|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: ST MARY LAND & EXPLORATION CO, SC 13G/A, 1998-02-11 |
Next: RESOURCE BANCSHARES MORTGAGE GROUP INC, SC 13G/A, 1998-02-11 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
AMENDMENT TO APPLICATION OR REPORT
FILED PURSUANT TO SECTION, 12, 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
CarrAmerica Realty Corporation
(formerly Carr Realty Corporation)
(Exact name of registrant as specified in its charter)
Amendment No. 1
The undersigned registrant hereby amends Item 7(c) of its Current
Report on Form 8-K filed with the Commission on February 5, 1998 as set forth in
the pages attached hereto to file the Company's unaudited pro forma condensed
consolidated (i) balance sheets at December 31, 1997 and 1996 and (ii)
statements of operations for the three and twelve months ended December 31, 1997
and 1996.
Date: February 10, 1998
CARRAMERICA REALTY CORPORATION
By: /s/ Brian K. Fields
------------------------
Chief Financial Officer
<PAGE>
ITEM 7. Financial Statements and Exhibits.
(b) Pro forma financial information.
CarrAmerica Realty Corporation hereby amends Item 7(c) of its Current
Report on Form 8-K filed with the Commission on February 5, 1998 as set forth in
the pages attached hereto to file the Company's unaudited pro forma condensed
consolidated (i) balance sheets at December 31, 1997 and 1996 and (ii)
statements of operations for the three and twelve months ended December 31, 1997
and 1996.
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
- -------------------------------------------------------------------------------
(Unaudited and in thousands)
<TABLE>
<CAPTION>
December 31, December 31,
1997 1996
------------------ ------------------
(Unaudited)
<S> <C> <C>
Assets
Rental Property $2,397,023 $1,475,998
Less - accumulated depreciation (184,266) (119,657)
------------ -----------
Net rental property 2,212,757 1,356,341
Land held for future development 81,647 32,277
Construction-in-progress 210,829 31,723
Cash and cash equivalents - unrestricted 23,845 27,637
Cash and cash equivalents - restricted 18,049 8,229
Accrued straight-line rents 33,212 23,810
Other assets - net 163,721 56,547
------------ -----------
$2,744,060 $1,536,564
============ ===========
Liabilities and Stockholders' Equity
Liabilities:
Revolving line of credit 159,500 215,000
Senior unsecured notes 275,000 --
Mortgages payable 594,446 440,449
Accounts payable and accrued expenses 87,462 43,040
------------ -----------
1,116,408 698,489
------------ -----------
Minority interest 74,955 50,597
Stockholders' equity:
Preferred stock 168 17
Common stock 600 438
Additional paid in capital 1,629,142 837,355
Cumulative dividends paid in excess of net income (77,213) (50,332)
------------ -----------
1,552,697 787,478
------------ -----------
$2,744,060 $1,536,564
============ ===========
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
- -------------------------------------------------------------------------------
(Unaudited and in thousands, except per common share amounts)
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
December 31, December 31,
-------------------------- ---------------------------
1997 1996 1997 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Rental income (1) $ 93,670 53,526 325,502 154,165
Other real estate operating revenue:
Real estate service income 4,486 3,247 15,998 12,512
Executive suites revenue 12,865 -- 17,865 --
Gain on sale of assets 5,067 -- 5,420 --
Interest and other income 1,128 575 3,107 2,185
--------- --------- ---------- ----------
Total operating revenue 117,216 57,348 367,892 168,862
--------- --------- ---------- ----------
Operating expenses:
Property Operating expenses:
Operating expenses 23,770 13,502 84,432 37,047
Real estate taxes 9,138 5,054 30,394 14,880
Interest expense 14,262 9,773 51,528 31,630
Executive suites operating expenses 11,604 -- 15,728 --
General and administrative 6,062 4,567 21,839 15,228
Depreciation and amortization 22,396 12,520 76,958 38,264
--------- --------- ---------- ----------
Total operating expenses 87,232 45,416 280,879 137,049
--------- --------- ---------- ----------
Net operating income before minority
interest and extraordinary item $ 29,984 11,932 87,013 31,813
Minority interest (2,515) (837) (8,273) (4,732)
--------- --------- ---------- ----------
Income before extraordinary item and
nonrecurring charges 27,469 11,095 78,740 27,081
Extraordinary item-loss on early
extinguishment of debt -- -- (608) (484)
Loss on write-off of investment and
intangible assets -- (2,279) -- (2,279)
--------- --------- ---------- ----------
Net income $ 27,469 8,816 78,132 24,318
========= ========= ========== ==========
Basic net income per common share:
Income before extraordinary item and
nonrecurring charges $ 0.35 0.23 1.23 0.90
Extraordinary item and nonrecurring
charges -- (0.02) (0.01) (0.02)
--------- --------- ---------- ----------
Basic net income per common share $ 0.35 0.21 1.22 0.88
========= ========= ========== ==========
Diluted net income per common share:
Income before extraordinary item and
nonrecurring charges $ 0.35 0.23 1.24 0.90
Extraordinary item and nonrecurring
charges -- (0.02) (0.01) (0.02)
--------- --------- ---------- ----------
Diluted net income per share $ 0.35 0.21 1.23 0.88
========= ========= ========== ==========
</TABLE>
NOTES:
(1) Rental income includes $2,715 and $895 of straight-line rents for the three
month periods ended December 31, 1997 and 1996, respectively, and $9,892 and
$1,373 for the twelve month periods ended December 31, 1997 and 1996,
respectively.
|
|