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Previous: FIRST TRUST COMBINED SERIES 171, 497J, 1998-11-05 |
Next: MASTERWORKS FUNDS INC, DEFA14A, 1998-11-05 |
================================================================================
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): November 5, 1998
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.)
1850 K Street, N.W., Washington, D.C. 20006
-------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (202) 729-7500
================================================================================
<PAGE>
FORM 8-K
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 November 5, 1998.
ITEM 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit
Number
------
99.1 Press Release, November 5, 1998, entitled "Supplemental
Data".
<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: November 5, 1998
CARRMERICA REALTY CORPORATION
By: /s/ Brian K. Fields
---------------------------
Brian K. Fields
Chief Financial Officer
<PAGE>
EXHIBIT INDEX
Exhibit
Number
- ------
99.1 Press Release, November 5, 1998, entitled "Supplemental Data".
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------
(In thousands)
September 30, December 31,
1998 1997
------------- ------------
(Unaudited)
<S> <C> <C>
Assets
Rental Property $2,856,816 $2,397,023
Less - accumulated depreciation (239,500) (184,266)
----------- ----------
Net rental property 2,617,316 2,212,757
Land held for future development 113,403 81,647
Construction-in-progress 398,454 210,829
Cash and cash equivalents - unrestricted 41,557 23,845
Cash and cash equivalents - restricted 94,063 18,049
Accrued straight-line rents 36,937 33,212
Other assets - net 431,895 163,721
----------- ----------
$3,733,625 $2,744,060
=========== ==========
Liabilities and Stockholders' Equity
Liabilities:
Revolving lines of credit 547,500 159,500
Senior unsecured notes 475,000 275,000
Mortgages payable 579,883 594,446
Accounts payable and accrued expenses 156,397 87,462
----------- ----------
1,758,780 1,116,408
----------- ----------
Minority interest 93,507 74,955
Stockholders' equity:
Preferred stock 95 96
Common stock 717 600
Additional paid in capital 1,965,434 1,629,214
Foreign currency translation adjustment 1,472 --
Cumulative dividends paid in excess of net income (86,380) (77,213)
----------- ----------
1,881,338 1,552,697
---------- ----------
$3,733,625 $2,744,060
=========== ==========
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
(Unaudited and in thousands, except per common share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- ---------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Rental income (1) $13,657 87,855 320,950 231,832
Other real estate operating revenue:
Real estate service income 4,471 3,575 10,985 11,512
Executive suites revenue 46,860 5,000 97,169 5,000
Gain on sale of assets 6,844 -- 33,030 353
Interest and other income 2,676 824 7,451 1,980
------- ------- -------- --------
Total operating revenue 174,508 97,254 469,585 250,677
------- ------- -------- --------
Operating expenses:
Property operating expenses:
Operating expenses 30,033 23,653 78,223 60,664
Real estate taxes 9,897 7,876 28,858 21,256
Interest expense 19,560 14,275 54,137 37,266
Executive suites operating expenses 38,563 4,124 82,004 4,124
General and administrative 8,379 5,445 22,841 15,777
Depreciation and amortization 28,523 20,378 78,402 54,561
------- ------- -------- --------
Total operating expenses 34,955 75,751 344,465 193,648
------- ------- -------- --------
Net operating income before income taxes,
minority interest and extraordinary item 39,553 21,503 125,120 57,029
Income taxes (574) -- (574) --
------- ------- -------- --------
Net operating income before minority interest
and extraordinary item 38,979 21,503 124,546 57,029
Minority interest (2,598) (2,022) (13,549) (5,758)
------- ------- -------- --------
Income before extraordinary item 36,381 19,481 110,997 51,271
Extraordinary item - loss on early extinguishment
of debt -- (608) -- (608)
------- ------- -------- --------
Net income $36,381 18,873 110,997 50,663
======= ======= ======== ========
Basic net income per common share:
Income before extraordinary item $ 0.38 0.29 1.25 0.88
Extraordinary item - loss on
early extinguishment of debt -- (0.01) -- (0.01)
------- ------- -------- --------
Basic net income per common share $ 0.38 0.28 1.25 0.87
======= ======= ======== ========
Diluted net income per share:
Income before extraordinary item $ 0.37 0.29 1.25 0.87
Extraordinary item - loss on
early extinguishment of debt -- (0.01) -- (0.01)
------- ------- ----------- --------
Diluted net income per share $ 0.37 0.28 1.25 0.86
======= ======= =========== ========
</TABLE>
NOTES:
(1) Rental income includes $3,508 and $3,390 of straight-line rents for the
three month periods ended September 30, 1998 and 1997, respectively,
and $10,754 and $7,177 of straight-line rents for the nine month
periods ended September 30, 1998 and 1997, respectively.
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Same Store Operating Property Results
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
(In thousands)
Three Months Ended Nine Months Ended
September 30, % Change September 30, % Change
------------------------- ---------- ------------------------- -----------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Real Estate Operating Revenue $ 79,905 76,728 4.1% $188,013 181,108 3.8%
Real Estate Operating Expenses (28,503) (27,884) 2.2% (65,472) (64,180) 2.0%
-------- -------- --------- --------
Total Real Estate
Operating Income $ 51,402 48,844 5.2% $122,541 116,928 4.8%
======== ======== ======== ========
YTD Average Occupancy 96.5% 95.2% 96.0% 96.5%
======== ======== ======== ========
Same Store Square Footage 15,486 11,704
======== ========
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Statements of EBITDA
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
(In thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- --------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Rental Income ...................... $113,657 87,855 320,950 231,832
Other real estate operating revenue:
Real estate service income ....... 4,471 3,575 10,985 11,512
Executive suites revenue ......... 46,860 5,000 97,169 5,000
Other income (1) ................... 2,676 824 7,451 1,980
-------- -------- -------- --------
Total revenue ................ 167,664 97,254 436,555 250,324
-------- -------- -------- --------
Operating expenses:
Property operating expenses
Operating expenses ............... 30,033 23,653 78,223 60,664
Real estate taxes ................ 9,897 7,876 28,858 21,256
Executive suites operating expenses 38,563 4,124 82,004 4,124
General and administrative ......... 8,379 5,445 22,841 15,777
-------- -------- -------- --------
Total operating expenses ..... 86,872 41,098 211,926 101,821
-------- -------- -------- --------
EBITDA ................................. $ 80,792 56,156 224,629 148,503
======== ======== ======== ========
</TABLE>
Notes:
(1) Excludes gains on sale of assets.
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Financial Ratios
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
Financial Position Ratios: September 30, December 31,
1998 1997
------------------ ------------------
<S> <C> <C>
Total Debt / Total Capitalization (Book Value) 45.2% 38.7%
Total Debt / Total Capitalization (Market) 42.4% 29.0%
</TABLE>
<TABLE>
<CAPTION>
Operating Ratios: Three Months Ended Nine Months Ended
September 30, September 30,
----------------------------- ------------------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Secured EBITDA / Total EBITDA 34.4% 40.7% 36.4% 43.4%
Interest Coverage (1)
With capitalized interest 4.13X 3.93X 4.15X 3.98X
Without capitalized interest 2.85X 3.17X 2.97X 3.29X
Fixed charge coverage
With capitalized interest 2.56X 3.60X 2.50X 3.67X
Without capitalized interest 2.00X 2.95X 2.02X 3.07X
Diluted FFO Payout Ratio (2) 68.2% 74.2% 70.9% 76.3%
G & A as a % of Revenue (3) 6.9% 5.9% 6.7% 6.4%
</TABLE>
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 and gains on sales of assets.
<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, 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 and
nine month periods ended September 30, 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.
(in thousands)
<TABLE>
<CAPTION>
CarrAmerica Realty
Corporation Series
CarrAmerica Realty A Convertible Dividend Paying Non-Dividend
Corporation Common Preferred Shares Units Paying Units
Shares Outstanding Outstanding (a) Outstanding (b) Outstanding (b)
-------------------- -------------------- ------------------ --------------------
<S> <C> <C> <C> <C>
Outstanding as of:
September 30, 1998 71,732 680 6,005 540
December 31, 1997 59,994 780 5,699 540
====== ===== ===== ===
Weighted average for the three
months ended September 30:
1998 71,665 741 6,012 540
1997 57,834 1,041 5,460 540
====== ===== ===== ===
Weighted average for the nine
months ended September 30:
1998 67,504 767 5,988 540
1997 53,689 1,505 5,279 540
====== ===== ===== ===
</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
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Debt Capitalization Summary
September 30, 1998
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
($ In thousands)
SECURED INDEBTEDNESS:
Property Interest Rate Principal Balance Maturity Date
-------- ------------- ----------------- -------------
<S> <C> <C> <C>
2600 W. Olive 7.52% $ 19,216 12/1/98
1775 Pennsylvania Avenue 7.50 6,159 2/1/99
South Coast Executive Center 9.01 10,153 5/31/99
Quorum Place 6.99 7,611 11/15/00
Warner Center 7.40 26,000 12/1/00
Presidential Circle 7.14 23,086 3/1/01
Bannockburn I & II 9.52 19,776 8/31/01
Quorum North 8.27 6,589 12/10/01
Valley Business Park }
Valley Office Centre }
Valley Centre II } 8.25 42,625 12/10/01
Rincon Centre }
Bayshore Centre }
Sunnyvale Technology Center }
Citymark Tower } 8.90 35,893 6/1/02
Hacienda West }
1255 23rd Street }
International Square }
1850 K Street } 7.75 39,626 2/1/03
1825 Eye Street } 8.80 92,760 2/1/03
1875 Eye Street }
1730 Pennsylvania Avenue }
International Square Land 7.55 39,622 2/1/03
International Square Land 8.00 9,911 2/1/03
Parkway North I 7.96 29,250 12/1/03
Canyon Park Commons 9.13 5,665 12/1/04
US West 7.92 54,374 12/1/05
Redmond East 8.38 27,443 1/1/06
Century Springs West }
Glenridge }
Crestwood } 7.20 20,967 1/1/06
Lakewood }
Parkwood }
Wateridge Pavilion 8.25 3,494 11/1/06
Wasatch Corporate Center 8.15 12,700 1/2/07
Palomar Oaks 8.55 10,119 4/1/09
Sorenson Research Park 7.75 2,648 7/1/11
995 Benecia Avenue 8.50 921 8/1/11
Sorenson Research Park 8.88 1,655 5/1/17
1747 Pennsylvania Avenue 9.50 15,145 7/10/17
900 19th Street 8.25 16,475 7/15/19
---- ---------
Total 8.19% $ 579,883
==== =========
</TABLE>
<TABLE>
<CAPTION>
UNSECURED INDEBTEDNESS: Interest Rate Outstanding Maturity
------------- ----------- --------
<S> <C> <C> <C>
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 - CarrAmerica
Realty Corporation LIBOR + 90 bps 448,000 8/26/01
Unsecured Line of Credit - OmniOffices, Inc. LIBOR + 90 bps 99,500 8/26/01
----------
$1,022,500
==========
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
September 30, 1998
- --------------------------------------------------------------------------------
The following table sets forth certain information about each operating property
owned by the Company as of September 30, 1998:
<TABLE>
<CAPTION>
Company's Net %
Effective Rentable of Total
Property Area Percent # of Square
Property Ownership (square feet)(1) Leased(2) Buildings Footage
- -------- --------- ---------------- --------- --------- -------
<S> <C> <C> <C> <C> <C>
Consolidated Properties
- -----------------------
SOUTHEAST REGION
Downtown Washington, D.C.:
International Square 100.0% 1,014,537 93.4% 3
1730 Pennsylvania Avenue 100.0 229,292 99.3 1
2550 M Street 100.0 187,931 97.4 1
1775 Pennsylvania Avenue (3) 100.0 143,981 99.1 1
900 19th Street 100.0 100,907 100.0 1
1747 Pennsylvania Avenue 89.7 (4) 151,864 94.4 1
1255 23rd Street 75.0 (5) 305,237 92.5 1
Suburban Washington, D.C.:
One Rock Spring Plaza (3) 100.0 205,298 100.0 1
Tycon Courthouse 100.0 416,195 99.2 1
Three Ballston Plaza 100.0 302,875 100.0 1
Sunrise Corporate Center 100.0 260,253 100.0 3
Parkway One 100.0 87,842 100.0 1
Suburban Atlanta:
Veridian 100.0 190,781 85.5 22
Glenridge 100.0 64,052 76.3 1
Century Springs West 100.0 94,893 98.0 1
Holcomb Place 100.0 72,823 96.7 1
DeKalb Tech 100.0 163,159 81.2 5
Midori 100.0 99,900 100.0 1
Crestwood 100.0 88,186 92.0 1
Parkwood 100.0 151,296 64.8 1
Lakewood 100.0 80,338 95.3 1
The Summit 100.0 179,085 100.0 1
Triangle Parkway 100.0 82,102 100.0 3
2400 Lake Park 100.0 100,491 93.1 1
680 Engineering Drive 100.0 62,154 100.0 1
Embassy Row 100.0 465,858 94.7 3
Waterford Center 100.0 82,161 85.1 1
Spalding Ridge 100.0 128,233 92.3 1
Boca Raton:
Peninsula Plaza 100.0 160,081 92.6 1
Presidential Circle 100.0 279,227 84.3 1
---------- ----- --
Southeast Region Subtotal 5,951,032 93.9 63 27.3%
PACIFIC REGION
Southern California,
Orange County/Los Angeles:
Scenic Business Park 100.0 139,012 100.0 4
Harbor Corporate Park 100.0 148,598 95.4 4
Plaza PacifiCare 100.0 104,377 100.0 1
Katella Corporate Center 100.0 79,917 97.4 1
Warner Center 100.0 342,866 89.3 12
South Coast Executive Center 100.0 161,310 92.9 2
Warner Premier 100.0 61,553 100.0 1
Westlake Corporate Center 100.0 72,282 89.1 2
Von Karman 100.0 103,713 100.0 1
2600 W. Olive 100.0 145,474 95.7 1
Bay Technology Center 100.0 107,481 100.0 2
Alton Deere Plaza 100.0 181,196 99.5 6
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
September 30, 1998
- -------------------------------------------------------------------------------------------------------------
Company's Net %
Effective Rentable of Total
Property Area Percent # of Square
Property Ownership (square feet)(1) Leased(2) Buildings Footage
- -------- --------- ---------------- --------- --------- --------
<S> <C> <C> <C> <C> <C>
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
Towne Center Technology Park II 100.0 62,367 100.0 1
Palomar Oaks Technology Park 100.0 170,358 100.0 6
Century Park II 100.0 198,306 100.0 3
Northern California,
San Francisco Bay Area:
CarrAmerica Corporate Center 100.0 994,930 100.0 6
Sunnyvale Research Plaza 100.0 126,000 100.0 3
Rio Robles 100.0 368,178 100.0 7
Valley Business Park II 100.0 166,928 100.0 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 97.2 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 100.0 134,611 100.0 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 100.0 141,404 97.2 2
900-910 East Hamilton 100.0 351,811 100.0 2
Hacienda West 100.0 205,724 95.6 2
Sunnyvale Technology Centre 100.0 165,520 100.0 5
Baytech Business Park 100.0 300,000 100.0 4
Golden Gateway Commons 100.0 269,405 100.0 3
Techmart Commerce Center 100.0 259,596 98.7 1
995 Benecia Avenue 100.0 36,344 100.0 1
Oakmead West A-C 100.0 202,655 100.0 3
Santa Clara Technology Park 100.0 178,132 100.0 3
Northern California,
Sacramento:
1860 Howe Avenue 100.0 98,992 87.6 1
University Office Park 100.0 122,288 86.8 2
Capital Corporate Center 100.0 94,561 94.5 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 100.0 397,948 94.5 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
Willow Creek Corporate Center 100.0 208,656 100.0 4
Redmond Hilltop B & C 100.0 90,880 100.0 2
--------- ----- ---
Pacific Region Subtotal 9,665,118 98.5 166 44.3%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
September 30, 1998
- ----------------------------------------------------------------------------------------------------------------
Company's Net %
Effective Rentable of Total
Property Area Percent # of Square
Property Ownership (square feet)(1) Leased(2) Buildings Footage
- -------- --------- ---------------- --------- --------- -------
<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 77.6 1
Park North 100.0 132,744 93.4 2
City View Centre 100.0 136,183 100.0 3
Riata 4 100.0 91,538 93.6 1
Tower of the Hills 100.0 166,099 98.1 2
Suburban Chicago:
Parkway North 100.0 507,839 99.9 2
Unisys 100.0 359,633 93.0 2
The Crossings 100.0 296,624 98.7 2
Bannockburn I & II 100.0 209,860 100.0 2
Bannockburn IV 100.0 108,469 100.0 1
Summit Oaks 100.0 91,626 92.7 1
Dallas, Texas:
Greyhound 100.0 92,890 100.0 1
Search Plaza 100.0 152,790 95.5 1
Quorum North 100.0 115,845 88.2 1
Quorum Place 100.0 179,303 93.9 1
Cedar Maple Plaza 100.0 113,011 96.1 3
Tollhill East & West 100.0 241,337 93.0 2
Two Mission Park 100.0 77,731 90.8 1
Citymark 100.0 207,397 93.5 1
5000 Quorum 100.0 160,122 87.5 1
---------- ----- ---
Central Region Subtotal 3,652,135 95.5 32 16.7%
MOUNTAIN REGION
Southeast Denver:
Harlequin Plaza 100.0 329,070 100.0 2
Quebec Court I & II 100.0 287,294 100.0 2
Greenwood Center 100.0 75,866 97.2 1
Quebec Center 100.0 106,849 90.2 3
Panorama Corporate Center I 100.0 100,881 100.0 1
Panorama II 100.0 100,916 96.7 1
Phoenix, Arizona:
Camelback Lakes 100.0 199,149 99.8 2
Pointe Corridor IV 100.0 178,745 93.6 1
Highland Park 100.0 78,093 76.2 1
The Grove at Black Canyon 100.0 104,187 95.2 1
US West 100.0 532,506 100.0 4
Salt Lake City, Utah:
Sorenson Research Park 100.0 285,144 98.8 5
Wasatch Corporate Center 100.0 178,098 100.0 3
---------- ----- ---
Mountain Region Subtotal 2,556,798 97.9 27 11.7%
---------- ----- --- -----
TOTAL CONSOLIDATED PROPERTIES: 21,825,083 288 100.0%
---------- --- -----
WEIGHTED AVERAGE 96.7%
-----
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
September 30, 1998
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
Company's Net %
Effective Rentable of Total
Property Area Percent # of Square
Property Ownership (square feet)(1) Leased(2) Buildings Footage
- -------- --------- ---------------- --------- --------- -------
Unconsolidated Properties
- -------------------------
Downtown Washington, D.C.:
<S> <C> <C> <C> <C> <C>
1717 Pennsylvania Avenue 50.0%(6) 184,446 100.0% 1
AARP Headquarters 24.0 (7) 477,394 99.9 1
Bond Building 15.0 (8) 162,097 100.0 1
Willard Office/Hotel 5.0 (9) 242,787 98.9 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 99.7%
-----
ALL OPERATING PROPERTIES
- ------------------------
TOTAL: 23,114,796
==========
WEIGHTED AVERAGE 96.8%
=====
</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
September 30, 1998.
(3) The Company owns the improvements on the property and has a leasehold
interest in all 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, through a
subsidiary, 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
venturer.
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
1998 Acquisition Summary
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
($ In Millions)
%
Region/Market Property Month of Purchase Currently # of Square
Acquisition Price Leased Properties Feet
- --------------------------------------- ------------- ------------ ------------ ------------ --------------
SOUTHEAST REGION
Suburban Atlanta
<S> <C> <C> <C> <C> <C>
Waterford Center March $ 8.8 85% 1 82,161
PACIFIC REGION
San Francisco Bay Area
Hacienda West January 30.5 96 2 205,724
Sunnyvale Technology Center January 28.1 100 5 165,520
Golden Gateway Commons May 71.7 100 3 269,405
Techmart Commerce Center May 36.0 99 1 259,596
Santa Clara Technology Park May 21.7 100 3 178,132
995 Benecia Avenue July 6.4 100 1 36,344
Orange County / Los Angeles
Alton Deere Plaza April 23.7 100 6 181,196
San Diego
Palomar Oaks Technology Park July 17.1 100 6 170,358
CENTRAL REGION
Suburban Dallas
Citymark Tower January 22.3 94 1 207,397
5000 Quorum March 17.0 88 1 160,122
------ ----- -- ---------
Total/Weighted Average $283.3 97% 30 1,915,955
====== ===== == =========
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Lease Rollover Schedule
September 30, 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 5,758,633 99.7% 98.9% 18,318 163,054 316,778 907,796 721,142
Orange County / Los Angeles 1,647,779 95.6% 95.8% 72,345 138,209 202,459 327,613 160,401
Seattle 1,135,518 98.1% 98.1% 21,696 100,065 210,075 130,010 37,644
San Diego 681,167 100.0% 100.0% -- 18,787 17,464 -- 173,784
Sacramento 315,841 89.3% 91.9% 33,725 108,460 70,263 14,065 37,459
Portland 126,180 100.0% 100.0% -- -- -- -- --
MOUNTAIN REGION:
Denver 1,000,876 98.4% 94.3% 15,990 28,677 104,314 34,979 303,255
Phoenix 1,092,680 96.8% 95.7% 35,384 53,887 33,152 57,392 58,203
Salt Lake City 463,242 99.2% 99.4% 3,525 1,018 55,892 -- 110,850
CENTRAL REGION:
Chicago 1,574,051 97.7% 96.6% 36,352 86,511 188,130 280,331 239,692
Dallas 1,340,426 93.0% 91.5% 93,411 124,018 200,606 259,708 177,095
Austin 737,658 95.3% 94.3% 34,702 65,681 19,804 74,102 122,527
SOUTHEAST REGION:
Washington, D.C.
Downtown Properties 2,133,749 95.0% 94.4% 106,213 77,117 201,074 126,482 20,964
Suburban Properties 1,272,463 99.7% 99.7% 3,262 10,157 196,625 89,490 188,936
Atlanta 2,105,512 90.7% 90.4% 195,671 164,584 308,837 285,235 356,287
Boca Raton 439,308 87.3% 90.3% 55,577 24,071 39,555 116,286 84,103
---------- ----- ----- ------- --------- --------- --------- ---------
Totals 21,825,083 96.7% 96.1% 726,171 1,164,296 2,165,028 2,703,489 2,792,342
========== ===== ===== ======= ========= ========= ========= =========
</TABLE>
- --------------------------------------------------------------------------------
2005
&
Region / Market 2002 2003 2004 Thereafter
- --------------- ---- ---- ---- ----------
PACIFIC REGION:
San Francisco Bay Area 1,032,554 822,668 368,122 1,408,201
Orange County / Los Angeles 173,155 160,997 129,347 283,253
Seattle 21,283 278,163 2,355 334,227
San Diego 18,850 180,721 62,367 209,194
Sacramento 16,693 34,208 968 --
Portland -- -- -- 126,180
MOUNTAIN REGION:
Denver 138,712 147,266 -- 227,683
Phoenix 119,282 44,207 37,037 654,136
Salt Lake City 81,212 101,056 76,089 33,600
CENTRAL REGION:
Chicago 244,334 335,623 16,899 146,179
Dallas 145,763 172,054 103,024 64,747
Austin 146,634 130,031 108,333 35,844
SOUTHEAST REGION:
Washington, D.C.
Downtown Properties 304,185 211,976 505,515 580,223
Suburban Properties 158,880 151,690 93,698 379,725
Atlanta 306,768 316,160 72,774 99,196
Boca Raton 36,257 57,634 3,662 22,163
--------- --------- --------- ---------
Totals 2,944,562 3,144,454 1,580,190 4,604,551
========= ========= ========= =========
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
1998 Development Activity By Market
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
($ In Thousands)
Construction In Place Remaining Total
Property Under Construction @ Square Start Completion Stabilization Dev. Costs To Projected
September 30, 1998 Feet Date Date Date Costs Complete Investment
- --------------------------------- ------- ----- ------------ -------------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
San Francisco Bay Area
Oakmead West D 51,000 3Q97 3Q98 4Q98 $7,127 $ 558 $ 7,685
Oakmead West E 64,000 3Q97 3Q98 4Q98 8,831 758 9,589
Oakmead West F 45,000 3Q97 3Q98 4Q98 6,197 480 6,677
Oakmead West G 64,000 3Q97 3Q98 4Q98 8,831 760 9,591
Clarify Corporate Center A 65,000 1Q98 4Q98 4Q99 7,031 3,831 10,862
Clarify Corporate Center B 65,000 1Q98 4Q98 4Q99 7,031 3,315 10,346
Clarify Corporate Center C 65,000 1Q98 4Q98 4Q99 7,031 3,295 10,326
Clarify Corporate Center D 65,000 1Q98 4Q98 4Q99 7,030 3,296 10,326
Valley Technology Center 1 66,000 1Q98 4Q98 4Q99 7,130 3,737 10,867
Valley Technology Center 2 66,000 1Q98 4Q98 4Q99 7,159 3,861 11,020
Valley Technology Center 3 85,000 1Q98 4Q98 4Q99 8,964 5,314 14,278
Valley Technology Center 4 66,000 1Q98 4Q98 1Q99 7,457 2,698 10,155
Valley Technology Center 5 66,000 1Q98 4Q98 1Q99 7,458 2,697 10,155
Freemont Technology Park A 41,000 3Q98 4Q98 4Q99 4,644 1,009 5,653
Freemont Technology Park B 44,000 3Q98 4Q98 4Q99 4,644 1,521 6,165
Freemont Technology Park C 54,000 3Q98 4Q98 2Q99 4,644 2,881 7,525
------- ------- ------- --------
San Francisco Bay Area 972,000 111,209 40,011 151,220
Subtotal
Suburban Seattle
Canyon Park 1 44,000 2Q98 4Q98 4Q99 4,257 2,016 6,273
Canyon Park 2 66,000 2Q98 4Q98 4Q99 5,173 4,218 9,391
Canyon Park - Lot 20 64,000 2Q98 1Q99 1Q00 3,327 5,271 8,598
Willow Creek Corporate Center 3 49,000 3Q97 2Q98 4Q98 6,487 731 7,218
Willow Creek Corporate Center 6 50,000 3Q98 2Q99 2Q00 3,319 5,202 8,521
------- ------- ------- --------
Suburban Seattle Subtotal 273,000 22,563 17,438 40,001
San Diego
Towne Center Technology Park 1 42,000 4Q97 4Q98 4Q99 4,577 1,740 6,317
Towne Center Technology Park 3 78,000 1Q98 4Q98 4Q99 6,301 4,151 10,452
La Jolla Spectrum Technology Park 80,000 3Q98 1Q99 1Q00 4,948 7,586 12,534
------- ------- ------- --------
San Diego Subtotal 200,000 15,826 13,477 29,303
Orange County/Los Angeles
Pacific Park Corporate Plaza 122,000 3Q98 1Q99 1Q00 7,148 10,629 17,777
------- ------- ------- --------
Orange County/Los Angeles 122,000 7,148 10,629 17,777
Subtotal
Portland
Sunset Corporate Park A 44,000 2Q98 4Q98 4Q99 1,690 3,389 5,079
Sunset Corporate Park B 44,000 2Q98 4Q98 4Q99 1,690 3,208 4,898
Sunset Corporate Park C 44,000 2Q98 4Q98 4Q99 1,689 3,201 4,890
Rock Creek Corporate Center 1 66,000 3Q98 2Q99 2Q00 1,259 7,534 8,793
Rock Creek Corporate Center 2 66,000 3Q98 2Q99 2Q00 1,259 7,534 8,793
Rock Creek Corporate Center 3 11,000 3Q98 2Q99 2Q00 198 1,323 1,521
------- ------- ------- --------
Portland Subtotal 275,000 7,785 26,189 33,974
Southeast Denver
Panorama Corporate Center III 137,000 2Q97 2Q98 2Q99 15,007 5,538 20,545
Panorama Corporate Center V 138,000 1Q98 1Q99 1Q00 9,905 7,964 17,869
------- ------- ------- --------
Southeast Denver Subtotal 275,000 24,912 13,502 38,414
Suburban Salt Lake City
Wasatch 18 50,000 4Q97 2Q98 2Q99 4,224 1,238 5,462
Wasatch 17 72,000 1Q98 3Q98 3Q99 4,521 3,533 8,054
Sorenson X 42,000 2Q98 4Q98 4Q99 1,714 3,196 4,910
------- ------- ------- --------
Suburban Salt Lake City 164,000 10,459 7,967 18,426
Subtotal
Suburban Phoenix
Four Gateway 137,000 3Q97 2Q98 2Q99 13,279 4,690 17,969
------- ------- ------- --------
Suburban Phoenix Subtotal 137,000 13,279 4,690 17,969
</TABLE>
<PAGE>
- -------------------------------------------------------------------
($ In Thousands)
Estimated % Currently
Property Under Construction @ Stabilized Leased or
September 30, 1998 Return Committed
- --------------------------------- ----------- -----------
San Francisco Bay Area
Oakmead West D 13.6% 100%
Oakmead West E 13.6 100
Oakmead West F 13.7 100
Oakmead West G 13.6 100
Clarify Corporate Center A 13.3 100
Clarify Corporate Center B 13.6 100
Clarify Corporate Center C 13.7 100
Clarify Corporate Center D 13.8 100
Valley Technology Center 1 11.2 0
Valley Technology Center 2 11.1 0
Valley Technology Center 3 10.9 0
Valley Technology Center 4 13.3 100
Valley Technology Center 5 13.3 100
Freemont Technology Park A 10.9 0
Freemont Technology Park B 10.8 0
Freemont Technology Park C 11.3 100
---- ---
San Francisco Bay Area 12.6 69
Subtotal
Suburban Seattle
Canyon Park 1 10.5 100
Canyon Park 2 10.6 100
Canyon Park - Lot 20 10.4 0
Willow Creek Corporate Center 3 10.6 100
Willow Creek Corporate Center 6 8.5 0
---- ---
Suburban Seattle Subtotal 10.1 58
San Diego
Towne Center Technology Park 1 10.8 100
Towne Center Technology Park 3 10.0 100
La Jolla Spectrum Technology Park 9.6 0
---- ---
San Diego Subtotal 10.0 60
Orange County/Los Angeles
Pacific Park Corporate Plaza 9.9 0
---- ---
Orange County/Los Angeles 9.9 0
Subtotal
Portland
Sunset Corporate Park A 10.2 0
Sunset Corporate Park B 10.6 0
Sunset Corporate Park C 10.6 0
Rock Creek Corporate Center 1 10.6 0
Rock Creek Corporate Center 2 10.6 0
Rock Creek Corporate Center 3 9.9 0
---- ---
Portland Subtotal 10.5 0
Southeast Denver
Panorama Corporate Center III 9.6 100
Panorama Corporate Center V 10.6 64
---- ---
Southeast Denver Subtotal 10.1 82
Suburban Salt Lake City
Wasatch 18 10.6 62
Wasatch 17 10.1 0
Sorenson X 10.1 0
---- ---
Suburban Salt Lake City 10.2 19
Subtotal
Suburban Phoenix
Four Gateway 10.2 17
---- ---
Suburban Phoenix Subtotal 10.2 17
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
1998 Development Activity By Market
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
($ In Thousands)
Construction In Place Remaining Total
Property Under Construction @ Square Start Completion Stabilization Dev. Costs To Projected
September 30, 1998 Feet Date Date Date Costs Complete Investment
- ------------------------------- ---------- ----- ------------ -------------- --------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Suburban Austin
City View Centre 129,000 1Q97 4Q97 4Q98 $16,553 $ 475 $17,028
Riata Building 2 62,000 1Q98 1Q99 1Q00 2,762 5,157 7,919
Riata Building 3 62,000 1Q98 1Q99 1Q00 2,729 5,300 8,029
Riata Building 5 92,000 3Q97 2Q98 4Q98 10,305 767 11,072
Riata Building 8 91,000 4Q97 4Q98 4Q98 10,740 197 10,937
Riata Building 9 92,000 4Q97 4Q98 4Q99 8,453 2,643 11,096
Riata Crossing 1-3 266,000 3Q98 3Q99 1Q00 4,899 24,200 29,099
--------- -------- -------- --------
Suburban Austin Subtotal 794,000 56,441 38,739 95,180
Suburban Dallas
The Commons @ Las Colinas I 222,000 2Q98 2Q99 1Q00 12,411 21,888 34,299
The Commons @ Las Colinas 3 151,000 3Q98 3Q99 1Q00 5,247 22,390 27,637
Royal Ridge A 100,000 4Q97 2Q98 2Q99 7,423 2,234 9,657
Royal Ridge B 148,000 4Q97 4Q98 2Q99 9,998 4,868 14,866
Tollway I 178,000 3Q97 3Q98 2Q99 17,167 9,007 26,174
Tollway II 178,000 3Q97 4Q98 4Q99 14,101 11,086 25,187
--------- -------- -------- --------
Suburban Dallas Subtotal 977,000 66,347 71,473 137,820
Suburban Chicago
Six Parkway North 91,000 4Q97 3Q98 3Q99 12,508 2,121 14,629
Four Parkway North 162,000 2Q98 2Q99 2Q00 4,674 23,331 28,005
--------- -------- -------- --------
Suburban Chicago Subtotal 253,000 17,182 25,452 42,634
Suburban Atlanta
Embassy Row 500 76,000 4Q97 3Q98 4Q98 11,858 1,847 13,705
Embassy Row 100 115,000 3Q98 3Q99 4Q99 3,809 16,944 20,753
--------- -------- -------- --------
Suburban Atlanta Subtotal 191,000 15,667 18,791 34,458
Metropolitan Washington DC
Reston Crossing East 176,000 4Q97 4Q98 4Q99 15,088 9,622 24,710
Reston Crossing West 152,000 4Q97 4Q98 4Q99 12,686 7,670 20,356
1201 F Street 227,000 3Q98 2Q00 2Q01 19,729 52,099 71,828
--------- -------- -------- --------
Metropolitan Washington DC 555,000 47,503 69,391 116,894
Subtotal
Boca Raton
Peninsula Executive Center 1 101,000 4Q97 4Q98 1Q99 13,357 5,857 19,214
Peninsula Executive Center 2 87,000 4Q97 4Q98 4Q99 11,998 4,798 16,796
--------- -------- -------- --------
Boca Raton Subtotal 188,000 25,355 10,655 36,010
--------- -------- -------- --------
Total/Weighted Average 5,376,000 $441,676 $368,404 $810,080
--------- -------- -------- --------
Less: Placed In Service (371,000) (43,222) -- (43,222)
--------- -------- -------- --------
5,005,000 $398,454 $368,404 $766,858
========= ======== ======== ========
</TABLE>
<PAGE>
- ------------------------------------------------------------------------
($ In Thousands)
Estimated % Currently
Property Under Construction @ Stabilized Leased or
September 30, 1998 Return Committed
- ------------------------------- ----------- -----------
Suburban Austin
City View Centre 11.9% 100%
Riata Building 2 10.2 0
Riata Building 3 10.0 0
Riata Building 5 11.8 95
Riata Building 8 12.7 100
Riata Building 9 11.5 72
Riata Crossing 1-3 10.6 100
---- ---
Suburban Austin Subtotal 11.2 81
Suburban Dallas
The Commons @ Las Colinas I 10.1 100
The Commons @ Las Colinas 3 10.2 100
Royal Ridge A 10.9 55
Royal Ridge B 11.9 100
Tollway I 10.9 85
Tollway II 11.7 14
---- ---
Suburban Dallas Subtotal 10.8 77
Suburban Chicago
Six Parkway North 11.2 69
Four Parkway North 10.5 0
---- ---
Suburban Chicago Subtotal 10.8 25
Suburban Atlanta
Embassy Row 500 12.1 100
Embassy Row 100 9.8 100
---- ---
Suburban Atlanta Subtotal 10.7 100
Metropolitan Washington DC
Reston Crossing East 14.0 100
Reston Crossing West 14.7 100
1201 F Street 9.5 0
---- ---
Metropolitan Washington DC 11.4 59
Subtotal
Boca Raton
Peninsula Executive Center 1 11.4 100
Peninsula Executive Center 2 9.4 52
---- ---
Boca Raton Subtotal 10.5 78
---- ---
Total/Weighted Average 11.1% 62%
---- ---
Less: Placed In Service
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
1998 Development Activity By Construction Completion Date
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
($ In Thousands)
Construction In Place Remaining Total
Property Under Construction @ Square Start Completion Stabilization Dev. Costs To Projected
September 30, 1998 Feet Date Date Date Costs Complete Investment
- --------------------------------- ---------- ----- ------------ -------------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
City View Centre 129,000 1Q97 4Q97 4Q98 $ 16,553 $ 475 $ 17,028
--------- -------- -------- --------
Subtotal 1997 129,000 16,553 475 17,028
Willow Creek Corporate Center 3 49,000 3Q97 2Q98 4Q98 6,487 731 7,218
Panorama Corporate Center III 137,000 2Q97 2Q98 2Q99 15,007 5,538 20,545
Wasatch 18 50,000 4Q97 2Q98 2Q99 4,224 1,238 5,462
Four Gateway 137,000 3Q97 2Q98 2Q99 13,279 4,690 17,969
Riata Building 5 92,000 3Q97 2Q98 4Q98 10,305 767 11,072
Royal Ridge A 100,000 4Q97 2Q98 2Q99 7,423 2,234 9,657
Oakmead West D 51,000 3Q97 3Q98 4Q98 7,127 558 7,685
Oakmead West E 64,000 3Q97 3Q98 4Q98 8,831 758 9,589
Oakmead West F 45,000 3Q97 3Q98 4Q98 6,197 480 6,677
Oakmead West G 64,000 3Q97 3Q98 4Q98 8,831 760 9,591
Wasatch 17 72,000 1Q98 3Q98 3Q99 4,521 3,533 8,054
Tollway I 178,000 3Q97 3Q98 2Q99 17,167 9,007 26,174
Six Parkway North 91,000 4Q97 3Q98 3Q99 12,508 2,121 14,629
Embassy Row 500 76,000 4Q97 3Q98 4Q98 11,858 1,847 13,705
Clarify Corporate Center A 65,000 1Q98 4Q98 4Q99 7,031 3,831 10,862
Clarify Corporate Center B 65,000 1Q98 4Q98 4Q99 7,031 3,315 10,346
Clarify Corporate Center C 65,000 1Q98 4Q98 4Q99 7,031 3,295 10,326
Clarify Corporate Center D 65,000 1Q98 4Q98 4Q99 7,030 3,296 10,326
Valley Technology Center 1 66,000 1Q98 4Q98 4Q99 7,130 3,737 10,867
Valley Technology Center 2 66,000 1Q98 4Q98 4Q99 7,159 3,861 11,020
Valley Technology Center 3 85,000 1Q98 4Q98 4Q99 8,964 5,314 14,278
Valley Technology Center 4 66,000 1Q98 4Q98 1Q99 7,457 2,698 10,155
Valley Technology Center 5 66,000 1Q98 4Q98 1Q99 7,458 2,697 10,155
Freemont Technology Park A 41,000 3Q98 4Q98 4Q99 4,644 1,009 5,653
Freemont Technology Park B 44,000 3Q98 4Q98 4Q99 4,644 1,521 6,165
Freemont Technology Park C 54,000 3Q98 4Q98 2Q99 4,644 2,881 7,525
Canyon Park 1 44,000 2Q98 4Q98 4Q99 4,257 2,016 6,273
Canyon Park 2 66,000 2Q98 4Q98 4Q99 5,173 4,218 9,391
Towne Center Technology Park 1 42,000 4Q97 4Q98 4Q99 4,577 1,740 6,317
Towne Center Technology Park 3 78,000 1Q98 4Q98 4Q99 6,301 4,151 10,452
Sunset Corporate Park A 44,000 2Q98 4Q98 4Q99 1,690 3,389 5,079
Sunset Corporate Park B 44,000 2Q98 4Q98 4Q99 1,690 3,208 4,898
Sunset Corporate Park C 44,000 2Q98 4Q98 4Q99 1,689 3,201 4,890
Sorenson X 42,000 2Q98 4Q98 4Q99 1,714 3,196 4,910
Riata Building 8 91,000 4Q97 4Q98 4Q98 10,740 197 10,937
Riata Building 9 92,000 4Q97 4Q98 4Q99 8,453 2,643 11,096
Royal Ridge B 148,000 4Q97 4Q98 2Q99 9,998 4,868 14,866
Tollway II 178,000 3Q97 4Q98 4Q99 14,101 11,086 25,187
Reston Crossing East 176,000 4Q97 4Q98 4Q99 15,088 9,622 24,710
Reston Crossing West 152,000 4Q97 4Q98 4Q99 12,686 7,670 20,356
Peninsula Executive Center 1 101,000 4Q97 4Q98 1Q99 13,357 5,857 19,214
Peninsula Executive Center 2 87,000 4Q97 4Q98 4Q99 11,998 4,798 16,796
--------- ------- -------- --------
Subtotal 1998 3,383,000 337,500 143,577 481,077
</TABLE>
<PAGE>
- -----------------------------------------------------------------
($ In Thousands)
Estimated % Currently
Property Under Construction @ Stabilized Leased or
September 30, 1998 Return Committed
- --------------------------------- ----------- -----------
City View Centre 11.9% 100%
---- ---
Subtotal 1997 11.9 100
Willow Creek Corporate Center 3 10.6 100
Panorama Corporate Center III 9.6 100
Wasatch 18 10.6 62
Four Gateway 10.2 17
Riata Building 5 11.8 95
Royal Ridge A 10.9 55
Oakmead West D 13.6 100
Oakmead West E 13.6 100
Oakmead West F 13.7 100
Oakmead West G 13.6 100
Wasatch 17 10.1 0
Tollway I 10.9 85
Six Parkway North 11.2 69
Embassy Row 500 12.1 100
Clarify Corporate Center A 13.3 100
Clarify Corporate Center B 13.6 100
Clarify Corporate Center C 13.7 100
Clarify Corporate Center D 13.8 100
Valley Technology Center 1 11.2 0
Valley Technology Center 2 11.1 0
Valley Technology Center 3 10.9 0
Valley Technology Center 4 13.3 100
Valley Technology Center 5 13.3 100
Freemont Technology Park A 10.9 0
Freemont Technology Park B 10.8 0
Freemont Technology Park C 11.3 100
Canyon Park 1 10.5 100
Canyon Park 2 10.6 100
Towne Center Technology Park 1 10.8 100
Towne Center Technology Park 3 10.0 100
Sunset Corporate Park A 10.2 0
Sunset Corporate Park B 10.6 0
Sunset Corporate Park C 10.6 0
Sorenson X 10.1 0
Riata Building 8 12.7 100
Riata Building 9 11.5 72
Royal Ridge B 11.9 100
Tollway II 11.7 14
Reston Crossing East 14.0 100
Reston Crossing West 14.7 100
Peninsula Executive Center 1 11.4 100
Peninsula Executive Center 2 9.4 52
---- ---
Subtotal 1998 11.8 70
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
1998 Development Activity By Construction Completion Date
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
($ In Thousands)
Construction In Place Remaining Total
Property Under Construction @ Square Start Completion Stabilization Dev. Costs To Projected
September 30, 1998 Feet Date Date Date Costs Complete Investment
- --------------------------------- --------- ----- ------------ ------------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Canyon Park - Lot 20 64,000 2Q98 1Q99 1Q00 $3,327 $5,271 $8,598
La Jolla Spectrum Technology 80,000 3Q98 1Q99 1Q00 4,948 7,586 12,534
Park
Pacific Park Corporate Plaza 122,000 3Q98 1Q99 1Q00 7,148 10,629 17,777
Panorama Corporate Center V 138,000 1Q98 1Q99 1Q00 9,905 7,964 17,869
Riata Building 2 62,000 1Q98 1Q99 1Q00 2,762 5,157 7,919
Riata Building 3 62,000 1Q98 1Q99 1Q00 2,729 5,300 8,029
Willow Creek Corporate 50,000 3Q98 2Q99 2Q00 3,319 5,202 8,521
Center 6
Rock Creek Corporate Center 1 66,000 3Q98 2Q99 2Q00 1,259 7,534 8,793
Rock Creek Corporate Center 2 66,000 3Q98 2Q99 2Q00 1,259 7,534 8,793
Rock Creek Corporate Center 3 11,000 3Q98 2Q99 2Q00 198 1,323 1,521
The Commons @ Las Colinas I 222,000 2Q98 2Q99 2Q00 12,411 21,888 34,299
Four Parkway North 162,000 2Q98 2Q99 2Q00 4,674 23,331 28,005
Riata Crossing 1-3 266,000 3Q98 3Q99 1Q00 4,899 24,200 29,099
The Commons @ Las Colinas 3 151,000 3Q98 3Q99 1Q00 5,247 22,390 27,637
Embassy Row 100 115,000 3Q98 3Q99 4Q99 3,809 16,944 20,753
--------- -------- --------- ---------
Subtotal 1999 1,637,000 67,894 172,253 240,147
1201 F Street 227,000 3Q98 2Q00 2Q01 19,729 52,099 71,828
--------- -------- --------- ---------
Subtotal 2000 227,000 19,729 52,099 71,828
--------- -------- --------- ---------
Total 5,376,000 $441,676 $368,404 $810,080
--------- --------- --------- ---------
Less: Placed in Service (371,000) (43,222) -- (43,222)
--------- -------- -------- --------
5,005,000 $398,454 $368,404 $766,858
========= ======== ======== ========
</TABLE>
<PAGE>
- -------------------------------------------------------------------
($ In Thousands)
Estimated % Currently
Property Under Construction @ Stabilized Leased or
September 30, 1998 Return Committed
- --------------------------------- ----------- ------------
Canyon Park - Lot 20 10.4 0
La Jolla Spectrum Technology 9.6 0
Park
Pacific Park Corporate Plaza 9.9 0
Panorama Corporate Center V 10.6 64
Riata Building 2 10.2 0
Riata Building 3 10.0 0
Willow Creek Corporate 8.5 0
Center 6
Rock Creek Corporate Center 1 10.6 0
Rock Creek Corporate Center 2 10.6 0
Rock Creek Corporate Center 3 9.9 0
The Commons @ Las Colinas I 10.1 100
Four Parkway North 10.5 0
Riata Crossing 1-3 10.6 100
The Commons @ Las Colinas 3 10.2 100
Embassy Row 100 9.8 100
---- ----
Subtotal 1999 10.2 52
1201 F Street 9.5 0
---- ----
Subtotal 2000 9.5 0
---- ----
Total 11.1% 62%
==== ====
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Land Held For Future Development Summary
As of September 30, 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
Freemont Technology Park D-F San Francisco Bay Area 10 152,000
Sunset Corporate Park D-H Suburban Portland 20 317,000
LaJolla Spectrum Technology Park San Diego 5 77,000
Valley Tech Phase II (Formerly Junction San Francisco Bay Area 8 111,000
Avenue A & B)
--- ---------
Subtotal 45 811,000
Mountain Region:
Panorama Corporate Center IV, VI, VII Southeast Denver 21 364,000
Panorama IX Southeast Denver 6 120,000
Panorama X Southeast Denver 3 50,000
Dry Creek Corporate Center Southeast Denver 56 824,000
Four Gateway Suburban Phoenix 3 137,000
Sorenson Research Park XI Suburban Salt Lake City 6 80,000
Panorama VIII (Formerly Marriott Tract) Southeast Denver 5 128,000
East Gateway Suburban Phoenix 11 229,000
--- ---------
Subtotal 111 1,932,000
--- ---------
Central Region:
Braker Pointe Austin, Texas 22 750,000
Riata 1, 6, 7 Austin, Texas 17 246,000
Parkway North Suburban Chicago 18 465,000
Cedar Maple Plaza Suburban Dallas 1 38,000
Tollway Plaza III Suburban Dallas 4 134,000
The Commons @ Las Colinas II Suburban Dallas 6 178,000
Riata Crossing 4-6 Austin, Texas 18 173,000
Royal Ridge II Suburban Dallas 25 422,000
--- ---------
Subtotal 111 2,406,000
Southeast Region:
Peninsula Corporate Center Boca Raton 26 411,000
Preston Ridge Suburban Atlanta 14 96,000
--- ---------
Subtotal 40 507,000
--- ---------
Total 307 5,656,000
=== =========
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
(Unaudited and in thousands)
OmniOffices, Inc. OmniOffices (UK) Limited
(Domestic) (International) (2)
September 30, December 31, September 30, December 31,
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Assets:
Current assets 63,504 17,235 2,282 --
Fixed assets and goodwill (net) 230,184 48,780 38,908 --
------- ------ ------ ---
Total assets 293,688 66,015 41,190 --
======= ====== ====== ===
Liabilities and stockholders' equity:
Total liabilities including Long-Term Debt 152,753 46,096 22,064 (1) --
Total stockholders' equity 140,935 19,919 19,126 --
------- ------ ------ ---
Total liabilities and stockholders' equity 293,688 66,015 41,190 --
======= ====== ====== ===
</TABLE>
(1) Includes a $17.4 million loan from CarrAmerica Realty Corporation.
(2) Acquired May 15, 1998
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of EBITDA
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
(Unaudited and in thousands)
OmniOffices, Inc. OmniOffices (UK) Limited
(Domestic) (International) (1)
Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended
September 30, September 30, September 30, September 30,
------------------ ----------------- ------------------ -----------------
1998 1997 1998 1997 1998 1997 1998 1997
---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Revenues:
Rental income $27,970 3,009 57,936 3,009 2,736 -- 3,939 --
Other services and interest income 14,901 1,991 33,497 1,991 1,253 -- 1,797 --
------- ----- ------ ----- ----- --- ----- ---
Total operating revenue 42,871 5,000 91,433 5,000 3,989 -- 5,736 --
Expenses:
Operating expenses 21,638 2,460 44,705 2,460 2,688 -- 3,749 --
G & A selling expense 13,620 1,662 32,651 1,662 618 -- 788 --
------- ----- ------ ----- ----- --- ----- ---
Total expenses 35,258 4,122 77,356 4,122 3,306 -- 4,648 --
EBITDA 7,613 878 14,077 878 686 -- 1,088 --
======= ===== ====== ===== ===== === ===== ===
</TABLE>
(1) Acquired May 15, 1998
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Stabilized Centers
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
# of Occupancy
Centers Date Rate as of
Operator Location Owned Purchased September 30, 1998
- ----------------------- -------------- ----------------- -------------- ------------------
<S> <C> <C> <C> <C>
Omni National 28 8/25/97 96.1%
HQ New York 10 3/4/98 97.2
HQ WDC 6 4/14/98 98.8
HQ Boston 6 4/24/98 94.5
HQ Marin 1 4/30/98 95.2
HQ Chicago 21 5/1/98 96.7
HQ Atlanta 5 5/1/98 90.9
HQ New Jersey 10 5/1/98 95.7
HQ New Jersey/
Jacksonville 3 7/1/98 85.6
HQ Utah/Nevada 5 7/22/98 80.6
HQ Arizona 2 7/31/98 96.7
HQ St. Louis 1 8/7/98 86.0
--- ----
Subtotal - Domestic HQ 70 95.3
HQ London 7 5/15/98 92.1
--- ----
Total 105 94.9
=== ====
</TABLE>
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