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<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 or 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported) May 5, 2000
CarrAmerica Realty Corporation
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Maryland 1-11706 52-1796339
- --------------------------- ------------ ----------------------
State or Other Jurisdiction (Commission (IRS Employer
of Incorporation File Number) Identification Number)
1850 K Street, NW, Washington, DC 20006
- --------------------------------- ----------
State or Other Jurisdiction (Zip Code)
The Registrant's telephone number, including area code: (202) 729-1000
Exhibit Index is on page 4
<PAGE>
ITEM 5 Other Events
Attached hereto as Exhibit 99.1 is a copy of certain Supplemental
Information included in the Company's press release, dated May 5, 2000
ITEM 7 Financial Statements and Exhibits
(c) Exhibits
Exhibit
Number
-------
99.1 Press Release, May 5, 2000 entitled "Supplemental
Operating and Financial Data".
2
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: May 5, 2000
CARRAMERICA REALTY CORPORATION
By: /s/ Stephen E. Riffee
---------------------------------------
Stephen E. Riffee
Senior Vice President, Controller and Treasurer
(Principal Accounting Officer)
3
<PAGE>
EXHIBIT INDEX
Exhibit
Number
- -------
99.1 Press Release, May 5, 2000 entitled "Supplemental
Information"
4
<PAGE>
EXHIBIT 99.1
CarrAmerica(R)
America's Workplace(R)
[PICTURES APPEARS HERE]
Supplemental Operating and Financial Data
For the Quarter Ended March 31, 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>
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 affiliate HQ Global Workplaces,
Inc., previously referred to as Omni Offices, Inc., ("HQ Global") and
OmniOffices (UK) Limited ("Omni UK/Europe"), are engaged in the business of
leasing commercial office space in the form of executive office suites and
business services. HQ Global and Omni UK/Europe offer short-term leases and
service packages at business centers located in over 80 cities in 17 countries
as of March 31, 2000. On January 21, 2000 the Company announced that HQ Global
Workplaces, Inc. has entered into a merger agreement with Vantas Incorporated.
As a result, the financial performance of HQ Global Workplaces, Inc. is
presented in the Company's results as "Discontinued Operations".
CURRENT PORTFOLIO (stabilized; as of 3/31/00)
- -----------------
277 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
- -----------------------------
Duff & Phelps: BBB
Moody's: Baa3
Standard & Poor's: BBB
YEAR-TO-DATE AVERAGE OCCUPANCY (stabilized)
- ------------------------------
97.2%
REGIONAL DISTRIBUTION (stabilized; as of 3/31/00)
- -------------------------------------------------
<TABLE>
<CAPTION>
Based on Based on
NOI Square Footage
---------------------------------
<S> <C> <C>
Pacific Region 42.54% 41.31%
Southeast Region 26.61% 22.97%
Central Region 19.54% 21.90%
Mountain Region 11.31% 13.82%
</TABLE>
TOP 5 MARKETS (stabilized; as of 3/31/00)
- -----------------------------------------
<TABLE>
<CAPTION>
% of NOI % of Sq. Ft.
-------------- ------------------
<S> <C> <C>
San Francisco Bay Area 24.78 22.04
Washington D.C. Metro 18.06 12.63
Orange County/Los Angeles 7.69 7.48
Dallas 7.05 7.59
Chicago 6.82 7.54
-------------- ------------------
64.40 57.28
============== ==================
</TABLE>
DEVELOPMENT ACTIVITY
- --------------------
The Company has placed in service the following developed properties during the
year:
<TABLE>
<CAPTION>
Square Cost ($ in
Stabilized Properties Footage thousand)
- --------------------- ------------------------------
<S> <C> <C>
Canyon Park Common 4 66,448 6,884
Clarify Corporate Center A 64,512 13,897
Parkway North Four 46,920 18,828
Sorenson X 16,071 4,678
Sunset Corporate Park A 32,717 3,171
Sunset Corporate Park B 43,717 3,805
Sunset Corporate Park C 44,407 3,593
Wasatch 17 36,044 8,678
------------------------------
350,836 63,534
==============================
Buildings Partially Placed in
- -----------------------------
Service (total) 206,029 27,835
- ------- ==============================
</TABLE>
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.
Thomas A. Carr
President and Chief Executive Officer
CarrAmerica Realty Corporation
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
- -----------------
Terry Dieveney
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/Josh Paradise
J.P. Morgan Securities, Inc.
(212) 648-9470/(212) 648-9480
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/John Janedis
Morgan Stanley Dean Witter
(212) 761-6331/(212) 761-6351
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
* Oliver T. Carr, Jr. resigned as Chairman of the Board of CarrAmerica Realty
Corporation effective as of May 4, 2000, and Thomas A. Carr was duly elected
as the Chairman of the Board of CarrAmerica Realty Corporation at the meeting
of the Board of Directors held on May 4, 2000.
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
Robert Milkovich, 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]
CarrAmerica(R)
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 3/31/00 As of 12/31/99 As of 9/30/99 As of 6/30/99 As of 3/31/99
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Shares and Units:
- -----------------
Common Shares 67,027 66,826 66,799 66,783 66,768
Outstanding OP Units (a) 6,480 6,480 6,496 6,495 6,510
Convertible Preferred Shares 480 680 680 680 680
Combined Shares and OP Units (a) 73,987 73,986 73,975 73,958 73,958
Weighted Average - Basic 66,967 67,858 66,795 66,779 71,099
Weighted Average - Diluted 74,233 75,160 74,078 74,353 78,584
Share Price:
- ------------
At the end of the period $ 21.25 $ 21.38 $ 21.94 $ 25.00 $ 22.06
High during period 22.32 22.69 24.63 26.50 24.38
Low during period 19.94 17.94 21.50 20.94 20.94
Capitalization Summary (continuing operations):
- -----------------------------------------------
Market Value of Common Equity $1,572,224 $1,581,451 $1,622,819 $1,848,942 $1,631,729
Preferred Equity 400,000 400,000 400,000 400,000 400,000
Total Debt (e) 1,609,911 1,603,371 1,544,675 1,528,051 1,572,368
Total Market Capitalization (e) 3,582,135 3,584,822 3,567,494 3,776,993 3,604,097
Total Debt / Total Market Capitalization (e) 44.9% 44.7% 43.3% 40.5% 43.6%
Financial Information (continuing operations):
- ----------------------------------------------
Total Assets (g) $3,477,034 $3,479,072 $3,429,761 $3,437,823 $3,473,852
Book Value of Real Estate Assets (before accumulated
depreciation) (e) 3,312,305 3,287,885 3,227,604 3,231,370 3,233,947
Total Liabilities (e) 1,705,397 1,699,771 1,635,674 1,645,362 1,673,733
Total Minority Interest (Including OP) (e) 92,405 92,586 94,854 93,381 91,752
Total Shareholders Equity (e) 1,679,232 1,686,715 1,699,229 1,699,080 1,708,367
Total Operating Revenues (e) 141,566 133,847 132,513 124,185 125,358
Property NOI 92,397 87,361 86,562 76,607 81,113
Property Operating Margin 67.6% 67.3% 67.5% 64.2% 66.8%
EBITDA (e) 89,892 83,810 82,390 74,597 78,111
EBITDA per share - basic (e) 1.34 1.24 1.23 1.12 1.10
EBITDA per share - diluted (e) 1.21 1.12 1.11 1.00 0.99
Interest Coverage Ratio (c, e) 3.3 3.4 3.5 3.8 3.7
Interest Coverage Ratio (d, e) 3.0 2.9 2.9 2.6 2.7
Fixed Charge Coverage Ratio (c, e) 2.3 2.3 2.3 2.4 2.3
Fixed Charge Coverage Ratio (d, e) 2.1 2.0 2.0 1.9 1.9
Adjusted Funds From Operations (e, f) 53,516 49,295 49,631 45,955 47,524
Dividends declared .4625 .4625 .4625 .4625 .4625
FFO payout ratio - Diluted (e) 64.2% 69.5% 69.0% 74.8% 76.5%
Net-Straight Line revenue/expense adjustment 3,001 4,969 3,708 3,239 2,415
Portfolio Size (including unconsolidated properties):
- -----------------------------------------------------
Buildings 282 275 262 262 277
Total Square Footage 24,317 23,797 23,047 22,631 22,309
Current Weighted Average Occupancy 96.7% 97.6% 96.9% 96.8% 96.4%
</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)
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
(unaudited)
---------------- -----------------
<S> <C> <C>
Assets
- ------
Rental Property:
Land $ 680,882 $ 674,390
Buildings 2,120,928 2,082,533
Tenant Improvements 325,324 304,983
Furniture, fixtures and equipment 5,997 5,916
---------------- -----------------
3,133,131 3,067,822
Less - accumulated depreciation (348,860) (323,455)
---------------- -----------------
Net rental property 2,784,271 2,744,367
Land held for future development 103,859 104,050
Construction-in-progress 75,315 116,013
Cash and cash equivalents - unrestricted 44,344 51,886
Cash and cash equivalents - restricted 13,054 12,475
Accounts and notes receivable 29,113 34,734
Investments 68,579 67,143
Accrued straight-line rents 50,438 47,764
Tenant leasing costs, net 60,205 58,848
Deferred financing costs, net 14,419 15,621
Prepaid expenses and other assets, net 22,792 18,503
Net assets of discontinued operations 210,645 207,668
---------------- -----------------
$3,477,034 $3,479,072
================ =================
Liabilities and Stockholders' Equity
- ------------------------------------
Liabilities:
Mortgages and notes payable $1,609,911 $1,603,371
Accounts payable and accrued expenses 67,142 68,643
Rent received in advance and security deposits 28,344 27,757
---------------- -----------------
1,705,397 1,699,771
---------------- -----------------
Minority interest 92,405 92,586
Stockholders' equity:
Preferred stock 93 95
Common stock 671 668
Additional paid in capital 1,817,502 1,816,990
Cumulative dividends paid in excess of net income (139,034) (131,038)
---------------- -----------------
1,679,232 1,686,715
---------------- -----------------
$3,477,034 $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
March 31,
-----------------------------
2000 1999
-------- --------
<S> <C> <C>
Revenues: (unaudited)
Rental income (1):
Minimum base rent $113,880 $103,140
Recoveries from tenants 16,834 14,133
Parking and other tenant charges 5,911 4,185
-------- --------
Total rental revenue 136,625 121,458
-------- --------
Real estate service income 4,941 3,900
-------- --------
Total operating revenues 141,566 125,358
-------- --------
Operating expenses:
Property expenses:
Operating expenses 32,282 29,304
Real estate taxes 11,946 11,041
Interest expense 26,890 21,318
General and administrative 9,772 9,309
Depreciation and amortization 32,149 26,155
-------- --------
Total operating expenses 113,039 97,127
-------- --------
Real estate operating income 28,527 28,231
-------- --------
Other operating income:
Interest income 877 912
Equity in earnings of unconsolidated partnerships 1,449 1,495
Gain on settlement of treasury locks -- 4,489
-------- --------
Total other operating income 2,326 6,896
-------- --------
Income from continuing operations before gain on sale
of assets, income taxes,and minority interest 30,853 35,127
Income taxes -- --
Minority interest (3,055) (5,736)
-------- --------
Income from continuing operations before gain on sale of assets 27,798 29,391
Discontinued operations--Loss from operations of discontinued
Executive Suites subsidiary (less applicable income tax expense
of $218 and 252, respectively) (1,380) (1,271)
-------- --------
Net income before gain on sale of assets: 26,418 28,120
Gain on sale of assets, net of income taxes 5,354 18,055
-------- --------
Net income $ 31,772 $ 46,175
======== ========
Basic net income per common share:
Net income from continuing operations 0.28 0.30
Discontinued operations (0.02) (0.02)
Gain on sale of assets, net 0.08 0.25
-------- --------
Net income 0.34 0.53
======== ========
Diluted net income per share:
Net income from continuing operations 0.28 0.30
Discontinued operations (0.02) (0.02)
Gain on sale of assets, net 0.08 0.24
-------- --------
Net income 0.34 0.52
======== ========
</TABLE>
NOTES:
(1) Rental income includes $3,001 and $2,415 of accrued straight-line rents for
the three month periods ended March 31, 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
March 31,
------------------------------
2000 1999
-------- --------
(unaudited)
<S> <C> <C>
Net income from continuing operations before minority interest: $36,207 $ 53,182
Adjustments to derive funds from continuing operations:
Add Depreciation and amortization 31,442 25,366
Deduct:
Minority interests' (non Unitholders) share (255) (49)
of depreciation, amortization and net income
(Gain) loss on settlement of treasury locks -- (4,489)
Gain on sale of assets, net of income taxes (5,354) (18,055)
------- --------
62,040 55,955
FFO from continuing operations before allocations to the minority Unitholders
Less: FFO allocable to the minority Unitholders (4,437) (4,166)
------- --------
CarrAmerica Realty Corporation's FFO from continuing operations 57,603 51,789
Less: Preferred stock dividends (8,777) (8,745)
------- --------
CarrAmerica Realty Corporation's FFO from continuing operations attributable to
common shares $48,826 $ 43,044
------- --------
Discontinued Operations 4,895 3,086
CarrAmerica Realty Corporation's FFO attributable to common shares $53,721 $ 46,130
======= ========
Weighted average common shares outstanding:
Basic 66,967 71,099
======= ========
Diluted 74,233 78,584
======= ========
CarrAmerica Realty Corporation
FFO attributed to common shares from continuing operations $48,826 $ 43,044
Series A Preferred share dividends 253 314
Minority interest from convertible partnership units 4,437 4,166
------- --------
Adjusted FFO attributable to common shares from continuing operations $53,516 $ 47,524
======= ========
Weighted average common
shares outstanding - Basic 66,967 71,099
Weighted average conversion of Series A Preferred shares 539 680
Weighted average conversion of operating partnership units 6,480 6,512
Incremental options 247 293
------- --------
Adjusted weighted average common shares - Diluted 74,233 78,584
======= ========
</TABLE>
7
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Same Store Operating Property Results
- --------------------------------------------------------------------------------
(In thousands)
<TABLE>
<CAPTION>
Three Months Ended March 31, % Change
----------------------------- --------
2000 1999
-------- -------
<S> <C> <C> <C>
Real Estate Operating Revenue $101,007 $93,426 8.1%
Real Estate Operating Expenses 30,728 30,293 1.4%
-------- -------
Total Real Estate Operating Income
- GAAP Basis $ 70,279 $63,133 11.3%
======== =======
Straight-line Rent Adjustment (1,750) (2,568) (31.9%)
-------- -------
Total Real Estate Operating Income
- Cash Basis $ 68,529 $60,565 13.1%
======== =======
YTD Average Occupancy 97.0% 96.6% 0.4%
======== =======
Same Store Square Footage 17,189
========
</TABLE>
8
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Statements of EBITDA
- --------------------------------------------------------------------------------
(In thousands)
<TABLE>
<CAPTION>
Three Months Ended March 31,
----------------------------
2000 1999
-------- --------
<S> <C> <C>
CONTINUING OPERATIONS:
Revenues:
Rental Income $136,625 $121,458
Real estate service income 4,941 3,900
Other income (1) 2,326 2,407
-------- --------
Total revenue 143,892 127,765
-------- --------
Operating expenses:
Property operating expenses:
Operating expenses 32,282 29,304
Real estate taxes 11,946 11,041
General and administrative 9,772 9,309
-------- --------
Total operating expenses 54,000 49,654
-------- --------
EBITDA $ 89,892 $ 78,111
======== ========
</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
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Financial Position Ratios for Continuing Operations: March 31, December 31,
- ---------------------------------------------------- 2000 1999
--------- ------------
<S> <C> <C>
Total Debt / Total Capitalization (Book Value) (4) 47.2% 47.0%
Total Debt / Total Capitalization (Market) (4) 44.9% 44.7%
</TABLE>
<TABLE>
<CAPTION>
Operating Ratios for Continuing Operations: Three Months Ended
- ------------------------------------------- March 31,
---------------------
2000 1999
---- ----
<S> <C> <C>
Secured EBITDA / Total EBITDA (4) 33.7% 36.5%
Interest Coverage (1, 4)
Excluding covering capitalized interest 3.34 3.66
Covering capitalized interest 2.98 2.66
Fixed charge coverage (4)
Excluding covering capitalized interest 2.31 2.33
Covering capitalized interest 2.13 1.88
Diluted FFO Payout Ratio (2, 4) 64.2% 76.5%
G & A as a % of Revenue (3) 6.8% 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 March 31, 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
March 31, 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>
CarrAmerica
(In thousands) Realty
Corporation
Series A
CarrAmerica Realty Convertible Dividend Paying Non-Dividend
Corporation Common Preferred Shares Units Paying Units
Shares Outstanding Outstanding (a) Outstanding (b) Outstanding
----------------------- --------------------- ------------------- ----------------
<S> <C> <C> <C> <C>
Outstanding as of:
March 31, 2000 67,027 480 6,048 432
December 31, 1999 66,826 680 6,048 432
======================= ===================== =================== ================
Weighted average for the three
months ended March 31:
2000 66,967 539 6,048 432
1999 71,099 680 5,972 540
====================== ===================== =================== ================
</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 8.040% $ 631,911 11/15/00 to
===== ========== 9/01/29
UNSECURED INDEBTEDNESS:
Senior Unsecured Notes 7.200% $ 150,000 07/01/04
Senior Unsecured Notes 6.625 100,000 03/01/05
Senior Unsecured Notes 7.375 125,000 07/01/07
Senior Unsecured Notes 6.875 100,000 03/01/08
Senior Unsecured Notes 6.625 150,000 10/01/00
Unsecured Line of Credit - CarrAmerica Realty Corporation LIBOR + 90 bps 353,000 08/26/01
Total Unsecured Indebtedness $ 978,000
==========
Total Indebtedness $1,609,911
==========
</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 March 31, 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 1,014,681 99.5% 3
900 19th Street 101,215 100.0 1
2550 M Street 186,772 99.5 1
1730 Pennsylvania Avenue 229,377 100.0 1
1255 23rd Street 305,528 99.4 1
1747 Pennsylvania Avenue 151,983 99.8 1
1775 Pennsylvania Avenue 143,981 97.5 1
Suburban Washington, D.C.:
One Rock Spring Plaza 204,677 99.8 1
Sunrise Corporate Center 260,253 100.0 3
Reston Crossing East & West 323,821 100.0 2
Atlanta, GA:
Glenridge 64,052 45.0 1
Century Springs West 94,893 78.7 1
Holcomb Place 72,824 98.7 1
Midori 99,900 97.6 1
Parkwood 151,296 93.3 1
Lakewood 80,338 95.3 1
The Summit 179,085 100.0 1
Spalding Ridge 128,233 99.3 1
2400 Lake Park Drive 101,285 90.9 1
680 Engineering Drive 62,154 100.0 1
Embassy Row 465,674 95.1 3
Embassy 100, 500 190,470 100.0 2
Waterford Centre 82,161 88.0 1
Boca Raton, FL:
Peninsula Plaza 162,303 90.0 1
Peninsula Executive Center I & II 180,092 100.0 2
Presidential Circle 279,375 87.7 1
--------------------- -------- --
Southeast Region Subtotal 5,316,423 96.6% 35 23.0%
--------------------- --------
PACIFIC REGION
Southern California,
Orange County/Los Angeles:
Scenic Business Park 140,812 90.7% 4
Harbor Corporate Park 151,888 95.5 4
Plaza PacifiCare 104,377 100.0 1
Katella Corporate Center 80,609 95.5 1
Warner Center 344,181 99.4 12
South Coast Executive Center 161,787 88.9 2
Warner Premier 61,553 93.4 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 3 40,063 100.0 1
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 170,358 100.0 6
Jaycor 105,358 100.0 1
Highlands Corporate Center 205,085 96.3 5
Northern California,
San Francisco Bay Area:
CarrAmerica Corporate Center 1,001,976 100.0 6
Valley Business Park I 67,784 90.9 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 68,867 99.1 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 89.2 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 90.2 5
Golden Gateway Commons 272,977 100.0 3
Techmart Commerce Center 265,979 98.7 1
995 Benecia Avenue 36,344 100.0 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 131,151 9.1 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 294,341 100.0 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 62.4 3
Canyon Park Commons 95,290 100.0 1
---------------- ------------ ---
Pacific Region Subtotal 9,560,700 96.8% 165 41.3%
----------------- ------------
</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 95.2% 1
Balcones Center 74,978 76.2 1
Park North 132,744 96.5 2
City View Centre 136,183 100.0 3
Riata 2, 4, 5, 6, 8, 9 519,313 98.9 6
City View Center 128,716 100.0 1
Tower of the Hills 166,034 96.7 2
Riata Crossing 1, 2, 3 274,354 100.0 3
Chicago, IL:
Parkway North I 249,314 100.0 1
Parkway North III 255,668 98.7 1
Parkway North IV, VI 262,761 91.7 2
Unisys 362,950 95.9 2
The Crossings 296,078 94.4 2
Bannockburn I & II 209,582 100.0 2
Bannockburn IV 108,469 100.0 1
Dallas, TX:
Cedar Maple Plaza 113,127 95.6 3
Quorum North 116,044 88.4 1
Quorum Place 178,307 97.8 1
Tollway Plaza 1, 2 358,899 98.5 2
Two Mission Park 78,046 93.3 1
Royal Ridge A & B 247,239 100.0 2
Commons @ Las Colinas 1, 3 380,764 100.0 2
5000 Quorum 160,172 95.0 1
Royal Ridge Phase II 123,740 100.0 1
------------- --------- -
Central Region Subtotal 5,068,815 97.3% 44 21.9%
------------- ---------
MOUNTAIN REGION
Denver, CO:
Harlequin Plaza 329,210 86.5 2
Quebec Court I 130,000 100.0 1
Quebec Court II 157,294 100.0 1
Quebec Centre 106,865 100.0 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 201,238 72.0 2
Pointe Corridor 178,114 99.2 1
Four Gateway 136,817 91.4 1
Highland Park 78,970 90.7 1
The Grove @ Black Canyon 104,571 95.9 1
U.S. West 532,506 100.0 4
Concord Place 133,555 77.3 1
Salt Lake City, UT:
Sorenson Research Park 285,144 100.0 5
Wasatch Corporate Center 178,231 100.0 3
Wasatch Corporate Center 17, 18 121,654 99.3 2
Sorenson X 45,549 73.5 1
------------- --------- -
Mountain Region Subtotal 3,196,318 94.7% 33 13.8%
------------- --------- ----
TOTAL CONSOLIDATED PROPERTIES: 23,142,256 277 100.0%
------------- -----
WEIGHTED AVERAGE 96.6%
---------
</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> <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)/ 162,182 98.5 1
Booz-Allen & Hamilton Building 50.0 /(6)/ 222,989 100.0 1
Portland, OR:
GM Call Center 16.8 /(7)/ 103,279 100.0 1
------- ----- -
TOTAL UNCONSOLIDATED PROPERTIES: 1,175,212 5
--------- -
WEIGHTED AVERAGE 99.8%
----
ALL OPERATING PROPERTIES
- ------------------------
TOTAL: 24,317,468 282
========== ===
WEIGHTED AVERAGE 96.7%
====
</TABLE>
__________________________
(1) Includes office and retail space but excludes storage space.
(2) Includes space for leases that have been executed and have commenced as of
March 31, 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 16.8% joint venture interest.
16
<PAGE>
<TABLE>
<CAPTION>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Lease Rollover Schedule - Stabilized Properties
- ---------------------------------------------------------------------------------------------------------------------------
Current YTD Avg. Vacant
Region / Market Square Occupancy Occupancy S.F. 2000 2001 2002 2003
- --------------- ------ --------- --------- ---- ---- ---- ---- ----
Feet
----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PACIFIC REGION:
San Francisco Bay Area 5,099,949 98.7% 99.0% 67,041 385,398 375,347 708,363 684,912
Orange County /
Los Angeles 1,731,562 97.1% 97.2% 49,351 263,477 173,160 232,364 183,628
Seattle 1,479,042 95.5% 98.5% 66,448 136,410 98,599 22,015 246,328
San Diego 992,816 99.2% 99.1% 7,654 63,004 198,000 77,234 214,370
Portland 257,331 53.7% 84.6% 119,189 1,000 -- -- --
MOUNTAIN REGION:
Denver 1,199,969 96.3% 95.9% 44,309 34,736 85,446 206,112 137,978
Phoenix 1,365,771 91.8% 94.3% 111,570 93,956 80,585 204,969 93,300
Salt Lake City 630,578 98.0% 97.3% 12,898 57,940 104,531 45,520 90,769
CENTRAL REGION:
Chicago 1,744,822 96.7% 95.4% 56,729 202,998 175,860 265,370 343,535
Dallas 1,756,338 97.7% 97.6% 40,775 59,376 125,554 185,858 311,339
Austin 1,567,655 97.4% 97.5% 40,352 51,522 140,531 466,119 157,331
SOUTHEAST REGION:
Washington, D.C.
Downtown Properties 2,133,537 99.3% 99.0% 11,848 113,313 25,398 346,628 226,942
Suburban Properties 788,751 100.0% 99.9% 318 57,540 6,259 41,671 27,339
Atlanta 1,772,365 93.5% 93.6% 115,805 171,328 213,953 398,827 363,589
Boca Raton 621,770 91.8% 94.3% 50,688 88,312 74,855 50,528 72,981
---------- ----- ----- ------- --------- --------- --------- ---------
Totals 23,142,256 96.6% 97.2% 794,975 1,780,310 1,878,078 3,251,578 3,154,341
========== ===== ===== ======= ========= ========= ========= =========
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
2010
&
Region / Market 2004 2005 2006 2007 2008 2009 Thereafter
- --------------- ---- ---- ---- ---- ---- ---- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
PACIFIC REGION:
San Francisco Bay Area 643,558 328,854 646,532 387,427 678,592 174,653 19,272
Orange County /
Los Angeles 327,658 69,584 104,326 132,088 195,926 -- --
Seattle 274,241 309,744 96,179 -- -- 229,078 --
San Diego 248,128 21,275 78,202 -- -- 84,949 --
Portland 10,962 -- -- -- -- -- 126,180
MOUNTAIN REGION:
Denver 181,786 145,069 70,389 -- 157,294 -- 136,850
Phoenix 109,503 80,706 37,539 532,777 -- 20,866 --
Salt Lake City 225,746 3,998 71,630 17,546 -- -- --
CENTRAL REGION:
Chicago 108,591 63,515 128,714 33,042 251,873 17,800 101,795
Dallas 141,484 60,580 13,530 7,282 242,326 568,234 --
Austin 351,379 5,728 21,265 153,913 88,000 91,515 --
SOUTHEAST REGION:
Washington, D.C.
Downtown Properties 595,605 84,493 203,842 219,882 221,074 81,882 2,630
Suburban Properties 89,835 189,140 52,405 423 -- 323,821 --
Atlanta 177,996 14,665 3,191 73,059 -- 103,835 136,117
Boca Raton 89,265 47,852 3,095 6,033 -- 14,913 123,248
--------- --------- --------- --------- --------- --------- -------
Totals 3,575,737 1,425,203 1,530,839 1,563,472 1,835,083 1,706,546 646,092
========= ========= ========= ========= ========= ========= =======
</TABLE>
17
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
25 Largest Tenants - Based on Annualized Base Rent
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Percentage of
Portfolio Percentage of
Annualized Square Occupied
Tenant Rent Feet Square Feet
- ----------------------------------------------------------------------- ---------------- ------------------------
<S> <C> <C> <C>
International Monetary Fund 3.70% 498,918 2.20%
Applied Materials, Inc. 2.72% 539,952 2.38%
Nokia, Inc. 2.13% 380,764 1.68%
US West Business Resources, Inc. 2.10% 532,506 2.35%
AT&T 2.03% 586,566 2.59%
Peoplesoft, Inc. 1.96% 359,686 1.59%
Patton Boggs, L.L.P. 1.74% 180,444 0.80%
Nextel Communications, Inc. 1.32% 327,788 1.45%
Electronic Data Systems Corp. 1.25% 294,668 1.30%
Sun Microsystems, Inc. 1.18% 260,500 1.15%
Clarify, Inc. 1.11% 200,536 0.89%
Unisys Corporation 1.05% 217,061 0.96%
Pacific Bell 1.03% 198,093 0.87%
Franklin Resources, Inc. 0.92% 122,467 0.54%
Safeco Insurance Co. of America 0.89% 265,658 1.17%
Federal Deposit Insurance Corp. 0.87% 121,878 0.54%
Software AG of North America 0.85% 173,419 0.77%
Citicorp Savings of Washington, DC 0.75% 118,834 0.52%
The Walt Disney Company 0.74% 129,347 0.57%
King & Spalding 0.72% 84,161 0.37%
GTE North, Inc. 0.72% 176,420 0.78%
Gateway, Inc. 0.68% 182,120 0.80%
Iomega Corporation 0.65% 132,700 0.59%
Boston Scientific 0.63% 212,082 0.94%
Janus Capital Corporation 0.63% 228,270 1.01%
----------------------- ---------------- ------------------------
TOTAL 32.37% 6,524,838 28.81%
======================= ================ ========================
</TABLE>
18
<PAGE>
CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES
Current Development Activity By Market
- --------------------------------------------------------------------------------
($ In Thousands)
<TABLE>
<CAPTION>
Estimated In Estimated
Construction Estimated Place Remaining
Property Under Construction @ Square Completion Stabilization Dev Costs to
March 31, 2000: Feet Start Date Date Date Costs Complete
- ------------------------------------------ ----------- ----------- ------------- ------------ --------- -----------
<S> <C> <C> <C> <C> <C> <C>
San Francisco Bay Area
Valley Technology Center 6 (N) 55,295 4Q99 3Q00 3Q00 6,782 4,592
Valley Technology Center 7 (S) 55,295 4Q99 3Q00 3Q00 6,783 4,591
---------- -------- ----------
San Francisco Bay Area Subtotal 110,590 13,565 9,183
San Diego
La Jolla B Spectrum Technology Park 76,894 3Q99 2Q00 1Q01 8,109 10,263
---------- -------- ----------
San Diego Subtotal 76,894 8,109 10,263
Orange County/Los Angeles
Art Institute 55,200 4Q99 3Q00 3Q00 5,263 4,041
Pacific Corporate Plaza 1 34,355 3Q98 3Q99 3Q00 5,194 54
Pacific Corporate Plaza 2 51,253 3Q98 3Q99 2Q00 6,611 680
---------- -------- ----------
Orange County/Los Angeles Subtotal 140,808 17,068 4,775
Portland, Oregon
Rock Creek Corporate Center 1 65,436 3Q98 3Q99 3Q00 8,408 657
Rock Creek Corporate Center 2 65,436 3Q98 3Q99 3Q00 5,123 4,337
Rock Creek Corporate Center 3 11,011 3Q98 3Q99 3Q00 931 635
---------- -------- ----------
Portland, Oregon Subtotal 141,883 14,462 5,629
Denver
Dry Creek Corporate Center 94,291 4Q99 4Q00 2Q01 4,930 6,655
Building 3
Panorama Corporate Center VIII 136,850 1Q00 1Q01 3Q01 5,684 21,399
Panorama Corporate Center X 50,601 3Q99 2Q00 1Q01 3,236 3,189
---------- -------- ----------
Denver Subtotal 281,742 13,850 31,243
Washington DC
King Street Exchange 22,385 1Q00 4Q00 4Q00 1,638 3,737
---------- -------- ----------
Washington DC Subtotal 22,385 1,638 3,737
Austin
Riata Building 3 62,209 1Q98 2Q99 2Q00 8,094 591
---------- -------- ----------
Austin Subtotal 62,209 8,094 591
Dallas
Commons 2 223,470 4Q99 4Q00 4Q00 10,362 33,344
---------- -------- ----------
Dallas Subtotal 223,470 10,362 33,344
Chicago
Ten Parkway North 99,566 4Q98 1Q00 1Q01 16,002 (51)
---------- -------- ----------
Chicago Subtotal 99,566 16,002 (51)
Total/Weighted Average 1,159,547 $103,150 $98,714
Less: Placed in service - Project to date (206,029) (27,834) (8,034)
---------- -------- ----------
Total/Weighted Average 953,518 $75,316 $90,680
========== ======== ==========
<PAGE>
<CAPTION>
Total Estimated % Currently
Property Under Construction @ Projected Stabilized Leased or
March 31, 2000: Investment Return Committed
- ------------------------------------------ ---------- ----------- ------------
<S> <C> <C> <C>
San Francisco Bay Area
Valley Technology Center 6 (N) 11,374 12.7 100.0
Valley Technology Center 7 (S) 11,374 12.6 100.0
--------- ------- --------
San Francisco Bay Area Subtotal 22,748 12.6 100.0
San Diego
La Jolla B Spectrum Technology Park 18,372 13.5 0.0
--------- ------- --------
San Diego Subtotal 18,372 13.5 0.0
Orange County/Los Angeles
Art Institute 9,304 14.9 100.0
Pacific Corporate Plaza 1 5,248 12.1 100.0
Pacific Corporate Plaza 2 7,291 12.2 99.0
--------- ------- --------
Orange County/Los Angeles Subtotal 21,843 13.3 99.6
Portland, Oregon
Rock Creek Corporate Center 1 9,065 11.0 100.0
Rock Creek Corporate Center 2 9,460 10.6 100.0
Rock Creek Corporate Center 3 1,566 10.6 100.0
--------- ------- --------
Portland, Oregon Subtotal 20,091 10.8 100.0
Denver
Dry Creek Corporate Center 11,585 10.6 0.0
Building 3
Panorama Corporate Center VIII 27,083 9.2 100.0
Panorama Corporate Center X 6,425 12.5 87.0
--------- ------- --------
Denver Subtotal 45,093 10.0 64.2
Washington DC
King Street Exchange 5,375 N/A (1) 100.0
--------- ------- --------
Washington DC Subtotal 5,375 100.0
Austin
Riata Building 3 8,685 12.2 100.0
--------- ------- --------
Austin Subtotal 8,685 12.2 100.0
Dallas
Commons 2 43,706 10.4 100.0
--------- ------- --------
Dallas Subtotal 43,706 10.4 100.0
Chicago
Ten Parkway North 15,951 10.6 70.5
--------- ------- --------
Chicago Subtotal 15,951 10.6 70.5
Total/Weighted Average $201,864 11.3% 82.1%
Less: Placed in service (35,869)
---------
Total/Weighted Average $165,995 11.3% 78.2%
========= ======= ========
</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:
CarrAmerica Corporate Center San Francisco Bay Area 2 86,000
Fremont Technology Park D-F San Francisco Bay Area 10 151,545
Sunset Corporate Portland, OR 9 124,800
----------- -----------
Subtotal 21 362,345
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
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
------------ -----------
Subtotal 101 1,785,160
Central Region:
Braker Pointe Austin, TX 22 750,000
Riata 1 & 7 Austin, TX 11 153,224
Riata Crossing 4-6 Austin, TX 18 176,030
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 18 261,218
------------ -----------
Subtotal 107 2,166,658
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 251 4,631,513
============ ===========
</TABLE>
20
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