SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date of Report (date of earliest event reported): August 14, 1997
CarrAmerica Realty Corporation
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Maryland 1-11706 52-1796339
- ---------------------------- --------------------- -------------------
(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
1700 Pennsylvania Avenue, N.W., Washington, D.C. 20006
------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (202) 624-7500
<PAGE>
FORM 8-K
ITEM 1. Changes in Control of Registrant.
Not applicable.
ITEM 2. Acquisition or Disposition of Assets.
Not applicable.
ITEM 3. Bankruptcy or Receivership.
Not applicable.
ITEM 4. Changes in Registrant's Certifying Accountant.
Not applicable.
ITEM 5. Other Events.
Certain supplemental financial and operating information of the
Registrant as of June 30, 1997 is attached hereto as Exhibit 99.1.
ITEM 6. Resignations of Registrant's Directors.
Not applicable.
ITEM 7. Financial Statements and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits
Exhibit
Number
-------
99.1 CarrAmerica Realty Corporation Supplemental
Financial and Operating Information as of
June 30, 1997.
ITEM 8. Change in Fiscal Year.
Not applicable.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereto duly authorized.
Date: August 14, 1997
CARRAMERICA REALTY CORPORATION
By: /s/ Brian K. Fields
---------------------------
Brian K. Fields
Chief Financial Officer
<PAGE>
EXHIBIT INDEX
Exhibit Number Exhibit
- -------------- -------
99.1 CarrAmerica Realty Corporation Supplemental Financial
and Operating Information as of June 30, 1997.
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Financial Ratios
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Financial Position Ratios: June 30, December 31,
-------------------------- 1997 1996
----------------- ------------------
<S> <C> <C>
Total Debt / Total Capitalization (Book Value) 41.5% 43.9%
Total Debt / Total Capitalization (Market) 31.1% 30.5%
</TABLE>
<TABLE>
<CAPTION>
Operating Ratios: Three Months Ended Six Months Ended
----------------- June 30, June 30,
----------------------------- ------------------------------
1997 1996 1997 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
Interest Coverage (1) 4.31X 2.96X 4.03X 2.78X
FFO Payout Ratio (2) 74.1% 81.0% 76.8% 81.0%
G & A as a % of Revenue 6.4% 11.0% 6.8% 10.4%
</TABLE>
NOTES:
(1) Calculated as EBITDA before minority interests allocation divided by
interest expense for the period.
(2) Dividends paid per common share divided by FFO per share.
4
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Share and Operating Partnership Unit Data
- --------------------------------------------------------------------------------
The following table sets forth the Common and Series A Preferred shares of the
Company and dividend and non-dividend paying operating partnership Units
outstanding at June 30, 1997 and December 31, 1996, and the weighted average
Common and Series A Preferred shares of the Company and dividend and
non-dividend paying operating partnership Units outstanding for the three and
six month periods ended June 30, 1997 and 1996. The non-dividend paying Units
are not entitled to any distributions until they convert into dividend paying
Units on fixed dates in the future. For purposes of determining CarrAmerica
Realty Corporation's share of its operating partnerships' funds from operations,
the non-dividend paying Units have been excluded from the calculation.
<TABLE>
<CAPTION>
(in thousands) CarrAmerica Realty
CarrAmerica Realty Corporation Series Dividend Paying Non-Dividend
Corporation Common A Preferred Shares Units Paying Units
Shares Outstanding Outstanding (a) Outstanding (b) Outstanding (b)
-------------------- -------------------- ------------------ --------------------
Outstanding as of:
<S> <C> <C> <C> <C>
June 30, 1997 57,053 1,740 5,466 540
December 31, 1996 43,789 1,740 4,940 540
==================== ==================== ================== ====================
Weighted average for the three
months ended June 30:
1997 55,864 1,740 5,432 540
1996 21,427 -- 3,964 668
==================== ==================== ================== ====================
Weighted average for the six
months ended June 30:
1997 51,583 1,740 5,187 540
1996 17,501 -- 3,977 668
==================== ==================== ================== ====================
</TABLE>
Notes:
(a) Series A Preferred Shares are convertible into common shares on a
one-for-one basis.
(b) Operating Partnership Units are convertible into common shares on a
one-for-one basis.
5
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Debt Capitalization Summary
June 30, 1997
- --------------------------------------------------------------------------------
($ In thousands)
MORTGAGES PAYABLE:
<TABLE>
<CAPTION>
Property Encumbered Interest Rate Principal Balance Maturity Date
------------------- ------------------- ------------------- -----------------
<S> <C> <C> <C>
Note 1 8.80% $ 93,500 2/1/03
Note 1 7.75 40,000 2/1/03
Note 2 7.55 40,000 2/1/03
Note 2 8.00 10,000 2/1/03
900 19th Street 8.25 16,826 7/15/19(6)
1747 Pennsylvania Avenue 9.50 15,487 7/10/17(7)
2445 M Street 8.90 37,604 6/1/02
1775 Pennsylvania Avenue 7.50 6,297 2/1/99
Redmond East 8.38 27,883 1/1/06
Warner Center 7.40 26,000 12/1/00
First State Bank Tower 7.38 9,549 3/1/99
Parkway North I 7.96 29,250 12/1/03
Note 3 8.25 40,610 12/10/01
Note 4 7.20 21,748 1/1/06
South Coast Executive 9.01 10,279 5/31/99
Quorum North 8.27 6,709 12/1/01
Quorum Place 6.99 7,781 11/15/00
Wateridge Pavilion 8.25 3,553 11/1/06
Bannockburn I & II 9.52 20,930 8/31/01
Note 5 (8) 86,000 7/28/97(9)
RadiSys 5.00 926 12/31/97
Sorenson Research Park 7.75 2,803 7/1/11
Sorenson Research Park 8.88 1,699 5/1/17
Draper Park North 8.15 12,932 1/2/07
---- -------
8.25% $ 568,366
==== =======
</TABLE>
UNSECURED INDEBTEDNESS:
<TABLE>
<CAPTION>
Interest
Rate Amount Outstanding Maturity
------------------- ------------------- -----------------
<S> <C> <C> <C>
Unsecured Line of credit Libor + 1.125 $ 166,000(10) 7/28/98
</TABLE>
<PAGE>
NOTES:
Note 1: This note is secured by the following properties: International
Square, 1730 Pennsylvania Avenue, 1255 23rd Street.
Note 2: This note is secured by the International Square Land.
Note 3: This note is secured by the following properties: Valley Business
Park (formerly San Jose Orchard Business Park-A), Valley Centre
(formerly Orchard Office Centre), Valley Centre II (formerly Orchard
Centre II), Rincon Centre (formerly Orchard Rincon Centre), & Bayshore
Centre (formerly Orchard Bayshore Centre).
Note 4: This note is secured by the following properties: Century Springs
West, Glenridge, Crestwood, Lakewood & Parkwood.
Note 5: This note is secured by the following properties: The Crossings, Rio
Robles Technology Center & Unisys Center.
Note 6: Note is callable by the lender after July 1, 2004. The estimated
principal balance at July 1, 2004 will be $14,262,000.
Note 7: Note is callable by the lender after June 30, 2002. The estimated
principal balance at June 30, 2002 will be 13,840,000.
Note 8: Either prime lending rate plus 50 basis points or 162.5 basis points
over LIBOR, based on the Company's option at the time of draw.
Note 9: Note was repaid in full and canceled on July 3, 1997. The collateral
set forth in Note 5 was released by the lenders.
Note 10:Revolving line of credit with a total commitment of $325 million.
6
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
June 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Company's Net Rentable
Effective # of Current Area % of Total
Ownership Buildings Occupancy Square Feet Portfolio
--------- --------- --------- ----------- ---------
Consolidated Properties
-----------------------
SOUTHEAST REGION
Downtown Washington, DC
<S> <C> <C> <C> <C> <C>
International Square 100.0% 3 96.0% 1,017,669
1730 Pennsylvania Ave. 100.0% 1 99.3% 229,292
2550 M Street 100.0% 1 100.0% 187,931
1775 Pennsylvania Ave. 100.0% 1 99.1% 143,981
900 19th Street 100.0% 1 84.1% 100,907
1747 Pennsylvania Ave. 89.7% 1 84.5% 152,119
1255 23rd Street 75.0% 1 97.3% 304,538
2445 M Street 74.0% 1 90.1% 266,902
Suburban Washington, DC
One Rock Spring Plaza 100.0% 1 100.0% 205,298
Tycon Courthouse 100.0% 1 99.0% 416,195
Three Ballston Plaza 100.0% 1 99.5% 302,875
Sunrise Corporate Center 100.0% 3 99.9% 260,643
(formerly Reston Quadrangle)
Parkway One 100.0% 1 100.0% 87,842
Atlanta
Veridian 100.0% 22 94.5% 187,833
Glenridge 100.0% 1 96.0% 64,431
Century Springs West 100.0% 1 99.5% 94,765
Holcomb Place 100.0% 1 100.0% 72,823
DeKalb Technology Center 100.0% 5 87.5% 163,159
Midori 100.0% 1 97.6% 99,900
Crestwood 100.0% 1 97.0% 88,186
Parkwood 100.0% 1 87.5% 151,020
Lakewood 100.0% 1 98.2% 80,338
The Summit 100.0% 1 100.0% 178,382
Triangle Parkway 100.0% 3 100.0% 82,102
(formerly Spalding Triangle II)
2400 Lake Park 100.0% 1 98.2% 99,580
680 Engineering 100.0% 1 100.0% 62,154
Embassy Row 100.0% 3 99.7% 466,240
Florida
Peninsula Plaza 100.0% 1 98.8% 159,921
(formerly Lake Wyman Plaza)
-- ----- -------
Southeast Region Subtotal 61 96.7% 5,727,026 35.1%
PACIFIC REGION
Southern California
Scenic Business Park 100.0% 4 100.0% 138,141
Harbor Corporate Park 100.0% 4 84.6% 148,523
Plaza Pacificare 100.0% 1 100.0% 104,377
Katella Corporate Center 100.0% 1 96.4% 79,917
Warner Center Business Park 100.0% 12 99.0% 342,866
Del Mar Corporate Plaza 100.0% 2 100.0% 123,142
South Coast Executive Center 100.0% 2 95.6% 161,301
Wateridge Pavilion 100.0% 1 100.0% 62,194
Warner Premier 100.0% 1 100.0% 61,553
Westlake Coporate Center 100.0% 2 91.1% 71,419
7
<PAGE>
<CAPTION>
Company's Net Rentable
Effective # of Current Area % of Total
Ownership Buildings Occupancy Square Feet Portfolio
--------- --------- --------- ----------- ---------
Consolidated Properties
-----------------------
Northern California
<S> <C> <C> <C> <C> <C>
AT&T Center 100.0% 6 100.0% 949,281
Sunnyvale Research Plaza 100.0% 3 100.0% 126,000
Rio Robles 100.0% 7 100.0% 368,178
Valley Bus. Park II 100.0% 6 100.0% 166,928
(formerly San Jose Orchard
Business Park - B)
Bayshore Centre 100.0% 2 100.0% 195,249
(formerly Orchard Bayshore
Centre)
Rincon Centre 100.0% 3 100.0% 201,178
(formerly Orchard Rincon
Centre)
Valley Centre II 100.0% 4 100.0% 212,082
(formerly Orchard Office
Centre II)
Valley Office Centre 100.0% 2 100.0% 68,731
(formerly Orchard Office
Centre)
Valley Centre 100.0% 2 100.0% 102,291
(formerly Orchard Centre)
Valley Bus. Park I 100.0% 2 91.2% 67,784
(formerly San Jose Orchard
Business Park - A)
3745 North First Street 100.0% 1 100.0% 67,582
Mission Plaza 100.0% 2 100.0% 102,687
North San Jose Technology Park 100.0% 4 100.0% 299,233
(formerly Fortran)
Foster City Technology 100.0% 2 100.0% 66,869
Park
150 River Oaks 100.0% 1 100.0% 100,024
Portland
Radisys 100.0% 1 100.0% 80,525
Seattle
Redmond East 100.0% 10 99.9% 398,230
Willow Creek (formerly Data I/O) 100.0% 1 100.0% 96,179
Canyon Park Business Center 100.0% 6 100.0% 246,565
- ------ -------
Pacific Region Subtotal 95 99.1% 5,209,029 32.0%
CENTRAL REGION
Austin
Norwood Tower 100.0% 1 72.7% 111,994
Littlefield Complex 100.0% 2 77.0% 120,815
First State Bank 100.0% 1 69.8% 258,344
Great Hills Plaza 100.0% 1 100.0% 135,333
Balcones Center 100.0% 1 83.5% 75,761
Park North 100.0% 2 95.3% 132,778
The Settings 100.0% 3 95.3% 136,183
Chicago
Parkway North 100.0% 2 95.1% 508,394
Unisys 100.0% 2 95.8% 355,331
The Crossings 100.0% 2 100.0% 296,624
Banockburn I&II 100.0% 2 98.6% 209,900
Banockburn IV 100.0% 1 83.7% 108,476
Summit Oaks 100.0% 1 93.9% 91,601
Dallas
Greyhound 100.0% 1 100.0% 92,890
Search Plaza 100.0% 1 96.5% 151,048
Quorum North 100.0% 1 81.4% 117,790
Quorum Place 100.0% 1 80.6% 176,562
Cedar Maple 100.0% 3 92.0% 112,177
Toll Hill East & West 100.0% 2 87.3% 237,894
- ----- -------
Central Region Subtotal 30 90.4% 3,429,895 21.0%
8
<PAGE>
<CAPTION>
Company's Net Rentable
Effective # of Current Area % of Total
Ownership Buildings Occupancy Square Feet Portfolio
--------- --------- --------- ----------- ---------
Consolidated Properties
-----------------------
MOUNTAIN REGION
Southeast Denver
<S> <C> <C> <C> <C> <C>
Harlequin Plaza 100.0% 2 91.4% 323,258
Quebec Court I & II 100.0% 2 100.0% 285,829
The Quorum 100.0% 2 95.6% 123,895
Greenwood Centre 100.0% 1 94.2% 75,866
Quebec Center 100.0% 3 95.6% 106,796
Panorama Corporate Center I 100.0% 1 96.4% 100,619
Salt Lake City
Sorenson Research Park 100.0% 5 100.0% 282,534
Draper Park North 100.0% 3 100.0% 178,098
Phoenix
Camelback Lakes 100.0% 2 98.2% 200,561
Highland Park 100.0% 1 100.0% 77,873
Pointe Corridor IV 100.0% 1 92.9% 178,373
--- ---- -------
Mountain Region Subtotal 23 96.8% 1,933,702 11.9%
--- ----- --------- ------
Consolidated Portfolio Total 209 96.1% 16,299,652 100.0%
=== ===== ========== =====
</TABLE>
9
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
1997 Acquisition Summary
- --------------------------------------------------------------------------------
($ In Millions)
<TABLE>
<CAPTION>
%
Region/Market Property Month of Purchase Currently # of Square
Acquisition Price Leased Properties Feet
- --------------------------------------- ------------- ------------ ------------ ------------ --------------
SOUTHEAST REGION
Suburban Atlanta
<S> <C> <C> <C> <C> <C> <C>
2400 Lake Park April $ 7.4 98% 1 99,580
680 Engineering Drive April 4.3 100% 1 62,154
Embassy Row April 45.9 100% 3 466,240
PACIFIC REGION
Northern California
3745 North First Street February 8.2 100% 1 67,582
Mission Plaza March 10.3 100% 2 102,687
North San Jose Technology Park March 30.8 100% 4 299,233
(formerly Fortran)
Foster City Technology Center May 9.7 100% 2 66,869
150 River Oaks May 15.1 100% 1 100,024
Southern California
Warner Premier January 9.5 100% 1 61,553
Wateridge Pavilion March 6.4 100% 1 62,194
Westlake Corporate Center May 6.1 91% 2 71,419
Suburban Portland
Radisys Corporate Headquarters March 8.9 100% 1 80,525
Suburban Seattle
Willow Creek May 8.7 100% 1 96,179
(formerly Data I/O)
Canyon Park June 31.2 100% 6 246,565
CENTRAL REGION
Suburban Chicago
The Crossings January 40.1 100% 2 296,624
Bannockburn Lake Office March 27.4 99% 2 209,900
Plaza I & II
Bannockburn IV June 14.3 84% 1 108,476
Summit Oaks June 8.4 93% 1 91,601
Suburban Dallas
Cedar Maple Plaza January 12.7 92% 3 112,177
Quorum North February 10.6 81% 1 117,790
Quorum Place March 16.3 81% 1 176,562
Tollhill East & West April 21.7 87% 2 237,894
MOUNTAIN REGION
Suburban Salt Lake City
Sorenson Research Park April 28.1 100% 5 282,534
Draper Park North June 18.7 100% 3 178,098
Suburban Phoenix
Highland Park May 7.6 100% 1 77,873
============ =========== ============ ==============
Total/Weighted Average $ 408.4 97% 49 3,772,333
============ =========== ============ ==============
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Lease Rollover Schedule
June 30, 1997
- --------------------------------------------------------------------------------------------------------------------------------
Current YTD Ave. Vacant
Region / Market Square Feet Occupancy Occupancy S.F. 1997 1998 1999 2000 2001 2002
- --------------- --------- --------- ---- ---- ---- ---- ---- ---- ----
PACIFIC REGION:
Portland Market 80,525 100.0% 100.0% - - - - - - -
Seattle Market 740,974 99.9% 99.7% 506 66,381 91,002 118,013 134,605 33,555 -
No. California Market 3,094,097 99.8% 99.1% 6,000 83,979 436,266 320,318 441,845 365,857 286,959
So. California Market 1,293,433 96.7% 93.4% 42,595 84,627 127,779 119,926 207,022 197,208 131,300
MOUNTAIN REGION:
Denver Market 1,016,263 95.5% 95.5% 46,171 64,646 126,638 146,220 62,999 406,331 23,270
Phoenix Market 456,807 96.4% 94.1% 16,456 76,888 72,411 46,645 54,054 47,886 24,702
Salt Lake City Market 460,632 100.0% 86.1% - - 64,370 55,892 - 90,251 114,012
CENTRAL REGION:
Chicago Market 1,570,326 95.8% 93.8% 66,546 183,511 247,643 174,503 302,481 214,811 121,828
Dallas Market 888,361 88.7% 90.2% 100,709 66,255 106,619 113,079 135,123 113,325 58,352
Austin Market 971,208 83.4% 82.1% 161,614 95,328 172,101 69,953 76,670 77,999 176,342
SOUTHEAST REGION:
Washington, D.C. Market:
Downtown Properties 2,403,339 95.1% 94.0% 117,817 194,345 256,917 116,202 170,867 26,300 293,020
Suburban Properties 1,272,853 99.5% 98.5% 6,359 6,017 48,647 190,324 76,831 187,973 155,126
Atlanta Market 1,890,913 96.7% 96.5% 62,226 302,884 495,039 266,315 302,287 208,357 126,998
So. Florida Market 159,921 98.8% 97.9% 1,986 28,433 26,109 21,195 35,354 33,869 1,931
-------- ----- ----- ------ ------- ------- ------- ------- ------- ------
Totals 16,299,652 96.1% 94.8% 628,985 1,253,294 2,271,541 1,758,585 2,000,138 2,003,722 1,513,840
=========== ===== ===== ======== ========== ========== ========== ========= ========= =========
<CAPTION>
2004
&
2003 Thereafter
---- ----------
PACIFIC REGION:
<S> <C> <C>
Portland Market - 80,525
Seattle Market 73,200 223,712
No. California Market 374,530 778,343
So. California Market 235,133 147,843
MOUNTAIN REGION:
Denver Market 69,599 70,389
Phoenix Market - 117,765
Salt Lake City Market 59,218 76,889
CENTRAL REGION:
Chicago Market 91,100 167,903
Dallas Market 39,536 155,363
Austin Market 33,112 108,089
SOUTHEAST REGION:
Washington, D.C. Market:
Downtown Properties 78,294 1,149,577
Suburban Properties 134,003 467,573
Atlanta Market 80,573 46,234
Florida Market 11,044 -
------- ---------
Totals 1,279,342 3,590,205
========= =========
</TABLE>
11
<PAGE>
<TABLE>
<CAPTION>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
1997 Development Activity
- ------------------------------------------------------------------------------------------------------------------------------------
($ In Thousands)
In Place
Property Under Construction @ Square Completion Dev.
June 30, 1997 (1) Market Feet Start Date Date Costs
- ---------------------------------- ---------------------- ----------- ------------- -------------- ------------
Pacific Region:
<S> <C> <C> <C> <C> <C>
Baytech Business Park Northern California 300,000 1Q'97 3Q'97 $23,251
RadiSys Suburban Portland 46,000 2Q'97 3Q'97 1,924
Redmond Hilltop Suburban Seattle 91,000 2Q'97 3Q'97 4,434
Mountain Region:
Panorama Corporate
Center II Southeast Denver 101,000 3Q'96 3Q'97 8,590
JD Edwards Bldg. Southeast Denver 189,000 4Q'96 3Q'97 25,823
Panorama Corporate
Center III Southeast Denver 137,000 2Q'97 1Q'98 3,657
Central Region:
City View Centre Austin, Texas 128,000 1Q'97 3Q'97 7,206
Southeast Region:
Spalding Ridge Suburban Atlanta 128,000 4Q'96 3Q'97 14,457
----------- ------------
Total/Wtd. Avg. 1,120,000 $89,342
=========== ============
<CAPTION>
Estimated Current
Property Under Construction @ Remaining Stabilized Lease
June 30, 1997 (1) Costs Return %
- ---------------------------------- -------------- ------------ -----------
Pacific Region:
<S> <C> <C> <C>
Baytech Business Park $15,312 12.7% 100%
RadiSys 3,927 10.4 100
Redmond Hilltop 6,846 10.2 0
Mountain Region:
Panorama Corporate
Center II 3,266 10.5 80
JD Edwards Bldg. 3,006 9.9 100
Panorama Corporate
Center III 13,475 10.1 0
Central Region:
City View Centre 11,036 10.4 100
Southeast Region:
Spalding Ridge 1,030 10.3 73
-------------- ------------- -----------
Total/Wtd. Avg. $57,898 10.8% 75%
============== ============= ===========
</TABLE>
Notes:
(1) Excludes the ASIS development project in Washington, D.C. which the Company
is developing to sell.
12
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Land Held For Future Development Summary
As of June 30, 1997
<TABLE>
<CAPTION>
Owned or Controlled Land
-------------------------------
Buildable
Square
Regional Property Market Acres Footage
- ------------------------------------------- ------------------------------ ------------- --------------
Pacific Region:
<S> <C> <C>
Willow Creek Corporate Center Suburban Seattle 23 321,000
(formerly Data I/O)
Eastgate Technology Park Southern California 8 175,000
Oakmead West Northern California 21 413,000
Canyon Park Suburban Seattle 6 234,000
Mountain Region:
Panorama Corporate
Center IV-VII Southeast Denver 25 462,000
Gateway Plaza Suburban Phoenix 7 260,000
Quorum Southeast Denver 4 100,000
Central Region:
Mopac at Braker
(formerly Aubrey Smith) Austin, Texas 30 750,000
Riata Austin, Texas 51 743,000
Parkway North Suburban Chicago 30 707,000
Cedar Maple Suburban Dallas 1 38,000
Tollway Plaza I & II Suburban Dallas 8 357,000
Tollway Plaza III Suburban Dallas 4 135,000
Southeast Region:
Embassy Row Land Suburban Atlanta 11 192,000
Peninsula Executive Center
(formerly Glades Site) Florida 6 187,000
Pennisula Corporate Center
(formerly Knight Site) Florida 26 387,000
------------- --------------
Total 261 5,461,000
============= ==============
</TABLE>
