Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 22, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-36113 | |
Entity Registrant Name | COLUMBIA PROPERTY TRUST, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 20-0068852 | |
Entity Address, Address Line One | 1170 Peachtree Street | |
Entity Address, Address Line Two | Suite 600 | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30309 | |
City Area Code | 404 | |
Local Phone Number | 465-2200 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | CXP | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 116,908,658 | |
Entity Central Index Key | 0001252849 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Real estate assets, at cost: | ||
Land | $ 803,986 | $ 817,975 |
Buildings and improvements, less accumulated depreciation of $395,250 and $403,355, as of June 30, 2019 and December 31, 2018, respectively | 1,784,994 | 1,910,041 |
Intangible lease assets, less accumulated amortization of $78,234 and $84,881, as of June 30, 2019 and December 31, 2018, respectively | 60,654 | 98,540 |
Construction in progress | 39,893 | 33,800 |
Total real estate assets | 2,689,527 | 2,860,356 |
Operating lease assets | 63,563 | |
Investments in unconsolidated joint ventures | 1,064,648 | 1,071,353 |
Cash and cash equivalents | 11,981 | 17,118 |
Tenant receivables, net of $4 allowance for doubtful accounts as of December 31, 2018 | 2,904 | 3,258 |
Straight-line rent receivable | 87,190 | 87,159 |
Prepaid expenses and other assets | 37,420 | 23,218 |
Intangible lease origination costs, less accumulated amortization of $62,124 and $65,348, as of June 30, 2019 and December 31, 2018, respectively | 29,620 | 34,092 |
Deferred lease costs, less accumulated amortization of $23,850 and $27,735, as of June 30, 2019 and December 31, 2018, respectively | 57,942 | 77,439 |
Total assets | 4,044,795 | 4,173,993 |
Liabilities: | ||
Line of credit and notes payable, net of unamortized deferred financing costs of $2,391 and $2,692, as of June 30, 2019 and December 31, 2018, respectively | 494,609 | 629,308 |
Bonds payable, net of discounts of $1,214 and $1,304 and unamortized deferred financing costs of $3,856 and $4,158, as of June 30, 2019 and December 31, 2018, respectively | 694,930 | 694,538 |
Operating lease liabilities | 34,684 | |
Accounts payable, accrued expenses, and accrued capital expenditures | 43,403 | 49,117 |
Dividends payable | 0 | 23,340 |
Deferred income | 16,296 | 15,593 |
Intangible lease liabilities, less accumulated amortization of $24,208 and $21,766, as of June 30, 2019 and December 31, 2018, respectively | 18,142 | 21,081 |
Total liabilities | 1,302,064 | 1,432,977 |
Commitments and Contingencies (Note 7) | ||
Equity: | ||
Common stock, $0.01 par value, 225,000,000 shares authorized, 116,908,658 and 116,698,033 shares issued and outstanding, as of June 30, 2019 and December 31, 2018, respectively | 1,169 | 1,167 |
Additional paid-in capital | 4,422,833 | 4,421,587 |
Cumulative distributions in excess of earnings | (1,679,580) | (1,684,082) |
Cumulative other comprehensive income (loss) | (1,691) | 2,344 |
Total equity | 2,742,731 | 2,741,016 |
Total liabilities and equity | $ 4,044,795 | $ 4,173,993 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Building and improvements, accumulated depreciation | $ 395,250 | $ 403,355 |
Intangible lease assets, accumulated amortization | 78,234 | 84,881 |
Allowance for doubtful accounts | 4 | |
Intangible lease origination costs, accumulated amortization | 62,124 | 65,348 |
Deferred lease costs, accumulated amortization | 23,850 | 27,735 |
Deferred financing costs, net | 2,391 | 2,692 |
Bonds payable discount | 1,214 | 1,304 |
Intangible lease liabilities, accumulated amortization | $ 24,208 | $ 21,766 |
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 | 116,908,658 | 116,698,033 |
Common stock, shares outstanding | 116,908,658 | 116,698,033 |
Term Loans | ||
Deferred financing costs, net | $ 2,391 | $ 2,692 |
Bonds Payable | ||
Deferred financing costs, net | $ 3,856 | $ 4,158 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues: | ||||
Lease revenues | $ 69,601 | $ 141,463 | ||
Lease revenues | $ 71,409 | $ 141,769 | ||
Revenues | 72,730 | 75,370 | 148,163 | 149,080 |
Expenses: | ||||
Depreciation | 19,335 | 20,681 | 39,739 | 41,516 |
Amortization | 7,106 | 8,623 | 14,567 | 16,639 |
Impairment loss on real estate assets | 0 | 30,812 | 0 | 30,812 |
General and administrative – corporate | 8,180 | 8,282 | 16,604 | 16,076 |
General and administrative – unconsolidated joint ventures | 838 | 736 | 1,647 | 1,467 |
Costs and expenses | 58,209 | 91,789 | 119,799 | 152,435 |
Other Income (Expense): | ||||
Interest expense | (10,897) | (14,314) | (22,992) | (30,209) |
Gain on extinguishment of debt | 0 | 23,713 | 0 | 23,713 |
Interest and other income | 0 | 1,814 | 1 | 3,617 |
Gain on sale of unconsolidated joint venture interests | 0 | 0 | 0 | 762 |
Income tax expense | (9) | (6) | (16) | (13) |
Income from unconsolidated joint ventures | 2,214 | 1,773 | 3,985 | 3,544 |
Gain on sale of real estate assets | 41,918 | 0 | 41,918 | 0 |
Nonoperating income (expense) | 33,226 | 12,980 | 22,896 | 1,414 |
Net income (loss) | $ 47,747 | $ (3,439) | $ 51,260 | $ (1,941) |
Per-Share Information – Basic: | ||||
Net income (loss) (dollars per share) | $ 0.41 | $ (0.03) | $ 0.44 | $ (0.02) |
Weighted-average common shares outstanding – basic | 116,509 | 118,035 | 116,486 | 118,556 |
Per-Share Information – Diluted: | ||||
Net income (loss) (dollars per share) | $ 0.41 | $ (0.03) | $ 0.44 | $ (0.02) |
Weighted-average common shares outstanding – diluted | 116,823 | 118,462 | 116,776 | 118,960 |
Property operating costs | ||||
Expenses: | ||||
Cost of goods and services sold | $ 22,586 | $ 22,450 | $ 46,823 | $ 45,512 |
Management fee income/expenses | ||||
Revenues: | ||||
Revenues | 1,898 | 1,818 | 3,767 | 3,577 |
Expenses: | ||||
Cost of goods and services sold | 164 | 205 | 419 | 413 |
Other property income | ||||
Revenues: | ||||
Revenues | $ 1,231 | $ 2,143 | $ 2,933 | $ 3,734 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 47,747 | $ (3,439) | $ 51,260 | $ (1,941) |
Market value adjustments to interest rate swap | (2,604) | 938 | (4,035) | 3,452 |
Comprehensive income (loss) | $ 45,143 | $ (2,501) | $ 47,225 | $ 1,511 |
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 | (1,954,000) | ||||
Repurchases of common stock | (41,789) | $ (19) | (41,770) | ||
Common stock issued to employees and directors, and amortized (net of income tax withholdings), shares | 139,000 | ||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | 1,754 | $ 1 | 1,753 | ||
Distributions to common stockholders ($0.20 in three months ended 2019 and 2018, $0.40 in 6 months ended 2019 and 2018) | (47,498) | (47,498) | |||
Net income (loss) | (1,941) | (1,941) | |||
Market value adjustments to interest rate swap | 3,452 | 3,452 | |||
Ending balance, shares at Jun. 30, 2018 | 117,974,000 | ||||
Ending balance, value at Jun. 30, 2018 | 2,804,012 | $ 1,180 | 4,447,054 | (1,648,577) | 4,355 |
Beginning balance, shares at Mar. 31, 2018 | 118,602,000 | ||||
Beginning 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] | |||||
Repurchases of common stock, shares | (659,000) | ||||
Repurchases of common stock | (14,503) | $ (6) | (14,497) | ||
Common stock issued to employees and directors, and amortized (net of income tax withholdings), shares | 31,000 | ||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | 2,197 | $ 0 | 2,197 | ||
Distributions to common stockholders ($0.20 in three months ended 2019 and 2018, $0.40 in 6 months ended 2019 and 2018) | (23,640) | (23,640) | |||
Net income (loss) | (3,439) | (3,439) | |||
Market value adjustments to interest rate swap | 938 | 938 | |||
Ending balance, shares at Jun. 30, 2018 | 117,974,000 | ||||
Ending balance, value at Jun. 30, 2018 | $ 2,804,012 | $ 1,180 | 4,447,054 | (1,648,577) | 4,355 |
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 | 211,000 | ||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | 1,248 | $ 2 | 1,246 | ||
Distributions to common stockholders ($0.20 in three months ended 2019 and 2018, $0.40 in 6 months ended 2019 and 2018) | (46,758) | (46,758) | |||
Net income (loss) | 51,260 | 51,260 | |||
Market value adjustments to interest rate swap | $ (4,035) | (4,035) | |||
Ending balance, shares at Jun. 30, 2019 | 116,908,658 | 116,909,000 | |||
Ending balance, value at Jun. 30, 2019 | $ 2,742,731 | $ 1,169 | 4,422,833 | (1,679,580) | (1,691) |
Beginning balance, shares at Mar. 31, 2019 | 116,880,000 | ||||
Beginning 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] | |||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings), shares | 29,000 | ||||
Common stock issued to employees and directors, and amortized (net of income tax withholdings) | 2,106 | $ 0 | 2,106 | ||
Distributions to common stockholders ($0.20 in three months ended 2019 and 2018, $0.40 in 6 months ended 2019 and 2018) | (23,382) | (23,382) | |||
Net income (loss) | 47,747 | 47,747 | |||
Market value adjustments to interest rate swap | $ (2,604) | (2,604) | |||
Ending balance, shares at Jun. 30, 2019 | 116,908,658 | 116,909,000 | |||
Ending balance, value at Jun. 30, 2019 | $ 2,742,731 | $ 1,169 | $ 4,422,833 | $ (1,679,580) | $ (1,691) |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Common Stock | ||||
Distributions to common stockholders per share (dollars per share) | $ 0.20 | $ 0.20 | $ 0.40 | $ 0.40 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows From Operating Activities: | ||
Net income (loss) | $ 51,260 | $ (1,941) |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: | ||
Straight-line rental income | (8,201) | (17,207) |
Noncash operating lease expense | 424 | 0 |
Depreciation | 39,739 | 41,516 |
Amortization | 12,315 | 15,440 |
Stock-based compensation expense | 3,641 | 3,722 |
Impairment loss on real estate assets | 0 | 30,812 |
Noncash interest expense | 1,282 | 1,708 |
Gain on extinguishment of debt | 0 | (23,713) |
Gain on sale of unconsolidated joint venture interests | 0 | (762) |
Income from unconsolidated joint ventures | (3,985) | (3,544) |
Distributions of earnings from unconsolidated joint ventures | 13,526 | 15,015 |
Gain on sale of real estate assets | (41,918) | 0 |
Changes in assets and liabilities, net of acquisitions and dispositions: | ||
Decrease (increase) in tenant receivables, net | 603 | (1,039) |
Decrease (increase) in prepaid expenses and other assets | (2,087) | 1,591 |
Decrease in accounts payable and accrued expenses | (3,786) | (39,934) |
Increase (decrease) in deferred income | 703 | (2,481) |
Net cash provided by operating activities | 63,516 | 19,183 |
Cash Flows From Investing Activities: | ||
Net proceeds from the sale of real estate | 193,912 | 284,608 |
Net proceeds from sale of investments in unconsolidated joint ventures | 0 | 235,083 |
Prepaid transaction costs and earnest money | (14,216) | 0 |
Capital improvement and development costs | (35,212) | (40,084) |
Deferred lease costs paid | (2,773) | (7,510) |
Investments in unconsolidated joint ventures | (9,067) | (2,460) |
Distributions from unconsolidated joint ventures | 6,364 | 4,585 |
Net cash provided by investing activities | 139,008 | 474,222 |
Cash Flows From Financing Activities: | ||
Financing costs paid | (162) | (149) |
Proceeds from lines of credit and notes payable | 114,000 | 150,000 |
Repayments of lines of credit and notes payable | (249,000) | (525,639) |
Distributions paid to stockholders | (70,098) | (71,459) |
Redemptions of common stock | (2,401) | (43,764) |
Net cash used in financing activities | (207,661) | (491,011) |
Net increase (decrease) in cash and cash equivalents | (5,137) | 2,394 |
Cash and cash equivalents, beginning of period | 17,118 | 9,567 |
Cash and cash equivalents, end of period | $ 11,981 | $ 11,961 |
Organization
Organization | 6 Months Ended |
Jun. 30, 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 June 30, 2019 , Columbia Property Trust owned 17 operating properties and two properties under development or redevelopment, of which 13 were wholly owned and six were owned through unconsolidated joint ventures, located primarily in New York, San Francisco, and Washington, D.C. As of June 30, 2019 , the operating properties contained 8.2 million rentable square feet and were approximately 97.6% |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 June 30, 2019 and 2018 , $1.0 million of interest was capitalized to construction in progress; and during both the six months ended June 30, 2019 and 2018 , $1.9 million of interest was capitalized to construction in progress. During the three and six months ended June 30, 2019 , $0.3 million and $0.6 million , respectively, were capitalized to investments in unconsolidated joint ventures. No interest was capitalized to investments in unconsolidated joint ventures during the six months ended June 30, 2018 . 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. None of Columbia Property Trust's properties met the criteria to be classified as held for sale in the accompanying balance sheets as of June 30, 2019 or December 31, 2018. 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 June 30, 2019 . In the second quarter of 2018, Columbia Property Trust recognized an impairment loss of $30.8 million in connection with changing the holding period expectations for 222 East 41st Street in New York. Columbia Property Trust widely marketed this property for sale during the second quarter and, as a result, entered into an agreement to sell this property on May 25, 2018 and closed on the sale on May 29, 2018. Upon entering into the sale agreement, Columbia Property Trust reduced 222 East 41st Street's carrying value to reflect its fair value, estimated based on the net contract price of $284.6 million (Level 1), by recording an impairment loss of $30.8 million in the second quarter of 2018. Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessor Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of the properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see "Fair Value Measurements" section above for additional detail). As of June 30, 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 June 30, 2019 Gross $ 3,175 $ 135,713 $ 91,744 $ 42,350 Accumulated Amortization (1,225 ) (77,009 ) (62,124 ) (24,208 ) Net $ 1,950 $ 58,704 $ 29,620 $ 18,142 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 Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessee As of December 31, 2018, Columbia Property Trust had gross below-market lease assets of approximately $32.6 million , net of accumulated amortization of $2.6 million . These below-market lease assets were reclassified to operating lease assets upon adoption of ASC 842, as described below. See Note 10, Leases , for more information. Amortization of Intangible Assets and Liabilities Arising From In-Place Leases For the three and six months ended June 30, 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 June 30, 2019 $ 82 $ 3,534 $ 2,020 $ 1,401 For the Three Months Ended June 30, 2018 $ 51 $ 4,436 $ 2,538 $ 2,315 For the Six Months Ended June 30, 2019 $ 164 $ 7,190 $ 4,120 $ 2,827 For the Six Months Ended June 30, 2018 $ 102 $ 8,775 $ 4,957 $ 3,904 The net intangible assets and liabilities remaining as of June 30, 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 $ 164 $ 6,883 $ 3,957 $ 2,725 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 $ 1,950 $ 58,704 $ 29,620 $ 18,142 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 June 30, December 31, Derivatives designated as hedging instruments: Interest rate contracts Prepaid expenses and other assets $ — $ 2,344 Interest rate contracts Accounts payable $ 1,691 $ — Columbia Property Trust applied the provisions of ASC 820 in recording its interest rate swaps at fair value. The fair values of the interest rate swaps, classified under Level 2, were determined using a third-party proprietary model that is based on prevailing market data for contracts with matching durations, current and anticipated London Interbank Offered Rate ("LIBOR") information, and reasonable estimates about relevant future market conditions. Columbia Property Trust has determined that the fair value, as determined by the third party, is reasonable. Three Months Ended Six Months Ended 2019 2018 2019 2018 Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income $ (2,604 ) $ 938 $ (4,035 ) $ 3,452 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 and Columbia KCP 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 842, Leases ("ASC 842"), effective January 1, 2019, rental income and tenant reimbursements have been combined into the lease revenues line on the consolidated statements of operations for all periods presented. See Recent Accounting Pronouncements below for additional details. In accordance with Accounting Standard Codification 360, Property, Plant, and Equipment ("ASC 360"), and in response to the Securities and Exchange Commission's "Disclosure Update and Simplification" release effective November 5, 2018, gains on sales of real estate assets have been reclassified to other income (expense) on our consolidated statements of operations for all periods presented. 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 for operating leases 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 | 6 Months Ended |
Jun. 30, 2019 | |
Real Estate [Abstract] | |
Real Estate Transactions | Real Estate Transactions Acquisitions During 2018 , Columbia Property Trust acquired the following properties. Columbia Property Trust did not acquire any properties during the six months ended June 30, 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 and six months ended June 30, 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 and six months ended June 30, 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 Six Months Ended Revenues $ 76,118 $ 150,576 Net income $ (3,416 ) $ (1,895 ) Dispositions During 2018 and the 2019, Columbia Property Trust disposed of the following properties, or partial interests in properties of unconsolidated joint ventures. Additional information for certain of the disposition transactions is provided below the table. Property Location Date % Sold Sales Price (1) (in thousands) Gain on Sale (in thousands) 2019 One & Three Glenlake Parkway Atlanta, GA April 15, 2019 100.0 % $ 227,500 $ 41,918 2018 222 East 41st Street New York, NY May 29, 2018 100.0 % $ 332,500 $ — 263 Shuman Boulevard Chicago, IL April 13, 2018 100.0 % $ 49,000 $ 24,039 University Circle & San Francisco, CA February 1, 2018 22.5 % $ 235,300 $ 762 (1) Exclusive of transaction costs and price adjustments. One & Three Glenlake Parkway On April 15, 2019, Columbia Property Trust closed on the sale of One & Three Glenlake Parkway in Atlanta, for a gross sale price of $227.5 million , exclusive of $33.6 million of adjustments for tenant improvements and rent abatements funded at closing. 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 | 6 Months Ended |
Jun. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Unconsolidated Joint Ventures | Unconsolidated Joint Ventures As of June 30, 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 June 30, 2019 December 31, 2018 Market Square Joint Venture Market Square Washington, D.C. 51.0 % $ 136,523 $ 134,250 University Circle Joint Venture University Circle San Francisco 55.0 % 288,460 292,951 333 Market Street Joint Venture 333 Market Street San Francisco 55.0 % 271,972 273,783 114 Fifth Avenue Joint Venture 114 Fifth Avenue New York 49.5 % 94,550 99,283 1800 M Street Joint Venture 1800 M Street Washington, D.C. 55.0 % 235,118 237,333 799 Broadway Joint Venture (2) 799 Broadway New York, NY 49.7 % 38,025 33,753 $ 1,064,648 $ 1,071,353 (1) Includes basis differences. (2) Columbia Property Trust capitalized interest of $0.3 million and $0.6 million on its investment in the 799 Broadway Joint Venture during the three and six months ended June 30, 2019 , respectively. 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 June 30, 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) June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Market Square Joint Venture $ 584,505 $ 582,176 $ 324,788 (2) $ 324,762 $ 244,862 $ 241,581 University Circle Joint Venture 222,461 224,746 — — 216,363 219,390 333 Market Street Joint Venture 373,251 375,884 — — 357,188 360,915 114 Fifth Avenue Joint Venture 495,682 377,970 — — 140,487 149,243 1800 M Street Joint Venture 441,847 447,585 — — 425,036 429,016 799 Broadway Joint Venture 178,121 168,390 101,333 (3) 95,630 73,938 67,189 $ 2,295,867 $ 2,176,751 $ 426,121 $ 420,392 $ 1,457,874 $ 1,467,334 (1) Excludes basis differences. There is an aggregate net difference of $280.5 million and $282.0 million as of June 30, 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. (3) Reflects $105.8 million outstanding, net of $4.5 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 June 30, 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 $ 11,892 $ 11,249 $ (3,138 ) $ (2,998 ) $ (1,600 ) $ (1,529 ) University Circle Joint Venture 11,644 10,003 6,366 5,243 3,501 2,885 333 Market Street Joint Venture 7,039 6,675 3,742 3,558 2,058 1,957 114 Fifth Avenue Joint Venture 10,174 10,489 (2,643 ) (2,362 ) (1,308 ) (1,169 ) 1800 M Street Joint Venture 9,342 9,571 1,439 1,436 791 790 799 Broadway Joint Venture — — (138 ) — (68 ) — $ 50,091 $ 47,987 $ 5,628 $ 4,877 $ 3,374 $ 2,934 (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. Summarized income statement information for the unconsolidated joint ventures for the six months ended June 30, 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 $ 23,228 $ 22,264 $ (5,733 ) $ (6,007 ) $ (2,924 ) $ (3,063 ) University Circle Joint Venture 22,916 20,344 12,730 10,748 7,001 6,314 333 Market Street Joint Venture 14,093 13,343 7,456 7,115 4,100 4,184 114 Fifth Avenue Joint Venture 21,093 20,789 (5,149 ) (4,693 ) (2,549 ) (2,323 ) 1800 M Street Joint Venture 18,795 18,467 1,828 1,679 1,005 923 799 Broadway Joint Venture — — (664 ) — (329 ) — $ 100,125 $ 95,207 $ 10,468 $ 8,842 $ 6,304 $ 6,035 (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. 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 and six months ended June 30, 2019 and 2018 , Columbia Property Trust earned the following fees from these unconsolidated joint ventures (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Market Square Joint Venture $ 579 $ 552 $ 1,147 $ 1,075 University Circle Joint Venture 571 563 1,145 1,092 333 Market Street Joint Venture 204 196 411 393 1800 M Street Joint Venture 544 507 1,064 1,017 $ 1,898 $ 1,818 $ 3,767 $ 3,577 Columbia Property Trust also received reimbursements of property operating costs of $1.1 million related to managing the above properties for the three months ended June 30, 2019 and 2018 , and $2.2 million and $2.1 million for the six months ended June 30, 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 June 30, 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 $74,000 to the Market Square Joint Venture and received $60,000 from the 799 Broadway Joint Venture, for the six months ended June 30, 2019 |
Line of Credit and Notes Payabl
Line of Credit and Notes Payable | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Line of Credit and Notes Payable | Line of Credit and Notes Payable As of June 30, 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 June 30, December 31, Revolving Credit Facility $ 347,000 $ 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 (2,391 ) (2,692 ) $ 494,609 $ 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 June 30, 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 June 30, 2019 and December 31, 2018 , was approximately $497.1 million and $632.1 million , respectively. The related carrying value of the line of credit and notes payable as of June 30, 2019 and December 31, 2018 , was $497.0 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 six months ended June 30, 2019 and 2018 , Columbia Property Trust made interest payments of approximately $10.3 million and $12.0 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 six months ended June 30, 2019 , Columbia Property Trust capitalized interest of $2.5 million , $1.9 million of which was capitalized to construction in progress, and $0.6 million of which was capitalized to investments in unconsolidated joint ventures. During the six months ended June 30, 2018 , Columbia Property Trust capitalized interest of $1.9 million , all of which was capitalized to construction in progress. For the six months ended June 30, 2019 , the weighted average interest rate on Columbia Property Trust’s outstanding borrowings was 3.60% . Debt Covenants As of June 30, 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 | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Bonds Payable | Bonds Payable Columbia Property Trust has two series of bonds outstanding as of June 30, 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 $13.7 million were made on the Bonds Payable during both the six months ended June 30, 2019 and 2018 . Columbia Property Trust is subject to substantially similar covenants under the 2026 Bonds Payable and the 2025 Bonds Payable. As of June 30, 2019 , Columbia Property Trust was in compliance with the restrictive financial covenants on the 2026 Bonds Payable and the 2025 Bonds Payable. As of June 30, 2019 and December 31, 2018 , the estimated fair value of the Bonds Payable was approximately $715.5 million and $685.0 million , respectively, and the related carrying value, net of discounts, as of June 30, 2019 and December 31, 2018 was $698.8 million and $698.7 million , respectively. 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2019 , Columbia Property Trust had one individually significant unrecorded commitment of $28.1 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 As of June 30, 2019 , the 799 Broadway Joint Venture has $105.8 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 June 30, 2019 , the remaining equity contribution requirement is $43.5 million , of which $21.6 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 June 30, 2019 , no capital calls remain unpaid; therefore, no liability has been recorded related to this guaranty. Litigation |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2019 , Columbia Property Trust did not make any share repurchases. As of June 30, 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 six months ended June 30, 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 176 $ 19.36 256 (3) $ 17.66 Vested (165 ) $ 21.99 (121 ) $ 19.08 Unvested awards – end of period (4) 386 $ 20.95 589 $ 18.85 (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 June 30, 2019 , Columbia Property Trust expects approximately 371,000 of the 386,000 unvested restricted stock units to ultimately vest and approximately 567,000 of the 589,000 unvested Performance-Based RSUs to ultimately vest, 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 are made annually for the following year and vest immediately. During the six months ended June 30, 2019 and 2018 , Columbia Property Trust granted the following equity retainers: Date of Grant Shares Grant-Date Fair Value May 14, 2019 28,000 $ 22.13 May 14, 2018 31,743 $ 22.20 Stock-Based Compensation Expense For the three and six months ended June 30, 2019 and 2018 , Columbia Property Trust incurred stock-based compensation expense related to the following events (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Amortization of time-based awards granted under the LTI Plan $ 803 $ 873 $ 1,687 $ 1,909 Amortization of performance-based awards granted under the LTI Plan (1) 680 616 1,335 1,108 Issuance of shares to independent directors 619 705 619 705 Total stock-based compensation expense $ 2,102 $ 2,194 $ 3,641 $ 3,722 (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 June 30, 2019 and December 31, 2018 , there were $12.3 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 |
Supplemental Disclosures of Non
Supplemental Disclosures of Noncash Investing and Financing Activities | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2019 and 2018 (in thousands): Six Months Ended 2019 2018 Extinguishment of 263 Shuman Boulevard mortgage note by transferring property to lender $ — $ 49,000 Amortization of net discounts on debt $ 90 $ 90 Accrued transaction costs $ 818 $ — Accrued investments in unconsolidated joint ventures $ 136 $ — Accrued capital expenditures and deferred lease costs $ 6,704 $ 16,771 Operating lease liability recorded at adoption of ASC 842 $ 34,791 $ — Market value adjustments to interest rate swaps that qualify for hedge accounting treatment $ (4,035 ) $ 3,452 Cumulative-effect adjustment to equity for the adoption of ASU 2017-05 and ASU 2014-09 $ — $ 358,098 Amortization of common stock issued to employees and directors $ 3,641 $ 3,722 |
Leases
Leases | 6 Months Ended |
Jun. 30, 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 June 30, 2019 , Columbia Property Trust has three ground leases with remaining lease terms ranging from 58 years to 84 years, inclusive of renewal options, which are included in operating lease assets of $63.6 million . Under one of the ground leases, payments for all future periods have already been made. Thus, as of June 30, 2019 , operating lease liabilities of $34.7 million include the present value of future payments due under the other two ground leases, which have remaining lease terms ranging from 80 years to 84 years, inclusive of renewal options. As of June 30, 2019 , the future minimum lease payments to be made by Columbia Property Trust under its operating leases are as follows (in thousands): Remainder of 2019 $ 1,252 2020 2,539 2021 2,704 2022 2,743 2023 2,023 2024 1,962 Thereafter 174,820 Total lease payments 188,043 Less: interest expense (153,359 ) Present value of lease liabilities $ 34,684 Weighted-average remaining lease term (years) 75.8 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 June 30, 2019 (in thousands): Ground Leases Office Lease Total Operating Leases Assets: Total operating lease assets $ 61,699 $ 1,864 $ 63,563 Liabilities: Total operating lease liabilities $ 32,202 $ 2,482 $ 34,684 Columbia Property Trust's operating leases had the following impacts on the consolidated statements of operations for the three and six months ended June 30, 2019 (in thousands): Three Months Ended Six Months Ended Ground Leases Office Lease Total Operating Leases Ground Leases Office Lease Total Operating Leases Property operating costs $ 692 $ — $ 692 $ 1,384 $ — $ 1,384 General and administrative – corporate — 145 145 — 290 290 Total operating lease expenses $ 692 $ 145 $ 837 $ 1,384 $ 290 $ 1,674 Columbia Property Trust's operating leases had the following impacts on the consolidated statements of cash flows for the six months ended June 30, 2019 (in thousands): Ground Leases Office Lease Total Operating Leases Cash paid for operating lease liabilities included in cash flows from operations $ (903 ) $ (348 ) $ (1,251 ) 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 lease revenues on the consolidated statements of operations. If at any point during the term of a lease, it is determined that the collectability of a tenant receivable is not probable, such receivable is written off against lease revenues. Contracts are evaluated at commencement to determine if the contract contains a lease, and the appropriate classification for such leases. As of June 30, 2019 , the weighted-average remaining term for such leases is approximately 6.7 years . Lease revenues include fixed and variable payments. Fixed payments primarily relate to base rent and include payments related to lease terminations; and variable payments primarily relate to tenant reimbursements for certain property operating costs. Fixed and variable payments for the three and six months ended June 30, 2019 are as follows (in thousands): Three Months Ended Six Months Ended Fixed payments $ 63,534 $ 129,051 Variable payments 6,067 12,412 Total lease revenues $ 69,601 $ 141,463 As of June 30, 2019 , the future minimum lease payments due to Columbia Property Trust under non-cancelable operating leases are as follows (thousands): Remainder of 2019 $ 115,858 2020 243,403 2021 212,110 2022 195,677 2023 178,941 2024 169,133 Thereafter 815,346 Total $ 1,930,468 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 June 30, 2019 , Columbia Property Trust has three ground leases with remaining lease terms ranging from 58 years to 84 years, inclusive of renewal options, which are included in operating lease assets of $63.6 million . Under one of the ground leases, payments for all future periods have already been made. Thus, as of June 30, 2019 , operating lease liabilities of $34.7 million include the present value of future payments due under the other two ground leases, which have remaining lease terms ranging from 80 years to 84 years, inclusive of renewal options. As of June 30, 2019 , the future minimum lease payments to be made by Columbia Property Trust under its operating leases are as follows (in thousands): Remainder of 2019 $ 1,252 2020 2,539 2021 2,704 2022 2,743 2023 2,023 2024 1,962 Thereafter 174,820 Total lease payments 188,043 Less: interest expense (153,359 ) Present value of lease liabilities $ 34,684 Weighted-average remaining lease term (years) 75.8 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 June 30, 2019 (in thousands): Ground Leases Office Lease Total Operating Leases Assets: Total operating lease assets $ 61,699 $ 1,864 $ 63,563 Liabilities: Total operating lease liabilities $ 32,202 $ 2,482 $ 34,684 Columbia Property Trust's operating leases had the following impacts on the consolidated statements of operations for the three and six months ended June 30, 2019 (in thousands): Three Months Ended Six Months Ended Ground Leases Office Lease Total Operating Leases Ground Leases Office Lease Total Operating Leases Property operating costs $ 692 $ — $ 692 $ 1,384 $ — $ 1,384 General and administrative – corporate — 145 145 — 290 290 Total operating lease expenses $ 692 $ 145 $ 837 $ 1,384 $ 290 $ 1,674 Columbia Property Trust's operating leases had the following impacts on the consolidated statements of cash flows for the six months ended June 30, 2019 (in thousands): Ground Leases Office Lease Total Operating Leases Cash paid for operating lease liabilities included in cash flows from operations $ (903 ) $ (348 ) $ (1,251 ) 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 lease revenues on the consolidated statements of operations. If at any point during the term of a lease, it is determined that the collectability of a tenant receivable is not probable, such receivable is written off against lease revenues. Contracts are evaluated at commencement to determine if the contract contains a lease, and the appropriate classification for such leases. As of June 30, 2019 , the weighted-average remaining term for such leases is approximately 6.7 years . Lease revenues include fixed and variable payments. Fixed payments primarily relate to base rent and include payments related to lease terminations; and variable payments primarily relate to tenant reimbursements for certain property operating costs. Fixed and variable payments for the three and six months ended June 30, 2019 are as follows (in thousands): Three Months Ended Six Months Ended Fixed payments $ 63,534 $ 129,051 Variable payments 6,067 12,412 Total lease revenues $ 69,601 $ 141,463 As of June 30, 2019 , the future minimum lease payments due to Columbia Property Trust under non-cancelable operating leases are as follows (thousands): Remainder of 2019 $ 115,858 2020 243,403 2021 212,110 2022 195,677 2023 178,941 2024 169,133 Thereafter 815,346 Total $ 1,930,468 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 | 6 Months Ended |
Jun. 30, 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. 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 June 30, 2019 and 2018 , Columbia Property Trust earned revenues of $1.9 million and $1.8 million , respectively, under these agreements; and for the six months ended June 30, 2019 and 2018 , Columbia Property Trust earned revenues of $3.8 million and $3.6 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 June 30, 2019 and 2018 , Columbia Property Trust earned leasing override fees of $19,000 and $38,000 , respectively; and for the six months ended June 30, 2019 and 2018 , Columbia Property Trust earned leasing override fees of $22,000 and $38,000 , respectively. Such fees are included in 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 June 30, 2019 and 2018 , Columbia Property Trust earned salary and other reimbursement revenue of $1.2 million ; and for the six months ended June 30, 2019 and 2018 , Columbia Property Trust earned salary and other reimbursement revenue of $2.3 million and $2.2 million , respectively. These amounts are included in other property income on the accompanying consolidated statements of operations. Miscellaneous Revenue Columbia Property Trust also receives revenues for services provided to its tenants through the TRS Entities, including fitness centers, shuttles, and cafeterias. For the three months ended June 30, 2019 and 2018 , Columbia Property Trust earned miscellaneous revenue of $0.1 million and $0.2 million , respectively; and for the six months ended June 30, 2019 and 2018 , Columbia Property Trust earned miscellaneous revenue of $0.2 million and $0.4 million , respectively. These amounts are included in other property income on the accompanying consolidated statements of operations. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share For the three and six months ended June 30, 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 and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Net income (loss) $ 47,747 $ (3,439 ) $ 51,260 $ (1,941 ) Distributions paid on unvested shares (77 ) (73 ) (155 ) (146 ) Net income (loss) used to calculate basic and diluted earnings per share $ 47,670 $ (3,512 ) $ 51,105 $ (2,087 ) The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of operations for the three and six months ended June 30, 2019 and 2018 , respectively (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Weighted-average common shares – basic 116,509 118,035 116,486 118,556 Plus incremental weighted-average shares from time-vested conversions, less assumed stock repurchases: Previously granted awards, unvested 100 72 93 70 Future period LTI Plan awards 214 355 197 334 Weighted-average common shares – diluted 116,823 118,462 116,776 118,960 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 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 June 30, 2019 , Columbia Property Trust had the following reportable segments: New York, San Francisco, Washington, D.C., Atlanta, 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 lease revenues 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 New York (1) $ 38,974 $ 40,349 $ 77,670 $ 81,258 San Francisco (2) 28,021 26,088 55,784 49,608 Washington, D.C. (3) 14,462 14,411 28,592 28,383 Atlanta 7,744 10,283 18,967 20,141 Boston 3,555 3,158 7,229 6,528 Los Angeles 1,927 1,910 3,861 3,830 All other office markets 3,919 3,905 7,822 7,841 Total office segments 98,602 100,104 199,925 197,589 Corporate 825 894 1,611 1,575 Total operating revenues $ 99,427 $ 100,998 $ 201,536 $ 199,164 (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 June 30, 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Total revenues $ 72,730 $ 75,370 $ 148,163 $ 149,080 Operating revenues included in income from unconsolidated joint ventures (1) 28,595 27,446 57,140 53,661 Less: management fee income (2) (1,898 ) (1,818 ) (3,767 ) (3,577 ) Total operating revenues $ 99,427 $ 100,998 $ 201,536 $ 199,164 (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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 New York (1) $ 23,680 $ 24,369 $ 46,486 $ 48,548 San Francisco (2) 20,407 19,396 40,904 38,950 Washington, D.C. (3) 8,586 8,802 17,039 17,132 Atlanta 6,144 9,084 14,295 17,838 Boston 1,875 1,545 3,864 3,313 Los Angeles 1,163 1,154 2,282 2,362 All other office markets 3,852 3,869 7,688 7,160 Total office segments 65,707 68,219 132,558 135,303 Corporate (235 ) (170 ) (440 ) (395 ) Total NOI $ 65,472 $ 68,049 $ 132,118 $ 134,908 (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 June 30, 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 June 30, 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income (loss) $ 47,747 $ (3,439 ) $ 51,260 $ (1,941 ) Management fee income (1,898 ) (1,818 ) (3,767 ) (3,577 ) Depreciation 19,335 20,681 39,739 41,516 Amortization 7,106 8,623 14,567 16,639 General and administrative – corporate 8,180 8,282 16,604 16,076 General and administrative – unconsolidated joint ventures 838 736 1,647 1,467 Net interest expense 10,897 14,300 22,991 30,192 Interest income from development authority bonds — (1,800 ) — (3,600 ) Gain on sale of unconsolidated joint venture interests — — — (762 ) Gain on extinguishment of debt — (23,713 ) — (23,713 ) Income tax expense 9 6 16 13 Adjustments included in income from unconsolidated joint ventures 15,176 15,379 30,979 31,786 Gain on sale of real estate assets (41,918 ) — (41,918 ) — Impairment loss — 30,812 — 30,812 NOI $ 65,472 $ 68,049 $ 132,118 $ 134,908 |
Financial Information for Paren
Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries | 6 Months Ended |
Jun. 30, 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 June 30, 2019 and December 31, 2018 , as well as its condensed consolidating statements of operations and its condensed consolidating statements of comprehensive income for the three and six months ended June 30, 2019 and 2018 , and its condensed consolidating statements of cash flows for the six months ended June 30, 2019 and 2018 . Condensed Consolidating Balance Sheets (in thousands): As of June 30, 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 — 1,526 1,783,468 — 1,784,994 Intangible lease assets, net — — 60,654 — 60,654 Construction in progress — — 39,893 — 39,893 Total real estate assets — 1,526 2,688,001 — 2,689,527 Operating lease assets 1,864 — 61,699 — 63,563 Investments in unconsolidated joint ventures — 1,064,648 — — 1,064,648 Cash and cash equivalents 287 7,551 4,143 — 11,981 Investment in subsidiaries 2,602,248 1,116,706 — (3,718,954 ) — Tenant receivables — — 2,904 — 2,904 Straight-line rent receivable — — 87,190 — 87,190 Prepaid expenses and other assets 140,814 352,010 13,623 (469,027 ) 37,420 Intangible lease origination costs, net — — 29,620 — 29,620 Deferred lease costs, net — — 57,942 — 57,942 Total assets $ 2,745,213 $ 2,542,441 $ 2,945,122 $ (4,187,981 ) $ 4,044,795 Liabilities: Line of credit and notes payable, net $ — $ 494,609 $ 467,344 $ (467,344 ) $ 494,609 Bonds payable, net — 694,930 — — 694,930 Operating lease liabilities 2,482 — 32,202 — 34,684 Accounts payable, accrued expenses, and accrued capital expenditures — 12,296 31,107 — 43,403 Due to affiliates — — 1,683 (1,683 ) — Deferred income — — 16,296 — 16,296 Intangible lease liabilities, net — — 18,142 — 18,142 Total liabilities 2,482 1,201,835 566,774 (469,027 ) 1,302,064 Equity: Total equity 2,742,731 1,340,606 2,378,348 (3,718,954 ) 2,742,731 Total liabilities and equity $ 2,745,213 $ 2,542,441 $ 2,945,122 $ (4,187,981 ) $ 4,044,795 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 June 30, 2019 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Lease revenues $ — $ — $ 69,601 $ — $ 69,601 Management fee income 926 — 972 — 1,898 Other property income — — 1,231 — 1,231 926 — 71,804 — 72,730 Expenses: Property operating costs — — 22,586 — 22,586 Management fee expenses — — 164 — 164 Depreciation — 162 19,173 — 19,335 Amortization — — 7,106 — 7,106 General and administrative – corporate 200 2,352 5,628 — 8,180 General and administrative – unconsolidated joint ventures — 17 821 — 838 200 2,531 55,478 — 58,209 Other income (expense): Interest expense — (10,897 ) (5,053 ) 5,053 (10,897 ) Interest and other income 1,575 3,478 — (5,053 ) — Income tax expense — — (9 ) — (9 ) Income (loss) from unconsolidated entities 45,446 57,611 (3 ) (100,840 ) 2,214 Gain on sale of real estate assets — — 41,918 — 41,918 47,021 50,192 36,853 (100,840 ) 33,226 Net income $ 47,747 $ 47,661 $ 53,179 $ (100,840 ) $ 47,747 Condensed Consolidating Statements of Operations (in thousands): For the Three Months Ended June 30, 2018 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Lease revenues $ — $ — $ 71,409 $ — $ 71,409 Management fee income 930 — 888 — 1,818 Other property income — — 2,143 — 2,143 930 — 74,440 — 75,370 Expenses: Property operating costs — — 22,450 — 22,450 Management fee expenses — — 205 — 205 Depreciation — 166 20,515 — 20,681 Amortization — — 8,623 — 8,623 Impairment loss on real estate — — 30,812 — 30,812 General and administrative – corporate 193 2,512 5,577 — 8,282 General and administrative – unconsolidated joint ventures — — 736 — 736 193 2,678 88,918 — 91,789 Other income (expense): Interest expense — (11,983 ) (8,651 ) 6,320 (14,314 ) Gain (loss) on extinguishment of debt — (326 ) 24,039 — 23,713 Interest and other income 2,842 3,478 1,814 (6,320 ) 1,814 Income tax expense — — (6 ) — (6 ) Income (loss) from unconsolidated entities (7,018 ) 5,823 (2 ) 2,970 1,773 (4,176 ) (3,008 ) 17,194 2,970 12,980 Net income (loss) $ (3,439 ) $ (5,686 ) $ 2,716 $ 2,970 $ (3,439 ) Condensed Consolidating Statements of Operations (in thousands): For the Six Months Ended June 30, 2019 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Lease revenues $ — $ — $ 141,463 $ — $ 141,463 Management fee income 1,838 — 1,929 — 3,767 Other property income — — 2,933 — 2,933 1,838 — 146,325 — 148,163 Expenses: Property operating costs — — 46,823 — 46,823 Management fee expenses — — 419 — 419 Depreciation — 333 39,406 — 39,739 Amortization — — 14,567 — 14,567 General and administrative – corporate 399 4,570 11,635 — 16,604 General and administrative – unconsolidated joint ventures — 17 1,630 — 1,647 399 4,920 114,480 — 119,799 Other income (expense): Interest expense — (22,992 ) (10,106 ) 10,106 (22,992 ) Interest and other income 3,150 6,956 1 (10,106 ) 1 Income tax expense — — (16 ) — (16 ) Income (loss) from unconsolidated entities 46,671 72,542 (3 ) (115,225 ) 3,985 Gain on sale of real estate assets — — 41,918 — 41,918 49,821 56,506 31,794 (115,225 ) 22,896 Net income $ 51,260 $ 51,586 $ 63,639 $ (115,225 ) $ 51,260 Condensed Consolidating Statements of Operations (in thousands): For the Six Months Ended June 30, 2018 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Lease revenues $ — $ — $ 141,769 $ — $ 141,769 Management fee income 1,834 — 1,743 — 3,577 Other property income — — 3,734 — 3,734 1,834 — 147,246 — 149,080 Expenses: Property operating costs — — 45,512 — 45,512 Management fee expenses — — 413 — 413 Depreciation — 332 41,184 — 41,516 Amortization — — 16,639 — 16,639 Impairment loss on real estate — — 30,812 — 30,812 General and administrative – corporate 389 4,820 10,867 — 16,076 General and administrative – unconsolidated joint ventures — — 1,467 — 1,467 389 5,152 146,894 — 152,435 Other income (expense): Interest expense — (24,417 ) (19,145 ) 13,353 (30,209 ) Gain (loss) on extinguishment of debt — (326 ) 24,039 — 23,713 Interest and other income 6,397 6,956 3,617 (13,353 ) 3,617 Gain on sale of unconsolidated joint venture interests — 762 — — 762 Income tax expense — — (13 ) — (13 ) Income (loss) from unconsolidated entities (9,783 ) 12,838 — 489 3,544 (3,386 ) (4,187 ) 8,498 489 1,414 Net income (loss) $ (1,941 ) $ (9,339 ) $ 8,850 $ 489 $ (1,941 ) Condensed Consolidating Statements of Comprehensive Income (in thousands): For the Three Months Ended June 30, 2019 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 47,747 $ 47,661 $ 53,179 $ (100,840 ) $ 47,747 Market value adjustments to interest rate swap (2,604 ) (2,604 ) — 2,604 (2,604 ) Comprehensive income $ 45,143 $ 45,057 $ 53,179 $ (98,236 ) $ 45,143 For the Three Months Ended June 30, 2018 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income (loss) $ (3,439 ) $ (5,686 ) $ 2,716 $ 2,970 $ (3,439 ) Market value adjustments to interest rate swap 938 938 — (938 ) 938 Comprehensive income (loss) $ (2,501 ) $ (4,748 ) $ 2,716 $ 2,032 $ (2,501 ) For the Six Months Ended June 30, 2019 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 51,260 $ 51,586 $ 63,639 $ (115,225 ) $ 51,260 Market value adjustments to interest rate swap (4,035 ) (4,035 ) — 4,035 (4,035 ) Comprehensive income $ 47,225 $ 47,551 $ 63,639 $ (111,190 ) $ 47,225 For the Six Months Ended June 30, 2018 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income (loss) $ (1,941 ) $ (9,339 ) $ 8,850 $ 489 $ (1,941 ) Market value adjustments to interest rate swap 3,452 3,452 — (3,452 ) 3,452 Comprehensive income (loss) $ 1,511 $ (5,887 ) $ 8,850 $ (2,963 ) $ 1,511 Condensed Consolidating Statements of Cash Flows (in thousands): For the Six Months Ended June 30, 2019 Columbia Property Trust (Guarantor) Columbia Property Trust OP (the Issuer) Non- Guarantors Consolidating Adjustments Columbia Property Trust Cash flows from operating activities $ 52,967 $ 51,491 $ 74,283 $ (115,225 ) $ 63,516 Cash flows from investing activities: Net proceeds from the sale of real estate assets — — 193,912 — 193,912 Investment in real estate and related assets (14,216 ) — (37,985 ) — (52,201 ) Investments in unconsolidated joint ventures — (9,067 ) — — (9,067 ) Distributions from unconsolidated joint ventures — 6,364 — — 6,364 Distributions from subsidiaries 32,330 159,236 — (191,566 ) — Net cash provided by investing activities 18,114 156,533 155,927 (191,566 ) 139,008 Cash flows from financing activities: Borrowings, net of fees — 113,838 — — 113,838 Repayments — (249,000 ) — — (249,000 ) Distributions (70,098 ) (75,884 ) (230,907 ) 306,791 (70,098 ) Redemptions of common stock (2,401 ) — — — (2,401 ) Net cash used in financing activities (72,499 ) (211,046 ) (230,907 ) 306,791 (207,661 ) Net decrease in cash and cash equivalents (1,418 ) (3,022 ) (697 ) — (5,137 ) Cash and cash equivalents, beginning of period 1,705 10,573 4,840 — 17,118 Cash and cash equivalents, end of period $ 287 $ 7,551 $ 4,143 $ — $ 11,981 Condensed Consolidating Statements of Cash Flows (in thousands): For the Six Months Ended June 30, 2018 Columbia Property Trust (Guarantor) Columbia Property Trust OP (the Issuer) Non- Guarantors Consolidating Adjustments Columbia Property Trust Cash flows from operating activities $ 1,445 $ (3,037 ) $ 29,625 $ (8,850 ) $ 19,183 Cash flows from investing activities: Net proceeds from the sale of real estate assets — — 284,608 — 284,608 Net proceeds from sale of investments in unconsolidated joint ventures — 235,083 — — 235,083 Investment in real estate and related assets — (51 ) (47,543 ) — (47,594 ) Investments in unconsolidated joint ventures — (2,460 ) — — (2,460 ) Distributions from unconsolidated joint ventures — 4,585 — — 4,585 Distributions from subsidiaries 113,274 254,037 — (367,311 ) — Net cash provided by investing activities 113,274 491,194 237,065 (367,311 ) 474,222 Cash flows from financing activities: Borrowings, net of fees — 149,851 — — 149,851 Repayments — (524,000 ) (1,639 ) — (525,639 ) Distributions (71,459 ) (112,481 ) (263,680 ) 376,161 (71,459 ) Redemptions of common stock (43,764 ) — — — (43,764 ) Net cash used in financing activities (115,223 ) (486,630 ) (265,319 ) 376,161 (491,011 ) Net increase (decrease) in cash and cash equivalents (504 ) 1,527 1,371 — 2,394 Cash and cash equivalents, beginning of period 692 5,079 3,796 — 9,567 Cash and cash equivalents, end of period $ 188 $ 6,606 $ 5,167 $ — $ 11,961 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsColumbia 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 did not note any subsequent events. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 |
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 |
Interest Rate Swap Agreements | Interest Rate Swap Agreements |
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 and Columbia KCP 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 842, Leases ("ASC 842"), effective January 1, 2019, rental income and tenant reimbursements have been combined into the lease revenues line on the consolidated statements of operations for all periods presented. See Recent Accounting Pronouncements |
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 for operating leases 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) | 6 Months Ended |
Jun. 30, 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 Intangible Assets and Liabilities | As of June 30, 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 June 30, 2019 Gross $ 3,175 $ 135,713 $ 91,744 $ 42,350 Accumulated Amortization (1,225 ) (77,009 ) (62,124 ) (24,208 ) Net $ 1,950 $ 58,704 $ 29,620 $ 18,142 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 Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessee As of December 31, 2018, Columbia Property Trust had gross below-market lease assets of approximately $32.6 million , net of accumulated amortization of $2.6 million . These below-market lease assets were reclassified to operating lease assets upon adoption of ASC 842, as described below. See Note 10, Leases , for more information. Amortization of Intangible Assets and Liabilities Arising From In-Place Leases For the three and six months ended June 30, 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 June 30, 2019 $ 82 $ 3,534 $ 2,020 $ 1,401 For the Three Months Ended June 30, 2018 $ 51 $ 4,436 $ 2,538 $ 2,315 For the Six Months Ended June 30, 2019 $ 164 $ 7,190 $ 4,120 $ 2,827 For the Six Months Ended June 30, 2018 $ 102 $ 8,775 $ 4,957 $ 3,904 The net intangible assets and liabilities remaining as of June 30, 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 $ 164 $ 6,883 $ 3,957 $ 2,725 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 $ 1,950 $ 58,704 $ 29,620 $ 18,142 |
Schedule of Interest Rate Swaps | The following tables provide additional information related to Columbia Property Trust's interest rate swaps (in thousands): Estimated Fair Value as of Instrument Type Balance Sheet Classification June 30, December 31, Derivatives designated as hedging instruments: Interest rate contracts Prepaid expenses and other assets $ — $ 2,344 Interest rate contracts Accounts payable $ 1,691 $ — |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position | Three Months Ended Six Months Ended 2019 2018 2019 2018 Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income $ (2,604 ) $ 938 $ (4,035 ) $ 3,452 |
Real Estate Transactions (Table
Real Estate Transactions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Real Estate [Abstract] | |
Schedule of Properties Acquired | 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 During 2018 , Columbia Property Trust acquired the following properties. Columbia Property Trust did not acquire any properties during the six months ended June 30, 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. |
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 Six Months Ended Revenues $ 76,118 $ 150,576 Net income $ (3,416 ) $ (1,895 ) |
Schedule of Properties Sold | During 2018 and the 2019, Columbia Property Trust disposed of the following properties, or partial interests in properties of unconsolidated joint ventures. Additional information for certain of the disposition transactions is provided below the table. Property Location Date % Sold Sales Price (1) (in thousands) Gain on Sale (in thousands) 2019 One & Three Glenlake Parkway Atlanta, GA April 15, 2019 100.0 % $ 227,500 $ 41,918 2018 222 East 41st Street New York, NY May 29, 2018 100.0 % $ 332,500 $ — 263 Shuman Boulevard Chicago, IL April 13, 2018 100.0 % $ 49,000 $ 24,039 University Circle & San Francisco, CA February 1, 2018 22.5 % $ 235,300 $ 762 (1) Exclusive of transaction costs and price adjustments. |
Unconsolidated Joint Ventures (
Unconsolidated Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Financial Information for the Joint Ventures | During the three and six months ended June 30, 2019 and 2018 , Columbia Property Trust earned the following fees from these unconsolidated joint ventures (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Market Square Joint Venture $ 579 $ 552 $ 1,147 $ 1,075 University Circle Joint Venture 571 563 1,145 1,092 333 Market Street Joint Venture 204 196 411 393 1800 M Street Joint Venture 544 507 1,064 1,017 $ 1,898 $ 1,818 $ 3,767 $ 3,577 Summarized balance sheet information for each of the unconsolidated joint ventures is as follows (in thousands): Total Assets Total Debt Total Equity (1) June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Market Square Joint Venture $ 584,505 $ 582,176 $ 324,788 (2) $ 324,762 $ 244,862 $ 241,581 University Circle Joint Venture 222,461 224,746 — — 216,363 219,390 333 Market Street Joint Venture 373,251 375,884 — — 357,188 360,915 114 Fifth Avenue Joint Venture 495,682 377,970 — — 140,487 149,243 1800 M Street Joint Venture 441,847 447,585 — — 425,036 429,016 799 Broadway Joint Venture 178,121 168,390 101,333 (3) 95,630 73,938 67,189 $ 2,295,867 $ 2,176,751 $ 426,121 $ 420,392 $ 1,457,874 $ 1,467,334 (1) Excludes basis differences. There is an aggregate net difference of $280.5 million and $282.0 million as of June 30, 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. (3) Reflects $105.8 million outstanding, net of $4.5 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 June 30, 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 $ 11,892 $ 11,249 $ (3,138 ) $ (2,998 ) $ (1,600 ) $ (1,529 ) University Circle Joint Venture 11,644 10,003 6,366 5,243 3,501 2,885 333 Market Street Joint Venture 7,039 6,675 3,742 3,558 2,058 1,957 114 Fifth Avenue Joint Venture 10,174 10,489 (2,643 ) (2,362 ) (1,308 ) (1,169 ) 1800 M Street Joint Venture 9,342 9,571 1,439 1,436 791 790 799 Broadway Joint Venture — — (138 ) — (68 ) — $ 50,091 $ 47,987 $ 5,628 $ 4,877 $ 3,374 $ 2,934 (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. Summarized income statement information for the unconsolidated joint ventures for the six months ended June 30, 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 $ 23,228 $ 22,264 $ (5,733 ) $ (6,007 ) $ (2,924 ) $ (3,063 ) University Circle Joint Venture 22,916 20,344 12,730 10,748 7,001 6,314 333 Market Street Joint Venture 14,093 13,343 7,456 7,115 4,100 4,184 114 Fifth Avenue Joint Venture 21,093 20,789 (5,149 ) (4,693 ) (2,549 ) (2,323 ) 1800 M Street Joint Venture 18,795 18,467 1,828 1,679 1,005 923 799 Broadway Joint Venture — — (664 ) — (329 ) — $ 100,125 $ 95,207 $ 10,468 $ 8,842 $ 6,304 $ 6,035 (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. As of June 30, 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 June 30, 2019 December 31, 2018 Market Square Joint Venture Market Square Washington, D.C. 51.0 % $ 136,523 $ 134,250 University Circle Joint Venture University Circle San Francisco 55.0 % 288,460 292,951 333 Market Street Joint Venture 333 Market Street San Francisco 55.0 % 271,972 273,783 114 Fifth Avenue Joint Venture 114 Fifth Avenue New York 49.5 % 94,550 99,283 1800 M Street Joint Venture 1800 M Street Washington, D.C. 55.0 % 235,118 237,333 799 Broadway Joint Venture (2) 799 Broadway New York, NY 49.7 % 38,025 33,753 $ 1,064,648 $ 1,071,353 (1) Includes basis differences. (2) Columbia Property Trust capitalized interest of $0.3 million and $0.6 million on its investment in the 799 Broadway Joint Venture during the three and six months ended June 30, 2019 , respectively. |
Line of Credit and Notes Paya_2
Line of Credit and Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit and Notes Payable Indebtedness | As of June 30, 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 June 30, December 31, Revolving Credit Facility $ 347,000 $ 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 (2,391 ) (2,692 ) $ 494,609 $ 629,308 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 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 176 $ 19.36 256 (3) $ 17.66 Vested (165 ) $ 21.99 (121 ) $ 19.08 Unvested awards – end of period (4) 386 $ 20.95 589 $ 18.85 (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 June 30, 2019 , Columbia Property Trust expects approximately 371,000 of the 386,000 unvested restricted stock units to ultimately vest and approximately 567,000 of the 589,000 unvested Performance-Based RSUs to ultimately vest, assuming a weighted-average forfeiture rate of 3.8% , which was determined based on historical forfeiture rates. |
Schedule of Director Stock Grants | During the six months ended June 30, 2019 and 2018 , Columbia Property Trust granted the following equity retainers: Date of Grant Shares Grant-Date Fair Value May 14, 2019 28,000 $ 22.13 May 14, 2018 31,743 $ 22.20 |
Schedule of Stock-based Compensation Expense Incurred | For the three and six months ended June 30, 2019 and 2018 , Columbia Property Trust incurred stock-based compensation expense related to the following events (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Amortization of time-based awards granted under the LTI Plan $ 803 $ 873 $ 1,687 $ 1,909 Amortization of performance-based awards granted under the LTI Plan (1) 680 616 1,335 1,108 Issuance of shares to independent directors 619 705 619 705 Total stock-based compensation expense $ 2,102 $ 2,194 $ 3,641 $ 3,722 (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) | 6 Months Ended |
Jun. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Significant Noncash Investing and Financing Activities | Outlined below are significant noncash investing and financing activities for the six months ended June 30, 2019 and 2018 (in thousands): Six Months Ended 2019 2018 Extinguishment of 263 Shuman Boulevard mortgage note by transferring property to lender $ — $ 49,000 Amortization of net discounts on debt $ 90 $ 90 Accrued transaction costs $ 818 $ — Accrued investments in unconsolidated joint ventures $ 136 $ — Accrued capital expenditures and deferred lease costs $ 6,704 $ 16,771 Operating lease liability recorded at adoption of ASC 842 $ 34,791 $ — Market value adjustments to interest rate swaps that qualify for hedge accounting treatment $ (4,035 ) $ 3,452 Cumulative-effect adjustment to equity for the adoption of ASU 2017-05 and ASU 2014-09 $ — $ 358,098 Amortization of common stock issued to employees and directors $ 3,641 $ 3,722 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments To Be Made | As of June 30, 2019 , the future minimum lease payments to be made by Columbia Property Trust under its operating leases are as follows (in thousands): Remainder of 2019 $ 1,252 2020 2,539 2021 2,704 2022 2,743 2023 2,023 2024 1,962 Thereafter 174,820 Total lease payments 188,043 Less: interest expense (153,359 ) Present value of lease liabilities $ 34,684 Weighted-average remaining lease term (years) 75.8 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 June 30, 2019 (in thousands): Ground Leases Office Lease Total Operating Leases Assets: Total operating lease assets $ 61,699 $ 1,864 $ 63,563 Liabilities: Total operating lease liabilities $ 32,202 $ 2,482 $ 34,684 |
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 and six months ended June 30, 2019 (in thousands): Three Months Ended Six Months Ended Ground Leases Office Lease Total Operating Leases Ground Leases Office Lease Total Operating Leases Property operating costs $ 692 $ — $ 692 $ 1,384 $ — $ 1,384 General and administrative – corporate — 145 145 — 290 290 Total operating lease expenses $ 692 $ 145 $ 837 $ 1,384 $ 290 $ 1,674 Columbia Property Trust's operating leases had the following impacts on the consolidated statements of cash flows for the six months ended June 30, 2019 (in thousands): Ground Leases Office Lease Total Operating Leases Cash paid for operating lease liabilities included in cash flows from operations $ (903 ) $ (348 ) $ (1,251 ) |
Summary of Fixed and Variable Revenues | Fixed and variable payments for the three and six months ended June 30, 2019 are as follows (in thousands): Three Months Ended Six Months Ended Fixed payments $ 63,534 $ 129,051 Variable payments 6,067 12,412 Total lease revenues $ 69,601 $ 141,463 |
Schedule of Future Minimum Lease Payments To Be Received | As of June 30, 2019 , the future minimum lease payments due to Columbia Property Trust under non-cancelable operating leases are as follows (thousands): Remainder of 2019 $ 115,858 2020 243,403 2021 212,110 2022 195,677 2023 178,941 2024 169,133 Thereafter 815,346 Total $ 1,930,468 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Net income (loss) $ 47,747 $ (3,439 ) $ 51,260 $ (1,941 ) Distributions paid on unvested shares (77 ) (73 ) (155 ) (146 ) Net income (loss) used to calculate basic and diluted earnings per share $ 47,670 $ (3,512 ) $ 51,105 $ (2,087 ) The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of operations for the three and six months ended June 30, 2019 and 2018 , respectively (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Weighted-average common shares – basic 116,509 118,035 116,486 118,556 Plus incremental weighted-average shares from time-vested conversions, less assumed stock repurchases: Previously granted awards, unvested 100 72 93 70 Future period LTI Plan awards 214 355 197 334 Weighted-average common shares – diluted 116,823 118,462 116,776 118,960 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 New York (1) $ 38,974 $ 40,349 $ 77,670 $ 81,258 San Francisco (2) 28,021 26,088 55,784 49,608 Washington, D.C. (3) 14,462 14,411 28,592 28,383 Atlanta 7,744 10,283 18,967 20,141 Boston 3,555 3,158 7,229 6,528 Los Angeles 1,927 1,910 3,861 3,830 All other office markets 3,919 3,905 7,822 7,841 Total office segments 98,602 100,104 199,925 197,589 Corporate 825 894 1,611 1,575 Total operating revenues $ 99,427 $ 100,998 $ 201,536 $ 199,164 (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 June 30, 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Total revenues $ 72,730 $ 75,370 $ 148,163 $ 149,080 Operating revenues included in income from unconsolidated joint ventures (1) 28,595 27,446 57,140 53,661 Less: management fee income (2) (1,898 ) (1,818 ) (3,767 ) (3,577 ) Total operating revenues $ 99,427 $ 100,998 $ 201,536 $ 199,164 (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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 New York (1) $ 23,680 $ 24,369 $ 46,486 $ 48,548 San Francisco (2) 20,407 19,396 40,904 38,950 Washington, D.C. (3) 8,586 8,802 17,039 17,132 Atlanta 6,144 9,084 14,295 17,838 Boston 1,875 1,545 3,864 3,313 Los Angeles 1,163 1,154 2,282 2,362 All other office markets 3,852 3,869 7,688 7,160 Total office segments 65,707 68,219 132,558 135,303 Corporate (235 ) (170 ) (440 ) (395 ) Total NOI $ 65,472 $ 68,049 $ 132,118 $ 134,908 (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 June 30, 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 June 30, 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income (loss) $ 47,747 $ (3,439 ) $ 51,260 $ (1,941 ) Management fee income (1,898 ) (1,818 ) (3,767 ) (3,577 ) Depreciation 19,335 20,681 39,739 41,516 Amortization 7,106 8,623 14,567 16,639 General and administrative – corporate 8,180 8,282 16,604 16,076 General and administrative – unconsolidated joint ventures 838 736 1,647 1,467 Net interest expense 10,897 14,300 22,991 30,192 Interest income from development authority bonds — (1,800 ) — (3,600 ) Gain on sale of unconsolidated joint venture interests — — — (762 ) Gain on extinguishment of debt — (23,713 ) — (23,713 ) Income tax expense 9 6 16 13 Adjustments included in income from unconsolidated joint ventures 15,176 15,379 30,979 31,786 Gain on sale of real estate assets (41,918 ) — (41,918 ) — Impairment loss — 30,812 — 30,812 NOI $ 65,472 $ 68,049 $ 132,118 $ 134,908 |
Financial Information for Par_2
Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets (in thousands): As of June 30, 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 — 1,526 1,783,468 — 1,784,994 Intangible lease assets, net — — 60,654 — 60,654 Construction in progress — — 39,893 — 39,893 Total real estate assets — 1,526 2,688,001 — 2,689,527 Operating lease assets 1,864 — 61,699 — 63,563 Investments in unconsolidated joint ventures — 1,064,648 — — 1,064,648 Cash and cash equivalents 287 7,551 4,143 — 11,981 Investment in subsidiaries 2,602,248 1,116,706 — (3,718,954 ) — Tenant receivables — — 2,904 — 2,904 Straight-line rent receivable — — 87,190 — 87,190 Prepaid expenses and other assets 140,814 352,010 13,623 (469,027 ) 37,420 Intangible lease origination costs, net — — 29,620 — 29,620 Deferred lease costs, net — — 57,942 — 57,942 Total assets $ 2,745,213 $ 2,542,441 $ 2,945,122 $ (4,187,981 ) $ 4,044,795 Liabilities: Line of credit and notes payable, net $ — $ 494,609 $ 467,344 $ (467,344 ) $ 494,609 Bonds payable, net — 694,930 — — 694,930 Operating lease liabilities 2,482 — 32,202 — 34,684 Accounts payable, accrued expenses, and accrued capital expenditures — 12,296 31,107 — 43,403 Due to affiliates — — 1,683 (1,683 ) — Deferred income — — 16,296 — 16,296 Intangible lease liabilities, net — — 18,142 — 18,142 Total liabilities 2,482 1,201,835 566,774 (469,027 ) 1,302,064 Equity: Total equity 2,742,731 1,340,606 2,378,348 (3,718,954 ) 2,742,731 Total liabilities and equity $ 2,745,213 $ 2,542,441 $ 2,945,122 $ (4,187,981 ) $ 4,044,795 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 June 30, 2019 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Lease revenues $ — $ — $ 69,601 $ — $ 69,601 Management fee income 926 — 972 — 1,898 Other property income — — 1,231 — 1,231 926 — 71,804 — 72,730 Expenses: Property operating costs — — 22,586 — 22,586 Management fee expenses — — 164 — 164 Depreciation — 162 19,173 — 19,335 Amortization — — 7,106 — 7,106 General and administrative – corporate 200 2,352 5,628 — 8,180 General and administrative – unconsolidated joint ventures — 17 821 — 838 200 2,531 55,478 — 58,209 Other income (expense): Interest expense — (10,897 ) (5,053 ) 5,053 (10,897 ) Interest and other income 1,575 3,478 — (5,053 ) — Income tax expense — — (9 ) — (9 ) Income (loss) from unconsolidated entities 45,446 57,611 (3 ) (100,840 ) 2,214 Gain on sale of real estate assets — — 41,918 — 41,918 47,021 50,192 36,853 (100,840 ) 33,226 Net income $ 47,747 $ 47,661 $ 53,179 $ (100,840 ) $ 47,747 Condensed Consolidating Statements of Operations (in thousands): For the Three Months Ended June 30, 2018 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Lease revenues $ — $ — $ 71,409 $ — $ 71,409 Management fee income 930 — 888 — 1,818 Other property income — — 2,143 — 2,143 930 — 74,440 — 75,370 Expenses: Property operating costs — — 22,450 — 22,450 Management fee expenses — — 205 — 205 Depreciation — 166 20,515 — 20,681 Amortization — — 8,623 — 8,623 Impairment loss on real estate — — 30,812 — 30,812 General and administrative – corporate 193 2,512 5,577 — 8,282 General and administrative – unconsolidated joint ventures — — 736 — 736 193 2,678 88,918 — 91,789 Other income (expense): Interest expense — (11,983 ) (8,651 ) 6,320 (14,314 ) Gain (loss) on extinguishment of debt — (326 ) 24,039 — 23,713 Interest and other income 2,842 3,478 1,814 (6,320 ) 1,814 Income tax expense — — (6 ) — (6 ) Income (loss) from unconsolidated entities (7,018 ) 5,823 (2 ) 2,970 1,773 (4,176 ) (3,008 ) 17,194 2,970 12,980 Net income (loss) $ (3,439 ) $ (5,686 ) $ 2,716 $ 2,970 $ (3,439 ) Condensed Consolidating Statements of Operations (in thousands): For the Six Months Ended June 30, 2019 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Lease revenues $ — $ — $ 141,463 $ — $ 141,463 Management fee income 1,838 — 1,929 — 3,767 Other property income — — 2,933 — 2,933 1,838 — 146,325 — 148,163 Expenses: Property operating costs — — 46,823 — 46,823 Management fee expenses — — 419 — 419 Depreciation — 333 39,406 — 39,739 Amortization — — 14,567 — 14,567 General and administrative – corporate 399 4,570 11,635 — 16,604 General and administrative – unconsolidated joint ventures — 17 1,630 — 1,647 399 4,920 114,480 — 119,799 Other income (expense): Interest expense — (22,992 ) (10,106 ) 10,106 (22,992 ) Interest and other income 3,150 6,956 1 (10,106 ) 1 Income tax expense — — (16 ) — (16 ) Income (loss) from unconsolidated entities 46,671 72,542 (3 ) (115,225 ) 3,985 Gain on sale of real estate assets — — 41,918 — 41,918 49,821 56,506 31,794 (115,225 ) 22,896 Net income $ 51,260 $ 51,586 $ 63,639 $ (115,225 ) $ 51,260 Condensed Consolidating Statements of Operations (in thousands): For the Six Months Ended June 30, 2018 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Revenues: Lease revenues $ — $ — $ 141,769 $ — $ 141,769 Management fee income 1,834 — 1,743 — 3,577 Other property income — — 3,734 — 3,734 1,834 — 147,246 — 149,080 Expenses: Property operating costs — — 45,512 — 45,512 Management fee expenses — — 413 — 413 Depreciation — 332 41,184 — 41,516 Amortization — — 16,639 — 16,639 Impairment loss on real estate — — 30,812 — 30,812 General and administrative – corporate 389 4,820 10,867 — 16,076 General and administrative – unconsolidated joint ventures — — 1,467 — 1,467 389 5,152 146,894 — 152,435 Other income (expense): Interest expense — (24,417 ) (19,145 ) 13,353 (30,209 ) Gain (loss) on extinguishment of debt — (326 ) 24,039 — 23,713 Interest and other income 6,397 6,956 3,617 (13,353 ) 3,617 Gain on sale of unconsolidated joint venture interests — 762 — — 762 Income tax expense — — (13 ) — (13 ) Income (loss) from unconsolidated entities (9,783 ) 12,838 — 489 3,544 (3,386 ) (4,187 ) 8,498 489 1,414 Net income (loss) $ (1,941 ) $ (9,339 ) $ 8,850 $ 489 $ (1,941 ) |
Consolidating Statements of Comprehensive Income | Consolidating Statements of Comprehensive Income (in thousands): For the Three Months Ended June 30, 2019 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 47,747 $ 47,661 $ 53,179 $ (100,840 ) $ 47,747 Market value adjustments to interest rate swap (2,604 ) (2,604 ) — 2,604 (2,604 ) Comprehensive income $ 45,143 $ 45,057 $ 53,179 $ (98,236 ) $ 45,143 For the Three Months Ended June 30, 2018 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income (loss) $ (3,439 ) $ (5,686 ) $ 2,716 $ 2,970 $ (3,439 ) Market value adjustments to interest rate swap 938 938 — (938 ) 938 Comprehensive income (loss) $ (2,501 ) $ (4,748 ) $ 2,716 $ 2,032 $ (2,501 ) For the Six Months Ended June 30, 2019 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income $ 51,260 $ 51,586 $ 63,639 $ (115,225 ) $ 51,260 Market value adjustments to interest rate swap (4,035 ) (4,035 ) — 4,035 (4,035 ) Comprehensive income $ 47,225 $ 47,551 $ 63,639 $ (111,190 ) $ 47,225 For the Six Months Ended June 30, 2018 Columbia Property Trust (Guarantor) Columbia Property Trust OP Non- Guarantors Consolidating Adjustments Columbia Property Trust Net income (loss) $ (1,941 ) $ (9,339 ) $ 8,850 $ 489 $ (1,941 ) Market value adjustments to interest rate swap 3,452 3,452 — (3,452 ) 3,452 Comprehensive income (loss) $ 1,511 $ (5,887 ) $ 8,850 $ (2,963 ) $ 1,511 |
Consolidating Statements of Cash Flows | Consolidating Statements of Cash Flows (in thousands): For the Six Months Ended June 30, 2019 Columbia Property Trust (Guarantor) Columbia Property Trust OP (the Issuer) Non- Guarantors Consolidating Adjustments Columbia Property Trust Cash flows from operating activities $ 52,967 $ 51,491 $ 74,283 $ (115,225 ) $ 63,516 Cash flows from investing activities: Net proceeds from the sale of real estate assets — — 193,912 — 193,912 Investment in real estate and related assets (14,216 ) — (37,985 ) — (52,201 ) Investments in unconsolidated joint ventures — (9,067 ) — — (9,067 ) Distributions from unconsolidated joint ventures — 6,364 — — 6,364 Distributions from subsidiaries 32,330 159,236 — (191,566 ) — Net cash provided by investing activities 18,114 156,533 155,927 (191,566 ) 139,008 Cash flows from financing activities: Borrowings, net of fees — 113,838 — — 113,838 Repayments — (249,000 ) — — (249,000 ) Distributions (70,098 ) (75,884 ) (230,907 ) 306,791 (70,098 ) Redemptions of common stock (2,401 ) — — — (2,401 ) Net cash used in financing activities (72,499 ) (211,046 ) (230,907 ) 306,791 (207,661 ) Net decrease in cash and cash equivalents (1,418 ) (3,022 ) (697 ) — (5,137 ) Cash and cash equivalents, beginning of period 1,705 10,573 4,840 — 17,118 Cash and cash equivalents, end of period $ 287 $ 7,551 $ 4,143 $ — $ 11,981 Condensed Consolidating Statements of Cash Flows (in thousands): For the Six Months Ended June 30, 2018 Columbia Property Trust (Guarantor) Columbia Property Trust OP (the Issuer) Non- Guarantors Consolidating Adjustments Columbia Property Trust Cash flows from operating activities $ 1,445 $ (3,037 ) $ 29,625 $ (8,850 ) $ 19,183 Cash flows from investing activities: Net proceeds from the sale of real estate assets — — 284,608 — 284,608 Net proceeds from sale of investments in unconsolidated joint ventures — 235,083 — — 235,083 Investment in real estate and related assets — (51 ) (47,543 ) — (47,594 ) Investments in unconsolidated joint ventures — (2,460 ) — — (2,460 ) Distributions from unconsolidated joint ventures — 4,585 — — 4,585 Distributions from subsidiaries 113,274 254,037 — (367,311 ) — Net cash provided by investing activities 113,274 491,194 237,065 (367,311 ) 474,222 Cash flows from financing activities: Borrowings, net of fees — 149,851 — — 149,851 Repayments — (524,000 ) (1,639 ) — (525,639 ) Distributions (71,459 ) (112,481 ) (263,680 ) 376,161 (71,459 ) Redemptions of common stock (43,764 ) — — — (43,764 ) Net cash used in financing activities (115,223 ) (486,630 ) (265,319 ) 376,161 (491,011 ) Net increase (decrease) in cash and cash equivalents (504 ) 1,527 1,371 — 2,394 Cash and cash equivalents, beginning of period 692 5,079 3,796 — 9,567 Cash and cash equivalents, end of period $ 188 $ 6,606 $ 5,167 $ — $ 11,961 |
Organization (Details)
Organization (Details) ft² in Millions | Jun. 30, 2019ft²property |
Real Estate Properties [Line Items] | |
Square feet of real estate | ft² | 8.2 |
Percent of leased office space of owned properties | 97.60% |
Office Building | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 17 |
Number of properties under development | 2 |
Wholly Owned Properties | Office Building | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 13 |
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 | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | May 25, 2018 | |
Property, Plant and Equipment [Line Items] | ||||||
Capitalized interest costs | $ 1,000,000 | $ 1,000,000 | $ 1,900,000 | $ 1,900,000 | ||
Impairment loss on real estate assets | 0 | 30,812,000 | 0 | 30,812,000 | ||
Intangible lease assets, accumulated amortization | 78,234,000 | 78,234,000 | $ 84,881,000 | |||
Hedge ineffectiveness recognized in earnings | $ 0 | 0 | $ 0 | 0 | ||
Requirement to distribute taxable income (at least) | 90.00% | 90.00% | ||||
Limit on investments in taxable real estate investment trusts (percent) | 20.00% | 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 | $ 300,000 | $ 600,000 | $ 0 | |||
222 East 41st Street | Disposed of by Sale | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Impairment loss on real estate assets | $ 30,800,000 | |||||
Level 1 | 222 East 41st Street | Disposed of by Sale | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Fair value of real estate investment | $ 284,600,000 | |||||
Below-Market Lease Assets | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Intangible lease assets, gross | 32,600,000 | |||||
Intangible lease assets, accumulated amortization | $ 2,600,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Schedule of Intangible Assets & Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ||
Intangible Lease Assets, Accumulated Amortization | $ (78,234) | $ (84,881) |
Intangible lease assets, net | 60,654 | 98,540 |
Intangible Lease Origination Costs, Accumulated Amortization | (62,124) | (65,348) |
Intangible Lease Origination Costs, Net | 29,620 | 34,092 |
Below Market Lease, Gross | 42,350 | 42,847 |
Below Market Lease, Accumulated Amortization | (24,208) | (21,766) |
Below Market Lease, Net | 18,142 | 21,081 |
Above-Market In-Place Lease Assets | ||
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ||
Intangible Lease Assets, Gross | 3,175 | 3,174 |
Intangible Lease Assets, Accumulated Amortization | (1,225) | (1,060) |
Intangible lease assets, net | 1,950 | 2,114 |
Absorption Period Costs | ||
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ||
Intangible Lease Assets, Gross | 135,713 | 147,668 |
Intangible Lease Assets, Accumulated Amortization | (77,009) | (81,220) |
Intangible lease assets, net | 58,704 | 66,448 |
Intangible Lease Origination Costs | ||
Gross Intangible In-Place Lease Assets and Liabilities [Abstract] | ||
Intangible Lease Origination Costs, Gross | 91,744 | 99,440 |
Intangible Lease Origination Costs, Accumulated Amortization | (62,124) | (65,348) |
Intangible Lease Origination Costs, Net | $ 29,620 | $ 34,092 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Schedule of Recognized Amortization) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Lease Assets | $ 7,106 | $ 8,623 | $ 14,567 | $ 16,639 |
Intangible Below-Market In-Place Lease Liabilities | 1,401 | 2,315 | 2,827 | 3,904 |
Above-Market In-Place Lease Assets | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Lease Assets | 82 | 51 | 164 | 102 |
Absorption Period Costs | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Lease Assets | 3,534 | 4,436 | 7,190 | 8,775 |
Intangible Lease Origination Costs | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Lease Assets | $ 2,020 | $ 2,538 | $ 4,120 | $ 4,957 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Schedule of Future Amortization by Intangible Asset Class) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
For the Years Ending December 31: | ||
Intangible lease assets, net | $ 60,654 | $ 98,540 |
Intangible Lease Origination Costs, Net | 29,620 | 34,092 |
Intangible Below-Market In-Place Lease Liabilities | ||
For the remainder of 2019 | 2,725 | |
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 | 18,142 | 21,081 |
Above-Market In-Place Lease Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
For the remainder of 2019 | 164 | |
For the Years Ending December 31: | ||
2020 | 275 | |
2021 | 247 | |
2022 | 243 | |
2023 | 243 | |
2024 | 230 | |
Thereafter | 548 | |
Intangible lease assets, net | 1,950 | 2,114 |
Absorption Period Costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
For the remainder of 2019 | 6,883 | |
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 | 58,704 | 66,448 |
Intangible Lease Origination Costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
For the remainder of 2019 | 3,957 | |
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 | $ 29,620 | $ 34,092 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Interest Rate Swaps) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 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 | $ (2,604) | $ 938 | $ (4,035) | $ 3,452 | |
Interest rate contracts | Prepaid expenses and other assets | |||||
Derivative, Fair Value, Net [Abstract] | |||||
Derivative designated as hedging instruments | 0 | 0 | $ 2,344 | ||
Interest rate contracts | Accounts payable | |||||
Derivative, Fair Value, Net [Abstract] | |||||
Derivative designated as hedging instruments | $ 1,691 | $ 1,691 | $ 0 |
Real Estate Transactions (Sched
Real Estate Transactions (Schedule of Properties Acquired) (Details) - USD ($) $ in Thousands | Oct. 24, 2018 | Oct. 03, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Business Acquisition [Line Items] | ||||
Purchase Price | $ 9,067 | $ 2,460 | ||
Lindbergh Center | ||||
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 | Jun. 30, 2019USD ($)ft² | Jun. 30, 2018USD ($) |
Business Acquisition [Line Items] | ||||
Square feet of real estate | ft² | 8,200 | |||
Payments to acquire interest in joint venture | $ 9,067,000 | $ 2,460,000 | ||
Lindbergh Center | ||||
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 | ||||
Business Acquisition [Line Items] | ||||
Square feet of real estate | ft² | 147 | |||
Customer Concentration Risk | Lindbergh Center | ||||
Business Acquisition [Line Items] | ||||
Concentration risk, percentage | 91.00% | |||
Pike Nurseries | Customer Concentration Risk | Lindbergh Center | ||||
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 | $ 105,800,000 | ||
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) - Lindbergh Center $ in Thousands | Oct. 24, 2018USD ($) |
Business Acquisition [Line Items] | |
Building and improvements | $ 17,558 |
Intangible below market lease liability | (715) |
Total purchase price | 23,363 |
Intangible lease assets | |
Business Acquisition [Line Items] | |
Intangible lease | 5,726 |
Intangible lease origination costs | |
Business Acquisition [Line Items] | |
Intangible lease | $ 794 |
Real Estate Transactions (Pro F
Real Estate Transactions (Pro Forma) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Real Estate [Abstract] | ||
Revenues | $ 76,118 | $ 150,576 |
Net income | $ (3,416) | $ (1,895) |
Real Estate Transactions (Prope
Real Estate Transactions (Properties Sold) (Details) - Disposed of by Sale - USD ($) $ in Thousands | Apr. 15, 2019 | May 29, 2018 | Apr. 13, 2018 | Feb. 01, 2018 | Jul. 06, 2017 |
One & Three Glenlake | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
% Sold | 100.00% | ||||
Sales Price | $ 227,500 | ||||
Gain on Sale | $ 41,918 | ||||
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 | $ 24,039 | ||||
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 | $ 762 |
Real Estate Transactions (Dispo
Real Estate Transactions (Dispositions) (Details) - USD ($) $ in Thousands | Apr. 15, 2019 | May 29, 2018 | Apr. 13, 2018 | Feb. 01, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 31, 2018 | Jul. 06, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Impairment loss on real estate assets | $ 0 | $ 30,812 | $ 0 | $ 30,812 | ||||||
Gain on extinguishment of debt | 0 | 23,713 | 0 | 23,713 | ||||||
Net proceeds from sale of investments in unconsolidated joint ventures | 0 | 235,083 | ||||||||
Gain on sale of unconsolidated joint venture interests | $ 0 | 0 | $ 0 | $ 762 | ||||||
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 | |||||||||
Adjustments for tenant improvements and rent abatements | $ 33,600 | |||||||||
Interests sold | 100.00% | |||||||||
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% | 55.00% | 77.50% |
Unconsolidated Joint Ventures_2
Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Oct. 03, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||
Interest capitalized | $ 2,500 | |||
Corporate Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Carrying Value of Investment | $ 1,064,648 | $ 1,064,648 | $ 1,071,353 | |
Corporate Joint Venture | Market Square Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Interest | 51.00% | 51.00% | ||
Carrying Value of Investment | $ 136,523 | $ 136,523 | 134,250 | |
Corporate Joint Venture | University Circle Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Interest | 55.00% | 55.00% | ||
Carrying Value of Investment | $ 288,460 | $ 288,460 | 292,951 | |
Corporate Joint Venture | 333 Market Street Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Interest | 55.00% | 55.00% | ||
Carrying Value of Investment | $ 271,972 | $ 271,972 | 273,783 | |
Corporate Joint Venture | 114 Fifth Avenue Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Interest | 49.50% | 49.50% | ||
Carrying Value of Investment | $ 94,550 | $ 94,550 | 99,283 | |
Corporate Joint Venture | 1800 M Street Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Interest | 55.00% | 55.00% | ||
Carrying Value of Investment | $ 235,118 | $ 235,118 | 237,333 | |
Corporate Joint Venture | 799 Broadway Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Interest | 49.70% | 49.70% | 49.70% | |
Carrying Value of Investment | $ 38,025 | $ 38,025 | $ 33,753 | |
Interest capitalized | $ 300 | $ 600 |
Unconsolidated Joint Ventures_3
Unconsolidated Joint Ventures (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)joint_venture | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)joint_venture | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Related Party Transaction [Line Items] | |||||
Number of joint ventures that qualify as variable interest entities | joint_venture | 0 | 0 | |||
Cash paid for lease | $ 1,251 | ||||
Property operating costs | |||||
Related Party Transaction [Line Items] | |||||
Reimbursements of property operating costs | $ 1,898 | $ 1,818 | 3,767 | $ 3,577 | |
Property operating costs | Other property income | Corporate Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
Reimbursements of property operating costs | 1,100 | $ 1,100 | 2,200 | $ 2,100 | |
Prepaid expenses and other assets | Corporate Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
Property management fee receivable | $ 600 | 600 | $ 700 | ||
Market Square Joint Venture | Corporate Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
Cash paid for lease | 74 | ||||
799 Broadway Joint Venture | Corporate Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
Cash received for lease | $ 60 |
Unconsolidated Joint Ventures_4
Unconsolidated Joint Ventures (Condensed Balance Sheet Information for Joint Ventures) (Details) | Oct. 03, 2018USD ($)extension | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Schedule of Equity Method Investments [Line Items] | |||
Deferred financing costs, net | $ 2,391,000 | $ 2,692,000 | |
Corporate Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 2,295,867,000 | 2,176,751,000 | |
Total Debt | 426,121,000 | 420,392,000 | |
Total Equity | 1,457,874,000 | 1,467,334,000 | |
Corporate Joint Venture | Market Square Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 584,505,000 | 582,176,000 | |
Total Debt | 324,788,000 | 324,762,000 | |
Total Equity | 244,862,000 | 241,581,000 | |
Corporate Joint Venture | University Circle Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 222,461,000 | 224,746,000 | |
Total Debt | 0 | 0 | |
Total Equity | 216,363,000 | 219,390,000 | |
Corporate Joint Venture | 333 Market Street Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 373,251,000 | 375,884,000 | |
Total Debt | 0 | 0 | |
Total Equity | 357,188,000 | 360,915,000 | |
Corporate Joint Venture | 114 Fifth Avenue Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 495,682,000 | 377,970,000 | |
Total Debt | 0 | 0 | |
Total Equity | 140,487,000 | 149,243,000 | |
Corporate Joint Venture | 1800 M Street Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 441,847,000 | 447,585,000 | |
Total Debt | 0 | 0 | |
Total Equity | 425,036,000 | 429,016,000 | |
Corporate Joint Venture | 799 Broadway Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 178,121,000 | 168,390,000 | |
Total Debt | 101,333,000 | 95,630,000 | |
Total Equity | 73,938,000 | 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 | 280,500,000 | $ 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 | $ 105,800,000 | |
Deferred financing costs, net | $ 4,500,000 | ||
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 | 4.25% |
Unconsolidated Joint Ventures_5
Unconsolidated Joint Ventures (Condensed Income Statement Information for the Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||
Columbia Property Trust's Share of Net Income (Loss) | $ 2,214 | $ 1,773 | $ 3,985 | $ 3,544 |
Corporate Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Revenues | 50,091 | 47,987 | 100,125 | 95,207 |
Net Income (Loss) | 5,628 | 4,877 | 10,468 | 8,842 |
Columbia Property Trust's Share of Net Income (Loss) | 3,374 | 2,934 | 6,304 | 6,035 |
Corporate Joint Venture | Market Square Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Revenues | 11,892 | 11,249 | 23,228 | 22,264 |
Net Income (Loss) | (3,138) | (2,998) | (5,733) | (6,007) |
Columbia Property Trust's Share of Net Income (Loss) | (1,600) | (1,529) | (2,924) | (3,063) |
Corporate Joint Venture | University Circle Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Revenues | 11,644 | 10,003 | 22,916 | 20,344 |
Net Income (Loss) | 6,366 | 5,243 | 12,730 | 10,748 |
Columbia Property Trust's Share of Net Income (Loss) | 3,501 | 2,885 | 7,001 | 6,314 |
Corporate Joint Venture | 333 Market Street Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Revenues | 7,039 | 6,675 | 14,093 | 13,343 |
Net Income (Loss) | 3,742 | 3,558 | 7,456 | 7,115 |
Columbia Property Trust's Share of Net Income (Loss) | 2,058 | 1,957 | 4,100 | 4,184 |
Corporate Joint Venture | 114 Fifth Avenue Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Revenues | 10,174 | 10,489 | 21,093 | 20,789 |
Net Income (Loss) | (2,643) | (2,362) | (5,149) | (4,693) |
Columbia Property Trust's Share of Net Income (Loss) | (1,308) | (1,169) | (2,549) | (2,323) |
Corporate Joint Venture | 1800 M Street Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Revenues | 9,342 | 9,571 | 18,795 | 18,467 |
Net Income (Loss) | 1,439 | 1,436 | 1,828 | 1,679 |
Columbia Property Trust's Share of Net Income (Loss) | 791 | 790 | 1,005 | 923 |
Corporate Joint Venture | 799 Broadway Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Revenues | 0 | 0 | 0 | 0 |
Net Income (Loss) | (138) | 0 | (664) | 0 |
Columbia Property Trust's Share of Net Income (Loss) | $ (68) | $ 0 | $ (329) | $ 0 |
Unconsolidated Joint Ventures_6
Unconsolidated Joint Ventures (Management Fees) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||
Management fee income | $ 1,900 | $ 1,800 | $ 3,800 | $ 3,600 |
Corporate Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Management fee income | 1,898 | 1,818 | 3,767 | 3,577 |
Market Square Joint Venture | Corporate Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Management fee income | 579 | 552 | 1,147 | 1,075 |
University Circle Joint Venture | Corporate Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Management fee income | 571 | 563 | 1,145 | 1,092 |
333 Market Street Joint Venture | Corporate Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Management fee income | 204 | 196 | 411 | 393 |
1800 M Street Joint Venture | Corporate Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Management fee income | $ 544 | $ 507 | $ 1,064 | $ 1,017 |
Line of Credit and Notes Paya_3
Line of Credit and Notes Payable (Schedule of Long-Term Debt (excluding Bonds Payable)) (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Lines of credit and notes payable, net | $ 494,609,000 | $ 629,308,000 |
Less: Deferred financing costs related to term loans and notes payable, net of accumulated amortization | (2,391,000) | (2,692,000) |
Credit Facilities | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Lines of credit and notes payable, net | 347,000,000 | 482,000,000 |
Term Loans | ||
Debt Instrument [Line Items] | ||
Less: Deferred financing costs related to term loans and notes payable, net of accumulated amortization | (2,391,000) | (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 ($)extension | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Jul. 30, 2015USD ($) |
Debt Instrument [Line Items] | |||||||
Interest capitalized | $ 2,500,000 | ||||||
Capitalized interest costs | $ 1,000,000 | $ 1,000,000 | $ 1,900,000 | $ 1,900,000 | |||
Weighted average interest rate | 3.60% | 3.60% | |||||
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 | $ 150,000,000 | ||||
Loans Payable | |||||||
Debt Instrument [Line Items] | |||||||
Estimated fair value of line of credit and notes payable | 497,100,000 | 497,100,000 | 632,100,000 | ||||
Carrying value of the line of credit and notes payable | 497,000,000 | 497,000,000 | $ 632,000,000 | ||||
Interest payments | 10,300,000 | 12,000,000 | |||||
Interest capitalized | 1,900,000 | ||||||
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 | $ 600,000 | $ 0 |
Bonds Payable (Details)
Bonds Payable (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019USD ($)bond_series | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($)bond_series | |
Debt Instrument [Line Items] | |||
Number of series of bonds | bond_series | 2 | 2 | |
Bonds payable, net | $ 694,930,000 | $ 694,538,000 | |
Bonds Payable | 2026 and 2025 Bonds Payable | |||
Debt Instrument [Line Items] | |||
Interest payments | 13,700,000 | $ 13,700,000 | |
Bonds Payable | 2026 and 2025 Bonds Payable | Level 2 | |||
Debt Instrument [Line Items] | |||
Estimated fair value of debt instrument | 715,500,000 | 685,000,000 | |
Bonds payable, net | 698,800,000 | 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 | Jun. 30, 2019 |
799 Broadway Joint Venture | Corporate Joint Venture | ||
Loss Contingencies [Line Items] | ||
Construction loan guaranty | $ 21,600,000 | |
Capital calls unpaid | 0 | |
Guaranty liability | 0 | |
799 Broadway Joint Venture | Corporate Joint Venture | ||
Loss Contingencies [Line Items] | ||
Amount borrowed under construction loan | $ 97,000,000 | 105,800,000 |
Columbia Property Trust and joint venturer | 799 Broadway Joint Venture | Corporate Joint Venture | ||
Loss Contingencies [Line Items] | ||
Construction loan guaranty | 43,500,000 | |
149 Madison Avenue | ||
Loss Contingencies [Line Items] | ||
Unrecorded tenant commitments | $ 28,100,000 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | Jan. 01, 2019 | Jun. 30, 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 | $ 12,300,000 | $ 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 shares in Thousands | 6 Months Ended | 24 Months Ended |
Jun. 30, 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 | |
Granted (shares) | 176 | |
Vested (shares) | (165) | |
Unvested awards - end of period (shares) | 386 | 375 |
Weighted-Average, Grant-Date Fair Value Rollforward | ||
Unvested awards - beginning of period (dollars per share) | $ 22.15 | |
Granted (dollars per share) | 19.36 | |
Vested (dollars per share) | 21.99 | |
Unvested awards - end of period (dollars per share) | $ 20.95 | $ 22.15 |
Shares granted | 176 | |
Shares expected to ultimately vest | 371 | |
RSUs | ||
Shares Rollforward | ||
Unvested awards - beginning of period (shares) | 454 | |
Granted (shares) | 256 | 35 |
Vested (shares) | (121) | |
Unvested awards - end of period (shares) | 589 | 454 |
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 | |
Unvested awards - end of period (dollars per share) | $ 18.85 | $ 19.37 |
Shares granted | 256 | 35 |
Shares expected to ultimately vest | 567 |
Stockholders' Equity (Director
Stockholders' Equity (Director Stock Grants) (Details) - Director - $ / shares | May 14, 2019 | May 14, 2018 |
May 14, 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | 28,000 | |
Grant-Date Fair Value (dollars per share) | $ 22.13 | |
May 14, 2018 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | 31,743 | |
Grant-Date Fair Value (dollars per share) | $ 22.20 |
Stockholders' Equity (Stock-bas
Stockholders' Equity (Stock-based Compensation Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 2,102 | $ 2,194 | $ 3,641 | $ 3,722 |
Future employee awards | 680 | 616 | 1,335 | 1,108 |
Employees | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 803 | 873 | 1,687 | 1,909 |
Director | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 619 | $ 705 | $ 619 | $ 705 |
Supplemental Disclosures of N_3
Supplemental Disclosures of Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Extinguishment of 263 Shuman Boulevard mortgage note by transferring property to lender | $ 0 | $ 49,000 | ||
Amortization of net discounts on debt | 90 | 90 | ||
Accrued transaction costs | 818 | 0 | ||
Accrued investments in unconsolidated joint ventures | 136 | 0 | ||
Accrued capital expenditures and deferred lease costs | 6,704 | 16,771 | ||
Operating lease liability recorded at adoption of ASC 842 | 34,791 | 0 | ||
Market value adjustments to interest rate swap | $ (2,604) | $ 938 | (4,035) | 3,452 |
Amortization of common stock issued to employees and directors | 3,641 | 3,722 | ||
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 and ASU 2014-09 | $ 0 | $ 358,098 | $ 0 | $ 358,098 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($)ground_lease | |
Lessee, Lease, Description [Line Items] | |
Operating lease, number of ground leases | ground_lease | 3 |
Operating lease assets | $ 63,563 |
Operating lease liabilities | $ 34,684 |
Lessor, operating lease, weighted-average remaining lease term | 6 years 8 months 12 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 | 84 years |
Lessee, operating lease, liability, term of contract | 84 years |
Leases - Future Rental Payments
Leases - Future Rental Payments to be Made (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Operating Leases, Future Minimum Payments Due | ||
Remainder of 2019 | $ 1,252 | |
2020 | 2,539 | |
2021 | 2,704 | |
2022 | 2,743 | |
2023 | 2,023 | |
2024 | 1,962 | |
Thereafter | 174,820 | |
Total lease payments | 188,043 | |
Less: interest expense | (153,359) | |
Present value of lease liabilities | $ 34,684 | |
Weighted-average remaining lease term (years) | 75 years 9 months 18 days | |
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 | Jun. 30, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
Operating lease assets | $ 63,563 |
Operating lease liabilities | 34,684 |
Ground Leases | |
Lessee, Lease, Description [Line Items] | |
Operating lease assets | 61,699 |
Operating lease liabilities | 32,202 |
Office Lease | |
Lessee, Lease, Description [Line Items] | |
Operating lease assets | 1,864 |
Operating lease liabilities | $ 2,482 |
Leases - Impacts on Consolida_2
Leases - Impacts on Consolidated Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease expenses | $ 837 | $ 1,674 |
Property operating costs | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease expenses | 692 | 1,384 |
General and administrative – corporate | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease expenses | 145 | 290 |
Ground Leases | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease expenses | 692 | 1,384 |
Ground Leases | Property operating costs | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease expenses | 692 | 1,384 |
Ground Leases | General and administrative – corporate | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease expenses | 0 | 0 |
Office Lease | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease expenses | 145 | 290 |
Office Lease | Property operating costs | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease expenses | 0 | 0 |
Office Lease | General and administrative – corporate | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease expenses | $ 145 | $ 290 |
Leases Leases - Impacts on Cons
Leases Leases - Impacts on Consolidated Statement of Cash Flows (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Cash paid for operating lease liabilities in cash flows from operations | $ (1,251) |
Ground Leases | |
Lessee, Lease, Description [Line Items] | |
Cash paid for operating lease liabilities in cash flows from operations | (903) |
Office Lease | |
Lessee, Lease, Description [Line Items] | |
Cash paid for operating lease liabilities in cash flows from operations | $ (348) |
Leases - Fixed and Variable Rev
Leases - Fixed and Variable Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Fixed payments | $ 63,534 | $ 129,051 |
Variable payments | 6,067 | 12,412 |
Total lease revenues | $ 69,601 | $ 141,463 |
Leases - Future Rental Paymen_2
Leases - Future Rental Payments to be Received (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Remainder of 2019 | $ 115,858 | |
2020 | 243,403 | |
2021 | 212,110 | |
2022 | 195,677 | |
2023 | 178,941 | |
2024 | 169,133 | |
Thereafter | 815,346 | |
Total | $ 1,930,468 | |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | ||||
Management fee income | $ 1,900 | $ 1,800 | $ 3,800 | $ 3,600 |
Leasing override fee income | 19 | 38 | 22 | 38 |
Salary and other reimbursement revenue | 1,200 | 1,200 | 2,300 | 2,200 |
Miscellaneous revenue | $ 100 | $ 200 | $ 200 | $ 400 |
Earnings Per Share (Basic and D
Earnings Per Share (Basic and Diluted EPS Computations) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net income (loss) | $ 47,747 | $ (3,439) | $ 51,260 | $ (1,941) |
Distributions paid on unvested shares | (77) | (73) | (155) | (146) |
Net income (loss) used to calculate basic and diluted earnings per share | $ 47,670 | $ (3,512) | $ 51,105 | $ (2,087) |
Weighted-average common shares – basic | 116,509 | 118,035 | 116,486 | 118,556 |
Weighted-average common shares – diluted | 116,823 | 118,462 | 116,776 | 118,960 |
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 | 100 | 72 | 93 | 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 | 214 | 355 | 197 | 334 |
Segment Information (Operating
Segment Information (Operating Revenues by Geographic Reportable Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Feb. 01, 2018 | Jan. 31, 2018 | |
Segment Reporting Information [Line Items] | ||||||
Operating revenues including unconsolidated joint venture | $ 99,427 | $ 100,998 | $ 201,536 | $ 199,164 | ||
Operating revenues | 72,730 | 75,370 | 148,163 | 149,080 | ||
Management fee income | (1,900) | (1,800) | (3,800) | (3,600) | ||
Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues including unconsolidated joint venture | 98,602 | 100,104 | 199,925 | 197,589 | ||
Operating Segments | New York | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues including unconsolidated joint venture | 38,974 | 40,349 | 77,670 | 81,258 | ||
Operating Segments | San Francisco | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues including unconsolidated joint venture | 28,021 | 26,088 | 55,784 | 49,608 | ||
Operating Segments | Washington, D.C. | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues including unconsolidated joint venture | 14,462 | 14,411 | 28,592 | 28,383 | ||
Operating Segments | Atlanta | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues including unconsolidated joint venture | 7,744 | 10,283 | 18,967 | 20,141 | ||
Operating Segments | Boston | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues including unconsolidated joint venture | 3,555 | 3,158 | 7,229 | 6,528 | ||
Operating Segments | Los Angeles | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues including unconsolidated joint venture | 1,927 | 1,910 | 3,861 | 3,830 | ||
Operating Segments | All other office markets | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues including unconsolidated joint venture | 3,919 | 3,905 | 7,822 | 7,841 | ||
Corporate | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues including unconsolidated joint venture | 825 | 894 | 1,611 | 1,575 | ||
Eliminations | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues | 28,595 | 27,446 | 57,140 | 53,661 | ||
Management fee income | (1,898) | (1,818) | (3,767) | (3,577) | ||
Corporate Joint Venture | ||||||
Segment Reporting Information [Line Items] | ||||||
Management fee income | $ (1,898) | (1,818) | $ (3,767) | (3,577) | ||
114 Fifth Avenue Joint Venture | Corporate Joint Venture | ||||||
Segment Reporting Information [Line Items] | ||||||
Ownership percentage | 49.50% | 49.50% | ||||
333 Market Street and University Circle | Corporate Joint Venture | ||||||
Segment Reporting Information [Line Items] | ||||||
Ownership percentage | 55.00% | 55.00% | 55.00% | 77.50% | ||
Market Square Joint Venture | Corporate Joint Venture | ||||||
Segment Reporting Information [Line Items] | ||||||
Ownership percentage | 51.00% | 51.00% | ||||
Management fee income | $ (579) | (552) | $ (1,147) | (1,075) | ||
1800 M Street Joint Venture | Corporate Joint Venture | ||||||
Segment Reporting Information [Line Items] | ||||||
Ownership percentage | 55.00% | 55.00% | ||||
Management fee income | $ (544) | $ (507) | $ (1,064) | $ (1,017) |
Segment Information (Net Operat
Segment Information (Net Operating Income By Geographic Reportable Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Oct. 03, 2018 | Feb. 01, 2018 | Jan. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||
Net operating income (loss) including unconsolidated joint venture | $ 65,472 | $ 68,049 | $ 132,118 | $ 134,908 | |||
Operating Segments | |||||||
Segment Reporting Information [Line Items] | |||||||
Net operating income (loss) including unconsolidated joint venture | 65,707 | 68,219 | 132,558 | 135,303 | |||
Operating Segments | New York | |||||||
Segment Reporting Information [Line Items] | |||||||
Net operating income (loss) including unconsolidated joint venture | 23,680 | 24,369 | 46,486 | 48,548 | |||
Operating Segments | San Francisco | |||||||
Segment Reporting Information [Line Items] | |||||||
Net operating income (loss) including unconsolidated joint venture | 20,407 | 19,396 | 40,904 | 38,950 | |||
Operating Segments | Atlanta | |||||||
Segment Reporting Information [Line Items] | |||||||
Net operating income (loss) including unconsolidated joint venture | 6,144 | 9,084 | 14,295 | 17,838 | |||
Operating Segments | Washington, D.C. | |||||||
Segment Reporting Information [Line Items] | |||||||
Net operating income (loss) including unconsolidated joint venture | 8,586 | 8,802 | 17,039 | 17,132 | |||
Operating Segments | Boston | |||||||
Segment Reporting Information [Line Items] | |||||||
Net operating income (loss) including unconsolidated joint venture | 1,875 | 1,545 | 3,864 | 3,313 | |||
Operating Segments | Los Angeles | |||||||
Segment Reporting Information [Line Items] | |||||||
Net operating income (loss) including unconsolidated joint venture | 1,163 | 1,154 | 2,282 | 2,362 | |||
Operating Segments | All other office markets | |||||||
Segment Reporting Information [Line Items] | |||||||
Net operating income (loss) including unconsolidated joint venture | 3,852 | 3,869 | 7,688 | 7,160 | |||
Corporate | |||||||
Segment Reporting Information [Line Items] | |||||||
Net operating income (loss) including unconsolidated joint venture | $ (235) | $ (170) | $ (440) | $ (395) | |||
114 Fifth Avenue Joint Venture | Corporate Joint Venture | |||||||
Segment Reporting Information [Line Items] | |||||||
Ownership percentage | 49.50% | 49.50% | |||||
799 Broadway Joint Venture | Corporate Joint Venture | |||||||
Segment Reporting Information [Line Items] | |||||||
Ownership percentage | 49.70% | 49.70% | 49.70% | ||||
333 Market Street and University Circle | Corporate Joint Venture | |||||||
Segment Reporting Information [Line Items] | |||||||
Ownership percentage | 55.00% | 55.00% | 55.00% | 77.50% | |||
Market Square Joint Venture | Corporate Joint Venture | |||||||
Segment Reporting Information [Line Items] | |||||||
Ownership percentage | 51.00% | 51.00% | |||||
1800 M Street Joint Venture | Corporate Joint Venture | |||||||
Segment Reporting Information [Line Items] | |||||||
Ownership percentage | 55.00% | 55.00% |
Segment Information (Reconcilia
Segment Information (Reconciliation of GAAP Net Income to NOI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Net income (loss) | $ 47,747 | $ (3,439) | $ 51,260 | $ (1,941) |
Management fee income | (1,900) | (1,800) | (3,800) | (3,600) |
Depreciation | 19,335 | 20,681 | 39,739 | 41,516 |
General and administrative – corporate | 8,180 | 8,282 | 16,604 | 16,076 |
General and administrative – unconsolidated joint ventures | 838 | 736 | 1,647 | 1,467 |
Gain on sale of unconsolidated joint venture interests | 0 | 0 | 0 | (762) |
Gain on extinguishment of debt | 0 | (23,713) | 0 | (23,713) |
Income tax expense | 9 | 6 | 16 | 13 |
Gain on sale of real estate assets | (41,918) | 0 | (41,918) | 0 |
Impairment loss | 0 | 30,812 | 0 | 30,812 |
NOI | 65,472 | 68,049 | 132,118 | 134,908 |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Management fee income | (1,898) | (1,818) | (3,767) | (3,577) |
Depreciation | 19,335 | 20,681 | 39,739 | 41,516 |
Amortization | 7,106 | 8,623 | 14,567 | 16,639 |
General and administrative – corporate | 8,180 | 8,282 | 16,604 | 16,076 |
General and administrative – unconsolidated joint ventures | 838 | 736 | 1,647 | 1,467 |
Net interest expense | 10,897 | 14,300 | 22,991 | 30,192 |
Interest income from development authority bonds | 0 | (1,800) | 0 | (3,600) |
Gain on sale of unconsolidated joint venture interests | 0 | 0 | 0 | (762) |
Gain on extinguishment of debt | 0 | (23,713) | 0 | (23,713) |
Income tax expense | 9 | 6 | 16 | 13 |
Adjustments included in income from unconsolidated joint ventures | 15,176 | 15,379 | 30,979 | 31,786 |
Gain on sale of real estate assets | (41,918) | 0 | (41,918) | 0 |
Impairment loss | $ 0 | $ 30,812 | $ 0 | $ 30,812 |
Financial Information for Par_3
Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries (Narrative) (Details) | Jun. 30, 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 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Assets: | ||||||
Land | $ 803,986 | $ 817,975 | ||||
Buildings and improvements, net | 1,784,994 | 1,910,041 | ||||
Intangible lease assets, net | 60,654 | 98,540 | ||||
Construction in progress | 39,893 | 33,800 | ||||
Total real estate assets | 2,689,527 | 2,860,356 | ||||
Operating lease assets | 63,563 | |||||
Investments in unconsolidated joint ventures | 1,064,648 | 1,071,353 | ||||
Cash and cash equivalents | 11,981 | 17,118 | $ 11,961 | $ 9,567 | ||
Investment in subsidiaries | 0 | 0 | ||||
Tenant receivables | 2,904 | 3,258 | ||||
Straight-line rent receivable | 87,190 | 87,159 | ||||
Prepaid expenses and other assets | 37,420 | 23,218 | ||||
Intangible lease origination costs, net | 29,620 | 34,092 | ||||
Deferred lease costs, net | 57,942 | 77,439 | ||||
Total assets | 4,044,795 | 4,173,993 | ||||
Liabilities: | ||||||
Lines of credit and notes payable, net | 494,609 | 629,308 | ||||
Bonds payable, net | 694,930 | 694,538 | ||||
Operating lease liabilities | 34,684 | |||||
Accounts payable, accrued expenses, and accrued capital expenditures | 43,403 | 49,117 | ||||
Dividends payable | 0 | 23,340 | ||||
Due to affiliates | 0 | 0 | ||||
Deferred income | 16,296 | 15,593 | ||||
Intangible lease liabilities, net | 18,142 | 21,081 | ||||
Total liabilities | 1,302,064 | 1,432,977 | ||||
Equity: | ||||||
Total equity | 2,742,731 | $ 2,718,864 | 2,741,016 | $ 2,804,012 | $ 2,842,459 | $ 2,531,936 |
Total liabilities and equity | 4,044,795 | 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 | ||||
Total real estate assets | 0 | 0 | ||||
Operating lease assets | 1,864 | |||||
Investments in unconsolidated joint ventures | 0 | 0 | ||||
Cash and cash equivalents | 287 | 1,705 | ||||
Investment in subsidiaries | 2,602,248 | 2,622,528 | ||||
Tenant receivables | 0 | 0 | ||||
Straight-line rent receivable | 0 | 0 | ||||
Prepaid expenses and other assets | 140,814 | 140,797 | ||||
Intangible lease origination costs, net | 0 | 0 | ||||
Deferred lease costs, net | 0 | 0 | ||||
Total assets | 2,745,213 | 2,765,030 | ||||
Liabilities: | ||||||
Lines of credit and notes payable, net | 0 | 0 | ||||
Bonds payable, net | 0 | 0 | ||||
Operating lease liabilities | 2,482 | |||||
Accounts payable, accrued expenses, and accrued capital expenditures | 0 | 674 | ||||
Dividends payable | 23,340 | |||||
Due to affiliates | 0 | 0 | ||||
Deferred income | 0 | 0 | ||||
Intangible lease liabilities, net | 0 | 0 | ||||
Total liabilities | 2,482 | 24,014 | ||||
Equity: | ||||||
Total equity | 2,742,731 | 2,741,016 | ||||
Total liabilities and equity | 2,745,213 | 2,765,030 | ||||
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||||||
Assets: | ||||||
Land | 0 | 0 | ||||
Buildings and improvements, net | 1,526 | 1,739 | ||||
Intangible lease assets, net | 0 | 0 | ||||
Construction in progress | 0 | 0 | ||||
Total real estate assets | 1,526 | 1,739 | ||||
Operating lease assets | 0 | |||||
Investments in unconsolidated joint ventures | 1,064,648 | 1,071,353 | ||||
Cash and cash equivalents | 7,551 | 10,573 | ||||
Investment in subsidiaries | 1,116,706 | 1,236,982 | ||||
Tenant receivables | 0 | 0 | ||||
Straight-line rent receivable | 0 | 0 | ||||
Prepaid expenses and other assets | 352,010 | 340,071 | ||||
Intangible lease origination costs, net | 0 | 0 | ||||
Deferred lease costs, net | 0 | 0 | ||||
Total assets | 2,542,441 | 2,660,718 | ||||
Liabilities: | ||||||
Lines of credit and notes payable, net | 494,609 | 629,308 | ||||
Bonds payable, net | 694,930 | 694,538 | ||||
Operating lease liabilities | 0 | |||||
Accounts payable, accrued expenses, and accrued capital expenditures | 12,296 | 9,441 | ||||
Dividends payable | 0 | |||||
Due to affiliates | 0 | 0 | ||||
Deferred income | 0 | 0 | ||||
Intangible lease liabilities, net | 0 | 0 | ||||
Total liabilities | 1,201,835 | 1,333,287 | ||||
Equity: | ||||||
Total equity | 1,340,606 | 1,327,431 | ||||
Total liabilities and equity | 2,542,441 | 2,660,718 | ||||
Reportable Legal Entities | Non- Guarantors | ||||||
Assets: | ||||||
Land | 803,986 | 817,975 | ||||
Buildings and improvements, net | 1,783,468 | 1,908,302 | ||||
Intangible lease assets, net | 60,654 | 98,540 | ||||
Construction in progress | 39,893 | 33,800 | ||||
Total real estate assets | 2,688,001 | 2,858,617 | ||||
Operating lease assets | 61,699 | |||||
Investments in unconsolidated joint ventures | 0 | 0 | ||||
Cash and cash equivalents | 4,143 | 4,840 | ||||
Investment in subsidiaries | 0 | 0 | ||||
Tenant receivables | 2,904 | 3,258 | ||||
Straight-line rent receivable | 87,190 | 87,159 | ||||
Prepaid expenses and other assets | 13,623 | 11,379 | ||||
Intangible lease origination costs, net | 29,620 | 34,092 | ||||
Deferred lease costs, net | 57,942 | 77,439 | ||||
Total assets | 2,945,122 | 3,076,784 | ||||
Liabilities: | ||||||
Lines of credit and notes payable, net | 467,344 | 467,344 | ||||
Bonds payable, net | 0 | 0 | ||||
Operating lease liabilities | 32,202 | |||||
Accounts payable, accrued expenses, and accrued capital expenditures | 31,107 | 39,007 | ||||
Dividends payable | 0 | |||||
Due to affiliates | 1,683 | 1,680 | ||||
Deferred income | 16,296 | 15,593 | ||||
Intangible lease liabilities, net | 18,142 | 21,081 | ||||
Total liabilities | 566,774 | 544,705 | ||||
Equity: | ||||||
Total equity | 2,378,348 | 2,532,079 | ||||
Total liabilities and equity | 2,945,122 | 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 | ||||
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 | (3,718,954) | (3,859,510) | ||||
Tenant receivables | 0 | 0 | ||||
Straight-line rent receivable | 0 | 0 | ||||
Prepaid expenses and other assets | (469,027) | (469,029) | ||||
Intangible lease origination costs, net | 0 | 0 | ||||
Deferred lease costs, net | 0 | 0 | ||||
Total assets | (4,187,981) | (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 | (1,683) | (1,680) | ||||
Deferred income | 0 | 0 | ||||
Intangible lease liabilities, net | 0 | 0 | ||||
Total liabilities | (469,027) | (469,029) | ||||
Equity: | ||||||
Total equity | (3,718,954) | (3,859,510) | ||||
Total liabilities and equity | $ (4,187,981) | $ (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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues: | ||||
Lease revenues | $ 69,601 | $ 141,463 | ||
Lease revenues | $ 71,409 | $ 141,769 | ||
Revenues | 72,730 | 75,370 | 148,163 | 149,080 |
Expenses: | ||||
Depreciation | 19,335 | 20,681 | 39,739 | 41,516 |
Amortization | 7,106 | 8,623 | 14,567 | 16,639 |
Impairment loss on real estate assets | 0 | 30,812 | 0 | 30,812 |
General and administrative – corporate | 8,180 | 8,282 | 16,604 | 16,076 |
General and administrative – unconsolidated joint ventures | 838 | 736 | 1,647 | 1,467 |
Costs and expenses | 58,209 | 91,789 | 119,799 | 152,435 |
Other Income (Expense): | ||||
Interest expense | (10,897) | (14,314) | (22,992) | (30,209) |
Gain (loss) on extinguishment of debt | 0 | 23,713 | 0 | 23,713 |
Interest and other income | 0 | 1,814 | 1 | 3,617 |
Gain on sale of unconsolidated joint venture interests | 0 | 0 | 0 | 762 |
Income tax expense | (9) | (6) | (16) | (13) |
Income from unconsolidated joint ventures | 2,214 | 1,773 | 3,985 | 3,544 |
Gain on sale of real estate assets | 41,918 | 0 | 41,918 | 0 |
Nonoperating income (expense) | 33,226 | 12,980 | 22,896 | 1,414 |
Net income (loss) | 47,747 | (3,439) | 51,260 | (1,941) |
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||||
Revenues: | ||||
Lease revenues | 0 | 0 | ||
Lease revenues | 0 | 0 | ||
Revenues | 926 | 930 | 1,838 | 1,834 |
Expenses: | ||||
Depreciation | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 |
Impairment loss on real estate assets | 0 | 0 | ||
General and administrative – corporate | 200 | 193 | 399 | 389 |
General and administrative – unconsolidated joint ventures | 0 | 0 | 0 | 0 |
Costs and expenses | 200 | 193 | 399 | 389 |
Other Income (Expense): | ||||
Interest expense | 0 | 0 | 0 | 0 |
Gain (loss) on extinguishment of debt | 0 | 0 | ||
Interest and other income | 1,575 | 2,842 | 3,150 | 6,397 |
Gain on sale of unconsolidated joint venture interests | 0 | |||
Income tax expense | 0 | 0 | 0 | 0 |
Income from unconsolidated joint ventures | 45,446 | (7,018) | 46,671 | (9,783) |
Gain on sale of real estate assets | 0 | 0 | ||
Nonoperating income (expense) | 47,021 | (4,176) | 49,821 | (3,386) |
Net income (loss) | 47,747 | (3,439) | 51,260 | (1,941) |
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||||
Revenues: | ||||
Lease revenues | 0 | 0 | ||
Lease revenues | 0 | 0 | ||
Revenues | 0 | 0 | 0 | 0 |
Expenses: | ||||
Depreciation | 162 | 166 | 333 | 332 |
Amortization | 0 | 0 | 0 | 0 |
Impairment loss on real estate assets | 0 | 0 | ||
General and administrative – corporate | 2,352 | 2,512 | 4,570 | 4,820 |
General and administrative – unconsolidated joint ventures | 17 | 0 | 17 | 0 |
Costs and expenses | 2,531 | 2,678 | 4,920 | 5,152 |
Other Income (Expense): | ||||
Interest expense | (10,897) | (11,983) | (22,992) | (24,417) |
Gain (loss) on extinguishment of debt | (326) | (326) | ||
Interest and other income | 3,478 | 3,478 | 6,956 | 6,956 |
Gain on sale of unconsolidated joint venture interests | 762 | |||
Income tax expense | 0 | 0 | 0 | 0 |
Income from unconsolidated joint ventures | 57,611 | 5,823 | 72,542 | 12,838 |
Gain on sale of real estate assets | 0 | 0 | ||
Nonoperating income (expense) | 50,192 | (3,008) | 56,506 | (4,187) |
Net income (loss) | 47,661 | (5,686) | 51,586 | (9,339) |
Reportable Legal Entities | Non- Guarantors | ||||
Revenues: | ||||
Lease revenues | 69,601 | 141,463 | ||
Lease revenues | 71,409 | 141,769 | ||
Revenues | 71,804 | 74,440 | 146,325 | 147,246 |
Expenses: | ||||
Depreciation | 19,173 | 20,515 | 39,406 | 41,184 |
Amortization | 7,106 | 8,623 | 14,567 | 16,639 |
Impairment loss on real estate assets | 30,812 | 30,812 | ||
General and administrative – corporate | 5,628 | 5,577 | 11,635 | 10,867 |
General and administrative – unconsolidated joint ventures | 821 | 736 | 1,630 | 1,467 |
Costs and expenses | 55,478 | 88,918 | 114,480 | 146,894 |
Other Income (Expense): | ||||
Interest expense | (5,053) | (8,651) | (10,106) | (19,145) |
Gain (loss) on extinguishment of debt | 24,039 | 24,039 | ||
Interest and other income | 0 | 1,814 | 1 | 3,617 |
Gain on sale of unconsolidated joint venture interests | 0 | |||
Income tax expense | (9) | (6) | (16) | (13) |
Income from unconsolidated joint ventures | (3) | (2) | (3) | 0 |
Gain on sale of real estate assets | 41,918 | 41,918 | ||
Nonoperating income (expense) | 36,853 | 17,194 | 31,794 | 8,498 |
Net income (loss) | 53,179 | 2,716 | 63,639 | 8,850 |
Consolidating Adjustments | ||||
Revenues: | ||||
Lease revenues | 0 | 0 | ||
Lease revenues | 0 | 0 | ||
Revenues | 0 | 0 | 0 | 0 |
Expenses: | ||||
Depreciation | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 |
Impairment loss on real estate assets | 0 | 0 | ||
General and administrative – corporate | 0 | 0 | 0 | 0 |
General and administrative – unconsolidated joint ventures | 0 | 0 | 0 | 0 |
Costs and expenses | 0 | 0 | 0 | 0 |
Other Income (Expense): | ||||
Interest expense | 5,053 | 6,320 | 10,106 | 13,353 |
Gain (loss) on extinguishment of debt | 0 | 0 | ||
Interest and other income | (5,053) | (6,320) | (10,106) | (13,353) |
Gain on sale of unconsolidated joint venture interests | 0 | |||
Income tax expense | 0 | 0 | 0 | 0 |
Income from unconsolidated joint ventures | (100,840) | 2,970 | (115,225) | 489 |
Gain on sale of real estate assets | 0 | 0 | ||
Nonoperating income (expense) | (100,840) | 2,970 | (115,225) | 489 |
Net income (loss) | (100,840) | 2,970 | (115,225) | 489 |
Property operating costs | ||||
Expenses: | ||||
Cost of goods and services sold | 22,586 | 22,450 | 46,823 | 45,512 |
Property operating costs | Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||||
Expenses: | ||||
Cost of goods and services sold | 0 | 0 | 0 | 0 |
Property operating costs | Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||||
Expenses: | ||||
Cost of goods and services sold | 0 | 0 | 0 | 0 |
Property operating costs | Reportable Legal Entities | Non- Guarantors | ||||
Expenses: | ||||
Cost of goods and services sold | 22,586 | 22,450 | 46,823 | 45,512 |
Property operating costs | Consolidating Adjustments | ||||
Expenses: | ||||
Cost of goods and services sold | 0 | 0 | 0 | 0 |
Management fee income/expenses | ||||
Revenues: | ||||
Revenues | 1,898 | 1,818 | 3,767 | 3,577 |
Expenses: | ||||
Cost of goods and services sold | 164 | 205 | 419 | 413 |
Management fee income/expenses | Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||||
Revenues: | ||||
Revenues | 926 | 930 | 1,838 | 1,834 |
Expenses: | ||||
Cost of goods and services sold | 0 | 0 | 0 | 0 |
Management fee income/expenses | Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||||
Revenues: | ||||
Revenues | 0 | 0 | 0 | 0 |
Expenses: | ||||
Cost of goods and services sold | 0 | 0 | 0 | 0 |
Management fee income/expenses | Reportable Legal Entities | Non- Guarantors | ||||
Revenues: | ||||
Revenues | 972 | 888 | 1,929 | 1,743 |
Expenses: | ||||
Cost of goods and services sold | 164 | 205 | 419 | 413 |
Management fee income/expenses | Consolidating Adjustments | ||||
Revenues: | ||||
Revenues | 0 | 0 | 0 | 0 |
Expenses: | ||||
Cost of goods and services sold | 0 | 0 | 0 | 0 |
Other property income | ||||
Revenues: | ||||
Revenues | 1,231 | 2,143 | 2,933 | 3,734 |
Other property income | Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||||
Revenues: | ||||
Revenues | 0 | 0 | 0 | 0 |
Other property income | Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||||
Revenues: | ||||
Revenues | 0 | 0 | 0 | 0 |
Other property income | Reportable Legal Entities | Non- Guarantors | ||||
Revenues: | ||||
Revenues | 1,231 | 2,143 | 2,933 | 3,734 |
Other property income | Consolidating Adjustments | ||||
Revenues: | ||||
Revenues | $ 0 | $ 0 | $ 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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | $ 47,747,000 | $ (3,439,000) | $ 51,260,000 | $ (1,941,000) |
Market value adjustments to interest rate swap | (2,604,000) | 938,000 | (4,035,000) | 3,452,000 |
Comprehensive income (loss) | 45,143,000 | (2,501,000) | 47,225,000 | 1,511,000 |
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 47,747,000 | (3,439,000) | 51,260,000 | (1,941,000) |
Market value adjustments to interest rate swap | (2,604,000) | 938,000 | (4,035,000) | 3,452,000 |
Comprehensive income (loss) | 45,143,000 | (2,501,000) | 47,225,000 | 1,511,000 |
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 47,661,000 | (5,686,000) | 51,586,000 | (9,339,000) |
Market value adjustments to interest rate swap | (2,604,000) | 938,000 | (4,035,000) | 3,452,000 |
Comprehensive income (loss) | 45,057,000 | (4,748,000) | 47,551,000 | (5,887,000) |
Reportable Legal Entities | Non- Guarantors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 53,179,000 | 2,716,000 | 63,639,000 | 8,850,000 |
Market value adjustments to interest rate swap | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | 53,179,000 | 2,716,000 | 63,639,000 | 8,850,000 |
Consolidating Adjustments | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (100,840,000) | 2,970,000 | (115,225,000) | 489,000 |
Market value adjustments to interest rate swap | 2,604,000 | (938,000) | 4,035,000 | (3,452,000) |
Comprehensive income (loss) | $ (98,236,000) | $ 2,032,000 | $ (111,190,000) | $ (2,963,000) |
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 | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | $ 63,516 | $ 19,183 |
Cash flows from investing activities: | ||
Net proceeds from the sale of real estate | 193,912 | 284,608 |
Net proceeds from sale of investments in unconsolidated joint ventures | 0 | 235,083 |
Investment in real estate and related assets | (52,201) | (47,594) |
Investments in unconsolidated joint ventures | (9,067) | (2,460) |
Distributions from unconsolidated joint ventures | 6,364 | 4,585 |
Distributions from subsidiaries | 0 | 0 |
Net cash provided by investing activities | 139,008 | 474,222 |
Cash flows from financing activities: | ||
Borrowings, net of fees | 113,838 | 149,851 |
Repayments | (249,000) | (525,639) |
Distributions | (70,098) | (71,459) |
Redemptions of common stock | (2,401) | (43,764) |
Net cash used in financing activities | (207,661) | (491,011) |
Net increase (decrease) in cash and cash equivalents | (5,137) | 2,394 |
Cash and cash equivalents, beginning of period | 17,118 | 9,567 |
Cash and cash equivalents, end of period | 11,981 | 11,961 |
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 52,967 | 1,445 |
Cash flows from investing activities: | ||
Net proceeds from the sale of real estate | 0 | 0 |
Net proceeds from sale of investments in unconsolidated joint ventures | 0 | |
Investment in real estate and related assets | (14,216) | 0 |
Investments in unconsolidated joint ventures | 0 | 0 |
Distributions from unconsolidated joint ventures | 0 | 0 |
Distributions from subsidiaries | 32,330 | 113,274 |
Net cash provided by investing activities | 18,114 | 113,274 |
Cash flows from financing activities: | ||
Borrowings, net of fees | 0 | 0 |
Repayments | 0 | 0 |
Distributions | (70,098) | (71,459) |
Redemptions of common stock | (2,401) | (43,764) |
Net cash used in financing activities | (72,499) | (115,223) |
Net increase (decrease) in cash and cash equivalents | (1,418) | (504) |
Cash and cash equivalents, beginning of period | 1,705 | 692 |
Cash and cash equivalents, end of period | 287 | 188 |
Reportable Legal Entities | Columbia Property Trust OP (the Issuer) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 51,491 | (3,037) |
Cash flows from investing activities: | ||
Net proceeds from the sale of real estate | 0 | 0 |
Net proceeds from sale of investments in unconsolidated joint ventures | 235,083 | |
Investment in real estate and related assets | 0 | (51) |
Investments in unconsolidated joint ventures | (9,067) | (2,460) |
Distributions from unconsolidated joint ventures | 6,364 | 4,585 |
Distributions from subsidiaries | 159,236 | 254,037 |
Net cash provided by investing activities | 156,533 | 491,194 |
Cash flows from financing activities: | ||
Borrowings, net of fees | 113,838 | 149,851 |
Repayments | (249,000) | (524,000) |
Distributions | (75,884) | (112,481) |
Redemptions of common stock | 0 | 0 |
Net cash used in financing activities | (211,046) | (486,630) |
Net increase (decrease) in cash and cash equivalents | (3,022) | 1,527 |
Cash and cash equivalents, beginning of period | 10,573 | 5,079 |
Cash and cash equivalents, end of period | 7,551 | 6,606 |
Reportable Legal Entities | Non- Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 74,283 | 29,625 |
Cash flows from investing activities: | ||
Net proceeds from the sale of real estate | 193,912 | 284,608 |
Net proceeds from sale of investments in unconsolidated joint ventures | 0 | |
Investment in real estate and related assets | (37,985) | (47,543) |
Investments in unconsolidated joint ventures | 0 | 0 |
Distributions from unconsolidated joint ventures | 0 | 0 |
Distributions from subsidiaries | 0 | 0 |
Net cash provided by investing activities | 155,927 | 237,065 |
Cash flows from financing activities: | ||
Borrowings, net of fees | 0 | 0 |
Repayments | 0 | (1,639) |
Distributions | (230,907) | (263,680) |
Redemptions of common stock | 0 | 0 |
Net cash used in financing activities | (230,907) | (265,319) |
Net increase (decrease) in cash and cash equivalents | (697) | 1,371 |
Cash and cash equivalents, beginning of period | 4,840 | 3,796 |
Cash and cash equivalents, end of period | 4,143 | 5,167 |
Consolidating Adjustments | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | (115,225) | (8,850) |
Cash flows from investing activities: | ||
Net proceeds from the sale of real estate | 0 | 0 |
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 | (191,566) | (367,311) |
Net cash provided by investing activities | (191,566) | (367,311) |
Cash flows from financing activities: | ||
Borrowings, net of fees | 0 | 0 |
Repayments | 0 | 0 |
Distributions | 306,791 | 376,161 |
Redemptions of common stock | 0 | 0 |
Net cash used in financing activities | 306,791 | 376,161 |
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 - cxp10-q20
Label | Element | Value |
Accounting Standards Update 2017-05 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 357,755,000 |
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 |