Columbia Property Trust, Inc. (the “Company”) (NYSE: CXP), one of the nation’s largest office REITs, reported financial results today for the third quarter and nine months ended September 30, 2013.
- Listed shares of common stock on New York Stock Exchange on October 10, 2013
- Closed sale of 18 properties for gross sales price of $521.5 million on November 5, 2013
- Improved borrowing terms on $950 million of unsecured bank debt
- Delivered Normalized FFO of $0.53 per diluted share for the third quarter of 2013, up 4% from the prior-year period, and AFFO of $0.38 per diluted share for the third quarter of 2013, up 52% from the prior-year period
- Reduced the dividend, effective with the fourth quarter to an annualized rate of $1.20 per share
“The third quarter results are in line with the strong second half we’ve anticipated. Our team has achieved significant leasing success, leading to extended lease maturities and sustained high occupancy levels. We’ve also taken important steps to reduce borrowing costs through debt restructuring, and to provide liquidity for shareholders through our recent listing on the NYSE,” noted Nelson Mills, President, CEO and Director of Columbia Property Trust. “We expect to create growth in income and share value by recycling a substantial portion of our investment capital into assets with better potential for performance and growth, and by continuing to proactively and assertively renew or replace leases on beneficial terms. We’ve already demonstrated the benefit of these strategies with the performance of our portfolio during the quarter.
“We’re off to a great start in the fourth quarter with the completion of our 18-property disposition earlier this month. Including this disposition, we have reduced our number of markets from 31 to 16 since early 2012, an important part of our strategy to improve operational focus and concentration in key markets. The $500 million in net proceeds from this sale, along with our already strong balance sheet, should position us well for the continued execution of our strategy for growth. ”
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