Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | |
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, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 122,455,763 | ||
Entity Public Float | $ 2,268,996,000 | ||
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, 2016 | Dec. 31, 2015 |
Real estate assets, at cost: | ||
Land | $ 751,351 | $ 896,467 |
Buildings and improvements, less accumulated depreciation of $435,457 and $613,639, as of December 31, 2016 and 2015, respectively | 2,121,150 | 2,897,431 |
Intangible lease assets, less accumulated amortization of $112,777 and $250,085, as of December 31, 2016 and 2015, respectively | 193,311 | 259,136 |
Construction in progress | 36,188 | 31,847 |
Real estate assets held for sale, less accumulated depreciation and amortization of $180,791 as of December 31, 2016 | 412,506 | 0 |
Total real estate assets | 3,514,506 | 4,084,881 |
Investment in unconsolidated joint venture | 127,346 | 118,695 |
Cash and cash equivalents | 216,085 | 32,645 |
Tenant receivables, net of allowance for doubtful accounts of $31 and $8, as of December 31, 2016 and 2015, respectively | 7,163 | 11,670 |
Straight-line rent receivable | 64,811 | 109,062 |
Prepaid expenses and other assets | 24,275 | 35,848 |
Intangible lease origination costs, less accumulated amortization of $74,578 and $181,482, as of December 31, 2016 and 2015, respectively | 54,279 | 77,190 |
Deferred lease costs, less accumulated amortization of $22,753 and $40,817, as of December 31, 2016 and 2015, respectively | 125,799 | 88,127 |
Investment in development authority bonds | 120,000 | 120,000 |
Other assets held for sale, less accumulated amortization of $34,152 as of December 31, 2016 | 45,529 | 0 |
Total assets | 4,299,793 | 4,678,118 |
Liabilities: | ||
Line of credit and notes payable, net of deferred financing costs of $3,136 and $4,492, as of December 31, 2016 and 2015, respectively | 721,466 | 1,130,571 |
Bonds payable, net of discount of $1,664 and $1,020 and deferred financing costs of $5,364 and $3,721, as of December 31, 2016 and 2015, respectively | 692,972 | 595,259 |
Accounts payable, accrued expenses, and accrued capital expenditures | 131,028 | 98,759 |
Dividends payable | 36,727 | 37,354 |
Deferred income | 19,694 | 24,814 |
Intangible lease liabilities, less accumulated amortization of $44,564 and $81,496, as of December 31, 2016 and 2015, respectively | 33,375 | 57,167 |
Obligations under capital leases | 120,000 | 120,000 |
Liabilities held for sale, less accumulated amortization of $1,239 as of December 31, 2016 | 41,763 | 0 |
Total liabilities | 1,797,025 | 2,063,924 |
Commitments and Contingencies (Note 7) | ||
Equity: | ||
Common stock, $0.01 par value, 225,000,000 shares authorized, 122,184,193 and 124,363,073 shares issued and outstanding as of December 31, 2016 and 2015, respectively | 1,221 | 1,243 |
Additional paid-in capital | 4,538,912 | 4,588,303 |
Cumulative distributions in excess of earnings | (2,036,482) | (1,972,916) |
Accumulated other comprehensive loss | (883) | (2,436) |
Total equity | 2,502,768 | 2,614,194 |
Total liabilities and equity | $ 4,299,793 | $ 4,678,118 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Building and improvements, accumulated depreciation | $ 435,457 | $ 613,639 |
Intangible lease assets, accumulated amortization | 112,777 | 250,085 |
Real estate held-for-sale, accumulated amortization | 180,791 | |
Allowance for doubtful accounts | 31 | 8 |
Intangible lease origination costs, accumulated amortization | 74,578 | 181,482 |
Deferred lease costs, accumulated amortization | 22,753 | 40,817 |
Other assets held for sale, accumulated amortization | 34,152 | |
Deferred financing costs | 3,136 | 4,492 |
Bonds payable, discount | 1,664 | 1,020 |
Intangible lease liabilities, accumulated amortization | 44,564 | $ 81,496 |
Liabilities held for sale, accumulated amortization | $ 1,239 | |
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 | 122,184,193 | 124,363,073 |
Common stock, shares outstanding | 122,184,193 | 124,363,073 |
Term Loans | ||
Deferred financing costs | $ 3,136 | $ 4,492 |
Bonds Payable | ||
Deferred financing costs | $ 5,364 | $ 3,721 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Rental income | $ 366,186,000 | $ 436,048,000 | $ 414,541,000 |
Tenant reimbursements | 69,770,000 | 99,655,000 | 95,375,000 |
Hotel income | 22,661,000 | 24,309,000 | 22,885,000 |
Other property income | 14,926,000 | 6,053,000 | 7,996,000 |
Revenues | 473,543,000 | 566,065,000 | 540,797,000 |
Expenses: | |||
Property operating costs | 154,968,000 | 188,078,000 | 163,722,000 |
Hotel operating costs | 18,686,000 | 19,615,000 | 18,792,000 |
Asset and property management fees | 1,415,000 | 1,816,000 | 2,258,000 |
Depreciation | 108,543,000 | 131,490,000 | 117,766,000 |
Amortization | 56,775,000 | 87,128,000 | 78,843,000 |
Impairment loss on real estate assets | 0 | 0 | 25,130,000 |
General and administrative | 33,876,000 | 29,683,000 | 31,275,000 |
Acquisition expenses | 0 | 3,675,000 | 14,142,000 |
Costs and expenses | 374,263,000 | 461,485,000 | 451,928,000 |
Real estate operating income (loss) | 99,280,000 | 104,580,000 | 88,869,000 |
Other income (expense): | |||
Interest expense | (67,609,000) | (85,296,000) | (75,711,000) |
Interest and other income | 7,288,000 | 7,254,000 | 7,275,000 |
Loss on interest rate swaps | 0 | (1,110,000) | (371,000) |
Loss on the early extinguishment of debt | (18,997,000) | (3,149,000) | (23,000) |
Nonoperating income (expense) | (79,318,000) | (82,301,000) | (68,830,000) |
Income before income tax, unconsolidated joint ventures, and gains on sales of real estate assets | 19,962,000 | 22,279,000 | 20,039,000 |
Income tax expense | (445,000) | (378,000) | (662,000) |
Loss from unconsolidated joint venture | (7,561,000) | (1,142,000) | 0 |
Income before gains of sales of real estate assets | 11,956,000 | 20,759,000 | 19,377,000 |
Gains on sales of real estate assets | 72,325,000 | 23,860,000 | 75,275,000 |
Income from continuing operations | 84,281,000 | 44,619,000 | 94,652,000 |
Discontinued operations: | |||
Operating loss from discontinued operations | 0 | 0 | (390,000) |
Loss on disposition of discontinued operations | 0 | 0 | (1,627,000) |
Loss from discontinued operations | 0 | 0 | (2,017,000) |
Net income | $ 84,281,000 | $ 44,619,000 | $ 92,635,000 |
Per-share information – basic: | |||
Income from continuing operations (in dollars per share) | $ 0.68 | $ 0.36 | $ 0.76 |
Loss from discontinued operations (in dollars per share) | 0 | 0 | (0.02) |
Net income (in dollars per share) | $ 0.68 | $ 0.36 | $ 0.74 |
Weighted-average common shares outstanding – basic (in shares) | 123,130 | 124,757 | 124,860 |
Per-share information – diluted: | |||
Income from continuing operations (in dollars per share) | $ 0.68 | $ 0.36 | $ 0.76 |
Loss from discontinued operations (in dollars per share) | 0 | 0 | (0.02) |
Net income (in dollars per share) | $ 0.68 | $ 0.36 | $ 0.74 |
Weighted-average common shares – diluted (in shares) | 123,228 | 124,847 | 124,918 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $ 27,400 | $ 36,898 | $ 13,286 | $ 6,697 | $ 10,169 | $ 20,143 | $ 8,709 | $ 5,598 | $ 84,281 | $ 44,619 | $ 92,635 |
Market value adjustment to interest rate swap | 1,553 | (1,570) | 1,339 | ||||||||
Settlement of interest rate swap | 0 | 1,102 | 0 | ||||||||
Comprehensive income | $ 85,834 | $ 44,151 | $ 93,974 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Accumulated Other Comprehensive Income (Loss) |
Balance, shares at beginning of period at Dec. 31, 2013 | 124,830,000 | ||||
Balance, value at beginning of period at Dec. 31, 2013 | $ 2,787,823 | $ 1,248 | $ 4,600,166 | $ (1,810,284) | $ (3,307) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued to employees and directors, and amortized (net of income tax witholdings), shares | 143,000 | ||||
Common stock issued to employees and directors, and amortized (net of income tax witholdings) | 1,643 | $ 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 | 124,973,000 | ||||
Balance, value at end of period at Dec. 31, 2014 | 2,733,478 | $ 1,249 | 4,601,808 | (1,867,611) | (1,968) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued to employees and directors, and amortized (net of income tax witholdings), shares | 111,000 | ||||
Common stock issued to employees and directors, and amortized (net of income tax witholdings) | 2,824 | $ 1 | 2,823 | ||
Repurchases of common stock, shares | (721,000) | ||||
Repurchases of common stock | (16,335) | $ (7) | (16,328) | ||
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 | |||
Balance, value at end of period at Dec. 31, 2015 | $ 2,614,194 | $ 1,243 | 4,588,303 | (1,972,916) | (2,436) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued to employees and directors, and amortized (net of income tax witholdings), shares | 220,000 | ||||
Common stock issued to employees and directors, and amortized (net of income tax witholdings) | 3,388 | $ 2 | 3,386 | ||
Repurchases of common stock, shares | (2,399,000) | ||||
Repurchases of common stock | (52,801) | $ (24) | (52,777) | ||
Distributions to common stockholders | (147,847) | (147,847) | |||
Net income | 84,281 | 84,281 | |||
Market value adjustment to interest rate swap | 1,553 | 1,553 | |||
Settlement of interest rate swap | $ 0 | ||||
Balance, shares at end of period at Dec. 31, 2016 | 122,184,193 | 122,184,000 | |||
Balance, value at end of period at Dec. 31, 2016 | $ 2,502,768 | $ 1,221 | $ 4,538,912 | $ (2,036,482) | $ (883) |
Consolidated Statements of Equ7
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common Stock | |||
Distributions to common stockholders (in dollars per share) | $ 1.20 | $ 1.20 | $ 1.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities: | |||
Net income | $ 84,281 | $ 44,619 | $ 92,635 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Straight-line rental income | (21,875) | (16,632) | (9,916) |
Depreciation | 108,543 | 131,490 | 117,766 |
Amortization | 52,530 | 78,000 | 74,212 |
Impairment losses on real estate assets | 0 | 0 | 25,130 |
Noncash interest expense | 3,549 | 4,335 | 3,055 |
Loss on early extinguishment of debt | 18,997 | 3,149 | 23 |
Gain on interest rate swaps | 0 | (1,532) | (4,945) |
Gains on sale of real estate | (72,325) | (23,860) | (73,648) |
Loss from unconsolidated joint venture | 7,561 | 1,142 | 0 |
Stock-based compensation expense | 4,558 | 3,548 | 1,975 |
Changes in assets and liabilities, net of acquisitions and dispositions: | |||
Decrease (increase) in tenant receivables, net | 4,251 | (4,414) | (227) |
Decrease (increase) in prepaid expenses and other assets | 5,533 | (2,155) | 5,442 |
Increase (decrease) in accounts payable and accrued expenses | (1,607) | 3,330 | 2,589 |
Increase (decrease) in deferred income | (905) | 2,060 | 2,815 |
Net cash provided by operating activities | 193,091 | 223,080 | 236,906 |
Cash Flows from Investing Activities: | |||
Net proceeds from the sale of real estate | 603,732 | 596,734 | 418,207 |
Real estate acquisitions | 0 | (1,062,031) | (335,986) |
Deposits | 10,000 | 0 | (27,000) |
Capital improvements | (39,521) | (83,371) | (54,005) |
Deferred lease costs paid | (32,386) | (22,531) | (25,004) |
Investment in unconsolidated joint venture | (16,212) | (5,500) | 0 |
Net cash provided by (used in) investing activities | 525,613 | (576,699) | (23,788) |
Cash Flows from Financing Activities: | |||
Financing costs paid | (3,114) | (9,729) | (1,482) |
Prepayments to settle debt and interest rate swap | (17,921) | (3,165) | 0 |
Proceeds from lines of credit and notes payable | 435,000 | 1,884,000 | 283,000 |
Repayment of bonds payable | (845,460) | (1,854,512) | (294,739) |
Proceeds from issuance of bonds payable | 348,691 | 349,507 | 0 |
Repayment of bonds payable | (250,000) | 0 | 0 |
Distributions paid to stockholders | (148,474) | (112,570) | (149,962) |
Redemptions of common stock | (53,986) | (17,057) | 0 |
Net cash provided by (used in) financing activities | (535,264) | 236,474 | (163,183) |
Net increase (decrease) in cash and cash equivalents | 183,440 | (117,145) | 49,935 |
Cash and cash equivalents, beginning of period | 32,645 | 149,790 | 99,855 |
Cash and cash equivalents, end of period | $ 216,085 | $ 32,645 | $ 149,790 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
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. Columbia Property Trust typically invests in high-quality office properties, located in high-barrier to entry markets. As of December 31, 2016 , Columbia Property Trust owned 21 office properties and one hotel, which contain approximately 11.0 million square feet of commercial space, located in nine 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, 2016 , the office properties, including 51% of the Market Square buildings, which Columbia Property Trust owns through an unconsolidated joint venture, were approximately 90.6% leased. In January 2017, Columbia Property Trust sold three office properties in Houston, Texas, and the Key Center Tower and Key Center Marriott in Cleveland, Ohio. The terms of these transactions are described in Note 3, Real Estate Transactions . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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 years ended December 31, 2016 and 2015 , $0.3 million and $0.6 million of interest was capitalized, respectively. 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 40-45 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 residual 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 its real estate assets and related intangible assets for the years ended December 31, 2016 and 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 the first quarter of 2014, Columbia Property Trust revised its investment strategy for the 160 Park Avenue Building in Florham Park, New Jersey, to sell the property to a user in the near-term. As a result, management reduced its intended holding period for the building and reevaluated the property's carrying value as of March 31, 2014, pursuant to the accounting policy outlined above. Columbia Property Trust concluded that the 160 Park Avenue Building was not recoverable and reduced its carrying value to reflect its fair value, estimated based on recently quoted market prices (Level 2), by recording an impairment loss of approximately $13.6 million in the first quarter of 2014. The sale of the 160 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 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 2014 (in thousands) using Level 3 inputs. Property Net Book Value Impairment Loss Recognized Fair Value Bannockburn Lake III $ 15,148 $ (10,148 ) $ 5,000 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 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. • The sale of the property is probable (i.e. typically subject to a binding sale contract with a non-refundable deposit), and transfer of the property is expected to qualify for recognition as a completed sale, within one year. At such time that a property is determined to be held for sale, its carrying amount is adjusted to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized; and assets and liabilities are required to be classified as held for sale on the accompanying consolidated balance sheet. As of December 31, 2016 , Key Center Tower and Key Center Marriott, and 5 Houston Center, Energy Center I, and 515 Post Oak were subject to binding sale contracts and met the other aforementioned criteria; thus, these properties are classified as held for sale in the accompanying consolidated balance sheet as of that date. The sale of 5 Houston Center, Energy Center I, and 515 Post Oak closed on January 6, 2017, and the sale of Key Center Tower and Key Center Marriott closed on January 31, 2017 (see Note 3, Real Estate Transactions ). The major classes of assets and liabilities classified as held for sale as of December 31, 2016 , are provided below (in thousands): December 31, 2016 Real estate assets held for sale: Real estate assets, at cost: Land $ 30,243 Buildings and improvements, less accumulated depreciation of $152,246 366,126 Intangible lease assets, less accumulated amortization of $28,545 13,365 Construction in progress 2,772 Total real estate assets held for sale, net $ 412,506 Other assets held for sale: Tenant receivables, net of allowance for doubtful accounts $ 1,722 Straight-line rent receivable 20,221 Prepaid expenses and other assets 3,184 Intangible lease origination costs, less accumulated amortization of $22,949 1,815 Deferred lease costs, less accumulated amortization of $11,203 18,587 Total other assets held for sale, net $ 45,529 Liabilities held for sale: Accounts payable, accrued expenses, and accrued capital expenditures $ 34,812 Deferred income 4,214 Intangible lease liabilities, less accumulated amortization of $1,239 2,737 Total liabilities held for sale, net $ 41,763 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, 2016 and 2015 , Columbia Property Trust had the following gross intangible in-place lease assets and liabilities, excluding amounts held for sale (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, 2016 Gross $ 10,589 $ 154,582 $ 128,857 $ 77,939 Accumulated Amortization (9,305 ) (83,254 ) (74,578 ) (44,564 ) Net $ 1,284 $ 71,328 $ 54,279 $ 33,375 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 During 2016 , 2015 , and 2014 , 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, 2016 $ 2,513 $ 28,718 $ 17,501 $ 12,996 2015 $ 4,412 $ 45,972 $ 28,530 $ 19,345 2014 $ 5,368 $ 36,474 $ 33,037 $ 15,507 The remaining net intangible assets and liabilities as of December 31, 2016 , excluding amounts held for sale, 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, 2017 $ 439 $ 16,377 $ 10,739 $ 7,492 2018 97 12,885 9,563 5,649 2019 97 11,298 8,999 4,972 2020 97 9,368 7,950 3,836 2021 97 5,483 4,008 2,171 Thereafter 457 15,917 13,020 9,255 $ 1,284 $ 71,328 $ 54,279 $ 33,375 Weighted-Average Amortization Period 4 years 5 years 4 years 6 years Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust is the Lessee In-place ground leases where Columbia Property Trust is the lessee may have positive or negative 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 as of December 31, 2016 and 2015 , net of accumulated amortization of $20.2 million and $17.7 million as of December 31, 2016 and 2015 , respectively. Columbia Property Trust recognized amortization expense related to these assets of approximately $2.5 million for 2016 and 2015 , and $2.1 million for 2014 . As of December 31, 2016 , the remaining net below-market lease asset will be amortized as follows (in thousands): For the years ending December 31: 2017 $ 2,549 2018 2,549 2019 2,549 2020 2,549 2021 2,549 Thereafter 107,954 $ 120,699 Weighted-Average Amortization Period 48 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, 2016 and 2015 . As of December 31, 2016, Columbia Property Trust's cash balance includes proceeds from real estate dispositions, as described in Note 3, Real Estate Transactions , net of amounts used for debt repayments, as described in Note 5, Line of Credit and Notes Payable . 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 $289,000 and $26,000 for 2016 and 2015 , 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, nontenant 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. Deferred financing costs, except for costs related to revolving credit facilities, are presented as a direct reduction to the carrying amount of the related debt for all periods presented. Columbia Property Trust recognized amortization of deferred financing costs for the years ended December 31, 2016 , 2015 , and 2014 of approximately $3.3 million , $4.4 million , and $3.5 million , respectively, which is included in interest expense in the accompanying consolidated statements of operations. Deferred Lease Costs Deferred lease costs include costs incurred to procure leases that are paid to third-parties, and incentives that are provided to tenants under the terms of their leases. These costs are capitalized and amortized on a straight-line basis over the terms of the lease. Amortization of third-party leasing costs is reflected as amortization expense, and amortization of lease incentives is reflected as an adjustment to rental income. During 2016 , 2015 , and 2014 , Columbia Property Trust recognized amortization expense for deferred lease costs of $9.3 million , $8.9 million , and $8.6 million , respectively. During 2016 , 2015 , and 2014 , Columbia Property Trust recognized adjustments to rental income for amortization of deferred lease costs of $3.9 million , $3.7 million , and $3.6 million , respectively. Upon receiving notification of a tenant's intention to terminate a lease, unamortized deferred lease costs are amortized over the shortened lease period. As of December 31, 2016, deferred lease costs includes $69.0 million in lease incentives for a lease at the 222 East 41st Street Property, which will be amortized to rental income over the approximately 31 year remaining lease term. 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. Accounts payable, accrued expenses, and accrued capital expenditures Accounts payable, accrued expenses, and accrued capital expenditures primarily includes payables related to property operations and capital projects. As of December 31, 2016 , a ccounts payable, accrued expenses, and accrued capital expenditures includes approximately $69.0 million in lease incentives related to recently commenced lease at the 222 East 41st Street Property . Line of Credit and Notes Payable Certain mortgage notes included in line of credit 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 and notes payable are presented on the accompanying consolidated balance sheet net of deferred financing costs related to term loans and notes payable of $3.1 million and $4.5 million as of December 31, 2016 and December 31, 2015 , respectively. Bonds Payable In August 2016, Columbia Property Trust issued $350 million of its ten -year unsecured 3.650% senior notes at 99.626% of their face value (the "2026 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"). The discount on the 2026 Bonds Payable and the 2025 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 $5.4 million and $3.7 million as of December 31, 2016 and December 31, 2015 , 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, 2016 , $130.9 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, Equity , for additional details. 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, 2016 and 2015 (in thousands): Estimated Fair Value as of December 31, Instrument Type Balance Sheet Classification 2016 2015 Derivatives designated as hedging instruments: Interest rate contracts Accounts payable $ (882 ) $ (2,436 ) Columbia Property Trust applied the provisions of ASC 820 in recording its interest rate swaps at fair value. The fair values of the interest rate swaps, classified under Level 2, were determined using a third-party proprietary model that is based on prevailing market data for contracts with matching durations, current and anticipated London Interbank Offered Rate ("LIBOR") information, and reasonable estimates about relevant future market conditions. Columbia Property Trust has determined that the fair value, as determined by the third party, is reasonable. Years ended December 31, 2016 2015 2014 Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income $ 1,553 $ (1,570 ) $ 1,339 Loss on interest rate swap recognized through earnings $ — $ (1,110 ) $ (371 ) In July 2015, Columbia Property Trust paid $1.1 |
Real Estate Transactions
Real Estate Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Business Acquisitions and Dispositions [Abstract] | |
Real Estate Transactions | Real Estate Transactions Acquisitions Columbia Property Trust did not acquire any properties during 2016. During 2015 and 2014 , Columbia Property Trust acquired the following properties (in thousands). 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 327,000 -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 the 2025 Bonds Payable, 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 the 2025 Bonds Payable, 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 a $300 million bridge loan (the " $300 Million Bridge Loan") and borrowings on the Revolving Credit Facility, as described in Note 5, Line of Credit 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 "221 Main Street Building"). 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 "650 California Street Building"). 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 and 2014 , 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, and the 229 West 43rd Street Building as if the acquisitions had occurred on January 1, 2014; and the 221 Main Street Building and the 650 California Street Building as if the acquisitions occurred on January 1, 2013. Other than the 1881 Campus Commons Building, which was sold in December 2015, these properties were owned for the entirety of 2016. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had these acquisitions been consummated as of January 1, 2014 and January 1, 2013 (in thousands). 2015 2014 Revenues $ 582,699 $ 605,494 Net income (loss) $ 46,363 $ 63,139 Net income (loss) per share – basic $ 0.37 $ 0.50 Net income (loss) per share – diluted $ 0.37 $ 0.50 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 2016, 2015 and some of the 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 2017, 2016 , 2015, and 2014, Columbia Property Trust closed on the following transactions: Key Center Tower & Key Center Marriott On January 31, 2017 , Columbia Property Trust sold the Key Center Tower and the Key Center Marriott in Cleveland, Ohio to the Millennia Companies for $267.5 million , exclusive of purchase price adjustments. At closing, Columbia Property Trust received $254.5 million of gross proceeds and a $13.0 million , 10 -year note receivable from the principal of the Millennia Companies. Interest accrues on the note receivable for the first seven years, and becomes due and payable beginning in the 8 th year. Columbia Property Trust has applied the installment method to account for this sale and, as a result, deferred $13.0 million of the gain on sale. Houston Properties On January 6, 2017, Columbia Property Trust sold the 5 Houston Center Building, the Houston Energy Center I Building, and the 515 Post Oak Building (collectively, the "Houston Properties"), for $272.0 million , before purchase price adjustments, and recognized a gain of approximately $63.7 million on the sale in the first quarter of 2017. SanTan Corporate Center On December 15, 2016, Columbia Property Trust sold the SanTan Corporate Center in Phoenix, Arizona, for $58.5 million , before purchase price adjustments, and recognized a gain of approximately $9.8 million on the sale in the fourth quarter of 2016. Sterling Commerce Property On November 30, 2016, Columbia Property Trust sold the Sterling Commerce Property in Irving, Texas, for $51.0 million , before purchase price adjustments, and recognized a gain of approximately $12.5 million on the sale in the fourth quarter of 2016. 9127 South Jamaica Street Building On October 12, 2016, Columbia Property Trust sold the 9127 South Jamaica Street Building, one of the four buildings at the South Jamaica Street Property in Denver, Colorado, for $19.5 million , before purchase price adjustments, and recognized a de minimis loss on the sale in the fourth quarter of 2016. 80 Park Plaza Property On September 30, 2016, Columbia Property Trust sold the 80 Park Plaza Property in Newark, New Jersey, for $174.5 million , before purchase price adjustments, and recognized a gain of approximately $21.6 million on the sale in the third quarter of 2016. South Jamaica Street Property On September 22, 2016, Columbia Property Trust sold three of the four buildings at the South Jamaica Street Property in Denver, Colorado, for $122.0 million , before purchase price adjustments, and recognized a gain of approximately $27.2 million on the sale in the third quarter of 2016. 800 North Frederick Property On July 8, 2016, Columbia Property Trust sold the 800 North Frederick Property in suburban Maryland for $48.0 million , before purchase price adjustments, and recognized a gain of approximately $2.1 million on the sale in the third quarter of 2016. 100 East Pratt Property On March 31, 2016, Columbia Property Trust sold the 100 East Pratt Property in Baltimore, Maryland, for $187.0 million , before purchase price adjustments, and recognized a $0.3 million loss on the sale. The net sale proceeds of $159.4 million were used to repay $119.0 million remaining on the $300 Million Bridge Loan on April 1, 2016. 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 , the net income for the properties included in the 11 Property Sale was $3.0 million . 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 and Notes Payable . 160 Park Avenue Building On June 4, 2014, Columbia Property Trust closed on the sale of the 160 Park Avenue 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, Summary of 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, Summary of 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. |
Unconsolidated Joint Venture
Unconsolidated Joint Venture | 12 Months Ended |
Dec. 31, 2016 | |
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 698,000 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, 2016 , 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 has been reduced to $16.1 million as of December 31, 2016 , as a result of leasing at the Market Square Buildings. The amount of the guaranty will continue to be reduced as space is leased. Condensed balance sheet information for the Market Square Joint Venture is as follows (in thousands): As of December 31, 2016 2015 Total assets $ 587,344 $ 573,073 Total debt $ 324,656 $ 324,603 Total equity $ 242,802 $ 230,060 Columbia Property Trust's investment $ 127,346 $ 118,695 Condensed income statement information for the Market Square Joint Venture is as follows (in thousands): For the Year Ended December 31, 2016 From inception through Total Revenues $ 41,230 $ 7,962 Net loss $ (14,825 ) $ (2,239 ) Columbia Property Trust's share $ (7,561 ) $ (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 2016 and 2015 , Columbia Property Trust earned $2.6 million and $0.2 million , respectively, in fees related to these asset and property management services, which are included in other property income on the accompanying consolidated statement of operations. The Market Square Joint Venture was formed in October 2015, so similar fees were not earned during 2014 or the first nine months of 2015. As of December 31, 2016 and 2015 , property management fees of $0.1 million were payable to Columbia Property Trust, and included in prepaid expenses and other assets on the accompanying consolidated balance sheet. |
Line of Credit and Notes Payabl
Line of Credit and Notes Payable | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Line of Credit and Notes Payable | Line of Credit and Notes Payable As of December 31, 2016 and 2015 , Columbia Property Trust had the following line of credit 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 2016 2015 $300 Million Term Loan LIBOR + 110 bp (1) Interest only 7/31/2020 $ 300,000 $ 300,000 $150 Million Term Loan LIBOR + 155 bp (2) Interest only 7/29/2022 150,000 150,000 650 California Street Building mortgage note 3.60 % Term debt 7/1/2019 126,287 128,785 221 Main Building mortgage note 3.95 % Interest only 5/10/2017 73,000 73,000 263 Shuman Boulevard Building mortgage note (3) 5.55 % Interest only 7/1/2017 49,000 49,000 One Glenlake Building mortgage note 5.80 % Term debt 12/10/2018 26,315 29,278 Revolving Credit Facility LIBOR + 100 bp (4) Interest only 7/31/2019 — 247,000 $300 Million Bridge Loan LIBOR + 110 bp (5) Interest only 8/4/2016 — 119,000 SanTan Corporate Center mortgage notes 5.83 % Interest only 10/11/2016 — 39,000 Less: Deferred financing costs related to term loans and notes payable (3,136 ) (4,492 ) Total indebtedness $ 721,466 $ 1,130,571 (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) Columbia Property Trust is party to an interest rate swap agreement with a notional amount of $150.0 million , 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. (3) In January 2017, the lender put this loan into non-monetary default because the full-building lease with OfficeMax was not renewed, as required by the loan agreement. OfficeMax vacated the property in 2015, and the lease will expire in May 2017. Columbia Property Trust is in process of working to transfer this property to the lender. (4) 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. (5) The $300 Million Bridge Loan bore 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. Term Loans On July 30, 2015, Columbia Property Trust replaced a $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. Revolving Credit Facility On July 30, 2015, Columbia Property Trust amended the Revolving Credit Facility, with a total capacity of $500.0 million 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. 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 repaid the $119.0 million remaining outstanding balance on the $300 Million Bridge Loan on April 1, 2016, as described below. Debt Covenants The $300 Million Term Loan, the $150 Million Term Loan, and the Revolving Credit Facility (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. As of December 31, 2016 , 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 and notes payable as of December 31, 2016 and 2015 , was approximately $728.5 million and $1,140.1 million , respectively. The related carrying value of the line of credit and notes payable as of December 31, 2016 and 2015 , was $724.6 million and $1,135.1 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, 2016 and 2015 , Columbia Property Trust's weighted-average interest rate on its consolidated line of credit and notes payable, was approximately 3.09% and 2.54% , respectively. Columbia Property Trust made interest payments of approximately $27.8 million , $54.0 million , and $56.1 million during 2016 , 2015 , and 2014 , respectively, of which approximately $0.3 million and $0.6 million was capitalized during 2016 and 2015 , respectively, and no interest was capitalized during 2014 . Debt Repayments and Maturities During 2015 and 2016 Columbia Property Trust made the following debt repayments: • On October 3, 2016, a portion of the proceeds from the sale of the 80 Park Plaza Property were used to repay the $99.0 million remaining outstanding balance on the Revolving Credit Facility. No additional borrowings were made against the Revolving Credit Facility during the remainder of 2016. • On June 30, 2016, Columbia Property Trust used borrowings on the Revolving Credit Facility to repay the $39.0 million SanTan Corporate Center mortgage notes, which were scheduled to mature on October 11, 2016, resulting in the write off of approximately $10,000 of related unamortized financing costs, which are included in loss on early extinguishment in the accompanying statements of operations. • On April 1, 2016, Columbia Property Trust repaid the $119.0 million remaining on the $300 Million Bridge Loan, which was used to finance a portion of the 229 West 43rd Street Building acquisition in August of 2015. The $300 Million Bridge Loan was scheduled to mature on August 4, 2016. Columbia Property Trust recognized a loss on early extinguishment of debt of $82,000 related to unamortized deferred financing costs. • 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. The following table summarizes the aggregate maturities of Columbia Property Trust's line of credit and notes payable as of December 31, 2016 (in thousands): 2017 $ 127,728 2018 25,859 2019 121,016 2020 300,000 2021 — Thereafter 150,000 Total $ 724,603 |
Bonds Payable
Bonds Payable | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Bonds Payable | Bonds Payable On August 12, 2016, Columbia Property Trust OP issued $350 of ten -year, unsecured 3.650% senior notes at 99.626% of their face value (the "2026 Bonds Payable"), which are guaranteed by Columbia Property Trust. Columbia Property Trust OP received net proceeds from the 2026 Bonds Payable of $346.4 million , which were used to redeem $250.0 million of seven -year, unsecured 5.875% senior notes due April 2018 (the "2018 Bonds Payable"), including a $17.9 million make-whole payment reflected as an early loss on extinguishment of debt in the accompanying consolidated statement of operations. The remaining net proceeds were used to repay borrowings on the Revolving Credit Facility. The 2026 Bonds Payable require semi-annual interest payments in February and August based on a contractual annual interest rate of 3.650% . In the accompanying consolidated balance sheets, the 2026 Bonds Payable are shown net of the initial issuance discount of approximately $1.3 million , which will be amortized to interest expense over the term of the 2026 Bonds Payable using the effective interest method. The principal amount of the 2026 Bonds Payable is due and payable on the maturity date, August 15, 2026. 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 2016 and 2015, Columbia Property Trust made interest payments of $28.0 million and $22.7 million , respectively, on the 2025 Bonds Payable and the 2018 Bonds Payable. Interest payments on the 2025 Bonds Payable began in October 2015, and interest payments on the 2026 Bonds Payable will began in February 2017. The restrictive covenants on the 2026 Bonds Payable and the 2025 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, 2016 , Columbia Property Trust believes it was in compliance with the restrictive financial covenants on its 2026 Bonds Payable and 2025 Bonds Payable. The estimated fair value of the 2025 Bonds Payable and the 2026 Bonds Payable as of December 31, 2016 , was approximately $703.1 million and the fair value of the 2018 Bonds Payable and 2025 Bonds Payable as of December 31, 2015, was $602.3 million . The related carrying value of the bonds payable, net of discounts, as of December 31, 2016 and 2015, was $698.3 million and $595.3 million , respectively. The fair value of the bonds payable was estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowing as of the respective reporting dates (Level 2). The discounted cash flow method of assessing fair value results in a general approximation of value, which may differ from the price that could be achieved in a market transaction. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , no tenants have exercised such options that have not been materially satisfied or recorded as a liability in the accompanying consolidated balance sheets. 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 . Columbia Property Trust incurred $2.6 million in rent expense related to such ground leases in 2016 , 2015 , and 2014 . The lease expiring on December 14, 2077, has been fully prepaid, and the lease expiring on December 31, 2058 relates to a property held for sale. As of December 31, 2016 , the required payments under the terms of the remaining two ground leases are as follows (in thousands): 2017 $ 2,642 2018 2,671 2019 2,671 2020 2,671 2021 2,671 Thereafter 195,116 Total $ 208,442 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, 2016 (in thousands): 2017 $ 7,200 2018 7,200 2019 7,200 2020 7,200 2021 127,200 Thereafter — 156,000 Amounts representing interest (36,000 ) Total $ 120,000 Guaranty of Debt of Unconsolidated Joint Venture Upon entering into the Market Square Joint Venture in October 2015, Columbia Property Trust entered into a guaranty of a $25.0 million portion of the Market Square mortgage note, the amount of which is reduced as space is leased. As a result of leasing, the guaranty has been reduced to $16.1 million as of December 31, 2016 . 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 as of December 31, 2016 . 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. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity | 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. Columbia Property Trust will continue to evaluate the acquisition of shares primarily through open market transactions, subject to market conditions and other factors. Under the Stock Repurchase Program, during 2016 and 2015, Columbia Property Trust acquired approximately 3.1 million shares at an average price of $22.13 , for aggregate purchases of $69.1 million . As of December 31, 2016 , $130.9 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. Columbia Property Trust will continue to evaluate the purchase of shares, primarily through open market transactions, which are subject to market conditions and other factors. Long-Term Incentive Plan Columbia Property Trust maintains a shareholder-approved, 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. Columbia Property Trust has made the following share grants to employees in 2016, 2015, and 2014. Grant Grant Date Shares Granted Shares Withheld for Taxes 2016 Employee Grant January 21, 2016 231,015 20,842 2015 Employee Grant January 21, 2015 123,187 11,368 2014 Employee Grant January 21, 2014 143,740 12,752 For each of the grants, 25% of the shares vested upon grant, and the remaining shares vest ratably, with the passage of time, on January 31 st of the following three years. 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 $ 24.59 Granted 247 $ 21.79 Vested (138 ) $ 23.32 Forfeited (4 ) $ 21.90 Unvested shares as of December 31, 2016 256 (2) $ 22.62 (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, 2016 , Columbia Property Trust expects approximately 243,200 of the 256,000 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 1, 2017, Columbia Property Trust granted 135,921 shares of common stock to employees under the LTIP. Such awards are time based, and will will vest ratably on the anniversary of the grant over the next four years . Performance-based share awards were also made on January 1, 2017. The payout of these performance-based awards can range from 0% to 150% , depending on total shareholder return relative to the FTSE NAREIT Equity Office Index at the end of a three -year performance period. During the transition period, participants in the three -year performance awards will also receive interim awards with one and two -year performance periods. For the three-year awards, 75% of the shares earned will vest at the conclusion of the performance period, with the remaining 25% vesting one year later. The awards will be expensed over the vesting period, using the estimated fair value for each award. Time-based awards will be expensed using the grant date fair value, or closing price of the award on the grant date. Performance-based awards will be expensed over the vesting period at the estimated fair value of the grant date, as determined by the Monte Carlo valuation method. On January 20, 2017, Columbia Property Trust granted 193,535 shares of common stock to employees, net of 17,938 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, 2018, 2019, and 2020. 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. A summary of these grants, made under the LTIP, follows: Date of Grant Shares Weighted-Average Grant-Date Fair Value 2016 Director Grants: January 4, 2016 7,439 $ 23.00 April 1, 2016 8,120 $ 21.89 July 1, 2016 8,158 $ 21.52 October 3, 2016 7,727 $ 22.19 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 Stock-Based Compensation Expense Columbia Property Trust incurred stock-based compensation expense related to the following events (in thousands): 2016 2015 2014 Amortization of unvested LTIP awards $ 2,856 $ 1,699 $ 749 Future employee awards (1) 1,006 1,353 866 Issuance of shares to independent directors 696 496 360 Total stock-based compensation expense $ 4,558 $ 3,548 $ 1,975 (1) These estimated 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 $3.2 million and $2.2 million of unrecognized compensation costs related to unvested awards under the LTIP as of December 31, 2016 and December 31, 2015 , 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 a reverse stock split, which occurred in August 2013. 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, and no awards have been made under the Director Plan since that date. 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 2016 , 2015 , and 2014 , follows: Number Exercise Price Exercisable 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 Granted — Expired (500 ) Outstanding as of December 31, 2016 1,375 $48 1,375 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, 2016 , was approximately 0.5 years. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 annualized lease revenue, as defined, none of Columbia Property Trust's tenants represent more than 8% of Columbia Property Trust's portfolio. Tenants in business services, depository institutions, and legal services each represent 17% , 16% , and 10% , respectively, of Columbia Property Trust's annualized lease revenue. Columbia Property Trust's properties are located in nine states and the District of Columbia. As of December 31, 2016 , approximately 26% and 25% 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 lease incentives, as of December 31, 2016 , is as follows (in thousands): 2017 $ 282,330 2018 283,944 2019 270,987 2020 252,723 2021 207,521 Thereafter 1,324,548 Total $ 2,622,053 As of December 31, 2016, Columbia Property Trust has recognized lease incentive obligations of $69.0 million , which will be amortized against rental income over the 31 -year life of the related lease. |
Supplemental Disclosures of Non
Supplemental Disclosures of Noncash Investing and Financing Activities | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [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, 2016 , 2015 , and 2014 (in thousands): Years ended December 31, 2016 2015 2014 Investment in real estate funded with other assets $ 1,442 $ 27,000 $ 3,807 Other assets assumed upon acquisition $ — $ 7,785 $ 2,493 Other liabilities assumed upon acquisition $ — $ 4,765 $ 2,004 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 $ — Notes payable assumed at acquisition $ — $ — $ 203,000 Discount on issuance of bonds payable $ 1,309 $ 494 $ — Amortization of discounts (premiums) on debt $ 267 $ (18 ) $ 396 Market value adjustment to interest rate swaps that qualify for hedge accounting treatment $ 1,553 $ (1,570 ) $ 1,339 Accrued capital expenditures and deferred lease costs $ 15,042 $ 19,324 $ 17,283 Accrued dividends payable $ 36,727 $ 37,354 $ — Common stock issued to employees and directors, and amortized (net of income tax witholdings) $ 3,388 $ 3,548 $ 1,642 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Columbia Property Trust's income tax basis net income during 2016 , 2015 , and 2014 (in thousands) follows: 2016 2015 2014 GAAP basis financial statement net income attributable to the common stockholders of Columbia Property Trust, Inc. $ 84,281 $ 44,619 $ 92,635 Increase (decrease) in net income resulting from: Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes 34,569 81,559 69,832 Rental income accrued for financial reporting purposes in excess of amounts for income tax purposes (26,900 ) (13,409 ) (8,437 ) Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes (9,013 ) (6,626 ) (9,394 ) 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 ) Bad debt expense for financial reporting purposes less than amounts for income tax purposes (261 ) 5 (1 ) Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes (71,701 ) (117,857 ) (47,159 ) Other expenses for financial reporting purposes in excess of amounts for income tax purposes (2,707 ) 14,342 31,991 Income tax basis net income (loss), prior to dividends-paid deduction $ 8,268 $ — $ 124,522 As of December 31, 2016 , the tax basis carrying value of Columbia Property Trust's total assets was approximately $4.5 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: 2016 2015 2014 Ordinary income 5.6 % — % 83.1 % Capital gains — % — % — % Return of capital 94.4 % 100 % 16.9 % Total 100 % 100 % 100 % As of December 31, 2016 , returns for the calendar years 2012 through 2016 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 Columbia Property Trust made distributions in excess of taxable income for the periods presented. Columbia Property Trust is subject to certain state and local taxes related to property operations in certain locations, which have been provided for in the accompanying consolidated financial statements. The income taxes recorded by the TRS Entities for the years ended December 31, 2016 , 2015 , and 2014 , are as follows: Years ended December 31, 2016 2015 2014 Federal income tax $ 255 $ 17 $ 318 State income tax 21 25 35 Total income tax $ 276 $ 42 $ 353 As of December 31, 2016 , Columbia Property Trust had a deferred tax liability of $22,000 , and as of December 31, 2015 , Columbia Property Trust had a deferred tax asset of $ 235,000 , which are included in prepaid expenses and other assets in the accompanying consolidated balance sheets. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
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. Amounts reclassified to discontinued operations in 2014 reflect post- closing adjustments and true ups related to the sale of 18 properties, which closed on November 5, 2013 (prior to the adoption of ASU 2014-08), for $521.5 million and resulted in a net loss of $0.4 million . The following table shows the revenues and expenses reclassified to discontinued operations (in thousands). For the Year Ended December 31, 2014 Revenues: Rental income $ 4 Tenant reimbursements 115 119 Expenses: Property operating costs (250 ) Asset and property management fees 7 General and administrative 755 Total expenses 512 Operating loss (393 ) Other income (expense): Interest expense 3 Loss from discontinued operations (390 ) Loss on disposition of discontinued operations (1,627 ) Loss from discontinued operations $ (2,017 ) |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share 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, Equity . The following table reconciles the numerator for the basic and diluted earnings-per-share computations shown on the consolidated statements of income (in thousands): 2016 2015 2014 Net income $ 84,281 $ 44,619 $ 92,635 Distributions paid on unvested shares (314 ) (185 ) (128 ) Net income used to calculate basic and diluted earnings per share $ 83,967 $ 44,434 $ 92,507 The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of income (in thousands): 2016 2015 2014 Weighted-average common shares – basic 123,130 124,757 124,860 Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases: Previously granted LTIP awards, unvested 58 33 29 Future LTIP awards 40 57 29 Weighted-average common shares – diluted 123,228 124,847 124,918 |
Quarterly Results (unaudited)
Quarterly Results (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 (in thousands, except per-share data): 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 126,579 $ 127,930 $ 113,266 $ 105,768 Net income $ 6,697 $ 13,286 (1) $ 36,898 (2) $ 27,400 (3) Net income per share - basic $ 0.05 $ 0.11 $ 0.30 $ 0.22 Net income per share - diluted $ 0.05 $ 0.11 $ 0.30 $ 0.22 Dividends declared per share $ 0.30 $ 0.30 $ 0.30 $ 0.30 (1) Net income for the second quarter of 2016 includes an early termination payment at 222 East 41st Street of $6.2 million . (2) Net income for the third quarter of 2016 includes gains on sales of real estate assets of $50.4 million related to the sales of real estate assets as described in Note 3, Real Estate Transactions ; partially offset by losses on early extinguishment of debt of $18.9 million related to the early repayment of the 2018 Bonds Payable. (3) Net income for the fourth quarter of 2016 includes gains on sales of real estate assets of $22.2 million related to the sales of real estate assets as described in Note 3, Real Estate Transactions . 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 . |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Columbia Property Trust establishes operating segments at the property level, and aggregates individual properties into reportable segments for geographic locations in which Columbia Property Trust has significant investments. Columbia Property Trust considers geographic location when evaluating its portfolio composition, and in assessing the ongoing operations and performance of its properties. As of December 31, 2016, Columbia Property Trust had the following reportable segments: New York, San Francisco, Atlanta, Washington, D.C., Boston, Los Angeles, and all other office markets. The all other office markets reportable segment consists of properties in similar, low-barrier to entry geographic locations, in which Columbia Property Trust does not plan to make further investments. During the periods presented, there have been no material inter-segment transactions. Net operating income ("NOI") is a non-GAAP financial measure, and is not considered a measure of operating results or cash flows from operations under GAAP. NOI is the primary performance measure reviewed by management to assess operating performance of properties, and is calculated by deducting operating expenses from operating revenues. Operating revenues include rental income, tenant reimbursements, hotel income, and other property income; and operating expenses include property and hotel operating costs. The NOI performance metric consists of only revenues and expenses directly related to real estate rental operations. NOI reflects property acquisitions and dispositions, occupancy levels, rental rate increases or decreases, and the recoverability of operating expenses. NOI, as Columbia Property Trust calculates it, may not be directly comparable to similarly titled, but differently calculated, measures for other REITs. When assessing ongoing performance of our reportable segments, management does not evaluate assets or capital expenditures by reportable segment. Additionally, expenses, such as depreciation and amortization and others included in the reconciliation of NOI to GAAP net income, are reviewed by management on a consolidated basis, rather than by reportable segment. The following table presents operating revenues by geographic reportable segment (in thousands): For the years ended December 31, 2016 2015 2014 New York $ 117,235 $ 97,643 $ 56,539 San Francisco 109,995 112,696 79,265 Atlanta 36,742 35,715 53,879 Washington, D.C. (1) 33,024 62,766 64,144 Boston 11,796 20,895 18,356 Los Angeles 7,443 7,588 7,685 All other office markets 152,858 207,367 236,509 Total office segments 469,093 544,670 516,377 Hotel 22,958 24,583 23,223 Corporate 2,519 872 1,197 Total 494,570 570,125 540,797 Operating revenues included in loss from unconsolidated joint venture (21,027 ) (4,060 ) — Total operating revenues $ 473,543 $ 566,065 $ 540,797 (1) Includes operating revenues for our interest in the Market Square buildings for all periods presented. On October 28, 2015, we contributed the Market Square Buildings and related mortgage note to a joint venture, and sold a 49% interest in the joint venture to a third-party. As a result, effective October 28, 2015, we began recording our 51% interest in the Market Square joint venture using the equity method of accounting, and began reflecting our interest in the operating revenues of the Market Square Buildings in loss from unconsolidated joint venture in the accompanying consolidated statements of operations. The following table presents net operating income by geographic reportable segment (in thousands): For the years ended December 31, 2016 2015 2014 New York $ 70,038 $ 54,692 $ 29,678 San Francisco 80,529 83,826 61,426 Atlanta 32,939 31,912 50,182 Washington, D.C. (1) 16,372 36,958 39,519 Boston 5,114 12,519 14,674 Los Angeles 4,523 4,853 5,211 All other office markets 92,756 129,199 151,695 Total office segments 302,271 353,959 352,385 Hotel 3,988 4,593 4,299 Corporate 1,964 19 21 Total 308,223 358,571 356,705 NOI included in loss from unconsolidated joint venture (9,732 ) (1,992 ) — Total NOI $ 298,491 $ 356,579 $ 356,705 (1) Includes NOI for our interest in the Market Square buildings for all periods presented. On October 28, 2015, we contributed the Market Square Buildings and related mortgage note to a joint venture, and sold a 49% interest in the joint venture to a third-party. As a result, effective October 28, 2015, we began recording our 51% interest in the Market Square joint venture using the equity method of accounting, and began reflecting our interest in the NOI of the Market Square Buildings in loss from unconsolidated joint venture in the accompanying consolidated statements of operations. A reconciliation of GAAP net income to NOI is presented below (in thousands): For the years ended December 31, 2016 2015 2014 Net income $ 84,281 $ 44,619 $ 92,635 Depreciation 108,543 131,490 117,766 Amortization 56,775 87,128 78,843 General and administrative 33,876 29,683 31,275 Real estate acquisition costs — 3,675 14,142 Net interest expense 67,538 85,265 75,681 Interest income from development authority bonds (7,200 ) (7,200 ) (7,200 ) Interest rate swap valuation adjustment — (2,634 ) (4,946 ) Interest expense associated with interest rate swap — 2,642 5,317 Settlement of interest rate swap — 1,102 — Loss on early extinguishment of debt 18,997 3,149 23 Income tax expense 445 378 662 Adjustments included in loss from unconsolidated joint venture 7,561 1,142 — Gains on sales of real estate assets (72,325 ) (23,860 ) (75,275 ) Amounts in discontinued operations — — 2,652 Impairment loss — — 25,130 Net operating income $ 298,491 $ 356,579 $ 356,705 |
Financial Information for Paren
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries, and Non-Guarantor Subsidiaries | 12 Months Ended |
Dec. 31, 2016 | |
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 2026 Bonds Payable and the 2025 Bonds Payable (see Note 6, 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, 2016 and 2015 (in thousands), as well as its condensed consolidating statements of operations and its condensed consolidating statements of comprehensive income for 2016 , 2015 , and 2014 (in thousands); and its condensed consolidating statements of cash flows for 2016 , 2015 , and 2014 (in thousands). Condensed Consolidating Balance Sheets (in thousands) As of December 31, 2016 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Assets: Real estate assets, at cost: Land $ — $ — $ 751,351 $ — $ 751,351 Buildings and improvements, net — 219 2,120,931 — 2,121,150 Intangible lease assets, net — — 193,311 — 193,311 Construction in progress — — 36,188 — 36,188 Real estate assets held for sale, net — 34,956 377,550 — 412,506 Total real estate assets — 35,175 3,479,331 — 3,514,506 Investment in unconsolidated joint venture — 127,346 — — 127,346 Cash and cash equivalents 174,420 16,509 25,156 — 216,085 Investment in subsidiaries 2,047,922 1,782,752 — (3,830,674 ) — Tenant receivables, net of allowance — — 7,163 — 7,163 Straight-line rent receivable — — 64,811 — 64,811 Prepaid expenses and other assets 317,153 262,216 15,593 (570,687 ) 24,275 Intangible lease origination costs, net — — 54,279 — 54,279 Deferred lease costs, net — — 125,799 — 125,799 Investment in development authority bonds — — 120,000 — 120,000 Other assets held for sale, net — 3,767 41,814 (52 ) 45,529 Total assets $ 2,539,495 $ 2,227,765 $ 3,933,946 $ (4,401,413 ) $ 4,299,793 Liabilities: Line of credit and notes payable, net $ — $ 447,643 $ 704,585 $ (430,762 ) $ 721,466 Bonds payable, net — 692,972 — — 692,972 Accounts payable, accrued expenses, and accrued capital expenditures — 10,395 120,633 — 131,028 Dividends payable 36,727 — — — 36,727 Due to affiliates — 58 1,534 (1,592 ) — Deferred income — — 19,694 — 19,694 Intangible lease liabilities, net — — 33,375 — 33,375 Obligations under capital leases — — 120,000 — 120,000 Liabilities held for sale, net — 2,651 177,497 (138,385 ) 41,763 Total liabilities 36,727 1,153,719 1,177,318 (570,739 ) 1,797,025 Equity: Total equity 2,502,768 1,074,046 2,756,628 (3,830,674 ) 2,502,768 Total liabilities and equity $ 2,539,495 $ 2,227,765 $ 3,933,946 $ (4,401,413 ) $ 4,299,793 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 Building 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: Lines of credit 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 and equity $ 2,651,548 $ 2,340,349 $ 4,494,281 $ (4,808,060 ) $ 4,678,118 Consolidating Statements of Operations (in thousands) For the Year Ended December 31, 2016 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income $ — $ 3,622 $ 362,947 $ (383 ) $ 366,186 Tenant reimbursements — 1,963 67,807 — 69,770 Hotel income — — 22,661 — 22,661 Other property income 980 — 14,352 (406 ) 14,926 980 5,585 467,767 (789 ) 473,543 Expenses: Property operating costs — 3,209 152,142 (383 ) 154,968 Hotel operating costs — — 18,686 — 18,686 Asset and property management fees: Related-party — 154 — (154 ) — Other — — 1,415 — 1,415 Depreciation — 2,760 105,783 — 108,543 Amortization — 364 56,411 — 56,775 General and administrative 154 8,566 25,408 (252 ) 33,876 154 15,053 359,845 (789 ) 374,263 Real estate operating income (loss) 826 (9,468 ) 107,922 — 99,280 Other income (expense): Interest expense — (46,797 ) (50,302 ) 29,490 (67,609 ) Interest and other income 14,268 15,272 7,238 (29,490 ) 7,288 Loss on early extinguishment of debt — (18,987 ) (10 ) — (18,997 ) 14,268 (50,512 ) (43,074 ) — (79,318 ) Income (loss) before income tax expense and unconsolidated joint venture 15,094 (59,980 ) 64,848 — 19,962 Income tax expense — (20 ) (425 ) — (445 ) Income (loss) from unconsolidated entities 69,187 113,105 — (189,853 ) (7,561 ) Income before gains on sales of real estate assets 84,281 53,105 64,423 (189,853 ) 11,956 Gains on sales of real estate assets — — 72,325 — 72,325 Net income $ 84,281 $ 53,105 $ 136,748 $ (189,853 ) $ 84,281 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 (loss) before income tax expense and unconsolidated entities 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 gains (loss) on sales of real estate assets 44,619 13,875 53,031 (90,766 ) 20,759 Gains (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 fees — — 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 gains on sales of real estate assets 92,635 81,451 44,744 (198,791 ) 20,039 Income tax expense — (4 ) (658 ) — (662 ) Income before gains on sales of real estate assets 92,635 81,447 44,086 (198,791 ) 19,377 Gains on sales 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 Comprehensive Income (in thousands) For the Year Ended December 31, 2016 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 84,281 $ 53,105 $ 136,748 $ (189,853 ) $ 84,281 Market value adjustment to interest rate swap 1,553 1,553 — (1,553 ) 1,553 Comprehensive income $ 85,834 $ 54,658 $ 136,748 $ (191,406 ) $ 85,834 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 Consolidating Statements of Cash Flows (in thousands) For the Year Ended December 31, 2016 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Columbia Property Trust Cash flows from operating activities $ 875 $ (49,902 ) $ 242,118 $ 193,091 Cash flows from investing activities: Net proceeds from sale of real estate 603,732 — 10,000 613,732 Investment in real estate and related assets — (2,157 ) (69,750 ) (71,907 ) Investment in unconsolidated joint venture — (16,212 ) — (16,212 ) Net cash provided by (used in) investing activities 603,732 (18,369 ) (59,750 ) 525,613 Cash flows from financing activities: Borrowings, net of fees 781,416 (839 ) — 780,577 Repayments (1,090,000 ) — (5,460 ) (1,095,460 ) Debt prepayment and interest rate settlement costs paid (17,921 ) — — (17,921 ) Redemptions of common stock (53,986 ) — — (53,986 ) Distributions (148,474 ) — — (148,474 ) Intercompany transfers, net 97,789 70,650 (168,439 ) — Net cash provided by (used in) financing activities (431,176 ) 69,811 (173,899 ) (535,264 ) Net increase (decrease) in cash and cash equivalents 173,431 1,540 8,469 183,440 Cash and cash equivalents, beginning of period 989 14,969 16,687 32,645 Cash and cash equivalents, end of period $ 174,420 $ 16,509 $ 25,156 $ 216,085 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 provided by (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 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 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 Investments 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 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
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: Property Dispositions As further described in Note 3, Real Estate Transactions , Columbia Property Trust closed on the sale of the Houston Properties on January 6, 2017, and closed on the sale of the Key Center Tower and the Key Center Marriott on January 31, 2017 . Dividends On January 5, 2017, Columbia Property Trust paid an aggregate amount of $36.7 million in dividends for the fourth quarter of 2016 to shareholders of record on December 1, 2016. On February 8, 2017, the board of directors declared dividends for the first quarter of 2017 in the amount of $0.20 per share, payable on March 15, 2017, to stockholders of record on March 1, 2017. |
Schedule III - Real Estate Asse
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization | 12 Months Ended |
Dec. 31, 2016 | |
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 Date of Construction Life on Which Depreciation and Amortization is Computed (f) Description Location Owner- ship % Encum-brances Land Buildings and Improvements Total Land Buildings and Improvements Total (e) Date Acquired ONE GLENLAKE PARKWAY Atlanta, GA 100 % $ 26,315 $ 5,846 $ 66,681 $ 72,527 $ 607 $ 5,934 $ 67,200 $ 73,134 $ 20,276 2003 6/25/2004 0 to 40 years 80 M STREET Washington, D.C. 100 % None 26,248 76,269 102,517 (7,458 ) 26,806 68,253 95,059 22,689 2001 6/29/2004 0 to 40 years UNIVERSITY CIRCLE East Palo Alto, CA 100 % None 27,493 278,288 305,781 (18,754 ) 27,756 259,271 287,027 77,916 2001/2002/ 2003 9/20/2005 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 23,935 1986 7/20/2006 0 to 40 years 95 COLUMBUS (a) Jersey City, NJ 100 % None 29,061 141,544 170,605 12,217 29,712 153,110 182,822 54,335 1989 10/31/2006 0 to 40 years PASADENA CORPORATE PARK Pasadena, CA 100 % None 53,099 59,630 112,729 (1,053 ) 53,099 58,577 111,676 15,703 1965/2000/ 2002/2003 7/11/2007 0 to 40 years 222 EAST 41ST STREET New York City, NY 100 % None (b) — 324,520 324,520 (26,006 ) — 298,514 298,514 61,749 2001 8/17/2007 0 to 45 years LINDBERGH CENTER Atlanta, GA 100 % None (b) — 262,468 262,468 3,252 — 265,720 265,720 69,267 2002 7/1/2008 0 to 40 years THREE GLENLAKE BUILDING Atlanta, GA 100 % None (c) 7,517 88,784 96,301 891 8,055 89,137 97,192 24,751 2008 7/31/2008 0 to 40 years CRANBERRY WOODS DRIVE Cranberry Township, PA 100 % None 15,512 173,062 188,574 (6,243 ) 15,512 166,819 182,331 40,581 2009/2010 6/1/2010 0 to 40 years 333 MARKET STREET San Francisco, CA 100 % None 114,483 292,840 407,323 2 114,485 292,840 407,325 36,568 1979 12/21/2012 0 to 40 years 221 MAIN STREET San Francisco, CA 100 % $ 73,000 60,509 174,629 235,138 8,759 60,509 183,388 243,897 22,071 1974 4/22/2014 0 to 40 years 650 CALIFORNIA STREET San Francisco, CA 100 % $ 126,288 75,384 240,441 315,825 1,207 75,384 241,648 317,032 26,153 1964 9/9/2014 0 to 40 years 315 PARK AVENUE SOUTH New York, NY 100 % None 119,633 249,510 369,143 4,317 119,633 253,827 373,460 22,413 1910 1/7/2015 0 to 40 years 116 HUNTINGTON AVENUE Boston, MA 100 % None (d) — 116,290 116,290 42,170 — 158,460 158,460 10,791 1991 1/8/2015 0 to 40 years 229 WEST 43RD STREET New York, NY 100 % None 207,233 292,991 500,224 794 207,233 293,785 501,018 19,036 1912/1924/ 1932/1947 8/4/2015 0 to 40 years TOTAL CONSOLIDATED REAL ESTATE ASSETS - HELD FOR USE 749,160 2,879,482 3,628,642 21,592 751,351 2,898,883 3,650,234 548,234 HELD FOR SALE AT DECEMBER 31, 2016: 515 POST OAK Houston, TX 100 % None $ 6,100 $ 28,905 $ 35,005 $ 12,539 $ 6,241 $ 41,303 $ 47,544 $ 12,589 1980 2/10/2004 0 to 40 years 5 HOUSTON CENTER Houston, TX 100 % None 8,186 147,653 155,839 (26,865 ) 8,186 120,788 128,974 39,378 2002 12/20/2005 0 to 40 years KEY CENTER TOWER Cleveland, OH 100 % None (b) 7,269 244,424 251,693 21,566 7,453 265,806 273,259 87,515 1991 12/22/2005 0 to 40 years KEY CENTER MARRIOTT Cleveland, OH 100 % None 3,473 34,458 37,931 16,381 3,629 50,683 54,312 19,800 1991 12/22/2005 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 21,509 2008 6/28/2010 0 to 40 years TOTAL CONSOLIDATED REAL ESTATE ASSETS - HELD FOR SALE 29,762 534,784 564,546 28,751 30,243 563,054 593,297 180,791 TOTAL CONSOLIDATED REAL ESTATE ASSETS $ 778,922 $ 3,414,266 $ 4,193,188 $ 50,343 $ 781,594 $ 3,461,937 $ 4,243,531 $ 729,025 UNCONSOLIDATED REAL ESTATE ASSETS: MARKET SQUARE BUILDINGS (g) Washington, D.C. 51 % 325,000 $ 152,629 $ 450,757 $ 603,386 $ 50,876 $ 152,629 $ 399,881 $ 552,510 $ 16,530 1990 10/28/2015 0 to 40 years (a) 95 Columbus was previously referred to as International Financial Tower. (b) Property is owned subject to a long-term ground lease. (c) 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 . (d) 116 Huntington Avenue is owned subject to a long-term, pre-paid ground lease. (e) The aggregate cost of consolidated land and buildings and improvements for federal income tax purposes is approximately $4.488 billion . (f) 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 - 45 years. (g) 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 owns 51% as of December 31, 2016. 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 $578.5 million . Columbia Property Trust, Inc. Schedule III – Real Estate Assets and Accumulated Depreciation and Amortization (in thousands) For the Years Ended December 31, 2016 2015 2014 Real Estate: Balance at beginning of year $ 4,948,605 $ 5,050,482 $ 4,875,866 Additions to/improvements of real estate 41,848 1,162,068 610,510 Sale/transfer of real estate (673,164 ) (1,188,083 ) (1) (399,499 ) Impairment of real estate — — (25,130 ) Write-offs of building and tenant improvements (5,559 ) (1,552 ) (1,230 ) Write-offs of intangible assets (2) (30,435 ) (12,614 ) (5,251 ) Write-offs of fully depreciated assets (37,764 ) (61,696 ) (4,784 ) Balance at end of year $ 4,243,531 $ 4,948,605 $ 5,050,482 Accumulated Depreciation and Amortization: Balance at beginning of year $ 863,724 $ 973,920 $ 903,472 Depreciation and amortization expense 140,823 183,492 161,133 Sale/transfer of real estate (203,248 ) (221,481 ) (1) (80,607 ) Write-offs of tenant improvements (4,336 ) (948 ) (690 ) Write-offs of intangible assets (2) (30,174 ) (9,563 ) (4,604 ) Write-offs of fully depreciated assets (37,764 ) (61,696 ) (4,784 ) Balance at end of year $ 729,025 $ 863,724 $ 973,920 (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, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements of Columbia Property Trust have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable interest entity ("VIE") in which Columbia Property Trust or Columbia Property Trust OP was deemed the primary beneficiary. With respect to entities that are not VIEs, Columbia Property Trust's consolidated financial statements shall also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling general partnership interest. In determining whether Columbia Property Trust or Columbia Property Trust OP has a controlling interest, the following factors are considered, among other things: the ownership of voting interests, protective rights, and participatory rights of the investors. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. |
Fair Value Measurements | Fair Value Measurements Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability: Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts. Level 2 – Assets and liabilities valued based on observable market data for similar instruments. Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider. |
Real Estate Assets | Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition or construction, and any tenant improvements or major improvements and betterments that extend the useful life of the related asset. All repairs and maintenance are expensed as incurred. Additionally, Columbia Property Trust capitalizes interest while the development of a real estate asset is in progress. During the years ended December 31, 2016 and 2015 , $0.3 million and $0.6 million of interest was capitalized, respectively. 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 40-45 years Building and site improvements 5-25 years Tenant improvements Shorter of economic life or lease term Intangible lease assets Lease term |
Evaluating the Recoverability of Real Estate Assets | Evaluating the Recoverability of Real Estate Assets Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets, of both operating properties and properties under construction, in which Columbia Property Trust has an ownership interest, either directly or through investments in joint ventures, may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of real estate assets and related intangible assets (liabilities) may not be recoverable, Columbia Property Trust assesses the recoverability of these assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future operating cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, Columbia Property Trust adjusts the carrying value of the real estate assets and related intangible assets to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognizes an impairment loss. Estimated fair values are calculated based on the following information, in order of preference, depending upon availability: (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 residual 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 its real estate assets and related intangible assets for the years ended December 31, 2016 and 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 | 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 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. • The sale of the property is probable (i.e. typically subject to a binding sale contract with a non-refundable deposit), and transfer of the property is expected to qualify for recognition as a completed sale, within one year. |
Allocation of Purchase Price of Acquired Assets | Allocation of Purchase Price of Acquired Assets Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see Fair Value Measurements section above for additional details). The fair values of the tangible assets of an acquired property (which includes land, building, and site improvements) are determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building, and site improvements based on management's determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market demand. |
Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust is the Lessee and Lessor | Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust is the Lessee In-place ground leases where Columbia Property Trust is the lessee may have positive or negative 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. 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents Columbia Property Trust considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value as of December 31, 2016 and 2015 . |
Tenant Receivables, net | 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 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 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, nontenant 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 and Deferred Lease Costs | Deferred Lease Costs Deferred lease costs include costs incurred to procure leases that are paid to third-parties, and incentives that are provided to tenants under the terms of their leases. These costs are capitalized and amortized on a straight-line basis over the terms of the lease. Amortization of third-party leasing costs is reflected as amortization expense, and amortization of lease incentives is reflected as an adjustment to rental income. During 2016 , 2015 , and 2014 , Columbia Property Trust recognized amortization expense for deferred lease costs of $9.3 million , $8.9 million , and $8.6 million , respectively. Deferred Financing Costs Deferred financing costs include costs incurred to secure debt from third-party lenders. Deferred financing costs, except for costs related to revolving credit facilities, are presented as a direct reduction to the carrying amount of the related debt for all periods presented. |
Investments in Development Authority Bonds and Obligations Under Capital Leases | Investments in Development Authority Bonds and Obligations Under Capital Leases In connection with the acquisition of certain real estate assets, Columbia Property Trust has assumed investments in development authority bonds and corresponding obligations under capital leases of land or buildings. The county development authority issued bonds to developers to finance the initial development of these projects, a portion of which was then leased back to the developer under a capital lease. This structure enabled the developer to receive property tax abatements over the concurrent terms of the development authority bonds and capital leases. The remaining property tax abatement benefits transferred to Columbia Property Trust upon assumption of the bonds and corresponding capital leases at acquisition. The development authority bonds and the obligations under the capital leases are both recorded at their net present values, which Columbia Property Trust believes approximates fair value. The related amounts of interest income and expense are recognized as earned in equal amounts and, accordingly, do not impact net income |
Line of Credit and Notes Payable and Bonds Payable | Line of Credit and Notes Payable Certain mortgage notes included in line of credit 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 and notes payable are presented on the accompanying consolidated balance sheet net of deferred financing costs related to term loans and notes payable of $3.1 million and $4.5 million as of December 31, 2016 and December 31, 2015 , respectively. Bonds Payable In August 2016, Columbia Property Trust issued $350 million of its ten -year unsecured 3.650% senior notes at 99.626% of their face value (the "2026 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"). The discount on the 2026 Bonds Payable and the 2025 Bonds Payable is amortized to interest expense over the term of the bonds using the effective-interest method. |
Preferred Stock, Common Stock and Distributions | Preferred Stock Columbia Property Trust is authorized to issue up to 100.0 million shares of one or more classes or series of preferred stock with a par value of $0.01 per share. Columbia Property Trust's board of directors may determine the relative rights, preferences, and privileges of each class or series of preferred stock issued, which may be more beneficial than the rights, preferences, and privileges attributable to Columbia Property Trust's common stock. To date, Columbia Property Trust has not issued any shares of preferred stock. Common Stock The par value of Columbia Property Trust's issued and outstanding shares of common stock is classified as common stock, with the remainder allocated to additional paid-in capital. Distributions To maintain its status as a REIT, Columbia Property Trust is required by the Internal Revenue Code of 1986, as amended (the "Code"), to make distributions to stockholders each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends-paid deduction and by excluding net capital gains attributable to stockholders ("REIT taxable income"). Distributions to the stockholders are determined by the board of directors of Columbia Property Trust and are dependent upon a number of factors relating to Columbia Property Trust, including funds available for payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain Columbia Property Trust's status as a REIT under the Code. |
Interest Rate Swap Agreements | Interest Rate Swap Agreements Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of the effective portion of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income, while changes in the fair value of the ineffective portion of a hedge, if any, is recognized currently in earnings. Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain (loss) on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment. |
Revenue Recognition | Revenue Recognition All leases on real estate assets held by Columbia Property Trust are classified as operating leases, and the related base rental income is generally recognized on a straight-line basis over the terms of the respective leases. Tenant reimbursements are recognized as revenue in the period that the related operating cost is incurred and are billed to tenants pursuant to the terms of the underlying leases. Rental income and tenant reimbursements collected in advance are recorded as deferred income in the accompanying consolidated balance sheets. Lease termination fees are recorded as other property income and recognized on a straight-line basis from when Columbia Property Trust receives 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 2016 , 2015 , or 2014 . Columbia Property Trust owns the Key Center Marriott, 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 was recognized when rooms are occupied, when services have been performed, and when products are delivered. |
Income Taxes | Income Taxes Columbia Property Trust has elected to be taxed as a REIT under the Code, and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. As a REIT, Columbia Property Trust generally is not subject to income tax on income it distributes to stockholders. Columbia Property Trust's stockholder distributions typically exceed its taxable income due to the inclusion of noncash expenses, such as depreciation, in taxable income. As a result, Columbia Property Trust typically does not incur federal income taxes other than as described in the following paragraph. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements. Columbia Property Trust TRS, LLC, Columbia KCP TRS, LLC, and Columbia Energy TRS, LLC (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. |
Geographic Segments | Segment Information As of December 31, 2016 , Columbia Property Trust's reportable segments are determined based on the geographic markets in which it has significant investments. Columbia Property Trust considers geographic location when evaluating its portfolio composition, and in assessing the ongoing operations and performance of its properties (see Note 15, Segment Information ). |
Reclassification | Reclassification Certain prior period amounts may be reclassified to conform with the current-period financial statement presentation, including deferred financing costs (as described above) and discontinued operations (see Note 12, Discontinued Operations ). |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update 2017-01, Clarifying the Definition of a Business , ("ASU 2017-01"), which provides a more narrow definition of a business to be used in determining the accounting treatment of an acquisition, and, as a result, many acquisitions that previously qualified as business combinations will be treated as asset acquisitions. For asset acquisitions, acquisition costs may be capitalized and purchase price may be allocated on a relative fair value basis. ASU 2017-01 is effective prospectively for Columbia Property Trust on January 1, 2018, with early adoption permitted. For real estate acquisitions completed subsequent to its adoption, Columbia Property Trust anticipates that ASU 2017-01 will result in simplified purchase price allocations and the capitalization of associated acquisition costs. In August 2016, the FASB issued Accounting Standards Update 2016-15 , Classification of Cash Receipts and Payments ("ASU 2016-15"), which addresses the statement of cash flow classification requirements for several types of receipts and payments. ASU 2016-15 provides that, among other things, (i) debt prepayments and extinguishment costs should be classified as financing activities, (ii) insurance proceeds should be classified in accordance with the nature of the respective claims, and (iii) distributions from equity method investees should be classified based on the underlying nature of the investee activity according to specific guidelines. Effective December 31, 2016, Columbia Property Trust adopted ASU 2016-15 prospectively. The adoption of ASU 2016-15 does not result in any material changes to Columbia Property Trust's accounting policies or financial statements. In February 2016, the FASB issued Accounting Standards Update 2016-02 , Leases ("ASU 2016-02"), which amends the existing standards for lease accounting by requiring lessees to recognize most leases on their balance sheets, and making targeted changes to lessor accounting and reporting. The new standard will require lessees to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months, and classify such leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method (finance leases), or on a straight-line basis over the term of the lease (operating leases). Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance as applies to sales-type leases, direct financing leases, and operating leases. ASU 2016-02 supersedes previous leasing standards. ASU 2016-02 is effective for Columbia Property Trust on January 1, 2019, with early adoption permitted. Columbia Property Trust is in the process of inventorying its leases to evaluate the related impact on its financial statements and operating results. Columbia Property Trust anticipates using the modified-retrospective approach of implementation at the effective date. 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. Columbia Property Trust continues to evaluate the impact that ASU 2014-09 will have on its financial statements and disclosures; however, since Columbia Property Trust primarily derives revenue from real estate leases, which are excluded from ASU 2014-09. Columbia Property Trust is in the process of evaluating the criteria of ASU 2014-09 and determining what impact the new standard will have on revenues generated from activities other than leasing, such as property sales and asset management fees. Columbia Property Trust anticipates applying the cumulative effect method at the effective date. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 40-45 years Building and site improvements 5-25 years Tenant improvements Shorter of economic life or lease term Intangible lease assets Lease term |
Schedule of Recognized Fair Value Adjustments for Real Estate Properties | The table below represents the detail of the adjustments recognized for 2014 (in thousands) using Level 3 inputs. Property Net Book Value Impairment Loss Recognized Fair Value Bannockburn Lake III $ 15,148 $ (10,148 ) $ 5,000 |
Major Classes of Assets and Liabilities Classified as Held For Sale | The major classes of assets and liabilities classified as held for sale as of December 31, 2016 , are provided below (in thousands): December 31, 2016 Real estate assets held for sale: Real estate assets, at cost: Land $ 30,243 Buildings and improvements, less accumulated depreciation of $152,246 366,126 Intangible lease assets, less accumulated amortization of $28,545 13,365 Construction in progress 2,772 Total real estate assets held for sale, net $ 412,506 Other assets held for sale: Tenant receivables, net of allowance for doubtful accounts $ 1,722 Straight-line rent receivable 20,221 Prepaid expenses and other assets 3,184 Intangible lease origination costs, less accumulated amortization of $22,949 1,815 Deferred lease costs, less accumulated amortization of $11,203 18,587 Total other assets held for sale, net $ 45,529 Liabilities held for sale: Accounts payable, accrued expenses, and accrued capital expenditures $ 34,812 Deferred income 4,214 Intangible lease liabilities, less accumulated amortization of $1,239 2,737 Total liabilities held for sale, net $ 41,763 The following table shows the revenues and expenses reclassified to discontinued operations (in thousands). For the Year Ended December 31, 2014 Revenues: Rental income $ 4 Tenant reimbursements 115 119 Expenses: Property operating costs (250 ) Asset and property management fees 7 General and administrative 755 Total expenses 512 Operating loss (393 ) Other income (expense): Interest expense 3 Loss from discontinued operations (390 ) Loss on disposition of discontinued operations (1,627 ) Loss from discontinued operations $ (2,017 ) |
Schedule of Intangible Assets and Liabilities | As of December 31, 2016 and 2015 , Columbia Property Trust had the following gross intangible in-place lease assets and liabilities, excluding amounts held for sale (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, 2016 Gross $ 10,589 $ 154,582 $ 128,857 $ 77,939 Accumulated Amortization (9,305 ) (83,254 ) (74,578 ) (44,564 ) Net $ 1,284 $ 71,328 $ 54,279 $ 33,375 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 During 2016 , 2015 , and 2014 , 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, 2016 $ 2,513 $ 28,718 $ 17,501 $ 12,996 2015 $ 4,412 $ 45,972 $ 28,530 $ 19,345 2014 $ 5,368 $ 36,474 $ 33,037 $ 15,507 The remaining net intangible assets and liabilities as of December 31, 2016 , excluding amounts held for sale, 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, 2017 $ 439 $ 16,377 $ 10,739 $ 7,492 2018 97 12,885 9,563 5,649 2019 97 11,298 8,999 4,972 2020 97 9,368 7,950 3,836 2021 97 5,483 4,008 2,171 Thereafter 457 15,917 13,020 9,255 $ 1,284 $ 71,328 $ 54,279 $ 33,375 Weighted-Average Amortization Period 4 years 5 years 4 years 6 years |
Schedule of Net Below-Market Lease Asset Amortization | As of December 31, 2016 , the remaining net below-market lease asset will be amortized as follows (in thousands): For the years ending December 31: 2017 $ 2,549 2018 2,549 2019 2,549 2020 2,549 2021 2,549 Thereafter 107,954 $ 120,699 Weighted-Average Amortization Period 48 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, 2016 and 2015 (in thousands): Estimated Fair Value as of December 31, Instrument Type Balance Sheet Classification 2016 2015 Derivatives designated as hedging instruments: Interest rate contracts Accounts payable $ (882 ) $ (2,436 ) Years ended December 31, 2016 2015 2014 Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income $ 1,553 $ (1,570 ) $ 1,339 Loss on interest rate swap recognized through earnings $ — $ (1,110 ) $ (371 ) |
Real Estate Transactions (Table
Real Estate Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Acquisitions and Dispositions [Abstract] | |
Interests in Properties Acquired | During 2015 and 2014 , Columbia Property Trust acquired the following properties (in thousands). 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 and 2014 , 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, and the 229 West 43rd Street Building as if the acquisitions had occurred on January 1, 2014; and the 221 Main Street Building and the 650 California Street Building as if the acquisitions occurred on January 1, 2013. Other than the 1881 Campus Commons Building, which was sold in December 2015, these properties were owned for the entirety of 2016. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had these acquisitions been consummated as of January 1, 2014 and January 1, 2013 (in thousands). 2015 2014 Revenues $ 582,699 $ 605,494 Net income (loss) $ 46,363 $ 63,139 Net income (loss) per share – basic $ 0.37 $ 0.50 Net income (loss) per share – diluted $ 0.37 $ 0.50 |
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 |
Unconsolidated Joint Venture (T
Unconsolidated Joint Venture (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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): As of December 31, 2016 2015 Total assets $ 587,344 $ 573,073 Total debt $ 324,656 $ 324,603 Total equity $ 242,802 $ 230,060 Columbia Property Trust's investment $ 127,346 $ 118,695 Condensed income statement information for the Market Square Joint Venture is as follows (in thousands): For the Year Ended December 31, 2016 From inception through Total Revenues $ 41,230 $ 7,962 Net loss $ (14,825 ) $ (2,239 ) Columbia Property Trust's share $ (7,561 ) $ (1,142 ) |
Line of Credit and Notes Paya31
Line of Credit and Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Line of Credit and Notes Payable Indebtedness Outstanding (Excluding Bonds Payable) | As of December 31, 2016 and 2015 , Columbia Property Trust had the following line of credit 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 2016 2015 $300 Million Term Loan LIBOR + 110 bp (1) Interest only 7/31/2020 $ 300,000 $ 300,000 $150 Million Term Loan LIBOR + 155 bp (2) Interest only 7/29/2022 150,000 150,000 650 California Street Building mortgage note 3.60 % Term debt 7/1/2019 126,287 128,785 221 Main Building mortgage note 3.95 % Interest only 5/10/2017 73,000 73,000 263 Shuman Boulevard Building mortgage note (3) 5.55 % Interest only 7/1/2017 49,000 49,000 One Glenlake Building mortgage note 5.80 % Term debt 12/10/2018 26,315 29,278 Revolving Credit Facility LIBOR + 100 bp (4) Interest only 7/31/2019 — 247,000 $300 Million Bridge Loan LIBOR + 110 bp (5) Interest only 8/4/2016 — 119,000 SanTan Corporate Center mortgage notes 5.83 % Interest only 10/11/2016 — 39,000 Less: Deferred financing costs related to term loans and notes payable (3,136 ) (4,492 ) Total indebtedness $ 721,466 $ 1,130,571 (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) Columbia Property Trust is party to an interest rate swap agreement with a notional amount of $150.0 million , 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. (3) In January 2017, the lender put this loan into non-monetary default because the full-building lease with OfficeMax was not renewed, as required by the loan agreement. OfficeMax vacated the property in 2015, and the lease will expire in May 2017. Columbia Property Trust is in process of working to transfer this property to the lender. (4) 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. (5) The $300 Million Bridge Loan bore 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. |
Aggregate Maturities of Columbia Property Trust's Line of Credit and Notes Payable | The following table summarizes the aggregate maturities of Columbia Property Trust's line of credit and notes payable as of December 31, 2016 (in thousands): 2017 $ 127,728 2018 25,859 2019 121,016 2020 300,000 2021 — Thereafter 150,000 Total $ 724,603 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | As of December 31, 2016 , the required payments under the terms of the remaining two ground leases are as follows (in thousands): 2017 $ 2,642 2018 2,671 2019 2,671 2020 2,671 2021 2,671 Thereafter 195,116 Total $ 208,442 |
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, 2016 (in thousands): 2017 $ 7,200 2018 7,200 2019 7,200 2020 7,200 2021 127,200 Thereafter — 156,000 Amounts representing interest (36,000 ) Total $ 120,000 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Shares Granted to Employees and Independent Directors | Columbia Property Trust has made the following share grants to employees in 2016, 2015, and 2014. Grant Grant Date Shares Granted Shares Withheld for Taxes 2016 Employee Grant January 21, 2016 231,015 20,842 2015 Employee Grant January 21, 2015 123,187 11,368 2014 Employee Grant January 21, 2014 143,740 12,752 |
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 $ 24.59 Granted 247 $ 21.79 Vested (138 ) $ 23.32 Forfeited (4 ) $ 21.90 Unvested shares as of December 31, 2016 256 (2) $ 22.62 (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, 2016 , Columbia Property Trust expects approximately 243,200 of the 256,000 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 2016 Director Grants: January 4, 2016 7,439 $ 23.00 April 1, 2016 8,120 $ 21.89 July 1, 2016 8,158 $ 21.52 October 3, 2016 7,727 $ 22.19 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 |
Summary of Incurred Stock-Based Compensation Expense | Columbia Property Trust incurred stock-based compensation expense related to the following events (in thousands): 2016 2015 2014 Amortization of unvested LTIP awards $ 2,856 $ 1,699 $ 749 Future employee awards (1) 1,006 1,353 866 Issuance of shares to independent directors 696 496 360 Total stock-based compensation expense $ 4,558 $ 3,548 $ 1,975 (1) These estimated 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 2016 , 2015 , and 2014 , follows: Number Exercise Price Exercisable 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 Granted — Expired (500 ) Outstanding as of December 31, 2016 1,375 $48 1,375 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 lease incentives, as of December 31, 2016 , is as follows (in thousands): 2017 $ 282,330 2018 283,944 2019 270,987 2020 252,723 2021 207,521 Thereafter 1,324,548 Total $ 2,622,053 |
Supplemental Disclosures of N35
Supplemental Disclosures of Noncash Investing and Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Other Significant Noncash Transactions | Outlined below are significant noncash investing and financing activities for the years ended December 31, 2016 , 2015 , and 2014 (in thousands): Years ended December 31, 2016 2015 2014 Investment in real estate funded with other assets $ 1,442 $ 27,000 $ 3,807 Other assets assumed upon acquisition $ — $ 7,785 $ 2,493 Other liabilities assumed upon acquisition $ — $ 4,765 $ 2,004 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 $ — Notes payable assumed at acquisition $ — $ — $ 203,000 Discount on issuance of bonds payable $ 1,309 $ 494 $ — Amortization of discounts (premiums) on debt $ 267 $ (18 ) $ 396 Market value adjustment to interest rate swaps that qualify for hedge accounting treatment $ 1,553 $ (1,570 ) $ 1,339 Accrued capital expenditures and deferred lease costs $ 15,042 $ 19,324 $ 17,283 Accrued dividends payable $ 36,727 $ 37,354 $ — Common stock issued to employees and directors, and amortized (net of income tax witholdings) $ 3,388 $ 3,548 $ 1,642 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Basis Net Income Reconciliation | Columbia Property Trust's income tax basis net income during 2016 , 2015 , and 2014 (in thousands) follows: 2016 2015 2014 GAAP basis financial statement net income attributable to the common stockholders of Columbia Property Trust, Inc. $ 84,281 $ 44,619 $ 92,635 Increase (decrease) in net income resulting from: Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes 34,569 81,559 69,832 Rental income accrued for financial reporting purposes in excess of amounts for income tax purposes (26,900 ) (13,409 ) (8,437 ) Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes (9,013 ) (6,626 ) (9,394 ) 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 ) Bad debt expense for financial reporting purposes less than amounts for income tax purposes (261 ) 5 (1 ) Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes (71,701 ) (117,857 ) (47,159 ) Other expenses for financial reporting purposes in excess of amounts for income tax purposes (2,707 ) 14,342 31,991 Income tax basis net income (loss), prior to dividends-paid deduction $ 8,268 $ — $ 124,522 |
Schedule of Distributions to Common Stockholders | Columbia Property Trust's distributions per common share are summarized as follows: 2016 2015 2014 Ordinary income 5.6 % — % 83.1 % Capital gains — % — % — % Return of capital 94.4 % 100 % 16.9 % Total 100 % 100 % 100 % |
Schedule of Income Taxes | The income taxes recorded by the TRS Entities for the years ended December 31, 2016 , 2015 , and 2014 , are as follows: Years ended December 31, 2016 2015 2014 Federal income tax $ 255 $ 17 $ 318 State income tax 21 25 35 Total income tax $ 276 $ 42 $ 353 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Revenues and Expenses of the Discontinued Operations | The major classes of assets and liabilities classified as held for sale as of December 31, 2016 , are provided below (in thousands): December 31, 2016 Real estate assets held for sale: Real estate assets, at cost: Land $ 30,243 Buildings and improvements, less accumulated depreciation of $152,246 366,126 Intangible lease assets, less accumulated amortization of $28,545 13,365 Construction in progress 2,772 Total real estate assets held for sale, net $ 412,506 Other assets held for sale: Tenant receivables, net of allowance for doubtful accounts $ 1,722 Straight-line rent receivable 20,221 Prepaid expenses and other assets 3,184 Intangible lease origination costs, less accumulated amortization of $22,949 1,815 Deferred lease costs, less accumulated amortization of $11,203 18,587 Total other assets held for sale, net $ 45,529 Liabilities held for sale: Accounts payable, accrued expenses, and accrued capital expenditures $ 34,812 Deferred income 4,214 Intangible lease liabilities, less accumulated amortization of $1,239 2,737 Total liabilities held for sale, net $ 41,763 The following table shows the revenues and expenses reclassified to discontinued operations (in thousands). For the Year Ended December 31, 2014 Revenues: Rental income $ 4 Tenant reimbursements 115 119 Expenses: Property operating costs (250 ) Asset and property management fees 7 General and administrative 755 Total expenses 512 Operating loss (393 ) Other income (expense): Interest expense 3 Loss from discontinued operations (390 ) Loss on disposition of discontinued operations (1,627 ) Loss from discontinued operations $ (2,017 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 (in thousands): 2016 2015 2014 Net income $ 84,281 $ 44,619 $ 92,635 Distributions paid on unvested shares (314 ) (185 ) (128 ) Net income used to calculate basic and diluted earnings per share $ 83,967 $ 44,434 $ 92,507 The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of income (in thousands): 2016 2015 2014 Weighted-average common shares – basic 123,130 124,757 124,860 Plus incremental weighted-average shares from time-vested conversions less assumed share repurchases: Previously granted LTIP awards, unvested 58 33 29 Future LTIP awards 40 57 29 Weighted-average common shares – diluted 123,228 124,847 124,918 |
Quarterly Results (unaudited) (
Quarterly Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 (in thousands, except per-share data): 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 126,579 $ 127,930 $ 113,266 $ 105,768 Net income $ 6,697 $ 13,286 (1) $ 36,898 (2) $ 27,400 (3) Net income per share - basic $ 0.05 $ 0.11 $ 0.30 $ 0.22 Net income per share - diluted $ 0.05 $ 0.11 $ 0.30 $ 0.22 Dividends declared per share $ 0.30 $ 0.30 $ 0.30 $ 0.30 (1) Net income for the second quarter of 2016 includes an early termination payment at 222 East 41st Street of $6.2 million . (2) Net income for the third quarter of 2016 includes gains on sales of real estate assets of $50.4 million related to the sales of real estate assets as described in Note 3, Real Estate Transactions ; partially offset by losses on early extinguishment of debt of $18.9 million related to the early repayment of the 2018 Bonds Payable. (3) Net income for the fourth quarter of 2016 includes gains on sales of real estate assets of $22.2 million related to the sales of real estate assets as described in Note 3, Real Estate Transactions . 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 . |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | The following table presents operating revenues by geographic reportable segment (in thousands): For the years ended December 31, 2016 2015 2014 New York $ 117,235 $ 97,643 $ 56,539 San Francisco 109,995 112,696 79,265 Atlanta 36,742 35,715 53,879 Washington, D.C. (1) 33,024 62,766 64,144 Boston 11,796 20,895 18,356 Los Angeles 7,443 7,588 7,685 All other office markets 152,858 207,367 236,509 Total office segments 469,093 544,670 516,377 Hotel 22,958 24,583 23,223 Corporate 2,519 872 1,197 Total 494,570 570,125 540,797 Operating revenues included in loss from unconsolidated joint venture (21,027 ) (4,060 ) — Total operating revenues $ 473,543 $ 566,065 $ 540,797 (1) Includes operating revenues for our interest in the Market Square buildings for all periods presented. On October 28, 2015, we contributed the Market Square Buildings and related mortgage note to a joint venture, and sold a 49% interest in the joint venture to a third-party. As a result, effective October 28, 2015, we began recording our 51% |
Schedule of Segment Reporting Information, by Segment | The following table presents net operating income by geographic reportable segment (in thousands): For the years ended December 31, 2016 2015 2014 New York $ 70,038 $ 54,692 $ 29,678 San Francisco 80,529 83,826 61,426 Atlanta 32,939 31,912 50,182 Washington, D.C. (1) 16,372 36,958 39,519 Boston 5,114 12,519 14,674 Los Angeles 4,523 4,853 5,211 All other office markets 92,756 129,199 151,695 Total office segments 302,271 353,959 352,385 Hotel 3,988 4,593 4,299 Corporate 1,964 19 21 Total 308,223 358,571 356,705 NOI included in loss from unconsolidated joint venture (9,732 ) (1,992 ) — Total NOI $ 298,491 $ 356,579 $ 356,705 (1) Includes NOI for our interest in the Market Square buildings for all periods presented. On October 28, 2015, we contributed the Market Square Buildings and related mortgage note to a joint venture, and sold a 49% interest in the joint venture to a third-party. As a result, effective October 28, 2015, we began recording our 51% interest in the Market Square joint venture using the equity method of accounting, and began reflecting our interest in the NOI of the Market Square Buildings in loss from unconsolidated joint venture in the accompanying consolidated statements of operations. A reconciliation of GAAP net income to NOI is presented below (in thousands): For the years ended December 31, 2016 2015 2014 Net income $ 84,281 $ 44,619 $ 92,635 Depreciation 108,543 131,490 117,766 Amortization 56,775 87,128 78,843 General and administrative 33,876 29,683 31,275 Real estate acquisition costs — 3,675 14,142 Net interest expense 67,538 85,265 75,681 Interest income from development authority bonds (7,200 ) (7,200 ) (7,200 ) Interest rate swap valuation adjustment — (2,634 ) (4,946 ) Interest expense associated with interest rate swap — 2,642 5,317 Settlement of interest rate swap — 1,102 — Loss on early extinguishment of debt 18,997 3,149 23 Income tax expense 445 378 662 Adjustments included in loss from unconsolidated joint venture 7,561 1,142 — Gains on sales of real estate assets (72,325 ) (23,860 ) (75,275 ) Amounts in discontinued operations — — 2,652 Impairment loss — — 25,130 Net operating income $ 298,491 $ 356,579 $ 356,705 |
Financial Information for Par41
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries, and Non-Guarantor Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets (in thousands) As of December 31, 2016 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Assets: Real estate assets, at cost: Land $ — $ — $ 751,351 $ — $ 751,351 Buildings and improvements, net — 219 2,120,931 — 2,121,150 Intangible lease assets, net — — 193,311 — 193,311 Construction in progress — — 36,188 — 36,188 Real estate assets held for sale, net — 34,956 377,550 — 412,506 Total real estate assets — 35,175 3,479,331 — 3,514,506 Investment in unconsolidated joint venture — 127,346 — — 127,346 Cash and cash equivalents 174,420 16,509 25,156 — 216,085 Investment in subsidiaries 2,047,922 1,782,752 — (3,830,674 ) — Tenant receivables, net of allowance — — 7,163 — 7,163 Straight-line rent receivable — — 64,811 — 64,811 Prepaid expenses and other assets 317,153 262,216 15,593 (570,687 ) 24,275 Intangible lease origination costs, net — — 54,279 — 54,279 Deferred lease costs, net — — 125,799 — 125,799 Investment in development authority bonds — — 120,000 — 120,000 Other assets held for sale, net — 3,767 41,814 (52 ) 45,529 Total assets $ 2,539,495 $ 2,227,765 $ 3,933,946 $ (4,401,413 ) $ 4,299,793 Liabilities: Line of credit and notes payable, net $ — $ 447,643 $ 704,585 $ (430,762 ) $ 721,466 Bonds payable, net — 692,972 — — 692,972 Accounts payable, accrued expenses, and accrued capital expenditures — 10,395 120,633 — 131,028 Dividends payable 36,727 — — — 36,727 Due to affiliates — 58 1,534 (1,592 ) — Deferred income — — 19,694 — 19,694 Intangible lease liabilities, net — — 33,375 — 33,375 Obligations under capital leases — — 120,000 — 120,000 Liabilities held for sale, net — 2,651 177,497 (138,385 ) 41,763 Total liabilities 36,727 1,153,719 1,177,318 (570,739 ) 1,797,025 Equity: Total equity 2,502,768 1,074,046 2,756,628 (3,830,674 ) 2,502,768 Total liabilities and equity $ 2,539,495 $ 2,227,765 $ 3,933,946 $ (4,401,413 ) $ 4,299,793 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 Building 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: Lines of credit 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 and equity $ 2,651,548 $ 2,340,349 $ 4,494,281 $ (4,808,060 ) $ 4,678,118 |
Consolidating Statements of Operations | Consolidating Statements of Operations (in thousands) For the Year Ended December 31, 2016 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income $ — $ 3,622 $ 362,947 $ (383 ) $ 366,186 Tenant reimbursements — 1,963 67,807 — 69,770 Hotel income — — 22,661 — 22,661 Other property income 980 — 14,352 (406 ) 14,926 980 5,585 467,767 (789 ) 473,543 Expenses: Property operating costs — 3,209 152,142 (383 ) 154,968 Hotel operating costs — — 18,686 — 18,686 Asset and property management fees: Related-party — 154 — (154 ) — Other — — 1,415 — 1,415 Depreciation — 2,760 105,783 — 108,543 Amortization — 364 56,411 — 56,775 General and administrative 154 8,566 25,408 (252 ) 33,876 154 15,053 359,845 (789 ) 374,263 Real estate operating income (loss) 826 (9,468 ) 107,922 — 99,280 Other income (expense): Interest expense — (46,797 ) (50,302 ) 29,490 (67,609 ) Interest and other income 14,268 15,272 7,238 (29,490 ) 7,288 Loss on early extinguishment of debt — (18,987 ) (10 ) — (18,997 ) 14,268 (50,512 ) (43,074 ) — (79,318 ) Income (loss) before income tax expense and unconsolidated joint venture 15,094 (59,980 ) 64,848 — 19,962 Income tax expense — (20 ) (425 ) — (445 ) Income (loss) from unconsolidated entities 69,187 113,105 — (189,853 ) (7,561 ) Income before gains on sales of real estate assets 84,281 53,105 64,423 (189,853 ) 11,956 Gains on sales of real estate assets — — 72,325 — 72,325 Net income $ 84,281 $ 53,105 $ 136,748 $ (189,853 ) $ 84,281 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 (loss) before income tax expense and unconsolidated entities 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 gains (loss) on sales of real estate assets 44,619 13,875 53,031 (90,766 ) 20,759 Gains (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 fees — — 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 gains on sales of real estate assets 92,635 81,451 44,744 (198,791 ) 20,039 Income tax expense — (4 ) (658 ) — (662 ) Income before gains on sales of real estate assets 92,635 81,447 44,086 (198,791 ) 19,377 Gains on sales 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 Comprehensive Income | Consolidating Statements of Comprehensive Income (in thousands) For the Year Ended December 31, 2016 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 84,281 $ 53,105 $ 136,748 $ (189,853 ) $ 84,281 Market value adjustment to interest rate swap 1,553 1,553 — (1,553 ) 1,553 Comprehensive income $ 85,834 $ 54,658 $ 136,748 $ (191,406 ) $ 85,834 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 |
Consolidating Statements Cash Flows | Consolidating Statements of Cash Flows (in thousands) For the Year Ended December 31, 2016 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Columbia Property Trust Cash flows from operating activities $ 875 $ (49,902 ) $ 242,118 $ 193,091 Cash flows from investing activities: Net proceeds from sale of real estate 603,732 — 10,000 613,732 Investment in real estate and related assets — (2,157 ) (69,750 ) (71,907 ) Investment in unconsolidated joint venture — (16,212 ) — (16,212 ) Net cash provided by (used in) investing activities 603,732 (18,369 ) (59,750 ) 525,613 Cash flows from financing activities: Borrowings, net of fees 781,416 (839 ) — 780,577 Repayments (1,090,000 ) — (5,460 ) (1,095,460 ) Debt prepayment and interest rate settlement costs paid (17,921 ) — — (17,921 ) Redemptions of common stock (53,986 ) — — (53,986 ) Distributions (148,474 ) — — (148,474 ) Intercompany transfers, net 97,789 70,650 (168,439 ) — Net cash provided by (used in) financing activities (431,176 ) 69,811 (173,899 ) (535,264 ) Net increase (decrease) in cash and cash equivalents 173,431 1,540 8,469 183,440 Cash and cash equivalents, beginning of period 989 14,969 16,687 32,645 Cash and cash equivalents, end of period $ 174,420 $ 16,509 $ 25,156 $ 216,085 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 provided by (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 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 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 Investments 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 |
Organization (Details)
Organization (Details) ft² in Millions | 1 Months Ended | ||
Jan. 31, 2017property | Dec. 31, 2016ft²statepropertyhotel | Oct. 28, 2015 | |
Real Estate | |||
Square feet of commercial space | ft² | 11 | ||
Number of states with properties | state | 9 | ||
Leased office space of owned properties, percent | 90.60% | ||
Corporate Joint Venture | |||
Real Estate | |||
Ownership percentage | 51.00% | 51.00% | |
Office Building | |||
Real Estate | |||
Number of properties | 21 | ||
Office Building | Corporate Joint Venture | |||
Real Estate | |||
Number of properties | 1 | ||
Hotel | |||
Real Estate | |||
Number of properties | hotel | 1 | ||
Subsequent Event | |||
Real Estate | |||
Number of properties sold | 3 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | Aug. 12, 2016 | Jun. 30, 2014 | Jun. 04, 2014 | Aug. 31, 2016 | Jul. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 30, 2015 |
Property, Plant and Equipment [Line Items] | |||||||||||||
Interest capitalized | $ 300,000 | $ 600,000 | $ 0 | ||||||||||
Impairment loss on real estate assets | 0 | 0 | 25,130,000 | ||||||||||
Accumulated depreciation of lease assets | 112,777,000 | 250,085,000 | |||||||||||
Amortization of intangible assets | $ 52,530,000 | 78,000,000 | 74,212,000 | ||||||||||
Cash equivalent maturity period | 3 months | ||||||||||||
Provision for doubtful accounts | $ 289,000 | 26,000 | |||||||||||
Amortization of deferred leasing costs | 9,300,000 | 8,900,000 | 8,600,000 | ||||||||||
Amortization of lease incentives | 3,900,000 | 3,700,000 | 3,600,000 | ||||||||||
Reclassified deferred financing costs | $ 3,136,000 | $ 4,492,000 | |||||||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||||||||||
Preferred stock shares authorized | 100,000,000 | ||||||||||||
Preferred stock par value (in dollars per share) | $ 0.01 | ||||||||||||
Minimum requirement to distribute taxable income (percent) | 90.00% | ||||||||||||
Loans payable | $ 721,466,000 | $ 1,130,571,000 | |||||||||||
Proceeds from master leases | $ 0 | 0 | 0 | ||||||||||
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 | $ 140,900,000 | 140,900,000 | |||||||||||
Accumulated depreciation of lease assets | 20,200,000 | 17,700,000 | |||||||||||
Amortization of intangible assets | $ 2,500,000 | 2,500,000 | 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 | Minimum | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Estimated useful life of assets | 40 years | ||||||||||||
Building | Maximum | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Estimated useful life of assets | 45 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 | ||||||||||||
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 | ||||||||||||
222 East 41st Street | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Leasehold improvements | $ 69,000,000 | ||||||||||||
Lease term | 31 years | ||||||||||||
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 | ||||||||||||
Proceeds from sale of real estate | $ 18,400,000 | ||||||||||||
Fair value of property | $ 18,400,000 | $ 18,400,000 | |||||||||||
Term Loans | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Reclassified deferred financing costs | $ 3,136,000 | 4,492,000 | |||||||||||
Term Loans | $450 Million Term Loan | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Loans payable | $ 450,000,000 | $ 450,000,000 | |||||||||||
Bonds Payable | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Reclassified deferred financing costs | 5,364,000 | 3,721,000 | |||||||||||
Bonds Payable | 2026 Bonds Payable | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Debt face amount | $ 350,000,000 | $ 350,000,000 | |||||||||||
Debt term | 10 years | 10 years | |||||||||||
Stated interest rate | 3.65% | 3.65% | |||||||||||
Discount rate of face value of issued debt instrument (percent) | 99.626% | 99.626% | |||||||||||
Bonds Payable | 2025 Bonds Payable | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Debt face amount | $ 350,000,000 | ||||||||||||
Debt term | 10 years | ||||||||||||
Stated interest rate | 4.15% | ||||||||||||
Discount rate of face value of issued debt instrument (percent) | 99.859% | ||||||||||||
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) | $ 0.01 | ||||||||||||
Stock repurchase program, amount available for repurchase | $ 130,900,000 | ||||||||||||
Interest Rate Swap | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Payment to settle interest rate swap | $ 1,100,000 | ||||||||||||
Interest Expense | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Amortization of deferred financing costs | $ 3,300,000 | $ 4,400,000 | $ 3,500,000 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Schedule of Recognized Fair Value Adjustments) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment Loss Recognized | $ 0 | $ 0 | $ (25,130,000) | |
Bannockburn Lake III | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment Loss Recognized | $ (10,100,000) | |||
Bannockburn Lake III | Fair Value, Inputs, Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net Book Value | 15,148,000 | 15,148,000 | ||
Impairment Loss Recognized | (10,148,000) | |||
Fair Value | $ 5,000,000 | $ 5,000,000 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Major Classes of Assets and Liabilities Held For Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other assets held for sale: | ||
Total other assets held for sale, net | $ 45,529 | $ 0 |
Liabilities held for sale: | ||
Total liabilities held for sale, net | 41,763 | $ 0 |
Held-for-sale | Key Center Tower, Key Center Marriott and 9127 South Jamaica Street Building [Member] | ||
Real estate assets, at cost: | ||
Land | 30,243 | |
Buildings and improvements, less accumulated depreciation of $152,246 | 366,126 | |
Intangible lease assets, less accumulated amortization of $28,545 | 13,365 | |
Construction in progress | 2,772 | |
Total real estate assets held for sale, net | 412,506 | |
Other assets held for sale: | ||
Tenant receivables, net of allowance for doubtful accounts | 1,722 | |
Straight-line rent receivable | 20,221 | |
Prepaid expenses and other assets | 3,184 | |
Intangible lease origination costs, less accumulated amortization of $22,949 | 1,815 | |
Deferred lease costs, less accumulated amortization of $11,203 | 18,587 | |
Total other assets held for sale, net | 45,529 | |
Liabilities held for sale: | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 34,812 | |
Deferred income | 4,214 | |
Intangible lease liabilities, less accumulated amortization of $1,239 | 2,737 | |
Total liabilities held for sale, net | 41,763 | |
Accumulated depreciation for buildings and improvements held for sale | 152,246 | |
Accumulated amortization for intangible lease assets held for sale | 28,545 | |
Accumulated amortization for lease origination costs held for sale | 22,949 | |
Accumulated amortization for deferred lease costs held for sale | 11,203 | |
Accumulated amortization for intangible lease liabilities held for sale | $ 1,239 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Schedule of Intangible Assets & Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Intangible Lease Assets | |||
Intangible lease assets, accumulated amortization | $ (112,777) | $ (250,085) | |
Intangible lease origination costs, accumulated amortization | (74,578) | (181,482) | |
Intangible lease assets, net | 193,311 | 259,136 | |
Intangible lease origination costs, net | 54,279 | 77,190 | |
Intangible Below-Market In-Place Lease Liabilities | |||
Intangible below-market in-place lease liabilities, gross | 77,939 | 138,663 | |
Intangible below-market in-place lease liabilities, accumulated amortization | (44,564) | (81,496) | |
Below market lease, net | 33,375 | 57,167 | |
Amortization of below market lease liabilities | 12,996 | 19,345 | $ 15,507 |
Above-Market In-Place Lease Assets | |||
Intangible Lease Assets | |||
Intangible lease assets, gross | 10,589 | 50,463 | |
Intangible lease assets, accumulated amortization | (9,305) | (37,971) | |
Intangible lease assets, net | 1,284 | 12,492 | |
Amortization of intangible lease assets | 2,513 | 4,412 | 5,368 |
Absorption Period Costs | |||
Intangible Lease Assets | |||
Intangible lease assets, gross | 154,582 | 317,841 | |
Intangible lease assets, accumulated amortization | (83,254) | (194,446) | |
Intangible lease assets, net | 71,328 | 123,395 | |
Amortization of intangible lease assets | 28,718 | 45,972 | 36,474 |
Intangible Lease Origination Costs | |||
Intangible Lease Assets | |||
Intangible lease origination costs, gross | 128,857 | 258,672 | |
Intangible lease origination costs, accumulated amortization | (74,578) | (181,482) | |
Intangible lease origination costs, net | 54,279 | 77,190 | |
Amortization of intangible lease assets | $ 17,501 | $ 28,530 | $ 33,037 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Schedule of Future Amortization by Intangible Asset Class) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Intangible Lease Assets | ||
Intangible lease assets, net | $ 193,311 | $ 259,136 |
Intangible lease origination costs, net | 54,279 | 77,190 |
Intangible Below-Market In-Place Lease Liabilities | ||
2,017 | 7,492 | |
2,018 | 5,649 | |
2,019 | 4,972 | |
2,020 | 3,836 | |
2,021 | 2,171 | |
Thereafter | 9,255 | |
Below market lease, net | $ 33,375 | 57,167 |
Weighted-Average Amortization Period | 6 years | |
Above-Market In-Place Lease Assets | ||
Intangible Lease Assets | ||
2,017 | $ 439 | |
2,018 | 97 | |
2,019 | 97 | |
2,020 | 97 | |
2,021 | 97 | |
Thereafter | 457 | |
Intangible lease assets, net | $ 1,284 | 12,492 |
Weighted-Average Amortization Period | 4 years | |
Absorption Period Costs | ||
Intangible Lease Assets | ||
2,017 | $ 16,377 | |
2,018 | 12,885 | |
2,019 | 11,298 | |
2,020 | 9,368 | |
2,021 | 5,483 | |
Thereafter | 15,917 | |
Intangible lease assets, net | $ 71,328 | 123,395 |
Weighted-Average Amortization Period | 5 years | |
Intangible Lease Origination Costs | ||
Intangible Lease Assets | ||
2,017 | $ 10,739 | |
2,018 | 9,563 | |
2,019 | 8,999 | |
2,020 | 7,950 | |
2,021 | 4,008 | |
Thereafter | 13,020 | |
Intangible lease origination costs, net | $ 54,279 | $ 77,190 |
Weighted-Average Amortization Period | 4 years |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Schedule of Future Amortization for Below-Market Lease Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Intangible Lease Assets | ||
Intangible lease assets, net | $ 193,311 | $ 259,136 |
Intangible below market ground lease assets | ||
Intangible Lease Assets | ||
2,017 | 2,549 | |
2,018 | 2,549 | |
2,019 | 2,549 | |
2,020 | 2,549 | |
2,021 | 2,549 | |
Thereafter | 107,954 | |
Intangible lease assets, net | $ 120,699 | |
Weighted-Average Amortization Period | 48 years |
Summary of Significant Accoun49
Summary of Significant Accounting Policies (Interest Rate Swaps) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 1,553 | $ (1,570) | $ 1,339 |
Loss on interest rate swap recognized through earnings | 0 | (1,110) | $ (371) |
Interest Rate Contract | Accounts Payable | |||
Derivative, Fair Value, Net [Abstract] | |||
Derivative designated as hedging instruments, interest rate contracts | $ (882) | $ (2,436) |
Real Estate Transactions (Sched
Real Estate 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 | ||||
315 Park Avenue South Building | Intangible lease assets | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 16,912 | ||||
315 Park Avenue South Building | Intangible below market ground lease assets | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 0 | ||||
315 Park Avenue South Building | Intangible lease origination costs | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 4,148 | ||||
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 | ||||
1881 Campus Commons Building | Intangible lease assets | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 4,643 | ||||
1881 Campus Commons Building | Intangible below market ground lease assets | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 0 | ||||
1881 Campus Commons Building | Intangible lease origination costs | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | $ 1,603 | ||||
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 | ||||
116 Huntington Avenue Building | Intangible lease assets | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 7,907 | ||||
116 Huntington Avenue Building | Intangible below market ground lease assets | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 30,244 | ||||
116 Huntington Avenue Building | Intangible lease origination costs | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | $ 2,669 | ||||
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 | ||||
229 West 43rd Street Building | Intangible lease assets | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 27,039 | ||||
229 West 43rd Street Building | Intangible below market ground lease assets | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 0 | ||||
229 West 43rd Street Building | Intangible lease origination costs | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | $ 10,059 | ||||
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 | ||||
221 Main Street Building | Intangible lease assets | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 12,776 | ||||
221 Main Street Building | Intangible below market ground lease assets | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 0 | ||||
221 Main Street Building | Intangible lease origination costs | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | $ 3,475 | ||||
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 | ||||
650 California Street Building | Intangible lease assets | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 19,306 | ||||
650 California Street Building | Intangible below market ground lease assets | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | 0 | ||||
650 California Street Building | Intangible lease origination costs | |||||
Business Acquisition [Line Items] | |||||
Intangible lease assets | $ 4,290 |
Real Estate Transactions (Acqui
Real Estate Transactions (Acquisitions) (Details) ft² in Thousands | Aug. 04, 2015USD ($)ft²Tenant | Jan. 08, 2015USD ($)ft²Tenant | Jan. 07, 2015USD ($)ft²TenantAsset | Sep. 09, 2014USD ($)ft²Tenant | Apr. 22, 2014USD ($)ft²Tenant | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($)ft²property | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Oct. 28, 2015USD ($) |
Business Acquisition [Line Items] | ||||||||||||||
Square feet of space | ft² | 11,000 | |||||||||||||
Payments to acquire real estate | $ 0 | $ 1,062,031,000 | $ 335,986,000 | |||||||||||
Leased office space of owned properties, percent | 90.60% | |||||||||||||
Acquisition expenses | $ 0 | $ 3,675,000 | $ 14,142,000 | |||||||||||
$300 Million Bridge Loan | Bonds Payable | ||||||||||||||
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 | 21 | |||||||||||||
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 | 327 | |||||||||||||
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 Transactions (Pro F
Real Estate Transactions (Pro Forma) (Details) - 315 Park Ave South Building, 1881 Campus Commons Building, 116 Huntington Ave Building, 229 West 43rd Street Building - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||
Revenues | $ 582,699 | $ 605,494 |
Net income (loss) | $ 46,363 | $ 63,139 |
Net income (loss) per share - basic (in dollars per share) | $ 0.37 | $ 0.50 |
Net income (loss) per share - diluted (in dollars per share) | $ 0.37 | $ 0.50 |
Real Estate Transactions (Dispo
Real Estate Transactions (Dispositions) (Details) | Jan. 31, 2017USD ($) | Jan. 06, 2017USD ($) | Dec. 15, 2016USD ($) | Nov. 30, 2016USD ($) | Oct. 12, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 22, 2016USD ($) | Jul. 08, 2016USD ($) | Apr. 01, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 10, 2015USD ($) | Oct. 28, 2015USD ($) | Jul. 01, 2015USD ($)property | Oct. 03, 2014USD ($)building | Aug. 22, 2014USD ($) | Jul. 01, 2014USD ($) | Jun. 30, 2014USD ($) | Jun. 04, 2014USD ($) | Feb. 09, 2017USD ($) | Jan. 31, 2017USD ($)property | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Aug. 04, 2015USD ($) |
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Net proceeds from the sale of real estate | $ 603,732,000 | $ 596,734,000 | $ 418,207,000 | ||||||||||||||||||||||||||||
Impairment loss on real estate assets | $ 0 | $ 0 | 25,130,000 | ||||||||||||||||||||||||||||
San Tan Property | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Proceeds from sale of real estate held-for-investment, gross | $ 58,500,000 | ||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate | $ 9,800,000 | ||||||||||||||||||||||||||||||
Sterling Commerce Property | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Proceeds from sale of real estate held-for-investment, gross | $ 51,000,000 | ||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate | 12,500,000 | ||||||||||||||||||||||||||||||
9127 South Jamaica Street | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Proceeds from sale of real estate held-for-investment, gross | $ 19,500,000 | ||||||||||||||||||||||||||||||
South Jamaica Street | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Proceeds from sale of real estate held-for-investment, gross | $ 122,000,000 | ||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate | $ 27,200,000 | ||||||||||||||||||||||||||||||
800 North Fredrick | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Proceeds from sale of real estate held-for-investment, gross | $ 48,000,000 | ||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate | 2,100,000 | ||||||||||||||||||||||||||||||
80 Park Plaza Building | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Proceeds from sale of real estate held-for-investment, gross | $ 174,500,000 | ||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate | $ 21,600,000 | ||||||||||||||||||||||||||||||
100 East Pratt Building | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Proceeds from sale of real estate held-for-investment, gross | $ 187,000,000 | ||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate | (300,000) | ||||||||||||||||||||||||||||||
Net proceeds from the sale of real estate | $ 159,400,000 | ||||||||||||||||||||||||||||||
1881 Campus Commons Building | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate | $ 500,000 | ||||||||||||||||||||||||||||||
Proceeds from sale of real estate | $ 65,000,000 | ||||||||||||||||||||||||||||||
160 Park Avenue Building | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Proceeds from sale of real estate | $ 10,200,000 | ||||||||||||||||||||||||||||||
Impairment loss on real estate assets | $ 13,600,000 | ||||||||||||||||||||||||||||||
200 South Orange Building | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Proceeds from sale of real estate | $ 18,800,000 | ||||||||||||||||||||||||||||||
Impairment loss on real estate assets | $ 1,400,000 | ||||||||||||||||||||||||||||||
7031 Columbia Gateway Drive | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate | $ 7,700,000 | ||||||||||||||||||||||||||||||
Proceeds from sale of real estate | $ 59,500,000 | ||||||||||||||||||||||||||||||
9 Technology Drive Building | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate | $ 11,100,000 | ||||||||||||||||||||||||||||||
Proceeds from sale of real estate | $ 47,000,000 | ||||||||||||||||||||||||||||||
Lenox Park Buildings | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate | $ 56,500,000 | ||||||||||||||||||||||||||||||
Proceeds from sale of real estate | $ 290,000,000 | ||||||||||||||||||||||||||||||
Number of properties sold | building | 5 | ||||||||||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate | $ 22,200,000 | ||||||||||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Eleven Property Sale | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate | $ 20,200,000 | $ 20,200,000 | |||||||||||||||||||||||||||||
Proceeds from sale of real estate | $ 433,300,000 | ||||||||||||||||||||||||||||||
Number of properties | property | 11 | ||||||||||||||||||||||||||||||
Income from discontinued operations | $ 6,500,000 | $ 3,000,000 | |||||||||||||||||||||||||||||
Corporate Joint Venture | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate | $ 3,100,000 | ||||||||||||||||||||||||||||||
Ownership percentage | 51.00% | 51.00% | 51.00% | ||||||||||||||||||||||||||||
Proceeds from sale of real estate | $ 120,000,000 | ||||||||||||||||||||||||||||||
Corporate Joint Venture | Blackstone Property Partners | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Mortgage note transferred to joint venture | $ 325,000,000 | $ 325,000,000 | $ 325,000,000 | ||||||||||||||||||||||||||||
Ownership percentage | 49.00% | 49.00% | 49.00% | ||||||||||||||||||||||||||||
Bonds Payable | $300 Million Bridge Loan | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Repayments of debt | $ 119,000,000 | ||||||||||||||||||||||||||||||
Bridge loan | $ 300,000,000 | $ 300,000,000 | |||||||||||||||||||||||||||||
Subsequent Event | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Number of properties sold | property | 3 | ||||||||||||||||||||||||||||||
Subsequent Event | Key Center Tower and Key Center Marriot | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Consideration for sale of property | $ 267,500,000 | $ 267,500,000 | |||||||||||||||||||||||||||||
Proceeds from sale of real estate held-for-investment, gross | 254,500,000 | ||||||||||||||||||||||||||||||
Note receivable | $ 13,000,000 | 13,000,000 | |||||||||||||||||||||||||||||
Term of note receivable | 10 years | ||||||||||||||||||||||||||||||
Term of interest accrual | 7 years | ||||||||||||||||||||||||||||||
Deferred gain on sale of property | $ 13,000,000 | $ 13,000,000 | |||||||||||||||||||||||||||||
Subsequent Event | Houston Properties | |||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||
Proceeds from sale of real estate held-for-investment, gross | $ 272,000,000 | ||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate | $ 63,700,000 |
Unconsolidated Joint Venture (N
Unconsolidated Joint Venture (Narrative) (Details) ft² in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($)ft²building | Dec. 31, 2015USD ($) | Oct. 31, 2015USD ($) | Oct. 28, 2015USD ($) | |
Related Party Transaction [Line Items] | ||||
Square feet of space | ft² | 11,000 | |||
Corporate Joint Venture | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage | 51.00% | 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% | 49.00% | ||
Mortgage note transferred to joint venture | $ 325,000,000 | $ 325,000,000 | ||
Stated interest rate | 5.07% | |||
Guaranty liability | $ 16,100,000 | $ 25,000,000 | $ 25,000,000 | |
Other Property Income | Corporate Joint Venture | ||||
Related Party Transaction [Line Items] | ||||
Asset and property management fees | $ 2,600,000 | $ 200,000 | ||
Washington, D.C. | Market Sqaure East & West LLC | Corporate Joint Venture | ||||
Related Party Transaction [Line Items] | ||||
Number of properties | building | 2 | |||
Square feet of space | ft² | 698 | |||
Prepaid Expenses and Other Assets | Corporate Joint Venture | ||||
Related Party Transaction [Line Items] | ||||
Property management fees due to Columbia Property Trust | $ 100,000 | $ 100,000 |
Unconsolidated Joint Venture (C
Unconsolidated Joint Venture (Condensed Balance Sheet Information for Market Square Joint Venture) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Total assets | $ 587,344 | $ 573,073 |
Total debt | 324,656 | 324,603 |
Total equity | 242,802 | 230,060 |
Columbia Property Trust's investment | $ 127,346 | $ 118,695 |
Unconsolidated Joint Venture 56
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Total Revenues | $ 7,962 | $ 41,230 | ||
Net loss | (2,239) | (14,825) | ||
Columbia Property Trust's share | $ (1,142) | $ (7,561) | $ (1,142) | $ 0 |
Line of Credit and Notes Paya57
Line of Credit and Notes Payable (Schedule of Long-Term Debt (excluding Bonds Payable)) (Details) - USD ($) | Jul. 30, 2015 | Jul. 29, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 28, 2015 | Aug. 31, 2015 | Aug. 04, 2015 |
Debt Instrument [Line Items] | |||||||
Loans payable | $ 721,466,000 | $ 1,130,571,000 | |||||
Less: Deferred financing costs related to term loans and notes payable | (3,136,000) | (4,492,000) | |||||
Total indebtedness | 721,466,000 | 1,130,571,000 | |||||
Term Loans | |||||||
Debt Instrument [Line Items] | |||||||
Less: Deferred financing costs related to term loans and notes payable | (3,136,000) | (4,492,000) | |||||
Term Loans | $300 Million Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Loans payable | 300,000,000 | 300,000,000 | |||||
Term Loans | $150 Million Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Loans payable | $ 150,000,000 | 150,000,000 | |||||
Mortgages | 650 California Street Building mortgage note | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 3.60% | ||||||
Loans payable | $ 126,287,000 | 128,785,000 | |||||
Mortgages | 221 Main Building mortgage note | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 3.95% | ||||||
Loans payable | $ 73,000,000 | 73,000,000 | |||||
Mortgages | 263 Shuman Boulevard Building mortgage note(3) | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.55% | ||||||
Loans payable | $ 49,000,000 | 49,000,000 | |||||
Mortgages | One Glenlake Building mortgage note | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.80% | ||||||
Loans payable | $ 26,315,000 | 29,278,000 | |||||
Mortgages | SanTan Corporate Center mortgage notes | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.83% | ||||||
Loans payable | $ 0 | 39,000,000 | |||||
Credit Facilities | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Loans payable | 0 | 247,000,000 | |||||
Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Less: Deferred financing costs related to term loans and notes payable | (5,364,000) | (3,721,000) | |||||
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] | |||||||
Loans payable | 0 | $ 119,000,000 | $ 300,000,000 | ||||
Bridge loan | $ 300,000,000 | $ 300,000,000 | |||||
London Interbank Offered Rate (LIBOR) | Term Loans | $300 Million Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 300,000,000 | ||||||
Variable rate margin | 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 margin | 1.55% | ||||||
London Interbank Offered Rate (LIBOR) | Credit Facilities | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate margin | 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) | Unsecured Debt | $300 Million Bridge Loan | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 300,000,000 | ||||||
Variable rate margin | 1.10% | ||||||
London Interbank Offered Rate (LIBOR) | Unsecured Debt | Minimum | $300 Million Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate margin | 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 | Minimum | $300 Million Bridge Loan | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate margin | 0.90% | ||||||
London Interbank Offered Rate (LIBOR) | Unsecured Debt | Maximum | $300 Million Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate margin | 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) | Unsecured Debt | Maximum | $300 Million Bridge Loan | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate margin | 1.75% | ||||||
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% | |||||
Base Rate | Unsecured Debt | Minimum | $300 Million Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate margin | 0.00% | ||||||
Base Rate | Unsecured Debt | Minimum | $150 Million Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate margin | 0.40% | ||||||
Base Rate | Unsecured Debt | Minimum | $300 Million Bridge Loan | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate margin | 0.00% | ||||||
Base Rate | Unsecured Debt | Maximum | $300 Million Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate margin | 0.75% | ||||||
Base Rate | Unsecured Debt | Maximum | $150 Million Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate margin | 1.35% | ||||||
Base Rate | Unsecured Debt | Maximum | $300 Million Bridge Loan | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate margin | 0.75% | ||||||
Interest Rate Swap | |||||||
Debt Instrument [Line Items] | |||||||
Notional amount | $ 150,000,000 |
Line of Credit and Notes Paya58
Line of Credit and Notes Payable (Narrative) (Details) | Oct. 03, 2016USD ($) | Jun. 30, 2016USD ($) | Apr. 01, 2016USD ($) | Aug. 04, 2015 | Jul. 30, 2015USD ($)extensionaccordion_option | Jul. 29, 2015 | Jul. 13, 2015USD ($) | Jul. 01, 2015USD ($) | Jun. 01, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Aug. 31, 2015USD ($) | Jul. 31, 2015USD ($) |
Debt Instrument [Line Items] | ||||||||||||||
Loans payable | $ 721,466,000 | $ 1,130,571,000 | ||||||||||||
Loss on interest rate swap | 0 | 1,110,000 | $ 371,000 | |||||||||||
Carrying value of the line of credit, term loan and notes payable | $ 724,600,000 | $ 1,135,100,000 | ||||||||||||
Weighted-average interest rate | 3.09% | 2.54% | ||||||||||||
Interest payments | $ 27,800,000 | $ 54,000,000 | 56,100,000 | |||||||||||
Interest capitalized | 300,000 | 600,000 | 0 | |||||||||||
Loss on early extinguishment of debt | 18,997,000 | 3,149,000 | $ 23,000 | |||||||||||
Fair Value, Inputs, Level 2 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Fair value of line of credit and notes payable | $ 728,500,000 | 1,140,100,000 | ||||||||||||
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] | ||||||||||||||
Loans payable | $ 450,000,000 | $ 450,000,000 | ||||||||||||
Term Loans | $300 Million Term Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loans payable | $ 300,000,000 | 300,000,000 | ||||||||||||
Term Loans | $300 Million Term Loan | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 1.10% | |||||||||||||
Term Loans | $150 Million Term Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loans payable | $ 150,000,000 | 150,000,000 | ||||||||||||
Term Loans | $150 Million Term Loan | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 1.55% | |||||||||||||
Unsecured Debt | ||||||||||||||
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 | |||||||||||||
Unsecured Debt | $300 Million Term Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loans payable | 300,000,000 | |||||||||||||
Line of credit facility, maximum borrowing capacity | $ 400,000,000 | |||||||||||||
Number of accordion options | accordion_option | 4 | |||||||||||||
Unsecured Debt | $300 Million Term Loan | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 0.90% | |||||||||||||
Unsecured Debt | $300 Million Term Loan | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 1.75% | |||||||||||||
Unsecured Debt | $300 Million Term Loan | Base Rate | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 0.00% | |||||||||||||
Unsecured Debt | $300 Million Term Loan | Base Rate | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 0.75% | |||||||||||||
Unsecured Debt | $150 Million Term Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loans payable | $ 150,000,000 | |||||||||||||
Line of credit facility, maximum borrowing capacity | $ 300,000,000 | |||||||||||||
Interest rate swap fixed interest rate | 3.52% | |||||||||||||
Number of accordion options | accordion_option | 4 | |||||||||||||
Unsecured Debt | $150 Million Term Loan | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 1.40% | |||||||||||||
Unsecured Debt | $150 Million Term Loan | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 2.35% | |||||||||||||
Unsecured Debt | $150 Million Term Loan | Base Rate | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 0.40% | |||||||||||||
Unsecured Debt | $150 Million Term Loan | Base Rate | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 1.35% | |||||||||||||
Unsecured Debt | $300 Million Bridge Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loans payable | $ 0 | $ 119,000,000 | $ 300,000,000 | |||||||||||
Debt term | 6 months | |||||||||||||
Repayments of debt | $ 119,000,000 | |||||||||||||
Loss on early extinguishment of debt | $ 82,000 | |||||||||||||
Unsecured Debt | $300 Million Bridge Loan | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 1.10% | |||||||||||||
Unsecured Debt | $300 Million Bridge Loan | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 0.90% | |||||||||||||
Unsecured Debt | $300 Million Bridge Loan | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 1.75% | |||||||||||||
Unsecured Debt | $300 Million Bridge Loan | Base Rate | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 0.00% | |||||||||||||
Unsecured Debt | $300 Million Bridge Loan | Base Rate | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 0.75% | |||||||||||||
Credit Facilities | Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loans payable | 0 | $ 247,000,000 | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 500,000,000 | |||||||||||||
Number of possible extensions | extension | 2 | |||||||||||||
Term of extension | 6 months | |||||||||||||
Repayments of debt | $ 99,000,000 | |||||||||||||
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 | 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 | SanTan Corporate Center mortgage notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loans payable | $ 0 | $ 39,000,000 | ||||||||||||
Repayments of debt | $ 39,000,000 | |||||||||||||
Write off of related unamortized financing costs | $ 10,000 | |||||||||||||
Mortgages | 333 Market Street Building mortgage note | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of debt | $ 206,500,000 | |||||||||||||
Mortgages | 215 Diehl Road Building mortgage note | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of debt | $ 21,000,000 | |||||||||||||
Loss on early extinguishment of debt | $ 2,100,000 | |||||||||||||
Mortgages | 100 East Pratt Street Building mortgage note | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of debt | $ 105,000,000 |
Line of Credit and Notes Paya59
Line of Credit and Notes Payable (Maturities) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 127,728 |
2,018 | 25,859 |
2,019 | 121,016 |
2,020 | 300,000 |
2,021 | 0 |
Thereafter | 150,000 |
Total | $ 724,603 |
Bonds Payable (Details)
Bonds Payable (Details) | Aug. 12, 2016USD ($) | Aug. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of bonds payable | $ 348,691,000 | $ 349,507,000 | $ 0 | |||
Make-whole payment reflected as a loss on early extinguishment of debt | 17,921,000 | 3,165,000 | $ 0 | |||
Initial issuance discount of bonds payable | 1,664,000 | 1,020,000 | ||||
Bonds payable, net | $ 698,300,000 | 595,300,000 | ||||
Bonds Payable | ||||||
Debt Instrument [Line Items] | ||||||
Maturity period of debt instrument | 7 years | |||||
Bonds Payable | 2026 Bonds Payable | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 350,000,000 | $ 350,000,000 | ||||
Debt term | 10 years | 10 years | ||||
Stated interest rate | 3.65% | 3.65% | ||||
Discount rate of face value of issued debt instrument (percent) | 99.626% | 99.626% | ||||
Bonds Payable | 2025 Bonds Payable | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 350,000,000 | |||||
Debt term | 10 years | |||||
Stated interest rate | 4.15% | |||||
Discount rate of face value of issued debt instrument (percent) | 99.859% | |||||
Proceeds from issuance of bonds payable | $ 346,400,000 | $ 347,200,000 | ||||
Initial issuance discount of bonds payable | 1,300,000 | $ 500,000 | ||||
Bonds Payable | 2018 Bonds Payable | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 250,000,000 | |||||
Stated interest rate | 5.875% | |||||
Make-whole payment reflected as a loss on early extinguishment of debt | $ 17,900,000 | |||||
Restrictive covenant ratio of debt to total asset | 60.00% | |||||
Restrictive covenant of consolidated income to annual debt service charges, term | 12 months | |||||
Bonds Payable | 2025 and 2018 Bonds Payable | ||||||
Debt Instrument [Line Items] | ||||||
Interest payments | $ 28,000,000 | 22,700,000 | ||||
Fair Value, Inputs, Level 2 | Bonds Payable | 2018 Bonds Payable | ||||||
Debt Instrument [Line Items] | ||||||
Estimated fair value of debt instrument | $ 703,100,000 | $ 602,300,000 | ||||
Minimum | Bonds Payable | 2018 Bonds Payable | ||||||
Debt Instrument [Line Items] | ||||||
Restrictive covenant of consolidated income to annual debt service charges | 1.5 | |||||
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 Contingencies61
Commitments and Contingencies (Lease Obligations) (Details) | 12 Months Ended | ||||
Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Oct. 31, 2015USD ($) | 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 | |||||
2,017 | 2,642,000 | ||||
2,018 | 2,671,000 | ||||
2,019 | 2,671,000 | ||||
2,020 | 2,671,000 | ||||
2,021 | 2,671,000 | ||||
Thereafter | 195,116,000 | ||||
Total | 208,442,000 | ||||
Obligations Under Capital Leases | |||||
2,017 | 7,200,000 | ||||
2,018 | 7,200,000 | ||||
2,019 | 7,200,000 | ||||
2,020 | 7,200,000 | ||||
2,021 | 127,200,000 | ||||
Thereafter | 0 | ||||
Total payments with interest | 156,000,000 | ||||
Amounts representing interest | (36,000,000) | ||||
Total | 120,000,000 | ||||
Corporate Joint Venture | Blackstone Property Partners | |||||
Loss Contingencies [Line Items] | |||||
Guaranty liability | $ 16,100,000 | $ 25,000,000 | $ 25,000,000 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) | Jan. 20, 2017 | Jan. 01, 2017 | Jan. 21, 2016 | Jan. 21, 2015 | Jan. 21, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2016 | Jul. 01, 2014 | Jun. 30, 2014 | Jul. 31, 2013 |
Class of Stock [Line Items] | |||||||||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||
Common stock, shares authorized | 225,000,000 | 225,000,000 | 225,000,000 | 225,000,000 | 225,000,000 | 900,000,000 | |||||||
Long Term Incentive Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares authorized and reserved under the LTIP | 2,000,000 | ||||||||||||
Stock units exercisable period after the date of grant | 3 years | 3 years | 3 years | ||||||||||
Granted (shares) | 231,015 | 123,187 | 143,740 | 247,000 | 123,000 | 144,000 | |||||||
Shares withheld to settle related tax liability | 20,842 | 11,368 | 12,752 | ||||||||||
Unrecognized compensation costs related to unvested awards | $ 3,200,000 | $ 2,200,000 | $ 3,200,000 | $ 3,200,000 | |||||||||
Stock Options | Director Stock Option Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares authorized and reserved under the LTIP | 25,000 | 25,000 | 25,000 | ||||||||||
Number of shares granted | 0 | 0 | 0 | 0 | |||||||||
Shares available for options upon granted initially | 625 | 625 | 625 | ||||||||||
Options to purchase common stock price per share upon granted initially | $ 48 | ||||||||||||
Additional options to purchase share on each annual stockholder meeting | 250 | 250 | 250 | ||||||||||
Additional options to purchase share on each annual stockholder meeting, per share | $ 48 | ||||||||||||
Percentage of additional shares purchased on date of each annual stockholder meeting exercisable after two years (percent) | 100.00% | 100.00% | 100.00% | ||||||||||
Options granted expiration period | 10 years | ||||||||||||
Percentage of outstanding shares (percent) | 10.00% | ||||||||||||
Weighted-average contractual remaining life for options | 6 months | ||||||||||||
Minimum | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Unrecognized compensation costs recognition period | 1 year | ||||||||||||
Maximum | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Unrecognized compensation costs recognition period | 3 years | ||||||||||||
Grant date | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (percent) | 25.00% | ||||||||||||
Grant date | Long Term Incentive Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (percent) | 25.00% | 25.00% | 25.00% | ||||||||||
Grant date | Stock Options | Director Stock Option Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (percent) | 20.00% | ||||||||||||
12 months after grant date | Long Term Incentive Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (percent) | 25.00% | 25.00% | 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% | 20.00% | 20.00% | ||||||||||
24 months after grant date | Long Term Incentive Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (percent) | 25.00% | 25.00% | 25.00% | ||||||||||
24 months after grant date | Stock Options | Director Stock Option Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Stock units exercisable period after the date of grant | 2 years | ||||||||||||
Exercisable percentage of stock options on each anniversary (percent) | 20.00% | 20.00% | 20.00% | ||||||||||
36 months after grant date | Long Term Incentive Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (percent) | 25.00% | 25.00% | 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% | 20.00% | 20.00% | ||||||||||
48 months after grant date | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (percent) | 75.00% | ||||||||||||
48 months after grant date | Stock Options | Director Stock Option Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Stock units exercisable period after the date of grant | 4 years | ||||||||||||
Exercisable percentage of stock options on each anniversary (percent) | 20.00% | 20.00% | 20.00% | ||||||||||
Subsequent Event | Long Term Incentive Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Stock units exercisable period after the date of grant | 4 years | ||||||||||||
Subsequent Event | Performance Shares | Long Term Incentive Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award performance period | 3 years | ||||||||||||
Subsequent Event | Minimum | Performance Shares | Long Term Incentive Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shareholder payout (percent) | 0.00% | ||||||||||||
Subsequent Event | Maximum | Performance Shares | Long Term Incentive Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shareholder payout (percent) | 150.00% | ||||||||||||
Subsequent Event | Grant date | Performance Shares | Long Term Incentive Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (percent) | 75.00% | ||||||||||||
Subsequent Event | 12 months after grant date | Performance Shares | Long Term Incentive Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (percent) | 25.00% | ||||||||||||
Award performance period | 1 year | ||||||||||||
Subsequent Event | 24 months after grant date | Performance Shares | Long Term Incentive Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award performance period | 2 years | ||||||||||||
Common Stock | Stock Repurchase Program | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Stock repurchase program, authorized amount | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | ||||||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Number of shares repurchased (in shares) | 3,100,000 | ||||||||||||
Shares repurchased, average cost per share | $ 22.13 | ||||||||||||
Value of stock repurchased | $ 69,100,000 | ||||||||||||
Stock repurchase program, amount available for repurchase | $ 130,900,000 | $ 130,900,000 | $ 130,900,000 | ||||||||||
Common Stock | Subsequent Event | Long Term Incentive Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Granted (shares) | 193,535 | 135,921 | |||||||||||
Shares withheld to settle related tax liability | 17,938 | ||||||||||||
Common Stock | Subsequent Event | Grant date | Long Term Incentive Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (percent) | 25.00% | ||||||||||||
Common Stock | Subsequent Event | 12 months after grant date | Long Term Incentive Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (percent) | 25.00% | ||||||||||||
Common Stock | Subsequent Event | 24 months after grant date | Long Term Incentive Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (percent) | 25.00% | ||||||||||||
Common Stock | Subsequent Event | 36 months after grant date | Long Term Incentive Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting rights (percent) | 25.00% |
Equity (Share Grants Made to Em
Equity (Share Grants Made to Employees) (Details) - Long Term Incentive Plan - shares | Jan. 21, 2016 | Jan. 21, 2015 | Jan. 21, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (shares) | 231,015 | 123,187 | 143,740 | 247,000 | 123,000 | 144,000 |
Shares Withheld for Taxes | 20,842 | 11,368 | 12,752 |
Equity (Unvested Activity Rollf
Equity (Unvested Activity Rollforward) (Details) - Long Term Incentive Plan - $ / shares | Jan. 21, 2016 | Jan. 21, 2015 | Jan. 21, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Unvested shares, beginning balance (shares) | 151,000 | 104,000 | 0 | |||
Granted (shares) | 231,015 | 123,187 | 143,740 | 247,000 | 123,000 | 144,000 |
Vested (shares) | (138,000) | (74,000) | (39,000) | |||
Forfeited (shares) | (4,000) | (2,000) | (1,000) | |||
Unvested shares, ending balance (shares) | 256,000 | 151,000 | 104,000 | |||
Weighted-Average Grant-Date Fair Value [Abstract] | ||||||
Unvested shares, beginning balance (in dollars per share) | $ 24.59 | $ 24.82 | $ 0 | |||
Granted (in dollars per share) | 21.79 | 24.40 | 24.82 | |||
Vested (in dollars per share) | 23.32 | 24.60 | 24.82 | |||
Forfeited (in dollars per share) | 21.90 | 24.56 | 24.82 | |||
Unvested shares, ending balance (in dollars per share) | $ 22.62 | $ 24.59 | $ 24.82 | |||
Shares expected to ultimately vest | 243,200 | |||||
Expected forfeiture rate | 5.00% |
Equity (Summary of Shares Grant
Equity (Summary of Shares Granted to Independent Director) (Details) - Long Term Incentive Plan - $ / shares | Oct. 03, 2016 | Jul. 01, 2016 | Apr. 01, 2016 | Jan. 21, 2016 | Jan. 04, 2016 | Oct. 01, 2015 | Jul. 01, 2015 | Apr. 01, 2015 | Jan. 21, 2015 | Jan. 02, 2015 | Oct. 01, 2014 | Jul. 01, 2014 | Apr. 01, 2014 | Jan. 21, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Shares | 231,015 | 123,187 | 143,740 | 247,000 | 123,000 | 144,000 | |||||||||||
Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 21.79 | $ 24.40 | $ 24.82 | ||||||||||||||
January 4, 2016 | Director | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Shares | 7,439 | ||||||||||||||||
Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 23 | ||||||||||||||||
April 1, 2016 | Director | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Shares | 8,120 | ||||||||||||||||
Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 21.89 | ||||||||||||||||
July 1, 2016 | Director | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Shares | 8,158 | ||||||||||||||||
Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 21.52 | ||||||||||||||||
October 3, 2016 | Director | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Shares | 7,727 | ||||||||||||||||
Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 22.19 | ||||||||||||||||
January 2, 2015 | Director | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Shares | 5,850 | ||||||||||||||||
Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 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 (in dollars per share) | $ 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 (in dollars per share) | $ 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 (in dollars per share) | $ 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 (in dollars per share) | $ 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 (in dollars per share) | $ 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 (in dollars per share) | $ 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 (in dollars per share) | $ 23.89 |
Equity (Stock-Based Compensatio
Equity (Stock-Based Compensation Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 4,558 | $ 3,548 | $ 1,975 |
Future employee awards | 1,006 | 1,353 | 866 |
Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 2,856 | 1,699 | 749 |
Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 696 | $ 496 | $ 360 |
Grant date | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights (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 (percent) | 75.00% |
Equity (Summary of Stock Option
Equity (Summary of Stock Option Under the Director Plan) (Details) - Director Stock Option Plan - Stock Options - $ / shares | 12 Months Ended | 104 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | |
Number | ||||
Outstanding, beginning period (shares) | 1,875 | 3,875 | 7,375 | |
Granted (shares) | 0 | 0 | 0 | 0 |
Expired (shares) | (500) | (2,000) | (3,500) | |
Outstanding, period end (shares) | 1,375 | 1,875 | 3,875 | 1,375 |
Exercise Price | ||||
Outstanding exercise price, beginning period (in dollars per share) | $ 48 | $ 48 | $ 48 | |
Outstanding exercise price, period end (in dollars per share) | $ 48 | $ 48 | $ 48 | $ 48 |
Exercisable | ||||
Outstanding shares exercisable, beginning period (shares) | 1,875 | 3,875 | 7,375 | |
Outstanding shares exercisable, period end (shares) | 1,375 | 1,875 | 3,875 | 1,375 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)state | |
Operating Leased Assets [Line Items] | |
Number of states in which entity operates | state | 9 |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,017 | $ 282,330 |
2,018 | 283,944 |
2,019 | 270,987 |
2,020 | 252,723 |
2,021 | 207,521 |
Thereafter | 1,324,548 |
Total | $ 2,622,053 |
Lease revenue | Customer concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 8.00% |
Number of properties | San Francisco | Geographic concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 26.00% |
Number of properties | New York | Geographic concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 25.00% |
Legal industry | Lease revenue | Customer concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 17.00% |
Business services industry | Lease revenue | Customer concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 16.00% |
Banking industry | Lease revenue | Customer concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 10.00% |
222 East 41st Street | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
Lease inducement obligations | $ 69,000 |
Lease term | 31 years |
Supplemental Disclosures of N69
Supplemental Disclosures of Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Cash Flow Elements [Abstract] | |||
Investment in real estate funded with other assets | $ 1,442 | $ 27,000 | $ 3,807 |
Other assets assumed upon acquisition | 0 | 7,785 | 2,493 |
Other liabilities assumed upon acquisition | 0 | 4,765 | 2,004 |
Real estate assets transferred to unconsolidated joint venture | 0 | 531,696 | 0 |
Mortgage note transferred to unconsolidated joint venture | 0 | 325,000 | 0 |
Other assets transferred to unconsolidated joint venture | 0 | 37,987 | 0 |
Other liabilities transferred to unconsolidated joint venture | 0 | 20,595 | 0 |
Notes payable assumed at acquisition | 0 | 0 | 203,000 |
Discount on issuance of bonds payable | 1,309 | 494 | 0 |
Amortization of discounts (premiums) on debt | 267 | (18) | 396 |
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment | 1,553 | (1,570) | 1,339 |
Accrued capital expenditures and deferred lease costs | 15,042 | 19,324 | 17,283 |
Accrued dividends payable | 36,727 | 37,354 | 0 |
Common stock issued to employees and directors, and amortized (net of income tax witholdings) | $ 3,388 | $ 3,548 | $ 1,642 |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
GAAP basis financial statement net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ 27,400 | $ 36,898 | $ 13,286 | $ 6,697 | $ 10,169 | $ 20,143 | $ 8,709 | $ 5,598 | $ 84,281 | $ 44,619 | $ 92,635 |
Increase (decrease) in net income resulting from: | |||||||||||
Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes | 34,569 | 81,559 | 69,832 | ||||||||
Rental income accrued for financial reporting purposes in excess of amounts for income tax purposes | (26,900) | (13,409) | (8,437) | ||||||||
Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes | (9,013) | (6,626) | (9,394) | ||||||||
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 | 0 | (2,633) | (4,945) | ||||||||
Bad debt expense for financial reporting purposes less than amounts for income tax purposes | (261) | 5 | (1) | ||||||||
Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes | (71,701) | (117,857) | (47,159) | ||||||||
Other expenses for financial reporting purposes in excess of amounts for income tax purposes | (2,707) | 14,342 | 31,991 | ||||||||
Income tax basis net income (loss), prior to dividends-paid deduction | 8,268 | $ 0 | $ 124,522 | ||||||||
Tax basis carrying value of total assets | $ 4,500,000 | $ 4,500,000 |
Income Taxes (Distributions) (D
Income Taxes (Distributions) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | 5.60% | 0.00% | 83.10% |
Capital gains | 0.00% | 0.00% | 0.00% |
Return of capital | 94.40% | 100.00% | 16.90% |
Total | 100.00% | 100.00% | 100.00% |
Income Taxes (Effective Tax Rat
Income Taxes (Effective Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||
Total income tax | $ 445 | $ 378 | $ 662 |
Deferred tax liabilities | 22 | ||
Deferred tax asset | 235 | ||
Columbia TRS | |||
Income Tax Contingency [Line Items] | |||
Federal income tax | 255 | 17 | 318 |
State income tax | 21 | 25 | 35 |
Total income tax | $ 276 | $ 42 | $ 353 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - 18 Property Sale $ in Millions | Nov. 05, 2013USD ($)property |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of properties sold | property | 18 |
Proceeds from sale of real estate | $ 521.5 |
Net loss on sale of real estate properties | $ 0.4 |
Discontinued Operations (Schedu
Discontinued Operations (Schedule of Revenue and Expenses from Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other income (expense): | |||
Operating loss from discontinued operations | $ 0 | $ 0 | $ (390) |
Loss on disposition of discontinued operations | $ 0 | $ 0 | (1,627) |
18 Property Sale | Discontinued Operations, Disposed of by Sale | |||
Revenues: | |||
Rental income | 4 | ||
Tenant reimbursements | 115 | ||
Revenues | 119 | ||
Expenses: | |||
Property operating costs | (250) | ||
Asset and property management fees | 7 | ||
General and administrative | 755 | ||
Total expenses | 512 | ||
Operating loss | (393) | ||
Other income (expense): | |||
Interest expense | 3 | ||
Operating loss from discontinued operations | (390) | ||
Loss on disposition of discontinued operations | (1,627) | ||
Loss from discontinued operations | $ (2,017) |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income | $ 27,400 | $ 36,898 | $ 13,286 | $ 6,697 | $ 10,169 | $ 20,143 | $ 8,709 | $ 5,598 | $ 84,281 | $ 44,619 | $ 92,635 |
Distributions paid on unvested shares | (314) | (185) | (128) | ||||||||
Net income used to calculate basic and diluted earnings per share | $ 83,967 | $ 44,434 | $ 92,507 | ||||||||
Weighted-average common shares – basic | 123,130 | 124,757 | 124,860 | ||||||||
Weighted-average common shares – diluted | 123,228 | 124,847 | 124,918 | ||||||||
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: | 58 | 33 | 29 | ||||||||
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: | 40 | 57 | 29 |
Quarterly Results (unaudited)76
Quarterly Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 01, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Revenues | $ 105,768 | $ 113,266 | $ 127,930 | $ 126,579 | $ 132,679 | $ 137,719 | $ 148,124 | $ 147,543 | $ 473,543 | $ 566,065 | $ 540,797 | |
Net income | $ 27,400 | $ 36,898 | $ 13,286 | $ 6,697 | $ 10,169 | $ 20,143 | $ 8,709 | $ 5,598 | $ 84,281 | $ 44,619 | $ 92,635 | |
Net income per share - basic (in dollars per share) | $ 0.22 | $ 0.30 | $ 0.11 | $ 0.05 | $ 0.08 | $ 0.16 | $ 0.07 | $ 0.04 | $ 0.68 | $ 0.36 | $ 0.74 | |
Net income per share - diluted (in dollars per share) | 0.22 | 0.30 | 0.11 | 0.05 | 0.08 | 0.16 | 0.07 | 0.04 | $ 0.68 | $ 0.36 | $ 0.74 | |
Dividends declared per share (in dollars per share) | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.300 | $ 0.30 | $ 0.30 | ||||
Loss on the early extinguishment of debt | $ 2,700 | $ 18,997 | $ 3,149 | $ 23 | ||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Gain on sale of real estate | $ 22,200 | |||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | South Jamaica Street and 100 East Pratt Buildings | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Gain on sale of real estate | $ 50,400 | |||||||||||
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 | ||||||||||
Bonds Payable | 2018 Bonds Payable | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Loss on the early extinguishment of debt | $ 18,900 | |||||||||||
222 East 41st Street | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Early termination payment | $ 6,200 |
Segment Information (Operating
Segment Information (Operating Revenues By Geographic Reportable Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 28, 2015 | |
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues including unconsolidated joint venture | $ 494,570 | $ 570,125 | $ 540,797 | |||||||||
Operating Revenues | $ 105,768 | $ 113,266 | $ 127,930 | $ 126,579 | $ 132,679 | $ 137,719 | $ 148,124 | $ 147,543 | 473,543 | 566,065 | 540,797 | |
Operating Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues including unconsolidated joint venture | 469,093 | 544,670 | 516,377 | |||||||||
Operating Segments | New York | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues including unconsolidated joint venture | 117,235 | 97,643 | 56,539 | |||||||||
Operating Segments | San Francisco | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues including unconsolidated joint venture | 109,995 | 112,696 | 79,265 | |||||||||
Operating Segments | Atlanta | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues including unconsolidated joint venture | 36,742 | 35,715 | 53,879 | |||||||||
Operating Segments | Washington, D.C. | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues including unconsolidated joint venture | 33,024 | 62,766 | 64,144 | |||||||||
Operating Segments | Boston | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues including unconsolidated joint venture | 11,796 | 20,895 | 18,356 | |||||||||
Operating Segments | Los Angeles | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues including unconsolidated joint venture | 7,443 | 7,588 | 7,685 | |||||||||
Operating Segments | All other office markets | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues including unconsolidated joint venture | 152,858 | 207,367 | 236,509 | |||||||||
Hotel | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues including unconsolidated joint venture | 22,958 | 24,583 | 23,223 | |||||||||
Corporate | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues including unconsolidated joint venture | 2,519 | 872 | 1,197 | |||||||||
Joint Venture | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating Revenues | $ (21,027) | $ (4,060) | $ 0 | |||||||||
Corporate Joint Venture | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Ownership percentage | 51.00% | 51.00% | 51.00% | |||||||||
Blackstone Property Partners | Corporate Joint Venture | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Ownership percentage | 49.00% | 49.00% | 49.00% |
Segment Information (Reconcilia
Segment Information (Reconciliation of Net Operating Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 28, 2015 | |
Segment Reporting Information [Line Items] | ||||
Net operating income including consolidated joint venture | $ 308,223 | $ 358,571 | $ 356,705 | |
Net Operating Income | 298,491 | 356,579 | 356,705 | |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income including consolidated joint venture | 302,271 | 353,959 | 352,385 | |
Operating Segments | New York | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income including consolidated joint venture | 70,038 | 54,692 | 29,678 | |
Operating Segments | San Francisco | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income including consolidated joint venture | 80,529 | 83,826 | 61,426 | |
Operating Segments | Atlanta | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income including consolidated joint venture | 32,939 | 31,912 | 50,182 | |
Operating Segments | Washington, D.C. | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income including consolidated joint venture | 16,372 | 36,958 | 39,519 | |
Operating Segments | Boston | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income including consolidated joint venture | 5,114 | 12,519 | 14,674 | |
Operating Segments | Los Angeles | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income including consolidated joint venture | 4,523 | 4,853 | 5,211 | |
Operating Segments | All other office markets | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income including consolidated joint venture | 92,756 | 129,199 | 151,695 | |
Hotel | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income including consolidated joint venture | 3,988 | 4,593 | 4,299 | |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income including consolidated joint venture | 1,964 | 19 | 21 | |
Joint Venture | ||||
Segment Reporting Information [Line Items] | ||||
Net Operating Income | $ (9,732) | $ (1,992) | $ 0 | |
Corporate Joint Venture | ||||
Segment Reporting Information [Line Items] | ||||
Ownership percentage | 51.00% | 51.00% | ||
Blackstone Property Partners | Corporate Joint Venture | ||||
Segment Reporting Information [Line Items] | ||||
Ownership percentage | 49.00% | 49.00% |
Segment Information (Reconcil79
Segment Information (Reconciliation of GAAP Net Income to NOI) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net income | $ 27,400,000 | $ 36,898,000 | $ 13,286,000 | $ 6,697,000 | $ 10,169,000 | $ 20,143,000 | $ 8,709,000 | $ 5,598,000 | $ 84,281,000 | $ 44,619,000 | $ 92,635,000 |
Depreciation | 108,543,000 | 131,490,000 | 117,766,000 | ||||||||
Amortization | 56,775,000 | 87,128,000 | 78,843,000 | ||||||||
General and administrative | 33,876,000 | 29,683,000 | 31,275,000 | ||||||||
Real estate acquisition costs | 0 | 3,675,000 | 14,142,000 | ||||||||
Settlement of interest rate swap | 0 | 1,110,000 | 371,000 | ||||||||
Loss on the early extinguishment of debt | $ 2,700,000 | 18,997,000 | 3,149,000 | 23,000 | |||||||
Income tax expense | 445,000 | 378,000 | 662,000 | ||||||||
Gain on sale of real estate assets | (72,325,000) | (23,860,000) | (75,275,000) | ||||||||
Amounts in discontinued operations | 0 | 0 | 390,000 | ||||||||
Impairment loss on real estate assets | 0 | 0 | 25,130,000 | ||||||||
Net Operating Income | 298,491,000 | 356,579,000 | 356,705,000 | ||||||||
Segment Reconciling Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation | 108,543,000 | 131,490,000 | 117,766,000 | ||||||||
Amortization | 56,775,000 | 87,128,000 | 78,843,000 | ||||||||
General and administrative | 33,876,000 | 29,683,000 | 31,275,000 | ||||||||
Real estate acquisition costs | 0 | 3,675,000 | 14,142,000 | ||||||||
Net interest expense | 67,538,000 | 85,265,000 | 75,681,000 | ||||||||
Interest income from development authority bonds | (7,200,000) | (7,200,000) | (7,200,000) | ||||||||
Interest rate swap valuation adjustment | 0 | (2,634,000) | (4,946,000) | ||||||||
Interest expense associated with interest rate swap | 0 | 2,642,000 | 5,317,000 | ||||||||
Settlement of interest rate swap | 0 | 1,102,000 | 0 | ||||||||
Loss on the early extinguishment of debt | 18,997,000 | 3,149,000 | 23,000 | ||||||||
Income tax expense | 445,000 | 378,000 | 662,000 | ||||||||
Adjustments included in loss from unconsolidated joint venture | 7,561,000 | 1,142,000 | 0 | ||||||||
Gain on sale of real estate assets | (72,325,000) | (23,860,000) | (75,275,000) | ||||||||
Amounts in discontinued operations | 0 | 0 | 2,652,000 | ||||||||
Impairment loss on real estate assets | $ 0 | $ 0 | $ 25,130,000 |
Financial Information for Par80
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries, and Non-Guarantor Subsidiaries (Narratives) (Details) | Dec. 31, 2016 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Ownership percentage of wholly owned subsidiary | 100.00% |
Financial Information for Par81
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries, and Non-Guarantor Subsidiaries (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Real estate assets, at cost: | ||||
Land | $ 751,351 | $ 896,467 | ||
Buildings and improvements, net | 2,121,150 | 2,897,431 | ||
Intangible lease assets, net | 193,311 | 259,136 | ||
Construction in progress | 36,188 | 31,847 | ||
Real estate assets held for sale, net | 412,506 | 0 | ||
Total real estate assets | 3,514,506 | 4,084,881 | ||
Investment in unconsolidated joint venture | 127,346 | 118,695 | ||
Cash and cash equivalents | 216,085 | 32,645 | $ 149,790 | $ 99,855 |
Investment in subsidiaries | 0 | 0 | ||
Tenant receivables, net of allowance | 7,163 | 11,670 | ||
Straight-line rent receivable | 64,811 | 109,062 | ||
Prepaid expenses and other assets | 24,275 | 35,848 | ||
Intangible lease origination costs, net | 54,279 | 77,190 | ||
Deferred lease costs, net | 125,799 | 88,127 | ||
Investment in development authority bonds | 120,000 | 120,000 | ||
Other assets held for sale, net | 45,529 | 0 | ||
Total assets | 4,299,793 | 4,678,118 | ||
Liabilities: | ||||
Line of credit, term loans, and notes payable, net | 721,466 | 1,130,571 | ||
Bonds payable, net | 692,972 | 595,259 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 131,028 | 98,759 | ||
Dividends payable | 36,727 | 37,354 | 0 | |
Due to affiliates | 0 | 0 | ||
Deferred income | 19,694 | 24,814 | ||
Intangible lease liabilities, net | 33,375 | 57,167 | ||
Obligations under capital leases | 120,000 | 120,000 | ||
Liabilities held for sale, less accumulated amortization of $1,239 as of December 31, 2016 | 41,763 | 0 | ||
Total liabilities | 1,797,025 | 2,063,924 | ||
Equity: | ||||
Total equity | 2,502,768 | 2,614,194 | 2,733,478 | 2,787,823 |
Total liabilities and equity | 4,299,793 | 4,678,118 | ||
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 | ||
Real estate assets held for sale, net | 0 | |||
Total real estate assets | 0 | 0 | ||
Investment in unconsolidated joint venture | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Investment in subsidiaries | (3,830,674) | (4,234,989) | ||
Tenant receivables, net of allowance | 0 | 0 | ||
Straight-line rent receivable | 0 | 0 | ||
Prepaid expenses and other assets | (570,687) | (573,071) | ||
Intangible lease origination costs, net | 0 | 0 | ||
Deferred lease costs, net | 0 | 0 | ||
Investment in development authority bonds | 0 | 0 | ||
Other assets held for sale, net | (52) | |||
Total assets | (4,401,413) | (4,808,060) | ||
Liabilities: | ||||
Line of credit, term loans, and notes payable, net | (430,762) | (570,605) | ||
Bonds payable, net | 0 | 0 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 0 | 0 | ||
Dividends payable | 0 | 0 | ||
Due to affiliates | (1,592) | (2,466) | ||
Deferred income | 0 | 0 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Obligations under capital leases | 0 | 0 | ||
Liabilities held for sale, less accumulated amortization of $1,239 as of December 31, 2016 | (138,385) | |||
Total liabilities | (570,739) | (573,071) | ||
Equity: | ||||
Total equity | (3,830,674) | (4,234,989) | ||
Total liabilities and equity | (4,401,413) | (4,808,060) | ||
Columbia Property Trust (Parent) | Reportable Legal Entities | ||||
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 | ||
Real estate assets held for sale, net | 0 | |||
Total real estate assets | 0 | 0 | ||
Investment in unconsolidated joint venture | 0 | 0 | ||
Cash and cash equivalents | 174,420 | 989 | 119,488 | 53,322 |
Investment in subsidiaries | 2,047,922 | 2,333,408 | ||
Tenant receivables, net of allowance | 0 | 0 | ||
Straight-line rent receivable | 0 | 0 | ||
Prepaid expenses and other assets | 317,153 | 317,151 | ||
Intangible lease origination costs, net | 0 | 0 | ||
Deferred lease costs, net | 0 | 0 | ||
Investment in development authority bonds | 0 | 0 | ||
Other assets held for sale, net | 0 | |||
Total assets | 2,539,495 | 2,651,548 | ||
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 | 0 | ||
Dividends payable | 36,727 | 37,354 | ||
Due to affiliates | 0 | 0 | ||
Deferred income | 0 | 0 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Obligations under capital leases | 0 | 0 | ||
Liabilities held for sale, less accumulated amortization of $1,239 as of December 31, 2016 | 0 | |||
Total liabilities | 36,727 | 37,354 | ||
Equity: | ||||
Total equity | 2,502,768 | 2,614,194 | ||
Total liabilities and equity | 2,539,495 | 2,651,548 | ||
Columbia Property Trust OP (the Issuer) | Reportable Legal Entities | ||||
Real estate assets, at cost: | ||||
Land | 0 | 6,241 | ||
Buildings and improvements, net | 219 | 28,913 | ||
Intangible lease assets, net | 0 | 0 | ||
Construction in progress | 0 | 917 | ||
Real estate assets held for sale, net | 34,956 | |||
Total real estate assets | 35,175 | 36,071 | ||
Investment in unconsolidated joint venture | 127,346 | 118,695 | ||
Cash and cash equivalents | 16,509 | 14,969 | 10,504 | 20,708 |
Investment in subsidiaries | 1,782,752 | 1,901,581 | ||
Tenant receivables, net of allowance | 0 | 52 | ||
Straight-line rent receivable | 0 | 1,311 | ||
Prepaid expenses and other assets | 262,216 | 265,615 | ||
Intangible lease origination costs, net | 0 | 0 | ||
Deferred lease costs, net | 0 | 2,055 | ||
Investment in development authority bonds | 0 | 0 | ||
Other assets held for sale, net | 3,767 | |||
Total assets | 2,227,765 | 2,340,349 | ||
Liabilities: | ||||
Line of credit, term loans, and notes payable, net | 447,643 | 812,836 | ||
Bonds payable, net | 692,972 | 595,259 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 10,395 | 13,313 | ||
Dividends payable | 0 | 0 | ||
Due to affiliates | 58 | 21 | ||
Deferred income | 0 | 200 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Obligations under capital leases | 0 | 0 | ||
Liabilities held for sale, less accumulated amortization of $1,239 as of December 31, 2016 | 2,651 | |||
Total liabilities | 1,153,719 | 1,421,629 | ||
Equity: | ||||
Total equity | 1,074,046 | 918,720 | ||
Total liabilities and equity | 2,227,765 | 2,340,349 | ||
Non- Guarantors | Reportable Legal Entities | ||||
Real estate assets, at cost: | ||||
Land | 751,351 | 890,226 | ||
Buildings and improvements, net | 2,120,931 | 2,868,518 | ||
Intangible lease assets, net | 193,311 | 259,136 | ||
Construction in progress | 36,188 | 30,930 | ||
Real estate assets held for sale, net | 377,550 | |||
Total real estate assets | 3,479,331 | 4,048,810 | ||
Investment in unconsolidated joint venture | 0 | 0 | ||
Cash and cash equivalents | 25,156 | 16,687 | $ 19,798 | $ 25,825 |
Investment in subsidiaries | 0 | 0 | ||
Tenant receivables, net of allowance | 7,163 | 11,618 | ||
Straight-line rent receivable | 64,811 | 107,751 | ||
Prepaid expenses and other assets | 15,593 | 26,153 | ||
Intangible lease origination costs, net | 54,279 | 77,190 | ||
Deferred lease costs, net | 125,799 | 86,072 | ||
Investment in development authority bonds | 120,000 | 120,000 | ||
Other assets held for sale, net | 41,814 | |||
Total assets | 3,933,946 | 4,494,281 | ||
Liabilities: | ||||
Line of credit, term loans, and notes payable, net | 704,585 | 888,340 | ||
Bonds payable, net | 0 | 0 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 120,633 | 85,446 | ||
Dividends payable | 0 | 0 | ||
Due to affiliates | 1,534 | 2,445 | ||
Deferred income | 19,694 | 24,614 | ||
Intangible lease liabilities, net | 33,375 | 57,167 | ||
Obligations under capital leases | 120,000 | 120,000 | ||
Liabilities held for sale, less accumulated amortization of $1,239 as of December 31, 2016 | 177,497 | |||
Total liabilities | 1,177,318 | 1,178,012 | ||
Equity: | ||||
Total equity | 2,756,628 | 3,316,269 | ||
Total liabilities and equity | $ 3,933,946 | $ 4,494,281 |
Financial Information for Par82
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries, and Non-Guarantor Subsidiaries (Consolidating Statements of Operations) (Details) - USD ($) | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | ||||||||||||
Rental income | $ 366,186,000 | $ 436,048,000 | $ 414,541,000 | |||||||||
Tenant reimbursements | 69,770,000 | 99,655,000 | 95,375,000 | |||||||||
Hotel income | 22,661,000 | 24,309,000 | 22,885,000 | |||||||||
Other property income | 14,926,000 | 6,053,000 | 7,996,000 | |||||||||
Revenues | $ 105,768,000 | $ 113,266,000 | $ 127,930,000 | $ 126,579,000 | $ 132,679,000 | $ 137,719,000 | $ 148,124,000 | $ 147,543,000 | 473,543,000 | 566,065,000 | 540,797,000 | |
Expenses: | ||||||||||||
Property operating costs | 154,968,000 | 188,078,000 | 163,722,000 | |||||||||
Hotel operating costs | 18,686,000 | 19,615,000 | 18,792,000 | |||||||||
Asset and property management fees: | ||||||||||||
Related-party | 0 | 0 | 0 | |||||||||
Other | 1,415,000 | 1,816,000 | 2,258,000 | |||||||||
Depreciation | 108,543,000 | 131,490,000 | 117,766,000 | |||||||||
Amortization | 56,775,000 | 87,128,000 | 78,843,000 | |||||||||
Impairment loss on real estate assets | 0 | 0 | 25,130,000 | |||||||||
General and administrative | 33,876,000 | 29,683,000 | 31,275,000 | |||||||||
Acquisition expenses | 0 | 3,675,000 | 14,142,000 | |||||||||
Costs and expenses | 374,263,000 | 461,485,000 | 451,928,000 | |||||||||
Real estate operating income (loss) | 99,280,000 | 104,580,000 | 88,869,000 | |||||||||
Other income (expense): | ||||||||||||
Interest expense | (67,609,000) | (85,296,000) | (75,711,000) | |||||||||
Interest and other income | 7,288,000 | 7,254,000 | 7,275,000 | |||||||||
Loss on interest rate swaps | 0 | (1,110,000) | (371,000) | |||||||||
Loss on the early extinguishment of debt | (2,700,000) | (18,997,000) | (3,149,000) | (23,000) | ||||||||
Nonoperating income (expense) | (79,318,000) | (82,301,000) | (68,830,000) | |||||||||
Income before income tax, unconsolidated joint ventures, and gains on sales of real estate assets | 19,962,000 | 22,279,000 | 20,039,000 | |||||||||
Income tax expense | (445,000) | (378,000) | (662,000) | |||||||||
Loss from unconsolidated joint venture | $ (1,142,000) | (7,561,000) | (1,142,000) | 0 | ||||||||
Income before gains of sales of real estate assets | 11,956,000 | 20,759,000 | 19,377,000 | |||||||||
Gain (loss) on sale of real estate assets | 72,325,000 | 23,860,000 | 75,275,000 | |||||||||
Income from continuing operations | 84,281,000 | 44,619,000 | 94,652,000 | |||||||||
Discontinued operations: | ||||||||||||
Loss from discontinued operations | 0 | 0 | (390,000) | |||||||||
Loss on disposition of discontinued operations | 0 | 0 | (1,627,000) | |||||||||
Loss from discontinued operations | 0 | 0 | (2,017,000) | |||||||||
Net income | $ 27,400,000 | $ 36,898,000 | $ 13,286,000 | $ 6,697,000 | $ 10,169,000 | $ 20,143,000 | $ 8,709,000 | $ 5,598,000 | 84,281,000 | 44,619,000 | 92,635,000 | |
Reportable Legal Entities | Columbia Property Trust (Parent) | ||||||||||||
Revenues: | ||||||||||||
Rental income | 0 | 0 | 0 | |||||||||
Tenant reimbursements | 0 | 0 | 0 | |||||||||
Hotel income | 0 | 0 | 0 | |||||||||
Other property income | 980,000 | 171,000 | 0 | |||||||||
Revenues | 980,000 | 171,000 | 0 | |||||||||
Expenses: | ||||||||||||
Property operating costs | 0 | 0 | 0 | |||||||||
Hotel operating costs | 0 | 0 | 0 | |||||||||
Asset and property management fees: | ||||||||||||
Related-party | 0 | 0 | 0 | |||||||||
Other | 0 | 0 | 0 | |||||||||
Depreciation | 0 | 0 | 0 | |||||||||
Amortization | 0 | 0 | 0 | |||||||||
Impairment loss on real estate assets | 0 | |||||||||||
General and administrative | 154,000 | 152,000 | 149,000 | |||||||||
Acquisition expenses | 0 | 0 | ||||||||||
Costs and expenses | 154,000 | 152,000 | 149,000 | |||||||||
Real estate operating income (loss) | 826,000 | 19,000 | (149,000) | |||||||||
Other income (expense): | ||||||||||||
Interest expense | 0 | 0 | 0 | |||||||||
Interest and other income | 14,268,000 | 14,141,000 | 7,969,000 | |||||||||
Loss on interest rate swaps | 0 | 0 | ||||||||||
Loss on the early extinguishment of debt | 0 | 0 | 0 | |||||||||
Nonoperating income (expense) | 14,268,000 | 14,141,000 | 92,784,000 | |||||||||
Income before income tax, unconsolidated joint ventures, and gains on sales of real estate assets | 15,094,000 | 14,160,000 | 92,635,000 | |||||||||
Income tax expense | 0 | 0 | 0 | |||||||||
Loss from unconsolidated joint venture | 69,187,000 | 30,459,000 | 84,815,000 | |||||||||
Income before gains of sales of real estate assets | 84,281,000 | 44,619,000 | 92,635,000 | |||||||||
Gain (loss) on sale of real estate assets | 0 | 0 | 0 | |||||||||
Income from continuing operations | 92,635,000 | |||||||||||
Discontinued operations: | ||||||||||||
Loss from discontinued operations | 0 | |||||||||||
Loss on disposition of discontinued operations | 0 | |||||||||||
Loss from discontinued operations | 0 | |||||||||||
Net income | 84,281,000 | 44,619,000 | 92,635,000 | |||||||||
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||||||||||||
Revenues: | ||||||||||||
Rental income | 3,622,000 | 2,662,000 | 1,150,000 | |||||||||
Tenant reimbursements | 1,963,000 | 1,316,000 | 222,000 | |||||||||
Hotel income | 0 | 0 | 0 | |||||||||
Other property income | 0 | 0 | 0 | |||||||||
Revenues | 5,585,000 | 3,978,000 | 1,372,000 | |||||||||
Expenses: | ||||||||||||
Property operating costs | 3,209,000 | 3,065,000 | 2,716,000 | |||||||||
Hotel operating costs | 0 | 0 | 0 | |||||||||
Asset and property management fees: | ||||||||||||
Related-party | 154,000 | 100,000 | 17,000 | |||||||||
Other | 0 | 0 | 0 | |||||||||
Depreciation | 2,760,000 | 2,571,000 | 1,795,000 | |||||||||
Amortization | 364,000 | 237,000 | 121,000 | |||||||||
Impairment loss on real estate assets | 0 | |||||||||||
General and administrative | 8,566,000 | 8,754,000 | 9,701,000 | |||||||||
Acquisition expenses | 11,000 | 0 | ||||||||||
Costs and expenses | 15,053,000 | 14,738,000 | 14,350,000 | |||||||||
Real estate operating income (loss) | (9,468,000) | (10,760,000) | (12,978,000) | |||||||||
Other income (expense): | ||||||||||||
Interest expense | (46,797,000) | (44,919,000) | (30,271,000) | |||||||||
Interest and other income | 15,272,000 | 12,565,000 | 10,724,000 | |||||||||
Loss on interest rate swaps | (1,101,000) | 0 | ||||||||||
Loss on the early extinguishment of debt | (18,987,000) | (1,050,000) | 0 | |||||||||
Nonoperating income (expense) | (50,512,000) | (34,505,000) | 94,429,000 | |||||||||
Income before income tax, unconsolidated joint ventures, and gains on sales of real estate assets | (59,980,000) | (45,265,000) | 81,451,000 | |||||||||
Income tax expense | (20,000) | (25,000) | (4,000) | |||||||||
Loss from unconsolidated joint venture | 113,105,000 | 59,165,000 | 113,976,000 | |||||||||
Income before gains of sales of real estate assets | 53,105,000 | 13,875,000 | 81,447,000 | |||||||||
Gain (loss) on sale of real estate assets | 0 | (19,000) | 0 | |||||||||
Income from continuing operations | 81,447,000 | |||||||||||
Discontinued operations: | ||||||||||||
Loss from discontinued operations | 0 | |||||||||||
Loss on disposition of discontinued operations | 0 | |||||||||||
Loss from discontinued operations | 0 | |||||||||||
Net income | 53,105,000 | 13,856,000 | 81,447,000 | |||||||||
Reportable Legal Entities | Non- Guarantors | ||||||||||||
Revenues: | ||||||||||||
Rental income | 362,947,000 | 433,763,000 | 413,752,000 | |||||||||
Tenant reimbursements | 67,807,000 | 98,339,000 | 95,153,000 | |||||||||
Hotel income | 22,661,000 | 24,309,000 | 22,885,000 | |||||||||
Other property income | 14,352,000 | 6,215,000 | 8,220,000 | |||||||||
Revenues | 467,767,000 | 562,626,000 | 540,010,000 | |||||||||
Expenses: | ||||||||||||
Property operating costs | 152,142,000 | 185,390,000 | 161,367,000 | |||||||||
Hotel operating costs | 18,686,000 | 19,615,000 | 18,792,000 | |||||||||
Asset and property management fees: | ||||||||||||
Related-party | 0 | 0 | 0 | |||||||||
Other | 1,415,000 | 1,816,000 | 2,258,000 | |||||||||
Depreciation | 105,783,000 | 128,919,000 | 115,971,000 | |||||||||
Amortization | 56,411,000 | 86,891,000 | 78,722,000 | |||||||||
Impairment loss on real estate assets | 25,130,000 | |||||||||||
General and administrative | 25,408,000 | 21,010,000 | 21,632,000 | |||||||||
Acquisition expenses | 3,664,000 | 14,142,000 | ||||||||||
Costs and expenses | 359,845,000 | 447,305,000 | 438,014,000 | |||||||||
Real estate operating income (loss) | 107,922,000 | 115,321,000 | 101,996,000 | |||||||||
Other income (expense): | ||||||||||||
Interest expense | (50,302,000) | (67,076,000) | (64,105,000) | |||||||||
Interest and other income | 7,238,000 | 7,247,000 | 7,247,000 | |||||||||
Loss on interest rate swaps | (9,000) | (371,000) | ||||||||||
Loss on the early extinguishment of debt | (10,000) | (2,099,000) | (23,000) | |||||||||
Nonoperating income (expense) | (43,074,000) | (61,937,000) | (57,252,000) | |||||||||
Income before income tax, unconsolidated joint ventures, and gains on sales of real estate assets | 64,848,000 | 53,384,000 | 44,744,000 | |||||||||
Income tax expense | (425,000) | (353,000) | (658,000) | |||||||||
Loss from unconsolidated joint venture | 0 | 0 | 0 | |||||||||
Income before gains of sales of real estate assets | 64,423,000 | 53,031,000 | 44,086,000 | |||||||||
Gain (loss) on sale of real estate assets | 72,325,000 | 23,879,000 | 75,275,000 | |||||||||
Income from continuing operations | 119,361,000 | |||||||||||
Discontinued operations: | ||||||||||||
Loss from discontinued operations | (390,000) | |||||||||||
Loss on disposition of discontinued operations | (1,627,000) | |||||||||||
Loss from discontinued operations | (2,017,000) | |||||||||||
Net income | 136,748,000 | 76,910,000 | 117,344,000 | |||||||||
Consolidating Adjustments | ||||||||||||
Revenues: | ||||||||||||
Rental income | (383,000) | (377,000) | (361,000) | |||||||||
Tenant reimbursements | 0 | 0 | 0 | |||||||||
Hotel income | 0 | 0 | 0 | |||||||||
Other property income | (406,000) | (333,000) | (224,000) | |||||||||
Revenues | (789,000) | (710,000) | (585,000) | |||||||||
Expenses: | ||||||||||||
Property operating costs | (383,000) | (377,000) | (361,000) | |||||||||
Hotel operating costs | 0 | 0 | 0 | |||||||||
Asset and property management fees: | ||||||||||||
Related-party | (154,000) | (100,000) | (17,000) | |||||||||
Other | 0 | 0 | 0 | |||||||||
Depreciation | 0 | 0 | 0 | |||||||||
Amortization | 0 | 0 | 0 | |||||||||
Impairment loss on real estate assets | 0 | |||||||||||
General and administrative | (252,000) | (233,000) | (207,000) | |||||||||
Acquisition expenses | 0 | 0 | ||||||||||
Costs and expenses | (789,000) | (710,000) | (585,000) | |||||||||
Real estate operating income (loss) | 0 | 0 | 0 | |||||||||
Other income (expense): | ||||||||||||
Interest expense | 29,490,000 | 26,699,000 | 18,665,000 | |||||||||
Interest and other income | (29,490,000) | (26,699,000) | (18,665,000) | |||||||||
Loss on interest rate swaps | 0 | 0 | ||||||||||
Loss on the early extinguishment of debt | 0 | 0 | 0 | |||||||||
Nonoperating income (expense) | 0 | 0 | (198,791,000) | |||||||||
Income before income tax, unconsolidated joint ventures, and gains on sales of real estate assets | 0 | 0 | (198,791,000) | |||||||||
Income tax expense | 0 | 0 | 0 | |||||||||
Loss from unconsolidated joint venture | (189,853,000) | (90,766,000) | (198,791,000) | |||||||||
Income before gains of sales of real estate assets | (189,853,000) | (90,766,000) | (198,791,000) | |||||||||
Gain (loss) on sale of real estate assets | 0 | 0 | 0 | |||||||||
Income from continuing operations | (198,791,000) | |||||||||||
Discontinued operations: | ||||||||||||
Loss from discontinued operations | 0 | |||||||||||
Loss on disposition of discontinued operations | 0 | |||||||||||
Loss from discontinued operations | 0 | |||||||||||
Net income | $ (189,853,000) | $ (90,766,000) | $ (198,791,000) |
Financial Information for Par83
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | $ 27,400 | $ 36,898 | $ 13,286 | $ 6,697 | $ 10,169 | $ 20,143 | $ 8,709 | $ 5,598 | $ 84,281 | $ 44,619 | $ 92,635 |
Market value adjustment to interest rate swap | 1,553 | (1,570) | 1,339 | ||||||||
Settlement of interest rate swap | 0 | 1,102 | 0 | ||||||||
Comprehensive income | 85,834 | 44,151 | 93,974 | ||||||||
Reportable Legal Entities | Columbia Property Trust (Parent) | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | 84,281 | 44,619 | 92,635 | ||||||||
Market value adjustment to interest rate swap | 1,553 | (1,570) | 1,339 | ||||||||
Settlement of interest rate swap | 1,102 | ||||||||||
Comprehensive income | 85,834 | 44,151 | 93,974 | ||||||||
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | 53,105 | 13,856 | 81,447 | ||||||||
Market value adjustment to interest rate swap | 1,553 | (1,570) | 1,339 | ||||||||
Settlement of interest rate swap | 1,102 | ||||||||||
Comprehensive income | 54,658 | 13,388 | 82,786 | ||||||||
Reportable Legal Entities | Non- Guarantors | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | 136,748 | 76,910 | 117,344 | ||||||||
Market value adjustment to interest rate swap | 0 | 0 | 0 | ||||||||
Settlement of interest rate swap | 0 | ||||||||||
Comprehensive income | 136,748 | 76,910 | 117,344 | ||||||||
Consolidating Adjustments | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | (189,853) | (90,766) | (198,791) | ||||||||
Market value adjustment to interest rate swap | (1,553) | 1,570 | (1,339) | ||||||||
Settlement of interest rate swap | (1,102) | ||||||||||
Comprehensive income | $ (191,406) | $ (90,298) | $ (200,130) |
Financial Information for Par84
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | $ 193,091 | $ 223,080 | $ 236,906 |
Cash flows from investing activities: | |||
Net proceeds from sale of real estate | 613,732 | 596,734 | 418,207 |
Investment in real estate and related assets | (71,907) | (1,167,933) | (441,995) |
Investment in unconsolidated joint venture | (16,212) | (5,500) | 0 |
Investments in subsidiaries | 0 | 0 | |
Net cash provided by (used in) investing activities | 525,613 | (576,699) | (23,788) |
Cash flows from financing activities: | |||
Borrowings, net of fees | 780,577 | 2,223,778 | 281,518 |
Repayments | (1,095,460) | (1,854,512) | (294,739) |
Prepayments to settle debt and interest rate swap | (17,921) | (3,165) | 0 |
Redemptions of common stock | (53,986) | (17,057) | 0 |
Distributions | (148,474) | (112,570) | (149,962) |
Intercompany transfers, net | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | (535,264) | 236,474 | (163,183) |
Net increase (decrease) in cash and cash equivalents | 183,440 | (117,145) | 49,935 |
Cash and cash equivalents, beginning of period | 32,645 | 149,790 | 99,855 |
Cash and cash equivalents, end of period | 216,085 | 32,645 | 149,790 |
Reportable Legal Entities | Columbia Property Trust (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | 875 | 26 | (122) |
Cash flows from investing activities: | |||
Net proceeds from sale of real estate | 603,732 | 72,353 | 0 |
Investment in real estate and related assets | 0 | (57,198) | (5,000) |
Investment in unconsolidated joint venture | 0 | 0 | |
Investments in subsidiaries | (1,065,695) | 67,403 | |
Net cash provided by (used in) investing activities | 603,732 | (1,050,540) | 62,403 |
Cash flows from financing activities: | |||
Borrowings, net of fees | 781,416 | 0 | 0 |
Repayments | (1,090,000) | 0 | 0 |
Prepayments to settle debt and interest rate swap | (17,921) | 0 | |
Redemptions of common stock | (53,986) | (17,057) | |
Distributions | (148,474) | (112,570) | (149,962) |
Intercompany transfers, net | 97,789 | 1,061,642 | 153,847 |
Net cash provided by (used in) financing activities | (431,176) | 932,015 | 3,885 |
Net increase (decrease) in cash and cash equivalents | 173,431 | (118,499) | 66,166 |
Cash and cash equivalents, beginning of period | 989 | 119,488 | 53,322 |
Cash and cash equivalents, end of period | 174,420 | 989 | 119,488 |
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | (49,902) | (50,601) | (38,618) |
Cash flows from investing activities: | |||
Net proceeds from sale of real estate | 0 | 524,381 | 418,207 |
Investment in real estate and related assets | (2,157) | (1,007,511) | (366,380) |
Investment in unconsolidated joint venture | (16,212) | (5,500) | |
Investments in subsidiaries | 0 | 0 | |
Net cash provided by (used in) investing activities | (18,369) | (488,630) | 51,827 |
Cash flows from financing activities: | |||
Borrowings, net of fees | (839) | 2,223,778 | 282,807 |
Repayments | 0 | (1,518,000) | (283,000) |
Prepayments to settle debt and interest rate swap | 0 | (1,102) | |
Redemptions of common stock | 0 | 0 | |
Distributions | 0 | 0 | 0 |
Intercompany transfers, net | 70,650 | (160,980) | (23,220) |
Net cash provided by (used in) financing activities | 69,811 | 543,696 | (23,413) |
Net increase (decrease) in cash and cash equivalents | 1,540 | 4,465 | (10,204) |
Cash and cash equivalents, beginning of period | 14,969 | 10,504 | 20,708 |
Cash and cash equivalents, end of period | 16,509 | 14,969 | 10,504 |
Reportable Legal Entities | Non- Guarantors | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | 242,118 | 273,655 | 275,646 |
Cash flows from investing activities: | |||
Net proceeds from sale of real estate | 10,000 | 0 | 0 |
Investment in real estate and related assets | (69,750) | (103,224) | (70,615) |
Investment in unconsolidated joint venture | 0 | 0 | |
Investments in subsidiaries | 0 | 0 | |
Net cash provided by (used in) investing activities | (59,750) | (103,224) | (70,615) |
Cash flows from financing activities: | |||
Borrowings, net of fees | 0 | 0 | (1,289) |
Repayments | (5,460) | (336,512) | (11,739) |
Prepayments to settle debt and interest rate swap | 0 | (2,063) | |
Redemptions of common stock | 0 | 0 | |
Distributions | 0 | 0 | 0 |
Intercompany transfers, net | (168,439) | 165,033 | (198,030) |
Net cash provided by (used in) financing activities | (173,899) | (173,542) | (211,058) |
Net increase (decrease) in cash and cash equivalents | 8,469 | (3,111) | (6,027) |
Cash and cash equivalents, beginning of period | 16,687 | 19,798 | 25,825 |
Cash and cash equivalents, end of period | 25,156 | 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 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 | 0 |
Cash and cash equivalents, end of period | $ 0 | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 08, 2017 | Jan. 05, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 |
Subsequent Event [Line Items] | ||||||||||
Dividend declared, per share (in dollars per share) | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.300 | $ 0.30 | $ 0.30 | ||
Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends payable | $ 36.7 | |||||||||
Dividend declared, per share (in dollars per share) | $ 0.20 |
Schedule III - Real Estate As86
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Oct. 28, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate and Accumulated Depreciation [Line Items] | |||||
Gross Amount at Which Carried at December 31, 2016, Total | $ 4,243,531 | $ 4,948,605 | $ 5,050,482 | $ 4,875,866 | |
Investment in development authority bonds | 120,000 | $ 120,000 | |||
Aggregate cost of land and buildings and improvements for federal income tax purposes | 4,488,000 | ||||
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 | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Building | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 45 years | ||||
Corporate Joint Venture | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Percentage of real estate transferred | 100.00% | ||||
Ownership percentage | 51.00% | 51.00% | |||
Corporate Joint Venture | MARKET SQUARE BUILDINGS | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Percentage of real estate transferred | 100.00% | ||||
Consolidated Real Estate Assets - Held For Use | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 749,160 | ||||
Initial Costs, Building and Improvements | 2,879,482 | ||||
Initial Costs, Total | 3,628,642 | ||||
Costs Capitalized Subsequent to Acquisition | 21,592 | ||||
Gross Amount at Which Carried at December 31, 2016, Land | 751,351 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 2,898,883 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 3,650,234 | ||||
Accumulated Depreciation and Amortization | $ 548,234 | ||||
Consolidated Real Estate Assets - Held For Use | ONE GLENLAKE PARKWAY | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | $ 26,315 | ||||
Initial Costs, Land | 5,846 | ||||
Initial Costs, Building and Improvements | 66,681 | ||||
Initial Costs, Total | 72,527 | ||||
Costs Capitalized Subsequent to Acquisition | 607 | ||||
Gross Amount at Which Carried at December 31, 2016, Land | 5,934 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 67,200 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 73,134 | ||||
Accumulated Depreciation and Amortization | $ 20,276 | ||||
Consolidated Real Estate Assets - Held For Use | 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 | (7,458) | ||||
Gross Amount at Which Carried at December 31, 2016, Land | 26,806 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 68,253 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 95,059 | ||||
Accumulated Depreciation and Amortization | $ 22,689 | ||||
Consolidated Real Estate Assets - Held For Use | 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 | (18,754) | ||||
Gross Amount at Which Carried at December 31, 2016, Land | 27,756 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 259,271 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 287,027 | ||||
Accumulated Depreciation and Amortization | $ 77,916 | ||||
Consolidated Real Estate Assets - Held For Use | 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, 2016, Land | 7,233 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 48,334 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 55,567 | ||||
Accumulated Depreciation and Amortization | $ 23,935 | ||||
Consolidated Real Estate Assets - Held For Use | 95 COLUMBUS | |||||
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 | 12,217 | ||||
Gross Amount at Which Carried at December 31, 2016, Land | 29,712 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 153,110 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 182,822 | ||||
Accumulated Depreciation and Amortization | $ 54,335 | ||||
Consolidated Real Estate Assets - Held For Use | 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 | (1,053) | ||||
Gross Amount at Which Carried at December 31, 2016, Land | 53,099 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 58,577 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 111,676 | ||||
Accumulated Depreciation and Amortization | $ 15,703 | ||||
Consolidated Real Estate Assets - Held For Use | 222 EAST 41ST STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | $ 0 | ||||
Initial Costs, Land | 0 | ||||
Initial Costs, Building and Improvements | 324,520 | ||||
Initial Costs, Total | 324,520 | ||||
Costs Capitalized Subsequent to Acquisition | (26,006) | ||||
Gross Amount at Which Carried at December 31, 2016, Land | 0 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 298,514 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 298,514 | ||||
Accumulated Depreciation and Amortization | $ 61,749 | ||||
Consolidated Real Estate Assets - Held For Use | LINDBERGH CENTER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | $ 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, 2016, Land | 0 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 265,720 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 265,720 | ||||
Accumulated Depreciation and Amortization | $ 69,267 | ||||
Consolidated Real Estate Assets - Held For Use | THREE GLENLAKE BUILDING | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | $ 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, 2016, Land | 8,055 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 89,137 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 97,192 | ||||
Accumulated Depreciation and Amortization | $ 24,751 | ||||
Consolidated Real Estate Assets - Held For Use | 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 | (6,243) | ||||
Gross Amount at Which Carried at December 31, 2016, Land | 15,512 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 166,819 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 182,331 | ||||
Accumulated Depreciation and Amortization | $ 40,581 | ||||
Consolidated Real Estate Assets - Held For Use | 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 | 2 | ||||
Gross Amount at Which Carried at December 31, 2016, Land | 114,485 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 292,840 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 407,325 | ||||
Accumulated Depreciation and Amortization | $ 36,568 | ||||
Consolidated Real Estate Assets - Held For Use | 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 | 8,759 | ||||
Gross Amount at Which Carried at December 31, 2016, Land | 60,509 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 183,388 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 243,897 | ||||
Accumulated Depreciation and Amortization | $ 22,071 | ||||
Consolidated Real Estate Assets - Held For Use | 650 CALIFORNIA STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | $ 126,288 | ||||
Initial Costs, Land | 75,384 | ||||
Initial Costs, Building and Improvements | 240,441 | ||||
Initial Costs, Total | 315,825 | ||||
Costs Capitalized Subsequent to Acquisition | 1,207 | ||||
Gross Amount at Which Carried at December 31, 2016, Land | 75,384 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 241,648 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 317,032 | ||||
Accumulated Depreciation and Amortization | $ 26,153 | ||||
Consolidated Real Estate Assets - Held For Use | 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 | 4,317 | ||||
Gross Amount at Which Carried at December 31, 2016, Land | 119,633 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 253,827 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 373,460 | ||||
Accumulated Depreciation and Amortization | $ 22,413 | ||||
Consolidated Real Estate Assets - Held For Use | 116 HUNTINGTON AVENUE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | $ 0 | ||||
Initial Costs, Land | 0 | ||||
Initial Costs, Building and Improvements | 116,290 | ||||
Initial Costs, Total | 116,290 | ||||
Costs Capitalized Subsequent to Acquisition | 42,170 | ||||
Gross Amount at Which Carried at December 31, 2016, Land | 0 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 158,460 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 158,460 | ||||
Accumulated Depreciation and Amortization | $ 10,791 | ||||
Consolidated Real Estate Assets - Held For Use | 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 | 794 | ||||
Gross Amount at Which Carried at December 31, 2016, Land | 207,233 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 293,785 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 501,018 | ||||
Accumulated Depreciation and Amortization | $ 19,036 | ||||
Consolidated Real Estate Assets - Held For Use | Minimum | ONE GLENLAKE PARKWAY | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Consolidated Real Estate Assets - Held For Use | Minimum | 80 M STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Consolidated Real Estate Assets - Held For Use | Minimum | UNIVERSITY CIRCLE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Consolidated Real Estate Assets - Held For Use | Minimum | 263 SHUMAN BOULEVARD | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Consolidated Real Estate Assets - Held For Use | Minimum | 95 COLUMBUS | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Consolidated Real Estate Assets - Held For Use | Minimum | PASADENA CORPORATE PARK | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Consolidated Real Estate Assets - Held For Use | Minimum | 222 EAST 41ST STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Consolidated Real Estate Assets - Held For Use | Minimum | LINDBERGH CENTER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Consolidated Real Estate Assets - Held For Use | Minimum | THREE GLENLAKE BUILDING | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Consolidated Real Estate Assets - Held For Use | Minimum | CRANBERRY WOODS DRIVE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Consolidated Real Estate Assets - Held For Use | Minimum | 333 MARKET STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Consolidated Real Estate Assets - Held For Use | Minimum | 221 MAIN STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Consolidated Real Estate Assets - Held For Use | Minimum | 650 CALIFORNIA STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Consolidated Real Estate Assets - Held For Use | Minimum | 315 PARK AVENUE SOUTH | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Consolidated Real Estate Assets - Held For Use | Minimum | 116 HUNTINGTON AVENUE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Consolidated Real Estate Assets - Held For Use | Minimum | 229 WEST 43RD STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Consolidated Real Estate Assets - Held For Use | Maximum | ONE GLENLAKE PARKWAY | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Consolidated Real Estate Assets - Held For Use | Maximum | 80 M STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Consolidated Real Estate Assets - Held For Use | Maximum | UNIVERSITY CIRCLE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Consolidated Real Estate Assets - Held For Use | Maximum | 263 SHUMAN BOULEVARD | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Consolidated Real Estate Assets - Held For Use | Maximum | 95 COLUMBUS | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Consolidated Real Estate Assets - Held For Use | Maximum | PASADENA CORPORATE PARK | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Consolidated Real Estate Assets - Held For Use | Maximum | 222 EAST 41ST STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 45 years | ||||
Consolidated Real Estate Assets - Held For Use | Maximum | LINDBERGH CENTER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Consolidated Real Estate Assets - Held For Use | Maximum | THREE GLENLAKE BUILDING | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Consolidated Real Estate Assets - Held For Use | Maximum | CRANBERRY WOODS DRIVE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Consolidated Real Estate Assets - Held For Use | Maximum | 333 MARKET STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Consolidated Real Estate Assets - Held For Use | Maximum | 221 MAIN STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Consolidated Real Estate Assets - Held For Use | Maximum | 650 CALIFORNIA STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Consolidated Real Estate Assets - Held For Use | Maximum | 315 PARK AVENUE SOUTH | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Consolidated Real Estate Assets - Held For Use | Maximum | 116 HUNTINGTON AVENUE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Consolidated Real Estate Assets - Held For Use | Maximum | 229 WEST 43RD STREET | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Consolidated Real Estate Assets - Held For Sale | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 29,762 | ||||
Initial Costs, Building and Improvements | 534,784 | ||||
Initial Costs, Total | 564,546 | ||||
Costs Capitalized Subsequent to Acquisition | 28,751 | ||||
Gross Amount at Which Carried at December 31, 2016, Land | 30,243 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 563,054 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 593,297 | ||||
Accumulated Depreciation and Amortization | $ 180,791 | ||||
Consolidated Real Estate Assets - Held For Sale | 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 | 12,539 | ||||
Gross Amount at Which Carried at December 31, 2016, Land | 6,241 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 41,303 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 47,544 | ||||
Accumulated Depreciation and Amortization | $ 12,589 | ||||
Consolidated Real Estate Assets - Held For Sale | 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 | (26,865) | ||||
Gross Amount at Which Carried at December 31, 2016, Land | 8,186 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 120,788 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 128,974 | ||||
Accumulated Depreciation and Amortization | $ 39,378 | ||||
Consolidated Real Estate Assets - Held For Sale | KEY CENTER TOWER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | $ 0 | ||||
Initial Costs, Land | 7,269 | ||||
Initial Costs, Building and Improvements | 244,424 | ||||
Initial Costs, Total | 251,693 | ||||
Costs Capitalized Subsequent to Acquisition | 21,566 | ||||
Gross Amount at Which Carried at December 31, 2016, Land | 7,453 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 265,806 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 273,259 | ||||
Accumulated Depreciation and Amortization | $ 87,515 | ||||
Consolidated Real Estate Assets - Held For Sale | KEY CENTER MARRIOTT | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Encumbrances | $ 0 | ||||
Initial Costs, Land | 3,473 | ||||
Initial Costs, Building and Improvements | 34,458 | ||||
Initial Costs, Total | 37,931 | ||||
Costs Capitalized Subsequent to Acquisition | 16,381 | ||||
Gross Amount at Which Carried at December 31, 2016, Land | 3,629 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 50,683 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 54,312 | ||||
Accumulated Depreciation and Amortization | $ 19,800 | ||||
Consolidated Real Estate Assets - Held For Sale | 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, 2016, Land | 4,734 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 84,474 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 89,208 | ||||
Accumulated Depreciation and Amortization | $ 21,509 | ||||
Consolidated Real Estate Assets - Held For Sale | Minimum | 515 POST OAK | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Consolidated Real Estate Assets - Held For Sale | Minimum | 5 HOUSTON CENTER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Consolidated Real Estate Assets - Held For Sale | Minimum | KEY CENTER TOWER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Consolidated Real Estate Assets - Held For Sale | Minimum | KEY CENTER MARRIOTT | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Consolidated Real Estate Assets - Held For Sale | Minimum | HOUSTON ENERGY CENTER I | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Consolidated Real Estate Assets - Held For Sale | Maximum | 515 POST OAK | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Consolidated Real Estate Assets - Held For Sale | Maximum | 5 HOUSTON CENTER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Consolidated Real Estate Assets - Held For Sale | Maximum | KEY CENTER TOWER | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Consolidated Real Estate Assets - Held For Sale | Maximum | KEY CENTER MARRIOTT | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Consolidated Real Estate Assets - Held For Sale | Maximum | HOUSTON ENERGY CENTER I | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Consolidated Properties | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Land | $ 778,922 | ||||
Initial Costs, Building and Improvements | 3,414,266 | ||||
Initial Costs, Total | 4,193,188 | ||||
Costs Capitalized Subsequent to Acquisition | 50,343 | ||||
Gross Amount at Which Carried at December 31, 2016, Land | 781,594 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 3,461,937 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 4,243,531 | ||||
Accumulated Depreciation and Amortization | $ 729,025 | ||||
Unconsolidated Properties | MARKET SQUARE BUILDINGS | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 51.00% | ||||
Encumbrances | $ 325,000 | ||||
Initial Costs, Land | 152,629 | ||||
Initial Costs, Building and Improvements | 450,757 | ||||
Initial Costs, Total | 603,386 | ||||
Costs Capitalized Subsequent to Acquisition | 50,876 | ||||
Gross Amount at Which Carried at December 31, 2016, Land | 152,629 | ||||
Gross Amount at Which Carried at December 31, 2016, Buildings and Improvements | 399,881 | ||||
Gross Amount at Which Carried at December 31, 2016, Total | 552,510 | ||||
Accumulated Depreciation and Amortization | 16,530 | ||||
Initial cost of land, buildings and improvements net of encumbrances | $ 578,500 | ||||
Unconsolidated Properties | Minimum | MARKET SQUARE BUILDINGS | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | ||||
Unconsolidated Properties | Maximum | MARKET SQUARE BUILDINGS | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | ||||
Unconsolidated Properties | Corporate Joint Venture | MARKET SQUARE BUILDINGS | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Ownership percentage | 51.00% |
Schedule III - Real Estate As87
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 28, 2015 | |
Real Estate: | ||||
Balance at beginning of year | $ 4,948,605 | $ 5,050,482 | $ 4,875,866 | |
Additions to/improvements of real estate | 41,848 | 1,162,068 | 610,510 | |
Sale/transfer of real estate | (673,164) | (1,188,083) | (399,499) | |
Impairment of real estate | 0 | 0 | (25,130) | |
Write-offs of building and tenant improvements | (5,559) | (1,552) | (1,230) | |
Write-offs of intangible assets | (30,435) | (12,614) | (5,251) | |
Write-offs of fully depreciated assets | (37,764) | (61,696) | (4,784) | |
Balance at end of year | 4,243,531 | 4,948,605 | 5,050,482 | |
Accumulated Depreciation and Amortization: | ||||
Balance at beginning of year | 863,724 | 973,920 | 903,472 | |
Depreciation and amortization expense | 140,823 | 183,492 | 161,133 | |
Sale/transfer of real estate | (203,248) | (221,481) | (80,607) | |
Write-offs of tenant improvements | (4,336) | (948) | (690) | |
Write-offs of intangible assets | (30,174) | (9,563) | (4,604) | |
Write-offs of fully depreciated assets | (37,764) | (61,696) | (4,784) | |
Balance at end of year | $ 729,025 | $ 863,724 | $ 973,920 | |
Corporate Joint Venture | ||||
Accumulated Depreciation and Amortization: | ||||
Percentage of real estate transferred | 100.00% | |||
Ownership percentage | 51.00% | 51.00% |