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Columbia Property Trust has announced a quarterly cash dividend of $0.21 per share for the second quarter of 2021, translating to $0.84 annually. This dividend will be disbursed on June 15, 2021, to shareholders recorded by June 1, 2021. Columbia manages a high-quality portfolio of 15 properties exceeding 6 million rentable square feet and has four properties under development. The company boasts investment-grade ratings from both Moody’s and S&P Global Ratings.
Columbia Property Trust (NYSE: CXP) reported its first-quarter financial results for 2021, highlighting a net income per share and normalized FFO per share. The portfolio was 94.0% leased, with 69,000 square feet leased in the quarter, achieving positive double-digit GAAP and cash rent spreads. Total rent collections reached 97.6%, with a small portion deferred. Additionally, the Board has begun a comprehensive review of the company's strategies, incurring $2.4 million in costs during this process, which has no set deadline or guarantee of outcome.
Columbia Property Trust (NYSE: CXP) has released its 2020 Environmental, Social, and Governance (ESG) Report, detailing its commitment to achieving net zero carbon emissions by 2050. The report outlines Columbia’s ESG initiatives and environmental data for its properties, emphasizing its dedication to stakeholder welfare during challenging times. The company aligns its report with standards from TCFD, SASB, and GRI to ensure transparency and accountability in its sustainability efforts. Columbia's ESG Report is accessible on its website, reflecting its roadmap for sustainable growth.
Columbia Property Trust has been recognized as a 2021 ENERGY STAR Partner of the Year by the U.S. Environmental Protection Agency and the U.S. Department of Energy. This award highlights the company's commitment to sustainability and energy efficiency in its operations. Columbia's efforts in promoting environmentally responsible practices have been acknowledged, reinforcing its position in the commercial real estate sector.
Columbia Property Trust, Inc. (CXP) will release its financial results for Q1 2021 on April 29, 2021, after market close. The company will host a live audio webcast and conference call at 5:00 p.m. ET on the same day. Interested participants can access the call via the company’s Investor Relations website or by dialing in to the teleconference. A replay of the call will be available on the website shortly after the event. Columbia’s portfolio includes 15 properties with over six million rentable square feet, alongside an investment-grade rating from Moody’s and S&P.
Columbia Property Trust (NYSE: CXP) is undergoing a strategic review to enhance shareholder value, involving outreach to potential transaction counterparts, with Morgan Stanley and Wachtell, Lipton, Rosen & Katz as advisors. The review process has no set timeline and may not result in a transaction. Columbia has maintained strong operations and financial performance amid the COVID-19 pandemic. The company has received an unsolicited acquisition proposal from a bidding group and intends to consider this as part of its strategic review. Shareholders do not need to take any action currently.
Columbia Property Trust (NYSE: CXP) received an unsolicited proposal from Arkhouse Partners and its affiliates to acquire all outstanding shares for $19.50 each. This non-binding offer is the first from Arkhouse and is contingent on due diligence and other conditions, with no committed financing. Columbia's Board will evaluate the proposal to act in the best interest of shareholders, who don't need to take action at this time. Morgan Stanley is advising Columbia on this matter.
Arkhouse Partners LLC, AS8888 LLC, and 8F Investment Partners, owning 3.3% of Columbia Property Trust (CXP), proposed acquiring 100% of the company for $19.50 per share, presenting a 29% premium. The Investor Group, citing Columbia's underperformance and a decline in funds from operations (14%-20%) and same-store net operating income (3%-5%), believes shareholders would benefit from immediate liquidity. They have financing secured from a firm with $50 billion in assets and aim to finalize the deal within 60 days. The proposal is non-binding and contingent on due diligence.
Columbia Property Trust (CXP) has filed a preliminary proxy statement with the SEC ahead of its 2021 Annual Meeting, set for March 2, with nine directors nominated for reelection. The board, comprising nine qualified directors, emphasizes its commitment to corporate governance and shareholder value, despite challenges from Arkhouse Equities, which nominated six candidates. Columbia's portfolio shows strong rent collections amid the pandemic, and the recent sale of a 45% interest in 221 Main Street yielded significant premiums, highlighting financial strength.
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.
