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Previous: CARRAMERICA REALTY CORP, 8-K, 2000-11-03 |
Next: FIRST TRUST SPECIAL SITUATIONS TRUST SYSTEMS SERIES 49, 497J, 2000-11-03 |
<PAGE>
EXHIBIT 99.1
[LOGO]
Supplemental Operating and Financial Data
For the Quarter Ended September 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 Portfolio Operating Properties................................. 13-16
Lease Roll-over Schedule and Stabilized Properties ............................... 17
Top 25 Tenants by Rent ........................................................... 18
Development
-----------
Current Development Activity by Market............................................ 19
Land Held for Future Development Schedule......................................... 20
</TABLE>
<PAGE>
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.
CURRENT PORTFOLIO
-----------------
(consolidated, stabilized; as of 9/30/00)
258 Properties
21 Million Square Feet
(consolidated/unconsolidated; as of 9/30/00)
284 Properties
25 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)
------------------------------
97.1% Consolidated Properties
97.5% All Properties
REGIONAL DISTRIBUTION
---------------------
(consolidated, stabilized; as of 9/30/00)
Based on Based on
NOI Square Footage
------------------------------------------
Pacific Region 48.11 46.61
Southeast Region 29.02 25.35
Central Region 12.47 15.12
Mountain Region 10.40 12.92
TOP 5 MARKETS
-------------
(consolidated, stabilized; as of 9/30/00)
% of NOI % of Sq. Ft.
--------- ------------
San Francisco Bay Area 28.39 24.05
Washington D.C. Metro 19.76 13.93
Orange County/Los Angeles 8.16 8.90
Atlanta 6.32 8.42
Seattle 6.26 7.03
-------- --------
68.89 62.33
======== ========
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
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/Alice Hoey
First Union
(443) 263-6773/(804) 868-1111
James Kammert
Goldman, Sachs & Company
(212) 855-0670
John Lutzius/Elizabeth Morse
Green Street Advisors
(949) 640-8780
David Fick/Ken Weinberg
Legg Mason Wood Walker
(410) 454-5018/(410) 454-5175
David Harris
Lehman Brothers
(212) 526-5702
Virginia Dawson
Merrill Lynch & Company, Inc.
(212) 449-4484
Greg Whyte
Morgan Stanley Dean Witter
(212) 761-6331
Fred Carr, Jr.
The Penobscot Group, Inc.
(617) 723-9600
Louis Taylor
Prudential R.E. Securities Investors
(212) 778-4424
Jonathan Litt/Gary Boston
Salomon Smith Barney
(212) 816-0231/(212) 816-1383
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
Malcolm O'Donnell, Regional Managing Director
Washington, D.C.
John Donovan, Regional Managing Director
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]
------------------
CarrAmerica.
PLEASE VISIT OUR CORPORATE WEB SITE AT:
---------------------------------------
www.carramerica.com
-------------------
3
<PAGE>
FINANCIAL HIGHLIGHTS
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Key Quarterly Financial Data
------------------------------------------------------------------------------
($ and shares in thousands)
<TABLE>
<CAPTION>
As of 9/30/00 As of 6/30/00 As of 3/31/00 As of 12/31/99 As of 9/30/99
--------------------------------------------------------------------------------
Shares and Units:
-----------------
<S> <C> <C> <C> <C> <C>
Common Shares 65,759 66,307 67,027 66,826 66,799
Outstanding OP Units (a) 6,480 6,364 6,480 6,480 6,496
Convertible Preferred Shares 480 480 480 680 680
Combined Shares and OP Units (a) 72,719 73,151 73,987 73,986 73,975
Weighted Average - Basic 65,987 66,856 66,967 67,858 66,795
Weighted Average - Diluted 74,767 74,684 74,233 75,160 74,078
Share Price:
------------
At the end of the period $ 30.25 $ 26.52 $ 21.25 $ 21.38 $ 21.94
High during period $ 30.75 28.31 22.32 22.69 24.63
Low during period $ 27.44 21.38 19.94 17.94 21.50
Capitalization Summary (continuing operations):
-----------------------------------------------
Market Value of Common Equity $2,199,750 $1,939,965 $1,572,224 $1,581,451 $1,622,819
Preferred Equity 400,000 400,000 400,000 400,000 400,000
Total Debt (e) 1,215,710 1,432,972 1,609,911 1,603,371 1,544,675
Total Market Capitalization (e) 3,815,460 3,772,937 3,582,135 3,584,822 3,567,494
Total Debt / Total Market Capitalization (e) 31.9% 38.0% 44.9% 44.7% 43.3%
Financial Information (continuing operations):
----------------------------------------------
Total Assets (g) $3,112,140 $3,318,363 $3,477,034 $3,479,072 $3,429,761
Book Value of Real Estate Assets (before accumulated
depreciation) (e) 3,015,812 3,313,038 3,312,305 3,287,885 3,227,604
Total Liabilities (e) 1,346,789 1,540,890 1,705,397 1,699,771 1,635,674
Total Minority Interest (Including OP) (e) 90,455 89,389 92,405 92,586 94,854
Total Shareholders Equity (e) 1,674,896 1,688,084 1,679,232 1,686,715 1,699,229
Total Operating Revenues (e) 139,357 144,439 141,566 133,847 132,513
Property NOI 91,912 94,625 92,397 87,361 86,562
Property Operating Margin 69.8% 68.0% 67.6% 67.3% 67.5%
EBITDA (e) 90,094 90,076 89,892 83,810 82,390
EBITDA per share - basic (e) 1.37 1.35 1.34 1.24 1.23
EBITDA per share - diluted (e) 1.20 1.21 1.21 1.12 1.11
Interest Coverage Ratio (c, e) 3.6 3.6 3.3 3.4 3.5
Interest Coverage Ratio (d, e) 3.3 3.1 3.0 2.9 2.9
Fixed Charge Coverage Ratio (c, e) 2.5 2.4 2.3 2.3 2.3
Fixed Charge Coverage Ratio (d, e) 2.3 2.2 2.1 2.0 2.0
Adjusted Funds From Operations (e, f) 56,348 55,430 53,516 49,295 49,631
Dividends declared .4625 .4625 .4625 .4625 .4625
FFO payout ratio - Diluted (e) 61.7% 62.5% 64.2% 69.5% 69.0%
Net-Straight Line revenue/expense adjustment 3,168 3,465 3,001 4,969 3,708
Portfolio Size (including unconsolidated properties):
-----------------------------------------------------
Buildings 284 281 282 275 262
Total Square Footage 24,569 24,331 24,317 23,797 23,047
Current Weighted Average Occupancy 97.5% 98.4% 96.7% 97.6% 96.9%
</TABLE>
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)
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
-------------------- ---------------------
(unaudited)
<S> <C> <C>
Assets
------
Rental Property:
Land $ 658,308 $ 674,390
Buildings 1,901,740 2,082,533
Tenant Improvements 308,626 304,983
Furniture, fixtures and equipment 5,990 5,916
-------------------- ---------------------
2,874,664 3,067,822
Less - accumulated depreciation (368,138) (323,455)
-------------------- ---------------------
Net rental property 2,506,526 2,744,367
Land held for future development 61,979 104,050
Construction-in-progress 79,169 116,013
Cash and cash equivalents - unrestricted 20,435 51,886
Cash and cash equivalents - restricted 16,403 12,475
Accounts and notes receivable 41,417 34,734
Investments 240,562 67,143
Accrued straight-line rents 53,459 47,764
Tenant leasing costs, net 51,765 58,848
Deferred financing costs, net 12,216 15,621
Prepaid expenses and other assets, net 28,209 18,503
Net assets of discontinued operations --- 207,668
-------------------- ---------------------
$ 3,112,140 $ 3,479,072
==================== =====================
Liabilities and Stockholders' Equity
------------------------------------
Liabilities:
Mortgages and notes payable $ 1,215,710 $ 1,603,371
Accounts payable and accrued expenses 103,346 68,643
Rent received in advance and security deposits 27,733 27,757
-------------------- ---------------------
1,346,789 1,699,771
-------------------- ---------------------
Minority interest 90,455 92,586
Stockholders' equity:
Preferred stock 93 95
Common stock 657 668
Additional paid in capital 1,778,991 1,816,990
Cumulative dividends in excess of net income (104,845) (131,038)
-------------------- ---------------------
1,674,896 1,686,715
-------------------- ---------------------
$ 3,112,140 $ 3,479,072
==================== =====================
</TABLE>
5
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
--------------------------------------------------------------------------------
(In thousands, except per share amounts)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------------ ----------------------
2000 1999 2000 1999
----- ---- ---- ----
Revenues: (unaudited) (unaudited)
<S> <C> <C> <C> <C>
Rental income (1):
Minimum base rent $112,302 $107,621 $341,485 $311,934
Recoveries from tenants 15,389 14,530 49,728 42,501
Parking and other tenant charges 3,999 6,160 16,229 14,572
----------- ----------- -------- ---------
Total rental revenue 131,690 128,311 407,442 369,007
----------- ----------- -------- ---------
Real estate service income 7,667 4,202 17,920 13,049
----------- ----------- -------- ---------
Total operating revenues 139,357 132,513 425,362 382,056
----------- ----------- -------- ---------
Operating expenses:
Property expenses:
Operating expenses 29,750 30,862 93,962 90,974
Real estate taxes 10,028 10,887 34,546 33,750
Interest expense 24,772 23,431 76,777 64,592
General and administrative 12,282 10,596 34,055 28,888
Depreciation and amortization 31,847 33,655 99,166 88,267
----------- ----------- -------- ---------
Total operating expenses 108,679 109,431 338,506 306,471
----------- ----------- -------- ---------
Real estate operating income 30,678 23,082 86,856 75,585
----------- ----------- -------- ---------
Other operating income:
Interest income 602 1,063 2,352 2,861
Equity in earnings of unconsolidated partnerships 2,195 1,160 4,911 3,791
Gain on settlement of treasury locks --- --- --- 4,489
----------- ----------- -------- ---------
Total other operating income 2,797 2,223 7,263 11,141
----------- ----------- -------- ---------
Income from continuing operations before gain on sale of assets,
income taxes, and minority interest 33,475 25,305 94,119 86,726
Income taxes 0 0 0 0
Minority interest (3,747) (4,354) (9,155) (14,604)
----------- ----------- -------- ---------
Income from continuing operations before gain on sale
of assets 29,728 20,951 84,964 72,122
Discontinued operations - (Loss) income from operations of
discontinued Executive Suites subsidiary (less applicable income
tax expense) --- (2,848) 456 (5,969)
Discontinued operations - Gain on sale of discontinued
operations (less applicable income tax expense of
$21,131) --- --- 31,852 ---
----------- ----------- -------- ---------
Net income before gain on sale of assets: 29,728 18,103 117,272 66,153
Gain on sale of assets, net of income taxes 20,182 21,284 27,923 49,815
----------- ----------- -------- ---------
Net income $ 49,910 $ 39,387 $145,195 $115,968
=========== =========== ======== =========
Basic net income per common share:
Net income from continuing operations $0 .62 $ 0.50 $ 1.29 $ 1.40
Discontinued operations --- (0.04) 0.01 (0.09)
Gain on sale of discontinued operations --- 0.48 ---
----------- ----------- -------- ---------
Net income $0.62 $ 0.46 $ 1.78 $ 1.31
=========== =========== ======== =========
Diluted net income per share:
Net income from continuing operations $0.60 $ 0.49 $ 1.28 $ 1.40
Discontinued operations --- (0.04) 0.01 (0.09)
Gain on sale of discontinued operations --- --- 0.47 ---
----------- ----------- -------- ---------
Net income $0.60 $ 0.45 $ 1.76 $ 1.31
=========== =========== ======== =========
</TABLE>
NOTE: (1) Rental income includes $3,168 and $3,708 of accrued straight-line
rents for the three month periods ended September 30, 2000 and 1999,
respectively, and $9,634 and $9,362 of accrued straight-line rents for
the nine month periods ended September 30, 2000 and 1999,
respectively.
6
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Consolidated 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 Nine Months Ended
September 30, September 30,
-------------------------- -------------------------
2000 1999 2000 1999
---- ---- ---- ----
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
Net income from continuing operations before minority interest: $ 53,657 $ 46,589 $ 122,042 $ 136,541
Adjustments to derive funds from continuing operations: 31,739 33,140 97,561 86,916
Add: Depreciation and amortization
Deduct:
Minority interests' (non Unitholders) share
of depreciation, amortization and net income (248) (195) (722) (479)
(Gain) loss on settlement of treasury locks 0 0 0 (4,489)
Gain on sale of assets, net of income taxes (20,182) (21,284) (27,923) (49,815)
-------- -------- --------- ---------
FFO from continuing operations before allocations to the
minority Unitholders 64,966 58,250 190,958 168,674
Less: FFO allocable to the minority Unitholders (4,000) (4,025) (12,230) (12,563)
-------- -------- --------- ---------
CarrAmerica Realty Corporation's FFO from continuing operations 60,966 54,225 178,728 156,111
Less: Preferred stock dividends (8,842) (8,932) (26,364) (26,516)
-------- -------- --------- ---------
CarrAmerica Realty Corporation's FFO from continuing operations
attributable to common shares $ 52,124 $ 45,293 $ 152,364 $ 129,595
-------- -------- --------- ---------
Discontinued operations 0 210 13,368 6,093
Gain on sale of discontinued operations 0 - 31,852 -
-------- -------- --------- ---------
CarrAmerica Realty Corporation's FFO attributable to common shares $ 52,124 $ 45,503 $ 197,854 $ 135,688
-------- -------- --------- ---------
Weighted average common shares outstanding:
Basic 65,987 66,795 66,603 68,208
Diluted 74,767 74,078 74,544 75,508
======== ======== ========= =========
Basic funds from operations per common share:
Funds from continuing operations $ 0.79 $ 0.68 $ 2.29 $ 1.90
Funds from discontinued operations - - 0.20 0.09
Funds from sale of discontinued operations - - 0.48 -
-------- -------- --------- ---------
Total funds from operations $ 0.79 $ 0.68 $ 2.97 $ 1.99
======== ======== ========= =========
Diluted funds from operations per share:
Funds from continuing operations $ 0.75 $ 0.67 $ 2.22 $ 1.90
Funds from discontinued operations - - 0.18 0.08
Funds from sale of discontinued operations - - 0.43 -
-------- -------- --------- ---------
Total funds from operations $ 0.75 $ 0.67 $ 2.83 $ 1.98
-------- -------- --------- ---------
CarrAmerica Realty Corporation
FFO from continuing operations attributable to common shares $ 52,124 $ 45,293 $ 152,364 $ 129,595
Series A Preferred share dividends 224 315 698 944
Minority interest from convertible partnership units 4,000 4,025 12,231 12,563
-------- -------- --------- ---------
Adjusted FFO from continuing operations attributable to
common shares $ 56,348 $ 49,633 $ 165,293 $ 143,102
======== ======== ========= =========
Weighted average common shares outstanding - Basic 65,987 66,795 66,603 68,208
Weighted average conversion of Series A Preferred shares 480 680 500 680
Weighted average conversion of operating partnership units 6,480 6,498 6,480 6,503
Incremental options 1,820 105 961 117
-------- -------- --------- ---------
Adjusted weighted average common shares - Diluted 74,767 74,078 74,544 75,508
======== ======== ========= =========
</TABLE>
7
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Same Store Operating Property Results
--------------------------------------------------------------------------------
(In thousands)
<TABLE>
<CAPTION>
Three Months Ended % Nine Months Ended
September 30, Change September 30, % Change
---------------------------- --------- ------------------------ ----------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Real Estate Operating Revenue $ 99,506 $94,778 5.0% $ 298,172 $278,203 7.2%
Real Estate Operating Expenses 34,127 33,448 2.0% 95,612 93,834 1.9%
---------- ------- ---------- -------
Total Real Estate Operating Income
- GAAP Basis $ 65,379 $61,330 6.6% $ 202,560 $184,369 9.9%
========== ======= ========== =======
Straight-line Rent Adjustment 2,450 2,503 2.1% 5,242 9,856 46.8%
---------- ------- ---------- -------
Total Real Estate Operating Income
- Cash Basis $ 62,929 $58,827 7.0% $ 197,318 $174,513 13.1%
---------- ------- ---------- -------
YTD Average Occupancy 97.1% 96.5% 0.6% 97.1% 96.5% 0.6%
========== ======= ========== =======
Same Store Square Footage 16,902,001 6,902,001
=========== ==========
</TABLE>
8
<PAGE>
CARRAMERICA Realty Corporation and Subsidiaries
Statements of EBITDA
--------------------------------------------------------------------------------
(In thousands)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------------- -------------------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
CONTINUING OPERATIONS:
Revenues:
Rental Income $131,690 $128,311 $407,442 $369,007
Real estate service income 7,667 4,202 17,920 13,049
Other income (1) 2,797 2,223 7,263 6,652
-------------- -------------- ------------- --------------
Total revenue 142,154 134,736 432,625 388,708
-------------- -------------- ------------- --------------
Operating expenses:
Property operating expenses:
Operating expenses 29,750 30,862 93,962 90,974
Real estate taxes 10,028 10,887 34,546 33,750
General and administrative 12,282 10,596 34,055 28,888
-------------- -------------- ------------- --------------
Total operating expenses 52,060 52,345 162,563 153,612
-------------- -------------- ------------- --------------
EBITDA $ 90,094 $ 82,391 $270,062 $235,096
============== ============== ============= ==============
</TABLE>
NOTE:
(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
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Financial Position Ratios for Continuing Operations: September 30, December 31,
---------------------------------------------------- 2000 1999
---- ----
<S> <C> <C>
Total Debt / Total Capitalization (Book Value) (4) 42.1% 48.7%
Total Debt / Total Capitalization (Market) (4) 31.9% 44.7%
</TABLE>
<TABLE>
<CAPTION>
Operating Ratios for Continuing Operations: Three Months Ended Nine Months Ended
---------------------------------------------- September 30, September 30,
---------------------------- ------------------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Secured EBITDA / Total EBITDA (3) 35.2% 33.7% 34.8% 36.0%
Interest Coverage (1, 3)
Excluding covering capitalized interest 3.64 3.52 3.51 3.63
Covering capitalized interest 3.27 2.86 3.11 2.72
Fixed charge coverage (3)
Excluding covering capitalized interest 2.52 2.33 2.40 2.34
Covering capitalized interest 2.34 2.03 2.20 1.93
Diluted FFO Payout Ratio (2, 3) 61.7% 69.0% 62.5% 73.3%
G & A as a % of Revenue 8.8% 8.0% 8.0% 7.6%
</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) 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 September 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 September 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
CarrAmerica Realty
Realty Corporation
Corporation Series A
Common Convertible Dividend Paying Non-Dividend
Shares Preferred Shares Units Paying Units
Outstanding Outstanding (a) Outstanding (b) Outstanding
----------------- ---------------------- --------------------- ------------------
<S> <C> <C> <C> <C>
Outstanding as of:
September 30, 2000 65,759 480 6,212 268
December 31, 1999 66,826 680 6,048 432
================= ====================== ===================== ==================
Weighted average for the three
months ended September 30:
2000 65,987 480 6,182 298
1999 66,795 680 6,027 470
================= ====================== ===================== ==================
Weighted average for the nine
months ended September 30:
2000 66,603 500 6,092 388
1999 68,208 680 5,987 516
================= ====================== ===================== ==================
</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 8.00% $624,710 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
Unsecured Line of Credit - CarrAmerica Realty Corporation LIBOR+90 bps 116,000 08/26/01
--------
Total Unsecured Indebtedness $591,000
--------
Total Indebtedness $1,215,710
----------
</TABLE>
12
<PAGE>
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 September 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 19/th/ Street 101,215 100.0% 1
2550 M Street 187,931 96.8% 1
1730 Pennsylvania Avenue 229,377 100.0% 1
1255 23/rd/ Street 305,786 99.3% 1
1747 Pennsylvania Avenue 152,104 91.6% 1
1775 Pennsylvania Avenue 143,981 97.5% 1
Suburban Washington, D.C.:
One Rock Spring Plaza 205,721 98.4% 1
Sunrise Corporate Center 260,253 98.3% 3
Reston Crossing East & West 327,788 100.0% 2
Atlanta, GA:
Glenridge 64,086 85.2% 1
Century Springs West 95,055 81.9% 1
Holcomb Place 72,889 100.0% 1
Midori 99,691 100.0% 1
Parkwood 150,270 98.0% 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 100,918 69.4% 1
680 Engineering Drive 62,154 100.0% 1
Embassy Row 465,155 90.9% 3
Embassy 100, 500 190,470 100.0% 2
Waterford Centre 82,344 100.0% 1
Boca Raton, FL:
Peninsula Plaza 162,303 90.5% 1
Peninsula Executive Center I & II 187,713 96.7% 2
Presidential Circle 281,053 87.6% 1
------------------ ----------- --
Southeast Region Subtotal 5,330,295 96.3% 35 25.4%
------------------ ----------- --
PACIFIC REGION
Southern California,
Orange County/Los Angeles:
Scenic Business Park 140,812 98.1% 4
Harbor Corporate Park 151,888 92.4% 4
Plaza PacifiCare 104,377 100.0% 1
Katella Corporate Center 80,609 96.1% 1
Warner Center 344,374 98.9% 12
South Coast Executive Center 161,692 100.0% 2
Warner Premier 61,553 100.0% 1
Von Karman 104,138 100.0% 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
Art Institute 53,484 100.0% 1
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 59.3% 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 170,358 100.0% 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 99.8% 6
Valley Business Park I 61,600 100.0% 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 204,632 91.9% 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 273,327 98.6% 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 132,531 100.0% 3
RadiSys II 45,655 100.0% 1
Rock Creek Corp Center 142,662 14.4% 1
Seattle, WA:
Redmond East 396,497 100.0% 10
Redmond Hilltop B & C 90,880 100.0% 2
Canyon Park Business Center 294,341 96.1% 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 9,800,173 97.9% 168 46.6%
--------- ----- ---
</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
City View Center 128,716 100.0% 1
Tower of the Hills 166,149 99.7% 2
Chicago, IL:
Parkway North I 249,314 99.3% 1
Unisys 364,115 89.6% 2
The Crossings 296,230 95.8% 2
Bannockburn I & II 209,582 97.4% 2
Bannockburn IV 108,469 96.0% 1
Dallas, TX:
Cedar Maple Plaza 112,682 84.7% 3
Quorum North 116,084 92.9% 1
Quorum Place 178,296 100.0% 1
Tollway Plaza 1, 2 359,903 99.4% 2
Two Mission Park 77,232 100.0% 1
Commons @ Las Colinas 1, 3 380,764 100.0% 2
5000 Quorum 160,763 95.9% 1
---------- ----- ---
Central Region Subtotal 3,179,815 97.0% 26 15.1%
---------- ----- ---
MOUNTAIN REGION
Denver, CO:
Harlequin Plaza 329,210 88.4% 2
Quebec Court I 130,000 100.0% 1
Quebec Court II 157,294 100.0% 1
Quebec Centre 106,865 88.5% 3
Phoenix, AZ:
Camelback Lakes 201,373 99.7% 2
Pointe Corridor 178,114 98.4% 1
Four Gateway 136,817 97.8% 1
Highland Park 78,970 91.4% 1
The Grove @ Black Canyon 104,571 95.9% 1
U.S. West 532,506 100.0% 4
Concord Place 133,555 76.7% 1
Salt Lake City, UT:
Sorenson Research Park 285,144 94.9% 5
Wasatch Corporate Center 178,231 100.0% 3
Wasatch Corporate Center 17, 18 121,654 100.0% 2
Sorenson X 41,288 100.0% 1
---------- ----- ---
Mountain Region Subtotal 2,715,592 95.8% 29 12.9%
---------- ----- ---
TOTAL CONSOLIDATED PROPERTIES: 21,025,875 258 100.0%
========== ---
WEIGHTED AVERAGE 97.1%
=====
</TABLE>
15
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Summary of Portfolio Operating Properties
________________________________________________________________________________
<TABLE>
<CAPTION>
Company's Net
Effective Rentable Number
Property Area Percent of
Property Ownership (square feet)/(1)/ Leased/(2)/ Buildings
-------- --------- ------------------ ----------- ---------
<S> <C> <C> <C>
Unconsolidated Properties
-------------------------
Washington, D.C.:
AARP Headquarters 24.0% (4) 502,316 100% 1
Bond Building 15.0 (5) 242,787 98% 1
1717 Pennsylvania Avenue 50.0 (3) 184,446 100% 1
Booz-Allen & Hamilton Building 50.0 (6) 222,989 100% 1
Portland, OR:
GM Call Center 16.2 (7) 103,279 100.0% 1
Chicago Market Office:
Parkway North 35.0 (8) 592,924 100.0% 4
Dallas Market Office:
Royal Ridge 35.0 (8) 370,979 100.0% 3
Austin Market Office:
Riata 35.0 (8) 847,006 100.0% 10
Denver Market Office:
Panorama 35.0 (8) 476,600 100.0% 4
TOTAL UNCONSOLIDATED PROPERTIES: 3,543,326 26
---------- ---
WEIGHTED AVERAGE 99.9%
-----
ALL OPERATING PROPERTIES
------------------------
TOTAL: 24,569,201 284
---------- ---
WEIGHTED AVERAGE 97.5%
-------------------------------------------------------------------------------------------------------------------
</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 September 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.
(8) The Company hold a 35% joint venture interest.
16
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Lease Rollover Schedule - Stabilized Properties
<TABLE>
<CAPTION>
Square Current YTD Avg. Vacant
Region / Market Feet Occupancy Occupancy S.F. 2000 2001 2002 2003 2004
--------------- ---- --------- --------- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PACIFIC REGION
San Francisco Bay Area 5,055,765 99.5% 99.2% 25,226 13,891 260,398 756,231 660,872 659,316
Orange County / Los Angeles 1,871,177 98.8% 98.2% 22,938 164,021 165,741 232,364 197,515 296,329
Seattle 1,479,042 99.2% 97.9% 11,500 96,661 79,099 24,274 230,924 274,241
San Diego 992,816 97.4% 99.2% 25,527 52,686 243,423 77,234 147,602 38,201
Portland 401,373 69.6% 80.6% 122,127 2,794 - - - 31,497
MOUNTAIN REGION:
Denver 723,369 93.0% 94.1% 50,620 7,234 64,917 118,086 134,050 44,571
Phoenix 1,365,906 96.4% 95.3% 48,552 79,739 80,656 206,194 95,744 113,787
Salt Lake City 626,317 97.7% 97.2% 14,465 3,541 120,700 45,520 108,315 252,336
CENTRAL REGION:
Chicago 1,227,710 95.0% 95.0% 61,934 88,485 160,167 253,046 287,323 82,496
Dallas 1,385,724 97.5% 97.2% 34,191 22,713 120,006 147,210 265,868 144,281
Austin 566,381 99.9% 98.5% 534 11,533 39,095 114,820 28,918 247,369
SOUTHEAST REGION:
Washington, D.C
Downtown Properties 2,134,776 98.8% 98.9% 26,357 96,441 25,398 170,576 232,304 525,360
Suburban Properties 793,762 99.1% 99.1% 7,507 3,595 6,259 39,922 27,339 87,504
Atlanta 1,770,688 94.0% 93.9% 105,526 77,087 242,614 397,167 387,252 159,066
Boca Raton 631,069 91.0% 91.6% 56,567 38,708 99,242 54,270 74,287 62,855
Totals 21,025,875 97.1% 97.5% 613,571 759,129 1,707,715 2,636,914 2,878,313 3,019,209
---------- ------- ------- --------- --------- --------- ---------
<CAPTION>
2010
&
Region / Market 2005 2006 2007 2008 2009 Thereafter
--------------- ---- ---- ---- ---- ---- ----------
<S> <C> <C> <C> <C> <C> <C>
PACIFIC REGION
San Francisco Bay Area 531,777 770,393 479,894 678,592 199,903 19,272
Orange County / Los Angeles 255,138 104,326 158,673 203,390 - 70,742
Seattle 430,686 96,179 - - 235,478 -
San Diego 37,460 - - - 84,949 285,734
Portland 74,368 - - - - 170,587
MOUNTAIN REGION:
Denver 146,597 - - 157,294 - -
Phoenix 91,032 40,212 532,777 - 20,866 56,347
Salt Lake City 9,810 71,630 - - -
CENTRAL REGION:
Chicago 131,518 4,477 - 43,669 12,800 101,795
Dallas 80,712 21,476 7,282 97,491 444,494 -
Austin 71,198 29,257 23,657 - - -
SOUTHEAST REGION:
Washington, D.C
Downtown Properties 87,745 203,842 219,882 221,074 77,976 247,821
Suburban Properties 240,025 53,400 423 - 327,788 -
Atlanta 83,481 5,484 73,059 - 39,482 200,470
Boca Raton 95,927 3,095 6,033 - 4,768 135,317
Totals 2,367,474 1,403,771 1,501,680 1,401,510 1,448,504 1,288,085
--------- --------- --------- --------- --------- ---------
</TABLE>
17
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
25 Largest Tenants - Based on Annualized Base Rent
<TABLE>
<CAPTION>
Percentage of
Portfolio Percentage of
Annualized Occupied
Tenant Rent Square Feet Square Feet
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
International Monetary Fund 3.87% 498,918 2.40%
Applied Materials, Inc. 2.24% 425,981 2.05%
US West Business Resources, Inc. 2.20% 532,506 2.56%
Peoplesoft, Inc. 2.04% 359,686 1.73%
AT&T 2.03% 575,748 2.77%
Nokia, Inc. 1.97% 401,434 1.93%
Patton Boggs, L.L.P. 1.84% 180,444 0.87%
Nortel Networks, Inc. 1.54% 258,048 1.24%
Nextel Communications, Inc. 1.39% 331,203 1.60%
Sun Microsystems, Inc. 1.26% 267,553 1.29%
Software AG of North America 1.12% 209,521 1.01%
Franklin Resources, Inc. 1.11% 118,616 0.57%
Lattice Semiconductor Corp. 1.10% 216,650 1.04%
Pacific Bell Mobile Services 1.08% 198,093 0.95%
Safeco Insurance Co. of America 0.93% 265,658 1.28%
Federal Deposit Insurance Corp. 0.92% 121,878 0.59%
Boston Scientific 0.86% 212,082 1.02%
Unisys Corporation 0.81% 197,404 0.95%
King & Spalding 0.79% 92,596 0.45%
Citicorp Savings of Wash. D.C. 0.78% 118,834 0.57%
The Walt Disney Company 0.78% 129,347 0.62%
Art Institute 0.74% 168,243 0.81%
Chronicle of Higher Education 0.70% 91,721 0.44%
Merrill Lynch, Pierce, Fenner 0.64% 77,443 0.37%
TSMC North America, Inc. 0.61% 110,590 0.53%
------------------ ---------------- -------------------
TOTAL 33.35% 6,160,197 29.64%
================== ================ ===================
</TABLE>
18
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
2000 Development Activity by Market
--------------------------------------------------------------------------------
($ In Thousands)
<TABLE>
<CAPTION>
Actual or
Estimated Estimated
Property Under Construction at Construction Stabilization
September 30, 2000: Square Feet Start Date Completion Date Date
------------------------------------------------------------------ ------------------ ------------ ----------------- --------------
<S> <C> <C> <C> <C>
San Francisco Bay Area
Valley Technology Center 6 (N) 55,295 4Q99 3Q00 4Q00
Valley Technology Center 7 (S) 55,295 4Q99 3Q00 4Q00
---------------
San Francisco Bay Area Subtotal 110,590
San Diego
La Jolla B Spectrum Technology Park 76,894 3Q99 2Q00 2Q01
---------------
San Diego Subtotal 76,894
Salt Lake City
Lake Park 78,056 2Q00 4Q00 4Q00
---------------
Salt Lake City Subtotal 78,056
Denver
Dry Creek Corporate Center Building 3 92,356 4Q00 4Q00 4Q01
---------------
Denver Subtotal 92,356
Washington DC
King Street Exchange 22,385 1Q00 4Q00 4Q00
---------------
Washington DC Subtotal 22,385
Austin
Braker 3 192,451 2Q00 3Q01 3Q01
---------------
Austin Subtotal 192,451
Dallas
Commons 2 223,470 4Q99 4Q00 4Q00
---------------
Dallas Subtotal 223,470
Total/Weighted Average 796,202
Less: Placed in service - Project to date 0
---------------
Total/Weighted Average 796,202
===============
(1) Building under contract to be sold to user upon
completion
Unconsolidated Property Under Construction at September 30, 2000
-----------------------------------------------------------------------------------------------------------------------------------
Austin
Riata Building 7 91,639 2Q00 4Q00 4Q00
Riata Crossing 5 48,125 2Q00 4Q00 4Q00
300 West Sixth Street 444,870 2Q00 4Q01 4Q01
---------------
Austin Subtotal 584,634
Dallas
Custer Court 124,485 3Q00 3Q01 1Q02
Royal Ridge Bldg. 7 132,709 2Q00 4Q00 4Q01
---------------
Dallas Subtotal 257,194
Denver
Panorama Corporate Center VIII 136,850 1Q00 1Q01 4Q01
Panorama Corporate Center X 50,601 3Q99 2Q00 4Q01
---------------
Denver Subtotal 187,451
Washington DC
799 9/th/ Street 198,162 2Q00 4Q01 4Q01
1201 F Street 227,165 3Q98 2Q00 2Q01
---------------
Washington DC Subtotal 425,327
Total/Weighted Average 1,454,606
Less: Placed in service (167,971)
---------------
Total/Weighted Average 1,286,635
---------------
Total/Weighted Average 2,082,837
===============
<CAPTION>
Estimated
Remaining Total % Estimated % Currently
Property Under Construction @ In Place Costs to Projected Stabilized Leased or
June 30, 2000: Dev Costs Complete Investment Return Committed
---------------------------------------------------- ------------- ------------- -------------- ------------ ----------
<S> <C> <C> <C> <C> <C>
San Francisco Bay Area
Valley Technology Center 6 (N) 10,215 1,092 11,307 12.9% 100.0%
Valley Technology Center 7 (S) 10,214 1,093 11,307 12.9% 100.0%
--------- --------- -------- -------- --------
San Francisco Bay Area Subtotal 20,429 2,185 22,614 12.9% 100.0%
San Diego
La Jolla B Spectrum Technology Park 8,899 15,333 24,232 14.5% 100.0%
--------- --------- -------- -------- --------
San Diego Subtotal 8,899 15,333 24,232 14.5% 100.0%
Salt Lake City
Lake Park 1 & 2 6,347 3,602 9,949 10.5% 100.0%
--------- --------- -------- -------- --------
Salt Lake City Subtotal 6,347 3,602 9,949 10.5% 100.0%
Denver
Dry Creek Corporate Center Building 3 6,869 4,457 11,326 11.5% 100.0%
--------- --------- -------- -------- --------
Denver Subtotal 6,869 4,457 11,326 11.5% 100.0%
Washington DC
King Street Exchange 1,371 4,923 6,294 n/a (1) 100.0%
--------- --------- -------- -------- --------
Washington DC Subtotal 1,371 4,923 6,294 100.0%
Austin
Braker 3 9,841 20,923 30,764 11.4% 100.0%
--------- --------- -------- -------- --------
Austin Subtotal 9,841 20,923 30,764 11.4% 100.0%
Dallas
Commons 2 25,397 18,296 43,693 10.4% 100.0%
--------- --------- -------- -------- --------
Dallas Subtotal 25,397 18,296 43,693 10.4% 100.0%
Total/Weighted Average 79,153 69,719 148,872 11.8% 100.0%
Less: Placed in service - Project to date 0 0 0
--------- --------- --------
Total/Weighted Average 79,153 69,719 148,872 11.8% 100.0%
========= ========= ======== ======== ========
(1) Building under contract to be sold to user upon
completion
Partially Owned Property Under Construction
----------------------------------------------------------------------------------------------------------------------------------
Austin
Riata Building 7 4,991 9,714 14,705 11.1% 100.0%
Riata Crossing 5 1,764 4,620 6,384 10.5% 100.0%
300 West Sixth Street 13,066 74,705 87,771 10.9% 48.7%
--------- --------- -------- -------- --------
Austin Subtotal 19,821 89,039 108,860 10.9% 61.0%
Dallas
Custer Court 2,646 11,911 14,557 11.7% 24.1%
Royal Ridge Bldg. 7 4,571 10,573 15,144 10.4% 75.4%
--------- --------- -------- -------- --------
Dallas Subtotal 7,217 22,484 29,701 11.0% 50.5%
Denver
Panorama Corporate Center VIII 8,842 15,055 23,897 9.6% 100.0%
Panorama Corporate Center X 6,011 800 6,811 12.3% 100.0%
--------- --------- -------- -------- --------
Denver Subtotal 14,853 15,855 30,708 10.2% 100.0%
Washington DC
799 9/th/ Street 24,459 36,692 61,151 9.6% 77.8%
1201 F Street 66,906 6,096 73,002 10.0% 92.8%
--------- --------- -------- -------- --------
Washington DC Subtotal 91,365 42,788 134,153 9.8% 85.8%
Total/Weighted Average 133,256 170,166 303,422 10.4% 71.4%
Less: Placed in service (45,950) (4,153) (50,103)
--------- --------- --------
Total/Weighted Average 87,306 166,013 253,319 10.4% 67.7%
========= ========= ======== ======== ========
Total/Weighted Average (Partially Owned) 166,459 235,732 402,191 10.8% 81.5%
========= ========= ======== ======== ========
</TABLE>
19
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Land Held For Future Development Summary
-----------------------------------------------
<TABLE>
<CAPTION>
Consolidated
------------------------------------------
Buildable Square
Region/Property Market Acres Footage
---------------------------------------------------------------- ---------- ------------------------
<S> <C> <C> <C>
Pacific Region:
Sunset Corporate Portland, OR 9 124,800
---------- ------------------------
Subtotal 9 124,800
Mountain Region:
Canyon Pointe A-B Seattle, WA 10 173,760
Dry Creek Corporate Center Denver, CO 49 772,291
Four Gateway Phoenix, AZ 3 136,817
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
Creekside Salt Lake City, UT 6 78,000
---------- ------------------------
Subtotal 90 1,550,172
Central Region:
Braker Pointe Austin, TX 17 557,549
Tollway Plaza III Dallas, TX 4 134,400
Royal Ridge IV Dallas, TX 9 129,000
---------- ------------------------
Subtotal 30 820,949
Southeast Region:
Peninsula Corporate Center 1-2 Boca Raton, FL 20 221,350
Preston Ridge Atlanta, GA 14 96,000
---------- ------------------------
Subtotal 34 317,350
---------- ------------------------
Total 163 2,813,271
========== ========================
<CAPTION>
Unconsolidated
-------------------------------------------
Buildable Square
Region/Property Market Acres Footage
-------------------------------------------------------------- ----------- ------------------------
<S> <C> <C> <C>
Mountain Region:
Panorama IV Denver, CO 8 136,850
Panorama VI Denver, CO 9 129,898
Panorama VII Denver, CO 6 100,000
Panorama IX Denver, CO 6 120,000
----------- ------------------------
Subtotal 29 486,748
----------- ------------------------
Central Region:
Riata 1 Austin, TX 4 61,585
Riata Crossing 4 Austin, TX 5 79,780
Riata Crossing 6 Austin, TX 8 48,125
Parkway North Chicago, IL 16 379,433
Royal Ridge Bldg. II Dallas, TX 18 98,999
Royal Ridge Bldg. 8 Dallas, TX 9 132,709
----------- ------------------------
Subtotal 60 800,631
----------- ------------------------
Total 89 1,287,379
=========== ========================
</TABLE>
20
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