Columbia Property Trust Inc. (NYSE:CXP): 1Q14 Adjusted Funds from Operations Declined by 8%


Dallas, Texas 05/16/2014 (FINANCIALSTRENDS) –Columbia Property Trust Inc. (NYSE:CXP) recently reported its 1Q14 results with net income attributable to common shareholders increasing to $0.03 per diluted share from a net loss reported during 1Q13. The trust reported the completion of 460,000 sq. ft. of new and renewal leasing. The trust also reported successful execution of its growth strategy as evident from the acquisition of $228.8 million worth property at 221 Main Street in San Francisco. The trust also raised its lower end guidance for FY14 normalized funds from operations.

Quarterly Highlights:

Columbia Property Trust Inc. (NYSE:CXP) reported normalized funds from operations (FFO) for 1Q14 at $63.1 million ($0.51 per diluted share) which suggests 6% year over year increase. However, adjusted funds from operations (AFFO) decreased to$0.33 per diluted share during 1Q14, suggesting 8% decrease on a year over year basis. Net income attributable to common shareholders for 1Q14 was reported at $3.4 million as compared to a net loss attributable to common shareholders of $22.6 million in 1Q13.

Net operating income of Columbia Property Trust Inc. (NYSE:CXP) for 1Q14 decreased 12.5% on a GAAP basis and approximately 8% on a cash basis as compared to same prior year quarter. The decline was attributed to sale of 18 properties during 4Q13. Same store net operating income decreased 0.7% on a GAAP basis and 1.7% on a cash basis during 1Q14 as compared to same prior year quarter.

FY14 Outlook:

The company anticipates normalized FFO to remain around $1.92 to $1.98 per diluted share and net income attributable to common shareholders to remain between around $0.49 to $0.51 per diluted share for the full year FY14 ending December 31, 2014. The increase in lower end from its previous FY14 guidance was attributed to a recent acquisition, leasing activity and favorable cash net operating income.

Stock Update:

On Thursday, the stock of Columbia Property Trust closed at $27.55, losing 4.54% from its previous close.

Subscribe to get your free report!

* indicates required
*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.