EX-99.1 2 ex991cxpfspq32017102617.htm SUPPLEMENTAL INFORMATION ex991cxpfspq32017102617
2017 Q3 Supplemental Information


 
Introduction Executive Summary 3 Company Profile & Investor Contacts 4 Capitalization Analysis & Research Coverage 5 2017 Guidance 6 Financial Information Consolidated Balance Sheet - GAAP 7 Elements of Pro-Rata Balance Sheet - CXP's Interest in Unconsolidated Joint Ventures 8 Consolidated Statements of Operations - GAAP 9 Elements of Pro-Rata Statement of Operations - CXP's Interest in Unconsolidated Joint Ventures 10 11 Net Operating Income 12 Third-Party Management Income 13 Capital Expenditure Summary 14 Debt Overview 15 Debt Covenant Compliance 16 Debt Maturities 17 Summary of Unconsolidated Joint Ventures 18 Operational & Portfolio Information Key Operating Metrics 19 Property Overview - Gross Real Estate Assets, Net Operating Income & Annualized Lease Revenue 20 Property Overview - Square Feet & Occupancy 21 Occupancy Summary 22 Leasing Summary 23 Lease Expiration Schedule 24 Lease Expiration by Market 25 Top 20 Tenants & Tenant Industry Profile 26 Transaction Activity (2015 - 2017) 27 - 28 Additional Information 29 Reconciliation of Cash Flows From Operations to Adjusted Funds From Operations (AFFO) 29 30 31 32 Definitions 33 Appendix 34 - 41 Forward Looking Statements: Supplemental Information - Q3 2017 2 This supplemental package contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. These forward-looking statements include information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, future plans, and objectives. They also include, among other things, statements regarding subjects that are forward-looking by their nature, such as, our business and financial strategy; our 2017 guidance; our ability to obtain future financing; future acquisitions and dispositions of operating assets; future repurchases of common stock; and market and industry trends. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this supplemental package is published, and which are subject to certain risks and uncertainties which could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, dependence on tenants’ financial condition, and competition from other owners and operators of real estate); adverse economic or real estate developments in the company’s target markets; risks associated with the availability and terms of financing, the use of debt to fund acquisitions, and the ability to refinance indebtedness as it comes due; reductions in asset valuations and related impairment charges; risks associated with downturns in foreign, domestic and local economies, changes in interest rates; potential liability for uninsured losses and environmental contamination; risks associated with joint ventures; risks associated with the company’s potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and possible adverse changes in tax and environmental laws; and risks associated with the company’s dependence on key personnel whose continued service is not guaranteed. We do not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For additional risks and uncertainties that would cause actual results to differ materially from those presented in our forward-looking statements see our Annual Report on Form 10-K for the year ended December 31, 2016 and subsequently filed periodic reports. On the Cover (left to right): 1800 M Street, Washington, DC, 245-249 West 17th Street, New York, NY, and 218 West 18th Street, New York, NY. Columbia Property Trust, Inc. Table of Contents Normalized Funds From Operations (NFFO) & Adjusted Funds From Operations (AFFO) Reconciliation of Net Income to Normalized Funds From Operations (NFFO) Reconciliation of Net Income to Net Operating Income (based on cash rents), and Same Store Net Operating Income (based on cash rents) - wholly-owned properties Reconciliation of Net Income to Net Operating Income (based on GAAP rents), and Same Store Net Operating Income (based on GAAP rents) - wholly-owned properties Reconciliation of Net Operating Income (based on GAAP rents), and Net Operating Income (based on cash rents) Pro Forma Reports


 
Columbia Property Trust, Inc. Executive Summary Supplemental Information – Q3 2017 3 Financial Results & Guidance:  For the third quarter of 2017, net income per diluted share was $0.84 (page 9) and Normalized FFO (NFFO)(1) per diluted share was $0.28 (page 11), cash flows from operations was $11.2 million (page 29) and Adjusted FFO (AFFO) (1) was $17.0 million (page 11).  We are updating our 2017 full year guidance for Net Income to a range of $1.52 to $1.55 per diluted share, and for NFFO to a range of $1.11 and $1.14 per diluted share. We have narrowed our previous guidance range now that timing of acquisitions has been determined. See page 6 for more information regarding our guidance.  Over the next 12 months, economic occupancy is expected to increase substantially from the current level of 82.3% as new leases commence and free-rent burns off (page 21), resulting in same-store net operating income (NOI)(1) growth, higher cash flows, and increased NFFO and AFFO. Quarterly Highlights:  Since June 30, 2017, we have invested $854.6 million in properties in New York and Washington, D.C. (page 27): - On July 6, 2017, we acquired a 49.5% interest in 114 5th Avenue in New York, through a joint venture for $108.9 million. - On October 11, 2017, we acquired a 55% interest in 1800 M Street in Washington, D.C. for $231.6 million, through a joint venture. - On October 11, 2017, we acquired 245-249 West 17th Street and 218 West 18th Street, both in New York, for $514.1 million.  On July 6, 2017, we sold a 22.5% interest in two of our San Francisco properties for $234.0 million (page 28).  We provide asset and property management services for the Market Square joint venture and these new San Francisco joint ventures. For more detail about the fees earned and the costs incurred related to such services, see page 13.  During the third quarter of 2017, we leased 178,000 square feet (page 23), including a five-year, 119,000-square foot lease renewal with DLA Piper at University Circle in East Palo Alto, which addresses our largest 2018 expiration.  Our portfolio is now 95.1% leased (page 21). For leases executed during the quarter, Columbia achieved a 106.9% increase in rental rates based on GAAP rents and a 67.7% increase in rental rates based on cash rents (page 23). Capitalization:  On July 25, 2017, we amended the terms of our $150 Million Term Loan to reduce the interest rate spread. As a result, the loan’s effectively fixed rate decreased from 3.52% to 3.07%. All other terms remain unchanged (page 15).  In August 2017, we repaid the $124.8 million 650 California Street mortgage note (page 15).  During the third quarter, we repurchased $30.1 million of our common stock (1.4 million shares at an average price of $21.02/share) (page 5).  For the third quarter of 2017, we paid dividends of $0.20 per share ($0.80 annualized), consistent with the first and second quarters (page 5). (1) For definitions and reconciliations of these non-GAAP financial metrics see pages 29 - 33.


 
Company Overview Executive and Senior Management E. Nelson Mills James A. Fleming Chief Executive Officer, Executive Vice President President and Director Chief Financial Officer David S. Dowdney Wendy W. Gill Kevin A. Hoover Adam I. Popper Senior Vice President Senior Vice President Senior Vice President Senior Vice President Western Region Corporate Operations and Portfolio Management Eastern Region Chief Accounting Officer Board of Directors Carmen M. Bowser Charles R. Brown Richard W. Carpenter John L. Dixon David B. Henry Independent Director Independent Director Independent Director Independent Director Independent Director Chairman Murray J. McCabe E. Nelson Mills Michael S. Robb George W. Sands Thomas G. Wattles Independent Director Chief Executive Officer Independent Director Independent Director Independent Director President Investor Relations Shareholder Services Corporate Counsel James A. Fleming T 855-347-0042 (toll free) King & Spalding LLP Executive Vice President & Chief Financial Officer F 816-701-7629 1180 Peachtree Street T 404-465-2126 E shareholders@columbia.reit Atlanta, GA 30309 E Jim.Fleming@columbia.reit T 404-572-4600 www.kslaw.com Matt Stover Director - Finance & Investor Relations T 404-465-2227 E Matt.Stover@columbia.reit Supplemental Information - Q3 2017 4 Columbia Property Trust, Inc. Company Profile & Investor Contacts Columbia Property Trust (NYSE: CXP) owns and operates Class-A office buildings primarily in competitive CBD locations within high-barrier-to-entry markets. As of September 30, 2017, our $4 billion portfolio included 16 operating properties, of which 12 are wholly-owned and four are owned through unconsolidated joint ventures, containing 8.2 million square feet, concentrated in New York, San Francisco, and Washington, D.C. When evaluating the Company’s performance and capital resources, management considers the financial impact of investments held directly and through unconsolidated joint ventures. This report includes financial and operational information for our wholly-owned investments and our proportional interest in unconsolidated investments. We share control of the operations of the properties owned through unconsolidated joint ventures, and recognize that proportional financial data may not accurately depict all of the legal and economic implications of our interest in this joint venture. For more information about Columbia, which carries an investment-grade rating from both Moody's (Baa2 / Stable) and Standard & Poor's (BBB / Stable), please visit our website at www.columbia.reit.


 
Unaudited ($ & shares in thousands except for per-share data and percentages) 9/30/2017 6/30/2017 3/31/2017 12/31/2016 9/30/2016 Common Stock Data Weighted-Average Shares Outstanding - Basic 120,293 121,534 122,003 122,709 123,215 Weighted-Average Shares Outstanding - Diluted 120,529 121,909 122,329 122,855 123,350 High Closing Price $22.63 $23.13 $23.43 $22.22 $24.63 Low Closing Price $20.62 $21.45 $21.20 $20.47 $21.24 Average Closing Price $21.53 $22.24 $22.30 $21.33 $23.31 Closing Price (as of period end) $21.77 $22.38 $22.25 $21.60 $22.39 Dividends / Share (annualized) $0.80 $0.80 $0.80 $1.20 $1.20 Dividend Yield (annualized) (1) 3.7% 3.6% 3.6% 5.6% 5.4% Common Shares Outstanding (1) 119,804 121,235 122,451 122,184 123,471 Market Value of Common Shares (1) $2,608,133 $2,713,239 $2,724,535 $2,639,174 $2,764,516 Total Market Capitalization (1) (2) $3,947,861 (3) $4,227,763 $4,240,481 $4,229,526 $4,356,258 Common Stock Repurchases Shares Purchased 1,431 1,252 - 1,294 - Weighted-Average Price Per Share $21.02 $21.95 - $21.46 - Total Value of Shares Purchased $30,092 $27,470 - $27,769 - Equity Research Coverage BMO Capital Markets Inc. Evercore ISI Goldman Sachs JMP Securities John P. Kim Sheila McGrath Andrew Rosivach Mitch Germain 212-885-4115 212-497-0882 212-902-2796 212-906-3546 Morgan Stanley SunTrust Robinson Humphrey Vikram Malhotra Michael R. Lewis 212-761-7064 212-319-5659 Debt Research Coverage J.P. Morgan Securities Mark Streeter 212-834-5086 Rating Agencies Moody's Investor Services Standard & Poor's Lori Marks Fernanda Hernandez 212-553-1098 212-438-1347 (2) Market value of shares plus gross debt as of quarter end. Supplemental Information - Q3 2017 5 Columbia Property Trust, Inc. Capitalization Analysis & Research Coverage Three Months Ended (1) Based on closing price and ending shares for the last trading day of quarter. (3) Excludes the $49 million mortgage note on 263 Shuman Boulevard, which matured in July 2017. The company is in the process of transferring the property to the lender.


 
Unaudited Per share Low High Net Income $1.52 $1.55 Real Estate Depreciation & Amortization 1.05 1.05 Gain on sale of real estate assets (1.48) (1.48) Funds From Operations $1.09 $1.12 Non-cash carrying costs for Shuman Boulevard 0.02 0.02 Loss on early extinguishment of debt - - Normalized Funds From Operations $1.11 $1.14 2017 Portfolio Assumptions l Leased percentage at year end: 95% to 96% l GAAP Straight Line Rental Income, net: l G&A Expenses 2017 Transaction Assumptions l Dispositions: l l Acquisitions: $943MM1 2017 Other Assumptions l Weighted-average common shares outstanding - diluted: 121MM Supplemental Information - Q3 2017 6 NOTE: These estimates reflect management's view of current market conditions and incorporate certain economic and operational assumptions and projections. This annual guidance includes the continued repositioning of the portfolio based on the above assumptions. Actual results could differ from these estimates. Note that individual quarters may fluctuate on both a cash basis and a GAAP basis due to the timing of dispositions, lease commencements and expirations, the timing of repairs and maintenance, capital expenditures, capital markets activities and one-time revenue or expense events. In addition, the Company's guidance is based on information available to management as of the date of this release. Columbia Property Trust, Inc. 2017 Guidance Twelve Months Ending 12/31/2017 $30MM to $33MM $35MM to $37MM $774MM Investor Conference Call and Webcast: The Company will host a conference call and live audio webcast, both open for the general public to hear, on Thursday, October 26, 2017, at 5:00 p.m. ET to discuss financial results and business highlights. The number to call for this interactive teleconference is (412) 542-4180. A replay of the conference call will be available through November 2, 2017, by dialing (877) 344-7529 and entering the confirmation number, 10112308. A webcast of the call will also be available at the company's website, www.columbia.reit. Return of 263 Shuman Boulevard property to the lender in settlement of the $49MM mortgage note. 1 Includes $88MM for 149 Madison expected before year end.


 
Columbia Property Trust, Inc. Unaudited (in thousands) 9/30/2017 6/30/2017 3/31/2017 12/31/2016 9/30/2016 Assets: Real estate assets, at cost: Land 609,110$ 751,351$ 751,351$ 751,351$ 787,456$ Buildings and improvements 2,082,425 2,588,909 2,573,407 2,556,607 2,871,856 Buildings and improvements, accumulated depreciation (377,795) (471,029) (455,392) (435,457) (500,583) Intangible lease asset 254,649 282,338 303,318 306,088 345,651 Intangible lease asset, accumulated amortization (89,950) (99,910) (115,904) (112,777) (141,451) Construction in progress 49,255 49,069 36,278 36,188 28,888 Real estate assets held for sale - - - 593,297 350,301 Real estate assets held for sale, accumulated depreciation - - - (180,791) (111,425) Total real estate assets 2,527,694$ 3,100,728$ 3,093,058$ 3,514,506$ 3,630,693$ Investment in unconsolidated joint ventures (page 8) 698,105 125,584 126,691 127,346 125,605 Cash and cash equivalents 382,730 506,538 554,655 216,085 190,856 Tenant receivables, net of allowance for doubtful accounts 2,814 4,002 5,290 7,163 6,366 Straight line rent receivable 80,128 77,875 71,601 64,811 70,186 Prepaid expenses and other assets 75,802 39,815 40,647 24,275 24,885 Intangible lease origination costs 83,599 117,357 126,849 128,857 140,380 Intangible lease origination costs, accumulated amortization (55,532) (68,771) (75,523) (74,578) (81,735) Deferred lease costs 152,656 155,687 151,746 148,552 94,112 Deferred lease costs, accumulated amortization (24,716) (25,838) (24,561) (22,753) (33,729) Investment in development authority bonds 120,000 120,000 120,000 120,000 120,000 Other assets held for sale - - - 79,681 55,431 Other assets held for sale, accumulated amortization - - - (34,152) (23,125) Total assets 4,043,280$ 4,152,977$ 4,190,453$ 4,299,793$ 4,319,925$ Liabilities: Line of credit and notes payable 522,978$ 648,774$ 650,196$ 724,602$ 824,992$ Bonds payable 700,000 700,000 700,000 700,000 700,000 Discount and fees on notes and bonds payable (9,049) (9,250) (9,663) (10,164) (10,643) 129,802 140,151 125,743 131,028 81,617 Distributions payable - - - 36,727 - Deferred income 15,756 19,392 19,329 19,694 20,411 Intangible lease liabilities 29,328 69,006 74,729 77,939 82,719 Intangible lease liabilities, accumulated amortization (19,437) (39,939) (43,750) (44,564) (46,480) Obligations under capital leases 120,000 120,000 120,000 120,000 120,000 Liabilities held for sale - - - 43,002 16,854 Liabilities held for sale, accumulated amortization - - - (1,239) (1,210) Total liabilities 1,489,378$ 1,648,134$ 1,636,584$ 1,797,025$ 1,788,260$ Equity: Common stock 1,198$ 1,211$ 1,224$ 1,221$ 1,234$ Additional paid in capital 4,485,368 4,513,922 4,539,144 4,538,912 4,565,651 Cumulative distributions in excess of earnings (1,931,927) (2,009,405) (1,986,250) (2,036,482) (2,027,155) Other comprehensive loss (737) (885) (249) (883) (8,065) Total equity 2,553,902$ 2,504,843$ 2,553,869$ 2,502,768$ 2,531,665$ Total liabilities and equity 4,043,280$ 4,152,977$ 4,190,453$ 4,299,793$ 4,319,925$ Supplemental Information - Q3 2017 7 Consolidated Balance Sheet - GAAP As of Period End Accounts payable, accrued expenses, and accrued capital expenditures


 
Columbia Property Trust, Inc. Unaudited (in thousands) 9/30/2017 6/30/2017 3/31/2017 12/31/2016 9/30/2016 Assets: Real estate assets, at cost: Land 188,077$ 77,841$ 77,841$ 77,841$ 77,840$ Buildings and improvements 708,031 205,062 203,973 203,534 203,002 Buildings and improvements, accumulated depreciation (24,745) (10,912) (9,375) (7,708) (6,037) Intangible lease asset 22,033 1,817 2,214 2,222 2,221 Intangible lease asset, accumulated amortization (2,953) (609) (861) (723) (571) Construction in progress 4,220 1,767 1,826 1,700 1,544 Total real estate assets 894,663$ 274,966$ 275,618$ 276,866$ 277,999$ Cash and cash equivalents 12,350 3,090 2,352 4,794 2,309 Tenant receivables, net of allowance for doubtful accounts 1,055 155 179 122 192 Straight line rent receivable 15,520 7,696 7,175 6,272 5,309 Prepaid expenses and other assets 3,178 288 306 170 215 Intangible lease origination costs 23,963 1,447 1,524 1,526 1,526 Intangible lease origination costs, accumulated amortization (2,603) (422) (425) (353) (278) Deferred lease costs 21,245 15,340 15,120 14,833 11,678 Deferred lease costs, accumulated amortization (2,404) (1,813) (1,503) (1,168) (834) Total assets 966,967$ 300,747$ 300,346$ 303,062$ 298,116$ Liabilities: Line of credit and notes payable 165,750$ 165,750$ 165,750$ 165,750$ 165,750$ Fees on notes payable (155) (162) (169) (176) (181) 25,263 7,320 5,477 7,604 4,058 Deferred income 1,624 526 748 569 791 Intangible lease liabilities 113,042 2,523 2,548 2,561 2,561 Intangible lease liabilities, accumulated amortization (5,840) (794) (699) (592) (468) Total liabilities 299,684$ 175,163$ 173,655$ 175,716$ 172,511$ Total equity 667,283$ 125,584$ 126,691$ 127,346$ 125,605$ Total equity 667,283$ 125,584$ 126,691$ 127,346$ 125,605$ Basis differences, net of $255K of accumulated amortization (2) 30,822 - - - - Investment in unconsolidated joint ventures (page 7) 698,105$ 125,584$ 126,691$ 127,346$ 125,605$ 0$ Supplemental Information - Q3 2017 8 (2) Basis differences exist between CXP’s Investment in Unconsolidated Joint Ventures and the underlying equity accounts as recorded by those joint ventures, primarily due timing differences in when the partners initially acquired their respective ownership interests in the joint venture. CXP records its initial investment in unconsolidated joint ventures at fair value, as determined by the amount paid on the transaction date; whereas, the equity accounts of the underlying assets are recorded at its carry-over cost basis. Elements of Pro-Rata Balance Sheet - CXP's Interest in Unconsolidated Joint Ventures (1) As of Period End Accounts payable, accrued expenses, and accrued capital expenditures (1) Reflects CXP's ownership share of assets and liabilities for properties held in unconsolidated joint ventures (see page 18).


 
Unaudited (in thousands, except per-share amounts) 9/30/2017 6/30/2017 3/31/2017 12/31/2016 9/30/2016 Revenues: Rental income 55,015$ 67,121$ 71,173$ 85,472$ 87,561$ Tenant reimbursements 3,053 6,972 8,584 14,219 17,090 Hotel income - - 1,339 5,177 6,270 1,154 498 474 467 511 Other property income (1) (2) 1,140 266 586 433 1,834 Total revenues 60,362$ 74,857$ 82,156$ 105,768$ 113,266$ Operating expenses: Property operating costs 18,567 21,831 24,105 34,289 39,101 Hotel operating costs - 9 2,076 4,371 4,946 Asset and property management fee expense 188 260 269 357 387 Depreciation 18,501 20,423 21,605 24,026 26,778 Amortization 6,870 8,191 9,457 13,873 11,895 General and administrative - corporate 7,034 9,201 8,768 8,158 7,467 General and administrative - unconsolidated joint ventures 713 - - - - Total operating expenses 51,873$ 59,915$ 66,280$ 85,074$ 90,574$ Operating income 8,489$ 14,942$ 15,876$ 20,694$ 22,692$ Other income (expense): Interest expense (12,931) (12,662) (13,315) (13,394) (15,338) Capital lease obligation interest expense (1,800) (1,800) (1,800) (1,800) (1,800) Development authority bond income 1,800 1,800 1,800 1,800 1,800 Interest and other income 1,041 677 550 36 39 Loss on early extinguishment of debt (280) - (45) - (18,905) Total other income (expense) (12,170)$ (11,985)$ (12,810)$ (13,358)$ (34,204)$ (3,681)$ 2,957$ 3,066$ 7,336$ (11,512)$ Income tax benefit (expense) (3) (7) 388 (58) (65) (3,684)$ 2,950$ 3,454$ 7,278$ (11,577)$ Income (loss) from unconsolidated joint ventures (page 10) 2,853 (1,817) (1,885) (2,120) (1,937) (831)$ 1,133$ 1,569$ 5,158$ (13,514)$ Gain on sale of real estate assets 102,365 - 73,153 22,242 50,412 101,534$ 1,133$ 74,722$ 27,400$ 36,898$ 120,293 121,534 122,003 122,709 123,215 0.84$ 0.01$ 0.61$ 0.22$ 0.30$ 120,529 121,909 122,329 122,855 123,350 0.84$ 0.01$ 0.61$ 0.22$ 0.30$ (1) Other property income includes (i) lease termination income, (ii) cafeteria revenue (iii) fitness center revenue, and management fee reimbursements. Supplemental Information - Q3 2017 9 (2) Includes adjustments for straight-line rent related to lease terminations. Income (loss) before gain on sale of real estate assets Net income Weighted-average common shares outstanding - basic Net income per share - basic Weighted-average common shares outstanding - diluted Net income per share - diluted Income (loss) before income (loss) from unconsolidated joint ventures and gains on sale of real estate assets Columbia Property Trust, Inc. Consolidated Statements of Operations - GAAP Three Months Ended Income (loss) before income tax expense, income (loss) from unconsolidated joint ventures and gains on sale of real estate assets Asset & property management fee income


 
Unaudited (in thousands, except per-share amounts) 9/30/2017 6/30/2017 3/31/2017 12/31/2016 9/30/2016 Revenues: Rental income 18,394$ 4,066$ 4,045$ 4,022$ 4,025$ Tenant reimbursements 4,024 1,252 1,123 1,080 966 Total revenues 22,418$ 5,318$ 5,168$ 5,102$ 4,991$ Operating expenses: Property operating costs 9,340 2,642 2,585 2,762 2,449 Asset and property management fee expense 824 251 239 236 240 Depreciation 5,169 1,689 1,668 1,671 1,675 Amortization 1,735 434 430 435 448 General and administrative 93 9 21 8 5 Acquisition fees and expenses 43 - - - - Total operating expenses 17,204$ 5,025$ 4,943$ 5,112$ 4,817$ Operating income 5,214$ 293$ 225$ (10)$ 174$ Other expense: Interest expense (2,108) (2,108) (2,108) (2,108) (2,108) Total other expense (2,108)$ (2,108)$ (2,108)$ (2,108)$ (2,108)$ 3,106$ (1,815)$ (1,883)$ (2,118)$ (1,934)$ Income tax benefit (expense) 2 (2) (2) (2) (3) 3,108$ (1,817)$ (1,885)$ (2,120)$ (1,937)$ Amortization of basis differences (page 8) (255) - - - - 2,853$ (1,817)$ (1,885)$ (2,120)$ (1,937)$ Supplemental Information - Q3 2017 10 (1) Reflects CXP's ownership share of revenues and expenses for properties held in unconsolidated joint ventures (see page 18). Income (loss) from unconsolidated joint ventures before amortization of basis differences Columbia Property Trust, Inc. Elements of Pro-Rata Statement of Operations - CXP's Interest in Unconsolidated Joint Ventures (1) Three Months Ended Income (loss) before income tax expense Income (loss) from unconsolidated joint ventures (page 9)


 
Unaudited (in thousands, except per-share amounts) 9/30/2017 6/30/2017 3/31/2017 12/31/2016 9/30/2016 Net Operating Income (based on GAAP rents) 53,445$ 54,684$ 57,576$ 68,388$ 70,640$ Non-cash carrying costs for Shuman Boulevard (2) 1,517 - - - - Asset & property management fee income 1,154 498 474 467 511 General and administrative - corporate (7,034) (9,201) (8,768) (8,158) (7,467) General and administrative - unconsolidated joint ventures (713) Interest expense (net) (13,690) (13,785) (14,565) (15,158) (17,116) Interest income from development authority bonds 1,800 1,800 1,800 1,800 1,800 Income tax benefit (expense) (3) (7) 388 (58) (65) (2,959) (2,119) (2,131) (2,118) (2,116) Normalized FFO 33,517$ 31,870$ 34,774$ 45,163$ 46,187$ Normalized FFO per share (basic) 0.28$ 0.26$ 0.29$ 0.37$ 0.37$ Normalized FFO per share (diluted) 0.28$ 0.26$ 0.28$ 0.37$ 0.37$ Net Operating Income (based on cash rents) 45,672$ 47,999$ 49,936$ 60,665$ 64,384$ Non-cash carrying costs for Shuman Boulevard (2) 1,517 - - - - Asset & property management fee income 1,154 498 474 467 511 General and administrative - corporate (7,034) (9,201) (8,768) (8,158) (7,467) General and administrative - unconsolidated joint ventures (713) - - - - Stock based compensation expense in G&A (3) 1,555 2,262 1,691 1,046 917 Straight-line rent receivable write-off in G&A (4) - - - 2 233 Interest expense - cash (net) (11,142) (11,265) (11,993) (12,574) (14,479) Income tax benefit (expense) (3) (7) 388 (58) (65) (2,952) (2,112) (2,124) (2,111) (2,108) Maintenance capital (5) (6) (11,076) (11,752) (1,675) (82,311) (11,637) AFFO 16,978$ 16,422$ 27,929$ (43,032)$ 30,289$ 120,293 121,534 122,003 122,709 123,215 120,529 121,909 122,329 122,855 123,350 Supplemental Information - Q3 2017 11 (6) Reflects CXP's ownership share of capital expenditures for properties held in unconsolidated joint ventures (see page 18). (5) See page 33 of this supplemental report for a description of Maintenance Capital and page 14 for a detail of all capital expenditures. (3) This item represents the noncash impact of compensation expense related to stock grants under our 2013 Long-Term Incentive Plan within general and administrative expense. (4) Includes adjustments for straight-line rent related to lease terminations within general and administrative expense. Columbia Property Trust, Inc. Normalized Funds From Operations (NFFO) & Adjusted Funds From Operations (AFFO) (1) Three Months Ended Weighted-average common shares outstanding - basic Weighted-average common shares outstanding - diluted Adjustments included in loss from unconsolidated joint venture Adjustments included in loss from unconsolidated joint venture (1) For definitions and reconciliations of these non-GAAP financial metrics, see pages 29 - 33. (2) The OfficeMax lease expired in May 2017, and the non-recourse mortgage note matured in July 2017. Columbia Property Trust is working with the special- servicer to effect the transfer of the property to the lender in settlement of the loan principal, accrued interest expense and accrued property operating expenses. In the third quarter of 2017, Columbia Property Trust accrued related interest expense of $1.3 million, at the default rate of 10.55%, and property operating costs of $0.2 million, primarily related to property taxes.


 
Unaudited (in thousands) 9/30/2017 6/30/2017 3/31/2017 12/31/2016 9/30/2016 Net Operating Income (based on GAAP rents) Revenues: Rental Income 54,293$ 53,430$ 54,498$ 53,959$ 48,862$ Tenant Reimbursements 4,293 4,219 5,318 5,739 4,067 Other Property Income 946 189 605 339 1,703 Total Revenues 59,532$ 57,838$ 60,421$ 60,037$ 54,632$ Operating Expenses: Property Operating Costs (19,991) (19,251) (18,942) (19,115) (19,122) Total Operating Expenses (19,991)$ (19,251)$ (18,942)$ (19,115)$ (19,122)$ 39,541$ 38,587$ 41,479$ 40,922$ 35,510$ 13,079$ 13,099$ 12,340$ 12,050$ 12,215$ Net Operating Income from: Acquisitions (4) 533 - - - - Dispositions (5) 292 2,998 3,757 15,416 22,915 Net Operating Income (based on GAAP rents) 53,445$ 54,684$ 57,576$ 68,388$ 70,640$ Net Operating Income (based on cash rents) Revenues: Rental Income 45,636$ 46,898$ 47,371$ 46,312$ 46,295$ Tenant Reimbursements 4,293 4,219 5,318 5,739 4,067 Other Property Income 946 189 605 339 1,703 Total Revenues 50,875$ 51,306$ 53,294$ 52,390$ 52,065$ Operating Expenses: Property Operating Costs (19,159) (18,420) (18,082) (18,479) (18,486) Total Operating Expenses (19,159)$ (18,420)$ (18,082)$ (18,479)$ (18,486)$ 31,716$ 32,886$ 35,212$ 33,911$ 33,579$ 12,176$ 12,219$ 11,078$ 10,785$ 11,160$ Net Operating Income from: Acquisitions (4) 1,493 - - - - Dispositions (5) 287 2,894 3,646 15,969 19,645 Net Operating Income (based on cash rents) 45,672$ 47,999$ 49,936$ 60,665$ 64,384$ -2.7% -2.6% Supplemental Information - Q3 2017 12 Same Store Net Operating Income (based on GAAP rents) wholly-owned properties (2) Same Store Net Operating Income (based on GAAP rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (3) Columbia Property Trust, Inc. Net Operating Income (1) Three Months Ended (4) Reflects activity for the following properties acquired since July 1, 2016, for all periods presented: 114 5th Avenue (49.5% share). Same Store Net Operating Income (based on cash rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (3) Same Store Net Operating Income (based on cash rents) wholly-owned properties (2) (5) Reflects activity for the following properties sold since July 1, 2016, for all periods presented: University Circle (22.5% share), 333 Market Street (22.5% share), Key Center Tower, Key Center Marriott, 5 Houston Center, Energy Center, 515 Post Oak, SanTan Corporate Center, Sterling Commerce, 80 Park Plaza, 9127, 9189, 9191 & 9193 S. Jamaica Street, and 800 North Frederick. (1) For definitions and reconciliations of these non-GAAP financial metrics, see pages 29 - 33. (3) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 18). (2) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented.


 
Unaudited (in thousands) 9/30/2017 6/30/2017 3/31/2017 12/31/2016 9/30/2016 JV Total: 1,154$ 498 474 467 511 General and administrative - unconsolidated joint ventures (page 9) (713) - - - - Subtotal 441$ 498$ 474$ 467$ 511$ Less CXP Share: 760$ 251$ 239$ 236$ 240$ General and administrative - unconsolidated joint ventures (466) - - - - Subtotal 294$ 251$ 239$ 236$ 240$ JV Partner's Share: 394$ 247$ 235$ 231$ 271$ General and administrative - unconsolidated joint ventures (247) - - - - Total - Third-Party Management Income 147$ 247$ 235$ 231$ 271$ Supplemental Information - Q3 2017 13 Columbia Property Trust, Inc. Third-Party Management Income Three Months Ended Asset & property management fee income (page 9) Asset & property management fee income Income earned from managing the following properties, which CXP owns through unconsolidated joint ventures: Market Square - 51%, University Circle - 77.5%, and 333 Market Street - 77.5%. Asset & property management fee income


 
Unaudited ($ in thousands) 9/30/2017 6/30/2017 3/31/2017 12/31/2016 9/30/2016 Maintenance Building Capital 927$ 1,124$ 423$ 1,044$ 429$ Tenant Improvements 6,015 9,854 716 1,610 7,810 Leasing Commissions 2,694 769 358 10,319 2,181 Other Leasing Costs 1,440 5 178 69,338 (2) 1,217 Total - Maintenance 11,076$ 11,752$ 1,675$ 82,311$ 11,637$ Investment Building Capital 4,887$ 5,971$ 9,069$ 7,192$ 7,975$ Tenant Improvements 9,355 13,525 8,961 8,800 7,723 Leasing Commissions 2,247 3,978 3,074 4,232 969 Other Leasing Costs (64) 83 141 1,796 144 Total - Investment 16,425$ 23,557$ 21,245$ 22,020$ 16,811$ Maintenance & Investment Building Capital 5,814$ 7,095$ 9,492$ 8,236$ 8,404$ Tenant Improvements 15,370 23,379 9,677 10,410 15,533 Leasing Commissions 4,941 4,747 3,432 14,551 3,150 Other Leasing Costs 1,376 88 319 71,134 1,361 Total - Maintenance & Investment 27,501$ 35,309$ 22,920$ 104,331$ 28,448$ (2) Includes $68.7M of lease incentives related to the NYU lease at 222 East 41st Street. NOTE: See page 33 of this supplemental report for a description of Maintenance and Investment Capital. Supplemental Information - Q3 2017 14 Columbia Property Trust, Inc. Capital Expenditure Summary (1) Capital Expenditures Three Months Ended (1) Reflects CXP's ownership share of capital expenditures for properties held in unconsolidated joint ventures (see page 18).


 
Unaudited ($ in thousands) (at 9/30/2017) Debt Instrument - Secured Maturity Rate Rate Type Balance % of Total Debt Mortgage Debt One Glenlake Parkway December-18 5.80% Fixed 23,978$ 1.8% Market Square July-23 5.07% Fixed 165,750 (1) 12.4% Weighted Average / Secured - Mortgage Notes 5.2 Years 5.16% 189,728$ (2) 14.2% Debt Instrument - Unsecured Maturity Rate Rate Type Balance % of Total Debt Bank Facilities $500 Million Revolving Credit Facility (3) July-19 LIBOR + 100 bps Floating -$ 0.0% $300 Million Term Loan (4) July-20 LIBOR + 110 bps Floating 300,000 22.4% $150 Million Term Loan (5) July-22 3.07% Fixed 150,000 11.2% Weighted Average / Bank Facilities 3.5 Years 2.58% 450,000$ 33.6% Bonds $350 Million @ 4.150% April-25 4.15% Fixed 350,000$ 26.1% $350 Million @ 3.650% August-26 3.65% Fixed 350,000 26.1% Weighted Average / Bonds 8.2 Years 3.90% 700,000$ 52.2% Weighted Average / Unsecured 6.4 Years 3.38% 1,150,000$ 85.8% Weighted Average / Total Debt 6.2 Years 3.63% 1,339,728$ 100.0% Debt - consolidated 1,173,978$ Debt - unconsolidated 165,750 Total Debt 1,339,728$ Weighted Ave Maturity Weighted Ave Rate - Qtr Balance % of Total Debt 7.2 Years 4.01% 1,039,728$ 77.6% 2.8 Years 2.33% 300,000 22.4% Total 6.2 Years 3.63% 1,339,728$ (2) 100.0% (1) Reflects 51% of the mortgage balance of the Market Square Joint Venture, in which CXP owns a 51% interest through an unconsolidated joint venture. Supplemental Information - Q3 2017 15 (5) Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $150 Million Term Loan at 3.07% per annum and terminates on July 29, 2022. The spread of 1.10% over the swapped rate is based on the company's credit rating. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in fair value are recorded as a market value adjustment to interest rate swap in our consolidated statements of other comprehensive income. Columbia Property Trust, Inc. Debt Overview (4) The $300 Million Term Loan bears interest at a rate based on, at the option of Columbia Property Trust, LIBOR for seven days, one-, two-, three-, or six-month periods, plus an applicable margin ranging from 0.90% to 1.75% based on credit rating, or the alternate base rate which is the greater of (a) Prime Rate, (b) Fed Funds plus 1/2 of 1%, and (c) the Libor Rate plus 1%, plus an applicable margin ranging from 0.00% to 0.75% based on credit rating. Fixed and Floating Rate Debt Analysis Fixed Rate Debt Floating Rate Debt (3) The Revolving Credit Facility ($500MM) bears interest at a rate based on, at the option of Columbia Property Trust, LIBOR for seven days, one-, two-, three-, or six- month periods, plus an applicable margin ranging from 0.875% to 1.55% based on credit rating, or the alternate base rate which is the greater of (a) Prime Rate, (b) Fed Funds plus 1/2 of 1%, and (c) the Libor Rate plus 1%, plus an applicable margin ranging from 0.00% to 0.55% based on credit rating. This facility carries two six- month extension options. (2) Excludes the $49 million mortgage note on 263 Shuman Boulevard, which matured in July 2017. The company is in the process of transferring the property to the lender.


 
Unaudited (at 9/30/2017) Bond Covenant Compliance Metric Actual (9/30/17) Debt to Total Asset Value Ratio Max 60% 28% Interest Coverage Ratio (adjusted EBITDA) Min 1.50x 2.62x Secured Debt to Total Asset Value Ratio Max 40% 2% Maintenance of Total Unencumbered Assets Min 150% 306% Term Loan / Revolving Credit Facility Covenant Compliance Metric Actual (9/30/17) Debt to Total Asset Value Ratio Max 60% 38% Interest Coverage Ratio (adjusted EBITDA) Min 1.50x 2.43 Secured Debt to Total Asset Value Ratio Max 40% 5% Unencumbered Asset Coverage Ratio Min 1.66x 2.94x Unencumbered Interest Coverage Ratio Min 1.75x 3.48x Supplemental Information - Q3 2017 16 Columbia Property Trust, Inc. Debt Covenant Compliance


 
Unaudited ($ in thousands) (at 9/30/2017) Secured Unsecured Unsecured % of Interest % of Gross Mortgage Debt Term Loans Bonds Total Debt Rate (1) Real Estate Assets -$ -$ -$ -$ 0.0% 0.00% 0.0% 23,978 - - 23,978 1.8% 5.80% 0.6% - 300,000 - 300,000 22.4% 2.33% 7.6% - 150,000 - 150,000 11.2% 3.07% 3.8% 165,750 - - 165,750 12.4% 5.07% 4.2% - - 350,000 350,000 26.1% 4.15% 9.0% - - 350,000 350,000 26.1% 3.65% 9.0% 189,728$ 450,000$ 700,000$ 1,339,728$ (2) 100.0% 3.63% 34.2% 14.2% 33.6% 52.2% Supplemental Information - Q3 2017 17 2022 2023 (2) In July 2017, the lender put the $49 million 263 Shuman mortgage note into monetary default due to the expiration of the maturity date. Columbia Property Trust is in process of working to transfer this property to the lender. Columbia Property Trust, Inc. Debt Maturities (1) Weighted average. Includes effective rates on variable rate loans swapped to fixed. Maturity 2025 2026 Total % of Total Debt 2017 2018 2020 Total Debt $24 $166 $300 $150 $350 $350 $0 $100 $200 $300 $400 $500 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Maturity Schedule ($M) Mortgage Debt Term Loans Bonds 5.80% 4.15% 3.07% 3.65% 5.07% 2.33%


 
Unaudited ($ in thousands) (at 9/30/2017) CXP Ownership Market Square 51.0% 126,638$ (1) 333 Market Street 77.5% 170,712 University Circle 77.5% 288,405 114 5th Avenue 49.5% 112,350 Investment in Unconsolidated Joint Ventures (page 7) 698,105$ (2) 333 Market Street University Circle 114 5th Avenue Total (gross) Amortization Total (net) Supplemental Information - Q3 2017 18 (2) Basis differences exist between CXP’s Investment in Unconsolidated Joint Ventures and the underlying equity accounts as recorded by those joint ventures, primarily due timing differences in when the partners initially acquired their respective ownership interests in the joint venture. CXP records its initial investment in unconsolidated joint ventures at fair value, as determined by the amount paid on the transaction date; whereas, the equity accounts of the underlying assets are recorded at its carry-over cost basis. Columbia Property Trust, Inc. Unconsolidated Joint Ventures Investment in Unconsolidated Joint Venture (1) Market Square Joint Venture holds a $325 million mortgage note, see page 15. Property


 
Unaudited (1) See page 20 of this supplemental report for a description of Gross Real Estate Assets. (2) Excludes space covered by an existing lease as of September 30, 2017. 19Supplemental Information - Q3 2017 Portfolio Occupancy New Leasing - 9/30/17 Columbia Property Trust, Inc. Key Operating Metrics Market Distribution by % Gross Real Estate Assets1 - 9/30/17 Leasing Activity & Spreads New & Renewal - YTD 17 39% 26% 12% 10% 7% 6% SF Leased 82.3% 95.1% Avg. Economic - Q3 17 Leased - 9/30/17 Occupancy 2Q 17 104% / 78% GAAP / Cash Basis 783,188 Square Feet Uncommenced2 235K SF $14.0M Revenues In Abatement 723K SF $36.9M Revenues


 
Columbia Property Trust, Inc. Property Overview - Gross Real Estate Assets, Net Operating Income & Annualized Lease Revenue Unaudited ($ in thousands) (at 9/30/2017) Secured Market Ownership % Debt? 229 West 43rd Street New York, NY 100% 509,040$ 36,052$ 6,930$ 6,516$ 315 Park Avenue South New York, NY 100% 378,692 17,533 1,766 590 222 East 41st Street New York, NY 100% 299,161 15,277 (2) 3,370 (422) 95 Columbus Jersey City, NJ 100% 204,251 24,786 3,937 4,173 114 5th Avenue New York, NY 49.5% 128,696 (3) 15,861 (3) 533 (3) 1,493 (3) Subtotal - New York 1,519,840 39% 109,509 16,536 12,350 650 California Street San Francisco, CA 100.0% 326,984 31,672 3,049 1,656 333 Market Street San Francisco, CA 77.5% 286,727 (3) 19,243 (3) 4,938 (3) 4,583 (3) 221 Main Street San Francisco, CA 100% 244,152 24,100 4,212 3,453 University Circle East Palo Alto, CA 77.5% 161,387 (3) 31,214 (3) 5,794 (3) 5,864 (3) Subtotal - San Francisco 1,019,250 26% 106,229 17,993 15,556 Lindbergh Center Atlanta, GA 100% 288,447 22,579 (4) 5,595 5,609 One & Three Glenlake Parkway Atlanta, GA 100% Yes (5) 175,112 17,939 (6) 2,905 3,036 Subtotal - Atlanta 463,559 12% 40,518 8,500 8,645 Market Square Washington, D.C. 51% Yes 287,549 (3) 22,642 (3) 2,347 (3) 1,729 (3) 80 M Street Washington, D.C. 100% 109,649 13,389 1,862 983 Subtotal - Washington, D.C. 397,198 10% 36,031 4,209 2,712 Cranberry Woods Drive Pittsburgh, PA 100% 191,669 16,010 (4) 4,141 4,144 116 Huntington Avenue Boston, MA 100% 164,308 11,148 1,196 1,266 Pasadena Corporate Park Los Angeles, CA 100% 111,754 8,135 1,155 1,287 Subtotal - Other 467,731 12% 35,293 6,492 6,697 263 Shuman Boulevard Chicago, IL 100% Yes 45,333 1% - (7) (213) (213) Corporate & Other 1,159 - (72) (8) (75) (8) Total - All Properties (3) 3,914,070$ 327,580$ 53,445$ 45,672$ Total - wholly-owned properties 3,049,711$ 238,620$ 39,833$ 32,003$ Total - CXP Share of Properties in Unconsolidated Joint Ventures 864,359$ 88,960$ 13,612$ 13,669$ Supplemental Information - Q3 2017 Net Operating Net Operating Gross Annualized Income - Q3 2017 Income - Q3 2017 Real Estate Lease (based on (based on Property Assets (1) Revenue (ALR) GAAP rents) cash rents) 20 (1) Gross Real Estate Assets includes (i) land, (ii) building and improvements, (iii) intangible lease assets, (iv) construction in progress, and (v) intangible lease origination costs, less (vi) intangible lease liabilities. (2) Reimbursements are excluded, as operating expenses are paid directly by the tenant. (4) Reimbursements are excluded, as operating expenses, except for insurance expense, are paid directly by the tenant. (3) Reflects CXP's ownership share in the property which is held in an unconsolidated joint venture, including any basis differences (page 8). (7) Pro forma for the planned return of the property to the lender. (8) Includes net operating income for previously sold properties. (5) Secured debt only applies to One Glenlake Parkway. (6) Reimbursements are excluded for Three Glenlake Parkway, as operating expenses, except for insurance expense, are paid directly by the tenant.


 
Columbia Property Trust, Inc. Property Overview - Square Feet & Occupancy Unaudited (SF in thousands) (at 9/30/2017) Average Percent Commenced Economic Market Ownership % Leased Occupancy Occupancy (1) 229 West 43rd Street New York, NY 100% 482 482 100.0% 100.0% 96.7% 315 Park Avenue South New York, NY 100% 331 210 63.4% 58.3% 43.0% 222 East 41st Street New York, NY 100% 390 390 100.0% 100.0% 0.0% 95 Columbus Jersey City, NJ 100% 630 630 100.0% 100.0% 98.4% 114 5th Avenue New York, NY 49.5% 174 (2) 174 (2) 100.0% 100.0% 100.0% Subtotal - New York 2,007 1,886 94.0% 93.1% 69.9% 650 California Street San Francisco, CA 100.0% 483 448 92.8% 67.7% 49.6% 333 Market Street San Francisco, CA 77.5% 509 (2) 509 (2) 100.0% 100.0% 100.0% 221 Main Street San Francisco, CA 100% 381 355 93.2% 89.9% 86.4% University Circle East Palo Alto, CA 77.5% 350 (2) 348 (2) 99.4% 98.2% 98.4% Subtotal - San Francisco 1,723 1,660 96.3% 88.4% 82.5% Lindbergh Center Atlanta, GA 100% 955 955 100.0% 100.0% 100.0% One & Three Glenlake Parkway Atlanta, GA 100% 706 706 100.0% 89.6% 87.6% Subtotal - Atlanta 1,661 1,661 100.0% 95.6% 94.7% Market Square Washington, D.C. 51% 356 (2) 274 (2) 77.0% 77.4% 66.4% 80 M Street Washington, D.C. 100% 285 263 92.3% 92.0% 58.4% Subtotal - Washington, D.C. 641 537 83.8% 83.8% 62.9% Cranberry Woods Drive Pittsburgh, PA 100% 824 824 100.0% 100.0% 100.0% 116 Huntington Avenue Boston, MA 100% 271 209 77.1% 75.7% 75.7% Pasadena Corporate Park Los Angeles, CA 100% 264 249 94.3% 94.3% 94.3% Subtotal - Other 1,359 1,282 94.3% 94.0% 94.0% 263 Shuman Boulevard Chicago, IL 100% - (3) - (3) - - - Total - All Properties (2) 7,391 7,026 95.1% 91.9% 82.3% Total - All Properties (at 100%) 8,160 (4) 7,716 (4) Supplemental Information - Q3 2017 21 (4) Includes 100% of properties held in unconsolidated joint ventures (see page 18). Property Square Feet Square Feet (1) Total square feet of leases that have commenced and the tenant is paying rent divided by total rentable square feet. Monthly average for the current quarter. (2) Reflects CXP's ownership share in the property which is held in an unconsolidated joint venture. (3) Pro forma for the planned return of the property to the lender. Rentable Leased


 
Unaudited (SF in thousands) (at 9/30/2017) Rentable Leased Percent Square Footage Square Footage Leased As of June 30, 2017 7,466 7,116 95.3% Acquisition (1) 114 5th Avenue - 49.5% 174 174 100.0% Dispositions (1) 333 Market Street - 22.5% (148) (148) 100.0% University Circle - 22.5% (101) (101) 100.0% Subtotal 7,391 7,041 Leasing Activity New Leases (2) - 63 Lease Expirations/Early Terminations (78) Net Absorption - (15) As of September 30, 2017 7,391 7,026 95.1% 6/30/17 9/30/17 Supplemental Information - Q3 2017 22 Columbia Property Trust, Inc. Occupancy Summary (2) New leasing activity for space that was either vacant at the beginning of the quarter or that became available due to expiration/termination of an existing lease. (1) As of acquisition/disposition date. 90.7% 90.6% 94.1% 95.3% 95.1% 60% 70% 80% 90% 100% 9/30/16 12/31/16 3/31/17 6/30/17 9/30/17 Percent Leased


 
Unaudited (weighted average unless otherwise noted) 9/30/2017 6/30/2017 3/31/2017 12/31/2016 9/30/2016 Renewal Leases Number of Leases 6 8 6 6 7 Square Feet of Leasing (at 100%) 136,714 75,082 138,545 33,789 112,828 Square Feet of Leasing (at CXP's share) (1) 109,979 69,580 135,356 22,554 92,625 Lease Term (months) 62 104 36 60 75 Tenant Improvements per Square Foot 32.31 81.23 10.74 21.18 50.85 Leasing Commissions per Square Foot 12.49 19.45 10.20 16.43 16.98 Total per Square Foot 44.80$ 100.68$ 20.94$ 37.61$ 67.83$ Tenant Improvements per Square Foot per Year of Lease Term 6.26 9.36 3.56 4.25 8.09 Leasing Commissions per Square Foot per Year of Lease Term 2.42 2.24 3.38 3.30 2.70 Total per Square Foot per Year 8.68$ 11.60$ 6.94$ 7.55$ 10.79$ Cash Rent Releasing Spread (2) 67.9% 51.6% 0.7% 15.3% 18.3% GAAP Rent Releasing Spread (2) 117.3% 74.8% 2.6% 35.4% 26.3% New Leases (Space Vacant > 1 Year) Number of Leases 2 9 6 7 4 Square Feet of Leasing (at 100%) 3,730 193,128 49,455 53,622 35,858 Square Feet of Leasing (at CXP's share) (1) 3,730 193,128 47,173 41,642 34,388 Lease Term (months) 51 111 116 118 97 Tenant Improvements per Square Foot 30.49 98.68 87.48 106.58 31.36 Leasing Commissions per Square Foot 11.67 23.37 14.74 36.94 24.07 Total per Square Foot 42.16$ 122.05$ 102.22$ 143.52$ 55.43$ Tenant Improvements per Square Foot per Year of Lease Term 7.17 10.65 9.03 10.82 3.89 Leasing Commissions per Square Foot per Year of Lease Term 2.75 2.52 1.52 3.75 2.99 Total per Square Foot per Year 9.92$ 13.17$ 10.55$ 14.57$ 6.88$ New Leases (Space Vacant < 1 Year) (3) Number of Leases 3 2 4 9 - Square Feet of Leasing (at 100%) 37,506 55,643 93,385 173,995 - Square Feet of Leasing (at CXP's share) (1) 37,506 55,643 93,385 173,995 - Lease Term (months) 106 97 123 145 - Tenant Improvements per Square Foot 75.13 91.92 57.31 116.59 - Leasing Commissions per Square Foot 32.47 21.56 17.91 26.97 - Total per Square Foot 107.60$ 113.48$ 75.22$ 143.56$ -$ Tenant Improvements per Square Foot per Year of Lease Term 8.48 11.35 5.61 9.66 - Leasing Commissions per Square Foot per Year of Lease Term 3.67 2.66 1.75 2.24 - Total per Square Foot per Year 12.15$ 14.01$ 7.36$ 11.90$ -$ Cash Rent Releasing Spread (2) 67.1% 73.8% 128.6% 0.04 - GAAP Rent Releasing Spread (2) 79.3% 96.9% 147.0% 0.15 - Total Leases Number of Leases 11 19 16 22 11 Square Feet of Leasing (at 100%) 177,950 323,853 281,385 261,406 148,686 Square Feet of Leasing (at CXP's share) (1) 151,215 318,351 275,914 238,191 127,013 Lease Term (months) 74 108 104 135 82 Tenant Improvements per Square Foot 43.84 94.23 53.41 108.05 44.59 Leasing Commissions per Square Foot 17.87 22.32 15.77 27.41 19.25 Total per Square Foot 61.71$ 116.55$ 69.18$ 135.46$ 63.84$ Tenant Improvements per Square Foot per Year of Lease Term 6.84 10.49 5.19 9.35 6.96 Leasing Commissions per Square Foot per Year of Lease Term 2.74 2.49 2.51 2.60 2.78 Total per Square Foot per Year 9.58$ 12.98$ 7.70$ 11.95$ 9.74$ Cash Rent Releasing Spread (2) 67.7% 61.9% 97.1% 4.5% 18.3% GAAP Rent Releasing Spread (2) 106.9% 85.1% 111.4% 17.0% 26.3% (3) Includes executed leases that have not yet commenced for space covered by an existing lease. Supplemental Information - Q3 2017 23 Columbia Property Trust, Inc. Leasing Summary Three Months Ended (2) Spread calculation is based on the change in net rent (base rent plus reimbursements less operating expenses). (1) Reflects CXP's ownership share for properties held in unconsolidated joint ventures.


 
Unaudited (SF & $ in thousands) (at 9/30/2017) Expiring Annualized Lease Revenue (ALR) % of ALR Expiring Expiring Rentable Square Footage % of Rentable Square Footage Expiring -$ 0.0% 365 4.9% 1,225 0.4% 20 0.3% 7,817 2.4% 116 1.6% 14,847 4.5% 196 2.6% 26,768 8.2% 664 9.0% 62,617 19.1% 1,758 23.8% 22,650 6.9% 440 6.0% 28,426 8.7% 486 6.6% 16,583 5.0% 226 3.1% 48,547 14.8% 1,261 17.0% 33,165 10.1% 754 10.2% 16,887 5.2% 218 2.9% 7,765 2.4% 119 1.6% 5,915 1.8% 117 1.6% 5,792 1.8% 71 1.0% 28,576 8.7% 580 7.8% 327,580$ 100.0% 7,391 100.0% Supplemental Information - Q3 2017 24 (1) Pro forma for the planned return of 263 Shuman Boulevard to the lender. 2029 2030 2031+ Total NOTE: Expirations that have been renewed are reflected above based on the renewal expiration date. 2028 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Vacant Columbia Property Trust, Inc. Lease Expiration Schedule (1) Year 0.4% 2.4% 4.5% 8.2% 19.1% 6.9% 8.7% 5.0% 14.8% 10.1% 5.2% 2.4% 1.8% 1.8% 8.7% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031+ Lease Expiration Schedule % of ALR Expiring


 
Columbia Property Trust, Inc. Unaudited (SF & $ in thousands) Current Per Current Per Current Per Period ALR (3) SF ALR (3) SF ALR (3) SF Q4 2017 - - - 1 571 571.00 17 481 28.29 Q1 2018 - - - 20 1,502 75.10 - - - Q2 2018 - - - 16 1,160 72.50 - - - Q3 2018 - - - 17 1,102 64.82 6 203 33.83 Q4 2018 - - - 25 1,880 75.20 - - - Total - 2018 - - - 78 5,644 72.36 6 203 33.83 Q1 2019 64 4,741 74.08 10 645 64.50 - - - Q2 2019 - - - 11 1,133 103.00 - - - Q3 2019 - - - 48 4,345 90.52 - - - Q4 2019 - - - 15 1,067 71.13 - - - Total - 2019 64 4,741 74.08 84 7,190 85.60 - - - 43 2,931 68.16 172 12,059 70.11 363 8,013 22.07 472 18,049 38.24 139 11,788 84.81 977 23,261 23.81 70 5,102 72.89 43 3,679 85.56 26 787 30.27 1,237 78,686 63.61 1,143 65,298 57.13 272 7,773 28.58 Total 1,886 109,509$ 58.06$ 1,660 106,229$ 63.99$ 1,661 40,518$ 24.39$ Current Per Current Per Current Per Period ALR (3) SF ALR (3) SF ALR (3) SF Q4 2017 2 173 86.50 - - - 20 1,225 61.25 Q1 2018 1 36 36.00 1 64 64.00 22 1,602 72.82 Q2 2018 2 180 90.00 - - - 18 1,340 74.44 Q3 2018 12 839 69.92 - - - 35 2,144 61.26 Q4 2018 16 851 53.19 - - - 41 2,731 66.61 Total - 2018 31 1,906 61.48 1 64 64.00 116 7,817 67.39 Q1 2019 27 1,448 53.63 - - - 101 6,834 67.66 Q2 2019 7 332 47.43 - - - 18 1,465 81.39 Q3 2019 5 392 78.40 - - - 53 4,737 89.38 Q4 2019 9 744 82.67 - - - 24 1,811 75.46 Total - 2019 48 2,916 60.75 - - - 196 14,847 75.75 13 1,004 77.23 73 2,761 37.82 664 26,768 40.31 92 6,016 65.39 78 3,503 44.91 1,758 62,617 35.62 89 5,257 59.07 212 7,825 36.91 440 22,650 51.48 262 18,759 71.60 918 21,140 23.03 3,832 191,656 50.01 Total 537 36,031$ 67.10$ 1,282 35,293$ 27.53$ 7,026 327,580$ 46.62$ (1) Pro forma for the planned return of 263 Shuman Boulevard to the lender. (2) Reflects CXP's ownership share for properties held in unconsolidated joint ventures. (3) Expiring ALR is calculated as expiring square footage multiplied by the gross rent per square foot of the tenant currently leasing the space. Supplemental Information - Q3 2017 25 2022 Thereafter Expiring SF 2021 2022 Thereafter Washington, D.C. (2) SF 2020 Expiring 2020 Lease Expiration by Market (1) New York (2) San Francisco (2) Atlanta 2021 Expiring Expiring SF SF Expiring SF Expiring SF Other All Markets


 
Unaudited (SF & $ in thousands) (at 9/30/2017) Tenant Credit Rating (2) Number of Properties Annualized Lease Revenue (ALR) (3) % of ALR Leased Square Footage % of Leased Square Footage Remaining Lease Term Years (4) AT&T Corporation/AT&T Services BBB+ 1 22,579$ 6.9% 955 13.6% 3.3 Wells Fargo Bank N.A. AA- 3 20,522 6.3% 522 7.4% 8.6 Pershing LLC A 1 18,265 5.6% 471 6.7% 3.7 Westinghouse Electric Company Not Rated 1 16,010 4.9% 824 11.7% 7.7 NYU AA- 1 15,277 4.7% 390 5.6% 30.8 Yahoo! BB+ 1 14,556 4.4% 193 2.8% 7.8 Snap Inc. Not Rated 1 9,493 2.9% 121 1.7% 10.9 Newell Rubbermaid, Inc. BBB- 1 9,315 2.8% 411 5.9% 3.1 DocuSign, Inc. Not Rated 1 8,962 2.7% 117 1.7% 6.8 WeWork Companies Inc. Not Rated 2 7,363 2.2% 129 1.8% 13.4 DLA Piper US, LLP Not Rated 1 6,800 2.1% 92 1.3% 5.8 Amazon Web Services, Inc. AA- 1 6,455 2.0% 70 1.0% 3.8 Affirm, Inc. Not Rated 1 5,599 1.7% 86 1.2% 8.4 Oracle America, Inc. AA- 2 5,332 1.6% 102 1.5% 5.1 Quality Technology Services Not Rated 1 5,194 1.6% 128 1.8% 9.0 MongoDB, Inc. Not Rated 1 4,741 1.4% 64 0.9% 1.3 Credit Suisse A 1 4,500 1.4% 62 0.9% 2.5 BDG Media Not Rated 1 4,348 1.3% 51 0.7% 11.1 Green Dot Corporation Not Rated 1 4,196 1.3% 142 2.0% 5.1 ORC International Not Rated 1 3,859 1.2% 57 0.8% 7.8 Subtotal - Top 20 193,366$ 59.0% 4,987 71.0% 8.4 All other 134,214 41.0% 2,039 29.0% 5.8 Total 327,580$ 100.0% 7,026 100.0% 7.3 (1) Pro forma for the planned return of 263 Shuman Boulevard to the lender. (2) Credit rating may reflect the credit rating of the parent or a guarantor. Only the Standard & Poor's credit rating has been provided. (3) Reflects CXP's ownership share of ALR for properties held in unconsolidated joint ventures. (4) Weighted average based on CXP's share of Annualized Lease Revenue. Supplemental Information - Q3 2017 26 Columbia Property Trust, Inc. Top 20 Tenants & Tenant Industry Profile (1) 20.3% 12.8% 8.0% 6.9%6.2% 6.0% 5.9% 5.6% 3.2% 3.2% 21.9% Tenant Industry Profile (3) Business Services Depository Institutions Legal Services Electric, Gas, and Sanitary Services Communication Engineering and Management Services Security and Commodity Brokers Health Services Other Real Estate Nondepository Institutions


 
Unaudited ($ in thousands) (at 10/26/2017) Acquisitions Location Acquisition Date Percent Ownership Purchase Price Rentable Square Footage $ / SF % Leased at Acquisition 218 West 18th Street New York, NY 10/11/2017 100.0% 174,700$ 165,670 100.0% 245-249 West 17th Street New York, NY 10/11/2017 100.0% 339,400 281,294 100.0% Subtotal (2 Property Portfolio) 514,100 446,964 1,150 229 West 43rd Street New York, NY 8/4/2015 100.0% 516,000 481,110 1,073 97.7% 315 Park Avenue South New York, NY 1/7/2015 100.0% 372,000 326,812 1,138 93.9% 1881 Campus Commons Reston, VA 1/7/2015 100.0% 64,000 244,565 262 78.0% Subtotal (2 Property Portfolio) 436,000 571,377 763 116 Huntington Avenue Boston, MA 1/8/2015 100.0% 152,000 270,943 561 77.8% Total - Acquisitions (excluding Joint Ventures) 1,618,100$ 1,770,394 Location Closing Date % Purchased Purchase Value Rentable Square Footage $ / SF % Leased at Closing Date 1800 M Street Washington, D.C. 10/11/2017 55% 421,000$ 580,930 725$ 94.0% 114 5th Avenue New York, NY 7/6/2017 49.5% 220,000 351,451 626 100.0% Total - Joint Ventures 641,000$ 932,381 Supplemental Information - Q3 2017 27 Columbia Property Trust, Inc. Transaction Activity (2015 - 2017) - Acquisitions Property Name Property Purchased in Joint Venture


 
Unaudited ($ in thousands) (at 10/26/2017) Dispositions Location Disposition Date Percent Ownership Gross Sale Price Rentable Square Footage $ / SF % Leased at Disposition Key Center Tower Cleveland, OH 1/31/2017 100.0% 1,326,153 81.8% Key Center Marriott Cleveland, OH 1/31/2017 100.0% NA Subtotal (2 Property Portfolio) 267,500$ 1,326,153 NA 5 Houston Center Houston, TX 1/6/2017 100.0% 580,875 75.4% Energy Center Houston, TX 1/6/2017 100.0% 332,000 100.0% 515 Post Oak Houston, TX 1/6/2017 100.0% 273,710 79.6% Subtotal (3 Property Portfolio) 272,000 1,186,585 229$ 83.2% SanTan Corporate Center Phoenix, AZ 12/15/2016 100.0% 58,500 266,531 219 100.0% Sterling Commerce Dallas, TX 11/30/2016 100.0% 51,000 309,586 165 100.0% 9127 S. Jamaica Street Denver, CO 10/12/2016 100.0% 19,500 107,638 181 0.0% 80 Park Plaza Northern New Jersey 9/30/2016 100.0% 174,500 960,689 182 85.8% 9189, 9191 & 9193 S. Jamaica Street Denver, CO 9/22/2016 100.0% 122,000 370,485 329 100.0% 800 North Frederick Suburban Maryland 7/8/2016 100.0% 48,000 393,000 122 0.0% 100 East Pratt Baltimore, MD 3/31/2016 100.0% 187,000 653,135 286 98.5% 1881 Campus Commons Reston, VA 12/10/2015 100.0% 65,000 244,565 266 91.4% 180 Park Avenue Northern New Jersey 7/1/2015 100.0% 223,837 71.4% 170 Park Avenue Northern New Jersey 7/1/2015 100.0% 145,000 0.0% 1580 West Nursery Road Baltimore, MD 7/1/2015 100.0% 315,350 100.0% Acxiom Chicago, IL 7/1/2015 100.0% 321,852 100.0% Highland Landmark III Chicago, IL 7/1/2015 100.0% 272,975 68.1% The Corridors III Chicago, IL 7/1/2015 100.0% 221,940 95.0% 215 Diehl Road Chicago, IL 7/1/2015 100.0% 161,865 100.0% 544 Lakeview Chicago, IL 7/1/2015 100.0% 139,218 51.1% Bannockburn Lake III Chicago, IL 7/1/2015 100.0% 106,495 0.0% Robbins Road Boston, MA 7/1/2015 100.0% 458,237 100.0% 550 King Street Boston, MA 7/1/2015 100.0% 490,119 100.0% Subtotal (11 Property Portfolio) 433,250 2,856,888 152 Total - Dispositions (excluding Joint Ventures) 1,698,250$ 8,675,255 Location Closing Date % Sold / Retained Contributed Value Rentable Square Footage $ / SF % Leased at Closing Date University Circle San Francisco, CA 7/6/2017 22.5% / 77.5% 540,000$ 451,287 1,197$ 100.0% 333 Market Street San Francisco, CA 7/6/2017 22.5% / 77.5% 500,000 657,114 761 100.0% Market Square Washington, D.C. 10/28/2015 49% / 51% 595,000 687,310 866 80.5% Total - Joint Ventures 1,635,000$ 1,795,711 Supplemental Information - Q3 2017 28 Columbia Property Trust, Inc. Transaction Activity (2015 - 2017) - Dispositions Property Name Property Contributed to Joint Venture


 
Unaudited (in thousands, except per-share amounts) 9/30/2017 6/30/2017 3/31/2017 12/31/2016 9/30/2016 Net Income 101,534$ 1,133$ 74,722$ 27,400$ 36,898$ Depreciation 18,501$ 20,423 21,605 24,026 26,778 Amortization 6,870$ 8,191 9,457 13,873 11,895 7,180$ 2,123 2,098 2,106 2,123 Gain on sale of real estate assets (102,365)$ - (73,153) (22,242) (50,412) FFO 31,720$ 31,870$ 34,729$ 45,163$ 27,282$ Non-cash carrying costs for Shuman Boulevard 1,517$ - - - - Loss on early extinguishment of debt 280$ - 45 - 18,905 Normalized FFO 33,517$ 31,870$ 34,774$ 45,163$ 46,187$ Normalized FFO per share (basic) 0.28$ 0.26$ 0.29$ 0.37$ 0.37$ Normalized FFO per share (diluted) 0.28$ 0.26$ 0.28$ 0.37$ 0.37$ 120,293 121,534 122,003 122,709 123,215 120,529 121,909 122,329 122,855 123,350 Unaudited (in thousands, except per-share amounts) 9/30/2017 6/30/2017 3/31/2017 12/31/2016 9/30/2016 Net Cash Provided by Operating Activities 11,152$ 30,565$ 5,398$ 43,387$ 60,266$ 10,116 (209) (680) (968) (559) Net changes in operating assets and liabilities 6,786 (2,182) 24,886 (3,140) (17,781) Maintenance capital (1) (2) (11,076) (11,752) (1,675) (82,311) (11,637) AFFO 16,978$ 16,422$ 27,929$ (43,032)$ 30,289$ 120,293 121,534 122,003 122,709 123,215 120,529 121,909 122,329 122,855 123,350 Supplemental Information - Q3 2017 29 Weighted-average common shares outstanding - basic Adjustments included in loss from unconsolidated joint venture (2) Reflects CXP's ownership share of capital expenditures for properties held in unconsolidated joint ventures (see page 18). Weighted-average common shares outstanding - basic Weighted-average common shares outstanding - diluted (1) See page 33 of this supplemental report for a description of Maintenance Capital and page 14 for a detail of all capital expenditures. Weighted-average common shares outstanding - diluted Reconciliation of Cash Flows From Operations to Adjusted Funds From Operations (AFFO) Three Months Ended Columbia Property Trust, Inc. Reconciliation of Net Income to Normalized Funds From Operations (NFFO) Three Months Ended Adjustments included in loss from unconsolidated joint venture


 
Unaudited (in thousands) 9/30/2017 6/30/2017 3/31/2017 12/31/2016 9/30/2016 Net Income 101,534$ 1,133$ 74,722$ 27,400$ 36,898$ Interest expense (net) 13,690 13,785 14,565 15,158 17,116 Interest income from development authority bonds (1,800) (1,800) (1,800) (1,800) (1,800) Income tax (benefit) expense 3 7 (388) 58 65 Depreciation 18,501 20,423 21,605 24,026 26,778 Amortization 6,870 8,191 9,457 13,873 11,895 9,286 4,233 4,208 4,216 4,234 EBITDA 148,084$ 45,972$ 122,369$ 82,931$ 95,186$ (Gain) loss on sale of real estate assets (102,365) - (73,153) (22,242) (50,412) Loss on early extinguishment of debt 280 - 45 - 18,905 Adjusted EBITDA 45,999$ 45,972$ 49,261$ 60,689$ 63,679$ Asset & property management fee income (1,154) (498) (474) (467) (511) General and administrative - corporate 7,034 9,201 8,768 8,158 7,467 General and administrative - unconsolidated joint ventures 713 - - - - Straight line rental income (net) (8,307) (5,893) (6,154) (6,152) (4,823) Net effect of below market amortization 457 (271) (587) (611) (682) 930 (512) (878) (952) (746) Net Operating Income (based on cash rents) 45,672$ 47,999$ 49,936$ 60,665$ 64,384$ (12,176) (12,219) (11,078) (10,785) (11,160) Less Net Operating Income from: Acquisitions (2) (1,493) - - - - Dispositions (3) (287) (2,894) (3,646) (15,969) (19,645) 31,716$ 32,886$ 35,212$ 33,911$ 33,579$ Supplemental Information - Q3 2017 30 (4) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented. (1) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 18). (2) Reflects activity for the following properties acquired since July 1, 2016, for all periods presented: 114 5th Avenue (49.5% share). Columbia Property Trust, Inc. Reconciliation of Net Income to Net Operating Income (based on cash rents), and Same Store Net Operating Income (based on cash rents) - wholly-owned properties Three Months Ended Same Store Net Operating Income (based on cash rents) wholly-owned properties (4) Same Store Net Operating Income (based on cash rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (1) Adjustments included in loss from unconsolidated joint venture Adjustments included in loss from unconsolidated joint venture (3) Reflects activity for the following properties sold since July 1, 2016, for all periods presented: University Circle (22.5% share), 333 Market Street (22.5% share), Key Center Tower, Key Center Marriott, 5 Houston Center, Energy Center, 515 Post Oak, SanTan Corporate Center, Sterling Commerce, 80 Park Plaza, 9127, 9189, 9191 & 9193 S. Jamaica Street, and 800 North Frederick.


 
Unaudited (in thousands) 9/30/2017 6/30/2017 3/31/2017 12/31/2016 9/30/2016 Net Income 101,534$ 1,133$ 74,722$ 27,400$ 36,898$ Interest expense (net) 13,690 13,785 14,565 15,158 17,116 Interest income from development authority bonds (1,800) (1,800) (1,800) (1,800) (1,800) Income tax (benefit) expense 3 7 (388) 58 65 Depreciation 18,501 20,423 21,605 24,026 26,778 Amortization 6,870 8,191 9,457 13,873 11,895 9,286 4,233 4,208 4,216 4,234 EBITDA 148,084$ 45,972$ 122,369$ 82,931$ 95,186$ (Gain) loss on sale of real estate assets (102,365) - (73,153) (22,242) (50,412) Loss on early extinguishment of debt 280 - 45 - 18,905 Adjusted EBITDA 45,999$ 45,972$ 49,261$ 60,689$ 63,679$ Asset & property management fee income (1,154) (498) (474) (467) (511) General and administrative - corporate 7,034 9,201 8,768 8,158 7,467 General and administrative - unconsolidated joint ventures 713 - - - - 853 9 21 8 5 Net Operating Income (based on GAAP rents) 53,445$ 54,684$ 57,576$ 68,388$ 70,640$ (13,079) (13,099) (12,340) (12,050) (12,215) Less Net Operating Income from: Acquisitions (2) (533) - - - - Dispositions (3) (292) (2,998) (3,757) (15,416) (22,915) 39,541$ 38,587$ 41,479$ 40,922$ 35,510$ (1) Reflects CXP's ownership share of NOI for properties held in unconsolidated joint ventures (see page 18). Supplemental Information - Q3 2017 31 (4) Reflects NOI from properties that were wholly-owned for the entirety of the periods presented. (3) Reflects activity for the following properties sold since July 1, 2016, for all periods presented: University Circle (22.5% share), 333 Market Street (22.5% share), Key Center Tower, Key Center Marriott, 5 Houston Center, Energy Center, 515 Post Oak, SanTan Corporate Center, Sterling Commerce, 80 Park Plaza, 9127, 9189, 9191 & 9193 S. Jamaica Street, and 800 North Frederick. (2) Reflects activity for the following properties acquired since July 1, 2016, for all periods presented: 114 5th Avenue (49.5% share). Columbia Property Trust, Inc. Reconciliation of Net Income to Net Operating Income (based on GAAP rents), and Same Store Net Operating Income (based on GAAP rents) - wholly-owned properties Three Months Ended Same Store Net Operating Income (based on GAAP rents) wholly-owned properties (4) Same Store Net Operating Income (based on GAAP rents) CXP Ownership of Properties in Unconsolidated Joint Ventures (1) Adjustments included in loss from unconsolidated joint venture Adjustments included in loss from unconsolidated joint venture


 
Unaudited (in thousands) 9/30/2017 6/30/2017 3/31/2017 12/31/2016 9/30/2016 Net Operating Income (based on GAAP rents) 53,445$ 54,684$ 57,576$ 68,388$ 70,640$ (8,307) (5,893) (6,154) (6,152) (4,823) 1,095 (521) (903) (963) (702) 457 (271) (587) (611) (682) (1,018) - 4 3 (49) Net Operating Income (based on cash rents) 45,672$ 47,999$ 49,936$ 60,665$ 64,384$ Supplemental Information - Q3 2017 32 Columbia Property Trust, Inc. Reconciliation of Net Operating Income (based on GAAP rents), and Net Operating Income (based on cash rents) Three Months Ended Above/below lease market amortization, net (wholly-owned) Straight-line rental income, net (joint venture) Straight-line rental income, net (wholly-owned) Above/below lease market amortization, net (joint venture)


 
Supplemental Information - Q3 2017 33 Annualized Lease Revenue (“ALR”): ALR is the sum of (i) annualized rental payments (defined as base rent plus operating expense reimbursements, excluding rental abatements) for executed and commenced leases as well as leases executed but not yet commenced for vacant space, and (ii) annualized parking revenues, payable either under the terms of an executed lease or vendor contract. ALR excludes rental payments for executed leases that have not yet commenced for space covered by an existing lease. Maintenance Capital: Capital expenditures incurred to maintain the building structure and functionality, and to lease space at our properties in their current condition. Maintenance capital excludes capital for recent acquisitions and first generation leasing. Investment Capital: Capital expenditures incurred to lease space to first generation tenants; to lease space that has been vacant for more than one year; to expand or repurpose building functionality in our existing portfolio; and to bring properties up to our ownership standards. We establish our ownership standards based on Class A office property characteristics typical for the respective local market, including level of finishes, systems, accessibility, and defined market presence. All costs incurred within 36 months of acquisition are considered Investment Capital. Funds From Operations (“FFO”): FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), represents net income (computed in accordance with GAAP), plus depreciation of real estate assets and amortization of lease-related costs, excluding gains (losses) on sales of real estate and impairment losses on real estate assets. The Company computes FFO in accordance with NAREIT's definition, which may differ from the methodology for calculating FFO, or similarly titled measures, used by other companies and this may not be comparable to those presentations. We consider FFO an appropriate supplemental performance measure given its wide use by and relevance to investors and analysts. FFO, reflecting the assumption that real estate asset values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets, which assume that the value of real estate diminishes predictably over time. Normalized FFO: We calculate Normalized FFO by starting with FFO, as defined by NAREIT, and adjusting for certain items that are not reflective of our core operations, including: (i) real estate acquisition-related costs, (ii) listing costs, (iii) loss on interest rate swaps and (iv) loss on early extinguishment of debt. Such items create significant earnings volatility. We believe Normalized FFO provides a meaningful measure of our operating performance and more predictability regarding future earnings potential. Normalized FFO is a non-GAAP financial measure and should not be viewed as an alternative measurement of our operating performance to net income; therefore, it should not be compared to other REITs' equivalent to Normalized FFO. Net Operating Income (based on cash rents) (“NOI - cash rents”): NOI - cash rents is defined as Adjusted EBITDA adjusted for (i) portfolio general and administrative expense, (ii) interest rate swap valuation adjustments, (iii) interest expense associated with interest rates swaps, (iv) non-cash property operations, (v) straight-line rental income, and (vi) net effect of above/(below) market amortization. The company uses this measure to assess its operating results and believes it is important in assessing operating performance. NOI - cash rents is a non-GAAP measure which does not have any standard meaning prescribed by GAAP and therefore may not be comparable to similar measures presented by other companies. Net Operating Income (based on GAAP rents) (“NOI - GAAP rents”): NOI - GAAP rents is defined as Adjusted EBITDA adjusted for (i) portfolio general and administrative expense, (ii) interest rate swap valuation adjustments, and (iii) interest expense associated with interest rates swaps. The company uses this measure to assess its operating results and believes it is important in assessing operating performance. NOI - GAAP rents is a non-GAAP measure which does not have any standard meaning prescribed by GAAP and therefore may not be comparable to similar measures presented by other companies. Same Store Net Operating Income (“Same Store NOI”): Same Store NOI is calculated as the NOI attributable to the properties continuously owned and operating for the entirety of the reporting periods presented. We believe Same Store NOI is an important measure of comparison of our stabilized properties’ operating performance. Other REITs may calculate Same Store NOI differently and our calculation should not be compared to that of other REITs. Definitions - Other EBITDA: EBITDA is defined as net income before interest, taxes, depreciation and amortization. We believe EBITDA is a reasonable measure of our liquidity. EBITDA is a non-GAAP financial measure and should not be viewed as an alternative measurement of cash flows from operating activities or other GAAP basis liquidity measures. Other REITs may calculate EBITDA differently and our calculation should not be compared to that of other REITs. Columbia Property Trust, Inc. Definitions - Non-GAAP Financial Measures Included in this supplemental report are non-GAAP financial measures, which are accompanied by what we consider the most directly comparable financial measures calculated and presented in accordance with GAAP. These measures include earnings (or components of earnings), as defined, from both continuing operations and discontinued operations. A description of the non-GAAP financial measures we present and a statement of the reasons why management believes the non-GAAP measures provide useful information to investors about the company's financial condition and results of operations can be found below. Adjusted Funds From Operations (“AFFO”): AFFO is calculated by adjusting Cash Flow from Operations to exclude (i) changes in assets and liabilities resulting from timing differences (ii) additional amortization of lease assets (liabilities), (iii) straight-line rental income, (iv) gain (loss) on interest rate swaps, (v) recurring capital expenditures, and adding back (vi) stock based compensation expense and (vii) non-cash interest expense. Because AFFO adjusts for income and expenses that we believe are not reflective of our core operations, we believe AFFO provides useful supplemental information. AFFO is a non-GAAP financial measure and should not be viewed as an alternative measurement of our operating performance to net cash flows from operating activities or net income. Adjusted EBITDA: Adjusted EBITDA is defined as net income before interest, taxes, depreciation and amortization and incrementally removing any impairment losses, gains or losses from sales of property, real estate acquisition-related costs, discontinued operations adjustments, or other extraordinary items. We do not include impairment losses in this measure because we feel these types of losses create volatility in our earnings and make it difficult to determine the earnings generated by our ongoing business. We believe adjusted EBITDA is a reasonable measure of our liquidity. Adjusted EBITDA is a non-GAAP financial measure and should not be viewed as an alternative measurement of cash flows from operating activities or other GAAP basis liquidity measures. Other REITs may calculate adjusted EBITDA differently and our calculation should not be compared to that of other REITs.


 
34Supplemental Information - Q3 2017 (ii) Property acquisition of 218 West 18th Street and 245-249 West 17th Street completed on October 11, 2017 (see page 27). Columbia Property Trust, Inc. Pro Forma - Assumptions The financial and portfolio information in the following pages is prepared to give effect to the following post-quarter end transactions as if they occurred on September 30, 2017: (i) Property acquisition of 1800 M Street completed on October 11, 2017 (see page 27).


 
Unaudited ($ in thousands) (at 9/30/2017) Debt Instrument - Secured Maturity Rate Rate Type Balance % of Total Debt Mortgage Debt One Glenlake Parkway December-18 5.80% Fixed 23,978$ 1.4% Market Square July-23 5.07% Fixed 165,750 (1) 9.9% Weighted Average / Secured - Mortgage Notes 5.2 Years 5.16% 189,728$ 11.3% Debt Instrument - Unsecured Maturity Rate Rate Type Balance % of Total Debt Bank Facilities $500 Million Revolving Credit Facility (2) July-19 LIBOR + 100 bps Floating 336,370$ 20.1% $300 Million Term Loan (3) July-20 LIBOR + 110 bps Floating 300,000 17.9% $150 Million Term Loan (4) July-22 3.07% Fixed 150,000 8.9% Weighted Average / Bank Facilities 2.8 Years 2.43% 786,370$ 46.9% Bonds $350 Million @ 4.150% April-25 4.15% Fixed 350,000$ 20.9% $350 Million @ 3.650% August-26 3.65% Fixed 350,000 20.9% Weighted Average / Bonds 8.2 Years 3.90% 700,000$ 41.8% Weighted Average / Unsecured 5.3 Years 3.12% 1,486,370$ 88.7% Weighted Average / Total Debt 5.3 Years 3.35% 1,676,098$ 100.0% Debt - consolidated 1,510,348$ Debt - unconsolidated 165,750 Total Debt 1,676,098$ Weighted Ave Maturity Weighted Ave Rate - Qtr Balance % of Total Debt 7.2 Years 4.01% 1,039,728$ 62.0% 2.3 Years 2.28% 636,370 38.0% Total 5.3 Years 3.35% 1,676,098$ 100.0% (1) Reflects 51% of the mortgage balance of the Market Square Joint Venture, in which CXP owns a 51% interest through an unconsolidated joint venture. Supplemental Information - Q3 2017 35 (4) Columbia Property Trust is party to an interest rate swap agreement, which effectively fixes its interest rate on the $150 Million Term Loan at 3.07% per annum and terminates on July 29, 2022. The spread of 1.10% over the swapped rate is based on the company's credit rating. This interest rate swap agreement qualifies for hedge accounting treatment; therefore, changes in fair value are recorded as a market value adjustment to interest rate swap in our consolidated statements of other comprehensive income. Fixed Rate Debt Floating Rate Debt (2) The Revolving Credit Facility ($500MM) bears interest at a rate based on, at the option of Columbia Property Trust, LIBOR for seven days, one-, two-, three-, or six- month periods, plus an applicable margin ranging from 0.875% to 1.55% based on credit rating, or the alternate base rate which is the greater of (a) Prime Rate, (b) Fed Funds plus 1/2 of 1%, and (c) the Libor Rate plus 1%, plus an applicable margin ranging from 0.00% to 0.55% based on credit rating. This facility carries two six- month extension options. (3) The $300 Million Term Loan bears interest at a rate based on, at the option of Columbia Property Trust, LIBOR for seven days, one-, two-, three-, or six-month periods, plus an applicable margin ranging from 0.90% to 1.75% based on credit rating, or the alternate base rate which is the greater of (a) Prime Rate, (b) Fed Funds plus 1/2 of 1%, and (c) the Libor Rate plus 1%, plus an applicable margin ranging from 0.00% to 0.75% based on credit rating. Fixed and Floating Rate Debt Analysis Columbia Property Trust, Inc. Debt Overview (Pro Forma)


 
Unaudited ($ in thousands) (at 9/30/2017) Secured Unsecured Unsecured % of Interest % of Gross Mortgage Debt Bank Facilities Bonds Total Debt Total Debt Rate (1) Real Estate Assets 23,978$ -$ -$ 23,978$ 1.4% 5.80% 0.5% - 336,370 - 336,370 20.1% 2.23% 7.3% - 300,000 - 300,000 17.9% 2.33% 6.5% - 150,000 - 150,000 8.9% 3.07% 3.2% 165,750 - - 165,750 9.9% 5.07% 3.6% - - 350,000 350,000 20.9% 4.15% 7.6% - - 350,000 350,000 20.9% 3.65% 7.6% 189,728$ 786,370$ 700,000$ 1,676,098$ 100.0% 3.35% 36.3% 11.3% 46.9% 41.8% Supplemental Information - Q3 2017 36 2025 2018 2019 2020 2022 2023 Columbia Property Trust, Inc. Debt Maturities (Pro Forma) Maturity Total % of Total Debt (1) Weighted average. Includes effective rates on variable rate loans swapped to fixed. 2026 $24 $166 $336 $300 $150 $350 $350 $0 $100 $200 $300 $400 $500 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Maturity Schedule ($M) Mortgage Debt Line of Credit Term Loans Bonds 2.23% 5.80% 4.15% 3.07% 3.65% 5.07% 2.33%


 
Columbia Property Trust, Inc. Property Overview - Gross Real Estate Assets\ & Annualized Lease Revenue (Pro Forma) Unaudited ($ in thousands) (at 9/30/2017) Secured Market Ownership % Debt? 229 West 43rd Street New York, NY 100% 509,040$ 36,052$ 315 Park Avenue South New York, NY 100% 378,692 17,533 222 East 41st Street New York, NY 100% 299,161 15,277 (2) 95 Columbus Jersey City, NJ 100% 204,251 24,786 245-249 West 17th Street New York, NY 100.0% 339,400 21,795 218 West 18th Street New York, NY 100.0% 174,700 10,642 114 5th Avenue New York, NY 49.5% 128,696 (3) 15,861 (3) Subtotal - New York 2,033,940 44% 141,946 650 California Street San Francisco, CA 100.0% 326,984 31,672 333 Market Street San Francisco, CA 77.5% 286,727 (3) 19,243 (3) 221 Main Street San Francisco, CA 100% 244,152 24,100 University Circle East Palo Alto, CA 77.5% 161,387 (3) 31,214 (3) Subtotal - San Francisco 1,019,250 22% 106,229 Market Square Washington, D.C. 51% Yes 287,549 (3) 22,642 (3) 1800 M Street Washington, D.C. 55.0% 231,550 17,093 80 M Street Washington, D.C. 100% 109,649 13,389 Subtotal - Washington, D.C. 628,748 14% 53,124 Lindbergh Center Atlanta, GA 100% 288,447 22,579 (4) One & Three Glenlake Parkway Atlanta, GA 100% Yes (5) 175,112 17,939 (6) Subtotal - Atlanta 463,559 10% 40,518 Cranberry Woods Drive Pittsburgh, PA 100% 191,669 16,010 (4) 116 Huntington Avenue Boston, MA 100% 164,308 11,148 Pasadena Corporate Park Los Angeles, CA 100% 111,754 8,135 Subtotal - Other 467,731 10% 35,293 Corporate & Other 1,159 - Total - All Properties (3) 4,614,387$ 377,110$ Total - wholly-owned properties 3,518,478$ 271,057$ Total - CXP Share of Properties in Unconsolidated Joint Ventures 1,095,909$ 106,053$ Supplemental Information - Q3 2017 37 (1) Gross Real Estate Assets includes (i) land, (ii) building and improvements, (iii) intangible lease assets, (iv) construction in progress, and (v) intangible lease origination costs, less (vi) intangible lease liabilities. (2) Reimbursements are excluded, as operating expenses are paid directly by the tenant. (4) Reimbursements are excluded, as operating expenses, except for insurance expense, are paid directly by the tenant. (5) Secured debt only applies to One Glenlake Parkway. (6) Reimbursements are excluded for Three Glenlake Parkway, as operating expenses, except for insurance expense, are paid directly by the tenant. (3) Reflects CXP's ownership share in the property which is held in an unconsolidated joint venture, including any basis differences (page 8). Real Estate Lease Property Assets (1) Revenue (ALR) Gross Annualized


 
Unaudited (SF in thousands) (at 9/30/2017) Rentable Leased Percent Square Footage Square Footage Leased As of June 30, 2017 7,466 7,116 95.3% Acquisition (1) 114 5th Avenue - 49.5% 174 174 100.0% 1800 M Street - 55% 317 297 93.7% 218 West 18th Street 166 166 100.0% 245-249 West 17th Street 281 281 100.0% Dispositions (1) 333 Market Street - 22.5% (148) (148) 100.0% University Circle - 22.5% (101) (101) 100.0% Subtotal 8,155 7,785 Leasing Activity New Leases (2) - 63 Lease Expirations/Early Terminations (78) Net Absorption - (15) As of September 30, 2017 8,155 7,770 95.3% 12/31/16 3/31/17 6/30/17 9/30/17 Supplemental Information - Q3 2017 38 Columbia Property Trust, Inc. Occupancy Summary (Pro Forma) (1) As of acquisition/disposition date. (2) New leasing activity for space that was either vacant at the beginning of the quarter or that became available due to expiration/termination of an existing lease. 90.7% 90.6% 94.1% 95.3% 95.3% 60% 70% 80% 90% 100% 9/30/16 12/31/16 3/31/17 6/30/17 9/30/17 Percent Leased


 
Unaudited (SF & $ in thousands) (at 9/30/2017) Expiring Annualized Lease Revenue (ALR) % of ALR Expiring Expiring Rentable Square Footage % of Rentable Square Footage Expiring -$ 0.0% 385 4.7% 2,111 0.6% 34 0.4% 8,268 2.2% 124 1.5% 14,847 3.9% 196 2.4% 28,697 7.6% 693 8.5% 64,268 17.0% 1,788 21.9% 24,450 6.5% 471 5.8% 30,776 8.2% 522 6.4% 18,205 4.8% 248 3.1% 71,682 19.0% 1,607 19.7% 34,450 9.1% 771 9.5% 20,999 5.6% 280 3.4% 7,943 2.1% 123 1.5% 9,271 2.5% 174 2.1% 6,456 1.7% 83 1.0% 34,687 9.2% 656 8.1% 377,110$ 100.0% 8,155 100.0% Supplemental Information - Q3 2017 39 NOTE: Expirations that have been renewed are reflected above based on the renewal expiration date. 2028 2029 2030 2031+ Total 2023 2024 2025 2026 2027 2022 Columbia Property Trust, Inc. Lease Expiration Schedule (Pro Forma) Year Vacant 2017 2018 2019 2020 2021 0.6% 2.2% 3.9% 7.6% 17.0% 6.5% 8.2% 4.8% 19.0% 9.1% 5.6% 2.1% 2.5% 1.7% 9.2% 0.0% 5.0% 10.0% 15.0% 20.0% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031+ Lease Expiration Schedule % of ALR Expiring


 
Columbia Property Trust, Inc. Unaudited (SF & $ in thousands) Current Per Current Per Current Per Period ALR (2) SF ALR (2) SF ALR (2) SF Q4 2017 14 886 63.29 1 571 571.00 2 173 86.50 Q1 2018 - - - 20 1,502 75.10 1 36 36.00 Q2 2018 - - - 16 1,160 72.50 4 237 59.25 Q3 2018 - - - 17 1,102 64.82 12 839 69.92 Q4 2018 - - - 25 1,880 75.20 22 1,245 56.59 Total - 2018 - - - 78 5,644 72.36 39 2,357 60.44 Q1 2019 64 4,741 74.08 10 645 64.50 27 1,448 53.63 Q2 2019 - - - 11 1,133 103.00 7 332 47.43 Q3 2019 - - - 48 4,345 90.52 5 392 78.40 Q4 2019 - - - 15 1,067 71.13 9 744 82.67 Total - 2019 64 4,741 74.08 84 7,190 85.60 48 2,916 60.75 72 4,860 67.50 172 12,059 70.11 13 1,004 77.23 499 19,443 38.96 139 11,788 84.81 95 6,273 66.03 83 6,009 72.40 43 3,679 85.56 107 6,150 57.48 1,601 106,007 66.21 1,143 65,298 57.13 530 34,251 64.62 Total 2,333 141,946$ 60.84$ 1,660 106,229$ 63.99$ 834 53,124$ 63.70$ Current Per Current Per Current Per Period ALR (2) SF ALR (2) SF ALR (2) SF Q4 2017 17 481 28.29 - - - 34 2,111 62.09 Q1 2018 - - - 1 64 64.00 22 1,602 72.82 Q2 2018 - - - - - - 20 1,397 69.85 Q3 2018 6 203 33.83 - - - 35 2,144 61.26 Q4 2018 - - - - - - 47 3,125 66.49 Total - 2018 6 203 33.83 1 64 64.00 124 8,268 66.68 Q1 2019 - - - - - - 101 6,834 67.66 Q2 2019 - - - - - - 18 1,465 81.39 Q3 2019 - - - - - - 53 4,737 89.38 Q4 2019 - - - - - - 24 1,811 75.46 Total - 2019 - - - - - - 196 14,847 75.75 363 8,013 22.07 73 2,761 37.82 693 28,697 41.41 977 23,261 23.81 78 3,503 44.91 1,788 64,268 35.94 26 787 30.27 212 7,825 36.91 471 24,450 51.91 272 7,773 28.58 918 21,140 23.03 4,464 234,469 52.52 Total 1,661 40,518$ 24.39$ 1,282 35,293$ 27.53$ 7,770 377,110$ 48.53$ (1) Reflects CXP's ownership share for properties held in unconsolidated joint ventures. (2) Expiring ALR is calculated as expiring square footage multiplied by the gross rent per square foot of the tenant currently leasing the space. Supplemental Information - Q3 2017 40 2022 Lease Expiration by Market (Pro Forma) New York (1) San Francisco (1) Washington, D.C. (1) Expiring Expiring Expiring SF SF SF 2020 2021 Thereafter Atlanta Other All Markets Expiring Expiring Expiring Thereafter SF SF SF 2020 2021 2022


 
Unaudited (SF & $ in thousands) (at 9/30/2017) Tenant Credit Rating (1) Number of Properties Annualized Lease Revenue (ALR) (2) % of ALR Leased Square Footage % of Leased Square Footage Remaining Lease Term Years (3) AT&T Corporation/AT&T Services BBB+ 1 22,579$ 6.0% 955 12.3% 3.3 Wells Fargo Bank N.A. AA- 3 20,522 5.4% 522 6.7% 8.6 Pershing LLC A 1 18,265 4.8% 471 6.1% 3.7 Westinghouse Electric Company Not Rated 1 16,010 4.2% 824 10.6% 7.7 Twitter BB- 1 15,788 4.2% 215 2.8% 7.6 NYU AA- 1 15,277 4.1% 390 5.0% 30.8 Yahoo! BB+ 1 14,556 3.9% 193 2.5% 7.8 Snap Inc. Not Rated 1 9,493 2.5% 121 1.6% 10.9 Newell Rubbermaid, Inc. BBB- 1 9,315 2.5% 411 5.3% 3.1 DocuSign, Inc. Not Rated 1 8,962 2.4% 117 1.5% 6.8 WeWork Companies Inc. Not Rated 2 7,363 1.9% 129 1.7% 13.4 DLA Piper US, LLP Not Rated 1 6,800 1.8% 92 1.2% 5.8 Amazon Web Services, Inc. AA- 1 6,455 1.7% 70 0.9% 3.8 Affirm, Inc. Not Rated 1 5,599 1.5% 86 1.1% 8.4 Oracle America, Inc. AA- 2 5,332 1.4% 102 1.3% 5.1 Quality Technology Services Not Rated 1 5,194 1.4% 128 1.6% 9.0 Room & Board Not Rated 1 5,183 1.4% 60 0.8% 17.1 MongoDB, Inc. Not Rated 1 4,741 1.3% 64 0.8% 1.3 Credit Suisse A 1 4,500 1.2% 62 0.8% 2.5 BDG Media Not Rated 1 4,348 1.1% 51 0.6% 11.1 Subtotal - Top 20 206,282$ 54.7% 5,063 65.2% 8.6 All other 170,828 45.3% 2,707 34.8% 6.2 Total 377,110$ 100.0% 7,770 100.0% 7.5 (1) Credit rating may reflect the credit rating of the parent or a guarantor. Only the Standard & Poor's credit rating has been provided. (2) Reflects CXP's ownership share of ALR for properties held in unconsolidated joint ventures. (3) Weighted average based on CXP's share of Annualized Lease Revenue. Supplemental Information - Q3 2017 41 Columbia Property Trust, Inc. Top 20 Tenants & Tenant Industry Profile (Pro Forma) 22.6% 11.2% 6.9% 6.5% 6.1% 6.0% 5.7% 5.1% 3.1% 3.0% 23.8% Tenant Industry Profile (2) Business Services Depository Institutions Legal Services Electric, Gas, and Sanitary Services Communication Engineering and Management Services Security and Commodity Brokers Health Services Other Real Estate Nondepository Institutions