-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QWa5GGJlRD3TfvNQhzcOPxmIJioeoBVZwFoXRDqXC5m5eF9AMgaXXwK13sAmZoKJ Cn6jnIVeKY/TcJnJ4FftAg== 0000928385-02-003515.txt : 20021108 0000928385-02-003515.hdr.sgml : 20021108 20021108102744 ACCESSION NUMBER: 0000928385-02-003515 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20021107 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: FILED AS OF DATE: 20021108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARRAMERICA REALTY CORP CENTRAL INDEX KEY: 0000893577 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 521796339 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11706 FILM NUMBER: 02813389 BUSINESS ADDRESS: STREET 1: 1850 K STREET NW STREET 2: SUITE 500 CITY: WASHINGTON STATE: DC ZIP: 20006 BUSINESS PHONE: 2027297500 MAIL ADDRESS: STREET 1: 1700 PENNSYLVANIA AVENUE STREET 2: SUITE 700 CITY: WASHINGTON STATE: DC ZIP: 20006 FORMER COMPANY: FORMER CONFORMED NAME: CARR REALTY CORP DATE OF NAME CHANGE: 19940218 8-K 1 d8k.txt CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20543 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) November 7, 2002 Commission File No. 1-11706 CARRAMERICA REALTY CORPORATION - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Maryland 52-1796339 - --------------------------------- ----------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 1850 K Street, N.W., Washington, D.C. 20006 - ------------------------------------------------------------------------------- (Address or principal executive office) (Zip code) Registrant's telephone number, including area code: (202) 729-1700 ------------- CarrAmerica Realty Corporation Form 8-K Item 7 Financial Statements and Exhibits (c) Exhibits Exhibits Number -------- 99.1 Press Release, November 7, 2002 entitled "Supplemental Operating and Financial Data" furnished hereunder in accordance with Item 9 of this report. Item 9 Regulation FD Disclosure Attached hereto as Exhibit 99.1 is a copy of certain Supplemental Information included on the Company's website as of November 7, 2002. 2 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: November 8, 2002 CARRAMERICA REALTY CORPORATION By: /s/ Kurt A. Heister --------------------------- Kurt A. Heister Controller 3 EXHIBIT INDEX Exhibit Number - ------- 99.1 Supplemental Operating and Financial Data for the Quarter Ended September 30, 2002. 4 EX-99.1 3 dex991.txt PRESS RELEASE CA America's Workplace(R) [PICTURE] [PICTURE] [PICTURE] Supplemental Operating and Financial Data For the Quarter Ended September 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 ........................ 16-17 Operating Portfolio Lease Economics ................................... 18-19 Top 25 Tenants by Rent ................................................ 20 Development ----------- Development Activity by Market ........................................ 21 Land Held for Development Schedule .................................... 22 Projected Stabilized First Year Yields on Joint Development Projects .. 23
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 9/30/02) 258 Properties 20.2 Million Square Feet (consolidated/unconsolidated; as of 9/30/02) 294 Properties 24.9 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) 92.1% Consolidated Properties 92.7% All Properties REGIONAL DISTRIBUTION (stabilized; as of 9/30/02) Based on Based on Square NOI Footage ---------- ----------------- Pacific region 56.16% 50.83% Eastern region 25.51% 26.12% Central region 10.23% 13.25% Mountain region 8.10% 9.80% MARKETS (stabilized; as of 9/30/02) % of NOI % of Sq. Ft. ---------- ------------- San Francisco Bay Area 34.44 26.84 Washington DC Metro 20.45 17.33 Southern California 13.84 15.19 Seattle/Portland 7.88 8.80 Salt Lake City/Phoenix 5.24 5.76 Chicago 5.08 6.12 Atlanta 5.06 8.79 Dallas 3.83 4.99 Denver 2.86 4.04 Austin 1.32 2.14 ---------- ------------- 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 Prudential Securities (212) 778-2515 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) 729-1700 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 CA PLEASE VISIT OUR CORPORATE WEB SITE AT: www.carramerica.com 3 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Key Quarterly Financial Data - --------------------------------------------------------------------------------
($ and shares in thousands) 9/30/2002 6/30/2002 3/31/2002 12/31/2001 9/30/2001 ------------------------------------------------------------------- Shares and Units: - ----------------- Common Shares 53,131 53,116 52,760 51,965 62,488 Outstanding OP Units (a) 5,708 5,704 5,882 5,973 5,991 Convertible Preferred Shares - - - 80 80 Combined Shares and OP Units (a) 58,839 58,820 58,642 58,018 68,559 Weighted Average - Basic 53,124 53,015 52,326 56,884 62,266 Weighted Average - Adjusted 53,818 54,316 59,700 64,235 69,996 Share Price: - ------------ At the End of the Period $ 25.17 $ 30.85 $ 31.41 $ 30.10 $ 29.96 High During Period 30.75 33.30 31.76 30.30 33.29 Low During Period 24.00 29.74 29.10 27.90 27.78 Capitalization Summary: - ----------------------- Market Value of Common Equity $ 1,480,978 $ 1,814,597 $ 1,841,945 $ 1,746,342 $ 2,054,028 Preferred Equity 260,707 379,525 400,000 400,000 400,000 Total Debt (g) 1,569,826 1,401,910 1,417,276 1,405,382 1,111,239 Total Market Capitalization 3,311,511 3,596,032 3,659,221 3,551,724 3,565,267 Total Debt/Total Market Capitalization 47.4% 39.0% 38.7% 39.6% 31.2% Financial Information: - ---------------------- Total Assets (h) $ 2,812,209 $ 2,750,884 $ 2,771,262 $ 2,775,600 $ 2,824,511 Book Value of Real Estate Assets (before accumulated depreciation) 3,012,611 2,964,435 2,944,629 2,936,566 2,914,030 Total Liabilities (g) 1,664,936 1,519,583 1,514,715 1,514,400 1,207,584 Total Minority Interest (including OP) 77,962 80,622 79,598 83,393 84,433 Total Shareholders' Equity 1,043,714 1,150,679 1,176,949 1,177,807 1,532,494 Total Operating Revenues 133,208 129,507 133,331 137,750 133,444 Property NOI 83,657 83,148 84,597 89,427 87,844 Property Operating Margin 65.5% 67.0% 66.5% 67.1% 69.3% Recurring EBITDA (e,f) 81,630 82,977 81,920 83,018 85,552 Recurring EBITDA Per Share - Basic (e,f) 1.54 1.57 1.57 1.46 1.37 Recurring EBITDA Per Share - Diluted (e,f) 1.52 1.53 1.37 1.29 1.22 Interest Coverage Ratio (b,e,f) 3.3 3.4 3.4 4.1 4.3 Interest Coverage Ratio (c,e,f) 3.3 3.3 3.2 3.7 4.1 Fixed Charge Coverage Ratio (b,e,f) 2.3 2.3 2.2 2.5 2.5 Fixed Charge Coverage Ratio (c,e,f) 2.3 2.2 2.1 2.3 2.5 Adjusted Funds From Operations (d,e) 46,938 46,779 48,112 54,371 57,068 Dividends Declared 0.5000 0.5000 0.5000 0.4625 0.4625 FFO Payout Ratio - Adjusted (e) 57.5% 58.8% 61.7% 54.4% 56.4% Net-Straight Line Revenue/Expense Adjustment 2,211 2,229 2,903 4,496 3,096 Portfolio Size (including unconsolidated properties): - ----------------------------------------------------- Buildings 294 290 290 290 288 Total Square Footage (in thousands) 24,874 24,982 24,969 24,960 24,703 Current Weighted Average Occupancy 92.7% 93.9% 94.2% 95.4% 96.0%
(a) Operating partnership (b) Excluding covering capitalized interest (c) Including covering capitalized interest (d) Represents adjusted Funds from Operations (FFO) (e) Excludes impairment loss of $42,249 related to investment in HQ Global in the fourth quarter of 2001 (f) Excludes $2,400 and $6,293 of HQ lease guarantees in the first quarter and second quarter, respectively, of 2002 (g) Excludes bond issue costs and discounts and fair value of interest rate swap (h) Includes bond issue costs and discounts 4 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Same Store Operating Property Results - --------------------------------------------------------------------------------
(In thousands) Three Months Ended % Nine Months Ended % September 30, Change September 30, Change ------------------------ ---------- ----------------------------- ---------- 2002 2001 2002 2001 ----------- ----------- ----------- ----------- Real estate operating revenue $ 124,340 $ 121,898 2.0% $ 354,433 $ 353,527 0.3% Real estate operating expenses 41,781 40,747 2.5% 118,427 111,648 6.1% ----------- ----------- ----------- ----------- Total real estate operating income - GAAP basis $ 82,559 $ 81,151 1.7% $ 236,006 $ 241,879 -2.4% =========== =========== =========== =========== Straight-line rent adjustment 1,975 3,795 -48.0% 4,669 7,410 -37.0% ----------- ----------- ----------- ----------- Total real estate operating income - Cash basis $ 80,584 $ 77,356 4.2% $ 231,337 $ 234,469 -1.3% =========== =========== =========== =========== YTD average occupancy 92.2% 95.9% -3.7% 93.1% 96.5% -3.4% =========== =========== =========== =========== Same store square footage 19,533,442 19,046,788 =========== ===========
5 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Financial Ratios - -------------------------------------------------------------------------------- Financial Position Ratios for Operations:
Sept. 30, Dec. 31, 2002 2001 ----------- ---------- Total Debt/Total Capitalization (Book Value) 57.5% 52.1% Total Debt/Total Capitalization (Market) 47.4% 39.6%
Operating Ratios for Operations:
Three Months Ended Nine Months Ended September 30, September 30, -------------------------- --------------------------- 2002 2001 2002 2001 ------------ ------------ ------------ ------------ Secured EBITDA/Total EBITDA 31.3% 30.5% 29.9% 31.3% Interest Coverage (1) Excluding capitalized interest 3.34 4.26 3.36 4.12 Including capitalized interest 3.26 4.15 3.25 3.85 Fixed charge coverage Excluding capitalized interest 2.32 2.50 2.24 2.51 Including capitalized interest 2.28 2.46 2.19 2.41 Adjusted FFO Payout Ratio (2) 57.5% 56.4% 61.7% 57.1% G&A as a % of Revenue (3)(4) 7.6% 8.0% 7.3% 9.0%
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 adjusted FFO per share. Excludes HQ lease guarantee. (3) Excludes gains on sales of assets. Includes interest income and equity on earnings of unconsolidated entities. (4) Includes discontinued property operations. 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 September 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 September 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 September 30, 2002 53,131 - 5,619 89 December 31, 2001 51,965 80 5,794 179 Weighted average for the three months ended September 30, 2002 53,124 - 5,619 123 2001 62,266 80 5,828 211 Weighted average for the nine months ended September 30, 2002 52,824 4 5,692 160 2001 62,403 316 5,807 249
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 as of September 30, 2002 which are not included in the table above: Series B 2,936,152 Shares Series C 5,690,120 Shares Series D 1,802,010 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 10,306 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 4,719 9.13% 01-Dec-04 UBS Mortgage Finance Inc. U.S. West 13,919 7.92% 01-Dec-05 UBS Mortgage Finance Inc. U.S. West 4,106 7.92% 01-Dec-05 UBS Mortgage Finance Inc. U.S. West 6,159 7.92% 01-Dec-05 UBS Mortgage Finance Inc. U.S. West 6,159 7.92% 01-Dec-05 Salomon Brothers Redmond East 25,787 8.38% 01-Jan-06 State Farm Peterson (Note 2) 18,120 7.20% 01-Jan-06 Farm Bureau Life Insurance Co. Wateridge Pavilion 3,257 8.25% 01-Nov-06 Teachers Ins. and Ann. Assoc. of Amer. Wasatch Corporate Center 11,831 8.15% 02-Jan-07 Metropolitan Life Insurance Company 2600 West Olive 18,723 6.75% 01-Jan-09 Midland Loan Services Palomar Oaks 9,503 8.85% 01-Apr-09 Northwest Mutual 1255 23rd St (Note 1) 37,599 8.12% 01-Apr-09 Northwest Mutual 1730 Penn, I Square (Note 1) 180,338 8.12% 01-Apr-09 GE Capital South Coast 14,696 7.13% 10-Jun-09 Business Men's Assurance Co. Sorenson - Bus. Men's Assur. 2,077 7.75% 01-Jul-11 Berkshire Life Insurance Co. Sorenson - Berkshire 1,487 8.88% 01-May-17 Aid Association for Lutherans 1747 Penn 13,735 9.50% 10-Jul-17 Aid Association for Lutherans 900 19th St/Pres. Plaza 15,002 8.25% 15-Jul-19 Riggs 1775 Penn-Riggs 11,639 7.63% 01-Sep-29 Morgan Stanley Dean Witter TransPotomac, Canal Center 63,500 3.06% 01-Sep-06 ---------- $ 496,826 ========== Principal Maturity ----------------------------------------------------------- 2006 & Description of Notes/Lender 2002 2003 2004 2005 Thereafter - --------------------------- ---- ---- ---- ---- ---------- Union Bank of California 192 10,114 - - - GE Capital - 24,164 - - - Sun Life Assurance Company of Canada 71 302 4,346 - - UBS Mortgage Finance Inc. 922 3,980 4,363 4,654 - UBS Mortgage Finance Inc. 329 1,187 1,341 1,249 - UBS Mortgage Finance Inc. 376 1,680 1,936 2,167 - UBS Mortgage Finance Inc. 376 1,680 1,936 2,167 - Salomon Brothers 123 519 564 561 24,020 State Farm 207 864 929 912 15,208 Farm Bureau Life Insurance Co. 18 74 80 87 2,998 Teachers Ins. and Ann. Assoc. of Amer. 64 270 293 318 10,886 Metropolitan Life Insurance Company 65 273 292 313 17,780 Midland Loan Services 46 195 213 233 8,816 Northwest Mutual 136 563 611 662 35,627 Northwest Mutual 652 2,700 2,927 3,176 170,883 GE Capital 60 252 270 270 13,844 Business Men's Assurance Co. 42 176 190 190 1,479 Berkshire Life Insurance Co. 13 53 58 58 1,305 Aid Association for Lutherans 107 455 500 505 12,168 Aid Association for Lutherans 105 443 481 523 13,450 Riggs 33 139 150 162 11,155 Morgan Stanley Dean Witter 191 790 842 898 60,779 ----------------------------------------------------------- $ 4,128 $ 50,873 $ 22,322 $ 19,105 $ 400,398 ===========================================================
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 =========== ========= ========= ========= ========= =========
*See Hedging Below
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 $ 296,825 L+.700% 28-Jun-04 $ 457,000 $ 433,000 $ 692,000 $ 198,000 ========== ========= ========= ========= ========= Note: 30 day LIBOR @ 9/30/02 1.82% Notional Maturity Hedging Instruments Amount Terms Date Reset - ------------------- ------ ----- ---- ----- Interest rate swap $ 150,000 6ML+2.72% 1-Jul-04 Arrears Interest rate cap $ 97,000 1ML capped at 1-Sep-04 Prompt 6.75%
9 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Investment Balances - -------------------------------------------------------------------------------
Investment Balance Accounting Percentage as of Sept. 30, 2002 Method Ownership ($000) -------------- -------------- ----------------------------- Carr Office Park LLC Equity 35% 53,193 1919 Pennsylvania Assoc. Equity 49% 18,265 575 7th Street Equity 30% 14,837 1201 F Street Equity 35% 9,897 300 W. Sixth Street Equity 20% 7,409 1717 Pennsylvania Equity 50% 6,901 Custer Court Equity 49% 3,193 799 9th Street Equity 40% 2,884 CC JM II Equity 50% 2,866 AgilQuest Cost 18% 2,759 WCM JV Equity 16% 1,750 essention Cost 19% 1,702 125,656
10 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Unconsolidated Equity Investments As of and for the nine months ended September 30, 2002
Carr 1717 Custer 300 W. 799 Office 1919 575 ($ in thousands) CC JM Penn Court 1201 F St. Sixth St. 9th St. Park WCM JV Assoc. Seventh -------- -------- -------- ---------- --------- --------- --------- -------- -------- ------- Equity Investment/1/ 1,527 8,512 2,821 10,008 6,791 2,357 74,339 1,531 17,521 13,321 Loans Payable/2/ 9,761 11,967 3,728 13,753 9,664 19,539 77,853 -- 39,843 7,950 Percentage Ownership 50% 50% 49% 35% 20% 40% 35% 16% 49% 30% Total revenue 3,503 5,797 965 9,465 4,780 4,892 53,965 1,150 14,027 -- -------- -------- -------- ---------- --------- --------- --------- -------- -------- ------- Expenses Operating expenses 737 2,338 421 2,559 1,710 1,875 19,437 176 4,382 -- Interest expense 1,049 1,195 137 2,073 597 1,964 11,197 -- 4,510 -- Depreciation/amortization 869 1,678 275 1,820 1,306 2,531 15,269 465 2,090 -- -------- -------- -------- ---------- --------- --------- --------- -------- -------- ------- Total expenses 2,655 5,211 833 6,452 3,613 6,370 45,903 641 10,982 -- -------- -------- -------- ---------- --------- --------- --------- -------- -------- ------- Net income 848 586 132 3,013 1,167 (1,478) 8,062 509 3,045 -- ======== ======== ======== ========== ========= ========= ========= ======== ======== ======= CarrAmerica's share of net net income 424 293 65 1,055 233 (591) 2,822 81 1,492 -- GAAP adjustments/3/ -- -- -- -- -- 294 (286) 4 -- -- -------- -------- -------- ---------- --------- --------- --------- -------- -------- ------- Equity in earnings 424 293 65 1,055 233 (297) 2,536 85 1,492 -- ======== ======== ======== ========== ========= ========= ========= ======== ======== =======
/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 Sept. 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 1,014,914 99.3% 3 900 19th Street 101,215 100.0% 1 2550 M Street 192,393 100.0% 1 1730 Pennsylvania Avenue 229,292 100.0% 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 TransPotomac V Plaza 96,419 100.0% 1 Canal Center 492,001 90.0% 4 --------------- ------------ -------------- Washington, D.C. Subtotal 3,522,297 97.8% 20 Atlanta, GA: Glenridge 63,494 98.4% 1 Century Springs West 95,206 76.7% 1 Holcomb Place 72,827 100.0% 1 Midori 99,691 49.7% 1 Parkwood 150,270 97.1% 1 Lakewood 80,483 21.1% 1 The Summit 179,085 100.0% 1 Spalding Ridge 128,233 92.5% 1 2400 Lake Park Drive 103,460 76.2% 1 680 Engineering Drive 62,154 71.4% 1 Embassy Row 465,588 64.8% 3 Embassy 100, 500 190,470 100.0% 2 Waterford Centre 83,170 50.4% 1 --------------- ------------ -------------- Atlanta Subtotal 1,774,131 77.6% 16 --------------- ------------ -------------- East Region Subtotal: 5,296,428 91.0% 36 26.1% PACIFIC REGION Southern California, Orange County/Los Angeles: Scenic Business Park 138,076 94.5% 4 Harbor Corporate Park 151,234 78.6% 4 Plaza PacifiCare 104,377 100.0% 1 Katella Corporate Center 80,609 98.0% 1 Warner Center 343,486 80.2% 12 South Coast Executive Center 161,787 61.0% 2 Warner Premier 61,195 70.8% 1 Von Karman 104,138 90.3% 1 2600 W. Olive 144,831 100.0% 1 Bay Technology Center 107,481 84.6% 2 Pacific Corporate Plaza 1,2, & 3 125,268 96.5% 3 Alton Deere Plaza 182,183 72.5% 6 Westlake Spectrum 108,084 100.0% 2 --------------- ------------ -------------- Orange County/Los Angeles Subtotal 1,812,749 85.0% 40
12 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Current Summary of Portfolio Operating Properties As Of Sept. 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 96.2% 6 Jaycor 105,358 100.0% 1 Highlands Corporate Center 205,085 91.6% 5 11119 Torrey Pines Road 76,701 100.0% 1 Carroll Vista I & II 107,579 100.0% 3 --------------- ------------ ------------ San Diego Subtotal 1,253,989 97.2% 25 Northern California, San Francisco Bay Area: CarrAmerica Corporate Center 1,004,679 100.0% 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 68,798 89.7% 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 72,137 28.6% 1 Oakmead West Land A-G 425,981 100.0% 7 San Mateo II & III 141,731 81.2% 2 Hacienda West 208,965 89.8% 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 93.5% 3 Techmart Commerce Center 266,520 91.3% 1 Fremont Technology Park 1, 2, 3 139,304 100.0% 3 Mountain View Gateway Center 236,400 100.0% 2 --------------- ------------ ------------ San Francisco Subtotal 5,420,611 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 91.6% 10 Redmond Hilltop B & C 90,880 100.0% 2 Canyon Park 316,667 99.1% 6 Willow Creek 96,179 100.0% 1 Willow Creek Corp. Center 1, 2, 3, 4, 5, & 6 329,009 100.0% 6 Canyon Park Commons 1, 2, 4 176,846 100.0% 3 Canyon Park Commons 95,290 100.0% 1 --------------- ------------ ------------ Seattle Subtotal 1,501,368 97.6% 29 --------------- ------------ ------------ Pacific Region Subtotal 10,263,910 93.6% 177 50.9%
13 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Current Summary of Portfolio Operating Properties As Of Sept. 30, 2002 - --------------------------------------------------------------------------------
Net Rentable Area in Number Square Percent of Feet/(1)/ Leased/(2)/ Buildings --------------- ------------ ------------ CENTRAL REGION Austin, TX: City View Centre 137,218 56.3% 3 City View Centre 128,716 100.0% 1 Tower of the Hills 166,149 100.0% 2 --------------- ---------- ------------ Austin Subtotal 432,083 86.1% 6 Chicago, IL: Parkway North I 252,207 87.6% 1 Unisys 366,006 87.6% 2 The Crossings 296,626 73.2% 1 Bannockburn I & II 209,969 92.6% 2 Bannockburn IV 110,319 95.2% 1 --------------- ---------- ------------ Chicago Subtotal 1,235,127 85.6% 7 Dallas, TX: Cedar Maple Plaza 113,045 92.9% 3 Quorum North 116,194 94.3% 1 Quorum Place 178,399 62.7% 1 Tollway Plaza 1, 2 359,903 98.5% 2 Two Mission Park 77,593 48.4% 1 5000 Quorum 162,186 85.5% 1 --------------- ---------- ------------ Dallas Subtotal 1,007,320 85.1% 9 --------------- ---------- ------------ Central Region Subtotal 2,674,530 85.5% 22 13.2% MOUNTAIN REGION Denver, CO: Harlequin Plaza 328,623 92.4% 2 Quebec Court I 130,000 100.0% 1 Quebec Court II 157,294 100.0% 1 Quebec Centre 106,865 93.6% 3 Dry Creek 3 92,356 100.0% 1 --------------- ---------- ------------ Denver Subtotal 815,138 96.1% 8 --------------- ---------- ------------ Phoenix, AZ: Qwest Communications 532,506 100.0% 4 Salt Lake City, UT: Sorenson Research Park 282,944 100.0% 5 Wasatch Corporate Center 178,231 81.7% 3 Wasatch Corporate Center 18 49,566 72.6% 1 Sorenson X 41,288 89.8% 1 Creekside I & II 78,000 100.0% 1 --------------- ---------- ------------ Salt Lake City Subtotal 630,029 92.0% 11 --------------- ---------- ------------ Mountain Region Subtotal 1,977,673 95.8% 23 9.8% TOTAL CONSOLIDATED PROPERTIES: 20,212,541 258 100.0% WEIGHTED AVERAGE 92.1%
14 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Current Summary of Portfolio Operating Properties As of Sept. 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% 328,667 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 95.9% 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% 646,232 95.6% 5 Dallas Market Office: Royal Ridge Phase II, A,B 35.0% 504,549 87.3% 4 Custer Court 49.0% 120,838 44.7% 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 93.4% 6 TOTAL UNCONSOLIDATED PROPERTIES: 4,660,608 36 WEIGHTED AVERAGE 95.2% ALL OPERATING PROPERTIES TOTAL: 24,873,149 294 WEIGHTED AVERAGE 92.7%
/(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 Sept. 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 2005 2006 - ------------- -------- --------- --------- -------- ---- ---- ---- ---- ---- PACIFIC REGION San Francisco Bay Area 5,420,611 95.1% 95.5% 263,687 133,663 737,182 582,337 823,170 991,585 Orange County/Los Angeles 1,812,749 85.0% 85.9% 271,786 155,129 122,940 293,922 164,246 296,670 Seattle 1,501,368 97.6% 97.6% 35,932 17,037 238,278 236,355 469,317 102,210 San Diego 1,253,989 97.2% 95.5% 35,599 26,495 130,404 193,112 111,432 179,311 Portland 275,193 80.7% 80.4% 53,069 9,703 - 31,497 14,390 - MOUNTAIN REGION Denver 815,138 96.1% 96.1% 31,786 16,063 42,051 59,822 175,840 148,762 Phoenix 532,506 100.0% 100.0% - - - - - - Salt Lake City 630,029 92.0% 94.8% 50,406 31,749 62,923 174,343 64,174 87,456 CENTRAL REGION Chicago 1,235,127 85.6% 89.9% 177,273 135,039 310,285 178,817 161,766 31,264 Dallas 1,007,320 85.1% 89.2% 149,989 39,138 208,193 141,886 109,575 40,912 Austin 432,083 86.1% 84.9% 59,925 10,863 4,509 263,584 7,387 11,066 EAST REGION Washington, DC Downtown Properties 2,140,115 98.7% 98.5% 28,836 80,436 51,559 528,733 103,964 360,993 Suburban Properties 1,382,182 96.6% 96.5% 46,814 11,813 76,507 120,091 277,371 70,784 Atlanta 1,774,131 77.6% 84.6% 398,236 55,679 305,024 170,140 87,988 55,643 Total 20,212,541 92.1% 93.3% 1,603,338 722,807 2,289,855 2,974,639 2,570,620 2,376,656 2012 & Region/Market 2007 2008 2009 2010 2011 Thereafter - ------------- ---- ---- ---- ---- ---- ---------- PACIFIC REGION San Francisco Bay Area 562,645 692,602 231,926 133,360 - 268,454 Orange County/Los Angeles 236,477 148,349 17,029 25,428 18,830 61,943 Seattle 1,283 - 325,264 - - 75,692 San Diego 26,052 5,209 84,949 97,054 - 364,372 Portland 122,127 - - 44,407 - - MOUNTAIN REGION Denver 9,372 331,442 - - - - Phoenix 532,506 - - - - - Salt Lake City 130,164 - - - - 28,814 CENTRAL REGION Chicago 53,056 69,072 16,760 - 80,713 21,082 Dallas 104,024 140,063 62,673 4,278 6,589 - Austin 47,713 - 27,036 - - - EAST REGION Washington, DC Downtown Properties 271,870 210,956 83,370 15,117 3,528 400,753 Suburban Properties 143,291 52,165 372,409 95,761 67,901 47,275 Atlanta 265,808 23,737 71,939 75,711 139,467 124,759 Total 2,506,388 1,673,595 1,293,355 491,116 317,028 1,393,144
16 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Rent Rollover Schedule - Stabilized Properties - --------------------------------------------------------------------------------
(in thousands) Region/Market 2002 2003 2004 2005 2006 2007 2008 - ------------- ---- ---- ---- ---- ---- ---- ---- PACIFIC REGION San Francisco Bay Area $ 4,288,940 $ 14,633,907 $ 14,242,114 $ 23,452,353 $ 24,178,670 $ 15,189,494 $ 15,293,446 Orange County/Los Angeles 2,189,684 2,579,837 6,779,291 3,740,210 7,607,862 3,586,445 2,972,002 Seattle 271,152 3,921,120 3,364,539 7,505,579 1,302,045 32,076 - San Diego 527,500 2,848,813 3,544,445 3,307,057 3,941,550 444,095 103,138 Portland 98,817 - 571,984 208,712 - 2,619,624 - MOUNTAIN REGION Denver 293,375 700,023 1,098,012 3,058,447 2,611,693 161,699 5,825,070 Phoenix - - - - - 9,872,997 - Salt Lake City 469,294 745,196 2,671,634 1,072,935 1,077,282 1,689,611 - CENTRAL REGION Chicago 2,041,150 5,179,507 3,445,238 2,692,741 399,759 882,180 985,795 Dallas 770,140 4,248,765 3,217,954 2,393,983 897,839 2,033,188 3,230,725 Austin 240,552 76,046 4,321,511 169,338 260,082 522,254 - EAST REGION Washington, DC Downtown Properties 2,707,441 1,719,796 17,784,839 3,865,249 11,426,897 8,356,353 7,170,151 Suburban Properties 275,122 2,123,957 3,171,363 6,834,349 2,128,466 4,132,324 1,428,700 Atlanta 934,936 5,784,327 3,368,143 1,599,973 1,081,031 5,055,127 586,291 Total $ 15,108,103 $ 44,561,294 $ 67,581,067 $ 59,900,926 $ 56,913,176 $ 54,577,467 $ 37,595,318 (in thousands) 2012 & Region/Market 2009 2010 2011 Thereafter - ------------- ---- ---- ---- ---------- PACIFIC REGION San Francisco Bay Area $ 3,532,144 $ 3,634,401 $ - $ 5,748,957 Orange County/Los Angeles 347,392 473,366 273,412 283,357 Seattle 5,002,476 - - 1,135,380 San Diego 2,777,272 2,965,045 - 8,394,561 Portland - 590,772 - - MOUNTAIN REGION Denver 457,870 - - - Phoenix - - - - Salt Lake City - - - 459,583 CENTRAL REGION Chicago 286,516 - 1,237,330 329,937 Dallas 1,461,273 85,560 144,958 - Austin 459,612 - - - EAST REGION Washington, DC Downtown Properties 2,697,866 630,872 131,005 14,021,659 Suburban Properties 7,658,130 2,681,451 1,904,650 1,354,981 Atlanta 1,360,290 2,054,797 2,371,849 3,564,476 Total $ 26,040,841 $ 13,116,264 $ 6,063,204 $ 35,292,891
17 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Operating Portfolio Lease Economics - --------------------------------------------------------------------------------
3rd 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 141,413 16.40 21.85 -24.98% 5.56 4.16 19.98 24.14 Austin 1,726 8.91 27.28 -67.34% 5.34 3.98 7.98 11.96 Chicago 59,582 23.32 25.01 -6.74% 3.57 3.89 10.24 14.13 Dallas 32,105 16.32 19.93 -18.12% 4.77 4.81 12.00 16.81 Denver 11,118 15.47 25.17 -38.54% 3.88 1.04 2.01 3.05 Los Angeles/Orange County 96,055 22.38 26.71 -16.22% 4.54 3.97 6.37 10.34 Portland 6,909 17.16 18.16 -5.51% 1.00 - - - Salt Lake City 36,962 20.91 19.98 4.67% 3.42 1.16 3.85 5.01 San Diego 31,480 25.71 24.36 5.54% 2.55 1.59 1.77 3.36 San Francisco Bay 127,937 19.86 29.86 -33.49% 2.79 3.98 7.35 11.33 Seattle 8,694 21.78 23.41 -6.96% 2.13 - - - Suburban Washington DC 5,998 30.23 31.60 -4.32% 3.91 4.71 21.58 26.29 Downtown Washington DC 3,234 30.78 36.20 -14.97% 1.27 1.89 - 1.89 Total 563,213 19.86 24.80 -19.89% 4.46 3.57 10.19 13.76
3rd 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 179,341 19.47 19.36 0.60% 5.69 5.68 15.63 21.31 Austin 29,539 22.37 27.15 -17.61% 9.62 7.50 18.30 25.80 Chicago 30,706 23.89 23.56 1.41% 3.77 2.05 5.38 7.43 Dallas 38,336 21.31 18.95 12.46% 3.25 4.62 9.27 13.89 Denver - - - - - - - - Los Angeles/Orange County 74,955 21.94 19.44 12.89% 4.07 3.36 13.12 16.48 Salt Lake City - - - - - - - - San Diego 15,314 38.40 21.47 78.86% 2.76 2.87 5.31 8.18 San Francisco Bay 109,233 31.77 26.09 21.80% 3.26 3.17 1.23 4.40 Seattle 47,422 13.50 13.85 -2.56% 2.87 1.89 2.72 4.61 Suburban Washington DC - - - - - - - - Downtown Washington DC - - - - - - - - Total 524,846 22.67 20.70 9.48% 4.01 4.21 9.89 14.10
18 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 289,173 18.39 21.39 -14.03% 4.25 2.71 11.33 14.04 Austin 47,713 22.65 23.05 -1.72% 5.09 4.55 18.16 22.71 Chicago 156,735 21.93 24.96 -12.12% 3.89 3.90 6.03 9.93 Dallas 81,654 18.75 21.40 -12.37% 3.72 4.38 7.98 12.36 Denver 181,299 16.49 19.17 -14.02% 4.75 2.89 10.95 13.84 Los Angeles/Orange County 225,894 23.30 26.18 -11.00% 5.13 5.59 15.68 21.27 Portland 20,818 17.49 19.26 -9.22% 2.03 - - - Salt Lake City 87,587 19.52 16.80 16.19% 2.94 0.49 1.62 2.11 San Diego 73,579 26.34 24.44 7.78% 3.33 3.30 7.40 10.70 San Francisco Bay 463,594 23.67 28.01 15.52% 3.65 4.80 6.33 11.13 Seattle 12,148 22.44 23.68 -5.26% 3.06 - - - Suburban Washington DC 5,998 30.23 31.60 -4.32% 3.91 4.71 21.58 26.29 Downtown Washington DC 17,790 38.69 34.21 13.09% 6.64 14.24 26.08 40.32 Total 1,663,982 21.41 23.96 -10.67% 4.75 3.94 9.31 13.24 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 269,882 20.05 19.41 3.25% 4.26 4.26 11.67 15.93 Austin 42,586 23.31 22.48 3.71% 4.35 5.49 15.12 20.61 Chicago 162,698 24.98 24.14 3.47% 3.51 1.46 1.89 3.35 Dallas 86,962 21.75 20.84 4.38% 3.10 3.86 6.56 10.42 Denver 65,031 21.39 18.98 12.65% 5.16 2.94 8.79 11.73 Los Angeles/Orange County 347,734 24.06 21.02 14.42% 4.47 3.58 10.25 13.83 Salt Lake City 79,049 14.46 13.43 7.66% 2.40 0.37 2.00 2.37 San Diego 108,844 14.64 13.85 5.72% 3.39 2.82 4.83 7.65 San Francisco Bay 346,385 43.39 26.27 65.16% 3.57 2.22 0.93 3.15 Seattle 194,469 19.96 19.03 4.93% 3.83 0.86 4.05 4.91 Suburban Washington DC 5,573 33.76 25.05 34.78% 4.24 1.51 9.73 11.24 Downtown Washington DC 10,456 29.77 27.08 9.93% 4.17 2.62 6.46 9.08 Total 1,719,669 26.21 21.16 23.87% 3.90 2.73 6.24 8.97
19 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 4.14% 501,068 2.46% QWEST COMMUNICATIONS INC. 2.41% 532,506 2.61% AT&T 2.31% 631,335 3.10% APPLIED MATERIALS, INC. 2.18% 425,981 2.09% PEOPLESOFT, INC. 2.04% 215,323 1.06% NEXTEL COMMUNICATIONS, INC. 1.68% 348,749 1.71% NORTEL NETWORKS, INC. 1.66% 258,048 1.27% PATTON BOGGS, L.L.P. 1.53% 190,975 0.94% SUN MICROSYSTEMS, INC. 1.52% 239,608 1.18% CITIGROUP 1.28% 227,135 1.11% GATEWAY, INC. 1.26% 287,478 1.41% SBC COMMUNICATIONS 1.19% 198,093 0.97% LATTICE SEMICONDUCTOR CORP 1.14% 216,650 1.06% SOFTWARE AG OF NORTH AMERICA 1.07% 209,521 1.03% SAFECO INSURANCE COMPANY 1.01% 265,658 1.30% FEDERAL DEPOSIT INSURANCE CORP 0.98% 121,793 0.60% SAFEWAY 0.96% 145,350 0.71% KING & SPALDING 0.82% 88,655 0.44% KPMG LLP 0.80% 135,558 0.67% SRIPPS RESEARCH INSTITUTE 0.79% 76,894 0.38% BOSTON SCIENTIFIC 0.77% 212,082 1.04% CHRONICLE OF HIGHER EDUCATION 0.73% 90,416 0.44% STELLCOM, INC. 0.72% 97,054 0.48% WALT DISNEY COMPANY 0.71% 115,820 0.57% UNISYS CORPORATION 0.70% 190,081 0.93% --------- -------------- ----------- Total 34.40% 6,021,831 29.56% ========= ============== ===========
20 CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES Current Development Activity by Market - -----------------------------------------------------------------------------
Estimated Construction Estimated Wholly Owned Property Start Completion Stabilization In Place Under Construction @ Sept. 30, 2002 Square Feet Date Date Date Dev Costs - ------------------------------------------------------------------------------------------------------------------------------ Atlanta The Forum 90,004 4Q00 1Q02 1Q03 12,666 ------------- ------------ Atlanta Subtotal 90,004 12,666 Denver Dry Creek Corporate Center Building 2 93,601 1Q01 1Q02 1Q03 8,860 ------------- ------------ Denver Subtotal 93,601 8,860 Washington, DC 675 E Street/1/ - 4Q01 3Q03 n/a 2,695 ------------- ------------ - 2,695 Total/Weighted Average 183,605 24,221 Less: Placed in Service (109,477) (14,271) ------------- ------------ Total/Weighted Average 74,128 9,950 ============= ============ Estimated Remaining Total Estimated % Currently Wholly Owned Property Costs to Projected Stabilized Leased or Under Construction @ Sept. 30, 2002 Complete Investment Return Committed - -------------------------------------------------------------------------------------------------------------------------- Atlanta The Forum (9) 12,657 11.0% 90.7% ----------- ----------- ---------- ----------- Atlanta Subtotal (9) 12,657 11.0% 90.7% Denver Dry Creek Corporate Center Building 2 3,878 12,738 5.6% 34.9% ----------- ----------- ---------- ----------- Denver Subtotal 3,878 12,738 5.6% 34.9% Washington, DC 675 E Street/1/ 17,557 20,252 n/a n/a ----------- ----------- ---------- ----------- 17,557 20,252 0.0% 0.0% Total/Weighted Average 21,426 45,647 8.3% 62.3% Less: Placed in Service (976) (15,247) ----------- ----------- Total/Weighted Average 20,450 30,400 8.3% 6.5% =========== =========== =========== ==========
/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 @ Sept. 30, 2002/2/ Ownership - ------------------------------------------------------------------------------------------------------------------------------------ Austin 300 West Sixth Street 20% 441,955 2Q00 4Q01 4Q02 77,749 13,267 ------------- ------------ ----------- Austin Subtotal 441,955 77,749 13,267 Chicago Nine Parkway North 35% 129,253 4Q00 1Q02 1Q03 17,495 6,623 ------------- ------------ ----------- Chicago Subtotal 129,253 17,495 6,623 Denver Panorama IV 35% 136,850 3Q02 3Q03 3Q03 3,689 21,756 ------------- ------------ ----------- Denver Subtotal 136,850 3,689 21,756 Washington, DC 575 7th Street 30% 478,251 3Q01 3Q03 3Q04 70,775 93,304 799 9th Street 40% 201,464 2Q00 4Q01 4Q02 55,531 5,607 ------------- ------------ ----------- Washington, DC Subtotal 679,715 126,306 98,911 Total/Weighted Average 1,387,773 225,239 140,557 Less: Placed in Service (411,571) (92,288) (7,238) ------------- ------------ ----------- Total/Weighted Average 976,202 132,951 133,319 ============= ============ =========== Total/Weighted Average Wholly & Partially Owned 1,050,330 142,901 153,769 ============= ============ =========== Partially Owned Property Under Construction @ Sept. 30, 2002/2/ - -------------------------------------------------------------------------------- Austin 300 West Sixth Street 91,016 10.7% 63.9% ----------- ------------- ------------- Austin Subtotal 91,016 10.7% 63.9% Chicago Nine Parkway North 24,118 8.8% 0.0% ----------- ------------- ------------- Chicago Subtotal 24,118 8.8% 0.0% Denver Panorama IV 25,445 10.1% 100.0% ----------- ------------- ------------- Denver Subtotal 25,445 10.1% 100.0% Washington, DC 575 7th Street 164,079 10.9% 51.0% 799 9th Street 61,138 10.7% 95.9% ----------- ------------- ------------- Washington, DC Subtotal 225,217 10.9% 64.3% Total/Weighted Average 365,796 10.6% 61.7% Less: Placed in Service (99,526) ----------- Total/Weighted Average 266,270 10.6% 45.6% =========== ============= ============= Total/Weighted Average Wholly & Partially Owned 296,670 10.5% 42.8% =========== ============= =============
/2/Project yields represent Carr's yields, exclusive of fees. 21 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 80 678,000 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 103 994,928 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 20 221,350 Total 178 2,066,238 ============= =============== Partially Owned Land - -------------------- Mountain Region Panorama VI Denver, CO 9 129,898 Panorama VII Denver, CO 6 100,000 Panorama IX Denver, CO 6 125,490 ------------- --------------- Subtotal 21 355,388 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 11 250,567 Royal Ridge Bldgs 4-6 Dallas, TX 16 316,786 Royal Ridge Bldg 8 Dallas, TX 6 132,709 ------------- --------------- 50 891,129 Total 71 1,246,517 ============= =============== Total All Land Held for Future Development or Sale 249 3,312,755 ============= ===============
/1/ Property currently held for sale 22 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% 19.0% 4,652,989 Nine Parkway North 8.8% 12.1% 1,143,341 Custer Court 10.3% 16.4% 894,194 575 7th Street 11.0% 17.2% 8,252,662 799 9th Street 10.7% 48.4% 1,375,000 Weighted Average Yield 10.6% 21.8%
/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). 23 -----END PRIVACY-ENHANCED MESSAGE-----