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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): February 5, 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 February 5, 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, February 5, 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: February 5, 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, February 5, 1998, entitled
"Supplemental Data".
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Financial Ratios
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Financial Position Ratios: December 31, December 31,
1997 1996
------------------ ------------------
<S> <C> <C>
Total Debt/Total Capitalization (Book Value) 38.7% 43.9%
Total Debt/Total Capitalization (Market) 29.0% 30.5%
</TABLE>
<TABLE>
<CAPTION>
Operating Ratios: Three Months Ended Twelve Months Ended
December 31, December 31,
------------------ -------------------
<S> <C> <C> <C> <C>
1997 1996 1997 1996
---- ---- ---- ----
Interest Coverage (1) 4.70X 3.50X 4.19X 3.22X
FFO Payout Ratio (2) 71.7% 82.5% 74.5% 82.5%
G & A as a % of Revenue (3) 5.8% 8.0% 6.2% 9.0%
</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 FFO per share.
(3) Excludes Executive Suites.
1
<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 December 31, 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
twelve month periods ended December 31, 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
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:
December 31, 1997 59,994 780 5,699 540
December 31, 1996 43,789 1,740 4,940 540
====== ===== ===== ===
Weighted average for the three
months ended December 31:
1997 58,385 780 5,685 540
1996 38,934 1,305 4,377 1,127
====== ===== ===== ===
Weighted average for the
twelve months ended December 31:
1997 54,873 1,322 5,381 540
1996 26,932 328 4,131 872
====== ===== ===== ===
</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
2
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Debt Capitalization Summary
December 31, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
($ In thousands)
MORTGAGES PAYABLE: Principal Maturity
Property Encumbered Interest Rate Balance 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 16,690 7/15/19 (5)
1747 Pennsylvania Avenue 9.50 15,357 7/10/17
2445 M Street 8.90 36,890 6/1/02 (6)
1775 Pennsylvania Avenue 7.50 6,245 2/1/99
Redmond East 8.38 27,724 1/1/06
Warner Center 7.40 26,000 12/1/00
Parkway North I 7.96 29,250 12/1/03
Note 3 8.25 43,773 12/10/01
Note 4 7.20 21,464 1/1/06
South Coast Executive 9.01 10,226 5/31/99
Quorum North 8.27 6,658 12/1/01
Quorum Place 6.99 7,719 11/15/00
Wateridge Pavilion 8.25 3,530 11/1/06
Bannockburn I & II 9.52 20,464 8/31/01
Sorenson Research Park 7.75 2,737 7/1/11
Sorenson Research Park 8.88 1,681 5/1/17
OmniOffices, Inc. 5.47 3,801 2/25/99
2600 W. Olive 7.52 19,517 6/1/98
Canyon Park Commons
(formerly Tract 17) 9.13 5,822 12/1/04
Presidential Circle 7.14 23,418 3/1/01
US West 7.92 57,584 12/1/05
US West 6.50 11,562 1/9/98 (8)
Draper Park North 8.15 12,834 1/2/07
---- -------
8.13% $ 594,446
==== =======
UNSECURED INDEBTEDNESS: Amount
Interest Rate Outstanding Maturity
------------- ----------- --------
Senior Unsecured Notes 7.200% $ 150,000 7/01/04
Senior Unsecured Notes 7.375% 125,000 7/01/07
Unsecured Line of credit (7) Libor + 1.000% 159,500 9/14/00
-------
$ 434,500
=======
</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. In addition,
2445 M Street was sold in January 1998. The loan remains in place with
three newly acquired properties located in Northern California and
Dallas serving as replacement collateral.
Note 7: Revolving line of credit with a total commitment of $450 million.
Note 8: Note was repaid in January 1998.
3
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
December 31, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Company's
Effective # Net % of
Property Of Percent Rentable Area Total
Property Ownership Buildings Leased (square feet) Ownership
- -------- --------- --------- ------ ------------- ---------
Consolidated Properties
<S> <C> <C> <C> <C> <C>
SOUTHEAST REGION
Downtown Washington, D.C.:
International Square 100.0% 3 87.7% 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 100.0 1 99.1 143,981
900 19th Street 100.0 1 86.4 100,907
1747 Pennsylvania Avenue 89.7 1 89.1 152,119
1255 23rd Street 75.0 1 97.3 304,538
2445 M Street (1) 74.0 1 95.0 266,902
Suburban Washington, D.C.:
One Rock Spring Plaza 100.0 1 100.0 205,298
Tycon Courthouse 100.0 1 99.0 416,195
Three Ballston Plaza 100.0 1 99.7 302,875
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 96.0 187,842
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 76.2 163,159
Midori 100.0 1 100.0 99,900
Crestwood 100.0 1 96.0 88,186
Parkwood 100.0 1 89.7 151,020
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 Drive 100.0 1 98.2 99,534
680 Engineering Drive 100.0 1 76.1 62,154
Embassy Row 100.0 3 98.7 463,846
Florida:
Presidential Circle 100.0 1 93.2 278,766
Peninsula Plaza 100.0 1 94.7 160,081
(formerly Lake Wyman Plaza)
Southeast Region Subtotal 62 94.9 6,004,236 31.4%
-- ---- ---------
PACIFIC REGION
Orange County/Los Angeles California:
Scenic Business Park 100.0 4 100.0 139,012
Harbor Corporate Park 100.0 4 93.0 148,747
Plaza PacifiCare 100.0 1 100.0 104,377
Katella Corporate Center 100.0 1 96.4 79,917
Warner Center `100.0 12 97.3 342,866
Warner Premier 100.0 1 100.0 61,553
Westlake Corporate Center 100.0 2 82.2 71,419
2600 W. Olive 100.0 1 100.0 145,304
Bay Technology Center 100.0 2 100.0 107,481
Von Karman 100.0 1 100.0 103,713
South Coast Executive Center 100.0 2 94.9 160,301
</TABLE>
4
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
December 31, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Company's
Effective # Net % of
Property Of Percent Rentable Area Total
Property Ownership Buildings Leased (square feet) 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
Century Park II 100.0 3 100.0 198,306
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 2 100.0 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 Center II & III 100.0 2 94.8 140,675
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
900-910 East Hamilton 100.0 2 60.4 351,811
San Mateo Center I 100.0 1 100.0 70,000
Sacramento California:
1860 Howe Avenue 100.0 1 94.6 97,887
University Park 100.0 2 95.4 121,257
Capital Corporate Center 100.0 5 93.5 94,670
Suburban Portland:
RadiSys II 100.0 1 100.0 45,655
RadiSys Corporate Headquarters 100.0 1 100.0 80,525
Suburban Seattle:
Redmond East 100.0 10 98.9 398,030
Willow Creek 100.0 1 100.0 96,179
(formerly Data I/O)
Canyon Park Commons 100.0 1 100.0 95,290
(formerly Tract 17)
Canyon Park Business Center 100.0 6 100.0 246,565
--- ----- ---------
Pacific Region Subtotal 125 97.1 7,278,046 38.1%
</TABLE>
5
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
December 31, 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>
CENTRAL REGION
Austin, Texas:
Great Hills Plaza 100.0 1 100.0 135,333
Balcones Center 100.0 1 80.2 75,761
Park North 100.0 2 88.4 132,923
City View Center (formerly The Setting) 100.0 3 95.8 132,647
Tower of the Hills 100.0 2 98.1 171,157
Suburban Chicago:
Parkway North 100.0 2 95.7 508,749
Unisys 100.0 2 96.0 355,386
The Crossings 100.0 2 91.6 296,624
Bannockburn I & II 100.0 2 100.0 209,860
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 95.3 151,176
Quorum North 100.0 1 80.1 113,420
Two Mission Park 100.0 1 85.5 76,933
Quorum Place 100.0 1 91.8 176,260
Cedar Maple Plaza 100.0 3 96.1 112,185
Tollhill East & West 100.0 2 90.1 238,808
--- ----- ---------
Central Region Subtotal 29 93.9 3,180,183 16.7%
MOUNTAIN REGION
Southeast Denver:
Harlequin Plaza 100.0 2 97.9 327,711
Quebec Court I & II 100.0 2 100.0 287,041
Greenwood Center 100.0 1 75.6 75,866
Quebec Center 100.0 3 97.7 106,849
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 99.1 285,144
Draper Park North 100.0 3 100.0 178,098
Suburban Phoenix:
Camelback Lakes 100.0 2 99.8 199,029
Highland Park 100.0 1 87.5 78,019
The Grove @ Black Canyon 100.0 1 91.7 103,304
(formerly Cigna Healthcare)
US West 100.0 4 100.0 532,506
Pointe Corridor IV 100.0 1 93.2 178,373
--- ----- ----------
Mountain Region Subtotal 27 97.6 2,641,569 13.8%
--- ----- ---------- ----
TOTAL CONSOLIDATED PROPERTIES: 243 95.9% 19,104,034 100.0%
=== ===== ========== =====
</TABLE>
- ----------
1) Property was sold for $78.1 million in January 1998.
6
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
1997 Acquisition Summary
- --------------------------------------------------------------------------------
($ In Millions)
<TABLE>
<CAPTION>
%
Month of Purchase Currently # of Square
Region/Market Property Acquisition Price Leased Properties Feet
- ---------------------- ----------- ----- ------ ---------- ----
<S> <C> <C> <C> <C> <C>
SOUTHEAST REGION
Suburban Atlanta
2400 Lake Park Drive April $ 7.4 98% 1 99,534
Embassy Row April 45.8 99% 3 463,846
680 Engineering Drive April 4.3 76% 1 62,154
Florida
Presidential Circle October 42.0 93% 1 278,766
PACIFIC REGION
San Francisco Bay Area
3745 North First Street February 8.3 100% 1 67,582
Mission Plaza March 10.3 100% 2 102,687
North San Jose Technology Park
(formerly Fortran) March 30.5 100% 4 299,233
Foster City Technology Center May 9.7 100% 2 66,869
150 River Oaks May 15.1 100% 1 100,024
San Mateo Center II & III July 25.5 95% 2 140,675
3571 North First Street July 15.1 100% 1 116,000
Amador I/Rinconada August 11.5 100% 3 134,476
Amador III August 10.5 100% 1 82,944
Arroyo Center August 11.0 100% 2 104,741
San Mateo Center I October 14.8 100% 1 70,000
900-910 East Hamilton December 81.0 60% 2 351,811
Sacramento
1860 Howe Avenue Place August 11.7 95% 1 97,887
University Park August 13.4 95% 2 121,257
Capital Corporate Center August 9.1 94% 5 94,670
Orange County/Los Angeles
Warner Premier January 9.3 100% 1 61,553
Westlake Corporate Center May 6.2 82% 2 71,419
Von Karman July 16.2 100% 1 103,713
2600 W. Olive October 28.5 100% 1 145,304
Bay Technology Center December 13.6 100% 2 107,481
San Diego
Wateridge Pavilion March 6.3 100% 1 62,194
Lightspan July 7.8 100% 1 64,800
Century Park II December 21.1 100% 3 198,306
Suburban Portland
Radisys Corporate Headquarters March 9.0 100% 1 80,525
Suburban Seattle
Willow Creek
(formerly Data I/O) May 8.7 100% 1 96,179
Canyon Park June 28.9 100% 6 246,565
Canyon Park Commons
(formerly Tract 17) November 12.3 100% 1 95,290
</TABLE>
7
<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 40.0 92% 2 296,624
Bannockburn Lake Office
Plaza I & II March 26.3 100% 2 209,860
Bannockburn IV June 14.4 99% 1 108,470
Summit Oaks June 8.4 90% 1 91,601
Austin
Tower of the Hills December 15.0 98% 2 171,157
Suburban Dallas
Cedar Maple Plaza January 12.6 96% 3 112,185
Quorum North February 10.6 80% 1 113,420
Quorum Place March 16.0 92% 1 176,260
Tollhill East & West April 21.7 90% 2 238,808
Two Mission Park July 5.1 86% 1 76,933
MOUNTAIN REGION
Suburban Salt Lake City
Sorenson Research Park April 29.5 99% 5 285,144
Draper Park North June 18.7 100% 3 178,098
Suburban Phoenix
Highland Park May 7.6 88% 1 78,019
The Grove @ Black Canyon November 11.5 92% 1 103,304
(formerly Cigna Healthcare)
US West December 92.1 100% 4 532,506
-------- --- -- ---------
Total/Weighted Average $ 874.4 95% 87 6,960,874
======== === == =========
</TABLE>
8
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Lease Rollover Schedule
December 31, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Current YTD Avg. Vacant
Region / Market Square Feet Occupancy Occupancy(1) S.F. 1998 1999 2000 2001
- --------------- ----------- --------- ------------ ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PACIFIC REGION:
San Francisco Bay Area 4,088,856 96.4% 96.0% 146,680 617,529 301,043 769,555 508,546
Orange County/Los Angeles 1,464,690 97.0% 95.9% 43,387 205,793 152,984 320,575 147,426
Seattle Market 836,064 99.5% 99.7% 4,506 130,924 213,303 136,864 33,555
San Diego 448,442 100.0% 100.0% -- -- 2,086 -- 56,441
Sacramento 313,814 94.6% 93.3% 16,975 179,903 16,596 11,677 27,376
Portland Market 126,180 100.0% 100.0% -- -- -- -- --
MOUNTAIN REGION:
Denver Market 1,087,096 97.3% 97.4% 28,992 100,227 102,185 38,138 422,510
Phoenix Market 1,091,231 97.2% 97.0% 30,943 140,057 49,150 54,054 46,330
Salt Lake City Market 463,242 99.4% 95.2% 2,610 64,370 55,892 -- 90,251
CENTRAL REGION:
Chicago Market 1,570,690 95.5% 95.2% 71,322 374,076 173,316 305,881 239,692
Dallas Market 961,672 91.3% 90.1% 83,215 142,534 126,776 161,911 115,024
Austin Market 647,821 93.9% 94.0% 39,217 153,415 23,742 83,845 44,551
SOUTHEAST REGION:
Washington, D.C. Market:
Downtown Properties 2,404,053 92.5% 94.4% 179,896 367,011 165,609 118,467 26,300
Suburban Properties 1,272,853 99.6% 99.0% 5,725 49,570 190,324 76,831 187,973
Atlanta Market 1,888,483 95.1% 96.1% 93,044 650,728 277,496 316,028 228,028
Florida Market 438,847 93.7% 92.5% 27,557 63,058 40,314 124,845 81,068
------- ---- ---- ------- ------ ------ ------- ------
Totals 19,104,034 95.9% 95.8% 774,069 3,239,195 1,890,816 2,518,671 2,255,071
========== ==== ==== ======= ========= ========= ========= =========
</TABLE>
2005
&
Region/Market 2002 2003 2004 Thereafter
- --------------- ---- ---- ---- ----------
PACIFIC REGION:
San Francisco Bay Area 543,130 374,530 102,000 725,843
Orange County/Los Angeles 146,327 119,212 129,347 199,639
Seattle Market 21,283 73,200 2,355 220,074
San Diego -- 180,721 -- 209,194
Sacramento 28,223 32,096 968 --
Portland Market -- -- -- 126,180
MOUNTAIN REGION:
Denver Market 34,151 101,417 -- 259,476
Phoenix Market 109,528 -- 15,888 645,281
Salt Lake City Market 114,012 59,218 43,289 33,600
CENTRAL REGION:
Chicago Market 164,614 91,797 16,899 133,093
Dallas Market 103,068 71,302 101,995 55,847
Austin Market 152,544 -- 114,663 35,844
SOUTHEAST REGION:
Washington, D.C. Market:
Downtown Properties 289,606 78,294 482,146 696,724
Suburban Properties 157,839 134,003 93,698 376,890
Atlanta Market 164,548 80,573 51,901 26,137
Florida Market 36,257 39,923 3,662 22,163
--------- --------- --------- ---------
Totals 2,065,130 1,436,286 1,158,811 3,765,985
========= ========= ========= =========
- ----------
(1) Excludes properties that were sold during 1997.
9
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
1997 Development Activity
- --------------------------------------------------------------------------------
($ In Thousands)
<TABLE>
<CAPTION>
Currently
Construction In Place Remaining Estimated Leased or
Property Under Construction @ Square Start Completion Stabilization Dev. Costs To Stabilized Committed
December 31, 1997 Feet Date Date Date Costs Complete Return %
- ----------------------------- ---- ---- ---- ---- ----- -------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Pacific Region:
San Francisco Bay Area
Baytech Business Park (1)
(formerly Baytech Center) 300,000 1Q97 4Q97 1Q98 33,612 5,044 13.1% 100%
Oakmead West 223,000 3Q97 3Q98 3Q98 18,510 17,079 13.6 100
Oakmead West A-C 203,000 3Q97 2Q98 3Q98 16,414 15,877 13.6 100
Suburban Seattle
Redmond Hilltop 91,000 2Q97 4Q97 1Q98 7,625 3,456 10.8 56
Willow Creek Corporate Center
(formerly Data I/O) 279,000 3Q97 2Q98 3Q98 18,096 21,154 10.2 34
San Diego
Towne Center Technology Park 100,000 4Q97 3Q98 3Q99 3,874 10,337 9.8 0
(formerly Eastgate
Technology Park)
Mountain Region:
Southeast Denver
Panorama Corporate Center II (1) 101,000 3Q96 2Q97 1Q98 10,034 (2) 1,940 10.7 93
Panorama Corporate Center III 137,000 2Q97 3Q98 3Q98 11,428 12,346 10.4 100
Suburban Salt Lake City
Draper Park North 50,000 4Q97 2Q98 2Q99 2,146 3,330 10.3 0
Suburban Phoenix
Gateway Plaza 137,000 3Q97 2Q98 2Q99 5,581 12,408 10.3 0
Central Region:
Suburban Austin
City View Centre (1) 129,000 1Q97 4Q97 1Q98 13,924 4,293 11.0 100
Riata Building 4 92,000 3Q97 2Q98 4Q98 6,630 4,553 10.3 76
Riata Building 5 92,000 3Q97 2Q98 3Q98 4,555 6,844 11.6 100
Riata Building 8 92,000 4Q97 4Q98 1Q99 1,601 9,856 10.6 100
Riata Building 9 92,000 4Q97 4Q98 4Q98 1,574 9,883 10.6 0
Suburban Dallas
Royal Ridge A&B 250,000 4Q97 2Q98 2Q99 3,880 21,877 10.4 20
Tollway I 178,000 3Q97 2Q98 2Q99 5,939 19,291 11.6 55
Tollway II 178,000 3Q97 4Q98 4Q99 4,301 20,197 11.2 0
Suburban Chicago
Parkway North 91,000 4Q97 3Q98 3Q99 3,576 10,813 11.5 0
Southeast Region:
Suburban Atlanta
Spalding Ridge 128,000 4Q96 2Q97 2Q98 14,520 (3) 461 10.3 82
Embassy Row 76,000 4Q97 3Q98 3Q99 4,617 5,478 11.4 0
Metropolitan Washington DC
Reston Crossing 322,000 4Q97 4Q98 1Q99 9,737 30,433 12.7 100
Florida
Peninsula Executive Center 188,000 4Q97 4Q98 4Q99 8,655 26,258 10.5 0
(formerly Glades Site)
========= ======= ======= ==== ===
Total/Weighted Average 3,529,000 210,829 273,208 11.4% 59%
========= ======= ======= ==== ===
</TABLE>
Notes: (1) Placed in service January 1, 1998
(2) $7.6 Million of costs have been placed in service as of
December 31, 1997
(3) $12.0 million of costs have been placed in service as of
December 31, 1997
10
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Land Held For Future Development Summary
As of December 31, 1997
- --------------------------------------------------------------------------------
<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 49,000
(formerly Data I/O)
Pacific Corporate Plaza Orange County/Los Angeles 6 121,000
Towne Center Technology Park San Diego 3 75,000
(formerly Eastgate Technology Park)
Canyon Park Suburban Seattle 11 236,000
--- ---------
Subtotal 25 635,000
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 5 71,000
Sorenson Research Park Suburban Salt Lake City 8 122,000
Marriott Tract Southeast Denver 5 128,000
--- ---------
Subtotal 49 903,000
Central Region:
Braker Pointe Austin, Texas 22 750,000
(formerly Mopac at Braker, formerly
Aubrey Smith)
Riata Austin, Texas 26 369,000
Parkway North Suburban Chicago 27 620,000
Cedar Maple Plaza Suburban Dallas 1 38,000
Tollway Plaza III Suburban Dallas 4 135,000
--- ---------
Subtotal 80 1,912,000
Southeast Region:
Embassy Row Suburban Atlanta 7 120,000
Peninsula Corporate Center
(formerly Knight Site) Florida 26 388,000
Rocky Point Plaza Florida 7 202,000
1201 F Street Downtown Washington, DC 1 221,000
Preston Ridge Suburban Atlanta 14 96,000
--- ---------
Subtotal 55 1,027,000
--- ---------
Total 209 4,477,000
=== =========
</TABLE>
11
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