ATLANTA--(BUSINESS WIRE)--
Columbia Property Trust, Inc. (the “Company”) (NYSE: CXP) reported
financial results today for the fourth quarter and year ended December
31, 2014.
Highlights:
-
For the fourth quarter of 2014, Normalized Funds from Operations (FFO)
per diluted share was $0.49, Adjusted Funds from Operations (AFFO) per
diluted share was $0.28, and Net Income Attributable to Common
Shareholders per diluted share was $0.45
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For 2014, Normalized FFO per diluted share was $2.04, AFFO per diluted
share was $1.46, and Net Income Attributable to Common Shareholders
per diluted share was $0.74
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Advanced the execution of our strategy by selling the single-tenant
Lenox Park Property in Atlanta for $290.0 million in October
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Leveraged the proceeds from the Lenox Park disposition to improve our
concentration in key markets and central business districts, by
acquiring a two-property portfolio for $436.0 million, primarily
comprised of 315 Park Avenue South in New York, and 116 Huntington
Avenue in Boston's Back Bay for $152.0 million in the first quarter of
2015
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In the first quarter of 2015, we executed leasing for over 100,000
square feet at 221 Main in San Francisco, which effectively stabilizes
the asset
"We are pleased with our fourth quarter results, and a strong finish to
the year. In 2014, we made great improvements to our portfolio, and
significantly advanced the execution of our strategy. Over the past
twelve months, we acquired $1.1 billion of assets in key markets with
value-creation opportunities, and sold $400 million of non-core assets
in suburban or low-barrier markets,” noted Nelson Mills, CEO of Columbia
Property Trust, “As previously announced, we plan to round out our
portfolio repositioning efforts in 2015 with $500 to $600 million more
dispositions of non-core assets, as a result, are expecting lower
near-term earnings as reflected in our 2015 guidance. We believe these
steps position us well for value creation and future growth."
Acquisition Activity:
On January 7, 2015, we acquired a two-property portfolio for $436.0
million, including 315 Park Avenue South, a 341,000-square-foot,
historic, Class A office building in New York's Gramercy Park
sub-market, and 1881 Campus Commons Drive, a 245,000-square-foot, Class
A office building in Washington D.C.'s Reston, Virginia sub-market.
On January 8, 2015, we acquired 116 Huntington Avenue, a
274,000-square-foot, Class A office building in Boston's Back Bay
district for $152.0 million.
Disposition Activity:
In October 2014, we completed the sale of the five-building,
1,040,000-square-foot Class-A, single-tenant office campus at Lenox Park
in Atlanta, GA, for $290 million. Lenox Park is 100% leased to AT&T
Corporation, and had annualized Net Operating Income ("NOI") of
approximately $20 million.
Portfolio Highlights:
-
During the fourth quarter, we entered into leases for 323,000 rentable
square feet of office space with an average lease term of
approximately 11.8 years. Our fourth quarter leasing activity included
134,000 square feet of new leases and 189,000 square feet of renewal
leases.
-
As of December 31, 2014, our portfolio of 35 office properties was
93.3% leased and 92.7% occupied compared with 92.3% leased and 90.1%
occupied as of December 31, 2013.
-
For leases executed during the quarter, we experienced a 0.7% increase
in rental rates on a cash basis and a 8.2% increase in rental rates on
a GAAP basis.
Financial Results:
Net Income Attributable to Common Stockholders was $56.2 million, or
$0.45 per diluted share, for the fourth quarter of 2014 compared with
Net Income Attributable to Common Stockholders of $12.9 million, or
$0.10 per diluted share, for the fourth quarter of 2013. Net Income
Attributable to Common Stockholders was $92.6 million, or $0.74 per
diluted share, for 2014 compared with $15.7 million, or $0.12 per
diluted share, for 2013.
Normalized FFO was $61.4 million, or $0.49 per diluted share, for the
fourth quarter of 2014 compared with $67.4 million, or $0.52 per diluted
share, in the prior-year period. Normalized FFO was $255.2 million, or
$2.04 per diluted share, for 2014 compared with $278.3 million, or $2.08
per diluted share, in 2013.
AFFO was $35.1 million, or $0.28 per diluted share, for the fourth
quarter of 2014 compared with $45.9 million, or $0.36 per diluted share,
in the prior-year period. AFFO was $181.8 million, or $1.46 per diluted
share, for 2014 compared with $189.8 million, or $1.42 per diluted
share, in 2013.
NOI for the fourth quarter of 2014 decreased 5.1% on a GAAP basis and
decreased 6.8% on a cash basis compared with the prior-year period,
primarily due to the sale of 18 properties in November 2013. NOI for
2014 decreased 9.6% on a GAAP basis and decreased 7.2% on a cash basis
compared with 2013, primarily due to the sale of 18 properties in
November 2013. Same Store NOI for the fourth quarter of 2014 increased
0.7% compared with 2013 on a GAAP basis and increased 1.8% on a cash
basis. Same Store NOI for 2014 increased 1.1% compared with 2013 on a
GAAP basis and increased 3.8% on a cash basis.
Distributions:
For the fourth quarter of 2014, we paid a dividend of $0.30 per share,
or an annualized rate of $1.20 per share. The dividend was paid on
December 16, 2014 to stockholders of record as of December 2, 2014.
Guidance for 2015:
For the year ending December 31, 2015, the Company expects to report
Normalized FFO in a range of $1.85 to $1.91 per diluted share, and Net
Income Available to Common Stockholders in the range of $0.17 to $0.23
per diluted share.
A reconciliation of projected Net Income Available to Common
Stockholders per diluted share to projected FFO and Normalized FFO per
diluted share is provided as follows:
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Full Year
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2015 Range
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Low
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High
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Net income available to common shareholders
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$
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0.17
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$
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0.23
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Add: Real estate depreciation & amortization
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1.66
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1.66
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FFO
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1.83
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1.89
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Add: Acquisition costs
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0.02
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0.02
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Normalized FFO
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$
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1.85
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$
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1.91
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Our guidance for 2015 is based on the following assumptions for our
portfolio. This guidance excludes the impact of the GAAP treatment of
gains or losses on interest rate swaps.
-
Leased percentage at year end 2015 of 91.0% to 93.0%
-
Same Store Cash NOI 3.0% to 3.5% less than 2014
-
GAAP straight-lined rental income of $14 million to $17 million
-
G&A of $31 million to $33 million, excluding any unusual or one-time
items
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Dispositions of $500 million to $600 million
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Acquisitions of $588 million (Completed January 2015)
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Weighted average diluted share count of 125.0 million
Jim Fleming, Executive Vice President and Chief Financial Officer,
added, "Our guidance for 2015 reflects the impact from significant
disposition activity in 2014 and the long-term renewals of several
large-space users as well as the projected disposition of most of our
remaining suburban and single-tenant assets in the second half of this
year. The recent additions of several value-creating acquisitions, with
sizable leasing and roll-up opportunities should improve our income
performance over time, and our coverage ratios should remain near the
top of the industry as we manage our capital structure through
disposition proceeds and longer-term financings."
These estimates reflect management’s view of current market conditions
and incorporate certain economic and operational assumptions and
projections. This annual guidance includes the continued enhancement of
the portfolio based on the above assumptions. Actual results could
differ from these estimates. Note that individual quarters may fluctuate
on both a cash basis and a GAAP basis due to the timing of dispositions,
lease commencements and expirations, the timing of repairs and
maintenance, capital expenditures, capital markets activities and
one-time revenue or expense events. In addition, the Company’s guidance
is based on information available to management as of the date of this
release.
Investor Conference Call and Webcast:
We will host a conference call and live audio webcast, both open for the
general public to hear, on Friday, February 13, 2015, at 10:00 a.m. ET
to discuss financial results, business highlights, and 2015 guidance.
The number to call for this interactive teleconference is
(212) 231-2902. A replay of the conference call will be available
through February 20, 2015, by dialing (800) 633-8284 or (402) 977-9140
and entering the confirmation number, 21757883.
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 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. As of February 12, 2015, Columbia
Property Trust's portfolio consisted of 38 office properties and one
hotel, which include 55 operational buildings, comprising approximately
16.6 million square feet located in 15 U.S. metropolitan statistical
areas (MSAs). 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 unusual or 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, 2014 and subsequently filed periodic reports 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.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per-share amounts)
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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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785,101
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$
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706,938
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Buildings and improvements, less accumulated depreciation of
$660,098 and $604,497, as of December 31, 2014 and 2013, respectively
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3,026,431
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2,976,287
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Intangible lease assets, less accumulated amortization of $313,822
and $298,975, as of December 31, 2014 and 2013, respectively
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247,068
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281,220
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Construction in progress
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17,962
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7,949
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Total real estate assets
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4,076,562
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3,972,394
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Cash and cash equivalents
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149,790
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99,855
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Tenant receivables, net of allowance for doubtful accounts of $3 and
$52, as of December 31, 2014 and 2013, respectively
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6,945
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7,414
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Straight-line rent receivable
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116,489
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113,592
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Prepaid expenses and other assets
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52,143
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32,423
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Deferred financing costs, less accumulated amortization of $15,205
and $11,938, as of December 31, 2014 and 2013, respectively
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8,426
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10,388
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Intangible lease origination costs, less accumulated amortization of
$219,626 and $216,598, as of December 31, 2014 and 2013, respectively
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105,528
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148,889
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Deferred lease costs, less accumulated amortization of $36,589 and
$27,375, as of December 31, 2014 and 2013, respectively
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102,995
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87,527
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Investment in development authority bonds
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120,000
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120,000
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Total assets
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$
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4,738,878
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$
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4,592,482
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Liabilities:
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Line of credit, term loan, and notes payable
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$
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1,430,884
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$
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1,240,249
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Bonds payable, net of discount of $818 and $1,070, as of December
31, 2014 and 2013, respectively
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249,182
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248,930
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Accounts payable, accrued expenses, and accrued capital expenditures
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106,276
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|
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99,678
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Deferred income
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24,753
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21,938
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Intangible lease liabilities, less accumulated amortization of
$84,935 and $76,500, as of December 31, 2014 and 2013, respectively
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74,305
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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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Total liabilities
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2,005,400
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|
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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, $0.01 par value, 225,000,000 and 900,000,000 shares
authorized, 124,973,304 and 124,830,122 shares issued and
outstanding as of December 31, 2014 and 2013, respectively
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1,249
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1,248
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Additional paid-in capital
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4,601,808
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|
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4,600,166
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Cumulative distributions in excess of earnings
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(1,867,611
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)
|
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|
(1,810,284
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)
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Accumulated other comprehensive loss
|
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(1,968
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)
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|
|
(3,307
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)
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Total equity
|
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2,733,478
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|
|
|
2,787,823
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Total liabilities and equity
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$
|
4,738,878
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$
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4,592,482
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COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(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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Year ended
|
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December 31,
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December 31,
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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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105,215
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$
|
100,639
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$
|
414,541
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|
$
|
406,907
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Tenant reimbursements
|
|
|
24,847
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|
|
|
24,292
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|
|
|
95,375
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|
|
|
90,875
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Hotel income
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|
5,587
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5,452
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|
22,885
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|
|
|
23,756
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|
|
Other property income
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|
|
2,242
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|
|
|
3,004
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|
|
|
7,996
|
|
|
|
5,040
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|
|
|
|
|
137,891
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|
|
|
133,387
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|
|
|
540,797
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|
|
|
526,578
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Expenses:
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Property operating costs
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|
|
44,766
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|
|
|
40,123
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|
|
|
163,722
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|
|
|
154,559
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Hotel operating costs
|
|
|
4,923
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|
|
|
4,566
|
|
|
|
18,792
|
|
|
|
18,340
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|
|
Asset and property management fees:
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|
|
|
|
|
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|
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Related-party
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—
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|
—
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|
—
|
|
|
|
4,693
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|
|
Other
|
|
|
612
|
|
|
|
289
|
|
|
|
2,258
|
|
|
|
1,671
|
|
|
Depreciation
|
|
|
30,313
|
|
|
|
27,285
|
|
|
|
117,766
|
|
|
|
108,105
|
|
|
Amortization
|
|
|
20,625
|
|
|
|
19,121
|
|
|
|
78,843
|
|
|
|
78,710
|
|
|
Impairment loss on real estate assets
|
|
|
10,148
|
|
|
|
—
|
|
|
|
25,130
|
|
|
|
—
|
|
|
General and administrative
|
|
|
8,081
|
|
|
|
8,210
|
|
|
|
31,275
|
|
|
|
61,866
|
|
|
Listing costs
|
|
|
—
|
|
|
|
3,304
|
|
|
|
—
|
|
|
|
4,060
|
|
|
Acquisition expenses
|
|
|
44
|
|
|
|
—
|
|
|
|
14,142
|
|
|
|
—
|
|
|
|
|
|
119,512
|
|
|
|
102,898
|
|
|
|
451,928
|
|
|
|
432,004
|
|
|
Real estate operating income
|
|
|
18,379
|
|
|
|
30,489
|
|
|
|
88,869
|
|
|
|
94,574
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(19,668
|
)
|
|
|
(23,191
|
)
|
|
|
(75,711
|
)
|
|
|
(101,941
|
)
|
|
Interest and other income
|
|
|
1,860
|
|
|
|
6,680
|
|
|
|
7,275
|
|
|
|
34,029
|
|
|
Loss on interest rate swaps
|
|
|
(8
|
)
|
|
|
(144
|
)
|
|
|
(371
|
)
|
|
|
(342
|
)
|
|
Loss on early extinguishment of debt
|
|
|
(23
|
)
|
|
|
—
|
|
|
|
(23
|
)
|
|
|
—
|
|
|
|
|
|
(17,839
|
)
|
|
|
(16,655
|
)
|
|
|
(68,830
|
)
|
|
|
(68,254
|
)
|
|
Income before income tax expense and gains on sale of real estate
assets
|
|
|
540
|
|
|
|
13,834
|
|
|
|
20,039
|
|
|
|
26,320
|
|
|
Income tax expense
|
|
|
(246
|
)
|
|
|
146
|
|
|
|
(662
|
)
|
|
|
(500
|
)
|
|
Income from continuing operations before gains of sale of real
estate assets
|
|
|
294
|
|
|
|
13,980
|
|
|
|
19,377
|
|
|
|
25,820
|
|
|
Gain on sale of real estate assets
|
|
|
56,668
|
|
|
|
—
|
|
|
|
75,275
|
|
|
|
—
|
|
|
Income from continuing operations
|
|
|
56,962
|
|
|
|
13,980
|
|
|
|
94,652
|
|
|
|
25,820
|
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss from discontinued operations
|
|
|
(87
|
)
|
|
|
(2,264
|
)
|
|
|
(390
|
)
|
|
|
(21,325
|
)
|
|
Gain (loss) on disposition of discontinued operations
|
|
|
(649
|
)
|
|
|
1,211
|
|
|
|
(1,627
|
)
|
|
|
11,225
|
|
|
Loss from discontinued operations
|
|
|
(736
|
)
|
|
|
(1,053
|
)
|
|
|
(2,017
|
)
|
|
|
(10,100
|
)
|
|
Net income
|
|
|
$
|
56,226
|
|
|
|
$
|
12,927
|
|
|
|
$
|
92,635
|
|
|
|
$
|
15,720
|
|
|
Per-share information – basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
$
|
0.46
|
|
|
|
$
|
0.11
|
|
|
|
$
|
0.76
|
|
|
|
$
|
0.19
|
|
|
Loss from discontinued operations
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
(0.08
|
)
|
|
Net income
|
|
|
$
|
0.45
|
|
|
|
$
|
0.10
|
|
|
|
$
|
0.74
|
|
|
|
$
|
0.12
|
|
|
Weighted-average common shares outstanding – basic
|
|
|
124,868
|
|
|
|
129,410
|
|
|
|
124,860
|
|
|
|
134,085
|
|
|
Per-share information – diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
$
|
0.46
|
|
|
|
$
|
0.11
|
|
|
|
$
|
0.76
|
|
|
|
$
|
0.19
|
|
|
Loss from discontinued operations
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
(0.08
|
)
|
|
Net income
|
|
|
$
|
0.45
|
|
|
|
$
|
0.10
|
|
|
|
$
|
0.74
|
|
|
|
$
|
0.12
|
|
|
Weighted-average common shares outstanding – diluted
|
|
|
124,944
|
|
|
|
129,410
|
|
|
|
124,918
|
|
|
|
134,085
|
|
|
Dividends per share
|
|
|
$
|
0.300
|
|
|
|
$
|
0.300
|
|
|
|
$
|
1.200
|
|
|
|
$
|
1.440
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
Year ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Reconciliation of Net Income to Funds From Operations, Normalized
Funds From Operations and Adjusted Funds From Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
56,226
|
|
|
|
$
|
12,927
|
|
|
|
$
|
92,635
|
|
|
|
$
|
15,720
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of real estate assets(1)
|
|
|
30,313
|
|
|
|
27,689
|
|
|
|
117,766
|
|
|
|
119,835
|
|
|
Amortization of lease-related costs(1)
|
|
|
20,625
|
|
|
|
19,999
|
|
|
|
78,843
|
|
|
|
86,300
|
|
|
Impairment loss on real estate assets(1)
|
|
|
10,148
|
|
|
|
—
|
|
|
|
25,130
|
|
|
|
29,737
|
|
|
Gain on sale of real estate assets - continuing operations
|
|
|
(56,668
|
)
|
|
|
—
|
|
|
|
(75,275
|
)
|
|
|
—
|
|
|
Loss (gain) on sale of real estate assets - discontinued operations
|
|
|
649
|
|
|
|
(1,211
|
)
|
|
|
1,627
|
|
|
|
(11,225
|
)
|
|
Funds From Operations adjustments
|
|
|
5,067
|
|
|
|
46,477
|
|
|
|
148,091
|
|
|
|
224,647
|
|
|
FFO
|
|
|
61,293
|
|
|
|
59,404
|
|
|
|
240,726
|
|
|
|
240,367
|
|
|
Real estate acquisition related costs
|
|
|
44
|
|
|
|
—
|
|
|
|
14,142
|
|
|
|
—
|
|
|
Shelf registration costs
|
|
|
—
|
|
|
|
—
|
|
|
|
269
|
|
|
|
—
|
|
|
Listing costs
|
|
|
—
|
|
|
|
3,304
|
|
|
|
—
|
|
|
|
4,060
|
|
|
Loss on early extinguishment of debt
|
|
|
23
|
|
|
|
4,709
|
|
|
|
23
|
|
|
|
4,709
|
|
|
Consulting and transition services fees(2)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
29,187
|
|
|
Normalized FFO
|
|
|
61,360
|
|
|
|
67,417
|
|
|
|
255,160
|
|
|
|
278,323
|
|
|
Other income (expenses) included in net income, which do not
correlate with our operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional amortization of lease assets (liabilities)(3)
|
|
|
(2,555
|
)
|
|
|
(85
|
)
|
|
|
(4,686
|
)
|
|
|
(1,668
|
)
|
|
Straight-line rental income(1)
|
|
|
(2,288
|
)
|
|
|
(3,246
|
)
|
|
|
(8,362
|
)
|
|
|
(21,432
|
)
|
|
Straight-line lease termination income
|
|
|
(372
|
)
|
|
|
(359
|
)
|
|
|
1,594
|
|
|
|
(1,361
|
)
|
|
Gain on interest rate swaps
|
|
|
(1,322
|
)
|
|
|
(1,176
|
)
|
|
|
(4,946
|
)
|
|
|
(5,530
|
)
|
|
Stock-based compensation expense in general and administrative(4)
|
|
|
464
|
|
|
|
855
|
|
|
|
1,975
|
|
|
|
855
|
|
|
Non-cash interest expense(5)
|
|
|
758
|
|
|
|
655
|
|
|
|
3,055
|
|
|
|
3,602
|
|
|
Total other non-cash adjustments
|
|
|
(5,315
|
)
|
|
|
(3,356
|
)
|
|
|
(11,370
|
)
|
|
|
(25,534
|
)
|
|
Recurring capital expenditures(6)
|
|
|
(20,937
|
)
|
|
|
(18,118
|
)
|
|
|
(61,975
|
)
|
|
|
(63,005
|
)
|
|
Adjusted FFO
|
|
|
$
|
35,108
|
|
|
|
$
|
45,943
|
|
|
|
$
|
181,815
|
|
|
|
$
|
189,784
|
|
|
Per-share information - basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per share
|
|
|
$
|
0.49
|
|
|
|
$
|
0.46
|
|
|
|
$
|
1.93
|
|
|
|
$
|
1.79
|
|
|
Normalized FFO per share
|
|
|
$
|
0.49
|
|
|
|
$
|
0.52
|
|
|
|
$
|
2.04
|
|
|
|
$
|
2.08
|
|
|
Adjusted FFO per share
|
|
|
$
|
0.28
|
|
|
|
$
|
0.36
|
|
|
|
$
|
1.46
|
|
|
|
$
|
1.42
|
|
|
Weighted-average shares outstanding - basic
|
|
|
124,868
|
|
|
|
129,410
|
|
|
|
124,860
|
|
|
|
134,085
|
|
|
Per-share information - diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per share
|
|
|
$
|
0.49
|
|
|
|
$
|
0.46
|
|
|
|
$
|
1.93
|
|
|
|
$
|
1.79
|
|
|
Normalized FFO per share
|
|
|
$
|
0.49
|
|
|
|
$
|
0.52
|
|
|
|
$
|
2.04
|
|
|
|
$
|
2.08
|
|
|
Adjusted FFO per share
|
|
|
$
|
0.28
|
|
|
|
$
|
0.36
|
|
|
|
$
|
1.46
|
|
|
|
$
|
1.42
|
|
|
Weighted-average shares outstanding - diluted
|
|
|
124,944
|
|
|
|
129,410
|
|
|
|
124,918
|
|
|
|
134,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes amounts attributable to consolidated properties, including
discontinued operations.
|
|
|
|
|
(2)
|
Includes nonrecurring fees incurred under the consulting and
transition services agreements. See our 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 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)
|
Recurring Capital Expenditures are defined as capital expenditures
incurred to maintain the building structure and functionality, and
to lease space at our properties in their current condition.
Recurring capital expenditures include building capital, tenant
improvements, and leasing commissions. This measure excludes capital
for first generation leasing and acquisitions.
|
|
|
|
|
|
|
|
|
|
|
|
|
COLUMBIA PROPERTY TRUST, INC.
NET OPERATING INCOME AND SAME STORE NET OPERATING INCOME - CASH
BASIS
(in thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
Year ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Reconciliation of Net Income to Net Operating Income - Cash Basis
and Same Store Net Operating Income - Cash Basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
56,226
|
|
|
|
$
|
12,927
|
|
|
|
$
|
92,635
|
|
|
|
$
|
15,720
|
|
|
Net interest expense
|
|
|
19,638
|
|
|
|
23,191
|
|
|
|
75,681
|
|
|
|
101,941
|
|
|
Interest income from development authority bonds
|
|
|
(1,800
|
)
|
|
|
(6,671
|
)
|
|
|
(7,200
|
)
|
|
|
(33,992
|
)
|
|
Income tax expense
|
|
|
246
|
|
|
|
(146
|
)
|
|
|
662
|
|
|
|
500
|
|
|
Depreciation
|
|
|
30,313
|
|
|
|
27,285
|
|
|
|
117,766
|
|
|
|
108,105
|
|
|
Amortization
|
|
|
20,625
|
|
|
|
19,121
|
|
|
|
78,843
|
|
|
|
78,710
|
|
|
EBITDA
|
|
|
$
|
125,248
|
|
|
|
$
|
75,707
|
|
|
|
$
|
358,387
|
|
|
|
$
|
270,984
|
|
|
Gain on sale of real estate assets
|
|
|
(56,668
|
)
|
|
|
—
|
|
|
|
(75,275
|
)
|
|
|
—
|
|
|
Real estate acquisition costs
|
|
|
44
|
|
|
|
—
|
|
|
|
14,142
|
|
|
|
—
|
|
|
Loss on early extinguishment of debt
|
|
|
23
|
|
|
|
—
|
|
|
|
23
|
|
|
|
—
|
|
|
Shelf registration costs
|
|
|
—
|
|
|
|
—
|
|
|
|
269
|
|
|
|
—
|
|
|
Listing costs
|
|
|
—
|
|
|
|
3,304
|
|
|
|
—
|
|
|
|
4,060
|
|
|
Impairment loss
|
|
|
10,148
|
|
|
|
—
|
|
|
|
25,130
|
|
|
|
—
|
|
|
Consulting and transition services fees(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
29,187
|
|
|
Discontinued operations adjustment
|
|
|
649
|
|
|
|
5,196
|
|
|
|
1,627
|
|
|
|
46,346
|
|
|
Adjusted EBITDA
|
|
|
$
|
79,444
|
|
|
|
$
|
84,207
|
|
|
|
$
|
324,303
|
|
|
|
$
|
350,577
|
|
|
Asset management fees(2)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,083
|
|
|
General and administrative
|
|
|
8,081
|
|
|
|
8,210
|
|
|
|
31,275
|
|
|
|
32,679
|
|
|
Shelf registration costs in general and administrative
|
|
|
—
|
|
|
|
—
|
|
|
|
(269
|
)
|
|
|
—
|
|
|
Interest rate swap valuation adjustment
|
|
|
(1,322
|
)
|
|
|
(1,176
|
)
|
|
|
(4,946
|
)
|
|
|
(5,530
|
)
|
|
Interest expense associated with interest rate swaps
|
|
|
1,330
|
|
|
|
1,320
|
|
|
|
5,317
|
|
|
|
5,872
|
|
|
Lease termination income - cash(3)
|
|
|
(1,254
|
)
|
|
|
(2,056
|
)
|
|
|
(7,568
|
)
|
|
|
(2,062
|
)
|
|
Straight-line rental income(2)
|
|
|
(2,288
|
)
|
|
|
(3,246
|
)
|
|
|
(8,362
|
)
|
|
|
(21,432
|
)
|
|
Straight-line lease termination income
|
|
|
(372
|
)
|
|
|
(359
|
)
|
|
|
1,594
|
|
|
|
(1,361
|
)
|
|
Net effect of above/(below) market amortization
|
|
|
(2,505
|
)
|
|
|
(118
|
)
|
|
|
(4,956
|
)
|
|
|
(1,547
|
)
|
|
Non-cash property operations(4)
|
|
|
(253
|
)
|
|
|
(12
|
)
|
|
|
(46
|
)
|
|
|
136
|
|
|
NOI - Cash basis from discontinued operations adjustments
|
|
|
79
|
|
|
|
47
|
|
|
|
755
|
|
|
|
739
|
|
|
Net Operating Income - Cash Basis
|
|
|
$
|
80,940
|
|
|
|
$
|
86,817
|
|
|
|
$
|
337,097
|
|
|
|
$
|
363,154
|
|
|
Net Operating Income from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions(5)
|
|
|
(4,009
|
)
|
|
|
—
|
|
|
|
(6,759
|
)
|
|
|
—
|
|
|
Dispositions(6)
|
|
|
(172
|
)
|
|
|
(11,392
|
)
|
|
|
(19,806
|
)
|
|
|
(64,037
|
)
|
|
Same Store NOI - Cash Basis
|
|
|
$
|
76,759
|
|
|
|
$
|
75,425
|
|
|
|
$
|
310,532
|
|
|
|
$
|
299,117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes nonrecurring fees incurred under the consulting and
transition services agreements, which were terminated effective
December 31, 2013. See our 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
both continuing and discontinued operations.
|
|
|
|
|
(3)
|
Excludes adjustments for straight-line rent related to lease
terminations.
|
|
|
|
|
(4)
|
Includes adjustments for straight-line rent related to lease
terminations within general and administrative expense.
|
|
|
|
|
(5)
|
Includes the following acquisitions: 650 California Street and 221
Main Street.
|
|
|
|
|
(6)
|
Dispositions include: Lenox Park, 9 Technology Drive, 7031 Columbia
Gateway Drive, 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
|
|
|
Year ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Reconciliation of Net Income to Net Operating Income - GAAP Basis
and Same Store Net Operating Income - GAAP Basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
56,226
|
|
|
|
$
|
12,927
|
|
|
|
$
|
92,635
|
|
|
|
$
|
15,720
|
|
|
Net interest expense
|
|
|
19,638
|
|
|
|
23,191
|
|
|
|
75,681
|
|
|
|
101,941
|
|
|
Interest income from development authority bonds
|
|
|
(1,800
|
)
|
|
|
(6,671
|
)
|
|
|
(7,200
|
)
|
|
|
(33,992
|
)
|
|
Income tax expense (benefit)
|
|
|
246
|
|
|
|
(146
|
)
|
|
|
662
|
|
|
|
500
|
|
|
Depreciation
|
|
|
30,313
|
|
|
|
27,285
|
|
|
|
117,766
|
|
|
|
108,105
|
|
|
Amortization
|
|
|
20,625
|
|
|
|
19,121
|
|
|
|
78,843
|
|
|
|
78,710
|
|
|
EBITDA
|
|
|
$
|
125,248
|
|
|
|
$
|
75,707
|
|
|
|
$
|
358,387
|
|
|
|
$
|
270,984
|
|
|
Gain on sale of real estate assets
|
|
|
(56,668
|
)
|
|
|
—
|
|
|
|
(75,275
|
)
|
|
|
—
|
|
|
Real estate acquisition costs
|
|
|
44
|
|
|
|
—
|
|
|
|
14,142
|
|
|
|
—
|
|
|
Loss on early extinguishment of debt
|
|
|
23
|
|
|
|
—
|
|
|
|
23
|
|
|
|
—
|
|
|
Shelf registration costs
|
|
|
—
|
|
|
|
—
|
|
|
|
269
|
|
|
|
—
|
|
|
Listing costs
|
|
|
—
|
|
|
|
3,304
|
|
|
|
—
|
|
|
|
4,060
|
|
|
Impairment loss
|
|
|
10,148
|
|
|
|
—
|
|
|
|
25,130
|
|
|
|
—
|
|
|
Consulting and transition services fees(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
29,187
|
|
|
Discontinued operations adjustment
|
|
|
649
|
|
|
|
5,196
|
|
|
|
1,627
|
|
|
|
46,346
|
|
|
Adjusted EBITDA
|
|
|
$
|
79,444
|
|
|
|
$
|
84,207
|
|
|
|
$
|
324,303
|
|
|
|
$
|
350,577
|
|
|
Asset management fees(2)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,083
|
|
|
General and administrative
|
|
|
8,081
|
|
|
|
8,210
|
|
|
|
31,275
|
|
|
|
32,679
|
|
|
Shelf registration costs in general and administrative
|
|
|
—
|
|
|
|
—
|
|
|
|
(269
|
)
|
|
|
—
|
|
|
Interest rate swap valuation adjustment
|
|
|
(1,322
|
)
|
|
|
(1,176
|
)
|
|
|
(4,946
|
)
|
|
|
(5,530
|
)
|
|
Interest expense associated with interest rate swaps
|
|
|
1,330
|
|
|
|
1,320
|
|
|
|
5,317
|
|
|
|
5,872
|
|
|
Lease termination income(3)
|
|
|
(1,829
|
)
|
|
|
(2,485
|
)
|
|
|
(6,291
|
)
|
|
|
(3,491
|
)
|
|
NOI - GAAP basis from discontinued operations adjustments
|
|
|
29
|
|
|
|
250
|
|
|
|
1,025
|
|
|
|
2,263
|
|
|
Net Operating Income - GAAP Basis
|
|
|
$
|
85,733
|
|
|
|
$
|
90,326
|
|
|
|
$
|
350,414
|
|
|
|
$
|
387,453
|
|
|
Net Operating Income from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions(4)
|
|
|
(7,234
|
)
|
|
|
—
|
|
|
|
(12,239
|
)
|
|
|
—
|
|
|
Dispositions(5)
|
|
|
(175
|
)
|
|
|
(12,576
|
)
|
|
|
(20,852
|
)
|
|
|
(73,708
|
)
|
|
Same Store NOI - GAAP Basis
|
|
|
$
|
78,324
|
|
|
|
$
|
77,750
|
|
|
|
$
|
317,323
|
|
|
|
$
|
313,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes nonrecurring fees incurred under the consulting and
transition services agreements, which were terminated effective
December 31, 2013. See our 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 acquisitions: 650 California Street and 221
Main Street.
|
|
|
|
|
(5)
|
Dispositions include: Lenox Park, 9 Technology Drive, 7031 Columbia
Gateway Drive, 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.
Krister Romeyn, 404-465-2231
or
Jim
Fleming, 404-465-2200
IR@columbiapropertytrust.com
Source: Columbia Property Trust, Inc.