Transactions (Tables)

3 Months Ended

Mar. 31, 2020

Real Estate [Abstract]

Schedule of Properties Acquired

The initial purchase consideration was allocated as follows (in thousands):

	January 24, 2020
Goodwill	$	63,806
Prepaid expenses and other assets(1)	7,670
Cash	1,260
Operating lease assets	934
Investments in unconsolidated joint ventures(2)	419
Accounts payable, accrued expenses, and accrued capital expenditures	(2,881)
Operating lease liabilities	(934)
Deferred income	(77)
Total initial purchase consideration	$	70,197

⁽¹⁾Prepaid expenses and other assets includes $3.7 million of investments in Real Estate Funds, as described in Note 2, Summary of Significant Accounting Policies.

⁽²⁾Reflects interests in five unconsolidated joint ventures that earn fees for providing management services to properties affiliated with the Real Estate Funds.

Real Estate Acquisitions

Property	Location	Date	Percent Acquired		Purchase Price (in thousands)(1)
2020
Terminal Warehouse	New York, NY	March 13, 2020	8.65	%	$	40,048	(2)
2019
201 California Street	San Francisco, CA	December 9, 2019	100.00	%	$	238,900
101 Franklin Street(3)	New York, NY	December 2, 2019	92.50	%	$	205,500

⁽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⁾This property is owned through an unconsolidated joint venture. Purchase price is for Columbia Property Trust's partial interest in the property.

(3)Property is owned through a consolidated joint venture.

Schedule of Purchase Price Allocations for Consolidated Property Acquisitions

Purchase Price Allocations for Consolidated Property Acquisitions

	201 California Street		101 Franklin Street(1)
	(in thousands)		(in thousands)
Location	San Francisco, CA		New York, NY
Date Acquired	December 9, 2019		December 2, 2019
Purchase Price:
Land	$	77,833	$	57,145
Building and improvements	157,513		149,500
Intangible lease assets	13,241		—
Intangible lease origination costs	5,785		—
Intangible below market lease liability	(8,064)		—
Total purchase price	$	246,308	$	206,645

⁽¹⁾Owned through a consolidated joint venture, in which Columbia Property Trust owns a 92.5% interest.

Schedule of Pro Forma Information

The following unaudited pro forma financial information for Columbia Property Trust has been prepared for informational purposes only and is not necessarily indicative of future results or of actual results that would have been achieved had these acquisitions been consummated as of January 1, 2018 (in thousands):

	For the Three Months Ended March 31, 2019
Revenues	$	79,656
Net income attributable to common stockholders of Columbia Property Trust	$	5,736

Schedule of Properties Sold

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.