<PAGE>
EXHIBIT 99.1
CA
America's Workplace(R)
second quarter
[PICTURES APPEARS HERE]
Supplemental Operating and Financial Data
For the Quarter Ended June 30, 2000
All dollar amounts shown in this report are in U.S. dollars unless otherwise
noted.
This supplemental Operating and Financial Data is not an offer to sell or
solicitation to buy any securities of the Company.
Any offers to sell or solicitations to buy any securities of the Company shall
be made by means of a prospectus.
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
CORPORATE OVERVIEW
The Company..................................................................... 1
Board of Directors / Executive Officers / Research Coverage..................... 2
Regional Offices / Investor Relations / Information Requests.................... 3
FINANCIAL HIGHLIGHTS
Key Quarterly Financial Data.................................................... 4
Consolidated Balance Sheets..................................................... 5
Statements of Operations........................................................ 6
FFO Statement................................................................... 7
Same Store Results and Analysis................................................. 8
Statements of EBITDA............................................................ 9
Financial Ratios................................................................ 10
Share and Operating Partnership Unit Data ...................................... 11
Debt Capitalization Summary..................................................... 12
SEGMENT ANALYSIS
Core Operating Properties
-------------------------
Current Summary of Operating Properties......................................... 13-16
Occupancy Summary and Lease Roll-over Schedule.................................. 17
Top 25 Tenants by Rent.......................................................... 18
Development
-----------
Development Activity by Market.................................................. 19
Land Held for Development Schedule.............................................. 20
</TABLE>
<PAGE>
second quarter
CORPORATE OVERVIEW
<PAGE>
THE COMPANY
-----------
CarrAmerica Realty Corporation (the "Company") is a self-administered and self-
managed equity real estate investment trust ("REIT"), organized under the laws
of Maryland, which owns, develops, acquires and operates office properties. The
Company's office properties are located primarily in 14 suburban markets across
the United States. In addition, the Company's former affiliate HQ Global
Workplaces, Inc. is engaged in the business of leasing commercial office space
in the form of executive office suites and business services. On June 1, 2000,
this affiliate merged with Vantas Incorporated. The Company retained an interest
in the merged entity. As a result, the financial performance of HQ Global
Workplaces, Inc. is presented in the Company's results as "Discontinued
Operations".
CURRENT PORTFOLIO
-----------------
(consolidated, stabilized; as of 6/30/00)
276 Properties
23.1 Million Square Feet
CARRAMERICA MISSION STATEMENT
-----------------------------
Our primary goal is to excel in meeting the needs of our customers by providing
built environments of the highest quality and services that continue to set new
standards of excellence. The core values that infuse our efforts are quality,
integrity, a sense of community and a genuine commitment to people.
UNSECURED SENIOR DEBT RATINGS
-----------------------------
Rating Outlook
------ --------
Duff & Phelps: BBB Stable
Moody's: Baa3 Positive
Standard & Poor's: BBB Stable
YEAR-TO-DATE AVERAGE OCCUPANCY (stabilized)
------------------------------
97.3%
REGIONAL DISTRIBUTION
---------------------
(consolidated, stabilized; as of 6/30/00)
Based on Based on
NOI Square Footage
------------------------------------------
Pacific Region 43.35% 41.75%
Southeast Region 26.38% 23.09%
Central Region 19.05% 21.32%
Mountain Region 11.22% 13.83%
TOP 5 MARKETS
-------------
(consolidated, stabilized; as of 6/30/00)
% of NOI % of Sq. Ft.
---------- --------------
San Francisco Bay Area 25.77% 21.94%
Washington D.C. Metro 17.98% 12.68%
Orange County/Los Angeles 7.39% 7.88%
Dallas 6.88% 7.62%
Chicago 7.30% 7.58%
---------- --------------
65.33% 57.70%
========== ==============
DEVELOPMENT ACTIVITY
--------------------
The Company has placed in service the following developed properties during the
year:
Square Cost ($ in
Stabilized Properties Footage thousand)
--------------------- -----------------------------
Canyon Park Common 4 66,448 8,634
Clarify Corporate Center A 64,512 12,702
Pacific Corp. Plaza 1 34,355 5,279
Pacific Corp. Plaza 2 49,603 7,304
Parkway North Four 171,157 27,457
Riata 3 62,209 8,769
Sorenson X 41,288 5,028
Sunset Corporate Park A 43,717 5,334
Sunset Corporate Park B 43,717 5,880
Sunset Corporate Park C 44,407 5,713
Wasatch 17 72,088 8,731
-----------------------------
693,501 100,831
=============================
Buildings Partially Placed in
-----------------------------
Service (total) 90,756 15,195
------- =============================
1
<PAGE>
BOARD OF DIRECTORS
------------------
Thomas A. Carr
Chairman of the Board, President
and Chief Executive Officer
CarrAmerica Realty Corporation
Ronald Blankenship
Vice Chairman and Chief Operating Officer
Security Capital Group Incorporated
Andrew F. Brimmer
President
Brimmer & Company Inc.
Oliver T. Carr, Jr.
Chairman of the Board
The Oliver Carr Company
A. James Clark
Chairman of the Board and President
Clark Enterprises, Inc.
Timothy Howard
Executive Vice President and
Chief Financial Officer
Fannie Mae
Caroline S. McBride
Managing Director
Security Capital Global Strategic Group, Inc.
William D. Sanders
Chairman
Security Capital Group Incorporated
Wesley S. Williams, Jr.
Partner
Covington & Burling
EXECUTIVE OFFICERS
------------------
Thomas A. Carr
President & Chief Executive Officer
Philip L. Hawkins
Chief Operating Officer
Richard F. Katchuk
Chief Financial Officer
RESEARCH COVERAGE
-----------------
Amy Young
Deutsche Banc Alex. Brown
(410) 895-3363
Christopher Haley
First Union
(804) 782-3708
James Kammert
Goldman, Sachs & Company
(212) 855-0670
John Lutzius/Elizabeth Morse
Green Street Advisors
(949) 640-8780
Lee Schalop/Alexis Hughes
CS First Boston
(212) 325-6243/(212) 325-4901
David Fick/Ken Weinberg
Legg Mason Wood Walker
(410) 454-5018/(410) 454-5175
David Harris
Lehman Brothers
(212) 526-5702
Eric Hemel/Virginia Dawson
Merrill Lynch & Company, Inc.
(212) 449-0334/(212) 449-4484
Greg Whyte
Morgan Stanley Dean Witter
(212) 761-6331
Jonathan Litt/Gary Boston
Salomon Smith Barney
(212) 816-0231/(212) 816-1383
Fred Carr, Jr.
The Penobscot Group, Inc.
(617) 723-9600
Louis Taylor
Prudential R.E. Securities Investors
(212) 778-4424
2
<PAGE>
CORPORATE HEADQUARTERS
----------------------
1850 K Street, N.W. Suite 500
Washington, D.C. 20006
(202) 729-1000
REGIONAL OFFICES
----------------
Atlanta, Georgia
J. Thad Ellis, Regional Managing Director
Austin, Texas
Jeffrey S. Pace, Regional Managing Director
Chicago, Illinois
Gerald J. O'Malley, Regional Managing Director
Dallas, Texas
William Vanderstraaten, Regional Managing Director
Denver, Colorado
William Krokowski, Regional Managing Director
Florida
J. Thad Ellis, Regional Managing Director
Northern California
Leah N. Segawa, Regional Managing Director
Phoenix, Arizona
Robert Milkovich, Regional Managing Director
Salt Lake City
William Krokowski, Regional Managing Director
Seattle/Portland
Clete Casper, Regional Managing Director
Southern California
Robert Milkovich, Regional Managing Director
Washington, D.C.
John Donovan, Regional Managing Director
HQ GLOBAL WORKPLACES, INC.
--------------------------
15950 North Dallas Parkway
Suite 400
Dallas, Texas 75248
Gary M. Kusin, President and CEO
STOCK EXCHANGE LISTINGS
-----------------------
New York Stock Exchange
TRADING SYMBOL
--------------
CRE
INVESTOR RELATIONS
------------------
CarrAmerica Realty Corporation
1850 K Street, N.W.
Washington, D.C. 20006
Telephone: (202) 729-1000
Fax: (202) 729-1060
CONTACT
-------
Stephen M. Walsh
Vice President, Capital Markets
Telephone: (202) 729-1764
E-mail: [email protected]
----------------------
INFORMATION REQUEST
-------------------
To request a standard Investor Relations package, Annual Report, or to be added
to our mailing or fax list, please contact or address an e-mail to:
Investor Relations at (202) 729-7518
Or 1 (800) 417-2277
[email protected]
CA
PLEASE VISIT OUR CORPORATE WEB SITE AT:
---------------------------------------
www.carramerica.com
-------------------
3
<PAGE>
second quarter
FINANCIAL HIGHLIGHTS
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Key Quarterly Financial Data
________________________________________________________________________________
($ and shares in thousands)
<TABLE>
<CAPTION>
As of 6/30/00 As of 3/31/00 As of 12/31/99 As of 9/30/99 As of 6/30/99
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Shares and Units:
-----------------
Common Shares 66,307 67,027 66,826 66,799 66,783
Outstanding OP Units (a) 6,364 6,480 6,480 6,496 6,495
Convertible Preferred Shares 480 480 680 680 680
Combined Shares and OP Units (a) 73,151 73,987 73,986 73,975 73,958
Weighted Average - Basic 66,856 66,967 67,858 66,795 66,779
Weighted Average - Diluted 74,684 74,233 75,160 74,078 74,353
Share Price:
------------
At the end of the period $ 26.52 $ 21.25 $ 21.38 $ 21.94 $ 25.00
High during period 28.31 22.32 22.69 24.63 26.50
Low during period 21.38 19.94 17.94 21.50 20.94
Capitalization Summary (continuing operations):
-----------------------------------------------
Market Value of Common Equity $1,939,965 $1,572,224 $1,581,451 $1,622,819 $1,848,942
Preferred Equity 400,000 400,000 400,000 400,000 400,000
Total Debt (e) 1,432,972 1,609,911 1,603,371 1,544,675 1,528,051
Total Market Capitalization (e) 3,772,937 3,582,135 3,584,822 3,567,494 3,776,993
Total Debt / Total Market Capitalization (e) 38.0% 44.9% 44.7% 43.3% 40.5%
Financial Information (continuing operations):
----------------------------------------------
Total Assets (g) $3,318,363 $3,477,034 $3,479,072 $3,429,761 $3,437,823
Book Value of Real Estate Assets (before 3,313,038 3,312,305 3,287,885 3,227,604 3,231,370
accumulated depreciation) (e)
Total Liabilities (e) 1,540,890 1,705,397 1,699,771 1,635,674 1,645,362
Total Minority Interest (Including OP) (e) 89,389 92,405 92,586 94,854 93,381
Total Shareholders Equity (e) 1,688,084 1,679,232 1,686,715 1,699,229 1,699,080
Total Operating Revenues (e) 144,439 141,566 133,847 132,513 124,185
Property NOI 94,625 92,397 87,361 86,562 76,607
Property Operating Margin 68.0% 67.6% 67.3% 67.5% 64.2%
EBITDA (e) 90,076 89,892 83,810 82,390 74,597
EBITDA per share - basic (e) 1.35 1.34 1.24 1.23 1.12
EBITDA per share - diluted (e) 1.21 1.21 1.12 1.11 1.00
Interest Coverage Ratio (c, e) 3.6 3.3 3.4 3.5 3.8
Interest Coverage Ratio (d, e) 3.1 3.0 2.9 2.9 2.6
Fixed Charge Coverage Ratio (c, e) 2.4 2.3 2.3 2.3 2.4
Fixed Charge Coverage Ratio (d, e) 2.2 2.1 2.0 2.0 1.9
Adjusted Funds From Operations (e, f) 55,430 53,516 49,295 49,631 45,955
Dividends declared .4625 .4625 .4625 .4625 .4625
FFO payout ratio - Diluted (e) 62.5% 64.2% 69.5% 69.0% 74.6%
Net-Straight Line revenue/expense adjustment 3,465 3,001 4,969 3,708 3,239
Portfolio Size (including unconsolidated properties):
-----------------------------------------------------
Buildings 281 282 275 262 262
Total Square Footage 24,331 24,317 23,797 23,047 22,631
Current Weighted Average Occupancy 98.4% 96.7% 97.6% 96.9% 96.8%
</TABLE>
(a) Operating Partnership
(b) See page 7 for definition of Funds from Operations (FFO).
(c) Excluding covering capitalized interest.
(d) Including covering capitalized interest.
(e) Restated to exclude discontinued operations
(f) Represents diluted Funds from Operations (FFO).
(g) Restated to account for discontinued operations
4
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
--------------------------------------------------------------------------------
(In thousands)
June 30, December 31,
2000 1999
------------- --------------
(unaudited)
Assets
------
Rental Property:
Land $ 674,900 $ 674,390
Buildings 2,082,926 2,082,533
Tenant Improvements 345,437 304,983
Furniture, fixtures and equipment 6,032 5,916
------------ -----------
3,109,295 3,067,822
Less - accumulated depreciation (366,997) (323,455)
------------ -----------
Net rental property 2,742,298 2,744,367
Land held for future development 96,863 104,050
Construction-in-progress 106,880 116,013
Cash and cash equivalents - unrestricted 52,799 51,886
Cash and cash equivalents - restricted 12,797 12,475
Accounts and notes receivable 31,973 34,734
Investments 117,496 67,143
Accrued straight-line rents 53,712 47,764
Tenant leasing costs, net 63,644 58,848
Deferred financing costs, net 12,930 15,621
Prepaid expenses and other assets, net 26,971 18,503
Net assets of discontinued operations -- 207,668
----------- -----------
$ 3,318,363 $ 3,479,072
=========== ===========
Liabilities and Stockholders' Equity
------------------------------------
Liabilities:
Mortgages and notes payable $ 1,432,972 $ 1,603,371
Accounts payable and accrued expenses 77,065 68,643
Rent received in advance and security deposits 30,853 27,757
----------- -----------
1,540,890 1,699,771
----------- -----------
Minority interest 89,389 92,586
Stockholders' equity:
Preferred stock 93 95
Common stock 663 668
Additional paid in capital 1,802,621 1,816,990
Cumulative dividends paid in excess of net
income (115,293) (131,038)
----------- -----------
1,688,084 1,686,715
----------- -----------
$ 3,318,363 $ 3,479,072
=========== ===========
5
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
--------------------------------------------------------------------------------
(In thousands, except per share amounts)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
------------------------ ------------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues: (unaudited) (unaudited)
Rental income (1):
Minimum base rent $ 115,303 $ 101,173 $ 229,183 $ 204,313
Recoveries from tenants 17,505 13,838 34,339 27,971
Parking and other tenant charges 6,319 4,227 12,230 8,412
--------- --------- --------- ---------
Total rental revenue 139,127 119,238 275,752 240,696
--------- --------- --------- ---------
Real estate service income 5,312 4,947 10,253 8,847
--------- --------- --------- ---------
Total operating revenues 144,439 124,185 286,005 249,543
--------- --------- --------- ---------
Operating expenses:
Property expenses:
Operating expenses 31,930 30,808 64,212 60,112
Real estate taxes 12,572 11,823 24,518 22,864
Interest expense 25,115 19,843 52,005 41,161
General and administrative 12,001 8,982 21,773 18,291
Depreciation and amortization 35,170 28,455 67,319 54,610
--------- --------- --------- ---------
Total operating expenses 116,788 99,911 229,827 197,038
--------- --------- --------- ---------
Real estate operating income 27,651 24,274 56,178 52,505
--------- --------- --------- ---------
Other operating income:
Interest income 873 886 1,750 1,798
Equity in earnings of unconsolidated partnerships 1,267 1,136 2,716 2,631
Gain on settlement of treasury locks -- -- -- 4,489
--------- --------- --------- ---------
Total other operating income 2,140 2,022 4,466 8,918
--------- --------- --------- ---------
Income from continuing operations before gain on sale
of assets, income taxes, and minority interest 29,791 26,296 60,644 61,423
Income taxes 0 0 0 0
Minority interest (2,353) (4,518) (5,408) (10,254)
--------- --------- --------- ---------
Income from continuing operations before gain on sale
of assets 27,438 21,778 55,236 51,169
Discontinued operations - Income (loss) from
operations of discontinued Executive Suites subsidiary
(less applicable income tax expense) 1,836 (1,849) 456 (3,120)
Discontinued operations - Gain on sale of discontinued
operations (less applicable income tax expense of
$21,131) 31,852 0 31,852 0
--------- --------- --------- ---------
Net income before gain on sale of assets: 61,126 19,929 87,544 48,049
Gain on sale of assets, net of income taxes 2,387 10,477 7,741 28,532
Net income $ 63,513 $ 30,406 $ 95,285 $ 76,581
========= ========= ========= =========
Basic net income per common share:
Net income from continuing operations $ 0.28 $ 0.19 $ 0.56 $ 0.49
Discontinued operations 0.03 (0.03) 0.01 (0.05)
Gain on sale of discontinued operations 0.48 -- 0.48 --
Gain on sale of assets, net 0.03 0.16 0.11 0.41
--------- --------- --------- ---------
Net income $ 0.82 $ 0.32 $ 1.16 $ 0.85
========= ========= ========= =========
Diluted net income per share:
Net income from continuing operations $ 0.28 $ 0.19 $ 0.58 $ 0.49
Discontinued operations 0.03 (0.03) 0.01 (0.05)
Gain on sale of discontinued operations 0.43 -- 0.43 --
Gain on sale of assets, net 0.03 0.16 0.10 0.40
--------- --------- --------- ---------
Net income $ 0.77 $ 0.32 $ 1.12 $ 0.84
========= ========= ========= =========
</TABLE>
NOTE: (1) Rental income includes $3,465 and $3,239 of accrued straight-line
rents for the three month periods ended June 30, 2000 and 1999,
respectively, and $6,466 and $5,654 of accrued straight-line rents
for the six month periods ended June 30, 2000 and 1999,
respectively.
6
<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.
NAREIT's definition for FFO excludes discontinued operations, however, the
Company has elected to calculate FFO from discontinued operations, the Company's
executive suites business. FFO for discontinued operations includes executive
suites earnings before depreciation, amortization and deferred taxes ("EBDADT").
The Company has restated the prior year to conform with the current year
presentation which excludes the add back of development losses associated with
the Company's executive suites business. The Company continues to exclude the
gain on settlement of treasury locks for the restated 1999 FFO.
<TABLE>
<CAPTION>
(In thousands, except per share amounts) Three Months Ended Six Months Ended
June 30, June 30,
-------------------------- --------------------
2000 1999 2000 1999
---- ---- ---- ----
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
Net income from continuing operations before minority interest: $ 32,178 $ 36,777 $ 68,385 $ 89,956
Adjustments to derive funds from continuing operations:
Add: Depreciation and amortization 34,381 28,409 65,823 53,776
Deduct:
Minority interests' (non Unitholders) share
of depreciation, amortization and net income (218) (236) (473) (284)
Gain on settlement of treasury locks 0 0 0 (4,489)
Gain on sale of assets, net of income taxes (2,387) (10,477) (7,741) (28,532)
---------- ---------- --------- ---------
FFO from continuing operations before allocations to the minority Unitholders 63,954 54,473 125,994 110,427
Less: FFO allocable to the minority Unitholders (3,794) (4,372) (8,231) (8,538)
---------- ---------- --------- ---------
FFO from continuing operations 60,160 50,101 117,763 101,889
Less: Preferred stock dividends (8,745) (8,838) (17,522) (17,583)
---------- ---------- --------- ---------
FFO from continuing operations attributable to common shares $ 51,415 $ 41,262 $ 100,241 $ 84,306
---------- ---------- --------- ---------
Discontinued operations 8,473 2,796 13,368 5,883
Gain on sale of discontinued operations 31,852 -- 31,852 --
---------- ---------- --------- ---------
FFO attributable to common shares $ 91,740 $ 44,059 $ 145,461 $ 90,188
========== ========== ========= =========
Weighted average common shares outstanding:
Basic 66,856 66,779 66,912 68,927
Diluted 74,684 74,320 74,292 76,408
========== ========== ========= =========
FFO from continuing operations attributable to common shares $ 51,415 $ 41,262 $ 100,241 $ 84,305
Series A Preferred share dividends 221 315 474 629
Minority interest from convertible partnership units 3,794 4,372 8,232 8,538
---------- ---------- --------- ---------
Adjusted FFO from continuing operations attributable to common shares $ 55,430 $ 45,949 $ 108,947 $ 93,472
========== ========== ========= =========
Weighted average common shares outstanding - Basic 66,856 66,779 66,912 68,927
Weighted average conversion of Series A Preferred shares 480 680 510 680
Weighted average conversion of operating partnership units 6,470 6,499 6,475 6,506
Incremental options 878 362 395 295
---------- ---------- --------- ---------
Adjusted weighted average common shares - Diluted 74,684 74,320 74,292 76,408
========== ========== ========= =========
</TABLE>
7
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Same Store Operating Property Results
--------------------------------------------------------------------------------
(In thousands)
<TABLE>
<CAPTION>
Three Months Ended % Six Months Ended %
June 30, Change June 30, Change
-------------------------- ----------- ------------------------ ---------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C>
Real Estate Operating Revenue $ 105,118 $ 97,392 7.9% $ 204,491 $ 188,892 8.3%
Real Estate Operating Expenses 33,417 32,916 1.5% 63,635 62,679 1.5%
----------- ---------- ----------- ----------
Total Real Estate Operating Income
- GAAP Basis $ 71,701 $ 64,476 11.2% $ 140,856 $ 126,213 11.6%
=========== ========== =========== ==========
Straight-line Rent Adjustment 1,530 2,046 (25.2%) 3,296 6,072 45.7%
----------- ---------- ----------- ----------
Total Real Estate Operating Income
- Cash Basis $ 70,171 $ 62,430 12.4% $ 137,560 $ 120,141 14.5%
=========== ========== =========== ==========
YTD Average Occupancy 97.4% 96.5% 0.9% 97.3% 96.5% 0.8%
=========== ========== =========== ==========
Same Store Square Footage 17,776,049 17,391,960
=========== ===========
</TABLE>
8
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Statements of EBITDA
--------------------------------------------------------------------------------
(In thousands)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------------- -------------------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
CONTINUING OPERATIONS:
Revenues:
Rental Income $139,127 $119,238 $275,752 $240,696
Real estate service income 5,312 4,947 10,253 8,847
Other income (1) 2,140 2,022 4,466 4,429
-------------- -------------- ------------- --------------
Total revenue 146,579 126,207 290,471 253,972
-------------- -------------- ------------- --------------
Operating expenses:
Property operating expenses:
Operating expenses 31,930 30,808 64,212 60,112
Real estate taxes 12,572 11,823 24,518 22,864
General and administrative 12,001 8,982 21,773 18,291
-------------- -------------- ------------- --------------
Total operating expenses 56,503 51,613 110,503 101,267
-------------- -------------- ------------- --------------
EBITDA $ 90,076 $ 74,594 $179,968 $152,705
============== ============== ============= ==============
</TABLE>
NOTES:
(1) Balance has been restated to exclude discontinued operations. Also excludes
gains on sales of assets and gain on settlement of treasury locks.
9
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Financial Ratios
--------------------------------------------------------------------------------
Financial Position Ratios for Continuing Operations: June 30, December 31,
---------------------------------------------------- 2000 1999
---- ----
Total Debt / Total Capitalization (Book Value) (4) 44.2% 47.0%
Total Debt / Total Capitalization (Market) (4) 38.0% 44.7%
<TABLE>
<CAPTION>
Operating Ratios for Continuing Operations: Three Months Ended Six Months Ended
------------------------------------------- June 30, June 30,
---------------------- --------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Secured EBITDA / Total EBITDA (4) 33.8% 38.0% 34.6% 37.2%
Interest Coverage (1, 4)
Excluding covering capitalized interest 3.59 3.76 3.46 3.71
Covering capitalized interest 3.15 2.65 3.04 2.65
Fixed charge coverage (4)
Excluding covering capitalized interest 2.37 2.36 2.34 2.35
Covering capitalized interest 2.17 1.87 2.14 1.88
Diluted FFO Payout Ratio (2,4) 62.5% 74.6% 62.9% 75.8%
G & A as a % of Revenue (3) 8.3% 7.2% 7.6% 7.3%
</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 gains on sales of assets and gain on settlement of treasury locks.
Includes interest income and equity on earnings of unconsolidated
subsidiaries.
(4) Restated to exclude discontinued operations.
10
<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, 2000 and December 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 quarter ended
June 30, 2000 and 1999. 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
CarrAmerica Corporation
Realty Series A
Corporation Convertible Dividend Paying Non-Dividend
Common Shares Preferred Shares Units Paying Units
Outstanding Outstanding (a) Outstanding (b) Outstanding
-------------- ------------------ ----------------- --------------
<S> <C> <C> <C> <C>
Outstanding as of:
June 30, 2000 66,307 480 5,932 432
December 31, 1999 66,826 680 6,048 432
============== ================== ================= ==============
Weighted average for the three
months ended June 30:
2000 66,856 480 6,038 432
1999 66,779 680 5,959 540
============== ================== ================= ==============
Weighted average for the six months
ended June 30:
2000 66,912 510 6,043 432
1999 68,927 680 5,966 540
============== ================== ================= ==============
</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
11
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Debt Capitalization Summary
--------------------------------------------------------------------------------
($ In thousands)
<TABLE>
<CAPTION>
INTEREST RATE PRINCIPAL BALANCE MATURITY DATE
------------- ----------------- -------------
<S> <C> <C> <C>
SECURED INDEBTEDNESS:
Total Secured Indebtedness 7.82% $ 627,523 11/15/00 to
---- -------- 09/01/09
UNSECURED INDEBTEDNESS:
Senior Unsecured Notes 7.20% $ 150,000 07/01/04
Senior Unsecured Notes 6.63 100,000 03/01/05
Senior Unsecured Notes 7.38 125,000 07/01/07
Senior Unsecured Notes 6.88 100,000 03/01/08
Senior Unsecured Notes 6.63 150,000 10/01/00
Unsecured Line of Credit - CarrAmerica Realty Corporation LIBOR + 90 bps 166,000 08/26/01
Purchase Notes - OMNI Offices (UK) 5.25 14,449 7/30/00
Total Unsecured Indebtedness $ 805,449
-----------
Total Indebtedness $ 1,432,972
-----------
</TABLE>
12
<PAGE>
second quarter
SEGMENT ANALYSIS
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
________________________________________________________________________________
The following table sets forth certain information about each operating property
owned by the Company as of June 30, 2000:
<TABLE>
<CAPTION>
Percentage
Net Rentable Area Percent Number of Total
Property (square feet)/(1)/ Leased/(2)/ of Buildings Square Feet
-------- ------------- ------ ------------ -----------
<S> <C> <C> <C> <C>
Consolidated Properties
-----------------------
SOUTHEAST REGION
Downtown Washington, D.C.:
International Square 1,014,382 99.8% 3
900 19th Street 101,015 100.0 1
2550 M Street 187,931 96.8 1
1730 Pennsylvania Avenue 229,377 100.0 1
1255 23rd Street 305,528 99.4 1
1747 Pennsylvania Avenue 151,983 91.7 1
1775 Pennsylvania Avenue 143,981 97.5 1
Suburban Washington, D.C.:
One Rock Spring Plaza 204,677 100.0 1
Sunrise Corporate Center 260,253 99.2 3
Reston Crossing East & West 327,788 100.0 2
Atlanta, GA:
Glenridge 64,052 80.6 1
Century Springs West 94,332 86.9 1
Holcomb Place 72,824 98.7 1
Midori 99,691 100.0 1
Parkwood 151,441 95.8 1
Lakewood 80,338 98.1 1
The Summit 179,085 100.0 1
Spalding Ridge 128,233 99.3 1
2400 Lake Park Drive 101,420 90.3 1
680 Engineering Drive 62,154 100.0 1
Embassy Row 465,155 93.1 3
Embassy 100, 500 190,470 100.0 2
Waterford Centre 82,161 97.5 1
Boca Raton, FL:
Peninsula Plaza 162,303 87.9 1
Peninsula Executive Center I & II 187,713 96.7 2
Presidential Circle 280,742 89.9 1
--------- ---- -
Southeast Region Subtotal 5,329,029 97.0% 35 23.1%
--------- ----
PACIFIC REGION
Southern California,
Orange County/Los Angeles:
Scenic Business Park 140,812 98.1% 4
Harbor Corporate Park 151,888 95.7 4
Plaza PacifiCare 104,377 100.0 1
Katella Corporate Center 80,609 96.1 1
Warner Center 344,374 99.7 12
South Coast Executive Center 161,787 100.0 2
Warner Premier 61,553 100.0 1
Von Karman 103,713 100.0 1
2600 W. Olive 144,831 100.0 1
Bay Technology Center 107,481 100.0 2
Pacific Corporate Plaza 1, 2, 3 125,671 100.0 3
Alton Deere Plaza 182,183 99.0 6
Westlake Spectrum 108,084 100.0 2
</TABLE>
13
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
________________________________________________________________________________
<TABLE>
<CAPTION>
Percentage
Net Rentable Area Percent Number of Total
Property (square feet)/(1)/ Leased/(2)/ of Buildings Square Feet
-------- ------------- ------ ------------ -----------
<S> <C> <C> <C> <C>
Southern California,
San Diego:
Del Mar Corporate Plaza 123,142 100.0% 2
Wateridge Pavilion 62,194 100.0 1
Towne Center Technology Park 1, 2, 3 182,120 100.0 3
Lightspan 64,800 100.0 1
La Jolla Spectrum 79,759 100.0 1
Palomar Oaks Technology Park 170,358 99.9 6
Jaycor 105,358 100.0 1
Highlands Corporate Center 205,085 99.9 5
Northern California,
San Francisco Bay Area:
CarrAmerica Corporate Center 1,001,976 100.0 6
Valley Business Park I 67,784 100.0 2
Bayshore Centre 2 94,874 100.0 1
Rincon Centre 201,178 100.0 3
Valley Centre II 212,082 100.0 4
Valley Office Centre 68,881 100.0 2
Valley Centre 102,291 100.0 2
Valley Business Park II 166,928 100.0 6
Rio Robles 368,178 100.0 7
3745 North First Street 67,582 100.0 1
Baytech Business Park 300,000 100.0 4
3571 North First Street 116,000 100.0 1
San Mateo Center I 70,000 100.0 1
Oakmead West Land A-G 425,981 100.0 7
San Mateo II & III 141,404 100.0 2
Hacienda West 206,652 88.5 2
Sunnyvale Technology Center 165,520 100.0 5
Clarify Corporate Center 1, 2, 3, 4 258,048 100.0 4
Valley Technology Center 1, 2, 3, 4 & 5 350,000 100.0 5
Golden Gateway Commons 272,977 99.5 3
Techmart Commerce Center 265,979 99.0 1
Freemont Technology Park 1, 2, 3 139,304 100.0 3
Portland, OR:
RadiSys Corporate Headquarters 80,525 100.0 1
Sunset Corporate Park 131,841 92.1 3
RadiSys II 45,655 100.0 1
Seattle, WA:
Redmond East 396,497 100.0 10
Redmond Hilltop B & C 90,880 100.0 2
Canyon Park Business Center 316,978 100.0 6
Willow Creek 96,179 100.0 1
Willow Creek Corp. Center 1, 2, 3, 4, 5, 6 329,009 100.0 6
Canyon Park Commons 1, 2, 4 176,846 100.0 3
Canyon Park Commons 95,290 100.0 1
--------- ----- -
Pacific Region Subtotal 9,633,498 99.4% 166 41.8%
--------- -----
</TABLE>
14
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Percentage
Net Rentable Area Percent Number of Total
Property (square feet)/(1)/ Leased/(2)/ of Buildings Square Feet
-------- ----------------- ---------- ------------ -----------
<S> <C> <C> <C> <C>
CENTRAL REGION
Austin, TX:
Great Hills Plaza 135,333 100.0% 1
City View Centre 136,183 100.0 3
Riata 2, 3, 4, 5, 6, 8, 9 582,325 99.9 7
City View Center 128,716 100.0 1
Tower of the Hills 166,149 99.7 2
Riata Crossing 1, 2, 3 265,190 100.0 3
Chicago, IL:
Parkway North I 249,314 97.9 1
Parkway North III 257,573 100.0 1
Parkway North IV, VI 262,761 97.3 2
Unisys 364,115 95.9 2
The Crossings 296,230 97.8 2
Bannockburn I & II 209,582 97.8 2
Bannockburn IV 108,469 100.0 1
Dallas, TX:
Cedar Maple Plaza 113,588 85.5 3
Quorum North 116,084 92.9 1
Quorum Place 178,296 100.0 1
Tollway Plaza 1, 2 359,903 100.0 2
Two Mission Park 78,020 97.1 1
Royal Ridge A & B 247,239 100.0 2
Commons @ Las Colinas 1, 3 380,764 100.0 2
5000 Quorum 160,763 94.3 1
Royal Ridge Phase II 123,740 100.0 1
-------------------- ----------- -
Central Region Subtotal 4,920,337 98.5% 42 21.3%
-------------------- -----------
MOUNTAIN REGION
Denver, CO:
Harlequin Plaza 329,210 92.3 2
Quebec Court I 130,000 100.0 1
Quebec Court II 157,294 100.0 1
Quebec Centre 106,865 88.5 3
Panorama Corporate Center I 100,881 100.0 1
Panorama II 100,916 100.0 1
Panorama III 136,850 100.0 1
Panorama V 137,953 100.0 1
Phoenix, AZ:
Camelback Lakes 201,373 99.9 2
Pointe Corridor 178,114 98.4 1
Four Gateway 136,817 96.5 1
Highland Park 78,970 90.6 1
The Grove @ Black Canyon 104,571 95.9 1
U.S. West 532,506 100.0 4
Concord Place 133,555 82.7 1
Salt Lake City, UT:
Sorenson Research Park 285,144 97.7 5
Wasatch Corporate Center 178,231 100.0 3
Wasatch Corporate Center 17, 18 121,654 99.3 2
Sorenson X 41,288 100.0 1
-------------------- ----------- -
Mountain Region Subtotal 3,192,192 97.3% 33 13.8%
-------------------- ----------- --------
TOTAL CONSOLIDATED PROPERTIES: 23,075,056 276 100.0%
-------------------- --------
WEIGHTED AVERAGE 98.4%
-----------
</TABLE>
15
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
________________________________________________________________________________
<TABLE>
<CAPTION>
Company's Net
Effective Rentable
Property Area Percent Number
Property Ownership (square feet)/(1)/ Leased/(2)/ of Buildings
-------- --------- ----------------- ----------- ------------
<S> <C> <C> <C> <C>
Unconsolidated Properties
-------------------------
Washington, D.C.:
1717 Pennsylvania Avenue 50.0%/(3)/ 184,446 100.0% 1
AARP Headquarters 24.0 /(4)/ 502,316 100.0 1
Bond Building 15.0 /(5)/ 242,787 98.4 1
Booz-Allen & Hamilton Building 50.0 /(6)/ 222,989 100.0 1
Portland, OR:
GM Call Center 16.2 /(7)/ 103,279 100.0 1
TOTAL UNCONSOLIDATED PROPERTIES: 1,255,817 5
---------- ---
WEIGHTED AVERAGE 99.7%
-----
ALL OPERATING PROPERTIES
------------------------
TOTAL: 24,330,873 281
========== ===
WEIGHTED AVERAGE 98.4%
=====
</TABLE>
_____________________
(1) Includes office and retail space but excludes storage space.
(2) Includes space for leases that have been executed and have commenced as of
June 30, 2000.
(3) The Company holds a 50% interest in the limited liability company that owns
the property and serves as the entity's managing member.
(4) 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.
(5) 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.
(6) The Company holds a 50% joint venture interest, and is the managing
venturer.
(7) The Company holds a 16.2% joint venture interest.
16
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Lease Rollover Schedule - Stabilized Properties
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Current YTD Avg. Vacant
Region / Market Square Occupancy Occupancy S.F. 2000 2001 2002 2003 2004 2005
--------------- ------ --------- --------- ---- ---- ---- ---- ---- ---- ----
Feet
----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PACIFIC REGION:
San Francisco Bay Area 5,063,619 99.5% 99.1% 27,846 87,596 416,214 761,376 650,256 659,316 468,777
Orange County / Los
Angeles 1,817,363 99.2% 97.9% 15,084 191,797 158,644 232,364 196,181 343,635 1 86,970
Seattle 1,501,679 100.0% 97.5% -- 43,606 90,599 24,274 230,924 274,241 430,686
San Diego 992,816 100.0% 99.4% 355 157,967 198,000 77,234 147,602 142,119 37,366
Portland 258,021 96.0% 79.2% 10,447 2,794 -- -- -- 10,962 63,231
MOUNTAIN REGION:
Denver 1,199,969 96.9% 96.5% 37,738 26,844 85,446 199,556 137,978 183,742 157,576
Phoenix 1,365,906 96.9% 94.6% 42,613 85,601 82,098 206,194 93,960 113,787 91,451
Salt Lake City 626,317 98.8% 97.0% 7,290 18,885 104,531 45,520 90,769 252,336 9,810
CENTRAL REGION:
Chicago 1,748,044 97.8% 96.0% 38,327 129,135 149,012 286,977 361,567 108,591 131,576
Dallas 1,758,397 97.9% 97.7% 36,077 27,556 125,894 189,263 320,957 146,566 80,712
Austin 1,413,896 99.9% 99.0% 1,043 20,713 112,169 381,892 106,289 375,433 51,624
SOUTHEAST REGION:
Washington, D.C.
Downtown Properties 2,134,197 98.7% 99.0% 25,846 97,145 25,398 345,847 231,990 594,822 87,745
Suburban Properties 792,718 99.7% 99.9% 2,195 49,104 6,259 41,671 27,339 89,835 195,699
Atlanta 1,771,356 95.6% 94.0% 78,815 139,674 229,917 402,636 373,027 159,066 72,019
Boca Raton 630,758 91.4% 92.6% 54,394 52,346 89,049 50,528 76,595 89,142 66,378
---------- ----- ---- ------- --------- --------- --------- --------- --------- ---------
Totals 23,075,056 98.4% 97.3% 378,070 1,130,763 1,873,230 3,245,332 3,045,434 3,543,593 2,131,620
========== ===== ==== ======= ========= ========= ========= ========= ========= =========
<CAPTION>
2010
&
Region / Market 2006 2007 2008 2009 Thereafter
--------------- ---- ---- ---- ---- ----------
<S> <C> <C> <C> <C> <C>
PACIFIC REGION:
San Francisco Bay Area 614,577 479,894 678,592 199,903 19,272
Orange County / Los
Angeles 116,986 159,418 199,026 -- 17,258
Seattle 96,179 -- -- 235,478 75,692
San Diego 78,202 -- -- 84,949 69,022
Portland -- -- -- -- 170,587
MOUNTAIN REGION:
Denver 76,945 -- 157,294 -- 136,850
Phoenix 40,212 532,777 -- 20,866 56,347
Salt Lake City 79,630 17,546 -- -- --
CENTRAL REGION:
Chicago 128,714 33,042 259,761 12,800 108,542
Dallas 13,530 7,282 242,326 568,234 --
Austin 21,265 160,412 91,541 -- 91,515
SOUTHEAST REGION:
Washington, D.C.
Downtown Properties 203,842 219,882 221,074 77,976 2,630
Suburban Properties 52,405 423 -- 327,788 --
Atlanta 3,191 73,059 -- 39,482 200,470
Boca Raton 3,095 6,033 -- 16,837 126,361
--------- --------- --------- --------- ---------
Totals 1,528,773 1,689,768 1,849,614 1,584,313 1,074,546
========= ========= ========= ========= =========
</TABLE>
17
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
25 Largest Tenants - Based on Annualized Base Rent
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Percentage of
Portfolio Annualized Percentage of Occupied
Tenant Rent Square Feet Square Feet
-------------------------------------------------------------- ---------------- ------------------------
<S> <C> <C> <C>
International Monetary Fund 3.30% 498,918 1.99%
AT&T 2.30% 743,392 2.96%
Electronic Data Systems Corp. 2.13% 560,698 2.24%
Nokia, Inc. 2.07% 401,434 1.60%
US West Business Resources, Inc. 1.87% 532,506 2.12%
Applied Materials, Inc. 1.86% 425,981 1.70%
Peoplesoft, Inc. 1.74% 359,686 1.43%
Patton Boggs, L.L.P. 1.57% 180,444 0.72%
Janus Capital Corporation 1.54% 456,540 1.82%
Clarify, Inc. 1.34% 265,048 1.06%
Nextel Communications, Inc. 1.17% 327,788 1.31%
GTE North, Inc. 1.16% 321,255 1.28%
Sun Microsystems, Inc. 1.07% 267,553 1.07%
Capital One Services, Inc. 0.97% 322,364 1.29%
Franklin Resources, Inc. 0.95% 118,616 0.47%
Lattice Semiconductor Corp. 0.94% 216,650 0.86%
Fujisawa USA, Inc. 0.92% 267,388 1.07%
Pacific Bell Mobile Services 0.92% 198,093 0.79%
SPS Payment Systems, Inc. 0.90% 248,474 0.99%
Lucent Technologies 0.90% 262,804 1.05%
Charles Schwab & Co., Inc. 0.81% 284,583 1.13%
Safeco Insurance Co. of America 0.79% 265,658 1.06%
Federal Deposit Insurance Corp. 0.79% 121,878 0.49%
Software AG of North America 0.76% 173,419 0.69%
Alliant Foodservice, Inc. 0.75% 264,112 1.05%
------------------------ ---------------- ------------------------
TOTAL 33.52% 8,085,282 32.23%
======================== ================ ========================
</TABLE>
18
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Development Activity By Market
================================================================================
($ In Thousands)
<TABLE>
<CAPTION>
Estimated Estimated
Property Under Construction @ Construction Stabilization In Place
June 30, 2000: Square Feet Start Date Completion Date Date Dev Costs
------------------------------------------------- ------------- ------------ ----------------- --------------- -----------
<S> <C> <C> <C> <C> <C>
San Francisco Bay Area
Valley Technology Center 6 (N) 55,295 4Q99 3Q00 3Q00 8,288
Valley Technology Center 7 (S) 55,295 4Q99 3Q00 3Q00 8,288
----------- -----------
San Francisco Bay Area Subtotal 110,590 16,576
San Diego
La Jolla B Spectrum Technology Park 76,894 3Q99 2Q00 2Q01 8,558
----------- -----------
San Diego Subtotal 76,894 8,558
Salt Lake City
Lake Park 1 & 2 78,056 2Q00 4Q00 4Q00 4,589
----------- -----------
Salt Lake City Subtotal 78,056 4,589
Orange County/Los Angeles
Art Institute 55,200 4Q99 3Q00 3Q00 8,894
----------- -----------
Orange County/Los Angeles Subtotal 55,200 8,894
Portland, Oregon
Rock Creek Corporate Center 1 65,436 3Q98 3Q99 3Q00 7,347
Rock Creek Corporate Center 2 66,198 3Q98 3Q99 3Q00 7,034
Rock Creek Corporate Center 3 11,028 3Q98 3Q99 3Q00 1,250
----------- -----------
Portland, Oregon Subtotal 142,662 15,631
Denver
Dry Creek Corporate Center Building 3 94,291 4Q99 4Q00 4Q01 4,505
Panorama Corporate Center VIII 136,850 1Q00 1Q01 4Q01 6,475
Panorama Corporate Center X 50,601 3Q99 2Q00 4Q00 4,765
----------- -----------
Denver Subtotal 281,742 15,745
Washington DC
King Street Exchange 22,385 1Q00 4Q00 4Q00 2,118
----------- -----------
Washington DC Subtotal 22,385 2,118
Austin
Braker 3 192,451 2Q00 3Q01 3Q01 6,995
Riata Building 7 91,639 2Q00 4Q00 4Q00 4,183
Riata Crossing 5 48,125 2Q00 4Q00 4Q00 1,239
----------- -----------
Austin Subtotal 332,215 12,417
Dallas
Commons 2 223,470 4Q99 4Q00 4Q00 19,312
Royal Ridge Bldg 7 130,609 2Q00 4Q00 4Q01 2,598
----------- -----------
Dallas Subtotal 354,079 21,910
Chicago
Ten Parkway North 99,566 4Q98 1Q00 4Q00 13,397
----------- -----------
Chicago Subtotal 99,566 13,397
===========
Total/Weighted Average 1,553,389 $ 119,835
Less: Placed in service - Project to date (90,756) (12,955)
----------- -----------
Total/Weighted Average 1,462,633 $ 106,880
=========== ===========
Partially Owned Property Under Construction
-------------------------------------------------------------------------------------------------------------------------------
Austin
300 West Sixth Street 444,643 2Q00 4Q01 4Q01 12,253
----------- -----------
Austin Subtotal 444,643 12,253
Washington DC
799 9/th/ Street 198,162 2Q00 4Q01 4Q01 21,289
1201 F Street 227,165 3Q98 2Q00 2Q01 41,219
----------- -------------
Washington DC Subtotal 425,327 62,508
----------- ------------
Total/Weighted Average (Partially Owned) 869,970 74,761
=========== ===========
<CAPTION>
Estimated
Remaining Total % Estimated % Currently
Property Under Construction @ Costs to Projected Stabilized Leased or
June 30, 2000: Complete Investment Return Committed
-------------------------------------------------- ----------- ------------ ------------- -------------
<S> <C> <C> <C> <C>
San Francisco Bay Area
Valley Technology Center 6 (N) 3,086 11,374 12.8 100.0
Valley Technology Center 7 (S) 3,086 11,374 12.8 100.0
----------- ------------ ------------- -------------
San Francisco Bay Area Subtotal 6,172 22,748 12.8 100.0
San Diego
La Jolla B Spectrum Technology Park 9,337 17,895 13.9 52.0
----------- ------------ ------------- -------------
San Diego Subtotal 9,337 17,895 13.9 52.0
Salt Lake City
Lake Park 1 & 2 5,511 10,100 10.4 100.0
----------- ------------ ------------- -------------
Salt Lake City Subtotal 5,511 10,100 10.4 100.0
Orange County/Los Angeles
Art Institute 199 9,093 15.3 100.0
----------- ------------ ------------- -------------
Orange County/Los Angeles Subtotal 199 9,093 15.3 100.0
Portland, Oregon
Rock Creek Corporate Center 1 1,806 9,153 10.6 100.0
Rock Creek Corporate Center 2 2,515 9,549 10.4 100.0
Rock Creek Corporate Center 3 339 1,589 10.4 100.0
----------- ------------ ------------- -------------
Portland, Oregon Subtotal 4,660 20,291 10.5 100.0
Denver
Dry Creek Corporate Center Building 3 7,285 11,790 11.1 0.0
Panorama Corporate Center VIII 21,515 27,990 9.8 100.0
Panorama Corporate Center X 1,702 6,467 13.4 100.0
----------- ------------ ------------- -------------
Denver Subtotal 30,502 46,247 10.6 66.5
Washington DC
King Street Exchange 4,176 6,294 N/A (1) 100.0
----------- ------------ ------------- -------------
Washington DC Subtotal 4,176 6,294 100.0
Austin
Braker 3 24,347 31,342 11.2 100.0
Riata Building 7 10,393 14,576 11.2 100.0
Riata Crossing 5 4,966 6,205 10.1 100.0
----------- ------------ ------------- -------------
Austin Subtotal 39,706 52,123 11.1 100.0
Dallas
Commons 2 24,446 43,758 10.4 100.0
Royal Ridge Bldg 7 12,309 14,907 10.3 50.0
----------- ------------ ------------- -------------
Dallas Subtotal 36,755 58,665 10.4 100.0
Chicago
Ten Parkway North 2,410 15,807 11.4 91.0
----------- ------------ ------------- -------------
Chicago Subtotal 2,410 15,807 11.4 91.0
=========== ============ ============= =============
Total/Weighted Average $ 139,428 $ 259,263 11.3 86.8
Less: Placed in service - Project to date (2,240) (15,195)
----------- ------------
Total/Weighted Average $ 137,188 $ 244,068 11.3 85.9
=========== ============ ============= =============
Partially Owned Property Under Construction
-----------------------------------------------------------------------------------------------------------
Austin
300 West Sixth Street 82,352 94,605 10.9 38.7
----------- ------------ ------------- -------------
Austin Subtotal 82,352 94,605 10.9 38.7
Washington DC
799 9/th/ Street 38,708 59,997 9.6 77.8
1201 F Street 35,059 76,278 10.0 91.2
----------- ------------ ------------- -------------
Washington DC Subtotal 73,767 136,275 9.8 41.5
----------- ------------ ------------- -------------
Total/Weighted Average (Partially Owned) 156,119 230,880 10.3 61.3
=========== ============ ============= =============
</TABLE>
(1) Building under contract to be sold to user upon completion.
19
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Land Held For Future Development Summary
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Owned or Controlled
Land
--------------------------
Buildable
Square
Region/Property Market Acres Footage
------------------------------------------ ------------------------------- ------------ ------------
<S> <C> <C> <C>
Pacific Region:
Fremont Technology Park D-F San Francisco Bay Area 10 151,545
Sunset Corporate Portland, OR 9 124,800
------------ ------------
Subtotal 19 276,345
Mountain Region:
Panorama Corporate C1enter IV, VI, VII Denver, CO 21 366,748
Panorama IX Denver, CO 6 120,000
Dry Creek Corporate Center Denver, CO 49 772,291
East Gateway Phoenix, AZ 11 228,828
Sorenson Research Park XI Salt Lake City, UT 6 80,238
Wasatch 16 Salt Lake City, UT 5 80,238
------------ ------------
Subtotal 98 1,648,343
Central Region:
Braker Pointe Austin, TX 17 557,549
Riata 1 Austin, TX 4 61,585
Riata Crossing 4-6 Austin, TX 13 127,905
Parkway North Chicago, IL 16 375,000
Tollway Plaza III Dallas, TX 4 134,400
Royal Ridge II Dallas, TX 18 316,786
Royal Ridge III Dallas, TX 9 130,609
------------ ------------
Subtotal 81 1,703,834
Southeast Region:
Peninsula Corporate Center 1-2 Boca Raton, FL 8 221,350
Preston Ridge Atlanta, GA 14 96,000
------------ ------------
Subtotal 22 317,350
------------ ------------
Total 220 3,945,872
============ ============
</TABLE>
20
