Columbia Property Trust Releases Fourth Quarter and Full Year 2020 Results and Provides 2021 Guidance
Columbia Property Trust, Inc. (NYSE: CXP) released its financial results for 2020, reporting a portfolio leased rate of 95.6% as of December 31, 2020. The company has leased an additional 59,000 square feet in 2021, including significant leases in San Francisco, achieving double-digit cash rent increases. However, it recognized an $8.1 million charge against lease revenues in Q4 due to moving retail tenants to cash-basis revenue recognition. The firm also reported a $175.3 million gain from selling a 45% interest in a joint venture, using proceeds to reduce debt.
- Portfolio leased rate of 95.6% as of December 31, 2020.
- Leased an additional 59,000 square feet in 2021, including 47,000 in San Francisco at double-digit cash rent spreads.
- Total rent collections at 97.9% for Q4 2020.
- Recognized a gain of $175.3 million from selling a 45% interest in a joint venture.
- Recognized an $8.1 million charge against lease revenues in Q4 2020.
Columbia Property Trust, Inc. (NYSE: CXP) has released its quarterly update and financial results for the quarterly and annual periods ending December 31, 2020, by posting its 2020 Form 10-K and Fourth Quarter 2020 Supplemental Information package to the Investor Relations section of its website.
Full results and additional information on the recent highlights summarized below can be found in the Supplemental Information package:
- Provides financial results for 2020 consistent with previous guidance;
- Provides 2021 full year guidance ranges;
-
As of December 31, 2020, portfolio was
95.6% leased; - Since the start of 2021, have leased an additional 59,000 square feet, including 47,000 square feet in the San Francisco market at double-digit positive cash rent releasing spreads;
-
In the fourth quarter, recognized a one-time,
$8.1 million charge against lease revenues, of which$7.2 million is a result of moving several retail tenants to cash-basis revenue recognition; -
Total rent collections stood at
97.9% for the fourth quarter, with deferral agreements executed on another0.7% ; and -
Recognized a gain of
$175.3 million on the sale to Allianz of a45% interest in the 221 Main Street joint venture, and used proceeds from the sale to pay down our line of credit.
Direct link to the Supplemental Information Package:
https://ir.columbia.reit/files/doc_financials/2020/q4/CXP-FSP-Q4-2020-FINAL.pdf
To access the Form 10-K, please visit: https://ir.columbia.reit/financials/sec-filings/
As previously announced, the Company will host a live conference call and audio webcast later today at 5:00 p.m. ET. The number to call to participate in the interactive teleconference is (825) 312-2053 (U.S. and international) – (Conference ID: 4897565). To access the live webcast, interested parties may go to the Investor Relations section of Columbia’s website at least fifteen minutes prior to the start time of the call in order to register and to download and install any necessary audio software.
Direct link to the Conference Call Webcast:
https://event.on24.com/wcc/r/2937503/79A63C272EF6CAE9BDE897EC8FB54217
A replay of the conference call will be available online in the Investor Relations section of the Company’s website at https://ir.columbia.reit shortly after the call and archived for approximately twelve months.
About Columbia Property Trust
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 properties that contain approximately six million rentable square feet, as well as four properties under development, and also has more than eight 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.
Forward-Looking Statements:
Certain statements in this press release, including statements regarding future business operations, may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. Our actual results may differ materially from projections. For a discussion of some of the risks and uncertainties that could cause actual results to differ materially from those presented in our forward-looking statements, see Columbia Property Trust’s filings with the Securities and Exchange Commission, including the most recent annual report on Form 10-K. We caution readers not to place undue reliance on these forward-looking statements, which are based on current expectations and speak as of the date of such statements. We make no representations or warranties (express or implied) about the accuracy of, nor do we intend to publicly update or revise any such forward-looking statements contained herein, whether as a result of new information, future events, or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210218005918/en/
FAQ
What were Columbia Property Trust's Q4 2020 financial results?
What is the latest leasing activity for CXP in 2021?
Did Columbia Property Trust recognize any charges in Q4 2020?
What gain did Columbia Property Trust achieve recently?
What is Columbia Property Trust's portfolio size?
