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COLUMBIA PROPERTY TRUST, INC.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2021 10-Q, filed Oct 27, 2021. Its latest SEC filing is a D from Feb 4, 2022.

The sections below describe the company as of the FY2020 annual report.

What Did They Do?

Owns, leases, operates, and develops office properties for commercial tenants, and manages office properties for private investors and third parties.

How Did They Make Money?

Most income comes from leasing its properties to tenants. It also earns fees for managing properties and overseeing construction and development projects for third parties and joint ventures; management fees are paid quarterly for asset management and monthly for property management.

revenue

Who Were Their Customers?

Commercial tenants rent space in Columbia's office properties. It also manages properties for private investors, third parties, and joint ventures under management agreements.

Did Revenues Turn Into Profits?

Yes. It kept 38 cents of every revenue dollar as net income in .

Net income,
38% of revenue
▲ +1158% vs ($9.2M, 3%)

How Were They Changing?

Since the FY2020 annual report
Latest quarter: Q3 FY2021, the three months to Sep 30, 2021
Revenue
▼ −23%
vs $82.1M in Q3 FY2020
Net income
▼ Now a loss
vs $5.4M in Q3 FY2020
Management fee revenues share of revenue vs 100.0% in Q3 FY2020
  • Dec 8, 2021 PIMCO-affiliated funds completed the acquisition of Columbia. The merger changed control of the company, and its shares ceased trading on the New York Stock Exchange.
  • Sep 7, 2021 Columbia agreed to be acquired by PIMCO-affiliated funds. The agreement set cash consideration of $19.30 per share, subject to shareholder approval and customary closing conditions.

Shrank. Revenue fell 37% in 4 years, from $473.5M in to $300.6M in , about 11% a year.

Added investment management services The latest report describes Columbia as providing asset and property management for third-party and joint-venture properties, alongside owning and operating its own properties; the older report describes owning and operating commercial real estate but not this services business.

Added development to its activities The latest report includes developing properties among Columbia’s activities and describes development and redevelopment projects; the older report describes acquiring, redeveloping, owning, leasing, and operating properties.

Revenue over time
Management fee revenues Other property income Hotel income/operating costs
$50M$25M$0

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