ATLANTA--(BUSINESS WIRE)--
Columbia
Property Trust, Inc. (NYSE: CXP) today reported financial results
for the first quarter ended March 31, 2017.
Highlights:
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For the first quarter of 2017, net income per diluted share was $0.61
and Normalized Funds from Operations (FFO)(1) per diluted
share was $0.28. Cash flows from operations were $5.4 million and
Adjusted Funds from Operations (AFFO)(1) was $27.9 million.
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In January, the Company completed its near-term disposition program
with the sale of three buildings in Houston for $272.0 million and the
sale of Key Center in Cleveland for $267.5 million.
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The Company has leased 468,000 square feet year-to-date, including:
-
In February, a 12-year, 61,000-square-foot lease with WeWork at
650 California Street in San Francisco
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In February, a 26,000-square-foot expansion with Snap Inc. at 229
W. 43rd Street in Manhattan; the expanded lease, which
totals 121,000 total square feet, has also been extended through
June 2027
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In April, an eight year, 86,000-square foot lease with Affirm at
650 California Street in San Francisco
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In April, a 10-year, 66,000-square-foot lease at One Glenlake
Parkway in Atlanta
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(1)
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Non-GAAP financial measure. See definitions and reconciliation
between GAAP and non-GAAP financial measures for additional
information, including the specific reasons why we provide these
non-GAAP financial measures.
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Select Portfolio Statistics:
For leases executed during the quarter, Columbia experienced a 113.5%
increase in rental rates based on GAAP rents and a 98.9% increase in
rental rates based on cash rents.
As of March 31, 2017, the Company’s portfolio was 94.1% leased and 90.1%
occupied, compared with 90.6% leased and 89.2% occupied as of December
31, 2016, and 92.4% leased and 91.7% occupied as of March 31,2 016.
Average economic occupancy was 83.3% for the first quarter of 2017,
83.3% for the fourth quarter of 2016, and 87.0% for the first quarter of
2016.
Financial Results:
Net income was $74.7 million, or $0.61 per diluted share, for the first
quarter of 2017, compared with $6.7 million, or $0.05 per diluted share,
in the prior-year period, primarily due to gains on sales of real estate
in the current period.
Normalized FFO(1) was $34.8 million, or $0.28 per diluted
share, for the first quarter of 2017, compared with $54.8 million, or
$0.44 per diluted share, in the prior-year period.
Cash flows from operations were $5.4 million for the first quarter of
2017, compared with $42.8 million in the prior-year period. AFFO(1)
was $27.9 million for the first quarter of 2017, compared with $46.5
million in the prior-year period.
For the first quarter of 2017, net operating income (NOI) decreased
30.6% based on GAAP rents and 34.0% based on cash rents compared with
the prior-year period, primarily due to dispositions. Same store NOI(1)
for the first quarter of 2017 decreased 2.4% based on GAAP rents and
9.4% based on cash rents, primarily due to new leases in free rent
periods.
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(1)
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Non-GAAP financial measure. See definitions and reconciliation
between GAAP and non-GAAP financial measures for additional
information, including the specific reasons why we provide these
non-GAAP financial measures.
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Distributions:
On March 15, 2017, the Company paid a dividend of $0.20 per share, or an
annualized rate of $0.80 per share to stockholders of record as of March
1, 2017.
Guidance for 2017:
For the year ending December 31, 2017, the Company expects to report Net
Income in the range of $0.78 to $0.85 per diluted share, and Normalized
FFO in a range of $1.15 to $1.22 per diluted share.
A reconciliation of projected Net Income Available to Common
Stockholders per diluted share to projected FFO and Normalized FFO per
diluted share is provided as follows:
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Full Year
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2017 Range
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Low
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High
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Net income
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$
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0.78
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$
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0.85
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Real estate depreciation & amortization
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0.97
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0.97
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Gain on sale of real estate assets
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(0.60
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)
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(0.60
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)
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FFO
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1.15
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1.22
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Loss on early extinguishment of debt
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—
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—
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Normalized FFO
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$
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1.15
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$
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1.22
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Our guidance for 2017 is based on the following assumptions for our
portfolio:
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Leased percentage at year end 2017 of 93% to 95%
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GAAP straight-line rental income of $35 million to $40 million
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G&A of $35 million to $37 million
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$539.5 million of properties were sold in January 2017. Assumes no
further dispositions except for the transfer of the 263 Shuman
Boulevard property to the lender in settlement of the $49.0 million
mortgage note.
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Acquisitions of $500 million
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Weighted average diluted share count of 122.5 million
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 acquisitions
and 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 Thursday, April 27, 2017, at 5:00 p.m. ET to
discuss quarterly financial results and business highlights. The number
to call for this interactive teleconference is (412) 542-4180. A replay
of the conference call will be available through May 4, 2017, by dialing
(877) 344-7529 and entering the confirmation number, 10105509.
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.columbia.reit.
The online replay will be available shortly after the call and archived
for approximately twelve months following the call.
About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) owns and operates Class-A office
buildings primarily in high-barrier-to-entry, primary markets. Our
portfolio includes 16 operating properties containing eight million
square feet, concentrated in New York, San Francisco, and Washington,
D.C. Columbia carries an investment-grade rating from both Moody’s and
Standard & Poor’s. For more information, please visit www.columbia.reit.
Definitions:
Funds From Operations ("FFO") - 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 certain items that are not
reflective of our core operations, including: (i) real estate
acquisition-related costs, (ii) listing costs, (iii) loss on interest
rate swaps and (iv) 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 Cash Flow from Operations to exclude (i) changes in assets and
liabilities resulting from timing differences (ii) additional
amortization of lease assets (liabilities), (iii) straight-line rental
income, (iv) gain (loss) on interest rate swaps, (v) recurring 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 our core operations, 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 cash flows from
operating activities or net income.
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.
Net Operating Income (based on cash rents) - NOI - cash rents
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)
non-cash property operations, (v) straight-line rental income, and (vi)
net effect of above/(below) market amortization. The company uses this
measure to assess its operating results and believes it is important in
assessing operating performance. NOI - cash rents 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.
Net Operating Income (based on GAAP Rents) - NOI - GAAP rents
is defined as Adjusted EBITDA adjusted for (i) portfolio general and
administrative expense, (ii) interest rate swap valuation adjustments,
and (iii) interest expense associated with interest rates swaps. The
company uses this measure to assess its operating results and believes
it is important in assessing operating performance. NOI - GAAP rents 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.
Same Store Net Operating Income ("Same Store NOI") - Same
Store NOI is calculated as the NOI attributable to the properties
continuously owned and operating for the entirety of the reporting
periods presented. We believe Same Store NOI is an important measure of
comparison of our stabilized properties’ operating performance. Other
REITs may calculate Same Store NOI differently and our calculation
should not be compared to that of other REITs.
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, 2016 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.
Management's Quotes:
Quotes attributed to management within this document reflect
management's beliefs at the time of release.
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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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March 31,
2017
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December 31,
2016
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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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751,351
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$
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751,351
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Buildings and improvements, less accumulated depreciation of
$455,392 and $435,457, as of March 31, 2017 and December 31, 2016,
respectively
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2,118,015
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2,121,150
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Intangible lease assets, less accumulated amortization of $115,904
and $112,777, as of March 31, 2017 and December 31, 2016,
respectively
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187,414
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193,311
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Construction in progress
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36,278
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36,188
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Real estate assets held for sale, less accumulated depreciation and
amortization of $180,791, as of December 31, 2016
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—
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412,506
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Total real estate assets
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3,093,058
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3,514,506
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Investment in unconsolidated joint venture
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126,691
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127,346
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Cash and cash equivalents
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554,655
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216,085
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Tenant receivables, net of allowance for doubtful accounts of $31,
as of March 31, 2017 and December 31, 2016, respectively
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5,290
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7,163
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Straight-line rent receivable
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71,601
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64,811
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Prepaid expenses and other assets
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40,647
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24,275
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Intangible lease origination costs, less accumulated amortization of
$75,523 and $74,578, as of March 31, 2017 and December 31, 2016,
respectively
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51,326
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54,279
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Deferred lease costs, less accumulated amortization of $24,561 and
$22,753, as of March 31, 2017 and December 31, 2016, respectively
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127,185
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125,799
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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
$34,152, as of December 31, 2016
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—
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45,529
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Total assets
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$
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4,190,453
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$
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4,299,793
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Liabilities:
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Line of credit and notes payable, net of unamortized deferred
financing costs of $2,834 and $3,136, as of March 31, 2017 and
December 31, 2016, respectively
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$
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647,362
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$
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721,466
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Bonds payable, net of discounts of $1,619 and $1,664 and unamortized
deferred financing costs of $5,210 and $5,364, as of March 31, 2017
and December 31, 2016, respectively
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693,171
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692,972
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Accounts payable, accrued expenses, and accrued capital expenditures
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125,743
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|
131,028
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Dividends payable
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—
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36,727
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Deferred income
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19,329
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19,694
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Intangible lease liabilities, less accumulated amortization of
$43,750 and $44,564, as of March 31, 2017 and December 31, 2016,
respectively
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30,979
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33,375
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Obligations under capital lease
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120,000
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120,000
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Liabilities held for sale, less accumulated amortization of $1,239,
as of December 31, 2016
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—
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41,763
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Total liabilities
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|
1,636,584
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|
|
1,797,025
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Commitments and Contingencies (Note 7)
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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 shares authorized,
122,450,566 and 122,184,193 shares issued and outstanding, as of
March 31, 2017 and December 31, 2016, respectively
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1,224
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|
|
1,221
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|
|
Additional paid-in capital
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|
4,539,144
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|
4,538,912
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Cumulative distributions in excess of earnings
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|
(1,986,250
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)
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(2,036,482
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)
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Cumulative other comprehensive loss
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(249
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)
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(883
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)
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Total equity
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2,553,869
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|
|
2,502,768
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Total liabilities and equity
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|
$
|
4,190,453
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|
|
$
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4,299,793
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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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Three Months Ended
March 31,
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2017
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2016
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Revenues:
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Rental income
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$
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71,173
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$
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99,586
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Tenant reimbursements
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|
8,584
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|
|
19,753
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|
Hotel income
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|
1,339
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|
|
4,663
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|
|
Other property income
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|
1,060
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|
|
2,577
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|
|
|
|
82,156
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|
|
126,579
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|
|
Expenses:
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|
|
Property operating costs
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|
24,105
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|
|
41,336
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|
|
Hotel operating costs
|
|
2,076
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|
|
4,331
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|
Asset and property management fees
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|
269
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|
|
330
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|
Depreciation
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|
21,605
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|
|
29,289
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|
|
Amortization
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|
9,457
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|
|
16,075
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|
General and administrative
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|
8,768
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|
|
10,490
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|
|
|
|
66,280
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|
|
101,851
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|
Real estate operating income
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|
15,876
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|
|
24,728
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Other income (expense):
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|
|
|
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Interest expense
|
|
(15,115
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)
|
|
(17,897
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)
|
|
Interest and other income
|
|
2,350
|
|
|
1,805
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|
|
Loss on the early extinguishment of debt
|
|
(45
|
)
|
|
—
|
|
|
|
|
(12,810
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)
|
|
(16,092
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)
|
|
Income before income tax, unconsolidated joint ventures, and
sales of real estate assets
|
|
3,066
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|
|
8,636
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|
|
Income tax benefit (expense)
|
|
388
|
|
|
(77
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)
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|
Loss from unconsolidated joint venture
|
|
(1,885
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)
|
|
(1,552
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)
|
|
Income before sales of real estate assets
|
|
1,569
|
|
|
7,007
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|
|
Gains (loss) on sales of real estate assets
|
|
73,153
|
|
|
(310
|
)
|
|
Net income
|
|
$
|
74,722
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|
|
$
|
6,697
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|
|
Per-share information – basic:
|
|
|
|
|
|
Net income
|
|
$
|
0.61
|
|
|
$
|
0.05
|
|
|
Weighted-average common shares outstanding – basic
|
|
122,003
|
|
|
123,393
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|
|
Per-share information – diluted:
|
|
|
|
|
|
Net income
|
|
$
|
0.61
|
|
|
$
|
0.05
|
|
|
Weighted-average common shares outstanding – diluted
|
|
122,329
|
|
|
123,412
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|
|
Dividends per share
|
|
$
|
0.20
|
|
|
$
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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COLUMBIA PROPERTY TRUST, INC.
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|
FUNDS FROM OPERATIONS AND NORMALIZED FUNDS FROM OPERATIONS
|
|
(in thousands, except per-share amounts, unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2017
|
|
2016
|
|
Reconciliation of Net Income to Funds From Operations and
Normalized Funds From Operations:
|
|
|
|
|
|
Net income
|
|
$
|
74,722
|
|
|
$
|
6,697
|
|
Adjustments:
|
|
|
|
|
|
Depreciation of real estate assets
|
|
21,605
|
|
|
29,289
|
|
Amortization of lease-related costs
|
|
9,457
|
|
|
16,075
|
|
Depreciation and amortization included in loss from unconsolidated
joint venture
|
|
2,098
|
|
|
2,470
|
|
Loss (gain) on sale of real estate assets
|
|
(73,153
|
)
|
|
310
|
|
FFO
|
|
34,729
|
|
|
54,841
|
|
Loss on early extinguishment of debt
|
|
45
|
|
|
—
|
|
Normalized FFO
|
|
$
|
34,774
|
|
|
$
|
54,841
|
|
Per-share information - basic
|
|
|
|
|
|
FFO per share
|
|
$
|
0.28
|
|
|
$
|
0.44
|
|
Normalized FFO per share
|
|
$
|
0.29
|
|
|
$
|
0.44
|
|
Weighted-average shares outstanding - basic
|
|
122,003
|
|
|
123,393
|
|
Per-share information - diluted
|
|
|
|
|
|
FFO per share
|
|
$
|
0.28
|
|
|
$
|
0.44
|
|
Normalized FFO per share
|
|
$
|
0.28
|
|
|
$
|
0.44
|
|
Weighted-average shares outstanding - diluted
|
|
122,329
|
|
|
123,412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLUMBIA PROPERTY TRUST, INC.
|
|
|
ADJUSTED FUNDS FROM OPERATIONS
|
|
|
(in thousands, except per-share amounts, unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2017
|
|
2016
|
|
|
Reconciliation of Cash Flows from Operations to Adjusted Funds
From Operations:
|
|
|
|
|
|
|
Cash flows from operating activities
|
|
$
|
5,398
|
|
|
$
|
42,840
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
Adjustments included in loss from unconsolidated joint ventures
|
|
(680
|
)
|
|
517
|
|
|
|
Net changes in operating assets and liabilities
|
|
24,886
|
|
|
6,780
|
|
|
|
Maintenance capital(1)(2)
|
|
(1,675
|
)
|
|
(3,671
|
)
|
|
|
Adjusted FFO
|
|
$
|
27,929
|
|
|
$
|
46,466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Maintenance capital is defined as Capital expenditures incurred to
maintain the building structure and functionality, and to lease
space at our properties in their current condition. Maintenance
capital excludes capital for recent acquisitions and first
generation leasing.
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Reflects 51% of the capital expenditures of the Market Square
Joint Venture, which is owned through an unconsolidated joint
venture.
|
|
|
|
|
|
|
|
|
|
|
COLUMBIA PROPERTY TRUST, INC.
|
|
|
NET OPERATING INCOME AND SAME STORE NET OPERATING INCOME (BASED
ON GAAP RENTS)
|
|
|
(in thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2017
|
|
2016
|
|
|
Reconciliation of Net Income to Net Operating Income (based on
GAAP rents) and Same Store NOI (based on GAAP Rents):
|
|
|
|
|
|
|
Net income
|
|
$
|
74,722
|
|
|
$
|
6,697
|
|
|
|
Net interest expense
|
|
14,565
|
|
|
17,892
|
|
|
|
Interest income from development authority bonds
|
|
(1,800
|
)
|
|
(1,800
|
)
|
|
|
Income tax expense (benefit)
|
|
(388
|
)
|
|
77
|
|
|
|
Depreciation
|
|
21,605
|
|
|
29,289
|
|
|
|
Amortization
|
|
9,457
|
|
|
16,075
|
|
|
|
Adjustments included in loss from unconsolidated joint venture
|
|
4,208
|
|
|
4,577
|
|
|
|
EBITDA
|
|
$
|
122,369
|
|
|
$
|
72,807
|
|
|
|
Loss on early extinguishment of debt
|
|
45
|
|
|
—
|
|
|
|
Loss (gain) on sale of real estate assets
|
|
(73,153
|
)
|
|
310
|
|
|
|
Adjusted EBITDA
|
|
$
|
49,261
|
|
|
$
|
73,117
|
|
|
|
General and administrative
|
|
8,768
|
|
|
10,490
|
|
|
|
Adjustments included in loss from unconsolidated joint venture
|
|
21
|
|
|
62
|
|
|
|
Net Operating Income (based on GAAP rents) - consolidated
|
|
$
|
58,050
|
|
|
$
|
83,669
|
|
|
|
Same Store NOI (based on GAAP rents) - 51% of Market Square Buildings(1)
|
|
(2,344
|
)
|
|
(3,088
|
)
|
|
|
Net Operating Income from:
|
|
|
|
|
|
|
Acquisitions(2)
|
|
—
|
|
|
—
|
|
|
|
Dispositions(3)
|
|
(855
|
)
|
|
(24,354
|
)
|
|
|
Same Store NOI (based on GAAP rents) - wholly owned properties(4)
|
|
$
|
54,851
|
|
|
$
|
56,227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Reflects NOI from 51% of the Market Square Buildings, which we own
through an unconsolidated joint venture. The NOI for the Market
Square Buildings is included in loss from unconsolidated joint
venture in our accompanying consolidated statements of operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
No properties have been acquired since January 1, 2016.
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
Reflects activity for the following properties sold since January
1, 2016, for all periods presented: Key Center Tower & Key Center
Marriott, 5 Houston Center, Energy Center I, 515 Post Oak, SanTan
Corporate Center, Sterling Commerce, 80 Park Plaza, 9127, 9189,
9191 & 9193 South Jamaica Street, 800 North Frederick, and 100
East Pratt.
|
|
|
|
|
|
|
|
|
|
|
|
|
(4)
|
Reflects NOI from properties that were wholly owned for the
entirety of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLUMBIA PROPERTY TRUST, INC.
|
|
|
NET OPERATING INCOME AND SAME STORE NET OPERATING INCOME (BASED
ON CASH RENTS)
|
|
|
(in thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2017
|
|
2016
|
|
|
Reconciliation of Net Income to Net Operating Income (based on
cash rents) and Same Store NOI (based on cash rents):
|
|
|
|
|
|
|
Net income
|
|
$
|
74,722
|
|
|
$
|
6,697
|
|
|
|
Net interest expense
|
|
14,565
|
|
|
17,892
|
|
|
|
Interest income from development authority bonds
|
|
(1,800
|
)
|
|
(1,800
|
)
|
|
|
Income tax expense (benefit)
|
|
(388
|
)
|
|
77
|
|
|
|
Depreciation
|
|
21,605
|
|
|
29,289
|
|
|
|
Amortization
|
|
9,457
|
|
|
16,075
|
|
|
|
Adjustments included in loss from unconsolidated joint venture
|
|
4,208
|
|
|
4,577
|
|
|
|
EBITDA
|
|
$
|
122,369
|
|
|
$
|
72,807
|
|
|
|
Loss on early extinguishment of debt
|
|
45
|
|
|
—
|
|
|
|
Loss (gain) on sale of real estate assets
|
|
(73,153
|
)
|
|
310
|
|
|
|
Adjusted EBITDA
|
|
$
|
49,261
|
|
|
$
|
73,117
|
|
|
|
General and administrative
|
|
8,768
|
|
|
10,490
|
|
|
|
Straight-line rental income
|
|
(6,154
|
)
|
|
(5,535
|
)
|
|
|
Net effect of above/(below) market amortization
|
|
(587
|
)
|
|
(1,323
|
)
|
|
|
Adjustments included in loss from unconsolidated joint venture
|
|
(878
|
)
|
|
(369
|
)
|
|
|
Net operating income (based on cash rents) - consolidated
|
|
$
|
50,410
|
|
|
$
|
76,380
|
|
|
|
Same Store NOI (based on cash rents) - 51% of Market Square Buildings(1)
|
|
(1,446
|
)
|
|
(2,657
|
)
|
|
|
Net Operating Income from:
|
|
|
|
|
|
|
Acquisitions(2)
|
|
—
|
|
|
—
|
|
|
|
Dispositions(3)
|
|
(850
|
)
|
|
(20,630
|
)
|
|
|
Same store NOI (based on cash rents) - wholly owned properties(4)
|
|
$
|
48,114
|
|
|
$
|
53,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Reflects NOI from 51% of the Market Square Buildings, which we own
through an unconsolidated joint venture. The NOI for the Market
Square Buildings is included in loss from unconsolidated joint
venture in our accompanying consolidated statements of operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
No properties have been acquired since January 1, 2016.
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
Reflects activity for the following properties sold since January
1, 2016, for all periods presented: Key Center Tower & Key Center
Marriott, 5 Houston Center, Energy Center I, 515 Post Oak, SanTan
Corporate Center, Sterling Commerce, 80 Park Plaza, 9127, 9189,
9191 & 9193 South Jamaica Street, 800 North Frederick, and 100
East Pratt.
|
|
|
|
|
(4)
|
Reflects NOI from properties that were wholly owned for the
entirety of the periods presented.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170427006533/en/
Columbia Property Trust, Inc.
Media Contact:
Bud
Perrone, 212-843-8068
[email protected]
or
Investor
Relations:
Matt Stover, 404-465-2227
[email protected]
Source: Columbia Property Trust, Inc.