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Previous: CARRAMERICA REALTY CORP, 10-Q, 1999-08-16 |
Next: DELTA CAPITAL MANAGEMENT LLC, 13F-HR, 1999-08-16 |
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date of Report (date of earliest event reported): August 6, 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
Information included in the Company's press release, dated August 6, 1999.
ITEM 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit
Number
------
99.1 Press Release, August 6, 1999, entitled "Supplemental
Information".
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereto duly authorized.
Date: August 11, 1999
CARRMERICA REALTY CORPORATION
By: /s/ Stephen E. Riffee
---------------------------
Stephen E. Riffee
Principal Accounting Officer
<PAGE>
EXHIBIT INDEX
Exhibit
Number
- ------
99.1 Press Release, August 6, 1999, entitled "Supplemental
Informaton".
CarrAmerica Realty Corporation and Subsidiaries
Second 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
HQ Global Workplaces, Inc. and OmniOffices (UK) Limited Supplemental Information:
Condensed Consolidated Balance Sheets......................................................18
Condensed Consolidated Contribution to Funds From Operations...............................19
Executive Suites Centers...................................................................20
</TABLE>
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
(In thousands)
June 30, December 31,
1999 1998
----------- ------------
(Unaudited)
<S> <C> <C>
Assets
Rental Property $2,927,058 $2,993,569
Less - accumulated depreciation (287,053) (262,458)
---------- ----------
Net rental property 2,640,005 2,731,111
---------- ----------
Land held for future development 120,846 119,141
Construction-in-progress 264,935 347,294
Cash and cash equivalents - unrestricted 54,900 36,499
Cash and cash equivalents - restricted 29,065 48,640
Accrued straight-line rents 40,776 39,273
Other assets - net 486,995 471,526
---------- ----------
$3,637,522 $3,793,484
========== ==========
Liabilities and Stockholders' Equity
Liabilities:
Revolving lines of credit $ 392,500 $ 482,500
Senior unsecured notes 625,000 625,000
Mortgages payable 636,051 596,859
Accounts payable and accrued expenses 183,347 181,459
---------- ----------
1,836,898 1,885,818
---------- ----------
Minority interest 103,807 93,264
Stockholders' equity:
Preferred stock 95 95
Common stock 668 718
Additional paid in capital 1,816,466 1,926,057
Foreign currency translation adjustment (2,263) 463
Cumulative dividends paid in excess of net income (118,149) (112,931)
---------- ----------
1,696,817 1,814,402
---------- ----------
$3,637,522 $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 Six Months Ended
June 30, June 30,
---------------------------- ----------------------------
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Rental income (1) $119,238 $106,964 $240,696 $207,293
Other real estate operating revenue:
Real estate service income 4,947 3,524 8,847 6,514
Executive suites revenue 56,208 34,661 105,307 50,309
Gain on sale of assets, net of income taxes 10,477 256 28,532 26,187
Gain on settlement of treasury locks - - 4,489 -
Interest and other income 2,426 3,004 5,236 4,775
-------- -------- -------- --------
Total revenues 193,296 148,409 393,107 295,078
-------- -------- -------- --------
Operating expenses:
Property operating expenses:
Operating expenses 30,808 24,977 60,112 48,191
Real estate taxes 11,823 9,660 22,864 18,961
Interest expense 22,119 17,417 45,612 34,578
Executive suites operating expenses 51,478 29,567 95,594 43,441
General and administrative 8,982 8,041 18,291 14,461
Depreciation and amortization 33,231 26,236 63,633 49,879
-------- -------- -------- --------
Total operating expenses 158,441 115,898 306,106 209,511
-------- -------- -------- --------
Net income before income taxes and
Minority interest 34,855 32,511 87,001 85,567
Income taxes - - (252) -
-------- -------- -------- --------
Net income before minority interest 34,855 32,511 86,749 85,567
Minority interest (4,449) (2,404) (10,168) (10,951)
-------- -------- -------- --------
Net income $ 30,406 $ 30,107 $ 76,581 $ 74,616
======== ======== ======== ========
Basic net income per common share $ 0.32 $ 0.30 $ 0.86 $ 0.87
======== ======== ======== ========
Diluted net income per share $ 0.32 $ 0.30 $ 0.85 $ 0.87
======== ======== ======== ========
</TABLE>
NOTES:
(1) Rental income includes $3,209 and $3,884 of accrued straight-line rents
for the three month periods ended June 30, 1999 and 1998, respectively,
and $5,654 and $7,246 of accrued straight-line rents for the six month
periods ended June 30, 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 and six month periods ended
June 30, 1999 and 1998.
<TABLE>
<CAPTION>
(In thousands, except per share amounts) Three Months Ended Six Months Ended
June 30, June 30,
------------------------ -----------------------
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net income before minority interest $ 34,855 $ 32,511 $ 86,749 $ 85,567
Adjustments to derive funds from operations:
Add:
Depreciation and amortization 33,185 25,869 62,798 48,924
Losses associated with executive suites
centers under development 3,134 1,049 7,472 1,542
Deferred taxes (62) - 65 -
Deduct:
Minority interests' (non Unitholders) share
of depreciation, amortization and net income (236) (84) (284) (194)
Gain on settlement of treasury locks - - (4,489) -
(Gain)/loss on sale of assets, net of income taxes (10,477) 324 (28,532) (25,607)
--------- --------- --------- ---------
FFO before allocations to the minority Unitholders 60,399 59,669 123,779 110,232
Less: FFO allocable to the minority Unitholders (4,372) (4,183) (8,538) (7,888)
--------- --------- --------- ---------
CarrAmerica Realty Corporation's FFO 56,027 55,486 115,241 102,344
Less: Preferred stock dividends (8,838) (8,879) (17,583) (17,670)
--------- --------- --------- ---------
CarrAmerica Realty Corporation's FFO attributable
to common shares $ 47,189 $ 46,607 $ 97,658 $ 84,674
========= ========= ========= =========
Weighted average common shares outstanding:
Basic 66,779 70,722 68,927 65,839
========= ========= ========= =========
Diluted 74,353 78,229 76,398 72,888
========= ========= ========= =========
CarrAmerica Realty Corporation
FFO attributed to common shares $ 47,189 $ 46,607 $ 97,658 $ 84,674
Series A Preferred share dividends 315 361 629 722
Minority interest from convertible partnership Units 4,372 4,183 8,538 7,888
--------- --------- --------- ---------
Adjusted FFO attributable to common shares $ 51,876 $ 51,151 $106,825 $ 93,284
========= ========= ========= =========
Weighted average common shares outstanding 66,778 70,722 68,927 65,389
Weighted average conversion of Series A Preferred shares 680 780 680 780
Weighted average conversion of operating partnership Units 6,499 6,554 6,506 6,516
Incremental options 396 173 285 192
--------- --------- --------- ---------
Adjusted weighted average common shares 74,353 78,229 76,398 72,877
========= ========= ========= =========
</TABLE>
3
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Same Store Operating Property Results
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
(In thousands)
Three Months Ended % Six Months Ended June %
June 30, Change 30, Change
-------------------- ------ ---------------------- ------
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Real Estate Operating Revenue $ 92,349 $ 86,132 7.2% $169,381 $160,650 5.4%
Real Estate Operating Expenses (30,815) (29,750) 3.6% (55,382) (54,367) 1.9%
-------- -------- -------- --------
Total Real Estate
Operating Income $ 61,534 $ 56,382 9.1% $113,999 $106,283 7.3%
======== ======== ======== ========
YTD Average Occupancy 96.2% 95.5% 96.0% 95.6%
======== ======== ======== ========
Same Store Square Footage 17,010 15,755
======== ========
</TABLE>
4
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Statements of EBITDA
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
(In thousands)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------- -------------------
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Rental Income $ 119,238 $ 106,964 $ 240,696 $ 207,293
Other real estate operating revenue:
Real estate service income 4,947 3,524 8,847 6,514
Executive suites revenue 56,208 34,661 105,307 50,309
Other income (1) 2,426 3,004 5,236 4,775
--------- --------- --------- ---------
Total revenue 182,819 148,153 360,086 268,891
--------- --------- --------- ---------
Operating expenses:
Property operating expenses:
Operating expenses 30,808 24,977 60,112 48,191
Real estate taxes 11,823 9,660 22,864 18,961
Executive suites operating expenses 51,478 29,567 95,594 43,441
General and administrative 8,982 8,041 18,291 14,461
--------- --------- --------- ---------
Total operating expenses 103,091 72,245 196,861 125,054
--------- --------- --------- ---------
EBITDA $ 79,728 $ 75,908 $ 163,225 $ 143,837
========= ========= ========= =========
</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: June 30, December 31,
- -------------------------- 1999 1998
-------- ------------
<S> <C> <C>
Total Debt / Total Capitalization (Book Value) 47.9% 47.2%
Total Debt / Total Capitalization (Market) 42.4% 42.6%
</TABLE>
<TABLE>
<CAPTION>
Operating Ratios: Three Months Ended Six Months Ended
----------------- June 30, June 30,
--------------------- -------------------
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
Secured EBITDA / Total EBITDA 35.5% 36.5% 33.8% 37.6%
Interest Coverage (1)
Excluding covering capitalized interest 3.60X 4.36X 3.58X 4.16X
Covering capitalized interest 2.62X 3.08X 2.63X 3.05X
Fixed charge coverage
Excluding covering capitalized interest 2.45X 2.59X 2.46X 2.46X
Covering capitalized interest 1.97X 2.08X 1.99X 2.03X
Diluted FFO Payout Ratio (2) 66.3% 70.5% 66.2% 72.3%
G & A as a % of Revenue (3) 7.1% 7.1% 7.2% 6.6%
</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 June 30, 1999 and March 31, 1999, 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 six month periods ended
June 30, 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
-------------------- -------------------- ------------------ --------------------
<S> <C> <C> <C> <C>
Outstanding as of:
June 30, 1999 66,783 680 5,955 540
December 31, 1998 71,760 680 5,978 540
==================== ==================== ================== ====================
Weighted average for the three
months ended June 30:
1999 68,778 680 5,959 540
1998 70,722 780 6,014 540
==================== ==================== ================== ====================
Weighted average for the
six months ended June 30:
1999 68,927 680 5,966 540
1998 65,389 780 5,976 540
==================== ==================== ================== ====================
</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 cash or 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
June 30, 1999
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
($ In thousands)
SECURED INDEBTEDNESS:
Property Interest Rate Principal Balance Maturity Date
-------- ------------- ----------------- -------------
<S> <C> <C> <C>
1775 Pennsylvania Avenue 7.500% $6,056 08/28/99
Quorum Place 6.990 7,509 11/15/00
Warner Center 7.400 26,000 12/01/00
Presidential Circle 7.140 22,769 03/01/01
Bannockburn I & II 9.520 19,081 08/31/01
Quorum North 8.270 6,516 12/10/01
Valley Business Park I & II }
Valley Office Centre }
Valley Centre II } 8.250 41,557 12/10/01
Rincon Centre }
3745 North First Street }
Sunnyvale Technology Center }
Citymark Tower } 8.900 34,851 06/01/02
Hacienda West }
Jaycor 8.960 12,504 02/01/03
Parkway North I 6.920 29,250 12/01/03
Canyon Park Commons 9.130 5,513 12/01/04
US West 7.920 50,803 12/01/05
Redmond East 8.380 27,173 01/01/06
Century Springs West }
Glenridge }
Midori } 7.200 20,493 01/01/06
Lakewood }
Parkwood }
Concord Place 7.750 7,579 01/01/06
Wateridge Pavilion 8.250 3,455 11/01/06
Wasatch Corporate Center 8.150 12,558 01/02/07
2600 W. Olive 6.750 19,152 01/01/09
Palomar Oaks 8.850 10,019 04/01/09
1255 23rd Street }
International Square }
1850 K Street } 8.120 38,300 04/01/09
1825 Eye Street } 8.120 183,700 04/01/09
1875 Eye Street }
1730 Pennsylvania Avenue }
International Square Land }
International Square Land }
South Coast Executive Center 7.130 15,000 06/10/09
Sorenson Research Park 7.750 2,554 07/01/11
995 Benecia Avenue 8.500 891 08/01/11
Sorenson Research Park 8.880 1,628 05/01/17
1747 Pennsylvania Avenue 9.500 14,920 07/10/17
900 19th Street 8.250 16,220 07/15/19
----- ---------
Total Secured Indebtedness 8.050% $ 636,051
===== =========
UNSECURED INDEBTEDNESS:
Senior Unsecured Notes 7.200% $ 150,000 07/01/04
Senior Unsecured Notes 6.625 100,000 03/01/05
Senior Unsecured Notes 7.375 125,000 07/01/07
Senior Unsecured Notes 6.875 100,000 03/01/08
Senior Unsecured Notes 6.625 150,000 10/01/00
Unsecured Line of Credit - CarrAmerica Realty LIBOR + 90 bps 267,000 08/26/01
Corporation
Unsecured Line of Credit - OmniOffices, Inc. LIBOR + 90 bps 125,500 08/26/01
----------
Total Unsecured Indebtedness $1,017,500
==========
</TABLE>
8
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Current Summary of Portfolio Operating Properties
June 30, 1999
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
The following table sets forth certain information about each operating property
owned by the Company as of June 30, 1999:
Company's Net Percentage
Effective Rentable Number of Total
Property Area Percent of Square
Property Ownership (square feet)(1) Leased(2) Buildings Feet
- -------- --------- ---------------- --------- --------- -----------
<S> <C> <C> <C> <C> <C>
Consolidated Properties
SOUTHEAST REGION
Downtown Washington, D.C.:
International Square 100.0% 1,014,537 91.8% 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 98.8 1
900 19th Street 100.0 101,215 100.0 1
1747 Pennsylvania Avenue 89.7(4) 151,778 99.6 1
1255 23rd Street 75.0(5) 305,528 88.2 1
Suburban Washington, D.C.:
One Rock Spring Plaza (3) 100.0 205,298 100.0 1
Reston Crossing East & West 100.0 304,086 100.0 2
Sunrise Corporate Center 100.0 260,253 100.0 3
Parkway One 100.0 87,842 100.0 1
Atlanta, GA:
Glenridge 100.0 64,052 52.2 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 99.6 1
Parkwood 100.0 151,296 94.9 1
Lakewood 100.0 80,338 70.2 1
The Summit 100.0 179,085 90.9 1
2400 Lake Park 100.0 100,491 91.1 1
680 Engineering Drive 100.0 62,154 100.0 1
Embassy Row 100.0 465,674 90.6 3
Waterford Center 100.0 82,161 93.8 1
Spalding Ridge 100.0 128,233 96.8 1
Embassy 500-Land 100.0 75,711 100.0 1
Boca Raton, FL:
Peninsula Plaza 100.0 162,303 91.1 1
Presidential Circle 100.0 279,495 89.7 1
Peninsula Executive Center I 100.0 100,626 100.0 1
--------- ----- --
Southeast Region Subtotal 5,190,977 94.6% 34 24.1%
PACIFIC REGION
Southern California,
Orange County/Los Angeles:
Scenic Business Park 100.0 139,012 100.0 4
Harbor Corporate Park 100.0 144,153 96.7 4
Plaza PacifiCare 100.0 104,377 100.0 1
Katella Corporate Center 100.0 80,204 91.1 1
Warner Center 100.0 343,769 98.6 12
South Coast Executive Center 100.0 161,310 92.4 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 95.9 6
</TABLE>
9
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Current Summary of Portfolio Operating Properties
June 30, 1999
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
Company's Net Percentage
Effective Rentable Number of Total
Property Area Percent of Square
Property Ownership (square feet)(1) Leased(2) Buildings Feet
- -------- --------- ---------------- --------- --------- -----------
<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 98.1 6
Rio Robles 100.0 368,178 100.0 7
Valley Business Park II 100.0 166,928 98.7 6
Bayshore Centre II 100.0 94,874 100.0 1
Rincon Centre 100.0 201,178 98.9 3
Valley Centre II 100.0 212,082 100.0 4
Valley Office Centre 100.0 68,738 100.0 2
Valley Centre 100.0 102,291 87.2 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 99.1 2
Hacienda West 100.0 204,047 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 100.0 270,395 85.9 3
Techmart Commerce Center 100.0 259,656 97.9 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
Freemont Technology Park 3 100.0 54,153 100.0 1
Clarify Corporate Center 2,3 100.0 193,536 100.0 3
Portland, OR:
RadiSys Corporate Headquarters 100.0 80,525 100.0 1
RadiSys II 100.0 45,655 100.0 1
Seattle, WA:
Redmond East 100.0 396,497 95.8 10
Willow Creek 100.0 96,179 100.0 1
Canyon Park Business Center 100.0 285,428 100.0 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 9,052,477 98.1% 154 42.0%
</TABLE>
10
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Current Summary of Portfolio Operating Properties
June 30, 1999
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
Company's Net Percentage
Effective Rentable Number of Total
Property Area Percent of Square
Property Ownership (square feet)(1) Leased(2) Buildings Feet
- -------- --------- ---------------- --------- --------- -----------
<S> <C> <C> <C> <C> <C>
CENTRAL REGION
Austin, TX:
Great Hills Plaza 100.0% 135,333 100.0% 1
Balcones Center 100.0 74,978 86.6 1
Park North 100.0 132,744 94.1 2
City View Centre 100.0 136,183 100.0 3
Riata 4, 5, 8 100.0 274,118 93.7 3
Tower of the Hills 100.0 166,099 97.1 2
City View Center 100.0 128,716 100.0 1
Riata Crossing 1,3 100.0 163,558 100.0 2
Chicago, IL:
Parkway North I & III 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 92.8 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 92.5 1
Dallas, TX:
Quorum North 100.0 115,821 88.7 1
Quorum Place 100.0 177,873 90.1 1
Cedar Maple Plaza 100.0 113,011 96.4 3
Tollhill East & West 100.0 238,140 89.8 2
Two Mission Park 100.0 77,731 89.7 1
Citymark 100.0 213,153 94.4 1
5000 Quorum 100.0 159,549 96.1 1
Royal Ridge A & B 100.0 247,239 100.0 2
Tollway Plaza I 100.0 157,902 100.0 1
--------- ----- -
Central Region Subtotal 4,372,699 95.3% 39 20.3%
MOUNTAIN REGION
Denver, CO:
Harlequin Plaza 100.0 329,028 98.0 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 94.7 3
Panorama Corporate Center I 100.0 100,881 99.7 1
Panorama II 100.0 100,916 97.3 1
Panorama III 100.0 136,850 100.0 1
Phoenix, AZ:
Camelback Lakes 100.0 200,874 99.9 2
Pointe Corridor IV 100.0 143,962 99.4 1
Highland Park 100.0 79,085 71.3 1
The Grove at Black Canyon 100.0 104,187 95.7 1
US West 100.0 532,506 100.0 4
Four Gateway 100.0 117,001 100.0 1
Concord Place 100.0 133,555 88.4 1
Salt Lake City, UT:
Sorenson Research Park 100.0 285,869 99.7 5
Wasatch Corporate Center 100.0 178,098 100.0 3
Wasatch Corporate Center 18 100.0 29,884 100.0 1
--------- ----- -
Mountain Region Subtotal 2,942,923 98.1% 31 13.7%
---------- ----- --- -----
TOTAL CONSOLIDATED PROPERTIES: 21,559,076 258 100.0%
---------- --- -----
WEIGHTED AVERAGE 96.8%
-----
</TABLE>
11
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Current Summary of Portfolio Operating Properties
June 30, 1999
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
Company's Net Percentage
Effective Rentable Number of Total
Property Area Percent of Square
Property Ownership (square feet)(1) Leased(2) Buildings Feet
- -------- --------- ---------------- --------- --------- -----------
<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) 502,316 100.0 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: 22,630,924
==========
WEIGHTED AVERAGE 96.8%
=====
</TABLE>
(1) Includes office and retail space but excludes storage space.
(2) Includes space for leases that have been executed and have commenced as of
June 30, 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
June 30, 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 5,296,541 97.7% 98.4% 119,732 281,508 582,702 466,193 935,154
Orange County / Los Angeles 1,646,805 96.8% 97.3% 53,037 120,172 321,669 200,478 193,726
Seattle 1,353,181 100.0% 98.8% -- 118,709 136,410 98,599 6,134
San Diego 629,770 100.0% 100.0% -- 20,873 -- 173,784 18,850
Portland 126,180 100.0% 100.0% -- -- -- -- --
MOUNTAIN REGION:
Denver 1,137,902 98.4% 98.5% 18,301 47,561 46,715 176,352 169,721
Phoenix 1,311,170 97.2% 96.7% 36,309 40,552 97,365 77,217 146,787
Salt Lake City 493,851 99.8% 99.8% 915 57,023 -- 110,850 83,550
CENTRAL REGION:
Chicago 1,660,551 95.2% 96.8% 80,413 174,019 177,754 185,828 256,210
Dallas 1,500,419 94.1% 94.3% 88,883 187,751 191,976 173,523 183,022
Austin 1,211,729 96.9% 96.7% 37,566 35,843 74,102 149,752 311,050
SOUTHEAST REGION:
Washington, D.C.
Downtown Properties 2,134,262 94.4% 94.2% 119,627 54,675 120,415 28,076 341,491
Suburban Properties 857,479 100.0% 100.0% -- 73,527 61,217 78,561 15,328
Atlanta 1,656,812 92.0% 91.2% 132,279 136,176 173,243 189,186 343,315
Boca Raton 542,424 94.9% 92.0% 27,499 24,322 101,290 83,232 44,543
------- ----- ----- ------ ------ ------- ------ ------
Totals 21,559,076 96.7% 96.8% 714,561 1,372,711 2,084,858 2,191,631 3,048,881
========== ===== ===== ======= ========= ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
` 2006
&
Region / Market 2003 2004 2005 Thereafter
- --------------- ---- ---- ---- ----------
<S> <C> <C> <C> <C>
PACIFIC REGION:
San Francisco Bay Area 675,271 315,346 312,693 1,607,942
Orange County / Los Angeles 203,712 162,128 17,677 374,206
Seattle 256,238 205,950 301,174 229,967
San Diego 180,721 224,654 10,888 --
Portland -- -- -- 126,180
MOUNTAIN REGION:
Denver 154,018 30,701 130,000 364,533
Phoenix 87,947 98,735 155,942 570,316
Salt Lake City 109,278 98,635 -- 33,600
CENTRAL REGION:
Chicago 339,829 65,915 32,770 347,813
Dallas 320,843 37,837 9,511 307,073
Austin 167,539 248,302 2,171 185,404
SOUTHEAST REGION:
Washington, D.C.
Downtown Properties 222,231 562,257 53,242 632,248
Suburban Properties 22,883 82,405 179,854 343,704
Atlanta 375,044 101,225 8,092 198,252
Boca Raton 72,230 35,607 35,274 118,427
------ ------ ------ -------
Totals 3,187,784 2,269,697 1,249,288 5,439,665
========= ========= ========= =========
</TABLE>
13
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
1999 Development Activity By Market
<TABLE>
- -------------------------------------------------------------------------------------------------------------------------------
($ In Thousands)
Estimated In
Construction Estimated Place
Property Under Construction @ Square Start Completion Stabilization Dev
June 30, 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 $11,836
Valley Technology Center 1 66,350 1Q98 4Q98 4Q99 8,571
Valley Technology Center 2 66,350 1Q98 4Q98 4Q99 8,766
Valley Technology Center 3 84,600 1Q98 4Q98 3Q99 12,069
Fremont Technology Park A 41,015 3Q98 4Q98 4Q99 5,368
Fremont Technology Park B 44,136 3Q98 4Q98 3Q99 5,098
------- -------
San Francisco 366,963 51,708
Bay Area Subtotal
Seattle
Canyon Park 4 65,035 2Q98 1Q99 1Q00 6,016
Willow Creek Corporate Center 6 50,028 3Q98 2Q99 2Q00 6,252
------- -------
Seattle Subtotal 115,063 12,268
San Diego
Towne Center Technology Park 3 78,202 1Q98 2Q99 4Q99 6,203
La Jolla Spectrum Technology
Park 79,759 3Q98 2Q99 3Q99 18,840
------- -------
San Diego Subtotal 157,961 25,043
Orange County/Los Angeles
Pacific Corporate Plaza 1 33,893 3Q98 2Q99 2Q00 3,431
Pacific Corporate Plaza 2 49,603 3Q98 2Q99 2Q00 4,915
Pacific Corporate Plaza 3 40,063 3Q98 2Q99 4Q99 4,129
------- -------
Orange County/Los Angeles 123,559 12,475
Subtotal
Portland, Oregon
Sunset Corporate Park A 44,426 2Q98 1Q99 1Q00 3,677
Sunset Corporate Park B 44,426 2Q98 1Q99 1Q00 3,667
Sunset Corporate Park C 44,426 2Q98 1Q99 1Q00 3,667
Rock Creek Corporate Center 1 65,035 3Q98 2Q99 2Q00 5,621
Rock Creek Corporate Center 2 65,035 3Q98 2Q99 2Q00 5,621
Rock Creek Corporate Center 3 10,750 3Q98 2Q99 2Q00 977
------- -------
Portland, Oregon Subtotal 274,098 23,230
Denver
Panorama Corporate Center V 137,953 1Q98 4Q98 3Q99 16,256
------- -------
Denver Subtotal 137,953 16,256
</TABLE>
<TABLE>
<CAPTION>
Estimated %
Remaining Total Estimated Currently
Property Under Construction @ Costs to Projected Stabilized Leased or
June 30, 1999: Complete Investment Return Committed
- ---------------------------------------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C>
San Francisco Bay Area
Clarify Corporate Center A $ 582 $12,418 10.5% 100.0%
Valley Technology Center 1 2,504 11,075 11.3 0.0
Valley Technology Center 2 2,327 11,093 13.0 100.0
Valley Technology Center 3 1,941 14,010 12.1 100.0
Fremont Technology Park A 357 5,725 10.8 55.0
Fremont Technology Park B 790 5,888 11.8 100.0
------ ------- ---- -----
San Francisco 8,501 60,209 11.6 77.0
Bay Area Subtotal
Seattle
Canyon Park 4 2,570 8,586 10.6 0.0
Willow Creek Corporate Center 6 2,163 8,415 8.7 100.0
------ ------- ---- -----
Seattle Subtotal 4,733 17,001 9.7 43.0
San Diego
Towne Center Technology Park 3 5,563 11,766 11.3 100.0
La Jolla Spectrum Technology
Park (910) 17,930 14.7 100.0
------ ------- ---- -----
San Diego Subtotal 4,653 29,696 13.4 100.0
Orange County/Los Angeles
Pacific Corporate Plaza 1 1,657 5,088 9.9 26.0
Pacific Corporate Plaza 2 2,453 7,368 9.8 0.0
Pacific Corporate Plaza 3 1,533 5,662 12.0 100.0
------ ------- ---- -----
Orange County/Los Angeles 5,643 18,118 10.6 40.0
Subtotal
Portland, Oregon
Sunset Corporate Park A 1,355 5,032 10.1 25.0
Sunset Corporate Park B 1,361 5,028 10.3 0.0
Sunset Corporate Park C 1,357 5,024 10.3 0.0
Rock Creek Corporate Center 1 2,991 8,612 11.0 32.0
Rock Creek Corporate Center 2 3,054 8,675 10.9 0.0
Rock Creek Corporate Center 3 462 1,439 10.9 0.0
------ ------- ---- -----
Portland, Oregon Subtotal 10,580 33,810 10.6 12.0
Denver
Panorama Corporate Center V 1,647 17,903 10.9 100.0
------ ------- ---- -----
Denver Subtotal 1,647 17,903 10.9 100.0
</TABLE>
14
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
1999 Development Activity By Market
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
($ In Thousands)
Estimated In
Construction Estimated Place
Property Under Construction @ Square Start Completion Stabilization Dev
June 30, 1999: Feet Date Date Date Costs
- ---------------------------------------- ---------- ----------- ------------- ------------ ---------
<S> <C> <C> <C> <C> <C>
Salt Lake City
Wasatch 17 72,088 1Q98 1Q99 1Q00 $5,857
Sorenson X 41,551 2Q98 1Q99 1Q00 4,237
--------- ---------
Salt Lake City Subtotal 113,639 10,094
Austin
Riata Building 2 62,405 1Q98 2Q99 2Q99 6,768
Riata Building 3 62,405 1Q98 2Q99 2Q00 6,474
Riata Building 6 92,140 3Q99 4Q99 1Q00 2,561
Riata Building 9 91,639 4Q97 4Q98 3Q99 12,166
Riata Crossing 2 112,543 3Q98 3Q99 3Q99 11,220
--------- ---------
Austin Subtotal 421,132 39,189
Dallas
The Commons @ Las Colinas 1 228,678 1Q98 2Q99 3Q99 34,434
The Commons @ Las Colinas 3 152,086 3Q98 2Q99 3Q99 26,179
Royal Ridge II, Building 3 118,788 2Q99 4Q99 2Q00 2,111
Tollway II 181,123 3Q97 4Q98 4Q99 21,000
--------- ---------
Dallas Subtotal 680,675 83,724
Chicago
Four Parkway North 167,726 2Q98 2Q99 2Q00 19,182
Ten Parkway North 99,509 4Q98 1Q00 1Q01 6,057
--------- ---------
Chicago Subtotal 267,235 25,239
Atlanta
Embassy Row 100 114,759 3Q98 3Q99 3Q99 17,730
--------- ---------
Atlanta Subtotal 114,759 17,730
Boca Raton
Peninsula Executive Center 2 87,087 4Q97 4Q98 4Q99 13,184
--------- ---------
Boca Raton Subtotal 87,087 13,184
--------- ---------
Total/Weighted Average 2,860,124 $ 330,140
Less: Placed in service (472,819) (65,205)
--------- ---------
Total/Weighted Average 2,387,305 $ 264,935
========= =========
</TABLE>
<TABLE>
<CAPTION>
Estimated %
Remaining Total Estimated Currently
Property Under Construction @ Costs to Projected Stabilized Leased or
June 30, 1999: Complete Investment Return Committed
- ---------------------------------------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C>
Salt Lake City
Wasatch 17 $ 3,075 $ 8,932 9.6% 100.0%
Sorenson X 732 4,969 9.8 71.0
-------- --------- ---- ------
Salt Lake City Subtotal 3,807 13,901 9.7 89.0
Austin
Riata Building 2 1,496 8,264 12.3 100.0
Riata Building 3 2,130 8,604 11.2 53.0
Riata Building 6 10,718 13,279 11.5 100.0
Riata Building 9 263 12,429 10.3 100.0
Riata Crossing 2 436 11,656 11.4 100.0
-------- --------- ---- ------
Austin Subtotal 15,043 54,232 11.3 93.0
Dallas
The Commons @ Las Colinas 1 6,878 41,312 10.2 100.0
The Commons @ Las Colinas 3 2,397 28,576 10.3 100.0
Royal Ridge II, Building 3 12,276 14,387 10.8 100.0
Tollway II 5,374 26,374 10.8 69.0
-------- --------- ---- ------
Dallas Subtotal 26,925 110,649 10.5 92.0
Chicago
Four Parkway North 7,899 27,081 10.9 74.0
Ten Parkway North 9,995 16,052 11.1 73.0
-------- --------- ---- ------
Chicago Subtotal 17,894 43,133 11.0 74.0
Atlanta
Embassy Row 100 3,346 21,076 9.7 100.0
-------- --------- ---- ------
Atlanta Subtotal 3,346 21,076 9.7 100.0
Boca Raton
Peninsula Executive Center 2 3,953 17,137 8.9 38.0
-------- --------- ---- ------
Boca Raton Subtotal 3,953 17,137 8.9 38.0
-------- --------- ---- ------
Total/Weighted Average $106,725 $436,865 10.9% 76%
---- ------
Less: Placed in service (8,129) (73,334)
-------- ---------
Total/Weighted Average $ 98,596 $ 363,531 10.9% 71%
======== =========
</TABLE>
15
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
1999 Development Activity By Estimated Construction Completion Date
($ In Thousands)
<TABLE>
<CAPTION>
Estimated
Construction Estimated In Place
Property Under Construction @ Square Start Completion Stabilization Dev.
June 30, 1999 Feet Date Date Date Costs
- ----------------------------------- ------ ----- ----------- ------------- --------
<S> <C> <C> <C> <C> <C>
Fremont Technology Park A 41,015 3Q98 4Q98 4Q99 5,368
Fremont Technology Park B 44,136 3Q98 4Q98 3Q99 5,098
Panorama Corporate Center V 137,953 1Q98 4Q98 3Q99 16,256
Peninsula Executive Center 2 87,087 4Q97 4Q98 4Q99 13,184
Riata Building 9 91,639 4Q97 4Q98 3Q99 12,166
Tollway II 181,123 3Q97 4Q98 4Q99 21,000
Valley Technology Center 1 66,350 1Q98 4Q98 4Q99 8,571
Valley Technology Center 2 66,350 1Q98 4Q98 4Q99 8,766
Valley Technology Center 3 84,600 1Q98 4Q98 3Q99 12,069
--------- -------
Subtotal 1998 800,253 102,478
Canyon Park 4 65,035 2Q98 1Q99 1Q00 6,016
Clarify Corporate Center A 64,512 1Q98 1Q99 1Q00 11,836
Sorenson X 41,551 2Q98 1Q99 1Q00 4,237
Sunset Corporate Park A 44,426 2Q98 1Q99 1Q00 3,677
Sunset Corporate Park B 44,426 2Q98 1Q99 1Q00 3,667
Sunset Corporate Park C 44,426 2Q98 1Q99 1Q00 3,667
Wasatch 17 72,088 1Q98 1Q99 1Q00 5,857
Four Parkway North 167,726 2Q98 2Q99 2Q00 19,182
La Jolla Spectrum Technology Park 79,759 3Q98 2Q99 3Q99 18,840
Pacific Corporate Plaza 2 49,603 3Q98 2Q99 2Q00 4,915
Pacific Corporate Plaza 3 40,063 3Q98 2Q99 4Q99 4,129
Pacific Corporate Plaza I 33,893 3Q98 2Q99 2Q00 3,431
Riata Building 2 62,405 1Q98 2Q99 2Q99 6,768
Riata Building 3 62,405 1Q98 2Q99 2Q00 6,474
Rock Creek Corporate Center 1 65,035 3Q98 2Q99 2Q00 5,621
Rock Creek Corporate Center 2 65,035 3Q98 2Q99 2Q00 5,621
Rock Creek Corporate Center 3 10,750 3Q98 2Q99 2Q00 977
The Commons @ Las Colinas 1 228,678 1Q98 2Q99 3Q99 34,434
The Commons @ Las Colinas 3 152,086 3Q98 2Q99 3Q99 26,179
Towne Center Technology Park 3 78,202 1Q98 2Q99 4Q99 6,203
Willow Creek Corporate Center 6 50,028 3Q98 2Q99 2Q00 6,252
Embassy Row 100 114,759 3Q98 3Q99 3Q99 17,730
Riata Crossing 2 112,543 3Q98 3Q99 3Q99 11,220
Riata Building 6 92,140 3Q99 4Q99 1Q00 2,561
Royal Ridge II, Building 3 118,788 2Q99 4Q99 2Q00 2,111
--------- --------
Subtotal 1999 1,960,362 221,605
Ten Parkway North 99,509 4Q98 1Q00 1Q01 6,057
--------- --------
Subtotal 2000 99,509 6,057
--------- --------
Total/Weighted Average 2,860,124 $330,140
Less: Placed in service (472,819) (65,205)
--------- --------
Total/Weighted Average 2,387,305 $264,935
========= ========
</TABLE>
<TABLE>
<CAPTION>
Estimated
Remaining Total Estimated % Currently
Property Under Construction @ Costs To Projected Stabilized Leased or
June 30, 1999 Complete Investment Return Committed
- ----------------------------------- ----------- ---------- ---------- -----------
<S> <C> <C> <C> <C>
Fremont Technology Park A 357 5,725 10.8% 55%
Fremont Technology Park B 790 5,888 11.8 100
Panorama Corporate Center V 1,647 17,903 10.9 100
Peninsula Executive Center 2 3,953 17,137 8.9 38
Riata Building 9 263 12,429 10.3 100
Tollway II 5,374 26,374 10.8 69
Valley Technology Center 1 2,504 11,075 11.3 -
Valley Technology Center 2 2,327 11,093 13.0 100
Valley Technology Center 3 1,941 14,010 12.1 100
-------- -------- ---- -----
Subtotal 1998 19,156 121,634 11.0 75.6
<PAGE>
Canyon Park 4 2,570 8,586 10.6 -
Clarify Corporate Center A 582 12,418 10.5 100
Sorenson X 732 4,969 9.8 71
Sunset Corporate Park A 1,355 5,032 10.1 25
Sunset Corporate Park B 1,361 5,028 10.3 -
Sunset Corporate Park C 1,357 5,024 10.3 -
Wasatch 17 3,075 8,932 9.6 100
Four Parkway North 7,899 27,081 10.9 74
La Jolla Spectrum Technology Park (910) 17,930 14.7 100
Pacific Corporate Plaza 2 2,453 7,368 9.8 -
Pacific Corporate Plaza 3 1,533 5,662 12.0 100
Pacific Corporate Plaza I 1,657 5,088 9.9 26
Riata Building 2 1,496 8,264 12.3 100
Riata Building 3 2,130 8,604 11.2 53
Rock Creek Corporate Center 1 2,991 8,612 11.0 32
Rock Creek Corporate Center 2 3,054 8,675 10.9 -
Rock Creek Corporate Center 3 462 1,439 10.9 -
The Commons @ Las Colinas 1 6,878 41,312 10.2 100
The Commons @ Las Colinas 3 2,397 28,576 10.3 100
Towne Center Technology Park 3 5,563 11,766 11.3 100
Willow Creek Corporate Center 6 2,163 8,415 8.7 100
Embassy Row 100 3,346 21,076 9.7 100
Riata Crossing 2 436 11,656 11.4 100
Riata Building 6 10,718 13,279 11.5 100
Royal Ridge II, Building 3 12,276 14,387 10.8 100
-------- -------- ---- -----
Subtotal 1999 77,574 299,179 10.8 76.2
Ten Parkway North 9,995 16,052 11.1 73
-------- -------- ---- -----
Subtotal 2000 9,995 16,052 11.1 73
-------- -------- ---- -----
Total/Weighted Average $106,725 $436,865 10.9% 76%
---- -----
Less: Placed in service (8,129) (73,334)
-------- --------
Total/Weighted Average $98,596 $363,531 10.9% 71%
======== ======== ==== =====
</TABLE>
16
<PAGE>
CarrAmerica Realty Corporation and Subsidiaries
Land Held For Future Development Summary
As of June 30, 1999
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
Owned or Controlled Land
----------------------------
Buildable
Square
Region/Property Market Acres Footage
- --------------------------------------------- --------------------------------- ------------ ------------
Pacific Region:
<S> <C> <C> <C>
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 6 & 7 San Francisco Bay Area 8 110,589
La Jolla B San Diego, California 5 76,894
Sunset Corporate Portland, Oregon 13 226,550
--- ---------
Subtotal 38 719,178
Mountain Region:
Panorama Corporate Center IV, VI, VII Denver, Colorado 21 363,650
Panorama IX Denver, Colorado 6 120,000
Panorama X Denver, Colorado 3 49,660
Dry Creek Corporate Center Denver, Colorado 56 824,362
Panorama VIII (Formerly Marriott Tract) Denver, Colorado 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 6 80,238
Wasatch 16 Salt Lake City, Utah 5 80,238
--- ---------
Subtotal 116 2,011,473
Central Region:
Braker Pointe Austin, Texas 22 750,000
Riata 1,6,7 Austin, Texas 11 153,725
Riata Crossing 4-6 Austin, Texas 18 173,058
Parkway North Chicago, Illinois 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 18 316,786
Royal Ridge III Dallas, Texas 18 240,500
--- ---------
Subtotal 114 2,359,669
Southeast Region:
Peninsula Corporate Center 1-2 Boca Raton, Florida 8 114,000
Preston Ridge Atlanta, Georgia 14 96,000
--- ---------
Subtotal 22 210,000
--- ---------
Total 290 5,300,320
=== =========
</TABLE>
17
<PAGE>
Hq Global Workplaces, Inc. and Omnioffices (UK) Limited
Condensed Consolidated Balance Sheets
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
(Unaudited and in thousands)
June 30, December 31,
1999 1998
------------ -------------
<S> <C> <C>
Assets:
Current assets $ 58,401 $ 60,984
Fixed assets, goodwill (net) and other assets 342,309 303,180
-------- --------
Total assets $400,710 $364,164
======== ========
Liabilities and stockholders' equity:
Total liabilities including Long-Term Debt $229,790 $192,663
Total stockholders' equity 170,920 171,501
-------- --------
Total liabilities and stockholders' equity $400,710 $364,164
======== ========
</TABLE>
18
<PAGE>
Hq Global Workplaces, Inc. and Omnioffices (UK) Limited
Condensed Consolidated Contribution to Funds From Operations
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
(Unaudited and in thousands)
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------- -----------------------------
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Rental income $ 34,752 $ 21,550 $ 67,507 $ 31,169
Other services and interest income 21,860 13,549 38,608 19,785
-------- -------- -------- --------
Total operating revenue 56,612 35,099 106,115 50,954
Expenses:
Operating expenses 31,142 16,686 58,776 24,129
G & A selling expense 20,335 12,456 36,855 19,312
Interest expense and income taxes (1) 2,276 1,457 4,703 1,508
-------- -------- -------- --------
Total expenses 53,753 30,599 100,334 44,949
-------- -------- -------- --------
Net income (loss) before depreciation
and amortization 2,859 4,500 5,781 6,005
-------- -------- -------- --------
Adjustments to derive funds from operations
Add:
Losses associated with Executive
Suites under development 3,134 1,049 7,472 1,542
Deferred taxes (62) -- 65 --
-------- -------- -------- --------
3,072 1,049 7,537 1,542
-------- -------- -------- --------
Funds from operations $ 5,931 $ 5,549 $ 13,318 $ 7,547
======== ======== ======== ========
</TABLE>
(1) Excludes interest on loans from CarrAmerica Realty Corporation.
19
<PAGE>
Hq Global Workplaces, Inc. and Omnioffices (UK) Limited
Executive Suites Centers
The following table sets forth certain information about the executive
suites leased by HQ Global Workplace, Inc. ("HQ Global") and OmniOffices (UK)
Limited ("OmniUK/Europe") and subleased to executive office suites tenants as of
June 30, 1999.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
Omni UK/
HQ Global Europe Total
------------ --------------- --------------
<S> <C> <C> <C>
Stabilized Operating Centers
Owned 124 (1) 9 (2) 133
Joint Ventures - 2 2
Managed 1 3 4
--- -- ---
125 14 139
Centers Under Development
Owned 28 7 35
Joint Ventures - 6 6
--- -- ---
28 13 41
--- -- ---
Pending Acquisitions 4 1 5
--- -- ---
Subtotal 157 28 185
Franchise Centers 83 - 83
--- -- ---
Total 240 28 268
=== == ===
Stabilized Occupancy 91%
===
</TABLE>
- ------------------------------------------------------------
(1) Includes 2 centers in Buenos Aires, Argentina.
(2) Includes 2 centers in Vienna, Austria.
20
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