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 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