Columbia Property Trust, Inc. (CXP) 10-Q Quarterly Report October 2020

NEW YORK (July 30, 2020) – Columbia Property Trust, Inc. (NYSE: CXP) has released its quarterly update and financial results for the quarterly period ending June 30, 2020, by posting its Second Quarter Form 10-Q and Supplemental Information package to the Investor Relations section of its website.

Full results and additional information on the recent highlights summarized below can be found in the Supplemental Information package:

•Announces second quarter results, including Net Income per share and Normalized FFO per share, that track favorably with prior full year 2020 guidance;

•Revises certain key guidance metrics higher;

•Portfolio 97.2 percent leased, with total rent collections at 97.2% for the second quarter and deferral agreements executed on another 0.6%, as the Company continues to monitor the impact of the COVID-19 pandemic on its business, tenants, and the industry as a whole;

•Leased 87,000 square feet during the second quarter, exceeding the amount leased during the same quarter in 2019, highlighted by a 68,000-square-foot extension and expansion with one of our larger tenants in Washington, D.C.; and

•In July, terminated its lease with WeWork at 149 Madison in New York, resulting in Columbia regaining control of the property and WeWork’s improvements and a $6.4 million termination fee, as well as the elimination of Columbia’s obligation to fund another $18.7 million of combined redevelopment and tenant improvement allowances owed to the tenant.

Direct link to the Supplemental Information Package:

https://s24.q4cdn.com/622792959/files/doc_financials/2020/q2/CXP-FSP-Q2-2020-FINAL.pdf

To access the Form 10-Q, please visit: https://ir.columbia.reit/financials/sec-filings/

As previously announced, the Company will host a live conference call and audio webcast later today at 5:00 p.m. ET. The number to call to participate in the interactive teleconference is (825) 312-2053 (U.S. and international) – (Conference ID: 7630858). To access the live webcast, interested parties may go to the Investor Relations section of Columbia’s website at least fifteen minutes prior to the start time of the call in order to register and to download and install any necessary audio software.

Direct link to the Conference Call Webcast:

https://event.on24.com/wcc/r/2403516/AE51E57797B361534B21B6E932DD7340

A replay of the conference call will be available online in the Investor Relations section of the Company’s website at https://ir.columbia.reit shortly after the call and archived for approximately twelve months. The audio will also be available by telephone through August 6, 2020, by dialing (416) 621-4642 (Conference ID: 7630858).

The following information was filed by Columbia Property Trust, Inc. (CXP) on Thursday, July 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/1252849/000125284920000107/cxp-20200930.htm

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Inside Columbia Property Trust, Inc.'s 10-Q Quarterly Report:

Revenue - Product Highlight
The decrease is primarily driven by the year-over-year gain on sales of real estate ($28.6 million) and acquisition costs related to the current-year Normandy Acquisition, net of the related tax benefits ($8.4 million), which are partially offset by the prior-year impairment loss on real estate assets ($23.4 million).

Financial - Expense Highlight
Property operating costs were $22.0 million for the three months ended September 30, 2020, which represents a slight decrease as compared with $23.2 million for the three months ended September 30, 2019, as the impact of recent dispositions ($1.9 million) and recording of expenses for reimbursed management fee administration costs as management fee expenses beginning in the first quarter of 2020 ($1.1 million) are offset by the acquisition of 201 California Street ($2.1 million).
M & A - Other Highlight
We expect that our primary uses of capital will continue to include stockholder distributions; acquisitions; development and redevelopment costs; capital expenditures, such as building improvements, tenant improvements, and leasing costs; and repaying or refinancing debt.
Financial - Expense Highlight
Property operating costs were $65.9 million for the nine months ended September 30, 2020, which represents a decrease as compared with $70.5 million for the nine months ended September 30, 2019, as the impact of recent dispositions ($7.2 million) and recording expenses for reimbursed management fee administration costs as management fee expenses beginning in the first quarter of 2020 ($2.8 million), are offset by the acquisition of 201 California Street ($6.4 million).
Revenue - Product Highlight
Comparison of the Three Months Ended September 30, 2020 With the Three Months Ended September 30, 2019 Lease revenues were $72.5 million for the three months ended September 30, 2020, which represents a slight increase as compared with $69.0 million for the three months ended September 30, 2019, as the impacts of fees earned in connection with terminating a lease with WeWork at 149 Madison Avenue in July 2020 ($6.3 million), the acquisition of 201 California Street ($5.4 million), and additional revenues from leasing activity ($4.6 million) are offset by dispositions ($12.7 million).
Other - Other
Sustained work-from-home trends could negatively...Read more
Financial - Expense
The anticipated discontinuation of LIBOR...Read more
Financial - Expense
We expect interest expense to...Read more
Financial - Expense
We expect interest expense to...Read more
Financial - Earnings
Amounts outstanding under the Revolving...Read more
Financial - Cash Flow
Over the short term, we...Read more
Financial - Earnings
Net income attributable to common...Read more
Other - Other
A continued economic downturn and...Read more
Financial - Expense
General and administrative - corporate...Read more
Financial - Expense
General and administrative - corporate...Read more
Revenue - Product
Amortization of intangible lease assets...Read more
Financial - Expense
Interest expense was $28.6 million...Read more
Financial - Income
We expect income tax benefit...Read more
Other - Other
Current-year tenant improvements ($86.87 per...Read more
Other - Other
(5)Reflects activity for the following...Read more
Financial - Expense
Interest expense was $9.5 million...Read more
Financial - Cash Flow
Our primary strategic objective is...Read more
Other - Other
(4)For the three months ended...Read more
Other - Other
For the nine months ended...Read more
Other - Other
GAAP depreciation and amortization reflect...Read more
M & A - Other
Amortization was $23.7 million for...Read more
Financial - Income
To qualify as a REIT,...Read more
Other - Other
40 Table of Contents Bonds...Read more
Financial - Income
We expect income tax expense...Read more
Financial - Shares
For the second and third...Read more
Revenue - Product
In October 2020, we used...Read more
Financial - Shares
The primary differences between Columbia...Read more
Revenue - Product
Management fee revenues were $9.6...Read more
Revenue - Product
Management fee revenues were $28.3...Read more
Other - Other
As of September 30, 2020,...Read more
Financial - Income
Inflation We are exposed to...Read more
Other - Other
In 2019, rent leasing spreads...Read more
Financial - Expense
Each of these supplemental performance...Read more
Revenue - Product
On October 13, 2020, we...Read more
Other - Other
We are subject to certain...Read more
Financial - Income
Income from the unconsolidated joint...Read more
Revenue - Product
Management fee revenues include $11.0...Read more
Other - Other
(5)Reflects activity for the following...Read more
M & A - Other
Depreciation was $53.1 million for...Read more
Financial - Expense
Management fee expenses were $24.0...Read more
Other - Other
These proceeds were used to...Read more
Financial - Cash Flow
Short-Term Liquidity and Capital Resources...Read more
M & A - Other
We believe that the acquisition...Read more
Other - Other
Response to the COVID-19 pandemic...Read more
M & A - Other
Depreciation was $17.4 million for...Read more
M & A - Other
Investments in new property acquisitions...Read more
Financial - Expense
For the current period, these...Read more
Financial - Expense
For the current period, these...Read more
Other - Other
During the first nine months...Read more
Revenue - Geography
We compute FFO in accordance...Read more
Other - Other
NOI, as we calculate it,...Read more
Financial - Earnings
Such an event could materially...Read more
Financial - Debt
FFO is not reduced for...Read more
Other - Other
The increase is primarily driven...Read more
Financial - Income
Interest and other income (expense)...Read more
M & A - Other
Future levels of acquisition costs...Read more
M & A - Other
Future levels of acquisition costs...Read more
Other - Other
We believe that the use...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Columbia Property Trust, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: CXP
CIK: 1252849
Form Type: 10-Q Quarterly Report
Accession Number: 0001252849-20-000107
Submitted to the SEC: Thu Oct 29 2020 4:11:54 PM EST
Accepted by the SEC: Thu Oct 29 2020
Period: Wednesday, September 30, 2020
Industry: Real Estate Investment Trusts

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Columbia Property Trust, Inc. (CXP) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

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