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Columbia Property Trust, Inc. (CXP) SEC Filing 8-K Material Event for the period ending Wednesday, October 27, 2021

Columbia Property Trust, Inc.

CIK: 1252849 Ticker: CXP
Supplemental Information 2021


 
Introduction Executive Summary 3 Company Profile & Investor Contacts 4 Capitalization Analysis & Research Coverage 5 Financial Information Consolidated Balance Sheet - GAAP 6 Elements of Pro-Rata Balance Sheet - CXP's Interest in Unconsolidated Joint Ventures 7 Consolidated Statements of Operations - GAAP 8 Elements of Pro-Rata Statement of Operations - CXP's Interest in Unconsolidated Joint Ventures 9 10 Net Operating Income 11 - 12 Management Fee Income 13 Capital Expenditure Summary 14 Debt Overview 15 Debt Covenant Compliance 16 Debt Maturities 17 Summary of Unconsolidated Joint Ventures 18 Operational & Portfolio Information Property Overview - Gross Real Estate Assets, Net Operating Income & Annualized Lease Revenue 19 Property Overview - Square Feet & Occupancy 20 Occupancy Summary 21 Leasing Summary 22 Lease Expiration Schedule 23 Lease Expiration by Market 24 Top 20 Tenants & Tenant Industry Profile 25 Transaction Activity (1/1/19 - 10/27/21) 26 - 27 Development Projects 28 Additional Information 29 Reconciliation of Cash Flows From Operations to Adjusted Funds From Operations (AFFO) 29 30 30 31 - 32 33 - 34 Definitions 35 Forward Looking Statements: Supplemental Information - Q3 2021 2 This supplemental package contains certain statements that 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. 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. These forward-looking statements include information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, future plans, and objectives. They also include, among other things, statements regarding subjects that are forward-looking by their nature, such as, our business and financial strategy; our guidance and underlying assumptions; our undertaking of a comprehensive strategic alternatives review process; expectations on timing of completion of announced acquisitions; expectations on occupancy rates and additional growth in same store net operating income; the impact of the COVID-19 pandemic on our results of operations; our ability to obtain future financing; future acquisitions and dispositions of operating assets; future repurchases of common stock; and market and industry trends. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this supplemental package is published, and which are subject to certain risks and uncertainties which could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, without limitation: risks affecting the real estate industry and the office sector, in particular (such as the inability to enter into new leases, dependence on tenants' financial condition, and competition from other owners of real estate); risks relating to lease terminations, lease defaults, or changes in the financial condition of our tenants, particularly by a significant tenant; risks relating to our ability to maintain and increase property occupancy rates and rental rates; adverse economic or real estate market developments in our target markets; the risks of pandemics or other public health emergencies, including the continued spread and impact of, and the governmental and third -party response to, the COVID-19 pandemic; the impact of social distancing, shelter-in- place, border closings, travel restrictions, remote work trends and similar governmental and private measures taken to combat the spread of COVID-19; future developments involving our ongoing strategic alternatives review process, as well as costs, expenses and disruption associated with such strategic alternatives review process; risks relating to the use of debt to fund acquisitions; availability and terms of financing; the ability to refinance indebtedness as it comes due; sensitivity of our operations and financing arrangements to fluctuations in interest rates; reductions in asset valuations and related impairment charges; risks relating to construction, development, and redevelopment activities; risks associated with joint ventures, including disagreements with, or misconduct by, joint venture partners; risks relating to repositioning our portfolio; risks relating to reduced demand for, or over supply of, office space in our markets, including increased sublease availabilities; risks relating to acquisition and disposition activities; the ability to successfully integrate our operations and employees in connection with the acquisition of Normandy Real Estate Management, LLC (“Normandy”); the ability to realize anticipated benefits and synergies of the acquisition of Normandy; risks associated with our ability to continue to qualify as a real estate investment trust (“REIT”); risks associated with possible cybersecurity attacks against us or any of our tenants; potential liability for uninsured losses and environmental contamination; potential adverse impact of market interest rates on the market price for our securities; and risks associated with our dependence on key personnel whose continued service is not guaranteed. We do not intend to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. For additional risks and uncertainties that may cause actual results to differ from expectation, see our Annual Report on Form 10-K for the year ended December 31, 2020, and subsequently filed periodic reports. On the Cover: 799 Broadway, New York (terrace). Columbia Property Trust, Inc. Table of Contents Normalized Funds From Operations (NFFO) & Adjusted Funds From Operations (AFFO) Reconciliation of Net Income to Normalized Funds From Operations (NFFO) Reconciliation of Net Income to Net Operating Income (based on cash rents), and Same Store Net Operating Income (based on cash rents) - wholly-owned properties Reconciliation of Net Income to Net Operating Income (based on GAAP rents), and Same Store Net Operating Income (based on GAAP rents) - wholly-owned properties Reconciliation of Net Operating Income (based on GAAP rents) to Net Operating Income (based on cash rents) Reconciliation of Funds From Operations (FFO) to Adjusted Funds From Operations (AFFO)


 
Columbia Property Trust, Inc. Q3 2021 Executive Summary Supplemental Information – Q3 2021 3 Financial Highlights & Guidance: • For the third quarter of 2021, net loss was $10.2 million, or $0.09 per diluted share (page 8), Normalized FFO (NFFO)(1) was $35.0 million, or $0.30 per diluted share/unit (page 10), cash flows from operations were $33.6 million (page 29), and Adjusted FFO (AFFO)(1) was $27.6 million (page 10). • Due to the pending acquisition of Columbia Property Trust by PIMCO, the Company has withdrawn its 2021 guidance. Transactional and Operational Highlights: • As of September 30, 2021, our portfolio is 87.9% leased and 87.1% occupied (page 20). We leased 59,740 square feet during the quarter with positive GAAP and cash rent releasing spreads of 44.7% and 28.7%, respectively (page 22). This includes an approximately 25,000-square-foot lease at 799 Broadway in New York. This is the first lease to be secured at this new ground-up office development. • On July 23, 2021, the acquisition loan at our Terminal Warehouse Joint Venture was replaced with a construction loan with a total capacity of $1,248.7 million, which matures on July 23, 2025, with two one-year extension options. Columbia and certain joint venture partners entered into a completion guaranty in connection with the construction loan. • We have collected 98.3% (99.0% office tenants) of our third quarter rents and executed deferral agreements on another 0.2%. Capital Structure: • As of September 30, 2021, we had access to $486.0 million of borrowing capacity under our Revolving Credit Facility (page 15), and cash on hand of $64.5 million (pages 6 and 7), with a net debt(2) to real estate asset ratio of 32.8% (page 15), and no mortgage debt on any of our consolidated properties. • We paid the third quarter dividend of $0.21 per share ($0.84 annualized) (page 5). (1) For definitions and reconciliations of these non-GAAP financial metrics to the most directly comparable financial measures calculated and presented in accordance with GAAP, see pages 29 - 35. (2) Net debt is calculated by reducing our debt balance for cash on hand.


 
E. Nelson Mills Chief Executive Officer, President and Director James A. Fleming Jeffrey K. Gronning Kevin A. Hoover Amy C. Tabb Paul H. Teti Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Chief Financial Officer Chief Investment Officer Portfolio Management Business Development National Real Estate & Innovation Operations David T. Cheikin Melissa A. Donohoe David S. Dowdney Travis W. Feehan Wendy W. Gill Senior Vice President Senior Vice President Senior Vice President Senior Vice President Senior Vice President New York Private Investor Relations West Coast Transactions Chief Accounting Officer Cheney B. Hickey Patrick J. Keeley Eric S. Rubin Michael T. Schmidt Stephen K. Smith Senior Vice President Senior Vice President Senior Vice President Senior Vice President Senior Vice President Financial Reporting Washington, D.C. CREM & Northeast West Coast Property Management Real Estate Stephen P. Trapp Rachel E. Williams Elka L. Wilson Senior Vice President Senior Vice President Senior Vice President Construction Marketing & Communications Corporate Operations Carmen M. Bowser John L. Dixon David B. Henry Murray J. McCabe E. Nelson Mills Independent Director Independent Director Independent Director Independent Director Chief Executive Officer President Constance B. Moore Michael S. Robb Thomas G. Wattles Francis ("Finn") X. Wentworth Independent Director Independent Director Independent Director Non-Executive Director Chair Shareholder Services Corporate Counsel T 855-347-0042 (toll free) King & Spalding LLP F 816-701-7629 1180 Peachtree Street E shareholders@columbia.reit Atlanta, GA 30309 T 404-572-4600 www.kslaw.com Supplemental Information - Q3 2021 4 Company Overview Executive and Senior Management Columbia Property Trust, Inc. Company Profile & Investor Contacts Columbia Property Trust (NYSE: CXP) creates value through owning, operating and developing Class-A office buildings in New York, San Francisco, Washington D.C., and Boston. The Columbia team is deeply experienced in transactions, asset management and repositioning, leasing, development, and property management. It employs these competencies to grow value across its high-quality, well-leased portfolio of 15 operating properties that contain 6.2 million rentable square feet, as well as four properties under development or redevelopment, and also has approximately 8.0 million square feet under management for private investors and third parties. Columbia has investment-grade ratings from both Moody’s and S&P Global Ratings. For more information, please visit www.columbia.reit. When evaluating the Company’s performance and capital resources, management considers the financial impact of investments held directly and through subsidiaries. This report includes financial and operating information of our wholly-owned investments, and of our proportional interests in investments owned through consolidated and unconsolidated subsidiaries as appropriate. We calculate Funds From Operations (“FFO”) based on amounts attributable to our common stockholders, which includes earnings from investments owned directly, and our proportional share of earnings from investments owned through consolidated and unconsolidated subsidiaries. We recognize that proportional financial data may not depict all of the legal and economic implications of our interests in partially owned subsidiaries. Board of Directors James A. Fleming Executive Vice President & Chief Financial Officer Investor Relations T 404-465-2126 E Jim.Fleming@columbia.reit


 
Unaudited ($ & shares in thousands except for per-share data and percentages) 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Common Stock Data Weighted-Average Shares Outstanding - Basic 114,162 114,143 114,115 113,926 113,925 Weighted-Average Shares/Units Outstanding - Diluted (1) 117,406 117,901 117,851 117,213 117,189 High Closing Price $19.09 $19.10 $17.78 $14.87 $13.42 Low Closing Price $15.55 $17.10 $13.49 $10.43 $10.54 Average Closing Price $17.41 $18.01 $14.78 $12.70 $11.93 Closing Price (as of period end) $19.02 $17.39 $17.10 $14.11 $10.91 Dividends / Share (annualized) $0.84 $0.84 $0.84 $0.84 $0.84 Dividend Yield (annualized) (2) 4.4% 4.8% 4.9% 6.0% 7.7% Shares/Units Outstanding (2) 118,143 118,148 118,114 117,717 117,729 Market Value of Shares/Units (2) $2,247,080 $2,054,594 $2,019,749 $1,660,987 $1,284,423 Total Market Capitalization (2) (3) $3,864,413 $3,644,084 $3,587,454 $3,212,213 $3,224,217 Common Stock Repurchases Shares Purchased - - - - - Weighted-Average Price Per Share - - - - - Total Value of Shares Purchased - - - - - Equity Research Coverage BMO Capital Markets Inc. Evercore ISI SunTrust Robinson Humphrey John P. Kim Sheila McGrath Michael R. Lewis 212-885-4115 212-497-0882 212-319-5659 Wolfe Research Andrew Rosivach 646-582-9250 Debt Research Coverage J.P. Morgan Securities Wells Fargo Mark Streeter Thierry Perrein 212-834-5086 704-410-3262 Rating Agencies Moody's Investor Services S&P Global Ratings Lori Marks Fernanda Hernandez 212-553-1098 212-438-1347 (3) Market value of shares/units plus gross debt as of quarter end. Supplemental Information - Q3 2021 5 Columbia Property Trust, Inc. Capitalization Analysis & Research Coverage Three Months Ended (2) Based on closing price and ending shares/units for the last trading day of quarter. (1) Amounts include OP units of 3.244 million, 3.244 million, 3.244 million, 3.264 million, and 3.264 million, respectively.


 
Columbia Property Trust, Inc. Unaudited (in thousands) 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Assets: Real estate assets, at cost: Land (1) 809,843$ 809,843$ 809,843$ 809,843$ 809,843$ Buildings and improvements (1) 1,836,510 1,841,566 1,843,239 1,841,447 1,826,234 Buildings and improvements, accumulated depreciation (336,700) (330,336) (318,017) (303,764) (288,522) Intangible lease asset 97,642 100,899 101,633 104,022 107,882 Intangible lease asset, accumulated amortization (58,759) (59,657) (57,970) (57,947) (58,005) Construction in progress (2) 160,660 129,987 99,729 83,943 79,628 Real estate assets held for sale - - - - 254,549 Real estate assets held for sale, accumulated depreciation - - - - (46,071) Total real estate assets 2,509,196$ 2,492,302$ 2,478,457$ 2,477,544$ 2,685,538$ Operating lease assets 38,021 38,381 38,737 39,165 39,529 Investment in unconsolidated joint ventures (page 8) 1,276,820 1,288,744 1,295,419 1,295,800 1,084,987 Cash and cash equivalents 30,112 21,424 27,093 61,882 272,790 Tenant receivables, net of allowance for doubtful accounts 2,128 2,521 3,320 2,540 2,403 Straight line rent receivable 78,598 75,819 75,744 74,051 78,374 Prepaid expenses and other assets 39,109 43,901 39,718 42,285 33,105 Intangible lease origination costs 54,665 55,385 55,814 56,612 57,714 Intangible lease origination costs, accumulated amortization (36,808) (36,549) (35,662) (35,161) (34,376) Deferred lease costs 79,789 85,387 90,489 90,469 89,300 Deferred lease costs, accumulated amortization (18,441) (20,872) (19,737) (18,669) (17,701) Other assets held for sale - - - - 18,544 Other assets held for sale, accumulated amortization - - - - (2,957) Goodwill - - - - 63,806 Total assets 4,053,189$ 4,046,443$ 4,049,392$ 4,086,518$ 4,371,056$ Liabilities: Line of credit and notes payable 614,000$ 592,000$ 574,000$ 560,000$ 951,000$ Bonds payable 700,000 700,000 700,000 700,000 700,000 Discount and fees on notes and bonds payable (4,317) (4,665) (5,015) (5,367) (5,713) Operating lease liabilities 1,194 1,499 1,801 2,185 2,487 97,080 88,241 82,333 91,493 92,149 Distributions payable - - - 24,038 - Deferred income 16,044 15,515 16,315 16,155 14,075 Intangible lease liabilities 19,030 21,281 21,281 23,287 27,733 Intangible lease liabilities, accumulated amortization (7,130) (8,316) (7,582) (8,867) (11,038) Liabilities held for sale - - - - 4,790 Liabilities held for sale, accumulated amortization - - - - (718) Total liabilities 1,435,901$ 1,405,555$ 1,383,133$ 1,402,924$ 1,774,765$ Equity: Common stock 1,149$ 1,149$ 1,149$ 1,145$ 1,145$ Additional paid in capital 4,382,015 4,379,575 4,377,157 4,376,116 4,373,425 Cumulative distributions in excess of earnings (1,837,746) (1,803,464) (1,773,457) (1,749,811) (1,824,741) Other comprehensive loss (10,726) (12,302) (13,704) (18,201) (20,341) Total Columbia Property Trust, Inc. stockholders' equity 2,534,692$ 2,564,958$ 2,591,145$ 2,609,249$ 2,529,488$ Noncontrolling interest in Columbia Operating Partnership 77,983 71,210 70,307 69,414 61,761 Noncontrolling interest in consolidated joint venture 4,613 4,720 4,807 4,931 5,042 Total equity 2,617,288$ 2,640,888$ 2,666,259$ 2,683,594$ 2,596,291$ Total liabilities and equity 4,053,189$ 4,046,443$ 4,049,392$ 4,086,518$ 4,371,056$ Supplemental Information - Q3 2021 6 Consolidated Balance Sheet - GAAP As of Period End Accounts payable, accrued expenses, and accrued capital expenditures (1) As of September 30, 2021, the following amounts relate to the redevelopment of 149 Madison and 101 Franklin, respectively: $59.1 million and $57.1 million in land; $29.0 million and $149.4 million in buildings and improvements. (2) As of September 30, 2021, the following amounts relate to the redevelopment of 149 Madison, 101 Franklin and 80 M Street, respectively: $45.3 million, $22.3 million, and $49.7 million in construction in progress.


 
Columbia Property Trust, Inc. Unaudited (in thousands) 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Assets: Real estate assets, at cost: Land (2) 344,389$ 344,389$ 344,389$ 344,389$ 311,109$ Buildings and improvements (2) 931,968 931,365 930,522 928,260 847,198 Buildings and improvements, accumulated depreciation (132,655) (125,030) (117,376) (109,620) (101,972) Intangible lease asset 41,396 42,628 42,628 42,726 42,717 Intangible lease asset, accumulated amortization (20,887) (20,943) (19,722) (18,584) (17,368) Construction in progress (2) 86,589 80,677 73,380 67,615 57,769 Total real estate assets 1,250,800$ 1,253,086$ 1,253,821$ 1,254,786$ 1,139,453$ Operating lease assets 54,222 54,994 55,766 56,538 57,340 Cash and cash equivalents 34,409 36,242 35,695 32,178 29,523 Tenant receivables, net of allowance for doubtful accounts 1,050 667 727 1,266 806 Straight line rent receivable 28,375 28,860 29,432 29,867 24,000 Prepaid expenses and other assets 4,873 5,720 5,595 5,021 5,962 Intangible lease origination costs 29,559 30,357 30,357 30,388 30,485 Intangible lease origination costs, accumulated amortization (14,812) (14,805) (13,975) (13,168) (12,331) Deferred lease costs 28,614 28,178 28,162 27,996 25,042 Deferred lease costs, accumulated amortization (11,312) (11,208) (10,496) (9,767) (9,002) Total assets 1,405,778$ 1,412,091$ 1,415,084$ 1,415,105$ 1,291,278$ Liabilities: Line of credit and notes payable 303,333$ 296,535$ 293,705$ 291,226$ 288,794$ Fees on notes payable (2,392) (340) (590) (805) (1,120) Operating lease liabilities 170,888 170,261 169,633 169,006 168,408 15,233 15,216 14,891 16,778 13,310 Deferred income 6,673 6,527 7,134 8,572 5,451 Intangible lease liabilities 33,504 35,788 35,788 35,845 36,545 Intangible lease liabilities, accumulated amortization (17,908) (19,214) (18,191) (17,193) (15,961) Total liabilities 509,331$ 504,773$ 502,370$ 503,429$ 495,427$ Total equity 896,447$ 907,318$ 912,714$ 911,676$ 795,851$ Basis differences, net of $16,019 of accumulated amortization (3) 379,694 380,857 382,133 383,535 288,098 679 569 572 589 1,038 Investment in unconsolidated joint ventures (page 6) 1,276,820$ 1,288,744$ 1,295,419$ 1,295,800$ 1,084,987$ -$ Supplemental Information - Q3 2021 7 (3) Reflects differences between historical costs recorded at the joint venture level and CXP's investment in the joint ventures. Basis differences result from differences in the timing of acquisition of interests in the joint venture, and formation costs incurred by CXP, and are amortized to income (loss) from unconsolidated joint ventures over the life of the related asset or liability. Elements of Pro-Rata Balance Sheet - CXP's Interest in Unconsolidated Joint Ventures (1) As of Period End Accounts payable, accrued expenses, and accrued capital expenditures (1) Reflects CXP's ownership share of assets and liabilities for properties held in unconsolidated joint ventures (see page 18). (2) As of September 30, 2020, the following amounts relate to the development of 799 Broadway and Terminal Warehouse, respectively: $72.6 million and $13.3 million in land, $0 million and $65.3 million in buildings and improvements, and $61.7 million and $20.8 million in construction in progress. Investment in unconsolidated Real Estate Services Joint Ventures


 
Unaudited (in thousands, except per-share amounts) 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Revenues: Lease revenues (1) 53,384$ 53,434$ 54,309$ 52,730$ 72,452$ 9,858 9,988 10,079 10,127 9,632 Other property income 4 - - - - Total revenues 63,246$ 63,422$ 64,388$ 62,857$ 82,084$ Operating expenses: Property operating costs 20,390 19,823 20,828 21,541 22,021 Depreciation 15,795 15,472 16,531 15,367 17,378 Amortization 4,719 4,878 4,844 6,868 9,584 Impairment loss on goodwill (2) - - - 63,806 - General and administrative 7,588 7,732 7,945 6,405 8,325 Strategic review costs 2,841 6,454 2,356 - - Non-cash compensation expense - OP units 1,527 1,510 1,831 3,190 3,190 Management fee expense 9,157 8,338 9,269 7,522 7,785 Acquisition and restructuring costs - - - 6,174 391 Total operating expenses 62,017$ 64,207$ 63,604$ 130,873$ 68,674$ Other income (expense): Interest expense (7,314) (7,421) (7,536) (8,363) (9,483) Interest and other income 114 (124) (239) (81) (123) Income tax expense 11 (447) 329 760 (383) Income from unconsolidated joint ventures (p. 10) 1,540 2,807 7,107 2,098 2,002 Gain on sale of real estate assets - - - 175,272 - Total other income (expense) (5,649)$ (5,185)$ (339)$ 169,686$ (7,987)$ Net income (loss) (4,420)$ (5,970)$ 445$ 101,670$ 5,423$ (5,882) (36) (97) (2,838) (191) 149 129 129 136 135 (10,153)$ (5,877)$ 477$ 98,968$ 5,367$ 114,162 114,143 114,115 113,926 113,925 (0.09)$ (0.05)$ 0.00$ 0.87$ 0.05$ 114,162 117,901 117,851 117,213 113,925 (0.09)$ (0.05)$ 0.00$ 0.87$ 0.05$ Supplemental Information - Q3 2021 8 Less: Net income attributable to non-controlling interest in the Operating Partnership Less: Net loss attributable to non-controlling interest in consolidated joint venture Net income (loss) attributable to CXP stockholders (1) Lease revenues include base rent, tenant reimbursements, and lease termination income ($1.4 million - Q3 '21, $0.1 million - Q2 '21, $6.4 million - Q3 '20). Weighted-average common shares outstanding - basic Net income (loss) per share - basic Weighted-average common shares outstanding - diluted (3) Net income (loss) per share - diluted (2) Reflects the write-off of the goodwill recorded in connection with the Normandy acquisition in January due to the near-term effects of COVID-19. (3) Beginning in Q4 ’20, time-based preferred OP units are included in the calculation of fully diluted WASO (3.244 million - Q3 '21, 3.244 million - Q2 '21, 3.244 million - Q1 '21, 3.264 million - Q4 '20). Columbia Property Trust, Inc. Consolidated Statements of Operations - GAAP Three Months Ended Management fee revenues


 
Unaudited (in thousands, except per-share amounts) 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Revenues: Lease revenues (2) 31,019$ 32,315$ 32,763$ 33,384$ 29,070$ Total revenues 31,019$ 32,315$ 32,763$ 33,384$ 29,070$ Operating expenses: Property operating costs 13,222 13,009 9,025 14,107 12,133 Asset management fee expense 620 609 614 625 509 Depreciation 10,045 10,148 10,153 10,283 8,680 Amortization 4,474 4,563 4,584 5,012 4,115 General and administrative 81 40 139 103 95 Total operating expenses 28,442$ 28,369$ 24,515$ 30,130$ 25,532$ Other income (expense): Interest expense (1,846) (1,709) (1,709) (1,705) (2,334) (Gain) loss on interest rate cap - - - - (9) Interest and other income 6 6 7 7 1 Total other income (expense) (1,840)$ (1,703)$ (1,702)$ (1,698)$ (2,342)$ 737$ 2,243$ 6,546$ 1,556$ 1,196$ Income tax benefit (expense) (3) (2) (4) (3) (3) 806 566 565 545 809 1,540$ 2,807$ 7,107$ 2,098$ 2,002$ Supplemental Information - Q3 2021 9 (1) Reflects CXP's ownership share of revenues, expenses and amortization of basis differences (see page 8, footnote 3) for properties held in unconsolidated joint ventures (see page 18). Columbia Property Trust, Inc. Elements of Pro-Rata Statement of Operations - CXP's Interest in Unconsolidated Joint Ventures (1) Three Months Ended Income before income tax expense Income from unconsolidated joint ventures (p. 8) (2) Lease revenues include base rent and tenant reimbursements. Income from unconsolidated Real Estate Services Joint Ventures (3) (3) See Management Fee Income schedule on page 13.


 
Unaudited (in thousands, except per-share amounts) 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Net Operating Income (based on GAAP rents) 50,795$ 52,917$ 57,214$ 50,462$ 67,366$ Management fee revenues 9,858 9,988 10,079 10,127 9,632 Income from unconsolidated Real Estate Services Joint Ventures (1) 806 566 565 545 809 General and administrative (7,588) (7,732) (7,945) (6,405) (8,325) (9,157) (8,338) (9,269) (7,522) (7,785) Interest expense (net) (7,200) (7,545) (7,774) (8,444) (9,607) Income tax expense 11 (447) 329 760 (383) (2,544) (2,354) (2,455) (2,425) (2,936) Normalized FFO 34,981$ 37,055$ 40,744$ 37,098$ 48,771$ Normalized FFO per share/unit (Basic) 0.30$ 0.32$ 0.35$ 0.32$ 0.42$ Normalized FFO per share/unit (Diluted) 0.30$ 0.31$ 0.35$ 0.32$ 0.42$ Net Operating Income (based on cash rents) 47,094$ 52,221$ 54,698$ 50,244$ 58,164$ Management fee revenues 9,858 9,988 10,079 10,127 9,632 Income from unconsolidated Real Estate Services Joint Ventures (1) 806 566 565 545 809 General and administrative (7,588) (7,732) (7,945) (6,405) (8,325) Strategic review costs (2,841) (6,454) (2,356) - - Management fee expense (9,157) (8,338) (9,269) (7,522) (7,785) Non-cash operating lease expense in G&A (40) (40) (50) (33) (30) Non-cash compensation expense - stock (2) 2,439 2,437 2,314 2,282 2,197 Interest expense - cash (net) (6,666) (6,737) (6,892) (7,680) (8,771) Income tax expense 11 (447) 329 760 (383) Market value adjustment to investment in Real Estate Funds (200) (165) (239) (121) (192) Other income 311 - - - - (2,919) (2,744) (2,849) (2,818) (3,181) Maintenance capital (3) (4) (3,487) (5,470) (1,984) (5,824) (3,194) AFFO 27,621$ 27,085$ 36,401$ 33,555$ 38,941$ 117,406 117,388 117,359 117,190 117,189 117,406 117,901 117,851 117,213 117,189 Supplemental Information - Q3 2021 10 Columbia Property Trust, Inc. Normalized Funds From Operations (NFFO) & Adjusted Funds From Operations (AFFO) Three Months Ended Weighted-average common shares/units outstanding - Basic Adjustments included in income (loss) from unconsolidated joint ventures Adjustments included in income (loss) from unconsolidated joint ventures Management fee expense (4) Includes CXP's ownership share of capital expenditures for properties held in joint ventures. (3) See page 35 of this supplemental report for a description of Maintenance Capital and page 14 for a detail of all capital expenditures. (2) This item represents the noncash impact of compensation expense related to stock grants under our 2013 Long-Term Incentive Plan within general and administrative expense. Weighted-average common shares/units outstanding - Diluted Note - For definitions and reconciliations of these non-GAAP financial metrics, see pages 29 - 35. (1) Reflects CXP's pro rata share of Management Fee Revenues earned by unconsolidated Real Estate Services JVs, which are recorded in Equity in Earnings of Unconsolidated JVs.


 
Unaudited (in thousands) 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Net Operating Income (based on GAAP rents) Same Store (wholly-owned properties) Revenues: Lease Revenues (1) 53,417$ 53,410$ 54,309$ 52,114$ 58,218$ Other Property Income 4 - - - - Total Revenues 53,421$ 53,410$ 54,309$ 52,114$ 58,218$ Total Operating Expenses (20,386) (19,838) (20,794) (21,328) (19,559) 33,035$ 33,572$ 33,515$ 30,786$ 38,659$ 17,865$ 19,338$ 23,774$ 18,761$ 19,297$ Same Store NOI (based on GAAP rents) 50,900$ 52,910$ 57,289$ 49,547$ 57,956$ Net Operating Income from: Acquisitions / Development (4), (5) (105) (34) (76) 726 7,003 Dispositions (6) - 41 1 189 2,407 Net Operating Income (based on GAAP rents) 50,795$ 52,917$ 57,214$ 50,462$ 67,366$ Net Operating Income (based on cash rents) Same Store (wholly-owned properties) Revenues: Lease Revenues (1) 49,911$ 52,859$ 52,105$ 53,507$ 52,065$ Other Property Income 4 - - - - Total Revenues 49,915$ 52,859$ 52,105$ 53,507$ 52,065$ Total Operating Expenses (20,289) (19,743) (20,699) (21,233) (19,454) 29,626$ 33,116$ 31,406$ 32,274$ 32,611$ 17,648$ 19,148$ 23,436$ 18,022$ 17,136$ Same Store NOI (based on cash rents) 47,274$ 52,264$ 54,842$ 50,296$ 49,747$ Same Store NOI - % Change (same quarter prior year) -5.0% Net Operating Income from: Acquisitions / Development (4), (5) (180) (84) (145) (234) 6,333 Dispositions (6) - 41 1 182 2,084 Net Operating Income (based on cash rents) 47,094$ 52,221$ 54,698$ 50,244$ 58,164$ Supplemental Information - Q3 2021 11 Same Store Net Operating Income (based on GAAP rents) wholly-owned properties (2) Same Store Net Operating Income (based on GAAP rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (3) Columbia Property Trust, Inc. Net Operating Income Three Months Ended (4) No properties have been acquired since July 1, 2020. Same Store Net Operating Income (based on cash rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (3) Same Store Net Operating Income (based on cash rents) wholly-owned properties (2) (6) Reflects activity for the following property sold since July 1, 2020, for all periods presented: 221 Main Street (45% share). Note - For definitions and reconciliations of these non-GAAP financial metrics, see pages 29 - 35. (3) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 18). (2) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented. (1) Lease revenues include base rent and tenant reimbursements; and lease termination income. (5) Reflects activity for the following development projects, for all periods presented: 149 Madison Avenue, 799 Broadway (49.7%), 101 Franklin (92.5%), and Terminal Warehouse (8.65%).


 
Net Operating Income - Year to Date Unaudited (in thousands) 9/30/2021 9/30/2020 Net Operating Income (based on GAAP rents) Same Store (wholly-owned properties) Revenues: Lease Revenues (1) 161,136$ 176,854$ Other Property Income 4 7 Total Revenues 161,140$ 176,861$ Total Operating Expenses (61,018) (57,330) 100,122$ 119,531$ 60,977$ 59,917$ Same Store NOI (based on GAAP rents) 161,099$ 179,448$ Net Operating Income from: Acquisitions / Development (4), (5) (215) 7,594 Dispositions (6) 42 8,689 Net Operating Income (based on GAAP rents) 160,926$ 195,731$ Net Operating Income (based on cash rents) Same Store (wholly-owned properties) Revenues: Lease Revenues (1) 154,875$ 162,224$ Other Property Income 4 7 Total Revenues 154,879$ 162,231$ Total Operating Expenses (60,731) (56,984) 94,148$ 105,247$ 60,232$ 54,156$ Same Store NOI (based on cash rents) 154,380$ 159,403$ Same Store NOI - % Change (same period prior year) -3.2% Net Operating Income from: Acquisitions / Development (4), (5) (409) 6,188 Dispositions (6) 42 8,506 Net Operating Income (based on cash rents) 154,013$ 174,097$ Supplemental Information - Q3 2021 12 (6) Reflects activity for the following properties sold since January 1, 2020, for all periods presented: 221 Main Street (45% share), Pasadena Corporate Park, and Cranberry Woods Drive. (1) Lease revenues include base rent and tenant reimbursements; and lease termination income. (3) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 18). (4) No properties have been acquired since January 1, 2020. (5) Reflects activity for the following development projects, for all periods presented: 149 Madison Avenue, 799 Broadway (49.7%), 101 Franklin (92.5%), and Terminal Warehouse (8.65%). Columbia Property Trust, Inc. Note - For definitions and reconciliations of these non-GAAP financial metrics, see pages 29 - 35. (2) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented. Same Store Net Operating Income (based on cash rents) wholly-owned properties (2) Same Store Net Operating Income (based on cash rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (3) Nine Months Ended Same Store Net Operating Income (based on GAAP rents) wholly-owned properties (2) Same Store Net Operating Income (based on GAAP rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (3)


 
Unaudited (in thousands) 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Fee Revenue: 6,366$ 6,527$ 6,063$ 6,663$ 6,074$ 806 566 565 545 809 3,491 3,461 4,016 3,464 3,558 Subtotal 10,663$ 10,554$ 10,644$ 10,672$ 10,441$ Fee Expenses: 5,666$ 4,877$ 5,253$ 4,058$ 4,227$ 3,491 3,461 4,016 3,464 3,558 Subtotal 9,157$ 8,338$ 9,269$ 7,522$ 7,785$ Management Fee Income 1,506$ 2,216$ 1,375$ 3,150$ 2,656$ Supplemental Information - Q3 2021 13 (1) Includes 100% of fees earned from CXP’s unconsolidated joint ventures, of which the following amounts are paid by CXP’s pro rata interest in those joint ventures: $1.6 million (Q3 '21), $1.5 million (Q2 '21), $1.5 million (Q1 '21), $1.5 million (Q4 '20), and $1.0 million (Q3 '20). (2) Reflects CXP’s pro rata share of net management fee income earned through its interest in unconsolidated Real Estate Services Joint Ventures. (3) Reflects reimbursements of salaries and insurance costs from third-party properties and properties owned by unconsolidated joint ventures. Management expenses Reimbursed salaries and admin costs Reimbursements (3) Columbia Property Trust, Inc. Management Fee Income Three Months Ended Management fees (1) Management fees (shared management) (2)


 
Unaudited ($ in thousands) 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Maintenance Building Capital 897$ 463$ 1,187$ 3,410$ 1,618$ Tenant Improvements 3,773 9,733 147 502 1,299 Leasing Commissions 423 777 535 848 171 Other Leasing Costs (2) (1,606) (5,503) 115 1,064 106 Total - Maintenance 3,487$ 5,470$ 1,984$ 5,824$ 3,194$ Investment Building Capital 7,318$ 6,304$ 3,765$ 2,055$ 5,990$ Tenant Improvements (49) 208 621 5,465 (75) Leasing Commissions 948 116 1 428 - Other Leasing Costs (2) 12 - - - - Development Projects (see page 28) 149 Madison Avenue (3) 7,729 4,212 2,763 2,782 (4,212) (4) 799 Broadway (5) 4,187 4,139 4,587 4,785 5,136 101 Franklin (6) 3,607 3,128 2,768 2,074 1,996 80 M Street (7) 11,358 8,596 9,992 5,767 6,301 Terminal Warehouse (8) 2,627 3,090 1,989 2,822 2,046 Total - Investment 37,737$ 29,793$ 26,486$ 26,178$ 17,182$ Maintenance & Investment Building Capital 8,215$ 6,767$ 4,952$ 5,465$ 7,608$ Tenant Improvements 3,724 9,941 768 5,967 1,224 Leasing Commissions 1,371 893 536 1,276 171 Other Leasing Costs (2) (1,594) (5,503) 115 1,064 106 Development Projects 29,508 23,165 22,099 18,230 11,267 Total - Maintenance & Investment 41,224$ 35,263$ 28,470$ 32,002$ 20,376$ Supplemental Information - Q3 2021 14 NOTE: See page 35 of this supplemental report for a description of Maintenance and Investment Capital. Columbia Property Trust, Inc. Capital Expenditure Summary (1) Capital Expenditures Three Months Ended (1) Includes CXP's ownership share of capital expenditures for properties held in joint ventures. (3) Amounts include capitalized interest of $1.0 million, $1.0 million, $0.9 million, $0.9 million, and $0.8 million, respectively. (5) Amounts include capitalized interest of $1.3 million, $1.2 million, $1.2 million, $1.2 million and $1.1 million, respectively. (2) Tenant allowances that cover soft costs are accrued as Other Leasing Costs at lease execution. If used to fund hard costs, they are reclassified to Tenant Improvements as incurred. (6) Amounts include capitalized interest of $1.7 million, $1.7 million, $1.7 million, $1.5 million, and $1.4 million, respectively. (7) Amounts include capitalized interest of $255,000, $187,000, $111,000, $71,000, and $45,000, respectively. (8) Amounts include capitalized interest of $0.8 million, $0.8 million, $0.8 million, $0.8 million, and $0.3 million, respectively. (4) Includes $6.5 million WeWork capital obligation relieved by lease termination.


 
Unaudited ($ in thousands) (at 9/30/2021) Debt Instrument - Secured Maturity Rate Rate Type Balance % of Total Debt Mortgage Debt - Unconsolidated JV 799 Broadway - Construction Loan October-21 LIBOR + 425 bps Floating 77,912$ (1) 4.8% Market Square July-23 5.07% Fixed 165,750 (2) 10.3% Terminal Warehouse - Construction Loan July-25 LIBOR + 626 bps Floating 59,671 (3) 3.7% Weighted Average / Secured - Mortgage Notes 1.7 Years 5.40% 303,333$ 18.8% Debt Instrument - Unsecured Maturity Rate Rate Type Balance % of Total Debt Bank Facilities $150 Million Term Loan July-22 3.07% Fixed (4) 150,000$ 9.3% $650 Million Revolving Credit Facility January-23 LIBOR + 90 bps Floating (5) 164,000 10.1% $300 Million Term Loan January-24 2.55% Fixed (6) 300,000 18.6% Weighted Average / Bank Facilities 1.7 Years 2.26% 614,000$ 38.0% Bonds $350 Million @ 4.150% April-25 4.15% Fixed 350,000$ 21.6% $350 Million @ 3.650% August-26 3.65% Fixed 350,000 21.6% Weighted Average / Bonds 4.2 Years 3.90% 700,000$ 43.2% Weighted Average / Unsecured 3.0 Years 3.13% 1,314,000$ 81.2% Weighted Average / Total Debt 2.8 Years 3.56% (7) 1,617,333$ 100.0% Debt - consolidated 1,314,000$ Debt - unconsolidated 303,333 Total Debt 1,617,333$ Weighted Ave Maturity Weighted Ave Rate - Qtr Balance % of Total Debt 3.1 Years 3.64% 1,315,750$ 81.4% 0.7 Years 3.18% 301,583 18.6% Total 2.8 Years 3.56% (7) 1,617,333$ 100.0% 8.7x 32.8% (2) Reflects 51% of the mortgage balance of the Market Square Joint Venture. (8) Net debt is calculated by reducing our debt balance for cash on hand. Supplemental Information - Q3 2021 15 Columbia Property Trust, Inc. Debt Overview (7) During third quarter of 2021, CXP's share of interest expense and capitalized interest were $9.2 million and $6.1 million, respectively. Debt Ratios Fixed and Floating Rate Debt Analysis Fixed Rate Debt Floating Rate Debt (5) The Revolving Credit Facility ($650MM) bears interest at a rate based on, at the option of Columbia Property Trust, LIBOR for seven days, one-, two-, three-, or six- month periods, plus an applicable margin ranging from 0.775% to 1.45% based on credit rating, or the alternate base rate which is the greater of (a) Prime Rate, (b) Fed Funds plus 1/2 of 1%, and (c) the Libor Rate for a one-month period plus 1%, plus an applicable margin ranging from 0.00% to 0.45% based on credit rating. This facility carries two six-month extension options. Net Debt (Average) to Adjusted EBITDAre - Q3 2021 (8) Net Debt to Gross Real Estate Assets - 9/30/21 (8) (1) Reflects 49.7% of the 799 Broadway Joint Venture construction loan balance. The loan has a total capacity of $187 million and is subject to an interest rate agreement with a LIBOR floor of 1.00% and a cap of 4.00%. After exercising an extension option in October 2021, the loan matures on October 9, 2022, with one, one-year extension option. (4) Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $150 Million Term Loan at 3.07% per annum and terminates on July 29, 2022. The spread of 1.10% over the swapped rate is based on the company's credit rating. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statement of other comprehensive income. (6) Effective August 13, 2019, Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $300 Million Term Loan at 2.55% per annum and terminates on August 13, 2024. The spread of 1.00% over the swapped rate is based on the company's credit rating. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statement of other comprehensive income. (3) Reflects 8.65% of the Terminal Warehouse Joint Venture construction loan balance. The loan has a total capacity of $1,249 million, carries two, one-year extension options, and is subject to a LIBOR floor of 25 basis points. In connection with the execution of the construction loan, Columbia Property Trust, along with certain joint venture partners, entered into a $150.0 million completion guaranty.


 
Unaudited (at 9/30/2021) Bond Covenant Compliance Metric Actual (9/30/21) Debt to Total Asset Value Ratio Max 60% 29.9% Interest Coverage Ratio Min 1.50x 2.58x Secured Debt to Total Asset Value Ratio Max 40% 0.0% Maintenance of Total Unencumbered Assets Min 150% 236.9% Term Loan / Revolving Credit Facility Covenant Compliance Metric Actual (9/30/21) Debt to Total Asset Value Ratio Max 60% 42.0% Fixed Charge Coverage Ratio Min 1.50x 3.02x Secured Debt to Total Asset Value Ratio Max 40% 7.9% Unsecured Debt to Unencumbered Asset Value Ratio Max 60% 49.7% Unencumbered Interest Coverage Ratio Min 1.75x 3.57x Supplemental Information - Q3 2021 16 Columbia Property Trust, Inc. Debt Covenant Compliance


 
Unaudited ($ in thousands) (at 9/30/2021) Secured Unsecured Unsecured % of Interest % of Gross Mortgage Debt Bank Facilities Bonds Total Debt Total Debt Rate (1) Real Estate Assets 77,912$ (2) - - 77,912 4.8% 5.25% 1.6% - 150,000 - 150,000 9.3% 3.07% 3.2% 165,750 164,000 - 329,750 20.4% 3.04% 7.0% - 300,000 - 300,000 18.6% 2.55% 6.3% 59,671 - 350,000 409,671 25.3% 4.49% 8.6% - - 350,000 350,000 21.6% 3.65% 7.4% 303,333$ 614,000$ 700,000$ 1,617,333$ 100.0% 3.56% 34.1% 18.8% 38.0% 43.2% Supplemental Information - Q3 2021 17 (2) After exercising an extension option in October 2021, the 799 Broadway Joint Venture construction loan matures on October 9, 2022. 2022 2023 (1) Weighted average. Includes effective rates on variable rate loans swapped to fixed. Columbia Property Trust, Inc. Debt Maturities Maturity 2025 2026 Total % of Total Debt 2021 2024 $78 $166 $60 $150 $300 $164 $350 $350 $0 $100 $200 $300 $400 $500 2021 2022 2023 2024 2025 2026 Maturity Schedule ($M) Mortgage Debt - JV Term Loans Line of Credit Bonds 4.49% 3.07% 3.65% 3.04% 5.25% 2.55%


 
Unaudited ($ in thousands) (at 9/30/2021) CXP Ownership Market Square 51% 131,385$ (1) 333 Market Street 55% 262,969 University Circle 55% 272,659 114 5th Avenue 49.5% 64,984 1800 M Street 55% 222,425 221 Main Street 55% 212,081 799 Broadway 49.7% (2) 58,934 (3) Terminal Warehouse 8.65% (2) 50,704 (4) Real Estate Services Joint Ventures Various 679 Investment in Unconsolidated Joint Ventures (page 7) 1,276,820$ (5) Supplemental Information - Q3 2021 18 (5) Includes basis differences (see footnote 3 page 7). (3) 799 Broadway Joint Venture holds a construction loan with a balance of $156.8 million. CXP's ownership share is $77.9 million (see page 15). Columbia Property Trust, Inc. Summary of Unconsolidated Joint Ventures Investment in Unconsolidated Joint Venture (1) Market Square Joint Venture holds a $325 million mortgage note. CXP's ownership share is $165.8 million (see page 15). Property (4) Terminal Warehouse Joint Venture holds a $689.8 million mortgage note. CXP's ownership share is $59.7 million (see page 15). (2) CXP owns the following additional interests in properties owned by unconsolidated joint ventures through its interest in Normandy Real Estate Fund IV, L.P.: 799 Broadway (0.64%) and Terminal Warehouse (0.06%).


 
Columbia Property Trust, Inc. Property Overview - Gross Real Estate Assets, Net Operating Income & Annualized Lease Revenue Unaudited ($ in thousands) (at 9/30/2021) CXP Ownership Secured Market Share Debt? 229 West 43rd Street New York, NY 100% 516,545$ 36,038$ 5,809$ 6,009$ 315 Park Avenue South New York, NY 100% 408,275 29,866 3,940 4,177 249 West 17th Street New York, NY 100% 348,976 26,798 5,730 5,133 95 Columbus Jersey City, NJ 100% 220,795 18,427 2,305 (591) 218 West 18th Street New York, NY 100% 183,877 14,167 2,939 2,737 114 5th Avenue New York, NY 49.5% 211,726 (2) 18,112 (2) 880 (2) 2,100 (2) 149 Madison Avenue New York, NY 100% 133,402 - (3) (37) (37) 799 Broadway New York, NY 49.7% (4) Yes 139,977 (2) - (3) (83) (2) (83) (2) 101 Franklin (f/k/a 250 Church St) New York, NY 92.5% (4) 228,831 (5) - (3) - - Terminal Warehouse New York, NY 8.65% (4) Yes 111,166 (2) - (3) 15 (2) (60) (2) Subtotal - New York 2,503,570 53% 143,408 21,498 19,385 650 California Street San Francisco, CA 100% 341,086 38,426 6,008 6,138 333 Market Street San Francisco, CA 55% 276,499 (2) 14,877 (2) (6) 4,713 (2) 3,245 (2) 221 Main Street San Francisco, CA 55% 213,386 (2) 19,152 (2) 3,109 (2) 3,061 (2) University Circle East Palo Alto, CA 55% 288,063 (2) 18,607 (2) 2,698 (2) 2,839 (2) 201 California Street San Francisco, CA 100% 251,020 18,485 3,140 2,745 Subtotal - San Francisco 1,370,054 29% 109,547 19,668 18,028 Market Square Washington, D.C. 51% Yes 312,444 (2) 25,878 (2) 3,091 (2) 3,270 (2) 1800 M Street Washington, D.C. 55% 242,849 (2) 21,374 (2) 3,374 (2) 3,133 (2) 80 M Street Washington, D.C. 100% 156,888 11,154 1,145 1,385 Subtotal - Washington, D.C. 712,181 15% 58,406 7,610 7,788 116 Huntington Avenue Boston, MA 100% 143,125 3% 15,725 2,514 2,388 Corporate & Other 7,470 - (495) (7) (495) (7) Total - All Properties 4,736,400$ 327,086$ 50,795$ 47,094$ Total - Consolidated Properties 2,940,290$ 209,086$ 32,998$ 29,589$ Total - CXP Share of Properties in Unconsolidated Joint Ventures 1,796,110$ 118,000$ 17,797$ 17,505$ Supplemental Information - Q3 2021 (4) CXP owns the following additional interests in properties through its interest in Normandy Real Estate Fund IV, L.P.: 799 Broadway (0.64%), 101 Franklin Street (0.15%), and Terminal Warehouse (0.06%). (7) Includes portfolio operating costs and, when applicable, net operating income for previously sold properties. 19 (1) Gross Real Estate Assets includes (i) land, (ii) building and improvements, (iii) intangible lease assets, (iv) construction in progress, and (v) intangible lease origination costs, less (vi) intangible lease liabilities. Excludes right of use assets and lease liabilities (2) Reflects CXP's ownership share in the property which is held in an unconsolidated joint venture, including any basis differences (page 7). (3) Excluded as the property is currently under redevelopment / development. (6) Reimbursements are excluded, as operating expenses, except for insurance expense, are paid directly by the tenant. (5) Reflects 100% of the property, which is owned by a consolidated joint venture in which CXP owns a 92.5% interest. Real Estate Lease (based on (based on Property Assets (1) Revenue (ALR) GAAP rents) cash rents) Net Operating Net Operating Gross Annualized Income - Q3 2021 Income - Q3 2021


 
Columbia Property Trust, Inc. Property Overview - Square Feet & Occupancy Unaudited (SF in thousands) (at 9/30/2021) CXP Ownership Market Share 229 West 43rd Street New York, NY 100% 482 422 87.6% 87.6% 87.6% 315 Park Avenue South New York, NY 100% 332 323 97.3% 97.3% 97.3% 249 West 17th Street New York, NY 100% 281 278 98.9% 98.9% 98.9% 95 Columbus Jersey City, NJ 100% 652 462 70.9% 70.9% 21.8% 218 West 18th Street New York, NY 100% 166 166 100.0% 100.0% 100.0% 114 5th Avenue New York, NY 49.5% 174 (2) 174 (2) 100.0% 100.0% 100.0% 149 Madison Avenue New York, NY 100% - (3) - (3) - (3) - (3) - (3) 799 Broadway New York, NY 49.7% (4) - (3) - (3) - (3) - (3) - (3) 101 Franklin (f/k/a 250 Church St) New York, NY 92.5% (4) - (3) - (3) - (3) - (3) - (3) Terminal Warehouse New York, NY 8.65% (4) - (3) - (3) - (3) - (3) - (3) Subtotal - New York 2,087 1,825 87.4% 87.5% 72.1% 650 California Street San Francisco, CA 100% 471 450 95.5% 92.1% 88.8% 333 Market Street San Francisco, CA 55% 361 (2) 361 (2) 100.0% 100.0% 100.0% 221 Main Street San Francisco, CA 55% 213 (2) 203 (2) 95.3% 93.6% 94.9% University Circle East Palo Alto, CA 55% 250 (2) 152 (2) 60.8% 60.8% 59.6% 201 California Street San Francisco, CA 100% 259 210 81.1% 81.1% 81.7% Subtotal - San Francisco 1,554 1,376 88.5% 87.3% 86.4% Market Square Washington, D.C. 51% 346 (2) 282 (2) 81.5% 81.5% 82.7% 1800 M Street Washington, D.C. 55% 311 (2) 306 (2) 98.4% 97.6% 97.1% 80 M Street Washington, D.C. 100% 238 (5) 189 79.4% 77.9% 80.9% Subtotal - Washington, D.C. 895 777 86.8% 86.1% 87.2% 116 Huntington Avenue Boston, MA 100% 272 247 90.8% 86.0% 81.5% Total - All Properties 4,808 4,225 87.9% 87.1% 80.1% Total - All Properties (at 100%) 6,247 (6) 5,510 (6) Supplemental Information - Q3 2021 20 (6) Includes 100% of properties held in joint ventures. Property Square Feet Square Feet (1) Measured based on the total square feet of leases that have commenced and are billing rents to tenants, divided by total rentable square feet. Reflects monthly average for the quarter. (2) Reflects CXP's ownership share in the property which is held in an unconsolidated joint venture. (3) Excluded as the property is currently under redevelopment / development. (5) Temporarily reduced building rentable square footage for the 7th floor which was removed from service during the first quarter 2020 upon commencement of the vertical expansion project. (4) CXP owns the following additional interests in properties through its interest in Normandy Real Estate Fund IV, L.P.: 799 Broadway (0.64%), 101 Franklin Street (0.15%), and Terminal Warehouse (0.06%). Rentable Leased Percent Leased Commenced Occupancy Average Economic Occupancy (1)


 
Unaudited (SF in thousands) (at 9/30/2021) Rentable Leased Percent Square Footage (1) Square Footage (1) Leased As of June 30, 2021 4,786 4,476 93.5% Leasing Activity New Leases (2) 22 40 Lease Expirations/Early Terminations - (291) Net Absorption 22 (251) As of September 30, 2021 4,808 4,225 87.9% Supplemental Information - Q3 2021 21 Columbia Property Trust, Inc. Occupancy Summary (1) (1) Excludes 149 Madison, 799 Broadway, 101 Franklin, Terminal Warehouse, and 80 M Street (expansion space and 7th floor) which are currently under redevelopment / development. (2) New leasing activity for space that was either vacant at the beginning of the quarter or that became available due to expiration/termination of an existing lease. 96.3% 95.6% 94.0% 93.5% 87.9% 75% 80% 85% 90% 95% 100% 9/30/20 12/31/20 3/31/21 6/30/21 9/30/21 Percent Leased


 
Unaudited (weighted average unless otherwise noted) 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Renewal Leases Number of Leases 2 8 6 3 3 Square Feet of Leasing (at 100%) 14,123 48,141 47,498 17,267 15,057 Square Feet of Leasing (at CXP's share) (1) 7,768 44,039 38,646 9,282 10,374 Lease Term (months) 61 87 44 71 63 Tenant Improvements per Square Foot 25.33 51.79 12.96 40.00 15.50 Leasing Commissions per Square Foot 21.82 16.09 16.80 30.81 24.83 Total per Square Foot 47.15$ 67.88$ 29.76$ 70.81$ 40.33$ Tenant Improvements per Square Foot per Year of Lease Term 4.95 7.13 3.55 6.74 2.97 Leasing Commissions per Square Foot per Year of Lease Term 4.26 2.21 4.60 5.19 4.76 Total per Square Foot per Year 9.21$ 9.34$ 8.15$ 11.93$ 7.73$ Cash Rent Releasing Spread (2) -9.6% 0.4% 0.7% 3.3% 0.8% GAAP Rent Releasing Spread (2) -6.0% 16.6% 5.8% 18.7% 5.6% New Leases (Space Vacant > 1 Year) Number of Leases 1 3 - - - Square Feet of Leasing (at 100%) 24,689 11,360 - - - Square Feet of Leasing (at CXP's share) (1) 12,270 5,988 - - - Lease Term (months) 142 63 - - - Tenant Improvements per Square Foot 170.00 19.93 - - - Leasing Commissions per Square Foot 71.96 23.20 - - - Total per Square Foot 241.96$ 43.13$ -$ -$ -$ Tenant Improvements per Square Foot per Year of Lease Term 14.37 3.79 - - - Leasing Commissions per Square Foot per Year of Lease Term 6.08 4.41 - - - Total per Square Foot per Year 20.45$ 8.20$ -$ -$ -$ New Leases (Space Vacant < 1 Year) (3) Number of Leases 4 4 2 2 - Square Feet of Leasing (at 100%) 20,928 15,611 21,530 17,002 - Square Feet of Leasing (at CXP's share) (1) 17,837 13,435 18,855 15,842 - Lease Term (months) 85 58 65 76 - Tenant Improvements per Square Foot 84.20 56.22 53.79 63 - Leasing Commissions per Square Foot 21.31 15.47 20.57 46 - Total per Square Foot 105.51$ 71.69$ 74.36$ 108.40$ -$ Tenant Improvements per Square Foot per Year of Lease Term 11.87 11.69 9.90 10 - Leasing Commissions per Square Foot per Year of Lease Term 3.00 3.22 3.79 7 - Total per Square Foot per Year 14.87$ 14.91$ 13.69$ 17.05$ -$ Cash Rent Releasing Spread (2) 43.4% 4.6% 21.2% 5.3% - GAAP Rent Releasing Spread (2) 64.3% 13.1% 24.1% 21.2% - Total Leases Number of Leases 7 15 8 5 3 Square Feet of Leasing (at 100%) 59,740 75,112 69,028 34,269 15,057 Square Feet of Leasing (at CXP's share) (1) 37,875 63,462 57,501 25,124 10,374 Lease Term (months) 121 79 57 75 63 Tenant Improvements per Square Foot 136.22 50.04 37.89 57.25 15.50 Leasing Commissions per Square Foot 55.26 16.55 19.10 42.04 24.83 Total per Square Foot 191.48$ 66.59$ 56.99$ 99.29$ 40.33$ Tenant Improvements per Square Foot per Year of Lease Term 11.26 7.78 5.63 8.72 2.97 Leasing Commissions per Square Foot per Year of Lease Term 4.26 2.63 4.33 6.44 4.76 Total per Square Foot per Year 15.52$ 10.41$ 9.96$ 15.16$ 7.73$ Cash Rent Releasing Spread (2) 28.7% 1.3% 13.2% 4.8% 0.8% GAAP Rent Releasing Spread (2) 44.7% 15.9% 17.0% 20.6% 5.6% (3) Includes executed leases that have not yet commenced for space covered by an existing lease. Supplemental Information - Q3 2021 22 Columbia Property Trust, Inc. Leasing Summary Three Months Ended (2) Spread calculation is based on the change in net rent (base rent plus reimbursements less operating expenses) for square feet of leasing (at 100% ownership). (1) Reflects CXP's ownership share for properties held in joint ventures.


 
Unaudited (SF & $ in thousands) (at 9/30/2021) Expiring Annualized Lease Revenue (ALR) % of ALR Expiring Expiring Rentable Square Footage % of Rentable Square Footage Expiring -$ 0.0% 583 12.1% 2,083 0.6% 34 0.7% 24,628 7.5% 324 6.7% 37,843 11.6% 427 8.9% 21,699 6.6% 222 4.6% 53,992 16.5% 642 13.4% 44,966 13.8% 767 16.0% 13,216 4.0% 156 3.2% 9,129 2.8% 109 2.3% 20,381 6.2% 258 5.4% 45,722 14.0% 504 10.5% 4,210 1.3% 49 1.0% 3,443 1.1% 42 0.9% 17,734 5.4% 237 4.9% 7,466 2.3% 72 1.5% 20,574 6.3% 382 7.9% 327,086$ 100.0% 4,808 100.0% Supplemental Information - Q3 2021 23 2033 2034 2035+ Total NOTE: Expirations that have been renewed are reflected above based on the renewal expiration date. 2032 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Vacant Columbia Property Trust, Inc. Lease Expiration Schedule Year 0.6% 7.5% 11.6% 6.6% 16.5% 13.8% 4.0% 2.8% 6.2% 14.0% 1.3% 1.1% 5.4% 2.3% 6.3% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+ Lease Expiration Schedule % of ALR Expiring


 
Columbia Property Trust, Inc. Unaudited (SF & $ in thousands) Current Per Current Per Current Per Period ALR (2) SF ALR (2) SF ALR (2) SF Q4 2021 - - - 6 569 94.83 14 839 59.93 Total - 2021 - - - 6 569 94.83 14 839 59.93 Q1 2022 - - - 7 593 84.71 20 1,740 87.00 Q2 2022 32 2,601 81.28 15 1,368 91.20 14 898 64.14 Q3 2022 52 4,181 80.40 20 2,063 103.15 7 514 73.43 Q4 2022 27 2,723 100.85 14 1,219 87.07 60 3,487 58.12 Total - 2022 111 9,505 85.63 56 5,243 93.63 101 6,639 65.73 76 6,220 81.84 229 23,244 101.50 53 3,990 75.28 36 4,185 116.25 153 14,900 97.39 32 2,482 77.56 336 28,878 85.95 165 16,059 97.33 129 8,401 65.12 1,266 94,620 74.74 767 49,532 64.58 448 36,055 80.48 Total 1,825 143,408$ 78.58$ 1,376 109,547$ 79.61$ 777 58,406$ 75.17$ Current Per Current Per Period ALR (2) SF ALR (2) SF Q4 2021 14 675 48.21 34 2,083 61.26 Total - 2021 14 675 48.21 34 2,083 61.26 Q1 2022 3 114 38.00 30 2,447 81.57 Q2 2022 29 1,607 55.41 90 6,474 71.93 Q3 2022 19 1,224 64.42 98 7,982 81.45 Q4 2022 5 296 59.20 106 7,725 72.88 Total - 2022 56 3,241 57.88 324 24,628 76.01 69 4,389 63.61 427 37,843 88.63 1 132 132.00 222 21,699 97.74 12 654 54.50 642 53,992 84.10 95 6,634 69.83 2,576 186,841 72.53 Total 247 15,725$ 63.66$ 4,225 327,086$ 77.42$ (1) Reflects CXP's ownership share for properties held in joint ventures. (2) Expiring ALR is calculated as expiring square footage multiplied by the gross rent per square foot of the tenant currently leasing the space. Supplemental Information - Q3 2021 24 Lease Expiration by Market New York (1) San Francisco (1) Washington, D.C. (1) Expiring Expiring 2024 Thereafter Boston SF Expiring 2025 2023 Expiring SF Expiring Thereafter SFSF SF All Markets 2023 2024 2025


 
Unaudited (SF & $ in thousands) (at 9/30/2021) Tenant Credit Rating (1) Number of Properties Annualized Lease Revenue (ALR) (2) % of ALR Leased Square Footage % of Leased Square Footage Remaining Lease Term Years (3) Twitter BB+ 2 21,573$ 6.6% 230 5.4% 8.2 Yahoo! / Verizon Corporate Services BBB+ 1 16,651 5.1% 193 4.6% 3.8 Wells Fargo Bank N.A. A+ 3 16,122 4.9% 371 8.8% 4.9 Snap Inc. Not Rated 1 13,328 4.1% 154 3.6% 11.3 Pershing LLC A 1 12,236 3.7% 320 7.6% 15.4 DocuSign, Inc. Not Rated 1 8,140 2.5% 84 2.0% 2.8 DLA Piper US, LLP Not Rated 1 8,085 2.5% 65 1.5% 1.8 WeWork Companies Inc. CCC+ 2 7,385 2.2% 129 3.1% 9.5 Affirm, Inc. Not Rated 1 6,878 2.1% 81 1.9% 4.5 Room & Board Not Rated 1 6,201 1.9% 60 1.4% 13.1 Quality Technology Services BB- 1 5,420 1.7% 127 3.0% 5.0 Gemini Trust Company, LLC Not Rated 1 4,860 1.5% 51 1.2% 7.7 Pitchbook Not Rated 1 4,736 1.4% 51 1.2% 8.4 BDG Media, Inc. Not Rated 1 4,552 1.4% 51 1.2% 7.1 Amazon AA- 1 4,498 1.4% 38 0.9% 9.8 ORC International Not Rated 1 4,468 1.4% 57 1.4% 3.8 Oracle America, Inc. A+ 1 4,145 1.3% 51 1.2% 0.8 Edison Electric Institute Not Rated 1 3,596 1.1% 40 1.0% 8.7 Mastercard International A+ 1 3,310 1.0% 38 0.9% 3.3 Equinox Not Rated 1 3,300 1.0% 44 1.0% 15.5 Subtotal - Top 20 159,484$ 48.8% 2,235 52.9% 7.3 All other 167,602 51.2% 1,990 47.1% 4.2 Total 327,086$ 100.0% 4,225 100.0% 5.7 (1) Credit rating may reflect the credit rating of the parent or a guarantor. Only the S&P Global Ratings credit rating has been provided. (2) Includes CXP's ownership share of ALR for properties held in joint ventures. (3) Weighted average based on CXP's share of Annualized Lease Revenue. Supplemental Information - Q3 2021 25 Columbia Property Trust, Inc. Top 20 Tenants & Tenant Industry Profile 32% 11% 8%8% 5% 4% 4% 3% 2% 2% 21% Tenant Industry Profile (2) Business Services Depository Institutions Legal Services Printing & Publishing Holding & Other Investment Offices Engineering and Management Services Security and Commodity Brokers Health Services Other Real Estate Nondepository Institutions


 
Unaudited ($ in thousands) Acquisitions Location Acquisition Date Percent Ownership Purchase Price Rentable Square Footage $ / SF % Leased at Acquisition 201 California Street San Francisco, CA 12/9/2019 100% 238,900$ 252,183 947$ 98.8% Total - Acquisitions (excluding Joint Ventures) 238,900$ 252,183 Location Closing Date % Purchased Purchase Value @ 100% Approximate Developable Square Footage Expected Delivery Date New York, NY 3/13/2020 8.65% 1,088,500$ 1,230,000 Q2 2023 New York, NY 12/2/2019 92.5% 205,500 235,000 TBD Total - Joint Ventures (Development) 1,294,000$ 1,465,000 Supplemental Information - Q3 2021 26 101 Franklin Street (f/k/a 250 Church Street) Terminal Warehouse Columbia Property Trust, Inc. Transaction Activity (1/1/19 - 10/27/21) - Acquisitions Property Name Property Purchased for Development in Joint Venture


 
Unaudited ($ in thousands) Dispositions Location Disposition Date Percent Ownership Gross Sale Price Rentable Square Footage $ / SF % Leased at Disposition Pasadena Corporate Park Los Angeles, CA 3/31/2020 100% 78,000$ 261,677 298 94.3% Cranberry Woods Drive Pittsburgh, PA 1/16/2020 100% 180,000 823,979 218 100.0% Lindbergh Center Atlanta, GA 9/26/2019 100% 187,000 1,105,000 169 98.8% One & Three Glenlake Atlanta, GA 4/15/2019 100% 227,500 710,832 320 100.0% Total - Dispositions (excluding Joint Ventures) 672,500$ 2,901,488 Location Closing Date % Sold / Retained Contributed Value @ 100% Rentable Square Footage $ / SF % Leased at Closing Date 221 Main Street San Francisco, CA 10/8/2020 45% / 55% 400,000$ 383,882 1,042 97.4% Total - Joint Ventures 400,000$ 383,882 Supplemental Information - Q3 2021 27 Columbia Property Trust, Inc. Transaction Activity (1/1/19 - 10/27/21) - Dispositions Property Name Property Contributed to Joint Venture


 
Unaudited ($ in thousands) CXP Approximate Estimated Project / Ownership Square Project Initial % Location Share (1) Feet Start Occupancy Leased 100% 121,000 Q4 2017 Q1 2022 0% 49.7% 182,000 Q4 2018 Q4 2021 14% 100% 105,000 Q2 2020 Q2 2022 57% 92.5% 235,000 TBD TBD 0% 8.65% 1,230,000 Q2 2021 Q2 2023 0% Project / Location Equity Debt Total Equity Debt Total Equity Debt Total 133,401$ -$ 133,401$ 37,609$ -$ 37,609$ 171,010$ -$ 171,010$ 53,662$ 77,912$ 131,574$ 4,941$ 15,027$ 19,968$ 58,603$ 92,939$ 151,542$ 52,882$ -$ 52,882$ 42,918$ -$ 42,918$ 95,800$ -$ 95,800$ 212,832$ -$ 212,832$ TBD TBD TBD TBD TBD TBD 50,556$ 59,671$ 110,227$ 6,530$ 45,316$ 51,846$ 57,086$ 104,987$ 162,073$ Supplemental Information - Q3 2021 28 Columbia Property Trust, Inc. 101 Franklin Street (f/k/a 250 Church St) Redevelopment New York, NY 149 Madison Avenue Redevelopment New York, NY 799 Broadway New York, NY Development Projects 80 M Street Vertical Expansion Washington, D.C. (1) CXP owns the following additional interests in properties through its interest in Normandy Real Estate Fund IV, L.P.: 799 Broadway (0.64%), 101 Franklin Street (0.15%), and Terminal Warehouse (0.06%). Terminal Warehouse Redevelopment New York, NY 149 Madison Avenue Redevelopment New York, NY 799 Broadway New York, NY 80 M Street Vertical Expansion Washington, D.C. 101 Franklin Street (f/k/a 250 Church St) Redevelopment New York, NY Terminal Warehouse Redevelopment New York, NY CXP Share Balance at 9/30/21 Remainder to Complete (estimated) Total Investment


 
Unaudited (in thousands, except per-share amounts) 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Net income (loss) attributable to CXP stockholders (10,153)$ (5,877)$ 477$ 98,968$ 5,367$ Depreciation 15,795 15,472 16,531 15,367 17,378 Amortization 4,719 4,878 4,844 6,868 9,584 14,519 14,711 14,737 15,295 12,795 Gain on sale of real estate assets - - - (175,272) - FFO 24,880$ 29,184$ 36,589$ (38,774)$ 45,124$ - - - - 9 Acquisition and restructuring costs - - - 6,174 391 Strategic review costs 2,841 6,454 2,356 - - Non-cash compensation expense - OP units 1,527 1,510 1,831 3,190 3,190 (149) (129) (129) (136) (134) Impairment loss on goodwill - - - 63,806 - 5,882 36 97 2,838 191 Normalized FFO 34,981$ 37,055$ 40,744$ 37,098$ 48,771$ Normalized FFO per share/unit (Basic) 0.30$ 0.32$ 0.35$ 0.32$ 0.42$ Normalized FFO per share/unit (Diluted) 0.30$ 0.31$ 0.35$ 0.32$ 0.42$ 117,406 117,388 117,359 117,190 117,189 117,406 117,901 117,851 117,213 117,189 Unaudited (in thousands, except per-share amounts) 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Net Cash Provided by Operating Activities 33,557$ 23,107$ 19,241$ 24,390$ 35,655$ 15,393 16,887 21,043 15,309 12,127 Distributions from unconsolidated joint ventures (6,984) (8,651) (7,750) (7,363) (5,044) Net changes in operating assets and liabilities (10,658) 1,378 6,090 3,925 (801) Non-cash compensation expense in acquisition costs - - - (2,935) (1) Acquisition and restructuring costs - - - 6,174 391 Market value adjustment to investment in Real Estate Funds (200) (166) (239) (121) (192) Maintenance capital (1) (2) (3,487) (5,470) (1,984) (5,824) (3,194) AFFO 27,621$ 27,085$ 36,401$ 33,555$ 38,941$ 117,406 117,388 117,359 117,190 117,189 117,406 117,901 117,851 117,213 117,189 Supplemental Information - Q3 2021 29 Weighted-average common shares/units outstanding - Basic Columbia Property Trust, Inc. Reconciliation of Net Income to Normalized Funds From Operations (NFFO) Three Months Ended Adjustments included in income (loss) from unconsolidated joint ventures Adjustments included in income (loss) from unconsolidated joint ventures Adjustments included in net loss attributable to non-controlling interest in consolidated joint venture Adjustments included in net income attributable to non-controlling interest in the Operating Partnership Weighted-average common shares/units outstanding - Basic Weighted-average common shares/units outstanding - Diluted (1) See page 35 of this supplemental report for a description of Maintenance Capital and page 14 for more details on capital expenditures. (2) Reflects CXP's ownership share of capital expenditures for properties held in joint ventures. Weighted-average common shares/units outstanding - Diluted Reconciliation of Cash Flows From Operations to Adjusted Funds From Operations (AFFO) Three Months Ended Adjustments included in income (loss) from unconsolidated joint ventures


 
Unaudited (in thousands) 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Net Operating Income (based on GAAP rents) 50,795$ 52,917$ 57,214$ 50,462$ 67,366$ Straight-line rental income, net (wholly-owned) (2,708) (37) (1,634) 3,543 (5,079) Straight-line rental income, net (joint venture) 1,436 1,521 1,389 1,037 508 Above/below market lease amortization, net (wholly-owned) (1,022) (691) (679) (2,233) (1,858) Above/below market lease amortization, net (joint venture) (1,999) (2,041) (2,072) (3,001) (3,221) Lease incentive amortization (wholly-owned) 320 273 204 162 170 Lease incentive amortization (joint venture) 272 279 276 274 278 Net Operating Income (based on cash rents) 47,094$ 52,221$ 54,698$ 50,244$ 58,164$ Unaudited (in thousands) 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 FFO 24,880$ 29,184$ 36,589$ (38,774)$ 45,124$ - - - - 9 (149) (129) (129) (136) (134) 5,882 36 97 2,838 191 Acquisition and restructuring costs - - - 6,174 391 Strategic review costs 2,841 6,454 2,356 - - Impairment loss on goodwill - - - 63,806 - Non-cash compensation expense - OP units 1,527 1,510 1,831 3,190 3,190 Normalized FFO 34,981$ 37,055$ 40,744$ 37,098$ 48,771$ Above/below market lease amortization, net (1,022) (691) (679) (2,233) (1,858) Straight-line rental income, net (2,708) (37) (1,634) 3,543 (5,079) Lease incentive amortization 320 273 204 162 170 Strategic review costs (2,841) (6,454) (2,356) - - Non-cash compensation expense - stock 2,439 2,437 2,314 2,282 2,197 Non-cash interest expense 645 643 643 643 643 Non-cash operating lease expense - G&A (40) (40) (50) (32) (30) (666) (631) (801) (2,084) (2,679) Total other non-cash adjustments (3,873) (4,500) (2,359) 2,281 (6,636) Maintenance capital (1) (2) (3,487) (5,470) (1,984) (5,824) (3,194) AFFO 27,621$ 27,085$ 36,401$ 33,555$ 38,941$ 117,406 117,388 117,359 117,190 117,189 117,406 117,901 117,851 117,213 117,189 Supplemental Information - Q3 2021 30 Columbia Property Trust, Inc. Reconciliation of Net Operating Income (based on GAAP rents) to Net Operating Income (based on cash rents) Three Months Ended Reconciliation of Funds From Operations (FFO) to Adjusted Funds From Operations (AFFO) Other non-cash adjustments included in income (loss) from unconsolidated joint ventures Weighted-average common shares/units outstanding - Basic Weighted-average common shares/units outstanding - Diluted Three Months Ended (1) See page 35 of this supplemental report for a description of Maintenance Capital and page 14 for more details on capital expenditures. (2) Reflects CXP's ownership share of capital expenditures for properties held in joint ventures. Adjustments included in income (loss) from unconsolidated joint ventures Adjustments included in net loss attributable to non-controlling interest in consolidated joint venture Adjustments included in net income attributable to non-controlling interest in the Operating Partnership


 
Unaudited (in thousands) 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Net income (loss) attributable to CXP stockholders (10,153)$ (5,877)$ 477$ 98,968$ 5,367$ Interest expense (net) 7,311 7,380 7,535 8,323 9,415 Income tax expense (11) 447 (329) (760) 383 Depreciation 15,795 15,472 16,531 15,367 17,378 Amortization 4,719 4,878 4,844 6,868 9,584 16,362 16,416 16,443 16,996 15,140 EBITDA 34,023$ 38,716$ 45,501$ 145,762$ 57,267$ Gain on sale of real estate assets - - - (175,272) - EBITDAre 34,023$ 38,716$ 45,501$ (29,510)$ 57,267$ Acquisition and restructuring costs - - - 6,174 391 Strategic review costs 2,841 6,454 2,356 - - Non-cash compensation expense - OP units 1,527 1,510 1,831 3,190 3,190 Impairment loss on goodwill - - - 63,806 - (149) (129) (129) (136) (134) 5,882 36 97 2,838 191 Adjusted EBITDAre 44,124$ 46,587$ 49,656$ 46,362$ 60,905$ Management fee revenues (9,858) (9,988) (10,079) (10,127) (9,632) Management fee revenues - unconsolidated (1) (806) (566) (565) (545) (809) General and administrative 7,588 7,732 7,945 6,405 8,325 Management fee expense 9,157 8,338 9,269 7,522 7,785 Straight line rental income (net) (2,708) (37) (1,634) 3,543 (5,079) Above/below market lease amortization, net (1,022) (691) (679) (2,233) (1,858) Lease incentive amortization 320 273 204 162 170 Market value adjustment to investment in Real Estate Funds 200 165 239 121 192 Other income (311) - - - - 410 408 342 (966) (1,835) Net Operating Income (based on cash rents) 47,094$ 52,221$ 54,698$ 50,244$ 58,164$ (17,648) (19,148) (23,436) (18,022) (17,136) Less Net Operating Income from: Acquisitions / Development (3), (4) 180 84 145 234 (6,333) Dispositions (5) - (41) (1) (182) (2,084) 29,626$ 33,116$ 31,406$ 32,274$ 32,611$ Supplemental Information - Q3 2021 31 (1) Reflects CXP's pro rata share of Management Fee Revenues earned by unconsolidated Real Estate Services JVs, which are recorded in Equity in Earnings of Unconsolidated JVs. (6) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented. (2) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 18). (3) No properties have been acquired since July 1, 2020. Columbia Property Trust, Inc. Reconciliation of Net Income to Net Operating Income (based on cash rents), and Same Store Net Operating Income (based on cash rents) - wholly-owned properties Three Months Ended Same Store Net Operating Income (based on cash rents) wholly-owned properties (6) Same Store Net Operating Income (based on cash rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (2) Adjustments included in income (loss) from unconsolidated joint ventures Adjustments included in income (loss) from unconsolidated joint ventures (5) Reflects activity for the following property sold since July 1, 2020, for all periods presented: 221 Main Street (45% share). Adjustments included in net loss attributable to non-controlling interest in consolidated joint venture (4) Reflects activity for the following development projects, for all periods presented: 149 Madison Avenue, 799 Broadway (49.7%), 101 Franklin (92.5%), and Terminal Warehouse (8.65%). Adjustments included in net income attributable to non-controlling interest in the Operating Partnership


 
Unaudited (in thousands) 9/30/2021 9/30/2020 Net income (loss) attributable to CXP stockholders (15,553)$ 16,742$ Interest expense (net) 22,226 28,417 Income tax expense 107 (2,045) Depreciation 47,798 53,087 Amortization 14,441 23,710 49,221 45,505 EBITDA 118,240$ 165,416$ Gain on sale of real estate assets - (13,361) EBITDAre 118,240$ 152,055$ Acquisition and restructuring costs - 12,830 Strategic review costs 11,651 - Non-cash compensation expense - OP units 4,868 8,703 (407) (392) 6,015 388 Adjusted EBITDAre 140,367$ 173,584$ Management fee revenues (29,925) (28,319) Management fee revenues - unconsolidated (1) (1,937) (1,665) General and administrative 23,265 25,713 Management fee expense 26,764 23,961 Straight line rental income (net) (4,379) (10,604) Above/below market lease amortization, net (2,392) (4,923) Lease incentive amortization 797 521 604 579 Other income (311) - 1,160 (4,750) Net Operating Income (based on cash rents) 154,013$ 174,097$ (60,232) (54,156) Less Net Operating Income from: Acquisitions / Development (3), (4) 409 (6,188) Dispositions (5) (42) (8,506) 94,148$ 105,247$ Supplemental Information - Q3 2021 32 Columbia Property Trust, Inc. Reconciliation of Net Income to Net Operating Income (based on cash rents), and Same Store Net Operating Income (based on cash rents) - wholly-owned properties Adjustments included in income (loss) from unconsolidated joint ventures (5) Reflects activity for the following properties sold since January 1, 2020, for all periods presented: 221 Main Street (45% share), Pasadena Corporate Park, and Cranberry Woods Drive. Adjustments included in net loss attributable to non-controlling interest in consolidated joint venture (4) Reflects activity for the following development projects, for all periods presented: 149 Madison Avenue, 799 Broadway (49.7%), 101 Franklin (92.5%), and Terminal Warehouse (8.65%). Market value adjustment to investment in Real Estate Funds (3) No properties have been acquired since January 1, 2020. (6) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented. Nine Months Ended Same Store Net Operating Income (based on cash rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (2) Same Store Net Operating Income (based on cash rents) wholly-owned properties (6) (2) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 18). Adjustments included in net income attributable to non-controlling interest in the Operating Partnership Adjustments included in income (loss) from unconsolidated joint ventures (1) Reflects CXP's pro rata share of Management Fee Revenues earned by unconsolidated Real Estate Services JVs, which are recorded in Equity in Earnings of Unconsolidated JVs.


 
Unaudited (in thousands) 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Net income (loss) attributable to CXP stockholders (10,153)$ (5,877)$ 477$ 98,968$ 5,367$ Interest expense (net) 7,311 7,380 7,535 8,323 9,415 Income tax expense (11) 447 (329) (760) 383 Depreciation 15,795 15,472 16,531 15,367 17,378 Amortization 4,719 4,878 4,844 6,868 9,584 16,362 16,416 16,443 16,996 15,140 EBITDA 34,023$ 38,716$ 45,501$ 145,762$ 57,267$ Gain on sale of real estate assets - - - (175,272) - EBITDAre 34,023$ 38,716$ 45,501$ (29,510)$ 57,267$ Acquisition and restructuring costs - - - 6,174 391 Strategic review costs 2,841 6,454 2,356 - - Non-cash compensation expense - OP units 1,527 1,510 1,831 3,190 3,190 Impairment loss on goodwill - - - 63,806 - (149) (129) (129) (136) (134) 5,882 36 97 2,838 191 Adjusted EBITDAre 44,124$ 46,587$ 49,656$ 46,362$ 60,905$ Management fee revenues (9,858) (9,988) (10,079) (10,127) (9,632) Management fee revenues - unconsolidated (1) (806) (566) (565) (545) (809) General and administrative 7,588 7,732 7,945 6,405 8,325 Management fee expense 9,157 8,338 9,269 7,522 7,785 Market value adjustment to investment in Real Estate Funds 200 165 239 121 192 Other income (311) - - - - 701 649 749 724 600 Net Operating Income (based on GAAP rents) 50,795$ 52,917$ 57,214$ 50,462$ 67,366$ (17,865) (19,338) (23,774) (18,761) (19,297) Less Net Operating Income from: Acquisitions / Development (3), (4) 105 34 76 (726) (7,003) Dispositions (5) - (41) (1) (189) (2,407) 33,035$ 33,572$ 33,515$ 30,786$ 38,659$ (2) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 18). Supplemental Information - Q3 2021 33 (6) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented. Columbia Property Trust, Inc. Reconciliation of Net Income to Net Operating Income (based on GAAP rents), and Same Store Net Operating Income (based on GAAP rents) - wholly-owned properties Three Months Ended Same Store Net Operating Income (based on GAAP rents) wholly-owned properties (6) Same Store Net Operating Income (based on GAAP rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (2) Adjustments included in income (loss) from unconsolidated joint ventures Adjustments included in income (loss) from unconsolidated joint ventures Adjustments included in net loss attributable to non-controlling interest in consolidated joint venture (4) Reflects activity for the following development projects, for all periods presented: 149 Madison Avenue, 799 Broadway (49.7%), 101 Franklin (92.5%), and Terminal Warehouse (8.65%). (5) Reflects activity for the following property sold since April 1, 2020, for all periods presented: 221 Main Street (45% share). Adjustments included in net income attributable to non-controlling interest in the Operating Partnership (1) Reflects CXP's pro rata share of Management Fee Revenues earned by unconsolidated Real Estate Services JVs, which are recorded in Equity in Earnings of Unconsolidated JVs. (3) No properties have been acquired since April 1, 2020.


 
Unaudited (in thousands) 9/30/2021 9/30/2020 Net income (loss) attributable to CXP stockholders (15,553)$ 16,742$ Interest expense (net) 22,226 28,417 Income tax expense 107 (2,045) Depreciation 47,798 53,087 Amortization 14,441 23,710 49,221 45,505 EBITDA 118,240$ 165,416$ Gain on sale of real estate assets - (13,361) EBITDAre 118,240$ 152,055$ Acquisition and restructuring costs - 12,830 Strategic review costs 11,651 - Non-cash compensation expense - OP units 4,868 8,703 (407) (392) 6,015 388 Adjusted EBITDAre 140,367$ 173,584$ Management fee revenues (29,925) (28,319) Management fee revenues - unconsolidated (1) (1,937) (1,665) 23,265 25,713 26,764 23,961 604 579 Other income (311) - 2,099 1,878 Net Operating Income (based on GAAP rents) 160,926$ 195,731$ (60,977) (59,917) Less Net Operating Income from: Acquisitions / Development (3), (4) 215 (7,594) Dispositions (5) (42) (8,689) - 100,122$ 119,531$ Supplemental Information - Q3 2021 34 Management fee expense Adjustments included in income (loss) from unconsolidated joint ventures (1) Reflects CXP's pro rata share of Management Fee Revenues earned by unconsolidated Real Estate Services JVs, which are recorded in Equity in Earnings of Unconsolidated JVs. (4) Reflects activity for the following development projects, for all periods presented: 149 Madison Avenue, 799 Broadway (49.7%), 101 Franklin (92.5%), and Terminal Warehouse (8.65%). Market value adjustment to investment in Real Estate Funds (3) No properties have been acquired since January 1, 2020. (6) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented. Same Store Net Operating Income (based on GAAP rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (2) Same Store Net Operating Income (based on GAAP rents) wholly-owned properties (6) (2) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 18). (5) Reflects activity for the following properties sold since January 1, 2020, for all periods presented: 221 Main Street (45% share), Pasadena Corporate Park, and Cranberry Woods Drive. Columbia Property Trust, Inc. Reconciliation of Net Income to Net Operating Income (based on GAAP rents), and Same Store Net Operating Income (based on GAAP rents) - wholly-owned properties Nine Months Ended Adjustments included in income (loss) from unconsolidated joint ventures General and administrative Adjustments included in net loss attributable to non-controlling interest in consolidated joint venture Adjustments included in net income attributable to non-controlling interest in the Operating Partnership


 
Supplemental Information - Q3 2021 35 EBITDAre : The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which defines EBITDAre as net income (loss), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures. Annualized Lease Revenue (“ALR”): ALR is the sum of (i) annualized rental payments (defined as base rent plus operating expense reimbursements, excluding rental abatements) for executed and commenced leases as well as leases executed but not yet commenced for vacant space, and (ii) annualized parking revenues, payable either under the terms of an executed lease or vendor contract. ALR excludes rental payments for executed leases that have not yet commenced for space covered by an existing lease. Maintenance Capital: 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, first generation leasing, and all other types of Investment Capital, as defined below. Investment Capital: Capital expenditures incurred for development and redevelopment projects; to bring properties up to our ownership standards; to expand or repurpose building functionality; to increase property's revenue-generating capability; to lease space to first generation tenants; or to lease space that has been vacant for more than one year. All costs incurred within 36 months of acquisition are considered Investment Capital. We establish our ownership standards based on Class A office property characteristics typical for the respective local market, including level of finishes, systems, accessibility, and defined market presence. 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) losses and gains on interest rate swaps, (ii) losses and gains on early extinguishment of debt, and (iii) strategic review costs. 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. Net Operating Income (based on cash rents) (“NOI - 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 lease amortization. The company uses this measure to assess its operating results and believes it is important in assessing operating performance. Net Operating Income (based on GAAP rents) (“NOI - 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. 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. Definitions - Other 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. Columbia Property Trust, Inc. Definitions - Non-GAAP Financial Measures Included in this supplemental report are non-GAAP financial measures, which are accompanied by what we consider the most directly comparable financial measures calculated and presented in accordance with GAAP. These measures include earnings (or components of earnings), as defined, from both continuing operations and discontinued operations. A description of the non-GAAP financial measures we present and a statement of the reasons why management believes the non-GAAP measures provide useful information to investors about the company's financial condition and results of operations can be found below. These non- GAAP measures should not be viewed as alternative measurements of our operating performance calculated in accordance with GAAP. Other companies may calculate these measures differently and our calculation should not be compared to that of other companies. Adjusted Funds From Operations (“AFFO”): AFFO is calculated by adjusting Cash Flow from Operations to exclude (i) changes in assets and liabilities resulting from timing differences in payments and receipts (ii) additional amortization of lease assets (liabilities), (iii) straight-line rental income, (iv) gain (loss) on interest rate swaps, (v) maintenance capital expenditures (see definition below), and adding back (vi) stock based compensation expense, (vii) non-cash interest expense and (viii) non-cash lease expenses. AFFO excludes revenues for deferred rental billings. Because AFFO adjusts for income and expenses that we believe are not reflective of our core operations, we believe AFFO provides useful supplemental information. Adjusted EBITDAre : Adjusted EBITDAre is defined as EBITDAre plus (minus) losses and gains on early extinguishment of debt, plus (minus) losses and gains from interest rate swaps, plus strategic review costs.


 

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Ticker: CXP
CIK: 1252849
Form Type: 8-K Corporate News
Accession Number: 0001252849-21-000110
Submitted to the SEC: Wed Oct 27 2021 4:11:02 PM EST
Accepted by the SEC: Wed Oct 27 2021
Period: Wednesday, October 27, 2021
Industry: Real Estate Investment Trusts
Events:
  1. Earnings Release
  2. Financial Exhibit

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