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

FORM 10-K
 
(mark one)
Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the fiscal year ended December 31, 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.)
cxp-20201231_g1.jpg
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)
315 Park Avenue South
Suite 500
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 SymbolName of exchange on which registered
Common Stock, $0.01 par valueCXPNew York Stock Exchange
Securities registered pursuant to Section 12 (g) of the Act: None



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Index to Financial Statements

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes  ☒    No  ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.
Yes  ☐    No  ☒
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", "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Smaller reporting company
Accelerated filer o
Emerging Growth Company
Non-accelerated filer 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. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm that prepared or issued its audit report.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes      No  ☒

As of June 30, 2020, the aggregate market value of the common stock of Columbia Property Trust, Inc. held by non-affiliates was
$1,268,450,269 based on the closing price as reported by the New York Stock Exchange.

As of January 31, 2021, 114,871,825 shares of common stock were outstanding.

Registrant incorporates by reference portions of the Columbia Property Trust, Inc. Definitive Proxy Statement for the 2021 Annual Meeting of Stockholders (Items 10, 11, 12, 13, and 14 of Part III) to be filed prior to April 30, 2021.



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Index to Financial Statements
FORM 10-K
COLUMBIA PROPERTY TRUST, INC.
TABLE OF CONTENTS
 
  Page
Item 1.
Item 1A.
Item 1B.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
Item 7.
Item 7A.
Item 8.
Item 9.
Item 9A.
Item 9B.
Item 10.
Item 11.
Item 12.
Item 13.
Item 14.
Item 15.



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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this Form 10-K of Columbia Property Trust, Inc. and its subsidiaries ("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). We intend for all such forward-looking statements presented in this annual report on Form 10-K ("Form 10-K"), 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 Form 10-K 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 oversupply 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;
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.

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For further discussion of these and additional risks and uncertainties that may cause actual results to differ from expectations, see Item 1A, Risk Factors, and other information contained in this Form 10-K and our other periodic reports filed with the SEC. 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-K 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
ITEM 1.BUSINESS
General
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, "Columbia," the "Company," "we," "us," or "our" herein shall include Columbia Property Trust and all subsidiaries of Columbia Property Trust, direct and indirect.
As of December 31, 2020, the Company owned 15 operating properties and four properties under development or redevelopment, of which 10 were wholly owned and nine were owned through joint ventures, located primarily in New York, San Francisco, Washington, D.C., and Boston. As of December 31, 2020, the operating properties contained a total of 6.2 million rentable square feet and were approximately 95.6% leased. Columbia Property Trust also provides asset and property management services for 8.0 million square feet of office space located primarily in its core markets. On January 24, 2020, we acquired Normandy Real Estate Management ("Normandy"), a leading developer, operator, and investment manager of office and mixed-use assets in New York; Boston; and Washington, D.C. (the "Normandy Acquisition").
On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. Response to the COVID-19 pandemic led to aggressive actions to reduce the spread of the disease which seriously disrupted activities in large segments of the economy, including in the regional economies where we operate. As some regions of the country have reopened with various restrictions, others have re-imposed previously-lifted restrictions in response to a resurgence of virus cases. We are continuing to monitor the COVID-19 pandemic and its impact on our business, tenants, and industry as a whole. We are committed to the health and safety of our employees, tenants, and communities, and have implemented extensive new cleaning and safety protocols at our properties to safely bring our tenants and employees back to work to the extent possible. Because our portfolio is well leased with minimum near-term rollover, and our rent collections level remains high, our operating performance has not materially suffered from the COVID-19 pandemic to date.
The long-term impact of the pandemic on our tenants, demand for office space, and the global economy remains uncertain and will depend on various factors, including the scope, severity, and duration of the pandemic, the effectiveness and duration of actions taken by authorities to contain the pandemic, and the availability and effectiveness of vaccines or other treatments. We have worked closely with our impacted tenants and will continue to address their concerns on a case-by-case basis, including arrangements that address cash flow interruptions while generally maintaining long-term lease obligations. During the year ended December 31, 2020, we have deferred and abated rental billings of $3.2 million and $0.7 million, respectively, including our share of deferrals and abatements made by our unconsolidated joint ventures.
Real Estate Investment Objectives
We seek to acquire, develop, or redevelop and manage a commercial real estate portfolio that provides the size, quality, and market specialization needed to deliver both income and long-term growth, as measured in total return to our stockholders. Our primary strategic objective is to generate long-term stockholder returns from a combination of steadily growing cash flows and appreciation in our net asset values, through the acquisition and ownership of high-quality office buildings located in high-barrier-to-entry markets. Our value creation and growth strategies are founded in the following:

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Targeted Market Strategy
Our portfolio consists of best-in-class office properties located primarily in Central Business Districts ("CBD") within high-barrier costal office markets ("gateway markets"). Notwithstanding the current impact the COVID-19 pandemic is having on the global economy, and on densely populated cities particularly, we believe that gateway markets will provide the greatest opportunity for increasing net income and property values over the long-term. Therefore, our acquisition efforts will continue to focus on select primary markets with strong long-term fundamentals and liquidity, including CBD and urban in-fill locations. We maintain a goal of increasing our presence in our target markets over time to leverage our scale, efficiency, and market knowledge.
New Investment Targets
We look to acquire, develop, or redevelop strategic and premier office assets whose workplace environment appeals to quality tenants in our target markets. We concentrate on office buildings that are competitive within the top tier of their markets or that can 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 vibrant urban-core locations and best-in-class buildings with broad market appeal over the long-term.
Strong and Flexible Balance Sheet
We are committed to maintaining an investment-grade balance sheet with a strong liquidity profile and proven access to capital. Consistent with our operational strategy and financing objectives, over the long term we have generally maintained debt levels at less than 40% of the undepreciated costs of our assets. As of December 31, 2020, our debt-to-real estate- asset ratio was approximately 33.4% (based on consolidated assets and debt and our proportional share of joint venture assets), and our debt maturities were laddered over the next six years.
Capital Recycling
To date, we have primarily sold non-strategic assets (generally defined as assets outside our target markets) to increase our concentration in our target markets. In the future, we also anticipate selling some assets from our target markets to maintain a well-balanced portfolio and to harvest capital from mature assets. Our goals are to foster long-term growth and capital appreciation in our portfolio by maintaining the following:   an appropriate balance of core investments relative to value-add investments, building profiles that will continue to attract prospects for future rent growth, and activity levels that will continue to support our connections in the real estate community. We routinely evaluate our portfolio to identify assets that are good candidates for disposition in the furtherance of these goals.
Proactive Asset Management
We believe our team is well-equipped to deliver operating results in all facets of the management process. Our leasing efforts are founded in understanding the varied and complex needs of tenants in the marketplace today. We pursue meeting those needs through new and renewal leases, as well as lease restructures that further our long-term goals. We are committed to prudent capital investment in our assets to ensure their competitive positioning and status, and rigorously pursue efficient operations and cost containment at the property level.

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Transaction Activity
In connection with repositioning our portfolio, and in furtherance of our real estate investment objectives, we have executed the following real estate transactions during 2020, 2019, and 2018. See Note 3, Transactions, of the accompanying consolidated financial statements for additional details.
Acquisitions
PropertyLocation% AcquiredSquare FeetAcquisition Date
Purchase Price
(in thousands)(1)
2020
Terminal WarehouseNew York, NY8.65 %1,200,000 March 13, 2020$40,048 
(2)
2019
201 California StreetSan Francisco, CA100.00 %252,000 December 9, 2019$238,900 
101 Franklin Street(3)
New York, NY92.50 %235,000 December 2, 2019$205,500 
2018
Lindbergh Center – Retail
Atlanta, GA100.00 %147,000 October 24, 2018$23,000 
799 BroadwayNew York, NY49.70 %182,000 October 3, 2018$30,200 
(2)
(1)     Exclusive of transaction costs and price adjustments.
(2)    Purchase price is for our partial interests in the properties. These properties are owned through unconsolidated joint ventures. Refer to Note 3, Transactions, and Note 4, Unconsolidated Joint Ventures, of the accompanying consolidated financial statements for more information.
(3)    Property is owned through a consolidated joint venture.
Dispositions
PropertyLocation% SoldRentable Square FeetDisposition DateSale Price
(in thousands)
2020
221 Main StreetSan Francisco, CA45.0 %384,000October 8, 2020$180,000 
(1)
Pasadena Corporate ParkLos Angeles, CA100.0 %262,000March 31, 2020$78,000 
Cranberry Woods DrivePittsburgh, PA100.0 %824,000January 16, 2020$180,000 
2019
Lindbergh CenterAtlanta, GA100.0 %1,105,000September 26, 2019$187,000 
One & Three Glenlake ParkwayAtlanta, GA100.0 %711,000April 15, 2019$227,500 
2018
222 East 41st StreetNew York, NY100.0 %390,000 May 29, 2018$332,500 
263 Shuman BoulevardChicago, IL100.0 %354,000 April 13, 2018$49,000 
(2)
University Circle & 333 Market Street Joint VenturesSan Francisco, CA22.5 %
(3)
1,108,000 February 1, 2018$235,300 
(3)
(1)Sale price is for the partial interests in 221 Main Street. After partial sale, the property is owned through an unconsolidated joint venture. Refer to Note 3, Transactions, and Note 4, Unconsolidated Joint Ventures, of the accompanying consolidated financial statements for more information.
(2)On April 13, 2018, we returned 263 Shuman Boulevard to the lender in settlement of the related $49.0 million mortgage note.
(3)On February 1, 2018, we sold an additional 22.5% interest in both University Circle and 333 Market Street to our joint venture partner, Allianz for $235.3 million, as described in Note 3, Transactions, of the accompanying consolidated financial statements.


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Segment Information
As of December 31, 2020, our reportable segments are determined based on high-barrier-to-entry markets and other geographic markets in which we have significant investments. As of December 31, 2020, our reportable segments consist of the four key markets in which we own assets. We consider geographic location when evaluating our portfolio composition and in assessing the ongoing operations and performance of our properties. See Note 16, Segment Information, of the accompanying consolidated financial statements.
Human Capital
As of January 1, 2021, we employed 160 individuals across our markets, both in our corporate offices and at our properties. As we continue to monitor the impact of the COVID-19 pandemic across our portfolio, we remain committed to the health and safety of our employees and communities.
In addition to our focus on employee health and safety this year, we have rebuilt our approach to diversity, equity, and inclusion. We believe that valuing individual differences, maintaining equality, and creating an environment of inclusion across all facets of our business are essential to our continued success. As this relates to employment, we uphold fair and consistent employment practices for all individuals, and we seek employees who offer diverse perspectives as developed through their cultural, academic, and professional backgrounds. We also work to ensure that recruitment, hiring, advancement, compensation, and training practices for all positions and all levels operate with equality and are inclusive of members of underrepresented groups. The following graphs reflect the gender and racial/ethnic diversity of our workforce:
cxp-20201231_g2.jpg cxp-20201231_g3.jpg
Competition
Leasing real estate is highly competitive in the current market. As a result, we experience competition for high-quality tenants from owners and managers of competing projects. Therefore, we may experience delays in re-leasing vacant space, or we may have to provide rent concessions, incur charges for tenant improvement allowances, or offer other inducements to enable us to timely lease vacant space, all of which may have an adverse impact on our results of operations. In addition, we are in competition with other potential buyers for the acquisition of the same properties, which may result in an increase in the amount we must pay to purchase a property. Further, at the time we elect to dispose of our properties, we will also be in competition with sellers of similar properties to locate suitable purchasers.
Concentration of Credit Risk
We are dependent upon the ability of our tenants to pay their contractual rent amounts as they become due. The inability of a tenant to pay future rental amounts could result in a material adverse impact on our results of operations. Throughout the COVID-19 pandemic, our rent collection levels have remained high. No single tenant accounts for more than 7% of our portfolio (based on our 2020 annualized lease revenue), and 8% of our leases (based on our 2020 annualized lease revenue) expire over the next year. See Item 1A, Risk Factors, for additional discussion of how our dependence on tenants for our revenue, and lease defaults or terminations, particularly by a

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significant tenant, could negatively affect our financial condition and results of operations and limit our ability to make distributions to our stockholders.
Government Regulations
All real property and the operations conducted on real property are subject to federal, state, and local laws and regulations relating to environmental protection and human health and safety. Some of these laws and regulations may impose joint and several liability on tenants, owners, or operators for the costs to investigate or remediate contaminated properties, regardless of fault or whether the acts causing the contamination were legal. There are various local, state, and federal regulatory requirements, such as fire, health, life-safety, and similar regulations, and the Americans with Disabilities Act, with which we may be required to comply, and which may subject us to liability in the form of fines or damages for noncompliance. In addition, the presence of hazardous substances, or the failure to properly remediate these substances, may hinder our ability to sell, rent, or pledge such property as collateral for future borrowings.
While we believe that we are currently in material compliance with the current laws and regulatory requirements, the requirements may change or new requirements may be imposed that could require significant unanticipated expenditures by us. Compliance with new laws or regulations such as the New York Climate Mobilization Act, or stricter interpretation of existing laws, may require us to incur material expenditures. Future laws, ordinances, or regulations may impose material environmental liability. Additionally, our tenants' operations, the existing condition of land when we buy it, operations in the vicinity of our properties, such as the presence of underground storage tanks or activities of unrelated third parties may affect our properties. Any material expenditures, fines, or damages we must pay would adversely impact our earnings, cash flows, and competitive position.
Website Address
Access to copies of each of our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and other documents filed with, or furnished to, the SEC, including amendments to such filings, may be obtained free of charge from our website, www.columbia.reit, or through a link to the www.sec.gov website. The information contained on our website is not incorporated by reference herein. These filings are available promptly after we file them with, or furnish them to, the SEC.
ITEM 1A.RISK FACTORS
Below are some of the risks and uncertainties that could cause our actual results to differ materially from those presented in our forward-looking statements. The risks and uncertainties summarized and described below are not the only ones we face but do represent those risks and uncertainties that we believe are material to our business, operating results, prospects, and financial condition. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also harm our business.
Risk Factors Summary
Material risks that may affect our business, operating results and financial condition include, but are not necessarily limited to, those relating to:
Risks related to our business and properties
Our inability to find suitable investments or achieve our investment objectives;
The impact of the COVID-19 pandemic on our business;
The impact of economic and political conditions on the creditworthiness of our tenants, and occupancy and market rental rates;
Changes in general economic conditions and regulatory matters germane to the real estate industry, which may cause our operating results to suffer and property values to decline;
Risks associated with property development or redevelopment;
Our dependence on the economic environment of our primary markets;

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The negative effect of lease defaults or terminations, particularly by a significant tenant, on our financial condition and results of operations;
The failure of future acquisitions to perform in accordance with our expectations and exposure to unknown liabilities as a result;
The physical effects of climate change;
Risks associated with uninsured real property losses or excessively expensive insurance premiums and potential defaults of our insurance providers;
Actual or threatened terrorist attacks, armed hostilities, or contagious disease epidemics;
Our inability to fund the future capital needs of our properties;
Our inability to protect our systems and data from cyber incidents or a deficiency in our cybersecurity;
The financial impact of compliance costs relating to various governmental laws and regulations;
The possible discovery of previously undetected environmentally hazardous conditions;
Risks associated with property ownership through joint ventures;
Our ability to recruit, retain, and develop qualified personnel and dependence on our executive officers;
The possibility of impairment of a real estate assets;
The risks associated with our investment advisory business;
Risks related to our indebtedness
The effects of our significant indebtedness, which may increase our business risks;
The possibility of interest rate increases;
Risks associated with the phasing out of LIBOR and changes in the methods in which LIBOR rates are determined;
The possibility of a downgrade in the credit rating of our debt;
Federal income tax risks
The impact of our failure to qualify as a REIT;
The failure of Columbia OP to be treated as a disregarded entity or a partnership;
The effect of legislation that modifies partnership tax audit rules on our business;
The possibility of being forced to borrow funds or dispose of assets during unfavorable conditions to make distributions to our stockholders and maintain our REIT status;
The possibility of being forced to forego otherwise attractive opportunities to maintain our REIT status;
The impact of adverse state or local tax audits and changes in state and local tax laws on our financial condition;
General risks
Our inability to pay or maintain cash distributions or increase distributions over time;
The impact of volatility or decline of our stock price;
The potentially dilutive effects of further issuances of equity securities;
Provisions in our organizational documents limiting the number of shares a person may own or discouraging a takeover of us;
Certain protections by Maryland General Corporation Law relating to deterring or defending hostile takeovers; and
The costs and risks that we may incur or be exposed to due to compliance with corporate responsibility procedures.
Risks Related to Our Business and Properties
If we are unable to find suitable investments or they become too expensive, we may not be able to achieve our investment objectives, and the returns on our investments will be lower than they otherwise would be; if we are

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unable to sell a property when we plan to do so, our operational and financial flexibility may become limited, including our ability to pay cash distributions to our stockholders.
We are competing for real estate investments with other REITs; real estate limited partnerships; pension funds and their advisors; bank and insurance company investment accounts; individuals; non U.S. investors; and other entities. The market for high-quality commercial real estate assets is highly competitive, given how infrequently those assets become available for purchase. As a result, many real estate investors, including us, face aggressive competition to purchase quality office real estate assets. A significant number of entities and resources competing for high-quality office properties support relatively high acquisition prices for such properties, which may reduce the number of acquisition opportunities available to, or affordable for, us and could put pressure on our profitability and our ability to pay distributions to stockholders. We cannot be sure that we will be successful in obtaining suitable investments with financially attractive terms or that, if we make investments, our objectives will be achieved.
Because real estate investments are relatively illiquid, our ability to promptly sell one or more properties in our portfolio in response to changing economic, financial, and investment conditions may be limited. Purchasers may not be willing to pay acceptable prices for properties that we wish to sell. General economic conditions, availability of financing, interest rates, capitalization rates, and other factors, including supply and demand, all of which are beyond our control, affect the real estate market. Therefore, we may be unable to sell a property for the price, on the terms, or within the time frame that we want. That inability could reduce our cash flow and cause our results of operations to suffer, limiting our ability to make distributions to our stockholders. Additionally, our properties' market values depend principally upon the value of the properties' leases and the net operating income generated by the leases. A property may incur vacancies either by the default of tenants under their leases or the expiration of tenant leases. If vacancies occur and continue for a prolonged period of time, it may become difficult to locate suitable buyers for any such property, and property resale values may suffer, which could result in lower returns for our stockholders. As discussed further below, the risk of tenant defaults and the difficulty to find suitable buyers to fill vacancies is heightened by the impact of the ongoing COVID-19 pandemic and related economic conditions, which could result in further material adverse effects on our business and results of operations.
Our business has been, and will continue to be, adversely affected by the COVID-19 pandemic.
On March 11, 2020, the World Health Organization announced that the outbreak of the novel coronavirus (COVID-19) had become a pandemic. Federal, state, and local authorities and health officials implemented aggressive actions to reduce the spread of the disease, including limiting non-essential gatherings of people, ceasing all non-essential travel, and issuing "social or physical distancing" guidelines, "shelter-in-place" orders, and mandatory closures for non-essential businesses. Although certain of these restrictions have been gradually lifted, others have been re-imposed in response to a resurgence of COVID-19 cases. It remains unclear whether an initial surge in the level of business activity is likely to be sustained, especially if the areas in which our properties are located experience a resurgence in COVID-19 cases and/or are subject to a re-imposition of previously lifted business restrictions.
The COVID-19 pandemic and the measures put in place to address it continue to negatively impact the global economy, disrupt consumer spending and global supply chains, and create disruption of financial markets. The extent of the impact of the COVID-19 pandemic on our business remains highly uncertain and difficult to predict. The extent to which the COVID-19 pandemic ultimately impacts our business, results of operations, financial condition, and stock price will depend on numerous evolving factors, including: the duration and scope of the pandemic; governments', businesses', and individuals' actions taken in response to the pandemic; the impact on economic activity from the pandemic and actions taken in response; the availability and effectiveness of vaccines or other treatments; changes in demand for office space based on changes in work-from-home trends; the effect on our tenants and their businesses; the ability of tenants to pay their rental income and any closures of our tenants' facilities, including, without limitation, due to shutdowns and "shelter-in-place" orders that have been requested or mandated by governmental authorities; the effect of the pandemic on our construction, development, and redevelopment activities; and the impact on our employees and any other operational disruptions or difficulties we may face. Any of these factors and risks could materially adversely impact our business, financial condition, results of operations, or stock price.

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In addition to the general economic impact of the pandemic, if an outbreak of COVID-19 occurs within the workforce of our tenants or otherwise disrupts their management and other personnel, the business and operating results of our tenants could be negatively impacted. The imposition of early "social or physical distancing" guidelines, "shelter-in-place" orders, and mandatory closures have caused some of our retail and restaurant tenants to close for an extended period of time or indefinitely, or to operate at significantly reduced capacity. The negative impact upon our tenants may include an immediate reduction in cash flow available to pay rent under our leases, and although various governmental financial programs may mitigate this, governmental assistance may not be available to all affected tenants or may be significantly delayed or discontinued. In turn, our tenants' inability to pay rent under our leases could adversely affect our own liquidity, and there can be no guarantee that additional liquidity will be readily available or available on favorable terms in the future. Several of our tenants have requested rent relief because of the impact of the COVID-19 pandemic on their businesses. During the year ended December 31, 2020, we had executed rent abatements totaling $0.7 million and rent deferrals totaling $3.2 million, including our share of abatements and deferrals made by our unconsolidated joint ventures. In July 2020, we terminated a lease with WeWork at 149 Madison Avenue in New York and received a termination fee of $6.4 million. As a result of the termination, we assumed full control of the property, including the improvements WeWork had completed to date, and our $18.7 million remaining capital funding obligation was cancelled. We also amended two other leases with WeWork, which resulted in abating rents of $6.7 million ($0.6 million applied in 2020, and the remainder to be applied monthly through February 2029, provided the tenant is not in default). As the impact of the pandemic continues, other tenants may request rent relief or seek to renegotiate the terms of their contracts with us, which may adversely affect our operating results and could result in additional lease terminations.
Large-scale executive orders and other measures taken to curb the spread of COVID-19 may also negatively impact the ability of our properties to continue to obtain necessary goods and services or provide adequate staffing, which may also adversely affect our operating results and reputation. Such orders could also impact our ability to commence or continue construction, development, and redevelopment activities, which could result in delays, increased costs, and potentially missed deadlines. Any increased costs or lost revenue as a result of tenant financial difficulty, or their need to comply with executive orders and other guidance from the Centers for Disease Control and Prevention, may not be fully recoverable under our leases or adequately covered by insurance, which could impact our profitability. In addition to the potential consequences listed above, these same factors may cause prospective tenants to delay their leasing decisions or to lease less space. Even after the pandemic has ceased to be active, the prevalence of work-from-home policies during the pandemic may alter tenant preferences in the long term with respect to the demand for leasing office space.
Economic and political conditions may cause the creditworthiness of our tenants to deteriorate and occupancy and market rental rates to decline.
Several economic factors may adversely affect the financial condition and liquidity of many businesses, as well as the general demand for office space. For example, the COVID-19 pandemic and the measures put in place to address it continue to negatively impact the global economy, disrupt consumer spending and global supply chains, and create significant volatility and disruption of financial markets. Further, our tenants might be adversely impacted by the specific consequences of, and the general market uncertainty associated with, geopolitical developments that could negatively affect international trade, the termination or threatened termination of existing international trade agreements, the outbreak or escalation of armed hostilities or acts of terrorism, or the implementation of tariffs or retaliatory tariffs on imported or exported goods. Should economic conditions worsen, our tenants' ability to honor their contractual obligations may suffer. Furthermore, some businesses have transitioned employees to telecommuting as a result of the COVID-19 pandemic, and flexible work schedules, open workplaces, and teleconferencing are increasingly being adopted in certain industries. These practices and trends enable businesses to reduce their space requirements, and it may become increasingly difficult to maintain our occupancy rate and achieve future rental rates comparable to the rental rates of our currently in-place leases as we seek to re-lease space and/or renew existing leases.
Our office properties were approximately 95.6% leased at December 31, 2020, and amounts written off for uncollectible tenant receivables, net of recoveries, were less than 3.0% of total revenues for the year then ended. As a percentage of 2020 annualized lease revenue, approximately 8% of leases expire in 2021, 7% of leases expire in

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2022, and 11% of leases expire in 2023 (see Item 2, Properties). No assurances can be given that economic conditions will not have a material adverse effect on our ability to re-lease space at favorable rates or on our ability to maintain our current occupancy rate and our low provisions for uncollectible tenant receivables.
Changes in general economic conditions and regulatory matters germane to the real estate industry may cause our operating results to suffer and the value of our real estate properties to decline.
Our operating results are subject to risks generally incident to the ownership of real estate, including:
changes in general or local economic conditions;
competition from other office buildings;
increased operating costs, including insurance expenses, utilities, real estate taxes, state and local taxes, and heightened security costs;
decreases in the underlying value of our real estate;
changes in supply of or demand for similar or competing properties in an area;
changes in interest rates and availability of permanent mortgage funds, which may render the sale of a property difficult or unattractive;
inability to finance property development or acquisitions on favorable terms;
the relative illiquidity of real estate investments;
changes in space utilization by our tenants due to technology, economic conditions, and business culture;
changes in tax, real estate, environmental, and zoning laws; and
periods of rising or higher interest rates and tight money supply.
These and other reasons may prevent us from being profitable or from realizing growth or maintaining the value of our real estate properties.
We face risks associated with property development or redevelopment.
We may acquire and develop or redevelop properties, including unimproved real estate, upon which we will construct improvements. Such activities present a number of risks for us, including risks that:
if we are unable to obtain all necessary zoning and other required governmental permits and authorizations or cease development of the project for any other reason, the development opportunity may be abandoned or postponed after expending significant resources, resulting in the loss of deposits or failure to recover expenses already incurred;
the development and construction costs of the project may exceed original estimates due to increased interest rates and increased cost of materials, labor, leasing, or other expenditures, which could make the completion of the project less profitable because market rents may not increase sufficiently to compensate for the increase in construction costs;
construction and/or permanent financing may not be available on favorable terms or may not be available at all, which may cause the cost of the project to increase and lower the expected return;
the project may not be completed on schedule, or at all, as a result of a variety of factors, many of which are beyond our control, such as weather, labor conditions, economic conditions, and material shortages, which would result in increases in construction costs and debt service expenses;
we may encounter delays, refusals, and unforeseen cost increases resulting from third-party litigation or objections;
if a contractor's performance is affected or delayed by conditions beyond the contractor's control, we may incur additional risks when we make periodic progress payments or other advances to contractors before they complete construction;
we may assume liabilities and be subjected to, or become liable for, claims for construction defects, negligent performance of work or other similar actions by third parties we have engaged (including being

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held responsible in the event that a contractor files for bankruptcy or commits fraud before completing a project that we have funded in part or in full);
the time between commencement of a development project and the stabilization of the completed property exposes us to risks associated with fluctuations in local and regional economic conditions; and
leasing pace, occupancy rates, and rents at the completed property may not meet the expected levels and could be insufficient to make the property profitable in the expected time frames.
Many of these risks could be heightened by the effects of the COVID-19 pandemic and measures implemented to reduce the spread of the disease. Properties developed or acquired for development or redevelopment may generate little or no cash flow from the date of acquisition through the date of completion of development. In addition, new development activities, regardless of whether or not they are ultimately successful, may require a substantial portion of management's time and attention.
These risks could result in substantial unanticipated delays or expenses and, under certain circumstances, could prevent completion of development activities once undertaken. Any of the foregoing could have an adverse effect on our financial condition, results of operations, or ability to satisfy our debt service obligations.
We are dependent upon the economic environment of our primary markets – New York; San Francisco; Washington, D.C.; and Boston.
In addition, market and economic conditions in the metropolitan areas from which we derive a substantial portion of our revenue such as New York, San Francisco, Washington, D.C., and Boston, may have a significant impact on our overall occupancy levels and rental rates and, therefore, our profitability. Furthermore, our business strategy involves continued focus on select core markets, which will increase the impact of the local economic conditions in such markets on our results of operations in future periods. These and other reasons may prevent us from being profitable or from realizing growth or maintaining the value of our real estate properties.
We depend on tenants for our revenue, and lease defaults or terminations, particularly by a significant tenant, could negatively affect our financial condition and results of operations and limit our ability to make distributions to our stockholders.
The success of our investments materially depends on the financial stability of our tenants. A default or termination by a significant tenant on its lease payments to us would cause us to lose the revenue associated with such lease and require us to find an alternative source of revenue to meet debt payments and prevent a foreclosure if the property is subject to a mortgage, could cause us to violate our bank debt covenants, or could impact our credit rating. In the event of a tenant default or bankruptcy, we may experience delays in enforcing our rights as landlord and may incur substantial costs in protecting our investment and re-letting our property. If a tenant defaults on or terminates a significant lease, we may be unable to lease the property for the rent previously received or sell the property without incurring a loss. These risks are heightened in light of the ongoing COVID-19 pandemic and related economic conditions. In addition, significant expenditures for our properties and our Company, such as real estate taxes, insurance and maintenance costs, together with general and administrative costs and debt payments, do not decrease when revenues decrease. Therefore, these events could have a material adverse effect on our results of operations or cause us to reduce the amount of distributions to stockholders.
As of December 31, 2020, no more than 7% of our 2020 annualized lease revenue was attributable to any individual tenant; however, we have several significant tenants who each account for 2% to 6% of our 2020 annualized lease revenue, and accordingly, any event of bankruptcy, insolvency, or a general downturn in the business of such tenant may result in the failure or delay of the tenant's rental payments, which may have a substantial adverse effect on our operating performance.
Future acquisitions may fail to perform in accordance with our expectations, may require renovation costs exceeding our estimates, or may expose us to unknown liabilities.
In the normal course of business, we typically evaluate potential acquisitions, enter into nonbinding letters of intent, and may, at any time, enter into contracts to acquire, develop, or redevelop additional properties. Our properties

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may fail to perform in accordance with our expectations due to lease-up risk, renovation cost risks, and other factors. In addition, the renovation and improvement costs we incur to bring a property up to market standards may exceed our estimates. We may not have the financial resources to make suitable acquisitions or renovations on favorable terms or at all. The properties we acquire, develop, or redevelop may be subject to liabilities for which we have no recourse, or only limited recourse, against the prior owners or other third parties with respect to unknown liabilities. Unknown liabilities with respect to our properties might include:
liabilities for clean-up of undisclosed environmental contamination;
claims by tenants, vendors, or other persons against the former owners of the properties;
liabilities incurred in the ordinary course of business; and
claims for indemnification by general partners, directors, officers, and others indemnified by the former owners of the properties.
As a result, if a liability were asserted against us based upon ownership of those properties, we might have to pay substantial sums to settle or contest it, which could adversely affect our results of operations and cash flow.
We face possible risks associated with the physical effects of climate change.
The physical effects of climate change could have a material adverse effect on our properties, operations, and business. For example, our properties are located along the east and west coasts of the U.S., particularly those in the central business districts of New York, San Francisco, Washington, D.C., and Boston. To the extent climate change causes changes in weather patterns, our markets could experience increases in storm intensity and rising sea-levels. Over time, these conditions could result in declining demand for office space in our buildings or our inability to operate the buildings at all. Climate change may also have indirect effects on our business by increasing the cost of (or making unavailable) property insurance on terms we find acceptable and increasing the cost of energy at our properties. There can be no assurance that climate change will not have a material adverse effect on our properties, operations, or business.
Uninsured losses relating to real property or excessively expensive premiums for insurance coverage could reduce our net income, and materially and adversely affect our business or financial condition.
We may incur losses from time to time that are uninsurable or not economically feasible to insure, or may be insured subject to limitations, such as large deductibles or co-payments. Some of these losses could be catastrophic in nature, such as losses due to earthquakes, acts of terrorism or armed hostilities, fire, floods, tornadoes, hurricanes, pollution, wars, or environmental matters. For example, we have properties located in the San Francisco Bay Area of California, an area especially susceptible to earthquakes, and, collectively, these properties represent approximately 33% of our 2020 annualized lease revenue, as described in Item 2, Properties. Because several of these properties are located in close proximity to one another, an earthquake in the San Francisco area could materially damage, destroy, or impair the use by tenants of all of these properties. Furthermore, insurance risks associated with potential terrorist acts could sharply increase the premiums we pay for coverage against property and casualty claims. Additionally, mortgage lenders in some cases insist that commercial property owners purchase coverage against terrorism as a condition of providing mortgage loans. Such insurance policies may not be available at a reasonable cost, if at all, which could inhibit our ability to finance or refinance our properties. In such instances, we may be required to provide other financial support, either through financial assurances or self-insurance, to cover potential losses. In addition, we may not have adequate coverage for losses. If any of our properties incur a loss that is not fully insured, the value of that asset will be reduced by such uninsured loss. Furthermore, other than any working capital reserves or other reserves that we may establish, or our existing line of credit, we do not have additional sources of funding specifically designated for repairs or reconstruction of any of our properties. To the extent we incur significant uninsured losses, or are required to pay unexpectedly large amounts for insurance, our results of operations or financial condition could be adversely affected.
Our insurance providers may default on their obligations to pay claims.
If one or more of our insurance providers were to fail to pay a claim as a result of insolvency, bankruptcy, or otherwise, the nonpayment of such claims could have an adverse effect on our financial condition and results of

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operations. In addition, if one or more of our insurance providers were to become subject to insolvency, bankruptcy, or other proceedings, and our insurance policies with the provider were terminated or canceled as a result of those proceedings, we cannot guarantee that we would be able to find alternative coverage in adequate amounts or at reasonable prices. In such case, we could experience a lapse in any or adequate insurance coverage with respect to one or more properties and be exposed to potential losses relating to any claims that may arise during such period of lapsed or inadequate coverage.
Actual or threatened terrorist attacks, armed hostilities, or contagious disease epidemics affecting our target markets may adversely affect our ability to generate revenues and the value of our properties.
We have significant investments in densely populated metropolitan markets that have been, or may be in the future, negatively impacted by actual or threatened acts of terrorism or contagious disease epidemics or pandemics (such as the current COVID-19 pandemic discussed above), including New York, San Francisco, Washington, D.C., and Boston. As a result, some tenants in these markets may choose to relocate their businesses to other markets with less population density or to lower-profile office buildings within these markets that may be perceived to be less-likely targets of future terrorist activity. This could result in an overall decrease in the demand for office space in these markets generally or in our properties in particular, which could increase vacancies in our properties or necessitate that we lease our properties on less favorable terms, or both. In addition, future terrorist attacks in these markets could directly or indirectly damage our properties, both physically and financially, or cause losses that materially exceed our insurance coverage. Attacks, armed conflicts, or diseases could result in increased operating costs, including building security, building systems maintenance, property and casualty insurance, and property maintenance. As a result of terrorist activities and other market conditions, the cost of insurance coverage for our properties could also increase. In addition, our insurance policies may not recover all our property replacement costs and lost revenue resulting from the attack. As a result of the foregoing, our ability to generate revenues and the value of our properties could decline materially.
If we are unable to fund the future capital needs of our properties, cash distributions to our stockholders and the value of our investments could decline.
When tenants do not renew their leases or otherwise vacate their space, we often need to expend substantial funds to improve the vacated space in order to attract replacement tenants. In addition, although we expect that our leases with tenants will require tenants to pay routine property maintenance costs, we will likely be responsible for any major structural repairs, such as repairs to the foundation, exterior walls, and rooftops.
If we need significant capital in the future to improve or maintain our properties or for any other reason, we will have to obtain financing from sources such as cash flow from operations, borrowings, property sales, or future equity offerings. These sources of funding may not be available on attractive terms or at all. If we cannot procure the necessary funding for capital improvements, our investments may generate lower cash flows or decline in value, or both, which would limit our ability to make distributions to our stockholders.
We face risks relating to the occurrence of cyber incidents, or a deficiency in our cybersecurity, which could negatively impact our business by causing a disruption to our operations, a compromise of confidential information, and/or damage to our business relationships.
A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity, or availability of our information resources. More specifically, a cyber incident is an intentional attack or an unintentional event that can include gaining unauthorized access to systems to disrupt operations, corrupt data, or steal confidential information. A breach of our privacy or information security systems or our tenants' privacy or information security systems, particularly through cyber attacks or cyber intrusion, could materially adversely affect our business and financial condition. Privacy and information security risks have generally increased in recent years because of the proliferation of new technologies and the increased sophistication and activities of perpetrators of cyber attacks. As our reliance on technology has increased, so have the risks of cyber attacks to our systems, both internal and those we have outsourced. Cyber attacks can be both individual and highly organized attempts planned by very sophisticated hacking organizations. Risks that could directly result from the occurrence of a cyber incident include operational interruption, damage to our relationships with our tenants, potential errors from misstated financial

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reports, missed reporting deadlines, violations of loan covenants, inability to comply with laws and regulations and private data exposure, among others. Any or all of the preceding risks could have a material adverse effect on our results of operations, financial condition, and cash flows. In addition, the COVID-19 pandemic may have an adverse impact on our information technology systems, including telecommuting issues associated with our employee population working remotely.
We employ a number of measures to prevent, detect, and mitigate these threats, which include dual factor authentication, frequent password change events, firewall detection systems, frequent backups, a redundant data system for core applications, and annual breach testing. While, to date, we have not had a significant cyber breach or attack that has had a material impact on our business or results of operations, there can be no assurance that our efforts to maintain the security and integrity of our systems will be effective, or that we will be able to maintain our systems free from security breaches or other operational interruptions.
A cybersecurity attack could compromise the confidential information of our employees, customers, and vendors. A successful attack could disrupt and affect our business operations, damage our reputation, and result in significant remediation and litigation costs. Further, one or more of our tenants could experience a cyber incident which could impact their operations and ability to perform under the terms of their lease with us. While we maintain insurance coverage that may, subject to policy terms and conditions including deductibles, cover specific aspects of cyber risks, such insurance coverage may be insufficient to cover all losses. As cyber threats continue to evolve, we may be required to expend additional resources to continue to enhance our information security measures and to investigate and remediate any information security vulnerabilities.
Costs of complying with governmental laws and regulations may reduce our net income and the cash available for distributions to our stockholders.
All real property and the operations conducted on real property are subject to federal, state, and local laws and regulations relating to environmental protection and human health and safety. Some of these laws and regulations may impose joint and several liability on tenants, owners, or operators for the costs to investigate or remediate contaminated properties, regardless of fault or whether the acts causing the contamination were legal. There are various local, state, and federal regulatory requirements, such as fire, health, life-safety, and similar regulations, and the Americans with Disabilities Act, with which we may be required to comply, and which may subject us to liability in the form of fines or damages for noncompliance. In addition, the presence of hazardous substances, or the failure to properly remediate these substances, may hinder our ability to sell, rent, or pledge such property as collateral for future borrowings.
The Americans with Disabilities Act generally requires that certain buildings, including office buildings, be made accessible to disabled persons. Noncompliance could result in the imposition of fines by the federal government or the award of damages to private litigants. If, under the Americans with Disabilities Act, we are required to make substantial alterations and capital expenditures in one or more of our properties, including the removal of access barriers, it could adversely impact our earnings and cash flows, thereby impacting our ability to service debt and make distributions to our stockholders.
Compliance with new laws or regulations, including municipal regulations such as New York city's Climate Mobilization Act and Facade Inspection Safety Program (formerly known as Local Law 11), or stricter interpretation of existing laws, may require us to incur material expenditures. Future laws, ordinances, or regulations may impose material environmental liability. Additionally, our tenants' operations, the existing condition of land when we buy it, operations in the vicinity of our properties, such as the presence of underground storage tanks or activities of unrelated third parties, may affect our properties. Any material expenditures, fines, or damages we must pay would adversely impact our earnings and cash flows, thereby impacting our ability to service debt and make distributions to our stockholders.

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Discovery of previously undetected environmentally hazardous conditions may decrease our revenues and limit our ability to make distributions.
Under various federal, state, and local environmental laws, ordinances, and regulations, a current or previous real property owner or operator may be liable for the cost to remove or remediate hazardous or toxic substances on, under, or in such property. These costs could be substantial. Such laws often impose liability whether or not the owner or operator knew of, or was responsible for, the presence of such hazardous or toxic substances. Environmental laws also may impose restrictions on the manner in which property may be used or businesses may be operated, and these restrictions may require substantial expenditures or prevent us from entering into leases with prospective tenants that may be impacted by such laws. Environmental laws provide for sanctions for noncompliance and may be enforced by governmental agencies or, in certain circumstances, by private parties. Certain environmental laws and common law principles could be used to impose liability for release of and exposure to hazardous substances, including asbestos-containing materials. Third parties may seek recovery from real property owners or operators for personal injury or property damage associated with exposure to released hazardous substances. The cost of defending against claims of liability, of complying with environmental regulatory requirements, of remediating any contaminated property, or of paying personal injury claims could have an adverse impact on our business and results of operations.
Property ownership through joint ventures may limit our ability to act exclusively in our interest.
We have entered into nine joint venture arrangements and in the future may acquire, develop, or redevelop properties in, or contribute properties to, joint ventures with other persons or entities when we believe circumstances warrant the use of such structures. We could become engaged in a dispute with one or more of our joint venture partners, which might affect our ability to operate a jointly owned property. Moreover, joint venture partners may have business, economic, or other objectives that are inconsistent with our objectives, including objectives that relate to the appropriate timing and terms of any sale or refinancing of a property. In some instances, joint venture partners may have competing interests in our markets that could create conflicts of interest. Also, our joint venture partners might refuse to make capital contributions when due, and we may be responsible to our partners for indemnifiable losses. We and our partners may each have the right to trigger a buy-sell arrangement, which could cause us to sell our interest, or acquire our partners' interest, at a time when we otherwise would not have initiated such a transaction and may result in the valuation of our interest in the joint venture (if we are the seller) or of the other partner's interest in the joint venture (if we are the buyer) at levels which may not be representative of the valuation that would result from an arm's-length marketing process. We are also subject to the following risks, the likelihood of which may be higher when our joint venture partner is an institutional owner and required to aggregate approvals from multiple beneficial owners: (i) a deadlock if we and our joint venture partner are unable to agree upon certain major and other decisions, (ii) the limitation of our ability to liquidate our position in the joint venture without the consent of the other joint venture partner, and (iii) the requirement to provide guarantees in favor of lenders with respect to the indebtedness of the joint venture.
We are dependent on our executive officers and employees, and competition for skilled personnel could increase our compensation costs.
We rely on a small number of persons, particularly our executive officers, to carry out our business and investment strategies. Any of our senior management, including our executive officers, may cease to provide services to us at any time. The loss of the services of any of our key management personnel or our inability to recruit and retain qualified personnel in the future, could have an adverse effect on our business and financial results. Further, we compete with various other companies in attracting and retaining qualified and skilled personnel, which may require us to enhance our pay and benefits packages to compete effectively for such personnel. We will continue to try to attract and retain qualified additional senior management and other employees, but may not be able to do so on acceptable terms.
We may incur impairment charges.
We evaluate on a quarterly basis our real estate portfolios for indicators of impairment. Impairment charges reflect management's judgment of the probability and severity of the decline in the value of real estate assets and

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investments we own. These charges and provisions may be required in the future as a result of factors beyond our control, including, among other things, changes in our expected holding periods, changes in the economic environment and market conditions affecting the value of real property assets, or natural or man-made disasters. If we are required to take impairment charges, our results of operations could be adversely impacted.
Our investment advisory business subjects us to a variety of risks associated with investment performance and advisory services.
On January 24, 2020, we completed the acquisition of Normandy Real Estate Management, LLC, which is a registered investment advisor ("RIA") under the Investment Advisers Act of 1940, as amended (the "Advisers Act") that provides investment management services, among other things. Federally registered investment advisers are regulated and subject to examination by the SEC. Additionally, the Advisers Act imposes numerous obligations on RIAs, including fiduciary duties, disclosure obligations, recordkeeping and reporting requirements, marketing restrictions, and general anti-fraud prohibitions. Our failure to comply with the Advisers Act and associated rules and regulations promulgated by the SEC could subject us to enforcement proceedings and sanctions for violations, including censure or termination of SEC registration, litigation, and reputational harm. In addition, our investment advisory business is subject to state laws and regulations.
Additionally, poor investment returns and declines in client assets in our investment advisory business, due to either general market conditions or under-performance (relative to our competitors or to benchmarks) by investment products, may affect our ability to retain existing assets, prevent clients from transferring their assets out of products or their accounts, or inhibit our ability to attract new clients or additional assets from existing clients. Any such poor performance could adversely affect our investment advisory business and the advisory fees that we earn on client assets.
Conflicts of interest, or the appearance of conflicts of interest, may arise because certain of our directors and officers are also affiliated with interests that may directly compete with us in the future.
Conflicts of interest, or the appearance of conflicts of interest, could arise between our interests and the interests of the other entities and business activities in which our directors or officers are involved. For example, in connection with our acquisition of Normandy, certain of our officers and directors retain interests in assets or funds that were excluded from the acquisition that may in the future compete with our business in certain markets or in complimentary business lines once they are no longer subject to non-compete obligations. In such cases, the interests of such directors and officers may not be aligned with our own in all respects. Furthermore, we are involved in business arrangements in which both we, on the one hand, and entities or funds formerly affiliated with Normandy, on the other hand, are joint venture partners. Conflicts of interests, or the appearance of conflicts of interests, could arise in that context as we now control and have duties on behalf of both joint venture partners. While our contractual arrangements place restrictions on the parties' conduct in certain situations, and related party transactions are subject to independent review and approval in accordance with our related party transaction approval procedures and applicable law, the potential for a conflict of interest exists, and such persons may have conflicts of interest, or the appearance of conflicts of interest, with respect to these matters.

Risks Related to Our Indebtedness
We have incurred and may continue to incur indebtedness, which may increase our business risks.
As of January 31, 2021, our total consolidated indebtedness was approximately $1.3 billion, which includes a $300.0 million term loan, a $150.0 million term loan, and $700.0 million of bonds with fixed interest rates, or with interest rates that are effectively fixed when considered in connection with interest rate swap agreements; and $110.0 million in outstanding borrowings on our line of credit, with a variable interest rate. We may incur additional indebtedness to acquire, develop, or redevelop properties, to fund property improvements and other capital expenditures, to pay our distributions, and for other purposes.
Significant borrowings by us increase the risks of an investment in us. If there is a shortfall between the cash flow from properties and the cash flow needed to service our indebtedness, then the amount available for distributions

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to stockholders may be reduced. In addition, incurring mortgage debt increases the risk of loss, since defaults on indebtedness secured by a property may result in lenders initiating foreclosure actions. In that case, we could lose the property securing the loan that is in default. If any of our properties are foreclosed due to a default, our ability to pay cash distributions to our stockholders will be limited. For tax purposes, a foreclosure of any of our properties would be treated as a sale of the property for a purchase price equal to the outstanding balance of the debt secured by the mortgage. If the outstanding balance of the debt secured by the mortgage exceeds our tax basis in the property, we would recognize taxable income on foreclosure, but we would not receive any cash proceeds. We may give full or partial guarantees to lenders of mortgage debt on behalf of the entities that own our properties. When we give a guaranty on behalf of an entity that owns one of our properties, we are responsible to the lender for satisfaction of the debt if it is not paid by such entity.
Furthermore, we are subject to certain restrictions pursuant to the restrictive covenants of our outstanding indebtedness, which may affect our operations and our ability to incur additional debt. Loan documents evidencing our existing indebtedness contain, and loan documents entered into in the future will likely contain, financial covenants, including certain coverage ratios and limitations on our ability to incur additional debt, sell all or substantially all of our assets, and engage in mergers and consolidations and certain acquisitions. Failure to meet any of these covenants, including the financial coverage ratios, could cause an event of default under and/or accelerate some or all of our indebtedness, which would have a material adverse effect on us. Our unsecured credit facility (the "Revolving Credit Facility") and our two unsecured term loan facilities each include a cross-default provision that provides that a payment default under any recourse obligation of $50 million or more by us, or any of our subsidiaries, constitutes a default under the line of credit and term loan facilities.
Increases in interest rates could increase the amount of our debt payments and make it difficult for us to refinance our unsecured bank debt or bonds, or to finance or refinance properties, which could reduce the number of properties we can acquire, develop, or redevelop, our net income, and the amount of cash distributions we can make.
We expect to incur additional indebtedness in the future, which may include term loans, borrowings under a credit facility, unsecured bonds, or mortgages. Increases in interest rates will increase interest costs on our variable-interest debt instruments, which would reduce our cash flows and our ability to pay distributions. If mortgage debt is unavailable at reasonable interest rates or at all, we may not be able to finance the purchase of properties. If we place mortgage debt on properties, we run the risk of being unable to refinance the properties when the loans become due, or of being unable to refinance on favorable terms. In addition, if we need to repay existing debt during periods of higher interest rates, we may need to sell one or more of our investments in order to repay the debt, which sale at that time might not permit realization of the maximum return on such investments. If any of these events occur, our ability to refinance some or all of our existing indebtedness may be impacted and our cash flow may be reduced. This, in turn, would reduce cash available for distribution to our stockholders and may hinder our ability to raise capital in the future through additional borrowings or debt or equity offerings. Please refer to Item 7A, Quantitative and Qualitative Disclosures about Market Risk, for additional information regarding interest rate risk.
Changes in the method pursuant to which the LIBOR rates are determined and potential phasing out of LIBOR after 2021 may adversely affect our results of operations.
Our variable-interest debt instruments may use London Interbank Offering Rate ("LIBOR") as a benchmark for establishing the rate. In July 2017, the United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced its intent to phase out LIBOR by the end of 2021. The cessation date for submission and publication of rates for certain tenors of LIBOR has since been extended by the ICE Benchmark Administration until mid-2023. While this announcement extends the transition period, the United States Federal Reserve issued a statement advising banks to stop new U.S. dollar LIBOR issuances by the end of 2021. The discontinuation of LIBOR will require lenders and their borrowers to transition from LIBOR to an alternative benchmark interest rate, which might increase the cost of our variable-interest debt instruments. In the United States, the Alternative Reference Rates Committee, which was convened by the Federal Reserve Board and the Federal Reserve Bank of New York, has identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative rate for U.S. dollar LIBOR. Although SOFR appears to be the preferred replacement rate for U.S. dollar LIBOR, it is unclear if other benchmarks

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may emerge or if other rates will be adopted outside of the United States. Uncertainty as to the nature of alternative reference rates, such as SOFR, and as to potential changes or other reforms to LIBOR may adversely affect LIBOR rates and the value of LIBOR-based loans.
When LIBOR is discontinued, or otherwise at our option, our Revolving Credit Facility and term loan facilities provide for alternate interest rate calculations. Any such alternative interest rates may be calculated differently than LIBOR and may increase the interest expense associated with our existing or future indebtedness.
A downgrade in the credit rating of our debt could materially adversely affect our business and financial condition.
Our senior unsecured debt is rated investment grade by S&P Global Ratings and Moody's Investors Service. In determining our credit ratings, the rating agencies consider a number of both quantitative and qualitative factors, including earnings, fixed charges, cash flows, total debt outstanding, total secured debt, off balance sheet obligations, total capitalization, and various ratios calculated from these factors. The rating agencies also consider predictability of cash flows, business strategy, joint venture activity, property development risks, industry conditions, and contingencies. Therefore, any deterioration in our operating performance could cause our investment-grade rating to come under pressure. Our corporate credit rating at S&P Global Ratings is currently "BBB" with a negative outlook, and our corporate credit rating at Moody's Investor Service is currently "Baa2" with a negative outlook. There can be no assurance that our credit ratings will not be lowered or withdrawn in their entirety. A negative change in our ratings outlook or any downgrade in our current investment-grade credit ratings by rating agencies could adversely affect our cost and access to sources of liquidity and capital. Additionally, a downgrade could, among other things, increase the costs of borrowing under our credit facility and term loans, adversely impact our ability to obtain unsecured debt or refinance our unsecured debt on competitive terms in the future, or require us to take certain actions to support our obligations, any of which would adversely affect our business and financial condition.
Federal Income Tax Risks
Failure to qualify as a REIT would reduce our net income and cash available for distributions.
Our qualification as a REIT depends upon our ability to meet requirements regarding our organization and ownership, distributions of our income, the nature and diversification of our income and assets, and other tests imposed by the Internal Revenue Code of 1986, as amended (the "Code") and the Regulations promulgated thereunder (the "Regulations"). The fact that we hold a substantial amount of our assets through Columbia OP and its subsidiaries and real estate ventures further complicates the application of the REIT requirements for us. If we fail to qualify as a REIT for any taxable year, we will be subject to federal and state income tax on our taxable income at corporate rates, including interest and any applicable penalties. In addition, we would generally be disqualified from treatment as a REIT for the four taxable years following the year of losing our REIT status. Losing our REIT status would reduce our net earnings available for investment or distribution to stockholders because of the additional tax liability. In addition, distributions to stockholders would no longer qualify for the dividends-paid deduction, and we would no longer be required to make distributions. If this occurs, we might be required to borrow funds or liquidate some investments in order to pay the applicable tax.
Failure of Columbia OP to be treated as a disregarded entity or a partnership would have serious adverse consequences to our stockholders.
If the IRS were to successfully challenge the tax status of the Columbia OP or any of its subsidiary partnerships or real estate ventures for federal income tax purposes, the Columbia OP or the affected subsidiary partnership or real estate venture would be taxable as a corporation. In such event, we would cease to qualify as a REIT and the imposition of a corporate tax on the Columbia OP, subsidiary partnership, or real estate venture would reduce the amount of cash available for distribution from the Columbia OP to us and ultimately to our stockholders.

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Even if we qualify as a REIT for federal income tax purposes, we may be subject to other tax liabilities that reduce our cash flow and our ability to make distributions to our stockholders.
Even if we remain qualified as a REIT for federal income tax purposes, we may be subject to some federal, state, and local taxes on our income or property. For example:
In order to qualify as a REIT, we must distribute annually at least 90% of our REIT taxable income to our stockholders (which is determined without regard to the dividends-paid deduction or net capital gain). To the extent that we satisfy the distribution requirement but distribute less than 100% of our REIT taxable income, we will be subject to federal and state corporate income tax on the undistributed income.
We will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions we pay in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gains net income, and 100% of our undistributed income from prior years.
If we have net income from the sale of foreclosure property that we hold primarily for sale to customers in the ordinary course of business or other nonqualifying income from foreclosure property, we must pay a tax on that income at the highest corporate income tax rate.
If we sell a property, other than foreclosure property, that we hold primarily for sale to customers in the ordinary course of business, our gain would be subject to the 100% "prohibited transaction" tax.
We may perform additional, noncustomary services for tenants of our buildings through our taxable REIT subsidiary, including real estate or non-real-estate-related services; however, any earnings related to such services are subject to federal and state income taxes.
Legislation that modifies the rules applicable to partnership tax audits may affect us.
The Bipartisan Budget Act of 2015, effective for taxable years beginning after December 31, 2017, requires Columbia OP (with respect to any period when it is classified as a partnership and not a disregarded entity for federal income tax purposes) and any subsidiary partnership to pay the hypothetical increase in partner-level taxes (including interest and penalties) resulting from an adjustment of partnership tax items on audit or in other tax proceedings, unless the partnership elects an alternative method under which the taxes resulting from the adjustment (and interest and penalties) are assessed at the partner level. On December 24, 2018, the IRS issued final Regulations regarding the application of certain aspects of these new partnership audit rules. Many uncertainties remain as to the application of these rules, including the application of the alternative method to partners that are REITs, and the impact they will have on us. Additional regulatory pronouncements interpreting and implementing these rules may be promulgated in the future. However, it is possible that partnerships in which we invest may be subject to U.S. federal income tax, interest, and penalties in the event of a U.S. federal income tax audit as a result of these new regulations.
Legislative or regulatory action could adversely affect investors.
In recent years, numerous legislative, judicial, and administrative changes have been made in the provisions of federal and state income tax laws applicable to investments similar to an investment in our shares. In particular, the comprehensive tax reform legislation enacted in December 2017 and commonly known as the Tax Cuts and Jobs Act, or TCJA, made many significant changes to the U.S. federal income tax laws that will profoundly impact the taxation of individuals and corporations (including both regular C corporations and corporations that have elected to be taxed as REITs). A number of changes that affect noncorporate taxpayers will expire at the end of 2025 unless Congress acts to extend them. Among other changes, the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, signed into law on March 27, 2020, makes certain changes to the TCJA. These changes will impact us and our stockholders in various ways, some of which are adverse or potentially adverse compared to prior law. To date, the IRS has issued only limited guidance with respect to certain of the new provisions, and there are numerous interpretive issues that will require further guidance. Technical corrections legislation may be needed to clarify certain aspects of the new law and give proper effect to Congressional intent. There can be no assurance, however, that technical clarifications or changes needed to prevent unintended or unforeseen tax consequences will be enacted by Congress in the near future. Additional changes to tax laws are likely to continue to occur in the future, and we cannot assure investors that any such changes will not adversely affect the taxation of our stockholders. Any

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such changes could have an adverse effect on an investment in shares or on the market value or the resale potential of our properties. Investors are urged to consult with their own tax advisor with respect to the impact of recent legislation on ownership of shares and the status of legislative, regulatory, or administrative developments and proposals, and their potential effect on ownership of shares.
To maintain our REIT status, we may be forced to borrow funds or dispose of assets during unfavorable market conditions to make distributions to our stockholders, which could increase our operating costs and decrease the value of an investment in us.
We intend to make distributions to our stockholders to comply with the requirements of the Code for REITs and to minimize or eliminate our corporate tax obligations; however, differences between the recognition of taxable income and the actual receipt of cash could require us to sell assets or borrow funds on a short-term or long-term basis to meet the distribution requirements of the Code. Certain types of assets generate substantial disparity between taxable income and available cash, such as real estate that has been financed through financing structures which require some or all of available cash flows to be used to service borrowings. In addition, changes made by TCJA will require us to accrue certain income for U.S. federal income tax purposes no later than when such income is taken into account as revenue on our financial statements (subject to an exception for certain income that is already subject to a special method of accounting under the Internal Revenue Code). This could cause us to recognize taxable income prior to the receipt of the associated cash. TCJA also includes limitations on the deductibility of certain compensation paid to our executives, certain interest payments, and certain net operating loss carryforwards, each of which could potentially increase our taxable income and our required distributions. Under the CARES Act, net operating losses arising in taxable years beginning after December 31, 2017 and before January 1, 2021 may generally be carried back up to five taxable years preceding the tax year of such loss. However, this change under the CARES Act does not apply to REITs, so that net operating losses of a REIT may not be carried back to any previous taxable year. The treatment of net operating losses arising in taxable years beginning after December 31, 2020 is not affected by the CARES Act, and such losses may not be carried back to any prior taxable year. In addition, for taxable years beginning after December 31, 2017, TCJA had limited the deduction for net operating losses to 80% of current year taxable income. The CARES Act eliminates this 80% limitation for taxable years beginning before January 1, 2021. Additionally, Section 163(j) of the Code, as amended by the TCJA, limited the deductibility of net interest expense paid or accrued on debt properly allocable to a trade or business to 30% of "adjusted taxable income," subject to certain exceptions, plus the taxpayer’s business interest income for the tax year. The CARES Act increases the maximum amount of interest expense that may be deducted to 50% of adjusted taxable income for taxable years beginning in 2019 or 2020. As a result, the requirement to distribute a substantial portion of our taxable income could cause us to: (1) sell assets in adverse market conditions, (2) borrow on unfavorable terms, or (3) distribute amounts that would otherwise be invested in future acquisitions, capital expenditures, or repayment of debt, in order to comply with REIT requirements. Any such actions could increase our costs and reduce the value of our common stock. Further, we may be required to make distributions to our stockholders when it would be more advantageous to reinvest cash in our business or when we do not have funds readily available for distribution. Compliance with REIT qualification requirements may, therefore, hinder our ability to operate solely on the basis of maximizing profits.
To maintain our REIT status, we may be forced to forego otherwise attractive opportunities, which could delay or hinder our ability to meet our investment objectives and lower the return to our stockholders.
To qualify as a REIT, we must satisfy tests on an ongoing basis concerning, among other things, the sources of our income, the nature of our assets, and the amounts we distribute to our stockholders. We may be required to make distributions to stockholders at times when it would be more advantageous to reinvest cash in our business or when we do not have funds readily available for distribution. Compliance with the REIT requirements may hinder our ability to operate solely on the basis of maximizing profits.
We face possible adverse state local tax audits and changes in state and local tax law.
Because Columbia Property Trust operates as a REIT, it is generally not subject to federal income taxes, but we are subject to certain state and local taxes. From time to time, changes in state and local tax laws or regulations are enacted, which may result in an increase in our tax liability. A shortfall in tax revenues for states and municipalities in

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which we operate may lead to an increase in the frequency and size of such changes. If such changes occur, we may be required to pay additional taxes on our assets or income. These increased tax costs could adversely affect our financial condition and results of operations and the amount of cash available for the payment of dividends and distributions to our security holders.
General Risks
We may be unable to pay or maintain cash distributions or increase distributions over time, which could reduce the funds we have available for investment and the return to our investors.
There are many factors that can affect the availability and timing of distributions to stockholders. We expect to continue to fund distributions principally from cash flow from operations; however, from time to time we may elect to fund a portion of our distributions from borrowings. If we fund distributions from financings, we will have fewer funds available for the investment in, and acquisition of, properties; thus, the overall return to our investors may be reduced. We can give no assurance that we will be able to pay or maintain cash distributions or increase distributions over time. Our ability to make distributions in the future will depend on several factors, many of which may be beyond our control, including:
the operational and financial performance of our properties;
capital expenditures with respect to existing, developed, and newly acquired properties;
general and administrative costs associated with our operation as a publicly held REIT;
the amount of, and the interest rates on, our debt; and
potential significant expenditures relating to environmental and other regulatory matters.
Our stock price may be volatile or may decline, regardless of our operating performance, and may impede our stockholders' ability to sell their shares at a desirable price.
The market price of our common stock may vary significantly in response to a number of factors, most of which we cannot control, including those described under this section and the following:
changes in capital market conditions that could affect valuations of real estate companies in general or other adverse economic conditions;
our failure to meet any earnings estimates or expectations;
future sales of our common stock by our officers, directors, and significant stockholders;
global economic, legal, and regulatory factors unrelated to our performance;
investors' perceptions of our prospects;
announcements by us or our competitors of significant contracts, acquisitions, joint ventures, or capital commitments; and
investor perceptions of the investment opportunity associated with our common stock relative to other investment alternatives.
In addition, from time to time, the New York Stock Exchange (the "NYSE"), has experienced extreme price and volume fluctuations that have affected the market prices of equity securities of many real estate companies, such as in 2020, which was marked by extreme market volatility at times, related to the ongoing COVID-19 pandemic and its continuing economic impact. In the past, stockholders have instituted securities class action litigation following periods of market volatility. If we were involved in securities litigation, we could incur substantial costs, and our resources and the attention of management could be diverted from our business. Furthermore, we currently have limited research coverage by securities and industry analysts. If additional securities or industry analysts do not commence coverage of our Company, the long-term trading price for our common stock could be negatively impacted. If one or more of present or future analysts who cover us downgrade our common stock or publish inaccurate or unfavorable research about our business, our stock price would likely decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, demand for our common stock could decrease, which could cause our stock price and trading volume to decline.

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Further issuances of equity securities may be dilutive to current stockholders.
The interests of our existing stockholders could be diluted if additional equity securities are issued to finance future acquisitions, developments, or redevelopments, or to repay indebtedness. Our ability to execute our business strategy depends on our access to an appropriate blend of debt financing, including unsecured lines of credit and other forms of secured and unsecured debt, and equity financing.
Our charter limits the number of shares a person may own, which may discourage a takeover that could otherwise result in a premium price to our stockholders.
Our charter, with certain exceptions, authorizes our directors to take such actions as are necessary and desirable to preserve our qualification as a REIT. Unless exempted by our board of directors, no person may own more than 9.8% of our outstanding common stock. This restriction may have the effect of delaying, deferring, or preventing a change in control, including an extraordinary transaction (such as a merger, tender offer, or sale of all or substantially all of our assets) that might provide a premium price for holders of our common stock.
Our organizational documents contain provisions that may discourage a takeover of us and could depress the price of our shares of common stock.
Our organizational documents contain provisions that may have an anti-takeover effect, inhibit a change of our management, or inhibit, in certain circumstances, tender offers for our common stock or proxy contests to change our board. These provisions include: ownership limits and restrictions on transferability that are intended to enable us to continue to qualify as a REIT; broad discretion of our board to take action, without stockholder approval, to issue new classes of securities that may discourage a third party from acquiring us; the ability, through board action or bylaw amendment to opt in to certain provisions of Maryland law that may impede efforts to effect a change in control of us; advance notice requirements for stockholder proposals and stockholder nominations of directors; and the absence of cumulative voting rights.
In addition, our board of directors may classify or reclassify any unissued preferred stock and establish the preferences; conversion; or other rights, voting powers, restrictions, or limitations as to distributions, qualifications, and terms or conditions of redemption of any such stock. Thus, our board of directors could authorize the issuance of preferred stock with terms and conditions that could have priority as to distributions and amounts payable upon liquidation over the rights of the holders of our common stock. Such preferred stock could also have the effect of delaying, deferring, or preventing a change in control of us, including an extraordinary transaction (such as a merger, tender offer, or sale of all or substantially all of our assets) that might provide a premium price to holders of our common stock.
Maryland General Corporation Law provides certain protections relating to deterring or defending hostile takeovers, which may discourage others from trying to acquire control of us and may prevent our stockholders from receiving a premium price for their stock in connection with a business combination.
Our board of directors has determined to opt out of certain provisions of Maryland law that may impede efforts to effect a change in control of us as further described below; in the case of the business combination provisions of Maryland law, by resolution of our board of directors; in the case of the control share provisions of Maryland law, pursuant to a provision in our bylaws; and in the case of certain provisions of the Maryland Unsolicited Takeover Act, pursuant to Articles Supplementary. Only upon stockholder approval of an amendment to our Articles of Incorporation may our board of directors repeal the foregoing opt-outs from the anti-takeover provisions of Maryland General Corporation Law.
Under Maryland law, "business combinations" between a Maryland corporation and certain interested stockholders or affiliates of interested stockholders are prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder. These business combinations include a merger, consolidation, share exchange, or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. Also under Maryland law, control shares of a Maryland corporation acquired in a control share acquisition have no voting rights except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter. Shares owned by the acquirer, an officer of the corporation, or an employee of the

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corporation who is also a director of the corporation are excluded from the vote on whether to accord voting rights to the control shares. These provisions may therefore discourage others from trying to acquire control of us and increase the difficulty of consummating any offer. Similarly, provisions of Title 3, Subtitle 8 of the Maryland General Corporation Law, commonly referred to as the "Maryland Unsolicited Takeover Act," could provide similar anti-takeover protection.
Corporate responsibility, specifically related to environmental, social, and governance ("ESG") factors, may impose additional costs and expose us to new risks.
The importance of sustainability evaluations is becoming more broadly accepted by investors and stockholders. Certain organizations that provide corporate governance and other corporate risk information to investors and shareholders have developed scores and ratings to evaluate companies and investment funds based upon ESG or "sustainability" metrics. Many investment funds focus on positive ESG business practices and sustainability scores when making investments and may consider a company’s sustainability score as a reputational or other factor in making an investment decision. In addition, investors, particularly institutional investors, use these scores to benchmark companies against their peers, and if a company is perceived as lagging, these investors may engage with companies to require improved ESG disclosure or performance. We may face reputational damage in the event our corporate responsibility procedures or standards do not meet the standards set by various constituencies. A low sustainability score could result in a negative perception of the Company, or exclusion of our common stock from consideration by certain investors.

ITEM 1B.UNRESOLVED STAFF COMMENTS
Not applicable.

ITEM 2.PROPERTIES
Overview
As of December 31, 2020, we owned 15 operating properties and four properties under development or redevelopment, of which 10 were wholly owned and nine were owned through joint ventures. These properties are located primarily in New York, San Francisco, Washington, D.C., and Boston, and were approximately 95.6% leased as of December 31, 2020.
Property Statistics
The tables below include statistics for the nine consolidated operating properties, which we own directly, and our proportional share of the annualized lease revenue and rentable square feet for the six operating properties we own through consolidated and unconsolidated joint ventures. 2020 annualized lease revenue is an operating metric, calculated as (i) annualized rental payments (defined as base rent plus operating expense reimbursements, excluding rental abatements) for executed and commenced leases as of December 31, 2020, as well as leases executed but not yet commenced for vacant space that will commence within 12 months, and (ii) annualized parking revenues, payable either under the terms of an executed lease or vendor contract ("2020 Annualized Lease Revenue"). 2020 Annualized Lease Revenue excludes rental payments for executed leases that have not yet commenced for space covered by an existing lease.

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The following table shows lease expirations of our office properties as of December 31, 2020, during each of the next 10 years and thereafter. This table assumes no exercise of renewal options or termination rights.    
Year of Lease ExpirationRentable
Square Feet
(in thousands)
2020 Annualized
Lease Revenue
(in thousands)
Percentage of
2020 Annualized
Lease Revenue
Vacant209   %
2021451 28,566 8 %
2022313 22,330 7 %
2023426 35,848 11 %
2024237 22,011 6 %
2025643 52,490 15 %
2026749 42,651 13 %
2027169 13,342 4 %
202897 8,214 2 %
2029240 18,880 6 %
2030496 44,035 13 %
Thereafter750 51,141 15 %
4,780 $339,508 100 %

The following table shows the geographic locations of our office properties as of December 31, 2020. For more information about our geographic locations, see Note 16, Segment Information, of the accompanying consolidated financial statements.
LocationLeased
Square Feet
(in thousands)
2020 Annualized
Lease Revenue
(in thousands)
Percentage of
2020 Annualized
Lease Revenue
New York2,023 $151,135 45 %
San Francisco1,439 111,606 33 %
Washington, D.C.846 60,706 18 %
Boston263 16,061 4 %
4,571 $339,508 100 %

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The following table shows the industry breakdown of our office tenants as of December 31, 2020.
IndustryLeased
Square Feet
(in thousands)
2020 Annualized
Lease Revenue
(in thousands)
Percentage of
2020 Annualized
Lease Revenue
Business Services1,238 $102,699 30 %
Depository Institutions917 42,504 13 %
Engineering & Management Services377 27,248 8 %
Legal Services271 25,617 8 %
Nondepository Institutions185 16,151 5 %
Security & Commodity Brokers159 14,075 4 %
Real Estate220 13,103 4 %
Holding and Other Investment Offices115 8,324 2 %
Printing and Publishing87 7,167 2 %
Health Services89 7,086 2 %
Computer & Computer Software Stores68 7,023 2 %
Miscellaneous Retail71 6,900 2 %
Other(1)
774 61,611 18 %
4,571 $339,508 100 %
(1)Within "Other," no more than 2% of 2020 Annualized Lease Revenue is attributable to any individual industry.
The following table shows the major tenants of our operating properties as of December 31, 2020.
Tenant
2020 Annualized
Lease Revenue
(in thousands)
Percentage of
2020 Annualized
Lease Revenue
Twitter$20,671 6 %
Pershing18,797 6 %
Yahoo!/Verizon16,283 5 %
Wells Fargo15,779 5 %
Snap12,655 4 %
Amazon9,668 3 %
DLA Piper7,838 2 %
DocuSign7,720 2 %
Affirm7,207 2 %
WeWork7,124 2 %
Other(1)
215,766 63 %
$339,508 100 %
(1)Within "Other," no more than 2% of 2020 Annualized Lease Revenue is attributable to any individual tenant.

ITEM 3.        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 or our financial condition, nor are we aware of any such legal proceedings contemplated by governmental authorities.

ITEM 4.        MINE SAFETY DISCLOSURES
Not applicable.

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PART II

ITEM 5.MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information and Holders
Our common stock was listed on the NYSE on October 10, 2013 under the symbol "CXP." As of January 31, 2021, we had approximately 114.9 million shares of common stock outstanding held by approximately 21,139 stockholders of record.
Distributions
We intend to make distributions each taxable year (not including a return of capital for federal income tax purposes) equal to at least 90% of our taxable income. One of our primary goals is to pay regular quarterly distributions to our stockholders. The amount of distributions paid and the taxable portion thereof in prior periods are not necessarily indicative of amounts anticipated in future periods.
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, our future capital needs, our future sources of liquidity, and the annual distribution requirements necessary to maintain our status as a REIT under the Code. Investments in new property acquisitions and first-generation capital improvements, as well as equity repurchases, are generally funded with recycled capital proceeds from property sales, debt, or cash on hand. Our board of directors maintained a $0.21 dividend for each quarter of 2020. The dividend for the fourth quarter of 2020 was paid on January 8, 2021.


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Performance Graph
The following graph compares the cumulative total return of our common stock with the S&P 500 Index, Morgan Stanley REIT Index, the FTSE NAREIT US Real Estate Index, and the FTSE NAREIT Equity Office Index for the period beginning on December 31, 2015 through December 31, 2020. The graph assumes a $100.00 investment in each of the indices on December 31, 2015, and the reinvestment of all dividends.
cxp-20201231_g4.jpg
IndexDecember 31, 2015December 31, 2016December 31, 2017December 31, 2018December 31, 2019December 31, 2020
Columbia Property Trust$100.00 $97.25 $107.14 $93.65 $105.14 $75.33 
S&P 500 Index$100.00 $111.95 $136.38 $130.39 $171.44 $201.65 
FTSE NAREIT US Real Estate Index$100.00 $107.84 $112.05 $108.21 $134.55 $121.75 
FTSE NAREIT Equity Office Index$100.00 $113.14 $119.17 $101.87 $133.86 $109.16 
Average High Barrier Peers(1)
$100.00 $108.40 $109.94 $91.05 $111.42 $76.20 
(1)Includes the the following high barrier peers: Boston Properties, Vornado Realty Trust, Paramount Group, Empire State Realty Trust, Kilroy Realty, SL Green Realty Corp., and Hudson Pacific Properties. We have included the simple average total return performance of these companies, in addition to the other indices, because these are the companies with whom we most closely compete for investor dollars, investments, tenants and talent.
Share Repurchases
On August 13, 2019, our board of directors authorized a stock repurchase program to purchase up to an aggregate of $200.0 million of our common stock from September 4, 2019 through September 4, 2021 (the "2019 Stock Repurchase Program"). During the quarter ended December 31, 2020, we did not make any share repurchases. As of December 31, 2020, $143.3 million remains available under the 2019 Stock Repurchase Program.

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ITEM 6.SELECTED FINANCIAL DATA
The following selected financial data of Columbia Property Trust for 2020, 2019, 2018, 2017, and 2016 should be read in conjunction with the accompanying consolidated financial statements and related notes in Item 8, Financial Statements and Supplementary Data, hereof (amounts in thousands, except per-share data).
As of December 31,
20202019201820172016
Total assets
$4,086,518 $4,244,945 $4,173,993 $4,511,539 $4,299,793 
Total stockholders' equity$2,683,594 $2,628,617 $2,741,016 $2,531,936 $2,502,768 
Outstanding debt(1)
$1,260,000 $1,484,000 $1,332,000 $1,674,176 $1,424,602 
Outstanding long-term debt(1)
$1,260,000 $1,484,000 $1,332,000 $1,302,000 $1,302,602 
Obligations under capital leases$ $— $— $120,000 $120,000 
Years Ended December 31,
20202019201820172016
Total revenues
$300,566 $288,837 $297,943 $289,000 $473,543 
Income (loss) from unconsolidated joint venture$8,646 $8,004 $8,003 $2,651 $(7,561)
Net income attributable to common stockholders of Columbia Property Trust$115,710 $9,197 $9,491 $176,041 $84,821 
Net cash provided by operating activities$104,420 $137,443 $97,625 $61,924 $193,091 
Net cash provided by (used in) investing activities$294,177 $(170,309)$375,730 $(347,723)$525,613 
Net cash provided by (used in) financing activities$(349,018)$28,051 $(465,804)$79,281 $(535,264)
Investments in real estate (acquisitions, earnest money deposits, capital projects)$(68,879)$(520,122)$(94,067)$(691,574)$(39,521)
Investments in unconsolidated joint ventures$(58,881)$(17,134)$(38,763)$(369,043)$(16,212)
Distributions paid(2)(3)
$(99,201)$(93,480)$(95,056)$(109,561)$(148,474)
Stock repurchases(2)(4)
$(25,761)$(35,917)$(72,495)$(59,462)$(53,986)
Net debt and bond proceeds (repayments)(2)
$(224,000)$152,000 $(293,175)$249,573 $(311,769)
Per Weighted-Average Common Share Data:
Net income attributable to common stockholders – basic$1.01 $0.08 $0.08 $1.45 $0.68 
Net income attributable to common stockholders – diluted$1.01 $0.08 $0.08 $1.45 $0.68 
Distributions declared$0.84 $0.81 $0.80 $0.80 $1.20 
Weighted-average common shares
outstanding – basic
114,055 116,261 117,888 120,795 123,130 
Weighted-average common shares
outstanding – diluted
117,107 116,458 118,311 121,159 123,228 
(1)Excludes discounts and deferred financing costs.
(2)Activity is presented on a cash basis. Please refer to our accompanying consolidated statements of cash flows.
(3)2020 includes distributions to both stockholders and Preferred OP Unit holders.
(4)Stock repurchases were made under board-approved stock repurchase plans or in settlement of taxes related to stock compensation.


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ITEM 7.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis should be read in conjunction with the Selected Financial Data in Item 6, Selected Financial Data, above and our accompanying consolidated financial statements and notes thereto. See also "Cautionary Note Regarding Forward-Looking Statements" preceding Part I.

Executive Summary
On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. Response to the COVID-19 pandemic led to aggressive actions to reduce the spread of the disease which seriously disrupted activities in large segments of the economy, including in the regional economies where we operate. As some regions of the country have reopened with various restrictions, others have re-imposed previously lifted restrictions in response to a resurgence of virus cases. We are continuing to monitor the COVID-19 pandemic and its impact on our business, tenants, and industry as a whole. We are committed to the health and safety of our employees, tenants, and communities. Because our portfolio is well leased with minimum near-term rollover, and our rent collections level remains high, our operating performance has not materially suffered from the COVID-19 pandemic to date.
The long-term impact of the pandemic on our tenants, demand for office space, and the global economy remains uncertain and will depend on various factors, including the scope, severity, and duration of the pandemic, the effectiveness and duration of actions taken by authorities to contain the pandemic, and the availability and effectiveness of vaccines or other treatments. Sustained work-from-home trends could negatively impact demand for office space in our markets and consequently could impede our ability to enter into new leases or to re-lease space as leases roll over. A continued economic downturn and recession could adversely affect many of our tenants which could, in turn, adversely impact our business, financial condition, and results of operations. We have worked closely with our impacted tenants and will continue to address their concerns on a case-by-case basis, including arrangements that address cash flow interruptions while maintaining long-term lease obligations. During the year ended December 31, 2020, we executed rent abatements totaling $0.7 million and rent deferrals totaling $3.2 million, including our share of abatements and deferrals made by our unconsolidated joint ventures.
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. We own and operate high-quality office properties located in high-barrier-to-entry markets, primarily New York, San Francisco, Washington, D.C., and Boston. 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, including development or redevelopment. Our investment objectives include optimizing our portfolio allocation between stabilized investments and more growth-oriented, value-add investments and development projects with an emphasis on central business districts and multi-tenant buildings.
On January 24, 2020, we acquired Normandy, a developer, operator, and investment manager of office and mixed-use assets in New York, Boston, and Washington, D.C., which had interests in three real estate funds and contracts to provide real estate services to properties affiliated with those funds. We believe that the acquisition of Normandy furthers our strategic initiatives by strengthening our platform with additional development and redevelopment expertise, deal sourcing, and other key capabilities, and by increasing our access to capital through Normandy's investor relationships.
Over the past several years, we have undertaken a capital recycling program that has involved selling more than 50 properties in geographically dispersed markets for approximately $4.5 billion, and reinvesting those proceeds in our core markets. In January 2020, we sold Cranberry Woods Drive in suburban Pittsburgh for $180.0 million; and in March 2020, we sold Pasadena Corporate Park in suburban Los Angeles for $78.0 million, which marked the exit of our last non-target markets. In March 2020, we also acquired an 8.65% interest in Terminal Warehouse, a 1.2-million-square-foot property located in West Chelsea, New York, that will be fully redeveloped into a mixed-use office project with ancillary retail, for an initial equity contribution of approximately $40.0 million. Lastly, in October 2020, we expanded an existing joint venture relationship by contributing 221 Main Street in San Francisco to a joint venture partnership, and simultaneously selling a 45% interest therein for $180.0 million.

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As of December 31, 2020, the operating properties in our portfolio were 95.6% leased, with 8.4% of our leases scheduled to expire over the next 12 months. During 2020, we leased a total of 262,100 square feet of space, including a lease renewal and expansion for an aggregate 68,200 square feet at 1800 M Street in Washington, D.C.
As of December 31, 2020, our debt-to-real-estate-asset ratio was 33.4%(1), and approximately 31.4%(1) on a net basis (i.e., reduced for cash on hand). Additionally, as of December 31, 2020, 88.4%(1) of our portfolio is unencumbered by mortgages; and the weighted-average cost of our consolidated and pro-rata share of joint venture borrowings during the quarter was 3.60%(1) per annum. Our debt maturities are laddered over the next six years.
From time to time when we believe our stock is undervalued, we may take advantage of market opportunities by using our stock repurchase program to buy shares. In the first quarter of 2020, we repurchased 1.2 million shares at an average price of $19.47 per share, for aggregate purchases of $23.3 million. Subsequent to March 31, 2020, we did not make any share repurchases in 2020. As of December 31, 2020, $143.3 million remains available under our current repurchase program.
(1)Statistics include 100% of all of our consolidated properties and 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.

Key Performance Indicators
Our operating results depend primarily upon the level of income generated by the leases at our properties. Because occupancy and rental rates are critical drivers of our future lease income, these operating metrics are monitored by management and beneficial to investors. Over the last year, our portfolio percentage leased ranged from 97.1% at December 31, 2019 to 95.6% at December 31, 2020. The following table sets forth details related to the financial impact of our recent leasing activities for properties we consolidate, which are calculated based on our proportionate share of properties owned through unconsolidated joint ventures:
Years Ended December 31,
20202019
Total number of leases21 46 
Square feet of leasing – renewal82,908 547,673 
Square feet of leasing – new124,295 175,167 
Total square feet of leasing207,203 722,840 
Average lease term (months)141 144 
Tenant improvement allowances, per square foot – renewal$30.89 $54.95 
Tenant improvements allowances, per square foot – new$99.46 $81.93 
Tenant improvements allowances, per square foot – all leases$84.35 $61.87 
Leasing commissions, per square foot – renewal$21.09 $35.99 
Leasing commissions, per square foot – new$60.73 $44.19 
Leasing commissions, per square foot – all leases$52.00 $38.10 
Rent leasing spread – renewal(1)
29.8 %59.7 %
Rent leasing spread – new(1)
12.2 %61.2 %
Rent leasing spread – all leases(1)
19.6 %59.9 %
(1)Rent leasing spreads are calculated based on the change in base rental income measured on a straight-line basis; and, for new leases, only include space that has been vacant for less than one year.
In 2020, rent leasing spreads (19.6%) primarily relate to a 68,200-square-foot lease renewal and expansion with Berkley Research Group at 1800 M Street in Washington, D.C., a new 34,800-square-foot lease with Twitch at 315 Park Avenue South in New York, a 15,500-square-foot office lease renewal at 650 California Street in San Francisco, and a 10,100-square-foot office lease renewal at 221 Main Street in San Francisco. Current-year tenant

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improvements ($84.35 per square foot) and leasing commissions ($52.00 per square foot) primarily relate to the 68,200-square-foot lease renewal and expansion with Berkley Research Group at 1800 M Street in Washington, D.C., and a new 59,500-square-foot lease with American Trucking Association at 80 M Street in Washington, D.C. In 2019, rent leasing spreads were positive (59.9%), primarily related to a 333,000-square-foot office lease renewal with Pershing at 95 Columbus in Jersey City, a 46,000-square-foot renewal lease at 221 Main Street in San Francisco, a 31,000-square-foot renewal lease at 650 California Street in San Francisco, and a 29,500-square-foot lease renewal at 218 West 18th Street in New York City. In 2019, tenant improvements ($61.87 per square foot) and leasing commissions ($38.10 per square foot) primarily related to the 31,000-square-foot lease renewal at 650 California Street and a new 24,000-square-foot lease at 221 Main Street.

Rent Collections and Concessions
Our tenants' businesses and operations have been impacted by the COVID-19 pandemic in a variety of ways. In certain instances, we have provided rent concessions as a temporary measure to address our tenants' near-term cash flow needs. During 2020, we deferred rents totaling $3.2 million (0.8% of billings) and abated rents totaling $0.7 million (0.2% of billings), including our prorated share of rents earned through unconsolidated joint ventures. Overall, our collections levels remain high and similar to our pre-COVID-19 levels. For the last quarter of 2020, our collection rates are as follows:

Percentage of Original Billings:TotalOfficeRetail
Collected97.9 %98.8 %83.0 %
Deferred0.7 %0.4 %5.8 %
Abated0.2 %0.2 %0.1 %
Outstanding1.2 %0.6 %11.1 %
Total100.0 %100.0 %100.0 %

In the fourth quarter, we moved several tenants (predominantly retail) to cash-basis revenue recognition for future rents, under which rents are recognized as cash is received and straight-line receivable balances are reserved, and recognized a $7.8 million charge against lease revenues for doubtful accounts receivable.

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, 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. Investments in new property acquisitions and first-generation capital improvements are generally funded with capital proceeds from property sales, debt, or cash on hand. Our board of directors declared a dividend for the fourth quarter of 2020 at a rate of $0.21 per share, which was paid in January 2021. The board of directors declared a dividend for the first quarter of 2021 at the same rate, $0.21 per share, which will be paid in March 2021 to stockholders of record as of March 1, 2021.
We continue to monitor the developments around COVID-19 and the related impacts to our liquidity. In response to the economic uncertainty that unfolded as a result of COVID-19, we drew down $200.0 million on our Revolving Credit Facility in late March 2020. As financial institutions have generally remained stable through 2020, we believe we will be able to access any available capacity on our Revolving Credit Facility, and therefore repaid most of the outstanding balance in the fourth quarter of 2020. As of December 31, 2020, we had access to $540.0 million of additional borrowings on our Revolving Credit Facility, and $61.9 million of cash on hand. See Item IA., Risk Factors, for additional information.

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Short-Term Liquidity and Capital Resources
During 2020, we generated net cash flows from operating activities of $104.4 million, which consists primarily of receipts from tenants for rent and reimbursements, reduced by payments for operating costs, administrative expenses, interest expense, and lease inducements. During the same period, we paid total distributions to stockholders and Preferred OP Unit holders of $99.2 million, which included dividend payments to stockholders for four quarters ($24.2 million for fourth quarter of 2019 and $72.3 million for the first three quarters of 2020).
During 2020, we generated $426.2 million in aggregate net proceeds from the partial sale of 221 Main Street, and the sales of Cranberry Woods Drive and Pasadena Corporate Park. These proceeds were used to fund net repayments on our Revolving Credit Facility ($224.0 million), our investment in the Terminal Warehouse Joint Venture ($40.0 million), leasing and capital projects for consolidated and unconsolidated properties ($94.7 million), and redemptions of common stock ($25.8 million).
Over the short term, we expect our primary sources of capital and liquidity to be operating cash flows and borrowing proceeds, and expect that our principal demands for capital will be to fund development and redevelopment costs, capital improvements to our existing portfolio, stockholder distributions, stock repurchases, operating expenses, and interest and principal payments. As of January 31, 2021, in addition to cash on hand, we have access to additional borrowings of $540.0 million under our Revolving Credit Facility. We believe that we will have adequate liquidity and capital resources to meet our current obligations as they come due, as well as to address any additional liquidity needs that arise from developments around COVID-19 and the related impacts to our business. See Item IA., Risk Factors, for additional information.
Long-Term Liquidity and Capital Resources
Over the long term, we expect that our primary sources of capital will include operating cash flows, select property dispositions, and borrowing proceeds. We expect that our primary uses of capital will continue to include stockholder distributions; acquisitions and development or redevelopment projects; capital expenditures, such as building improvements, tenant improvements, and leasing costs; and repaying or refinancing debt.
Consistent with our operational strategy and financing objectives, over the long term we have generally maintained debt levels at less than 40% of the undepreciated costs of our assets. As of December 31, 2020, our debt-to-real-estate-asset ratio was approximately 33.4%. Our debt-to-real-estate-asset ratio includes 100% of all consolidated assets and debt, and our proportional share of assets (including basis adjustments) and debt held by our unconsolidated joint ventures.
As described below, our variable-rate indebtedness may use London Interbank Offering Rate ("LIBOR") as a benchmark for establishing the rate. In July 2017, the United Kingdom's Financial Conduct Authority, which regulates LIBOR, announced its intent to phase out LIBOR by the end of 2021. The cessation date for submission and publication of rates for certain tenors of LIBOR has since been extended by the ICE Benchmark Administration until mid-2023. While this announcement extends the transition period, the United States Federal Reserve issued a statement advising banks to stop new U.S. dollar LIBOR issuances by the end of 2021. The anticipated discontinuation of LIBOR will require lenders and their borrowers to transition from LIBOR to an alternative benchmark interest rate, which might increase the cost of our variable-interest debt instruments. When LIBOR is discontinued, or otherwise at our option, our Revolving Credit Facility and term loan facilities provide for alternate interest rate calculations.
Unsecured Bank Debt
Our Revolving Credit Facility has a capacity of $650.0 million and matures in January 2023, with two six-month extension options. As of December 31, 2020, we had $110.0 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 0.775% to 1.45% for LIBOR borrowings, or an alternate base rate, plus an applicable margin ranging from 0.00% to 0.45% 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, the Revolving Credit Facility, along with the $300 Million Term Loan, as

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described below, provides for four accordion options for an aggregate additional amount of up to $500 million, subject to certain limitations.
Our $300.0 million unsecured term loan matures in January 2024 (the "$300 Million Term Loan") and bears interest, at our option, at either (i) LIBOR, plus an applicable margin ranging from 0.85% to 1.65% for LIBOR loans, or (ii) an alternate base rate, plus an applicable margin ranging from 0.00% to 0.65% for base rate loans, based on our applicable credit rating. The interest rate on the $300 Million Term Loan is effectively fixed with an interest rate swap agreement, which is designated as a cash flow hedge. Based on the terms of the interest rate swap and our current credit rating, the interest rate on the $300 Million Term Loan is effectively fixed at 2.55%.
Our $150.0 million unsecured term loan matures in July 2022 (the "$150 Million Term Loan") 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) alternative base rate, plus an applicable margin ranging from 0.00% to 0.75% for base rate loans, based on our applicable credit rating. The interest rate on the $150 Million Term Loan is effectively fixed with an interest rate swap agreement, which is designated as a cash flow hedge. Based on the terms of the interest rate swap and our current credit rating, the interest rate on the $150 Million Term Loan is effectively fixed at 3.07%.
Debt Covenants
As of December 31, 2020, the $300 Million Term Loan, the $150 Million Term Loan, and the Revolving Credit Facility contain the following restrictive covenants, which are defined in the debt agreements:
limit the ratio of secured debt to total asset value to 40% or less;
require the fixed charge coverage ratio to be at least 1.50:1.00;
limit the ratio of debt to total asset value to 60% or less, or 65% or less following a material transaction;
require the unencumbered interest coverage ratio to be at least 1.75:1.00; and
limit the unencumbered leverage ratio to 60% or less, or 65% or less following a material transaction.
As of December 31, 2020, we were in compliance with the restrictive covenants on these outstanding debt obligations.
Bonds Payable
We have two series of bonds outstanding as of December 31, 2020:
$350.0 million of 10-year, unsecured 3.650% senior notes at 99.626% of their face value, maturing on August 15, 2026, which require semi-annual interest payments in February and August (the "2026 Bonds Payable").
$350.0 million of 10-year, unsecured 4.150% senior notes at 99.859% of their face value, maturing on April 1, 2025, which require semi-annual interest payments in April and October (the "2025 Bonds Payable" and, together with the 2026 Bonds Payable, the "Bonds Payable").
Columbia OP is the issuer of our Bonds Payable, both series of which are fully and unconditionally guaranteed by Columbia Property Trust. Columbia Property Trust owns 97.2% of Columbia OP, and includes the accounts of Columbia OP in its consolidated financial statements. The primary differences between Columbia Property Trust and Columbia OP are as follows: Columbia Property Trust owns one property directly and has made intercompany loans to subsidiaries of Columbia OP, and Columbia Property Trust issues publicly traded common stock to investors (including employees and board members) and has engaged in share repurchases from time to time. Columbia Property Trust has contributed the substantial majority of proceeds from sales of its common stock to Columbia OP.
Columbia Property Trust's guarantees of Columbia OP's obligations under the Bonds Payable include the punctual payments of principal, premium, if any, and interest on the Bonds Payable, whether at stated maturity, by declaration of acceleration, call for redemption, or otherwise. The obligations of Columbia Property Trust under its guarantees are limited to the amount necessary to prevent such guarantees from constituting a fraudulent transfer or conveyance under applicable law. The Bonds Payable are Columbia OP's senior unsecured obligations and rank equally in right of payment with all of its other existing and future senior unsecured indebtedness; Columbia Property Trust's guarantees of the Bonds Payable are its senior unsecured obligations and rank equally in right of

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payment with all of Columbia Property Trust's other existing and future senior unsecured indebtedness and guarantees.
As a result of Columbia Property Trust's guarantees, we are presenting the following summarized financial information (in thousands) for Columbia Property Trust and Columbia OP, pursuant to Rule 13-01 of Regulation S-X, Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. For purposes of the following summarized financial information, transactions between Columbia Property Trust and Columbia OP, presented on a combined basis, have been eliminated, and information for non-guarantor subsidiaries has been excluded.
Balance Sheet Information:
December 31, 2020
Total assets$3,980,709 
Total liabilities$1,394,244 
Noncontrolling interests$74,345 
Statement of Operations Information:
For the Year Ended December 31, 2020
Total revenues$287,869 
Total expenses$335,513 
Net income$115,721 
Net income attributable to noncontrolling interests$2,686 
Net income attributable to common stockholders$113,035 
The restrictive covenants on the Bonds Payable as defined pursuant to an indenture include:
a limitation on the ratio of debt to total assets, as defined, to 60%;
limits to our ability to incur debt if the consolidated income available for debt service to annual debt service charge, as defined, for four previous consecutive fiscal quarters is less than 1.50:1.00 on a pro forma basis;
limits to our ability to incur liens if, on an aggregate basis for us, the secured debt amount would exceed 40% of the value of the total assets; and
a requirement that the ratio of unencumbered asset value, as defined, to total unsecured debt be at least 150% at all times.
As of December 31, 2020, we were in compliance with the restrictive covenants on the Bonds Payable.
Debt Settlements and Interest Payments
During 2020, we made interest payments of approximately $19.1 million related to our term loans, line of credit, and notes payable, and $27.3 million related to our Bonds Payable. Other than payments on our Revolving Credit Facility, there were no debt repayments in 2020 or 2019. During 2018, we made the following debt repayments:
On December 14, 2018, we terminated both the $120.0 million development authority bonds and the corresponding obligations under capital leases related to One & Three Glenlake Parkway in Atlanta.
On December 7, 2018, concurrent with closing on the amendment and restatement of our term loan and revolving credit facility, we repaid the $300 million remaining balance on the $300 Million Term Loan, which includes a delayed-draw feature, allowing up to 12 months to fully draw the term loan.
On October 10, 2018, we paid the $20.7 million outstanding balance on the One Glenlake mortgage note two months prior to its original maturity date.
On April 13, 2018, we 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.

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On February 2, 2018, we repaid $120.0 million of the outstanding balance on a bridge loan with disposition proceeds from the sale of a portion of University Circle and 333 Market Street. On May 30, 2018, we repaid the remaining $180.0 million outstanding balance on this bridge loan with disposition proceeds from the sale of 222 East 41st Street. The settlement of a $300 million bridge loan resulted in a $0.3 million loss on extinguishment of debt to write off the related unamortized deferred financing costs.
Contractual Commitments and Contingencies
As of December 31, 2020, our contractual obligations will become payable in the following periods (in thousands):
Contractual ObligationsTotal20212022-20232024-2025Thereafter
Debt obligations(1)
$1,551,226 $125,476 $425,750 $650,000 $350,000 
Interest obligations on debt(1)(2)
192,355 52,066 86,365 44,343 9,581 
Operating lease obligations(3)
1,164,755 7,309 13,534 13,365 1,130,547 
Total$2,908,336 $184,851 $525,649 $707,708 $1,490,128 
(1)Includes our ownership share of the debt and interest obligations for the Market Square Joint Venture, the Terminal Warehouse Joint Venture, and the 799 Broadway Joint Venture, which we own through unconsolidated joint ventures. The Market Square Joint Venture (51% ownership) has a $325.0 million mortgage loan on the Market Square Buildings, which bears interest at 5.07% and matures on July 1, 2023. The Terminal Warehouse Joint Venture (8.65% ownership) has a $643.8 million loan, which has a total capacity of $650.0 million, which bears interest at LIBOR plus a spread of 340 basis points, with a LIBOR floor of 2.28% and cap of 3.50%, and matures on March 23, 2021. The 799 Broadway Joint Venture (49.7% ownership) has $140.4 million outstanding on a construction loan, which has a total capacity of $187.0 million; bears interest at LIBOR plus a spread of 425 basis points, with a LIBOR floor of 1.00% and cap of 4.00%; and matures on October 9, 2021, with two one-year extension options. As of December 31, 2020, under the 799 Broadway construction loan agreement, we guarantee equity contributions of $8.9 million to be made to the joint venture (see Note 7, Commitments and Contingencies, of the accompanying consolidated 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 December 31, 2020. Interest obligations on all other debt instruments are measured at the contractual rate. See Item 7A, Quantitative and Qualitative Disclosures about Market Risk, for more information regarding our interest rate swaps.
(3)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, and 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.

Results of Operations
Overview
As of December 31, 2020, we owned 15 operating properties and four properties under development or redevelopment, of which 10 were wholly owned and nine were owned through joint ventures, located in New York, San Francisco, Washington, D.C., and, Boston. As of December 31, 2020, these properties were approximately 95.6% leased. Our period-over-period operating results are impacted by the real estate activities set forth in the "Transaction Activity" section of Item 1, Business, including acquisitions and dispositions made directly and through joint ventures. Other than real estate transactions, we expect real estate operating income to vary, primarily based on leasing activity over the near term.

Comparison of the Year Ended December 31, 2020 Versus the Year Ended December 31, 2019
Lease revenues were $262.1 million for 2020, which represents a slight decrease as compared with $276.1 million for 2019, as the impact of current- and prior-period dispositions ($50.2 million) and current-period write-downs for straight-line rent and uncollectible tenant receivables ($8.5 million) were partially offset by the 2019 acquisition of 201 California Street ($20.9 million), lease termination fees ($13.1 million), and additional revenues from lease commencements ($11.0 million). We expect future lease revenues to vary based on recent and future investing and leasing activities.
Management fee revenues were $38.4 million for 2020, which represents an increase as compared with $7.5 million for 2019, primarily due to the Normandy Acquisition in January 2020. Management fee revenues include

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reimbursements of salaries and third-party costs recorded as management fee expense ($15.9 million for 2020, and $7.5 million for 2019). In connection with the Normandy Acquisition, we acquired, among other things, contracts to provide management services to properties affiliated with three real estate funds: Normandy Real Estate Fund III, LP; Normandy Real Estate Fund IV, LP; and Normandy Opportunity Zone Fund, LP (collectively, the "Real Estate Funds"). Management fee revenue is expected to remain at a similar level in the near term.
Other property income was $7,000 for 2020, which represents a decrease as compared with $5.1 million for 2019, due to presentation changes made to the consolidated statements of operations. Reimbursements of salaries and third-party costs related to management fees are recorded as other property income through the end of 2019, and as management fee revenues beginning in 2020 ($4.5 million included in 2019). Lease termination fees are recorded as other property income through the first quarter of 2019, and as lease revenues beginning in the second quarter of 2019 ($0.4 million included in 2019). Other property operating income is expected to remain at similar levels in the near term.
Property operating costs were $87.5 million for 2020, which represents a decrease from $93.9 million for 2019, as the impact of recent dispositions ($10.3 million) and recording expenses for reimbursed management fee administration costs as management fee expenses beginning in the first quarter of 2020 ($3.8 million), are offset by the acquisition of 201 California Street ($7.9 million). Property operating costs are expected to vary based on recent and future investing and leasing activities.
Depreciation was $68.5 million for 2020, which represents a decrease as compared with $78.3 million for 2019, as the impact of recent dispositions ($16.0 million) was offset by the acquisition of 201 California Street ($6.2 million). Depreciation is expected to vary based on recent and future investing activities and capital projects.
Amortization was $30.6 million for 2020, which represents an increase as compared with $27.9 million for 2019, as the impact of the acquisition of 201 California Street ($5.4 million) and termination of WeWork's lease at 149 Madison Avenue ($3.3 million) are partially offset by dispositions ($6.3 million). We expect future amortization to vary, based on recent and future investing and leasing activities.
In 2019, we recognized impairment losses on real estate assets in connection with preparing to exit the Atlanta market ($23.4 million on Lindbergh Center) and the Los Angeles market ($20.6 million on Pasadena Corporate Park). We expect future impairment losses to depend primarily on our holding period intentions and any disposition strategies evaluated for our other properties.
In 2020, we recognized a $63.8 million of impairment loss on goodwill in the fourth quarter. In connection with performing our annual assessment of the recoverability of goodwill in the fourth quarter, we concluded that the carrying value of our New York reporting unit, including goodwill related to the Normandy Acquisition, exceeded its estimated fair value, and accordingly, reduced goodwill to $0 by recording an impairment loss in the fourth quarter of 2020. See Note 2, Summary of Significant Accounting Policies, of the accompanying financial statements for additional information.
General and administrative expenses were $44.0 million for 2020, which represents an increase as compared with $32.8 million for 2019, primarily due to vesting of the Preferred OP Units ($11.8 million) issued as consideration for the Normandy Acquisition. General and administrative expenses are expected to remain at similar levels in the near term.
Management fee expenses were $31.5 million for 2020, which represents an increase as compared with $3.6 million for 2019. For the current period, these expenses reflect salaries and third-party costs incurred to earn management fee revenues by providing management services to properties owned by unconsolidated joint ventures and affiliated with the Real Estate Funds acquired in the Normandy Acquisition. For the prior period, these expenses represent costs incurred to manage assets owned by our unconsolidated joint ventures. Future management fee expenses are expected to vary as a function of management fee revenues.
For 2020 and 2019, we recognized acquisition and restructuring costs of $19.0 million and $6.4 million, respectively, related to the Normandy Acquisition, which closed on January 24, 2020. These costs include legal, advisory,

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severance costs, and other professional services fees related to the acquisition. Future levels of acquisition and restructuring costs will vary based on future transaction activities.
Interest expense was $36.9 million for 2020, which represents a decrease as compared with $43.2 million for 2019. The decrease is primarily due to capitalizing interest on investments made in development projects ($6.7 million). We expect interest expense to decrease in the near term due to reduced borrowings on our Revolving Credit Facility.
Interest and other income (expense) was $(0.5) million for 2020, which represents a decrease as compared with $0.2 million for 2019. The current-period amount primarily relates to negative market value adjustments to investments in Real Estate Funds (see Note 2, Summary of Significant Accounting Policies, of the accompanying financial statements). Interest and other income is expected to vary primarily based on future valuation adjustments to our investments in Real Estate Funds.
Income tax benefit was $2.8 million for 2020, as a result of the acquisition expenses incurred by our TRS Entities in connection with the Normandy Acquisition. We expect income tax benefit to decrease in the near term.
Income from unconsolidated joint ventures was $8.6 million for 2020, which represents an increase as compared with $8.0 million for 2019. The increase results from additional income earned from the recently acquired general partnership interests and limited partnership interests in three real estate funds (the "Real Estate Services Joint Ventures") ($2.2 million), which is offset by current-period losses from Terminal Warehouse, which is under development ($1.5 million). We expect income from the unconsolidated joint ventures to increase in the near-term as a result of the October 2020 contribution of 221 Main Street to an unconsolidated joint venture.
We recognized gains on sales of real estate assets of $188.6 million for 2020, as a result of the sale of Cranberry Woods Drive ($13.3 million) and the contribution of 221 Main Street to an unconsolidated joint venture ($175.3 million), and we recognized gains of sale of real estate assets of $42.0 million for 2019, as a result of selling One & Three Glenlake Parkway in April 2019. See Note 3, Transactions, of the accompanying consolidated financial statements for additional details. We expect future gains on sales of real estate assets to vary with disposition activity.
Net income attributable to stockholders of Columbia Property Trust was $115.7 million, or $1.01 per basic and diluted share, for 2020, which represents an increase as compared with $9.2 million, or $0.08 per basic and diluted share, for 2019. The increase is primarily due to the impact of additional year-over-year gain on sales of real estate ($146.6 million) and a prior-year impairment loss on real estate assets ($43.9 million), which are partially offset by a current-year impairment loss on goodwill ($63.8 million), current-year vesting of the Preferred OP Units ($11.8 million), and a year-over-year increase in acquisition and restructuring costs related to the Normandy Acquisition, net of the related tax benefits ($9.8 million). See "Supplemental Performance Measures" below 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 Year Ended December 31, 2019 Versus the Year Ended December 31, 2018
For a comparison of our operations between 2018 and 2019, see our 2019 Annual Report on Form 10-K (the "Results of Operations" section of Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations), as filed with the SEC on February 13, 2020.


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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 December 31, 2020, we aggregated our properties into the following geographic segments: New York, San Francisco, Washington, D.C., Boston, and all other office markets. The all other office markets reportable segment includes properties that are situated similarly within their geographic markets, typically in sub-markets not located within central business districts, and in which Columbia Property Trust does not have a substantial presence and/or does not plan to make further investments. See Note 16, Segment Information, of the accompanying consolidated financial statements.
The following table presents NOI by geographic segment (in thousands):
For the Years Ended December 31,
20202019
New York(1)
$107,956 $93,112 
San Francisco(2)
95,564 83,305 
Washington, D.C.(3)
33,725 33,953 
Boston9,343 7,539 
All other office markets1,379 40,029 
Total office segments247,967 257,938 
Corporate(1,774)(904)
Total$246,193 $257,034 

(1)Includes NOI for three unconsolidated properties, based on our ownership interests: 49.5% for 114 Fifth Avenue, 49.7% for 799 Broadway, and 8.65% for Terminal Warehouse from March 13, 2020 through December 31, 2020.
(2)Includes NOI for three unconsolidated properties, based on our ownership interests: 55.0% for 333 Market Street and University Circle, and 100% of 221 Main Street from January 1, 2019 through October 7, 2020, and 55.0% of 221 Main Street from October 8, 2020 through December 31, 2020.
(3)Includes NOI for two unconsolidated properties, based on our ownership interests: 51.0% for Market Square and 55.0% for 1800 M Street.
Comparison of the Year Ended December 31, 2020 Versus the Year Ended December 31, 2019
New York
NOI increased in the New York market as a result of lease termination fees earned at 149 Madison Avenue and 315 Park Avenue South and leasing activity (commenced occupancy increased throughout the year to 98.0% at December 31, 2020), partially offset by the write-down of tenant and straight-line rent receivables.
San Francisco
NOI increased as a result of the December 2019 acquisition of 201 California Street.
Boston
NOI increased due to leasing at 116 Huntington Avenue, where commenced occupancy has increased throughout 2019 and 2020 to 96.4% at December 31, 2020.
All other office markets
NOI decreased as a result of the 2019 sales of Lindbergh Center and One & Three Glenlake in suburban Atlanta, the January 2020 sale of Cranberry Woods Drive in suburban Pittsburgh, and the March 2020 sale of Pasadena Corporate Park in suburban Los Angeles.


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Supplemental Performance Measures
In addition to net income, we measure our performance using certain non-GAAP metrics, including: (i) Funds from Operations ("FFO"), (ii) Net Operating Income ("NOI"), and (iii) Same Store Net Operating Income ("Same Store NOI"). These supplemental performance measures are commonly used by REIT industry analysts and investors, and are viewed by management to be useful indicators of operating performance principally because they exclude the effects of certain income and expenses that do not reflect the cash-generating capability of our operations. Management believes that the use of FFO, NOI, and Same Store NOI, combined with net income, improves the understanding of operating results of REITs among the investing public, and makes comparisons of REIT operating results more meaningful.
Net income attributable to common stockholders is the most comparable GAAP measure to FFO, NOI, and Same Store NOI. Each of these supplemental performance measures excludes expenses that materially impact our overall results of operations and, therefore, should not be considered as a substitute for net income, 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, 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 may not be comparable to those presentations. We calculate FFO based on amounts attributable to our common stockholders, which includes earnings from investments owned directly; and our proportional share of earnings from investments owned through consolidated and unconsolidated subsidiaries.
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 depreciation and amortization of real estate assets. GAAP depreciation and amortization reflect a systematic reduction in the carrying value of real estate assets and, therefore, are not indicative of the actual increase or decrease in the realizable value of real estate assets. 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 does not represent amounts available for management's discretionary use because of needed capital replacement or expansion, 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) as an indicator of financial performance.

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Net income attributable to common stockholders of Columbia Property Trust reconciles to FFO as follows (in thousands):

Years Ended December 31,
202020192018
Reconciliation of Net Income to Funds From Operations:
Net income attributable to common stockholders$115,710 $9,197 $9,491 
Adjustments:
Depreciation of real estate assets68,454 78,292 81,795 
Amortization of lease-related costs30,578 27,908 32,554 
Depreciation and amortization attributable to our interest in unconsolidated joint ventures(1)
54,371 50,617 51,377 
Impairment loss on real estate assets 43,941 30,812 
Gain on sale of unconsolidated joint venture interests — (762)
Gains on sales of real estate assets(188,633)(42,030)— 
NAREIT FFO available to common stockholders$80,480 $167,925 $205,267 
(1)Depreciation and amortization related to properties in unconsolidated joint ventures is recorded as equity in earnings from unconsolidated joint ventures.
The following significant non-cash revenues and expenses are included in our FFO:
Straight-line rental income, net:  To recognize rent on a straight-line basis over the lease term, we recognized net straight-line rental income for our wholly owned properties of $12.8 million, $12.4 million, and $25.9 million in 2020, 2019, and 2018, respectively. Income (loss) from unconsolidated joint ventures includes additional net straight-line rental income of $2.9 million, $1.3 million, and $(0.7) million in 2020, 2019, and 2018, respectively. 
Amortization of intangible lease assets and liabilities:  To amortize above- and below-market, in-place lease intangible assets (liabilities), we recognized net increases to rental revenues (or decreases to operating expenses) for our wholly owned properties of $6.6 million, $4.4 million, and $3.2 million in 2020, 2019, and 2018, respectively. Income (loss) from unconsolidated joint ventures includes additional net operating income for amortization of intangible lease assets and liabilities of $11.3 million, $9.8 million, and $11.5 million in 2020, 2019, and 2018, respectively. 
Gain (loss) on extinguishment of debt:  We recognized gains or losses on the repayment of debt before maturity of $23.3 million in 2018. 
Amortization of deferred financing costs and debt premiums (discounts):  To amortize costs associated with securing debt from third-party lenders over the terms of the respective debt facilities, we recognized net interest expense of $2.6 million, $2.6 million, and $3.1 million for 2020, 2019, and 2018, respectively. Income (loss) from unconsolidated joint ventures includes additional net interest expense of $(1.6) million in 2020, 2019, and 2018. 
Impairment of goodwill: To write off goodwill arising from the Normandy Acquisition, we recorded an impairment loss of $63.8 million in 2020.


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Index to Financial Statements
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 that 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.
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 the composition of our portfolio. On an individual property basis, Same Store NOI is computed in a consistent manner as NOI (as described in the previous section). For the periods presented, we have defined our same store portfolio as those properties that have been continuously owned and operating since January 1, 2019. NOI and Same Store NOI are calculated as follows for the years ended December 31, 2020 and 2019 (in thousands):
Years Ended December 31,
20202019
Same-Store NOI – Wholly Owned Properties:
Revenues:
Lease revenues$206,754 $197,790 
Other property income7 4,589 
Total revenues206,761 202,379 
Operating expenses(70,821)(74,411)
Same Store NOI – wholly owned properties(1)
135,940 127,968 
Same Store NOI – joint-venture owned properties(2)
78,678 80,156 
Total Same Store NOI 214,618 208,124 
NOI from acquisitions(3) and development(4)
22,697 526 
NOI from dispositions(5)
8,878 48,384 
NOI$246,193 $257,034 
(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 December 31, 2020, 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 property acquired since January 1, 2019, for all periods presented: 201 California Street acquired on December 9, 2019.
(4)Reflects activity for the following development projects (for projects owned through joint ventures, NOI is included based on our ownership interest, as indicated): 149 Madison Avenue, 49.7% of 799 Broadway Joint Venture acquired on October 3, 2018, 92.5% of 101 Franklin Street acquired on December 2, 2019, and 8.65% of Terminal Warehouse acquired March 13, 2020.
(5)Reflects activity for the following properties sold since January 1, 2019, for all periods presented: 45% of 221 Main Street sold on October 8, 2020, Pasadena Corporate Park sold on March 31, 2020, Cranberry Woods Drive sold on January 16, 2020, Lindbergh Center sold on September 26, 2019, and One & Three Glenlake sold on April 15, 2019.


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Table of Contents
Index to Financial Statements
A reconciliation of Net Income to NOI and Same Store NOI is presented below (in thousands):
Years Ended December 31,
20202019
Net income attributable to stockholders of Columbia Property Trust$115,710 $9,197 
Management fee revenues(38,446)(7,544)
Depreciation68,454