Please wait while we load the requested 10-K report or click the link below:
https://last10k.com/sec-filings/report/1252849/000125284921000032/cxp-20201231.htm
December 2021
December 2021
December 2021
October 2021
September 2021
July 2021
May 2021
April 2021
April 2021
March 2021
Cover Page - USD ($) | 12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 | Jan. 31, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-36113 | ||
Entity Registrant Name | COLUMBIA PROPERTY TRUST, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 20-0068852 | ||
Entity Address, Address Line One | 315 Park Avenue South | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10010 | ||
City Area Code | 212 | ||
Local Phone Number | 687-0800 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | CXP | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,268,450,269 | ||
Entity Common Stock, Shares Outstanding | 114,871,825 | ||
Documents Incorporated by Reference | Registrant incorporates by reference portions of the Columbia Property Trust, Inc. Definitive Proxy Statement for the 2021 Annual Meeting of Stockholders (Items 10, 11, 12, 13, and 14 of Part III) to be filed prior to April 30, 2021. | ||
Entity Central Index Key | 0001252849 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 |
Please wait while we load the requested 10-K report or click the link below:
https://last10k.com/sec-filings/report/1252849/000125284921000032/cxp-20201231.htm
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Columbia Property Trust, Inc..
Columbia Property Trust, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
Rating
Learn More![]()
Debt Covenants As of December 31, 2020, the $300 Million Term Loan, the $150 Million Term Loan, and the Revolving Credit Facility contain the following restrictive covenants, which are defined in the debt agreements: limit the ratio of secured debt to total asset value to 40% or less; require the fixed charge coverage ratio to be at least 1.50:1.00; limit the ratio of debt to total asset value to 60% or less, or 65% or less following a material transaction; require the unencumbered interest coverage ratio to be at least 1.75:1.00; and limit the unencumbered leverage ratio to 60% or less, or 65% or less following a material transaction.
Intangible Assets and Liabilities Arising From In-Place Leases Where We Are the Lessor As further described below, in-place leases where we are the lessor may have values related to direct costs associated with obtaining a new tenant that are avoided for in-place leases, opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease, tenant relationships, and effective contractual rental rates that are above or below market: Direct costs associated with obtaining a new tenant that are avoided for in-place leases, including commissions, tenant improvement allowances, and other direct costs, are estimated based on management's consideration of current market costs to execute a similar lease.
Property operating costs were $87.5 million for 2020, which represents a decrease from $93.9 million for 2019, as the impact of recent dispositions ($10.3 million) and recording expenses for reimbursed management fee administration costs as management fee expenses beginning in the first quarter of 2020 ($3.8 million), are offset by the acquisition of 201 California Street ($7.9 million).
While our market capitalization has been negatively affected by market disruptions and the deterioration in macroeconomic conditions caused by the COVID-19 pandemic throughout the year, our cash flows have remained strong throughout 2020, and we have maintained high rates of occupancy and collections since the onset of the pandemic.
The estimated useful lives of our assets by class are as follows: Buildings 40 yearsBuilding and site improvements 5-25 yearsTenant improvements Shorter of economic life or lease termIntangible lease assets Lease term Buildings 40 years Building and site improvements 5-25 years Tenant improvements Shorter of economic life or lease term Intangible lease assets Lease term Evaluating the Recoverability of Real Estate Assets We continually monitor events and changes in circumstances that could indicate that the carrying amounts of the real estate and related intangible assets of both operating properties and properties under construction may not be recoverable.
Therefore, base rental income is...Read more
We expect that our primary...Read more
Over the short term, we...Read more
Sustained work-from-home trends could negatively...Read more
We expect interest expense to...Read more
When we own the improvements...Read more
When evaluating which party (lessee...Read more
In connection with the Normandy...Read more
Such direct costs are included...Read more
The anticipated discontinuation of LIBOR...Read more
Allocation of Purchase Price of...Read more
Amounts outstanding under the Revolving...Read more
Comparison of the Year Ended...Read more
(5)Reflects activity for the following...Read more
(4)Reflects activity for the following...Read more
In 2019, tenant improvements ($61.87...Read more
A continued economic downturn and...Read more
Amortization of intangible lease assets...Read more
Interest expense was $36.9 million...Read more
Factors we consider in performing...Read more
Such opportunity costs are included...Read more
Subsequent Events We have evaluated...Read more
Future levels of acquisition and...Read more
On May 30, 2018, we...Read more
The value of effective rental...Read more
If the reporting unit's carrying...Read more
Over the past several years,...Read more
We performed our annual assessment...Read more
Our primary strategic objective is...Read more
Intangible Assets and Liabilities Arising...Read more
Other property income was $7,000...Read more
GAAP depreciation and amortization reflect...Read more
Our 2021 business plan and...Read more
Projections of expected future operating...Read more
We have determined that the...Read more
In determining when to begin...Read more
Comparison of the Year Ended...Read more
To qualify as a REIT,...Read more
The timing of revenue recognition...Read more
Bonds Payable We have two...Read more
The increase is primarily due...Read more
During 2020, we deferred rents...Read more
The primary differences between Columbia...Read more
Management fee revenues were $38.4...Read more
As of December 31, 2020,...Read more
Inflation We are exposed to...Read more
In 2019, rent leasing spreads...Read more
Each of these supplemental performance...Read more
Current-year tenant Index to Financial...Read more
FFO does not represent amounts...Read more
These intangible assets or liabilities...Read more
These intangible assets and liabilities...Read more
We are subject to certain...Read more
$350.0 million of 10-year, unsecured...Read more
Management fee expenses were $31.5...Read more
The increase results from additional...Read more
We believe that we will...Read more
In connection with performing our...Read more
Income from unconsolidated joint ventures...Read more
These proceeds were used to...Read more
Net income attributable to stockholders...Read more
We believe that the acquisition...Read more
Response to the COVID-19 pandemic...Read more
Certain of our assets may...Read more
When indicators of potential impairment...Read more
Investments in new property acquisitions...Read more
For the current period, these...Read more
We compute FFO in accordance...Read more
NOI, as we calculate it,...Read more
Such an event could materially...Read more
The capitalized above-market and below-market...Read more
Interest and other income (expense)...Read more
We believe that the use...Read more
The capitalized above-market and below-market...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Columbia Property Trust, Inc. provided additional information to their SEC Filing as exhibits
Ticker: CXP
CIK: 1252849
Form Type: 10-K Annual Report
Accession Number: 0001252849-21-000032
Submitted to the SEC: Thu Feb 18 2021 4:12:46 PM EST
Accepted by the SEC: Thu Feb 18 2021
Period: Thursday, December 31, 2020
Industry: Real Estate Investment Trusts