ATLANTA--(BUSINESS WIRE)--
Columbia Property Trust, Inc. (the “Company”) (NYSE: CXP) reported
financial results today for the second quarter ended June 30, 2014.
Highlights:
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For the second quarter of 2014, Normalized Funds from Operations (FFO)
was $0.53, Adjusted Funds from Operations (AFFO) per diluted share was
$0.45, and Net Income Attributable to Common Shareholders per diluted
share was $0.06
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Enhanced senior management team with hiring of real estate veterans to
lead eastern and western regions
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Raised the upper and lower end of 2014 Normalized FFO guidance range
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Subsequent to quarter end, signed 62,400 square feet of new and
renewal leases at 221 Main Street in San Francisco at rates well above
original underwriting, bringing the property to 88.9% leased
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Completed dispositions of three office properties for $89 million
“Our portfolio continued to perform well with strong leasing
contributing to another quarter of improved Normalized FFO. Last year’s
portfolio disposition of non-core assets, combined with recent
transaction activity, substantially improved the overall quality and
embedded growth within the portfolio,” noted Nelson Mills, President and
CEO of Columbia Property Trust. “We achieved another major objective for
2014 with the creation of our eastern and western regional platforms led
by Brian Berry and David Dowdney, respectively. With these teams in
place, we are already seeing an impact on leasing velocity and
transaction activity. The execution of significant new and renewal
leases at our latest acquisition, 221 Main Street in San Francisco, well
above our original underwriting, provides the most recent example of our
ongoing commitment to creating value in strong primary markets. We are
currently pursuing several attractive investment opportunities and, as a
result, have increased our 2014 guidance ranges for both acquisitions
and dispositions.”
Regional Investment and Asset Management Platform:
During the second quarter, we achieved a major objective for 2014 with
the hiring of two accomplished and experienced real estate professionals
to lead all transactional and investment management activities in our
new eastern and western regional offices:
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Brian Berry, a 25-year veteran with experience building regional
operating teams while at Tishman Speyer and Trizec Properties, was
named Senior Vice President - Eastern Region.
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David Dowdney, a 20-year veteran most recently leading GE Capital Real
Estate’s U.S. office portfolio, was named Senior Vice President -
Western Region.
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New leasing and asset management offices for each region have been
opened at Market Square in Washington, D.C. and at 221 Main Street in
San Francisco.
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Local asset management and investment professionals are being added in
each office to complement continued growth in these and nearby primary
markets.
Portfolio Highlights:
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During the second quarter, we entered into leases for approximately
193,000 rentable square feet of office space with an average lease
term of approximately 9.3 years. Our second quarter leasing activity
included 130,000 square feet of new leases and 63,000 square feet of
renewal leases.
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Subsequent to quarter end, we completed a total of 62,400 square feet
of new and renewal leases at 221 Main Street in San Francisco,
bringing the recently acquired Class A office building to 88.9% leased.
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As of June 30, 2014, our portfolio of 37 office properties was 93.5%
leased and 92.2% occupied compared with 93.0% leased and 93.0%
occupied as of June 30, 2013.
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For leases executed during the quarter, we experienced a 1.2% decrease
in rental rates on a cash basis and a 12.3% increase in rental rates
on a GAAP basis.
Disposition Activity:
During June and early July, we completed the sale of three separate
office buildings for total proceeds of $88.5 million. The transactions
included:
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Sale of the 247,624-square-foot Class-A office property at 7031
Columbia Gateway Drive in Columbia, MD, to the existing tenant, MICROS
Systems, Inc.;
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Sale of the 128,296-square-foot Class-A property at 200 South Orange
in Orlando, FL, to Susquehanna Holdings, LTD.; and
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Sale of the previously vacant 240,274-square-foot Class-B office
property at 160 Park Avenue (f/k/a 180 Park Avenue #103) in Florham
Park, NJ, to new user Automatic Switch Company.
Financial Results:
Net Income Attributable to Common Stockholders was $8.0 million, or
$0.06 per diluted share, for the second quarter of 2014 compared with
Net Income Attributable to Common Stockholders of $20.6 million, or
$0.15 per diluted share, for the second quarter of 2013. Net Income
Attributable to Common Stockholders was $11.4 million, or $0.09 per
diluted share, for the first six months of 2014 compared with a Net Loss
Attributable to Common stockholders of $2.0 million, or $(0.01) per
diluted share, for the first six months of 2013.
Normalized FFO was $66.6 million, or $0.53 per diluted share, for the
second quarter of 2014 compared with $73.5 million, or $0.54 per diluted
share, in the prior-year period. Normalized FFO was $129.7 million, or
$1.04 per diluted share, for the first six months of 2014 compared with
$139.5 million, or $1.02 per diluted share, in the prior-year period.
AFFO was $56.0 million, or $0.45 per diluted share, for the second
quarter of 2014 compared with $44.6 million, or $0.33 per diluted share,
in the prior-year period. AFFO was $97.3 million, or $0.78 per diluted
share, for the first six months of 2014 compared with $93.2 million, or
$0.68 per diluted share, in the prior-year period.
NOI for the second quarter of 2014 decreased 10.6% on a GAAP basis and
decreased 7.1% on a cash basis compared with the prior-year period,
primarily due to the sale of 18 properties in November 2013. NOI for the
first six months of 2014 decreased 11.5% on a GAAP basis and decreased
7.6% on a cash basis compared with the prior-year period, primarily due
to the sale of 18 properties in November 2013. Same Store NOI for the
second quarter of 2014 was flat compared with the prior-year period on a
GAAP basis and increased 3.5% on a cash basis. Same Store NOI for the
first six months of 2014 was flat compared with the prior-year period on
a GAAP basis and increased 3.5% on a cash basis.
Distributions:
For the second quarter of 2014, the Company paid a dividend of $0.30 per
share, or an annualized rate of $1.20 per share. The dividend was paid
on June 17, 2014 to stockholders of record as of June 2, 2014. For the
third quarter, the Company will pay a dividend of $0.30 per share, or an
annualized rate of $1.20 per share. The third quarter dividend will be
payable on September 16, 2014 to stockholders of record on September 2,
2014.
Guidance for 2014:
Based on continued strong performance of the portfolio, increased
acquisition activity and a growing pipeline, the Company has raised both
the upper and lower end of its previous guidance for 2014. For the year
ending December 31, 2014, the Company now expects to report Normalized
FFO in the range of $1.95 to $2.00 per share and Net Income Available to
Common Stockholders in the range of $0.27 to $0.29 per diluted share.
A reconciliation of projected Net Income Available to Common
Stockholders per diluted share to Normalized FFO per diluted share is
provided as follows:
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Full Year
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2014 Range
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Low
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High
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Net income available to common stockholders
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$
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0.27
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$
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0.29
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Real estate depreciation & amortization
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$
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1.51
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$
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1.54
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Normalized FFO(1)
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$
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1.95
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$
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2.00
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(1)
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As defined, in addition to depreciation and amortization per share,
impairment changes of $0.12 per share in the first and second
quarter of 2014 and acquisition fees of $0.05 per share in the
second quarter are required to reconcile Net Income per share to
Normalized FFO per share.
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The Company has updated the following assumptions for its portfolio to
reflect recent and expected dispositions primarily of suburban,
single-tenant properties; the expected timing late in the second half of
the year of a larger single-tenant office building disposition; and
increased acquisition activity that would be match-funded with
disposition proceeds. This guidance excludes the impact of the GAAP
treatment of gain or loss on interest rate swaps.
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Leased percentage at year end 2014 of 92.0% to 94.0%
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Same Store Cash NOI growth of 2.0% to 4.0%
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GAAP straight-lined rental income of $7 million to $9 million
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G&A of $32 million to $34 million, excluding any unusual or one-time
items
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Dispositions of $400 million to $600 million (as of July 31, 2014, $89
million has been completed)
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Acquisitions of $450 million to $650 million (as of July 31, 2014,
$229 million has been completed)
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Weighted average diluted share count of 125.0 million
Investor Conference Call and Webcast:
The Company will host a conference call and live audio webcast, both
open for the general public to hear, on Friday, August 8, 2014, at
10:00 a.m. ET to discuss quarterly financial results, business
highlights and provide a Company update. The number to call for this
interactive teleconference is (212) 231-2910. A replay of the conference
call will be available through August 15, 2014, by dialing
(800) 633-8284 or (402) 977-9140 and entering the confirmation number,
21721243.
The live audio webcast of the Company’s quarterly conference call will
be available online in the Investor Relations section of the Company’s
website at www.ColumbiaPropertyTrust.com.
The online replay will be available in the Investor Relations section of
the Company’s website shortly after the call and archived for
approximately twelve months following the call.
About Columbia Property Trust
One of the nation’s largest office REITs, Columbia Property Trust
invests in high-quality commercial office properties in primary markets
nationwide and has achieved an investment-grade rating from both Moody’s
and Standard & Poor’s rating services. Columbia Property Trust’s
portfolio consists of 37 office properties and one hotel, which include
58 operational buildings, comprising approximately 16.8 million square
feet located in 12 states and the District of Columbia. For information
about Columbia Property Trust, visit www.ColumbiaPropertyTrust.com.
Non-GAAP Supplemental Financial Measure Definitions:
The following non-GAAP Supplemental Financial Measures include
earnings (or components of earnings), as defined, from both continuing
operations and discontinued operations as presented in the accompanying
consolidated statements of operations.
Funds from Operations - FFO, as defined by the National
Association of Real Estate Investment Trusts (“NAREIT”), represents net
income (computed in accordance with GAAP), plus depreciation of real
estate assets and amortization of lease-related costs, excluding gains
(losses) on sales of real estate and impairment losses on real estate
assets. The Company computes FFO in accordance with NAREIT’s definition,
which may differ from the methodology for calculating FFO, or similarly
titled measures, used by other companies and this may not be comparable
to those presentations. We consider FFO an appropriate
supplemental performance measure given its wide use by and relevance to
investors and analysts. FFO, reflecting the assumption that real estate
asset values rise or fall with market conditions, principally adjusts
for the effects of GAAP depreciation and amortization of real estate
assets, which assume that the value of real estate diminishes
predictably over time.
Normalized FFO - We calculate Normalized FFO by starting with
FFO, as defined by NAREIT, and adjusting for (i) real estate
acquisition-related costs, (ii) listing costs, and (iii) loss on early
extinguishment of debt. Such items create significant earnings
volatility. We believe Normalized FFO provides a meaningful measure of
our operating performance and more predictability regarding future
earnings potential. Normalized FFO is a non-GAAP financial measure and
should not be viewed as an alternative measurement of our operating
performance to net income; therefore, it should not be compared to other
REITs’ equivalent to Normalized FFO.
Adjusted Funds from Operations - AFFO is calculated by
adjusting Normalized FFO to exclude (i) additional amortization of lease
assets (liabilities), (ii) straight-line rental income, (iii)
straight-line rental income - lease terminations, (iv) gain (loss) on
interest rate swaps, (v) non-incremental capital expenditures, and
adding back (vi) stock based compensation expense and (vii) non-cash
interest expense. Because AFFO adjusts for income and expenses that we
believe are not reflective of the sustainability of our ongoing
operating performance, we believe AFFO provides useful supplemental
information. AFFO is a non-GAAP financial measure and should not be
viewed as an alternative measurement of our operating performance to net
income, as an alternative to net cash flows from operating activities or
as a measure of our liquidity.
EBITDA - EBITDA is defined as net income before interest,
taxes, depreciation and amortization. We believe EBITDA is a reasonable
measure of our liquidity. EBITDA is a non-GAAP financial measure and
should not be viewed as an alternative measurement of cash flows from
operating activities or other GAAP basis liquidity measures. Other REITs
may calculate EBITDA differently and our calculation should not be
compared to that of other REITs.
Adjusted EBITDA - Adjusted EBITDA is defined as net income
before interest, taxes, depreciation and amortization and incrementally
removing any impairment losses, gains or losses from sales of property,
real estate acquisition-related costs, discontinued operations
adjustments, or other extraordinary items. We do not include impairment
losses in this measure because we feel these types of losses create
volatility in our earnings and make it difficult to determine the
earnings generated by our ongoing business. We believe adjusted EBITDA
is a reasonable measure of our liquidity. Adjusted EBITDA is a non-GAAP
financial measure and should not be viewed as an alternative measurement
of cash flows from operating activities or other GAAP basis liquidity
measures. Other REITs may calculate adjusted EBITDA differently and our
calculation should not be compared to that of other REITs.
Cash Net Operating Income (Cash NOI): Cash NOI is defined as
Adjusted EBITDA adjusted for (i) portfolio general and administrative
expense, (ii) interest rate swap valuation adjustments, (iii) interest
expense associated with interest rates swaps, (iv) cash lease
termination income, (v) amortization of deferred maintenance, (vi)
straight-line rent, (vii) straight-line rent - lease terminations,
(viii) net effect of above/(below) market amortization, (ix) GAAP lease
termination expense (x) discontinued operations adjustments. The company
uses this measure to assess its operating results and believes it is
important in assessing operating performance. Cash NOI is a non-GAAP
measure which does not have any standard meaning prescribed by GAAP and
therefore may not be comparable to similar measures presented by other
companies.
GAAP Net Operating Income (GAAP NOI): GAAP NOI is defined as
Adjusted EBITDA adjusted for (i) portfolio general and administrative
expense, (ii) interest rate swap valuation adjustments, (iii) interest
expense associated with interest rates swaps, (iv) GAAP lease
termination income, (v) discontinued operations adjustments. The company
uses this measure to assess its operating results and believes it is
important in assessing operating performance. GAAP NOI is a non-GAAP
measure which does not have any standard meaning prescribed by GAAP and
therefore may not be comparable to similar measures presented by other
companies.
Forward-Looking Statements:
Certain statements contained in this press release other than
historical facts may be considered forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. We intend for all such
forward-looking statements to be covered by the applicable safe harbor
provisions for forward-looking statements contained in those acts. Such
statements include, in particular, statements about our plans,
strategies, guidance, and prospects and are subject to certain risks and
uncertainties, including known and unknown risks, which could cause
actual results to differ materially from those projected or anticipated.
Therefore, such statements are not intended to be a guarantee of our
performance in future periods. Such forward-looking statements can
generally be identified by our use of forward-looking terminology such
as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,”
“believe,” “continue,” or other similar words. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak
only as of the date of this press release. We make no representations or
warranties (express or implied) about the accuracy of any such
forward-looking statements contained in this press release, and we do
not intend to publicly update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise.
Any such forward-looking statements are subject to risks,
uncertainties, and other factors and are based on a number of
assumptions involving judgments with respect to, among other things,
future economic, competitive, and market conditions, all of which are
difficult or impossible to predict accurately. To the extent that our
assumptions differ from actual conditions, our ability to accurately
anticipate results expressed in such forward-looking statements,
including our ability to generate positive cash flow from operations,
make distributions to stockholders, and maintain the value of our real
estate properties, may be significantly hindered. See Item 1A in the
Company’s most recently filed Annual Report on Form 10-K for the year
ended December 31, 2013 for a discussion of some of the risks and
uncertainties that could cause actual results to differ materially from
those presented in our forward-looking statements. The risk factors
described in our Annual Report are not the only ones we face, but do
represent those risks and uncertainties that we believe are material to
us. Additional risks and uncertainties not currently known to us or that
we currently deem immaterial may also harm our business.
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COLUMBIA PROPERTY TRUST, INC.
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CONSOLIDATED BALANCE SHEETS
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(in thousands, except share and per-share amounts)
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(Unaudited)
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June 30,
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December 31,
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2014
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2013
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Assets:
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Real estate assets, at cost:
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Land
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$
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749,068
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$
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706,938
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Buildings and improvements, less accumulated depreciation of
$641,687 and $604,497, as of June 30, 2014 and December 31, 2013,
respectively
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3,020,793
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2,976,287
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Intangible lease assets, less accumulated amortization of $308,341
and $298,975, as of June 30, 2014 and December 31, 2013, respectively
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269,821
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281,220
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Construction in progress
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18,943
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7,949
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Real estate assets held for sale, less accumulated depreciation and
amortization of $14,527, as of June 30, 2014
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49,809
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-
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Total real estate assets
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4,108,434
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3,972,394
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Cash and cash equivalents
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49,334
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99,855
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Tenant receivables, net of allowance for doubtful accounts of $10
and $52 as of June 30, 2014 and December 31, 2013, respectively
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7,154
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7,414
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Straight-line rent receivable
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117,991
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113,592
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Prepaid expenses and other assets
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27,974
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32,423
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Deferred financing costs, less accumulated amortization of $13,444
and $11,938, as of
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June 30, 2014 and December 31, 2013, respectively
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9,527
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10,388
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Intangible lease origination costs, less accumulated amortization of
$221,615 and $216,598, as of June 30, 2014 and December 31, 2013,
respectively
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133,778
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148,889
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Deferred lease costs, less accumulated amortization of $33,096 and
$27,375, as of June 30, 2014 and December 31, 2013, respectively
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105,640
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87,527
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Investment in development authority bonds
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120,000
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120,000
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Other assets held for sale, less accumulated amortization of $4,296,
as of June 30, 2014
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1,539
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-
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Total assets
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$
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4,681,371
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$
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4,592,482
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Liabilities:
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Line of credit and notes payable
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$
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1,386,644
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$
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1,240,249
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Bonds payable, net of discount of $944 and $1,070, as of June 30,
2014 and December 31, 2013, respectively
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249,056
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248,930
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Accounts payable, accrued expenses, and accrued capital expenditures
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98,737
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99,678
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Deferred income
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24,353
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21,938
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Intangible lease liabilities, less accumulated amortization of
$78,945 and $76,500, as of June 30, 2014 and December 31, 2013,
respectively
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76,069
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73,864
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Obligations under capital leases
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120,000
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120,000
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Liabilities held for sale, less accumulated amortization of $3,719
as of June 30, 2014
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1,327
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-
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Total liabilities
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1,956,186
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1,804,659
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Commitments and Contingencies (Note 6)
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-
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-
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Equity:
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Common stock, $0.01 par value, 900,000,000 shares authorized,
124,966,166 and 124,830,122 shares issued and outstanding as of June
30, 2014 and December 31, 2013, respectively
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1,249
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1,248
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Additional paid-in capital
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4,600,874
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4,600,166
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Cumulative distributions in excess of earnings
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(1,873,842
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)
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(1,810,284
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)
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Other comprehensive loss
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(3,096
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)
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(3,307
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)
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Total equity
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2,725,185
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2,787,823
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Total liabilities and equity
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$
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4,681,371
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$
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4,592,482
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COLUMBIA PROPERTY TRUST, INC.
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(in thousands, except per-share amounts)
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(Unaudited)
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(Unaudited)
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Three months ended
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Six months ended
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June 30,
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June 30,
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2014
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2013
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2014
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2013
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Revenues:
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Rental income
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$
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103,821
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$
|
103,103
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$
|
204,388
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$
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204,409
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Tenant reimbursements
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22,934
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21,266
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46,667
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43,510
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Hotel income
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6,505
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6,562
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10,566
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|
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|
|
11,516
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Other property income
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|
3,497
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|
|
|
|
966
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|
|
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4,304
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|
|
|
1,254
|
|
|
|
|
|
|
136,757
|
|
|
|
|
131,897
|
|
|
|
|
265,925
|
|
|
|
|
260,689
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating costs
|
|
|
|
38,832
|
|
|
|
|
37,069
|
|
|
|
|
77,812
|
|
|
|
|
74,653
|
|
|
Hotel operating costs
|
|
|
|
4,689
|
|
|
|
|
4,820
|
|
|
|
|
8,830
|
|
|
|
|
9,081
|
|
|
Asset and property management fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related-party
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
4,693
|
|
|
Other
|
|
|
|
675
|
|
|
|
|
530
|
|
|
|
|
964
|
|
|
|
|
1,143
|
|
|
Depreciation
|
|
|
|
30,169
|
|
|
|
|
26,955
|
|
|
|
|
57,473
|
|
|
|
|
53,665
|
|
|
Amortization
|
|
|
|
20,221
|
|
|
|
|
19,982
|
|
|
|
|
38,742
|
|
|
|
|
39,884
|
|
|
Impairment loss on real estate assets
|
|
|
|
1,432
|
|
|
|
|
-
|
|
|
|
|
14,982
|
|
|
|
|
-
|
|
|
General and administrative
|
|
|
|
8,412
|
|
|
|
|
8,957
|
|
|
|
|
15,358
|
|
|
|
|
45,776
|
|
|
Acquisition fees and expenses
|
|
|
|
6,102
|
|
|
|
|
-
|
|
|
|
|
6,102
|
|
|
|
|
-
|
|
|
|
|
|
|
110,532
|
|
|
|
|
98,313
|
|
|
|
|
220,263
|
|
|
|
|
228,895
|
|
|
Real estate operating income
|
|
|
|
26,225
|
|
|
|
|
33,584
|
|
|
|
|
45,662
|
|
|
|
|
31,794
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
(18,860
|
)
|
|
|
|
(26,049
|
)
|
|
|
|
(36,770
|
)
|
|
|
|
(52,183
|
)
|
|
Interest and other income
|
|
|
|
1,802
|
|
|
|
|
9,113
|
|
|
|
|
3,612
|
|
|
|
|
18,224
|
|
|
Gain (loss) on interest rate swaps
|
|
|
|
(105
|
)
|
|
|
|
164
|
|
|
|
|
(335
|
)
|
|
|
|
221
|
|
|
|
|
|
|
(17,163
|
)
|
|
|
|
(16,772
|
)
|
|
|
|
(33,493
|
)
|
|
|
|
(33,738
|
)
|
|
Income (loss) before income tax expense
|
|
|
|
9,062
|
|
|
|
|
16,812
|
|
|
|
|
12,169
|
|
|
|
|
(1,944
|
)
|
|
Income tax expense
|
|
|
|
(351
|
)
|
|
|
|
(323
|
)
|
|
|
|
(7
|
)
|
|
|
|
(222
|
)
|
|
Income (loss) from continuing operations
|
|
|
|
8,711
|
|
|
|
|
16,489
|
|
|
|
|
12,162
|
|
|
|
|
(2,166
|
)
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) from discontinued operations
|
|
|
|
(40
|
)
|
|
|
|
4,112
|
|
|
|
|
237
|
|
|
|
|
(9,855
|
)
|
|
Gain (loss) on disposition of discontinued operations
|
|
|
|
(650
|
)
|
|
|
|
-
|
|
|
|
|
(978
|
)
|
|
|
|
10,014
|
|
|
Income (loss) from discontinued operations
|
|
|
|
(690
|
)
|
|
|
|
4,112
|
|
|
|
|
(741
|
)
|
|
|
|
159
|
|
|
Net income (loss)
|
|
|
$
|
8,021
|
|
|
|
$
|
20,601
|
|
|
|
$
|
11,421
|
|
|
|
$
|
(2,007
|
)
|
|
Per-share information – basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
$
|
0.07
|
|
|
|
$
|
0.12
|
|
|
|
$
|
0.10
|
|
|
|
$
|
(0.02
|
)
|
|
Income (loss) from discontinued operations
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
0.03
|
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
0.00
|
|
|
Net income (loss)
|
|
|
$
|
0.06
|
|
|
|
$
|
0.15
|
|
|
|
$
|
0.09
|
|
|
|
$
|
(0.01
|
)
|
|
Weighted-average common shares outstanding – basic
|
|
|
|
124,860
|
|
|
|
|
135,816
|
|
|
|
|
124,855
|
|
|
|
|
136,166
|
|
|
Per-share information – diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
$
|
0.07
|
|
|
|
$
|
0.12
|
|
|
|
$
|
0.10
|
|
|
|
$
|
(0.02
|
)
|
|
Income (loss) from discontinued operations
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
0.03
|
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
0.00
|
|
|
Net income (loss)
|
|
|
$
|
0.06
|
|
|
|
$
|
0.15
|
|
|
|
$
|
0.09
|
|
|
|
$
|
(0.01
|
)
|
|
Weighted-average common shares outstanding – diluted
|
|
|
|
124,919
|
|
|
|
|
135,816
|
|
|
|
|
124,901
|
|
|
|
|
136,166
|
|
|
Dividends per share
|
|
|
$
|
0.300
|
|
|
|
$
|
0.380
|
|
|
|
$
|
0.600
|
|
|
|
$
|
0.760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLUMBIA PROPERTY TRUST, INC.
|
|
FUNDS FROM OPERATIONS, NORMALIZED FUNDS FROM OPERATIONS
|
|
AND ADJUSTED FUNDS FROM OPERATIONS
|
|
(in thousands, except per-share amounts, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
Six months ended
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Reconciliation of Net Income (Loss) to Funds From Operations,
Normalized Funds From Operations and Adjusted Funds From
Operations:
|
|
|
|
|
Net income (loss)
|
|
|
$
|
8,021
|
|
|
|
$
|
20,601
|
|
|
|
$
|
11,421
|
|
|
|
$
|
(2,007
|
)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of real estate assets(1)
|
|
|
|
30,169
|
|
|
|
|
30,608
|
|
|
|
|
57,473
|
|
|
|
|
61,235
|
|
|
Amortization of lease-related costs(1)
|
|
|
|
20,221
|
|
|
|
|
22,327
|
|
|
|
|
38,742
|
|
|
|
|
44,274
|
|
|
Impairment loss on real estate assets(1)
|
|
|
|
1,432
|
|
|
|
|
-
|
|
|
|
|
14,982
|
|
|
|
|
16,867
|
|
|
Loss (gain) on sale of real estate - discontinued operations
|
|
|
|
650
|
|
|
|
|
-
|
|
|
|
|
978
|
|
|
|
|
(10,014
|
)
|
|
Funds From Operations adjustments
|
|
|
|
52,472
|
|
|
|
|
52,935
|
|
|
|
|
112,175
|
|
|
|
|
112,362
|
|
|
Funds From Operations
|
|
|
$
|
60,493
|
|
|
|
$
|
73,536
|
|
|
|
$
|
123,596
|
|
|
|
$
|
110,355
|
|
|
Real estate acquisition related costs
|
|
|
|
6,102
|
|
|
|
|
-
|
|
|
|
|
6,102
|
|
|
|
|
-
|
|
|
Consulting and transition services fees(2)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
29,187
|
|
|
Normalized FFO
|
|
|
$
|
66,595
|
|
|
|
$
|
73,536
|
|
|
|
$
|
129,698
|
|
|
|
$
|
139,542
|
|
|
Other income (expenses) included in net income (loss), which do not
correlate with our operations:
|
|
|
|
|
Additional amortization of lease assets (liabilities)(3)
|
|
|
|
(924
|
)
|
|
|
|
(555
|
)
|
|
|
|
(1,200
|
)
|
|
|
|
(1,173
|
)
|
|
Straight-line rental income
|
|
|
|
(1,789
|
)
|
|
|
|
(5,955
|
)
|
|
|
|
(3,879
|
)
|
|
|
|
(12,550
|
)
|
|
Straight-line rental income - lease terminations
|
|
|
|
3,290
|
|
|
|
|
(573
|
)
|
|
|
|
3,024
|
|
|
|
|
(571
|
)
|
|
Gain on interest rate swaps
|
|
|
|
(1,227
|
)
|
|
|
|
(1,783
|
)
|
|
|
|
(2,324
|
)
|
|
|
|
(3,461
|
)
|
|
Stock-based compensation expense(4)
|
|
|
|
516
|
|
|
|
|
-
|
|
|
|
|
1,023
|
|
|
|
|
-
|
|
|
Non-cash interest expense(5)
|
|
|
|
776
|
|
|
|
|
862
|
|
|
|
|
1,512
|
|
|
|
|
1,720
|
|
|
Total other non-cash adjustments
|
|
|
|
642
|
|
|
|
|
(8,004
|
)
|
|
|
|
(1,844
|
)
|
|
|
|
(16,035
|
)
|
|
Non-incremental capital expenditures(6)
|
|
|
|
(11,203
|
)
|
|
|
|
(20,930
|
)
|
|
|
|
(30,547
|
)
|
|
|
|
(30,292
|
)
|
|
Adjusted FFO
|
|
|
$
|
56,034
|
|
|
|
$
|
44,602
|
|
|
|
$
|
97,307
|
|
|
|
$
|
93,215
|
|
|
Weighted-average shares outstanding - basic
|
|
|
|
124,860
|
|
|
|
|
135,816
|
|
|
|
|
124,855
|
|
|
|
|
136,166
|
|
|
Per-share information - basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per share
|
|
|
$
|
0.48
|
|
|
|
$
|
0.54
|
|
|
|
$
|
0.99
|
|
|
|
$
|
0.81
|
|
|
Normalized FFO per share
|
|
|
$
|
0.53
|
|
|
|
$
|
0.54
|
|
|
|
$
|
1.04
|
|
|
|
$
|
1.02
|
|
|
Adjusted FFO per share
|
|
|
$
|
0.45
|
|
|
|
$
|
0.33
|
|
|
|
$
|
0.78
|
|
|
|
$
|
0.68
|
|
|
Weighted-average shares outstanding - diluted
|
|
|
|
124,919
|
|
|
|
|
135,816
|
|
|
|
|
124,901
|
|
|
|
|
136,166
|
|
|
Per-share information - diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per share
|
|
|
$
|
0.48
|
|
|
|
$
|
0.54
|
|
|
|
$
|
0.99
|
|
|
|
$
|
0.81
|
|
|
Normalized FFO per share
|
|
|
$
|
0.53
|
|
|
|
$
|
0.54
|
|
|
|
$
|
1.04
|
|
|
|
$
|
1.02
|
|
|
Adjusted FFO per share
|
|
|
$
|
0.45
|
|
|
|
$
|
0.33
|
|
|
|
$
|
0.78
|
|
|
|
$
|
0.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes amounts attributable to consolidated properties,
including discontinued operations.
|
|
(2) Includes nonrecurring fees incurred under the consulting and
transition services agreements. See Quarterly Report on Form 10-Q
for the quarter ended March 31, 2013 and Annual Report on Form 10-K
for the year ended December 31, 2012 for a description of these fees.
|
|
(3) GAAP implicitly assumes that the value of intangible lease
assets (liabilities) diminishes predictably over time and, thus,
requires these charges to be recognized ratably over the respective
lease terms. Such intangible lease assets (liabilities) arise from
the allocation of acquisition price related to direct costs
associated with obtaining a new tenant, the value of opportunity
costs associated with lost rentals, the value of tenant
relationships, and the value of effective rental rates of in-place
leases that are above or below market rates of comparable leases at
the time of acquisition. Like real estate values, market lease rates
in aggregate have historically risen or fallen with local market
conditions.
|
|
(4) This item represents the noncash impact of compensation expense
related to stock grants under our 2013 Long-Term Incentive Plan.
|
|
(5) This item represents amortization of financing costs paid in
connection with executing our debt instruments, and the accretion of
premiums (and amortization of discounts) on certain of our debt
instruments. GAAP requires these items to be recognized over the
remaining term of the respective debt instrument, which may not
correlate with the ongoing operations of our real estate portfolio.
|
|
(6) Non-Incremental Capital Expenditures are defined as capital
expenditures related to tenant improvements and leasing commissions
that do not incrementally enhance the underlying assets’ income
generating capacity. We exclude first generation tenant improvements
and leasing commissions from this measure.
|
|
|
|
|
|
COLUMBIA PROPERTY TRUST, INC.
|
|
NET OPERATING INCOME AND SAME STORE NET OPERATING INCOME - CASH BASIS
|
|
(in thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
Six months ended
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Reconciliation of Net Income (Loss) to Net Operating Income and Same
Store Net Operating Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
8,021
|
|
|
|
$
|
20,601
|
|
|
|
$
|
11,421
|
|
|
|
$
|
(2,007
|
)
|
|
Net interest expense
|
|
|
|
18,860
|
|
|
|
|
26,049
|
|
|
|
|
36,770
|
|
|
|
|
52,183
|
|
|
Interest income from development authority bonds
|
|
|
|
(1,800
|
)
|
|
|
|
(9,107
|
)
|
|
|
|
(3,600
|
)
|
|
|
|
(18,214
|
)
|
|
Income tax benefit
|
|
|
|
351
|
|
|
|
|
323
|
|
|
|
|
7
|
|
|
|
|
222
|
|
|
Depreciation
|
|
|
|
30,169
|
|
|
|
|
26,955
|
|
|
|
|
57,473
|
|
|
|
|
53,665
|
|
|
Amortization
|
|
|
|
20,221
|
|
|
|
|
19,982
|
|
|
|
|
38,742
|
|
|
|
|
39,884
|
|
|
EBITDA
|
|
|
$
|
75,822
|
|
|
|
$
|
84,803
|
|
|
|
$
|
140,813
|
|
|
|
$
|
125,733
|
|
|
Impairment loss
|
|
|
|
1,432
|
|
|
|
|
-
|
|
|
|
|
14,982
|
|
|
|
|
-
|
|
|
Consulting and transition services fees(1)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
29,187
|
|
|
Real estate acquisition costs
|
|
|
|
6,102
|
|
|
|
|
-
|
|
|
|
|
6,102
|
|
|
|
|
-
|
|
|
Discontinued operations adjustment
|
|
|
|
650
|
|
|
|
|
7,126
|
|
|
|
|
978
|
|
|
|
|
21,071
|
|
|
Adjusted EBITDA
|
|
|
$
|
84,006
|
|
|
|
$
|
91,929
|
|
|
|
$
|
162,875
|
|
|
|
$
|
175,991
|
|
|
Asset management fees(2)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
5,083
|
|
|
General and administrative
|
|
|
|
8,412
|
|
|
|
|
8,957
|
|
|
|
|
15,358
|
|
|
|
|
16,589
|
|
|
Interest rate swap valuation adjustment
|
|
|
|
(1,227
|
)
|
|
|
|
(1,783
|
)
|
|
|
|
(2,324
|
)
|
|
|
|
(3,461
|
)
|
|
Interest expense associated with interest rate swaps
|
|
|
|
1,332
|
|
|
|
|
1,619
|
|
|
|
|
2,659
|
|
|
|
|
3,240
|
|
|
Lease termination income - cash(3)
|
|
|
|
(6,314
|
)
|
|
|
|
-
|
|
|
|
|
(6,495
|
)
|
|
|
|
-
|
|
|
Amortization of deferred maintenance
|
|
|
|
169
|
|
|
|
|
48
|
|
|
|
|
294
|
|
|
|
|
95
|
|
|
Straight-line rental income(2)
|
|
|
|
(1,789
|
)
|
|
|
|
(5,955
|
)
|
|
|
|
(3,879
|
)
|
|
|
|
(12,550
|
)
|
|
Straight-line rental income - lease terminations
|
|
|
|
3,290
|
|
|
|
|
(573
|
)
|
|
|
|
3,024
|
|
|
|
|
(571
|
)
|
|
Net effect of above/(below) market amortization
|
|
|
|
(1,092
|
)
|
|
|
|
(571
|
)
|
|
|
|
(1,494
|
)
|
|
|
|
(1,037
|
)
|
|
Lease termination expense - GAAP(4)
|
|
|
|
(114
|
)
|
|
|
|
(1
|
)
|
|
|
|
(114
|
)
|
|
|
|
(1
|
)
|
|
NOI - Cash basis from discontinued operations adjustments
|
|
|
|
110
|
|
|
|
|
(286
|
)
|
|
|
|
128
|
|
|
|
|
549
|
|
|
Net Operating Income - Cash Basis
|
|
|
$
|
86,783
|
|
|
|
$
|
93,384
|
|
|
|
$
|
170,032
|
|
|
|
$
|
183,927
|
|
|
Net Operating Income from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions(5)
|
|
|
|
(943
|
)
|
|
|
|
-
|
|
|
|
|
(943
|
)
|
|
|
|
-
|
|
|
Dispositions(6)
|
|
|
|
(286
|
)
|
|
|
|
(10,714
|
)
|
|
|
|
(600
|
)
|
|
|
|
(21,092
|
)
|
|
Same Store NOI - Cash Basis
|
|
|
$
|
85,554
|
|
|
|
$
|
82,670
|
|
|
|
$
|
168,489
|
|
|
|
$
|
162,835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes nonrecurring fees incurred under the consulting and
transition services agreements, which were terminated effective
December 31, 2013. See Quarterly Report on Form 10-Q for the quarter
ended March 31, 2013 and Annual Report on Form 10-K for the year
ended December 31, 2012 for a description of these fees.
|
|
(2) Includes amounts attributable to consolidated properties,
including discontinued operations.
|
|
(3) Excludes adjustments for straight-line rent related to lease
terminations.
|
|
(4) Includes adjustments for straight-line rent related to lease
terminations.
|
|
(5) Includes the following acquisition: 221 Main Street.
|
|
(6) Dispositions include: 200 South Orange Building, 160 Park
Avenue, 2500 Windy Ridge Parkway, 4200 Wildwood Parkway, 4100-4300
Wildwood Parkway, 120 Eagle Rock, 919 Hidden Ridge, 4300 Centreway
Place, One Century Place, Sterling Commerce Center, Chase Center
Building, 4241 Irwin Simpson, 8990 Duke Road, 11200 West Parkland
Avenue, College Park Plaza, 1200 Morris Drive, 13655 Riverport
Drive, 15815 & 16201 25th Avenue West, and 333 & 777 Republic Drive.
|
|
|
|
|
|
COLUMBIA PROPERTY TRUST, INC.
|
|
NET OPERATING INCOME AND SAME STORE NET OPERATING INCOME - GAAP BASIS
|
|
(in thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
Six months ended
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Reconciliation of Net Income (Loss) to Net Operating Income and Same
Store Net Operating Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
8,021
|
|
|
|
$
|
20,601
|
|
|
|
$
|
11,421
|
|
|
|
$
|
(2,007
|
)
|
|
Net interest expense
|
|
|
|
18,860
|
|
|
|
|
26,049
|
|
|
|
|
36,770
|
|
|
|
|
52,183
|
|
|
Interest income from development authority bonds
|
|
|
|
(1,800
|
)
|
|
|
|
(9,107
|
)
|
|
|
|
(3,600
|
)
|
|
|
|
(18,214
|
)
|
|
Income tax benefit
|
|
|
|
351
|
|
|
|
|
323
|
|
|
|
|
7
|
|
|
|
|
222
|
|
|
Depreciation
|
|
|
|
30,169
|
|
|
|
|
26,955
|
|
|
|
|
57,473
|
|
|
|
|
53,665
|
|
|
Amortization
|
|
|
|
20,221
|
|
|
|
|
19,982
|
|
|
|
|
38,742
|
|
|
|
|
39,884
|
|
|
EBITDA
|
|
|
$
|
75,822
|
|
|
|
$
|
84,803
|
|
|
|
$
|
140,813
|
|
|
|
$
|
125,733
|
|
|
Impairment loss
|
|
|
|
1,432
|
|
|
|
|
-
|
|
|
|
|
14,982
|
|
|
|
|
-
|
|
|
Consulting and transition services fees(1)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
29,187
|
|
|
Real estate acquisition-related costs
|
|
|
|
6,102
|
|
|
|
|
-
|
|
|
|
|
6,102
|
|
|
|
|
-
|
|
|
Discontinued operations adjustment
|
|
|
|
650
|
|
|
|
|
7,126
|
|
|
|
|
978
|
|
|
|
|
21,071
|
|
|
Adjusted EBITDA
|
|
|
$
|
84,006
|
|
|
|
$
|
91,929
|
|
|
|
$
|
162,875
|
|
|
|
$
|
175,991
|
|
|
Asset management fees(2)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
5,083
|
|
|
General and administrative
|
|
|
|
8,412
|
|
|
|
|
8,957
|
|
|
|
|
15,358
|
|
|
|
|
16,589
|
|
|
Interest rate swap valuation adjustment
|
|
|
|
(1,227
|
)
|
|
|
|
(1,783
|
)
|
|
|
|
(2,324
|
)
|
|
|
|
(3,461
|
)
|
|
Interest expense associated with interest rate swaps
|
|
|
|
1,332
|
|
|
|
|
1,619
|
|
|
|
|
2,659
|
|
|
|
|
3,240
|
|
|
Lease termination income - GAAP(3)
|
|
|
|
(3,138
|
)
|
|
|
|
(571
|
)
|
|
|
|
(3,585
|
)
|
|
|
|
(571
|
)
|
|
NOI - GAAP basis from discontinued operations adjustments
|
|
|
|
279
|
|
|
|
|
144
|
|
|
|
|
421
|
|
|
|
|
1,436
|
|
|
Net Operating Income - GAAP Basis
|
|
|
$
|
89,664
|
|
|
|
$
|
100,295
|
|
|
|
$
|
175,404
|
|
|
|
$
|
198,307
|
|
|
Net Operating Income from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions(4)
|
|
|
|
(1,869
|
)
|
|
|
|
-
|
|
|
|
|
(1,869
|
)
|
|
|
|
-
|
|
|
Dispositions(5)
|
|
|
|
(275
|
)
|
|
|
|
(12,810
|
)
|
|
|
|
(579
|
)
|
|
|
|
(26,199
|
)
|
|
Same Store NOI - GAAP Basis
|
|
|
$
|
87,520
|
|
|
|
$
|
87,485
|
|
|
|
$
|
172,956
|
|
|
|
$
|
172,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes nonrecurring fees incurred under the consulting and
transition services agreements, which were terminated effective
December 31, 2013. See Quarterly Report on Form 10-Q for the quarter
ended March 31, 2013 and Annual Report on Form 10-K for the year
ended December 31, 2012 for a description of these fees.
|
|
(2) Includes amounts attributable to consolidated properties,
including discontinued operations.
|
|
(3) Includes adjustments for straight-line rent related to lease
terminations.
|
|
(4) Includes the following acquisition: 221 Main Street.
|
|
(5) Dispositions include: 200 South Orange Building, 160 Park
Avenue, 2500 Windy Ridge Parkway, 4200 Wildwood Parkway, 4100-4300
Wildwood Parkway, 120 Eagle Rock, 919 Hidden Ridge, 4300 Centreway
Place, One Century Place, Sterling Commerce Center, Chase Center
Building, 4241 Irwin Simpson, 8990 Duke Road, 11200 West Parkland
Avenue, College Park Plaza, 1200 Morris Drive, 13655 Riverport
Drive, 15815 & 16201 25th Avenue West, and 333 & 777 Republic Drive.
|
|
|
Columbia Property Trust, Inc.
Analysts
and Institutional Investors:
James A. Fleming,
404-465-2200
EVP - Chief Financial Officer
or
Krister
Romeyn, 404-465-2200
Investor Relations
IR@columbiapropertytrust.com
or
Shareholder
Services:
Toll free: 855-347-0042
Fax:
816-701-7629
shareholders@columbiapropertytrust.com
Source: Columbia Property Trust, Inc.