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Previous: MICRO WAREHOUSE INC, 424B1, 1999-02-04 |
Next: CAPITAL WORLD GROWTH & INCOME FUND INC, 497, 1999-02-04 |
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date of Report (date of earliest event reported): February 4, 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 February 4, 1999.
ITEM 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit
Number
------
99.1 Press Release, February 4, 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: February 4, 1999
CARRMERICA REALTY CORPORATION
By: /s/ Richard F. Katchuk
---------------------------
Richard F. Katchuk
Chief Financial Officer
<PAGE>
EXHIBIT INDEX
Exhibit
Number
- ------
99.1 Press Release, February 4, 1999, entitled "Supplemental Data".
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
(In thousands)
December 31, December 31,
1998 1997
------------ ------------
(Unaudited)
<S> <C> <C>
Assets
Rental Property $ 2,993,569 $ 2,397,023
Less - accumulated depreciation (262,458) (184,266)
----------- -----------
Net rental property 2,731,111 2,212,757
Land held for future development 119,141 81,647
Construction-in-progress 347,294 210,829
Cash and cash equivalents - unrestricted 36,499 23,845
Cash and cash equivalents - restricted 48,640 18,049
Accrued straight-line rents 39,273 33,212
Other assets - net 471,526 163,721
----------- -----------
$ 3,793,484 $ 2,744,060
=========== ===========
Liabilities and Stockholders' Equity
Liabilities:
Revolving lines of credit 482,500 159,500
Senior unsecured notes 625,000 275,000
Mortgages payable 596,859 590,645
Accounts payable and accrued expenses 181,147 91,263
----------- -----------
1,885,506 1,116,408
----------- -----------
Minority interest 93,264 74,955
Stockholders' equity:
Preferred stock 95 96
Common stock 718 600
Additional paid in capital 1,926,369 1,629,214
Foreign currency translation adjustment 463 --
Cumulative dividends paid in excess of net income (112,931) (77,213)
----------- -----------
1,814,714 1,552,697
----------- -----------
$ 3,793,484 $ 2,744,060
=========== ===========
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
(Unaudited and in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
----------------------- -----------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Rental income (1) $119,505 93,670 440,455 325,502
Other real estate operating revenue:
Real estate service income 5,182 4,486 16,167 15,998
Executive suites revenue 48,763 12,865 145,932 17,865
Gain on sale of assets 5,129 5,067 38,160 5,420
Loss on write-off of treasury locks (13,729) -- (13,729) --
Interest and other income 3,536 1,128 10,986 3,107
-------- -------- -------- --------
Total operating revenue 168,386 117,216 637,971 367,892
-------- -------- -------- --------
Operating expenses:
Property operating expenses:
Operating expenses 31,290 23,770 109,514 84,432
Real estate taxes 11,316 9,138 40,174 30,394
Interest expense 22,321 14,262 76,458 51,528
Executive suites operating expenses 41,972 11,604 123,976 15,728
General and administrative 9,515 6,062 32,356 21,839
Depreciation and amortization 32,621 22,396 111,022 76,958
-------- -------- -------- --------
Total operating expenses 149,035 87,232 493,500 280,879
-------- -------- -------- --------
Net operating income before income taxes,
minority interest and extraordinary item 19,351 29,984 144,471 87,013
Income taxes (1,325) -- (1,898) --
-------- -------- -------- --------
Net operating income before minority interest
and extraordinary item 18,026 29,984 142,573 87,013
Minority interest (2,526) (2,515) (16,076) (8,273)
-------- -------- -------- --------
Income before extraordinary item 15,500 27,469 126,497 78,740
Extraordinary item - loss on early extinguishment
of debt -- -- -- (608)
-------- -------- -------- --------
Net income $ 15,500 27,469 126,497 78,132
======== ======== ======== ========
Basic net income per common share:
Income before extraordinary item $ 0.09 0.35 1.33 1.23
Extraordinary item - loss on
early extinguishment of debt -- -- -- (0.01)
-------- -------- -------- --------
Basic net income per common share $ 0.09 0.35 1.33 1.22
======== ======== ======== ========
Diluted net income per share:
Income before extraordinary item $ 0.09 0.35 1.32 1.23
Extraordinary item - loss on
early extinguishment of debt -- -- -- (0.01)
-------- --------- --------- ---------
Diluted net income per share $ 0.09 0.35 1.32 1.22
======== ========= ========= =========
</TABLE>
NOTES:
(1) Rental income includes $3,165 and $2,715 of straight-line rents for the
three month periods ended December 31, 1998 and 1997, respectively,
and $13,919 and $9,892 of straight-line rents for the twelve month
periods ended December 31, 1998 and 1997, respectively.
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Same Store Operating Property Results
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
(In thousands)
Three Months Ended Twelve Months Ended
December 31, % Change December 31, % Change
--------------------- -------- ------------------------- --------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Real Estate Operating Revenue $ 81,859 79,458 3.0% $ 244,563 234,650 4.2%
Real Estate Operating Expenses (30,063) (29,450) 2.1% (86,377) (83,497) 3.4%
-------- ------- --------- ---------
Total Real Estate
Operating Income $ 51,796 50,008 3.6% $ 158,186 151,153 4.7%
======== ======= ========= =========
YTD Average Occupancy 96.5% 96.7% 95.9% 96.7%
======== ======= ========= =========
Same Store Square Footage 16,138 11,215
======== =========
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Statements of EBITDA
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
(In thousands)
Three Months Ended Twelve Months Ended
December 31, December 31,
-------------------------- --------------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Rental Income $119,505 93,670 440,455 325,502
Other real estate operating revenue:
Real estate service income 5,182 4,486 16,167 15,998
Executive suites revenue 48,763 12,865 145,932 17,865
Other income (1) 3,536 1,128 10,986 3,107
-------- -------- -------- --------
Total revenue 176,986 112,149 613,540 362,472
-------- -------- -------- --------
Operating expenses:
Property operating expenses
Operating expenses 31,290 23,770 109,514 84,432
Real estate taxes 11,316 9,138 40,174 30,394
Executive suites operating expenses 41,972 11,604 123,976 15,728
General and administrative 9,515 6,062 32,356 21,839
-------- -------- -------- --------
Total operating expenses 94,093 50,574 306,020 152,393
-------- -------- -------- --------
EBITDA $ 82,893 61,575 307,520 210,079
======== ======== ======== ========
</TABLE>
Notes:
(1) Excludes gains on sale of assets and loss on write-off of treasury
locks.
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Financial Ratios
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
Financial Position Ratios: December 31, December 31,
1998 1997
------------ ------------
<S> <C> <C>
Total Debt / Total Capitalization (Book Value) 47.2% 38.6%
Total Debt / Total Capitalization (Market) 42.6% 28.9%
</TABLE>
<TABLE>
<CAPTION>
Operating Ratios: Three Months Ended Twelve Months Ended
December 31, December 31,
------------------------ ----------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Secured EBITDA / Total EBITDA 33.5% 39.1% 35.6% 42.1%
Interest Coverage (1)
With capitalized interest 3.71X 4.32X 4.02X 4.08X
Without capitalized interest 2.64X 3.24X 2.88X 3.28X
Fixed charge coverage
With capitalized interest 2.48X 2.79X 2.52X 3.23X
Without capitalized interest 1.97X 2.30X 2.02X 2.71X
Diluted FFO Payout Ratio (2) 68.4% 72.9% 70.2% 75.4%
G & A as a % of Revenue (3) 7.4% 6.1% 6.9% 6.3%
</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, gains on sales of assets and loss on
write-off of treasury locks.
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Share and Operating Partnership Unit Data
- --------------------------------------------------------------------------------
The following table sets forth the Common and Series A Preferred shares of the
Company and dividend and non-dividend paying operating partnership Units
outstanding at December 31, 1998 and 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 twelve month periods
ended December 31, 1998 and 1997. The non-dividend paying Units are not entitled
to any distributions until they convert into dividend paying Units on fixed
dates in the future.
(in thousands)
<TABLE>
<CAPTION>
CarrAmerica Realty
Corporation Series
CarrAmerica Realty A Convertible Dividend Paying Non-Dividend
Corporation Common Preferred Shares Units Paying Units
Shares Outstanding Outstanding (a) Outstanding (b) Outstanding (b)
-------------------- -------------------- ------------------ --------------------
<S> <C> <C> <C> <C>
Outstanding as of:
December 31, 1998 71,760 680 5,978 540
December 31, 1997 59,994 780 5,699 540
====== ===== ===== ===
Weighted average for the three
months ended December 31:
1998 71,760 680 5,978 540
1997 58,385 780 5,685 540
====== ===== ===== ===
Weighted average for the twelve
months ended December 31:
1998 68,577 745 5,985 540
1997 54,873 1,322 5,381 540
====== ===== ===== ===
</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
December 31, 1998
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
($ In thousands)
SECURED INDEBTEDNESS:
Property Interest Rate Principal Balance Maturity Date
- -------- ------------- ----------------- -------------
<S> <C> <C> <C>
1775 Pennsylvania Avenue 7.50% $ 6,129 2/1/99
South Coast Executive Center 9.01 10,127 5/31/99
Quorum Place 6.99 7,578 11/15/00
Warner Center 7.40 26,000 12/1/00
Presidential Circle 7.14 22,982 3/1/01
Bannockburn I & II 9.52 19,553 8/31/01
Quorum North 8.27 6,566 12/10/01
Valley Business Park }
Valley Office Centre }
Valley Centre II } 8.25 42,273 12/10/01
Rincon Centre }
Bayshore Centre }
Sunnyvale Technology Center }
Citymark Tower } 8.90 35,554 6/1/02
Hacienda West }
1255 23rd Street }
International Square }
1850 K Street } 7.75 39,496 2/1/03
1825 Eye Street } 8.80 92,500 2/1/03
1875 Eye Street }
1730 Pennsylvania Avenue }
International Square Land 7.55 39,481 2/1/03
International Square Land 8.00 9,879 2/1/03
Jaycor 8.96 12,781 2/1/03
Parkway North I 7.96 29,250 12/1/03
Canyon Park Commons 9.13 5,615 12/1/04
US West 7.92 53,263 12/1/05
Redmond East 8.38 27,355 1/1/06
Century Springs West }
Glenridge }
Midori } 7.20 20,812 1/1/06
Lakewood }
Parkwood }
Concord Place 7.75 7,646 1/1/06
Wateridge Pavilion 8.25 3,481 11/1/06
Wasatch Corporate Center 8.15 12,654 1/2/07
2600 W. Olive 7.52 19,152 1/1/09
Palomar Oaks 8.85 10,086 4/1/09
Sorenson Research Park 7.75 2,617 7/1/11
995 Benecia Avenue 8.50 911 8/1/11
Sorenson Research Park 8.88 1,646 5/1/17
1747 Pennsylvania Avenue 9.50 15,072 7/10/17
900 19th Street 8.25 16,400 7/15/19
---- -------
Total 8.20% $596,859
==== ========
</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 Corporation LIBOR + 90 bps 389,000 8/26/01
Unsecured Line of Credit - OmniOffices, Inc. LIBOR + 90 bps 93,500 8/26/01
----------
$1,107,500
==========
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
December 31, 1998
- --------------------------------------------------------------------------------
The following table sets forth certain information about each operating property
owned by the Company as of December 31, 1998:
<TABLE>
<CAPTION>
Company's Net %
Effective Rentable of Total
Property Area Percent # of Square
Property Ownership (square feet)(1) Leased(2) Buildings Footage
- -------- --------- ---------------- --------- --------- -------
<S> <C> <C> <C> <C> <C>
Consolidated Properties
- -----------------------
SOUTHEAST REGION
Downtown Washington, D.C.:
International Square 100.0% 1,014,537 95.3% 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 100.0 100,907 100.0 1
1747 Pennsylvania Avenue 89.7(4) 151,778 98.1 1
1255 23rd Street 75.0(5) 305,237 97.1 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
Three Ballston Plaza 100.0 302,875 100.0 1
Sunrise Corporate Center 100.0 260,253 100.0 3
Parkway One 100.0 87,842 100.0 1
Suburban Atlanta:
Veridian 100.0 190,782 85.1 22
Glenridge 100.0 64,052 76.3 1
Century Springs West 100.0 94,893 97.3 1
Holcomb Place 100.0 72,824 96.1 1
Midori 100.0 99,900 100.0 1
Parkwood 100.0 151,296 66.4 1
Lakewood 100.0 80,338 100.0 1
The Summit 100.0 179,085 100.0 1
Triangle Parkway 100.0 82,102 81.8 3
2400 Lake Park 100.0 100,491 93.5 1
680 Engineering Drive 100.0 62,154 100.0 1
Embassy Row 100.0 465,858 86.2 3
Waterford Center 100.0 82,161 85.1 1
Spalding Ridge 100.0 128,233 96.3 1
Boca Raton:
Peninsula Plaza 100.0 162,303 93.8 1
Presidential Circle 100.0 280,118 84.3 1
--------- ----- ---
Southeast Region Subtotal 5,702,716 94.3% 57 25.5%
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 96.3 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 98.0 12
South Coast Executive Center 100.0 161,310 90.7 2
Warner Premier 100.0 61,553 100.0 1
Westlake Corporate Center 100.0 73,061 95.9 2
Von Karman 100.0 103,713 100.0 1
2600 W. Olive 100.0 145,474 95.7 1
Bay Technology Center 100.0 107,481 100.0 2
Alton Deere Plaza 100.0 182,146 99.0 6
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
December 31, 1998
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
Company's Net %
Effective Rentable of Total
Property Area Percent # of Square
Property Ownership (square feet)(1) Leased(2) Buildings Footage
- -------- --------- ---------------- --------- --------- -------
<S> <C> <C> <C> <C> <C>
Southern California,
San Diego:
Del Mar Corporate Plaza 100.0% 123,142 100.0% 2
Wateridge Pavilion 100.0 62,194 100.0 1
Lightspan 100.0 64,800 100.0 1
Towne Center Technology Park II 100.0 62,367 100.0 1
Palomar Oaks Technology Park 100.0 170,358 100.0 6
Jaycor 100.0 105,358 100.0 1
Northern California,
San Francisco Bay Area:
CarrAmerica Corporate Center 100.0 994,930 100.0 6
Sunnyvale Research Plaza 100.0 126,000 100.0 3
Rio Robles 100.0 368,178 100.0 7
Valley Business Park II 100.0 166,928 100.0 6
Bayshore Centre 100.0 195,249 100.0 2
Rincon Centre 100.0 201,178 100.0 3
Valley Centre II 100.0 212,082 100.0 4
Valley Office Centre 100.0 68,731 100.0 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 100.0 297,038 100.0 4
Foster City Technology Center 100.0 66,869 100.0 2
150 River Oaks 100.0 100,024 100.0 1
Amador/Rinconada 100.0 134,611 100.0 3
Amador III 100.0 82,944 100.0 1
Arroyo Center 100.0 104,741 100.0 2
San Mateo I 100.0 70,000 100.0 1
San Mateo II and III 100.0 141,404 97.2 2
900-910 East Hamilton 100.0 351,811 100.0 2
Hacienda West 100.0 205,903 94.4 2
Sunnyvale Technology Centre 100.0 165,520 100.0 5
Baytech Business Park 100.0 300,000 100.0 4
Golden Gateway Commons 100.0 270,395 99.3 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
Northern California,
Sacramento:
1860 Howe Avenue 100.0 98,992 87.6 1
University Office Park 100.0 122,288 86.8 2
Capital Corporate Center 100.0 94,564 87.1 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 100.0 399,468 88.4 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 100.0 296,089 93.2 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 10,132,692 98.3% 173 45.2%
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
December 31, 1998
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
Company's Net %
Effective Rentable of Total
Property Area Percent # of Square
Property Ownership (square feet)(1) Leased(2) Buildings Footage
- -------- --------- ---------------- --------- --------- -------
<S> <C> <C> <C> <C> <C>
CENTRAL REGION
Austin, Texas:
Great Hills Plaza 100.0% 135,333 100.0% 1
Balcones Center 100.0 74,978 78.4 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
Suburban Chicago:
Parkway North 100.0 507,240 100.0 2
Unisys 100.0 361,834 95.6 2
The Crossings 100.0 297,205 90.6 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 93.4 1
Dallas, Texas:
Quorum North 100.0 115,845 88.6 1
Quorum Place 100.0 179,303 92.4 1
Cedar Maple Plaza 100.0 113,011 96.1 3
Tollhill East & West 100.0 241,487 91.1 2
Two Mission Park 100.0 77,731 89.1 1
Citymark 100.0 207,595 94.1 1
5000 Quorum 100.0 160,222 92.2 1
Royal Ridge A 100.0 144,835 100.0 1
---------- ----- ---
Central Region Subtotal 3,865,434 95.1% 34 17.3%
MOUNTAIN REGION
Southeast Denver:
Harlequin Plaza 100.0 329,070 98.6 2
Quebec Court I & II 100.0 287,294 100.0 2
Greenwood Center 100.0 75,866 100.0 1
Quebec Center 100.0 106,865 92.1 3
Panorama Corporate Center I 100.0 100,881 100.0 1
Panorama II 100.0 100,916 96.7 1
Phoenix, Arizona:
Camelback Lakes 100.0 197,351 99.8 2
Pointe Corridor IV 100.0 178,745 99.5 1
Highland Park 100.0 78,093 68.7 1
The Grove at Black Canyon 100.0 104,187 95.2 1
US West 100.0 532,506 100.0 4
Concord Place 100.0 133,287 100.0 1
Salt Lake City, Utah:
Sorenson Research Park 100.0 285,144 99.7 5
Wasatch Corporate Center 100.0 178,098 100.0 3
---------- ----- ---
Mountain Region Subtotal 2,688,303 98.2% 28 12.0%
---------- ----- --- -----
TOTAL CONSOLIDATED PROPERTIES: 22,389,145 292 100.0%
---------- ---
WEIGHTED AVERAGE 96.9%
-----
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
December 31, 1998
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
Company's Net %
Effective Rentable of Total
Property Area Percent # of Square
Property Ownership (square feet)(1) Leased(2) Buildings Footage
- -------- --------- ---------------- --------- --------- -------
Unconsolidated Properties
- -------------------------
Downtown Washington, D.C.:
<S> <C> <C> <C> <C> <C>
1717 Pennsylvania Avenue 50.0%(6) 184,446 100.0% 1
AARP Headquarters 24.0 (7) 477,394 99.9 1
Bond Building 15.0 (8) 162,097 100.0 1
Willard Office/Hotel 5.0 (9) 242,787 98.3 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 99.6%
-----
ALL OPERATING PROPERTIES
TOTAL: 23,678,858
==========
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
December 31, 1998.
(3) The Company owns the improvements on the property and has a leasehold
interest in all of the underlying land.
(4) The Company holds a general and limited partner interest in a partnership
that owns the property.
(5) The Company holds a 50% joint venture interest in the joint venture that
owns this property and a 50% joint venture interest in another joint
venture, which holds the remaining 50% interest in the joint venture that
owns the property. As a result of preferential rights to annual
distributions from another venture, the Company will receive distributions
of less than 75% (but in no event less than 50%) of the total amount
distributed with respect to this property in each year until the
preferential distribution requirements are satisfied, but will receive 100%
of any subsequent distributions during the year until its aggregate
distributions equal 75% of the cumulative distributions with respect to the
property since inception of the partnership. Thereafter, the Company will
receive 75% of the distributions made during the year with respect to the
property. Upon sale of the property, the Company will receive 75% of the
distributions until the Company receives its preference amount, 50% until
the remaining venturer receives its preference amount, and 75% of the
distributions thereafter.
(6) The Company holds a 50% interest in the limited liability company that
owns the property and serves as the entity's managing member.
(7) The Company holds an effective 24% interest in the property by virtue
of a 48% general partner interest in a partnership that owns a 50%
general partner interest in the property.
(8) The Company holds an effective 15% interest in the property by virtue
of a 30.6% limited partner interest in a partnership that has a 49%
limited partner interest in the property.
(9) The Company holds an effective 5% interest in the property by virtue of
a 7.85% limited partner interest in a partnership that owns, through a
subsidiary, a 63.7% limited partner interest in the property. The
partnership in which the Company holds an interest owns the
improvements on the property and has a leasehold interest in the
underlying land.
(10) The Company holds a 50% joint venture interest, and is the managing
venturer.
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
1998 Acquisition Summary
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
($ In Millions)
%
Region/Market Property Month of Purchase Currently # of Square
Acquisition Price Leased Properties Feet
- --------------------------------------- ------------- ------------ ------------ ------------ --------------
SOUTHEAST REGION
Suburban Atlanta
<S> <C> <C> <C> <C> <C>
SOUTHEAST REGION
Suburban Atlanta
Waterford Center March $ 8.8 85% 1 82,161
PACIFIC REGION
San Francisco Bay Area
Hacienda West January 30.5 94 2 205,903
Sunnyvale Technology Center January 28.1 100 5 165,520
Golden Gateway Commons May 71.7 99 3 270,395
Techmart Commerce Center May 36.0 98 1 259,656
Santa Clara Technology Park May 21.6 100 3 178,132
995 Benecia Avenue July 6.4 100 1 36,344
Orange County / Los Angeles
Alton Deere Plaza April 23.7 99 6 181,146
San Diego
Palomar Oaks Technology Park July 17.1 100 6 170,358
Jaycor October 16.7 100 1 105,358
MOUNTAIN REGION
Phoenix
Concord Place October 19.5 99 1 133,287
CENTRAL REGION
Suburban Dallas
Citymark Tower January 22.3 94 1 207,595
5000 Quorum March 17.0 92 1 160,222
------ --- -- ---------
Total/Weighted Average $319.4 97% 32 2,156,077
====== === == =========
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Lease Rollover Schedule
December 31, 1998
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Current YTD Avg. Vacant
Region / Market Square Feet Occupancy Occupancy S.F. 1999 2000 2001
- --------------- ----------- --------- --------- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
PACIFIC REGION:
San Francisco Bay Area 6,113,693 99.6% 99.1% 21,901 343,975 874,877 755,285
Orange County / Los Angeles 1,653,887 97.3% 95.7% 44,412 276,829 327,413 179,791
Seattle 1,334,869 95.0% 96.9% 66,470 210,075 130,010 97,787
San Diego 588,219 100.0% 100.0% -- 36,251 -- 173,784
Sacramento 315,844 87.1% 90.7% 40,667 142,359 14,065 66,884
Portland 126,180 100.0% 100.0% -- -- -- --
MOUNTAIN REGION:
Denver 1,000,892 98.4% 95.4% 16,470 121,152 34,979 307,836
Phoenix 1,224,169 97.4% 96.2% 32,302 74,336 96,082 77,217
Salt Lake City 463,242 99.8% 99.4% 915 56,910 -- 110,850
CENTRAL REGION:
Chicago 1,577,234 96.8% 96.6% 50,017 211,608 281,624 245,298
Dallas 1,240,029 93.1% 90.8% 85,953 271,268 178,266 168,147
Austin 1,048,171 94.9% 94.2% 53,794 42,548 74,102 154,854
SOUTHEAST REGION:
Washington, D.C.
Downtown Properties 2,133,663 97.1% 95.0% 62,600 233,750 116,380 26,917
Suburban Properties 1,272,463 99.6% 99.7% 5,470 198,586 89,490 188,936
Atlanta 1,854,169 89.1% 90.8% 202,481 301,504 238,329 305,720
Boca Raton 442,421 87.8% 89.7% 53,960 64,639 113,436 86,773
------- ----- ----- ------- ------ ------- ------
Totals 22,389,145 96.7% 96.2% 737,412 2,585,790 2,569,053 2,946,079
========== ===== ===== ======= ========= ========= =========
<CAPTION>
- ----------------------------------------------------------------------------------------------------
2006
&
Region / Market 2002 2003 2004 2005 Thereafter
- --------------- ---- ---- ---- ---- ----------
<S> <C> <C> <C> <C> <C>
PACIFIC REGION:
San Francisco Bay Area 1,215,933 755,716 533,974 162,693 1,449,339
Orange County / Los Angeles 181,299 231,543 129,347 17,677 265,576
Seattle 21,283 342,184 2,355 258,128 206,577
San Diego 18,850 180,721 167,725 10,888 --
Sacramento 16,693 34,208 968 -- --
Portland -- -- -- -- 126,180
MOUNTAIN REGION:
Denver 138,712 154,060 -- -- 227,683
Phoenix 165,463 72,980 30,313 105,160 570,316
Salt Lake City 81,212 103,666 76,089 -- 33,600
CENTRAL REGION:
Chicago 244,915 346,665 17,709 32,770 146,628
Dallas 136,776 179,497 1,029 9,511 209,582
Austin 146,634 163,705 237,049 2,171 173,314
SOUTHEAST REGION:
Washington, D.C.
Downtown Properties 340,663 211,976 528,522 53,242 559,613
Suburban Properties 158,880 157,678 93,698 226,158 153,567
Atlanta 301,169 346,001 69,316 6,590 83,059
Boca Raton 34,962 62,826 3,662 16,130 6,033
--------- --------- --------- ------- ---------
Totals 3,203,444 3,343,426 1,891,756 901,118 4,211,067
========= ========= ========= ======= =========
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
1998 Development Activity By Market
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
($ In Thousands)
Construction In Place Remaining
Property Under Construction @ Square Start Completion Stabilization Dev. Costs To
December 31, 1998 Feet Date Date Date Costs Complete
- ------------------------------------ ------ ----- ------------ -------------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
San Francisco Bay Area
Clarify Corporate Center A 64,000 1Q98 1Q99 1Q00 8,663 2,411
Clarify Corporate Center B 64,000 1Q98 1Q99 2Q99 8,663 1,751
Clarify Corporate Center C 64,000 1Q98 1Q99 2Q99 8,663 1,751
Clarify Corporate Center D 65,000 1Q98 1Q99 3Q99 8,663 1,926
Valley Technology Center 1 66,000 1Q98 4Q98 4Q99 8,218 2,695
Valley Technology Center 2 66,000 1Q98 4Q98 4Q99 8,218 2,860
Valley Technology Center 3 85,000 1Q98 4Q98 4Q99 10,075 4,156
Fremont Technology Park A 41,000 3Q98 4Q98 4Q99 4,188 1,354
Fremont Technology Park B 44,000 3Q98 4Q98 4Q99 4,621 1,356
Fremont Technology Park C 54,000 3Q98 4Q98 2Q99 5,631 1,920
------- ------ ------
San Francisco Bay Area Subtotal 613,000 75,603 22,180
Suburban Seattle
Canyon Park 4 64,000 2Q98 1Q99 1Q00 5,657 2,867
Willow Creek Corporate Center 6 50,000 3Q98 2Q99 2Q00 4,725 3,672
------- ------ ------
Suburban Seattle Subtotal 114,000 10,382 6,539
San Diego
Towne Center Technology Park 1 42,000 4Q97 3Q98 1Q99 7,053 (258)
Towne Center Technology Park 3 78,000 1Q98 2Q99 2Q00 6,777 3,982
La Jolla Spectrum Technology Park 80,000 3Q98 1Q99 3Q99 6,845 10,909
------- ------ ------
San Diego Subtotal 200,000 20,675 14,633
Orange County/Los Angeles
Pacific Corporate Plaza 122,000 3Q98 2Q99 2Q00 8,903 8,704
------- ------ ------
Orange County/Los Angeles Subtotal 122,000 8,903 8,704
Portland
Sunset Corporate Park A 44,000 2Q98 1Q99 1Q00 3,368 1,579
Sunset Corporate Park B 44,000 2Q98 1Q99 1Q00 3,367 1,580
Sunset Corporate Park C 44,000 2Q98 1Q99 1Q00 3,367 1,580
Rock Creek Corporate Center 1 65,000 3Q98 2Q99 2Q00 2,473 6,289
Rock Creek Corporate Center 2 65,000 3Q98 2Q99 2Q00 2,473 6,289
Rock Creek Corporate Center 3 11,000 3Q98 2Q99 2Q00 431 1,017
------- ------ ------
Portland Subtotal 273,000 15,479 18,334
Southeast Denver
Panorama Corporate Center III 137,000 2Q97 2Q98 1Q99 15,646 4,665
Panorama Corporate Center V 138,000 1Q98 4Q98 4Q99 14,565 3,203
------- ------ ------
Southeast Denver Subtotal 275,000 30,211 7,868
Suburban Salt Lake City
Wasatch 18 50,000 4Q97 2Q98 2Q99 4,343 1,200
Wasatch 17 72,000 1Q98 1Q99 1Q00 5,231 2,991
Sorenson X 42,000 2Q98 1Q99 1Q00 3,204 1,762
------- ------ ------
Suburban Salt Lake City Subtotal 164,000 12,778 5,953
Suburban Phoenix
Four Gateway 137,000 3Q97 2Q98 2Q99 13,885 4,214
------- ------ ------
Suburban Phoenix Subtotal 137,000 13,885 4,214
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
($ In Thousands)
Total Estimated % Currently
Property Under Construction @ Projected Stabilized Leased or
December 31, 1998 Investment Return Committed
- ------------------------------------ ---------- ---------- -----------
<S> <C> <C> <C>
San Francisco Bay Area
Clarify Corporate Center A 11,074 11.8 100
Clarify Corporate Center B 10,414 12.5 100
Clarify Corporate Center C 10,414 12.5 100
Clarify Corporate Center D 10,589 12.3 100
Valley Technology Center 1 10,913 11.5 0
Valley Technology Center 2 11,078 11.3 0
Valley Technology Center 3 14,231 11.2 0
Fremont Technology Park A 5,542 11.2 0
Fremont Technology Park B 5,977 11.2 0
Fremont Technology Park C 7,551 11.9 100
------ ---- ---
San Francisco Bay Area Subtotal 97,783 11.8 51
Suburban Seattle
Canyon Park 4 8,524 10.5 0
Willow Creek Corporate Center 6 8,397 8.6 0
------ ---- ---
Suburban Seattle Subtotal 16,921 9.6 0
San Diego
Towne Center Technology Park 1 6,795 10.0 100
Towne Center Technology Park 3 10,759 10.8 0
La Jolla Spectrum Technology Park 17,754 14.1 100
------ ---- ---
San Diego Subtotal 35,308 12.3 61
Orange County/Los Angeles
Pacific Corporate Plaza 17,607 10.1 0
------ ---- ---
Orange County/Los Angeles Subtotal 17,607 10.1 0
Portland
Sunset Corporate Park A 4,947 10.5 0
Sunset Corporate Park B 4,947 10.5 0
Sunset Corporate Park C 4,947 10.5 0
Rock Creek Corporate Center 1 8,762 10.8 31
Rock Creek Corporate Center 2 8,762 10.8 0
Rock Creek Corporate Center 3 1,448 10.8 0
------ ---- ---
Portland Subtotal 33,813 10.7 7
Southeast Denver
Panorama Corporate Center III 20,311 9.5 100
Panorama Corporate Center V 17,768 10.7 75
------ ---- ---
Southeast Denver Subtotal 38,079 10.1 88
Suburban Salt Lake City
Wasatch 18 5,543 10.5 60
Wasatch 17 8,222 10.5 0
Sorenson X 4,966 10.0 0
------ ---- ---
Suburban Salt Lake City Subtotal 18,731 10.3 18
Suburban Phoenix
Four Gateway 18,099 10.5 77
------ ---- ---
Suburban Phoenix Subtotal 18,099 10.5 77
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
1998 Development Activity By Market
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
($ In Thousands)
Construction In Place Remaining
Property Under Construction @ Square Start Completion Stabilization Dev. Costs To
December 31, 1998 Feet Date Date Date Costs Complete
- ------------------------------------ ------ ----- ------------ -------------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
Suburban Austin
Riata Building 2 62,000 1Q98 2Q99 2Q00 3,877 4,294
Riata Building 3 62,000 1Q98 2Q99 2Q00 4,546 3,662
Riata Building 9 92,000 4Q97 4Q98 4Q99 10,002 1,925
Riata Crossing 1-3 271,000 3Q98 3Q99 3Q99 10,341 18,757
--------- -------- --------
Suburban Austin Subtotal 487,000 28,766 28,638
Suburban Dallas
The Commons @ Las Colinas 1 228,000 1Q98 2Q99 3Q99 21,075 18,283
The Commons @ Las Colinas 3 151,000 3Q98 3Q99 3Q99 11,855 15,928
Royal Ridge B 100,000 4Q97 2Q98 2Q99 7,768 1,458
Tollway I 178,000 3Q97 4Q98 4Q99 22,089 4,061
Tollway II 178,000 3Q97 4Q98 4Q99 16,237 9,001
--------- -------- --------
Suburban Dallas Subtotal 835,000 79,024 48,731
Suburban Chicago
Six Parkway North 91,000 4Q97 3Q98 1Q99 13,991 774
Four Parkway North 162,000 2Q98 2Q99 2Q00 8,708 19,409
Ten Parkway North 95,000 4Q98 1Q00 1Q01 2,825 13,321
--------- -------- --------
Suburban Chicago Subtotal 348,000 25,524 33,504
Suburban Atlanta
Embassy Row 500 76,000 4Q97 3Q98 1Q99 13,904 118
Embassy Row 100 115,000 3Q98 3Q99 3Q99 9,337 11,418
--------- -------- --------
Suburban Atlanta Subtotal 191,000 23,241 11,536
Metropolitan Washington DC
Reston Crossing East 176,000 4Q97 4Q98 2Q99 16,850 7,015
Reston Crossing West 152,000 4Q97 4Q98 2Q99 14,354 6,096
--------- -------- --------
Metropolitan Washington DC Subtotal 328,000 31,204 13,111
Boca Raton
Peninsula Executive Center 1 101,000 4Q97 4Q98 1Q99 16,196 2,471
Peninsula Executive Center 2 87,000 4Q97 4Q98 4Q99 12,217 4,950
--------- -------- --------
Boca Raton Subtotal 188,000 28,413 7,421
--------- -------- --------
Total/Weighted Average 4,275,000 $404,088 $231,366
--------- -------- --------
Less: Placed In Service (443,000) (56,794) --
========= ======== ========
3,832,000 $347,294 $231,366
========= ======== ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
($ In Thousands)
Total Estimated % Currently
Property Under Construction @ Projected Stabilized Leased or
December 31, 1998 Investment Return Committed
- ----------------------------------- ---------- ---------- -----------
<S> <C> <C> <C>
Suburban Austin
Riata Building 2 8,171 10.4 0
Riata Building 3 8,208 10.3 16
Riata Building 9 11,927 10.6 82
Riata Crossing 1-3 29,098 10.8 100
-------- ---- ---
Suburban Austin Subtotal 57,404 10.6 73
Suburban Dallas
The Commons @ Las Colinas 1 39,358 10.4 100
The Commons @ Las Colinas 3 27,783 10.2 100
Royal Ridge B 9,226 11.5 100
Tollway I 26,150 11.1 86
Tollway II 25,238 11.1 37
-------- ---- ---
Suburban Dallas Subtotal 127,755 10.7 84
Suburban Chicago
Six Parkway North 14,765 11.2 69
Four Parkway North 28,117 10.2 68
Ten Parkway North 16,146 10.5 70
-------- ---- ---
Suburban Chicago Subtotal 59,028 10.5 69
Suburban Atlanta
Embassy Row 500 14,022 11.8 100
Embassy Row 100 20,755 9.8 100
-------- ---- ---
Suburban Atlanta Subtotal 34,777 10.6 100
Metropolitan Washington DC
Reston Crossing East 23,865 14.4 100
Reston Crossing West 20,450 14.5 100
-------- ---- ---
Metropolitan Washington DC Subtotal 44,315 14.4 100
Boca Raton
Peninsula Executive Center 1 18,667 11.7 100
Peninsula Executive Center 2 17,167 9.8 6
-------- ---- ---
Boca Raton Subtotal 35,834 10.8 56
-------- ---- ---
Total/Weighted Average $635,454 11.1% 64%
-------- ==== ===
Less: Placed In Service (56,794)
========
$578,660
========
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
1998 Development Activity By Construction Completion Date
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
($ In Thousands)
Construction In Place Remaining Total
Property Under Construction @ Square Start Completion Stabilization Dev. Costs To Projected
December 31, 1998 Feet Date Date Date Costs Complete Investment
- --------------------------------- ---------- ----- ------------ -------------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Four Gateway 137,000 3Q97 2Q98 2Q99 $13,885 $ 4,214 $ 18,099
Panorama Corporate Center III 137,000 2Q97 2Q98 1Q99 15,646 4,665 20,311
Royal Ridge B 100,000 4Q97 2Q98 2Q99 7,768 1,458 9,226
Wasatch 18 50,000 4Q97 2Q98 2Q99 4,343 1,200 5,543
Embassy Row 500 76,000 4Q97 3Q98 1Q99 13,904 118 14,022
Six Parkway North 91,000 4Q97 3Q98 1Q99 13,991 774 14,765
Towne Center Technology Park 1 42,000 4Q97 3Q98 1Q99 7,053 (258) 6,795
Fremont Technology Park A 41,000 3Q98 4Q98 4Q99 4,188 1,354 5,542
Fremont Technology Park B 44,000 3Q98 4Q98 4Q99 4,621 1,356 5,977
Fremont Technology Park C 54,000 3Q98 4Q98 2Q99 5,631 1,920 7,551
Panorama Corporate Center V 138,000 1Q98 4Q98 4Q99 14,565 3,203 17,768
Peninsula Executive Center 1 101,000 4Q97 4Q98 1Q99 16,196 2,471 18,667
Peninsula Executive Center 2 87,000 4Q97 4Q98 4Q99 12,217 4,950 17,167
Reston Crossing East 176,000 4Q97 4Q98 2Q99 16,850 7,015 23,865
Reston Crossing West 152,000 4Q97 4Q98 2Q99 14,354 6,096 20,450
Riata Building 9 92,000 4Q97 4Q98 4Q99 10,002 1,925 11,927
Tollway I 178,000 3Q97 4Q98 4Q99 22,089 4,061 26,150
Tollway II 178,000 3Q97 4Q98 4Q99 16,237 9,001 25,238
Valley Technology Center 1 66,000 1Q98 4Q98 4Q99 8,218 2,695 10,913
Valley Technology Center 2 66,000 1Q98 4Q98 4Q99 8,218 2,860 11,078
Valley Technology Center 3 85,000 1Q98 4Q98 4Q99 10,075 4,156 14,231
--------- --------- -------- --------
Subtotal 1998 2,091,000 240,051 65,234 305,285
Canyon Park 4 64,000 2Q98 1Q99 1Q00 5,657 2,867 8,524
Clarify Corporate Center A 64,000 1Q98 1Q99 1Q00 8,663 2,411 11,074
Clarify Corporate Center B 64,000 1Q98 1Q99 2Q99 8,663 1,751 10,414
Clarify Corporate Center C 64,000 1Q98 1Q99 2Q99 8,663 1,751 10,414
Clarify Corporate Center D 65,000 1Q98 1Q99 3Q99 8,663 1,926 10,589
La Jolla Spectrum Technology Park 80,000 3Q98 1Q99 3Q99 6,845 10,909 17,754
Sorenson X 42,000 2Q98 1Q99 1Q00 3,204 1,762 4,966
Sunset Corporate Park A 44,000 2Q98 1Q99 1Q00 3,368 1,579 4,947
Sunset Corporate Park B 44,000 2Q98 1Q99 1Q00 3,367 1,580 4,947
Sunset Corporate Park C 44,000 2Q98 1Q99 1Q00 3,367 1,580 4,947
Wasatch 17 72,000 1Q98 1Q99 1Q00 5,231 2,991 8,222
Four Parkway North 162,000 2Q98 2Q99 2Q00 8,708 19,409 28,117
Pacific Corporate Plaza 122,000 3Q98 2Q99 2Q00 8,903 8,704 17,607
Riata Building 2 62,000 1Q98 2Q99 2Q00 3,877 4,294 8,171
Riata Building 3 62,000 1Q98 2Q99 2Q00 4,546 3,662 8,208
Rock Creek Corporate Center 1 65,000 3Q98 2Q99 2Q00 2,473 6,289 8,762
Rock Creek Corporate Center 2 65,000 3Q98 2Q99 2Q00 2,473 6,289 8,762
Rock Creek Corporate Center 3 11,000 3Q98 2Q99 2Q00 431 1,017 1,448
The Commons @ Las Colinas 1 228,000 1Q98 2Q99 3Q99 21,075 18,283 39,358
Towne Center Technology Park 3 78,000 1Q98 2Q99 2Q00 6,777 3,982 10,759
Willow Creek Corporate Center 6 50,000 3Q98 2Q99 2Q00 4,725 3,672 8,397
Embassy Row 100 115,000 3Q98 3Q99 3Q99 9,337 11,418 20,755
The Commons @ Las Colinas 3 151,000 3Q98 3Q99 3Q99 11,855 15,928 27,783
Riata Crossing 1-3 271,000 3Q98 3Q99 3Q99 10,341 18,757 29,098
--------- --------- -------- --------
Subtotal 1999 2,089,000 161,212 152,811 314,023
<PAGE>
<CAPTION>
- -----------------------------------------------------------------
($ In Thousands)
Estimated % Currently
Property Under Construction @ Stabilized Leased or
December 31, 1998 Return Committed
- --------------------------------- ----------- -----------
<S> <C> <C>
Four Gateway 10.5% 77%
Panorama Corporate Center III 9.5 100
Royal Ridge B 11.5 100
Wasatch 18 10.5 60
Embassy Row 500 11.8 100
Six Parkway North 11.2 69
Towne Center Technology Park 1 10.0 100
Fremont Technology Park A 11.2 0
Fremont Technology Park B 11.2 0
Fremont Technology Park C 11.9 100
Panorama Corporate Center V 10.7 75
Peninsula Executive Center 1 11.7 100
Peninsula Executive Center 2 9.8 6
Reston Crossing East 14.4 100
Reston Crossing West 14.5 100
Riata Building 9 10.6 82
Tollway I 11.1 86
Tollway II 11.1 37
Valley Technology Center 1 11.5 0
Valley Technology Center 2 11.3 0
Valley Technology Center 3 11.2 0
-------- -----
Subtotal 1998 11.4 69
Canyon Park 4 10.5 0
Clarify Corporate Center A 11.8 100
Clarify Corporate Center B 12.5 100
Clarify Corporate Center C 12.5 100
Clarify Corporate Center D 12.3 100
La Jolla Spectrum Technology Park 14.1 100
Sorenson X 10.0 0
Sunset Corporate Park A 10.5 0
Sunset Corporate Park B 10.5 0
Sunset Corporate Park C 10.5 0
Wasatch 17 10.5 0
Four Parkway North 10.2 68
Pacific Corporate Plaza 10.1 0
Riata Building 2 10.4 0
Riata Building 3 10.3 16
Rock Creek Corporate Center 1 10.8 31
Rock Creek Corporate Center 2 10.8 0
Rock Creek Corporate Center 3 10.8 0
The Commons @ Las Colinas 1 10.4 100
Towne Center Technology Park 3 10.8 0
Willow Creek Corporate Center 6 8.6 0
Embassy Row 100 9.8 100
The Commons @ Las Colinas 3 10.2 100
Riata Crossing 1-3 10.8 100
-------- ------
Subtotal 1999 10.8 59
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
1998 Development Activity By Construction Completion Date
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
($ In Thousands)
Construction In Place Remaining Total
Property Under Construction @ Square Start Completion Stabilization Dev. Costs To Projected
December 31, 1998 Feet Date Date Date Costs Complete Investment
- --------------------------------- --------- ----- ------------ ------------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Ten Parkway North 95,000 4Q98 1Q00 1Q01 $ 2,825 $ 13,321 $ 16,146
--------- -------- --------- ---------
Subtotal 2000 95,000 2,825 13,321 16,146
--------- -------- --------- ---------
Total 4,275,000 $404,088 $ 231,366 $ 635,454
--------- -------- --------- ---------
Less: Placed In Service (443,000) (56,794) -- (56,794)
========= ======== ========= =========
Total 3,832,000 $347,294 $ 231,366 $ 578,660
========= ======== ========= =========
<CAPTION>
- -------------------------------------------------------------------
($ In Thousands)
Estimated % Currently
Property Under Construction @ Stabilized Leased or
December 31, 1998 Return Committed
- --------------------------------- ----------- ------------
<S> <C> <C>
Ten Parkway North 10.5% 70%
--------- --------
Subtotal 2000 10.5 70
========= ========
Total 11.1% 64%
========= ========
Less: Placed In Service
Total
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Land Held For Future Development Summary
As of December 31, 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
Fremont Technology Park D-F San Francisco Bay Area 10 151,000
Valley Tech Phase II (Formerly Junction San Francisco Bay Area 8 111,000
Avenue A & B)
Sunset Corporate Park D-H Suburban Portland 20 317,000
LaJolla Spectrum Technology Park San Diego 5 77,000
--- ---------
Subtotal 45 810,000
Mountain Region:
Panorama Corporate Center IV, VI, VII Southeast Denver 22 363,000
Panorama IX Southeast Denver 6 120,000
Panorama X Southeast Denver 3 50,000
Dry Creek Corporate Center Southeast Denver 56 824,000
Panorama VIII (Formerly Marriott Tract) Southeast Denver 5 128,000
Four Gateway Suburban Phoenix 3 137,000
East Gateway Suburban Phoenix 11 229,000
Sorenson Research Park XI Suburban Salt Lake City 6 80,000
--- ---------
Subtotal 112 1,931,000
Central Region:
Braker Pointe Austin, Texas 22 750,000
Riata 1,6,7 Austin, Texas 17 246,000
Riata Crossing 4-6 Austin, Texas 18 173,000
Parkway North Suburban Chicago 16 370,000
Cedar Maple Plaza Suburban Dallas 1 38,000
Tollway Plaza III Suburban Dallas 4 134,000
The Commons @ Las Colinas II Suburban Dallas 6 178,000
Royal Ridge II Suburban Dallas 25 430,000
--- ---------
Subtotal 109 2,319,000
Southeast Region:
Peninsula Corporate Center Boca Raton 26 411,000
Preston Ridge Suburban Atlanta 14 96,000
--- ---------
Subtotal 40 507,000
--- ---------
Total 306 5,567,000
=== =========
</TABLE>
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
(Unaudited and in thousands)
OmniOffices, Inc. OmniOffices (UK) Limited
(Domestic) (International) (2)
December 31, December 31, December 31, December 31,
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C>
Assets:
Current assets 53,694 17,235 7,290 --
Fixed assets and goodwill (net) 237,807 48,780 65,373 --
------- ------ ------ ---
Total assets 291,501 66,015 72,663 --
======= ====== ====== ===
Liabilities and stockholders' equity:
Total liabilities including Long-Term Debt 149,784 46,096 42,879 (1) --
Total stockholders' equity 141,717 19,919 29,784 --
------- ------ ------ ---
Total liabilities and stockholders' equity 291,501 66,015 72,663 --
======= ====== ====== ===
</TABLE>
(1) Includes a $30.5 million loan from CarrAmerica Realty Corporation.
(2) Acquired May 15, 1998
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of EBITDA
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
(Unaudited and in thousands)
OmniOffices, Inc. OmniOffices (UK) Limited
(Domestic) (International) (1)
Three Months Ended Twelve Months Ended Three Months Ended Twelve Months Ended
December 31, December 31, December 31, December 31,
------------------ ------------------- ------------------ ------------------
1998 1997 1998 1997 1998 1997 1998 1997
---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Revenues:
Rental income $29,192 7,977 87,128 10,986 2,799 -- 6,758 --
Other services and interest income 15,501 4,938 48,998 6,929 1,292 -- 3,110 --
------- ------ ------- ------ ----- --- ----- ---
Total operating revenue 44,693 12,915 136,126 17,915 4,091 -- 9,868 --
Expenses:
Operating expenses 23,035 6,201 67,740 8,661 2,843 -- 6,611 --
G & A selling expense 15,131 5,391 47,782 7,053 941 -- 1,843 --
-------- ------ ------- ------ ----- --- ----- ---
Total expenses 38,166 11,592 115,522 15,714 3,784 -- 8,454 --
EBITDA 6,527 1,323 20,604 2,201 307 -- 1,414 --
======== ====== ======= ====== ===== === ===== ===
</TABLE>
(1) Acquired May 15, 1998
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Stabilized Centers
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
# of Occupancy
Centers Date Rate as of
Operator Location Owned Purchased December 31, 1998
- --------------------------- ---------------- ----------- ----------- --------------------
<S> <C> <C> <C> <C>
Omni National 30 8/25/97 95.0%
HQ New York 10 3/4/98 95.3
HQ WDC 6 4/14/98 98.8
HQ Boston 6 4/24/98 94.6
HQ Marin 1 4/30/98 95.3
HQ Chicago 21 5/1/98 96.8
HQ Atlanta 5 5/1/98 91.6
HQ New Jersey 10 5/1/98 92.6
HQ New Jersey/
Jacksonville 3 7/1/98 90.6
HQ Utah/Nevada 5 7/22/98 83.7
HQ Arizona 2 7/31/98 95.0
HQ St. Louis 1 8/7/98 66.7
--- ----
Subtotal - Domestic HQ 70 94.5
HQ London 6 5/15/98 84.9
--- ----
Total 106 93.7%
=== ====
</TABLE>
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