Columbia Property Trust Releases Third Quarter 2020 Results

Rhea-AI Summary

Columbia Property Trust (NYSE: CXP) provided its quarterly update for the period ending September 30, 2020. Key highlights include:

• Net Income per share and Normalized FFO per share aligning with prior full-year guidance.
• Increased guidance metrics.
• 96.3% of the portfolio leased, with total rent collections at 97.6%.
• Extended a prepaid ground lease in Boston to 2119 for $10 million.
• Expanded partnership with Allianz, selling a 45% interest in 221 Main Street for $180 million.

Full results are available in the Supplemental Information package.

Positive

• Net Income per share and Normalized FFO per share align with prior guidance
• Key guidance metrics revised higher
• Portfolio 96.3% leased with total rent collections at 97.6%
• Extended prepaid ground lease for long-term security
• Strategic partnership with Allianz generates $180 million

Negative

• None.

NEW YORK--(BUSINESS WIRE)--Columbia Property Trust, Inc. (NYSE: CXP) has released its quarterly update and financial results for the quarterly period ending September 30, 2020, by posting its Third Quarter Form 10-Q and 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:

• Announces third quarter results, including Net Income per share and Normalized FFO per share, that track favorably with prior full year 2020 guidance;
• Revises certain key guidance metrics higher;
• Portfolio 96.3% leased, with total rent collections at 97.6% for the third quarter and deferral agreements executed on another 1.5%, as the Company continues to monitor the impact of the COVID-19 pandemic on its business, tenants, and the industry as a whole;
• In August, extended the term of the prepaid ground lease at 116 Huntington Avenue in Boston to 99 years, expiring in 2119, for a $10 million payment; and
• In October, expanded partnership with Allianz by contributing 221 Main Street to a joint venture and selling a 45% interest therein to Allianz for $180 million, from which proceeds were used to pay down Columbia’s line of credit.

Direct link to the Supplemental Information Package:
https://s24.q4cdn.com/622792959/files/doc_financials/2020/q3/CXP-FSP-Q3-2020-FINAL.pdf

To access the Form 10-Q, 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: 1149687). 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/2634258/3531E55F0E8D3E6BC61C66FC964823CE

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 seven million rentable square feet, as well as four properties under development, and also has approximately 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.