EX-99.1 3 dex991.txt EXHIBIT 99.1 CarrAmerica(R) America's Workplace(R) [PHOTO] [PHOTO] [PHOTO] Supplemental Operating and Financial Data For the Quarter Ended June 30, 2002 All dollar amounts shown in this report are in U.S. dollars. 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. TABLE OF CONTENTS
PAGE ---- 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 Same Store Results and Analysis .............................................. 5 Financial Ratios ............................................................. 6 Share and Operating Partnership Unit Data .................................... 7 Debt Capitalization Summary .................................................. 8-9 Corporate Investment Information ............................................. 10 Unconsolidated Equity Investments ............................................ 11 SEGMENT ANALYSIS Core Operating Properties ------------------------- Current Summary of Operating Properties ...................................... 12-15 Occupancy Summary and Lease Roll-over Schedule ............................... 16 Operating Portfolio Lease Economics .......................................... 17-18 Top 25 Tenants by Rent ....................................................... 19 Development ----------- Development Activity by Market ............................................... 20 Land Held for Development Schedule ........................................... 21 Projected Stabilized First Year Yields on Joint Development Projects ......... 22
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 12 suburban markets across the United States. CURRENT PORTFOLIO (consolidated, stabilized; as of 6/30/02) 254 Properties 20.3 Million Square Feet (consolidated/unconsolidated; as of 6/30/02) 290 Properties 25.0 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: Baa2 Standard & Poor's: BBB WEIGHTED AVERAGE OCCUPANCY (stabilized) 93.6% Consolidated Properties 93.9% All Properties REGIONAL DISTRIBUTION (stabilized; as of 6/30/02) Based on Square Based on NOI Footage -------------- ----------------- Pacific region 53.19% 49.99% Eastern region 24.09% 23.17% Central region 14.59% 17.10% Mountain region 8.13% 9.74% MARKETS (stabilized; as of 6/30/02) % of NOI % of Sq. Ft. ---------- -------------- San Francisco Bay Area 32.54 26.67 Washington DC Metro 19.00 14.44 Southern California 12.96 14.57 Seattle/Portland 7.69 8.75 Dallas 7.25 7.93 Salt Lake City/Phoenix 5.31 5.72 Atlanta 5.09 8.73 Chicago 5.06 6.08 Denver 2.82 4.02 Austin 2.28 3.09 ---------- -------------- 100.00 100.00 ---------- -------------- BOARD OF DIRECTORS Thomas A. Carr Chairman of the Board and Chief Executive Officer CarrAmerica Realty Corporation Andrew F. Brimmer President Brimmer & Company Inc. Oliver T. Carr, Jr. Chairman of the Board The Oliver Carr Company A. James Clark Chairman of the Board and President Clark Enterprises, Inc. Philip L. Hawkins President and Chief Operating Officer CarrAmerica Realty Corporation Timothy Howard Executive Vice President and Chief Financial Officer Fannie Mae Robert E. Torray Chairman Robert E. Torray & Co., Inc. Wesley S. Williams, Jr. Partner Covington & Burling EXECUTIVE OFFICERS Thomas A. Carr Chief Executive Officer Philip L. Hawkins President and Chief Operating Officer Stephen E. Riffee Chief Financial Officer Karen B. Dorigan Chief Investment Officer Linda A. Madrid Managing Director, General Counsel and Corporate Secretary RESEARCH COVERAGE David Aubuchon A.G. Edwards (314) 955-5452 Lee Schalop/Alexis Hughes Bank of America Securities (212) 847-5677/(212) 847-5705 Louis Taylor Deutsche Banc Alex. Brown (212) 469-4912 Christopher Haley/Donald Fandetti First Union (443)263-6773/(443) 263-6537 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 Steve Sakwa/Brian Legg Merrill Lynch & Company, Inc. (212) 449-0335/(212) 449-1153 Greg Whyte Morgan Stanley Dean Witter (212) 761-6331 Jim Sullivan/Mike Marron Prudential Securities (212) 778-2515/(212) 778-1774 Jonathan Litt/Gary Boston Salomon Smith Barney (212) 816-0231/(212) 816-1383 2 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 Robert Milkovich, Regional Managing Director Northern California Christopher Peatross, 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 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) 729-1700 Fax: (202) 729-1060 CONTACT Stephen M. Walsh Senior Vice President, Capital Markets Telephone: (202) 729-1764 E-mail: swalsh@carramerica.com 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 swalsh@carramerica.com CarrAmerica. PLEASE VISIT OUR CORPORATE WEB SITE AT: www.carramerica.com 3 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Key Quarterly Financial Data --------------------------------------------------------------------------------
($ and shares in thousands) 6/30/2002 3/31/2002 12/31/2001 9/30/2001 6/30/2001 -------------------------------------------------------------------------- Shares and Units: ---------------- Common Shares 53,116 52,760 51,965 62,488 62,082 Outstanding OP Units (a) 5,704 5,882 5,973 5,991 6,065 Convertible Preferred Shares - - 80 80 80 Combined Shares and OP Units (a) 58,820 58,642 58,018 68,559 68,227 Weighted Average - Basic 53,015 52,326 56,884 62,266 61,840 Weighted Average - Adjusted 54,316 59,700 64,235 69,996 69,494 Share Price: ----------- At the End of the Period $ 30.85 $ 31.41 $ 30.10 $ 29.96 $ 30.50 High During Period 33.30 31.76 30.30 33.29 30.69 Low During Period 29.74 29.10 27.90 27.78 27.00 Capitalization Summary (continuing operations): ---------------------------------------------- Market Value of Common Equity $ 1,814,597 $ 1,841,945 $ 1,746,342 $ 2,054,028 $ 2,080,924 Preferred Equity 379,525 400,000 400,000 400,000 400,000 Total Debt (h) 1,401,910 1,417,276 1,405,382 1,111,239 1,109,778 Total Market Capitalization 3,596,032 3,659,221 3,551,724 3,565,267 3,590,702 Total Debt/Total Market Capitalization 39.0% 38.7% 39.6% 31.2% 30.9% Financial Information (continuing operations): --------------------------------------------- Total Assets (i) $ 2,750,884 $ 2,771,262 $ 2,775,600 $ 2,824,511 $ 2,821,172 Book Value of Real Estate Assets (before accumulated depreciation) 2,964,435 2,944,629 2,936,566 2,914,030 2,889,703 Total Liabilities (h) 1,519,583 1,514,715 1,514,400 1,207,584 1,204,448 Total Minority Interest (including OP) 80,622 79,598 83,393 84,433 85,993 Total Shareholders' Equity 1,150,679 1,176,949 1,177,807 1,532,494 1,530,731 Total Operating Revenues 129,507 133,331 137,750 133,444 133,526 Property NOI 83,148 84,597 89,427 87,844 85,340 Property Operating Margin 67.0% 66.5% 67.1% 69.3% 68.9% Recurring EBITDA (f,g) 82,977 81,920 83,018 85,552 87,801 Recurring EBITDA Per Share - Basic (f,g) 1.57 1.57 1.46 1.37 1.42 Recurring EBITDA Per Share - Diluted (f,g) 1.53 1.37 1.29 1.22 1.26 Interest Coverage Ratio (c,f,g) 3.4 3.4 4.1 4.3 4.2 Interest Coverage Ratio (d,f,g) 3.3 3.2 3.7 4.1 3.8 Fixed Charge Coverage Ratio (c,f,g) 2.3 2.2 2.5 2.5 2.6 Fixed Charge Coverage Ratio (d,f,g) 2.2 2.1 2.3 2.5 2.4 Adjusted Funds From Operations (b,e,f) 46,779 48,112 54,371 57,068 58,665 Dividends Declared 0.5000 0.5000 0.4625 0.4625 0.4625 FFO Payout Ratio - Diluted (b,f) 58.8% 61.7% 54.4% 56.4% 55.1% Net-Straight Line Revenue/Expense Adjustment 2,229 2,903 4,496 3,096 2,897 Portfolio Size (including unconsolidated properties): ---------------------------------------------------- Buildings 290 290 290 288 287 Total Square Footage (in thousands) 24,982 24,969 24,960 24,703 24,272 Current Weighted Average Occupancy 93.9% 94.2% 95.4% 96.0% 97.2%
(a) Operating partnership (b) See page 8 for definitions of Funds from Operations (FFO) (c) Excluding covering capitalized interest (d) Including covering capitalized interest (e) Represents adjusted Funds from Operations (FFO) (f) Excludes impairment loss of $42,249 related to investment in HQ Global in the fourth quarter of 2001 (g) Excludes $2,400 and $6,293 of HQ lease guarantees in the first quarter and second quarter, respectively, of 2002 (h) Excludes bond issue costs and discounts and fair value of interest rate swap (i) Includes bond issue costs and discounts 4 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Same Store Operating Property Results -------------------------------------------------------------------------------- (In thousands)
Three Months Ended % Six Months Ended % June 30, Change June 30, Change --------------------------- -------- --------------------------- -------- 2002 2001 2002 2001 ----------- ----------- ----------- ----------- Real estate operating revenue $ 118,792 $ 121,009 -1.8% $ 240,218 $ 241,445 -0.5% Real estate operating expenses 37,826 35,479 6.6% 77,391 71,405 8.4% ----------- ----------- ----------- ----------- Total real estate operating income - GAAP basis $ 80,966 $ 85,530 -5.3% $ 162,827 $ 170,040 -4.2% =========== =========== =========== =========== Straight-line rent adjustment 1,464 1,991 -26.5% 3,443 4,884 -29.5% ----------- ----------- ----------- ----------- Total real estate operating income - Cash basis $ 79,502 $ 83,539 -4.8% $ 159,384 $ 165,156 -3.5% =========== =========== =========== =========== YTD average occupancy 93.4% 97.0% -3.6% 93.8% 97.0% -3.2% =========== =========== =========== =========== Same store square footage 19,649,999 19,649,999 =========== ===========
5 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Financial Ratios -------------------------------------------------------------------------------- Financial Position Ratios for Operations: ----------------------------------------
June 30, Dec. 31, 2002 2001 -------------- ----------- Total Debt/Total Capitalization (Book Value) 52.7% 52.1% Total Debt/Total Capitalization (Market) 39.0% 39.6%
Operating Ratios for Operations: -------------------------------
Three Months Ended Six Months Ended June 30, June 30, ----------------------- ---------------------- 2002 2001 2002 2001 ---------- --------- --------- -------- Secured EBITDA/Total EBITDA 29.2% 32.1% 29.2% 31.6% Interest Coverage (1) Excluding capitalized interest 3.39 4.16 3.38 4.06 Including capitalized interest 3.26 3.80 3.25 3.72 Fixed charge coverage Excluding capitalized interest 2.25 2.56 2.20 2.53 Including capitalized interest 2.19 2.42 2.15 2.39 Diluted FFO Payout Ratio (2) 58.8% 55.1% 60.2% 57.5% G&A as a % of Revenue (3) 6.1% 8.5% 7.2% 9.4%
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. Excludes HQ lease guarantee. (3) Excludes gains on sales of assets. Includes interest income and equity on earnings of unconsolidated entities. 6 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Share and Operating Partnership Unit Data -------------------------------------------------------------------------------- The following table sets forth the Common and Series A Preferred shares of the Company and dividend and non-dividend paying operating partnership Units outstanding at June 30, 2002 and December 31, 2001, and the weighted average Common and Series A Preferred shares of the Company and dividend and non-dividend paying operating partnership Units outstanding for the quarter ended June 30, 2002 and 2001. The non-dividend paying Units are not entitled to any distributions until they convert into dividend paying Units on fixed dates in the future. (In thousands)
CarrAmerica Realty Corporation CarrAmerica Series A Realty Corporation Convertible Dividend Paying Non-Dividend Common Shares Preferred Shares Units Paying Units Outstanding Outstanding (a) Outstanding (b) Outstanding ----------------------- ----------------------- -------------------- ----------------- Outstanding as of June 30, 2002 53,116 - 5,704 179 December 31, 2001 51,965 80 5,794 179 Weighted average for the three months ended June 30, 2002 53,015 - 5,704 179 2001 61,840 392 5,794 268 Weighted average for the six months ended June 30, 2002 52,672 6 5,729 179 2001 62,509 436 5,800 268
Notes: (a) Series A Preferred shares were convertible into common shares on a one-for-one basis. Balance of shares were converted in the first quarter of 2002. (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 7,443,352 Shares Series C 5,845,770 Shares Series D 1,891,910 Shares 7 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Debt Capitalization Summary --------------------------------------------------------------------------------
($ in thousands) Principal Interest Maturity Description of Notes/Lender Property Outstanding Rate Date --------------------------- -------- ----------- ---- ---- Union Bank of California Jaycor 10,494 7.35% 01-Feb-03 GE Capital Parkway North 24,164 6.92% 01-Dec-03 Sun Life Assurance Company of Canada Tract 17/Canyon Park Commons 4,788 9.13% 01-Dec-04 UBS Mortgage Finance Inc. U.S. West 14,829 7.92% 01-Dec-05 UBS Mortgage Finance Inc. U.S. West 4,350 7.92% 01-Dec-05 UBS Mortgage Finance Inc. U.S. West 6,526 7.92% 01-Dec-05 UBS Mortgage Finance Inc. U.S. West 6,526 7.92% 01-Dec-05 Salomon Brothers Redmond East 25,908 8.38% 01-Jan-06 State Farm Peterson (Note 2) 18,323 7.20% 01-Jan-06 Farm Bureau Life Insurance Co. Wateridge Pavilion 3,274 8.25% 01-Nov-06 Teachers Ins. and Ann. Assoc. of Amer. Wasatch Corporate Center 11,894 8.15% 02-Jan-07 Metropolitan Life Insurance Company 2600 West Olive 18,788 6.75% 01-Jan-09 Midland Loan Services Palomar Oaks 9,548 8.85% 01-Apr-09 Northwest Mutual 1255 23rd St (Note 1) 37,724 8.12% 01-Apr-09 Northwest Mutual 1730 Penn, I Square (Note 1) 180,937 8.12% 01-Apr-09 GE Capital South Coast 14,755 7.13% 10-Jun-09 Business Men's Assurance Co. Sorenson - Bus. Men's Assur. 2,118 7.75% 01-Jul-11 Berkshire Life Insurance Co. Sorenson - Berkshire 1,499 8.88% 01-May-17 Aid Association for Lutherans 1747 Penn 13,840 9.50% 10-Jul-17 Aid Association for Lutherans 900 19th St/Pres. Plaza 15,105 8.25% 15-Jul-19 Riggs 1775 Penn-Riggs 11,672 7.63% 01-Sep-29 ---------- $ 437,062 ---------- ($ in thousands) Principal Maturity --------------------------------------------------- 2006 & Description of Notes/Lender Property 2002 2003 2004 2005 Thereafter --------------------------- -------- ---- ---- ---- ---- ---------- Union Bank of California Jaycor 380 10,114 - - - GE Capital Parkway North - 24,164 - - - Sun Life Assurance Company of Canada Tract 17/Canyon Park Commons 141 302 4,345 - - UBS Mortgage Finance Inc. U.S. West 1,831 3,980 4,363 4,655 - UBS Mortgage Finance Inc. U.S. West 573 1,187 1,341 1,249 - UBS Mortgage Finance Inc. U.S. West 742 1,680 1,936 2,168 - UBS Mortgage Finance Inc. U.S. West 742 1,680 1,936 2,168 - Salomon Brothers Redmond East 243 519 564 561 24,021 State Farm Peterson (Note 2) 409 864 929 912 15,209 Farm Bureau Life Insurance Co. Wateridge Pavilion 35 74 80 87 2,998 Teachers Ins. and Ann. Assoc. of Amer. Wasatch Corporate Center 127 270 293 318 10,886 Metropolitan Life Insurance Company 2600 West Olive 129 273 292 313 17,781 Midland Loan Services Palomar Oaks 92 195 213 233 8,815 Northwest Mutual 1255 23rd St (Note 1) 261 563 611 662 35,627 Northwest Mutual 1730 Penn, I Square (Note 1) 1,251 2,700 2,927 3,176 170,883 GE Capital South Coast 119 252 270 270 13,844 Business Men's Assurance Co. Sorenson - Bus. Men's Assur. 83 176 190 190 1,479 Berkshire Life Insurance Co. Sorenson - Berkshire 25 53 58 58 1,305 Aid Association for Lutherans 1747 Penn 212 455 500 505 12,168 Aid Association for Lutherans 900 19th St/Pres. Plaza 208 443 481 523 13,450 Riggs 1775 Penn-Riggs 66 139 150 162 11,155 --------------------------------------------------- $ 7,669 $ 50,083 $21,479 $ 18,210 $ 339,621 ------- -------- ------- -------- ---------
Note 1: Secured by International Square, 1730 Pennsylvania Avenue and 1255 23rd Street. Note 2: Secured by Century Springs West, Glenridge, Midori, Lakewood and Parkwood. 8 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Debt Capitalization Summary - continued --------------------------------------------------------------------------------
($In thousands) Unsecured Bonds Payable ----------------------- Principal Maturity ---------------------------------------------------------- Principal Interest Maturity 2006 & Outstanding Rate Date 2002 2003 2004 2005 Thereafter ----------- ---- ---- ---- ---- ---- ---- ---------- 7.200% Notes due 2004 $ 150,000 7.200% 1-Jul-04 $ - $ - $ 150,000 $ - $ - ---------- ------ ------ ---------- --------- ----------- 7.375% Notes due 2007 $ 125,000 7.375% 1-Jul-07 $ - $ - $ - $ - $ 125,000 ---------- ------ ------ ---------- --------- ----------- 6.625% Notes due 2005 $ 100,000 6.625% 1-Mar-05 $ - $ - $ - $ 100,000 $ - ---------- ------ ------ ---------- --------- ----------- 6.875% Notes due 2008 $ 100,000 6.875% 1-Mar-08 $ - $ - $ - $ - $ 100,000 ---------- ------ ------ ---------- --------- ----------- 7.125% Notes due 2012 $ 400,000 7.125% 15-Jan-12 $ - $ - $ - $ - $ 400,000 ---------- ------ ------ ---------- --------- -----------
Unsecured Line of Credit Amount Amount ------------------------ Outstanding Outstanding Available Interest Maturity Beginning End Lender Commitment Rate Date of Year Advances Repayments of Period ------ ---------- ---- ---- ------- -------- ---------- --------- JP Morgan Chase $ 412,000 L+.700% 28-Jun-04 $ 457,000 $ 232,000 $ 601,000 $ 88,000 ---------- --------- --------- --------- --------- Note: 30 day LIBOR @ 3/31/02 1.84%
9 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Investment Balances --------------------------------------------------------------------------------
Investment Balance Accounting Percentage as of June 30, 2002 Method Ownership ($000) ---------- ---------- ------------------- Carr Office Park LLC Equity 35% 52,514 1919 Pennsylvania Assoc. Equity 49% 18,461 575 7th Street Equity 30% 10,194 1201 F Street Equity 35% 10,059 300 W. Sixth Street Equity 20% 7,348 1717 Pennsylvania Equity 50% 7,109 Custer Court Equity 49% 3,170 799 9th Street Equity 40% 3,050 CC JM II Equity 50% 2,840 AgilQuest Cost 18% 2,759 WCM JV Equity 16% 1,768 essention Cost 19% 1,702 120,974
10 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Unconsolidated Equity Investments As of and for the six months ended June 30, 2002 --------------------------------------------------------------------------------
Carr 1717 Custer 300 W. 799 Office ($ in thousands) CC JM Penn Court 1201 F St. Sixth St. 9th St. Park ------- ------- ------- ---------- --------- -------- -------- Equity Investment/1/ 1,459 10,122 2,767 9,879 6,686 3,207 73,542 Loans Payable/2/ 9,898 12,008 3,667 13,791 9,432 19,615 78,044 Percentage Ownership 50% 50% 49% 35% 20% 40% 35% Total revenue 2,296 3,772 647 6,497 2,750 3,148 36,583 ------- ------- ------- -------- -------- -------- -------- Expenses Operating expenses 471 1,571 241 1,578 1,037 962 12,795 Interest expense 704 798 74 1,384 338 1,245 7,569 Depreciation/amortization 579 1,120 174 1,159 731 1,687 10,437 ------- ------- ------- -------- -------- -------- -------- Total expenses 1,754 3,489 489 4,121 2,106 3,894 30,801 ------- ------- ------- -------- -------- -------- -------- Net income 542 283 158 2,376 644 (746) 5,782 ======= ======= ======= ======== ======== ======== ======== CarrAmerica's share of net net income 271 142 77 832 129 (298) 2,024 GAAP adjustments/3/ - - - - - 145 (191) ------- ------- ------- -------- -------- -------- -------- Equity in earnings 271 142 77 832 129 (153) 1,833 ======= ======= ======= ======== ======== ======== ======== 1919 575 ($ in thousands) WCM JV Assoc. Seventh ------- ------- ------- Equity Investment/1/ 1,550 17,718 9,558 Loans Payable/2/ - 39,930 7,950 Percentage Ownership 16% 49% 30% Total revenue 401 9,369 - ------- ------- ------ Expenses Operating expenses 56 2,819 - Interest expense - 3,004 - Depreciation/amortization 155 1,386 - ------- ------- ------ Total expenses 211 7,209 - ------- ------- ------ Net income 190 2,160 - ======= ======= ====== CarrAmerica's share of net net income 30 1,058 - GAAP adjustments/3/ 25 - - ------- ------- ------ Equity in earnings 55 1,058 - ======= ======= ======
/1/ CarrAmerica's share of the investee's equity /2/ CarrAmerica's percentage of investee's debt /3/ Adjustments made to investee's net income for equity in earnings 11 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Current Summary of Portfolio Operating Properties As of June 30, 2002 --------------------------------------------------------------------------------
Net Rentable Area in Number Square Percent of Feet/(1)/ Leased/(2)/ Buildings ------------ ------------ ------------ Consolidated Properties EAST REGION Downtown Washington, D.C.: International Square 1,014,556 99.3% 3 900 19th Street 101,215 97.7% 1 2550 M Street 192,393 100.0% 1 1730 Pennsylvania Avenue 229,292 98.6% 1 1255 23rd Street 306,395 96.4% 1 1747 Pennsylvania Avenue 151,925 94.8% 1 1775 Pennsylvania Avenue 143,981 98.5% 1 Suburban Washington, D.C.: One Rock Spring Plaza 205,721 100.0% 1 Sunrise Corporate Center 260,253 100.0% 3 Reston Crossing East & West 327,788 100.0% 2 ------------ ------------ ------------ Washington, D.C. Subtotal 2,933,519 98.8% 15 Atlanta, GA: Glenridge 63,494 98.4% 1 Century Springs West 95,206 72.3% 1 Holcomb Place 72,827 100.0% 1 Midori 99,691 100.0% 1 Parkwood 150,270 94.6% 1 Lakewood 80,483 21.1% 1 The Summit 179,085 100.0% 1 Spalding Ridge 128,233 89.4% 1 2400 Lake Park Drive 103,460 77.6% 1 680 Engineering Drive 62,154 71.4% 1 Embassy Row 465,376 88.3% 3 Embassy 100, 500 190,470 100.0% 2 Waterford Centre 83,170 85.0% 1 ------------ ------------ ------------ Atlanta Subtotal 1,773,919 87.6% 16 ------------ ------------ ------------ East Region Subtotal: 4,707,438 94.6% 31 23.2% PACIFIC REGION Southern California, Orange County/Los Angeles: Scenic Business Park 138,076 94.5% 4 Harbor Corporate Park 151,924 95.6% 4 Plaza PacifiCare 104,377 100.0% 1 Katella Corporate Center 80,609 98.0% 1 Warner Center 343,486 75.9% 12 South Coast Executive Center 161,787 63.1% 2 Warner Premier 61,195 64.1% 1 Von Karman 104,138 100.0% 1 2600 W. Olive 144,831 100.0% 1 Bay Technology Center 107,481 56.6% 2 Pacific Corporate Plaza 1,2, & 3 125,268 96.5% 3 Alton Deere Plaza 182,183 75.6% 6 Westlake Spectrum 108,084 100.0% 2 ------------ ------------ ------------ Orange County/Los Angeles Subtotal 1,813,439 84.8% 40
12 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Current Summary of Portfolio Operating Properties As Of June 30, 2002 --------------------------------------------------------------------------------
Net Rentable Area in Number Square Percent of Feet/(1)/ Leased/(2)/ Buildings ------------ ----------- --------- Southern California, San Diego: Del Mar Corporate Plaza 123,142 100.0% 2 Wateridge Pavilion 62,194 81.1% 1 Towne Center Technology Park 1, 2, 3 182,120 100.0% 3 Lightspan 64,800 100.0% 1 La Jolla Spectrum 1 & 2 156,653 100.0% 2 Palomar Oaks Technology Park 170,357 70.7% 6 Jaycor 105,358 100.0% 1 Highlands Corporate Center 205,085 94.7% 5 11119 Torrey Pines Road 76,701 100.0% 1 ------------ --------- -------- San Diego Subtotal 1,146,410 93.7% 22 Northern California, San Francisco Bay Area: CarrAmerica Corporate Center 1,004,799 100.0% 7 Valley Business Park I 67,784 83.2% 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 89.6% 2 Valley Centre 102,291 100.0% 2 Valley Business Park II 166,928 88.9% 6 Rio Robles 368,178 76.6% 7 First Street Technology Center 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 0.0% 1 Oakmead West Land A-G 425,981 100.0% 7 San Mateo II & III 141,731 85.1% 2 Hacienda West 208,654 88.1% 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, 6 & 7 460,590 100.0% 7 Golden Gateway Commons 275,041 96.6% 3 Techmart Commerce Center 266,188 94.2% 1 Fremont Technology Park 1, 2, 3 139,304 100.0% 3 Mountain View Gateway Center 236,400 100.0% 2 ----------- --------- -------- San Francisco Subtotal 5,418,034 95.1% 77 Portland, OR: Sunset Corporate Park 132,531 60.0% 3 Rock Creek Corp Center 142,662 100.0% 3 ------------ --------- -------- Portland Subtotal 275,193 80.7% 6 Seattle, WA: Redmond East 396,497 91.7% 10 Redmond Hilltop B & C 90,880 100.0% 2 Canyon Park 316,978 98.7% 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 ------------ --------- -------- Seattle Subtotal 1,501,679 97.6% 29 ============ ========= ======== Pacific Region Subtotal 10,154,755 93.1% 174 50.0%
13 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Current Summary of Portfolio Operating Properties As Of June 30, 2002 --------------------------------------------------------------------------------
Net Rentable Area in Number Square Percent of Feet/(1)/ Leased/(2)/ Buildings --------------- ------------- ----------- CENTRAL REGION Austin, TX: City View Centre 137,218 55.0% 3 City View Centre 128,716 100.0% 1 Braker Point 195,230 100.0% 1 Tower of the Hills 166,149 99.0% 2 --------------- ------------ ------------- Austin Subtotal 627,313 89.9% 7 Chicago, IL: Parkway North I 252,014 83.0% 1 Unisys 366,006 95.4% 2 The Crossings 297,756 91.0% 1 Bannockburn I & II 209,969 92.7% 2 Bannockburn IV 110,319 94.5% 1 --------------- ------------ ------------- Chicago Subtotal 1,236,064 91.3% 7 Dallas, TX: Cedar Maple Plaza 112,972 88.8% 3 Quorum North 116,194 94.3% 1 Quorum Place 178,399 74.0% 1 Tollway Plaza 1, 2 359,903 100.0% 2 Two Mission Park 77,852 80.7% 1 Commons @ Las Colinas 1, 2, 3 604,234 100.0% 3 5000 Quorum 162,186 85.6% 1 --------------- ------------ ------------- Dallas Subtotal 1,611,740 93.6% 12 --------------- ------------ ------------- Central Region Subtotal 3,475,117 92.1% 26 17.1% MOUNTAIN REGION Denver, CO: Harlequin Plaza 328,623 94.6% 2 Quebec Court I 130,000 100.0% 1 Quebec Court II 157,294 100.0% 1 Quebec Centre 106,865 91.6% 3 Dry Creek 3 92,356 100.0% 1 --------------- ------------ ------------- Denver Subtotal 815,138 96.7% 8 --------------- ------------ ------------- Phoenix, AZ: Qwest Communications 532,506 100.0% 4 Salt Lake City, UT: Sorenson Research Park 282,944 97.7% 5 Wasatch Corporate Center 178,231 81.7% 3 Wasatch Corporate Center 18 49,566 100.0% 1 Sorenson X 41,288 100.0% 1 Creekside I & II 78,000 100.0% 1 --------------- ------------ ------------- Salt Lake City Subtotal 630,029 93.8% 11 --------------- ------------ ------------- Mountain Region Subtotal 1,977,673 96.7% 23 9.7% TOTAL CONSOLIDATED PROPERTIES: 20,314,983 254 100.0% WEIGHTED AVERAGE 93.6%
14 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Current Summary of Portfolio Operating Properties As of June 30, 2002 --------------------------------------------------------------------------------
Company's Net Rentable Effective Area in Number Property Square Percent of Property Ownership Feet/(1)/ Leased/(2)/ Buildings -------- ----------- -------------- ------------ ------------ Unconsolidated Properties Washington, D.C.: 1919 Pennsylvania Avenue 49.0% 328,637 99.5% 1 2025 M Street 49.0% 245,303 99.5% 1 1201 F Street 35.0% 226,922 99.6% 1 Bond Building 15.0% 162,182 100.0% 1 1717 Pennsylvania Avenue 50.0% 236,455 97.2% 1 799 9th Street 40.0% 201,464 74.3% 1 Booz-Allen & Hamilton Building 50.0% 222,989 100.0% 1 Portland, OR: GM Call Center 16.2% 103,279 100.0% 1 Chicago Market Office: Parkway 3, 4, 5, 6, 10 35.0% 653,914 97.5% 5 Dallas Market Office: Royal Ridge Phase II, A,B 35.0% 503,733 84.6% 4 Custer Court 49.0% 120,050 45.0% 1 Austin Market Office: Riata Corporate 35.0% 673,622 100.0% 8 Riata Crossing 35.0% 324,056 100.0% 4 Denver Market Office: Panorama I, II, III, V, VIII, X 35.0% 664,050 97.7% 6 TOTAL UNCONSOLIDATED PROPERTIES: 4,666,656 36 WEIGHTED AVERAGE 94.9% ALL OPERATING PROPERTIES TOTAL: 24,981,639 290 WEIGHTED AVERAGE 93.9%
/(1)/ Includes office, retail and parking space but excludes storage space. /(2)/ Includes space for leases that have been executed and have commenced as of June 30, 2002. 15 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Lease Rollover Schedule - Stabilized Properties --------------------------------------------------------------------------------
Current YTD Avg/ Vacant Region/Market Sq. Feet Occupancy Occupancy Sq. Feet 2002 2003 2004 ------------- -------- --------- --------- -------- ---- ---- ---- PACIFIC REGION San Francisco Bay Area 5,418,034 95.1% 96.0% 263,896 237,997 736,682 542,081 Orange County/Los Angeles 1,813,439 84.8% 85.9% 275,949 180,747 188,498 307,449 Seattle 1,501,679 97.6% 97.6% 36,788 26,821 230,208 236,355 San Diego 1,146,410 93.7% 94.1% 72,535 9,021 132,685 180,480 Portland 275,193 80.7% 80.2% 53,069 9,703 - 31,497 MOUNTAIN REGION Denver 815,138 96.7% 96.3% 26,837 19,060 53,019 58,523 Phoenix 532,506 100.0% 100.0% - - - - Salt Lake City 630,029 93.8% 96.3% 39,250 32,488 104,571 178,570 CENTRAL REGION Chicago 1,236,064 91.3% 91.1% 107,983 234,851 309,523 170,147 Dallas 1,611,740 93.6% 94.0% 103,953 84,578 231,520 147,135 Austin 627,313 89.9% 89.3% 63,478 10,863 2,682 263,584 EAST REGION Washington, DC Downtown Properties 2,139,757 98.4% 98.5% 34,371 99,122 47,650 528,733 Suburban Properties 793,762 100.0% 99.8% - - 27,339 92,432 Atlanta 1,773,919 87.6% 87.6% 220,744 269,109 307,105 163,250 Total 20,314,983 93.6% 94.0% 1,298,853 1,214,360 2,371,482 2,900,236 2012 & Region/Market 2005 2006 2007 2008 2009 2010 2011 Thereafter ------------- ---- ---- ---- ---- ---- ---- ---- ---------- PACIFIC REGION San Francisco Bay Area 799,331 999,281 541,006 696,074 231,926 133,360 - 236,400 Orange County/Los Angeles 167,841 295,030 188,289 148,349 17,029 25,428 18,830 - Seattle 467,058 102,210 1,283 - 325,264 75,602 San Diego 92,527 104,514 8,273 - 84,949 97,054 - 364,372 Portland 14,390 122,127 - - 44,407 - - MOUNTAIN REGION Denver 175,840 148,762 9,372 323,725 - - - - Phoenix - - 532,506 - - - - - Salt Lake City 64,174 87,456 123,520 - - - - - CENTRAL REGION Chicago 149,376 31,264 45,293 69,072 16,760 - 80,713 21,082 Dallas 93,910 42,530 100,628 136,555 440,872 223,470 6,589 - Austin 7,387 11,066 45,987 - 27,036 - - 195,230 EAST REGION Washington, DC Downtown Properties 101,342 361,573 271,634 205,695 75,304 15,117 3,528 395,688 Suburban Properties 247,888 55,775 40,345 - 327,788 2,195 - - Atlanta 79,399 55,643 251,314 21,891 71,939 75,711 133,055 124,759 Total 2,460,463 2,295,104 2,281,577 1,601,361 1,618,867 616,742 242,715 1,413,223
16 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Operating Portfolio Lease Economics --------------------------------------------------------------------------------
2nd Quarter 2002 ------------------------------------------------------------------------------------------------------- Total New GAAP Prior GAAP % Change Ave. Lease Lease Tenant Total T/I's Executed Rental Rental In GAAP Term in Commissions Improvements and L/C's Market Sq. Ft. Rate Rate Rental Rate Years Per Sq. Ft. Per Sq. Ft. Per Sq. Ft. ------ ------- ---- ---- ----------- ----- ----------- ----------- ----------- Atlanta 139,182 20.32 20.81 -2.37% 3.79 1.22 3.11 4.33 Austin - - - - - - - - Chicago 38,828 21.84 26.43 -17.35% 4.72 4.06 7.78 11.84 Dallas 32,722 20.75 22.81 -9.01% 3.35 4.50 6.56 11.06 Denver 156,625 16.39 18.56 -11.71% 5.08 3.25 12.35 15.60 Los Angeles/Orange County 95,117 24.34 26.46 -8.00% 6.46 7.92 24.84 32.76 Portland - - - - - - - - Salt Lake City - - - - - - - - San Diego 27,327 22.67 22.83 -0.70% 3.54 4.44 15.30 19.74 San Francisco Bay 247,977 25.07 26.76 -6.32% 4.01 4.45 3.83 8.28 Seattle 1,283 25.64 27.44 -6.56% 4.98 - - - Suburban Washington DC - - - - - - - - Downtown Washington DC 14,556 40.78 33.69 21.05% 8.43 16.99 31.88 48.87 Total 753,617 22.14 23.70 -6.55% 4.56 4.26 9.39 13.65 2nd Quarter 2001 ------------------------------------------------------------------------------------------------------- Total New GAAP Prior GAAP % Change Ave. Lease Lease Tenant Total T/I's Executed Rental Rental In GAAP Term in Commissions Improvements and L/C's Market Sq. Ft. Rate Rate Rental Rate Years Per Sq. Ft. Per Sq. Ft. Per Sq. Ft. ------ ------- ---- ---- ----------- ----- ----------- ----------- ----------- Atlanta 17,663 21.29 19.43 9.58% 3.17 4.55 12.63 17.18 Austin 4,238 21.37 20.79 2.79% 5.00 0.89 2.23 3.12 Chicago 77,859 24.56 22.96 6.95% 2.80 1.51 0.65 2.16 Dallas 17,748 20.63 19.55 5.50% 2.87 3.32 4.37 7.69 Denver 28,337 21.76 19.88 9.41% 5.88 1.54 6.97 8.51 Los Angeles/Orange County 139,763 25.17 18.39 36.86% 4.20 1.21 1.39 2.60 Salt Lake City 71,925 14.76 13.07 12.88% 2.33 - - - San Diego 50,544 14.66 14.33 2.24% 3.43 1.74 1.40 3.14 San Francisco Bay 206,968 47.67 26.05 83.01% 3.68 0.93 0.47 1.40 Seattle 95,832 26.01 25.35 2.61% 4.50 0.24 5.12 5.36 Suburban Washington DC 5,573 33.76 25.05 34.78 3.01 - - - Downtown Washington DC 10,456 29.00 27.08 7.09 4.17 - - - Total 726,906 31.13 21.90 42.19% 3.70 1.07 1.94 3.01
17 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Operating Portfolio Lease Economics --------------------------------------------------------------------------------
2002 Year-to-Date -------------------------------------------------------------------------------------------------------- Total New GAAP Prior GAAP % Change Ave. Lease Lease Tenant Total T/I's Executed Rental Rental In GAAP Term in Commissions Improvements and L/C's Market Sq. Ft. Rate Rate Rental Rate Years Per Sq. Ft. Per Sq. Ft. Per Sq. Ft. ------ ------- ---- ---- ----------- ----- ----------- ----------- ----------- Atlanta 147,760 20.34 20.94 -2.83% 3.57 1.32 3.05 4.37 Austin 45,987 23.17 22.89 1.21% 5.00 4.57 18.54 23.11 Chicago 97,153 21.14 24.93 -15.19% 4.08 3.91 3.45 7.36 Dallas 49,549 20.35 22.36 -8.98% 3.13 4.09 5.37 9.46 Denver 170,181 16.54 18.83 -12.15% 4.89 3.01 11.54 14.55 Los Angeles/Orange County 129,839 23.82 25.87 -7.92% 5.72 6.78 22.57 29.35 Portland 13,909 17.65 19.81 -10.91% 2.54 - - - Salt Lake City 50,625 18.69 14.90 25.45% 2.00 - - - San Diego 42,099 26.79 24.49 9.40% 3.75 4.58 11.61 16.19 San Francisco Bay 335,657 24.94 27.40 -8.99% 4.11 5.11 5.95 11.06 Seattle 3,454 24.09 24.37 -1.14% 3.99 - - - Suburban Washington DC - - - - - - - - Downtown Washington DC 14,556 40.78 33.69 21.05 8.43 16.99 31.88 48.87 Total 1,100,769 22.12 23.58 -6.15% 4.21 4.12 8.85 12.97 2001 Year-to-Date -------------------------------------------------------------------------------------------------------- Total New GAAP Prior GAAP % Change Ave. Lease Lease Tenant Total T/I's Executed Rental Rental In GAAP Term in Commissions Improvements and L/C's Market Sq. Ft. Rate Rate Rental Rate Years Per Sq. Ft. Per Sq. Ft. Per Sq. Ft. ------ ------- ---- ---- ----------- ----- ----------- ----------- ----------- Atlanta 90,541 21.17 19.53 8.42% 2.74 1.44 3.83 5.27 Austin 13,048 23.53 21.36 10.19% 3.44 0.94 7.93 8.87 Chicago 134,396 25.31 24.32 4.06% 3.32 1.30 1.06 2.36 Dallas 48,589 22.10 22.34 -1.06% 3.02 3.27 4.43 7.70 Denver 65,031 21.64 19.83 9.12% 5.16 2.94 8.79 11.73 Los Angeles/Orange County 284,150 24.65 21.40 15.20% 4.63 3.42 8.78 12.20 Salt Lake City 79,049 14.46 13.43 7.66% 3.00 0.37 2.00 2.37 San Diego 93,530 13.85 13.59 1.92% 3.67 2.32 2.58 4.90 San Francisco Bay 237,152 48.89 26.36 85.44% 3.95 1.78 0.80 2.58 Seattle 147,027 22.05 20.69 6.55% 4.50 0.52 4.48 5.00 Suburban Washington DC 5,573 33.76 25.05 34.78 3.01 - - - Downtown Washington DC 10,456 29.00 27.08 7.09 4.17 - - - Total 1,208,542 27.78 21.43 29.60% 3.79 1.97 4.23 6.20
18 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES 25 Largest Tenants - Based on Annualized Base Rent --------------------------------------------------------------------------------
Percentage Percentage of of Portfolio Occupied Annualized Square Square Tenant Rent Feet Feet ------------------------------------------ ---------------- ----------------------- ---------------- INTERNATIONAL MONETARY FUND 4.06% 504,401 2.45% NOKIA, INC. 3.08% 624,904 3.03% QWEST COMMUNICATIONS INC. 2.36% 532,506 2.58% AT&T 2.26% 631,335 3.06% APPLIED MATERIALS, INC. 2.14% 425,981 2.07% PEOPLESOFT, INC. 2.00% 215,323 1.04% NEXTEL COMMUNICATIONS, INC. 1.64% 348,749 1.69% NORTEL NETWORKS, INC. 1.62% 258,048 1.25% PATTON BOGGS, L.L.P. 1.50% 192,115 0.93% SUN MICROSYSTEMS, INC. 1.49% 239,608 1.16% CITIGROUP 1.25% 227,135 1.10% GATEWAY, INC. 1.22% 287,478 1.39% SBC COMMUNICATIONS 1.16% 198,093 0.96% LATTICE SEMICONDUCTOR CORP 1.11% 216,650 1.05% SOFTWARE AG OF NORTH AMERICA 1.04% 209,521 1.02% SAFECO INSURANCE COMPANY 0.99% 265,658 1.29% FEDERAL DEPOSIT INSURANCE CORP 0.94% 121,793 0.59% SAFEWAY 0.94% 145,470 0.71% WASHINGTON MUTUAL 0.82% 92,596 0.45% KING & SPALDING 0.80% 220,453 1.07% HARCOURT, INC. 0.80% 195,230 0.95% THE WALT DISNEY COMPANY 0.78% 129,347 0.63% KPMG LLP 0.78% 135,558 0.66% BOSTON SCIENTIFIC 0.75% 212,082 1.03% CHRONICLE OF HIGHER EDUCATION 0.72% 91,990 0.45% ----------- --------------- -------------- Total 36.25% 6,722,024 32.61% =========== =============== ==============
19 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Current Development Activity by Market --------------------------------------------------------------------------------
Estimated Estimated Construction Estimated Remaining Wholly Owned Property Start Completion Stabilization In Place Costs to Under Construction @ June 30, 2002 Square Feet Date Date Date Dev Costs Complete ------------------------------------------------------------------------------------------------------------------------------------ Atlanta The Forum 90,004 4Q00 1Q02 4Q02 12,529 655 --------------- ---------------- --------------- Atlanta Subtotal 90,004 12,529 655 Denver Dry Creek Corporate Center Building/2/ 93,601 1Q01 1Q02 1Q03 7,751 5,384 --------------- ---------------- --------------- Denver Subtotal 93,601 7,751 5,384 Washington, DC 675 E Street/1/ - 4Q01 3Q03 n/a 1,836 18,458 --------------- ---------------- --------------- - 1,836 18,458 Total/Weighted Average 183,605 22,116 24,497 Less: Placed in Service (68,076) (10,129) (69) --------------- ---------------- --------------- Total/Weighted Average 115,529 11,987 24,428 =============== ================ =============== Total Estimated % Currently Wholly Owned Property Projected Stabilized Leased or Under Construction @ June 30, 2002 Investment Return Committed -------------------------------------------------------------------------------------------- Atlanta The Forum 13,184 11.2% 89.3% --------------- ------------ ------------ Atlanta Subtotal 13,184 11.2% 89.3% Denver Dry Creek Corporate Center Building/2/ 13,135 6.2% 34.8% --------------- ------------ ------------ Denver Subtotal 13,135 6.2% 34.8% Washington, DC 675 E Street/1/ 20,294 n/a n/a --------------- ------------ ------------ 20,294 0.0% 0.0% Total/Weighted Average 46,613 8.7% 61.5% Less: Placed in Service (10,198) --------------- Total/Weighted Average 36,415 8.7% 38.8% =============== ============ ============
/1/675 E Street is a residential project with units for sale. There is no rentable square footage or yield based on income associated with this project.
Partially Owned Property % Under Construction @ June 30, 2002/2/ Ownership ----------------------------------------------------------------------------------------------------------------------------------- Austin 300 West Sixth Street 20% 441,955 2Q00 4Q01 4Q02 77,836 14,212 --------------- ---------------- --------------- Austin Subtotal 441,955 77,836 14,212 Chicago Nine Parkway North 35% 129,253 4Q00 1Q02 1Q03 17,037 7,081 --------------- ---------------- --------------- Chicago Subtotal 129,253 17,037 7,081 Dallas Custer Court 49% 120,047 3Q00 3Q01 3Q02 12,433 3,206 --------------- ---------------- --------------- Dallas Subtotal 120,047 12,433 3,206 Washington, DC 575 7th Street 30% 478,251 3Q01 3Q03 3Q04 57,697 106,382 799 9th Street 40% 201,464 2Q00 4Q01 4Q02 55,490 5,648 --------------- ---------------- --------------- Washington, DC Subtotal 679,715 113,187 112,030 Total/Weighted Average 1,370,970 220,493 136,529 Less: Placed in Service (435,988) (95,687) (5,322) --------------- ---------------- --------------- Total/Weighted Average 934,982 124,806 131,207 =============== ================ =============== Total/Weighted Average Wholly & Partially Owned 1,050,511 136,793 155,635 =============== ================ =============== Partially Owned Property % Under Construction @ June 30, 2002/2/ Ownership ------------------------------------------------------------------------------------------- Austin 300 West Sixth Street 20% 92,048 10.7% 64.6% --------------- ------------ ------------ Austin Subtotal 92,048 10.7% 64.6% Chicago Nine Parkway North 35% 24,118 9.1% 0.0% --------------- ------------ ------------ Chicago Subtotal 24,118 9.1% 0.0% Dallas Custer Court 49% 15,639 10.3% 44.9% --------------- ------------ ------------ Dallas Subtotal 15,639 10.3% 44.9% Washington, DC 575 7th Street 30% 164,079 10.9% 51.0% 799 9th Street 40% 61,138 10.7% 95.9% --------------- ------------ ------------ Washington, DC Subtotal 225,217 10.8% 64.3% Total/Weighted Average 357,022 10.7% 56.6% Less: Placed in Service (101,009) --------------- Total/Weighted Average 256,013 10.7% 36.4% =============== ============ ============ Total/Weighted Average Wholly & Partially Owned 292,428 10.5% 36.7% =============== ============ ============
/2/Project yields represent Carr's yields, exclusive of fees. 20 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Land Held for Future Development --------------------------------------------------------------------------------
Buildable Office Square Region/Property Market Acres Feet ---------------------------------------------- -------------------- --------- --------------- Wholly Owned Land ----------------- Pacific Region Canyon Pointe A-B Seattle, WA 10 173,760 Sunset Corporate Portland, OR 12 124,800 --------- --------------- Subtotal 22 298,560 Mountain Region Dry Creek Corporate Center Denver, CO 77 678,000 Sorenson Research Park XI Salt Lake City, UT 6 80,238 Wasatch 16 Salt Lake City, UT 5 80,238 Creekside 2 owned Salt Lake City, UT 6 78,000 Creekside 3 optioned Salt Lake City, UT 6 78,452 --------- --------------- Subtotal 100 994,928 Central Region Tollway Plaza III Dallas, TX 4 134,400 Royal Ridge IV & V Dallas, TX 29 417,000 --------- --------------- Subtotal 33 551,400 Eastern Region Peninsula Corporate Center 1-2/1/ Boca Raton, FL 19 221,350 Total 174 2,066,238 ========= =============== Partially Owned Land -------------------- Mountain Region Panorama IV Denver, CO 7 136,850 Panorama VI Denver, CO 9 129,898 Panorama VII Denver, CO 6 100,000 Panorama IX Denver, CO 6 125,490 --------- --------------- Subtotal 28 492,238 Central Region Riata 1 Austin, TX 4 61,585 Riata Crossing 4 Austin, TX 5 79,780 Riata Crossing 6 Austin, TX 8 49,702 Seven/Eight Parkway North Chicago, IL 16 250,567 Royal Ridge Bldgs 4-6 Dallas, TX 16 316,786 Royal Ridge Bldg 8 Dallas, TX 6 132,709 --------- --------------- 55 891,129 Total 83 1,383,367 ========= =============== Total All Land Held for Future Development or Sale 257 3,449,605 ========= ===============
/1/ Property currently held for sale 21 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Projected Stabilized First Year Yields on Joint Venture Development Projects --------------------------------------------------------------------------------
Unlevered Leveraged Projected Project CarrAmerica Gross Yield Yield/1/ Fees/2/ ------------- --------------- -------------- 300 West 6th Street 10.7% 18.6% 4,649,737 Nine Parkway North 9.1% 14.8% 1,145,922 Custer Court 10.3% 16.4% 898,785 575 7th Street 10.9% 19.5% 8,250,616 799 9th Street 10.7% 48.4% 1,375,000 Weighted Average Yield 10.6% 22.8%
/1/ First year stabilized leveraged returns including profit component of fees. /2/ Represents development fee, leasing fees for initial project leaseup, and first year management fee (excludes incentive fee). 22