Gramercy Property Trust - FORM 8-K - EX-99.2

Attached files

file	filename
8-K - FORM 8-K - Gramercy Property Trust	d623536d8k.htm
EX-5.1 - EX-5.1 - Gramercy Property Trust	d623536dex51.htm
EX-10.3 - EX-10.3 - Gramercy Property Trust	d623536dex103.htm
EX-10.1 - EX-10.1 - Gramercy Property Trust	d623536dex101.htm
EX-10.4 - EX-10.4 - Gramercy Property Trust	d623536dex104.htm
EX-10.2 - EX-10.2 - Gramercy Property Trust	d623536dex102.htm
EX-99.1 - EX-99.1 - Gramercy Property Trust	d623536dex991.htm

Exhibit 99.2



	Supplemental Information	Third Quarter 2013

CHAMBERS STREET PROPERTIES



	Page
Forward-Looking Statements		2
Company Profile		3
Financial Information
Financial Highlights		4
Consolidated Balance Sheets		5
Consolidated Statements of Operations		6
Reconciliation of Net Income (Loss) to Consolidated Net Operating Income (NOI)		7
Reconciliation of Net Income (Loss) to FFO, Core FFO and AFFO		8
Joint Venture Information		9
Consolidated and Pro Rata Share Balance Sheets		10
Consolidated and Pro Rata Share Net Operating Income		11
Property Information
Portfolio Summary		12
Acquisitions Summary		13
Our Properties		14
Geographic Distribution		21
Significant Tenants		22
Tenant Industry Profile		24
Tenant Lease Expirations		25
Percentage Leased		27
Capitalization
Debt Maturities		28
Encumbered/Unencumbered Properties		29
Fixed and Floating Interest Rate Debt		30
Capital Structure		31
Consolidated Debt		32
Unconsolidated Debt		33
Definitions
Non-GAAP Supplemental Financial Measures		34

Supplemental Information | Third Quarter 2013 | 1

This supplemental information is available on the Company's website at www.chambersstreet.com. This data is furnished to supplement audited and unaudited regulatory filings of the Company and should be read in conjunction with those filings. The financial data herein is unaudited and is provided from the perspective of timeliness to assist readers of quarterly and annual financial filings. As such, data otherwise contained in future regulatory filings covering the same period may restate the data presented herein.

Forward-Looking Statements

This supplemental information may contain various "forward-looking statements." You can identify forward-looking statements by the use of forward-looking terminology such as "believes," "expects," "may," "will," "would," "could," "should," "seeks," "approximately," "intends," "plans," "projects," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Statements regarding the following subjects may be impacted by a number of risks and uncertainties such as our business strategy; our ability to obtain future financing arrangements; estimates relating to our future distributions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our products, operations and business; and the use of the proceeds of any offerings of securities. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks before you make an investment decision with respect to our common shares, along with the following factors that could cause actual results to vary from our forward-looking statements such as: general volatility of the securities markets in which we participate; national, regional and local economic climates; changes in supply and demand for office and industrial properties; adverse changes in the real estate markets, including increasing vacancy, decreasing rental revenue and increasing insurance costs; availability and credit worthiness of prospective tenants; our ability to maintain rental rates and maximize occupancy; our ability to identify and secure acquisitions; our failure to successfully manage growth or operate acquired properties; our pace of acquisitions and/or dispositions of properties; risks related to development projects (including construction delay, cost overruns or our inability to obtain necessary permits); payment of distributions from sources other than cash flows and operating activities; receiving corporate debt ratings and changes in the general interest rate environment; availability of capital (debt and equity); our ability to refinance existing indebtedness or incur additional indebtedness; failure to comply with our debt covenants; unanticipated increases in financing and other costs, including a rise in interest rates; the actual outcome of the resolution of any conflict; material adverse actions or omissions by any of our joint venture partners; our ability to operate as a self-managed company; availability of and ability to retain our executive officers and other qualified personnel; future terrorist attacks in the United States or abroad; the ability of our operating partnership to continue to qualify as a partnership for U.S. federal income tax purposes; our ability to continue to qualify as a REIT for U.S. federal income tax purposes; foreign currency fluctuations; changes to accounting principles, policies and guidelines applicable to REITs; legislative or regulatory changes adversely affecting REITs and the real estate business; and environmental, regulatory and/or safety requirements. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the risk factors included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012, the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2013 and other documents of the Company on file with or furnished to the SEC. Any forward looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company or its business or operations. Except as required by law, the Company undertakes no obligation to update publicly or revise any forward looking statement, whether as a result of new information, future developments or otherwise. We caution you that actual outcomes and results may differ materially from what is expressed, implied or forecast by our forward looking statements.

The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter ended September 30, 2013 included in the Form 10-Q to be filed on or about November 8, 2013.

Supplemental Information | Third Quarter 2013 | 2

CHAMBERS STREET PROPERTIES

Company Profile

Company Overview

Chambers Street Properties is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, leased to creditworthy tenants.

We were formed on March 30, 2004 and commenced operations in July 2004. During 2006, we became a public reporting company and through January 2012, we raised approximately $2.5 billion in gross offering proceeds. On May 21, 2013, we listed our Common Shares on the New York Stock Exchange under the ticker symbol "CSG."

As of September 30, 2013, we had ownership interests in 131 primarily net leased industrial (primarily warehouse/distribution) and office properties located in 22 U.S. states, Germany and the United Kingdom. As of September 30, 2013, our portfolio encompassed 34.5 million net rentable square feet and was 96.0% leased.

Senior Management

Our senior management team is led by Mr. Jack A. Cuneo, President and Chief Executive Officer; Mr. Philip L. Kianka, Executive Vice President and Chief Operating Officer and Mr. Martin A. Reid, Executive Vice President, Chief Financial Officer, Treasurer and Secretary.

Supplemental Information | Third Quarter 2013 | 3

CHAMBERS STREET PROPERTIES

Financial Highlights

(Unaudited)

($ In Thousands, Except Share Data)



	9/30/2013			6/30/2013			3/31/2013			12/31/2012			9/30/2012
Portfolio Statistics:
Number of Consolidated Properties	101			99			99			82			78
Number of Unconsolidated Properties (1)	30			30			30			47			46
Total Properties	131			129			129			129			124
Total Net Rentable Square Feet (1)	34,539,220			34,153,941			34,062,119			34,062,119			30,828,045
Approximate Acquisition Cost (2)	$	3,344,414		$	3,286,756		$	3,286,717		$	3,141,539		$	2,928,464
Percentage Leased (3)	96.0		%	95.5		%	97.0		%	97.8		%	98.1		%
Balance Sheet Items:
Total Assets (2)	$	3,201,727		$	3,177,835		$	3,174,571		$	3,055,424		$	2,945,022
Total Debt (2)	$	1,556,463		$	1,500,479		$	1,338,096		$	1,234,393		$	1,062,523
Total Shareholders' Equity	$	1,499,169		$	1,528,602		$	1,682,298		$	1,657,333		$	1,704,742



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2013			2012			2013			2012
Income Items:
Total Revenues (2)	$	84,412		$	76,464		$	245,637		$	223,229
Net Operating Income - GAAP (2)(4)	$	60,531		$	55,319		$	177,960		$	161,502
Net Operating Income - Cash Basis (2)(4)	$	57,962		$	52,028		$	170,526		$	152,422
Net Income (Loss)	$	859		$	(12,384	)	$	79,310		$	(16,437	)
Funds from Operations (FFO) (5)	$	37,481		$	19,772		$	108,163		$	79,249
Core Funds from Operations (Core FFO) (5)	$	40,163		$	28,584		$	119,051		$	92,477
Adjusted Funds from Operations (AFFO) (5)	$	34,788		$	23,459		$	105,374		$	80,000
Dividends Declared	$	29,562		$	37,374		$	102,320		$	111,466
Per Share Data
FFO per Share	$	0.16		$	0.08		$	0.44		$	0.32
Core FFO per Share	$	0.17		$	0.11		$	0.49		$	0.37
AFFO per Share	$	0.15		$	0.09		$	0.43		$	0.32
Dividends per Share	$	0.125		$	0.150		$	0.425		$	0.450
Weighted Average Common Shares Outstanding - Basic & Diluted	236,548,477			249,173,577			244,373,249			247,718,798
Dividend Payout Ratios:
FFO (5)	78.9		%	189.0		%	94.6		%	140.7		%
Core FFO (5)	73.6		%	130.8		%	85.9		%	120.5		%
AFFO (5)	85.0		%	159.3		%	97.1		%	139.3		%

__________


(1)	Includes 100% of unconsolidated properties except those held through CBRE Strategic Partners Asia.


(2)	Includes pro rata share of unconsolidated properties except those held through CBRE Strategic Partners Asia.


(3)	Average percentage leased is weighted based on net rentable square feet.


(4)	Please refer to page 7 for a reconciliation of Net Income (Loss) to Consolidated Net Operating Income.


(5)	Please refer to page 8 for a reconciliation of GAAP Net Income (Loss) to FFO, Core FFO and AFFO.

Supplemental Information | Third Quarter 2013 | 4

CHAMBERS STREET PROPERTIES

Consolidated Balance Sheets

($ In Thousands, Except Share Data)



	September 30,			June 30,			March 31,			December 31,			September 30
	2013			2013			2013			2012			2012

ASSETS
Investments in Real Estate:
Land	$	673,972		$	647,334		$	647,165		$	560,622		$	522,867
Buildings and Improvements	1,621,725			1,594,027			1,592,500			1,172,318			1,094,896
Construction in Progress	—			—			—			76,826			66,354
	2,295,697			2,241,361			2,239,665			1,809,766			1,684,117
Less: Accumulated Depreciation and Amortization	(180,284		)	(162,401		)	(145,846		)	(132,129		)	(120,769		)
Net Investments in Real Estate	2,115,413			2,078,960			2,093,819			1,677,637			1,563,348
Investments in Unconsolidated Entities	464,769			361,004			365,625			515,829			487,996
Cash and Cash Equivalents	62,250			87,861			66,692			107,355			191,409
Restricted Cash	15,247			15,655			14,786			10,998			9,483
Tenant and Other Receivables, Net	10,653			9,830			6,281			6,675			8,861
Deferred Rent	33,082			29,715			27,093			25,210			23,192
Deferred Leasing Costs and Intangible Assets, Net	259,733			266,432			279,203			199,058			183,268
Deferred Financing Costs, Net	11,455			8,837			9,428			8,322			10,695
Prepaid Expenses and Other Assets	18,555			11,454			3,950			3,778			3,359
Total Assets	$	2,991,157		$	2,869,748		$	2,866,877		$	2,554,862		$	2,481,611
LIABILITIES, NON-CONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY
LIABILITIES
Secured Notes Payable, Net	$	694,679		$	698,550		$	726,796		$	502,232		$	628,483
Unsecured Term Loan Facilities	570,000			250,000			250,000			—			—
Unsecured Revolving Credit Facility	100,000			260,044			70,044			265,000			—
Accounts Payable, Accrued Expenses and Other Liabilities	53,767			46,304			47,273			53,390			73,422
Intangible Liabilities, Net	29,229			35,063			36,283			25,994			26,286
Prepaid Rent and Security Deposits	14,551			13,035			14,247			10,005			7,814
Distributions Payable	29,562			35,486			37,272			37,418			37,374
Total Liabilities	1,491,788			1,338,482			1,181,915			894,039			773,379
COMMITMENTS AND CONTINGENCIES
NON-CONTROLLING INTERESTS
Operating Partnership Units	—			2,464			2,464			2,464			2,464
Class B Interest	200			200			200			200			200
Non-Controlling Interest	—			—			—			826			826
SHAREHOLDERS’ EQUITY
Common Shares of Beneficial Interest, $0.01 par value, 990,000,000 shares authorized	2,359			2,365			2,484			2,494			2,494
Additional Paid-in-Capital	2,066,492			2,072,930			2,194,257			2,203,888			2,203,812
Accumulated Deficit	(563,555		)	(534,849		)	(495,728		)	(540,462		)	(476,498		)
Accumulated Other Comprehensive Loss	(6,127		)	(11,844		)	(18,715		)	(8,587		)	(25,066		)
Total Shareholders’ Equity	1,499,169			1,528,602			1,682,298			1,657,333			1,704,742
Total Liabilities, Non–Controlling Interests and Shareholders’ Equity	$	2,991,157		$	2,869,748		$	2,866,877		$	2,554,862		$	2,481,611

Supplemental Information | Third Quarter 2013 | 5

CHAMBERS STREET PROPERTIES

Consolidated Statements of Operations

For the Three and Nine Months Ended September 30, 2013 and 2012 (unaudited)

(In Thousands, Except Share Data)



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2013			2012			2013			2012
REVENUES
Rental	$	51,162		$	37,980		$	146,312		$	109,866
Tenant Reimbursements	14,178			9,167			40,090			25,566
Total Revenues	65,340			47,147			186,402			135,432
EXPENSES
Property Operating	8,625			5,148			22,672			16,483
Real Estate Taxes	9,929			6,752			28,710			17,538
General and Administrative	5,397			7,162			17,710			10,973
Investment Management Fee	—			5,159			489			17,270
Acquisition-related	175			1,099			2,179			2,508
Depreciation and Amortization	26,635			18,787			75,409			54,749
Transition and Listing	1,447			6,216			12,681			8,152
Total Expenses	52,208			50,323			159,850			127,673
OTHER INCOME AND EXPENSES
Interest and Other Income	551			229			1,028			1,714
Interest Expense	(13,120		)	(8,737		)	(33,953		)	(26,528		)
Gain on Interest Rate Swaps	265			134			1,731			380
Loss on Early Extinguishment of Debt	(1,572		)	(1,686		)	(1,572		)	(1,686		)
(Loss) Gain on Conversion of Equity Interest to Controlling Interest	(1,667		)	—			75,535			—
Total Other (Expense) Income	(15,543		)	(10,060		)	42,769			(26,120		)
(Loss) Income Before Provision for Income Taxes and Equity in Income of Unconsolidated Entities	(2,411		)	(13,236		)	69,321			(18,361		)
Provision For Income Taxes	(54		)	(75		)	(274		)	(217		)
Equity in Income of Unconsolidated Entities	3,324			927			10,263			2,556
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	859			(12,384		)	79,310			(16,022		)
DISCONTINUED OPERATIONS
Realized Loss from Sale	—			—			—			(415		)
LOSS FROM DISCONTINUED OPERATIONS	—			—			—			(415		)
NET INCOME (LOSS)	859			(12,384		)	79,310			(16,437		)
Net (Income) Loss Attributable to Non-Controlling Operating Partnership Units	(3		)	5			(83		)	7
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	856		$	(12,379	)	$	79,227		$	(16,430	)
Basic and Diluted Net Income (Loss) Per Share from Continuing Operations Attributable to Common Shareholders	$	0.00		$	(0.05	)	$	0.32		$	(0.07	)
Basic and Diluted Net Income (Loss) Per Share Attributable to Common Shareholders	$	0.00		$	(0.05	)	$	0.32		$	(0.07	)
Weighted Average Common Shares Outstanding-Basic and Diluted	236,548,477			249,173,577			244,373,249			$	247,718,798

Supplemental Information | Third Quarter 2013 | 6

CHAMBERS STREET PROPERTIES

Reconciliation of Net Income (Loss) to Consolidated Net Operating Income (NOI)

As of September 30, 2013

($ In Thousands)



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2013			2012			2013			2012
Net Income (Loss)	$	859		$	(12,384	)	$	79,310		$	(16,437	)
General and Administrative	5,397			7,162			17,710			10,973
Investment Management Fee	—			5,159			489			17,270
Acquisition-related Expenses	175			1,099			2,179			2,508
Depreciation and Amortization	26,635			18,787			75,409			54,749
Transition and Listing Expenses	1,447			6,216			12,681			8,152
Total Expenses	33,654			38,423			108,468			93,652
Interest and Other (Income) Loss	(551		)	(229		)	(1,028		)	(1,714		)
Interest Expense	13,120			8,737			33,953			26,528
Gain on Interest Rate Swaps	(265		)	(134		)	(1,731		)	(380		)
Loss on Early Extinguishment of Debt	1,572			1,686			1,572			1,686
Loss (Gain) on Conversion of Equity Interest to Controlling Interest	1,667			—			(75,535		)	—
Provision for Income Taxes	54			75			274			217
Equity in Income of Unconsolidated Entities	(3,324		)	(927		)	(10,263		)	(2,556		)
Loss from Discontinued Operations	—			—			—			415
Net Operating Income - GAAP Basis	$	46,786		$	35,247		$	135,020		$	101,411
Straight-line Rent Adjustment, Net	(3,355		)	(1,702		)	(7,886		)	(5,463		)
Above/Below Market Lease Amortization, Net	1,956			(190		)	5,028			1,311
Net Operating Income - Cash Basis	$	45,387		$	33,355		$	132,162		$	97,259

Supplemental Information | Third Quarter 2013 | 7

CHAMBERS STREET PROPERTIES

Reconciliation of Net Income (Loss) to FFO, Core FFO and AFFO

For the Three and Nine Months Ended September 30, 2013 and 2012 (unaudited)

(In Thousands, Except Share Data)



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2013			2012			2013			2012
Net Income (Loss)	$	859		$	(12,384	)	$	79,310		$	(16,437	)
Real Estate Depreciation and Amortization	26,549			18,787			75,323			54,749
Pro Rata Share of Real Estate Depreciation and Amortization from Unconsolidated Entities	8,406			13,812			26,952			40,965
Loss (Gain) on Conversion of Equity Interest to Controlling Interest	1,667			—			(75,535		)	—
Loss on Write Down to Net Sales Value	—			—			—			415
Pro Rata Share of Realized Loss (Gain) on Investment in CBRE Strategic Partners Asia	—			(443		)	2,113			(443		)
Funds from Operations	37,481			19,772			108,163			79,249
Acquisition-Related Expenses	175			1,099			2,179			2,508
Pro Rata Share of Acquisition-Related Expenses from Unconsolidated Entities	—			—			—			519
Loss on Early Extinguishment of Debt	1,572			1,686			1,572			1,686
Gain on Interest Rate Swaps	(265		)	(134		)	(1,731		)	(380		)
Transition and Listing Expenses	1,447			6,216			12,681			8,152
Pro Rata Share of Unrealized (Gain) Loss on Investment in CBRE Strategic Partners Asia	(247		)	(55		)	(3,813		)	743
Core Funds from Operations	40,163			28,584			119,051			92,477
Amortization of Non-Cash Interest Expense	(94		)	128			(461		)	388
Pro Rata Share of Amortization of Non-Cash Interest Expense from Unconsolidated Entities	97			214			436			596
Amortization of Above and Below Market Leases	1,956			(190		)	5,028			1,311
Pro Rata Share of Amortization of Above/Below Market Leases from Unconsolidated Entities	(126		)	149			(150		)	465
Amortization of Deferred Revenue Related to Tenant Improvements	(276		)	—			(909		)	—
Share Based Compensation	554			15			1,547			15
Straight-Line Rent Adjustments, Net	(3,355		)	(1,702		)	(7,886		)	(5,463		)
Pro Rata Share of Straight-Line Rent Adjustments, Net from Unconsolidated Entities	(1,044		)	(1,548		)	(4,426		)	(5,393		)
Recurring Capital Expenditures	(1,652		)	(1,937		)	(3,890		)	(3,271		)
Pro Rata Share of Recurring Capital Expenditures from Unconsolidated Entities	(1,435		)	(254		)	(2,966		)	(1,125		)
Adjusted Funds from Operations	$	34,788		$	23,459		$	105,374		$	80,000
Amounts Per Share (Basic and Diluted):
Net Income (Loss)	$	0.00		$	(0.05	)	$	0.32		$	(0.07	)
Funds from Operations	$	0.16		$	0.08		$	0.44		$	0.32
Core Funds from Operations	$	0.17		$	0.11		$	0.49		$	0.37
Adjusted Funds from Operations	$	0.15		$	0.09		$	0.43		$	0.32
Weighted Average Common Shares Outstanding - Basic & Diluted	236,548,477			249,173,577			244,373,249			247,718,798

Supplemental Information | Third Quarter 2013 | 8

CHAMBERS STREET PROPERTIES

Joint Venture Information

as of September 30, 2013

($ and Square Footage Amounts in Thousands)



	Duke JV			European JV			UK JV			Afton Ridge
Industrial	7			6			3			—
Office	13			—			—			—
Retail	—			—			—			1
Total Number of Properties	20			6			3			1
Percent Leased	98.7		%	100.0		%	100.0		%	97.9		%
Square Feet:
Industrial	6,120			3,232			542			—
Office	1,559			—			—			—
Retail	—			—			—			296
Total Square Feet	7,679			3,232			542			296
Company Effective Ownership Percentage	80.0		%	80.0		%	80.0		%	90.0		%
Balance Sheet Information (1)
Net Investments in Real Estate	$	440,293		$	208,922		$	44,379		$	43,031
Other Assets	60,798			22,878			2,726			2,944
Total Assets	$	501,091		$	231,800		$	47,105		$	45,975
Secured Notes Payable	$	154,729		$	85,001		$	—		$	—
Other Liabilities	12,503			6,605			1,834			4,807
Equity	333,859			140,194			45,271			41,168
Total Liabilities and Equity	$	501,091		$	231,800		$	47,105		$	45,975



Income Statement Information (1)
	Duke JV						European JV				UK JV				Afton Ridge
	Three Months Ended						Three Months Ended				Three Months Ended				Three Months Ended
	September 30,						September 30,				September 30,				September 30,
	2013			2012			2013		2012		2013		2012		2013			2012
Total Revenue	$	16,680		$	31,271		$	4,589	$	2,845	$	1,125	$	1,159	$	1,285		$	1,219
Operating Expenses	5,329			10,621			742		382		218		231		329			286
Net Operating Income	11,351			20,650			3,847		2,463		907		928		956			933
Interest	2,214			6,125			564		165		—		—		21			376
Depreciation and Amortization	7,714			14,909			1,839		1,313		482		494		421			446
Net Income from Continuing Operations	1,423			(384		)	1,444		985		425		434		514			111
Net Income from Discontinuing Operations	12			—			—		—		—		—		—			—
Net Income (Loss)	1,435			(384		)	1,444		985		425		434		514			111
Company's Share in Net Income (Loss)	1,148			(307		)	1,155		788		340		347		463			100
Adjustments for REIT Basis	(18		)	(34		)	—		—		—		—		(4		)	(5		)
Company's Equity in Net Income (Loss)	$	1,130		$	(341	)	$	1,155	$	788	$	340	$	347	$	459		$	95

__________


(1)	Includes 100% of unconsolidated properties except those held through CBRE Strategic Partners Asia.

Supplemental Information | Third Quarter 2013 | 9

CHAMBERS STREET PROPERTIES

Consolidated and Pro Rata Share Balance Sheets

As of September 30, 2013 and December 31,2012

(In Thousands)



	September 30, 2013							December 31, 2012
	Consolidated		Pro Rata Share of Joint Ventures (1)			Total at Pro Rata Share		Consolidated		Pro Rata Share of Joint Ventures (1)			Total at Pro Rata Share
Assets
Real Estate Net	$	2,115,413	$	594,143		$	2,709,556	$	1,677,637	$	867,927		$	2,545,564
Other Assets	410,975		71,771			482,746		361,396		140,366			501,762
Investments in Unconsolidated Entities	464,769		(455,344		)	9,425		515,829		(507,731		)	8,098
Total Assets	$	2,991,157	$	210,570		$	3,201,727	$	2,554,862	$	500,562		$	3,055,424
Liabilities and Equity
Total Debt	$	1,364,679	$	191,784		$	1,556,463	$	767,232	$	467,161		$	1,234,393
Other Liabilities	127,109		18,786			145,895		126,807		33,401			160,208
Total Liabilities	1,491,788		210,570			1,702,358		894,039		500,562			1,394,601
Non-Controlling Interests	200		—			200		3,490		—			3,490
Shareholders’ Equity	1,499,169		—			1,499,169		1,657,333		—			1,657,333
Total Liabilities and Equity	$	2,991,157	$	210,570		$	3,201,727	$	2,554,862	$	500,562		$	3,055,424

__________


(1)	Includes Duke JV, European JV, UK JV and Afton Ridge.

Supplemental Information | Third Quarter 2013 | 10

CHAMBERS STREET PROPERTIES

Consolidated and Pro Rata Share Net Operating Income

For the Three and Nine Months Ended September 30, 2013 and 2012 (unaudited)

(In Thousands)



	Three Months Ended September 30, 2013									Three months ended September 30, 2012
	Consolidated			Pro Rata Share of Joint Ventures (1)			Total at Pro Rata Share			Consolidated			Pro Rata Share of Joint Ventures (1)			Total at Pro Rata Share
Total Revenues	$	65,340		$	19,072		$	84,412		$	47,147		$	29,317		$	76,464
Total Operating Expenses	18,554			5,327			23,881			11,900			9,245			21,145
Net Operating Income - GAAP Basis	46,786			13,745			60,531			35,247			20,072			55,319
Straight-line Rent Adjustment, Net	(3,355		)	(1,044		)	(4,399		)	(1,702		)	(1,548		)	(3,250		)
Above/Below Market Lease Amortization, Net	1,956			(126		)	1,830			(190		)	149			(41		)
Net Operating Income - Cash Basis	$	45,387		$	12,575		$	57,962		$	33,355		$	18,673		$	52,028

Interest Expense	$	13,120		$	2,241		$	15,361		$	8,737		$	5,370		$	14,107



	Nine Months Ended September 30, 2013									Nine Months Ended September 30, 2012
	Consolidated			Pro Rata Share of Joint Ventures (1)			Total at Pro Rata Share			Consolidated			Pro Rata Share of Joint Ventures (1)			Total at Pro Rata Share
Total Revenues	$	186,402		$	59,235		$	245,637		$	135,432		$	87,797		$	223,229
Total Operating Expenses	51,382			16,295			67,677			34,021			27,706			61,727
Net Operating Income - GAAP Basis	135,020			42,940			177,960			101,411			60,091			161,502
Straight-line Rent Adjustment, Net	(7,886		)	(4,426		)	(12,312		)	(5,463		)	(5,393		)	(10,856		)
Above/Below Market Lease Amortization, Net	5,028			(150		)	4,878			1,311			465			1,776
Net Operating Income - Cash Basis	$	132,162		$	38,364		$	170,526		$	97,259		$	55,163		$	152,422

Interest Expense	$	33,953		$	9,434		$	43,387		$	26,528		$	15,890		$	42,418

__________


(1)	Includes amounts from continuing operations and discontinued operations for the Duke JV, Afton Ridge, UK JV and European JV.

Supplemental Information | Third Quarter 2013 | 11

CHAMBERS STREET PROPERTIES

Portfolio Summary

As of September 30, 2013

($ In Thousands)



Property Types
	Consolidated Properties				Unconsolidated Properties (1)				Consolidated & Unconsolidated Properties (1)
Property Types	Properties	Net Rentable Square Feet	% of QTD NOI		Properties	Net Rentable Square Feet	% of QTD NOI		Properties	Net Rentable Square Feet	% of QTD NOI
Office	45	7,558,767	70.0	%	13	1,558,908	36.0	%	58	9,117,675	61.0	%
Warehouse / Distribution	54	15,032,236	27.0	%	16	9,893,188	58.0	%	70	24,925,424	35.0	%
Retail	2	199,694	3.0	%	1	296,427	6.0	%	3	496,121	4.0	%
Total	101	22,790,697	100.0	%	30	11,748,523	100.0	%	131	34,539,220	100.0	%



Single- and Multi-Tenant Property Distribution
	Consolidated Properties				Unconsolidated Properties (1)				Consolidated & Unconsolidated Properties (1)
Property Types	Properties	Net Rentable Square Feet	% of QTD NOI		Properties	Net Rentable Square Feet	% of QTD NOI		Properties	Net Rentable Square Feet	% of QTD NOI
Triple Net Single-Tenant Properties	74	18,078,772	74.0	%	18	10,170,513	65.0	%	92	28,249,285	72.0	%
Multi-Tenant Properties	19	3,591,355	18.0	%	10	1,356,539	28.0	%	29	4,947,894	20.0	%
Other Single-Tenant Properties	8	1,120,570	8.0	%	2	221,471	7.0	%	10	1,342,041	8.0	%
Total	101	22,790,697	100.0	%	30	11,748,523	100.0	%	131	34,539,220	100.0	%

__________


(1)	Includes 100% of unconsolidated properties except those held through CBRE Strategic Partners Asia.

Supplemental Information | Third Quarter 2013 | 12

CHAMBERS STREET PROPERTIES

Acquisitions Summary

As of September 30, 2013

($ In Thousands)

Wholly-Owned Property Acquisitions

Property

Market

Date of

Acquisition

Purchase

Price

Net
Rentable
Square
Feet

Carpenter Corporate Center I and II

Dallas

July 31

49,500

226,822

1200 Woods Chapel Road

Spartanburg

August 8

10,800

156,800

Total Wholly-Owned Property Acquisitions

60,300

383,622

Acquisition of Remaining Outside Equity Interests in Properties

Property

Market

Date of

Acquisition

Purchase
Price

Net

Rentable

Square

Feet

Ownership

Percentage

Acquired

1400 Atwater Drive (1)

Philadelphia

January 30

3,400

299,809

5.0

Duke Portfolio:

Celebration Office Center III (2)

Orlando

March 1

100,924

22535 Colonial Pkwy (2)

Houston

March 1

89,750

Northpoint III (2)

Orlando

March 1

108,499

Goodyear Crossing II (2)

Phoenix

March 1

820,384

3900 North Paramount Parkway (2)

Raleigh

March 1

100,987

3900 South Paramount Parkway (2)

Raleigh

March 1

119,170

1400 Perimeter Park Drive (2)

Raleigh

March 1

44,916

Miramar I (2)

Ft. Lauderdale

March 1

94,060

Miramar II (2)

Ft. Lauderdale

March 1

128,540

McAuley Place (2)

Cincinnati

March 1

190,096

Point West I (2)

Dallas

March 1

182,700

Easton III (2)

Columbus

March 1

135,485

Norman Pointe I (2)

Minneapolis

March 1

212,722

Norman Pointe II (2)

Minneapolis

March 1

324,296

The Landings I (2)

Cincinnati

March 1

175,695

The Landings II (2)

Cincinnati

March 1

175,076

Atrium I (2)

Columbus

March 1

315,102

Total Duke Portfolio

98,100

3,318,402

20.0

Total Acquisition of Outside Equity Interests in Properties

101,500

3,618,211

__________


(1)	Our total acquisition cost for this property was approximately $82.2 million.


(2)	Acquired as part of the Duke Portfolio.

Supplemental Information | Third Quarter 2013 | 13

CHAMBERS STREET PROPERTIES

Our Properties

as of September 30, 2013

($ in Thousands)



Property and Market		Date Acquired	Year Built	Property Type	Our Effective Ownership		Net Rentable Square Feet	Percentage Leased		Approximate Acquisition Cost (1)
Domestic Consolidated Properties:
REMEC Corporate Campus 1 (2)		9/15/2004	1983	Office	100	%	34,000	100.0	%	$	6,833
	San Diego, CA
REMEC Corporate Campus 2 (2)		9/15/2004	1983	Office	100	%	30,477	100.0	%	6,125
	San Diego, CA
REMEC Corporate Campus 3 (2)		9/15/2004	1983	Office	100	%	37,430	100.0	%	7,523
	San Diego, CA
REMEC Corporate Campus 4 (2)		9/15/2004	1983	Office	100	%	30,778	100.0	%	6,186
	San Diego, CA
300 Constitution Drive (2)		11/3/2004	1998	Warehouse/ Distribution	100	%	330,000	—	%	19,805
	Boston, MA
Deerfield Commons (3)		6/21/2005	2000	Office	100	%	121,969	100.0	%	21,834
	Atlanta, GA
505 Century Parkway (2)		1/9/2006	1997	Warehouse/ Distribution	100	%	100,000	100.0	%	6,095
	Dallas, TX
631 International Parkway (2)		1/9/2006	1998	Warehouse/ Distribution	100	%	73,112	100.0	%	5,407
	Dallas, TX
660 North Dorothy (2)		1/9/2006	1997	Warehouse/ Distribution	100	%	120,000	100.0	%	6,836
	Dallas, TX
Bolingbrook Point III		8/29/2007	2006	Warehouse/ Distribution	100	%	185,045	100.0	%	18,170
	Chicago, IL
Community Cash Complex 1 (2)				Warehouse/ Distribution	100	%		100.0	%	2,690
	Spartanburg, SC	8/30/2007	1960				207,038
Community Cash Complex 2 (2)				Warehouse/ Distribution	100	%				2,225
	Spartanburg, SC	8/30/2007	1978				145,058	100.0	%
Community Cash Complex 3 (2)				Warehouse/ Distribution	100	%				1,701
	Spartanburg, SC	8/30/2007	1981				116,413	—	%
Community Cash Complex 4 (2)				Warehouse/ Distribution	100	%				547
	Spartanburg, SC	8/30/2007	1984				33,019	100.0	%
Community Cash Complex 5 (2)				Warehouse/ Distribution	100	%				824
	Spartanburg, SC	8/30/2007	1984				53,033	—	%
Fairforest Building 1 (2)		8/30/2007	2000	Warehouse/ Distribution	100	%	51,028	100.0	%	2,974
	Spartanburg, SC
Fairforest Building 2 (2)		8/30/2007	1999	Warehouse/ Distribution	100	%	104,160	100.0	%	5,379
	Spartanburg, SC
Fairforest Building 3 (2)		8/30/2007	2000	Warehouse/ Distribution	100	%	100,000	100.0	%	5,760
	Spartanburg, SC
Fairforest Building 4 (2)		8/30/2007	2001	Warehouse/ Distribution	100	%	190,606	100.0	%	5,640
	Spartanburg, SC
Fairforest Building 5		8/30/2007	2006	Warehouse/ Distribution	100	%	316,491	100.0	%	16,968
	Spartanburg, SC
Fairforest Building 6		8/30/2007	2005	Warehouse/ Distribution	100	%	101,055	100.0	%	7,469
	Spartanburg, SC
Fairforest Building 7 (2)		8/30/2007	2006	Warehouse/ Distribution	100	%	101,459	83.8	%	5,626
	Spartanburg, SC

Supplemental Information | Third Quarter 2013 | 14

CHAMBERS STREET PROPERTIES (continued)

Our Properties

As of September 30, 2013

($ In Thousands)



Property and Market		Date Acquired	Year Built	Property Type	Our Effective Ownership		Net Rentable Square Feet	Percentage Leased		Approximate Acquisition Cost (1)
Greenville/Spartanburg Industrial Park (2)		8/30/2007	1990	Warehouse/ Distribution	100	%	67,375	100.0	%	3,388
	Spartanburg, SC
Highway 290 Commerce Park Building 1 (2)		8/30/2007	1995	Warehouse/ Distribution	100	%	150,000	100.0	%	5,388
	Spartanburg, SC
Highway 290 Commerce Park Building 5 (2)		8/30/2007	1993	Warehouse/ Distribution	100	%	30,000	100.0	%	1,420
	Spartanburg, SC
Highway 290 Commerce Park Building 7 (2)		8/30/2007	1994	Warehouse/ Distribution	100	%	93,971	100.0	%	4,889
	Spartanburg, SC
HJ Park Building 1 (2)		8/30/2007	2003	Warehouse/ Distribution	100	%	70,000	100.0	%	4,216
	Spartanburg, SC
Jedburg Commerce Park (2)		8/30/2007	2007	Warehouse/ Distribution	100	%	512,686	88.0	%	41,991
	Charleston, SC
Kings Mountain I		8/30/2007	1998	Warehouse/ Distribution	100	%	100,000	100.0	%	5,497
	Charlotte, NC
Kings Mountain II		8/30/2007	2002	Warehouse/ Distribution	100	%	301,400	100.0	%	11,311
	Charlotte, NC
Mount Holly Building		8/30/2007	2003	Warehouse/ Distribution	100	%	100,823	100.0	%	6,208
	Charleston, SC
North Rhett I		8/30/2007	1973	Warehouse/ Distribution	100	%	284,750	—	%	10,302
	Charleston, SC
North Rhett II		8/30/2007	2001	Warehouse/ Distribution	100	%	101,705	100.0	%	7,073
	Charleston, SC
North Rhett III (2)		8/30/2007	2002	Warehouse/ Distribution	100	%	79,972	100.0	%	4,812
	Charleston, SC
North Rhett IV		8/30/2007	2005	Warehouse/ Distribution	100	%	316,040	100.0	%	17,060
	Charleston, SC
Orangeburg Park Building		8/30/2007	2003	Warehouse/ Distribution	100	%	101,055	—	%	5,474
	Charleston, SC
Orchard Business Park 2 (2)		8/30/2007	1993	Warehouse/ Distribution	100	%	17,500	100.0	%	761
	Spartanburg, SC
Union Cross Building I		8/30/2007	2005	Warehouse/ Distribution	100	%	100,853	100.0	%	6,585
	Winston-Salem, NC
Union Cross Building II		8/30/2007	2005	Warehouse/ Distribution	100	%	316,130	100.0	%	17,216
	Winston-Salem, NC
Highway 290 Commerce Park Building 2 (2)		9/24/2007	1995	Warehouse/ Distribution	100	%	100,000	100.0	%	4,626
	Spartanburg, SC
Highway 290 Commerce Park Building 6 (2)		11/1/2007	1996	Warehouse/ Distribution	100	%	105,000	100.0	%	3,760
	Spartanburg, SC
Lakeside Office Center		3/5/2008	2006	Office	100	%	98,750	100.0	%	17,994
	Dallas, TX
Kings Mountain III (2)		3/14/2008	2007	Warehouse/ Distribution	100	%	541,910	100.0	%	25,728
	Charlotte, NC

Supplemental Information | Third Quarter 2013 | 15

CHAMBERS STREET PROPERTIES (continued)

Our Properties

As of September 30, 2013

($ In Thousands)



Property and Market		Date Acquired	Year Built	Property Type	Our Effective Ownership		Net Rentable Square Feet	Percentage Leased		Approximate Acquisition Cost (1)
Enclave on the Lake (2)		7/1/2008	1999	Office	100	%	171,091	100.0	%	37,827
	Houston, TX
Avion III		11/18/2008	2002	Office	100	%	71,507	100.0	%	21,111
	Washington Metro, DC
Avion IV		11/18/2008	2002	Office	100	%	71,504	100.0	%	21,112
	Washington Metro, DC
13201 Wilfred Lane (2)				Warehouse/ Distribution	100	%		100.0	%
	Minneapolis, MN	6/29/2009	1999				335,400			15,340
3011, 3055 & 3077Comcast Place (2)				Office	100	%		100.0	%
	East Bay, CA	7/1/2009	1988				219,631			49,000
140 Depot Street (2)				Warehouse/ Distribution	100	%		100.0	%
	Boston, MA	7/31/2009	2009				238,370			18,950
12650 Ingenuity Drive				Office	100	%		100.0	%
	Orlando, FL	8/5/2009	1999				124,500			25,350
Crest Ridge Corporate Center I (2)				Office	100	%		100.0	%
	Minneapolis, MN	8/17/2009	2009				116,338			28,419
West Point Trade Center (2)				Warehouse/ Distribution	100	%		100.0	%
	Jacksonville, FL	12/30/2009	2009				601,500			29,000
5160 Hacienda Dr (2)				Office	100	%		100.0	%
	East Bay, CA	4/8/2010	1988				201,620			38,500
10450 Pacific Center Court (2)				Office	100	%		100.0	%
	San Diego, CA	5/7/2010	1985				134,000			32,750
225 Summit Ave (2)				Office	100	%		100.0	%
	Northern, NJ	6/21/2010	1966				142,500			40,600
One Wayside Road				Office	100	%		100.0	%
	Boston, MA	6/24/2010	1998				200,605			55,525
100 Tice Blvd				Office	100	%		100.0	%
	Northern, NJ	9/28/2010	2007				208,911			67,600
Ten Parkway North				Office	100	%		100.0	%
	Chicago, IL	10/12/2010	1999				99,566			25,000
4701 Gold Spike Drive				Warehouse/ Distribution	100	%		100.0	%
	Dallas, TX	10/27/2010	2002				420,360			20,300
1985 International Way				Warehouse/ Distribution	100	%		100.0	%
	Hebron, KY	10/27/2010	1998				189,400			14,800
Summit Distribution Center				Warehouse/ Distribution	100	%		65.2	%
	Salt Lake City, UT	10/27/2010	2001				275,080			13,400
3660 Deerpark Boulevard				Warehouse/ Distribution	100	%		100.0	%
	Jacksonville, FL	10/27/2010	2002				321,500			15,300
Tolleson Commerce Park II				Warehouse/ Distribution	100	%		100.0	%
	Phoenix, AZ	10/27/2010	1999				217,422			9,200
Pacific Corporate Park (2) (3)				Office	100	%		100.0	%
	Washington, DC	11/15/2010	2002				696,387			144,500
100 Kimball Drive (2)				Office	100	%		100.0	%
	Northern, NJ	12/10/2010	2006				175,000			60,250
70 Hudson Street				Office	100	%		100.0	%
	New York City Metro, NJ	4/11/2011	2000				409,272			155,000

Supplemental Information | Third Quarter 2013 | 16

CHAMBERS STREET PROPERTIES (continued)

Our Properties

As of September 30, 2013

($ In Thousands)



Property and Market		Date Acquired	Year Built	Property Type	Our Effective Ownership		Net Rentable Square Feet	Percentage Leased		Approximate Acquisition Cost (1)
90 Hudson Street				Office	100	%		64.9	%
	New York City Metro, NJ	4/11/2011	1999	Office	100	%	419,868	64.9	%	155,000
Millers Ferry Road (2)				Warehouse/ Distribution	100	%		100.0	%
	Dallas, TX	6/2/2011	2011	Warehouse/ Distribution	100	%	1,020,000	100.0	%	40,366
Sky Harbor Operations Center (2)				Office	100	%		100.0	%
	Phoenix, AZ	9/30/2011	2003	Office	100	%	396,179	100.0	%	53,500
1400 Atwater Drive (2)				Office	100	%
	Philadelphia, PA	10/27/2011	2013	Office	100	%	299,809	100.0	%	82,224
Aurora Commerce Center (2)				Warehouse/ Distribution	100	%		100.0	%
	Denver, CO	11/30/2011	2007	Warehouse/ Distribution	100	%	406,959	100.0	%	24,500
Sabal Pavilion (2)				Office	100	%		100.0	%
	Tampa, FL	12/30/2011	1998	Office	100	%	120,500	100.0	%	21,368
2400 Dralle Road (2)(3)				Warehouse/ Distribution	100	%
	Chicago, IL	3/20/2012	2011	Warehouse/ Distribution	100	%	1,350,000	100.0	%	64,250
Midwest Commerce Center I (2)				Warehouse/ Distribution	100	%
	Kansas City, KS	8/16/2012	2009	Warehouse/ Distribution	100	%	1,107,000	100.0	%	62,950
20000 S Diamond Lake Rd. (2)				Warehouse/ Distribution	100	%
	Minneapolis, MN	11/7/2012	2004	Warehouse/ Distribution	100	%	280,577	100.0	%	18,500
Gateway at Riverside (2)				Warehouse/ Distribution	100	%
	Baltimore, MD	11/30/2012	1991	Warehouse/ Distribution	100	%	800,797	100.0	%	49,229
701 & 801 Charles Ewing Blvd. (2)				Office	100	%
	Princeton, NJ	12/28/2012	2009	Office	100	%	110,765	100.0	%	28,310
Mid-Atlantic Distribution Center – Bldg. A (2)				Warehouse/ Distribution	100	%
	Baltimore, MD	12/28/2012	2008	Warehouse/ Distribution	100	%	672,000	100.0	%	43,150
Celebration Office Center III (4)				Office	100	%
	Orlando, FL	3/1/2013	2009	Office	100	%	100,924	100.0	%	18,420
22535 Colonial Pkwy (4)				Office	100	%
	Houston, TX	3/1/2013	2009	Office	100	%	89,750	100.0	%	17,673
Northpoint III (4)				Office	100	%
	Orlando, FL	3/1/2013	2001	Office	100	%	108,499	100.0	%	22,394
Goodyear Crossing II (4)				Warehouse/ Distribution	100	%
	Phoenix, AZ	3/1/2013	2009	Warehouse/ Distribution	100	%	820,384	100.0	%	64,883
3900 North Paramount Parkway (4)				Office	100	%
	Raleigh, NC	3/1/2013	1999	Office	100	%	100,987	100.0	%	18,523
3900 South Paramount Parkway (4)				Office	100	%
	Raleigh, NC	3/1/2013	1999	Office	100	%	119,170	100.0	%	20,859
1400 Perimeter Park Drive (4)				Office	100	%
	Raleigh, NC	3/1/2013	1991	Office	100	%	44,916	100.0	%	6,165
Miramar I (4)				Office	100	%		100.0	%
	Ft. Lauderdale, FL	3/1/2013	2001	Office	100	%	94,060	100.0	%	23,912
Miramar II (4)				Office	100	%		100.0	%
	Ft. Lauderdale, FL	3/1/2013	2001	Office	100	%	128,540	100.0	%	31,910
McAuley Place (4)				Office	100	%		100.0	%
	Cincinnati, OH	3/1/2013	2001	Office	100	%	190,096	100.0	%	32,309

Supplemental Information | Third Quarter 2013 | 17

CHAMBERS STREET PROPERTIES (continued)

Our Properties

As of September 30, 2013

($ In Thousands)



Property and Market		Date Acquired	Year Built	Property Type	Our Effective Ownership		Net Rentable Square Feet	Percentage Leased		Approximate Acquisition Cost (1)
Point West I (4)				Office	100	%		100.0	%
	Dallas, TX	3/1/2013	2008				182,700			31,795
Easton III (4)				Office	100	%		100.0	%
	Columbus, OH	3/1/2013	1999				135,485			20,194
Norman Pointe I (4)				Office	100	%		79.5	%
	Minneapolis, MN	3/1/2013	2000				212,722			36,232
Norman Pointe II (4)				Office	100	%		95.8	%
	Minneapolis, MN	3/1/2013	2007				324,296			46,113
The Landings I (4)				Office	100	%		100.0	%
	Cincinnati, OH	3/1/2013	2006				175,695			30,249
The Landings II (4)				Office	100	%		94.3	%
	Cincinnati, OH	3/1/2013	2007				175,076			23,977
Atrium I (4)				Office	100	%		100.0	%
	Columbus, OH	3/1/2013	1996				315,102			45,071
Carpenter Corporate Center I & II (2)				Office	100	%		100.0	%
	Dallas, TX	7/31/2013	2008				226,822			49,509
1200 Woods Chapel Road (2)				Warehouse/ Distribution	100	%		100.0	%
	Spartanburg, SC	8/8/2013	2008				156,800			10,750
Domestic Consolidated Properties (5)			2001				22,500,033	94.3	%	$	2,501,435
International Consolidated Properties:
602 Central Boulevard (2)		4/27/2007	2001	Office	100	%	50,502	100.0	%	$	23,847
	Coventry, UK
Thames Valley Five (2)		3/20/2008	1998	Office	100	%	40,468	100.0	%	29,572
	Reading, UK
Albion Mills Retail Park		7/11/2008	2000	Retail	100	%	55,294	100.0	%	22,098
	Wakefield, UK
Maskew Retail Park		10/23/2008	2007	Retail	100	%	144,400	100.0	%	53,740
	Peterborough, UK
International Consolidated Properties (5)			2003				290,664	100.0	%	129,257
Consolidated Properties (5)			2002				22,790,697	94.4	%	$	2,630,692
Domestic Unconsolidated Properties (6):
Buckeye Logistics Center (2)(7)		6/12/2008	2008	Warehouse/ Distribution	80	%	1,009,351	100.0	%	$	52,797
	Phoenix, AZ
Afton Ridge Shopping Center (2)(8)		9/18/2008	2007	Retail	90	%	296,427	97.9	%	44,530
	Charlotte, NC
Allpoints at Anson Bldg. 1 (2)(7)		9/30/2008	2008	Warehouse/ Distribution	80	%	1,036,573	100.0	%	42,684
	Indianapolis, IN
12200 President's Court (2)(7)		9/30/2008	2008	Warehouse/ Distribution	80	%	772,210	100.0	%	29,995
	Jacksonville, FL
201 Sunridge Blvd. (2)(7)		9/30/2008	2008	Warehouse/ Distribution	80	%	822,550	100.0	%	25,690
	Dallas, TX
Aspen Corporate Center 500 (2)(7)		9/30/2008	2008	Office	80	%	180,147	100.0	%	29,936
	Nashville, TN

Supplemental Information | Third Quarter 2013 | 18

CHAMBERS STREET PROPERTIES (continued)

Our Properties

As of September 30, 2013

($ In Thousands)



Property and Market		Date Acquired	Year Built	Property Type	Our Effective Ownership		Net Rentable Square Feet	Percentage Leased		Approximate Acquisition Cost (1)
125 Enterprise Parkway (7)		12/10/2008	2008	Warehouse/ Distribution	80	%	1,142,400	100.0	%	38,088
	Columbus, OH	12/10/2008	2008	Warehouse/ Distribution	80	%	1,142,400	100.0	%	38,088
Allpoints Midwest Bldg. 1 (7)				Warehouse/ Distribution	80	%				41,428
	Indianapolis, IN	12/10/2008	2008	Warehouse/ Distribution	80	%	1,200,420	100.0	%	41,428
Fairfield Distribution Ctr. IX (7)				Warehouse/ Distribution
	Tampa, FL	5/13/2009	2008	Warehouse/ Distribution	80	%	136,212	100.0	%	7,151
Sam Houston Crossing I (7)				Office				100.0	%
	Houston, TX	12/21/2010	2007	Office			159,175	100.0	%	20,400
Regency Creek I (7)				Office	80	%		100.0	%
	Raleigh, NC	12/21/2010	2008	Office	80	%	122,087	100.0	%	18,000
533 Maryville Centre (7)				Office	80	%		100.0	%
	St. Louis, MO	12/21/2010	2000	Office	80	%	125,296	100.0	%	19,102
555 Maryville Centre (7)				Office	80	%		90.8	%
	St. Louis, MO	12/21/2010	1999	Office	80	%	127,082	90.8	%	15,578
One Conway Park (2)(7)				Office	80	%		71.8	%
	Chicago, IL	3/24/2011	1989	Office	80	%	105,000	71.8	%	12,320
West Lake at Conway (7)				Office	80	%		100.0	%
	Chicago, IL	3/24/2011	2008	Office	80	%	98,304	100.0	%	14,060
One Easton Oval (2)(7)				Office	80	%		78.4	%
	Columbus, OH	3/24/2011	1997	Office	80	%	125,031	78.4	%	9,529
Two Easton Oval (2)(7)				Office	80	%		73.7	%
	Columbus, OH	3/24/2011	1995	Office	80	%	128,674	73.7	%	10,195
Weston Pointe I (7)				Office	80	%		98.3	%
	Ft. Lauderdale, FL	3/24/2011	1999	Office	80	%	97,579	98.3	%	15,507
Weston Pointe II (7)				Office	80	%		100.0	%
	Ft. Lauderdale, FL	3/24/2011	2000	Office	80	%	97,180	100.0	%	18,701
Weston Pointe III (7)				Office	80	%		100.0	%
	Ft. Lauderdale, FL	3/24/2011	2003	Office	80	%	97,178	100.0	%	18,867
Weston Pointe IV (7)				Office	80	%		100.0	%
	Ft. Lauderdale, FL	3/24/2011	2006	Office	80	%	96,175	100.0	%	22,605
Domestic Unconsolidated Properties (5)(6)			2006				7,975,051	98.6	%	$	507,163
International Unconsolidated Properties(6):
Amber Park (2)(9)				Warehouse/ Distribution
	Nottingham, UK	6/10/2010	1997	Warehouse/ Distribution	80	%	208,423	100.0	%	$	12,514
Brackmills (2)(9)				Warehouse/ Distribution
	Northampton, UK	6/10/2010	1984	Warehouse/ Distribution	80	%	186,618	100.0	%	13,407
Düren (2)(10)				Warehouse/ Distribution	80	%		100.0	%
	Rhine-Ruhr, Germany	6/10/2010	2008	Warehouse/ Distribution	80	%	391,494	100.0	%	13,148
Schönberg (2)(10)				Warehouse/ Distribution	80	%		100.0	%
	Hamburg, Germany	6/10/2010	2009	Warehouse/ Distribution	80	%	453,979	100.0	%	13,819
Langenbach (2)(10)				Warehouse/ Distribution	80	%		100.0	%
	Munich, Germany	10/28/2010	2010	Warehouse/ Distribution	80	%	225,106	100.0	%	18,573
Graben Distribution Center I (10)				Warehouse/ Distribution	80	%		100.0	%
	Munich, Germany	12/20/2011	2011	Warehouse/ Distribution	80	%	1,017,868	100.0	%	54,962

Supplemental Information | Third Quarter 2013 | 19

CHAMBERS STREET PROPERTIES (continued)

Our Properties

As of September 30, 2013

($ In Thousands)



Property and Market		Date Acquired	Year Built	Property Type	Our Effective Ownership		Net Rentable Square Feet	Percentage Leased		Approximate Acquisition Cost (1)
Graben Distribution Center II (10)				Warehouse/ Distribution	80	%		100.0	%
	Munich, Germany	12/20/2011	2011	Warehouse/ Distribution	80	%	73,367	100.0	%	6,868
Valley Park, Unit D (2)(9)				Warehouse/ Distribution	80	%		100.0	%
	Rugby, UK	3/19/2012	2011	Warehouse/ Distribution	80	%	146,491	100.0	%	10,247
Koblenz Distribution Center (10)				Warehouse/ Distribution	80	%		100.0	%
	Koblenz, Germany	12/12/2012	2012	Warehouse/ Distribution	80	%	1,070,126	100.0	%	63,021
International Unconsolidated Properties (5)(6)			2008				3,773,472	100.0	%	$	206,559
Unconsolidated Properties (5)(6)			2006				11,748,523	99.1	%	$	713,722
All Properties (5)(6)			2002				34,539,220	96.0	%	$	3,344,414

__________


(1)	Approximate acquisition cost for unconsolidated properties is at our pro rata share of effective ownership.


(2)	This property is unencumbered.


(3)	Includes undeveloped land zoned for future office and warehouse/distribution use.


(4)	Properties acquired from the Duke JV on March 1, 2013.


(5)	Total or weighted average. Weighted average Year Built is weighted based upon approximate Total Acquisition Costs. Weighted average Percentage Leased is weighted based upon Net Rentable Square Feet.


(6)	Does not include properties held through our investment in CBRE Strategic Partners Asia.


(7)	This property is held through the Duke JV.


(8)	This property is held through Afton Ridge.


(9)	This property is held through the UK JV.


(10)	This property is held through the European JV.

Supplemental Information | Third Quarter 2013 | 20

CHAMBERS STREET PROPERTIES

Geographic Distribution

As of September 30, 2013

($ In Thousands)



	Consolidated Properties				Unconsolidated Properties (1)				Consolidated & Unconsolidated Properties (1)
	Properties	Net Rentable Square Feet	Approximate Acquisition Cost		Properties	Net Rentable Square Feet	Approximate Acquisition Cost		Properties	Net Rentable Square Feet	Approximate Acquisition Cost
Domestic
New Jersey	6	1,466,316	$	506,760	—	—	$	—	6	1,466,316	$	506,760
Florida	8	1,600,023	187,654		6	1,296,534	112,826		14	2,896,557	300,480
Texas	10	2,502,585	233,802		2	981,725	46,090		12	3,484,310	279,892
Ohio	5	991,454	151,800		3	1,396,105	57,812		8	2,387,559	209,612
South Carolina	28	3,807,037	189,921		—	—	—		28	3,807,037	189,921
Virginia	3	839,398	186,723		—	—	—		3	839,398	186,723
Arizona	3	1,433,985	127,583		1	1,009,351	52,797		4	2,443,336	180,380
North Carolina	8	1,625,366	111,884		2	418,514	62,530		10	2,043,880	174,414
California	7	687,936	146,917		—	—	—		7	687,936	146,917
Minnesota	5	1,269,333	144,604		—	—	—		5	1,269,333	144,604
Illinois	3	1,634,611	107,420		2	203,304	26,380		5	1,837,915	133,800
Massachusetts	3	768,975	94,280		—	—	—		3	768,975	94,280
Maryland	2	1,472,797	92,379		—	—	—		2	1,472,797	92,379
Pennsylvania	1	299,809	82,224		—	—	—		1	299,809	82,224
Indiana	—	—	—		2	2,236,993	84,112		2	2,236,993	84,112
Kansas	1	1,107,000	62,950		—	—	—		1	1,107,000	62,950
Missouri	—	—	—		2	252,378	34,680		2	252,378	34,680
Tennessee	—	—	—		1	180,147	29,936		1	180,147	29,936
Colorado	1	406,959	24,500		—	—	—		1	406,959	24,500
Georgia	1	121,969	21,834		—	—	—		1	121,969	21,834
Kentucky	1	189,400	14,800		—	—	—		1	189,400	14,800
Utah	1	275,080	13,400		—	—	—		1	275,080	13,400
Total Domestic	97	22,500,033	2,501,435		21	7,975,051	507,163		118	30,475,084	3,008,598

International
Germany	—	—	—		6	3,231,940	170,391		6	3,231,940	170,391
United Kingdom	4	290,664	129,257		3	541,532	36,168		7	832,196	165,425
Total International	4	290,664	129,257		9	3,773,472	206,559		13	4,064,136	335,816
Total	101	22,790,697	$	2,630,692	30	11,748,523	$	713,722	131	34,539,220	$	3,344,414

__________


(1)	Number of properties and Net Rentable Square Feet for unconsolidated properties are at 100%. Approximate Acquisition Cost for unconsolidated properties is at our pro rata share of effective ownership. Does not include our investment in CBRE Strategic Partners Asia.

Supplemental Information | Third Quarter 2013 | 21

CHAMBERS STREET PROPERTIES

Significant Tenants

As of September 30, 2013 (unaudited)

($ In Thousands)



			Consolidated Properties			Unconsolidated Properties (1)			Consolidated & Unconsolidated Properties (1)
	Major Tenants	Primary Industry	Net Rentable Square Feet	Annualized Base Rent		Net Rentable Square Feet	Annualized Base Rent		Net Rentable Square Feet	Annualized Base Rent

1	Amazon.com (2)	Internet Retail	820,384	$	4,465	4,133,918	$	17,087	4,954,302	$	21,552
2	Barclay's Capital	Financial Services	409,272	12,278		—	—		409,272	12,278
3	U.S. General Services Administration	Government	316,065	7,136		133,503	3,379		449,568	10,515
4	Raytheon Company	Defense and Aerospace	666,290	10,023		—	—		666,290	10,023
5	Lord Abbett & Co.	Financial Services	174,989	6,125		—	—		174,989	6,125
6	JP Morgan Chase	Financial Services	396,179	5,973		—	—		396,179	5,973
7	Nuance Communications	Software	200,605	5,753		—	—		200,605	5,753
8	Endo Health Solutions	Pharmaceutical and Healthcare Related	299,809	5,591		—	—		299,809	5,591
9	Eisai	Pharmaceutical and Healthcare Related	208,911	5,189		—	—		208,911	5,189
10	Comcast	Telecommunications	219,631	4,945		—	—		219,631	4,945
11	Pharmaceutical Product Development	Pharmaceutical and Healthcare Related	251,475	4,797		—	—		251,475	4,797
12	The Coleman Company	Consumer Products	1,107,000	4,605		—	—		1,107,000	4,605
13	Clorox International	Consumer Products	1,350,000	4,396		—	—		1,350,000	4,396
14	Deloitte	Professional Services	175,000	4,390		—	—		175,000	4,390
15	Conopco (3)	Consumer Products	—	—		1,594,760	4,098		1,594,760	4,098
16	Barr Laboratories	Pharmaceutical and Healthcare Related	142,500	4,061		—	—		142,500	4,061
17	Eveready Battery Company	Consumer Products	—	—		171,728	3,810		171,728	3,810
18	Nationwide Mutual Insurance	Insurance	315,102	3,733		—	—		315,102	3,733
19	ConAgra Foods	Food Service and Retail	741,860	3,422		—	—		741,860	3,422
20	NDB Capital	Financial Services	97,138	3,400		—	—		97,138	3,400
21	Carl Zeiss	Pharmaceutical and Healthcare Related	201,620	3,337		—	—		201,620	3,337
22	Whirlpool	Consumer Products	1,020,000	3,299		—	—		1,020,000	3,299
23	NCS Pearson	Education	167,218	3,191		—	—		167,218	3,191
24	Noxell Corporation	Consumer Products	800,797	3,088		—	—		800,797	3,088
25	Bob's Discount Furniture	Home Furnishings/Home Improvement	672,000	3,037		—	—		672,000	3,037
26	Humana	Insurance	226,822	3,011		—	—		226,822	3,011
27	Prime Distribution Services	Logistics Distribution	—	—		1,200,420	2,958		1,200,420	2,958
28	Citicorp North America	Financial Services	194,064	2,855		—	—		194,064	2,855
29	Royal Caribbean Cruises	Travel/Leisure	128,540	2,837		—	—		128,540	2,837
30	Kellogg's	Consumer Products	—	—		1,142,400	2,817		1,142,400	2,817
31	Time Warner Cable	Telecommunications	134,000	2,814		—	—		134,000	2,814

Supplemental Information | Third Quarter 2013 | 22

CHAMBERS STREET PROPERTIES (continued)

Significant Tenants

As of September 30, 2013 (unaudited)

($ In Thousands)



			Consolidated Properties			Unconsolidated Properties (1)			Consolidated & Unconsolidated Properties (1)
	Major Tenants	Primary Industry	Net Rentable Square Feet	Annualized Base Rent		Net Rentable Square Feet	Annualized Base Rent		Net Rentable Square Feet	Annualized Base Rent

32	B & Q	Home Furnishings/Home Improvement	104,400	2,704		—	—		104,400	2,704
33	REMEC	Defense and Aerospace	132,685	2,656		—	—		132,685	2,656
34	Dr Pepper	Food Service and Retail	601,500	2,532		—	—		601,500	2,532
35	American Home Mortgage	Financial Services	182,700	2,530		—	—		182,700	2,530
36	Mercy Health Partners of SW Ohio	Pharmaceutical and Healthcare Related	124,671	2,515		—	—		124,671	2,515
37	Syngenta	Agriculture	116,338	2,472		—	—		116,338	2,472
38	Disney Vacation Development	Travel/Leisure	100,924	2,460		—	—		100,924	2,460
39	Verizon Wireless (4)	Telecommunications	—	—		180,147	2,375		180,147	2,375
40	SBM Atlantia	Petroleum and Mining	171,091	2,310		—	—		171,091	2,310
	Other (approx 231 tenants)		8,545,892	56,707		3,081,659	26,092		11,627,551	82,799
			21,517,472	$	204,637	11,638,535	$	62,616	33,156,007	$	267,253

__________


(1)	Net Rentable Square Feet for unconsolidated properties is at 100%. Annualized base rent for unconsolidated properties is at our pro rata share of effective ownership. Does not include our investment in CBRE Strategic Partners Asia.


(2)	Our tenants are Amazon.com.azdc, Inc., in the Buckeye Logistics Center and Goodyear Crossing Park II properties, Amazon.com.indc, LLC, in the AllPoints at Anson Bldg. 1 property, and Amazon Fulfillment GmbH, in the Graben Distribution Center I property, which are all wholly-owned subsidiaries of Amazon.com.


(3)	Our tenant is CONOPCO, Inc., a wholly-owned subsidiary of Unilever.


(4)	Verizon Wireless is the d/b/a for Cellco Partnership.

Supplemental Information | Third Quarter 2013 | 23

CHAMBERS STREET PROPERTIES

Tenant Industry Profile

As of September 30, 2013

($ in Thousands)



	Consolidated Properties			Unconsolidated Properties(1)			Consolidated & Unconsolidated Properties (1)
Primary Tenant Industry Category	Net Rentable Square Feet	Annualized Base Rent		Net Rentable Square Feet	Annualized Base Rent		Net Rentable Square Feet	Annualized Base Rent

Financial Services	1,652,700	$	35,126	144,892	$	1,809	1,797,592	$	36,935
Consumer Products	4,565,034	16,866		3,515,356	13,766		8,080,390	30,632
Pharmaceutical and Healthcare Related	1,614,073	27,509		315,729	2,723		1,929,802	30,232
Internet Retail	820,384	4,465		4,133,918	17,087		4,954,302	21,552
Defense and Aerospace	900,579	15,374		—	—		900,579	15,374
Logistics Distribution	964,154	4,398		2,243,094	8,185		3,207,248	12,583
Telecommunications	737,129	9,711		194,155	2,540		931,284	12,251
Government	316,065	7,136		133,503	3,379		449,568	10,515
Insurance	711,176	9,643		40,529	581		751,705	10,224
Education	399,921	7,689		101,040	1,619		500,961	9,308
Food Service and Retail	2,074,847	8,457		38,076	481		2,112,923	8,938
Business Services	1,452,020	7,750		79,556	1,017		1,531,576	8,767
Home Furnishings/Home Improvement	1,132,685	7,442		61,149	868		1,193,834	8,310
Professional Services	308,654	5,954		117,190	1,821		425,844	7,775
Specialty Retail	842,519	5,298		110,537	1,223		953,056	6,521
Software	200,605	5,753		15,424	243		216,029	5,996
Vehicle Related Manufacturing	1,066,913	5,851		—	—		1,066,913	5,851
Travel/Leisure	229,464	5,296		10,974	197		240,438	5,493
Other Manufacturing	797,795	2,838		152,667	2,583		950,462	5,421
Agriculture	227,103	4,588		8,809	99		235,912	4,687
Petroleum and Mining	173,879	2,365		54,755	690		228,634	3,055
Apparel Retail	135,485	1,759		89,385	656		224,870	2,415
Utilities	108,499	1,627		18,428	236		126,927	1,863
Executive Office Suites	85,789	1,742		11,760	107		97,549	1,849
Other Retail	—	—		47,609	706		47,609	706
Totals	21,517,472	$	204,637	11,638,535	$	62,616	33,156,007	$	267,253

__________


(1)	Number of properties and Net Rentable Square Feet for unconsolidated properties are at 100%. Approximate Total Acquisition Cost for unconsolidated properties is at our pro rata share of effective ownership. Does not include our investment in CBRE Strategic Partners Asia.

Supplemental Information | Third Quarter 2013 | 24

CHAMBERS STREET PROPERTIES

Tenant Lease Expirations

As of September 30, 2013

($ In Thousands, Except for Expiring Base Rent per Square Feet)



Year of Lease Expiration	Number of Expiring Leases (1)	Net Rentable Square Feet (1)	Percentage of Total Net Rentable Square Feet (1)		Expiring Base Rent (2)		Percentage of Expiring Base Rent (2)		Expiring Base Rent per Square Feet (1)
Industrial Properties:
Remaining 2013	4	364,400	1.5	%	$	4,528	4.4	%	$	12.43
2014	7	959,171	4.0	%	2,983		2.9	%	3.11
2015	11	731,001	3.1	%	3,923		3.8	%	5.37
2016	7	826,306	3.5	%	4,938		4.8	%	5.98
2017	5	1,002,087	4.2	%	4,582		4.6	%	4.57
2018	6	2,586,770	10.8	%	9,447		9.2	%	3.65
2019	14	5,689,175	23.8	%	23,358		22.8	%	4.11
2020	7	1,594,132	6.7	%	7,280		7.1	%	4.57
2021	7	5,125,172	21.5	%	18,765		18.4	%	3.66
2022	2	1,333,908	5.6	%	5,890		5.8	%	4.42
Thereafter	9	3,654,597	15.3	%	16,567		16.2	%	4.53
	79	23,866,719	100.0	%	$	102,261	100.0	%	$	4.28
Office Properties:
Remaining 2013	3	17,307	0.2	%	$	195	0.1	%	$	11.30
2014	33	269,299	3.1	%	5,254		2.9	%	19.51
2015	21	294,281	3.3	%	6,522		3.6	%	22.16
2016	22	1,194,915	13.6	%	27,702		15.3	%	23.18
2017	21	648,720	7.4	%	10,866		6.0	%	16.75
2018	33	1,123,617	12.8	%	18,174		10.1	%	16.17
2019	13	926,690	10.5	%	16,369		9.1	%	17.66
2020	7	456,198	5.2	%	12,276		6.8	%	26.91
2021	10	1,542,623	17.5	%	32,359		17.9	%	20.98
2022	4	387,308	4.4	%	7,221		4.0	%	18.64
Thereafter	13	1,938,367	22.0	%	43,573		24.2	%	22.48
	180	8,799,325	100.0	%	$	180,511	100.0	%	$	20.51
Retail Properties:
Remaining 2013	—	—	—	%	$	—	—	%	$	—
2014	3	10,428	2.1	%	150		1.7	%	14.38
2015	6	17,578	3.6	%	209		2.4	%	11.88
2016	5	38,823	7.9	%	407		4.7	%	10.49
2017	9	124,118	25.3	%	1,283		14.8	%	10.34
2018	3	91,594	18.7	%	1,234		14.3	%	13.47
2019	1	7,728	1.6	%	109		1.3	%	14.09
2020	1	15,139	3.1	%	334		3.9	%	22.08
2021	—	—	—	%	—		—	%	—
2022	1	30,000	6.1	%	801		9.3	%	26.71
Thereafter	3	154,555	31.6	%	4,124		47.6	%	26.68
	32	489,963	100.0	%	$	8,651	100.0	%	$	17.66

Supplemental Information | Third Quarter 2013 | 25

CHAMBERS STREET PROPERTIES

Tenant Lease Expirations (continued)

As of September 30, 2013

($ In Thousands, Except for Expiring Base Rent per Square Feet)



Year of Lease Expiration	Number of Expiring Leases (1)	Net Rentable Square Feet (1)	Percentage of Total Net Rentable Square Feet (1)		Expiring Base Rent (2)		Percentage of Expiring Base Rent (2)		Expiring Base Rent per Square Feet (1)
Total Properties
Remaining 2013	7	381,707	1.2	%	$	4,723	1.6	%	$	12.37
2014	43	1,238,898	3.7	%	8,387		2.9	%	6.77
2015	38	1,042,860	3.1	%	10,653		3.7	%	10.22
2016	34	2,060,044	6.2	%	33,047		11.3	%	16.04
2017	35	1,774,925	5.4	%	16,731		5.7	%	9.43
2018	42	3,801,981	11.5	%	28,855		9.9	%	7.59
2019	28	6,623,593	20.0	%	39,836		13.7	%	6.01
2020	15	2,065,469	6.2	%	19,891		6.8	%	9.63
2021	17	6,667,795	20.1	%	51,125		17.5	%	7.67
2022	7	1,751,216	5.3	%	13,913		4.8	%	7.94
Thereafter	25	5,747,519	17.3	%	64,264		22.1	%	11.18
	291	33,156,007	100.0	%	$	291,425	100.0	%	$	8.79

__________


(1)	Amounts for unconsolidated properties are at 100%. Does not include our investment in CBRE Strategic Partners Asia.


(2)	Expiring Base Rent and Percentage of Expiring Base Rent for unconsolidated properties are at our pro rata share of effective ownership.



	Consolidated Properties	Unconsolidated Properties	Consolidated & Unconsolidated Properties
Weighted Average Remaining Term (Years) (1):
Triple Net Single-Tenant Properties (2)	7.54	6.71	7.37
Multi-Tenant Properties	6.60	5.26	6.20
Other Single-Tenant Properties	5.46	7.36	5.92
Total Weighted Average Remaining Term (Years) (1)	7.19	6.34	7.00

__________


(1)	Weighted Average Remaining Term is the average remaining term weighted by Expiring Base Rent.


(2)	Triple Net Single-Tenant Properties include certain properties that have minimal secondary tenant(s).

Supplemental Information | Third Quarter 2013 | 26

CHAMBERS STREET PROPERTIES

Percentage Leased

September 30, 2013



	Three Months Ended September 30, 2013
	Consolidated Properties		Unconsolidated Properties (1)		Consolidated and Unconsolidated Properties
Amounts at Beginning of Period
Total Net Rentable Square Feet	22,405,418		11,748,523		34,153,941
Leased Square Feet	20,990,053		11,637,110		32,627,163
Leased Percentage	93.7	%	99.1	%	95.5	%
Activity During the Quarter
Leasing (2):
New Leases	516,915		3,864		520,779
Expansions	228,536		592		229,128
Expirations and Terminations:
Expiring Square Footage	(579,254	)	(3,031	)	(582,285	)
Lease Terminations	(22,400)		—		(22,400)
Total Leasing Activity	143,797		1,425		145,222
Acquisitions:
Leased Acquisitions Square Feet Added	383,622		—		383,622
Vacant Square Feet Acquired	—		—		—
Total Acquisitions Square Feet Added	383,622		—		383,622
Remeasurement	1,657		—		1,657
Amounts at End of Period
Total Net Rentable Square Feet	22,790,697		11,748,523		34,539,220
Leased Square Feet	21,517,472		11,638,535		33,156,007
Leased Percentage	94.4	%	99.1	%	96.0	%

__________


(1)	Amounts for unconsolidated properties are at 100%.


(2)	Does not include two early lease renewals totaling 439,354 square feet, which will expire in August 2014 and October 2015.

Supplemental Information | Third Quarter 2013 | 27

CHAMBERS STREET PROPERTIES

Debt Maturities

As of September 30, 2013

(In Thousands)



	Consolidated Debt (1)						Unconsolidated Debt (2)						Consolidated & Unconsolidated Debt (1)(2)
	Scheduled Amortization		Term Maturities		Total		Scheduled Amortization		Term Maturities		Total		Scheduled Amortization		Term Maturities		Total
Remaining 2013	$	3,937	$	9,341	$	13,278	$	353	$	—	$	353	$	4,290	$	9,341	$	13,631
2014	16,292		53,933		70,225		1,460		40,640		42,100		17,752		94,573		112,325
2015	16,028		132,448		148,476		1,536		—		1,536		17,564		132,448		150,012
2016	12,838		121,341		134,179		1,617		—		1,617		14,455		121,341		135,796
2017	12,028		34,327		46,355		1,701		68,001		69,702		13,729		102,328		116,057
2018	10,127		361,943		372,070		1,790		—		1,790		11,917		361,943		373,860
2019	7,448		300,786		308,234		1,884		—		1,884		9,332		300,786		310,118
2020	5,962		50,000		55,962		1,982		—		1,982		7,944		50,000		57,944
2021	3,742		190,448		194,190		1,505		69,315		70,820		5,247		259,763		265,010
2022	1,870		—		1,870		—		—		—		1,870		—		1,870
2023	1,987		—		1,987		—		—		—		1,987		—		1,987
Thereafter	1,337		—		1,337		—		—		—		1,337		—		1,337
Total	$	93,596	$	1,254,567	$	1,348,163	$	13,828	$	177,956	$	191,784	$	107,424	$	1,432,523	$	1,539,947

__________


(1)	Consolidated debt amount includes a $100.0 million outstanding balance on the unsecured revolving credit facility as of September 30, 2013. The unsecured revolving credit facility expires January 15, 2018. We may exercise an option to extend the maturity date by one year.


(2)	Unconsolidated debt amounts are at our pro rata share of effective ownership.

Supplemental Information | Third Quarter 2013 | 28

CHAMBERS STREET PROPERTIES

Encumbered/Unencumbered Properties

As of September 30, 2013

(Approximate Acquisition Cost and Debt Balance In Thousands)



	Consolidated Properties					Unconsolidated Properties (1)					Consolidated & Unconsolidated Properties (1)
	Properties	Approximate Acquisition Cost		Debt Balance		Properties	Approximate Acquisition Cost		Debt Balance		Properties	Approximate Acquisition Cost		Debt Balance
Encumbered Properties	46	$	1,334,376	$	678,163	15	$	374,338	$	191,784	61	$	1,708,714	$	869,947
Unencumbered Properties	55	1,296,316		—		15	339,384		—		70	1,635,700		—
Unsecured Debt	—	—		670,000		—	—		—		—	—		670,000
Total Properties	101	$	2,630,692	$	1,348,163	30	$	713,722	$	191,784	131	$	3,344,414	$	1,539,947

__________


(1)	Number of Properties is at 100%. Approximate Acquisition Cost and Debt Balance for Unconsolidated Properties is at our pro rata share of effective ownership. Does not include our investment in CBRE Strategic Partners Asia.

Supplemental Information | Third Quarter 2013 | 29

CHAMBERS STREET PROPERTIES

Fixed and Floating Interest Rate Debt

As of September 30, 2013

(In Thousands)



	Consolidated Debt (1)							Unconsolidated Debt (2)							Consolidated & Unconsolidated Debt (1)(2)
	Scheduled Amortization		Term Maturities		Total			Scheduled Amortization		Term Maturities		Total			Scheduled Amortization		Term Maturities		Total
Amount
Fixed Interest Rate Debt	$	93,596	$	1,154,567	$	1,248,163		$	13,828	$	177,956	$	191,784		$	107,424	$	1,332,523	$	1,439,947
Floating Interest Rate Debt	—		100,000		100,000			—		—		—			—		100,000		100,000
Total	$	93,596	$	1,254,567	$	1,348,163		$	13,828	$	177,956	$	191,784		$	107,424	$	1,432,523	$	1,539,947
Weighted Average Remaining Term (years)
Fixed Interest Rate Debt					5.35							5.10							5.31
Floating Interest Rate Debt					4.29							N/A							4.29
Total					5.19							5.10							5.18
Weighted Average Interest Rate
Fixed Interest Rate Debt					4.34		%					4.23		%					4.33		%
Floating Interest Rate Debt					1.88		%					N/A							1.88		%
Total					4.16		%					4.23		%					4.17		%

__________


(1)	Consolidated debt amount includes a $100.0 million outstanding balance on the unsecured revolving credit facility as of September 30, 2013. The unsecured revolving credit facility expires January 15, 2018. We may exercise an option to extend the maturity date by one year.


(2)	Unconsolidated debt amounts are at our pro rata share of effective ownership.

Supplemental Information | Third Quarter 2013 | 30

CHAMBERS STREET PROPERTIES

Capital Structure

September 30, 2013

($ in Thousands)



	Number of Outstanding Shares	Balance as of September 30, 2013		Percentage
Debt:
Secured Notes Payable (1)		$	678,160	18.8	%
Pro Rata Share of Unconsolidated Debt		191,784		5.3	%
Unsecured Term Loan Facilities		570,000		15.8	%
Unsecured Revolving Credit Facility		100,000		2.8	%
Total Debt		1,539,944		42.6	%
Equity
Common Shares ₍₂₎	236,463,981	2,076,154		57.4	%
Total Market Capitalization		$	3,616,098	100.0	%

__________


(1)	Amounts are presented excluding the effect of net premiums.


(2)	Value based on our closing share price on the NYSE of $8.78 as of September 30, 2013.

Supplemental Information | Third Quarter 2013 | 31

CHAMBERS STREET PROPERTIES

Consolidated Debt

As of September 30, 2013

(In Thousands)



Property	Stated Interest Rate	Effective Interest Rate (1)	Maturity Date	Outstanding Balance



Albion Mills Retail Park - swapped to fixed (2)	5.25%	5.25%	October 10, 2013	$	9,338
Avion Midrise III & IV	5.52%	7.00%	April 1, 2014	20,103
Maskew Retail Park - swapped to fixed	5.68%	5.68%	August 10, 2014	22,621
12650 Ingenuity Drive	5.62%	7.50%	October 1, 2014	11,952
Bolingbrook Point III	5.26%	5.26%	January 1, 2015	7,900
One Wayside Road	5.66%	5.25%	August 1, 2015	13,452
One Wayside Road	5.92%	5.25%	August 1, 2015	11,244
Lakeside Office Center	6.03%	6.03%	September 1, 2015	8,773
Deerfield Commons I	5.23%	5.23%	December 1, 2015	9,329
Celebration Office Center III	4.25%	2.50%	December 1, 2015	9,043
22535 Colonial Pkwy	4.25%	2.50%	December 1, 2015	8,091
Northpoint III	4.25%	2.50%	December 1, 2015	10,470
Goodyear Crossing II	4.25%	2.50%	December 1, 2015	19,989
3900 North Paramount Parkway	4.25%	2.50%	December 1, 2015	7,853
3900 South Paramount Parkway	4.25%	2.50%	December 1, 2015	7,853
1400 Perimeter Park Drive	4.25%	2.50%	December 1, 2015	2,380
Miramar I	4.25%	2.50%	December 1, 2015	9,328
Miramar II	4.25%	2.50%	December 1, 2015	12,565
70 Hudson	5.65%	5.15%	April 11, 2016	116,585
Point West I - swapped to fixed	3.41%	3.41%	December 6, 2016	11,123
100 Tice Blvd	5.97%	4.38%	September 15, 2017	19,684
100 Tice Blvd	5.97%	4.38%	September 15, 2017	19,684
4701 Gold Spike Drive	4.45%	4.45%	March 1, 2018	10,202
1985 International Way	4.45%	4.45%	March 1, 2018	7,089
Summit Distribution Center	4.45%	4.45%	March 1, 2018	6,418
3770 Deerpark Boulevard	4.45%	4.45%	March 1, 2018	7,328
Tolleson Commerce Park II	4.45%	4.45%	March 1, 2018	4,406
Atrium I - swapped to fixed	3.78%	3.78%	May 31, 2018	22,750
McAuley Place	3.98%	3.50%	September 1, 2018	13,319
Easton III - swapped to fixed	3.95%	3.95%	January 31, 2019	6,513
90 Hudson	5.66%	5.26%	May 1, 2019	105,321
Fairforest Bldg. 6	5.42%	6.50%	June 1, 2019	2,166
North Rhett I	5.65%	6.50%	August 1, 2019	2,513
Kings Mountain II	5.47%	6.50%	January 1, 2020	4,183
North Rhett II	5.20%	6.50%	October 1, 2020	1,678
Mt Holly Bldg.	5.20%	6.50%	October 1, 2020	1,678
Orangeburg Park Bldg.	5.20%	6.50%	October 1, 2020	1,706
Kings Mountain I	5.27%	6.50%	October 1, 2020	1,453
Ten Parkway North	4.75%	4.75%	January 1, 2021	11,852
Union Cross Bldg. II	5.53%	6.50%	June 1, 2021	6,644
Union Cross Bldg. I	5.50%	6.50%	July 1, 2021	2,180
Norman Pointe I	5.24%	3.50%	October 1, 2021	20,593
Norman Pointe II	5.24%	3.50%	October 1, 2021	22,672
The Landings I	5.24%	3.50%	October 1, 2021	15,498
The Landings II	5.24%	3.50%	October 1, 2021	13,670
Fairforest Bldg. 5	6.33%	6.50%	February 1, 2024	8,421
North Rhett IV	5.80%	6.50%	February 1, 2025	8,547
Total Secured Notes Payable				678,160
Plus Premium				18,088
Less Discount				(1,569		)
Total Secured Notes Payable, Net				$	694,679

__________


(1)	Represents the rate at which interest expense is recorded for financial reporting purposes, which reflects the amortization of any discounts/premiums, excluding debt issuance costs.


(2)	This loan was repaid in full subsequent to September 30, 2013.

Supplemental Information | Third Quarter 2013 | 32

CHAMBERS STREET PROPERTIES

Unconsolidated Debt

As of September 30, 2013

(In Thousands)



Property	Stated Interest Rate	Effective Interest Rate	Maturity Date	Outstanding Balance (1)

Allpoints Midwest Bldg. 1 (2)	5.58%	5.58%	January 1, 2014	$	19,200
125 Enterprise Parkway (2)	5.58%	5.58%	January 1, 2014	21,440
Graben Distribution Center I & II	2.39%	2.39%	July 27, 2017	33,649
Koblenz Distribution Center	2.27%	2.27%	November 11, 2017	34,352
Fairfield Distribution Ctr. IX	5.00%	5.00%	September 1, 2021	3,582
Sam Houston Crossing I	4.42%	4.42%	September 1, 2021	8,506
West Lake at Conway	5.00%	5.00%	September 1, 2021	7,470
533 & 555 Maryville Centre	5.24%	5.24%	October 1, 2021	19,056
Regency Creek I	5.24%	5.24%	October 1, 2021	8,750
Weston Pointe I - IV	5.24%	5.24%	October 1, 2021	35,779
Total Unconsolidated Debt				$	191,784

__________


(1)	Amounts are at our pro rata share of effective ownership.


(2)	This loan was paid in full subsequent to September 30, 2013.

Supplemental Information | Third Quarter 2013 | 33

CHAMBERS STREET PROPERTIES

Non-GAAP Supplemental Financial Measures:

Net Operating Income

Net operating income, or NOI, is designed to reflect the operating performance of our portfolio by excluding certain items that are not considered to be controllable in connection with the management of the property. NOI is a non-GAAP financial measure which calculates, on a consolidated basis, rental income and tenant reimbursements less property and related expenses (operating and maintenance, property management fees, property level general and administrative expenses and real estate taxes) and excludes other non-property income and expenses, interest expense, depreciation and amortization, and our general and administrative expenses. NOI presented by us may not be comparable to NOI reported by other REITs that may use different methodologies. NOI should not be considered an alternative to net income as an indication of our performance, or as an alternative to cash flow from operating activities as a measure of our liquidity or ability to make cash distributions to shareholders.

Funds From Operations

The National Association of Real Estate Investment Trusts, or NAREIT, created Funds from Operations, or FFO, as a non-GAAP supplemental measure of REIT operating performance, which reflects the impact on operations from trends in occupancy rates, rental rates and operating costs. The most directly comparable GAAP measure to FFO is net income. FFO is used commonly in the real estate industry because historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry analysts and investors consider presentations of operating results for REITs that use historical cost accounting to be insufficient.

We compute FFO in accordance with standards established by NAREIT. The revised NAREIT White Paper on FFO defines FFO as net income or loss computed in accordance with GAAP, excluding extraordinary items, as defined by GAAP, impairment charges and gains and losses from sales of depreciable operating property, plus real estate related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustment for unconsolidated partnerships and joint ventures.

Core Funds From Operations

Changes in the accounting and reporting rules under GAAP (for acquisition fees and expenses from a capitalization/depreciation model to an expensed-as-incurred model) that have been put into effect since the establishment of NAREIT's definition of FFO have prompted an increase in the non-cash and non-operating items included in FFO. We calculate Core Funds from Operations, or Core FFO, as FFO exclusive of the net effects of acquisition costs, interest rate swap gains/losses, transition and listing costs, and unrealized gain/loss in investments in unconsolidated entities.

We believe that Core FFO is a useful measure of management's decision-making process and appropriately presents our results of operations on a comparative basis. The items that we exclude from net income are subject to significant fluctuations from period to period that cause both positive and negative effects on our results of operations, often in inconsistent and unpredictable directions. For example, our acquisition costs are primarily the result of the volume of our acquisitions

Supplemental Information | Third Quarter 2013 | 34

CHAMBERS STREET PROPERTIES (continued)

Non-GAAP Supplemental Financial Measures:

completed during each period, and therefore we believe such acquisition costs are not reflective of our operating results during each period. Similarly, unrealized gains or losses that we have recognized during a given period are based primarily upon changes in the estimated fair market value of certain of our investments due to changes in market conditions and do not necessarily reflect the operating performance of these properties during the corresponding period. Further, costs associated with certain other non-reoccurring expenses, such as the process of transitioning from being an externally managed company to a self-managed company, our listing of our common shares on the New York Stock Exchange and our modified "Dutch Auction" tender offer are not reflective of our operating results during each period.

We believe that Core FFO is useful to investors as a supplemental measure of operating performance because adjusting FFO to exclude acquisition costs, unrealized gains and/or losses or other non- reoccurring expenses provides investors a view of the performance of our portfolio over time, including if we cease to acquire properties on a frequent and regular basis and allows for a comparison of the performance of our portfolio with other REITs that are not currently engaging in acquisitions. We also believe that Core FFO may provide investors with a useful indication of our future performance, and of the sustainability of our current distribution policy. However, because Core FFO excludes acquisition costs, unrealized gains or losses and/or other non-reoccurring expenses which are important components in an analysis of our historical performance, such supplemental measure should not be construed as a historical performance measure and may not be as useful a measure for estimating the value of our common shares.

We calculate Adjusted Funds From Operations, or AFFO, as Core FFO exclusive of the net effects of (i) amortization associated with deferred financings costs; (ii) amortization of above- and below-market lease intangibles; (iii) amortization of premium on notes payable; (iv) amortization of deferred revenue related to tenant improvements; (v) non-cash share-based compensation expense; (vi) straight-line rental revenue; and (vii) recurring capital expenditures.

Not all REITs calculate FFO, Core FFO or AFFO (or an equivalent measure), in the same manner and therefore comparisons with other REITs may not be meaningful. None of these measures present, nor do we intend for them to present, a complete picture of our financial condition and/or operating performance. We believe that net income, as computed under GAAP, appropriately remains the primary measure of our performance and that FFO, Core FFO and AFFO, when considered in conjunction with net income, improves the investing public's understanding of the operating results of REITs and makes comparisons of REIT operating results more meaningful.

Supplemental Information | Third Quarter 2013 | 35



	Chambers Street Properties 47 Hulfish Street, Suite 210 Princeton, NJ 08542-3706 www.ChambersStreet.com

Gramercy Property Trust - FORM 8-K - EX-99.2 - November 7, 2013

Attached files

Gramercy Property Trust Reports