Form 8-K CHAMBERS STREET PROPERTI For: Aug 06

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August 6, 2015 6:12 AM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________

FORM 8-K

_____________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 6, 2015

_____________

CHAMBERS STREET PROPERTIES

(Exact name of registrant as specified in its charter)

_____________



Maryland (State or other jurisdiction of incorporation)	001-35933 (Commission File Number)	56-2466617 (IRS Employer Identification Number)



47 Hulfish Street, Suite 210 Princeton, NJ (Address of principal executive offices)	08542 (Zip Code)

609-683-4900

(Registrant’s telephone number, including area code)

_____________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



¨		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Item 2.02	Results of Operations and Financial Condition.

On August 6, 2015, Chambers Street Properties (the “Company”) issued a press release regarding its financial results for the quarter ended June 30, 2015. Also on August 6, 2015, the Company made available on its website at www.ChambersStreet.com certain supplemental information regarding the Company’s financial results and operations for the quarter ended June 30, 2015. The Company is attaching the press release as Exhibit 99.1 and the supplemental information as Exhibit 99.2 to this Current Report on Form 8-K.

The information (including Exhibits 99.1 and 99.2) being furnished pursuant to this “Item 2.02. Results of Operations and Financial Condition” shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act regardless of any general incorporation language in such filing.



Item 7.01	Regulation FD Disclosure.

As discussed in Item 2.02 above, the Company issued a press release regarding its financial results for the quarter ended June 30, 2015 and made available on its website certain supplemental information relating thereto.

The information (including Exhibit 99.1) being furnished pursuant to this “Item 7.01. Regulation FD Disclosure” shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing. This information will not be deemed an admission as to the materiality of such information that is required to be disclosed solely by Regulation FD.



Item 9.01	Financial Statements and Exhibits.

(d) Exhibits.



Exhibit No.		Description
99.1		Press Release issued by the Company on August 6, 2015.
99.2		Supplemental Information for the period ended June 30, 2015.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



	CHAMBERS STREET PROPERTIES

Dated: August 6, 2015	By:	/s/ MARTIN A. REID
	Name:	Martin A. Reid
	Title:	Interim President and Chief Executive Officer, and Chief Financial Officer

Exhibit 99.1

Chambers Street – Second Quarter 2015 Financial Results

Core FFO of $0.19 Per Share

Increases Portfolio Percentage Leased to 99.3%

PRINCETON, N.J. – August 6, 2015 – Chambers Street Properties (NYSE: CSG) ("Chambers Street" or the "Company"), a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, today reported its financial results for the three-month period ended June 30, 2015.

Operational and Financial Highlights Second Quarter 2015


•	Increased Core Funds from Operations ("Core FFO") to $0.19 per diluted share, an increase of $0.02 per share compared to the second quarter of 2014


•	Total portfolio percentage leased was 99.3% as of June 30, 2015, up 90 basis points from March 31, 2015


•	Executed eight leases (four industrial and four office leases) totaling 224,239 square feet


•	Sold two wholly-owned properties totaling 472,500 square feet for approximately $57.3 million

Subsequent Highlights


•	Entered into a definitive agreement with Gramercy Property Trust, Inc. (“Gramercy”) to merge


•	Executed three office leases totaling 430,200 square feet

Financial Results for the Three Months Ended June 30, 2015

Core FFO for the second quarter of 2015 increased to $43.9 million, or $0.19 per diluted share, compared to $40.5 million, or $0.17 per diluted share, for the second quarter of 2014. Core FFO for the second quarter of 2015 increased approximately $0.01 per share or $1.8 million as compared to the first quarter of 2015. This increase was primarily the result of the recognition of the full amount of rental income associated with the Company’s 70 Hudson Street office property located in Jersey City, New Jersey, which includes an adjustment for such rental income not recognized during the first quarter of 2015.

Funds from Operations ("FFO") as defined by NAREIT for the second quarter of 2015 was $37.4 million, or $0.16 per diluted share, as compared to $40.4 million, or $0.17 per diluted share, for the second quarter of 2014. FFO for the second quarter of 2015 was impacted by $5.8 million of expenses related to the CEO search, review of strategic alternatives and potential merger with Gramercy.

Net income for the second quarter of 2015 totaled $9.7 million, or $0.04 per diluted share, as compared to net income of $5.2 million, or $0.02 per diluted share, for the second quarter of 2014.

Results for the three months ended June 30, 2015 included a gain of $5.8 million from the sale of two consolidated properties.

Financial Results for the Six Months Ended June 30, 2015

Core FFO for the first six months of 2015 increased to $85.9 million, or $0.36 per diluted share, compared to $80.0 million, or $0.34 per diluted share, for the same period in 2014.

FFO for the first six months of 2015 was $75.4 million, or $0.32 per diluted share, as compared to $79.6 million, or $0.34 per diluted share, in the first half of 2014.

Net income in the first half of 2015 totaled $15.7 million, or $0.07 per diluted share, as compared to $8.5 million, or $0.03 per diluted share, in the first half of 2014. Results for the six months ended June 30, 2015 included a gain of $5.8 million from the sale of two consolidated properties.

Merger with Gramercy Property Trust, Inc.

On July 1, 2015, Chambers Street and Gramercy announced they had entered into a definitive agreement to merge. Under the terms of the merger agreement, Gramercy stockholders will receive 3.1898 shares of Chambers Street for each share of Gramercy common stock they own. Upon closing, Chambers Street shareholders will own approximately 56% and Gramercy stockholders will own approximately 44% of the combined company. The stock-for-stock transaction is expected to be tax-free to shareholders. The transaction, which is subject to approval by the Chambers Street shareholders and the Gramercy stockholders, as well as customary closing conditions, is scheduled to close in the fourth quarter of 2015.

Portfolio

As of June 30, 2015, Chambers Street owned or had majority interests in 125 properties totaling approximately 37.2 million square feet across 19 U.S. states, France, Germany, and the U.K. The portfolio was 99.3% leased at June 30, 2015, a 90 basis point increase from March 31, 2015.

Investment Activity

In May, Chambers Street completed the sale of 300 Constitution Drive, a 330,000 square foot single-tenant, industrial property located in Boston, Massachusetts, for $20.3 million. The property was sold to a subsidiary of The Boston Globe, who intends to use the property as their primary printing and distribution facility. Additionally, in June, the Company sold 225 Summit Avenue, a 142,500 square foot single-tenant office property located in Montvale, New Jersey to a subsidiary of the Memorial Sloan Kettering Cancer Center for $37.0 million.

During the quarter, Chambers Street completed a 47,000 square foot expansion for DNV GL at its 22535 Colonial Parkway office property in Houston, Texas. The Company signed a new 10-year lease for the expansion and extended the existing lease to 10 years.

Leasing Activity

During the second quarter, the Company executed eight new and renewal leases (four industrial and four office leases) totaling 224,239 square feet. This consisted of 147,780 rentable square feet of two industrial and four office renewals, and 76,459 square feet of new industrial leases on space that was not previously leased.

Subsequent to quarter end, the Company executed three office lease renewals totaling 430,200 square feet. This included an early renewal and 12-year lease extension for 200,605 square feet, an early lease renewal and extension for an additional term of 12 years and six months for 128,540 square feet, and a five-year lease renewal for 101,055 square feet.

Balance Sheet

As of June 30, 2015, the Company had total debt outstanding of approximately $1.5 billion, including its pro rata share of unconsolidated entities. The Company's debt had a weighted average interest rate of 3.7%, and an average remaining term to maturity of 3.4 years.

In June, the Company paid off the $8.6 million note payable secured by Lakeside Office Center, an office property in Dallas, Texas.

Common Share Dividend

On April 28, 2015, the Board of Trustees approved a monthly distribution of $0.0425 per common share for each of the months of July, August and September of 2015. The July dividend will be paid on August 10, 2015 to all shareholders of record on July 31, 2015, the August dividend will be paid on September 9, 2015 to all shareholders of record on August 31, 2015, and the September dividend will be paid on October 8, 2015 to all shareholders of record on September 30, 2015.

The Company currently intends to maintain its regular dividend through the closing of the pending merger transaction with Gramercy.

Guidance

Due to the pending merger with Gramercy, the Company is not providing earnings guidance, and therefore will no longer maintain its previously announced full year 2015 guidance for Core FFO of $0.68 to $0.71 per share.

Supplemental Information

The Company released supplemental information, available at www.ChambersStreet.com under the Investors Relations section, with additional detail, including a description of non-GAAP financial measures and reconciliation to GAAP measures.

Investor Conference Webcast and Conference Call

The Company will host a webcast and conference call at 8:30 a.m. Eastern Time on Thursday, August 6, 2015, to discuss second quarter results. The number to call is 1-877-407-9039 (domestic) or 1-201-689-8470 (international). The live webcast will be available at www.ChambersStreet.com under the Investor Relations section. A replay of the conference call will be available through August 20, 2015 by dialing 1-877-870-5176 (domestic) or 1-858-384-5517 (international) and entering the passcode 13615038.

About Chambers Street Properties (NYSE: CSG)

Chambers Street is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, leased to creditworthy tenants. As of June 30, 2015, Chambers Street owned or had a majority interest in 125 properties located across 19 U.S. states, France, Germany, and the United Kingdom encompassing approximately 37.2 million rentable square feet.

For additional information, please visit: www.ChambersStreet.com.

Investor Relations

Chambers Street Properties

Heather Gentry

[email protected]

609-806-2682

Media

Tim Gallen

[email protected] or

Andrew Neilly

[email protected]

925-930-9848

CHAMBERS STREET PROPERTIES

Consolidated Balance Sheets

As of June 30, 2015 and December 31, 2014

($ In Thousands, Except Share Data)



	June 30,			December 31,
	2015			2014
	(unaudited)
ASSETS
Investments in Real Estate:
Land	$	618,142		$	630,840
Land Available for Expansion	24,292			23,368
Buildings and Improvements	1,646,738			1,674,955
	2,289,172			2,329,163
Less: Accumulated Depreciation and Amortization	(266,256		)	(239,973		)
Net Investments in Real Estate	2,022,916			2,089,190
Investments in Unconsolidated Entities	393,325			423,693
Cash and Cash Equivalents	94,252			40,139
Restricted Cash	17,721			14,718
Tenant and Other Receivables, Net	8,360			11,216
Deferred Rent	42,644			39,429
Deferred Leasing Costs and Intangible Assets, Net	195,836			220,490
Deferred Financing Costs, Net	7,896			9,321
Prepaid Expenses and Other Assets	17,713			21,612
Total Assets	$	2,800,663		$	2,869,808
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Secured Notes Payable, Net	$	568,077		$	610,608
Unsecured Term Loan Facilities	570,000			570,000
Unsecured Revolving Credit Facility	240,044			200,044
Accounts Payable, Accrued Expenses and Other Liabilities	68,861			76,421
Intangible Liabilities, Net	22,869			26,248
Prepaid Rent and Security Deposits	15,987			15,569
Distributions Payable	10,096			9,951
Total Liabilities	1,495,934			1,508,841
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Common Shares of Beneficial Interest, $0.01 par value, 990,000,000 shares authorized; 236,860,294 and 236,920,675 issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	2,366			2,364
Additional Paid-in-Capital	2,073,701			2,071,526
Accumulated Deficit	(734,416		)	(689,654		)
Accumulated Other Comprehensive Loss	(36,922		)	(23,269		)
Total Shareholders’ Equity	1,304,729			1,360,967
Total Liabilities and Shareholders’ Equity	$	2,800,663		$	2,869,808

CHAMBERS STREET PROPERTIES

Consolidated Statements of Operations

For the Three and Six Months Ended June 30, 2015 and 2014 (unaudited)

($ in Thousands, Except Share Data)



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
REVENUES
Rental	$	56,759		$	52,033		$	111,105		$	103,909
Tenant Reimbursements	14,832			14,595			31,271			29,815
Other Property Income	250			—			448			1,069
Total Revenues	71,841			66,628			142,824			134,793
EXPENSES
Property Operating	8,135			8,392			17,916			17,945
Real Estate Taxes	10,574			10,465			21,356			20,266
General and Administrative	11,697			5,953			21,570			12,817
Acquisition-Related	—			—			—			290
Depreciation and Amortization	27,933			27,126			55,853			54,364
Total Expenses	58,339			51,936			116,695			105,682
Income Before Other (Expenses) Income	13,502			14,692			26,129			29,111
OTHER EXPENSES AND INCOME
Interest and Other Income	12			151			92			318
Interest Expense	(12,986		)	(13,907		)	(26,045		)	(27,968		)
Interest Expense and Net Change in Fair Value of Non-Qualifying Derivative Financial Instruments	26			(14		)	43			12
Gain on Sale of Real Estate	5,844			—			5,844			—
Total Other Expenses	(7,104		)	(13,770		)	(20,066		)	(27,638		)
Income Before Provision for Income Taxes and Equity in Income of Unconsolidated Entities	6,398			922			6,063			1,473
Provision For Income Taxes	(387		)	(381		)	(563		)	(439		)
Equity in Income of Unconsolidated Entities	3,676			4,612			10,181			7,438
NET INCOME	$	9,687		$	5,153		$	15,681		$	8,472
Basic and Diluted Net Income Per Share	$	0.04		$	0.02		$	0.07		$	0.03
Weighted Average Common Shares Outstanding - Basic	236,900,677			237,000,613			236,922,064			236,793,334
Weighted Average Common Shares Outstanding - Diluted	236,955,835			237,000,613			236,950,577			236,793,334
Dividends Declared Per Share	$	0.128		$	0.126		$	0.256		$	0.252

CHAMBERS STREET PROPERTIES

Reconciliation of Net Income to FFO, Core FFO, and AFFO

For the Three and Six Months Ended June 30, 2015 and 2014 (unaudited)

($ in Thousands, Except Share Data)



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
Net Income	$	9,687		$	5,153		$	15,681		$	8,472
Adjustments:
Real Estate Depreciation and Amortization	27,794			27,010			55,574			54,141
Pro Rata Share of Real Estate Depreciation and Amortization from Unconsolidated Entities	6,503			8,238			13,142			17,009
Gain on Sale of Real Estate	(5,844		)	—			(5,844		)	—
Pro Rata Share of Gain on Sale of Real Estate from Unconsolidated Entities	(15		)	—			(2,431		)	—
Pro Rata Share of Realized Gain on Investment in CBRE Strategic Partners Asia	(762		)	—			(762		)	—
Funds from Operations	37,363			40,401			75,360			79,622
Acquisition-Related Expenses	—			—			—			290
Pro Rata Share of Loss on Early Extinguishment of Debt from Unconsolidated Entities	—			—			58			—
Strategic Planning and Severance-Related Expense	5,803			—			9,820			—
Net Change in Fair Value of Non-Qualifying Derivative Financial Instruments	(26		)	14			(43		)	(12		)
Pro Rata Share of Unrealized Loss on Investment in CBRE Strategic Partners Asia	712			50			743			120
Core Funds from Operations	43,852			40,465			85,938			80,020
Amortization of Non-Cash Interest Expense	(447		)	(244		)	(827		)	(348		)
Pro Rata Share of Amortization of Non-Cash Interest Expense from Unconsolidated Entities	102			119			198			238
Amortization of Above and Below Market Leases	938			1,401			1,913			2,883
Pro Rata Share of Amortization of Above/Below Market Leases from Unconsolidated Entities	(46		)	(54		)	(96		)	(108		)
Amortization of Deferred Revenue Related to Tenant Improvements	(114		)	(199		)	(227		)	(475		)
Share Based Compensation	592			912			1,327			1,924
Straight-Line Rent Adjustments, Net	(1,735		)	(1,253		)	(3,403		)	(2,545		)
Pro Rata Share of Straight-Line Rent Adjustments, Net from Unconsolidated Entities	324			225			625			730
Recurring Capital Expenditures	(592		)	(3,066		)	(1,315		)	(4,917		)
Pro Rata Share of Recurring Capital Expenditures from Unconsolidated Entities	(326		)	(240		)	(1,020		)	(242		)
Adjusted Funds from Operations	$	42,548		$	38,066		$	83,113		$	77,160
Amounts Per Share (Basic and Diluted):
Net Income	$	0.04		$	0.02		$	0.07		$	0.03
Funds from Operations	$	0.16		$	0.17		$	0.32		$	0.34
Core Funds from Operations	$	0.19		$	0.17		$	0.36		$	0.34
Adjusted Funds from Operations	$	0.18		$	0.16		$	0.35		$	0.33
Weighted Average Common Shares Outstanding - Basic	236,900,677			237,000,613			236,922,064			236,793,334
Weighted Average Common Shares Outstanding - Diluted	236,955,835			237,000,613			236,950,577			236,793,334

Non-GAAP Supplemental Financial Measures:

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 is designed to reflect 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

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 listed below are excluded from NAREIT-defined FFO because they 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.

- Acquisition-related expenses: Acquisition-related expenses are primarily the result of the volume of our acquisitions completed during each period, and therefore we believe such acquisition costs are not reflective of our operating results during each period.

- Loss on early extinguishment of debt: Losses on early extinguishment of debt incurred in the current year are primarily a result of secured mortgage loan repayments typically associated with the sales of the underlying properties. In 2013, the losses represent the write-off of deferred financing costs associated with the refinancing of an unsecured term loan. We believe these events are non-recurring in nature and do not accurately reflect our financial performance.

- Net change in fair value of non-qualifying derivative financial instruments and unrealized gains or losses on our investment in unconsolidated entities: 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.

- Other non-recurring expenses: Other non-recurring expenses such as company strategic planning, severance-related costs and costs related to the process of listing 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-recurring 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-recurring 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.

Adjusted Funds from Operations

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/discounts on notes payable; (iv) amortization of deferred revenue related to tenant improvements and lease inducements; (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.

Forward-Looking Statements

This press release 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 assets, operations and business; the use of the proceeds of any offerings of securities; and our announced transaction with Gramercy Property Trust Inc. ("Gramercy"). 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 ability 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; our ability 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 or epidemics 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; environmental, regulatory and/or safety requirements; our ability to obtain the required shareholder approval required to consummate the merger with Gramercy and the timing and closing of such merger, including the risks that a condition to closing would not be satisfied or that the closing of such merger will not occur; the outcome of any legal proceedings that may be instituted against us and others related to the merger with Gramercy. 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 our Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and other of our documents that are 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 us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us or our business or operations. We undertake 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.

Credit ratings may not reflect the potential impact of risks relating to the structure or trading of our shares and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. We do not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.

The foregoing discussion related to our consolidated financial statements should be read in conjunction with the financial statements for the period ended June 30, 2015 included in the Form 10-Q to be filed on or about August 7, 2015.

Exhibit 99.2

CHAMBERS STREET PROPERTIES

Table of Contents



	Page
Forward-Looking Statements		2
Company Profile		4
Quarterly and Subsequent Highlights		5
Financial Information
Financial Highlights		6
Consolidated Balance Sheets		7
Consolidated Statements of Operations		8
Reconciliation of Net Income to FFO, Core FFO and AFFO		9
Joint Venture Information		10
Consolidated and Pro Rata Share Balance Sheets		11
Consolidated and Pro Rata Share Net Operating Income		12
Same Property Statistics		13
Property Information
Portfolio Summary		16
Acquisition and Disposition Activity		18
Our Properties		19
Geographic Distribution		23
Significant Tenants		24
Tenant Industry Profile		25
Tenant Lease Expirations		26
Percentage Leased		28
Tenant Leasing Activity		29
Capitalization
Capital Structure and Debt Maturities		30
Debt Composition		31
Consolidated Debt		32
Unconsolidated Debt		33
Definitions
Non-GAAP Supplemental Financial Measures		34

Supplemental Information | Second Quarter 2015 | 1

This supplemental information is available on our website at www.ChambersStreet.com. This data is furnished to supplement audited and unaudited regulatory filings of ours 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 assets, operations and business; the use of the proceeds of any offerings of securities; and our announced transaction with Gramercy Property Trust Inc. ("Gramercy"). 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 ability 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; our ability 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 or epidemics 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; environmental, regulatory and/or safety requirements; our ability to obtain the required shareholder approval required to consummate the merger with Gramercy and the timing and closing of such merger, including the risks that a condition to closing would not be satisfied or that the closing of such merger will not occur; the outcome of any legal proceedings that may be instituted against us and others related to the merger with Gramercy. 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 our Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and other of our documents that are 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 us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us or our business or operations. We undertake 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 our consolidated financial statements should be read in conjunction with the financial statements for the second quarter ended June 30, 2015 included in the Form 10-Q to be filed on or about August 7, 2015.

Supplemental Information | Second Quarter 2015 | 2

Additional Information About the Proposed Merger with Gramercy Property Trust Inc. And Where to Find It

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the transaction with Gramercy, the Company expects to file a registration statement on Form S-4 with the Securities and Exchange Commission ("SEC") containing a preliminary joint proxy statement of the Company and Gramercy that also constitutes a preliminary prospectus of the Company. After the registration statement is declared effective, Gramercy and the Company will mail a definitive proxy statement/prospectus to stockholders of Gramercy and shareholders of the Company. This material is not a substitute for the joint proxy statement/prospectus or registration statement or for any other document that Gramercy or the Company may file with the SEC and send to Gramercy’s stockholders and/or the Company’s shareholders in connection with the proposed transactions. INVESTORS AND SECURITY HOLDERS OF GRAMERCY AND THE COMPANY ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

Investors and security holders will be able to obtain free copies of the proxy statement/prospectus (when available) and other documents filed with the SEC by Gramercy or the Company through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Gramercy will be available free of charge on Gramercy’s website at www.gptreit.com, or by contacting Gramercy’s Investor Relations Department at (212) 297-1000. Copies of the documents filed with the SEC by the Company will be available free of charge on the Company’s website at www.chambersstreet.com or by contacting the Company’s Investor Relations Department at (609) 683-4900.

Supplemental Information | Second Quarter 2015 | 3

CHAMBERS STREET PROPERTIES

Company Profile

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 June 30, 2015, we had ownership interests in 125 primarily net leased industrial (primarily warehouse/distribution) and office properties located in 19 U.S. states, France, Germany and the United Kingdom. As of June 30, 2015, our portfolio encompassed 37.2 million net rentable square feet and was 99.3% leased.



Senior Management



Martin A. Reid Interim President and Chief Executive Officer, and Chief Financial Officer	Philip L. Kianka Executive Vice President and Chief Operating Officer

Christopher B. Allen Executive Vice President, Capital Markets and Finance	Hugh S. O'Beirne, Esq. Executive Vice President and Chief Legal Officer



Offices and Contact Information

Corporate Headquarters 47 Hulfish Street Suite 210 Princeton, NJ 08542 (609) 683-4900	Los Angeles Regional Office 515 S. Flower Street Suite 1020 Los Angeles, CA 90071 (213) 405-5927	Transfer Agent Broadridge Corporate Issuer Solutions 1155 Long Island Avenue Edgewood, NY 11717 (855) 450-0288



Investor Relations Heather Gentry Vice President, Investor Relations [email protected] (609) 806-2682	Media Relations Gallen.Neilly Tim Gallen [email protected] Andrew Neilly [email protected] (925) 930-9848



Credit Ratings

Standard & Poor's Ratings Services: BBB-	Moody's Investors Ratings: Baa3



Equity Research Coverage

Capital One Securities, Inc. Chris Lucas (571) 633-8151	D.A. Davidson & Co. Barry Oxford, CFA (212) 240-9871	JMP Securities Mitch Germain (212) 906-3546	Ladenburg Thalmann & Co. Daniel Donlan (212) 409-2056

Oppenheimer & Co. Steve Manaker (212) 667-5950	SunTrust Robinson Humphrey, Inc. Ki Bin Kim, CFA (212) 303-4124	Wells Fargo Securities, LLC Todd Stender (562) 637-1371

Supplemental Information | Second Quarter 2015 | 4

CHAMBERS STREET PROPERTIES

Quarterly and Subsequent Highlights

Proposed Merger with Gramercy Property Trust Inc.

•

On July 1, 2015, Chambers Street and Gramercy Property Trust Inc. ("Gramercy") entered into a definitive agreement to merge. Under the terms of the merger agreement, Gramercy stockholders will receive 3.1898 shares of Chambers Street for each share of Gramercy common stock they own. Upon closing, Chambers Street shareholders will own approximately 56% and Gramercy stockholders will own approximately 44% of the combined company. The stock-for-stock transaction is expected to be tax-free to shareholders. The transaction, which is subject to approval by the Chambers Street shareholders and the Gramercy stockholders, as well as customary closing conditions, is scheduled to close in the fourth quarter of 2015.

Earnings


•	FFO: $0.16 per diluted share, or $37.4 million, unchanged per diluted share compared to Q1 2015 and a decrease of $0.01 per diluted share compared to Q2 2014.


•	Core FFO: $0.19 per diluted share, or $43.9 million, unchanged per diluted share compared to Q1 2015 and an increase of $0.02 per diluted share compared to Q2 2014.


•	AFFO: $0.18 per diluted share, or $42.5 million, which represents an increase of $0.01 per diluted share compared to Q1 2015 and an increase of $0.02 per diluted share compared to Q2 2014.

Operating


•	Percentage Leased: 99.3% as of June 30, 2015.

•

Leasing: Leased 224,239 rentable square feet comprised of 147,780 rentable square feet of renewals and 76,459 rentable square feet of new leases. Subsequent to June 30, 2015, we executed three office leases totaling 430,200 square feet. This included an early renewal and 12-year lease extension with Nuance Communications, Inc., an early lease renewal and extension for an additional 12-year, six month term with Royal Caribbean Cruises, LTD., and a five-year lease renewal and extension with Magna Exteriors and Interiors USA, Inc.

Acquisitions and Dispositions


•	Dispositions: Sold two wholly-owned properties totaling 472,500 square feet for approximately $57.3 million.

Financing


•	Paid off note payable of $8.6 million secured by Lakeside Office Center on June 3, 2015.

Supplemental Information | Second Quarter 2015 | 5

CHAMBERS STREET PROPERTIES

Financial Highlights

(Unaudited)

($ in Thousands, Except Share Data)



	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Portfolio Statistics:
Number of Consolidated Properties	100			102			102			100			100
Number of Unconsolidated Properties⁽¹⁾	25			25			26			29			29
Total Properties	125			127			128			129			129
Total Net Rentable Square Feet⁽¹⁾	37,193,495			37,618,745			37,740,832			36,281,879			35,911,525
Approximate Acquisition Cost⁽²⁾	$	3,299,873		$	3,346,405		$	3,362,730		$	3,352,860		$	3,359,950
Percentage Leased⁽³⁾	99.3		%	98.4		%	98.3		%	97.3		%	95.9		%
Balance Sheet Items:
Total Assets⁽²⁾	$	2,955,630		$	2,980,927		$	3,045,198		$	3,077,962		$	3,132,338
Total Debt⁽²⁾	$	1,523,086		$	1,528,226		$	1,543,141		$	1,548,248		$	1,577,833
Total Shareholders' Equity	$	1,304,729		$	1,313,550		$	1,360,967		$	1,406,880		$	1,429,379



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
Income Items:
Total Revenues⁽²⁾	$	86,511		$	85,562		$	173,736		$	172,272
Net Operating Income - GAAP Basis⁽²⁾⁽⁴⁾	$	64,641		$	62,439		$	127,463		$	124,732
Net Operating Income - Cash Basis⁽²⁾⁽⁴⁾	$	64,122		$	62,758		$	126,502		$	125,692
Net Income	$	9,687		$	5,153		$	15,681		$	8,472
Adjusted EBITDA⁽²⁾⁽⁵⁾	$	52,949		$	56,579		$	105,762		$	111,738
Funds from Operations (FFO)⁽⁶⁾	$	37,363		$	40,401		$	75,360		$	79,622
Core Funds from Operations (Core FFO)⁽⁶⁾	$	43,852		$	40,465		$	85,938		$	80,020
Adjusted Funds from Operations (AFFO)⁽⁶⁾	$	42,548		$	38,066		$	83,113		$	77,160
Dividends Declared	$	30,205		$	29,862		$	60,415		$	59,682
Per Share Data (Basic and Diluted)
FFO per Share	$	0.16		$	0.17		$	0.32		$	0.34
Core FFO per Share	$	0.19		$	0.17		$	0.36		$	0.34
AFFO per Share	$	0.18		$	0.16		$	0.35		$	0.33
Dividends per Share	$	0.128		$	0.126		$	0.256		$	0.252
Weighted Average Common Shares Outstanding – Basic	236,900,677			237,000,613			236,922,064			236,793,334
Weighted Average Common Shares Outstanding – Diluted	236,955,835			237,000,613			236,950,577			236,793,334
Dividend Payout Ratios:
FFO⁽⁵⁾	80.8		%	73.9		%	80.2		%	75.0		%
Core FFO⁽⁵⁾	68.9		%	73.8		%	70.3		%	74.6		%
AFFO⁽⁵⁾	71.0		%	78.4		%	72.7		%	77.3		%

__________


(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)	Refer to page 37 for a reconciliation of Net Income to Consolidated Net Operating Income.


(5)	Refer to page 38 for a reconciliation of Net Income to Adjusted EBITDA.


(6)	Refer to page 9 for a reconciliation of GAAP Net Income to FFO, Core FFO and AFFO.

Supplemental Information | Second Quarter 2015 | 6

CHAMBERS STREET PROPERTIES

Consolidated Balance Sheets

($ in Thousands, Except Share Data)



	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
ASSETS
Investments in Real Estate:
Land	$	618,142		$	630,783		$	630,840		$	641,720		$	646,513
Land Available for Expansion	24,292			24,992			23,368			25,701			25,752
Buildings and Improvements	1,646,738			1,685,019			1,674,955			1,633,625			1,630,531
	2,289,172			2,340,794			2,329,163			2,301,046			2,302,796
Less: Accumulated Depreciation and Amortization	(266,256		)	(257,510		)	(239,973		)	(243,073		)	(230,804		)
Net Investments in Real Estate	2,022,916			2,083,284			2,089,190			2,057,973			2,071,992
Investments in Unconsolidated Entities	393,325			394,738			423,693			460,211			486,452
Cash and Cash Equivalents	94,252			44,658			40,139			58,546			55,588
Restricted Cash	17,721			15,186			14,718			14,372			12,793
Tenant and Other Receivables, Net	8,360			11,676			11,216			14,147			12,253
Deferred Rent	42,644			41,071			39,429			40,123			38,068
Deferred Leasing Costs and Intangible Assets, Net	195,836			208,614			220,490			220,802			230,899
Deferred Financing Costs, Net	7,896			8,555			9,321			9,908			10,318
Prepaid Expenses and Other Assets	17,713			19,385			21,612			13,647			10,299
Total Assets	$	2,800,663		$	2,827,167		$	2,869,808		$	2,889,729		$	2,928,662
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Secured Notes Payable, Net	$	568,077		$	581,706		$	610,608		$	632,361		$	652,166
Unsecured Term Loan Facilities	570,000			570,000			570,000			570,000			570,000
Unsecured Revolving Credit Facility	240,044			235,044			200,044			170,044			170,044
Accounts Payable, Accrued Expenses and Other Liabilities	68,861			74,786			76,421			57,587			56,734
Intangible Liabilities, Net	22,869			25,067			26,248			26,988			25,994
Prepaid Rent and Security Deposits	15,987			16,939			15,569			15,918			14,392
Distributions Payable	10,096			10,075			9,951			9,951			9,953
Total Liabilities	1,495,934			1,513,617			1,508,841			1,482,849			1,499,283
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Common Shares of Beneficial Interest, $0.01 par value, 990,000,000 shares authorized	2,366			2,366			2,364			2,362			2,361
Additional Paid-in-Capital	2,073,701			2,073,109			2,071,526			2,069,710			2,068,683
Accumulated Deficit	(734,416		)	(713,877		)	(689,654		)	(651,909		)	(640,523		)
Accumulated Other Comprehensive Loss	(36,922		)	(48,048		)	(23,269		)	(13,283		)	(1,142		)
Total Shareholders’ Equity	1,304,729			1,313,550			1,360,967			1,406,880			1,429,379
Total Liabilities and Shareholders’ Equity	$	2,800,663		$	2,827,167		$	2,869,808		$	2,889,729		$	2,928,662

Supplemental Information | Second Quarter 2015 | 7

CHAMBERS STREET PROPERTIES

Consolidated Statements of Operations

For the Three and Six Months Ended June 30, 2015 and 2014 (unaudited)

($ in Thousands, Except Share Data)



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
REVENUES
Rental	$	56,759		$	52,033		$	111,105		$	103,909
Tenant Reimbursements	14,832			14,595			31,271			29,815
Other Property Income	250			—			448			1,069
Total Revenues	71,841			66,628			142,824			134,793
EXPENSES
Property Operating	8,135			8,392			17,916			17,945
Real Estate Taxes	10,574			10,465			21,356			20,266
General and Administrative	11,697			5,953			21,570			12,817
Acquisition-Related	—			—			—			290
Depreciation and Amortization	27,933			27,126			55,853			54,364
Total Expenses	58,339			51,936			116,695			105,682
Income Before Other (Expenses) Income	13,502			14,692			26,129			29,111
OTHER EXPENSES AND INCOME
Interest and Other Income	12			151			92			318
Interest Expense	(12,986		)	(13,907		)	(26,045		)	(27,968		)
Interest Expense and Net Change in Fair Value of Non-Qualifying Derivative Financial Instruments	26			(14		)	43			12
Gain on Sale of Real Estate	5,844			—			5,844			—
Total Other Expenses	(7,104		)	(13,770		)	(20,066		)	(27,638		)
Income Before Provision for Income Taxes and Equity in Income of Unconsolidated Entities	6,398			922			6,063			1,473
Provision For Income Taxes	(387		)	(381		)	(563		)	(439		)
Equity in Income of Unconsolidated Entities	3,676			4,612			10,181			7,438
NET INCOME	$	9,687		$	5,153		$	15,681		$	8,472
Basic and Diluted Net Income Per Share Attributable to Common Shareholders	$	0.04		$	0.02		$	0.07		$	0.03
Weighted Average Common Shares Outstanding - Basic	236,900,677			237,000,613			236,922,064			236,793,334
Weighted Average Common Shares Outstanding - Diluted	236,955,835			237,000,613			236,950,577			236,793,334
Dividends Declared per Common Share	$	0.128		$	0.126		$	0.256		$	0.252

Supplemental Information | Second Quarter 2015 | 8

CHAMBERS STREET PROPERTIES

Reconciliation of Net Income to FFO, Core FFO and AFFO

For the Three and Six Months Ended June 30, 2015 and 2014 (unaudited)

($ in Thousands, Except Share Data)



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
Net Income	$	9,687		$	5,153		$	15,681		$	8,472
Real Estate Depreciation and Amortization	27,794			27,010			55,574			54,141
Pro Rata Share of Real Estate Depreciation and Amortization from Unconsolidated Entities	6,503			8,238			13,142			17,009
Gain on Sale of Real Estate	(5,844		)	—			(5,844		)	—
Pro Rata Share of Gain on Sale of Real Estate from Unconsolidated Entities	(15		)	—			(2,431		)	—
Pro Rata Share of Realized Gain on Investment in CBRE Strategic Partners Asia	(762		)	—			(762		)	—
Funds from Operations	37,363			40,401			75,360			79,622
Acquisition-Related Expenses	—			—			—			290
Pro Rata Share of Loss on Early Extinguishment of Debt from Unconsolidated Entities	—			—			58			—
Strategic Planning and Severance-Related Expense	5,803			—			9,820			—
Net Change in Fair Value of Non-Qualifying Derivative Financial Instruments	(26		)	14			(43		)	(12		)
Pro Rata Share of Unrealized Loss on Investment in CBRE Strategic Partners Asia	712			50			743			120
Core Funds from Operations	43,852			40,465			85,938			80,020
Amortization of Non-Cash Interest Expense	(447		)	(244		)	(827		)	(348		)
Pro Rata Share of Amortization of Non-Cash Interest Expense from Unconsolidated Entities	102			119			198			238
Amortization of Above and Below Market Leases	938			1,401			1,913			2,883
Pro Rata Share of Amortization of Above/Below Market Leases from Unconsolidated Entities	(46		)	(54		)	(96		)	(108		)
Amortization of Deferred Revenue Related to Tenant Improvements	(114		)	(199		)	(227		)	(475		)
Share Based Compensation	592			912			1,327			1,924
Straight-Line Rent Adjustments, Net	(1,735		)	(1,253		)	(3,403		)	(2,545		)
Pro Rata Share of Straight-Line Rent Adjustments, Net from Unconsolidated Entities	324			225			625			730
Recurring Capital Expenditures	(592		)	(3,066		)	(1,315		)	(4,917		)
Pro Rata Share of Recurring Capital Expenditures from Unconsolidated Entities	(326		)	(240		)	(1,020		)	(242		)
Adjusted Funds from Operations	$	42,548		$	38,066		$	83,113		$	77,160
Amounts Per Share (Basic and Diluted):
Net Income	$	0.04		$	0.02		$	0.07		$	0.03
Funds from Operations	$	0.16		$	0.17		$	0.32		$	0.34
Core Funds from Operations	$	0.19		$	0.17		$	0.36		$	0.34
Adjusted Funds from Operations	$	0.18		$	0.16		$	0.35		$	0.33
Weighted Average Common Shares Outstanding - Basic	236,900,677			237,000,613			236,922,064			236,793,334
Weighted Average Common Shares Outstanding - Diluted	236,955,835			237,000,613			236,950,577			236,793,334

Supplemental Information | Second Quarter 2015 | 9

CHAMBERS STREET PROPERTIES

Joint Venture Information

As of June 30, 2015

($ and Square Footage Amounts in Thousands)



	Duke JV			European JV			UK JV
Number of Properties:
Industrial	7			9			3
Office	6			—			—
Total Number of Properties	13			9			3
Percent Leased	99.9		%	100.0		%	100.0		%
Square Feet:
Industrial	6,120			4,966			542
Office	667			—			—
Total Square Feet	6,787			4,966			542
Company Effective Ownership Percentage	80.0		%	80.0		%	80.0		%
Balance Sheet Information⁽¹⁾
Net Investments in Real Estate	$	315,944		$	249,185		$	38,867
Other Assets	29,968			40,669			4,086
Total Assets	$	345,912		$	289,854		$	42,953
Secured Notes Payable	$	56,671		$	124,535		$	—
Other Liabilities	6,722			4,299			2,017
Equity	282,519			161,020			40,936
Total Liabilities and Equity	$	345,912		$	289,854		$	42,953



Income Statement Information⁽¹⁾

	Duke JV						European JV				UK JV
	Three Months Ended						Three Months Ended				Three Months Ended
	June 30,						June 30,				June 30,
	2015			2014			2015		2014		2015		2014
Total Revenue	$	11,159		$	14,693		$	6,100	$	7,783	$	1,079	$	1,193
Operating Expenses	3,124			4,293			656		863		171		178
Net Operating Income	8,035			10,400			5,444		6,920		908		1,015
Depreciation and Amortization	5,219			6,683			2,432		3,087		478		528
Interest	755			1,035			917		1,165		—		—
Gain on Sale of Real Estate	19			—			—		—		—		—
Net Income	2,080			2,682			2,095		2,668		430		487
Company's Share in Net Income	1,664			2,146			1,676		2,134		344		390
Adjustments for REIT Basis	(27		)	(30		)	—		—		—		—
Company's Equity in Net Income	$	1,637		$	2,116		$	1,676	$	2,134	$	344	$	390

__________


(1)	Includes 100% of unconsolidated properties held through our Duke JV, European JV, and UK JV.

Supplemental Information | Second Quarter 2015 | 10

CHAMBERS STREET PROPERTIES

Consolidated and Pro Rata Share Balance Sheets

As of June 30, 2015 and December 31, 2014

(In Thousands)



	June 30, 2015							December 31, 2014
	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	$	2,022,916	$	483,197		$	2,506,113	$	2,089,190	$	509,089		$	2,598,279
Real Estate Investments and Other Assets Held-for-Sale	—		—			—		—		13,784			13,784
Other Assets	384,422		59,778			444,200		356,925		69,340			426,265
Investments in Unconsolidated Entities	393,325		(388,008		)	5,317		423,693		(416,823		)	6,870
Total Assets	$	2,800,663	$	154,967		$	2,955,630	$	2,869,808	$	175,390		$	3,045,198
Liabilities and Equity
Liabilities Related to Real Estate Investments Held-for-Sale	$	—	$	—		$	—	$	—	$	8,838		$	8,838
Total Debt	1,378,121		144,965			1,523,086		1,380,652		153,916			1,534,568
Other Liabilities	117,813		10,002			127,815		128,189		12,636			140,825
Total Liabilities	1,495,934		154,967			1,650,901		1,508,841		175,390			1,684,231
Shareholders’ Equity	1,304,729		—			1,304,729		1,360,967		—			1,360,967
Total Liabilities and Equity	$	2,800,663	$	154,967		$	2,955,630	$	2,869,808	$	175,390		$	3,045,198

__________


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

Supplemental Information | Second Quarter 2015 | 11

CHAMBERS STREET PROPERTIES

Consolidated and Pro Rata Share Net Operating Income

For the Three and Six Months Ended June 30, 2015 and 2014 (unaudited)

(In Thousands)



	Three Months Ended June 30, 2015									Three Months Ended June 30, 2014
	Consolidated⁽¹⁾			Pro Rata Share of Joint Ventures			Total at Pro Rata Share			Consolidated			Pro Rata Share of Joint Ventures			Total at Pro Rata Share
Total Revenues	$	71,841		$	14,670		$	86,511		$	66,628		$	18,934		$	85,562
Total Operating Expenses	18,709			3,161			21,870			18,857			4,266			23,123
Net Operating Income - GAAP Basis	53,132			11,509			64,641			47,771			14,668			62,439
Straight-Line Rent Adjustment, Net	(1,735		)	324			(1,411		)	(1,253		)	225			(1,028		)
Above/Below Market Lease Amortization, Net	938			(46		)	892			1,401			(54		)	1,347
Net Operating Income - Cash Basis	$	52,335		$	11,787		$	64,122		$	47,919		$	14,839		$	62,758
Interest Expense	$	12,986		$	1,338		$	14,324		$	13,907		$	1,760		$	15,667



	Six Months Ended June 30, 2015									Six Months Ended June 30, 2014
	Consolidated⁽²⁾			Pro Rata Share of Joint Ventures			Total at Pro Rata Share			Consolidated			Pro Rata Share of Joint Ventures			Total at Pro Rata Share
Total Revenues	$	142,824		$	30,912		$	173,736		$	134,793		$	37,479		$	172,272
Total Operating Expenses	39,272			7,001			46,273			38,211			9,329			47,540
Net Operating Income - GAAP Basis	103,552			23,911			127,463			96,582			28,150			124,732
Straight-line Rent Adjustment, Net	(3,403		)	625			(2,778		)	(2,545		)	730			(1,815		)
Above/Below Market Lease Amortization, Net	1,913			(96		)	1,817			2,883			(108		)	2,775
Net Operating Income - Cash Basis	$	102,062		$	24,440		$	126,502		$	96,920		$	28,772		$	125,692
Interest Expense	$	26,045		$	2,738		$	28,783		$	27,968		$	3,498		$	31,466

__________


(1)	These amounts include cash and GAAP net operating income of $4.3 million and $3.7 million, respectively, for the three months ended June 30, 2015, related to our 70 Hudson Street property.


(2)	These amounts include cash and GAAP net operating income of $6.1 million and $4.9 million, respectively, for the six months ended June 30, 2015, related to our 70 Hudson Street property.

Supplemental Information | Second Quarter 2015 | 12

CHAMBERS STREET PROPERTIES

Same Property Statistics

As of June 30, 2015

($ in Thousands)



	Six Months Ended
	June 30,
	2015		2014
Total Portfolio Square Footage at Quarter End	37,193,495		35,911,525
Number of Properties at Quarter End	125		129
Same Property Portfolio Square Footage⁽¹⁾	33,909,322		33,850,281
Same Property Portfolio Number of Buildings⁽¹⁾	118		118
Percentage of Total Quarter Ending Square Footage	91.2	%	94.3	%
Same Property Portfolio % Leased at Quarter End	99.2	%	96.8	%



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
Total Revenues	$	80,605		$	77,685		$	161,659		$	157,996
Total Operating Expenses	20,715			20,633			43,483			42,571
Net Operating Income - GAAP Basis	$	59,890		$	57,052		$	118,176		$	115,425
Less: Straight-Line Rent Revenue	(1,309		)	(1,167		)	(2,554		)	(2,443		)
Less: Above/Below Market Lease Revenue	981			1,314			1,962			2,726
Less: GAAP Adjustment - European properties	—			301			—			301
Net Operating Income - Cash Basis	$	59,562		$	56,898		$	117,584		$	115,407
Same Property Portfolio Weighted Average % Leased	99.2		%	96.6		%	99.2		%	96.7		%

__________


(1)	Our same property portfolio includes all consolidated and unconsolidated properties owned and operating as of January 1, 2014 and still owned and operating as of June 30, 2015. Revenue and expense from same unconsolidated properties are included at pro rata share. Square footage and number of buildings are at 100%.

Supplemental Information | Second Quarter 2015 | 13

CHAMBERS STREET PROPERTIES (continued)

Same Property Statistics

As of June 30, 2015

($ in Thousands)



	Office⁽¹⁾										Industrial⁽¹⁾
	Three Months Ended						$ Change		% Change		Three Months Ended					$ Change			% Change
	June 30, 2015			June 30, 2014			$ Change		% Change		June 30, 2015			June 30, 2014		$ Change			% Change
Rental Revenue	$	39,686		$	36,918						$	24,668		$	24,685
Tenant Reimbursement	10,433			10,207							5,568			5,875
Other Property Income	—			—							250			—
Total Revenue	50,119			47,125			$	2,994	6.4	%	30,486			30,560		$	(74	)	(0.2	)%
Operating Expenses	7,498			7,168							2,206			2,492
Real Estate Taxes	6,882			6,748							4,129			4,225
Total Expenses	14,380			13,916			464		3.3	%	6,335			6,717		(382		)	(5.7	)%
Net Operating Income - GAAP Basis	$	35,739		$	33,209		$	2,530	7.6	%	$	24,151		$	23,843	$	308		1.3	%
Rental Revenue - GAAP Basis	$	50,119		$	47,125						$	30,486		$	30,560
Less: Straight-Line Rent Revenue	(1,292		)	(1,271		)					(17		)	104
Less: Above/Below Lease Revenue	895			1,057							86			257
Rental Revenue - Cash Basis	49,722			46,911			2,811		6.0	%	30,555			30,921		(366		)	(1.2	)%
Less: Total Expenses	14,380			13,916							6,335			6,717
Less: GAAP Adjustment - European Properties	—			—							—			301
Net Operating Income - Cash Basis	$	35,342		$	32,995		$	2,347	7.1	%	$	24,220		$	23,903	$	317		1.3	%



	Total Same Properties⁽¹⁾
	Three Months Ended						$ Change		% Change
	June 30, 2015			June 30, 2014			$ Change		% Change
Rental Revenue	$	64,354		$	61,603
Tenant Reimbursement	16,001			16,082
Other Property Income	250			—
Total Revenue	80,605			77,685			$	2,920	3.8	%
Operating Expenses	9,704			9,660
Real Estate Taxes	11,011			10,973
Total Expenses	20,715			20,633			82		0.4	%
Net Operating Income - GAAP Basis	$	59,890		$	57,052		$	2,838	5.0	%
Rental Revenue - GAAP Basis	$	80,605		$	77,685
Less: Straight-Line Rent Revenue	(1,309		)	(1,167		)
Less: Above/Below Lease Revenue	981			1,314
Rental Revenue - Cash Basis	80,277			77,832			2,445		3.1	%
Less: Total Expenses	20,715			20,633			82		0.4	%
Less: GAAP Adjustment - European Properties	—			301
Net Operating Income - Cash Basis	$	59,562		$	56,898		$	2,664	4.7	%

__________


(1)	Our same property portfolio includes all consolidated and unconsolidated properties owned as of January 1, 2014 and still owned as of June 30, 2015. Revenue and expense from same unconsolidated properties are included at pro rata share.

Supplemental Information | Second Quarter 2015 | 14

CHAMBERS STREET PROPERTIES (continued)

Same Property Statistics

As of June 30, 2015

($ in Thousands)



	Office⁽¹⁾										Industrial⁽¹⁾
	Six Months Ended						$ Change		% Change		Six Months Ended					$ Change			% Change
	June 30, 2015			June 30, 2014			$ Change		% Change		June 30, 2015		June 30, 2014			$ Change			% Change
Rental Revenue	$	77,038		$	74,161						$	49,413	$	49,377
Tenant Reimbursement	22,530			21,968							11,403		11,421
Other Property Income	827			1,069							448		—
Total Revenue	100,395			97,198			$	3,197	3.3	%	61,264		60,798			$	466		0.8	%
Operating Expenses	16,088			15,489							5,235		5,647
Real Estate Taxes	14,000			13,403							8,160		8,032
Total Expenses	30,088			28,892			1,196		4.1	%	13,395		13,679			(284		)	(2.1	)%
Net Operating Income - GAAP Basis	$	70,307		$	68,306		$	2,001	2.9	%	$	47,869	$	47,119		$	750		1.6	%
Rental Revenue - GAAP Basis	$	100,395		$	97,198						$	61,264	$	60,798
Less: Straight-Line Rent Revenue	(2,618		)	(2,352		)					64		(91		)
Less: Above/Below Lease Revenue	1,788			2,207							174		519
Rental Revenue - Cash Basis	99,565			97,053			2,512		2.6	%	61,502		61,226			276			0.5	%
Less: Total Expenses	30,088			28,892							13,395		13,679
Less: GAAP Adjustment - European Properties	—			—							—		301
Net Operating Income - Cash Basis	$	69,477		$	68,161		$	1,316	1.9	%	$	48,107	$	47,246		$	861		1.8	%



	Total Same Properties⁽¹⁾
	Six Months Ended						$ Change		% Change
	June 30, 2015			June 30, 2014			$ Change		% Change
Rental Revenue	$	126,451		$	123,538
Tenant Reimbursement	33,933			33,389
Other Property Income	1,275			1,069
Total Revenue	161,659			157,996			$	3,663	2.3	%
Operating Expenses	21,323			21,136
Real Estate Taxes	22,160			21,435
Total Expenses	43,483			42,571			912		2.1	%
Net Operating Income - GAAP Basis	$	118,176		$	115,425		$	2,751	2.4	%
Rental Revenue - GAAP Basis	$	161,659		$	157,996
Less: Straight-Line Rent Revenue	(2,554		)	(2,443		)
Less: Above/Below Lease Revenue	1,962			2,726
Rental Revenue - Cash Basis	161,067			158,279			2,788		1.8	%
Less: Total Expenses	43,483			42,571			912		2.1	%
Less: GAAP Adjustment - European Properties	—			301
Net Operating Income - Cash Basis	$	117,584		$	115,407		$	2,177	1.9	%

__________


(1)	Our same property portfolio includes all consolidated and unconsolidated properties owned as of January 1, 2014 and still owned as of June 30, 2015. Revenue and expense from same unconsolidated properties are included at pro rata share.

Supplemental Information | Second Quarter 2015 | 15

CHAMBERS STREET PROPERTIES

Portfolio Summary

As of June 30, 2015

($ in Thousands)



Property Types

	Consolidated Properties				Unconsolidated Properties⁽¹⁾				Consolidated & Unconsolidated Properties⁽¹⁾
	Properties	Net Rentable Square Feet	% of QTD NOI		Properties	Net Rentable Square Feet	% of QTD NOI		Properties	Net Rentable Square Feet	% of QTD NOI
Industrial
Triple Net Single-Tenant	47	15,180,853	30.5	%	18	11,184,416	78.9	%	65	26,365,269	39.1	%
Multi-Tenant	10	2,097,934	3.7	%	1	442,816	4.3	%	11	2,540,750	3.8	%
Other Single-Tenant	2	432,543	0.6	%	—	—	—	%	2	432,543	0.5	%
Total Industrial	59	17,711,330	34.8	%	19	11,627,232	83.2	%	78	29,338,562	43.4	%
Office
Triple Net Single-Tenant	29	5,091,075	46.1	%	2	277,325	4.5	%	31	5,368,400	38.7	%
Multi-Tenant	7	1,551,768	12.2	%	3	293,063	8.4	%	10	1,844,831	11.6	%
Other Single-Tenant	5	545,527	6.9	%	1	96,175	3.9	%	6	641,702	6.3	%
Total Office	41	7,188,370	65.2	%	6	666,563	16.8	%	47	7,854,933	56.6	%
All Properties
Triple Net Single-Tenant	76	20,271,928	76.6	%	20	11,461,741	83.4	%	96	31,733,669	77.8	%
Multi-Tenant	17	3,649,702	15.9	%	4	735,879	12.7	%	21	4,385,581	15.4	%
Other Single-Tenant	7	978,070	7.5	%	1	96,175	3.9	%	8	1,074,245	6.8	%
Total Properties	100	24,899,700	100.0	%	25	12,293,795	100.0	%	125	37,193,495	100.0	%

__________


(1)	Includes unconsolidated properties held through our Duke JV, European JV and UK JV. Net rentable square feet is at 100% and NOI percentage is at our pro rata share of effective ownership.

Supplemental Information | Second Quarter 2015 | 16

CHAMBERS STREET PROPERTIES (continued)

Portfolio Summary

As of June 30, 2015

($ in Thousands)



Tenant Credit Ratings

	Annualized Base Rent⁽¹⁾		% of Total Annualized Base Rent
	Annualized Base Rent⁽¹⁾		% of Total Annualized Base Rent
Investment Grade Rated Tenants⁽²⁾	$	147,146	54.0	%
Non-Investment Grade Rated Tenants⁽³⁾	25,599		9.4	%
Unrated	99,837		36.6	%
	$	272,582	100.0	%

__________


(1)	Annualized base rent for unconsolidated properties is at our pro rata share of effective ownership. Includes consolidated and unconsolidated properties.


(2)	We define Investment Grade Rated Tenant as a tenant, or whose guarantor or parent company, that has an investment grade credit rating as determined by either Standard and Poor's or Moody's.


(3)	We define Non-Investment Grade Rated Tenant as a tenant, or whose guarantor or parent company, that has a non-investment grade credit rating as determined by either Standard and Poor's or Moody's.



Scheduled Rental Increases

	Net Rentable Square Feet⁽¹⁾	% of Total Net Rentable Square Feet		Annualized Base Rent⁽¹⁾		% of Total Annualized Base Rent
Fixed Rental Increases⁽²⁾	29,528,764	80.0	%	$	230,218	84.5	%
Indexed Rental Increases⁽³⁾	6,062,553	16.4	%	33,265		12.2	%
Constant Rent	1,328,460	3.6	%	9,099		3.3	%
All Leases	36,919,777	100.0	%	$	272,582	100.0	%

__________


(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. Includes consolidated and unconsolidated properties.


(2)	Includes certain leases that were subject to historical rental increases.


(3)	Indexed rental increases are generally based upon inflation or market rents.

Supplemental Information | Second Quarter 2015 | 17

CHAMBERS STREET PROPERTIES

Acquisition and Disposition Activity

As of June 30, 2015

($ in Thousands)

2015 Wholly-Owned Acquisitions

Property

Market

Date of

Acquisition

Purchase

Price

Net

Rentable
Square Feet

Goodyear Crossing II (Land Parcel)⁽¹⁾

Phoenix

2/10/2015

1,675

N/A

__________


(1)	During February 2015, we acquired an 11.8 acre undeveloped parcel in Goodyear, Arizona for a price of $1.7 million, which has been included as part of our Goodyear Crossing II property located in the Phoenix, Arizona market.



2015 Disposition of Properties

Property	Market		Date of Disposition	Gross Sales Price at Pro Rata Share		Net Rentable Square Feet	Ownership Percentage		Capitalization Rates
Property	Market		Date of Disposition	Gross Sales Price at Pro Rata Share		Net Rentable Square Feet	Ownership Percentage		In-Place		Straight Line
Regency Creek I	Raleigh	NC	1/23/2015	$	16,440	122,087	80.0	%	10.9	%	10.0	%
300 Constitution Drive⁽¹⁾	Boston	MA	5/19/2015	20,327		330,000	100.0	%	N/A		N/A
225 Summit Ave	Northern	NJ	6/26/2015	37,000		142,500	100.0	%	9.82	%	9.82	%
				$	73,767	594,587

__________


(1)	This property was vacant at the time of sale and therefore does not have any capitalization rates associated with it.



2014 Wholly-Owned Acquisitions

Property	Market		Date of Acquisition	Purchase Price		Net Rentable Square Feet	Capitalization Rates
Property	Market		Date of Acquisition	Purchase Price		Net Rentable Square Feet	In-Place			Straight Line
445 Airtech Parkway	Indianapolis	IN	1/2/2014	$	30,200	622,440	6.3	%		6.7	%
1 Rocket Road	Los Angeles - South Bay	CA	7/31/2014	46,650		514,753	6.7	%		7.7	%
1659 Sauget Business Blvd	St. Louis	MO	10/24/2014	21,100		502,500	7.6	%		7.7	%
325 Center Point Blvd	Northeast	PA	11/18/2014	45,750		744,080
550 Oak Ridge Drive	Northeast	PA	11/18/2014	40,700		615,600
125 Capital Road	Northeast	PA	11/18/2014	8,700		144,000
14-46 Alberigi Drive	Northeast	PA	11/18/2014	10,500		140,800	7.6	%	⁽¹⁾	7.8	%	⁽¹⁾
Total Wholly-Owned Acquisitions				$	203,600	3,284,173

__________


(1)	Capitalization rate for the four industrial properties acquired in November 2014.



2014 Disposition of Properties

Property	Market		Date of Disposition	Gross Sales Price at Pro Rata Share		Net Rentable Square Feet	Ownership Percentage		Capitalization Rates
Property	Market		Date of Disposition	Gross Sales Price at Pro Rata Share		Net Rentable Square Feet	Ownership Percentage		In-Place		Straight Line
One Conway Park	Chicago	IL	1/16/2014	$	10,480	105,000	80.0	%	7.5	%	4.6	%
Maskew Retail Park	Peterborough	UK	7/23/2014	62,978		144,400	100.0	%	6.6	%	6.4	%
12650 Ingenuity Drive	Orlando	FL	11/18/2014	26,500		124,500	100.0	%	9.1	%	8.6	%
Thames Valley Five	Reading	UK	11/24/2014	18,781		40,468	100.0	%	6.5	%	7.2	%
Sam Houston Crossing I	Houston	TX	12/5/2014	26,240		159,175	80.0	%	8.4	%	7.9	%
One Easton Oval and Two Easton Oval	Columbus	OH	12/8/2014	20,680		253,705	80.0	%	8.1	%	7.0	%
Deerfield Commons	Atlanta	GA	12/16/2014	19,400		121,969	100.0	%	7.4	%	6.0	%
				$	185,059	949,217

Supplemental Information | Second Quarter 2015 | 18

CHAMBERS STREET PROPERTIES

Our Properties

As of June 30, 2015

($ in Thousands)



Property and Market		Date Acquired	Year Built	Net Rentable Square Feet	Percentage Leased		Approximate Total Acquisition Cost⁽¹⁾

Industrial
Consolidated Industrial
505 Century Parkway⁽²⁾	Dallas, TX	1/9/2006	1997	100,000	100.0	%	$	6,095
631 International Parkway⁽²⁾	Dallas, TX	1/9/2006	1998	73,112	100.0	%	5,407
660 North Dorothya⁽²⁾	Dallas, TX	1/9/2006	1997	120,000	100.0	%	6,836
Bolingbrook Point III⁽²⁾	Chicago, IL	8/29/2007	2006	185,045	100.0	%	18,170
Community Cash Complex 1⁽²⁾	Spartanburg, SC	8/30/2007	1960	207,038	100.0	%	2,690
Community Cash Complex 2⁽²⁾	Spartanburg, SC	8/30/2007	1978	145,058	100.0	%	2,225
Community Cash Complex 3⁽²⁾	Spartanburg, SC	8/30/2007	1981	116,413	52.0	%	1,701
Community Cash Complex 4⁽²⁾	Spartanburg, SC	8/30/2007	1984	33,019	100.0	%	547
Community Cash Complex 5⁽²⁾	Spartanburg, SC	8/30/2007	1984	53,033	100.0	%	824
Fairforest Building 1⁽²⁾	Spartanburg, SC	8/30/2007	2000	51,028	100.0	%	2,974
Fairforest Building 2⁽²⁾⁽³⁾	Spartanburg, SC	8/30/2007	1999	104,160	100.0	%	5,379
Fairforest Building 3⁽²⁾⁽³⁾	Spartanburg, SC	8/30/2007	2000	100,000	100.0	%	5,760
Fairforest Building 4⁽²⁾	Spartanburg, SC	8/30/2007	2001	190,606	100.0	%	5,640
Fairforest Building 5⁽³⁾	Spartanburg, SC	8/30/2007	2006	316,491	100.0	%	16,968
Fairforest Building 6⁽³⁾	Spartanburg, SC	8/30/2007	2005	101,055	100.0	%	7,469
Fairforest Building 7⁽²⁾⁽³⁾	Spartanburg, SC	8/30/2007	2006	101,459	100.0	%	5,626
Greenville/Spartanburg Industrial Park⁽²⁾	Spartanburg, SC	8/30/2007	1990	67,375	100.0	%	3,388
Highway 290 Commerce Park Building 1⁽²⁾	Spartanburg, SC	8/30/2007	1995	150,000	100.0	%	5,388
Highway 290 Commerce Park Building 5⁽²⁾	Spartanburg, SC	8/30/2007	1993	30,000	100.0	%	1,420
Highway 290 Commerce Park Building 7⁽²⁾	Spartanburg, SC	8/30/2007	1994	93,971	100.0	%	4,889
HJ Park Building 1⁽²⁾	Spartanburg, SC	8/30/2007	2003	70,000	100.0	%	4,216
Jedburg Commerce Park⁽²⁾⁽³⁾	Charleston, SC	8/30/2007	2007	512,686	88.0	%	41,991
Kings Mountain I⁽³⁾	Charlotte, NC	8/30/2007	1998	100,000	100.0	%	5,497
Kings Mountain II⁽³⁾	Charlotte, NC	8/30/2007	2002	301,400	100.0	%	11,311
Mount Holly Building	Charleston, SC	8/30/2007	2003	100,823	100.0	%	6,208
North Rhett I	Charleston, SC	8/30/2007	1973	284,750	100.0	%	10,302
North Rhett II	Charleston, SC	8/30/2007	2001	101,705	100.0	%	7,073
North Rhett III⁽²⁾⁽³⁾	Charleston, SC	8/30/2007	2002	79,972	100.0	%	4,812
North Rhett IV⁽³⁾	Charleston, SC	8/30/2007	2005	316,040	100.0	%	17,060
Orangeburg Park Building⁽³⁾	Charleston, SC	8/30/2007	2003	101,055	100.0	%	5,474
Orchard Business Park 2⁽²⁾	Spartanburg, SC	8/30/2007	1993	17,500	—%		761
Union Cross Building I	Winston-Salem, NC	8/30/2007	2005	100,853	100.0	%	6,585
Union Cross Building II	Winston-Salem, NC	8/30/2007	2005	316,130	100.0	%	17,216
Highway 290 Commerce Park Building 2⁽²⁾⁽³⁾	Spartanburg, SC	9/24/2007	1995	100,000	100.0	%	4,626
Highway 290 Commerce Park Building 6⁽²⁾⁽³⁾	Spartanburg, SC	11/1/2007	1996	105,000	100.0	%	3,760
Kings Mountain III⁽²⁾⁽³⁾	Charlotte, NC	3/14/2008	2007	541,910	100.0	%	25,728
13201 Wilfred Lane⁽²⁾	Minneapolis, MN	6/29/2009	1999	335,400	100.0	%	15,340
140 Depot Street⁽²⁾	Boston, MA	7/31/2009	2009	238,370	100.0	%	18,950
West Point Trade Center⁽²⁾	Jacksonville, FL	12/30/2009	2009	601,500	100.0	%	29,000
1985 International Way	Cincinnati, OH	10/27/2010	1998	189,400	100.0	%	14,800
3660 Deerpark Boulevard⁽³⁾	Jacksonville, FL	10/27/2010	2002	321,500	100.0	%	15,300
4701 Gold Spike Drive	Dallas, TX	10/27/2010	2002	420,360	100.0	%	20,300
Tolleson Commerce Park II	Phoenix, AZ	10/27/2010	1999	217,422	78.0	%	9,200

Supplemental Information | Second Quarter 2015 | 19

CHAMBERS STREET PROPERTIES (continued)

Our Properties

As of June 30, 2015

($ in Thousands)



Property and Market		Date Acquired	Year Built	Net Rentable Square Feet	Percentage Leased		Approximate Total Acquisition Cost⁽¹⁾

Millers Ferry Road⁽²⁾	Dallas, TX	6/2/2011	2011	1,020,000	100.0	%	40,366
Aurora Commerce Center⁽²⁾	Denver, CO	11/30/2011	2007	406,959	100.0	%	24,500
2400 Dralle Road⁽²⁾⁽³⁾	Chicago, IL	3/20/2012	2011	1,350,000	100.0	%	64,250
Midwest Commerce Center I⁽²⁾⁽³⁾	Kansas City, KS	8/16/2012	2009	1,107,000	100.0	%	62,950
20000 S Diamond Lake Rd.	Minneapolis, MN	11/7/2012	2004	280,577	100.0	%	18,500
Gateway at Riverside⁽²⁾⁽³⁾	Baltimore, MD	11/30/2012	1991	800,798	100.0	%	49,229
Mid-Atlantic Distribution Center – Bldg. A⁽²⁾	Baltimore, MD	12/28/2012	2008	672,000	100.0	%	43,150
Goodyear Crossing II⁽⁴⁾	Phoenix, AZ	3/1/2013	2009	820,384	100.0	%	66,558
1200 Woods Chapel Road⁽²⁾⁽³⁾	Spartanburg, SC	8/8/2013	2008	156,800	100.0	%	10,750
445 Airtech Parkway⁽²⁾⁽³⁾	Indianapolis, IN	1/2/2014	2013	622,440	100.0	%	30,200
1 Rocket Road	Los Angeles - South Bay, CA	7/31/2014	2008	514,753	100.0	%	46,650
1659 Sauget Business Blvd⁽²⁾	St. Louis, MO	10/24/2014	2008	502,500	100.0	%	21,100
325 Centerpoint Blvd⁽²⁾	Northeast, PA	11/18/2014	2008	744,080	100.0	%	45,750
550 Oak Ridge Drive⁽²⁾	Northeast, PA	11/18/2014	2005	615,600	100.0	%	40,700
125 Capital Road⁽²⁾	Northeast, PA	11/18/2014	2007	144,000	100.0	%	8,700
14-46 Alberigi Drive⁽²⁾	Northeast, PA	11/18/2014	2005	140,800	100.0	%	10,500
Total Consolidated Industrial⁽⁵⁾			2005	17,711,330	99.0	%	$	988,759
Unconsolidated Industrial
Buckeye Logistics Center⁽²⁾⁽⁷⁾	Phoenix, AZ	6/12/2008	2008	1,009,351	100.0	%	$	52,797
12200 President's Court⁽²⁾⁽⁷⁾	Jacksonville, FL	9/30/2008	2008	772,210	100.0	%	29,995
201 Sunridge Blvd.⁽²⁾⁽⁷⁾	Dallas, TX	9/30/2008	2008	822,550	100.0	%	25,690
AllPoints at Anson Bldg. 1⁽²⁾⁽⁷⁾	Indianapolis, IN	9/30/2008	2008	1,036,573	100.0	%	42,684
125 Enterprise Parkway⁽²⁾⁽⁷⁾	Columbus, OH	12/10/2008	2008	1,142,400	100.0	%	38,088
AllPoints Midwest Bldg. 1⁽²⁾⁽⁷⁾	Indianapolis, IN	12/10/2008	2008	1,200,420	100.0	%	41,428
Fairfield Distribution Ctr. IX⁽⁷⁾	Tampa, FL	5/13/2009	2008	136,212	100.0	%	7,151
Amber Park⁽²⁾⁽⁸⁾	South Normanton, UK	6/10/2010	1997	208,423	100.0	%	12,514
Brackmills⁽²⁾⁽⁸⁾	Northampton, UK	6/10/2010	1984	186,618	100.0	%	13,407
Düren⁽²⁾⁽⁹⁾	Rhine-Ruhr, Germany	6/10/2010	2008	391,494	100.0	%	13,148
Schönberg⁽²⁾⁽⁹⁾	Hamburg, Germany	6/10/2010	2009	453,979	100.0	%	13,819
Langenbach⁽²⁾⁽⁹⁾	Munich, Germany	10/28/2010	2010	225,106	100.0	%	18,573
Graben Distribution Center I⁽⁹⁾	Munich, Germany	12/20/2011	2011	1,017,868	100.0	%	54,962
Graben Distribution Center II⁽⁹⁾	Munich, Germany	12/20/2011	2011	73,367	100.0	%	6,868
Valley Park, Unit D⁽²⁾⁽⁸⁾	Rugby, UK	3/19/2012	2011	146,491	100.0	%	10,247
Koblenz Distribution Center⁽⁹⁾	Rhine-Ruhr, Germany	12/12/2012	2012	1,070,126	100.0	%	63,021
Bodenheim Logistikzentrum⁽⁹⁾	Frankfurt, Germany	11/25/2013	2012	442,816	100.0	%	25,392
Hansalinie Distribution Center⁽⁹⁾	Bremen, Germany	11/25/2013	2012	320,463	100.0	%	24,226
Lille-Douai Distribution Center⁽⁹⁾	Lille, France	12/17/2013	2013	970,765	100.0	%	62,746
Total Unconsolidated Industrial⁽⁵⁾⁽⁶⁾			2009	11,627,232	100.0	%	$	556,756
Total Industrial⁽⁵⁾			2006	29,338,562	99.4	%	$	1,545,515

Supplemental Information | Second Quarter 2015 | 20

CHAMBERS STREET PROPERTIES (continued)

Our Properties

As of June 30, 2015

($ in Thousands)



Property and Market		Date Acquired	Year Built	Net Rentable Square Feet	Percentage Leased		Approximate Total Acquisition Cost⁽¹⁾

Office
Consolidated Office
REMEC Corporate Campus 1⁽²⁾	San Diego, CA	9/15/2004	1983	34,000	100.0	%	$	6,833
REMEC Corporate Campus 2⁽²⁾	San Diego, CA	9/15/2004	1983	30,477	100.0	%	6,125
REMEC Corporate Campus 3⁽²⁾	San Diego, CA	9/15/2004	1983	37,430	100.0	%	7,523
REMEC Corporate Campus 4⁽²⁾	San Diego, CA	9/15/2004	1983	30,778	100.0	%	6,186
602 Central Boulevard⁽²⁾⁽³⁾	Coventry, UK	4/27/2007	2001	50,502	100.0	%	23,847
Lakeside Office Center⁽²⁾	Dallas, TX	3/5/2008	2006	98,750	95.0	%	17,994
Enclave on the Lake⁽²⁾	Houston, TX	7/1/2008	1999	171,091	100.0	%	37,827
Avion Midrise III⁽²⁾	Washington, DC Metro	11/18/2008	2002	71,507	100.0	%	21,111
Avion Midrise IV⁽²⁾	Washington, DC Metro	11/18/2008	2002	71,504	100.0	%	21,112
3011, 3055 & 3077 Comcast Place⁽²⁾	East Bay, CA	7/1/2009	1988	219,631	100.0	%	49,000
Crest Ridge Corporate Center I⁽²⁾	Minneapolis, MN	8/17/2009	2009	116,338	100.0	%	28,419
5160 Hacienda Dr⁽²⁾	East Bay, CA	4/8/2010	1988	201,620	100.0	%	38,500
10450 Pacific Center Court⁽²⁾⁽³⁾	San Diego, CA	5/7/2010	1985	134,000	100.0	%	32,750
One Wayside Road⁽²⁾	Boston, MA	6/24/2010	1998	200,605	100.0	%	55,525
100 Tice Blvd	Northern NJ	9/28/2010	2007	208,911	100.0	%	67,600
Ten Parkway North	Chicago, IL	10/12/2010	1999	99,566	100.0	%	25,000
Pacific Corporate Park⁽²⁾⁽³⁾	Washington, DC Metro	11/15/2010	2002	696,387	96.0	%	144,500
100 Kimball Drive⁽²⁾	Northern NJ	12/10/2010	2006	175,000	100.0	%	60,250
70 Hudson Street	New York City Metro	4/11/2011	2000	409,272	100.0	%	155,000
90 Hudson Street	New York City Metro	4/11/2011	1999	431,658	100.0	%	155,000
Sky Harbor Operations Center⁽²⁾	Phoenix, AZ	9/30/2011	2003	396,179	100.0	%	53,500
1400 Atwater Drive⁽²⁾⁽³⁾	Philadelphia, PA	10/27/2011	2013	299,809	100.0	%	82,224
Sabal Pavilion⁽²⁾	Tampa, FL	12/30/2011	1998	120,500	100.0	%	21,368
701 & 801 Charles Ewing Blvd.⁽²⁾	Princeton, NJ	12/28/2012	2009	110,765	100.0	%	28,310
1400 Perimeter Park Drive	Raleigh, NC	3/1/2013	1991	44,916	100.0	%	6,165
22535 Colonial Pkwy	Houston, TX	3/1/2013	2009	137,000	100.0	%	31,546
3900 North Paramount Parkway	Raleigh, NC	3/1/2013	1999	100,987	100.0	%	18,523
3900 South Paramount Parkway	Raleigh, NC	3/1/2013	1999	119,170	100.0	%	20,859
Atrium I	Columbus, OH	3/1/2013	1996	315,102	100.0	%	45,071
Celebration Office Center III	Orlando, FL	3/1/2013	2009	100,924	100.0	%	18,420
Easton III	Columbus, OH	3/1/2013	1999	135,485	100.0	%	20,194
McAuley Place	Cincinnati, OH	3/1/2013	2001	190,096	94.0	%	32,309
Miramar I⁽³⁾	Ft. Lauderdale, FL	3/1/2013	2001	94,060	100.0	%	23,912
Miramar II	Ft. Lauderdale, FL	3/1/2013	2001	128,540	100.0	%	31,910
Norman Pointe I	Minneapolis, MN	3/1/2013	2000	212,722	93.0	%	36,232
Norman Pointe II	Minneapolis, MN	3/1/2013	2007	324,296	97.0	%	46,113
Northpoint III	Orlando, FL	3/1/2013	2001	108,499	100.0	%	22,394
Point West I	Dallas, TX	3/1/2013	2008	182,700	100.0	%	31,795
The Landings I	Cincinnati, OH	3/1/2013	2006	175,695	100.0	%	30,249
The Landings II	Cincinnati, OH	3/1/2013	2007	175,076	94.0	%	23,977
Carpenter Corporate Center I & II⁽²⁾	Dallas, TX	7/31/2013	2008	226,822	100.0	%	49,509
Total Consolidated Office⁽⁵⁾			2001	7,188,370	98.8	%	$	1,634,682

Supplemental Information | Second Quarter 2015 | 21

CHAMBERS STREET PROPERTIES (continued)

Our Properties

As of June 30, 2015

($ in Thousands)



Property and Market		Date Acquired	Year Built	Net Rentable Square Feet	Percentage Leased		Approximate Total Acquisition Cost⁽¹⁾

Unconsolidated Office
Aspen Corporate Center 500⁽²⁾⁽⁷⁾	Nashville, TN	9/30/2008	2008	180,147	100.0	%	$	29,936
West Lake at Conway⁽⁷⁾	Chicago, IL	3/24/2011	2008	98,304	100.0	%	14,060
Weston Pointe I⁽⁷⁾	Ft. Lauderdale, FL	3/24/2011	1999	97,579	96.0	%	15,507
Weston Pointe II⁽⁷⁾	Ft. Lauderdale, FL	3/24/2011	2000	97,180	96.0	%	18,701
Weston Pointe III⁽⁷⁾	Ft. Lauderdale, FL	3/24/2011	2003	97,178	100.0	%	18,867
Weston Pointe IV⁽⁷⁾	Ft. Lauderdale, FL	3/24/2011	2006	96,175	100.0	%	22,605
Total Unconsolidated Office⁽⁵⁾⁽⁶⁾			2004	666,563	98.9	%	$	119,676
Total Office⁽⁵⁾			2002	7,854,933	98.9	%	$	1,754,358
Total Properties⁽⁵⁾			2004	37,193,495	99.3	%	$	3,299,873

__________


(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 industrial use.


(4)	Acquisition cost includes cost for undeveloped land acquired in February 2015.


(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 the UK JV.


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

Supplemental Information | Second Quarter 2015 | 22

CHAMBERS STREET PROPERTIES

Geographic Distribution

As of June 30, 2015

($ in Thousands)



	Consolidated Properties				Unconsolidated Properties⁽¹⁾				Consolidated & Unconsolidated Properties⁽¹⁾				% of Approx-imate Acqui- sition Cost
	Proper- ties	Net Rentable Square Feet	Approx- imate Acquisition Cost		Proper- ties	Net Rentable Square Feet	Approx- imate Acquisition Cost		Proper- ties	Net Rentable Square Feet	Approx- imate Acquisition Cost		% of Approx-imate Acqui- sition Cost
Domestic
New Jersey	5	1,335,606	$	466,160	—	—	$	—	5	1,335,606	$	466,160	14.1	%
Florida	7	1,475,523	162,304		6	1,296,534	112,826		13	2,772,057	275,130		8.3	%
Texas	10	2,549,835	247,675		1	822,550	25,690		11	3,372,385	273,365		8.3	%
California	8	1,202,689	193,567		—	—	—		8	1,202,689	193,567		5.9	%
South Carolina	28	3,807,037	189,921		—	—	—		28	3,807,037	189,921		5.8	%
Ohio	5	991,454	151,800		1	1,142,400	38,088		6	2,133,854	189,888		5.8	%
Pennsylvania	5	1,944,289	187,874		—	—	—		5	1,944,289	187,874		5.7	%
Virginia	3	839,398	186,723		—	—	—		3	839,398	186,723		5.7	%
Arizona	3	1,433,985	129,258		1	1,009,351	52,797		4	2,443,336	182,055		5.5	%
Minnesota	5	1,269,333	144,604		—	—	—		5	1,269,333	144,604		4.4	%
Illinois	4	2,137,111	128,520		1	98,304	14,060		5	2,235,415	142,580		4.3	%
Indiana	1	622,440	30,200		2	2,236,993	84,112		3	2,859,433	114,312		3.5	%
North Carolina	8	1,625,366	111,884		—	—	—		8	1,625,366	111,884		3.4	%
Maryland	2	1,472,798	92,379		—	—	—		2	1,472,798	92,379		2.8	%
Massachusetts	2	438,975	74,475		—	—	—		2	438,975	74,475		2.3	%
Kansas	1	1,107,000	62,950		—	—	—		1	1,107,000	62,950		1.9	%
Tennessee	—	—	—		1	180,147	29,936		1	180,147	29,936		0.9	%
Colorado	1	406,959	24,500		—	—	—		1	406,959	24,500		0.7	%
Kentucky	1	189,400	14,800		—	—	—		1	189,400	14,800		0.4	%
Total Domestic	99	24,849,198	2,599,594		13	6,786,279	357,509		112	31,635,477	2,957,103		89.6	%

International
Germany	—	—	—		8	3,995,219	220,009		8	3,995,219	220,009		6.7	%
France	—	—	—		1	970,765	62,746		1	970,765	62,746		1.9	%
United Kingdom	1	50,502	23,847		3	541,532	36,168		4	592,034	60,015		1.8	%
Total International	1	50,502	23,847		12	5,507,516	318,923		13	5,558,018	342,770		10.4	%
Total	100	24,899,700	$	2,623,441	25	12,293,795	$	676,432	125	37,193,495	$	3,299,873	100.0	%

__________


(1)	Includes unconsolidated properties held through our Duke JV, European JV and UK JV. Number of Properties and Net Rentable Square Feet are included at 100% and Approximate Acquisition Cost is at our pro rata share of effective ownership.

Supplemental Information | Second Quarter 2015 | 23

CHAMBERS STREET PROPERTIES

Significant Tenants

As of June 30, 2015 (unaudited)

($ in Thousands)



			Credit Rating⁽¹⁾		Consolidated & Unconsolidated Properties⁽²⁾					% of Cash An-nual- ized Base Rent
	Major Tenants⁽³⁾	Primary Industry	S&P	Moody's	Net Rentable Square Feet	Annualized Base Rent
	Major Tenants⁽³⁾	Primary Industry	S&P	Moody's	Net Rentable Square Feet	Cash		GAAP⁽⁴⁾

1	Amazon.com	Internet Retail	AA-	Baa1	6,540,667	$	26,465	$	25,618	9.7	%
2	Barclay's Capital	Financial Services	A	A2	409,272	12,278		9,917		4.5	%
3	Raytheon Company	Defense and Aerospace	A	A3	666,290	10,582		11,248		3.9	%
4	Lord Abbett & Co.	Financial Services	—	—	405,630	10,069		10,370		3.7	%
5	U.S. General Services Administration	Government	AA+	Aa1	285,179	9,958		10,268		3.7	%
6	JP Morgan Chase	Financial Services	A	A3	396,179	6,212		6,626		2.3	%
7	Nuance Communications, Inc.	Software	BB-	Ba3	200,605	6,095		5,842		2.2	%
8	Endo Health Solutions Inc.	Pharmaceutical and Healthcare Related	—	—	299,809	5,846		7,771		2.1	%
9	Comcast of California	Telecommunications	A-	A3	219,631	5,205		5,042		1.9	%
10	Eisai, Inc.	Pharmaceutical and Healthcare Related	—	—	208,911	5,189		5,217		1.9	%
11	PPD Development LP	Pharmaceutical and Healthcare Related	B	B3	251,475	4,991		4,643		1.8	%
12	Charles Komar & Sons, Inc.	Apparel Retail	—	—	159,341	4,933		4,093		1.8	%
13	The Coleman Company, Inc.	Consumer Products	BB	Ba3	1,107,000	4,760		4,569		1.7	%
14	Deloitte LLP	Professional Services	—	—	175,000	4,740		4,660		1.7	%
15	Clorox International Co	Consumer Products	BBB+	Baa1	1,350,000	4,484		4,429		1.6	%
16	Unilever	Consumer Products	A+	A1	1,594,760	4,250		4,058		1.6	%
17	Nationwide Mutual Insurance Co	Insurance	A+	A1	315,102	3,884		3,761		1.4	%
18	Humana	Pharmaceutical and Healthcare Related	BBB+	Baa3	226,822	3,788		3,731		1.4	%
19	Carl Zeiss Meditec	Pharmaceutical and Healthcare Related	—	—	201,620	3,770		3,395		1.4	%
20	ConAgra Foods Packaged Foods, LLC	Food Service and Retail	BBB-	Baa2	741,860	3,423		3,408		1.3	%
21	Whirlpool Corporation	Consumer Products	BBB	Baa2	1,020,000	3,385		3,429		1.2	%
22	Kimberly-Clark Global Sales, Inc.	Consumer Products	A	A2	744,080	3,348		3,368		1.2	%
23	Space Exploration Technologies Corp	Defense and Aerospace	—	—	514,753	3,348		3,913		1.2	%
24	SBM Atlantia, Inc.	Petroleum and Mining	—	—	171,091	3,293		2,659		1.2	%
25	Prime Distribution Services	Logistics Distribution	—	—	1,200,420	3,256		3,038		1.2	%
26	Noxell Corporation	Consumer Products	—	—	800,797	3,240		3,274		1.2	%
27	NCS Pearson, Inc.	Education	BBB+	Baa1	167,218	3,201		2,794		1.2	%
28	Bob's Discount Furniture	Home Furnishings/Home Improvement	—	—	672,000	3,098		3,154		1.1	%
29	Kellogg Sale Company	Consumer Products	BBB+	Baa2	1,142,400	3,033		2,854		1.1	%
30	Royal Caribbean Cruises Ltd	Travel/Leisure	BB	Ba1	128,540	2,951		2,462		1.1	%
31	Time Warner Cable Inc.	Telecommunications	BBB	Baa2	134,000	2,814		2,655		1.0	%
32	REMEC Defense and Space	Defense and Aerospace	—	—	132,685	2,736		2,753		1.0	%
33	Syngenta Seeds Inc	Agriculture	A+	A2	116,338	2,728		2,575		1.0	%
34	American Home Mortgage	Financial Services	—	—	182,700	2,713		2,676		1.0	%
35	Dr Pepper / Seven up, Inc.	Food Service and Retail	BBB+	Baa1	601,500	2,611		2,720		1.0	%
36	Disney Vacation Development	Travel/Leisure	A	A2	100,924	2,609		2,121		1.0	%
37	Mercy Health Partners of SW Ohio	Pharmaceutical and Healthcare Related	—	A1	124,671	2,580		2,221		0.9	%
38	Citicorp North America, Inc.	Financial Services	A-	Baa2	175,695	2,574		2,551		0.9	%
39	Verizon Wireless	Telecommunications	BBB+	Baa1	180,147	2,519		2,408		0.9	%
40	Lear Operations Corporation	Vehicle Related Manufacturing	BB+	Ba2	477,263	2,448		2,203		0.9	%
	Other (approx 142) tenants				12,377,402	73,175		71,800		26.8	%
					36,919,777	$	272,582	$	266,294	100.0	%

__________


(1)	Credit rating is for our tenant, its guarantor or its parent company.


(2)	Includes unconsolidated properties held through our Duke JV, European JV and UK JV. Net Rentable Square Feet is at 100% and annualized base rent is at our pro rata share of effective ownership.


(3)	In certain cases in which our tenant is a wholly-owned subsidiary of its parent company, the parent company is listed as our tenant.


(4)	Includes amortization of straight line rent, above-market leases and lease inducement, if applicable. Excludes operating expense reimbursements.

Supplemental Information | Second Quarter 2015 | 24

CHAMBERS STREET PROPERTIES

Tenant Industry Profile

As of June 30, 2015

($ in Thousands)



Primary Tenant Industry Category	Consolidated Properties			Unconsolidated Properties⁽¹⁾			Consolidated & Unconsolidated Properties⁽¹⁾			% of Annual- ized Base Rent
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		% of Annual- ized Base Rent

Financial Services	1,729,136	$	37,241	32,550	$	585	1,761,686	$	37,826	13.9	%
Consumer Products	5,921,554	22,256		3,327,772	9,891		9,249,326	32,147		11.9	%
Pharmaceutical and Healthcare Related	1,676,281	27,846		291,154	2,453		1,967,435	30,299		11.1	%
Internet Retail	1,435,984	7,626		5,104,683	18,839		6,540,667	26,465		9.8	%
Defense and Aerospace	1,385,235	18,454		—	—		1,385,235	18,454		6.8	%
Logistics Distribution	1,348,289	5,618		2,569,073	9,090		3,917,362	14,708		5.4	%
Food Service and Retail	2,952,905	12,799		—	—		2,952,905	12,799		4.7	%
Telecommunications	720,624	9,981		180,147	2,519		900,771	12,500		4.6	%
Government	285,179	6,579		133,503	3,379		418,682	9,958		3.7	%
Software	200,605	6,096		99,715	1,795		300,320	7,891		2.9	%
Insurance	484,354	7,041		3,005	48		487,359	7,089		2.6	%
Professional Services	283,127	6,275		35,061	570		318,188	6,845		2.5	%
Apparel Retail	313,612	6,842		—	—		313,612	6,842		2.5	%
Business Services	1,045,936	6,702		6,240	102		1,052,176	6,804		2.5	%
Vehicle Related Manufacturing	1,183,785	5,171		320,463	1,562		1,504,248	6,733		2.5	%
Travel/Leisure	229,464	5,560		12,662	232		242,126	5,792		2.1	%
Education	275,421	5,381		12,887	208		288,308	5,589		2.1	%
Other Manufacturing	1,262,377	4,849		36,588	539		1,298,965	5,388		2.0	%
Agriculture	227,103	5,010		—	—		227,103	5,010		1.8	%
Specialty Retail	689,740	3,929		—	—		689,740	3,929		1.4	%
Home Furnishings/Home Improvement	672,000	3,098		109,318	417		781,318	3,515		1.3	%
Petroleum and Mining	171,091	3,293		—	—		171,091	3,293		1.2	%
Utilities	108,499	1,683		—	—		108,499	1,683		0.6	%
Non-Profit	30,895	815		—	—		30,895	815		0.3	%
Executive Office Suites	—	—		11,760	208		11,760	208		0.1	%
Total	24,633,196	$	220,145	12,286,581	$	52,437	36,919,777	$	272,582	100.0	%

__________


(1)	Includes unconsolidated properties held through our Duke JV, European JV and UK JV. Net Rentable Square Feet is included at 100% and Annualized Base Rent is at our pro rata share of effective ownership.

Supplemental Information | Second Quarter 2015 | 25

CHAMBERS STREET PROPERTIES

Tenant Lease Expirations

As of June 30, 2015

($ 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 2015	6	600,543	2.1	%	$	2,778	2.4	%	$	4.63
2016	8	1,176,977	4.0	%	5,888		4.8	%	5.00
2017	13	2,233,801	7.7	%	10,259		8.4	%	4.59
2018	9	3,190,692	10.9	%	12,232		10.1	%	3.83
2019	17	5,883,069	20.2	%	23,301		19.1	%	3.96
2020	8	1,743,538	6.0	%	7,673		6.2	%	4.40
2021	11	5,755,243	19.7	%	21,485		17.7	%	3.73
2022	3	1,654,371	5.7	%	6,819		5.6	%	4.12
2023	8	3,708,101	12.7	%	15,953		13.1	%	4.30
2024	1	22,400	0.1	%	200		0.2	%	8.95
Thereafter	8	3,186,440	10.9	%	15,026		12.4	%	4.72
	92	29,155,175	100.0	%	$	121,614	100.0	%	$	4.17
Office Properties:
Remaining 2015	5	55,325	0.7	%	$	1,226	0.7	%	$	22.17
2016	23	1,192,218	15.4	%	28,564		16.7	%	23.96
2017	12	497,498	6.4	%	10,173		6.0	%	20.45
2018	22	917,531	11.8	%	18,536		10.9	%	20.20
2019	10	774,407	10.0	%	14,185		8.3	%	18.32
2020	11	406,646	5.2	%	10,041		5.9	%	24.69
2021	10	1,246,395	16.1	%	25,297		14.8	%	20.30
2022	4	372,542	4.8	%	6,991		4.1	%	18.77
2023	11	832,385	10.7	%	19,331		11.3	%	23.22
2024	4	694,461	8.9	%	19,923		11.7	%	28.69
Thereafter	9	775,194	10.0	%	16,411		9.6	%	21.17
	121	7,764,602	100.0	%	$	170,678	100.0	%	$	21.98

Supplemental Information | Second Quarter 2015 | 26

CHAMBERS STREET PROPERTIES (continued)

Tenant Lease Expirations

As of June 30, 2015

($ 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 2015	11	655,868	1.8	%	$	4,004	1.4	%	$	6.11
2016	31	2,369,195	6.5	%	34,452		11.8	%	14.54
2017	25	2,731,299	7.4	%	20,432		7.0	%	7.48
2018	31	4,108,223	11.1	%	30,768		10.5	%	7.49
2019	27	6,657,476	18.0	%	37,486		12.8	%	5.63
2020	19	2,150,184	5.8	%	17,714		6.1	%	8.24
2021	21	7,001,638	19.0	%	46,782		16.0	%	6.68
2022	7	2,026,913	5.5	%	13,810		4.7	%	6.81
2023	19	4,540,486	12.3	%	35,284		12.1	%	7.77
2024	5	716,861	1.9	%	20,123		6.9	%	28.07
Thereafter	17	3,961,634	10.7	%	31,437		10.7	%	7.94
	213	36,919,777	100.0	%	$	292,292	100.0	%	$	7.92

__________


(1)	Includes amounts related to our unconsolidated properties held through our Duke JV, European JV and UK JV at 100%.


(2)	Includes amounts related to our unconsolidated properties held through our Duke JV, European JV and UK JV at our pro rata share of effective ownership.



	Consolidated Properties	Unconsolidated Properties⁽¹⁾	Consolidated & Unconsolidated Properties⁽¹⁾
Weighted Average Remaining Term (Years)⁽²⁾:
Triple Net Single-Tenant Properties⁽³⁾	6.05	5.78	6.00
Multi-Tenant Properties	7.27	4.89	6.96
Other Single-Tenant Properties	3.66	4.50	3.76
Total Weighted Average Remaining Term (Years)⁽²⁾	6.12	5.61	6.02

__________


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


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


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

Supplemental Information | Second Quarter 2015 | 27

CHAMBERS STREET PROPERTIES

Percentage Leased

As of June 30, 2015



	Three Months Ended June 30, 2015
	Consolidated Properties		Unconsolidated Properties⁽¹⁾		Consolidated and Unconsolidated Properties⁽¹⁾
Amounts at Beginning of Period
Total Net Rentable Square Feet	25,324,950		12,293,795		37,618,745
Leased Square Feet	24,716,987		12,286,581		37,003,568
Leased Percentage	97.6	%	99.9	%	98.4	%
Activity During the Quarter
Leasing:
New Leases	76,459		—		76,459
Contractions	(25,000	)	—		(25,000	)
Total Leasing Activity	51,459		—		51,459
Expirations and Terminations:
Expiring Square Footage	(40,000	)	—		(40,000	)
Net Leasing Activity	11,459		—		11,459
Dispositions:
Leased Square Feet Disposed	(142,500	)	—		(142,500	)
Vacant Square Feet Disposed	(330,000	)	—		(330,000	)
Total Disposed Square Feet	(472,500	)	—		(472,500	)
Building Expansion:
Completion of Build-Out ⁽²⁾	47,250		—		47,250
Total Square Feet Expanded	47,250		—		47,250
Amounts at End of Period
Total Net Rentable Square Feet	24,899,700		12,293,795		37,193,495
Leased Square Feet	24,633,196		12,286,581		36,919,777
Leased Percentage	98.9	%	99.9	%	99.3	%

__________


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


(2)	Represents completion of a tenant build-out at 22535 Colonial Parkway, which was leased during the second quarter of 2014.

Supplemental Information | Second Quarter 2015 | 28

CHAMBERS STREET PROPERTIES

Tenant Leasing Activity

For the Three Months Ended June 30, 2015

($ in Thousands)



		Prior Lease⁽¹⁾				New Lease⁽¹⁾
	Square Feet	Annualized Base Rent⁽²⁾				Annualized Base Rent⁽²⁾				Tenant Improve- ments & Leasing Commis- sions⁽⁴⁾		Average Lease Term (in years)⁽⁵⁾
	Square Feet	Cash		GAAP⁽³⁾		Cash		GAAP⁽³⁾		Tenant Improve- ments & Leasing Commis- sions⁽⁴⁾		Average Lease Term (in years)⁽⁵⁾
Industrial Properties
Consolidated
Renewals	115,000	$	453	$	436	$	411	$	444	$	5	1.72
New Tenants - Not Previously Leased Space⁽⁷⁾	76,459	—		—		234		241		3		1.18
Total Consolidated	191,459	453		436		645		685		8		1.52
Consolidated & Unconsolidated
Renewals	115,000	453		436		411		444		5		1.72
New Tenants - Not Previously Leased Space⁽⁷⁾	76,459	—		—		234		241		3		1.18
Total Consolidated & Unconsolidated	191,459	453		436		645		685		8		1.52
Office Properties
Consolidated
Renewals	22,981	407		360		403		408		156		2.78
Total Consolidated	22,981	407		360		403		408		156		2.78
Unconsolidated
Renewals	9,799	163		156		172		181		178		4.43
Total Unconsolidated	9,799	163		156		172		181		178		4.43
Consolidated & Unconsolidated
Renewals	32,780	570		516		575		589		334		3.27
Total Consolidated & Unconsolidated	32,780	570		516		575		589		334		3.27
Total Properties
Consolidated
Renewals	137,981	860		796		814		852		161		2.24
New Tenants - Not Previously Leased Space⁽⁷⁾	76,459	—		—		234		241		3		1.18
Total Consolidated	214,440	860		796		1,048		1,093		164		2.01
Unconsolidated
Renewals	9,799	163		156		172		181		178		4.43
Total Unconsolidated	9,799	163		156		172		181		178		4.43
Consolidated & Unconsolidated
Renewals	147,780	1,023		952		986		1,033		339		2.62
New Tenants - Not Previously Leased Space⁽⁷⁾	76,459	—		—		234		241		3		1.18
Total Consolidated & Unconsolidated	224,239	$	1,023	$	952	$	1,220	$	1,274	$	342	2.35

__________


(1)	Prior lease amounts represent rents in place at the time of expiration or termination. New lease amounts represent rents in place at the time of lease commencement. For certain leases, prior lease amounts are adjusted for comparability to new lease amounts (i.e. if a prior lease is gross and the new lease is net, the prior amounts are adjusted accordingly).


(2)	Annualized base rent amounts for unconsolidated properties are included at pro rata share.


(3)	GAAP amounts for prior leases include above/below market rents if applicable.


(4)	Includes tenant improvement costs and lease commissions incurred to execute the lease and not necessarily paid in the current quarter.


(5)	Weighted average initial lease term (in years) weighted by annualized cash base rent.


(6)	Represents leases signed to new tenants for space that was previously leased since the later of (i) twelve months ago or (ii) the date we acquired the property.


(7)	Represents leases signed to new tenants for space that was not previously leased since the later of (i) twelve months ago or (ii) the date we acquired the property.

Supplemental Information | Second Quarter 2015 | 29

CHAMBERS STREET PROPERTIES

Capital Structure and Debt Maturities

As of June 30, 2015

($ in Thousands)



	Number of Outstanding Shares	Balance at June 30, 2015		Percentage
Debt
Secured Notes Payable⁽¹⁾		$	555,729	16.4	%
Pro Rata Share of Unconsolidated Debt		144,964		4.3	%
Unsecured Term Loan Facilities		570,000		16.8	%
Unsecured Revolving Credit Facility		240,044		7.1	%
Total Debt		1,510,737		44.6	%
Equity
Common Shares⁽²⁾	236,860,294	1,883,039		55.4	%
Total Market Capitalization		$	3,393,776	100.0	%

__________


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


(2)	Value based on our closing share price on the NYSE of $7.95 as of June 30, 2015.



Debt Maturities

	Consolidated Debt⁽¹⁾						Unconsolidated Debt⁽²⁾						Consolidated & Unconsolidated Debt⁽¹⁾⁽²⁾						Weigh- ted Average Interest Rate⁽³⁾⁽⁴⁾
	Sche- duled Amorti- zation		Term Maturities		Total		Sche- duled Amorti- zation		Term Maturities		Total		Sche- duled Amorti- zation		Term Maturities		Total		Weigh- ted Average Interest Rate⁽³⁾⁽⁴⁾
Remaining 2015	$	7,739	$	83,699	$	91,438	$	453	$	—	$	453	$	8,192	$	83,699	$	91,891	4.25	%
2016	13,271		121,341		134,612		941		—		941		14,212		121,341		135,553		5.46	%
2017	12,495		34,327		46,822		990		56,047		57,037		13,485		90,374		103,859		3.78	%
2018	10,276		502,336		512,612		1,043		—		1,043		11,319		502,336		513,655		2.25	%
2019	7,982		300,786		308,768		1,097		—		1,097		9,079		300,786		309,865		2.58	%
2020	6,290		65,846		72,136		1,156		43,580		44,736		7,446		109,426		116,872		3.85	%
2021	3,743		190,449		194,192		875		38,782		39,657		4,618		229,231		233,849		4.78	%
2022	1,870		—		1,870		—		—		—		1,870		—		1,870		—	%
2023	1,987		—		1,987		—		—		—		1,987		—		1,987		—	%
2024	1,167		—		1,167		—		—		—		1,167		—		1,167		6.33	%
Thereafter	169		—		169		—		—		—		169		—		169		5.80	%
Total	$	66,989	$	1,298,784	$	1,365,773	$	6,555	$	138,409	$	144,964	$	73,544	$	1,437,193	$	1,510,737	3.67	%

__________


(1)	Consolidated debt amount includes a $240.0 million outstanding balance on the unsecured revolving credit facility as of June 30, 2015. The unsecured revolving credit facility expires January 15, 2018. We have an option to extend the maturity date by one year.


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


(3)	Weighted average interest rate is calculated using the maturity date of our various debt.


(4)	Weighted average interest rate for 2018 debt maturity consists of 1.49% floating interest rate for the revolving credit facility and 2.93% of interest rate for all other fixed rate debt.

Supplemental Information | Second Quarter 2015 | 30

CHAMBERS STREET PROPERTIES

Debt Composition

As of June 30, 2015

($ 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	$	66,989	$	1,058,740	$	1,125,729		$	6,555	$	138,409	$	144,964		$	73,544	$	1,197,149	$	1,270,693
Floating Interest Rate Debt	—		240,044		240,044			—		—		—			—		240,044		240,044
Total	$	66,989	$	1,298,784	$	1,365,773		$	6,555	$	138,409	$	144,964		$	73,544	$	1,437,193	$	1,510,737
Weighted Average Remaining Term (years)
Fixed Interest Rate Debt					3.38							4.44							3.50
Floating Interest Rate Debt					2.54							N/A							2.54
Total					3.23							4.44							3.35
Weighted Average Interest Rate
Fixed Interest Rate Debt					4.16		%					3.44		%					4.08		%
Floating Interest Rate Debt					1.49		%					N/A							1.49		%
Total					3.69		%					3.44		%					3.67		%

__________


(1)	Consolidated debt amount includes a $240.0 million outstanding balance on the unsecured revolving credit facility as of June 30, 2015. The unsecured revolving credit facility expires January 15, 2018. We may exercise an option to extend the maturity date by one year. The annual facility fee of 0.30% is not reflected in the interest rate amounts included in this table.


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



Encumbered/Unencumbered Properties

	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	38	$	1,144,740	$	555,729	12	$	334,106	$	144,964	50	$	1,478,846	$	700,693
Unencumbered Properties	62	1,478,701		—		13	342,326		—		75	1,821,027		—
Total Properties	100	$	2,623,441	$	555,729	25	$	676,432	$	144,964	125	$	3,299,873	$	700,693

__________


(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 | Second Quarter 2015 | 31

CHAMBERS STREET PROPERTIES

Consolidated Debt

As of June 30, 2015

(In Thousands)



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

Celebration Office Center III	4.25%	2.50%	12/1/2015	$	8,723
22535 Colonial Pkwy	4.25%	2.50%	12/1/2015	7,804
Northpoint III	4.25%	2.50%	12/1/2015	10,100
Goodyear Crossing II	4.25%	2.50%	12/1/2015	19,282
3900 North Paramount Parkway	4.25%	2.50%	12/1/2015	7,575
3900 South Paramount Parkway	4.25%	2.50%	12/1/2015	7,575
1400 Perimeter Park Drive	4.25%	2.50%	12/1/2015	2,295
Miramar I	4.25%	2.50%	12/1/2015	8,998
Miramar II	4.25%	2.50%	12/1/2015	12,120
70 Hudson Street	5.65%	5.15%	4/11/2016	113,060
Point West I - Swapped to Fixed	3.41%	3.41%	12/6/2016	10,553
100 Tice Blvd	5.97%	4.38%	9/15/2017	18,655
100 Tice Blvd	5.97%	4.38%	9/15/2017	18,655
4701 Gold Spike Drive	4.45%	4.45%	3/1/2018	9,857
1985 International Way	4.45%	4.45%	3/1/2018	6,849
3660 Deerpark Boulevard	4.45%	4.45%	3/1/2018	7,080
Tolleson Commerce Park II	4.45%	4.45%	3/1/2018	4,258
20000 S. Diamond Lake Road	4.45%	4.45%	3/1/2018	6,201
Atrium I - Swapped to Fixed	3.78%	3.78%	5/31/2018	21,112
McAuley Place	3.98%	3.50%	9/1/2018	12,677
Easton III - Swapped to Fixed	3.95%	3.95%	1/31/2019	6,187
90 Hudson Street	5.66%	5.26%	5/1/2019	102,452
Fairforest Bldg. 6	5.42%	6.50%	6/1/2019	1,577
North Rhett I	5.65%	6.50%	8/1/2019	1,725
Kings Mountain II	5.47%	6.50%	1/1/2020	3,167
1 Rocket Road	6.60%	4.00%	8/1/2020	18,314
North Rhett II	5.20%	6.50%	10/1/2020	1,319
Mount Holly Bldg.	5.20%	6.50%	10/1/2020	1,319
Orangeburg Park Bldg.	5.20%	6.50%	10/1/2020	1,341
Kings Mountain I	5.27%	6.50%	10/1/2020	1,143
Ten Parkway North	4.75%	4.75%	1/1/2021	11,308
Union Cross Bldg. II	5.53%	6.50%	6/1/2021	5,382
Union Cross Bldg. I	5.50%	6.50%	7/1/2021	1,771
Norman Pointe I	5.24%	3.50%	10/1/2021	20,003
Norman Pointe II	5.24%	3.50%	10/1/2021	22,022
The Landings I	5.24%	3.50%	10/1/2021	15,054
The Landings II	5.24%	3.50%	10/1/2021	13,278
Fairforest Bldg. 5	6.33%	6.50%	2/1/2024	7,364
North Rhett IV	5.80%	6.50%	2/1/2025	7,574
Total Secured Notes Payable				555,729
Plus Premium				13,129
Less Discount				(781		)
Total Secured Notes Payable, Net				$	568,077
WF Term Loan #2		2.49%	3/7/2018	$	200,000
WF Term Loan #3		3.12%	1/15/2019	200,000
TD Term Loan		3.28%	3/6/2020	50,000
Capital One Term Loan		4.32%	1/31/2021	120,000
Total Unsecured Term Loans				$	570,000
Revolving Credit Facility		1.49%	1/15/2018	$	240,044

__________


(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.

Supplemental Information | Second Quarter 2015 | 32

CHAMBERS STREET PROPERTIES

Unconsolidated Debt

As of June 30, 2015

(In Thousands)



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

Graben Distribution Center I & II	2.39%	2.39%	7/27/2017	$	27,734
Koblenz Distribution Center	2.27%	2.27%	11/11/2017	28,313
Hansaline Distribution Center	3.01%	3.01%	11/25/2020	10,523
Bodenheim Logistikzentrum	3.01%	3.01%	11/25/2020	10,095
Lille-Douai Distribution Center	3.13%	3.13%	12/17/2020	22,963
Fairfield Distribution Ctr. IX	5.00%	5.00%	9/1/2021	3,430
West Lake at Conway	5.00%	5.00%	9/1/2021	7,153
Weston Pointe I - IV	5.24%	5.24%	10/1/2021	34,753
Total Unconsolidated Debt				$	144,964

__________


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

Supplemental Information | Second Quarter 2015 | 33

CHAMBERS STREET PROPERTIES

Non-GAAP Supplemental Financial Measures:

Annualized Base Rent

Annualized Base Rent for each lease equals (i) 12 times the monthly cash base rent due as of June 30, 2015, or (ii) for any lease still in an initial free or reduced rent period as of June 30, 2015, 12 times the monthly cash base rent due upon expiration of the initial free or reduced rent period.

Net Operating Income

Net operating income ("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 rental income, tenant reimbursements and other property income 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. Consolidated NOI represents NOI generated by our wholly-owned properties. Pro-rata NOI represents our 80% share of NOI generated by our unconsolidated properties held in our Duke JV, European JV and UK JVs. We believe that NOI provides an accurate measure of the operating performance of our operating assets because NOI excludes certain items that are not associated with management of the properties. Additionally, NOI provides useful information to the investment community about the Company’s financial and operating performance when compared to other REITs since NOI is generally recognized as a standard measure of performance in the real estate industry. However, 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.

EBITDA

We define Adjusted EBITDA as net income (loss) computed in accordance with GAAP plus depreciation, amortization, taxes, interest expense and net change in fair value of non-qualifying derivative financial instruments, gain (loss) on conversion of equity interest to controlling interest, impairment charges, gain (loss) on asset dispositions, and proportionate share of interest, depreciation and amortization from unconsolidated joint ventures. EBITDA is presented solely as a supplemental disclosure with respect to liquidity because we believe it provides useful information regarding our ability to service or incur debt. Because all companies do not calculate EBITDA the same way, the presentation of EBITDA may not be comparable to similarly titled measures of other companies. The Company believes that net income is the financial measure calculated and presented in accordance with GAAP that is most directly comparable to EBITDA.

Funds from Operations

The National Association of Real Estate Investment Trusts ("NAREIT") created Funds from Operations ("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.

Supplemental Information | Second Quarter 2015 | 34

CHAMBERS STREET PROPERTIES (continued)

Non-GAAP Supplemental Financial Measures:

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.

Core Funds from Operations

We believe that Core Funds from Operations ("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 listed below are excluded from NAREIT-defined FFO because they 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.

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- recurring 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-recurring expenses which are important components in an analysis of our historical performance, such

Supplemental Information | Second Quarter 2015 | 35

CHAMBERS STREET PROPERTIES (continued)

Non-GAAP Supplemental Financial Measures:

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.

Adjusted Funds from Operations

We calculate Adjusted Funds from Operations ("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 | Second Quarter 2015 | 36

CHAMBERS STREET PROPERTIES (continued)

Non-GAAP Supplemental Financial Measures:

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

As of June 30, 2015

(In Thousands)



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
Net Income	$	9,687		$	5,153		$	15,681		$	8,472
General and Administrative	11,697			5,953			21,570			12,817
Acquisition-related Expenses	—			—			—			290
Depreciation and Amortization	27,933			27,126			55,853			54,364
Total Expenses	39,630			33,079			77,423			67,471
Interest and Other Income	(12		)	(151		)	(92		)	(318		)
Interest Expense	12,986			13,907			26,045			27,968
Interest Expense and Net Change in Fair Value of Non-Qualifying Derivative Financial Instruments	(26		)	14			(43		)	(12		)
Gain on Sale of Real Estate	(5,844		)	—			(5,844		)	—
Provision for Income Taxes	387			381			563			439
Equity in Income of Unconsolidated Entities	(3,676		)	(4,612		)	(10,181		)	(7,438		)
Net Operating Income - GAAP Basis	$	53,132		$	47,771		$	103,552		$	96,582
Straight-Line Rent Adjustment, Net	(1,735		)	(1,253		)	(3,403		)	(2,545		)
Above/Below Market Lease Amortization, Net	938			1,401			1,913			2,883
Net Operating Income - Cash Basis	$	52,335		$	47,919		$	102,062		$	96,920

Supplemental Information | Second Quarter 2015 | 37

CHAMBERS STREET PROPERTIES (continued)

Non-GAAP Supplemental Financial Measures:

Reconciliation of Net Income to Adjusted EBITDA

As of June 30, 2015

(In Thousands)



	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2015			2014		2015			2014
Net Income	$	9,687		$	5,153	$	15,681		$	8,472
Interest Expense and Net Change in Fair Value of Derivative Financial Instruments	12,960			13,921		26,002			27,956
Pro Rata Share of Interest Expense from Unconsolidated Entities	1,338			1,760		2,738			3,498
Depreciation and Amortization	27,933			27,126		55,853			54,364
Pro Rata Share of Depreciation and Amortization from Unconsolidated Entities	6,503			8,238		13,142			17,009
Provision for Income Taxes	387			381		563			439
EBITDA	$	58,808		$	56,579	$	113,979		$	111,738
Pro Rata Share of Loss from Extinguishment of Debt from Unconsolidated Entities	—			—		58			—
Gain on Sale of Real Estate	(5,844		)	—		(5,844		)	—
Pro Rata Share of Gain on Sale of Real Estate from Unconsolidated Entities	(15		)	—		(2,431		)	—
Adjusted EBITDA	$	52,949		$	56,579	$	105,762		$	111,738

Supplemental Information | Second Quarter 2015 | 38



	Chambers Street Properties 47 Hulfish Street, Suite 210 Princeton, NJ 08542-3706 609 683-4900 www.ChambersStreet.com

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