Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

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

Assets and Liabilities Held For Sale

The major classes of assets and liabilities classified as held for sale as of December 31, 2019, are provided below (in thousands):

	December 31, 2019
Real Estate Assets Held for Sale:
Real estate assets, at cost:
Land	$	57,117
Buildings and improvements, less accumulated depreciation of $80,543	157,701
Construction in progress	138
Total real estate assets held for sale, net	$	214,956
Other Assets Held for Sale:
Tenant receivables	$	156
Straight-line rent receivable	12,591
Prepaid expenses and other assets	334
Deferred lease costs, less accumulated amortization of $10,222	10,836
Total other assets held for sale, net	$	23,917
Liabilities Held for Sale:
Accounts payable, accrued expenses, and accrued capital expenditures	$	1,151
Deferred income	1,903
Total liabilities held for sale	$	3,054

During 2020 and 2019, Columbia Property Trust sold the following properties, or partial interests in properties of unconsolidated joint ventures. Additional information for certain of the disposition transactions is provided below the table.

Property	Location	Date	% Sold		Sales Price(1) (in thousands)		Gain (loss) on Sale (in thousands)
2020
Pasadena Corporate Park	Los Angeles, CA	March 31, 2020	100	%	$	78,000	$	(83)
Cranberry Woods Drive	Pittsburgh, PA	January 16, 2020	100	%	$	180,000	$	13,428
2019
Lindbergh Center	Atlanta, GA	September 26, 2019	100	%	$	187,000	$	—
One & Three Glenlake Parkway	Atlanta, GA	April 15, 2019	100	%	$	227,500	$	42,030

⁽¹⁾Exclusive of transaction costs and price adjustments.

Schedule of Intangible Assets and Liabilities

As of March 31, 2020 and December 31, 2019, 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
March 31, 2020	Gross	$	2,480	$	115,596	$	60,338	$	36,287
	Accumulated Amortization	(1,245)		(59,549)		(33,952)		(16,043)
	Net	$	1,235	$	56,047	$	26,386	$	20,244
December 31, 2019	Gross	$	2,481	$	117,203	$	61,702	$	36,966
	Accumulated Amortization	(1,202)		(57,457)		(33,731)		(15,127)
	Net	$	1,279	$	59,746	$	27,971	$	21,839

Amortization of Intangible Assets and Liabilities Arising From In-Place Leases

For the three months ended March 31, 2020 and 2019, 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 March 31, 2020	$	43	$	3,700	$	1,586	$	1,596
For the Three Months Ended March 31, 2019	$	82	$	3,656	$	2,100	$	1,426

The net intangible assets and liabilities remaining as of March 31, 2020 will be amortized as follows, 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
For the remainder of 2020	$	129	$	9,219	$	4,296	$	3,888
For the years ending December 31:
2021	172		9,328		4,516		3,191
2022	172		7,959		3,429		2,910
2023	172		6,455		2,903		2,336
2024	172		5,594		2,586		1,990
2025	172		4,083		1,921		1,364
Thereafter	246		13,409		6,735		4,565
	$	1,235	$	56,047	$	26,386	$	20,244

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	March 31, 2020		December 31, 2019
Derivatives Designated as Hedging Instruments:
Interest rate contracts	Prepaid expenses and other assets	$	—	$	551
Interest rate contracts	Accounts payable	$	21,094	$	1,652

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position

	Three Months Ended March 31,
	2020		2019
Market value adjustment to interest rate swaps designated as hedging instruments and included in other comprehensive income (loss)	$	(19,993)	$	(1,431)