Columbia Property Trust, Inc. (NYSE:CXP) Q4 2019 Earnings Conference Call - Final Transcript

Feb 13, 2020 • 05:00 pm ET


Columbia Property Trust, Inc. (NYSE:CXP) Q4 2019 Earnings Conference Call - Final Transcript


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Good afternoon, and welcome to the Columbia Property Trust Fourth Quarter 2019 Conference Call. [Operator Instructions]

I would now like to turn the call over to Matt Stover, Director of Investor Relations. Please go ahead, sir.

Matt Stover

Thank you. Good afternoon, everyone, and welcome to the Fourth Quarter 2019 Columbia Property Trust Investor Conference Call. On the call with me today are Nelson Mills, President and Chief Executive Officer; Jim Fleming, Executive Vice President and Chief Financial Officer; and other members of our senior management team. Our results were released this afternoon in our quarterly supplemental package, which can be found on the Investor Relations section of our website and on file with the SEC on Form 8-K. We filed our 10-K with the SEC this afternoon, and an audio replay of this call will be available by this time tomorrow. Statements made on today's call regarding expected operating results and other future events are forward-looking statements and involve risks and uncertainties.

A number of factors could cause actual results to differ materially from those anticipated, including those discussed in the Risk Factors section of our most recent Form 10-K. Forward-looking statements are made based on our current expectations, assumptions and beliefs as well as information available to us at this time. Columbia undertakes no obligation to update any information discussed on this conference call. During this call, we will also discuss certain non-GAAP financial measures. Reconciliations to comparable GAAP financial measures can be found in our supplemental financial data.

With that, I'll turn the call over to Nelson Mills.

E. Nelson Mills

Thank you, Matt. And thank you, everyone, for joining us today. This afternoon, we reported another quarter of strong results, capping a banner year for Columbia Property Trust. This was the strongest year in the company's history, demonstrating the power of our unique strategy, the exceptional quality of the portfolio we've assembled and the dedication and capabilities of our expanded team. I'm very pleased to welcome the Normandy team to Columbia at this exciting time as we continue to move our company forward. After several years of successful strategic steps, we're now realizing the benefits of having one of the best positioned portfolios in the entire office sector. Our portfolio boast modernized properties with attractive floor plates and amenities and some of the most desirable neighborhoods within high barrier gateway markets.

Many of today's most forward-looking growth companies have turned to Columbia Property Trust to meet their facilities needs in their quest to attract, retain and inspire the dynamic workforce they require. You can see proof of this and our impressive tenant roster and increasingly in our solid operating metrics and financial results. 2019 was a terrific year for us, one in which we raised our initial guidance for normalized FFO three times. Strong demand for our properties drove more than 400,000 square feet of leasing during the fourth quarter, pushing our full year leasing to over 750,000 square feet. We ended the year with a lease rate of 97.1%. And just