Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 22, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | COLUMBIA PROPERTY TRUST, INC. | |
Entity Central Index Key | 0001252849 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 116,879,665 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Real estate assets, at cost: | ||
Land | $ 803,986 | $ 817,975 |
Buildings and improvements, less accumulated depreciation of $375,981 and $403,355, as of March 31, 2019 and December 31, 2018, respectively | 1,791,926 | 1,910,041 |
Intangible lease assets, less accumulated amortization of $74,807 and $84,881, as of March 31, 2019 and December 31, 2018, respectively | 64,250 | 98,540 |
Construction in progress | 37,772 | 33,800 |
Real estate assets held for sale, less accumulated depreciation and amortization of $56,948 as of March 31, 2019 | 145,346 | 0 |
Total real estate assets | 2,843,280 | 2,860,356 |
Operating lease assets | 63,829 | |
Investments in unconsolidated joint ventures | 1,067,905 | 1,071,353 |
Cash and cash equivalents | 18,551 | 17,118 |
Tenant receivables, net of $4 allowance for doubtful accounts as of December 31, 2018 | 3,760 | 3,258 |
Straight-line rent receivable | 83,828 | 87,159 |
Prepaid expenses and other assets | 31,520 | 23,218 |
Intangible lease origination costs, less accumulated amortization of $60,186 and $65,348, as of March 31, 2019 and December 31, 2018, respectively | 31,626 | 34,092 |
Deferred lease costs, less accumulated amortization of $22,325 and $27,735, as of March 31, 2019 and December 31, 2018, respectively | 58,932 | 77,439 |
Other assets held for sale, less accumulated amortization of $13,593 as of March 31, 2019 | 20,498 | 0 |
Total assets | 4,223,729 | 4,173,993 |
Liabilities: | ||
Line of credit and notes payable, net of unamortized deferred financing costs of $2,544 and $2,692, as of March 31, 2019 and December 31, 2018, respectively | 680,456 | 629,308 |
Bonds payable, net of discounts of $1,259 and $1,304 and unamortized deferred financing costs of $4,005 and $4,158, as of March 31, 2019 and December 31, 2018, respectively | 694,736 | 694,538 |
Operating lease liabilities | 34,738 | |
Accounts payable, accrued expenses, and accrued capital expenditures | 37,962 | 49,117 |
Dividends payable | 0 | 23,340 |
Deferred income | 16,943 | 15,593 |
Intangible lease liabilities, less accumulated amortization of $22,812 and $21,766, as of March 31, 2019 and December 31, 2018, respectively | 19,539 | 21,081 |
Liabilities held for sale, less accumulated amortization of $380 as of March 31, 2019 | 20,491 | 0 |
Total liabilities | 1,504,865 | 1,432,977 |
Commitments and Contingencies (Note 7) | ||
Equity: | ||
Common stock, $0.01 par value, 225,000,000 shares authorized, 116,879,665 and 116,698,033 shares issued and outstanding, as of March 31, 2019 and December 31, 2018, respectively | 1,169 | 1,167 |
Additional paid-in capital | 4,420,727 | 4,421,587 |
Cumulative distributions in excess of earnings | (1,703,945) | (1,684,082) |
Cumulative other comprehensive income | 913 | 2,344 |
Total equity | 2,718,864 | 2,741,016 |
Total liabilities and equity | $ 4,223,729 | $ 4,173,993 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Building and improvements, accumulated depreciation | $ 375,981 | $ 403,355 |
Intangible lease assets, accumulated amortization | 74,807 | 84,881 |
Real estate assets held for sale, accumulated amortization | 56,948 | 0 |
Allowance for doubtful accounts | 4 | |
Intangible lease origination costs, accumulated amortization | 60,186 | 65,348 |
Deferred lease costs, accumulated amortization | 22,325 | 27,735 |
Other assets held for sale, accumulated amortization | 13,593 | |
Deferred financing costs, net | 2,544 | 2,692 |
Bonds payable discount | 1,259 | 1,304 |
Intangible lease liabilities, accumulated amortization | 22,812 | $ 21,766 |
Liabilities held for sale, accumulated amortization | $ 380 | |
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 116,879,665 | 116,698,033 |
Common stock, shares outstanding | 116,879,665 | 116,698,033 |
Term Loans | ||
Deferred financing costs, net | $ 2,544 | $ 2,692 |
Bonds Payable | ||
Deferred financing costs, net | $ 4,005 | $ 4,158 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues: | ||
Revenues | $ 71,862 | |
Revenues | 75,433 | $ 73,710 |
Expenses: | ||
Depreciation | 20,404 | 20,835 |
Amortization | 7,461 | 8,016 |
General and administrative – corporate | 8,424 | 7,794 |
General and administrative – unconsolidated joint ventures | 809 | 731 |
Costs and expenses | 61,590 | 60,646 |
Other Income (Expense): | ||
Interest expense | (12,095) | (15,895) |
Interest and other income | 1 | 1,803 |
Gain on sale of unconsolidated joint venture interests | 0 | 762 |
Income tax expense | (7) | (7) |
Gain on sale of real estate assets | 1,771 | 1,771 |
Nonoperating income (expense) | (10,330) | (11,566) |
Net income | $ 3,513 | $ 1,498 |
Per-Share Information – Basic: | ||
Net income (dollars per share) | $ 0.03 | $ 0.01 |
Weighted-average common shares outstanding – basic | 116,462 | 119,082 |
Per-Share Information – Diluted: | ||
Net income (dollars per share) | $ 0.03 | $ 0.01 |
Weighted-average common shares outstanding – diluted | 116,880 | 119,350 |
Rental income and tenant reimbursements | ||
Revenues: | ||
Revenues | $ 71,862 | |
Revenues | $ 70,360 | |
Property operating costs | ||
Expenses: | ||
Cost of goods and services sold | 24,237 | 23,062 |
Asset and property management income/fees | ||
Revenues: | ||
Revenues | 1,869 | 1,759 |
Expenses: | ||
Cost of goods and services sold | 255 | 208 |
Other property income | ||
Revenues: | ||
Revenues | $ 1,702 | $ 1,591 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 3,513 | $ 1,498 |
Market value adjustments to interest rate swap | (1,431) | 2,514 |
Comprehensive income | $ 2,082 | $ 4,012 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Cumulative Distributions in Excess of Earnings | Cumulative Other Comprehensive Income (Loss) |
Beginning balance, shares at Dec. 31, 2017 | 119,789,000 | ||||
Beginning balance, value at Dec. 31, 2017 | $ 2,531,936 | $ 1,198 | $ 4,487,071 | $ (1,957,236) | $ 903 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Repurchases of common stock, shares | (1,295,000) | ||||
Repurchases of common stock | (27,286) | $ (13) | (27,273) | ||
Common stock issued to employees and directors, and amortized (net of income tax withholdings), shares | 108,000 | ||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | (443) | $ 1 | (444) | ||
Distributions to common stockholders ($0.20 in 2019 and 2018) | (23,858) | (23,858) | |||
Net income | 1,498 | 1,498 | |||
Market value adjustments to interest rate swap | 2,514 | 2,514 | |||
Ending balance, shares at Mar. 31, 2018 | 118,602,000 | ||||
Ending balance, value at Mar. 31, 2018 | 2,842,459 | $ 1,186 | 4,459,354 | (1,621,498) | 3,417 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cumulative-effect adjustment for the adoption of ASU | ASU 2017-05 | $ 357,755 | ||||
Beginning balance, shares at Dec. 31, 2018 | 116,698,033 | 116,698,000 | |||
Beginning balance, value at Dec. 31, 2018 | $ 2,741,016 | $ 1,167 | 4,421,587 | (1,684,082) | 2,344 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings), shares | 182,000 | ||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | (858) | $ 2 | (860) | ||
Distributions to common stockholders ($0.20 in 2019 and 2018) | (23,376) | (23,376) | |||
Net income | 3,513 | 3,513 | |||
Market value adjustments to interest rate swap | $ (1,431) | (1,431) | |||
Ending balance, shares at Mar. 31, 2019 | 116,879,665 | 116,880,000 | |||
Ending balance, value at Mar. 31, 2019 | $ 2,718,864 | $ 1,169 | $ 4,420,727 | $ (1,703,945) | $ 913 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cumulative-effect adjustment for the adoption of ASU | ASU 2017-05 | $ 0 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Common Stock | ||
Distributions to common stockholders per share (dollars per share) | $ 0.2 | $ 0.2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Flows From Operating Activities: | ||
Net income | $ 3,513 | $ 1,498 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Straight-line rental income | (4,631) | (9,698) |
Noncash operating lease expense | 212 | 0 |
Depreciation | 20,404 | 20,835 |
Amortization | 6,351 | 7,955 |
Stock-based compensation expense | 1,539 | 1,528 |
Noncash interest expense | 640 | 882 |
Gain on sale of unconsolidated joint venture interests | 0 | (762) |
Income from unconsolidated joint ventures | (1,771) | (1,771) |
Distributions of earnings from unconsolidated joint ventures | 6,161 | 8,573 |
Changes in assets and liabilities, net of acquisitions and dispositions: | ||
Increase in tenant receivables, net | (294) | (829) |
Decrease in prepaid expenses and other assets | 3,563 | 4,962 |
Decrease in accounts payable and accrued expenses | (2,701) | (18,185) |
Increase (decrease) in deferred income | 2,093 | (217) |
Net cash provided by operating activities | 35,079 | 14,771 |
Cash Flows From Investing Activities: | ||
Net proceeds from sale of investments in unconsolidated joint ventures | 0 | 235,083 |
Prepaid transaction costs and earnest money | (13,701) | 0 |
Capital improvement and development costs | (19,014) | (19,363) |
Deferred lease costs paid | (1,937) | (4,514) |
Investments in unconsolidated joint ventures | (6,528) | (1,541) |
Distributions from unconsolidated joint ventures | 5,672 | 2,976 |
Net cash provided by (used in) investing activities | (35,508) | 212,641 |
Cash Flows From Financing Activities: | ||
Financing costs paid | (21) | (17) |
Proceeds from lines of credit and notes payable | 74,000 | 109,000 |
Repayments of lines of credit and notes payable | (23,000) | (247,814) |
Distributions paid to stockholders | (46,716) | (47,819) |
Redemptions of common stock | (2,401) | (29,261) |
Net cash provided by (used in) financing activities | 1,862 | (215,911) |
Net increase (decrease) in cash and cash equivalents | 1,433 | 11,501 |
Cash and cash equivalents, beginning of period | 17,118 | 9,567 |
Cash and cash equivalents, end of period | $ 18,551 | $ 21,068 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2019 | |
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 conducts business primarily through Columbia Property Trust Operating Partnership, L.P. ("Columbia Property Trust OP"), a Delaware limited partnership in which Columbia Property Trust is the general partner and sole owner. Columbia Property Trust acquires, develops, redevelops, owns, leases, and operates real properties directly, through wholly owned subsidiaries, or through joint ventures. Unless otherwise noted herein, 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. As of March 31, 2019 , 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, located primarily in New York, San Francisco, Washington, D.C., and Atlanta. As of March 31, 2019 , the operating properties contained 8.9 million rentable square feet and were approximately 97.1% leased. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements of Columbia Property Trust have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by U.S. generally accepted accounting principles ("GAAP") for complete financial statements. In the opinion of management, the statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year's results. For additional information on Columbia Property Trust's unconsolidated joint ventures, which are accounted for using the equity method of accounting, see Note 4, Unconsolidated Joint Ventures . Columbia Property Trust's consolidated financial statements include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable-interest entity in which Columbia Property Trust or Columbia Property Trust OP is deemed the primary beneficiary. With respect to entities that are not variable interest entities, Columbia Property Trust's consolidated financial statements also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling general partnership interest. All intercompany balances and transactions have been eliminated in consolidation. For further information, refer to the financial statements and footnotes included in Columbia Property Trust's Annual Report on Form 10-K for the year ended December 31, 2018 (the " 2018 Form 10-K"). Fair Value Measurements Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date, under current market conditions. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability: Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts. Level 2 – Assets or liabilities valued based on observable market data for similar instruments. Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider. Real Estate Assets Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. 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 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 both the three months ended March 31, 2019 and 2018 , $0.9 million of interest was capitalized to construction in progress; and during the three months ended March 31, 2019 , $0.3 million was capitalized to investments in unconsolidated joint ventures. 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 all of 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. As of March 31, 2019 , One & Three Glenlake Parkway met the criteria to be classified as held for sale in the accompanying balance sheet. The major classes of assets and liabilities classified as held for sale as of March 31, 2019 are provided below (in thousands): March 31, 2019 Real Estate Assets Held for Sale: Real Estate Assets, at Cost: Land $ 13,989 Buildings and improvements, less accumulated depreciation of $46,118 104,030 Intangible lease assets, less accumulated amortization of $10,830 533 Construction in progress 26,794 Total real estate assets held for sale, net $ 145,346 Other Assets Held for Sale: Tenant receivables $ 53 Straight-line rent receivable 7,700 Prepaid expenses and other assets 49 Intangible lease origination costs, less accumulated amortization of $7,109 350 Deferred lease costs, less accumulated amortization of $6,484 12,346 Total other assets held for sale, net $ 20,498 Liabilities Held for Sale: Accounts payable, accrued expenses, and accrued capital expenditures $ 19,632 Deferred income 743 Intangible lease liabilities, less accumulated amortization of $380 116 Total liabilities held for sale, net $ 20,491 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 development or 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 March 31, 2019 . Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessor Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of the properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see "Fair Value Measurements" section above for additional detail). As of March 31, 2019 and December 31, 2018 , Columbia Property Trust had the following intangible assets and liabilities, arising from in-place leases, excluding amounts held for sale, if applicable (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 March 31, 2019 Gross $ 3,174 $ 135,883 $ 91,812 $ 42,351 Accumulated Amortization (1,142 ) (73,665 ) (60,186 ) (22,812 ) Net $ 2,032 $ 62,218 $ 31,626 $ 19,539 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 For the three months ended March 31, 2019 and 2018 , Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands): Intangible Lease Assets Intangible Lease Origination Costs Intangible Below-Market In-Place Lease Liabilities Above-Market In-Place Lease Assets Absorption Period Costs For the Three Months Ended March 31, 2019 $ 82 $ 3,656 $ 2,100 $ 1,426 For the Three Months Ended March 31, 2018 $ 51 $ 4,339 $ 2,419 $ 1,589 The net intangible assets and liabilities remaining as of March 31, 2019 will be amortized as follows, excluding amounts held for sale, if applicable (in thousands): Intangible Lease Assets Intangible Lease Origination Costs Intangible Below-Market In-Place Lease Liabilities Above-Market In-Place Lease Assets Absorption Period Costs For the remainder of 2019 $ 246 $ 10,397 $ 5,963 $ 4,122 For the years ending December 31: 2020 275 12,338 7,406 4,597 2021 247 7,490 3,429 1,714 2022 243 5,848 2,406 1,374 2023 243 5,098 2,165 1,308 2024 230 4,756 2,062 1,162 Thereafter 548 16,291 8,195 5,262 $ 2,032 $ 62,218 $ 31,626 $ 19,539 Interest Rate Swap Agreements Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate swap transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps 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 gain or loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment. The following tables provide additional information related to Columbia Property Trust's interest rate swaps (in thousands): Estimated Fair Value as of Instrument Type Balance Sheet Classification March 31, December 31, Derivatives designated as hedging instruments: Interest rate contracts Prepaid expenses and other assets $ 913 $ 2,344 Columbia Property Trust applied the provisions of ASC 820 in recording its interest rate swaps at fair value. The fair values of the interest rate swaps, classified under Level 2, were determined using a third-party proprietary model that is based on prevailing market data for contracts with matching durations, current and anticipated London Interbank Offered Rate ("LIBOR") information, and reasonable estimates about relevant future market conditions. Columbia Property Trust has determined that the fair value, as determined by the third party, is reasonable. Three Months Ended 2019 2018 Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income $ (1,431 ) $ 2,514 During the periods presented, no hedge ineffectiveness was required to be recognized into earnings on the interest rate swaps that qualified for hedge accounting treatment. Income Taxes Columbia Property Trust has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code") and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. 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. Generally, Columbia Property Trust does not incur federal income taxes, other than as described in the following paragraph, because its stockholder distributions typically exceed its taxable income due to noncash expenses such as depreciation. 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. Reclassification In connection with adopting Accounting Standard Codification ("ASC") 842, Leases ("ASC 842"), effective January 1, 2019, rental income and tenant reimbursements have been combined into a single line on the consolidated statements of operations for all periods presented. See Recent Accounting Pronouncements below for additional details. Recent Accounting Pronouncements Effective January 1, 2019, Columbia Property Trust adopted ASC 842, which amends the lease accounting rules with the following key changes: • Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months, and to 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 using the effective interest method (finance leases) or on a straight-line basis over the term of the lease (operating leases). • Lessors are required to account for leases using an approach that is substantially similar to the pre-existing rules for operating leases, sales-type leases and direct financing leases, with a few targeted changes, including that: (i) lessors are no longer permitted to capitalize and amortize initial indirect costs incurred to obtain a lease, and (ii) provisions for uncollectible tenant receivables are reflected as a reduction to lease revenues, instead of as general and administrative expense. In connection with transitioning to ASC 842, Columbia Property Trust elected to use certain practical expedients which impact the Company as follows: • Prospective implementation. In-place contracts retain their character as to whether they meet the definition of a lease or not; in-place leases retain their classification as an operating, sales-type, or direct financing lease; and prior-period accounting and presentation is unchanged. • Rental income and tenant reimbursements are combined in a single line on the statements of operations for all periods presented. • Leases with a term of 12 months or less are expensed as incurred, as provided for in a practical expedient elected by Columbia Property Trust. See Note 10, Leases , for additional information. Accounting Standard Update 2018-13 , Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"), which will be effective for Columbia Property Trust on January 1, 2020, expands the disclosure requirements related to a change in fair value technique hierarchy. ASU 2018-13 is not expected to have a material impact on Columbia Property Trust's consolidated financial statements or disclosures. |
Real Estate Transactions
Real Estate Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Real Estate [Abstract] | |
Real Estate Transactions | Real Estate Transactions Acquisitions During 2018 , Columbia Property Trust acquired the following properties and partial interests in properties. Columbia Property Trust did not acquire any properties during the three months ended March 31, 2019 . Property Location Date Percent Acquired Purchase Price (1) (in thousands) 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 (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 property, which is owned through an unconsolidated joint venture. 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 . 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% ). Purchase Price Allocations for Consolidated Property Acquisitions Lindbergh Center – Retail Location Atlanta, GA Date acquired October 24, 2018 Purchase Price (in thousands): Building and improvements $ 17,558 Intangible lease assets 5,726 Intangible lease origination costs 794 Intangible below market lease liability (715 ) Total purchase price $ 23,363 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 for the three months ended March 31, 2018 , 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. Columbia Property Trust owned Lindbergh Center – Retail for the entirety of the three months ended March 31, 2019 . 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 this acquisition been consummated as of January 1, 2017 (in thousands): Three Months Ended Revenues $ 74,458 Net income $ 1,521 Dispositions 2019 Dispositions One & Three Glenlake Parkway On April 15, 2019, Columbia Property Trust closed on the sale of One & Three Glenlake Parkway for a gross sale price of $227.5 million , and expects to recognize a gain related to the sale in the second quarter of 2019. As described in Note 2, Summary of Significant Accounting Policies , One & Three Glenlake Parkway are classified as held for sale as of March 31, 2019 , on the accompanying consolidated balance sheet. 2018 Dispositions During 2018 , Columbia Property Trust disposed of the following properties, or partial interests in properties of unconsolidated joint ventures: Property Location Date % Sold Sales Price (1) (in thousands) Gain on Sale (in thousands) 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 $ 800 (1) Exclusive of transaction costs and price adjustments. 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 a bridge loan. 263 Shuman Boulevard On April 13, 2018, Columbia Property Trust transferred 263 Shuman Boulevard to the lender, which extinguished the $49.0 million mortgage liability, accrued interest, and accrued property operating costs, and resulted in a $24.0 million gain on extinguishment of debt. University Circle & 333 Market Street Joint Ventures On July 6, 2017, Columbia Property Trust contributed University Circle and 333 Market Street to joint ventures, and simultaneously sold a 22.5% interest in these joint ventures. On February 1, 2018, Columbia Property Trust sold an additional 22.5% interest in University Circle and 333 Market Street to its joint venture partner for $235.3 million , which resulted in a $0.8 million gain on sale of unconsolidated joint venture interests. The gain on sale is calculated as the net sales price over the adjusted carrying value of the joint venture interest sold. Following this transaction, Columbia Property Trust owns a 55.0% interest in the University Circle and 333 Market Street joint ventures. The proceeds from the February 1, 2018 transaction were used to reduce the balance on a bridge loan and the Revolving Credit Facility, as described in Note 5, Line of Credit and Notes Payable . |
Unconsolidated Joint Ventures
Unconsolidated Joint Ventures | 3 Months Ended |
Mar. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Unconsolidated Joint Ventures | Unconsolidated Joint Ventures As of March 31, 2019 and December 31, 2018 , Columbia Property Trust owned 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 Property Name Geographic Market Ownership Interest March 31, 2019 December 31, 2018 Market Square Joint Venture Market Square Washington, D.C. 51.0 % $ 137,825 $ 134,250 University Circle Joint Venture University Circle San Francisco 55.0 % 291,159 292,951 333 Market Street Joint Venture 333 Market Street San Francisco 55.0 % 272,519 273,783 114 Fifth Avenue Joint Venture 114 Fifth Avenue New York 49.5 % 96,059 99,283 1800 M Street Joint Venture 1800 M Street Washington, D.C. 55.0 % 234,837 237,333 799 Broadway Joint Venture (2) 799 Broadway New York, NY 49.7 % 35,506 33,753 $ 1,067,905 $ 1,071,353 (1) Includes basis differences. (2) Columbia Property Trust capitalized interest of $0.3 million on its investment in the 799 Broadway Joint Venture during the three months ended March 31, 2019 . 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 venture 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 deficit is "temporary" or "other-than-temporary," and if other-than-temporary, reduces the carrying value to reflect the estimated fair value by recording an impairment loss. 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 analysis described above, Columbia Property Trust has determined that none of its investments in joint ventures are impaired as of March 31, 2019 . 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) March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Market Square Joint Venture $ 586,797 $ 582,176 $ 324,775 (2) $ 324,762 $ 248,004 $ 241,581 University Circle Joint Venture 225,398 224,746 — — 218,753 219,390 333 Market Street Joint Venture 372,814 375,884 — — 358,452 360,915 114 Fifth Avenue Joint Venture 498,686 377,970 — — 143,138 149,243 1800 M Street Joint Venture 441,114 447,585 — — 424,501 429,016 799 Broadway Joint Venture 170,075 168,390 98,130 (3) 95,630 69,836 67,189 $ 2,294,884 $ 2,176,751 $ 422,905 $ 420,392 $ 1,462,684 $ 1,467,334 (1) Excludes basis differences. There is an aggregate net difference of $281.2 million and $282.0 million as of March 31, 2019 and December 31, 2018 , 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 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. (2) The Market Square Joint Venture has a $325.0 million mortgage note. The Market Square mortgage note bears interest at 5.07% and matures on July 1, 2023. For a discussion of Columbia Property Trust's guaranty of a portion of this mortgage note, see Note 7, Commitments and Contingencies . (3) Reflects $103.1 million outstanding, net of $5.0 million of net unamortized deferred financing costs, on the 799 Broadway construction loan. The 799 Broadway construction loan is being used to finance a portion of the 799 Broadway development project, has total capacity of $187.0 million and bears interest at LIBOR, capped at 4.00% , plus a spread of 425 basis points (the "Construction Loan"). A portion of the monthly interest payments accrue into the balance of the loan. The Construction Loan matures on October 9, 2021, with two one -year extension options. For a discussion of Columbia Property Trust's equity guaranty related to the Construction Loan, see Note 7, Commitments and Contingencies . Summarized income statement information for the unconsolidated joint ventures for the three months ended March 31, 2019 and 2018 is as follows (in thousands): Total Revenues Net Income (Loss) Columbia Property Trust's Share of Net Income (Loss) (1) 2019 2018 2019 2018 2019 2018 Market Square Joint Venture $ 11,337 $ 11,015 $ (2,595 ) $ (3,009 ) $ (1,323 ) $ (1,534 ) University Circle Joint Venture 11,272 10,341 6,364 5,505 3,500 3,429 333 Market Street Joint Venture 7,054 6,668 3,713 3,557 2,042 2,227 114 Fifth Avenue Joint Venture 10,919 10,300 (2,506 ) (2,331 ) (1,240 ) (1,154 ) 1800 M Street Joint Venture 9,454 8,897 388 243 214 133 799 Broadway Joint Venture — — (526 ) — (262 ) — $ 50,036 $ 47,221 $ 4,838 $ 3,965 $ 2,931 $ 3,101 (1) 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 Fees 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 three months ended March 31, 2019 and 2018 , Columbia Property Trust earned the following fees from these unconsolidated joint ventures (in thousands): Three Months Ended 2019 2018 Market Square Joint Venture $ 568 $ 523 University Circle Joint Venture 574 529 333 Market Street Joint Venture 207 197 1800 M Street Joint Venture 520 510 $ 1,869 $ 1,759 Columbia Property Trust also received reimbursements of property operating costs of $1.2 million and $1.0 million for the three months ended March 31, 2019 and 2018 , respectively. These reimbursements are included in other property income revenues in the accompanying consolidated statements of operations. Property and asset management fees of $0.6 million and $0.7 million 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 March 31, 2019 and December 31, 2018 , respectively. Additionally, Columbia Property Trust leases office space from the Market Square Joint Venture, and the 799 Broadway Joint Venture leases retail space from Columbia Property Trust. Under these leases, Columbia Property Trust paid $37,000 to the Market Square Joint Venture and received $30,000 from the 799 Broadway Joint Venture, for the three months ended March 31, 2019 . |
Line of Credit and Notes Payabl
Line of Credit and Notes Payable | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Line of Credit and Notes Payable | Line of Credit and Notes Payable As of March 31, 2019 and December 31, 2018 , Columbia Property Trust had the following line of credit and notes payable indebtedness (excluding bonds payable; see Note 6, Bonds Payable ) (in thousands): Facility March 31, December 31, Revolving Credit Facility $ 533,000 $ 482,000 $150 Million Term Loan 150,000 150,000 Less: Deferred financing costs related to term loans and notes payable, net of accumulated amortization (2,544 ) (2,692 ) $ 680,456 $ 629,308 On December 7, 2018, Columbia Property Trust amended and restated its $500.0 million revolving credit facility and $300.0 million unsecured term loan (together, the "Credit Agreement"). The Credit Agreement provides for (i) a $650.0 million unsecured revolving credit facility (the "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), subject to the paying of certain fees and the satisfaction of certain other conditions, and (ii) a 12-month, delayed-draw, $300.0 million unsecured term loan, with a term ending January 31, 2024 (the " $300 Million Term Loan"). The $300 Million Term Loan remains undrawn at March 31, 2019 and may be drawn until December 7, 2019. 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 $300 Million 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. Fair Value of Debt The estimated fair value of Columbia Property Trust's line of credit and notes payable as of March 31, 2019 and December 31, 2018 , was approximately $683.1 million and $632.1 million , respectively. The related carrying value of the line of credit and notes payable as of March 31, 2019 and December 31, 2018 , was $683.0 million and $632.0 million , respectively. Columbia Property Trust estimated the fair value of the $150 Million Term Loan and the Revolving Credit Facility by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates. Therefore, the fair values determined are considered to be based on observable market data for similar instruments (Level 2). Interest Paid and Capitalized During the three months ended March 31, 2019 and 2018 , Columbia Property Trust made interest payments of approximately $5.6 million and $6.3 million , respectively. Columbia Property Trust capitalizes interest on development, redevelopment, and improvement projects funded directly and through its interest in unconsolidated joint ventures, using the weighted-average interest rate of its consolidated borrowings for the period. During the three months ended March 31, 2019 , Columbia Property Trust capitalized interest of $1.2 million , $0.9 million of which was capitalized to construction in progress, and $0.3 million of which was capitalized to investments in unconsolidated joint ventures. During the three months ended March 31, 2018, Columbia Property Trust capitalized interest of $0.9 million , all of which was capitalized to construction in progress. For the three months ended March 31, 2019 , the weighted average interest rate on Columbia Property Trust’s outstanding borrowings was 3.59% . Debt Covenants As of March 31, 2019 , Columbia Property Trust was in compliance with all of its debt covenants on its term loans and the Revolving Credit Facility. |
Bonds Payable
Bonds Payable | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Bonds Payable | Bonds Payable Columbia Property Trust has two series of bonds outstanding as of March 31, 2019 and December 31, 2018 : $350.0 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"), (collectively, the "Bonds Payable"). Both series of bonds require semi-annual interest payments. 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. Interest payments of $6.4 million were made on the Bonds Payable during both the three months ended March 31, 2019 and 2018 . Columbia Property Trust is subject to substantially similar covenants under the 2026 Bonds Payable and the 2025 Bonds Payable. As of March 31, 2019 , Columbia Property Trust was in compliance with the restrictive financial covenants on the 2026 Bonds Payable and the 2025 Bonds Payable. As of March 31, 2019 and December 31, 2018 , the estimated fair value of the Bonds Payable was approximately $695.1 million and $685.0 million , respectively, and the related carrying value, net of discounts, as of both March 31, 2019 and December 31, 2018 was $698.7 million . The fair value of the Bonds Payable was estimated 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 | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Under Existing Lease Agreements Certain lease agreements include tenant allowances that, at the option of the tenant, may obligate Columbia Property Trust to expend capital to improve an existing property, or to provide other expenditures for the benefit of the tenant. As of March 31, 2019 , Columbia Property Trust had one individually significant unrecorded tenant allowance commitment: $28.3 million for the WeWork lease at 149 Madison Avenue. These commitments will be accrued as the related costs are incurred. Guaranties of Debt of Unconsolidated Joint Ventures Columbia Property Trust guarantees portions of the debt at two of its unconsolidated joint ventures (see Note 4, Unconsolidated Joint Ventures ). • As of March 31, 2019 , Columbia Property Trust guaranteed $4.0 million of the $325.0 million Market Square mortgage loan. In April 2019, as a result of additional leasing, the guaranty was reduced to $0 and eliminated. • As of March 31, 2019 , the 799 Broadway Joint Venture has $103.1 million in outstanding borrowings on the Construction Loan. Pursuant to a joint and several guaranty agreement with the Construction Loan lender, Columbia Property Trust and its joint venture partner 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 March 31, 2019 , the remaining equity contribution requirement is $47.7 million , of which $23.7 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 March 31, 2019 , 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, liquidity, or financial condition of Columbia Property Trust. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common Stock Repurchase Program Columbia Property Trust's board of directors authorized a 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 the three months ended March 31, 2019 , Columbia Property Trust did not make any share repurchases. As of March 31, 2019 , $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 Compensation Columbia Property Trust maintains a stockholder-approved, long-term incentive plan (the "LTI Plan") that provides for grants of up to 4.8 million shares of stock to be made to certain employees and independent directors of Columbia Property Trust. Employee Awards Under the LTI Plan, Columbia Property Trust grants time-based stock awards and performance-based restricted stock unit awards to its employees. On January 1, 2019, Columbia Property Trust granted 175,129 shares of stock awards (the "Time-Based Restricted Shares") 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 of performance-based 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. 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 in the three months ended March 31, 2019 : Time-Based Awards Performance-Based Awards Restricted Shares Weighted-Average (1) RSUs (in thousands) Weighted-Average (2) Unvested awards – beginning of period 375 $ 22.15 454 $ 19.37 Granted 175 $ 19.35 256 (3) $ 17.66 Vested (165 ) $ 21.98 (121 ) $ 19.08 Forfeited — $ — — $ — Unvested awards – end of period (4) 385 $ 20.95 589 $ 18.77 (1) Reflects the weighted-average, grant-date fair value using the market closing price on the date of the respective grants. (2) Reflects the weighted-average, grant-date fair value using a Monte Carlo valuation. (3) Includes approximately 35,000 RSUs, which were converted to shares based on performance, as defined by the LTI Plan, over the period from January 1, 2017 through December 31, 2018. (4) As of March 31, 2019 , Columbia Property Trust expects approximately 370,000 of the 385,000 unvested restricted stock units to ultimately vest and approximately 566,000 of the 589,000 unvested Performance-Based RSUs, assuming a weighted-average forfeiture rate of 3.8% , which was determined based on historical forfeiture rates. 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. For the three months ended March 31, 2018 and 2019, no stock grants were made to the directors. Stock-Based Compensation Expense For the three months ended March 31, 2019 and 2018 , Columbia Property Trust incurred stock-based compensation expense related to the following events (in thousands): Three Months Ended 2019 2018 Amortization of time-based awards granted under the LTI Plan $ 884 $ 1,036 Amortization of performance-based awards granted under the LTI Plan (1) 655 492 Total stock-based compensation expense $ 1,539 $ 1,528 (1) Reflects amortization of awards made under the LTI Plan 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. As of March 31, 2019 and December 31, 2018 , there were $13.6 million and $8.6 million , respectively, of unrecognized compensation costs related to unvested awards under the LTI Plan, which will be amortized over the respective vesting period, ranging from one to four years at the time of grant. |
Supplemental Disclosures of Non
Supplemental Disclosures of Noncash Investing and Financing Activities | 3 Months Ended |
Mar. 31, 2019 | |
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 three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended 2019 2018 Amortization of net discounts on debt $ 45 $ 45 Accrued investments in unconsolidated joint ventures $ 88 $ — Accrued capital expenditures and deferred lease costs $ 19,603 $ 12,414 Operating lease liability recorded at adoption of ASC 842 $ 34,791 $ — Market value adjustments to interest rate swaps that qualify for hedge accounting treatment $ (1,431 ) $ 2,514 Cumulative-effect adjustment to equity for the adoption of ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Non-Financial Assets $ — $ 357,755 Amortization of common stock issued to employees and directors $ 1,539 $ 1,528 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases Columbia Property Trust as Lessee Columbia Property Trust is a lessee on ground leases at certain of its investment properties, office space leases, and various information technology equipment leases. Operating lease assets represent Columbia Property Trust's right to use the underlying asset over the lease term, and operating lease liabilities represent Columbia Property Trust's obligation to make lease payments over the lease term. Operating lease liabilities are measured as the present value of lease payments over the lease term. As most of Columbia Property Trust's leases do not provide an implicit rate, Columbia Property Trust uses its incremental borrowing rate, based on information available at commencement, to calculate the present value of lease payments. Lease term extensions are included in the operating lease liability when it is reasonably certain that they will be exercised. Any variable payments for non-lease services provided under leases are expensed as incurred. Operating lease assets are measured based on the corresponding operating lease liability amount, reduced for lease incentives and straight-line rent payable (receivable) balances at adoption of ASC 842. Operating lease expense is recognized on a straight-line basis over the lease term, and is reflected as property operating costs for ground leases and as general and administrative – corporate for all other operating leases. Contracts are evaluated at commencement to determine if the contract contains a lease, and the appropriate classification for such leases. As of March 31, 2019, Columbia Property Trust has three ground leases with remaining lease terms ranging from 58 years to 111 years, inclusive of renewal options, which are included in operating lease assets of $63.8 million . Under one of the ground leases, payments for all future periods have already been made. Thus, as of March 31, 2019, operating lease liabilities of $34.7 million reflect the present value of future payments due under the other two ground leases, which have remaining lease terms ranging from 80 years to 111 years, inclusive of renewal options. As of March 31, 2019, the future minimum lease payments to be made by Columbia Property Trust under its operating leases are as follows (thousands): Remainder of 2019 $ 1,877 2020 2,539 2021 2,704 2022 2,743 2023 2,023 2024 1,962 Thereafter 174,821 Total lease payments 188,669 Less: interest expense (153,931 ) Present value of lease liabilities $ 34,738 Weighted-average remaining lease term (years) 76 years Weighted-average discount rate 6.6 % As of December 31, 2018 , the future minimum lease payments to be made by Columbia Property Trust under its operating leases 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 Columbia Property Trust's operating leases had the following impacts on the consolidated balance sheet as of March 31, 2019 (in thousands): Ground Leases Office Lease Total Operating Leases Assets: Total operating lease assets $ 61,849 $ 1,980 $ 63,829 Liabilities: Total operating lease liabilities $ 32,112 $ 2,626 $ 34,738 Columbia Property Trust's operating leases had the following impacts on the consolidated statements of operations for the three months ended March 31, 2019 (in thousands): Ground Leases Office Lease Total Operating Leases Property operating costs $ 692 $ — $ 692 General and administrative – corporate — 145 145 Total operating lease expenses $ 692 $ 145 $ 837 Columbia Property Trust's operating leases had the following impacts on the consolidated statements of cash flows for the three months ended March 31, 2019: Ground Leases Office Lease Total Operating Leases Cash paid for operating lease liabilities included in cash flows from operations $ (451 ) $ (174 ) $ (625 ) Columbia Property Trust as Lessor Columbia Property Trust owns and leases commercial real estate, primarily office space, to tenants under operating leases for specified periods of time. Some of Columbia Property Trust's leases contain extension and/or termination options; however, the exercise of these extensions or terminations is at the discretion of the tenant and subject to negotiations. Therefore, such options are only recognized once they are deemed reasonably certain, typically at the time the option is exercised. Rental income related to such leases is recognized on a straight-line basis over the remaining lease period, and is included in rental income and tenant reimbursements on the consolidated statements of operations. Contracts are evaluated at commencement to determine if the contract contains a lease, and the appropriate classification for such leases. As of March 31, 2019, the weighted-average remaining term for such leases is approximately 6.9 years . Rental income and tenant reimbursements include fixed and variable payments. Fixed payments primarily relate to base rent; and variable payments primarily relate to tenant reimbursements for certain property operating costs. Fixed and variable payments for the three months ended March 31, 2019 are as follows (in thousands): Three Months Ended March 31, 2019 Fixed payments $ 65,517 Variable payments 6,345 Total rental income and tenant reimbursements $ 71,862 As of March 31, 2019, the future minimum lease payments due to Columbia Property Trust under non-cancelable operating leases are as follows (thousands): Remainder of 2019 $ 184,860 2020 251,836 2021 225,294 2022 213,492 2023 196,011 2024 183,205 Thereafter 939,626 Total $ 2,194,324 As of December 31, 2018 , the future minimum lease payments due to Columbia Property Trust under non-cancelable operating leases are 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 |
Leases | Leases Columbia Property Trust as Lessee Columbia Property Trust is a lessee on ground leases at certain of its investment properties, office space leases, and various information technology equipment leases. Operating lease assets represent Columbia Property Trust's right to use the underlying asset over the lease term, and operating lease liabilities represent Columbia Property Trust's obligation to make lease payments over the lease term. Operating lease liabilities are measured as the present value of lease payments over the lease term. As most of Columbia Property Trust's leases do not provide an implicit rate, Columbia Property Trust uses its incremental borrowing rate, based on information available at commencement, to calculate the present value of lease payments. Lease term extensions are included in the operating lease liability when it is reasonably certain that they will be exercised. Any variable payments for non-lease services provided under leases are expensed as incurred. Operating lease assets are measured based on the corresponding operating lease liability amount, reduced for lease incentives and straight-line rent payable (receivable) balances at adoption of ASC 842. Operating lease expense is recognized on a straight-line basis over the lease term, and is reflected as property operating costs for ground leases and as general and administrative – corporate for all other operating leases. Contracts are evaluated at commencement to determine if the contract contains a lease, and the appropriate classification for such leases. As of March 31, 2019, Columbia Property Trust has three ground leases with remaining lease terms ranging from 58 years to 111 years, inclusive of renewal options, which are included in operating lease assets of $63.8 million . Under one of the ground leases, payments for all future periods have already been made. Thus, as of March 31, 2019, operating lease liabilities of $34.7 million reflect the present value of future payments due under the other two ground leases, which have remaining lease terms ranging from 80 years to 111 years, inclusive of renewal options. As of March 31, 2019, the future minimum lease payments to be made by Columbia Property Trust under its operating leases are as follows (thousands): Remainder of 2019 $ 1,877 2020 2,539 2021 2,704 2022 2,743 2023 2,023 2024 1,962 Thereafter 174,821 Total lease payments 188,669 Less: interest expense (153,931 ) Present value of lease liabilities $ 34,738 Weighted-average remaining lease term (years) 76 years Weighted-average discount rate 6.6 % As of December 31, 2018 , the future minimum lease payments to be made by Columbia Property Trust under its operating leases 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 Columbia Property Trust's operating leases had the following impacts on the consolidated balance sheet as of March 31, 2019 (in thousands): Ground Leases Office Lease Total Operating Leases Assets: Total operating lease assets $ 61,849 $ 1,980 $ 63,829 Liabilities: Total operating lease liabilities $ 32,112 $ 2,626 $ 34,738 Columbia Property Trust's operating leases had the following impacts on the consolidated statements of operations for the three months ended March 31, 2019 (in thousands): Ground Leases Office Lease Total Operating Leases Property operating costs $ 692 $ — $ 692 General and administrative – corporate — 145 145 Total operating lease expenses $ 692 $ 145 $ 837 Columbia Property Trust's operating leases had the following impacts on the consolidated statements of cash flows for the three months ended March 31, 2019: Ground Leases Office Lease Total Operating Leases Cash paid for operating lease liabilities included in cash flows from operations $ (451 ) $ (174 ) $ (625 ) Columbia Property Trust as Lessor Columbia Property Trust owns and leases commercial real estate, primarily office space, to tenants under operating leases for specified periods of time. Some of Columbia Property Trust's leases contain extension and/or termination options; however, the exercise of these extensions or terminations is at the discretion of the tenant and subject to negotiations. Therefore, such options are only recognized once they are deemed reasonably certain, typically at the time the option is exercised. Rental income related to such leases is recognized on a straight-line basis over the remaining lease period, and is included in rental income and tenant reimbursements on the consolidated statements of operations. Contracts are evaluated at commencement to determine if the contract contains a lease, and the appropriate classification for such leases. As of March 31, 2019, the weighted-average remaining term for such leases is approximately 6.9 years . Rental income and tenant reimbursements include fixed and variable payments. Fixed payments primarily relate to base rent; and variable payments primarily relate to tenant reimbursements for certain property operating costs. Fixed and variable payments for the three months ended March 31, 2019 are as follows (in thousands): Three Months Ended March 31, 2019 Fixed payments $ 65,517 Variable payments 6,345 Total rental income and tenant reimbursements $ 71,862 As of March 31, 2019, the future minimum lease payments due to Columbia Property Trust under non-cancelable operating leases are as follows (thousands): Remainder of 2019 $ 184,860 2020 251,836 2021 225,294 2022 213,492 2023 196,011 2024 183,205 Thereafter 939,626 Total $ 2,194,324 As of December 31, 2018 , the future minimum lease payments due to Columbia Property Trust under non-cancelable operating leases are 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 |
Non-Lease Revenues
Non-Lease Revenues | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Non-Lease Revenues | Non-Lease Revenues Columbia Property Trust derives most of its revenues from leases, as described in Note 10, Leases . Columbia Property Trust also has the following non-lease revenue streams. 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 . For the three months ended March 31, 2019 and 2018 , Columbia Property Trust earned revenues of $1.9 million and $1.8 million , respectively, under these agreements. 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. For the three months ended March 31, 2019 , Columbia Property Trust earned leasing override fees of $3,000 , which are included in asset and property management fee income on the accompanying consolidated statements of operations. 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 services that are provided by Columbia Property Trust employees on an ongoing basis. For the three months ended March 31, 2019 and 2018 , Columbia Property Trust earned salary and other reimbursement revenue of $1.1 million and $1.0 million , respectively, which is 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. For both the three months ended March 31, 2019 and 2018 , Columbia Property Trust earned miscellaneous revenue of $0.2 million , which is included in other property income on the accompanying consolidated statements of income. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share For the three months ended March 31, 2019 and 2018 , in computing the basic and diluted earnings per share, net income has been reduced for the dividends paid on unvested shares granted under the LTI Plan. The following table reconciles the numerator for the basic and diluted earnings-per-share computations shown on the consolidated statements of operations for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended 2019 2018 Net income $ 3,513 $ 1,498 Distributions paid on unvested shares (77 ) (73 ) Net income used to calculate basic and diluted earnings per share $ 3,436 $ 1,425 The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of operations for the three months ended March 31, 2019 and 2018 , respectively (in thousands): Three Months Ended 2019 2018 Weighted-average common shares – basic 116,462 119,082 Plus incremental weighted-average shares from time-vested conversions, less assumed stock repurchases: Previously granted awards, unvested 90 70 Future period LTI Plan awards 328 198 Weighted-average common shares – diluted 116,880 119,350 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 , 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. 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, and other property income; and operating expenses include property operating costs. The NOI performance metric consists only of 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 operating revenues included in NOI by geographic reportable segment for Columbia Property Trust's respective ownership interests (in thousands): Three Months Ended March 31, 2019 2018 New York (1) $ 38,696 $ 40,909 San Francisco (2) 27,763 23,520 Atlanta 11,223 9,858 Washington, D.C. (3) 14,130 13,972 Boston 3,674 3,370 Los Angeles 1,934 1,920 All other office markets 3,903 3,936 Total office segments 101,323 97,485 Corporate 786 681 Total operating revenues $ 102,109 $ 98,166 (1) Includes operating revenues for one unconsolidated property, 114 Fifth Avenue, based on Columbia Property Trust's ownership interest: 49.5% for all periods presented. (2) Includes operating revenues for two unconsolidated properties, 333 Market Street and University Circle, based on Columbia Property Trust's ownership interests: 77.5% from January 1, 2018 through January 31, 2018; and 55.0% from February 1, 2018 through March 31, 2019. (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 and 55.0% for 1800 M Street for all periods presented. A reconciliation of GAAP revenues to operating revenues is presented below (in thousands): Three Months Ended March 31, 2019 2018 Total revenues $ 75,433 $ 73,710 Operating revenues included in income from unconsolidated joint ventures (1) 28,545 26,215 Less: asset and property management fee income (2) (1,869 ) (1,759 ) Total operating revenues $ 102,109 $ 98,166 (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 from unconsolidated joint ventures in the accompanying consolidated statements of operations. (2) See Note 11, Non-Lease Revenues , of the accompanying consolidated financial statements. The following table presents NOI by geographic reportable segment (in thousands): Three Months Ended March 31, 2019 2018 New York (1) $ 22,806 $ 24,179 San Francisco (2) 20,497 19,554 Atlanta 8,151 8,754 Washington, D.C. (3) 8,453 8,330 Boston 1,989 1,768 Los Angeles 1,119 1,208 All other office markets 3,836 3,291 Total office segments 66,851 67,084 Corporate (205 ) (225 ) Total NOI $ 66,646 $ 66,859 (1) Includes NOI for two unconsolidated properties, 114 Fifth Avenue and 799 Broadway, based on Columbia Property Trust's ownership interest: 49.5% for 114 Fifth Avenue for all periods presented; and 49.7% for 799 Broadway from October 3, 2018 through March 31, 2019. (2) Includes NOI for two unconsolidated properties, 333 Market Street and University Circle, based on Columbia Property Trust's ownership interests: 77.5% from January 1, 2018 through January 31, 2018; and 55.0% from February 1, 2018 through March 31, 2019. (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 and 55.0% for 1800 M Street for all periods presented. A reconciliation of GAAP net income to NOI is presented below (in thousands): Three Months Ended March 31, 2019 2018 Net income $ 3,513 $ 1,498 Depreciation 20,404 20,835 Amortization 7,461 8,016 General and administrative – corporate 8,424 7,794 General and administrative – unconsolidated joint ventures 809 731 Net interest expense 12,094 15,892 Interest income from development authority bonds — (1,800 ) Gain on sale of unconsolidated joint venture interests — (762 ) Income tax expense 7 7 Asset and property management fee income (1,869 ) (1,759 ) Adjustments included in income from unconsolidated joint ventures 15,803 16,407 NOI $ 66,646 $ 66,859 |
Financial Information for Paren
Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries | 3 Months Ended |
Mar. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries | Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries The 2026 Bonds Payable and the 2025 Bonds Payable (see Note 6, Bonds Payable ) were issued by Columbia Property Trust OP, and are guaranteed by Columbia Property Trust. In accordance with SEC Rule 3-10(c), Columbia Property Trust includes herein condensed consolidating financial information in lieu of separate financial statements of the subsidiary issuer (Columbia Property Trust OP), as defined in the bond indentures, because all of the following criteria are met: (1) The subsidiary issuer (Columbia Property Trust OP) is 100% owned by the parent company guarantor (Columbia Property Trust); (2) The guarantee is full and unconditional; and (3) No other subsidiary of the parent company guarantor (Columbia Property Trust) guarantees the 2026 Bonds Payable or the 2025 Bonds Payable. Columbia Property Trust uses the equity method with respect to its investment in subsidiaries included in its consolidated financial statements. Set forth below are Columbia Property Trust's condensed consolidating balance sheets as of March 31, 2019 and December 31, 2018 , as well as its condensed consolidating statements of operations, its condensed consolidating statements of comprehensive income, and its condensed consolidating statements of cash flows for the three months ended March 31, 2019 and 2018 . Condensed Consolidating Balance Sheets (in thousands): As of March 31, 2019 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Assets: Real estate assets, at cost: Land $ — $ — $ 803,986 $ — $ 803,986 Buildings and improvements, net — 1,633 1,790,293 — 1,791,926 Intangible lease assets, net — — 64,250 — 64,250 Construction in progress — — 37,772 — 37,772 Real estate assets held for sale, net — — 145,346 — 145,346 Total real estate assets — 1,633 2,841,647 — 2,843,280 Operating lease assets 1,980 — 61,849 — 63,829 Investments in unconsolidated joint ventures — 1,067,905 — — 1,067,905 Cash and cash equivalents 165 11,768 6,618 — 18,551 Investment in subsidiaries 2,578,461 1,202,861 — (3,781,322 ) — Tenant receivables — — 3,760 — 3,760 Straight-line rent receivable — — 83,828 — 83,828 Prepaid expenses and other assets 140,890 352,349 7,309 (469,028 ) 31,520 Intangible lease origination costs, net — — 31,626 — 31,626 Deferred lease costs, net — — 58,932 — 58,932 Other assets held for sale — — 20,498 — 20,498 Total assets $ 2,721,496 $ 2,636,516 $ 3,116,067 $ (4,250,350 ) $ 4,223,729 Liabilities: Line of credit and notes payable, net $ — $ 680,456 $ 467,344 $ (467,344 ) $ 680,456 Bonds payable, net — 694,736 — — 694,736 Operating lease liabilities 2,626 — 32,112 — 34,738 Accounts payable, accrued expenses, and accrued capital expenditures 6 10,628 27,328 — 37,962 Due to affiliates — — 1,684 (1,684 ) — Deferred income — — 16,943 — 16,943 Intangible lease liabilities, net — — 19,539 — 19,539 Liabilities held for sale — — 20,491 — 20,491 Total liabilities 2,632 1,385,820 585,441 (469,028 ) 1,504,865 Equity: Total equity 2,718,864 1,250,696 2,530,626 (3,781,322 ) 2,718,864 Total liabilities and equity $ 2,721,496 $ 2,636,516 $ 3,116,067 $ (4,250,350 ) $ 4,223,729 Condensed Consolidating Balance Sheets (in thousands): As of December 31, 2018 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Assets: Real estate assets, at cost: Land $ — $ — $ 817,975 $ — $ 817,975 Building 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 — — 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: Lines 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 Statements of Operations (in thousands): For the Three Months Ended March 31, 2019 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income and tenant reimbursements $ — $ — $ 71,862 $ — $ 71,862 Asset and property management fee income 912 — 957 — 1,869 Other property income — — 1,702 — 1,702 912 — 74,521 — 75,433 Expenses: Property operating costs — — 24,237 — 24,237 Asset and property management fees — — 255 — 255 Depreciation — 171 20,233 — 20,404 Amortization — — 7,461 — 7,461 General and administrative – corporate 199 2,220 6,005 — 8,424 General and administrative – unconsolidated joint ventures — — 809 — 809 199 2,391 59,000 — 61,590 Other income (expense): Interest expense — (12,095 ) (5,053 ) 5,053 (12,095 ) Interest and other income 1,575 3,478 1 (5,053 ) 1 Income tax expense — — (7 ) — (7 ) Income (loss) from unconsolidated entities 1,225 14,933 (3 ) (14,384 ) 1,771 2,800 6,316 (5,062 ) (14,384 ) (10,330 ) Net income $ 3,513 $ 3,925 $ 10,459 $ (14,384 ) $ 3,513 Condensed Consolidating Statements of Operations (in thousands): For the Three Months Ended March 31, 2018 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income and tenant reimbursements $ — $ — $ 70,360 $ — $ 70,360 Asset and property management fee income 905 — 854 — 1,759 Other property income — — 1,591 — 1,591 905 — 72,805 — 73,710 Expenses: Property operating costs — — 23,062 — 23,062 Asset and property management fees — — 208 — 208 Depreciation — 167 20,668 — 20,835 Amortization — — 8,016 — 8,016 General and administrative – corporate 198 2,309 5,287 — 7,794 General and administrative – unconsolidated joint ventures — — 731 — 731 198 2,476 57,972 — 60,646 Other income (expense): Interest expense — (12,434 ) (10,494 ) 7,033 (15,895 ) Interest and other income 3,555 3,478 1,803 (7,033 ) 1,803 Gain on sale of unconsolidated joint venture interests — 762 — — 762 Income tax expense — — (7 ) — (7 ) Income (loss) from unconsolidated entities (2,764 ) 9,194 — (4,659 ) 1,771 791 1,000 (8,698 ) (4,659 ) (11,566 ) Net income (loss) $ 1,498 $ (1,476 ) $ 6,135 $ (4,659 ) $ 1,498 Condensed Consolidating Statements of Comprehensive Income (in thousands): For the Three Months Ended March 31, 2019 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 3,513 $ 3,925 $ 10,459 $ (14,384 ) $ 3,513 Market value adjustments to interest rate swaps (1,431 ) (1,431 ) — 1,431 (1,431 ) Comprehensive income $ 2,082 $ 2,494 $ 10,459 $ (12,953 ) $ 2,082 For the Three Months Ended March 31, 2018 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 1,498 $ (1,476 ) $ 6,135 $ (4,659 ) $ 1,498 Market value adjustments to interest rate swaps 2,514 2,514 — (2,514 ) 2,514 Comprehensive income $ 4,012 $ 1,038 $ 6,135 $ (7,173 ) $ 4,012 Condensed Consolidating Statements of Cash Flows (in thousands): For the Three Months Ended March 31, 2019 Columbia Property Trust (Guarantor) Columbia Property Trust OP (the Issuer) Non- Guarantors Consolidating Adjustments Columbia Property Trust Cash flows from operating activities $ 4,638 $ 2,948 $ 41,877 $ (14,384 ) $ 35,079 Cash flows from investing activities: Investment in real estate and related assets (13,701 ) — (20,951 ) — (34,652 ) Investments in unconsolidated joint ventures — (6,528 ) — — (6,528 ) Distributions from unconsolidated joint ventures — 5,672 — — 5,672 Distributions from subsidiaries 56,640 7,313 — (63,953 ) — Net cash provided by (used in) investing activities 42,939 6,457 (20,951 ) (63,953 ) (35,508 ) Cash flows from financing activities: Borrowings, net of fees — 73,979 — — 73,979 Repayments — (23,000 ) — — (23,000 ) Distributions (46,716 ) (59,189 ) (19,148 ) 78,337 (46,716 ) Repurchases of common stock (2,401 ) — — — (2,401 ) Net cash provided by (used in) financing activities (49,117 ) (8,210 ) (19,148 ) 78,337 1,862 Net increase (decrease) in cash and cash equivalents (1,540 ) 1,195 1,778 — 1,433 Cash and cash equivalents, beginning of period 1,705 10,573 4,840 — 17,118 Cash and cash equivalents, end of period $ 165 $ 11,768 $ 6,618 $ — $ 18,551 Condensed Consolidating Statements of Cash Flows (in thousands): For the Three Months Ended March 31, 2018 Columbia Property Trust (Guarantor) Columbia Property Trust OP (the Issuer) Non- Guarantors Consolidating Adjustments Columbia Property Trust Cash flows from operating activities $ 708 $ (5,326 ) $ 19,389 $ — $ 14,771 Cash flows from investing activities: Net proceeds from sale of investments in unconsolidated joint ventures — 235,083 — — 235,083 Investment in real estate and related assets — — (23,877 ) — (23,877 ) Investments in unconsolidated joint ventures — (1,541 ) — — (1,541 ) Distributions from unconsolidated joint ventures — 2,976 — — 2,976 Distributions from subsidiaries 75,935 (9,988 ) — (65,947 ) — Net cash provided by (used in) investing activities 75,935 226,530 (23,877 ) (65,947 ) 212,641 Cash flows from financing activities: Borrowings, net of fees — 108,983 — — 108,983 Repayments — (247,000 ) (814 ) — (247,814 ) Distributions (47,819 ) (77,811 ) 11,864 65,947 (47,819 ) Repurchases of common stock (29,261 ) — — — (29,261 ) Net cash provided by (used in) financing activities (77,080 ) (215,828 ) 11,050 65,947 (215,911 ) Net increase (decrease) in cash and cash equivalents (437 ) 5,376 6,562 — 11,501 Cash and cash equivalents, beginning of period 692 5,079 3,796 — 9,567 Cash and cash equivalents, end of period $ 255 $ 10,455 $ 10,358 $ — $ 21,068 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Event Columbia Property Trust has evaluated subsequent events in connection with the preparation of the consolidated financial statements and notes thereto included in this report on Form 10-Q, and notes that the sale of One & Three Glenlake Parkway closed on April 15, 2019. See Note 3, Real Estate Transactions , for additional details. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements of Columbia Property Trust have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by U.S. generally accepted accounting principles ("GAAP") for complete financial statements. In the opinion of management, the statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year's results. For additional information on Columbia Property Trust's unconsolidated joint ventures, which are accounted for using the equity method of accounting, see Note 4, Unconsolidated Joint Ventures . Columbia Property Trust's consolidated financial statements include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable-interest entity in which Columbia Property Trust or Columbia Property Trust OP is deemed the primary beneficiary. With respect to entities that are not variable interest entities, Columbia Property Trust's consolidated financial statements also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling general partnership interest. All intercompany balances and transactions have been eliminated in consolidation. |
Fair Value Measurements | Fair Value Measurements Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date, under current market conditions. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability: Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts. Level 2 – Assets or liabilities valued based on observable market data for similar instruments. Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider. |
Real Estate Assets | Real Estate Assets Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. 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 | 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 all of 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. |
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 development or 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. |
Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessor | Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessor Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of the properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see "Fair Value Measurements" section above for additional detail). |
Interest Rate Swap Agreements | Interest Rate Swap Agreements Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate swap transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps 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 gain or loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment. |
Income Taxes | Income Taxes Columbia Property Trust has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code") and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. 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. Generally, Columbia Property Trust does not incur federal income taxes, other than as described in the following paragraph, because its stockholder distributions typically exceed its taxable income due to noncash expenses such as depreciation. 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. |
Reclassification | Reclassification In connection with adopting Accounting Standard Codification ("ASC") 842, Leases ("ASC 842"), effective January 1, 2019, rental income and tenant reimbursements have been combined into a single line on the consolidated statements of operations for all periods presented. See Recent Accounting Pronouncements below for additional details. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Effective January 1, 2019, Columbia Property Trust adopted ASC 842, which amends the lease accounting rules with the following key changes: • Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months, and to 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 using the effective interest method (finance leases) or on a straight-line basis over the term of the lease (operating leases). • Lessors are required to account for leases using an approach that is substantially similar to the pre-existing rules for operating leases, sales-type leases and direct financing leases, with a few targeted changes, including that: (i) lessors are no longer permitted to capitalize and amortize initial indirect costs incurred to obtain a lease, and (ii) provisions for uncollectible tenant receivables are reflected as a reduction to lease revenues, instead of as general and administrative expense. In connection with transitioning to ASC 842, Columbia Property Trust elected to use certain practical expedients which impact the Company as follows: • Prospective implementation. In-place contracts retain their character as to whether they meet the definition of a lease or not; in-place leases retain their classification as an operating, sales-type, or direct financing lease; and prior-period accounting and presentation is unchanged. • Rental income and tenant reimbursements are combined in a single line on the statements of operations for all periods presented. • Leases with a term of 12 months or less are expensed as incurred, as provided for in a practical expedient elected by Columbia Property Trust. See Note 10, Leases , for additional information. Accounting Standard Update 2018-13 , Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"), which will be effective for Columbia Property Trust on January 1, 2020, expands the disclosure requirements related to a change in fair value technique hierarchy. ASU 2018-13 is not expected to have a material impact on Columbia Property Trust's consolidated financial statements or disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 Major Classes of Assets and Liabilities Classified as Held For Sale | The major classes of assets and liabilities classified as held for sale as of March 31, 2019 are provided below (in thousands): March 31, 2019 Real Estate Assets Held for Sale: Real Estate Assets, at Cost: Land $ 13,989 Buildings and improvements, less accumulated depreciation of $46,118 104,030 Intangible lease assets, less accumulated amortization of $10,830 533 Construction in progress 26,794 Total real estate assets held for sale, net $ 145,346 Other Assets Held for Sale: Tenant receivables $ 53 Straight-line rent receivable 7,700 Prepaid expenses and other assets 49 Intangible lease origination costs, less accumulated amortization of $7,109 350 Deferred lease costs, less accumulated amortization of $6,484 12,346 Total other assets held for sale, net $ 20,498 Liabilities Held for Sale: Accounts payable, accrued expenses, and accrued capital expenditures $ 19,632 Deferred income 743 Intangible lease liabilities, less accumulated amortization of $380 116 Total liabilities held for sale, net $ 20,491 During 2018 , Columbia Property Trust disposed of the following properties, or partial interests in properties of unconsolidated joint ventures: Property Location Date % Sold Sales Price (1) (in thousands) Gain on Sale (in thousands) 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 $ 800 (1) Exclusive of transaction costs and price adjustments. |
Schedule of Intangible Assets and Liabilities | As of March 31, 2019 and December 31, 2018 , Columbia Property Trust had the following intangible assets and liabilities, arising from in-place leases, excluding amounts held for sale, if applicable (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 March 31, 2019 Gross $ 3,174 $ 135,883 $ 91,812 $ 42,351 Accumulated Amortization (1,142 ) (73,665 ) (60,186 ) (22,812 ) Net $ 2,032 $ 62,218 $ 31,626 $ 19,539 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 For the three months ended March 31, 2019 and 2018 , Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands): Intangible Lease Assets Intangible Lease Origination Costs Intangible Below-Market In-Place Lease Liabilities Above-Market In-Place Lease Assets Absorption Period Costs For the Three Months Ended March 31, 2019 $ 82 $ 3,656 $ 2,100 $ 1,426 For the Three Months Ended March 31, 2018 $ 51 $ 4,339 $ 2,419 $ 1,589 The net intangible assets and liabilities remaining as of March 31, 2019 will be amortized as follows, excluding amounts held for sale, if applicable (in thousands): Intangible Lease Assets Intangible Lease Origination Costs Intangible Below-Market In-Place Lease Liabilities Above-Market In-Place Lease Assets Absorption Period Costs For the remainder of 2019 $ 246 $ 10,397 $ 5,963 $ 4,122 For the years ending December 31: 2020 275 12,338 7,406 4,597 2021 247 7,490 3,429 1,714 2022 243 5,848 2,406 1,374 2023 243 5,098 2,165 1,308 2024 230 4,756 2,062 1,162 Thereafter 548 16,291 8,195 5,262 $ 2,032 $ 62,218 $ 31,626 $ 19,539 |
Schedule of Interest Rate Swaps | The following tables provide additional information related to Columbia Property Trust's interest rate swaps (in thousands): Estimated Fair Value as of Instrument Type Balance Sheet Classification March 31, December 31, Derivatives designated as hedging instruments: Interest rate contracts Prepaid expenses and other assets $ 913 $ 2,344 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position | Three Months Ended 2019 2018 Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income $ (1,431 ) $ 2,514 |
Real Estate Transactions (Table
Real Estate Transactions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Real Estate [Abstract] | |
Schedule of Properties Acquired | During 2018 , Columbia Property Trust acquired the following properties and partial interests in properties. Columbia Property Trust did not acquire any properties during the three months ended March 31, 2019 . Property Location Date Percent Acquired Purchase Price (1) (in thousands) 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 (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 property, which is owned through an unconsolidated joint venture. Purchase Price Allocations for Consolidated Property Acquisitions Lindbergh Center – Retail Location Atlanta, GA Date acquired October 24, 2018 Purchase Price (in thousands): Building and improvements $ 17,558 Intangible lease assets 5,726 Intangible lease origination costs 794 Intangible below market lease liability (715 ) Total purchase price $ 23,363 |
Unaudited Pro Forma Financial Results | 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 this acquisition been consummated as of January 1, 2017 (in thousands): Three Months Ended Revenues $ 74,458 Net income $ 1,521 |
Schedule of Properties Sold | The major classes of assets and liabilities classified as held for sale as of March 31, 2019 are provided below (in thousands): March 31, 2019 Real Estate Assets Held for Sale: Real Estate Assets, at Cost: Land $ 13,989 Buildings and improvements, less accumulated depreciation of $46,118 104,030 Intangible lease assets, less accumulated amortization of $10,830 533 Construction in progress 26,794 Total real estate assets held for sale, net $ 145,346 Other Assets Held for Sale: Tenant receivables $ 53 Straight-line rent receivable 7,700 Prepaid expenses and other assets 49 Intangible lease origination costs, less accumulated amortization of $7,109 350 Deferred lease costs, less accumulated amortization of $6,484 12,346 Total other assets held for sale, net $ 20,498 Liabilities Held for Sale: Accounts payable, accrued expenses, and accrued capital expenditures $ 19,632 Deferred income 743 Intangible lease liabilities, less accumulated amortization of $380 116 Total liabilities held for sale, net $ 20,491 During 2018 , Columbia Property Trust disposed of the following properties, or partial interests in properties of unconsolidated joint ventures: Property Location Date % Sold Sales Price (1) (in thousands) Gain on Sale (in thousands) 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 $ 800 (1) Exclusive of transaction costs and price adjustments. |
Unconsolidated Joint Ventures (
Unconsolidated Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Financial Information for the Joint Ventures | During the three months ended March 31, 2019 and 2018 , Columbia Property Trust earned the following fees from these unconsolidated joint ventures (in thousands): Three Months Ended 2019 2018 Market Square Joint Venture $ 568 $ 523 University Circle Joint Venture 574 529 333 Market Street Joint Venture 207 197 1800 M Street Joint Venture 520 510 $ 1,869 $ 1,759 As of March 31, 2019 and December 31, 2018 , Columbia Property Trust owned 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 Property Name Geographic Market Ownership Interest March 31, 2019 December 31, 2018 Market Square Joint Venture Market Square Washington, D.C. 51.0 % $ 137,825 $ 134,250 University Circle Joint Venture University Circle San Francisco 55.0 % 291,159 292,951 333 Market Street Joint Venture 333 Market Street San Francisco 55.0 % 272,519 273,783 114 Fifth Avenue Joint Venture 114 Fifth Avenue New York 49.5 % 96,059 99,283 1800 M Street Joint Venture 1800 M Street Washington, D.C. 55.0 % 234,837 237,333 799 Broadway Joint Venture (2) 799 Broadway New York, NY 49.7 % 35,506 33,753 $ 1,067,905 $ 1,071,353 (1) Includes basis differences. (2) Columbia Property Trust capitalized interest of $0.3 million on its investment in the 799 Broadway Joint Venture during the three months ended March 31, 2019 . Summarized balance sheet information for each of the unconsolidated joint ventures is as follows (in thousands): Total Assets Total Debt Total Equity (1) March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Market Square Joint Venture $ 586,797 $ 582,176 $ 324,775 (2) $ 324,762 $ 248,004 $ 241,581 University Circle Joint Venture 225,398 224,746 — — 218,753 219,390 333 Market Street Joint Venture 372,814 375,884 — — 358,452 360,915 114 Fifth Avenue Joint Venture 498,686 377,970 — — 143,138 149,243 1800 M Street Joint Venture 441,114 447,585 — — 424,501 429,016 799 Broadway Joint Venture 170,075 168,390 98,130 (3) 95,630 69,836 67,189 $ 2,294,884 $ 2,176,751 $ 422,905 $ 420,392 $ 1,462,684 $ 1,467,334 (1) Excludes basis differences. There is an aggregate net difference of $281.2 million and $282.0 million as of March 31, 2019 and December 31, 2018 , 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 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. (2) The Market Square Joint Venture has a $325.0 million mortgage note. The Market Square mortgage note bears interest at 5.07% and matures on July 1, 2023. For a discussion of Columbia Property Trust's guaranty of a portion of this mortgage note, see Note 7, Commitments and Contingencies . (3) Reflects $103.1 million outstanding, net of $5.0 million of net unamortized deferred financing costs, on the 799 Broadway construction loan. The 799 Broadway construction loan is being used to finance a portion of the 799 Broadway development project, has total capacity of $187.0 million and bears interest at LIBOR, capped at 4.00% , plus a spread of 425 basis points (the "Construction Loan"). A portion of the monthly interest payments accrue into the balance of the loan. The Construction Loan matures on October 9, 2021, with two one -year extension options. For a discussion of Columbia Property Trust's equity guaranty related to the Construction Loan, see Note 7, Commitments and Contingencies . Summarized income statement information for the unconsolidated joint ventures for the three months ended March 31, 2019 and 2018 is as follows (in thousands): Total Revenues Net Income (Loss) Columbia Property Trust's Share of Net Income (Loss) (1) 2019 2018 2019 2018 2019 2018 Market Square Joint Venture $ 11,337 $ 11,015 $ (2,595 ) $ (3,009 ) $ (1,323 ) $ (1,534 ) University Circle Joint Venture 11,272 10,341 6,364 5,505 3,500 3,429 333 Market Street Joint Venture 7,054 6,668 3,713 3,557 2,042 2,227 114 Fifth Avenue Joint Venture 10,919 10,300 (2,506 ) (2,331 ) (1,240 ) (1,154 ) 1800 M Street Joint Venture 9,454 8,897 388 243 214 133 799 Broadway Joint Venture — — (526 ) — (262 ) — $ 50,036 $ 47,221 $ 4,838 $ 3,965 $ 2,931 $ 3,101 (1) 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) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit and Notes Payable Indebtedness | As of March 31, 2019 and December 31, 2018 , Columbia Property Trust had the following line of credit and notes payable indebtedness (excluding bonds payable; see Note 6, Bonds Payable ) (in thousands): Facility March 31, December 31, Revolving Credit Facility $ 533,000 $ 482,000 $150 Million Term Loan 150,000 150,000 Less: Deferred financing costs related to term loans and notes payable, net of accumulated amortization (2,544 ) (2,692 ) $ 680,456 $ 629,308 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Summary of the Activity of Employee Stock Grants | Below is a summary of the employee awards issued under the LTI Plan in the three months ended March 31, 2019 : Time-Based Awards Performance-Based Awards Restricted Shares Weighted-Average (1) RSUs (in thousands) Weighted-Average (2) Unvested awards – beginning of period 375 $ 22.15 454 $ 19.37 Granted 175 $ 19.35 256 (3) $ 17.66 Vested (165 ) $ 21.98 (121 ) $ 19.08 Forfeited — $ — — $ — Unvested awards – end of period (4) 385 $ 20.95 589 $ 18.77 (1) Reflects the weighted-average, grant-date fair value using the market closing price on the date of the respective grants. (2) Reflects the weighted-average, grant-date fair value using a Monte Carlo valuation. (3) Includes approximately 35,000 RSUs, which were converted to shares based on performance, as defined by the LTI Plan, over the period from January 1, 2017 through December 31, 2018. (4) As of March 31, 2019 , Columbia Property Trust expects approximately 370,000 of the 385,000 unvested restricted stock units to ultimately vest and approximately 566,000 of the 589,000 unvested Performance-Based RSUs, assuming a weighted-average forfeiture rate of 3.8% , which was determined based on historical forfeiture rates. |
Schedule of Stock-based Compensation Expense Incurred | For the three months ended March 31, 2019 and 2018 , Columbia Property Trust incurred stock-based compensation expense related to the following events (in thousands): Three Months Ended 2019 2018 Amortization of time-based awards granted under the LTI Plan $ 884 $ 1,036 Amortization of performance-based awards granted under the LTI Plan (1) 655 492 Total stock-based compensation expense $ 1,539 $ 1,528 (1) Reflects amortization of awards made under the LTI Plan for service during the current period, for which shares will be issued in future periods. |
Supplemental Disclosures of N_2
Supplemental Disclosures of Noncash Investing and Financing Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Significant Noncash Investing and Financing Activities | Outlined below are significant noncash investing and financing activities for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended 2019 2018 Amortization of net discounts on debt $ 45 $ 45 Accrued investments in unconsolidated joint ventures $ 88 $ — Accrued capital expenditures and deferred lease costs $ 19,603 $ 12,414 Operating lease liability recorded at adoption of ASC 842 $ 34,791 $ — Market value adjustments to interest rate swaps that qualify for hedge accounting treatment $ (1,431 ) $ 2,514 Cumulative-effect adjustment to equity for the adoption of ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Non-Financial Assets $ — $ 357,755 Amortization of common stock issued to employees and directors $ 1,539 $ 1,528 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments To Be Made | As of March 31, 2019, the future minimum lease payments to be made by Columbia Property Trust under its operating leases are as follows (thousands): Remainder of 2019 $ 1,877 2020 2,539 2021 2,704 2022 2,743 2023 2,023 2024 1,962 Thereafter 174,821 Total lease payments 188,669 Less: interest expense (153,931 ) Present value of lease liabilities $ 34,738 Weighted-average remaining lease term (years) 76 years Weighted-average discount rate 6.6 % |
Schedule of Future Minimum Lease Payments to be Made and Received | As of December 31, 2018 , the future minimum lease payments to be made by Columbia Property Trust under its operating leases 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 As of December 31, 2018 , the future minimum lease payments due to Columbia Property Trust under non-cancelable operating leases are 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 |
Summary of Impact of Operating Leases on Consolidated Balance Sheet | Columbia Property Trust's operating leases had the following impacts on the consolidated balance sheet as of March 31, 2019 (in thousands): Ground Leases Office Lease Total Operating Leases Assets: Total operating lease assets $ 61,849 $ 1,980 $ 63,829 Liabilities: Total operating lease liabilities $ 32,112 $ 2,626 $ 34,738 |
Summary of Impact of Operating Leases on Statements of Operations and Statements of Cash Flows | Columbia Property Trust's operating leases had the following impacts on the consolidated statements of operations for the three months ended March 31, 2019 (in thousands): Ground Leases Office Lease Total Operating Leases Property operating costs $ 692 $ — $ 692 General and administrative – corporate — 145 145 Total operating lease expenses $ 692 $ 145 $ 837 Columbia Property Trust's operating leases had the following impacts on the consolidated statements of cash flows for the three months ended March 31, 2019: Ground Leases Office Lease Total Operating Leases Cash paid for operating lease liabilities included in cash flows from operations $ (451 ) $ (174 ) $ (625 ) |
Summary of Fixed and Variable Revenues | Fixed and variable payments for the three months ended March 31, 2019 are as follows (in thousands): Three Months Ended March 31, 2019 Fixed payments $ 65,517 Variable payments 6,345 Total rental income and tenant reimbursements $ 71,862 |
Schedule of Future Minimum Lease Payments To Be Received | As of March 31, 2019, the future minimum lease payments due to Columbia Property Trust under non-cancelable operating leases are as follows (thousands): Remainder of 2019 $ 184,860 2020 251,836 2021 225,294 2022 213,492 2023 196,011 2024 183,205 Thereafter 939,626 Total $ 2,194,324 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share Computations | The following table reconciles the numerator for the basic and diluted earnings-per-share computations shown on the consolidated statements of operations for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended 2019 2018 Net income $ 3,513 $ 1,498 Distributions paid on unvested shares (77 ) (73 ) Net income used to calculate basic and diluted earnings per share $ 3,436 $ 1,425 The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of operations for the three months ended March 31, 2019 and 2018 , respectively (in thousands): Three Months Ended 2019 2018 Weighted-average common shares – basic 116,462 119,082 Plus incremental weighted-average shares from time-vested conversions, less assumed stock repurchases: Previously granted awards, unvested 90 70 Future period LTI Plan awards 328 198 Weighted-average common shares – diluted 116,880 119,350 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | The following table presents operating revenues included in NOI by geographic reportable segment for Columbia Property Trust's respective ownership interests (in thousands): Three Months Ended March 31, 2019 2018 New York (1) $ 38,696 $ 40,909 San Francisco (2) 27,763 23,520 Atlanta 11,223 9,858 Washington, D.C. (3) 14,130 13,972 Boston 3,674 3,370 Los Angeles 1,934 1,920 All other office markets 3,903 3,936 Total office segments 101,323 97,485 Corporate 786 681 Total operating revenues $ 102,109 $ 98,166 (1) Includes operating revenues for one unconsolidated property, 114 Fifth Avenue, based on Columbia Property Trust's ownership interest: 49.5% for all periods presented. (2) Includes operating revenues for two unconsolidated properties, 333 Market Street and University Circle, based on Columbia Property Trust's ownership interests: 77.5% from January 1, 2018 through January 31, 2018; and 55.0% from February 1, 2018 through March 31, 2019. (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 and 55.0% for 1800 M Street for all periods presented. A reconciliation of GAAP revenues to operating revenues is presented below (in thousands): Three Months Ended March 31, 2019 2018 Total revenues $ 75,433 $ 73,710 Operating revenues included in income from unconsolidated joint ventures (1) 28,545 26,215 Less: asset and property management fee income (2) (1,869 ) (1,759 ) Total operating revenues $ 102,109 $ 98,166 (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 from unconsolidated joint ventures in the accompanying consolidated statements of operations. (2) See Note 11, Non-Lease Revenues , of the accompanying consolidated financial statements. |
Schedule of Segment Reporting Information, by Segment | The following table presents NOI by geographic reportable segment (in thousands): Three Months Ended March 31, 2019 2018 New York (1) $ 22,806 $ 24,179 San Francisco (2) 20,497 19,554 Atlanta 8,151 8,754 Washington, D.C. (3) 8,453 8,330 Boston 1,989 1,768 Los Angeles 1,119 1,208 All other office markets 3,836 3,291 Total office segments 66,851 67,084 Corporate (205 ) (225 ) Total NOI $ 66,646 $ 66,859 (1) Includes NOI for two unconsolidated properties, 114 Fifth Avenue and 799 Broadway, based on Columbia Property Trust's ownership interest: 49.5% for 114 Fifth Avenue for all periods presented; and 49.7% for 799 Broadway from October 3, 2018 through March 31, 2019. (2) Includes NOI for two unconsolidated properties, 333 Market Street and University Circle, based on Columbia Property Trust's ownership interests: 77.5% from January 1, 2018 through January 31, 2018; and 55.0% from February 1, 2018 through March 31, 2019. (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 and 55.0% for 1800 M Street for all periods presented. A reconciliation of GAAP net income to NOI is presented below (in thousands): Three Months Ended March 31, 2019 2018 Net income $ 3,513 $ 1,498 Depreciation 20,404 20,835 Amortization 7,461 8,016 General and administrative – corporate 8,424 7,794 General and administrative – unconsolidated joint ventures 809 731 Net interest expense 12,094 15,892 Interest income from development authority bonds — (1,800 ) Gain on sale of unconsolidated joint venture interests — (762 ) Income tax expense 7 7 Asset and property management fee income (1,869 ) (1,759 ) Adjustments included in income from unconsolidated joint ventures 15,803 16,407 NOI $ 66,646 $ 66,859 |
Financial Information for Par_2
Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets (in thousands): As of March 31, 2019 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Assets: Real estate assets, at cost: Land $ — $ — $ 803,986 $ — $ 803,986 Buildings and improvements, net — 1,633 1,790,293 — 1,791,926 Intangible lease assets, net — — 64,250 — 64,250 Construction in progress — — 37,772 — 37,772 Real estate assets held for sale, net — — 145,346 — 145,346 Total real estate assets — 1,633 2,841,647 — 2,843,280 Operating lease assets 1,980 — 61,849 — 63,829 Investments in unconsolidated joint ventures — 1,067,905 — — 1,067,905 Cash and cash equivalents 165 11,768 6,618 — 18,551 Investment in subsidiaries 2,578,461 1,202,861 — (3,781,322 ) — Tenant receivables — — 3,760 — 3,760 Straight-line rent receivable — — 83,828 — 83,828 Prepaid expenses and other assets 140,890 352,349 7,309 (469,028 ) 31,520 Intangible lease origination costs, net — — 31,626 — 31,626 Deferred lease costs, net — — 58,932 — 58,932 Other assets held for sale — — 20,498 — 20,498 Total assets $ 2,721,496 $ 2,636,516 $ 3,116,067 $ (4,250,350 ) $ 4,223,729 Liabilities: Line of credit and notes payable, net $ — $ 680,456 $ 467,344 $ (467,344 ) $ 680,456 Bonds payable, net — 694,736 — — 694,736 Operating lease liabilities 2,626 — 32,112 — 34,738 Accounts payable, accrued expenses, and accrued capital expenditures 6 10,628 27,328 — 37,962 Due to affiliates — — 1,684 (1,684 ) — Deferred income — — 16,943 — 16,943 Intangible lease liabilities, net — — 19,539 — 19,539 Liabilities held for sale — — 20,491 — 20,491 Total liabilities 2,632 1,385,820 585,441 (469,028 ) 1,504,865 Equity: Total equity 2,718,864 1,250,696 2,530,626 (3,781,322 ) 2,718,864 Total liabilities and equity $ 2,721,496 $ 2,636,516 $ 3,116,067 $ (4,250,350 ) $ 4,223,729 Condensed Consolidating Balance Sheets (in thousands): As of December 31, 2018 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Assets: Real estate assets, at cost: Land $ — $ — $ 817,975 $ — $ 817,975 Building 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 — — 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: Lines 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 |
Consolidating Statements of Operations | Consolidating Statements of Operations (in thousands): For the Three Months Ended March 31, 2019 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income and tenant reimbursements $ — $ — $ 71,862 $ — $ 71,862 Asset and property management fee income 912 — 957 — 1,869 Other property income — — 1,702 — 1,702 912 — 74,521 — 75,433 Expenses: Property operating costs — — 24,237 — 24,237 Asset and property management fees — — 255 — 255 Depreciation — 171 20,233 — 20,404 Amortization — — 7,461 — 7,461 General and administrative – corporate 199 2,220 6,005 — 8,424 General and administrative – unconsolidated joint ventures — — 809 — 809 199 2,391 59,000 — 61,590 Other income (expense): Interest expense — (12,095 ) (5,053 ) 5,053 (12,095 ) Interest and other income 1,575 3,478 1 (5,053 ) 1 Income tax expense — — (7 ) — (7 ) Income (loss) from unconsolidated entities 1,225 14,933 (3 ) (14,384 ) 1,771 2,800 6,316 (5,062 ) (14,384 ) (10,330 ) Net income $ 3,513 $ 3,925 $ 10,459 $ (14,384 ) $ 3,513 Condensed Consolidating Statements of Operations (in thousands): For the Three Months Ended March 31, 2018 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Rental income and tenant reimbursements $ — $ — $ 70,360 $ — $ 70,360 Asset and property management fee income 905 — 854 — 1,759 Other property income — — 1,591 — 1,591 905 — 72,805 — 73,710 Expenses: Property operating costs — — 23,062 — 23,062 Asset and property management fees — — 208 — 208 Depreciation — 167 20,668 — 20,835 Amortization — — 8,016 — 8,016 General and administrative – corporate 198 2,309 5,287 — 7,794 General and administrative – unconsolidated joint ventures — — 731 — 731 198 2,476 57,972 — 60,646 Other income (expense): Interest expense — (12,434 ) (10,494 ) 7,033 (15,895 ) Interest and other income 3,555 3,478 1,803 (7,033 ) 1,803 Gain on sale of unconsolidated joint venture interests — 762 — — 762 Income tax expense — — (7 ) — (7 ) Income (loss) from unconsolidated entities (2,764 ) 9,194 — (4,659 ) 1,771 791 1,000 (8,698 ) (4,659 ) (11,566 ) Net income (loss) $ 1,498 $ (1,476 ) $ 6,135 $ (4,659 ) $ 1,498 |
Consolidating Statements of Comprehensive Income | Consolidating Statements of Comprehensive Income (in thousands): For the Three Months Ended March 31, 2019 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 3,513 $ 3,925 $ 10,459 $ (14,384 ) $ 3,513 Market value adjustments to interest rate swaps (1,431 ) (1,431 ) — 1,431 (1,431 ) Comprehensive income $ 2,082 $ 2,494 $ 10,459 $ (12,953 ) $ 2,082 For the Three Months Ended March 31, 2018 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 1,498 $ (1,476 ) $ 6,135 $ (4,659 ) $ 1,498 Market value adjustments to interest rate swaps 2,514 2,514 — (2,514 ) 2,514 Comprehensive income $ 4,012 $ 1,038 $ 6,135 $ (7,173 ) $ 4,012 |
Consolidating Statements of Cash Flows | Consolidating Statements of Cash Flows (in thousands): For the Three Months Ended March 31, 2019 Columbia Property Trust (Guarantor) Columbia Property Trust OP (the Issuer) Non- Guarantors Consolidating Adjustments Columbia Property Trust Cash flows from operating activities $ 4,638 $ 2,948 $ 41,877 $ (14,384 ) $ 35,079 Cash flows from investing activities: Investment in real estate and related assets (13,701 ) — (20,951 ) — (34,652 ) Investments in unconsolidated joint ventures — (6,528 ) — — (6,528 ) Distributions from unconsolidated joint ventures — 5,672 — — 5,672 Distributions from subsidiaries 56,640 7,313 — (63,953 ) — Net cash provided by (used in) investing activities 42,939 6,457 (20,951 ) (63,953 ) (35,508 ) Cash flows from financing activities: Borrowings, net of fees — 73,979 — — 73,979 Repayments — (23,000 ) — — (23,000 ) Distributions (46,716 ) (59,189 ) (19,148 ) 78,337 (46,716 ) Repurchases of common stock (2,401 ) — — — (2,401 ) Net cash provided by (used in) financing activities (49,117 ) (8,210 ) (19,148 ) 78,337 1,862 Net increase (decrease) in cash and cash equivalents (1,540 ) 1,195 1,778 — 1,433 Cash and cash equivalents, beginning of period 1,705 10,573 4,840 — 17,118 Cash and cash equivalents, end of period $ 165 $ 11,768 $ 6,618 $ — $ 18,551 Condensed Consolidating Statements of Cash Flows (in thousands): For the Three Months Ended March 31, 2018 Columbia Property Trust (Guarantor) Columbia Property Trust OP (the Issuer) Non- Guarantors Consolidating Adjustments Columbia Property Trust Cash flows from operating activities $ 708 $ (5,326 ) $ 19,389 $ — $ 14,771 Cash flows from investing activities: Net proceeds from sale of investments in unconsolidated joint ventures — 235,083 — — 235,083 Investment in real estate and related assets — — (23,877 ) — (23,877 ) Investments in unconsolidated joint ventures — (1,541 ) — — (1,541 ) Distributions from unconsolidated joint ventures — 2,976 — — 2,976 Distributions from subsidiaries 75,935 (9,988 ) — (65,947 ) — Net cash provided by (used in) investing activities 75,935 226,530 (23,877 ) (65,947 ) 212,641 Cash flows from financing activities: Borrowings, net of fees — 108,983 — — 108,983 Repayments — (247,000 ) (814 ) — (247,814 ) Distributions (47,819 ) (77,811 ) 11,864 65,947 (47,819 ) Repurchases of common stock (29,261 ) — — — (29,261 ) Net cash provided by (used in) financing activities (77,080 ) (215,828 ) 11,050 65,947 (215,911 ) Net increase (decrease) in cash and cash equivalents (437 ) 5,376 6,562 — 11,501 Cash and cash equivalents, beginning of period 692 5,079 3,796 — 9,567 Cash and cash equivalents, end of period $ 255 $ 10,455 $ 10,358 $ — $ 21,068 |
Organization (Details)
Organization (Details) ft² in Millions | Mar. 31, 2019ft²property |
Real Estate Properties [Line Items] | |
Square feet of real estate | ft² | 8.9 |
Percent of leased office space of owned properties | 97.10% |
Office Building | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 18 |
Number of properties under development | 2 |
Wholly Owned Properties | Office Building | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 14 |
Unconsolidated Properties | Office Building | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 6 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Capitalized interest costs to construction in progress | $ 900,000 | $ 900,000 |
Hedge ineffectiveness recognized in earnings | $ 0 | $ 0 |
Requirement to distribute taxable income (at least) | 90.00% | |
Limit on investments in taxable real estate investment trusts (percent) | 20.00% | |
Office Lease | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of real estate assets | 40 years | |
Building and site improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of real estate assets | 5 years | |
Building and site improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of real estate assets | 25 years | |
Corporate Joint Venture | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized interest costs to construction in progress | $ 300,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Assets and Liabilities Classified as Held For Sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Liabilities Held for Sale: | ||
Total liabilities held for sale, net | $ 20,491 | $ 0 |
One & Three Glenlake | Held for sale | ||
Real Estate Assets, at Cost: | ||
Land | 13,989 | |
Buildings and improvements, less accumulated depreciation of $46,118 | 104,030 | |
Intangible lease assets, less accumulated amortization of $10,830 | 533 | |
Construction in progress | 26,794 | |
Total real estate assets held for sale, net | 145,346 | |
Other Assets Held for Sale: | ||
Tenant receivables | 53 | |
Straight-line rent receivable | 7,700 | |
Prepaid expenses and other assets | 49 | |
Intangible lease origination costs, less accumulated amortization of $7,109 | 350 | |
Deferred lease costs, less accumulated amortization of $6,484 | 12,346 | |
Total other assets held for sale, net | 20,498 | |
Liabilities Held for Sale: | ||
Accounts payable, accrued expenses, and accrued capital expenditures | 19,632 | |
Deferred income | 743 | |
Intangible lease liabilities, less accumulated amortization of $380 | 116 | |
Total liabilities held for sale, net | 20,491 | |
Building and improvements held for sale, accumulated depreciation | 46,118 | |
Intangible lease assets held for sale, accumulated amortization | 10,830 | |
Intangible lease origination costs held for sale, accumulated amortization | 7,109 | |
Deferred lease costs held for sale, accumulated amortization | 6,484 | |
Intangible lease liabilities, accumulated amortization | $ 380 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Schedule of Intangible Assets & Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ||
Intangible Lease Assets, Accumulated Amortization | $ (74,807) | $ (84,881) |
Intangible lease assets, net | 64,250 | 98,540 |
Intangible Lease Origination Costs, Accumulated Amortization | (60,186) | (65,348) |
Intangible Lease Origination Costs, Net | 31,626 | 34,092 |
Below Market Lease, Gross | 42,351 | 42,847 |
Below Market Lease, Accumulated Amortization | (22,812) | (21,766) |
Below Market Lease, Net | 19,539 | 21,081 |
Above-Market In-Place Lease Assets | ||
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ||
Intangible Lease Assets, Gross | 3,174 | 3,174 |
Intangible Lease Assets, Accumulated Amortization | (1,142) | (1,060) |
Intangible lease assets, net | 2,032 | 2,114 |
Absorption Period Costs | ||
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ||
Intangible Lease Assets, Gross | 135,883 | 147,668 |
Intangible Lease Assets, Accumulated Amortization | (73,665) | (81,220) |
Intangible lease assets, net | 62,218 | 66,448 |
Intangible Lease Origination Costs | ||
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ||
Intangible Lease Origination Costs, Gross | 91,812 | 99,440 |
Intangible Lease Origination Costs, Accumulated Amortization | (60,186) | (65,348) |
Intangible Lease Origination Costs, Net | $ 31,626 | $ 34,092 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Schedule of Recognized Amortization) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Lease Assets | $ 7,461 | $ 8,016 |
Intangible Below-Market In-Place Lease Liabilities | 1,426 | 1,589 |
Above-Market In-Place Lease Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Lease Assets | 82 | 51 |
Absorption Period Costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Lease Assets | 3,656 | 4,339 |
Intangible Lease Origination Costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Lease Assets | $ 2,100 | $ 2,419 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Schedule of Future Amortization by Intangible Asset Class) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
For the Years Ending December 31: | ||
Intangible lease assets, net | $ 64,250 | $ 98,540 |
Intangible Lease Origination Costs, Net | 31,626 | 34,092 |
Intangible Below-Market In-Place Lease Liabilities | ||
For the remainder of 2019 | 4,122 | |
For the years ending December 31: | ||
2020 | 4,597 | |
2021 | 1,714 | |
2022 | 1,374 | |
2023 | 1,308 | |
2024 | 1,162 | |
Thereafter | 5,262 | |
Below Market Lease, Net | 19,539 | 21,081 |
Above-Market In-Place Lease Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
For the remainder of 2019 | 246 | |
For the Years Ending December 31: | ||
2020 | 275 | |
2021 | 247 | |
2022 | 243 | |
2023 | 243 | |
2024 | 230 | |
Thereafter | 548 | |
Intangible lease assets, net | 2,032 | 2,114 |
Absorption Period Costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
For the remainder of 2019 | 10,397 | |
For the Years Ending December 31: | ||
2020 | 12,338 | |
2021 | 7,490 | |
2022 | 5,848 | |
2023 | 5,098 | |
2024 | 4,756 | |
Thereafter | 16,291 | |
Intangible lease assets, net | 62,218 | 66,448 |
Intangible Lease Origination Costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
For the remainder of 2019 | 5,963 | |
For the Years Ending December 31: | ||
2020 | 7,406 | |
2021 | 3,429 | |
2022 | 2,406 | |
2023 | 2,165 | |
2024 | 2,062 | |
Thereafter | 8,195 | |
Intangible Lease Origination Costs, Net | $ 31,626 | $ 34,092 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Interest Rate Swaps) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
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 | $ (1,431) | $ 2,514 | |
Interest rate contracts | Prepaid expenses and other assets | |||
Derivative, Fair Value, Net [Abstract] | |||
Derivative designated as hedging instruments | $ 913 | $ 2,344 |
Real Estate Transactions (Sched
Real Estate Transactions (Schedule of Properties Acquired) (Details) - USD ($) $ in Thousands | Oct. 24, 2018 | Oct. 03, 2018 | Mar. 31, 2019 | Mar. 31, 2018 |
Business Acquisition [Line Items] | ||||
Purchase Price | $ 6,528 | $ 1,541 | ||
Lindbergh Center - Retail | ||||
Business Acquisition [Line Items] | ||||
Ownership Interest | 100.00% | |||
Purchase Price | $ 23,000 | |||
Corporate Joint Venture | 799 Broadway | ||||
Business Acquisition [Line Items] | ||||
Ownership Interest | 49.70% | 49.70% | ||
Purchase Price | $ 30,200 |
Real Estate Transactions (Acqui
Real Estate Transactions (Acquisitions) (Details) ft² in Thousands | Oct. 24, 2018USD ($)ft²Tenant | Oct. 03, 2018USD ($)ft² | Mar. 31, 2019USD ($)ft² | Mar. 31, 2018USD ($) |
Business Acquisition [Line Items] | ||||
Square feet of real estate | ft² | 8,900 | |||
Payments to acquire interest in joint venture | $ 6,528,000 | $ 1,541,000 | ||
Lindbergh Center - Retail | ||||
Business Acquisition [Line Items] | ||||
Ownership percentage | 100.00% | |||
Purchase price | $ 23,000,000 | |||
Number of tenants | Tenant | 14 | |||
Ancillary retail and office building | Lindbergh Center - Retail | ||||
Business Acquisition [Line Items] | ||||
Square feet of real estate | ft² | 147 | |||
Customer Concentration Risk | Lindbergh Center - Retail | ||||
Business Acquisition [Line Items] | ||||
Concentration risk, percentage | 91.00% | |||
Pike Nurseries | Customer Concentration Risk | Lindbergh Center - Retail | ||||
Business Acquisition [Line Items] | ||||
Concentration risk, percentage | 18.00% | |||
Corporate Joint Venture | 799 Broadway Joint Venture | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire interest in joint venture | $ 30,200,000 | |||
Ownership percentage | 49.70% | 49.70% | ||
Corporate Joint Venture | 799 Broadway Joint Venture | Office Building | ||||
Business Acquisition [Line Items] | ||||
Square feet of real estate | ft² | 182 | |||
Corporate Joint Venture | Normandy | 799 Broadway Joint Venture | ||||
Business Acquisition [Line Items] | ||||
Contribution of property to joint venture | $ 145,500,000 | |||
Corporate Joint Venture | 799 Broadway Joint Venture | ||||
Business Acquisition [Line Items] | ||||
Amount borrowed under construction loan | 97,000,000 | $ 103,100,000 | ||
Construction loan | Corporate Joint Venture | 799 Broadway Joint Venture | ||||
Business Acquisition [Line Items] | ||||
Maximum borrowing capacity | $ 187,000,000 |
Real Estate Transactions (Purch
Real Estate Transactions (Purchase Price Allocation) (Details) $ in Thousands | Oct. 24, 2018USD ($) |
Business Acquisition [Line Items] | |
Total purchase price | $ 23,363 |
Lindbergh Center - Retail | |
Business Acquisition [Line Items] | |
Building and improvements | 17,558 |
Intangible below market lease liability | (715) |
Intangible lease assets | Lindbergh Center - Retail | |
Business Acquisition [Line Items] | |
Intangible lease | 5,726 |
Intangible lease origination costs | Lindbergh Center - Retail | |
Business Acquisition [Line Items] | |
Intangible lease | $ 794 |
Real Estate Transactions (Pro F
Real Estate Transactions (Pro Forma) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Real Estate [Abstract] | |
Revenues | $ 74,458 |
Net income | $ 1,521 |
Real Estate Transactions (Prope
Real Estate Transactions (Properties Sold) (Details) - Disposed of by Sale - USD ($) $ in Thousands | May 29, 2018 | Apr. 13, 2018 | Feb. 01, 2018 | Jul. 06, 2017 |
222 East 41st Street | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
% Sold | 100.00% | |||
Sales Price | $ 332,500 | |||
Gain on Sale | $ 0 | |||
263 Shuman Boulevard | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
% Sold | 100.00% | |||
Sales Price | $ 49,000 | |||
Gain on Sale | $ 24,000 | |||
University Circle & 333 Market Street | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
% Sold | 22.50% | 22.50% | ||
Sales Price | $ 235,300 | |||
Gain on Sale | $ 800 |
Real Estate Transactions (Dispo
Real Estate Transactions (Dispositions) (Details) - USD ($) $ in Thousands | May 29, 2018 | Apr. 13, 2018 | Feb. 01, 2018 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Apr. 15, 2019 | Jan. 31, 2018 | Jul. 06, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Net proceeds from sale of investments in unconsolidated joint ventures | $ 0 | $ 235,083 | |||||||
Gain on sale of unconsolidated joint venture interests | $ 0 | $ 762 | |||||||
Disposed of by Sale | 222 East 41st Street | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Consideration transferred | $ 332,500 | ||||||||
Impairment loss on real estate assets | $ 30,800 | ||||||||
Interests sold | 100.00% | ||||||||
Disposed of by Sale | University Circle & 333 Market Street | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Consideration transferred | $ 235,300 | ||||||||
Interests sold | 22.50% | 22.50% | |||||||
Bridge Loan | $300 Million Bridge Loan | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Repayment of debt | $ 180,000 | ||||||||
Mortgage Notes | 263 Shuman Boulevard building mortgage note | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Extinguishment of loan principal | $ 49,000 | ||||||||
Gain on extinguishment of debt | $ 24,000 | ||||||||
Corporate Joint Venture | University Circle & 333 Market Street | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Net proceeds from sale of investments in unconsolidated joint ventures | $ 235,300 | ||||||||
Gain on sale of unconsolidated joint venture interests | $ 800 | ||||||||
Ownership percentage | 55.00% | 55.00% | 77.50% | ||||||
Subsequent Event | Disposed of by Sale | One & Three Glenlake | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Consideration transferred | $ 227,500 |
Unconsolidated Joint Ventures_2
Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Oct. 03, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Interest capitalized | $ 1,200 | ||
Corporate Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Carrying Value of Investment | $ 1,067,905 | $ 1,071,353 | |
Corporate Joint Venture | Market Square Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 51.00% | ||
Carrying Value of Investment | $ 137,825 | 134,250 | |
Corporate Joint Venture | University Circle Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 55.00% | ||
Carrying Value of Investment | $ 291,159 | 292,951 | |
Corporate Joint Venture | 333 Market Street Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 55.00% | ||
Carrying Value of Investment | $ 272,519 | 273,783 | |
Corporate Joint Venture | 114 Fifth Avenue Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 49.50% | ||
Carrying Value of Investment | $ 96,059 | 99,283 | |
Corporate Joint Venture | 1800 M Street Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 55.00% | ||
Carrying Value of Investment | $ 234,837 | 237,333 | |
Corporate Joint Venture | 799 Broadway Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 49.70% | 49.70% | |
Carrying Value of Investment | $ 35,506 | $ 33,753 | |
Interest capitalized | $ 300 |
Unconsolidated Joint Ventures_3
Unconsolidated Joint Ventures (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019USD ($)joint_venture | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Related Party Transaction [Line Items] | |||
Number of joint ventures that qualify as variable interest entities | joint_venture | 0 | ||
Cash paid for lease | $ 625 | ||
Property operating costs | |||
Related Party Transaction [Line Items] | |||
Reimbursements of property operating costs | 1,869 | $ 1,759 | |
Property operating costs | Other property income | Corporate Joint Venture | |||
Related Party Transaction [Line Items] | |||
Reimbursements of property operating costs | 1,200 | $ 1,000 | |
Prepaid expenses and other assets | Corporate Joint Venture | |||
Related Party Transaction [Line Items] | |||
Property management fee receivable | 600 | $ 700 | |
Market Square Joint Venture | Corporate Joint Venture | |||
Related Party Transaction [Line Items] | |||
Cash paid for lease | 37 | ||
799 Broadway Joint Venture | Corporate Joint Venture | |||
Related Party Transaction [Line Items] | |||
Cash received for lease | $ 30 |
Unconsolidated Joint Ventures_4
Unconsolidated Joint Ventures (Condensed Balance Sheet Information for Joint Ventures) (Details) | Oct. 03, 2018USD ($)extension | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Schedule of Equity Method Investments [Line Items] | |||
Deferred financing costs, net | $ 2,544,000 | $ 2,692,000 | |
Corporate Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Total assets | 2,294,884,000 | 2,176,751,000 | |
Total debt | 422,905,000 | 420,392,000 | |
Total equity | 1,462,684,000 | 1,467,334,000 | |
Corporate Joint Venture | Market Square Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Total assets | 586,797,000 | 582,176,000 | |
Total debt | 324,775,000 | 324,762,000 | |
Total equity | 248,004,000 | 241,581,000 | |
Corporate Joint Venture | University Circle Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Total assets | 225,398,000 | 224,746,000 | |
Total debt | 0 | 0 | |
Total equity | 218,753,000 | 219,390,000 | |
Corporate Joint Venture | 333 Market Street Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Total assets | 372,814,000 | 375,884,000 | |
Total debt | 0 | 0 | |
Total equity | 358,452,000 | 360,915,000 | |
Corporate Joint Venture | 114 Fifth Avenue Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Total assets | 498,686,000 | 377,970,000 | |
Total debt | 0 | 0 | |
Total equity | 143,138,000 | 149,243,000 | |
Corporate Joint Venture | 1800 M Street Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Total assets | 441,114,000 | 447,585,000 | |
Total debt | 0 | 0 | |
Total equity | 424,501,000 | 429,016,000 | |
Corporate Joint Venture | 799 Broadway Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Total assets | 170,075,000 | 168,390,000 | |
Total debt | 98,130,000 | 95,630,000 | |
Total equity | 69,836,000 | 67,189,000 | |
Corporate Joint Venture | Market Square, University Circle, 333 Market Street, 114 Fifth Avenue, 1800 M Street And 799 Broadway Joint Ventures | |||
Schedule of Equity Method Investments [Line Items] | |||
Aggregate basis difference | 281,200,000 | $ 282,000,000 | |
Blackstone Property Partners | Corporate Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Debt | $ 325,000,000 | ||
Mortgage note interest rate | 5.07% | ||
799 Broadway Joint Venture | Corporate Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Amount borrowed under construction loan | $ 97,000,000 | $ 103,100,000 | |
Deferred financing costs, net | $ 5,000,000 | ||
LIBOR (maximum) | 4.00% | ||
Construction loan | 799 Broadway Joint Venture | Corporate Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Maximum borrowing capacity | $ 187,000,000 | ||
Number of extensions available | extension | 2 | ||
Extension term | 1 year | ||
LIBOR | 799 Broadway Joint Venture | Corporate Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Basis spread | 42500.00% |
Unconsolidated Joint Ventures_5
Unconsolidated Joint Ventures (Condensed Income Statement Information for the Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||
Columbia Property Trust's Share of Net Income (Loss) | $ 1,771 | $ 1,771 |
Corporate Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Revenues | 50,036 | 47,221 |
Net Income (Loss) | 4,838 | 3,965 |
Columbia Property Trust's Share of Net Income (Loss) | 2,931 | 3,101 |
Corporate Joint Venture | Market Square Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Revenues | 11,337 | 11,015 |
Net Income (Loss) | (2,595) | (3,009) |
Columbia Property Trust's Share of Net Income (Loss) | (1,323) | (1,534) |
Corporate Joint Venture | University Circle Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Revenues | 11,272 | 10,341 |
Net Income (Loss) | 6,364 | 5,505 |
Columbia Property Trust's Share of Net Income (Loss) | 3,500 | 3,429 |
Corporate Joint Venture | 333 Market Street Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Revenues | 7,054 | 6,668 |
Net Income (Loss) | 3,713 | 3,557 |
Columbia Property Trust's Share of Net Income (Loss) | 2,042 | 2,227 |
Corporate Joint Venture | 114 Fifth Avenue Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Revenues | 10,919 | 10,300 |
Net Income (Loss) | (2,506) | (2,331) |
Columbia Property Trust's Share of Net Income (Loss) | (1,240) | (1,154) |
Corporate Joint Venture | 1800 M Street Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Revenues | 9,454 | 8,897 |
Net Income (Loss) | 388 | 243 |
Columbia Property Trust's Share of Net Income (Loss) | 214 | 133 |
Corporate Joint Venture | 799 Broadway Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Revenues | 0 | 0 |
Net Income (Loss) | (526) | 0 |
Columbia Property Trust's Share of Net Income (Loss) | $ (262) | $ 0 |
Unconsolidated Joint Ventures_6
Unconsolidated Joint Ventures (Asset and Property Management Fees) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||
Asset and property management fee income | $ 1,900 | $ 1,800 |
Corporate Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Asset and property management fee income | 1,869 | 1,759 |
Market Square Joint Venture | Corporate Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Asset and property management fee income | 568 | 523 |
University Circle Joint Venture | Corporate Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Asset and property management fee income | 574 | 529 |
333 Market Street Joint Venture | Corporate Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Asset and property management fee income | 207 | 197 |
1800 M Street Joint Venture | Corporate Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Asset and property management fee income | $ 520 | $ 510 |
Line of Credit and Notes Paya_3
Line of Credit and Notes Payable (Schedule of Long-Term Debt (excluding Bonds Payable)) (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Lines of credit and notes payable, net | $ 680,456,000 | $ 629,308,000 |
Less: Deferred financing costs related to term loans and notes payable, net of accumulated amortization | (2,544,000) | (2,692,000) |
Credit Facilities | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Lines of credit and notes payable, net | 533,000,000 | 482,000,000 |
Term Loans | ||
Debt Instrument [Line Items] | ||
Less: Deferred financing costs related to term loans and notes payable, net of accumulated amortization | (2,544,000) | (2,692,000) |
Term Loans | $150 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Lines of credit and notes payable, net | 150,000,000 | 150,000,000 |
Face amount of issued debt instrument | $ 150,000,000 | $ 150,000,000 |
Line of Credit and Notes Paya_4
Line of Credit and Notes Payable (Narrative) (Details) | Dec. 07, 2018USD ($)extension | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Jul. 30, 2015USD ($) |
Debt Instrument [Line Items] | |||||
Interest capitalized | $ 1,200,000 | ||||
Capitalized interest costs | $ 900,000 | $ 900,000 | |||
Weighted average interest rate | 3.59% | ||||
Credit Facilities | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 650,000,000 | $ 500,000,000 | |||
Number of possible extensions | extension | 2 | ||||
Term of extension | 6 months | ||||
Term Loans | $300 Million Term Loan | |||||
Debt Instrument [Line Items] | |||||
Face amount of issued debt instrument | $ 300,000,000 | ||||
Term Loans | $150 Million Term Loan | |||||
Debt Instrument [Line Items] | |||||
Face amount of issued debt instrument | $ 150,000,000 | $ 150,000,000 | |||
Loans Payable | |||||
Debt Instrument [Line Items] | |||||
Estimated fair value of line of credit and notes payable | 683,100,000 | 632,100,000 | |||
Carrying value of the line of credit and notes payable | 683,000,000 | $ 632,000,000 | |||
Interest payments | 5,600,000 | 6,300,000 | |||
Interest capitalized | $ 900,000 | ||||
Minimum | Base Rate | Credit Facilities | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread | 0.00% | ||||
Minimum | Base Rate | Term Loans | $300 Million Term Loan | |||||
Debt Instrument [Line Items] | |||||
Basis spread | 0.00% | ||||
Minimum | LIBOR | Credit Facilities | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread | 0.775% | ||||
Minimum | LIBOR | Term Loans | $300 Million Term Loan | |||||
Debt Instrument [Line Items] | |||||
Basis spread | 0.85% | ||||
Maximum | Base Rate | Credit Facilities | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread | 0.45% | ||||
Maximum | Base Rate | Term Loans | $300 Million Term Loan | |||||
Debt Instrument [Line Items] | |||||
Basis spread | 0.65% | ||||
Maximum | LIBOR | Credit Facilities | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread | 1.45% | ||||
Maximum | LIBOR | Term Loans | $300 Million Term Loan | |||||
Debt Instrument [Line Items] | |||||
Basis spread | 1.65% | ||||
Corporate Joint Venture | |||||
Debt Instrument [Line Items] | |||||
Capitalized interest costs | $ 300,000 |
Bonds Payable (Details)
Bonds Payable (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019USD ($)bond_series | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($)bond_series | |
Debt Instrument [Line Items] | |||
Number of series of bonds | bond_series | 2 | 2 | |
Bonds payable, net | $ 694,736,000 | $ 694,538,000 | |
Bonds Payable | 2026 and 2025 Bonds Payable | |||
Debt Instrument [Line Items] | |||
Interest payments | 6,400,000 | $ 6,400,000 | |
Bonds Payable | 2026 and 2025 Bonds Payable | Level 2 | |||
Debt Instrument [Line Items] | |||
Estimated fair value of debt instrument | 695,100,000 | 685,000,000 | |
Bonds payable, net | 698,700,000 | 698,700,000 | |
Bonds Payable | 2026 Bonds Payable | |||
Debt Instrument [Line Items] | |||
Face amount of issued debt instrument | $ 350,000,000 | $ 350,000,000 | |
Maturity of debt instrument | 10 years | 10 years | |
Interest rate for debt instrument (percent) | 3.65% | 3.65% | |
Discount rate of face value of issued debt instrument (percent) | 99.626% | 99.626% | |
Bonds Payable | 2025 Bonds Payable | |||
Debt Instrument [Line Items] | |||
Face amount of issued debt instrument | $ 350,000,000 | $ 350,000,000 | |
Maturity of debt instrument | 10 years | 10 years | |
Interest rate for debt instrument (percent) | 4.15% | 4.15% | |
Discount rate of face value of issued debt instrument (percent) | 99.859% | 99.859% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Oct. 03, 2018 | Mar. 31, 2019 | Apr. 25, 2019 |
Market Square Joint Venture | Corporate Joint Venture | |||
Loss Contingencies [Line Items] | |||
Mortgage guaranty | $ 4,000,000 | ||
799 Broadway Joint Venture | Corporate Joint Venture | |||
Loss Contingencies [Line Items] | |||
Mortgage guaranty | 23,700,000 | ||
Guaranty liability | 0 | ||
Capital calls unpaid | 0 | ||
Blackstone Property Partners | Corporate Joint Venture | |||
Loss Contingencies [Line Items] | |||
Debt | 325,000,000 | ||
799 Broadway Joint Venture | Corporate Joint Venture | |||
Loss Contingencies [Line Items] | |||
Amount borrowed under construction loan | $ 97,000,000 | 103,100,000 | |
Columbia Property Trust and joint venturer | 799 Broadway Joint Venture | Corporate Joint Venture | |||
Loss Contingencies [Line Items] | |||
Mortgage guaranty | 47,700,000 | ||
149 Madison Avenue | |||
Loss Contingencies [Line Items] | |||
Unrecorded tenant allowance commitments | $ 28,300,000 | ||
Subsequent Event | Market Square Joint Venture | Corporate Joint Venture | |||
Loss Contingencies [Line Items] | |||
Mortgage guaranty | $ 0 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | Jan. 01, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 04, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 | ||
Unrecognized compensation costs related to unvested awards | $ 13,600,000 | $ 8,600,000 | ||
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation costs recognition period (years) | 1 year | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation costs recognition period (years) | 4 years | |||
2013 Long Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized (in shares) | 4,800,000 | |||
Common Stock | 2017 Stock Repurchase Program | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock repurchase program, authorized amount | $ 200,000,000 | |||
Common stock, par value (dollars per share) | $ 0.01 | |||
Stock repurchase program, amount available for repurchase | $ 124,400,000 | |||
Time-based Stock Awards | Long Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (shares) | 175,129 | |||
Vesting period | 4 years | |||
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (shares) | 256,000 | 35,000 | ||
RSUs | Long Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (shares) | 221,199 | |||
Performance period | 3 years | |||
RSUs | Long Term Incentive Plan | End of Performance Period | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights (percent) | 75.00% | |||
RSUs | Long Term Incentive Plan | 1 Year Post Performance Period | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights (percent) | 25.00% |
Stockholders' Equity (Unvested
Stockholders' Equity (Unvested Activity Rollforward) (Details) - $ / shares | 3 Months Ended | 24 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Weighted-Average, Grant-Date Fair Value Rollforward | ||
Expected forfeiture rate | 3.80% | |
Restricted Stock [Member] | ||
Shares Rollforward | ||
Unvested awards - beginning of period (shares) | 375,000 | |
Granted (shares) | 175,000 | |
Vested (shares) | (165,000) | |
Forfeited (shares) | 0 | |
Unvested awards - end of period (shares) | 385,000 | 375,000 |
Weighted-Average, Grant-Date Fair Value Rollforward | ||
Unvested awards - beginning of period (dollars per share) | $ 22.15 | |
Granted (dollars per share) | 19.35 | |
Vested (dollars per share) | 21.98 | |
Forfeited (dollars per share) | 0 | |
Unvested awards - end of period (dollars per share) | $ 20.95 | $ 22.15 |
Shares granted | 175,000 | |
Shares expected to ultimately vest | 370,000 | |
RSUs | ||
Shares Rollforward | ||
Unvested awards - beginning of period (shares) | 454,000 | |
Granted (shares) | 256,000 | 35,000 |
Vested (shares) | (121,000) | |
Forfeited (shares) | 0 | |
Unvested awards - end of period (shares) | 589,000 | 454,000 |
Weighted-Average, Grant-Date Fair Value Rollforward | ||
Unvested awards - beginning of period (dollars per share) | $ 19.37 | |
Granted (dollars per share) | 17.66 | |
Vested (dollars per share) | 19.08 | |
Forfeited (dollars per share) | 0 | |
Unvested awards - end of period (dollars per share) | $ 18.77 | $ 19.37 |
Shares granted | 256,000 | 35,000 |
Shares expected to ultimately vest | 566,000 |
Stockholders' Equity (Stock-bas
Stockholders' Equity (Stock-based Compensation Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | $ 1,539 | $ 1,528 |
Future employee awards | 655 | 492 |
Employees | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | $ 884 | $ 1,036 |
Supplemental Disclosures of N_3
Supplemental Disclosures of Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Amortization of net discounts on debt | $ 45 | $ 45 | |
Accrued investments in unconsolidated joint ventures | 88 | 0 | |
Accrued capital expenditures and deferred lease costs | 19,603 | 12,414 | |
Operating lease liability recorded at adoption of ASC 842 | 34,791 | 0 | |
Market value adjustments to interest rate swaps that qualify for hedge accounting treatment | (1,431) | 2,514 | |
Amortization of common stock issued to employees and directors | 1,539 | 1,528 | |
ASU 2017-05 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative-effect adjustment to equity for the adoption of ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Non-Financial Assets | $ 0 | $ 357,755 | $ 357,755 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)ground_lease | |
Lessee, Lease, Description [Line Items] | |
Operating lease, number of ground leases | ground_lease | 3 |
Operating lease assets | $ 63,829 |
Operating lease liabilities | $ 34,738 |
Lessor, operating lease, weighted-average remaining lease term | 6 years 10 months 24 days |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, right-of-use asset, term of contract | 58 years |
Lessee, operating lease, liability, term of contract | 80 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, right-of-use asset, term of contract | 111 years |
Lessee, operating lease, liability, term of contract | 111 years |
Leases - Future Rental Payments
Leases - Future Rental Payments to be Made (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Operating Leases, Future Minimum Payments Due | ||
Remainder of 2019 | $ 1,877 | |
2020 | 2,539 | |
2021 | 2,704 | |
2022 | 2,743 | |
2023 | 2,023 | |
2024 | 1,962 | |
Thereafter | 174,821 | |
Total lease payments | 188,669 | |
Less: interest expense | (153,931) | |
Present value of lease liabilities | $ 34,738 | |
Weighted-average remaining lease term (years) | 76 years | |
Weighted-average discount rate | 6.60% | |
Operating Leases, Future Minimum Payments Due | ||
2019 | $ 2,502 | |
2020 | 2,539 | |
2021 | 2,704 | |
2022 | 2,743 | |
2023 | 2,023 | |
Thereafter | 176,782 | |
Total | $ 189,293 |
Leases - Impacts on Consolidate
Leases - Impacts on Consolidated Balance Sheet (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
Operating lease assets | $ 63,829 |
Operating lease liabilities | 34,738 |
Ground Leases | |
Lessee, Lease, Description [Line Items] | |
Operating lease assets | 61,849 |
Operating lease liabilities | 32,112 |
Office Lease | |
Lessee, Lease, Description [Line Items] | |
Operating lease assets | 1,980 |
Operating lease liabilities | $ 2,626 |
Leases - Impacts on Consolida_2
Leases - Impacts on Consolidated Income Statement (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Operating lease expenses | $ 837 |
Property operating costs | |
Lessee, Lease, Description [Line Items] | |
Operating lease expenses | 692 |
General and administrative – corporate | |
Lessee, Lease, Description [Line Items] | |
Operating lease expenses | 145 |
Ground Leases | |
Lessee, Lease, Description [Line Items] | |
Operating lease expenses | 692 |
Ground Leases | Property operating costs | |
Lessee, Lease, Description [Line Items] | |
Operating lease expenses | 692 |
Ground Leases | General and administrative – corporate | |
Lessee, Lease, Description [Line Items] | |
Operating lease expenses | 0 |
Office Lease | |
Lessee, Lease, Description [Line Items] | |
Operating lease expenses | 145 |
Office Lease | Property operating costs | |
Lessee, Lease, Description [Line Items] | |
Operating lease expenses | 0 |
Office Lease | General and administrative – corporate | |
Lessee, Lease, Description [Line Items] | |
Operating lease expenses | $ 145 |
Leases Leases - Impacts on Cons
Leases Leases - Impacts on Consolidated Statement of Cash Flows (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Cash paid for operating lease liabilities in cash flows from operations | $ (625) |
Ground Leases | |
Lessee, Lease, Description [Line Items] | |
Cash paid for operating lease liabilities in cash flows from operations | (451) |
Office Lease | |
Lessee, Lease, Description [Line Items] | |
Cash paid for operating lease liabilities in cash flows from operations | $ (174) |
Leases - Fixed and Variable Rev
Leases - Fixed and Variable Revenues (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Fixed payments | $ 65,517 |
Variable payments | 6,345 |
Total rental income and tenant reimbursements | $ 71,862 |
Leases - Future Rental Paymen_2
Leases - Future Rental Payments to be Received (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Remainder of 2019 | $ 184,860 | |
2020 | 251,836 | |
2021 | 225,294 | |
2022 | 213,492 | |
2023 | 196,011 | |
2024 | 183,205 | |
Thereafter | 939,626 | |
Total | $ 2,194,324 | |
2019 | $ 242,370 | |
2020 | 247,826 | |
2021 | 221,692 | |
2022 | 209,845 | |
2023 | 192,261 | |
Thereafter | 1,106,275 | |
Total | $ 2,220,269 |
Non-Lease Revenues (Details)
Non-Lease Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Asset and property management fee income | $ 1,900 | $ 1,800 |
Leasing override fee income | 3 | |
Salary and other reimbursement revenue | 1,100 | 1,000 |
Miscellaneous revenue | $ 200 | $ 200 |
Earnings Per Share (Basic and D
Earnings Per Share (Basic and Diluted EPS Computations) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Net income | $ 3,513 | $ 1,498 |
Distributions paid on unvested shares | (77) | (73) |
Net income used to calculate basic and diluted earnings per share | $ 3,436 | $ 1,425 |
Weighted-average common shares – basic | 116,462 | 119,082 |
Weighted-average common shares – diluted | 116,880 | 119,350 |
Previously granted awards, unvested | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Plus incremental weighted-average shares from time-vested conversions, less assumed stock repurchases | 90 | 70 |
Future period LTI Plan awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Plus incremental weighted-average shares from time-vested conversions, less assumed stock repurchases | 328 | 198 |
Segment Information (Operating
Segment Information (Operating Revenues by Geographic Reportable Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Feb. 01, 2018 | Jan. 31, 2018 | |
Segment Reporting Information [Line Items] | ||||
Operating revenues including unconsolidated joint venture | $ 102,109 | $ 98,166 | ||
Operating revenues | 75,433 | 73,710 | ||
Asset and property management fee income | (1,900) | (1,800) | ||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues including unconsolidated joint venture | 101,323 | 97,485 | ||
Operating Segments | New York | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues including unconsolidated joint venture | 38,696 | 40,909 | ||
Operating Segments | San Francisco | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues including unconsolidated joint venture | 27,763 | 23,520 | ||
Operating Segments | Atlanta | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues including unconsolidated joint venture | 11,223 | 9,858 | ||
Operating Segments | Washington, D.C. | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues including unconsolidated joint venture | 14,130 | 13,972 | ||
Operating Segments | Boston | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues including unconsolidated joint venture | 3,674 | 3,370 | ||
Operating Segments | Los Angeles | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues including unconsolidated joint venture | 1,934 | 1,920 | ||
Operating Segments | All other office markets | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues including unconsolidated joint venture | 3,903 | 3,936 | ||
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues including unconsolidated joint venture | 786 | 681 | ||
Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 28,545 | 26,215 | ||
Asset and property management fee income | (1,869) | (1,759) | ||
Corporate Joint Venture | ||||
Segment Reporting Information [Line Items] | ||||
Asset and property management fee income | $ (1,869) | (1,759) | ||
114 Fifth Avenue Joint Venture | Corporate Joint Venture | ||||
Segment Reporting Information [Line Items] | ||||
Ownership percentage | 49.50% | |||
333 Market Street and University Circle | Corporate Joint Venture | ||||
Segment Reporting Information [Line Items] | ||||
Ownership percentage | 55.00% | 55.00% | 77.50% | |
Market Square Joint Venture | Corporate Joint Venture | ||||
Segment Reporting Information [Line Items] | ||||
Ownership percentage | 51.00% | |||
Asset and property management fee income | $ (568) | (523) | ||
1800 M Street Joint Venture | Corporate Joint Venture | ||||
Segment Reporting Information [Line Items] | ||||
Ownership percentage | 55.00% | |||
Asset and property management fee income | $ (520) | $ (510) |
Segment Information (Net Operat
Segment Information (Net Operating Income By Geographic Reportable Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Oct. 03, 2018 | Feb. 01, 2018 | Jan. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Net operating income (loss) including unconsolidated joint venture | $ 66,646 | $ 66,859 | |||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net operating income (loss) including unconsolidated joint venture | 66,851 | 67,084 | |||
Operating Segments | New York | |||||
Segment Reporting Information [Line Items] | |||||
Net operating income (loss) including unconsolidated joint venture | 22,806 | 24,179 | |||
Operating Segments | San Francisco | |||||
Segment Reporting Information [Line Items] | |||||
Net operating income (loss) including unconsolidated joint venture | 20,497 | 19,554 | |||
Operating Segments | Atlanta | |||||
Segment Reporting Information [Line Items] | |||||
Net operating income (loss) including unconsolidated joint venture | 8,151 | 8,754 | |||
Operating Segments | Washington, D.C. | |||||
Segment Reporting Information [Line Items] | |||||
Net operating income (loss) including unconsolidated joint venture | 8,453 | 8,330 | |||
Operating Segments | Boston | |||||
Segment Reporting Information [Line Items] | |||||
Net operating income (loss) including unconsolidated joint venture | 1,989 | 1,768 | |||
Operating Segments | Los Angeles | |||||
Segment Reporting Information [Line Items] | |||||
Net operating income (loss) including unconsolidated joint venture | 1,119 | 1,208 | |||
Operating Segments | All other office markets | |||||
Segment Reporting Information [Line Items] | |||||
Net operating income (loss) including unconsolidated joint venture | 3,836 | 3,291 | |||
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Net operating income (loss) including unconsolidated joint venture | $ (205) | $ (225) | |||
114 Fifth Avenue Joint Venture | Corporate Joint Venture | |||||
Segment Reporting Information [Line Items] | |||||
Ownership percentage | 49.50% | ||||
799 Broadway Joint Venture | Corporate Joint Venture | |||||
Segment Reporting Information [Line Items] | |||||
Ownership percentage | 49.70% | 49.70% | |||
333 Market Street and University Circle | Corporate Joint Venture | |||||
Segment Reporting Information [Line Items] | |||||
Ownership percentage | 55.00% | 55.00% | 77.50% | ||
Market Square Joint Venture | Corporate Joint Venture | |||||
Segment Reporting Information [Line Items] | |||||
Ownership percentage | 51.00% | ||||
1800 M Street Joint Venture | Corporate Joint Venture | |||||
Segment Reporting Information [Line Items] | |||||
Ownership percentage | 55.00% |
Segment Information (Reconcilia
Segment Information (Reconciliation of GAAP Net Income to NOI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Net income | $ 3,513 | $ 1,498 |
Depreciation | 20,404 | 20,835 |
General and administrative – corporate | 8,424 | 7,794 |
General and administrative – unconsolidated joint ventures | 809 | 731 |
Gain on sale of unconsolidated joint venture interests | 0 | (762) |
Income tax expense | 7 | 7 |
Asset and property management fee income | (1,900) | (1,800) |
NOI | 66,646 | 66,859 |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Depreciation | 20,404 | 20,835 |
Amortization | 7,461 | 8,016 |
General and administrative – corporate | 8,424 | 7,794 |
General and administrative – unconsolidated joint ventures | 809 | 731 |
Net interest expense | 12,094 | 15,892 |
Interest income from development authority bonds | 0 | (1,800) |
Gain on sale of unconsolidated joint venture interests | 0 | (762) |
Income tax expense | 7 | 7 |
Asset and property management fee income | (1,869) | (1,759) |
Adjustments included in income from unconsolidated joint ventures | $ 15,803 | $ 16,407 |
Financial Information for Par_3
Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries (Narrative) (Details) | Mar. 31, 2019 |
Condensed Financial Information Disclosure [Abstract] | |
Ownership percentage of wholly owned subsidiary | 100.00% |
Financial Information for Par_4
Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Assets: | ||||
Land | $ 803,986 | $ 817,975 | ||
Buildings and improvements, net | 1,791,926 | 1,910,041 | ||
Intangible lease assets, net | 64,250 | 98,540 | ||
Construction in progress | 37,772 | 33,800 | ||
Real estate assets held for sale, net | 145,346 | 0 | ||
Total real estate assets | 2,843,280 | 2,860,356 | ||
Operating lease assets | 63,829 | |||
Investments in unconsolidated joint ventures | 1,067,905 | 1,071,353 | ||
Cash and cash equivalents | 18,551 | 17,118 | $ 21,068 | $ 9,567 |
Investment in subsidiaries | 0 | 0 | ||
Tenant receivables | 3,760 | 3,258 | ||
Straight-line rent receivable | 83,828 | 87,159 | ||
Prepaid expenses and other assets | 31,520 | 23,218 | ||
Intangible lease origination costs, net | 31,626 | 34,092 | ||
Deferred lease costs, net | 58,932 | 77,439 | ||
Other assets held for sale | 20,498 | 0 | ||
Total assets | 4,223,729 | 4,173,993 | ||
Liabilities: | ||||
Lines of credit and notes payable, net | 680,456 | 629,308 | ||
Bonds payable, net | 694,736 | 694,538 | ||
Operating lease liabilities | 34,738 | |||
Accounts payable, accrued expenses, and accrued capital expenditures | 37,962 | 49,117 | ||
Dividends payable | 0 | 23,340 | ||
Due to affiliates | 0 | 0 | ||
Deferred income | 16,943 | 15,593 | ||
Intangible lease liabilities, net | 19,539 | 21,081 | ||
Liabilities held for sale | 20,491 | 0 | ||
Total liabilities | 1,504,865 | 1,432,977 | ||
Equity: | ||||
Total equity | 2,718,864 | 2,741,016 | $ 2,842,459 | $ 2,531,936 |
Total liabilities and equity | 4,223,729 | 4,173,993 | ||
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||||
Assets: | ||||
Land | 0 | 0 | ||
Buildings and improvements, net | 0 | 0 | ||
Intangible lease assets, net | 0 | 0 | ||
Construction in progress | 0 | 0 | ||
Real estate assets held for sale, net | 0 | |||
Total real estate assets | 0 | 0 | ||
Operating lease assets | 1,980 | |||
Investments in unconsolidated joint ventures | 0 | 0 | ||
Cash and cash equivalents | 165 | 1,705 | ||
Investment in subsidiaries | 2,578,461 | 2,622,528 | ||
Tenant receivables | 0 | 0 | ||
Straight-line rent receivable | 0 | 0 | ||
Prepaid expenses and other assets | 140,890 | 140,797 | ||
Intangible lease origination costs, net | 0 | 0 | ||
Deferred lease costs, net | 0 | 0 | ||
Other assets held for sale | 0 | |||
Total assets | 2,721,496 | 2,765,030 | ||
Liabilities: | ||||
Lines of credit and notes payable, net | 0 | 0 | ||
Bonds payable, net | 0 | 0 | ||
Operating lease liabilities | 2,626 | |||
Accounts payable, accrued expenses, and accrued capital expenditures | 6 | 674 | ||
Dividends payable | 23,340 | |||
Due to affiliates | 0 | 0 | ||
Deferred income | 0 | 0 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Liabilities held for sale | 0 | |||
Total liabilities | 2,632 | 24,014 | ||
Equity: | ||||
Total equity | 2,718,864 | 2,741,016 | ||
Total liabilities and equity | 2,721,496 | 2,765,030 | ||
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||||
Assets: | ||||
Land | 0 | 0 | ||
Buildings and improvements, net | 1,633 | 1,739 | ||
Intangible lease assets, net | 0 | 0 | ||
Construction in progress | 0 | 0 | ||
Real estate assets held for sale, net | 0 | |||
Total real estate assets | 1,633 | 1,739 | ||
Operating lease assets | 0 | |||
Investments in unconsolidated joint ventures | 1,067,905 | 1,071,353 | ||
Cash and cash equivalents | 11,768 | 10,573 | ||
Investment in subsidiaries | 1,202,861 | 1,236,982 | ||
Tenant receivables | 0 | 0 | ||
Straight-line rent receivable | 0 | 0 | ||
Prepaid expenses and other assets | 352,349 | 340,071 | ||
Intangible lease origination costs, net | 0 | 0 | ||
Deferred lease costs, net | 0 | 0 | ||
Other assets held for sale | 0 | |||
Total assets | 2,636,516 | 2,660,718 | ||
Liabilities: | ||||
Lines of credit and notes payable, net | 680,456 | 629,308 | ||
Bonds payable, net | 694,736 | 694,538 | ||
Operating lease liabilities | 0 | |||
Accounts payable, accrued expenses, and accrued capital expenditures | 10,628 | 9,441 | ||
Dividends payable | 0 | |||
Due to affiliates | 0 | 0 | ||
Deferred income | 0 | 0 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Liabilities held for sale | 0 | |||
Total liabilities | 1,385,820 | 1,333,287 | ||
Equity: | ||||
Total equity | 1,250,696 | 1,327,431 | ||
Total liabilities and equity | 2,636,516 | 2,660,718 | ||
Reportable Legal Entities | Non- Guarantors | ||||
Assets: | ||||
Land | 803,986 | 817,975 | ||
Buildings and improvements, net | 1,790,293 | 1,908,302 | ||
Intangible lease assets, net | 64,250 | 98,540 | ||
Construction in progress | 37,772 | 33,800 | ||
Real estate assets held for sale, net | 145,346 | |||
Total real estate assets | 2,841,647 | 2,858,617 | ||
Operating lease assets | 61,849 | |||
Investments in unconsolidated joint ventures | 0 | 0 | ||
Cash and cash equivalents | 6,618 | 4,840 | ||
Investment in subsidiaries | 0 | 0 | ||
Tenant receivables | 3,760 | 3,258 | ||
Straight-line rent receivable | 83,828 | 87,159 | ||
Prepaid expenses and other assets | 7,309 | 11,379 | ||
Intangible lease origination costs, net | 31,626 | 34,092 | ||
Deferred lease costs, net | 58,932 | 77,439 | ||
Other assets held for sale | 20,498 | |||
Total assets | 3,116,067 | 3,076,784 | ||
Liabilities: | ||||
Lines of credit and notes payable, net | 467,344 | 467,344 | ||
Bonds payable, net | 0 | 0 | ||
Operating lease liabilities | 32,112 | |||
Accounts payable, accrued expenses, and accrued capital expenditures | 27,328 | 39,007 | ||
Dividends payable | 0 | |||
Due to affiliates | 1,684 | 1,680 | ||
Deferred income | 16,943 | 15,593 | ||
Intangible lease liabilities, net | 19,539 | 21,081 | ||
Liabilities held for sale | 20,491 | |||
Total liabilities | 585,441 | 544,705 | ||
Equity: | ||||
Total equity | 2,530,626 | 2,532,079 | ||
Total liabilities and equity | 3,116,067 | 3,076,784 | ||
Consolidating Adjustments | ||||
Assets: | ||||
Land | 0 | 0 | ||
Buildings and improvements, net | 0 | 0 | ||
Intangible lease assets, net | 0 | 0 | ||
Construction in progress | 0 | 0 | ||
Real estate assets held for sale, net | 0 | |||
Total real estate assets | 0 | 0 | ||
Operating lease assets | 0 | |||
Investments in unconsolidated joint ventures | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | ||
Investment in subsidiaries | (3,781,322) | (3,859,510) | ||
Tenant receivables | 0 | 0 | ||
Straight-line rent receivable | 0 | 0 | ||
Prepaid expenses and other assets | (469,028) | (469,029) | ||
Intangible lease origination costs, net | 0 | 0 | ||
Deferred lease costs, net | 0 | 0 | ||
Other assets held for sale | 0 | |||
Total assets | (4,250,350) | (4,328,539) | ||
Liabilities: | ||||
Lines of credit and notes payable, net | (467,344) | (467,344) | ||
Bonds payable, net | 0 | 0 | ||
Operating lease liabilities | 0 | |||
Accounts payable, accrued expenses, and accrued capital expenditures | 0 | (5) | ||
Dividends payable | 0 | |||
Due to affiliates | (1,684) | (1,680) | ||
Deferred income | 0 | 0 | ||
Intangible lease liabilities, net | 0 | 0 | ||
Liabilities held for sale | 0 | |||
Total liabilities | (469,028) | (469,029) | ||
Equity: | ||||
Total equity | (3,781,322) | (3,859,510) | ||
Total liabilities and equity | $ (4,250,350) | $ (4,328,539) |
Financial Information for Par_5
Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries (Consolidating Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues: | ||
Revenues | $ 71,862 | |
Revenues | 75,433 | $ 73,710 |
Expenses: | ||
Depreciation | 20,404 | 20,835 |
Amortization | 7,461 | 8,016 |
General and administrative – corporate | 8,424 | 7,794 |
General and administrative – unconsolidated joint ventures | 809 | 731 |
Costs and expenses | 61,590 | 60,646 |
Other Income (Expense): | ||
Interest expense | (12,095) | (15,895) |
Interest and other income | 1 | 1,803 |
Gain on sale of unconsolidated joint venture interests | 0 | 762 |
Income tax expense | (7) | (7) |
Gain on sale of real estate assets | 1,771 | 1,771 |
Nonoperating income (expense) | (10,330) | (11,566) |
Net income | 3,513 | 1,498 |
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||
Revenues: | ||
Revenues | 912 | 905 |
Expenses: | ||
Depreciation | 0 | 0 |
Amortization | 0 | 0 |
General and administrative – corporate | 199 | 198 |
General and administrative – unconsolidated joint ventures | 0 | 0 |
Costs and expenses | 199 | 198 |
Other Income (Expense): | ||
Interest expense | 0 | 0 |
Interest and other income | 1,575 | 3,555 |
Gain on sale of unconsolidated joint venture interests | 0 | |
Income tax expense | 0 | 0 |
Gain on sale of real estate assets | 1,225 | (2,764) |
Nonoperating income (expense) | 2,800 | 791 |
Net income | 3,513 | 1,498 |
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||
Revenues: | ||
Revenues | 0 | 0 |
Expenses: | ||
Depreciation | 171 | 167 |
Amortization | 0 | 0 |
General and administrative – corporate | 2,220 | 2,309 |
General and administrative – unconsolidated joint ventures | 0 | 0 |
Costs and expenses | 2,391 | 2,476 |
Other Income (Expense): | ||
Interest expense | (12,095) | (12,434) |
Interest and other income | 3,478 | 3,478 |
Gain on sale of unconsolidated joint venture interests | 762 | |
Income tax expense | 0 | 0 |
Gain on sale of real estate assets | 14,933 | 9,194 |
Nonoperating income (expense) | 6,316 | 1,000 |
Net income | 3,925 | (1,476) |
Reportable Legal Entities | Non- Guarantors | ||
Revenues: | ||
Revenues | 74,521 | 72,805 |
Expenses: | ||
Depreciation | 20,233 | 20,668 |
Amortization | 7,461 | 8,016 |
General and administrative – corporate | 6,005 | 5,287 |
General and administrative – unconsolidated joint ventures | 809 | 731 |
Costs and expenses | 59,000 | 57,972 |
Other Income (Expense): | ||
Interest expense | (5,053) | (10,494) |
Interest and other income | 1 | 1,803 |
Gain on sale of unconsolidated joint venture interests | 0 | |
Income tax expense | (7) | (7) |
Gain on sale of real estate assets | (3) | 0 |
Nonoperating income (expense) | (5,062) | (8,698) |
Net income | 10,459 | 6,135 |
Consolidating Adjustments | ||
Revenues: | ||
Revenues | 0 | 0 |
Expenses: | ||
Depreciation | 0 | 0 |
Amortization | 0 | 0 |
General and administrative – corporate | 0 | 0 |
General and administrative – unconsolidated joint ventures | 0 | 0 |
Costs and expenses | 0 | 0 |
Other Income (Expense): | ||
Interest expense | 5,053 | 7,033 |
Interest and other income | (5,053) | (7,033) |
Gain on sale of unconsolidated joint venture interests | 0 | |
Income tax expense | 0 | 0 |
Gain on sale of real estate assets | (14,384) | (4,659) |
Nonoperating income (expense) | (14,384) | (4,659) |
Net income | (14,384) | (4,659) |
Rental income and tenant reimbursements | ||
Revenues: | ||
Revenues | 71,862 | |
Revenues | 70,360 | |
Rental income and tenant reimbursements | Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||
Revenues: | ||
Revenues | 0 | |
Revenues | 0 | |
Rental income and tenant reimbursements | Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||
Revenues: | ||
Revenues | 0 | |
Revenues | 0 | |
Rental income and tenant reimbursements | Reportable Legal Entities | Non- Guarantors | ||
Revenues: | ||
Revenues | 71,862 | |
Revenues | 70,360 | |
Rental income and tenant reimbursements | Consolidating Adjustments | ||
Revenues: | ||
Revenues | 0 | |
Revenues | 0 | |
Property operating costs | ||
Expenses: | ||
Cost of goods and services sold | 24,237 | 23,062 |
Property operating costs | Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||
Expenses: | ||
Cost of goods and services sold | 0 | 0 |
Property operating costs | Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||
Expenses: | ||
Cost of goods and services sold | 0 | 0 |
Property operating costs | Reportable Legal Entities | Non- Guarantors | ||
Expenses: | ||
Cost of goods and services sold | 24,237 | 23,062 |
Property operating costs | Consolidating Adjustments | ||
Expenses: | ||
Cost of goods and services sold | 0 | 0 |
Asset and property management income/fees | ||
Revenues: | ||
Revenues | 1,869 | 1,759 |
Expenses: | ||
Cost of goods and services sold | 255 | 208 |
Asset and property management income/fees | Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||
Revenues: | ||
Revenues | 912 | 905 |
Expenses: | ||
Cost of goods and services sold | 0 | 0 |
Asset and property management income/fees | Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||
Revenues: | ||
Revenues | 0 | 0 |
Expenses: | ||
Cost of goods and services sold | 0 | 0 |
Asset and property management income/fees | Reportable Legal Entities | Non- Guarantors | ||
Revenues: | ||
Revenues | 957 | 854 |
Expenses: | ||
Cost of goods and services sold | 255 | 208 |
Asset and property management income/fees | Consolidating Adjustments | ||
Revenues: | ||
Revenues | 0 | 0 |
Expenses: | ||
Cost of goods and services sold | 0 | 0 |
Other property income | ||
Revenues: | ||
Revenues | 1,702 | 1,591 |
Other property income | Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||
Revenues: | ||
Revenues | 0 | 0 |
Other property income | Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||
Revenues: | ||
Revenues | 0 | 0 |
Other property income | Reportable Legal Entities | Non- Guarantors | ||
Revenues: | ||
Revenues | 1,702 | 1,591 |
Other property income | Consolidating Adjustments | ||
Revenues: | ||
Revenues | $ 0 | $ 0 |
Financial Information for Par_6
Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries (Consolidating Statements of Comprehensive Income) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net income | $ 3,513,000 | $ 1,498,000 |
Market value adjustments to interest rate swap | (1,431,000) | 2,514,000 |
Comprehensive income | 2,082,000 | 4,012,000 |
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income | 3,513,000 | 1,498,000 |
Market value adjustments to interest rate swap | (1,431,000) | 2,514,000 |
Comprehensive income | 2,082,000 | 4,012,000 |
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income | 3,925,000 | (1,476,000) |
Market value adjustments to interest rate swap | (1,431,000) | 2,514,000 |
Comprehensive income | 2,494,000 | 1,038,000 |
Reportable Legal Entities | Non- Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income | 10,459,000 | 6,135,000 |
Market value adjustments to interest rate swap | 0 | 0 |
Comprehensive income | 10,459,000 | 6,135,000 |
Consolidating Adjustments | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income | (14,384,000) | (4,659,000) |
Market value adjustments to interest rate swap | 1,431,000 | (2,514,000) |
Comprehensive income | $ (12,953,000) | $ (7,173,000) |
Financial Information for Par_7
Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries (Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | $ 35,079 | $ 14,771 |
Cash flows from investing activities: | ||
Net proceeds from sale of investments in unconsolidated joint ventures | 0 | 235,083 |
Investment in real estate and related assets | (34,652) | (23,877) |
Investments in unconsolidated joint ventures | (6,528) | (1,541) |
Distributions from unconsolidated joint ventures | 5,672 | 2,976 |
Distributions from subsidiaries | 0 | 0 |
Net cash provided by (used in) investing activities | (35,508) | 212,641 |
Cash flows from financing activities: | ||
Borrowings, net of fees | 73,979 | 108,983 |
Repayments | (23,000) | (247,814) |
Distributions | (46,716) | (47,819) |
Repurchases of common stock | (2,401) | (29,261) |
Net cash provided by (used in) financing activities | 1,862 | (215,911) |
Net increase (decrease) in cash and cash equivalents | 1,433 | 11,501 |
Cash and cash equivalents, beginning of period | 17,118 | 9,567 |
Cash and cash equivalents, end of period | 18,551 | 21,068 |
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 4,638 | 708 |
Cash flows from investing activities: | ||
Net proceeds from sale of investments in unconsolidated joint ventures | 0 | |
Investment in real estate and related assets | (13,701) | 0 |
Investments in unconsolidated joint ventures | 0 | 0 |
Distributions from unconsolidated joint ventures | 0 | 0 |
Distributions from subsidiaries | 56,640 | 75,935 |
Net cash provided by (used in) investing activities | 42,939 | 75,935 |
Cash flows from financing activities: | ||
Borrowings, net of fees | 0 | 0 |
Repayments | 0 | 0 |
Distributions | (46,716) | (47,819) |
Repurchases of common stock | (2,401) | (29,261) |
Net cash provided by (used in) financing activities | (49,117) | (77,080) |
Net increase (decrease) in cash and cash equivalents | (1,540) | (437) |
Cash and cash equivalents, beginning of period | 1,705 | 692 |
Cash and cash equivalents, end of period | 165 | 255 |
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 2,948 | (5,326) |
Cash flows from investing activities: | ||
Net proceeds from sale of investments in unconsolidated joint ventures | 235,083 | |
Investment in real estate and related assets | 0 | 0 |
Investments in unconsolidated joint ventures | (6,528) | (1,541) |
Distributions from unconsolidated joint ventures | 5,672 | 2,976 |
Distributions from subsidiaries | 7,313 | (9,988) |
Net cash provided by (used in) investing activities | 6,457 | 226,530 |
Cash flows from financing activities: | ||
Borrowings, net of fees | 73,979 | 108,983 |
Repayments | (23,000) | (247,000) |
Distributions | (59,189) | (77,811) |
Repurchases of common stock | 0 | 0 |
Net cash provided by (used in) financing activities | (8,210) | (215,828) |
Net increase (decrease) in cash and cash equivalents | 1,195 | 5,376 |
Cash and cash equivalents, beginning of period | 10,573 | 5,079 |
Cash and cash equivalents, end of period | 11,768 | 10,455 |
Reportable Legal Entities | Non- Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 41,877 | 19,389 |
Cash flows from investing activities: | ||
Net proceeds from sale of investments in unconsolidated joint ventures | 0 | |
Investment in real estate and related assets | (20,951) | (23,877) |
Investments in unconsolidated joint ventures | 0 | 0 |
Distributions from unconsolidated joint ventures | 0 | 0 |
Distributions from subsidiaries | 0 | 0 |
Net cash provided by (used in) investing activities | (20,951) | (23,877) |
Cash flows from financing activities: | ||
Borrowings, net of fees | 0 | 0 |
Repayments | 0 | (814) |
Distributions | (19,148) | 11,864 |
Repurchases of common stock | 0 | 0 |
Net cash provided by (used in) financing activities | (19,148) | 11,050 |
Net increase (decrease) in cash and cash equivalents | 1,778 | 6,562 |
Cash and cash equivalents, beginning of period | 4,840 | 3,796 |
Cash and cash equivalents, end of period | 6,618 | 10,358 |
Consolidating Adjustments | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | (14,384) | 0 |
Cash flows from investing activities: | ||
Net proceeds from sale of investments in unconsolidated joint ventures | 0 | |
Investment in real estate and related assets | 0 | 0 |
Investments in unconsolidated joint ventures | 0 | 0 |
Distributions from unconsolidated joint ventures | 0 | 0 |
Distributions from subsidiaries | (63,953) | (65,947) |
Net cash provided by (used in) investing activities | (63,953) | (65,947) |
Cash flows from financing activities: | ||
Borrowings, net of fees | 0 | 0 |
Repayments | 0 | 0 |
Distributions | 78,337 | 65,947 |
Repurchases of common stock | 0 | 0 |
Net cash provided by (used in) financing activities | 78,337 | 65,947 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | $ 0 | $ 0 |
Uncategorized Items - cxp-20190
Label | Element | Value |
Accounting Standards Update 2017-05 [Member] | Accumulated Distributions in Excess of Net Income [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 357,755,000 |
Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 343,000 |
Accounting Standards Update 2014-09 [Member] | Accumulated Distributions in Excess of Net Income [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 343,000 |