Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 31, 2019 | Jun. 30, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | COLUMBIA PROPERTY TRUST, INC. | ||
Entity Central Index Key | 1,252,849 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 116,879,665 | ||
Entity Public Float | $ 2,228,008 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate Assets, at Cost: | ||
Land | $ 817,975 | $ 825,208 |
Buildings and improvements, less accumulated depreciation of $403,355 and $388,796, as of December 31, 2018 and 2017, respectively | 1,910,041 | 2,063,419 |
Intangible lease assets, less accumulated amortization of $84,881 and $94,065, as of December 31, 2018 and 2017, respectively | 98,540 | 199,260 |
Construction in progress | 33,800 | 44,742 |
Total real estate assets | 2,860,356 | 3,132,629 |
Investments in unconsolidated joint ventures | 1,071,353 | 943,242 |
Cash and cash equivalents | 17,118 | 9,567 |
Tenant receivables, net of allowance for doubtful accounts of $4 and $0 as of December 31, 2018 and 2017, respectively | 3,258 | 2,128 |
Straight-line rent receivable | 87,159 | 92,235 |
Prepaid expenses and other assets | 23,218 | 27,683 |
Intangible lease origination costs, less accumulated amortization of $65,348 and $57,465, as of December 31, 2018 and 2017, respectively | 34,092 | 42,959 |
Deferred lease costs, less accumulated amortization of $27,735 and $26,464, as of December 31, 2018 and 2017, respectively | 77,439 | 141,096 |
Investment in development authority bonds | 0 | 120,000 |
Total assets | 4,173,993 | 4,511,539 |
Liabilities: | ||
Line of credit and notes payable, net of deferred financing costs of $2,692 and $2,991, as of December 31, 2018 and 2017, respectively | 629,308 | 971,185 |
Bonds payable, net of discount of $1,304 and $1,484 and deferred financing costs of $4,158 and $4,760, as of December 31, 2018 and 2017, respectively | 694,538 | 693,756 |
Accounts payable, accrued expenses, and accrued capital expenditures | 49,117 | 125,002 |
Dividends payable | 23,340 | 23,961 |
Deferred income | 15,593 | 18,481 |
Intangible lease liabilities, less accumulated amortization of $21,766 and $19,660, as of December 31, 2018 and 2017, respectively | 21,081 | 27,218 |
Obligations under capital leases | 0 | 120,000 |
Total liabilities | 1,432,977 | 1,979,603 |
Commitments and Contingencies (Note 7) | ||
Equity: | ||
Common stock, $0.01 par value, 225,000,000 shares authorized, 116,698,033 and 119,789,106 shares issued and outstanding as of December 31, 2018 and 2017, respectively | 1,167 | 1,198 |
Additional paid-in capital | 4,421,587 | 4,487,071 |
Cumulative distributions in excess of earnings | (1,684,082) | (1,957,236) |
Accumulated other comprehensive income | 2,344 | 903 |
Total equity | 2,741,016 | 2,531,936 |
Total liabilities and equity | $ 4,173,993 | $ 4,511,539 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Building and improvements, accumulated depreciation | $ 403,355 | $ 388,796 |
Intangible lease assets, accumulated amortization | 84,881 | 94,065 |
Allowance for doubtful accounts | 4 | 0 |
Intangible lease origination costs, accumulated amortization | 65,348 | 57,465 |
Deferred lease costs, accumulated amortization | 27,735 | 26,464 |
Deferred financing costs | 2,692 | 2,991 |
Bonds payable, discount | 1,304 | 1,484 |
Intangible lease liabilities, accumulated amortization | $ 21,766 | $ 19,660 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 116,698,033 | 119,789,106 |
Common stock, shares outstanding | 116,698,033 | 119,789,106 |
Term Loans | ||
Deferred financing costs | $ 2,692 | $ 2,991 |
Unsecured Debt | ||
Deferred financing costs | $ 4,158 | $ 4,760 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||||||||||
Revenue | $ 75,523 | $ 73,340 | $ 75,370 | $ 73,710 | $ 71,625 | $ 60,362 | $ 74,857 | $ 82,156 | $ 297,943 | $ 289,000 | $ 473,543 |
Expenses: | |||||||||||
Depreciation | 81,795 | 80,394 | 108,543 | ||||||||
Amortization | 32,554 | 32,403 | 56,775 | ||||||||
Impairment loss on real estate assets | 30,800 | 30,812 | 0 | 0 | |||||||
General and administrative – corporate | 32,979 | 34,966 | 33,876 | ||||||||
General and administrative – unconsolidated joint ventures | 3,108 | 1,454 | 0 | ||||||||
Costs and expenses | 270,915 | 240,029 | 374,263 | ||||||||
Real estate operating income (loss) | 27,028 | 48,971 | 99,280 | ||||||||
Other Income (Expense): | |||||||||||
Interest expense | (56,499) | (60,516) | (67,609) | ||||||||
Gain (loss) on extinguishment of debt | 102,400 | 23,340 | (325) | (18,997) | |||||||
Interest and other income | 6,894 | 9,529 | 7,288 | ||||||||
Gain on sale of unconsolidated joint venture interest | 762 | 0 | 0 | ||||||||
Nonoperating income (expense) | (25,503) | (51,312) | (79,318) | ||||||||
Income (loss) before income tax, unconsolidated joint ventures, and gains on sales of real estate assets | 1,525 | (2,341) | 19,962 | ||||||||
Income tax benefit (expense) | (37) | 213 | (445) | ||||||||
Income (loss) from unconsolidated joint ventures | 8,003 | 2,651 | (7,561) | ||||||||
Income before gains on sales of real estate assets | 9,491 | 523 | 11,956 | ||||||||
Gains on sales of real estate assets | 0 | 175,518 | 72,325 | ||||||||
Net income | $ 5,003 | $ 6,429 | $ (3,439) | $ 1,498 | $ (1,348) | $ 101,534 | $ 1,133 | $ 74,722 | $ 9,491 | $ 176,041 | $ 84,281 |
Per-Share Information – Basic: | |||||||||||
Net income (in dollars per share) | $ 0.04 | $ 0.05 | $ (0.03) | $ 0.01 | $ (0.01) | $ 0.84 | $ 0.01 | $ 0.61 | $ 0.08 | $ 1.45 | $ 0.68 |
Weighted-average common shares outstanding – basic (in shares) | 117,888 | 120,795 | 123,130 | ||||||||
Per-Share Information – Diluted: | |||||||||||
Net income (in dollars per share) | $ 0.04 | $ 0.05 | $ (0.03) | $ 0.01 | $ (0.01) | $ 0.84 | $ 0.01 | $ 0.61 | $ 0.08 | $ 1.45 | $ 0.68 |
Weighted-average common shares – diluted (in shares) | 118,311 | 121,159 | 123,228 | ||||||||
Rental income and tenant reimbursements | |||||||||||
Revenues: | |||||||||||
Revenue | $ 283,252 | $ 280,570 | $ 435,956 | ||||||||
Hotel income/operating costs | |||||||||||
Revenues: | |||||||||||
Revenue | 0 | 1,339 | 22,661 | ||||||||
Expenses: | |||||||||||
Cost of goods and services sold | 0 | 2,089 | 18,686 | ||||||||
Asset and property management fee income/expenses | |||||||||||
Revenues: | |||||||||||
Revenue | 7,384 | 3,782 | 2,122 | ||||||||
Expenses: | |||||||||||
Cost of goods and services sold | 854 | 918 | 1,415 | ||||||||
Other property income | |||||||||||
Revenues: | |||||||||||
Revenue | 7,307 | 3,309 | 12,804 | ||||||||
Property operating costs | |||||||||||
Expenses: | |||||||||||
Cost of goods and services sold | $ 88,813 | $ 87,805 | $ 154,968 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $ 5,003 | $ 6,429 | $ (3,439) | $ 1,498 | $ (1,348) | $ 101,534 | $ 1,133 | $ 74,722 | $ 9,491 | $ 176,041 | $ 84,281 |
Market value adjustment to interest rate swap | 1,441 | 1,786 | 1,553 | ||||||||
Comprehensive income | $ 10,932 | $ 177,827 | $ 85,834 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Accumulated Other Comprehensive Income (Loss) |
Balance, shares at beginning of period at Dec. 31, 2015 | 124,363,000 | ||||
Balance, value at beginning of period at Dec. 31, 2015 | $ 2,614,194 | $ 1,243 | $ 4,588,303 | $ (1,972,916) | $ (2,436) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Repurchases of common stock, shares | (2,399,000) | ||||
Repurchases of common stock | (52,801) | $ (24) | (52,777) | ||
Common stock issued to employees and directors, and amortized (net of income tax witholdings), shares | 220,000 | ||||
Common stock issued to employees and directors, and amortized (net of income tax witholdings) | 3,388 | $ 2 | 3,386 | ||
Distributions to common stockholders | (147,847) | (147,847) | |||
Net income | 84,281 | 84,281 | |||
Market value adjustment to interest rate swap | 1,553 | 1,553 | |||
Balance, shares at end of period at Dec. 31, 2016 | 122,184,000 | ||||
Balance, value at end of period at Dec. 31, 2016 | 2,502,768 | $ 1,221 | 4,538,912 | (2,036,482) | (883) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Repurchases of common stock, shares | (2,682,000) | ||||
Repurchases of common stock | (57,628) | $ (26) | (57,602) | ||
Common stock issued to employees and directors, and amortized (net of income tax witholdings), shares | 287,000 | ||||
Common stock issued to employees and directors, and amortized (net of income tax witholdings) | 5,764 | $ 3 | 5,761 | ||
Distributions to common stockholders | (96,795) | (96,795) | |||
Net income | 176,041 | 176,041 | |||
Market value adjustment to interest rate swap | $ 1,786 | 1,786 | |||
Balance, shares at end of period at Dec. 31, 2017 | 119,789,106 | 119,789,000 | |||
Balance, value at end of period at Dec. 31, 2017 | $ 2,531,936 | $ 1,198 | 4,487,071 | (1,957,236) | 903 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cumulative-effect adjustment for the adoption of ASU | ASU 2017-05 | 357,755 | 357,755 | |||
Cumulative-effect adjustment for the adoption of ASU | ASU 2014-09 | 343 | 343 | |||
Repurchases of common stock, shares | (3,240,000) | ||||
Repurchases of common stock | (70,520) | $ (32) | (70,488) | ||
Common stock issued to employees and directors, and amortized (net of income tax witholdings), shares | 149,000 | ||||
Common stock issued to employees and directors, and amortized (net of income tax witholdings) | 5,005 | $ 1 | 5,004 | ||
Distributions to common stockholders | (94,435) | (94,435) | |||
Net income | 9,491 | 9,491 | |||
Market value adjustment to interest rate swap | $ 1,441 | 1,441 | |||
Balance, shares at end of period at Dec. 31, 2018 | 116,698,033 | 116,698,000 | |||
Balance, value at end of period at Dec. 31, 2018 | $ 2,741,016 | $ 1,167 | $ 4,421,587 | $ (1,684,082) | $ 2,344 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Common Stock | |||
Distributions to common stockholders (in dollars per share) | $ 0.80 | $ 0.8 | $ 1.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows From Operating Activities: | |||
Net income | $ 9,491 | $ 176,041 | $ 84,281 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
Straight-line rental income | (25,952) | (32,737) | (21,875) |
Depreciation | 81,795 | 80,394 | 108,543 |
Amortization | 29,401 | 31,907 | 52,530 |
Impairment loss on real estate assets | 30,812 | 0 | 0 |
Noncash interest expense | 3,103 | 3,009 | 3,549 |
(Gain) loss on extinguishment of debt | (23,340) | 325 | 18,997 |
Gains on sales of real estate assets | 0 | (175,518) | (72,325) |
(Income) loss from unconsolidated joint ventures | (8,003) | (2,651) | 7,561 |
Distributions of earnings from unconsolidated joint ventures | 28,802 | 3,681 | 0 |
Gain on sale of unconsolidated joint venture interest | (762) | 0 | 0 |
Stock-based compensation expense | 6,966 | 7,580 | 4,558 |
Changes in Assets and Liabilities, Net of Acquisitions and Dispositions: | |||
Decrease (increase) in tenant receivables, net | (2,947) | 4,222 | 4,251 |
Decrease (increase) in prepaid expenses and other assets | 7,871 | (1,754) | 5,533 |
Decrease in accounts payable and accrued expenses | (36,724) | (28,133) | (1,607) |
Decrease in deferred income | (2,888) | (4,442) | (905) |
Net cash provided by operating activities | 97,625 | 61,924 | 193,091 |
Cash Flows From Investing Activities: | |||
Net proceeds from the sale of real estate | 284,608 | 737,631 | 603,732 |
Net proceeds from the sale of investments in unconsolidated joint ventures | 235,083 | 0 | 0 |
Real estate acquisitions | (23,034) | (604,769) | 0 |
Deposits | 0 | 0 | 10,000 |
Capital improvements and development costs | (71,033) | (86,805) | (39,521) |
Deferred lease costs paid | (24,816) | (26,722) | (32,386) |
Investments in unconsolidated joint ventures | (38,763) | (369,043) | (16,212) |
Distributions in excess of earnings from unconsolidated joint ventures | 13,685 | 1,985 | 0 |
Net cash provided by (used in) investing activities | 375,730 | (347,723) | 525,613 |
Cash Flows From Financing Activities: | |||
Financing costs paid | (5,078) | (1,269) | (3,114) |
Proceeds from lines of credit and notes payable | 579,000 | 783,000 | 435,000 |
Repayments of lines of credit and notes payable | (872,175) | (533,427) | (845,460) |
Proceeds from issuance of bonds payable | 0 | 0 | 348,691 |
Repayment of bonds payable | 0 | 0 | (250,000) |
Payments to settle bonds payable | 0 | 0 | (17,921) |
Distributions paid to stockholders | (95,056) | (109,561) | (148,474) |
Redemptions of common stock | (72,495) | (59,462) | (53,986) |
Net cash provided by (used in) financing activities | (465,804) | 79,281 | (535,264) |
Net increase (decrease) in cash and cash equivalents | 7,551 | (206,518) | 183,440 |
Cash and cash equivalents, beginning of period | 9,567 | 216,085 | 32,645 |
Cash and cash equivalents, end of period | $ 17,118 | $ 9,567 | $ 216,085 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
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, redevelops, 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 acquires, develops, or redevelops high-quality, income-generating office properties. As of December 31, 2018 , Columbia Property Trust owned 18 operating properties and two properties under development or redevelopment, of which 14 were wholly owned and six were owned through unconsolidated joint ventures. These properties are located primarily in New York, San Francisco, Washington, D.C., and Atlanta, contain a total of 8.9 million rentable square feet, and were approximately 97.4% leased as of December 31, 2018 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements of Columbia Property Trust have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable interest entity ("VIE") in which Columbia Property Trust or Columbia Property Trust OP is deemed the primary beneficiary. With respect to entities that are not VIEs, Columbia Property Trust's consolidated financial statements shall also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling general partnership interest. In determining whether Columbia Property Trust or Columbia Property Trust OP has a controlling interest, the following factors are considered, among other things: the ownership of voting interests, protective rights, and participatory rights of the investors. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Fair Value Measurements Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability: Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts. Level 2 – Assets and liabilities valued based on observable market data for similar instruments. Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider. Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition or construction, and any tenant improvements or major improvements that extend the useful life of the related asset. All repairs and maintenance are expensed as incurred. As further described in Note 5, Line of Credit and Notes Payable , Columbia Property Trust capitalizes interest incurred on outstanding debt balances as well as joint venture investments, as appropriate, during development or redevelopment of real estate held directly or in unconsolidated joint ventures. During 2018 , $3.8 million of interest was capitalized to construction in progress, and $0.2 million was capitalized to investments in unconsolidated joint ventures. During 2017 , $0.7 million of interest was capitalized to construction in progress. Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. To determine the appropriate useful life of an asset, Columbia Property Trust considers the period of future benefit of the asset. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows: Buildings 40 years Building and site improvements 5-25 years Tenant improvements Shorter of economic life or lease term Intangible lease assets Lease term 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 December 31, 2018 and 2017 , none of Columbia Property Trust's properties met the criteria to be classified as held for sale in the accompanying consolidated balance sheet. Evaluating the Recoverability of Real Estate Assets Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the net carrying amounts of its real estate and related intangible assets and liabilities, of both operating properties and properties under redevelopment, may not be recoverable. When indicators of potential impairment are present that suggest that the net carrying amounts of real estate assets and related intangible assets and liabilities may not be recoverable, Columbia Property Trust assesses the recoverability of these net assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future cash flows expected from the use of the net 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 values 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. At such time that a property is required to be classified as held for sale, its net 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. Estimated fair values are calculated based on the following hierarchy of information: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated residual value. 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. Certain of Columbia Property Trust's assets may be carried at an amount that exceeds that which could be realized in a current disposition transaction. Columbia Property Trust has determined that the carrying values of its real estate assets and related intangible assets are recoverable as of December 31, 2018 . In the second quarter of 2018, Columbia Property Trust recognized an impairment loss of $30.8 million in connection with changing the holding period expectations for 222 East 41st Street in New York. Columbia Property Trust widely marketed this property for sale during the second quarter and, as a result, entered into an agreement to sell this property on May 25, 2018 and closed on the sale on May 29, 2018. Upon entering into the sale agreement, Columbia Property Trust reduced 222 East 41st Street's carrying value to reflect its fair value, estimated based on the net contract price of $284.6 million (Level 1), by recording an impairment loss of $30.8 million in the second quarter of 2018. Allocation of Purchase Price of Acquired Assets Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of properties and related transaction costs to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see "Fair Value Measurements" section above for additional details). In conjunction with certain acquisitions, Columbia Property Trust has entered into master lease agreements, which obligate the seller to pay rent pertaining to certain nonrevenue-producing spaces to mitigate the negative effects of lower rental revenues. Columbia Property Trust records payments receivable under such master lease agreements as a reduction of the property basis rather than income. Columbia Property Trust received no proceeds for master leases during 2018, 2017, or 2016. The fair values of the tangible assets of an acquired property (which includes land, building, and site improvements) are determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building, and site improvements based on management's determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market demand. Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessor As further described below, in-place leases with Columbia Property Trust as the lessor may have values related to: direct costs associated with obtaining a new tenant that are avoided for in-place leases, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease, tenant relationships, and effective contractual rental rates that are above or below market: • Direct costs associated with obtaining a new tenant that are avoided for in-place leases, including commissions, tenant improvements, and other direct costs, are estimated based on management's consideration of current market costs to execute a similar lease. Such direct costs are included in intangible lease origination costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. • The value of opportunity costs associated with lost rentals avoided by acquiring an in-place lease is calculated based on contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. Such opportunity costs ("Absorption Period Costs") are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. • The value of effective rental rates of in-place leases that are above or below the market rates of comparable leases is calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be received pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases. This calculation includes significantly below- market renewal options for which exercise of the renewal option appears to be reasonably assured. These intangible assets or liabilities are measured over the actual or assumed (in the case of renewal options) remaining lease terms. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental income over the remaining terms of the respective leases. As of December 31, 2018 and 2017 , Columbia Property Trust had the following gross intangible in-place lease assets and liabilities (in thousands): Intangible Lease Assets Intangible Lease Origination Costs Intangible Below-Market In-Place Lease Liabilities Above-Market In-Place Lease Assets Absorption Period Costs December 31, 2018 Gross $ 3,174 $ 147,668 $ 99,440 $ 42,847 Accumulated Amortization (1,060 ) (81,220 ) (65,348 ) (21,766 ) Net $ 2,114 $ 66,448 $ 34,092 $ 21,081 December 31, 2017 Gross $ 2,481 $ 149,927 $ 100,424 $ 46,878 Accumulated Amortization (833 ) (70,465 ) (57,465 ) (19,660 ) Net $ 1,648 $ 79,462 $ 42,959 $ 27,218 During 2018 , 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 Years Ended December 31, 2018 $ 228 $ 17,137 $ 9,660 $ 6,851 2017 $ 519 $ 16,807 $ 10,124 $ 6,883 2016 $ 2,513 $ 28,718 $ 17,501 $ 12,996 The remaining net intangible assets and liabilities as of December 31, 2018 , will be amortized as follows (in thousands): Intangible Lease Assets Intangible Lease Origination Costs Intangible Below-Market In-Place Lease Liabilities Above-Market In-Place Lease Assets Absorption Period Costs For the Years Ending December 31, 2019 $ 329 $ 14,489 $ 8,339 $ 5,634 2020 276 12,474 7,495 4,626 2021 247 7,490 3,429 1,714 2022 243 5,848 2,406 1,374 2023 243 5,098 2,165 1,308 Thereafter 776 21,049 10,258 6,425 $ 2,114 $ 66,448 $ 34,092 $ 21,081 Weighted-average amortization period 7 years 5 years 4 years 5 years Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessee In-place ground leases where Columbia Property Trust is the lessee may have positive or negative value associated with effective contractual rental rates that are above or below market at the time of execution or assumption. Such values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place lease and (ii) management's estimate of fair market lease rates for the corresponding in-place lease at the time of execution or assumption. This calculation includes significantly below-market renewal options for which exercise of the renewal option appears to be reasonably assured. These intangible assets and liabilities are measured over the actual or assumed (in the case of renewal options) remaining lease terms. The capitalized above-market and below-market in-place lease values are recorded as intangible lease liabilities and assets, respectively, and are amortized as an adjustment to property operating costs over the remaining term of the respective leases. Columbia Property Trust had gross below-market lease assets of approximately $32.6 million and $140.9 million as of December 31, 2018 and 2017 , respectively, net of accumulated amortization of $2.6 million and $22.8 million as of December 31, 2018 and 2017 , respectively. Columbia Property Trust recognized amortization expense related to these assets of approximately $1.4 million for 2018 and $2.5 million for both 2017 and 2016 . As of December 31, 2018 , the remaining net below-market lease asset will be amortized as follows (in thousands): For the Years Ending December 31: 2019 $ 555 2020 555 2021 555 2022 555 2023 555 Thereafter 27,203 $ 29,978 Weighted-average amortization period 58 years Cash and Cash Equivalents Columbia Property Trust considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value as of December 31, 2018 and 2017 . Tenant Receivables, Net Tenant receivables consist of rental and reimbursement billings due from tenants. Tenant receivables are recorded at the original amount earned, less an allowance for any doubtful accounts, which approximates fair value. Management assesses the realizability of tenant receivables on an ongoing basis and provides for allowances as such balances, or portions thereof, become uncollectible. Columbia Property Trust adjusted the allowance for doubtful accounts by recording a provision for doubtful accounts, net of recoveries, in general and administrative expenses in the accompanying consolidated statements of operations of approximately $63,000 and $26,000 for 2018 and 2017 , respectively. Straight-Line Rent Receivable Straight-line rent receivable reflects the amount of cumulative adjustments necessary to present rental income on a straight-line basis. Columbia Property Trust recognizes rental revenues on a straight-line basis, ratably over the term of each lease; however, leases often provide for payment terms that differ from the revenue recognized. When the amount of cash billed is less than the amount of revenue recognized, typically early in the lease, straight-line rent receivable is recorded for the difference. The receivable is depleted during periods later in the lease when the amount of cash paid by the tenant is greater than the amount of revenue recognized. Prepaid Expenses and Other Assets Prepaid expenses and other assets primarily include earnest money deposits, escrow accounts held by lenders to pay future real estate taxes, insurance and tenant improvements, notes receivable, nontenant receivables, prepaid taxes, insurance and operating costs, unamortized deferred financing costs related to the line of credit (the "Revolving Credit Facility"), interest rate swaps (when in an asset position), certain corporate assets, hotel inventory, and deferred tax assets. Prepaid expenses are recognized over the period to which the good or service relates. Other assets are written off when the asset no longer has future value, or when the company is no longer obligated for the corresponding liability. Deferred Financing Costs Deferred financing costs include costs incurred to secure debt from third-party lenders. Deferred financing costs, except for costs related to the Revolving Credit Facility, are presented as a direct reduction to the carrying amount of the related debt for all periods presented. Deferred financing costs related to the Revolving Credit Facility are included in prepaid expenses and other assets. Columbia Property Trust recognized amortization of deferred financing costs for the years ended December 31, 2018 , 2017 , and 2016 of approximately $2.9 million , $2.8 million , and $3.3 million , respectively, which is included in interest expense in the accompanying consolidated statements of operations. Deferred Lease Costs Deferred lease costs include costs incurred to procure leases that are paid to third parties or tenants, and incentives that are provided to tenants under the terms of their leases. These costs are capitalized and amortized on a straight-line basis over the terms of the lease. Amortization of third-party leasing costs is reflected as amortization expense, and amortization of lease incentives is reflected as an adjustment to rental income. During 2018 , 2017 , and 2016 , Columbia Property Trust recognized amortization expense for deferred lease costs of $5.5 million , $5.2 million , and $9.3 million , respectively. During 2018 , 2017 , and 2016 , Columbia Property Trust recognized adjustments to rental income for amortization of deferred lease costs of $2.1 million , $3.3 million , and $3.9 million , respectively. Upon receiving notification of a tenant's intention to terminate a lease, unamortized deferred lease costs are amortized over the shortened lease period. As of December 31, 2017 , deferred lease costs included $68.4 million in unamortized lease incentives for a lease at the 222 East 41st Street Property, which was sold in May 2018. Investments in Development Authority Bonds and Obligations Under Capital Leases In connection with the acquisition of certain real estate assets, Columbia Property Trust has assumed investments in development authority bonds and corresponding obligations under capital leases of land or buildings. The county development authority issued bonds to developers to finance the initial development of these projects, a portion of which was then leased back to the developer under a capital lease. This structure enabled the developer to receive property tax abatements over the concurrent terms of the development authority bonds and capital leases. The remaining property tax abatement benefits transferred to Columbia Property Trust upon assumption of the bonds and corresponding capital leases at acquisition. The development authority bonds and the obligations under the capital leases are both recorded at their net present values, which Columbia Property Trust believes approximates fair value. The related amounts of interest income and expense are recognized as earned in equal amounts and, accordingly, do not impact net income. In December 2018, Columbia Property Trust terminated both the $120.0 million development authority bonds and the corresponding obligations under capital leases related to One & Three Glenlake Parkway in Atlanta. Accounts Payable, Accrued Expenses, and Accrued Capital Expenditures Accounts payable, accrued expenses, and accrued capital expenditures primarily include payables related to property operations, capital projects, and interest rate swaps (when in a liability position). As of December 31, 2017 , a ccounts payable, accrued expenses, and accrued capital expenditures includes approximately $54.7 million in lease incentives related to a lease at the 222 East 41st Street Property , which was sold in May 2018. Line of Credit and Notes Payable When debt is assumed, Columbia Property Trust records the loan at fair value. The fair value adjustment is amortized to interest expense over the term of the loan using the effective interest method. As described in the "Deferred Financing Costs" section above, line of credit and notes payable is presented on the accompanying consolidated balance sheet net of deferred financing costs related to term loans and notes payable of $2.7 million and $3.0 million as of December 31, 2018 and December 31, 2017 , respectively. Bonds Payable In August 2016, Columbia Property Trust issued $350 million of its 10 -year unsecured 3.650% senior notes at 99.626% of their face value (the "2026 Bonds Payable"). In March 2015, Columbia Property Trust issued $350.0 million of its 10 -year unsecured 4.150% senior notes at 99.859% of their face value (the "2025 Bonds Payable"). The discount on the 2026 Bonds Payable and the 2025 Bonds Payable is amortized to interest expense over the term of the bonds using the effective-interest method. As described in the "Deferred Financing Costs" section above, bonds payable are presented on the accompanying consolidated balance sheet net of deferred financing costs related to bonds payable of $4.2 million and $4.8 million as of December 31, 2018 and December 31, 2017 , respectively. Common Stock Repurchase Program Columbia Property Trust's board of directors has authorized repurchases of its common stock, par value $0.01 per share, subject to certain limitations, as described in Note 8, Equity . Columbia Property Trust expects to acquire shares primarily through open market transactions, subject to market conditions and other factors. As of December 31, 2018 , $124.4 million remains available for repurchases under the current stock repurchase program. Common stock repurchases are charged against equity as incurred, and the repurchased shares are retired. See Note 8, Equity , for additional details. Preferred Stock Columbia Property Trust is authorized to issue up to 100.0 million shares of one or more classes or series of preferred stock with a par value of $0.01 per share. Columbia Property Trust's board of directors may determine the relative rights, preferences, and privileges of each class or series of preferred stock issued, which may be more beneficial than the rights, preferences, and privileges attributable to Columbia Property Trust's common stock. To date, Columbia Property Trust has not issued any shares of preferred stock. Common Stock The par value of Columbia Property Trust's issued and outstanding shares of common stock is classified as common stock, with the remainder allocated to additional paid-in capital. Distributions To maintain its status as a REIT, Columbia Property Trust is required by the Internal Revenue Code of 1986, as amended (the "Code"), to make distributions to stockholders each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends-paid deduction and by excluding net capital gains attributable to stockholders ("REIT taxable income"). To the extent that Columbia Property Trust satisfies the distribution requirement but distributes less than 100% of its REIT taxable income, Columbia Property Trust would be subject to federal and state corporate income tax on the undistributed income. Distributions to the stockholders are determined by the board of directors of Columbia Property Trust and are dependent upon a number of factors relating to Columbia Property Trust, including funds available for payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain Columbia Property Trust's status as a REIT under the Code. Interest Rate Swap Agreements Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps on its consolidated balance sheet either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income. 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 loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment. The following tables provide additional information related to Columbia Property Trust's interest rate swaps as of December 31, 2018 and 2017 (in thousands): Estimated Fair Value as of December 31, Instrument Type Balance Sheet Classification 2018 2017 Derivatives Designated as Hedging Instruments: Interest rate contract Prepaid expenses and other assets $ 2,344 $ 903 As a result of the interest rate contract in the above table, Columbia Property Trust estimates recognizing a reduction in interest expense of approximately $0.9 million over the next 12 months. Columbia Property Trust applied the provisions of ASC 820 in recording its interest rate swaps at fair value. The fair values of the interest rate swaps, classified under Level 2, were determined using a third-party proprietary model that is based on prevailing market data for contracts with matching durations, current and anticipated London Interbank Offered Rate ("LIBOR") information, and reasonable estimates about relevant future market conditions. Columbia Property Trust has determined that the fair value, as determined by the third party, is reasonable. Years Ended December 31, 2018 2017 2016 Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income $ 1,441 $ 1,786 $ 1,553 Revenue Recognition The majority of Columbia Property Trust’s revenues are derived from leases and are reflected as rental income and tenant reimbursements on the accompanying consolidated statements of operations. All of the leases on Columbia Property Trust's assets are considered operating leases. Therefore, base rental income is generally recognized on a straight-line basis over the lease term, and tenant reimbursements are generally recognized in the period in which reimbursements for operating costs are billable to the tenant. Rents and tenant reimbursements collected in advance are recorded as deferred income on the accompanying consolidated balance sheets. In determining when to begin recognizing rental revenues, Columbia Property Trust considers a number of factors, including the nature of the physical improvements made in connection with the lease. When Columbia Property Trust owns the improvements for accounting purposes, revenue recognition generally begins once the improvements are substantially complete and the lessee has taken possession of the improved space. When Columbia Property Trust does not own the improvements for accounting purposes (the lessee is the owner), revenue recognition generally begins once the lessee takes possession of the unimproved space; in these instances, the tenant allowance is accounted for as a lease incentive, which reduces rental revenues over the lease term. When evaluating which party (lessee or lessor) owns the improvements for accounting purposes, Columbia Property Trust considers a number of factors, including, among other things: whether the lease stipulates what the tenant allowance may be used for; whether the lessee or lessor retains legal title to the improvements; the expected economic life of the improvements relative to the lease term; and who directs the construction of the improvements. The determination of who owns the improvements for accounting purposes is subject to significant judgement and is not based on any one factor. Lease termination fees are recognized on a straight-line basis from the point at which Columbia Property Trust receives notification of termination until the date the tenant loses the right to lease the space and Columbia Property Trust has satisfied all obligations under the lease or termination agreement. During 2018 , 2017 , and 2016 , Columbia Property Trust earned lease termination revenues of $2.2 million , $0.4 million , and $11.4 million , respectively, which are included in other property income on the accompanying consolidated statements of operations. For information about Columbia Property Trust’s other revenue streams, please see Note 14, Non-Lease Revenues. Income Taxes Columbia Property Trust has elected to be taxed as a REIT under the Code, and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and oper |
Real Estate Transactions
Real Estate Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Business Acquisitions and Dispositions [Abstract] | |
Real Estate Transactions | Real Estate Transactions Acquisitions During 2018, 2017, and 2016, Columbia Property Trust acquired the following properties and partial interests in properties: Property Location Date Percent Acquired Purchase Price (1) 2018 799 Broadway New York, NY October 3, 2018 49.7 % $ 30,200 (2) Lindbergh Center – Retail Atlanta, GA October 24, 2018 100.0 % $ 23,000 2017 149 Madison Avenue New York, NY November 28, 2017 100.0 % $ 87,700 1800 M Street Washington, D.C. October 11, 2017 55.0 % $ 231,550 (2) 249 West 17th Street & 218 West 18th Street New York, NY October 11, 2017 100.0 % $ 514,100 114 Fifth Avenue New York, NY July 6, 2017 49.5 % $ 108,900 (2) (1) Exclusive of transaction costs and price adjustments. See purchase price allocation table below for a breakout of the net purchase price for wholly owned properties. (2) Purchase price is for Columbia Property Trust's partial interests in the properties. These properties are owned through unconsolidated joint ventures. 799 Broadway Joint Venture On October 3, 2018, Columbia Property Trust formed a joint venture with Normandy Real Estate Partners (“Normandy”) for the purpose of developing a 12-story, 182,000 -square-foot office building at 799 Broadway in New York (the “799 Broadway Joint Venture”). Columbia Property Trust made an initial equity contribution of $30.2 million in the 799 Broadway Joint Venture for a 49.7% interest therein. At inception, the 799 Broadway Joint Venture acquired the property located at 799 Broadway for $145.5 million , exclusive of transaction costs and development costs, and borrowed $97.0 million under a construction loan with total capacity of $187.0 million . Pursuant to a joint and several guaranty agreement with the construction loan lender, Columbia Property Trust and Normandy are required to make aggregate additional equity contributions to the joint venture based on the initial expected project costs, less the amount of equity contributions made to date. As of December 31, 2018 , Columbia Property Trust and Normandy are required to make aggregate additional equity contributions of $50.9 million , of which $25.3 million reflects Columbia Property Trust's allocated share. Lindbergh Center – Retail On October 24, 2018, Columbia Property Trust acquired the 147,000 square feet of ancillary retail and office space surrounding its existing property, Lindbergh Center, for a gross purchase price of $23.0 million . As of the acquisition date, Lindbergh Center – Retail was 91% leased to 14 tenants, including Pike Nurseries ( 18% ). For the period from October 24, 3018 to December 31, 2018, Columbia Property Trust recognized $664,000 of revenues and a net loss of $57,000 from Lindbergh Center – Retail. 149 Madison Avenue 149 Madison Avenue is a 12-story, 127,000 -square-foot office building, which was vacant at the time of acquisition. Columbia Property Trust acquired 149 Madison Avenue subject to a ground lease which expired in January 2018. Columbia Property Trust is redeveloping this property. For the period from November 28, 2017 to December 31, 2017, Columbia Property Trust recognized $10,300 of revenues and net income of $9,200 from 149 Madison Avenue. 1800 M Street Joint Venture Columbia Property Trust entered a new joint venture partnership with Allianz Real Estate of America LLC ("Allianz"), which simultaneously acquired 1800 M Street, a 10 -story, 581,000 -square-foot office building in Washington, D.C. that is 94% leased, for a total of $421.0 million (the "1800 M Street Joint Venture"). Columbia Property Trust owns a 55% interest in the 1800 M Street Joint Venture, and Allianz owns the remaining 45% . 249 West 17th Street & 218 West 18th Street 249 West 17th Street is made up of two interconnected 12- and six-story towers, totaling 281,000 square feet of office and retail space, and 218 West 18th Street is a 12-story, 166,000 -square-foot office building. As of the acquisition date, 249 West 17th Street was 100% leased to four tenants, including Twitter, Inc. ( 76% ) and Room & Board, Inc. ( 21% ); and, as of the acquisition date, 218 West 18th Street was 100% leased to seven tenants, including Red Bull North America, Inc. ( 25% ), Company 3 ( 18% ), SY Partners ( 16% ), and SAE ( 16% ). For the period from October 11, 2017 to December 31, 2017, Columbia Property Trust recognized revenues of $5.9 million and a net income of $1.8 million from 249 West 17th Street, and revenues of $3.0 million and net income of $0.8 million from 218 West 18th Street. 114 Fifth Avenue Joint Venture Columbia Property Trust acquired a 49.5% equity interest in a joint venture that owns the 114 Fifth Avenue property 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 that is 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 performs asset and property management services for the property. Purchase Price Allocations for Consolidated Property Acquisitions Lindbergh Center – Retail 149 Madison Avenue 249 West 17th Street 218 West 18th Street Location Atlanta, GA New York, NY New York, NY New York, NY Date Acquired October 24, 2018 November 28, 2017 October 11, 2017 October 11, 2017 Purchase Price: Land $ — $ 59,112 113,149 $ 43,836 Building and improvements 17,558 28,989 194,109 126,957 Intangible lease assets 5,726 — 27,408 12,120 Intangible lease origination costs 794 — 13,062 4,168 Intangible below market lease liability (715 ) — (7,131 ) (11,757 ) Total purchase price $ 23,363 $ 88,101 340,597 $ 175,324 Note 2, Summary of Significant Accounting Policies , provides a discussion of the estimated useful life for each asset class. Pro Forma Financial Information The following unaudited pro forma statements of operations presented for 2018 , 2017 , and 2016 , have been prepared for Columbia Property Trust to give effect to the acquisition of Lindbergh Center – Retail as if the acquisition had occurred on January 1, 2017; and 249 West 17th Street, 218 West 18th Street, and 149 Madison Avenue as if the acquisitions had occurred on January 1, 2016. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had these acquisitions been consummated as of January 1, 2017 and January 1, 2016 (in thousands): 2018 2017 2016 Revenues $ 300,389 $ 321,886 $ 511,306 Net income $ 9,566 $ 183,343 $ 95,537 Dispositions During 2018 , 2017 , and 2016 , Columbia Property Trust sold the following properties and partial interest in properties of unconsolidated joint ventures. Additional information for certain of the dispositions is provided below the table. Property Location Date % Sold Sales Price (1) (in thousands) Gain (Loss) on Sale (rounded, in thousands) 2018 222 East 41st Street New York, NY May 29, 2018 100.0 % $ 332,500 $ — 263 Shuman Boulevard Chicago, IL April 13, 2018 100.0 % $ 49,000 $ 24,000 University Circle & San Francisco, CA February 1, 2018 22.5 % $ 235,300 (2) $ 800 2017 University Circle & 333 Market Street San Francisco, CA July 6, 2017 22.5 % $ 234,000 (2) $ 102,400 Key Center Tower & Marriott Cleveland, OH January 31, 2017 100.0 % $ 267,500 $ 9,500 Houston Properties Houston, TX January 6, 2017 100.0 % $ 272,000 $ 63,700 2016 SanTan Corporate Center Phoenix, AZ December 15, 2016 100.0 % $ 58,500 $ 9,800 Sterling Commerce Dallas, TX November 30, 2016 100.0 % $ 51,000 $ 12,500 9127 South Jamaica Street Denver, CO October 12, 2016 100.0 % $ 19,500 $ — 80 Park Plaza Newark, NJ September 30, 2016 100.0 % $ 174,500 $ 21,600 9189, 9191 & 9193 South Jamaica Street Denver, CO September 22, 2016 100.0 % $ 122,000 $ 27,200 800 North Frederick Suburban, MD July 8, 2016 100.0 % $ 48,000 $ 2,100 100 East Pratt Baltimore, MD March 31, 2016 100.0 % $ 187,000 $ (300 ) (1) Exclusive of transaction costs and price adjustments. (2) Sales price is for the partial interests in the properties or joint ventures that were sold. 222 East 41st Street On May 29, 2018, Columbia Property Trust closed on the sale of 222 East 41st Street in New York, for $332.5 million , exclusive of transaction costs. Columbia Property Trust recognized an impairment loss of $30.8 million related to this property in the second quarter of 2018, as further described in Note 2, Summary of Significant Accounting Policies . The proceeds from this transaction were used to fully repay the $180.0 million remaining balance on the $300 Million Bridge Loan, as described in Note 5, Line of Credit and Notes Payable . 263 Shuman Boulevard On April 13, 2018, Columbia Property Trust transferred 263 Shuman Boulevard to the lender in extinguishment of the loan principal of $49.0 million , accrued interest expense, and accrued property operating costs, which resulted in a gain on extinguishment of debt of $24.0 million in the second quarter of 2018. University Circle & 333 Market Street On July 6, 2017, Columbia Property Trust contributed 333 Market Street and the University Circle to joint ventures, and simultaneously sold a 22.5% interest in those joint ventures for $234.0 million to Allianz, an unrelated third party (collectively, the "San Francisco Joint Ventures"). On February 1, 2018, as agreed at the time of the initial San Francisco Joint Ventures formation, Allianz acquired another 22.5% interest in each of the San Francisco Joint Ventures at an aggregate price of $235.3 million , thereby reducing Columbia Property Trust's equity interest in each joint venture to 55.0% . These proceeds were used to reduce the balance on the $300 Million Bridge Loan and the Revolving Credit Facility, as described in Note 5, Line of Credit and Notes Payable . Key Center Tower & Marriott Key Center Tower & Marriott were sold in one transaction for $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 $14.5 million for the year ended December 31, 2016; and a net loss of $1.9 million for the first 31 days of 2017, excluding the gain on sale. Houston Property Sale 5 Houston Center, Energy Center I, and 515 Post Oak were sold in one transaction. These properties generated net income of $11.1 million for the year ended December 31, 2016; and a net loss of $14.9 thousand for the first six days of 2017, excluding the gain on sale. 100 East Pratt The net sale proceeds of $159.4 million from 100 East Pratt were used to repay the $119.0 million remaining on a bridge loan on April 1, 2016. |
Unconsolidated Joint Ventures
Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Unconsolidated Joint Ventures | Unconsolidated Joint Ventures As of December 31, 2018 and December 31, 2017 , Columbia Property Trust owns interests in the following properties through joint ventures, which are accounted for using the equity method of accounting: Carrying Value of Investment (1) Joint Venture (2) Property Name Geographic Market Ownership Interest December 31, 2018 December 31, 2017 Market Square Joint Venture Market Square Washington, D.C. 51.0 % $ 134,250 $ 128,411 University Circle Joint Venture University Circle San Francisco 55.0 % (3) 292,951 173,798 333 Market Street Joint Venture 333 Market Street San Francisco 55.0 % (3) 273,783 288,236 114 Fifth Avenue Joint Venture 114 Fifth Avenue New York 49.5 % 99,283 110,311 1800 M Street Joint Venture 1800 M Street Washington, D.C. 55.0 % 237,333 242,486 799 Broadway 799 Broadway New York 49.7 % 33,753 (4) — $ 1,071,353 $ 943,242 (1) Includes basis differences. Columbia Property Trust adopted ASU 2017-05 effective January 1, 2018, requiring Columbia Property Trust to measure its residual joint venture interest in the properties transferred to unconsolidated joint ventures at fair value as of the transaction date (i.e., to fully step-up the basis of the residual investment in the joint venture). The new rule was adopted on a modified retrospective basis by recording a cumulative-effect adjustment to equity equal to the original gain or loss as of the respective transaction dates, adjusted to reflect the impact of amortizing the additional step-ups through January 1, 2018. The adoption of this standard resulted in an increase to investments in unconsolidated joint ventures and equity by $357.8 million on January 1, 2018, for the previous partial sales of interest in the Market Square, 333 Market Street, and University Circle properties. (2) See the "Dispositions" section of Note 3, Real Estate Transactions, for a description of the formation of these joint ventures. (3) On February 1, 2018, Allianz acquired from Columbia Property Trust an additional 22.5% interest in each of the University Circle Joint Venture and the 333 Market Street Joint Venture, thereby reducing Columbia Property Trust's equity interest in each joint venture to 55.0% . (4) Columbia Property Trust capitalized interest of $0.2 million on its investment in the 799 Broadway Joint Venture in 2018. Columbia Property Trust has determined that none of its unconsolidated joint ventures are variable interest entities. However, Columbia Property Trust and its partners have substantive participation rights in the joint ventures, including management selection and termination, and the approval of operating and capital decisions. As such, Columbia Property Trust uses the equity method of accounting to record its investment in these joint ventures. Under the equity method, the investment in the joint ventures is recorded at cost and adjusted for cash contributions and distributions, and allocations of income or loss. Columbia Property Trust evaluates the recoverability of its investments in unconsolidated joint ventures 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 "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 none of its investments in joint ventures are other-than-temporarily impaired as of December 31, 2018 . Joint Venture Debt and Related Guarantees Two joint ventures have outstanding debt, of which Columbia Property Trust guarantees a portion of each note: • The Market Square Joint Venture has a mortgage note with an outstanding balance of $325.0 million as of December 31, 2018 and December 31, 2017 . The Market Square mortgage note bears interest at 5.07% and 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 $5.8 million as of December 31, 2018 from $11.2 million as of December 31, 2017 , as a result of leasing at the property. The amount of the guaranty will continue to be reduced as space is leased. • At inception, the 799 Broadway Joint Venture borrowed $97.0 million under a construction loan with total capacity of $187.0 million (the "Construction Loan"). As of December 31, 2018, $101.1 million is outstanding on the Construction Loan. Borrowings under the Construction Loan bear interest at LIBOR, as defined in the loan agreement, which is capped at 4.00% , plus a spread of 4.25% . A portion of the monthly interest payment accrues into the balance of the loan. The Construction Loan matures on October 9, 2021, with two , one -year extension options. Pursuant to a joint and several guaranty agreement with the construction loan lender, Columbia Property Trust and Normandy are required to make aggregate additional equity contributions to the joint venture based on the initial expected project costs, less the amount of equity contributions made to date. As of December 31, 2018, Columbia Property Trust and Normandy are required to make aggregate additional equity contributions of $50.9 million , of which $25.3 million reflects Columbia Property Trust's allocated share. Equity contributions become payable to the joint venture when a capital call is received. Condensed Combined Financial Information Summarized balance sheet information for each of the unconsolidated joint ventures is as follows (in thousands): Total Assets Total Debt Total Equity (1) December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Market Square Joint Venture $ 582,176 $ 590,115 $ 324,762 $ 324,708 $ 241,581 $ 244,506 University Circle Joint Venture 224,746 227,368 — — 219,390 221,154 333 Market Street Joint Venture 375,884 385,297 — — 360,915 368,994 114 Fifth Avenue Joint Venture 377,970 392,486 — — 149,243 170,525 1800 M Street Joint Venture 447,585 458,964 — — 429,016 438,227 799 Broadway 168,390 — 95,630 — 67,189 — $ 2,176,751 $ 2,054,230 $ 420,392 $ 324,708 $ 1,467,334 $ 1,443,406 (1) Excludes basis differences. There is an aggregate net difference of $282.0 million and $32.0 million as of December 31, 2018 and 2017, respectively, between the historical costs recorded at the joint venture level, and Columbia Property Trust's investments in unconsolidated joint ventures. Such basis differences result from the basis adjustments recorded pursuant to ASU 2017-05, as described in Note 2, Summary of Significant Accounting Policies ; differences in the timing of each partner's joint venture interest acquisition; and formation costs incurred by Columbia Property Trust. Basis differences are amortized to income (loss) from unconsolidated joint ventures over the lives of the underlying assets or liabilities. Summarized income statement information for the unconsolidated joint ventures for the years ended December 31, 2018 , 2017 and 2016 is as follows (in thousands): Total Revenues Net Income (Loss) Columbia Property Trust's Share of Net Income (Loss) (2) 2018 2017 2016 2018 2017 2016 2018 2017 2016 Market Square Joint Venture $ 44,815 $ 41,749 $ 41,230 $ (12,304 ) $ (15,192 ) $ (14,825 ) $ (6,275 ) $ (7,747 ) $ (7,561 ) University Circle Joint Venture 43,581 19,386 — 23,776 9,826 — 13,478 7,561 — 333 Market Street Joint Venture 27,006 12,971 — 14,620 6,948 — 8,312 5,331 — 114 Fifth Avenue Joint Venture 41,169 20,133 — (10,256 ) (4,885 ) — (5,077 ) (2,820 ) — 1800 M Street Joint Venture 37,486 8,005 — 4,239 619 — 2,332 326 — 799 Broadway Joint Venture — — — (132 ) — — (66 ) — — $ 194,057 $ 102,244 $ 41,230 $ 19,943 $ (2,684 ) $ (14,825 ) $ 12,704 $ 2,651 $ (7,561 ) (2) Excludes amortization of basis differences described in footnote (1) to the above table, which are recorded as income (loss) from unconsolidated joint ventures in the accompanying consolidated statements of operations. Asset and Property Management Fee Income Columbia Property Trust provides property and asset management services to the Market Square Joint Venture, the University Circle Joint Venture , the 333 Market Street Joint Venture, and the 1800 M Street Joint Venture. Under these agreements, Columbia Property Trust oversees the day-to-day operations of these joint ventures and their properties, including property management, property accounting, and other administrative services. During the years ended December 31, 2018 , 2017 , and 2016 , Columbia Property Trust earned the following fees from these unconsolidated joint ventures (in thousands): 2018 2017 2016 Market Square Joint Venture $ 2,156 $ 1,998 $ 2,122 University Circle Joint Venture 2,283 1,000 — 333 Market Street Joint Venture 784 367 — 1800 M Street Joint Venture 2,161 417 — $ 7,384 $ 3,782 $ 2,122 Columbia Property Trust also received reimbursements of property operating costs of $4.2 million , $2.0 million , and $0.5 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively, which are included in other property income revenues in the accompanying consolidated statements of operations. Property management fees of $0.7 million and $0.4 million , respectively, were due to Columbia Property Trust from the joint ventures and are included in prepaid expenses and other assets on the accompanying consolidated balance sheets as of December 31, 2018 and December 31, 2017 , respectively. |
Line of Credit and Notes Payabl
Line of Credit and Notes Payable | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Line of Credit and Notes Payable | Line of Credit and Notes Payable As of December 31, 2018 and 2017 , Columbia Property Trust had the following line of credit and notes payable indebtedness outstanding (excluding bonds payable; see Note 6, Bonds Payable ) in thousands: Rate as of Term Debt or Interest Only Outstanding Balance as of December 31, Facility Maturity 2018 2017 Revolving Credit Facility LIBOR + 90 bp (1) Interest only January 31, 2023 $ 482,000 $ 152,000 $150 Million Term Loan LIBOR + 110 bp (2) Interest only July 29, 2022 150,000 150,000 $300 Million Term Loan LIBOR + 100 bp (3) Interest only January 31, 2024 — 300,000 $300 Million Bridge Loan LIBOR + 110 bp (4) Interest only November 27, 2018 — 300,000 263 Shuman Boulevard Building mortgage note 10.55 % Interest only July 1, 2017 — 49,000 One Glenlake Building mortgage note 5.80 % Term debt December 10, 2018 — 23,176 Less: Deferred financing costs related to term loans, bridge loan, and mortgage notes payable (2,692 ) (2,991 ) Total indebtedness $ 629,308 $ 971,185 (1) As of December 31, 2018, borrowings under the Revolving Credit Facility, as described below, bear interest at the option of Columbia Property Trust at an alternate base rate, plus an applicable margin ranging from 0.00% to 0.45% for base-rate borrowings, or at LIBOR, as defined in the credit agreement, plus an applicable margin ranging from 0.775% to 1.45% for LIBOR-based borrowings, based on Columbia Property Trust's applicable credit rating. (2) Columbia Property Trust is party to an interest rate swap agreement with a notional amount of $150.0 million , which effectively fixes its interest rate on the $150 Million Term Loan, as further described below, at 3.07% and terminates on July 29, 2022. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in the fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statement of other comprehensive income. (3) As of December 31, 2018, the $300 Million Term Loan bears interest, at Columbia Property Trust's option, an alternate base rate, plus an applicable margin ranging from 0.00% to 0.65% for base-rate loans, or at LIBOR, as defined in the credit agreement, plus an applicable margin ranging from 0.85% to 1.65% for LIBOR loans, based on Columbia Property Trust's applicable credit rating. (4) The $300 Million Bridge Loan bore interest, at Columbia Property Trust's option, at LIBOR, as defined in the credit agreement, plus an applicable margin ranging from 0.90% to 1.75% for LIBOR loans, or an alternate base rate, plus an applicable margin ranging from 0.00% to 0.75% for base-rate loans, based on Columbia Property Trust's applicable credit rating. Term Loan and Line of Credit Amendment and Restatement On December 7, 2018, Columbia Property Trust amended and restated its existing $500.0 million revolving credit facility and $300.0 million unsecured term loan (together, the "Credit Agreement"), both previously dated July 30, 2015. The Credit Agreement provides for (a) a $650.0 million unsecured revolving credit facility, with an initial term ending January 31, 2023 and two , six -month extension options (for a total possible extension option of one year to January 31, 2024) (the "Revolving Credit Facility"), subject to the paying of certain fees and the satisfaction of certain other conditions, and (b) a delayed-draw, $300.0 million unsecured term loan, with a term ending January 31, 2024 (the " $300 Million Term Loan"). Prior to amendment and restatement, the Revolving Credit Facility and $300 Million Term Loan were set to mature on July 31, 2019 and July 31, 2020, respectively; and the Revolving Credit Facility had a capacity of $500.0 million . At Columbia Property Trust's option, borrowings under the Credit Agreement bear interest at either (i) the alternate base rate plus an applicable margin based on five stated pricing levels ranging from 0.00% to 0.45% for the Revolving Credit Facility and 0.00% to 0.65% for the Term Loan, or (ii) the LIBOR rate, as defined in the credit agreement, plus an applicable margin based on five stated pricing levels ranging from 0.775% to 1.45% for the Revolving Credit Facility and 0.85% to 1.65% for the $300 Million Term Loan, in each case based on the Columbia Property Trust's credit rating. Prior to amendment and restatement, the credit facilities bore interest at either (i) the alternate base rate plus an applicable margin ranging from 0.00% to 0.55% for the Revolving Credit Facility and 0.00% to 0.75% for the $300 Million Term Loan, (ii) the LIBOR rate plus an applicable margin ranging from 0.875% to 1.55% for the Revolving Credit Facility and 0.90% to 1.75% for the $300 Million Term Loan, in each case, based on the Columbia Property Trust's credit rating. In conjunction with amending and restating the Credit Agreement on December 7, 2018, Columbia Property Trust drew on the Revolving Credit Facility to fully prepay the $300.0 million outstanding on the $300 Million Term Loan, without premium or penalty, as provided for in the Credit Agreement. Columbia Property Trust has until December 7, 2019 to draw proceeds on the $300 Million Term Loan. Subject to customary conditions, including the absence of any default or event of default and financial covenant compliance, Columbia Property Trust has the ability, on up to four occasions, to increase the existing revolving commitment and/or establish one or more new term loan commitments, by an aggregate amount not to exceed $500.0 million . $300 Million Bridge Loan On November 27, 2017, Columbia Property Trust entered into a $300.0 million , one -year, unsecured loan (the " $300 Million Bridge Loan"). The proceeds from the $300 Million Bridge were used to repay borrowings under the Revolving Credit Facility, which were used to fund real estate acquisitions. As further described below, on February 2, 2018 and May 30, 2018, Columbia Property Trust made payments of $120.0 million and $180.0 million , respectively, to fully repay the $300 Million Bridge Loan. Debt Covenants As of December 31, 2018, the $300 Million Term Loan, the $150 Million Term Loan, and the Revolving Credit Facility (collectively, the "Debt Facilities") contain representations and warranties, financial and other affirmative and negative covenants, events of defaults, and remedies typical for these types of facilities. The financial covenants as defined in the Debt Facilities: • limit the ratio of secured debt to total asset value to 40% or less; • require the fixed charge coverage ratio to be at least 1.50 :1.00; • limit the ratio of debt to total asset value to 60% or less, or 65% or less following a material transaction; • require the unencumbered interest coverage ratio to be at least 1.75 :1.00; and • limit the unencumbered leverage ratio to 60% or less, or 65% or less following a material transaction. As of December 31, 2018 , Columbia Property Trust was in compliance with the restrictive financial covenants on its Debt Facilities and notes payable obligations. Fair Value of Debt The estimated fair value of Columbia Property Trust's consolidated line of credit and notes payable as of December 31, 2018 and 2017 , was approximately $632.1 million and $975.3 million , respectively. The related carrying value of the line of credit and notes payable as of December 31, 2018 and 2017 , was $632.0 million and $974.2 million , respectively. Columbia Property Trust estimated the fair value of its line of credit by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates. Therefore, the fair values determined are considered to be based on observable market data for similar instruments (Level 2). The fair values of all other debt instruments were estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowing arrangements as of the respective reporting dates (Level 3). Interest Paid and Capitalized As of December 31, 2018 and 2017 , Columbia Property Trust's weighted-average interest rate on its consolidated line of credit and notes payable was approximately 3.26% and 3.16% , respectively. Columbia Property Trust made interest payments of approximately $22.1 million , $21.5 million , and $27.8 million during 2018 , 2017 , and 2016 , respectively. Columbia Property Trust capitalizes interest on development, redevelopment, and improvement projects owned directly and through unconsolidated joint ventures, using the weighted-average interest rate of its consolidated borrowings for the period. During 2018 , 2017 , and 2016 , Columbia Property Trust capitalized interest of $4.0 million , $0.7 million , and $0.3 million , respectively. For 2018 , the weighted average interest rate on Columbia Property Trust’s outstanding borrowings was 3.57% . Debt Repayments and Extinguishment During 2018 and 2017 Columbia Property Trust made the following debt repayments: • On December 7, 2018, concurrent with closing on the Credit Agreement, Columbia Property Trust repaid the $300.0 million remaining balance on the $300 Million Term Loan, which, as described above, includes a delayed-draw feature, allowing up to 12 months to fully draw the term loan. • On October 10, 2018, Columbia Property Trust repaid the $20.7 million outstanding balance on the One Glenlake mortgage note two months prior to its original maturity date. • On April 13, 2018, Columbia Property Trust transferred 263 Shuman Boulevard to the lender in extinguishment of the $49.0 million loan principal, accrued interest expense, and accrued property operating expenses, which resulted in a gain on extinguishment of debt of $24.0 million in the second quarter of 2018. • On February 2, 2018, Columbia Property Trust repaid $120.0 million of the outstanding balance on the $300 Million Bridge Loan, using a portion of the proceeds from the February 2018 Allianz Transaction, as described in Note 3, Real Estate Transactions . On May 30, 2018, Columbia Property Trust repaid the remaining $180.0 million outstanding balance on the $300 Million Bridge Loan, using a portion of the proceeds from the sale of 222 East 41st Street, as described in Note 3, Real Estate Transactions . As a result, Columbia Property Trust has recognized a loss on extinguishment of debt of $0.3 million related to unamortized deferred financing costs. • On August 17, 2017, Columbia Property Trust repaid the $124.8 million balance of the 650 California Street building mortgage note, which was originally scheduled to mature on July 1, 2019. Columbia Property Trust recognized a loss on extinguishment of debt of $0.3 million related to unamortized deferred financing costs. • 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 extinguishment of debt of $45,000 related to unamortized deferred financing costs. The following table summarizes the aggregate maturities of Columbia Property Trust's line of credit and notes payable as of December 31, 2018 (in thousands): 2019 $ — 2020 — 2021 — 2022 150,000 2023 482,000 Thereafter — Total $ 632,000 |
Bonds Payable
Bonds Payable | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Bonds Payable | Bonds Payable Columbia Property Trust has two series of bonds outstanding as of December 31, 2018 and 2017 : $350 million of 10 -year, unsecured 3.650% senior notes issued at 99.626% of their face value (the "2026 Bonds Payable"); and $350.0 million of 10 -year, unsecured 4.150% senior notes issued at 99.859% of their face value (the "2025 Bonds Payable"). Both series of bonds require semi-annual interest payments. Upon issuance, a portion of the 2026 Bonds Payable was used to redeem $250.0 million of bonds payable, due in April 2018. During the years ended December 31, 2018 and 2017 , Columbia Property Trust made interest payments of $27.3 million and $27.4 million , respectively, on its bonds payable. The principal amount of the 2026 Bonds Payable is due and payable on August 15, 2026, and the principal amount of the 2025 Bonds Payable is due and payable on April 1, 2025. The 2026 Bonds Payable and the 2025 Bonds Payable contain certain restrictive covenants. These covenants, as defined, pursuant to an indenture: • limit the ratio of debt to total assets to 60% ; • limit Columbia Property Trust's ability to incur debt if the consolidated income available for debt service to annual debt service charge for four previous consecutive fiscal quarters is less than 1.50:1:00 on a pro forma basis; • limit Columbia Property Trust's ability to incur liens if, on an aggregate basis for Columbia Property Trust, the secured debt amount would exceed 40% of the value of the total assets; and • require that the ratio of unencumbered asset value, as defined, to total unsecured debt be at least 150% at all times. As of December 31, 2018 , Columbia Property Trust was in compliance with the restrictive financial covenants on its 2026 Bonds Payable and 2025 Bonds Payable. The estimated fair value of the 2025 Bonds Payable and the 2026 Bonds Payable as of December 31, 2018 and 2017 , was approximately $685.0 million and $702.8 million , respectively. The related carrying value of the bonds payable, net of discounts, as of December 31, 2018 and 2017 , was $698.7 million and $698.5 million , respectively. Columbia Property Trust estimated the fair value of the bonds payable based on a discounted cash flow analysis, using observable market data for its bonds payable and similar instruments (Level 2). The discounted cash flow method of assessing fair value results in a general approximation of value, which may differ from the price that could be achieved in a market transaction. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Under Existing Lease Agreements Certain lease agreements include provisions that, at the option of the tenant, may obligate Columbia Property Trust to expend capital to expand an existing property or provide other expenditures for the benefit of the tenant. As of December 31, 2018 , Columbia Property Trust has two material tenant obligations which have arisen in the normal course of business, as follows: $24.1 million related to the WeWork lease at 149 Madison; and $22.3 million related to the Arby's lease at One & Three Glenlake. Such amounts are payable as incurred, and therefore no accrual is booked as of December 31, 2018 . Obligations Under Operating Leases Columbia Property Trust owns certain properties that are subject to ground leases with expirations in 2077, 2099, and 2103. The lease expiring in 2077 has been fully prepaid. Columbia Property Trust also leases space for its corporate office. Columbia Property Trust incurred $1.9 million , $2.6 million , and $2.6 million in rent expense related to such leases in 2018 , 2017 , and 2016 , respectively. As of December 31, 2018 , the required payments under the terms of the remaining consolidated ground leases and the corporate office lease are as follows (in thousands): 2019 $ 2,502 2020 2,539 2021 2,704 2022 2,743 2023 2,023 Thereafter 176,782 Total $ 189,293 Guaranties of Debt of Unconsolidated Joint Ventures Columbia Property Trust guarantees portions of the debt at two of its unconsolidated joint ventures. • As of December 31, 2018 , Columbia Property Trust guaranteed $5.8 million of the $325.0 million Market Square mortgage loan. This guarantee will continue to be reduced as additional leases are executed at the Market Square property. Columbia Property Trust believes that the likelihood of making a payment under this guaranty is remote; therefore, no liability has been recorded related to this guaranty as of December 31, 2018 . • As of December 31, 2018 , the 799 Broadway Joint Venture has $101.1 million in outstanding borrowings on the Construction Loan, as further described in Note 4, Unconsolidated Joint Ventures . Pursuant to a joint and several guaranty agreement with the Construction Loan lender, Columbia Property Trust and Normandy are required to make aggregate additional equity contributions to the joint venture based on the initial expected project costs, less the amount of equity contributions made to date. As of December 31, 2018, the remaining equity contribution requirement is $50.9 million , of which $25.3 million reflects Columbia Property Trust's allocated share. Equity contributions become payable by Columbia Property Trust to the joint venture when a capital call is received. As of December 31, 2018, no capital calls remain unpaid; therefore, no liability has been recorded related to this guaranty. Litigation Columbia Property Trust is subject to various legal proceedings, claims, and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any reasonably possible loss relating to these matters using the latest information available. Columbia Property Trust records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, Columbia Property Trust accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, Columbia Property Trust accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, Columbia Property Trust discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, Columbia Property Trust discloses the nature and estimate of the possible loss of the litigation. Columbia Property Trust does not disclose information with respect to litigation where the possibility of an unfavorable outcome is considered to be remote. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business, or financial condition of Columbia Property Trust. Columbia Property Trust is not currently involved in any legal proceedings of which management would consider the outcome to be reasonably likely to have a material adverse effect on the results of operations or financial condition of Columbia Property Trust. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity | Equity Common Stock Repurchase Program Columbia Property Trust's board of directors authorized the repurchase of up to an aggregate of $200.0 million of its common stock, par value $0.01 per share, from September 4, 2015 through September 4, 2017 (the "2015 Stock Repurchase Program"). Under the 2015 Stock Repurchase Program, Columbia Property Trust acquired 5.6 million shares at an average price of $21.85 per share, for aggregate purchases of $121.4 million . Columbia Property Trust's board of directors authorized a second stock repurchase program to purchase up to an aggregate of $200.0 million of its common stock, par value $0.01 per share, from September 4, 2017 through September 4, 2019 (the "2017 Stock Repurchase Program"). During 2018 , Columbia Property Trust repurchased 3.2 million shares at an average price of $21.73 per share, for aggregate purchases of $70.4 million under the 2017 Stock Repurchase Program. As of December 31, 2018 , $124.4 million remains available for repurchases under the 2017 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 Employee Awards Columbia Property Trust maintains a stockholder-approved, long-term incentive plan that provides for grants of stock to be made to certain employees and independent directors of Columbia Property Trust (as amended and restated, the "LTI Plan"). In May 2017, Columbia Property Trust's stockholders approved the LTI Plan, and 4.8 million shares are authorized and reserved for issuance under the LTI Plan. For 2016, Columbia Property Trust granted 193,535 shares of common stock to employees in January 2017, net of 17,938 shares withheld to settle the related tax liability, under the LTI Plan, 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 receive quarterly dividends related to their entire grant, including the unvested shares, on each dividend payment date. For 2017, Columbia Property Trust modified the structure of awards granted under the LTI Plan to include both time-based awards and performance-based awards for all participants. For the 2017 time-based awards, Columbia Property Trust issued 139,825 shares of common stock to employees, which will vest ratably on each anniversary of the grant date over the next four years. For the 2017 performance-based awards, Columbia Property Trust granted 193,219 restricted stock units (the "Performance-Based RSUs"), of which 75% will vest at the conclusion of a three -year performance period, and the remaining 25% will vest one year later. In addition, Columbia Property Trust granted 45,076 and 92,585 one-time transitional Performance-Based RSUs, which will fully vest at the conclusion of one -year and two -year performance periods, respectively. Upon reaching a predefined performance threshold, the payout of the Performance-Based RSUs will range from 50% to 150% of the Performance-Based RSUs granted, depending on Columbia Property Trust's total stockholder return relative to the FTSE NAREIT Equity Office Index. All awards are expensed over the vesting period based on their estimated fair values. The fair value of time-based awards is estimated using the closing stock price on the grant date; and fair values of performance-based awards are estimated using a Monte Carlo valuation method. The 2018 LTI Plan awards are consistent with the 2017 LTI Plan awards. On January 1, 2018, Columbia Property Trust granted 128,486 shares of time-based stock awards to employees, which will vest ratably on each anniversary of the grant over the next four years. On January 1, 2018, Columbia Property Trust granted 176,702 Performance-Based RSUs, of which 75% will vest at the conclusion of a three -year performance period, and the remaining 25% will vest one year later. Consistent with the 2017 awards, the payout of the 2018 Performance-Based RSUs will be determined based on Columbia Property Trust's total stockholder return relative to the FTSE NAREIT Equity Office Index. The 2019 LTI Plan awards are consistent with the 2018 LTI Plan awards. On January 1, 2019, Columbia Property Trust granted 175,129 shares of time-based stock awards to employees, which will vest ratably on each anniversary of the grant over the next four years. On January 1, 2019, Columbia Property Trust granted 221,199 Performance-Based RSUs, of which 75% will vest at the conclusion of a three -year performance period, and the remaining 25% will vest one year later. Consistent with the 2018 awards, the payout of the 2019 Performance-Based RSUs will be determined based on Columbia Property Trust's total stockholder return relative to the FTSE NAREIT Equity Office Index. Below is a summary of the employee awards issued under the LTI Plan for 2018, 2017, and 2016: Restricted Shares RSUs Shares (in thousands) Estimated Fair Value (1) Units (in thousands) Estimated Fair Value (2) Unvested as of January 1, 2016 151 $ 24.59 — $ — Granted 247 $ 21.79 — $ — Vested (138 ) $ 23.32 — $ — Forfeited (4 ) $ 21.90 — $ — Unvested as of December 31, 2016 256 $ 22.62 — $ — Granted 333 $ 21.59 331 $ 18.78 Vested (193 ) $ 22.42 — $ — Forfeited (7 ) $ 21.81 (2 ) $ 19.01 Unvested as of December 31, 2017 389 $ 21.85 329 $ 18.78 Granted 139 $ 22.97 206 $ 20.55 Vested (153 ) $ 22.13 (70 ) $ 19.47 Forfeited — $ — (11 ) $ 18.60 Unvested as of December 31, 2018 375 (3) $ 22.15 454 (3) $ 19.37 (1) Reflects the weighted-average grant-date fair value using the market closing price on the date of the grant. (2) Reflects the weighted-average grant-date fair value using a Monte Carlo valuation. (3) As of December 31, 2018 , Columbia Property Trust expects approximately 360,000 of the 375,000 unvested restricted shares to ultimately vest and approximately 435,000 of the 454,000 unvested RSUs to ultimately vest, assuming a forfeiture rate of 4% , which was determined based on peer company data, adjusted for the specifics of the LTI Plan. Director Stock Grants Columbia Property Trust grants equity retainers to its directors under the LTI Plan. Such grants vest immediately. Beginning in May 2017, these grants are made annually for the following year. Prior to this time, the independent directors' equity retainers were paid quarterly. A summary of these grants, made under the LTI Plan for 2018, 2017, and 2016, follows: Date of Grant Shares Weighted-Average, (1) 2018 Director Grants: May 14, 2018 31,743 $ 22.20 2017 Director Grants: January 3, 2017 8,279 $ 21.58 May 2, 2017 33,581 $ 22.57 November 27, 2017 (2) 1,596 $ 23.07 2016 Director Grants: January 4, 2016 7,439 $ 23.00 April 1, 2016 8,120 $ 21.89 July 1, 2016 8,158 $ 21.52 October 3, 2016 7,727 $ 22.19 (1) Columbia Property Trust determined the weighted-average grant-date fair value using the market closing price on the date of the grant. (2) In November 2017, a new director was appointed to the board of directors of Columbia Property Trust. The new director received a pro-rated annual equity retainer grant at appointment. Stock-Based Compensation Expense Columbia Property Trust incurred stock-based compensation expense related to the following events (in thousands): 2018 2017 2016 Amortization of unvested LTI Plan awards $ 3,800 $ 4,098 $ 2,856 Future employee awards (1) 2,461 2,509 1,006 Issuance of shares to independent directors 705 973 696 Total stock-based compensation expense $ 6,966 $ 7,580 $ 4,558 (1) Reflects amortization of LTI Plan 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 – corporate in the accompanying consolidated statements of operations. There were $8.6 million and $8.1 million of unrecognized compensation costs related to unvested awards under the LTI Plan as of December 31, 2018 and December 31, 2017 , respectively. This amount will be amortized over the respective vesting period, ranging from one year to four years at the time of grant. Independent Director Stock Option Plan Columbia Property Trust previously maintained an independent director stock option plan that provides for grants of stock to be made to independent directors of Columbia Property Trust (the "Director Plan"). A total of 25,000 shares were authorized and reserved for issuance under the Director Plan, which was suspended in April of 2008. Under the Director Plan, options were granted upon appointment to the board and on each annual meeting date. As of December 31, 2015, Columbia Property Trust had 1,875 options outstanding under this plan, with an exercise price of $48.00 , of which 500 options expired in 2016, and the remaining 1,375 options expired in 2017. There are no remaining options outstanding under the Director Plan. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Operating Leases | Operating Leases Columbia Property Trust's real estate assets are leased to tenants under operating leases for which the terms vary, including certain provisions to extend the lease agreement, options for early terminations, subject to specified penalties, and other terms and conditions as negotiated. Columbia Property Trust retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant; however, such deposits generally are not significant. Therefore, exposure to credit risk exists to the extent that the receivables exceed this amount. Security deposits related to tenant leases are included in accounts payable, accrued expenses, and accrued capital expenditures in the accompanying consolidated balance sheets. Based on 2018 annualized lease revenue, none of Columbia Property Trust's tenants represent more than 6% of Columbia Property Trust's portfolio. Tenants in business services, depository institutions, and engineering and management services represent 24% , 10% , and 7% , respectively, of Columbia Property Trust's annualized lease revenue. Columbia Property Trust's properties are located primarily in three markets. As of December 31, 2018 , approximately 37% , 26% , and 15% of Columbia Property Trust's office properties are located in New York, San Francisco, and Washington, D.C., respectively, based on annualized lease revenue. The future minimum rental income from Columbia Property Trust's investment in real estate assets under noncancelable operating leases, excluding lease incentives, as of December 31, 2018 , is as follows (in thousands): 2019 $ 242,370 2020 247,826 2021 221,692 2022 209,845 2023 192,261 Thereafter 1,106,275 Total $ 2,220,269 |
Supplemental Disclosures of Non
Supplemental Disclosures of Noncash Investing and Financing Activities | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Noncash Investing and Financing Activities | Supplemental Disclosures of Noncash Investing and Financing Activities Outlined below are significant noncash investing and financing activities for the years ended December 31, 2018 , 2017 , and 2016 (in thousands): Years Ended December 31, 2018 2017 2016 Investment in real estate funded with other assets $ 617 $ 311 $ 1,442 Deposits applied to sales of real estate $ — $ 10,000 $ — Other assets assumed upon acquisition $ 259 $ 1,014 $ — Other liabilities assumed upon acquisition $ 664 $ 268 $ — Real estate assets transferred to unconsolidated joint venture $ — $ 558,122 $ — Other assets transferred to unconsolidated joint venture $ — $ 43,700 $ — Other liabilities transferred to unconsolidated joint venture $ — $ 21,347 $ — Extinguishment of 263 Shuman Boulevard mortgage note by transferring property to lender $ 49,000 $ — $ — Settlement of capital lease obligation with related development authority bonds $ 120,000 $ — $ — Discount on issuance of bonds payable $ — $ — $ 1,309 Amortization of net discounts on debt $ 180 $ 180 $ 267 Market value adjustment to interest rate swaps that qualify for hedge accounting treatment $ 1,441 $ 1,786 $ 1,553 Accrued investments in unconsolidated joint ventures $ 386 $ — $ — Accrued capital expenditures and deferred lease costs $ 15,145 $ 25,069 $ 15,042 Accrued dividends payable $ 23,340 $ 23,961 $ 36,727 Cumulative-effect adjustment to equity for the adoption of ASU 2017-05 and 2014-09 $ 358,098 $ — $ — Common stock issued to employees and directors, and amortized (net of income tax witholdings) $ 5,005 $ 5,764 $ 3,388 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Columbia Property Trust's income tax basis net income during 2018 , 2017 , and 2016 (in thousands) follows: 2018 2017 2016 GAAP basis financial statement net income attributable to the common stockholders of Columbia Property Trust, Inc. $ 9,491 $ 176,041 $ 84,281 Increase (Decrease) in Net Income Resulting From: Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes 43,753 33,918 34,569 Rental income accrued for financial reporting purposes in excess of (less than) amounts for income tax purposes 7,145 (38,426 ) (26,900 ) Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes (5,990 ) (6,091 ) (9,013 ) Bad debt expense for financial reporting purposes less than amounts for income tax purposes 4 (31 ) (261 ) Income from unconsolidated joint ventures for financial reporting purchases in excess of amount for income tax purposes 16,654 13,902 — Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes 79,376 (126,770 ) (71,701 ) Other expenses or revenues for financial reporting purposes in excess of amounts for income tax purposes (32,342 ) 11,331 (2,707 ) Income tax basis net income, prior to dividends-paid deduction $ 118,091 $ 63,874 $ 8,268 As of December 31, 2018 , the tax basis carrying value of Columbia Property Trust's total assets was approximately $4.3 billion . For income tax purposes, distributions to common stockholders are characterized as ordinary income, capital gains, or as a return of a stockholder's invested capital. Columbia Property Trust's distributions per common share are summarized as follows: 2018 2017 2016 Ordinary income 100.0 % 58.5 % 5.6 % Capital gains — % — % — % Return of capital — % 41.5 % 94.4 % Total 100.0 % 100.0 % 100.0 % As of December 31, 2018 , returns for the calendar years 2014 through 2018 remain subject to examination by U.S. or various state tax jurisdictions. No provisions for federal income taxes have been made in the accompanying consolidated financial statements, other than the provisions relating to the TRS Entities, as Columbia Property Trust made distributions in excess of taxable income for the periods presented. Columbia Property Trust is subject to certain state and local taxes related to property operations in certain locations, which have been provided for in the accompanying consolidated financial statements. The income taxes recorded by the TRS Entities for the years ended December 31, 2018 , 2017 , and 2016 , are as follows: Years Ended December 31, 2018 2017 2016 Federal income tax $ 63 $ 188 $ 255 State income tax (26 ) 38 21 Total income tax $ 37 $ 226 $ 276 As of December 31, 2018 and December 31, 2017 , Columbia Property Trust had deferred tax assets of $0.2 million , which are included in prepaid expenses and other assets in the accompanying consolidated balance sheets. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The basic and diluted earnings-per-share computations and net income have been reduced for the dividends paid on unvested shares related to the LTI Plan grants, as described in Note 8, Equity . The following table reconciles the numerator for the basic and diluted earnings-per-share computations shown on the consolidated statements of income (in thousands): 2018 2017 2016 Net income $ 9,491 $ 176,041 $ 84,281 Distributions paid on unvested shares (296 ) (337 ) (314 ) Net income used to calculate basic and diluted earnings per share $ 9,195 $ 175,704 $ 83,967 The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of income (in thousands): 2018 2017 2016 Weighted-average common shares – basic 117,888 120,795 123,130 Plus Incremental Weighted-Average Shares From Time-Vested Conversions Less Assumed Share Repurchases: Previously granted LTI Plan awards, unvested 104 116 58 Future LTI Plan awards 319 248 40 Weighted-average common shares – diluted 118,311 121,159 123,228 |
Quarterly Results (Unaudited)
Quarterly Results (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results (Unaudited) | Quarterly Results (Unaudited) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2018 and 2017 (in thousands, except per-share data): 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 73,710 $ 75,370 $ 73,340 $ 75,523 Net income (loss) $ 1,498 $ (3,439 ) (1) $ 6,429 $ 5,003 Net income per share – basic (2) $ 0.01 $ (0.03 ) $ 0.05 $ 0.04 Net income per share – diluted (2) $ 0.01 $ (0.03 ) $ 0.05 $ 0.04 Dividends declared per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 82,156 $ 74,857 $ 60,362 $ 71,625 Net income (loss) $ 74,722 (3) $ 1,133 $ 101,534 (4) $ (1,348 ) Net income per share – basic (2) $ 0.61 $ 0.01 $ 0.84 $ (0.01 ) Net income per share – diluted (2) $ 0.61 $ 0.01 $ 0.84 $ (0.01 ) Dividends declared per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 (1) Net income for the second quarter of 2018 includes an impairment loss on real estate of $30.8 million related to sales of real estate assets, as described in Note 3, Real Estate Transactions, and a gain on extinguishment of debt of $24.0 million , related to the settlement of a mortgage note, as described in Note 5, Line of Credit and Notes Payable . (2) Quarterly net income (loss) per share – basic and diluted is calculated based on quarterly basic and diluted weighted-average shares outstanding, respectively. (3) Net income for the first quarter of 2017 includes gains on sales of real estate assets of $73.2 million related to the sales of real estate assets as described in Note 3, Real Estate Transactions . (4) Net income for the third quarter of 2017 includes gains on sales of real estate assets of $102.4 million related to the sales of real estate assets as described in Note 3, Real Estate Transactions . |
Non-Lease Revenues
Non-Lease Revenues | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Non-Lease Revenues | Non-Lease Revenues On January 1, 2018, Columbia Property Trust adopted ASU 2014-09, which applies to the non-lease revenue streams outlined below. ASU 2014-09 requires companies to perform a five-step analysis of transactions to determine when and how revenue is recognized. See Note 2, Summary of Significant Accounting Policies , for information about revenues earned under leases. Asset and Property Management Fee Income Under asset and property management agreements in place with certain of its unconsolidated joint ventures, Columbia Property Trust earns revenue for performing asset and property management functions for properties owned through its joint ventures, as further described in Note 4, Unconsolidated Joint Ventures . During 2018 , 2017 , and 2016 , Columbia Property Trust earned revenues of $7.4 million , $3.8 million , and $2.1 million , respectively, under these agreements. Asset and property management services are ongoing and routine, and are provided on a recurring basis. Therefore, under ASU 2014-09, such fees are recognized ratably over the service period, usually a period of three months, which is consistent with the accounting method used prior to January 1, 2018. Columbia Property Trust receives payments quarterly for asset management fees and monthly for property management fees. Leasing Override Fees Under the asset management agreements for certain properties owned through unconsolidated joint ventures, Columbia Property Trust is eligible to earn leasing override fees equal to a percentage of the total rental payments to be made by the tenant over the term of the lease. ASU 2014-09 requires such fees to be recognized when Columbia Property Trust's obligation to perform is complete, typically upon execution of the lease. Prior to January 1, 2018, such fees were not recognized until billable to the applicable joint venture, typically upon commencement of the lease. Upon implementing ASU 2014-09, effective January 1, 2018, Columbia Property Trust accelerated the recognition of lease override fees related to a lease that had been executed but not yet commenced, by recording $0.3 million of lease override fees receivable as prepaid expenses and other assets and a cumulative-effect adjustment to increase equity by the same amount. During 2018 , Columbia Property Trust earned leasing override fees of $0.2 million , which are included in asset and property management fee income on the accompanying consolidated statements of operations. During 2017 and 2016, Columbia Property Trust did not earn any leasing override fees. Salary and Other Reimbursement Revenue Under the property management agreements for certain properties owned through unconsolidated joint ventures, Columbia Property Trust receives reimbursements for salaries and property operating costs for ongoing and routine services that are provided by Columbia Property Trust employees on a recurring basis. Under ASU 2014-09, such revenues are recognized ratably over the service period, usually a period of one month, three months, or one year, which is consistent with the accounting method used prior to January 1, 2018. During 2018 , 2017 , and 2016 , Columbia Property Trust earned salary and other reimbursement revenue of $4.4 million , $2.3 million , and $0.7 million , respectively. These amounts are included in other property income on the accompanying consolidated statements of income. Miscellaneous Revenue Columbia Property Trust also receives revenues for services provided to its tenants through the TRS Entities, including fitness centers, shuttles, and cafeterias, which are included in other property income on the accompanying consolidated statements of income. Such services are ongoing and routine, and are provided on a recurring basis. Under ASU 2014-09, these revenues are recognized ratably over the service period, usually a period of one month or one quarter, which is consistent with the accounting method used prior to January 1, 2018. During 2018 , 2017 , and 2016 , Columbia Property Trust earned miscellaneous revenue of $0.7 million , $0.6 million , and $0.7 million , respectively. These amounts are included in other property income on the accompanying consolidated statements of income. Prior to disposition on January 31, 2017, Columbia Property Trust owned the Key Center Marriott, a full-service hotel, through a taxable REIT subsidiary. Revenues derived from the operations of the hotel include, but are not limited to, revenues from rental of rooms, food and beverage sales, telephone usage, and other service revenues. Revenue was recognized when rooms were occupied, when services performed, and when products were delivered. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
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 high-barrier-to-entry markets and other geographic locations in which Columbia Property Trust has significant investments. Columbia Property Trust considers geographic location when evaluating its portfolio composition, and in assessing the ongoing operations and performance of its properties. As of December 31, 2018, 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 have a substantial presence and does not plan to make further investments. During the periods presented, there have been no material intersegment transactions. Net operating income ("NOI") is a non-GAAP financial measure and is not considered a measure of operating results or cash flows from operations under GAAP. NOI is the primary performance measure reviewed by management to assess operating performance of properties and is calculated by deducting operating expenses from operating revenues. Operating revenues include rental income, tenant reimbursements, hotel income, and other property income; and operating expenses include property and hotel operating costs. The NOI performance metric consists of only revenues and expenses directly related to real estate rental operations. NOI reflects property acquisitions and dispositions, occupancy levels, rental rate increases or decreases, and the recoverability of operating expenses. NOI, as Columbia Property Trust calculates it, may not be directly comparable to similarly titled, but differently calculated, measures for other REITs. Asset information and capital expenditures by segment are not reported because Columbia Property Trust does not use these measures to assess performance. Depreciation and amortization expense, along with other expense and income items, are not allocated among segments. The following table presents property operating revenues by geographic reportable segment (in thousands): For the Years Ended December 31, 2018 2017 2016 New York (1) $ 158,077 $ 123,280 $ 117,235 San Francisco (2) 105,947 105,550 109,995 Atlanta 41,708 37,803 36,742 Washington, D.C. (3) 57,274 36,934 33,024 Boston 13,441 11,559 11,796 Los Angeles 7,783 7,462 7,443 All other office markets 15,687 21,460 152,858 Total office segments 399,917 344,048 469,093 Hotel — 1,328 22,958 Corporate 3,165 579 397 Total $ 403,082 $ 345,955 $ 492,448 (1) Includes operating revenues for one unconsolidated property, 114 Fifth Avenue, based on Columbia Property Trust's ownership interest: 49.5% from July 6, 2017 through December 31, 2018. 114 Fifth Avenue was acquired on July 6, 2017. (2) Includes operating revenues for two unconsolidated properties, 333 Market Street and University Circle, based on Columbia Property Trust's ownership interests: 100.0% from January 1, 2016 through July 5, 2017; 77.5% from July 6, 2017 through January 31, 2018; and 55.0% from February 1, 2018 through December 31, 2018. (3) Includes operating revenues for two unconsolidated properties, Market Square and 1800 M Street, based on Columbia Property Trust's ownership interests: 51.0% for the Market Square for all periods presented; 55.0% for 1800 M Street from October 11, 2017 through December 31, 2018. 1800 M Street was acquired on October 11, 2017. A reconciliation of GAAP revenues to operating revenues is presented below (in thousands): For the Years Ended December 31, 2018 2017 2016 Total revenues $ 297,943 $ 289,000 $ 473,543 Operating revenues included in income (loss) from unconsolidated joint ventures (1) 112,523 60,737 21,027 Asset and property management fee income (2) (7,384 ) (3,782 ) (2,122 ) Total property operating revenues $ 403,082 $ 345,955 $ 492,448 (1) Columbia Property Trust records its interest in properties held through unconsolidated joint ventures using the equity method of accounting, and reflects its interest in the operating revenues of these properties in income (loss) from unconsolidated joint ventures in the accompanying consolidated statements of operations. (2) See Note 14, Non-Lease Revenues , of the accompanying consolidated financial statements. The following table presents net operating income by geographic reportable segment (in thousands): For the Years Ended December 31, 2018 2017 2016 New York (1) $ 94,765 $ 73,893 $ 70,038 San Francisco (2) 79,354 76,163 80,529 Atlanta 36,657 33,603 32,939 Washington, D.C. (3) 34,750 18,496 16,372 Boston 7,205 5,380 5,114 Los Angeles 4,590 4,529 4,523 All other office markets 14,981 18,550 92,756 Total office segments 272,302 230,614 302,271 Hotel — (913 ) 3,988 Corporate (803 ) (826 ) (158 ) Total $ 271,499 $ 228,875 $ 306,101 (1) Includes NOI for two unconsolidated properties, 114 Fifth Avenue and 799 Broadway, based on Columbia Property Trust's ownership interest: 49.5% for the 114 Fifth Avenue Joint Venture from July 6, 2017 through December 31, 2018, as 114 Fifth Avenue was acquired on July 6, 2017; and 49.7% for the 799 Joint Venture from October 3, 2018 through December 31, 2018, as 799 Broadway was acquired on October 3, 2018. (2) Includes NOI for two unconsolidated properties, 333 Market Street and University Circle, based on Columbia Property Trust's ownership interests: 100.0% from January 1, 2016 through July 5, 2017; 77.5% from July 6, 2017 through January 31, 2018; and 55.0% from February 1, 2018 through December 31, 2018. (3) Includes NOI for two unconsolidated properties, Market Square and 1800 M Street, based on Columbia Property Trust's ownership interests: 51.0% for the Market Square for all periods presented; 55.0% for 1800 M Street from October 11, 2017 through December 31, 2018. 1800 M Street was acquired on October 11, 2017. A reconciliation of GAAP net income to NOI is presented below (in thousands): For the Years Ended December 31, 2018 2017 2016 Net income $ 9,491 $ 176,041 $ 84,281 Depreciation 81,795 80,394 108,543 Amortization 32,554 32,403 56,775 Impairment loss on real estate assets 30,812 — — General and administrative – corporate 32,979 34,966 33,876 General and administrative – joint venture 3,108 1,454 — Net interest expense 56,477 58,187 67,538 Interest income from development authority bonds (6,871 ) (7,200 ) (7,200 ) (Gain) loss on extinguishment of debt (23,340 ) 325 18,997 Income tax expense 37 (213 ) 445 Asset and property management fee income (7,384 ) (3,782 ) (2,122 ) Adjustments included in loss from unconsolidated joint venture 62,603 31,818 17,293 Gain on sale of unconsolidated joint venture interest (762 ) — — Gains on sales of real estate assets — (175,518 ) (72,325 ) Net operating income $ 271,499 $ 228,875 $ 306,101 |
Financial Information for Paren
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries, and Non-Guarantor Subsidiaries | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries, and Non-Guarantor Subsidiaries | Financial Information for Parent Guarantor, Other Guarantor Subsidiaries, and Non-Guarantor Subsidiaries The 2026 Bonds Payable and the 2025 Bonds Payable (see Note 6, Bonds Payable ) were issued by Columbia Property Trust OP, and are guaranteed by Columbia Property Trust. In accordance with SEC Rule 3-10(c), Columbia Property Trust includes herein condensed consolidating financial information in lieu of separate financial statements of the subsidiary issuer (Columbia Property Trust OP), as defined in the bond indentures, because all of the following criteria are met: (1) the subsidiary issuer (Columbia Property Trust OP) is 100% owned by the parent company guarantor (Columbia Property Trust); (2) the guarantees are full and unconditional; and (3) no other subsidiary of the parent company guarantor (Columbia Property Trust) guarantees the 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. Columbia Property Trust has 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 Columbia Property Trust's consolidated financial statement 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 condensed consolidating statement of cash flows for the year ended December 31, 2016 : increase to operating cash flows for the parent and issuer of $53.1 million and $136.7 million , respectively; and increase (decrease) in investing cash flows for the parent, issuer, and non-guarantors of $(281.8) million , $568.5 million , and $603.7 million , respectively; and increase (decrease) in financing cash flows for the parent, issuer, and non-guarantors of $228.7 million , $(705.2) million , and $(603.7) million , respectively. The impact to individual financial statement captions within the condensed consolidating statement of cash flows is footnoted below. Set forth below are Columbia Property Trust's condensed consolidating balance sheets as of December 31, 2018 and 2017 , as well as its condensed consolidating statements of operations and its condensed consolidating statements of comprehensive income for 2018 , 2017 , and 2016 ; and its condensed consolidating statements of cash flows for 2018 , 2017 , and 2016 . Condensed Consolidating Balance Sheets (in thousands) As of December 31, 2018 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Assets: Real Estate Assets, at Cost: Land $ — $ — $ 817,975 $ — $ 817,975 Buildings and improvements, net — 1,739 1,908,302 — 1,910,041 Intangible lease assets, net — — 98,540 — 98,540 Construction in progress — — 33,800 — 33,800 Total real estate assets — 1,739 2,858,617 — 2,860,356 Investments in unconsolidated joint ventures — 1,071,353 — — 1,071,353 Cash and cash equivalents 1,705 10,573 4,840 — 17,118 Investment in subsidiaries 2,622,528 1,236,982 — (3,859,510 ) — Tenant receivables, net of allowance — — 3,258 — 3,258 Straight-line rent receivable — — 87,159 — 87,159 Prepaid expenses and other assets 140,797 340,071 11,379 (469,029 ) 23,218 Intangible lease origination costs, net — — 34,092 — 34,092 Deferred lease costs, net — — 77,439 — 77,439 Total assets $ 2,765,030 $ 2,660,718 $ 3,076,784 $ (4,328,539 ) $ 4,173,993 Liabilities: Line of credit and notes payable, net $ — $ 629,308 $ 467,344 $ (467,344 ) $ 629,308 Bonds payable, net — 694,538 — — 694,538 Accounts payable, accrued expenses, and accrued capital expenditures 674 9,441 39,007 (5 ) 49,117 Dividends payable 23,340 — — — 23,340 Due to affiliates — — 1,680 (1,680 ) — Deferred income — — 15,593 — 15,593 Intangible lease liabilities, net — — 21,081 — 21,081 Total liabilities 24,014 1,333,287 544,705 (469,029 ) 1,432,977 Equity: Total equity 2,741,016 1,327,431 2,532,079 (3,859,510 ) 2,741,016 Total liabilities and equity $ 2,765,030 $ 2,660,718 $ 3,076,784 $ (4,328,539 ) $ 4,173,993 Condensed Consolidating Balance Sheets (in thousands) As of December 31, 2017 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Assets: Real Estate Assets, at Cost: Land $ — $ — $ 825,208 $ — $ 825,208 Building and improvements, net — 2,110 2,061,309 — 2,063,419 Intangible lease assets, net — — 199,260 — 199,260 Construction in progress — — 44,742 — 44,742 Total real estate assets — 2,110 3,130,519 — 3,132,629 Investments in unconsolidated joint ventures — 943,241 1 — 943,242 Cash and cash equivalents 692 5,079 3,796 — 9,567 Investment in subsidiaries 2,238,577 1,186,594 — (3,425,171 ) — Tenant receivables, net of allowance — 30 2,098 — 2,128 Straight-line rent receivable — — 92,235 — 92,235 Prepaid expenses and other assets 317,364 336,598 19,375 (645,654 ) 27,683 Intangible lease origination costs, net — — 42,959 — 42,959 Deferred lease costs, net — — 141,096 — 141,096 Investment in development authority bonds — — 120,000 — 120,000 Total assets $ 2,556,633 $ 2,473,652 $ 3,552,079 $ (4,070,825 ) $ 4,511,539 Liabilities: Lines of credit and notes payable, net $ — $ 899,168 $ 715,327 $ (643,310 ) $ 971,185 Bonds payable, net — 693,756 — — 693,756 Accounts payable, accrued expenses, and accrued capital expenditures 732 10,325 113,949 (4 ) 125,002 Dividends payable 23,961 — — — 23,961 Due to affiliates — — 2,340 (2,340 ) — Deferred income 4 81 18,396 — 18,481 Intangible lease liabilities, net — — 27,218 — 27,218 Obligations under capital leases — — 120,000 — 120,000 Total liabilities 24,697 1,603,330 997,230 (645,654 ) 1,979,603 Equity: Total equity 2,531,936 870,322 2,554,849 (3,425,171 ) 2,531,936 Total liabilities and equity $ 2,556,633 $ 2,473,652 $ 3,552,079 $ (4,070,825 ) $ 4,511,539 Consolidating Statements of Operations (in thousands) For the Year Ended December 31, 2018 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income and tenant reimbursements $ — $ 2 $ 283,250 $ — $ 283,252 Asset and property management fee income 3,792 — 3,592 — 7,384 Other property income — — 7,307 — 7,307 3,792 2 294,149 — 297,943 Expenses: Property operating costs — — 88,813 — 88,813 Asset and property management fee expenses — — 854 — 854 Depreciation — 667 81,128 — 81,795 Amortization — — 32,554 — 32,554 Impairment loss on real estate assets — — 30,812 — 30,812 General and administrative – corporate 777 9,035 23,167 — 32,979 General and administrative – joint ventures — — 3,108 — 3,108 777 9,702 260,436 — 270,915 3,015 (9,700 ) 33,713 — 27,028 Other Income (Expense): Interest expense — (47,055 ) (32,903 ) 23,459 (56,499 ) Gain on extinguishment of debt — (663 ) 24,003 — 23,340 Interest and other income 9,547 13,914 6,892 (23,459 ) 6,894 Gain on sale of unconsolidated joint venture interest — 762 — — 762 9,547 (33,042 ) (2,008 ) — (25,503 ) Income (loss) before income taxes, unconsolidated entities 12,562 (42,742 ) 31,705 — 1,525 Income tax expense — — (37 ) — (37 ) Income (loss) from unconsolidated entities (3,071 ) 46,952 — (35,878 ) 8,003 Net income $ 9,491 $ 4,210 $ 31,668 $ (35,878 ) $ 9,491 Consolidating Statements of Operations (in thousands) For the Year Ended December 31, 2017 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income and tenant reimbursements $ — $ (9 ) $ 280,939 $ (360 ) $ 280,570 Hotel income — — 1,339 — 1,339 Asset and property management fee income 1,908 — 1,874 — 3,782 Other property income — — 3,327 (18 ) 3,309 1,908 (9 ) 287,479 (378 ) 289,000 Expenses: Property operating costs — 308 87,857 (360 ) 87,805 Hotel operating costs — — 2,089 — 2,089 Asset and Property Management Fee Expenses: Related-party — 3 — (3 ) — Other — — 918 — 918 Depreciation — 869 79,525 — 80,394 Amortization — 5 32,398 — 32,403 General and administrative – corporate 259 9,048 25,674 (15 ) 34,966 General and administrative – joint ventures — — 1,454 — 1,454 259 10,233 229,915 (378 ) 240,029 1,649 (10,242 ) 57,564 — 48,971 Other Income (Expense): Interest expense — (44,259 ) (38,238 ) 21,981 (60,516 ) Interest and other income 16,535 7,762 7,213 (21,981 ) 9,529 Loss on extinguishment of debt — — (325 ) — (325 ) 16,535 (36,497 ) (31,350 ) — (51,312 ) Income (loss) before income taxes, unconsolidated entities, and gains on sales of real estate assets 18,184 (46,739 ) 26,214 — (2,341 ) Income tax benefit (expense) — (1 ) 214 — 213 Income from unconsolidated entities 157,857 198,620 — (353,826 ) 2,651 Income before gains on sales of real estate assets 176,041 151,880 26,428 (353,826 ) 523 Gains on sales of real estate assets — 11,050 164,468 — 175,518 Net income $ 176,041 $ 162,930 $ 190,896 $ (353,826 ) $ 176,041 Consolidating Statements of Operations (in thousands) For the Year Ended December 31, 2016 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income and tenant reimbursements $ — $ 5,585 $ 430,754 $ (383 ) $ 435,956 Hotel income — — 22,661 — 22,661 Asset and property management fee income 574 — 1,548 — 2,122 Other property income 406 — 12,804 (406 ) 12,804 980 5,585 467,767 (789 ) 473,543 Expenses: Property operating costs — 3,209 152,142 (383 ) 154,968 Hotel operating costs — — 18,686 — 18,686 Asset and Property Management Fee Expenses: Related-party — 154 — (154 ) — Other — — 1,415 — 1,415 Depreciation — 2,760 105,783 — 108,543 Amortization — 364 56,411 — 56,775 General and administrative – corporate 154 8,566 25,408 (252 ) 33,876 154 15,053 359,845 (789 ) 374,263 826 (9,468 ) 107,922 — 99,280 Other Income (Expense): Interest expense — (46,797 ) (50,302 ) 29,490 (67,609 ) Interest and other income 14,268 15,272 7,238 (29,490 ) 7,288 Loss on extinguishment of debt — (18,987 ) (10 ) — (18,997 ) 14,268 (50,512 ) (43,074 ) — (79,318 ) Income (loss) before income taxes, unconsolidated entities, and gains on sales of real estate assets 15,094 (59,980 ) 64,848 — 19,962 Income tax expense — (20 ) (425 ) — (445 ) Income (loss) from unconsolidated entities 69,187 113,105 — (189,853 ) (7,561 ) Income before gains on sales of real estate assets 84,281 53,105 64,423 (189,853 ) 11,956 Gains on sales of real estate assets — — 72,325 — 72,325 Net income $ 84,281 $ 53,105 $ 136,748 $ (189,853 ) $ 84,281 Consolidating Statements of Comprehensive Income (in thousands) For the Year Ended December 31, 2018 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 9,491 $ 4,210 $ 31,668 $ (35,878 ) $ 9,491 Market value adjustment to interest rate swap 1,441 1,441 — (1,441 ) 1,441 Comprehensive income $ 10,932 $ 5,651 $ 31,668 $ (37,319 ) $ 10,932 For the Year Ended December 31, 2017 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 176,041 $ 162,930 $ 190,896 $ (353,826 ) $ 176,041 Market value adjustment to interest rate swap 1,786 1,786 — (1,786 ) 1,786 Comprehensive income $ 177,827 $ 164,716 $ 190,896 $ (355,612 ) $ 177,827 For the Year Ended December 31, 2016 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 84,281 $ 53,105 $ 136,748 $ (189,853 ) $ 84,281 Market value adjustment to interest rate swap 1,553 1,553 — (1,553 ) 1,553 Comprehensive income $ 85,834 $ 54,658 $ 136,748 $ (191,406 ) $ 85,834 Consolidating Statements of Cash Flows (in thousands) For the Year Ended December 31, 2018 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Cash Flows From Operating Activities $ 7,225 $ 8,268 $ 118,010 $ (35,878 ) $ 97,625 Cash Flows From Investing Activities: Net proceeds from the sale of real estate assets — — 284,608 — 284,608 Net proceeds from sale of investments in unconsolidated joint ventures — 235,083 — — 235,083 Investment in real estate and related assets — (51 ) (118,832 ) — (118,883 ) Investment in unconsolidated joint ventures — (38,763 ) — — (38,763 ) Distributions from unconsolidated joint ventures — 13,685 — — 13,685 Distributions from subsidiaries 161,339 225,261 — (386,600 ) — Net cash provided by investing activities 161,339 435,215 165,776 (386,600 ) 375,730 Cash Flows From Financing Activities: Borrowings, net of fees — 573,922 — — 573,922 Repayments — (849,000 ) (23,175 ) — (872,175 ) Distributions (95,056 ) (162,911 ) (259,567 ) 422,478 (95,056 ) Repurchases of common stock (72,495 ) — — — (72,495 ) Net cash used in financing activities (167,551 ) (437,989 ) (282,742 ) 422,478 (465,804 ) Net increase in cash and cash equivalents 1,013 5,494 1,044 — 7,551 Cash and cash equivalents, beginning of period 692 5,079 3,796 — 9,567 Cash and cash equivalents, end of period $ 1,705 $ 10,573 $ 4,840 $ — $ 17,118 Consolidating Statements of Cash Flows (in thousands) For the Year Ended December 31, 2017 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Cash Flows From Operating Activities $ 3,966 $ (46,268 ) $ 104,226 $ — $ 61,924 Cash Flows From Investing Activities: Net proceeds from the sale of real estate — 49,531 688,100 — 737,631 Investment in real estate and related assets — (2,203 ) (716,093 ) — (718,296 ) Investment in unconsolidated joint ventures — (369,043 ) — — (369,043 ) Distributions from unconsolidated joint ventures — 1,985 — — 1,985 Investments in subsidiaries (8,671 ) (97,505 ) — 106,176 — Net cash used in investing activities (8,671 ) (417,235 ) (27,993 ) 106,176 (347,723 ) Cash Flows From Financing Activities: Borrowings, net of fees — 781,731 — — 781,731 Repayments — (331,000 ) (202,427 ) — (533,427 ) Redemptions of common stock (59,462 ) — — — (59,462 ) Distributions (109,561 ) 1,342 104,834 (106,176 ) (109,561 ) Net cash provided by (used in) financing activities (169,023 ) 452,073 (97,593 ) (106,176 ) 79,281 Net decrease in cash and cash equivalents (173,728 ) (11,430 ) (21,360 ) — (206,518 ) Cash and cash equivalents, beginning of period 174,420 16,509 25,156 — 216,085 Cash and cash equivalents, end of period $ 692 $ 5,079 $ 3,796 $ — $ 9,567 For the Year Ended December 31, 2016 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Cash Flows From Operating Activities $ 53,980 $ 86,846 $ 242,118 $ (189,853 ) $ 193,091 Cash Flows From Investing Activities: Net proceeds from the sale of real estate (1) — — 613,732 — 613,732 Investments in real estate and related assets — (2,157 ) (69,750 ) — (71,907 ) Investment in unconsolidated joint ventures — (16,212 ) — — (16,212 ) Distributions from subsidiaries (2) 321,911 568,480 — (890,391 ) — Net cash provided by investing activities 321,911 550,111 543,982 (890,391 ) 525,613 Cash Flows From Financing Activities: Borrowings, net of fees (3) — 780,577 — — 780,577 Repayments (4) — (1,051,000 ) (44,460 ) — (1,095,460 ) Prepayments to settle debt and interest rate swap (5) — (17,921 ) — — (17,921 ) Redemptions of common stock (53,986 ) — — — (53,986 ) Distributions (6) (148,474 ) (347,073 ) (733,171 ) 1,080,244 (148,474 ) Net cash used in financing activities (202,460 ) (635,417 ) (777,631 ) 1,080,244 (535,264 ) Net increase in cash and cash equivalents 173,431 1,540 8,469 — 183,440 Cash and cash equivalents, beginning of period 989 14,969 16,687 — 32,645 Cash and cash equivalents, end of period $ 174,420 $ 16,509 $ 25,156 $ — $ 216,085 (1) Net proceeds from the sale of real estate increased (decreased) by $(603.7) million and $603.7 million for the parent and non-guarantors, respectively. (2) Distributions from subsidiaries increased (decreased) by $321.9 million , $568.5 million , and $(890.4) million for the parent, issuer, and eliminations, respectively. (3) Borrowings, net of fees, increased (decreased) by $(781.4) million and $781.4 million for the parent and issuer, respectively. (4) Repayments increased (decreased) by $1,090.0 million , $(1,051.0) million , and $(39.0) million for the parent, issuer, and non-guarantors respectively. (5) Prepayments to settle debt and interest rate swap increased (decreased) by $17.9 million and $(17.9) million for the parent and issuer, respectively. (6) Distributions (increased) decreased by $(347.1) million , $(733.2) million , and $1,080.3 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 Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Columbia Property Trust has evaluated subsequent events in connection with the preparation of its consolidated financial statements and notes thereto included in this report on Form 10-K and noted the following items in addition to those disclosed elsewhere in this report: • On February 8, 2019, the board of directors declared dividends for the first quarter of 2019 in the amount of $0.20 per share, payable on March 15, 2019, to stockholders of record on March 1, 2019. • On January 4, 2019, Columbia Property Trust paid an aggregate amount of $23.3 million in dividends for the fourth quarter of 2018 to stockholders of record on December 3, 2018. |
Schedule III - Real Estate Asse
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization | Columbia Property Trust, Inc. Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Accumulated Depreciation and Amortization Date of Construction Life on Which Depreciation and Amortization is Computed (b) Description Location Owner- ship % Encum-brances Land Buildings and Improvements Total Land Buildings and Improvements Total (a) Date Acquired ONE & THREE GLENLAKE Atlanta, GA 100 % None $ 13,363 $ 155,465 $ 168,828 $ 7,774 $ 13,989 $ 162,613 $ 176,602 $ 55,559 2003/2008 6/25/2004/ 7/31/2008 0 to 40 years 80 M STREET Washington, D.C. 100 % None 26,248 76,269 102,517 5,214 26,806 80,925 107,731 27,018 2001 6/29/2004 0 to 40 years 95 COLUMBUS Jersey City, NJ 100 % None 29,061 141,544 170,605 13,021 29,712 153,914 183,626 66,198 1989 10/31/2006 0 to 40 years PASADENA CORPORATE PARK Pasadena, CA 100 % None 53,099 59,630 112,729 (616 ) 53,099 59,014 112,113 20,194 1965/2000/ 2002/2003 7/11/2007 0 to 40 years LINDBERGH CENTER & RETAIL Atlanta, GA 100 % None (c) — 285,752 285,752 4,088 — 289,840 289,840 85,938 2002 7/1/2008/ 10/24/2018 0 to 40 years CRANBERRY WOODS DRIVE Cranberry Township, PA 100 % None 15,512 173,062 188,574 15,185 15,512 188,247 203,759 51,911 2009/2010 6/1/2010 0 to 40 years 221 MAIN STREET San Francisco, CA 100 % None 60,509 174,629 235,138 14,577 60,509 189,206 249,715 33,900 1974 4/22/2014 0 to 40 years 650 CALIFORNIA STREET San Francisco, CA 100 % None 75,384 240,441 315,825 22,520 75,384 262,961 338,345 38,761 1964 9/9/2014 0 to 40 years 315 PARK AVENUE SOUTH New York, NY 100 % None 119,633 249,510 369,143 31,968 119,633 281,478 401,111 27,506 1910 1/7/2015 0 to 40 years 116 HUNTINGTON AVENUE Boston, MA 100 % None (d) — 116,290 116,290 51,939 — 168,229 168,229 21,783 1991 1/8/2015 0 to 40 years 229 WEST 43RD STREET New York, NY 100 % None 207,233 292,991 500,224 (3,040 ) 207,233 289,951 497,184 39,455 1912/1924/ 1932/1947 8/4/2015 0 to 40 years 249 WEST 17TH STREET New York, NY 100 % None 113,149 221,517 334,666 418 113,150 221,934 335,084 11,280 1902/1909 10/11/2017 0 to 40 years 218 WEST 18TH STREET New York, NY 100 % None 43,836 139,077 182,913 2,975 43,836 142,052 185,888 7,982 1912 10/11/2017 0 to 40 years 149 MADISON AVENUE New York, NY 100 % None 59,112 28,989 88,101 7,973 59,112 36,962 96,074 — 1916 11/28/2017 0 to 40 years TOTAL CONSOLIDATED REAL ESTATE ASSETS (e) $ 816,139 $ 2,355,166 $ 3,171,305 $ 173,996 $ 817,975 $ 2,527,326 $ 3,345,301 $ 487,485 UNCONSOLIDATED REAL ESTATE ASSETS (presented at 100% of the Joint Venture's Basis) (f) : MARKET SQUARE Washington, D.C. 51.0 % $ 325,000 $ 152,629 $ 450,757 $ 603,386 $ (26,401 ) $ 152,629 $ 424,356 $ 576,985 $ 43,993 1990 10/28/2015 0 to 40 years UNIVERSITY CIRCLE East Palo Alto, CA 55.0 % None 27,493 278,288 305,781 (98,076 ) 27,757 179,948 207,705 8,152 2001/2002/ 2003 7/6/2017 0 to 40 years 333 MARKET STREET San Francisco, CA 55.0 % None 114,483 292,840 407,323 (40,752 ) 114,484 252,087 366,571 12,359 1979 7/6/2017 0 to 40 years 114 FIFTH AVE New York, NY 49.5 % None (c) — 383,694 383,694 2,156 — 385,850 385,850 39,936 1910 7/6/2017 0 to 40 years 1800 M STREET Washington, D.C. 55.0 % None 125,735 272,353 398,088 34,603 125,735 306,956 432,691 19,359 1975 10/11/2017 0 to 40 years 799 BROADWAY (g) New York, NY 49.7 % $ 101,000 145,991 4,865 150,856 12,312 145,992 17,176 163,168 — 2019 10/3/2018 0 to 40 years TOTAL UNCONSOLIDATED REAL ESTATE ASSETS $ 566,331 $ 1,682,797 $ 2,249,128 $ (116,158 ) $ 566,597 $ 1,566,373 $ 2,132,970 $ 123,799 (a) The aggregate cost of consolidated land and buildings and improvements for federal income tax purposes is approximately $3.509 billion . (b) Columbia Property Trust assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, tenant improvements are amortized over the shorter of economic life or lease term, lease intangibles are amortized over the respective lease term, building improvements are depreciated over 5 - 25 years, and buildings are depreciated over 40 years. (c) Property is owned subject to a long-term ground lease. (d) 116 Huntington Avenue is owned subject to a long-term, pre-paid ground lease. (e) Consolidated real estate assets excludes $3.3 million of corporate assets. (f) The aggregate cost of 100% of the land and buildings and improvements, net of debt, held by unconsolidated joint ventures for federal income tax purposes is approximately $1.784 billion . (g) 799 Broadway is under development. Columbia Property Trust, Inc. Schedule III – Real Estate Assets and Accumulated Depreciation and Amortization (in thousands) For the Years Ended December 31, 2018 2017 2016 Real Estate: Balance at beginning of year $ 3,612,294 $ 4,243,531 $ 4,948,605 Additions to/improvements of real estate 87,398 698,567 41,848 Sale/transfer of real estate (313,683 ) (1,285,915 ) (1) (673,164 ) Impairment of real estate (30,812 ) — — Write-offs of building and tenant improvements (1,464 ) (3,087 ) (5,559 ) Write-offs of intangible assets (2) (6,131 ) (14,432 ) (30,435 ) Write-offs of fully depreciated assets (2,301 ) (26,370 ) (37,764 ) Balance at end of year $ 3,345,301 $ 3,612,294 $ 4,243,531 Accumulated Depreciation and Amortization: Balance at beginning of year $ 482,627 $ 729,025 $ 863,724 Depreciation and amortization expense 98,858 97,732 140,823 Sale/transfer of real estate (84,965 ) (302,157 ) (1) (203,248 ) Write-offs of tenant improvements (603 ) (1,406 ) (4,336 ) Write-offs of intangible assets (2) (6,131 ) (14,197 ) (30,174 ) Write-offs of fully depreciated assets (2,301 ) (26,370 ) (37,764 ) Balance at end of year $ 487,485 $ 482,627 $ 729,025 (1) Includes the transfer of 100% of both University Circle and 333 Market Street to unconsolidated joint ventures, in which Columbia Property Trust currently owned a 55.0% interest as of December 31, 2018 . (2) Consists of write-offs of intangible lease assets related to lease restructurings, amendments, and terminations. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements of Columbia Property Trust have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable interest entity ("VIE") in which Columbia Property Trust or Columbia Property Trust OP is deemed the primary beneficiary. With respect to entities that are not VIEs, Columbia Property Trust's consolidated financial statements shall also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or its subsidiaries own a controlling general partnership interest. In determining whether Columbia Property Trust or Columbia Property Trust OP has a controlling interest, the following factors are considered, among other things: the ownership of voting interests, protective rights, and participatory rights of the investors. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. |
Fair Value Measurements | Fair Value Measurements Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability: Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts. Level 2 – Assets and liabilities valued based on observable market data for similar instruments. Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider. |
Real Estate Assets | Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition or construction, and any tenant improvements or major improvements that extend the useful life of the related asset. All repairs and maintenance are expensed as incurred. As further described in Note 5, Line of Credit and Notes Payable , Columbia Property Trust capitalizes interest incurred on outstanding debt balances as well as joint venture investments, as appropriate, during development or redevelopment of real estate held directly or in unconsolidated joint ventures. During 2018 , $3.8 million of interest was capitalized to construction in progress, and $0.2 million was capitalized to investments in unconsolidated joint ventures. During 2017 , $0.7 million of interest was capitalized to construction in progress. Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. To determine the appropriate useful life of an asset, Columbia Property Trust considers the period of future benefit of the asset. These assessments have a direct impact on net income. |
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. |
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 net carrying amounts of its real estate and related intangible assets and liabilities, of both operating properties and properties under redevelopment, may not be recoverable. When indicators of potential impairment are present that suggest that the net carrying amounts of real estate assets and related intangible assets and liabilities may not be recoverable, Columbia Property Trust assesses the recoverability of these net assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future cash flows expected from the use of the net 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 values 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. At such time that a property is required to be classified as held for sale, its net 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. Estimated fair values are calculated based on the following hierarchy of information: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated residual value. 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. Certain of Columbia Property Trust's assets may be carried at an amount that exceeds that which could be realized in a current disposition transaction. |
Allocation of Purchase Price of Acquired Assets | Allocation of Purchase Price of Acquired Assets Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of properties and related transaction costs to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see "Fair Value Measurements" section above for additional details). In conjunction with certain acquisitions, Columbia Property Trust has entered into master lease agreements, which obligate the seller to pay rent pertaining to certain nonrevenue-producing spaces to mitigate the negative effects of lower rental revenues. Columbia Property Trust records payments receivable under such master lease agreements as a reduction of the property basis rather than income. Columbia Property Trust received no proceeds for master leases during 2018, 2017, or 2016. The fair values of the tangible assets of an acquired property (which includes land, building, and site improvements) are determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building, and site improvements based on management's determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market demand. |
Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust is the Lessor | Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessor As further described below, in-place leases with Columbia Property Trust as the lessor may have values related to: direct costs associated with obtaining a new tenant that are avoided for in-place leases, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease, tenant relationships, and effective contractual rental rates that are above or below market: • Direct costs associated with obtaining a new tenant that are avoided for in-place leases, including commissions, tenant improvements, and other direct costs, are estimated based on management's consideration of current market costs to execute a similar lease. Such direct costs are included in intangible lease origination costs in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. • The value of opportunity costs associated with lost rentals avoided by acquiring an in-place lease is calculated based on contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. Such opportunity costs ("Absorption Period Costs") are included in intangible lease assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining terms of the respective leases. • The value of effective rental rates of in-place leases that are above or below the market rates of comparable leases is calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be received pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases. This calculation includes significantly below- market renewal options for which exercise of the renewal option appears to be reasonably assured. These intangible assets or liabilities are measured over the actual or assumed (in the case of renewal options) remaining lease terms. The capitalized above-market and below-market lease values are recorded as intangible lease assets or liabilities and amortized as an adjustment to rental income over the remaining terms of the respective leases. |
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 In-place ground leases where Columbia Property Trust is the lessee may have positive or negative value associated with effective contractual rental rates that are above or below market at the time of execution or assumption. Such values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place lease and (ii) management's estimate of fair market lease rates for the corresponding in-place lease at the time of execution or assumption. This calculation includes significantly below-market renewal options for which exercise of the renewal option appears to be reasonably assured. These intangible assets and liabilities are measured over the actual or assumed (in the case of renewal options) remaining lease terms. The capitalized above-market and below-market in-place lease values are recorded as intangible lease liabilities and assets, respectively, and are amortized as an adjustment to property operating costs over the remaining term of the respective leases. |
Cash and Cash Equivalents | Cash and Cash Equivalents Columbia Property Trust considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value as of December 31, 2018 and 2017 . |
Tenant Receivables, Net | Tenant Receivables, Net Tenant receivables consist of rental and reimbursement billings due from tenants. Tenant receivables are recorded at the original amount earned, less an allowance for any doubtful accounts, which approximates fair value. Management assesses the realizability of tenant receivables on an ongoing basis and provides for allowances as such balances, or portions thereof, become uncollectible. |
Straight-Line Rent Receivable | Straight-Line Rent Receivable Straight-line rent receivable reflects the amount of cumulative adjustments necessary to present rental income on a straight-line basis. Columbia Property Trust recognizes rental revenues on a straight-line basis, ratably over the term of each lease; however, leases often provide for payment terms that differ from the revenue recognized. When the amount of cash billed is less than the amount of revenue recognized, typically early in the lease, straight-line rent receivable is recorded for the difference. The receivable is depleted during periods later in the lease when the amount of cash paid by the tenant is greater than the amount of revenue recognized. |
Prepaid Expenses and Other Assets | Prepaid Expenses and Other Assets Prepaid expenses and other assets primarily include earnest money deposits, escrow accounts held by lenders to pay future real estate taxes, insurance and tenant improvements, notes receivable, nontenant receivables, prepaid taxes, insurance and operating costs, unamortized deferred financing costs related to the line of credit (the "Revolving Credit Facility"), interest rate swaps (when in an asset position), certain corporate assets, hotel inventory, and deferred tax assets. Prepaid expenses are recognized over the period to which the good or service relates. Other assets are written off when the asset no longer has future value, or when the company is no longer obligated for the corresponding liability. |
Deferred Financing and Deferred Lease Costs | Deferred Lease Costs Deferred lease costs include costs incurred to procure leases that are paid to third parties or tenants, and incentives that are provided to tenants under the terms of their leases. These costs are capitalized and amortized on a straight-line basis over the terms of the lease. Amortization of third-party leasing costs is reflected as amortization expense, and amortization of lease incentives is reflected as an adjustment to rental income. Deferred Financing Costs Deferred financing costs include costs incurred to secure debt from third-party lenders. Deferred financing costs, except for costs related to the Revolving Credit Facility, are presented as a direct reduction to the carrying amount of the related debt for all periods presented. Deferred financing costs related to the Revolving Credit Facility are included in prepaid expenses and other assets. |
Investments in Development Authority Bonds and Obligations Under Capital Leases | Investments in Development Authority Bonds and Obligations Under Capital Leases In connection with the acquisition of certain real estate assets, Columbia Property Trust has assumed investments in development authority bonds and corresponding obligations under capital leases of land or buildings. The county development authority issued bonds to developers to finance the initial development of these projects, a portion of which was then leased back to the developer under a capital lease. This structure enabled the developer to receive property tax abatements over the concurrent terms of the development authority bonds and capital leases. The remaining property tax abatement benefits transferred to Columbia Property Trust upon assumption of the bonds and corresponding capital leases at acquisition. The development authority bonds and the obligations under the capital leases are both recorded at their net present values, which Columbia Property Trust believes approximates fair value. The related amounts of interest income and expense are recognized as earned in equal amounts and, accordingly, do not impact net income. |
Line of Credit and Notes Payable and Bonds Payable | Line of Credit and Notes Payable When debt is assumed, Columbia Property Trust records the loan at fair value. The fair value adjustment is amortized to interest expense over the term of the loan using the effective interest method. As described in the "Deferred Financing Costs" section above, line of credit and notes payable is presented on the accompanying consolidated balance sheet net of deferred financing costs related to term loans and notes payable of $2.7 million and $3.0 million as of December 31, 2018 and December 31, 2017 , respectively. Bonds Payable In August 2016, Columbia Property Trust issued $350 million of its 10 -year unsecured 3.650% senior notes at 99.626% of their face value (the "2026 Bonds Payable"). In March 2015, Columbia Property Trust issued $350.0 million of its 10 -year unsecured 4.150% senior notes at 99.859% of their face value (the "2025 Bonds Payable"). The discount on the 2026 Bonds Payable and the 2025 Bonds Payable is amortized to interest expense over the term of the bonds using the effective-interest method. |
Common Stock Repurchase Program, Preferred Stock, Common Stock and Distributions | Common stock repurchases are charged against equity as incurred, and the repurchased shares are retired Preferred Stock Columbia Property Trust is authorized to issue up to 100.0 million shares of one or more classes or series of preferred stock with a par value of $0.01 per share. Columbia Property Trust's board of directors may determine the relative rights, preferences, and privileges of each class or series of preferred stock issued, which may be more beneficial than the rights, preferences, and privileges attributable to Columbia Property Trust's common stock. To date, Columbia Property Trust has not issued any shares of preferred stock. Common Stock The par value of Columbia Property Trust's issued and outstanding shares of common stock is classified as common stock, with the remainder allocated to additional paid-in capital. Distributions To maintain its status as a REIT, Columbia Property Trust is required by the Internal Revenue Code of 1986, as amended (the "Code"), to make distributions to stockholders each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends-paid deduction and by excluding net capital gains attributable to stockholders ("REIT taxable income"). To the extent that Columbia Property Trust satisfies the distribution requirement but distributes less than 100% of its REIT taxable income, Columbia Property Trust would be subject to federal and state corporate income tax on the undistributed income. Distributions to the stockholders are determined by the board of directors of Columbia Property Trust and are dependent upon a number of factors relating to Columbia Property Trust, including funds available for payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain Columbia Property Trust's status as a REIT under the Code. |
Interest Rate Swap Agreements | Interest Rate Swap Agreements Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps on its consolidated balance sheet either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income. 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 loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment. |
Revenue Recognition | Revenue Recognition The majority of Columbia Property Trust’s revenues are derived from leases and are reflected as rental income and tenant reimbursements on the accompanying consolidated statements of operations. All of the leases on Columbia Property Trust's assets are considered operating leases. Therefore, base rental income is generally recognized on a straight-line basis over the lease term, and tenant reimbursements are generally recognized in the period in which reimbursements for operating costs are billable to the tenant. Rents and tenant reimbursements collected in advance are recorded as deferred income on the accompanying consolidated balance sheets. In determining when to begin recognizing rental revenues, Columbia Property Trust considers a number of factors, including the nature of the physical improvements made in connection with the lease. When Columbia Property Trust owns the improvements for accounting purposes, revenue recognition generally begins once the improvements are substantially complete and the lessee has taken possession of the improved space. When Columbia Property Trust does not own the improvements for accounting purposes (the lessee is the owner), revenue recognition generally begins once the lessee takes possession of the unimproved space; in these instances, the tenant allowance is accounted for as a lease incentive, which reduces rental revenues over the lease term. When evaluating which party (lessee or lessor) owns the improvements for accounting purposes, Columbia Property Trust considers a number of factors, including, among other things: whether the lease stipulates what the tenant allowance may be used for; whether the lessee or lessor retains legal title to the improvements; the expected economic life of the improvements relative to the lease term; and who directs the construction of the improvements. The determination of who owns the improvements for accounting purposes is subject to significant judgement and is not based on any one factor. Lease termination fees are recognized on a straight-line basis from the point at which Columbia Property Trust receives notification of termination until the date the tenant loses the right to lease the space and Columbia Property Trust has satisfied all obligations under the lease or termination agreement. |
Income Taxes | Income Taxes Columbia Property Trust has elected to be taxed as a REIT under the Code, and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. As a REIT, Columbia Property Trust generally is not subject to income tax on income it distributes to stockholders. Columbia Property Trust's stockholder distributions typically exceed its taxable income due to the inclusion of noncash expenses, such as depreciation, in taxable income. As a result, Columbia Property Trust typically does not incur federal income taxes other than as described in the following paragraph. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements. Columbia Property Trust TRS, LLC, Columbia KCP TRS, LLC, and Columbia Energy TRS, LLC (collectively, the "TRS Entities") are wholly owned subsidiaries of Columbia Property Trust 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 20% 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. |
Segment Information | Segment Information As of December 31, 2018 , Columbia Property Trust's reportable segments are determined based on the geographic markets in which it has significant investments. Columbia Property Trust considers geographic location when evaluating its portfolio composition, and in assessing the ongoing operations and performance of its properties (see Note 15, Segment Information ). |
Reclassification | Reclassification Certain prior-period amounts may be reclassified to conform to the current-period financial statement presentation. Within revenues on the consolidated statements of operations, rental income and tenant reimbursements have been combined into the line item Rental income and tenant reimbursements for all periods presented. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In October 2018, the FASB issued Accounting Standard Update 2018-13 , Fair Value Measurement: Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"), which expands the disclosure requirements related to a change in fair value technique hierarchy. ASU 2018-13 will be effective for Columbia Property Trust on January 1, 2020, and is not expected to have a material impact on Columbia Property Trust's financial statements or disclosures. In February 2017, 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 applies to the partial sale of non-financial assets, including real estate assets, to unconsolidated joint ventures. ASU 2017-05 requires Columbia Property Trust to measure its residual joint venture interest in properties transferred to unconsolidated joint ventures at fair value as of the transaction date by recognizing a gain or loss on 100% of the asset transferred (i.e., to fully step-up the basis of the residual investment in the joint venture). Columbia Property Trust adopted the new rule effective January 1, 2018 on a modified retrospective basis by recording a cumulative-effect adjustment to equity equal to the total gain on residual joint venture interests as of the transaction dates for the partial sales of Market Square, 333 Market Street, and University Circle, adjusted to reflect the impact of depreciating the additional step-ups through January 1, 2018. The adoption of this standard resulted in an increase to investments in unconsolidated joint ventures and equity of $357.8 million . 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. Columbia Property Trust adopted ASU 2016-02 effective January 1, 2019, with the following key lessee and lessor accounting changes: • The new standard requires 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. Upon adoption ASU 2016-02, Columbia Property Trust anticipates recording a $32.0 million lease liability for its ground leases. • 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; however, under ASU 2016-02, lessors are only permitted to capitalize and amortize initial direct costs associated with obtaining a lease. In July 2018, the FASB issued ASU 2018-11 Targeted Improvements Leasing , ("ASU 2018-11"), which provides "practical expedient" options (a) to implement ASU 2016-02 prospectively by only applying the new rules to leases that are in place as of the effective date on a go-forward basis, and (b) for lessors to combine revenues from lease and non-lease components. Columbia Property Trust anticipates using both of the practical expedients. 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 revenues arising from contracts with customers. ASU 2014-09 applies to all contracts with customers, except those that are within the scope of other topics in the FASB's Accounting Standards Codification, such as real estate leases. ASU 2014-09 requires companies to perform a five-step analysis of transactions to determine when and how revenue is recognized. For Columbia Property Trust, the new standard applies primarily to fees earned from managing properties owned by its unconsolidated joint ventures and parking agreements with tenants. Given the structure of these agreements, the adoption of ASU 2014-09 has not materially impacted the timing or amount of Columbia Property Trust's revenues; however, Columbia Property Trust has included more extensive disclosures about its revenue streams and contracts with customers, which are presented in Note 14, Non-Lease Revenues . ASU 2014-09 was effective for Columbia Property Trust on January 1, 2018. Columbia Property Trust has applied the modified retrospective approach of adoption, which resulted in the recognition of a cumulative effect adjustment to equity of $0.3 million , with no retrospective adjustments to prior periods. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives for Real Estate Assets | The estimated useful lives of its assets by class are as follows: Buildings 40 years Building and site improvements 5-25 years Tenant improvements Shorter of economic life or lease term Intangible lease assets Lease term |
Schedule of Intangible Assets and Liabilities | As of December 31, 2018 and 2017 , Columbia Property Trust had the following gross intangible in-place lease assets and liabilities (in thousands): Intangible Lease Assets Intangible Lease Origination Costs Intangible Below-Market In-Place Lease Liabilities Above-Market In-Place Lease Assets Absorption Period Costs December 31, 2018 Gross $ 3,174 $ 147,668 $ 99,440 $ 42,847 Accumulated Amortization (1,060 ) (81,220 ) (65,348 ) (21,766 ) Net $ 2,114 $ 66,448 $ 34,092 $ 21,081 December 31, 2017 Gross $ 2,481 $ 149,927 $ 100,424 $ 46,878 Accumulated Amortization (833 ) (70,465 ) (57,465 ) (19,660 ) Net $ 1,648 $ 79,462 $ 42,959 $ 27,218 During 2018 , 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 Years Ended December 31, 2018 $ 228 $ 17,137 $ 9,660 $ 6,851 2017 $ 519 $ 16,807 $ 10,124 $ 6,883 2016 $ 2,513 $ 28,718 $ 17,501 $ 12,996 The remaining net intangible assets and liabilities as of December 31, 2018 , will be amortized as follows (in thousands): Intangible Lease Assets Intangible Lease Origination Costs Intangible Below-Market In-Place Lease Liabilities Above-Market In-Place Lease Assets Absorption Period Costs For the Years Ending December 31, 2019 $ 329 $ 14,489 $ 8,339 $ 5,634 2020 276 12,474 7,495 4,626 2021 247 7,490 3,429 1,714 2022 243 5,848 2,406 1,374 2023 243 5,098 2,165 1,308 Thereafter 776 21,049 10,258 6,425 $ 2,114 $ 66,448 $ 34,092 $ 21,081 Weighted-average amortization period 7 years 5 years 4 years 5 years |
Schedule of Net Below-Market Lease Asset Amortization | As of December 31, 2018 , the remaining net below-market lease asset will be amortized as follows (in thousands): For the Years Ending December 31: 2019 $ 555 2020 555 2021 555 2022 555 2023 555 Thereafter 27,203 $ 29,978 Weighted-average amortization period 58 years |
Schedule of Interest Rate Derivatives | Years Ended December 31, 2018 2017 2016 Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income $ 1,441 $ 1,786 $ 1,553 The following tables provide additional information related to Columbia Property Trust's interest rate swaps as of December 31, 2018 and 2017 (in thousands): Estimated Fair Value as of December 31, Instrument Type Balance Sheet Classification 2018 2017 Derivatives Designated as Hedging Instruments: Interest rate contract Prepaid expenses and other assets $ 2,344 $ 903 |
Real Estate Transactions (Table
Real Estate Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Acquisitions and Dispositions [Abstract] | |
Interests in Properties Acquired | Purchase Price Allocations for Consolidated Property Acquisitions Lindbergh Center – Retail 149 Madison Avenue 249 West 17th Street 218 West 18th Street Location Atlanta, GA New York, NY New York, NY New York, NY Date Acquired October 24, 2018 November 28, 2017 October 11, 2017 October 11, 2017 Purchase Price: Land $ — $ 59,112 113,149 $ 43,836 Building and improvements 17,558 28,989 194,109 126,957 Intangible lease assets 5,726 — 27,408 12,120 Intangible lease origination costs 794 — 13,062 4,168 Intangible below market lease liability (715 ) — (7,131 ) (11,757 ) Total purchase price $ 23,363 $ 88,101 340,597 $ 175,324 During 2018, 2017, and 2016, Columbia Property Trust acquired the following properties and partial interests in properties: Property Location Date Percent Acquired Purchase Price (1) 2018 799 Broadway New York, NY October 3, 2018 49.7 % $ 30,200 (2) Lindbergh Center – Retail Atlanta, GA October 24, 2018 100.0 % $ 23,000 2017 149 Madison Avenue New York, NY November 28, 2017 100.0 % $ 87,700 1800 M Street Washington, D.C. October 11, 2017 55.0 % $ 231,550 (2) 249 West 17th Street & 218 West 18th Street New York, NY October 11, 2017 100.0 % $ 514,100 114 Fifth Avenue New York, NY July 6, 2017 49.5 % $ 108,900 (2) (1) Exclusive of transaction costs and price adjustments. See purchase price allocation table below for a breakout of the net purchase price for wholly owned properties. (2) Purchase price is for Columbia Property Trust's partial interests in the properties. These properties are owned through unconsolidated joint ventures. |
Business Acquisition, Pro Forma Information | The following unaudited pro forma statements of operations presented for 2018 , 2017 , and 2016 , have been prepared for Columbia Property Trust to give effect to the acquisition of Lindbergh Center – Retail as if the acquisition had occurred on January 1, 2017; and 249 West 17th Street, 218 West 18th Street, and 149 Madison Avenue as if the acquisitions had occurred on January 1, 2016. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had these acquisitions been consummated as of January 1, 2017 and January 1, 2016 (in thousands): 2018 2017 2016 Revenues $ 300,389 $ 321,886 $ 511,306 Net income $ 9,566 $ 183,343 $ 95,537 |
Schedule of Properties Sold | During 2018 , 2017 , and 2016 , Columbia Property Trust sold the following properties and partial interest in properties of unconsolidated joint ventures. Additional information for certain of the dispositions is provided below the table. Property Location Date % Sold Sales Price (1) (in thousands) Gain (Loss) on Sale (rounded, in thousands) 2018 222 East 41st Street New York, NY May 29, 2018 100.0 % $ 332,500 $ — 263 Shuman Boulevard Chicago, IL April 13, 2018 100.0 % $ 49,000 $ 24,000 University Circle & San Francisco, CA February 1, 2018 22.5 % $ 235,300 (2) $ 800 2017 University Circle & 333 Market Street San Francisco, CA July 6, 2017 22.5 % $ 234,000 (2) $ 102,400 Key Center Tower & Marriott Cleveland, OH January 31, 2017 100.0 % $ 267,500 $ 9,500 Houston Properties Houston, TX January 6, 2017 100.0 % $ 272,000 $ 63,700 2016 SanTan Corporate Center Phoenix, AZ December 15, 2016 100.0 % $ 58,500 $ 9,800 Sterling Commerce Dallas, TX November 30, 2016 100.0 % $ 51,000 $ 12,500 9127 South Jamaica Street Denver, CO October 12, 2016 100.0 % $ 19,500 $ — 80 Park Plaza Newark, NJ September 30, 2016 100.0 % $ 174,500 $ 21,600 9189, 9191 & 9193 South Jamaica Street Denver, CO September 22, 2016 100.0 % $ 122,000 $ 27,200 800 North Frederick Suburban, MD July 8, 2016 100.0 % $ 48,000 $ 2,100 100 East Pratt Baltimore, MD March 31, 2016 100.0 % $ 187,000 $ (300 ) (1) Exclusive of transaction costs and price adjustments. (2) Sales price is for the partial interests in the properties or joint ventures that were sold. |
Unconsolidated Joint Ventures (
Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Financial Information for the Joint Ventures | During the years ended December 31, 2018 , 2017 , and 2016 , Columbia Property Trust earned the following fees from these unconsolidated joint ventures (in thousands): 2018 2017 2016 Market Square Joint Venture $ 2,156 $ 1,998 $ 2,122 University Circle Joint Venture 2,283 1,000 — 333 Market Street Joint Venture 784 367 — 1800 M Street Joint Venture 2,161 417 — $ 7,384 $ 3,782 $ 2,122 As of December 31, 2018 and December 31, 2017 , Columbia Property Trust owns interests in the following properties through joint ventures, which are accounted for using the equity method of accounting: Carrying Value of Investment (1) Joint Venture (2) Property Name Geographic Market Ownership Interest December 31, 2018 December 31, 2017 Market Square Joint Venture Market Square Washington, D.C. 51.0 % $ 134,250 $ 128,411 University Circle Joint Venture University Circle San Francisco 55.0 % (3) 292,951 173,798 333 Market Street Joint Venture 333 Market Street San Francisco 55.0 % (3) 273,783 288,236 114 Fifth Avenue Joint Venture 114 Fifth Avenue New York 49.5 % 99,283 110,311 1800 M Street Joint Venture 1800 M Street Washington, D.C. 55.0 % 237,333 242,486 799 Broadway 799 Broadway New York 49.7 % 33,753 (4) — $ 1,071,353 $ 943,242 (1) Includes basis differences. Columbia Property Trust adopted ASU 2017-05 effective January 1, 2018, requiring Columbia Property Trust to measure its residual joint venture interest in the properties transferred to unconsolidated joint ventures at fair value as of the transaction date (i.e., to fully step-up the basis of the residual investment in the joint venture). The new rule was adopted on a modified retrospective basis by recording a cumulative-effect adjustment to equity equal to the original gain or loss as of the respective transaction dates, adjusted to reflect the impact of amortizing the additional step-ups through January 1, 2018. The adoption of this standard resulted in an increase to investments in unconsolidated joint ventures and equity by $357.8 million on January 1, 2018, for the previous partial sales of interest in the Market Square, 333 Market Street, and University Circle properties. (2) See the "Dispositions" section of Note 3, Real Estate Transactions, for a description of the formation of these joint ventures. (3) On February 1, 2018, Allianz acquired from Columbia Property Trust an additional 22.5% interest in each of the University Circle Joint Venture and the 333 Market Street Joint Venture, thereby reducing Columbia Property Trust's equity interest in each joint venture to 55.0% . (4) Columbia Property Trust capitalized interest of $0.2 million on its investment in the 799 Broadway Joint Venture in 2018. Summarized balance sheet information for each of the unconsolidated joint ventures is as follows (in thousands): Total Assets Total Debt Total Equity (1) December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Market Square Joint Venture $ 582,176 $ 590,115 $ 324,762 $ 324,708 $ 241,581 $ 244,506 University Circle Joint Venture 224,746 227,368 — — 219,390 221,154 333 Market Street Joint Venture 375,884 385,297 — — 360,915 368,994 114 Fifth Avenue Joint Venture 377,970 392,486 — — 149,243 170,525 1800 M Street Joint Venture 447,585 458,964 — — 429,016 438,227 799 Broadway 168,390 — 95,630 — 67,189 — $ 2,176,751 $ 2,054,230 $ 420,392 $ 324,708 $ 1,467,334 $ 1,443,406 (1) Excludes basis differences. There is an aggregate net difference of $282.0 million and $32.0 million as of December 31, 2018 and 2017, respectively, between the historical costs recorded at the joint venture level, and Columbia Property Trust's investments in unconsolidated joint ventures. Such basis differences result from the basis adjustments recorded pursuant to ASU 2017-05, as described in Note 2, Summary of Significant Accounting Policies ; differences in the timing of each partner's joint venture interest acquisition; and formation costs incurred by Columbia Property Trust. Basis differences are amortized to income (loss) from unconsolidated joint ventures over the lives of the underlying assets or liabilities. Summarized income statement information for the unconsolidated joint ventures for the years ended December 31, 2018 , 2017 and 2016 is as follows (in thousands): Total Revenues Net Income (Loss) Columbia Property Trust's Share of Net Income (Loss) (2) 2018 2017 2016 2018 2017 2016 2018 2017 2016 Market Square Joint Venture $ 44,815 $ 41,749 $ 41,230 $ (12,304 ) $ (15,192 ) $ (14,825 ) $ (6,275 ) $ (7,747 ) $ (7,561 ) University Circle Joint Venture 43,581 19,386 — 23,776 9,826 — 13,478 7,561 — 333 Market Street Joint Venture 27,006 12,971 — 14,620 6,948 — 8,312 5,331 — 114 Fifth Avenue Joint Venture 41,169 20,133 — (10,256 ) (4,885 ) — (5,077 ) (2,820 ) — 1800 M Street Joint Venture 37,486 8,005 — 4,239 619 — 2,332 326 — 799 Broadway Joint Venture — — — (132 ) — — (66 ) — — $ 194,057 $ 102,244 $ 41,230 $ 19,943 $ (2,684 ) $ (14,825 ) $ 12,704 $ 2,651 $ (7,561 ) (2) Excludes amortization of basis differences described in footnote (1) to the above table, which are recorded as income (loss) from unconsolidated joint ventures in the accompanying consolidated statements of operations. |
Line of Credit and Notes Paya_2
Line of Credit and Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Line of Credit and Notes Payable Indebtedness Outstanding (Excluding Bonds Payable) | As of December 31, 2018 and 2017 , Columbia Property Trust had the following line of credit and notes payable indebtedness outstanding (excluding bonds payable; see Note 6, Bonds Payable ) in thousands: Rate as of Term Debt or Interest Only Outstanding Balance as of December 31, Facility Maturity 2018 2017 Revolving Credit Facility LIBOR + 90 bp (1) Interest only January 31, 2023 $ 482,000 $ 152,000 $150 Million Term Loan LIBOR + 110 bp (2) Interest only July 29, 2022 150,000 150,000 $300 Million Term Loan LIBOR + 100 bp (3) Interest only January 31, 2024 — 300,000 $300 Million Bridge Loan LIBOR + 110 bp (4) Interest only November 27, 2018 — 300,000 263 Shuman Boulevard Building mortgage note 10.55 % Interest only July 1, 2017 — 49,000 One Glenlake Building mortgage note 5.80 % Term debt December 10, 2018 — 23,176 Less: Deferred financing costs related to term loans, bridge loan, and mortgage notes payable (2,692 ) (2,991 ) Total indebtedness $ 629,308 $ 971,185 (1) As of December 31, 2018, borrowings under the Revolving Credit Facility, as described below, bear interest at the option of Columbia Property Trust at an alternate base rate, plus an applicable margin ranging from 0.00% to 0.45% for base-rate borrowings, or at LIBOR, as defined in the credit agreement, plus an applicable margin ranging from 0.775% to 1.45% for LIBOR-based borrowings, based on Columbia Property Trust's applicable credit rating. (2) Columbia Property Trust is party to an interest rate swap agreement with a notional amount of $150.0 million , which effectively fixes its interest rate on the $150 Million Term Loan, as further described below, at 3.07% and terminates on July 29, 2022. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in the fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statement of other comprehensive income. (3) As of December 31, 2018, the $300 Million Term Loan bears interest, at Columbia Property Trust's option, an alternate base rate, plus an applicable margin ranging from 0.00% to 0.65% for base-rate loans, or at LIBOR, as defined in the credit agreement, plus an applicable margin ranging from 0.85% to 1.65% for LIBOR loans, based on Columbia Property Trust's applicable credit rating. (4) The $300 Million Bridge Loan bore interest, at Columbia Property Trust's option, at LIBOR, as defined in the credit agreement, plus an applicable margin ranging from 0.90% to 1.75% for LIBOR loans, or an alternate base rate, plus an applicable margin ranging from 0.00% to 0.75% for base-rate loans, based on Columbia Property Trust's applicable credit rating. |
Aggregate Maturities of Columbia Property Trust's Line of Credit and Notes Payable | The following table summarizes the aggregate maturities of Columbia Property Trust's line of credit and notes payable as of December 31, 2018 (in thousands): 2019 $ — 2020 — 2021 — 2022 150,000 2023 482,000 Thereafter — Total $ 632,000 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | As of December 31, 2018 , the required payments under the terms of the remaining consolidated ground leases and the corporate office lease are as follows (in thousands): 2019 $ 2,502 2020 2,539 2021 2,704 2022 2,743 2023 2,023 Thereafter 176,782 Total $ 189,293 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of the Activity of the Employee Stock Grants | Below is a summary of the employee awards issued under the LTI Plan for 2018, 2017, and 2016: Restricted Shares RSUs Shares (in thousands) Estimated Fair Value (1) Units (in thousands) Estimated Fair Value (2) Unvested as of January 1, 2016 151 $ 24.59 — $ — Granted 247 $ 21.79 — $ — Vested (138 ) $ 23.32 — $ — Forfeited (4 ) $ 21.90 — $ — Unvested as of December 31, 2016 256 $ 22.62 — $ — Granted 333 $ 21.59 331 $ 18.78 Vested (193 ) $ 22.42 — $ — Forfeited (7 ) $ 21.81 (2 ) $ 19.01 Unvested as of December 31, 2017 389 $ 21.85 329 $ 18.78 Granted 139 $ 22.97 206 $ 20.55 Vested (153 ) $ 22.13 (70 ) $ 19.47 Forfeited — $ — (11 ) $ 18.60 Unvested as of December 31, 2018 375 (3) $ 22.15 454 (3) $ 19.37 (1) Reflects the weighted-average grant-date fair value using the market closing price on the date of the grant. (2) Reflects the weighted-average grant-date fair value using a Monte Carlo valuation. (3) As of December 31, 2018 , Columbia Property Trust expects approximately 360,000 of the 375,000 unvested restricted shares to ultimately vest and approximately 435,000 of the 454,000 unvested RSUs to ultimately vest, assuming a forfeiture rate of 4% , which was determined based on peer company data, adjusted for the specifics of the LTI Plan. |
Summary of Shares Granted to Independent Directors | A summary of these grants, made under the LTI Plan for 2018, 2017, and 2016, follows: Date of Grant Shares Weighted-Average, (1) 2018 Director Grants: May 14, 2018 31,743 $ 22.20 2017 Director Grants: January 3, 2017 8,279 $ 21.58 May 2, 2017 33,581 $ 22.57 November 27, 2017 (2) 1,596 $ 23.07 2016 Director Grants: January 4, 2016 7,439 $ 23.00 April 1, 2016 8,120 $ 21.89 July 1, 2016 8,158 $ 21.52 October 3, 2016 7,727 $ 22.19 (1) Columbia Property Trust determined the weighted-average grant-date fair value using the market closing price on the date of the grant. (2) In November 2017, a new director was appointed to the board of directors of Columbia Property Trust. The new director received a pro-rated annual equity retainer grant at appointment. |
Summary of Incurred Stock-Based Compensation Expense | Columbia Property Trust incurred stock-based compensation expense related to the following events (in thousands): 2018 2017 2016 Amortization of unvested LTI Plan awards $ 3,800 $ 4,098 $ 2,856 Future employee awards (1) 2,461 2,509 1,006 Issuance of shares to independent directors 705 973 696 Total stock-based compensation expense $ 6,966 $ 7,580 $ 4,558 (1) Reflects amortization of LTI Plan awards for service during the current period, for which shares will be issued in future periods. |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Payments Receivable for Operating Leases | The future minimum rental income from Columbia Property Trust's investment in real estate assets under noncancelable operating leases, excluding lease incentives, as of December 31, 2018 , is as follows (in thousands): 2019 $ 242,370 2020 247,826 2021 221,692 2022 209,845 2023 192,261 Thereafter 1,106,275 Total $ 2,220,269 |
Supplemental Disclosure of Nonc
Supplemental Disclosure of Noncash Investing and Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Other Significant Noncash Transactions | Outlined below are significant noncash investing and financing activities for the years ended December 31, 2018 , 2017 , and 2016 (in thousands): Years Ended December 31, 2018 2017 2016 Investment in real estate funded with other assets $ 617 $ 311 $ 1,442 Deposits applied to sales of real estate $ — $ 10,000 $ — Other assets assumed upon acquisition $ 259 $ 1,014 $ — Other liabilities assumed upon acquisition $ 664 $ 268 $ — Real estate assets transferred to unconsolidated joint venture $ — $ 558,122 $ — Other assets transferred to unconsolidated joint venture $ — $ 43,700 $ — Other liabilities transferred to unconsolidated joint venture $ — $ 21,347 $ — Extinguishment of 263 Shuman Boulevard mortgage note by transferring property to lender $ 49,000 $ — $ — Settlement of capital lease obligation with related development authority bonds $ 120,000 $ — $ — Discount on issuance of bonds payable $ — $ — $ 1,309 Amortization of net discounts on debt $ 180 $ 180 $ 267 Market value adjustment to interest rate swaps that qualify for hedge accounting treatment $ 1,441 $ 1,786 $ 1,553 Accrued investments in unconsolidated joint ventures $ 386 $ — $ — Accrued capital expenditures and deferred lease costs $ 15,145 $ 25,069 $ 15,042 Accrued dividends payable $ 23,340 $ 23,961 $ 36,727 Cumulative-effect adjustment to equity for the adoption of ASU 2017-05 and 2014-09 $ 358,098 $ — $ — Common stock issued to employees and directors, and amortized (net of income tax witholdings) $ 5,005 $ 5,764 $ 3,388 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Basis Net Income Reconciliation | Columbia Property Trust's income tax basis net income during 2018 , 2017 , and 2016 (in thousands) follows: 2018 2017 2016 GAAP basis financial statement net income attributable to the common stockholders of Columbia Property Trust, Inc. $ 9,491 $ 176,041 $ 84,281 Increase (Decrease) in Net Income Resulting From: Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes 43,753 33,918 34,569 Rental income accrued for financial reporting purposes in excess of (less than) amounts for income tax purposes 7,145 (38,426 ) (26,900 ) Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes (5,990 ) (6,091 ) (9,013 ) Bad debt expense for financial reporting purposes less than amounts for income tax purposes 4 (31 ) (261 ) Income from unconsolidated joint ventures for financial reporting purchases in excess of amount for income tax purposes 16,654 13,902 — Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes 79,376 (126,770 ) (71,701 ) Other expenses or revenues for financial reporting purposes in excess of amounts for income tax purposes (32,342 ) 11,331 (2,707 ) Income tax basis net income, prior to dividends-paid deduction $ 118,091 $ 63,874 $ 8,268 |
Schedule of Distributions to Common Stockholders | Columbia Property Trust's distributions per common share are summarized as follows: 2018 2017 2016 Ordinary income 100.0 % 58.5 % 5.6 % Capital gains — % — % — % Return of capital — % 41.5 % 94.4 % Total 100.0 % 100.0 % 100.0 % |
Schedule of Income Taxes | The income taxes recorded by the TRS Entities for the years ended December 31, 2018 , 2017 , and 2016 , are as follows: Years Ended December 31, 2018 2017 2016 Federal income tax $ 63 $ 188 $ 255 State income tax (26 ) 38 21 Total income tax $ 37 $ 226 $ 276 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings per Share | The following table reconciles the numerator for the basic and diluted earnings-per-share computations shown on the consolidated statements of income (in thousands): 2018 2017 2016 Net income $ 9,491 $ 176,041 $ 84,281 Distributions paid on unvested shares (296 ) (337 ) (314 ) Net income used to calculate basic and diluted earnings per share $ 9,195 $ 175,704 $ 83,967 The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of income (in thousands): 2018 2017 2016 Weighted-average common shares – basic 117,888 120,795 123,130 Plus Incremental Weighted-Average Shares From Time-Vested Conversions Less Assumed Share Repurchases: Previously granted LTI Plan awards, unvested 104 116 58 Future LTI Plan awards 319 248 40 Weighted-average common shares – diluted 118,311 121,159 123,228 |
Quarterly Results (Unaudited) (
Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2018 and 2017 (in thousands, except per-share data): 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 73,710 $ 75,370 $ 73,340 $ 75,523 Net income (loss) $ 1,498 $ (3,439 ) (1) $ 6,429 $ 5,003 Net income per share – basic (2) $ 0.01 $ (0.03 ) $ 0.05 $ 0.04 Net income per share – diluted (2) $ 0.01 $ (0.03 ) $ 0.05 $ 0.04 Dividends declared per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 82,156 $ 74,857 $ 60,362 $ 71,625 Net income (loss) $ 74,722 (3) $ 1,133 $ 101,534 (4) $ (1,348 ) Net income per share – basic (2) $ 0.61 $ 0.01 $ 0.84 $ (0.01 ) Net income per share – diluted (2) $ 0.61 $ 0.01 $ 0.84 $ (0.01 ) Dividends declared per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 (1) Net income for the second quarter of 2018 includes an impairment loss on real estate of $30.8 million related to sales of real estate assets, as described in Note 3, Real Estate Transactions, and a gain on extinguishment of debt of $24.0 million , related to the settlement of a mortgage note, as described in Note 5, Line of Credit and Notes Payable . (2) Quarterly net income (loss) per share – basic and diluted is calculated based on quarterly basic and diluted weighted-average shares outstanding, respectively. (3) Net income for the first quarter of 2017 includes gains on sales of real estate assets of $73.2 million related to the sales of real estate assets as described in Note 3, Real Estate Transactions . (4) Net income for the third quarter of 2017 includes gains on sales of real estate assets of $102.4 million related to the sales of real estate assets as described in Note 3, Real Estate Transactions . |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | A reconciliation of GAAP revenues to operating revenues is presented below (in thousands): For the Years Ended December 31, 2018 2017 2016 Total revenues $ 297,943 $ 289,000 $ 473,543 Operating revenues included in income (loss) from unconsolidated joint ventures (1) 112,523 60,737 21,027 Asset and property management fee income (2) (7,384 ) (3,782 ) (2,122 ) Total property operating revenues $ 403,082 $ 345,955 $ 492,448 (1) Columbia Property Trust records its interest in properties held through unconsolidated joint ventures using the equity method of accounting, and reflects its interest in the operating revenues of these properties in income (loss) from unconsolidated joint ventures in the accompanying consolidated statements of operations. (2) See Note 14, Non-Lease Revenues , of the accompanying consolidated financial statements. The following table presents property operating revenues by geographic reportable segment (in thousands): For the Years Ended December 31, 2018 2017 2016 New York (1) $ 158,077 $ 123,280 $ 117,235 San Francisco (2) 105,947 105,550 109,995 Atlanta 41,708 37,803 36,742 Washington, D.C. (3) 57,274 36,934 33,024 Boston 13,441 11,559 11,796 Los Angeles 7,783 7,462 7,443 All other office markets 15,687 21,460 152,858 Total office segments 399,917 344,048 469,093 Hotel — 1,328 22,958 Corporate 3,165 579 397 Total $ 403,082 $ 345,955 $ 492,448 (1) Includes operating revenues for one unconsolidated property, 114 Fifth Avenue, based on Columbia Property Trust's ownership interest: 49.5% from July 6, 2017 through December 31, 2018. 114 Fifth Avenue was acquired on July 6, 2017. (2) Includes operating revenues for two unconsolidated properties, 333 Market Street and University Circle, based on Columbia Property Trust's ownership interests: 100.0% from January 1, 2016 through July 5, 2017; 77.5% from July 6, 2017 through January 31, 2018; and 55.0% from February 1, 2018 through December 31, 2018. (3) Includes operating revenues for two unconsolidated properties, Market Square and 1800 M Street, based on Columbia Property Trust's ownership interests: 51.0% for the Market Square for all periods presented; 55.0% for 1800 M Street from October 11, 2017 through December 31, 2018. 1800 M Street was acquired on October 11, 2017. |
Schedule of Segment Reporting Information, by Segment | The following table presents net operating income by geographic reportable segment (in thousands): For the Years Ended December 31, 2018 2017 2016 New York (1) $ 94,765 $ 73,893 $ 70,038 San Francisco (2) 79,354 76,163 80,529 Atlanta 36,657 33,603 32,939 Washington, D.C. (3) 34,750 18,496 16,372 Boston 7,205 5,380 5,114 Los Angeles 4,590 4,529 4,523 All other office markets 14,981 18,550 92,756 Total office segments 272,302 230,614 302,271 Hotel — (913 ) 3,988 Corporate (803 ) (826 ) (158 ) Total $ 271,499 $ 228,875 $ 306,101 (1) Includes NOI for two unconsolidated properties, 114 Fifth Avenue and 799 Broadway, based on Columbia Property Trust's ownership interest: 49.5% for the 114 Fifth Avenue Joint Venture from July 6, 2017 through December 31, 2018, as 114 Fifth Avenue was acquired on July 6, 2017; and 49.7% for the 799 Joint Venture from October 3, 2018 through December 31, 2018, as 799 Broadway was acquired on October 3, 2018. (2) Includes NOI for two unconsolidated properties, 333 Market Street and University Circle, based on Columbia Property Trust's ownership interests: 100.0% from January 1, 2016 through July 5, 2017; 77.5% from July 6, 2017 through January 31, 2018; and 55.0% from February 1, 2018 through December 31, 2018. (3) Includes NOI for two unconsolidated properties, Market Square and 1800 M Street, based on Columbia Property Trust's ownership interests: 51.0% for the Market Square for all periods presented; 55.0% for 1800 M Street from October 11, 2017 through December 31, 2018. 1800 M Street was acquired on October 11, 2017. A reconciliation of GAAP net income to NOI is presented below (in thousands): For the Years Ended December 31, 2018 2017 2016 Net income $ 9,491 $ 176,041 $ 84,281 Depreciation 81,795 80,394 108,543 Amortization 32,554 32,403 56,775 Impairment loss on real estate assets 30,812 — — General and administrative – corporate 32,979 34,966 33,876 General and administrative – joint venture 3,108 1,454 — Net interest expense 56,477 58,187 67,538 Interest income from development authority bonds (6,871 ) (7,200 ) (7,200 ) (Gain) loss on extinguishment of debt (23,340 ) 325 18,997 Income tax expense 37 (213 ) 445 Asset and property management fee income (7,384 ) (3,782 ) (2,122 ) Adjustments included in loss from unconsolidated joint venture 62,603 31,818 17,293 Gain on sale of unconsolidated joint venture interest (762 ) — — Gains on sales of real estate assets — (175,518 ) (72,325 ) Net operating income $ 271,499 $ 228,875 $ 306,101 |
Financial Information for Par_2
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries, and Non-Guarantor Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets (in thousands) As of December 31, 2018 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Assets: Real Estate Assets, at Cost: Land $ — $ — $ 817,975 $ — $ 817,975 Buildings and improvements, net — 1,739 1,908,302 — 1,910,041 Intangible lease assets, net — — 98,540 — 98,540 Construction in progress — — 33,800 — 33,800 Total real estate assets — 1,739 2,858,617 — 2,860,356 Investments in unconsolidated joint ventures — 1,071,353 — — 1,071,353 Cash and cash equivalents 1,705 10,573 4,840 — 17,118 Investment in subsidiaries 2,622,528 1,236,982 — (3,859,510 ) — Tenant receivables, net of allowance — — 3,258 — 3,258 Straight-line rent receivable — — 87,159 — 87,159 Prepaid expenses and other assets 140,797 340,071 11,379 (469,029 ) 23,218 Intangible lease origination costs, net — — 34,092 — 34,092 Deferred lease costs, net — — 77,439 — 77,439 Total assets $ 2,765,030 $ 2,660,718 $ 3,076,784 $ (4,328,539 ) $ 4,173,993 Liabilities: Line of credit and notes payable, net $ — $ 629,308 $ 467,344 $ (467,344 ) $ 629,308 Bonds payable, net — 694,538 — — 694,538 Accounts payable, accrued expenses, and accrued capital expenditures 674 9,441 39,007 (5 ) 49,117 Dividends payable 23,340 — — — 23,340 Due to affiliates — — 1,680 (1,680 ) — Deferred income — — 15,593 — 15,593 Intangible lease liabilities, net — — 21,081 — 21,081 Total liabilities 24,014 1,333,287 544,705 (469,029 ) 1,432,977 Equity: Total equity 2,741,016 1,327,431 2,532,079 (3,859,510 ) 2,741,016 Total liabilities and equity $ 2,765,030 $ 2,660,718 $ 3,076,784 $ (4,328,539 ) $ 4,173,993 Condensed Consolidating Balance Sheets (in thousands) As of December 31, 2017 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Assets: Real Estate Assets, at Cost: Land $ — $ — $ 825,208 $ — $ 825,208 Building and improvements, net — 2,110 2,061,309 — 2,063,419 Intangible lease assets, net — — 199,260 — 199,260 Construction in progress — — 44,742 — 44,742 Total real estate assets — 2,110 3,130,519 — 3,132,629 Investments in unconsolidated joint ventures — 943,241 1 — 943,242 Cash and cash equivalents 692 5,079 3,796 — 9,567 Investment in subsidiaries 2,238,577 1,186,594 — (3,425,171 ) — Tenant receivables, net of allowance — 30 2,098 — 2,128 Straight-line rent receivable — — 92,235 — 92,235 Prepaid expenses and other assets 317,364 336,598 19,375 (645,654 ) 27,683 Intangible lease origination costs, net — — 42,959 — 42,959 Deferred lease costs, net — — 141,096 — 141,096 Investment in development authority bonds — — 120,000 — 120,000 Total assets $ 2,556,633 $ 2,473,652 $ 3,552,079 $ (4,070,825 ) $ 4,511,539 Liabilities: Lines of credit and notes payable, net $ — $ 899,168 $ 715,327 $ (643,310 ) $ 971,185 Bonds payable, net — 693,756 — — 693,756 Accounts payable, accrued expenses, and accrued capital expenditures 732 10,325 113,949 (4 ) 125,002 Dividends payable 23,961 — — — 23,961 Due to affiliates — — 2,340 (2,340 ) — Deferred income 4 81 18,396 — 18,481 Intangible lease liabilities, net — — 27,218 — 27,218 Obligations under capital leases — — 120,000 — 120,000 Total liabilities 24,697 1,603,330 997,230 (645,654 ) 1,979,603 Equity: Total equity 2,531,936 870,322 2,554,849 (3,425,171 ) 2,531,936 Total liabilities and equity $ 2,556,633 $ 2,473,652 $ 3,552,079 $ (4,070,825 ) $ 4,511,539 |
Consolidating Statements of Operations | Consolidating Statements of Operations (in thousands) For the Year Ended December 31, 2018 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income and tenant reimbursements $ — $ 2 $ 283,250 $ — $ 283,252 Asset and property management fee income 3,792 — 3,592 — 7,384 Other property income — — 7,307 — 7,307 3,792 2 294,149 — 297,943 Expenses: Property operating costs — — 88,813 — 88,813 Asset and property management fee expenses — — 854 — 854 Depreciation — 667 81,128 — 81,795 Amortization — — 32,554 — 32,554 Impairment loss on real estate assets — — 30,812 — 30,812 General and administrative – corporate 777 9,035 23,167 — 32,979 General and administrative – joint ventures — — 3,108 — 3,108 777 9,702 260,436 — 270,915 3,015 (9,700 ) 33,713 — 27,028 Other Income (Expense): Interest expense — (47,055 ) (32,903 ) 23,459 (56,499 ) Gain on extinguishment of debt — (663 ) 24,003 — 23,340 Interest and other income 9,547 13,914 6,892 (23,459 ) 6,894 Gain on sale of unconsolidated joint venture interest — 762 — — 762 9,547 (33,042 ) (2,008 ) — (25,503 ) Income (loss) before income taxes, unconsolidated entities 12,562 (42,742 ) 31,705 — 1,525 Income tax expense — — (37 ) — (37 ) Income (loss) from unconsolidated entities (3,071 ) 46,952 — (35,878 ) 8,003 Net income $ 9,491 $ 4,210 $ 31,668 $ (35,878 ) $ 9,491 Consolidating Statements of Operations (in thousands) For the Year Ended December 31, 2017 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income and tenant reimbursements $ — $ (9 ) $ 280,939 $ (360 ) $ 280,570 Hotel income — — 1,339 — 1,339 Asset and property management fee income 1,908 — 1,874 — 3,782 Other property income — — 3,327 (18 ) 3,309 1,908 (9 ) 287,479 (378 ) 289,000 Expenses: Property operating costs — 308 87,857 (360 ) 87,805 Hotel operating costs — — 2,089 — 2,089 Asset and Property Management Fee Expenses: Related-party — 3 — (3 ) — Other — — 918 — 918 Depreciation — 869 79,525 — 80,394 Amortization — 5 32,398 — 32,403 General and administrative – corporate 259 9,048 25,674 (15 ) 34,966 General and administrative – joint ventures — — 1,454 — 1,454 259 10,233 229,915 (378 ) 240,029 1,649 (10,242 ) 57,564 — 48,971 Other Income (Expense): Interest expense — (44,259 ) (38,238 ) 21,981 (60,516 ) Interest and other income 16,535 7,762 7,213 (21,981 ) 9,529 Loss on extinguishment of debt — — (325 ) — (325 ) 16,535 (36,497 ) (31,350 ) — (51,312 ) Income (loss) before income taxes, unconsolidated entities, and gains on sales of real estate assets 18,184 (46,739 ) 26,214 — (2,341 ) Income tax benefit (expense) — (1 ) 214 — 213 Income from unconsolidated entities 157,857 198,620 — (353,826 ) 2,651 Income before gains on sales of real estate assets 176,041 151,880 26,428 (353,826 ) 523 Gains on sales of real estate assets — 11,050 164,468 — 175,518 Net income $ 176,041 $ 162,930 $ 190,896 $ (353,826 ) $ 176,041 Consolidating Statements of Operations (in thousands) For the Year Ended December 31, 2016 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income and tenant reimbursements $ — $ 5,585 $ 430,754 $ (383 ) $ 435,956 Hotel income — — 22,661 — 22,661 Asset and property management fee income 574 — 1,548 — 2,122 Other property income 406 — 12,804 (406 ) 12,804 980 5,585 467,767 (789 ) 473,543 Expenses: Property operating costs — 3,209 152,142 (383 ) 154,968 Hotel operating costs — — 18,686 — 18,686 Asset and Property Management Fee Expenses: Related-party — 154 — (154 ) — Other — — 1,415 — 1,415 Depreciation — 2,760 105,783 — 108,543 Amortization — 364 56,411 — 56,775 General and administrative – corporate 154 8,566 25,408 (252 ) 33,876 154 15,053 359,845 (789 ) 374,263 826 (9,468 ) 107,922 — 99,280 Other Income (Expense): Interest expense — (46,797 ) (50,302 ) 29,490 (67,609 ) Interest and other income 14,268 15,272 7,238 (29,490 ) 7,288 Loss on extinguishment of debt — (18,987 ) (10 ) — (18,997 ) 14,268 (50,512 ) (43,074 ) — (79,318 ) Income (loss) before income taxes, unconsolidated entities, and gains on sales of real estate assets 15,094 (59,980 ) 64,848 — 19,962 Income tax expense — (20 ) (425 ) — (445 ) Income (loss) from unconsolidated entities 69,187 113,105 — (189,853 ) (7,561 ) Income before gains on sales of real estate assets 84,281 53,105 64,423 (189,853 ) 11,956 Gains on sales of real estate assets — — 72,325 — 72,325 Net income $ 84,281 $ 53,105 $ 136,748 $ (189,853 ) $ 84,281 |
Consolidating Statements Comprehensive Income | Consolidating Statements of Comprehensive Income (in thousands) For the Year Ended December 31, 2018 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 9,491 $ 4,210 $ 31,668 $ (35,878 ) $ 9,491 Market value adjustment to interest rate swap 1,441 1,441 — (1,441 ) 1,441 Comprehensive income $ 10,932 $ 5,651 $ 31,668 $ (37,319 ) $ 10,932 For the Year Ended December 31, 2017 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 176,041 $ 162,930 $ 190,896 $ (353,826 ) $ 176,041 Market value adjustment to interest rate swap 1,786 1,786 — (1,786 ) 1,786 Comprehensive income $ 177,827 $ 164,716 $ 190,896 $ (355,612 ) $ 177,827 For the Year Ended December 31, 2016 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 84,281 $ 53,105 $ 136,748 $ (189,853 ) $ 84,281 Market value adjustment to interest rate swap 1,553 1,553 — (1,553 ) 1,553 Comprehensive income $ 85,834 $ 54,658 $ 136,748 $ (191,406 ) $ 85,834 |
Consolidating Statements Cash Flows | Consolidating Statements of Cash Flows (in thousands) For the Year Ended December 31, 2018 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Cash Flows From Operating Activities $ 7,225 $ 8,268 $ 118,010 $ (35,878 ) $ 97,625 Cash Flows From Investing Activities: Net proceeds from the sale of real estate assets — — 284,608 — 284,608 Net proceeds from sale of investments in unconsolidated joint ventures — 235,083 — — 235,083 Investment in real estate and related assets — (51 ) (118,832 ) — (118,883 ) Investment in unconsolidated joint ventures — (38,763 ) — — (38,763 ) Distributions from unconsolidated joint ventures — 13,685 — — 13,685 Distributions from subsidiaries 161,339 225,261 — (386,600 ) — Net cash provided by investing activities 161,339 435,215 165,776 (386,600 ) 375,730 Cash Flows From Financing Activities: Borrowings, net of fees — 573,922 — — 573,922 Repayments — (849,000 ) (23,175 ) — (872,175 ) Distributions (95,056 ) (162,911 ) (259,567 ) 422,478 (95,056 ) Repurchases of common stock (72,495 ) — — — (72,495 ) Net cash used in financing activities (167,551 ) (437,989 ) (282,742 ) 422,478 (465,804 ) Net increase in cash and cash equivalents 1,013 5,494 1,044 — 7,551 Cash and cash equivalents, beginning of period 692 5,079 3,796 — 9,567 Cash and cash equivalents, end of period $ 1,705 $ 10,573 $ 4,840 $ — $ 17,118 Consolidating Statements of Cash Flows (in thousands) For the Year Ended December 31, 2017 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Cash Flows From Operating Activities $ 3,966 $ (46,268 ) $ 104,226 $ — $ 61,924 Cash Flows From Investing Activities: Net proceeds from the sale of real estate — 49,531 688,100 — 737,631 Investment in real estate and related assets — (2,203 ) (716,093 ) — (718,296 ) Investment in unconsolidated joint ventures — (369,043 ) — — (369,043 ) Distributions from unconsolidated joint ventures — 1,985 — — 1,985 Investments in subsidiaries (8,671 ) (97,505 ) — 106,176 — Net cash used in investing activities (8,671 ) (417,235 ) (27,993 ) 106,176 (347,723 ) Cash Flows From Financing Activities: Borrowings, net of fees — 781,731 — — 781,731 Repayments — (331,000 ) (202,427 ) — (533,427 ) Redemptions of common stock (59,462 ) — — — (59,462 ) Distributions (109,561 ) 1,342 104,834 (106,176 ) (109,561 ) Net cash provided by (used in) financing activities (169,023 ) 452,073 (97,593 ) (106,176 ) 79,281 Net decrease in cash and cash equivalents (173,728 ) (11,430 ) (21,360 ) — (206,518 ) Cash and cash equivalents, beginning of period 174,420 16,509 25,156 — 216,085 Cash and cash equivalents, end of period $ 692 $ 5,079 $ 3,796 $ — $ 9,567 For the Year Ended December 31, 2016 Columbia Property Trust Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Cash Flows From Operating Activities $ 53,980 $ 86,846 $ 242,118 $ (189,853 ) $ 193,091 Cash Flows From Investing Activities: Net proceeds from the sale of real estate (1) — — 613,732 — 613,732 Investments in real estate and related assets — (2,157 ) (69,750 ) — (71,907 ) Investment in unconsolidated joint ventures — (16,212 ) — — (16,212 ) Distributions from subsidiaries (2) 321,911 568,480 — (890,391 ) — Net cash provided by investing activities 321,911 550,111 543,982 (890,391 ) 525,613 Cash Flows From Financing Activities: Borrowings, net of fees (3) — 780,577 — — 780,577 Repayments (4) — (1,051,000 ) (44,460 ) — (1,095,460 ) Prepayments to settle debt and interest rate swap (5) — (17,921 ) — — (17,921 ) Redemptions of common stock (53,986 ) — — — (53,986 ) Distributions (6) (148,474 ) (347,073 ) (733,171 ) 1,080,244 (148,474 ) Net cash used in financing activities (202,460 ) (635,417 ) (777,631 ) 1,080,244 (535,264 ) Net increase in cash and cash equivalents 173,431 1,540 8,469 — 183,440 Cash and cash equivalents, beginning of period 989 14,969 16,687 — 32,645 Cash and cash equivalents, end of period $ 174,420 $ 16,509 $ 25,156 $ — $ 216,085 (1) Net proceeds from the sale of real estate increased (decreased) by $(603.7) million and $603.7 million for the parent and non-guarantors, respectively. (2) Distributions from subsidiaries increased (decreased) by $321.9 million , $568.5 million , and $(890.4) million for the parent, issuer, and eliminations, respectively. (3) Borrowings, net of fees, increased (decreased) by $(781.4) million and $781.4 million for the parent and issuer, respectively. (4) Repayments increased (decreased) by $1,090.0 million , $(1,051.0) million , and $(39.0) million for the parent, issuer, and non-guarantors respectively. (5) Prepayments to settle debt and interest rate swap increased (decreased) by $17.9 million and $(17.9) million for the parent and issuer, respectively. (6) Distributions (increased) decreased by $(347.1) million , $(733.2) million , and $1,080.3 million , for the issuer, non-guarantors, and eliminations, respectively. The intercompany transfers, net line item is no longer presented based on the changes to the other line items described herein. |
Organization (Details)
Organization (Details) ft² in Millions | Dec. 31, 2018ft²property |
Real Estate | |
Square feet of commercial space | ft² | 8.9 |
Leased office space of owned properties, percent | 97.40% |
Office Building | |
Real Estate | |
Number of properties | 18 |
Number of properties under development or redevelopment | 2 |
Office Building | Wholly Owned Properties | |
Real Estate | |
Number of properties | 14 |
Office Building | Corporate Joint Venture | |
Real Estate | |
Number of properties | 6 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2018 | Aug. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 25, 2018 | Jan. 01, 2018 | |
Property, Plant and Equipment [Line Items] | |||||||||
Interest capitalized to construction in progress | $ 3,800,000 | $ 700,000 | |||||||
Impairment loss on real estate assets | $ 30,800,000 | 30,812,000 | 0 | $ 0 | |||||
Accumulated depreciation of lease assets | $ 84,881,000 | 84,881,000 | 94,065,000 | ||||||
Amortization of intangible assets | $ 29,401,000 | 31,907,000 | 52,530,000 | ||||||
Cash equivalent maturity period | 3 months | ||||||||
Provision for doubtful accounts | $ 63,000 | 26,000 | |||||||
Amortization of deferred leasing costs | 5,500,000 | 5,200,000 | 9,300,000 | ||||||
Amortization of lease incentives | 2,100,000 | 3,300,000 | 3,900,000 | ||||||
Settlement of capital lease obligation with related development authority bonds | 120,000,000 | 120,000,000 | 0 | 0 | |||||
Deferred financing costs | $ 2,692,000 | $ 2,692,000 | $ 2,991,000 | ||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Preferred stock shares authorized | 100,000,000 | 100,000,000 | |||||||
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 | |||||||
Minimum requirement to distribute taxable income (percent) | 90.00% | 90.00% | |||||||
Estimated gain to be reclassifed from AOCI as reduction to interest expense over next 12 months | $ 900,000 | $ 900,000 | |||||||
Lease termination revenue | $ 2,200,000 | $ 400,000 | 11,400,000 | ||||||
Limit on investments in taxable real estate investment trusts (percent) | 20.00% | 20.00% | |||||||
Intangible below market ground lease assets | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Gross intangible assets | $ 32,600,000 | $ 32,600,000 | 140,900,000 | ||||||
Accumulated depreciation of lease assets | 2,600,000 | 2,600,000 | 22,800,000 | ||||||
Amortization of intangible assets | $ 1,400,000 | 2,500,000 | 2,500,000 | ||||||
Building | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Estimated useful life of assets | 40 years | ||||||||
Building and site improvements | Minimum | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Estimated useful life of assets | 5 years | ||||||||
Building and site improvements | Maximum | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Estimated useful life of assets | 25 years | ||||||||
222 East 41st Street | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Leasehold improvements | 54,700,000 | ||||||||
222 East 41st Street | Unamortized lease incentives | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Gross intangible assets | 68,400,000 | ||||||||
Term Loans | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Deferred financing costs | 2,692,000 | $ 2,692,000 | 2,991,000 | ||||||
Unsecured Debt | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Deferred financing costs | 4,158,000 | 4,158,000 | 4,760,000 | ||||||
Unsecured Debt | 2026 Bonds Payable | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Debt face amount | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | |||||
Debt term | 10 years | 10 years | 10 years | ||||||
Stated interest rate | 3.65% | 3.65% | 3.65% | 3.65% | |||||
Discount rate of face value of issued debt instrument (percent) | 99.626% | 99.626% | 99.626% | 99.626% | |||||
Unsecured Debt | 2025 Bonds Payable | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Debt face amount | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | |||||
Debt term | 10 years | 10 years | 10 years | ||||||
Stated interest rate | 4.15% | 4.15% | 4.15% | 4.15% | |||||
Discount rate of face value of issued debt instrument (percent) | 99.859% | 99.859% | 99.859% | 99.859% | |||||
Common Stock | Stock Repurchase Program | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||||||
Stock repurchase program, amount available for repurchase | $ 124,400,000 | $ 124,400,000 | |||||||
Interest Expense | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Amortization of deferred financing costs | 2,900,000 | $ 2,800,000 | $ 3,300,000 | ||||||
ASU 2017-05 | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Cumulative effect of new accounting principle in period of adoption | 357,755,000 | $ 357,800,000 | |||||||
ASU 2014-09 | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Cumulative effect of new accounting principle in period of adoption | $ 343,000 | ||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 222 East 41st Street | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment loss on real estate assets | $ 30,800,000 | ||||||||
Level 1 | Disposal Group, Disposed of by Sale, Not Discontinued Operations | 222 East 41st Street | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Real estate investment, fair value | $ 284,600,000 | ||||||||
Pro Forma | ASU 2016-02 | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Lease liability | $ 32,000,000 | 32,000,000 | |||||||
Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09 | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Adjustment to equity as a result of ASU adoption | $ 300,000 | ||||||||
Corporate Joint Venture | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Interest capitalized to construction in progress | $ 200,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Schedule of Intangible Assets & Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Intangible Lease Assets | |||
Intangible lease assets, accumulated amortization | $ (84,881) | $ (94,065) | |
Intangible lease origination costs, accumulated amortization | (65,348) | (57,465) | |
Intangible lease assets, net | 98,540 | 199,260 | |
Intangible lease origination costs, net | 34,092 | 42,959 | |
Intangible Below-Market In-Place Lease Liabilities | |||
Intangible below-market in-place lease liabilities, gross | 42,847 | 46,878 | |
Intangible below-market in-place lease liabilities, accumulated amortization | (21,766) | (19,660) | |
Below market lease, net | 21,081 | 27,218 | |
Amortization of below market lease liabilities | 6,851 | 6,883 | $ 12,996 |
Above-Market In-Place Lease Assets | |||
Intangible Lease Assets | |||
Intangible lease assets, gross | 3,174 | 2,481 | |
Intangible lease assets, accumulated amortization | (1,060) | (833) | |
Intangible lease assets, net | 2,114 | 1,648 | |
Amortization of intangible lease assets | 228 | 519 | 2,513 |
Absorption Period Costs | |||
Intangible Lease Assets | |||
Intangible lease assets, gross | 147,668 | 149,927 | |
Intangible lease assets, accumulated amortization | (81,220) | (70,465) | |
Intangible lease assets, net | 66,448 | 79,462 | |
Amortization of intangible lease assets | 17,137 | 16,807 | 28,718 |
Intangible Lease Origination Costs | |||
Intangible Lease Assets | |||
Intangible lease origination costs, gross | 99,440 | 100,424 | |
Intangible lease origination costs, accumulated amortization | (65,348) | (57,465) | |
Intangible lease origination costs, net | 34,092 | 42,959 | |
Amortization of intangible lease assets | $ 9,660 | $ 10,124 | $ 17,501 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Schedule of Future Amortization by Intangible Asset Class) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Intangible Lease Assets | ||
Intangible lease assets, net | $ 98,540 | $ 199,260 |
Intangible lease origination costs, net | 34,092 | 42,959 |
Intangible Below-Market In-Place Lease Liabilities | ||
2,019 | 5,634 | |
2,020 | 4,626 | |
2,021 | 1,714 | |
2,022 | 1,374 | |
2,023 | 1,308 | |
Thereafter | 6,425 | |
Below market lease, net | $ 21,081 | 27,218 |
Weighted-average amortization period | 5 years | |
Above-Market In-Place Lease Assets | ||
Intangible Lease Assets | ||
2,019 | $ 329 | |
2,020 | 276 | |
2,021 | 247 | |
2,022 | 243 | |
2,023 | 243 | |
Thereafter | 776 | |
Intangible lease assets, net | $ 2,114 | 1,648 |
Weighted-average amortization period | 7 years | |
Absorption Period Costs | ||
Intangible Lease Assets | ||
2,019 | $ 14,489 | |
2,020 | 12,474 | |
2,021 | 7,490 | |
2,022 | 5,848 | |
2,023 | 5,098 | |
Thereafter | 21,049 | |
Intangible lease assets, net | $ 66,448 | 79,462 |
Weighted-average amortization period | 5 years | |
Intangible Lease Origination Costs | ||
Intangible Lease Assets | ||
2,019 | $ 8,339 | |
2,020 | 7,495 | |
2,021 | 3,429 | |
2,022 | 2,406 | |
2,023 | 2,165 | |
Thereafter | 10,258 | |
Intangible lease origination costs, net | $ 34,092 | $ 42,959 |
Weighted-average amortization period | 4 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Schedule of Future Amortization for Below-Market Lease Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Intangible Lease Assets | ||
Intangible lease assets, net | $ 98,540 | $ 199,260 |
Intangible below market ground lease assets | ||
Intangible Lease Assets | ||
2,019 | 555 | |
2,020 | 555 | |
2,021 | 555 | |
2,022 | 555 | |
2,023 | 555 | |
Thereafter | 27,203 | |
Intangible lease assets, net | $ 29,978 | |
Weighted-average amortization period | 58 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Interest Rate Swaps) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | 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 | $ 1,441 | $ 1,786 | $ 1,553 |
Interest Rate Contract | Prepaid Expenses and Other Assets | |||
Derivative, Fair Value, Net [Abstract] | |||
Derivative designated as hedging instruments, interest rate contracts | $ 2,344 | $ 903 |
Real Estate Transactions (Sched
Real Estate Transactions (Schedule of Properties Acquired) (Details) - USD ($) $ in Thousands | Oct. 24, 2018 | Oct. 03, 2018 | Nov. 28, 2017 | Oct. 11, 2017 | Jul. 06, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||||||
Purchase price | $ 23,034 | $ 604,769 | $ 0 | |||||
Purchase price | $ 38,763 | $ 369,043 | $ 16,212 | |||||
Lindbergh Center – Retail | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership percentage | 100.00% | |||||||
Purchase price | $ 23,000 | |||||||
149 Madison Avenue | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership percentage | 100.00% | |||||||
Purchase price | $ 87,700 | |||||||
249 West 17th Street & 218 West 18th Street | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership percentage | 100.00% | |||||||
Purchase price | $ 514,100 | |||||||
Corporate Joint Venture | 799 Broadway Joint Venture | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership percentage | 49.70% | 49.70% | ||||||
Purchase price | $ 30,200 | |||||||
Corporate Joint Venture | 1800 M Street Joint Venture | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership percentage | 55.00% | 55.00% | ||||||
Purchase price | $ 421,000 | |||||||
Purchase price | $ 231,550 | |||||||
Corporate Joint Venture | 114 Fifth Avenue | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership percentage | 49.50% | 49.50% | ||||||
Purchase price | $ 108,900 |
Real Estate Transactions (Acqui
Real Estate Transactions (Acquisitions) (Details) ft² in Thousands | Oct. 24, 2018USD ($)ft²Tenant | Oct. 03, 2018USD ($)ft² | Nov. 28, 2017USD ($)ft² | Oct. 11, 2017USD ($)ft²Tenant | Jul. 06, 2017USD ($)ft² | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)ft² | Dec. 31, 2018USD ($)ft² | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)ft² | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||||||||||||
Square feet of space | ft² | 8,900 | 8,900 | 8,900 | |||||||||
Purchase price | $ 38,763,000 | $ 369,043,000 | $ 16,212,000 | |||||||||
Real estate assets transferred to unconsolidated joint venture | 0 | 558,122,000 | 0 | |||||||||
Payments to acquire real estate | $ 23,034,000 | $ 604,769,000 | $ 0 | |||||||||
Lindbergh Center | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Ownership percentage | 100.00% | |||||||||||
Percent leased | 91.00% | |||||||||||
Number of tenants | Tenant | 14 | |||||||||||
Revenue of acquiree since acquisition date | $ 664,000 | |||||||||||
Earnings (loss) of acquiree since acquisition date | $ (57,000) | |||||||||||
Payments to acquire real estate | $ 23,000,000 | |||||||||||
149 Madison Avenue | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Ownership percentage | 100.00% | |||||||||||
Revenue of acquiree since acquisition date | $ 10,300 | |||||||||||
Earnings (loss) of acquiree since acquisition date | $ 9,200 | |||||||||||
Payments to acquire real estate | $ 87,700,000 | |||||||||||
249 West 17th Street | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Percent leased | 100.00% | |||||||||||
Number of tenants | Tenant | 4 | |||||||||||
Revenue of acquiree since acquisition date | $ 5,900,000 | |||||||||||
Earnings (loss) of acquiree since acquisition date | 1,800,000 | |||||||||||
218 West 18th Street | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Percent leased | 100.00% | |||||||||||
Number of tenants | Tenant | 7 | |||||||||||
Revenue of acquiree since acquisition date | 3,000,000 | |||||||||||
Earnings (loss) of acquiree since acquisition date | $ 800,000 | |||||||||||
Office Building | 149 Madison Avenue | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Square feet of space | ft² | 127 | |||||||||||
Office Building | 249 West 17th Street | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Square feet of space | ft² | 281 | |||||||||||
Office Building | 218 West 18th Street | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Square feet of space | ft² | 166 | |||||||||||
Ancillary Retail And Office Building | Lindbergh Center | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Square feet of space | ft² | 147 | |||||||||||
Customer concentration risk | Pike Nurseries | Lindbergh Center | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Concentration risk percentage | 18.00% | |||||||||||
Customer concentration risk | Twitter | 249 West 17th Street | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Concentration risk percentage | 76.00% | |||||||||||
Customer concentration risk | Room & Board | 249 West 17th Street | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Concentration risk percentage | 21.00% | |||||||||||
Customer concentration risk | Red Bull North America | 218 West 18th Street | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Concentration risk percentage | 25.00% | |||||||||||
Customer concentration risk | Company 3 | 218 West 18th Street | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Concentration risk percentage | 18.00% | |||||||||||
Customer concentration risk | SY Partners | 218 West 18th Street | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Concentration risk percentage | 16.00% | |||||||||||
Customer concentration risk | SAE | 218 West 18th Street | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Concentration risk percentage | 16.00% | |||||||||||
Corporate Joint Venture | 799 Broadway Joint Venture | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Purchase price | $ 30,200,000 | |||||||||||
Ownership percentage | 49.70% | 49.70% | 49.70% | 49.70% | ||||||||
Aggregate additional equity contributions | $ 25,300,000 | $ 25,300,000 | $ 25,300,000 | |||||||||
Corporate Joint Venture | 799 Broadway Joint Venture | Office Building | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Square feet of space | ft² | 182 | |||||||||||
Corporate Joint Venture | 1800 M Street Joint Venture | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Purchase price | $ 231,550,000 | |||||||||||
Ownership percentage | 55.00% | 55.00% | 55.00% | 55.00% | ||||||||
Percent leased | 94.00% | |||||||||||
Payments to acquire real estate | $ 421,000,000 | |||||||||||
Corporate Joint Venture | 1800 M Street Joint Venture | Office Building | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Square feet of space | ft² | 581 | |||||||||||
Corporate Joint Venture | 114 Fifth Avenue | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Square feet of space | ft² | 352 | |||||||||||
Purchase price | $ 108,900,000 | |||||||||||
Ownership percentage | 49.50% | 49.50% | 49.50% | 49.50% | ||||||||
Percent leased | 100.00% | |||||||||||
Corporate Joint Venture | 799 Broadway Joint Venture | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Proceeds from construction loan | $ 97,000,000 | $ 101,100,000 | $ 101,100,000 | |||||||||
Corporate Joint Venture | Normandy | 799 Broadway Joint Venture | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Real estate assets transferred to unconsolidated joint venture | 145,500,000 | |||||||||||
Corporate Joint Venture | Normandy And Columbia Property Trust | 799 Broadway Joint Venture | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Aggregate additional equity contributions | $ 50,900,000 | $ 50,900,000 | $ 50,900,000 | |||||||||
Corporate Joint Venture | Allianz | 1800 M Street Joint Venture | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Ownership percentage | 45.00% | |||||||||||
Corporate Joint Venture | Allianz | 114 Fifth Avenue | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Ownership percentage | 49.50% | |||||||||||
Corporate Joint Venture | L & L Holding Company | 114 Fifth Avenue | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Ownership percentage | 1.00% | |||||||||||
Construction Loan Payable | Corporate Joint Venture | 799 Broadway Joint Venture | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 187,000,000 |
Real Estate Transactions (Purch
Real Estate Transactions (Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Oct. 24, 2018 | Nov. 28, 2017 | Oct. 11, 2017 |
Lindbergh Center – Retail | |||
Business Acquisition [Line Items] | |||
Land | $ 0 | ||
Building and improvements | 17,558 | ||
Intangible below market lease liability | (715) | ||
Total purchase price | 23,363 | ||
149 Madison Avenue | |||
Business Acquisition [Line Items] | |||
Land | $ 59,112 | ||
Building and improvements | 28,989 | ||
Intangible below market lease liability | 0 | ||
Total purchase price | 88,101 | ||
249 West 17th Street | |||
Business Acquisition [Line Items] | |||
Land | $ 113,149 | ||
Building and improvements | 194,109 | ||
Intangible below market lease liability | (7,131) | ||
Total purchase price | 340,597 | ||
218 West 18th Street | |||
Business Acquisition [Line Items] | |||
Land | 43,836 | ||
Building and improvements | 126,957 | ||
Intangible below market lease liability | (11,757) | ||
Total purchase price | 175,324 | ||
Intangible lease assets | Lindbergh Center – Retail | |||
Business Acquisition [Line Items] | |||
Intangible lease assets | 5,726 | ||
Intangible lease assets | 149 Madison Avenue | |||
Business Acquisition [Line Items] | |||
Intangible lease assets | 0 | ||
Intangible lease assets | 249 West 17th Street | |||
Business Acquisition [Line Items] | |||
Intangible lease assets | 27,408 | ||
Intangible lease assets | 218 West 18th Street | |||
Business Acquisition [Line Items] | |||
Intangible lease assets | 12,120 | ||
Intangible lease origination costs | Lindbergh Center – Retail | |||
Business Acquisition [Line Items] | |||
Intangible lease assets | $ 794 | ||
Intangible lease origination costs | 149 Madison Avenue | |||
Business Acquisition [Line Items] | |||
Intangible lease assets | $ 0 | ||
Intangible lease origination costs | 249 West 17th Street | |||
Business Acquisition [Line Items] | |||
Intangible lease assets | 13,062 | ||
Intangible lease origination costs | 218 West 18th Street | |||
Business Acquisition [Line Items] | |||
Intangible lease assets | $ 4,168 |
Real Estate Transactions (Pro F
Real Estate Transactions (Pro Forma) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisitions and Dispositions [Abstract] | |||
Revenues | $ 300,389 | $ 321,886 | $ 511,306 |
Net income | $ 9,566 | $ 183,343 | $ 95,537 |
Real Estate Transactions (Dispo
Real Estate Transactions (Dispositions) (Details) - USD ($) | May 30, 2018 | May 29, 2018 | Apr. 13, 2018 | Feb. 02, 2018 | Feb. 01, 2018 | Jul. 06, 2017 | Jan. 31, 2017 | Jan. 06, 2017 | Jan. 06, 2017 | Dec. 15, 2016 | Nov. 30, 2016 | Oct. 12, 2016 | Sep. 30, 2016 | Sep. 22, 2016 | Jul. 08, 2016 | Apr. 01, 2016 | Mar. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||||||||||||||||||||
Impairment loss on real estate assets | $ 30,800,000 | $ 30,812,000 | $ 0 | $ 0 | ||||||||||||||||||
Net proceeds from the sale of investments in unconsolidated joint ventures | 235,083,000 | 0 | 0 | |||||||||||||||||||
Gain on extinguishment of debt | 24,000,000 | 23,340,000 | (325,000) | (18,997,000) | ||||||||||||||||||
Net proceeds from the sale of real estate | 284,608,000 | 737,631,000 | 603,732,000 | |||||||||||||||||||
Key Center Tower & Marriot | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Gain (Loss) on Sale | $ 22,500,000 | |||||||||||||||||||||
100 East Pratt | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Net proceeds from the sale of real estate | $ 159,400,000 | |||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 222 East 41st Street | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
% Sold | 100.00% | |||||||||||||||||||||
Sales Price | $ 332,500,000 | |||||||||||||||||||||
Gain (Loss) on Sale | 0 | |||||||||||||||||||||
Proceeds from sale of real estate | $ 332,500,000 | |||||||||||||||||||||
Impairment loss on real estate assets | 30,800,000 | |||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 263 Shuman Boulevard | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
% Sold | 100.00% | |||||||||||||||||||||
Sales Price | $ 49,000,000 | |||||||||||||||||||||
Gain (Loss) on Sale | 24,000,000 | |||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | University Circle & 333 Market Street | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
% Sold | 22.50% | 22.50% | ||||||||||||||||||||
Sales Price | $ 235,300,000 | $ 234,000,000 | ||||||||||||||||||||
Gain (Loss) on Sale | 800,000 | $ 102,400,000 | ||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Key Center Tower & Marriot | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
% Sold | 100.00% | 100.00% | ||||||||||||||||||||
Sales Price | $ 267,500,000 | $ 267,500,000 | ||||||||||||||||||||
Gain (Loss) on Sale | 9,500,000 | |||||||||||||||||||||
Proceeds from sale of real estate held-for-investment, gross | 254,500,000 | |||||||||||||||||||||
Note receivable | $ 13,000,000 | 13,000,000 | ||||||||||||||||||||
Term of note receivable | 10 years | |||||||||||||||||||||
Deferred gain on sale of property | $ 13,000,000 | 13,000,000 | ||||||||||||||||||||
Income (loss) | $ (1,900,000) | $ 14,500,000 | ||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Houston Properties | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
% Sold | 100.00% | 100.00% | ||||||||||||||||||||
Sales Price | $ 272,000,000 | $ 272,000,000 | ||||||||||||||||||||
Gain (Loss) on Sale | $ 63,700,000 | |||||||||||||||||||||
Income (loss) | $ (14,900) | $ 11,100,000 | ||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | SanTan Corporate Center | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
% Sold | 100.00% | |||||||||||||||||||||
Sales Price | $ 58,500,000 | |||||||||||||||||||||
Gain (Loss) on Sale | $ 9,800,000 | |||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Sterling Commerce | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
% Sold | 100.00% | |||||||||||||||||||||
Sales Price | $ 51,000,000 | |||||||||||||||||||||
Gain (Loss) on Sale | $ 12,500,000 | |||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 9127 South Jamaica Street | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
% Sold | 100.00% | |||||||||||||||||||||
Sales Price | $ 19,500,000 | |||||||||||||||||||||
Gain (Loss) on Sale | $ 0 | |||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 80 Park Plaza | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
% Sold | 100.00% | |||||||||||||||||||||
Sales Price | $ 174,500,000 | |||||||||||||||||||||
Gain (Loss) on Sale | $ 21,600,000 | |||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 9189, 9191 & 9193 South Jamaica Street | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
% Sold | 100.00% | |||||||||||||||||||||
Sales Price | $ 122,000,000 | |||||||||||||||||||||
Gain (Loss) on Sale | $ 27,200,000 | |||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 800 North Fredrick | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
% Sold | 100.00% | |||||||||||||||||||||
Sales Price | $ 48,000,000 | |||||||||||||||||||||
Gain (Loss) on Sale | $ 2,100,000 | |||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 100 East Pratt | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
% Sold | 100.00% | |||||||||||||||||||||
Sales Price | $ 187,000,000 | |||||||||||||||||||||
Gain (Loss) on Sale | $ (300,000) | |||||||||||||||||||||
Bridge Loan | $300 Million Bridge Loan | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Bridge loan | $ 300,000,000 | |||||||||||||||||||||
Gain on extinguishment of debt | $ (300,000) | |||||||||||||||||||||
Repayments of debt | $ 180,000,000 | $ 120,000,000 | ||||||||||||||||||||
Bridge Loan | $300 Million Bridge Loan | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Repayments of debt | $ 119,000,000 | |||||||||||||||||||||
Mortgages | 263 Shuman Boulevard Building mortgage note | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Extinguishment of debt | $ 49,000,000 | |||||||||||||||||||||
Gain on extinguishment of debt | $ 24,000,000 | |||||||||||||||||||||
San Francisco Joint Ventures | Corporate Joint Venture | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Net proceeds from the sale of investments in unconsolidated joint ventures | $ 235,300,000 | |||||||||||||||||||||
Ownership percentage | 55.00% | |||||||||||||||||||||
San Francisco Joint Ventures | Corporate Joint Venture | Allianz | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
% Sold | 22.50% | |||||||||||||||||||||
Net proceeds from the sale of investments in unconsolidated joint ventures | $ 234,000,000 | |||||||||||||||||||||
Additional ownership percentage acquired | 22.50% |
Unconsolidated Joint Ventures_2
Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 03, 2018 | Sep. 30, 2018 | Feb. 01, 2018 | Jan. 01, 2018 | Oct. 11, 2017 | Jul. 06, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||||||||
Interest capitalized | $ 4,000 | $ 700 | $ 300 | ||||||
Corporate Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Carrying Value of Investment | $ 1,071,353 | 943,242 | |||||||
Corporate Joint Venture | Market Square Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest | 51.00% | 51.00% | |||||||
Carrying Value of Investment | $ 134,250 | 128,411 | |||||||
Corporate Joint Venture | University Circle Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest | 55.00% | ||||||||
Carrying Value of Investment | $ 292,951 | 173,798 | |||||||
Corporate Joint Venture | 333 Market Street Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest | 55.00% | ||||||||
Carrying Value of Investment | $ 273,783 | 288,236 | |||||||
Corporate Joint Venture | 114 Fifth Avenue | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest | 49.50% | 49.50% | |||||||
Carrying Value of Investment | $ 99,283 | 110,311 | |||||||
Corporate Joint Venture | 1800 M Street Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest | 55.00% | 55.00% | |||||||
Carrying Value of Investment | $ 237,333 | 242,486 | |||||||
Corporate Joint Venture | 799 Broadway Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest | 49.70% | 49.70% | |||||||
Carrying Value of Investment | $ 33,753 | 0 | |||||||
Interest capitalized | $ 200 | ||||||||
Corporate Joint Venture | San Francisco Joint Ventures | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest | 55.00% | ||||||||
Allianz | Corporate Joint Venture | 114 Fifth Avenue | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest | 49.50% | ||||||||
Allianz | Corporate Joint Venture | 1800 M Street Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership Interest | 45.00% | ||||||||
Allianz | Corporate Joint Venture | San Francisco Joint Ventures | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Additional ownership percentage acquired | 22.50% | ||||||||
ASU 2017-05 | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Cumulative-effect adjustment for the adoption of ASU | $ 357,755 | $ 357,800 |
Unconsolidated Joint Ventures_3
Unconsolidated Joint Ventures (Narrative) (Details) | Oct. 03, 2018USD ($)extension | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Blackstone Property Partners | Corporate Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
Mortgage note transferred to joint venture | $ 325,000,000 | $ 325,000,000 | $ 325,000,000 | ||
Stated interest rate | 5.07% | 5.07% | 5.07% | ||
Aggregate additional equity contributions | $ 5,800,000 | $ 5,800,000 | $ 11,200,000 | ||
799 Broadway Joint Venture | Corporate Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
Proceeds from construction loan | $ 97,000,000 | 101,100,000 | 101,100,000 | ||
Maximum LIBOR per loan agreement | 4.00% | ||||
Prepaid Expenses and Other Assets | Corporate Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
Property management fees due to Columbia Property Trust | 700,000 | 700,000 | 400,000 | ||
Asset and property management fee income/expenses | |||||
Related Party Transaction [Line Items] | |||||
Revenue | 7,384,000 | 3,782,000 | $ 2,122,000 | ||
Asset and property management fee income/expenses | Other Property Income | Corporate Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
Revenue | 4,200,000 | $ 2,000,000 | $ 500,000 | ||
Construction Loan Payable | 799 Broadway Joint Venture | Corporate Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 187,000,000 | ||||
Number of extension options | extension | 2 | ||||
Extension term | 1 year | ||||
799 Broadway Joint Venture | Corporate Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
Aggregate additional equity contributions | 25,300,000 | 25,300,000 | |||
799 Broadway Joint Venture | Normandy And Columbia Property Trust | Corporate Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
Aggregate additional equity contributions | $ 50,900,000 | $ 50,900,000 | |||
London Interbank Offered Rate (LIBOR) | 799 Broadway Joint Venture | Corporate Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
Basis spread on variable rate | 4.25% |
Unconsolidated Joint Ventures_4
Unconsolidated Joint Ventures (Condensed Balance Sheet Information) (Details) - Corporate Joint Venture - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||
Total assets | $ 2,176,751 | $ 2,054,230 |
Total debt | 420,392 | 324,708 |
Total equity | 1,467,334 | 1,443,406 |
Market Square Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 582,176 | 590,115 |
Total debt | 324,762 | 324,708 |
Total equity | 241,581 | 244,506 |
University Circle Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 224,746 | 227,368 |
Total debt | 0 | 0 |
Total equity | 219,390 | 221,154 |
333 Market Street Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 375,884 | 385,297 |
Total debt | 0 | 0 |
Total equity | 360,915 | 368,994 |
114 Fifth Avenue | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 377,970 | 392,486 |
Total debt | 0 | 0 |
Total equity | 149,243 | 170,525 |
1800 M Street Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 447,585 | 458,964 |
Total debt | 0 | 0 |
Total equity | 429,016 | 438,227 |
799 Broadway Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 168,390 | 0 |
Total debt | 95,630 | 0 |
Total equity | 67,189 | 0 |
University Circle, 333 Market Street Joint Venture,114 Fifth Avenue Joint Venture and 1800 M Street Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Difference between carrying amount and underlying equity | $ 282,000 | $ 32,000 |
Unconsolidated Joint Ventures_5
Unconsolidated Joint Ventures (Condensed Income Statement Information) (Details) - Corporate Joint Venture - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Total Revenues | $ 194,057 | $ 102,244 | $ 41,230 |
Net Income (Loss) | 19,943 | (2,684) | (14,825) |
Columbia Property Trust's Share of Net Income (Loss) | 12,704 | 2,651 | (7,561) |
Market Square Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Revenues | 44,815 | 41,749 | 41,230 |
Net Income (Loss) | (12,304) | (15,192) | (14,825) |
Columbia Property Trust's Share of Net Income (Loss) | (6,275) | (7,747) | (7,561) |
University Circle Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Revenues | 43,581 | 19,386 | 0 |
Net Income (Loss) | 23,776 | 9,826 | 0 |
Columbia Property Trust's Share of Net Income (Loss) | 13,478 | 7,561 | 0 |
333 Market Street Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Revenues | 27,006 | 12,971 | 0 |
Net Income (Loss) | 14,620 | 6,948 | 0 |
Columbia Property Trust's Share of Net Income (Loss) | 8,312 | 5,331 | 0 |
114 Fifth Avenue | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Revenues | 41,169 | 20,133 | 0 |
Net Income (Loss) | (10,256) | (4,885) | 0 |
Columbia Property Trust's Share of Net Income (Loss) | (5,077) | (2,820) | 0 |
1800 M Street Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Revenues | 37,486 | 8,005 | 0 |
Net Income (Loss) | 4,239 | 619 | 0 |
Columbia Property Trust's Share of Net Income (Loss) | 2,332 | 326 | 0 |
799 Broadway Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Revenues | 0 | 0 | 0 |
Net Income (Loss) | (132) | 0 | 0 |
Columbia Property Trust's Share of Net Income (Loss) | $ (66) | $ 0 | $ 0 |
Unconsolidated Joint Ventures_6
Unconsolidated Joint Ventures (Property and Asset Management Fees) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Asset and property management fee income | $ 7,400 | $ 3,800 | $ 2,100 |
Corporate Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset and property management fee income | 7,384 | 3,782 | 2,122 |
Corporate Joint Venture | Market Square Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset and property management fee income | 2,156 | 1,998 | 2,122 |
Corporate Joint Venture | University Circle Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset and property management fee income | 2,283 | 1,000 | 0 |
Corporate Joint Venture | 333 Market Street Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset and property management fee income | 784 | 367 | 0 |
Corporate Joint Venture | 1800 M Street Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset and property management fee income | $ 2,161 | $ 417 | $ 0 |
Line of Credit and Notes Paya_3
Line of Credit and Notes Payable (Schedule of Long-Term Debt (excluding Bonds Payable)) (Details) - USD ($) | Dec. 07, 2018 | Nov. 27, 2017 | Jul. 30, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 25, 2017 |
Debt Instrument [Line Items] | ||||||
Line of credit and notes payable, net | $ 629,308,000 | $ 971,185,000 | ||||
Less: Deferred financing costs related to term loans, bridge loan, and mortgage notes payable | (2,692,000) | (2,991,000) | ||||
Total indebtedness | 629,308,000 | 971,185,000 | ||||
Credit Facilities | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit and notes payable, net | 482,000,000 | 152,000,000 | ||||
Term Loans | ||||||
Debt Instrument [Line Items] | ||||||
Less: Deferred financing costs related to term loans, bridge loan, and mortgage notes payable | (2,692,000) | (2,991,000) | ||||
Term Loans | $150 Million Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | 150,000,000 | |||||
Line of credit and notes payable, net | 150,000,000 | 150,000,000 | $ 150,000,000 | |||
Effective interest rate | 3.07% | |||||
Term Loans | $300 Million Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 300,000,000 | 300,000,000 | ||||
Line of credit and notes payable, net | 0 | 300,000,000 | ||||
Bridge Loan | $300 Million Bridge Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | 300,000,000 | |||||
Line of credit and notes payable, net | $ 300,000,000 | $ 0 | 300,000,000 | |||
Mortgages | 263 Shuman Boulevard Building mortgage note | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 10.55% | |||||
Line of credit and notes payable, net | $ 0 | 49,000,000 | ||||
Mortgages | One Glenlake Building mortgage note | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 5.80% | |||||
Line of credit and notes payable, net | $ 0 | $ 23,176,000 | ||||
London Interbank Offered Rate (LIBOR) | Credit Facilities | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 0.90% | |||||
London Interbank Offered Rate (LIBOR) | Credit Facilities | Minimum | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 0.775% | 0.875% | ||||
London Interbank Offered Rate (LIBOR) | Credit Facilities | Maximum | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 1.45% | 1.55% | ||||
London Interbank Offered Rate (LIBOR) | Term Loans | $150 Million Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 1.10% | |||||
London Interbank Offered Rate (LIBOR) | Term Loans | $300 Million Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 1.00% | |||||
London Interbank Offered Rate (LIBOR) | Term Loans | Minimum | $300 Million Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 0.85% | 0.90% | ||||
London Interbank Offered Rate (LIBOR) | Term Loans | Maximum | $300 Million Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 1.65% | 1.75% | ||||
London Interbank Offered Rate (LIBOR) | Bridge Loan | $300 Million Bridge Loan | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 1.10% | |||||
London Interbank Offered Rate (LIBOR) | Bridge Loan | Minimum | $300 Million Bridge Loan | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 0.90% | |||||
London Interbank Offered Rate (LIBOR) | Bridge Loan | Maximum | $300 Million Bridge Loan | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 1.75% | |||||
Base Rate | Credit Facilities | Minimum | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 0.00% | 0.00% | ||||
Base Rate | Credit Facilities | Maximum | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 0.45% | 0.55% | ||||
Base Rate | Term Loans | Minimum | $300 Million Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 0.00% | 0.00% | ||||
Base Rate | Term Loans | Maximum | $300 Million Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 0.65% | 0.75% | ||||
Base Rate | Bridge Loan | Minimum | $300 Million Bridge Loan | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 0.00% | |||||
Base Rate | Bridge Loan | Maximum | $300 Million Bridge Loan | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate margin | 0.75% | |||||
Interest Rate Swap | ||||||
Debt Instrument [Line Items] | ||||||
Notional amount | $ 150,000,000 |
Line of Credit and Notes Paya_4
Line of Credit and Notes Payable (Narrative) (Details) | Dec. 07, 2018USD ($)extension | Oct. 10, 2018USD ($) | May 30, 2018USD ($) | Apr. 13, 2018USD ($) | Feb. 02, 2018USD ($) | Nov. 27, 2017USD ($) | Aug. 17, 2017USD ($) | Mar. 10, 2017USD ($) | Jul. 30, 2015USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jul. 25, 2017USD ($) |
Debt Instrument [Line Items] | ||||||||||||||
Line of credit and notes payable, net | $ 629,308,000 | $ 971,185,000 | ||||||||||||
Carrying value of the line of credit, term loan and notes payable | $ 632,000,000 | 974,200,000 | ||||||||||||
Weighted-average interest rate | 3.57% | |||||||||||||
Interest payments | $ 22,100,000 | 21,500,000 | $ 27,800,000 | |||||||||||
Interest capitalized | 4,000,000 | 700,000 | 300,000 | |||||||||||
(Gain) loss on extinguishment of debt | $ (24,000,000) | (23,340,000) | 325,000 | $ 18,997,000 | ||||||||||
Fair Value, Inputs, Level 2 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Fair value of line of credit and notes payable | $ 632,100,000 | 975,300,000 | ||||||||||||
Letter of Credit | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Restrictive covenant ratio of secured debt to total asset | 40.00% | |||||||||||||
Restrictive covenant ratio of debt to total asset | 60.00% | |||||||||||||
Restrictive covenant ratio of debt to total asset following material transaction | 65.00% | |||||||||||||
Credit Facilities | Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 650,000,000 | $ 500,000,000 | ||||||||||||
Maximum aggregate increase in borrowing capacity | $ 500,000,000 | |||||||||||||
Number of possible extensions | extension | 2 | |||||||||||||
Term of extension | 6 months | |||||||||||||
Line of credit and notes payable, net | $ 482,000,000 | 152,000,000 | ||||||||||||
Credit Facilities | Revolving Credit Facility | Base Rate | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 0.00% | 0.00% | ||||||||||||
Credit Facilities | Revolving Credit Facility | Base Rate | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 0.45% | 0.55% | ||||||||||||
Credit Facilities | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 0.90% | |||||||||||||
Credit Facilities | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 0.775% | 0.875% | ||||||||||||
Credit Facilities | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 1.45% | 1.55% | ||||||||||||
Term Loans | $300 Million Term Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt face amount | $ 300,000,000 | $ 300,000,000 | ||||||||||||
Line of credit and notes payable, net | $ 0 | 300,000,000 | ||||||||||||
Repayments of debt | $ 300,000,000 | |||||||||||||
Term Loans | $300 Million Term Loan | Base Rate | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 0.00% | 0.00% | ||||||||||||
Term Loans | $300 Million Term Loan | Base Rate | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 0.65% | 0.75% | ||||||||||||
Term Loans | $300 Million Term Loan | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 1.00% | |||||||||||||
Term Loans | $300 Million Term Loan | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 0.85% | 0.90% | ||||||||||||
Term Loans | $300 Million Term Loan | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 1.65% | 1.75% | ||||||||||||
Term Loans | $150 Million Term Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt face amount | $ 150,000,000 | |||||||||||||
Line of credit and notes payable, net | $ 150,000,000 | 150,000,000 | $ 150,000,000 | |||||||||||
Term Loans | $150 Million Term Loan | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 1.10% | |||||||||||||
Bridge Loan | $300 Million Bridge Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 300,000,000 | |||||||||||||
Debt face amount | $ 300,000,000 | |||||||||||||
Debt term | 1 year | |||||||||||||
Line of credit and notes payable, net | $ 300,000,000 | $ 0 | $ 300,000,000 | |||||||||||
Repayments of debt | $ 180,000,000 | $ 120,000,000 | ||||||||||||
(Gain) loss on extinguishment of debt | $ 300,000 | |||||||||||||
Bridge Loan | $300 Million Bridge Loan | Base Rate | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 0.00% | |||||||||||||
Bridge Loan | $300 Million Bridge Loan | Base Rate | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 0.75% | |||||||||||||
Bridge Loan | $300 Million Bridge Loan | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 1.10% | |||||||||||||
Bridge Loan | $300 Million Bridge Loan | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 0.90% | |||||||||||||
Bridge Loan | $300 Million Bridge Loan | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable rate margin | 1.75% | |||||||||||||
Unsecured Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Fixed charge coverage ratio | 1.50 | |||||||||||||
Unencumbered interest coverage ratio, minimum | 1.75 | |||||||||||||
Unencumbered leverage ratio, minimum | 0.60 | |||||||||||||
Unencumbered leverage ratio following material transaction, minimum | 0.65 | |||||||||||||
Line of credit and notes payable | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Weighted-average interest rate | 3.26% | 3.16% | ||||||||||||
Mortgages | One Glenlake Building mortgage note | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit and notes payable, net | $ 0 | $ 23,176,000 | ||||||||||||
Repayments of debt | $ 20,700,000 | |||||||||||||
Mortgages | 263 Shuman Boulevard Building mortgage note | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit and notes payable, net | $ 0 | $ 49,000,000 | ||||||||||||
Extinguishment of debt | $ 49,000,000 | |||||||||||||
(Gain) loss on extinguishment of debt | $ (24,000,000) | |||||||||||||
Mortgages | 650 California Street Building mortgage note | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of debt | $ 124,800,000 | |||||||||||||
(Gain) loss on extinguishment of debt | $ 300,000 | |||||||||||||
Mortgages | 221 Main Building mortgage note | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of debt | $ 73,000,000 | |||||||||||||
(Gain) loss on extinguishment of debt | $ 45,000 |
Line of Credit and Notes Paya_5
Line of Credit and Notes Payable (Maturities) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
2,019 | $ 0 |
2,020 | 0 |
2,021 | 0 |
2,022 | 150,000 |
2,023 | 482,000 |
Thereafter | 0 |
Total | $ 632,000 |
Bonds Payable (Details)
Bonds Payable (Details) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2018USD ($)bond_series | Dec. 31, 2017USD ($)bond_series | |
Debt Instrument [Line Items] | ||||
Number of series of bonds | bond_series | 2 | 2 | ||
Bonds payable, net | $ 698,700,000 | $ 698,500,000 | ||
Unsecured Debt | 2026 Bonds Payable | ||||
Debt Instrument [Line Items] | ||||
Debt face amount | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | |
Debt term | 10 years | 10 years | 10 years | |
Stated interest rate | 3.65% | 3.65% | 3.65% | |
Discount rate of face value of issued debt instrument (percent) | 99.626% | 99.626% | 99.626% | |
Unsecured Debt | 2025 Bonds Payable | ||||
Debt Instrument [Line Items] | ||||
Debt face amount | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | |
Debt term | 10 years | 10 years | 10 years | |
Stated interest rate | 4.15% | 4.15% | 4.15% | |
Discount rate of face value of issued debt instrument (percent) | 99.859% | 99.859% | 99.859% | |
Unsecured Debt | 2018 Bonds Payable | ||||
Debt Instrument [Line Items] | ||||
Debt face amount | $ 250,000,000 | |||
Unsecured Debt | 2026 and 2025 Bonds Payable | ||||
Debt Instrument [Line Items] | ||||
Interest payments | $ 27,300,000 | $ 27,400,000 | ||
Restrictive covenant ratio of debt to total asset | 60.00% | |||
Restrictive covenant of consolidated income to annual debt service charges, term | 12 months | |||
Fair Value, Inputs, Level 2 | Unsecured Debt | 2026 and 2025 Bonds Payable | ||||
Debt Instrument [Line Items] | ||||
Estimated fair value of debt instrument | $ 685,000,000 | $ 702,800,000 | ||
Maximum | Unsecured Debt | 2026 and 2025 Bonds Payable | ||||
Debt Instrument [Line Items] | ||||
Restrictive covenant ratio of secured debt to total asset | 40.00% | |||
Minimum | Unsecured Debt | 2026 and 2025 Bonds Payable | ||||
Debt Instrument [Line Items] | ||||
Restrictive covenant of consolidated income to annual debt service charges | 1.5 | |||
Ratio of unencumbered asset value to total unsecured debt | 150.00% |
Commitments and Contingencies_2
Commitments and Contingencies (Lease Obligations) (Details) - USD ($) | Oct. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Loss Contingencies [Line Items] | |||||
Rent expenses incurred | $ 1,900,000 | $ 2,600,000 | $ 2,600,000 | ||
Obligations Under Operating Leases | |||||
2,019 | $ 2,502,000 | 2,502,000 | |||
2,020 | 2,539,000 | 2,539,000 | |||
2,021 | 2,704,000 | 2,704,000 | |||
2,022 | 2,743,000 | 2,743,000 | |||
2,023 | 2,023,000 | 2,023,000 | |||
Thereafter | 176,782,000 | 176,782,000 | |||
Total | 189,293,000 | 189,293,000 | |||
Corporate Joint Venture | Blackstone Property Partners | |||||
Loss Contingencies [Line Items] | |||||
Guaranty liability | 0 | 0 | |||
Mortgage note transferred to joint venture | 325,000,000 | 325,000,000 | 325,000,000 | ||
Aggregate additional equity contributions | 5,800,000 | 5,800,000 | $ 11,200,000 | ||
Corporate Joint Venture | 799 Broadway Joint Venture | |||||
Loss Contingencies [Line Items] | |||||
Proceeds from construction loan | $ 97,000,000 | 101,100,000 | 101,100,000 | ||
799 Broadway Joint Venture | Corporate Joint Venture | |||||
Loss Contingencies [Line Items] | |||||
Guaranty liability | 0 | 0 | |||
Aggregate additional equity contributions | 25,300,000 | 25,300,000 | |||
Capital calls payable | 0 | 0 | |||
799 Broadway Joint Venture | Corporate Joint Venture | Normandy And Columbia Property Trust | |||||
Loss Contingencies [Line Items] | |||||
Aggregate additional equity contributions | 50,900,000 | 50,900,000 | |||
149 Madison Avenue | |||||
Loss Contingencies [Line Items] | |||||
Tenant obligation | 24,100,000 | 24,100,000 | |||
One & Three Glenlake | |||||
Loss Contingencies [Line Items] | |||||
Tenant obligation | $ 22,300,000 | $ 22,300,000 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) | Jan. 01, 2019 | Jan. 01, 2018 | Jan. 20, 2017 | Jan. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 04, 2017 | May 31, 2017 | Dec. 31, 2015 | Sep. 04, 2015 |
Class of Stock [Line Items] | |||||||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||||||||
Long Term Incentive Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Shares authorized and reserved under the LTIP | 4,800,000 | ||||||||||
Unrecognized compensation costs related to unvested awards | $ 8,600,000 | $ 8,100,000 | |||||||||
Time-based Stock Awards | Long Term Incentive Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Granted (shares) | 128,486 | ||||||||||
RSUs | Long Term Incentive Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Granted (shares) | 176,702 | 193,219 | |||||||||
Performance period | 3 years | 3 years | |||||||||
Stock Options | Director Stock Option Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Shares authorized and reserved under the LTIP | 25,000 | ||||||||||
Options outstanding (in shares) | 0 | 1,875 | |||||||||
Options outstanding, weighted average exercise price (in dollars per share) | $ 48 | ||||||||||
Options expired (in shares) | 1,375 | 500 | |||||||||
Minimum | |||||||||||
Class of Stock [Line Items] | |||||||||||
Unrecognized compensation costs recognition period | 1 year | ||||||||||
Minimum | RSUs | Long Term Incentive Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Shareholder payout (percent) | 50.00% | ||||||||||
Maximum | |||||||||||
Class of Stock [Line Items] | |||||||||||
Unrecognized compensation costs recognition period | 4 years | ||||||||||
Maximum | RSUs | Long Term Incentive Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Shareholder payout (percent) | 150.00% | ||||||||||
36 months after grant date | RSUs | Long Term Incentive Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Award vesting rights (percent) | 75.00% | 75.00% | |||||||||
48 months after grant date | RSUs | Long Term Incentive Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Award vesting rights (percent) | 25.00% | 25.00% | |||||||||
Subsequent Event | Time-based Stock Awards | Long Term Incentive Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Granted (shares) | 175,129 | ||||||||||
Subsequent Event | RSUs | Long Term Incentive Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Granted (shares) | 221,199 | ||||||||||
Performance period | 3 years | ||||||||||
Subsequent Event | 36 months after grant date | RSUs | Long Term Incentive Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Award vesting rights (percent) | 75.00% | ||||||||||
Subsequent Event | 48 months after grant date | RSUs | Long Term Incentive Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Award vesting rights (percent) | 25.00% | ||||||||||
Common Stock | Long Term Incentive Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Granted (shares) | 193,535 | 139,825 | |||||||||
Shares withheld to settle related tax liability | 17,938 | ||||||||||
Stock units exercisable period after the date of grant | 4 years | 4 years | |||||||||
Common Stock | 2015 Stock Repurchase Program | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock repurchase program, authorized amount | $ 200,000,000 | ||||||||||
Common stock, par value (in dollars per share) | $ 0.01 | ||||||||||
Number of shares repurchased (in shares) | 5,600,000 | ||||||||||
Shares repurchased, average cost per share (in dollars per share) | $ 21.85 | ||||||||||
Value of stock repurchased | $ 121,400,000 | ||||||||||
Common Stock | 2017 Stock Repurchase Program | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock repurchase program, authorized amount | $ 200,000,000 | ||||||||||
Common stock, par value (in dollars per share) | $ 0.01 | ||||||||||
Common Stock | Stock Repurchase Program | |||||||||||
Class of Stock [Line Items] | |||||||||||
Number of shares repurchased (in shares) | 3,200,000 | ||||||||||
Shares repurchased, average cost per share (in dollars per share) | $ 21.73 | ||||||||||
Value of stock repurchased | $ 70,400,000 | ||||||||||
Stock repurchase program, amount available for repurchase | $ 124,400,000 | ||||||||||
Common Stock | Grant date | Long Term Incentive Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Award vesting rights (percent) | 25.00% | ||||||||||
Common Stock | 12 months after grant date | Long Term Incentive Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Award vesting rights (percent) | 25.00% | 25.00% | |||||||||
Common Stock | 24 months after grant date | Long Term Incentive Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Award vesting rights (percent) | 25.00% | 25.00% | |||||||||
Common Stock | 36 months after grant date | Long Term Incentive Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Award vesting rights (percent) | 25.00% | 25.00% | |||||||||
Common Stock | Subsequent Event | Long Term Incentive Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock units exercisable period after the date of grant | 4 years | ||||||||||
2017 Grant 1 | RSUs | Long Term Incentive Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Granted (shares) | 45,076 | ||||||||||
Performance period | 1 year | ||||||||||
2017 Grant 2 | RSUs | Long Term Incentive Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Granted (shares) | 92,585 | ||||||||||
Performance period | 2 years |
Equity (Unvested Activity Rollf
Equity (Unvested Activity Rollforward) (Details) - Long Term Incentive Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Weighted-Average Grant-Date Fair Value [Abstract] | |||
Expected forfeiture rate | 4.00% | ||
Restricted Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested shares, beginning balance (shares) | 389,000 | 256,000 | 151,000 |
Granted (shares) | 139,000 | 333,000 | 247,000 |
Vested (shares) | (153,000) | (193,000) | (138,000) |
Forfeited (shares) | 0 | (7,000) | (4,000) |
Unvested shares, ending balance (shares) | 375,000 | 389,000 | 256,000 |
Weighted-Average Grant-Date Fair Value [Abstract] | |||
Unvested shares, beginning balance (in dollars per share) | $ 21.85 | $ 22.62 | $ 24.59 |
Granted (in dollars per share) | 22.97 | 21.59 | 21.79 |
Vested (in dollars per share) | 22.13 | 22.42 | 23.32 |
Forfeited (in dollars per share) | 0 | 21.81 | 21.90 |
Unvested shares, ending balance (in dollars per share) | $ 22.15 | $ 21.85 | $ 22.62 |
Shares expected to ultimately vest | 360,000 | ||
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested shares, beginning balance (shares) | 329,000 | 0 | 0 |
Granted (shares) | 206,000 | 331,000 | 0 |
Vested (shares) | (70,000) | 0 | 0 |
Forfeited (shares) | (11,000) | (2,000) | 0 |
Unvested shares, ending balance (shares) | 454,000 | 329,000 | 0 |
Weighted-Average Grant-Date Fair Value [Abstract] | |||
Unvested shares, beginning balance (in dollars per share) | $ 18.78 | $ 0 | $ 0 |
Granted (in dollars per share) | 20.55 | 18.78 | 0 |
Vested (in dollars per share) | 19.47 | 0 | 0 |
Forfeited (in dollars per share) | 18.60 | 19.01 | 0 |
Unvested shares, ending balance (in dollars per share) | $ 19.37 | $ 18.78 | $ 0 |
Shares expected to ultimately vest | 435,000 |
Equity (Summary of Shares Grant
Equity (Summary of Shares Granted to Independent Director) (Details) - Long Term Incentive Plan - Director - $ / shares | May 14, 2018 | Nov. 27, 2017 | May 02, 2017 | Jan. 03, 2017 | Oct. 03, 2016 | Jul. 01, 2016 | Apr. 01, 2016 | Jan. 04, 2016 |
May 14, 2018 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares | 31,743 | |||||||
Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 22.20 | |||||||
January 3, 2017 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares | 8,279 | |||||||
Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 21.58 | |||||||
May 2, 2017 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares | 33,581 | |||||||
Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 22.57 | |||||||
November 27, 2017 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares | 1,596 | |||||||
Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 23.07 | |||||||
January 4, 2016 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares | 7,439 | |||||||
Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 23 | |||||||
April 1, 2016 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares | 8,120 | |||||||
Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 21.89 | |||||||
July 1, 2016 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares | 8,158 | |||||||
Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 21.52 | |||||||
October 3, 2016 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares | 7,727 | |||||||
Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 22.19 |
Equity (Stock-Based Compensatio
Equity (Stock-Based Compensation Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 6,966 | $ 7,580 | $ 4,558 |
Future employee awards | 2,461 | 2,509 | 1,006 |
Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 3,800 | 4,098 | 2,856 |
Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 705 | $ 973 | $ 696 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)market | |
Operating Leased Assets [Line Items] | |
Number of markets | market | 3 |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,019 | $ 242,370 |
2,020 | 247,826 |
2,021 | 221,692 |
2,022 | 209,845 |
2,023 | 192,261 |
Thereafter | 1,106,275 |
Total | $ 2,220,269 |
Lease revenue | Customer concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 6.00% |
Number of properties | New York | Geographic concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 37.00% |
Number of properties | San Francisco | Geographic concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 26.00% |
Number of properties | Washington, D.C. | Geographic concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 15.00% |
Business services industry | Lease revenue | Customer concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 24.00% |
Banking industry | Lease revenue | Customer concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 10.00% |
Engineering and management services | Lease revenue | Customer concentration risk | |
Operating Leased Assets [Line Items] | |
Concentration risk percentage | 7.00% |
Supplemental Disclosure of No_2
Supplemental Disclosure of Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Investment in real estate funded with other assets | $ 617 | $ 311 | $ 1,442 | |
Deposits applied to sales of real estate | 0 | 10,000 | 0 | |
Other assets assumed upon acquisition | 259 | 1,014 | 0 | |
Other liabilities assumed upon acquisition | 664 | 268 | 0 | |
Real estate assets transferred to unconsolidated joint venture | 0 | 558,122 | 0 | |
Other assets transferred to unconsolidated joint venture | 0 | 43,700 | 0 | |
Other liabilities transferred to unconsolidated joint venture | 0 | 21,347 | 0 | |
Extinguishment of 263 Shuman Boulevard mortgage note by transferring property to lender | 49,000 | 0 | 0 | |
Settlement of capital lease obligation with related development authority bonds | $ 120,000 | 120,000 | 0 | 0 |
Discount on issuance of bonds payable | 0 | 0 | 1,309 | |
Amortization of net discounts on debt | 180 | 180 | 267 | |
Market value adjustment to interest rate swaps that qualify for hedge accounting treatment | 1,441 | 1,786 | 1,553 | |
Accrued investments in unconsolidated joint ventures | 386 | 0 | 0 | |
Accrued capital expenditures and deferred lease costs | 15,145 | 25,069 | 15,042 | |
Accrued dividends payable | 23,340 | 23,340 | 23,961 | 36,727 |
Common stock issued to employees and directors, and amortized (net of income tax witholdings) | 5,005 | 5,764 | 3,388 | |
Accounting Standards Update 2017-05 And 2014-09 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative-effect adjustment for the adoption of ASU | $ 358,098 | $ 358,098 | $ 0 | $ 0 |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax Basis Net Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
GAAP basis financial statement net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ 5,003 | $ 6,429 | $ (3,439) | $ 1,498 | $ (1,348) | $ 101,534 | $ 1,133 | $ 74,722 | $ 9,491 | $ 176,041 | $ 84,281 |
Increase (Decrease) in Net Income Resulting From: | |||||||||||
Depreciation and amortization expense for financial reporting purposes in excess of amounts for income tax purposes | 43,753 | 33,918 | 34,569 | ||||||||
Rental income accrued for financial reporting purposes in excess of (less than) amounts for income tax purposes | 7,145 | (38,426) | (26,900) | ||||||||
Net amortization of above-/below-market lease intangibles for financial reporting purposes less than amounts for income tax purposes | (5,990) | (6,091) | (9,013) | ||||||||
Bad debt expense for financial reporting purposes less than amounts for income tax purposes | 4 | (31) | (261) | ||||||||
Income from unconsolidated joint ventures for financial reporting purchases in excess of amount for income tax purposes | 16,654 | 13,902 | 0 | ||||||||
Gains or losses on disposition of real property for financial reporting purposes that are more favorable than amounts for income tax purposes | 79,376 | (126,770) | (71,701) | ||||||||
Other expenses or revenues for financial reporting purposes in excess of amounts for income tax purposes | (32,342) | 11,331 | (2,707) | ||||||||
Income tax basis net income, prior to dividends-paid deduction | 118,091 | $ 63,874 | $ 8,268 | ||||||||
Tax basis carrying value of total assets | $ 4,300,000 | $ 4,300,000 |
Income Taxes (Distributions) (D
Income Taxes (Distributions) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | 100.00% | 58.50% | 5.60% |
Capital gains | 0.00% | 0.00% | 0.00% |
Return of capital | 0.00% | 41.50% | 94.40% |
Total | 100.00% | 100.00% | 100.00% |
Income Taxes (Effective Tax Rat
Income Taxes (Effective Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | |||
Total income tax | $ 37 | $ (213) | $ 445 |
Deferred tax asset | 200 | ||
Columbia TRS | |||
Income Tax Contingency [Line Items] | |||
Federal income tax | 63 | 188 | 255 |
State income tax | (26) | 38 | 21 |
Total income tax | $ 37 | $ 226 | $ 276 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Basic and Diluted EPS Computation) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income | $ 5,003 | $ 6,429 | $ (3,439) | $ 1,498 | $ (1,348) | $ 101,534 | $ 1,133 | $ 74,722 | $ 9,491 | $ 176,041 | $ 84,281 |
Distributions paid on unvested shares | (296) | (337) | (314) | ||||||||
Net income used to calculate basic and diluted earnings per share | $ 9,195 | $ 175,704 | $ 83,967 | ||||||||
Weighted-average common shares – basic | 117,888 | 120,795 | 123,130 | ||||||||
Weighted-average common shares – diluted | 118,311 | 121,159 | 123,228 | ||||||||
Previously granted LTI Plan awards, unvested | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Plus Incremental Weighted-Average Shares From Time-Vested Conversions Less Assumed Share Repurchases | 104 | 116 | 58 | ||||||||
Future LTI Plan awards | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Plus Incremental Weighted-Average Shares From Time-Vested Conversions Less Assumed Share Repurchases | 319 | 248 | 40 |
Quarterly Results (Unaudited)_2
Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenues | $ 75,523 | $ 73,340 | $ 75,370 | $ 73,710 | $ 71,625 | $ 60,362 | $ 74,857 | $ 82,156 | $ 297,943 | $ 289,000 | $ 473,543 |
Net income | $ 5,003 | $ 6,429 | $ (3,439) | $ 1,498 | $ (1,348) | $ 101,534 | $ 1,133 | $ 74,722 | $ 9,491 | $ 176,041 | $ 84,281 |
Net income per share - basic (in dollars per share) | $ 0.04 | $ 0.05 | $ (0.03) | $ 0.01 | $ (0.01) | $ 0.84 | $ 0.01 | $ 0.61 | $ 0.08 | $ 1.45 | $ 0.68 |
Net income per share - diluted (in dollars per share) | 0.04 | 0.05 | (0.03) | 0.01 | (0.01) | 0.84 | 0.01 | 0.61 | $ 0.08 | $ 1.45 | $ 0.68 |
Dividends declared per share (in dollars per share) | $ 0.2 | $ 0.2 | $ 0.2 | $ 0.2 | $ 0.2 | $ 0.2 | $ 0.2 | $ 0.20 | |||
Impairment loss on real estate | $ 30,800 | $ 30,812 | $ 0 | $ 0 | |||||||
Gain on extinguishment of debt | $ 24,000 | 23,340 | (325) | (18,997) | |||||||
Gain on the early extinguishment of debt | $ 102,400 | $ 23,340 | $ (325) | $ (18,997) | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 11 Property Sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gain on sale of real estate | $ 73,200 |
Non-Lease Revenues (Details)
Non-Lease Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Asset and property management fee income | $ 7.4 | $ 3.8 | $ 2.1 | |
Lease override fee revenue earned | 0.2 | |||
Salary and other reimbursement revenue | 4.4 | 2.3 | 0.7 | |
Miscellaneous revenue | $ 0.7 | $ 0.6 | $ 0.7 | |
Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09 | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease override fees receivable | $ 0.3 |
Segment Information (Operating
Segment Information (Operating Revenues By Geographic Reportable Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 31, 2018 | Oct. 11, 2017 | Jul. 06, 2017 | Jul. 05, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenues including unconsolidated joint venture | $ 403,082 | $ 345,955 | $ 492,448 | ||||||||||||
Operating revenues | $ 75,523 | $ 73,340 | $ 75,370 | $ 73,710 | $ 71,625 | $ 60,362 | $ 74,857 | $ 82,156 | 297,943 | 289,000 | 473,543 | ||||
Asset and property management fee income | 7,400 | 3,800 | 2,100 | ||||||||||||
Operating Segments | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenues including unconsolidated joint venture | 399,917 | 344,048 | 469,093 | ||||||||||||
Operating Segments | New York | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenues including unconsolidated joint venture | 158,077 | 123,280 | 117,235 | ||||||||||||
Operating Segments | San Francisco | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenues including unconsolidated joint venture | 105,947 | 105,550 | 109,995 | ||||||||||||
Operating Segments | Atlanta | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenues including unconsolidated joint venture | 41,708 | 37,803 | 36,742 | ||||||||||||
Operating Segments | Washington, D.C. | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenues including unconsolidated joint venture | 57,274 | 36,934 | 33,024 | ||||||||||||
Operating Segments | Boston | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenues including unconsolidated joint venture | 13,441 | 11,559 | 11,796 | ||||||||||||
Operating Segments | Los Angeles | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenues including unconsolidated joint venture | 7,783 | 7,462 | 7,443 | ||||||||||||
Operating Segments | All other office markets | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenues including unconsolidated joint venture | 15,687 | 21,460 | 152,858 | ||||||||||||
Hotel | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenues including unconsolidated joint venture | 0 | 1,328 | 22,958 | ||||||||||||
Asset and property management fee income | 7,384 | 3,782 | 2,122 | ||||||||||||
Corporate | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenues including unconsolidated joint venture | 3,165 | 579 | 397 | ||||||||||||
Joint Venture | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenues | 112,523 | 60,737 | 21,027 | ||||||||||||
Asset and property management fee income | (7,384) | (3,782) | (2,122) | ||||||||||||
Corporate Joint Venture | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Asset and property management fee income | $ 7,384 | 3,782 | 2,122 | ||||||||||||
114 Fifth Avenue | Corporate Joint Venture | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Ownership percentage | 49.50% | 49.50% | 49.50% | ||||||||||||
University Circle & 333 Market Street | Corporate Joint Venture | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Ownership percentage | 55.00% | 55.00% | 77.50% | 100.00% | |||||||||||
Market Square Joint Venture | Corporate Joint Venture | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Ownership percentage | 51.00% | 51.00% | 51.00% | ||||||||||||
Asset and property management fee income | $ 2,156 | 1,998 | 2,122 | ||||||||||||
1800 M Street Joint Venture | Corporate Joint Venture | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Ownership percentage | 55.00% | 55.00% | 55.00% | ||||||||||||
Asset and property management fee income | $ 2,161 | $ 417 | $ 0 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Net Operating Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 03, 2018 | Sep. 30, 2018 | Jan. 31, 2018 | Oct. 11, 2017 | Jul. 06, 2017 | Jul. 05, 2017 | |
Segment Reporting Information [Line Items] | |||||||||
Net operating income including consolidated joint venture | $ 271,499 | $ 228,875 | $ 306,101 | ||||||
Operating Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net operating income including consolidated joint venture | 272,302 | 230,614 | 302,271 | ||||||
Operating Segments | New York | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net operating income including consolidated joint venture | 94,765 | 73,893 | 70,038 | ||||||
Operating Segments | San Francisco | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net operating income including consolidated joint venture | 79,354 | 76,163 | 80,529 | ||||||
Operating Segments | Atlanta | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net operating income including consolidated joint venture | 36,657 | 33,603 | 32,939 | ||||||
Operating Segments | Washington, D.C. | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net operating income including consolidated joint venture | 34,750 | 18,496 | 16,372 | ||||||
Operating Segments | Boston | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net operating income including consolidated joint venture | 7,205 | 5,380 | 5,114 | ||||||
Operating Segments | Los Angeles | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net operating income including consolidated joint venture | 4,590 | 4,529 | 4,523 | ||||||
Operating Segments | All other office markets | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net operating income including consolidated joint venture | 14,981 | 18,550 | 92,756 | ||||||
Hotel | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net operating income including consolidated joint venture | 0 | (913) | 3,988 | ||||||
Corporate | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net operating income including consolidated joint venture | $ (803) | $ (826) | $ (158) | ||||||
114 Fifth Avenue | Corporate Joint Venture | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Ownership percentage | 49.50% | 49.50% | |||||||
799 Broadway Joint Venture | Corporate Joint Venture | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Ownership percentage | 49.70% | 49.70% | |||||||
University Circle & 333 Market Street | Corporate Joint Venture | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Ownership percentage | 55.00% | 77.50% | 100.00% | ||||||
Market Square Joint Venture | Corporate Joint Venture | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Ownership percentage | 51.00% | 51.00% | |||||||
1800 M Street Joint Venture | Corporate Joint Venture | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Ownership percentage | 55.00% | 55.00% |
Segment Information (Reconcil_2
Segment Information (Reconciliation of GAAP Net Income to NOI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net income | $ 5,003 | $ 6,429 | $ (3,439) | $ 1,498 | $ (1,348) | $ 101,534 | $ 1,133 | $ 74,722 | $ 9,491 | $ 176,041 | $ 84,281 |
Depreciation | 81,795 | 80,394 | 108,543 | ||||||||
Amortization | 32,554 | 32,403 | 56,775 | ||||||||
Impairment loss on real estate | $ 30,800 | 30,812 | 0 | 0 | |||||||
General and administrative – corporate | 32,979 | 34,966 | 33,876 | ||||||||
General and administrative – joint venture | 3,108 | 1,454 | 0 | ||||||||
(Gain) loss on extinguishment of debt | $ (102,400) | (23,340) | 325 | 18,997 | |||||||
Income tax expense | 37 | (213) | 445 | ||||||||
Asset and property management fee income | (7,400) | (3,800) | (2,100) | ||||||||
Gain on sale of unconsolidated joint venture interest | (762) | 0 | 0 | ||||||||
Gain on sale of real estate assets | 0 | (175,518) | (72,325) | ||||||||
Net operating income | 271,499 | 228,875 | 306,101 | ||||||||
Segment Reconciling Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation | 81,795 | 80,394 | 108,543 | ||||||||
Amortization | 32,554 | 32,403 | 56,775 | ||||||||
Impairment loss on real estate | 30,812 | 0 | 0 | ||||||||
General and administrative – corporate | 32,979 | 34,966 | 33,876 | ||||||||
General and administrative – joint venture | 3,108 | 1,454 | 0 | ||||||||
Net interest expense | 56,477 | 58,187 | 67,538 | ||||||||
Interest income from development authority bonds | (6,871) | (7,200) | (7,200) | ||||||||
(Gain) loss on extinguishment of debt | (23,340) | 325 | 18,997 | ||||||||
Income tax expense | 37 | (213) | 445 | ||||||||
Asset and property management fee income | (7,384) | (3,782) | (2,122) | ||||||||
Adjustments included in loss from unconsolidated joint venture | 62,603 | 31,818 | 17,293 | ||||||||
Gain on sale of unconsolidated joint venture interest | (762) | 0 | 0 | ||||||||
Gain on sale of real estate assets | $ 0 | $ (175,518) | $ (72,325) |
Financial Information for Par_3
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries, and Non-Guarantor Subsidiaries (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||
Ownership percentage of wholly owned subsidiary | 100.00% | ||
Increase in cash flows from operating activities | $ 97,625 | $ 61,924 | $ 193,091 |
Increase (decrease) in cash flows from investing cash flows | 375,730 | (347,723) | 525,613 |
Increase (decrease) in cash flows from financing activities | (465,804) | 79,281 | (535,264) |
Columbia Property Trust (Parent) | Reportable Legal Entities | |||
Condensed Financial Statements, Captions [Line Items] | |||
Increase in cash flows from operating activities | 7,225 | 3,966 | 53,980 |
Increase (decrease) in cash flows from investing cash flows | 161,339 | (8,671) | 321,911 |
Increase (decrease) in cash flows from financing activities | (167,551) | (169,023) | (202,460) |
Columbia Property Trust OP (the Issuer) | Reportable Legal Entities | |||
Condensed Financial Statements, Captions [Line Items] | |||
Increase in cash flows from operating activities | 8,268 | (46,268) | 86,846 |
Increase (decrease) in cash flows from investing cash flows | 435,215 | (417,235) | 550,111 |
Increase (decrease) in cash flows from financing activities | (437,989) | 452,073 | (635,417) |
Non- Guarantors | Reportable Legal Entities | |||
Condensed Financial Statements, Captions [Line Items] | |||
Increase in cash flows from operating activities | 118,010 | 104,226 | 242,118 |
Increase (decrease) in cash flows from investing cash flows | 165,776 | (27,993) | 543,982 |
Increase (decrease) in cash flows from financing activities | $ (282,742) | $ (97,593) | (777,631) |
Intercompany Cash Transfers Between Parent and Subsidiaries Broken Out by Cash Flow Type | Restatement Adjustment | Columbia Property Trust (Parent) | Reportable Legal Entities | |||
Condensed Financial Statements, Captions [Line Items] | |||
Increase in cash flows from operating activities | 53,100 | ||
Increase (decrease) in cash flows from investing cash flows | (281,800) | ||
Increase (decrease) in cash flows from financing activities | 228,700 | ||
Intercompany Cash Transfers Between Parent and Subsidiaries Broken Out by Cash Flow Type | Restatement Adjustment | Columbia Property Trust OP (the Issuer) | Reportable Legal Entities | |||
Condensed Financial Statements, Captions [Line Items] | |||
Increase in cash flows from operating activities | 136,700 | ||
Increase (decrease) in cash flows from investing cash flows | 568,500 | ||
Increase (decrease) in cash flows from financing activities | (705,200) | ||
Intercompany Cash Transfers Between Parent and Subsidiaries Broken Out by Cash Flow Type | Restatement Adjustment | Non- Guarantors | Reportable Legal Entities | |||
Condensed Financial Statements, Captions [Line Items] | |||
Increase (decrease) in cash flows from investing cash flows | 603,700 | ||
Increase (decrease) in cash flows from financing activities | $ (603,700) |
Financial Information for Par_4
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries, and Non-Guarantor Subsidiaries (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate Assets, at Cost: | ||||
Land | $ 817,975 | $ 825,208 | ||
Buildings and improvements, net | 1,910,041 | 2,063,419 | ||
Intangible lease assets, net | 98,540 | 199,260 | ||
Construction in progress | 33,800 | 44,742 | ||
Total real estate assets | 2,860,356 | 3,132,629 | ||
Investments in unconsolidated joint ventures | 1,071,353 | 943,242 | ||
Cash and cash equivalents | 17,118 | 9,567 | $ 216,085 | $ 32,645 |
Investment in subsidiaries | 0 | 0 | ||
Tenant receivables, net of allowance | 3,258 | 2,128 | ||
Straight-line rent receivable | 87,159 | 92,235 | ||
Prepaid expenses and other assets | 23,218 | 27,683 | ||
Intangible lease origination costs, net | 34,092 | 42,959 | ||
Deferred lease costs, net | 77,439 | 141,096 | ||
Investment in development authority bonds | 0 | 120,000 | ||
Total assets | 4,173,993 | 4,511,539 | ||
Liabilities: | ||||
Line of credit and notes payable, net | 629,308 | 971,185 | ||
Bonds payable, net | 694,538 | 693,756 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 49,117 | 125,002 | ||
Dividends payable | 23,340 | 23,961 | 36,727 | |
Due to affiliates | 0 | 0 | ||
Deferred income | 15,593 | 18,481 | ||
Intangible lease liabilities, net | 21,081 | 27,218 | ||
Obligations under capital leases | 0 | 120,000 | ||
Total liabilities | 1,432,977 | 1,979,603 | ||
Equity: | ||||
Total equity | 2,741,016 | 2,531,936 | 2,502,768 | 2,614,194 |
Total liabilities and equity | 4,173,993 | 4,511,539 | ||
Consolidating Adjustments | ||||
Real Estate Assets, at Cost: | ||||
Land | 0 | 0 | ||
Buildings and improvements, net | 0 | 0 | ||
Intangible lease assets, net | 0 | 0 | ||
Construction in progress | 0 | 0 | ||
Total real estate assets | 0 | 0 | ||
Investments in unconsolidated joint ventures | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Investment in subsidiaries | (3,859,510) | (3,425,171) | ||
Tenant receivables, net of allowance | 0 | 0 | ||
Straight-line rent receivable | 0 | 0 | ||
Prepaid expenses and other assets | (469,029) | (645,654) | ||
Intangible lease origination costs, net | 0 | 0 | ||
Deferred lease costs, net | 0 | 0 | ||
Investment in development authority bonds | 0 | |||
Total assets | (4,328,539) | (4,070,825) | ||
Liabilities: | ||||
Line of credit and notes payable, net | (467,344) | (643,310) | ||
Bonds payable, net | 0 | 0 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | (5) | (4) | ||
Dividends payable | 0 | 0 | ||
Due to affiliates | (1,680) | (2,340) | ||
Deferred income | 0 | 0 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Obligations under capital leases | 0 | |||
Total liabilities | (469,029) | (645,654) | ||
Equity: | ||||
Total equity | (3,859,510) | (3,425,171) | ||
Total liabilities and equity | (4,328,539) | (4,070,825) | ||
Columbia Property Trust (Parent) | Reportable Legal Entities | ||||
Real Estate Assets, at Cost: | ||||
Land | 0 | 0 | ||
Buildings and improvements, net | 0 | 0 | ||
Intangible lease assets, net | 0 | 0 | ||
Construction in progress | 0 | 0 | ||
Total real estate assets | 0 | 0 | ||
Investments in unconsolidated joint ventures | 0 | 0 | ||
Cash and cash equivalents | 1,705 | 692 | 174,420 | 989 |
Investment in subsidiaries | 2,622,528 | 2,238,577 | ||
Tenant receivables, net of allowance | 0 | 0 | ||
Straight-line rent receivable | 0 | 0 | ||
Prepaid expenses and other assets | 140,797 | 317,364 | ||
Intangible lease origination costs, net | 0 | 0 | ||
Deferred lease costs, net | 0 | 0 | ||
Investment in development authority bonds | 0 | |||
Total assets | 2,765,030 | 2,556,633 | ||
Liabilities: | ||||
Line of credit and notes payable, net | 0 | 0 | ||
Bonds payable, net | 0 | 0 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 674 | 732 | ||
Dividends payable | 23,340 | 23,961 | ||
Due to affiliates | 0 | 0 | ||
Deferred income | 0 | 4 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Obligations under capital leases | 0 | |||
Total liabilities | 24,014 | 24,697 | ||
Equity: | ||||
Total equity | 2,741,016 | 2,531,936 | ||
Total liabilities and equity | 2,765,030 | 2,556,633 | ||
Columbia Property Trust OP (the Issuer) | Reportable Legal Entities | ||||
Real Estate Assets, at Cost: | ||||
Land | 0 | 0 | ||
Buildings and improvements, net | 1,739 | 2,110 | ||
Intangible lease assets, net | 0 | 0 | ||
Construction in progress | 0 | 0 | ||
Total real estate assets | 1,739 | 2,110 | ||
Investments in unconsolidated joint ventures | 1,071,353 | 943,241 | ||
Cash and cash equivalents | 10,573 | 5,079 | 16,509 | 14,969 |
Investment in subsidiaries | 1,236,982 | 1,186,594 | ||
Tenant receivables, net of allowance | 0 | 30 | ||
Straight-line rent receivable | 0 | 0 | ||
Prepaid expenses and other assets | 340,071 | 336,598 | ||
Intangible lease origination costs, net | 0 | 0 | ||
Deferred lease costs, net | 0 | 0 | ||
Investment in development authority bonds | 0 | |||
Total assets | 2,660,718 | 2,473,652 | ||
Liabilities: | ||||
Line of credit and notes payable, net | 629,308 | 899,168 | ||
Bonds payable, net | 694,538 | 693,756 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 9,441 | 10,325 | ||
Dividends payable | 0 | 0 | ||
Due to affiliates | 0 | 0 | ||
Deferred income | 0 | 81 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Obligations under capital leases | 0 | |||
Total liabilities | 1,333,287 | 1,603,330 | ||
Equity: | ||||
Total equity | 1,327,431 | 870,322 | ||
Total liabilities and equity | 2,660,718 | 2,473,652 | ||
Non- Guarantors | Reportable Legal Entities | ||||
Real Estate Assets, at Cost: | ||||
Land | 817,975 | 825,208 | ||
Buildings and improvements, net | 1,908,302 | 2,061,309 | ||
Intangible lease assets, net | 98,540 | 199,260 | ||
Construction in progress | 33,800 | 44,742 | ||
Total real estate assets | 2,858,617 | 3,130,519 | ||
Investments in unconsolidated joint ventures | 0 | 1 | ||
Cash and cash equivalents | 4,840 | 3,796 | $ 25,156 | $ 16,687 |
Investment in subsidiaries | 0 | 0 | ||
Tenant receivables, net of allowance | 3,258 | 2,098 | ||
Straight-line rent receivable | 87,159 | 92,235 | ||
Prepaid expenses and other assets | 11,379 | 19,375 | ||
Intangible lease origination costs, net | 34,092 | 42,959 | ||
Deferred lease costs, net | 77,439 | 141,096 | ||
Investment in development authority bonds | 120,000 | |||
Total assets | 3,076,784 | 3,552,079 | ||
Liabilities: | ||||
Line of credit and notes payable, net | 467,344 | 715,327 | ||
Bonds payable, net | 0 | 0 | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 39,007 | 113,949 | ||
Dividends payable | 0 | 0 | ||
Due to affiliates | 1,680 | 2,340 | ||
Deferred income | 15,593 | 18,396 | ||
Intangible lease liabilities, net | 21,081 | 27,218 | ||
Obligations under capital leases | 120,000 | |||
Total liabilities | 544,705 | 997,230 | ||
Equity: | ||||
Total equity | 2,532,079 | 2,554,849 | ||
Total liabilities and equity | $ 3,076,784 | $ 3,552,079 |
Financial Information for Par_5
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries, and Non-Guarantor Subsidiaries (Consolidating Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||||||||||
Revenue | $ 75,523 | $ 73,340 | $ 75,370 | $ 73,710 | $ 71,625 | $ 60,362 | $ 74,857 | $ 82,156 | $ 297,943 | $ 289,000 | $ 473,543 |
Asset and Property Management Fee Expenses: | |||||||||||
Related-party | 0 | 0 | |||||||||
Asset and property management fee expenses | 918 | 1,415 | |||||||||
Depreciation | 81,795 | 80,394 | 108,543 | ||||||||
Amortization | 32,554 | 32,403 | 56,775 | ||||||||
Impairment loss on real estate assets | 30,800 | 30,812 | 0 | 0 | |||||||
General and administrative – corporate | 32,979 | 34,966 | 33,876 | ||||||||
General and administrative – joint venture | 3,108 | 1,454 | 0 | ||||||||
Costs and expenses | 270,915 | 240,029 | 374,263 | ||||||||
Real estate operating income (loss) | 27,028 | 48,971 | 99,280 | ||||||||
Other Income (Expense): | |||||||||||
Interest expense | (56,499) | (60,516) | (67,609) | ||||||||
Interest and other income | 6,894 | 9,529 | 7,288 | ||||||||
Gain on sale of unconsolidated joint venture interest | 762 | 0 | 0 | ||||||||
Gain (loss) on extinguishment of debt | 102,400 | 23,340 | (325) | (18,997) | |||||||
Nonoperating income (expense) | (25,503) | (51,312) | (79,318) | ||||||||
Income (loss) before income tax, unconsolidated joint ventures, and gains on sales of real estate assets | 1,525 | (2,341) | 19,962 | ||||||||
Income tax expense | (37) | 213 | (445) | ||||||||
Income (loss) from unconsolidated joint ventures | 8,003 | 2,651 | (7,561) | ||||||||
Income before gains on sales of real estate assets | 9,491 | 523 | 11,956 | ||||||||
Gains on sales of real estate assets | 0 | 175,518 | 72,325 | ||||||||
Net income | $ 5,003 | $ 6,429 | $ (3,439) | $ 1,498 | $ (1,348) | $ 101,534 | $ 1,133 | $ 74,722 | 9,491 | 176,041 | 84,281 |
Reportable Legal Entities | Columbia Property Trust (Parent) | |||||||||||
Revenues: | |||||||||||
Revenue | 3,792 | 1,908 | 980 | ||||||||
Asset and Property Management Fee Expenses: | |||||||||||
Related-party | 0 | 0 | |||||||||
Asset and property management fee expenses | 0 | 0 | |||||||||
Depreciation | 0 | 0 | 0 | ||||||||
Amortization | 0 | 0 | 0 | ||||||||
Impairment loss on real estate assets | 0 | ||||||||||
General and administrative – corporate | 777 | 259 | 154 | ||||||||
General and administrative – joint venture | 0 | 0 | |||||||||
Costs and expenses | 777 | 259 | 154 | ||||||||
Real estate operating income (loss) | 3,015 | 1,649 | 826 | ||||||||
Other Income (Expense): | |||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Interest and other income | 9,547 | 16,535 | 14,268 | ||||||||
Gain on sale of unconsolidated joint venture interest | 0 | ||||||||||
Gain (loss) on extinguishment of debt | 0 | 0 | 0 | ||||||||
Nonoperating income (expense) | 9,547 | 16,535 | 14,268 | ||||||||
Income (loss) before income tax, unconsolidated joint ventures, and gains on sales of real estate assets | 12,562 | 18,184 | 15,094 | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Income (loss) from unconsolidated joint ventures | (3,071) | 157,857 | 69,187 | ||||||||
Income before gains on sales of real estate assets | 176,041 | 84,281 | |||||||||
Gains on sales of real estate assets | 0 | 0 | |||||||||
Net income | 9,491 | 176,041 | 84,281 | ||||||||
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | |||||||||||
Revenues: | |||||||||||
Revenue | 2 | (9) | 5,585 | ||||||||
Asset and Property Management Fee Expenses: | |||||||||||
Related-party | 3 | 154 | |||||||||
Asset and property management fee expenses | 0 | 0 | |||||||||
Depreciation | 667 | 869 | 2,760 | ||||||||
Amortization | 0 | 5 | 364 | ||||||||
Impairment loss on real estate assets | 0 | ||||||||||
General and administrative – corporate | 9,035 | 9,048 | 8,566 | ||||||||
General and administrative – joint venture | 0 | 0 | |||||||||
Costs and expenses | 9,702 | 10,233 | 15,053 | ||||||||
Real estate operating income (loss) | (9,700) | (10,242) | (9,468) | ||||||||
Other Income (Expense): | |||||||||||
Interest expense | (47,055) | (44,259) | (46,797) | ||||||||
Interest and other income | 13,914 | 7,762 | 15,272 | ||||||||
Gain on sale of unconsolidated joint venture interest | 762 | ||||||||||
Gain (loss) on extinguishment of debt | (663) | 0 | (18,987) | ||||||||
Nonoperating income (expense) | (33,042) | (36,497) | (50,512) | ||||||||
Income (loss) before income tax, unconsolidated joint ventures, and gains on sales of real estate assets | (42,742) | (46,739) | (59,980) | ||||||||
Income tax expense | 0 | (1) | (20) | ||||||||
Income (loss) from unconsolidated joint ventures | 46,952 | 198,620 | 113,105 | ||||||||
Income before gains on sales of real estate assets | 151,880 | 53,105 | |||||||||
Gains on sales of real estate assets | 11,050 | 0 | |||||||||
Net income | 4,210 | 162,930 | 53,105 | ||||||||
Reportable Legal Entities | Non- Guarantors | |||||||||||
Revenues: | |||||||||||
Revenue | 294,149 | 287,479 | 467,767 | ||||||||
Asset and Property Management Fee Expenses: | |||||||||||
Related-party | 0 | 0 | |||||||||
Asset and property management fee expenses | 918 | 1,415 | |||||||||
Depreciation | 81,128 | 79,525 | 105,783 | ||||||||
Amortization | 32,554 | 32,398 | 56,411 | ||||||||
Impairment loss on real estate assets | 30,812 | ||||||||||
General and administrative – corporate | 23,167 | 25,674 | 25,408 | ||||||||
General and administrative – joint venture | 3,108 | 1,454 | |||||||||
Costs and expenses | 260,436 | 229,915 | 359,845 | ||||||||
Real estate operating income (loss) | 33,713 | 57,564 | 107,922 | ||||||||
Other Income (Expense): | |||||||||||
Interest expense | (32,903) | (38,238) | (50,302) | ||||||||
Interest and other income | 6,892 | 7,213 | 7,238 | ||||||||
Gain on sale of unconsolidated joint venture interest | 0 | ||||||||||
Gain (loss) on extinguishment of debt | 24,003 | (325) | (10) | ||||||||
Nonoperating income (expense) | (2,008) | (31,350) | (43,074) | ||||||||
Income (loss) before income tax, unconsolidated joint ventures, and gains on sales of real estate assets | 31,705 | 26,214 | 64,848 | ||||||||
Income tax expense | (37) | 214 | (425) | ||||||||
Income (loss) from unconsolidated joint ventures | 0 | 0 | 0 | ||||||||
Income before gains on sales of real estate assets | 26,428 | 64,423 | |||||||||
Gains on sales of real estate assets | 164,468 | 72,325 | |||||||||
Net income | 31,668 | 190,896 | 136,748 | ||||||||
Consolidating Adjustments | |||||||||||
Revenues: | |||||||||||
Revenue | 0 | (378) | (789) | ||||||||
Asset and Property Management Fee Expenses: | |||||||||||
Related-party | (3) | (154) | |||||||||
Asset and property management fee expenses | 0 | 0 | |||||||||
Depreciation | 0 | 0 | 0 | ||||||||
Amortization | 0 | 0 | 0 | ||||||||
Impairment loss on real estate assets | 0 | ||||||||||
General and administrative – corporate | 0 | (15) | (252) | ||||||||
General and administrative – joint venture | 0 | 0 | |||||||||
Costs and expenses | 0 | (378) | (789) | ||||||||
Real estate operating income (loss) | 0 | 0 | 0 | ||||||||
Other Income (Expense): | |||||||||||
Interest expense | 23,459 | 21,981 | 29,490 | ||||||||
Interest and other income | (23,459) | (21,981) | (29,490) | ||||||||
Gain on sale of unconsolidated joint venture interest | 0 | ||||||||||
Gain (loss) on extinguishment of debt | 0 | 0 | 0 | ||||||||
Nonoperating income (expense) | 0 | 0 | 0 | ||||||||
Income (loss) before income tax, unconsolidated joint ventures, and gains on sales of real estate assets | 0 | 0 | 0 | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Income (loss) from unconsolidated joint ventures | (35,878) | (353,826) | (189,853) | ||||||||
Income before gains on sales of real estate assets | (353,826) | (189,853) | |||||||||
Gains on sales of real estate assets | 0 | 0 | |||||||||
Net income | (35,878) | (353,826) | (189,853) | ||||||||
Rental income and tenant reimbursements | |||||||||||
Revenues: | |||||||||||
Revenue | 283,252 | 280,570 | 435,956 | ||||||||
Rental income and tenant reimbursements | Reportable Legal Entities | Columbia Property Trust (Parent) | |||||||||||
Revenues: | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Rental income and tenant reimbursements | Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | |||||||||||
Revenues: | |||||||||||
Revenue | 2 | (9) | 5,585 | ||||||||
Rental income and tenant reimbursements | Reportable Legal Entities | Non- Guarantors | |||||||||||
Revenues: | |||||||||||
Revenue | 283,250 | 280,939 | 430,754 | ||||||||
Rental income and tenant reimbursements | Consolidating Adjustments | |||||||||||
Revenues: | |||||||||||
Revenue | 0 | (360) | (383) | ||||||||
Hotel income/operating costs | |||||||||||
Revenues: | |||||||||||
Revenue | 0 | 1,339 | 22,661 | ||||||||
Expenses: | |||||||||||
Cost of goods and services sold | 0 | 2,089 | 18,686 | ||||||||
Hotel income/operating costs | Reportable Legal Entities | Columbia Property Trust (Parent) | |||||||||||
Revenues: | |||||||||||
Revenue | 0 | 0 | |||||||||
Expenses: | |||||||||||
Cost of goods and services sold | 0 | 0 | |||||||||
Hotel income/operating costs | Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | |||||||||||
Revenues: | |||||||||||
Revenue | 0 | 0 | |||||||||
Expenses: | |||||||||||
Cost of goods and services sold | 0 | 0 | |||||||||
Hotel income/operating costs | Reportable Legal Entities | Non- Guarantors | |||||||||||
Revenues: | |||||||||||
Revenue | 1,339 | 22,661 | |||||||||
Expenses: | |||||||||||
Cost of goods and services sold | 2,089 | 18,686 | |||||||||
Hotel income/operating costs | Consolidating Adjustments | |||||||||||
Revenues: | |||||||||||
Revenue | 0 | 0 | |||||||||
Expenses: | |||||||||||
Cost of goods and services sold | 0 | 0 | |||||||||
Asset and property management fee income/expenses | |||||||||||
Revenues: | |||||||||||
Revenue | 7,384 | 3,782 | 2,122 | ||||||||
Expenses: | |||||||||||
Cost of goods and services sold | 854 | 918 | 1,415 | ||||||||
Asset and property management fee income/expenses | Reportable Legal Entities | Columbia Property Trust (Parent) | |||||||||||
Revenues: | |||||||||||
Revenue | 3,792 | 1,908 | 574 | ||||||||
Expenses: | |||||||||||
Cost of goods and services sold | 0 | ||||||||||
Asset and property management fee income/expenses | Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | |||||||||||
Revenues: | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Expenses: | |||||||||||
Cost of goods and services sold | 0 | ||||||||||
Asset and property management fee income/expenses | Reportable Legal Entities | Non- Guarantors | |||||||||||
Revenues: | |||||||||||
Revenue | 3,592 | 1,874 | 1,548 | ||||||||
Expenses: | |||||||||||
Cost of goods and services sold | 854 | ||||||||||
Asset and property management fee income/expenses | Consolidating Adjustments | |||||||||||
Revenues: | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Expenses: | |||||||||||
Cost of goods and services sold | 0 | ||||||||||
Other property income | |||||||||||
Revenues: | |||||||||||
Revenue | 7,307 | 3,309 | 12,804 | ||||||||
Other property income | Reportable Legal Entities | Columbia Property Trust (Parent) | |||||||||||
Revenues: | |||||||||||
Revenue | 0 | 0 | 406 | ||||||||
Other property income | Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | |||||||||||
Revenues: | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Other property income | Reportable Legal Entities | Non- Guarantors | |||||||||||
Revenues: | |||||||||||
Revenue | 7,307 | 3,327 | 12,804 | ||||||||
Other property income | Consolidating Adjustments | |||||||||||
Revenues: | |||||||||||
Revenue | 0 | (18) | (406) | ||||||||
Property operating costs | |||||||||||
Expenses: | |||||||||||
Cost of goods and services sold | 88,813 | 87,805 | 154,968 | ||||||||
Property operating costs | Reportable Legal Entities | Columbia Property Trust (Parent) | |||||||||||
Expenses: | |||||||||||
Cost of goods and services sold | 0 | 0 | 0 | ||||||||
Property operating costs | Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | |||||||||||
Expenses: | |||||||||||
Cost of goods and services sold | 0 | 308 | 3,209 | ||||||||
Property operating costs | Reportable Legal Entities | Non- Guarantors | |||||||||||
Expenses: | |||||||||||
Cost of goods and services sold | 88,813 | 87,857 | 152,142 | ||||||||
Property operating costs | Consolidating Adjustments | |||||||||||
Expenses: | |||||||||||
Cost of goods and services sold | $ 0 | $ (360) | $ (383) |
Financial Information for Par_6
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries, and Non-Guarantor Subsidiaries (Consolidating Statements of Comprehensive Income) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | $ 5,003,000 | $ 6,429,000 | $ (3,439,000) | $ 1,498,000 | $ (1,348,000) | $ 101,534,000 | $ 1,133,000 | $ 74,722,000 | $ 9,491,000 | $ 176,041,000 | $ 84,281,000 |
Market value adjustment to interest rate swap | 1,441,000 | 1,786,000 | 1,553,000 | ||||||||
Comprehensive income | 10,932,000 | 177,827,000 | 85,834,000 | ||||||||
Reportable Legal Entities | Columbia Property Trust (Parent) | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | 9,491,000 | 176,041,000 | 84,281,000 | ||||||||
Market value adjustment to interest rate swap | 1,441,000 | 1,786,000 | 1,553,000 | ||||||||
Comprehensive income | 10,932,000 | 177,827,000 | 85,834,000 | ||||||||
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | 4,210,000 | 162,930,000 | 53,105,000 | ||||||||
Market value adjustment to interest rate swap | 1,441,000 | 1,786,000 | 1,553,000 | ||||||||
Comprehensive income | 5,651,000 | 164,716,000 | 54,658,000 | ||||||||
Reportable Legal Entities | Non- Guarantors | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | 31,668,000 | 190,896,000 | 136,748,000 | ||||||||
Market value adjustment to interest rate swap | 0 | 0 | 0 | ||||||||
Comprehensive income | 31,668,000 | 190,896,000 | 136,748,000 | ||||||||
Consolidating Adjustments | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | (35,878,000) | (353,826,000) | (189,853,000) | ||||||||
Market value adjustment to interest rate swap | (1,441,000) | (1,786,000) | (1,553,000) | ||||||||
Comprehensive income | $ (37,319,000) | $ (355,612,000) | $ (191,406,000) |
Financial Information for Par_7
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries, and Non-Guarantor Subsidiaries (Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||
Cash Flows From Operating Activities | $ 97,625 | $ 61,924 | $ 193,091 |
Cash Flows From Investing Activities: | |||
Net proceeds from sale of real estate | 284,608 | 737,631 | 613,732 |
Net proceeds from the sale of investments in unconsolidated joint ventures | 235,083 | 0 | 0 |
Investment in real estate and related assets | (118,883) | (718,296) | (71,907) |
Investments in unconsolidated joint ventures | (38,763) | (369,043) | (16,212) |
Distributions from unconsolidated joint ventures | 13,685 | 1,985 | 0 |
Distributions from (Investments in) subsidiaries | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | 375,730 | (347,723) | 525,613 |
Cash Flows From Financing Activities: | |||
Borrowings, net of fees | 573,922 | 781,731 | 780,577 |
Repayments | (872,175) | (533,427) | (1,095,460) |
Payments to settle bonds payable | 0 | 0 | (17,921) |
Redemptions of common stock | (72,495) | (59,462) | (53,986) |
Distributions | (95,056) | (109,561) | (148,474) |
Net cash provided by (used in) financing activities | (465,804) | 79,281 | (535,264) |
Net increase (decrease) in cash and cash equivalents | 7,551 | (206,518) | 183,440 |
Cash and cash equivalents, beginning of period | 9,567 | 216,085 | 32,645 |
Cash and cash equivalents, end of period | 17,118 | 9,567 | 216,085 |
Reportable Legal Entities | Columbia Property Trust (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash Flows From Operating Activities | 7,225 | 3,966 | 53,980 |
Cash Flows From Investing Activities: | |||
Net proceeds from sale of real estate | 0 | 0 | 0 |
Net proceeds from the sale of investments in unconsolidated joint ventures | 0 | ||
Investment in real estate and related assets | 0 | 0 | 0 |
Investments in unconsolidated joint ventures | 0 | 0 | 0 |
Distributions from unconsolidated joint ventures | 0 | 0 | |
Distributions from (Investments in) subsidiaries | 161,339 | (8,671) | 321,911 |
Net cash provided by (used in) investing activities | 161,339 | (8,671) | 321,911 |
Cash Flows From Financing Activities: | |||
Borrowings, net of fees | 0 | 0 | 0 |
Repayments | 0 | 0 | 0 |
Payments to settle bonds payable | 0 | ||
Redemptions of common stock | (72,495) | (59,462) | (53,986) |
Distributions | (95,056) | (109,561) | (148,474) |
Net cash provided by (used in) financing activities | (167,551) | (169,023) | (202,460) |
Net increase (decrease) in cash and cash equivalents | 1,013 | (173,728) | 173,431 |
Cash and cash equivalents, beginning of period | 692 | 174,420 | 989 |
Cash and cash equivalents, end of period | 1,705 | 692 | 174,420 |
Increase (decrease) in net proceeds from sales of real estate | (603,700) | ||
Increase (decrease) in distributions from subsidiaries | 321,900 | ||
Increase (decrease) in borrowings, net of fees | (781,400) | ||
Increase (decrease) in debt repayments | 1,090,000 | ||
Increase (decrease) in prepayments to settle debt and interest rate swap | 17,900 | ||
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash Flows From Operating Activities | 8,268 | (46,268) | 86,846 |
Cash Flows From Investing Activities: | |||
Net proceeds from sale of real estate | 0 | 49,531 | 0 |
Net proceeds from the sale of investments in unconsolidated joint ventures | 235,083 | ||
Investment in real estate and related assets | (51) | (2,203) | (2,157) |
Investments in unconsolidated joint ventures | (38,763) | (369,043) | (16,212) |
Distributions from unconsolidated joint ventures | 13,685 | 1,985 | |
Distributions from (Investments in) subsidiaries | 225,261 | (97,505) | 568,480 |
Net cash provided by (used in) investing activities | 435,215 | (417,235) | 550,111 |
Cash Flows From Financing Activities: | |||
Borrowings, net of fees | 573,922 | 781,731 | 780,577 |
Repayments | (849,000) | (331,000) | (1,051,000) |
Payments to settle bonds payable | (17,921) | ||
Redemptions of common stock | 0 | 0 | 0 |
Distributions | (162,911) | 1,342 | (347,073) |
Net cash provided by (used in) financing activities | (437,989) | 452,073 | (635,417) |
Net increase (decrease) in cash and cash equivalents | 5,494 | (11,430) | 1,540 |
Cash and cash equivalents, beginning of period | 5,079 | 16,509 | 14,969 |
Cash and cash equivalents, end of period | 10,573 | 5,079 | 16,509 |
Increase (decrease) in distributions from subsidiaries | 568,500 | ||
Increase (decrease) in borrowings, net of fees | 781,400 | ||
Increase (decrease) in debt repayments | (1,051,000) | ||
Increase (decrease) in prepayments to settle debt and interest rate swap | (17,900) | ||
Increase (decrease) of distributions | (347,100) | ||
Reportable Legal Entities | Non- Guarantors | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash Flows From Operating Activities | 118,010 | 104,226 | 242,118 |
Cash Flows From Investing Activities: | |||
Net proceeds from sale of real estate | 284,608 | 688,100 | 613,732 |
Net proceeds from the sale of investments in unconsolidated joint ventures | 0 | ||
Investment in real estate and related assets | (118,832) | (716,093) | (69,750) |
Investments in unconsolidated joint ventures | 0 | 0 | 0 |
Distributions from unconsolidated joint ventures | 0 | 0 | |
Distributions from (Investments in) subsidiaries | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | 165,776 | (27,993) | 543,982 |
Cash Flows From Financing Activities: | |||
Borrowings, net of fees | 0 | 0 | 0 |
Repayments | (23,175) | (202,427) | (44,460) |
Payments to settle bonds payable | 0 | ||
Redemptions of common stock | 0 | 0 | 0 |
Distributions | (259,567) | 104,834 | (733,171) |
Net cash provided by (used in) financing activities | (282,742) | (97,593) | (777,631) |
Net increase (decrease) in cash and cash equivalents | 1,044 | (21,360) | 8,469 |
Cash and cash equivalents, beginning of period | 3,796 | 25,156 | 16,687 |
Cash and cash equivalents, end of period | 4,840 | 3,796 | 25,156 |
Increase (decrease) in net proceeds from sales of real estate | 603,700 | ||
Increase (decrease) in debt repayments | (39,000) | ||
Increase (decrease) of distributions | (733,200) | ||
Consolidating Adjustments | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash Flows From Operating Activities | (35,878) | 0 | (189,853) |
Cash Flows From Investing Activities: | |||
Net proceeds from sale of real estate | 0 | 0 | 0 |
Net proceeds from the sale of investments in unconsolidated joint ventures | 0 | ||
Investment in real estate and related assets | 0 | 0 | 0 |
Investments in unconsolidated joint ventures | 0 | 0 | 0 |
Distributions from unconsolidated joint ventures | 0 | 0 | |
Distributions from (Investments in) subsidiaries | (386,600) | 106,176 | (890,391) |
Net cash provided by (used in) investing activities | (386,600) | 106,176 | (890,391) |
Cash Flows From Financing Activities: | |||
Borrowings, net of fees | 0 | 0 | 0 |
Repayments | 0 | 0 | 0 |
Payments to settle bonds payable | 0 | ||
Redemptions of common stock | 0 | 0 | 0 |
Distributions | 422,478 | (106,176) | 1,080,244 |
Net cash provided by (used in) financing activities | 422,478 | (106,176) | 1,080,244 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | $ 0 | $ 0 | 0 |
Increase (decrease) in distributions from subsidiaries | (890,400) | ||
Increase (decrease) of distributions | $ 1,080,300 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 08, 2019 | Jan. 04, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 |
Subsequent Event [Line Items] | ||||||||||
Dividend declared, per share (in dollars per share) | $ 0.2 | $ 0.2 | $ 0.2 | $ 0.2 | $ 0.2 | $ 0.2 | $ 0.2 | $ 0.20 | ||
Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividend declared, per share (in dollars per share) | $ 0.20 | |||||||||
Dividends payable | $ 23.3 |
Schedule III - Real Estate As_2
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross Amount at Which Carried at December 31, 2018, Total | $ 3,345,301 | $ 3,612,294 | $ 4,243,531 | $ 4,948,605 |
Investment in development authority bonds | 0 | $ 120,000 | ||
Aggregate cost of land and buildings and improvements for federal income tax purposes | $ 3,509,000 | |||
Building Improvements | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 5 years | |||
Building Improvements | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 25 years | |||
Building | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 816,139 | |||
Initial Costs, Building and Improvements | 2,355,166 | |||
Initial Costs, Total | 3,171,305 | |||
Costs Capitalized Subsequent to Acquisition | 173,996 | |||
Gross Amount at Which Carried at December 31, 2018, Land | 817,975 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 2,527,326 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 3,345,301 | |||
Accumulated Depreciation and Amortization | $ 487,485 | |||
Consolidated Properties | ONE & THREE GLENLAKE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 13,363 | |||
Initial Costs, Building and Improvements | 155,465 | |||
Initial Costs, Total | 168,828 | |||
Costs Capitalized Subsequent to Acquisition | 7,774 | |||
Gross Amount at Which Carried at December 31, 2018, Land | 13,989 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 162,613 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 176,602 | |||
Accumulated Depreciation and Amortization | $ 55,559 | |||
Consolidated Properties | 80 M STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 26,248 | |||
Initial Costs, Building and Improvements | 76,269 | |||
Initial Costs, Total | 102,517 | |||
Costs Capitalized Subsequent to Acquisition | 5,214 | |||
Gross Amount at Which Carried at December 31, 2018, Land | 26,806 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 80,925 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 107,731 | |||
Accumulated Depreciation and Amortization | $ 27,018 | |||
Consolidated Properties | 95 COLUMBUS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 29,061 | |||
Initial Costs, Building and Improvements | 141,544 | |||
Initial Costs, Total | 170,605 | |||
Costs Capitalized Subsequent to Acquisition | 13,021 | |||
Gross Amount at Which Carried at December 31, 2018, Land | 29,712 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 153,914 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 183,626 | |||
Accumulated Depreciation and Amortization | $ 66,198 | |||
Consolidated Properties | PASADENA CORPORATE PARK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 53,099 | |||
Initial Costs, Building and Improvements | 59,630 | |||
Initial Costs, Total | 112,729 | |||
Costs Capitalized Subsequent to Acquisition | (616) | |||
Gross Amount at Which Carried at December 31, 2018, Land | 53,099 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 59,014 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 112,113 | |||
Accumulated Depreciation and Amortization | $ 20,194 | |||
Consolidated Properties | LINDBERGH CENTER & RETAIL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Building and Improvements | 285,752 | |||
Initial Costs, Total | 285,752 | |||
Costs Capitalized Subsequent to Acquisition | 4,088 | |||
Gross Amount at Which Carried at December 31, 2018, Land | 0 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 289,840 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 289,840 | |||
Accumulated Depreciation and Amortization | $ 85,938 | |||
Consolidated Properties | CRANBERRY WOODS DRIVE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 15,512 | |||
Initial Costs, Building and Improvements | 173,062 | |||
Initial Costs, Total | 188,574 | |||
Costs Capitalized Subsequent to Acquisition | 15,185 | |||
Gross Amount at Which Carried at December 31, 2018, Land | 15,512 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 188,247 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 203,759 | |||
Accumulated Depreciation and Amortization | $ 51,911 | |||
Consolidated Properties | 221 MAIN STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 60,509 | |||
Initial Costs, Building and Improvements | 174,629 | |||
Initial Costs, Total | 235,138 | |||
Costs Capitalized Subsequent to Acquisition | 14,577 | |||
Gross Amount at Which Carried at December 31, 2018, Land | 60,509 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 189,206 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 249,715 | |||
Accumulated Depreciation and Amortization | $ 33,900 | |||
Consolidated Properties | 650 CALIFORNIA STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 75,384 | |||
Initial Costs, Building and Improvements | 240,441 | |||
Initial Costs, Total | 315,825 | |||
Costs Capitalized Subsequent to Acquisition | 22,520 | |||
Gross Amount at Which Carried at December 31, 2018, Land | 75,384 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 262,961 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 338,345 | |||
Accumulated Depreciation and Amortization | $ 38,761 | |||
Consolidated Properties | 315 PARK AVENUE SOUTH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 119,633 | |||
Initial Costs, Building and Improvements | 249,510 | |||
Initial Costs, Total | 369,143 | |||
Costs Capitalized Subsequent to Acquisition | 31,968 | |||
Gross Amount at Which Carried at December 31, 2018, Land | 119,633 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 281,478 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 401,111 | |||
Accumulated Depreciation and Amortization | $ 27,506 | |||
Consolidated Properties | 116 HUNTINGTON AVENUE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Building and Improvements | 116,290 | |||
Initial Costs, Total | 116,290 | |||
Costs Capitalized Subsequent to Acquisition | 51,939 | |||
Gross Amount at Which Carried at December 31, 2018, Land | 0 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 168,229 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 168,229 | |||
Accumulated Depreciation and Amortization | $ 21,783 | |||
Consolidated Properties | 229 WEST 43RD STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 207,233 | |||
Initial Costs, Building and Improvements | 292,991 | |||
Initial Costs, Total | 500,224 | |||
Costs Capitalized Subsequent to Acquisition | (3,040) | |||
Gross Amount at Which Carried at December 31, 2018, Land | 207,233 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 289,951 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 497,184 | |||
Accumulated Depreciation and Amortization | $ 39,455 | |||
Consolidated Properties | 249 WEST 17TH STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 113,149 | |||
Initial Costs, Building and Improvements | 221,517 | |||
Initial Costs, Total | 334,666 | |||
Costs Capitalized Subsequent to Acquisition | 418 | |||
Gross Amount at Which Carried at December 31, 2018, Land | 113,150 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 221,934 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 335,084 | |||
Accumulated Depreciation and Amortization | $ 11,280 | |||
Consolidated Properties | 218 WEST 18TH STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 43,836 | |||
Initial Costs, Building and Improvements | 139,077 | |||
Initial Costs, Total | 182,913 | |||
Costs Capitalized Subsequent to Acquisition | 2,975 | |||
Gross Amount at Which Carried at December 31, 2018, Land | 43,836 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 142,052 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 185,888 | |||
Accumulated Depreciation and Amortization | $ 7,982 | |||
Consolidated Properties | 149 MADISON AVENUE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 59,112 | |||
Initial Costs, Building and Improvements | 28,989 | |||
Initial Costs, Total | 88,101 | |||
Costs Capitalized Subsequent to Acquisition | 7,973 | |||
Gross Amount at Which Carried at December 31, 2018, Land | 59,112 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 36,962 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 96,074 | |||
Accumulated Depreciation and Amortization | $ 0 | |||
Consolidated Properties | Minimum | ONE & THREE GLENLAKE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | 80 M STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | 95 COLUMBUS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | PASADENA CORPORATE PARK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | LINDBERGH CENTER & RETAIL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | CRANBERRY WOODS DRIVE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | 221 MAIN STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | 650 CALIFORNIA STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | 315 PARK AVENUE SOUTH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | 116 HUNTINGTON AVENUE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | 229 WEST 43RD STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | 249 WEST 17TH STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | 218 WEST 18TH STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Minimum | 149 MADISON AVENUE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Consolidated Properties | Maximum | ONE & THREE GLENLAKE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | 80 M STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | 95 COLUMBUS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | PASADENA CORPORATE PARK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | LINDBERGH CENTER & RETAIL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | CRANBERRY WOODS DRIVE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | 221 MAIN STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | 650 CALIFORNIA STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | 315 PARK AVENUE SOUTH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | 116 HUNTINGTON AVENUE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | 229 WEST 43RD STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | 249 WEST 17TH STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | 218 WEST 18TH STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Consolidated Properties | Maximum | 149 MADISON AVENUE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Unconsolidated Properties | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | $ 566,331 | |||
Initial Costs, Building and Improvements | 1,682,797 | |||
Initial Costs, Total | 2,249,128 | |||
Costs Capitalized Subsequent to Acquisition | (116,158) | |||
Gross Amount at Which Carried at December 31, 2018, Land | 566,597 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 1,566,373 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 2,132,970 | |||
Accumulated Depreciation and Amortization | 123,799 | |||
Initial cost of land, buildings and improvements net of encumbrances | $ 1,784,000 | |||
Unconsolidated Properties | MARKET SQUARE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 51.00% | |||
Encumbrances | $ 325,000 | |||
Initial Costs, Land | 152,629 | |||
Initial Costs, Building and Improvements | 450,757 | |||
Initial Costs, Total | 603,386 | |||
Costs Capitalized Subsequent to Acquisition | (26,401) | |||
Gross Amount at Which Carried at December 31, 2018, Land | 152,629 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 424,356 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 576,985 | |||
Accumulated Depreciation and Amortization | $ 43,993 | |||
Unconsolidated Properties | UNIVERSITY CIRCLE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 55.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 27,493 | |||
Initial Costs, Building and Improvements | 278,288 | |||
Initial Costs, Total | 305,781 | |||
Costs Capitalized Subsequent to Acquisition | (98,076) | |||
Gross Amount at Which Carried at December 31, 2018, Land | 27,757 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 179,948 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 207,705 | |||
Accumulated Depreciation and Amortization | $ 8,152 | |||
Unconsolidated Properties | 333 MARKET STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 55.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 114,483 | |||
Initial Costs, Building and Improvements | 292,840 | |||
Initial Costs, Total | 407,323 | |||
Costs Capitalized Subsequent to Acquisition | (40,752) | |||
Gross Amount at Which Carried at December 31, 2018, Land | 114,484 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 252,087 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 366,571 | |||
Accumulated Depreciation and Amortization | $ 12,359 | |||
Unconsolidated Properties | 114 FIFTH AVE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 49.50% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Building and Improvements | 383,694 | |||
Initial Costs, Total | 383,694 | |||
Costs Capitalized Subsequent to Acquisition | 2,156 | |||
Gross Amount at Which Carried at December 31, 2018, Land | 0 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 385,850 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 385,850 | |||
Accumulated Depreciation and Amortization | $ 39,936 | |||
Unconsolidated Properties | 1800 M STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 55.00% | |||
Encumbrances | $ 0 | |||
Initial Costs, Land | 125,735 | |||
Initial Costs, Building and Improvements | 272,353 | |||
Initial Costs, Total | 398,088 | |||
Costs Capitalized Subsequent to Acquisition | 34,603 | |||
Gross Amount at Which Carried at December 31, 2018, Land | 125,735 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 306,956 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 432,691 | |||
Accumulated Depreciation and Amortization | $ 19,359 | |||
Unconsolidated Properties | 799 BROADWAY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership percentage | 49.70% | |||
Encumbrances | $ 101,000 | |||
Initial Costs, Land | 145,991 | |||
Initial Costs, Building and Improvements | 4,865 | |||
Initial Costs, Total | 150,856 | |||
Costs Capitalized Subsequent to Acquisition | 12,312 | |||
Gross Amount at Which Carried at December 31, 2018, Land | 145,992 | |||
Gross Amount at Which Carried at December 31, 2018, Buildings and Improvements | 17,176 | |||
Gross Amount at Which Carried at December 31, 2018, Total | 163,168 | |||
Accumulated Depreciation and Amortization | $ 0 | |||
Unconsolidated Properties | Minimum | MARKET SQUARE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Unconsolidated Properties | Minimum | UNIVERSITY CIRCLE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Unconsolidated Properties | Minimum | 333 MARKET STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Unconsolidated Properties | Minimum | 114 FIFTH AVE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Unconsolidated Properties | Minimum | 1800 M STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Unconsolidated Properties | Minimum | 799 BROADWAY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 0 years | |||
Unconsolidated Properties | Maximum | MARKET SQUARE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Unconsolidated Properties | Maximum | UNIVERSITY CIRCLE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Unconsolidated Properties | Maximum | 333 MARKET STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Unconsolidated Properties | Maximum | 114 FIFTH AVE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Unconsolidated Properties | Maximum | 1800 M STREET | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Unconsolidated Properties | Maximum | 799 BROADWAY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate and accumulated depreciation, life used for depreciation | 40 years | |||
Corporate | Consolidated Properties | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross Amount at Which Carried at December 31, 2018, Total | $ 3,300 |
Schedule III - Real Estate As_3
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization (Rollforward) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 31, 2018 | Jul. 05, 2017 | |
Real Estate: | |||||
Balance at beginning of year | $ 3,612,294 | $ 4,243,531 | $ 4,948,605 | ||
Additions to/improvements of real estate | 87,398 | 698,567 | 41,848 | ||
Sale/transfer of real estate | (313,683) | (1,285,915) | (673,164) | ||
Impairment of real estate | (30,812) | 0 | 0 | ||
Write-offs of building and tenant improvements | (1,464) | (3,087) | (5,559) | ||
Write-offs of intangible assets | (6,131) | (14,432) | (30,435) | ||
Write-offs of fully depreciated assets | (2,301) | (26,370) | (37,764) | ||
Balance at end of year | 3,345,301 | 3,612,294 | 4,243,531 | ||
Accumulated Depreciation and Amortization: | |||||
Balance at beginning of year | 482,627 | 729,025 | 863,724 | ||
Depreciation and amortization expense | 98,858 | 97,732 | 140,823 | ||
Sale/transfer of real estate | (84,965) | (302,157) | (203,248) | ||
Write-offs of tenant improvements | (603) | (1,406) | (4,336) | ||
Write-offs of intangible assets | (6,131) | (14,197) | (30,174) | ||
Write-offs of fully depreciated assets | (2,301) | (26,370) | (37,764) | ||
Balance at end of year | $ 487,485 | $ 482,627 | $ 729,025 | ||
University Circle & 333 Market Street | Corporate Joint Venture | |||||
Accumulated Depreciation and Amortization: | |||||
Percentage of real estate transferred | 100.00% | ||||
Ownership percentage | 55.00% | 77.50% | 100.00% |