and tenant reimbursements collected in advance are recorded as deferred income in the accompanying consolidated balance sheets. Lease termination fees are recorded as other property income and recognized on a straight-line basis from when we receive notification of termination through the date the tenant has lost the right to lease the space and Columbia Property Trust has satisfied all obligations under the related lease or lease termination agreement. In conjunction with certain acquisitions, Columbia Property Trust has entered into master lease agreements with various sellers, whereby the sellers are obligated to pay rent pertaining to certain nonrevenue-producing spaces either at the time of, or subsequent to, the property acquisition. These master leases were established at the time of acquisition to mitigate the potential negative effects of lost rental revenues and expense reimbursement income. Columbia Property Trust records payments received under master lease agreements as a reduction of the basis of the underlying property rather than rental income. There were no proceeds received from master leases during 2015 , 2014 , or 2013 . Columbia Property Trust owns a full-service hotel through a taxable REIT subsidiary. Revenues derived from the operations of the hotel include, but are not limited to, revenues from rental of rooms, food and beverage sales, telephone usage, and other service revenues. Revenue is recognized when rooms are occupied, when services have been performed, and when products are delivered. |
Income Taxes | Columbia Property Trust has elected to be taxed as a REIT under the Code, and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. As a REIT, Columbia Property Trust generally is not subject to income tax on income it distributes to stockholders. Columbia Property Trust's stockholder distributions typically exceed its taxable income due to the inclusion of noncash expenses, such as depreciation, in taxable income. As a result, Columbia Property Trust typically does not incur federal income taxes other than as described in the following paragraph. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements. Columbia Property Trust TRS, LLC ("Columbia 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. |
Operating Segments | Columbia Property Trust establishes its operating segments at the property level, and none of its operating segments meet the quantitative or qualitative thresholds to be considered an individual reportable segment. |
Reclassification | Certain prior period amounts may be reclassified to conform with the current-period financial statement presentation, including deferred financing costs (as described above), discontinued operations (see Note 13, Discontinued Operations ), and equity accounts impacted by the Reverse Stock Split (see Note 8, Stockholders' Equity ). |
Recent Accounting Pronouncements | In September 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2015-16, Simplifying the Accounting for Measurement – Prior Period Adjustments ("ASU 2015-16"), which eliminates the requirement to retrospectively account for adjustments made to provisional amounts recognized in a real estate acquisition at the acquisition date, rather the cumulative impact of any adjustment should be recognized in the reporting period in which the adjustment is identified. ASU 2015-16 is effective for Columbia Property Trust beginning on January 1, 2016. Columbia Property Trust does not expect the adoption of ASU 2015-16 to have a material impact on its financial statements and disclosures. In April 2015, the FASB issued ASU 2015-03, which requires deferred financing costs to be presented on the balance sheet as a direct deduction of the carrying amount of the related debt. In August 2015, the FASB issued ASU 2015-15, which allows for deferred financing costs associated with line of credit agreements, which may not have an outstanding balance, to continue to be presented as an asset. ASU 2015-03 and ASU 2015-15 will be effective retrospectively for Columbia Property Trust beginning on January 1, 2016, and early adoption is permitted. Columbia Property Trust has elected to early adopt ASU 2015-03 and 2015-15 as of December 31, 2015 . 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, VIEs, and reporting entities that are involved with VIEs. ASU 2015-02 is effective retrospectively for Columbia Property Trust beginning on January 1, 2016, 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 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 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, including 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 permitted beginning January 1, 2017. We do not believe that ASU 2014-09 will have a material impact on our financial statements and disclosures. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 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 Recognized Fair Value Adjustments for Real Estate Properties | The table below represents the detail of the adjustments recognized for 2015 , 2014 , and 2013 (in thousands) using Level 3 inputs. Property Net Book Value Impairment Loss Recognized Fair Value 2014 Bannockburn Lake III $ 15,148 $ (10,148 ) $ 5,000 2013 120 Eagle Rock $ 23,808 $ (11,708 ) $ 12,100 333 & 777 Republic Drive $ 13,359 $ (5,159 ) $ 8,200 |
Schedule of Intangible Assets and Liabilities | As of December 31, 2015 and 2014 , Columbia Property Trust had the following gross intangible in-place lease assets and liabilities (in thousands): Intangible Lease Assets Intangible Lease Origination Costs Intangible Below-Market In-Place Lease Liabilities Above-Market In-Place Lease Assets Absorption Period Costs December 31, 2015 Gross $ 50,463 $ 317,841 $ 258,672 $ 138,663 Accumulated Amortization (37,971 ) (194,446 ) (181,482 ) (81,496 ) Net $ 12,492 $ 123,395 $ 77,190 $ 57,167 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 During 2015 , 2014 , and 2013 , Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands): Intangible Lease Assets Intangible Lease Origination Costs Intangible Below-Market In-Place Lease Liabilities Above-Market In-Place Lease Assets Absorption Period Costs For the years ended December 31, 2015 $ 4,412 $ 45,972 $ 28,530 $ 19,345 2014 $ 5,368 $ 36,474 $ 33,037 $ 15,507 2013 $ 6,077 $ 38,879 $ 38,978 $ 14,411 The remaining net intangible assets and liabilities as of December 31, 2015 , will be amortized as follows (in thousands): Intangible Lease Assets Intangible Lease Origination Costs Intangible Below-Market In-Place Lease Liabilities Above-Market In-Place Lease Assets Absorption Period Costs For the years ending December 31, 2016 $ 2,565 $ 30,806 $ 19,070 $ 14,172 2017 1,383 19,850 13,387 9,218 2018 1,041 15,576 10,564 7,234 2019 1,041 13,706 9,583 6,557 2020 1,039 11,734 8,516 5,363 Thereafter 5,423 31,723 16,070 14,623 $ 12,492 $ 123,395 $ 77,190 $ 57,167 Weighted-Average Amortization Period 4 years 4 years 4 years 5 years |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of December 31, 2015 , the remaining net below-market lease asset will be amortized as follows (in thousands): For the years ending December 31: 2016 $ 2,549 2017 2,549 2018 2,549 2019 2,549 2020 2,549 Thereafter 110,504 $ 123,249 Weighted-Average Amortization Period 49 years |
Schedule of Interest Rate Derivatives | The following tables provide additional information related to Columbia Property Trust's interest rate swaps as of December 31, 2015 and 2014 (in thousands): Estimated Fair Value as of December 31, Instrument Type Balance Sheet Classification 2015 2014 Derivatives designated as hedging instruments: Interest rate contracts Accounts payable $ (2,436 ) $ (1,968 ) Derivatives not designated as hedging instruments: Interest rate contracts Accounts payable $ — $ (2,633 ) Fair value of interest rate swaps $ (2,436 ) $ (4,601 ) Years ended December 31, 2015 2014 2013 Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income $ (1,570 ) $ 1,339 $ 1,997 Loss on interest rate swap recognized through earnings $ (1,110 ) $ (371 ) $ (342 ) |
Real Estate and Other Transac29
Real Estate and Other Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Interests in Properties Acquired | During 2015 and 2014 , Columbia Property Trust acquired the following properties (in thousands). Columbia Property Trust did not acquire any properties during 2013. 315 Park Avenue 1881 Campus Commons Building 116 Huntington 229 West 43rd Street Building 221 Main Street Building 650 California Street Building Location New York, NY Reston, VA Boston, MA New York, NY San Francisco, CA San Francisco, CA Date Acquired January 7, 2015 January 7, 2015 January 8, 2015 August 4, 2015 April 22, 2014 September 9, 2014 Purchase price: Land $ 119,633 $ 7,179 $ — $ 207,233 $ 60,509 $ 75,384 Building and improvements 232,598 49,273 108,383 265,952 161,853 221,135 Intangible lease assets 16,912 4,643 7,907 27,039 12,776 19,306 Intangible below market ground lease assets — — 30,244 — — — Intangible lease origination costs 4,148 1,603 2,669 10,059 3,475 4,290 Intangible below market lease liability (7,487 ) (97 ) (1,878 ) — (10,323 ) (9,908 ) Total purchase price $ 365,804 $ 62,601 $ 147,325 $ 510,283 $ 228,290 $ 310,207 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma statements of operations presented for 2015 , 2014 , and 2013 , 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, the 116 Huntington Avenue Building, the 229 West 43rd Street Building, the 221 Main Street Building, and the 650 California Street Building as if the acquisitions occurred on January 1, 2013. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had these acquisitions been consummated as of January 1, 2013 (in thousands). 2015 2014 2013 Revenues $ 582,699 $ 605,494 $ 604,205 Net income (loss) $ 46,363 $ 66,814 $ (58,043 ) Net income (loss) per share – basic $ 0.37 $ 0.53 $ (0.43 ) Net income (loss) per share – diluted $ 0.37 $ 0.53 $ (0.43 ) The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had the acquisitions of Columbia Property Trust Advisory Services and Columbia Property Trust Services been consummated as of January 1, 2013 (in thousands). As of December 31, 2015 2014 2013 Revenues * * $ 526,966 Net income attributable to common shareholders * * $ 18,475 * Columbia Property Trust owned Columbia Property Trust Advisory Services and Columbia Property Trust Services for all of 2015 and 2014. |
Schedule of Properties Sold | The 11 Property Sale including the following properties: 170 Park Avenue Bannockburn Lake III Acxiom 180 Park Avenue 544 Lakeview 215 Diehl Road Robbins Road Highland Landmark III 1580 West Nursery 550 King Street The Corridors III The following properties make up the 18 Property Sale: 2500 Windy Ridge Parkway Sterling Commerce Center 11200 West Parkland Avenue 4100-4300 Wildwood Parkway 4300 Centreway Place One Century Place 4200 Wildwood Parkway 919 Hidden Ridge 1200 Morris Drive 4241 Irwin Simpson 333 & 777 Republic Drive 15815 25th Avenue West 8990 Duke Road 120 Eagle Rock 16201 25th Avenue West Chase Center Building College Park Plaza 13655 Riverport Drive |
Unconsolidated Joint Venture (T
Unconsolidated Joint Venture (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Financial Information for the Market Square Joint Venture | Condensed balance sheet information for the Market Square Joint Venture is as follows (in thousands): December 31, 2015 Total assets $ 573,073 Total debt $ 324,603 Total equity $ 230,060 Columbia Property Trust's investment $ 118,695 Condensed income statement information for the Market Square Joint Venture is as follows (in thousands): From inception through Total Revenues $ 7,962 Net loss $ (2,239 ) Columbia Property Trust's share $ (1,142 ) |
Line of Credit, Term Loan, an31
Line of Credit, Term Loan, and Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Line of Credit, Term Loan and Notes Payable Indebtedness Outstanding | As of December 31, 2015 and 2014 , Columbia Property Trust had the following line of credit, term loan, and notes payable indebtedness outstanding (excluding bonds payable; see Note 6, Bonds Payable ) in thousands: Rate as of Term Debt or Interest Only Outstanding Balance as of December 31, Facility Maturity 2015 2014 $300 Million Term Loan LIBOR + 110 bp (1) Interest only 7/31/2020 $ 300,000 $ — Revolving Credit Facility LIBOR + 100 bp (2) Interest only 7/31/2019 247,000 — $150 Million Term Loan LIBOR + 155 bp (3) Interest only 7/29/2022 150,000 — 650 California Street Building mortgage note 3.60 % Term debt 7/1/2019 128,785 130,000 $300 Million Bridge Loan LIBOR + 110 bp (4) Interest only 8/4/2016 119,000 — 221 Main Building mortgage note 3.95 % Interest only 5/10/2017 73,000 73,000 263 Shuman Boulevard Building mortgage note 5.55 % Interest only 7/1/2017 49,000 49,000 SanTan Corporate Center mortgage notes 5.83 % Interest only 10/11/2016 39,000 39,000 One Glenlake Building mortgage note 5.80 % Term debt 12/10/2018 29,278 32,074 $450 Million Term Loan LIBOR + 130 bp Interest only 2/3/2016 — 450,000 Market Square Buildings mortgage note 5.07 % Interest only 7/1/2023 — (5) 325,000 333 Market Street Building mortgage note LIBOR + 202 bp Interest only 7/1/2015 — 206,810 100 East Pratt Street Building mortgage note 5.08 % Interest only 6/11/2017 — 105,000 215 Diehl Road Building mortgage note 5.55 % Interest only 7/1/2017 — 21,000 Less: Deferred financing costs related to term loans and notes payable (4,492 ) (3,438 ) Total indebtedness $ 1,130,571 $ 1,427,446 (1) The $300 Million Term Loan, as further described below, bears interest, at Columbia Property Trust's option, at LIBOR, plus an applicable margin ranging from 0.90% to 1.75% for LIBOR loans, or an alternate base rate, plus an applicable margin ranging from 0.00% to 0.75% for base-rate loans, based on Columbia Property Trust's applicable credit rating. (2) Borrowings under the Revolving Credit Facility, as described below, bear interest at the option of Columbia Property Trust at LIBOR, plus an applicable margin ranging from 0.875% to 1.55% for LIBOR-based borrowings, or an alternate base rate, plus an applicable margin ranging from 0.00% to 0.55% for base-rate borrowings, based on Columbia Property Trust's applicable credit rating. (3) Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $150 Million Term Loan, as further described below, at 3.52% and terminates on July 29, 2022. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in the fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statement of other comprehensive income. (4) The $300 Million Bridge Loan, as further described below, bears interest, at Columbia Property Trust's option, at either LIBOR, plus an applicable margin ranging from 0.90% to 1.75% for LIBOR loans, or an alternate base rate, plus an applicable margin ranging from 0.00% to 0.75% based on Columbia Property Trust's applicable credit rating. (5) The Market Square Buildings mortgage note was transferred to the Market Square Joint Venture, effective October 28, 2015. See Note 4, Unconsolidated Joint Venture , for details. |
Aggregate Maturities of Columbia Property Trust's Line of Credit, Term Loan, and Notes Payable | The following table summarizes the aggregate maturities of Columbia Property Trust's line of credit, term loan, and notes payable as of December 31, 2015 (in thousands): 2016 $ 163,460 2017 127,728 2018 25,859 2019 368,016 2020 300,000 Thereafter 150,000 Total $ 1,135,063 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | As of December 31, 2015 , the required payments under the terms of the remaining three ground leases are as follows (in thousands): 2016 $ 2,557 2017 2,702 2018 2,731 2019 2,731 2020 2,731 Thereafter 200,066 Total $ 213,518 |
Schedule of Future Minimum Lease Payments for Capital Leases | The required payments under the terms of the leases are as follows as of December 31, 2015 (in thousands): 2016 $ 7,200 2017 7,200 2018 7,200 2019 7,200 2020 7,200 Thereafter 127,200 163,200 Amounts representing interest (43,200 ) Total $ 120,000 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Summary of the Activity of the Employee Stock Grants | A summary of the activity for the employee stock grants under the LTIP follows: Shares (in thousands) Weighted-Average, Grant-Date Fair Value (1) Unvested shares as of January 1, 2014 — $ — Granted 144 $ 24.82 Vested (39 ) $ 24.82 Forfeited (1 ) $ 24.82 Unvested shares as of December 31, 2014 104 $ 24.82 Granted 123 $ 24.40 Vested (74 ) $ 24.60 Forfeited (2 ) $ 24.56 Unvested shares as of December 31, 2015 151 (2) $ 24.59 (1) Columbia Property Trust determined the weighted-average grant-date fair value using the market closing price on the date of the grant. (2) As of December 31, 2015 , we expect approximately 143,450 of the 151,000 unvested shares to ultimately vest, assuming a forfeiture rate of 5% , which was determined based on peer company data, adjusted for the specifics of the LTIP. |
Summary of Shares Granted to Independent Directors | A summary of these grants, made under the LTIP, follows: Date of Grant Shares Weighted-Average Grant-Date Fair Value 2015 Director Grants: January 2, 2015 5,850 $ 25.75 April 1, 2015 4,995 $ 27.16 July 1, 2015 4,144 $ 24.84 October 1, 2015 4,571 $ 23.40 2014 Director Grants: January 21, 2014 3,344 $ 24.82 April 1, 2014 2,968 $ 27.22 July 1, 2014 3,016 $ 25.78 October 1, 2014 4,960 $ 23.89 2013 Director Grant: September 13, 2013 6,820 $ 29.32 |
Summary of Incurred Stock-Based Compensation Expense | Columbia Property Trust incurred stock-based compensation expense related to the following events (in thousands): 2015 2014 2013 Amortization of unvested LTIP awards $ 1,699 $ 749 $ — Future employee awards (1) 1,353 866 855 Issuance of shares to independent directors 496 360 200 Total stock-based compensation expense $ 3,548 $ 1,975 $ 1,055 (1) These future employee awards relate to service during the period, to be granted in January of the subsequent year, with 25% vesting on the date of grant, and the remaining 75% vesting ratably on January 31st of each of the following three years. |
Summary of Stock Option Activity Under the Director Plan | A summary of stock option activity under the Director Plan during 2015 , 2014 , and 2013 , follows: Number Exercise Price Exercisable Outstanding as of December 31, 2012 7,375 $48 7,375 Granted — Expired — Outstanding as of December 31, 2013 7,375 $48 7,375 Granted — Expired (3,500 ) Outstanding as of December 31, 2014 3,875 $48 3,875 Granted — Expired (2,000 ) Outstanding as of December 31, 2015 1,875 $48 1,875 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Payments Receivable for Operating Leases | The future minimum rental income from Columbia Property Trust's investment in real estate assets under noncancelable operating leases, excluding properties under development, as of December 31, 2015 , is as follows (in thousands): 2016 $ 372,172 2017 333,328 2018 315,690 2019 295,537 2020 275,081 Thereafter 1,191,990 Total $ 2,783,798 |
Supplemental Disclosures of N35
Supplemental Disclosures of Noncash Investing and Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Other Significant Noncash Transactions | Outlined below are significant noncash investing and financing activities for the years ended December 31, 2015 , 2014 , and 2013 (in thousands): Years ended December 31, 2015 2014 2013 Investment in real estate funded with other assets $ 27,000 $ 3,807 $ — Other assets assumed upon acquisition $ 7,785 $ 2,493 $ 741 Other liabilities assumed upon acquisition $ 4,765 $ 2,004 $ 741 Real estate assets transferred to unconsolidated joint venture $ 531,696 $ — $ — Mortgage note transferred to unconsolidated joint venture $ 325,000 $ — $ — Other assets transferred to unconsolidated joint venture $ 37,987 $ — $ — Other liabilities transferred to unconsolidated joint venture $ 20,595 $ — $ — Other liabilities settled at disposition $ — $ — $ 872 Notes payable assumed at acquisition $ — $ 203,000 $ — Interest accruing into notes payable $ — $ — $ 186 Discount on issuance of bonds payable $ 494 $ — $ — Amortization of discounts (premiums) on debt $ (18 ) $ 396 $ (363 ) Market value adjustment to interest rate swaps that qualify for hedge accounting treatment $ (1,570 ) $ 1,339 $ 1,997 Accrued capital expenditures and deferred lease costs $ 19,324 $ 17,283 $ 15,997 Accrued dividends payable $ 37,354 $ — $ — Transfer of development authority bonds $ — $ — $ 466,000 Common stock issued to employees and directors, and amortized (net of amounts withheld for taxes) $ 3,548 $ 1,642 $ 1,055 Decrease in redeemable common stock $ — $ — $ (99,526 ) |
Related-Party Transactions an36
Related-Party Transactions and Agreements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Columbia Property Trust did not incur any related party costs in 2015 or 2014. In 2013, pursuant to the terms of the agreements described above, Columbia Property Trust incurred the following related-party costs (in thousands): Year ended December 31, 2013 Consulting services $ 25,417 Transition services 5,750 Asset management fees 5,083 Administrative reimbursements, net (1) 1,939 Investor services 829 Property management fees 523 Construction fees (2) 139 Other 69 Total $ 39,749 (1) Administrative reimbursements are presented net of reimbursements from tenants of approximately $0.7 million for the year ended December 31, 2013 . (2) Construction fees were capitalized to real estate assets as incurred. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Basis Net Income Reconciliation | Columbia Property Trust's income tax basis net income during 2015 , 2014 , and 2013 (in thousands) follows: 2015 2014 2013 GAAP basis financial statement net income attributable to the common stockholders of Columbia Property Trust, Inc. $ 44,619 $ 92,635 $ 15,720 Increase (decrease) in net income resulting from: Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes 81,559 69,832 72,554 Rental income accrued for financial reporting purposes in excess of amounts for income tax purposes (13,409 ) (8,437 ) (26,565 ) Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes (6,626 ) (9,394 ) (8,186 ) Gain on interest rate swaps that do not qualify for hedge accounting treatment for financial reporting purposes in excess of amounts for income tax purposes (2,633 ) (4,945 ) (5,530 ) Bad debt expense for financial reporting purposes less than amounts for income tax purposes 5 (1 ) (65 ) Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes (117,857 ) (47,159 ) (78,559 ) Other expenses for financial reporting purposes in excess of amounts for income tax purposes 14,342 31,991 9,710 Income tax basis net income (loss), prior to dividends-paid deduction $ — $ 124,522 $ (20,921 ) |
Schedule of Distributions to Common Stockholders | Columbia Property Trust's distributions per common share are summarized as follows: 2015 2014 2013 Ordinary income — % 83.1 % — % Capital gains — % — % — % Return of capital 100 % 16.9 % 100 % Total 100 % 100 % 100 % |
Schedule of Income Taxes | The income taxes recorded by the TRS Entities for the years ended December 31, 2015 , 2014 , and 2013 , are as follows: Years ended December 31, 2015 2014 2013 Federal income tax $ 17 $ 318 $ 307 State income tax 25 35 2 Total income tax $ 42 $ 353 $ 309 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Revenues and Expenses of the Discontinued Operations | The following table shows the revenues and expenses of the above-described discontinued operations (in thousands). No activity has been reclassified to discontinued operations in 2015. Amounts reclassified in 2014 reflect post closing adjustments and true ups related to the 18 Property Sale, which closed prior to our adoption of ASU 2014-08. Years ended December 31, 2014 2013 Revenues: Rental income $ 4 $ 48,550 Tenant reimbursements 115 11,205 Other property income — 291 119 60,046 Expenses: Property operating costs (250 ) 21,232 Asset and property management fees 7 1,501 Depreciation — 11,730 Amortization — 7,590 Impairment loss on real estate assets — 29,737 General and administrative 755 1,360 Total expenses 512 73,150 Operating loss (393 ) (13,104 ) Other income (expense): Interest expense 3 (3,804 ) Interest and other income — 293 Loss on early extinguishment of debt — (4,709 ) Loss from discontinued operations before income tax expense (390 ) (21,324 ) Income tax expense — (1 ) Loss from discontinued operations (390 ) (21,325 ) Gain (loss) on disposition of discontinued operations (1,627 ) 11,225 Loss from discontinued operations $ (2,017 ) $ (10,100 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings per Share | The following table reconciles the numerator for the basic and diluted earnings per share computations shown on the consolidated statements of income for 2015 , 2014 , and 2013 (in thousands): 2015 2014 2013 Net income $ 44,619 $ 92,635 $ 15,720 Distributions paid on unvested shares (185 ) (128 ) — Net income used to calculate basic and diluted earnings per share $ 44,434 $ 92,507 $ 15,720 The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of income for 2015 , 2014 , and 2013 (in thousands): 2015 2014 2013 Weighted-average common shares – basic 124,757 124,860 134,085 Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases: Previously granted LTIP awards, unvested 33 29 — Future LTIP awards 57 29 — Weighted-average common shares – diluted 124,847 124,918 134,085 |
Quarterly Results (unaudited) (
Quarterly Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 and 2014 (in thousands, except per-share data): 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 147,543 $ 148,124 $ 137,719 $ 132,679 Net income $ 5,598 $ 8,709 $ 20,143 (1) $ 10,169 Net income per share - basic $ 0.04 $ 0.07 $ 0.16 $ 0.08 Net income per share - diluted $ 0.04 $ 0.07 $ 0.16 $ 0.08 Dividends declared per share $ 0.30 $ 0.30 $ 0.30 $ 0.30 (1) Net income for the third quarter of 2015 includes gains on sales of real estate assets of $20.2 million related to the 11 Property Sale, partially offset by losses on early extinguishment of debt of $2.7 million . 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 129,168 $ 136,757 $ 136,981 $ 137,891 Net income $ 3,400 $ 8,021 $ 24,988 $ 56,226 (1) Net income per share - basic $ 0.03 $ 0.06 $ 0.20 $ 0.45 Net income per share - diluted $ 0.03 $ 0.06 $ 0.20 $ 0.45 Dividends declared per share $ 0.30 $ 0.30 $ 0.30 $ 0.30 (1) Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions ), partially offset by impairment losses of $10.1 million . |
Financial Information for Par41
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets (in thousands) As of December 31, 2015 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Assets: Real estate assets, at cost: Land $ — $ 6,241 $ 890,226 $ — $ 896,467 Buildings and improvements, net — 28,913 2,868,518 — 2,897,431 Intangible lease assets, net — — 259,136 — 259,136 Construction in progress — 917 30,930 — 31,847 Total real estate assets — 36,071 4,048,810 — 4,084,881 Investment in unconsolidated joint venture — 118,695 — — 118,695 Cash and cash equivalents 989 14,969 16,687 — 32,645 Investment in subsidiaries 2,333,408 1,901,581 — (4,234,989 ) — Tenant receivables, net of allowance — 52 11,618 — 11,670 Straight-line rent receivable — 1,311 107,751 — 109,062 Prepaid expenses and other assets 317,151 265,615 26,153 (573,071 ) 35,848 Intangible lease origination costs, net — — 77,190 — 77,190 Deferred lease costs, net — 2,055 86,072 — 88,127 Investment in development authority bonds — — 120,000 — 120,000 Total assets $ 2,651,548 $ 2,340,349 $ 4,494,281 $ (4,808,060 ) $ 4,678,118 Liabilities: Line of credit, term loan, and notes payable, net $ — $ 812,836 $ 888,340 $ (570,605 ) $ 1,130,571 Bonds payable, net — 595,259 — — 595,259 Accounts payable, accrued expenses, and accrued capital expenditures — 13,313 85,446 — 98,759 Dividends payable 37,354 — — — 37,354 Due to affiliates — 21 2,445 (2,466 ) — Deferred income — 200 24,614 — 24,814 Intangible lease liabilities, net — — 57,167 — 57,167 Obligations under capital leases — — 120,000 — 120,000 Total liabilities 37,354 1,421,629 1,178,012 (573,071 ) 2,063,924 Equity: Total equity 2,614,194 918,720 3,316,269 (4,234,989 ) 2,614,194 Total liabilities, redeemable common stock, and equity $ 2,651,548 $ 2,340,349 $ 4,494,281 $ (4,808,060 ) $ 4,678,118 Condensed Consolidating Balance Sheets (in thousands) As of December 31, 2014 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust 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 204,079 152,014 19,734 (319,896 ) 55,931 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 $ 2,321,794 $ 4,528,793 $ (4,849,855 ) $ 4,734,240 Liabilities: Lines of credit, term loan, and notes payable $ — $ 448,968 $ 1,296,826 $ (318,348 ) $ 1,427,446 Bonds payable, net — 247,982 — — 247,982 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 30 706,894 1,613,734 (319,896 ) 2,000,762 Equity: Total equity 2,733,478 1,614,900 2,915,059 (4,529,959 ) 2,733,478 Total liabilities, redeemable common stock, and equity $ 2,733,508 $ 2,321,794 $ 4,528,793 $ (4,849,855 ) $ 4,734,240 |
Consolidating Statements of Operations | Consolidating Statements of Operations (in thousands) For the Year Ended December 31, 2015 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income $ — $ 2,662 $ 433,763 $ (377 ) $ 436,048 Tenant reimbursements — 1,316 98,339 — 99,655 Hotel income — — 24,309 — 24,309 Other property income 171 — 6,215 (333 ) 6,053 171 3,978 562,626 (710 ) 566,065 Expenses: Property operating costs — 3,065 185,390 (377 ) 188,078 Hotel operating costs — — 19,615 — 19,615 Asset and property management fees: Related-party — 100 — (100 ) — Other — — 1,816 — 1,816 Depreciation — 2,571 128,919 — 131,490 Amortization — 237 86,891 — 87,128 General and administrative 152 8,754 21,010 (233 ) 29,683 Acquisition expenses — 11 3,664 — 3,675 152 14,738 447,305 (710 ) 461,485 Real estate operating income (loss) 19 (10,760 ) 115,321 — 104,580 Other income (expense): Interest expense — (44,919 ) (67,076 ) 26,699 (85,296 ) Interest and other income 14,141 12,565 7,247 (26,699 ) 7,254 Loss on interest rate swaps — (1,101 ) (9 ) — (1,110 ) Loss on early extinguishment of debt — (1,050 ) (2,099 ) — (3,149 ) 14,141 (34,505 ) (61,937 ) — (82,301 ) Income before income tax expense and unconsolidated joint venture 14,160 (45,265 ) 53,384 — 22,279 Income tax expense — (25 ) (353 ) — (378 ) Income (loss) from unconsolidated entities 30,459 59,165 — (90,766 ) (1,142 ) Income before gain (loss) on sale of real estate assets 44,619 13,875 53,031 (90,766 ) 20,759 Gain (loss) on sale of real estate assets — (19 ) 23,879 — 23,860 Net income $ 44,619 $ 13,856 $ 76,910 $ (90,766 ) $ 44,619 Consolidating Statements of Operations (in thousands) For the Year Ended December 31, 2014 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income $ — $ 1,150 $ 413,752 $ (361 ) $ 414,541 Tenant reimbursements — 222 95,153 — 95,375 Hotel income — — 22,885 — 22,885 Other property income — — 8,220 (224 ) 7,996 — 1,372 540,010 (585 ) 540,797 Expenses: Property operating costs — 2,716 161,367 (361 ) 163,722 Hotel operating costs — — 18,792 — 18,792 Asset and property management fees: Related-party — 17 — (17 ) — Other — — 2,258 — 2,258 Depreciation — 1,795 115,971 — 117,766 Amortization — 121 78,722 — 78,843 Impairment loss on real estate assets — — 25,130 — 25,130 General and administrative 149 9,701 21,632 (207 ) 31,275 Acquisition expenses — — 14,142 — 14,142 149 14,350 438,014 (585 ) 451,928 Real estate operating income (loss) (149 ) (12,978 ) 101,996 — 88,869 Other income (expense): Interest expense — (30,271 ) (64,105 ) 18,665 (75,711 ) Interest and other income 7,969 10,724 7,247 (18,665 ) 7,275 Loss on interest rate swaps — — (371 ) — (371 ) Loss on early extinguishment of debt — — (23 ) — (23 ) Income from equity investment 84,815 113,976 — (198,791 ) — 92,784 94,429 (57,252 ) (198,791 ) (68,830 ) Income before income tax expense and gain on sale of real estate assets 92,635 81,451 44,744 (198,791 ) 20,039 Income tax expense — (4 ) (658 ) — (662 ) Income before gain on sale of real estate assets 92,635 81,447 44,086 (198,791 ) 19,377 Gain on sale of real estate assets — — 75,275 — 75,275 92,635 81,447 119,361 (198,791 ) 94,652 Discontinued operations: Operating loss from discontinued operations — — (390 ) — (390 ) Loss on disposition of discontinued operations — — (1,627 ) — (1,627 ) Loss from discontinued operations — — (2,017 ) — (2,017 ) Net income $ 92,635 $ 81,447 $ 117,344 $ (198,791 ) $ 92,635 Consolidating Statements of Operations (in thousands) For the Year Ended December 31, 2013 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income $ — $ 403 $ 406,791 $ (287 ) $ 406,907 Tenant reimbursements — 149 90,726 — 90,875 Hotel income — — 23,756 — 23,756 Other property income — 17 5,208 (185 ) 5,040 — 569 526,481 (472 ) 526,578 Expenses: Property operating costs — 1,966 152,880 (287 ) 154,559 Hotel operating costs — — 18,340 — 18,340 Asset and property management fees: Related-party 4,397 15 313 (32 ) 4,693 Other — — 1,671 — 1,671 Depreciation — 1,247 106,858 — 108,105 Amortization — 28 78,682 — 78,710 General and administrative 16 43,555 18,448 (153 ) 61,866 Listing fees 317 3,743 — — 4,060 4,730 50,554 377,192 (472 ) 432,004 Real estate operating income (loss) (4,730 ) (49,985 ) 149,289 — 94,574 Other income (expense): Interest expense — (32,659 ) (88,137 ) 18,855 (101,941 ) Interest and other income 7,987 10,874 34,023 (18,855 ) 34,029 Loss on interest rate swaps — — (342 ) — (342 ) Income from equity investment 12,463 86,101 — (98,564 ) — 20,450 64,316 (54,456 ) (98,564 ) (68,254 ) Income before income tax expense 15,720 14,331 94,833 (98,564 ) 26,320 Income tax expense — (3 ) (497 ) — (500 ) Income from continuing operations 15,720 14,328 94,336 (98,564 ) 25,820 Discontinued operations: Operating income (loss) from discontinued operations — 658 (21,983 ) — (21,325 ) Gain on disposition of discontinued operations — — 11,225 — 11,225 Income (loss) from discontinued operations — 658 (10,758 ) — (10,100 ) Net income $ 15,720 $ 14,986 $ 83,578 $ (98,564 ) $ 15,720 |
Consolidating Statements Comprehensive Income | Consolidating Statements of Comprehensive Income (in thousands) For the Year Ended December 31, 2015 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 44,619 $ 13,856 $ 76,910 $ (90,766 ) $ 44,619 Market value adjustment to interest rate swap (1,570 ) (1,570 ) — 1,570 (1,570 ) Settlement of interest rate swap 1,102 1,102 — (1,102 ) 1,102 Comprehensive income $ 44,151 $ 13,388 $ 76,910 $ (90,298 ) $ 44,151 For the Year Ended December 31, 2014 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 92,635 $ 81,447 $ 117,344 $ (198,791 ) $ 92,635 Market value adjustment to interest rate swap 1,339 1,339 — (1,339 ) 1,339 Comprehensive income $ 93,974 $ 82,786 $ 117,344 $ (200,130 ) $ 93,974 For the Year Ended December 31, 2013 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 15,720 $ 14,986 $ 83,578 $ (98,564 ) $ 15,720 Market value adjustment to interest rate swap 1,997 1,997 — (1,997 ) 1,997 Foreign currency translation adjustment (83 ) — (83 ) 83 (83 ) Comprehensive income $ 17,634 $ 16,983 $ 83,495 $ (100,478 ) $ 17,634 |
Consolidating Statements Cash Flows | Consolidating Statements of Cash Flows (in thousands) For the Year Ended December 31, 2015 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Cash flows from operating activities $ 26 $ (50,601 ) $ 273,655 $ — $ 223,080 Cash flows from investing activities: Net proceeds from sale of real estate 72,353 524,381 — — 596,734 Investment in real estate and related assets (57,198 ) (1,007,511 ) (103,224 ) — (1,167,933 ) Investment in unconsolidated joint venture — (5,500 ) — — (5,500 ) Investments in subsidiaries (1,065,695 ) — — 1,065,695 — Net cash used in investing activities (1,050,540 ) (488,630 ) (103,224 ) 1,065,695 (576,699 ) Cash flows from financing activities: Borrowings, net of fees — 2,223,778 — — 2,223,778 Repayments — (1,518,000 ) (336,512 ) — (1,854,512 ) Prepayments to settle debt and interest rate swap — (1,102 ) (2,063 ) — (3,165 ) Redemptions of common stock (17,057 ) — — — (17,057 ) Distributions (112,570 ) — — — (112,570 ) Intercompany transfers, net 1,061,642 (160,980 ) 165,033 (1,065,695 ) — Net cash provided by (used in) financing activities 932,015 543,696 (173,542 ) (1,065,695 ) 236,474 Net increase (decrease) in cash and cash equivalents (118,499 ) 4,465 (3,111 ) — (117,145 ) Cash and cash equivalents, beginning of period 119,488 10,504 19,798 — 149,790 Cash and cash equivalents, end of period $ 989 $ 14,969 $ 16,687 $ — $ 32,645 Consolidating Statements of Cash Flows (in thousands) For the Year Ended December 31, 2014 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Cash flows from operating activities $ (122 ) $ (38,618 ) $ 275,646 $ — $ 236,906 Cash flows from investing activities: Net proceeds from sale of real estate — 418,207 — — 418,207 Investment in real estate and related assets (5,000 ) (366,380 ) (70,615 ) — (441,995 ) Investments in subsidiaries 67,403 — — (67,403 ) — Net cash provided by (used in) investing activities 62,403 51,827 (70,615 ) (67,403 ) (23,788 ) Cash flows from financing activities: Borrowings, net of fees — 282,807 (1,289 ) — 281,518 Repayments — (283,000 ) (11,739 ) — (294,739 ) Distributions (149,962 ) — — — (149,962 ) Intercompany transfers 153,847 (23,220 ) (198,030 ) 67,403 — Net cash provided by (used in) financing activities 3,885 (23,413 ) (211,058 ) 67,403 (163,183 ) Net increase (decrease) in cash and cash equivalents 66,166 (10,204 ) (6,027 ) — 49,935 Cash and cash equivalents, beginning of period 53,322 20,708 25,825 — 99,855 Cash and cash equivalents, end of period $ 119,488 $ 10,504 $ 19,798 $ — $ 149,790 For the Year Ended December 31, 2013 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Columbia Property Trust Cash flows from operating activities $ (331 ) $ (84,270 ) $ 302,930 $ 218,329 Cash flows from investing activities: Net proceeds from sale of real estate 14,127 551,818 — 565,945 Investment in real estate and related assets — (5,270 ) (65,286 ) (70,556 ) Net cash provided by (used in) investing activities 14,127 546,548 (65,286 ) 495,389 Cash flows from financing activities: Borrowings, net of fees — 297,320 (41 ) 297,279 Repayments — (343,000 ) (118,940 ) (461,940 ) Loss on early extinguishment of debt — — (4,709 ) (4,709 ) Redemptions of common stock, net of issuances (306,574 ) — — (306,574 ) Distributions (191,473 ) — — (191,473 ) Intercompany transfers 516,659 (400,712 ) (115,947 ) — Net cash used in financing activities 18,612 (446,392 ) (239,637 ) (667,417 ) Net increase (decrease) in cash and cash equivalents 32,408 15,886 (1,993 ) 46,301 Effect of foreign exchange rate on cash and cash equivalents — — (103 ) (103 ) Cash and cash equivalents, beginning of period 20,914 4,822 27,921 53,657 Cash and cash equivalents, end of period $ 53,322 $ 20,708 $ 25,825 $ 99,855 |
Organization (Details)
Organization (Details) ft² in Millions | Dec. 31, 2015ft²statepropertyhotel |
Real Estate | |
Square feet of commercial space | ft² | 14 |
Number of states with properties | state | 12 |
Leased office space of owned properties, percent | 93.20% |
Office Building | |
Real Estate | |
Number of properties | 27 |
Office Building | Corporate Joint Venture | |
Real Estate | |
Number of properties | 1 |
Hotel | |
Real Estate | |
Number of properties | hotel | 1 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Narratives) (Details) | Jun. 30, 2014USD ($) | Jun. 04, 2014USD ($) | Nov. 05, 2013USD ($) | Jul. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2013USD ($) | Apr. 30, 2011USD ($) | Dec. 31, 2014USD ($)$ / shares | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Sep. 30, 2013USD ($) | Mar. 31, 2013USD ($)property | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($) | Dec. 31, 2011USD ($) | Jul. 30, 2015USD ($) | Jan. 08, 2015USD ($) | Jan. 07, 2015USD ($) | Nov. 30, 2013USD ($) |
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Interest capitalized | $ 600,000 | $ 0 | $ 0 | |||||||||||||||||
Impairment loss on real estate assets | $ 10,100,000 | 0 | 25,130,000 | 0 | ||||||||||||||||
Accumulated depreciation of lease assets | 313,822,000 | 250,085,000 | 313,822,000 | |||||||||||||||||
Amortization of intangible assets | $ 78,000,000 | 74,212,000 | 84,630,000 | |||||||||||||||||
Cash equivalent maturity period | 3 months | |||||||||||||||||||
Provision for doubtful accounts | $ 26,000 | 518,000 | ||||||||||||||||||
Earnest money deposits | 27,000,000 | 27,000,000 | ||||||||||||||||||
Reclassified deferred financing costs | (3,438,000) | (4,492,000) | (3,438,000) | |||||||||||||||||
Prepaid expenses and other assets | 55,931,000 | 35,848,000 | 55,931,000 | |||||||||||||||||
Line of credit, term loans, and notes payable, net of deferred financing costs of $4,492 and $3,438, as of December 31, 2015 and 2014, respectively | 1,427,446,000 | 1,130,571,000 | 1,427,446,000 | |||||||||||||||||
Bonds payable, net of discount of $1,020 and $818 and deferred financing costs of $3,721 and $1,200, as of December 31, 2015 and 2014, respectively | $ 247,982,000 | 595,259,000 | 247,982,000 | |||||||||||||||||
Amortization of deferred leasing costs | $ 12,600,000 | $ 12,200,000 | 13,100,000 | |||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||
Preferred stock shares authorized | shares | 100,000,000 | |||||||||||||||||||
Preferred stock par value (in dollars per share) | $ / shares | $ 0.01 | |||||||||||||||||||
Minimum requirement to distribute taxable income (percent) | 90.00% | |||||||||||||||||||
Limit on investments in taxable real estate investment trusts (percent) | 25.00% | |||||||||||||||||||
Intangible below market ground lease assets | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Gross intangible assets | $ 110,700,000 | $ 140,900,000 | $ 110,700,000 | |||||||||||||||||
Accumulated depreciation of lease assets | 15,100,000 | 17,700,000 | 15,100,000 | |||||||||||||||||
Amortization of intangible assets | $ 2,500,000 | 2,100,000 | 2,100,000 | |||||||||||||||||
Minimum | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Amount of assets identified that are near-term disposition | 500,000,000 | 500,000,000 | ||||||||||||||||||
Maximum | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Amount of assets identified that are near-term disposition | 600,000,000 | 600,000,000 | ||||||||||||||||||
Building | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Estimated useful life of assets | 40 years | |||||||||||||||||||
Building Improvements | Minimum | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Estimated useful life of assets | 5 years | |||||||||||||||||||
Building Improvements | Maximum | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Estimated useful life of assets | 25 years | |||||||||||||||||||
Lenox Park Buildings | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Repayment of development authority bonds and capital lease obligations | $ 216,000,000 | |||||||||||||||||||
Lindbergh Center | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Repayment of development authority bonds and capital lease obligations | 250,000,000 | |||||||||||||||||||
18 Property Sale | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Impairment loss on real estate assets | $ 29,700,000 | $ 12,900,000 | ||||||||||||||||||
Number of properties | property | 18 | |||||||||||||||||||
Fair value of property | $ 500,000,000 | |||||||||||||||||||
Proceeds from sale of real estate | $ 521,500,000 | |||||||||||||||||||
160 Park Avenue Building | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Proceeds from sale of real estate | $ 10,200,000 | |||||||||||||||||||
Bannockburn Lake III | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Impairment loss on real estate assets | 10,100,000 | |||||||||||||||||||
Fair Value, Inputs, Level 3 | 120 Eagle Rock | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Impairment loss on real estate assets | $ 11,700,000 | 11,708,000 | ||||||||||||||||||
Fair value of property | 12,100,000 | 12,100,000 | ||||||||||||||||||
Fair Value, Inputs, Level 3 | 333 & 777 Republic Drive | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Impairment loss on real estate assets | $ 5,200,000 | 5,159,000 | ||||||||||||||||||
Fair value of property | $ 8,200,000 | 8,200,000 | ||||||||||||||||||
Fair Value, Inputs, Level 3 | Bannockburn Lake III | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Impairment loss on real estate assets | 10,148,000 | |||||||||||||||||||
Fair value of property | 5,000,000 | 5,000,000 | ||||||||||||||||||
Fair Value, Inputs, Level 2 | 160 Park Avenue Building | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Impairment loss on real estate assets | $ 13,600,000 | |||||||||||||||||||
Fair Value, Inputs, Level 1 | 200 South Orange Building | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Impairment loss on real estate assets | $ 1,400,000 | |||||||||||||||||||
Fair value of property | $ 18,400,000 | $ 18,400,000 | ||||||||||||||||||
Proceeds from sale of real estate | $ 18,400,000 | |||||||||||||||||||
Term Loans | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Reclassified deferred financing costs | (3,438,000) | $ (4,492,000) | (3,438,000) | |||||||||||||||||
Term Loans | $450 Million Term Loan | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Line of credit, term loans, and notes payable, net of deferred financing costs of $4,492 and $3,438, as of December 31, 2015 and 2014, respectively | 450,000,000 | 0 | 450,000,000 | $ 450,000,000 | ||||||||||||||||
Unsecured Debt | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Reclassified deferred financing costs | (1,200,000) | (3,721,000) | (1,200,000) | |||||||||||||||||
Maturity period of debt instrument | 7 years | |||||||||||||||||||
Unsecured Debt | 2025 Bonds Payable | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Debt face amount | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | |||||||||||||||||
Terms of debt | 10 years | |||||||||||||||||||
Stated interest rate | 4.15% | |||||||||||||||||||
Discount rate of face value of issued debt instrument (percent) | 99.859% | |||||||||||||||||||
Unsecured Debt | 2018 Bonds Payable | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Debt face amount | $ 250,000,000 | $ 250,000,000 | ||||||||||||||||||
Terms of debt | 7 years | |||||||||||||||||||
Stated interest rate | 5.875% | 5.875% | ||||||||||||||||||
Discount rate of face value of issued debt instrument (percent) | 99.295% | 99.295% | ||||||||||||||||||
Common Stock | Stock Repurchase Program | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Stock repurchase program, authorized amount | $ 200,000,000 | |||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||||||||||||||||
Stock repurchase program, amount available for repurchase | $ 183,700,000 | |||||||||||||||||||
Interest Rate Swap | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Payment to settle interest rate swap | $ 1,100,000 | |||||||||||||||||||
Restatement Adjustment | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Reclassified deferred financing costs | 8,400,000 | 8,400,000 | ||||||||||||||||||
Prepaid expenses and other assets | 3,800,000 | |||||||||||||||||||
Line of credit, term loans, and notes payable, net of deferred financing costs of $4,492 and $3,438, as of December 31, 2015 and 2014, respectively | (3,400,000) | (3,400,000) | ||||||||||||||||||
Bonds payable, net of discount of $1,020 and $818 and deferred financing costs of $3,721 and $1,200, as of December 31, 2015 and 2014, respectively | $ (1,200,000) | (1,200,000) | ||||||||||||||||||
Interest Expense | ||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||
Amortization of deferred financing costs | $ 4,400,000 | $ 3,500,000 | $ 3,800,000 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Schedule of Recognized Fair Value Adjustments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment Loss Recognized | $ (10,100) | $ 0 | $ (25,130) | $ 0 | |
Bannockburn Lake III | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment Loss Recognized | (10,100) | ||||
Bannockburn Lake III | Fair Value, Inputs, Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Net Book Value | 15,148 | 15,148 | |||
Impairment Loss Recognized | (10,148) | ||||
Fair Value | $ 5,000 | $ 5,000 | |||
120 Eagle Rock | Fair Value, Inputs, Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Net Book Value | 23,808 | ||||
Impairment Loss Recognized | $ (11,700) | (11,708) | |||
Fair Value | 12,100 | ||||
333 & 777 Republic Drive | Fair Value, Inputs, Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Net Book Value | 13,359 | ||||
Impairment Loss Recognized | $ (5,200) | (5,159) | |||
Fair Value | $ 8,200 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Schedule of Intangible Assets & Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Intangible Lease Assets | |||
Intangible lease assets, accumulated amortization | $ (250,085) | $ (313,822) | |
Intangible lease origination costs, accumulated amortization | (181,482) | (219,626) | |
Intangible lease assets, net | 259,136 | 247,068 | |
Intangible lease origination costs, net | 77,190 | 105,528 | |
Intangible Below-Market In-Place Lease Liabilities | |||
Intangible below-market in-place lease liabilities, gross | 138,663 | 159,240 | |
Intangible below-market in-place lease liabilities, accumulated amortization | (81,496) | (84,935) | |
Below market lease, net | 57,167 | 74,305 | |
Amortization of Below Market Lease Liabilities | 19,345 | 15,507 | $ 14,411 |
Above-Market In-Place Lease Assets | |||
Intangible Lease Assets | |||
Intangible lease assets, gross | 50,463 | 79,805 | |
Intangible lease assets, accumulated amortization | (37,971) | (61,619) | |
Intangible lease assets, net | 12,492 | 18,186 | |
Amortization of Intangible Lease Assets | 4,412 | 5,368 | 6,077 |
Absorption Period Costs | |||
Intangible Lease Assets | |||
Intangible lease assets, gross | 317,841 | 370,412 | |
Intangible lease assets, accumulated amortization | (194,446) | (237,084) | |
Intangible lease assets, net | 123,395 | 133,328 | |
Amortization of Intangible Lease Assets | 45,972 | 36,474 | 38,879 |
Intangible Lease Origination Costs | |||
Intangible Lease Assets | |||
Intangible lease origination costs, gross | 258,672 | 325,154 | |
Intangible lease origination costs, accumulated amortization | (181,482) | (219,626) | |
Intangible lease origination costs, net | 77,190 | 105,528 | |
Amortization of Intangible Lease Assets | $ 28,530 | $ 33,037 | $ 38,978 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Schedule of Future Amortization by Intangible Asset Class) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Intangible Lease Assets | ||
Intangible lease assets, net | $ 259,136 | $ 247,068 |
Intangible lease origination costs, net | 77,190 | 105,528 |
Intangible Below-Market In-Place Lease Liabilities | ||
2,016 | 14,172 | |
2,017 | 9,218 | |
2,018 | 7,234 | |
2,019 | 6,557 | |
2,020 | 5,363 | |
Thereafter | 14,623 | |
Below market lease, net | $ 57,167 | 74,305 |
Weighted-Average Amortization Period | 5 years | |
Above-Market In-Place Lease Assets | ||
Intangible Lease Assets | ||
2,016 | $ 2,565 | |
2,017 | 1,383 | |
2,018 | 1,041 | |
2,019 | 1,041 | |
2,020 | 1,039 | |
Thereafter | 5,423 | |
Intangible lease assets, net | $ 12,492 | 18,186 |
Weighted-Average Amortization Period | 4 years | |
Absorption Period Costs | ||
Intangible Lease Assets | ||
2,016 | $ 30,806 | |
2,017 | 19,850 | |
2,018 | 15,576 | |
2,019 | 13,706 | |
2,020 | 11,734 | |
Thereafter | 31,723 | |
Intangible lease assets, net | $ 123,395 | 133,328 |
Weighted-Average Amortization Period | 4 years | |
Intangible Lease Origination Costs | ||
Intangible Lease Assets | ||
2,016 | $ 19,070 | |
2,017 | 13,387 | |
2,018 | 10,564 | |
2,019 | 9,583 | |
2,020 | 8,516 | |
Thereafter | 16,070 | |
Intangible lease origination costs, net | $ 77,190 | $ 105,528 |
Weighted-Average Amortization Period | 4 years |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Schedule of Future Amortization for Below-Market Lease Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Intangible Lease Assets | ||
Intangible lease assets, net | $ 259,136 | $ 247,068 |
Intangible below market ground lease assets | ||
Intangible Lease Assets | ||
2,016 | 2,549 | |
2,017 | 2,549 | |
2,018 | 2,549 | |
2,019 | 2,549 | |
2,020 | 2,549 | |
Thereafter | 110,504 | |
Intangible lease assets, net | $ 123,249 | |
Weighted-Average Amortization Period | 49 years |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Interest Rate Swaps) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative, Fair Value, Net [Abstract] | |||
Fair value of interest rate swaps | $ (2,436) | $ (4,601) | |
Summary of Derivative Instruments Impact on Results of Operations [Abstract] | |||
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income | (1,570) | 1,339 | $ 1,997 |
Loss on interest rate swap recognized through earnings | (1,110) | (371) | $ (342) |
Interest Rate Contract | Accounts Payable | |||
Derivative, Fair Value, Net [Abstract] | |||
Derivative designated as hedging instruments, interest rate contracts | (2,436) | (1,968) | |
Derivatives not designated as hedging instruments, interest rate contracts | $ 0 | $ (2,633) |
Real Estate and Other Transac49
Real Estate and Other Transactions (Schedule of Properties Acquired) (Details) - USD ($) $ in Thousands | Aug. 04, 2015 | Jan. 08, 2015 | Jan. 07, 2015 | Sep. 09, 2014 | Apr. 22, 2014 |
315 Park Avenue South Building | |||||
Business Acquisition [Line Items] | |||||
Land | $ 119,633 | ||||
Building and improvements | 232,598 | ||||
Intangible below market lease liability | (7,487) | ||||
Total purchase price | 365,804 | ||||
1881 Campus Commons Building | |||||
Business Acquisition [Line Items] | |||||
Land | 7,179 | ||||
Building and improvements | 49,273 | ||||
Intangible below market lease liability | (97) | ||||
Total purchase price | 62,601 | ||||
116 Huntington Avenue Building | |||||
Business Acquisition [Line Items] | |||||
Land | $ 0 | ||||
Building and improvements | 108,383 | ||||
Intangible below market lease liability | (1,878) | ||||
Total purchase price | 147,325 | ||||
229 West 43rd Street Building | |||||
Business Acquisition [Line Items] | |||||
Land | $ 207,233 | ||||
Building and improvements | 265,952 | ||||
Intangible below market lease liability | 0 | ||||
Total purchase price | 510,283 | ||||
221 Main Street Building | |||||
Business Acquisition [Line Items] | |||||
Land | $ 60,509 | ||||
Building and improvements | 161,853 | ||||
Intangible below market lease liability | (10,323) | ||||
Total purchase price | 228,290 | ||||
650 California Street Building | |||||
Business Acquisition [Line Items] | |||||
Land | $ 75,384 | ||||
Building and improvements | 221,135 | ||||
Intangible below market lease liability | (9,908) | ||||
Total purchase price | 310,207 | ||||
Intangible lease assets | 315 Park Avenue South Building | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 16,912 | ||||
Intangible lease assets | 1881 Campus Commons Building | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 4,643 | ||||
Intangible lease assets | 116 Huntington Avenue Building | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 7,907 | ||||
Intangible lease assets | 229 West 43rd Street Building | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 27,039 | ||||
Intangible lease assets | 221 Main Street Building | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 12,776 | ||||
Intangible lease assets | 650 California Street Building | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 19,306 | ||||
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 below market ground lease assets | 229 West 43rd Street Building | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 0 | ||||
Intangible below market ground lease assets | 221 Main Street Building | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 0 | ||||
Intangible below market ground lease assets | 650 California Street Building | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 0 | ||||
Intangible lease origination costs | 315 Park Avenue South Building | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 4,148 | ||||
Intangible lease origination costs | 1881 Campus Commons Building | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | $ 1,603 | ||||
Intangible lease origination costs | 116 Huntington Avenue Building | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | $ 2,669 | ||||
Intangible lease origination costs | 229 West 43rd Street Building | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | $ 10,059 | ||||
Intangible lease origination costs | 221 Main Street Building | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | $ 3,475 | ||||
Intangible lease origination costs | 650 California Street Building | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | $ 4,290 |
Real Estate and Other Transac50
Real Estate and Other Transactions (Acquisitions) (Details) ft² in Thousands | Aug. 04, 2015USD ($)ft²Tenant | Jan. 08, 2015USD ($)ft²Tenant | Jan. 07, 2015USD ($)ft²AssetTenant | Sep. 09, 2014USD ($)ft²Tenant | Apr. 22, 2014USD ($)ft²Tenant | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)ft²property | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)ft²property | Dec. 31, 2015USD ($)ft²property | Dec. 31, 2015USD ($)ft²property | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Oct. 28, 2015USD ($) | Mar. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||||||||||||||
Square feet of space | ft² | 14,000 | 14,000 | 14,000 | 14,000 | |||||||||||
Payments to acquire real estate | $ 1,062,031,000 | $ 335,986,000 | $ 0 | ||||||||||||
Leased office space of owned properties, percent | 93.20% | 93.20% | 93.20% | 93.20% | |||||||||||
Acquisition expenses | $ 3,675,000 | $ 14,142,000 | $ 0 | ||||||||||||
2025 Bonds Payable | Unsecured Debt | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Debt face amount | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | ||||||||||||
$300 Million Bridge Loan | Unsecured Debt | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Bridge loan | $ 300,000,000 | $ 300,000,000 | |||||||||||||
315 Park Avenue South Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Revenue of acquiree since acquisition date | $ 25,100,000 | ||||||||||||||
Earnings (loss) of acquiree since acquisition date | (6,600,000) | ||||||||||||||
Acquisition expenses | 1,200,000 | ||||||||||||||
1881 Campus Commons Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Revenue of acquiree since acquisition date | 5,800,000 | ||||||||||||||
Earnings (loss) of acquiree since acquisition date | (1,300,000) | ||||||||||||||
Acquisition expenses | $ 500,000 | ||||||||||||||
116 Huntington Avenue Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Revenue of acquiree since acquisition date | $ 11,300,000 | ||||||||||||||
Earnings (loss) of acquiree since acquisition date | (700,000) | ||||||||||||||
Acquisition expenses | $ 300,000 | ||||||||||||||
229 West 43rd Street Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Square feet of space | ft² | 732 | ||||||||||||||
Revenue of acquiree since acquisition date | $ 15,300,000 | ||||||||||||||
Earnings (loss) of acquiree since acquisition date | 2,200,000 | ||||||||||||||
Acquisition expenses | $ 1,700,000 | ||||||||||||||
221 Main Street Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Leased office space of owned properties, percent | 82.80% | ||||||||||||||
Number of tenants | Tenant | 40 | ||||||||||||||
Revenue of acquiree since acquisition date | $ 12,700,000 | ||||||||||||||
Earnings (loss) of acquiree since acquisition date | (10,900,000) | ||||||||||||||
Acquisition expenses | $ 6,100,000 | ||||||||||||||
650 California Street Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Leased office space of owned properties, percent | 88.10% | ||||||||||||||
Number of tenants | Tenant | 18 | ||||||||||||||
Revenue of acquiree since acquisition date | $ 8,000,000 | ||||||||||||||
Earnings (loss) of acquiree since acquisition date | (9,700,000) | ||||||||||||||
Acquisition expenses | $ 8,000,000 | ||||||||||||||
Office Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of properties | property | 27 | 27 | 27 | 27 | |||||||||||
Office Building | 315 Park Avenue South and 1881 Campus Commons Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of properties | Asset | 2 | ||||||||||||||
Payments to acquire real estate | $ 436,000,000 | ||||||||||||||
Office Building | 315 Park Avenue South Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Square feet of space | ft² | 328 | ||||||||||||||
Leased office space of owned properties, percent | 94.90% | ||||||||||||||
Number of tenants | Tenant | 9 | ||||||||||||||
Office Building | 1881 Campus Commons Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Square feet of space | ft² | 244 | ||||||||||||||
Leased office space of owned properties, percent | 78.00% | ||||||||||||||
Number of tenants | Tenant | 15 | ||||||||||||||
Office Building | 116 Huntington Avenue Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Square feet of space | ft² | 271 | ||||||||||||||
Payments to acquire real estate | $ 152,000,000 | ||||||||||||||
Leased office space of owned properties, percent | 78.00% | ||||||||||||||
Number of tenants | Tenant | 17 | ||||||||||||||
Office Building | 229 West 43rd Street Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Square feet of space | ft² | 481 | ||||||||||||||
Payments to acquire real estate | $ 516,000,000 | ||||||||||||||
Leased office space of owned properties, percent | 98.00% | ||||||||||||||
Number of tenants | Tenant | 9 | ||||||||||||||
Office Building | 221 Main Street Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Square feet of space | ft² | 378 | ||||||||||||||
Payments to acquire real estate | $ 228,800,000 | ||||||||||||||
Assumed mortgage note | $ 73,000,000 | ||||||||||||||
Office Building | 650 California Street Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Square feet of space | ft² | 477 | ||||||||||||||
Payments to acquire real estate | $ 310,200,000 | ||||||||||||||
Assumed mortgage note | $ 130,000,000 | ||||||||||||||
Customer concentration risk | Credit Suisse | 315 Park Avenue South Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Concentration risk percentage | 74.00% | ||||||||||||||
Customer concentration risk | Credit Suisse | 650 California Street Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Concentration risk percentage | 13.00% | ||||||||||||||
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% | ||||||||||||||
Customer concentration risk | Yahoo! | 229 West 43rd Street Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Concentration risk percentage | 40.00% | ||||||||||||||
Customer concentration risk | Snapchat | 229 West 43rd Street Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Concentration risk percentage | 13.00% | ||||||||||||||
Customer concentration risk | Collective, Inc. | 229 West 43rd Street Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Concentration risk percentage | 12.00% | ||||||||||||||
Customer concentration risk | MongoDB | 229 West 43rd Street Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Concentration risk percentage | 10.00% | ||||||||||||||
Customer concentration risk | DocuSign, Inc. | 221 Main Street Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Concentration risk percentage | 16.00% | ||||||||||||||
Customer concentration risk | Littler Mendelson | 650 California Street Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Concentration risk percentage | 24.00% | ||||||||||||||
Customer concentration risk | Goodby Silverstein | 650 California Street Building | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Concentration risk percentage | 11.00% | ||||||||||||||
JPMorgan | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Proceeds from lines of credit | $ 118,000,000 | $ 116,000,000 |
Real Estate and Other Transac51
Real Estate and Other Transactions (Pro Forma) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
650 California Street Building and 221 Main Street Building | |||
Business Acquisition [Line Items] | |||
Revenues | $ 582,699 | $ 605,494 | $ 604,205 |
Net income (loss) | $ 46,363 | $ 66,814 | $ (58,043) |
Net income (loss) per share - basic (in dollars per share) | $ 0.37 | $ 0.53 | $ (0.43) |
Net income (loss) per share - diluted (in dollars per share) | $ 0.37 | $ 0.53 | $ (0.43) |
Columbia Property Trust Advisory Services and Columbia Property Trust Services | |||
Business Acquisition [Line Items] | |||
Revenues | $ 526,966 | ||
Net income (loss) | $ 18,475 |
Real Estate and Other Transac52
Real Estate and Other Transactions (Dispositions) (Details) | Dec. 10, 2015USD ($) | Oct. 28, 2015USD ($) | Jul. 01, 2015USD ($)property | Oct. 03, 2014USD ($)building | Aug. 22, 2014USD ($) | Jul. 01, 2014USD ($) | Jun. 30, 2014USD ($) | Jun. 04, 2014USD ($) | Nov. 05, 2013USD ($)property | Mar. 21, 2013USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Sep. 30, 2013USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Aug. 04, 2015USD ($) |
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||
Income from discontinued operations | $ (2,017,000) | $ (10,100,000) | ||||||||||||||||||
Impairment loss on real estate assets | $ 10,100,000 | $ 0 | 25,130,000 | 0 | ||||||||||||||||
Gain on disposition of discontinued operations | $ 0 | (1,627,000) | 11,225,000 | |||||||||||||||||
1881 Campus Commons Building | ||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||
Proceeds from sale of real estate | $ 65,000,000 | |||||||||||||||||||
Gain on sale of real estate | $ 500,000 | |||||||||||||||||||
160 Park Avenue Building | ||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||
Proceeds from sale of real estate | $ 10,200,000 | |||||||||||||||||||
Impairment loss on real estate assets | $ 13,600,000 | |||||||||||||||||||
200 South Orange Building | ||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||
Proceeds from sale of real estate | $ 18,800,000 | |||||||||||||||||||
Impairment loss on real estate assets | $ 1,400,000 | |||||||||||||||||||
7031 Columbia Gateway Drive | ||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||
Proceeds from sale of real estate | $ 59,500,000 | |||||||||||||||||||
Gain on sale of real estate | $ 7,700,000 | |||||||||||||||||||
9 Technology Drive Building | ||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||
Proceeds from sale of real estate | $ 47,000,000 | |||||||||||||||||||
Gain on sale of real estate | $ 11,100,000 | |||||||||||||||||||
Lenox Park Buildings | ||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||
Proceeds from sale of real estate | $ 290,000,000 | |||||||||||||||||||
Gain on sale of real estate | $ 56,500,000 | |||||||||||||||||||
Number of property sold | building | 5 | |||||||||||||||||||
18 Property Sale | ||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||
Proceeds from sale of real estate | $ 521,500,000 | |||||||||||||||||||
Impairment loss on real estate assets | $ 29,700,000 | $ 12,900,000 | ||||||||||||||||||
Number of property sold | property | 18 | |||||||||||||||||||
Gain (loss) on sale of real estate properties | $ (400,000) | |||||||||||||||||||
Dvintsev Business Center - Tower B | Landlink Ltd | ||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||
Proceeds from sale of real estate | $ 67,500,000 | |||||||||||||||||||
Gain (loss) on sale of real estate properties | $ 10,000,000 | |||||||||||||||||||
Real estate ownership percentage | 100.00% | |||||||||||||||||||
Gain on disposition of discontinued operations | $ 10,000,000 | |||||||||||||||||||
Office Building | ||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||
Number of properties | property | 27 | |||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Eleven Property Sale | ||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||
Proceeds from sale of real estate | $ 433,300,000 | |||||||||||||||||||
Gain on sale of real estate | $ 20,200,000 | $ 20,200,000 | ||||||||||||||||||
Number of properties | property | 11 | |||||||||||||||||||
Income from discontinued operations | $ 6,500,000 | $ 3,000,000 | $ 15,100,000 | |||||||||||||||||
Corporate Joint Venture | ||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||
Ownership percentage | 51.00% | |||||||||||||||||||
Proceeds from sale of real estate | $ 120,000,000 | |||||||||||||||||||
Gain on sale of real estate | 3,100,000 | |||||||||||||||||||
Corporate Joint Venture | Blackstone Property Partners | ||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||
Mortgage note transferred to joint venture | $ 325,000,000 | $ 325,000,000 | ||||||||||||||||||
Ownership percentage | 49.00% | |||||||||||||||||||
Unsecured Debt | $300 Million Bridge Loan | ||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||
Bridge loan | $ 300,000,000 | $ 300,000,000 |
Unconsolidated Joint Venture (D
Unconsolidated Joint Venture (Details) ft² in Thousands | 2 Months Ended | |
Dec. 31, 2015USD ($)ft² | Oct. 28, 2015USD ($)ft²Buildings | |
Related Party Transaction [Line Items] | ||
Square feet of space | ft² | 14,000 | |
Corporate Joint Venture | ||
Related Party Transaction [Line Items] | ||
Ownership percentage | 51.00% | |
Property management fee, percent, payable monthly | 3.00% | |
Asset management fee | $ 1,000,000 | |
Blackstone Property Partners | Corporate Joint Venture | ||
Related Party Transaction [Line Items] | ||
Ownership percentage | 49.00% | |
Mortgage note transferred to joint venture | $ 325,000,000 | $ 325,000,000 |
Stated interest rate | 5.07% | |
Guaranty liability | $ 25,000,000 | |
Other Property Income | Corporate Joint Venture | ||
Related Party Transaction [Line Items] | ||
Asset and property management fees | $ 200,000 | |
Washington, D.C. | Market Sqaure East & West LLC | Corporate Joint Venture | ||
Related Party Transaction [Line Items] | ||
Number of properties | Buildings | 2 | |
Square feet of space | ft² | 687 | |
Prepaid Expenses and Other Assets | Corporate Joint Venture | ||
Related Party Transaction [Line Items] | ||
Property management fees due to Columbia Property Trust | $ 100,000 |
Unconsolidated Joint Venture -
Unconsolidated Joint Venture - Condensed Balance Sheet Information for Market Square Joint Venture (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Total assets | $ 573,073 | |
Total debt | 324,603 | |
Total equity | 230,060 | |
Columbia Property Trust's investment | $ 118,695 | $ 0 |
Unconsolidated Joint Venture 55
Unconsolidated Joint Venture - Condensed Income Statement Information for the Market Square Joint Venture (Details) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Total Revenues | $ 7,962 | |||
Net loss | (2,239) | |||
Columbia Property Trust's share | $ (1,142) | $ (1,142) | $ 0 | $ 0 |
Line of Credit, Term Loan, an56
Line of Credit, Term Loan, and Notes Payable (Schedule of Long-Term Debt (excluding Bonds Payable)) (Details) - USD ($) | Aug. 04, 2015 | Jul. 30, 2015 | Jul. 29, 2015 | Dec. 31, 2015 | Oct. 28, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Apr. 30, 2014 | ||
Debt Instrument [Line Items] | |||||||||||
Loans payable | $ 1,130,571,000 | $ 1,427,446,000 | |||||||||
Less: Deferred financing costs related to term loans and notes payable | (4,492,000) | (3,438,000) | |||||||||
Total indebtedness | 1,130,571,000 | 1,427,446,000 | |||||||||
Term Loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Less: Deferred financing costs related to term loans and notes payable | $ (4,492,000) | (3,438,000) | |||||||||
Term Loans | $300 Million Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity | Jul. 31, 2020 | ||||||||||
Loans payable | $ 300,000,000 | 0 | |||||||||
Term Loans | $150 Million Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity | Jul. 29, 2022 | ||||||||||
Loans payable | $ 150,000,000 | 0 | |||||||||
Term Loans | $450 Million Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity | Feb. 3, 2016 | ||||||||||
Loans payable | $ 450,000,000 | $ 0 | 450,000,000 | ||||||||
Interest rate swap fixed interest rate | 2.07% | ||||||||||
Unsecured Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Less: Deferred financing costs related to term loans and notes payable | $ (3,721,000) | (1,200,000) | |||||||||
Unsecured Debt | $300 Million Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loans payable | $ 300,000,000 | ||||||||||
Unsecured Debt | $150 Million Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loans payable | $ 150,000,000 | ||||||||||
Interest rate swap fixed interest rate | 3.52% | ||||||||||
Unsecured Debt | $300 Million Bridge Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity | Aug. 4, 2016 | ||||||||||
Loans payable | $ 119,000,000 | 0 | |||||||||
Bridge loan | $ 300,000,000 | $ 300,000,000 | |||||||||
Credit Facilities | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity | Jul. 31, 2019 | ||||||||||
Loans payable | $ 247,000,000 | 0 | |||||||||
Mortgages | 650 California Street Building mortgage note | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 3.60% | ||||||||||
Maturity | Jul. 1, 2019 | ||||||||||
Loans payable | $ 128,785,000 | 130,000,000 | $ 130,000,000 | ||||||||
Mortgages | 221 Main Building mortgage note | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 3.95% | ||||||||||
Maturity | May 10, 2017 | ||||||||||
Loans payable | $ 73,000,000 | 73,000,000 | $ 73,000,000 | ||||||||
Mortgages | 263 Shuman Boulevard Building mortgage note | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 5.55% | ||||||||||
Maturity | Jul. 1, 2017 | ||||||||||
Loans payable | $ 49,000,000 | 49,000,000 | |||||||||
Mortgages | SanTan Corporate Center mortgage notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 5.83% | ||||||||||
Maturity | Oct. 11, 2016 | ||||||||||
Loans payable | $ 39,000,000 | 39,000,000 | |||||||||
Mortgages | One Glenlake Building mortgage note | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 5.80% | ||||||||||
Maturity | Dec. 10, 2018 | ||||||||||
Loans payable | $ 29,278,000 | 32,074,000 | |||||||||
Mortgages | Market Square Buildings mortgage note | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 5.07% | ||||||||||
Maturity | Jul. 1, 2023 | ||||||||||
Loans payable | $ 0 | [1] | 325,000,000 | ||||||||
Mortgages | 333 Market Street Building mortgage note | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity | Jul. 1, 2015 | ||||||||||
Loans payable | $ 0 | 206,810,000 | |||||||||
Mortgages | 100 East Pratt Street Building mortgage note | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 5.08% | ||||||||||
Maturity | Jun. 11, 2017 | ||||||||||
Loans payable | $ 0 | 105,000,000 | |||||||||
Mortgages | 215 Diehl Road Building mortgage note | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 5.55% | ||||||||||
Maturity | Jul. 1, 2017 | ||||||||||
Loans payable | $ 0 | $ 21,000,000 | |||||||||
London Interbank Offered Rate (LIBOR) | Term Loans | $300 Million Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | $ 300,000,000 | ||||||||||
Variable rate basis | [2] | LIBOR | |||||||||
Variable rate margin | [2] | 1.10% | |||||||||
London Interbank Offered Rate (LIBOR) | Term Loans | $150 Million Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | $ 150,000,000 | ||||||||||
Variable rate basis | [3] | LIBOR | |||||||||
Variable rate margin | [3] | 1.55% | |||||||||
London Interbank Offered Rate (LIBOR) | Term Loans | $450 Million Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | $ 450,000,000 | ||||||||||
Variable rate basis | [4] | LIBOR | |||||||||
Variable rate margin | [4] | 1.30% | |||||||||
London Interbank Offered Rate (LIBOR) | Term Loans | Minimum | $450 Million Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate margin | 1.15% | ||||||||||
London Interbank Offered Rate (LIBOR) | Term Loans | Maximum | $450 Million Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate margin | 1.95% | ||||||||||
London Interbank Offered Rate (LIBOR) | Unsecured Debt | $300 Million Bridge Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | $ 300,000,000 | ||||||||||
Variable rate basis | [5] | LIBOR | |||||||||
Variable rate margin | [5] | 1.10% | |||||||||
London Interbank Offered Rate (LIBOR) | Unsecured Debt | Minimum | $300 Million Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate margin | 0.90% | 0.90% | |||||||||
London Interbank Offered Rate (LIBOR) | Unsecured Debt | Minimum | $150 Million Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate margin | 1.40% | ||||||||||
London Interbank Offered Rate (LIBOR) | Unsecured Debt | Maximum | $300 Million Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate margin | 1.75% | 1.75% | |||||||||
London Interbank Offered Rate (LIBOR) | Unsecured Debt | Maximum | $150 Million Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate margin | 2.35% | ||||||||||
London Interbank Offered Rate (LIBOR) | Credit Facilities | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate basis | [5] | LIBOR | |||||||||
Variable rate margin | [5] | 1.00% | |||||||||
London Interbank Offered Rate (LIBOR) | Credit Facilities | Minimum | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate margin | 0.875% | 1.00% | |||||||||
London Interbank Offered Rate (LIBOR) | Credit Facilities | Maximum | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate margin | 1.55% | 1.70% | |||||||||
London Interbank Offered Rate (LIBOR) | Mortgages | 333 Market Street Building mortgage note | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate basis | LIBOR | ||||||||||
Variable rate margin | 2.02% | ||||||||||
Base Rate | Term Loans | Minimum | $450 Million Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate margin | 0.15% | ||||||||||
Base Rate | Term Loans | Maximum | $450 Million Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate margin | 0.95% | ||||||||||
Base Rate | Unsecured Debt | Minimum | $300 Million Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate margin | 0.00% | 0.00% | |||||||||
Base Rate | Unsecured Debt | Minimum | $150 Million Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate margin | 0.40% | ||||||||||
Base Rate | Unsecured Debt | Maximum | $300 Million Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate margin | 0.75% | 0.75% | |||||||||
Base Rate | Unsecured Debt | Maximum | $150 Million Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate margin | 1.35% | ||||||||||
Base Rate | Credit Facilities | Minimum | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate margin | 0.00% | 0.00% | |||||||||
Base Rate | Credit Facilities | Maximum | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate margin | 0.55% | 0.70% | |||||||||
[1] | The Market Square Buildings mortgage note was transferred to the Market Square Joint Venture, effective October 28, 2015. See Note 4, Unconsolidated Joint Venture, for details. | ||||||||||
[2] | The $300 Million Term Loan, as further described below, bears interest, at Columbia Property Trust's option, at LIBOR, plus an applicable margin ranging from 0.90% to 1.75% for LIBOR loans, or an alternate base rate, plus an applicable margin ranging from 0.00% to 0.75% for base-rate loans, based on Columbia Property Trust's applicable credit rating. | ||||||||||
[3] | Borrowings under the Revolving Credit Facility, as described below, bear interest at the option of Columbia Property Trust at LIBOR, plus an applicable margin ranging from 0.875% to 1.55% for LIBOR-based borrowings, or an alternate base rate, plus an applicable margin ranging from 0.00% to 0.55% for base-rate borrowings, based on Columbia Property Trust's applicable credit rating. | ||||||||||
[4] | The $300 Million Bridge Loan, as further described below, bears interest, at Columbia Property Trust's option, at either LIBOR, plus an applicable margin ranging from 0.90% to 1.75% for LIBOR loans, or an alternate base rate, plus an applicable margin ranging from 0.00% to 0.75% based on Columbia Property Trust's applicable credit rating. | ||||||||||
[5] | Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $150 Million Term Loan, as further described below, at 3.52% and terminates on July 29, 2022. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in the fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statement of other comprehensive income. |
Line of Credit, Term Loan, an57
Line of Credit, Term Loan, and Notes Payable (Narratives) (Details) | Aug. 04, 2015USD ($)pricing_level | Jul. 30, 2015USD ($)extensionAccordion | Jul. 29, 2015 | Jul. 13, 2015USD ($) | Jul. 01, 2015USD ($) | Jun. 01, 2015USD ($) | Mar. 12, 2015USD ($) | Jan. 06, 2015USD ($) | Oct. 08, 2014USD ($) | Jul. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Oct. 28, 2015USD ($) | Jun. 30, 2015 | Sep. 30, 2014USD ($) | Apr. 30, 2014USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit, term loans, and notes payable, net of deferred financing costs of $4,492 and $3,438, as of December 31, 2015 and 2014, respectively | $ 1,130,571,000 | $ 1,427,446,000 | ||||||||||||||||
Loss on interest rate swap | 1,110,000 | 371,000 | $ 342,000 | |||||||||||||||
Carrying value of the line of credit, term loan and notes payable | $ 1,135,100,000 | $ 1,430,900,000 | ||||||||||||||||
Weighted-average interest rate | 2.54% | 3.95% | ||||||||||||||||
Interest payments | $ 54,000,000 | $ 56,100,000 | 59,600,000 | |||||||||||||||
Interest capitalized | 600,000 | 0 | 0 | |||||||||||||||
Loss on early extinguishment of debt | 3,149,000 | 23,000 | 4,709,000 | |||||||||||||||
Repayments of debt | 1,854,512,000 | 294,739,000 | 461,940,000 | |||||||||||||||
Prepayments to settle debt | $ (4,709,000) | |||||||||||||||||
544 Lakeview Building | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Repayments of debt | $ 9,100,000 | |||||||||||||||||
Prepayments to settle debt | $ (23,000) | |||||||||||||||||
Fair Value, Inputs, Level 2 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Fair value of line of credit and notes payable | $ 1,140,100,000 | 1,465,200,000 | ||||||||||||||||
Letter of Credit | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Restrictive covenant ratio of secured debt to total asset | 40.00% | |||||||||||||||||
Restrictive covenant ratio of debt to total asset | 60.00% | |||||||||||||||||
Term Loans | $450 Million Term Loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit, term loans, and notes payable, net of deferred financing costs of $4,492 and $3,438, as of December 31, 2015 and 2014, respectively | $ 450,000,000 | $ 0 | 450,000,000 | |||||||||||||||
Interest rate swap fixed interest rate | 2.07% | |||||||||||||||||
Term Loans | $450 Million Term Loan | London Interbank Offered Rate (LIBOR) | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | [1] | 1.30% | ||||||||||||||||
Term Loans | $450 Million Term Loan | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | 1.15% | |||||||||||||||||
Term Loans | $450 Million Term Loan | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | 1.95% | |||||||||||||||||
Term Loans | $450 Million Term Loan | Base Rate | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | 0.15% | |||||||||||||||||
Term Loans | $450 Million Term Loan | Base Rate | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | 0.95% | |||||||||||||||||
Term Loans | $300 Million Term Loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit, term loans, and notes payable, net of deferred financing costs of $4,492 and $3,438, as of December 31, 2015 and 2014, respectively | $ 300,000,000 | 0 | ||||||||||||||||
Term Loans | $300 Million Term Loan | London Interbank Offered Rate (LIBOR) | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | [2] | 1.10% | ||||||||||||||||
Term Loans | $150 Million Term Loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit, term loans, and notes payable, net of deferred financing costs of $4,492 and $3,438, as of December 31, 2015 and 2014, respectively | $ 150,000,000 | 0 | ||||||||||||||||
Term Loans | $150 Million Term Loan | London Interbank Offered Rate (LIBOR) | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | [3] | 1.55% | ||||||||||||||||
Bonds Payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Fixed charge coverage ratio | 1.50 | |||||||||||||||||
Unencumbered adjusted net operating income to unsecured interest expense ratio, minimum | 1.75 | |||||||||||||||||
Unencumbered asset value to unsecured debt ratio, minimum | 1.66 | |||||||||||||||||
Bonds Payable | $300 Million Term Loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit, term loans, and notes payable, net of deferred financing costs of $4,492 and $3,438, as of December 31, 2015 and 2014, respectively | $ 300,000,000 | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 400,000,000 | |||||||||||||||||
Number of accordion options | Accordion | 4 | |||||||||||||||||
Bonds Payable | $300 Million Term Loan | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | 0.90% | 0.90% | ||||||||||||||||
Bonds Payable | $300 Million Term Loan | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | 1.75% | 1.75% | ||||||||||||||||
Bonds Payable | $300 Million Term Loan | Base Rate | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | 0.00% | 0.00% | ||||||||||||||||
Bonds Payable | $300 Million Term Loan | Base Rate | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | 0.75% | 0.75% | ||||||||||||||||
Bonds Payable | $300 Million Bridge Loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit, term loans, and notes payable, net of deferred financing costs of $4,492 and $3,438, as of December 31, 2015 and 2014, respectively | $ 119,000,000 | 0 | ||||||||||||||||
Bridge loan | $ 300,000,000 | $ 300,000,000 | ||||||||||||||||
Terms of debt | 6 months | |||||||||||||||||
Bonds Payable | $300 Million Bridge Loan | London Interbank Offered Rate (LIBOR) | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | [4] | 1.10% | ||||||||||||||||
Number of pricing levels | pricing_level | 5 | |||||||||||||||||
Bonds Payable | $300 Million Bridge Loan | Base Rate | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Number of pricing levels | pricing_level | 5 | |||||||||||||||||
Bonds Payable | $150 Million Term Loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit, term loans, and notes payable, net of deferred financing costs of $4,492 and $3,438, as of December 31, 2015 and 2014, respectively | $ 150,000,000 | |||||||||||||||||
Interest rate swap fixed interest rate | 3.52% | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 300,000,000 | |||||||||||||||||
Number of accordion options | Accordion | 4 | |||||||||||||||||
Bonds Payable | $150 Million Term Loan | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | 1.40% | |||||||||||||||||
Bonds Payable | $150 Million Term Loan | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | 2.35% | |||||||||||||||||
Bonds Payable | $150 Million Term Loan | Base Rate | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | 0.40% | |||||||||||||||||
Bonds Payable | $150 Million Term Loan | Base Rate | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | 1.35% | |||||||||||||||||
Bonds Payable | $300 Million Dollar Loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit, term loans, and notes payable, net of deferred financing costs of $4,492 and $3,438, as of December 31, 2015 and 2014, respectively | $ 300,000,000 | |||||||||||||||||
Terms of debt | 6 months | |||||||||||||||||
Bonds Payable | JPMorgan Chase Term Loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Loss on early extinguishment of debt | $ 500,000 | |||||||||||||||||
Credit Facilities | Revolving Credit Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit, term loans, and notes payable, net of deferred financing costs of $4,492 and $3,438, as of December 31, 2015 and 2014, respectively | $ 247,000,000 | 0 | ||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 500,000,000 | |||||||||||||||||
Number of possible extensions | extension | 2 | |||||||||||||||||
Term of extension | 6 months | |||||||||||||||||
Credit Facilities | Revolving Credit Facility | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility, commitment fee percentage | 0.125% | 0.15% | ||||||||||||||||
Credit Facilities | Revolving Credit Facility | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility, commitment fee percentage | 0.30% | 0.35% | ||||||||||||||||
Credit Facilities | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | [4] | 1.00% | ||||||||||||||||
Credit Facilities | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | 0.875% | 1.00% | ||||||||||||||||
Credit Facilities | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | 1.55% | 1.70% | ||||||||||||||||
Credit Facilities | Revolving Credit Facility | Base Rate | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | 0.00% | 0.00% | ||||||||||||||||
Credit Facilities | Revolving Credit Facility | Base Rate | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | 0.55% | 0.70% | ||||||||||||||||
Mortgages | 221 Main Building mortgage note | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit, term loans, and notes payable, net of deferred financing costs of $4,492 and $3,438, as of December 31, 2015 and 2014, respectively | $ 73,000,000 | 73,000,000 | $ 73,000,000 | |||||||||||||||
Stated interest rate | 3.95% | |||||||||||||||||
Mortgages | 650 California Street Building mortgage note | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit, term loans, and notes payable, net of deferred financing costs of $4,492 and $3,438, as of December 31, 2015 and 2014, respectively | $ 128,785,000 | 130,000,000 | $ 130,000,000 | |||||||||||||||
Stated interest rate | 3.60% | |||||||||||||||||
Amount of periodic payment | $ 591,000 | |||||||||||||||||
Frequency of periodic payment | monthly | |||||||||||||||||
Amount of annual principal and Interest payment | $ 7,100,000 | |||||||||||||||||
Mortgages | 333 Market Street Building mortgage note | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit, term loans, and notes payable, net of deferred financing costs of $4,492 and $3,438, as of December 31, 2015 and 2014, respectively | $ 0 | 206,810,000 | ||||||||||||||||
Repayments of debt | $ 206,500,000 | |||||||||||||||||
Mortgages | 333 Market Street Building mortgage note | London Interbank Offered Rate (LIBOR) | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate margin | 2.02% | |||||||||||||||||
Mortgages | 215 Diehl Road Building mortgage note | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit, term loans, and notes payable, net of deferred financing costs of $4,492 and $3,438, as of December 31, 2015 and 2014, respectively | $ 0 | 21,000,000 | ||||||||||||||||
Stated interest rate | 5.55% | |||||||||||||||||
Loss on early extinguishment of debt | $ 2,100,000 | |||||||||||||||||
Repayments of debt | $ 21,000,000 | |||||||||||||||||
Mortgages | 100 East Pratt Street Building mortgage note | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit, term loans, and notes payable, net of deferred financing costs of $4,492 and $3,438, as of December 31, 2015 and 2014, respectively | $ 0 | $ 105,000,000 | ||||||||||||||||
Stated interest rate | 5.08% | |||||||||||||||||
Repayments of debt | $ 105,000,000 | |||||||||||||||||
[1] | The $300 Million Bridge Loan, as further described below, bears interest, at Columbia Property Trust's option, at either LIBOR, plus an applicable margin ranging from 0.90% to 1.75% for LIBOR loans, or an alternate base rate, plus an applicable margin ranging from 0.00% to 0.75% based on Columbia Property Trust's applicable credit rating. | |||||||||||||||||
[2] | The $300 Million Term Loan, as further described below, bears interest, at Columbia Property Trust's option, at LIBOR, plus an applicable margin ranging from 0.90% to 1.75% for LIBOR loans, or an alternate base rate, plus an applicable margin ranging from 0.00% to 0.75% for base-rate loans, based on Columbia Property Trust's applicable credit rating. | |||||||||||||||||
[3] | Borrowings under the Revolving Credit Facility, as described below, bear interest at the option of Columbia Property Trust at LIBOR, plus an applicable margin ranging from 0.875% to 1.55% for LIBOR-based borrowings, or an alternate base rate, plus an applicable margin ranging from 0.00% to 0.55% for base-rate borrowings, based on Columbia Property Trust's applicable credit rating. | |||||||||||||||||
[4] | Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $150 Million Term Loan, as further described below, at 3.52% and terminates on July 29, 2022. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in the fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statement of other comprehensive income. |
Line of Credit, Term Loan, an58
Line of Credit, Term Loan, and Notes Payable (Maturities) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 163,460 |
2,017 | 127,728 |
2,018 | 25,859 |
2,019 | 368,016 |
2,020 | 300,000 |
Thereafter | 150,000 |
Total | $ 1,135,063 |
Bonds Payable (Details)
Bonds Payable (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2015 | Apr. 30, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | Jan. 08, 2015 | Jan. 07, 2015 | |
Debt Instrument [Line Items] | ||||||||
Proceeds from issuance of bonds payable | $ 349,507,000 | $ 0 | $ 0 | |||||
Initial issuance discount of bonds payable | 1,020,000 | 818,000 | ||||||
Bonds payable, net | 595,300,000 | 248,000,000 | ||||||
Bonds Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity period of debt instrument | 7 years | |||||||
Bonds Payable | 2025 Bonds Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | |||||
Terms of debt | 10 years | |||||||
Interest rate for debt instrument (percent) | 4.15% | |||||||
Discount rate of face value of issued debt instrument (percent) | 99.859% | |||||||
Proceeds from issuance of bonds payable | $ 347,200,000 | |||||||
Initial issuance discount of bonds payable | $ 500,000 | |||||||
Interest payments | 22,700,000 | |||||||
Bonds Payable | 2018 Bonds Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | $ 250,000,000 | $ 250,000,000 | ||||||
Terms of debt | 7 years | |||||||
Interest rate for debt instrument (percent) | 5.875% | 5.875% | ||||||
Discount rate of face value of issued debt instrument (percent) | 99.295% | 99.295% | ||||||
Proceeds from issuance of bonds payable | $ 246,700,000 | |||||||
Initial issuance discount of bonds payable | $ 1,800,000 | |||||||
Interest payments | 22,700,000 | 14,700,000 | ||||||
Restrictive covenant ratio of debt to total asset | 60.00% | |||||||
Restrictive covenant of consolidated income to annual debt service charges, term | 12 months | |||||||
Fair Value, Inputs, Level 2 | Bonds Payable | 2018 Bonds Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Estimated fair value of debt instrument | $ 602,300,000 | $ 250,600,000 | ||||||
Minimum | Bonds Payable | 2018 Bonds Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Restrictive covenant of consolidated income to annual debt service charges | 150.00% | |||||||
Ratio of unencumbered asset value to total unsecured debt | 150.00% | |||||||
Maximum | Bonds Payable | 2018 Bonds Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Restrictive covenant ratio of secured debt to total asset | 40.00% |
Commitments and Contingencies60
Commitments and Contingencies (Lease Obligations) (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Oct. 28, 2015USD ($) | |
Loss Contingencies [Line Items] | ||||
Number of properties subject to ground leases | property | 4 | |||
Rent expenses incurred | $ 2,600,000 | $ 2,600,000 | $ 2,600,000 | |
Obligations Under Operating Leases | ||||
2,016 | 2,557,000 | |||
2,017 | 2,702,000 | |||
2,018 | 2,731,000 | |||
2,019 | 2,731,000 | |||
2,020 | 2,731,000 | |||
Thereafter | 200,066,000 | |||
Total | 213,518,000 | |||
Obligations Under Capital Leases | ||||
2,016 | 7,200,000 | |||
2,017 | 7,200,000 | |||
2,018 | 7,200,000 | |||
2,019 | 7,200,000 | |||
2,020 | 7,200,000 | |||
Thereafter | 127,200,000 | |||
Total payments with interest | 163,200,000 | |||
Amounts representing interest | (43,200,000) | |||
Total | $ 120,000,000 | |||
Corporate Joint Venture | Blackstone Property Partners | ||||
Loss Contingencies [Line Items] | ||||
Guaranty liability | $ 25,000,000 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) | Jan. 21, 2016shares | Jan. 21, 2015shares | Jan. 21, 2014shares | Nov. 18, 2013USD ($)$ / sharesshares | Aug. 14, 2013 | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($) | Jul. 01, 2014shares | Jun. 30, 2014shares | Oct. 10, 2013USD ($) | Jul. 31, 2013shares | |
Class of Stock [Line Items] | |||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||||||
Value of stock repurchased | $ | $ 234,062,000 | ||||||||||||
Common stock, shares authorized | 225,000,000 | 225,000,000 | 225,000,000 | 900,000,000 | |||||||||
Stock-based compensation expense related to future employee awards | $ | [1] | $ 1,353,000 | $ 866,000 | 855,000 | |||||||||
Listing costs | $ | 0 | 0 | 4,060,000 | ||||||||||
Redemption of common stock | $ | $ 17,057,000 | $ 0 | $ 115,781,000 | ||||||||||
Four for one reverse stock split (percent) | 0.25 | ||||||||||||
Future LTIP awards | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares | 123,187 | ||||||||||||
Shares withheld to settle tax liability | 11,368 | ||||||||||||
Previously granted LTIP awards, unvested | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares authorized and reserved under the LTIP | 2,000,000 | ||||||||||||
Shares | 143,740 | 123,000 | 144,000 | ||||||||||
Shares withheld to settle tax liability | 12,752 | ||||||||||||
Unrecognized compensation costs related to unvested awards | $ | $ 2,200,000 | $ 1,700,000 | |||||||||||
Stock Options | Director Stock Option Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares authorized and reserved under the LTIP | 25,000 | ||||||||||||
Shares available for options upon granted initially | 625 | ||||||||||||
Options to purchase common stock price per share upon granted initially | $ / shares | $ 48 | ||||||||||||
Additional options to purchase share on each annual stockholder meeting | 250 | ||||||||||||
Additional options to purchase share on each annual stockholder meeting, per share | $ / shares | $ 48 | ||||||||||||
Percentage of additional shares purchased on date of each annual stockholder meeting exercisable after two years (percent) | 100.00% | ||||||||||||
Stock option exercisable period after the date of grant | 2 years | ||||||||||||
Options granted expiration period | 10 years | ||||||||||||
Percentage of outstanding shares ( in percent) | 10.00% | ||||||||||||
Weighted-average contractual remaining life for options | 1 year 4 months | ||||||||||||
Minimum | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Unrecognized compensation costs recognition period (years) | 1 year | ||||||||||||
Maximum | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Unrecognized compensation costs recognition period (years) | 3 years | ||||||||||||
Dutch-Auction Tender Offer | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Stock repurchase program, authorized amount | $ | $ 300,000,000 | ||||||||||||
Number of shares repurchased (in shares) | 9,400,000 | ||||||||||||
Redemption of common stock | $ | $ 234,100,000 | ||||||||||||
Dutch-Auction Tender Offer | Maximum | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Share price | $ / shares | $ 25 | ||||||||||||
Grant date | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (in percent) | 25.00% | ||||||||||||
Grant date | Previously granted LTIP awards, unvested | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (in percent) | 25.00% | ||||||||||||
Grant date | Stock Options | Director Stock Option Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (in percent) | 20.00% | ||||||||||||
12 months after grant date | Future LTIP awards | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (in percent) | 25.00% | ||||||||||||
12 months after grant date | Previously granted LTIP awards, unvested | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (in percent) | 25.00% | ||||||||||||
12 months after grant date | Stock Options | Director Stock Option Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Exercisable percentage of stock options on each anniversary (percent) | 20.00% | ||||||||||||
24 months after grant date | Future LTIP awards | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (in percent) | 25.00% | ||||||||||||
24 months after grant date | Previously granted LTIP awards, unvested | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (in percent) | 25.00% | ||||||||||||
24 months after grant date | Stock Options | Director Stock Option Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Exercisable percentage of stock options on each anniversary (percent) | 20.00% | ||||||||||||
36 months after grant date | Future LTIP awards | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (in percent) | 25.00% | ||||||||||||
36 months after grant date | Previously granted LTIP awards, unvested | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (in percent) | 25.00% | ||||||||||||
36 months after grant date | Stock Options | Director Stock Option Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Exercisable percentage of stock options on each anniversary (percent) | 20.00% | ||||||||||||
48 months after grant date | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (in percent) | 75.00% | ||||||||||||
48 months after grant date | Stock Options | Director Stock Option Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Exercisable percentage of stock options on each anniversary (percent) | 20.00% | ||||||||||||
Common Stock | Stock Repurchase Program | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Stock repurchase program, authorized amount | $ | $ 200,000,000 | ||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||
Number of shares repurchased (in shares) | 721,000 | ||||||||||||
Shares repurchased, average cost per share | $ / shares | $ 22.62 | ||||||||||||
Value of stock repurchased | $ | $ 16,300,000 | ||||||||||||
Stock repurchase program, amount available for repurchase | $ | $ 183,700,000 | ||||||||||||
Subsequent Event | Future LTIP awards | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares | 231,015 | ||||||||||||
Shares withheld to settle tax liability | 20,842 | ||||||||||||
Subsequent Event | Grant date | Future LTIP awards | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (in percent) | 25.00% | ||||||||||||
[1] | These future employee awards relate to service during the period, to be granted in January of the subsequent year, with 25% vesting on the date of grant, and the remaining 75% vesting ratably on January 31st of each of the following three years. |
Stockholders' Equity (Unvested
Stockholders' Equity (Unvested Activity Rollforward) (Details) - Previously granted LTIP awards, unvested - $ / shares | Jan. 21, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Options, Nonvested, Number of Shares [Roll Forward] | |||||
Unvested shares as of January 1, 2014 | 104,000 | 0 | |||
Granted | 143,740 | 123,000 | 144,000 | ||
Vested | (74,000) | (39,000) | |||
Forfeited | (2,000) | (1,000) | |||
Unvested shares as of December 31, 2014 | 151,000 | [1] | 104,000 | ||
Weighted-Average Grant-Date Fair Value [Abstract] | |||||
Unvested shares as of January 1, 2014 | [2] | $ 24.82 | $ 0 | ||
Granted | [2] | 24.40 | 24.82 | ||
Vested | [2] | 24.60 | 24.82 | ||
Forfeited | [2] | 24.56 | 24.82 | ||
Unvested shares as of December 31, 2014 | [2] | $ 24.59 | $ 24.82 | ||
Shares expected to ultimately vest | 143,450 | ||||
Expected forfeiture rate | 5.00% | ||||
[1] | As of December 31, 2015, we expect approximately 143,450 of the 151,000 unvested shares to ultimately vest, assuming a forfeiture rate of 5%, which was determined based on peer company data, adjusted for the specifics of the LTIP. | ||||
[2] | Columbia Property Trust determined the weighted-average grant-date fair value using the market closing price on the date of the grant. |
Stockholders' Equity (Summary o
Stockholders' Equity (Summary of Shares Granted to Independent Director) (Details) - Previously granted LTIP awards, unvested - $ / shares | Oct. 01, 2015 | Jul. 01, 2015 | Apr. 01, 2015 | Jan. 02, 2015 | Oct. 01, 2014 | Jul. 01, 2014 | Apr. 01, 2014 | Jan. 21, 2014 | Sep. 13, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares | 143,740 | 123,000 | 144,000 | |||||||||
Weighted-Average Grant-Date Fair Value | [1] | $ 24.40 | $ 24.82 | |||||||||
January 2, 2015 | Director | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares | 5,850 | |||||||||||
Weighted-Average Grant-Date Fair Value | $ 25.75 | |||||||||||
April 1, 2015 | Director | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares | 4,995 | |||||||||||
Weighted-Average Grant-Date Fair Value | $ 27.16 | |||||||||||
July 1, 2015 | Director | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares | 4,144 | |||||||||||
Weighted-Average Grant-Date Fair Value | $ 24.84 | |||||||||||
October 1, 2015 | Director | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares | 4,571 | |||||||||||
Weighted-Average Grant-Date Fair Value | $ 23.40 | |||||||||||
January 21, 2014 | Director | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares | 3,344 | |||||||||||
Weighted-Average Grant-Date Fair Value | $ 24.82 | |||||||||||
April 1, 2014 | Director | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares | 2,968 | |||||||||||
Weighted-Average Grant-Date Fair Value | $ 27.22 | |||||||||||
July 1, 2014 | Director | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares | 3,016 | |||||||||||
Weighted-Average Grant-Date Fair Value | $ 25.78 | |||||||||||
October 1, 2014 | Director | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares | 4,960 | |||||||||||
Weighted-Average Grant-Date Fair Value | $ 23.89 | |||||||||||
September 13, 2013 | Director | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares | 6,820 | |||||||||||
Weighted-Average Grant-Date Fair Value | $ 29.32 | |||||||||||
[1] | Columbia Property Trust determined the weighted-average grant-date fair value using the market closing price on the date of the grant. |
Stockholders' Equity (Stock-Bas
Stockholders' Equity (Stock-Based Compensation Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 3,548 | $ 1,975 | $ 1,055 | |
Future employee awards | [1] | 1,353 | 866 | 855 |
Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 1,699 | 749 | 0 | |
Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 496 | $ 360 | $ 200 | |
Grant date | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights (in percent) | 25.00% | |||
January 31 each of the following years after grant date | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights (in percent) | 75.00% | |||
[1] | These future employee awards relate to service during the period, to be granted in January of the subsequent year, with 25% vesting on the date of grant, and the remaining 75% vesting ratably on January 31st of each of the following three years. |
Stockholders' Equity (Summary65
Stockholders' Equity (Summary of Stock Option Under the Director Plan) (Details) - Director Stock Option Plan - Stock Options - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number | |||
Outstanding, beginning period | 3,875 | 7,375 | 7,375 |
Granted | 0 | 0 | 0 |
Expired | (2,000) | (3,500) | 0 |
Outstanding, period end | 1,875 | 3,875 | 7,375 |
Exercise Price | |||
Outstanding exercise price, beginning period | $ 48 | $ 48 | $ 48 |
Outstanding exercise price, period end | $ 48 | $ 48 | $ 48 |
Exercisable | |||
Outstanding shares exercisable, beginning period | 3,875 | 7,375 | 7,375 |
Outstanding shares exercisable, period end | 1,875 | 3,875 | 7,375 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)state | |
Operating Leased Assets [Line Items] | |
Number of states in which entity operates | state | 12 |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,016 | $ 372,172 |
2,017 | 333,328 |
2,018 | 315,690 |
2,019 | 295,537 |
2,020 | 275,081 |
Thereafter | 1,191,990 |
Total | $ 2,783,798 |
Lease revenue | Customer concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 6.00% |
Number of properties | San Francisco | Geographic concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 22.00% |
Number of properties | New York | Geographic concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 17.00% |
Legal industry | Lease revenue | Customer concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 16.00% |
Business services industry | Lease revenue | Customer concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 14.00% |
Banking industry | Lease revenue | Customer concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 13.00% |
Supplemental Disclosures of N67
Supplemental Disclosures of Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Information [Abstract] | |||
Investment in real estate funded with other assets | $ 27,000 | $ 3,807 | $ 0 |
Other assets assumed upon acquisition | 7,785 | 2,493 | 741 |
Other liabilities assumed upon acquisition | 4,765 | 2,004 | 741 |
Real estate assets transferred to unconsolidated joint venture | 531,696 | 0 | 0 |
Mortgage note transferred to unconsolidated joint venture | 325,000 | 0 | 0 |
Other assets transferred to unconsolidated joint venture | 37,987 | 0 | 0 |
Other liabilities transferred to unconsolidated joint venture | 20,595 | 0 | 0 |
Other liabilities settled at disposition | 0 | 0 | 872 |
Notes payable assumed at acquisition | 0 | 203,000 | 0 |
Interest accruing into notes payable | 0 | 0 | 186 |
Discount on issuance of bonds payable | 494 | 0 | 0 |
Amortization of discounts (premiums) on debt | (18) | 396 | (363) |
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment | (1,570) | 1,339 | 1,997 |
Accrued capital expenditures and deferred lease costs | 19,324 | 17,283 | 15,997 |
Accrued dividends payable | 37,354 | 0 | 0 |
Transfer of development authority bonds | 0 | 0 | 466,000 |
Common stock issued to employees and directors, and amortized (net of amounts withheld for taxes) | 3,548 | 1,642 | 1,055 |
Decrease in redeemable common stock | $ 0 | $ 0 | $ (99,526) |
Related-Party Transactions an68
Related-Party Transactions and Agreements (Narratives) (Details) - USD ($) | Feb. 13, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | |||
Amount due to affiliate | $ 0 | $ 0 | |
Assignment Options | WREF | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 0 | ||
Transitional Services Agreement | WREF | |||
Related Party Transaction [Line Items] | |||
Total amount payable to related party under agreement | $ 8,800,000 |
Related-Party Transactions an69
Related-Party Transactions and Agreements (Schedule of Related-Party Costs) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2013USD ($) | ||
Related Party Transaction [Line Items] | ||
Total related-party costs | $ 39,749 | |
Tenant reimbursements | 700 | |
Consulting services | ||
Related Party Transaction [Line Items] | ||
Total related-party costs | 25,417 | |
Transition services | ||
Related Party Transaction [Line Items] | ||
Total related-party costs | 5,750 | |
Asset management fees | ||
Related Party Transaction [Line Items] | ||
Total related-party costs | 5,083 | |
Administrative reimbursements, net | ||
Related Party Transaction [Line Items] | ||
Total related-party costs | 1,939 | [1] |
Investor services | ||
Related Party Transaction [Line Items] | ||
Total related-party costs | 829 | |
Property management fees | ||
Related Party Transaction [Line Items] | ||
Total related-party costs | 523 | |
Construction fees | ||
Related Party Transaction [Line Items] | ||
Total related-party costs | 139 | [2] |
Other | ||
Related Party Transaction [Line Items] | ||
Total related-party costs | $ 69 | |
[1] | Administrative reimbursements are presented net of reimbursements from tenants of approximately $0.7 million for the year ended December 31, 2013. | |
[2] | Construction fees were capitalized to real estate assets as incurred. |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax Basis Net Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | [1] | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | [2] | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||||
GAAP basis financial statement net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ 10,169 | $ 20,143 | $ 8,709 | $ 5,598 | $ 56,226 | $ 24,988 | $ 8,021 | $ 3,400 | $ 44,619 | $ 92,635 | $ 15,720 | ||
Increase (decrease) in net income resulting from: | |||||||||||||
Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes | 81,559 | 69,832 | 72,554 | ||||||||||
Rental income accrued for financial reporting purposes in excess of amounts for income tax purposes | (13,409) | (8,437) | (26,565) | ||||||||||
Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes | (6,626) | (9,394) | (8,186) | ||||||||||
Gain on interest rate swaps that do not qualify for hedge accounting treatment for financial reporting purposes in excess of amounts for income tax purposes | (2,633) | (4,945) | (5,530) | ||||||||||
Bad debt expense for financial reporting purposes less than amounts for income tax purposes | 5 | (1) | (65) | ||||||||||
Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes | (117,857) | (47,159) | (78,559) | ||||||||||
Other expenses for financial reporting purposes in excess of amounts for income tax purposes | 14,342 | 31,991 | 9,710 | ||||||||||
Income tax basis net income (loss), prior to dividends-paid deduction | 0 | $ 124,522 | $ (20,921) | ||||||||||
Tax basis carrying value of total assets | $ 5,000,000 | $ 5,000,000 | |||||||||||
[1] | Net income for the third quarter of 2015 includes gains on sales of real estate assets of $20.2 million related to the 11 Property Sale, partially offset by losses on early extinguishment of debt of $2.7 million. | ||||||||||||
[2] | Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million. |
Income Taxes (Distributions) (D
Income Taxes (Distributions) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | 0.00% | 83.10% | 0.00% |
Capital gains | 0.00% | 0.00% | 0.00% |
Return of capital | 100.00% | 16.90% | 100.00% |
Total | 100.00% | 100.00% | 100.00% |
Income Taxes (Effective Tax Rat
Income Taxes (Effective Tax Rate Reconciliation) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | |||
Total income tax | $ 378,000 | $ 662,000 | $ 500,000 |
Deferred tax liabilities | 0 | 0 | |
Deferred tax asset | 200,000 | 300,000 | |
Columbia TRS | |||
Income Tax Contingency [Line Items] | |||
Federal income tax | 17,000 | 318,000 | 307,000 |
State income tax | 25,000 | 35,000 | 2,000 |
Total income tax | $ 42,000 | $ 353,000 | $ 309,000 |
Discontinued Operations (Narrat
Discontinued Operations (Narratives) (Details) $ in Millions | Nov. 05, 2013USD ($)property | Mar. 21, 2013USD ($) |
18 Property Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of property sold | property | 18 | |
Proceeds from sale of real estate | $ 521.5 | |
Gain (loss) on sale of real estate properties | $ (0.4) | |
Dvintsev Business Center - Tower B | Landlink Ltd | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from sale of real estate | $ 67.5 | |
Gain (loss) on sale of real estate properties | $ 10 | |
Real estate ownership percentage | 100.00% |
Discontinued Operations (Schedu
Discontinued Operations (Schedule of Revenue and Expenses from Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Rental income | $ 4 | $ 48,550 | |
Tenant reimbursements | 115 | 11,205 | |
Other property income | 0 | 291 | |
Revenues | 119 | 60,046 | |
Expenses: | |||
Property operating costs | (250) | 21,232 | |
Asset and property management fees | 7 | 1,501 | |
Depreciation | 0 | 11,730 | |
Amortization | 0 | 7,590 | |
Impairment loss on real estate assets | 0 | 29,737 | |
General and administrative | 755 | 1,360 | |
Total expenses | 512 | 73,150 | |
Operating loss | (393) | (13,104) | |
Other income (expense): | |||
Interest expense | 3 | (3,804) | |
Interest and other income | 0 | 293 | |
Loss on early extinguishment of debt | 0 | (4,709) | |
Loss from discontinued operations before income tax expense | (390) | (21,324) | |
Income tax expense | 0 | (1) | |
Loss from discontinued operations | $ 0 | (390) | (21,325) |
Gain (loss) on disposition of discontinued operations | $ 0 | (1,627) | 11,225 |
Income from discontinued operations | $ (2,017) | $ (10,100) |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Basic and Diluted EPS Computation) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | [1] | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | [2] | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||
Net income | $ 10,169 | $ 20,143 | $ 8,709 | $ 5,598 | $ 56,226 | $ 24,988 | $ 8,021 | $ 3,400 | $ 44,619 | $ 92,635 | $ 15,720 | ||
Distributions paid on unvested shares | (185) | (128) | 0 | ||||||||||
Net income used to calculate basic and diluted earnings per share | $ 44,434 | $ 92,507 | $ 15,720 | ||||||||||
Weighted-average common shares – basic | 124,757 | 124,860 | 134,085 | ||||||||||
Weighted-average common shares – diluted | 124,847 | 124,918 | 134,085 | ||||||||||
Previously granted LTIP awards, unvested | |||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||
Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases: | 33 | 29 | 0 | ||||||||||
Future LTIP awards | |||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||
Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases: | 57 | 29 | 0 | ||||||||||
[1] | Net income for the third quarter of 2015 includes gains on sales of real estate assets of $20.2 million related to the 11 Property Sale, partially offset by losses on early extinguishment of debt of $2.7 million. | ||||||||||||
[2] | Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million. |
Quarterly Results (unaudited)76
Quarterly Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 01, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Revenues | $ 132,679 | $ 137,719 | $ 148,124 | $ 147,543 | $ 137,891 | $ 136,981 | $ 136,757 | $ 129,168 | $ 566,065 | $ 540,797 | $ 526,578 | |||
Net income | $ 10,169 | $ 20,143 | [1] | $ 8,709 | $ 5,598 | $ 56,226 | [2] | $ 24,988 | $ 8,021 | $ 3,400 | $ 44,619 | $ 92,635 | $ 15,720 | |
Net income per share - basic (in dollars per share) | $ 0.08 | $ 0.16 | $ 0.07 | $ 0.04 | $ 0.45 | $ 0.20 | $ 0.06 | $ 0.03 | $ 0.36 | $ 0.74 | $ 0.12 | |||
Net income per share - diluted (in dollars per share) | 0.08 | 0.16 | 0.07 | 0.04 | 0.45 | 0.20 | 0.06 | 0.03 | $ 0.36 | $ 0.74 | $ 0.12 | |||
Dividends declared per share (in dollars per share) | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | ||||||
Loss on the early extinguishment of debt | $ 2,700 | $ (3,149) | $ (23) | $ 0 | ||||||||||
Gains on sale of real estate assets | $ 56,600 | 23,860 | 75,275 | 0 | ||||||||||
Impairment loss on real estate assets | $ 10,100 | $ 0 | $ 25,130 | $ 0 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Eleven Property Sale | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Gain on sale of real estate | $ 20,200 | $ 20,200 | ||||||||||||
[1] | Net income for the third quarter of 2015 includes gains on sales of real estate assets of $20.2 million related to the 11 Property Sale, partially offset by losses on early extinguishment of debt of $2.7 million. | |||||||||||||
[2] | Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million. |
Financial Information for Par77
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Narratives) (Details) | Dec. 31, 2015 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Ownership percentage of wholly owned subsidiary | 100.00% |
Financial Information for Par78
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real estate assets, at cost: | ||||
Land | $ 896,467 | $ 785,101 | ||
Buildings and improvements, net | 2,897,431 | 3,026,431 | ||
Intangible lease assets, net | 259,136 | 247,068 | ||
Construction in progress | 31,847 | 17,962 | ||
Total real estate assets | 4,084,881 | 4,076,562 | ||
Investment in unconsolidated joint venture | 118,695 | 0 | ||
Cash and cash equivalents | 32,645 | 149,790 | $ 99,855 | $ 53,657 |
Investment in subsidiaries | 0 | 0 | ||
Tenant receivables, net of allowance | 11,670 | 6,945 | ||
Straight-line rent receivable | 109,062 | 116,489 | ||
Prepaid expenses and other assets | 35,848 | 55,931 | ||
Intangible lease origination costs, net | 77,190 | 105,528 | ||
Deferred lease costs, net | 88,127 | 102,995 | ||
Investment in development authority bonds | 120,000 | 120,000 | ||
Total assets | 4,678,118 | 4,734,240 | ||
Liabilities: | ||||
Line of credit, term loans, and notes payable, net | 1,130,571 | 1,427,446 | ||
Bonds payable, net | 595,259 | 247,982 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 98,759 | 106,276 | ||
Dividends payable | 37,354 | 0 | 0 | |
Due to affiliates | 0 | 0 | ||
Deferred income | 24,814 | 24,753 | ||
Intangible lease liabilities, net | 57,167 | 74,305 | ||
Obligations under capital leases | 120,000 | 120,000 | ||
Total liabilities | 2,063,924 | 2,000,762 | ||
Equity: | ||||
Total equity | 2,614,194 | 2,733,478 | 2,787,823 | 3,163,980 |
Total liabilities and equity | 4,678,118 | 4,734,240 | ||
Columbia Property Trust (Parent) | ||||
Real estate assets, at cost: | ||||
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 | ||
Investment in unconsolidated joint venture | 0 | |||
Cash and cash equivalents | 989 | 119,488 | 53,322 | 20,914 |
Investment in subsidiaries | 2,333,408 | 2,409,941 | ||
Tenant receivables, net of allowance | 0 | 0 | ||
Straight-line rent receivable | 0 | 0 | ||
Prepaid expenses and other assets | 317,151 | 204,079 | ||
Intangible lease origination costs, net | 0 | 0 | ||
Deferred lease costs, net | 0 | 0 | ||
Investment in development authority bonds | 0 | 0 | ||
Total assets | 2,651,548 | 2,733,508 | ||
Liabilities: | ||||
Line of credit, term loans, and notes payable, net | 0 | 0 | ||
Bonds payable, net | 0 | 0 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 0 | 30 | ||
Dividends payable | 37,354 | |||
Due to affiliates | 0 | 0 | ||
Deferred income | 0 | 0 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Obligations under capital leases | 0 | 0 | ||
Total liabilities | 37,354 | 30 | ||
Equity: | ||||
Total equity | 2,614,194 | 2,733,478 | ||
Total liabilities and equity | 2,651,548 | 2,733,508 | ||
Columbia Property Trust OP (the Issuer) | ||||
Real estate assets, at cost: | ||||
Land | 6,241 | 6,241 | ||
Buildings and improvements, net | 28,913 | 29,899 | ||
Intangible lease assets, net | 0 | 0 | ||
Construction in progress | 917 | 433 | ||
Total real estate assets | 36,071 | 36,573 | ||
Investment in unconsolidated joint venture | 118,695 | |||
Cash and cash equivalents | 14,969 | 10,504 | 20,708 | 4,822 |
Investment in subsidiaries | 1,901,581 | 2,120,018 | ||
Tenant receivables, net of allowance | 52 | 246 | ||
Straight-line rent receivable | 1,311 | 781 | ||
Prepaid expenses and other assets | 265,615 | 152,014 | ||
Intangible lease origination costs, net | 0 | 0 | ||
Deferred lease costs, net | 2,055 | 1,658 | ||
Investment in development authority bonds | 0 | 0 | ||
Total assets | 2,340,349 | 2,321,794 | ||
Liabilities: | ||||
Line of credit, term loans, and notes payable, net | 812,836 | 448,968 | ||
Bonds payable, net | 595,259 | 247,982 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 13,313 | 9,749 | ||
Dividends payable | 0 | |||
Due to affiliates | 21 | 24 | ||
Deferred income | 200 | 171 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Obligations under capital leases | 0 | 0 | ||
Total liabilities | 1,421,629 | 706,894 | ||
Equity: | ||||
Total equity | 918,720 | 1,614,900 | ||
Total liabilities and equity | 2,340,349 | 2,321,794 | ||
Non- Guarantors | ||||
Real estate assets, at cost: | ||||
Land | 890,226 | 778,860 | ||
Buildings and improvements, net | 2,868,518 | 2,996,532 | ||
Intangible lease assets, net | 259,136 | 247,068 | ||
Construction in progress | 30,930 | 17,529 | ||
Total real estate assets | 4,048,810 | 4,039,989 | ||
Investment in unconsolidated joint venture | 0 | |||
Cash and cash equivalents | 16,687 | 19,798 | $ 25,825 | $ 27,921 |
Investment in subsidiaries | 0 | 0 | ||
Tenant receivables, net of allowance | 11,618 | 6,699 | ||
Straight-line rent receivable | 107,751 | 115,708 | ||
Prepaid expenses and other assets | 26,153 | 19,734 | ||
Intangible lease origination costs, net | 77,190 | 105,528 | ||
Deferred lease costs, net | 86,072 | 101,337 | ||
Investment in development authority bonds | 120,000 | 120,000 | ||
Total assets | 4,494,281 | 4,528,793 | ||
Liabilities: | ||||
Line of credit, term loans, and notes payable, net | 888,340 | 1,296,826 | ||
Bonds payable, net | 0 | 0 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 85,446 | 96,497 | ||
Dividends payable | 0 | |||
Due to affiliates | 2,445 | 1,524 | ||
Deferred income | 24,614 | 24,582 | ||
Intangible lease liabilities, net | 57,167 | 74,305 | ||
Obligations under capital leases | 120,000 | 120,000 | ||
Total liabilities | 1,178,012 | 1,613,734 | ||
Equity: | ||||
Total equity | 3,316,269 | 2,915,059 | ||
Total liabilities and equity | 4,494,281 | 4,528,793 | ||
Consolidating Adjustments | ||||
Real estate assets, at cost: | ||||
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 | ||
Investment in unconsolidated joint venture | 0 | |||
Cash and cash equivalents | 0 | 0 | ||
Investment in subsidiaries | (4,234,989) | (4,529,959) | ||
Tenant receivables, net of allowance | 0 | 0 | ||
Straight-line rent receivable | 0 | 0 | ||
Prepaid expenses and other assets | (573,071) | (319,896) | ||
Intangible lease origination costs, net | 0 | 0 | ||
Deferred lease costs, net | 0 | 0 | ||
Investment in development authority bonds | 0 | 0 | ||
Total assets | (4,808,060) | (4,849,855) | ||
Liabilities: | ||||
Line of credit, term loans, and notes payable, net | (570,605) | (318,348) | ||
Bonds payable, net | 0 | 0 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 0 | 0 | ||
Dividends payable | 0 | |||
Due to affiliates | (2,466) | (1,548) | ||
Deferred income | 0 | 0 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Obligations under capital leases | 0 | 0 | ||
Total liabilities | (573,071) | (319,896) | ||
Equity: | ||||
Total equity | (4,234,989) | (4,529,959) | ||
Total liabilities and equity | $ (4,808,060) | $ (4,849,855) |
Financial Information for Par79
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries Consolidating Statements of Operations) (Details) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Revenues: | ||||||||||||||
Rental income | $ 436,048 | $ 414,541 | $ 406,907 | |||||||||||
Tenant reimbursements | 99,655 | 95,375 | 90,875 | |||||||||||
Hotel income | 24,309 | 22,885 | 23,756 | |||||||||||
Other property income | 6,053 | 7,996 | 5,040 | |||||||||||
Revenues | $ 132,679 | $ 137,719 | $ 148,124 | $ 147,543 | $ 137,891 | $ 136,981 | $ 136,757 | $ 129,168 | 566,065 | 540,797 | 526,578 | |||
Expenses: | ||||||||||||||
Property operating costs | 188,078 | 163,722 | 154,559 | |||||||||||
Hotel operating costs | 19,615 | 18,792 | 18,340 | |||||||||||
Asset and property management fees: | ||||||||||||||
Related-party | 0 | 0 | 4,693 | |||||||||||
Other | 1,816 | 2,258 | 1,671 | |||||||||||
Depreciation | 131,490 | 117,766 | 108,105 | |||||||||||
Amortization | 87,128 | 78,843 | 78,710 | |||||||||||
Impairment loss on real estate assets | 10,100 | 0 | 25,130 | 0 | ||||||||||
General and administrative | 29,683 | 31,275 | 61,866 | |||||||||||
Acquisition expenses | 3,675 | 14,142 | 0 | |||||||||||
Listing fees | 0 | 0 | 4,060 | |||||||||||
Costs and expenses | 461,485 | 451,928 | 432,004 | |||||||||||
Real estate operating income (loss) | 104,580 | 88,869 | 94,574 | |||||||||||
Other income (expense): | ||||||||||||||
Interest expense | (85,296) | (75,711) | (101,941) | |||||||||||
Interest and other income | 7,254 | 7,275 | 34,029 | |||||||||||
Loss on interest rate swaps | (1,110) | (371) | (342) | |||||||||||
Loss on the early extinguishment of debt | 2,700 | (3,149) | (23) | 0 | ||||||||||
Income from equity investment | (1,142) | 0 | 0 | |||||||||||
Nonoperating income (expense) | (82,301) | (68,830) | (68,254) | |||||||||||
Income before income tax expenses, unconsolidated joint ventures, and gains on sale of real estate | 22,279 | 20,039 | 26,320 | |||||||||||
Income before income tax expense and gains on sale of real estate | 20,039 | 26,320 | ||||||||||||
Income tax expense | (378) | (662) | (500) | |||||||||||
Income (loss) from unconsolidated entities | $ (1,142) | (1,142) | 0 | 0 | ||||||||||
Income before gains of sale of real estate assets | 20,759 | 19,377 | 25,820 | |||||||||||
Gain (loss) on sale of real estate assets | 56,600 | 23,860 | 75,275 | 0 | ||||||||||
Income from continuing operations | 44,619 | 94,652 | 25,820 | |||||||||||
Discontinued operations: | ||||||||||||||
Operating loss from discontinued operations | 0 | (390) | (21,325) | |||||||||||
Gain (loss) on disposition of discontinued operations | 0 | (1,627) | 11,225 | |||||||||||
Loss from discontinued operations | 0 | (2,017) | (10,100) | |||||||||||
Net income | $ 10,169 | $ 20,143 | [1] | $ 8,709 | $ 5,598 | $ 56,226 | [2] | $ 24,988 | $ 8,021 | $ 3,400 | 44,619 | 92,635 | 15,720 | |
Columbia Property Trust (Parent) | ||||||||||||||
Revenues: | ||||||||||||||
Rental income | 0 | 0 | 0 | |||||||||||
Tenant reimbursements | 0 | 0 | 0 | |||||||||||
Hotel income | 0 | 0 | 0 | |||||||||||
Other property income | 171 | 0 | 0 | |||||||||||
Revenues | 171 | 0 | 0 | |||||||||||
Expenses: | ||||||||||||||
Property operating costs | 0 | 0 | 0 | |||||||||||
Hotel operating costs | 0 | 0 | 0 | |||||||||||
Asset and property management fees: | ||||||||||||||
Related-party | 0 | 0 | 4,397 | |||||||||||
Other | 0 | 0 | 0 | |||||||||||
Depreciation | 0 | 0 | 0 | |||||||||||
Amortization | 0 | 0 | 0 | |||||||||||
Impairment loss on real estate assets | 0 | |||||||||||||
General and administrative | 152 | 149 | 16 | |||||||||||
Acquisition expenses | 0 | 0 | ||||||||||||
Listing fees | 317 | |||||||||||||
Costs and expenses | 152 | 149 | 4,730 | |||||||||||
Real estate operating income (loss) | 19 | (149) | (4,730) | |||||||||||
Other income (expense): | ||||||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||
Interest and other income | 14,141 | 7,969 | 7,987 | |||||||||||
Loss on interest rate swaps | 0 | 0 | 0 | |||||||||||
Loss on the early extinguishment of debt | 0 | 0 | ||||||||||||
Income from equity investment | 84,815 | 12,463 | ||||||||||||
Nonoperating income (expense) | 14,141 | 92,784 | 20,450 | |||||||||||
Income before income tax expenses, unconsolidated joint ventures, and gains on sale of real estate | 14,160 | |||||||||||||
Income before income tax expense and gains on sale of real estate | 92,635 | 15,720 | ||||||||||||
Income tax expense | 0 | 0 | 0 | |||||||||||
Income (loss) from unconsolidated entities | 30,459 | |||||||||||||
Income before gains of sale of real estate assets | 44,619 | 92,635 | ||||||||||||
Gain (loss) on sale of real estate assets | 0 | 0 | ||||||||||||
Income from continuing operations | 92,635 | 15,720 | ||||||||||||
Discontinued operations: | ||||||||||||||
Operating loss from discontinued operations | 0 | 0 | ||||||||||||
Gain (loss) on disposition of discontinued operations | 0 | 0 | ||||||||||||
Loss from discontinued operations | 0 | 0 | ||||||||||||
Net income | 44,619 | 92,635 | 15,720 | |||||||||||
Columbia Property Trust OP (the Issuer) | ||||||||||||||
Revenues: | ||||||||||||||
Rental income | 2,662 | 1,150 | 403 | |||||||||||
Tenant reimbursements | 1,316 | 222 | 149 | |||||||||||
Hotel income | 0 | 0 | 0 | |||||||||||
Other property income | 0 | 0 | 17 | |||||||||||
Revenues | 3,978 | 1,372 | 569 | |||||||||||
Expenses: | ||||||||||||||
Property operating costs | 3,065 | 2,716 | 1,966 | |||||||||||
Hotel operating costs | 0 | 0 | 0 | |||||||||||
Asset and property management fees: | ||||||||||||||
Related-party | 100 | 17 | 15 | |||||||||||
Other | 0 | 0 | 0 | |||||||||||
Depreciation | 2,571 | 1,795 | 1,247 | |||||||||||
Amortization | 237 | 121 | 28 | |||||||||||
Impairment loss on real estate assets | 0 | |||||||||||||
General and administrative | 8,754 | 9,701 | 43,555 | |||||||||||
Acquisition expenses | 11 | 0 | ||||||||||||
Listing fees | 3,743 | |||||||||||||
Costs and expenses | 14,738 | 14,350 | 50,554 | |||||||||||
Real estate operating income (loss) | (10,760) | (12,978) | (49,985) | |||||||||||
Other income (expense): | ||||||||||||||
Interest expense | (44,919) | (30,271) | (32,659) | |||||||||||
Interest and other income | 12,565 | 10,724 | 10,874 | |||||||||||
Loss on interest rate swaps | (1,101) | 0 | 0 | |||||||||||
Loss on the early extinguishment of debt | (1,050) | 0 | ||||||||||||
Income from equity investment | 113,976 | 86,101 | ||||||||||||
Nonoperating income (expense) | (34,505) | 94,429 | 64,316 | |||||||||||
Income before income tax expenses, unconsolidated joint ventures, and gains on sale of real estate | (45,265) | |||||||||||||
Income before income tax expense and gains on sale of real estate | 81,451 | 14,331 | ||||||||||||
Income tax expense | (25) | (4) | (3) | |||||||||||
Income (loss) from unconsolidated entities | 59,165 | |||||||||||||
Income before gains of sale of real estate assets | 13,875 | 81,447 | ||||||||||||
Gain (loss) on sale of real estate assets | (19) | 0 | ||||||||||||
Income from continuing operations | 81,447 | 14,328 | ||||||||||||
Discontinued operations: | ||||||||||||||
Operating loss from discontinued operations | 0 | 658 | ||||||||||||
Gain (loss) on disposition of discontinued operations | 0 | 0 | ||||||||||||
Loss from discontinued operations | 0 | 658 | ||||||||||||
Net income | 13,856 | 81,447 | 14,986 | |||||||||||
Non- Guarantors | ||||||||||||||
Revenues: | ||||||||||||||
Rental income | 433,763 | 413,752 | 406,791 | |||||||||||
Tenant reimbursements | 98,339 | 95,153 | 90,726 | |||||||||||
Hotel income | 24,309 | 22,885 | 23,756 | |||||||||||
Other property income | 6,215 | 8,220 | 5,208 | |||||||||||
Revenues | 562,626 | 540,010 | 526,481 | |||||||||||
Expenses: | ||||||||||||||
Property operating costs | 185,390 | 161,367 | 152,880 | |||||||||||
Hotel operating costs | 19,615 | 18,792 | 18,340 | |||||||||||
Asset and property management fees: | ||||||||||||||
Related-party | 0 | 0 | 313 | |||||||||||
Other | 1,816 | 2,258 | 1,671 | |||||||||||
Depreciation | 128,919 | 115,971 | 106,858 | |||||||||||
Amortization | 86,891 | 78,722 | 78,682 | |||||||||||
Impairment loss on real estate assets | 25,130 | |||||||||||||
General and administrative | 21,010 | 21,632 | 18,448 | |||||||||||
Acquisition expenses | 3,664 | 14,142 | ||||||||||||
Listing fees | 0 | |||||||||||||
Costs and expenses | 447,305 | 438,014 | 377,192 | |||||||||||
Real estate operating income (loss) | 115,321 | 101,996 | 149,289 | |||||||||||
Other income (expense): | ||||||||||||||
Interest expense | (67,076) | (64,105) | (88,137) | |||||||||||
Interest and other income | 7,247 | 7,247 | 34,023 | |||||||||||
Loss on interest rate swaps | (9) | (371) | (342) | |||||||||||
Loss on the early extinguishment of debt | (2,099) | (23) | ||||||||||||
Income from equity investment | 0 | 0 | ||||||||||||
Nonoperating income (expense) | (61,937) | (57,252) | (54,456) | |||||||||||
Income before income tax expenses, unconsolidated joint ventures, and gains on sale of real estate | 53,384 | |||||||||||||
Income before income tax expense and gains on sale of real estate | 44,744 | 94,833 | ||||||||||||
Income tax expense | (353) | (658) | (497) | |||||||||||
Income (loss) from unconsolidated entities | 0 | |||||||||||||
Income before gains of sale of real estate assets | 53,031 | 44,086 | ||||||||||||
Gain (loss) on sale of real estate assets | 23,879 | 75,275 | ||||||||||||
Income from continuing operations | 119,361 | 94,336 | ||||||||||||
Discontinued operations: | ||||||||||||||
Operating loss from discontinued operations | (390) | (21,983) | ||||||||||||
Gain (loss) on disposition of discontinued operations | (1,627) | 11,225 | ||||||||||||
Loss from discontinued operations | (2,017) | (10,758) | ||||||||||||
Net income | 76,910 | 117,344 | 83,578 | |||||||||||
Consolidating Adjustments | ||||||||||||||
Revenues: | ||||||||||||||
Rental income | (377) | (361) | (287) | |||||||||||
Tenant reimbursements | 0 | 0 | 0 | |||||||||||
Hotel income | 0 | 0 | 0 | |||||||||||
Other property income | (333) | (224) | (185) | |||||||||||
Revenues | (710) | (585) | (472) | |||||||||||
Expenses: | ||||||||||||||
Property operating costs | (377) | (361) | (287) | |||||||||||
Hotel operating costs | 0 | 0 | 0 | |||||||||||
Asset and property management fees: | ||||||||||||||
Related-party | (100) | (17) | (32) | |||||||||||
Other | 0 | 0 | 0 | |||||||||||
Depreciation | 0 | 0 | 0 | |||||||||||
Amortization | 0 | 0 | 0 | |||||||||||
Impairment loss on real estate assets | 0 | |||||||||||||
General and administrative | (233) | (207) | (153) | |||||||||||
Acquisition expenses | 0 | 0 | ||||||||||||
Listing fees | 0 | |||||||||||||
Costs and expenses | (710) | (585) | (472) | |||||||||||
Real estate operating income (loss) | 0 | 0 | 0 | |||||||||||
Other income (expense): | ||||||||||||||
Interest expense | 26,699 | 18,665 | 18,855 | |||||||||||
Interest and other income | (26,699) | (18,665) | (18,855) | |||||||||||
Loss on interest rate swaps | 0 | 0 | 0 | |||||||||||
Loss on the early extinguishment of debt | 0 | 0 | ||||||||||||
Income from equity investment | (198,791) | (98,564) | ||||||||||||
Nonoperating income (expense) | 0 | (198,791) | (98,564) | |||||||||||
Income before income tax expenses, unconsolidated joint ventures, and gains on sale of real estate | 0 | |||||||||||||
Income before income tax expense and gains on sale of real estate | (198,791) | (98,564) | ||||||||||||
Income tax expense | 0 | 0 | 0 | |||||||||||
Income (loss) from unconsolidated entities | (90,766) | |||||||||||||
Income before gains of sale of real estate assets | (90,766) | (198,791) | ||||||||||||
Gain (loss) on sale of real estate assets | 0 | 0 | ||||||||||||
Income from continuing operations | (198,791) | (98,564) | ||||||||||||
Discontinued operations: | ||||||||||||||
Operating loss from discontinued operations | 0 | 0 | ||||||||||||
Gain (loss) on disposition of discontinued operations | 0 | 0 | ||||||||||||
Loss from discontinued operations | 0 | 0 | ||||||||||||
Net income | $ (90,766) | $ (198,791) | $ (98,564) | |||||||||||
[1] | Net income for the third quarter of 2015 includes gains on sales of real estate assets of $20.2 million related to the 11 Property Sale, partially offset by losses on early extinguishment of debt of $2.7 million. | |||||||||||||
[2] | Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million. |
Financial Information for Par80
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Consolidating Statements of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | [1] | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | [2] | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Net income | $ 10,169 | $ 20,143 | $ 8,709 | $ 5,598 | $ 56,226 | $ 24,988 | $ 8,021 | $ 3,400 | $ 44,619 | $ 92,635 | $ 15,720 | ||
Market value adjustment to interest rate swap | (1,570) | 1,339 | 1,997 | ||||||||||
Foreign currency translation adjustment | 0 | 0 | (83) | ||||||||||
Settlement of interest rate swap | 1,102 | 0 | 0 | ||||||||||
Comprehensive income | 44,151 | 93,974 | 17,634 | ||||||||||
Columbia Property Trust (Parent) | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Net income | 44,619 | 92,635 | 15,720 | ||||||||||
Market value adjustment to interest rate swap | (1,570) | 1,339 | 1,997 | ||||||||||
Foreign currency translation adjustment | (83) | ||||||||||||
Settlement of interest rate swap | 1,102 | ||||||||||||
Comprehensive income | 44,151 | 93,974 | 17,634 | ||||||||||
Columbia Property Trust OP (the Issuer) | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Net income | 13,856 | 81,447 | 14,986 | ||||||||||
Market value adjustment to interest rate swap | (1,570) | 1,339 | 1,997 | ||||||||||
Foreign currency translation adjustment | 0 | ||||||||||||
Settlement of interest rate swap | 1,102 | ||||||||||||
Comprehensive income | 13,388 | 82,786 | 16,983 | ||||||||||
Non- Guarantors | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Net income | 76,910 | 117,344 | 83,578 | ||||||||||
Market value adjustment to interest rate swap | 0 | 0 | 0 | ||||||||||
Foreign currency translation adjustment | (83) | ||||||||||||
Settlement of interest rate swap | 0 | ||||||||||||
Comprehensive income | 76,910 | 117,344 | 83,495 | ||||||||||
Consolidating Adjustments | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Net income | (90,766) | (198,791) | (98,564) | ||||||||||
Market value adjustment to interest rate swap | 1,570 | (1,339) | (1,997) | ||||||||||
Foreign currency translation adjustment | 83 | ||||||||||||
Settlement of interest rate swap | (1,102) | ||||||||||||
Comprehensive income | $ (90,298) | $ (200,130) | $ (100,478) | ||||||||||
[1] | Net income for the third quarter of 2015 includes gains on sales of real estate assets of $20.2 million related to the 11 Property Sale, partially offset by losses on early extinguishment of debt of $2.7 million. | ||||||||||||
[2] | Net income for the fourth quarter of 2014 includes gains on sales of real estate of $56.6 million (See Note 3, Real Estate and Other Transactions), partially offset by impairment losses of $10.1 million. |
Financial Information for Par81
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | $ 223,080 | $ 236,906 | $ 218,329 |
Cash flows from investing activities: | |||
Net proceeds from the sale of real estate | 596,734 | 418,207 | 565,945 |
Investment in real estate and related assets | (1,167,933) | (441,995) | |
Investment in real estate and related assets | (70,556) | ||
Investment in unconsolidated joint venture | (5,500) | 0 | 0 |
Investments in subsidiaries | 0 | 0 | |
Net cash provided by (used in) investing activities | (576,699) | (23,788) | 495,389 |
Cash flows from financing activities: | |||
Borrowings, net of fees | 2,223,778 | 281,518 | 297,279 |
Repayments | (1,854,512) | (294,739) | (461,940) |
Prepayments to settle debt and interest rate swap | (3,165) | 0 | (4,709) |
Redemptions of common stock | (17,057) | 0 | (115,781) |
Prepayments to settle debt and interest rate swap | (4,709) | ||
Redemptions of common stock, net of issuances | (306,574) | ||
Distributions | (112,570) | (149,962) | (191,473) |
Intercompany transfers, net | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 236,474 | (163,183) | (667,417) |
Net increase (decrease) in cash and cash equivalents | (117,145) | 49,935 | 46,301 |
Effect of foreign exchange rate on cash and cash equivalents | 0 | 0 | (103) |
Cash and cash equivalents, beginning of period | 149,790 | 99,855 | 53,657 |
Cash and cash equivalents, end of period | 32,645 | 149,790 | 99,855 |
Columbia Property Trust (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | (122) | (331) | |
Cash flows from investing activities: | |||
Net proceeds from the sale of real estate | 0 | 14,127 | |
Investment in real estate and related assets | (5,000) | ||
Investment in real estate and related assets | 0 | ||
Investments in subsidiaries | 67,403 | ||
Net cash provided by (used in) investing activities | 62,403 | 14,127 | |
Cash flows from financing activities: | |||
Borrowings, net of fees | 0 | 0 | |
Repayments | 0 | 0 | |
Prepayments to settle debt and interest rate swap | 0 | ||
Redemptions of common stock, net of issuances | (306,574) | ||
Distributions | (149,962) | (191,473) | |
Intercompany transfers, net | 153,847 | 516,659 | |
Net cash provided by (used in) financing activities | 3,885 | 18,612 | |
Net increase (decrease) in cash and cash equivalents | 66,166 | 32,408 | |
Effect of foreign exchange rate on cash and cash equivalents | 0 | ||
Cash and cash equivalents, beginning of period | 119,488 | 53,322 | 20,914 |
Cash and cash equivalents, end of period | 989 | 119,488 | 53,322 |
Columbia Property Trust OP (the Issuer) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | (38,618) | (84,270) | |
Cash flows from investing activities: | |||
Net proceeds from the sale of real estate | 418,207 | 551,818 | |
Investment in real estate and related assets | (366,380) | ||
Investment in real estate and related assets | (5,270) | ||
Investments in subsidiaries | 0 | ||
Net cash provided by (used in) investing activities | 51,827 | 546,548 | |
Cash flows from financing activities: | |||
Borrowings, net of fees | 282,807 | 297,320 | |
Repayments | (283,000) | (343,000) | |
Prepayments to settle debt and interest rate swap | 0 | ||
Redemptions of common stock, net of issuances | 0 | ||
Distributions | 0 | 0 | |
Intercompany transfers, net | (23,220) | (400,712) | |
Net cash provided by (used in) financing activities | (23,413) | (446,392) | |
Net increase (decrease) in cash and cash equivalents | (10,204) | 15,886 | |
Effect of foreign exchange rate on cash and cash equivalents | 0 | ||
Cash and cash equivalents, beginning of period | 10,504 | 20,708 | 4,822 |
Cash and cash equivalents, end of period | 14,969 | 10,504 | 20,708 |
Non- Guarantors | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | 275,646 | 302,930 | |
Cash flows from investing activities: | |||
Net proceeds from the sale of real estate | 0 | 0 | |
Investment in real estate and related assets | (70,615) | ||
Investment in real estate and related assets | (65,286) | ||
Investments in subsidiaries | 0 | ||
Net cash provided by (used in) investing activities | (70,615) | (65,286) | |
Cash flows from financing activities: | |||
Borrowings, net of fees | (1,289) | (41) | |
Repayments | (11,739) | (118,940) | |
Prepayments to settle debt and interest rate swap | (4,709) | ||
Redemptions of common stock, net of issuances | 0 | ||
Distributions | 0 | 0 | |
Intercompany transfers, net | (198,030) | (115,947) | |
Net cash provided by (used in) financing activities | (211,058) | (239,637) | |
Net increase (decrease) in cash and cash equivalents | (6,027) | (1,993) | |
Effect of foreign exchange rate on cash and cash equivalents | (103) | ||
Cash and cash equivalents, beginning of period | 19,798 | 25,825 | 27,921 |
Cash and cash equivalents, end of period | 16,687 | 19,798 | 25,825 |
Reportable Legal Entities | Columbia Property Trust (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | 26 | ||
Cash flows from investing activities: | |||
Net proceeds from the sale of real estate | 72,353 | ||
Investment in real estate and related assets | (57,198) | ||
Investment in unconsolidated joint venture | 0 | ||
Investments in subsidiaries | (1,065,695) | ||
Net cash provided by (used in) investing activities | (1,050,540) | ||
Cash flows from financing activities: | |||
Borrowings, net of fees | 0 | ||
Repayments | 0 | ||
Prepayments to settle debt and interest rate swap | 0 | ||
Redemptions of common stock | (17,057) | ||
Distributions | (112,570) | ||
Intercompany transfers, net | 1,061,642 | ||
Net cash provided by (used in) financing activities | 932,015 | ||
Net increase (decrease) in cash and cash equivalents | (118,499) | ||
Cash and cash equivalents, beginning of period | 119,488 | ||
Cash and cash equivalents, end of period | 989 | 119,488 | |
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | (50,601) | ||
Cash flows from investing activities: | |||
Net proceeds from the sale of real estate | 524,381 | ||
Investment in real estate and related assets | (1,007,511) | ||
Investment in unconsolidated joint venture | (5,500) | ||
Investments in subsidiaries | 0 | ||
Net cash provided by (used in) investing activities | (488,630) | ||
Cash flows from financing activities: | |||
Borrowings, net of fees | 2,223,778 | ||
Repayments | (1,518,000) | ||
Prepayments to settle debt and interest rate swap | (1,102) | ||
Redemptions of common stock | 0 | ||
Distributions | 0 | ||
Intercompany transfers, net | (160,980) | ||
Net cash provided by (used in) financing activities | 543,696 | ||
Net increase (decrease) in cash and cash equivalents | 4,465 | ||
Cash and cash equivalents, beginning of period | 10,504 | ||
Cash and cash equivalents, end of period | 14,969 | 10,504 | |
Reportable Legal Entities | Non- Guarantors | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | 273,655 | ||
Cash flows from investing activities: | |||
Net proceeds from the sale of real estate | 0 | ||
Investment in real estate and related assets | (103,224) | ||
Investment in unconsolidated joint venture | 0 | ||
Investments in subsidiaries | 0 | ||
Net cash provided by (used in) investing activities | (103,224) | ||
Cash flows from financing activities: | |||
Borrowings, net of fees | 0 | ||
Repayments | (336,512) | ||
Prepayments to settle debt and interest rate swap | (2,063) | ||
Redemptions of common stock | 0 | ||
Distributions | 0 | ||
Intercompany transfers, net | 165,033 | ||
Net cash provided by (used in) financing activities | (173,542) | ||
Net increase (decrease) in cash and cash equivalents | (3,111) | ||
Cash and cash equivalents, beginning of period | 19,798 | ||
Cash and cash equivalents, end of period | 16,687 | 19,798 | |
Consolidating Adjustments | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | 0 | 0 | |
Cash flows from investing activities: | |||
Net proceeds from the sale of real estate | 0 | 0 | |
Investment in real estate and related assets | 0 | 0 | |
Investment in unconsolidated joint venture | 0 | ||
Investments in subsidiaries | 1,065,695 | (67,403) | |
Net cash provided by (used in) investing activities | 1,065,695 | (67,403) | |
Cash flows from financing activities: | |||
Borrowings, net of fees | 0 | 0 | |
Repayments | 0 | 0 | |
Prepayments to settle debt and interest rate swap | 0 | ||
Redemptions of common stock | 0 | ||
Distributions | 0 | 0 | |
Intercompany transfers, net | (1,065,695) | 67,403 | |
Net cash provided by (used in) financing activities | (1,065,695) | 67,403 | |
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 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 10, 2016 | Jan. 06, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Subsequent Event [Line Items] | ||||||||||
Dividend declared, per share (in dollars per share) | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | ||
Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends payable | $ 37.4 | |||||||||
Dividend declared, per share (in dollars per share) | $ 0.30 |
Schedule III - Real Estate As83
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Oct. 28, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Gross Amount at Which Carried at December 31, 2015, Total | $ 4,948,605 | $ 5,050,482 | $ 4,875,866 | $ 5,507,769 | ||
Investment in development authority bonds | 120,000 | $ 120,000 | ||||
Aggregate cost of land and buildings and improvements for federal income tax purposes | 5,229,000 | |||||
THREE GLENLAKE BUILDING | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Investment in development authority bonds | $ 120,000 | |||||
Building Improvements | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | 5 years | |||||
Building Improvements | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | 25 years | |||||
Building | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||||
Corporate Joint Venture | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Percentage of real estate transferred | 100.00% | |||||
Ownership percentage | 51.00% | |||||
Corporate Joint Venture | MARKET SQUARE BUILDINGS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Percentage of real estate transferred | 100.00% | |||||
Consolidated Properties | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land | $ 894,793 | |||||
Initial Costs, Building and Improvements | 3,907,652 | |||||
Initial Costs, Total | 4,802,445 | |||||
Costs Capitalized Subsequent to Acquisition | 146,160 | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 896,467 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 4,052,138 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 4,948,605 | ||||
Accumulated Depreciation and Amortization | $ 863,724 | |||||
Consolidated Properties | 515 POST OAK | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 0 | |||||
Initial Costs, Land | 6,100 | |||||
Initial Costs, Building and Improvements | 28,905 | |||||
Initial Costs, Total | 35,005 | |||||
Costs Capitalized Subsequent to Acquisition | 11,097 | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 6,241 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 39,861 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 46,102 | ||||
Accumulated Depreciation and Amortization | $ 10,091 | |||||
Consolidated Properties | ONE GLENLAKE PARKWAY | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 29,278 | |||||
Initial Costs, Land | 5,846 | |||||
Initial Costs, Building and Improvements | 66,681 | |||||
Initial Costs, Total | 72,527 | |||||
Costs Capitalized Subsequent to Acquisition | (4,416) | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 5,934 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 62,177 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 68,111 | ||||
Accumulated Depreciation and Amortization | $ 18,137 | |||||
Consolidated Properties | 80 M STREET | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 0 | |||||
Initial Costs, Land | 26,248 | |||||
Initial Costs, Building and Improvements | 76,269 | |||||
Initial Costs, Total | 102,517 | |||||
Costs Capitalized Subsequent to Acquisition | (3,222) | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 26,806 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 72,489 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 99,295 | ||||
Accumulated Depreciation and Amortization | $ 25,872 | |||||
Consolidated Properties | 800 NORTH FREDERICK | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 0 | |||||
Initial Costs, Land | 22,758 | |||||
Initial Costs, Building and Improvements | 43,174 | |||||
Initial Costs, Total | 65,932 | |||||
Costs Capitalized Subsequent to Acquisition | 582 | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 20,195 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 46,319 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 66,514 | ||||
Accumulated Depreciation and Amortization | $ 22,684 | |||||
Consolidated Properties | 100 EAST PRATT | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 0 | |||||
Initial Costs, Land | 31,234 | |||||
Initial Costs, Building and Improvements | 140,217 | |||||
Initial Costs, Total | 171,451 | |||||
Costs Capitalized Subsequent to Acquisition | 39,414 | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 31,777 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 179,088 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 210,865 | ||||
Accumulated Depreciation and Amortization | $ 66,984 | |||||
Consolidated Properties | UNIVERSITY CIRCLE | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 0 | |||||
Initial Costs, Land | 27,493 | |||||
Initial Costs, Building and Improvements | 278,288 | |||||
Initial Costs, Total | 305,781 | |||||
Costs Capitalized Subsequent to Acquisition | (18,499) | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 27,756 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 259,526 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 287,282 | ||||
Accumulated Depreciation and Amortization | $ 70,843 | |||||
Consolidated Properties | 5 HOUSTON CENTER | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 0 | |||||
Initial Costs, Land | 8,186 | |||||
Initial Costs, Building and Improvements | 147,653 | |||||
Initial Costs, Total | 155,839 | |||||
Costs Capitalized Subsequent to Acquisition | (26,891) | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 8,186 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 120,762 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 128,948 | ||||
Accumulated Depreciation and Amortization | $ 33,568 | |||||
Consolidated Properties | KEY CENTER TOWER | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | [2] | $ 0 | ||||
Initial Costs, Land | 7,269 | |||||
Initial Costs, Building and Improvements | 244,424 | |||||
Initial Costs, Total | 251,693 | |||||
Costs Capitalized Subsequent to Acquisition | 19,746 | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 7,454 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 263,985 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 271,439 | ||||
Accumulated Depreciation and Amortization | $ 84,190 | |||||
Consolidated Properties | KEY CENTER MARRIOTT | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 0 | |||||
Initial Costs, Land | 3,473 | |||||
Initial Costs, Building and Improvements | 34,458 | |||||
Initial Costs, Total | 37,931 | |||||
Costs Capitalized Subsequent to Acquisition | 15,993 | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 3,629 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 50,295 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 53,924 | ||||
Accumulated Depreciation and Amortization | $ 18,479 | |||||
Consolidated Properties | SANTAN CORPORATE CENTER | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 39,000 | |||||
Initial Costs, Land | 8,045 | |||||
Initial Costs, Building and Improvements | 46,282 | |||||
Initial Costs, Total | 54,327 | |||||
Costs Capitalized Subsequent to Acquisition | (3,552) | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 8,193 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 42,582 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 50,775 | ||||
Accumulated Depreciation and Amortization | $ 10,624 | |||||
Consolidated Properties | 263 SHUMAN BOULEVARD | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 49,000 | |||||
Initial Costs, Land | 7,142 | |||||
Initial Costs, Building and Improvements | 41,535 | |||||
Initial Costs, Total | 48,677 | |||||
Costs Capitalized Subsequent to Acquisition | 6,890 | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 7,233 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 48,334 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 55,567 | ||||
Accumulated Depreciation and Amortization | $ 21,631 | |||||
Consolidated Properties | 80 PARK PLAZA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 0 | |||||
Initial Costs, Land | 31,766 | |||||
Initial Costs, Building and Improvements | 109,952 | |||||
Initial Costs, Total | 141,718 | |||||
Costs Capitalized Subsequent to Acquisition | 37,804 | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 32,221 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 147,301 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 179,522 | ||||
Accumulated Depreciation and Amortization | $ 51,407 | |||||
Consolidated Properties | INTERNATIONAL FINANCIAL TOWER | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 0 | |||||
Initial Costs, Land | 29,061 | |||||
Initial Costs, Building and Improvements | 141,544 | |||||
Initial Costs, Total | 170,605 | |||||
Costs Capitalized Subsequent to Acquisition | 11,350 | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 29,712 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 152,243 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 181,955 | ||||
Accumulated Depreciation and Amortization | $ 48,398 | |||||
Consolidated Properties | STERLING COMMERCE | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 0 | |||||
Initial Costs, Land | 8,639 | |||||
Initial Costs, Building and Improvements | 43,980 | |||||
Initial Costs, Total | 52,619 | |||||
Costs Capitalized Subsequent to Acquisition | 4,111 | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 8,752 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 47,978 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 56,730 | ||||
Accumulated Depreciation and Amortization | $ 23,162 | |||||
Consolidated Properties | PASADENA CORPORATE PARK | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 0 | |||||
Initial Costs, Land | 53,099 | |||||
Initial Costs, Building and Improvements | 59,630 | |||||
Initial Costs, Total | 112,729 | |||||
Costs Capitalized Subsequent to Acquisition | (2,074) | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 53,099 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 57,556 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 110,655 | ||||
Accumulated Depreciation and Amortization | $ 13,542 | |||||
Consolidated Properties | 222 EAST 41ST STREET | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | [2] | $ 0 | ||||
Initial Costs, Land | 0 | |||||
Initial Costs, Building and Improvements | 324,520 | |||||
Initial Costs, Total | 324,520 | |||||
Costs Capitalized Subsequent to Acquisition | 2,465 | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 0 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 326,985 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 326,985 | ||||
Accumulated Depreciation and Amortization | $ 83,786 | |||||
Consolidated Properties | SOUTH JAMAICA STREET | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 0 | |||||
Initial Costs, Land | 13,429 | |||||
Initial Costs, Building and Improvements | 109,781 | |||||
Initial Costs, Total | 123,210 | |||||
Costs Capitalized Subsequent to Acquisition | 3,252 | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 13,735 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 112,727 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 126,462 | ||||
Accumulated Depreciation and Amortization | $ 37,184 | |||||
Consolidated Properties | LINDBERGH CENTER | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | [2] | $ 0 | ||||
Initial Costs, Land | 0 | |||||
Initial Costs, Building and Improvements | 262,468 | |||||
Initial Costs, Total | 262,468 | |||||
Costs Capitalized Subsequent to Acquisition | 3,252 | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 0 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 265,720 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 265,720 | ||||
Accumulated Depreciation and Amortization | $ 61,116 | |||||
Consolidated Properties | THREE GLENLAKE BUILDING | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | [3] | $ 0 | ||||
Initial Costs, Land | 7,517 | |||||
Initial Costs, Building and Improvements | 88,784 | |||||
Initial Costs, Total | 96,301 | |||||
Costs Capitalized Subsequent to Acquisition | 891 | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 8,055 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 89,137 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 97,192 | ||||
Accumulated Depreciation and Amortization | $ 21,829 | |||||
Consolidated Properties | CRANBERRY WOODS DRIVE | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 0 | |||||
Initial Costs, Land | 15,512 | |||||
Initial Costs, Building and Improvements | 173,062 | |||||
Initial Costs, Total | 188,574 | |||||
Costs Capitalized Subsequent to Acquisition | 5,210 | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 15,512 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 178,272 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 193,784 | ||||
Accumulated Depreciation and Amortization | $ 34,875 | |||||
Consolidated Properties | HOUSTON ENERGY CENTER I | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 0 | |||||
Initial Costs, Land | 4,734 | |||||
Initial Costs, Building and Improvements | 79,344 | |||||
Initial Costs, Total | 84,078 | |||||
Costs Capitalized Subsequent to Acquisition | 5,130 | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 4,734 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 84,474 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 89,208 | ||||
Accumulated Depreciation and Amortization | $ 18,352 | |||||
Consolidated Properties | 333 MARKET STREET | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 0 | |||||
Initial Costs, Land | 114,483 | |||||
Initial Costs, Building and Improvements | 292,840 | |||||
Initial Costs, Total | 407,323 | |||||
Costs Capitalized Subsequent to Acquisition | 1 | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 114,484 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 292,840 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 407,324 | ||||
Accumulated Depreciation and Amortization | $ 27,487 | |||||
Consolidated Properties | 221 MAIN STREET | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 73,000 | |||||
Initial Costs, Land | 60,509 | |||||
Initial Costs, Building and Improvements | 174,629 | |||||
Initial Costs, Total | 235,138 | |||||
Costs Capitalized Subsequent to Acquisition | 1,906 | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 60,509 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 176,535 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 237,044 | ||||
Accumulated Depreciation and Amortization | $ 14,728 | |||||
Consolidated Properties | 650 CALIFORNIA STREET | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 128,785 | |||||
Initial Costs, Land | 75,384 | |||||
Initial Costs, Building and Improvements | 240,441 | |||||
Initial Costs, Total | 315,825 | |||||
Costs Capitalized Subsequent to Acquisition | 4,442 | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 75,384 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 244,883 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 320,267 | ||||
Accumulated Depreciation and Amortization | $ 20,572 | |||||
Consolidated Properties | 315 PARK AVENUE SOUTH | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 0 | |||||
Initial Costs, Land | 119,633 | |||||
Initial Costs, Building and Improvements | 249,510 | |||||
Initial Costs, Total | 369,143 | |||||
Costs Capitalized Subsequent to Acquisition | 304 | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 119,633 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 249,814 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 369,447 | ||||
Accumulated Depreciation and Amortization | $ 12,711 | |||||
Consolidated Properties | 116 HUNTINGTON AVENUE | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | [4] | $ 0 | ||||
Initial Costs, Land | 0 | |||||
Initial Costs, Building and Improvements | 116,290 | |||||
Initial Costs, Total | 116,290 | |||||
Costs Capitalized Subsequent to Acquisition | 32,189 | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 0 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 148,479 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 148,479 | ||||
Accumulated Depreciation and Amortization | $ 6,125 | |||||
Consolidated Properties | 229 WEST 43RD STREET | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Encumbrances | $ 0 | |||||
Initial Costs, Land | 207,233 | |||||
Initial Costs, Building and Improvements | 292,991 | |||||
Initial Costs, Total | 500,224 | |||||
Costs Capitalized Subsequent to Acquisition | (1,215) | |||||
Gross Amount at Which Carried at December 31, 2015, Land | 207,233 | |||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | 291,776 | |||||
Gross Amount at Which Carried at December 31, 2015, Total | [1] | 499,009 | ||||
Accumulated Depreciation and Amortization | $ 5,347 | |||||
Consolidated Properties | Minimum | 515 POST OAK | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | ONE GLENLAKE PARKWAY | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | 80 M STREET | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | 800 NORTH FREDERICK | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | 100 EAST PRATT | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | UNIVERSITY CIRCLE | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | 5 HOUSTON CENTER | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | KEY CENTER TOWER | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | KEY CENTER MARRIOTT | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | SANTAN CORPORATE CENTER | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | 263 SHUMAN BOULEVARD | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | 80 PARK PLAZA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | INTERNATIONAL FINANCIAL TOWER | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | STERLING COMMERCE | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | PASADENA CORPORATE PARK | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | 222 EAST 41ST STREET | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | SOUTH JAMAICA STREET | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | LINDBERGH CENTER | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | THREE GLENLAKE BUILDING | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | CRANBERRY WOODS DRIVE | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | HOUSTON ENERGY CENTER I | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | 333 MARKET STREET | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | 221 MAIN STREET | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | 650 CALIFORNIA STREET | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | 315 PARK AVENUE SOUTH | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | 116 HUNTINGTON AVENUE | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Minimum | 229 WEST 43RD STREET | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 0 years | ||||
Consolidated Properties | Maximum | 515 POST OAK | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | ONE GLENLAKE PARKWAY | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | 80 M STREET | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | 800 NORTH FREDERICK | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | 100 EAST PRATT | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | UNIVERSITY CIRCLE | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | 5 HOUSTON CENTER | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | KEY CENTER TOWER | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | KEY CENTER MARRIOTT | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | SANTAN CORPORATE CENTER | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | 263 SHUMAN BOULEVARD | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | 80 PARK PLAZA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | INTERNATIONAL FINANCIAL TOWER | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | STERLING COMMERCE | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | PASADENA CORPORATE PARK | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | 222 EAST 41ST STREET | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | SOUTH JAMAICA STREET | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | LINDBERGH CENTER | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | THREE GLENLAKE BUILDING | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | CRANBERRY WOODS DRIVE | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | HOUSTON ENERGY CENTER I | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | 333 MARKET STREET | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | 221 MAIN STREET | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | 650 CALIFORNIA STREET | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | 315 PARK AVENUE SOUTH | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | 116 HUNTINGTON AVENUE | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Consolidated Properties | Maximum | 229 WEST 43RD STREET | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5] | 40 years | ||||
Unconsolidated Properties | MARKET SQUARE BUILDINGS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | [6] | 51.00% | ||||
Encumbrances | [6] | $ 325,000 | ||||
Initial Costs, Land | [6] | 152,629 | ||||
Initial Costs, Building and Improvements | [6] | 450,757 | ||||
Initial Costs, Total | [6] | 603,386 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 62,698 | ||||
Gross Amount at Which Carried at December 31, 2015, Land | [6] | 152,629 | ||||
Gross Amount at Which Carried at December 31, 2015, Buildings and Improvements | [6] | 388,059 | ||||
Gross Amount at Which Carried at December 31, 2015, Total | [1],[6] | 540,688 | ||||
Accumulated Depreciation and Amortization | [6] | 2,640 | ||||
Initial cost of land, buildings and improvements net of encumbrances | $ 298,800 | |||||
Unconsolidated Properties | Minimum | MARKET SQUARE BUILDINGS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5],[6] | 0 years | ||||
Unconsolidated Properties | Maximum | MARKET SQUARE BUILDINGS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Real estate and accumulated depreciation, life used for depreciation | [5],[6] | 40 years | ||||
Unconsolidated Properties | Corporate Joint Venture | MARKET SQUARE BUILDINGS | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Ownership percentage | 51.00% | |||||
[1] | The aggregate cost of consolidated land and buildings and improvements for federal income tax purposes is approximately $5.229 billion. | |||||
[2] | Property is owned subject to a long-term ground lease. | |||||
[3] | As a result of the acquisition of the Three Glenlake Building, Columbia Property Trust acquired investments in bonds and certain obligations under capital leases in the amount of $120.0 million. | |||||
[4] | 116 Huntington Avenue is owned subject to a long-term, pre-paid ground lease. | |||||
[5] | Columbia Property Trust assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, tenant improvements are amortized over the shorter of economic life or lease term, lease intangibles are amortized over the respective lease term, building improvements are depreciated over 5-25 years and buildings are depreciated over 40 years. | |||||
[6] | Account balances are presented at 100% for the Market Square Buildings. On October 28, 2015, the Market Square Buildings were transferred to an unconsolidated joint venture in which Columbia Property Trust owned 51% as of December 31, 2015. The aggregate cost of 100% of the land and buildings and improvements, net of debt, held by the Market Square Joint Venture, for federal income tax purposes is approximately $298.8 million. |
Schedule III - Real Estate As84
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 28, 2015 | |||
Real Estate: | ||||||
Balance at beginning of year | $ 5,050,482 | $ 4,875,866 | $ 5,507,769 | |||
Additions to/improvements of real estate | 1,162,068 | 610,510 | 51,422 | |||
Sale/transfer of real estate | (1,188,083) | (399,499) | (614,822) | |||
Impairment of real estate | 0 | (25,130) | (29,737) | |||
Write-offs of building and tenant improvements | (1,552) | (1,230) | (492) | |||
Write-offs of intangible assets | [1] | (12,614) | (5,251) | (466) | ||
Write-offs of fully depreciated assets | (61,696) | (4,784) | (37,808) | |||
Balance at end of year | 4,948,605 | 5,050,482 | 4,875,866 | |||
Accumulated Depreciation and Amortization: | ||||||
Balance at beginning of year | 973,920 | 903,472 | 896,174 | |||
Depreciation and amortization expense | 183,492 | 161,133 | 166,720 | |||
Sale/transfer of real estate | (221,481) | [2] | (80,607) | (120,981) | ||
Write-offs of tenant improvements | (948) | (690) | (212) | |||
Write-offs of intangible assets | [1] | (9,563) | (4,604) | (421) | ||
Write-offs of fully depreciated assets | (61,696) | (4,784) | (37,808) | |||
Balance at end of year | $ 863,724 | $ 973,920 | $ 903,472 | |||
Corporate Joint Venture | ||||||
Accumulated Depreciation and Amortization: | ||||||
Percentage of real estate transferred | 100.00% | |||||
Ownership percentage | 51.00% | |||||
[1] | Consists of write-offs of intangible lease assets related to lease restructurings, amendments, and terminations. | |||||
[2] | Includes the transfer of 100% of the Market Square Buildings to an unconsolidated joint venture, in which Columbia Property Trust currently owns a 51% interest. |