Columbia Property Trust Releases First Quarter 2020 Results And Revises Full Year 2020 Guidance

Columbia Property Trust, Inc. (NYSE: CXP) has released its quarterly update and financial results for the quarterly period ending March 31, 2020, by posting its First Quarter Form 10-Q and Supplemental Information package to the Investor Relations section...
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Columbia Property Trust, Inc. (CXP) - Get Report has released its quarterly update and financial results for the quarterly period ending March 31, 2020, by posting its First 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 results, including Net Income per share and Normalized FFO per share;
  • Portfolio 97.6 percent leased, with 125,800 square feet leased during the quarter at positive GAAP and cash rent releasing spreads of 16 percent and 9 percent, respectively;
  • Acquired Normandy Real Estate Management, a leading developer, operator, and investment manager of office and mixed-use assets in New York; Boston; and Washington, D.C.;
  • Sold Cranberry Woods in Pittsburgh and Pasadena Corporate Park in suburban Los Angeles for combined gross proceeds of nearly $260 million;
  • Signed a 35,000-square-foot lease with an investment-grade tenant for the top two floors at 315 Park Avenue South in New York, replacing the departing tenant with higher rents and a longer lease term;
  • Drew $200 million on the company's line of credit, and holding over $290 million of cash on hand;
  • Revises and expands 2020 full year guidance ranges; and
  • Has collected 97 percent of April office rents and 95 percent of total April rents.

Direct link to the Supplemental Information Package: https://ir.columbia.reit/files/doc_financials/2020/q1/CXP-FSP-Q1-2020.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 (647) 689-6598 (U.S. and international) - (Conference ID: 3533719). 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/2261153/8752CB0D9E048D61D79E9A1AE34AE118

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. The audio will also be available by telephone through July 5, 2020, by dialing (416) 621-4642 (Conference ID: 3533719).

About Columbia Property Trust

Columbia Property Trust (CXP) - Get Report 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 17 properties that contain approximately seven million rentable square feet, as well as two 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.

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