January 21, 2017 9:28 PM ET

Equity Real Estate Investment Trusts (REITs)

Company Overview of Columbia Property Trust, Inc.

Company Overview

Columbia Property Trust, Inc. is an equity real estate investment trust. The firm invests in the real estate markets of the United States. It focuses on investing in and managing high-quality commercial office properties. The firm was formerly known as Wells Real Estate Investment Trust II Inc. Columbia Property Trust, Inc was founded in July 2003 and is based in Atlanta, Georgia.

One Glenlake Parkway

Suite 1200

Atlanta, GA 30328

United States

Founded in 2003

99 Employees

Phone:

404-465-2200

Fax:

404-465-2201

Key Executives for Columbia Property Trust, Inc.

Chief Executive Officer, President, Executive Director, Member of Executive Committee and Member of Finance Committee
Age: 55
Total Annual Compensation: $750.0K
Chief Financial Officer and Executive Vice President
Age: 57
Total Annual Compensation: $460.0K
Chief Accounting Officer and Senior Vice President of Corporate Operations
Age: 41
Total Annual Compensation: $325.0K
Senior Vice President of Portfolio Management
Age: 51
Total Annual Compensation: $375.0K
Compensation as of Fiscal Year 2015.

Columbia Property Trust, Inc. Key Developments

Columbia Property Trust Announces over 100,000 SF in Lease Signings and Plans for $3 Million Renovation of 80 M Street

Columbia Property Trust, Inc. announced that it has completed more than 100,000 square feet in leases at 80 M Street in Washington, D.C., this year, highlighted by a 15-year, 68,673-square-foot lease with WeWork. 80 M Street in Washington, D.C., will house a new 70,000-square-foot WeWork co-officing location and the building owner, Columbia Property Trust, is launching a $3 million renovation to create a new entrance, outdoor terrace and lounge for tenants at the building to enjoy. Columbia also recently secured a renewal of Gryphon Technologies’ 24,224-square-foot headquarters lease to keep the military engineering company at 80 M Street and is also bringing defense services provider General Dynamics Information Technology to the building with a new 14,990-square-foot lease. With these leases, the 285,000-square-foot, Class-A office building, which Columbia has owned and managed since 2004, is now 85% leased. To continue this leasing momentum and anticipate evolving tenant demands, Columbia is commencing a $3 million reimagining of 80 M Street that will complement WeWork’s distinct design aesthetic and reflect the emerging urban/industrial aesthetic of the Capital Riverfront neighborhood. The renovation will create an open, collaborative environment to encourage socializing with a new entrance and main lobby and an adjacent new outdoor terrace and hospitality-inspired tenant lounge, connected via a large, garage-style sectional glass door. The project also includes updates to the elevator lobbies, fitness facility and restrooms. A dedicated entrance for WeWork within the main lobby will also be constructed. The new WeWork location, which will occupy portions of the first, second and third floors of 80 M Street, is expected to open in the third quarter of 2017.

Columbia Property Trust, Inc. Declares Regular Quarterly Cash Dividend for the Fourth Quarter of 2016, Payable on January 5, 2017

Columbia Property Trust, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend of $0.30 per share, or $1.20 per share on an annualized basis, for the fourth quarter of 2016. The dividend will be paid on January 5, 2017, to shareholders of record as of December 1, 2016.

Columbia Property Trust, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter Ended September 30, 2016; Revises Earnings Guidance for the Year Ending December 31, 2016

Columbia Property Trust, Inc. reported unaudited consolidated earnings results for the third quarter ended September 30, 2016. For the quarter, the company reported revenues of $113,266,000 against $137,719,000 a year ago. Real estate operating income was $22,692,000 against $24,184,000 a year ago. Loss before income taxes, unconsolidated joint venture, and gains on sales of real estate was $11,512,000 compared to income of $206,000 a year ago. Net income was $36,898,000 or $0.30 per basic and diluted share against $20,143,000 or $0.16 per basic and diluted share a year ago. FFO was $27,282,000 or $0.22 per basic and diluted share against $52,678,000 or $0.42 per basic and diluted share a year ago. Normalized FFO was $46,187,000 or $0.37 per diluted share against $58,132,000 or $0.47 per diluted share a year ago. Adjusted FFO was $30,289,000 against $43,682,000 a year ago. EBITDA was $95,186,000 against $93,309,000 a year ago. Adjusted EBITDA was $63,679,000 against $78,581,000 a year ago. Total capital expenditures in the quarter were $26,000,000 compared with $28,300,000 in the second quarter and $18,400,000 in the third quarter a year ago. For the year ending December 31, 2016, the company raised its guidance range for Normalized FFO to $1.62 to $1.64 per diluted share, and its guidance range for net income to $0.50 to $0.52 per diluted share. The company expected FFO per share to be in the range of $1.47 to $1.49.

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