Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 24, 2017 | |
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-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 121,235,494 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Real estate assets, at cost: | ||
Land | $ 751,351 | $ 751,351 |
Buildings and improvements, less accumulated depreciation of $471,029 and $435,457, as of June 30, 2017 and December 31, 2016, respectively | 2,117,880 | 2,121,150 |
Intangible lease assets, less accumulated amortization of $99,910 and $112,777, as of June 30, 2017 and December 31, 2016, respectively | 182,428 | 193,311 |
Construction in progress | 49,069 | 36,188 |
Real estate assets held for sale, less accumulated depreciation and amortization of $180,791, as of December 31, 2016 | 0 | 412,506 |
Total real estate assets | 3,100,728 | 3,514,506 |
Investment in unconsolidated joint venture | 125,584 | 127,346 |
Cash and cash equivalents | 506,538 | 216,085 |
Tenant receivables, net of allowance for doubtful accounts of $31 as of December 31, 2016 | 4,002 | 7,163 |
Straight-line rent receivable | 77,875 | 64,811 |
Prepaid expenses and other assets | 39,815 | 24,275 |
Intangible lease origination costs, less accumulated amortization of $68,771 and $74,578, as of June 30, 2017 and December 31, 2016, respectively | 48,586 | 54,279 |
Deferred lease costs, less accumulated amortization of $25,838 and $22,753, as of June 30, 2017 and December 31, 2016, respectively | 129,849 | 125,799 |
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 | 0 | 45,529 |
Total assets | 4,152,977 | 4,299,793 |
Liabilities: | ||
Line of credit and notes payable, net of unamortized deferred financing costs of $2,614 and $3,136, as of June 30, 2017 and December 31, 2016, respectively | 646,160 | 721,466 |
Bonds payable, net of discounts of $1,574 and $1,664 and unamortized deferred financing costs of $5,062 and $5,364, as of June 30, 2017 and December 31, 2016, respectively | 693,364 | 692,972 |
Accounts payable, accrued expenses, and accrued capital expenditures | 140,151 | 131,028 |
Dividends payable | 0 | 36,727 |
Deferred income | 19,392 | 19,694 |
Intangible lease liabilities, less accumulated amortization of $39,939 and $44,564, as of June 30, 2017 and December 31, 2016, respectively | 29,067 | 33,375 |
Obligations under capital lease | 120,000 | 120,000 |
Liabilities held for sale, less accumulated amortization of $1,239, as of December 31, 2016 | 0 | 41,763 |
Total liabilities | 1,648,134 | 1,797,025 |
Commitments and Contingencies (Note 7) | ||
Equity: | ||
Common stock, $0.01 par value, 225,000,000 shares authorized, 121,235,494 and 122,184,193 shares issued and outstanding, as of June 30, 2017 and December 31, 2016, respectively | 1,211 | 1,221 |
Additional paid-in capital | 4,513,922 | 4,538,912 |
Cumulative distributions in excess of earnings | (2,009,405) | (2,036,482) |
Cumulative other comprehensive loss | (885) | (883) |
Total equity | 2,504,843 | 2,502,768 |
Total liabilities and equity | $ 4,152,977 | $ 4,299,793 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Building and improvements, accumulated depreciation | $ 471,029 | $ 435,457 |
Intangible lease assets, accumulated amortization | 99,910 | 112,777 |
Real estate assets held for sale, accumulated amortization | 180,791 | |
Allowance for doubtful accounts | 31 | |
Intangible lease origination costs, accumulated amortization | 68,771 | 74,578 |
Deferred lease costs, accumulated amortization | 25,838 | 22,753 |
Other assets held for sale, accumulated amortization | 34,152 | |
Deferred financing costs, net | 2,614 | 3,136 |
Bonds payable discount | 1,574 | 1,664 |
Intangible lease liabilities, accumulated amortization | $ 39,939 | 44,564 |
Liabilities held for sale, accumulated amortization | $ 1,239 | |
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 121,235,494 | 122,184,193 |
Common stock, shares outstanding | 121,235,494 | 122,184,193 |
Term Loans | ||
Deferred financing costs, net | $ 2,614 | $ 3,136 |
Bonds Payable | ||
Deferred financing costs, net | $ 5,062 | $ 5,364 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||||
Rental income | $ 67,121 | $ 93,567 | $ 138,294 | $ 193,153 |
Tenant reimbursements | 6,972 | 18,708 | 15,556 | 38,461 |
Hotel income | 0 | 6,551 | 1,339 | 11,214 |
Other property income | 764 | 9,104 | 1,824 | 11,681 |
Revenues | 74,857 | 127,930 | 157,013 | 254,509 |
Expenses: | ||||
Property operating costs | 21,831 | 40,242 | 45,936 | 81,578 |
Hotel operating costs | 9 | 5,038 | 2,085 | 9,369 |
Asset and property management fees | 260 | 341 | 529 | 671 |
Depreciation | 20,423 | 28,450 | 42,028 | 57,739 |
Amortization | 8,191 | 14,932 | 17,648 | 31,007 |
General and administrative | 9,201 | 7,761 | 17,969 | 18,251 |
Costs and expenses | 59,915 | 96,764 | 126,195 | 198,615 |
Real estate operating income | 14,942 | 31,166 | 30,818 | 55,894 |
Other income (expense): | ||||
Interest expense | (14,462) | (17,380) | (29,577) | (35,277) |
Interest and other income | 2,477 | 1,808 | 4,827 | 3,613 |
Loss on early extinguishment of debt | 0 | (92) | (45) | (92) |
Nonoperating income (expense) | (11,985) | (15,664) | (24,795) | (31,756) |
Income before income taxes, unconsolidated joint ventures, and sales of real estate: | 2,957 | 15,502 | 6,023 | 24,138 |
Income tax benefit (expense) | (7) | (245) | 381 | (322) |
Loss from unconsolidated joint venture | (1,817) | (1,952) | (3,702) | (3,504) |
Income before sales of real estate: | 1,133 | 13,305 | 2,702 | 20,312 |
Gain (loss) on sales of real estate assets | 0 | (19) | 73,153 | (329) |
Net income | $ 1,133 | $ 13,286 | $ 75,855 | $ 19,983 |
Per-share information – basic: | ||||
Net income (dollars per share) | $ 0.01 | $ 0.11 | $ 0.62 | $ 0.16 |
Weighted-average common shares outstanding – basic | 121,534 | 123,206 | 121,768 | 123,299 |
Per-share information – diluted: | ||||
Net income (dollars per share) | $ 0.01 | $ 0.11 | $ 0.62 | $ 0.16 |
Weighted-average common shares outstanding – diluted | 121,909 | 123,294 | 122,115 | 123,357 |
Dividends per share (dollars per share) | $ 0.20 | $ 0.30 | $ 0.40 | $ 0.60 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,133 | $ 13,286 | $ 75,855 | $ 19,983 |
Market value adjustment to interest rate swap | (636) | (2,022) | (2) | (6,879) |
Comprehensive income | $ 497 | $ 11,264 | $ 75,853 | $ 13,104 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Cumulative Other Comprehensive Loss |
Beginning balance, shares at Dec. 31, 2015 | 124,363,000 | ||||
Beginning balance, value at Dec. 31, 2015 | $ 2,614,194 | $ 1,243 | $ 4,588,303 | $ (1,972,916) | $ (2,436) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Repurchases of common stock, shares | (1,105,000) | ||||
Repurchases of common stock | (25,000) | $ (11) | (24,989) | ||
Common stock issued to employees and directors, and amortized (net of income tax withholdings), shares | 206,000 | ||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | 1,417 | $ 2 | 1,415 | ||
Distributions to common stockholders ($0.40 in 2017 and $0.60 in 2016) | (74,079) | (74,079) | |||
Net income | 19,983 | 19,983 | |||
Market value adjustment to interest rate swap | (6,879) | (6,879) | |||
Ending balance, shares at Jun. 30, 2016 | 123,464,000 | ||||
Ending balance, value at Jun. 30, 2016 | $ 2,529,636 | $ 1,234 | 4,564,729 | (2,027,012) | (9,315) |
Beginning balance, shares at Dec. 31, 2016 | 122,184,193 | 122,184,000 | |||
Beginning balance, value at Dec. 31, 2016 | $ 2,502,768 | $ 1,221 | 4,538,912 | (2,036,482) | (883) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Repurchases of common stock, shares | (1,252,000) | ||||
Repurchases of common stock | (27,501) | $ (13) | (27,488) | ||
Common stock issued to employees and directors, and amortized (net of income tax withholdings), shares | 303,000 | ||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | 2,501 | $ 3 | 2,498 | ||
Distributions to common stockholders ($0.40 in 2017 and $0.60 in 2016) | (48,778) | (48,778) | |||
Net income | 75,855 | 75,855 | |||
Market value adjustment to interest rate swap | $ (2) | (2) | |||
Ending balance, shares at Jun. 30, 2017 | 121,235,494 | 121,235,000 | |||
Ending balance, value at Jun. 30, 2017 | $ 2,504,843 | $ 1,211 | $ 4,513,922 | $ (2,009,405) | $ (885) |
Consolidated Statements of Equ7
Consolidated Statements of Equity (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Distributions to common stockholders per share (dollars per share) | $ 0.40 | $ 0.60 |
Common Stock | ||
Distributions to common stockholders per share (dollars per share) | $ 0.40 | $ 0.60 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows from Operating Activities: | ||
Net income | $ 75,855 | $ 19,983 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Straight-line rental income | (12,463) | (16,622) |
Depreciation | 42,028 | 57,739 |
Amortization | 16,789 | 28,057 |
Noncash interest expense | 1,491 | 1,927 |
Loss on early extinguishment of debt | 45 | 92 |
Loss from unconsolidated joint venture | 3,702 | 3,504 |
(Gain) loss on sales of real estate assets | (73,153) | 329 |
Stock-based compensation expense | 3,953 | 2,595 |
Changes in assets and liabilities, net of acquisitions and dispositions: | ||
Decrease in tenant receivables, net | 3,712 | 2,035 |
Increase in prepaid expenses and other assets | (1,024) | (27) |
Decrease in accounts payable and accrued expenses | (20,456) | (9,191) |
Decrease in deferred income | (4,516) | (983) |
Net cash provided by operating activities | 35,963 | 89,438 |
Cash Flows from Investing Activities: | ||
Net proceeds from the sales of real estate | 504,660 | 159,387 |
Prepaid earnest money and transaction costs | (12,341) | 0 |
Capital improvements | (35,090) | (22,792) |
Deferred lease costs paid | (10,432) | (13,692) |
Investments in unconsolidated joint venture | (1,940) | (8,728) |
Net cash provided by investing activities | 444,857 | 114,175 |
Cash Flows from Financing Activities: | ||
Financing costs paid | (70) | (139) |
Proceeds from lines of credit and notes payable | 0 | 215,000 |
Repayments of lines of credit and notes payable | (75,830) | (289,697) |
Distributions paid to stockholders | (85,505) | (111,433) |
Redemptions of common stock | (28,962) | (26,186) |
Net cash used in financing activities | (190,367) | (212,455) |
Net increase (decrease) in cash and cash equivalents | 290,453 | (8,842) |
Cash and cash equivalents, beginning of period | 216,085 | 32,645 |
Cash and cash equivalents, end of period | $ 506,538 | $ 23,803 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2017 | |
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 unconsolidated joint ventures. Unless otherwise noted, 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, income-generating office properties. As of June 30, 2017 , Columbia Property Trust owned 15 operating properties, containing approximately 7.8 million square feet of commercial space, located primarily in New York, San Francisco, Washington, D.C. and Atlanta. All of the 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 June 30, 2017 , the properties, including 51% of the Market Square buildings, which Columbia Property Trust owns through an unconsolidated joint venture, were approximately 95.3% leased. On July 6, 2017, Columbia Property Trust contributed two of its San Francisco properties to joint ventures and sold a 22.5% interest in each joint venture, and acquired a 49.5% interest in a property in Manhattan through another joint venture. See Note 3, Real Estate Transactions , for additional information. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements of Columbia Property Trust have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by U.S. generally accepted accounting principles ("GAAP") for complete financial statements. In the opinion of management, the statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year's results. Columbia Property Trust's consolidated financial statements include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable interest entity in which Columbia Property Trust or Columbia Property Trust OP was deemed the primary beneficiary. With respect to entities that are not variable interest entities, Columbia Property Trust's consolidated financial statements also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling general partnership interest. All intercompany balances and transactions have been eliminated in consolidation. For further information, refer to the financial statements and footnotes included in Columbia Property Trust's Annual Report on Form 10-K for the year ended December 31, 2016 (the " 2016 Form 10-K"). Fair Value Measurements Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 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, under current market conditions. 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 or liabilities valued based on observable market data for similar instruments. Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider. Real Estate Assets Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. Columbia Property Trust considers the period of future benefit of the asset to determine the appropriate useful lives. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows: Buildings 40-45 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, may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of real estate assets and related intangible assets and liabilities may not be recoverable, Columbia Property Trust assesses the recoverability of these assets and liabilities by determining whether the respective carrying values will be recovered through the estimated undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, Columbia Property Trust adjusts the carrying value of the real estate assets and related intangible assets and liabilities to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognizes an impairment loss. Estimated fair values are calculated based on the following hierarchy of information, depending upon availability: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated 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. Based on the assessment as described above, Columbia Property Trust has determined that the carrying values of all its real estate assets and related intangible assets are recoverable as of June 30, 2017 . Projections of expected future operating cash flows require that Columbia Property Trust estimate future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. Due to the inherent subjectivity of the assumptions used to project future cash flows, estimated fair values may differ from the values that would be realized in market transactions. Assets Held for Sale Columbia Property Trust classifies properties 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, properties, having separately identifiable operations and cash flows, 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 June 30, 2017 , none of Columbia Property Trust's properties met the criteria to be classified as held for sale in the accompanying balance sheet. As of December 31, 2016, Key Center Tower, Key Center Marriott, 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 Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust Is the Lessor Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of the properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see Fair Value Measurements section above for additional detail). As of June 30, 2017 and December 31, 2016 , Columbia Property Trust had the following 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 June 30, 2017 Gross $ 1,689 $ 139,732 $ 117,357 $ 69,006 Accumulated Amortization (796 ) (77,622 ) (68,771 ) (39,939 ) Net $ 893 $ 62,110 $ 48,586 $ 29,067 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 For the three and six months ended June 30, 2017 and 2016 , 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 three months ended June 30, 2017 $ 161 $ 4,189 $ 2,740 $ 1,911 For the three months ended June 30, 2016 $ 626 $ 7,918 $ 4,772 $ 3,745 For the six months ended June 30, 2017 $ 449 $ 9,257 $ 5,829 $ 4,316 For the six months ended June 30, 2016 $ 1,420 $ 16,447 $ 10,041 $ 7,426 The net intangible assets and liabilities remaining as of June 30, 2017 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 remainder of 2017 $ 47 $ 7,232 $ 5,053 $ 3,312 For the years ending December 31: 2018 97 12,834 9,540 5,649 2019 97 11,247 8,974 4,972 2020 97 9,318 7,925 3,836 2021 97 5,432 3,984 2,171 2022 97 4,054 3,006 1,938 Thereafter 361 11,993 10,104 7,189 $ 893 $ 62,110 $ 48,586 $ 29,067 Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust Is the Lessee Columbia Property Trust is the lessee on certain in-place ground leases. Intangible 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 June 30, 2017 and December 31, 2016 , and recognized amortization of these assets of approximately $0.6 million for the three months ended June 30, 2017 and 2016 , and approximately $1.3 million for the six months ended June 30, 2017 and 2016 , respectively. As of June 30, 2017 , the remaining net below-market intangible lease assets will be amortized as follows (in thousands): For the remainder of 2017 $ 1,274 For the years ending December 31: 2018 2,549 2019 2,549 2020 2,549 2021 2,549 2022 2,549 Thereafter 105,406 $ 119,425 Interest Rate Swap Agreements Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate swap transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of the effective portion of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income, while changes in the fair value of the ineffective portion of a cash flow hedge, if any, are recognized currently in earnings. All changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain or loss on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as gain or loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment. The following tables provide additional information related to Columbia Property Trust's interest rate swaps (in thousands): Estimated Fair Value as of Instrument Type Balance Sheet Classification June 30, December 31, Derivatives designated as hedging instruments: Interest rate contracts Accounts payable $ (885 ) $ (882 ) 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. Three Months Ended Six Months Ended 2017 2016 2017 2016 Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income $ (636 ) $ (2,022 ) $ (2 ) $ (6,879 ) During the periods presented, there was no hedge ineffectiveness required to be recognized into earnings on the interest rate swaps that qualified for hedge accounting treatment. Income Taxes Columbia Property Trust has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code") and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. As a REIT, Columbia Property Trust generally is not subject to income tax on income it distributes to stockholders. Columbia Property Trust's stockholder distributions typically exceed its taxable income due to the inclusion of noncash expenses, such as depreciation, in taxable income. As a result, Columbia Property Trust typically does not incur federal income taxes other than as described in the following paragraph. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements. Columbia Property Trust TRS, LLC, Columbia KCP TRS, LLC, and Columbia Energy TRS, LLC (collectively, the "TRS Entities") are wholly owned subsidiaries of Columbia Property Trust and are organized as Delaware limited liability companies. The TRS Entities, among other things, provide tenant services that Columbia Property Trust, as a REIT, cannot otherwise provide. Columbia Property Trust has elected to treat the TRS Entities as taxable REIT subsidiaries. Columbia Property Trust may perform certain additional, noncustomary services for tenants of its buildings through the TRS Entities; however, any earnings related to such services are subject to federal and state income taxes. In addition, for Columbia Property Trust to continue to qualify as a REIT, Columbia Property Trust must limit its investments in taxable REIT subsidiaries to 25% of the value of the total assets. The TRS Entities' deferred tax assets and liabilities represent temporary differences between the financial reporting basis and the tax basis of assets and liabilities based on the enacted rates expected to be in effect when the temporary differences reverse. If applicable, Columbia Property Trust records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations. Recent Accounting Pronouncements In February 2017, the Financial Accounting Standards Board (the "FASB") issued Accounting Standard Update 2017-05 , Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Non-Financial Assets ("ASU 2017-05"), which will apply to the partial sale of non-financial assets, including real estate assets, to unconsolidated joint ventures. ASU 2017-05 will require that 100% of the gain be recognized for non-financial assets transferred to an unconsolidated joint venture and any non-controlling interest received in such non-financial assets be measured at fair value. ASU 2017-05 is to be implemented at the same time as Accounting Standards Update 2014-09, Revenue from Contracts with Customers (as described below), and is effective for Columbia Property Trust on January 1, 2018, with early adoption permitted. Columbia Property Trust anticipates adopting ASU 2017-05 retrospectively with a cumulative-effect adjustment booked to retained earnings at adoption. This adjustment will (1) mark investments in unconsolidated joint ventures to fair value as of the date of contribution to the unconsolidated joint ventures, and (2) recognize the remainder of the gain associated with transferring the assets to the unconsolidated joint venture. Columbia Property Trust is evaluating the impact of ASU 2017-05 and anticipates applying the modified-retrospective approach of implementation by recording a cumulative-effect adjustment to equity for investments in unconsolidated joint ventures in which Columbia Property Trust had previously contributed property and recognized a gain on a partial property sale (see Note 4, Unconsolidated Joint Venture ). In January 2017, 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 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 by making targeted changes to lessor accounting and reporting, including the classification of lease components and nonlease components, such as services provided to tenants. 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, or not. 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 using an approach that is 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 will be effective for Columbia Property Trust on January 1, 2019 and supersedes previous leasing standards. Once effective, Columbia Property Trust anticipates separating lease components from nonlease components, which will be evaluated under ASU 2014-09, as described below. 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. Columbia Property Trust is continuing to evaluate the impact that ASU 2014-09 will have on its financial statements and disclosures; however, 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 revenue streams generated from activities other than leasing, including asset management fees. At adoption, Columbia Property Trust anticipates applying the modified-retrospective approach of implementation as of the effective date and providing more extensive disclosures around our revised revenue recognition policy. Columbia Property Trust also anticipates that, upon the adoption of ASU 2016-02, as described above, nonlease components of revenue will also be evaluated under ASU 2014-09. |
Real Estate Transactions
Real Estate Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Real Estate [Abstract] | |
Real Estate Transactions | Real Estate Transactions Dispositions During 2016 and the first six months of 2017 , Columbia Property Trust closed the following transactions: Property Location Date Purchase Price (1) (in thousands) Gain (Loss) on Sale (in thousands) 2017 Key Center Tower & Marriott (2) Cleveland, OH January 31, 2017 $ 267,500 $ 9,500 Houston Properties Sale (3) Houston, TX January 6, 2017 $ 272,000 $ 63,700 2016 SanTan Corporate Center Phoenix, AZ December 15, 2016 $ 58,500 $ 9,800 Sterling Commerce Dallas, TX November 30, 2016 $ 51,000 $ 12,500 9127 South Jamaica Street Denver, CO October 12, 2016 $ 19,500 $ — (4) 80 Park Plaza Newark, NJ September 30, 2016 $ 174,500 $ 21,600 9189, 9191 & 9193 South Jamaica Street Denver, CO September 22, 2016 $ 122,000 $ 27,200 800 North Frederick Suburban, MD July 8, 2016 $ 48,000 $ 2,100 100 East Pratt Baltimore, MD March 31, 2016 $ 187,000 $ (300 ) (1) Purchase price, as shown, is before purchase price adjustments. (2) Key Center Tower & Marriott were sold in one transaction on January 31, 2017. At closing, Columbia Property Trust received $254.5 million of gross proceeds and a $13.0 million , 10 -year accruing note receivable from the principal of the buyer. As a result, Columbia Property Trust has applied the installment method to account for this transaction, and deferred $13.0 million of the total $22.5 million gain on sale. The Key Center Tower and Key Center Marriott generated net income of $5.4 million for the first six months of 2016, and a net loss of $1.9 million for the first 31 days of 2017, excluding the gain on sale. (3) 5 Houston Center, Energy Center I, and 515 Post Oak were sold in one transaction on January 6, 2017 (the "Houston Properties Sale"). The properties included in the Houston Properties Sale generated net income of $7.1 million for the first six months of 2016, and a net loss of $14.9 thousand for the first six days of 2017, excluding the gain on sale. (4) Columbia Property Trust recorded a de minimus loss on the sale of 9127 South Jamaica Street. Acquisitions Columbia Property Trust did not acquire any properties during 2016 or the six months ended June 30, 2017 . In February 2017, Columbia Property Trust deposited $12.0 million in earnest money, upon entering a firm contract to purchase 149 Madison Avenue, a 12-story, 127,000 -square-foot office building in New York. Closing is expected to occur later this year. Allianz Joint Ventures On July 6, 2017 , Columbia Property Trust contributed the 333 Market Street Building and the University Circle Property to joint ventures, and simultaneously sold a 22.5% interest in those joint ventures to Allianz Real Estate ("Allianz"), an unrelated third party, for a total of $234.0 million (the "San Francisco Joint Ventures"). Upon the earlier of July 6, 2018, or when Columbia Property Trust and Allianz jointly invest $600.0 million in additional assets acquisitions (excluding 114 Fifth Ave described below), Allianz will acquire another 22.5% interest in each of the San Francisco Joint Ventures at the same aggregate price, $234.0 million , adjusted for any capital expenditures at the properties made during the intervening period. At that point, Columbia Property Trust will hold a 55.0% equity interest in each of the San Francisco Joint Ventures. On July 6, 2017, Columbia Property Trust acquired a 49.5% equity interest in a joint venture that owns the 114 Fifth Avenue property for $108.9 million from Allianz (the "114 Fifth Avenue Joint Venture"). 114 Fifth Avenue is a 19 -story, 352,000 -square-foot building located in Manhattan’s Flatiron District which is currently 100% leased and is unencumbered by debt. The 114 Fifth Avenue Joint Venture is owned by Columbia Property Trust ( 49.5% ), Allianz ( 49.5% ) and L&L Holding Company ( 1.0% ). L&L Holding Company is the general partner, and will continue to perform asset and property management services for the property. |
Unconsolidated Joint Venture
Unconsolidated Joint Venture | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Unconsolidated Joint Venture | Unconsolidated Joint Venture Columbia Property Trust owns 51% of an unconsolidated joint venture that owns the Market Square buildings (the "Market Square Joint Venture"), and Blackstone Property Partners ("Blackstone") owns the remaining 49% interest. The Market Square Joint Venture owns and operates the Market Square buildings through Market Square REIT 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. (the "Market Square Buildings"). Columbia Property Trust shares substantive participation rights with Blackstone, including management selection and termination, and the approval of material operating and capital decisions. As such, Columbia Property Trust uses the equity method of accounting to record its investment in the Market Square Joint Venture. Under the equity method, the investment in the joint venture is recorded at cost and adjusted for cash contributions and distributions, and allocations of income or loss. Cash distributions and earnings 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, and (2) Columbia Property Trust's intent and ability to retain its interest long enough for a recovery in market value. Based on the assessment as described above, Columbia Property Trust has determined that the carrying value of its investment in unconsolidated joint venture is recoverable as of June 30, 2017 . As of June 30, 2017 and 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. Columbia Property Trust guarantees a portion of the Market Square mortgage note, the amount of which has been reduced to $12.6 million as of June 30, 2017 from $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): June 30, 2017 December 31, 2016 Total assets $ 582,664 $ 587,344 Total debt $ 324,682 $ 324,656 Total equity $ 239,207 $ 242,802 Columbia Property Trust's investment $ 125,584 $ 127,346 Condensed income statement information for the Market Square Joint Venture is as follows (in thousands): For the Three Months Ended For the Six Months Ended 2017 2016 2017 2016 Total revenues $ 10,428 $ 9,776 $ 20,562 $ 21,439 Net loss $ (3,563 ) $ (3,827 ) $ (7,259 ) $ (6,870 ) Columbia Property Trust's share of net loss $ (1,817 ) $ (1,952 ) $ (3,702 ) $ (3,504 ) 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 3.0% of the gross revenue of the Market Square Buildings and reimbursements of property operating costs, payable monthly, and receives asset management fees of $1.0 million annually, payable in equal quarterly installments. Columbia Property Trust earned fees related to these asset and property management services of $0.7 million and $0.6 million for the three months ended June 30, 2017 and 2016, respectively, and $1.3 million for each of the six month periods ended June 30, 2017 and 2016. Such fees are included in other property income on the accompanying consolidated statements of operations. As of June 30, 2017 and December 31, 2016 , property management fees of $0.1 million were due from the Market Square Joint Venture and are included in prepaid expenses and other assets on the accompanying consolidated balance sheets. |
Line of Credit and Notes Payabl
Line of Credit and Notes Payable | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Line of Credit and Notes Payable | Line of Credit and Notes Payable As of June 30, 2017 and December 31, 2016 , Columbia Property Trust had the following line of credit and notes payable indebtedness (excluding bonds payable; see Note 6, Bonds Payable ) in thousands: Facility June 30, December 31, $300 Million Term Loan $ 300,000 $ 300,000 $150 Million Term Loan 150,000 150,000 650 California Street building mortgage note 125,005 126,287 263 Shuman Boulevard building mortgage note (1) 49,000 49,000 One Glenlake building mortgage note 24,769 26,315 221 Main Street building mortgage note — 73,000 Revolving Credit Facility — — Less: Deferred financing costs related to term loans and notes payable, net of accumulated amortization (2,614 ) (3,136 ) $ 646,160 $ 721,466 (1) In January 2017, the lender put this loan into 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 expired in May 2017. Columbia Property Trust is in the process of working to transfer this property to the lender. Fair Value of Debt The estimated fair value of Columbia Property Trust's line of credit and notes payable as of June 30, 2017 and December 31, 2016 , was approximately $651.7 million and $728.5 million , respectively. The related carrying value of the line of credit and notes payable as of June 30, 2017 and December 31, 2016 , was $648.8 million and $724.6 million , respectively. Columbia Property Trust estimated the fair value of the $300 Million Term Loan (the " $300 Million Term Loan") and the Revolving Credit Facility (the "Revolving Credit Facility") by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates. Therefore, the fair values determined are considered to be based on observable market data for similar instruments (Level 2). The fair values of all other debt instruments were estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowing arrangements as of the respective reporting dates. The discounted cash flow method of assessing fair value results in a general approximation of value, and such value may never actually be realized. Interest Paid and Capitalized and Debt Covenants During the six months ended June 30, 2017 and 2016 , Columbia Property Trust made interest payments totaling approximately $11.2 million and $15.2 million , respectively, of which approximately $0.3 million and $0.1 million , respectively, was capitalized. As of June 30, 2017 , Columbia Property Trust believes it is in compliance with the restrictive financial covenants on its term loans, the Revolving Credit Facility, and notes payable obligations. Debt Repayments On March 10, 2017, Columbia Property Trust repaid the $73.0 million balance of the 221 Main Street building mortgage note, which was originally scheduled to mature on May 10, 2017. Columbia Property Trust recognized a loss on early extinguishment of debt of $45,000 related to unamortized deferred financing costs. Term Loan Amendment On July 25, 2017, Columbia Property Trust amended the terms of it $150 Million Term Loan, to reduce the current interest rate from 3.52% to 3.07% per annum. The amendment reduced the interest rate from LIBOR, plus an applicable margin ranging from 1.40% to 2.35% , to LIBOR, plus an applicable margin ranging from 0.90% to 1.75% . The maturity date, debt covenants, and other terms of the $150 Million Term Loan are unchanged. The interest rate is effectively fixed with an interest rate swap agreement, which is designated as a cash flow hedge. |
Bonds Payable
Bonds Payable | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Bonds Payable | Bonds Payable On August 12, 2016, Columbia Property Trust OP issued $350.0 million of 10 -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 (the "2018 Bonds Payable"). 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 is being 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 10 -year, unsecured 4.150% senior notes at 99.859% of their face value (the "2025 Bonds Payable"), which are guaranteed by Columbia Property Trust. Columbia Property Trust OP received proceeds from the 2025 Bonds Payable, net of fees, of $347.2 million . The 2025 Bonds Payable require semi-annual interest payments in April and October based on a contractual annual interest rate of 4.150% . In the accompanying consolidated balance sheets, the 2025 Bonds Payable are shown net of the initial issuance discount of approximately $0.5 million , which is being 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 . Interest payments of $13.8 million were made on the 2026 Bonds Payable and 2025 Bonds Payable during the six months ended June 30, 2017 , and $14.6 million in interest payments were made on the 2025 Bonds Payable or the 2018 Bonds Payable during the six months ended June 30, 2016 . Columbia Property Trust is subject to substantially similar covenants under the 2026 Bonds Payable and the 2025 Bonds Payable. As of June 30, 2017 , Columbia Property Trust believes it was in compliance with the restrictive financial covenants on the 2026 Bonds Payable and the 2025 Bonds Payable. As of June 30, 2017 and December 31, 2016 , the estimated fair value of the 2026 Bonds Payable and the 2025 Bonds Payable was approximately $703.0 million and $703.1 million , respectively. The related carrying value of the bonds payable, net of discounts, as of June 30, 2017 and December 31, 2016 , was $698.4 million and $698.3 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 borrowings as the bonds 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 | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 , no tenants have exercised such options that have not been materially satisfied or recorded as a liability on the accompanying consolidated balance sheet. 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 $12.6 million as of June 30, 2017 . 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 June 30, 2017 . Litigation Columbia Property Trust is subject to various legal proceedings, claims, and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any reasonably possible loss relating to these matters using the latest information available. Columbia Property Trust records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, Columbia Property Trust accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, Columbia Property Trust accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, Columbia Property Trust discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, Columbia Property Trust discloses the nature and estimate of the possible loss of the litigation. Columbia Property Trust does not disclose information with respect to litigation where the possibility of an unfavorable outcome is considered to be remote. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business, or financial condition of Columbia Property Trust. Columbia Property Trust is not currently involved in any legal proceedings of which management would consider the outcome to be reasonably likely to have a material adverse effect on the results of operations, liquidity, or financial condition of Columbia Property Trust. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common Stock Repurchase Program Columbia Property Trust's board of directors has authorized the repurchase of up to an aggregate of $200 million of its common stock, par value $0.01 per share, through September 4, 2017 (the "Stock Repurchase Program"). Since this program commenced on September 4, 2015, Columbia Property Trust has acquired 4.4 million shares at an average price of $22.08 , for aggregate purchases of $96.5 million . During the three months ended June 30, 2017 , Columbia Property Trust repurchased 1.3 million shares at an average price of $21.95 , for aggregate purchases of $27.5 million . As of June 30, 2017 , $103.5 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 up to 4.8 million shares of stock to be made to certain employees and independent directors of Columbia Property Trust (the "LTIP"). In 2017, Columbia Property Trust has granted 138,938 shares of common stock to employees under the LTIP for 2017. Such awards are time-based and will vest ratably on each anniversary of the grant over the next four years . Performance-based stock unit awards representing 330,541 shares were also made in 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, over a three -year performance period. At the conclusion of the three -year performance period, 75% of the shares earned will vest, and the remaining 25% vest one year later. The performance-based awards also include one - and two -year transitional awards, which will vest at the end of the respective performance periods. 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. Additionally, 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 for 2016 performance, of which 25% vested upon grant; the remaining shares will vest ratably, with the passage of time, on January 31, 2018, 2019, and 2020. 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 for the six months ended June 30, 2017 follows: For the Six Months Ended Shares Weighted-Average (1) Unvested shares – beginning of period 256 $ 22.62 Granted 663 $ 20.20 Vested (161 ) $ 22.67 Forfeited (7 ) $ 21.21 Unvested shares – end of period (2) 751 $ 20.48 (1) Columbia Property Trust determined the weighted-average, grant-date fair value using the market closing price on the date of the respective grants. (2) As of June 30, 2017 , we expect approximately 713,000 of the 751,000 unvested shares to ultimately vest, assuming a forfeiture rate of 5.0% , which was determined based on peer company data, adjusted for the specifics of the LTIP. During the six months ended June 30, 2017 and 2016 , Columbia Property Trust paid equity retainers to its independent directors under the LTIP by granting the following shares, all of which vested immediately: Date of Grant Shares Grant-Date Fair Value 2017 Director Grants: January 3, 2017 8,279 $ 21.58 May 2, 2017 33,581 (1) $ 22.57 2016 Director Grants: January 4, 2016 7,439 $ 23.00 April 1, 2016 8,120 $ 21.89 (1) On May 2, 2017, the independent directors’ equity retainers were paid for the ensuing annual period. Prior to this time, the independent directors’ equity retainers were paid quarterly. For the three and six months ended June 30, 2017 and 2016 , Columbia Property Trust incurred the stock-based compensation expense related to the following events (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Amortization of LTIP awards $ 887 $ 689 $ 1,804 $ 1,540 Amortization of future LTIP awards (1) 617 346 1,212 706 Issuance of shares to independent directors 758 178 937 349 Total stock-based compensation expense $ 2,262 $ 1,213 $ 3,953 $ 2,595 (1) Reflects amortization of LTIP awards for service during the current period, for which shares will be issued in future periods. These expenses are included in general and administrative expenses in the accompanying consolidated statements of operations. As of June 30, 2017 and December 31, 2016 , there was $11.3 million and $3.2 million , respectively, of unrecognized compensation costs related to unvested awards under the LTIP, which will be amortized over the respective vesting period, ranging from one to four years at the time of grant. Effective in 2017, Columbia Property Trust changed from an LTIP measured over a one -year performance period to an LTIP measured over a three -year performance period and, as a result, has issued additional unvested shares this year. |
Supplemental Disclosures of Non
Supplemental Disclosures of Noncash Investing and Financing Activities | 6 Months Ended |
Jun. 30, 2017 | |
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 six months ended June 30, 2017 and 2016 (in thousands): Six Months Ended 2017 2016 Investments in real estate funded with other assets $ 311 $ — Deposits applied to sales of real estate $ 10,000 $ — Amortization of net discounts on debt $ 90 $ 151 Market value adjustments to interest rate swaps that qualify for hedge accounting treatment $ (2 ) $ (6,879 ) Accrued capital expenditures and deferred lease costs $ 28,547 $ 7,505 Common stock issued to employees and directors, and amortized (net of income tax withholdings) $ 2,501 $ 1,417 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share For the three and six months ended June 30, 2017 and 2016 , in computing the basic and diluted earnings per share, net income has been reduced for the dividends paid on unvested shares related to unvested awards under the LTIP. The following table reconciles the numerator for the basic and diluted earnings-per-share computations shown on the consolidated statements of operations for the three and six months ended June 30, 2017 and 2016 (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Net income $ 1,133 $ 13,286 $ 75,855 $ 19,983 Distributions paid on unvested shares (85 ) (77 ) (168 ) (159 ) Net income used to calculate basic and diluted earnings per share $ 1,048 $ 13,209 $ 75,687 $ 19,824 The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of operations for the three and six months ended June 30, 2017 and 2016 , respectively (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Weighted-average common shares – basic 121,534 123,206 121,768 123,299 Plus incremental weighted-average shares from time-vested conversions, less assumed share repurchases: Previously granted LTIP awards, unvested 90 43 75 26 Future LTIP awards 285 45 272 32 Weighted-average common shares – diluted 121,909 123,294 122,115 123,357 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 , 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. 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 GAAP net income to NOI, 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): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 New York $ 25,524 $ 36,239 $ 53,110 $ 65,687 San Francisco 27,593 27,815 54,775 55,903 Atlanta 9,510 9,230 18,838 18,433 Washington, D.C. (1) 7,745 8,428 15,128 17,913 Boston 2,720 3,105 5,624 5,903 Los Angeles 1,857 1,920 3,635 3,891 All other office markets 4,856 38,841 14,447 84,825 Total office segments 79,805 125,578 165,557 252,555 Hotel 5 6,630 1,223 11,362 Corporate 365 708 719 1,526 Total 80,175 132,916 167,499 265,443 Operating revenues included in loss from unconsolidated joint venture (1) (5,318 ) (4,986 ) (10,486 ) (10,934 ) Total operating revenues $ 74,857 $ 127,930 $ 157,013 $ 254,509 (1) Includes operating revenues for our interest in the Market Square Buildings for all periods presented. Columbia Property Trust records its 51% interest in the Market Square Joint Venture using the equity method of accounting, and reflects its 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 NOI by geographic reportable segment (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 New York $ 16,259 $ 24,086 $ 33,875 $ 41,135 San Francisco 19,701 19,381 39,567 40,452 Atlanta 8,285 8,226 16,578 16,507 Washington, D.C. (1) 3,565 4,555 6,843 9,671 Boston 1,192 1,463 2,601 2,686 Los Angeles 1,202 1,192 2,284 2,442 All other office markets 4,597 23,605 11,527 52,388 Total office segments 54,801 82,508 113,275 165,281 Hotel (14 ) 1,523 (890 ) 1,870 Corporate 395 517 847 1,066 Total $ 55,182 $ 84,548 $ 113,232 $ 168,217 (1) Includes NOI for our interest in the Market Square Buildings for all periods presented. Columbia Property Trust records its 51% interest in the Market Square Joint Venture using the equity method of accounting, and reflects its 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): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net income $ 1,133 $ 13,286 $ 75,855 $ 19,983 Depreciation 20,423 28,450 42,028 57,739 Amortization 8,191 14,932 17,648 31,007 General and administrative 9,201 7,761 17,969 18,251 Net interest expense 13,785 17,372 28,350 35,264 Interest income from development authority bonds (1,800 ) (1,800 ) (3,600 ) (3,600 ) Loss on early extinguishment of debt — 92 45 92 Income tax expense (benefit) 7 245 (381 ) 322 Adjustments included in loss from unconsolidated joint venture 4,242 4,191 8,471 8,830 Loss (gains) on sales of real estate assets — 19 (73,153 ) 329 NOI $ 55,182 $ 84,548 $ 113,232 $ 168,217 |
Financial Information for Paren
Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries | 6 Months Ended |
Jun. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Financial Information for Parent Guarantor, Issuer Subsidiary and Non-Guarantor Subsidiaries | Financial Information for Parent Guarantor, Issuer Subsidiary, 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 guarantee is full and unconditional; and (3) No other subsidiary of the parent company guarantor (Columbia Property Trust) guarantees the 2026 Bonds Payable or the 2025 Bonds Payable. Columbia Property Trust uses the equity method with respect to its investment in subsidiaries included in its condensed consolidating financial statements. We have corrected the presentation of intercompany cash transfers between the REIT Parent and its subsidiaries in the consolidating statements of cash flow. Instead of showing one amount for intercompany transfers between each entity group, intercompany transfers are broken out by cash flow type (i.e. operating, investing and financing) for all periods presented, consistent with the equity method of accounting. All such changes are eliminated in consolidation, and therefore do not impact the Company’s consolidated financial totals. Management has concluded that the effect of this correction is not material to the consolidated financial statements. This change had the following impact to the consolidating statement of cash flows for the six months ended June 30, 2016: increase to operating cash flows for the parent and issuer of $3.6 million and $37.5 million , respectively; and increase (decrease) in investing cash flows of $(25.5) million , $151.5 million and $159.4 million , and increase (decrease) in financing cash flows of $21.9 million , $(189.0) million and $(159.4) million for the parent, issuer and non-guarantors, respectively. The impact to individual financial statement captions within the consolidating statement of cash flows is footnoted below. Set forth below are Columbia Property Trust's condensed consolidating balance sheets as of June 30, 2017 and December 31, 2016 , as well as its condensed consolidating statements of operations and its condensed consolidating statements of comprehensive income for the three and six months ended June 30, 2017 and 2016 ; and its condensed consolidating statements of cash flows for the six months ended June 30, 2017 and 2016 . Condensed Consolidating Balance Sheets (in thousands) As of June 30, 2017 Columbia Property Trust (Guarantor) 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 — 144 2,117,736 — 2,117,880 Intangible lease assets, net — — 182,428 — 182,428 Construction in progress — — 49,069 — 49,069 Total real estate assets — 144 3,100,584 — 3,100,728 Investment in unconsolidated joint venture — 125,584 — — 125,584 Cash and cash equivalents 492,259 6,581 7,698 — 506,538 Investment in subsidiaries 1,683,352 1,465,906 — (3,149,258 ) — Tenant receivables, net of allowance — 33 3,969 — 4,002 Straight-line rent receivable — — 77,875 — 77,875 Prepaid expenses and other assets 329,234 124,139 18,797 (432,355 ) 39,815 Intangible lease origination costs, net — — 48,586 — 48,586 Deferred lease costs, net — — 129,849 — 129,849 Investment in development authority bonds — — 120,000 — 120,000 Total assets $ 2,504,845 $ 1,722,387 $ 3,507,358 $ (3,581,613 ) $ 4,152,977 Liabilities: Line of credit and notes payable $ — $ 447,920 $ 629,003 $ (430,763 ) $ 646,160 Bonds payable, net — 693,364 — — 693,364 Accounts payable, accrued expenses, and accrued capital expenditures 2 11,588 128,561 — 140,151 Due to affiliates — — 1,592 (1,592 ) — Deferred income — 87 19,305 — 19,392 Intangible lease liabilities, net — — 29,067 — 29,067 Obligations under capital lease — — 120,000 — 120,000 Total liabilities 2 1,152,959 927,528 (432,355 ) 1,648,134 Equity: Total equity 2,504,843 569,428 2,579,830 (3,149,258 ) 2,504,843 Total liabilities and equity $ 2,504,845 $ 1,722,387 $ 3,507,358 $ (3,581,613 ) $ 4,152,977 Condensed Consolidating Balance Sheets (in thousands) As of December 31, 2016 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Assets: Real estate assets, at cost: Land $ — $ — $ 751,351 $ — $ 751,351 Building 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: Lines 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 — 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 Consolidating Statements of Operations (in thousands) For the Three Months Ended June 30, 2017 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income $ — $ — $ 67,216 $ (95 ) $ 67,121 Tenant reimbursements — (100 ) 7,072 — 6,972 Other property income 245 — 519 — 764 245 (100 ) 74,807 (95 ) 74,857 Expenses: Property operating costs — (45 ) 21,971 (95 ) 21,831 Hotel operating costs — — 9 — 9 Asset and property management fees — — 260 — 260 Depreciation — 152 20,271 — 20,423 Amortization — — 8,191 — 8,191 General and administrative 56 2,739 6,406 — 9,201 56 2,846 57,108 (95 ) 59,915 Real estate operating income (loss) 189 (2,946 ) 17,699 — 14,942 Other income (expense): Interest expense — (10,568 ) (8,668 ) 4,774 (14,462 ) Interest and other income 4,228 1,220 1,803 (4,774 ) 2,477 4,228 (9,348 ) (6,865 ) — (11,985 ) Income (loss) before income taxes and unconsolidated entities: 4,417 (12,294 ) 10,834 — 2,957 Income tax expense — — (7 ) — (7 ) Income (loss) from unconsolidated entities (3,284 ) 6,187 — (4,720 ) (1,817 ) Net income (loss) $ 1,133 $ (6,107 ) $ 10,827 $ (4,720 ) $ 1,133 Consolidating Statements of Operations (in thousands) For the Three Months Ended June 30, 2016 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income $ — $ 863 $ 92,796 $ (92 ) $ 93,567 Tenant reimbursements — 455 18,253 — 18,708 Hotel income — — 6,551 — 6,551 Other property income 245 — 8,955 (96 ) 9,104 245 1,318 126,555 (188 ) 127,930 Expenses: Property operating costs — 731 39,603 (92 ) 40,242 Hotel operating costs — — 5,038 — 5,038 Asset and property management fees: Related-party — 42 — (42 ) — Other — — 341 — 341 Depreciation — 723 27,727 — 28,450 Amortization — 77 14,855 — 14,932 General and administrative 38 2,087 5,690 (54 ) 7,761 38 3,660 93,254 (188 ) 96,764 Real estate operating income (loss) 207 (2,342 ) 33,301 — 31,166 Other income (expense): Interest expense — (11,825 ) (12,933 ) 7,378 (17,380 ) Interest and other income 3,555 3,824 1,807 (7,378 ) 1,808 Loss on early extinguishment of debt — (82 ) (10 ) — (92 ) 3,555 (8,083 ) (11,136 ) — (15,664 ) Income (loss) before income taxes and unconsolidated entities: 3,762 (10,425 ) 22,165 — 15,502 Income tax expense — (5 ) (240 ) — (245 ) Income from subsidiaries 9,524 17,804 — (27,328 ) — Loss from unconsolidated joint venture — (1,952 ) — — (1,952 ) Income before sale of real estate assets: 13,286 5,422 21,925 (27,328 ) 13,305 Loss on sale of real estate assets — — (19 ) — (19 ) Net income $ 13,286 $ 5,422 $ 21,906 $ (27,328 ) $ 13,286 Consolidating Statements of Operations (in thousands) For the Six Months Ended June 30, 2017 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income $ — $ 51 $ 138,438 $ (195 ) $ 138,294 Tenant reimbursements — (66 ) 15,622 — 15,556 Hotel income — — 1,339 — 1,339 Other property income 490 — 1,352 (18 ) 1,824 490 (15 ) 156,751 (213 ) 157,013 Expenses: Property operating costs — 128 46,003 (195 ) 45,936 Hotel operating costs — — 2,085 — 2,085 Asset and property management fees: Related-party — 3 — (3 ) — Other — — 529 — 529 Depreciation — 234 41,794 — 42,028 Amortization — 5 17,643 — 17,648 General and administrative 96 5,256 12,632 (15 ) 17,969 96 5,626 120,686 (213 ) 126,195 Real estate operating income (loss) 394 (5,641 ) 36,065 — 30,818 Other income (expense): Interest expense — (20,851 ) (19,133 ) 10,407 (29,577 ) Interest and other income 8,330 3,297 3,607 (10,407 ) 4,827 Loss on early extinguishment of debt — — (45 ) — (45 ) 8,330 (17,554 ) (15,571 ) — (24,795 ) Income (loss) before income taxes, unconsolidated entities, and sales of 8,724 (23,195 ) 20,494 — 6,023 Income tax benefit — — 381 — 381 Income (loss) from unconsolidated entities 67,131 69,283 — (140,116 ) (3,702 ) Income before sales of real estate assets: 75,855 46,088 20,875 (140,116 ) 2,702 Gains on sales of real estate assets — 11,050 62,103 — 73,153 Net income $ 75,855 $ 57,138 $ 82,978 $ (140,116 ) $ 75,855 For the Six Months Ended June 30, 2016 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income $ — $ 1,713 $ 191,628 $ (188 ) $ 193,153 Tenant reimbursements — 857 37,604 — 38,461 Hotel income — — 11,214 — 11,214 Other property income 490 — 11,376 (185 ) 11,681 490 2,570 251,822 (373 ) 254,509 Expenses: Property operating costs — 1,501 80,265 (188 ) 81,578 Hotel operating costs — — 9,369 — 9,369 Asset and property management fees: Related-party — 72 — (72 ) — Other — — 671 — 671 Depreciation — 1,421 56,318 — 57,739 Amortization — 153 30,854 — 31,007 General and administrative 77 4,281 14,006 (113 ) 18,251 77 7,428 191,483 (373 ) 198,615 Real estate operating income (loss) 413 (4,858 ) 60,339 — 55,894 Other income (expense): Interest expense — (24,230 ) (25,814 ) 14,767 (35,277 ) Interest and other income 7,109 7,658 3,613 (14,767 ) 3,613 Loss on early extinguishment of debt — (82 ) (10 ) — (92 ) 7,109 (16,654 ) (22,211 ) — (31,756 ) Income (loss) before income taxes, unconsolidated entities, and sales of 7,522 (21,512 ) 38,128 — 24,138 Income tax expense — (12 ) (310 ) — (322 ) Income from unconsolidated entities 12,461 28,625 — (41,086 ) — Loss from unconsolidated joint venture — (3,504 ) — — (3,504 ) Income before sales of real estate assets: 19,983 3,597 37,818 (41,086 ) 20,312 Loss on sales of real estate assets — — (329 ) — (329 ) Net income $ 19,983 $ 3,597 $ 37,489 $ (41,086 ) $ 19,983 Consolidating Statements of Comprehensive Income (in thousands) For the Three Months Ended June 30, 2017 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income (loss) $ 1,133 $ (6,107 ) $ 10,827 $ (4,720 ) $ 1,133 Market value adjustments to interest rate swaps (636 ) (636 ) — 636 (636 ) Comprehensive income (loss) $ 497 $ (6,743 ) $ 10,827 $ (4,084 ) $ 497 For the Three Months Ended June 30, 2016 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 13,286 $ 5,422 $ 21,906 $ (27,328 ) $ 13,286 Market value adjustments to interest rate swaps (2,022 ) (2,022 ) — 2,022 (2,022 ) Comprehensive income $ 11,264 $ 3,400 $ 21,906 $ (25,306 ) $ 11,264 For the Six Months Ended June 30, 2017 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 75,855 $ 57,138 $ 82,978 $ (140,116 ) $ 75,855 Market value adjustments to interest rate swaps (2 ) (2 ) — 2 (2 ) Comprehensive income $ 75,853 $ 57,136 $ 82,978 $ (140,114 ) $ 75,853 For the Six Months Ended June 30, 2016 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 19,983 $ 3,597 $ 37,489 $ (41,086 ) $ 19,983 Market value adjustments to interest rate swaps (6,879 ) (6,879 ) — 6,879 (6,879 ) Comprehensive income (loss) $ 13,104 $ (3,282 ) $ 37,489 $ (34,207 ) $ 13,104 Consolidating Statements of Cash Flows (in thousands) For the Six Months Ended June 30, 2017 Columbia Property Trust (Guarantor) Columbia Property Trust OP (the Issuer) Non- Guarantors Eliminations Columbia Property Trust Cash flows from operating activities $ 58,752 $ 58,688 $ 58,639 $ (140,116 ) $ 35,963 Cash flows from investing activities: Net proceeds from sale of real estate — 49,531 455,129 — 504,660 Investment in real estate and related assets (12,000 ) (400 ) (45,463 ) — (57,863 ) Investment in unconsolidated joint venture — (1,940 ) — — (1,940 ) Distributions from subsidiaries 385,554 331,630 — (717,184 ) — Net cash provided by investing activities 373,554 378,821 409,666 (717,184 ) 444,857 Cash flows from financing activities: Borrowings, net of fees — (70 ) — — (70 ) Repayments — — (75,830 ) — (75,830 ) Distributions (85,505 ) (447,367 ) (409,933 ) 857,300 (85,505 ) Repurchases of common stock (28,962 ) — — — (28,962 ) Net cash provided by (used in) financing activities (114,467 ) (447,437 ) (485,763 ) 857,300 (190,367 ) Net increase (decrease) in cash and cash equivalents 317,839 (9,928 ) (17,458 ) — 290,453 Cash and cash equivalents, beginning of period 174,420 16,509 25,156 — 216,085 Cash and cash equivalents, end of period $ 492,259 $ 6,581 $ 7,698 $ — $ 506,538 For the Six Months Ended June 30, 2016 Columbia Property Trust (Guarantor) Columbia Property Trust OP (the Issuer) Non- Guarantors Eliminations Columbia Property Trust Cash flows from operating activities $ 4,009 $ 11,635 $ 114,880 $ (41,086 ) $ 89,438 Cash flows from investing activities: Net proceeds from sales of real estate (1) — — 159,387 — 159,387 Investment in real estate and related assets — (755 ) (35,729 ) — (36,484 ) Investment in unconsolidated joint venture — (8,728 ) — — (8,728 ) Distributions from subsidiaries (2) 133,891 151,470 — (285,361 ) — Net cash provided by investing activities 133,891 141,987 123,658 (285,361 ) 114,175 Cash flows from financing activities: Borrowings, net of fees — 214,861 — — 214,861 Repayments of line of credit and notes payable — (248,000 ) (41,697 ) — (289,697 ) Distributions (3) (111,433 ) (125,011 ) (201,436 ) 326,447 (111,433 ) Repurchases of common stock (26,186 ) — — — (26,186 ) Net cash used in financing activities (137,619 ) (158,150 ) (243,133 ) 326,447 (212,455 ) Net increase (decrease) in cash and cash equivalents 281 (4,528 ) (4,595 ) — (8,842 ) Cash and cash equivalents, beginning of period 989 14,969 16,687 — 32,645 Cash and cash equivalents, end of period $ 1,270 $ 10,441 $ 12,092 $ — $ 23,803 (1) Net proceeds from sales of real estate increased (decreased) by $(159.4) million and $159.4 million for the parent and non-guarantors, respectively. (2) Distributions from subsidiaries increased (decreased) by $133.9 million , $151.5 million , and $(285.4) million for the parent, issuer, and eliminations, respectively. (3) Distributions (increased) decreased by $(125.0) million , $(201.4) million , and $326.4 million , for the issuer, non-guarantors, and eliminations, respectively. The intercompany transfers, net line item is no longer presented based on the changes to the other line items described herein. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event Columbia Property Trust has evaluated subsequent events in connection with the preparation of the consolidated financial statements and notes thereto included in this report on Form 10-Q and noted the following in addition to those disclosed elsewhere in this report: • Allianz Joint Ventures as described in Note 3, Real Estate Transactions ; and • Amendment of $150 Million Term Loan, as described in Note 5, Line of Credit and Notes Payable . |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements of Columbia Property Trust have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by U.S. generally accepted accounting principles ("GAAP") for complete financial statements. In the opinion of management, the statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year's results. Columbia Property Trust's consolidated financial statements include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable interest entity in which Columbia Property Trust or Columbia Property Trust OP was deemed the primary beneficiary. With respect to entities that are not variable interest entities, Columbia Property Trust's consolidated financial statements also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling general partnership interest. All intercompany balances and transactions have been eliminated in consolidation. |
Fair Value Measurements | Fair Value Measurements Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 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, under current market conditions. 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 or liabilities valued based on observable market data for similar instruments. Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider. |
Real Estate Assets | Real Estate Assets Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. Columbia Property Trust considers the period of future benefit of the asset to determine the appropriate useful lives. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows: Buildings 40-45 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, may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of real estate assets and related intangible assets and liabilities may not be recoverable, Columbia Property Trust assesses the recoverability of these assets and liabilities by determining whether the respective carrying values will be recovered through the estimated undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, Columbia Property Trust adjusts the carrying value of the real estate assets and related intangible assets and liabilities to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognizes an impairment loss. Estimated fair values are calculated based on the following hierarchy of information, depending upon availability: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated 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. Based on the assessment as described above, Columbia Property Trust has determined that the carrying values of all its real estate assets and related intangible assets are recoverable as of June 30, 2017 . Projections of expected future operating cash flows require that Columbia Property Trust estimate future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. |
Assets Held for Sale | Assets Held for Sale Columbia Property Trust classifies properties 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, properties, having separately identifiable operations and cash flows, 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. |
Intangible Assets and Liabilities Arising from In-Place Leases where Columbia Property Trust Is the Lessor | Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust Is the Lessor Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of the properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see Fair Value Measurements section above for additional detail). |
Intangible Assets and Liabilities Arising from In-Place Leases where Columbia Property Trust Is the Lessee | Intangible Assets and Liabilities Arising from In-Place Leases Where Columbia Property Trust Is the Lessee Columbia Property Trust is the lessee on certain in-place ground leases. Intangible 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. |
Interest Rate Swap Agreements | Interest Rate Swap Agreements Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate swap transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of the effective portion of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income, while changes in the fair value of the ineffective portion of a cash flow hedge, if any, are recognized currently in earnings. All changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain or loss on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as gain or loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment. |
Income Taxes | Income Taxes Columbia Property Trust has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code") and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. As a REIT, Columbia Property Trust generally is not subject to income tax on income it distributes to stockholders. Columbia Property Trust's stockholder distributions typically exceed its taxable income due to the inclusion of noncash expenses, such as depreciation, in taxable income. As a result, Columbia Property Trust typically does not incur federal income taxes other than as described in the following paragraph. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements. Columbia Property Trust TRS, LLC, Columbia KCP TRS, LLC, and Columbia Energy TRS, LLC (collectively, the "TRS Entities") are wholly owned subsidiaries of Columbia Property Trust and are organized as Delaware limited liability companies. The TRS Entities, among other things, provide tenant services that Columbia Property Trust, as a REIT, cannot otherwise provide. Columbia Property Trust has elected to treat the TRS Entities as taxable REIT subsidiaries. Columbia Property Trust may perform certain additional, noncustomary services for tenants of its buildings through the TRS Entities; however, any earnings related to such services are subject to federal and state income taxes. In addition, for Columbia Property Trust to continue to qualify as a REIT, Columbia Property Trust must limit its investments in taxable REIT subsidiaries to 25% of the value of the total assets. The TRS Entities' deferred tax assets and liabilities represent temporary differences between the financial reporting basis and the tax basis of assets and liabilities based on the enacted rates expected to be in effect when the temporary differences reverse. If applicable, Columbia Property Trust records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2017, the Financial Accounting Standards Board (the "FASB") issued Accounting Standard Update 2017-05 , Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Non-Financial Assets ("ASU 2017-05"), which will apply to the partial sale of non-financial assets, including real estate assets, to unconsolidated joint ventures. ASU 2017-05 will require that 100% of the gain be recognized for non-financial assets transferred to an unconsolidated joint venture and any non-controlling interest received in such non-financial assets be measured at fair value. ASU 2017-05 is to be implemented at the same time as Accounting Standards Update 2014-09, Revenue from Contracts with Customers (as described below), and is effective for Columbia Property Trust on January 1, 2018, with early adoption permitted. Columbia Property Trust anticipates adopting ASU 2017-05 retrospectively with a cumulative-effect adjustment booked to retained earnings at adoption. This adjustment will (1) mark investments in unconsolidated joint ventures to fair value as of the date of contribution to the unconsolidated joint ventures, and (2) recognize the remainder of the gain associated with transferring the assets to the unconsolidated joint venture. Columbia Property Trust is evaluating the impact of ASU 2017-05 and anticipates applying the modified-retrospective approach of implementation by recording a cumulative-effect adjustment to equity for investments in unconsolidated joint ventures in which Columbia Property Trust had previously contributed property and recognized a gain on a partial property sale (see Note 4, Unconsolidated Joint Venture ). In January 2017, 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 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 by making targeted changes to lessor accounting and reporting, including the classification of lease components and nonlease components, such as services provided to tenants. 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, or not. 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 using an approach that is 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 will be effective for Columbia Property Trust on January 1, 2019 and supersedes previous leasing standards. Once effective, Columbia Property Trust anticipates separating lease components from nonlease components, which will be evaluated under ASU 2014-09, as described below. 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. Columbia Property Trust is continuing to evaluate the impact that ASU 2014-09 will have on its financial statements and disclosures; however, 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 revenue streams generated from activities other than leasing, including asset management fees. At adoption, Columbia Property Trust anticipates applying the modified-retrospective approach of implementation as of the effective date and providing more extensive disclosures around our revised revenue recognition policy. Columbia Property Trust also anticipates that, upon the adoption of ASU 2016-02, as described above, nonlease components of revenue will also be evaluated under ASU 2014-09. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 Major 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 During 2016 and the first six months of 2017 , Columbia Property Trust closed the following transactions: Property Location Date Purchase Price (1) (in thousands) Gain (Loss) on Sale (in thousands) 2017 Key Center Tower & Marriott (2) Cleveland, OH January 31, 2017 $ 267,500 $ 9,500 Houston Properties Sale (3) Houston, TX January 6, 2017 $ 272,000 $ 63,700 2016 SanTan Corporate Center Phoenix, AZ December 15, 2016 $ 58,500 $ 9,800 Sterling Commerce Dallas, TX November 30, 2016 $ 51,000 $ 12,500 9127 South Jamaica Street Denver, CO October 12, 2016 $ 19,500 $ — (4) 80 Park Plaza Newark, NJ September 30, 2016 $ 174,500 $ 21,600 9189, 9191 & 9193 South Jamaica Street Denver, CO September 22, 2016 $ 122,000 $ 27,200 800 North Frederick Suburban, MD July 8, 2016 $ 48,000 $ 2,100 100 East Pratt Baltimore, MD March 31, 2016 $ 187,000 $ (300 ) (1) Purchase price, as shown, is before purchase price adjustments. (2) Key Center Tower & Marriott were sold in one transaction on January 31, 2017. At closing, Columbia Property Trust received $254.5 million of gross proceeds and a $13.0 million , 10 -year accruing note receivable from the principal of the buyer. As a result, Columbia Property Trust has applied the installment method to account for this transaction, and deferred $13.0 million of the total $22.5 million gain on sale. The Key Center Tower and Key Center Marriott generated net income of $5.4 million for the first six months of 2016, and a net loss of $1.9 million for the first 31 days of 2017, excluding the gain on sale. (3) 5 Houston Center, Energy Center I, and 515 Post Oak were sold in one transaction on January 6, 2017 (the "Houston Properties Sale"). The properties included in the Houston Properties Sale generated net income of $7.1 million for the first six months of 2016, and a net loss of $14.9 thousand for the first six days of 2017, excluding the gain on sale. (4) Columbia Property Trust recorded a de minimus loss on the sale of 9127 South Jamaica Street. |
Schedule of Intangible Assets and Liabilities | As of June 30, 2017 and December 31, 2016 , Columbia Property Trust had the following 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 June 30, 2017 Gross $ 1,689 $ 139,732 $ 117,357 $ 69,006 Accumulated Amortization (796 ) (77,622 ) (68,771 ) (39,939 ) Net $ 893 $ 62,110 $ 48,586 $ 29,067 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 For the three and six months ended June 30, 2017 and 2016 , 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 three months ended June 30, 2017 $ 161 $ 4,189 $ 2,740 $ 1,911 For the three months ended June 30, 2016 $ 626 $ 7,918 $ 4,772 $ 3,745 For the six months ended June 30, 2017 $ 449 $ 9,257 $ 5,829 $ 4,316 For the six months ended June 30, 2016 $ 1,420 $ 16,447 $ 10,041 $ 7,426 The net intangible assets and liabilities remaining as of June 30, 2017 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 remainder of 2017 $ 47 $ 7,232 $ 5,053 $ 3,312 For the years ending December 31: 2018 97 12,834 9,540 5,649 2019 97 11,247 8,974 4,972 2020 97 9,318 7,925 3,836 2021 97 5,432 3,984 2,171 2022 97 4,054 3,006 1,938 Thereafter 361 11,993 10,104 7,189 $ 893 $ 62,110 $ 48,586 $ 29,067 |
Schedule of Future Amortization Expense for Remaining Net Below-Market Lease Assets | As of June 30, 2017 , the remaining net below-market intangible lease assets will be amortized as follows (in thousands): For the remainder of 2017 $ 1,274 For the years ending December 31: 2018 2,549 2019 2,549 2020 2,549 2021 2,549 2022 2,549 Thereafter 105,406 $ 119,425 |
Schedule of Interest Rate Swaps | The following tables provide additional information related to Columbia Property Trust's interest rate swaps (in thousands): Estimated Fair Value as of Instrument Type Balance Sheet Classification June 30, December 31, Derivatives designated as hedging instruments: Interest rate contracts Accounts payable $ (885 ) $ (882 ) |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position | Three Months Ended Six Months Ended 2017 2016 2017 2016 Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income $ (636 ) $ (2,022 ) $ (2 ) $ (6,879 ) |
Real Estate Transactions (Table
Real Estate Transactions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Real Estate [Abstract] | |
Schedule of Properties Sold | 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 During 2016 and the first six months of 2017 , Columbia Property Trust closed the following transactions: Property Location Date Purchase Price (1) (in thousands) Gain (Loss) on Sale (in thousands) 2017 Key Center Tower & Marriott (2) Cleveland, OH January 31, 2017 $ 267,500 $ 9,500 Houston Properties Sale (3) Houston, TX January 6, 2017 $ 272,000 $ 63,700 2016 SanTan Corporate Center Phoenix, AZ December 15, 2016 $ 58,500 $ 9,800 Sterling Commerce Dallas, TX November 30, 2016 $ 51,000 $ 12,500 9127 South Jamaica Street Denver, CO October 12, 2016 $ 19,500 $ — (4) 80 Park Plaza Newark, NJ September 30, 2016 $ 174,500 $ 21,600 9189, 9191 & 9193 South Jamaica Street Denver, CO September 22, 2016 $ 122,000 $ 27,200 800 North Frederick Suburban, MD July 8, 2016 $ 48,000 $ 2,100 100 East Pratt Baltimore, MD March 31, 2016 $ 187,000 $ (300 ) (1) Purchase price, as shown, is before purchase price adjustments. (2) Key Center Tower & Marriott were sold in one transaction on January 31, 2017. At closing, Columbia Property Trust received $254.5 million of gross proceeds and a $13.0 million , 10 -year accruing note receivable from the principal of the buyer. As a result, Columbia Property Trust has applied the installment method to account for this transaction, and deferred $13.0 million of the total $22.5 million gain on sale. The Key Center Tower and Key Center Marriott generated net income of $5.4 million for the first six months of 2016, and a net loss of $1.9 million for the first 31 days of 2017, excluding the gain on sale. (3) 5 Houston Center, Energy Center I, and 515 Post Oak were sold in one transaction on January 6, 2017 (the "Houston Properties Sale"). The properties included in the Houston Properties Sale generated net income of $7.1 million for the first six months of 2016, and a net loss of $14.9 thousand for the first six days of 2017, excluding the gain on sale. (4) Columbia Property Trust recorded a de minimus loss on the sale of 9127 South Jamaica Street. |
Unconsolidated Joint Venture (T
Unconsolidated Joint Venture (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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): June 30, 2017 December 31, 2016 Total assets $ 582,664 $ 587,344 Total debt $ 324,682 $ 324,656 Total equity $ 239,207 $ 242,802 Columbia Property Trust's investment $ 125,584 $ 127,346 Condensed income statement information for the Market Square Joint Venture is as follows (in thousands): For the Three Months Ended For the Six Months Ended 2017 2016 2017 2016 Total revenues $ 10,428 $ 9,776 $ 20,562 $ 21,439 Net loss $ (3,563 ) $ (3,827 ) $ (7,259 ) $ (6,870 ) Columbia Property Trust's share of net loss $ (1,817 ) $ (1,952 ) $ (3,702 ) $ (3,504 ) |
Line of Credit and Notes Paya26
Line of Credit and Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit and Notes Payable Indebtedness | As of June 30, 2017 and December 31, 2016 , Columbia Property Trust had the following line of credit and notes payable indebtedness (excluding bonds payable; see Note 6, Bonds Payable ) in thousands: Facility June 30, December 31, $300 Million Term Loan $ 300,000 $ 300,000 $150 Million Term Loan 150,000 150,000 650 California Street building mortgage note 125,005 126,287 263 Shuman Boulevard building mortgage note (1) 49,000 49,000 One Glenlake building mortgage note 24,769 26,315 221 Main Street building mortgage note — 73,000 Revolving Credit Facility — — Less: Deferred financing costs related to term loans and notes payable, net of accumulated amortization (2,614 ) (3,136 ) $ 646,160 $ 721,466 (1) In January 2017, the lender put this loan into 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 expired in May 2017. Columbia Property Trust is in the process of working to transfer this property to the lender. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Summary of the Activity of Employee Stock Grants | A summary of the activity for the employee stock grants under the LTIP for the six months ended June 30, 2017 follows: For the Six Months Ended Shares Weighted-Average (1) Unvested shares – beginning of period 256 $ 22.62 Granted 663 $ 20.20 Vested (161 ) $ 22.67 Forfeited (7 ) $ 21.21 Unvested shares – end of period (2) 751 $ 20.48 (1) Columbia Property Trust determined the weighted-average, grant-date fair value using the market closing price on the date of the respective grants. (2) As of June 30, 2017 , we expect approximately 713,000 of the 751,000 unvested shares to ultimately vest, assuming a forfeiture rate of 5.0% , which was determined based on peer company data, adjusted for the specifics of the LTIP. |
Summary of Shares Granted to Independent Directors | During the six months ended June 30, 2017 and 2016 , Columbia Property Trust paid equity retainers to its independent directors under the LTIP by granting the following shares, all of which vested immediately: Date of Grant Shares Grant-Date Fair Value 2017 Director Grants: January 3, 2017 8,279 $ 21.58 May 2, 2017 33,581 (1) $ 22.57 2016 Director Grants: January 4, 2016 7,439 $ 23.00 April 1, 2016 8,120 $ 21.89 (1) On May 2, 2017, the independent directors’ equity retainers were paid for the ensuing annual period. Prior to this time, the independent directors’ equity retainers were paid quarterly. |
Schedule of Stock-based Compensation Expense Incurred | For the three and six months ended June 30, 2017 and 2016 , Columbia Property Trust incurred the stock-based compensation expense related to the following events (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Amortization of LTIP awards $ 887 $ 689 $ 1,804 $ 1,540 Amortization of future LTIP awards (1) 617 346 1,212 706 Issuance of shares to independent directors 758 178 937 349 Total stock-based compensation expense $ 2,262 $ 1,213 $ 3,953 $ 2,595 (1) Reflects amortization of LTIP awards for service during the current period, for which shares will be issued in future periods. |
Supplemental Disclosures of N28
Supplemental Disclosures of Noncash Investing and Financing Activities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Significant Noncash Investing and Financing Activities | Outlined below are significant noncash investing and financing activities for the six months ended June 30, 2017 and 2016 (in thousands): Six Months Ended 2017 2016 Investments in real estate funded with other assets $ 311 $ — Deposits applied to sales of real estate $ 10,000 $ — Amortization of net discounts on debt $ 90 $ 151 Market value adjustments to interest rate swaps that qualify for hedge accounting treatment $ (2 ) $ (6,879 ) Accrued capital expenditures and deferred lease costs $ 28,547 $ 7,505 Common stock issued to employees and directors, and amortized (net of income tax withholdings) $ 2,501 $ 1,417 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share Computations | The following table reconciles the numerator for the basic and diluted earnings-per-share computations shown on the consolidated statements of operations for the three and six months ended June 30, 2017 and 2016 (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Net income $ 1,133 $ 13,286 $ 75,855 $ 19,983 Distributions paid on unvested shares (85 ) (77 ) (168 ) (159 ) Net income used to calculate basic and diluted earnings per share $ 1,048 $ 13,209 $ 75,687 $ 19,824 The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of operations for the three and six months ended June 30, 2017 and 2016 , respectively (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Weighted-average common shares – basic 121,534 123,206 121,768 123,299 Plus incremental weighted-average shares from time-vested conversions, less assumed share repurchases: Previously granted LTIP awards, unvested 90 43 75 26 Future LTIP awards 285 45 272 32 Weighted-average common shares – diluted 121,909 123,294 122,115 123,357 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | The following table presents operating revenues by geographic reportable segment (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 New York $ 25,524 $ 36,239 $ 53,110 $ 65,687 San Francisco 27,593 27,815 54,775 55,903 Atlanta 9,510 9,230 18,838 18,433 Washington, D.C. (1) 7,745 8,428 15,128 17,913 Boston 2,720 3,105 5,624 5,903 Los Angeles 1,857 1,920 3,635 3,891 All other office markets 4,856 38,841 14,447 84,825 Total office segments 79,805 125,578 165,557 252,555 Hotel 5 6,630 1,223 11,362 Corporate 365 708 719 1,526 Total 80,175 132,916 167,499 265,443 Operating revenues included in loss from unconsolidated joint venture (1) (5,318 ) (4,986 ) (10,486 ) (10,934 ) Total operating revenues $ 74,857 $ 127,930 $ 157,013 $ 254,509 (1) Includes operating revenues for our interest in the Market Square Buildings for all periods presented. Columbia Property Trust records its 51% interest in the Market Square Joint Venture using the equity method of accounting, and reflects its interest in the operating revenues of the Market Square Buildings in loss from unconsolidated joint venture in the accompanying consolidated statements of operations. |
Schedule of Segment Reporting Information, by Segment | The following table presents NOI by geographic reportable segment (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 New York $ 16,259 $ 24,086 $ 33,875 $ 41,135 San Francisco 19,701 19,381 39,567 40,452 Atlanta 8,285 8,226 16,578 16,507 Washington, D.C. (1) 3,565 4,555 6,843 9,671 Boston 1,192 1,463 2,601 2,686 Los Angeles 1,202 1,192 2,284 2,442 All other office markets 4,597 23,605 11,527 52,388 Total office segments 54,801 82,508 113,275 165,281 Hotel (14 ) 1,523 (890 ) 1,870 Corporate 395 517 847 1,066 Total $ 55,182 $ 84,548 $ 113,232 $ 168,217 (1) Includes NOI for our interest in the Market Square Buildings for all periods presented. Columbia Property Trust records its 51% interest in the Market Square Joint Venture using the equity method of accounting, and reflects its 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): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net income $ 1,133 $ 13,286 $ 75,855 $ 19,983 Depreciation 20,423 28,450 42,028 57,739 Amortization 8,191 14,932 17,648 31,007 General and administrative 9,201 7,761 17,969 18,251 Net interest expense 13,785 17,372 28,350 35,264 Interest income from development authority bonds (1,800 ) (1,800 ) (3,600 ) (3,600 ) Loss on early extinguishment of debt — 92 45 92 Income tax expense (benefit) 7 245 (381 ) 322 Adjustments included in loss from unconsolidated joint venture 4,242 4,191 8,471 8,830 Loss (gains) on sales of real estate assets — 19 (73,153 ) 329 NOI $ 55,182 $ 84,548 $ 113,232 $ 168,217 |
Financial Information for Par31
Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets (in thousands) As of June 30, 2017 Columbia Property Trust (Guarantor) 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 — 144 2,117,736 — 2,117,880 Intangible lease assets, net — — 182,428 — 182,428 Construction in progress — — 49,069 — 49,069 Total real estate assets — 144 3,100,584 — 3,100,728 Investment in unconsolidated joint venture — 125,584 — — 125,584 Cash and cash equivalents 492,259 6,581 7,698 — 506,538 Investment in subsidiaries 1,683,352 1,465,906 — (3,149,258 ) — Tenant receivables, net of allowance — 33 3,969 — 4,002 Straight-line rent receivable — — 77,875 — 77,875 Prepaid expenses and other assets 329,234 124,139 18,797 (432,355 ) 39,815 Intangible lease origination costs, net — — 48,586 — 48,586 Deferred lease costs, net — — 129,849 — 129,849 Investment in development authority bonds — — 120,000 — 120,000 Total assets $ 2,504,845 $ 1,722,387 $ 3,507,358 $ (3,581,613 ) $ 4,152,977 Liabilities: Line of credit and notes payable $ — $ 447,920 $ 629,003 $ (430,763 ) $ 646,160 Bonds payable, net — 693,364 — — 693,364 Accounts payable, accrued expenses, and accrued capital expenditures 2 11,588 128,561 — 140,151 Due to affiliates — — 1,592 (1,592 ) — Deferred income — 87 19,305 — 19,392 Intangible lease liabilities, net — — 29,067 — 29,067 Obligations under capital lease — — 120,000 — 120,000 Total liabilities 2 1,152,959 927,528 (432,355 ) 1,648,134 Equity: Total equity 2,504,843 569,428 2,579,830 (3,149,258 ) 2,504,843 Total liabilities and equity $ 2,504,845 $ 1,722,387 $ 3,507,358 $ (3,581,613 ) $ 4,152,977 Condensed Consolidating Balance Sheets (in thousands) As of December 31, 2016 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Assets: Real estate assets, at cost: Land $ — $ — $ 751,351 $ — $ 751,351 Building 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: Lines 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 — 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 |
Consolidating Statements of Operations | Consolidating Statements of Operations (in thousands) For the Three Months Ended June 30, 2017 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income $ — $ — $ 67,216 $ (95 ) $ 67,121 Tenant reimbursements — (100 ) 7,072 — 6,972 Other property income 245 — 519 — 764 245 (100 ) 74,807 (95 ) 74,857 Expenses: Property operating costs — (45 ) 21,971 (95 ) 21,831 Hotel operating costs — — 9 — 9 Asset and property management fees — — 260 — 260 Depreciation — 152 20,271 — 20,423 Amortization — — 8,191 — 8,191 General and administrative 56 2,739 6,406 — 9,201 56 2,846 57,108 (95 ) 59,915 Real estate operating income (loss) 189 (2,946 ) 17,699 — 14,942 Other income (expense): Interest expense — (10,568 ) (8,668 ) 4,774 (14,462 ) Interest and other income 4,228 1,220 1,803 (4,774 ) 2,477 4,228 (9,348 ) (6,865 ) — (11,985 ) Income (loss) before income taxes and unconsolidated entities: 4,417 (12,294 ) 10,834 — 2,957 Income tax expense — — (7 ) — (7 ) Income (loss) from unconsolidated entities (3,284 ) 6,187 — (4,720 ) (1,817 ) Net income (loss) $ 1,133 $ (6,107 ) $ 10,827 $ (4,720 ) $ 1,133 Consolidating Statements of Operations (in thousands) For the Three Months Ended June 30, 2016 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income $ — $ 863 $ 92,796 $ (92 ) $ 93,567 Tenant reimbursements — 455 18,253 — 18,708 Hotel income — — 6,551 — 6,551 Other property income 245 — 8,955 (96 ) 9,104 245 1,318 126,555 (188 ) 127,930 Expenses: Property operating costs — 731 39,603 (92 ) 40,242 Hotel operating costs — — 5,038 — 5,038 Asset and property management fees: Related-party — 42 — (42 ) — Other — — 341 — 341 Depreciation — 723 27,727 — 28,450 Amortization — 77 14,855 — 14,932 General and administrative 38 2,087 5,690 (54 ) 7,761 38 3,660 93,254 (188 ) 96,764 Real estate operating income (loss) 207 (2,342 ) 33,301 — 31,166 Other income (expense): Interest expense — (11,825 ) (12,933 ) 7,378 (17,380 ) Interest and other income 3,555 3,824 1,807 (7,378 ) 1,808 Loss on early extinguishment of debt — (82 ) (10 ) — (92 ) 3,555 (8,083 ) (11,136 ) — (15,664 ) Income (loss) before income taxes and unconsolidated entities: 3,762 (10,425 ) 22,165 — 15,502 Income tax expense — (5 ) (240 ) — (245 ) Income from subsidiaries 9,524 17,804 — (27,328 ) — Loss from unconsolidated joint venture — (1,952 ) — — (1,952 ) Income before sale of real estate assets: 13,286 5,422 21,925 (27,328 ) 13,305 Loss on sale of real estate assets — — (19 ) — (19 ) Net income $ 13,286 $ 5,422 $ 21,906 $ (27,328 ) $ 13,286 Consolidating Statements of Operations (in thousands) For the Six Months Ended June 30, 2017 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income $ — $ 51 $ 138,438 $ (195 ) $ 138,294 Tenant reimbursements — (66 ) 15,622 — 15,556 Hotel income — — 1,339 — 1,339 Other property income 490 — 1,352 (18 ) 1,824 490 (15 ) 156,751 (213 ) 157,013 Expenses: Property operating costs — 128 46,003 (195 ) 45,936 Hotel operating costs — — 2,085 — 2,085 Asset and property management fees: Related-party — 3 — (3 ) — Other — — 529 — 529 Depreciation — 234 41,794 — 42,028 Amortization — 5 17,643 — 17,648 General and administrative 96 5,256 12,632 (15 ) 17,969 96 5,626 120,686 (213 ) 126,195 Real estate operating income (loss) 394 (5,641 ) 36,065 — 30,818 Other income (expense): Interest expense — (20,851 ) (19,133 ) 10,407 (29,577 ) Interest and other income 8,330 3,297 3,607 (10,407 ) 4,827 Loss on early extinguishment of debt — — (45 ) — (45 ) 8,330 (17,554 ) (15,571 ) — (24,795 ) Income (loss) before income taxes, unconsolidated entities, and sales of 8,724 (23,195 ) 20,494 — 6,023 Income tax benefit — — 381 — 381 Income (loss) from unconsolidated entities 67,131 69,283 — (140,116 ) (3,702 ) Income before sales of real estate assets: 75,855 46,088 20,875 (140,116 ) 2,702 Gains on sales of real estate assets — 11,050 62,103 — 73,153 Net income $ 75,855 $ 57,138 $ 82,978 $ (140,116 ) $ 75,855 For the Six Months Ended June 30, 2016 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income $ — $ 1,713 $ 191,628 $ (188 ) $ 193,153 Tenant reimbursements — 857 37,604 — 38,461 Hotel income — — 11,214 — 11,214 Other property income 490 — 11,376 (185 ) 11,681 490 2,570 251,822 (373 ) 254,509 Expenses: Property operating costs — 1,501 80,265 (188 ) 81,578 Hotel operating costs — — 9,369 — 9,369 Asset and property management fees: Related-party — 72 — (72 ) — Other — — 671 — 671 Depreciation — 1,421 56,318 — 57,739 Amortization — 153 30,854 — 31,007 General and administrative 77 4,281 14,006 (113 ) 18,251 77 7,428 191,483 (373 ) 198,615 Real estate operating income (loss) 413 (4,858 ) 60,339 — 55,894 Other income (expense): Interest expense — (24,230 ) (25,814 ) 14,767 (35,277 ) Interest and other income 7,109 7,658 3,613 (14,767 ) 3,613 Loss on early extinguishment of debt — (82 ) (10 ) — (92 ) 7,109 (16,654 ) (22,211 ) — (31,756 ) Income (loss) before income taxes, unconsolidated entities, and sales of 7,522 (21,512 ) 38,128 — 24,138 Income tax expense — (12 ) (310 ) — (322 ) Income from unconsolidated entities 12,461 28,625 — (41,086 ) — Loss from unconsolidated joint venture — (3,504 ) — — (3,504 ) Income before sales of real estate assets: 19,983 3,597 37,818 (41,086 ) 20,312 Loss on sales of real estate assets — — (329 ) — (329 ) Net income $ 19,983 $ 3,597 $ 37,489 $ (41,086 ) $ 19,983 |
Consolidating Statements of Comprehensive Income | Consolidating Statements of Comprehensive Income (in thousands) For the Three Months Ended June 30, 2017 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income (loss) $ 1,133 $ (6,107 ) $ 10,827 $ (4,720 ) $ 1,133 Market value adjustments to interest rate swaps (636 ) (636 ) — 636 (636 ) Comprehensive income (loss) $ 497 $ (6,743 ) $ 10,827 $ (4,084 ) $ 497 For the Three Months Ended June 30, 2016 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 13,286 $ 5,422 $ 21,906 $ (27,328 ) $ 13,286 Market value adjustments to interest rate swaps (2,022 ) (2,022 ) — 2,022 (2,022 ) Comprehensive income $ 11,264 $ 3,400 $ 21,906 $ (25,306 ) $ 11,264 For the Six Months Ended June 30, 2017 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 75,855 $ 57,138 $ 82,978 $ (140,116 ) $ 75,855 Market value adjustments to interest rate swaps (2 ) (2 ) — 2 (2 ) Comprehensive income $ 75,853 $ 57,136 $ 82,978 $ (140,114 ) $ 75,853 For the Six Months Ended June 30, 2016 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 19,983 $ 3,597 $ 37,489 $ (41,086 ) $ 19,983 Market value adjustments to interest rate swaps (6,879 ) (6,879 ) — 6,879 (6,879 ) Comprehensive income (loss) $ 13,104 $ (3,282 ) $ 37,489 $ (34,207 ) $ 13,104 |
Consolidating Statements of Cash Flows | Consolidating Statements of Cash Flows (in thousands) For the Six Months Ended June 30, 2017 Columbia Property Trust (Guarantor) Columbia Property Trust OP (the Issuer) Non- Guarantors Eliminations Columbia Property Trust Cash flows from operating activities $ 58,752 $ 58,688 $ 58,639 $ (140,116 ) $ 35,963 Cash flows from investing activities: Net proceeds from sale of real estate — 49,531 455,129 — 504,660 Investment in real estate and related assets (12,000 ) (400 ) (45,463 ) — (57,863 ) Investment in unconsolidated joint venture — (1,940 ) — — (1,940 ) Distributions from subsidiaries 385,554 331,630 — (717,184 ) — Net cash provided by investing activities 373,554 378,821 409,666 (717,184 ) 444,857 Cash flows from financing activities: Borrowings, net of fees — (70 ) — — (70 ) Repayments — — (75,830 ) — (75,830 ) Distributions (85,505 ) (447,367 ) (409,933 ) 857,300 (85,505 ) Repurchases of common stock (28,962 ) — — — (28,962 ) Net cash provided by (used in) financing activities (114,467 ) (447,437 ) (485,763 ) 857,300 (190,367 ) Net increase (decrease) in cash and cash equivalents 317,839 (9,928 ) (17,458 ) — 290,453 Cash and cash equivalents, beginning of period 174,420 16,509 25,156 — 216,085 Cash and cash equivalents, end of period $ 492,259 $ 6,581 $ 7,698 $ — $ 506,538 For the Six Months Ended June 30, 2016 Columbia Property Trust (Guarantor) Columbia Property Trust OP (the Issuer) Non- Guarantors Eliminations Columbia Property Trust Cash flows from operating activities $ 4,009 $ 11,635 $ 114,880 $ (41,086 ) $ 89,438 Cash flows from investing activities: Net proceeds from sales of real estate (1) — — 159,387 — 159,387 Investment in real estate and related assets — (755 ) (35,729 ) — (36,484 ) Investment in unconsolidated joint venture — (8,728 ) — — (8,728 ) Distributions from subsidiaries (2) 133,891 151,470 — (285,361 ) — Net cash provided by investing activities 133,891 141,987 123,658 (285,361 ) 114,175 Cash flows from financing activities: Borrowings, net of fees — 214,861 — — 214,861 Repayments of line of credit and notes payable — (248,000 ) (41,697 ) — (289,697 ) Distributions (3) (111,433 ) (125,011 ) (201,436 ) 326,447 (111,433 ) Repurchases of common stock (26,186 ) — — — (26,186 ) Net cash used in financing activities (137,619 ) (158,150 ) (243,133 ) 326,447 (212,455 ) Net increase (decrease) in cash and cash equivalents 281 (4,528 ) (4,595 ) — (8,842 ) Cash and cash equivalents, beginning of period 989 14,969 16,687 — 32,645 Cash and cash equivalents, end of period $ 1,270 $ 10,441 $ 12,092 $ — $ 23,803 (1) Net proceeds from sales of real estate increased (decreased) by $(159.4) million and $159.4 million for the parent and non-guarantors, respectively. (2) Distributions from subsidiaries increased (decreased) by $133.9 million , $151.5 million , and $(285.4) million for the parent, issuer, and eliminations, respectively. (3) Distributions (increased) decreased by $(125.0) million , $(201.4) million , and $326.4 million , for the issuer, non-guarantors, and eliminations, respectively. The intercompany transfers, net line item is no longer presented based on the changes to the other line items described herein. |
Organization (Details)
Organization (Details) ft² in Thousands | Jul. 06, 2017ft²property | Jun. 30, 2017ft²property |
Real Estate Properties [Line Items] | ||
Square feet of real estate | ft² | 7,800 | |
Percent of leased office space of owned properties | 95.30% | |
Office Building | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | property | 15 | |
Corporate Joint Venture | ||
Real Estate Properties [Line Items] | ||
Ownership percentage | 51.00% | |
Subsequent Event | Corporate Joint Venture | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties transferred to joint venture | property | 2 | |
Subsequent Event | San Francisco Joint Ventures | Corporate Joint Venture | Allianz | ||
Real Estate Properties [Line Items] | ||
Ownership percentage | 22.50% | |
Subsequent Event | 114 Fifth Avenue Joint Venture | Corporate Joint Venture | ||
Real Estate Properties [Line Items] | ||
Square feet of real estate | ft² | 352 | |
Ownership percentage | 49.50% | |
Subsequent Event | 114 Fifth Avenue Joint Venture | Corporate Joint Venture | Allianz | ||
Real Estate Properties [Line Items] | ||
Ownership percentage | 49.50% |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||||
Amortization of intangible assets | $ 16,789,000 | $ 28,057,000 | |||
Hedge ineffectiveness recognized in earnings | $ 0 | $ 0 | $ 0 | 0 | |
Requirement to distribute taxable income (at least) | 90.00% | 90.00% | |||
Limit on investments in taxable real estate investment trusts (percent) | 25.00% | 25.00% | |||
Intangible Below Market Lease Assets | |||||
Property, Plant and Equipment [Line Items] | |||||
Gross intangible assets | $ 140,900,000 | $ 140,900,000 | $ 140,900,000 | ||
Amortization of intangible assets | $ 600,000 | $ 600,000 | $ 1,300,000 | $ 1,300,000 | |
Buildings | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life of real estate assets | 40 years | ||||
Buildings | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life of real estate assets | 45 years | ||||
Building Improvements | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life of real estate assets | 5 years | ||||
Building Improvements | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life of real estate assets | 25 years |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Major Classes of Assets and Liabilities Classified as Held For Sale) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Other assets held for sale: | ||
Total other assets held for sale, net | $ 0 | $ 45,529 |
Liabilities held for sale: | ||
Total liabilities held for sale, net | $ 0 | 41,763 |
5 Houston Center, Energy Center I, 515 Post Oak, Key Center Tower and Key Center Marriott | 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 | |
Buildings and improvements, accumulated depreciation | 152,246 | |
Intangible lease assets, accumulated amortization | 28,545 | |
Intangible lease origination costs, accumulated amortization | 22,949 | |
Deferred lease costs, accumulated amortization | 11,203 | |
Intangible lease liabilities, accumulated amortization | $ 1,239 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Schedule of Intangible Assets & Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ||
Intangible Lease Assets, Accumulated Amortization | $ (99,910) | $ (112,777) |
Intangible lease assets, net | 182,428 | 193,311 |
Intangible Lease Origination Costs, Accumulated Amortization | (68,771) | (74,578) |
Intangible Lease Origination Costs, Net | 48,586 | 54,279 |
Below Market Lease, Gross | 69,006 | 77,939 |
Below Market Lease, Accumulated Amortization | (39,939) | (44,564) |
Below Market Lease, Net | 29,067 | 33,375 |
Above-Market In-Place Lease Assets | ||
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ||
Intangible Lease Assets, Gross | 1,689 | 10,589 |
Intangible Lease Assets, Accumulated Amortization | (796) | (9,305) |
Intangible lease assets, net | 893 | 1,284 |
Absorption Period Costs | ||
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ||
Intangible Lease Assets, Gross | 139,732 | 154,582 |
Intangible Lease Assets, Accumulated Amortization | (77,622) | (83,254) |
Intangible lease assets, net | 62,110 | 71,328 |
Intangible Lease Origination Costs | ||
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ||
Intangible Lease Origination Costs, Gross | 117,357 | 128,857 |
Intangible Lease Origination Costs, Accumulated Amortization | (68,771) | (74,578) |
Intangible Lease Origination Costs, Net | $ 48,586 | $ 54,279 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Schedule of Recognized Amortization) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Lease Assets | $ 8,191 | $ 14,932 | $ 17,648 | $ 31,007 |
Intangible Below-Market In-Place Lease Liabilities | 1,911 | 3,745 | 4,316 | 7,426 |
Above-Market In-Place Lease Assets | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Lease Assets | 161 | 626 | 449 | 1,420 |
Absorption Period Costs | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Lease Assets | 4,189 | 7,918 | 9,257 | 16,447 |
Intangible Lease Origination Costs | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Lease Assets | $ 2,740 | $ 4,772 | $ 5,829 | $ 10,041 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Schedule of Future Amortization by Intangible Asset Class) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
For the years ending December 31: | ||
Intangible lease assets, net | $ 182,428 | $ 193,311 |
Intangible Lease Origination Costs, Net | 48,586 | 54,279 |
Intangible Below-Market In-Place Lease Liabilities | ||
For the remainder of 2017 | 3,312 | |
For the years ending December 31: | ||
2,018 | 5,649 | |
2,019 | 4,972 | |
2,020 | 3,836 | |
2,021 | 2,171 | |
2,022 | 1,938 | |
Thereafter | 7,189 | |
Below Market Lease, Net | 29,067 | 33,375 |
Above-Market In-Place Lease Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
For the remainder of 2017 | 47 | |
For the years ending December 31: | ||
2,018 | 97 | |
2,019 | 97 | |
2,020 | 97 | |
2,021 | 97 | |
2,022 | 97 | |
Thereafter | 361 | |
Intangible lease assets, net | 893 | 1,284 |
Absorption Period Costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
For the remainder of 2017 | 7,232 | |
For the years ending December 31: | ||
2,018 | 12,834 | |
2,019 | 11,247 | |
2,020 | 9,318 | |
2,021 | 5,432 | |
2,022 | 4,054 | |
Thereafter | 11,993 | |
Intangible lease assets, net | 62,110 | 71,328 |
Intangible Lease Origination Costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
For the remainder of 2017 | 5,053 | |
For the years ending December 31: | ||
2,018 | 9,540 | |
2,019 | 8,974 | |
2,020 | 7,925 | |
2,021 | 3,984 | |
2,022 | 3,006 | |
Thereafter | 10,104 | |
Intangible Lease Origination Costs, Net | $ 48,586 | $ 54,279 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Schedule of Future Amortization for Below-Market Lease Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
For the years ending December 31: | ||
Intangible lease assets, net | $ 182,428 | $ 193,311 |
Intangible below market ground lease assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
For the remainder of 2017 | 1,274 | |
For the years ending December 31: | ||
2,018 | 2,549 | |
2,019 | 2,549 | |
2,020 | 2,549 | |
2,021 | 2,549 | |
2,022 | 2,549 | |
Thereafter | 105,406 | |
Intangible lease assets, net | $ 119,425 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Interest Rate Swaps) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
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 | $ (636) | $ (2,022) | $ (2) | $ (6,879) | |
Interest rate contracts | Accounts payable | |||||
Derivatives designated as hedging instruments: | |||||
Interest rate contracts | $ (885) | $ (885) | $ (882) |
Real Estate Transactions (Dispo
Real Estate Transactions (Dispositions and Acquisitions) (Details) ft² in Thousands | Jan. 31, 2017USD ($) | Jan. 06, 2017USD ($) | Jan. 06, 2017USD ($) | Dec. 15, 2016USD ($) | Nov. 30, 2016USD ($) | Oct. 12, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 22, 2016USD ($) | Jul. 08, 2016USD ($) | Mar. 31, 2016USD ($) | Feb. 28, 2017USD ($)ft² | Jan. 31, 2017USD ($) | Jun. 30, 2017USD ($)ft² | Jun. 30, 2016USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Ernest money paid | $ 12,341,000 | $ 0 | ||||||||||||
Square feet of office space | ft² | 7,800 | |||||||||||||
Disposed of by Sale | Key Center Tower & Marriott | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Purchase Price | $ 267,500,000 | $ 267,500,000 | ||||||||||||
Gain (Loss) on Sale | 9,500,000 | |||||||||||||
Gross proceeds from sale of real estate | 254,500,000 | |||||||||||||
Accruing note receivable as a result of the disposal | $ 13,000,000 | 13,000,000 | ||||||||||||
Term of accruing note receivable as a result of the disposal | 10 years | |||||||||||||
Deferred gain on disposal | $ 13,000,000 | 13,000,000 | ||||||||||||
Gain on sale | $ 22,500,000 | |||||||||||||
Income (loss) from disposal group | $ (1,900,000) | 5,400,000 | ||||||||||||
Disposed of by Sale | Houston Properties Sale | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Purchase Price | $ 272,000,000 | $ 272,000,000 | ||||||||||||
Gain (Loss) on Sale | $ 63,700,000 | |||||||||||||
Income (loss) from disposal group | $ (14,900) | 7,100,000 | ||||||||||||
Disposed of by Sale | SanTan Corporate Center | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Purchase Price | $ 58,500,000 | |||||||||||||
Gain (Loss) on Sale | $ 9,800,000 | |||||||||||||
Disposed of by Sale | Sterling Commerce | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Purchase Price | $ 51,000,000 | |||||||||||||
Gain (Loss) on Sale | $ 12,500,000 | |||||||||||||
Disposed of by Sale | 9127 South Jamaica Street | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Purchase Price | $ 19,500,000 | |||||||||||||
Gain (Loss) on Sale | $ 0 | |||||||||||||
Disposed of by Sale | 80 Park Plaza | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Purchase Price | $ 174,500,000 | |||||||||||||
Gain (Loss) on Sale | $ 21,600,000 | |||||||||||||
Disposed of by Sale | 9189, 9191 & 9193 South Jamaica Street | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Purchase Price | $ 122,000,000 | |||||||||||||
Gain (Loss) on Sale | $ 27,200,000 | |||||||||||||
Disposed of by Sale | 800 North Fredrick | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Purchase Price | $ 48,000,000 | |||||||||||||
Gain (Loss) on Sale | $ 2,100,000 | |||||||||||||
Disposed of by Sale | 100 East Pratt | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Purchase Price | $ 187,000,000 | |||||||||||||
Gain (Loss) on Sale | $ (300,000) | |||||||||||||
149 Madison Avenue | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Ernest money paid | $ 12,000,000 | |||||||||||||
Office Building | 149 Madison Avenue | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Square feet of office space | ft² | 127 |
Real Estate Transactions (Allia
Real Estate Transactions (Allianz Joint Ventures) (Details) ft² in Thousands, $ in Thousands | Jul. 06, 2018USD ($) | Jul. 06, 2017USD ($)ft² | Jun. 30, 2017USD ($)ft² | Jun. 30, 2016USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||
Payments to acquire interest in joint venture | $ 1,940 | $ 8,728 | ||
Square feet of real estate | ft² | 7,800 | |||
Subsequent Event | San Francisco Joint Ventures | Corporate Joint Venture | Allianz | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 22.50% | |||
Proceeds from sale of ownership in joint venture | $ 234,000 | |||
Additional ownership percentage acquired | 22.50% | |||
Subsequent Event | San Francisco Joint Ventures | Corporate Joint Venture | Allianz and Columbia Property Trust | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Required amount of assets to be invested in less than one year to acquire additional interest in joint venture | $ 600,000 | |||
Subsequent Event | 114 Fifth Avenue Joint Venture | Corporate Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 49.50% | |||
Payments to acquire interest in joint venture | $ 108,900 | |||
Square feet of real estate | ft² | 352 | |||
Percentage of property leased | 100.00% | |||
Subsequent Event | 114 Fifth Avenue Joint Venture | Corporate Joint Venture | Allianz | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 49.50% | |||
Subsequent Event | 114 Fifth Avenue Joint Venture | Corporate Joint Venture | L & L Holding Company | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 1.00% | |||
Forecast | Subsequent Event | San Francisco Joint Ventures | Corporate Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 55.00% | |||
Forecast | Subsequent Event | San Francisco Joint Ventures | Corporate Joint Venture | Allianz | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from sale of ownership in joint venture | $ 234,000 |
Unconsolidated Joint Venture (N
Unconsolidated Joint Venture (Narrative) (Details) ft² in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017USD ($)ft²building | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)ft²building | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Oct. 31, 2015USD ($) | |
Related Party Transaction [Line Items] | ||||||
Square feet of office space | ft² | 7,800 | 7,800 | ||||
Corporate Joint Venture | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage | 51.00% | 51.00% | ||||
Monthly property management fee earned (percent) | 3.00% | |||||
Asset management fee earned annually | $ 1,000,000 | |||||
Corporate Joint Venture | Prepaid Expenses and Other Assets | ||||||
Related Party Transaction [Line Items] | ||||||
Property management fees due to Company | $ 100,000 | $ 100,000 | $ 100,000 | |||
Corporate Joint Venture | Blackstone Property Partners | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage | 49.00% | 49.00% | ||||
Mortgage note transferred to joint venture | $ 325,000,000 | $ 325,000,000 | $ 325,000,000 | |||
Mortgage note interest rate | 5.07% | 5.07% | 5.07% | |||
Guaranty liability | $ 12,600,000 | $ 12,600,000 | $ 16,100,000 | $ 25,000,000 | ||
Corporate Joint Venture | Market Square East & West LLC | Washington, D.C. | ||||||
Related Party Transaction [Line Items] | ||||||
Number of office buildings | building | 2 | 2 | ||||
Square feet of office space | ft² | 698 | 698 | ||||
Other Income | Corporate Joint Venture | ||||||
Related Party Transaction [Line Items] | ||||||
Property Management Fee Revenue | $ 700,000 | $ 600,000 | $ 1,300,000 | $ 1,300,000 |
Unconsolidated Joint Venture (C
Unconsolidated Joint Venture (Condensed Balance Sheet Information for Market Square Joint Venture) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Total assets | $ 582,664 | $ 587,344 |
Total debt | 324,682 | 324,656 |
Total equity | 239,207 | 242,802 |
Columbia Property Trust's investment | $ 125,584 | $ 127,346 |
Unconsolidated Joint Venture 44
Unconsolidated Joint Venture (Condensed Income Statement Information for the Market Square Joint Venture) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Total revenues | $ 10,428 | $ 9,776 | $ 20,562 | $ 21,439 |
Net loss | (3,563) | (3,827) | (7,259) | (6,870) |
Columbia Property Trust's share of net loss | $ (1,817) | $ (1,952) | $ (3,702) | $ (3,504) |
Line of Credit and Notes Paya45
Line of Credit and Notes Payable (Schedule of Long-Term Debt (excluding Bonds Payable)) (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Lines of credit and notes payable, net | $ 646,160,000 | $ 721,466,000 |
Less: Deferred financing costs related to term loans and notes payable, net of accumulated amortization | (2,614,000) | (3,136,000) |
Term Loans | ||
Debt Instrument [Line Items] | ||
Less: Deferred financing costs related to term loans and notes payable, net of accumulated amortization | (2,614,000) | (3,136,000) |
Term Loans | $300 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Lines of credit and notes payable, net | 300,000,000 | 300,000,000 |
Face amount of issued debt instrument | 300,000,000 | 300,000,000 |
Term Loans | $150 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Lines of credit and notes payable, net | 150,000,000 | 150,000,000 |
Face amount of issued debt instrument | 150,000,000 | 150,000,000 |
Mortgage Notes | 650 California Street building mortgage note | ||
Debt Instrument [Line Items] | ||
Lines of credit and notes payable, net | 125,005,000 | 126,287,000 |
Mortgage Notes | 263 Shuman Boulevard building mortgage note | ||
Debt Instrument [Line Items] | ||
Lines of credit and notes payable, net | 49,000,000 | 49,000,000 |
Mortgage Notes | One Glenlake building mortgage note | ||
Debt Instrument [Line Items] | ||
Lines of credit and notes payable, net | 24,769,000 | 26,315,000 |
Mortgage Notes | 221 Main Street Building mortgage note | ||
Debt Instrument [Line Items] | ||
Lines of credit and notes payable, net | 0 | 73,000,000 |
Credit Facilities | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Lines of credit and notes payable, net | $ 0 | $ 0 |
Line of Credit and Notes Paya46
Line of Credit and Notes Payable (Narrative) (Details) - USD ($) | Jul. 25, 2017 | Mar. 10, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||||||
Loss on early extinguishment of debt | $ 0 | $ 92,000 | $ 45,000 | $ 92,000 | |||
Line of credit and notes payable, net of unamortized deferred financing costs of $2,614 and $3,136, as of June 30, 2017 and December 31, 2016, respectively | 646,160,000 | 646,160,000 | $ 721,466,000 | ||||
Loans Payable | |||||||
Debt Instrument [Line Items] | |||||||
Estimated fair value of line of credit and notes payable | 651,700,000 | 651,700,000 | 728,500,000 | ||||
Carrying value of the line of credit and notes payable | 648,800,000 | 648,800,000 | 724,600,000 | ||||
Interest payments | 11,200,000 | 15,200,000 | |||||
Interest capitalized | 300,000 | $ 100,000 | |||||
Term Loans | $300 Million Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Face amount of issued debt instrument | 300,000,000 | 300,000,000 | 300,000,000 | ||||
Line of credit and notes payable, net of unamortized deferred financing costs of $2,614 and $3,136, as of June 30, 2017 and December 31, 2016, respectively | 300,000,000 | 300,000,000 | 300,000,000 | ||||
Term Loans | $150 Million Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Face amount of issued debt instrument | 150,000,000 | 150,000,000 | 150,000,000 | ||||
Line of credit and notes payable, net of unamortized deferred financing costs of $2,614 and $3,136, as of June 30, 2017 and December 31, 2016, respectively | $ 150,000,000 | $ 150,000,000 | 150,000,000 | ||||
Effective interest rate | 3.52% | 3.52% | |||||
Mortgages | 221 Main Street Building mortgage note | |||||||
Debt Instrument [Line Items] | |||||||
Repayment of debt | $ 73,000,000 | ||||||
Loss on early extinguishment of debt | $ 45,000 | ||||||
Line of credit and notes payable, net of unamortized deferred financing costs of $2,614 and $3,136, as of June 30, 2017 and December 31, 2016, respectively | $ 0 | $ 0 | $ 73,000,000 | ||||
LIBOR | Minimum | Term Loans | $150 Million Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.40% | ||||||
LIBOR | Maximum | Term Loans | $150 Million Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2.35% | ||||||
Subsequent Event | Term Loans | $150 Million Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Effective interest rate | 3.07% | ||||||
Subsequent Event | LIBOR | Minimum | Term Loans | $150 Million Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.90% | ||||||
Subsequent Event | LIBOR | Maximum | Term Loans | $150 Million Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.75% |
Bonds Payable (Details)
Bonds Payable (Details) - USD ($) | Aug. 12, 2016 | Mar. 31, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||||
Initial issuance discount of bonds payable | $ 1,574,000 | $ 1,664,000 | |||
Bonds payable, net | 693,364,000 | 692,972,000 | |||
Bonds Payable | 2026 Bonds Payable | |||||
Debt Instrument [Line Items] | |||||
Face amount of issued debt instrument | $ 350,000,000 | ||||
Maturity of debt instrument | 10 years | ||||
Interest rate for debt instrument (percent) | 3.65% | ||||
Discount rate of face value of issued debt instrument (percent) | 99.626% | ||||
Proceeds from issuance of bonds payable | $ 346,400,000 | ||||
Initial issuance discount of bonds payable | 1,300,000 | ||||
Bonds Payable | 2018 Bonds Payable | |||||
Debt Instrument [Line Items] | |||||
Face amount of issued debt instrument | $ 250,000,000 | ||||
Maturity of debt instrument | 7 years | ||||
Interest rate for debt instrument (percent) | 5.875% | ||||
Bonds Payable | 2025 Bonds Payable | |||||
Debt Instrument [Line Items] | |||||
Face amount of issued debt instrument | $ 350,000,000 | ||||
Maturity of debt instrument | 10 years | ||||
Interest rate for debt instrument (percent) | 4.15% | ||||
Discount rate of face value of issued debt instrument (percent) | 99.859% | ||||
Proceeds from issuance of bonds payable | $ 347,200,000 | ||||
Initial issuance discount of bonds payable | $ 500,000 | ||||
Bonds Payable | 2026 and 2025 Bonds Payable | |||||
Debt Instrument [Line Items] | |||||
Interest payments | 13,800,000 | ||||
Bonds Payable | 2026 and 2025 Bonds Payable | Level 2 | |||||
Debt Instrument [Line Items] | |||||
Estimated fair value of debt instrument | 703,000,000 | 703,100,000 | |||
Bonds Payable | 2025 and 2018 Bonds Payable | |||||
Debt Instrument [Line Items] | |||||
Interest payments | $ 14,600,000 | ||||
Bonds Payable | 2026, 2025 and 2018 Bonds Payable | Level 2 | |||||
Debt Instrument [Line Items] | |||||
Bonds payable, net | $ 698,400,000 | $ 698,300,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Oct. 31, 2015 |
Blackstone Property Partners | Corporate Joint Venture | |||
Loss Contingencies [Line Items] | |||
Guaranty liability | $ 12,600,000 | $ 16,100,000 | $ 25,000,000 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | Jan. 20, 2017 | Jun. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Granted (shares) | 663,000 | ||||
Unrecognized compensation costs related to unvested awards | $ 11,300,000 | $ 11,300,000 | $ 3,200,000 | $ 11,300,000 | |
Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation costs recognition period (years) | 1 year | ||||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation costs recognition period (years) | 4 years | ||||
2013 Long Term Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized | 4,800,000 | 4,800,000 | 4,800,000 | ||
Long Term Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (shares) | 193,535 | ||||
Shares withheld to settle tax liability | 17,938 | ||||
Long Term Incentive Plan | Grant Date | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting rights (percent) | 25.00% | ||||
Long Term Incentive Plan | January 31, 2018 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting rights (percent) | 25.00% | ||||
Long Term Incentive Plan | January 31, 2019 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting rights (percent) | 25.00% | ||||
Long Term Incentive Plan | January 31, 2020 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting rights (percent) | 25.00% | ||||
Common Stock | 2013 Long Term Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (shares) | 138,938 | ||||
Vesting period | 4 years | ||||
Common Stock | Stock Repurchase Program | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock repurchase program, authorized amount | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | ||
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Number of shares repurchased (in shares) | 1,300,000 | 4,400,000 | |||
Shares repurchased, average cost per share (dollars per share) | $ 21.95 | $ 22.08 | |||
Value of stock repurchased | $ 27,500,000 | $ 96,500,000 | |||
Stock repurchase program, amount available for repurchase | $ 103,500,000 | $ 103,500,000 | $ 103,500,000 | ||
Performance Shares | 2013 Long Term Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (shares) | 330,541 | ||||
Performance period | 3 years | 1 year | |||
Performance Shares | 2013 Long Term Incentive Plan | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total shareholder return as a percent | 0.00% | ||||
Performance Shares | 2013 Long Term Incentive Plan | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total shareholder return as a percent | 150.00% | ||||
Performance Shares | 2013 Long Term Incentive Plan | End of Performance Period | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting rights (percent) | 75.00% | ||||
Performance Shares | 2013 Long Term Incentive Plan | One Year Post Performance Period | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting rights (percent) | 25.00% | ||||
Performance Shares | 2013 Long Term Incentive Plan | End of Performance Period, One Year Transitional Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance period | 1 year | ||||
Performance Shares | 2013 Long Term Incentive Plan | End of Performance Period, Two Year Transitional Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance period | 2 years |
Stockholders' Equity (Unvested
Stockholders' Equity (Unvested Activity Rollforward) (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Shares Rollforward | |
Unvested shares - beginning of period (shares) | 256 |
Granted (shares) | 663 |
Vested (shares) | (161) |
Forfeited (shares) | (7) |
Unvested shares - end of period (shares) | 751 |
Weighted-Average, Grant-Date Fair Value Rollforward | |
Unvested shares - beginning of period (dollars per share) | $ / shares | $ 22.62 |
Granted (dollars per share) | $ / shares | 20.20 |
Vested (dollars per share) | $ / shares | 22.67 |
Forfeited (dollars per share) | $ / shares | 21.21 |
Unvested shares - end of period (dollars per share) | $ / shares | $ 20.48 |
Shares expected to ultimately vest | 713 |
Expected forfeiture rate | 5.00% |
Stockholders' Equity (Summary o
Stockholders' Equity (Summary of Shares Granted to Independent Directors) (Details) - $ / shares | May 02, 2017 | Jan. 03, 2017 | Apr. 01, 2016 | Jan. 04, 2016 | Jun. 30, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares | 663,000 | ||||
Grant-Date Fair Value (dollars per share) | $ 20.20 | ||||
Director | January 3, 2017 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares | 8,279 | ||||
Grant-Date Fair Value (dollars per share) | $ 21.58 | ||||
Director | May 2, 2017 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares | 33,581 | ||||
Grant-Date Fair Value (dollars per share) | $ 22.57 | ||||
Director | January 4, 2016 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares | 7,439 | ||||
Grant-Date Fair Value (dollars per share) | $ 23 | ||||
Director | April 1, 2016 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares | 8,120 | ||||
Grant-Date Fair Value (dollars per share) | $ 21.89 |
Stockholders' Equity (Stock-bas
Stockholders' Equity (Stock-based Compensation Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 2,262 | $ 1,213 | $ 3,953 | $ 2,595 |
Future employee awards | 617 | 346 | 1,212 | 706 |
Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | 887 | 689 | 1,804 | 1,540 |
Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 758 | $ 178 | $ 937 | $ 349 |
Supplemental Disclosures of N53
Supplemental Disclosures of Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | ||
Investments in real estate funded with other assets | $ 311 | $ 0 |
Deposits applied to sales of real estate | 10,000 | 0 |
Amortization of net discounts on debt | 90 | 151 |
Market value adjustments to interest rate swaps that qualify for hedge accounting treatment | (2) | (6,879) |
Accrued capital expenditures and deferred lease costs | 28,547 | 7,505 |
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | $ 2,501 | $ 1,417 |
Earnings Per Share (Basic and D
Earnings Per Share (Basic and Diluted EPS Computations) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net income | $ 1,133 | $ 13,286 | $ 75,855 | $ 19,983 |
Distributions paid on unvested shares | (85) | (77) | (168) | (159) |
Net income used to calculate basic and diluted earnings per share | $ 1,048 | $ 13,209 | $ 75,687 | $ 19,824 |
Weighted-average common shares – basic | 121,534 | 123,206 | 121,768 | 123,299 |
Weighted-average common shares – diluted | 121,909 | 123,294 | 122,115 | 123,357 |
Previously granted LTIP awards, unvested | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Plus incremental weighted-average shares from time-vested conversions, less assumed share repurchases | 90 | 43 | 75 | 26 |
Future LTIP awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Plus incremental weighted-average shares from time-vested conversions, less assumed share repurchases | 285 | 45 | 272 | 32 |
Segment Information (Operating
Segment Information (Operating Revenues by Geographic Reportable Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Operating revenues including unconsolidated joint venture | $ 80,175 | $ 132,916 | $ 167,499 | $ 265,443 |
Operating revenues | 74,857 | 127,930 | 157,013 | 254,509 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues including unconsolidated joint venture | 79,805 | 125,578 | 165,557 | 252,555 |
Operating Segments | New York | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues including unconsolidated joint venture | 25,524 | 36,239 | 53,110 | 65,687 |
Operating Segments | San Francisco | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues including unconsolidated joint venture | 27,593 | 27,815 | 54,775 | 55,903 |
Operating Segments | Atlanta | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues including unconsolidated joint venture | 9,510 | 9,230 | 18,838 | 18,433 |
Operating Segments | Washington, D.C. | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues including unconsolidated joint venture | 7,745 | 8,428 | 15,128 | 17,913 |
Operating Segments | Boston | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues including unconsolidated joint venture | 2,720 | 3,105 | 5,624 | 5,903 |
Operating Segments | Los Angeles | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues including unconsolidated joint venture | 1,857 | 1,920 | 3,635 | 3,891 |
Operating Segments | All other office markets | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues including unconsolidated joint venture | 4,856 | 38,841 | 14,447 | 84,825 |
Hotel | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues including unconsolidated joint venture | 5 | 6,630 | 1,223 | 11,362 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues including unconsolidated joint venture | 365 | 708 | 719 | 1,526 |
Joint Venture | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | $ (5,318) | $ (4,986) | $ (10,486) | $ (10,934) |
Corporate Joint Venture | ||||
Segment Reporting Information [Line Items] | ||||
Ownership percentage | 51.00% | 51.00% |
Segment Information (Net Operat
Segment Information (Net Operating Income By Geographic Reportable Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Net operating income (loss) including unconsolidated joint venture | $ 55,182 | $ 84,548 | $ 113,232 | $ 168,217 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income (loss) including unconsolidated joint venture | 54,801 | 82,508 | 113,275 | 165,281 |
Operating Segments | New York | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income (loss) including unconsolidated joint venture | 16,259 | 24,086 | 33,875 | 41,135 |
Operating Segments | San Francisco | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income (loss) including unconsolidated joint venture | 19,701 | 19,381 | 39,567 | 40,452 |
Operating Segments | Atlanta | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income (loss) including unconsolidated joint venture | 8,285 | 8,226 | 16,578 | 16,507 |
Operating Segments | Washington, D.C. | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income (loss) including unconsolidated joint venture | 3,565 | 4,555 | 6,843 | 9,671 |
Operating Segments | Boston | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income (loss) including unconsolidated joint venture | 1,192 | 1,463 | 2,601 | 2,686 |
Operating Segments | Los Angeles | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income (loss) including unconsolidated joint venture | 1,202 | 1,192 | 2,284 | 2,442 |
Operating Segments | All other office markets | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income (loss) including unconsolidated joint venture | 4,597 | 23,605 | 11,527 | 52,388 |
Hotel | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income (loss) including unconsolidated joint venture | (14) | 1,523 | (890) | 1,870 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income (loss) including unconsolidated joint venture | $ 395 | $ 517 | $ 847 | $ 1,066 |
Corporate Joint Venture | ||||
Segment Reporting Information [Line Items] | ||||
Ownership percentage | 51.00% | 51.00% |
Segment Information (Reconcilia
Segment Information (Reconciliation of GAAP Net Income to NOI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Net income | $ 1,133 | $ 13,286 | $ 75,855 | $ 19,983 |
Depreciation | 20,423 | 28,450 | 42,028 | 57,739 |
Amortization | 8,191 | 14,932 | 17,648 | 31,007 |
General and administrative | 9,201 | 7,761 | 17,969 | 18,251 |
Income tax expense (benefit) | 7 | 245 | (381) | 322 |
Loss (gains) on sales of real estate assets | 0 | 19 | (73,153) | 329 |
NOI | 55,182 | 84,548 | 113,232 | 168,217 |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation | 20,423 | 28,450 | 42,028 | 57,739 |
Amortization | 8,191 | 14,932 | 17,648 | 31,007 |
General and administrative | 9,201 | 7,761 | 17,969 | 18,251 |
Net interest expense | 13,785 | 17,372 | 28,350 | 35,264 |
Interest income from development authority bonds | (1,800) | (1,800) | (3,600) | (3,600) |
Loss on early extinguishment of debt | 0 | 92 | 45 | 92 |
Income tax expense (benefit) | 7 | 245 | (381) | 322 |
Adjustments included in loss from unconsolidated joint venture | 4,242 | 4,191 | 8,471 | 8,830 |
Loss (gains) on sales of real estate assets | $ 0 | $ 19 | $ (73,153) | $ 329 |
Financial Information for Par58
Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||
Ownership percentage of wholly owned subsidiary | 100.00% | |
Condensed Financial Statements, Captions [Line Items] | ||
Increase in operating cash flows | $ 35,963 | $ 89,438 |
Increase (decrease) in investing cash flows | 444,857 | 114,175 |
Increase (decrease) in financing cash flows | (190,367) | (212,455) |
Reportable Legal Entities | Parent | ||
Condensed Financial Statements, Captions [Line Items] | ||
Increase in operating cash flows | 58,752 | 4,009 |
Increase (decrease) in investing cash flows | 373,554 | 133,891 |
Increase (decrease) in financing cash flows | (114,467) | (137,619) |
Reportable Legal Entities | Issuer | ||
Condensed Financial Statements, Captions [Line Items] | ||
Increase in operating cash flows | 58,688 | 11,635 |
Increase (decrease) in investing cash flows | 378,821 | 141,987 |
Increase (decrease) in financing cash flows | (447,437) | (158,150) |
Reportable Legal Entities | Non- Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Increase in operating cash flows | 58,639 | 114,880 |
Increase (decrease) in investing cash flows | 409,666 | 123,658 |
Increase (decrease) in financing cash flows | $ (485,763) | (243,133) |
Intercompany Cash Transfers Between Parent and Subsidiaries Broken Out by Cash Flow Type | Reportable Legal Entities | Restatement Adjustment | Parent | ||
Condensed Financial Statements, Captions [Line Items] | ||
Increase in operating cash flows | 3,600 | |
Increase (decrease) in investing cash flows | (25,500) | |
Increase (decrease) in financing cash flows | 21,900 | |
Intercompany Cash Transfers Between Parent and Subsidiaries Broken Out by Cash Flow Type | Reportable Legal Entities | Restatement Adjustment | Issuer | ||
Condensed Financial Statements, Captions [Line Items] | ||
Increase in operating cash flows | 37,500 | |
Increase (decrease) in investing cash flows | 151,500 | |
Increase (decrease) in financing cash flows | (189,000) | |
Intercompany Cash Transfers Between Parent and Subsidiaries Broken Out by Cash Flow Type | Reportable Legal Entities | Restatement Adjustment | Non- Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Increase (decrease) in investing cash flows | 159,400 | |
Increase (decrease) in financing cash flows | $ (159,400) |
Financial Information for Par59
Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Assets: | ||||||
Land | $ 751,351 | $ 751,351 | ||||
Buildings and improvements, net | 2,117,880 | 2,121,150 | ||||
Intangible lease assets, net | 182,428 | 193,311 | ||||
Construction in progress | 49,069 | 36,188 | ||||
Real estate assets held for sale, net | 0 | 412,506 | ||||
Total real estate assets | 3,100,728 | 3,514,506 | ||||
Investment in unconsolidated joint venture | 125,584 | 127,346 | ||||
Cash and cash equivalents | 506,538 | 216,085 | $ 23,803 | $ 32,645 | ||
Investment in subsidiaries | 0 | 0 | ||||
Tenant receivables, net of allowance | 4,002 | 7,163 | ||||
Straight-line rent receivable | 77,875 | 64,811 | ||||
Prepaid expenses and other assets | 39,815 | 24,275 | ||||
Intangible lease origination costs, net | 48,586 | 54,279 | ||||
Deferred lease costs, net | 129,849 | 125,799 | ||||
Investment in development authority bonds | 120,000 | 120,000 | ||||
Other assets held for sale | 0 | 45,529 | ||||
Total assets | 4,152,977 | 4,299,793 | ||||
Liabilities: | ||||||
Lines of credit and notes payable, net | 646,160 | 721,466 | ||||
Bonds payable, net | 693,364 | 692,972 | ||||
Accounts payable, accrued expenses, and accrued capital expenditures | 140,151 | 131,028 | ||||
Dividends payable | 0 | 36,727 | ||||
Due to affiliates | 0 | 0 | ||||
Deferred income | 19,392 | 19,694 | ||||
Intangible lease liabilities, net | 29,067 | 33,375 | ||||
Obligations under capital lease | 120,000 | 120,000 | ||||
Liabilities held for sale | 0 | 41,763 | ||||
Total liabilities | 1,648,134 | 1,797,025 | ||||
Equity: | ||||||
Total equity | 2,504,843 | 2,502,768 | 2,529,636 | 2,614,194 | ||
Total liabilities and equity | 4,152,977 | 4,299,793 | ||||
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||||||
Assets: | ||||||
Land | 0 | 0 | ||||
Buildings and improvements, net | 0 | 0 | ||||
Intangible lease assets, net | 0 | 0 | ||||
Construction in progress | 0 | 0 | ||||
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 | 492,259 | 174,420 | 1,270 | 989 | ||
Investment in subsidiaries | 1,683,352 | 2,047,922 | ||||
Tenant receivables, net of allowance | 0 | 0 | ||||
Straight-line rent receivable | 0 | 0 | ||||
Prepaid expenses and other assets | 329,234 | 317,153 | ||||
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 | 0 | |||||
Total assets | 2,504,845 | 2,539,495 | ||||
Liabilities: | ||||||
Lines of credit and notes payable, net | 0 | 0 | ||||
Bonds payable, net | 0 | 0 | ||||
Accounts payable, accrued expenses, and accrued capital expenditures | 2 | 0 | ||||
Dividends payable | 36,727 | |||||
Due to affiliates | 0 | 0 | ||||
Deferred income | 0 | 0 | ||||
Intangible lease liabilities, net | 0 | 0 | ||||
Obligations under capital lease | 0 | 0 | ||||
Liabilities held for sale | 0 | |||||
Total liabilities | 2 | 36,727 | ||||
Equity: | ||||||
Total equity | 2,504,843 | 2,502,768 | ||||
Total liabilities and equity | 2,504,845 | 2,539,495 | ||||
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||||||
Assets: | ||||||
Land | 0 | 0 | ||||
Buildings and improvements, net | 144 | 219 | ||||
Intangible lease assets, net | 0 | 0 | ||||
Construction in progress | 0 | 0 | ||||
Real estate assets held for sale, net | 34,956 | |||||
Total real estate assets | 144 | 35,175 | ||||
Investment in unconsolidated joint venture | 125,584 | 127,346 | ||||
Cash and cash equivalents | 6,581 | 16,509 | 10,441 | 14,969 | ||
Investment in subsidiaries | 1,465,906 | 1,782,752 | ||||
Tenant receivables, net of allowance | 33 | 0 | ||||
Straight-line rent receivable | 0 | 0 | ||||
Prepaid expenses and other assets | 124,139 | 262,216 | ||||
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 | 3,767 | |||||
Total assets | 1,722,387 | 2,227,765 | ||||
Liabilities: | ||||||
Lines of credit and notes payable, net | 447,920 | 447,643 | ||||
Bonds payable, net | 693,364 | 692,972 | ||||
Accounts payable, accrued expenses, and accrued capital expenditures | 11,588 | 10,395 | ||||
Dividends payable | 0 | |||||
Due to affiliates | 0 | 58 | ||||
Deferred income | 87 | 0 | ||||
Intangible lease liabilities, net | 0 | 0 | ||||
Obligations under capital lease | 0 | 0 | ||||
Liabilities held for sale | 2,651 | |||||
Total liabilities | 1,152,959 | 1,153,719 | ||||
Equity: | ||||||
Total equity | 569,428 | 1,074,046 | ||||
Total liabilities and equity | 1,722,387 | 2,227,765 | ||||
Reportable Legal Entities | Non- Guarantors | ||||||
Assets: | ||||||
Land | 751,351 | 751,351 | ||||
Buildings and improvements, net | 2,117,736 | 2,120,931 | ||||
Intangible lease assets, net | 182,428 | 193,311 | ||||
Construction in progress | 49,069 | 36,188 | ||||
Real estate assets held for sale, net | 377,550 | |||||
Total real estate assets | 3,100,584 | 3,479,331 | ||||
Investment in unconsolidated joint venture | 0 | 0 | ||||
Cash and cash equivalents | 7,698 | 25,156 | $ 12,092 | $ 16,687 | ||
Investment in subsidiaries | 0 | 0 | ||||
Tenant receivables, net of allowance | 3,969 | 7,163 | ||||
Straight-line rent receivable | 77,875 | 64,811 | ||||
Prepaid expenses and other assets | 18,797 | 15,593 | ||||
Intangible lease origination costs, net | 48,586 | 54,279 | ||||
Deferred lease costs, net | 129,849 | 125,799 | ||||
Investment in development authority bonds | 120,000 | 120,000 | ||||
Other assets held for sale | 41,814 | |||||
Total assets | 3,507,358 | 3,933,946 | ||||
Liabilities: | ||||||
Lines of credit and notes payable, net | 629,003 | 704,585 | ||||
Bonds payable, net | 0 | 0 | ||||
Accounts payable, accrued expenses, and accrued capital expenditures | 128,561 | 120,633 | ||||
Dividends payable | 0 | |||||
Due to affiliates | 1,592 | 1,534 | ||||
Deferred income | 19,305 | 19,694 | ||||
Intangible lease liabilities, net | 29,067 | 33,375 | ||||
Obligations under capital lease | 120,000 | 120,000 | ||||
Liabilities held for sale | 177,497 | |||||
Total liabilities | 927,528 | 1,177,318 | ||||
Equity: | ||||||
Total equity | 2,579,830 | 2,756,628 | ||||
Total liabilities and equity | 3,507,358 | 3,933,946 | ||||
Consolidating Adjustments | ||||||
Assets: | ||||||
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 | (3,149,258) | (3,830,674) | ||||
Tenant receivables, net of allowance | 0 | 0 | ||||
Straight-line rent receivable | 0 | 0 | ||||
Prepaid expenses and other assets | (432,355) | (570,687) | ||||
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 | (52) | |||||
Total assets | (3,581,613) | (4,401,413) | ||||
Liabilities: | ||||||
Lines of credit and notes payable, net | (430,763) | (430,762) | ||||
Bonds payable, net | 0 | 0 | ||||
Accounts payable, accrued expenses, and accrued capital expenditures | 0 | 0 | ||||
Dividends payable | 0 | |||||
Due to affiliates | (1,592) | (1,592) | ||||
Deferred income | 0 | 0 | ||||
Intangible lease liabilities, net | 0 | 0 | ||||
Obligations under capital lease | 0 | 0 | ||||
Liabilities held for sale | (138,385) | |||||
Total liabilities | (432,355) | (570,739) | ||||
Equity: | ||||||
Total equity | (3,149,258) | (3,830,674) | ||||
Total liabilities and equity | $ (3,581,613) | $ (4,401,413) |
Financial Information for Par60
Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries (Consolidating Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||||
Rental income | $ 67,121 | $ 93,567 | $ 138,294 | $ 193,153 |
Tenant reimbursements | 6,972 | 18,708 | 15,556 | 38,461 |
Hotel income | 0 | 6,551 | 1,339 | 11,214 |
Other property income | 764 | 9,104 | 1,824 | 11,681 |
Revenues | 74,857 | 127,930 | 157,013 | 254,509 |
Expenses: | ||||
Property operating costs | 21,831 | 40,242 | 45,936 | 81,578 |
Hotel operating costs | 9 | 5,038 | 2,085 | 9,369 |
Asset and property management fees: | ||||
Related-party | 0 | 0 | 0 | |
Other | 260 | 341 | 529 | 671 |
Depreciation | 20,423 | 28,450 | 42,028 | 57,739 |
Amortization | 8,191 | 14,932 | 17,648 | 31,007 |
General and administrative | 9,201 | 7,761 | 17,969 | 18,251 |
Costs and expenses | 59,915 | 96,764 | 126,195 | 198,615 |
Real estate operating income | 14,942 | 31,166 | 30,818 | 55,894 |
Other income (expense): | ||||
Interest expense | (14,462) | (17,380) | (29,577) | (35,277) |
Interest and other income | 2,477 | 1,808 | 4,827 | 3,613 |
Loss on early extinguishment of debt | 0 | (92) | (45) | (92) |
Nonoperating income (expense) | (11,985) | (15,664) | (24,795) | (31,756) |
Income before income taxes, unconsolidated joint ventures, and sales of real estate: | 2,957 | 15,502 | 6,023 | 24,138 |
Income tax benefit (expense) | (7) | (245) | 381 | (322) |
Income from subsidiaries | 0 | |||
Income (loss) from unconsolidated entities | (1,817) | (3,702) | 0 | |
Loss from unconsolidated joint venture | (1,817) | (1,952) | (3,702) | (3,504) |
Income before sales of real estate: | 1,133 | 13,305 | 2,702 | 20,312 |
Gains on sales of real estate assets | 0 | (19) | 73,153 | (329) |
Net income | 1,133 | 13,286 | 75,855 | 19,983 |
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||||
Revenues: | ||||
Rental income | 0 | 0 | 0 | 0 |
Tenant reimbursements | 0 | 0 | 0 | 0 |
Hotel income | 0 | 0 | 0 | |
Other property income | 245 | 245 | 490 | 490 |
Revenues | 245 | 245 | 490 | 490 |
Expenses: | ||||
Property operating costs | 0 | 0 | 0 | 0 |
Hotel operating costs | 0 | 0 | 0 | 0 |
Asset and property management fees: | ||||
Related-party | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 |
General and administrative | 56 | 38 | 96 | 77 |
Costs and expenses | 56 | 38 | 96 | 77 |
Real estate operating income | 189 | 207 | 394 | 413 |
Other income (expense): | ||||
Interest expense | 0 | 0 | 0 | 0 |
Interest and other income | 4,228 | 3,555 | 8,330 | 7,109 |
Loss on early extinguishment of debt | 0 | 0 | 0 | |
Nonoperating income (expense) | 4,228 | 3,555 | 8,330 | 7,109 |
Income before income taxes, unconsolidated joint ventures, and sales of real estate: | 4,417 | 3,762 | 8,724 | 7,522 |
Income tax benefit (expense) | 0 | 0 | 0 | 0 |
Income from subsidiaries | 9,524 | |||
Income (loss) from unconsolidated entities | (3,284) | 67,131 | 12,461 | |
Loss from unconsolidated joint venture | 0 | 0 | ||
Income before sales of real estate: | 13,286 | 75,855 | 19,983 | |
Gains on sales of real estate assets | 0 | 0 | 0 | |
Net income | 1,133 | 13,286 | 75,855 | 19,983 |
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||||
Revenues: | ||||
Rental income | 0 | 863 | 51 | 1,713 |
Tenant reimbursements | (100) | 455 | (66) | 857 |
Hotel income | 0 | 0 | 0 | |
Other property income | 0 | 0 | 0 | 0 |
Revenues | (100) | 1,318 | (15) | 2,570 |
Expenses: | ||||
Property operating costs | (45) | 731 | 128 | 1,501 |
Hotel operating costs | 0 | 0 | 0 | 0 |
Asset and property management fees: | ||||
Related-party | 42 | 3 | 72 | |
Other | 0 | 0 | 0 | 0 |
Depreciation | 152 | 723 | 234 | 1,421 |
Amortization | 0 | 77 | 5 | 153 |
General and administrative | 2,739 | 2,087 | 5,256 | 4,281 |
Costs and expenses | 2,846 | 3,660 | 5,626 | 7,428 |
Real estate operating income | (2,946) | (2,342) | (5,641) | (4,858) |
Other income (expense): | ||||
Interest expense | (10,568) | (11,825) | (20,851) | (24,230) |
Interest and other income | 1,220 | 3,824 | 3,297 | 7,658 |
Loss on early extinguishment of debt | (82) | 0 | (82) | |
Nonoperating income (expense) | (9,348) | (8,083) | (17,554) | (16,654) |
Income before income taxes, unconsolidated joint ventures, and sales of real estate: | (12,294) | (10,425) | (23,195) | (21,512) |
Income tax benefit (expense) | 0 | (5) | 0 | (12) |
Income from subsidiaries | 17,804 | |||
Income (loss) from unconsolidated entities | 6,187 | 69,283 | 28,625 | |
Loss from unconsolidated joint venture | (1,952) | (3,504) | ||
Income before sales of real estate: | 5,422 | 46,088 | 3,597 | |
Gains on sales of real estate assets | 0 | 11,050 | 0 | |
Net income | (6,107) | 5,422 | 57,138 | 3,597 |
Reportable Legal Entities | Non- Guarantors | ||||
Revenues: | ||||
Rental income | 67,216 | 92,796 | 138,438 | 191,628 |
Tenant reimbursements | 7,072 | 18,253 | 15,622 | 37,604 |
Hotel income | 6,551 | 1,339 | 11,214 | |
Other property income | 519 | 8,955 | 1,352 | 11,376 |
Revenues | 74,807 | 126,555 | 156,751 | 251,822 |
Expenses: | ||||
Property operating costs | 21,971 | 39,603 | 46,003 | 80,265 |
Hotel operating costs | 9 | 5,038 | 2,085 | 9,369 |
Asset and property management fees: | ||||
Related-party | 0 | 0 | 0 | |
Other | 260 | 341 | 529 | 671 |
Depreciation | 20,271 | 27,727 | 41,794 | 56,318 |
Amortization | 8,191 | 14,855 | 17,643 | 30,854 |
General and administrative | 6,406 | 5,690 | 12,632 | 14,006 |
Costs and expenses | 57,108 | 93,254 | 120,686 | 191,483 |
Real estate operating income | 17,699 | 33,301 | 36,065 | 60,339 |
Other income (expense): | ||||
Interest expense | (8,668) | (12,933) | (19,133) | (25,814) |
Interest and other income | 1,803 | 1,807 | 3,607 | 3,613 |
Loss on early extinguishment of debt | (10) | (45) | (10) | |
Nonoperating income (expense) | (6,865) | (11,136) | (15,571) | (22,211) |
Income before income taxes, unconsolidated joint ventures, and sales of real estate: | 10,834 | 22,165 | 20,494 | 38,128 |
Income tax benefit (expense) | (7) | (240) | 381 | (310) |
Income from subsidiaries | 0 | |||
Income (loss) from unconsolidated entities | 0 | 0 | 0 | |
Loss from unconsolidated joint venture | 0 | 0 | ||
Income before sales of real estate: | 21,925 | 20,875 | 37,818 | |
Gains on sales of real estate assets | (19) | 62,103 | (329) | |
Net income | 10,827 | 21,906 | 82,978 | 37,489 |
Consolidating Adjustments | ||||
Revenues: | ||||
Rental income | (95) | (92) | (195) | (188) |
Tenant reimbursements | 0 | 0 | 0 | 0 |
Hotel income | 0 | 0 | 0 | |
Other property income | 0 | (96) | (18) | (185) |
Revenues | (95) | (188) | (213) | (373) |
Expenses: | ||||
Property operating costs | (95) | (92) | (195) | (188) |
Hotel operating costs | 0 | 0 | 0 | 0 |
Asset and property management fees: | ||||
Related-party | (42) | (3) | (72) | |
Other | 0 | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 |
General and administrative | 0 | (54) | (15) | (113) |
Costs and expenses | (95) | (188) | (213) | (373) |
Real estate operating income | 0 | 0 | 0 | 0 |
Other income (expense): | ||||
Interest expense | 4,774 | 7,378 | 10,407 | 14,767 |
Interest and other income | (4,774) | (7,378) | (10,407) | (14,767) |
Loss on early extinguishment of debt | 0 | 0 | 0 | |
Nonoperating income (expense) | 0 | 0 | 0 | 0 |
Income before income taxes, unconsolidated joint ventures, and sales of real estate: | 0 | 0 | 0 | 0 |
Income tax benefit (expense) | 0 | 0 | 0 | 0 |
Income from subsidiaries | (27,328) | |||
Income (loss) from unconsolidated entities | (4,720) | (140,116) | (41,086) | |
Loss from unconsolidated joint venture | 0 | 0 | ||
Income before sales of real estate: | (27,328) | (140,116) | (41,086) | |
Gains on sales of real estate assets | 0 | 0 | 0 | |
Net income | $ (4,720) | $ (27,328) | $ (140,116) | $ (41,086) |
Financial Information for Par61
Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries (Consolidating Statements of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | $ 1,133 | $ 13,286 | $ 75,855 | $ 19,983 |
Market value adjustment to interest rate swap | (636) | (2,022) | (2) | (6,879) |
Comprehensive income | 497 | 11,264 | 75,853 | 13,104 |
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 1,133 | 13,286 | 75,855 | 19,983 |
Market value adjustment to interest rate swap | (636) | (2,022) | (2) | (6,879) |
Comprehensive income | 497 | 11,264 | 75,853 | 13,104 |
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (6,107) | 5,422 | 57,138 | 3,597 |
Market value adjustment to interest rate swap | (636) | (2,022) | (2) | (6,879) |
Comprehensive income | (6,743) | 3,400 | 57,136 | (3,282) |
Reportable Legal Entities | Non- Guarantors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 10,827 | 21,906 | 82,978 | 37,489 |
Market value adjustment to interest rate swap | 0 | 0 | 0 | 0 |
Comprehensive income | 10,827 | 21,906 | 82,978 | 37,489 |
Consolidating Adjustments | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (4,720) | (27,328) | (140,116) | (41,086) |
Market value adjustment to interest rate swap | 636 | 2,022 | 2 | 6,879 |
Comprehensive income | $ (4,084) | $ (25,306) | $ (140,114) | $ (34,207) |
Financial Information for Par62
Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries (Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | $ 35,963 | $ 89,438 |
Cash flows from investing activities: | ||
Net proceeds from the sales of real estate | 504,660 | 159,387 |
Investment in real estate and related assets | (57,863) | (36,484) |
Investments in unconsolidated joint venture | (1,940) | (8,728) |
Distributions from subsidiaries | 0 | 0 |
Net cash provided by investing activities | 444,857 | 114,175 |
Cash flows from financing activities: | ||
Borrowings, net of fees | (70) | 214,861 |
Repayments | (75,830) | (289,697) |
Distributions | (85,505) | (111,433) |
Repurchases of common stock | (28,962) | (26,186) |
Net cash used in financing activities | (190,367) | (212,455) |
Net increase (decrease) in cash and cash equivalents | 290,453 | (8,842) |
Cash and cash equivalents, beginning of period | 216,085 | 32,645 |
Cash and cash equivalents, end of period | 506,538 | 23,803 |
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 58,752 | 4,009 |
Cash flows from investing activities: | ||
Net proceeds from the sales of real estate | 0 | 0 |
Investment in real estate and related assets | (12,000) | 0 |
Investments in unconsolidated joint venture | 0 | 0 |
Distributions from subsidiaries | 385,554 | 133,891 |
Net cash provided by investing activities | 373,554 | 133,891 |
Cash flows from financing activities: | ||
Borrowings, net of fees | 0 | 0 |
Repayments | 0 | 0 |
Distributions | (85,505) | (111,433) |
Repurchases of common stock | (28,962) | (26,186) |
Net cash used in financing activities | (114,467) | (137,619) |
Net increase (decrease) in cash and cash equivalents | 317,839 | 281 |
Cash and cash equivalents, beginning of period | 174,420 | 989 |
Cash and cash equivalents, end of period | 492,259 | 1,270 |
Increase (decrease) in net proceeds from sales of real estate | (159,400) | |
Increase (decrease) in distributions from subsidiaries | 133,900 | |
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 58,688 | 11,635 |
Cash flows from investing activities: | ||
Net proceeds from the sales of real estate | 49,531 | 0 |
Investment in real estate and related assets | (400) | (755) |
Investments in unconsolidated joint venture | (1,940) | (8,728) |
Distributions from subsidiaries | 331,630 | 151,470 |
Net cash provided by investing activities | 378,821 | 141,987 |
Cash flows from financing activities: | ||
Borrowings, net of fees | (70) | 214,861 |
Repayments | 0 | (248,000) |
Distributions | (447,367) | (125,011) |
Repurchases of common stock | 0 | 0 |
Net cash used in financing activities | (447,437) | (158,150) |
Net increase (decrease) in cash and cash equivalents | (9,928) | (4,528) |
Cash and cash equivalents, beginning of period | 16,509 | 14,969 |
Cash and cash equivalents, end of period | 6,581 | 10,441 |
Increase (decrease) in distributions from subsidiaries | 151,500 | |
Increase (decrease) in distributions | (125,000) | |
Reportable Legal Entities | Non- Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 58,639 | 114,880 |
Cash flows from investing activities: | ||
Net proceeds from the sales of real estate | 455,129 | 159,387 |
Investment in real estate and related assets | (45,463) | (35,729) |
Investments in unconsolidated joint venture | 0 | 0 |
Distributions from subsidiaries | 0 | 0 |
Net cash provided by investing activities | 409,666 | 123,658 |
Cash flows from financing activities: | ||
Borrowings, net of fees | 0 | 0 |
Repayments | (75,830) | (41,697) |
Distributions | (409,933) | (201,436) |
Repurchases of common stock | 0 | 0 |
Net cash used in financing activities | (485,763) | (243,133) |
Net increase (decrease) in cash and cash equivalents | (17,458) | (4,595) |
Cash and cash equivalents, beginning of period | 25,156 | 16,687 |
Cash and cash equivalents, end of period | 7,698 | 12,092 |
Increase (decrease) in net proceeds from sales of real estate | 159,400 | |
Increase (decrease) in distributions | (201,400) | |
Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | (140,116) | (41,086) |
Cash flows from investing activities: | ||
Net proceeds from the sales of real estate | 0 | 0 |
Investment in real estate and related assets | 0 | 0 |
Investments in unconsolidated joint venture | 0 | 0 |
Distributions from subsidiaries | (717,184) | (285,361) |
Net cash provided by investing activities | (717,184) | (285,361) |
Cash flows from financing activities: | ||
Borrowings, net of fees | 0 | 0 |
Repayments | 0 | 0 |
Distributions | 857,300 | 326,447 |
Repurchases of common stock | 0 | 0 |
Net cash used in financing activities | 857,300 | 326,447 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | |
Cash and cash equivalents, end of period | $ 0 | |
Increase (decrease) in distributions from subsidiaries | (285,400) | |
Increase (decrease) in distributions | $ 326,400 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Subsequent Event [Line Items] | ||
Lines of credit and notes payable, net | $ 646,160,000 | $ 721,466,000 |
Term Loans | $150 Million Term Loan | ||
Subsequent Event [Line Items] | ||
Lines of credit and notes payable, net | $ 150,000,000 | $ 150,000,000 |