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Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended September 30, 2020
or
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)
  __________________________________
Maryland20-0068852
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)

315 Park Avenue South, New York, New York 10010
(Address of principal executive offices) (Zip Code)

(212) 687-0800
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Common StockCXPNYSE
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  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes  ☒  No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the 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 filerAccelerated filer
Non-accelerated filer
☐ (Do not check if a smaller reporting company)
Smaller reporting company
Emerging Growth Company
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  ☒

Number of shares outstanding of the registrant's
only class of common stock, as of October 23, 2020: 114,465,006 shares



Table of Contents


FORM 10-Q
COLUMBIA PROPERTY TRUST, INC.
TABLE OF CONTENTS
 
Page No.
Item 1.
Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2020 (unaudited) and 2019 (unaudited)
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.




Table of Contents

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 and the office sector, in particular (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 lease terminations, lease defaults, or changes in the financial condition of our tenants, particularly by a significant tenant;
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;
the risks of pandemics or other public health emergencies, including the continued spread and impact of, and the governmental and third-party response to, the COVID-19 pandemic;
the impact of social distancing, shelter-in-place, border closings, travel restrictions, remote work requirements and similar governmental and private measures taken to combat the spread of COVID-19;
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 relating to construction, development, and redevelopment activities;
risks associated with joint ventures, including disagreements with, or misconduct by, joint venture partners;
risks relating to repositioning our portfolio;
risks relating to reduced demand for, or over supply of, office space in our markets;
risks relating to acquisition and disposition activities;
ability to successfully integrate our operations and employees in connection with the acquisition of Normandy Real Estate Management, LLC ("Normandy");
ability to realize anticipated benefits and synergies of the acquisition of Normandy;
amount of the costs, fees, expenses, and charges related to the acquisition of Normandy;
risks associated with our ability to continue to qualify as a real estate investment trust ("REIT");
risks associated with possible cybersecurity attacks against us or any of our tenants;
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, on our Form 10-K for the year ended December 31, 2019 and Part II, Item 1A – Risk Factors, in this Quarterly Report. Although we believe that the expectations reflected in such forward-looking
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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.
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PART I.FINANCIAL INFORMATION

ITEM 1.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, 2019. Columbia Property Trust's results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the operating results expected for the full year.

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COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per-share amounts)
(Unaudited)
September 30, 2020December 31, 2019
Assets:
Real estate assets, at cost:
Land$809,843 $870,352 
Buildings and improvements, less accumulated depreciation of $288,522 and $281,248, as of September 30, 2020 and December 31, 2019, respectively
1,537,712 1,719,207 
Intangible lease assets, less accumulated amortization of $58,005 and $58,659, as of
September 30, 2020 and December 31, 2019, respectively
49,877 61,025 
Construction in progress79,628 53,621 
Real estate assets held for sale, less accumulated depreciation and amortization of $46,071 and $80,543, as of September 30, 2020 and December 31, 2019, respectively
208,478 214,956 
Total real estate assets2,685,538 2,919,161 
Operating lease assets39,529 29,470 
Investments in unconsolidated joint ventures1,084,987 1,054,460 
Cash and cash equivalents272,790 12,303 
Tenant receivables 2,403 2,464 
Straight-line rent receivable78,374 77,330 
Prepaid expenses and other assets33,105 21,484 
Intangible lease origination costs, less accumulated amortization of $34,376 and $33,731, as of
September 30, 2020 and December 31, 2019, respectively
23,338 27,971 
Deferred lease costs, less accumulated amortization of $17,701 and $16,732, as of
September 30, 2020 and December 31, 2019, respectively
71,599 76,385 
Other assets held for sale, less accumulated amortization of $2,957 and $10,222, as of September 30, 2020 and December 31, 2019, respectively
15,587 23,917 
Goodwill (Note 3)63,806  
Total assets$4,371,056 $4,244,945 
Liabilities:
Line of credit and notes payable, net of unamortized deferred financing costs of $1,623 and $2,084, as of September 30, 2020 and December 31, 2019, respectively
$949,377 $781,916 
Bonds payable, net of discounts of $988 and $1,124 and unamortized deferred financing costs of $3,102 and $3,552, as of September 30, 2020 and December 31, 2019, respectively
695,910 695,324 
Operating lease liabilities2,487 2,186 
Accounts payable, accrued expenses, and accrued capital expenditures92,149 70,845 
Dividends payable 24,209 
Deferred income14,075 16,955 
Intangible lease liabilities, less accumulated amortization of $11,038 and $15,127, as of
September 30, 2020 and December 31, 2019, respectively
16,695 21,839 
Liabilities held for sale, less accumulated amortization of $718 and $0 as of September 30, 2020 and December 31, 2019, respectively
4,072 3,054 
Total liabilities1,774,765 1,616,328 
Commitments and Contingencies (Note 7)  
Equity:
Common stock, $0.01 par value, 225,000,000 shares authorized, 114,465,006 and 115,280,597 shares issued and outstanding, as of September 30, 2020 and December 31, 2019, respectively
1,145 1,153 
Additional paid-in capital4,373,425 4,392,322 
Cumulative distributions in excess of earnings(1,824,741)(1,769,234)
Cumulative other comprehensive loss(20,341)(1,101)
Total stockholders' equity attributable to Columbia Property Trust2,529,488 2,623,140 
Noncontrolling interest in Columbia Operating Partnership61,761  
Noncontrolling interest in consolidated joint venture5,042 5,477 
Total equity2,596,291 2,628,617 
Total liabilities and equity$4,371,056 $4,244,945 
See accompanying notes.
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COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per-share amounts)
(Unaudited)(Unaudited)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Revenues:
Lease revenues$72,452 $68,963 $209,383 $210,426 
Management fee revenues9,632 1,914 28,319 5,681 
Other property income 1,072 7 4,005 
82,084 71,949 237,709 220,112 
Expenses:
Property operating costs22,021 23,249 65,938 70,491 
Depreciation17,378 19,773 53,087 59,512 
Amortization9,584 7,485 23,710 22,052 
Impairment loss on real estate assets 23,364  23,364 
General and administrative – corporate11,515 7,103 34,416 23,707 
Management fee expense7,785 839 23,961 2,486 
Acquisition costs (Note 3)391 2,437 12,830 2,437 
68,674 84,250 213,942 204,049 
Other Income (Expense):
Interest expense(9,483)(10,289)(28,560)(33,281)
Interest and other income (expense)(123) (435)1 
Income tax benefit (expense)(383)(2)2,045 (18)
Income from unconsolidated joint ventures2,002 2,194 6,548 6,179 
Gain on sale of real estate assets 112 13,361 42,030 
(7,987)(7,985)(7,041)14,911 
Net income (loss)5,423 (20,286)16,726 30,974 
Less: net income attributable to noncontrolling interest in Columbia Operating Partnership(191) (388) 
Less: net loss attributable to noncontrolling interest in consolidated joint venture135  404  
Net income (loss) attributable to common stockholders$5,367 $(20,286)$16,742 $30,974 
Per-Share Information – Basic:
Net income (loss)$0.05 $(0.17)$0.14 $0.26 
Weighted-average common shares outstanding – basic113,925 116,522 114,099 116,498 
Per-Share Information – Diluted:
Net income (loss)$0.05 $(0.17)$0.14 $0.26 
Weighted-average common shares outstanding – diluted113,925 116,821 114,099 116,762 
See accompanying notes.
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COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(Unaudited)(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Net income (loss)$5,423 $(20,286)$16,726 $30,974 
Market value adjustments to interest rate swaps1,691 (3,068)(19,820)(7,103)
Comprehensive income (loss)7,114 (23,354)(3,094)23,871 
Less: market value adjustments to interest rate swaps attributable to noncontrolling interest in Columbia Operating Partnership(47) 580  
Less: net income attributable to noncontrolling interest in Columbia Operating Partnership(191) (388) 
Less: net loss attributable to noncontrolling interest in consolidated joint venture135  404  
Comprehensive income (loss) attributable to common stockholders$7,011 $(23,354)$(2,498)$23,871 
See accompanying notes.


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COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF EQUITY
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED)
(in thousands, except per-share amounts)
Stockholders' Equity
Common StockAdditional
Paid-In
Capital
Cumulative
Distributions
in Excess of
Earnings
Cumulative
Other
Comprehensive
Income (Loss)
Total
Equity
Noncontrolling Interests
 Columbia Operating PartnershipConsolidated Joint VentureTotal Equity
 SharesAmount
Balance, June 30, 2020
114,464 $1,145 $4,371,233 $(1,806,071)$(21,985)$2,544,322 $59,020 $5,160 $2,608,502 
Common stock at Operating Partnership Units issued to directors and employees, and amortized (net of income tax withholdings)1  2,192   2,192 3,188  5,380 
Distributions to common stockholders and Operating Partnership Unit holders ($0.21 per share/unit)
   (24,037) (24,037)(685) (24,722)
Contributions from noncontrolling interests       17 17 
Allocation of net income   5,367  5,367 191 (135)5,423 
Market value adjustment to interest rate swap    1,644 1,644 47  1,691 
Balance, September 30, 2020
114,465 $1,145 $4,373,425 $(1,824,741)$(20,341)$2,529,488 $61,761 $5,042 $2,596,291 

Stockholders' Equity
Common StockAdditional Paid-In CapitalCumulative Distributions in Excess of EarningsCumulative
Other
Comprehensive
Loss
Total
Equity
Noncontrolling Interests
Columbia Operating PartnershipConsolidated Joint VentureTotal Equity
SharesAmount
Balance, December 31, 2019115,280 $1,153 $4,392,322 $(1,769,234)$(1,101)$2,623,140 $ $5,477 $2,628,617 
Repurchases of common stock(1,194)(12)(23,264)  (23,276)  (23,276)
Issuance of noncontrolling interest in Columbia Operating Partnership      55,306  55,306 
Common stock at Operating Partnership Units issued to directors and employees, and amortized (net of income tax withholdings)379 4 4,367   4,371 8,702  13,073 
Distributions to common stockholders and Operating Partnership Unit holders ($0.63 per share/unit)
   (72,249) (72,249)(2,055) (74,304)
Consolidated joint venture partnership interest acquired through investment in Real Estate Funds       (109)(109)
Contributions from noncontrolling interests       78 78 
Allocation of net income   16,742  16,742 388 (404)16,726 
Market value adjustment to interest rate swap    (19,240)(19,240)(580) (19,820)
Balance, September 30, 2020
114,465 $1,145 $4,373,425 $(1,824,741)$(20,341)$2,529,488 $61,761 $5,042 $2,596,291 


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COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF EQUITY
FOR THE THREE AND NINE MONTHS ENDED September 30, 2019 (UNAUDITED)
(in thousands, except per-share amounts)

Stockholders' Equity
Common StockAdditional Paid-In CapitalCumulative Distributions in Excess of EarningsCumulative Other Comprehensive LossTotal Equity
SharesAmount
Balance, June 30, 2019116,909 $1,169 $4,422,833 $(1,679,580)$(1,691)$2,742,731 
Common stock issued to employees and directors, and amortized (net of income tax withholdings)— — 1,539 — — 1,539 
Distributions to common stockholders ($0.20 per share)
— — — (23,382)— (23,382)
Net loss— — — (20,286)— (20,286)
Market value adjustment to interest rate swap— — — — (3,068)(3,068)
Balance, September 30, 2019
116,909 $1,169 $4,424,372 $(1,723,248)$(4,759)$2,697,534 


Stockholders' Equity
 Common StockAdditional Paid-In CapitalCumulative Distributions in Excess of EarningsCumulative Other Comprehensive LossTotal Equity
 SharesAmount
Balance, December 31, 2018
116,698 $1,167 $4,421,587 $(1,684,082)$2,344 $2,741,016 
Common stock issued to employees and directors, and amortized (net of income tax withholdings)211 2 2,785 — — 2,787 
Distributions to common stockholders ($0.60 per share)
— — — (70,140)— (70,140)
Net income— — — 30,974 — 30,974 
Market value adjustment to interest rate swap— — — — (7,103)(7,103)
Balance, September 30, 2019
116,909 $1,169 $4,424,372 $(1,723,248)$(4,759)$2,697,534 

See accompanying notes.
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COLUMBIA PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
Nine Months Ended September 30,
 20202019
Cash Flows From Operating Activities:
Net income$16,726 $30,974 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Straight-line rental income(10,846)(10,387)
Noncash operating lease expense243 630 
Depreciation53,087 59,512 
Amortization19,207 18,692 
Impairment loss on real estate assets 23,364 
Noncash compensation expense 15,282 5,177 
Noncash interest expense1,928 1,922 
Income from unconsolidated joint ventures(6,548)(6,179)
Distributions of earnings from unconsolidated joint ventures19,082 20,601 
Gain on sale of real estate assets(13,361)(42,030)
Market value adjustment to investment in Real Estate Funds578  
Changes in assets and liabilities, net of acquisitions and dispositions:
Increase in operating lease asset(10,000) 
Decrease in tenant receivables, net153 856 
Increase in straight-line rent receivables(827) 
Decrease (increase) in prepaid expenses and other assets(4,515)1,483 
Increase in accounts payable and accrued expenses3,683 270 
Decrease in deferred income(3,842)(821)
Net cash provided by operating activities80,030 104,064 
Cash Flows From Investing Activities:
Net proceeds from the sale of real estate250,839 375,004 
Normandy Acquisition (Note 3)(13,971) 
Prepaid transaction costs and earnest money(5)(14,815)
Capital improvement and development costs(48,877)(49,324)
Deferred lease costs paid(6,235)(5,042)
Investments in unconsolidated joint ventures(54,123)(12,741)
Investments in real estate-related funds(1,576) 
Distributions from unconsolidated joint ventures11,480 11,264 
Net cash provided by investing activities137,532 304,346 
Cash Flows From Financing Activities:
Financing costs paid(154)(162)
Proceeds from lines of credit and notes payable347,000 150,000 
Repayments of lines of credit and notes payable(180,000)(332,000)
Contributions from noncontrolling interest in consolidated joint venture78  
Distributions paid to stockholders(96,458)(93,480)
Distributions paid to noncontrolling interest in Columbia Operating Partnership(2,055) 
Redemptions of common stock(25,486)(2,401)
Net cash provided by (used in) financing activities42,925 (278,043)
Net increase in cash and cash equivalents260,487 130,367 
Cash and cash equivalents, beginning of period12,303 17,118 
Cash and cash equivalents, end of period$272,790 $147,485 
See accompanying notes.
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COLUMBIA PROPERTY TRUST, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
(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 conducts business primarily through Columbia Property Trust Operating Partnership, L.P. ("Columbia OP"), a Delaware limited partnership in which Columbia Property Trust is the general partner and majority owner (97.2%). Columbia Property Trust acquires, develops, redevelops, owns, leases, and operates real properties directly, through wholly owned subsidiaries, or through joint ventures. Unless otherwise noted herein, references to Columbia Property Trust, the "Company," "we," "us," or "our" herein shall include Columbia Property Trust and all subsidiaries of Columbia Property Trust, direct and indirect.
As of September 30, 2020, Columbia Property Trust owned 15 operating properties and four properties under development or redevelopment, of which 11 were wholly owned and eight were owned through joint ventures, located in New York, San Francisco, Washington, D.C., and Boston. As of September 30, 2020, these operating properties contained 6.2 million rentable square feet and were approximately 96.3% leased. Columbia Property Trust also provides asset and property management services for 8.0 million square feet of office space located primarily in New York, Washington, D.C., and Boston.

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 OP, and any variable-interest entity in which Columbia Property Trust or Columbia OP is 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 OP, or their subsidiaries own a controlling financial interest and any limited partnership in which Columbia Property Trust, Columbia 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, 2019 (the "2019 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.
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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
As further described in Note 5, Line of Credit and Notes Payable, Columbia Property Trust capitalizes interest incurred on outstanding debt balances as well as joint venture investments, as appropriate, during development or redevelopment of real estate held directly or in unconsolidated joint ventures. During the three months ended September 30, 2020 and 2019, $2.3 million and $0.9 million, respectively, of interest was capitalized to construction in progress; and during the three months ended September 30, 2020 and 2019, $0.5 million and $0.3 million, respectively, of interest was capitalized to investments in unconsolidated joint ventures. During the nine months ended September 30, 2020 and 2019, $7.3 million and $2.9 million, respectively, was capitalized to construction in progress; and during the nine months ended September 30, 2020 and 2019, $1.3 million and $0.9 million, respectively, was capitalized to investments in unconsolidated joint ventures.
Tenant Receivables
Tenant receivables consist of rental and reimbursement billings due from tenants. Tenant receivables are recorded at the original amount earned, which approximates fair value. Management assesses the realizability of tenant receivables on an ongoing basis. When the collectability of tenant receivables is not considered probable, the receivable is written-down against lease revenues. In the third-quarter of 2020, $0.4 million of tenant receivables were written-down against lease revenues.

Straight-Line Rent Receivable

Straight-line rent receivable reflects the amount of cumulative adjustments necessary to present rental income on a straight-line basis. Columbia Property Trust recognizes rental revenues on a straight-line basis, ratably over the term of each lease; however, leases often provide for payment terms that differ from the revenue recognized. When the amount of cash billed is less than the amount of revenue recognized, typically early in the lease, straight-line rent receivable is recorded for the difference. The receivable is depleted during periods later in the lease when the amount of cash paid by the tenant is greater than the amount of revenue recognized. When the collection of rental billings is not considered probable, tenants are moved to "cash basis billings," at which point the corresponding straight-line rent receivable is written-down against lease revenues, and future revenues are recognized upon receipt of payment. In the third quarter of 2020, approximately $50,000 of straight-line rent receivables were written-down against lease revenues.
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.
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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.
The following properties met the above-described criteria and were classified as held for sale in the accompanying consolidated balance sheets as of the following dates:
September 30, 2020December 31, 2019
221 Main StreetCranberry Woods Drive
Pasadena Corporate Park
On October 8, 2020, the Company contributed 221 Main Street to a joint venture, and simultaneously sold a 45% interest in this joint venture. The sale of Cranberry Woods Drive closed on January 16, 2020, and the sale of Pasadena Corporate Park closed on March 31, 2020. See Note 3, Transactions, for more information regarding these transactions. The major classes of assets and liabilities classified as held for sale as of September 30, 2020 and December 31, 2019, are provided below (in thousands):
September 30, 2020December 31, 2019
Real Estate Assets Held for Sale:
Real estate assets, at cost:
Land$60,509 $57,117 
Buildings and improvements, less accumulated depreciation of $44,283 and $80,543, as of September 30, 2020 and December 31, 2019, respectively
146,360 157,701 
Intangible lease assets, less accumulated amortization of $1,788 as of September 30, 2020
654  
Construction in progress955 138 
Total real estate assets held for sale, net$208,478 $214,956 
Other Assets Held for Sale:
Tenant receivables$64 $156 
Straight-line rent receivable10,839 12,591 
Prepaid expenses and other assets463 334 
Intangible lease origination costs, less accumulated amortization of $266 as of September 30, 2020
24  
Deferred lease costs, less accumulated amortization of $2,691 and $10,222, as of September 30, 2020 and December 31, 2019, respectively
4,197 10,836 
Total other assets held for sale, net$15,587 $23,917 
Liabilities Held for Sale:
Accounts payable, accrued expenses, and accrued capital expenditures$2,960 $1,151 
Deferred income1,019 1,903 
Intangible lease liabilities, less accumulated amortization of $718 as of September 30, 2020
93  
Total liabilities held for sale$4,072 $3,054 

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Evaluating the Recoverability of Real Estate Assets
Columbia Property Trust continually monitors events and changes in circumstances that could indicate that the net carrying amounts of its real estate and related intangible assets and liabilities, of both operating properties and properties under development or redevelopment, may not be recoverable. When indicators of potential impairment are present that suggest that the net carrying amounts of real estate assets and related intangible assets and liabilities may not be recoverable, Columbia Property Trust assesses the recoverability of these net assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future cash flows expected from the use of the net 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 values 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 net 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. Columbia Property Trust has determined that the carrying values of its real estate assets and related intangible assets are recoverable as of September 30, 2020.
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 September 30, 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 AssetsIntangible
Lease
Origination
Costs
Intangible
Below-Market
In-Place Lease
Liabilities
Above-Market
In-Place
Lease Assets
Absorption
Period Costs
September 30, 2020Gross$2,481 $105,401 $57,714 $27,733 
Accumulated Amortization(1,331)(56,674)(34,376)(11,038)
Net$1,150 $48,727 $23,338 $16,695 
December 31, 2019Gross$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 
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Amortization of Intangible Assets and Liabilities Arising From In-Place Leases
For the three and nine months ended September 30, 2020 and 2019, Columbia Property Trust recognized the following amortization of intangible lease assets and liabilities (in thousands):
 Intangible Lease AssetsIntangible
Lease
Origination
Costs
Intangible
Below-Market
In-Place Lease
Liabilities