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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): May 7, 1998
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.
Attached hereto as Exhibit 99.1 is a copy of certain Supplemental Data
included in the Company's press release, dated May 7, 1998.
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 Press Release, May 7, 1998, entitled
"Supplemental Data".
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: May 7, 1998
CARRAMERICA REALTY CORPORATION
By: /s/ Brian K. Fields
--------------------------
Brian K. Fields
Chief Financial Officer
<PAGE>
EXHIBIT INDEX
Exhibit Exhibit
Number
99.1 Press Release, May 7, 1998, entitled
"Supplemental Data".
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
- -------------------------------------------------------------------------------
(Unaudited and in thousands)
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
----------- ------------
(Unaudited)
<S> <C> <C>
Assets
Rental Property $2,554,145 $2,397,023
Less - accumulated depreciation (194,424) (184,266)
---------- ----------
Net rental property 2,359,721 2,212,757
Land held for future development 98,678 81,647
Construction-in-progress 254,865 210,829
Cash and cash equivalents - unrestricted 24,871 23,845
Cash and cash equivalents - restricted 31,355 18,049
Accrued straight-line rents 29,544 33,212
Other assets - net 245,593 163,721
---------- ----------
$3,044,627 $2,744,060
========== ==========
Liabilities and Stockholders' Equity
Liabilities:
Revolving line of credit 249,500 159,500
Senior unsecured notes 475,000 275,000
Mortgages payable and notes payable 585,378 594,446
Accounts payable and accrued expenses 83,048 87,462
---------- ----------
1,392,926 1,116,408
---------- ----------
Minority interest 91,076 74,955
Stockholders' equity:
Preferred stock 96 96
Common stock 600 600
Additional paid in capital 1,628,977 1,629,214
Cumulative dividends paid in excess of net income (69,048) (77,213)
----------- ----------
1,560,625 1,552,697
$3,044,627 $2,744,060
=========== ==========
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
- -------------------------------------------------------------------------------
(Unaudited and in thousands, except per common share amounts)
Three Months Ended
March 31,
------------------
1998 1997
---- ----
Revenues:
Rental income (1) $ 100,329 66,289
Other real estate operating revenue:
Real estate service income 2,990 4,178
Executive suites revenue 15,648 --
Gain on sale of assets 25,931 --
Interest and other income 1,771 481
--------- -------
Total operating revenue 146,669 70,948
--------- -------
Operating expenses:
Property operating expenses:
Operating expenses 23,214 17,266
Real estate taxes 9,302 6,377
Interest expense 17,161 11,257
Executive suites operating expenses 13,854 --
General and administrative 6,439 5,156
Depreciation and amortization 23,643 15,916
--------- -------
Total operating expenses 93,613 55,972
--------- -------
Net operating income before minority interest 53,056 14,976
Minority interest (8,547) (1,717)
--------- -------
Net income $ 44,509 13,259
========= =======
Basic net income per common share $ 0.60 0.26
========= =======
Diluted net income per share $ 0.59 0.26
========= =======
NOTES:
(1) Rental income includes $3,362 and $1,521 of straight-line rents for the
three month periods ended March 31, 1998 and 1997, respectively.
2
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Same Store Operating Property Results
- -------------------------------------------------------------------------------
Three Months Ended
March 31, % Change
------------------ ---------
1998 1997
---- ----
Real Estate Operating Revenue $61,920 $59,142 4.7%
Real Estate Operating Expenses (20,804) (20,849) 0.2%
------- ------- ---
Total real estate operating income $41,116 $38,293 7.4%
======= ======= ===
Occupancy 94.9% 95.6%
======= =======
4
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Statement of EBITDA
- -------------------------------------------------------------------------------
Three Months Ended
March 31,
------------------
1998 1997
---- ----
Revenues:
Rental Income
Other real estate operating revenue: $100,329 66,289
Real estate service income 2,990 4,178
Executive suites revenue 15,648 --
Other income (1) 1,771 481
-------- ------
Total revenue 120,738 70,948
-------- ------
Operating expenses:
Property operating expenses
Operating expenses 23,214 17,266
Real estate taxes 9,302 6,377
Executive suites operating expenses 13,854 --
General and administrative 6,439 5,156
-------- ------
Total operating expenses 52,809 28,799
-------- ------
EBITDA $ 67,929 42,149
======== ======
(1) Excludes gain on sale of assets.
5
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Financial Ratios
- -------------------------------------------------------------------------------
Financial Position Ratios: March 31, December 31,
1998 1997
---------- ----------------
Total Debt / Total Capitalization (Book Value) 44.2% 38.7%
Total Debt / Total Capitalization (Market) 35.1% 29.0%
Operating Ratios: Three Months Ended
March 31,
------------------
1998 1997
---- ----
Secured EBITDA / Total EBITDA 38.8% 52.4%
Interest Coverage(1)
With capitalized interest 3.96X 3.74X
Without capitalized interest 3.01X 3.26X
Fixed charge coverage
With capitalized interest 2.33X 3.48X
Without capitalized interest 1.97X 3.06X
Diluted FFO Payout Ratio(2) 74.6% 81.0%
G & A as a % of Revenue(3) 6.1% 7.3%
NOTES:
(1) Calculated as EBITDA before minority interests allocation, extraordinary
items, and nonrecurring charges divided by interest expense for the period.
(2) Dividends paid per common share divided by diluted FFO per share.
(3) Excludes Executive Suites.
6
<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 March 31, 1998 and December 31, 1997, 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 month
periods ended March 31, 1998 and 1997. The non-dividend paying Units are not
entitled to any distributions until they convert into dividend paying Units on
fixed dates in the future.
<TABLE>
<CAPTION>
(in thousands) CarrAmerica
Realty
CarrAmerica Corporation
Realty Series A
Corporation Convertible Dividend Non-Dividend
Common Shares Preferred Shares Paying Units Paying Units
Outstanding Outstanding(a) Outstanding(b) Outstanding(b)
------------- ---------------- --------------- ---------------
<S> <C> <C> <C> <C>
Outstanding as of:
March 31, 1998 60,006 780 6,014 540
December 31, 1997 59,994 780 5,699 540
======== ===== ======= =====
Weighted average for the
three months ended
March 31:
1998 59,997 780 5,938 540
1997 47,254 1,740 4,938 540
========= ======= ======= =====
</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 the following Cumulative Redeemable Preferred shares
outstanding which are not included in the table above:
Series B 8,000,000 Shares
Series C 6,000,000 Shares
Series D 2,000,000 Shares
7
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Debt Capitalization Summary
March 31, 1998
- -------------------------------------------------------------------------------
($ In thousands)
Interest Principal Maturity
Property Rate Balance Date
-------- ---- ------- ----
2600 W. Olive 7.52% $19,339 6/1/98
1775 Pennsylvania Avenue 7.50 6,214 2/1/99
South Coast Executive Center 9.01 10,202 5/31/99
Quorum Place 6.99 7,676 11/15/00
Warner Center 7.40 26,000 12/1/00
Presidential Circle 7.14 23,286 3/1/01
Bannockburn I & II 9.52 20,260 8/31/01
Quorum North 8.27 6,636 12/1/01
Valley Business Park }
Valley Office Centre }
Valley Centre II } 8.25 43,318 12/10/01
Rincon Centre }
Bayshore Centre }
Sunnyvale Technology Center }
Citymark Tower } 8.90 36,572 6/1/02
Hacienda West }
1255 23rd Street }
International Square }
1850 K Street } 7.75 39,897 2/1/03
1825 Eye Street } 8.80 93,285 2/1/03
1875 Eye Street }
1730 Pennsylvania Avenue }
International Square Land 7.55 39,894 2/1/03
International Square Land 8.00 9,975 2/1/03
Parkway North I 7.96 29,250 12/1/03
Canyon Park Commons 9.13 5,761 12/1/04
US West 7.92 56,535 12/1/05
Redmond East 8.38 27,614 1/1/06
Century Springs West }
Glenridge }
Crestwood } 7.20 21,268 1/1/06
Lakewood }
Parkwood }
Wateridge Pavilion 8.25 3,518 11/1/06
Wasatch Corporate Center 8.15 12,790 1/2/07
Sorenson Research Park 7.75 2,708 7/1/11
Sorenson Research Park 8.88 1,672 5/1/17
1747 Pennsylvania Avenue 9.50 15,287 7/10/17
900 19th Street 8.25 16,620 7/15/19
---- --------
Total 8.18% $575,577
==== ========
UNSECURED INDEBTEDNESS: Interest Rate Outstanding Maturity
------------- ----------- --------
Senior Unsecured Notes 7.200% $150,000 7/01/04
Senior Unsecured Notes 6.625% 100,000 3/01/05
Senior Unsecured Notes 7.375% 125,000 7/01/07
Senior Unsecured Notes 6.875% 100,000 3/01/08
Unsecured Line of credit Libor + 90 bps 249,500 9/14/00
--------
$724,500
========
8
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
March 31, 1998
- --------------------------------------------------------------------------------
The following table sets forth certain information about each operating property
owned by the Company as of March 31, 1998:
<TABLE>
<CAPTION>
Company's Net
Effective Rentable %
Property Area Percent # of of Total
Property Ownership (square feet)(1) Leased(2) Buildings Ownership
- -------- --------- ---------------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Consolidated Properties
SOUTHEAST REGION
Downtown Washington, D.C.:
International Square 100.0% 1,018,313 89.2% 3
1730 Pennsylvania Avenue 100.0 229,292 99.3 1
2550 M Street 100.0 187,931 89.8 1
1775 Pennsylvania Avenue(3) 100.0 143,981 98.5 1
900 19th Street 100.0 100,907 85.5 1
1747 Pennsylvania Avenue 89.7(4) 152,119 89.8 1
1255 23rd Street 75.0(5) 304,538 97.3 1
Suburban Washington, D.C.:
One Rock Spring Plaza(3) 100.0 205,298 100.0 1
Tycon Courthouse 100.0 416,195 99.0 1
Three Ballston Plaza 100.0 302,875 100.0 1
Sunrise Corporate Center 100.0 260,643 99.9 3
Parkway One 100.0 87,842 100.0 1
Suburban Atlanta:
Veridian 100.0 187,842 85.1 22
Glenridge 100.0 64,052 72.9 1
Century Springs West 100.0 94,747 98.2 1
Holcomb Place 100.0 72,823 100.0 1
DeKalb Tech 100.0 163,159 76.2 5
Midori 100.0 99,900 100.0 1
Crestwood 100.0 88,186 98.3 1
Parkwood 100.0 144,038 74.5 1
Lakewood 100.0 80,338 98.2 1
The Summit 100.0 178,382 86.6 1
Triangle Parkway 100.0 82,102 100.0 3
2400 Lake Park 100.0 99,534 99.3 1
680 Engineering Drive 100.0 62,154 100.0 1
Embassy Row 100.0 463,846 93.3 3
Waterford Center 100.0 82,678 79.4 1
Florida,
Boca Raton:
Peninsula Plaza 100.0 160,081 94.2 1
Presidential Circle 100.0 281,266 88.4 1
------- ---- -
Southeast Region Subtotal 5,815,062 92.8 62 28.9%
PACIFIC REGION
Southern California,
Orange County/Los Angeles:
Scenic Business Park 100.0 139,012 100.0 4
Harbor Corporate Park 100.0 148,733 91.5 4
Plaza PacifiCare 100.0 104,377 100.0 1
Katella Corporate Center 100.0 79,917 95.6 1
Warner Center 100.0 342,866 97.3 12
South Coast Executive Center 100.0 160,301 100.0 2
Warner Premier 100.0 61,553 100.0 1
Westlake Corporate Center 100.0 71,645 89.5 2
</TABLE>
9
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Company's Net
Effective Rentable %
Property Area Percent # of of Total
Property Ownership (square feet)(1) Leased(2) Buildings Ownership
-------- --------- ---------------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Von Karman 100.0 103,713 58.8 1
2600 W. Olive 100.0 145,304 95.7 1
Bay Technology Center 100.0 107,480 100.0 2
Southern California,
San Diego:
Del Mar Corporate Plaza 100.0% 123,142 100.0% 2
Wateridge Pavilion 100.0 62,194 100.0 1
Lightspan 100.0 64,800 100.0 1
Century Park II 100.0 198,306 100.0 3
Northern California,
San Francisco Bay Area:
CarrAmerica Corporate Center 100.0 957,737 95.3 6
Sunnyvale Research Plaza 100.0 126,000 100.0 3
Rio Robles 100.0 368,178 100.0 7
Valley Business Park II 100.0 161,040 100.0 6
Bayshore Centre 100.0 195,249 100.0 2
Rincon Centre 100.0 201,178 100.0 3
Valley Centre II 100.0 212,082 100.0 4
Valley Office Centre 100.0 68,731 100.0 2
Valley Centre 100.0 102,291 100.0 2
Valley Business Park I 100.0 67,784 100.0 2
3745 North First Street 100.0 67,582 100.0 1
3571 North First Street 100.0 116,000 100.0 1
Mission Plaza 100.0 102,687 100.0 2
North San Jose Technology Park 100.0 299,233 100.0 4
Foster City Technology Center 100.0 66,869 100.0 2
150 River Oaks 100.0 100,024 100.0 1
Amador/Rinconada 100.0 134,476 100.0 3
Amador III 100.0 82,944 100.0 1
Arroyo Center 100.0 104,741 100.0 2
San Mateo I 100.0 70,000 100.0 1
San Mateo II and III 100.0 135,353 99.5 2
900-910 East Hamilton 100.0 351,811 100.0 2
Hacienda West 99.7(4) 205,724 95.6 2
Sunnyvale Technology Centre 99.7(4) 165,520 100.0 5
Baytech Business Park 100.0 300,000 100.0 4
Northern California,
Sacramento:
1860 Howe Avenue 100.0 98,992 87.6 1
University Office Park 100.0 121,255 97.1 2
Capital Corporate Center 100.0 94,670 93.5 5
Suburban Portland:
RadiSys Corporate Headquarters 100.0 80,525 100.0 1
RadiSys II 100.0 45,655 100.0 1
Suburban Seattle:
Redmond East 100.0 398,030 99.9 10
Willow Creek 100.0 96,179 100.0 1
Canyon Park Business Center 100.0 246,565 100.0 6
Canyon Park Commons 100.0 95,290 100.0 1
Redmond Hilltop 100.0 43,046 100.0 1
------ ----- --
Pacific Region Subtotal 7,996,784 97.4 137 39.8%
</TABLE>
10
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Company's Net
Effective Rentable %
Property Area Percent # of of Total
Property Ownership (square feet)(1) Leased(2) Buildings Ownership
-------- --------- ---------------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
CENTRAL REGION
Austin, Texas:
Great Hills Plaza 100.0 135,333 100.0 1
Balcones Center 100.0 75,761 73.2 1
Park North 100.0 128,071 89.1 2
City View Centre 100.0 135,170 85.7 3
Tower of the Hills 100.0 165,322 96.5 2
Suburban Chicago:
Parkway North 100.0% 508,292 100.0% 2
Unisys 100.0 360,059 88.9 2
The Crossings 100.0 296,624 90.2 2
Bannockburn I & II 100.0 209,860 100.0 2
Bannockburn IV 100.0 108,469 97.5 1
Summit Oaks 100.0 91,601 91.6 1
Dallas, Texas:
Greyhound 100.0 92,890 100.0 1
Search Plaza 100.0 151,262 97.9 1
Quorum North 100.0 114,030 93.4 1
Quorum Place 100.0 176,278 95.8 1
Cedar Maple Plaza 100.0 112,968 91.8 3
Tollhill East & West 100.0 241,155 93.2 2
Two Mission Park 100.0 76,962 59.6 1
Citymark 99.7(4) 206,475 85.6 1
5000 Quorum 100.0 161,008 98.5 1
------- ---- --
Central Region Subtotal 3,547,590 93.2 31 17.6%
MOUNTAIN REGION
Southeast Denver:
Harlequin Plaza 100.0 327,956 97.2 2
Quebec Court I & II 100.0 287,294 100.0 2
Greenwood Center 100.0 75,866 86.5 1
Quebec Center 100.0 106,849 96.1 1
Panorama Corporate Center I 100.0 100,542 98.7 3
JD Edwards 100.0 189,087 100.0 1
Panorama II 100.0 100,916 91.8 1
Phoenix, Arizona:
Camelback Lakes 100.0 199,029 99.8 2
Pointe Corridor IV 100.0 178,762 94.1 1
Highland Park 100.0 78,019 51.8 1
The Grove at Black Canyon 100.0 104,187 95.2 1
US West 100.0 532,506 100.0 4
</TABLE>
11
<PAGE>
<TABLE>
<CAPTION>
Company's Net
Effective Rentable %
Property Area Percent # of of Total
Property Ownership (square feet)(1) Leased(2) Buildings Ownership
-------- --------- ---------------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Salt Lake City, Utah:
Sorenson Research Park 100.0 285,144 99.1 5
Wasatch Corporate Center 100.0 178,098 100.0 3
---------- ----- -
Mountain Region Subtotal 2,744,255 96.7 28 13.7%
---------- ----- --
TOTAL CONSOLIDATED PROPERTIES: 20,103,691 258
---------- ---
WEIGHTED AVERAGE
95.3% 100.0%
----- -----
Unconsolidated Properties
Downtown Washington, D.C.:
1717 Pennsylvania Avenue 50.0%(6) 184,446 99.3% 1
AARP Headquarters 24.0 (7) 477,394 99.8 1
Bond Building 15.0 (8) 162,097 100.0 1
Willard Office/Hotel 5.0 (9) 242,787 96.6 1
Suburban Washington, D.C.:
Booz-Allen & Hamilton Building 50.0 (10) 222,989 100.0 1
---------- ----- -
TOTAL UNCONSOLIDATED PROPERTIES: 1,289,713 5
---------- -
WEIGHTED AVERAGE 99.2%
ALL OPERATING PROPERTIES -----
TOTAL: 21,393,404
==========
WEIGHTED AVERAGE 95.5%
=====
</TABLE>
- -------------
(1) Includes office and retail space but excludes storage space.
(2) Includes space for leases that have been executed and have commenced as of
March 31, 1998.
(3) The Company owns the improvements on the property and has a leasehold
interest in all or a portion of the underlying land.
(4) The Company holds a general and limited partner interest in a partnership
that owns the property.
(5) The Company holds a 50% joint venture interest in the joint venture that
owns this property and a 50% joint venture interest in another joint
venture, which holds the remaining 50% interest in the joint venture that
owns the property. As a result of preferential rights to annual
distributions from another venture, the Company will receive distributions
of less than 75% (but in no event less than 50%) of the total amount
distributed with respect to this property in each year until the
preferential distribution requirements are satisfied, but will receive
100% of any subsequent distributions during the year until its aggregate
distributions equal 75% of the cumulative distributions with respect to
the property since inception of the partnership. Thereafter, the Company
will receive 75% of the distributions made during the year with respect to
the property. Upon sale of the property, the Company will receive 75% of
the distributions until the Company receives its preference amount, 50%
until the remaining venturer receives its preference amount, and 75% of
the distributions thereafter.
(6) The Company holds a 50% interest in the limited liability company that
owns the property and serves as the entity's managing member.
(7) The Company holds an effective 24% interest in the property by virtue of a
48% general partner interest in a partnership that owns a 50% general
partner interest in the property.
(8) The Company holds an effective 15% interest in the property by virtue of a
30.6% limited partner interest in a partnership that has a 49% limited
partner interest in the property.
(9) The Company holds an effective 5% interest in the property by virtue of a
7.85% limited partner interest in a partnership that owns a 63.7% limited
partner interest in the property. The partnership in which the Company
holds an interest owns the improvements on the property and has a
leasehold interest in the underlying land.
(10) The Company holds a 50% joint venture interest, and is the managing
partner.
12
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
1998 Acquisition Summary
- -------------------------------------------------------------------------------
($ In Millions)
<TABLE>
<CAPTION>
%
Region/Market Property Month of Purchase Currently # of Square
Acquisition Price Leased Properties Feet
- ----------------------------------------- ------------- ------------- ------------ ----------- --------------
<S> <C> <C> <C> <C> <C>
SOUTHEAST REGION
Suburban Atlanta
Waterford Center March $ 9.5 79% 1 82,678
PACIFIC REGION
San Francisco Bay Area
Hacienda West January 30.7 96% 2 205,724
Sunnyvale Technology Center January 28.3 100% 5 165,520
CENTRAL REGION
Suburban Dallas
Citymark Tower January 24.0 86% 1 206,475
5000 Quorum March 18.0 99% 1 161,008
--------- ------ ------ ---------
Total/Weighted Average $ 110.5 93% 10 821,405
========= ====== ====== =========
</TABLE>
13
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Lease Rollover Schedule
March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Current YTD Avg. Vacant
Region/Market Square Feet Occupancy Occupancy S.F. 1998 1999 2000 2001
------------- ----------- --------- --------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PACIFIC REGION:
San Francisco Bay Area 4,763,234 97.9% 96.9% 100,382 97,968 299,681 805,351 584,398
Orange County / Los Angeles 1,464,901 94.4% 94.0% 82,000 189,222 151,140 283,807 147,426
Seattle 879,110 99.9% 99.9% 506 130,924 213,303 140,864 33,555
San Diego 448,442 100.0% 100.0% -- -- 2,086 -- 56,441
Sacramento 314,917 93.0% 94.7% 21,911 171,154 17,795 13,280 27,378
Portland 126,180 100.0% 100.0% -- -- -- -- --
MOUNTAIN REGION:
Denver 1,188,510 97.2% 90.3% 33,141 80,946 114,754 38,138 267,364
Phoenix 1,092,503 95.1% 95.0% 53,598 109,741 49,150 55,377 46,330
Salt Lake City 463,242 99.4% 99.4% 2,610 109,414 55,892 -- 89,550
CENTRAL REGION:
Chicago 1,574,905 95.2% 94.8% 75,822 285,544 182,154 278,292 239,692
Dallas 1,333,028 92.0% 91.8% 106,979 185,818 202,166 236,893 169,493
Austin 639,657 90.7% 93.0% 59,352 125,621 22,194 86,158 45,053
SOUTHEAST REGION:
Washington, D.C.
Downtown Properties 2,137,081 92.0% 91.1% 171,360 322,406 169,204 123,713 20,964
Suburban Properties 1,272,853 99.6% 99.6% 4,684 42,328 190,324 78,945 184,642
Atlanta 1,963,781 89.9% 90.2% 198,091 372,016 299,293 339,327 300,624
Florida 441,347 90.5% 91.1% 41,788 36,547 40,314 127,394 81,068
------- ----- ----- ------- ------ ------ ------- ------
Totals 20,103,691 95.3% 94.6% 952,224 2,259,649 2,009,450 2,607,539 2,293,978
========== ===== ===== ======== ========= ========= ========= =========
</TABLE>
2005
&
Region/Market 2002 2003 2004 Thereafter
------------- ---- ---- ---- ----------
PACIFIC REGION:
San Francisco Bay Area 861,331 529,128 239,636 1,245,359
Orange County / Los Angeles 146,327 135,993 129,347 199,639
Seattle 21,283 116,246 2,355 220,074
San Diego -- 180,721 -- 209,194
Sacramento 28,223 34,208 968 --
Portland -- -- -- 126,180
MOUNTAIN REGION:
Denver 123,116 114,281 -- 416,770
Phoenix 116,867 -- 15,888 645,552
Salt Lake City 45,520 101,056 25,600 33,600
CENTRAL REGION:
Chicago 196,594 153,729 16,899 146,179
Dallas 146,898 117,010 103,024 64,747
Austin 146,634 10,468 108,333 35,844
SOUTHEAST REGION:
Washington, D.C.
Downtown Properties 286,323 78,294 482,146 482,671
Suburban Properties 161,275 140,067 93,698 376,890
Atlanta 286,703 89,689 51,901 26,137
Florida 36,257 52,154 3,662 22,163
--------- --------- --------- ---------
Totals 2,603,351 1,853,044 1,273,457 4,250,999
========= ========= ========= =========
14
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
1998 Development Activity
- --------------------------------------------------------------------------------
($ In Thousands)
<TABLE>
<CAPTION>
Property Under Construction @ Construction In Place
March 31, 1998 Square Start Completion Stabilization Dev.
Feet Date Date Date Costs
- ----------------------------------- -------------- ------------ ----------------- ------------------- -----------
<S> <C> <C> <C> <C> <C>
Pacific Region:
San Francisco Bay Area
Oakmead West 223,000 3Q97 3Q98 3Q98 24,012
Oakmead West A-C 203,000 3Q97 2Q98 3Q98 22,021
Valley Research Center 252,000 1Q98 4Q98 3Q99 18,600
Valley Technology Center 350,000 1Q98 4Q98 3Q99 25,079
Suburban Seattle
Redmond Hilltop 48,000 2Q97 4Q97 1Q98 4,241
Willow Creek Corporate Center 279,000 3Q97 2Q98 3Q98 27,418
San Diego
Towne Center Technology Park 182,000 4Q97 3Q98 3Q99 9,492
Mountain Region:
Southeast Denver
Panorama Corporate Center III 137,000 2Q97 3Q98 3Q98 12,293
Panorama Corporate Center V 138,000 1Q98 1Q99 1Q00 2,916
Suburban Salt Lake City
Wasatch 18 50,000 4Q97 2Q98 2Q99 2,559
Wasatch 17 72,000 1Q98 3Q98 4Q98 1,899
Suburban Phoenix
Gateway Plaza 137,000 3Q97 2Q98 2Q99 9,883
Central Region:
Suburban Austin
City View Centre 129,000 1Q97 4Q97 2Q98 15,836
Riata Building 2 62,000 1Q98 1Q99 1Q00 1,127
Riata Building 3 62,000 1Q98 1Q99 1Q00 1,103
Riata Building 4 92,000 3Q97 2Q98 4Q98 9,506
Riata Building 5 92,000 3Q97 2Q98 3Q98 6,642
Riata Building 8 91,000 4Q97 4Q98 1Q99 2,417
Riata Building 9 92,000 4Q97 4Q98 4Q99 2,676
Suburban Dallas
The Commons @ Las Colinas I 229,000 1Q98 2Q99 2Q00 4,466
Royal Ridge A&B 250,000 4Q97 3Q98 2Q99 7,577
Tollway I 178,000 3Q97 3Q98 2Q99 11,272
Tollway II 178,000 3Q97 4Q98 4Q99 9,185
Suburban Chicago
Parkway North 91,000 4Q97 3Q98 3Q99 5,482
Southeast Region:
Suburban Atlanta
Spalding Ridge 128,000 2Q96 2Q97 2Q98 15,020
Embassy Row 76,000 4Q97 3Q98 3Q99 7,997
Metropolitan Washington, DC
Reston Crossing 323,000 4Q97 4Q98 1Q99 14,256
Florida
Peninsula Executive Center 188,000 4Q97 4Q98 4Q99 13,627
---------- -------
Total/Weighted Average 4,332,000 288,602
========== =======
</TABLE>
<PAGE>
Currently
Remaining Estimated Leased or
Property Under Construction @ Costs To Stabilized Committed
March 31, 1998 Complete Return %
- ----------------------------- --------- ---------- ----------
Pacific Region:
San Francisco Bay Area
Oakmead West 11,577 12.8 100
Oakmead West A-C 10,274 12.8 100
Valley Research Center 22,784 11.0 0
Valley Technology Center 30,502 11.7 38
Suburban Seattle
Redmond Hilltop 1,703 12.4 100
Willow Creek Corporate Center 12,901 9.9 95
San Diego
Towne Center Technology Park 15,462 9.7 57
Mountain Region:
Southeast Denver
Panorama Corporate Center III 8,432 9.4 100
Panorama Corporate Center V 14,983 10.0 0
Suburban Salt Lake City
Wasatch 18 2,964 10.4 24
Wasatch 17 6,117 10.1 0
Suburban Phoenix
Gateway Plaza 8,106 10.3 5
Central Region:
Suburban Austin
City View Centre 1,938 11.4 100
Riata Building 2 6,817 10.1 0
Riata Building 3 6,844 10.1 0
Riata Building 4 1,340 10.5 92
Riata Building 5 4,343 11.9 76
Riata Building 8 8,768 12.4 100
Riata Building 9 8,781 10.5 0
Suburban Dallas
The Commons @ Las Colinas I 30,917 10.1 0
Royal Ridge A&B 17,733 10.6 82
Tollway I 15,228 10.6 77
Tollway II 16,250 10.8 0
Suburban Chicago
Parkway North 8,843 11.4 69
Southeast Region:
Suburban Atlanta
Spalding Ridge 615 10.2 94
Embassy Row 6,038 11.9 100
Metropolitan Washington, DC
Reston Crossing 29,779 11.5 0
Florida
Peninsula Executive Center 21,286 9.6 78
------- ----- ----
Total/Weighted Average 331,325 10.9 52%
======= ===== ====
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Land Held For Future Development Summary
As of March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Owned or Controlled
Land
----------------------------
Buildable
Square
Region/Property Market Acres Footage
- --------------------------------------------- ------------------------- --------- -----------
<S> <C> <C> <C>
Pacific Region:
CarrAmerica Corporate Center San Francisco Bay Area 2 154,000
Willow Creek Corporate Center Suburban Seattle 3 50,000
Pacific Corporate Plaza Orange County/Los Angeles 6 123,000
Canyon Park Commons Suburban Seattle 11 236,000
Sunset Corporate Park Suburban Portland 30 444,000
LaJolla Spectrum Technology Park San Diego 14 157,000
---- ---------
Subtotal 66 1,164,000
Mountain Region:
Panorama Corporate Center IV, VI, VII Southeast Denver 21 325,000
Gateway Plaza Suburban Phoenix 3 137,000
Sorenson Research Park Suburban Salt Lake City 8 122,000
Marriott Tract Southeast Denver 5 128,000
DMB Site Suburban Phoenix 5 230,000
---- ---------
Subtotal 42 942,000
Central Region:
Braker Pointe Austin, Texas 22 750,000
Riata Austin, Texas 17 246,000
Parkway North Suburban Chicago 25 626,000
Cedar Maple Plaza Suburban Dallas 1 38,000
Tollway Plaza III Suburban Dallas 4 134,000
The Commons at Las Colinas Suburban Dallas 12 326,000
---- ---------
Subtotal 81 2,120,000
Southeast Region:
Embassy Row Suburban Atlanta 7 100,000
Peninsula Corporate Center Boca Raton 26 388,000
Rocky Point Plaza Tampa 7 202,000
1201 F Street Downtown Washington, DC 1 227,000
Preston Ridge Suburban Atlanta 14 96,000
---- ---------
Subtotal 55 1,013,000
---- ---------
Total 244 5,239,000
==== =========
</TABLE>
16
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