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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 __________________________________ 
FORM 10-Q
 __________________________________ 
(Mark One)
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
for the quarterly period ended
June 30, 2019
or
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from ______ to ______
Commission file number
001-36113
COLUMBIA PROPERTY TRUST, INC.
(Exact name of registrant as specified in its charter)
  __________________________________
Maryland
 
20-0068852
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification Number)

1170 Peachtree Street, Suite 600, Atlanta, Georgia 30309
(Address of principal executive offices) (Zip Code)

(404) 465-2200
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbols
Name of each exchange on which registered
Common Stock
CXP
NYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act (check one).
Large accelerated filer
Accelerated filer
Non-accelerated filer
 (Do not check if a smaller reporting company)
Smaller reporting company
 
 
Emerging Growth Company
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  

Number of shares outstanding of the registrant's
only class of common stock, as of July 22, 2019: 116,908,658 shares
 
 
 
 
 


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FORM 10-Q
COLUMBIA PROPERTY TRUST, INC.
TABLE OF CONTENTS
 
Page No.
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.



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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this quarterly report on Form 10-Q of Columbia Property Trust, Inc. ("Columbia Property Trust," "we," "our," or "us"), other than historical facts may constitute "forward-looking statements” within the meaning of the Private Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Columbia Property Trust intends for all such forward-looking statements presented in this quarterly report on Form 10-Q ("Form 10-Q"), or that management may make orally or in writing from time to time, to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts.
Such statements in this current Form 10-Q include, among other things, information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, plans, strategies, prospects, and objectives. 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. As forward-looking statements, these statements are subject to certain risks and uncertainties, including known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. These risks, uncertainties, and other factors include, without limitation:
risks affecting the real estate industry, and the office sector in particular, (such as the inability to enter into new leases, dependence on tenants' financial condition, and competition from other owners of real estate);
risks relating to our ability to maintain and increase property occupancy rates and rental rates;
adverse economic or real estate market developments in our target markets;
risks relating to the use of debt to fund acquisitions;
availability and terms of financing;
ability to refinance indebtedness as it comes due;
sensitivity of our operations and financing arrangements to fluctuations in interest rates;
reductions in asset valuations and related impairment charges;
risks relating to construction, development, and redevelopment activities;
risks associated with joint ventures, including disagreements with, or misconduct by, joint venture partners;
risks relating to repositioning our portfolio;
risks relating to reduced demand for, or over supply of, office space in our markets;
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 our ability to continue to qualify as a real estate investment trust ("REIT");
risks associated with possible cybersecurity attacks against us or any of our tenants;
potential liability for uninsured losses and environmental contamination;
potential adverse impact of market interest rates on the market price for our securities; and
risks associated with our dependence on key personnel whose continued service is not guaranteed.
For further discussion of these and additional risks and uncertainties that may cause actual results to differ from expectation, see Item 1A, Risk Factors, in our Form 10-K for the year ended December 31, 2018. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurances that our expectations will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this Form 10-Q is filed with the U.S. Securities and Exchange Commission ("SEC"). We do not intend to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.


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PART I.
FINANCIAL INFORMATION
ITEM 1.
CONSOLIDATED FINANCIAL STATEMENTS
The information furnished in the accompanying consolidated balance sheets and related consolidated statements of operations, comprehensive income, equity, and cash flows, reflects all normal and recurring adjustments that are, in management's opinion, necessary for a fair and consistent presentation of the aforementioned financial statements. The accompanying consolidated financial statements should be read in conjunction with the condensed notes to Columbia Property Trust's financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations included in this Quarterly Report on Form 10-Q, and with audited consolidated financial statements and the related notes for the year ended December 31, 2018. Columbia Property Trust's results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the operating results expected for the full year.


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COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per-share amounts) 
 
(Unaudited)
 
June 30,
2019
 
December 31,
2018
Assets:
 
 
 
Real estate assets, at cost:
 
 
 
Land
$
803,986

 
$
817,975

Buildings and improvements, less accumulated depreciation of $395,250 and $403,355, as of
June 30, 2019 and December 31, 2018, respectively
1,784,994

 
1,910,041

Intangible lease assets, less accumulated amortization of $78,234 and $84,881, as of
June 30, 2019 and December 31, 2018, respectively
60,654

 
98,540

Construction in progress
39,893

 
33,800

Total real estate assets
2,689,527

 
2,860,356

Operating lease assets
63,563

 

Investments in unconsolidated joint ventures
1,064,648

 
1,071,353

Cash and cash equivalents
11,981

 
17,118

Tenant receivables, net of $4 allowance for doubtful accounts as of December 31, 2018
2,904

 
3,258

Straight-line rent receivable
87,190

 
87,159

Prepaid expenses and other assets
37,420

 
23,218

Intangible lease origination costs, less accumulated amortization of $62,124 and $65,348, as of
June 30, 2019 and December 31, 2018, respectively
29,620

 
34,092

Deferred lease costs, less accumulated amortization of $23,850 and $27,735, as of
June 30, 2019 and December 31, 2018, respectively
57,942

 
77,439

Total assets
$
4,044,795

 
$
4,173,993

Liabilities:
 
 
 
Line of credit and notes payable, net of unamortized deferred financing costs of $2,391 and $2,692, as of June 30, 2019 and December 31, 2018, respectively
$
494,609

 
$
629,308

Bonds payable, net of discounts of $1,214 and $1,304 and unamortized deferred financing costs of $3,856 and $4,158, as of June 30, 2019 and December 31, 2018, respectively
694,930

 
694,538

Operating lease liabilities
34,684

 

Accounts payable, accrued expenses, and accrued capital expenditures
43,403

 
49,117

Dividends payable

 
23,340

Deferred income
16,296

 
15,593

Intangible lease liabilities, less accumulated amortization of $24,208 and $21,766, as of
June 30, 2019 and December 31, 2018, respectively
18,142

 
21,081

Total liabilities
1,302,064

 
1,432,977

Commitments and Contingencies (Note 7)

 

Equity:
 
 
 
Common stock, $0.01 par value, 225,000,000 shares authorized, 116,908,658 and 116,698,033 shares issued and outstanding, as of June 30, 2019 and December 31, 2018, respectively
1,169

 
1,167

Additional paid-in capital
4,422,833

 
4,421,587

Cumulative distributions in excess of earnings
(1,679,580
)
 
(1,684,082
)
Cumulative other comprehensive income (loss)
(1,691
)
 
2,344

Total equity
2,742,731

 
2,741,016

Total liabilities and equity
$
4,044,795

 
$
4,173,993

See accompanying notes.

Page 5

Table of Contents


COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per-share amounts)
 
(Unaudited)
 
(Unaudited)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Lease revenues
$
69,601

 
$
71,409

 
$
141,463

 
$
141,769

Management fee income
1,898

 
1,818

 
3,767

 
3,577

Other property income
1,231

 
2,143

 
2,933

 
3,734

 
72,730

 
75,370

 
148,163

 
149,080

Expenses:
 
 
 
 
 
 
 
Property operating costs
22,586

 
22,450

 
46,823

 
45,512

Management fee expenses
164

 
205

 
419

 
413

Depreciation
19,335

 
20,681

 
39,739

 
41,516

Amortization
7,106

 
8,623

 
14,567

 
16,639

Impairment loss on real estate assets

 
30,812

 

 
30,812

General and administrative – corporate
8,180

 
8,282

 
16,604

 
16,076

General and administrative – unconsolidated joint ventures
838

 
736

 
1,647

 
1,467

 
58,209

 
91,789

 
119,799

 
152,435

Other Income (Expense):
 
 
 
 
 
 
 
Interest expense
(10,897
)
 
(14,314
)
 
(22,992
)
 
(30,209
)
Gain on extinguishment of debt

 
23,713

 

 
23,713

Interest and other income

 
1,814

 
1

 
3,617

Gain on sale of unconsolidated joint venture interests

 

 

 
762

Income tax expense
(9
)
 
(6
)
 
(16
)
 
(13
)
Income from unconsolidated joint ventures
2,214

 
1,773

 
3,985

 
3,544

Gain on sale of real estate assets
41,918

 

 
41,918

 

 
33,226

 
12,980


22,896


1,414

Net income (loss)
$
47,747


$
(3,439
)

$
51,260


$
(1,941
)
Per-Share Information – Basic:
 
 
 
 
 
 
 
Net income (loss)
$
0.41

 
$
(0.03
)
 
$
0.44

 
$
(0.02
)
Weighted-average common shares outstanding – basic
116,509

 
118,035

 
116,486

 
118,556

Per-Share Information – Diluted:
 
 
 
 
 
 
 
Net income (loss)
$
0.41

 
$
(0.03
)
 
$
0.44

 
$
(0.02
)
Weighted-average common shares outstanding – diluted
116,823

 
118,462

 
116,776

 
118,960


See accompanying notes.

Page 6

Table of Contents


COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)

 
(Unaudited)
 
(Unaudited)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
47,747

 
$
(3,439
)
 
$
51,260

 
$
(1,941
)
Market value adjustments to interest rate swap
(2,604
)
 
938

 
(4,035
)
 
3,452

Comprehensive income (loss)
$
45,143

 
$
(2,501
)
 
$
47,225

 
$
1,511


See accompanying notes.



Page 7

Table of Contents


COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018 (UNAUDITED)
(in thousands, except per-share amounts)

 
For the Three Months Ended June 30, 2019
 
Common Stock
 
Additional
Paid-In
Capital
 
Cumulative
Distributions
in Excess of
Earnings
 
Cumulative
Other
Comprehensive
Income (Loss)
 
Total
Equity
 
Shares
 
Amount
 
 
 
 
Balance, March 31, 2019
116,880

 
$
1,169

 
$
4,420,727

 
$
(1,703,945
)
 
$
913

 
$
2,718,864

Common stock issued to employees and directors, and amortized (net of income tax withholdings)
29

 

 
2,106

 

 

 
2,106

Distributions to common stockholders ($0.20 per share)

 

 

 
(23,382
)
 

 
(23,382
)
Net income

 

 

 
47,747

 

 
47,747

Market value adjustment to interest rate swap

 

 

 

 
(2,604
)
 
(2,604
)
Balance, June 30, 2019
116,909

 
$
1,169

 
$
4,422,833

 
$
(1,679,580
)
 
$
(1,691
)
 
$
2,742,731


 
For the Six Months Ended June 30, 2019
 
Common Stock
 
Additional
Paid-In
Capital
 
Cumulative
Distributions
in Excess of
Earnings
 
Cumulative
Other
Comprehensive
Income (Loss)
 
Total
Equity
 
Shares
 
Amount
 
 
 
 
Balance, December 31, 2018
116,698

 
$
1,167

 
$
4,421,587

 
$
(1,684,082
)
 
$
2,344

 
$
2,741,016

Common stock issued to employees and directors, and amortized (net of income tax withholdings)
211

 
2

 
1,246

 

 

 
1,248

Distributions to common stockholders ($0.40 per share)

 

 

 
(46,758
)
 

 
(46,758
)
Net income

 

 

 
51,260

 

 
51,260

Market value adjustment to interest rate swap

 

 

 

 
(4,035
)
 
(4,035
)
Balance, June 30, 2019
116,909

 
$
1,169

 
$
4,422,833

 
$
(1,679,580
)
 
$
(1,691
)
 
$
2,742,731


Page 8

Table of Contents



 
For the Three Months Ended June 30, 2018
 
Common Stock
 
Additional
Paid-In
Capital
 
Cumulative
Distributions
in Excess of
Earnings
 
Cumulative
Other
Comprehensive
Income
 
Total
Equity
 
Shares
 
Amount
 
 
 
 
Balance, March 31, 2018
118,602

 
$
1,186

 
$
4,459,354

 
$
(1,621,498
)
 
$
3,417

 
$
2,842,459

Repurchases of common stock
(659
)
 
(6
)
 
(14,497
)
 

 

 
(14,503
)
Common stock issued to employees and directors, and amortized (net of income tax withholdings)
31

 

 
2,197

 

 

 
2,197

Distributions to common stockholders ($0.20 per share)

 

 

 
(23,640
)
 

 
(23,640
)
Net loss

 

 

 
(3,439
)
 

 
(3,439
)
Market value adjustment to interest rate swap

 

 

 

 
938

 
938

Balance, June 30, 2018
117,974

 
$
1,180

 
$
4,447,054

 
$
(1,648,577
)
 
$
4,355

 
$
2,804,012


 
For the Six Months Ended June 30, 2018
 
Common Stock
 
Additional
Paid-In
Capital
 
Cumulative
Distributions
in Excess of
Earnings
 
Cumulative
Other
Comprehensive
Income
 
Total
Equity
 
Shares
 
Amount
 
 
 
 
Balance, December 31, 2017
119,789

 
$
1,198

 
$
4,487,071

 
$
(1,957,236
)
 
$
903

 
$
2,531,936

Cumulative-effect adjustment for the adoption of
ASU 2017-05

 

 

 
357,755

 

 
357,755

Cumulative-effect adjustment for the adoption of
ASU 2014-09

 

 

 
343

 

 
343

Repurchases of common stock
(1,954
)
 
(19
)
 
(41,770
)
 

 

 
(41,789
)
Common stock issued to employees and directors, and amortized (net of income tax withholdings)
139

 
1

 
1,753

 

 

 
1,754

Distributions to common stockholders ($0.40 per share)

 

 

 
(47,498
)
 

 
(47,498
)
Net loss

 

 

 
(1,941
)
 

 
(1,941
)
Market value adjustment to interest rate swap

 

 

 

 
3,452

 
3,452

Balance, June 30, 2018
117,974


$
1,180


$
4,447,054


$
(1,648,577
)

$
4,355


$
2,804,012


See accompanying notes.

Page 9

Table of Contents


COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
(Unaudited)
 
Six Months Ended
June 30,
 
2019
 
2018
Cash Flows From Operating Activities:
 
 
 
Net income (loss)
$
51,260

 
$
(1,941
)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
 
 
 
Straight-line rental income
(8,201
)
 
(17,207
)
Noncash operating lease expense
424

 

Depreciation
39,739

 
41,516

Amortization
12,315

 
15,440

Stock-based compensation expense
3,641

 
3,722

Impairment loss on real estate assets

 
30,812

Noncash interest expense
1,282

 
1,708

Gain on extinguishment of debt

 
(23,713
)
Gain on sale of unconsolidated joint venture interests

 
(762
)
Income from unconsolidated joint ventures
(3,985
)
 
(3,544
)
Distributions of earnings from unconsolidated joint ventures
13,526

 
15,015

Gain on sale of real estate assets
(41,918
)
 

Changes in assets and liabilities, net of acquisitions and dispositions:
 
 
 
Decrease (increase) in tenant receivables, net
603

 
(1,039
)
Decrease (increase) in prepaid expenses and other assets
(2,087
)
 
1,591

Decrease in accounts payable and accrued expenses
(3,786
)
 
(39,934
)
Increase (decrease) in deferred income
703

 
(2,481
)
Net cash provided by operating activities
63,516

 
19,183

Cash Flows From Investing Activities:
 
 
 
Net proceeds from the sale of real estate
193,912

 
284,608

Net proceeds from sale of investments in unconsolidated joint ventures

 
235,083

Prepaid transaction costs and earnest money
(14,216
)
 

Capital improvement and development costs
(35,212
)
 
(40,084
)
Deferred lease costs paid
(2,773
)
 
(7,510
)
Investments in unconsolidated joint ventures
(9,067
)
 
(2,460
)
Distributions from unconsolidated joint ventures
6,364

 
4,585

Net cash provided by investing activities
139,008

 
474,222

Cash Flows From Financing Activities:
 
 
 
Financing costs paid
(162
)
 
(149
)
Proceeds from lines of credit and notes payable
114,000

 
150,000

Repayments of lines of credit and notes payable
(249,000
)
 
(525,639
)
Distributions paid to stockholders
(70,098
)
 
(71,459
)
Redemptions of common stock
(2,401
)
 
(43,764
)
Net cash used in financing activities
(207,661
)
 
(491,011
)
Net increase (decrease) in cash and cash equivalents
(5,137
)
 
2,394

Cash and cash equivalents, beginning of period
17,118

 
9,567

Cash and cash equivalents, end of period
$
11,981

 
$
11,961

See accompanying notes.

Page 10

Table of Contents


COLUMBIA PROPERTY TRUST, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2019
(unaudited)
1.
Organization
Columbia Property Trust, Inc. ("Columbia Property Trust") (NYSE: CXP) is a Maryland corporation that operates as a real estate investment trust ("REIT") for federal income tax purposes, and owns and operates commercial real estate properties. Columbia Property Trust conducts business primarily through Columbia Property Trust Operating Partnership, L.P. ("Columbia Property Trust OP"), a Delaware limited partnership in which Columbia Property Trust is the general partner and sole owner. Columbia Property Trust acquires, develops, redevelops, owns, leases, and operates real properties directly, through wholly owned subsidiaries, or through joint ventures. Unless otherwise noted herein, references to Columbia Property Trust, "we," "us," or "our" herein shall include Columbia Property Trust and all subsidiaries of Columbia Property Trust, direct and indirect.
As of June 30, 2019, Columbia Property Trust owned 17 operating properties and two properties under development or redevelopment, of which 13 were wholly owned and six were owned through unconsolidated joint ventures, located primarily in New York, San Francisco, and Washington, D.C. As of June 30, 2019, the operating properties contained 8.2 million rentable square feet and were approximately 97.6% leased.
2.
Summary of Significant Accounting Policies
Basis of Presentation
The consolidated financial statements of Columbia Property Trust have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by U.S. generally accepted accounting principles ("GAAP") for complete financial statements. In the opinion of management, the statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year's results. For additional information on Columbia Property Trust's unconsolidated joint ventures, which are accounted for using the equity method of accounting, see Note 4, Unconsolidated Joint Ventures. Columbia Property Trust's consolidated financial statements include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable-interest entity in which Columbia Property Trust or Columbia Property Trust OP is deemed the primary beneficiary. With respect to entities that are not variable interest entities, Columbia Property Trust's consolidated financial statements also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling general partnership interest. All intercompany balances and transactions have been eliminated in consolidation. For further information, refer to the financial statements and footnotes included in Columbia Property Trust's Annual Report on Form 10-K for the year ended December 31, 2018 (the "2018 Form 10-K").
Fair Value Measurements
Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date, under current market conditions. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability:
Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts.
Level 2 – Assets or liabilities valued based on observable market data for similar instruments.
Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider.

Page 11


Real Estate Assets
Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. To determine the appropriate useful life of an asset, Columbia Property Trust considers the period of future benefit of the asset. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows:
Buildings
  
40 years
Building and site improvements
  
5-25 years
Tenant improvements
  
Shorter of economic life or lease term
Intangible lease assets
  
Lease term

As further described in Note 5, Line of Credit and Notes Payable, Columbia Property Trust capitalizes interest incurred on outstanding debt balances as well as joint venture investments, as appropriate, during development or redevelopment of real estate held directly or in unconsolidated joint ventures. During both the three months ended June 30, 2019 and 2018, $1.0 million of interest was capitalized to construction in progress; and during both the six months ended June 30, 2019 and 2018, $1.9 million of interest was capitalized to construction in progress. During the three and six months ended June 30, 2019, $0.3 million and $0.6 million, respectively, were capitalized to investments in unconsolidated joint ventures. No interest was capitalized to investments in unconsolidated joint ventures during the six months ended June 30, 2018.
Assets Held for Sale
Columbia Property Trust classifies properties as held for sale according to Accounting Standard Codification 360, Accounting for the Impairment or Disposal of Long-Lived Assets ("ASC 360"). According to ASC 360, properties having separately identifiable operations and cash flows are considered held for sale when all of the following criteria are met:
Management, having the authority to approve the action, commits to a plan to sell the property.
The property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property.
An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated.
The property is being actively marketed for sale at a price that is reasonable in relation to its current fair value.
Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
The sale of the property is probable (i.e., typically subject to a binding sale contract with a non-refundable deposit), and transfer of the property is expected to qualify for recognition as a completed sale within one year.
None of Columbia Property Trust's properties met the criteria to be classified as held for sale in the accompanying balance sheets as of June 30, 2019 or December 31, 2018.
Evaluating the Recoverability of Real Estate Assets
Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the net carrying amounts of its real estate and related intangible assets and liabilities, of both operating properties and properties under development or redevelopment, may not be recoverable. When indicators of potential impairment are present that suggest that the net carrying amounts of real estate assets and related intangible assets and liabilities may not be recoverable, Columbia Property Trust assesses the recoverability of these net assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future cash flows expected from the use of the net assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, Columbia Property Trust adjusts the carrying values of the real estate assets and related intangible assets and liabilities to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognizes an impairment loss. At such time that a property is required to be classified as held for sale, its net carrying amount is adjusted to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized.
Estimated fair values are calculated based on the following hierarchy of information: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated residual value. Projections of expected future operating cash flows require that Columbia Property Trust estimate future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. Due to the inherent subjectivity of the assumptions used to project future cash flows, estimated fair values may differ from the values that would be realized in market transactions.

Page 12


Certain of Columbia Property Trust's assets may be carried at an amount that exceeds that which could be realized in a current disposition transaction. Columbia Property Trust has determined that the carrying values of its real estate assets and related intangible assets are recoverable as of June 30, 2019.
In the second quarter of 2018, Columbia Property Trust recognized an impairment loss of $30.8 million in connection with changing the holding period expectations for 222 East 41st Street in New York. Columbia Property Trust widely marketed this property for sale during the second quarter and, as a result, entered into an agreement to sell this property on May 25, 2018 and closed on the sale on May 29, 2018. Upon entering into the sale agreement, Columbia Property Trust reduced 222 East 41st Street's carrying value to reflect its fair value, estimated based on the net contract price of $284.6 million (Level 1), by recording an impairment loss of $30.8 million in the second quarter of 2018.
Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessor
Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of the properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see "Fair Value Measurements" section above for additional detail). As of June 30, 2019 and December 31, 2018, Columbia Property Trust had the following intangible assets and liabilities, arising from in-place leases, excluding amounts held for sale, if applicable (in thousands):
 
 
Intangible Lease Assets
 
Intangible
Lease
Origination
Costs
 
Intangible
Below-Market
In-Place Lease
Liabilities
 
Above-Market
In-Place
Lease Assets
 
Absorption
Period Costs
 
June 30, 2019
Gross
$
3,175

 
$
135,713

 
$
91,744

 
$
42,350

 
Accumulated Amortization
(1,225
)
 
(77,009
)
 
(62,124
)
 
(24,208
)
 
Net
$
1,950

 
$
58,704

 
$
29,620

 
$
18,142

December 31, 2018
Gross
$
3,174

 
$
147,668

 
$
99,440

 
$
42,847

 
Accumulated Amortization
(1,060
)
 
(81,220
)
 
(65,348
)
 
(21,766
)
 
Net
$
2,114

 
$
66,448

 
$
34,092

 
$
21,081

Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessee
As of December 31, 2018, Columbia Property Trust had gross below-market lease assets of approximately $32.6 million, net of accumulated amortization of $2.6 million. These below-market lease assets were reclassified to operating lease assets upon adoption of ASC 842, as described below. See Note 10, Leases, for more information.
Amortization of Intangible Assets and Liabilities Arising From In-Place Leases
For the three and six months ended June 30, 2019 and 2018, Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands):
 
Intangible Lease Assets
 
Intangible
Lease
Origination
Costs
 
Intangible
Below-Market
In-Place Lease
Liabilities
Above-Market
In-Place
Lease Assets
 
Absorption
Period Costs
 
For the Three Months Ended June 30, 2019
$
82

 
$
3,534

 
$
2,020

 
$
1,401

For the Three Months Ended June 30, 2018
$
51

 
$
4,436

 
$
2,538

 
$
2,315

For the Six Months Ended June 30, 2019
$
164

 
$
7,190

 
$
4,120

 
$
2,827

For the Six Months Ended June 30, 2018
$
102

 
$
8,775

 
$
4,957

 
$
3,904


Page 13


The net intangible assets and liabilities remaining as of June 30, 2019 will be amortized as follows, excluding amounts held for sale, if applicable (in thousands):
 
Intangible Lease Assets
 
Intangible
Lease
Origination
Costs
 
Intangible
Below-Market
In-Place Lease
Liabilities
Above-Market
In-Place
Lease Assets
 
Absorption
Period Costs
 
For the remainder of 2019
$
164

 
$
6,883

 
$
3,957

 
$
2,725

For the years ending December 31:
 
 
 
 
 
 
 
2020
275

 
12,338

 
7,406

 
4,597

2021
247

 
7,490

 
3,429

 
1,714

2022
243

 
5,848

 
2,406

 
1,374

2023
243

 
5,098

 
2,165

 
1,308

2024
230

 
4,756

 
2,062

 
1,162

Thereafter
548

 
16,291

 
8,195

 
5,262

 
$
1,950

 
$
58,704

 
$
29,620

 
$
18,142


Interest Rate Swap Agreements
Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate swap transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps on its consolidated balance sheet either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income. Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain or loss on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as gain or loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment. The following tables provide additional information related to Columbia Property Trust's interest rate swaps (in thousands):
 
 
 
 
Estimated Fair Value as of
Instrument Type
 
Balance Sheet Classification
 
June 30,
2019
 
December 31,
2018
Derivatives designated as hedging instruments:
 
 
 
 
 
 
Interest rate contracts
 
Prepaid expenses and other assets
 
$

 
$
2,344

Interest rate contracts
 
Accounts payable
 
$
1,691

 
$


Columbia Property Trust applied the provisions of ASC 820 in recording its interest rate swaps at fair value. The fair values of the interest rate swaps, classified under Level 2, were determined using a third-party proprietary model that is based on prevailing market data for contracts with matching durations, current and anticipated London Interbank Offered Rate ("LIBOR") information, and reasonable estimates about relevant future market conditions. Columbia Property Trust has determined that the fair value, as determined by the third party, is reasonable.
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income
$
(2,604
)
 
$
938

 
$
(4,035
)
 
$
3,452


During the periods presented, no hedge ineffectiveness was required to be recognized into earnings on the interest rate swaps that qualified for hedge accounting treatment.

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Income Taxes
Columbia Property Trust has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code") and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. To the extent that Columbia Property Trust satisfies the distribution requirement but distributes less than 100% of its REIT taxable income, Columbia Property Trust would be subject to federal and state corporate income tax on the undistributed income. Generally, Columbia Property Trust does not incur federal income taxes, other than as described in the following paragraph, because its stockholder distributions typically exceed its taxable income due to noncash expenses such as depreciation. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements.
Columbia Property Trust TRS, LLC and Columbia KCP TRS, LLC (collectively, the "TRS Entities") are wholly owned subsidiaries of Columbia Property Trust and are organized as Delaware limited liability companies. The TRS Entities, among other things, provide tenant services that Columbia Property Trust, as a REIT, cannot otherwise provide. Columbia Property Trust has elected to treat the TRS Entities as taxable REIT subsidiaries. Columbia Property Trust may perform certain additional, noncustomary services for tenants of its buildings through the TRS Entities; however, any earnings related to such services are subject to federal and state income taxes. In addition, for Columbia Property Trust to continue to qualify as a REIT, Columbia Property Trust must limit its investments in taxable REIT subsidiaries to 20% of the value of the total assets. The TRS Entities' deferred tax assets and liabilities represent temporary differences between the financial reporting basis and the tax basis of assets and liabilities based on the enacted rates expected to be in effect when the temporary differences reverse. If applicable, Columbia Property Trust records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations.
Reclassification
In connection with adopting Accounting Standard Codification 842, Leases ("ASC 842"), effective January 1, 2019, rental income and tenant reimbursements have been combined into the lease revenues line on the consolidated statements of operations for all periods presented. See Recent Accounting Pronouncements below for additional details. In accordance with Accounting Standard Codification 360, Property, Plant, and Equipment ("ASC 360"), and in response to the Securities and Exchange Commission's "Disclosure Update and Simplification" release effective November 5, 2018, gains on sales of real estate assets have been reclassified to other income (expense) on our consolidated statements of operations for all periods presented.
Recent Accounting Pronouncements
Effective January 1, 2019, Columbia Property Trust adopted ASC 842, which amends the lease accounting rules with the following key changes:
Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months, and to classify such leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee, or not. This classification will determine whether the lease expense is recognized using the effective interest method (finance leases) or on a straight-line basis over the term of the lease (operating leases).
Lessors are required to account for leases using an approach that is substantially similar to the pre-existing rules for operating leases, sales-type leases, and direct financing leases, with a few targeted changes, including that: (i) lessors are no longer permitted to capitalize and amortize initial indirect costs incurred to obtain a lease, and (ii) provisions for uncollectible tenant receivables are reflected as a reduction to lease revenues, instead of as general and administrative expense.
In connection with transitioning to ASC 842, Columbia Property Trust elected to use certain practical expedients which impact the Company as follows:
Prospective implementation. In-place contracts retain their character as to whether they meet the definition of a lease or not; in-place leases retain their classification as an operating, sales-type, or direct financing lease; and prior-period accounting and presentation is unchanged.
Rental income and tenant reimbursements for operating leases are combined in a single line on the statements of operations for all periods presented.
Leases with a term of 12 months or less are expensed as incurred, as provided for in a practical expedient elected by Columbia Property Trust.

Page 15


See Note 10, Leases, for additional information.
Accounting Standard Update 2018-13, Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"), which will be effective for Columbia Property Trust on January 1, 2020, expands the disclosure requirements related to a change in fair value technique hierarchy. ASU 2018-13 is not expected to have a material impact on Columbia Property Trust's consolidated financial statements or disclosures.
3.
Real Estate Transactions
Acquisitions
During 2018, Columbia Property Trust acquired the following properties. Columbia Property Trust did not acquire any properties during the six months ended June 30, 2019.
Property
 
Location
 
Date
 
Percent Acquired
 
Purchase Price(1)
(in thousands)
2018
 
 
 
 
 
 
 
 
 
799 Broadway
 
New York, NY
 
October 3, 2018
 
49.7
%
 
$
30,200

(2) 
Lindbergh Center – Retail
 
Atlanta, GA
 
October 24, 2018
 
100.0
%
 
$
23,000

 
(1) 
Exclusive of transaction costs and price adjustments. See purchase price allocation table below for a breakout of the net purchase price for wholly owned properties.
(2) 
Purchase price is for Columbia Property Trust's partial interests in the property, which is owned through an unconsolidated joint venture.
799 Broadway Joint Venture
On October 3, 2018, Columbia Property Trust formed a joint venture with Normandy Real Estate Partners ("Normandy") for the purpose of developing a 12-story, 182,000-square-foot office building at 799 Broadway in New York (the "799 Broadway Joint Venture"). Columbia Property Trust made an initial equity contribution of $30.2 million in the 799 Broadway Joint Venture for a 49