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Previous: GREAT AMERICAN RESERVE INSURANCE CO, 497, 1999-05-07 |
Next: WADE COOK FINANCIAL CORP, 4, 1999-05-07 |
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date of Report (date of earliest event reported): May 7, 1999
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 May 7, 1999.
ITEM 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit
Number
------
99.1 Press Release, May 7, 1999, 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: May 7, 1999
CARRMERICA REALTY CORPORATION
By: /s/ Richard F. Katchuk
---------------------------
Richard F. Katchuk
Chief Financial Officer
<PAGE>
EXHIBIT INDEX
Exhibit
Number
- ------
99.1 Press Release, May 7, 1999, entitled "Supplemental Data".
CarrAmerica Realty Corporation and Subsidiaries
First Quarter 1999
Supplemental Information
<TABLE>
- -------------------------------------------------------------------------------------------------------------------
<S> <C>
Condensed Consolidated Balance Sheets...........................................................1
Condensed Consolidated Statements of Operations.................................................2
Funds From Operations...........................................................................3
Same Store Operating Property Results...........................................................4
Statements of EBITDA ...........................................................................5
Financial Ratios ...............................................................................6
Share & Operating Partnership Unit Data.........................................................7
Debt Capitalization Summary.....................................................................8
Operating Property Supplemental Information:
Current Summary of Portfolio of Operating Properties..................................9 to 12
Lease Rollover Schedule....................................................................13
Development Supplemental Information:
1999 Development Activity by Market..................................................14 to 15
1999 Development Activity by Estimated Construction Completion Date........................16
Land Held for Future Development Summary...................................................17
OmniOffices, Inc. and OmniOffices (UK) Limited Supplemental Information:
Condensed Consolidated Balance Sheets......................................................18
Condensed Consolidated Contribution to Funds From Operations...............................19
Stabilized Centers.........................................................................20
</TABLE>
<PAGE>
Certain statements contained in the information set forth herein constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the actual
results, performance or achievements of the Company and its affiliates or
industry results to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements. Such
factors include, among others, the following: national and local economic,
business and real estate conditions that will, among other things, affect demand
for office properties, availability and creditworthiness of tenants, the level
of lease rents and the availability of financing for both tenants and the
Company, adverse changes in the real estate markets including, among other
things, competition with other companies, risks of real estate acquisition and
development (including the failure of pending acquisitions to close and pending
developments to be completed on time and within budget), actions, strategies and
performance of affiliates that the Company may not control, governmental actions
and initiatives, and environmental/safety requirements.
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
(In thousands)
March 31, December 31,
1999 1998
----------- ------------
(Unaudited)
<S> <C> <C>
Assets
Rental Property $2,834,748 $2,993,569
Less - accumulated depreciation (267,324) (262,458)
---------- ----------
Net rental property 2,567,424 2,731,111
Land held for future development 128,987 119,141
Construction-in-progress 338,318 347,294
Cash and cash equivalents - unrestricted 41,624 36,499
Cash and cash equivalents - restricted 69,492 48,640
Accrued straight-line rents 38,633 39,273
Other assets - net 468,502 471,526
---------- ----------
$3,652,980 $3,793,484
========== ==========
Liabilities and Stockholders' Equity
Liabilities:
Revolving lines of credit $ 417,500 $ 482,500
Senior unsecured notes 625,000 625,000
Mortgages payable 634,368 596,859
Accounts payable and accrued expenses 166,906 181,459
---------- ----------
1,843,774 1,885,818
---------- ----------
Minority interest 102,109 93,264
Stockholders' equity:
Preferred stock 95 95
Common stock 668 718
Additional paid in capital 1,816,414 1,926,057
Foreign currency translation adjustment (1,270) 463
Cumulative dividends paid in excess of net income (108,810) (112,931)
---------- ----------
1,707,097 1,814,402
---------- ----------
$3,652,980 $3,793,484
========== ==========
</TABLE>
1
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
(Unaudited and in thousands, except per share amounts)
Three Months Ended
March 31,
--------------------------
1999 1998
---- ----
<S> <C> <C>
Revenues:
Rental income (1) $121,458 $100,329
Other real estate operating revenue:
Real estate service income 3,900 2,990
Executive suites revenue 49,099 15,648
Gain on sale of assets 18,055 25,931
Gain on settlement of treasury locks 4,489 --
Interest and other income 2,810 1,771
-------- --------
Total operating revenue 199,811 146,669
-------- --------
Operating expenses:
Property operating expenses:
Operating expenses 29,304 23,214
Real estate taxes 11,041 9,302
Interest expense 23,493 17,161
Executive suites operating expenses 44,116 13,854
General and administrative 9,309 6,439
Depreciation and amortization 30,402 23,643
-------- --------
Total operating expenses 147,665 93,613
-------- --------
Net operating income before income taxes and
minority interest 52,146 53,056
Income taxes (252) --
-------- --------
Net operating income before minority interest 51,894 53,056
Minority interest (5,719) (8,547)
-------- --------
Net income $ 46,175 $ 44,509
======== ========
Basic net income per common share $ 0.53 $ 0.60
======== ========
Diluted net income per share $ 0.52 $ 0.59
======== ========
</TABLE>
NOTES:
(1) Rental income includes $2,415 and $3,362 of accrued straight-line rents
for the three month periods ended March 31, 1999 and 1998,
respectively.
2
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Funds From Operations
- --------------------------------------------------------------------------------
The National Association of Real Estate Investment Trusts (NAREIT)
defines funds from operations ("FFO") as net income (loss) (computed in
accordance with generally accepted accounting principles), excluding gains (or
losses) from debt restructuring or sales of property, plus depreciation and
amortization of assets uniquely significant to the real estate industry and
after adjustments for unconsolidated partnerships and joint ventures.
Adjustments for unconsolidated partnerships and joint ventures are calculated to
reflect FFO on the same basis. The Company calculates its FFO by combining the
FFO from its real estate operations, calculated in accordance with NAREIT's
definition of FFO, and the earnings before depreciation, amortization and
deferred taxes ("EBDADT") of the Company's executive suites business, excluding
operating losses from centers under development. The following table provides
the calculation of the Company's FFO for the three month periods ended March 31,
1999 and 1998.
<TABLE>
<CAPTION>
(In thousands) Three Months Ended
March 31,
-------------------------
1999 1998
---- ----
<S> <C> <C>
Net income before minority interest $ 51,894 $ 53,056
Adjustments to derive funds from operations:
Add:
Depreciation and amortization 29,613 23,055
Losses associated with executive suites centers under development 4,338 493
Deferred taxes 127 --
Deduct:
Minority interests' (non Unitholders) share of depreciation
and amortization and net income (48) (110)
Gain on settlement of treasury locks (4,489) --
Gain on sale of assets (18,055) (25,931)
-------- --------
FFO before allocations to the minority Unitholders 63,380 50,563
Less: FFO allocable to the the minority Unitholders (4,166) (3,706)
-------- --------
CarrAmerica Realty Corporation's FFO 59,214 46,857
Less: Preferred stock dividends (8,745) (8,791)
-------- --------
CarrAmerica Realty Corporation's FFO attributable
to common shares $ 50,469 $ 38,066
======== ========
Weighted average common shares outstanding:
Basic 71,099 59,997
======== ========
Diluted 78,584 67,488
======== ========
CarrAmerica Realty Corporation
FFO attributed to common shares $ 50,469 $ 38,066
Series A Preferred share dividends 314 361
Minority interest from convertible partnership units 4,166 3,706
-------- --------
Adjusted FFO attributable to common shares $ 54,949 $ 42,133
======== ========
Weighted average common
shares outstanding 71,099 59,997
Weighted average conversion of Series A preferred shares 680 780
Weighted average conversion of operating partnership units 6,512 6,478
Incremental options 293 233
-------- --------
Adjusted weighted average common shares 78,584 67,488
======== ========
</TABLE>
3
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Same Store Operating Property Results
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
(In thousands)
Three Months Ended %
March 31, Change
------------------------- --------------
1999 1998
---- ----
<S> <C> <C> <C>
Real Estate Operating Revenue $ 87,896 $ 84,347 4.2%
Real Estate Operating Expenses (28,679) (28,250) 1.5%
---------- --------
Total Real Estate
Operating Income $ 59,217 $56,097 5.6%
======== ========
YTD Average Occupancy 96.1% 94.9%
======== ========
Same Store Square Footage 16,857
========
</TABLE>
4
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Statements of EBITDA
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
(In thousands)
Three Months Ended
March 31,
----------------------------
1999 1998
---- ----
<S> <C> <C>
Revenues:
Rental Income $121,458 $100,329
Other real estate operating revenue:
Real estate service income 3,900 2,990
Executive suites revenue 49,099 15,648
Other income (1) 2,810 1,771
-------- --------
Total revenue 177,267 120,738
-------- --------
Operating expenses:
Property operating expenses:
Operating expenses 29,304 23,214
Real estate taxes 11,041 9,302
Executive suites operating expenses 44,116 13,854
General and administrative 9,309 6,439
-------- --------
Total operating expenses 93,770 52,809
-------- --------
EBITDA $ 83,497 $ 67,929
======== ========
</TABLE>
Notes:
(1) Excludes gains on sales of assets and gain on settlement of treasury locks.
5
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Financial Ratios
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
Financial Position Ratios: March 31, December 31,
-------------------------- 1999 1998
-------- ------------
<S> <C> <C>
Total Debt / Total Capitalization (Book Value) 48.1% 47.2 %
Total Debt / Total Capitalization (Market) 45.2% 42.6 %
</TABLE>
<TABLE>
<CAPTION>
Operating Ratios: Three Months Ended
---------------- March 31,
---------------------------
1999 1998
---- ----
<S> <C> <C>
Secured EBITDA / Total EBITDA 34.2% 38.8%
Interest Coverage (1)
With capitalized interest 3.55X 3.96X
Without capitalized interest 2.65X 3.01X
Fixed charge coverage
With capitalized interest 2.46X 2.33X
Without capitalized interest 2.01X 1.97X
Diluted FFO Payout Ratio (2) 66.1% 74.6%
G & A as a % of Revenue (3) 7.3% 6.1%
</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 revenue, gains on sales of assets and gain on
settlement of treasury locks.
6
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Share and Operating Partnership Unit Data
- --------------------------------------------------------------------------------
The following table sets forth the Common and Series A Preferred shares of the
Company and dividend and non-dividend paying operating partnership Units
outstanding at March 31, 1999 and December 31, 1998, and the weighted average
Common and Series A Preferred shares of the Company and dividend and
non-dividend paying operating partnership Units outstanding for the three month
periods ended March 31, 1999 and 1998. 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:
March 31, 1999 66,768 680 5,970 540
December 31, 1998 71,760 680 5,978 540
==================== ==================== ================== ====================
Weighted average for the three
months ended March 31:
1999 71,099 680 5,972 540
1998 59,997 780 5,938 540
==================== ==================== ================== ====================
</TABLE>
Notes:
(a) Series A Preferred Shares are convertible into common shares on a
one-for-one basis.
(b) Operating Partnership Units are convertible into common shares on a
one-for-one basis.
(c) The Company has the following Cumulative Redeemable Preferred shares
outstanding which are not included in the table above:
Series B 8,000,000 Shares
Series C 6,000,000 Shares
Series D 2,000,000 Shares
7
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Debt Capitalization Summary
March 31, 1999
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
($ In thousands)
SECURED INDEBTEDNESS:
Property Interest Rate Principal Balance Maturity Date
-------- ------------- ----------------- -------------
<S> <C> <C> <C>
South Coast Executive Center 9.01% $10,101 05/31/99
1775 Pennsylvania Avenue 7.50 6,097 06/01/99
Quorum Place 6.99 7,544 11/15/00
Warner Center 7.40 26,000 12/01/00
Presidential Circle 7.14 22,876 03/01/01
Bannockburn I & II 9.52 19,319 08/31/01
Quorum North 8.27 6,541 12/10/01
Valley Business Park }
Valley Office Centre }
Valley Centre II } 8.25 41,917 12/10/01
Rincon Centre }
Bayshore Centre }
Sunnyvale Technology Center }
Citymark Tower } 8.90 35,206 06/01/02
Hacienda West )
Jaycor 8.96 12,653 02/01/03
Parkway North I 6.92 29,250 12/01/03
Canyon Park Commons 9.13 5,565 12/01/04
US West 7.92 52,044 12/01/05
Redmond East 8.38 27,265 01/01/06
Century Springs West }
Glenridge }
Midori } 7.20 20,654 01/01/06
Lakewood }
Parkwood }
Concord Place 7.75 7,613 01/01/06
Wateridge Pavilion 8.25 3,468 11/01/06
Wasatch Corporate Center 8.15 12,606 01/02/07
2600 W. Olive 6.75 19,152 01/01/09
Palomar Oaks 8.85 10,053 04/01/09
1255 23rd Street )
International Square }
1850 K Street } 8.12 38,300 04/01/09
1825 Eye Street } 8.12 183,700 04/01/09
1875 Eye Street }
1730 Pennsylvania Avenue }
International Square Land }
International Square Land }
Sorenson Research Park 7.75 2,586 07/01/11
995 Benecia Avenue 8.50 901 08/01/11
Sorenson Research Park 8.88 1,637 05/01/17
1747 Pennsylvania Avenue 9.50 14,997 07/10/17
900 19th Street 8.25 16,323 07/15/19
---- ------
Total 8.08% $ 634,368
==== =========
</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
Senior Unsecured Notes 6.625% 150,000 10/01/00
Unsecured Line of Credit - CarrAmerica Realty LIBOR + 90 bps 313,000 8/26/01
Corporation
Unsecured Line of Credit - OmniOffices, Inc. LIBOR + 90 bps 104,500 8/26/01
----------
$1,042,500
==========
</TABLE>
8
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Current Summary of Portfolio Operating Properties
March 31, 1999
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
The following table sets forth certain information about each operating property
owned by the Company as of March 31, 1999:
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 89.6% 3
1730 Pennsylvania Avenue 100.0 229,292 99.3 1
2550 M Street 100.0 187,931 100.0 1
1775 Pennsylvania Avenue (3) 100.0 143,981 99.1 1
900 19th Street 100.0 101,202 100.0 1
1747 Pennsylvania Avenue 89.7(4) 151,778 99.5 1
1255 23rd Street 75.0(5) 305,237 79.6 1
Suburban Washington, D.C.:
One Rock Spring Plaza (3) 100.0 205,298 100.0 1
Tycon Courthouse 100.0 416,195 98.7 1
Sunrise Corporate Center 100.0 260,253 100.0 3
Parkway One 100.0 87,842 100.0 1
Atlanta:
Veridian 100.0 193,256 84.0 22
Glenridge 100.0 64,052 69.5 1
Century Springs West 100.0 94,893 98.0 1
Holcomb Place 100.0 72,824 96.1 1
Midori 100.0 99,900 100.0 1
Parkwood 100.0 151,296 95.9 1
Lakewood 100.0 80,338 70.2 1
The Summit 100.0 179,085 86.4 1
Triangle Parkway 100.0 82,825 81.0 3
2400 Lake Park 100.0 100,491 85.0 1
680 Engineering Drive 100.0 62,154 100.0 1
Embassy Row 100.0 465,858 88.1 3
Waterford Center 100.0 82,161 89.5 1
Spalding Ridge 100.0 128,233 96.3 1
Embassy 500-Land 1
100.0 75,711 100.0
Boca Raton:
Peninsula Plaza 100.0 159,702 90.4 1
Presidential Circle 100.0 278,469 88.9 1
Peninsula Executive Center I 100.0 100,626 100.0 1
------- ----- -
Southeast Region Subtotal 5,575,420 92.2% 58 26.2%
PACIFIC REGION
Southern California,
Orange County/Los Angeles:
Scenic Business Park 100.0 139,012 100.0 4
Harbor Corporate Park 100.0 151,787 98.8 4
Plaza PacifiCare 100.0 104,377 100.0 1
Katella Corporate Center 100.0 80,204 92.6 1
Warner Center 100.0 343,769 99.7 12
South Coast Executive Center 100.0 161,310 89.4 2
Warner Premier 100.0 61,553 100.0 1
Westlake Corporate Center 100.0 73,069 88.0 2
Von Karman 100.0 103,713 100.0 1
2600 W. Olive 100.0 146,018 100.0 1
Bay Technology Center 100.0 107,481 100.0 2
Alton Deere Plaza 100.0 182,146 93.8 6
</TABLE>
9
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Current Summary of Portfolio Operating Properties
March 31, 1999
<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>
Southern California,
San Diego:
Del Mar Corporate Plaza 100.0% 123,142 100.0% 2
Wateridge Pavilion 100.0 62,194 100.0 1
Towne Center Technology Park I & II 100.0 103,918 100.0 2
Palomar Oaks Technology Park 100.0 170,358 100.0 6
Jaycor 100.0 105,358 100.0 1
Lightspan 100.0 64,800 100.0 1
Northern California,
San Francisco Bay Area:
CarrAmerica Corporate Center 100.0 1,001,976 100.0 6
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 68,731 100.0 2
Valley Centre 100.0 102,291 61.6 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
North San Jose Technology Park 100.0 297,038 100.0 4
150 River Oaks 100.0 100,024 100.0 1
San Mateo I 100.0 70,000 100.0 1
San Mateo II and III 100.0 141,404 99.5 2
Hacienda West 100.0 203,990 98.5 2
Sunnyvale Technology Centre 100.0 165,520 100.0 5
Baytech Business Park 100.0 300,000 100.0 4
Golden Gateway Commons 100.0 273,802 85.4 3
Techmart Commerce Center 100.0 259,656 98.3 1
995 Benecia Avenue 100.0 36,344 100.0 1
Oakmead West A-G 100.0 425,981 100.0 7
Santa Clara Technology Park 100.0 178,132 100.0 3
Valley Technology Center 4 & 5 100.0 132,700 100.0 2
Portland, Oregon:
RadiSys Corporate Headquarters 100.0 80,525 100.0 1
RadiSys II 100.0 45,655 100.0 1
Seattle:
Redmond East 100.0 397,264 100.0 10
Willow Creek 100.0 96,179 100.0 1
Canyon Park Business Center 100.0 282,038 100.0 6
Canyon Park Commons 100.0 95,290 100.0 1
Willow Creek Corporate Center 100.0 278,509 100.0 5
Redmond Hilltop B & C 100.0 90,880 100.0 2
Canyon Park Commons 1 & 2 100.0 110,398 100.0 2
------- ----- -
Pacific Region Subtotal 8,913,517 98.5% 151 42.0%
</TABLE>
10
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Current Summary of Portfolio Operating Properties
March 31, 1999
<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>
CENTRAL REGION
Austin, Texas:
Great Hills Plaza 100.0% 135,333 100.0% 1
Balcones Center 100.0 74,978 84.3 1
Park North 100.0 132,744 95.3 2
City View Centre 100.0 136,183 100.0 3
Riata 4, 5, 8 100.0 274,118 89.7 3
Tower of the Hills 100.0 166,099 98.1 2
City View Center 100.0 128,716 100.0 1
Chicago:
Parkway North 100.0 507,488 100.0 2
Parkway VI 100.0 83,498 100.0 1
Unisys 100.0 361,775 96.5 2
The Crossings 100.0 296,835 94.6 2
Bannockburn I & II 100.0 210,860 100.0 2
Bannockburn IV 100.0 108,469 100.0 1
Summit Oaks 100.0 91,626 90.6 1
Dallas, Texas:
Quorum North 100.0 115,845 88.6 1
Quorum Place 100.0 177,873 92.8 1
Cedar Maple Plaza 100.0 113,011 96.2 3
Tollhill East & West 100.0 241,487 91.5 2
Two Mission Park 100.0 77,731 89.9 1
Citymark 100.0 213,153 94.2 1
5000 Quorum 100.0 159,549 96.2 1
Royal Ridge A 100.0 144,835 100.0 1
------- ----- -
Central Region Subtotal 3,952,206 95.9% 35 18.6%
MOUNTAIN REGION
Denver:
Harlequin Plaza 100.0 329,028 98.3 2
Quebec Court I & II 100.0 287,294 100.0 2
Greenwood Center 100.0 76,068 97.6 1
Quebec Center 100.0 106,865 92.0 3
Panorama Corporate Center I 100.0 100,881 98.4 1
Panorama II 100.0 100,916 96.7 1
Panorama III 100.0 136,850 100.0 1
Phoenix, Arizona:
Camelback Lakes 100.0 200,796 100.0 2
Pointe Corridor IV 100.0 143,962 99.4 1
Highland Park 100.0 78,093 66.6 1
The Grove at Black Canyon 100.0 104,187 95.9 1
US West 100.0 532,506 100.0 4
Concord Place 100.0 134,557 87.7 1
Salt Lake City, Utah:
Sorenson Research Park 100.0 285,869 99.7 5
Wasatch Corporate Center 100.0 178,098 100.0 3
------- ----- -
Mountain Region Subtotal 2,795,970 97.5% 29 13.2%
--------- ---- -- ----
TOTAL CONSOLIDATED PROPERTIES: 21,237,113 273 100.0%
---------- --- -----
WEIGHTED AVERAGE 96.2%
----
</TABLE>
11
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Current Summary of Portfolio Operating Properties
March 31, 1999
<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>
Unconsolidated Properties
- -------------------------
Downtown Washington, D.C.:
1717 Pennsylvania Avenue 50.0%(6) 184,446 100.0% 1
AARP Headquarters 24.0 (7) 502,316 99.9 1
Bond Building 15.0 (8) 162,097 100.0 1
Suburban Washington, D.C.:
Booz-Allen & Hamilton Building 50.0 (9) 222,989 100.0 1
--------- ----- -
TOTAL UNCONSOLIDATED PROPERTIES: 1,071,848 4
--------- -
WEIGHTED AVERAGE 100.0%
-----
ALL OPERATING PROPERTIES
TOTAL: 22,308,961
==========
WEIGHTED AVERAGE 96.4%
====
</TABLE>
(1) Includes office and retail space but excludes storage space.
(2) Includes space for leases that have been executed and have commenced as
of March 31, 1999.
(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 a 50% joint venture interest, and is the managing
venturer.
12
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Lease Rollover Schedule
March 31, 1999
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
Current YTD Avg. Vacant
Region / Market Square Feet Occupancy Occupancy S.F. 1999 2000 2001 2002
- --------------- ----------- --------- --------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PACIFIC REGION:
San Francisco Bay Area 5,152,570 98.3% 98.1% 87,540 189,251 599,163 590,530 927,540
Orange County / Los Angeles 1,654,439 97.2% 97.4% 45,760 171,572 329,851 194,852 186,787
Seattle 1,350,558 100.0% 97.5% -- 153,514 130,010 97,787 1,283
San Diego 629,770 100.0% 100.0% -- 36,251 -- 173,784 18,850
Portland 126,180 100.0% 100.0% -- -- -- -- --
MOUNTAIN REGION:
Denver 1,137,902 98.1% 98.3% 21,073 87,210 43,733 306,352 140,504
Phoenix 1,194,101 96.0% 96.0% 47,842 56,514 91,834 77,217 157,923
Salt Lake City 463,967 99.8% 99.8% 915 56,910 -- 110,850 83,550
CENTRAL REGION:
Chicago 1,660,551 97.8% 98.0% 37,320 259,310 152,314 198,458 244,915
Dallas 1,243,484 93.8% 93.4% 76,946 230,081 191,976 173,181 139,317
Austin 1,048,171 95.3% 96.2% 49,389 38,714 74,102 154,854 147,492
SOUTHEAST REGION:
Washington, D.C.
Downtown Properties 2,133,958 92.0% 95.3% 171,545 143,798 120,415 26,917 340,316
Suburban Properties 969,588 99.4% 99.4% 5,470 161,880 80,836 117,844 24,609
Atlanta 1,933,077 89.2% 90.2% 209,283 230,415 237,138 305,337 315,864
Boca Raton 538,797 91.4% 91.2% 46,198 40,218 112,410 91,557 38,538
------- ----- ----- ------ ------ ------- ------ ------
Totals 21,237,113 96.2% 96.5% 799,281 1,855,638 2,163,782 2,619,520 2,767,488
========== ===== ===== ======= ========= ========= ========= =========
<CAPTION>
2006
&
Region / Market 2003 2004 2005 Thereafter
- --------------- ---- ---- ---- ----------
<S> <C> <C> <C> <C>
PACIFIC REGION:
San Francisco Bay Area 821,204 264,396 312,693 1,360,253
Orange County / Los Angeles 232,387 139,043 17,677 336,510
Seattle 256,238 203,975 301,174 206,577
San Diego 180,721 209,276 10,888 --
Portland -- -- -- 126,180
MOUNTAIN REGION:
Denver 154,018 20,479 -- 364,533
Phoenix 72,980 14,315 105,160 570,316
Salt Lake City 104,471 73,671 -- 33,600
CENTRAL REGION:
Chicago 346,665 45,376 32,770 343,423
Dallas 198,086 14,804 9,511 209,582
Austin 167,539 240,596 2,171 173,314
SOUTHEAST REGION:
Washington, D.C.
Downtown Properties 222,231 480,502 53,242 574,992
Suburban Properties 154,307 93,698 209,794 121,150
Atlanta 381,602 56,108 8,092 189,238
Boca Raton 62,826 9,872 18,751 118,427
------ ----- ------ -------
Totals 3,355,275 1,866,111 1,081,923 4,728,095
========= ========= ========= =========
</TABLE>
13
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
1999 Development Activity By Market
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
($ In Thousands)
Estimated
Construction Estimated In Place
Property Under Construction @ Square Start Completion Stabilization Dev.
March 31, 1999 Feet Date Date Date Costs
- ----------------------------------- --------- ------ ------------ ------------- --------
<S> <C> <C> <C> <C> <C>
San Francisco Bay Area
Clarify Corporate Center A 64,512 1Q98 1Q99 1Q00 $ 8,968
Clarify Corporate Center B 64,512 1Q98 1Q99 2Q99 8,968
Clarify Corporate Center C 64,512 1Q98 1Q99 2Q99 8,968
Clarify Corporate Center D 64,512 1Q98 1Q99 2Q99 8,967
Valley Technology Center 1 66,350 1Q98 4Q98 4Q99 8,133
Valley Technology Center 2 66,350 1Q98 4Q98 4Q99 8,187
Valley Technology Center 3 1Q98 4Q98 3Q99 10,259
Fremont Technology Park A 41,015 3Q98 4Q98 4Q99 4,567
Fremont Technology Park B 44,136 3Q98 4Q98 4Q99 4,757
Fremont Technology Park C 54,153 3Q98 4Q98 2Q99 6,533
------- ------
San Francisco 614,652 78,307
Bay Area Subtotal
Seattle
Canyon Park 4 65,035 2Q98 1Q99 1Q00 6,109
Willow Creek Corporate Center 6 50,028 3Q98 2Q99 2Q00 5,860
------- ------
Seattle Subtotal 115,063 11,969
San Diego
Towne Center Technology Park 3 78,202 1Q98 2Q99 4Q99 6,621
La Jolla Spectrum Technology 79,759 3Q98 2Q99 3Q99 9,712
Park
------- ------
San Diego Subtotal 157,961 16,333
Orange County/Los Angeles
Pacific Corporate Plaza I 33,893 3Q98 2Q99 2Q00 2,828
Pacific Corporate Plaza 2 49,603 3Q98 2Q99 2Q00 4,040
Pacific Corporate Plaza 3 40,063 3Q98 2Q99 4Q99 3,231
------- ------
Orange County/Los Angeles 123,559 10,099
Subtotal
Portland, Oregon
Sunset Corporate Park A 44,426 2Q98 1Q99 1Q00 3,327
Sunset Corporate Park B 44,426 2Q98 1Q99 1Q00 3,317
Sunset Corporate Park C 44,426 2Q98 1Q99 1Q00 3,317
Rock Creek Corporate Center 1 65,035 3Q98 2Q99 2Q00 4,231
Rock Creek Corporate Center 2 65,035 3Q98 2Q99 2Q00 4,231
Rock Creek Corporate Center 3 10,750 3Q98 2Q99 2Q00 837
------- ------
Portland, Oregon Subtotal 274,098 19,260
Denver
Panorama Corporate Center V 137,703 1Q98 4Q98 3Q99 14,883
------- ------
Denver Subtotal 137,703 14,883
Salt Lake City
Wasatch 18 49,652 4Q97 2Q98 2Q99 4,603
Wasatch 17 72,088 1Q98 1Q99 1Q00 5,495
Sorenson X 41,551 2Q98 1Q99 1Q00 3,537
------- ------
Salt Lake City 163,291 13,635
Subtotal
Phoenix
Four Gateway 136,758 3Q97 2Q98 2Q99 15,968
------- ------
Phoenix Subtotal 136,758 15,968
<CAPTION>
Estimated %
Remaining Total Estimated Currently
Property Under Construction @ Costs To Projected Stabilized Leased or
March 31, 1999 Complete Investment Return Committed
- ----------------------------------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
San Francisco Bay Area
Clarify Corporate Center A $2,117 $11,085 11.8% 100%
Clarify Corporate Center B 1,563 10,531 12.4 100
Clarify Corporate Center C 1,563 10,531 12.4 100
Clarify Corporate Center D 1,564 10,531 12.0 100
Valley Technology Center 1 2,958 11,091 11.3 0
Valley Technology Center 2 3,006 11,193 11.2 100
Valley Technology Center 3 3,693 13,952 11.5 100
Fremont Technology Park A 1,106 5,673 11.0 55
Fremont Technology Park B 1,321 6,078 11.0 100
Fremont Technology Park C 762 7,295 12.3 100
------ ------ ---- ---
San Francisco 19,653 97,960 11.7 86
Bay Area Subtotal
Seattle
Canyon Park 4 2,560 8,669 10.5 0
Willow Creek Corporate Center 6 2,641 8,501 8.5 0
------ ------ ---- ---
Seattle Subtotal 5,201 17,170 9.5 0
San Diego
Towne Center Technology Park 3 4,129 10,750 10.8 100
La Jolla Spectrum Technology 7,785 17,497 14.3 100
Park
------ ------ ---- ---
San Diego Subtotal 11,914 28,247 13.0 100
Orange County/Los Angeles
Pacific Corporate Plaza I 2,045 4,873 10.1 30
Pacific Corporate Plaza 2 3,057 7,097 10.2 0
Pacific Corporate Plaza 3 2,334 5,565 11.5 100
------ ------ ---- ---
Orange County/Los Angeles 7,436 17,535 10.6 41
Subtotal
Portland, Oregon
Sunset Corporate Park A 1,705 5,032 10.3 0
Sunset Corporate Park B 1,713 5,030 10.3 0
Sunset Corporate Park C 1,713 5,030 10.3 0
Rock Creek Corporate Center 1 4,460 8,691 10.9 31
Rock Creek Corporate Center 2 4,524 8,755 10.8 0
Rock Creek Corporate Center 3 617 1,454 10.8 0
------ ----- ---- ---
Portland, Oregon Subtotal 14,732 33,992 10.6 7
Denver
Panorama Corporate Center V 2,627 17,510 11.1 100
------ ------ ---- ---
Denver Subtotal 2,627 17,510 11.1 100
Salt Lake City
Wasatch 18 923 5,526 10.6 82
Wasatch 17 2,882 8,377 10.2 0
Sorenson X 1,327 4,864 9.9 71
------ ------ ---- ---
Salt Lake City 5,132 18,767 10.3 43
Subtotal
Phoenix
Four Gateway 2,141 18,109 10.9 86
------ ------ --- ---
Phoenix Subtotal 2,141 18,109 10.9 86
</TABLE>
14
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
1999 Development Activity By Market
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
($ In Thousands)
Estimated
Construction Estimated In Place
Property Under Construction @ Square Start Completion Stabilization Dev.
March 31, 1999 Feet Date Date Date Costs
- ----------------------------------- --------- ------ ------------ -------------- ---------
<S> <C> <C> <C> <C> <C>
Austin
Riata Building 2 62,405 1Q98 2Q99 2Q99 $ 5,249
Riata Building 3 62,405 1Q98 2Q99 2Q00 5,837
Riata Building 9 91,639 4Q97 4Q98 3Q99 10,941
Riata Crossing 1-3 266,894 3Q98 3Q99 3Q99 19,421
--------- --------
Austin Subtotal 483,343 41,448
Dallas
The Commons @ Las Colinas 1 228,196 1Q98 2Q99 3Q99 26,527
The Commons @ Las Colinas 3 150,982 3Q98 3Q99 3Q99 17,685
Royal Ridge B 101,934 4Q97 2Q98 2Q99 8,974
Tollway I 181,123 3Q97 4Q98 2Q99 24,105
Tollway II 181,123 3Q97 4Q98 4Q99 18,073
--------- --------
Dallas Subtotal 843,358 95,364
Chicago
Four Parkway North 167,726 2Q98 2Q99 2Q00 15,998
Ten Parkway North 99,509 4Q98 1Q00 1Q01 4,434
--------- --------
Chicago Subtotal 267,235 20,432
Atlanta
Embassy Row 100 114,759 3Q98 3Q99 3Q99 12,950
--------- --------
Atlanta Subtotal 114,759 12,950
Metropolitan Washington DC
Reston Crossing East 176,175 4Q97 4Q98 2Q99 19,041
Reston Crossing West 151,613 4Q97 4Q98 2Q99 15,579
--------- --------
Metropolitan Washington DC 327,788 34,620
Subtotal
Boca Raton
Peninsula Executive Center 2 87,087 4Q97 4Q98 4Q99 12,668
--------- --------
Boca Raton Subtotal 87,087 12,668
--------- --------
Total/Weighted Average 3,846,655 $397,936
--------- --------
Less: Placed in service (542,305) (59,618)
--------- --------
Total/Weighted Average 3,304,350 $338,318
========= ========
<CAPTION>
Estimated %
Remaining Total Estimated Currently
Property Under Construction @ Costs To Projected Stabilized Leased or
March 31, 1999 Complete Investment Return Committed
- ----------------------------------- ----------- ----------- ---------- ---------
<S> <C> <C> <C> <C>
Austin
Riata Building 2 $ 3,041 $ 8,290 11.5% 100%
Riata Building 3 2,669 8,506 11.2 70
Riata Building 9 1,520 12,461 10.4 100
Riata Crossing 1-3 9,210 28,631 10.8 100
-------- -------- ---- ---
Austin Subtotal 16,440 57,888 10.9 96
Dallas
The Commons @ Las Colinas 1 13,911 40,438 10.4 100
The Commons @ Las Colinas 3 10,583 28,268 10.4 100
Royal Ridge B 290 9,264 13.1 100
Tollway I 2,636 26,741 11.0 97
Tollway II 9,143 27,216 10.3 39
-------- -------- ---- ---
Dallas Subtotal 36,563 131,927 10.7 86
Chicago
Four Parkway North 11,159 27,157 10.9 73
Ten Parkway North 11,616 16,050 11.0 67
-------- -------- ---- ---
Chicago Subtotal 22,775 43,207 10.9 71
Atlanta
Embassy Row 100 7,805 20,755 9.8 100
-------- -------- ---- ---
Atlanta Subtotal 7,805 20,755 9.8 100
Metropolitan Washington DC
Reston Crossing East 4,927 23,968 14.3 100
Reston Crossing West 4,219 19,798 14.9 100
-------- -------- ---- ---
Metropolitan Washington DC 9,146 43,766 14.6 100
Subtotal
Boca Raton
Peninsula Executive Center 2 4,507 17,175 9.3 9
-------- -------- ---- ---
Boca Raton Subtotal 4,507 17,175 9.3 9
-------- -------- ---- ---
Total/Weighted Average $166,072 $564,008 11.2% 76%
-------- -------- ---- ---
Less: Placed in service (11,615) (71,233) -- --
-------- -------- ---- ---
Total/Weighted Average $154,457 $492,775 11.2% 73%
======== ======== ==== ===
</TABLE>
15
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
1999 Development Activity By Estimated Construction Completion Date
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
($ In Thousands)
Estimated
Construction Estimated In Place
Property Under Construction @ Square Start Completion Stabilization Dev.
March 31, 1999 Feet Date Date Date Costs
- ----------------------------------- --------- ------ ------------ -------------- ---------
<S> <C> <C> <C> <C> <C>
Four Gateway 136,758 3Q97 2Q98 2Q99 $ 15,968
Royal Ridge B 101,934 4Q97 2Q98 2Q99 8,974
Wasatch 18 49,652 4Q97 2Q98 2Q99 4,603
Fremont Technology Park A 41,015 3Q98 4Q98 4Q99 4,567
Fremont Technology Park B 44,136 3Q98 4Q98 4Q99 4,757
Fremont Technology Park C 54,153 3Q98 4Q98 2Q99 6,533
Panorama Corporate Center V 137,703 1Q98 4Q98 3Q99 14,883
Peninsula Executive Center 2 87,087 4Q97 4Q98 4Q99 12,668
Reston Crossing East 176,175 4Q97 4Q98 2Q99 19,041
Reston Crossing West 151,613 4Q97 4Q98 2Q99 15,579
Riata Building 9 91,639 4Q97 4Q98 3Q99 10,941
Tollway I 181,123 3Q97 4Q98 2Q99 24,105
Tollway II 181,123 3Q97 4Q98 4Q99 18,073
Valley Technology Center 1 66,350 1Q98 4Q98 4Q99 8,133
Valley Technology Center 2 66,350 1Q98 4Q98 4Q99 8,187
Valley Technology Center 3 84,600 1Q98 4Q98 3Q99 10,259
--------- -------
Subtotal 1998 1,651,411 187,271
Canyon Park 4 65,035 2Q98 1Q99 1Q00 6,109
Clarify Corporate Center A 64,512 1Q98 1Q99 1Q00 8,968
Clarify Corporate Center B 64,512 1Q98 1Q99 2Q99 8,968
Clarify Corporate Center C 64,512 1Q98 1Q99 2Q99 8,968
Clarify Corporate Center D 64,512 1Q98 1Q99 2Q99 8,967
Sorenson X 41,551 2Q98 1Q99 1Q00 3,537
Sunset Corporate Park A 44,426 2Q98 1Q99 1Q00 3,327
Sunset Corporate Park B 44,426 2Q98 1Q99 1Q00 3,317
Sunset Corporate Park C 44,426 2Q98 1Q99 1Q00 3,317
Wasatch 17 72,088 1Q98 1Q99 1Q00 5,495
Four Parkway North 167,726 2Q98 2Q99 2Q00 15,998
La Jolla Spectrum Technology 79,759 3Q98 2Q99 3Q99 9,712
Park
Pacific Corporate Plaza 2 49,603 3Q98 2Q99 2Q00 4,040
Pacific Corporate Plaza 3 40,063 3Q98 2Q99 4Q99 3,231
Pacific Corporate Plaza I 33,893 3Q98 2Q99 2Q00 2,828
Riata Building 2 62,405 1Q98 2Q99 2Q99 5,249
Riata Building 3 62,405 1Q98 2Q99 2Q00 5,837
Rock Creek Corporate Center 1 65,035 3Q98 2Q99 2Q00 4,231
Rock Creek Corporate Center 2 65,035 3Q98 2Q99 2Q00 4,231
Rock Creek Corporate Center 3 10,750 3Q98 2Q99 2Q00 837
The Commons @ Las Colinas 1 228,196 1Q98 2Q99 3Q99 26,527
Towne Center Technology Park 3 78,202 1Q98 2Q99 4Q99 6,621
Willow Creek Corporate Center 6 50,028 3Q98 2Q99 2Q00 5,860
Embassy Row 100 114,759 3Q98 3Q99 3Q99 12,950
The Commons @ Las Colinas 3 150,982 3Q98 3Q99 3Q99 17,685
Riata Crossing 1-3 266,894 3Q98 3Q99 3Q99 19,421
--------- ---------
Subtotal 1999 2,095,735 206,231
Ten Parkway North 99,509 4Q98 1Q00 1Q01 4,434
--------- ---------
Subtotal 2000 99,509 4,434
--------- ---------
Total/Weighted Average 3,846,655 $ 397,936
--------- ---------
Less: Placed in service (542,305) (59,618)
--------- ---------
Total/Weighted Average 3,304,350 $ 338,318
========= =========
<CAPTION>
Estimated %
Remaining Total Estimated Currently
Property Under Construction @ Costs To Projected Stabilized Leased or
March 31, 1999 Complete Investment Return Committed
- ----------------------------------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
Four Gateway $ 2,141 $ 18,109 10.9% 86%
Royal Ridge B 290 9,264 13.1 100
Wasatch 18 923 5,526 10.6 82
Fremont Technology Park A 1,106 5,673 11.0 55
Fremont Technology Park B 1,321 6,078 11.0 100
Fremont Technology Park C 762 7,295 12.3 100
Panorama Corporate Center V 2,627 17,510 11.1 100
Peninsula Executive Center 2 4,507 17,175 9.3 9
Reston Crossing East 4,927 23,968 14.3 100
Reston Crossing West 4,219 19,798 14.9 100
Riata Building 9 1,520 12,461 10.4 100
Tollway I 2,636 26,741 11.0 97
Tollway II 9,143 27,216 10.3 39
Valley Technology Center 1 2,958 11,091 11.3 0
Valley Technology Center 2 3,006 11,193 11.2 100
Valley Technology Center 3 3,693 13,952 11.5 100
-------- -------- ---- ---
Subtotal 1998 45,779 233,050 11.7 81
Canyon Park 4 2,560 8,669 10.5 0
Clarify Corporate Center A 2,117 11,085 11.8 100
Clarify Corporate Center B 1,563 10,531 12.4 100
Clarify Corporate Center C 1,563 10,531 12.4 100
Clarify Corporate Center D 1,564 10,531 12.0 100
Sorenson X 1,327 4,864 9.9 71
Sunset Corporate Park A 1,705 5,032 10.3 0
Sunset Corporate Park B 1,713 5,030 10.3 0
Sunset Corporate Park C 1,713 5,030 10.3 0
Wasatch 17 2,882 8,377 10.2 0
Four Parkway North 11,159 27,157 10.9 73
La Jolla Spectrum Technology 7,785 17,497 14.3 100
Park
Pacific Corporate Plaza 2 3,057 7,097 10.2 0
Pacific Corporate Plaza 3 2,334 5,565 11.5 100
Pacific Corporate Plaza I 2,045 4,873 10.1 30
Riata Building 2 3,041 8,290 11.5 100
Riata Building 3 2,669 8,506 11.2 70
Rock Creek Corporate Center 1 4,460 8,691 10.9 31
Rock Creek Corporate Center 2 4,524 8,755 10.8 0
Rock Creek Corporate Center 3 617 1,454 10.8 0
The Commons @ Las Colinas 1 13,911 40,438 10.4 100
Towne Center Technology Park 3 4,129 10,750 10.8 100
Willow Creek Corporate Center 6 2,641 8,501 8.5 0
Embassy Row 100 7,805 20,755 9.8 100
The Commons @ Las Colinas 3 10,583 28,268 10.4 100
Riata Crossing 1-3 9,210 28,631 10.8 100
-------- -------- ---- ---
Subtotal 1999 108,677 314,908 10.9 72
Ten Parkway North 11,616 16,050 11.0 67
-------- -------- ---- ---
Subtotal 2000 11,616 16,050 11.0 67
-------- -------- ---- ---
Total/Weighted Average $166,072 $564,008 11.2% 76%
-------- -------- ---- ---
Less: Placed in service (11,615) (71,233) -- --
-------- -------- ---- ---
Total/Weighted Average $154,457 $492,775 11.2% 73%
======== ======== ==== ===
</TABLE>
16
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Land Held For Future Development Summary
As of March 31, 1999
<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 2 153,600
Fremont Technology Park D-F San Francisco Bay Area 10 151,545
Valley Tech Phase II San Francisco Bay Area 8 110,589
La Jolla B San Diego 5 76,894
Sunset Corporate Park Portland, Oregon 13 226,550
---- ---------
Subtotal 38 719,178
Mountain Region:
Panorama Corporate Center IV, VI, VII Denver 21 363,650
Panorama IX Denver 6 120,000
Panorama X Denver 3 49,660
Dry Creek Corporate Center Denver 56 824,362
Panorama VIII (Formerly Marriott Tract) Denver 5 127,680
Four Gateway Phoenix, Arizona 3 136,817
East Gateway Phoenix, Arizona 11 228,828
Sorenson Research Park XI Salt Lake City, Utah 5 80,238
---- ---------
Subtotal 110 1,931,235
Central Region:
Braker Pointe Austin, Texas 22 750,000
Riata 1,6,7 Austin, Texas 17 245,865
Riata Crossing 4-6 Austin, Texas 18 173,058
Parkway North Chicago 16 375,000
Cedar Maple Plaza Dallas, Texas 1 38,400
Tollway Plaza III Dallas, Texas 4 134,400
The Commons @ Las Colinas II Dallas, Texas 6 177,800
Royal Ridge II Dallas, Texas 25 435,574
Royal Ridge III Dallas, Texas 18 240,500
---- ---------
Subtotal 127 2,570,597
Southeast Region:
Peninsula Corporate Center Boca Raton, Florida 26 411,000
Preston Ridge Atlanta 14 96,000
---- ---------
Subtotal 40 507,000
---- ---------
Total 315 5,728,010
==== =========
</TABLE>
17
<PAGE>
OmniOffices, Inc. and Omnioffices (UK) Limited
Condensed Consolidated Balance Sheets
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
(Unaudited and in thousands)
OmniOffices, Inc. OmniOffices (UK) Limited
(Domestic) (International) (2)
March 31, December 31, March 31, December 31,
1999 1998 1999 1998
------------- --------------- ------------- ---------------
<S> <C> <C> <C> <C>
Assets:
Current assets $ 51,671 $ 53,694 $ 6,779 $ 7,290
Fixed assets and goodwill (net) 255,124 237,807 65,216 65,373
-------- -------- ------- -------
Total assets $306,795 $291,501 $71,995 $72,663
======== ======== ======= =======
Liabilities and stockholders' equity:
Total liabilities including Long-Term Debt $159,366 $149,784 $41,988(1) $42,879(1)
Total stockholders' equity 147,429 141,717 30,007 29,784
-------- -------- ------- -------
Total liabilities and stockholders' equity $306,795 $291,501 $71,995 $72,663
======== ======== ======= =======
</TABLE>
(1) Includes a loan from CarrAmerica Realty Corporation in the amount of $30.0
million at March 31, 1999 and $30.5 million at December 31, 1998.
(2) Acquired May 15, 1998
18
<PAGE>
OmniOffices, Inc. and Omnioffices (UK) Limited
Condensed Consolidated Contribution to Funds From Operations
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
(Unaudited and in thousands)
OmniOffices, Inc. OmniOffices (UK) Limited
(Domestic) (International) (1)
Three Months Ended Three Months Ended
March 31, March 31,
-------------------------------- --------------------------------
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Rental income $30,021 $ 9,619 $ 2,734 $--
Other services and interest income 15,571 6,236 1,177 --
------- ------- ------- ---
Total operating revenue 45,592 15,855 3,911 --
------- ------- ------- ---
Expenses:
Operating expenses 24,394 7,443 3,240 --
G & A selling expense 15,172 6,856 1,348 --
Interest expense and income taxes 2,366 51 61 --
------- ------- ------- ---
Total expenses 41,932 14,350 4,649 --
------- ------- ------- ---
Net income (loss) before depreciation
and amortization 3,660 1,505 (738) --
------- ------- ------- ---
Adjustments to derive funds from operations
Add:
Losses associated with executive
Suites under development 2,849 493 1,489 --
Deferred taxes 127 -- -- --
------- ---
------- -------
2,976 493 1,489 --
------- ------- ------- ---
Funds from operations $ 6,636 $ 1,998 $ 751 $--
======= ======= ======= ===
</TABLE>
(1) Acquired May 15, 1998
19
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Stabilized Centers
The following table sets forth certain information about the executive
suites leased by OmniOffices, Inc. ("OmniOffices") or OmniOffices (UK) Limited
("OmniUK") and subleased to executive office suites tenants as of March 31,
1999.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
# of
Centers # of Percent Leased
Facility Owner Owned Suites @ March 31, 1999
- ---------------------------- ---------------- ----------- --------- ------------------
<S> <C> <C> <C> <C>
New York OmniOffices 9 741 96.2%
Greater Washington, DC OmniOffices 8 474 93.0
Atlanta OmniOffices 9 565 81.6
New Jersey OmniOffices 11 568 94.7
Indianapolis OmniOffices 2 103 92.2
Chicago OmniOffices 15 1,069 96.0
Boston OmniOffices 8 543 96.4
Portland OmniOffices 2 155 75.8
Salt Lake City OmniOffices 4 178 79.0
Phoenix OmniOffices 3 180 90.5
St. Louis OmniOffices 1 57 62.0
Los Angeles/Orange County OmniOffices 4 258 92.6
Dallas OmniOffices 2 151 97.7
Houston OmniOffices 2 158 79.5
Denver OmniOffices 1 73 99.0
Philadelphia OmniOffices 1 48 90.0
Florida OmniOffices 8 498 89.9
Seattle OmniOffices 1 60 98.0
San Francisco Bay Area OmniOffices 7 354 97.1
San Diego OmniOffices 4 309 99.0
Charlotte OmniOffices 1 72 98.0
Las Vegas OmniOffices 1 53 100.0
Virginia OmniOffices 1 18 74.0
Argentina OmniOffices 2 76 84.0
London OmniUK 6 239 79.5
--- ----- -----
Total/Weighted Average 113 7,000 91.9%
=== ===== =====
</TABLE>
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