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Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended March 31, 2021
or
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from ______ to ______
Commission file number 001-36113
COLUMBIA PROPERTY TRUST, INC.
(Exact name of registrant as specified in its charter)
  __________________________________
Maryland20-0068852
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)

315 Park Avenue South, New York, New York 10010
(Address of principal executive offices) (Zip Code)

(212) 687-0800
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Common StockCXPNYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☒  No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act (check one).
Large accelerated filerAccelerated filer
Non-accelerated filer
☐ (Do not check if a smaller reporting company)
Smaller reporting company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  ☒

Number of shares outstanding of the registrant's
only class of common stock, as of April 23, 2021: 114,869,125 shares



Table of Contents


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




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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this quarterly report on Form 10-Q ("Form 10-Q") of Columbia Property Trust, Inc. ("Columbia Property Trust," "we," "our," or "us"), other than historical facts may constitute "forward-looking statements" within the meaning of the Private Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Columbia Property Trust intends for all such forward-looking statements presented in this Form 10-Q, or that management may make orally or in writing from time to time, to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts.
Such statements in this Form 10-Q include, among other things, information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, plans, strategies, prospects, and objectives. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. As forward-looking statements, these statements are subject to certain risks and uncertainties, including known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. These risks, uncertainties, and other factors include, without limitation:
risks affecting the real estate industry and the office sector, in particular (such as the inability to enter into new leases, dependence on tenants' financial condition, and competition from other owners of real estate);
risks relating to lease terminations, lease defaults, or changes in the financial condition of our tenants, particularly by a significant tenant;
risks relating to our ability to maintain and increase property occupancy rates and rental rates;
adverse economic or real estate market developments in our target markets;
the risks of pandemics or other public health emergencies, including the continued spread and impact of, and the governmental and third-party response to, the COVID-19 pandemic;
the impact of social distancing, shelter-in-place, border closings, travel restrictions, remote work trends, and similar governmental and private measures taken to combat the spread of COVID-19;
future developments involving our strategic alternatives review process, as well as costs, expenses and disruption associated with such strategic alternatives review process;
our receipt of an unsolicited, non-binding proposal from Arkhouse Partners LLC (together with its affiliates, “Arkhouse”), AS8888 LLC, an entity of The Sapir Organization (“Sapir”) and 8F Investment Partners Pte. Ltd ("8F") to acquire the Company and the costs, expenses and disruption associated with such proposal;
risks relating to the use of debt to fund acquisitions;
availability and terms of financing;
ability to refinance indebtedness as it comes due;
sensitivity of our operations and financing arrangements to fluctuations in interest rates;
reductions in asset valuations and related impairment charges;
risks relating to construction, development, and redevelopment activities;
risks associated with joint ventures, including disagreements with, or misconduct by, joint venture partners;
risks relating to repositioning our portfolio;
risks relating to reduced demand for, or oversupply of, office space in our markets, including increased sublease availabilities;
risks relating to acquisition and disposition activities;
ability to successfully integrate our operations and employees in connection with the acquisition of Normandy Real Estate Management, LLC ("Normandy");
ability to realize anticipated benefits and synergies of the acquisition of Normandy;
risks associated with our ability to continue to qualify as a real estate investment trust;
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
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risks associated with our dependence on key personnel whose continued service is not guaranteed.
For further discussion of these and additional risks and uncertainties that may cause actual results to differ from expectation, see Item 1A, Risk Factors, on our Form 10-K for the year ended December 31, 2020 and Part II, Item 1A – Risk Factors, in this Quarterly Report. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurances that our expectations will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this Form 10-Q is filed with the U.S. Securities and Exchange Commission ("SEC"). We do not intend to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
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PART I.FINANCIAL INFORMATION

ITEM 1.CONSOLIDATED FINANCIAL STATEMENTS
The information furnished in the accompanying consolidated balance sheets and related consolidated statements of operations, comprehensive income, equity, and cash flows, reflects all normal and recurring adjustments that are, in management's opinion, necessary for a fair and consistent presentation of the aforementioned financial statements. The accompanying consolidated financial statements should be read in conjunction with the condensed notes to Columbia Property Trust's financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations included in this Form 10-Q, and with audited consolidated financial statements and the related notes for the year ended December 31, 2020. Columbia Property Trust's results of operations for the three months ended March 31, 2021 are not necessarily indicative of the operating results expected for the full year.

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COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per-share amounts)
(Unaudited)
March 31, 2021December 31, 2020
Assets:
Real estate assets, at cost:
Land$809,843 $809,843 
Buildings and improvements, less accumulated depreciation of $318,017 and $303,764, as of March 31, 2021 and December 31, 2020, respectively
1,525,222 1,537,683 
Intangible lease assets, less accumulated amortization of $57,970 and $57,947, as of
March 31, 2021 and December 31, 2020, respectively
43,663 46,075 
Construction in progress99,729 83,943 
Total real estate assets2,478,457 2,477,544 
Operating lease assets38,737 39,165 
Investments in unconsolidated joint ventures1,295,419 1,295,800 
Cash and cash equivalents27,093 61,882 
Tenant receivables 3,320 2,540 
Straight-line rent receivable75,744 74,051 
Prepaid expenses and other assets39,718 42,285 
Intangible lease origination costs, less accumulated amortization of $35,662 and $35,161, as of
March 31, 2021 and December 31, 2020, respectively
20,152 21,451 
Deferred lease costs, less accumulated amortization of $19,737 and $18,669, as of
March 31, 2021 and December 31, 2020, respectively
70,752 71,800 
Total assets$4,049,392 $4,086,518 
Liabilities:
Line of credit and notes payable, net of unamortized deferred financing costs of $1,316 and $1,470, as of March 31, 2021 and December 31, 2020, respectively
$572,684 $558,530 
Bonds payable, net of discounts of $898 and $943 and unamortized deferred financing costs of $2,801 and $2,954, as of March 31, 2021 and December 31, 2020, respectively
696,301 696,103 
Operating lease liabilities1,801 2,185 
Accounts payable, accrued expenses, and accrued capital expenditures82,333 91,493 
Dividends payable 24,038 
Deferred income16,315 16,155 
Intangible lease liabilities, less accumulated amortization of $7,582 and $8,867, as of
March 31, 2021 and December 31, 2020, respectively
13,699 14,420 
Total liabilities1,383,133 1,402,924 
Commitments and Contingencies (Note 7)  
Equity:
Common stock, $0.01 par value, 225,000,000 shares authorized, 114,869,772 and 114,453,379 shares issued and outstanding, as of March 31, 2021 and December 31, 2020, respectively
1,149 1,145 
Additional paid-in capital4,377,157 4,376,116 
Cumulative distributions in excess of earnings(1,773,457)(1,749,811)
Cumulative other comprehensive loss(13,704)(18,201)
Total stockholders' equity attributable to Columbia Property Trust2,591,145 2,609,249 
Noncontrolling interest in Columbia Operating Partnership70,307 69,414 
Noncontrolling interest in consolidated joint venture4,807 4,931 
Total equity2,666,259 2,683,594 
Total liabilities and equity$4,049,392 $4,086,518 
See accompanying notes.

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COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per-share amounts)
(Unaudited)
 Three Months Ended
March 31,
 20212020
Revenues:
Lease revenues$54,309 $68,007 
Management fee revenues10,079 8,240 
Other property income 7 
64,388 76,254 
Expenses:
Property operating costs20,828 22,697 
Depreciation16,531 18,330 
Amortization4,844 6,721 
General and administrative 9,776 11,782 
Strategic review costs2,356  
Management fee expense9,269 6,945 
Acquisition and restructuring costs (Note 3)  12,081 
63,604 78,556 
Other Income (Expense):
Interest expense(7,536)(9,555)
Interest and other expense(239)(158)
Income tax benefit 329 2,243 
Income from unconsolidated joint ventures7,107 2,656 
Gain on sale of real estate assets 13,344 
(339)8,530 
Net income445 6,228 
Less: net income attributable to noncontrolling interest in Columbia Operating Partnership(97)(71)
Less: net loss attributable to noncontrolling interest in consolidated joint venture129 133 
Net income attributable to common stockholders$477 $6,290 
Per-Share Information – Basic:
Net income$0.00 $0.05 
Weighted-average common shares outstanding – basic114,115 114,471 
Per-Share Information – Diluted:
Net income$0.00 $0.05 
Weighted-average common shares outstanding – diluted117,851 114,486 
See accompanying notes.
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COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(Unaudited)
Three Months Ended
March 31,
 20212020
Net income$445 $6,228 
Market value adjustments to interest rate swaps4,624 (19,993)
Comprehensive income (loss) 5,069 (13,765)
Less: market value adjustments to interest rate swaps attributable to noncontrolling interest in Columbia Operating Partnership(127)585 
Less: net income attributable to noncontrolling interest in Columbia Operating Partnership(97)(71)
Less: net loss attributable to noncontrolling interest in consolidated joint venture129 133 
Comprehensive income (loss) attributable to common stockholders$4,974 $(13,118)
See accompanying notes.


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COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2021 (UNAUDITED)
(in thousands, except per-share amounts)

Stockholders' Equity
Common StockAdditional
Paid-In
Capital
Cumulative
Distributions
in Excess of
Earnings
Cumulative
Other
Comprehensive
Income (Loss)
Total
Equity
Noncontrolling Interests
 Columbia Operating PartnershipConsolidated Joint VentureTotal Equity
 SharesAmount
Balance, December 31, 2020
114,453 $1,145 $4,376,116 $(1,749,811)$(18,201)$2,609,249 $69,414 $4,931 $2,683,594 
Issuance of common stock and Operating Partnership Units to directors and employees, and amortized (net of income tax withholdings)417 4 842   846 1,831  2,677 
Repurchases of Operating Partnership Units  199   199 (481) (282)
Distributions to common stockholders and Operating Partnership Unit holders ($0.21 per share/unit)
   (24,123) (24,123)(681) (24,804)
Contributions from noncontrolling interests        5 5 
Distributions to consolidated joint venture partner         
Allocation of net income   477  477 97 (129)445 
Market value adjustment to interest rate swap    4,497 4,497 127  4,624 
Balance, March 31, 2021
114,870 $1,149 $4,377,157 $(1,773,457)$(13,704)$2,591,145 $70,307 $4,807 $2,666,259 

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COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2020 (UNAUDITED)
(in thousands, except per-share amounts)
Stockholders' Equity
Common StockAdditional Paid-In CapitalCumulative Distributions in Excess of EarningsCumulative
Other
Comprehensive
Loss
Total
Equity
Noncontrolling Interests
Columbia Operating PartnershipConsolidated Joint VentureTotal Equity
SharesAmount
Balance, December 31, 2019
115,280 $1,153 $4,392,322 $(1,769,234)$(1,101)$2,623,140 $ $5,477 $2,628,617 
Repurchases of common stock(1,194)(12)(23,264)— — (23,276)— — (23,276)
Issuance of noncontrolling interest in Columbia Operating Partnership— — — — — — 55,306 — 55,306 
Issuance of common stock and Operating Partnership Units to directors and employees, and amortized (net of income tax withholdings)327 3 97 — — 100 2,358 — 2,458 
Contributions from noncontrolling interests — — — — — — — 16 16 
Distributions to common stockholders and Operating Partnership Unit holders ($0.21 per share/unit)
— — — (24,175)— (24,175)(685)— (24,860)
Consolidated joint venture partnership interest acquired through investment in the Real Estate Funds— — — — — — — (109)(109)
Allocation of net income— — — 6,290 — 6,290 71 (133)6,228 
Market value adjustment to interest rate swap— — — — (19,408)(19,408)(585)— (19,993)
Balance, March 31, 2020
114,413 $1,144 $4,369,155 $(1,787,119)$(20,509)$2,562,671 $56,465 $5,251 $2,624,387 

See accompanying notes.
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COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
Three Months Ended March 31,
 20212020
Cash Flows From Operating Activities:
Net income$445 $6,228 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Straight-line rental income(1,907)(3,394)
Lease revenues reversed for doubtful accounts – straight-line rental income213  
Lease revenues reserved for doubtful accounts – tenant receivables1,340 8 
Noncash operating lease expense44 82 
Depreciation16,531 18,330 
Amortization4,335 5,330 
Noncash interest expense643 642 
Gain on sale of real estate assets (13,344)
Income from unconsolidated joint ventures(7,107)(2,656)
Distributions of earnings from unconsolidated joint ventures7,750 6,996 
Market value adjustment to investment in Real Estate Funds239 160 
Stock based compensation expense4,144 4,657 
Changes in assets and liabilities, net of acquisitions and dispositions:
Increase in tenant receivables, net(2,120)(1,710)
Decrease (increase) in prepaid expenses and other assets2,241 (235)
Decrease in accounts payable and accrued expenses(7,710)(4,605)
Decrease (increase) in deferred income160 (342)
Net cash provided by operating activities19,241 16,147 
Cash Flows From Investing Activities:
Net proceeds from the sale of real estate 250,822 
Normandy Acquisition (Note 3) (13,971)
Capital improvement and development costs(16,627)(23,583)
Deferred lease costs paid(297)(3,965)
Investments in unconsolidated joint ventures(8,138)(43,641)
Investments in real estate-related funds(259)(253)
Distributions from unconsolidated joint ventures7,877 6,487 
Net cash provided by (used in) investing activities(17,444)171,896 
Cash Flows From Financing Activities:
Financing costs paid (5)
Proceeds from lines of credit and notes payable14,000 347,000 
Repayments of lines of credit and notes payable (180,000)
Contributions from consolidated joint venture partner5 16 
Distributions paid to stockholders and OP unit holders(48,842)(49,069)
Redemptions of common stock and OP units(1,749)(25,474)
Net cash provided by (used in) financing activities(36,586)92,468 
Net increase (decrease) in cash and cash equivalents(34,789)280,511 
Cash and cash equivalents, beginning of period61,882 12,303 
Cash and cash equivalents, end of period$27,093 $292,814 
See accompanying notes.
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COLUMBIA PROPERTY TRUST, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2021
(unaudited)

1.Organization
Columbia Property Trust, Inc. ("Columbia Property Trust" or "Columbia") (NYSE: CXP) is a Maryland corporation that operates as a real estate investment trust ("REIT") for federal income tax purposes, and owns and operates commercial real estate properties. Columbia Property Trust conducts business primarily through Columbia Property Trust Operating Partnership, L.P. ("Columbia OP"), a Delaware limited partnership in which Columbia Property Trust is the general partner and majority owner (97.3%). Columbia Property Trust acquires, develops, redevelops, owns, leases, and operates real properties directly, through wholly owned subsidiaries, or through joint ventures. Unless otherwise noted herein, references to Columbia Property Trust, the "Company," "we," "us," or "our" herein shall include Columbia Property Trust and all subsidiaries of Columbia Property Trust, direct and indirect.
As of March 31, 2021, Columbia Property Trust owned 15 operating properties and four properties under development or redevelopment, of which 10 were wholly owned and nine were owned through joint ventures, located in New York, San Francisco, Washington, D.C., and Boston. As of March 31, 2021, these operating properties contained 6.2 million rentable square feet and were approximately 94.0% leased. Columbia Property Trust also provides asset and property management services for 8.0 million square feet of office space located primarily in New York, Washington, D.C., and Boston.

2.    Summary of Significant Accounting Policies
Basis of Presentation
The consolidated financial statements of Columbia Property Trust have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by U.S. generally accepted accounting principles ("GAAP") for complete financial statements. In the opinion of management, the statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year's results. For additional information on Columbia Property Trust's unconsolidated joint ventures, which are accounted for using the equity method of accounting, see Note 4, Unconsolidated Joint Ventures. Columbia Property Trust's consolidated financial statements include the accounts of Columbia Property Trust, Columbia OP, and any variable-interest entity in which Columbia Property Trust or Columbia OP is deemed the primary beneficiary. With respect to entities that are not variable interest entities, Columbia Property Trust's consolidated financial statements also include the accounts of any entity in which Columbia Property Trust, Columbia OP, or their subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia OP, or their subsidiaries own a controlling general partnership interest. All intercompany balances and transactions have been eliminated in consolidation. For further information, refer to the financial statements and footnotes included in Columbia Property Trust's Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 Form 10-K").
Fair Value Measurements
Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date, under current market conditions. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability:
Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts.
Level 2 – Assets or liabilities valued based on observable market data for similar instruments.
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Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider.
Real Estate Assets
Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. To determine the appropriate useful life of an asset, Columbia Property Trust considers the period of future benefit of the asset. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows:
Buildings  40 years
Building and site improvements  
5-25 years
Tenant improvements  Shorter of economic life or lease term
Intangible lease assets  Lease term
With respect to development and redevelopment projects, Columbia Property Trust capitalizes construction costs, including hard and soft costs, operating costs and interest expense, as applicable. Interest expense is capitalized on development, redevelopment, and improvement projects funded directly and through its interest in unconsolidated joint ventures. During the three months ended March 31, 2021 and 2020, $2.8 million and $2.6 million, respectively, of interest was capitalized to construction in progress; and during the three months ended March 31, 2021 and 2020, $0.8 million and $0.4 million, respectively, of interest was capitalized to investments in unconsolidated joint ventures. See Note 5., Line of Credit and Notes Payable, for additional information.
Assets Held for Sale
Columbia Property Trust classifies properties as held for sale according to Accounting Standard Codification 360, Accounting for the Impairment or Disposal of Long-Lived Assets ("ASC 360"). According to ASC 360, properties having separately identifiable operations and cash flows are considered held for sale when all of the following criteria are met:
Management, having the authority to approve the action, commits to a plan to sell the property.
The property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property.
An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated.
The property is being actively marketed for sale at a price that is reasonable in relation to its current fair value.
Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
The sale of the property is probable (i.e., typically subject to a binding sale contract with a non-refundable deposit), and transfer of the property is expected to qualify for recognition as a completed sale within one year.
As of March 31, 2021 and December 31, 2020, none of Columbia's properties met the criteria to be classified as held for sale in the accompanying consolidated balance sheets.
Evaluating the Recoverability of Real Estate Assets
Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the net carrying amounts of its real estate and related intangible assets and liabilities, of both operating properties and properties under development or redevelopment, may not be recoverable. When indicators of potential impairment are present that suggest that the net carrying amounts of real estate assets and related intangible assets and liabilities may not be recoverable, Columbia Property Trust assesses the recoverability of these net assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future cash flows expected from the use of the net assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, Columbia Property Trust adjusts the carrying values of the real estate assets and related intangible assets and liabilities to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognizes an impairment loss. At such time that a
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property is required to be classified as held for sale, its net carrying amount is adjusted to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized.
Estimated fair values are calculated based on the following hierarchy of information: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated residual value. Projections of expected future operating cash flows require that Columbia Property Trust estimate future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. Due to the inherent subjectivity of the assumptions used to project future cash flows, estimated fair values may differ from the values that would be realized in market transactions. Certain of Columbia Property Trust's assets may be carried at an amount that exceeds that which could be realized in a current disposition transaction. Columbia Property Trust has determined that the carrying values of its real estate assets and related intangible assets are recoverable as of March 31, 2021.
Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessor
Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of the properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see "Fair Value Measurements" section above for additional detail). As of March 31, 2021 and December 31, 2020, Columbia Property Trust had the following intangible assets and liabilities, arising from in-place leases, excluding amounts held for sale, if applicable (in thousands):
 Intangible Lease AssetsIntangible
Lease
Origination
Costs
Intangible
Below-Market
In-Place Lease
Liabilities
Above-Market
In-Place
Lease Assets
Absorption
Period Costs
March 31, 2021Gross$2,480 $99,153 $55,814 $21,281 
Accumulated Amortization(1,416)(56,554)(35,662)(7,582)
Net$1,064 $42,599 $20,152 $13,699 
December 31, 2020Gross$2,480 $101,542 $56,612 $23,287 
Accumulated Amortization(1,374)(56,573)(35,161)(8,867)
Net$1,106 $44,969 $21,451 $14,420 

Amortization of Intangible Assets and Liabilities Arising From In-Place Leases
For the three months ended March 31, 2021 and 2020, Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands):
 Intangible Lease AssetsIntangible
Lease
Origination
Costs
Intangible
Below-Market
In-Place Lease
Liabilities
Above-Market
In-Place
Lease Assets
Absorption
Period Costs
For the Three Months Ended March 31, 2021$42 $2,369 $1,299 $722 
For the Three Months Ended March 31, 2020$43 $3,700 $1,586 $1,596 
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The net intangible assets and liabilities remaining as of March 31, 2021 will be amortized as follows, excluding amounts held for sale, if applicable (in thousands):
 Intangible Lease AssetsIntangible
Lease
Origination
Costs
Intangible
Below-Market
In-Place Lease
Liabilities
Above-Market
In-Place
Lease Assets
Absorption
Period Costs
For the remainder of 2021$129 $6,594 $3,111 $2,080 
For the years ending December 31:
2022172 7,620 3,335 2,571 
2023172 6,138 2,810 1,995 
2024172 5,333 2,500 1,748 
2025172 3,943 1,849 1,182 
2026109 2,832 1,321 964 
Thereafter138 10,139 5,226 3,159 
$1,064 $42,599 $20,152 $13,699 

Investments in Unconsolidated Joint Ventures
Columbia Property Trust uses the equity method to account for investments that are not wholly owned and: (i) are considered variable interest entities where the Company is not the primary beneficiary, or (ii) in which the Company, along with its co-owners, possesses substantive participation rights, including management selection and termination, and the approval of significant capital and operating decisions. Under the equity method, investments in unconsolidated joint ventures are recorded at cost and adjusted for cash contributions and distributions, and allocations of income or loss.
Investments in Real Estate Funds
Columbia Property Trust holds general partnership interests and limited partnership interests in three real estate funds: Normandy Real Estate Fund III, LP; Normandy Real Estate Fund IV, LP; and Normandy Opportunity Zone Fund, LP (collectively, the "Real Estate Funds"). The Company owns minimal economic interests in the Real Estate Funds (ranging from 2.0% to 2.5%). Significant decision rights are shared between the general partners and limited partners and a general partner can be removed with a majority vote from the limited partners. As a result, Columbia Property Trust accounts for its investments in the Real Estate Funds using the equity method. The Real Estate Funds are subject to the rules of the AICPA Investment Company Guide; as a result, GAAP requires the Company to record its investments in the Real Estate Funds at their respective estimated fair market values. The Company determines the Real Estate Funds' estimated net asset values per share using a discounted cash flow model, which is considered a Level 3 valuation technique (see "Fair Value Measurements" section above). As of March 31, 2021 and December 31, 2020, investments in the Real Estate Funds of approximately $4.2 million and $4.3 million, respectively, are included in prepaid expenses and other assets on the accompanying consolidated balance sheet. For the three months ended March 31, 2021 and 2020, Columbia Property Trust recognized unrealized losses on its investments in Real Estate Funds of approximately $0.2 million, which are recorded as other income (loss) in the accompanying consolidated statements of operations.
Columbia Property Trust has entered into agreements to provide acquisition, disposition, investment management, property management, leasing, and other services to the properties in which the Real Estate Funds own interests. See Note 12, Non-Lease Revenues, for more details. From time to time, Columbia Property Trust may be required to make additional capital contributions to the Real Estate Funds. See Note 7, Commitments and Contingencies, for more details.
Tenant Receivables
Tenant receivables consist of rental and reimbursement billings due from tenants. Tenant receivables are recorded at the original amount earned, which approximates fair value. Management assesses the realizability of tenant receivables on an ongoing basis. When the collectability of tenant receivables is not considered probable, the receivable is written down against lease revenues. During the three months ended March 31, 2021 and 2020, $1,340,000 and $8,000, respectively, of tenant receivables were written down against lease revenues.
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Straight-Line Rent Receivable

Straight-line rent receivable reflects the amount of cumulative adjustments necessary to present rental income on a straight-line basis. Columbia Property Trust recognizes rental revenues on a straight-line basis, ratably over the term of each lease; however, leases often provide for payment terms that differ from the revenue recognized. When the amount of cash billed is less than the amount of revenue recognized, typically early in the lease, straight-line rent receivable is recorded for the difference. The receivable is depleted during periods later in the lease when the amount of cash paid by the tenant is greater than the amount of revenue recognized. When the collection of future rental billings is not considered probable, tenants are moved to "cash basis billings," at which point the corresponding straight-line rent receivable is written-down against lease revenues, and future revenues are recognized upon receipt of payment. During the three months ended March 31, 2021, approximately $0.2 million of straight-line rent receivables were written down against lease revenues.
Interest Rate Swap Agreements
Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate swap transactions for speculative purposes and currently does not have any derivatives that are not designated as hedges; however, certain of its derivatives may, at times, not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps on its consolidated balance sheet either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income (loss). Changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain or loss on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as gain or loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment. As of March 31, 2021, Columbia Property Trust has two interest rate swaps with an aggregate notional value of $450.0 million. The following tables provide additional information related to Columbia Property Trust's interest rate swaps (in thousands):
  Estimated Fair Value as of
Instrument TypeBalance Sheet ClassificationMarch 31,
2021
December 31,
2020
Derivatives Designated as Hedging Instruments:
Interest rate contractsAccounts payable$14,096 $18,720 
Columbia Property Trust applied the provisions of ASC 820 in recording its interest rate swaps at fair value. The fair values of the interest rate swaps, classified under Level 2, were determined using a third-party proprietary model that is based on prevailing market data for contracts with matching durations, current and anticipated London Interbank Offered Rate ("LIBOR") information, and reasonable estimates about relevant future market conditions. Columbia Property Trust has determined that the fair value, as determined by the third party, is reasonable.
 Three Months Ended
March 31,
 20212020
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income (loss)$4,624 $(19,993)
During the periods presented, no hedge ineffectiveness was required to be recognized into earnings on the interest rate swaps that qualified for hedge accounting treatment.
Noncontrolling Interests
Noncontrolling interests represent the portion of equity in consolidated entities that is owned by third parties. Noncontrolling interests are adjusted for cash contributions and distributions, and for earnings. Such earnings are allocated between the Company and noncontrolling interests using the hypothetical liquidation at book value method
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pursuant to the terms of the respective ownership agreements, and are reflected as net income (loss) attributable to noncontrolling interests in the accompanying consolidated statements of operations.
Strategic Review Costs
In the first quarter of 2021, the Company incurred approximately $2.4 million of strategic review and proxy contest costs related to a proxy contest, which was subsequently withdrawn in late April, and the ongoing strategic alternative review process. These costs are expensed as incurred.
Income Taxes
Columbia Property Trust has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code") and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. To the extent that Columbia Property Trust satisfies the distribution requirement but distributes less than 100% of its REIT taxable income, the Company would be subject to federal and state corporate income tax on the undistributed income. Generally, the Company does not incur federal income taxes, other than as described in the following paragraph, because its stockholder distributions typically exceed its taxable income due to noncash expenses such as depreciation. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements.
Columbia Property Trust TRS, LLC; Columbia KCP TRS, LLC; Columbia Development TRS 13, LLC; and Columbia Development TRS 87, LLC (collectively, the "TRS Entities") are subsidiaries of the Company and are organized as Delaware limited liability companies. The TRS Entities, among other things, provide services related to asset and property management, construction and development, and other tenant services that Columbia Property Trust, as a REIT, cannot otherwise provide. The Company has elected to treat the TRS Entities as taxable REIT subsidiaries. Columbia Property Trust may perform certain additional, noncustomary services for tenants of its buildings through the TRS Entities; however, earnings of a TRS entity are subject to federal and state income taxes. In addition, for the Company to continue to qualify as a REIT, Columbia Property Trust must limit its investments in taxable REIT subsidiaries to 20% of the value of the total assets. The TRS Entities' deferred tax assets and liabilities represent temporary differences between the financial reporting basis and the tax basis of assets and liabilities based on the enacted rates expected to be in effect when the temporary differences reverse. If applicable, the Company records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations.
Reclassification
Certain prior-period amounts on the consolidated statement of cash flows have been reclassified to conform with the current-period presentation. With respect to adjustments to reconcile net income to cash provided by operating activities, lease revenues reserved for doubtful accounts – tenant receivables includes amounts previously reported in decrease (increase) in tenant receivables, net.
Recent Accounting Pronouncements
Accounting Standard Update 2021-01, Reference Rate Reform ("ASC 2021-01"), which was issued on and effective as of January 7, 2021, refines the scope of ASC 848, Reference Rate Reform ("ASC 848"), which was codified last year to address the accounting and disclosure impacts of reference rate reform and the anticipated discontinuance of LIBOR. Columbia Property Trust has matched LIBOR-based debt with LIBOR-based interest rate swaps, and has elected to apply the practical expedients provided for in ASC 848 related to (i) probability and (ii) the assessment of the effectiveness for future LIBOR-indexed cash flows, which assume that the debt instrument will use the same index rate as its corresponding interest rate swap, once a new reference rate is established to replace LIBOR. Application of these expedients preserves the effectiveness of the Company's interest rate swaps as cash flow hedges in the event that its debt and interest rate swaps are not amended concurrently to reflect a new reference rate. ASC 2021-01 allows for entities to either apply the practical expedient as Columbia has elected to do, or change its effectiveness approach to a quantitative model as provided for in existing guidance. Columbia Property Trust continues to evaluate the impact of the guidance and may apply other elections as additional reference rate changes occur. ASC 848 and ASU 2021-01 may be
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applied to swaps entered into through December 31, 2022. Neither has had a material impact on Columbia Property Trust's consolidated financial statements or disclosures.

3.     Transactions
Terminal Warehouse Joint Venture Investment
On March 13, 2020, Columbia Property Trust acquired a one-third general partnership interest and limited partnership interests, totaling an 8.65% economic interest, in Terminal Warehouse for $40.0 million. Terminal Warehouse is a 1.2-million-square-foot property located in West Chelsea, New York, that will be fully redeveloped into mixed-use retail and office space (the "Terminal Warehouse Joint Venture"). The Terminal Warehouse Joint Venture has a two-year, interest-only acquisition loan with a total capacity of $650.0 million, and an outstanding balance of $645.5 million as of March 31, 2021. After executing an extension in April 2021, the loan matures on May 24, 2021, with two extension options for a total possible extension period of eight months to January 24, 2022. The Company earns fees from providing management services to the Terminal Warehouse Joint Venture. See Note 4, Unconsolidated Joint Ventures, and Note 12, Non-Lease Revenues, for more detail.
Real Estate Dispositions
During 2020, Columbia Property Trust sold the following properties. Additional information for certain of the disposition transactions is provided below the table. There have been no real estate dispositions in 2021 to date.
PropertyLocationDate% Sold
Sales Price(1)
(in thousands)
Gain (loss) on Sale
(in thousands)
2020
221 Main StreetSan Francisco, CAOctober 8, 202045 %$180,000 $175,271 
Pasadena Corporate ParkLos Angeles, CAMarch 31, 2020100 %$78,000 $(67)
Cranberry Woods DrivePittsburgh, PAJanuary 16, 2020100 %$180,000 $13,428 
(1)Exclusive of transaction costs and price adjustments.

221 Main Street – Partial Sale
On October 8, 2020, Columbia Property Trust contributed 221 Main Street to a joint venture and simultaneously sold a 45.0% interest in this joint venture (the "221 Main Street Joint Venture") for a gross sales price of $180.0 million, exclusive of transaction costs, resulting in a gain on sale of $175.3 million in the fourth quarter of 2020. Following this transaction, Columbia Property Trust owns a 55.0% interest in the 221 Main Street Joint Venture. The proceeds from this transaction were used to pay down the Revolving Credit Facility, as described in Note 5, Line of Credit and Notes Payable, during the fourth quarter of 2020.
Pasadena Corporate Park
On March 31, 2020, Columbia Property Trust closed on the sale of Pasadena Corporate Park for a gross sales price of $78.0 million, exclusive of transaction costs, resulting in a loss on sale of $67,000. Columbia Property Trust recognized an impairment loss of $20.6 million related to this property in the fourth quarter of 2019. At the time of sale, the proceeds from this transaction were held in cash and cash equivalents.
Cranberry Woods Drive
On January 16, 2020, Columbia Property Trust closed on the sale of Cranberry Woods Drive for a gross sales price of $180.0 million, exclusive of transaction costs, resulting in a gain on sale of $13.4 million. The proceeds from this transaction were used to pay down the Revolving Credit Facility, as described in Note 5, Line of Credit and Notes Payable.
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Normandy Acquisition
On January 24, 2020, Columbia Property Trust acquired Normandy Real Estate Management, LLC ("Normandy"), a developer, operator, and investment manager of office and mixed-use assets with a focus on assets in New York, Boston, and Washington, D.C. (the "Normandy Acquisition"). As a result of the Normandy Acquisition, the Company acquired an operating platform, interests in the Real Estate Funds, and contracts to earn fees for providing management services to properties affiliated with the Real Estate Funds (see Note 12, Non-Lease Revenues, for details).
The purchase price, exclusive of adjustments and transaction costs, is comprised of two components: (i) an approximately $14.0 million cash payment, and (ii) the issuance of 3,264,151 Series A Convertible, Perpetual Preferred Units of Columbia OP with a liquidation preference of $26.50 per unit (the "Preferred OP Units"). The Preferred OP Units are convertible for common units of Columbia OP, which are exchangeable into shares of Columbia Property Trust's common stock, subject to certain terms and conditions. As of the closing date of the acquisition, the Preferred OP Units had an estimated fair value of $24.43 per unit. The fair value of the Preferred OP Units was determined using a lattice valuation model, utilizing significant unobservable inputs (Level 3 under the fair value hierarchy described in Note 2, Summary of Significant Accounting Policies). The initial purchase consideration was allocated as follows (in thousands):
January 24, 2020
Goodwill(1)
$63,806 
Prepaid expenses and other assets(2)
7,670 
Cash1,260 
Operating lease assets934 
Investments in unconsolidated joint ventures(3)
419 
Accounts payable, accrued expenses, and accrued capital expenditures(2,881)
Operating lease liabilities(934)
Deferred income(77)
Total initial purchase consideration$70,197 
(1)In the fourth quarter of 2020, in connection with Columbia's annual assessment of the recoverability of goodwill, the Company wrote off this balance by recording an impairment loss of $63.8 million.
(2)Prepaid expenses and other assets includes $3.7 million of investments in Real Estate Funds, as described in Note 2, Summary of Significant Accounting Policies.
(3)Reflects interests in five unconsolidated joint ventures that earn fees for providing management services to properties affiliated with the Real Estate Funds.
For the period from January 24, 2020 through March 31, 2020, Columbia Property Trust recognized additional revenues of $5.2 million and net income, excluding the impact of acquisition costs, of $0.7 million as a result of the Normandy Acquisition. During the three months ended March 31, 2020, Columbia Property Trust incurred $12.1 million of acquisition and restructuring costs related to the Normandy Acquisition.

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4.    Unconsolidated Joint Ventures
As of March 31, 2021 and December 31, 2020, Columbia Property Trust owned interests in the following properties through joint ventures, which are accounted for using the equity method of accounting (in thousands):
Carrying Value of Investment(1)
Joint VentureProperty NameGeographic MarketOwnership InterestMarch 31, 2021December 31, 2020
University Circle Joint VentureUniversity CircleSan Francisco55.00 %$275,867 $276,574 
333 Market Street Joint Venture333 Market StreetSan Francisco55.00 %264,483 265,673 
1800 M Street Joint Venture1800 M StreetWashington, D.C.55.00 %225,888 227,847 
221 Main Street Joint Venture221 Main StreetSan Francisco, CA55.00 %217,057 219,078 
114 Fifth Avenue Joint Venture114 Fifth AvenueNew York49.50 %75,367 74,273 
Market Square Joint VentureMarket SquareWashington, D.C.51.00 %133,726 134,747 
799 Broadway Joint Venture(2)
799 BroadwayNew York, NY49.70 %55,888 53,248 
Terminal Warehouse Joint Venture(2)
Terminal WarehouseNew York, NY8.65 %46,571 43,771 
Real Estate Services Joint Ventures(3)
n/a(3)
n/a(3)
Various(3)
572 589 
$1,295,419 $1,295,800 
(1)Includes basis differences. There are aggregate net differences between the historical costs recorded at the joint venture level, and Columbia Property Trust's investments in unconsolidated joint ventures of $382.1 million and $383.5 million as of March 31, 2021 and December 31, 2020, respectively. Such basis differences result from the timing of each partner's joint venture interest acquisition; and formation costs incurred by Columbia Property Trust. Basis differences are amortized to income (loss) from unconsolidated joint ventures over the lives of the underlying assets or liabilities.
(2)Columbia Property Trust capitalized interest on its investment in the 799 Broadway Joint Venture and the Terminal Warehouse Joint Venture: $0.8 million and $0.3 million during the three months ended March 31, 2021 and 2020, respectively.
(3)Columbia Property Trust owns the following interests in five unconsolidated joint ventures that earn fees for providing real estate management services to properties affiliated with the Real Estate Funds (the "Real Estate Services Joint Ventures"): L&L Normandy Terminal Asset Manager, LLC (67%); L&L Normandy Terminal Development Manager, LLC (50%); L&L Normandy Terminal Property Manager (50%) (collectively, the "Terminal Services Joint Ventures"); WNK Maiden Management (50%); and Maple AB Services, LLC (55%). The Terminal Services Joint Ventures earn fees from providing services to the Terminal Warehouse Joint Venture.
Columbia Property Trust has determined that two of its unconsolidated joint ventures are variable interest entities and the Company is not the primary beneficiary. Therefore, the Company uses the equity method of accounting to record its investment in these joint ventures. For the remaining joint ventures, Columbia Property Trust and its partners have substantive participation rights in the unconsolidated joint ventures, including management selection and termination, and the approval of operating and capital decisions. As such, Columbia Property Trust also uses the equity method of accounting to record its investment in these joint ventures. Under the equity method, investments in unconsolidated joint ventures are recorded at cost and adjusted for cash contributions and distributions, and allocations of income or loss.
Columbia Property Trust evaluates the recoverability of its investments in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing the investment for any indicators of impairment. If indicators are present, Columbia Property Trust estimates the fair value of the investment. If the carrying value of the investment exceeds the estimated fair value, management makes an assessment of whether the deficit is "temporary" or "other-than-temporary," and if "other-than-temporary," reduces the carrying value to reflect the estimated fair value by recording an impairment loss. In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost and (2) Columbia Property Trust's intent and ability to retain its interest long enough for a recovery in market value. Based on the analysis described above, Columbia Property Trust has determined that none of its investments in joint ventures are impaired as of March 31, 2021.
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Condensed Combined Financial Information
Summarized balance sheet information for each of the unconsolidated joint ventures is as follows (in thousands):
Total AssetsTotal Debt
Total Equity(1)
March 31,
2021
December 31, 2020March 31,
2021
December 31, 2020March 31,
2021
December 31, 2020
University Circle Joint Venture$214,280 $213,045 $ $ $208,653 $208,541 
333 Market Street Joint Venture354,835 357,370   341,676 344,103 
1800 M Street Joint Venture421,219 427,602   408,417 411,957 
221 Main Street Joint Venture230,231 229,745   224,523 224,732 
114 Fifth Avenue Joint Venture464,030 462,319   104,567 101,952 
Market Square Joint Venture568,545 577,095 324,881 
(2)
324,868 235,187 237,778 
799 Broadway Joint Venture255,670 246,456 144,116 
(3)
138,930 103,249 99,000