EX-99.2 3 ex992cxpfsp-q22021728212.htm SUPPLEMENTAL INFORMATION ex992cxpfsp-q22021728212
Supplemental Information 2021


 
Introduction Executive Summary 3 Company Profile & Investor Contacts 4 Capitalization Analysis & Research Coverage 5 2021 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 11 Net Operating Income 12 - 13 Management Fee 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 (1/1/19 - 7/29/21) 27 - 28 Development Projects 29 Additional Information 30 Reconciliation of Cash Flows From Operations to Adjusted Funds From Operations (AFFO) 30 31 31 32 - 33 34 - 35 Definitions 36 Forward Looking Statements: Supplemental Information - Q2 2021 2 This supplemental package contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. These forward-looking statements include information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, future plans, and objectives. They also include, among other things, statements regarding subjects that are forward-looking by their nature, such as, our business and financial strategy; our guidance and underlying assumptions; our undertaking of a comprehensive strategic alternatives review process; expectations on timing of completion of announced acquisitions; expectations on occupancy rates and additional growth in same store net operating income; the impact of the COVID-19 pandemic on our results of operations; our ability to obtain future financing; future acquisitions and dispositions of operating assets; future repurchases of common stock; and market and industry trends. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this supplemental package is published, and which are subject to certain risks and uncertainties which could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, without limitation: risks affecting the real estate industry and the office sector, in particular (such as the inability to enter into new leases, dependence on tenants' financial condition, and competition from other owners of real estate); risks relating to lease terminations, lease defaults, or changes in the financial condition of our tenants, particularly by a significant tenant; risks relating to our ability to maintain and increase property occupancy rates and rental rates; adverse economic or real estate market developments in our target markets; the risks of pandemics or other public health emergencies, including the continued spread and impact of, and the governmental and third -party response to, the COVID-19 pandemic; the impact of social distancing, shelter-in- place, border closings, travel restrictions, remote work trends and similar governmental and private measures taken to combat the spread of COVID-19; future developments involving our ongoing strategic alternatives review process, as well as costs, expenses and disruption associated with such strategic alternatives review process; risks relating to the use of debt to fund acquisitions; availability and terms of financing; the ability to refinance indebtedness as it comes due; sensitivity of our operations and financing arrangements to fluctuations in interest rates; reductions in asset valuations and related impairment charges; risks relating to construction, development, and redevelopment activities; risks associated with joint ventures, including disagreements with, or misconduct by, joint venture partners; risks relating to repositioning our portfolio; risks relating to reduced demand for, or over supply of, office space in our markets, including increased sublease availabilities; risks relating to acquisition and disposition activities; the ability to successfully integrate our operations and employees in connection with the acquisition of Normandy Real Estate Management, LLC (“Normandy”); the ability to realize anticipated benefits and synergies of the acquisition of Normandy; risks associated with our ability to continue to qualify as a real estate investment trust (“REIT”); risks associated with possible cybersecurity attacks against us or any of our tenants; potential liability for uninsured losses and environmental contamination; potential adverse impact of market interest rates on the market price for our securities; and risks associated with our dependence on key personnel whose continued service is not guaranteed. We do not intend to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. For additional risks and uncertainties that may cause actual results to differ from expectation, see our Annual Report on Form 10-K for the year ended December 31, 2020, and subsequently filed periodic reports. On the Cover: 149 Madison Avenue, New York (rendering). Columbia Property Trust, Inc. Table of Contents Normalized Funds From Operations (NFFO) & Adjusted Funds From Operations (AFFO) Reconciliation of Net Income to Normalized Funds From Operations (NFFO) Reconciliation of Net Income to Net Operating Income (based on cash rents), and Same Store Net Operating Income (based on cash rents) - wholly-owned properties Reconciliation of Net Income to Net Operating Income (based on GAAP rents), and Same Store Net Operating Income (based on GAAP rents) - wholly-owned properties Reconciliation of Net Operating Income (based on GAAP rents) to Net Operating Income (based on cash rents) Reconciliation of Funds From Operations (FFO) to Adjusted Funds From Operations (AFFO)


 
Columbia Property Trust, Inc. Q2 2021 Executive Summary Supplemental Information – Q2 2021 3 Financial Highlights & Guidance: • For the second quarter of 2021, net loss was $5.9 million, or $0.05 per diluted share (page 9), Normalized FFO (NFFO)(1) was $37.1 million, or $0.31 per diluted share/unit (page 11), cash flows from operations were $23.1 million (page 30), and Adjusted FFO (AFFO)(1) was $27.1 million (page 11). • We have updated our full year NFFO guidance to a range of $1.23 to $1.27 and affirmed other key metrics (page 6). Transactional and Operational Highlights: • On July 23, 2021, the acquisition loan at our Terminal Warehouse Joint Venture was replaced with a construction loan with a total capacity of $1,248.7 million, which matures on July 23, 2025, with two one-year extension options. Columbia and certain joint venture partners entered into a completion guaranty in connection with the construction loan. • As of June 30, 2021, our portfolio is 93.5% leased and 92.9% occupied (page 21). We leased 75,000 square feet during the quarter with positive GAAP and cash rent releasing spreads of 15.9% and 1.3%, respectively (page 23). This includes 27,600 square feet of leasing at 116 Huntington in Boston and 19,400 square feet of leasing at 80 M Street in Washington, D.C. • We have collected 98.0% (98.8% office tenants) of our second quarter rents and executed deferral agreements on another 0.2%. Capital Structure: • On April 8, 2021, we announced that our Board had commenced a thorough review of the Company's business, strategies, and positioning, including undertaking a comprehensive strategic alternatives review process that has included outreach to, and identification of, potential transaction counterparties. This review remains ongoing, and there is no assurance that this process will result in any transaction or other action. During the second quarter, we incurred $6.5 million in strategic review costs related to this process. • As of June 30, 2021, we had access to $508.0 million of borrowing capacity under our Revolving Credit Facility (page 16), and cash on hand of $57.7 million (pages 7 and 8), with a net debt(2) to real estate asset ratio of 32.5% (page 16), and no mortgage debt on any of our consolidated properties. • We paid the second quarter dividend of $0.21 per share ($0.84 annualized) (page 5). (1) For definitions and reconciliations of these non-GAAP financial metrics to the most directly comparable financial measures calculated and presented in accordance with GAAP, see pages 30 - 36. (2) Net debt is calculated by reducing our debt balance for cash on hand.


 
E. Nelson Mills Chief Executive Officer, President and Director James A. Fleming Jeffrey K. Gronning Kevin A. Hoover Amy C. Tabb Paul H. Teti Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Chief Financial Officer Chief Investment Officer Portfolio Management Business Development National Real Estate & Innovation Operations David T. Cheikin Melissa A. Donohoe David S. Dowdney Travis W. Feehan Wendy W. Gill Senior Vice President Senior Vice President Senior Vice President Senior Vice President Senior Vice President New York Private Investor Relations West Coast Transactions Chief Accounting Officer Cheney B. Hickey Patrick J. Keeley Eric S. Rubin Michael T. Schmidt Stephen K. Smith Senior Vice President Senior Vice President Senior Vice President Senior Vice President Senior Vice President Financial Reporting Washington, D.C. CREM & Northeast West Coast Property Management Real Estate Stephen P. Trapp Rachel E. Williams Elka L. Wilson Senior Vice President Senior Vice President Senior Vice President Construction Marketing & Communications Corporate Operations Carmen M. Bowser John L. Dixon David B. Henry Murray J. McCabe E. Nelson Mills Independent Director Independent Director Independent Director Independent Director Chief Executive Officer President Constance B. Moore Michael S. Robb Thomas G. Wattles Francis ("Finn") X. Wentworth Independent Director Independent Director Independent Director Non-Executive Director Chair Shareholder Services Corporate Counsel T 855-347-0042 (toll free) King & Spalding LLP F 816-701-7629 1180 Peachtree Street E shareholders@columbia.reit Atlanta, GA 30309 T 404-572-4600 www.kslaw.com Supplemental Information - Q2 2021 4 Company Overview Executive and Senior Management Columbia Property Trust, Inc. Company Profile & Investor Contacts Columbia Property Trust (NYSE: CXP) creates value through owning, operating and developing Class-A office buildings in New York, San Francisco, Washington D.C., and Boston. The Columbia team is deeply experienced in transactions, asset management and repositioning, leasing, development, and property management. It employs these competencies to grow value across its high-quality, well-leased portfolio of 15 operating properties that contain 6.2 million rentable square feet, as well as four properties under development or redevelopment, and also has approximately 8.0 million square feet under management for private investors and third parties. Columbia has investment-grade ratings from both Moody’s and S&P Global Ratings. For more information, please visit www.columbia.reit. When evaluating the Company’s performance and capital resources, management considers the financial impact of investments held directly and through subsidiaries. This report includes financial and operating information of our wholly-owned investments, and of our proportional interests in investments owned through consolidated and unconsolidated subsidiaries as appropriate. We calculate Funds From Operations (“FFO”) based on amounts attributable to our common stockholders, which includes earnings from investments owned directly, and our proportional share of earnings from investments owned through consolidated and unconsolidated subsidiaries. We recognize that proportional financial data may not depict all of the legal and economic implications of our interests in partially owned subsidiaries. Board of Directors James A. Fleming Executive Vice President & Chief Financial Officer Investor Relations T 404-465-2126 E Jim.Fleming@columbia.reit


 
Unaudited ($ & shares in thousands except for per-share data and percentages) 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Common Stock Data Weighted-Average Shares Outstanding - Basic 114,143 114,115 113,926 113,925 113,903 Weighted-Average Shares/Units Outstanding - Diluted (1) 117,901 117,851 117,213 117,189 117,167 High Closing Price $19.10 $17.78 $14.87 $13.42 $15.92 Low Closing Price $17.10 $13.49 $10.43 $10.54 $10.97 Average Closing Price $18.01 $14.78 $12.70 $11.93 $13.17 Closing Price (as of period end) $17.39 $17.10 $14.11 $10.91 $13.14 Dividends / Share (annualized) $0.84 $0.84 $0.84 $0.84 $0.84 Dividend Yield (annualized) (2) 4.8% 4.9% 6.0% 7.7% 6.4% Shares/Units Outstanding (2) 118,148 118,114 117,717 117,729 117,728 Market Value of Shares/Units (2) $2,054,594 $2,019,749 $1,660,987 $1,284,423 $1,546,946 Total Market Capitalization (2) (3) $3,643,129 $3,587,454 $3,212,213 $3,224,217 $3,483,593 Common Stock Repurchases Shares Purchased - - - - - Weighted-Average Price Per Share - - - - - Total Value of Shares Purchased - - - - - Equity Research Coverage BMO Capital Markets Inc. Evercore ISI Morgan Stanley SunTrust Robinson Humphrey John P. Kim Sheila McGrath Vikram Malhotra Michael R. Lewis 212-885-4115 212-497-0882 212-761-7064 212-319-5659 Wolfe Research Andrew Rosivach 646-582-9250 Debt Research Coverage J.P. Morgan Securities Wells Fargo Mark Streeter Thierry Perrein 212-834-5086 704-410-3262 Rating Agencies Moody's Investor Services S&P Global Ratings Lori Marks Fernanda Hernandez 212-553-1098 212-438-1347 (3) Market value of shares/units plus gross debt as of quarter end. Supplemental Information - Q2 2021 5 Columbia Property Trust, Inc. Capitalization Analysis & Research Coverage Three Months Ended (2) Based on closing price and ending shares/units for the last trading day of quarter. (1) Amounts include OP units of 3.244 million, 3.244 million, 3.264 million, 3.264 million, and 3.264 million, respectively.


 
Unaudited Per share Low High Net income ($0.08) ($0.04) Real estate depreciation & amortization 1.18 1.18 Funds From Operations $1.10 $1.14 0.05 0.05 Strategic review costs 0.08 0.08 Normalized Funds From Operations $1.23 $1.27 2021 Portfolio Assumptions l Same Store NOI - Cash -3% to -5% l Leased percentage at year end: 90% - 95% l G&A expense - corporate (2) l Weighted-average fully-diluted shares outstanding (3): 118M Supplemental Information - Q2 2021 6 (3) Fully-diluted WASO includes 3.244 million of time-based preferred OP units. (1) Related primarily to Normandy acquisition that was completed on January 24, 2020. NOTE: These estimates reflect management's view of current market conditions and incorporate certain economic and operational assumptions and projections, including assumed continuing impacts on our business from the COVID-19 pandemic. This annual guidance includes the continued repositioning of the portfolio based on the above assumptions. Actual results could differ from these estimates. In particular, the extent to which the COVID-19 pandemic ultimately impacts the Company’s business is uncertain and depends on numerous evolving factors which are difficult to predict, including the duration and scope of the pandemic and of actions taken in response to it and the availability and effectiveness of vaccines or other treatments. Actual results could be materially impacted by the COVID-19 pandemic in ways that the Company’s management could not foresee or predict at this time. Individual quarters may also 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. See "Forward Looking Statements" on page 2 for more information on risks and uncertainties that the Company faces. Columbia Property Trust, Inc. 2021 Guidance Twelve Months Ending 12/31/2021 $33M - $35M 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 Thursday, July 29, 2021, at 5:00 p.m. ET to discuss financial results and business highlights. The number to call for this interactive teleconference is (825) 312-2053 and entering the conference ID, 9287552. A webcast of the call will also be available at the company's website, www.columbia.reit. Non-cash compensation expense - OP units (1) (2) Excludes strategic review costs.


 
Columbia Property Trust, Inc. Unaudited (in thousands) 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Assets: Real estate assets, at cost: Land (1) 809,843$ 809,843$ 809,843$ 809,843$ 870,352$ Buildings and improvements (1) 1,841,566 1,843,239 1,841,447 1,826,234 2,015,194 Buildings and improvements, accumulated depreciation (330,336) (318,017) (303,764) (288,522) (315,457) Intangible lease asset 100,899 101,633 104,022 107,882 112,755 Intangible lease asset, accumulated amortization (59,657) (57,970) (57,947) (58,005) (58,853) Construction in progress (2) 129,987 99,729 83,943 79,628 70,019 Real estate assets held for sale - - - 254,549 - Real estate assets held for sale, accumulated depreciation - - - (46,071) - Total real estate assets 2,492,302$ 2,478,457$ 2,477,544$ 2,685,538$ 2,694,010$ Operating lease assets 38,381 38,737 39,165 39,529 29,897 Investment in unconsolidated joint ventures (page 8) 1,288,744 1,295,419 1,295,800 1,084,987 1,088,126 Cash and cash equivalents 21,424 27,093 61,882 272,790 277,677 Tenant receivables, net of allowance for doubtful accounts 2,521 3,320 2,540 2,403 4,230 Straight line rent receivable 75,819 75,744 74,051 78,374 83,239 Prepaid expenses and other assets 43,901 39,718 42,285 33,105 39,243 Intangible lease origination costs 55,385 55,814 56,612 57,714 58,585 Intangible lease origination costs, accumulated amortization (36,549) (35,662) (35,161) (34,376) (33,679) Deferred lease costs 85,387 90,489 90,469 89,300 99,391 Deferred lease costs, accumulated amortization (20,872) (19,737) (18,669) (17,701) (18,836) Other assets held for sale - - - 18,544 - Other assets held for sale, accumulated amortization - - - (2,957) - Goodwill - - - 63,806 63,806 Total assets 4,046,443$ 4,049,392$ 4,086,518$ 4,371,056$ 4,385,689$ Liabilities: Line of credit and notes payable 592,000$ 574,000$ 560,000$ 951,000$ 951,000$ Bonds payable 700,000 700,000 700,000 700,000 700,000 Discount and fees on notes and bonds payable (4,665) (5,015) (5,367) (5,713) (6,065) Operating lease liabilities 1,499 1,801 2,185 2,487 2,783 88,241 82,333 91,493 92,149 93,122 Distributions payable - - 24,038 - - Deferred income 15,515 16,315 16,155 14,075 17,658 Intangible lease liabilities 21,281 21,281 23,287 27,733 32,266 Intangible lease liabilities, accumulated amortization (8,316) (7,582) (8,867) (11,038) (13,577) Liabilities held for sale - - - 4,790 - Liabilities held for sale, accumulated amortization - - - (718) - Total liabilities 1,405,555$ 1,383,133$ 1,402,924$ 1,774,765$ 1,777,187$ Equity: Common stock 1,149$ 1,149$ 1,145$ 1,145$ 1,145$ Additional paid in capital 4,379,575 4,377,157 4,376,116 4,373,425 4,371,233 Cumulative distributions in excess of earnings (1,803,464) (1,773,457) (1,749,811) (1,824,741) (1,806,071) Other comprehensive loss (12,302) (13,704) (18,201) (20,341) (21,985) Total Columbia Property Trust, Inc. stockholders' equity 2,564,958$ 2,591,145$ 2,609,249$ 2,529,488$ 2,544,322$ Noncontrolling interest in Columbia Operating Partnership 71,210 70,307 69,414 61,761 59,020 Noncontrolling interest in consolidated joint venture 4,720 4,807 4,931 5,042 5,160 Total equity 2,640,888$ 2,666,259$ 2,683,594$ 2,596,291$ 2,608,502$ Total liabilities and equity 4,046,443$ 4,049,392$ 4,086,518$ 4,371,056$ 4,385,689$ Supplemental Information - Q2 2021 7 Consolidated Balance Sheet - GAAP As of Period End Accounts payable, accrued expenses, and accrued capital expenditures (1) As of June 30, 2021, the following amounts relate to the redevelopment of 149 Madison and 101 Franklin, respectively: $59.1 million and $57.1 million in land; $29.0 million and $149.4 million in buildings and improvements. (2) As of June 30, 2021, the following amounts relate to the redevelopment of 149 Madison, 101 Franklin and 80 M Street, respectively: $37.6 million, $18.5 million, and $38.2 million in construction in progress.


 
Columbia Property Trust, Inc. Unaudited (in thousands) 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Assets: Real estate assets, at cost: Land (2) 344,389$ 344,389$ 344,389$ 311,109$ 311,109$ Buildings and improvements (2) 931,365 930,522 928,260 847,198 846,481 Buildings and improvements, accumulated depreciation (125,030) (117,376) (109,620) (101,972) (95,620) Intangible lease asset 42,628 42,628 42,726 42,717 43,402 Intangible lease asset, accumulated amortization (20,943) (19,722) (18,584) (17,368) (16,607) Construction in progress (2) 80,677 73,380 67,615 57,769 50,937 Total real estate assets 1,253,086$ 1,253,821$ 1,254,786$ 1,139,453$ 1,139,702$ Operating lease assets 54,994 55,766 56,538 57,340 58,142 Cash and cash equivalents 36,242 35,695 32,178 29,523 27,158 Tenant receivables, net of allowance for doubtful accounts 667 727 1,266 806 1,820 Straight line rent receivable 28,860 29,432 29,867 24,000 23,337 Prepaid expenses and other assets 5,720 5,595 5,021 5,962 7,764 Intangible lease origination costs 30,357 30,357 30,388 30,485 30,699 Intangible lease origination costs, accumulated amortization (14,805) (13,975) (13,168) (12,331) (11,630) Deferred lease costs 28,178 28,162 27,996 25,042 25,113 Deferred lease costs, accumulated amortization (11,208) (10,496) (9,767) (9,002) (8,473) Total assets 1,412,091$ 1,415,084$ 1,415,105$ 1,291,278$ 1,293,632$ Liabilities: Line of credit and notes payable 296,535$ 293,705$ 291,226$ 288,794$ 285,646$ Fees on notes payable (340) (590) (805) (1,120) (1,634) Operating lease liabilities 170,261 169,633 169,006 168,408 167,810 15,216 14,891 16,778 13,310 16,391 Deferred income 6,527 7,134 8,572 5,451 6,026 Intangible lease liabilities 35,788 35,788 35,845 36,545 38,156 Intangible lease liabilities, accumulated amortization (19,214) (18,191) (17,193) (15,961) (15,901) Total liabilities 504,773$ 502,370$ 503,429$ 495,427$ 496,494$ Total equity 907,318$ 912,714$ 911,676$ 795,851$ 797,138$ Basis differences, net of $13,631 of accumulated amortization (3) 380,857 382,133 383,535 288,098 290,562 569 572 589 1,038 426 Investment in unconsolidated joint ventures (page 7) 1,288,744$ 1,295,419$ 1,295,800$ 1,084,987$ 1,088,126$ -$ Supplemental Information - Q2 2021 8 (3) Reflects differences between historical costs recorded at the joint venture level and CXP's investment in the joint ventures. Basis differences result from differences in the timing of acquisition of interests in the joint venture, and formation costs incurred by CXP, and are amortized to income (loss) from unconsolidated joint ventures over the life of the related asset or liability. Elements of Pro-Rata Balance Sheet - CXP's Interest in Unconsolidated Joint Ventures (1) As of Period End Accounts payable, accrued expenses, and accrued capital expenditures (1) Reflects CXP's ownership share of assets and liabilities for properties held in unconsolidated joint ventures (see page 19). (2) As of June 30, 2020, the following amounts relate to the development of 799 Broadway and Terminal Warehouse, respectively: $72.6 million and $13.3 million in land, $0 million and $65.3 million in buildings and improvements, and $58.4 million and $18.2 million in construction in progress. Investment in unconsolidated Real Estate Services Joint Ventures


 
Unaudited (in thousands, except per-share amounts) 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Revenues: Lease revenues (1) 53,434$ 54,309$ 52,730$ 72,452$ 68,924$ 9,988 10,079 10,127 9,632 10,447 Other property income - - - - - Total revenues 63,422$ 64,388$ 62,857$ 82,084$ 79,371$ Operating expenses: Property operating costs 19,823 20,828 21,541 22,021 21,220 Depreciation 15,472 16,531 15,367 17,378 17,379 Amortization 4,878 4,844 6,868 9,584 7,405 Impairment loss on goodwill (2) - - 63,806 - - General and administrative 7,732 7,945 6,405 8,325 7,964 Strategic review costs 6,454 2,356 - - - Non-cash compensation expense - OP units 1,510 1,831 3,190 3,190 3,155 Management fee expense 8,338 9,269 7,522 7,785 9,231 Acquisition and restructuring costs - - 6,174 391 358 Total operating expenses 64,207$ 63,604$ 130,873$ 68,674$ 66,712$ Other income (expense): Interest expense (7,421) (7,536) (8,363) (9,483) (9,522) Interest and other income (124) (239) (81) (123) (154) Income tax expense (447) 329 760 (383) 185 Income from unconsolidated joint ventures (p. 10) 2,807 7,107 2,098 2,002 1,890 Gain on sale of real estate assets - - 175,272 - 17 Total other income (expense) (5,185)$ (339)$ 169,686$ (7,987)$ (7,584)$ Net income (loss) (5,970)$ 445$ 101,670$ 5,423$ 5,075$ (36) (97) (2,838) (191) (126) 129 129 136 135 136 (5,877)$ 477$ 98,968$ 5,367$ 5,085$ 114,143 114,115 113,926 113,925 113,903 (0.05)$ 0.00$ 0.87$ 0.05$ 0.04$ 117,901 117,851 117,213 113,925 113,903 (0.05)$ 0.00$ 0.87$ 0.05$ 0.04$ Supplemental Information - Q2 2021 9 Columbia Property Trust, Inc. Consolidated Statements of Operations - GAAP Three Months Ended Management fee revenues Less: Net income attributable to non-controlling interest in the Operating Partnership Less: Net loss attributable to non-controlling interest in consolidated joint venture Net income (loss) attributable to CXP stockholders (1) Lease revenues include base rent, tenant reimbursements, and lease termination income ($0.1 million - Q2 '21, $6.4 million - Q3 '20, $6.8 million - Q2 '20). Weighted-average common shares outstanding - basic Net income (loss) per share - basic Weighted-average common shares outstanding - diluted (3) Net income (loss) per share - diluted (2) Reflects the write-off of the goodwill recorded in connection with the Normandy acquisition in January due to the near-term effects of COVID-19. (3) Beginning in Q4 ’20, time-based preferred OP units are included in the calculation of fully diluted WASO (3.244 million - Q2 '21, 3.244 million - Q1 '21, 3.264 million - Q4 '20).


 
Unaudited (in thousands, except per-share amounts) 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Revenues: Lease revenues (2) 32,315$ 32,763$ 33,384$ 29,070$ 29,412$ Total revenues 32,315$ 32,763$ 33,384$ 29,070$ 29,412$ Operating expenses: Property operating costs 13,009 9,025 14,107 12,133 11,763 Asset management fee expense 609 614 625 509 507 Depreciation 10,148 10,153 10,283 8,680 9,188 Amortization 4,563 4,584 5,012 4,115 4,296 General and administrative 40 139 103 95 62 Total operating expenses 28,369$ 24,515$ 30,130$ 25,532$ 25,816$ Other income (expense): Interest expense (1,709) (1,709) (1,705) (2,334) (2,224) (Gain) loss on interest rate cap - - - (9) (4) Interest and other income 6 7 7 1 14 Total other income (expense) (1,703)$ (1,702)$ (1,698)$ (2,342)$ (2,214)$ 2,243$ 6,546$ 1,556$ 1,196$ 1,382$ Income tax benefit (expense) (2) (4) (3) (3) (6) 566 565 545 809 514 2,807$ 7,107$ 2,098$ 2,002$ 1,890$ Supplemental Information - Q2 2021 10 (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). Columbia Property Trust, Inc. Elements of Pro-Rata Statement of Operations - CXP's Interest in Unconsolidated Joint Ventures (1) Three Months Ended Income before income tax expense Income from unconsolidated joint ventures (p. 9) (2) Lease revenues include base rent and tenant reimbursements. Income from unconsolidated Real Estate Services Joint Ventures (3) (3) See Management Fee Income schedule on page 14.


 
Unaudited (in thousands, except per-share amounts) 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Net Operating Income (based on GAAP rents) 52,917$ 57,214$ 50,462$ 67,366$ 65,356$ Management fee revenues 9,988 10,079 10,127 9,632 10,447 Income from unconsolidated Real Estate Services Joint Ventures (1) 566 565 545 809 514 General and administrative (7,732) (7,945) (6,405) (8,325) (7,964) (8,338) (9,269) (7,522) (7,785) (9,231) Interest expense (net) (7,545) (7,774) (8,444) (9,607) (9,676) Income tax expense (447) 329 760 (383) 185 (2,354) (2,455) (2,425) (2,936) (2,782) Normalized FFO 37,055$ 40,744$ 37,098$ 48,771$ 46,849$ Normalized FFO per share/unit (Basic) 0.32$ 0.35$ 0.32$ 0.42$ 0.40$ Normalized FFO per share/unit (Diluted) 0.31$ 0.35$ 0.32$ 0.42$ 0.40$ Net Operating Income (based on cash rents) 52,221$ 54,698$ 50,244$ 58,164$ 59,582$ Management fee revenues 9,988 10,079 10,127 9,632 10,447 Income from unconsolidated Real Estate Services Joint Ventures (1) 566 565 545 809 514 General and administrative (7,732) (7,945) (6,405) (8,325) (7,964) Strategic review costs (6,454) (2,356) - - - Management fee expense (8,338) (9,269) (7,522) (7,785) (9,231) Non-cash operating lease expense in G&A (40) (50) (33) (30) (30) Non-cash compensation expense - stock (2) 2,437 2,314 2,282 2,197 2,081 Interest expense - cash (net) (6,737) (6,892) (7,680) (8,771) (8,806) Income tax expense (447) 329 760 (383) 185 Market value adjustment to investment in Real Estate Funds (165) (239) (121) (192) (227) (2,744) (2,849) (2,818) (3,181) (3,036) Maintenance capital (3) (4) (5,470) (1,984) (5,824) (3,194) (2,138) AFFO 27,085$ 36,401$ 33,555$ 38,941$ 41,377$ 117,388 117,359 117,190 117,189 117,167 117,901 117,851 117,213 117,189 117,167 Supplemental Information - Q2 2021 11 Columbia Property Trust, Inc. Normalized Funds From Operations (NFFO) & Adjusted Funds From Operations (AFFO) Three Months Ended Weighted-average common shares/units outstanding - Basic Adjustments included in income (loss) from unconsolidated joint ventures Adjustments included in income (loss) from unconsolidated joint ventures Management fee expense (4) Includes CXP's ownership share of capital expenditures for properties held in joint ventures. (3) See page 36 of this supplemental report for a description of Maintenance Capital and page 15 for a detail of all capital expenditures. (2) This item represents the noncash impact of compensation expense related to stock grants under our 2013 Long-Term Incentive Plan within general and administrative expense. Weighted-average common shares/units outstanding - Diluted Note - For definitions and reconciliations of these non-GAAP financial metrics, see pages 30 - 36. (1) Reflects CXP's pro rata share of Management Fee Revenues earned by unconsolidated Real Estate Services JVs, which are recorded in Equity in Earnings of Unconsolidated JVs.


 
Unaudited (in thousands) 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Net Operating Income (based on GAAP rents) Same Store (wholly-owned properties) Revenues: Lease Revenues (1) 53,410$ 54,309$ 52,114$ 58,218$ 61,149$ Other Property Income - - - - - Total Revenues 53,410$ 54,309$ 52,114$ 58,218$ 61,149$ Total Operating Expenses (19,838) (20,794) (21,328) (19,559) (18,620) 33,572$ 33,515$ 30,786$ 38,659$ 42,529$ 19,338$ 23,774$ 18,761$ 19,297$ 20,013$ Same Store NOI (based on GAAP rents) 52,910$ 57,289$ 49,547$ 57,956$ 62,542$ Net Operating Income from: Acquisitions / Development (4), (5) (34) (76) 726 7,003 540 Dispositions (6) 41 1 189 2,407 2,274 Net Operating Income (based on GAAP rents) 52,917$ 57,214$ 50,462$ 67,366$ 65,356$ Net Operating Income (based on cash rents) Same Store (wholly-owned properties) Revenues: Lease Revenues (1) 52,859$ 52,105$ 53,507$ 52,065$ 57,376$ Other Property Income - - - - - Total Revenues 52,859$ 52,105$ 53,507$ 52,065$ 57,376$ Total Operating Expenses (19,743) (20,699) (21,233) (19,454) (18,498) 33,116$ 31,406$ 32,274$ 32,611$ 38,878$ 19,148$ 23,436$ 18,022$ 17,136$ 18,468$ Same Store NOI (based on cash rents) 52,264$ 54,842$ 50,296$ 49,747$ 57,346$ Same Store NOI - % Change (same quarter prior year) -8.9% Net Operating Income from: Acquisitions / Development (4), (5) (84) (145) (234) 6,333 (74) Dispositions (6) 41 1 182 2,084 2,310 Net Operating Income (based on cash rents) 52,221$ 54,698$ 50,244$ 58,164$ 59,582$ Supplemental Information - Q2 2021 12 Same Store Net Operating Income (based on GAAP rents) wholly-owned properties (2) Same Store Net Operating Income (based on GAAP rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (3) Columbia Property Trust, Inc. Net Operating Income Three Months Ended (4) No properties have been acquired since April 1, 2020. Same Store Net Operating Income (based on cash rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (3) Same Store Net Operating Income (based on cash rents) wholly-owned properties (2) (6) Reflects activity for the following property sold since April 1, 2020, for all periods presented: 221 Main Street (45% share). Note - For definitions and reconciliations of these non-GAAP financial metrics, see pages 30 - 36. (3) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 19). (2) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented. (1) Lease revenues include base rent and tenant reimbursements; and lease termination income. (5) Reflects activity for the following development projects, for all periods presented: 149 Madison Avenue, 799 Broadway (49.7%), 101 Franklin (92.5%), and Terminal Warehouse (8.65%).


 
Net Operating Income - Year to Date Unaudited (in thousands) 6/30/2021 6/30/2020 Net Operating Income (based on GAAP rents) Same Store (wholly-owned properties) Revenues: Lease Revenues (1) 107,719$ 118,636$ Other Property Income - 7 Total Revenues 107,719$ 118,643$ Total Operating Expenses (40,632) (37,771) 67,087$ 80,872$ 43,112$ 40,620$ Same Store NOI (based on GAAP rents) 110,199$ 121,492$ Net Operating Income from: Acquisitions / Development (4), (5) (110) 591 Dispositions (6) 42 6,282 Net Operating Income (based on GAAP rents) 110,131$ 128,365$ Net Operating Income (based on cash rents) Same Store (wholly-owned properties) Revenues: Lease Revenues (1) 104,964$ 110,159$ Other Property Income - 7 Total Revenues 104,964$ 110,166$ Total Operating Expenses (40,442) (37,530) 64,522$ 72,636$ 42,584$ 37,020$ Same Store NOI (based on cash rents) 107,106$ 109,656$ Same Store NOI - % Change (same period prior year) -2.3% Net Operating Income from: Acquisitions / Development (4), (5) (229) (145) Dispositions (6) 42 6,422 Net Operating Income (based on cash rents) 106,919$ 115,933$ Supplemental Information - Q2 2021 13 (6) Reflects activity for the following properties sold since January 1, 2020, for all periods presented: 221 Main Street (45% share), Pasadena Corporate Park, and Cranberry Woods Drive. (1) Lease revenues include base rent and tenant reimbursements; and lease termination income. (3) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 19). (4) No properties have been acquired since January 1, 2020. (5) Reflects activity for the following development projects, for all periods presented: 149 Madison Avenue, 799 Broadway (49.7%), 101 Franklin (92.5%), and Terminal Warehouse (8.65%). Columbia Property Trust, Inc. Note - For definitions and reconciliations of these non-GAAP financial metrics, see pages 30 - 36. (2) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented. Same Store Net Operating Income (based on cash rents) wholly-owned properties (2) Same Store Net Operating Income (based on cash rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (3) SIx Months Ended Same Store Net Operating Income (based on GAAP rents) wholly-owned properties (2) Same Store Net Operating Income (based on GAAP rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (3)


 
Unaudited (in thousands) 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Fee Revenue: 6,527$ 6,063$ 6,663$ 6,074$ 6,098$ 566 565 545 809 514 3,461 4,016 3,464 3,558 4,349 Subtotal 10,554$ 10,644$ 10,672$ 10,441$ 10,961$ Fee Expenses: 4,877$ 5,253$ 4,058$ 4,227$ 4,882$ 3,461 4,016 3,464 3,558 4,349 Subtotal 8,338$ 9,269$ 7,522$ 7,785$ 9,231$ Management Fee Income 2,216$ 1,375$ 3,150$ 2,656$ 1,730$ Supplemental Information - Q2 2021 14 (1) Includes 100% of fees earned from CXP’s unconsolidated joint ventures, of which the following amounts are paid by CXP’s pro rata interest in those joint ventures: $1.5 million (Q2 '21), $1.5 million (Q1 '21), $1.5 million (Q4 '20), $1.0 million (Q3 '20), and $1.3 million (Q2 '20). (2) Reflects CXP’s pro rata share of net management fee income earned through its interest in unconsolidated Real Estate Services Joint Ventures. (3) Reflects reimbursements of salaries and insurance costs from third-party properties and properties owned by unconsolidated joint ventures. Management expenses Reimbursed salaries and admin costs Reimbursements (3) Columbia Property Trust, Inc. Management Fee Income Three Months Ended Management fees (1) Management fees (shared management) (2)


 
Unaudited ($ in thousands) 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Maintenance Building Capital 463$ 1,187$ 3,410$ 1,618$ 1,004$ Tenant Improvements 9,733 147 502 1,299 669 Leasing Commissions 777 535 848 171 332 Other Leasing Costs (2) (5,503) 115 1,064 106 133 Total - Maintenance 5,470$ 1,984$ 5,824$ 3,194$ 2,138$ Investment Building Capital 6,304$ 3,765$ 2,055$ 5,990$ 1,382$ Tenant Improvements 208 621 5,465 (75) (150) Leasing Commissions 116 1 428 - 642 Other Leasing Costs (2) - - - - 335 Development Projects (see page 29) 149 Madison Avenue (3) 4,212 2,763 2,782 (4,212) (4) 5,110 799 Broadway (5) 4,139 4,587 4,785 5,136 4,971 101 Franklin (6) 3,128 2,768 2,074 1,996 2,452 80 M Street (7) 8,596 9,992 5,767 6,301 2,356 Terminal Warehouse (8) 3,090 1,989 2,822 2,046 1,126 Total - Investment 29,793$ 26,486$ 26,178$ 17,182$ 18,224$ Maintenance & Investment Building Capital 6,767$ 4,952$ 5,465$ 7,608$ 2,386$ Tenant Improvements 9,941 768 5,967 1,224 519 Leasing Commissions 893 536 1,276 171 974 Other Leasing Costs (2) (5,503) 115 1,064 106 468 Development Projects 23,165 22,099 18,230 11,267 16,015 Total - Maintenance & Investment 35,263$ 28,470$ 32,002$ 20,376$ 20,362$ Supplemental Information - Q2 2021 15 NOTE: See page 36 of this supplemental report for a description of Maintenance and Investment Capital. Columbia Property Trust, Inc. Capital Expenditure Summary (1) Capital Expenditures Three Months Ended (1) Includes CXP's ownership share of capital expenditures for properties held in joint ventures. (3) Amounts include capitalized interest of $1.0 million, $0.9 million, $0.9 million, $0.8 million, and $0.8 million, respectively. (5) Amounts include capitalized interest of $1.2 million, $1.2 million, $1.2 million, $1.1 million and $1.1 million, respectively. (2) Tenant allowances that cover soft costs are accrued as Other Leasing Costs at lease execution. If used to fund hard costs, they are reclassified to Tenant Improvements as incurred. (6) Amounts include capitalized interest of $1.7 million, $1.7 million, $1.5 million, $1.4 million, and $1.4 million, respectively. (7) Amounts include capitalized interest of $187,000, $111,000, $71,000, $45,000, and $34,000, respectively. (8) Amounts include capitalized interest of $0.8 million, $0.8 million, $0.8 million, $0.3 million, and $0.4 million, respectively. (4) Includes $6.5 million WeWork capital obligation relieved by lease termination.


 
Unaudited ($ in thousands) (at 6/30/2021) Debt Instrument - Secured Maturity Rate Rate Type Balance % of Total Debt Mortgage Debt - Unconsolidated JV Terminal Warehouse May-21 LIBOR + 340 bps Floating 55,837$ (1) (2) 3.5% 799 Broadway - Construction Loan October-21 LIBOR + 425 bps Floating 74,948 (3) 4.7% Market Square July-23 5.07% Fixed 165,750 (4) 10.5% Weighted Average / Secured - Mortgage Notes 1.2 Years 5.23% 296,535$ 18.7% Debt Instrument - Unsecured Maturity Rate Rate Type Balance % of Total Debt Bank Facilities $150 Million Term Loan July-22 3.07% Fixed (5) 150,000$ 9.5% $650 Million Revolving Credit Facility January-23 LIBOR + 90 bps Floating (6) 142,000 8.9% $300 Million Term Loan January-24 2.55% Fixed (7) 300,000 18.9% Weighted Average / Bank Facilities 2.0 Years 2.31% 592,000$ 37.3% Bonds $350 Million @ 4.150% April-25 4.15% Fixed 350,000$ 22.0% $350 Million @ 3.650% August-26 3.65% Fixed 350,000 22.0% Weighted Average / Bonds 4.4 Years 3.90% 700,000$ 44.0% Weighted Average / Unsecured 3.3 Years 3.17% 1,292,000$ 81.3% Weighted Average / Total Debt 2.9 Years 3.55% (8) 1,588,535$ 100.0% Debt - consolidated 1,292,000$ Debt - unconsolidated 296,535 Total Debt 1,588,535$ Weighted Ave Maturity Weighted Ave Rate - Qtr Balance % of Total Debt 3.3 Years 3.64% 1,315,750$ 82.8% 0.9 Years 3.12% 272,785 17.2% Total 2.9 Years 3.55% (8) 1,588,535$ 100.0% 8.1x 32.5% (4) Reflects 51% of the mortgage balance of the Market Square Joint Venture. (9) Net debt is calculated by reducing our debt balance for cash on hand. Supplemental Information - Q2 2021 16 (8) During second quarter of 2021, CXP's share of interest expense and capitalized interest were $9.1 million and $5.8 million, respectively. Debt Ratios Fixed and Floating Rate Debt Analysis Fixed Rate Debt Floating Rate Debt (6) 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. (1) Reflects 8.65% of the Terminal Warehouse Joint Venture loan balance. The interest-only loan has a total capacity of $650 million and carries two extension options for a total possible extension period of eight months, to January 24, 2022. The loan is subject to an interest rate agreement with a LIBOR floor of 2.28% and a cap of 3.50%. Net Debt (Average) to Adjusted EBITDAre - Q2 2021 (9) Net Debt to Gross Real Estate Assets - 6/30/21 (9) (3) Reflects 49.7% of the 799 Broadway Joint Venture construction loan balance. The loan has a total capacity of $187 million, carries two, one-year extension options, and is subject to an interest rate agreement with a LIBOR floor of 1.00% and a cap of 4.00%. (5) Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $150 Million Term Loan at 3.07% per annum and terminates on July 29, 2022. The spread of 1.10% over the swapped rate is based on the company's credit rating. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statement of other comprehensive income. (7) Effective August 13, 2019, Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $300 Million Term Loan at 2.55% per annum and terminates on August 13, 2024. The spread of 1.00% over the swapped rate is based on the company's credit rating. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statement of other comprehensive income. (2) On July 23, 2021, the acquisition loan at Terminal Warehouse was replaced with a construction loan, with a total capacity of $1,248.7 million, bearing interest at LIBOR plus 6.26%. The construction loan matures on July 23, 2025, with two, one-year extension options. At closing, $681.0 million was outstanding on the construction loan. In connection with the execution of the construction loan, Columbia Property Trust, along with certain joint venture partners, entered into a $150.0 million completion guaranty. Columbia Property Trust, Inc. Debt Overview


 
Unaudited (at 6/30/2021) Bond Covenant Compliance Metric Actual (6/30/21) Debt to Total Asset Value Ratio Max 60% 29.5% Interest Coverage Ratio Min 1.50x 2.84x Secured Debt to Total Asset Value Ratio Max 40% 0.0% Maintenance of Total Unencumbered Assets Min 150% 239.0% Term Loan / Revolving Credit Facility Covenant Compliance Metric Actual (6/30/21) Debt to Total Asset Value Ratio Max 60% 41.1% Fixed Charge Coverage Ratio Min 1.50x 3.54x Secured Debt to Total Asset Value Ratio Max 40% 7.6% Unsecured Debt to Unencumbered Asset Value Ratio Max 60% 48.0% Unencumbered Interest Coverage Ratio Min 1.75x 3.68x Supplemental Information - Q2 2021 17 Columbia Property Trust, Inc. Debt Covenant Compliance


 
Unaudited ($ in thousands) (at 6/30/2021) Secured Unsecured Unsecured % of Interest % of Gross Mortgage Debt Bank Facilities Bonds Total Debt Total Debt Rate (1) Real Estate Assets 130,785$ - - 130,785 8.2% 5.43% 2.8% - 150,000 - 150,000 9.5% 3.07% 3.2% 165,750 142,000 - 307,750 19.4% 3.18% 6.5% - 300,000 - 300,000 18.9% 2.55% 6.4% - - 350,000 350,000 22.0% 4.15% 7.4% - - 350,000 350,000 22.0% 3.65% 7.4% 296,535$ 592,000$ 700,000$ 1,588,535$ 100.0% 3.55% 33.7% 18.7% 37.3% 44.0% Supplemental Information - Q2 2021 18 2022 2023 (1) Weighted average. Includes effective rates on variable rate loans swapped to fixed. Columbia Property Trust, Inc. Debt Maturities Maturity 2025 2026 Total % of Total Debt 2021 2024 $131 $166 $150 $300 $142 $350 $350 $0 $100 $200 $300 $400 $500 2021 2022 2023 2024 2025 2026 Maturity Schedule ($M) Mortgage Debt - JV Term Loans Line of Credit Bonds 4.15% 3.07% 3.65% 3.18% 5.43% 2.55%


 
Unaudited ($ in thousands) (at 6/30/2021) CXP Ownership Market Square 51% 132,698$ (1) 333 Market Street 55% 264,237 University Circle 55% 274,442 114 5th Avenue 49.5% 68,708 1800 M Street 55% 225,066 221 Main Street 55% 214,269 799 Broadway 49.7% (2) 57,365 (3) Terminal Warehouse 8.65% (2) 51,390 (4) Real Estate Services Joint Ventures Various 569 Investment in Unconsolidated Joint Ventures (page 8) 1,288,744$ (5) Supplemental Information - Q2 2021 19 (5) Includes basis differences (see footnote 3 page 8). (3) 799 Broadway Joint Venture holds a construction loan with a balance of $150.8 million. CXP's ownership share is $74.9 million (see page 16). Columbia Property Trust, Inc. Summary of Unconsolidated Joint Ventures Investment in Unconsolidated Joint Venture (1) Market Square Joint Venture holds a $325 million mortgage note. CXP's ownership share is $165.8 million (see page 16). Property (4) Terminal Warehouse Joint Venture holds a $645.5 million mortgage note. CXP's ownership share is $55.8 million (see page 16). (2) CXP owns the following additional interests in properties owned by unconsolidated joint ventures through its interest in Normandy Real Estate Fund IV, L.P.: 799 Broadway (0.64%) and Terminal Warehouse (0.06%).


 
Columbia Property Trust, Inc. Property Overview - Gross Real Estate Assets, Net Operating Income & Annualized Lease Revenue Unaudited ($ in thousands) (at 6/30/2021) CXP Ownership Secured Market Share Debt? 229 West 43rd Street New York, NY 100% 514,866$ 36,038$ 5,877$ 6,076$ 315 Park Avenue South New York, NY 100% 408,174 29,866 3,856 4,588 249 West 17th Street New York, NY 100% 348,926 26,680 5,695 5,078 95 Columbus Jersey City, NJ 100% 223,218 24,521 4,208 3,905 218 West 18th Street New York, NY 100% 182,430 14,097 2,672 2,261 114 5th Avenue New York, NY 49.5% 211,687 (2) 17,925 (2) 858 (2) 2,067 (2) 149 Madison Avenue New York, NY 100% 125,673 - (3) - - 799 Broadway New York, NY 49.7% (4) Yes 136,102 (2) - (3) - (2) - (2) 101 Franklin (f/k/a 250 Church St) New York, NY 92.5% (4) 225,069 (5) - (3) - - Terminal Warehouse New York, NY 8.65% (4) Yes 107,883 (2) - (3) (34) (2) (84) (2) Subtotal - New York 2,484,028 53% 149,127 23,132 23,891 650 California Street San Francisco, CA 100% 340,919 38,680 5,363 5,529 333 Market Street San Francisco, CA 55% 276,499 (2) 14,877 (2) (6) 4,737 (2) 3,270 (2) 221 Main Street San Francisco, CA 55% 213,163 (2) 18,825 (2) 3,142 (2) 2,982 (2) University Circle East Palo Alto, CA 55% 288,142 (2) 23,635 (2) 3,770 (2) 3,942 (2) 201 California Street San Francisco, CA 100% 251,185 18,566 3,219 2,774 Subtotal - San Francisco 1,369,908 29% 114,583 20,231 18,497 Market Square Washington, D.C. 51% Yes 311,861 (2) 28,524 (2) 3,477 (2) 3,786 (2) 1800 M Street Washington, D.C. 55% 242,779 (2) 20,977 (2) 3,354 (2) 3,101 (2) 80 M Street Washington, D.C. 100% 145,365 12,016 1,254 1,314 Subtotal - Washington, D.C. 700,005 15% 61,517 8,085 8,201 116 Huntington Avenue Boston, MA 100% 143,018 3% 15,834 1,924 2,087 Corporate & Other 7,556 - (455) (7) (455) (7) Total - All Properties 4,704,515$ 341,061$ 52,917$ 52,221$ Total - Consolidated Properties 2,916,399$ 216,298$ 33,613$ 33,157$ Total - CXP Share of Properties in Unconsolidated Joint Ventures 1,788,116$ 124,763$ 19,304$ 19,064$ Supplemental Information - Q2 2021 (4) CXP owns the following additional interests in properties through its interest in Normandy Real Estate Fund IV, L.P.: 799 Broadway (0.64%), 101 Franklin Street (0.15%), and Terminal Warehouse (0.06%). (7) Includes portfolio operating costs and, when applicable, net operating income for previously sold properties. 20 (1) Gross Real Estate Assets includes (i) land, (ii) building and improvements, (iii) intangible lease assets, (iv) construction in progress, and (v) intangible lease origination costs, less (vi) intangible lease liabilities. Excludes right of use assets and lease liabilities (2) Reflects CXP's ownership share in the property which is held in an unconsolidated joint venture, including any basis differences (page 8). (3) Excluded as the property is currently under redevelopment / development. (6) Reimbursements are excluded, as operating expenses, except for insurance expense, are paid directly by the tenant. (5) Reflects 100% of the property, which is owned by a consolidated joint venture in which CXP owns a 92.5% interest. Real Estate Lease (based on (based on Property Assets (1) Revenue (ALR) GAAP rents) cash rents) Net Operating Net Operating Gross Annualized Income - Q2 2021 Income - Q2 2021


 
Columbia Property Trust, Inc. Property Overview - Square Feet & Occupancy Unaudited (SF in thousands) (at 6/30/2021) CXP Ownership Market Share 229 West 43rd Street New York, NY 100% 482 422 87.6% 87.6% 87.6% 315 Park Avenue South New York, NY 100% 332 323 97.3% 97.3% 97.3% 249 West 17th Street New York, NY 100% 281 278 98.9% 98.9% 98.9% 95 Columbus Jersey City, NJ 100% 630 613 97.3% 97.3% 98.4% 218 West 18th Street New York, NY 100% 166 166 100.0% 100.0% 100.0% 114 5th Avenue New York, NY 49.5% 174 (2) 174 (2) 100.0% 100.0% 100.0% 149 Madison Avenue New York, NY 100% - (3) - (3) - (3) - (3) - (3) 799 Broadway New York, NY 49.7% (4) - (3) - (3) - (3) - (3) - (3) 101 Franklin (f/k/a 250 Church St) New York, NY 92.5% (4) - (3) - (3) - (3) - (3) - (3) Terminal Warehouse New York, NY 8.65% (4) - (3) - (3) - (3) - (3) - (3) Subtotal - New York 2,065 1,976 95.7% 95.7% 96.0% 650 California Street San Francisco, CA 100% 471 452 96.0% 92.1% 92.1% 333 Market Street San Francisco, CA 55% 361 (2) 361 (2) 100.0% 100.0% 100.0% 221 Main Street San Francisco, CA 55% 212 (2) 205 (2) 96.7% 96.7% 93.8% University Circle East Palo Alto, CA 55% 250 (2) 202 (2) 80.8% 80.8% 79.4% 201 California Street San Francisco, CA 100% 259 212 81.9% 81.9% 81.9% Subtotal - San Francisco 1,553 1,432 92.2% 91.0% 90.5% Market Square Washington, D.C. 51% 344 (2) 309 (2) 89.8% 89.0% 86.7% 1800 M Street Washington, D.C. 55% 311 (2) 306 (2) 98.4% 97.4% 97.4% 80 M Street Washington, D.C. 100% 241 (5) 205 85.1% 85.1% 85.1% Subtotal - Washington, D.C. 896 820 91.5% 91.0% 90.0% 116 Huntington Avenue Boston, MA 100% 272 248 91.2% 87.9% 88.6% Total - All Properties 4,786 4,476 93.5% 92.9% 92.7% Total - All Properties (at 100%) 6,222 (6) 5,829 (6) Supplemental Information - Q2 2021 21 (6) Includes 100% of properties held in joint ventures. Property Square Feet Square Feet (1) Measured based on the total square feet of leases that have commenced and are billing rents to tenants, divided by total rentable square feet. Reflects monthly average for the quarter. (2) Reflects CXP's ownership share in the property which is held in an unconsolidated joint venture. (3) Excluded as the property is currently under redevelopment / development. (5) Temporarily reduced building rentable square footage for the 7th floor which was removed from service during the first quarter 2020 upon commencement of the vertical expansion project. (4) CXP owns the following additional interests in properties through its interest in Normandy Real Estate Fund IV, L.P.: 799 Broadway (0.64%), 101 Franklin Street (0.15%), and Terminal Warehouse (0.06%). Rentable Leased Percent Leased Commenced Occupancy Average Economic Occupancy (1)


 
Unaudited (SF in thousands) (at 6/30/2021) Rentable Leased Percent Square Footage (1) Square Footage (1) Leased As of March 31, 2021 4,784 4,495 94.0% Leasing Activity New Leases (2) - 17 Lease Expirations/Early Terminations - (36) Square Footage Adjustments 2 - Net Absorption 2 (19) As of June 30, 2021 4,786 4,476 93.5% Supplemental Information - Q2 2021 22 Columbia Property Trust, Inc. Occupancy Summary (1) (1) Excludes 149 Madison, 799 Broadway, 101 Franklin, Terminal Warehouse, and 80 M Street (expansion space and 7th floor) which are currently under redevelopment / development. (2) New leasing activity for space that was either vacant at the beginning of the quarter or that became available due to expiration/termination of an existing lease. 97.2% 96.3% 95.6% 94.0% 93.5% 85% 90% 95% 100% 6/30/20 9/30/20 12/31/20 3/31/21 6/30/21 Percent Leased


 
Unaudited (weighted average unless otherwise noted) 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Renewal Leases Number of Leases 8 6 3 3 3 Square Feet of Leasing (at 100%) 48,141 47,498 17,267 15,057 76,257 Square Feet of Leasing (at CXP's share) (1) 44,039 38,646 9,282 10,374 46,137 Lease Term (months) 87 44 71 63 69 Tenant Improvements per Square Foot 51.79 12.96 40.00 15.50 29.62 Leasing Commissions per Square Foot 16.09 16.80 30.81 24.83 20.10 Total per Square Foot 67.88$ 29.76$ 70.81$ 40.33$ 49.72$ Tenant Improvements per Square Foot per Year of Lease Term 7.13 3.55 6.74 2.97 5.14 Leasing Commissions per Square Foot per Year of Lease Term 2.21 4.60 5.19 4.76 3.49 Total per Square Foot per Year 9.34$ 8.15$ 11.93$ 7.73$ 8.63$ Cash Rent Releasing Spread (2) 0.4% 0.7% 3.3% 0.8% 12.6% GAAP Rent Releasing Spread (2) 16.6% 5.8% 18.7% 5.6% 28.5% New Leases (Space Vacant > 1 Year) Number of Leases 3 - - - 1 Square Feet of Leasing (at 100%) 11,360 - - - 5,150 Square Feet of Leasing (at CXP's share) (1) 5,988 - - - 2,833 Lease Term (months) 63 - - - 121 Tenant Improvements per Square Foot 19.93 - - - 90.00 Leasing Commissions per Square Foot 23.20 - - - 31.76 Total per Square Foot 43.13$ -$ -$ -$ 121.76$ Tenant Improvements per Square Foot per Year of Lease Term 3.79 - - - 8.93 Leasing Commissions per Square Foot per Year of Lease Term 4.41 - - - 3.15 Total per Square Foot per Year 8.20$ -$ -$ -$ 12.08$ New Leases (Space Vacant < 1 Year) (3) Number of Leases 4 2 2 - 1 Square Feet of Leasing (at 100%) 15,611 21,530 17,002 - 5,583 Square Feet of Leasing (at CXP's share) (1) 13,435 18,855 15,842 - 3,071 Lease Term (months) 58 65 76 - 121 Tenant Improvements per Square Foot 56.22 53.79 63 - 75.00 Leasing Commissions per Square Foot 15.47 20.57 46 - 36.86 Total per Square Foot 71.69$ 74.36$ 108.40$ -$ 111.86$ Tenant Improvements per Square Foot per Year of Lease Term 11.69 9.90 10 - 7.44 Leasing Commissions per Square Foot per Year of Lease Term 3.22 3.79 7 - 3.66 Total per Square Foot per Year 14.91$ 13.69$ 17.05$ -$ 11.10$ Cash Rent Releasing Spread (2) 4.6% 21.2% 5.3% - 5.6% GAAP Rent Releasing Spread (2) 13.1% 24.1% 21.2% - 26.0% Total Leases Number of Leases 15 8 5 3 5 Square Feet of Leasing (at 100%) 75,112 69,028 34,269 15,057 86,990 Square Feet of Leasing (at CXP's share) (1) 63,462 57,501 25,124 10,374 52,041 Lease Term (months) 79 57 75 63 76 Tenant Improvements per Square Foot 50.04 37.89 57.25 15.50 36.67 Leasing Commissions per Square Foot 16.55 19.10 42.04 24.83 22.10 Total per Square Foot 66.59$ 56.99$ 99.29$ 40.33$ 58.77$ Tenant Improvements per Square Foot per Year of Lease Term 7.78 5.63 8.72 2.97 5.48 Leasing Commissions per Square Foot per Year of Lease Term 2.63 4.33 6.44 4.76 3.48 Total per Square Foot per Year 10.41$ 9.96$ 15.16$ 7.73$ 8.96$ Cash Rent Releasing Spread (2) 1.3% 13.2% 4.8% 0.8% 12.0% GAAP Rent Releasing Spread (2) 15.9% 17.0% 20.6% 5.6% 28.3% (3) Includes executed leases that have not yet commenced for space covered by an existing lease. Supplemental Information - Q2 2021 23 Columbia Property Trust, Inc. Leasing Summary Three Months Ended (2) Spread calculation is based on the change in net rent (base rent plus reimbursements less operating expenses) for square feet of leasing (at 100% ownership). (1) Reflects CXP's ownership share for properties held in joint ventures.


 
Unaudited (SF & $ in thousands) (at 6/30/2021) Expiring Annualized Lease Revenue (ALR) % of ALR Expiring Expiring Rentable Square Footage % of Rentable Square Footage Expiring -$ 0.0% 310 6.5% 18,245 5.3% 309 6.5% 21,656 6.3% 292 6.1% 37,731 11.1% 431 9.0% 21,714 6.4% 228 4.8% 53,628 15.7% 642 13.4% 44,703 13.1% 757 15.8% 15,718 4.6% 185 3.9% 9,885 2.9% 124 2.6% 19,575 5.7% 248 5.2% 45,244 13.3% 500 10.4% 3,914 1.2% 47 1.0% 3,434 1.0% 42 0.9% 17,653 5.2% 237 4.9% 7,452 2.2% 72 1.5% 20,509 6.0% 362 7.5% 341,061$ 100.0% 4,786 100.0% Supplemental Information - Q2 2021 24 2033 2034 2035+ Total NOTE: Expirations that have been renewed are reflected above based on the renewal expiration date. 2032 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Vacant Columbia Property Trust, Inc. Lease Expiration Schedule Year 5.3% 6.3% 11.1% 6.4% 15.7% 13.1% 4.6% 2.9% 5.7% 13.3% 1.2% 1.0% 5.2% 2.2% 6.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+ Lease Expiration Schedule % of ALR Expiring


 
Columbia Property Trust, Inc. Unaudited (SF & $ in thousands) Current Per Current Per Current Per Period ALR (2) SF ALR (2) SF ALR (2) SF Q3 2021 173 6,455 37.31 60 6,217 103.62 33 2,906 88.06 Q4 2021 - - - 9 1,013 112.56 16 848 53.00 Total - 2021 173 6,455 37.31 69 7,230 104.78 49 3,754 76.61 Q1 2022 - - - 7 593 84.71 20 1,740 87.00 Q2 2022 32 2,601 81.28 15 1,375 91.67 12 872 72.67 Q3 2022 50 4,180 83.60 20 2,027 101.35 7 512 73.14 Q4 2022 - - - 14 1,208 86.29 60 3,423 57.05 Total - 2022 82 6,781 82.70 56 5,203 92.91 99 6,547 66.13 75 6,162 82.16 229 22,984 100.37 57 4,224 74.11 35 4,055 115.86 153 14,690 96.01 32 2,478 77.44 337 28,878 85.69 165 15,774 95.60 129 8,333 64.60 1,274 96,796 75.98 760 48,702 64.08 454 36,181 79.69 Total 1,976 149,127$ 75.47$ 1,432 114,583$ 80.02$ 820 61,517$ 75.02$ Current Per Current Per Period ALR (2) SF ALR (2) SF Q3 2021 9 451 50.11 275 16,029 58.29 Q4 2021 9 355 39.44 34 2,216 65.18 Total - 2021 18 806 44.78 309 18,245 59.05 Q1 2022 - - - 27 2,333 86.41 Q2 2022 29 1,607 55.41 88 6,455 73.35 Q3 2022 21 1,221 58.14 98 7,940 81.02 Q4 2022 5 297 59.40 79 4,928 62.38 Total - 2022 55 3,125 56.82 292 21,656 74.16 70 4,361 62.30 431 37,731 87.54 8 491 61.38 228 21,714 95.24 11 643 58.45 642 53,628 83.53 86 6,408 74.51 2,574 188,087 73.07 Total 248 15,834$ 63.85$ 4,476 341,061$ 76.20$ (1) Reflects CXP's ownership share for properties held in joint ventures. (2) Expiring ALR is calculated as expiring square footage multiplied by the gross rent per square foot of the tenant currently leasing the space. Supplemental Information - Q2 2021 25 Lease Expiration by Market New York (1) San Francisco (1) Washington, D.C. (1) Expiring Expiring 2024 Thereafter Boston SF Expiring 2025 2023 Expiring SF Expiring Thereafter SFSF SF All Markets 2023 2024 2025


 
Unaudited (SF & $ in thousands) (at 6/30/2021) Tenant Credit Rating (1) Number of Properties Annualized Lease Revenue (ALR) (2) % of ALR Leased Square Footage % of Leased Square Footage Remaining Lease Term Years (3) Twitter BB+ 2 21,455$ 6.3% 230 5.1% 8.5 Pershing LLC A 1 18,141 5.3% 471 10.5% 10.3 Yahoo! / Verizon Corporate Services BBB+ 1 16,651 4.9% 193 4.3% 4.0 Wells Fargo Bank N.A. A+ 3 16,122 4.7% 371 8.3% 5.1 Snap Inc. Not Rated 1 13,328 3.9% 154 3.5% 11.5 Amazon AA- 2 9,795 2.9% 88 2.0% 4.6 DocuSign, Inc. Not Rated 1 7,953 2.3% 84 1.9% 3.1 DLA Piper US, LLP Not Rated 1 7,908 2.3% 65 1.5% 2.0 Affirm, Inc. Not Rated 1 7,534 2.2% 89 2.0% 4.8 WeWork Companies Inc. CCC+ 2 7,304 2.2% 129 2.9% 9.7 Room & Board Not Rated 1 6,201 1.8% 60 1.3% 13.3 Quality Technology Services BB- 1 5,610 1.7% 127 2.8% 5.3 Gemini Trust Company, LLC Not Rated 1 4,860 1.4% 51 1.1% 7.9 Pitchbook Not Rated 1 4,736 1.4% 51 1.1% 8.6 BDG Media, Inc. Not Rated 1 4,552 1.3% 51 1.1% 7.3 ORC International Not Rated 1 4,468 1.3% 57 1.3% 4.0 Oracle America, Inc. A+ 1 4,145 1.2% 51 1.1% 1.0 Edison Electric Institute Not Rated 1 3,547 1.0% 40 0.9% 9.0 Mastercard International A+ 1 3,310 1.0% 38 0.9% 3.5 Equinox Not Rated 1 3,300 1.0% 44 1.0% 15.8 Subtotal - Top 20 170,920$ 50.1% 2,444 54.6% 7.1 All other 170,141 49.9% 2,032 45.4% 4.3 Total 341,061$ 100.0% 4,476 100.0% 5.7 (1) Credit rating may reflect the credit rating of the parent or a guarantor. Only the S&P Global Ratings credit rating has been provided. (2) Includes CXP's ownership share of ALR for properties held in joint ventures. (3) Weighted average based on CXP's share of Annualized Lease Revenue. Supplemental Information - Q2 2021 26 Columbia Property Trust, Inc. Top 20 Tenants & Tenant Industry Profile 30% 12% 8%8% 5% 4% 4% 3% 2% 2% 22% Tenant Industry Profile (2) Business Services Depository Institutions Legal Services Printing & Publishing Holding & Other Investment Offices Engineering and Management Services Security and Commodity Brokers Health Services Other Real Estate Nondepository Institutions


 
Unaudited ($ in thousands) Acquisitions Location Acquisition Date Percent Ownership Purchase Price Rentable Square Footage $ / SF % Leased at Acquisition 201 California Street San Francisco, CA 12/9/2019 100% 238,900$ 252,183 947$ 98.8% Total - Acquisitions (excluding Joint Ventures) 238,900$ 252,183 Location Closing Date % Purchased Purchase Value @ 100% Approximate Developable Square Footage Expected Delivery Date New York, NY 3/13/2020 8.65% 1,088,500$ 1,230,000 Q2 2023 New York, NY 12/2/2019 92.5% 205,500 235,000 TBD Total - Joint Ventures (Development) 1,294,000$ 1,465,000 Supplemental Information - Q2 2021 27 101 Franklin Street (f/k/a 250 Church Street) Terminal Warehouse Columbia Property Trust, Inc. Transaction Activity (1/1/19 - 7/29/21) - Acquisitions Property Name Property Purchased for Development in Joint Venture


 
Unaudited ($ in thousands) Dispositions Location Disposition Date Percent Ownership Gross Sale Price Rentable Square Footage $ / SF % Leased at Disposition Pasadena Corporate Park Los Angeles, CA 3/31/2020 100% 78,000$ 261,677 298 94.3% Cranberry Woods Drive Pittsburgh, PA 1/16/2020 100% 180,000 823,979 218 100.0% Lindbergh Center Atlanta, GA 9/26/2019 100% 187,000 1,105,000 169 98.8% One & Three Glenlake Atlanta, GA 4/15/2019 100% 227,500 710,832 320 100.0% Total - Dispositions (excluding Joint Ventures) 672,500$ 2,901,488 Location Closing Date % Sold / Retained Contributed Value @ 100% Rentable Square Footage $ / SF % Leased at Closing Date 221 Main Street San Francisco, CA 10/8/2020 45% / 55% 400,000$ 383,882 1,042 97.4% Total - Joint Ventures 400,000$ 383,882 Supplemental Information - Q2 2021 28 Columbia Property Trust, Inc. Transaction Activity (1/1/19 - 7/29/21) - Dispositions Property Name Property Contributed to Joint Venture


 
Unaudited ($ in thousands) CXP Approximate Estimated Project / Ownership Square Project Initial % Location Share (1) Feet Start Occupancy Leased 100% 121,000 Q4 2017 Q1 2022 0% 49.7% 182,000 Q4 2018 Q4 2021 0% 100% 105,000 Q2 2020 Q2 2022 57% 92.5% 235,000 TBD TBD 0% 8.65% 1,230,000 Q2 2021 Q2 2023 0% Project / Location Equity Debt Total Equity Debt Total Equity Debt Total 125,672$ -$ 125,672$ 45,338$ -$ 45,338$ 171,010$ -$ 171,010$ 52,583$ 74,948$ 127,531$ 6,020$ 17,991$ 24,011$ 58,603$ 92,939$ 151,542$ 41,524$ -$ 41,524$ 54,276$ -$ 54,276$ 95,800$ -$ 95,800$ 211,276$ -$ 211,276$ TBD TBD TBD TBD TBD TBD 51,590$ 55,837$ 107,427$ 5,496$ 49,150$ 54,646$ 57,086$ 104,987$ 162,073$ Supplemental Information - Q2 2021 29 Columbia Property Trust, Inc. 101 Franklin Street (f/k/a 250 Church St) Redevelopment New York, NY 149 Madison Avenue Redevelopment New York, NY 799 Broadway New York, NY Development Projects 80 M Street Vertical Expansion Washington, D.C. (1) CXP owns the following additional interests in properties through its interest in Normandy Real Estate Fund IV, L.P.: 799 Broadway (0.64%), 101 Franklin Street (0.15%), and Terminal Warehouse (0.06%). Terminal Warehouse Redevelopment New York, NY 149 Madison Avenue Redevelopment New York, NY 799 Broadway New York, NY 80 M Street Vertical Expansion Washington, D.C. 101 Franklin Street (f/k/a 250 Church St) Redevelopment New York, NY Terminal Warehouse Redevelopment New York, NY CXP Share Balance at 6/30/21 Remainder to Complete (estimated) Total Investment


 
Unaudited (in thousands, except per-share amounts) 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Net income (loss) attributable to CXP stockholders (5,877)$ 477$ 98,968$ 5,367$ 5,085$ Depreciation 15,472 16,531 15,367 17,378 17,379 Amortization 4,878 4,844 6,868 9,584 7,405 14,711 14,737 15,295 12,795 13,484 Gain on sale of real estate assets - - (175,272) - (17) FFO 29,184$ 36,589$ (38,774)$ 45,124$ 43,336$ - - - 9 4 Acquisition and restructuring costs - - 6,174 391 358 Strategic review costs 6,454 2,356 - - - Non-cash compensation expense - OP units 1,510 1,831 3,190 3,190 3,155 (129) (129) (136) (134) (130) Impairment loss on goodwill - - 63,806 - - 36 97 2,838 191 126 Normalized FFO 37,055$ 40,744$ 37,098$ 48,771$ 46,849$ Normalized FFO per share/unit (Basic) 0.32$ 0.35$ 0.32$ 0.42$ 0.40$ Normalized FFO per share/unit (Diluted) 0.31$ 0.35$ 0.32$ 0.42$ 0.40$ 117,388 117,359 117,190 117,189 117,167 117,901 117,851 117,213 117,189 117,167 Unaudited (in thousands, except per-share amounts) 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Net Cash Provided by Operating Activities 23,107$ 19,241$ 24,390$ 35,655$ 28,228$ 16,887 21,043 15,309 12,127 12,923 Distributions from unconsolidated joint ventures (8,651) (7,750) (7,363) (5,044) (7,042) Net changes in operating assets and liabilities 1,378 6,090 3,925 (801) 9,276 Non-cash compensation expense in acquisition costs - - (2,935) (1) (1) Acquisition and restructuring costs - - 6,174 391 358 Market value adjustment to investment in Real Estate Funds (166) (239) (121) (192) (227) Maintenance capital (1) (2) (5,470) (1,984) (5,824) (3,194) (2,138) AFFO 27,085$ 36,401$ 33,555$ 38,941$ 41,377$ 117,388 117,359 117,190 117,189 117,167 117,901 117,851 117,213 117,189 117,167 Supplemental Information - Q2 2021 30 Weighted-average common shares/units outstanding - Basic Columbia Property Trust, Inc. Reconciliation of Net Income to Normalized Funds From Operations (NFFO) Three Months Ended Adjustments included in income (loss) from unconsolidated joint ventures Adjustments included in income (loss) from unconsolidated joint ventures Adjustments included in net loss attributable to non-controlling interest in consolidated joint venture Adjustments included in net income attributable to non-controlling interest in the Operating Partnership Weighted-average common shares/units outstanding - Basic Weighted-average common shares/units outstanding - Diluted (1) See page 36 of this supplemental report for a description of Maintenance Capital and page 15 for more details on capital expenditures. (2) Reflects CXP's ownership share of capital expenditures for properties held in joint ventures. Weighted-average common shares/units outstanding - Diluted Reconciliation of Cash Flows From Operations to Adjusted Funds From Operations (AFFO) Three Months Ended Adjustments included in income (loss) from unconsolidated joint ventures


 
Unaudited (in thousands) 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Net Operating Income (based on GAAP rents) 52,917$ 57,214$ 50,462$ 67,366$ 65,356$ Straight-line rental income, net (wholly-owned) (37) (1,634) 3,543 (5,079) (2,217) Straight-line rental income, net (joint venture) 1,521 1,389 1,037 508 835 Above/below market lease amortization, net (wholly-owned) (691) (679) (2,233) (1,858) (1,512) Above/below market lease amortization, net (joint venture) (2,041) (2,072) (3,001) (3,221) (3,286) Lease incentive amortization (wholly-owned) 273 204 162 170 156 Lease incentive amortization (joint venture) 279 276 274 278 250 Net Operating Income (based on cash rents) 52,221$ 54,698$ 50,244$ 58,164$ 59,582$ Unaudited (in thousands) 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 FFO 29,184$ 36,589$ (38,774)$ 45,124$ 43,336$ - - - 9 4 (129) (129) (136) (134) (130) 36 97 2,838 191 126 Acquisition and restructuring costs - - 6,174 391 358 Strategic review costs 6,454 2,356 - - - Impairment loss on goodwill - - 63,806 - - Non-cash compensation expense - OP units 1,510 1,831 3,190 3,190 3,155 Normalized FFO 37,055$ 40,744$ 37,098$ 48,771$ 46,849$ Above/below market lease amortization, net (691) (679) (2,233) (1,858) (1,512) Straight-line rental income, net (37) (1,634) 3,543 (5,079) (2,217) Lease incentive amortization 273 204 162 170 156 Strategic review costs (6,454) (2,356) - - - Non-cash compensation expense - stock 2,437 2,314 2,282 2,197 2,081 Non-cash interest expense 643 643 643 643 643 Non-cash operating lease expense - G&A (40) (50) (32) (30) (30) (631) (801) (2,084) (2,679) (2,455) Total other non-cash adjustments (4,500) (2,359) 2,281 (6,636) (3,334) Maintenance capital (1) (2) (5,470) (1,984) (5,824) (3,194) (2,138) AFFO 27,085$ 36,401$ 33,555$ 38,941$ 41,377$ 117,388 117,359 117,190 117,189 117,167 117,901 117,851 117,213 117,189 117,167 Supplemental Information - Q2 2021 31 Columbia Property Trust, Inc. Reconciliation of Net Operating Income (based on GAAP rents) to Net Operating Income (based on cash rents) Three Months Ended Reconciliation of Funds From Operations (FFO) to Adjusted Funds From Operations (AFFO) Other non-cash adjustments included in income (loss) from unconsolidated joint ventures Weighted-average common shares/units outstanding - Basic Weighted-average common shares/units outstanding - Diluted Three Months Ended (1) See page 36 of this supplemental report for a description of Maintenance Capital and page 15 for more details on capital expenditures. (2) Reflects CXP's ownership share of capital expenditures for properties held in joint ventures. Adjustments included in income (loss) from unconsolidated joint ventures Adjustments included in net loss attributable to non-controlling interest in consolidated joint venture Adjustments included in net income attributable to non-controlling interest in the Operating Partnership


 
Unaudited (in thousands) 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Net income (loss) attributable to CXP stockholders (5,877)$ 477$ 98,968$ 5,367$ 5,085$ Interest expense (net) 7,380 7,535 8,323 9,415 9,449 Income tax expense 447 (329) (760) 383 (185) Depreciation 15,472 16,531 15,367 17,378 17,379 Amortization 4,878 4,844 6,868 9,584 7,405 16,416 16,443 16,996 15,140 15,704 EBITDA 38,716$ 45,501$ 145,762$ 57,267$ 54,837$ Gain on sale of real estate assets - - (175,272) - (17) EBITDAre 38,716$ 45,501$ (29,510)$ 57,267$ 54,820$ Acquisition and restructuring costs - - 6,174 391 358 Strategic review costs 6,454 2,356 - - - Non-cash compensation expense - OP units 1,510 1,831 3,190 3,190 3,155 Impairment loss on goodwill - - 63,806 - - (129) (129) (136) (134) (130) 36 97 2,838 191 126 Adjusted EBITDAre 46,587$ 49,656$ 46,362$ 60,905$ 58,329$ Management fee revenues (9,988) (10,079) (10,127) (9,632) (10,447) Management fee revenues - unconsolidated (1) (566) (565) (545) (809) (514) General and administrative 7,732 7,945 6,405 8,325 7,964 Management fee expense 8,338 9,269 7,522 7,785 9,231 Straight line rental income (net) (37) (1,634) 3,543 (5,079) (2,217) Above/below market lease amortization, net (691) (679) (2,233) (1,858) (1,512) Lease incentive amortization 273 204 162 170 156 Market value adjustment to investment in Real Estate Funds 165 239 121 192 227 408 342 (966) (1,835) (1,635) Net Operating Income (based on cash rents) 52,221$ 54,698$ 50,244$ 58,164$ 59,582$ (19,148) (23,436) (18,022) (17,136) (18,468) Less Net Operating Income from: Acquisitions / Development (3), (4) 84 145 234 (6,333) 74 Dispositions (5) (41) (1) (182) (2,084) (2,310) 33,116$ 31,406$ 32,274$ 32,611$ 38,878$ Supplemental Information - Q2 2021 32 (1) Reflects CXP's pro rata share of Management Fee Revenues earned by unconsolidated Real Estate Services JVs, which are recorded in Equity in Earnings of Unconsolidated JVs. (6) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented. (2) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 19). (3) No properties have been acquired since April 1, 2020. Columbia Property Trust, Inc. Reconciliation of Net Income to Net Operating Income (based on cash rents), and Same Store Net Operating Income (based on cash rents) - wholly-owned properties Three Months Ended Same Store Net Operating Income (based on cash rents) wholly-owned properties (6) Same Store Net Operating Income (based on cash rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (2) Adjustments included in income (loss) from unconsolidated joint ventures Adjustments included in income (loss) from unconsolidated joint ventures (5) Reflects activity for the following property sold since April 1, 2020, for all periods presented: 221 Main Street (45% share). Adjustments included in net loss attributable to non-controlling interest in consolidated joint venture (4) Reflects activity for the following development projects, for all periods presented: 149 Madison Avenue, 799 Broadway (49.7%), 101 Franklin (92.5%), and Terminal Warehouse (8.65%). Adjustments included in net income attributable to non-controlling interest in the Operating Partnership


 
Unaudited (in thousands) 6/30/2021 6/30/2020 Net income (loss) attributable to CXP stockholders (5,400)$ 11,375$ Interest expense (net) 14,915 19,002 Income tax expense 118 (2,428) Depreciation 32,003 35,709 Amortization 9,722 14,126 32,859 30,365 EBITDA 84,217$ 108,149$ Gain on sale of real estate assets - (13,361) EBITDAre 84,217$ 94,788$ Acquisition and restructuring costs - 12,439 Strategic review costs 8,810 - Non-cash compensation expense - OP units 3,341 5,513 (258) (258) 133 197 Adjusted EBITDAre 96,243$ 112,679$ Management fee revenues (20,067) (18,687) Management fee revenues - unconsolidated (1) (1,131) (856) General and administrative 15,677 17,388 Management fee expense 17,607 16,176 Straight line rental income (net) (1,671) (5,525) Above/below market lease amortization, net (1,370) (3,065) Lease incentive amortization 477 351 404 387 750 (2,915) Net Operating Income (based on cash rents) 106,919$ 115,933$ (42,584) (37,020) Less Net Operating Income from: Acquisitions / Development (3), (4) 229 145 Dispositions (5) (42) (6,422) 64,522$ 72,636$ Supplemental Information - Q2 2021 33 Columbia Property Trust, Inc. Reconciliation of Net Income to Net Operating Income (based on cash rents), and Same Store Net Operating Income (based on cash rents) - wholly-owned properties Adjustments included in income (loss) from unconsolidated joint ventures (5) Reflects activity for the following properties sold since January 1, 2020, for all periods presented: 221 Main Street (45% share), Pasadena Corporate Park, and Cranberry Woods Drive. Adjustments included in net loss attributable to non-controlling interest in consolidated joint venture (4) Reflects activity for the following development projects, for all periods presented: 149 Madison Avenue, 799 Broadway (49.7%), 101 Franklin (92.5%), and Terminal Warehouse (8.65%). Market value adjustment to investment in Real Estate Funds (3) No properties have been acquired since January 1, 2020. (6) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented. Six Months Ended Same Store Net Operating Income (based on cash rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (2) Same Store Net Operating Income (based on cash rents) wholly-owned properties (6) (2) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 19). Adjustments included in net income attributable to non-controlling interest in the Operating Partnership Adjustments included in income (loss) from unconsolidated joint ventures (1) Reflects CXP's pro rata share of Management Fee Revenues earned by unconsolidated Real Estate Services JVs, which are recorded in Equity in Earnings of Unconsolidated JVs.


 
Unaudited (in thousands) 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Net income (loss) attributable to CXP stockholders (5,877)$ 477$ 98,968$ 5,367$ 5,085$ Interest expense (net) 7,380 7,535 8,323 9,415 9,449 Income tax expense 447 (329) (760) 383 (185) Depreciation 15,472 16,531 15,367 17,378 17,379 Amortization 4,878 4,844 6,868 9,584 7,405 16,416 16,443 16,996 15,140 15,704 EBITDA 38,716$ 45,501$ 145,762$ 57,267$ 54,837$ Gain on sale of real estate assets - - (175,272) - (17) EBITDAre 38,716$ 45,501$ (29,510)$ 57,267$ 54,820$ Acquisition and restructuring costs - - 6,174 391 358 Strategic review costs 6,454 2,356 - - - Non-cash compensation expense - OP units 1,510 1,831 3,190 3,190 3,155 Impairment loss on goodwill - - 63,806 - - (129) (129) (136) (134) (130) 36 97 2,838 191 126 Adjusted EBITDAre 46,587$ 49,656$ 46,362$ 60,905$ 58,329$ Management fee revenues (9,988) (10,079) (10,127) (9,632) (10,447) Management fee revenues - unconsolidated (1) (566) (565) (545) (809) (514) General and administrative 7,732 7,945 6,405 8,325 7,964 Management fee expense 8,338 9,269 7,522 7,785 9,231 Market value adjustment to investment in Real Estate Funds 165 239 121 192 227 649 749 724 600 566 Net Operating Income (based on GAAP rents) 52,917$ 57,214$ 50,462$ 67,366$ 65,356$ (19,338) (23,774) (18,761) (19,297) (20,013) Less Net Operating Income from: Acquisitions / Development (3), (4) 34 76 (726) (7,003) (540) Dispositions (5) (41) (1) (189) (2,407) (2,274) 33,572$ 33,515$ 30,786$ 38,659$ 42,529$ (2) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 19). Supplemental Information - Q2 2021 34 (6) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented. Columbia Property Trust, Inc. Reconciliation of Net Income to Net Operating Income (based on GAAP rents), and Same Store Net Operating Income (based on GAAP rents) - wholly-owned properties Three Months Ended Same Store Net Operating Income (based on GAAP rents) wholly-owned properties (6) Same Store Net Operating Income (based on GAAP rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (2) Adjustments included in income (loss) from unconsolidated joint ventures Adjustments included in income (loss) from unconsolidated joint ventures Adjustments included in net loss attributable to non-controlling interest in consolidated joint venture (4) Reflects activity for the following development projects, for all periods presented: 149 Madison Avenue, 799 Broadway (49.7%), 101 Franklin (92.5%), and Terminal Warehouse (8.65%). (5) Reflects activity for the following property sold since April 1, 2020, for all periods presented: 221 Main Street (45% share). Adjustments included in net income attributable to non-controlling interest in the Operating Partnership (1) Reflects CXP's pro rata share of Management Fee Revenues earned by unconsolidated Real Estate Services JVs, which are recorded in Equity in Earnings of Unconsolidated JVs. (3) No properties have been acquired since April 1, 2020.


 
Unaudited (in thousands) 6/30/2021 6/30/2020 Net income (loss) attributable to CXP stockholders (5,400)$ 11,375$ Interest expense (net) 14,915 19,002 Income tax expense 118 (2,428) Depreciation 32,003 35,709 Amortization 9,722 14,126 32,859 30,365 EBITDA 84,217$ 108,149$ Gain on sale of real estate assets - (13,361) EBITDAre 84,217$ 94,788$ Acquisition and restructuring costs - 12,439 Strategic review costs 8,810 - Non-cash compensation expense - OP units 3,341 5,513 (258) (258) 133 197 Adjusted EBITDAre 96,243$ 112,679$ Management fee revenues (20,067) (18,687) Management fee revenues - unconsolidated (1) (1,131) (856) 15,677 17,388 17,607 16,176 404 387 1,398 1,278 Net Operating Income (based on GAAP rents) 110,131$ 128,365$ (43,112) (40,620) Less Net Operating Income from: Acquisitions / Development (3), (4) 110 (591) Dispositions (5) (42) (6,282) - 67,087$ 80,872$ Supplemental Information - Q2 2021 35 Management fee expense Adjustments included in income (loss) from unconsolidated joint ventures (1) Reflects CXP's pro rata share of Management Fee Revenues earned by unconsolidated Real Estate Services JVs, which are recorded in Equity in Earnings of Unconsolidated JVs. (4) Reflects activity for the following development projects, for all periods presented: 149 Madison Avenue, 799 Broadway (49.7%), 101 Franklin (92.5%), and Terminal Warehouse (8.65%). Market value adjustment to investment in Real Estate Funds (3) No properties have been acquired since January 1, 2020. (6) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented. Same Store Net Operating Income (based on GAAP rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (2) Same Store Net Operating Income (based on GAAP rents) wholly-owned properties (6) (2) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 19). (5) Reflects activity for the following properties sold since January 1, 2020, for all periods presented: 221 Main Street (45% share), Pasadena Corporate Park, and Cranberry Woods Drive. Columbia Property Trust, Inc. Reconciliation of Net Income to Net Operating Income (based on GAAP rents), and Same Store Net Operating Income (based on GAAP rents) - wholly-owned properties Twelve Months Ended Adjustments included in income (loss) from unconsolidated joint ventures General and administrative Adjustments included in net loss attributable to non-controlling interest in consolidated joint venture Adjustments included in net income attributable to non-controlling interest in the Operating Partnership


 
Supplemental Information - Q2 2021 36 EBITDAre : The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which defines EBITDAre as net income (loss), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures. Annualized Lease Revenue (“ALR”): ALR is the sum of (i) annualized rental payments (defined as base rent plus operating expense reimbursements, excluding rental abatements) for executed and commenced leases as well as leases executed but not yet commenced for vacant space, and (ii) annualized parking revenues, payable either under the terms of an executed lease or vendor contract. ALR excludes rental payments for executed leases that have not yet commenced for space covered by an existing lease. Maintenance Capital: Capital expenditures incurred to maintain the building structure and functionality, and to lease space at our properties in their current condition. Maintenance capital excludes capital for recent acquisitions, first generation leasing, and all other types of Investment Capital, as defined below. Investment Capital: Capital expenditures incurred for development and redevelopment projects; to bring properties up to our ownership standards; to expand or repurpose building functionality; to increase property's revenue-generating capability; to lease space to first generation tenants; or to lease space that has been vacant for more than one year. All costs incurred within 36 months of acquisition are considered Investment Capital. We establish our ownership standards based on Class A office property characteristics typical for the respective local market, including level of finishes, systems, accessibility, and defined market presence. Funds From Operations (“FFO”): FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), represents net income (computed in accordance with GAAP), plus depreciation of real estate assets and amortization of lease-related costs, excluding gains (losses) on sales of real estate and impairment losses on real estate assets. The Company computes FFO in accordance with NAREIT's definition, which may differ from the methodology for calculating FFO, or similarly titled measures, used by other companies and this may not be comparable to those presentations. We consider FFO an appropriate supplemental performance measure given its wide use by and relevance to investors and analysts. FFO, reflecting the assumption that real estate asset values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets, which assume that the value of real estate diminishes predictably over time. Normalized FFO: We calculate Normalized FFO by starting with FFO, as defined by NAREIT, and adjusting for certain items that are not reflective of our core operations, including: (i) losses and gains on interest rate swaps, (ii) losses and gains on early extinguishment of debt, and (iii) strategic review costs. Such items create significant earnings volatility. We believe Normalized FFO provides a meaningful measure of our operating performance and more predictability regarding future earnings potential. Net Operating Income (based on cash rents) (“NOI - cash rents”): NOI - cash rents is defined as Adjusted EBITDA adjusted for (i) portfolio general and administrative expense, (ii) interest rate swap valuation adjustments, (iii) interest expense associated with interest rates swaps, (iv) non-cash property operations, (v) straight-line rental income, and (vi) net effect of above/(below) market lease amortization. The company uses this measure to assess its operating results and believes it is important in assessing operating performance. Net Operating Income (based on GAAP rents) (“NOI - GAAP rents”): NOI - GAAP rents is defined as Adjusted EBITDA adjusted for (i) portfolio general and administrative expense, (ii) interest rate swap valuation adjustments, and (iii) interest expense associated with interest rates swaps. The company uses this measure to assess its operating results and believes it is important in assessing operating performance. Same Store Net Operating Income (“Same Store NOI”): Same Store NOI is calculated as the NOI attributable to the properties continuously owned and operating for the entirety of the reporting periods presented. We believe Same Store NOI is an important measure of comparison of our stabilized properties’ operating performance. Definitions - Other EBITDA: EBITDA is defined as net income before interest, taxes, depreciation and amortization. We believe EBITDA is a reasonable measure of our liquidity. EBITDA is a non-GAAP financial measure and should not be viewed as an alternative measurement of cash flows from operating activities or other GAAP basis liquidity measures. Columbia Property Trust, Inc. Definitions - Non-GAAP Financial Measures Included in this supplemental report are non-GAAP financial measures, which are accompanied by what we consider the most directly comparable financial measures calculated and presented in accordance with GAAP. These measures include earnings (or components of earnings), as defined, from both continuing operations and discontinued operations. A description of the non-GAAP financial measures we present and a statement of the reasons why management believes the non-GAAP measures provide useful information to investors about the company's financial condition and results of operations can be found below. These non- GAAP measures should not be viewed as alternative measurements of our operating performance calculated in accordance with GAAP. Other companies may calculate these measures differently and our calculation should not be compared to that of other companies. Adjusted Funds From Operations (“AFFO”): AFFO is calculated by adjusting Cash Flow from Operations to exclude (i) changes in assets and liabilities resulting from timing differences in payments and receipts (ii) additional amortization of lease assets (liabilities), (iii) straight-line rental income, (iv) gain (loss) on interest rate swaps, (v) maintenance capital expenditures (see definition below), and adding back (vi) stock based compensation expense, (vii) non-cash interest expense and (viii) non-cash lease expenses. AFFO excludes revenues for deferred rental billings. Because AFFO adjusts for income and expenses that we believe are not reflective of our core operations, we believe AFFO provides useful supplemental information. Adjusted EBITDAre : Adjusted EBITDAre is defined as EBITDAre plus (minus) losses and gains on early extinguishment of debt, plus (minus) losses and gains from interest rate swaps, plus strategic review costs.