NEW YORK--(BUSINESS WIRE)--Columbia Property Trust, Inc. (NYSE: CXP) has released its quarterly update and financial results for the period ending September 30, 2019, by posting its Third Quarter Form 10-Q and Supplemental Information package to the Investor Relations section of its website.
Full results and additional information on the recent highlights summarized below can be found in the Supplemental Information package:
- Updated 2019 guidance ranges for net income per share and Normalized FFO per share;
- Portfolio 97 percent leased, with 198,000 square feet leased during the quarter at positive GAAP and cash rent releasing spreads of 77 percent and 53 percent, respectively;
- Sold Lindbergh Center, our last property in Atlanta, on September 26, 2019, for a gross sales price of $187 million;
- Entered into an interest rate swap agreement to effectively fix the interest rate on the $300 million term loan at 2.55%;
- Subsequent to quarter end, entered into an agreement to acquire Normandy Real Estate Management, a leading privately-owned developer, operator, and investment manager of office and mixed-use assets in New York, Boston, and Washington, D.C., for approximately $100 million payable in a combination of cash ($13.5 million) and equity (3,264,151 OP units at a $26.50 strike price).
Direct link to the Supplemental Information Package: https://ir.columbia.reit/files/doc_financial_supplements/Q3-2019-Supplemental-Information.pdf
To access the Form 10-Q, please visit: https://ir.columbia.reit/financials/sec-filings/
As previously announced, the Company will host a live conference call and audio webcast later today at 5:00 p.m. ET. The number to call to participate in the interactive teleconference is (647) 689-6598 (U.S. and international) – (Conference ID: 8898099). To access the live webcast, interested parties may go to the Investor Relations section of Columbia’s website at least fifteen minutes prior to the start time of the call in order to register and to download and install any necessary audio software.
Direct link to the Conference Call Webcast: https://event.on24.com/wcc/r/2078879/E9B97E508D1B6347750EA5F9F45FE061
A replay of the conference call will be available online in the Investor Relations section of the Company’s website at https://ir.columbia.reit shortly after the call and archived for approximately twelve months. The audio will also be available by telephone through Oct. 31, 2019, by dialing (416) 621-4642 (Conference ID: 8898099).
About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) creates value through owning, operating and developing Class-A office buildings in high-barrier U.S. office markets, primarily New York, San Francisco, and Washington D.C. Columbia is deeply experienced in transactions, asset management and repositioning, leasing, and property management. It employs these competencies to grow value across its high-quality, well-leased portfolio of 17 properties that contain over seven million rentable square feet, as well as one property under development. Columbia has investment-grade ratings from both Moody’s and Standard & Poor’s. For more information, please visit www.columbia.reit.
Certain statements in this press release, including statements regarding future business operations, may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are subject to uncertainty and risks. Our actual results may differ materially from projections. See Item 1A in the Company's most recently filed Annual Report on Form 10-K for the year ended December 31, 2018, for a discussion of some of the risks and uncertainties that could cause actual results to differ materially from those presented in our forward-looking statements. Such forward-looking statements are based on current expectations and speak as of the date of such statements. We make no representations or warranties (express or implied) about the accuracy of, nor do we intend to publicly update or revise, any such forward-looking statements contained herein, whether as a result of new information, future events, or otherwise.