Newsroom Details

View all news

Columbia Property Trust Receives Rating Upgrade from Moody’s

November 20, 2014 12:00 AM

ATLANTA--(BUSINESS WIRE)-- Columbia Property Trust, Inc. (NYSE:CXP) announced today that Moody’s Investor Services upgraded the Company’s senior unsecured debt and issuer ratings to Baa2 from Baa3, with a stable outlook. In the upgrade announcement, Moody’s cited the Company’s substantial improvement in asset quality and long-term growth profile while maintaining a conservative financial position since its October 2013 listing on the NYSE.

“We are pleased to receive the upgrade from Moody’s and its validation of the progress we’ve made to improve the overall quality of our portfolio. Since 2011, we have shifted the portfolio to predominantly CBD assets, in primary markets, with a multi-tenant focus. By maintaining a best-in-class balance sheet, we have also been able to lower our borrowing cost and maintain flexibility to fund future growth opportunities,” said Nelson Mills, President and CEO of Columbia Property Trust.

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 September 30, 2014, Columbia Property Trust’s portfolio consisted of 36 office properties and one hotel, which included 57 operational buildings and comprised 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.

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, 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.

Columbia Property Trust, Inc.
Krister Romeyn, 404-465-2231
or
Jim Fleming, 404-465-2200
IR@columbiapropertytrust.com

Source: Columbia Property Trust, Inc.

Categories: Press Releases
View all news