Columbia Property Trust reports strong leasing activity in Q4 but stock edges down

REIT recently merged with Normandy Real Estate Management

Feb.February 13, 2020 07:29 PM
Columbia Property Trust CEO & President E. Nelson Mills and 101 Franklin Street (Credit: Google Maps)

Columbia Property Trust CEO & President E. Nelson Mills and 101 Franklin Street (Credit: Google Maps)

Columbia Property Trust’s funds from operations slid in 2019 from the year before.

The office real estate investment trust in its fourth-quarter earnings package Thursday said its normalized FFO for the year came in at $174.3 million, down from about $184 million in 2018.

The FFO for the year worked out to $1.50 per share, which Columbia noted was in line with its guidance, which had been raised. In 2018, the full-year per-share figure was $1.56.

For the quarter, the firm’s normalized FFO was $39.9 million, a drop from $45.2 million in the third quarter of 2019.

The firm also reported strong leasing activity, notching a 97.1 percent lease rate in 2019. And in the fourth quarter it bought back almost $33.5 million worth of stock.

Columbia’s CEO, Nelson Mills, called 2019 a “banner year” for the firm, which had recently capped off its merger with Normandy Real Estate Management. The partners in the fourth quarter closed on 101 Franklin Street, also known as 250 Church Street — a 235,000-square-foot office building in Manhattan under redevelopment.

That acquisition also gave Columbia a minority stake in Normandy and L&L Holding Company’s Terminal Warehouse project in West Chelsea. Columbia will co-manage the property with L&L, Mills said during an earnings call.

Columbia Property Trust also bought 201 California Street in San Francisco in the last few months of the year, shelling out about $239 million for the 252,000-square-foot building.

Write to Mary Diduch at [email protected]

Related Articles

(Credit: iStock)

Stimulus deal buoys real estate stocks, but coronavirus maintains its grip

The financial challenges caused by the coronavirus is causing some REITs to change paying out their regular cash dividends (Credit: iStock)

Now cash-constrained, REITs face “potential existential crisis”

Robert Taubman and David Simon (Credit: Donato Sardella/Getty Images, Mireya Acierto/Getty Images, iStock)

With malls shut, what happens to Simon and Taubman’s deal?

(Credit: iStock)

Real estate stocks rebound as deal nears for massive stimulus

REIT Stocks Fell Monday (Credit: iStock)

Real estate stocks fall despite Fed’s move to expand lending

(Credit: Pixabay)

REIT declines outpace stock market amid shutdowns nationwide

(Credit: iStock)

Real estate stocks push up as feds work to pass stimulus deal

US Federal reserve Chairman Jerome Powell and President Donald Trump (Credit: Drew Angerer/Getty Images and ERIC BARADAT/AFP via Getty Images)

Real estate pros weigh in on Fed and Trump’s moves to bolster economy from COVID-19 pains