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Previous: ANALOGY INC, 10-Q, 1998-08-06 |
Next: PRICE T ROWE DIVIDEND GROWTH FUND INC, N-30D, 1998-08-06 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date of Report (date of earliest event reported): August 6, 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.)
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 August 6, 1998.
ITEM 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit
Number
99.1 Press Release, August 6, 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: August 6, 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, August 6, 1998, entitled
"Supplemental Data".
Exhibit 99.1
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
(in thousands)
June 30, December 31,
1998 1997
------------------ ------------------
<S> <C> <C>
(Unaudited)
Assets
Rental Property $2,781,942 $2,397,023
Less - accumulated depreciation (216,704) (184,266)
---------- ----------
Net rental property 2,565,238 2,212,757
Land held for future development 104,280 81,647
Construction-in-progress 313,442 210,829
Cash and cash equivalents - unrestricted 39,557 23,845
Cash and cash equivalents - restricted 40,081 18,049
Accrued straight-line rents 33,429 33,212
Other assets - net 399,611 163,721
---------- ----------
$3,495,638 $2,744,060
========== ==========
Liabilities and Stockholders' Equity
Liabilities:
Revolving lines of credit 324,000 159,500
Senior unsecured notes 475,000 275,000
Mortgages payable 594,964 594,446
Accounts payable and accrued expenses 125,014 87,462
---------- ----------
1,518,978 1,116,408
---------- ----------
Minority interest 90,916 74,955
Stockholders' equity:
Preferred stock 96 96
Common stock 716 600
Additional paid in capital 1,965,118 1,629,214
Foreign currency translation adjustment 787 --
Cumulative dividends paid in excess of net income (80,973) (77,213)
---------- ----------
1,885,744 1,552,697
---------- ----------
$3,495,638 $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 Six Months Ended
June 30, June 30,
--------------------------- ------------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Rental income (1) $ 106,964 77,688 207,293 143,977
Other real estate operating revenue:
Real estate service income 3,524 3,759 6,514 7,936
Executive suites revenue 34,661 -- 50,309 --
Gain on sale of assets 256 353 26,187 353
Interest and other income 3,004 674 4,775 1,156
--------- -------- --------- --------
Total operating revenue 148,409 82,474 295,078 153,422
--------- -------- --------- --------
Operating expenses:
Property operating expenses:
Operating expenses 24,977 19,743 48,191 37,008
Real estate taxes 9,660 7,003 18,961 13,380
Interest expense 17,417 11,734 34,578 22,992
Executive suites operating expenses 29,567 -- 43,441 --
General and administrative 8,041 5,176 14,461 10,332
Depreciation and amortization 26,236 18,267 49,879 34,183
--------- -------- --------- --------
Total operating expenses 115,898 61,923 209,511 117,895
--------- -------- --------- --------
Net operating income before minority interest 32,511 20,551 85,567 35,527
Minority interest (2,404) (2,020) (10,951) (3,737)
--------- -------- --------- --------
Net income $ 30,107 18,531 74,616 31,790
========= ======== ========= ========
Basic net income per common share $ 0.30 0.32 0.87 0.59
======== ======== ========= ========
Diluted net income per share $ 0.30 0.32 0.87 0.58
========= ======== ========= ========
</TABLE>
NOTES:
(1) Rental income includes $3,884 and $2,266 of straight-line rents for the
three month periods ended June 30, 1998 and 1997, respectively, and $7,246
and $3,787 of straight-line rents for the six month periods ended June 30,
1998 and 1997, respectively.
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Same Store Operating Property Results
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
Three Months Ended June % Change Six Months Ended June % Change
30, 30,
------------------------- ---------- ------------------------ ----------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Real Estate Operating Revenue $ 70,055 66,925 4.7% $124,663 119,444 4.4%
Real Estate Operating Expenses (24,028) (23,574) 1.9% (42,701) (41,831) 2.1%
-------- ------- -------- -------
Total Real Estate
Operating Income $ 46,027 43,351 6.2% $ 81,962 77,613 5.6%
======== ======= === ======== ======= ===
YTD Average Occupancy 96.8% 95.2% 95.6% 96.2%
========= ======= ========= =======
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Statements of EBITDA
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------- -------------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Rental Income $ 106,964 77,688 207,293 143,977
Other real estate operating revenue:
Real estate service income 3,524 3,759 6,514 7,936
Executive suites revenue 34,661 -- 50,309 --
Other income (1) 3,004 674 4,775 1,156
--------- ------ ------- -------
Total revenue 148,153 82,121 268,891 153,069
--------- ------ ------- -------
Operating expenses:
Property operating expenses
Operating expenses 24,977 19,743 48,191 37,008
Real estate taxes 9,660 7,003 18,961 13,380
Executive suites operating expenses 29,567 -- 43,441 --
General and administrative 8,041 5,176 14,461 10,332
------ ------ ------ ------
Total operating expenses 72,245 31,922 125,054 60,720
------ ------- ------- ------
EBITDA $ 75,908 50,199 143,837 92,349
========= ======= ========== =======
</TABLE>
- -----------
(1) Excludes gains on sale of assets.
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Financial Ratios
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Financial Position Ratios: June 30, December 31,
1998 1997
------------------ ------------------
<S> <C> <C>
Total Debt/Total Capitalization (Book Value) 41.4% 38.7%
Total Debt / Total Capitalization (Market) 34.6% 29.0%
</TABLE>
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
Operating Ratios: June 30, June 30,
---------------- ----------------------------- ----------------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Secured EBITDA / Total EBITDA 36.5% 51.8% 37.6% 52.1%
Interest Coverage (1)
With capitalized interest 4.36X 4.28X 4.16X 4.02X
Without capitalized interest 3.08X 3.47X 3.05X 3.37X
Fixed charge coverage
With capitalized interest 2.59X 3.92X 2.46X 3.71X
Without capitalized interest 2.08X 3.23X 2.03X 3.15X
Diluted FFO Payout Ratio (2) 71.2% 77.4% 72.3% 75.4%
G & A as a % of Revenue (3) 7.1% 6.3% 6.6% 6.7%
</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 June 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
six month periods ended June 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.
<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:
June 30, 1998 71,622 780 6,016 540
December 31, 1997 59,994 780 5,699 540
====== ==== ===== ===
Weighted average for the three
months ended June 30:
1998 70,722 780 6,014 540
1997 55,864 1,740 5,432 540
====== ===== ===== ===
Weighted average for the six
months ended June 30:
1998 65,389 780 5,976 540
1997 51,583 1,740 5,187 540
====== ===== ===== ===
</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
June 30, 1998
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
($ In thousands)
Property Interest Rate Principal Balance Maturity Date
-------- ------------- ----------------- -------------
<S> <C> <C> <C>
2600 W. Olive 7.52% $ 19,248 12/1/98
1775 Pennsylvania Avenue 7.50 6,187 2/1/99
South Coast Executive Center 9.01 10,177 5/31/99
Quorum Place 6.99 7,655 11/15/00
Warner Center 7.40 26,000 12/1/00
Presidential Circle 7.14 23,184 3/1/01
Bannockburn I & II 9.52 19,992 8/31/01
Quorum North 8.27 6,613 12/1/01
Valley Business Park }
Valley Office Centre }
Valley Centre II } 8.25 42,974 12/10/01
Rincon Centre }
Bayshore Centre }
Sunnyvale Technology Center }
Citymark Tower } 8.90 36,247 6/1/02
Hacienda West }
1255 23rd Street }
International Square }
1850 K Street } 7.75 39,760 2/1/03
1825 Eye Street } 8.80 93,014 2/1/03
1875 Eye Street }
1730 Pennsylvania Avenue }
International Square Land 7.55 39,753 2/1/03
International Square Land 8.00 9,942 2/1/03
Parkway North I 7.96 29,250 12/1/03
Canyon Park Commons 9.13 5,729 12/1/04
US West 7.92 55,463 12/1/05
Redmond East 8.38 27,529 1/1/06
Century Springs West }
Glenridge }
Crestwood } 7.20 21,119 1/1/06
Lakewood }
Parkwood }
Wateridge Pavilion 8.25 3,506 11/1/06
Wasatch Corporate Center 8.15 12,746 1/2/07
Sorenson Research Park 7.75 2,678 7/1/11
Sorenson Research Park 8.88 1,664 5/1/17
1747 Pennsylvania Avenue 9.50 15,217 7/10/17
900 19th Street 8.25 16,548 7/15/19
---- ------
Total 8.18% $ 572,195
==== ========
</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 247,000 9/14/00
Unsecured Line of Credit - OmniOffices, LIBOR + 105 bps 77,000 4/28/01
Inc. --------
$799,000
========
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
June 30, 1998
- -------------------------------------------------------------------------------
The following table sets forth certain information about each operating property
owned by the Company as of June 30, 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% 1,018,469 97.4% 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) 152,162 94.9 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 99.2 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 84.7 22
Glenridge 100.0 64,052 76.3 1
Century Springs West 100.0 94,747 94.9 1
Holcomb Place 100.0 72,823 100.0 1
DeKalb Tech 100.0 163,159 76.2 5
Midori 100.0 99,900 92.8 1
Crestwood 100.0 88,186 98.3 1
Parkwood 100.0 151,020 83.6 1
Lakewood 100.0 80,338 95.3 1
The Summit 100.0 178,382 94.5 1
Triangle Parkway 100.0 82,102 98.6 3
2400 Lake Park 100.0 100,445 98.4 1
680 Engineering Drive 100.0 62,154 100.0 1
Embassy Row 100.0 465,858 92.2 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 92.0 1
Presidential Circle 100.0 281,266 90.8 1
------- ---- -
Southeast Region Subtotal 5,952,882 95.2 63 27.8%
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 96.5 1
Warner Center 100.0 342,866 94.3 12
South Coast Executive Center 100.0 160,301 92.9 2
Warner Premier 100.0 61,553 100.0 1
Westlake Corporate Center 100.0 71,645 89.5 2
Von Karman 100.0 103,713 100.0 1
2600 W. Olive 100.0 145,304 95.7 1
Bay Technology Center 100.0 107,480 100.0 2
Alton Deere Plaza 100.0 181,196 100.0 6
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
June 30, 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>
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 100.0 957,737 100.0 6
Sunnyvale Research Plaza 100.0 126,000 100.0 3
Rio Robles 100.0 368,178 100.0 7
Valley Business Park II 100.0 161,040 100.0 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 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 100.0 135,353 99.5 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 100.0 259,526 97.1 1
Santa Clara Technology Park 100.0 178,132 100.0 3
Northern California,
Sacramento:
1860 Howe Avenue 100.0 98,992 75.9 1
University Office Park 100.0 121,255 97.1 2
Capital Corporate Center 100.0 94,561 89.6 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 91.3 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 100.0 228,736 100.0 4
Redmond Hilltop B & C 100.0 90,880 100.0 2
------ ----- -
Pacific Region Subtotal 9,161,504 98.4 155 42.8%
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
June 30, 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 64.5 1
Park North 100.0 128,023 98.1 2
City View Centre 100.0 135,104 100.0 3
Tower of the Hills 100.0 165,322 98.1 2
Suburban Chicago:
Parkway North 100.0 507,839 98.8 2
Unisys 100.0 359,633 94.1 2
The Crossings 100.0 296,624 99.3 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 100.0 152,508 95.4 1
Quorum North 100.0 114,196 89.7 1
Quorum Place 100.0 180,422 95.2 1
Cedar Maple Plaza 100.0 112,968 95.5 3
Tollhill East & West 100.0 241,155 91.1 2
Two Mission Park 100.0 76,962 63.1 1
Citymark 100.0 206,475 85.6 1
5000 Quorum 100.0 160,122 96.3 1
------- ---- -
Central Region Subtotal 3,551,292 94.7 31 16.6%
MOUNTAIN REGION
Southeast Denver:
Harlequin Plaza 100.0 329,126 90.6 2
Quebec Court I & II 100.0 287,294 100.0 2
Greenwood Center 100.0 75,866 97.1 1
Quebec Center 100.0 106,849 96.9 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 96.7 1
Phoenix, Arizona:
Camelback Lakes 100.0 199,149 99.8 2
Pointe Corridor IV 100.0 178,745 94.1 1
Highland Park 100.0 78,093 67.7 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 98.4 5
Wasatch Corporate Center 100.0 178,098 100.0 3
------- ----- -
Mountain Region Subtotal 2,745,602 96.8 28 12.8%
--------- ---- --
TOTAL CONSOLIDATED PROPERTIES: 21,411,280 277 100.0%
---------- --- -----
WEIGHTED AVERAGE 96.7%
----
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
June 30, 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>
Unconsolidated Properties
- -------------------------
Downtown Washington, D.C.:
1717 Pennsylvania Avenue 50.0%(6) 184,446 100.0% 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 97.2 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 99.4%
----
ALL OPERATING PROPERTIES
- ------------------------
TOTAL: 22,700,993
==========
WEIGHTED AVERAGE 96.9%
====
</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
June 30, 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.
<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
- --------------------------------------- ------------- ------------ ------------ ------------ --------------
<S> <C> <C> <C> <C> <C>
SOUTHEAST REGION
Suburban Atlanta
Waterford Center March $ 9.5 85% 1 82,161
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
Golden Gateway Commons May 73.2 100 3 269,405
Techmart Commerce Center May 52.4 97 1 259,526
Santa Clara Technology Park May 22.0 100 3 178,132
Orange County / Los Angeles
Alton Deere Plaza April 23.9 100 6 181,196
CENTRAL REGION
Suburban Dallas
Citymark Tower January 24.0 86 1 206,475
5000 Quorum March 18.0 96 1 160,122
-------- -- -- ---------
Total/Weighted Average $ 282.0 96% 23 1,708,261
======== === == =========
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Lease Rollover Schedule
June 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 5,470,432 99.7% 98.4% 19,141 117,831 333,293 913,813 714,987
Orange County / Los Angeles 1,645,962 96.7% 95.5% 54,251 168,297 201,849 344,209 156,942
Seattle 1,155,680 97.0% 98.5% 34,593 100,065 210,075 140,864 33,555
San Diego 448,442 100.0% 100.0% -- -- 2,086 -- 56,441
Sacramento 314,808 88.2% 93.2% 37,201 105,787 70,263 14,065 35,623
Portland 126,180 100.0% 100.0% -- -- -- -- --
MOUNTAIN REGION:
Denver 1,189,680 96.5% 94.0% 41,120 68,743 101,155 34,979 275,674
Phoenix 1,092,680 96.2% 95.3% 41,202 91,499 49,150 57,392 51,583
Salt Lake City 463,242 99.0% 99.4% 4,543 21,300 55,892 -- 89,550
CENTRAL REGION:
Chicago 1,574,051 97.7% 96.0% 36,407 108,857 182,154 280,331 239,692
Dallas 1,337,698 91.2% 91.4% 117,895 172,427 203,668 235,132 161,413
Austin 639,543 94.9% 93.1% 32,353 98,676 19,804 97,406 54,058
SOUTHEAST REGION:
Washington, D.C.
Downtown Properties 2,137,280 97.6% 93.0% 50,329 342,719 186,990 126,482 20,964
Suburban Properties 1,272,853 99.7% 99.7% 3,652 14,613 192,169 89,930 188,936
Atlanta 2,101,402 90.7% 90.2% 195,663 347,592 289,306 339,171 317,463
Boca Raton 441,347 91.2% 91.4% 38,717 28,870 40,068 127,394 81,068
---------- ----- ----- ------ ------ ------ ------- ------
Totals 21,411,280 96.7% 95.6% 707,067 1,787,276 2,137,922 2,801,168 2,477,949
========== ===== ===== ======= ========= ========= ========= =========
</TABLE>
2005
&
2002 2003 2004 Thereafter
---- ---- ---- ----------
PACIFIC REGION:
San Francisco Bay Area 1,029,336 567,933 368,122 1,405,976
Orange County / Los Angeles 173,147 153,497 129,347 264,423
Seattle 21,283 258,583 2,355 354,307
San Diego -- 180,721 -- 209,194
Sacramento 16,693 34,208 968 --
Portland -- -- -- 126,180
MOUNTAIN REGION:
Denver 117,948 133,291 -- 416,770
Phoenix 119,282 12,548 15,888 654,136
Salt Lake City 81,212 101,056 76,089 33,600
CENTRAL REGION:
Chicago 218,996 344,536 16,899 146,179
Dallas 136,358 143,034 103,024 64,747
Austin 146,634 46,435 108,333 35,844
SOUTHEAST REGION:
Washington, D.C.
Downtown Properties 304,185 98,857 504,743 502,011
Suburban Properties 161,275 151,690 93,698 376,890
Atlanta 299,501 148,909 64,601 99,196
Boca Raton 36,257 63,148 3,662 22,163
------ ------ ----- ------
Totals 2,862,107 2,438,446 1,487,729 4,711,616
========= ========= ========= =========
<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
June 30, 1998 Feet Date Date Date Costs Complete Investment
- --------------------------------- ---------- ----- ------------ -------------- --------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
San Francisco Bay Are
Oakmead West A-C 203,000 3Q97 2Q98 3Q98 $ 26,332 $ 4,447 $ 30,779
Oakmead West 223,000 3Q97 3Q98 4Q98 28,765 4,976 33,741
Valley Research Center 258,000 1Q98 4Q98 4Q99 21,840 20,976 42,816
Valley Technology Center 350,000 1Q98 4Q98 4Q99 30,620 24,899 55,519
--------- --------- -------- ---------
San Francisco Bay Area 1,034,000 107,557 55,298 162,855
Subtotal
Suburban Seattle
Canyon Park - Lot 29 110,000 2Q98 4Q98 4Q99 3,889 11,319 15,208
Canyon Park - Lot 20 129,000 2Q98 1Q99 1Q00 3,677 13,469 17,146
Willow Creek Corporate Center 49,000 3Q97 2Q98 4Q98 7,315 (90) 7,225
-------- ------ ------- -------
Suburban Seattle Subtotal 288,000 14,881 24,698 39,579
San Diego
Towne Center Technology Park 182,000 4Q97 4Q98 4Q99 12,583 13,010 25,593
--------- ------- ------- ------
San Diego Subtotal 182,000 12,583 13,010 25,593
Portland
Sunset Corporate Park (A-C) 133,000 2Q98 4Q98 4Q99 1,760 13,227 14,987
--------- ------- ------- -------
Portland Subtotal 133,000 1,760 13,227 14,987
Southeast Denver
Panorama Corporate Center III 137,000 2Q97 2Q98 4Q99 14,744 5,913 20,657
Panorama Corporate Center V 138,000 1Q98 1Q99 1Q00 9,774 8,750 18,524
--------- ------- ------- --------
Southeast Denver Subtotal 275,000 24,518 14,663 39,181
Suburban Salt Lake City
Wasatch 18 50,000 4Q97 2Q98 2Q99 4,418 1,042 5,460
Wasatch 17 72,000 1Q98 3Q98 3Q99 3,296 4,598 7,894
Sorenson X 42,000 2Q98 4Q98 4Q99 940 3,985 4,925
--------- ------- ------- -------
Suburban Salt Lake City 164,000 8,654 9,625 18,279
Subtotal
Suburban Phoenix
Four Gateway 137,000 3Q97 2Q98 2Q99 11,835 6,306 18,141
--------- ------- ------ --------
Suburban Phoenix Subtotal 137,000 11,835 6,306 18,141
Suburban Austin
City View Centre 129,000 1Q97 4Q97 4Q98 16,484 565 17,049
Riata Building 2 62,000 1Q98 1Q99 1Q00 1,909 5,952 7,861
Riata Building 3 62,000 1Q98 1Q99 1Q00 1,873 6,032 7,905
Riata Building 4 92,000 3Q97 1Q98 3Q98 10,683 211 10,894
Riata Building 5 92,000 3Q97 2Q98 4Q98 10,440 463 10,903
Riata Building 8 91,000 4Q97 4Q98 4Q98 4,121 6,894 11,015
Riata Building 9 92,000 4Q97 4Q98 4Q99 6,169 4,942 11,111
--------- --------- -------- --------
Suburban Austin Subtotal 620,000 51,679 25,059 76,738
Suburban Dallas
The Commons @ Las Colinas I 222,000 2Q98 2Q99 2Q00 6,125 29,061 35,186
Royal Ridge A&B 248,000 4Q97 3Q98 2Q99 12,411 12,394 24,805
Tollway I 178,000 3Q97 3Q98 2Q99 15,194 11,229 26,423
Tollway II 178,000 3Q97 4Q98 4Q99 12,775 12,451 25,226
--------- ------- ------- --------
Suburban Dallas Subtotal 826,000 46,505 65,135 111,640
Suburban Chicago
Six Parkway North 91,000 4Q97 3Q98 3Q99 9,224 4,859 14,083
Four Parkway North 162,000 2Q98 2Q99 2Q00 4,232 23,751 27,983
--------- ------- -------- --------
Suburban Chicago Subtotal 253,000 13,456 28,610 42,066
Suburban Atlanta
Embassy Row 76,000 4Q97 3Q98 4Q98 10,035 3,782 13,817
--------- ------- ------ --------
Suburban Atlanta Subtotal 76,000 10,035 3,782 13,817
Metropolitan Washington DC
Reston Crossing 328,000 4Q97 4Q98 4Q99 22,144 23,129 45,273
--------- ------- ------- --------
Metropolitan Washington DC 328,000 22,144 23,129 45,273
Subtotal
Boca Raton
Sunbeam Corporate Center 188,000 4Q97 4Q98 1Q99 19,618 15,988 35,606
--------- ------ ------ -------
Boca Raton Subtotal 188,000 19,618 15,988 35,606
--------- ------ ------- -------
Total/Weighted Average 4,504,000 $345,225 $ 298,530 $ 643,755
--------- ------- ------- -------
Less: Placed In Service (80,000) (9,455) (9,455)
--------- ------- ------- -------
4,424,000 $335,770 $ 298,530 $ 634,300
========= ======= ======= =======
</TABLE>
Estimated % Currently
Stabilized Leased or
Return Committed
---------- -----------
San Francisco Bay Area
Oakmead West A-C 13.5% 100%
Oakmead West 13.5 100
Valley Research Center 13.3 100
Valley Technology Center 11.7 38
---- ----
San Francisco Bay Area 12.8 79
Subtotal
Suburban Seattle
Canyon Park - Lot 29 9.6 0
Canyon Park - Lot 20 10.3 0
Willow Creek Corporate Center 10.1 100
---- ---
Suburban Seattle Subtotal 10.0 17
San Diego
Towne Center Technology Park 10.7 57
---- ---
San Diego Subtotal 10.7 57
Portland
Sunset Corporate Park (A-C) 10.1 0
---- ---
Portland Subtotal 10.1 0
Southeast Denver
Panorama Corporate Center III 9.9 100
Panorama Corporate Center V 9.7 0
---- ---
Southeast Denver Subtotal 9.8 50
Suburban Salt Lake City
Wasatch 18 10.4 22
Wasatch 17 10.3 0
Sorenson X 10.1 0
---- ---
Suburban Salt Lake City 10.3 7
Subtotal
Suburban Phoenix
Four Gateway 10.2 41
---- ---
Suburban Phoenix Subtotal 10.2 41
Suburban Austin
City View Centre 11.9 100
Riata Building 2 10.2 0
Riata Building 3 10.2 0
Riata Building 4 10.4 92
Riata Building 5 12.0 79
Riata Building 8 12.6 100
Riata Building 9 11.4 49
---- ---
Suburban Austin Subtotal 11.4 68
Suburban Dallas
The Commons @ Las Colinas I 9.8 0
Royal Ridge A&B 11.6 82
Tollway I 10.7 77
Tollway II 10.9 0
---- ---
Suburban Dallas Subtotal 10.7 41
Suburban Chicago
Six Parkway North 11.6 69
Four Parkway North 9.7 0
---- ---
Suburban Chicago Subtotal 10.4 25
Suburban Atlanta
Embassy Row 12.0 100
---- ---
Suburban Atlanta Subtotal 12.0 100
Metropolitan Washington DC
Reston Crossing 14.2 100
---- ---
Metropolitan Washington DC 14.2 100
Subtotal
Boca Raton
Sunbeam Corporate Center 10.9 78
---- ----
Boca Raton Subtotal 10.9 78
---- ----
Total/Weighted Average 11.4% 57%
==== ====
Less: Placed In Service
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
1998 Development Activity By Construction Completion Date
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Construction In Place Remaining Total
Property Under Construction @ Square Start Completion Stabilization Dev. Costs To Projected
June 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 $ 16,484 $ 565 $ 17,049
------- --------- ----------- --------
Subtotal 1997 129,000 16,484 565 17,049
Riata Building 4 92,000 3Q97 1Q98 3Q98 10,683 211 10,894
Riata Building 5 92,000 3Q97 2Q98 4Q98 10,440 463 10,903
Oakmead West A-C 203,000 3Q97 2Q98 3Q98 26,332 4,447 30,779
Willow Creek Corporate Center 49,000 3Q97 2Q98 4Q98 7,315 (90) 7,225
Wasatch 18 50,000 4Q97 2Q98 2Q99 4,418 1,042 5,460
Four Gateway 137,000 3Q97 2Q98 2Q99 11,835 6,306 18,141
Panorama Corporate Center III 137,000 2Q97 2Q98 2Q99 14,744 5,913 20,657
Six Parkway North 91,000 4Q97 3Q98 3Q99 9,224 4,859 14,083
Embassy Row 76,000 4Q97 3Q98 4Q98 10,035 3,782 13,817
Towne Center Technology Park 182,000 4Q97 4Q98 4Q99 12,583 13,010 25,593
Wasatch 17 72,000 1Q98 3Q98 3Q99 3,296 4,598 7,894
Royal Ridge A&B 248,000 4Q97 3Q98 2Q99 12,411 12,394 24,805
Tollway I 178,000 3Q97 3Q98 2Q99 15,194 11,229 26,423
Oakmead West 223,000 3Q97 3Q98 4Q98 28,765 4,976 33,741
Sorenson X 42,000 2Q98 4Q98 4Q99 940 3,985 4,925
Sunbeam Corporate Center 188,000 4Q97 4Q98 1Q99 19,618 15,988 35,606
Valley Research Center 258,000 1Q98 4Q98 4Q99 21,840 20,976 42,816
Valley Technology Center 350,000 1Q98 4Q98 4Q99 30,620 24,899 55,519
Canyon Park - Lot 29 110,000 2Q98 4Q98 4Q99 3,889 11,319 15,208
Sunset Corporate Park (A-C) 133,000 2Q98 4Q98 4Q99 1,760 13,227 14,987
Riata Building 8 91,000 4Q97 4Q98 4Q98 4,121 6,894 11,015
Riata Building 9 92,000 4Q97 4Q98 4Q99 6,169 4,942 11,111
Tollway II 178,000 3Q97 4Q98 4Q99 12,775 12,451 25,226
Reston Crossing 328,000 4Q97 4Q98 3Q99 22,144 23,129 45,273
--------- ------- -------- -------
Subtotal 1998 3,600,000 301,151 210,950 512,101
Canyon Park - Lot 20 129,000 2Q98 1Q99 1Q00 3,677 13,469 17,146
Panorama Corporate Center V 138,000 1Q98 1Q99 1Q00 9,774 8,750 18,524
Riata Building 2 62,000 1Q98 1Q99 1Q00 1,909 5,952 7,861
Riata Building 3 62,000 1Q98 1Q99 1Q00 1,873 6,032 7,905
The Commons @ Las Colinas I 222,000 2Q98 2Q99 2Q00 6,125 29,061 35,186
Four Parkway North 162,000 2Q98 2Q99 2Q00 4,232 23,751 27,983
------- ------ ------- -------
Subtotal 1999 775,000 27,590 87,015 114,605
--------- ------ ------ -------
Total 4,504,000 $345,225 $298,530 $643,755
========= ======= ======= =======
</TABLE>
Estimated % Currently
Stabilized Leased or
Return Committed
---------- -----------
City View Centre 11.9% 100%
---- ---
Subtotal 1997 11.9 100
Riata Building 4 10.4 92
Riata Building 5 12.0 79
Oakmead West A-C 13.5 100
Willow Creek Corporate Center 10.1 100
Wasatch 18 10.4 22
Four Gateway 10.2 41
Panorama Corporate Center III 9.9 100
Six Parkway North 11.6 69
Embassy Row 12.0 100
Towne Center Technology Park 10.7 57
Wasatch 17 10.3 0
Royal Ridge A&B 11.6 82
Tollway I 10.7 77
Oakmead West 13.5 100
Sorenson X 10.1 0
Sunbeam Corporate Center 10.9 78
Valley Research Center 13.3 100
Valley Technology Center 11.7 38
Canyon Park - Lot 29 9.6 0
Sunset Corporate Park (A-C) 10.1 0
Riata Building 8 12.6 100
Riata Building 9 11.4 49
Tollway II 10.9 0
Reston Crossing 14.2 100
---- ---
Subtotal 1998 11.8 67
Canyon Park - Lot 20 10.3 0
Panorama Corporate Center V 9.7 0
Riata Building 2 10.2 0
Riata Building 3 10.2 0
The Commons @ Las Colinas I 9.8 0
Four Parkway North 9.7 0
----- ---
Subtotal 1999 9.9 0
----- ---
Total 11.4 57%
===== ====
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Land Held For Future Development Summary
As of June 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
Willow Creek Corporate Center Suburban Seattle 3 50,000
Pacific Corporate Plaza Orange County/Los Angeles 6 122,000
Sunset Corporate Park Suburban Portland 20 317,000
LaJolla Spectrum Technology Park San Diego 14 157,000
Tanasbourne Corporate Center Suburban Portland 9 127,000
Junction Avenue A & B San Francisco Bay Area 7 111,000
-- ---------
Subtotal 61 1,038,000
Mountain Region:
Panorama Corporate Center IV, VI, VII Southeast Denver 21 325,000
Panorama IX Southeast Denver 6 120,000
Four Gateway Suburban Phoenix 3 137,000
Sorenson Research Park 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 52 1,019,000
Central Region:
Braker Pointe Austin, Texas 22 750,000
Riata 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 at Las Colinas Suburban Dallas 12 323,000
-- -----------
Subtotal 74 1,956,000
Southeast Region:
Embassy Row Suburban Atlanta 7 115,000
Peninsula Corporate Center Boca Raton 26 411,000
1201 F Street Downtown Washington, DC 1 227,000
Preston Ridge Suburban Atlanta 14 96,000
-- -----------
Subtotal 48 849,000
-- -----------
Total 235 4,862,000
=== ===========
</TABLE>
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