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Previous: FIRST TRUST COMBINED SERIES 171, 485BPOS, 1997-10-31 |
Next: FIRST TRUST SPECIAL SITUATIONS TRUST SYSTEMS SERIES 49, 485BPOS, 1997-10-31 |
================================================================================
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): October 30, 1997
CarrAmerica Realty Corporation
------------------------------
(Exact name of registrant as specified in its charter)
Maryland 1-11706 52-1796339
-------- ------- ----------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File No.) 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.
Attached hereto as Exhibit 99.1 is supplemental financial and operating
information of the Company as of September 30, 1997.
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
September 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: October 30, 1997
CARRAMERICA REALTY CORPORATION
By: /s/ Brian K. Fields
---------------------------
Brian K. Fields
Chief Financial Officer
<PAGE>
Exhibit
Number Exhibit
- ------ -------
99.1 CarrAmerica Realty Corporation Supplemental Financial and Operating
Information as of September 30, 1997.
Exhibit 99.1
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
September 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Company's
Effective # Net % of
Property Of Percent Rentable Area Total
Property Ownership Buildings Leased (square feet)(1) Ownership
- -------- --------- --------- ------ ---------------- ---------
<S> <C> <C> <C> <C> <C>
Consolidated Properties
SOUTHEAST REGION
Downtown Washington, D.C.:
International Square 100.0% 3 96.3% 1,018,383
1730 Pennsylvania Avenue 100.0 1 99.3 229,292
2550 M Street 100.0 1 100.0 187,931
1775 Pennsylvania Avenue(3) 100.0 1 99.1 143,981
900 19th Street 100.0 1 84.1 100,907
1747 Pennsylvania Avenue 89.7 1 84.5 152,119
1255 23rd Street 75.0 1 98.9 304,538
2445 M Street 74.0 1 96.6 266,902
Suburban Washington, D.C.:
One Rock Spring Plaza(3) 100.0 1 100.0 205,298
Tycon Courthouse 100.0 1 99.0 416,195
Three Ballston Plaza 100.0 1 99.1 302,875
Sunrise Corporate Center 100.0 3 99.9 260,643
(formerly Reston Quadrangle)
Parkway One 100.0 1 100.0 87,842
Suburban Atlanta:
Veridian 100.0 22 95.2 187,842
Glenridge 100.0 1 99.4 64,431
Century Springs West 100.0 1 96.7 94,766
Holcomb Place 100.0 1 100.0 72,823
DeKalb Tech 100.0 5 87.5 163,159
Midori 100.0 1 95.3 99,900
Crestwood 100.0 1 93.4 88,186
Parkwood 100.0 1 88.6 151,020
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 99.1 465,858
Florida:
Peninsula Plaza 100.0 1 94.7 160,391
-- ---- -------
(formerly Lake Wyman Plaza)
Southeast Region Subtotal 61 96.9 5,727,838 32.5%
PACIFIC REGION
Orange County/Los Angeles California:
Scenic Business Park 100.0 4 100.0 138,141
Harbor Corporate Park 100.0 4 95.4 148,836
Plaza PacifiCare 100.0 1 100.0 104,377
Katella Corporate Center 100.0 1 96.4 79,917
Warner Center `100.0 12 99.0 342,866
Warner Premier 100.0 1 100.0 61,553
Westlake Corporate 100.0 2 92.0 71,419
Von Karman 100.0 1 100.0 103,713
South Coast Executive Center 100.0 2 95.6 161,301
</TABLE>
2
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties (Continued)
September 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Company's
Effective # Net % of
Property Of Percent Rentable Area Total
Property Ownership Buildings Leased (square feet)(1) Ownership
- -------- --------- --------- ------ ---------------- ---------
<S> <C> <C> <C> <C> <C>
San Diego California:
Del Mar Corporate Plaza 100.0 2 100.0 123,142
Wateridge Pavilion 100.0 1 100.0 62,194
Lightspan 100.0 1 100.0 64,800
San Francisco Bay Area California:
CarrAmerica Corporate Center 100.0 6 100.0 949,281
(formerly AT&T Center)
Sunnyvale Research Plaza 100.0 3 100.0 126,000
Rio Robles 100.0 7 100.0 368,178
Valley Business Park II 100.0 6 100.0 161,040
(formerly San Jose Orchard
Business Park - B)
Bayshore Centre 100.0 2 100.0 195,249
(formerly Orchard Bayshore Center)
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 96.2 68,731
(formerly Orchard Office Centre)
Valley Centre 100.0 2 100.0 102,291
(formerly Orchard Centre)
Valley Business Park I 100.0 2 100.0 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 Park 100.0 2 100.0 66,869
150 River Oaks 100.0 1 100.0 100,024
San Mateo II & III 100.0 2 97.9 140,675
3571 North First Street 100.0 1 100.0 116,000
Amador I/Riconada 100.0 3 100.0 134,476
Amador III 100.0 1 100.0 82,944
Amayo Center 100.0 2 100.0 104,741
Sacramento California:
1860 Howe Avenue 100.0 1 97.2 97,887
University Park 100.0 2 84.1 121,257
Capital Corporate Center 100.0 5 93.5 94,670
Suburban Portland:
RadiSys 100.0 1 100.0 80,525
Suburban Seattle:
Redmond East 100.0 10 99.9 398,030
Willow Creek 100.0 1 100.0 96,179
(formerly Data I/O)
Canyon Park Business Center 100.0 6 100.0 246,565
--- ----- -------
Pacific Region Subtotal 114 99.0 6,264,417 35.5%
CENTRAL REGION
Austin, Texas:
Norwood Tower 100.0 1 74.9 111,994
Littlefield Complex (3) 100.0 2 77.0 120,815
First State Bank Tower 100.0 1 72.9 260,840
Great Hills Plaza 100.0 1 100.0 135,333
Balcones Center 100.0 1 83.5 75,761
Park North 100.0 2 66.3 132,923
The Settings 100.0 3 97.9 132,647
</TABLE>
3
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties (Continued)
September 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Company's
Effective # Net % of
Property Of Percent Rentable Area Total
Property Ownership Buildings Leased (square feet)(1) Ownership
- -------- --------- --------- ------ ---------------- ---------
<S> <C> <C> <C> <C> <C>
Suburban Chicago:
Parkway North 100.0 2 95.5 508,749
Unisys 100.0 2 95.2 355,331
The Crossings 100.0 2 98.6 296,624
Bannockburn I & II 100.0 2 98.7 209,860
Bannockburn IV 100.0 1 98.7 108,470
Summit Oaks 100.0 1 89.8 91,601
Suburban Dallas:
Greyhound 100.0 1 100.0 92,890
Search Plaza 100.0 1 94.5 151,048
Quorum North 100.0 1 80.2 117,790
Two Mission Park 100.0 1 89.1 76,933
Quorum Place 100.0 1 91.0 176,562
Cedar Maple 100.0 3 96.1 112,176
Tollhill East & West 100.0 2 87.0 237,709
-- ---- -------
Central Region Subtotal 31 90.4 3,506,056 19.9%
MOUNTAIN REGION
Southeast Denver:
Harlequin Plaza 100.0 2 96.2 327,711
Quebec Court I & II 100.0 2 100.0 285,829
The Quorum 100.0 2 95.6 123,895
Greenwood Center 100.0 1 97.1 75,866
Quebec Center 100.0 3 96.1 106,849
Panorama Corporate Center I 100.0 1 98.7 100,542
JD Edwards 100.0 1 100.0 189,087
Salt Lake City:
Sorenson Research Park 100.0 5 100.0 285,144
Draper Park North 100.0 3 100.0 178,098
Suburban Phoenix:
Camelback Lakes 100.0 2 98.2 200,489
Highland Park 100.0 1 95.9 77,932
Pointe Corridor IV 100.0 1 92.8 178,373
--- ---- -------
Mountain Region Subtotal 24 97.9 2,129,815 12.1%
--- ---- --------- ----
TOTAL CONSOLIDATED PROPERTIES: 230 96.5% 17,628,126 100.0%
=== ==== ========== =====
</TABLE>
- ----------------
(1) Property was sold for $25.6 million on October 1, 1997.
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
1997 Development Activity
- --------------------------------------------------------------------------------
($ In Thousands)
<TABLE>
<CAPTION>
In Place Estimated Current
Property Under Construction @ Square Completion Dev. Remaining Stabilized Lease
September 30, 1997(1) Market Feet Start Date Date Costs Costs Return %
--------------------- ------ ---- ---------- ---- ----- ----- ------ -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Pacific Region:
Baytech Business Park
(Formerly Baytech Center) San Francisco Bay Area 300,000 1Q'97 4Q'97 $28,002 $10,561 12.7% 100%
RadiSys Suburban Portland 46,000 2Q'97 4Q'97 3,685 2,166 10.4 100
Redmond Hilltop Suburban Seattle 95,000 2Q'97 4Q'97 6,851 4,429 10.2 46
Oakmead West San Francisco Bay 426,000 3Q'97 3Q'98 25,575 40,197 10.9 100
Area
Willow Creek
(Formerly Data I/O) Suburban Seattle 281,000 3Q'97 3Q'98 8,030 28,662 10.1 36
Mountain Region:
Panorama Corporate Center II Southeast Denver 101,000 3Q'96 4Q'97 9,560 2,296 10.5 80
Panorama Corporate Center III Southeast Denver 137,000 2Q'97 1Q'98 5,803 11,329 10.1 100
Gateway Plaza Suburban Phoenix 137,000 3Q'97 2Q'98 4,422 12,512 10.3 0
Central Region:
City View Centre Austin, Texas 129,000 1Q'97 4Q'97 10,925 7,317 10.3 100
Riata Building 4 Austin, Texas 92,000 3Q'97 1Q'98 4,634 6,548 10.3 81
Riata Building 5 Austin Texas 92,000 3Q'97 2Q'98 2,037 9,145 10.3 71
Tollway I & II Suburban Dallas 357,000 3Q'97 3Q'98 4,973 48,471 10.4 28
Southeast Region:
Spalding Ridge Suburban Atlanta 128,000 4Q'96 4Q'97 14,825 662 9.5 84
--------- --------- -------- ----- ---
Total/Weighted Average 2,321,000 $129,322 $184,295 10.7% 69%
========= ========= ======== ===== ===
</TABLE>
Notes:
(1) Excludes the ASIS development project in Washington, D.C. which the Company
is developing to sell.
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Land Held For Future Development Summary
As of September 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Owned or Controlled Land
-----------------------------
Buildable
Square
Region/Property Market Acres Footage
- ------------------------------------------- ---------------------------------- ------------ -------------
<S> <C> <C> <C>
Pacific Region:
Willow Creek Corporate Center
(formerly Data I/O) Suburban Seattle 3 44,000
Eastgate Technology Park San Diego 8 181,000
Canyon Park Suburban Seattle 11 234,000
------------ -------------
Subtotal 22 459,000
Mountain Region:
Panorama Corporate
Center IV-VII Southeast Denver 28 462,000
Gateway Plaza Suburban Phoenix 3 120,000
Draper Park North Suburban Salt Lake City 9 120,000
Sorenson Research Park Suburban Salt Lake City 8 122,000
Quorum Southeast Denver 9 100,000
------------ -------------
Subtotal 57 924,000
Central Region:
Mopac at Braker
(formerly Aubrey Smith) Austin, Texas 22 750,000
Riata Austin, Texas 38 559,000
Parkway North Suburban Chicago 30 711,000
Cedar Maple Suburban Dallas 1 38,000
Royal Ridge Suburban Dallas 19 250,000
Tollway Plaza III Suburban Dallas 4 134,000
------------ -------------
Subtotal 114 2,442,000
Southeast Region:
Embassy Row Suburban Atlanta 11 196,000
Peninsula Executive Center
(formerly Glades Site) Florida 6 188,000
Pennisula Corporate Center
(formerly Knight Site) Florida 62 388,000
1201 F Street Downtown Washington, DC 1 221,000
Preston Ridge Suburban Atlanta 14 96,000
------------ -------------
Subtotal 94 1,089,000
------------ -------------
Total 287 4,914,000
============ =============
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Financial Ratios
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Financial Position Ratios: September 30, December 31,
1997 1996
------------------ ----------------
<S> <C> <C>
Total Debt / Total Capitalization (Book Value) 39.6% 43.9%
Total Debt / Total Capitalization (Market) 28.4% 30.5%
</TABLE>
<TABLE>
<CAPTION>
Operating Ratios: Three Months Ended Nine Months Ended
September 30, September 30,
----------------------------- ----------------------------
<S> <C> <C> <C> <C>
1997 1996 1997 1996
---- ---- ---- ----
Interest Coverage (1) 3.93X 3.64X 4.00X 3.09X
FFO Payout Ratio (2) 72.9% 82.5% 75.4% 82.0%
G & A as a % of Revenue 5.6% 8.7% 6.3% 9.7%
</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.
2
<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 September 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
nine month periods ended September 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 A Dividend Non-Dividend
Corporation Common Preferred Shares Paying Units Paying Units
Shares Outstanding Outstanding(a) Outstanding(b) Outstanding(b)
------------------ -------------------- -------------- --------------
<S> <C> <C> <C> <C>
Outstanding as of:
September 30, 1997 58,169 780 5,453 540
December 31, 1996 43,789 1,740 4,940 540
====== ===== ===== ===
Weighted average for the three
months ended September 30:
1997 57,834 1,041 5,460 540
1996 33,570 -- 4,191 1,020
==== ====== ===== ===== ===
Weighted average for the nine
months ended September 30:
1997 53,689 1,505 5,279 540
1996 22,902 -- 4,049 786
==== ====== ===== ===== ===
</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.
(c) The Company has 8.0 million shares of Series B Cumulative Redeemable
Preferred stock outstanding which are not included in the table above.
3
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Debt Capitalization Summary
September 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 16,759 7/15/19 (5)
1747 Pennsylvania Avenue 9.50 15,422 7/10/17 (6)
2445 M Street 8.90 37,201 6/1/02
1775 Pennsylvania Avenue 7.50 6,271 2/1/99
Redmond East 8.38 27,804 1/1/06
Warner Center 7.40 26,000 12/1/00
First State Bank Tower 7.38 9,508 3/1/99
Parkway North I 7.96 29,250 12/1/03
Note 3 8.25 40,487 12/10/01
Note 4 7.20 21,607 1/1/06
South Coast Executive 9.01 10,257 5/31/99
Quorum North 8.27 6,687 12/1/01
Quorum Place 6.99 7,750 11/15/00
Wateridge Pavilion 8.25 3,541 11/1/06
Bannockburn I & II 9.52 20,731 8/31/01
RadiSys 5.00 926 12/31/97
Sorenson Research Park 7.75 2,775 7/1/11
Sorenson Research Park 8.88 1,691 5/1/17
Draper Park North 8.15 12,891 1/2/07
---- -------
8.25% $ 481,058
==== =======
</TABLE>
UNSECURED INDEBTEDNESS:
<TABLE>
<CAPTION>
Interest Rate Amount Outstanding Maturity
-------------- ------------------- --------
<S> <C> <C> <C>
Senior Unsecured Notes 7.20% $ 150,000 7/01/04
Senior Unsecured Notes 7.375% 125,000 7/01/07
Unsecured Line of credit (7) Libor + 1.000% 147,000 9/14/00
---------
$ 422,000
=========
</TABLE>
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: Note is callable by the lender after July 1, 2004. The estimated
principal balance at July 1, 2004 will be $14,262,000.
Note 6: Note is callable by the lender after June 30, 2002. The estimated
principal balance at June 30, 2002 will be 13,840,000.
Note 7: Revolving line of credit with a total commitment of $450 million.
4
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Lease Rollover Schedule
September 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Current YTD Avg. Vacant
Region / Market Square Feet Occupancy Occupancy S.F. 1997 1998 1999 2000
- --------------- ----------- --------- --------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PACIFIC REGION:
Portland Market 80,525 100.0% 100.0% - - - - -
Seattle Market 740,774 99.9% 99.8% 506 63,922 91,002 118,013 136,864
San Francisco Bay Area 3,667,045 99.8% 99.1% 5,526 558,293 568,988 302,342 580,453
Sacramento 313,814 91.0% 91.0% 28,154 16,201 171,651 16,596 11,677
San Diego 250,136 100.0% 100.0% - - - 2,086 -
Orange County / Los Angeles 1,212,123 97.9% 95.4% 25,879 59,459 132,461 146,665 304,101
MOUNTAIN REGION:
Denver Market 1,209,779 97.9% 96.3% 25,494 32,137 127,928 135,689 64,875
Phoenix Market 456,794 95.7% 94.8% 19,667 71,966 74,181 46,645 54,054
Salt Lake City Market 463,242 100.0% 93.0% - - 64,370 55,892 -
CENTRAL REGION:
Chicago Market 1,570,635 96.3% 94.6% 57,813 138,722 255,020 174,136 305,881
Dallas Market 965,108 90.5% 89.9% 91,239 58,120 107,625 129,389 153,526
Austin Market 970,313 80.7% 81.6% 186,808 40,271 172,827 70,049 88,396
SOUTHEAST REGION:
Washington, D.C. Market:
Downtown Properties 2,404,053 96.1% 94.6% 92,840 159,530 311,762 152,462 110,013
Suburban Properties 1,272,853 99.4% 98.8% 7,400 1,961 48,647 190,324 76,831
Atlanta Market 1,890,541 96.4% 96.5% 68,062 277,750 455,516 267,124 310,283
Florida Market 160,391 94.7% 97.4% 8,559 12,786 22,838 25,169 42,430
----------- ----- ----- ------- --------- --------- -------- ---------
Totals 17,628,126 96.5% 95.4% 617,947 1,491,118 2,604,816 1,832,581 2,239,384
=========== ===== ===== ======= ========= ========= ========= =========
</TABLE>
2004
&
Region / Market 2001 2002 2003 Thereafter
- --------------- ---- ---- ---- ----------
PACIFIC REGION:
Portland Market - - - 80,525
Seattle Market 33,555 1,283 73,200 222,429
San Francisco Bay Area 500,413 413,242 264,288 473,500
Sacramento 21,940 14,531 32,096 968
San Diego 56,441 - 180,721 10,888
Orange County / Los Angeles 140,767 144,754 119,212 138,825
MOUNTAIN REGION:
Denver Market 438,696 29,675 95,809 259,476
Phoenix Market 46,330 26,186 - 117,765
Salt Lake City Market 90,251 116,622 59,218 76,889
CENTRAL REGION:
Chicago Market 226,063 153,300 91,797 167,903
Dallas Market 115,024 82,958 68,142 159,085
Austin Market 77,999 190,192 34,203 109,568
SOUTHEAST REGION:
Washington, D.C. Market:
Downtown Properties 26,300 302,120 78,294 1,170,732
Suburban Properties 187,973 155,126 134,003 470,588
Atlanta Market 216,129 137,066 80,573 78,038
Florida Market 34,339 3,226 11,044 -
--------- --------- --------- ---------
Totals 2,212,220 1,770,281 1,322,600 3,537,179
========= ========= ========= =========
5
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
1997 Acquisition Summary
- --------------------------------------------------------------------------------
($ In Millions)
<TABLE>
<CAPTION>
Month %
of Purchase Currently # of Square
Region/Market Property Acquisition Price Leased Properties Feet
- ---------------------- ----------- ----- ------ ---------- ----
<S> <C> <C> <C> <C> <C>
SOUTHEAST REGION
Suburban Atlanta
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% 3 465,858
PACIFIC REGION
San Francisco Bay Area
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 May 9.7 100% 2 66,869
Center
150 River Oaks May 15.1 100% 1 100,024
San Mateo Center II & III July 25.3 97.9% 2 140,675
3571 North First Street July 15.1 100% 1 116,000
Amador I / Rinconada August 11.0 100% 2 134,476
Amador III August 10.5 100% 1 82,944
Arroyo Center August 11.5 100% 3 104,741
Sacramento
1860 Howe Avenue Place August 11.7 97.2% 1 97,887
University Park August 13.4 84.1% 2 121,257
Capital Corporate Center August 9.1 93.5% 5 94,670
Orange County / Los Angeles
Warner Premier January 9.5 100% 1 61,553
Westlake Corporate May 6.1 91% 2 71,419
Center
Von Karman July 16.2 100% 1 103,713
San Diego
Wateridge Pavilion March 6.4 100% 1 62,194
Lightspan July 7.8 100% 1 64,800
Suburban Portland
Radisys Corporate March 8.9 100% 1 80,525
Headquarters
Suburban Seattle
Willow Creek
(formerly Data I/O) May 8.7 100% 1 96,179
Canyon Park June 31.2 100% 6 246,565
</TABLE>
6
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
1997 Acquisition Summary
- --------------------------------------------------------------------------------
($ In Millions)
<TABLE>
<CAPTION>
Month %
of Purchase Currently # of Square
Region/Market Property Acquisition Price Leased Properties Feet
- ---------------------- ----------- ----- ------ ---------- ----
<S> <C> <C> <C> <C> <C>
CENTRAL REGION
Suburban Chicago
The Crossings January 40.1 100% 2 296,624
Bannockburn Lake Office March 27.4 99% 2 209,860
Plaza I & II
Bannockburn IV June 14.3 84% 1 108,470
Summit Oaks June 8.4 93% 1 91,601
Suburban Dallas
Cedar Maple Plaza January 12.7 92% 3 112,176
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% 2 237,709
Two Mission Plaza July 5.1 89% 1 76,933
MOUNTAIN REGION
Suburban Salt Lake City
Sorenson Research Park April 28.1 100% 5 285,144
Draper Park North June 18.7 100% 3 178,098
Suburban Phoenix
Highland Park May 7.6 100% 1 77,932
------ --- -- ---------
Total/Weighted Average $ 545.1 97% 69 4,912,484
======== === == =========
</TABLE>
7
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