EX-99.2 3 ex992cxpfsp-q4202021821f.htm SUPPLEMENTAL INFORMATION ex992cxpfsp-q4202021821f
Supplemental Information


 
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 (1/1/18 - 2/18/21) 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 - Q4 2020 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; 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 requirements and similar governmental and private measures taken to combat the spread of COVID-19; 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; 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; amount of the costs, fees, expenses, and charges related to the acquisition of Normandy; risks associated with our ability to continue to qualify as a real estate investment trust (“REIT”); risks associated with possible cybersecurity attacks against us or any of our tenants; potential liability for uninsured losses and environmental contamination; potential adverse impact of market interest rates on the market price for our securities; and risks associated with our dependence on key personnel whose continued service is not guaranteed. We do not intend to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. For additional risks and uncertainties that may cause actual results to differ from expectation, see our Annual Report on Form 10-K for the year ended December 31, 2020, and subsequently filed periodic reports. On the Cover: 799 Broadway, New York. 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. Q4 2020 Executive Summary Supplemental Information – Q4 2020 3 Financial Highlights & Guidance: • For the fourth quarter of 2020, net income per diluted share was $0.87 (page 9), Normalized FFO (NFFO)(1) per diluted share/unit was $0.32 (page 11), cash flows from operations were $24.4 million (page 30), Adjusted FFO (AFFO)(1) was $33.6 million (page 11), and same store net operating income (based on cash rents) increased 0.7% (page 12). • For 2020, net income per diluted share was $1.01 (page 9), Normalized FFO (NFFO)(1) per diluted share/unit was $1.52 (page 11), cash flows from operations were $104.4 million (page 30), Adjusted FFO (AFFO)(1) was $146.5 million (page 11), and same store net operating income (based on cash rents) increased 8.7% (page 13). • We are providing 2021 guidance for net income to a range of $0.13 to $0.18 per diluted share, and for NFFO to a range of $1.23 to $1.30 per diluted share. See page 6 for more information regarding our guidance. Transactional and Operational Highlights: • In the fourth quarter, we recognized a one-time, $8.1 million charge against lease revenues, which reduced net operating income (NOI) based on GAAP rents and NFFO. Of this amount, $7.2 million is a result of moving several tenants to cash-basis revenue recognition, under which future rents are recognized as cash is received, and straight- line receivable balances are reserved. We have collected 97.9% (98.8% office tenants) of our fourth quarter rents, executed deferral agreements on another 0.7%, and are continuing to monitor the COVID-19 pandemic and its impact on our business, tenants, and industry as a whole. • In October 2020, we expanded on our partnership with Allianz by contributing 221 Main Street to a joint venture at a value of $400 million, resulting in a gain of $175.3 million, and sold a 45% interest therein to Allianz for $180.0 million (page 28). The proceeds from this sale were used to pay down our line of credit. • As of December 31, 2020, our portfolio is 95.6% leased and occupied (page 21). We leased 34,000 square feet during the quarter with positive GAAP and cash rent releasing spreads of 20.6% and 4.8%, respectively (page 23). • As of February 18, 2021, we leased 59,000 square feet during the first quarter. This includes 47,000 square feet in the San Francisco market at double-digit positive cash rent releasing spreads. Capital Structure: • As of December 31, 2020, we had access to $540 million of additional borrowings under our Revolving Credit Facility and combined cash on hand of $94.1 million (pages 7 and 8). • As of December 31, 2020, our net debt(2) to real estate asset ratio was 31.4% (page 16), with no mortgage debt on any of our consolidated properties. • We paid quarterly dividends 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 David S. Dowdney Travis W. Feehan Wendy W. Gill Patrick J. Keeley Senior Vice President Senior Vice President Senior Vice President Senior Vice President Senior Vice President New York West Coast Transactions Chief Accounting Officer Washington, D.C. Eric S. Rubin Stephen K. Smith Stephen P. Trapp Elka L. Wilson Senior Vice President Senior Vice President Senior Vice President Senior Vice President CREM & Northeast Property Management Construction Corporate Operations Real Estate 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 Chairman 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 - Q4 2020 4 Matt W. Stover Vice President - Finance & Investor Relations T 404-465-2227 E Matt.Stover@columbia.reit Board of Directors James A. Fleming Executive Vice President & Chief Financial Officer Investor Relations T 404-465-2126 E Jim.Fleming@columbia.reit 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.


 
Unaudited ($ & shares in thousands except for per-share data and percentages) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Common Stock Data Weighted-Average Shares Outstanding - Basic 113,926 113,925 113,903 114,471 115,557 Weighted-Average Shares/Units Outstanding - Diluted (1) 117,213 117,189 117,167 116,925 115,802 High Closing Price $14.87 $13.42 $15.92 $22.47 $21.23 Low Closing Price $10.43 $10.54 $10.97 $8.00 $20.03 Average Closing Price $12.70 $11.93 $13.17 $18.76 $20.51 Closing Price (as of period end) $14.11 $10.91 $13.14 $12.50 $20.91 Dividends / Share (annualized) $0.84 $0.84 $0.84 $0.84 $0.84 Dividend Yield (annualized) (2) 6.0% 7.7% 6.4% 6.7% 4.0% Shares/Units Outstanding (2) 117,717 117,729 117,728 117,677 115,281 Market Value of Shares/Units (2) $1,660,987 $1,284,423 $1,546,946 $1,470,963 $2,410,526 Total Market Capitalization (2) (3) $3,212,213 $3,224,217 $3,483,593 $3,402,512 $4,116,654 Common Stock Repurchases Shares Purchased - - - 1,194 1,616 Weighted-Average Price Per Share - - - $19.47 $20.72 Total Value of Shares Purchased - - - $23,252 $33,484 Equity Research Coverage BMO Capital Markets Inc. Evercore ISI Goldman Sachs Morgan Stanley John P. Kim Sheila McGrath Rick Skidmore Vikram Malhotra 212-885-4115 212-497-0882 801-741-5459 212-761-7064 SunTrust Robinson Humphrey Michael R. Lewis 212-319-5659 Debt Research Coverage J.P. Morgan Securities Wells Fargo Mark Streeter Thierry Perrein 212-834-5086 704-410-3262 Rating Agencies Moody's Investor Services 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 - Q4 2020 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) Includes 3.264 million OP units issued on January 24, 2020.


 
Unaudited Per share Low High Net income $0.13 $0.18 Real estate depreciation & amortization 1.05 1.07 Funds From Operations $1.18 $1.25 0.05 0.05 Normalized Funds From Operations $1.23 $1.30 2021 Portfolio Assumptions l Same Store NOI - Cash -3% to -5% l Leased percentage at year end: 90% - 95% l G&A expense - corporate l Weighted-average fully-diluted shares outstanding (2): 118M Supplemental Information - Q4 2020 6 (2) Fully-diluted WASO includes 3.264 million of time-based preferred OP units issued on January 24, 2020. (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 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, February 18, 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, 4897565. A webcast of the call will also be available at the company's website, www.columbia.reit. Non-cash compensation expense - OP units (1)


 
Columbia Property Trust, Inc. Unaudited (in thousands) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Assets: Real estate assets, at cost: Land (1) 809,843$ 809,843$ 870,352$ 870,352$ 870,352$ Buildings and improvements (1) 1,841,447 1,826,234 2,015,194 2,007,788 2,000,455 Buildings and improvements, accumulated depreciation (303,764) (288,522) (315,457) (298,089) (281,248) Intangible lease asset 104,022 107,882 112,755 118,076 119,684 Intangible lease asset, accumulated amortization (57,947) (58,005) (58,853) (60,794) (58,659) Construction in progress (2) 83,943 79,628 70,019 65,592 53,621 Real estate assets held for sale - 254,549 - - 295,499 Real estate assets held for sale, accumulated depreciation - (46,071) - - (80,543) Total real estate assets 2,477,544$ 2,685,538$ 2,694,010$ 2,702,925$ 2,919,161$ Operating lease assets 39,165 39,529 29,897 30,090 29,470 Investment in unconsolidated joint ventures (page 8) 1,295,800 1,084,987 1,088,126 1,087,694 1,054,460 Cash and cash equivalents 61,882 272,790 277,677 292,814 12,303 Tenant receivables, net of allowance for doubtful accounts 2,540 2,403 4,230 4,322 2,464 Straight line rent receivable 74,051 78,374 83,239 80,935 77,330 Prepaid expenses and other assets 42,285 33,105 39,243 29,133 21,484 Intangible lease origination costs 56,612 57,714 58,585 60,338 61,702 Intangible lease origination costs, accumulated amortization (35,161) (34,376) (33,679) (33,952) (33,731) Deferred lease costs 90,469 89,300 99,391 100,848 93,117 Deferred lease costs, accumulated amortization (18,669) (17,701) (18,836) (17,962) (16,732) Other assets held for sale - 18,544 - - 34,139 Other assets held for sale, accumulated amortization - (2,957) - - (10,222) Goodwill - 63,806 63,806 63,806 - Total assets 4,086,518$ 4,371,056$ 4,385,689$ 4,400,991$ 4,244,945$ Liabilities: Line of credit and notes payable 560,000$ 951,000$ 951,000$ 951,000$ 784,000$ Bonds payable 700,000 700,000 700,000 700,000 700,000 Discount and fees on notes and bonds payable (5,367) (5,713) (6,065) (6,411) (6,760) Operating lease liabilities 2,185 2,487 2,783 2,887 2,186 91,493 92,149 93,122 90,291 70,845 Distributions payable 24,038 - - - 24,209 Deferred income 16,155 14,075 17,658 18,593 16,955 Intangible lease liabilities 23,287 27,733 32,266 36,287 36,966 Intangible lease liabilities, accumulated amortization (8,867) (11,038) (13,577) (16,043) (15,127) Liabilities held for sale - 4,790 - - 3,054 Liabilities held for sale, accumulated amortization - (718) - - - Total liabilities 1,402,924$ 1,774,765$ 1,777,187$ 1,776,604$ 1,616,328$ Equity: Common stock 1,145$ 1,145$ 1,145$ 1,144$ 1,153$ Additional paid in capital 4,376,116 4,373,425 4,371,233 4,369,155 4,392,322 Cumulative distributions in excess of earnings (1,749,811) (1,824,741) (1,806,071) (1,787,119) (1,769,234) Other comprehensive loss (18,201) (20,341) (21,985) (20,509) (1,101) Total Columbia Property Trust, Inc. stockholders' equity 2,609,249$ 2,529,488$ 2,544,322$ 2,562,671$ 2,623,140$ Noncontrolling interest in Columbia Operating Partnership 69,414 61,761 59,020 56,465 - Noncontrolling interest in consolidated joint venture 4,931 5,042 5,160 5,251 5,477 Total equity 2,683,594$ 2,596,291$ 2,608,502$ 2,624,387$ 2,628,617$ Total liabilities and equity 4,086,518$ 4,371,056$ 4,385,689$ 4,400,991$ 4,244,945$ Supplemental Information - Q4 2020 7 Consolidated Balance Sheet - GAAP As of Period End Accounts payable, accrued expenses, and accrued capital expenditures (1) As of December 31, 2020, 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 December 31, 2020, the following amounts relate to the redevelopment of 149 Madison, 101 Franklin and 80 M Street, respectively: $30.6 million, $12.4 million, and $19.9 million in construction in progress.


 
Columbia Property Trust, Inc. Unaudited (in thousands) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Assets: Real estate assets, at cost: Land (2) 344,389$ 311,109$ 311,109$ 311,109$ 297,785$ Buildings and improvements (2) 928,260 847,198 846,481 845,971 778,459 Buildings and improvements, accumulated depreciation (109,620) (101,972) (95,620) (88,857) (79,491) Intangible lease asset 42,726 42,717 43,402 44,125 41,944 Intangible lease asset, accumulated amortization (18,584) (17,368) (16,607) (15,879) (13,716) Construction in progress (2) 67,615 57,769 50,937 44,622 29,291 Total real estate assets 1,254,786$ 1,139,453$ 1,139,702$ 1,141,091$ 1,054,272$ Operating lease assets 56,538 57,340 58,142 58,944 59,746 Cash and cash equivalents 32,178 29,523 27,158 23,526 23,755 Tenant receivables, net of allowance for doubtful accounts 1,266 806 1,820 1,727 1,473 Straight line rent receivable 29,867 24,000 23,337 23,098 22,456 Prepaid expenses and other assets 5,021 5,962 7,764 6,588 4,314 Intangible lease origination costs 30,388 30,485 30,699 30,916 30,240 Intangible lease origination costs, accumulated amortization (13,168) (12,331) (11,630) (10,939) (9,821) Deferred lease costs 27,996 25,042 25,113 24,050 23,825 Deferred lease costs, accumulated amortization (9,767) (9,002) (8,473) (7,738) (7,151) Total assets 1,415,105$ 1,291,278$ 1,293,632$ 1,291,263$ 1,203,109$ Liabilities: Line of credit and notes payable 291,226$ 288,794$ 285,646$ 280,549$ 222,010$ Fees on notes payable (805) (1,120) (1,634) (2,143) (1,816) Operating lease liabilities 169,006 168,408 167,810 167,213 166,615 16,778 13,310 16,391 17,999 13,392 Deferred income 8,572 5,451 6,026 5,653 6,276 Intangible lease liabilities 35,845 36,545 38,156 39,824 34,177 Intangible lease liabilities, accumulated amortization (17,193) (15,961) (15,901) (15,929) (12,721) Total liabilities 503,429$ 495,427$ 496,494$ 493,166$ 427,933$ Total equity 911,676$ 795,851$ 797,138$ 798,097$ 775,176$ Basis differences, net of $8,855 of accumulated amortization (3) 383,535 288,098 290,562 288,919 279,284 589 1,038 426 678 - Investment in unconsolidated joint ventures (page 7) 1,295,800$ 1,084,987$ 1,088,126$ 1,087,694$ 1,054,460$ -$ Supplemental Information - Q4 2020 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 December 31, 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 $49.7 million and $13.8 million in construction in progress. Investment in unconsolidated Real Estate Services Joint Ventures


 
Unaudited (in thousands, except per-share amounts) 12/31/2020 12/31/2019 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Revenues: Lease revenues (1) 262,113$ 276,149$ 52,730$ 72,452$ 68,924$ 68,007$ 65,723$ 38,446 7,544 10,127 9,632 10,447 8,240 1,863 Other property income (1) (2) 7 5,144 - - - 7 1,139 Total revenues 300,566$ 288,837$ 62,857$ 82,084$ 79,371$ 76,254$ 68,725$ Operating expenses: Property operating costs 87,479 93,904 21,541 22,021 21,220 22,697 23,413 Depreciation 68,454 78,292 15,367 17,378 17,379 18,330 18,780 Amortization 30,578 27,908 6,868 9,584 7,405 6,721 5,856 Impairment loss on real estate assets - 43,941 - - - - 20,577 Impairment loss on goodwill (3) 63,806 - 63,806 - - - - General and administrative 32,118 32,779 6,405 8,325 7,964 9,424 9,072 Non-cash compensation expense - OP units 11,893 - 3,190 3,190 3,155 2,358 - Management fee expense 31,483 3,567 7,522 7,785 9,231 6,945 1,081 Acquisition and restructuring costs 19,004 6,398 6,174 391 358 12,081 3,961 Total operating expenses 344,815$ 286,789$ 130,873$ 68,674$ 66,712$ 78,556$ 82,740$ Other income (expense): Interest expense (36,923) (43,170) (8,363) (9,483) (9,522) (9,555) (9,889) Interest and other income (516) 173 (81) (123) (154) (158) 172 Income tax expense 2,805 (21) 760 (383) 185 2,243 (3) Income from unconsolidated joint ventures (p. 10) 8,646 8,004 2,098 2,002 1,890 2,656 1,825 Gain on sale of real estate assets 188,633 42,030 175,272 - 17 13,344 - Total other income (expense) 162,645$ 7,016$ 169,686$ (7,987)$ (7,584)$ 8,530$ (7,895)$ Net income (loss) 118,396$ 9,064$ 101,670$ 5,423$ 5,075$ 6,228$ (21,910)$ (3,226) - (2,838) (191) (126) (71) - 540 133 136 135 136 133 133 115,710$ 9,197$ 98,968$ 5,367$ 5,085$ 6,290$ (21,777)$ 114,055 116,261 113,926 113,925 113,903 114,471 115,557 1.01$ 0.08$ 0.87$ 0.05$ 0.04$ 0.05$ (0.19)$ 117,107 116,458 117,213 113,925 113,903 114,486 115,802 1.01$ 0.08$ 0.87$ 0.05$ 0.04$ 0.05$ (0.19)$ Supplemental Information - Q4 2020 9 Columbia Property Trust, Inc. Consolidated Statements of Operations - GAAP Twelve Months Ended Three Months Ended Management fee revenues (2) 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 ($6.4 million - Q3 '20, $6.8 million - Q2 '20, $0.3 million - Q3 '19, $0.2 million - Q2 '19). Weighted-average common shares outstanding - basic Net income (loss) per share - basic Weighted-average common shares outstanding - diluted (4) Net income (loss) per share - diluted (2) Reimbursements of management fee salaries and admin costs are recorded as Management fee revenues (through 12/31/19, such reimbursements were included in Other property income). (3) 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. (4) Beginning in Q4 ’20, 3.264 million of time-based preferred OP units are included in the calculation of fully diluted WASO.


 
Unaudited (in thousands, except per-share amounts) 12/31/2020 12/31/2019 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Revenues: Lease revenues (2) 121,139$ 114,944$ 33,384$ 29,070$ 29,412$ 29,273$ 29,080$ Total revenues 121,139$ 114,944$ 33,384$ 29,070$ 29,412$ 29,273$ 29,080$ Operating expenses: Property operating costs 49,591 45,026 14,107 12,133 11,763 11,588 11,822 Asset management fee expense (3) 2,151 4,288 625 509 507 510 1,079 Depreciation 36,892 34,196 10,283 8,680 9,188 8,741 8,607 Amortization 17,479 16,421 5,012 4,115 4,296 4,056 4,006 General and administrative 460 292 103 95 62 200 80 Total operating expenses 106,573$ 100,223$ 30,130$ 25,532$ 25,816$ 25,095$ 25,594$ Other income (expense): Interest expense (8,177) (6,836) (1,705) (2,334) (2,224) (1,914) (1,709) (Gain) loss on interest rate cap - (124) - (9) (4) 13 (1) Interest and other income 66 268 7 1 14 44 56 Total other income (expense) (8,111)$ (6,692)$ (1,698)$ (2,342)$ (2,214)$ (1,857)$ (1,654)$ 6,455$ 8,029$ 1,556$ 1,196$ 1,382$ 2,321$ 1,832$ Income tax benefit (expense) (19) (25) (3) (3) (6) (7) (7) 2,210 - 545 809 514 342 - 8,646$ 8,004$ 2,098$ 2,002$ 1,890$ 2,656$ 1,825$ Supplemental Information - Q4 2020 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) Twelve Months Ended Three Months Ended Income before income tax expense Income from unconsolidated joint ventures (p. 9) (2) Lease revenues include base rent and tenant reimbursements. (3) Through 12/31/19 amounts included property management fee expenses, which are included in property operating costs effective 1/1/20. Income from unconsolidated Real Estate Services Joint Ventures (4) (4) See Management Fee Income schedule on page 14.


 
Unaudited (in thousands, except per-share amounts) 12/31/2020 12/31/2019 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Net Operating Income (based on GAAP rents) 246,193$ 257,034$ 50,462$ 67,366$ 65,356$ 63,009$ 60,634$ Management fee revenues 38,446 7,544 10,127 9,632 10,447 8,240 1,863 2,210 - 545 809 514 342 - General and administrative (32,118) (32,779) (6,405) (8,325) (7,964) (9,424) (9,072) (31,483) (3,567) (7,522) (7,785) (9,231) (6,945) (1,081) Interest expense (net) (37,440) (42,997) (8,444) (9,607) (9,676) (9,713) (9,717) Income tax expense 2,805 (21) 760 (383) 185 2,243 (3) (10,732) (10,893) (2,425) (2,936) (2,782) (2,589) (2,739) Normalized FFO 177,881$ 174,321$ 37,098$ 48,771$ 46,849$ 45,163$ 39,885$ Normalized FFO per share/unit (Basic) 1.52$ 1.50$ 0.32$ 0.42$ 0.40$ 0.39$ 0.35$ Normalized FFO per share/unit (Diluted) 1.52$ 1.50$ 0.32$ 0.42$ 0.40$ 0.39$ 0.34$ Net Operating Income (based on cash rents) 224,341$ 231,747$ 50,244$ 58,164$ 59,582$ 56,351$ 54,878$ Management fee revenues 38,446 7,544 10,127 9,632 10,447 8,240 1,863 2,210 - 545 809 514 342 - General and administrative (32,118) (32,779) (6,405) (8,325) (7,964) (9,424) (9,072) Management fee expense (31,483) (3,567) (7,522) (7,785) (9,231) (6,945) (1,081) Non-cash operating lease expense in G&A (123) (120) (33) (30) (30) (30) (30) Non-cash compensation expense - stock (2) 8,549 6,622 2,282 2,197 2,081 1,989 1,445 Interest expense - cash (net) (34,167) (40,435) (7,680) (8,771) (8,806) (8,910) (9,077) Income tax expense 2,805 (21) 760 (383) 185 2,243 (3) (700) - (121) (192) (227) (160) - (11,952) (12,492) (2,818) (3,181) (3,036) (2,917) (3,138) Maintenance capital (3) (4) (19,348) (52,221) (5,824) (3,194) (2,138) (8,192) (33,205) AFFO 146,460$ 104,278$ 33,555$ 38,941$ 41,377$ 32,587$ 2,580$ 117,319 116,261 117,190 117,189 117,167 116,910 115,557 117,107 116,458 117,213 117,189 117,167 116,925 115,802 Supplemental Information - Q4 2020 11 (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. Columbia Property Trust, Inc. Normalized Funds From Operations (NFFO) & Adjusted Funds From Operations (AFFO) Twelve Months Ended 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 Income from unconsolidated Real Estate Services Joint Ventures (1) Income from unconsolidated Real Estate Services Joint Ventures (1) Market value adjustment to investment in Real Estate Funds


 
Unaudited (in thousands) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Net Operating Income (based on GAAP rents) Same Store (wholly-owned properties) Revenues: Lease Revenues (1) 46,482$ 52,767$ 55,555$ 51,950$ 50,688$ Other Property Income (2) - - - 7 1,139 Total Revenues 46,482$ 52,767$ 55,555$ 51,957$ 51,827$ Total Operating Expenses (19,475) (17,572) (16,599) (17,175) (19,645) 27,007$ 35,195$ 38,956$ 34,782$ 32,182$ 18,761$ 19,297$ 20,013$ 20,607$ 20,141$ Same Store NOI (based on GAAP rents) 45,768$ 54,492$ 58,969$ 55,389$ 52,323$ Net Operating Income from: Acquisitions / Development (5), (6) 4,505 10,467 4,113 3,612 777 Dispositions (7) 189 2,407 2,274 4,008 7,534 Net Operating Income (based on GAAP rents) 50,462$ 67,366$ 65,356$ 63,009$ 60,634$ Net Operating Income (based on cash rents) Same Store (wholly-owned properties) Revenues: Lease Revenues (1) 48,784$ 47,329$ 52,749$ 48,369$ 47,803$ Other Property Income (2) - - - 7 1,139 Total Revenues 48,784$ 47,329$ 52,749$ 48,376$ 48,942$ Total Operating Expenses (19,378) (17,467) (16,477) (17,056) (19,525) 29,406$ 29,862$ 36,272$ 31,320$ 29,417$ 18,022$ 17,136$ 18,468$ 18,552$ 17,686$ Same Store NOI (based on cash rents) 47,428$ 46,998$ 54,740$ 49,872$ 47,103$ Same Store NOI - % Change (same quarter prior year) 0.7% Net Operating Income from: Acquisitions / Development (5), (6) 2,634 9,082 2,532 2,367 509 Dispositions (7) 182 2,084 2,310 4,112 7,266 Net Operating Income (based on cash rents) 50,244$ 58,164$ 59,582$ 56,351$ 54,878$ Supplemental Information - Q4 2020 12 (5) Reflects activity for the following property acquired since October 1, 2019, for all periods presented: 201 California Street (12/9/19). Same Store Net Operating Income (based on cash rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (4) Same Store Net Operating Income (based on cash rents) wholly-owned properties (3) (7) Reflects activity for the following properties sold since October 1, 2019, for all periods presented: 221 Main Street (45% share), Pasadena Corporate Park, and Cranberry Woods Drive. Note - For definitions and reconciliations of these non-GAAP financial metrics, see pages 30 - 36. (4) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 19). (3) 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. (6) 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%). (2) Other property income cafeteria revenue, fitness center revenue, and management fee reimbursements (through Q4 '19). Same Store Net Operating Income (based on GAAP rents) wholly-owned properties (3) Same Store Net Operating Income (based on GAAP rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (4) Columbia Property Trust, Inc. Net Operating Income Three Months Ended


 
Net Operating Income - Year to Date Unaudited (in thousands) 12/31/2020 12/31/2019 Net Operating Income (based on GAAP rents) Same Store (wholly-owned properties) Revenues: Lease Revenues (1) 206,754$ 197,790$ Other Property Income (2) 7 4,589 Total Revenues 206,761$ 202,379$ Total Operating Expenses (70,821) (74,411) 135,940$ 127,968$ 78,678$ 80,156$ Same Store NOI (based on GAAP rents) 214,618$ 208,124$ Net Operating Income from: Acquisitions / Development (5), (6) 22,697 526 Dispositions (7) 8,878 48,384 Net Operating Income (based on GAAP rents) 246,193$ 257,034$ Net Operating Income (based on cash rents) Same Store (wholly-owned properties) Revenues: Lease Revenues (1) 197,231$ 181,810$ Other Property Income (2) 7 4,589 Total Revenues 197,238$ 186,399$ Total Operating Expenses (70,378) (73,935) 126,860$ 112,464$ 72,178$ 70,626$ Same Store NOI (based on cash rents) 199,038$ 183,090$ Same Store NOI - % Change (same period prior year) 8.7% Net Operating Income from: Acquisitions / Development (5), (6) 16,615 258 Dispositions (7) 8,688 48,399 Net Operating Income (based on cash rents) 224,341$ 231,747$ Supplemental Information - Q4 2020 13 Columbia Property Trust, Inc. Note - For definitions and reconciliations of these non-GAAP financial metrics, see pages 30 - 36. (3) 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 (3) Same Store Net Operating Income (based on cash rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (4) Twelve Months Ended Same Store Net Operating Income (based on GAAP rents) wholly-owned properties (3) Same Store Net Operating Income (based on GAAP rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (4) (2) Other property income includes lease termination income (through Q1 '19), cafeteria revenue, fitness center revenue, and management fee reimbursements (through Q4 '19). (7) Reflects activity for the following properties sold since January 1, 2019, for all periods presented: 221 Main Street (45% share), Pasadena Corporate Park, Cranberry Woods Drive, Lindbergh Center, and One & Three Glenlake. (1) Lease revenues include base rent and tenant reimbursements; and lease termination income (beginning Q2 ’19). (4) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 19). (5) Reflects activity for the following property acquired since January 1, 2019, for all periods presented: 201 California Street (12/9/19). (6) 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%).


 
Unaudited (in thousands) Twelve Months Ended 12/31/2020 12/31/2020 9/30/2020 6/30/2020 3/31/2020 Fee Revenue: 23,938$ 6,663$ 6,074$ 6,098$ 5,103$ 2,210 545 809 514 342 14,508 3,464 3,558 4,349 3,137 Subtotal 40,656$ 10,672$ 10,441$ 10,961$ 8,582$ Fee Expenses: 16,975$ 4,058$ 4,227$ 4,882$ 3,808$ 14,508 3,464 3,558 4,349 3,137 Subtotal 31,483$ 7,522$ 7,785$ 9,231$ 6,945$ Management Fee Income 9,173$ 3,150$ 2,656$ 1,730$ 1,637$ Supplemental Information - Q4 2020 14 Management fees - consolidated (1) Management fees - unconsolidated (2) (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. Columbia Property Trust, Inc. Management Fee Income (1) Amounts include fees paid by unconsolidated joint ventures (at CXP's share) of $1.5 million (Q4 '20), $1.0 million (Q3 '20), $1.3 million (Q2 '20), and $1.1 million (Q1 '20). Reimbursements - consolidated (3) Management expenses Reimbursed salaries and admin costs Three Months Ended


 
Unaudited ($ in thousands) 12/31/2020 6/30/2020 3/31/2020 12/31/2019 Maintenance Building Capital 3,410$ 1,618$ 1,004$ 1,776$ 1,974$ Tenant Improvements 502 1,299 669 2,602 2,991 Leasing Commissions 848 171 332 2,269 15,632 Other Leasing Costs (2) 1,064 106 133 1,545 12,608 Total - Maintenance 5,824$ 3,194$ 2,138$ 8,192$ 33,205$ Investment Building Capital 2,055$ 5,990$ 1,382$ 3,713$ 5,690$ Tenant Improvements 5,465 (75) (150) 3,031 6,706 Leasing Commissions 428 - 642 157 229 Other Leasing Costs (2) - - 335 (147) (290) Development Projects (see page 29) 149 Madison Avenue (3) 2,782 (4,212) (4) 5,110 4,498 5,709 799 Broadway (5) 4,785 5,136 4,971 9,030 4,644 101 Franklin (6) 2,074 1,996 2,452 3,087 2,194 80 M Street (7) 5,767 6,301 2,356 6,428 - Terminal Warehouse (8) 2,822 2,046 1,126 197 - Total - Investment 26,178$ 17,182$ 18,224$ 29,994$ 24,882$ Maintenance & Investment Building Capital 5,465$ 7,608$ 2,386$ 5,489$ 7,664$ Tenant Improvements 5,967 1,224 519 5,633 9,697 Leasing Commissions 1,276 171 974 2,426 15,861 Other Leasing Costs (2) 1,064 106 468 1,398 12,318 Development Projects 18,230 11,267 16,015 23,240 12,547 Total - Maintenance & Investment 32,002$ 20,376$ 20,362$ 38,186$ 58,087$ Supplemental Information - Q4 2020 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 $0.9 million, $0.8 million, $0.8 million, $0.9 million, and $0.9 million, respectively. (5) Amounts include capitalized interest of $1.2 million, $1.1 million, $1.1 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 $1.6 million, $1.4 million, $1.4 million, and $1.7 million, respectively. (7) Amounts include capitalized interest of $71,000, $45,000, $34,000, $17,000, and $0, respectively. (8) Amounts include capitalized interest of $0.8 million, $0.3 million, $0.4 million, $0, and $0, respectively. (4) Includes $6.5 million WeWork capital obligation relieved by lease termination. 9/30/2020


 
Unaudited ($ in thousands) (at 12/31/2020) Debt Instrument - Secured Maturity Rate Rate Type Balance % of Total Debt Mortgage Debt - Unconsolidated JV Terminal Warehouse March-21 LIBOR + 340 bps Floating 55,690$ (1) 3.6% 799 Broadway - Construction Loan October-21 LIBOR + 425 bps Floating 69,786 (2) 4.4% Market Square July-23 5.07% Fixed 165,750 (3) 10.7% Weighted Average / Secured - Mortgage Notes 1.7 Years 5.23% 291,226$ 18.7% Debt Instrument - Unsecured Maturity Rate Rate Type Balance % of Total Debt Bank Facilities $150 Million Term Loan July-22 3.07% Fixed (4) 150,000$ 9.7% $650 Million Revolving Credit Facility January-23 LIBOR + 90 bps Floating (5) 110,000 7.1% $300 Million Term Loan January-24 2.55% Fixed (6) 300,000 19.3% Weighted Average / Bank Facilities 2.5 Years 2.39% 560,000$ 36.1% Bonds $350 Million @ 4.150% April-25 4.15% Fixed 350,000$ 22.6% $350 Million @ 3.650% August-26 3.65% Fixed 350,000 22.6% Weighted Average / Bonds 4.9 Years 3.90% 700,000$ 45.2% Weighted Average / Unsecured 3.8 Years 3.23% 1,260,000$ 81.3% Weighted Average / Total Debt 3.4 Years 3.60% (7) 1,551,226$ 100.0% Debt - consolidated 1,260,000$ Debt - unconsolidated 291,226 Total Debt 1,551,226$ Weighted Ave Maturity Weighted Ave Rate - Qtr Balance % of Total Debt 3.8 Years 3.64% 1,315,750$ 84.8% 1.2 Years 3.37% 235,476 15.2% Total 3.4 Years 3.60% (7) 1,551,226$ 100.0% 8.0x 31.4% (3) Reflects 51% of the mortgage balance of the Market Square Joint Venture. (8) Net debt is calculated by reducing our debt balance for cash on hand. Supplemental Information - Q4 2020 16 (7) During fourth quarter of 2020, CXP's share of interest expense and capitalized interest were $10.1 million and $5.3 million, respectively. Debt Ratios Fixed and Floating Rate Debt Analysis Fixed Rate Debt Floating Rate Debt (5) The Revolving Credit Facility ($650MM) bears interest at a rate based on, at the option of Columbia Property Trust, LIBOR for seven days, one-, two-, three-, or six- month periods, plus an applicable margin ranging from 0.775% to 1.45% based on credit rating, or the alternate base rate which is the greater of (a) Prime Rate, (b) Fed Funds plus 1/2 of 1%, and (c) the Libor Rate for a one-month period plus 1%, plus an applicable margin ranging from 0.00% to 0.45% based on credit rating. This facility carries two six-month extension options. (1) Reflects 8.65% of the Terminal Warehouse Joint Venture loan balance. The interest-only loan has a total capacity of $650 million, carries two, six-month extension options, and 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 - Q4 2020 (8) Net Debt to Gross Real Estate Assets - 12/31/20 (8) (2) 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%. (4) Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $150 Million Term Loan at 3.07% per annum and terminates on July 29, 2022. The spread of 1.10% over the swapped rate is based on the company's credit rating. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statement of other comprehensive income. (6) Effective August 13, 2019, Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $300 Million Term Loan at 2.55% per annum and terminates on August 13, 2024. The spread of 1.00% over the swapped rate is based on the company's credit rating. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in fair value are recorded as a market value adjustment to interest rate swap in the accompanying consolidated statement of other comprehensive income. Columbia Property Trust, Inc. Debt Overview


 
Unaudited (at 12/31/2020) Bond Covenant Compliance Metric Actual (12/31/20) Debt to Total Asset Value Ratio Max 60% 28.7% Interest Coverage Ratio Min 1.50x 3.37x Secured Debt to Total Asset Value Ratio Max 40% 0.0% Maintenance of Total Unencumbered Assets Min 150% 245.6% Term Loan / Revolving Credit Facility Covenant Compliance Metric Actual (12/31/20) Debt to Total Asset Value Ratio Max 60% 37.6% Fixed Charge Coverage Ratio Min 1.50x 3.56x Secured Debt to Total Asset Value Ratio Max 40% 7.0% Unsecured Debt to Unencumbered Asset Value Ratio Max 60% 43.5% Unencumbered Interest Coverage Ratio Min 1.75x 3.98x Supplemental Information - Q4 2020 17 Columbia Property Trust, Inc. Debt Covenant Compliance


 
Unaudited ($ in thousands) (at 12/31/2020) Secured Unsecured Unsecured % of Interest % of Gross Mortgage Debt Bank Facilities Bonds Total Debt Total Debt Rate (1) Real Estate Assets 125,476$ - - 125,476 8.0% 5.44% 2.7% - 150,000 - 150,000 9.7% 3.07% 3.2% 165,750 110,000 - 275,750 17.8% 3.45% 5.9% - 300,000 - 300,000 19.3% 2.55% 6.5% - - 350,000 350,000 22.6% 4.15% 7.5% - - 350,000 350,000 22.6% 3.65% 7.5% 291,226$ 560,000$ 700,000$ 1,551,226$ 100.0% 3.60% 33.3% 18.8% 36.1% 45.1% Supplemental Information - Q4 2020 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 $125 $166 $150 $300 $110 $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% 3.45% 5.44% 2.55%


 
Unaudited ($ in thousands) (at 12/31/2020) CXP Ownership Market Square 51% 134,747$ (1) 333 Market Street 55% 265,674 University Circle 55% 276,573 114 5th Avenue 49.5% 74,273 1800 M Street 55% 227,847 221 Main Street 55% (2) 219,078 799 Broadway 49.7% (3) 53,248 (4) Terminal Warehouse 8.65% (3) 43,771 (5) Real Estate Services Joint Ventures Various 589 Investment in Unconsolidated Joint Ventures (page 8) 1,295,800$ (6) Supplemental Information - Q4 2020 19 (6) Includes basis differences (see footnote 3 page 8). (4) 799 Broadway Joint Venture holds a construction loan with a balance of $140.4 million. CXP's ownership share is $69.8 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 (5) Terminal Warehouse Joint Venture holds a $643.8 million mortgage note. CXP's ownership share is $55.7 million (see page 16). (3) 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%). (2) A 45% ownership interest was sold within the Allianz joint venture on October 8, 2020 (see page 28).


 
Columbia Property Trust, Inc. Property Overview - Gross Real Estate Assets, Net Operating Income & Annualized Lease Revenue Unaudited ($ in thousands) (at 12/31/2020) CXP Ownership Secured Market Share Debt? 229 West 43rd Street New York, NY 100% 513,217$ 37,020$ 7,087$ 7,192$ 315 Park Avenue South New York, NY 100% 409,247 30,620 (2,255) 2,803 249 West 17th Street New York, NY 100% 348,943 25,836 5,513 4,830 95 Columbus Jersey City, NJ 100% 209,538 25,469 3,990 3,959 218 West 18th Street New York, NY 100% 181,836 14,091 3,648 1,444 114 5th Avenue New York, NY 49.5% 211,635 (2) 18,099 (2) 483 (2) 1,631 (2) 149 Madison Avenue New York, NY 100% 118,697 - (3) (11) (11) 799 Broadway New York, NY 49.7% (4) Yes 126,302 (2) - (3) (34) (2) (34) (2) 101 Franklin (f/k/a 250 Church St) New York, NY 92.5% (4) 218,964 (5) - (3) (6) (6) Terminal Warehouse New York, NY 8.65% (4) Yes 101,749 (2) - (3) 775 (2) (185) (2) Subtotal - New York 2,440,128 53% 151,135 19,190 21,623 650 California Street San Francisco, CA 100% 343,049 35,758 5,786 5,612 333 Market Street San Francisco, CA 55% 276,497 (2) 14,576 (2) (6) 4,685 (2) 3,217 (2) 221 Main Street San Francisco, CA 55% (7) 212,478 (2) 18,591 (2) 3,186 (2) 2,982 (2) University Circle East Palo Alto, CA 55% 287,068 (2) 23,636 (2) 3,919 (2) 4,098 (2) 201 California Street San Francisco, CA 100% 249,787 19,045 3,781 2,871 Subtotal - San Francisco 1,368,879 29% 111,606 21,357 18,780 Market Square Washington, D.C. 51% Yes 311,479 (2) 27,623 (2) 3,381 (2) 3,417 (2) 1800 M Street Washington, D.C. 55% 242,716 (2) 20,042 (2) 3,107 (2) 2,678 (2) 80 M Street Washington, D.C. 100% 126,677 13,041 1,654 1,812 Subtotal - Washington, D.C. 680,872 15% 60,706 8,142 7,907 116 Huntington Avenue Boston, MA 100% 144,417 3% 16,061 2,215 2,376 Corporate & Other 8,208 - (442) (8) (442) (8) Total - All Properties 4,642,504$ 339,508$ 50,462$ 50,244$ Total - Consolidated Properties 2,872,580$ 216,941$ 30,960$ 32,440$ Total - CXP Share of Properties in Unconsolidated Joint Ventures 1,769,924$ 122,567$ 19,502$ 17,804$ Supplemental Information - Q4 2020 (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%). (8) 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. (7) A 45% ownership interest was sold within the Allianz joint venture on October 8, 2020 (see page 28). Real Estate Lease (based on (based on Property Assets (1) Revenue (ALR) GAAP rents) cash rents) Net Operating Net Operating Gross Annualized Income - Q4 2020 Income - Q4 2020


 
Columbia Property Trust, Inc. Property Overview - Square Feet & Occupancy Unaudited (SF in thousands) (at 12/31/2020) CXP Ownership Market Share 229 West 43rd Street New York, NY 100% 482 450 93.4% 93.4% 93.4% 315 Park Avenue South New York, NY 100% 332 330 99.4% 99.4% 92.7% 249 West 17th Street New York, NY 100% 281 278 98.9% 98.9% 98.9% 95 Columbus Jersey City, NJ 100% 630 625 99.2% 99.2% 99.2% 218 West 18th Street New York, NY 100% 166 166 100.0% 100.0% 76.7% 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 2,023 98.0% 98.0% 95.0% 650 California Street San Francisco, CA 100% 470 434 92.3% 92.3% 91.1% 333 Market Street San Francisco, CA 55% 361 (2) 361 (2) 100.0% 100.0% 100.0% 221 Main Street San Francisco, CA 55% (5) 211 (2) 206 (2) 97.6% 97.6% 97.6% University Circle East Palo Alto, CA 55% 249 (2) 206 (2) 82.7% 82.7% 82.7% 201 California Street San Francisco, CA 100% 255 232 91.0% 91.0% 84.2% Subtotal - San Francisco 1,546 1,439 93.1% 93.1% 91.6% Market Square Washington, D.C. 51% 344 (2) 310 (2) 90.1% 90.1% 82.7% 1800 M Street Washington, D.C. 55% 311 (2) 303 (2) 97.4% 97.4% 97.4% 80 M Street Washington, D.C. 100% 242 (6) 233 96.3% 96.3% 96.3% Subtotal - Washington, D.C. 897 846 94.3% 94.2% 91.6% 116 Huntington Avenue Boston, MA 100% 272 263 96.7% 96.7% 98.8% Total - All Properties 4,780 4,571 95.6% 95.6% 93.5% Total - All Properties (at 100%) 6,214 (7) 5,927 (7) Supplemental Information - Q4 2020 21 Percent Leased Commenced Occupancy Average Economic Occupancy (1) Rentable Leased (7) 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. (6) 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%). (5) A 45% ownership interest was sold within the Allianz joint venture on October 8, 2020 (see page 28).


 
Unaudited (SF in thousands) (at 12/31/2020) Rentable Leased Percent Square Footage (1) Square Footage (1) Leased As of September 30, 2020 4,963 4,780 96.3% Dispositions 221 Main Street - 45% (173) (168) 97.1% Subtotal 4,790 4,612 Leasing Activity New Leases (2) - 2 Lease Expirations/Early Terminations - (33) Square Footage Adjustments (10) (10) Net Absorption (10) (41) As of December 31, 2020 4,780 4,571 95.6% Supplemental Information - Q4 2020 22 Columbia Property Trust, Inc. Occupancy Summary (1) (1) Excludes 149 Madison, 799 Broadway, 101 Franklin, and Terminal Warehouse 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. 97.1% 97.6% 97.2% 96.3% 95.6% 85% 90% 95% 100% 12/31/19 3/31/20 6/30/20 9/30/20 12/31/20 Percent Leased


 
Unaudited (weighted average unless otherwise noted) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Renewal Leases Number of Leases 3 3 3 2 5 Square Feet of Leasing (at 100%) 17,267 15,057 76,257 18,585 396,673 Square Feet of Leasing (at CXP's share) (1) 9,282 10,374 46,137 17,115 392,120 Lease Term (months) 71 63 69 75 178 Tenant Improvements per Square Foot 40.00 15.50 29.62 34.28 47.83 Leasing Commissions per Square Foot 30.81 24.83 20.10 18.79 39.51 Total per Square Foot 70.81$ 40.33$ 49.72$ 53.07$ 87.34$ Tenant Improvements per Square Foot per Year of Lease Term 6.74 2.97 5.14 5.50 3.23 Leasing Commissions per Square Foot per Year of Lease Term 5.19 4.76 3.49 3.01 2.67 Total per Square Foot per Year 11.93$ 7.73$ 8.63$ 8.51$ 5.90$ Cash Rent Releasing Spread (2) 3.3% 0.8% 12.6% 18.3% 20.0% GAAP Rent Releasing Spread (2) 18.7% 5.6% 28.5% 42.4% 52.7% New Leases (Space Vacant > 1 Year) Number of Leases - - 1 3 2 Square Feet of Leasing (at 100%) - - 5,150 66,284 9,806 Square Feet of Leasing (at CXP's share) (1) - - 2,833 64,588 8,932 Lease Term (months) - - 121 191 95 Tenant Improvements per Square Foot - - 90.00 125.41 15.80 Leasing Commissions per Square Foot - - 31.76 68.70 21.20 Total per Square Foot -$ -$ 121.76$ 194.11$ 37.00$ Tenant Improvements per Square Foot per Year of Lease Term - - 8.93 7.89 2.01 Leasing Commissions per Square Foot per Year of Lease Term - - 3.15 4.32 2.69 Total per Square Foot per Year -$ -$ 12.08$ 12.21$ 4.70$ New Leases (Space Vacant < 1 Year) (3) Number of Leases 2 - 1 3 1 Square Feet of Leasing (at 100%) 17,002 - 5,583 40,956 11,906 Square Feet of Leasing (at CXP's share) (1) 15,842 - 3,071 37,961 9,873 Lease Term (months) 76 - 121 126 95 Tenant Improvements per Square Foot 62.77 - 75.00 58.90 30.21 Leasing Commissions per Square Foot 45.63 - 36.86 51.08 32.78 Total per Square Foot 108.40$ -$ 111.86$ 109.98$ 62.99$ Tenant Improvements per Square Foot per Year of Lease Term 9.87 - 7.44 5.61 3.80 Leasing Commissions per Square Foot per Year of Lease Term 7.18 - 3.66 4.86 4.13 Total per Square Foot per Year 17.05$ -$ 11.10$ 10.47$ 7.93$ Cash Rent Releasing Spread (2) 5.3% - 5.6% 6.7% 19.3% GAAP Rent Releasing Spread (2) 21.2% - 26.0% 9.0% 31.9% Total Leases Number of Leases 5 3 5 8 8 Square Feet of Leasing (at 100%) 34,269 15,057 86,990 125,825 418,385 Square Feet of Leasing (at CXP's share) (1) 25,124 10,374 52,041 119,664 410,925 Lease Term (months) 75 63 76 162 173 Tenant Improvements per Square Foot 57.25 15.50 36.67 97.82 46.29 Leasing Commissions per Square Foot 42.04 24.83 22.10 59.33 38.74 Total per Square Foot 99.29$ 40.33$ 58.77$ 157.15$ 85.03$ Tenant Improvements per Square Foot per Year of Lease Term 8.72 2.97 5.48 6.82 3.21 Leasing Commissions per Square Foot per Year of Lease Term 6.44 4.76 3.48 4.31 2.70 Total per Square Foot per Year 15.16$ 7.73$ 8.96$ 11.13$ 5.91$ Cash Rent Releasing Spread (2) 4.8% 0.8% 12.0% 9.1% 20.0% GAAP Rent Releasing Spread (2) 20.6% 5.6% 28.3% 16.0% 52.0% (3) Includes executed leases that have not yet commenced for space covered by an existing lease. Supplemental Information - Q4 2020 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 12/31/2020) Expiring Annualized Lease Revenue (ALR) % of ALR Expiring Expiring Rentable Square Footage % of Rentable Square Footage Expiring -$ 0.0% 209 4.4% 28,566 8.4% 451 9.4% 22,330 6.6% 313 6.5% 35,848 10.6% 426 8.9% 22,011 6.5% 237 5.0% 52,490 15.5% 643 13.5% 42,651 12.6% 749 15.7% 13,342 3.9% 169 3.5% 8,214 2.4% 97 2.0% 18,880 5.5% 240 5.0% 44,035 13.0% 496 10.4% 3,611 1.0% 39 0.8% 3,006 0.9% 39 0.8% 17,231 5.1% 237 5.0% 7,325 2.1% 71 1.5% 19,968 5.9% 364 7.6% 339,508$ 100.0% 4,780 100.0% Supplemental Information - Q4 2020 24 Vacant Columbia Property Trust, Inc. Lease Expiration Schedule Year 2032 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2033 2034 2035+ Total NOTE: Expirations that have been renewed are reflected above based on the renewal expiration date. 8.4% 6.6% 10.6% 6.5% 15.5% 12.6% 3.9% 2.4% 5.5% 13.0% 1.0% 0.9% 5.1% 2.1% 5.9% 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 Q1 2021 29 2,220 76.55 30 2,440 81.33 32 1,881 58.78 Q2 2021 - - - 1 99 99.00 3 236 78.67 Q3 2021 174 6,643 38.18 86 8,181 95.13 35 3,101 88.60 Q4 2021 - - - 9 984 109.33 25 1,413 56.52 Total - 2021 203 8,863 43.66 126 11,704 92.89 95 6,631 69.80 Q1 2022 - - - 4 399 99.75 18 1,505 83.61 Q2 2022 32 2,538 79.31 15 1,290 86.00 14 1,026 73.29 Q3 2022 51 4,181 81.98 20 1,974 98.70 11 702 63.82 Q4 2022 - - - 14 1,196 85.43 60 3,338 55.63 Total - 2022 83 6,719 80.95 53 4,859 91.68 103 6,571 63.80 76 6,149 80.91 203 20,250 99.75 77 5,268 68.42 36 4,095 113.75 153 14,487 94.69 31 2,404 77.55 336 28,469 84.73 165 15,191 92.07 126 7,893 62.64 1,289 96,840 75.13 739 45,115 61.05 414 31,939 77.15 Total 2,023 151,135$ 74.71$ 1,439 111,606$ 77.56$ 846 60,706$ 71.76$ Current Per Current Per Period ALR (2) SF ALR (2) SF Q1 2021 - - - 91 6,541 71.88 Q2 2021 5 260 52.00 9 595 66.11 Q3 2021 11 583 53.00 306 18,508 60.48 Q4 2021 11 525 47.73 45 2,922 64.93 Total - 2021 27 1,368 50.67 451 28,566 63.34 Q1 2022 20 1,174 58.70 42 3,078 73.29 Q2 2022 29 1,538 53.03 90 6,392 71.02 Q3 2022 21 1,177 56.05 103 8,034 78.00 Q4 2022 4 292 73.00 78 4,826 61.87 Total - 2022 74 4,181 56.50 313 22,330 71.34 70 4,181 59.73 426 35,848 84.15 17 1,025 60.29 237 22,011 92.87 16 937 58.56 643 52,490 81.63 59 4,369 74.05 2,501 178,263 71.28 Total 263 16,061$ 61.07$ 4,571 339,508$ 74.27$ (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 - Q4 2020 25 Thereafter SFSF SF All Markets 2023 2024 2025 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


 
Unaudited (SF & $ in thousands) (at 12/31/2020) 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 20,671$ 6.1% 230 5.0% 9.0 Pershing LLC A 1 18,797 5.5% 471 10.3% 10.9 Yahoo! / Verizon Corporate Services BBB+ 1 16,283 4.8% 193 4.2% 4.5 Wells Fargo Bank N.A. A+ 3 15,779 4.7% 371 8.1% 5.5 Snap Inc. Not Rated 1 12,655 3.7% 154 3.4% 12.0 Amazon AA- 2 9,668 2.8% 88 1.9% 5.2 DLA Piper US, LLP Not Rated 1 7,838 2.3% 65 1.4% 2.5 DocuSign, Inc. Not Rated 1 7,720 2.3% 84 1.9% 3.6 Affirm, Inc. Not Rated 1 7,207 2.1% 89 2.0% 5.3 WeWork Companies Inc. CCC+ 2 7,124 2.1% 129 2.8% 10.2 Room & Board Not Rated 1 6,090 1.8% 60 1.3% 13.8 Quality Technology Services BB- 1 5,456 1.6% 128 2.8% 5.7 Pitchbook Not Rated 1 4,863 1.4% 51 1.1% 9.1 Gemini Trust Company, LLC Not Rated 1 4,856 1.4% 51 1.1% 8.4 BDG Media, Inc. Not Rated 1 4,568 1.4% 51 1.1% 7.8 ORC International Not Rated 1 4,365 1.3% 57 1.3% 4.5 Oracle America, Inc. A+ 1 4,181 1.2% 51 1.1% 1.5 Red Bull North America Not Rated 1 3,597 1.1% 42 0.9% 8.9 Edison Electric Institute Not Rated 1 3,512 1.0% 40 0.9% 9.5 Equinox Not Rated 1 3,300 1.0% 44 1.0% 16.3 Subtotal - Top 20 168,530$ 49.6% 2,449 53.6% 7.7 All other 170,978 50.4% 2,122 46.4% 4.4 Total 339,508$ 100.0% 4,571 100.0% 6.0 (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 - Q4 2020 26 Columbia Property Trust, Inc. Top 20 Tenants & Tenant Industry Profile 30% 13% 8%8% 5% 4% 4% 2% 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% Lindbergh Center (retail) Atlanta, GA 10/24/2018 100% 23,000 146,419 157 91.4% Total - Acquisitions (excluding Joint Ventures) 261,900$ 398,602 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 TBD New York, NY 12/2/2019 92.5% 205,500 235,000 TBD 799 Broadway New York, NY 10/3/2018 49.7% 145,500 182,000 2021 Total - Joint Ventures (Development) 1,439,500$ 1,647,000 Supplemental Information - Q4 2020 27 101 Franklin Street (f/k/a 250 Church Street) Terminal Warehouse Columbia Property Trust, Inc. Transaction Activity (1/1/18 - 2/18/21) - 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% 222 East 41st Street New York, NY 5/29/2018 100% 332,500 389,522 854 100.0% Total - Dispositions (excluding Joint Ventures) 1,005,000$ 3,291,010 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% University Circle San Francisco, CA 45% / 55% 540,000 451,287 1,197 100.0% 333 Market Street San Francisco, CA 45% / 55% 500,000 657,114 761 100.0% Subtotal (2 Property Portfolio) 7/6/2017 & 2/1/2018 (1) 1,040,000 1,108,401 938 100.0% Total - Joint Ventures 1,440,000$ 1,492,283 Supplemental Information - Q4 2020 28 (1) A 22.5% ownership interest in both properties was sold within the Allianz joint venture on July 6, 2017 with an additional 22.5% ownership interest sold on February 1, 2018. Columbia Property Trust, Inc. Transaction Activity (1/1/18 - 2/18/21) - Dispositions Property Name Property Contributed to Joint Venture


 
Unaudited ($ in thousands) CXP Approximate Estimated Equity Estimated Debt Estimated Estimated Project / Ownership Square Project Initial % Balance at Total Balance at Total Total Location Share (1) Feet Start Occupancy Leased 12/31/20 Equity 12/31/20 Debt Investment 100% 121,000 Q4 2017 TBD 0% 118,687$ TBD -$ -$ TBD 49.7% 182,000 Q4 2018 Q4 2021 0% 49,831$ 58,603$ 69,786$ 92,939$ 151,542$ 100% 105,000 Q2 2020 Q2 2022 57% 22,936$ 95,800$ -$ -$ 95,800$ 92.5% 235,000 TBD TBD 0% 209,477$ TBD -$ TBD TBD 8.65% 1,230,000 TBD TBD 0% 44,379$ TBD 55,690$ TBD TBD Supplemental Information - Q4 2020 29 (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 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 CXP Share Development Projects 80 M Street Vertical Expansion Washington, D.C.


 
Unaudited (in thousands, except per-share amounts) 12/31/2020 12/31/2019 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Net income (loss) attributable to CXP stockholders 115,710$ 9,197$ 98,968$ 5,367$ 5,085$ 6,290$ (21,777)$ Depreciation 68,454 78,292 15,367 17,378 17,379 18,330 18,780 Amortization 30,578 27,908 6,868 9,584 7,405 6,721 5,856 54,371 50,617 15,295 12,795 13,484 12,797 12,613 Gain on sale of real estate assets (188,633) (42,030) (175,272) - (17) (13,344) - Impairment loss on real estate assets - 43,941 - - - - 20,577 FFO 80,480$ 167,925$ (38,774)$ 45,124$ 43,336$ 30,794$ 36,049$ - 124 - 9 4 (13) 1 Acquisition and restructuring costs 19,004 6,398 6,174 391 358 12,081 3,961 Non-cash compensation expense - OP units 11,893 - 3,190 3,190 3,155 2,358 - (528) (126) (136) (134) (130) (128) (126) Impairment loss on goodwill 63,806 - 63,806 - - - - 3,226 - 2,838 191 126 71 - Normalized FFO 177,881$ 174,321$ 37,098$ 48,771$ 46,849$ 45,163$ 39,885$ Normalized FFO per share/unit (Basic) 1.52$ 1.50$ 0.32$ 0.42$ 0.40$ 0.39$ 0.35$ Normalized FFO per share/unit (Diluted) 1.52$ 1.50$ 0.32$ 0.42$ 0.40$ 0.39$ 0.34$ 117,319 116,261 117,190 117,189 117,167 116,910 115,557 117,107 116,458 117,213 117,189 117,167 116,925 115,802 Unaudited (in thousands, except per-share amounts) 12/31/2020 12/31/2019 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Net Cash Provided by Operating Activities 104,420$ 137,443$ 24,390$ 35,655$ 28,228$ 16,147$ 33,379$ 53,484 48,618 15,309 12,127 12,923 13,125 12,013 Distributions from unconsolidated joint ventures (26,445) (27,977) (7,363) (5,044) (7,042) (6,996) (7,376) Net changes in operating assets and liabilities 19,292 (7,983) 3,925 (801) 9,276 6,892 (6,192) Non-cash compensation expense in acquisition costs (3,247) - (2,935) (1) (1) (310) - Acquisition and restructuring costs 19,004 6,398 6,174 391 358 12,081 3,961 (700) - (121) (192) (227) (160) - Maintenance capital (1) (2) (19,348) (52,221) (5,824) (3,194) (2,138) (8,192) (33,205) AFFO 146,460$ 104,278$ 33,555$ 38,941$ 41,377$ 32,587$ 2,580$ 117,319 116,261 117,190 117,189 117,167 116,910 115,557 117,107 116,458 117,213 117,189 117,167 116,925 115,802 Supplemental Information - Q4 2020 30 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) Twelve Months Ended Three Months Ended Adjustments included in income (loss) from unconsolidated joint ventures Market value adjustment to investment in Real Estate Funds Weighted-average common shares/units outstanding - Basic Columbia Property Trust, Inc. Reconciliation of Net Income to Normalized Funds From Operations (NFFO) Twelve Months Ended 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


 
Unaudited (in thousands) 12/31/2020 12/31/2019 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Net Operating Income (based on GAAP rents) 246,193$ 257,034$ 50,462$ 67,366$ 65,356$ 63,009$ 60,634$ Straight-line rental income, net (wholly-owned) (6,926) (12,395) 3,577 (5,045) (2,183) (3,275) (2,723) Straight-line rental income, net (joint venture) 2,963 1,257 1,045 516 843 559 404 (6,608) (4,362) (2,105) (1,722) (1,390) (1,391) (1,002) (11,281) (9,787) (2,735) (2,951) (3,044) (2,551) (2,435) Net Operating Income (based on cash rents) 224,341$ 231,747$ 50,244$ 58,164$ 59,582$ 56,351$ 54,878$ Unaudited (in thousands) 12/31/2020 12/31/2019 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 FFO 80,480$ 167,925$ (38,774)$ 45,124$ 43,336$ 30,794$ 36,049$ - 124 - 9 4 (13) 1 (528) (126) (136) (134) (130) (128) (126) 3,226 - 2,838 191 126 71 - Acquisition and restructuring costs 19,004 6,398 6,174 391 358 12,081 3,961 Impairment loss on goodwill 63,806 - 63,806 - - - - Non-cash compensation expense - OP units 11,893 - 3,190 3,190 3,155 2,358 - Normalized FFO 177,881$ 174,321$ 37,098$ 48,771$ 46,849$ 45,163$ 39,885$ Above/below market lease amortization, net (6,608) (4,362) (2,105) (1,722) (1,390) (1,391) (1,002) Straight-line rental income, net (6,926) (13,230) 3,577 (5,045) (2,183) (3,275) (2,723) Non-cash compensation expense - stock 8,549 6,622 2,282 2,197 2,081 1,989 1,445 Non-cash interest expense 2,572 2,562 643 643 643 643 640 Non-cash operating lease expense - G&A (129) 720 (32) (30) (30) (37) (29) (9,531) (10,134) (2,084) (2,679) (2,455) (2,313) (2,431) Total other non-cash adjustments (12,073) (17,822) 2,281 (6,636) (3,334) (4,384) (4,100) Maintenance capital (1) (2) (19,348) (52,221) (5,824) (3,194) (2,138) (8,192) (33,205) AFFO 146,460$ 104,278$ 33,555$ 38,941$ 41,377$ 32,587$ 2,580$ 117,319 116,261 117,190 117,189 117,167 116,910 115,557 117,107 116,458 117,213 117,189 117,167 116,925 115,802 Supplemental Information - Q4 2020 31 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 Twelve Months Ended 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 Above/below market lease amortization, net (joint venture) Columbia Property Trust, Inc. Reconciliation of Net Operating Income (based on GAAP rents) to Net Operating Income (based on cash rents) Twelve Months Ended Three Months Ended Above/below market lease amortization, net (wholly-owned)


 
Unaudited (in thousands) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Net income (loss) attributable to CXP stockholders 98,968$ 5,367$ 5,085$ 6,290$ (21,777)$ Interest expense (net) 8,323 9,415 9,449 9,553 9,717 Income tax expense (760) 383 (185) (2,243) 3 Depreciation 15,367 17,378 17,379 18,330 18,780 Amortization 6,868 9,584 7,405 6,721 5,856 16,996 15,140 15,704 14,661 14,274 EBITDA 145,762$ 57,267$ 54,837$ 53,312$ 26,853$ Gain on sale of real estate assets (175,272) - (17) (13,344) - Impairment loss on real estate assets - - - - 20,577 EBITDAre (29,510)$ 57,267$ 54,820$ 39,968$ 47,430$ Acquisition and restructuring costs 6,174 391 358 12,081 3,961 Non-cash compensation expense - OP units 3,190 3,190 3,155 2,358 - Impairment loss on goodwill 63,806 - - - - (136) (134) (130) (128) (126) 2,838 191 126 71 - Adjusted EBITDAre 46,362$ 60,905$ 58,329$ 54,350$ 51,265$ Management fee revenues (10,127) (9,632) (10,447) (8,240) (1,863) Management fee revenues - unconsolidated (1) (545) (809) (514) (342) - General and administrative 6,405 8,325 7,964 9,424 9,072 Management fee expense 7,522 7,785 9,231 6,945 1,081 Straight line rental income (net) 3,577 (5,045) (2,183) (3,275) (2,723) Above/below market lease amortization, net (2,105) (1,722) (1,390) (1,391) (1,002) Market value adjustment to investment in Real Estate Funds 121 192 227 160 - (966) (1,835) (1,635) (1,280) (952) Net Operating Income (based on cash rents) 50,244$ 58,164$ 59,582$ 56,351$ 54,878$ (18,022) (17,136) (18,468) (18,552) (17,686) Less Net Operating Income from: Acquisitions / Development (3), (4) (2,634) (9,082) (2,532) (2,367) (509) Dispositions (5) (182) (2,084) (2,310) (4,112) (7,266) 29,406$ 29,862$ 36,272$ 31,320$ 29,417$ Supplemental Information - Q4 2020 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) Reflects activity for the following property acquired since October 1, 2019, for all periods presented: 201 California Street (12/9/19). 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 properties sold since October 1, 2019, 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%). Adjustments included in net income attributable to non-controlling interest in the Operating Partnership


 
Unaudited (in thousands) 12/31/2020 12/31/2019 Net income (loss) attributable to CXP stockholders 115,710$ 9,197$ Interest expense (net) 36,740 42,997 Income tax expense (2,805) 21 Depreciation 68,454 78,292 Amortization 30,578 27,908 62,501 57,334 EBITDA 311,178$ 215,749$ Gain on sale of real estate assets (188,633) (42,030) Impairment loss on real estate assets - 43,941 EBITDAre 122,545$ 217,660$ Acquisition and restructuring costs 19,004 6,398 Non-cash compensation expense - OP units 11,893 - Impairment loss on goodwill 63,806 - (528) (126) 3,226 - Adjusted EBITDAre 219,946$ 223,932$ Management fee revenues (38,446) (7,544) Management fee revenues - unconsolidated (1) (2,210) - General and administrative 32,118 32,779 Management fee expense 31,483 3,567 Straight line rental income (net) (6,926) (12,395) Above/below market lease amortization, net (6,608) (4,362) 700 - (5,716) (4,230) Net Operating Income (based on cash rents) 224,341$ 231,747$ (72,178) (70,626) Less Net Operating Income from: Acquisitions / Development (3), (4) (16,615) (258) Dispositions (5) (8,688) (48,399) 126,860$ 112,464$ Supplemental Information - Q4 2020 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, 2019, for all periods presented: 221 Main Street (45% share), Pasadena Corporate Park, Cranberry Woods Drive, Lindbergh Center, and One & Three Glenlake. 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 (6) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented. Twelve 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). (3) Reflects activity for the following property acquired since January 1, 2019, for all periods presented: 201 California Street (12/9/19). 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) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Net income (loss) attributable to CXP stockholders 98,968$ 5,367$ 5,085$ 6,290$ (21,777)$ Interest expense (net) 8,323 9,415 9,449 9,553 9,717 Income tax expense (760) 383 (185) (2,243) 3 Depreciation 15,367 17,378 17,379 18,330 18,780 Amortization 6,868 9,584 7,405 6,721 5,856 16,996 15,140 15,704 14,661 14,274 EBITDA 145,762$ 57,267$ 54,837$ 53,312$ 26,853$ Gain on sale of real estate assets (175,272) - (17) (13,344) - Impairment loss on real estate assets - - - - 20,577 EBITDAre (29,510)$ 57,267$ 54,820$ 39,968$ 47,430$ Acquisition and restructuring costs 6,174 391 358 12,081 3,961 Non-cash compensation expense - OP units 3,190 3,190 3,155 2,358 - Impairment loss on goodwill 63,806 - - - - (136) (134) (130) (128) (126) 2,838 191 126 71 - Adjusted EBITDAre 46,362$ 60,905$ 58,329$ 54,350$ 51,265$ Management fee revenues (10,127) (9,632) (10,447) (8,240) (1,863) Management fee revenues - unconsolidated (1) (545) (809) (514) (342) - General and administrative 6,405 8,325 7,964 9,424 9,072 Management fee expense 7,522 7,785 9,231 6,945 1,081 Market value adjustment to investment in Real Estate Funds 121 192 227 160 - 724 600 566 712 1,079 Net Operating Income (based on GAAP rents) 50,462$ 67,366$ 65,356$ 63,009$ 60,634$ (18,761) (19,297) (20,013) (20,607) (20,141) Less Net Operating Income from: Acquisitions / Development (3), (4) (4,505) (10,467) (4,113) (3,612) (777) Dispositions (5) (189) (2,407) (2,274) (4,008) (7,534) 27,007$ 35,195$ 38,956$ 34,782$ 32,182$ (2) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 19). Supplemental Information - Q4 2020 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%). (3) Reflects activity for the following property acquired since October 1, 2019, for all periods presented: 201 California Street (12/9/19). (5) Reflects activity for the following properties sold since October 1, 2019, for all periods presented: 221 Main Street (45% share), Pasadena Corporate Park, and Cranberry Woods Drive. 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.


 
Unaudited (in thousands) 12/31/2020 12/31/2019 Net income (loss) attributable to CXP stockholders 115,710$ 9,197$ Interest expense (net) 36,740 42,997 Income tax expense (2,805) 21 Depreciation 68,454 78,292 Amortization 30,578 27,908 62,501 57,334 EBITDA 311,178$ 215,749$ Gain on sale of real estate assets (188,633) (42,030) Impairment loss on real estate assets - 43,941 EBITDAre 122,545$ 217,660$ Acquisition and restructuring costs 19,004 6,398 Non-cash compensation expense - OP units 11,893 - Impairment loss on goodwill 63,806 - (528) (126) 3,226 - Adjusted EBITDAre 219,946$ 223,932$ Management fee revenues (38,446) (7,544) Management fee revenues - unconsolidated (1) (2,210) - 32,118 32,779 31,483 3,567 700 - 2,602 4,300 Net Operating Income (based on GAAP rents) 246,193$ 257,034$ (78,678) (80,156) Less Net Operating Income from: Acquisitions / Development (3), (4) (22,697) (526) Dispositions (5) (8,878) (48,384) - 135,940$ 127,968$ Supplemental Information - Q4 2020 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 (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). (3) Reflects activity for the following property acquired since January 1, 2019, for all periods presented: 201 California Street (12/9/19). (5) Reflects activity for the following properties sold since January 1, 2019, for all periods presented: 221 Main Street (45% share), Pasadena Corporate Park, Cranberry Woods Drive, Lindbergh Center, and One & Three Glenlake. 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 - Q4 2020 36 EBITDA: EBITDA is defined as net income before interest, taxes, depreciation and amortization. We believe EBITDA is a reasonable measure of our liquidity. EBITDA is a non-GAAP financial measure and should not be viewed as an alternative measurement of cash flows from operating activities or other GAAP basis liquidity measures. Other REITs may calculate EBITDA differently and our calculation should not be compared to that of other REITs. Columbia Property Trust, Inc. Definitions - Non-GAAP Financial Measures Included in this supplemental report are non-GAAP financial measures, which are accompanied by what we consider the most directly comparable financial measures calculated and presented in accordance with GAAP. These measures include earnings (or components of earnings), as defined, from both continuing operations and discontinued operations. A description of the non-GAAP financial measures we present and a statement of the reasons why management believes the non-GAAP measures provide useful information to investors about the company's financial condition and results of operations can be found below. Adjusted Funds From Operations (“AFFO”): AFFO is calculated by adjusting Cash Flow from Operations to exclude (i) changes in assets and liabilities resulting from timing differences 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. AFFO is a non-GAAP financial measure and should not be viewed as an alternative measurement of our operating performance to net cash flows from operating activities or net income. Adjusted EBITDAre : Adjusted EBITDAre is defined as EBITDAre plus (minus) losses and gains on early extinguishment of debt, plus (minus) losses and gains from interest rate swaps. EBITDAre : EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures. Annualized Lease Revenue (“ALR”): ALR is the sum of (i) annualized rental payments (defined as base rent plus operating expense reimbursements, excluding rental abatements) for executed and commenced leases as well as leases executed but not yet commenced for vacant space, and (ii) annualized parking revenues, payable either under the terms of an executed lease or vendor contract. ALR excludes rental payments for executed leases that have not yet commenced for space covered by an existing lease. Maintenance Capital: Capital expenditures incurred to maintain the building structure and functionality, and to lease space at our properties in their current condition. Maintenance capital excludes capital for recent acquisitions and first generation leasing. Investment Capital: Capital expenditures incurred to lease space to first generation tenants; to lease space that has been vacant for more than one year; to expand or repurpose building functionality in our existing portfolio; and to bring properties up to our ownership standards. We establish our ownership standards based on Class A office property characteristics typical for the respective local market, including level of finishes, systems, accessibility, and defined market presence. All costs incurred within 36 months of acquisition are considered Investment Capital. Funds From Operations (“FFO”): FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), represents net income (computed in accordance with GAAP), plus depreciation of real estate assets and amortization of lease-related costs, excluding gains (losses) on sales of real estate and impairment losses on real estate assets. The Company computes FFO in accordance with NAREIT's definition, which may differ from the methodology for calculating FFO, or similarly titled measures, used by other companies and this may not be comparable to those presentations. We consider FFO an appropriate supplemental performance measure given its wide use by and relevance to investors and analysts. FFO, reflecting the assumption that real estate asset values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets, which assume that the value of real estate diminishes predictably over time. Normalized FFO: We calculate Normalized FFO by starting with FFO, as defined by NAREIT, and adjusting for certain items that are not reflective of our core operations, including: (i) losses and gains on interest rate swaps and (ii) losses and gains on early extinguishment of debt. Such items create significant earnings volatility. We believe Normalized FFO provides a meaningful measure of our operating performance and more predictability regarding future earnings potential. Normalized FFO is a non-GAAP financial measure and should not be viewed as an alternative measurement of our operating performance to net income; therefore, it should not be compared to other REITs' equivalent to Normalized FFO. Net Operating Income (based on cash rents) (“NOI - cash rents”): NOI - cash rents is defined as Adjusted EBITDA adjusted for (i) portfolio general and administrative expense, (ii) interest rate swap valuation adjustments, (iii) interest expense associated with interest rates swaps, (iv) non-cash property operations, (v) straight-line rental income, and (vi) net effect of above/(below) market lease amortization. The company uses this measure to assess its operating results and believes it is important in assessing operating performance. NOI - cash rents is a non-GAAP measure which does not have any standard meaning prescribed by GAAP and therefore may not be comparable to similar measures presented by other companies. Net Operating Income (based on GAAP rents) (“NOI - GAAP rents”): NOI - GAAP rents is defined as Adjusted EBITDA adjusted for (i) portfolio general and administrative expense, (ii) interest rate swap valuation adjustments, and (iii) interest expense associated with interest rates swaps. The company uses this measure to assess its operating results and believes it is important in assessing operating performance. NOI - GAAP rents is a non-GAAP measure which does not have any standard meaning prescribed by GAAP and therefore may not be comparable to similar measures presented by other companies. Same Store Net Operating Income (“Same Store NOI”): Same Store NOI is calculated as the NOI attributable to the properties continuously owned and operating for the entirety of the reporting periods presented. We believe Same Store NOI is an important measure of comparison of our stabilized properties’ operating performance. Other REITs may calculate Same Store NOI differently and our calculation should not be compared to that of other REITs. Definitions - Other