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Section 1: 8-K (8-K)

Document




 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  February 13, 2019
 
Columbia Property Trust, Inc.
(Exact name of registrant as specified in its charter)
 
Commission File Number:  001-36113
 
MD
  
20-0068852
(State or other jurisdiction of
  
(IRS Employer
incorporation)
  
Identification No.)
 
1170 Peachtree Street NE, Suite 600
Atlanta, GA 30309
(Address of principal executive offices, including zip code)
 
(404) 465-2200
(Registrant's telephone number, including area code)


(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o







Item 2.02 Results of Operations and Financial Condition.

On February 13, 2019, Columbia Property Trust, Inc. (the "Company") issued its financial results for the quarter and year ended December 31, 2018 by publishing the Supplemental Information package to its website. The Q4 2018 Supplemental Information package is attached hereto as Exhibit 99.1.

The information in this Item 2.02 of Form 8-K and the attached Exhibit 99.1 are furnished to the Securities and Exchange Commission (the "SEC") and shall not be deemed to be "filed" with the SEC for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing filed under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act regardless of any general incorporation language in such filing.

Item 7.01 Regulation FD Disclosure.

On February 13, 2019, the Company published its Supplemental Information package to its website. The Q4 2018 Supplemental Information package is attached hereto as Exhibit 99.1.

The information in this Item 7.01 of Form 8-K and the attached Exhibit 99.1 are furnished to the Securities and Exchange Commission (the "SEC"), and shall not be deemed to be "filed" with the SEC for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing filed under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.
Exhibit Number    
 
Description
99.1
 





SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
Columbia Property Trust, Inc.
 
 
 
Dated: February 13, 2019
By:
/s/ James A. Fleming
 
 
James A. Fleming
 
 
Chief Financial Officer
 
 
 




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Section 2: EX-99.1 (SUPPLEMENTAL INFORMATION)

ex991cxpfspq42018f
Q4 2018 Supplemental Information


 
Columbia Property Trust, Inc. Table of Contents Introduction Executive Summary 3 Company Profile & Investor Contacts 4 Capitalization Analysis & Research Coverage 5 2019 Guidance 6 Financial Information Consolidated Balance Sheet - GAAP 7 Elements of Pro-Rata Balance Sheet - CXP's Interest in Unconsolidated Joint Ventures 8 Consolidated Statements of Operations - GAAP 9 Elements of Pro-Rata Statement of Operations - CXP's Interest in Unconsolidated Joint Ventures 10 Normalized Funds From Operations (NFFO) & Adjusted Funds From Operations (AFFO) 11 Net Operating Income 12 - 13 Third-Party Management Income 14 Capital Expenditure Summary 15 Debt Overview 16 Debt Covenant Compliance 17 Debt Maturities 18 Summary of Unconsolidated Joint Ventures 19 Operational & Portfolio Information Property Overview - Gross Real Estate Assets, Net Operating Income & Annualized Lease Revenue 20 Property Overview - Square Feet & Occupancy 21 Occupancy Summary 22 Leasing Summary 23 Lease Expiration Schedule 24 Lease Expiration by Market 25 Top 20 Tenants & Tenant Industry Profile 26 Transaction Activity (1/1/16 - 2/13/19) 27 - 28 Development Projects 29 Additional Information Reconciliation of Net Income to Normalized Funds From Operations (NFFO) 30 Reconciliation of Cash Flows From Operations to Adjusted Funds From Operations (AFFO) 30 Reconciliation of Net Operating Income (based on GAAP rents) to Net Operating Income (based on cash rents) 31 Reconciliation of Funds From Operations (FFO) to Adjusted Funds From Operations (AFFO) 31 Reconciliation of Net Income to Net Operating Income (based on cash rents), and Same Store Net Operating Income (based on cash rents) - wholly-owned 32 - 33 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 34 - 35 properties Definitions 36 Forward Looking Statements: 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 2018 guidance and underlying assumptions; expectations on occupancy rates and additional growth in same store net operating income; 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: general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, dependence on tenants’ financial condition, and competition from other owners and operators of real estate); risks relating to our ability to maintain and increase property occupancy rates and rental rates; adverse economic or real estate developments in the company’s target markets; risks associated with the availability and terms of financing, the use of debt to fund acquisitions, and 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 relating to repositioning our portfolio; risks relating to lease terminations, lease defaults, or changes in the financial condition of our tenants, particularly by a significant tenant; risks relating to acquisition and disposition activities; risks associated with possible cybersecurity attacks against us or any of our tenants; potential adverse impact of market interest rates on the market price for our securities; potential liability for uninsured losses and environmental contamination; risks associated with joint ventures, including disagreements with, or misconduct by, joint venture partners; risks associated with the company’s potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended ; and risks associated with the company’s 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, 2018 and subsequently filed periodic reports. On the Cover: New York, NY Supplemental Information - Q4 2018 2


 
Columbia Property Trust, Inc. Fourth Quarter 2018 Executive Summary Financial Highlights & Guidance:  For the fourth quarter of 2018, net income per diluted share was $0.04 (page 9), Normalized FFO (NFFO)(1) per diluted share was $0.40 (page 11), cash flows from operations were $36.6 million (page 30), Adjusted FFO (AFFO)(1) was $38.3 million (page 11), and same store net operating income (based on cash rents) increased 22.4% (page 12).  For 2018, net income per diluted share was $0.08 (page 9), Normalized FFO (NFFO)(1) per diluted share was $1.56 (page 11), cash flows from operations were $97.6 million (page 30), Adjusted FFO (AFFO)(1) was $129.1 million (page 11), and same store net operating income (based on cash rents) increased 13.9% (page 13).  We are issuing 2019 guidance for net income in a range of $0.18 to $0.23 per diluted share, and for NFFO in a range of $1.35 to $1.40. See page 6 for more information regarding our guidance. Operational and Transactional Highlights:  Acquired a 49.7% share of 799 Broadway in New York through a joint venture in October. The joint venture is developing a new office building at the property.  We signed a 115,000-square-foot lease with WeWork for the entire office portion of 149 Madison Avenue in New York and a five-year lease extension with Twitter for its entire 215,000 square feet at 249 West 17th Street in New York.  Portfolio is 97.4% leased and 95.7% occupied (page 21). Leased 442,000 square feet with positive GAAP and cash rent releasing spreads of 19.3% and 11.4%, respectively (page 23). Capital Allocation Highlights:  In December 2018, we amended and restated our revolving credit facility and $300 million term loan agreement, resulting in extended maturities and lowered borrowing costs for both facilities, as well as expanded capacity on our revolving credit facility (page 16).  In December 2018, we terminated the $120 million development authority bonds and offsetting capital lease obligation at our Three Glenlake property. This structure provided a 10 year partial real estate tax abatement that concluded during the quarter.  In October 2018, repaid the $20.7 million One Glenlake mortgage note two months prior to maturity. This was our last mortgage note outside of our joint ventures (page 16).  During the fourth quarter, we repurchased $28.7 million of common stock (page 5).  Paid quarterly dividends of $0.20 per share ($0.80 annualized), consistent with the dividend rate for the preceding quarters in 2018 (page 5). (1) For definitions and reconciliations of these non-GAAP financial metrics see pages 30 - 36. Supplemental Information – Q4 2018 3


 
Columbia Property Trust, Inc. Company Profile & Investor Contacts Company Overview Columbia Property Trust (NYSE: CXP) creates value through owning, operating and developing Class-A office buildings in high-barrier-to-entry U.S. office markets, primarily New York, San Francisco, and Washington D.C. Columbia is deeply experienced in transactions, asset management and repositioning, leasing, and property management. It employs these competencies to grow value across its high-quality, well-leased portfolio of 18 operating properties and two properties under development or redevelopment that contain nine million rentable square feet. Columbia has investment-grade ratings from both Moody’s and Standard & Poor’s. 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 unconsolidated joint ventures. This report includes financial and operational information for our wholly-owned investments and our proportional interest in unconsolidated investments. We share control of the operations of the properties owned through unconsolidated joint ventures, and recognize that proportional financial data may not depict all of the legal and economic implications of our interest in these joint ventures. Executive and Senior Management E. Nelson Mills James A. Fleming Linda M. Bolan David T. Cheikin Chief Executive Officer, Executive Vice President Senior Vice President Senior Vice President President and Director Chief Financial Officer Property Management Strategic Real Estate Initiatives and Sustainability David S. Dowdney Wendy W. Gill Kevin A. Hoover Amy C. Tabb Senior Vice President Senior Vice President Senior Vice President Senior Vice President Leasing Corporate Operations Portfolio Management Business Development Chief Accounting Officer and Transactions Board of Directors Carmen M. Bowser Richard W. Carpenter John L. Dixon David B. Henry Murray J. McCabe Independent Director Independent Director Independent Director Independent Director Independent Director Chairman E. Nelson Mills Constance B. Moore Michael S. Robb George W. Sands Thomas G. Wattles Chief Executive Officer Independent Director Independent Director Independent Director Independent Director President Investor Relations Shareholder Services Corporate Counsel James A. Fleming T 855-347-0042 (toll free) King & Spalding LLP Executive Vice President & Chief Financial Officer F 816-701-7629 1180 Peachtree Street T 404-465-2126 E [email protected] Atlanta, GA 30309 E [email protected] T 404-572-4600 www.kslaw.com Matt Stover Director - Finance & Investor Relations T 404-465-2227 E [email protected] Supplemental Information - Q4 2018 4


 
Columbia Property Trust, Inc. Capitalization Analysis & Research Coverage Unaudited ($ & shares in thousands except for per-share data and percentages) Three Months Ended 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 Common Stock Data Weighted-Average Shares Outstanding - Basic 116,853 117,609 118,035 119,082 119,383 Weighted-Average Shares Outstanding - Diluted 117,359 118,207 118,462 119,350 119,841 High Closing Price $23.53 $24.23 $22.79 $22.84 $23.16 Low Closing Price $18.13 $22.45 $20.21 $19.61 $20.94 Average Closing Price $21.42 $23.26 $21.66 $21.29 $22.18 Closing Price (as of period end) $19.35 $23.64 $22.71 $20.46 $22.95 Dividends / Share (annualized) $0.80 $0.80 $0.80 $0.80 $0.80 Dividend Yield (annualized) (1) 4.1% 3.4% 3.5% 3.9% 3.5% Common Shares Outstanding (1) 116,698 117,984 117,974 118,602 119,789 Market Value of Common Shares (1) $2,258,106 $2,789,142 $2,679,190 $2,426,597 $2,749,158 Total Market Capitalization (1) (2) $3,806,089 $4,214,592 $4,094,199 $4,078,710 (3) $4,540,084 (3) Common Stock Repurchases Shares Purchased 1,286 - 659 1,296 - Weighted-Average Price Per Share $22.32 - $21.97 $21.03 - Total Value of Shares Purchased $28,705 - $14,490 $27,258 - Equity Research Coverage BMO Capital Markets Inc. Evercore ISI Goldman Sachs JMP Securities John P. Kim Sheila McGrath Andrew Rosivach Mitch Germain 212-885-4115 212-497-0882 212-902-2796 212-906-3546 Morgan Stanley SunTrust Robinson Humphrey Vikram Malhotra Michael R. Lewis 212-761-7064 212-319-5659 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 Standard & Poor's Lori Marks Fernanda Hernandez 212-553-1098 212-438-1347 (1) Based on closing price and ending shares for the last trading day of quarter. (2) Market value of shares plus gross debt as of quarter end. (3) Excludes the $49 million mortgage note on 263 Shuman Boulevard, which matured in July 2017. The company transferred the property to the lender on April 13, 2018. Supplemental Information - Q4 2018 5


 
Columbia Property Trust, Inc. 2019 Guidance Unaudited Twelve Months Ending 12/31/2019 Per share Low High Net income $0.18 $0.23 Real estate depreciation & amortization 1.17 1.17 Funds From Operations $1.35 $1.40 Normalized Funds From Operations $1.35 $1.40 2019 Portfolio Assumptions l Same Store NOI - Cash 8% - 10% l Leased percentage at year end: 95% - 97% l G&A expense - corporate $34M - $36M l Weighted-average common shares outstanding - diluted: 117M Investor Conference Call and Webcast: The Company will host a conference call and live audio webcast, both open for the general public to hear, on Wednesday, February 13, 2019, at 5:00 p.m. ET to discuss financial results and business highlights. The number to call for this interactive teleconference is (412) 542-4180. A replay of the conference call will be available through February 27, 2019, by dialing (877) 344-7529 and entering the confirmation number, 10127070. A webcast of the call will also be available at the company's website, www.columbia.reit. NOTE: These estimates reflect management's view of current market conditions and incorporate certain economic and operational assumptions and projections. This annual guidance includes the continued repositioning of the portfolio based on the above assumptions. Actual results could differ from these estimates. Note that individual quarters may fluctuate on both a cash basis and a GAAP basis due to the timing of dispositions, lease commencements and expirations, the timing of repairs and maintenance, capital expenditures, capital markets activities and one-time revenue or expense events. In addition, the Company's guidance is based on information available to management as of the date of this release. Supplemental Information - Q4 2018 6


 
Columbia Property Trust, Inc. Consolidated Balance Sheet - GAAP Unaudited (in thousands) As of Period End 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 Assets: Real estate assets, at cost: Land (1) $ 817,975 $ 817,975 $ 817,975 $ 825,208 $ 825,208 Buildings and improvements (1) 2,313,396 2,281,352 2,258,098 2,467,632 2,452,215 Buildings and improvements, accumulated depreciation (403,355) (384,068) (364,262) (407,894) (388,796) Intangible lease asset 183,421 181,522 182,618 293,325 293,325 Intangible lease asset, accumulated amortization (84,881) (84,323) (81,040) (99,092) (94,065) Construction in progress (1) 33,800 39,599 49,135 46,814 44,742 Total real estate assets $ 2,860,356 $ 2,852,057 $ 2,862,524 $ 3,125,993 $ 3,132,629 Investment in unconsolidated joint ventures (page 8) 1,071,353 1,045,044 1,053,092 1,058,441 943,242 Cash and cash equivalents 17,118 15,596 11,961 21,068 9,567 Tenant receivables, net of allowance for doubtful accounts 3,258 2,815 2,241 2,435 2,128 Straight line rent receivable 87,159 83,023 77,519 102,415 92,235 Prepaid expenses and other assets 23,218 31,316 29,242 25,189 27,683 Intangible lease origination costs 99,440 99,579 99,812 100,424 100,424 Intangible lease origination costs, accumulated amortization (65,348) (63,953) (61,810) (59,884) (57,465) Deferred lease costs 105,174 93,248 86,765 171,281 167,560 Deferred lease costs, accumulated amortization (27,735) (26,990) (25,606) (28,562) (26,464) Investment in development authority bonds - 120,000 120,000 120,000 120,000 Total assets $ 4,173,993 $ 4,251,735 $ 4,255,740 $ 4,638,800 $ 4,511,539 Liabilities: Line of credit and notes payable $ 632,000 $ 559,700 $ 549,537 $ 835,363 $ 974,176 Bonds payable 700,000 700,000 700,000 700,000 700,000 Discount and fees on notes and bonds payable (8,154) (7,455) (7,852) (8,687) (9,235) Accounts payable, accrued expenses, and accrued capital 49,117 52,725 50,729 105,772 125,002 expenditures Distributions payable 23,340 - - - 23,961 Deferred income 15,593 15,724 16,000 18,264 18,481 Intangible lease liabilities 42,847 42,594 42,594 44,894 46,878 Intangible lease liabilities, accumulated amortization (21,766) (20,753) (19,280) (19,265) (19,660) Obligations under capital leases - 120,000 120,000 120,000 120,000 Total liabilities $ 1,432,977 $ 1,462,535 $ 1,451,728 $ 1,796,341 $ 1,979,603 Equity: Common stock $ 1,167 $ 1,180 $ 1,180 $ 1,186 $ 1,198 Additional paid in capital 4,421,587 4,448,688 4,447,054 4,459,354 4,487,071 Cumulative distributions in excess of earnings (1,684,082) (1,665,745) (1,648,577) (1,621,498) (1,957,236) Other comprehensive loss 2,344 5,077 4,355 3,417 903 Total equity $ 2,741,016 $ 2,789,200 $ 2,804,012 $ 2,842,459 $ 2,531,936 Total liabilities and equity $ 4,173,993 $ 4,251,735 $ 4,255,740 $ 4,638,800 $ 4,511,539 (1) As of December 31, 2018, these accounts include the following balances related to the redevelopment of the 149 Madison property: $59.1 million in land, $29.0 million in buildings and improvements, and $8.0 million in construction in progress. Supplemental Information - Q4 2018 7


 
Columbia Property Trust, Inc. Elements of Pro-Rata Balance Sheet - CXP's Interest in Unconsolidated Joint Ventures (1) Unaudited (in thousands) As of Period End 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 Assets: Real estate assets, at cost: Land (2) $ 297,785 $ 225,227 $ 225,227 $ 225,227 $ 257,231 Buildings and improvements 769,984 768,592 765,908 760,806 852,317 Buildings and improvements, accumulated depreciation (54,440) (48,254) (42,015) (35,884) (31,298) Intangible lease asset 43,163 43,760 44,012 44,145 47,465 Intangible lease asset, accumulated amortization (9,694) (8,867) (7,580) (6,066) (4,640) Construction in progress (2) 12,965 3,473 3,429 3,953 4,409 Total real estate assets $ 1,059,763 $ 983,931 $ 988,981 $ 992,181 $ 1,125,484 Cash and cash equivalents 23,666 19,676 22,251 20,961 27,931 Tenant receivables, net of allowance for doubtful accounts 911 1,229 1,623 1,674 1,721 Straight line rent receivable 19,437 18,509 17,065 16,197 16,274 Prepaid expenses and other assets 4,008 3,571 4,573 3,788 3,763 Intangible lease origination costs 30,423 30,515 30,802 30,851 35,057 Intangible lease origination costs, accumulated amortization (6,593) (5,801) (5,217) (4,324) (3,652) Deferred lease costs 21,271 20,632 19,854 21,348 22,570 Deferred lease costs, accumulated amortization (4,960) (4,327) (3,760) (3,284) (2,950) Total assets $ 1,147,926 $ 1,067,935 $ 1,076,172 $ 1,079,392 $ 1,226,198 Liabilities: Line of credit and notes payable $ 215,983 $ 165,750 $ 165,750 $ 165,750 $ 165,750 Fees on notes payable (2,827) (128) (135) (142) (149) Accounts payable, accrued expenses, and accrued capital 36,163 30,606 30,064 28,119 31,822 expenditures Deferred income 4,311 2,772 3,287 3,478 3,488 Intangible lease liabilities 116,422 116,758 117,336 117,336 121,455 Intangible lease liabilities, accumulated amortization (11,441) (10,464) (9,778) (8,405) (7,379) Total liabilities $ 358,611 $ 305,294 $ 306,524 $ 306,136 $ 314,987 Total equity $ 789,315 $ 762,641 $ 769,648 $ 773,256 $ 911,211 Total equity $ 789,315 $ 762,641 $ 769,648 $ 773,256 $ 911,211 Basis differences, net of $5,227 of accumulated amortization (3) 282,038 282,403 283,444 285,185 32,031 Investment in unconsolidated joint ventures (page 7) $ 1,071,353 $ 1,045,044 $ 1,053,092 $ 1,058,441 $ 943,242 $ - (1) Reflects CXP's ownership share of assets and liabilities for properties held in unconsolidated joint ventures (see page 19). (2) As of December 31, 2018, these accounts include the following balances related to the development of the 799 Broadway property: $72.6 million in land and $8.5 million in construction in progress. (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 each partner's acquisition of an interest in the joint venture, and formation costs incurred by CXP. The basis difference as of December 31, 2018 includes the step up resulting from the adoption of Accounting Standards Update 2017-05. Basis differences are being amortized to income (loss) from unconsolidated joint ventures over the life of the related asset or liability. Supplemental Information - Q4 2018 8


 
Columbia Property Trust, Inc. Consolidated Statements of Operations - GAAP Unaudited (in thousands, except per-share amounts) Twelve Months Ended Three Months Ended 12/31/2018 12/31/2017 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 Revenues: Rental income and tenant reimbursements $ 283,252 $ 280,570 $ 71,746 $ 69,737 $ 71,409 $ 70,360 $ 68,652 Hotel income - 1,339 - - - - - Asset & property management fee income 7,384 3,782 1,982 1,825 1,818 1,759 1,656 Other property income (1) (2) 7,307 3,309 1,795 1,778 2,143 1,591 1,317 Total revenues $ 297,943 $ 289,000 $ 75,523 $ 73,340 $ 75,370 $ 73,710 $ 71,625 Operating expenses: Property operating costs 88,813 87,805 22,301 21,000 22,450 23,062 23,302 Hotel operating costs - 2,089 - - - - 4 Asset and property management fee expense 854 918 235 206 205 208 201 Depreciation 81,795 80,394 20,401 19,878 20,681 20,835 19,865 Amortization 32,554 32,403 7,995 7,920 8,623 8,016 7,885 Impairment loss on real estate assets 30,812 - - - 30,812 - - General and administrative - corporate 32,979 34,966 8,600 8,303 8,282 7,794 9,963 General and administrative - unconsolidated joint 3,108 1,454 895 746 736 731 741 ventures Total operating expenses $ 270,915 $ 240,029 $ 60,427 $ 58,053 $ 91,789 $ 60,646 $ 61,961 Operating income $ 27,028 $ 48,971 $ 15,096 $ 15,287 $ (16,419) $ 13,064 $ 9,664 Other income (expense): Interest expense (49,628) (53,316) (11,768) (11,251) (12,514) (14,095) (14,408) Capital lease obligation interest expense (6,871) (7,200) (1,471) (1,800) (1,800) (1,800) (1,800) Development authority bond income 6,871 7,200 1,471 1,800 1,800 1,800 1,800 Interest and other income 23 2,329 3 3 14 3 61 Gain on sale of unconsolidated joint venture interests 762 - - - - 762 - Gain (loss) on extinguishment of debt 23,340 (325) (373) - 23,713 - - Total other income (expense) $ (25,503) $ (51,312) $ (12,138) $ (11,248) $ 11,213 $ (13,330) $ (14,347) Income (loss) before income tax expense, income (loss) from unconsolidated joint ventures and gain on sale $ 1,525 $ (2,341) $ 2,958 $ 4,039 $ (5,206) $ (266) $ (4,683) of real estate assets Income tax expense (37) 213 (21) (3) (6) (7) (165) Income (loss) before income (loss) from unconsolidated $ 1,488 $ (2,128) $ 2,937 $ 4,036 $ (5,212) $ (273) $ (4,848) joint ventures and gain on sale of real estate assets Income (loss) from unconsolidated joint ventures (p. 10) 8,003 2,651 2,066 2,393 1,773 1,771 3,500 Income (loss) before gain on sale of real estate assets $ 9,491 $ 523 $ 5,003 $ 6,429 $ (3,439) $ 1,498 $ (1,348) Gain on sale of real estate assets - 175,518 - - - - - Net income (loss) $ 9,491 $ 176,041 $ 5,003 $ 6,429 $ (3,439) $ 1,498 $ (1,348) Weighted-average common shares outstanding - basic 117,888 120,795 116,853 117,609 118,035 119,082 119,383 Net income (loss) per share - basic $ 0.08 $ 1.45 $ 0.04 $ 0.05 $ (0.03) $ 0.01 $ (0.01) Weighted-average common shares outstanding - diluted 118,311 121,159 117,359 118,207 118,462 119,350 119,841 Net income (loss) per share - diluted $ 0.08 $ 1.45 $ 0.04 $ 0.05 $ (0.03) $ 0.01 $ (0.01) (1) Other property income includes lease termination income, cafeteria revenue, fitness center revenue, and management fee reimbursements. (2) Includes adjustments for straight-line rent related to lease terminations. Supplemental Information - Q4 2018 9


 
Columbia Property Trust, Inc. Elements of Pro-Rata Statement of Operations - CXP's Interest in Unconsolidated Joint Ventures (1) Unaudited (in thousands, except per-share amounts) Twelve Months Ended Three Months Ended 12/31/2018 12/31/2017 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 Revenues: Rental income and tenant reimbursements $ 112,391 $ 60,806 $ 28,441 $ 27,995 $ 27,446 $ 28,509 $ 27,885 Other property income (2) (3) 132 - 68 - - 64 - Total revenues $ 112,523 $ 60,806 $ 28,509 $ 27,995 $ 27,446 $ 28,573 $ 27,885 Operating expenses: Property operating costs 41,617 25,660 10,797 10,276 10,216 10,328 11,092 Asset and property management fee expense 4,179 2,426 1,049 1,040 1,030 1,060 1,112 Depreciation 33,543 15,445 8,442 8,212 8,212 8,677 6,648 Amortization 17,842 5,856 4,228 4,309 4,422 4,883 3,257 General and administrative 578 287 270 96 76 136 164 Acquisition fees and expenses - 43 - - - - - Total operating expenses $ 97,759 $ 49,717 $ 24,786 $ 23,933 $ 23,956 $ 25,084 $ 22,273 Operating income $ 14,764 $ 11,089 $ 3,723 $ 4,062 $ 3,490 $ 3,489 $ 5,612 Other income (expense): Interest expense (6,838) (8,432) (1,709) (1,709) (1,709) (1,711) (2,108) Interest and other income 102 - 59 43 (1) 1 - Total other income (expense) $ (6,736) $ (8,432) $ (1,650) $ (1,666) $ (1,710) $ (1,710) $ (2,108) Income (loss) before income tax expense $ 8,028 $ 2,657 $ 2,073 $ 2,396 $ 1,780 $ 1,779 $ 3,504 Income tax benefit (expense) (25) (6) (7) (3) (7) (8) (4) Income (loss) from unconsolidated joint ventures $ 8,003 $ 2,651 $ 2,066 $ 2,393 $ 1,773 $ 1,771 $ 3,500 (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 19). (2) Other property income includes lease termination income. (3) Includes adjustments for straight-line rent related to lease terminations. Supplemental Information - Q4 2018 10


 
Columbia Property Trust, Inc. Normalized Funds From Operations (NFFO) & Adjusted Funds From Operations (AFFO) (1) Unaudited (in thousands, except per-share amounts) Twelve Months Ended Three Months Ended 12/31/2018 12/31/2017 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 Net Operating Income (based on GAAP rents) $ 271,499 $ 228,875 $ 68,638 $ 67,953 $ 68,049 $ 66,859 $ 63,170 Non-cash carrying costs for Shuman Boulevard (2) 2,063 3,420 - - 196 1,867 1,903 Asset & property management fee income 7,384 3,782 1,982 1,825 1,818 1,759 1,656 General and administrative - corporate (32,979) (34,966) (8,600) (8,303) (8,282) (7,794) (9,963) General and administrative - unconsolidated joint (3,108) (1,454) (895) (746) (736) (731) (741) ventures Interest expense (net) (56,477) (58,187) (13,236) (13,049) (14,300) (15,892) (16,147) Interest income from development authority bonds 6,871 7,200 1,471 1,800 1,800 1,800 1,800 Income tax expense (37) 213 (21) (3) (6) (7) (165) Adjustments included in income (loss) from (11,226) (10,530) (2,899) (2,731) (2,747) (2,849) (3,321) unconsolidated joint ventures Normalized FFO $ 183,990 $ 138,353 $ 46,440 $ 46,746 $ 45,792 $ 45,012 $ 38,192 Normalized FFO per share (basic) $ 1.56 $ 1.15 $ 0.40 $ 0.40 $ 0.39 $ 0.38 $ 0.32 Normalized FFO per share (diluted) $ 1.56 $ 1.14 $ 0.40 $ 0.40 $ 0.39 $ 0.38 $ 0.32 Net Operating Income (based on cash rents) $ 231,601 $ 194,782 $ 61,669 $ 58,988 $ 56,701 $ 54,243 $ 51,175 Non-cash carrying costs for Shuman Boulevard (2) 2,063 3,420 - - 196 1,867 1,903 Asset & property management fee income 7,384 3,782 1,982 1,825 1,818 1,759 1,656 General and administrative - corporate (32,979) (34,966) (8,600) (8,303) (8,282) (7,794) (9,963) General and administrative - unconsolidated joint (3,108) (1,454) (895) (746) (736) (731) (741) ventures Stock based compensation expense in G&A (3) 6,966 7,580 1,614 1,630 2,194 1,528 2,072 Straight-line rent receivable write-off in G&A (4) 350 - - - 350 - - Interest expense - cash (net) (46,501) (47,977) (11,088) (10,529) (11,673) (13,211) (13,577) Income tax expense (37) 213 (21) (3) (6) (7) (165) Adjustments included in income (loss) from (12,775) (10,504) (3,273) (3,124) (3,140) (3,238) (3,316) unconsolidated joint ventures Maintenance capital (5) (6) (23,824) (36,245) (3,128) (10,877) (5,283) (4,536) (11,742) AFFO $ 129,140 $ 78,631 $ 38,260 $ 28,861 $ 32,139 $ 29,880 $ 17,302 Weighted-average common shares outstanding - basic 117,888 120,795 116,853 117,609 118,035 119,082 119,383 Weighted-average common shares outstanding - diluted 118,311 121,159 117,359 118,207 118,462 119,350 119,841 (1) For definitions and reconciliations of these non-GAAP financial metrics, see pages 30 - 36. (2) The OfficeMax lease expired in May 2017, and the non-recourse mortgage note matured in July 2017. The property was transferred to the lender on April 13, 2018 in settlement of the loan principal, accrued interest expense and accrued property operating expenses. (3) 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. (4) Includes adjustments for straight-line rent related to lease terminations within general and administrative expense. (5) See page 36 of this supplemental report for a description of Maintenance Capital and page 15 for a detail of all capital expenditures. (6) Reflects CXP's ownership share of capital expenditures for properties held in unconsolidated joint ventures (see page 19). Supplemental Information - Q4 2018 11


 
Columbia Property Trust, Inc. Net Operating Income (1) Unaudited (in thousands) Three Months Ended 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 Net Operating Income (based on GAAP rents) Revenues: Rental Income and Tenant Reimbursements $ 60,427 $ 59,275 $ 58,170 $ 55,594 $ 55,326 Other Property Income 1,795 1,778 2,143 1,577 1,273 Total Revenues $ 62,222 $ 61,053 $ 60,313 $ 57,171 $ 56,599 Total Operating Expenses (20,057) (19,727) (19,470) (18,951) (19,090) Same Store Net Operating Income $ 42,165 $ 41,326 $ 40,843 $ 38,220 $ 37,509 (based on GAAP rents) wholly-owned properties (2) Same Store Net Operating Income (based on GAAP rents) CXP Ownership of Properties $ 14,105 $ 14,003 $ 13,472 $ 13,590 $ 10,621 in Unconsolidated Joint Ventures (3) Same Store NOI (based on GAAP rents) $ 56,270 $ 55,329 $ 54,315 $ 51,810 $ 48,130 Net Operating Income from: Acquisitions (4) 12,418 12,586 11,625 10,989 9,703 Dispositions (5) (6) (50) 38 2,109 4,060 5,337 Net Operating Income (based on GAAP rents) $ 68,638 $ 67,953 $ 68,049 $ 66,859 $ 63,170 Net Operating Income (based on cash rents) Revenues: Rental Income and Tenant Reimbursements $ 57,609 $ 54,713 $ 53,289 $ 51,463 $ 48,929 Other Property Income 1,795 1,778 2,143 1,577 1,273 Total Revenues $ 59,404 $ 56,491 $ 55,432 $ 53,040 $ 50,202 Total Operating Expenses (19,922) (19,592) (19,334) (18,814) (18,952) Same Store Net Operating Income $ 39,482 $ 36,899 $ 36,098 $ 34,226 $ 31,250 (based on cash rents) wholly-owned properties (2) Same Store Net Operating Income (based on cash rents) CXP Ownership of Properties $ 12,590 $ 12,003 $ 12,005 $ 11,814 $ 11,305 in Unconsolidated Joint Ventures (3) Same Store NOI (based on cash rents) $ 52,072 $ 48,902 $ 48,103 $ 46,040 $ 42,555 Same Store NOI - % Change (same quarter prior year) 22.4% Net Operating Income from: Acquisitions (4) 9,647 10,048 8,938 8,236 7,154 Dispositions (5) (6) (50) 38 (340) (33) 1,466 Net Operating Income (based on cash rents) $ 61,669 $ 58,988 $ 56,701 $ 54,243 $ 51,175 (1) For definitions and reconciliations of these non-GAAP financial metrics, see pages 30 - 36. (2) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented. (3) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 19). (4) Reflects activity for the following properties acquired since October 1, 2017, for all periods presented: Lindbergh Center (retail), 799 Broadway (49.7% share), 149 Madison Avenue, 1800 M Street (55% share), 218 West 18th Street, and 249 West 17th Street. (5) Reflects activity for the following properties sold since October 1, 2017, for all periods presented: 222 East 41st Street, University Circle (22.5% share), and 333 Market Street (22.5% share). (6) Reflects activity for 263 Shuman Boulevard that was transferred to the lender on April 13, 2018. Supplemental Information - Q4 2018 12


 
Columbia Property Trust, Inc. Net Operating Income (1) Unaudited (in thousands) Twelve Months Ended 12/31/2018 12/31/2017 Net Operating Income (based on GAAP rents) Revenues: Rental Income and Tenant Reimbursements $ 233,466 $ 215,459 Other Property Income 7,293 3,214 Total Revenues $ 240,759 $ 218,673 Total Operating Expenses (78,203) (72,920) Same Store Net Operating Income $ 162,556 $ 145,753 (based on GAAP rents) wholly-owned properties (2) Same Store Net Operating Income (based on GAAP rents) $ 52,879 $ 39,470 CXP Ownership of Properties in Unconsolidated Joint Ventures (3) Same Store NOI (based on GAAP rents) $ 215,435 $ 185,223 Net Operating Income from: Acquisitions (4) 49,907 10,792 Dispositions (5) (6) 6,157 32,860 Net Operating Income (based on GAAP rents) $ 271,499 $ 228,875 Net Operating Income (based on cash rents) Revenues: Rental Income and Tenant Reimbursements $ 217,074 $ 199,000 Other Property Income 7,293 3,214 Total Revenues $ 224,367 $ 202,214 Total Operating Expenses (77,662) (72,375) Same Store Net Operating Income $ 146,705 $ 129,839 (based on cash rents) wholly-owned properties (2) Same Store Net Operating Income (based on cash rents) $ 42,565 $ 36,381 CXP Ownership of Properties in Unconsolidated Joint Ventures (3) Same Store NOI (based on cash rents) $ 189,270 $ 166,220 Same Store NOI - % Change (same quarter prior year) 13.9% Net Operating Income from: Acquisitions (4) 42,716 10,223 Dispositions (5) (6) (385) 18,339 Net Operating Income (based on cash rents) $ 231,601 $ 194,782 (1) For definitions and reconciliations of these non-GAAP financial metrics, see pages 30 - 36. (2) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented. (3) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 19). (4) Reflects activity for the following properties acquired since January 1, 2017, for all periods presented: Lindbergh Center (retail), 799 Broadway (49.7% share), 149 Madison Avenue, 1800 M Street (55% share), 218 West 18th Street, 249 West 17th Street, and 114 5th Avenue (49.5% share). (5) Reflects activity for the following properties sold since January 1, 2017, for all periods presented: 222 East 41st Street, University Circle (45% share), 333 Market Street (45% share), Key Center Tower, Key Center Marriott, 5 Houston Center, Energy Center, and 515 Post Oak. (6) Reflects activity for 263 Shuman Boulevard that was transferred to the lender on April 13, 2018. Supplemental Information - Q4 2018 13


 
Columbia Property Trust, Inc. Third-Party Management Income Unaudited (in thousands) Income earned from managing the following properties, in which CXP owns interests through unconsolidated joint ventures at the following percentages as of 12/31/18: Market Square - 51%, University Circle - 55%, 333 Market Street - 55% and 1800 M Street - 55%. Twelve Months Ended Three Months Ended 12/31/2018 12/31/2017 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 JV Total: Asset & property management fee income (page 9) (1) $ 7,384 $ 3,782 $ 1,982 1,825 1,818 1,759 1,656 General and administrative - unconsolidated joint (3,108) (1,454) (895) (746) (736) (731) (741) ventures (page 9) Subtotal $ 4,276 $ 2,328 $ 1,087 $ 1,079 $ 1,082 $ 1,028 $ 915 Less CXP Share: Asset & property management fee income $ 3,987 $ 2,295 $ 1,070 $ 967 $ 955 $ 995 $ 1,045 General and administrative - unconsolidated joint (1,689) (937) (480) (400) (395) (414) (471) ventures Subtotal $ 2,298 $ 1,358 $ 590 $ 567 $ 560 $ 581 $ 574 JV Partner's Share: Asset & property management fee income $ 3,397 $ 1,487 $ 912 $ 858 $ 863 $ 764 $ 611 General and administrative - unconsolidated joint (1,419) (517) (415) (346) (341) (317) (270) ventures Total - Third-Party Management Income $ 1,978 $ 970 $ 497 $ 512 $ 522 $ 447 $ 341 (1) Includes non-recurring leasing fees. Supplemental Information - Q4 2018 14


 
Columbia Property Trust, Inc. Capital Expenditure Summary (1) Unaudited ($ in thousands) Capital Expenditures Three Months Ended 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 Maintenance Building Capital $ 2,548 $ 2,151 $ 2,219 $ 2,070 $ 1,758 Tenant Improvements (2,150) 1,677 1,637 1,485 1,428 Leasing Commissions 2,841 3,986 1,510 1,134 5,909 Other Leasing Costs (111) 3,063 (83) (153) 2,647 Total - Maintenance $ 3,128 $ 10,877 $ 5,283 $ 4,536 $ 11,742 Investment Building Capital $ 3,548 $ 8,404 $ 7,606 $ 5,868 $ 7,584 Tenant Improvements 6,229 2,821 12,490 8,100 11,199 Leasing Commissions 7,749 543 2,329 2,730 7,443 Other Leasing Costs (85) (52) (2,113) 428 530 Development Projects (see page 29) 149 Madison Avenue (2) 5,366 1,393 1,683 1,690 1,132 799 Broadway (3) 6,119 - - - - Total - Investment $ 28,926 $ 13,109 $ 21,995 $ 18,816 $ 27,888 Maintenance & Investment Building Capital $ 6,096 $ 10,555 $ 9,825 $ 7,938 $ 9,342 Tenant Improvements 4,079 4,498 14,127 9,585 12,627 Leasing Commissions 10,590 4,529 3,839 3,864 13,352 Other Leasing Costs (196) 3,011 (2,196) 275 3,177 Development Projects 11,485 1,393 1,683 1,690 1,132 Total - Maintenance & Investment $ 32,054 $ 23,986 $ 27,278 $ 23,352 $ 39,630 (1) Reflects CXP's ownership share of capital expenditures for properties held in unconsolidated joint ventures (see page 19). (2) Amounts include capitalized interest of $0.9 million, $0.8 million, $0.8 million, $0.8 million, and $0.3 million, respectively. (3) Amounts include capitalized interest of $1.2 million. NOTE: See page 36 of this supplemental report for a description of Maintenance and Investment Capital. Supplemental Information - Q4 2018 15


 
Columbia Property Trust, Inc. Debt Overview Unaudited ($ in thousands) (at 12/31/2018) Debt Instrument - Secured Maturity Rate Rate Type Balance % of Total Debt Mortgage Debt - JV 799 Broadway - Construction Loan October-21 LIBOR + 425 bps Floating $ 50,233 (1) 3.3% Market Square July-23 5.07% Fixed 165,750 (2) 10.7% Weighted Average / Secured - Mortgage Notes 4.1 Years 5.43% $ 215,983 14.0% Debt Instrument - Unsecured Maturity Rate Rate Type Balance % of Total Debt Bank Facilities $150 Million Term Loan (3) July-22 3.07% Fixed $ 150,000 9.7% $650 Million Revolving Credit Facility (4) January-23 LIBOR + 90 bps Floating 482,000 31.1% $300 Million Term Loan (5) January-24 LIBOR + 100 bps Floating - 0.0% Weighted Average / Bank Facilities 4.0 Years 3.19% $ 632,000 40.8% Bonds $350 Million @ 4.150% April-25 4.15% Fixed $ 350,000 22.6% $350 Million @ 3.650% August-26 3.65% Fixed 350,000 22.6% Weighted Average / Bonds 6.9 Years 3.90% $ 700,000 45.2% Weighted Average / Unsecured 5.5 Years 3.56% $ 1,332,000 86.0% Weighted Average / Total Debt 5.3 Years 3.82% (6) $ 1,547,983 100.0% Debt - consolidated $ 1,332,000 Debt - unconsolidated 215,983 Total Debt $ 1,547,983 Weighted Ave Weighted Ave Fixed and Floating Rate Debt Analysis Maturity Rate - Qtr Balance % of Total Debt Fixed Rate Debt 6.0 Years 3.97% $ 1,015,750 65.6% Floating Rate Debt 4.0 Years 3.54% 532,233 34.4% Total 5.3 Years 3.82% (6) $ 1,547,983 100.0% Debt Ratios Net Debt (Average) to Adjusted EBITDAre - Q4 2018 (7) 6.1x Net Debt to Gross Real Estate Assets - 12/31/18 (7) 31.6% (1) Reflects 49.7% of the 799 Broadway Joint Venture construction loan balance, in which CXP owns a 49.7% interest through an unconsolidated joint venture. The loan has a total capacity of $187 million, carries two, one-year extension options, and is subject to an interest rate agreement that caps LIBOR at 4%. (2) Reflects 51% of the mortgage balance of the Market Square Joint Venture, in which CXP owns a 51% interest through an unconsolidated joint venture. (3) 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 our consolidated statements of (4) 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. (5) The $300 Million Term Loan 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 0.85% to 1.65% 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 0.65% based on credit rating. The term loan is currently undrawn and includes a delayed-draw feature allowing CXP until December 7, 2019 to fully draw the loan in up to three installments. (6) During fourth quarter of 2018, CXP's ownership share of interest expense and capitalized interest were $14.9 million ($1.5 million relates to CXP's capital lease obligation and is fully offset by interest income) and $2.2 million, respectively. (7) Net debt is calculated by reducing our debt balance for cash on hand. Supplemental Information - Q4 2018 16


 
Columbia Property Trust, Inc. Debt Covenant Compliance Unaudited (at 12/31/2018) Bond Covenant Compliance Metric Actual (12/31/18) Debt to Total Asset Value Ratio Max 60% 28.9% Interest Coverage Ratio (adjusted EBITDA) Min 1.50x 3.35x Secured Debt to Total Asset Value Ratio Max 40% 0.0% Maintenance of Total Unencumbered Assets Min 150% 265.0% Term Loan / Revolving Credit Facility Covenant Compliance Metric Actual (12/31/18) Debt to Total Asset Value Ratio Max 60% 35.1% Interest Coverage Ratio (adjusted EBITDA) Min 1.50x 3.74x Secured Debt to Total Asset Value Ratio Max 40% 4.8% Unsecured Debt to Unencumbered Asset Value Ratio Max 60% 39.9% Unencumbered Interest Coverage Ratio Min 1.75x 4.79x Supplemental Information - Q4 2018 17


 
Columbia Property Trust, Inc. Debt Maturities Unaudited ($ in thousands) (at 12/31/2018) Secured Unsecured Unsecured % of Interest % of Gross Maturity Mortgage Debt Bank Facilities Bonds Total Debt Total Debt Rate (1) Real Estate Assets 2019 $ - $ - $ - $ - 0.0% 0.00% 0.0% 2020 - - - - 0.0% 0.00% 0.0% 2021 50,233 - - 50,233 3.3% 6.60% 1.1% 2022 - 150,000 - 150,000 9.7% 3.07% 3.2% 2023 165,750 482,000 - 647,750 41.8% 3.70% 13.7% 2024 - - - - 0.0% 0.00% 0.0% 2025 - - 350,000 350,000 22.6% 4.15% 7.4% 2026 - - 350,000 350,000 22.6% 3.65% 7.4% Total $ 215,983 $ 632,000 $ 700,000 $ 1,547,983 100.0% 3.82% 32.8% % of Total Debt 14.0% 40.8% 45.2% $700 3.70% Maturity Schedule ($M) $600 $500 $400 $482 4.15% 3.65% $300 $200 3.07% $350 $350 $100 6.60% $150 $166 $50 $0 2019 2020 2021 2022 2023 2024 2025 2026 Mortgage Debt - JV Term Loans Line of Credit Bonds (1) Weighted average. Includes effective rates on variable rate loans swapped to fixed. Supplemental Information - Q4 2018 18


 
Columbia Property Trust, Inc. Summary of Unconsolidated Joint Ventures Unaudited ($ in thousands) (at 12/31/2018) Investment in Unconsolidated Joint Property CXP Ownership Venture Market Square 51% $ 134,250 (1) 333 Market Street 55% 273,783 University Circle 55% 292,951 114 5th Avenue 49.5% 99,283 1800 M Street 55% 237,333 799 Broadway 49.7% 33,753 (2) Investment in Unconsolidated Joint Ventures (page 8) $ 1,071,353 (3) 333 Market Street University Circle 114 5th Avenue Total (gross) Amortization Total (net) (1) Market Square Joint Venture holds a $325 million mortgage note. CXP's ownership share is $165.8 million (see page 16). (2) 799 Broadway Joint Venture holds a construction loan with a balance of $101.1 million. CXP's ownership share is $50.2 million (see page 16). (3) Includes basis differences (see footnote 2 page 8). Supplemental Information - Q4 2018 19


 
Columbia Property Trust, Inc. Property Overview - Gross Real Estate Assets, Net Operating Income & Annualized Lease Revenue Unaudited ($ in thousands) (at 12/31/2018) Net Operating Net Operating Gross Annualized Income - Q4 2018 Income - Q4 2018 Ownership Secured Real Estate Lease (based on (based on Property Market % Debt? Assets (1) Revenue (ALR) GAAP rents) cash rents) 229 West 43rd Street New York, NY 100% $ 506,481 $ 36,870 $ 6,985 $ 6,839 315 Park Avenue South New York, NY 100% 401,591 28,137 3,262 1,705 249 West 17th Street New York, NY 100% 341,015 22,402 5,794 4,631 95 Columbus Jersey City, NJ 100% 204,406 25,024 3,938 4,269 218 West 18th Street New York, NY 100% 178,299 10,118 2,784 2,025 114 5th Avenue New York, NY 49.5% 129,313 (2) 17,149 (2) 405 (2) 1,325 (2) 149 Madison Avenue New York, NY 100% 96,074 - (3) - - 799 Broadway New York, NY 49.7% Yes 81,454 (2) - (3) (66) (2) (66) (2) Subtotal - New York 1,938,633 41% 139,700 23,102 20,728 650 California Street San Francisco, CA 100% 339,437 33,456 5,436 4,880 333 Market Street San Francisco, CA 55% 276,781 (2) 14,507 (2) (4) 4,881 (2) 3,414 (2) 221 Main Street San Francisco, CA 100% 246,066 25,258 4,502 4,099 University Circle East Palo Alto, CA 55% 292,260 (2) 25,287 (2) 5,660 (2) 4,876 (2) Subtotal - San Francisco 1,154,544 24% 98,508 20,479 17,269 Market Square Washington, D.C. 51% Yes 303,280 (2) 25,396 (2) 3,158 (2) 2,975 (2) 1800 M Street Washington, D.C. 55% 242,075 (2) 17,981 (2) 3,596 (2) 2,763 (2) 80 M Street Washington, D.C. 100% 107,731 14,093 2,020 1,981 Subtotal - Washington, D.C. 653,086 14% 57,470 8,774 7,719 Lindbergh Center (5) Atlanta, GA 100% 312,646 26,660 (4) 5,904 5,977 One & Three Glenlake Parkway Atlanta, GA 100% 183,564 18,614 (6) 3,670 3,518 Subtotal - Atlanta 496,210 11% 45,274 9,574 9,495 Cranberry Woods Drive Pittsburgh, PA 100% 203,759 14,788 (4) 3,850 3,566 116 Huntington Avenue Boston, MA 100% 168,714 12,933 2,002 1,826 Pasadena Corporate Park Los Angeles, CA 100% 112,113 8,451 1,109 1,320 Subtotal - Other 484,586 10% 36,172 6,961 6,712 Corporate & Other 3,289 - (252) (7) (254) (7) Total - All Properties (2) $ 4,730,348 $ 377,124 $ 68,638 $ 61,669 Total - wholly-owned properties $ 3,405,185 $ 276,804 $ 51,004 $ 46,382 Total - CXP Share of Properties in Unconsolidated Joint Ventures $ 1,325,163 $ 100,320 $ 17,634 $ 15,287 (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. (2) Reflects CXP's ownership share in the property which is held in an unconsolidated joint venture, including any basis differences (page 8). (3) Excluded as the property is currently under redevelopment / development. (4) Reimbursements are excluded, as operating expenses, except for insurance expense, are paid directly by the tenant. (5) Includes retail component that was acquired on October 24, 2018 (see page 27). (6) Reimbursements are excluded for Three Glenlake Parkway, as operating expenses, except for insurance expense, are paid directly by the tenant. (7) Includes portfolio operating costs and, when applicable, net operating income for previously sold properties. Supplemental Information - Q4 2018 20


 
Columbia Property Trust, Inc. Property Overview - Square Feet & Occupancy Unaudited (SF in thousands) (at 12/31/2018) Average Ownership Rentable Leased Percent Commenced Economic Property Market % Square Feet Square Feet Leased Occupancy Occupancy (1) 229 West 43rd Street New York, NY 100% 482 482 100.0% 100.0% 100.0% 315 Park Avenue South New York, NY 100% 331 327 98.8% 83.2% 62.6% 249 West 17th Street New York, NY 100% 281 281 100.0% 100.0% 100.0% 95 Columbus Jersey City, NJ 100% 630 630 100.0% 100.0% 100.0% 218 West 18th Street New York, NY 100% 166 152 91.6% 91.6% 91.6% 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) - - - 799 Broadway New York, NY 49.7% - (3) - (3) - - - Subtotal - New York 2,064 2,046 99.1% 96.6% 93.3% 650 California Street San Francisco, CA 100% 470 456 97.0% 93.9% 90.3% 333 Market Street San Francisco, CA 55% 361 (2) 361 (2) 100.0% 100.0% 100.0% 221 Main Street San Francisco, CA 100% 383 347 90.6% 87.9% 89.1% University Circle East Palo Alto, CA 55% 248 (2) 246 (2) 99.2% 99.2% 98.3% Subtotal - San Francisco 1,462 1,410 96.4% 94.7% 93.7% Market Square Washington, D.C. 51% 355 (2) 314 (2) 88.5% 84.1% 75.8% 1800 M Street Washington, D.C. 55% 311 (2) 294 (2) 94.5% 92.7% 87.1% 80 M Street Washington, D.C. 100% 286 270 94.4% 93.2% 89.0% Subtotal - Washington, D.C. 952 878 92.2% 89.6% 83.5% Lindbergh Center (4) Atlanta, GA 100% 1,102 1,090 98.9% 96.8% 96.8% One & Three Glenlake Parkway Atlanta, GA 100% 706 706 100.0% 100.0% 89.5% Subtotal - Atlanta 1,808 1,796 99.3% 98.1% 94.0% Cranberry Woods Drive Pittsburgh, PA 100% 824 824 100.0% 100.0% 100.0% 116 Huntington Avenue Boston, MA 100% 272 242 89.0% 89.0% 81.4% Pasadena Corporate Park Los Angeles, CA 100% 262 246 93.9% 93.9% 93.9% Subtotal - Other 1,358 1,312 96.6% 96.6% 95.2% Total - All Properties (2) 7,644 7,442 97.4% 95.7% 92.7% Total - All Properties (at 100%) 8,915 (5) 8,658 (5) (1) Total square feet of leases that have commenced and the tenant is paying rent divided by total rentable square feet. Monthly average for the current 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. (4) Includes retail component that was acquired on October 24, 2018 (see page 27). (5) Includes 100% of properties held in unconsolidated joint ventures (see page 19). Supplemental Information - Q4 2018 21


 
Columbia Property Trust, Inc. Occupancy Summary (1) Unaudited (SF in thousands) (at 12/31/2018) Rentable Leased Percent Square Footage (1) Square Footage (1) Leased As of September 30, 2018 7,497 7,297 97.3% Acquisition (2) Lindbergh Center (retail) 146 133 91.4% Subtotal 7,643 7,430 Leasing Activity New Leases (3) 1 67 Lease Expirations/Early Terminations (55) Net Absorption 1 12 As of December 31, 2018 7,644 7,442 97.4% 100% Percent Leased 96.8% 97.1% 97.3% 97.4% 95% 96.2% 90% 85% 80% 12/31/17 3/31/18 6/30/18 9/30/18 12/31/18 (1) Excludes 149 Madison and 799 Broadway which are currently under redevelopment / development. (2) As of acquisition date. (3) 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. Supplemental Information - Q4 2018 22


 
Columbia Property Trust, Inc. Leasing Summary Unaudited (weighted average unless otherwise noted) Three Months Ended 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 Renewal Leases Number of Leases 3 5 2 2 6 Square Feet of Leasing (at 100%) 243,717 236,755 22,630 18,146 979,777 Square Feet of Leasing (at CXP's share) (1) 234,791 230,045 22,630 18,146 973,141 Lease Term (months) 61 38 37 34 81 Tenant Improvements per Square Foot 30.77 14.25 3.74 33.47 10.22 Leasing Commissions per Square Foot 26.13 11.48 8.14 6.76 11.66 Total per Square Foot $ 56.90 $ 25.73 $ 11.88 $ 40.23 $ 21.88 Tenant Improvements per Square Foot per Year of Lease Term 6.03 4.46 1.22 11.95 1.52 Leasing Commissions per Square Foot per Year of Lease Term 5.12 3.60 2.65 2.41 1.74 Total per Square Foot per Year $ 11.15 $ 8.06 $ 3.87 $ 14.36 $ 3.26 Cash Rent Releasing Spread (2) 6.2% 3.1% 5.1% 6.2% -6.7% GAAP Rent Releasing Spread (2) 12.5% 5.5% 5.7% 11.2% 0.5% New Leases (Space Vacant > 1 Year) Number of Leases 8 6 4 12 4 Square Feet of Leasing (at 100%) 154,620 21,347 44,087 56,290 37,735 Square Feet of Leasing (at CXP's share) (1) 145,068 16,071 32,337 48,004 32,852 Lease Term (months) 190 108 121 96 114 Tenant Improvements per Square Foot 98.98 110.01 112.17 69.76 84.75 Leasing Commissions per Square Foot 29.54 30.29 42.81 23.45 36.06 Total per Square Foot $ 128.52 $ 140.30 $ 154.98 $ 93.21 $ 120.81 Tenant Improvements per Square Foot per Year of Lease Term 6.26 12.28 11.15 8.76 8.94 Leasing Commissions per Square Foot per Year of Lease Term 1.87 3.38 4.26 2.94 3.81 Total per Square Foot per Year $ 8.13 $ 15.66 $ 15.41 $ 11.70 $ 12.75 New Leases (Space Vacant < 1 Year) (3) Number of Leases 4 6 4 3 6 Square Feet of Leasing (at 100%) 43,447 162,615 83,343 49,010 253,334 Square Feet of Leasing (at CXP's share) (1) 35,527 158,910 82,361 49,010 253,096 Lease Term (months) 96 138 115 100 146 Tenant Improvements per Square Foot 64.53 72.77 43.92 55.98 89.92 Leasing Commissions per Square Foot 24.46 22.08 21.38 32.45 35.97 Total per Square Foot $ 88.99 $ 94.85 $ 65.30 $ 88.43 $ 125.89 Tenant Improvements per Square Foot per Year of Lease Term 8.08 6.33 4.58 6.75 7.39 Leasing Commissions per Square Foot per Year of Lease Term 3.06 1.92 2.23 3.91 2.95 Total per Square Foot per Year $ 11.14 $ 8.25 $ 6.81 $ 10.66 $ 10.34 Cash Rent Releasing Spread (2) 49.8% 9.1% -0.7% 59.0% 15.8% GAAP Rent Releasing Spread (2) 70.1% 21.8% 13.9% 66.2% 20.7% Total Leases Number of Leases 15 17 10 17 16 Square Feet of Leasing (at 100%) 441,784 420,717 150,060 123,446 1,270,846 Square Feet of Leasing (at CXP's share) (1) 415,386 405,026 137,328 115,160 1,259,089 Lease Term (months) 130 119 112 96 107 Tenant Improvements per Square Foot 68.10 65.95 61.97 60.87 43.35 Leasing Commissions per Square Foot 27.81 20.96 27.01 27.96 21.81 Total per Square Foot $ 95.91 $ 86.91 $ 88.98 $ 88.83 $ 65.16 Tenant Improvements per Square Foot per Year of Lease Term 6.29 5.51 5.57 8.41 2.89 Leasing Commissions per Square Foot per Year of Lease Term 3.81 2.93 2.78 3.27 2.03 Total per Square Foot per Year $ 10.10 $ 8.44 $ 8.35 $ 11.68 $ 4.92 Cash Rent Releasing Spread (2) 11.4% 8.2% -0.2% 56.1% 2.3% GAAP Rent Releasing Spread (2) 19.3% 19.1% 13.1% 63.2% 8.6% (1) Reflects CXP's ownership share for properties held in unconsolidated joint ventures. (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). (3) Includes executed leases that have not yet commenced for space covered by an existing lease. Supplemental Information - Q4 2018 23


 
Columbia Property Trust, Inc. Lease Expiration Schedule Unaudited (SF & $ in thousands) (at 12/31/2018) Expiring Annualized Lease Expiring Rentable Square % of Rentable Square Footage Year Revenue (ALR) % of ALR Expiring Footage Expiring Vacant $ - 0.0% 202 2.6% 2019 11,462 3.0% 156 2.1% 2020 21,772 5.8% 354 4.6% 2021 61,959 16.4% 1,753 22.9% 2022 24,828 6.6% 480 6.3% 2023 34,838 9.2% 527 6.9% 2024 21,861 5.8% 290 3.8% 2025 44,312 11.8% 604 7.9% 2026 32,006 8.5% 678 8.9% 2027 14,171 3.8% 184 2.4% 2028 6,668 1.8% 100 1.3% 2029 21,204 5.6% 344 4.5% 2030 27,941 7.4% 362 4.7% 2031 877 0.2% 25 0.3% 2032 16,853 4.5% 854 11.2% 2033+ 36,372 9.6% 731 9.6% Total $ 377,124 100.0% 7,644 100.0% 20.0% Lease Expiration Schedule 16.4% 15.0% 11.8% 10.0% 9.2% 9.6% 8.5% 7.4% 6.6% 5.0% 5.8% 5.8% 5.6% 4.5% 3.8% 3.0% 1.8% 0.2% 0.0% 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033+ % of ALR Expiring NOTE: Expirations that have been renewed are reflected above based on the renewal expiration date. Supplemental Information - Q4 2018 24


 
Columbia Property Trust, Inc. Lease Expiration by Market Unaudited (SF & $ in thousands) New York (1) San Francisco (1) Washington, D.C. (1) Expiring Current Per Expiring Current Per Expiring Current Per Period SF ALR (2) SF SF ALR (2) SF SF ALR (2) SF Q1 2019 31 2,623 84.61 9 697 77.44 33 1,917 58.09 Q2 2019 - - - 5 519 103.80 9 401 44.56 Q3 2019 - - - 28 2,445 87.32 - - - Q4 2019 - - - 15 1,118 74.53 16 1,214 75.88 Total - 2019 31 2,623 84.61 57 4,779 83.84 58 3,532 60.90 Q1 2020 28 2,069 73.89 17 1,253 73.71 10 889 88.90 Q2 2020 8 253 31.63 77 5,584 72.52 4 383 95.75 Q3 2020 32 2,057 64.28 64 4,140 64.69 - - - Q4 2020 1 54 54.00 16 1,207 75.44 2 189 94.50 Total - 2020 69 4,433 64.25 174 12,184 70.02 16 1,461 91.31 2021 472 18,237 38.64 115 9,825 85.43 104 6,797 65.36 2022 83 6,421 77.36 27 2,450 90.74 105 6,277 59.78 2023 68 5,420 79.71 173 16,093 93.02 75 5,010 66.80 Thereafter 1,323 102,566 77.53 864 53,177 61.55 520 34,393 66.14 Total 2,046 $ 139,700 $ 68.28 1,410 $ 98,508 $ 69.86 878 $ 57,470 $ 65.46 Atlanta Other All Markets Expiring Current Per Expiring Current Per Expiring Current Per Period SF ALR (2) SF SF ALR (2) SF SF ALR (2) SF Q1 2019 - - - - - - 73 5,237 71.74 Q2 2019 - - - - - - 14 920 65.71 Q3 2019 - - - 10 528 52.80 38 2,973 78.24 Q4 2019 - - - - - - 31 2,332 75.23 Total - 2019 - - - 10 528 52.80 156 11,462 73.47 Q1 2020 12 503 41.92 - - - 67 4,714 70.36 Q2 2020 - - - - - - 89 6,220 69.89 Q3 2020 6 196 32.67 61 2,235 36.64 163 8,628 52.93 Q4 2020 6 219 36.50 10 541 54.10 35 2,210 63.14 Total - 2020 24 918 38.25 71 2,776 39.10 354 21,772 61.50 2021 997 24,227 24.30 65 2,873 44.20 1,753 61,959 35.34 2022 50 1,414 28.28 215 8,266 38.45 480 24,828 51.73 2023 143 4,469 31.25 68 3,846 56.56 527 34,838 66.11 Thereafter 582 14,246 24.48 883 17,883 20.25 4,172 222,265 53.28 Total 1,796 $ 45,274 $ 25.21 1,312 $ 36,172 $ 27.57 7,442 $ 377,124 $ 50.68 (1) Reflects CXP's ownership share for properties held in unconsolidated 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 - Q4 2018 25


 
Columbia Property Trust, Inc. Top 20 Tenants & Tenant Industry Profile Unaudited (SF & $ in thousands) (at 12/31/2018) Leased % of Leased Remaining Credit Rating Number of Annualized Lease Square Square Lease Term Tenant (1) Properties Revenue (ALR) (2) % of ALR Footage Footage Years (3) AT&T Corporation/AT&T Services BBB+ 1 $ 22,795 6.0% 955 12.8% 2.0 Pershing LLC A 1 18,452 4.9% 471 6.3% 2.5 Twitter BB- 1 16,174 4.3% 215 2.9% 11.3 Wells Fargo Bank N.A. AA- 3 15,520 4.1% 371 5.0% 7.3 Yahoo! BB+ 1 14,794 3.9% 193 2.6% 6.5 Westinghouse Electric Company Not Rated 1 14,788 3.9% 824 11.1% 13.9 DocuSign, Inc. Not Rated 1 10,897 2.9% 138 1.8% 5.6 Snap Inc. Not Rated 1 9,739 2.6% 121 1.6% 14.0 Newell Rubbermaid, Inc. BBB- 1 9,592 2.6% 411 5.5% 1.4 WeWork Companies Inc. Not Rated 2 7,384 2.0% 129 1.7% 12.2 DLA Piper US, LLP Not Rated 1 7,220 1.9% 65 0.9% 4.5 Affirm, Inc. Not Rated 1 6,147 1.6% 89 1.2% 7.2 Oracle America, Inc. AA- 2 5,711 1.5% 102 1.4% 3.9 Room & Board Not Rated 1 5,371 1.4% 60 0.8% 15.8 Quality Technology Services BB- 1 5,217 1.4% 128 1.7% 7.8 MongoDB, Inc. Not Rated 1 4,856 1.3% 64 0.9% - Gemini Trust Company, LLC Not Rated 1 4,706 1.3% 51 0.7% 10.4 Amazon Web Services, Inc. AA- 1 4,679 1.2% 49 0.7% 2.5 Pitchbook Not Rated 1 4,621 1.2% 51 0.7% 11.1 Credit Suisse A 1 4,563 1.2% 62 0.8% 1.3 Subtotal - Top 20 $ 193,226 51.2% 4,549 61.1% 6.9 All other 183,898 48.8% 2,893 38.9% 6.5 Total $ 377,124 100.0% 7,442 100.0% 6.7 Tenant Industry Profile (1) Other Business Services 24.4% 24.4% Rubber & Plastic Products 2.5% Real Estate 3.3% 10.1% Depository Institutions Security and 4.1% Commodity Brokers 4.7% Electric, Gas, and 7.2% Engineering and Sanitary Services 6.0% Management Services 6.4% 6.9% Legal Services Communication Nondepository Institutions (1) Credit rating may reflect the credit rating of the parent or a guarantor. Only the Standard & Poor's credit rating has been provided. (2) Reflects CXP's ownership share of ALR for properties held in unconsolidated joint ventures. (3) Weighted average based on CXP's share of Annualized Lease Revenue. Supplemental Information - Q4 2018 26


 
Columbia Property Trust, Inc. Transaction Activity (1/1/16 - 2/13/19) - Acquisitions Unaudited ($ in thousands) Acquisitions Acquisition Percent Rentable Square % Leased at Property Name Location Date Ownership Purchase Price Footage $ / SF Acquisition Lindbergh Center (retail) Atlanta, GA 10/24/2018 100% $ 23,000 146,419 $ 157 91.4% 149 Madison New York, NY 11/28/2017 100% 87,700 127,000 691 0.0% 218 West 18th Street New York, NY 10/11/2017 100% 174,700 165,670 100.0% 249 West 17th Street New York, NY 10/11/2017 100% 339,400 281,294 100.0% Subtotal (2 Property Portfolio) 514,100 446,964 1,150 Total - Acquisitions (excluding Joint Ventures) $ 624,800 720,383 Purchase Property Purchased Value Rentable Square % Leased at in Joint Venture Location Closing Date % Purchased @ 100% Footage $ / SF Closing Date 1800 M Street Washington, D.C. 10/11/2017 55% $ 421,000 580,930 $ 725 94.0% 114 5th Avenue New York, NY 7/6/2017 49.5% 220,000 351,451 626 100.0% Total - Joint Ventures $ 641,000 932,381 Property Purchased Purchase Approximate for Development Value Developable Expected in Joint Venture Location Closing Date % Purchased @ 100% Square Footage Delivery Date 799 Broadway New York, NY 10/3/2018 49.7% $ 145,500 182,000 2020 Supplemental Information - Q4 2018 27


 
Columbia Property Trust, Inc. Transaction Activity (1/1/16 - 2/13/19) - Dispositions Unaudited ($ in thousands) Dispositions Disposition Percent Gross Sale Rentable Square % Leased at Property Name Location Date Ownership Price Footage $ / SF Disposition 222 East 41st Street New York, NY 5/29/2018 100% $ 332,500 389,522 854 100.0% Key Center Tower Cleveland, OH 1/31/2017 100% 1,326,153 81.8% Key Center Marriott Cleveland, OH 1/31/2017 100% NA Subtotal (2 Property Portfolio) 267,500 1,326,153 NA 5 Houston Center Houston, TX 1/6/2017 100% 580,875 75.4% Energy Center Houston, TX 1/6/2017 100% 332,000 100.0% 515 Post Oak Houston, TX 1/6/2017 100% 273,710 79.6% Subtotal (3 Property Portfolio) 272,000 1,186,585 $ 229 83.2% SanTan Corporate Center Phoenix, AZ 12/15/2016 100% 58,500 266,531 219 100.0% Sterling Commerce Dallas, TX 11/30/2016 100% 51,000 309,586 165 100.0% 9127 S. Jamaica Street Denver, CO 10/12/2016 100% 19,500 107,638 181 0.0% 80 Park Plaza Northern New Jersey 9/30/2016 100% 174,500 960,689 182 85.8% 9189, 9191 & 9193 S. Jamaica Street Denver, CO 9/22/2016 100% 122,000 370,485 329 100.0% 800 North Frederick Suburban Maryland 7/8/2016 100% 48,000 393,000 122 0.0% 100 East Pratt Baltimore, MD 3/31/2016 100% 187,000 653,135 286 98.5% Total - Dispositions (excluding Joint Ventures) $ 1,532,500 5,963,324 Contributed Property Contributed % Sold / Value Rentable Square % Leased at to Joint Venture Location Closing Date Retained @ 100% Footage $ / SF Closing Date University Circle San Francisco, CA 45% / 55% $ 540,000 451,287 $ 1,197 100.0% 333 Market Street San Francisco, CA 45% / 55% 500,000 657,114 761 100.0% Subtotal (2 Property Portfolio) 7/6/2017 & 2/1/2018 (1) $ 1,040,000 1,108,401 938 100.0% Total - Joint Ventures $ 1,040,000 1,108,401 (1) A 22.5% ownership interest in both properties was sold within the Allianz joint venture on July 6, 2017 with an additional 22.5% ownership interest sold on February 1, 2018. Supplemental Information - Q4 2018 28


 
Columbia Property Trust, Inc. Development Projects Unaudited ($ in thousands) CXP Share Approximate Estimated Equity Estimated Estimated Debt Project / Square Project Initial % Invested Future Total Balance at Total % Location Feet Start Occupancy Ownership to Date Equity Investment 12/31/18 Financing Leased 149 Madison Avenue Redevelopment 121,000 Q4 2017 Q3 2020 100% $ 99,365 $ 35,750 $ 135,115 $ - $ - 94.5% New York, NY 799 Broadway 182,000 Q4 2018 Q4 2020 49.7% $ 33,459 $ 25,144 $ 58,603 $ 50,233 $ 92,939 0.0% New York, NY Supplemental Information - Q4 2018 29


 
Columbia Property Trust, Inc. Reconciliation of Net Income to Normalized Funds From Operations (NFFO) Unaudited (in thousands, except per-share amounts) Twelve Months Ended Three Months Ended 12/31/2018 12/31/2017 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 Net Income (loss) $ 9,491 $ 176,041 $ 5,003 $ 6,429 $ (3,439) $ 1,498 $ (1,348) Depreciation 81,795 80,394 20,401 19,878 20,681 20,835 19,865 Amortization 32,554 32,403 7,995 7,920 8,623 8,016 7,885 Adjustments included in income (loss) from 51,377 21,288 12,668 12,519 12,632 13,558 9,887 unconsolidated joint ventures Gain on sale of unconsolidated joint venture interests (762) - - - - (762) - Gain on sale of real estate assets - (175,518) - - - - - Impairment loss on real estate assets 30,812 - - - 30,812 - - FFO $ 205,267 $ 134,608 $ 46,067 $ 46,746 $ 69,309 $ 43,145 $ 36,289 Non-cash carrying costs for Shuman Boulevard 2,063 3,420 - - 196 1,867 1,903 (Gain) loss on extinguishment of debt (23,340) 325 373 - (23,713) - - Normalized FFO $ 183,990 $ 138,353 $ 46,440 $ 46,746 $ 45,792 $ 45,012 $ 38,192 Normalized FFO per share (basic) $ 1.56 $ 1.15 $ 0.40 $ 0.40 $ 0.39 $ 0.38 $ 0.32 Normalized FFO per share (diluted) $ 1.56 $ 1.14 $ 0.40 $ 0.40 $ 0.39 $ 0.38 $ 0.32 Weighted-average common shares outstanding - basic 117,888 120,795 116,853 117,609 118,035 119,082 119,383 Weighted-average common shares outstanding - diluted 118,311 121,159 117,359 118,207 118,462 119,350 119,841 Reconciliation of Cash Flows From Operations to Adjusted Funds From Operations (AFFO) Unaudited (in thousands, except per-share amounts) Twelve Months Ended Three Months Ended 12/31/2018 12/31/2017 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 Net Cash Provided by Operating Activities $ 97,625 $ 61,924 $ 36,588 $ 41,854 $ 4,412 $ 14,771 $ 14,809 Adjustments included in income (loss) from 47,069 22,296 12,013 11,628 11,541 11,887 13,069 unconsolidated joint ventures Distributions from unconsolidated joint ventures (28,802) (3,681) (7,338) (6,449) (6,442) (8,573) (3,681) Net changes in operating assets and liabilities 37,072 34,337 125 (7,295) 27,911 16,331 4,847 Maintenance capital (1) (2) (23,824) (36,245) (3,128) (10,877) (5,283) (4,536) (11,742) AFFO $ 129,140 $ 78,631 $ 38,260 $ 28,861 $ 32,139 $ 29,880 $ 17,302 Weighted-average common shares outstanding - basic 117,888 120,795 116,853 117,609 118,035 119,082 119,383 Weighted-average common shares outstanding - diluted 118,311 121,159 117,359 118,207 118,462 119,350 119,841 (1) See page 36 of this supplemental report for a description of Maintenance Capital and page 15 for a detail of all capital expenditures. (2) Reflects CXP's ownership share of capital expenditures for properties held in unconsolidated joint ventures (see page 19). Supplemental Information - Q4 2018 30


 
Columbia Property Trust, Inc. Reconciliation of Net Operating Income (based on GAAP rents) to Net Operating Income (based on cash rents) Unaudited (in thousands) Twelve Months Ended Three Months Ended 12/31/2018 12/31/2017 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 Net Operating Income (based on GAAP rents) $ 271,499 $ 228,875 $ 68,638 $ 67,953 $ 68,049 $ 66,859 $ 63,170 Straight-line rental income, net (wholly-owned) (25,984) (31,932) (3,689) (5,056) (7,736) (9,503) (11,578) Straight-line rental income, net (joint venture) 741 668 418 (135) 424 34 997 Above/below lease market amortization, net (wholly- (3,152) (494) (933) (1,020) (1,138) (61) (93) owned) Above/below lease market amortization, net (joint (11,503) (2,335) (2,765) (2,754) (2,898) (3,086) (1,321) venture) Net Operating Income (based on cash rents) $ 231,601 $ 194,782 $ 61,669 $ 58,988 $ 56,701 $ 54,243 $ 51,175 Reconciliation of Funds From Operations (FFO) to Adjusted Funds From Operations (AFFO) Unaudited (in thousands) Twelve Months Ended Three Months Ended 12/31/2018 12/31/2017 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 FFO $ 205,267 $ 134,608 $ 46,067 $ 46,746 $ 69,309 $ 43,145 $ 36,289 Non-cash carrying costs for Shuman Boulevard 2,063 3,420 - - 196 1,867 1,903 (Gain) loss on extinguishment of debt (23,340) 325 373 - (23,713) - - Normalized FFO $ 183,990 $ 138,353 $ 46,440 $ 46,746 $ 45,792 $ 45,012 $ 38,192 Above/below lease market amortization, net (3,152) (494) (933) (1,020) (1,138) (61) (93) Straight-line rental income (25,952) (32,737) (3,689) (5,056) (7,509) (9,698) (11,772) Stock based compensation expense in G&A 6,966 7,580 1,614 1,630 2,194 1,528 2,072 Non-cash interest expense 3,103 3,009 676 719 826 882 769 Straight-line land rent expense 318 805 - - 123 195 194 Other non-cash adjustments included in income (loss) (12,309) (1,640) (2,720) (3,281) (2,866) (3,442) (318) from unconsolidated joint ventures Total other non-cash adjustments (31,026) (23,477) (5,052) (7,008) (8,370) (10,596) (9,148) Maintenance capital (1) (2) (23,824) (36,245) (3,128) (10,877) (5,283) (4,536) (11,742) AFFO $ 129,140 $ 78,631 $ 38,260 $ 28,861 $ 32,139 $ 29,880 $ 17,302 Weighted-average common shares outstanding - basic 117,888 120,795 116,853 117,609 118,035 119,082 119,383 Weighted-average common shares outstanding - diluted 118,311 121,159 117,359 118,207 118,462 119,350 119,841 (1) See page 36 of this supplemental report for a description of Maintenance Capital and page 15 for a detail of all capital expenditures. (2) Reflects CXP's ownership share of capital expenditures for properties held in unconsolidated joint ventures (see page 19). Supplemental Information - Q4 2018 31


 
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 Unaudited (in thousands) Three Months Ended 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 Net Income (loss) $ 5,003 $ 6,429 $ (3,439) $ 1,498 $ (1,348) Interest expense (net) 13,236 13,049 14,300 15,892 16,147 Interest income from development authority bonds (1,471) (1,800) (1,800) (1,800) (1,800) Income tax expense 21 3 6 7 165 Depreciation 20,401 19,878 20,681 20,835 19,865 Amortization 7,995 7,920 8,623 8,016 7,885 Adjustments included in income (loss) from unconsolidated joint 14,327 14,189 14,350 15,278 11,999 ventures EBITDA $ 59,512 $ 59,668 $ 52,721 $ 59,726 $ 52,913 Gain on sale of unconsolidated joint venture interests - - - (762) - Impairment loss on real estate assets - - 30,812 - - EBITDAre $ 59,512 $ 59,668 $ 83,533 $ 58,964 $ 52,913 (Gain) loss on extinguishment of debt 373 - (23,713) - - Adjusted EBITDAre $ 59,885 $ 59,668 $ 59,820 $ 58,964 $ 52,913 Asset & property management fee income (1,982) (1,825) (1,818) (1,759) (1,656) General and administrative - corporate 8,600 8,303 8,282 7,794 9,963 General and administrative - unconsolidated joint ventures 895 746 736 731 741 Straight line rental income (net) (3,689) (5,056) (7,736) (9,503) (11,578) Above/below lease market amortization, net (933) (1,020) (1,138) (61) (93) Adjustments included in income (loss) from unconsolidated joint (1,107) (1,828) (1,445) (1,923) 885 ventures Net Operating Income (based on cash rents) $ 61,669 $ 58,988 $ 56,701 $ 54,243 $ 51,175 Same Store Net Operating Income (based on cash rents) (12,590) (12,003) (12,005) (11,814) (11,305) CXP Ownership of Properties in Unconsolidated Joint Ventures (1) Less Net Operating Income from: Acquisitions (2) (9,647) (10,048) (8,938) (8,236) (7,154) Dispositions (3) (4) 50 (38) 340 33 (1,466) Same Store Net Operating Income (based on cash rents) $ 39,482 $ 36,899 $ 36,098 $ 34,226 $ 31,250 wholly-owned properties (5) (1) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 19). (2) Reflects activity for the following properties acquired since October 1, 2017, for all periods presented: Lindbergh Center (retail), 799 Broadway (49.7% share), 149 Madison Avenue, 1800 M Street (55% share), 218 West 18th Street, and 249 West 17th Street. (3) Reflects activity for the following properties sold since October 1, 2017, for all periods presented: 222 East 41st Street, University Circle (22.5% share), and 333 Market Street (22.5% share). (4) Reflects activity for 263 Shuman Boulevard that was transferred to the lender on April 13, 2018. (5) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented. Supplemental Information - Q4 2018 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 Unaudited (in thousands) Twelve Months Ended 12/31/2018 12/31/2017 Net Income $ 9,491 $ 176,041 Interest expense (net) 56,477 58,187 Interest income from development authority bonds (6,871) (7,200) Income tax expense 37 (213) Depreciation 81,795 80,394 Amortization 32,554 32,403 Adjustments included in income (loss) from unconsolidated joint ventures 58,144 29,726 EBITDA $ 231,627 $ 369,338 Gain on sale of real estate assets - (175,518) Gain on sale of unconsolidated joint venture interests (762) - Impairment loss on real estate assets 30,812 - EBITDAre $ 261,677 $ 193,820 (Gain) loss on extinguishment of debt (23,340) 325 Adjusted EBITDAre $ 238,337 $ 194,145 Asset & property management fee income (7,384) (3,782) General and administrative - corporate 32,979 34,966 General and administrative - unconsolidated joint ventures 3,108 1,454 Straight line rental income (net) (25,984) (31,932) Above/below lease market amortization, net (3,152) (494) Adjustments included in income (loss) from unconsolidated joint ventures (6,303) 425 Net Operating Income (based on cash rents) $ 231,601 $ 194,782 Same Store Net Operating Income (based on cash rents) (42,565) (36,381) CXP Ownership of Properties in Unconsolidated Joint Ventures (1) Less Net Operating Income from: Acquisitions (2) (42,716) (10,223) Dispositions (3) (4) 385 (18,339) Same Store Net Operating Income (based on cash rents) $ 146,705 $ 129,839 wholly-owned properties (5) (1) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 19). (2) Reflects activity for the following properties acquired since January 1, 2017, for all periods presented: Lindbergh Center (retail), 799 Broadway (49.7% share), 149 Madison Avenue, 1800 M Street (55% share), 218 West 18th Street, 249 West 17th Street, and 114 5th Avenue (49.5% share). (3) Reflects activity for the following properties sold since January 1, 2017, for all periods presented: 222 East 41st Street, University Circle (45% share), 333 Market Street (45% share), Key Center Tower, Key Center Marriott, 5 Houston Center, Energy Center, and 515 Post Oak. (4) Reflects activity for 263 Shuman Boulevard that was transferred to the lender on April 13, 2018. (5) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented. Supplemental Information - Q4 2018 33


 
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 Unaudited (in thousands) Three Months Ended 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 Net Income (loss) $ 5,003 $ 6,429 $ (3,439) $ 1,498 $ (1,348) Interest expense (net) 13,236 13,049 14,300 15,892 16,147 Interest income from development authority bonds (1,471) (1,800) (1,800) (1,800) (1,800) Income tax expense 21 3 6 7 165 Depreciation 20,401 19,878 20,681 20,835 19,865 Amortization 7,995 7,920 8,623 8,016 7,885 Adjustments included in income (loss) from unconsolidated joint 14,327 14,189 14,350 15,278 11,999 ventures EBITDA $ 59,512 $ 59,668 $ 52,721 $ 59,726 $ 52,913 Gain on sale of unconsolidated joint venture interests - - - (762) - Impairment loss on real estate assets - - 30,812 - - EBITDAre $ 59,512 $ 59,668 $ 83,533 $ 58,964 $ 52,913 (Gain) loss on extinguishment of debt 373 - (23,713) - - Adjusted EBITDAre $ 59,885 $ 59,668 $ 59,820 $ 58,964 $ 52,913 Asset & property management fee income (1,982) (1,825) (1,818) (1,759) (1,656) General and administrative - corporate 8,600 8,303 8,282 7,794 9,963 General and administrative - unconsolidated joint ventures 895 746 736 731 741 Adjustments included in income (loss) from unconsolidated joint 1,240 1,061 1,029 1,129 1,209 ventures Net Operating Income (based on GAAP rents) $ 68,638 $ 67,953 $ 68,049 $ 66,859 $ 63,170 Same Store Net Operating Income (based on GAAP rents) (14,105) (14,003) (13,472) (13,590) (10,621) CXP Ownership of Properties in Unconsolidated Joint Ventures (1) Less Net Operating Income from: Acquisitions (2) (12,418) (12,586) (11,625) (10,989) (9,703) Dispositions (3) (4) 50 (38) (2,109) (4,060) (5,337) Same Store Net Operating Income (based on GAAP rents) $ 42,165 $ 41,326 $ 40,843 $ 38,220 $ 37,509 wholly-owned properties (5) (1) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 19). (2) Reflects activity for the following properties acquired since October 1, 2017, for all periods presented: Lindbergh Center (retail), 799 Broadway (49.7% share), 149 Madison Avenue, 1800 M Street (55% share), 218 West 18th Street, and 249 West 17th Street. (3) Reflects activity for the following properties sold since October 1, 2017, for all periods presented: 222 East 41st Street, University Circle (22.5% share), and 333 Market Street (22.5% share). (4) Reflects activity for 263 Shuman Boulevard that was transferred to the lender on April 13, 2018. (5) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented. Supplemental Information - Q4 2018 34


 
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 Unaudited (in thousands) Twelve Months Ended 12/31/2018 12/31/2017 Net Income $ 9,491 $ 176,041 Interest expense (net) 56,477 58,187 Interest income from development authority bonds (6,871) (7,200) Income tax expense 37 (213) Depreciation 81,795 80,394 Amortization 32,554 32,403 Adjustments included in income (loss) from unconsolidated joint ventures 58,144 29,726 EBITDA $ 231,627 $ 369,338 Gain on sale of real estate assets - (175,518) Gain on sale of unconsolidated joint venture interests (762) - Impairment loss on real estate assets 30,812 - EBITDAre $ 261,677 $ 193,820 (Gain) loss on extinguishment of debt (23,340) 325 Adjusted EBITDAre $ 238,337 $ 194,145 Asset & property management fee income (7,384) (3,782) General and administrative - corporate 32,979 34,966 General and administrative - unconsolidated joint ventures 3,108 1,454 Adjustments included in income (loss) from unconsolidated joint ventures 4,459 2,092 Net Operating Income (based on GAAP rents) $ 271,499 $ 228,875 Same Store Net Operating Income (based on GAAP rents) (52,879) (39,470) CXP Ownership of Properties in Unconsolidated Joint Ventures (1) Less Net Operating Income from: Acquisitions (2) (49,907) (10,792) Dispositions (3) (4) (6,157) (32,860) Same Store Net Operating Income (based on GAAP rents) $ 162,556 $ 145,753 wholly-owned properties (5) (1) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 19). (2) Reflects activity for the following properties acquired since January 1, 2017, for all periods presented: Lindbergh Center (retail), 799 Broadway (49.7% share), 149 Madison Avenue, 1800 M Street (55% share), 218 West 18th Street, 249 West 17th Street, and 114 5th Avenue (49.5% share). (3) Reflects activity for the following properties sold since January 1, 2017, for all periods presented: 222 East 41st Street, University Circle (45% share), 333 Market Street (45% share), Key Center Tower, Key Center Marriott, 5 Houston Center, Energy Center, and 515 Post Oak. (4) Reflects activity for 263 Shuman Boulevard that was transferred to the lender on April 13, 2018. (5) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented. Supplemental Information - Q4 2018 35


 
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. 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 (ii) additional amortization of lease assets (liabilities), (iii) straight-line rental income, (iv) gain (loss) on interest rate swaps, (v) recurring capital expenditures, and adding back (vi) stock based compensation expense and (vii) non-cash interest expense. Because AFFO adjusts for income and expenses that we believe are not reflective of our core operations, we believe AFFO provides useful supplemental information. AFFO is a non-GAAP financial measure and should not be viewed as an alternative measurement of our operating performance to net cash flows from operating activities or net income. 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. EBITDA: EBITDA is defined as net income before interest, taxes, depreciation and amortization. We believe EBITDA is a reasonable measure of our liquidity. EBITDA is a non-GAAP financial measure and should not be viewed as an alternative measurement of cash flows from operating activities or other GAAP basis liquidity measures. Other REITs may calculate EBITDA differently and our calculation should not be compared to that of other REITs. EBITDAre : EBITDAre is a non-GAAP financial measure. 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) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), 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. 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 and (ii) losses and gains on early extinguishment of debt. Such items create significant earnings volatility. We believe Normalized FFO provides a meaningful measure of our operating performance and more predictability regarding future earnings potential. Normalized FFO is a non-GAAP financial measure and should not be viewed as an alternative measurement of our operating performance to net income; therefore, it should not be compared to other REITs' equivalent to Normalized FFO. 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 amortization. The company uses this measure to assess its operating results and believes it is important in assessing operating performance. NOI - cash rents is a non-GAAP measure which does not have any standard meaning prescribed by GAAP and therefore may not be comparable to similar measures presented by other companies. Net Operating Income (based on GAAP rents) (“NOI - GAAP rents”): NOI - GAAP rents is defined as Adjusted EBITDA adjusted for (i) portfolio general and administrative expense, (ii) interest rate swap valuation adjustments, and (iii) interest expense associated with interest rates swaps. The company uses this measure to assess its operating results and believes it is important in assessing operating performance. NOI - GAAP rents is a non-GAAP measure which does not have any standard meaning prescribed by GAAP and therefore may not be comparable to similar measures presented by other companies. Same Store Net Operating Income (“Same Store NOI”): Same Store NOI is calculated as the NOI attributable to the properties continuously owned and operating for the entirety of the reporting periods presented. We believe Same Store NOI is an important measure of comparison of our stabilized properties’ operating performance. Other REITs may calculate Same Store NOI differently and our calculation should not be compared to that of other REITs. Definitions - Other 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 and first generation leasing. Investment Capital: Capital expenditures incurred to lease space to first generation tenants; to lease space that has been vacant for more than one year; to expand or repurpose building functionality in our existing portfolio; and to bring properties up to our ownership standards. 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. All costs incurred within 36 months of acquisition are considered Investment Capital. Supplemental Information - Q4 2018 36


 
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