Columbia Property Trust : Investor and Analyst Presentation – September 2020

INVESTOR PRESENTATION 9.2020

1

CONTENTS

Company Overview

Page 3

Case Studies

Page 21

Appendix

Page 25

WHY INVEST?

•  Exceptional gateway portfolio at discounted valuation

  Modernized, boutique office properties in strategic submarkets

•  Durable cash flows

  97% leased with strong rent roll and limited near-term expirations

•  Investment grade balance sheet

  Strong liquidity and flexibility on future capital projects

•  Multiple growth drivers

Embedded NOI growth from signed leases and attractive development pipeline

WHAT SETS US APART?

Our Portfolio

Our Platform

• • Strategic locations

• • Modernized buildings with health safety features

• • Attractive outdoor space and amenities

• • Exceptional service to tenants

• • Targeted capital investments

DESIRABLE BUILDINGS IN PRIME LOCATIONS

University Circle Palo Alto, CA

1800 M Street Washington, D.C.

Market Square Washington, D.C.

80 M Street Washington, D.C.

LEADING GATEWAY SUBMARKETS

NEW YORK

SAN FRANCISCOWASHINGTON, D.C.

2.2M total SF 98% leased1

2.2M total SF 96% leased

Data for properties owned in unconsolidated joint ventures presented at 100%.

1New York metrics exclude 149 Madison, 799 Broadway, 101 Franklin Street, and Terminal Warehouse.

1.5M total SF 95% leased

REDEVELOPED PORTFOLIO

ATTRACTIVE DIVIDEND YIELD

DIVIDEND YIELD vs. GATEWAY OFFICE PEERS

8.0%

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

ESRTKRC

DEI

HPP

BXPPGREVNOCXP

SLG

As of 8.28.20 8

LIMITED NEAR-TERM ROLLOVER

Note: Amounts may not sum to 100% due to rounding.

NEAR-TERM LEASE ROLLOVER AND DELIVERIES

PROPERTY

Building

SFLeased %

2020-21 Roll1 or Deliveries

CXP share / Total

HIGHLIGHTS

UNIVERSITY

• 630,000 100%

• CIRCLE 453,000 89%

  East Palo Alto

  79,000/ 144,000

• 650 CALIFORNIA

  San Francisco

• 242,000 97%

• 470,000 96%

  44,000

  1As of 6.30.2020

• 182,000 0%

• • Higher view floors available next summer

• • Property sits at intersection of Midtown & Downtown PATH trains in vibrant Grove St neighborhood

• • One of the premier office addresses in Silicon Valley, with Four Seasons Hotel onsite and large communal courtyard

• • Highest rents in CXP portfolio (over $100/sf gross)

• • Expiring rents considerably below market

• • Future mass timber vertical expansion and renovations position building as best in class boutique office in vibrant ballpark neighborhood

• • Over 300k SF leased at this North Financial District since 2017

• • #2 in Architectural Digest list of most Breathtaking Office Views in the world

• • Expiring rents materially below market

• • Exciting new construction near Union Square

• • 15' ceilings, with floor-to-ceiling glass

• • Multiple private terraces and high-end amenities

STRONG RENT COLLECTIONS

STRONG & FLEXIBLE BALANCE SHEET

• 1 Includes CXP's interest in unconsolidated joint ventures.

• 2 Non-GAAP financial measure; Net Debt to Gross Real Estate Assets includes our interest in joint ventures and is calculated as debt less cash, as a percentage of undepreciated assets.

• 3 Reflects 49.7% of the construction loan secured by 799 Broadway and 8.65% of the acquisition loan secured by Terminal Warehouse, both owned through unconsolidated joint ventures. The Terminal loan was extended into 2021 during July 2020.

• 4 Reflects 51% of the mortgage note secured by the Market Square buildings, which Columbia owns through an unconsolidated joint venture.

SECTOR-LEADING SAME-STORE NOI GROWTH

1Non-GAAP financial measure. See Appendix.

COMPONENTS OF NET ASSET VALUE

In-Place

(in thousands)

Construction in Progress - 149 Madison, 799 Broadway, 101 Franklin, Terminal & 80 M (cost basis)

559,000

Normandy Acquisition2

100,000

Debt @ 6.30.20

(1,937,000)

Working Capital (Net) @ 6.30.20 Planned Capital Expenditures3

225,000

(46,000)

Additional Signed Leases

Contractual Cash NOI - not yet Cash Paying but beginning by 12.31.204 Associated Leasing Capital (committed but not yet accrued)5

13,000 (60,000)

Note: Table includes non-GAAP financial measures. See Appendix.

1Adjusted for non-recurring revenues and expenses and mid quarter leasing activity.

2Includes 3.26 million convertible preferred OP units with a liquidation preference of $26.50 and $13.5 million in cash

3Committed capital for building projects and leasing costs for leases that are currently "cash paying".

4Includes incremental impact from leases that have not yet commenced or are in abatement as of 12/31/19 and begin paying cash by 12.31.20.

5Leasing costs for leases that are not yet "cash paying".

Q2 2020 Annualized Cash Net Operating Income1

$211,000

EMBEDDED GROWTH FROM SIGNED LEASES1

CURRENTLY SF INNOT YETCASH RENT COMMENCEMENTTENANT PROPERTY MARKET

(000s)ABATEMENTCOMMENCED

YEAR

Triage Consulting

221 Main Street

SF

462 ✔ 2020

Twitch

315 Park Avenue South

NY

35 ✔ 2020

Credit Suisse

650 California

SF

31 ✔ 2020

Company 3

218 West 18th Street

NY

302 ✔ 2021

Ernst & Young

218 West 18th Street

NY

272 ✔ 2021

Silversmith Capital

116 Huntington

Boston

26 ✔ 2020

JW Childs

116 Huntington

Boston

10 ✔ 2020

Biogen

Market Square

DC

5 ✔ 2020

Cresa Global

1800 M Street

DC

5 ✔ 2020

Other abated leasesOther leases not yet commenced

47 2

✔

2020 & 2021

✔

2021

Total Embedded NOI: Cash Rents beginning by 12.31.203

$13M

$-MTotal Embedded NOI: Cash Rents beginning beyond 20203

$1M

$2M

1SF and NOI for joint ventures are reflected at CXP's ownership interest. 2Lease renewal - only incremental income included here.

3NOI is a non-GAAP financial measure. See Appendix.

799 BROADWAY DEVELOPMENT

Union Square and Greenwich Village NEW YORK

Planned building rendering

Ground-up development of 12-story office building

• • Will contain 182,000 SF of boutique office space

• • Floor plates from 3,600 - 22,000 SF

• • 15' ceilings, with floor-to-ceiling glass

• • Multiple private terraces and high-end amenities

• • Expected 2021 delivery

• • Partnering with Normandy Fund IV and NTT

80 M STREET EXPANSION

Capitol Riverfront / Navy Yard WASHINGTON, D.C.

105,000 sf vertical expansion of well-leased building

• • 60% pre-leased

• • 16' slab to slab floors

• • Multiple outdoor terraces including penthouse with expansive greenspace

• • Will feature environmentally-friendly mass timber construction, the first such project in D.C.

• • Expected 2022 delivery

ADDITIONAL RE-DEVELOPMENT OPPORTUNITIES

149 Madison

New York City

Terminal Warehouse

New York City

101 Franklin

New York City

Opportunity to fully modernize 12-story boutique-sized office building on prime corner

• • NoMad district of Midtown South

• • 14'+ slab-to-slab and oversized windows throughout

Opportunity for signature boutique office, retail and events destination in West Chelsea

• • 1.1MM SF of creative office and 75,000 SF of retail

• • 7-13 stories, with roof decks and cascading terraces

• • GP with ~9% interest

Opportunity for complete redevelopment of 16-story office building in sought-after Tribeca

• • Walkable, amenity-rich neighborhood

• • Limited supply of high-end office space in submarket

COVID-19 RESPONSE

Providing for Tenant & Team Safety

•  Compliance with CDC and local guidelines

•  Enhanced cleaning/disinfection protocols

•  Property graphics to encourage social distancing and PPE use

•  Modified HVAC maintenance and operating procedures

•  Changes to visitor and delivery access controls

•  Extensive tenant communications campaign

Responsible Building Management

75%

of portfolio certified*

82%

of portfolio LEED certified

Ethical & Socially-Conscious Business Practices

•  Strong commitment to Diversity, Equity, and Inclusion

•  Practices, initiatives, and environmental performance data detailed in our 2019 ESG Report and Supplement, available on our company website

•  Company and its employees actively support charities and volunteer organizations in our markets

All data is at 100% of all properties, including those held through joint venture partnerships.

*Reflects certified properties and properties that have met certification criteria and are awaiting certification.

Transparent and Investor-Centered Governance

•  Board composed of supermajority of independent directors

•  Annual elections for all directors

•  Executive pay aligned with performance

 No legacy family issues among shareholder base or board

 No tax protection agreements constraining strategic decisions

LEED and the related logos are trademarks owned by the U.S. Green Building Council and are used with permission. Energy Star and the Energy Star mark are registered trademarks owned by the U.S. Environmental Protection Agency. These logos are used herein to identify Columbia buildings that have been awarded these designations.

CASE STUDIES

APPENDIX: Case Studies

315 PARK AVENUE SOUTH 332,000 sf

NEW YORK

Created a premier Midtown South office destination that commands premium rents

• • Acquired in 2015, with 17 of 20 floors vacant or rolling within two years at below market rents

• • Initiated a program of renovations and amenities to reposition as "best on Park Avenue South"

• • Achieved 304,000 SF of leasing through 2019, bringing property to 100% leased

• • Record rents for Park Avenue South corridor

Return on Renovation Capital ($ in 000's)
Incremental NOI	Capital	ROI
$2,600	$15,300	16.8%

80 M STREET 286,000 sf WASHINGTON, D.C.

Increased NOI and achieved 94% leased through high-impact renovations

• • Former Class-B property leased to government contractors, with short-term leases and rates in low $40s

• • Launched building repositioning with transformative $3M lobby renovation ahead of major lease rollover

• • Rebranded property to compete with new construction and attract more creative tenant base

• • Increased rental rates by 20% while re-leasing 75% of building

Return on Renovation Capital ($ in 000's)
Incremental NOI	Capital	ROI
$640	$3,000	20.9%

221 MAIN STREET 380,000 sf

SAN FRANCISCO

Raised rents by 97% through targeted improvements and creative rent roll management

• • Acquired in 2014, with rents well below market, material vacancy, and over 30% roll within three years

• • Invested ~$7M in strategic renovations to appeal to fin-tech tenants

• • Created contiguous "vertical campus" through creative relocation and selective renewals

• • Reduced # of tenants by half while improving tenant quality and driving building to 100% leased

• • Took building from performance in-line with market, to now signing leases at 10% premium to market comps

Performance Summary

Stabilized Yield (mgmt.'s est.)	7.0%
Value Creation @ 4.75% cap rate	~50%

APPENDIX

www.columbia.reit

FOR MORE INFORMATION

Columbia Property Trust

INVESTOR RELATIONS

[e-mail]

DRAMATIC RENT ROLL-UPS DRIVING GROWTH

1 Net rent of new signed leases over net rent of prior lease in the same space on existing properties.

UNCONSOLIDATED JOINT VENTURES

• • Increase scale in top markets through a capital efficient structure

• • Current gross asset value of nearly $4B

Joint Venture Ownership Interest

*L&L Holding Co. LLC holds a 1% ownership interest in 114 Fifth Avenue.

Partner	Property
CXP	Partners
55%	45%	Allianz Real Estate	University Circle, Silicon Valley
55%	45%	Allianz Real Estate	333 Market Street, San Francisco
55%	45%	Allianz Real Estate	1800 M Street, Washington, D.C.
49.5%*	49.5%*	Allianz Real Estate	114 Fifth Avenue, New York
51%	49%	Blackstone	Market Square, Washington D.C.
49.7%	50.3%	Normandy Fund IV & NTT	799 Broadway, New York
8.7%	91.3%	Multiple	Terminal Warehouse

EXECUTIVE TEAM

Nelson Mills

President and CEO

Jim Fleming

Executive VP and CFO

Jeff Gronning

Executive VP and CIO

Gavin Evans

Executive VP - Acquisitions

Kevin Hoover

Executive VP - Portfolio Management

David Cheikin

David Dowdney

Sr. VP - Asset Mgmt. Sr. VP - West

Travis Feehan

& Leasing

Coast

Sr. VP - New York Transactions Lead

Wendy Gill

Sr. VP - Chief Accounting Officer

Patrick Keeley

Sr. VP - D.C. Region Lead

Stephen Smith	Amy Tabb
Sr. VP - Property	Sr. VP - Business
Management	Development

Paul Teti	Steve Trapp	Elka Wilson	Melissa Donohoe	Doug McDonald	Matt Stover
Sr. VP - Asset Mgmt.	Sr. VP -	Sr. VP - Corporate	VP - Private IR	VP - Finance	Sr. Dir. - Finance
& Leasing	Construction	Operations	& Public IR

FORWARD-LOOKING STATEMENTS

This presentation contains certain statements that may be considered 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. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. These forward-looking statements include information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, future plans, and objectives. They also include, among other things, statements regarding subjects that are forward-looking by their nature, such as, our business and financial strategy; our guidance and underlying assumptions; expectations on timing of completion of announced acquisitions; expectations on occupancy rates and additional growth in same store net operating income; the impact of the COVID-19 pandemic on our results of operations; our ability to obtain future financing; future acquisitions and dispositions of operating assets; future repurchases of common stock; and market and industry trends. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this presentation is published, and which are subject to certain risks and uncertainties which could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, without limitation: risks affecting the real estate industry and the office sector, in particular (such as the inability to enter into new leases, dependence on tenants' financial condition, and competition from other owners of real estate); risks relating to lease terminations, lease defaults, or changes in the financial condition of our tenants, particularly by a significant tenant; risks relating to our ability to maintain and increase property occupancy rates and rental rates; adverse economic or real estate market developments in our target markets; the risks of pandemics or other public health emergencies, including the continued spread and impact of, and the governmental and third-party response to, the recent COVID-19 outbreak; the impact of social distancing, shelter-in-place, border closings, travel restrictions, remote work requirements and similar governmental and private measures taken to combat the spread of COVID-19; risks relating to the use of debt to fund acquisitions; availability and terms of financing; the ability to refinance indebtedness as it comes due; sensitivity of our operations and financing arrangements to fluctuations in interest rates; reductions in asset valuations and related impairment charges; risks relating to construction, development, and redevelopment activities; risks associated with joint ventures, including disagreements with, or misconduct by, joint venture partners; risks relating to repositioning our portfolio; risks relating to reduced demand for, or over supply of, office space in our markets; risks relating to acquisition and disposition activities; the ability to successfully integrate our operations and employees in connection with the acquisition of Normandy Real Estate Management, LLC ("Normandy"); the ability to realize anticipated benefits and synergies of the acquisition of Normandy; amount of the costs, fees, expenses, and charges related to the acquisition of Normandy; risks associated with our ability to continue to qualify as a real estate investment trust ("REIT"); risks associated with possible cybersecurity attacks against us or any of our tenants; potential liability for uninsured losses and environmental contamination; potential adverse impact of market interest rates on the market price for our securities; and risks associated with our dependence on key personnel whose continued service is not guaranteed.

We do not intend to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. For additional risks and uncertainties that may cause actual results to differ from expectations, see our Annual Report on Form 10-K for the year ended December 31, 2019, and subsequently filed periodic reports.

The names, logos, and related product and service names, design marks, and slogans are the trademarks or service marks of their respective companies. When evaluating the Company's performance and capital resources, management considers the financial impact of investments held directly and through unconsolidated joint ventures. This presentation includes financial and operational information for our wholly-owned investments and our proportional interest in unconsolidated investments.

Unless otherwise noted, all data herein is as of June 30, 2020.

086-CORPPRES082029

NON-GAAP TO COMPARABLE GAAP MEASURES

Three Months
(in thousands)	Ended 6/30/20	Annualized
Net Cash Provided by Operating Activities	$ 28,228	$ 112,912
Straight line rental income	2,304	9,216
Depreciation of real estate assets	(17,379)	(69,516)
Amortization of lease-related costs	(6,015)	(24,060)
Income from unconsolidated joint venture	1,890	7,560
Distribution of earnings from unconsolidated joint ventures	(7,042)	(28,168)
Gain on sale of real estate assets	17	68
Net loss attributable to non-controlling interest in the Operating Partnership	(126)	(504)
Net loss attributable to non-controlling interest in consolidated joint venture	136	544
Other non-cash expenses	(6,196)	(24,784)
Net changes in operating assets & liabilities	9,268	37,072
Net Income (loss) attributable to CXP stockholders	$ 5,085	$ 20,340
Interest expense (net)	9,676	38,704
Income tax benefit	(185)	(740)
Depreciation of real estate assets	17,379	69,516
Amortization of lease-related costs	7,405	29,620
Adjustments from unconsolidated joint venture	15,704	62,816
EBITDA	$ 55,064	$ 220,256
Gain on sale of real estate assets	(17)	(68)
EBITDAre	$ 55,047	$ 220,188
Acquisition costs	358	1,432
Adjustments included in net loss attributable to non-controlling interest in the Operating Partnership	126	504
Adjustments included in net loss attributable to non-controlling interest in consolidated joint venture	(130)	(520)
Adjusted EBITDAre	$ 55,401	$ 221,604

Definitions of the non-GAAP financial measures that Columbia presents, as well as a statement of the reasons why management believes these non-GAAP measures provide useful information to investors about the company's financial condition and results of operations, can be found in the Q2 2020 Supplemental Information Package furnished by the Company as Exhibit 99.2 to the Company's Form 8-K filed with the Securities and Exchange Commission on July 30, 2020.

NON-GAAP TO COMPARABLE GAAP MEASURES

Three Months
(in thousands)	Ended 6/30/20	Annualized
Adjusted EBITDAre	$ 55,401	$ 221,604
Management fee revenues	(10,447)	(41,788)
Management fee revenues - unconsolidated	(514)	(2,056)
General and administrative - corporate	7,964	31,856
Non-cash compensation expense - OP units	3,155	12,620
Management fee expense	9,231	36,924
Straight-line rental income (net)	(2,183)	(8,732)
Above/below lease market amortization (net)	(1,390)	(5,560)
Adjustments from unconsolidated joint ventures	(1,635)	(6,540)
Net Operating Income (based on cash rents)	$ 59,582	$ 238,328
NOI from 799 Broadway, 101 Franklin, Terminal Warehouse	73	292
Adjustment for Non-Recurring Revenues / Expenses	(6,868)	(27,472)
Net Operating Income (based on cash rents) - Adjusted	$ 52,787	$ 211,148

NON-GAAP TO COMPARABLE GAAP MEASURES

Twelve Months Ended
12/31/2018	12/31/2017
Net Income	$ 9,491	$ 176,041
Interest expense (net)	56,477	58,187
Interest income from development authority bonds	(6,871)	(7,200)
Income tax expense	37	(213)
Depreciation	81,795	80,394
Amortization	32,554	32,403
Adjustments included in income (loss) from unconsolidated joint ventures	58,144	29,726
EBITDA	$ 231,627	$ 369,338
Gain on sale of real estate assets	-	(175,518)
Gain on sale of unconsolidated joint venture interests	(762)	-
Impairment loss on real estate assets	30,812	-
EBITDAre	$ 261,677	$ 193,820
(Gain) loss on extinguishment of debt	(23,340)	325
Adjusted EBITDAre	$ 238,337	$ 194,145
Asset & property management fee income	(7,384)	(3,782)
General and administrative - corporate	32,979	34,966
General and administrative - unconsolidated joint ventures	3,108	1,454
Straight line rental income (net)	(25,984)	(31,932)
Above/below lease market amortization, net	(3,152)	(494)
Adjustments included in income (loss) from unconsolidated joint ventures	(6,303)	425
Net Operating Income (based on cash rents) (1)	$ 231,601	$ 194,782
Less Net Operating Income from:
Acquisitions (2)	(42,716)	(10,223)
Dispositions (3) (4)	385	(18,339)
Same Store Net Operating Income (based on cash rents) (5)	$ 189,270	$ 166,220

• (1) Includes CXP's ownership share of NOI for properties held in unconsolidated joint ventures.

• (2) Reflects activity for the following properties acquired since January 1, 2017, for all periods presented: Lindbergh Center (retail), 799 Broadway

  (49.7% share), 149 Madison Avenue, 1800 M Street (55% share), 218 West 18th Street, 249 West 17th Street, and 114 5th Avenue (49.5% share).

• (3) Reflects activity for the following properties sold since January 1, 2017, for all periods presented: 222 East 41st Street, University Circle (45% share),

  333 Market Street (45% share), Key Center Tower, Key Center Marriott, 5 Houston Center, Energy Center, and 515 Post Oak.

• (4) Reflects activity for 263 Shuman Boulevard that was transferred to the lender on April 13, 2018.

• (5) Reflects NOI from properties that were owned for the entirety of the periods presented.

NON-GAAP TO COMPARABLE GAAP MEASURES

Twelve Months Ended
12/31/2019	12/31/2018
Net income (loss) attributable to CXP stockholders	$ 9,197	$ 9,491
Interest expense (net)	42,997	56,477
Interest income from development authority bonds	-	(6,871)
Income tax expense	21	37
Depreciation	78,292	81,795
Amortization	27,908	32,554
Adjustments included in income (loss) from unconsolidated joint ventures	57,334	58,144
EBITDA	$ 215,749	$ 231,627
Gain on sale of real estate assets	(42,030)	-
Gain on sale of unconsolidated joint venture interests	-	(762)
Impairment loss on real estate assets	43,941	30,812
EBITDAre	$ 217,660	$ 261,677
(Gain) loss on extinguishment of debt	-	(23,340)
Pre-acquisition costs	6,398	-
Adjustments included in net loss attributable to non-controlling interest in consolidated joint venture	(126)	-
Adjusted EBITDAre	$ 223,932	$ 238,337
Asset and property management fee income	(7,544)	(7,384)
General and administrative - corporate	32,779	32,979
General and administrative - unconsolidated joint ventures	3,567	3,108
Straight line rental income (net)	(12,395)	(25,984)
Above/below lease market amortization, net	(4,362)	(3,152)
Adjustments included in income (loss) from unconsolidated joint ventures	(4,230)	(6,303)
Net Operating Income (based on cash rents) (1)	$ 231,747	$ 231,601
Less Net Operating Income from:
Acquisitions (2)	(261)	66
Dispositions (3) (4)	(20,682)	(35,801)
Same Store Net Operating Income (based on cash rents) (5)	$ 210,804	$ 195,866
(1) Includes CXP's ownership share of NOI for properties held in unconsolidated joint ventures.
(2) Reflects activity for the following property acquired since January 1, 2018, for all periods presented: 799 Broadway (49.7% share), 101 Franklin (92.5% share), and 201 California Street.
(3) Reflects activity for the following properties sold since January 1, 2018, for all periods presented: Lindbergh Center, One & Three Glenlake, 222 East 41st Street, University Circle (22.5% share) and 333 Market Street (22.5% share).
(4) Reflects activity for 263 Shuman Boulevard that was transferred to the lender on April 13, 2018.
(5) Reflects NOI from properties that were owned for the entirety of the periods presented.

NON-GAAP TO COMPARABLE GAAP MEASURES

As of Period End
(in thousands)	6/30/20
Debt - Consolidated	$ 1,651,000
Debt - Columbia's share in unconsolidated joint ventures	285,646
Cash - consolidated	(277,677)
Cash - Columbia's share in unconsolidated joint ventures	(27,158)
Net Debt	$ 1,631,812
Total Real Estate Assets - Consolidated	$ 2,700,227
Buildings and Improvements - accumulated depreciation - consolidated	315,457
Intangible lease assets - accumulated depreciation - consolidated	58,853
Intangible lease origination costs - consolidated	33,679
less: Intangible lease liabilities - consolidated	(13,577)
Gross Real Estate Assets - Consolidated	$ 3,094,639
Gross Real Estate Assets - Columbia's share of properties in unconsolidated joint ventures	1,547,218
Gross Real Estate Assets - Total	$ 4,641,857

$

1,651,000 285,646

$ 1,631,812

315,457 58,853 33,679