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Columbia Property Trust Reports Fourth Quarter 2013 Results

Stocks in this article: CXP

Columbia Property Trust, Inc. (the “Company”) (NYSE: CXP) reported financial results today for the fourth quarter and year ended December 31, 2013.

Highlights:

  • For the fourth quarter of 2013, compared with the prior-year period, Normalized Funds from Operations (FFO) per diluted share increased 11% to $0.52, Adjusted Funds from Operations (AFFO) per diluted share increased 13% to $0.35, and Net Income Attributable to Common Shareholders per diluted share increased 11% to $0.10
  • For the full year 2013, compared with 2012, Normalized FFO per diluted share increased 4% to $2.08, AFFO per diluted share decreased 2% to $1.41, and Net Income Attributable to Common Stockholders per diluted share decreased 66% to $0.12
  • Completed $521.5 million sale of 18 properties and used proceeds to pay down $90 million of secured debt and $115 million of unsecured debt and to fund $234.1 million purchase of common shares
  • Completed 1.8 million square feet of new and renewal leasing in 2013

“The fourth quarter capped one of the more successful and important years in the progression of our company,” noted Nelson Mills, President, CEO and Director of Columbia Property Trust. “We gained substantial momentum in leasing and operational performance, and we improved our liquidity and strategic focus with a $500 million disposition of selected assets. We are pleased with the growth in Normalized FFO and AFFO in the quarter and the solid foundation it provides for executing our business plan in 2014.

“We have outlined clear objectives for 2014 and beyond that we believe will establish Columbia Property Trust, not only as an effective real estate operator, but also as a proven value creator. We believe these objectives will drive improved performance of our core portfolio as well as generate opportunities for value creation and growth. We expect to continue to build out our team with regional talent and relationships to extend and enhance our operating platform within strategic markets. We expect our acquisitions, anticipated to be primarily value-added opportunities, to be funded with current balance sheet capacity and potential disposition proceeds. We expect to continue to utilize our investment grade balance sheet to capture opportunities that improve our long-term earnings potential as well as enhance current value for our shareholders.”

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