Stockholders' Equity

9 Months Ended

Sep. 30, 2021

Common Stock Repurchase Program

Columbia Property Trust's board of directors authorized a stock repurchase program to purchase up to an aggregate of $200.0 million of its common stock, from September 4, 2019 through September 4, 2021 (the "2019 Stock Repurchase Program"). No share repurchases were made during the nine months ended September 30, 2021. Common stock repurchases are charged against equity as incurred, and the repurchased shares are retired.

Long-Term Incentive Compensation

Columbia Property Trust maintains a stockholder-approved, long-term incentive plan (the "LTI Plan") that provides for grants of up to 4.8 million shares of stock to be made to certain employees and independent directors of Columbia Property Trust.

Employee Awards

Under the LTI Plan, Columbia Property Trust grants time-based stock awards and performance-based restricted stock unit awards to its employees.

During the nine months ended September 30, 2021, Columbia Property Trust granted 421,962 shares of stock awards (the "Time-Based Restricted Shares") to employees, which will vest ratably on each anniversary of the grant over the next four years. Also, during the nine months ended September 30, 2021, Columbia Property Trust granted 429,977 of performance-based restricted stock units (the "Performance-Based RSUs"), of which 75% will vest at the conclusion of a three-year performance period, and the remaining 25% will vest one year later. The payout of the Performance-Based RSUs will be determined based on Columbia Property Trust's total stockholder return relative to the FTSE NAREIT Equity Office Index and is contingent upon meeting predetermined minimum performance levels.

Below is a summary of the employee awards issued under the LTI Plan during the nine months ended September 30, 2021:


	Time-Based Awards			Performance-Based Awards
	Restricted Shares (in thousands)	Weighted-Average Grant-Date Fair Value(1)		RSUs (in thousands)	Weighted-Average Grant-Date Fair Value(2)
Unvested awards – beginning of period	497	$	20.82	715	$	18.51
Granted	422	$	14.33	430	$	12.39
Converted(3)	24			(24)
Vested(4)	(199)	$	21.26	(73)	$	20.64
Forfeited	(7)	$	15.79	(4)	$	14.05
Unvested awards – end of period(5)	737	$	15.75	1,044	$	15.16

(1)Reflects the weighted-average, grant-date fair value using the market closing price on the date of the respective grants.

(2)Reflects the weighted-average, grant-date fair value using a Monte Carlo valuation.

(3)Reflects 25% of the 2018 3-year Performance-Based RSUs granted on January 1, 2018, which converted to Time-Based Restricted shares in January 2021 and will vest in January 2022.

(4)With respect to the RSUs vesting this period, includes true-ups from the amount granted (based on target-level performance) to the respective amount paid (based on actual performance, as defined by the plan).

(5)As of September 30, 2021, Columbia Property Trust expects approximately 704,000 of the 737,000 unvested restricted stock units to ultimately vest and approximately 997,000 of the 1,044,000 unvested Performance-Based RSUs to ultimately vest, assuming a weighted-average forfeiture rate of 4.5%, which was determined based on historical forfeiture rates.

Director Stock Grants

Columbia Property Trust grants equity retainers to its non-executive directors under the LTI Plan. Such grants are made annually for the following year and vest immediately. During the nine months ended September 30, 2021 and 2020, Columbia Property Trust made the following equity retainer grants:


Date of Grant	Shares	Grant-Date Fair Value
May 18, 2021	34,859	$	17.92
January 4, 2021(1)	582	$	14.24
May 12, 2020	46,983	$	11.73
March 2, 2020(2)	591	$	19.80

(1)On December 31, 2020, an existing board member was appointed as chair of the board. Reflects the incremental, pro-rated common stock retainer issued for service as chairperson.

(2)In March 2020, a new director was appointed to the board of directors of Columbia Property Trust. The new director received a pro-rated annual equity retainer grant at appointment.

Stock-Based Compensation Expense

For the three and nine months ended September 30, 2021 and 2020, Columbia Property Trust incurred stock-based compensation expense related to the following events (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Amortization of time-based awards	$	1,068	$	989	$	3,193	$	2,883
Amortization of performance-based awards(1)	1,215		1,071		3,544		3,146
Amortization of Preferred OP Unit awards issued in connection with the Normandy Acquisition	1,527		3,190		4,869		8,703
Issuance of shares to independent directors	156		138		452		241
Total stock-based compensation expense	$	3,966	$	5,388	$	12,058	$	14,973

(1)Reflects amortization of awards made under the LTI Plan that will vest in future periods for service during the current period.

The majority of these expenses are included in general and administrative expenses and management fee expense in the accompanying consolidated statements of operations. As of September 30, 2021 and December 31, 2020, there were $17.0 million and $12.4 million, respectively, of unrecognized compensation costs related to unvested awards under the LTI Plan, which will be amortized over the respective vesting period, ranging from one to four years at the time of grant. As of September 30, 2021 and December 31, 2020, there were $5.4 million and $10.3 million of unvested Preferred OP Unit awards, respectively, which vest over three or four years from the time of grant.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

COLUMBIA PROPERTY TRUST, INC. 10-Q