Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Summary of Financial Information for the Joint Ventures

As of March 31, 2020 and December 31, 2019, Columbia Property Trust owned interests in the following properties through joint ventures, which are accounted for using the equity method of accounting (in thousands):


					Carrying Value of Investment⁽¹⁾
Joint Venture	Property Name	Geographic Market	Ownership Interest		March 31, 2020		December 31, 2019
Market Square Joint Venture	Market Square	Washington, D.C.	51.00	%	$	136,481	$	135,557
University Circle Joint Venture	University Circle	San Francisco	55.00	%	281,457		283,633
333 Market Street Joint Venture	333 Market Street	San Francisco	55.00	%	268,438		269,638
114 Fifth Avenue Joint Venture	114 Fifth Avenue	New York	49.50	%	83,726		87,750
1800 M Street Joint Venture	1800 M Street	Washington, D.C.	55.00	%	230,570		233,196
799 Broadway Joint Venture⁽²⁾	799 Broadway	New York, NY	49.70	%	46,620		44,686
Terminal Warehouse Joint Venture	Terminal Warehouse	New York, NY	8.65	%	39,724		—
Real Estate Services Joint Ventures⁽³⁾	n/a⁽³⁾	n/a⁽³⁾	Various⁽³⁾		678		—
					$	1,087,694	$	1,054,460

⁽¹⁾Includes basis differences. There is an aggregate net difference of $288.9 million and $279.2 million as of March 31, 2020 and December 31, 2019, respectively, between the historical costs recorded at the joint venture level, and Columbia Property Trust's investments in unconsolidated joint ventures. Such basis differences result from the timing of each partner's joint venture interest acquisition; and formation costs incurred by Columbia Property Trust. Basis differences are amortized to income (loss) from unconsolidated joint ventures over the lives of the underlying assets or liabilities.

⁽²⁾Columbia Property Trust capitalized interest of $0.4 million and $0.3 million on its investment in the 799 Broadway Joint Venture during the three months ended March 31, 2020 and 2019, respectively.

⁽³⁾Columbia Property Trust owns interests in the following five unconsolidated joint ventures that earn fees for providing management services to properties affiliated with the Real Estate Funds (the "Real Estate Services Joint Ventures"): L&L Normandy Terminal Asset Manager, LLC (67%); L&L Normandy Terminal Development Manager, LLC (50%); L&L Normandy Terminal Property Manager (50%) (collectively, the "Terminal Services Joint Ventures"); WNK Maiden Management (50%); and Maple AB Services, LLC (55%). The Terminal Services Joint Ventures earn fees from providing services to the Terminal Warehouse Joint Venture.

Summary of 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⁾
	March 31, 2020		December 31, 2019		March 31, 2020						December 31, 2019			March 31, 2020			December 31, 2019
Market Square Joint Venture	$	579,363	$	582,747	$	324,828	⁽²⁾		$	324,815		$	242,942		$	241,719
University Circle Joint Venture	217,185		216,546		—				—			211,218			212,656
333 Market Street Joint Venture	364,893		367,652		—				—			349,936			352,385
114 Fifth Avenue Joint Venture	476,785		485,442		—				—			119,831			127,554
1800 M Street Joint Venture	429,767		437,439		—				—			416,836			421,588
799 Broadway Joint Venture	220,024		201,210		119,156		⁽³⁾		109,735			88,374			85,316
Terminal Warehouse	1,042,748		—		618,766		⁽⁴⁾		—			339,319			—
Real Estate Services Joint Ventures	2,495		—		—				—			1,198			—
	$	3,333,260	$	2,291,036	$	1,062,750			$	434,550		$	1,769,654		$	1,441,218

⁽¹⁾Excludes basis differences (see footnote ⁽¹⁾ to the Carrying Value of Investment table above), which are amortized to income (loss) from unconsolidated joint ventures over the lives of the underlying assets of liabilities.

⁽²⁾The Market Square Joint Venture has a $325.0 million mortgage note. The Market Square mortgage note bears interest at 5.07% and matures on July 1, 2023.

⁽³⁾Reflects $122.1 million outstanding, net of $3.0 million of net unamortized deferred financing costs, on the 799 Broadway construction loan. The 799 Broadway construction loan is being used to finance a portion of the 799 Broadway development project, has total capacity of $187.0 million, and bears interest at LIBOR, capped at 4.00%, plus a spread of 425 basis points (the "Construction Loan"). A portion of the monthly interest payments accrue into the balance of the loan. The Construction Loan matures on October 9, 2021, with two one-year extension options. For a discussion of Columbia Property Trust's equity guaranty related to the Construction Loan, see Note 7, Commitments and Contingencies.

⁽⁴⁾Reflects $625.5 million outstanding, net of $6.7 million of net unamortized deferred financing costs, on the Terminal Warehouse acquisition loan. The Terminal Warehouse Joint Venture has an interest-only acquisition loan with a total capacity of $650.0 million. The Terminal Warehouse acquisition loan bears interest at LIBOR plus 340 basis points and matures on October 23, 2020, with a one-year extension option.

Summarized income statement information for the unconsolidated joint ventures for the three months ended March 31, 2020 and 2019 is as follows (in thousands):


	Total Revenues						Net Income (Loss)						Columbia Property Trust's Share of Net Income (Loss)⁽¹⁾
	2020		2019		2020		2019		2020		2019
Market Square Joint Venture	$	12,690	$	11,337	$	(1,994)	$	(2,595)	$	(1,017)	$	(1,323)
University Circle Joint Venture	10,924		11,272		5,715		6,364		3,144		3,500
333 Market Street Joint Venture	7,067		7,054		3,705		3,713		2,037		2,042
114 Fifth Avenue Joint Venture	10,428		10,919		(2,653)		(2,506)		(1,314)		(1,240)
1800 M Street Joint Venture	9,937		9,454		1,752		388		964		214
799 Broadway Joint Venture	—		—		(32)		(526)		(16)		(262)
Terminal Warehouse	2,307		—		(3,741)		—		(324)		—
Real Estate Services Joint Ventures	1,875		—		938		—		341		—
	$	55,228	$	50,036	$	3,690	$	4,838	$	3,815	$	2,931

⁽¹⁾Excludes amortization of basis differences (see footnote to ⁽¹⁾ the Carrying Value of Investment table above), which are recorded as income (loss) from unconsolidated joint ventures in the accompanying consolidated statements of operations.

Summary of Fees Earned from Unconsolidated Joint Ventures

During the three months ended March 31, 2020 and 2019, Columbia Property Trust earned the following fees from its unconsolidated joint ventures (in thousands):


	Three Months Ended March 31,
	2020		2019
Market Square Joint Venture	$	574	$	568
University Circle Joint Venture	587		574
333 Market Street Joint Venture	214		207
1800 M Street Joint Venture	555		520
799 Broadway Joint Venture	223		—
	$	2,153	$	1,869