10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________ 

FORM 10-Q

__________________________________ 

(Mark One)

x Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the quarterly period ended June 30, 2018

OR

o Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the transition period from ______ to ______

Commission file number 001-36113

COLUMBIA PROPERTY TRUST, INC.

(Exact name of registrant as specified in its charter)

__________________________________

Maryland	20-0068852
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

1170 Peachtree Street NE, Suite 600

Atlanta, Georgia 30309

(Address of principal executive offices)

(Zip Code)

(404) 465-2200

(Registrant's telephone number, including area code)

(Former name, former address, and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  x    No  o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

  Yes  x  No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act (check one).

Large accelerated filer	x	Accelerated filer	o
Non-accelerated filer	o (Do not check if a smaller reporting company)	Smaller reporting company	o
		Emerging Growth Company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  o    No  x

Number of shares outstanding of the registrant's

only class of common stock, as of July 20, 2018: 117,974,127 shares

FORM 10-Q

COLUMBIA PROPERTY TRUST, INC.

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION		Page No.
Item 1.	Condensed Consolidated Financial Statements	Page 4
	Consolidated Balance Sheets as of June 30, 2018 (unaudited) and December 31, 2017 (unaudited)	Page 5
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2018 (unaudited) and 2017 (unaudited)	Page 6
	Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2018 (unaudited) and 2017 (unaudited)	Page 7
	Consolidated Statements of Equity for the Six Months Ended June 30, 2018 (unaudited) and 2017 (unaudited)	Page 8
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2018 (unaudited) and 2017 (unaudited)	Page 9
	Condensed Notes to Consolidated Financial Statements (unaudited)	Page 10
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	Page 39
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	Page 51
Item 4.	Controls and Procedures	Page 52
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	Page 53
Item 1A.	Risk Factors	Page 53
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	Page 53
Item 3.	Defaults Upon Senior Securities	Page 53
Item 4.	Mine Safety Disclosures	Page 53
Item 5.	Other Information	Page 53
Item 6.	Exhibits	Page 54

Page 2

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this quarterly report on Form 10-Q of Columbia Property Trust, Inc. ("Columbia Property Trust," "we," "our," or "us"), other than historical facts may constitute "forward-looking statements” within the meaning of the Private Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Columbia Property Trust intends for all such forward-looking statements presented in this quarterly report on Form 10-Q ("Form 10-Q"), or that management may make orally or in writing from time to time, to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts.

Such statements in this current Form 10-Q include, among other things, information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, plans, strategies, prospects, and objectives. 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. As forward-looking statements, these statements are subject to certain risks and uncertainties, including known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. These risks, uncertainties, and other factors include, without limitation:

• risks affecting the real estate industry (such as the inability to enter into new leases, dependence on tenants' financial condition, and competition from other owners of real estate);

• risks relating to our ability to maintain and increase property occupancy rates and rental rates;

• adverse economic or real estate market developments in our target markets;

• risks relating to the use of debt to fund acquisitions;

• availability and terms of financing;

• ability to refinance indebtedness as it comes due;

• sensitivity of our operations and financing arrangements to fluctuations in interest rates;

• reductions in asset valuations and related impairment charges;

• risks associated with joint ventures;

• risks relating to repositioning our portfolio;

• risks relating to construction and redevelopment activities;

• risks relating to acquisition and disposition activities;

• risks associated with our ability to continue to qualify as a real estate investment trust ("REIT");

• potential liability for uninsured losses and environmental contamination;

• potential adverse impact of market interest rates on the market price for our securities; and

• risks associated with our dependence on key personnel whose continued service is not guaranteed.

For further discussion of these and additional risks and uncertainties that may cause actual results to differ from expectation, see Item 1A, Risk Factors, in our Form 10-K for the year ended December 31, 2017. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurances that our expectations will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this Form 10-Q is filed with the U.S. Securities and Exchange Commission ("SEC"). We do not intend to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Page 3

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The information furnished in the accompanying consolidated balance sheets and related consolidated statements of operations, comprehensive income, equity, and cash flows, reflects all normal and recurring adjustments that are, in management's opinion, necessary for a fair and consistent presentation of the aforementioned financial statements. The accompanying consolidated financial statements should be read in conjunction with the condensed notes to Columbia Property Trust's financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations included in this Quarterly Report on Form 10-Q, and with audited consolidated financial statements and the related notes for the year ended December 31, 2017. Columbia Property Trust's results of operations for the three and six months endedJune 30, 2018 are not necessarily indicative of the operating results expected for the full year.

Page 4

COLUMBIA PROPERTY TRUST, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per-share amounts)

	(Unaudited)
	June 30, 2018			December 31, 2017
Assets:
Real estate assets, at cost:
Land	$	817,975		$	825,208
Buildings and improvements, less accumulated depreciation of $364,262 and $388,796, as of June 30, 2018 and December 31, 2017, respectively	1,893,836			2,063,419
Intangible lease assets, less accumulated amortizationof$81,040 and $94,065, as of June 30, 2018 and December 31, 2017, respectively	101,578			199,260
Construction in progress	49,135			44,742
Total real estate assets	2,862,524			3,132,629
Investments in unconsolidated joint ventures	1,053,092			943,242
Cash and cash equivalents	11,961			9,567
Tenant receivables, net of allowance for doubtful accounts of $0 as of June 30, 2018 and December 31, 2017	2,241			2,128
Straight-line rent receivable	77,519			92,235
Prepaid expenses and other assets	29,242			27,683
Intangible lease origination costs, less accumulated amortization of $61,810 and $57,465, as of June 30, 2018 and December 31, 2017, respectively	38,002			42,959
Deferred lease costs, less accumulated amortization of $25,606 and $26,464, as of June 30, 2018 and December 31, 2017, respectively	61,159			141,096
Investment in development authority bonds	120,000			120,000
Total assets	$	4,255,740		$	4,511,539
Liabilities:
Line of credit and notes payable, net of unamortized deferred financing costs of $2,003 and $2,991, as of June 30, 2018 and December 31, 2017, respectively	$	547,534		$	971,185
Bonds payable, net of discounts of $1,394 and $1,484 and unamortized deferred financing costs of $4,455 and $4,760, as of June 30, 2018 and December 31, 2017, respectively	694,151			693,756
Accounts payable, accrued expenses, and accrued capital expenditures	50,729			125,002
Dividends payable	—			23,961
Deferred income	16,000			18,481
Intangible lease liabilities, less accumulated amortization of $19,280 and $19,660, as of June 30, 2018 and December 31, 2017, respectively	23,314			27,218
Obligations under capital lease	120,000			120,000
Total liabilities	1,451,728			1,979,603
Commitments and Contingencies (Note 7)	—			—
Equity:
Common stock, $0.01 par value, 225,000,000 shares authorized, 117,974,127 and 119,789,106 shares issued and outstanding, as of June 30, 2018 and December 31, 2017, respectively	1,180			1,198
Additional paid-in capital	4,447,054			4,487,071
Cumulative distributions in excess of earnings	(1,648,577		)	(1,957,236		)
Cumulative other comprehensive income	4,355			903
Total equity	2,804,012			2,531,936
Total liabilities and equity	$	4,255,740		$	4,511,539

See accompanying notes.

Page 5

COLUMBIA PROPERTY TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per-share amounts)

	(Unaudited)						(Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Revenues:
Rental income	$	66,263		$	67,121		$	131,080		$	138,294
Tenant reimbursements	5,146			6,972			10,689			15,556
Hotel income	—			—			—			1,339
Asset and property management fee income	1,818			498			3,577			972
Other property income	2,143			266			3,734			852
	75,370			74,857			149,080			157,013
Expenses:
Property operating costs	22,450			21,831			45,512			45,936
Hotel operating costs	—			9			—			2,085
Asset and property management fee expenses	205			260			413			529
Depreciation	20,681			20,423			41,516			42,028
Amortization	8,623			8,191			16,639			17,648
Impairment loss on real estate assets	30,812			—			30,812			—
General and administrative – corporate	8,282			9,201			16,076			17,969
General and administrative – unconsolidated joint ventures	736			—			1,467			—
	91,789			59,915			152,435			126,195
	(16,419		)	14,942			(3,355		)	30,818
Other Income (Expense):
Interest expense	(14,314		)	(14,462		)	(30,209		)	(29,577		)
Interest and other income	1,814			2,477			3,617			4,827
Gain on sale of unconsolidated joint venture interests	—			—			762			—
Gain (loss) on extinguishment of debt	23,713			—			23,713			(45		)
	11,213			(11,985		)	(2,117		)	(24,795		)
Income (loss) before income taxes, unconsolidated joint ventures, and sales of real estate	(5,206		)	2,957			(5,472		)	6,023
Income tax benefit (expense)	(6		)	(7		)	(13		)	381
Income (loss) from unconsolidated joint ventures	1,773			(1,817		)	3,544			(3,702		)
Income (loss) before sales of real estate	(3,439		)	1,133			(1,941		)	2,702
Gain on sales of real estate assets	—			—			—			73,153
Net income (loss)	$	(3,439	)	$	1,133		$	(1,941	)	$	75,855
Per-Share Information – Basic:
Net income (loss)	$	(0.03	)	$	0.01		$	(0.02	)	$	0.62
Weighted-average common shares outstanding – basic	118,035			121,534			118,556			121,768
Per-Share Information – Diluted:
Net income (loss)	$	(0.03	)	$	0.01		$	(0.02	)	$	0.62
Weighted-average common shares outstanding – diluted	118,462			121,909			118,960			122,115
Dividends per share	$	0.20		$	0.20		$	0.40		$	0.40

See accompanying notes.

Page 6

COLUMBIA PROPERTY TRUST, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

	(Unaudited)						(Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Net income (loss)	$	(3,439	)	$	1,133		$	(1,941	)	$	75,855
Market value adjustments to interest rate swap	938			(636		)	3,452			(2		)
Comprehensive income (loss)	$	(2,501	)	$	497		$	1,511		$	75,853

See accompanying notes.

Page 7

COLUMBIA PROPERTY TRUST, INC.

CONSOLIDATED STATEMENTS OF EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2018 AND 2017 (UNAUDITED)

(in thousands, except per-share amounts)

	Common Stock					Additional Paid-In Capital			Cumulative Distributions in Excess of Earnings			Cumulative Other Comprehensive Income		Total Equity
	Shares		Amount
Balance, December 31, 2017	119,789		$	1,198		$	4,487,071		$	(1,957,236	)	$	903	$	2,531,936
Cumulative-effect adjustment for the adoption of ASU 2017-05	—		—			—			357,755			—		357,755
Cumulative-effect adjustment for the adoption of ASU 2014-09	—		—			—			343			—		343
Repurchases of common stock	(1,954	)	(19		)	(41,770		)	—			—		(41,789		)
Common stock issued to employees and directors, and amortized (net of income tax withholdings)	139		1			1,753			—			—		1,754
Distributions to common stockholders ($0.40 per share)	—		—			—			(47,498		)	—		(47,498		)
Net loss	—		—			—			(1,941		)	—		(1,941		)
Market value adjustment to interest rate swap	—		—			—			—			3,452		3,452
Balance, June 30, 2018	117,974		$	1,180		$	4,447,054		$	(1,648,577	)	$	4,355	$	2,804,012

	Common Stock					Additional Paid-In Capital			Cumulative Distributions in Excess of Earnings			Cumulative Other Comprehensive Loss			Total  Equity
	Shares		Amount
Balance, December 31, 2016	122,184		$	1,221		$	4,538,912		$	(2,036,482	)	$	(883	)	$	2,502,768
Repurchases of common stock	(1,252	)	(13		)	(27,488		)	—			—			(27,501		)
Common stock issued to employees and directors, and amortized (net of income tax withholdings)	303		3			2,498			—			—			2,501
Distributions to common stockholders ($0.40 per share)	—		—			—			(48,778		)	—			(48,778		)
Net income	—		—			—			75,855			—			75,855
Market value adjustment to interest rate swap	—		—			—			—			(2		)	(2		)
Balance, June 30, 2017	121,235		$	1,211		$	4,513,922		$	(2,009,405	)	$	(885	)	$	2,504,843

See accompanying notes.

Page 8

COLUMBIA PROPERTY TRUST, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	(Unaudited)
	Six Months Ended June 30,
	2018			2017
Cash Flows From Operating Activities:
Net income (loss)	$	(1,941	)	$	75,855
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Straight-line rental income	(17,207		)	(12,463		)
Depreciation	41,516			42,028
Amortization	15,440			16,789
Impairment loss on real estate assets	30,812			—
Noncash interest expense	1,708			1,491
(Gain) loss on extinguishment of debt	(23,713		)	45
(Income) loss from unconsolidated joint ventures	(3,544		)	3,702
Distributions of earnings from unconsolidated joint ventures	15,015			—
Gain on sale of unconsolidated joint venture interests	(762		)	—
Gain on sales of real estate assets	—			(73,153		)
Stock-based compensation expense	3,722			3,953
Changes in assets and liabilities, net of acquisitions and dispositions:
Decrease (increase) in tenant receivables, net	(1,039		)	3,712
Decrease (increase) in prepaid expenses and other assets	1,591			(1,024		)
Decrease in accounts payable and accrued expenses	(39,934		)	(20,456		)
Decrease in deferred income	(2,481		)	(4,516		)
Net cash provided by operating activities	19,183			35,963
Cash Flows From Investing Activities:
Net proceeds from the sales of real estate	284,608			504,660
Net proceeds from sale of investments in unconsolidated joint ventures	235,083			—
Prepaid earnest money and transaction costs	—			(12,341		)
Capital improvement and development costs	(40,084		)	(35,090		)
Deferred lease costs paid	(7,510		)	(10,432		)
Investments in unconsolidated joint ventures	(2,460		)	(1,940		)
Distributions from unconsolidated joint ventures	4,585			—
Net cash provided by investing activities	474,222			444,857
Cash Flows From Financing Activities:
Financing costs paid	(149		)	(70		)
Proceeds from lines of credit and notes payable	150,000			—
Repayments of lines of credit and notes payable	(525,639		)	(75,830		)
Distributions paid to stockholders	(71,459		)	(85,505		)
Redemptions of common stock	(43,764		)	(28,962		)
Net cash used in financing activities	(491,011		)	(190,367		)
Net increase in cash and cash equivalents	2,394			290,453
Cash and cash equivalents, beginning of period	9,567			216,085
Cash and cash equivalents, end of period	$	11,961		$	506,538

See accompanying notes.

Page 9

COLUMBIA PROPERTY TRUST, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

(unaudited)

1. Organization

Columbia Property Trust, Inc. ("Columbia Property Trust") (NYSE: CXP) is a Maryland corporation that operates as a real estate investment trust ("REIT") for federal income tax purposes and owns and operates commercial real estate properties. Columbia Property Trust was incorporated in 2003, commenced operations in 2004, and conducts business primarily through Columbia Property Trust Operating Partnership, L.P. ("Columbia Property Trust OP"), a Delaware limited partnership. Columbia Property Trust is the general partner and sole owner of Columbia Property Trust OP and possesses full legal control and authority over its operations. Columbia Property Trust OP acquires, redevelops, owns, leases, and operates real properties directly, through wholly owned subsidiaries, or through unconsolidated joint ventures. Unless otherwise noted herein, references to Columbia Property Trust, "we," "us," or "our" herein shall include Columbia Property Trust and all subsidiaries of Columbia Property Trust, direct and indirect.

Columbia Property Trust typically invests in high-quality, income-generating office properties. As of June 30, 2018, Columbia Property Trust owned 18 operating properties and one property under redevelopment, of which 14 were wholly owned and five were owned through unconsolidated joint ventures. The operating properties are located primarily in New York, San Francisco, Washington, D.C., and Atlanta, contain a total of 8.8 million rentable square feet, and were approximately 97.1% leased as of June 30, 2018.

2. Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements of Columbia Property Trust have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by U.S. generally accepted accounting principles ("GAAP") for complete financial statements. In the opinion of management, the statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year's results. For additional information on Columbia Property Trust's unconsolidated joint ventures, which are accounted for using the equity method of accounting, see Note 4, Unconsolidated Joint Ventures. Columbia Property Trust's consolidated financial statements include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable-interest entity in which Columbia Property Trust or Columbia Property Trust OP was deemed the primary beneficiary. With respect to entities that are not variable interest entities, Columbia Property Trust's consolidated financial statements also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling general partnership interest. All intercompany balances and transactions have been eliminated in consolidation. For further information, refer to the financial statements and footnotes included in Columbia Property Trust's Annual Report on Form 10-K for the year ended December 31, 2017 (the "2017 Form 10-K").

Fair Value Measurements

Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date, under current market conditions. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability:

Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts.

Level 2 – Assets or liabilities valued based on observable market data for similar instruments.

Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider.

Page 10

Real Estate Assets

Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. To determine the appropriate useful life of an asset, Columbia Property Trust considers the period of future benefit of the asset. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows:

Buildings	40 years
Building and site improvements	5-25 years
Tenant improvements	Shorter of economic life or lease term
Intangible lease assets	Lease term

Assets Held for Sale

Columbia Property Trust classifies properties as held for sale according to Accounting Standard Codification 360, Accounting for the Impairment or Disposal of Long-Lived Assets ("ASC 360"). According to ASC 360, properties having separately identifiable operations and cash flows are considered held for sale when all of the following criteria are met:

• Management, having the authority to approve the action, commits to a plan to sell the property.

• The property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property.

• An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated.

• The property is being actively marketed for sale at a price that is reasonable in relation to its current fair value.

• Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

• The sale of the property is probable (i.e., typically subject to a binding sale contract with a non-refundable deposit), and transfer of the property is expected to qualify for recognition as a completed sale within one year.

As of June 30, 2018 and December 31, 2017, none of Columbia Property Trust's properties met the criteria to be classified as held for sale in the accompanying balance sheet.

Evaluating the Recoverability of Real Estate Assets

Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets, of both operating properties and properties under redevelopment, may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of real estate assets and related intangible assets and liabilities may not be recoverable, Columbia Property Trust assesses the recoverability of these assets and liabilities by determining whether the respective carrying values will be recovered through the estimated undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, Columbia Property Trust adjusts the carrying value of the real estate assets and related intangible assets and liabilities to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognizes an impairment loss. At such time that a property is required to be classified as held for sale, its carrying amount is adjusted to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized.

Estimated fair values are calculated based on the following hierarchy of information: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated residual value. Projections of expected future operating cash flows require that Columbia Property Trust estimate future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. Due to the inherent subjectivity of the assumptions used to project future cash flows, estimated fair values may differ from the values that would be realized in market transactions. Certain of Columbia Property Trust's assets may be carried at an amount that exceeds that which could be realized in a current disposition transaction.

In the second quarter of 2018, Columbia Property Trust recognized an impairment loss of $30.8 million in connection with changing the holding period expectations for 222 East 41st Street in New York. Columbia Property Trust widely marketed this property for sale during the second quarter and, as a result, entered into an agreement to sell this property on May 25, 2018 and closed on the sale on May 29, 2018. Upon entering into the sale agreement, Columbia Property Trust reduced 222 East 41st Street’s carrying

Page 11

value to reflect its fair value, estimated based on the net contract price of $284.6 million (Level 1), by recording an impairment loss of $30.8 million in the second quarter of 2018.

Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessor

Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of the properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see Fair Value Measurements section above for additional detail). As of June 30, 2018 and December 31, 2017, Columbia Property Trust had the following intangible assets and liabilities, arising from in-place leases, excluding amounts held for sale, if applicable (in thousands):

		Intangible Lease Assets						Intangible Lease Origination Costs			Intangible Below-Market In-Place Lease Liabilities
		Above-Market In-Place Lease Assets			Absorption Period Costs
June 30, 2018	Gross	$	2,481		$	148,467		$	99,812		$	42,594
	Accumulated Amortization	(934		)	(77,779		)	(61,810		)	(19,280		)
	Net	$	1,547		$	70,688		$	38,002		$	23,314
December 31, 2017	Gross	$	2,481		$	149,927		$	100,424		$	46,878
	Accumulated Amortization	(833		)	(70,465		)	(57,465		)	(19,660		)
	Net	$	1,648		$	79,462		$	42,959		$	27,218

For the three and six months endedJune 30, 2018 and 2017, Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands):

	Intangible Lease Assets				Intangible Lease Origination Costs		Intangible Below-Market In-Place Lease Liabilities
	Above-Market In-Place Lease Assets		Absorption Period Costs
For the Three Months Ended June 30, 2018	$	51	$	4,436	$	2,538	$	2,315
For the Three Months Ended June 30, 2017	$	161	$	4,189	$	2,740	$	1,911
For the Six Months Ended June 30, 2018	$	102	$	8,775	$	4,957	$	3,904
For the Six Months Ended June 30, 2017	$	449	$	9,257	$	5,829	$	4,316

The net intangible assets and liabilities remaining as of June 30, 2018 will be amortized as follows (in thousands):

	Intangible Lease Assets				Intangible Lease Origination Costs		Intangible Below-Market In-Place Lease Liabilities
	Above-Market In-Place Lease Assets		Absorption Period Costs
For the remainder of 2018	$	102	$	8,358	$	4,736	$	2,918
For the years ending December 31:
2019	203		14,586		8,575		5,507
2020	203		12,732		7,743		4,499
2021	203		8,079		3,713		1,591
2022	203		6,585		2,708		1,287
2023	203		5,944		2,480		1,264
Thereafter	430		14,404		8,047		6,248
	$	1,547	$	70,688	$	38,002	$	23,314

Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessee

Columbia Property Trust is the lessee on certain in-place ground leases. Intangible above-market and below-market in-place lease values are recorded as intangible lease liabilities and assets, respectively, and are amortized as an adjustment to property operating cost over the remaining term of the respective leases. Columbia Property Trust had gross below-market lease assets of approximately

Page 12

$31.7 million and $140.9 million as of June 30, 2018 and December 31, 2017, respectively, and recognized amortization of these assets of approximately $0.5 million and $0.6 million for the three months ended June 30, 2018 and 2017, respectively, and approximately $1.1 million and $1.3 million for the six months ended June 30, 2018 and 2017, respectively.

As of June 30, 2018, the remaining net below-market intangible lease assets will be amortized as follows (in thousands):

For the remainder of 2018	$	272
For the Years Ending December 31:
2019	545
2020	545
2021	545
2022	545
2023	545
Thereafter	26,346
	$	29,343

Interest Rate Swap Agreements

Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate swap transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps on its consolidated balance sheet either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income. All changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain or loss on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as gain or loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment. The following tables provide additional information related to Columbia Property Trust's interest rate swaps (in thousands):

		Estimated Fair Value as of
Instrument Type	Balance Sheet Classification	June 30, 2018		December 31, 2017
Derivatives designated as hedging instruments:
Interest rate contracts	Prepaid expenses and other assets	$	4,355	$	903

Columbia Property Trust applied the provisions of ASC 820 in recording its interest rate swaps at fair value. The fair values of the interest rate swaps, classified under Level 2, were determined using a third-party proprietary model that is based on prevailing market data for contracts with matching durations, current and anticipated London Interbank Offered Rate ("LIBOR") information, and reasonable estimates about relevant future market conditions. Columbia Property Trust has determined that the fair value, as determined by the third party, is reasonable.

	Three Months Ended June 30,					Six Months Ended June 30,
	2018		2017			2018		2017
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income	$	938	$	(636	)	$	3,452	$	(2	)

During the periods presented, there was no hedge ineffectiveness required to be recognized into earnings on the interest rate swaps that qualified for hedge accounting treatment.

Income Taxes

Columbia Property Trust has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code") and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. As a REIT, Columbia Property Trust generally is not subject to income

Page 13

tax on income it distributes to stockholders. Columbia Property Trust's stockholder distributions typically exceed its taxable income due to the inclusion of noncash expenses, such as depreciation, in taxable income. As a result, Columbia Property Trust typically does not incur federal income taxes other than as described in the following paragraph. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements.

Columbia Property Trust TRS, LLC, Columbia KCP TRS, LLC, and Columbia Energy TRS, LLC (collectively, the "TRS Entities") are wholly owned subsidiaries of Columbia Property Trust and are organized as Delaware limited liability companies. The TRS Entities, among other things, provide tenant services that Columbia Property Trust, as a REIT, cannot otherwise provide. Columbia Property Trust has elected to treat the TRS Entities as taxable REIT subsidiaries. Columbia Property Trust may perform certain additional, noncustomary services for tenants of its buildings through the TRS Entities; however, any earnings related to such services are subject to federal and state income taxes. In addition, for Columbia Property Trust to continue to qualify as a REIT, Columbia Property Trust must limit its investments in taxable REIT subsidiaries to 20% of the value of the total assets. The TRS Entities' deferred tax assets and liabilities represent temporary differences between the financial reporting basis and the tax basis of assets and liabilities based on the enacted rates expected to be in effect when the temporary differences reverse. If applicable, Columbia Property Trust records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations.

Reclassification

Certain prior period amounts may be reclassified to conform to the current-period financial statement presentation. Within revenues on the accompanying consolidated statements of operations, management fees earned from unconsolidated joint ventures have been reclassified from other property income to a dedicated line item, asset and property management fee income, for all periods presented.

Recent Accounting Pronouncements

In February 2017, the FASB issued Accounting Standard Update 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Non-Financial Assets ("ASU 2017-05"), which applies to the partial sale of non-financial assets, including real estate assets, to unconsolidated joint ventures. ASU 2017-05 requires Columbia Property Trust to measure its residual joint venture interest in properties transferred to unconsolidated joint ventures at fair value as of the transaction date by recognizing a gain or loss on 100% of the asset transferred (i.e., to fully step-up the basis of the residual investment in the joint venture). Columbia Property Trust adopted the new rule effective January 1, 2018 on a modified retrospective basis by recording a cumulative-effect adjustment to equity equal to the total gain on residual joint venture interests as of the transaction dates for the partial sales of Market Square, 333 Market Street, and University Circle, adjusted to reflect the impact of depreciating the additional step-ups through January 1, 2018. The adoption of this standard resulted in an increase to investments in unconsolidated joint ventures and equity of $357.8 million.

In February 2016, the FASB issued Accounting Standards Update2016-02, Leases ("ASU 2016-02"), which amends the existing standards for lease accounting by requiring lessees to recognize most leases on their balance sheets and by making targeted changes to lessor accounting and reporting. The new standard will require lessees to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months, and classify such leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee, or not. This classification will determine whether the lease expense is recognized based on an effective interest method (finance leases) or on a straight-line basis over the term of the lease (operating leases). Leases with a term of 12 months or less will be accounted for using an approach that is similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance as applies to sales-type leases, direct financing leases, and operating leases. The new standard also requires lessors to capitalize and amortize only incremental direct leasing costs. Columbia Property Trust anticipates adopting ASU 2016-02 as of January 1, 2019 (the effective date for large accelerated filers), using a modified retrospective implementation approach, and is in the process of evaluating the financial impact of this accounting change.

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which establishes a comprehensive model to account for revenues arising from contracts with customers. ASU 2014-09 applies to all contracts with customers, except those that are within the scope of other topics in the FASB's Accounting Standards Codification, such as real estate leases. ASU 2014-09 requires companies to perform a five-step analysis of transactions to determine when and how revenue is recognized. For Columbia Property Trust, the new standard applies primarily to fees earned from managing properties owned by its unconsolidated joint ventures and parking agreements with tenants. Given the structure of these agreements, the adoption of ASU 2014-09 has not materially impacted the timing or amount of Columbia Property Trust's revenues; however, Columbia Property Trust has included more extensive disclosures about its revenue streams and contracts with customers,

Page 14

which are presented in Note 11, Revenues. ASU 2014-09 was effective for Columbia Property Trust on January 1, 2018. Columbia Property Trust has applied the modified retrospective approach of adoption, which resulted in the recognition of a cumulative effect adjustment to equity of $0.3 million, with no retrospective adjustments to prior periods.

3. Real Estate Transactions

Acquisitions

Columbia Property Trust did not acquire any properties during the first six months of 2018. During 2017, Columbia Property Trust acquired the following properties and partial interests in properties:

Property	Location	Date	Percent Acquired		Purchase Price(1) (in thousands)
2017
149 Madison Avenue	New York, NY	November 28, 2017	100.0	%	$	87,700
1800 M Street	Washington, D.C.	October 11, 2017	55.0	%	$	231,550	(2)
249 West 17th Street & 218 West 18th Street	New York, NY	October 11, 2017	100.0	%	$	514,100
114 Fifth Avenue	New York, NY	July 6, 2017	49.5	%	$	108,900	(2)

⁽¹⁾  Exclusive of transaction costs and price adjustments. See purchase price allocation table below for a breakout of the net purchase price for wholly owned properties.

⁽²⁾  Purchase price is for Columbia Property Trust's partial interests in the properties. These properties are owned through unconsolidated joint ventures. 

149 Madison Avenue

149 Madison Avenue is a 12-story, 127,000-square-foot office building, which was vacant at the time of acquisition. Columbia Property Trust acquired 149 Madison Avenue subject to a ground lease, which expired in January 2018. Columbia Property Trust is redeveloping this property.

1800 M Street Joint Venture

Columbia Property Trust acquired a 55% interest in 1800 M Street through a newly created joint venture partnership with Allianz Real Estate of America ("Allianz"). 1800 M Street is a 10-story, 581,000-square-foot office building in Washington, D.C., which was 94% leased at acquisition (the “1800 M Street Joint Venture”). The total gross purchase price for 1800 M Street was $421.0 million.

249 West 17th Street & 218 West 18th Street

249 West 17th Street is made up of two interconnected 12- and six-story towers, totaling 281,000 square feet of office and retail space and 218 West 18th Street is a 12-story, 166,000-square-foot office building. As of the acquisition date, 249 West 17th Street was 100% leased to four tenants, including Twitter, Inc. (76%) and Room & Board, Inc. (21%); and 218 West 18th Street was 100% leased to seven tenants, including Red Bull North America, Inc. (25%), Company 3 (18%), SY Partners (16%), and SAE (16%).

114 Fifth Avenue Joint Venture

Columbia Property Trust acquired a 49.5% equity interest in a joint venture that owns the 114 Fifth Avenue property from Allianz (the "114 Fifth Avenue Joint Venture"). 114 Fifth Avenue is a 19-story, 352,000-square-foot building located in Manhattan’s Flatiron District that was 100% leased at acquisition. The 114 Fifth Avenue Joint Venture is owned by Columbia Property Trust (49.5%), Allianz (49.5%), and L&L Holding Company (1.0%). L&L Holding Company is the general partner and performs asset and property management services for the property.

Page 15

Purchase Price Allocations for Consolidated Property Acquisitions:

	149 Madison Avenue		249 West 17th Street			218 West 18th Street
Location	New York, NY		New York, NY			New York, NY
Date Acquired	November 28, 2017		October 11, 2017			October 11, 2017
Purchase Price (in thousands):
Land	$	59,112	$	113,149		$	43,836
Building and improvements	28,989		194,109			126,957
Intangible lease assets	—		27,408			12,120
Intangible lease origination costs	—		13,062			4,168
Intangible below market lease liability	—		(7,131		)	(11,757		)
Total purchase price	$	88,101	$	340,597		$	175,324

Note 2, Summary of Significant Accounting Policies, providesa discussion of the estimated useful life for each asset class.

Pro Forma Financial Information

The following unaudited pro forma statements of operations for the three and six months endedJune 30, 2017, have been prepared for Columbia Property Trust to give effect to the acquisitions of 249 West 17th Street, 218 West 18th Street, and 149 Madison Avenue as if the acquisitions had occurred on January 1, 2016. Columbia Property Trust owned 249 West 17th Street, 218 West 18th Street, and 149 Madison Avenue for the entirety of the six months ended June 30, 2018. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had these acquisitions been consummated as of January 1, 2016 (in thousands):

	Three Months Ended June 30, 2017		Six Months Ended June 30, 2017
Revenues	$	84,485	$	176,270
Net income	$	3,460	$	80,508
Net income per share – basic	$	0.03	$	0.66
Net income per share – diluted	$	0.03	$	0.66

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Dispositions

During 2017 and the first six months of 2018, Columbia Property Trust disposed of the following properties or partial interests in properties of unconsolidated joint ventures:

Property	Location	Date	% Sold			Sales Price(1) (in thousands)			Gain on Sale (in thousands)
2018
222 East 41st Street(2)	New York, NY	May 29, 2018	100.0	%		$	332,500		$	—
263 Shuman Boulevard(3)	Chicago, IL	April 13, 2018	100.0	%		$	49,000	(3)	$	24,000	(3)
University Circle & 333 Market Street Joint Ventures(4)	San Francisco, CA	February 1, 2018	22.5	%	(4)	$	235,300	(4)	$	762	(4)
2017
University Circle & 333 Market Street(5)	San Francisco, CA	July 6, 2017	22.5	%	(5)	$	234,000	(5)	$	102,400	(5)
Key Center Tower & Marriott(6)	Cleveland, OH	January 31, 2017	100.0	%		$	267,500		$	9,500
Houston Properties(7)	Houston, TX	January 6, 2017	100.0	%		$	272,000		$	63,700

⁽¹⁾  Exclusive of transaction costs and price adjustments.

⁽²⁾  On May 29, 2018, Columbia Property Trust closed on the sale of 222 East 41st Street in New York, for $332.5 million, exclusive of transaction costs. Columbia Property Trust recognized an impairment loss of $30.8 million related to this property in the second quarter of 2018, as further described in Note 2, Summary of Significant Accounting Policies.

The proceeds from this transaction were used to fully repay the $180 million remaining balance on the $300 Million Bridge Loan, as described in Note 5, Line of Credit and Notes Payable.

⁽³⁾  On April 13, 2018, Columbia Property Trust transferred 263 Shuman Boulevard to the lender in extinguishment of the loan principal of $49.0 million, accrued interest expense, and accrued property operating costs, which resulted in a gain on extinguishment of debt of $24.0 million in the second quarter of 2018.

⁽⁴⁾  Sales price is for the partial interests in the unconsolidated joint ventures that were sold. As previously agreed, Columbia Property Trust sold an additional 22.5% interest in the University Circle property and 333 Market Street building to its joint venture partner, Allianz, for $235.3 million, which resulted in a $0.8 million gain on sale of unconsolidated joint venture interests (the "February 2018 Allianz Transaction"). The gain on sale is calculated as the net sales price over the adjusted carrying value of the joint venture interest sold. In connection with implementing ASU 2017-05, effective January 1, 2018, the joint venture carrying value was increased to its estimated fair value as of the joint venture formation date, July 6, 2017, less depreciation through January 1, 2018.

The proceeds from this transaction were used to reduce the balance on the $300 Million Bridge Loan and the Revolving Credit Facility, as described in Note 5, Line of Credit and Notes Payable.

⁽⁵⁾  Sales price is for the partial interests in the properties that were sold. Columbia Property Trust contributed the 333 Market Street building and the University Circle property to unconsolidated joint ventures, and simultaneously sold a 22.5% interest in those joint ventures to Allianz, an unrelated third party, for $234.0 million, which resulted in a $102.4 million gain on sale of real estate assets (collectively, the "San Francisco Joint Ventures"). The gain on sale is calculated as the net sales price over the depreciated net book value of the assets sold.

⁽⁶⁾  Key Center Tower & Marriott were sold in one transaction for $254.5 million of gross proceeds and a $13.0 million, 10-year accruing note receivable from the principal of the buyer. As a result, Columbia Property Trust has applied the installment method to account for this transaction, and deferred $13.0 million of the total $22.5 million gain on sale. The Key Center Tower and Key Center Marriott generated a net loss of $1.9 million for the first 31 days of 2017, excluding the gain on sale.

⁽⁷⁾  5 Houston Center, Energy Center I, and 515 Post Oak were sold in one transaction. These properties generated a net loss of $14,900 for the first six days of 2017, excluding the gain on sale.

Page 17

4.    Unconsolidated Joint Ventures

As of June 30, 2018 and December 31, 2017, Columbia Property Trust owned interests in the following properties through joint ventures, which are accounted for using the equity method of accounting:

						Carrying Value of Investment(1)
Joint Venture	Property Name	Geographic Market	Ownership Interest			June 30, 2018		December 31, 2017
Market Square Joint Venture	Market Square	Washington, D.C.	51.0	%		$	134,298	$	128,411
University Circle Joint Venture	University Circle	San Francisco	55.0	%	(2)	296,756		173,798
333 Market Street Joint Venture	333 Market Street	San Francisco	55.0	%	(2)	275,897		288,236
114 Fifth Avenue Joint Venture	114 Fifth Avenue	New York	49.5	%		105,567		110,311
1800 M Street Joint Venture	1800 M Street	Washington, D.C.	55.0	%		240,574		242,486
						$	1,053,092	$	943,242

⁽¹⁾  Includes basis differences. Columbia Property Trust adopted ASU 2017-05 effective January 1, 2018, which requires Columbia Property Trust to measure its residual joint venture interest in the properties transferred to unconsolidated joint ventures at fair value as of the transaction date (i.e., to fully step-up the basis of the residual investment in the joint venture). The new rule was adopted on a modified retrospective basis by recording a cumulative-effect adjustment to equity equal to the original gain or loss as of the respective transaction dates, adjusted to reflect the impact of depreciating the additional step-ups through January 1, 2018. The adoption of this standard resulted in an increase to investments in unconsolidated joint ventures and equity by $357.8 million on January 1, 2018, for the previous partial sales of interest in the Market Square, 333 Market Street, and University Circle properties.

⁽²⁾  On February 1, 2018, Allianz acquired from Columbia Property Trust an additional 22.5% interest in each of the University Circle Joint Venture and the 333 Market Street Joint Venture, thereby reducing Columbia Property Trust's equity interest in each joint venture to 55.0%. See the Dispositions section of Note 3, Real Estate Transactions, for more information.

Columbia Property Trust has determined that none of the joint ventures qualify as variable interest entities. However, Columbia Property Trust and its partners have substantive participation rights in the joint ventures, including management selection and termination, and the approval of operating and capital decisions. As such, Columbia Property Trust uses the equity method of accounting to record its investment in these joint ventures. Under the equity method, the investment in the joint venture is recorded at cost and adjusted for cash contributions and distributions, and allocations of income or loss.

Columbia Property Trust evaluates the recoverability of its investments in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing the investment for any indicators of impairment. If indicators are present, Columbia Property Trust estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management makes an assessment of whether the impairment is "temporary" or "other-than-temporary." In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost and (2) Columbia Property Trust's intent and ability to retain its interest long enough for a recovery in market value. Based on the assessment as described above, Columbia Property Trust has determined that none of its investments in joint ventures are other than temporarily impaired as of June 30, 2018.

Mortgage Debt and Related Guaranty

The Market Square joint venture is the only joint venture with mortgage debt. As of June 30, 2018 and December 31, 2017, the outstanding balance on the interest-only Market Square mortgage note is $325.0 million, bearing interest at 5.07%. The Market Square mortgage note matures on July 1, 2023. Columbia Property Trust guarantees a portion of the Market Square mortgage note, the amount of which has been reduced to $9.4 million as of June 30, 2018 from $11.2 million as of December 31, 2017, as a result of leasing at Market Square. The amount of the guaranty will continue to be reduced as space is leased.

Page 18

Condensed Combined Financial Information

Summarized balance sheet information for each of the unconsolidated joint ventures is as follows (in thousands):

	Total Assets				Total Debt				Total Equity(1)
	June 30, 2018		December 31, 2017		June 30, 2018		December 31, 2017		June 30, 2018		December 31, 2017
Market Square Joint Venture	$	583,207	$	590,115	$	324,735	$	324,708	$	243,107	$	244,506
University Circle Joint Venture	227,102		227,368		—		—		221,363		221,154
333 Market Street Joint Venture	380,797		385,297		—		—		365,384		368,994
114 Fifth Avenue Joint Venture	384,783		392,486		—		—		161,744		170,525
1800 M Street Joint Venture	454,930		458,964		—		—		434,863		438,227
	$	2,030,819	$	2,054,230	$	324,735	$	324,708	$	1,426,461	$	1,443,406

⁽¹⁾  Excludes basis differences. There is an aggregate net basis difference of $283.4 million and $32.0 million as of June 30, 2018 and December 31, 2017, respectively, between the historical costs recorded at the joint venture level, and Columbia Property Trust's investment in the joint ventures. The differences result from the basis step-up in accordance with ASU 2017-05, as described in Note 2, Summary of Significant Accounting Policies, and the differences in the timing of each partner's interest acquisition and formation costs incurred by Columbia Property Trust. The basis differences are being amortized to income (loss) from unconsolidated joint ventures over the lives of the underlying assets or liabilities.

Summarized income statement information for the unconsolidated joint ventures for the three months ended June 30, 2018 and June 30, 2017 is as follows (in thousands):

	Total Revenues				Net Income (Loss)						Columbia Property Trust's Share of Net Income (Loss)(1)
	2018		2017		2018			2017			2018			2017
Market Square Joint Venture	$	11,249	$	10,428	$	(2,998	)	$	(3,563	)	$	(1,529	)	$	(1,817	)
University Circle Joint Venture	10,003		—		5,243			—			2,885			—
333 Market Street Joint Venture	6,675		—		3,558			—			1,957			—
114 Fifth Avenue Joint Venture	10,489		—		(2,362		)	—			(1,169		)	—
1800 M Street Joint Venture	9,571		—		1,436			—			790			—
	$	47,987	$	10,428	$	4,877		$	(3,563	)	$	2,934		$	(1,817	)

⁽¹⁾  Excludes the amortization of basis differences described above.

Summarized income statement information for the unconsolidated joint ventures for the six months ended June 30, 2018 and June 30, 2017 is as follows (in thousands):

	Total Revenues				Net Income (Loss)						Columbia Property Trust's Share of Net Income (Loss)(1)
	2018		2017		2018			2017			2018			2017
Market Square Joint Venture	$	22,264	$	20,562	$	(6,007	)	$	(7,259	)	$	(3,063	)	$	(3,702	)
University Circle Joint Venture	20,344		—		10,748			—			6,314			—
333 Market Street Joint Venture	13,343		—		7,115			—			4,184			—
114 Fifth Avenue Joint Venture	20,789		—		(4,693		)	—			(2,323		)	—
1800 M Street Joint Venture	18,467		—		1,679			—			923			—
	$	95,207	$	20,562	$	8,842		$	(7,259	)	$	6,035		$	(3,702	)

⁽¹⁾  Excludes the amortization of basis differences described above.

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Property and Asset Management Fees

Columbia Property Trust provides property and asset management services to the Market Square Joint Venture, the University Circle Joint Venture, the 333 Market Street Joint Venture, and the 1800 M Street Joint Venture. Under these agreements, Columbia Property Trust oversees the day-to-day operations of these joint ventures and their properties, including property management, property accounting, and other administrative services. During the three and six months endedJune 30, 2018 and 2017, Columbia Property Trust earned the following fees from these unconsolidated joint ventures (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Market Square Joint Venture	$	552	$	498	$	1,075	$	972
University Circle Joint Venture	563		—		1,092		—
333 Market Street Joint Venture	196		—		393		—
1800 M Street Joint Venture	507		—		1,017		—
	$	1,818	$	498	$	3,577	$	972

Columbia Property Trust also received reimbursements of property operating costs of $1.1 million and $0.2 million for the three months ended June 30, 2018 and 2017, respectively, and $2.1 million and $0.3 million for the six months ended June 30, 2018 and 2017, respectively. These reimbursements are included in other property income revenues in the accompanying consolidated statements of operations. Property and asset management fees of $0.8 million and $0.4 million were due to Columbia Property Trust from the joint ventures and are included in prepaid expenses and other assets on the accompanying consolidated balance sheets as of June 30, 2018 and December 31, 2017, respectively.

5.    Line of Credit and Notes Payable

As of June 30, 2018 and December 31, 2017, Columbia Property Trust had the following line of credit and notes payable indebtedness (excluding bonds payable; see Note 6, Bonds Payable) (in thousands):

Facility	June 30, 2018			December 31, 2017
$300 Million Term Loan	$	300,000		$	300,000
$150 Million Term Loan	150,000			150,000
Revolving Credit Facility	78,000			152,000
One Glenlake mortgage note	21,537			23,176
$300 Million Bridge Loan	—			300,000
263 Shuman Boulevard mortgage note	—			49,000
Less: Deferred financing costs related to term loans and notes payable, net of accumulated amortization	(2,003		)	(2,991		)
	$	547,534		$	971,185

Fair Value of Debt

The estimated fair value of Columbia Property Trust's line of credit and notes payable as of June 30, 2018 and December 31, 2017, was approximately $550.3 million and $975.3 million, respectively. The related carrying value of the line of credit and notes payable as of June 30, 2018 and December 31, 2017, was $549.5 million and $974.2 million, respectively. Columbia Property Trust estimated the fair value of the $300 Million Term Loan (the "$300 Million Term Loan"), the $300 Million Bridge Loan (the $300 Million Bridge Loan"), and the Revolving Credit Facility (the "Revolving Credit Facility") by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates. Therefore, the fair values determined are considered to be based on observable market data for similar instruments (Level 2). The fair values of all other debt instruments were estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowing arrangements as of the respective reporting dates. The discounted cash flow method of assessing fair value results in a general approximation of value, and such value may never actually be realized.

Interest Paid and Capitalized and Debt Covenants

During the six months ended June 30, 2018 and 2017, Columbia Property Trust made interest payments totaling approximately $12.0 million and $11.2 million, respectively, of which approximately $1.9 million and $0.3 million, respectively, were capitalized.

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As of June 30, 2018, Columbia Property Trust believes it is in compliance with the restrictive financial covenants on its term loans, the Revolving Credit Facility, and notes payable obligations.

Debt Repayments & Extinguishment

On May 30, 2018, Columbia Property Trust repaid the remaining $180.0 million outstanding balance on the $300 Million Bridge Loan, using a portion of the proceeds from the sale of 222 East 41st Street, as described in Note 3, Real Estate Transactions. As a result, Columbia Property Trust recognized a loss on extinguishment of debt of $0.3 million related to unamortized deferred financing costs.

On April 13, 2018, Columbia Property Trust transferred 263 Shuman Boulevard to the lender in extinguishment of the $49.0 million loan principal, accrued interest expense, and accrued property operating expenses, which resulted in a gain on extinguishment of debt of $24.0 million in the second quarter of 2018. In 2018, Columbia Property Trust accrued related interest expense of $1.5 million at the default rate of 10.55% and property operating expenses of $0.6 million, primarily related to property taxes and repairs and maintenance.

On February 2, 2018, Columbia Property Trust repaid $120.0 million of the outstanding balance on the $300 Million Bridge Loan, using a portion of the proceeds from the February 2018 Allianz Transaction, as described in Note 3, Real Estate Transactions.

6.    Bonds Payable

Columbia Property Trust has two series of bonds outstanding as of June 30, 2018 and December 31, 2017: $350.0 million of 10-year, unsecured 3.650% senior notes issued at 99.626% of their face value (the "2026 Bonds Payable"); and $350.0 million of 10-year, unsecured 4.150% senior notes issued at 99.859% of their face value (the "2025 Bonds Payable"). Both series of bonds require semi-annual interest payments. The principal amount of the 2026 Bonds Payable is due and payable on August 15, 2026, and the principal amount of the 2025 Bonds Payable is due and payable on April 1, 2025.

Interest payments of $13.7 million and $13.8 million were made on the bonds payable during the six months ended June 30, 2018 and 2017, respectively. Columbia Property Trust is subject to substantially similar covenants under the 2026 Bonds Payable and the 2025 Bonds Payable. As of June 30, 2018, Columbia Property Trust believes it was in compliance with the restrictive financial covenants on the 2026 Bonds Payable and the 2025 Bonds Payable.

As of June 30, 2018 and December 31, 2017, the estimated fair value of the bonds payable was approximately $667.6 million and $702.8 million, respectively. The related carrying value of the bonds payable, net of discounts, as of June 30, 2018 and December 31, 2017 was $698.6 million and $698.5 million, respectively. The fair value of the bonds payable was estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowings as the bonds as of the respective reporting dates (Level 2). The discounted cash flow method of assessing fair value results in a general approximation of value, which may differ from the price that could be achieved in a market transaction.

7. Commitments and Contingencies

Commitments Under Existing Lease Agreements

Certain lease agreements include provisions that, at the option of the tenant, may obligate Columbia Property Trust to expend capital to expand an existing property or provide other expenditures for the benefit of the tenant. As of June 30, 2018, no tenants have exercised such options that have not been materially satisfied or recorded as a liability on the accompanying consolidated balance sheet.

Guaranty of Debt of Unconsolidated Joint Venture

Upon entering into the Market Square Joint Venture in October 2015, Columbia Property Trust entered into a guaranty of a $25.0 million portion of the Market Square mortgage note, the amount of which is reduced as space is leased. As a result of leasing, the guaranty has been reduced to $9.4 million as of June 30, 2018. Columbia Property Trust believes that the likelihood of making a payment under this guaranty is remote; therefore, no liability has been recorded related to this guaranty as of June 30, 2018.

Litigation

Columbia Property Trust is subject to various legal proceedings, claims, and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any reasonably possible loss relating to these matters using the latest information available. Columbia Property Trust records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range

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of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, Columbia Property Trust accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, Columbia Property Trust accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, Columbia Property Trust discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, Columbia Property Trust discloses the nature and estimate of the possible loss of the litigation. Columbia Property Trust does not disclose information with respect to litigation where the possibility of an unfavorable outcome is considered to be remote. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business, or financial condition of Columbia Property Trust. Columbia Property Trust is not currently involved in any legal proceedings of which management would consider the outcome to be reasonably likely to have a material adverse effect on the results of operations, liquidity, or financial condition of Columbia Property Trust.

8. Stockholders' Equity

Common Stock Repurchase Program

Columbia Property Trust's board of directors authorized a stock repurchase program to purchase up to an aggregate of $200.0 million of its common stock, par value $0.01 per share, from September 4, 2017 through September 4, 2019 (the "2017 Stock Repurchase Program"). During the six months ended June 30, 2018, Columbia Property Trust repurchased 2.0 million shares at an average price of $21.35 per share, for aggregate purchases of $41.8 million. As of June 30, 2018, $153.0 million remains available for repurchases under the 2017 Stock Repurchase Program. Common stock repurchases are charged against equity as incurred, and the repurchased shares are retired. Columbia Property Trust will continue to evaluate the purchase of shares, primarily through open market transactions, which are subject to market conditions and other factors.

Long-Term Incentive Compensation

Columbia Property Trust maintains a shareholder-approved, long-term incentive plan (the "LTI Plan") that provides for grants of up to 4.8 million shares of stock to be made to certain employees and independent directors of Columbia Property Trust.

Employee Awards

Under the LTI Plan, Columbia Property Trust grants time-based stock awards and performance-based restricted stock unit awards to its employees.

On January 1, 2018, Columbia Property Trust granted 128,486 shares of time-based stock awards to employees, which will vest ratably on each anniversary of the grant over the next four years. On January 1, 2018, Columbia Property Trust granted 176,702 performance-based restricted stock unit awards, of which 75% will vest at the conclusion of a three-year performance period, and the remaining 25% will vest one year later (the "Performance-Based RSUs"). Consistent with the 2017 plan, the payout of the 2018 Performance-Based RSUs will be determined based on Columbia Property Trust’s total shareholder return relative to the FTSE NAREIT Equity Office Index. Upon reaching a predefined performance threshold, the payout of Performance-Based RSUs will range from 50% to 150%. A rollforward of unvested employee stock awards and Performance-Based RSUs granted under the LTI Plan for the six months ended June 30, 2018 follows:

	For the Six Months Ended June 30, 2018
	Shares (in thousands)		Weighted-Average Grant-Date Fair Value(1)
Unvested awards – beginning of period	718		$	20.45
Granted	375		$	17.50
Vested	(275	)	$	16.00
Forfeited	(11	)	$	18.60
Unvested awards – end of period(2)	807		$	20.62

⁽¹⁾  Columbia Property Trust determined the weighted-average, grant-date fair value using the market closing price on the date of the respective grants.

⁽²⁾  As of June 30, 2018, Columbia Property Trust expects approximately 774,155 of the 807,000 unvested awards to ultimately vest, assuming a weighted average forfeiture rate of 4.1%, which was determined based on historical forfeiture rates.

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Director Awards

Columbia Property Trust grants equity retainers to its directors under the LTI Plan. Such grants vest immediately. Beginning in May 2017, these grants are made annually. Prior to this time, the independent directors' equity retainers were paid quarterly. During the six months ended June 30, 2018 and June 30, 2017, Columbia Property Trust paid the following equity retainers:

Date of Grant	Shares	Grant-Date Fair Value
2018
May 14, 2018	31,743	$	22.20
2017
January 3, 2017	8,279	$	21.58
May 2, 2017	33,581	$	22.57

Stock-Based Compensation Expense

For the three and six months endedJune 30, 2018 and 2017, Columbia Property Trust incurred the stock-based compensation expense related to the following events (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Amortization of awards granted under the LTI Plan	$	873	$	887	$	1,909	$	1,804
Amortization of future awards under the LTI Plan(1)	616		617		1,108		1,212
Issuance of shares to independent directors	705		758		705		937
Total stock-based compensation expense	$	2,194	$	2,262	$	3,722	$	3,953

⁽¹⁾  Reflects amortization of awards made under the LTI Plan for service during the current period, for which shares will be issued in future periods.

These expenses are included in general and administrative expenses in the accompanying consolidated statements of operations. As of June 30, 2018 and December 31, 2017, there were $11.0 million and $8.1 million, respectively, of unrecognized compensation costs related to unvested awards under the LTI Plan, which will be amortized over the respective vesting period, ranging from one to four years at the time of grant. In 2017, Columbia Property Trust changed from a one-year performance period to a three-year performance period and granted additional shares to bridge the vesting gap created as a result.

9.     Supplemental Disclosures of Noncash Investing and Financing Activities

Outlined below are significant noncash investing and financing activities for the six months ended June 30, 2018 and 2017 (in thousands):

	Six Months Ended June 30,
	2018		2017
Investments in real estate funded with other assets	$	—	$	311
Deposits applied to sales of real estate	$	—	$	10,000
Extinguishment of 263 Shuman Boulevard mortgage note by transferring property to lender	$	49,000	$	—
Amortization of net discounts on debt	$	90	$	90
Accrued capital expenditures and deferred lease costs	$	16,771	$	28,547
Market value adjustments to interest rate swaps that qualify for hedge accounting treatment	$	3,452	$	(2	)
Cumulative-effect adjustment to equity for the adoption of ASU 2017-05 and ASU 2014-09	$	358,098	$	—
Common stock issued to employees and directors, and amortized (net of income tax withholdings)	$	1,754	$	2,501

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10.    Earnings Per Share

For the three and six months endedJune 30, 2018 and 2017, in computing the basic and diluted earnings per share, net income has been reduced for the dividends paid on unvested shares granted under the LTI Plan. The following table reconciles the numerator for the basic and diluted earnings-per-share computations shown on the consolidated statements of operations for the three and six months endedJune 30, 2018 and 2017 (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Net income (loss)	$	(3,439	)	$	1,133		$	(1,941	)	$	75,855
Distributions paid on unvested shares	(73		)	(85		)	(146		)	(168		)
Net income (loss) used to calculate basic and diluted earnings per share	$	(3,512	)	$	1,048		$	(2,087	)	$	75,687

The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of operations for the three and six months endedJune 30, 2018 and 2017, respectively (in thousands):

	Three Months Ended June 30,		Six Months Ended June 30,
	2018	2017	2018	2017
Weighted-average common shares – basic	118,035	121,534	118,556	121,768
Plus incremental weighted-average shares from time-vested conversions, less assumed share repurchases:
Previously granted awards, unvested	72	90	70	75
Future period LTI Plan awards	355	285	334	272
Weighted-average common shares – diluted	118,462	121,909	118,960	122,115

11.     Revenues

Columbia Property Trust derives most of its revenues, rental income, and tenant reimbursements from leases. All leases on real estate assets held by Columbia Property Trust are classified as operating leases, and the related base rental income is generally recognized on a straight-line basis over the terms of the respective leases. Tenant reimbursements are recognized as revenue in the period that the related operating costs are incurred and are billed to tenants pursuant to the terms of the underlying leases. Rental income and tenant reimbursements collected in advance are recorded as deferred income in the accompanying consolidated balance sheets. Lease termination fees are recorded as other income and recognized on a straight-line basis from when Columbia Property Trust receives notification of termination through the date the tenant loses the right to lease the space and Columbia Property Trust has satisfied all obligations under the related lease or lease termination agreement. For the three months ended June 30, 2018, Columbia Property Trust earned lease termination revenues of $0.8 million; and for the six months ended June 30, 2018 and 2017, Columbia Property Trust earned lease termination revenues of $1.2 million and $0.2 million, respectively.

On January 1, 2018, Columbia Property Trust adopted ASU 2014-09 using the modified retrospective approach. ASU 2014-09 applies to all open contracts with customers, except those that are within the scope of other topics in the FASB's Accounting Standards Codification, such as real estate leases. ASU 2014-09 requires companies to perform a five-step analysis of transactions to determine when and how revenue is recognized. For Columbia Property Trust, the new standard applies primarily to the following revenues:

Asset and Property Management Fee Income

Under asset and property management agreements in place with certain of its unconsolidated joint ventures, Columbia Property Trust earns revenue for performing asset and property management functions for properties owned through its joint ventures, as further described in Note 4, Unconsolidated Joint Ventures. For the three months ended June 30, 2018 and 2017, Columbia Property Trust earned revenues of $1.8 million and $0.5 million, respectively, under these agreements; and for the six months ended June 30, 2018 and 2017, Columbia Property Trust earned revenues of $3.6 million and $1.0 million, respectively, under these agreements. Asset and property management services are ongoing and routine, and are provided on a recurring basis. Therefore, under ASU 2014-09, such fees are recognized ratably over the service period, usually a period of three months, which is consistent with the

Page 24

accounting method used prior to January 1, 2018. Columbia Property Trust receives payments quarterly for asset management fees and monthly for property management fees.

Leasing Override Fees

Under the asset management agreements for certain properties owned through unconsolidated joint ventures, Columbia Property Trust is eligible to earn leasing override fees equal to a percentage of the total rental payments to be made by the tenant over the term of the lease. ASU 2014-09 requires such fees to be recognized when Columbia Property Trust's obligation to perform is complete, typically upon execution of the lease. Prior to January 1, 2018, such fees were not recognized until billable to the applicable joint venture, typically upon commencement of the lease. Upon implementing ASU 2014-09 effective January 1, 2018, Columbia Property Trust accelerated the recognition of lease override fees related to a lease that had been executed but not yet commenced, by recording $0.3 million of lease override fees receivable as prepaid expenses and other assets and a cumulative-effect adjustment to increase equity by the same amount. For the three and six months endedJune 30, 2018, Columbia Property Trust earned leasing override fees of $38,000, which are included in asset and property management fee income on the accompanying consolidated statements of operations. For the three and six months endedJune 30, 2017, Columbia Property Trust did not earn any leasing override fees.

Salary and Other Reimbursement Revenue

Under the property management agreements for certain properties owned through unconsolidated joint ventures, Columbia Property Trust receives reimbursements for salaries and property operating costs for ongoing and routine services that are provided by Columbia Property Trust employees on a recurring basis. Under ASU 2014-09, such revenues are recognized ratably over the service period, usually a period of one month, three months, or one year, which is consistent with the accounting method used prior to January 1, 2018. For the three months ended June 30, 2018 and 2017, Columbia Property Trust earned salary and other reimbursement revenue of $1.2 million and $0.2 million, respectively; and for the six months ended June 30, 2018 and 2017, Columbia Property Trust earned salary and other reimbursement revenue of $2.2 million and $0.4 million, respectively. These amounts are included in other property income on the accompanying consolidated statements of income.

Miscellaneous Revenue

Columbia Property Trust also receives revenues for services provided to its tenants through the TRS Entities, including fitness centers, shuttles, and cafeterias, which are included in other property income on the accompanying consolidated statements of income. Such services are ongoing and routine, and are provided on a recurring basis. Under ASU 2014-09, these revenues are recognized ratably over the service period, usually a period of one month or one quarter, which is consistent with the accounting method used prior to January 1, 2018.

12.    Segment Information

Columbia Property Trust establishes operating segments at the property level and aggregates individual properties into reportable segments for high-barrier-to-entry markets and for geographic locations in which Columbia Property Trust has significant investments. Columbia Property Trust considers geographic location when evaluating its portfolio composition and in assessing the ongoing operations and performance of its properties. As of June 30, 2018, Columbia Property Trust had the following reportable segments:  New York, San Francisco, Atlanta, Washington, D.C., Boston, Los Angeles, and all other office markets. The all other office markets reportable segment consists of properties in similar low-barrier-to-entry geographic locations in which Columbia Property Trust does not have a substantial presence and does not plan to make further investments. During the periods presented, there have been no material intersegment transactions.

Net operating income ("NOI") is a non-GAAP financial measure. NOI is the primary performance measure reviewed by management to assess operating performance of properties and is calculated by deducting operating expenses from operating revenues. Operating revenues include rental income, tenant reimbursements, hotel income, and other property income; and operating expenses include property operating costs. The NOI performance metric consists only of revenues and expenses directly related to real estate rental operations. NOI reflects property acquisitions and dispositions, occupancy levels, rental rate increases or decreases, and the recoverability of operating expenses. NOI, as Columbia Property Trust calculates it, may not be directly comparable to similarly titled, but differently calculated, measures for other REITs.

Asset information and capital expenditures by segment are not reported because Columbia Property Trust does not use these measures to assess performance. Depreciation and amortization expense, along with other expense and income items, are not allocated among segments.

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The following table presents operating revenues included in NOI by geographic reportable segment for Columbia Property Trust's respective ownership interests (in thousands):

	Three Months Ended June 30,					Six Months Ended June 30,
	2018		2017			2018		2017
New York(1)	$	40,349	$	25,524		$	81,258	$	53,110
San Francisco(2)	26,088		27,593			49,608		54,775
Atlanta	10,283		9,510			20,141		18,838
Washington, D.C.(3)	14,411		7,745			28,383		15,128
Boston	3,158		2,720			6,528		5,624
Los Angeles	1,910		1,857			3,830		3,635
All other office markets	3,905		4,856			7,841		14,447
Total office segments	100,104		79,805			197,589		165,557
Hotel	—		5			—		1,223
Corporate	894		(133		)	1,575		(253		)
Total operating revenues	$	100,998	$	79,677		$	199,164	$	166,527

⁽¹⁾  Includes operating revenues for one unconsolidated property, 114 Fifth Avenue, based on Columbia Property Trust's ownership interest: 49.5%from January 1, 2018 through June 30, 2018. 114 Fifth Avenue was acquired on July 6, 2017.

⁽²⁾  Includes operating revenues for two unconsolidated properties, 333 Market Street and University Circle, based on Columbia Property Trust's ownership interests:  100.0% from January 1, 2017 through June 30, 2017; 77.5% from January 1, 2018 through January 31, 2018; and 55.0% from February 1, 2018 through June 30, 2018.

⁽³⁾  Includes operating revenues for two unconsolidated properties, Market Square and 1800 M Street, based on Columbia Property Trust's ownership interests: 51.0% for the Market Square for all periods presented; 55.0% for 1800 M Street from January 1, 2018 through June 30, 2018. 1800 M Street was acquired on October 11, 2017.

A reconciliation of GAAP revenues to operating revenues is presented below (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Total revenues	$	75,370		$	74,857		$	149,080		$	157,013
Operating revenues included in income (loss) from unconsolidated joint ventures(1)	27,446			5,318			53,661			10,486
Less: asset and property management fee income(2)	(1,818		)	(498		)	(3,577		)	(972		)
Total operating revenues	$	100,998		$	79,677		$	199,164		$	166,527

⁽¹⁾  Columbia Property Trust records its interest in properties held through unconsolidated joint ventures using the equity method of accounting, and reflects its interest in the operating revenues of these properties in income (loss) from unconsolidated joint ventures in the accompanying consolidated statements of operations.

⁽²⁾  See Note 11, Revenues, of the accompanying consolidated financial statements.

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The following table presents NOI by geographic reportable segment (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
New York(1)	$	24,369		$	16,259		$	48,548		$	33,875
San Francisco(2)	19,396			19,701			38,950			39,567
Atlanta	9,084			8,285			17,838			16,578
Washington, D.C.(3)	8,802			3,565			17,132			6,843
Boston	1,545			1,192			3,313			2,601
Los Angeles	1,154			1,202			2,362			2,284
All other office markets	3,869			4,597			7,160			11,527
Total office segments	68,219			54,801			135,303			113,275
Hotel	—			(14		)	—			(890		)
Corporate	(170		)	(103		)	(395		)	(125		)
Total NOI	$	68,049		$	54,684		$	134,908		$	112,260

⁽¹⁾  Includes NOI for one unconsolidated property, 114 Fifth Avenue, based on Columbia Property Trust's ownership interest: 49.5%from January 1, 2018 through June 30, 2018. 114 Fifth Avenue was acquired on July 6, 2017.

⁽²⁾  Includes NOI for two unconsolidated properties, 333 Market Street and University Circle, based on Columbia Property Trust's ownership interests:  100.0% from January 1, 2017 through June 30, 2017; 77.5% from January 1, 2018 through January 31, 2018; and 55.0% from February 1, 2018 through June 30, 2018.

⁽³⁾  Includes NOI for two unconsolidated properties, Market Square and 1800 M Street, based on Columbia Property Trust's ownership interests: 51.0% for the Market Square for all periods presented; 55.0% for 1800 M Street from January 1, 2018 through June 30, 2018. 1800 M Street was acquired on October 11, 2017.

A reconciliation of GAAP net income to NOI is presented below (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Net income (loss)	$	(3,439	)	$	1,133		$	(1,941	)	$	75,855
Depreciation	20,681			20,423			41,516			42,028
Amortization	8,623			8,191			16,639			17,648
General and administrative – corporate	8,282			9,201			16,076			17,969
General and administrative – joint ventures	736			—			1,467			—
Net interest expense	14,300			13,785			30,192			28,350
Interest income from development authority bonds	(1,800		)	(1,800		)	(3,600		)	(3,600		)
Gain on sale of unconsolidated joint venture interests	—			—			(762		)	—
Loss (gain) on extinguishment of debt	(23,713		)	—			(23,713		)	45
Income tax expense (benefit)	6			7			13			(381		)
Asset and property management fee income	(1,818		)	(498		)	(3,577		)	(972		)
Adjustments included in income (loss) from unconsolidated joint ventures	15,379			4,242			31,786			8,471
Gain on sales of real estate assets	—			—			—			(73,153		)
Impairment loss	30,812			—			30,812			—
NOI	$	68,049		$	54,684		$	134,908		$	112,260

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13.     Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries

The 2026 Bonds Payable and the 2025 Bonds Payable (see Note 6, Bonds Payable) were issued by Columbia Property Trust OP, and are guaranteed by Columbia Property Trust. In accordance with SEC Rule 3-10(c), Columbia Property Trust includes herein condensed consolidating financial information in lieu of separate financial statements of the subsidiary issuer (Columbia Property Trust OP), as defined in the bond indentures, because all of the following criteria are met:

(1) The subsidiary issuer (Columbia Property Trust OP) is 100% owned by the parent company guarantor (Columbia Property Trust);

(2) The guarantee is full and unconditional; and

(3) No other subsidiary of the parent company guarantor (Columbia Property Trust) guarantees the 2026 Bonds Payable or the 2025 Bonds Payable.

Columbia Property Trust uses the equity method with respect to its investment in subsidiaries included in its condensed consolidating financial statements. Set forth below are Columbia Property Trust's condensed consolidating balance sheets as of June 30, 2018 and December 31, 2017, as well as its condensed consolidating statements of operations and its condensed consolidating statements of comprehensive income for the three and six months endedJune 30, 2018 and 2017; and its condensed consolidating statements of cash flows for the six months ended June 30, 2018 and 2017.

Page 28

Condensed Consolidating Balance Sheets (in thousands):

	As of June 30, 2018
	Columbia Property Trust (Parent) (Guarantor)		Columbia  Property Trust OP  (the Issuer)		Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Assets:
Real estate assets, at cost:
Land	$	—	$	—	$	817,975	$	—		$	817,975
Buildings and improvements, net	—		1,952		1,891,884		—			1,893,836
Intangible lease assets, net	—		—		101,578		—			101,578
Construction in progress	—		—		49,135		—			49,135
Total real estate assets	—		1,952		2,860,572		—			2,862,524
Investments in unconsolidated joint ventures	—		1,053,092		—		—			1,053,092
Cash and cash equivalents	188		6,606		5,167		—			11,961
Investment in subsidiaries	2,663,479		1,495,545		—		(4,159,024		)	—
Tenant receivables, net of allowance	—		30		2,211		—			2,241
Straight-line rent receivable	—		—		77,519		—			77,519
Prepaid expenses and other assets	141,076		339,001		18,194		(469,029		)	29,242
Intangible lease origination costs, net	—		—		38,002		—			38,002
Deferred lease costs, net	—		—		61,159		—			61,159
Investment in development authority bonds	—		—		120,000		—			120,000
Total assets	$	2,804,743	$	2,896,226	$	3,182,824	$	(4,628,053	)	$	4,255,740
Liabilities:
Line of credit and notes payable, net	$	—	$	526,077	$	488,801	$	(467,344	)	$	547,534
Bonds payable, net	—		694,151		—		—			694,151
Accounts payable, accrued expenses, and accrued capital expenditures	731		9,055		40,949		(6		)	50,729
Due to affiliates	—		—		1,679		(1,679		)	—
Deferred income	—		81		15,919		—			16,000
Intangible lease liabilities, net	—		—		23,314		—			23,314
Obligations under capital lease	—		—		120,000		—			120,000
Total liabilities	731		1,229,364		690,662		(469,029		)	1,451,728
Equity:
Total equity	2,804,012		1,666,862		2,492,162		(4,159,024		)	2,804,012
Total liabilities and equity	$	2,804,743	$	2,896,226	$	3,182,824	$	(4,628,053	)	$	4,255,740

Page 29

Condensed Consolidating Balance Sheets (in thousands):

	As of December 31, 2017
	Columbia Property Trust (Parent) (Guarantor)		Columbia Property Trust OP  (the Issuer)		Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Assets:
Real estate assets, at cost:
Land	$	—	$	—	$	825,208	$	—		$	825,208
Building and improvements, net	—		2,110		2,061,309		—			2,063,419
Intangible lease assets, net	—		—		199,260		—			199,260
Construction in progress	—		—		44,742		—			44,742
Total real estate assets	—		2,110		3,130,519		—			3,132,629
Investments in unconsolidated joint ventures	—		943,241		1		—			943,242
Cash and cash equivalents	692		5,079		3,796		—			9,567
Investment in subsidiaries	2,238,577		1,186,594		—		(3,425,171		)	—
Tenant receivables, net of allowance	—		30		2,098		—			2,128
Straight-line rent receivable	—		—		92,235		—			92,235
Prepaid expenses and other assets	317,364		336,598		19,375		(645,654		)	27,683
Intangible lease origination costs, net	—		—		42,959		—			42,959
Deferred lease costs, net	—		—		141,096		—			141,096
Investment in development authority bonds	—		—		120,000		—			120,000
Total assets	$	2,556,633	$	2,473,652	$	3,552,079	$	(4,070,825	)	$	4,511,539
Liabilities:
Lines of credit and notes payable, net	$	—	$	899,168	$	715,327	$	(643,310	)	$	971,185
Bonds payable, net	—		693,756		—		—			693,756
Accounts payable, accrued expenses, and accrued capital expenditures	732		10,325		113,949		(4		)	125,002
Dividends payable	23,961		—		—		—			23,961
Due to affiliates	—		—		2,340		(2,340		)	—
Deferred income	4		81		18,396		—			18,481
Intangible lease liabilities, net	—		—		27,218		—			27,218
Obligations under capital leases	—		—		120,000		—			120,000
Total liabilities	24,697		1,603,330		997,230		(645,654		)	1,979,603
Equity:
Total equity	2,531,936		870,322		2,554,849		(3,425,171		)	2,531,936
Total liabilities and equity	$	2,556,633	$	2,473,652	$	3,552,079	$	(4,070,825	)	$	4,511,539

Page 30

Consolidating Statements of Operations (in thousands):

	For the Three Months Ended June 30, 2018
	Columbia Property Trust (Parent) (Guarantor)			Columbia  Property Trust OP  (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	—		$	66,263		$	—		$	66,263
Tenant reimbursements	—			—			5,146			—			5,146
Asset and property management fee income	930			—			888			—			1,818
Other property income	—			—			2,143			—			2,143
	930			—			74,440			—			75,370
Expenses:
Property operating costs	—			—			22,450			—			22,450
Asset and property management fees	—			—			205			—			205
Depreciation	—			166			20,515			—			20,681
Amortization	—			—			8,623			—			8,623
Impairment loss on real estate assets	—			—			30,812			—			30,812
General and administrative – corporate	193			2,512			5,577			—			8,282
General and administrative – unconsolidated joint ventures	—			—			736			—			736
	193			2,678			88,918			—			91,789
Real estate operating income (loss)	737			(2,678		)	(14,478		)	—			(16,419		)
Other income (expense):
Interest expense	—			(11,983		)	(8,651		)	6,320			(14,314		)
Interest and other income	2,842			3,478			1,814			(6,320		)	1,814
Gain (loss) on extinguishment of debt	—			(326		)	24,039			—			23,713
	2,842			(8,831		)	17,202			—			11,213
Income (loss) before income taxes and unconsolidated entities:	3,579			(11,509		)	2,724			—			(5,206		)
Income tax expense	—			—			(6		)	—			(6		)
Income (loss) from unconsolidated entities	(7,018		)	5,823			(2		)	2,970			1,773
Net income (loss)	$	(3,439	)	$	(5,686	)	$	2,716		$	2,970		$	(3,439	)

Page 31

Consolidating Statements of Operations (in thousands):

	For the Three Months Ended June 30, 2017
	Columbia Property Trust (Parent) (Guarantor)			Columbia  Property Trust OP  (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	—		$	67,216		$	(95	)	$	67,121
Tenant reimbursements	—			(100		)	7,072			—			6,972
Asset and property management fee income	245			—			253			—			498
Other property income	—			—			266			—			266
	245			(100		)	74,807			(95		)	74,857
Expenses:
Property operating costs	—			(45		)	21,971			(95		)	21,831
Hotel operating costs	—			—			9			—			9
Asset and property management fees	—			—			260			—			260
Depreciation	—			152			20,271			—			20,423
Amortization	—			—			8,191			—			8,191
General and administrative – corporate	56			2,739			6,406			—			9,201
	56			2,846			57,108			(95		)	59,915
Real estate operating income (loss)	189			(2,946		)	17,699			—			14,942
Other income (expense):
Interest expense	—			(10,568		)	(8,668		)	4,774			(14,462		)
Interest and other income	4,228			1,220			1,803			(4,774		)	2,477
	4,228			(9,348		)	(6,865		)	—			(11,985		)
Income (loss) before income taxes and unconsolidated entities:	4,417			(12,294		)	10,834			—			2,957
Income tax expense	—			—			(7		)	—			(7		)
Income (loss) from unconsolidated entities	(3,284		)	6,187						(4,720		)	(1,817		)
Net income (loss)	$	1,133		$	(6,107	)	$	10,827		$	(4,720	)	$	1,133

Page 32

	For the Six Months Ended June 30, 2018
	Columbia Property Trust (Parent) (Guarantor)			Columbia  Property Trust OP  (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	—		$	131,080		$	—		$	131,080
Tenant reimbursements	—			—			10,689			—			10,689
Asset and property management fee income	1,834			—			1,743			—			3,577
Other property income	—			—			3,734			—			3,734
	1,834			—			147,246			—			149,080
Expenses:
Property operating costs	—			—			45,512			—			45,512
Asset and property management fees	—			—			413			—			413
Depreciation	—			332			41,184			—			41,516
Amortization	—			—			16,639			—			16,639
Impairment loss on real estate assets	—			—			30,812			—			30,812
General and administrative – corporate	389			4,820			10,867			—			16,076
General and administrative – unconsolidated joint ventures	—			—			1,467			—			1,467
	389			5,152			146,894			—			152,435
Real estate operating income (loss)	1,445			(5,152		)	352			—			(3,355		)
Other income (expense):
Interest expense	—			(24,417		)	(19,145		)	13,353			(30,209		)
Interest and other income	6,397			6,956			3,617			(13,353		)	3,617
Gain on sale of unconsolidated joint venture interests	—			762			—			—			762
Gain (loss) on extinguishment of debt	—			(326		)	24,039			—			23,713
	6,397			(17,025		)	8,511			—			(2,117		)
Income (loss) before income taxes and unconsolidated entities:	7,842			(22,177		)	8,863			—			(5,472		)
Income tax expense	—			—			(13		)	—			(13		)
Income (loss) from unconsolidated entities	(9,783		)	12,838			—			489			3,544
Net income (loss)	$	(1,941	)	$	(9,339	)	$	8,850		$	489		$	(1,941	)

Page 33

Consolidating Statements of Operations (in thousands):

	For the Six Months Ended June 30, 2017
	Columbia Property Trust (Parent) (Guarantor)		Columbia  Property Trust OP  (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—	$	51		$	138,438		$	(195	)	$	138,294
Tenant reimbursements	—		(66		)	15,622			—			15,556
Hotel income	—		—			1,339			—			1,339
Asset and property management fee income	490		—			482			—			972
Other property income	—		—			870			(18		)	852
	490		(15		)	156,751			(213		)	157,013
Expenses:
Property operating costs	—		128			46,003			(195		)	45,936
Hotel operating costs	—		—			2,085			—			2,085
Asset and property management fee expenses:
Related-party	—		3			—			(3		)	—
Other	—		—			529			—			529
Depreciation	—		234			41,794			—			42,028
Amortization	—		5			17,643			—			17,648
General and administrative	96		5,256			12,632			(15		)	17,969
	96		5,626			120,686			(213		)	126,195
Real estate operating income (loss)	394		(5,641		)	36,065			—			30,818
Other income (expense):
Interest expense	—		(20,851		)	(19,133		)	10,407			(29,577		)
Interest and other income	8,330		3,297			3,607			(10,407		)	4,827
Loss on extinguishment of debt	—		—			(45		)	—			(45		)
	8,330		(17,554		)	(15,571		)	—			(24,795		)
Income (loss) before income taxes and unconsolidated entities and sales of real estate:	8,724		(23,195		)	20,494			—			6,023
Income tax benefit	—		—			381			—			381
Income (loss) from unconsolidated entities	67,131		69,283			—			(140,116		)	(3,702		)
Income before sale of real estate assets:	75,855		46,088			20,875			(140,116		)	2,702
Gain on sale of real estate assets	—		11,050			62,103			—			73,153
Net income	$	75,855	$	57,138		$	82,978		$	(140,116	)	$	75,855

Page 34

Consolidating Statements of Comprehensive Income (in thousands):

	For the Three Months Ended June 30, 2018
	Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP  (the Issuer)			Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Net income (loss)	$	(3,439	)	$	(5,686	)	$	2,716	$	2,970		$	(3,439	)
Market value adjustments to interest rate swaps	938			938			—		(938		)	938
Comprehensive income (loss)	$	(2,501	)	$	(4,748	)	$	2,716	$	2,032		$	(2,501	)

	For the Three Months Ended June 30, 2017
	Columbia Property Trust (Parent) (Guarantor)			Columbia  Property Trust OP  (the Issuer)			Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Net income (loss)	$	1,133		$	(6,107	)	$	10,827	$	(4,720	)	$	1,133
Market value adjustments to interest rate swaps	(636		)	(636		)	—		636			(636		)
Comprehensive income (loss)	$	497		$	(6,743	)	$	10,827	$	(4,084	)	$	497

	For the Six Months Ended June 30, 2018
	Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP  (the Issuer)			Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Net income (loss)	$	(1,941	)	$	(9,339	)	$	8,850	$	489		$	(1,941	)
Market value adjustments to interest rate swaps	3,452			3,452			—		(3,452		)	3,452
Comprehensive income (loss)	$	1,511		$	(5,887	)	$	8,850	$	(2,963	)	$	1,511

	For the Six Months Ended June 30, 2017
	Columbia Property Trust (Parent) (Guarantor)			Columbia  Property Trust OP  (the Issuer)			Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Net income	$	75,855		$	57,138		$	82,978	$	(140,116	)	$	75,855
Market value adjustments to interest rate swaps	(2		)	(2		)	—		2			(2		)
Comprehensive income	$	75,853		$	57,136		$	82,978	$	(140,114	)	$	75,853

Page 35

Consolidating Statements of Cash Flows (in thousands):

	For the Six Months Ended June 30, 2018
	Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Cash flows from operating activities	$	1,445		$	(3,037	)	$	29,625		$	(8,850	)	$	19,183
Cash flows from investing activities:
Net proceeds from the sales of real estate assets	—			—			284,608			—			284,608
Net proceeds from sale of investments in unconsolidated joint ventures	—			235,083			—			—			235,083
Investment in real estate and related assets	—			(51		)	(47,543		)	—			(47,594		)
Investments in unconsolidated joint ventures	—			(2,460		)	—			—			(2,460		)
Distributions from unconsolidated joint ventures	—			4,585			—			—			4,585
Distributions from subsidiaries	113,274			254,037			—			(367,311		)	—
Net cash provided by investing activities	113,274			491,194			237,065			(367,311		)	474,222
Cash flows from financing activities:
Borrowings, net of fees	—			149,851			—			—			149,851
Repayments	—			(524,000		)	(1,639		)	—			(525,639		)
Distributions	(71,459		)	(112,481		)	(263,680		)	376,161			(71,459		)
Repurchases of common stock	(43,764		)	—			—			—			(43,764		)
Net cash used in financing activities	(115,223		)	(486,630		)	(265,319		)	376,161			(491,011		)
Net increase (decrease) in cash and cash equivalents	(504		)	1,527			1,371			—			2,394
Cash and cash equivalents, beginning of period	692			5,079			3,796			—			9,567
Cash and cash equivalents, end of period	$	188		$	6,606		$	5,167		$	—		$	11,961

Page 36

Consolidating Statements of Cash Flows (in thousands):

	For the Six Months Ended June 30, 2017
	Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Cash flows from operating activities	$	58,752		$	58,688		$	58,639		$	(140,116	)	$	35,963
Cash flows from investing activities:
Net proceeds from sales of real estate assets	—			49,531			455,129			—			504,660
Investment in real estate and related assets	(12,000		)	(400		)	(45,463		)	—			(57,863		)
Investments in unconsolidated joint ventures	—			(1,940		)	—			—			(1,940		)
Distributions from subsidiaries	385,554			331,630			—			(717,184		)	—
Net cash provided by investing activities	373,554			378,821			409,666			(717,184		)	444,857
Cash flows from financing activities:
Borrowings, net of fees	—			(70		)	—			—			(70		)
Repayments	—			—			(75,830		)	—			(75,830		)
Distributions	(85,505		)	(447,367		)	(409,933		)	857,300			(85,505		)
Repurchases of common stock	(28,962		)	—			—			—			(28,962		)
Net cash used in financing activities	(114,467		)	(447,437		)	(485,763		)	857,300			(190,367		)
Net increase (decrease) in cash and cash equivalents	317,839			(9,928		)	(17,458		)	—			290,453
Cash and cash equivalents, beginning of period	174,420			16,509			25,156			—			216,085
Cash and cash equivalents, end of period	$	492,259		$	6,581		$	7,698		$	—		$	506,538

Page 37

14.     Subsequent Events

Columbia Property Trust has evaluated subsequent events in connection with the preparation of the consolidated financial statements and notes thereto included in this report on Form 10-Q and did not note any subsequent events.

Page 38

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with our accompanying consolidated financial statements (and notes thereto) and the "Cautionary Note Regarding Forward-Looking Statements" preceding Part I of this report, as well as our consolidated financial statements (and the notes thereto) and Management's Discussion and Analysis of Financial Condition and Results of Operations included in our 2017 Form 10-K.

Executive Summary

Our primary strategic objective is to generate long-term stockholder returns from a combination of growing cash flows and appreciation in the values of our properties, by owning and operating high-quality office properties located in certain high-barrier-to-entry markets. Our approach is to own office buildings that are competitive within the top tier of their markets or that will be repositioned as such through value-add initiatives. In addition, our investment objectives include optimizing our portfolio allocation between stabilized investments and more growth-oriented, value-add investments, with an emphasis on central business districts and multi-tenant buildings.

Over the past several years, we undertook a capital recycling program that involved selling more than 50 properties in geographically dispersed markets for aggregate proceeds of $3.6 billion, and reinvesting this capital in New York, San Francisco, Washington, D.C., and Boston. In May 2018, we sold 222 East 41st Street in New York after releasing the property to a single tenant for 30 years. We are continuing to pursue strategic investment opportunities in our target markets, as well as selective property dispositions in non-target markets.

Leasing continues to be a key area of focus for both vacant space and upcoming expirations. During the first six months of 2018, we leased 274,000 square feet of space including:

• a 59,000-square-foot lease expansion with Arby's at One & Three Glenlake Parkway;

• a 17,000-square-foot lease expansion with Fullscreen at 315 Park Avenue South, along with an extension to 2026 for their new total 34,000 square feet of space; and

• a 27,000-square-foot new lease with Ernst & Young at 218 West 18th Street.

We continue to maintain a strong and flexible balance sheet with a weighted-average cost of borrowing of 3.71%⁽¹⁾ per annum as of June 30, 2018. Our debt capital allocation favors unsecured borrowings with 92%⁽¹⁾ of our portfolio unencumbered by mortgages. Our borrowings mature over the next eight years, and $528.0 million (or 73.8%) of the line of credit and notes payable borrowings outstanding at period-end may be repaid prior to maturity, in part or in full, without penalty. Our stock repurchase program allows us to take advantage of market opportunities from time to time when we believe our stock is undervalued. During the six months ended June 30, 2018, we repurchased $41.8 million of our common stock (2.0 million shares at an average price of $21.35 per share).

⁽¹⁾  Statistics include our ownership interest in the gross real estate assets and debt at properties held through unconsolidated joint ventures as described in Note 4, Unconsolidated Joint Ventures, of the accompanying financial statements.

Page 39

Key Performance Indicators

Our operating results depend primarily upon the level of income generated by the leases at our properties. Occupancy and rental rates are critical drivers of our lease income. Over the last year, our quarter-end average portfolio percentage leased ranged from 95.3% at June 30, 2017 to 97.1% at June 30, 2018. The following table sets forth details related to recent leasing activities, which drive changes in our rental revenues:

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Total number of leases	10			19			27			35
Square feet of leasing – renewal(1)	22,630			69,580			40,776			204,936
Square feet of leasing – new(1)	114,698			248,771			211,712			389,329
Total square feet of leasing	137,328			318,351			252,488			594,265
Lease term (months)	112			108			104			114
Tenant improvements, per square foot – renewal	$	3.74		$	81.23		$	13.47		$	51.11
Tenant improvements, per square foot – new	$	66.00		$	97.29		$	63.87		$	83.70
Tenant improvements, per square foot – all leases	$	61.97		$	94.23		$	61.43		$	77.33
Leasing commissions, per square foot – renewal	$	8.14		$	19.45		$	7.69		$	15.50
Leasing commissions, per square foot – new	$	28.32		$	23.00		$	28.49		$	20.61
Leasing commissions, per square foot – all leases	$	27.01		$	22.32		$	27.48		$	19.61
Rent leasing spread – renewal(2)	5.7		%	74.8		%	7.5		%	44.0		%
Rent leasing spread – new(3)	13.9		%	96.9		%	38.2		%	133.1		%
Rent leasing spread – all leases(2)(3)	13.1		%	85.1		%	35.9		%	101.3		%

⁽¹⁾  Includes our proportionate share of renewal and new leasing at properties owned through unconsolidated joint ventures.

⁽²⁾  Rent leasing spreads for renewal leases are calculated based on the change in base rental income measured on a straight-line basis.

⁽³⁾  Rent leasing spreads for new leases are calculated only for space that has been vacant less than one year, and are measured on a straight-line basis.

In 2018, rent leasing spreads were positive (13.1% and 35.9% for the three and six months ended June 30, 2018, respectively) primarily due to a 59,000-square-foot lease expansion at One & Three Glenlake Parkway in Atlanta, a 27,000-square-foot lease at 218 West 18th Street in New York, and a 17,000-square-foot lease expansion at 315 Park Avenue South. In 2017, rent leasing spreads were significantly positive (85.1% and 101.3% for the three and six months ended June 30, 2017, respectively) due to leasing 188,000 square feet at 650 California Street in San Francisco. Over the next 12 months, approximately 139,000 square feet of leases at our operating properties (approximately 2.6% of our portfolio based on revenues) are scheduled to expire.

Liquidity and Capital Resources

Overview

Cash flows generated from the operation of our properties are primarily used to fund recurring expenditures and stockholder dividends. The amount of distributions to common stockholders is determined by our board of directors and is dependent upon a number of factors, including funds deemed available for distribution based principally on our current and future projected operating cash flows, reduced by capital requirements necessary to maintain our existing portfolio. In determining the amount of distributions to common stockholders, we also consider our future capital needs and future sources of liquidity, as well as the annual distribution requirements necessary to maintain our status as a REIT under the Code. Our board of directors elected to maintain a $0.20 dividend rate for second quarter of 2018.

Investments in new property acquisitions and first-generation capital improvements are generally funded with capital proceeds from property sales, debt, or cash on hand.

Short-Term Liquidity and Capital Resources

During the six months ended June 30, 2018, we generated net cash flows from operating activities of $19.2 million, which consisted primarily of receipts from tenants for rent and reimbursements and distributions from unconsolidated joint ventures, reduced by payments for operating costs, tenant inducements, administrative expenses, and interest expense. During the same period, we paid total distributions to stockholders of $71.5 million, which included dividend payments of $23.9 million for the fourth quarter of

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2017 and $47.6 million for the first and second quarters of 2018. Distributions to stockholders exceeded net cash flow from operating activities for the first six months of 2018, due to timing differences related to paying prior period lease incentives and prior period dividends in the current period.

During the six months ended June 30, 2018, we sold 222 East 41st Street and an additional 22.5% interest in the 333 Market Street and University Circle joint ventures for net proceeds of $519.7 million. We used these proceeds to repay the $300 Million Bridge Loan, to pay down $74.0 million on our Revolving Credit Facility (as described below), to fund leasing and capital projects of $50.0 million, and to fund share repurchases of $41.8 million.

Over the short-term, we expect our primary sources of capital and liquidity to be operating cash flows and debt. We expect that our principal demands for funds will be property acquisitions, capital improvements to our existing portfolio, stockholder distributions, stock repurchases, operating expenses, and interest and principal payments on current and maturing debt. As of July 20, 2018, we have access to $433.0 million under our Revolving Credit Facility. We believe that we have adequate liquidity and capital resources to meet our current obligations as they come due.

Long-Term Liquidity and Capital Resources

Over the long term, we expect that our primary sources of capital will include operating cash flows, borrowing proceeds, and select property dispositions. We expect that our primary uses of capital will continue to include stockholder distributions; acquisitions; capital expenditures, such as building improvements, tenant improvements, and leasing costs; and repaying or refinancing debt.

Consistent with our financing strategy and objectives, we have generally maintained debt levels less than 40% of the undepreciated cost of our assets over the long term. As of June 30, 2018, our net-debt-to-real-estate-asset ratio was approximately 30%. Our net-debt-to-real-estate-asset ratio is calculated based on outstanding debt, less consolidated cash balances, and includes our share of joint venture real estate assets, basis adjustments related to joint venture real estate assets, and joint venture debt.

Revolving Credit Facility

The Revolving Credit Facility has a capacity of $500.0 million and matures in July 2019, with two six-month extension options (the "Revolving Credit Facility"). As of June 30, 2018, we have $78.0 million in outstanding borrowings on the Revolving Credit Facility. Amounts outstanding under the Revolving Credit Facility bear interest at LIBOR, plus an applicable margin ranging from 0.875% to 1.55% for LIBOR borrowings, or an alternate base rate, plus an applicable margin ranging from 0.00% to 0.55% for base-rate borrowings, based on our applicable credit rating. The per-annum facility fee on the aggregate revolving commitment (used or unused) ranges from 0.125% to 0.30%, also based on our applicable credit rating. Additionally, together, the Revolving Credit Facility and the $300 Million Term Loan provide for aggregate additional borrowings of up to $400 million under four accordion options, subject to certain limitations.

Term Loans

The unsecured $300 Million Term Loan matures in July 2020 and bears interest, at our option, at either (i) LIBOR, plus an applicable margin ranging from 0.90% to 1.75% for LIBOR loans, or (ii) an alternate base rate, plus an applicable margin ranging from 0.00% to 0.75% for base-rate loans, based on our applicable credit rating. Additionally, together, the Revolving Credit Facility and the $300 Million Term Loan provide for aggregate additional borrowings of up to $400 million under four accordion options, subject to certain limitations.

The unsecured $150 million term loan matures in July 2022 (the "$150 Million Term Loan"). The $150 Million Term Loan incurred interest, at our option, at either (i) LIBOR, plus an applicable margin ranging from 0.90% to 1.75% for LIBOR loans, or (ii) an alternate base rate, plus an applicable margin ranging from 0.00% to 0.75% for base-rate loans. The interest rate on the $150 Million Term Loan is effectively fixed at 3.07% with an interest rate swap agreement on the LIBOR component of the rate, which is designated as a cash flow hedge.

Bonds Payable

In August 2016, we issued $350.0 million of 10-year unsecured 3.650% senior notes at 99.626% of their face value (the "2026 Bonds Payable"). We received proceeds from the 2026 Bonds Payable, net of fees, of $346.4 million. The 2026 Bonds Payable require semi-annual interest payments in February and August, based on a contractual annual interest rate of 3.650%. The principal amount of the 2026 Bonds Payable is due and payable on the maturity date, August 15, 2026.

In March 2015, we issued $350.0 million of 10-year unsecured 4.150% senior notes at 99.859% of their face value (the "2025 Bonds Payable"). We received proceeds from the 2025 Bonds Payable, net of fees, of $347.2 million. The 2025 Bonds Payable

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require semi-annual interest payments in April and October, based on a contractual annual interest rate of 4.150%. The principal amount of the 2025 Bonds Payable is due and payable on the maturity date, April 1, 2025.

Debt Covenants

Our mortgage debt, the $300 Million Term Loan, the $150 Million Term Loan, the Revolving Credit Facility, the 2026 Bonds Payable, and the 2025 Bonds Payable contain certain covenants and restrictions that require us to meet certain financial ratios. We believe we were in compliance with all of our debt covenants as of June 30, 2018. We expect to continue to be able to meet the requirements of our debt covenants over the next 12 months.

Contractual Commitments and Contingencies

As of June 30, 2018, our contractual obligations will become payable in the following periods (in thousands):

Contractual Obligations	Total		2018		2019-2020		2021-2022		Thereafter
Debt obligations(1)	$	1,415,287	$	21,537	$	378,000	$	150,000	$	865,750
Interest obligations on debt(1)(2)	287,124		26,788		96,849		78,698		84,789
Capital lease obligations(3)	120,000		—		—		120,000		—
Operating lease obligations(4)	1,281,710		3,899		15,774		15,867		1,246,170
Total	$	3,104,121	$	52,224	$	490,623	$	364,565	$	2,196,709

⁽¹⁾  Includes 51% of the debt and interest obligations for the Market Square Joint Venture, which we own through an unconsolidated joint venture. The Market Square Joint Venture has a $325 million mortgage note on the property, which bears interest at 5.07% and matures on July 1, 2023. We guarantee $9.4 million of the mortgage note (see Note 7, Commitments and Contingencies, of the accompanying financial statements).

⁽²⁾  Interest obligations on variable-rate debt are measured at the rate at which they are effectively fixed with interest rate swap agreements (where applicable) or the rate in effect as of June 30, 2018. Interest obligations on all other debt instruments are measured at the contractual rate. See Item 7A, Quantitative and Qualitative Disclosure About Market Risk, for more information regarding our interest rate swaps.

⁽³⁾  Amounts include principal obligations only. We made interest payments on these obligations of $3.6 million during the first six months of 2018, all of which was funded with interest income earned on the corresponding investments in development authority bonds.

⁽⁴⁾  These obligations are related to ground leases at certain properties, including 49.5% of the ground lease obligation at 114 Fifth Avenue, based on our ownership interest in the unconsolidated joint venture that owns that property, as well as our corporate office lease. In addition to the amounts shown, certain lease agreements include provisions that, at the option of the tenant, may obligate us to expend capital to expand an existing property or provide other expenditures for the benefit of the tenant.

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Results of Operations

Overview

As of June 30, 2018, our portfolio of 18 operating properties was approximately 97.1% leased. For the periods presented, our operating results are impacted by investing activity as set forth below. In the near term, we expect real estate operating income to vary, primarily based on investing and leasing activities.

Acquisitions
Property	Location	% Acquired		Rentable Square Feet	Transaction Date	Purchase Price(1) (in thousands)
2017
149 Madison Avenue	New York, NY	100.0	%	127,000	November 28, 2017	$	87,700
249 West 17th Street & 218 West 18th Street	New York, NY	100.0	%	447,000	October 11, 2017	$	514,100
1800 M Street(2)	Washington, D.C.	55.0	%	581,000	October 11, 2017	$	231,550
114 Fifth Avenue(3)	New York, NY	49.5	%	352,000	July 6, 2017	$	108,900

⁽¹⁾  Exclusive of transaction costs and purchase price adjustments.

⁽²⁾  Columbia Property Trust holds a 55.0% ownership interest in 1800 M Street through an unconsolidated joint venture.

⁽³⁾  Columbia Property Trust holds a 49.5% ownership interest in 114 Fifth Avenue through an unconsolidated joint venture.

Dispositions
Property	Location	% Sold		Rentable Square Feet	Transaction Date	Sales Price(1) (in thousands)
2018
222 East 41st Street	New York, NY	100.0	%	390,000	May 29, 2018	$	332,500
263 Shuman Boulevard	Chicago, IL	100.0	%	354,000	April 13, 2018	$	49,000	(2)
University Circle and 333 Market Street Joint Ventures(3)	San Francisco, CA	22.5	%	1,108,000	February 1, 2018	$	235,300
2017
University Circle & 333 Market Street	San Francisco, CA	22.5	%	1,108,000	July 6, 2017	$	234,000
Key Center Tower & Marriott	Cleveland, OH	100.0	%	1,326,000	January 31, 2017	$	267,500
Houston Properties Sale(4)	Houston, TX	100.0	%	1,187,000	January 6, 2017	$	272,000

⁽¹⁾  Exclusive of transaction costs and price adjustments.

⁽²⁾  Reflects the principal balance of the 263 Shuman Boulevard mortgage note, which was extinguished by transferring the property to the lender in the second quarter of 2018.

⁽³⁾  After the February 1, 2018 transaction, Columbia Property Trust retains a 55.0% ownership interest in both University Circle and 333 Market Street through unconsolidated joint ventures.

⁽⁴⁾  The Houston Property Sale was made up of 5 Houston Center (581,000 square feet), Energy Center I (332,000 square feet), and 515 Post Oak (274,000 square feet).

Comparison of the Three Months Ended June 30, 2018 With the Three Months Ended June 30, 2017

Rental income was $66.3 million for the three months ended June 30, 2018, which represents a slight decrease as compared with $67.1 million for the three months ended June 30, 2017. The impacts of transferring University Circle and 333 Market Street to unconsolidated joint ventures in the third quarter of 2017 ($13.7 million) and dispositions ($2.1 million) are partially offset by additional revenues from acquisitions ($9.5 million) and from leasing ($5.4 million). We expect future rental income to vary based on recent and future investing and leasing activities.

Tenant reimbursements were $5.1 million for the three months ended June 30, 2018, which represents a decrease as compared with $7.0 million for the three months ended June 30, 2017. The impact of transferring University Circle and 333 Market Street to unconsolidated joint ventures in the third quarter of 2017 ($2.8 million) is partially offset by additional reimbursements from acquisitions ($0.8 million). Property operating costs were relatively flat at $22.5 million and $21.8 million for the three months ended June 30, 2018 and 2017, respectively, due to transferring University Circle and 333 Market Street to unconsolidated joint

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ventures in the third quarter of 2017 ($2.7 million), offset by the impact of acquiring properties with gross leases ($2.4 million) and expenses incurred related to services provided to the joint venture properties, which are reimbursed through other property income ($1.1 million). Tenant reimbursements and property operating costs are expected to vary with future leasing activity and changes in our portfolio.

Asset and property management fee income was $1.8 million for the three months ended June 30, 2018, which represents an increase as compared with $0.5 million for the three months ended June 30, 2017. In the current year period, we provided asset and property management services to the Market Square Joint Venture, the San Francisco Joint Ventures, and the 1800 M Joint Venture. In the prior year period, such services were provided only to the Market Square Joint Venture. We anticipate asset and property management fee income to remain at similar levels in the near term.

Other property income was $2.1 million for the three months ended June 30, 2018, which represents an increase as compared with $0.3 million for the three months ended June 30, 2017, primarily due to providing additional reimbursable services to our unconsolidated joint ventures ($1.0 million) and current period lease termination activity ($0.8 million). Other property operating income is expected to vary in the future, based on additional lease restructuring activities.

Asset and property management fee expenses were $0.2 million for the three months ended June 30, 2018, which represents a decrease as compared with $0.3 million for the three months ended June 30, 2017, primarily due to expenses incurred for the Key Center Marriott, which was sold in January 2017 ($0.1 million). Future asset and property management fee expenses are expected to remain stable in the near term, and may increase as a result of future investing activities.

Depreciation was $20.7 million for the three months ended June 30, 2018, which represents a slight increase as compared with $20.4 million for the three months ended June 30, 2017. Additional depreciation from acquisitions ($2.6 million) and from recently completed capital and tenant improvement projects at 650 California Street and 315 Park Avenue South ($1.4 million) was partially offset by a reduction in depreciation due to transferring University Circle and 333 Market Street to unconsolidated joint ventures in the third quarter of 2017 ($3.7 million). Depreciation is expected to vary based on recent and future investing activities and capital projects.

Amortization was $8.6 million for the three months ended June 30, 2018, which represents a slight increase as compared with $8.2 million for the three months ended June 30, 2017. The increase is primarily due to acquisitions ($1.8 million), partially offset by transferring University Circle and 333 Market Street to unconsolidated joint ventures in the third quarter of 2017 ($1.3 million) and dispositions ($0.2 million). We expect future amortization to vary, based on recent and future investing activity.

For the three months ended June 30, 2018, we recognized an impairment loss of $30.8 million in connection with changing our holding period expectations for 222 East 41st Street. Future impairment losses will depend primarily on our holding period intentions and any disposition strategies evaluated for our other properties.

Effective July 1, 2017, we began to allocate certain general and administrative expenses to unconsolidated joint ventures based on the time incurred to manage assets owned by our unconsolidated joint ventures. The method for measuring aggregate general and administrative expenses has not changed, and total general and administrative expenses remained relatively stable at $9.0 million and $9.2 million for the three months ended June 30, 2018 and 2017, respectively. General and administrative expenses – corporate decreased to $8.3 million for the three months ended June 30, 2018 from $9.2 million for the three months ended June 30, 2017; and general and administrative expenses – unconsolidated joint ventures increased to $0.7 million for the three months ended June 30, 2018 from $0.0 million for the three months ended June 30, 2017. We expect future general and administrative expenses to remain at similar levels in the near term.

Interest expense was relatively stable at $14.3 million and $14.5 million for the three months ended June 30, 2018 and June 30, 2017, respectively. We expect interest expense to vary in the near term based on future financing activities.

Interest and other income was $1.8 million for the three months ended June 30, 2018, which represents a decrease compared with $2.5 million for the three months ended June 30, 2017. The decrease is due to interest income earned on additional cash deposits held in 2017 ($0.7 million). The majority of this income is earned on investments in development authority bonds with a remaining term of approximately 3.5 years as of June 30, 2018 ($1.8 million for both the three months ended June 30, 2018 and June 30, 2017). Interest income earned on development authority bonds is entirely offset by interest expense incurred on the corresponding capital leases. Interest income is expected to remain at similar levels in the near term.

We recognized a gain on extinguishment of debt of $23.7 million for the three months ended June 30, 2018. In April 2018, we transferred 263 Shuman Boulevard to the lender in extinguishment of the related mortgage note, resulting in a $24.0 million gain on extinguishment of debt; and in May 2018, we repaid the remaining outstanding balance on our bridge loan approximately six months early, resulting in a $0.3 million loss due to the write-off of related deferred financing costs. We expect future gains or losses on extinguishments of debt to vary with financing activities.

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Income from the unconsolidated joint ventures was $1.8 million for the three months ended June 30, 2018, which represents an increase as compared to a loss from unconsolidated joint ventures of $1.8 million for the three months ended June 30, 2017. The increase is due to our additional investments in unconsolidated joint ventures over the past year: the transfer of University Circle and 333 Market Street to unconsolidated joint ventures, in which we retain a 55.0% ownership interest, the acquisition of a 49.5% interest in 114 Fifth Avenue through an unconsolidated joint venture, and the acquisition of a 55.0% interest in 1800 M Street through an unconsolidated joint venture. We expect income from the unconsolidated joint ventures to vary based on future joint venture investing activities and leasing activity at the properties owned through unconsolidated joint ventures.

Net loss was $3.4 million, or $(0.03) per basic and diluted share, for the three months ended June 30, 2018, which represents a decrease as compared with net income of $1.1 million, or $0.01 per basic and diluted share, for the three months ended June 30, 2017. The decrease is primarily due to the current period impairment loss ($30.8 million), which is largely offset by the current period gain on extinguishment of debt ($23.7 million). See the "Supplemental Performance Measures" sectionbelow for our same-store results compared with the prior year. We expect future earnings to vary primarily as a result of leasing activity at our existing properties and future investing activity.

Comparison of the Six Months Ended June 30, 2018 With the Six Months Ended June 30, 2017

Rental income was $131.1 million for the six months ended June 30, 2018, which represents a decrease as compared with $138.3 million for the six months ended June 30, 2017. The impacts of transferring University Circle and 333 Market Street to unconsolidated joint ventures in the third quarter of 2017 ($26.7 million) is partially offset by additional revenues from acquisitions ($18.9 million). We expect future rental income to vary based on recent and future investing and leasing activities.

Tenant reimbursements were $10.7 million for the six months ended June 30, 2018, which represents a decrease as compared with $15.6 million for the six months ended June 30, 2017. The impact of transferring University Circle and 333 Market Street to unconsolidated joint ventures in the third quarter of 2017 ($5.4 million) and dispositions ($1.2 million) are partially offset by additional reimbursements from acquisitions ($1.7 million). Property operating costs were relatively flat at $45.5 million and $45.9 million for the three months ended June 30, 2018 and 2017, respectively, due to transferring University Circle and 333 Market Street to unconsolidated joint ventures in the third quarter of 2017 ($5.4 million), partially offset by acquiring properties with gross leases ($4.9 million). Tenant reimbursements and property operating costs are expected to vary with future leasing activity and changes in our portfolio.

Hotel income, net of hotel operating costs, was $(0.7) million for the six months ended June 30, 2017. The Key Center Marriott was sold on January 31, 2017.

Asset and property management fee income was $3.6 million for the six months ended June 30, 2018, which represents an increase as compared with $1.0 million for the six months ended June 30, 2017. In the current year period, we provided asset and property management services to the Market Square Joint Venture, the San Francisco Joint Ventures, and the 1800 M Joint Venture. In the prior-year period, such services were provided only to the Market Square Joint Venture. We anticipate asset and property management fee income to remain at similar levels in the near term.

Other property income was $3.7 million for the six months ended June 30, 2018, which represents an increase as compared with $0.9 million for the six months ended June 30, 2017, primarily due to providing additional reimbursable services to our unconsolidated joint ventures ($1.8 million) and lease termination activity ($0.9 million). Other property operating income is expected to vary in the future, based on additional lease restructuring activities.

Asset and property management fee expenses were $0.4 million for the six months ended June 30, 2018, which represents a decrease as compared with $0.5 million for the six months ended June 30, 2017, primarily due to expenses incurred for the Key Center Marriott which was sold in January 2017 ($0.1 million). Future asset and property management fee expenses are expected to remain stable in the near term, and may increase as a result of future investing activities.

Depreciation was $41.5 million for the six months ended June 30, 2018, which represents a slight decrease as compared with $42.0 million for the six months ended June 30, 2017. Reductions in depreciation due to transferring University Circle and 333 Market Street to unconsolidated joint ventures in the third quarter of 2017 ($7.5 million), prior year write offs ($0.9 million), and recent dispositions ($0.8 million) were partially offset by additional depreciation from acquisitions ($5.2 million) and from the completion of capital and tenant improvement projects across the portfolio ($3.5 million). Depreciation is expected to vary based on recent and future investing activities and capital projects.

Amortization was $16.6 million for the six months ended June 30, 2018, which represents a decrease as compared with $17.6 million for the six months endedJune 30, 2017. The decrease is primarily due to transferring University Circle and 333 Market Street to unconsolidated joint ventures ($2.6 million); prior period lease expirations and terminations ($1.6 million); and dispositions

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($0.6 million); partially offset by acquisitions ($3.7 million). We expect future amortization to vary, based on recent and future investing activity.

For the six months ended June 30, 2018, we recognized an impairment loss of $30.8 million in connection with changing our holding period expectations for 222 East 41st Street. Future impairment losses will depend primarily on our holding period intentions and any disposition strategies evaluated for our other properties.

Effective July 1, 2017, we began to allocate certain general and administrative expenses to unconsolidated joint ventures based on the time incurred to manage assets owned by our unconsolidated joint ventures. The method for measuring aggregate general and administrative expenses has not changed, and total general and administrative expenses remained relatively stable at $17.5 million and $18.0 million for the six months ended June 30, 2018 and 2017, respectively. General and administrative expenses – corporate decreased to $16.1 million for the six months ended June 30, 2018 from $18.0 million for the six months ended June 30, 2017; and general and administrative expenses – unconsolidated joint ventures increased to $1.5 million for the six months ended June 30, 2018 from $0.0 million for the six months ended June 30, 2017. We expect future general and administrative expenses to remain at similar levels in the near term.

Interest expense was relatively stable at $30.2 million and $29.6 million for the six months ended June 30, 2018 and June 30, 2017, respectively. We expect interest expense to vary in the near term based on future financing activities.

Interest and other income was $3.6 million for the six months ended June 30, 2018, which represents a decrease compared with $4.8 million for the six months ended June 30, 2017. The decrease is due to interest income earned on additional cash deposits held in 2017 ($1.2 million). The majority of this income is earned on investments in development authority bonds with a remaining term of approximately 3.5 years as of June 30, 2018 ($3.6 million for both the six months ended June 30, 2018 and June 30, 2017). Interest income earned on development authority bonds is entirely offset by interest expense incurred on the corresponding capital leases. Interest income is expected to remain at similar levels in the near term.

We recognized a gain on sale of unconsolidated joint venture interests of $0.8 million for the six months ended June 30, 2018 related to the sale of an additional 22.5% interest in the University Circle and 333 Market Street joint ventures, as described in Note 3, Real Estate Transactions, to the accompanying consolidated financial statements. We expect future gains or losses on sales of unconsolidated joint venture interests to vary with future joint venture disposition activities.

We recognized a gain on extinguishment of debt of $23.7 million for the six months ended June 30, 2018. In April 2018, we transferred 263 Shuman Boulevard to the lender in extinguishment of the related mortgage note, resulting in a $24.0 million gain on extinguishment of debt; and in May 2018, we repaid the remaining outstanding balance on our bridge loan approximately six month early, resulting in a $0.3 million loss due to the write-off of related deferred financing costs. We expect future gains or losses on extinguishments of debt to vary with financing activities.

Income from the unconsolidated joint ventures was $3.5 million for the six months ended June 30, 2018, which represents an increase as compared to a loss from unconsolidated joint ventures of $3.7 million for the six months ended June 30, 2017. The increase is due to our additional investments in unconsolidated joint ventures over the past year: the transfer of University Circle and 333 Market Street to unconsolidated joint ventures, in which we retain a 55.0% ownership interest, the acquisition of a 49.5% interest in 114 Fifth Avenue through an unconsolidated joint venture, and the acquisition of a 55.0% interest in 1800 M Street through an unconsolidated joint venture. We expect income from the unconsolidated joint ventures to vary based on future joint venture investing activities and leasing activity at the properties owned through unconsolidated joint ventures.

Net loss was $1.9 million, or $(0.02) per basic and diluted share, for the six months ended June 30, 2018, which represents a decrease as compared with net income of $75.9 million, or $0.62 per basic and diluted share, for the six months ended June 30, 2017. The decrease is primarily due to prior-period gains on sales of real estate ($73.2 million). See the "Supplemental Performance Measures" sectionbelow for our same-store results compared with the prior year. We expect future earnings to vary primarily as a result of leasing activity at our existing properties and future investing activity.

NOI by Geographic Segment

We consider geographic location when evaluating our portfolio composition, and in assessing the ongoing operations and performance of our properties. As of June 30, 2018, we aggregated our properties into the following geographic segments: New York, San Francisco, Atlanta, Washington, D.C., Boston, Los Angeles, and all other office markets. All other office markets consists of properties in low-barrier-to-entry geographic locations in which we do not have a substantial presence and do not plan to make further investments. NOI, as presented below, includes our share of properties owned through unconsolidated joint ventures. See Note 12, Segment Information, to the accompanying consolidated financial statements.

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The following table presents NOI by geographic segment (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
New York(1)	$	24,369		$	16,259		$	48,548		$	33,875
San Francisco(2)	19,396			19,701			38,950			39,567
Atlanta	9,084			8,285			17,838			16,578
Washington, D.C.(3)	8,802			3,565			17,132			6,843
Boston	1,545			1,192			3,313			2,601
Los Angeles	1,154			1,202			2,362			2,284
All other office markets	3,869			4,597			7,160			11,527
Total office segments	68,219			54,801			135,303			113,275
Hotel	—			(14		)	—			(890		)
Corporate	(170		)	(103		)	(395		)	(125		)
Total NOI	$	68,049		$	54,684		$	134,908		$	112,260

⁽¹⁾  Includes NOI for one unconsolidated property, 114 Fifth Avenue, based on our ownership interest: 49.5%from January 1, 2018 through June 30, 2018. 114 Fifth Avenue was acquired on July 6, 2017.

⁽²⁾  Includes NOI for two unconsolidated properties, 333 Market Street and University Circle, based on our ownership interests:  100.0% from January 1, 2017 through June 30, 2017; 77.5% from January 1, 2018 through January 31, 2018; and 55.0% from February 1, 2018 through June 30, 2018.

⁽³⁾  Includes NOI for two unconsolidated properties, Market Square and 1800 M Street, based on our ownership interests: 51.0% for the Market Square for all periods presented; 55.0% for 1800 M Street from January 1, 2018 through June 30, 2018. 1800 M Street was acquired on October 11, 2017.

New York

NOI has increased as a result of the July 2017 acquisition of a 49.5% interest in 114 Fifth Avenue and the October 2017 acquisition of 249 West 17th Street and 218 West 18th Street, which are partially offset by the sale of 222 East 41st Street in May 2018.

Atlanta

NOI has increased due to leases commencing at One & Three Glenlake Parkway. From June 30, 2017 to June 30, 2018, One & Three Glenlake Parkway's commenced occupancy increased from 87.8% to 99.3%, respectively.

Washington, D.C.

NOI has increased as a result of the October 2017 acquisition of a 55.0% interest in 1800 M Street and leasing at 80 M Street and Market Square. From June 30, 2017 to June 30, 2018, 80 M Street’s commenced occupancy increased from 64.0% to 93.5%, respectively; and Market Square’s commenced occupancy increased from 73.7% to 81.7%, respectively.

Boston

NOI has increased as a result of leasing at 116 Huntington Avenue. From June 30, 2017 to June 30, 2018, 116 Huntington Avenue's commenced occupancy increased from 75.7% to 82.7% respectively.

All Other Office Markets

NOI decreased as a result of asset sales in the first quarter of 2017 and the tenant at 263 Shuman Boulevard vacating the property in May 2017. 263 Shuman Boulevard was transferred to the lender in extinguishment of the related mortgage note on April 13, 2018.

Supplemental Performance Measures

In addition to net income, we measure the performance of the company using certain non-GAAP supplemental performance measures, including: (i) Funds From Operations ("FFO"), (ii) Net Operating Income ("NOI"), and (iii) Same Store Net Operating Income ("Same Store NOI"). These non-GAAP metrics are commonly used by industry analysts and investors as supplemental operation performance measures of REITs and are viewed by management to be useful indicators of operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry analysts and investors have considered presentation of operating results for real estate companies using historical cost accounting alone to be insufficient. Management believes that the use of FFO, NOI, and Same Store NOI, combined with net

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income, improves the understanding of operating results of REITs among the investing public and makes comparisons of REIT operating results more meaningful.

Net income is the most comparable GAAP measure to FFO, NOI, and Same Store NOI. Each of these supplemental performance measures exclude expenses that materially impact our overall results of operations and, therefore, should not be considered as a substitute for net income, income before income taxes, or any other measures derived in accordance with GAAP. Furthermore, these metrics may not be comparable to other similarly titled measures used by other companies.

Funds From Operations

FFO is a non-GAAP measure used by many investors and analysts who follow the real estate industry to measure the performance of an equity REIT. We consider FFO a useful measure of our performance principally because it excludes the effects of GAAP depreciation and amortization of real estate assets, which reduce the carrying value of real estate assets systematically over time. Since real estate values have historically risen or fallen with market conditions, we believe that FFO provides a meaningful supplemental measure of our performance. We believe that the use of FFO, combined with the required GAAP presentations, is beneficial in improving our investors' understanding of our operating results and allowing for comparisons among other companies who define FFO as we do.

FFO, as defined by the National Association of Real Estate Investment Trusts ("NAREIT"), represents net income (computed in accordance with GAAP), excluding gains or losses on sales of real estate and impairments of real estate assets, plus real estate-related depreciation and amortization, after adjustments for unconsolidated partnerships and joint ventures, for both continuing and discontinued operations. We compute 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.

FFO is not reduced for the amounts needed to fund capital replacements or expansions, debt service obligations, or other commitments and uncertainties, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. Our presentation of FFO should not be considered as an alternative to net income (computed in accordance with GAAP) or as an indicator of financial performance.

Net income reconciles to FFO as follows (in thousands):

	Three Months Ended June 30,					Six Months Ended June 30,
	2018			2017		2018			2017
Net income	$	(3,439	)	$	1,133	$	(1,941	)	$	75,855
Adjustments:
Depreciation of real estate assets	20,681			20,423		41,516			42,028
Amortization of lease-related costs	8,623			8,191		16,639			17,648
Impairment loss on real estate assets	30,812			—		30,812			—
Depreciation and amortization included in income (loss) from unconsolidated joint ventures(1)	12,632			2,123		26,190			4,221
Gain on sale of unconsolidated joint venture interests	—			—		(762		)	—
Gain on sales of real estate assets	—			—		—			(73,153		)
Total funds from operations adjustments	72,748			30,737		114,395			(9,256		)
NAREIT FFO available to common stockholders	$	69,309		$	31,870	$	112,454		$	66,599

⁽¹⁾  Reflects our ownership interest in depreciation and amortization for investments in unconsolidated joint ventures.

Net Operating Income

As set forth below, NOI is calculated by deducting property operating costs from rental and other property revenues for continuing operations. As a performance metric consisting of only revenues and expenses directly related to ongoing real estate rental operations, which have been or will be settled in cash, NOI is narrower in scope than FFO.

NOI, as we calculate it, may not be directly comparable to similarly titled, but differently calculated, measures for other REITs. We believe that NOI is another useful supplemental performance measure, as it is an input in many REIT valuation models, and it provides a means by which to evaluate the performance of the properties.

Page 48

The major factors influencing our NOI are property acquisitions and dispositions, occupancy levels, rental rate increases or decreases, and the recoverability of operating expenses.

Same Store Net Operating Income

We also evaluate the performance of our properties, on a "same-store" basis, using a metric referred to as Same Store NOI. We view Same Store NOI as a useful supplemental performance measure because it improves comparability between periods by eliminating the effects of changes in our operating portfolio. On an individual property basis, Same Store NOI is computed in the same manner as NOI (as described in the preceding section). For the periods presented, we have defined our same-store portfolio as those properties that have been continuously owned and operated since April 1, 2017 (the first day of the first period presented). NOI and Same Store NOI are calculated as follows for the three months ended June 30, 2018 and 2017 (in thousands):

	Three Months Ended June 30,
	2018			2017
Revenues:
Rental income	$	53,875		$	48,303
Tenant reimbursements	4,295			4,100
Other property income	2,143			408
Total revenues	60,313			52,811
Property operating expenses	(19,470		)	(17,961		)
Same Store NOI – wholly owned properties(1)	40,843			34,850
Same Store NOI – joint venture-owned properties(2)	12,774			10,000
	53,617			44,850
NOI from acquisitions(3)	12,323			—
NOI from dispositions(4)	2,109			9,834
NOI	$	68,049		$	54,684

⁽¹⁾  Reflects NOI from properties that were wholly owned for the entirety of the periods presented.

⁽²⁾  Reflects NOI earned from properties owned through unconsolidated joint ventures based on our ownership interest as of June 30, 2018, for the entirety of the periods presented.The NOI for properties held through unconsolidated joint ventures is included in income (loss) from unconsolidated joint ventures in our accompanying consolidated statements of operations. See Note 4, Unconsolidated Joint Ventures, of the accompanying consolidated financial statements, for more information.

⁽³⁾  Reflects activity for the following properties acquired since April 1, 2017, for all periods presented: 55% of 1800 M Street acquired on October 11, 2017, 249 West 17th Street acquired on October 11, 2017, 218 West 18th Street acquired on October 11, 2017, and 49.5% of 114 Fifth Avenue acquired on July 6, 2017.

⁽⁴⁾  Reflects activity for the following properties sold since April 1, 2017, for all periods presented: 222 East 41st Street sold on May 29, 2018, 263 Shuman Boulevard returned to lender on April 13, 2018, 45% of both University Circle and 333 Market Street (22.5% was sold on July 6, 2017, and 22.5% was sold on February 1, 2018).

Same Store NOI increased from $44.9 million for the three months ended June 30, 2017, to $53.6 million for the three months ended June 30, 2018, primarily as a result of leasing in San Francisco and Washington, D.C.

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A reconciliation of GAAP net income to NOI and Same Store NOI is presented below (in thousands):

	Three Months Ended June 30,
	2018			2017
Net income (loss)	$	(3,439	)	$	1,133
Depreciation	20,681			20,423
Amortization	8,623			8,191
General and administrative – corporate	8,282			9,201
General and administrative – joint venture	736			—
Net interest expense	14,300			13,785
Interest income from development authority bonds	(1,800		)	(1,800		)
Loss (gain) on extinguishment of debt	(23,713		)	—
Income tax expense	6			7
Asset and property management fee income	(1,818		)	(498		)
Adjustments included in income (loss) from unconsolidated joint ventures	15,379			4,242
Impairment loss	30,812			—
NOI:	$	68,049		$	54,684
Same Store NOI – joint venture owned properties(1)	(12,774		)	(10,000		)
NOI from acquisitions(2)	(12,323		)	—
NOI from dispositions(3)	(2,109		)	(9,834		)
Same Store NOI – wholly owned properties(4)	$	40,843		$	34,850

⁽¹⁾  Reflects NOI earned from properties owned through unconsolidated joint ventures based on our ownership interest as of June 30, 2018, for the entirety of the periods presented. The NOI for properties held through unconsolidated joint ventures is included in income (loss) from unconsolidated joint ventures in our accompanying consolidated statements of operations.

⁽²⁾  Reflects activity for the following properties acquired since April 1, 2017, for all periods presented: 55% of 1800 M Street acquired on October 11, 2017, 249 West 17th Street acquired on October 11, 2017, 218 West 18th Street acquired on October 11, 2017, and 49.5% of 114 Fifth Avenue acquired on July 6, 2017.

⁽³⁾  Reflects activity for the following properties sold since April 1, 2017, for all periods presented: 222 East 41st Street sold on May 29, 2018, 263 Shuman Boulevard returned to lender on April 13, 2018, 45% of both University Circle and 333 Market Street (22.5% was sold on July 6, 2017, and 22.5% was sold on February 1, 2018).

⁽⁴⁾  Reflects NOI from properties that were wholly owned for the entirety of the periods presented.

Election as a REIT

We have elected to be taxed as a REIT under the Code and have operated as such beginning with our taxable year ended December 31, 2003. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our adjusted taxable income, as defined in the Code, to our stockholders, computed without regard to the dividends-paid deduction and by excluding our net capital gain. As a REIT, we generally will not be subject to federal income tax on income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income for that year and for the four years following the year during which qualification is lost, unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially affect our net income and net cash available for distribution to our stockholders. However, we believe that we are organized and operate in such a manner as to qualify for treatment as a REIT for federal income tax purposes.

The TRS Entities are wholly owned subsidiaries of Columbia Property Trust and are organized as Delaware limited liability companies. The TRS Entities, among other things, provide tenant services that Columbia Property Trust, as a REIT, cannot otherwise provide. We have elected to treat the TRS Entities as taxable REIT subsidiaries. We may perform certain additional, noncustomary services for tenants of our buildings through the TRS Entities; however, any earnings related to such services are subject to federal and state income taxes. In addition, for us to continue to qualify as a REIT, we must limit our investments in taxable REIT subsidiaries to 20% of the value of our total assets. Deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted rates expected to be in effect when the temporary differences reverse.

No provisions for federal income taxes have been made in our accompanying consolidated financial statements, other than the provisions relating to the TRS Entities, as we made distributions in excess of taxable income for the periods presented. We are

Page 50

subject to certain state and local taxes related to property operations in certain locations, which have been provided for in our accompanying consolidated financial statements.

Inflation

We are exposed to inflation risk, as income from long-term leases is the primary source of our cash flows from operations. There are provisions in the majority of our tenant leases that are intended to protect us from, and mitigate the risk of, the impact of inflation. These provisions include rent steps, reimbursement billings for operating expense pass-through charges, real estate tax and insurance reimbursements on a per-square-foot basis or, in some cases, annual reimbursement of operating expenses above a certain per-square-foot allowance. However, due to the long-term nature of the leases, the leases may not reset frequently enough to fully cover inflation.

Application of Critical Accounting Policies

There have been no material changes in our critical accounting policies from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2017.

Related-Party Transactions

During the six months ended June 30, 2018 and 2017, we did not have any related-party transactions, except as described in Note 4, Unconsolidated Joint Ventures, of the accompanying financial statements.

Commitments and Contingencies

We are subject to certain commitments and contingencies with regard to certain transactions. Refer to Note 7, Commitments and Contingencies, of our accompanying consolidated financial statements for further explanation. Examples of such commitments and contingencies include:

• guaranty of debt of an unconsolidated joint venture of $9.4 million;

• obligations under operating leases;

• obligations under capital leases;

• commitments under existing lease agreements; and

• litigation.

Subsequent Events

We have evaluated subsequent events in connection with the preparation of the consolidated financial statements and notes thereto included in this report on Form 10-Q and did not note any additional subsequent events.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a result of certain of our outstanding debt facilities, we are exposed to interest rate changes. Our interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flow, primarily through a low to moderate level of overall borrowings. We manage our ratio of fixed- to floating-rate debt with the objective of achieving a mix that we believe is appropriate in light of anticipated changes. We closely monitor interest rates and will continue to consider the sources and terms of our borrowing facilities to determine whether we have appropriately guarded ourselves against the risk of increasing interest rates in future periods.

Additionally, we have entered into interest rate swaps and may enter into other interest rate swaps, caps, or other arrangements to mitigate our interest rate risk on a related financial instrument. We do not currently enter into derivative or interest rate transactions for speculative purposes; however, at times certain of our derivatives may not qualify for hedge accounting treatment. All of our debt was entered into for other-than-trading purposes.

Our financial instruments consist of both fixed-rate and variable-rate debt. Our variable-rate borrowings consist of the Revolving Credit Facility, the $300 Million Term Loan, and the $150 Million Term Loan. However, only the Revolving Credit Facility and the $300 Million Term Loan bear interest at effectively variable rates, as the variable rate on the $150 Million Term Loan has been effectively fixed through the interest rate swap agreement described in the "Liquidity and Capital Resources" section of Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations.

As of June 30, 2018, we had $78.0 million in outstanding borrowings under the Revolving Credit Facility; $150.0 million outstanding on the $150 Million Term Loan; $300.0 million outstanding on the $300 Million Term Loan; $349.7 million in 2025

Page 51

Bonds Payable outstanding; $348.9 million in 2026 Bonds Payable outstanding; and $21.5million outstanding on a fixed-rate, term mortgage loan. The amounts outstanding on our Revolving Credit Facility in the future will largely depend upon future acquisition and disposition activity. The weighted-average interest rate of all our consolidated debt instruments was 3.58% as of June 30, 2018.

Approximately $870.1 million of our total debt outstanding as of June 30, 2018, is subject to fixed rates, either directly or when coupled with an interest rate swap agreement. As of June 30, 2018, these balances incurred interest expense at an average interest rate of 3.80% and have expirations ranging from 2018 through 2026. A change in the market interest rate impacts the net financial instrument position of our fixed-rate debt portfolio; however, it has no impact on interest incurred or cash flows.

Approximately $378.0 million of our total debt is subject to variable rates. As of June 30, 2018, these balances incurred interest expense at an average interest rate of 3.07% and have expirations ranging from 2019 through 2020. A 1.0% change in interest rates would have a $3.8 million annual impact on our interest payments.

Our unconsolidated Market Square Joint Venture holds a $325.0 million mortgage note, which bears interest at 5.07%. Adjusting for 51% of the debt at the Market Square Joint Venture, which we own through an unconsolidated joint venture, our weighted-average interest rate is 3.76%. None of the other joint venture-owned properties have mortgage debt.

We do not believe there is any exposure to increases in interest rates related to the capital lease obligations of $120.0 million at June 30, 2018, as the obligations are at fixed interest rates.

ITEM 4. CONTROLS AND PROCEDURES

Management's Conclusions Regarding the Effectiveness of Disclosure Controls and Procedures

We carried out an evaluation, under the supervision and with the participation of management, including the Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15(e) under the Securities Exchange Act of 1934 as of the end of the period covered by this report. Based upon that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report in providing a reasonable level of assurance that information we are required to disclose in reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods in SEC rules and forms, including providing a reasonable level of assurance that information required to be disclosed by us in such reports is accumulated and communicated to our management, including our Principal Executive Officer and our Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during the quarter ended June 30, 2018, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Page 52

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, we are party to legal proceedings, which arise in the ordinary course of our business. We are not currently involved in any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on our results of operations, liquidity, or financial condition, nor are we aware of any such legal proceedings contemplated by governmental authorities.

ITEM 1A. RISK FACTORS

There have been no material changes from the risk factors disclosed in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2017.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(a) During the quarter ended June 30, 2018, we did not sell any equity securities that were not registered under the Securities Act of 1933.

(b) Not applicable.

(c) On September 4, 2017, our board of directors approved the 2017 Stock Repurchase Program, which provides for Columbia Property Trust to buy up to $200 million of our common stock over a two-year period, expiring on September 4, 2019.

During the quarter ended June 30, 2018, we repurchased and retired the following shares in accordance with the 2017 Stock Repurchase Program, as described in Note 8, Stockholders'Equity.

Period	Total Number of Shares Purchased	Average  Price Paid  per Share		Total Number of Shares Purchased as Part of Publicly Announced Plan	Maximum Approximate Dollar Value Available for Future Purchase
April 2018	—	$	—	—	$	167,568,324
May 2018	394,826	$	21.901	394,826	$	158,921,187
June 2018	264,662	$	22.075	264,662	$	153,078,651

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

(a) There have been no defaults with respect to any of our indebtedness.

(b) Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

(a) During the second quarter of 2018, there was no information that was required to be disclosed in a report on Form 8-K that was not disclosed in a report on Form 8-K.

(b) There are no material changes to the procedures by which stockholders may recommend nominees to our board of directors since the filing of our most recent Schedule 14A.

Page 53

ITEM 6. EXHIBITS

(a) Exhibits

EXHIBIT INDEX TO

SECOND QUARTER 2018 FORM 10-Q OF

COLUMBIA PROPERTY TRUST, INC.

The following documents are filed as exhibits to this report. Exhibits that are not required for this report are omitted.

Ex.	Description
3.1	Second Amended and Restated Articles of Incorporation as Amended by the First, Second and Third Articles of Amendment and the Articles Supplementary (incorporated by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q filed with the Commission on November 5, 2013).
3.2	Fourth Articles of Amendment (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed with the Commission on July 1, 2014).
3.3	Fifth Articles of Amendment (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed with the Commission on May 3, 2017).
3.4	Third Amended and Restated Bylaws, as amended (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed with the Commission on February 13, 2017).
4.1	Statement regarding restrictions on transferability of shares of common stock (to appear on stock certificate or to be sent upon request and without charge to stockholders issued shares without certificates) (incorporated by reference to Exhibit 4.1 to the Company's Annual Report on Form 10-K filed with the Commission on March 1, 2013).
4.2	Indenture, dated March 12, 2015 (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed with the Commission on March 12, 2015).
4.3	Supplemental Indenture, dated March 12, 2015 (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed with the Commission on March 12, 2015).
4.4	Form of 4.150% Senior Notes due 2025 (included in Exhibit 4.3).
4.5	Supplemental Indenture, dated August 12, 2016 (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed with the Commission on August 12, 2016).
4.6	Form of 3.650% Senior Notes due 2026 (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed with the Commission on August 12, 2016).
31.1*	Certification of the Principal Executive Officer of the Company, pursuant to Securities Exchange Act Rules 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of the Principal Financial Officer of the Company, pursuant to Securities Exchange Act Rules 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of the Principal Executive Officer and Principal Financial Officer of the Company, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	XBRL Instance Document.
101.SCH*	XBRL Taxonomy Extension Schema.
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase.
101.DEF*	XBRL Taxonomy Extension Definition Linkbase.
101.LAB*	XBRL Taxonomy Extension Label Linkbase.
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase.
*	Filed herewith.

Page 54

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		COLUMBIA PROPERTY TRUST, INC. (Registrant)
Dated:	July 26, 2018	By:	/s/ JAMES A. FLEMING
			James A. Fleming Executive Vice President and Chief Financial Officer

Page 55

EX-31.1

EXHIBIT 31.1

PRINCIPAL EXECUTIVE OFFICER

CERTIFICATION

PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. 1350)

I, E. Nelson Mills, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Columbia Property Trust, Inc. for the quarter ended June 30, 2018;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated:	July 26, 2018	By:	/s/ E. Nelson Mills
			E. Nelson Mills
			Principal Executive Officer

EX-31.2

EXHIBIT 31.2

PRINCIPAL FINANCIAL OFFICER

CERTIFICATION

PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. 1350)

I, James A. Fleming, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Columbia Property Trust, Inc. for the quarter ended June 30, 2018;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated:	July 26, 2018	By:	/s/ James A. Fleming
			James A. Fleming
			Principal Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

AND PRINCIPAL FINANCIAL OFFICER

PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. 1350)

In connection with the Quarterly Report of Columbia Property Trust, Inc. (the "Registrant") on Form 10-Q for the quarter ended June 30, 2018, as filed with the Securities and Exchange Commission (the "Report"), the undersigned, E. Nelson Mills, Principal Executive Officer of the Registrant, and James A. Fleming, Principal Financial Officer of the Registrant, hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) that, to the best of our knowledge and belief:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ E. NELSON MILLS

E. Nelson Mills

Principal Executive Officer

July 26, 2018

/s/ JAMES A. FLEMING

James A. Fleming

Principal Financial Officer

July 26, 2018

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 20, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	COLUMBIA PROPERTY TRUST, INC.
Entity Central Index Key	0001252849
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		117,974,127

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Real estate assets, at cost:
Land	$ 817,975	$ 825,208
Buildings and improvements, less accumulated depreciation of $364,262 and $388,796, as of June 30, 2018 and December 31, 2017, respectively	1,893,836	2,063,419
Intangible lease assets, less accumulated amortization of $81,040 and $94,065, as of June 30, 2018 and December 31, 2017, respectively	101,578	199,260
Construction in progress	49,135	44,742
Total real estate assets	2,862,524	3,132,629
Investments in unconsolidated joint ventures	1,053,092	943,242
Cash and cash equivalents	11,961	9,567
Tenant receivables, net of allowance for doubtful accounts of $0 as of June 30, 2018 and December 31, 2017	2,241	2,128
Straight-line rent receivable	77,519	92,235
Prepaid expenses and other assets	29,242	27,683
Intangible lease origination costs, less accumulated amortization of $61,810 and $57,465, as of June 30, 2018 and December 31, 2017, respectively	38,002	42,959
Deferred lease costs, less accumulated amortization of $25,606 and $26,464, as of June 30, 2018 and December 31, 2017, respectively	61,159	141,096
Investment in development authority bonds	120,000	120,000
Total assets	4,255,740	4,511,539
Liabilities:
Line of credit and notes payable, net of unamortized deferred financing costs of $2,003 and $2,991, as of June 30, 2018 and December 31, 2017, respectively	547,534	971,185
Bonds payable, net of discounts of $1,394 and $1,484 and unamortized deferred financing costs of $4,455 and $4,760, as of June 30, 2018 and December 31, 2017, respectively	694,151	693,756
Accounts payable, accrued expenses, and accrued capital expenditures	50,729	125,002
Dividends payable	0	23,961
Deferred income	16,000	18,481
Intangible lease liabilities, less accumulated amortization of $19,280 and $19,660, as of June 30, 2018 and December 31, 2017, respectively	23,314	27,218
Obligations under capital lease	120,000	120,000
Total liabilities	1,451,728	1,979,603
Commitments and Contingencies (Note 7)
Equity:
Common stock, $0.01 par value, 225,000,000 shares authorized, 117,974,127 and 119,789,106 shares issued and outstanding, as of June 30, 2018 and December 31, 2017, respectively	1,180	1,198
Additional paid-in capital	4,447,054	4,487,071
Cumulative distributions in excess of earnings	(1,648,577)	(1,957,236)
Cumulative other comprehensive income	4,355	903
Total equity	2,804,012	2,531,936
Total liabilities and equity	$ 4,255,740	$ 4,511,539

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Building and improvements, accumulated depreciation	$ 364,262	$ 388,796
Intangible lease assets, accumulated amortization	81,040	94,065
Allowance for doubtful accounts	0	0
Intangible lease origination costs, accumulated amortization	61,810	57,465
Deferred lease costs, accumulated amortization	25,606	26,464
Deferred financing costs, net	2,003	2,991
Bonds payable discount	1,394	1,484
Intangible lease liabilities, accumulated amortization	$ 19,280	$ 19,660
Common stock, par value (dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	225,000,000	225,000,000
Common stock, shares issued	117,974,127	119,789,106
Common stock, shares outstanding	117,974,127	119,789,106
Term Loans
Deferred financing costs, net	$ 2,003	$ 2,991
Bonds Payable
Deferred financing costs, net	$ 4,455	$ 4,760

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Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Revenues	$ 75,370	$ 74,857	$ 149,080	$ 157,013
Expenses:
Property operating costs	22,450	21,831	45,512	45,936
Depreciation	20,681	20,423	41,516	42,028
Amortization	8,623	8,191	16,639	17,648
Impairment loss on real estate assets	30,812	0	30,812	0
General and administrative – corporate	8,282	9,201	16,076	17,969
General and administrative – unconsolidated joint ventures	736	0	1,467	0
Costs and expenses	91,789	59,915	152,435	126,195
Real estate operating income	(16,419)	14,942	(3,355)	30,818
Other Income (Expense):
Interest expense	(14,314)	(14,462)	(30,209)	(29,577)
Interest and other income	1,814	2,477	3,617	4,827
Gain on sale of unconsolidated joint venture interests	0	0	762	0
Gain (loss) on extinguishment of debt	23,713	0	23,713	(45)
Nonoperating income (expense)	11,213	(11,985)	(2,117)	(24,795)
Income (loss) before income taxes, unconsolidated joint ventures, and sales of real estate	(5,206)	2,957	(5,472)	6,023
Income tax benefit (expense)	(6)	(7)	(13)	381
Income (loss) from unconsolidated joint ventures	1,773	(1,817)	3,544	(3,702)
Income (loss) before sales of real estate	(3,439)	1,133	(1,941)	2,702
Gain on sales of real estate assets	0	0	0	73,153
Net income (loss)	$ (3,439)	$ 1,133	$ (1,941)	$ 75,855
Per-Share Information – Basic:
Net income (loss) (dollars per share)	$ (0.03)	$ 0.01	$ (0.02)	$ 0.62
Weighted-average common shares outstanding – basic	118,035	121,534	118,556	121,768
Per-Share Information – Diluted:
Net income (loss) (dollars per share)	$ (0.03)	$ 0.01	$ (0.02)	$ 0.62
Weighted-average common shares outstanding – diluted	118,462	121,909	118,960	122,115
Dividends per share (dollars per share)	$ 0.2	$ 0.2	$ 0.4	$ 0.4
Rental income
Revenues:
Revenues	$ 66,263	$ 67,121	$ 131,080	$ 138,294
Tenant reimbursements
Revenues:
Revenues	5,146	6,972	10,689	15,556
Hotel
Revenues:
Revenues	0	0	0	1,339
Expenses:
Cost of goods and services sold	0	9	0	2,085
Asset and property management income/fees
Revenues:
Revenues	1,818	498	3,577	972
Expenses:
Cost of goods and services sold	205	260	413	529
Other property income
Revenues:
Revenues	$ 2,143	$ 266	$ 3,734	$ 852

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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (3,439)	$ 1,133	$ (1,941)	$ 75,855
Market value adjustment to interest rate swap	938	(636)	3,452	(2)
Comprehensive income (loss)	$ (2,501)	$ 497	$ 1,511	$ 75,853

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Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Cumulative Distributions in Excess of Earnings	Cumulative Other Comprehensive Income
Beginning balance, shares at Dec. 31, 2016		122,184,000
Beginning balance, value at Dec. 31, 2016	$ 2,502,768	$ 1,221	$ 4,538,912	$ (2,036,482)	$ (883)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of common stock, shares		(1,252,000)
Repurchases of common stock	(27,501)	$ (13)	(27,488)
Common stock issued to employees and directors, and amortized (net of income tax withholdings), shares		303,000
Common stock issued to employees and directors, and amortized (net of income tax withholdings)	2,501	$ 3	2,498
Distributions to common stockholders ($0.40 in 2018 and 2017)	(48,778)			(48,778)
Net income (loss)	75,855			75,855
Market value adjustment to interest rate swap	(2)				(2)
Ending balance, shares at Jun. 30, 2017		121,235,000
Ending balance, value at Jun. 30, 2017	$ 2,504,843	$ 1,211	4,513,922	(2,009,405)	(885)
Beginning balance, shares at Dec. 31, 2017	119,789,106	119,789,000
Beginning balance, value at Dec. 31, 2017	$ 2,531,936	$ 1,198	4,487,071	(1,957,236)	903
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of common stock, shares		(1,954,000)
Repurchases of common stock	(41,789)	$ (19)	(41,770)
Common stock issued to employees and directors, and amortized (net of income tax withholdings), shares		139,000
Common stock issued to employees and directors, and amortized (net of income tax withholdings)	1,754	$ 1	1,753
Distributions to common stockholders ($0.40 in 2018 and 2017)	(47,498)			(47,498)
Net income (loss)	(1,941)			(1,941)
Market value adjustment to interest rate swap	$ 3,452				3,452
Ending balance, shares at Jun. 30, 2018	117,974,127	117,974,000
Ending balance, value at Jun. 30, 2018	$ 2,804,012	$ 1,180	$ 4,447,054	(1,648,577)	$ 4,355
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative-effect adjustment for the adoption of ASU | ASU 2017-05	357,755			357,755
Cumulative-effect adjustment for the adoption of ASU | ASU 2014-09	$ 343			$ 343

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Consolidated Statements of Equity (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Distributions to common stockholders per share (dollars per share)	$ 0.4	$ 0.4
Common Stock
Distributions to common stockholders per share (dollars per share)	$ 0.4	$ 0.4

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows From Operating Activities:
Net income (loss)	$ (1,941)	$ 75,855
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Straight-line rental income	(17,207)	(12,463)
Depreciation	41,516	42,028
Amortization	15,440	16,789
Impairment loss on real estate assets	30,812	0
Noncash interest expense	1,708	1,491
(Gain) loss on extinguishment of debt	(23,713)	45
(Income) loss from unconsolidated joint ventures	(3,544)	3,702
Distributions of earnings from unconsolidated joint ventures	15,015	0
Gain on sale of unconsolidated joint venture interests	(762)	0
Gain on sales of real estate assets	0	(73,153)
Stock-based compensation expense	3,722	3,953
Changes in assets and liabilities, net of acquisitions and dispositions:
Decrease (increase) in tenant receivables, net	(1,039)	3,712
Decrease (increase) in prepaid expenses and other assets	1,591	(1,024)
Decrease in accounts payable and accrued expenses	(39,934)	(20,456)
Decrease in deferred income	(2,481)	(4,516)
Net cash provided by operating activities	19,183	35,963
Cash Flows From Investing Activities:
Net proceeds from the sales of real estate	284,608	504,660
Net proceeds from sale of investments in unconsolidated joint ventures	235,083	0
Prepaid earnest money and transaction costs	0	(12,341)
Capital improvement and development costs	(40,084)	(35,090)
Deferred lease costs paid	(7,510)	(10,432)
Investments in unconsolidated joint ventures	(2,460)	(1,940)
Distributions from unconsolidated joint ventures	4,585	0
Net cash provided by investing activities	474,222	444,857
Cash Flows From Financing Activities:
Financing costs paid	(149)	(70)
Proceeds from lines of credit and notes payable	150,000	0
Repayments of lines of credit and notes payable	(525,639)	(75,830)
Distributions paid to stockholders	(71,459)	(85,505)
Redemptions of common stock	(43,764)	(28,962)
Net cash used in financing activities	(491,011)	(190,367)
Net increase (decrease) in cash and cash equivalents	2,394	290,453
Cash and cash equivalents, beginning of period	9,567	216,085
Cash and cash equivalents, end of period	$ 11,961	$ 506,538

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Organization

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Organization

Columbia Property Trust, Inc. ("Columbia Property Trust") (NYSE: CXP) is a Maryland corporation that operates as a real estate investment trust ("REIT") for federal income tax purposes and owns and operates commercial real estate properties. Columbia Property Trust was incorporated in 2003, commenced operations in 2004, and conducts business primarily through Columbia Property Trust Operating Partnership, L.P. ("Columbia Property Trust OP"), a Delaware limited partnership. Columbia Property Trust is the general partner and sole owner of Columbia Property Trust OP and possesses full legal control and authority over its operations. Columbia Property Trust OP acquires, redevelops, owns, leases, and operates real properties directly, through wholly owned subsidiaries, or through unconsolidated joint ventures. Unless otherwise noted herein, references to Columbia Property Trust, "we," "us," or "our" herein shall include Columbia Property Trust and all subsidiaries of Columbia Property Trust, direct and indirect.

Columbia Property Trust typically invests in high-quality, income-generating office properties. As of June 30, 2018, Columbia Property Trust owned 18 operating properties and one property under redevelopment, of which 14 were wholly owned and five were owned through unconsolidated joint ventures. The operating properties are located primarily in New York, San Francisco, Washington, D.C., and Atlanta, contain a total of 8.8 million rentable square feet, and were approximately 97.1% leased as of June 30, 2018.

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements of Columbia Property Trust have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by U.S. generally accepted accounting principles ("GAAP") for complete financial statements. In the opinion of management, the statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year's results. For additional information on Columbia Property Trust's unconsolidated joint ventures, which are accounted for using the equity method of accounting, see Note 4, Unconsolidated Joint Ventures. Columbia Property Trust's consolidated financial statements include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable-interest entity in which Columbia Property Trust or Columbia Property Trust OP was deemed the primary beneficiary. With respect to entities that are not variable interest entities, Columbia Property Trust's consolidated financial statements also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling general partnership interest. All intercompany balances and transactions have been eliminated in consolidation. For further information, refer to the financial statements and footnotes included in Columbia Property Trust's Annual Report on Form 10-K for the year ended December 31, 2017 (the "2017 Form 10-K").

Fair Value Measurements

Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date, under current market conditions. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability:

Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts.

Level 2 – Assets or liabilities valued based on observable market data for similar instruments.

Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider.

Real Estate Assets

Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. To determine the appropriate useful life of an asset, Columbia Property Trust considers the period of future benefit of the asset. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows:

Buildings	40 years
Building and site improvements	5-25 years
Tenant improvements	Shorter of economic life or lease term
Intangible lease assets	Lease term

Assets Held for Sale

Columbia Property Trust classifies properties as held for sale according to Accounting Standard Codification 360, Accounting for the Impairment or Disposal of Long-Lived Assets ("ASC 360"). According to ASC 360, properties having separately identifiable operations and cash flows are considered held for sale when all of the following criteria are met:

• Management, having the authority to approve the action, commits to a plan to sell the property.

• The property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property.

• An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated.

• The property is being actively marketed for sale at a price that is reasonable in relation to its current fair value.

• Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

• The sale of the property is probable (i.e., typically subject to a binding sale contract with a non-refundable deposit), and transfer of the property is expected to qualify for recognition as a completed sale within one year.

As of June 30, 2018 and December 31, 2017, none of Columbia Property Trust's properties met the criteria to be classified as held for sale in the accompanying balance sheet.

Evaluating the Recoverability of Real Estate Assets

Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets, of both operating properties and properties under redevelopment, may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of real estate assets and related intangible assets and liabilities may not be recoverable, Columbia Property Trust assesses the recoverability of these assets and liabilities by determining whether the respective carrying values will be recovered through the estimated undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, Columbia Property Trust adjusts the carrying value of the real estate assets and related intangible assets and liabilities to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognizes an impairment loss. At such time that a property is required to be classified as held for sale, its carrying amount is adjusted to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized.

Estimated fair values are calculated based on the following hierarchy of information: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated residual value. Projections of expected future operating cash flows require that Columbia Property Trust estimate future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. Due to the inherent subjectivity of the assumptions used to project future cash flows, estimated fair values may differ from the values that would be realized in market transactions. Certain of Columbia Property Trust's assets may be carried at an amount that exceeds that which could be realized in a current disposition transaction.

In the second quarter of 2018, Columbia Property Trust recognized an impairment loss of $30.8 million in connection with changing the holding period expectations for 222 East 41st Street in New York. Columbia Property Trust widely marketed this property for sale during the second quarter and, as a result, entered into an agreement to sell this property on May 25, 2018 and closed on the sale on May 29, 2018. Upon entering into the sale agreement, Columbia Property Trust reduced 222 East 41st Street’s carrying value to reflect its fair value, estimated based on the net contract price of $284.6 million (Level 1), by recording an impairment loss of $30.8 million in the second quarter of 2018.

Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessor

Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of the properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see Fair Value Measurements section above for additional detail). As of June 30, 2018 and December 31, 2017, Columbia Property Trust had the following intangible assets and liabilities, arising from in-place leases, excluding amounts held for sale, if applicable (in thousands):

		Intangible Lease Assets						Intangible Lease Origination Costs			Intangible Below-Market In-Place Lease Liabilities
		Above-Market In-Place Lease Assets			Absorption Period Costs
June 30, 2018	Gross	$	2,481		$	148,467		$	99,812		$	42,594
	Accumulated Amortization	(934		)	(77,779		)	(61,810		)	(19,280		)
	Net	$	1,547		$	70,688		$	38,002		$	23,314
December 31, 2017	Gross	$	2,481		$	149,927		$	100,424		$	46,878
	Accumulated Amortization	(833		)	(70,465		)	(57,465		)	(19,660		)
	Net	$	1,648		$	79,462		$	42,959		$	27,218

For the three and six months endedJune 30, 2018 and 2017, Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands):

	Intangible Lease Assets				Intangible Lease Origination Costs		Intangible Below-Market In-Place Lease Liabilities
	Above-Market In-Place Lease Assets		Absorption Period Costs
For the Three Months Ended June 30, 2018	$	51	$	4,436	$	2,538	$	2,315
For the Three Months Ended June 30, 2017	$	161	$	4,189	$	2,740	$	1,911
For the Six Months Ended June 30, 2018	$	102	$	8,775	$	4,957	$	3,904
For the Six Months Ended June 30, 2017	$	449	$	9,257	$	5,829	$	4,316

The net intangible assets and liabilities remaining as of June 30, 2018 will be amortized as follows (in thousands):

	Intangible Lease Assets				Intangible Lease Origination Costs		Intangible Below-Market In-Place Lease Liabilities
	Above-Market In-Place Lease Assets		Absorption Period Costs
For the remainder of 2018	$	102	$	8,358	$	4,736	$	2,918
For the years ending December 31:
2019	203		14,586		8,575		5,507
2020	203		12,732		7,743		4,499
2021	203		8,079		3,713		1,591
2022	203		6,585		2,708		1,287
2023	203		5,944		2,480		1,264
Thereafter	430		14,404		8,047		6,248
	$	1,547	$	70,688	$	38,002	$	23,314

Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessee

Columbia Property Trust is the lessee on certain in-place ground leases. Intangible above-market and below-market in-place lease values are recorded as intangible lease liabilities and assets, respectively, and are amortized as an adjustment to property operating cost over the remaining term of the respective leases. Columbia Property Trust had gross below-market lease assets of approximately

$31.7 million and $140.9 million as of June 30, 2018 and December 31, 2017, respectively, and recognized amortization of these assets of approximately $0.5 million and $0.6 million for the three months ended June 30, 2018 and 2017, respectively, and approximately $1.1 million and $1.3 million for the six months ended June 30, 2018 and 2017, respectively.

As of June 30, 2018, the remaining net below-market intangible lease assets will be amortized as follows (in thousands):

For the remainder of 2018	$	272
For the Years Ending December 31:
2019	545
2020	545
2021	545
2022	545
2023	545
Thereafter	26,346
	$	29,343

Interest Rate Swap Agreements

Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate swap transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps on its consolidated balance sheet either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income. All changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain or loss on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as gain or loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment. The following tables provide additional information related to Columbia Property Trust's interest rate swaps (in thousands):

		Estimated Fair Value as of
Instrument Type	Balance Sheet Classification	June 30, 2018		December 31, 2017
Derivatives designated as hedging instruments:
Interest rate contracts	Prepaid expenses and other assets	$	4,355	$	903

Columbia Property Trust applied the provisions of ASC 820 in recording its interest rate swaps at fair value. The fair values of the interest rate swaps, classified under Level 2, were determined using a third-party proprietary model that is based on prevailing market data for contracts with matching durations, current and anticipated London Interbank Offered Rate ("LIBOR") information, and reasonable estimates about relevant future market conditions. Columbia Property Trust has determined that the fair value, as determined by the third party, is reasonable.

	Three Months Ended June 30,					Six Months Ended June 30,
	2018		2017			2018		2017
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income	$	938	$	(636	)	$	3,452	$	(2	)

During the periods presented, there was no hedge ineffectiveness required to be recognized into earnings on the interest rate swaps that qualified for hedge accounting treatment.

Income Taxes

Columbia Property Trust has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code") and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. As a REIT, Columbia Property Trust generally is not subject to income tax on income it distributes to stockholders. Columbia Property Trust's stockholder distributions typically exceed its taxable income due to the inclusion of noncash expenses, such as depreciation, in taxable income. As a result, Columbia Property Trust typically does not incur federal income taxes other than as described in the following paragraph. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements.

Columbia Property Trust TRS, LLC, Columbia KCP TRS, LLC, and Columbia Energy TRS, LLC (collectively, the "TRS Entities") are wholly owned subsidiaries of Columbia Property Trust and are organized as Delaware limited liability companies. The TRS Entities, among other things, provide tenant services that Columbia Property Trust, as a REIT, cannot otherwise provide. Columbia Property Trust has elected to treat the TRS Entities as taxable REIT subsidiaries. Columbia Property Trust may perform certain additional, noncustomary services for tenants of its buildings through the TRS Entities; however, any earnings related to such services are subject to federal and state income taxes. In addition, for Columbia Property Trust to continue to qualify as a REIT, Columbia Property Trust must limit its investments in taxable REIT subsidiaries to 20% of the value of the total assets. The TRS Entities' deferred tax assets and liabilities represent temporary differences between the financial reporting basis and the tax basis of assets and liabilities based on the enacted rates expected to be in effect when the temporary differences reverse. If applicable, Columbia Property Trust records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations.

Reclassification

Certain prior period amounts may be reclassified to conform to the current-period financial statement presentation. Within revenues on the accompanying consolidated statements of operations, management fees earned from unconsolidated joint ventures have been reclassified from other property income to a dedicated line item, asset and property management fee income, for all periods presented.

Recent Accounting Pronouncements

In February 2017, the FASB issued Accounting Standard Update 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Non-Financial Assets ("ASU 2017-05"), which applies to the partial sale of non-financial assets, including real estate assets, to unconsolidated joint ventures. ASU 2017-05 requires Columbia Property Trust to measure its residual joint venture interest in properties transferred to unconsolidated joint ventures at fair value as of the transaction date by recognizing a gain or loss on 100% of the asset transferred (i.e., to fully step-up the basis of the residual investment in the joint venture). Columbia Property Trust adopted the new rule effective January 1, 2018 on a modified retrospective basis by recording a cumulative-effect adjustment to equity equal to the total gain on residual joint venture interests as of the transaction dates for the partial sales of Market Square, 333 Market Street, and University Circle, adjusted to reflect the impact of depreciating the additional step-ups through January 1, 2018. The adoption of this standard resulted in an increase to investments in unconsolidated joint ventures and equity of $357.8 million.

In February 2016, the FASB issued Accounting Standards Update2016-02, Leases ("ASU 2016-02"), which amends the existing standards for lease accounting by requiring lessees to recognize most leases on their balance sheets and by making targeted changes to lessor accounting and reporting. The new standard will require lessees to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months, and classify such leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee, or not. This classification will determine whether the lease expense is recognized based on an effective interest method (finance leases) or on a straight-line basis over the term of the lease (operating leases). Leases with a term of 12 months or less will be accounted for using an approach that is similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance as applies to sales-type leases, direct financing leases, and operating leases. The new standard also requires lessors to capitalize and amortize only incremental direct leasing costs. Columbia Property Trust anticipates adopting ASU 2016-02 as of January 1, 2019 (the effective date for large accelerated filers), using a modified retrospective implementation approach, and is in the process of evaluating the financial impact of this accounting change.

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which establishes a comprehensive model to account for revenues arising from contracts with customers. ASU 2014-09 applies to all contracts with customers, except those that are within the scope of other topics in the FASB's Accounting Standards Codification, such as real estate leases. ASU 2014-09 requires companies to perform a five-step analysis of transactions to determine when and how revenue is recognized. For Columbia Property Trust, the new standard applies primarily to fees earned from managing properties owned by its unconsolidated joint ventures and parking agreements with tenants. Given the structure of these agreements, the adoption of ASU 2014-09 has not materially impacted the timing or amount of Columbia Property Trust's revenues; however, Columbia Property Trust has included more extensive disclosures about its revenue streams and contracts with customers, which are presented in Note 11, Revenues. ASU 2014-09 was effective for Columbia Property Trust on January 1, 2018. Columbia Property Trust has applied the modified retrospective approach of adoption, which resulted in the recognition of a cumulative effect adjustment to equity of $0.3 million, with no retrospective adjustments to prior periods.

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Real Estate Transactions

6 Months Ended

Jun. 30, 2018

Real Estate [Abstract]

Real Estate Transactions

Real Estate Transactions

Acquisitions

Columbia Property Trust did not acquire any properties during the first six months of 2018. During 2017, Columbia Property Trust acquired the following properties and partial interests in properties:

Property	Location	Date	Percent Acquired		Purchase Price(1) (in thousands)
2017
149 Madison Avenue	New York, NY	November 28, 2017	100.0	%	$	87,700
1800 M Street	Washington, D.C.	October 11, 2017	55.0	%	$	231,550	(2)
249 West 17th Street & 218 West 18th Street	New York, NY	October 11, 2017	100.0	%	$	514,100
114 Fifth Avenue	New York, NY	July 6, 2017	49.5	%	$	108,900	(2)

⁽¹⁾  Exclusive of transaction costs and price adjustments. See purchase price allocation table below for a breakout of the net purchase price for wholly owned properties.

⁽²⁾  Purchase price is for Columbia Property Trust's partial interests in the properties. These properties are owned through unconsolidated joint ventures. 

149 Madison Avenue

149 Madison Avenue is a 12-story, 127,000-square-foot office building, which was vacant at the time of acquisition. Columbia Property Trust acquired 149 Madison Avenue subject to a ground lease, which expired in January 2018. Columbia Property Trust is redeveloping this property.

1800 M Street Joint Venture

Columbia Property Trust acquired a 55% interest in 1800 M Street through a newly created joint venture partnership with Allianz Real Estate of America ("Allianz"). 1800 M Street is a 10-story, 581,000-square-foot office building in Washington, D.C., which was 94% leased at acquisition (the “1800 M Street Joint Venture”). The total gross purchase price for 1800 M Street was $421.0 million.

249 West 17th Street & 218 West 18th Street

249 West 17th Street is made up of two interconnected 12- and six-story towers, totaling 281,000 square feet of office and retail space and 218 West 18th Street is a 12-story, 166,000-square-foot office building. As of the acquisition date, 249 West 17th Street was 100% leased to four tenants, including Twitter, Inc. (76%) and Room & Board, Inc. (21%); and 218 West 18th Street was 100% leased to seven tenants, including Red Bull North America, Inc. (25%), Company 3 (18%), SY Partners (16%), and SAE (16%).

114 Fifth Avenue Joint Venture

Columbia Property Trust acquired a 49.5% equity interest in a joint venture that owns the 114 Fifth Avenue property from Allianz (the "114 Fifth Avenue Joint Venture"). 114 Fifth Avenue is a 19-story, 352,000-square-foot building located in Manhattan’s Flatiron District that was 100% leased at acquisition. The 114 Fifth Avenue Joint Venture is owned by Columbia Property Trust (49.5%), Allianz (49.5%), and L&L Holding Company (1.0%). L&L Holding Company is the general partner and performs asset and property management services for the property.

Purchase Price Allocations for Consolidated Property Acquisitions:

	149 Madison Avenue		249 West 17th Street			218 West 18th Street
Location	New York, NY		New York, NY			New York, NY
Date Acquired	November 28, 2017		October 11, 2017			October 11, 2017
Purchase Price (in thousands):
Land	$	59,112	$	113,149		$	43,836
Building and improvements	28,989		194,109			126,957
Intangible lease assets	—		27,408			12,120
Intangible lease origination costs	—		13,062			4,168
Intangible below market lease liability	—		(7,131		)	(11,757		)
Total purchase price	$	88,101	$	340,597		$	175,324

Note 2, Summary of Significant Accounting Policies, providesa discussion of the estimated useful life for each asset class.

Pro Forma Financial Information

The following unaudited pro forma statements of operations for the three and six months endedJune 30, 2017, have been prepared for Columbia Property Trust to give effect to the acquisitions of 249 West 17th Street, 218 West 18th Street, and 149 Madison Avenue as if the acquisitions had occurred on January 1, 2016. Columbia Property Trust owned 249 West 17th Street, 218 West 18th Street, and 149 Madison Avenue for the entirety of the six months ended June 30, 2018. The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had these acquisitions been consummated as of January 1, 2016 (in thousands):

	Three Months Ended June 30, 2017		Six Months Ended June 30, 2017
Revenues	$	84,485	$	176,270
Net income	$	3,460	$	80,508
Net income per share – basic	$	0.03	$	0.66
Net income per share – diluted	$	0.03	$	0.66

Dispositions

During 2017 and the first six months of 2018, Columbia Property Trust disposed of the following properties or partial interests in properties of unconsolidated joint ventures:

Property	Location	Date	% Sold			Sales Price(1) (in thousands)			Gain on Sale (in thousands)
2018
222 East 41st Street(2)	New York, NY	May 29, 2018	100.0	%		$	332,500		$	—
263 Shuman Boulevard(3)	Chicago, IL	April 13, 2018	100.0	%		$	49,000	(3)	$	24,000	(3)
University Circle & 333 Market Street Joint Ventures(4)	San Francisco, CA	February 1, 2018	22.5	%	(4)	$	235,300	(4)	$	762	(4)
2017
University Circle & 333 Market Street(5)	San Francisco, CA	July 6, 2017	22.5	%	(5)	$	234,000	(5)	$	102,400	(5)
Key Center Tower & Marriott(6)	Cleveland, OH	January 31, 2017	100.0	%		$	267,500		$	9,500
Houston Properties(7)	Houston, TX	January 6, 2017	100.0	%		$	272,000		$	63,700

⁽¹⁾  Exclusive of transaction costs and price adjustments.

⁽²⁾  On May 29, 2018, Columbia Property Trust closed on the sale of 222 East 41st Street in New York, for $332.5 million, exclusive of transaction costs. Columbia Property Trust recognized an impairment loss of $30.8 million related to this property in the second quarter of 2018, as further described in Note 2, Summary of Significant Accounting Policies.

The proceeds from this transaction were used to fully repay the $180 million remaining balance on the $300 Million Bridge Loan, as described in Note 5, Line of Credit and Notes Payable.

⁽³⁾  On April 13, 2018, Columbia Property Trust transferred 263 Shuman Boulevard to the lender in extinguishment of the loan principal of $49.0 million, accrued interest expense, and accrued property operating costs, which resulted in a gain on extinguishment of debt of $24.0 million in the second quarter of 2018.

⁽⁴⁾  Sales price is for the partial interests in the unconsolidated joint ventures that were sold. As previously agreed, Columbia Property Trust sold an additional 22.5% interest in the University Circle property and 333 Market Street building to its joint venture partner, Allianz, for $235.3 million, which resulted in a $0.8 million gain on sale of unconsolidated joint venture interests (the "February 2018 Allianz Transaction"). The gain on sale is calculated as the net sales price over the adjusted carrying value of the joint venture interest sold. In connection with implementing ASU 2017-05, effective January 1, 2018, the joint venture carrying value was increased to its estimated fair value as of the joint venture formation date, July 6, 2017, less depreciation through January 1, 2018.

The proceeds from this transaction were used to reduce the balance on the $300 Million Bridge Loan and the Revolving Credit Facility, as described in Note 5, Line of Credit and Notes Payable.

⁽⁵⁾  Sales price is for the partial interests in the properties that were sold. Columbia Property Trust contributed the 333 Market Street building and the University Circle property to unconsolidated joint ventures, and simultaneously sold a 22.5% interest in those joint ventures to Allianz, an unrelated third party, for $234.0 million, which resulted in a $102.4 million gain on sale of real estate assets (collectively, the "San Francisco Joint Ventures"). The gain on sale is calculated as the net sales price over the depreciated net book value of the assets sold.

⁽⁶⁾  Key Center Tower & Marriott were sold in one transaction for $254.5 million of gross proceeds and a $13.0 million, 10-year accruing note receivable from the principal of the buyer. As a result, Columbia Property Trust has applied the installment method to account for this transaction, and deferred $13.0 million of the total $22.5 million gain on sale. The Key Center Tower and Key Center Marriott generated a net loss of $1.9 million for the first 31 days of 2017, excluding the gain on sale.

⁽⁷⁾  5 Houston Center, Energy Center I, and 515 Post Oak were sold in one transaction. These properties generated a net loss of $14,900 for the first six days of 2017, excluding the gain on sale.

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Unconsolidated Joint Ventures

6 Months Ended

Jun. 30, 2018

Equity Method Investments and Joint Ventures [Abstract]

Unconsolidated Joint Ventures

Unconsolidated Joint Ventures

As of June 30, 2018 and December 31, 2017, Columbia Property Trust owned interests in the following properties through joint ventures, which are accounted for using the equity method of accounting:

						Carrying Value of Investment(1)
Joint Venture	Property Name	Geographic Market	Ownership Interest			June 30, 2018		December 31, 2017
Market Square Joint Venture	Market Square	Washington, D.C.	51.0	%		$	134,298	$	128,411
University Circle Joint Venture	University Circle	San Francisco	55.0	%	(2)	296,756		173,798
333 Market Street Joint Venture	333 Market Street	San Francisco	55.0	%	(2)	275,897		288,236
114 Fifth Avenue Joint Venture	114 Fifth Avenue	New York	49.5	%		105,567		110,311
1800 M Street Joint Venture	1800 M Street	Washington, D.C.	55.0	%		240,574		242,486
						$	1,053,092	$	943,242

⁽¹⁾  Includes basis differences. Columbia Property Trust adopted ASU 2017-05 effective January 1, 2018, which requires Columbia Property Trust to measure its residual joint venture interest in the properties transferred to unconsolidated joint ventures at fair value as of the transaction date (i.e., to fully step-up the basis of the residual investment in the joint venture). The new rule was adopted on a modified retrospective basis by recording a cumulative-effect adjustment to equity equal to the original gain or loss as of the respective transaction dates, adjusted to reflect the impact of depreciating the additional step-ups through January 1, 2018. The adoption of this standard resulted in an increase to investments in unconsolidated joint ventures and equity by $357.8 million on January 1, 2018, for the previous partial sales of interest in the Market Square, 333 Market Street, and University Circle properties.

⁽²⁾  On February 1, 2018, Allianz acquired from Columbia Property Trust an additional 22.5% interest in each of the University Circle Joint Venture and the 333 Market Street Joint Venture, thereby reducing Columbia Property Trust's equity interest in each joint venture to 55.0%. See the Dispositions section of Note 3, Real Estate Transactions, for more information.

Columbia Property Trust has determined that none of the joint ventures qualify as variable interest entities. However, Columbia Property Trust and its partners have substantive participation rights in the joint ventures, including management selection and termination, and the approval of operating and capital decisions. As such, Columbia Property Trust uses the equity method of accounting to record its investment in these joint ventures. Under the equity method, the investment in the joint venture is recorded at cost and adjusted for cash contributions and distributions, and allocations of income or loss.

Columbia Property Trust evaluates the recoverability of its investments in unconsolidated joint ventures in accordance with accounting standards for equity investments by first reviewing the investment for any indicators of impairment. If indicators are present, Columbia Property Trust estimates the fair value of the investment. If the carrying value of the investment is greater than the estimated fair value, management makes an assessment of whether the impairment is "temporary" or "other-than-temporary." In making this assessment, management considers the following: (1) the length of time and the extent to which fair value has been less than cost and (2) Columbia Property Trust's intent and ability to retain its interest long enough for a recovery in market value. Based on the assessment as described above, Columbia Property Trust has determined that none of its investments in joint ventures are other than temporarily impaired as of June 30, 2018.

Mortgage Debt and Related Guaranty

The Market Square joint venture is the only joint venture with mortgage debt. As of June 30, 2018 and December 31, 2017, the outstanding balance on the interest-only Market Square mortgage note is $325.0 million, bearing interest at 5.07%. The Market Square mortgage note matures on July 1, 2023. Columbia Property Trust guarantees a portion of the Market Square mortgage note, the amount of which has been reduced to $9.4 million as of June 30, 2018 from $11.2 million as of December 31, 2017, as a result of leasing at Market Square. The amount of the guaranty will continue to be reduced as space is leased.

Condensed Combined Financial Information

Summarized balance sheet information for each of the unconsolidated joint ventures is as follows (in thousands):

	Total Assets				Total Debt				Total Equity(1)
	June 30, 2018		December 31, 2017		June 30, 2018		December 31, 2017		June 30, 2018		December 31, 2017
Market Square Joint Venture	$	583,207	$	590,115	$	324,735	$	324,708	$	243,107	$	244,506
University Circle Joint Venture	227,102		227,368		—		—		221,363		221,154
333 Market Street Joint Venture	380,797		385,297		—		—		365,384		368,994
114 Fifth Avenue Joint Venture	384,783		392,486		—		—		161,744		170,525
1800 M Street Joint Venture	454,930		458,964		—		—		434,863		438,227
	$	2,030,819	$	2,054,230	$	324,735	$	324,708	$	1,426,461	$	1,443,406

⁽¹⁾  Excludes basis differences. There is an aggregate net basis difference of $283.4 million and $32.0 million as of June 30, 2018 and December 31, 2017, respectively, between the historical costs recorded at the joint venture level, and Columbia Property Trust's investment in the joint ventures. The differences result from the basis step-up in accordance with ASU 2017-05, as described in Note 2, Summary of Significant Accounting Policies, and the differences in the timing of each partner's interest acquisition and formation costs incurred by Columbia Property Trust. The basis differences are being amortized to income (loss) from unconsolidated joint ventures over the lives of the underlying assets or liabilities.

Summarized income statement information for the unconsolidated joint ventures for the three months ended June 30, 2018 and June 30, 2017 is as follows (in thousands):

	Total Revenues				Net Income (Loss)						Columbia Property Trust's Share of Net Income (Loss)(1)
	2018		2017		2018			2017			2018			2017
Market Square Joint Venture	$	11,249	$	10,428	$	(2,998	)	$	(3,563	)	$	(1,529	)	$	(1,817	)
University Circle Joint Venture	10,003		—		5,243			—			2,885			—
333 Market Street Joint Venture	6,675		—		3,558			—			1,957			—
114 Fifth Avenue Joint Venture	10,489		—		(2,362		)	—			(1,169		)	—
1800 M Street Joint Venture	9,571		—		1,436			—			790			—
	$	47,987	$	10,428	$	4,877		$	(3,563	)	$	2,934		$	(1,817	)

⁽¹⁾  Excludes the amortization of basis differences described above.

Summarized income statement information for the unconsolidated joint ventures for the six months ended June 30, 2018 and June 30, 2017 is as follows (in thousands):

	Total Revenues				Net Income (Loss)						Columbia Property Trust's Share of Net Income (Loss)(1)
	2018		2017		2018			2017			2018			2017
Market Square Joint Venture	$	22,264	$	20,562	$	(6,007	)	$	(7,259	)	$	(3,063	)	$	(3,702	)
University Circle Joint Venture	20,344		—		10,748			—			6,314			—
333 Market Street Joint Venture	13,343		—		7,115			—			4,184			—
114 Fifth Avenue Joint Venture	20,789		—		(4,693		)	—			(2,323		)	—
1800 M Street Joint Venture	18,467		—		1,679			—			923			—
	$	95,207	$	20,562	$	8,842		$	(7,259	)	$	6,035		$	(3,702	)

⁽¹⁾  Excludes the amortization of basis differences described above.

Property and Asset Management Fees

Columbia Property Trust provides property and asset management services to the Market Square Joint Venture, the University Circle Joint Venture, the 333 Market Street Joint Venture, and the 1800 M Street Joint Venture. Under these agreements, Columbia Property Trust oversees the day-to-day operations of these joint ventures and their properties, including property management, property accounting, and other administrative services. During the three and six months endedJune 30, 2018 and 2017, Columbia Property Trust earned the following fees from these unconsolidated joint ventures (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Market Square Joint Venture	$	552	$	498	$	1,075	$	972
University Circle Joint Venture	563		—		1,092		—
333 Market Street Joint Venture	196		—		393		—
1800 M Street Joint Venture	507		—		1,017		—
	$	1,818	$	498	$	3,577	$	972

Columbia Property Trust also received reimbursements of property operating costs of $1.1 million and $0.2 million for the three months ended June 30, 2018 and 2017, respectively, and $2.1 million and $0.3 million for the six months ended June 30, 2018 and 2017, respectively. These reimbursements are included in other property income revenues in the accompanying consolidated statements of operations. Property and asset management fees of $0.8 million and $0.4 million were due to Columbia Property Trust from the joint ventures and are included in prepaid expenses and other assets on the accompanying consolidated balance sheets as of June 30, 2018 and December 31, 2017, respectively.

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Line of Credit and Notes Payable

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Line of Credit and Notes Payable

Line of Credit and Notes Payable

As of June 30, 2018 and December 31, 2017, Columbia Property Trust had the following line of credit and notes payable indebtedness (excluding bonds payable; see Note 6, Bonds Payable) (in thousands):

Facility	June 30, 2018			December 31, 2017
$300 Million Term Loan	$	300,000		$	300,000
$150 Million Term Loan	150,000			150,000
Revolving Credit Facility	78,000			152,000
One Glenlake mortgage note	21,537			23,176
$300 Million Bridge Loan	—			300,000
263 Shuman Boulevard mortgage note	—			49,000
Less: Deferred financing costs related to term loans and notes payable, net of accumulated amortization	(2,003		)	(2,991		)
	$	547,534		$	971,185

Fair Value of Debt

The estimated fair value of Columbia Property Trust's line of credit and notes payable as of June 30, 2018 and December 31, 2017, was approximately $550.3 million and $975.3 million, respectively. The related carrying value of the line of credit and notes payable as of June 30, 2018 and December 31, 2017, was $549.5 million and $974.2 million, respectively. Columbia Property Trust estimated the fair value of the $300 Million Term Loan (the "$300 Million Term Loan"), the $300 Million Bridge Loan (the $300 Million Bridge Loan"), and the Revolving Credit Facility (the "Revolving Credit Facility") by obtaining estimates for similar facilities from multiple market participants as of the respective reporting dates. Therefore, the fair values determined are considered to be based on observable market data for similar instruments (Level 2). The fair values of all other debt instruments were estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowing arrangements as of the respective reporting dates. The discounted cash flow method of assessing fair value results in a general approximation of value, and such value may never actually be realized.

Interest Paid and Capitalized and Debt Covenants

During the six months ended June 30, 2018 and 2017, Columbia Property Trust made interest payments totaling approximately $12.0 million and $11.2 million, respectively, of which approximately $1.9 million and $0.3 million, respectively, were capitalized. As of June 30, 2018, Columbia Property Trust believes it is in compliance with the restrictive financial covenants on its term loans, the Revolving Credit Facility, and notes payable obligations.

Debt Repayments & Extinguishment

On May 30, 2018, Columbia Property Trust repaid the remaining $180.0 million outstanding balance on the $300 Million Bridge Loan, using a portion of the proceeds from the sale of 222 East 41st Street, as described in Note 3, Real Estate Transactions. As a result, Columbia Property Trust recognized a loss on extinguishment of debt of $0.3 million related to unamortized deferred financing costs.

On April 13, 2018, Columbia Property Trust transferred 263 Shuman Boulevard to the lender in extinguishment of the $49.0 million loan principal, accrued interest expense, and accrued property operating expenses, which resulted in a gain on extinguishment of debt of $24.0 million in the second quarter of 2018. In 2018, Columbia Property Trust accrued related interest expense of $1.5 million at the default rate of 10.55% and property operating expenses of $0.6 million, primarily related to property taxes and repairs and maintenance.

On February 2, 2018, Columbia Property Trust repaid $120.0 million of the outstanding balance on the $300 Million Bridge Loan, using a portion of the proceeds from the February 2018 Allianz Transaction, as described in Note 3, Real Estate Transactions.

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Bonds Payable

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Bonds Payable

Bonds Payable

Columbia Property Trust has two series of bonds outstanding as of June 30, 2018 and December 31, 2017: $350.0 million of 10-year, unsecured 3.650% senior notes issued at 99.626% of their face value (the "2026 Bonds Payable"); and $350.0 million of 10-year, unsecured 4.150% senior notes issued at 99.859% of their face value (the "2025 Bonds Payable"). Both series of bonds require semi-annual interest payments. The principal amount of the 2026 Bonds Payable is due and payable on August 15, 2026, and the principal amount of the 2025 Bonds Payable is due and payable on April 1, 2025.

Interest payments of $13.7 million and $13.8 million were made on the bonds payable during the six months ended June 30, 2018 and 2017, respectively. Columbia Property Trust is subject to substantially similar covenants under the 2026 Bonds Payable and the 2025 Bonds Payable. As of June 30, 2018, Columbia Property Trust believes it was in compliance with the restrictive financial covenants on the 2026 Bonds Payable and the 2025 Bonds Payable.

As of June 30, 2018 and December 31, 2017, the estimated fair value of the bonds payable was approximately $667.6 million and $702.8 million, respectively. The related carrying value of the bonds payable, net of discounts, as of June 30, 2018 and December 31, 2017 was $698.6 million and $698.5 million, respectively. The fair value of the bonds payable was estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowings as the bonds as of the respective reporting dates (Level 2). The discounted cash flow method of assessing fair value results in a general approximation of value, which may differ from the price that could be achieved in a market transaction.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Commitments Under Existing Lease Agreements

Certain lease agreements include provisions that, at the option of the tenant, may obligate Columbia Property Trust to expend capital to expand an existing property or provide other expenditures for the benefit of the tenant. As of June 30, 2018, no tenants have exercised such options that have not been materially satisfied or recorded as a liability on the accompanying consolidated balance sheet.

Guaranty of Debt of Unconsolidated Joint Venture

Upon entering into the Market Square Joint Venture in October 2015, Columbia Property Trust entered into a guaranty of a $25.0 million portion of the Market Square mortgage note, the amount of which is reduced as space is leased. As a result of leasing, the guaranty has been reduced to $9.4 million as of June 30, 2018. Columbia Property Trust believes that the likelihood of making a payment under this guaranty is remote; therefore, no liability has been recorded related to this guaranty as of June 30, 2018.

Litigation

Columbia Property Trust is subject to various legal proceedings, claims, and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any reasonably possible loss relating to these matters using the latest information available. Columbia Property Trust records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, Columbia Property Trust accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, Columbia Property Trust accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, Columbia Property Trust discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, Columbia Property Trust discloses the nature and estimate of the possible loss of the litigation. Columbia Property Trust does not disclose information with respect to litigation where the possibility of an unfavorable outcome is considered to be remote. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business, or financial condition of Columbia Property Trust. Columbia Property Trust is not currently involved in any legal proceedings of which management would consider the outcome to be reasonably likely to have a material adverse effect on the results of operations, liquidity, or financial condition of Columbia Property Trust.

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Stockholders' Equity

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Common Stock Repurchase Program

Columbia Property Trust's board of directors authorized a stock repurchase program to purchase up to an aggregate of $200.0 million of its common stock, par value $0.01 per share, from September 4, 2017 through September 4, 2019 (the "2017 Stock Repurchase Program"). During the six months ended June 30, 2018, Columbia Property Trust repurchased 2.0 million shares at an average price of $21.35 per share, for aggregate purchases of $41.8 million. As of June 30, 2018, $153.0 million remains available for repurchases under the 2017 Stock Repurchase Program. Common stock repurchases are charged against equity as incurred, and the repurchased shares are retired. Columbia Property Trust will continue to evaluate the purchase of shares, primarily through open market transactions, which are subject to market conditions and other factors.

Long-Term Incentive Compensation

Columbia Property Trust maintains a shareholder-approved, long-term incentive plan (the "LTI Plan") that provides for grants of up to 4.8 million shares of stock to be made to certain employees and independent directors of Columbia Property Trust.

Employee Awards

Under the LTI Plan, Columbia Property Trust grants time-based stock awards and performance-based restricted stock unit awards to its employees.

On January 1, 2018, Columbia Property Trust granted 128,486 shares of time-based stock awards to employees, which will vest ratably on each anniversary of the grant over the next four years. On January 1, 2018, Columbia Property Trust granted 176,702 performance-based restricted stock unit awards, of which 75% will vest at the conclusion of a three-year performance period, and the remaining 25% will vest one year later (the "Performance-Based RSUs"). Consistent with the 2017 plan, the payout of the 2018 Performance-Based RSUs will be determined based on Columbia Property Trust’s total shareholder return relative to the FTSE NAREIT Equity Office Index. Upon reaching a predefined performance threshold, the payout of Performance-Based RSUs will range from 50% to 150%. A rollforward of unvested employee stock awards and Performance-Based RSUs granted under the LTI Plan for the six months ended June 30, 2018 follows:

	For the Six Months Ended June 30, 2018
	Shares (in thousands)		Weighted-Average Grant-Date Fair Value(1)
Unvested awards – beginning of period	718		$	20.45
Granted	375		$	17.50
Vested	(275	)	$	16.00
Forfeited	(11	)	$	18.60
Unvested awards – end of period(2)	807		$	20.62

⁽¹⁾  Columbia Property Trust determined the weighted-average, grant-date fair value using the market closing price on the date of the respective grants.

⁽²⁾  As of June 30, 2018, Columbia Property Trust expects approximately 774,155 of the 807,000 unvested awards to ultimately vest, assuming a weighted average forfeiture rate of 4.1%, which was determined based on historical forfeiture rates.

Director Awards

Columbia Property Trust grants equity retainers to its directors under the LTI Plan. Such grants vest immediately. Beginning in May 2017, these grants are made annually. Prior to this time, the independent directors' equity retainers were paid quarterly. During the six months ended June 30, 2018 and June 30, 2017, Columbia Property Trust paid the following equity retainers:

Date of Grant	Shares	Grant-Date Fair Value
2018
May 14, 2018	31,743	$	22.20
2017
January 3, 2017	8,279	$	21.58
May 2, 2017	33,581	$	22.57

Stock-Based Compensation Expense

For the three and six months endedJune 30, 2018 and 2017, Columbia Property Trust incurred the stock-based compensation expense related to the following events (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Amortization of awards granted under the LTI Plan	$	873	$	887	$	1,909	$	1,804
Amortization of future awards under the LTI Plan(1)	616		617		1,108		1,212
Issuance of shares to independent directors	705		758		705		937
Total stock-based compensation expense	$	2,194	$	2,262	$	3,722	$	3,953

⁽¹⁾  Reflects amortization of awards made under the LTI Plan for service during the current period, for which shares will be issued in future periods.

These expenses are included in general and administrative expenses in the accompanying consolidated statements of operations. As of June 30, 2018 and December 31, 2017, there were $11.0 million and $8.1 million, respectively, of unrecognized compensation costs related to unvested awards under the LTI Plan, which will be amortized over the respective vesting period, ranging from one to four years at the time of grant. In 2017, Columbia Property Trust changed from a one-year performance period to a three-year performance period and granted additional shares to bridge the vesting gap created as a result.

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Supplemental Disclosures of Noncash Investing and Financing Activities

6 Months Ended

Jun. 30, 2018

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures of Noncash Investing and Financing Activities

Supplemental Disclosures of Noncash Investing and Financing Activities

Outlined below are significant noncash investing and financing activities for the six months ended June 30, 2018 and 2017 (in thousands):

	Six Months Ended June 30,
	2018		2017
Investments in real estate funded with other assets	$	—	$	311
Deposits applied to sales of real estate	$	—	$	10,000
Extinguishment of 263 Shuman Boulevard mortgage note by transferring property to lender	$	49,000	$	—
Amortization of net discounts on debt	$	90	$	90
Accrued capital expenditures and deferred lease costs	$	16,771	$	28,547
Market value adjustments to interest rate swaps that qualify for hedge accounting treatment	$	3,452	$	(2	)
Cumulative-effect adjustment to equity for the adoption of ASU 2017-05 and ASU 2014-09	$	358,098	$	—
Common stock issued to employees and directors, and amortized (net of income tax withholdings)	$	1,754	$	2,501

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Earnings Per Share

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

For the three and six months endedJune 30, 2018 and 2017, in computing the basic and diluted earnings per share, net income has been reduced for the dividends paid on unvested shares granted under the LTI Plan. The following table reconciles the numerator for the basic and diluted earnings-per-share computations shown on the consolidated statements of operations for the three and six months endedJune 30, 2018 and 2017 (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Net income (loss)	$	(3,439	)	$	1,133		$	(1,941	)	$	75,855
Distributions paid on unvested shares	(73		)	(85		)	(146		)	(168		)
Net income (loss) used to calculate basic and diluted earnings per share	$	(3,512	)	$	1,048		$	(2,087	)	$	75,687

The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of operations for the three and six months endedJune 30, 2018 and 2017, respectively (in thousands):

	Three Months Ended June 30,		Six Months Ended June 30,
	2018	2017	2018	2017
Weighted-average common shares – basic	118,035	121,534	118,556	121,768
Plus incremental weighted-average shares from time-vested conversions, less assumed share repurchases:
Previously granted awards, unvested	72	90	70	75
Future period LTI Plan awards	355	285	334	272
Weighted-average common shares – diluted	118,462	121,909	118,960	122,115

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Revenues

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

Columbia Property Trust derives most of its revenues, rental income, and tenant reimbursements from leases. All leases on real estate assets held by Columbia Property Trust are classified as operating leases, and the related base rental income is generally recognized on a straight-line basis over the terms of the respective leases. Tenant reimbursements are recognized as revenue in the period that the related operating costs are incurred and are billed to tenants pursuant to the terms of the underlying leases. Rental income and tenant reimbursements collected in advance are recorded as deferred income in the accompanying consolidated balance sheets. Lease termination fees are recorded as other income and recognized on a straight-line basis from when Columbia Property Trust receives notification of termination through the date the tenant loses the right to lease the space and Columbia Property Trust has satisfied all obligations under the related lease or lease termination agreement. For the three months ended June 30, 2018, Columbia Property Trust earned lease termination revenues of $0.8 million; and for the six months ended June 30, 2018 and 2017, Columbia Property Trust earned lease termination revenues of $1.2 million and $0.2 million, respectively.

On January 1, 2018, Columbia Property Trust adopted ASU 2014-09 using the modified retrospective approach. ASU 2014-09 applies to all open contracts with customers, except those that are within the scope of other topics in the FASB's Accounting Standards Codification, such as real estate leases. ASU 2014-09 requires companies to perform a five-step analysis of transactions to determine when and how revenue is recognized. For Columbia Property Trust, the new standard applies primarily to the following revenues:

Asset and Property Management Fee Income

Under asset and property management agreements in place with certain of its unconsolidated joint ventures, Columbia Property Trust earns revenue for performing asset and property management functions for properties owned through its joint ventures, as further described in Note 4, Unconsolidated Joint Ventures. For the three months ended June 30, 2018 and 2017, Columbia Property Trust earned revenues of $1.8 million and $0.5 million, respectively, under these agreements; and for the six months ended June 30, 2018 and 2017, Columbia Property Trust earned revenues of $3.6 million and $1.0 million, respectively, under these agreements. Asset and property management services are ongoing and routine, and are provided on a recurring basis. Therefore, under ASU 2014-09, such fees are recognized ratably over the service period, usually a period of three months, which is consistent with the accounting method used prior to January 1, 2018. Columbia Property Trust receives payments quarterly for asset management fees and monthly for property management fees.

Leasing Override Fees

Under the asset management agreements for certain properties owned through unconsolidated joint ventures, Columbia Property Trust is eligible to earn leasing override fees equal to a percentage of the total rental payments to be made by the tenant over the term of the lease. ASU 2014-09 requires such fees to be recognized when Columbia Property Trust's obligation to perform is complete, typically upon execution of the lease. Prior to January 1, 2018, such fees were not recognized until billable to the applicable joint venture, typically upon commencement of the lease. Upon implementing ASU 2014-09 effective January 1, 2018, Columbia Property Trust accelerated the recognition of lease override fees related to a lease that had been executed but not yet commenced, by recording $0.3 million of lease override fees receivable as prepaid expenses and other assets and a cumulative-effect adjustment to increase equity by the same amount. For the three and six months endedJune 30, 2018, Columbia Property Trust earned leasing override fees of $38,000, which are included in asset and property management fee income on the accompanying consolidated statements of operations. For the three and six months endedJune 30, 2017, Columbia Property Trust did not earn any leasing override fees.

Salary and Other Reimbursement Revenue

Under the property management agreements for certain properties owned through unconsolidated joint ventures, Columbia Property Trust receives reimbursements for salaries and property operating costs for ongoing and routine services that are provided by Columbia Property Trust employees on a recurring basis. Under ASU 2014-09, such revenues are recognized ratably over the service period, usually a period of one month, three months, or one year, which is consistent with the accounting method used prior to January 1, 2018. For the three months ended June 30, 2018 and 2017, Columbia Property Trust earned salary and other reimbursement revenue of $1.2 million and $0.2 million, respectively; and for the six months ended June 30, 2018 and 2017, Columbia Property Trust earned salary and other reimbursement revenue of $2.2 million and $0.4 million, respectively. These amounts are included in other property income on the accompanying consolidated statements of income.

Miscellaneous Revenue

Columbia Property Trust also receives revenues for services provided to its tenants through the TRS Entities, including fitness centers, shuttles, and cafeterias, which are included in other property income on the accompanying consolidated statements of income. Such services are ongoing and routine, and are provided on a recurring basis. Under ASU 2014-09, these revenues are recognized ratably over the service period, usually a period of one month or one quarter, which is consistent with the accounting method used prior to January 1, 2018.

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Segment Information

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Segment Information

Segment Information

Columbia Property Trust establishes operating segments at the property level and aggregates individual properties into reportable segments for high-barrier-to-entry markets and for geographic locations in which Columbia Property Trust has significant investments. Columbia Property Trust considers geographic location when evaluating its portfolio composition and in assessing the ongoing operations and performance of its properties. As of June 30, 2018, Columbia Property Trust had the following reportable segments:  New York, San Francisco, Atlanta, Washington, D.C., Boston, Los Angeles, and all other office markets. The all other office markets reportable segment consists of properties in similar low-barrier-to-entry geographic locations in which Columbia Property Trust does not have a substantial presence and does not plan to make further investments. During the periods presented, there have been no material intersegment transactions.

Net operating income ("NOI") is a non-GAAP financial measure. NOI is the primary performance measure reviewed by management to assess operating performance of properties and is calculated by deducting operating expenses from operating revenues. Operating revenues include rental income, tenant reimbursements, hotel income, and other property income; and operating expenses include property operating costs. The NOI performance metric consists only of revenues and expenses directly related to real estate rental operations. NOI reflects property acquisitions and dispositions, occupancy levels, rental rate increases or decreases, and the recoverability of operating expenses. NOI, as Columbia Property Trust calculates it, may not be directly comparable to similarly titled, but differently calculated, measures for other REITs.

Asset information and capital expenditures by segment are not reported because Columbia Property Trust does not use these measures to assess performance. Depreciation and amortization expense, along with other expense and income items, are not allocated among segments.

The following table presents operating revenues included in NOI by geographic reportable segment for Columbia Property Trust's respective ownership interests (in thousands):

	Three Months Ended June 30,					Six Months Ended June 30,
	2018		2017			2018		2017
New York(1)	$	40,349	$	25,524		$	81,258	$	53,110
San Francisco(2)	26,088		27,593			49,608		54,775
Atlanta	10,283		9,510			20,141		18,838
Washington, D.C.(3)	14,411		7,745			28,383		15,128
Boston	3,158		2,720			6,528		5,624
Los Angeles	1,910		1,857			3,830		3,635
All other office markets	3,905		4,856			7,841		14,447
Total office segments	100,104		79,805			197,589		165,557
Hotel	—		5			—		1,223
Corporate	894		(133		)	1,575		(253		)
Total operating revenues	$	100,998	$	79,677		$	199,164	$	166,527

⁽¹⁾  Includes operating revenues for one unconsolidated property, 114 Fifth Avenue, based on Columbia Property Trust's ownership interest: 49.5%from January 1, 2018 through June 30, 2018. 114 Fifth Avenue was acquired on July 6, 2017.

⁽²⁾  Includes operating revenues for two unconsolidated properties, 333 Market Street and University Circle, based on Columbia Property Trust's ownership interests:  100.0% from January 1, 2017 through June 30, 2017; 77.5% from January 1, 2018 through January 31, 2018; and 55.0% from February 1, 2018 through June 30, 2018.

⁽³⁾  Includes operating revenues for two unconsolidated properties, Market Square and 1800 M Street, based on Columbia Property Trust's ownership interests: 51.0% for the Market Square for all periods presented; 55.0% for 1800 M Street from January 1, 2018 through June 30, 2018. 1800 M Street was acquired on October 11, 2017.

A reconciliation of GAAP revenues to operating revenues is presented below (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Total revenues	$	75,370		$	74,857		$	149,080		$	157,013
Operating revenues included in income (loss) from unconsolidated joint ventures(1)	27,446			5,318			53,661			10,486
Less: asset and property management fee income(2)	(1,818		)	(498		)	(3,577		)	(972		)
Total operating revenues	$	100,998		$	79,677		$	199,164		$	166,527

⁽¹⁾  Columbia Property Trust records its interest in properties held through unconsolidated joint ventures using the equity method of accounting, and reflects its interest in the operating revenues of these properties in income (loss) from unconsolidated joint ventures in the accompanying consolidated statements of operations.

⁽²⁾  See Note 11, Revenues, of the accompanying consolidated financial statements.

The following table presents NOI by geographic reportable segment (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
New York(1)	$	24,369		$	16,259		$	48,548		$	33,875
San Francisco(2)	19,396			19,701			38,950			39,567
Atlanta	9,084			8,285			17,838			16,578
Washington, D.C.(3)	8,802			3,565			17,132			6,843
Boston	1,545			1,192			3,313			2,601
Los Angeles	1,154			1,202			2,362			2,284
All other office markets	3,869			4,597			7,160			11,527
Total office segments	68,219			54,801			135,303			113,275
Hotel	—			(14		)	—			(890		)
Corporate	(170		)	(103		)	(395		)	(125		)
Total NOI	$	68,049		$	54,684		$	134,908		$	112,260

⁽¹⁾  Includes NOI for one unconsolidated property, 114 Fifth Avenue, based on Columbia Property Trust's ownership interest: 49.5%from January 1, 2018 through June 30, 2018. 114 Fifth Avenue was acquired on July 6, 2017.

⁽²⁾  Includes NOI for two unconsolidated properties, 333 Market Street and University Circle, based on Columbia Property Trust's ownership interests:  100.0% from January 1, 2017 through June 30, 2017; 77.5% from January 1, 2018 through January 31, 2018; and 55.0% from February 1, 2018 through June 30, 2018.

⁽³⁾  Includes NOI for two unconsolidated properties, Market Square and 1800 M Street, based on Columbia Property Trust's ownership interests: 51.0% for the Market Square for all periods presented; 55.0% for 1800 M Street from January 1, 2018 through June 30, 2018. 1800 M Street was acquired on October 11, 2017.

A reconciliation of GAAP net income to NOI is presented below (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Net income (loss)	$	(3,439	)	$	1,133		$	(1,941	)	$	75,855
Depreciation	20,681			20,423			41,516			42,028
Amortization	8,623			8,191			16,639			17,648
General and administrative – corporate	8,282			9,201			16,076			17,969
General and administrative – joint ventures	736			—			1,467			—
Net interest expense	14,300			13,785			30,192			28,350
Interest income from development authority bonds	(1,800		)	(1,800		)	(3,600		)	(3,600		)
Gain on sale of unconsolidated joint venture interests	—			—			(762		)	—
Loss (gain) on extinguishment of debt	(23,713		)	—			(23,713		)	45
Income tax expense (benefit)	6			7			13			(381		)
Asset and property management fee income	(1,818		)	(498		)	(3,577		)	(972		)
Adjustments included in income (loss) from unconsolidated joint ventures	15,379			4,242			31,786			8,471
Gain on sales of real estate assets	—			—			—			(73,153		)
Impairment loss	30,812			—			30,812			—
NOI	$	68,049		$	54,684		$	134,908		$	112,260

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Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries

6 Months Ended

Jun. 30, 2018

Condensed Financial Information Disclosure [Abstract]

Financial Information for Parent Guarantor, Issuer Subsidiary and Non-Guarantor Subsidiaries

Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries

The 2026 Bonds Payable and the 2025 Bonds Payable (see Note 6, Bonds Payable) were issued by Columbia Property Trust OP, and are guaranteed by Columbia Property Trust. In accordance with SEC Rule 3-10(c), Columbia Property Trust includes herein condensed consolidating financial information in lieu of separate financial statements of the subsidiary issuer (Columbia Property Trust OP), as defined in the bond indentures, because all of the following criteria are met:

(1) The subsidiary issuer (Columbia Property Trust OP) is 100% owned by the parent company guarantor (Columbia Property Trust);

(2) The guarantee is full and unconditional; and

(3) No other subsidiary of the parent company guarantor (Columbia Property Trust) guarantees the 2026 Bonds Payable or the 2025 Bonds Payable.

Columbia Property Trust uses the equity method with respect to its investment in subsidiaries included in its condensed consolidating financial statements. Set forth below are Columbia Property Trust's condensed consolidating balance sheets as of June 30, 2018 and December 31, 2017, as well as its condensed consolidating statements of operations and its condensed consolidating statements of comprehensive income for the three and six months endedJune 30, 2018 and 2017; and its condensed consolidating statements of cash flows for the six months ended June 30, 2018 and 2017.

Condensed Consolidating Balance Sheets (in thousands):

	As of June 30, 2018
	Columbia Property Trust (Parent) (Guarantor)		Columbia  Property Trust OP  (the Issuer)		Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Assets:
Real estate assets, at cost:
Land	$	—	$	—	$	817,975	$	—		$	817,975
Buildings and improvements, net	—		1,952		1,891,884		—			1,893,836
Intangible lease assets, net	—		—		101,578		—			101,578
Construction in progress	—		—		49,135		—			49,135
Total real estate assets	—		1,952		2,860,572		—			2,862,524
Investments in unconsolidated joint ventures	—		1,053,092		—		—			1,053,092
Cash and cash equivalents	188		6,606		5,167		—			11,961
Investment in subsidiaries	2,663,479		1,495,545		—		(4,159,024		)	—
Tenant receivables, net of allowance	—		30		2,211		—			2,241
Straight-line rent receivable	—		—		77,519		—			77,519
Prepaid expenses and other assets	141,076		339,001		18,194		(469,029		)	29,242
Intangible lease origination costs, net	—		—		38,002		—			38,002
Deferred lease costs, net	—		—		61,159		—			61,159
Investment in development authority bonds	—		—		120,000		—			120,000
Total assets	$	2,804,743	$	2,896,226	$	3,182,824	$	(4,628,053	)	$	4,255,740
Liabilities:
Line of credit and notes payable, net	$	—	$	526,077	$	488,801	$	(467,344	)	$	547,534
Bonds payable, net	—		694,151		—		—			694,151
Accounts payable, accrued expenses, and accrued capital expenditures	731		9,055		40,949		(6		)	50,729
Due to affiliates	—		—		1,679		(1,679		)	—
Deferred income	—		81		15,919		—			16,000
Intangible lease liabilities, net	—		—		23,314		—			23,314
Obligations under capital lease	—		—		120,000		—			120,000
Total liabilities	731		1,229,364		690,662		(469,029		)	1,451,728
Equity:
Total equity	2,804,012		1,666,862		2,492,162		(4,159,024		)	2,804,012
Total liabilities and equity	$	2,804,743	$	2,896,226	$	3,182,824	$	(4,628,053	)	$	4,255,740

Condensed Consolidating Balance Sheets (in thousands):

	As of December 31, 2017
	Columbia Property Trust (Parent) (Guarantor)		Columbia Property Trust OP  (the Issuer)		Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Assets:
Real estate assets, at cost:
Land	$	—	$	—	$	825,208	$	—		$	825,208
Building and improvements, net	—		2,110		2,061,309		—			2,063,419
Intangible lease assets, net	—		—		199,260		—			199,260
Construction in progress	—		—		44,742		—			44,742
Total real estate assets	—		2,110		3,130,519		—			3,132,629
Investments in unconsolidated joint ventures	—		943,241		1		—			943,242
Cash and cash equivalents	692		5,079		3,796		—			9,567
Investment in subsidiaries	2,238,577		1,186,594		—		(3,425,171		)	—
Tenant receivables, net of allowance	—		30		2,098		—			2,128
Straight-line rent receivable	—		—		92,235		—			92,235
Prepaid expenses and other assets	317,364		336,598		19,375		(645,654		)	27,683
Intangible lease origination costs, net	—		—		42,959		—			42,959
Deferred lease costs, net	—		—		141,096		—			141,096
Investment in development authority bonds	—		—		120,000		—			120,000
Total assets	$	2,556,633	$	2,473,652	$	3,552,079	$	(4,070,825	)	$	4,511,539
Liabilities:
Lines of credit and notes payable, net	$	—	$	899,168	$	715,327	$	(643,310	)	$	971,185
Bonds payable, net	—		693,756		—		—			693,756
Accounts payable, accrued expenses, and accrued capital expenditures	732		10,325		113,949		(4		)	125,002
Dividends payable	23,961		—		—		—			23,961
Due to affiliates	—		—		2,340		(2,340		)	—
Deferred income	4		81		18,396		—			18,481
Intangible lease liabilities, net	—		—		27,218		—			27,218
Obligations under capital leases	—		—		120,000		—			120,000
Total liabilities	24,697		1,603,330		997,230		(645,654		)	1,979,603
Equity:
Total equity	2,531,936		870,322		2,554,849		(3,425,171		)	2,531,936
Total liabilities and equity	$	2,556,633	$	2,473,652	$	3,552,079	$	(4,070,825	)	$	4,511,539

Consolidating Statements of Operations (in thousands):

	For the Three Months Ended June 30, 2018
	Columbia Property Trust (Parent) (Guarantor)			Columbia  Property Trust OP  (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	—		$	66,263		$	—		$	66,263
Tenant reimbursements	—			—			5,146			—			5,146
Asset and property management fee income	930			—			888			—			1,818
Other property income	—			—			2,143			—			2,143
	930			—			74,440			—			75,370
Expenses:
Property operating costs	—			—			22,450			—			22,450
Asset and property management fees	—			—			205			—			205
Depreciation	—			166			20,515			—			20,681
Amortization	—			—			8,623			—			8,623
Impairment loss on real estate assets	—			—			30,812			—			30,812
General and administrative – corporate	193			2,512			5,577			—			8,282
General and administrative – unconsolidated joint ventures	—			—			736			—			736
	193			2,678			88,918			—			91,789
Real estate operating income (loss)	737			(2,678		)	(14,478		)	—			(16,419		)
Other income (expense):
Interest expense	—			(11,983		)	(8,651		)	6,320			(14,314		)
Interest and other income	2,842			3,478			1,814			(6,320		)	1,814
Gain (loss) on extinguishment of debt	—			(326		)	24,039			—			23,713
	2,842			(8,831		)	17,202			—			11,213
Income (loss) before income taxes and unconsolidated entities:	3,579			(11,509		)	2,724			—			(5,206		)
Income tax expense	—			—			(6		)	—			(6		)
Income (loss) from unconsolidated entities	(7,018		)	5,823			(2		)	2,970			1,773
Net income (loss)	$	(3,439	)	$	(5,686	)	$	2,716		$	2,970		$	(3,439	)

Consolidating Statements of Operations (in thousands):

	For the Three Months Ended June 30, 2017
	Columbia Property Trust (Parent) (Guarantor)			Columbia  Property Trust OP  (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	—		$	67,216		$	(95	)	$	67,121
Tenant reimbursements	—			(100		)	7,072			—			6,972
Asset and property management fee income	245			—			253			—			498
Other property income	—			—			266			—			266
	245			(100		)	74,807			(95		)	74,857
Expenses:
Property operating costs	—			(45		)	21,971			(95		)	21,831
Hotel operating costs	—			—			9			—			9
Asset and property management fees	—			—			260			—			260
Depreciation	—			152			20,271			—			20,423
Amortization	—			—			8,191			—			8,191
General and administrative – corporate	56			2,739			6,406			—			9,201
	56			2,846			57,108			(95		)	59,915
Real estate operating income (loss)	189			(2,946		)	17,699			—			14,942
Other income (expense):
Interest expense	—			(10,568		)	(8,668		)	4,774			(14,462		)
Interest and other income	4,228			1,220			1,803			(4,774		)	2,477
	4,228			(9,348		)	(6,865		)	—			(11,985		)
Income (loss) before income taxes and unconsolidated entities:	4,417			(12,294		)	10,834			—			2,957
Income tax expense	—			—			(7		)	—			(7		)
Income (loss) from unconsolidated entities	(3,284		)	6,187						(4,720		)	(1,817		)
Net income (loss)	$	1,133		$	(6,107	)	$	10,827		$	(4,720	)	$	1,133

	For the Six Months Ended June 30, 2018
	Columbia Property Trust (Parent) (Guarantor)			Columbia  Property Trust OP  (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	—		$	131,080		$	—		$	131,080
Tenant reimbursements	—			—			10,689			—			10,689
Asset and property management fee income	1,834			—			1,743			—			3,577
Other property income	—			—			3,734			—			3,734
	1,834			—			147,246			—			149,080
Expenses:
Property operating costs	—			—			45,512			—			45,512
Asset and property management fees	—			—			413			—			413
Depreciation	—			332			41,184			—			41,516
Amortization	—			—			16,639			—			16,639
Impairment loss on real estate assets	—			—			30,812			—			30,812
General and administrative – corporate	389			4,820			10,867			—			16,076
General and administrative – unconsolidated joint ventures	—			—			1,467			—			1,467
	389			5,152			146,894			—			152,435
Real estate operating income (loss)	1,445			(5,152		)	352			—			(3,355		)
Other income (expense):
Interest expense	—			(24,417		)	(19,145		)	13,353			(30,209		)
Interest and other income	6,397			6,956			3,617			(13,353		)	3,617
Gain on sale of unconsolidated joint venture interests	—			762			—			—			762
Gain (loss) on extinguishment of debt	—			(326		)	24,039			—			23,713
	6,397			(17,025		)	8,511			—			(2,117		)
Income (loss) before income taxes and unconsolidated entities:	7,842			(22,177		)	8,863			—			(5,472		)
Income tax expense	—			—			(13		)	—			(13		)
Income (loss) from unconsolidated entities	(9,783		)	12,838			—			489			3,544
Net income (loss)	$	(1,941	)	$	(9,339	)	$	8,850		$	489		$	(1,941	)

Consolidating Statements of Operations (in thousands):

	For the Six Months Ended June 30, 2017
	Columbia Property Trust (Parent) (Guarantor)		Columbia  Property Trust OP  (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—	$	51		$	138,438		$	(195	)	$	138,294
Tenant reimbursements	—		(66		)	15,622			—			15,556
Hotel income	—		—			1,339			—			1,339
Asset and property management fee income	490		—			482			—			972
Other property income	—		—			870			(18		)	852
	490		(15		)	156,751			(213		)	157,013
Expenses:
Property operating costs	—		128			46,003			(195		)	45,936
Hotel operating costs	—		—			2,085			—			2,085
Asset and property management fee expenses:
Related-party	—		3			—			(3		)	—
Other	—		—			529			—			529
Depreciation	—		234			41,794			—			42,028
Amortization	—		5			17,643			—			17,648
General and administrative	96		5,256			12,632			(15		)	17,969
	96		5,626			120,686			(213		)	126,195
Real estate operating income (loss)	394		(5,641		)	36,065			—			30,818
Other income (expense):
Interest expense	—		(20,851		)	(19,133		)	10,407			(29,577		)
Interest and other income	8,330		3,297			3,607			(10,407		)	4,827
Loss on extinguishment of debt	—		—			(45		)	—			(45		)
	8,330		(17,554		)	(15,571		)	—			(24,795		)
Income (loss) before income taxes and unconsolidated entities and sales of real estate:	8,724		(23,195		)	20,494			—			6,023
Income tax benefit	—		—			381			—			381
Income (loss) from unconsolidated entities	67,131		69,283			—			(140,116		)	(3,702		)
Income before sale of real estate assets:	75,855		46,088			20,875			(140,116		)	2,702
Gain on sale of real estate assets	—		11,050			62,103			—			73,153
Net income	$	75,855	$	57,138		$	82,978		$	(140,116	)	$	75,855

Consolidating Statements of Comprehensive Income (in thousands):

	For the Three Months Ended June 30, 2018
	Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP  (the Issuer)			Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Net income (loss)	$	(3,439	)	$	(5,686	)	$	2,716	$	2,970		$	(3,439	)
Market value adjustments to interest rate swaps	938			938			—		(938		)	938
Comprehensive income (loss)	$	(2,501	)	$	(4,748	)	$	2,716	$	2,032		$	(2,501	)

	For the Three Months Ended June 30, 2017
	Columbia Property Trust (Parent) (Guarantor)			Columbia  Property Trust OP  (the Issuer)			Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Net income (loss)	$	1,133		$	(6,107	)	$	10,827	$	(4,720	)	$	1,133
Market value adjustments to interest rate swaps	(636		)	(636		)	—		636			(636		)
Comprehensive income (loss)	$	497		$	(6,743	)	$	10,827	$	(4,084	)	$	497

	For the Six Months Ended June 30, 2018
	Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP  (the Issuer)			Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Net income (loss)	$	(1,941	)	$	(9,339	)	$	8,850	$	489		$	(1,941	)
Market value adjustments to interest rate swaps	3,452			3,452			—		(3,452		)	3,452
Comprehensive income (loss)	$	1,511		$	(5,887	)	$	8,850	$	(2,963	)	$	1,511

	For the Six Months Ended June 30, 2017
	Columbia Property Trust (Parent) (Guarantor)			Columbia  Property Trust OP  (the Issuer)			Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Net income	$	75,855		$	57,138		$	82,978	$	(140,116	)	$	75,855
Market value adjustments to interest rate swaps	(2		)	(2		)	—		2			(2		)
Comprehensive income	$	75,853		$	57,136		$	82,978	$	(140,114	)	$	75,853

Consolidating Statements of Cash Flows (in thousands):

	For the Six Months Ended June 30, 2018
	Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Cash flows from operating activities	$	1,445		$	(3,037	)	$	29,625		$	(8,850	)	$	19,183
Cash flows from investing activities:
Net proceeds from the sales of real estate assets	—			—			284,608			—			284,608
Net proceeds from sale of investments in unconsolidated joint ventures	—			235,083			—			—			235,083
Investment in real estate and related assets	—			(51		)	(47,543		)	—			(47,594		)
Investments in unconsolidated joint ventures	—			(2,460		)	—			—			(2,460		)
Distributions from unconsolidated joint ventures	—			4,585			—			—			4,585
Distributions from subsidiaries	113,274			254,037			—			(367,311		)	—
Net cash provided by investing activities	113,274			491,194			237,065			(367,311		)	474,222
Cash flows from financing activities:
Borrowings, net of fees	—			149,851			—			—			149,851
Repayments	—			(524,000		)	(1,639		)	—			(525,639		)
Distributions	(71,459		)	(112,481		)	(263,680		)	376,161			(71,459		)
Repurchases of common stock	(43,764		)	—			—			—			(43,764		)
Net cash used in financing activities	(115,223		)	(486,630		)	(265,319		)	376,161			(491,011		)
Net increase (decrease) in cash and cash equivalents	(504		)	1,527			1,371			—			2,394
Cash and cash equivalents, beginning of period	692			5,079			3,796			—			9,567
Cash and cash equivalents, end of period	$	188		$	6,606		$	5,167		$	—		$	11,961

Consolidating Statements of Cash Flows (in thousands):

	For the Six Months Ended June 30, 2017
	Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Cash flows from operating activities	$	58,752		$	58,688		$	58,639		$	(140,116	)	$	35,963
Cash flows from investing activities:
Net proceeds from sales of real estate assets	—			49,531			455,129			—			504,660
Investment in real estate and related assets	(12,000		)	(400		)	(45,463		)	—			(57,863		)
Investments in unconsolidated joint ventures	—			(1,940		)	—			—			(1,940		)
Distributions from subsidiaries	385,554			331,630			—			(717,184		)	—
Net cash provided by investing activities	373,554			378,821			409,666			(717,184		)	444,857
Cash flows from financing activities:
Borrowings, net of fees	—			(70		)	—			—			(70		)
Repayments	—			—			(75,830		)	—			(75,830		)
Distributions	(85,505		)	(447,367		)	(409,933		)	857,300			(85,505		)
Repurchases of common stock	(28,962		)	—			—			—			(28,962		)
Net cash used in financing activities	(114,467		)	(447,437		)	(485,763		)	857,300			(190,367		)
Net increase (decrease) in cash and cash equivalents	317,839			(9,928		)	(17,458		)	—			290,453
Cash and cash equivalents, beginning of period	174,420			16,509			25,156			—			216,085
Cash and cash equivalents, end of period	$	492,259		$	6,581		$	7,698		$	—		$	506,538

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Subsequent Events

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Columbia Property Trust has evaluated subsequent events in connection with the preparation of the consolidated financial statements and notes thereto included in this report on Form 10-Q and did not note any subsequent events.

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The consolidated financial statements of Columbia Property Trust have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by U.S. generally accepted accounting principles ("GAAP") for complete financial statements. In the opinion of management, the statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Results for these interim periods are not necessarily indicative of a full year's results. For additional information on Columbia Property Trust's unconsolidated joint ventures, which are accounted for using the equity method of accounting, see Note 4, Unconsolidated Joint Ventures. Columbia Property Trust's consolidated financial statements include the accounts of Columbia Property Trust, Columbia Property Trust OP, and any variable-interest entity in which Columbia Property Trust or Columbia Property Trust OP was deemed the primary beneficiary. With respect to entities that are not variable interest entities, Columbia Property Trust's consolidated financial statements also include the accounts of any entity in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia Property Trust OP, or their subsidiaries own a controlling general partnership interest. All intercompany balances and transactions have been eliminated in consolidation.

Fair Value Measurements

Fair Value Measurements

Columbia Property Trust estimates the fair value of its assets and liabilities (where currently required under GAAP) consistent with the provisions of Accounting Standard Codification 820, Fair Value Measurements ("ASC 820"). Under this standard, fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date, under current market conditions. While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard for fair value measurements and disclosures provides the following fair value technique parameters and hierarchy, depending upon availability:

Level 1 – Assets or liabilities for which the identical term is traded on an active exchange, such as publicly traded instruments or futures contracts.

Level 2 – Assets or liabilities valued based on observable market data for similar instruments.

Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market. Such assets or liabilities are valued based on the best available data, some of which may be internally developed. Significant assumptions may include risk premiums that a market participant would consider.

Real Estate Assets

Real Estate Assets

Columbia Property Trust is required to make subjective assessments as to the useful lives of its depreciable assets. To determine the appropriate useful life of an asset, Columbia Property Trust considers the period of future benefit of the asset. These assessments have a direct impact on net income. The estimated useful lives of its assets by class are as follows:

Buildings	40 years
Building and site improvements	5-25 years
Tenant improvements	Shorter of economic life or lease term
Intangible lease assets	Lease term

Assets Held for Sale

Assets Held for Sale

Columbia Property Trust classifies properties as held for sale according to Accounting Standard Codification 360, Accounting for the Impairment or Disposal of Long-Lived Assets ("ASC 360"). According to ASC 360, properties having separately identifiable operations and cash flows are considered held for sale when all of the following criteria are met:

• Management, having the authority to approve the action, commits to a plan to sell the property.

• The property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property.

• An active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated.

• The property is being actively marketed for sale at a price that is reasonable in relation to its current fair value.

• Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

• The sale of the property is probable (i.e., typically subject to a binding sale contract with a non-refundable deposit), and transfer of the property is expected to qualify for recognition as a completed sale within one year.

Evaluating the Recoverability of Real Estate Assets

Evaluating the Recoverability of Real Estate Assets

Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets, of both operating properties and properties under redevelopment, may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of real estate assets and related intangible assets and liabilities may not be recoverable, Columbia Property Trust assesses the recoverability of these assets and liabilities by determining whether the respective carrying values will be recovered through the estimated undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying values, Columbia Property Trust adjusts the carrying value of the real estate assets and related intangible assets and liabilities to the estimated fair values, pursuant to the property, plant, and equipment accounting standard for the impairment or disposal of long-lived assets, and recognizes an impairment loss. At such time that a property is required to be classified as held for sale, its carrying amount is adjusted to the lower of its depreciated book value or its estimated fair value, less costs to sell, and depreciation is no longer recognized.

Estimated fair values are calculated based on the following hierarchy of information: (i) recently quoted market prices, (ii) market prices for comparable properties, or (iii) the present value of future cash flows, including estimated residual value. Projections of expected future operating cash flows require that Columbia Property Trust estimate future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. Due to the inherent subjectivity of the assumptions used to project future cash flows, estimated fair values may differ from the values that would be realized in market transactions. Certain of Columbia Property Trust's assets may be carried at an amount that exceeds that which could be realized in a current disposition transaction.

Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessor

Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessor

Upon the acquisition of real properties, Columbia Property Trust allocates the purchase price of the properties to tangible assets, consisting of land, building, site improvements, and identified intangible assets and liabilities, including the value of in-place leases, based in each case on Columbia Property Trust's estimate of their fair values in accordance with ASC 820 (see Fair Value Measurements section above for additional detail).

Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessee

Intangible Assets and Liabilities Arising From In-Place Leases Where Columbia Property Trust Is the Lessee

Columbia Property Trust is the lessee on certain in-place ground leases. Intangible above-market and below-market in-place lease values are recorded as intangible lease liabilities and assets, respectively, and are amortized as an adjustment to property operating cost over the remaining term of the respective leases.

Interest Rate Swap Agreements

Interest Rate Swap Agreements

Columbia Property Trust enters into interest rate swap contracts to mitigate its interest rate risk on the related financial instruments. Columbia Property Trust does not enter into derivative or interest rate swap transactions for speculative purposes; however, certain of its derivatives may not qualify for hedge accounting treatment. Columbia Property Trust records the fair value of its interest rate swaps on its consolidated balance sheet either as prepaid expenses and other assets or as accounts payable, accrued expenses, and accrued capital expenditures. Changes in the fair value of interest rate swaps that are designated as cash flow hedges are recorded as other comprehensive income. All changes in the fair value of interest rate swaps that do not qualify for hedge accounting treatment are recorded as gain or loss on interest rate swaps. Amounts received or paid under interest rate swap agreements are recorded as interest expense for contracts that qualify for hedge accounting treatment and as gain or loss on interest rate swaps for contracts that do not qualify for hedge accounting treatment.

Income Taxes

Income Taxes

Columbia Property Trust has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code") and has operated as such beginning with its taxable year ended December 31, 2003. To qualify as a REIT, Columbia Property Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income, as defined by the Code, to its stockholders. As a REIT, Columbia Property Trust generally is not subject to income tax on income it distributes to stockholders. Columbia Property Trust's stockholder distributions typically exceed its taxable income due to the inclusion of noncash expenses, such as depreciation, in taxable income. As a result, Columbia Property Trust typically does not incur federal income taxes other than as described in the following paragraph. Columbia Property Trust is, however, subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in the accompanying consolidated financial statements.

Columbia Property Trust TRS, LLC, Columbia KCP TRS, LLC, and Columbia Energy TRS, LLC (collectively, the "TRS Entities") are wholly owned subsidiaries of Columbia Property Trust and are organized as Delaware limited liability companies. The TRS Entities, among other things, provide tenant services that Columbia Property Trust, as a REIT, cannot otherwise provide. Columbia Property Trust has elected to treat the TRS Entities as taxable REIT subsidiaries. Columbia Property Trust may perform certain additional, noncustomary services for tenants of its buildings through the TRS Entities; however, any earnings related to such services are subject to federal and state income taxes. In addition, for Columbia Property Trust to continue to qualify as a REIT, Columbia Property Trust must limit its investments in taxable REIT subsidiaries to 20% of the value of the total assets. The TRS Entities' deferred tax assets and liabilities represent temporary differences between the financial reporting basis and the tax basis of assets and liabilities based on the enacted rates expected to be in effect when the temporary differences reverse. If applicable, Columbia Property Trust records interest and penalties related to uncertain tax positions as general and administrative expense in the accompanying consolidated statements of operations.

Reclassification

Reclassification

Certain prior period amounts may be reclassified to conform to the current-period financial statement presentation. Within revenues on the accompanying consolidated statements of operations, management fees earned from unconsolidated joint ventures have been reclassified from other property income to a dedicated line item, asset and property management fee income, for all periods presented.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In February 2017, the FASB issued Accounting Standard Update 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Non-Financial Assets ("ASU 2017-05"), which applies to the partial sale of non-financial assets, including real estate assets, to unconsolidated joint ventures. ASU 2017-05 requires Columbia Property Trust to measure its residual joint venture interest in properties transferred to unconsolidated joint ventures at fair value as of the transaction date by recognizing a gain or loss on 100% of the asset transferred (i.e., to fully step-up the basis of the residual investment in the joint venture). Columbia Property Trust adopted the new rule effective January 1, 2018 on a modified retrospective basis by recording a cumulative-effect adjustment to equity equal to the total gain on residual joint venture interests as of the transaction dates for the partial sales of Market Square, 333 Market Street, and University Circle, adjusted to reflect the impact of depreciating the additional step-ups through January 1, 2018. The adoption of this standard resulted in an increase to investments in unconsolidated joint ventures and equity of $357.8 million.

In February 2016, the FASB issued Accounting Standards Update2016-02, Leases ("ASU 2016-02"), which amends the existing standards for lease accounting by requiring lessees to recognize most leases on their balance sheets and by making targeted changes to lessor accounting and reporting. The new standard will require lessees to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months, and classify such leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee, or not. This classification will determine whether the lease expense is recognized based on an effective interest method (finance leases) or on a straight-line basis over the term of the lease (operating leases). Leases with a term of 12 months or less will be accounted for using an approach that is similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance as applies to sales-type leases, direct financing leases, and operating leases. The new standard also requires lessors to capitalize and amortize only incremental direct leasing costs. Columbia Property Trust anticipates adopting ASU 2016-02 as of January 1, 2019 (the effective date for large accelerated filers), using a modified retrospective implementation approach, and is in the process of evaluating the financial impact of this accounting change.

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which establishes a comprehensive model to account for revenues arising from contracts with customers. ASU 2014-09 applies to all contracts with customers, except those that are within the scope of other topics in the FASB's Accounting Standards Codification, such as real estate leases. ASU 2014-09 requires companies to perform a five-step analysis of transactions to determine when and how revenue is recognized. For Columbia Property Trust, the new standard applies primarily to fees earned from managing properties owned by its unconsolidated joint ventures and parking agreements with tenants. Given the structure of these agreements, the adoption of ASU 2014-09 has not materially impacted the timing or amount of Columbia Property Trust's revenues; however, Columbia Property Trust has included more extensive disclosures about its revenue streams and contracts with customers, which are presented in Note 11, Revenues. ASU 2014-09 was effective for Columbia Property Trust on January 1, 2018. Columbia Property Trust has applied the modified retrospective approach of adoption, which resulted in the recognition of a cumulative effect adjustment to equity of $0.3 million, with no retrospective adjustments to prior periods.

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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives for Real Estate Assets

The estimated useful lives of its assets by class are as follows:

Buildings	40 years
Building and site improvements	5-25 years
Tenant improvements	Shorter of economic life or lease term
Intangible lease assets	Lease term

Schedule of Intangible Assets and Liabilities

As of June 30, 2018 and December 31, 2017, Columbia Property Trust had the following intangible assets and liabilities, arising from in-place leases, excluding amounts held for sale, if applicable (in thousands):

		Intangible Lease Assets						Intangible Lease Origination Costs			Intangible Below-Market In-Place Lease Liabilities
		Above-Market In-Place Lease Assets			Absorption Period Costs
June 30, 2018	Gross	$	2,481		$	148,467		$	99,812		$	42,594
	Accumulated Amortization	(934		)	(77,779		)	(61,810		)	(19,280		)
	Net	$	1,547		$	70,688		$	38,002		$	23,314
December 31, 2017	Gross	$	2,481		$	149,927		$	100,424		$	46,878
	Accumulated Amortization	(833		)	(70,465		)	(57,465		)	(19,660		)
	Net	$	1,648		$	79,462		$	42,959		$	27,218

For the three and six months endedJune 30, 2018 and 2017, Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands):

	Intangible Lease Assets				Intangible Lease Origination Costs		Intangible Below-Market In-Place Lease Liabilities
	Above-Market In-Place Lease Assets		Absorption Period Costs
For the Three Months Ended June 30, 2018	$	51	$	4,436	$	2,538	$	2,315
For the Three Months Ended June 30, 2017	$	161	$	4,189	$	2,740	$	1,911
For the Six Months Ended June 30, 2018	$	102	$	8,775	$	4,957	$	3,904
For the Six Months Ended June 30, 2017	$	449	$	9,257	$	5,829	$	4,316

The net intangible assets and liabilities remaining as of June 30, 2018 will be amortized as follows (in thousands):

	Intangible Lease Assets				Intangible Lease Origination Costs		Intangible Below-Market In-Place Lease Liabilities
	Above-Market In-Place Lease Assets		Absorption Period Costs
For the remainder of 2018	$	102	$	8,358	$	4,736	$	2,918
For the years ending December 31:
2019	203		14,586		8,575		5,507
2020	203		12,732		7,743		4,499
2021	203		8,079		3,713		1,591
2022	203		6,585		2,708		1,287
2023	203		5,944		2,480		1,264
Thereafter	430		14,404		8,047		6,248
	$	1,547	$	70,688	$	38,002	$	23,314

Schedule of Future Amortization Expense for Remaining Net Below-Market Lease Assets

As of June 30, 2018, the remaining net below-market intangible lease assets will be amortized as follows (in thousands):

For the remainder of 2018	$	272
For the Years Ending December 31:
2019	545
2020	545
2021	545
2022	545
2023	545
Thereafter	26,346
	$	29,343

Schedule of Interest Rate Swaps

The following tables provide additional information related to Columbia Property Trust's interest rate swaps (in thousands):

		Estimated Fair Value as of
Instrument Type	Balance Sheet Classification	June 30, 2018		December 31, 2017
Derivatives designated as hedging instruments:
Interest rate contracts	Prepaid expenses and other assets	$	4,355	$	903

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position

	Three Months Ended June 30,					Six Months Ended June 30,
	2018		2017			2018		2017
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income	$	938	$	(636	)	$	3,452	$	(2	)

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Real Estate Transactions (Tables)

6 Months Ended

Jun. 30, 2018

Real Estate [Abstract]

Schedule of Properties Acquired

During 2017, Columbia Property Trust acquired the following properties and partial interests in properties:

Property	Location	Date	Percent Acquired		Purchase Price(1) (in thousands)
2017
149 Madison Avenue	New York, NY	November 28, 2017	100.0	%	$	87,700
1800 M Street	Washington, D.C.	October 11, 2017	55.0	%	$	231,550	(2)
249 West 17th Street & 218 West 18th Street	New York, NY	October 11, 2017	100.0	%	$	514,100
114 Fifth Avenue	New York, NY	July 6, 2017	49.5	%	$	108,900	(2)

⁽¹⁾  Exclusive of transaction costs and price adjustments. See purchase price allocation table below for a breakout of the net purchase price for wholly owned properties.

⁽²⁾  Purchase price is for Columbia Property Trust's partial interests in the properties. These properties are owned through unconsolidated joint ventures. 

Purchase Price Allocations for Consolidated Property Acquisitions:

	149 Madison Avenue		249 West 17th Street			218 West 18th Street
Location	New York, NY		New York, NY			New York, NY
Date Acquired	November 28, 2017		October 11, 2017			October 11, 2017
Purchase Price (in thousands):
Land	$	59,112	$	113,149		$	43,836
Building and improvements	28,989		194,109			126,957
Intangible lease assets	—		27,408			12,120
Intangible lease origination costs	—		13,062			4,168
Intangible below market lease liability	—		(7,131		)	(11,757		)
Total purchase price	$	88,101	$	340,597		$	175,324

Unaudited Pro Forma Financial Results

The following unaudited pro forma financial results for Columbia Property Trust have been prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had these acquisitions been consummated as of January 1, 2016 (in thousands):

	Three Months Ended June 30, 2017		Six Months Ended June 30, 2017
Revenues	$	84,485	$	176,270
Net income	$	3,460	$	80,508
Net income per share – basic	$	0.03	$	0.66
Net income per share – diluted	$	0.03	$	0.66

Schedule of Properties Sold

During 2017 and the first six months of 2018, Columbia Property Trust disposed of the following properties or partial interests in properties of unconsolidated joint ventures:

Property	Location	Date	% Sold			Sales Price(1) (in thousands)			Gain on Sale (in thousands)
2018
222 East 41st Street(2)	New York, NY	May 29, 2018	100.0	%		$	332,500		$	—
263 Shuman Boulevard(3)	Chicago, IL	April 13, 2018	100.0	%		$	49,000	(3)	$	24,000	(3)
University Circle & 333 Market Street Joint Ventures(4)	San Francisco, CA	February 1, 2018	22.5	%	(4)	$	235,300	(4)	$	762	(4)
2017
University Circle & 333 Market Street(5)	San Francisco, CA	July 6, 2017	22.5	%	(5)	$	234,000	(5)	$	102,400	(5)
Key Center Tower & Marriott(6)	Cleveland, OH	January 31, 2017	100.0	%		$	267,500		$	9,500
Houston Properties(7)	Houston, TX	January 6, 2017	100.0	%		$	272,000		$	63,700

⁽¹⁾  Exclusive of transaction costs and price adjustments.

⁽²⁾  On May 29, 2018, Columbia Property Trust closed on the sale of 222 East 41st Street in New York, for $332.5 million, exclusive of transaction costs. Columbia Property Trust recognized an impairment loss of $30.8 million related to this property in the second quarter of 2018, as further described in Note 2, Summary of Significant Accounting Policies.

The proceeds from this transaction were used to fully repay the $180 million remaining balance on the $300 Million Bridge Loan, as described in Note 5, Line of Credit and Notes Payable.

⁽³⁾  On April 13, 2018, Columbia Property Trust transferred 263 Shuman Boulevard to the lender in extinguishment of the loan principal of $49.0 million, accrued interest expense, and accrued property operating costs, which resulted in a gain on extinguishment of debt of $24.0 million in the second quarter of 2018.

⁽⁴⁾  Sales price is for the partial interests in the unconsolidated joint ventures that were sold. As previously agreed, Columbia Property Trust sold an additional 22.5% interest in the University Circle property and 333 Market Street building to its joint venture partner, Allianz, for $235.3 million, which resulted in a $0.8 million gain on sale of unconsolidated joint venture interests (the "February 2018 Allianz Transaction"). The gain on sale is calculated as the net sales price over the adjusted carrying value of the joint venture interest sold. In connection with implementing ASU 2017-05, effective January 1, 2018, the joint venture carrying value was increased to its estimated fair value as of the joint venture formation date, July 6, 2017, less depreciation through January 1, 2018.

The proceeds from this transaction were used to reduce the balance on the $300 Million Bridge Loan and the Revolving Credit Facility, as described in Note 5, Line of Credit and Notes Payable.

⁽⁵⁾  Sales price is for the partial interests in the properties that were sold. Columbia Property Trust contributed the 333 Market Street building and the University Circle property to unconsolidated joint ventures, and simultaneously sold a 22.5% interest in those joint ventures to Allianz, an unrelated third party, for $234.0 million, which resulted in a $102.4 million gain on sale of real estate assets (collectively, the "San Francisco Joint Ventures"). The gain on sale is calculated as the net sales price over the depreciated net book value of the assets sold.

⁽⁶⁾  Key Center Tower & Marriott were sold in one transaction for $254.5 million of gross proceeds and a $13.0 million, 10-year accruing note receivable from the principal of the buyer. As a result, Columbia Property Trust has applied the installment method to account for this transaction, and deferred $13.0 million of the total $22.5 million gain on sale. The Key Center Tower and Key Center Marriott generated a net loss of $1.9 million for the first 31 days of 2017, excluding the gain on sale.

⁽⁷⁾  5 Houston Center, Energy Center I, and 515 Post Oak were sold in one transaction. These properties generated a net loss of $14,900 for the first six days of 2017, excluding the gain on sale.

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Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2018

Equity Method Investments and Joint Ventures [Abstract]

Summary of Financial Information for the Joint Ventures

As of June 30, 2018 and December 31, 2017, Columbia Property Trust owned interests in the following properties through joint ventures, which are accounted for using the equity method of accounting:

						Carrying Value of Investment(1)
Joint Venture	Property Name	Geographic Market	Ownership Interest			June 30, 2018		December 31, 2017
Market Square Joint Venture	Market Square	Washington, D.C.	51.0	%		$	134,298	$	128,411
University Circle Joint Venture	University Circle	San Francisco	55.0	%	(2)	296,756		173,798
333 Market Street Joint Venture	333 Market Street	San Francisco	55.0	%	(2)	275,897		288,236
114 Fifth Avenue Joint Venture	114 Fifth Avenue	New York	49.5	%		105,567		110,311
1800 M Street Joint Venture	1800 M Street	Washington, D.C.	55.0	%		240,574		242,486
						$	1,053,092	$	943,242

⁽¹⁾  Includes basis differences. Columbia Property Trust adopted ASU 2017-05 effective January 1, 2018, which requires Columbia Property Trust to measure its residual joint venture interest in the properties transferred to unconsolidated joint ventures at fair value as of the transaction date (i.e., to fully step-up the basis of the residual investment in the joint venture). The new rule was adopted on a modified retrospective basis by recording a cumulative-effect adjustment to equity equal to the original gain or loss as of the respective transaction dates, adjusted to reflect the impact of depreciating the additional step-ups through January 1, 2018. The adoption of this standard resulted in an increase to investments in unconsolidated joint ventures and equity by $357.8 million on January 1, 2018, for the previous partial sales of interest in the Market Square, 333 Market Street, and University Circle properties.

⁽²⁾  On February 1, 2018, Allianz acquired from Columbia Property Trust an additional 22.5% interest in each of the University Circle Joint Venture and the 333 Market Street Joint Venture, thereby reducing Columbia Property Trust's equity interest in each joint venture to 55.0%. See the Dispositions section of Note 3, Real Estate Transactions, for more information.

Summarized balance sheet information for each of the unconsolidated joint ventures is as follows (in thousands):

	Total Assets				Total Debt				Total Equity(1)
	June 30, 2018		December 31, 2017		June 30, 2018		December 31, 2017		June 30, 2018		December 31, 2017
Market Square Joint Venture	$	583,207	$	590,115	$	324,735	$	324,708	$	243,107	$	244,506
University Circle Joint Venture	227,102		227,368		—		—		221,363		221,154
333 Market Street Joint Venture	380,797		385,297		—		—		365,384		368,994
114 Fifth Avenue Joint Venture	384,783		392,486		—		—		161,744		170,525
1800 M Street Joint Venture	454,930		458,964		—		—		434,863		438,227
	$	2,030,819	$	2,054,230	$	324,735	$	324,708	$	1,426,461	$	1,443,406

⁽¹⁾  Excludes basis differences. There is an aggregate net basis difference of $283.4 million and $32.0 million as of June 30, 2018 and December 31, 2017, respectively, between the historical costs recorded at the joint venture level, and Columbia Property Trust's investment in the joint ventures. The differences result from the basis step-up in accordance with ASU 2017-05, as described in Note 2, Summary of Significant Accounting Policies, and the differences in the timing of each partner's interest acquisition and formation costs incurred by Columbia Property Trust. The basis differences are being amortized to income (loss) from unconsolidated joint ventures over the lives of the underlying assets or liabilities.

Summarized income statement information for the unconsolidated joint ventures for the three months ended June 30, 2018 and June 30, 2017 is as follows (in thousands):

	Total Revenues				Net Income (Loss)						Columbia Property Trust's Share of Net Income (Loss)(1)
	2018		2017		2018			2017			2018			2017
Market Square Joint Venture	$	11,249	$	10,428	$	(2,998	)	$	(3,563	)	$	(1,529	)	$	(1,817	)
University Circle Joint Venture	10,003		—		5,243			—			2,885			—
333 Market Street Joint Venture	6,675		—		3,558			—			1,957			—
114 Fifth Avenue Joint Venture	10,489		—		(2,362		)	—			(1,169		)	—
1800 M Street Joint Venture	9,571		—		1,436			—			790			—
	$	47,987	$	10,428	$	4,877		$	(3,563	)	$	2,934		$	(1,817	)

⁽¹⁾  Excludes the amortization of basis differences described above.

Summarized income statement information for the unconsolidated joint ventures for the six months ended June 30, 2018 and June 30, 2017 is as follows (in thousands):

	Total Revenues				Net Income (Loss)						Columbia Property Trust's Share of Net Income (Loss)(1)
	2018		2017		2018			2017			2018			2017
Market Square Joint Venture	$	22,264	$	20,562	$	(6,007	)	$	(7,259	)	$	(3,063	)	$	(3,702	)
University Circle Joint Venture	20,344		—		10,748			—			6,314			—
333 Market Street Joint Venture	13,343		—		7,115			—			4,184			—
114 Fifth Avenue Joint Venture	20,789		—		(4,693		)	—			(2,323		)	—
1800 M Street Joint Venture	18,467		—		1,679			—			923			—
	$	95,207	$	20,562	$	8,842		$	(7,259	)	$	6,035		$	(3,702	)

⁽¹⁾  Excludes the amortization of basis differences described above.

During the three and six months endedJune 30, 2018 and 2017, Columbia Property Trust earned the following fees from these unconsolidated joint ventures (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Market Square Joint Venture	$	552	$	498	$	1,075	$	972
University Circle Joint Venture	563		—		1,092		—
333 Market Street Joint Venture	196		—		393		—
1800 M Street Joint Venture	507		—		1,017		—
	$	1,818	$	498	$	3,577	$	972

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Line of Credit and Notes Payable (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Schedule of Line of Credit and Notes Payable Indebtedness

As of June 30, 2018 and December 31, 2017, Columbia Property Trust had the following line of credit and notes payable indebtedness (excluding bonds payable; see Note 6, Bonds Payable) (in thousands):

Facility	June 30, 2018			December 31, 2017
$300 Million Term Loan	$	300,000		$	300,000
$150 Million Term Loan	150,000			150,000
Revolving Credit Facility	78,000			152,000
One Glenlake mortgage note	21,537			23,176
$300 Million Bridge Loan	—			300,000
263 Shuman Boulevard mortgage note	—			49,000
Less: Deferred financing costs related to term loans and notes payable, net of accumulated amortization	(2,003		)	(2,991		)
	$	547,534		$	971,185

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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Summary of the Activity of Employee Stock Grants

A rollforward of unvested employee stock awards and Performance-Based RSUs granted under the LTI Plan for the six months ended June 30, 2018 follows:

	For the Six Months Ended June 30, 2018
	Shares (in thousands)		Weighted-Average Grant-Date Fair Value(1)
Unvested awards – beginning of period	718		$	20.45
Granted	375		$	17.50
Vested	(275	)	$	16.00
Forfeited	(11	)	$	18.60
Unvested awards – end of period(2)	807		$	20.62

⁽¹⁾  Columbia Property Trust determined the weighted-average, grant-date fair value using the market closing price on the date of the respective grants.

⁽²⁾  As of June 30, 2018, Columbia Property Trust expects approximately 774,155 of the 807,000 unvested awards to ultimately vest, assuming a weighted average forfeiture rate of 4.1%, which was determined based on historical forfeiture rates.

Summary of Shares Granted to Independent Directors

During the six months ended June 30, 2018 and June 30, 2017, Columbia Property Trust paid the following equity retainers:

Date of Grant	Shares	Grant-Date Fair Value
2018
May 14, 2018	31,743	$	22.20
2017
January 3, 2017	8,279	$	21.58
May 2, 2017	33,581	$	22.57

Schedule of Stock-based Compensation Expense Incurred

For the three and six months endedJune 30, 2018 and 2017, Columbia Property Trust incurred the stock-based compensation expense related to the following events (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Amortization of awards granted under the LTI Plan	$	873	$	887	$	1,909	$	1,804
Amortization of future awards under the LTI Plan(1)	616		617		1,108		1,212
Issuance of shares to independent directors	705		758		705		937
Total stock-based compensation expense	$	2,194	$	2,262	$	3,722	$	3,953

⁽¹⁾  Reflects amortization of awards made under the LTI Plan for service during the current period, for which shares will be issued in future periods.

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Supplemental Disclosures of Noncash Investing and Financing Activities (Tables)

6 Months Ended

Jun. 30, 2018

Supplemental Cash Flow Elements [Abstract]

Significant Noncash Investing and Financing Activities

Outlined below are significant noncash investing and financing activities for the six months ended June 30, 2018 and 2017 (in thousands):

	Six Months Ended June 30,
	2018		2017
Investments in real estate funded with other assets	$	—	$	311
Deposits applied to sales of real estate	$	—	$	10,000
Extinguishment of 263 Shuman Boulevard mortgage note by transferring property to lender	$	49,000	$	—
Amortization of net discounts on debt	$	90	$	90
Accrued capital expenditures and deferred lease costs	$	16,771	$	28,547
Market value adjustments to interest rate swaps that qualify for hedge accounting treatment	$	3,452	$	(2	)
Cumulative-effect adjustment to equity for the adoption of ASU 2017-05 and ASU 2014-09	$	358,098	$	—
Common stock issued to employees and directors, and amortized (net of income tax withholdings)	$	1,754	$	2,501

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share Computations

The following table reconciles the numerator for the basic and diluted earnings-per-share computations shown on the consolidated statements of operations for the three and six months endedJune 30, 2018 and 2017 (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Net income (loss)	$	(3,439	)	$	1,133		$	(1,941	)	$	75,855
Distributions paid on unvested shares	(73		)	(85		)	(146		)	(168		)
Net income (loss) used to calculate basic and diluted earnings per share	$	(3,512	)	$	1,048		$	(2,087	)	$	75,687

The following table reconciles the denominator for the basic and diluted earnings-per-share computations shown on the consolidated statements of operations for the three and six months endedJune 30, 2018 and 2017, respectively (in thousands):

	Three Months Ended June 30,		Six Months Ended June 30,
	2018	2017	2018	2017
Weighted-average common shares – basic	118,035	121,534	118,556	121,768
Plus incremental weighted-average shares from time-vested conversions, less assumed share repurchases:
Previously granted awards, unvested	72	90	70	75
Future period LTI Plan awards	355	285	334	272
Weighted-average common shares – diluted	118,462	121,909	118,960	122,115

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated

A reconciliation of GAAP revenues to operating revenues is presented below (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Total revenues	$	75,370		$	74,857		$	149,080		$	157,013
Operating revenues included in income (loss) from unconsolidated joint ventures(1)	27,446			5,318			53,661			10,486
Less: asset and property management fee income(2)	(1,818		)	(498		)	(3,577		)	(972		)
Total operating revenues	$	100,998		$	79,677		$	199,164		$	166,527

⁽¹⁾  Columbia Property Trust records its interest in properties held through unconsolidated joint ventures using the equity method of accounting, and reflects its interest in the operating revenues of these properties in income (loss) from unconsolidated joint ventures in the accompanying consolidated statements of operations.

⁽²⁾  See Note 11, Revenues, of the accompanying consolidated financial statements.

The following table presents operating revenues included in NOI by geographic reportable segment for Columbia Property Trust's respective ownership interests (in thousands):

	Three Months Ended June 30,					Six Months Ended June 30,
	2018		2017			2018		2017
New York(1)	$	40,349	$	25,524		$	81,258	$	53,110
San Francisco(2)	26,088		27,593			49,608		54,775
Atlanta	10,283		9,510			20,141		18,838
Washington, D.C.(3)	14,411		7,745			28,383		15,128
Boston	3,158		2,720			6,528		5,624
Los Angeles	1,910		1,857			3,830		3,635
All other office markets	3,905		4,856			7,841		14,447
Total office segments	100,104		79,805			197,589		165,557
Hotel	—		5			—		1,223
Corporate	894		(133		)	1,575		(253		)
Total operating revenues	$	100,998	$	79,677		$	199,164	$	166,527

⁽¹⁾  Includes operating revenues for one unconsolidated property, 114 Fifth Avenue, based on Columbia Property Trust's ownership interest: 49.5%from January 1, 2018 through June 30, 2018. 114 Fifth Avenue was acquired on July 6, 2017.

⁽²⁾  Includes operating revenues for two unconsolidated properties, 333 Market Street and University Circle, based on Columbia Property Trust's ownership interests:  100.0% from January 1, 2017 through June 30, 2017; 77.5% from January 1, 2018 through January 31, 2018; and 55.0% from February 1, 2018 through June 30, 2018.

⁽³⁾  Includes operating revenues for two unconsolidated properties, Market Square and 1800 M Street, based on Columbia Property Trust's ownership interests: 51.0% for the Market Square for all periods presented; 55.0% for 1800 M Street from January 1, 2018 through June 30, 2018. 1800 M Street was acquired on October 11, 2017.

Schedule of Segment Reporting Information, by Segment

A reconciliation of GAAP net income to NOI is presented below (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Net income (loss)	$	(3,439	)	$	1,133		$	(1,941	)	$	75,855
Depreciation	20,681			20,423			41,516			42,028
Amortization	8,623			8,191			16,639			17,648
General and administrative – corporate	8,282			9,201			16,076			17,969
General and administrative – joint ventures	736			—			1,467			—
Net interest expense	14,300			13,785			30,192			28,350
Interest income from development authority bonds	(1,800		)	(1,800		)	(3,600		)	(3,600		)
Gain on sale of unconsolidated joint venture interests	—			—			(762		)	—
Loss (gain) on extinguishment of debt	(23,713		)	—			(23,713		)	45
Income tax expense (benefit)	6			7			13			(381		)
Asset and property management fee income	(1,818		)	(498		)	(3,577		)	(972		)
Adjustments included in income (loss) from unconsolidated joint ventures	15,379			4,242			31,786			8,471
Gain on sales of real estate assets	—			—			—			(73,153		)
Impairment loss	30,812			—			30,812			—
NOI	$	68,049		$	54,684		$	134,908		$	112,260

The following table presents NOI by geographic reportable segment (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
New York(1)	$	24,369		$	16,259		$	48,548		$	33,875
San Francisco(2)	19,396			19,701			38,950			39,567
Atlanta	9,084			8,285			17,838			16,578
Washington, D.C.(3)	8,802			3,565			17,132			6,843
Boston	1,545			1,192			3,313			2,601
Los Angeles	1,154			1,202			2,362			2,284
All other office markets	3,869			4,597			7,160			11,527
Total office segments	68,219			54,801			135,303			113,275
Hotel	—			(14		)	—			(890		)
Corporate	(170		)	(103		)	(395		)	(125		)
Total NOI	$	68,049		$	54,684		$	134,908		$	112,260

⁽¹⁾  Includes NOI for one unconsolidated property, 114 Fifth Avenue, based on Columbia Property Trust's ownership interest: 49.5%from January 1, 2018 through June 30, 2018. 114 Fifth Avenue was acquired on July 6, 2017.

⁽²⁾  Includes NOI for two unconsolidated properties, 333 Market Street and University Circle, based on Columbia Property Trust's ownership interests:  100.0% from January 1, 2017 through June 30, 2017; 77.5% from January 1, 2018 through January 31, 2018; and 55.0% from February 1, 2018 through June 30, 2018.

⁽³⁾  Includes NOI for two unconsolidated properties, Market Square and 1800 M Street, based on Columbia Property Trust's ownership interests: 51.0% for the Market Square for all periods presented; 55.0% for 1800 M Street from January 1, 2018 through June 30, 2018. 1800 M Street was acquired on October 11, 2017.

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Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries (Tables)

6 Months Ended

Jun. 30, 2018

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets (in thousands):

	As of June 30, 2018
	Columbia Property Trust (Parent) (Guarantor)		Columbia  Property Trust OP  (the Issuer)		Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Assets:
Real estate assets, at cost:
Land	$	—	$	—	$	817,975	$	—		$	817,975
Buildings and improvements, net	—		1,952		1,891,884		—			1,893,836
Intangible lease assets, net	—		—		101,578		—			101,578
Construction in progress	—		—		49,135		—			49,135
Total real estate assets	—		1,952		2,860,572		—			2,862,524
Investments in unconsolidated joint ventures	—		1,053,092		—		—			1,053,092
Cash and cash equivalents	188		6,606		5,167		—			11,961
Investment in subsidiaries	2,663,479		1,495,545		—		(4,159,024		)	—
Tenant receivables, net of allowance	—		30		2,211		—			2,241
Straight-line rent receivable	—		—		77,519		—			77,519
Prepaid expenses and other assets	141,076		339,001		18,194		(469,029		)	29,242
Intangible lease origination costs, net	—		—		38,002		—			38,002
Deferred lease costs, net	—		—		61,159		—			61,159
Investment in development authority bonds	—		—		120,000		—			120,000
Total assets	$	2,804,743	$	2,896,226	$	3,182,824	$	(4,628,053	)	$	4,255,740
Liabilities:
Line of credit and notes payable, net	$	—	$	526,077	$	488,801	$	(467,344	)	$	547,534
Bonds payable, net	—		694,151		—		—			694,151
Accounts payable, accrued expenses, and accrued capital expenditures	731		9,055		40,949		(6		)	50,729
Due to affiliates	—		—		1,679		(1,679		)	—
Deferred income	—		81		15,919		—			16,000
Intangible lease liabilities, net	—		—		23,314		—			23,314
Obligations under capital lease	—		—		120,000		—			120,000
Total liabilities	731		1,229,364		690,662		(469,029		)	1,451,728
Equity:
Total equity	2,804,012		1,666,862		2,492,162		(4,159,024		)	2,804,012
Total liabilities and equity	$	2,804,743	$	2,896,226	$	3,182,824	$	(4,628,053	)	$	4,255,740

Condensed Consolidating Balance Sheets (in thousands):

	As of December 31, 2017
	Columbia Property Trust (Parent) (Guarantor)		Columbia Property Trust OP  (the Issuer)		Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Assets:
Real estate assets, at cost:
Land	$	—	$	—	$	825,208	$	—		$	825,208
Building and improvements, net	—		2,110		2,061,309		—			2,063,419
Intangible lease assets, net	—		—		199,260		—			199,260
Construction in progress	—		—		44,742		—			44,742
Total real estate assets	—		2,110		3,130,519		—			3,132,629
Investments in unconsolidated joint ventures	—		943,241		1		—			943,242
Cash and cash equivalents	692		5,079		3,796		—			9,567
Investment in subsidiaries	2,238,577		1,186,594		—		(3,425,171		)	—
Tenant receivables, net of allowance	—		30		2,098		—			2,128
Straight-line rent receivable	—		—		92,235		—			92,235
Prepaid expenses and other assets	317,364		336,598		19,375		(645,654		)	27,683
Intangible lease origination costs, net	—		—		42,959		—			42,959
Deferred lease costs, net	—		—		141,096		—			141,096
Investment in development authority bonds	—		—		120,000		—			120,000
Total assets	$	2,556,633	$	2,473,652	$	3,552,079	$	(4,070,825	)	$	4,511,539
Liabilities:
Lines of credit and notes payable, net	$	—	$	899,168	$	715,327	$	(643,310	)	$	971,185
Bonds payable, net	—		693,756		—		—			693,756
Accounts payable, accrued expenses, and accrued capital expenditures	732		10,325		113,949		(4		)	125,002
Dividends payable	23,961		—		—		—			23,961
Due to affiliates	—		—		2,340		(2,340		)	—
Deferred income	4		81		18,396		—			18,481
Intangible lease liabilities, net	—		—		27,218		—			27,218
Obligations under capital leases	—		—		120,000		—			120,000
Total liabilities	24,697		1,603,330		997,230		(645,654		)	1,979,603
Equity:
Total equity	2,531,936		870,322		2,554,849		(3,425,171		)	2,531,936
Total liabilities and equity	$	2,556,633	$	2,473,652	$	3,552,079	$	(4,070,825	)	$	4,511,539

Consolidating Statements of Operations

Consolidating Statements of Operations (in thousands):

	For the Three Months Ended June 30, 2018
	Columbia Property Trust (Parent) (Guarantor)			Columbia  Property Trust OP  (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	—		$	66,263		$	—		$	66,263
Tenant reimbursements	—			—			5,146			—			5,146
Asset and property management fee income	930			—			888			—			1,818
Other property income	—			—			2,143			—			2,143
	930			—			74,440			—			75,370
Expenses:
Property operating costs	—			—			22,450			—			22,450
Asset and property management fees	—			—			205			—			205
Depreciation	—			166			20,515			—			20,681
Amortization	—			—			8,623			—			8,623
Impairment loss on real estate assets	—			—			30,812			—			30,812
General and administrative – corporate	193			2,512			5,577			—			8,282
General and administrative – unconsolidated joint ventures	—			—			736			—			736
	193			2,678			88,918			—			91,789
Real estate operating income (loss)	737			(2,678		)	(14,478		)	—			(16,419		)
Other income (expense):
Interest expense	—			(11,983		)	(8,651		)	6,320			(14,314		)
Interest and other income	2,842			3,478			1,814			(6,320		)	1,814
Gain (loss) on extinguishment of debt	—			(326		)	24,039			—			23,713
	2,842			(8,831		)	17,202			—			11,213
Income (loss) before income taxes and unconsolidated entities:	3,579			(11,509		)	2,724			—			(5,206		)
Income tax expense	—			—			(6		)	—			(6		)
Income (loss) from unconsolidated entities	(7,018		)	5,823			(2		)	2,970			1,773
Net income (loss)	$	(3,439	)	$	(5,686	)	$	2,716		$	2,970		$	(3,439	)

Consolidating Statements of Operations (in thousands):

	For the Three Months Ended June 30, 2017
	Columbia Property Trust (Parent) (Guarantor)			Columbia  Property Trust OP  (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	—		$	67,216		$	(95	)	$	67,121
Tenant reimbursements	—			(100		)	7,072			—			6,972
Asset and property management fee income	245			—			253			—			498
Other property income	—			—			266			—			266
	245			(100		)	74,807			(95		)	74,857
Expenses:
Property operating costs	—			(45		)	21,971			(95		)	21,831
Hotel operating costs	—			—			9			—			9
Asset and property management fees	—			—			260			—			260
Depreciation	—			152			20,271			—			20,423
Amortization	—			—			8,191			—			8,191
General and administrative – corporate	56			2,739			6,406			—			9,201
	56			2,846			57,108			(95		)	59,915
Real estate operating income (loss)	189			(2,946		)	17,699			—			14,942
Other income (expense):
Interest expense	—			(10,568		)	(8,668		)	4,774			(14,462		)
Interest and other income	4,228			1,220			1,803			(4,774		)	2,477
	4,228			(9,348		)	(6,865		)	—			(11,985		)
Income (loss) before income taxes and unconsolidated entities:	4,417			(12,294		)	10,834			—			2,957
Income tax expense	—			—			(7		)	—			(7		)
Income (loss) from unconsolidated entities	(3,284		)	6,187						(4,720		)	(1,817		)
Net income (loss)	$	1,133		$	(6,107	)	$	10,827		$	(4,720	)	$	1,133

	For the Six Months Ended June 30, 2018
	Columbia Property Trust (Parent) (Guarantor)			Columbia  Property Trust OP  (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—		$	—		$	131,080		$	—		$	131,080
Tenant reimbursements	—			—			10,689			—			10,689
Asset and property management fee income	1,834			—			1,743			—			3,577
Other property income	—			—			3,734			—			3,734
	1,834			—			147,246			—			149,080
Expenses:
Property operating costs	—			—			45,512			—			45,512
Asset and property management fees	—			—			413			—			413
Depreciation	—			332			41,184			—			41,516
Amortization	—			—			16,639			—			16,639
Impairment loss on real estate assets	—			—			30,812			—			30,812
General and administrative – corporate	389			4,820			10,867			—			16,076
General and administrative – unconsolidated joint ventures	—			—			1,467			—			1,467
	389			5,152			146,894			—			152,435
Real estate operating income (loss)	1,445			(5,152		)	352			—			(3,355		)
Other income (expense):
Interest expense	—			(24,417		)	(19,145		)	13,353			(30,209		)
Interest and other income	6,397			6,956			3,617			(13,353		)	3,617
Gain on sale of unconsolidated joint venture interests	—			762			—			—			762
Gain (loss) on extinguishment of debt	—			(326		)	24,039			—			23,713
	6,397			(17,025		)	8,511			—			(2,117		)
Income (loss) before income taxes and unconsolidated entities:	7,842			(22,177		)	8,863			—			(5,472		)
Income tax expense	—			—			(13		)	—			(13		)
Income (loss) from unconsolidated entities	(9,783		)	12,838			—			489			3,544
Net income (loss)	$	(1,941	)	$	(9,339	)	$	8,850		$	489		$	(1,941	)

Consolidating Statements of Operations (in thousands):

	For the Six Months Ended June 30, 2017
	Columbia Property Trust (Parent) (Guarantor)		Columbia  Property Trust OP  (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Revenues:
Rental income	$	—	$	51		$	138,438		$	(195	)	$	138,294
Tenant reimbursements	—		(66		)	15,622			—			15,556
Hotel income	—		—			1,339			—			1,339
Asset and property management fee income	490		—			482			—			972
Other property income	—		—			870			(18		)	852
	490		(15		)	156,751			(213		)	157,013
Expenses:
Property operating costs	—		128			46,003			(195		)	45,936
Hotel operating costs	—		—			2,085			—			2,085
Asset and property management fee expenses:
Related-party	—		3			—			(3		)	—
Other	—		—			529			—			529
Depreciation	—		234			41,794			—			42,028
Amortization	—		5			17,643			—			17,648
General and administrative	96		5,256			12,632			(15		)	17,969
	96		5,626			120,686			(213		)	126,195
Real estate operating income (loss)	394		(5,641		)	36,065			—			30,818
Other income (expense):
Interest expense	—		(20,851		)	(19,133		)	10,407			(29,577		)
Interest and other income	8,330		3,297			3,607			(10,407		)	4,827
Loss on extinguishment of debt	—		—			(45		)	—			(45		)
	8,330		(17,554		)	(15,571		)	—			(24,795		)
Income (loss) before income taxes and unconsolidated entities and sales of real estate:	8,724		(23,195		)	20,494			—			6,023
Income tax benefit	—		—			381			—			381
Income (loss) from unconsolidated entities	67,131		69,283			—			(140,116		)	(3,702		)
Income before sale of real estate assets:	75,855		46,088			20,875			(140,116		)	2,702
Gain on sale of real estate assets	—		11,050			62,103			—			73,153
Net income	$	75,855	$	57,138		$	82,978		$	(140,116	)	$	75,855

Consolidating Statements of Comprehensive Income

Consolidating Statements of Comprehensive Income (in thousands):

	For the Three Months Ended June 30, 2018
	Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP  (the Issuer)			Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Net income (loss)	$	(3,439	)	$	(5,686	)	$	2,716	$	2,970		$	(3,439	)
Market value adjustments to interest rate swaps	938			938			—		(938		)	938
Comprehensive income (loss)	$	(2,501	)	$	(4,748	)	$	2,716	$	2,032		$	(2,501	)

	For the Three Months Ended June 30, 2017
	Columbia Property Trust (Parent) (Guarantor)			Columbia  Property Trust OP  (the Issuer)			Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Net income (loss)	$	1,133		$	(6,107	)	$	10,827	$	(4,720	)	$	1,133
Market value adjustments to interest rate swaps	(636		)	(636		)	—		636			(636		)
Comprehensive income (loss)	$	497		$	(6,743	)	$	10,827	$	(4,084	)	$	497

	For the Six Months Ended June 30, 2018
	Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP  (the Issuer)			Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Net income (loss)	$	(1,941	)	$	(9,339	)	$	8,850	$	489		$	(1,941	)
Market value adjustments to interest rate swaps	3,452			3,452			—		(3,452		)	3,452
Comprehensive income (loss)	$	1,511		$	(5,887	)	$	8,850	$	(2,963	)	$	1,511

	For the Six Months Ended June 30, 2017
	Columbia Property Trust (Parent) (Guarantor)			Columbia  Property Trust OP  (the Issuer)			Non- Guarantors		Consolidating Adjustments			Columbia Property Trust (Consolidated)
Net income	$	75,855		$	57,138		$	82,978	$	(140,116	)	$	75,855
Market value adjustments to interest rate swaps	(2		)	(2		)	—		2			(2		)
Comprehensive income	$	75,853		$	57,136		$	82,978	$	(140,114	)	$	75,853

Consolidating Statements of Cash Flows

Consolidating Statements of Cash Flows (in thousands):

	For the Six Months Ended June 30, 2018
	Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Cash flows from operating activities	$	1,445		$	(3,037	)	$	29,625		$	(8,850	)	$	19,183
Cash flows from investing activities:
Net proceeds from the sales of real estate assets	—			—			284,608			—			284,608
Net proceeds from sale of investments in unconsolidated joint ventures	—			235,083			—			—			235,083
Investment in real estate and related assets	—			(51		)	(47,543		)	—			(47,594		)
Investments in unconsolidated joint ventures	—			(2,460		)	—			—			(2,460		)
Distributions from unconsolidated joint ventures	—			4,585			—			—			4,585
Distributions from subsidiaries	113,274			254,037			—			(367,311		)	—
Net cash provided by investing activities	113,274			491,194			237,065			(367,311		)	474,222
Cash flows from financing activities:
Borrowings, net of fees	—			149,851			—			—			149,851
Repayments	—			(524,000		)	(1,639		)	—			(525,639		)
Distributions	(71,459		)	(112,481		)	(263,680		)	376,161			(71,459		)
Repurchases of common stock	(43,764		)	—			—			—			(43,764		)
Net cash used in financing activities	(115,223		)	(486,630		)	(265,319		)	376,161			(491,011		)
Net increase (decrease) in cash and cash equivalents	(504		)	1,527			1,371			—			2,394
Cash and cash equivalents, beginning of period	692			5,079			3,796			—			9,567
Cash and cash equivalents, end of period	$	188		$	6,606		$	5,167		$	—		$	11,961

Consolidating Statements of Cash Flows (in thousands):

	For the Six Months Ended June 30, 2017
	Columbia Property Trust (Parent) (Guarantor)			Columbia Property Trust OP (the Issuer)			Non- Guarantors			Consolidating Adjustments			Columbia Property Trust (Consolidated)
Cash flows from operating activities	$	58,752		$	58,688		$	58,639		$	(140,116	)	$	35,963
Cash flows from investing activities:
Net proceeds from sales of real estate assets	—			49,531			455,129			—			504,660
Investment in real estate and related assets	(12,000		)	(400		)	(45,463		)	—			(57,863		)
Investments in unconsolidated joint ventures	—			(1,940		)	—			—			(1,940		)
Distributions from subsidiaries	385,554			331,630			—			(717,184		)	—
Net cash provided by investing activities	373,554			378,821			409,666			(717,184		)	444,857
Cash flows from financing activities:
Borrowings, net of fees	—			(70		)	—			—			(70		)
Repayments	—			—			(75,830		)	—			(75,830		)
Distributions	(85,505		)	(447,367		)	(409,933		)	857,300			(85,505		)
Repurchases of common stock	(28,962		)	—			—			—			(28,962		)
Net cash used in financing activities	(114,467		)	(447,437		)	(485,763		)	857,300			(190,367		)
Net increase (decrease) in cash and cash equivalents	317,839			(9,928		)	(17,458		)	—			290,453
Cash and cash equivalents, beginning of period	174,420			16,509			25,156			—			216,085
Cash and cash equivalents, end of period	$	492,259		$	6,581		$	7,698		$	—		$	506,538

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Organization (Details) ft² in Millions	Jun. 30, 2018 ft² property
Real Estate Properties [Line Items]
Number of properties under development	1
Square feet of real estate | ft²	8.8
Percent of leased office space of owned properties	97.10%
Office Building
Real Estate Properties [Line Items]
Number of real estate properties	18
Wholly Owned Properties | Office Building
Real Estate Properties [Line Items]
Number of real estate properties	14
Unconsolidated Properties | Office Building
Real Estate Properties [Line Items]
Number of real estate properties	5

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Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	May 25, 2018	Jan. 01, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Impairment loss on real estate assets	$ 30,812,000	$ 0	$ 30,812,000	$ 0
Amortization of intangible assets			15,440,000	16,789,000
Hedge ineffectiveness recognized in earnings	$ 0	0	$ 0	0
Requirement to distribute taxable income (at least)	90.00%		90.00%
Limit on investments in taxable real estate investment trusts (percent)	20.00%		20.00%
Intangible Below Market Lease Assets
Property, Plant and Equipment [Line Items]
Gross intangible assets	$ 31,700,000		$ 31,700,000				$ 140,900,000
Amortization of intangible assets	500,000	$ 600,000	$ 1,100,000	$ 1,300,000
Buildings
Property, Plant and Equipment [Line Items]
Estimated useful life of real estate assets			40 years
Building Improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of real estate assets			5 years
Building Improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of real estate assets			25 years
ASU 2017-05
Property, Plant and Equipment [Line Items]
Cumulative-effect adjustment for the adoption of ASU	357,755,000		$ 357,755,000			$ 357,800,000
ASU 2014-09
Property, Plant and Equipment [Line Items]
Cumulative-effect adjustment for the adoption of ASU	343,000		$ 343,000
ASU 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606
Property, Plant and Equipment [Line Items]
Cumulative effect adjustment to equity						$ 300,000
Disposed of by Sale | 222 East 41st Street
Property, Plant and Equipment [Line Items]
Impairment loss on real estate assets	$ 30,800,000
Level 1 | Disposed of by Sale | 222 East 41st Street
Property, Plant and Equipment [Line Items]
Fair value of real estate					$ 284,600,000

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Summary of Significant Accounting Policies (Schedule of Intangible Assets & Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Gross Intangible In-Place Lease Assets and Liabilities [Abstract]
Intangible Lease Assets, Accumulated Amortization	$ (81,040)	$ (94,065)
Intangible lease assets, net	101,578	199,260
Intangible Lease Origination Costs, Accumulated Amortization	(61,810)	(57,465)
Intangible Lease Origination Costs, Net	38,002	42,959
Below Market Lease, Gross	42,594	46,878
Below Market Lease, Accumulated Amortization	(19,280)	(19,660)
Below Market Lease, Net	23,314	27,218
Above-Market In-Place Lease Assets
Gross Intangible In-Place Lease Assets and Liabilities [Abstract]
Intangible Lease Assets, Gross	2,481	2,481
Intangible Lease Assets, Accumulated Amortization	(934)	(833)
Intangible lease assets, net	1,547	1,648
Absorption Period Costs
Gross Intangible In-Place Lease Assets and Liabilities [Abstract]
Intangible Lease Assets, Gross	148,467	149,927
Intangible Lease Assets, Accumulated Amortization	(77,779)	(70,465)
Intangible lease assets, net	70,688	79,462
Intangible Lease Origination Costs
Gross Intangible In-Place Lease Assets and Liabilities [Abstract]
Intangible Lease Origination Costs, Gross	99,812	100,424
Intangible Lease Origination Costs, Accumulated Amortization	(61,810)	(57,465)
Intangible Lease Origination Costs, Net	$ 38,002	$ 42,959

XML

Summary of Significant Accounting Policies (Schedule of Recognized Amortization) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Lease Assets	$ 8,623	$ 8,191	$ 16,639	$ 17,648
Intangible Below-Market In-Place Lease Liabilities	2,315	1,911	3,904	4,316
Above-Market In-Place Lease Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Lease Assets	51	161	102	449
Absorption Period Costs
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Lease Assets	4,436	4,189	8,775	9,257
Intangible Lease Origination Costs
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Lease Assets	$ 2,538	$ 2,740	$ 4,957	$ 5,829

XML

Summary of Significant Accounting Policies (Schedule of Future Amortization by Intangible Asset Class) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
For the Years Ending December 31:
Intangible lease assets, net	$ 101,578	$ 199,260
Intangible Lease Origination Costs, Net	38,002	42,959
Intangible Below-Market In-Place Lease Liabilities
For the remainder of 2018	2,918
For the years ending December 31:
2019	5,507
2020	4,499
2021	1,591
2022	1,287
2023	1,264
Thereafter	6,248
Below Market Lease, Net	23,314	27,218
Above-Market In-Place Lease Assets
Finite-Lived Intangible Assets [Line Items]
For the remainder of 2018	102
For the Years Ending December 31:
2019	203
2020	203
2021	203
2022	203
2023	203
Thereafter	430
Intangible lease assets, net	1,547	1,648
Absorption Period Costs
Finite-Lived Intangible Assets [Line Items]
For the remainder of 2018	8,358
For the Years Ending December 31:
2019	14,586
2020	12,732
2021	8,079
2022	6,585
2023	5,944
Thereafter	14,404
Intangible lease assets, net	70,688	79,462
Intangible Lease Origination Costs
Finite-Lived Intangible Assets [Line Items]
For the remainder of 2018	4,736
For the Years Ending December 31:
2019	8,575
2020	7,743
2021	3,713
2022	2,708
2023	2,480
Thereafter	8,047
Intangible Lease Origination Costs, Net	$ 38,002	$ 42,959

XML

Summary of Significant Accounting Policies (Schedule of Future Amortization for Below-Market Lease Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
For the Years Ending December 31:
Intangible lease assets, net	$ 101,578	$ 199,260
Intangible below market ground lease assets
Finite-Lived Intangible Assets [Line Items]
For the remainder of 2018	272
For the Years Ending December 31:
2019	545
2020	545
2021	545
2022	545
2023	545
Thereafter	26,346
Intangible lease assets, net	$ 29,343

XML

Summary of Significant Accounting Policies (Interest Rate Swaps) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Summary of Derivative Instruments Impact on Results of Operations [Abstract]
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income	$ 938	$ (636)	$ 3,452	$ (2)
Interest rate contracts | Prepaid expenses and other assets
Derivative, Fair Value, Net [Abstract]
Derivative designated as hedging instruments	$ 4,355		$ 4,355		$ 903

XML

Real Estate Transactions (Schedule of Properties Acquired) (Details) - USD ($) $ in Thousands				6 Months Ended
	Nov. 28, 2017	Oct. 11, 2017	Jul. 06, 2017	Jun. 30, 2018	Jun. 30, 2017
Business Acquisition [Line Items]
Purchase Price				$ 2,460	$ 1,940
149 Madison Avenue
Business Acquisition [Line Items]
Ownership Interest	100.00%
Purchase Price	$ 87,700
249 West 17th Street & 218 West 18th Street
Business Acquisition [Line Items]
Ownership Interest		100.00%
Purchase Price		$ 514,100
Corporate Joint Venture | 1800 M Street Joint Venture
Business Acquisition [Line Items]
Ownership Interest		55.00%
Purchase Price		$ 231,550
Corporate Joint Venture | 114 Fifth Avenue Joint Venture
Business Acquisition [Line Items]
Ownership Interest			49.50%
Purchase Price			$ 108,900

XML

Real Estate Transactions (Acquisitions) (Details) ft² in Thousands, $ in Millions	Oct. 11, 2017 USD ($) ft² Tenant	Jun. 30, 2018 ft²	Nov. 28, 2017 ft²	Jul. 06, 2017 ft²
Business Acquisition [Line Items]
Square feet of real estate		8,800
149 Madison Avenue
Business Acquisition [Line Items]
Ownership percentage			100.00%
249 West 17th Street
Business Acquisition [Line Items]
Percentage of buildings leased	100.00%
Number of tenants | Tenant	4
218 West 18th Street
Business Acquisition [Line Items]
Percentage of buildings leased	100.00%
Number of tenants | Tenant	7
Office Building | 149 Madison Avenue
Business Acquisition [Line Items]
Square feet of real estate			127
Office Building | 249 West 17th Street
Business Acquisition [Line Items]
Square feet of real estate	281
Office Building | 218 West 18th Street
Business Acquisition [Line Items]
Square feet of real estate	166
Corporate Joint Venture | 1800 M Street Joint Venture
Business Acquisition [Line Items]
Square feet of real estate	581
Ownership percentage	55.00%
Percentage of buildings leased	94.00%
Investments in unconsolidated joint ventures | $	$ 421.0
Corporate Joint Venture | 114 Fifth Avenue Joint Venture
Business Acquisition [Line Items]
Square feet of real estate				352
Ownership percentage				49.50%
Corporate Joint Venture | Allianz | 114 Fifth Avenue Joint Venture
Business Acquisition [Line Items]
Ownership percentage				49.50%
Corporate Joint Venture | L & L Holding Company | 114 Fifth Avenue Joint Venture
Business Acquisition [Line Items]
Ownership percentage				1.00%
Twitter | Customer Concentration Risk | 249 West 17th Street
Business Acquisition [Line Items]
Concentration risk, percentage	76.00%
Room & Board | Customer Concentration Risk | 249 West 17th Street
Business Acquisition [Line Items]
Concentration risk, percentage	21.00%
Red Bull North America | Customer Concentration Risk | 218 West 18th Street
Business Acquisition [Line Items]
Concentration risk, percentage	25.00%
Company 3 | Customer Concentration Risk | 218 West 18th Street
Business Acquisition [Line Items]
Concentration risk, percentage	18.00%
SY Partners | Customer Concentration Risk | 218 West 18th Street
Business Acquisition [Line Items]
Concentration risk, percentage	16.00%
SAE | Customer Concentration Risk | 218 West 18th Street
Business Acquisition [Line Items]
Concentration risk, percentage	16.00%
Corporate Joint Venture | 1800 M Street Joint Venture
Business Acquisition [Line Items]
Ownership percentage		55.00%
Corporate Joint Venture | 114 Fifth Avenue Joint Venture
Business Acquisition [Line Items]
Ownership percentage		49.50%
Percentage of buildings leased				100.00%

XML

Real Estate Transactions (Purchase Price Allocation) (Details) - USD ($) $ in Thousands	Nov. 28, 2017	Oct. 11, 2017
149 Madison Avenue
Business Acquisition [Line Items]
Land	$ 59,112
Building and improvements	28,989
Intangible below market lease liability	0
Total purchase price	88,101
249 West 17th Street
Business Acquisition [Line Items]
Land		$ 113,149
Building and improvements		194,109
Intangible below market lease liability		(7,131)
Total purchase price		340,597
218 West 18th Street
Business Acquisition [Line Items]
Land		43,836
Building and improvements		126,957
Intangible below market lease liability		(11,757)
Total purchase price		175,324
Intangible lease assets | 149 Madison Avenue
Business Acquisition [Line Items]
Intangible lease	0
Intangible lease assets | 249 West 17th Street
Business Acquisition [Line Items]
Intangible lease		27,408
Intangible lease assets | 218 West 18th Street
Business Acquisition [Line Items]
Intangible lease		12,120
Intangible lease origination costs | 149 Madison Avenue
Business Acquisition [Line Items]
Intangible lease	$ 0
Intangible lease origination costs | 249 West 17th Street
Business Acquisition [Line Items]
Intangible lease		13,062
Intangible lease origination costs | 218 West 18th Street
Business Acquisition [Line Items]
Intangible lease		$ 4,168

XML

Real Estate Transactions (Pro Forma) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
Real Estate [Abstract]
Revenues	$ 84,485	$ 176,270
Net income	$ 3,460	$ 80,508
Net income per share – basic (in dollars per share)	$ 0.03	$ 0.66
Net income per share – diluted (in dollars per share)	$ 0.03	$ 0.66

XML

Real Estate Transactions (Properties Sold) (Details) - Disposed of by Sale - USD ($) $ in Thousands	May 29, 2018	Apr. 13, 2018	Feb. 01, 2018	Jul. 06, 2017	Jan. 31, 2017	Jan. 06, 2017
222 East 41st Street
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
% Sold	100.00%
Sales Price	$ 332,500
Gain (Loss) on Sale	$ 0
263 Shuman Boulevard
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
% Sold		100.00%
Sales Price		$ 49,000
Gain (Loss) on Sale		$ 24,000
University Circle & 333 Market Street
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
% Sold			22.50%	22.50%
Sales Price			$ 235,300	$ 234,000
Gain (Loss) on Sale			$ 762	$ 102,400
Key Center Tower & Marriott
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
% Sold					100.00%
Sales Price					$ 267,500
Gain (Loss) on Sale					$ 9,500
Houston Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
% Sold						100.00%
Sales Price						$ 272,000
Gain (Loss) on Sale						$ 63,700

XML

Real Estate Transactions (Dispositions) (Details) - USD ($)										1 Months Ended	3 Months Ended		6 Months Ended
	May 30, 2018	May 29, 2018	Apr. 13, 2018	Feb. 02, 2018	Feb. 01, 2018	Jul. 06, 2017	Jan. 31, 2017	Jan. 06, 2017	Jan. 06, 2017	Jan. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment loss on real estate assets											$ 30,812,000	$ 0	$ 30,812,000	$ 0
Gain on extinguishment of debt											23,713,000	0	23,713,000	(45,000)
Net proceeds from sale of investments in unconsolidated joint ventures													235,083,000	0
Gain on sale of unconsolidated joint venture interests											0	$ 0	762,000	$ 0
Disposed of by Sale | 222 East 41st Street
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration transferred		$ 332,500,000
Impairment loss on real estate assets											30,800,000
% Sold		100.00%
Gain on sale of real estate assets		$ 0
Disposed of by Sale | University Circle & 333 Market Street
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration transferred					$ 235,300,000	$ 234,000,000
% Sold					22.50%	22.50%
Gain on sale of real estate assets					$ 762,000	$ 102,400,000
Disposed of by Sale | Key Center Tower & Marriott
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration transferred							$ 267,500,000			$ 267,500,000
% Sold							100.00%			100.00%
Gain on sale of real estate assets							$ 9,500,000
Gross proceeds from sale of real estate							254,500,000
Accruing note receivable as a result of the disposal							$ 13,000,000			$ 13,000,000
Term of accruing note receivable as a result of the disposal							10 years
Deferred gain on disposal							$ 13,000,000			13,000,000
Gain on sale							$ 22,500,000
Loss from disposal group										$ 1,900,000
Disposed of by Sale | Houston Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration transferred								$ 272,000,000	$ 272,000,000
% Sold								100.00%	100.00%
Gain on sale of real estate assets									$ 63,700,000
Loss from disposal group								$ 14,900
Bridge Loan | $300 Million Bridge Loan
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayment of debt	$ 180,000,000			$ 120,000,000
Gain on extinguishment of debt	$ (300,000)
Bonds Payable | $300 Million Bridge Loan
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Bridge loan											300,000,000		$ 300,000,000
Mortgage Notes | 263 Shuman Boulevard building mortgage note
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of loan principal			$ 49,000,000
Gain on extinguishment of debt											$ 24,000,000
Corporate Joint Venture | San Francisco Joint Ventures
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of investments in unconsolidated joint ventures					235,300,000
Gain on sale of unconsolidated joint venture interests					$ 800,000
Allianz | Corporate Joint Venture | San Francisco Joint Ventures
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of investments in unconsolidated joint ventures						$ 234,000,000

XML

Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Feb. 01, 2018	Jan. 01, 2018	Dec. 31, 2017	Oct. 11, 2017	Jul. 06, 2017
Corporate Joint Venture
Schedule of Equity Method Investments [Line Items]
Carrying Value of Investment	$ 1,053,092			$ 943,242
Corporate Joint Venture | Market Square Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership Interest	51.00%
Carrying Value of Investment	$ 134,298			128,411
Corporate Joint Venture | University Circle Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership Interest	55.00%
Carrying Value of Investment	$ 296,756			173,798
Corporate Joint Venture | 333 Market Street Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership Interest	55.00%
Carrying Value of Investment	$ 275,897			288,236
Corporate Joint Venture | 114 Fifth Avenue Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership Interest	49.50%
Carrying Value of Investment	$ 105,567			110,311
Corporate Joint Venture | 1800 M Street Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership Interest	55.00%
Carrying Value of Investment	$ 240,574			$ 242,486
Corporate Joint Venture | 114 Fifth Avenue Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership Interest						49.50%
Corporate Joint Venture | 1800 M Street Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership Interest					55.00%
Corporate Joint Venture | San Francisco Joint Ventures
Schedule of Equity Method Investments [Line Items]
Ownership Interest		55.00%
Corporate Joint Venture | Allianz | 114 Fifth Avenue Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership Interest						49.50%
Corporate Joint Venture | Allianz | San Francisco Joint Ventures
Schedule of Equity Method Investments [Line Items]
Additional ownership percentage acquired		22.50%
ASU 2017-05
Schedule of Equity Method Investments [Line Items]
Cumulative-effect adjustment for the adoption of ASU	$ 357,755		$ 357,800

XML

Unconsolidated Joint Ventures (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018 USD ($) joint_venture	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($) joint_venture	Jun. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)
Related Party Transaction [Line Items]
Number of joint ventures that qualify as variable interest entities | joint_venture	0		0
Corporate Joint Venture | Blackstone Property Partners
Related Party Transaction [Line Items]
Mortgage note transferred to joint venture	$ 325,000		$ 325,000		$ 325,000
Mortgage note interest rate	5.07%		5.07%		5.07%
Guaranty liability	$ 9,400		$ 9,400		$ 11,200
Property operating costs
Related Party Transaction [Line Items]
Reimbursements of property operating costs	1,818	$ 498	3,577	$ 972
Property operating costs | Other property income | Corporate Joint Venture
Related Party Transaction [Line Items]
Reimbursements of property operating costs	1,100	$ 200	2,100	$ 300
Prepaid expenses and other assets | Corporate Joint Venture
Related Party Transaction [Line Items]
Property management fee receivable	$ 800		$ 800		$ 400

XML

Unconsolidated Joint Ventures (Condensed Balance Sheet Information for Joint Ventures) (Details) - Corporate Joint Venture - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Total assets	$ 2,030,819	$ 2,054,230
Total debt	324,735	324,708
Total equity	1,426,461	1,443,406
Market Square Joint Venture
Schedule of Equity Method Investments [Line Items]
Total assets	583,207	590,115
Total debt	324,735	324,708
Total equity	243,107	244,506
University Circle Joint Venture
Schedule of Equity Method Investments [Line Items]
Total assets	227,102	227,368
Total debt	0	0
Total equity	221,363	221,154
333 Market Street Joint Venture
Schedule of Equity Method Investments [Line Items]
Total assets	380,797	385,297
Total debt	0	0
Total equity	365,384	368,994
114 Fifth Avenue Joint Venture
Schedule of Equity Method Investments [Line Items]
Total assets	384,783	392,486
Total debt	0	0
Total equity	161,744	170,525
1800 M Street Joint Venture
Schedule of Equity Method Investments [Line Items]
Total assets	454,930	458,964
Total debt	0	0
Total equity	434,863	438,227
Market Square, University Circle, 333 Market Street, 114 Fifth Avenue And 1800 M Street Joint Ventures
Schedule of Equity Method Investments [Line Items]
Aggregate basis difference	$ 283,400	$ 32,000

XML

Unconsolidated Joint Ventures (Condensed Income Statement Information for the Joint Ventures) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Schedule of Equity Method Investments [Line Items]
Columbia Property Trust's Share of Net Income (Loss)	$ 1,773	$ (1,817)	$ 3,544	$ (3,702)
Corporate Joint Venture
Schedule of Equity Method Investments [Line Items]
Total Revenues	47,987	10,428	95,207	20,562
Net Income (Loss)	4,877	(3,563)	8,842	(7,259)
Columbia Property Trust's Share of Net Income (Loss)	2,934	(1,817)	6,035	(3,702)
Corporate Joint Venture | Market Square Joint Venture
Schedule of Equity Method Investments [Line Items]
Total Revenues	11,249	10,428	22,264	20,562
Net Income (Loss)	(2,998)	(3,563)	(6,007)	(7,259)
Columbia Property Trust's Share of Net Income (Loss)	(1,529)	(1,817)	(3,063)	(3,702)
Corporate Joint Venture | University Circle Joint Venture
Schedule of Equity Method Investments [Line Items]
Total Revenues	10,003	0	20,344	0
Net Income (Loss)	5,243	0	10,748	0
Columbia Property Trust's Share of Net Income (Loss)	2,885	0	6,314	0
Corporate Joint Venture | 333 Market Street Joint Venture
Schedule of Equity Method Investments [Line Items]
Total Revenues	6,675	0	13,343	0
Net Income (Loss)	3,558	0	7,115	0
Columbia Property Trust's Share of Net Income (Loss)	1,957	0	4,184	0
Corporate Joint Venture | 114 Fifth Avenue Joint Venture
Schedule of Equity Method Investments [Line Items]
Total Revenues	10,489	0	20,789	0
Net Income (Loss)	(2,362)	0	(4,693)	0
Columbia Property Trust's Share of Net Income (Loss)	(1,169)	0	(2,323)	0
Corporate Joint Venture | 1800 M Street Joint Venture
Schedule of Equity Method Investments [Line Items]
Total Revenues	9,571	0	18,467	0
Net Income (Loss)	1,436	0	1,679	0
Columbia Property Trust's Share of Net Income (Loss)	$ 790	$ 0	$ 923	$ 0

XML

Unconsolidated Joint Ventures (Property and Asset Management Fees) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Schedule of Equity Method Investments [Line Items]
Asset and property management fee income	$ 1,818	$ 498	$ 3,577	$ 972
Market Square Joint Venture | Corporate Joint Venture
Schedule of Equity Method Investments [Line Items]
Asset and property management fee income	552	498	1,075	972
University Circle Joint Venture | Corporate Joint Venture
Schedule of Equity Method Investments [Line Items]
Asset and property management fee income	563	0	1,092	0
333 Market Street Joint Venture | Corporate Joint Venture
Schedule of Equity Method Investments [Line Items]
Asset and property management fee income	196	0	393	0
1800 M Street Joint Venture | Corporate Joint Venture
Schedule of Equity Method Investments [Line Items]
Asset and property management fee income	$ 507	$ 0	$ 1,017	$ 0

XML

Line of Credit and Notes Payable (Schedule of Long-Term Debt (excluding Bonds Payable)) (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Lines of credit and notes payable, net	$ 547,534,000	$ 971,185,000
Less: Deferred financing costs related to term loans and notes payable, net of accumulated amortization	(2,003,000)	(2,991,000)
Term Loans
Debt Instrument [Line Items]
Less: Deferred financing costs related to term loans and notes payable, net of accumulated amortization	(2,003,000)	(2,991,000)
Term Loans | $300 Million Term Loan
Debt Instrument [Line Items]
Lines of credit and notes payable, net	300,000,000	300,000,000
Face amount of issued debt instrument	300,000,000	300,000,000
Term Loans | $150 Million Term Loan
Debt Instrument [Line Items]
Lines of credit and notes payable, net	150,000,000	150,000,000
Face amount of issued debt instrument	150,000,000	150,000,000
Term Loans | $300 Million Bridge Loan
Debt Instrument [Line Items]
Face amount of issued debt instrument	300,000,000	300,000,000
Credit Facilities | Revolving Credit Facility
Debt Instrument [Line Items]
Lines of credit and notes payable, net	78,000,000	152,000,000
Mortgage Notes | One Glenlake mortgage note
Debt Instrument [Line Items]
Lines of credit and notes payable, net	21,537,000	23,176,000
Mortgage Notes | 263 Shuman Boulevard building mortgage note
Debt Instrument [Line Items]
Lines of credit and notes payable, net	0	49,000,000
Bridge Loan | $300 Million Bridge Loan
Debt Instrument [Line Items]
Lines of credit and notes payable, net	0	$ 300,000,000
Face amount of issued debt instrument	$ 300,000,000

XML

Line of Credit and Notes Payable (Narrative) (Details) - USD ($)				3 Months Ended		6 Months Ended
	May 30, 2018	Apr. 13, 2018	Feb. 02, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt				$ 23,713,000	$ 0	$ 23,713,000	$ (45,000)
Property operating costs				22,450,000	$ 21,831,000	45,512,000	45,936,000
Loans Payable
Debt Instrument [Line Items]
Estimated fair value of line of credit and notes payable				550,300,000		550,300,000		$ 975,300,000
Carrying value of the line of credit and notes payable				549,500,000		549,500,000		974,200,000
Interest payments						12,000,000	11,200,000
Interest capitalized						1,900,000	$ 300,000
Term Loans | $300 Million Term Loan
Debt Instrument [Line Items]
Face amount of issued debt instrument				300,000,000		300,000,000		300,000,000
Term Loans | $300 Million Bridge Loan
Debt Instrument [Line Items]
Face amount of issued debt instrument				300,000,000		300,000,000		$ 300,000,000
Bridge Loan | $300 Million Bridge Loan
Debt Instrument [Line Items]
Face amount of issued debt instrument				300,000,000		300,000,000
Repayment of debt	$ 180,000,000		$ 120,000,000
Gain (loss) on extinguishment of debt	$ (300,000)
Mortgage Notes | 263 Shuman Boulevard building mortgage note
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt				24,000,000
Extinguishment of loan principal		$ 49,000,000
Accrued interest expense				$ 1,500,000		$ 1,500,000
Default interest rate				10.55%
Property operating costs				$ 600,000

XML

Bonds Payable (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2018 USD ($) bond_series	Jun. 30, 2017 USD ($)	Dec. 31, 2017 USD ($) bond_series
Debt Instrument [Line Items]
Number of series of bonds | bond_series	2		2
Bonds payable, net	$ 694,151,000		$ 693,756,000
Bonds Payable | 2026 Bonds Payable
Debt Instrument [Line Items]
Face amount of issued debt instrument	$ 350,000,000.0
Maturity of debt instrument	10 years
Interest rate for debt instrument (percent)	3.65%
Discount rate of face value of issued debt instrument (percent)	99.626%
Interest payments	$ 13,700,000	$ 13,800,000
Bonds Payable | 2025 Bonds Payable
Debt Instrument [Line Items]
Face amount of issued debt instrument			$ 350,000,000.0
Maturity of debt instrument			10 years
Interest rate for debt instrument (percent)			4.15%
Discount rate of face value of issued debt instrument (percent)			99.859%
Bonds Payable | 2026 and 2025 Bonds Payable | Level 2
Debt Instrument [Line Items]
Estimated fair value of debt instrument	667,600,000		$ 702,800,000
Bonds payable, net	$ 698,600,000		$ 698,500,000

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Commitments and Contingencies (Details)	Jun. 30, 2018 USD ($) Tenant	Oct. 31, 2015 USD ($)
Loss Contingencies [Line Items]
Number of tenants that have exercised the option to expand property | Tenant	0
Market Square Joint Venture | Corporate Joint Venture
Loss Contingencies [Line Items]
Guaranty liability | $	$ 9,400,000	$ 25,000,000.0

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Stockholders' Equity (Narrative) (Details) - USD ($)		6 Months Ended		12 Months Ended
	Jan. 01, 2018	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2016	Dec. 31, 2017	Sep. 04, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (dollars per share)		$ 0.01			$ 0.01
Value of stock repurchased		$ 41,789,000	$ 27,501,000
Granted (shares)		375,000
Unrecognized compensation costs related to unvested awards		$ 11,000,000			$ 8,100,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs recognition period (years)		1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs recognition period (years)		4 years
2013 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized		4,800,000.0
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares repurchased (in shares)		1,954,000	1,252,000
Value of stock repurchased		$ 19,000	$ 13,000
Common Stock | 2017 Stock Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount						$ 200,000,000.0
Common stock, par value (dollars per share)						$ 0.01
Number of shares repurchased (in shares)		2,000,000
Shares repurchased, average cost per share (dollars per share)		$ 21.35
Value of stock repurchased		$ 41,800,000
Stock repurchase program, amount available for repurchase		$ 153,000,000
Time-based Stock Awards | Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)	128,486
Vesting period	4 years
RSUs | Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)	176,702
Performance period	3 years			1 year
RSUs | Long Term Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage		50.00%
RSUs | Long Term Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage		150.00%
RSUs | Long Term Incentive Plan | End of Performance Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (percent)	75.00%
RSUs | Long Term Incentive Plan | January 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (percent)	25.00%

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Stockholders' Equity (Unvested Activity Rollforward) (Details)	6 Months Ended
	Jun. 30, 2018 $ / shares shares
Shares Rollforward
Unvested awards - beginning of period (shares)	718,000
Granted (shares)	375,000
Vested (shares)	(275,000)
Forfeited (shares)	(11,000)
Unvested awards - end of period (shares)	807,000
Weighted-Average, Grant-Date Fair Value Rollforward
Unvested awards - beginning of period (dollars per share) | $ / shares	$ 20.45
Granted (dollars per share) | $ / shares	17.50
Vested (dollars per share) | $ / shares	16.00
Forfeited (dollars per share) | $ / shares	18.60
Unvested awards - end of period (dollars per share) | $ / shares	$ 20.62
Shares expected to ultimately vest	774,155
Expected forfeiture rate	4.10%

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Stockholders' Equity (Summary of Shares Granted to Independent Directors) (Details) - $ / shares				6 Months Ended
	May 14, 2018	May 02, 2017	Jan. 03, 2017	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares				375,000
Grant-Date Fair Value (dollars per share)				$ 17.50
Director | May 14, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	31,743
Grant-Date Fair Value (dollars per share)	$ 22.20
Director | January 3, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares			8,279
Grant-Date Fair Value (dollars per share)			$ 21.58
Director | May 2, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares		33,581
Grant-Date Fair Value (dollars per share)		$ 22.57

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Stockholders' Equity (Stock-based Compensation Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 2,194	$ 2,262	$ 3,722	$ 3,953
Future employee awards	616	617	1,108	1,212
Employees
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	873	887	1,909	1,804
Director
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 705	$ 758	$ 705	$ 937

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Supplemental Disclosures of Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investments in real estate funded with other assets	$ 0	$ 311
Deposits applied to sales of real estate	0	10,000
Extinguishment of 263 Shuman Boulevard mortgage note by transferring property to lender	49,000	0
Amortization of net discounts on debt	90	90
Accrued capital expenditures and deferred lease costs	16,771	28,547
Market value adjustments to interest rate swaps that qualify for hedge accounting treatment	3,452	(2)
Common stock issued to employees and directors, and amortized (net of income tax withholdings)	1,754	2,501
ASU 2017-05 and 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment to equity for the adoption of ASU 2017-05 and ASU 2014-09	$ 358,098	$ 0

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Earnings Per Share (Basic and Diluted EPS Computations) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss)	$ (3,439)	$ 1,133	$ (1,941)	$ 75,855
Distributions paid on unvested shares	(73)	(85)	(146)	(168)
Net income (loss) used to calculate basic and diluted earnings per share	$ (3,512)	$ 1,048	$ (2,087)	$ 75,687
Weighted-average common shares – basic	118,035	121,534	118,556	121,768
Weighted-average common shares – diluted	118,462	121,909	118,960	122,115
Previously granted awards, unvested
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Plus incremental weighted-average shares from time-vested conversions, less assumed share repurchases	72	90	70	75
Future period LTI Plan awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Plus incremental weighted-average shares from time-vested conversions, less assumed share repurchases	355	285	334	272

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Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jan. 01, 2018
Disaggregation of Revenue [Line Items]
Lease termination revenue	$ 800		$ 1,200	$ 200
Asset and property management fee income	1,818	$ 498	3,577	972
Leasing override fee income	38		38
Salary and other reimbursement revenue	$ 1,200	$ 200	$ 2,200	$ 400
Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09
Disaggregation of Revenue [Line Items]
Lease override fees receivable					$ 300
Retained earnings					$ 300

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Segment Information (Operating Revenues by Geographic Reportable Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jan. 31, 2018
Segment Reporting Information [Line Items]
Operating revenues including unconsolidated joint venture	$ 100,998	$ 79,677	$ 199,164	$ 166,527
Operating revenues	75,370	74,857	149,080	157,013
Asset and property management fee income	(1,818)	(498)	(3,577)	(972)
Operating Segments
Segment Reporting Information [Line Items]
Operating revenues including unconsolidated joint venture	100,104	79,805	197,589	165,557
Operating Segments | New York
Segment Reporting Information [Line Items]
Operating revenues including unconsolidated joint venture	40,349	25,524	81,258	53,110
Operating Segments | San Francisco
Segment Reporting Information [Line Items]
Operating revenues including unconsolidated joint venture	26,088	27,593	49,608	54,775
Operating Segments | Atlanta
Segment Reporting Information [Line Items]
Operating revenues including unconsolidated joint venture	10,283	9,510	20,141	18,838
Operating Segments | Washington, D.C.
Segment Reporting Information [Line Items]
Operating revenues including unconsolidated joint venture	14,411	7,745	28,383	15,128
Operating Segments | Boston
Segment Reporting Information [Line Items]
Operating revenues including unconsolidated joint venture	3,158	2,720	6,528	5,624
Operating Segments | Los Angeles
Segment Reporting Information [Line Items]
Operating revenues including unconsolidated joint venture	1,910	1,857	3,830	3,635
Operating Segments | All other office markets
Segment Reporting Information [Line Items]
Operating revenues including unconsolidated joint venture	3,905	4,856	7,841	14,447
Hotel
Segment Reporting Information [Line Items]
Operating revenues including unconsolidated joint venture	0	5	0	1,223
Asset and property management fee income	(1,818)	(498)	(3,577)	(972)
Corporate
Segment Reporting Information [Line Items]
Operating revenues including unconsolidated joint venture	894	(133)	1,575	(253)
Eliminations
Segment Reporting Information [Line Items]
Operating revenues	27,446	5,318	53,661	10,486
Asset and property management fee income	$ (1,818)	$ (498)	$ (3,577)	$ (972)
114 Fifth Avenue Joint Venture | Corporate Joint Venture
Segment Reporting Information [Line Items]
Ownership percentage	49.50%		49.50%
333 Market Street and University Circle | Corporate Joint Venture
Segment Reporting Information [Line Items]
Ownership percentage	55.00%	100.00%	55.00%	100.00%	77.50%
Market Square Joint Venture | Corporate Joint Venture
Segment Reporting Information [Line Items]
Ownership percentage	51.00%		51.00%
Asset and property management fee income	$ (552)	$ (498)	$ (1,075)	$ (972)
1800 M Street Joint Venture | Corporate Joint Venture
Segment Reporting Information [Line Items]
Ownership percentage	55.00%		55.00%
Asset and property management fee income	$ (507)	$ 0	$ (1,017)	$ 0

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Segment Information (Net Operating Income By Geographic Reportable Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jan. 31, 2018
Segment Reporting Information [Line Items]
Net operating income (loss) including unconsolidated joint venture	$ 68,049	$ 54,684	$ 134,908	$ 112,260
Operating Segments
Segment Reporting Information [Line Items]
Net operating income (loss) including unconsolidated joint venture	68,219	54,801	135,303	113,275
Operating Segments | New York
Segment Reporting Information [Line Items]
Net operating income (loss) including unconsolidated joint venture	24,369	16,259	48,548	33,875
Operating Segments | San Francisco
Segment Reporting Information [Line Items]
Net operating income (loss) including unconsolidated joint venture	19,396	19,701	38,950	39,567
Operating Segments | Atlanta
Segment Reporting Information [Line Items]
Net operating income (loss) including unconsolidated joint venture	9,084	8,285	17,838	16,578
Operating Segments | Washington, D.C.
Segment Reporting Information [Line Items]
Net operating income (loss) including unconsolidated joint venture	8,802	3,565	17,132	6,843
Operating Segments | Boston
Segment Reporting Information [Line Items]
Net operating income (loss) including unconsolidated joint venture	1,545	1,192	3,313	2,601
Operating Segments | Los Angeles
Segment Reporting Information [Line Items]
Net operating income (loss) including unconsolidated joint venture	1,154	1,202	2,362	2,284
Operating Segments | All other office markets
Segment Reporting Information [Line Items]
Net operating income (loss) including unconsolidated joint venture	3,869	4,597	7,160	11,527
Hotel
Segment Reporting Information [Line Items]
Net operating income (loss) including unconsolidated joint venture	0	(14)	0	(890)
Corporate
Segment Reporting Information [Line Items]
Net operating income (loss) including unconsolidated joint venture	$ (170)	$ (103)	$ (395)	$ (125)
114 Fifth Avenue Joint Venture | Corporate Joint Venture
Segment Reporting Information [Line Items]
Ownership percentage	49.50%		49.50%
333 Market Street and University Circle | Corporate Joint Venture
Segment Reporting Information [Line Items]
Ownership percentage	55.00%	100.00%	55.00%	100.00%	77.50%
Market Square Joint Venture | Corporate Joint Venture
Segment Reporting Information [Line Items]
Ownership percentage	51.00%		51.00%
1800 M Street Joint Venture | Corporate Joint Venture
Segment Reporting Information [Line Items]
Ownership percentage	55.00%		55.00%

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Segment Information (Reconciliation of GAAP Net Income to NOI) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
Net income (loss)	$ (3,439)	$ 1,133	$ (1,941)	$ 75,855
Depreciation	20,681	20,423	41,516	42,028
Amortization	8,623	8,191	16,639	17,648
General and administrative – corporate	8,282	9,201	16,076	17,969
General and administrative – unconsolidated joint ventures	736	0	1,467	0
Gain on sale of unconsolidated joint venture interests	0	0	(762)	0
Income tax expense (benefit)	6	7	13	(381)
Asset and property management fee income	(1,818)	(498)	(3,577)	(972)
Gain on sales of real estate assets	0	0	0	(73,153)
Impairment loss	30,812	0	30,812	0
NOI	68,049	54,684	134,908	112,260
Segment Reconciling Items
Segment Reporting Information [Line Items]
Depreciation	20,681	20,423	41,516	42,028
Amortization	8,623	8,191	16,639	17,648
General and administrative – corporate	8,282	9,201	16,076	17,969
General and administrative – unconsolidated joint ventures	736	0	1,467	0
Net interest expense	14,300	13,785	30,192	28,350
Interest income from development authority bonds	(1,800)	(1,800)	(3,600)	(3,600)
Gain on sale of unconsolidated joint venture interests	0	0	(762)	0
Loss (gain) on extinguishment of debt	(23,713)	0	(23,713)	45
Income tax expense (benefit)	6	7	13	(381)
Asset and property management fee income	(1,818)	(498)	(3,577)	(972)
Adjustments included in income (loss) from unconsolidated joint ventures	15,379	4,242	31,786	8,471
Gain on sales of real estate assets	0	0	0	(73,153)
Impairment loss	$ 30,812	$ 0	$ 30,812	$ 0

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Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries (Narrative) (Details)	Jun. 30, 2018
Condensed Financial Information Disclosure [Abstract]
Ownership percentage of wholly owned subsidiary	100.00%

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Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Assets:
Land	$ 817,975	$ 825,208
Buildings and improvements, net	1,893,836	2,063,419
Intangible lease assets, net	101,578	199,260
Construction in progress	49,135	44,742
Total real estate assets	2,862,524	3,132,629
Investments in unconsolidated joint ventures	1,053,092	943,242
Cash and cash equivalents	11,961	9,567	$ 506,538	$ 216,085
Investment in subsidiaries	0	0
Tenant receivables, net of allowance	2,241	2,128
Straight-line rent receivable	77,519	92,235
Prepaid expenses and other assets	29,242	27,683
Intangible lease origination costs, net	38,002	42,959
Deferred lease costs, net	61,159	141,096
Investment in development authority bonds	120,000	120,000
Total assets	4,255,740	4,511,539
Liabilities:
Lines of credit and notes payable, net	547,534	971,185
Bonds payable, net	694,151	693,756
Accounts payable, accrued expenses, and accrued capital expenditures	50,729	125,002
Dividends payable	0	23,961
Due to affiliates	0	0
Deferred income	16,000	18,481
Intangible lease liabilities, net	23,314	27,218
Obligations under capital lease	120,000	120,000
Total liabilities	1,451,728	1,979,603
Equity:
Total equity	2,804,012	2,531,936	2,504,843	2,502,768
Total liabilities and equity	4,255,740	4,511,539
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor)
Assets:
Land	0	0
Buildings and improvements, net	0	0
Intangible lease assets, net	0	0
Construction in progress	0	0
Total real estate assets	0	0
Investments in unconsolidated joint ventures	0	0
Cash and cash equivalents	188	692	492,259	174,420
Investment in subsidiaries	2,663,479	2,238,577
Tenant receivables, net of allowance	0	0
Straight-line rent receivable	0	0
Prepaid expenses and other assets	141,076	317,364
Intangible lease origination costs, net	0	0
Deferred lease costs, net	0	0
Investment in development authority bonds	0	0
Total assets	2,804,743	2,556,633
Liabilities:
Lines of credit and notes payable, net	0	0
Bonds payable, net	0	0
Accounts payable, accrued expenses, and accrued capital expenditures	731	732
Dividends payable		23,961
Due to affiliates	0	0
Deferred income	0	4
Intangible lease liabilities, net	0	0
Obligations under capital lease	0	0
Total liabilities	731	24,697
Equity:
Total equity	2,804,012	2,531,936
Total liabilities and equity	2,804,743	2,556,633
Reportable Legal Entities | Columbia Property Trust OP (the Issuer)
Assets:
Land	0	0
Buildings and improvements, net	1,952	2,110
Intangible lease assets, net	0	0
Construction in progress	0	0
Total real estate assets	1,952	2,110
Investments in unconsolidated joint ventures	1,053,092	943,241
Cash and cash equivalents	6,606	5,079	6,581	16,509
Investment in subsidiaries	1,495,545	1,186,594
Tenant receivables, net of allowance	30	30
Straight-line rent receivable	0	0
Prepaid expenses and other assets	339,001	336,598
Intangible lease origination costs, net	0	0
Deferred lease costs, net	0	0
Investment in development authority bonds	0	0
Total assets	2,896,226	2,473,652
Liabilities:
Lines of credit and notes payable, net	526,077	899,168
Bonds payable, net	694,151	693,756
Accounts payable, accrued expenses, and accrued capital expenditures	9,055	10,325
Dividends payable		0
Due to affiliates	0	0
Deferred income	81	81
Intangible lease liabilities, net	0	0
Obligations under capital lease	0	0
Total liabilities	1,229,364	1,603,330
Equity:
Total equity	1,666,862	870,322
Total liabilities and equity	2,896,226	2,473,652
Reportable Legal Entities | Non- Guarantors
Assets:
Land	817,975	825,208
Buildings and improvements, net	1,891,884	2,061,309
Intangible lease assets, net	101,578	199,260
Construction in progress	49,135	44,742
Total real estate assets	2,860,572	3,130,519
Investments in unconsolidated joint ventures	0	1
Cash and cash equivalents	5,167	3,796	7,698	25,156
Investment in subsidiaries	0	0
Tenant receivables, net of allowance	2,211	2,098
Straight-line rent receivable	77,519	92,235
Prepaid expenses and other assets	18,194	19,375
Intangible lease origination costs, net	38,002	42,959
Deferred lease costs, net	61,159	141,096
Investment in development authority bonds	120,000	120,000
Total assets	3,182,824	3,552,079
Liabilities:
Lines of credit and notes payable, net	488,801	715,327
Bonds payable, net	0	0
Accounts payable, accrued expenses, and accrued capital expenditures	40,949	113,949
Dividends payable		0
Due to affiliates	1,679	2,340
Deferred income	15,919	18,396
Intangible lease liabilities, net	23,314	27,218
Obligations under capital lease	120,000	120,000
Total liabilities	690,662	997,230
Equity:
Total equity	2,492,162	2,554,849
Total liabilities and equity	3,182,824	3,552,079
Consolidating Adjustments
Assets:
Land	0	0
Buildings and improvements, net	0	0
Intangible lease assets, net	0	0
Construction in progress	0	0
Total real estate assets	0	0
Investments in unconsolidated joint ventures	0	0
Cash and cash equivalents	0	0	$ 0	$ 0
Investment in subsidiaries	(4,159,024)	(3,425,171)
Tenant receivables, net of allowance	0	0
Straight-line rent receivable	0	0
Prepaid expenses and other assets	(469,029)	(645,654)
Intangible lease origination costs, net	0	0
Deferred lease costs, net	0	0
Investment in development authority bonds	0	0
Total assets	(4,628,053)	(4,070,825)
Liabilities:
Lines of credit and notes payable, net	(467,344)	(643,310)
Bonds payable, net	0	0
Accounts payable, accrued expenses, and accrued capital expenditures	(6)	(4)
Dividends payable		0
Due to affiliates	(1,679)	(2,340)
Deferred income	0	0
Intangible lease liabilities, net	0	0
Obligations under capital lease	0	0
Total liabilities	(469,029)	(645,654)
Equity:
Total equity	(4,159,024)	(3,425,171)
Total liabilities and equity	$ (4,628,053)	$ (4,070,825)

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Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries (Consolidating Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Revenues	$ 75,370	$ 74,857	$ 149,080	$ 157,013
Expenses:
Property operating costs	22,450	21,831	45,512	45,936
Related-party				0
Other				529
Depreciation	20,681	20,423	41,516	42,028
Amortization	8,623	8,191	16,639	17,648
Impairment loss on real estate assets	30,812	0	30,812	0
General and administrative – corporate	8,282	9,201	16,076	17,969
General and administrative – unconsolidated joint ventures	736	0	1,467	0
Costs and expenses	91,789	59,915	152,435	126,195
Real estate operating income	(16,419)	14,942	(3,355)	30,818
Other Income (Expense):
Interest expense	(14,314)	(14,462)	(30,209)	(29,577)
Interest and other income	1,814	2,477	3,617	4,827
Gain on sale of unconsolidated joint venture interests	0	0	762	0
Gain (loss) on extinguishment of debt	23,713	0	23,713	(45)
Nonoperating income (expense)	11,213	(11,985)	(2,117)	(24,795)
Income (loss) before income taxes, unconsolidated joint ventures, and sales of real estate	(5,206)	2,957	(5,472)	6,023
Income tax benefit (expense)	(6)	(7)	(13)	381
Income (loss) from unconsolidated joint ventures	1,773	(1,817)	3,544	(3,702)
Income (loss) before sales of real estate	(3,439)	1,133	(1,941)	2,702
Gain on sales of real estate assets	0	0	0	73,153
Net income (loss)	(3,439)	1,133	(1,941)	75,855
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor)
Revenues:
Revenues	930	245	1,834	490
Expenses:
Property operating costs	0	0	0	0
Related-party				0
Other				0
Depreciation	0	0	0	0
Amortization	0	0	0	0
Impairment loss on real estate assets	0		0
General and administrative – corporate	193	56	389	96
General and administrative – unconsolidated joint ventures	0		0
Costs and expenses	193	56	389	96
Real estate operating income	737	189	1,445	394
Other Income (Expense):
Interest expense	0	0	0	0
Interest and other income	2,842	4,228	6,397	8,330
Gain on sale of unconsolidated joint venture interests			0
Gain (loss) on extinguishment of debt	0		0	0
Nonoperating income (expense)	2,842	4,228	6,397	8,330
Income (loss) before income taxes, unconsolidated joint ventures, and sales of real estate	3,579	4,417	7,842	8,724
Income tax benefit (expense)	0	0	0	0
Income (loss) from unconsolidated joint ventures	(7,018)	(3,284)	(9,783)	67,131
Income (loss) before sales of real estate				75,855
Gain on sales of real estate assets				0
Net income (loss)	(3,439)	1,133	(1,941)	75,855
Reportable Legal Entities | Columbia Property Trust OP (the Issuer)
Revenues:
Revenues	0	(100)	0	(15)
Expenses:
Property operating costs	0	(45)	0	128
Related-party				3
Other				0
Depreciation	166	152	332	234
Amortization	0	0	0	5
Impairment loss on real estate assets	0		0
General and administrative – corporate	2,512	2,739	4,820	5,256
General and administrative – unconsolidated joint ventures	0		0
Costs and expenses	2,678	2,846	5,152	5,626
Real estate operating income	(2,678)	(2,946)	(5,152)	(5,641)
Other Income (Expense):
Interest expense	(11,983)	(10,568)	(24,417)	(20,851)
Interest and other income	3,478	1,220	6,956	3,297
Gain on sale of unconsolidated joint venture interests			762
Gain (loss) on extinguishment of debt	(326)		(326)	0
Nonoperating income (expense)	(8,831)	(9,348)	(17,025)	(17,554)
Income (loss) before income taxes, unconsolidated joint ventures, and sales of real estate	(11,509)	(12,294)	(22,177)	(23,195)
Income tax benefit (expense)	0	0	0	0
Income (loss) from unconsolidated joint ventures	5,823	6,187	12,838	69,283
Income (loss) before sales of real estate				46,088
Gain on sales of real estate assets				11,050
Net income (loss)	(5,686)	(6,107)	(9,339)	57,138
Reportable Legal Entities | Non- Guarantors
Revenues:
Revenues	74,440	74,807	147,246	156,751
Expenses:
Property operating costs	22,450	21,971	45,512	46,003
Related-party				0
Other				529
Depreciation	20,515	20,271	41,184	41,794
Amortization	8,623	8,191	16,639	17,643
Impairment loss on real estate assets	30,812		30,812
General and administrative – corporate	5,577	6,406	10,867	12,632
General and administrative – unconsolidated joint ventures	736		1,467
Costs and expenses	88,918	57,108	146,894	120,686
Real estate operating income	(14,478)	17,699	352	36,065
Other Income (Expense):
Interest expense	(8,651)	(8,668)	(19,145)	(19,133)
Interest and other income	1,814	1,803	3,617	3,607
Gain on sale of unconsolidated joint venture interests			0
Gain (loss) on extinguishment of debt	24,039		24,039	(45)
Nonoperating income (expense)	17,202	(6,865)	8,511	(15,571)
Income (loss) before income taxes, unconsolidated joint ventures, and sales of real estate	2,724	10,834	8,863	20,494
Income tax benefit (expense)	(6)	(7)	(13)	381
Income (loss) from unconsolidated joint ventures	(2)		0	0
Income (loss) before sales of real estate				20,875
Gain on sales of real estate assets				62,103
Net income (loss)	2,716	10,827	8,850	82,978
Consolidating Adjustments
Revenues:
Revenues	0	(95)	0	(213)
Expenses:
Property operating costs	0	(95)	0	(195)
Related-party				(3)
Other				0
Depreciation	0	0	0	0
Amortization	0	0	0	0
Impairment loss on real estate assets	0		0
General and administrative – corporate	0	0	0	(15)
General and administrative – unconsolidated joint ventures	0		0
Costs and expenses	0	(95)	0	(213)
Real estate operating income	0	0	0	0
Other Income (Expense):
Interest expense	6,320	4,774	13,353	10,407
Interest and other income	(6,320)	(4,774)	(13,353)	(10,407)
Gain on sale of unconsolidated joint venture interests			0
Gain (loss) on extinguishment of debt	0		0	0
Nonoperating income (expense)	0	0	0	0
Income (loss) before income taxes, unconsolidated joint ventures, and sales of real estate	0	0	0	0
Income tax benefit (expense)	0	0	0	0
Income (loss) from unconsolidated joint ventures	2,970	(4,720)	489	(140,116)
Income (loss) before sales of real estate				(140,116)
Gain on sales of real estate assets				0
Net income (loss)	2,970	(4,720)	489	(140,116)
Rental income
Revenues:
Revenues	66,263	67,121	131,080	138,294
Rental income | Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor)
Revenues:
Revenues	0	0	0	0
Rental income | Reportable Legal Entities | Columbia Property Trust OP (the Issuer)
Revenues:
Revenues	0	0	0	51
Rental income | Reportable Legal Entities | Non- Guarantors
Revenues:
Revenues	66,263	67,216	131,080	138,438
Rental income | Consolidating Adjustments
Revenues:
Revenues	0	(95)	0	(195)
Tenant reimbursements
Revenues:
Revenues	5,146	6,972	10,689	15,556
Tenant reimbursements | Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor)
Revenues:
Revenues	0	0	0	0
Tenant reimbursements | Reportable Legal Entities | Columbia Property Trust OP (the Issuer)
Revenues:
Revenues	0	(100)	0	(66)
Tenant reimbursements | Reportable Legal Entities | Non- Guarantors
Revenues:
Revenues	5,146	7,072	10,689	15,622
Tenant reimbursements | Consolidating Adjustments
Revenues:
Revenues	0	0	0	0
Hotel
Revenues:
Revenues	0	0	0	1,339
Expenses:
Hotel operating costs	0	9	0	2,085
Hotel | Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor)
Revenues:
Revenues				0
Expenses:
Hotel operating costs		0		0
Hotel | Reportable Legal Entities | Columbia Property Trust OP (the Issuer)
Revenues:
Revenues				0
Expenses:
Hotel operating costs		0		0
Hotel | Reportable Legal Entities | Non- Guarantors
Revenues:
Revenues				1,339
Expenses:
Hotel operating costs		9		2,085
Hotel | Consolidating Adjustments
Revenues:
Revenues				0
Expenses:
Hotel operating costs		0		0
Asset and property management income/fees
Revenues:
Revenues	1,818	498	3,577	972
Expenses:
Hotel operating costs	205	260	413	529
Asset and property management income/fees | Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor)
Revenues:
Revenues	930	245	1,834	490
Expenses:
Hotel operating costs	0	0	0
Asset and property management income/fees | Reportable Legal Entities | Columbia Property Trust OP (the Issuer)
Revenues:
Revenues	0	0	0	0
Expenses:
Hotel operating costs	0	0	0
Asset and property management income/fees | Reportable Legal Entities | Non- Guarantors
Revenues:
Revenues	888	253	1,743	482
Expenses:
Hotel operating costs	205	260	413
Asset and property management income/fees | Consolidating Adjustments
Revenues:
Revenues	0	0	0	0
Expenses:
Hotel operating costs	0	0	0
Other property income
Revenues:
Revenues	2,143	266	3,734	852
Other property income | Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor)
Revenues:
Revenues	0	0	0	0
Other property income | Reportable Legal Entities | Columbia Property Trust OP (the Issuer)
Revenues:
Revenues	0	0	0	0
Other property income | Reportable Legal Entities | Non- Guarantors
Revenues:
Revenues	2,143	266	3,734	870
Other property income | Consolidating Adjustments
Revenues:
Revenues	$ 0	$ 0	$ 0	$ (18)

XML

Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries (Consolidating Statements of Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	$ (3,439)	$ 1,133	$ (1,941)	$ 75,855
Market value adjustment to interest rate swap	938	(636)	3,452	(2)
Comprehensive income (loss)	(2,501)	497	1,511	75,853
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor)
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	(3,439)	1,133	(1,941)	75,855
Market value adjustment to interest rate swap	938	(636)	3,452	(2)
Comprehensive income (loss)	(2,501)	497	1,511	75,853
Reportable Legal Entities | Columbia Property Trust OP (the Issuer)
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	(5,686)	(6,107)	(9,339)	57,138
Market value adjustment to interest rate swap	938	(636)	3,452	(2)
Comprehensive income (loss)	(4,748)	(6,743)	(5,887)	57,136
Reportable Legal Entities | Non- Guarantors
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	2,716	10,827	8,850	82,978
Market value adjustment to interest rate swap	0	0	0	0
Comprehensive income (loss)	2,716	10,827	8,850	82,978
Consolidating Adjustments
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	2,970	(4,720)	489	(140,116)
Market value adjustment to interest rate swap	(938)	636	(3,452)	2
Comprehensive income (loss)	$ 2,032	$ (4,084)	$ (2,963)	$ (140,114)

XML

Financial Information for Parent Guarantor, Issuer Subsidiary, and Non-Guarantor Subsidiaries (Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	$ 19,183	$ 35,963
Cash flows from investing activities:
Net proceeds from the sales of real estate assets	284,608	504,660
Net proceeds from sale of investments in unconsolidated joint ventures	235,083	0
Investment in real estate and related assets	(47,594)	(57,863)
Investments in unconsolidated joint ventures	(2,460)	(1,940)
Distributions from unconsolidated joint ventures	4,585	0
Distributions from subsidiaries	0	0
Net cash provided by investing activities	474,222	444,857
Cash flows from financing activities:
Borrowings, net of fees	149,851	(70)
Repayments	(525,639)	(75,830)
Distributions	(71,459)	(85,505)
Repurchases of common stock	(43,764)	(28,962)
Net cash used in financing activities	(491,011)	(190,367)
Net increase (decrease) in cash and cash equivalents	2,394	290,453
Cash and cash equivalents, beginning of period	9,567	216,085
Cash and cash equivalents, end of period	11,961	506,538
Reportable Legal Entities | Columbia Property Trust (Parent) (Guarantor)
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	1,445	58,752
Cash flows from investing activities:
Net proceeds from the sales of real estate assets	0	0
Net proceeds from sale of investments in unconsolidated joint ventures	0
Investment in real estate and related assets	0	(12,000)
Investments in unconsolidated joint ventures	0	0
Distributions from unconsolidated joint ventures	0
Distributions from subsidiaries	113,274	385,554
Net cash provided by investing activities	113,274	373,554
Cash flows from financing activities:
Borrowings, net of fees	0	0
Repayments	0	0
Distributions	(71,459)	(85,505)
Repurchases of common stock	(43,764)	(28,962)
Net cash used in financing activities	(115,223)	(114,467)
Net increase (decrease) in cash and cash equivalents	(504)	317,839
Cash and cash equivalents, beginning of period	692	174,420
Cash and cash equivalents, end of period	188	492,259
Reportable Legal Entities | Columbia Property Trust OP (the Issuer)
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	(3,037)	58,688
Cash flows from investing activities:
Net proceeds from the sales of real estate assets	0	49,531
Net proceeds from sale of investments in unconsolidated joint ventures	235,083
Investment in real estate and related assets	(51)	(400)
Investments in unconsolidated joint ventures	(2,460)	(1,940)
Distributions from unconsolidated joint ventures	4,585
Distributions from subsidiaries	254,037	331,630
Net cash provided by investing activities	491,194	378,821
Cash flows from financing activities:
Borrowings, net of fees	149,851	(70)
Repayments	(524,000)	0
Distributions	(112,481)	(447,367)
Repurchases of common stock	0	0
Net cash used in financing activities	(486,630)	(447,437)
Net increase (decrease) in cash and cash equivalents	1,527	(9,928)
Cash and cash equivalents, beginning of period	5,079	16,509
Cash and cash equivalents, end of period	6,606	6,581
Reportable Legal Entities | Non- Guarantors
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	29,625	58,639
Cash flows from investing activities:
Net proceeds from the sales of real estate assets	284,608	455,129
Net proceeds from sale of investments in unconsolidated joint ventures	0
Investment in real estate and related assets	(47,543)	(45,463)
Investments in unconsolidated joint ventures	0	0
Distributions from unconsolidated joint ventures	0
Distributions from subsidiaries	0	0
Net cash provided by investing activities	237,065	409,666
Cash flows from financing activities:
Borrowings, net of fees	0	0
Repayments	(1,639)	(75,830)
Distributions	(263,680)	(409,933)
Repurchases of common stock	0	0
Net cash used in financing activities	(265,319)	(485,763)
Net increase (decrease) in cash and cash equivalents	1,371	(17,458)
Cash and cash equivalents, beginning of period	3,796	25,156
Cash and cash equivalents, end of period	5,167	7,698
Eliminations
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	(8,850)	(140,116)
Cash flows from investing activities:
Net proceeds from the sales of real estate assets	0	0
Net proceeds from sale of investments in unconsolidated joint ventures	0
Investment in real estate and related assets	0	0
Investments in unconsolidated joint ventures	0	0
Distributions from unconsolidated joint ventures	0
Distributions from subsidiaries	(367,311)	(717,184)
Net cash provided by investing activities	(367,311)	(717,184)
Cash flows from financing activities:
Borrowings, net of fees	0	0
Repayments	0	0
Distributions	376,161	857,300
Repurchases of common stock	0	0
Net cash used in financing activities	376,161	857,300
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	$ 0	$ 0