8-K

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) July 28, 2005

Commission File Nos. 1-11706

CARRAMERICA REALTY CORPORATION

(Exact name of registrant as specified in its charter)

Maryland	52-1796339
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer 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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

CarrAmerica Realty Corporation

Form 8-K

Item 2.02 Results of Operations and Financial Condition

On July 28, 2005, the Company announced its consolidated financial results for the quarter ended June 30, 2005. A copy of the Company’s earnings press release is furnished as Exhibit 99.2 to this report on Form 8-K. A copy of the Company’s Supplemental Operating and Financial Data for the Quarter Ended June 30, 2005 is furnished as Exhibit 99.1 to this report on Form 8-K. The information contained in this report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits

(a) Not applicable

(b) Not applicable

(c) Exhibits

The exhibits contained in this report on Form 8-K shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

Exhibits Number
99.1	Supplemental Operating and Financial Data for the Quarter Ended June 30, 2005
99.2	Press Release dated July 28, 2005, issued by CarrAmerica Realty Corporation
99.3	Supplemental Quarterly Call Reconciliations

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: July 29, 2005

CARRAMERICA REALTY CORPORATION
By:	/s/ Kurt A. Heister
	Kurt A. Heister
	Senior Vice President, Controller and Treasurer

3

EXHIBIT INDEX

Exhibit Number
99.1	Supplemental Operating and Financial Data for the Quarter Ended June 30, 2005
99.2	Press Release dated July 28, 2005
99.3	Supplemental Quarterly Call Reconciliations

4

EX-99.1

Exhibit 99.1

CarrAmerica

America’s Workplace^®

Supplemental Operating and Financial Data

For the Quarter Ended June 30, 2005

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
OPERATING ANALYSIS
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
Current Development Activity by Market	21
Land Held for Future Development Schedule	22
Reconciliation of Financial Measures	23-24
Computation of Supplemental Measures	25-26

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 in 12 markets across the United States.

CURRENT PORTFOLIO

(consolidated, stabilized; as of 6/30/05)

239 Properties

18.6 Million Square Feet

(consolidated/unconsolidated; as of 6/30/05)

290 Properties

27.0 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

Fitch:	BBB
Moody’s:	Baa2
Standard & Poor’s:	BBB

WEIGHTED AVERAGE OCCUPANCY (stabilized)

(At June 30, 2005)

88.3% Consolidated Properties

88.4% Consolidated/Unconsolidated Properties

REGIONAL DISTRIBUTION

(stabilized; as of 6/30/05)

	Based on POI*		Based on Square Footage
Pacific region	52.05	%	52.76	%
Eastern region	33.61	%	22.83	%
Central region	6.15	%	13.35	%
Mountain region	8.19	%	11.06	%

MARKETS

(stabilized; as of 6/30/05)

	% of POI*		% of Sq. Ft.
Washington DC Metro	33.61	%	22.83	%
San Francisco Bay Area	32.22	%	28.54	%
Southern California	14.14	%	14.21	%
Seattle/Portland	5.69	%	10.01	%
Phoenix	3.22	%	2.86	%
Denver	2.76	%	4.83	%
Dallas	2.75	%	5.36	%
Chicago	2.66	%	6.57	%
Salt Lake City	2.21	%	3.37	%
Austin	0.74	%	1.42	%
	100.00	%	100.00	%

* POI is Property Operating Income – Property operating revenue less property operating expenses and real estate taxes. POI is the performance measure used to assess the results of our real estate property operations segment. We believe that the presentation of property operating income is helpful to investors as a measure of the operating performance of our office properties because it excludes items that do not relate to or are not indicative of operating performance of the properties (including interest, depreciation and amortization) and which can make periodic comparison of operating performance more difficult.

BOARD OF DIRECTORS	RESEARCH COVERAGE(1)
Thomas A. Carr	Ross Smotrich
Chairman of the Board and	Bear Stearns & Co.
Chief Executive Officer	(212) 272-8046
CarrAmerica Realty Corporation
Bryce Blair	Louis Taylor
Chairman and Chief Executive Officer	Deutsche Banc Alex. Brown
AvalonBay Communities, Inc.	(212) 250-4912
Andrew F. Brimmer	Christopher Haley/Gregory Korondi
President	Wachovia Securities
Brimmer & Company Inc.	(443) 263-6773/(443) 263-6579
Joan Carter	Carey Callaghan/Dennis Maloney
President & COO	Goldman, Sachs & Co.
UM Holdings LTD	(212) 902-4351/(212) 902-1970
Philip L. Hawkins	Jim Sullivan/Cedrik LaChance
President and Chief Operating Officer	Green Street Advisors
CarrAmerica Realty Corporation	(949) 640-8780
Robert E. Torray	Anthony Paolone
Chairman	JPMorgan
Robert E. Torray & Co., Inc.	(212) 622-6682
Wesley S. Williams, Jr.	David Fick/John Guinee
President and Co-Chairman	Legg Mason Wood Walker, Incorporated
Lockhart Companies Inc.	(410) 454-5018
EXECUTIVE OFFICERS	David Harris Lehman Brothers (212) 526-5702
Thomas A. Carr
Chief Executive Officer
Philip L. Hawkins	Steve Sakwa/Brian Legg Merrill Lynch & Co. (212) 449-0335/(212) 449-1433
President and Chief Operating Officer
Stephen E. Riffee Chief Financial Officer	Greg Whyte/David Cohen Morgan Stanley Dean Witter (212) 761-6331/(212) 761-8561
Karen B. Dorigan Chief Investment Officer
Linda A. Madrid	Jim Sullivan/Jamie Feldman
Managing Director, General Counsel and	Prudential Securities
Corporate Secretary	(212) 778-2515/ (212) 778-1724
RESEARCH COVERAGE(1)	Jonathan Litt/John Stewart Salomon Smith Barney
David Aubuchon
A.G. Edwards	(212) 816-0231/(212) 816-1685
(314) 955-5452
Daniel Oppenheim
Bank of America Securities
(212) 847-5705

(1) Carramerica Realty Corp. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Carramerica Realty Corp.’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Carramerica Realty Corp. or its management. Carramerica Realty Corp. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

2

CORPORATE HEADQUARTERS	INVESTOR RELATIONS
1850 K Street, NW	CarrAmerica Realty Corporation
Suite 500	1850 K Street, NW
Washington, DC 20006	Washington, DC 20006
202-729-1700	Telephone: 202-729-1700 Fax: 202-729-1060
REGIONAL OFFICES
Austin, Texas; Dallas, Texas; Denver Colorado; Salt Lake City, Utah	CONTACT
Jeffrey S. Pace, Managing Director	Stephen M. Walsh Senior Vice President, Capital Markets
Chicago, Illinois
Gerald J. O’Malley, Managing Director	Telephone: 202-729-1764 E-mail: swalsh@carramerica.com
Northern California
Christopher Peatross, Managing Director	INFORMATION REQUEST
Seattle/Portland
Clete Casper, Managing Director	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:
Southern California
Malcolm O’Donnell, Managing Director	Investor Relations at 202-729-7518 Or 1-800-417-2277 swalsh@carramerica.com
Washington, D.C.
Phillip Thomas, Managing Director
STOCK EXCHANGE LISTINGS	CarrAmerica
New York Stock Exchange	PLEASE VISIT OUR CORPORATE WEB SITE AT: www.carramerica.com
COMMON STOCK TRADING SYMBOL
CRE

3

CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES

Key Quarterly Financial Data

($ and shares in thousands)	6/30/2005			3/31/2005			12/31/2004			9/30/2004			6/30/2004
Shares and Units:
Common Shares		55,707			55,195			54,890			54,455			54,347
Outstanding Minority Units (a)		5,185			5,214			5,323			5,360			5,367
Combined Shares and Minority Units (a)		60,892			60,409			60,213			59,815			59,714
Weighted Average - Basic		54,930			54,598			54,865			54,069			54,012
Weighted Average - Diluted		55,466			60,239			54,865			54,669			54,339
Share Price:
At the End of the Period	$	36.18		$	31.55		$	33.00		$	32.70		$	30.23
High During Period		37.05			33.35			34.07			34.34			34.25
Low During Period		30.75			30.00			31.40			29.81			26.63
Capitalization Summary:
Market Value of Common Equity (a,h)	$	2,203,073		$	1,905,904		$	1,987,029		$	1,955,951		$	1,805,154
Preferred Equity		201,250			201,250			201,250			201,250			201,250
Total Debt (f)		1,793,230			1,943,660			1,952,158			1,878,000			1,864,167
Total Market Capitalization (g)		4,197,553			4,050,814			4,140,437			4,035,201			3,870,571
Total Debt/Total Market Capitalization (g)		42.7	%		48.0	%		47.1	%		46.5	%		48.2	%
Financial Information:
Total Assets	$	2,957,441		$	3,107,489		$	3,081,192		$	2,978,166		$	2,958,779
Book Value of Real Estate Assets (before accumulated depreciation)		3,141,818			3,147,841			3,296,962			3,226,651			3,072,394
Total Liabilities		1,909,479			2,052,433			2,088,843			1,992,635			1,982,873
Total Minority Interest		59,617			61,050			65,378			63,371			63,963
Total Shareholders’ Equity		988,345			994,006			926,971			922,160			911,943
Total Operating Revenues		119,760			127,029			126,169			123,204			120,323
Property Operating Income (i)		74,715			79,282			78,048			76,649			75,642
Property Operating Income Percent of Revenue (i)		65.2	%		65.3	%		65.1	%		65.5	%		65.7	%
EBITDA (e)		72,605			77,371			74,834			81,658			77,126
Interest Coverage Ratio (b,e,g)		2.6			2.6			2.5			2.9			2.8
Interest Coverage Ratio (c,e,g)		2.6			2.6			2.5			2.9			2.8
Fixed Charge Coverage Ratio (b,e,g)		2.2			2.2			2.1			2.2			2.2
Fixed Charge Coverage Ratio (c,e,g)		2.2			2.2			2.1			2.2			2.1
Net income		11,868			95,042			26,794			37,556			14,007
Diluted FFO available to common shareholders (d)		42,271			41,402			33,821			51,212			47,661
Funds available for distribution to common shareholders coverage ratio (j)		1.0			1.1			0.6			1.0			0.8
Dividends Declared		0.50			0.50			0.50			0.50			0.50
Net-Straight Line Revenue Adjustment		(331	)		2,487			1,397			1,715			801
Consolidated Portfolio:
Buildings		239			238			251			253			258
Total Square Footage (in thousands)		18,608			18,686			19,864			19,707			20,582
Current Occupancy		88.3	%		88.1	%		87.8	%		87.0	%		87.1	%
Consolidated and Unconsolidated Portfolio:
Buildings		290			287			292			294			296
Total Square Footage (in thousands)		26,966			26,226			26,355			26,811			26,750
Current Occupancy		88.4	%		88.0	%		87.7	%		86.4	%		86.9	%

(a) Minority partnership units are included in market value computation.

(b) Excluding capitalized interest. See page 26 for computation.

(c) Including capitalized interest. See page 26 for computation.

(d) Represents diluted Funds from Operations (FFO). Funds from operations is defined as net income (loss), excluding gains (losses) on sales of property, plus depreciation and amortization of assets and after adjustments for unconsolidated partnerships and joint ventures in accordance with the NAREIT definition. Diluted funds from operations is computed as FFO attributable to common shareholders adjusted to reflect all operating partnership units as if they were converted to common shares for any period in which they are not antidulitive. In the fourth quarter 2004, minority units were antidilutive. See page 23 for a reconciliation of diluted FFO to net income.

(e) Excludes impairment charges and prepayment penalties on debt. See page 24 for reconciliation of EBITDA to net income.

(f) Excludes bond issue costs and discounts and the fair value of interest rate swaps.

(g) Refer to page 6 for definintion.

(h) Market value based on end of period stock price.

(i) Property operating income - Property operating revenue less property operating expenses and real estate taxes (see page 1). See page 26 for reconciliation to net income.

(j) See page 25 for reconciliation of funds available for distribution to net income, definition and computation of ratio.

4

CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES

Same Store Operating Property Results

	Three Months Ended June 30,						% Change		Six Months Ended June 30,						% Change
(In thousands)	2005			2004					2005			2004
Real estate rental revenue(1)	$	104,765		$	109,019		-3.9	%	$	209,927		$	216,645		-3.1	%
Real estate operating expenses		36,693			36,024		1.9	%		72,756			72,159		0.8	%
Total same store property operating income*	$	68,072		$	72,995		-6.7	%	$	137,171		$	144,486		-5.1	%
Straight-line rent adjustment	$	(831	)	$	1,167		-171.2	%	$	359		$	538		-33.3	%
Average occupancy		88.8	%		88.4	%				88.5	%		87.8	%
Same store square footage		17,063,995								17,063,995

* Property operating income is the performance measure used to assess the results of our real estate property segment. We believe that the presentation of property operating income is helpful to investors as a measure of the operating performance of our office properties because it excludes items that do not relate to or are not indicative of operating performance of the properties (including interest, depreciation and amortization) and which can make periodic comparison of operating performance more difficult.

(1) Includes termination fees of $0.7 million and $3.5 million and $1.2 million and $4.7 million for the three and six months ended June 30, 2005 and 2004, respectively.

5

CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES

Financial Ratios

Financial Position Ratios for Operations:

	June 30, 2005		December 31, 2004
Total Debt/Total Capitalization (Book Value) (1)	62.3	%	65.4	%
Total Debt/Total Capitalization (Market) (2)	42.7	%	47.1	%

Operating Ratios for Operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2005		2004		2005		2004
Secured Property Operating Income/EBITDA (3)	16.1	%	22.5	%	15.6	%	22.9	%
Interest Coverage (4)
Excluding capitalized interest	2.6		2.8		2.6		2.9
Including capitalized interest	2.6		2.8		2.6		2.8
Fixed Charge Coverage (5)
Excluding capitalized interest	2.2		2.2		2.2		2.2
Including capitalized interest	2.2		2.1		2.2		2.2
G&A as a % of Revenue (6)	8.3	%	8.8	%	8.3	%	8.6	%

(1) Total debt excluding unamortized bond discount and fair market value of interest rate swaps divided by total debt excluding unamortized bond discount and fair market value of interest rate swaps plus stockholders' equity, minority interest, rents received in advance and security deposits. The components of the calculation are presented in the following table:

(In thousands)	6/30/2005		12/31/2004
Total debt	$	1,793,230	$	1,952,158
Stockholders’ equity		988,345		926,971
Minority interest		59,617		65,378
Rents received in advance and security deposits		34,907		40,304
Total capitalization (book value)	$	2,876,099	$	2,984,811

(2) Total debt excluding unamortized bond discount and fair market value of interest rate swaps divided by market value of common stock (total common shares outstanding at quarter end times closing market price at quarter end) plus preferred equity liquidation value and total debt excluding unamortized bond discount and fair market value of interest rate swaps. See page 4 for components of calculation.

(3) See page 24 for a reconciliation of EBITDA to net income and the computation of these amounts. Secured property operating income is rental revenue less property operating expenses and real estate taxes from only those properties with mortgage debt.

(4) Calculated as net income less interest expense (including or excluding capitalized interest), income tax expense, depreciation and amortization expense, minority interest, obligations under lease guarantees and gain (loss) on sale of assets and other provisions, net divided by interest expense (including or excluding capitalized interest and prepayment penalties on debt). See page 26 for calculation.

(5) Calculated as net income less interest expense (including or excluding capitalized interest and prepayment penalties on debt), income tax expense, depreciation and amortization expense, minority interest, obligations under lease guarantees and gain (loss) on sale of assets and other provisions, net divided by principal mortgage debt payments plus preferred dividends and interest expense (including or excluding capitalized interest and prepayment penalties on debt). See page 26 for calculation.

(6) General and administrative expense divided by total revenue.

(7) We believe these ratios are helpful to investors enabling the investors to compare CarrAmerica against other companies or industry benchmarks.

6

CARRAMERICA REALTY CORPORATION

AND SUBSIDIARIES

Share and Operating Partnership Data

The following table sets forth our common shares and dividend paying operating partnership units outstanding at June 30, 2005 and December 31, 2004, and our weighted average common shares and dividend paying operating units outstanding for the quarters and six months ended June 30, 2005 and 2004.

(In thousands)	CarrAmerica Realty Corporation Common Shares Outstanding	CarrAmerica Realty Corporation Restricted Common Shares Outstanding	Dividend Paying Units Outstanding (a)
Outstanding as of
June 30, 2005	55,182	525	5,186
December 31, 2004	54,504	386	5,323
Weighted average for the three months ended June 30,
2005	54,930	517	5,199
2004	54,012	331	5,389
Weighted average for the six months ended June 30,
2005	54,765	483	5,211
2004	53,818	316	5,417

Notes:

(a) Operating partnership units are redeemable for cash or common shares, at our option, on a one-for-one basis.

* We have 8,050,000 shares of Series E Cumulative Redeemable Preferred stock outstanding as of June 30, 2005 which are not included in the table above. The quarterly dividend is $0.46875 per share.

7

CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES

Debt Capitalization Summary

Secured Mortgages Payable

($ in thousands) Description of Notes/Lender	Property	Principal Outstanding		Interest Rate		Maturity Date	2005		2006		2007		2008		2009
Metropolitan Life Insurance Co.	2600 West Olive	$	17,939	6.75	%	2/1/2009	$	159	$	334	$	358	$	383	$	16,705
Midland Loan Services	Palomar Oaks		8,934	8.85	%	4/1/2009		120		255		278		304		7,977
Northwest Mutual	1255 23rd St. 1730 Pennsylvania International Square		35,963	8.12	%	4/1/2009		334		717		778		845		33,289
Northwest Mutual	1255 23rd St. 1730 Pennsylvania International Square		172,490	8.12	%	4/1/2009		1,600		3,440		3,730		4,040		159,680
New York Life Insurance	South Coast		13,971	7.13	%	6/10/2009		147		312		335		359		12,818
TransAmerica Life Insurance	1775 Pennsylvania		11,237	7.63	%	9/1/2009		82		175		188		203		10,589
		$	260,534				$	2,442	$	5,233	$	5,667	$	6,134	$	241,058

Notes Payable

Lender	Security	Principal Outstanding		Interest Rate		Maturity Date	2005		2006		2007		2008		2009
State Farm	Letter of Credit	$	15,631	7.20	%	1/1/2006	$	15,631	$	—	$	—	$	—	$	—
EquiTrust Life Insurance Co.	Letter of Credit		3,065	8.25	%	11/1/2006		57		3,008		—		—		—

8

CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES

Debt Capitalization Summary - Continued

Senior Unsecured Notes

($ in thousands)	Principal Outstanding		Interest Rate		Maturity Date	2005		2006		2007		2008		2009		2010& Thereafter
7.375% notes due 2007	$	125,000	7.375	%	7/1/2007	$	—	$	—	$	125,000	$	—	$	—	$	—
6.875% notes due 2008		100,000	6.875	%	3/1/2008		—		—		—		100,000		—		—
3.625% notes due 2009*		225,000	3.625	%	4/1/2009		—		—		—		—		225,000		—
7.125% notes due 2012		400,000	7.125	%	1/15/2012		—		—		—		—		—		400,000
5.261% notes due 2007		50,000	5.261	%	11/30/2007		—		—		50,000		—		—		—
5.250% notes due 2007*		175,000	5.250	%	11/30/2007		—		—		175,000		—		—		—
5.125% notes due 2011		200,000	5.125	%	9/1/2011		—		—		—		—		—		200,000
	$	1,275,000				$	—	$	—	$	350,000	$	100,000	$	225,000	$	600,000

* See hedging

Hedging Instruments

($ in thousands)	Notional Amount	Maturity Date	Reset	Terms
Interest rate swap1	100,000	4/1/2009	Arrears	6ML+.2675	%
Interest rate cap	200,000	2/1/2006	Prompt	7.50	%

¹ Interest rate on $100M of 3.625% notes including effect of interest rate swap is 4.23%

Unsecured Line of Credit

($ in thousands) Lender	Available Commitment		Interest Rate		Maturity Date	Amount Outstanding at Beginning of Year		Advances		Repayments		Amount Outstanding End of Period*		Letters of Credit Outstanding
JPMorgan Chase Bank	$	500,000	L+.65	%	6/20/2007	$	295,000	$	205,000	$	261,000	$	239,000	$	35,874

Bond Covenant Requirements

Unsecured Credit Facility Covenant Requirements

Minimun Annual Service Charge > 1.50X Maximum Total Indebtedness to Total Assets < 60% Maximum Total Secured Debt to Total Assets < 40% Minimum Total Unencumbered Assets to Unsecured Indebtedness > 150% *  As of June 30, 2005, we are in compliance with our bond covenants.

Minimum Ratio of Annual EBITDA to Interest Expense > 2 to 1 Minimum Ratio of Annual EBITDA to Fixed Charges of at Least 1.5 to 1 Maximum Ratio of Aggregate Unsecured Debt to Tangible Fair Market Value of Unencumbered Assets > 60% Maximum Ratio of Total Debt to Tangible Fair Market Value of Assets > 60% Maximum Ratio of Total Secured Debt to Tangible Fair Market Value of Assets > 30% *  As of June 30, 2005, we are in compliance with our credit facility covenants.

9

CARRAMERICA REALTY CORPORATION

AND SUBSIDIARIES

Investment Balances

($ in thousands)	Accounting Method	Percentage Ownership		Investment Balance as of June 30, 2005
Carr Office Park LLC	Equity	35	%	$	50,323
575 7th St.	Equity	30	%		20,580
Pleasant Partners	Equity	19	%		19,362
1919 Pennsylvania Assoc.	Equity	49	%		17,036
1888 Century Plaza	Equity	35	%		15,025
North Dallas Town Center	Equity	20	%		14,098
Colannade	Equity	20	%		10,141
1201 F Street	Equity	35	%		7,069
300 W. Sixth Street	Equity	20	%		5,233
Custer Court	Equity	49	%		2,439
Agilquest	Cost	19	%		1,659
WCM JV	Equity	16	%		1,298
CCJMII	Equity	50	%		39
10UCP	Equity	20	%		—
				$	164,302

10

CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES

Unconsolidated Equity Investments

As of and for the Six Months Ended June 30, 2005

($ in thousands)	1888 Century		Custer Court		1201 F St.		300 W. 6th St.		Carr Office Park		WCM JV		1919 Penn Assoc.		575 7th St.		10 UCP		North Dallas Town		Pleasant Partners		Colannade
Equity1	15,148		2,155		8,199		4,366		73,187		1,298		17,992		14,884		(9,486	)	14,086		37,310		10,141
Loans payable2	28,350		5,189		13,300		11,080		75,727		—		38,580		21,240		51,600		—		—		19,967
Percentage ownership	35	%	49	%	35	%	20	%	35	%	16	%	49	%	30	%	20	%	20	%	19	%	20	%
Total revenue	6,867		962		6,294		5,665		30,964		738		9,972		7,438		13,621		4,404		5,910		3,504
Expenses
Operating expenses	2,824		477		2,272		2,367		12,246		125		3,225		3,016		4,627		1,408		2,235		1,388
Interest expense	2,106		273		1,334		1,439		7,505		—		2,909		1,613		6,426		—		—		892
Depreciation/amortization	2,860		434		1,255		1,838		10,089		310		1,506		2,210		3,594		2,089		2,539		2,244
Total expenses	7,790		1,184		4,861		5,644		29,840		435		7,640		6,839		14,647		3,497		4,774		4,524
Gain on sale	—		—		—		—		2,011		—		—		8,556		—		—		—		—
Net income	(923	)	(222	)	1,433		21		3,135		303		2,332		9,155		(1,026	)	907		1,136		(1,020	)
Equity in earnings	(55	)	(116	)	503		(14	)	194		51		1,154		76		—		181		273		(205	)

¹ CarrAmerica’s share of the investee’s equity

² CarrAmerica’s percentage of investee debt

11

CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES

Current Summary of Portfolio Operating Properties As Of June 30, 2005

	Net Rentable Area in Square Feet(1)	Percent Leased(2)		Number of Buildings
Consolidated Properties
Downtown Washington, D.C.:
International Square	1,012,773	98.5	%	3
900 19th Street	101,215	98.3	%	1
2550 M Street	192,393	100.0	%	1
1730 Pennsylvania Avenue	227,714	97.3	%	1
1775 Pennsylvania Avenue	143,857	98.6	%	1
Commercial National Bank Building	204,021	99.1	%	1
1255 23rd Street	304,721	97.0	%	1
1747 Pennsylvania Avenue	151,997	100.0	%	1
1717 Pennsylvania Avenue	184,446	100.0	%	1
Downtown Washington, D.C.	2,523,137	98.6	%	11
Suburban Washington, D.C.:
Canal Center	495,211	93.6	%	4
TransPotomac V Plaza	97,402	86.6	%	1
One Rock Spring Plaza	205,298	98.2	%	1
Sunrise Corporate Center	258,058	100.0	%	3
Reston Crossing	327,788	100.0	%	2
Commonwealth Tower	339,599	100.0	%	1
Suburban Washington, D.C.	1,723,356	97.2	%	12
Washington, D.C. Metro	4,246,493	98.0	%	23
Southern California,
Los Angeles:
Warner Center	344,176	100.0	%	12
Warner Premier	59,371	92.5	%	1
2600 W. Olive	145,274	36.2	%	1
Los Angeles	548,821	82.3	%	14
Orange County
Scenic Business Park	139,359	94.7	%	4
Harbor Corporate Park	151,415	99.0	%	4
Von Karman	104,375	100.0	%	1
Pacific Corporate Plaza	124,196	100.0	%	3
South Coast Executive Center	154,959	100.0	%	2
Bay Technology Center	107,481	100.0	%	2
Orange County	781,785	98.8	%	16
San Diego:
Del Mar Corporate Plaza	124,345	100.0	%	2
Lightspan	66,622	87.5	%	1
La Jolla Spectrum	156,653	100.0	%	2
Palomar Oaks Technology Park	170,705	100.0	%	6
Town Center Technology Park IV	105,358	100.0	%	1
Torrey Pines Research Center	81,816	0.0	%	1
Highlands Corporate Center	203,086	86.8	%	5
Town Center Technology Park	182,120	100.0	%	3
Carroll Vista	107,579	100.0	%	3
Corporate Plaza II	116,166	90.0	%	2
San Diego	1,314,450	90.2	%	26
Southern California	2,645,056	91.1	%	56

12

CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES

Current Summary of Portfolio Operating Properties As Of June 30, 2005

	Net Rentable Area in Square Feet(1)	Percent Leased(2)		Number of Buildings
Northern California,
San Francisco Bay Area:
Bayshore Centre	94,874	79.0	%	1
Rincon Centre	201,178	75.8	%	3
Valley Centre II	212,082	89.4	%	4
Valley Office Centre	68,917	89.6	%	2
Valley Centre	102,291	54.6	%	2
Valley Business Park II	166,928	44.7	%	6
Rio Robles	368,178	100.0	%	7
Baytech Business Park	300,000	100.0	%	4
3571 North First Street	116,000	100.0	%	1
Oakmead West	425,981	67.4	%	7
Clarify Corporate Center	258,048	100.0	%	4
Valley Technology Center	460,590	98.3	%	7
Golden Gateway Commons	276,128	100.0	%	3
Techmart Commerce Center	264,908	95.9	%	1
Fremont Technology Park	139,304	71.9	%	3
San Mateo Center	209,017	82.4	%	3
Mountain View Gateway Center	236,400	100.0	%	2
Hacienda West	207,518	80.5	%	2
Sunnyvale Technology Center	165,520	100.0	%	5
Stanford Research Park	89,595	100.0	%	2
500 Forbes	155,685	100.0	%	1
Corporate Technology Centre	508,230	62.1	%	7
Mission Towers I	282,080	100.0	%	1
San Francisco	5,309,452	86.7	%	78
Portland, OR:
Sunset Corporate Park	132,531	62.2	%	3
Rock Creek Corp Center	142,662	100.0	%	3
Portland	275,193	81.8	%	6
Seattle, WA:
Redmond Hilltop	90,880	10.4	%	2
Canyon Park	316,978	97.4	%	6
Willow Creek	96,179	100.0	%	1
Willow Creek Corp. Center	319,376	45.5	%	6
Canyon Park Commons	176,846	100.0	%	3
Redmond East	398,320	72.0	%	10
Canyon Park Commons	95,290	100.0	%	1
North Creek Corporate Center	94,048	89.8	%	3
Seattle	1,587,917	75.8	%	32

13

CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES

Current Summary of Portfolio Operating Properties As Of June 30, 2005

	Net Rentable Area in Square Feet(1)	Percent Leased(2)		Number of Buildings
Austin, TX:
City View Centre	136,106	67.9	%	3
City View Centre	128,716	100.0	%	1
Austin	264,822	83.5	%	4
Chicago, IL:
Butterfield Road	365,698	60.3	%	2
The Crossings	289,599	88.8	%	1
Parkway North I	251,018	15.4	%	1
Bannockburn	315,784	79.1	%	3
Chicago	1,222,099	62.7	%	7
Dallas, TX:
Cedar Maple Plaza	113,010	80.0	%	3
Quorum North	115,848	84.9	%	1
Quorum Place	177,608	81.9	%	1
Two Mission Park	77,353	88.4	%	1
5000 Quorum	159,995	85.1	%	1
Tollway Plaza	354,300	92.7	%	2
Dallas	998,114	86.9	%	9
Denver, CO:
Harlequin Plaza	319,069	83.8	%	2
Quebec Court I	130,000	100.0	%	1
Quebec Court II	157,294	100.0	%	1
Quebec Centre	106,865	91.9	%	3
Dry Creek	185,957	99.3	%	2
Denver	899,185	93.1	%	9
Phoenix, AZ:
Qwest Communications	532,506	100.0	%	4
Salt Lake City, UT:
Sorenson Research Park	321,428	95.2	%	6
Wasatch Corporate Center	227,875	94.7	%	4
Creekside	78,000	100.0	%	1
Salt Lake City	627,303	95.6	%	11
TOTAL CONSOLIDATED PROPERTIES:	18,608,140			239
WEIGHTED AVERAGE @ Jun. 30, 2005		88.3	%

14

CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES

Current Summary of Portfolio Operating Properties As of June 30, 2005

Property	Company’s Effective Property Ownership		Net Rentable Area in Square Feet(1)	Percent Leased(2)		Number of Buildings
Unconsolidated Properties
Washington, D.C.:
1919 Pennsylvania Avenue	49.0	%	240,399	97.1	%	1
2025 M Street	49.0	%	174,763	100.0	%	1
1201 F Street	35.0	%	226,922	99.2	%	1
Bond Building	15.0	%	162,182	100.0	%	1
Terrell Place	30.0	%	383,488	77.7	%	1
Portland, OR:
GM Call Center	16.2	%	103,279	100.0	%	1
Chicago
Parkway	35.0	%	745,277	94.8	%	6
Dallas
Royal Ridge	35.0	%	504,499	99.7	%	4
Custer Court	49.0	%	120,680	91.9	%	1
North Dallas Town Center	20.0	%	391,187	97.0	%	3
Colonnade	20.0	%	974,432	88.6	%	3
Austin
Riata Corporate	35.0	%	671,998	79.0	%	8
Riata Crossing	35.0	%	324,963	100.0	%	4
300 W. 6th Street	20.0	%	428,007	70.2	%	1
Denver
Panorama	35.0	%	673,713	95.6	%	6
San Francisco Bay Area
CarrAmerica Corporate Center	18.9	%	974,924	83.3	%	7
Los Angeles
10UCP	20.0	%	771,124	94.4	%	1
1888 Century Park East	35.0	%	485,679	64.1	%	1
TOTAL UNCONSOLIDATED PROPERTIES:			8,357,516			51
WEIGHTED AVERAGE @ Jun. 30, 2005				88.7	%
ALL OPERATING PROPERTIES
TOTAL:			26,965,656			290
WEIGHTED AVERAGE @ Jun. 30, 2005				88.4	%

⁽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 Jun. 30, 2005.

15

CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES

Lease Rollover Schedule - Stabilized Properties

		As of June 30, 2005
Market	Square Feet	Current Occupancy		YTD Ave. Occupancy		Vacant Sq. Feet	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015 & Thereafter
Los Angeles	548,821	82.3	%	82.0	%	97,096	17,677	182,165	37,087	41,349	23,581	12,675	18,830	52,787	11,514	30,895	23,165
Orange County	781,785	98.8	%	96.8	%	9,006	8,467	64,120	146,181	278,650	155,823	54,193	65,345	—	—	—	—
San Diego	1,314,450	90.2	%	86.0	%	128,453	51,347	158,705	73,769	73,114	155,346	143,678	75,369	325,162	—	—	129,507
San Francisco Bay Area	5,309,452	86.8	%	87.1	%	704,105	285,046	1,133,406	514,815	604,113	642,096	409,512	373,474	310,276	22,691	152,555	157,363
Seattle	1,587,917	75.8	%	77.3	%	384,939	56,791	68,517	168,528	88,385	415,277	155,213	—	51,435	83,599	39,541	75,692
Portland	275,192	81.8	%	81.8	%	50,069	10,000	6,909	—	—	13,756	173,923	20,535	—	—	—	—
Denver	899,185	93.1	%	92.7	%	61,829	77,586	48,127	32,953	303,414	119,648	15,948	76,889	—	32,791	—	130,000
Phoenix	532,506	100.0	%	100.0	%	—	—	—	532,506	—	—	—	—	—	—	—	—
Salt Lake City	627,303	95.6	%	92.3	%	27,581	17,247	20,304	44,379	149,902	151,910	102,557	52,315	42,873	18,235	—	—
Chicago	1,222,099	62.7	%	63.1	%	456,019	49,652	51,200	86,590	136,144	94,981	101,540	80,749	21,082	107,485	13,732	22,925
Austin	264,822	83.5	%	78.3	%	43,711	1,364	2,701	35,767	10,000	33,855	—	—	—	8,708	128,716	—
Dallas	998,114	86.9	%	86.3	%	130,904	33,768	50,598	141,715	224,029	236,986	138,314	16,986	—	20,457	4,357	—
Washington, D.C.
Downtown	2,523,137	98.6	%	98.8	%	35,401	189,448	434,840	398,510	131,442	234,276	48,303	24,854	88,313	217,172	107,034	613,544
Suburban	1,723,356	97.2	%	96.4	%	48,320	35,336	407,389	126,361	155,316	423,214	172,432	243,428	73,781	1,419	23,384	12,976
Total	18,608,139	88.3	%	87.9	%	2,177,433	833,729	2,628,981	2,339,161	2,195,858	2,700,749	1,528,288	1,048,774	965,709	524,071	500,214	1,165,172

16

CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES

Rent Rollover Schedule of Minimum Annualized Base Rent - Stabilized Properties

Market	2005		2006		2007		2008		2009		2010		2011		2012		2013		2014		2015 & Thereafter
Los Angeles	$	427,017	$	5,277,176	$	879,395	$	943,705	$	533,945	$	303,476	$	281,320	$	1,221,614	$	274,942	$	849,122	$	766,362
Orange County		210,688		1,505,379		2,788,012		5,343,156		2,993,195		1,144,000		1,540,712		—		—		—		—
San Diego		1,547,098		3,696,844		1,736,524		2,262,720		4,488,855		3,465,276		2,119,761		6,976,777		—		—		4,905,183
San Francisco Bay Area		6,590,243		28,049,945		13,726,738		10,052,463		11,772,476		9,037,015		11,285,230		8,649,068		374,101		2,095,749		7,457,379
Seattle		655,100		885,433		1,918,808		1,439,491		6,854,956		1,801,208		—		236,348		1,313,765		448,700		1,358,924
Portland		118,336		82,908		—		—		126,985		3,293,447		399,794		—		—		—		—
Denver		705,769		816,125		480,246		4,943,993		1,723,906		230,469		1,032,461		—		522,048		—		2,014,756
Phoenix		—		—		9,923,637		—		—		—		—		—		—		—		—
Salt Lake City		193,705		302,760		701,323		2,319,396		1,641,766		1,580,397		622,871		777,078		285,276		—		—
Chicago		687,570		761,805		1,491,895		2,165,723		1,354,313		1,605,447		1,208,886		352,788		1,478,882		165,787		375,889
Austin		—		27,024		600,834		169,557		600,028		—		—		—		159,591		1,651,542		—
Dallas		620,004		926,347		2,539,918		4,820,300		4,278,017		2,559,349		409,802		—		332,426		125,532		—
Washington, D.C.
Downtown		1,488,821		13,971,789		14,851,231		4,545,444		8,711,043		2,070,013		1,005,580		3,690,198		9,860,858		4,082,232		34,703,769
Suburban		1,049,305		11,412,537		4,034,258		4,822,634		9,553,437		5,607,666		7,710,174		2,378,868		53,164		459,303		400,409
Total	$	14,293,656	$	67,716,072	$	55,672,819	$	43,828,582	$	54,632,922	$	32,697,763	$	27,616,591	$	24,282,739	$	14,655,053	$	9,877,967	$	51,982,671

17

CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES

Operating Portfolio Lease Economics

	2nd Quarter 2005
Market	Total Executed Sq. Feet	New GAAP Rental Rate	% Change in GAAP Rental Rate*		Ave. Lease Term in Years	Lease Commissions /Sq. Ft.	Tenant Improvements and Allowances /Sq. Ft.	Total TIs and LCs /Sq. Ft.
Austin	2,701	18.74	6.96	%	1.00	0.37	—	0.37
Chicago	52,310	19.88	-9.51	%	3.47	3.56	7.27	10.83
Dallas	43,833	19.10	-5.94	%	4.16	2.62	10.40	13.02
Denver	85,050	14.24	-24.29	%	4.81	6.22	12.24	18.46
Los Angeles	—	—	—		—	—	—	—
Orange County	47,568	21.90	-8.63	%	3.78	3.56	7.55	11.11
Portland	—	—	—		—	—	—	—
Salt Lake City	8,706	17.82	7.95	%	3.57	4.07	9.06	13.13
San Diego	78,280	26.65	4.25	%	3.73	3.27	5.00	8.27
San Francisco Bay	506,864	20.39	-38.19	%	5.57	3.84	23.78	27.62
Seattle	193,666	16.55	-31.07	%	9.27	8.66	35.27	43.93
Washington, D.C.								—
Suburban	22,439	32.92	8.08	%	4.21	—	3.85	3.85
Downtown	104,832	44.54	11.48	%	7.32	4.59	36.19	40.78
Total	1,146,249	22.13	-18.87	%	5.89	4.71	22.22	26.93
	2nd Quarter 2004
Market	Total Executed Sq. Feet	New GAAP Rental Rate	% Change in GAAP Rental Rate*		Ave. Lease Term in Years	Lease Commissions /Sq. Ft.	Tenant Improvements and Allowances /Sq. Ft.	Total TIs and LCs /Sq. Ft.
Austin	—	—	—		—	—	—	—
Chicago	27,255	18.45	-21.55	%	6.36	5.50	16.32	21.82
Dallas	22,041	16.95	-7.96	%	3.14	2.47	4.17	6.64
Denver	88,872	15.13	-29.44	%	4.97	5.30	14.34	19.64
Los Angeles	20,765	23.89	-10.19	%	6.40	8.09	28.98	37.07
Orange County	59,897	23.44	-7.79	%	3.79	1.62	5.27	6.89
Portland	20,535	19.47	-7.29	%	7.00	—	—	—
Salt Lake City	44,994	15.90	-6.76	%	4.14	1.32	4.32	5.64
San Diego	57,696	19.29	-5.11	%	3.86	2.35	10.39	12.74
San Francisco Bay	257,655	14.50	-49.65	%	3.89	3.66	10.15	13.81
Seattle	66,499	14.56	-5.62	%	7.22	3.61	16.28	19.89
Washington, D.C.								—
Suburban	41,854	31.68	6.80	%	4.88	2.95	9.29	12.24
Downtown	56,178	34.26	-14.57	%	4.38	4.23	18.20	22.43
Total	764,241	18.72	-26.78	%	4.62	3.51	11.29	14.80

* Percent change in GAAP rental rates excludes leases for space vacant greater than one year.

18

CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES

Operating Portfolio Lease Economics

	Year-to-Date 2005
Market	Total Executed Sq. Feet	New GAAP Rental Rate	% Change in GAAP Rental Rate*		Ave. Lease Term in Years	Lease Commissions /Sq. Ft.	Tenant Improvements and Allowances /Sq. Ft.	Total TIs and LCs /Sq. Ft.
Austin	2,701	18.74	6.96	%	1.00	0.37	—	0.37
Chicago	95,920	20.07	-11.68	%	4.83	5.47	16.73	22.20
Dallas	63,852	19.44	-5.66	%	4.12	2.93	10.32	13.25
Denver	116,123	14.59	-24.35	%	5.20	6.35	13.72	20.07
Los Angeles	—	—	—		—	—	—	—
Orange County	47,568	21.90	-8.63	%	3.78	3.56	7.55	11.11
Portland	—	—	—		—	—	—	—
Salt Lake City	51,102	17.31	-5.29	%	4.92	3.33	10.53	13.86
San Diego	166,846	28.26	15.73	%	6.11	5.25	13.39	18.64
San Francisco Bay	685,359	19.51	-37.05	%	5.26	3.56	19.76	23.32
Seattle	200,554	16.46	-30.50	%	9.14	8.47	34.85	43.32
Washington, D.C.
Suburban	89,894	32.03	7.78	%	5.56	3.02	14.10	17.12
Downtown	128,437	44.39	9.75	%	7.43	5.59	37.64	43.23
Total	1,648,356	22.33	-16.48	%	5.87	4.73	20.40	25.13
	Year-to-Date 2004
Market	Total Executed Sq. Feet	New GAAP Rental Rate	% Change in GAAP Rental Rate*		Ave. Lease Term in Years	Lease Commissions /Sq. Ft.	Tenant Improvements and Allowances /Sq. Ft.	Total TIs and LCs /Sq. Ft.
Austin	—	—	—		—	—	—	—
Chicago	36,009	19.06	-17.30	%	6.05	5.11	13.74	18.85
Dallas	93,392	19.71	-9.30	%	4.88	3.70	6.72	10.42
Denver	96,205	15.18	-28.84	%	4.78	4.94	13.62	18.56
Los Angeles	80,543	24.74	-11.20	%	7.67	10.10	28.34	38.44
Orange County	117,822	21.14	-6.92	%	4.71	3.44	8.88	12.32
Portland	34,291	17.49	-3.53	%	6.44	0.37	1.60	1.97
Salt Lake City	78,624	15.00	-14.17	%	4.42	2.10	7.24	9.34
San Diego	68,755	21.13	-5.79	%	3.55	2.63	10.26	12.89
San Francisco Bay	393,743	14.66	-47.65	%	3.93	3.24	9.88	13.12
Seattle	205,386	15.82	-7.94	%	4.35	2.12	6.28	8.40
Washington, D.C.								—
Suburban	96,142	30.79	10.15	%	4.80	3.99	12.32	16.31
Downtown	69,660	35.31	-10.39	%	5.43	5.26	16.04	21.30
Total	1,370,572	19.08	-21.70	%	4.69	3.68	10.63	14.31

* Percent change in GAAP rental rates excludes leases for space vacant greater than one year.

19

CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES

25 Largest Tenants - Based on Annualized Base Rent

Tenant	Percentage of Portfolio Annualized Rent		Square Feet	Percentage of Occupied Square Feet
International Monetary Fund (1)	4.62	%	501,068	2.98	%
Sun Microsystems, Inc.	3.14	%	423,206	2.52	%
Qwest	2.50	%	532,506	3.17	%
Patton Boggs, L.L.P.	2.26	%	190,975	1.14	%
Nortel Networks, Inc.	1.96	%	258,048	1.54	%
Cell Genesys, Inc.	1.86	%	155,685	0.93	%
Nextel Communications, Inc.	1.81	%	359,906	2.14	%
Gateway, Inc.	1.51	%	287,478	1.71	%
Lattice Semiconductor Corp.	1.47	%	216,650	1.29	%
Citicorp	1.47	%	219,432	1.31	%
Applied Materials, Inc.	1.39	%	223,326	1.33	%
Merrill Lynch	1.34	%	124,152	0.74	%
Skadden, Arps, Slate, Meagher & Flom LLP	1.33	%	116,008	0.69	%
Software AG of NA	1.28	%	209,521	1.25	%
American Chemistry Council	1.18	%	144,875	0.86	%
MCI	1.09	%	105,206	0.63	%
Time Warner Communications	1.08	%	230,842	1.38	%
The Scripps Research Institute	0.95	%	76,894	0.46	%
King & Spalding	0.95	%	80,220	0.48	%
Federal Deposit Insurance Corp.	0.93	%	108,556	0.65	%
KPMG, L.L.P.	0.90	%	135,558	0.81	%
TSMC North America, Inc.	0.77	%	110,590	0.66	%
Chronicle of Higher Education, Inc.	0.73	%	76,382	0.45	%
PMC-Sierra, Inc.	0.73	%	108,242	0.64	%
Torrey Mesa Research Institute	0.69	%	79,759	0.48	%
	37.94	%	5,075,085	30.24	%

(1) Lease expired on 7/1/05

20

CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES

Current Development Activity by Market

Partially Owned Property Under Construction @ 6/30/05

% Ownership

Square Feet

Start Date

Estimated Completion Date

Estimated Stabilization Date

In Place Dev Costs ($000)

Estimated Remaining Costs to Complete ($000)

Total Projected Investment ($000)

Estimated Stabilized Return

% Currently Leased or Committed

Dallas

Legacy Town Center III

20

%

154,134

2Q05

2Q06

2Q07

1,585

23,518

25,103

9.3

%

0.0

%

21

CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES

Land Held for Future Development

	Market	Acres	Buildable Office Square Feet
Wholly Owned Land
Canyon Pointe A-B	Seattle, WA	10	173,760
LaJolla Commons	San Diego, CA	2	45,000
Sunset Corporate	Portland, OR	12	124,800
Dry Creek Corporate Center	Denver, CO	80	748,000
Sorenson Research Park XI	Salt Lake City, UT	6	80,238
Wasatch 16	Salt Lake City, UT	5	80,238
Creekside 2	Salt Lake City, UT	6	78,000
Tollway Plaza III	Dallas, TX	4	134,400
Royal Ridge IV & V	Dallas, TX	29	417,000
Total Wholly Owned Land		154	1,881,436
Partially Owned Land
Panorama IV	Denver, CO	7	136,850
Panorama VII	Denver, CO	6	100,000
Panorama IX	Denver, CO	6	125,490
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	11	197,998
Royal Ridge Bldg 8	Dallas, TX	6	132,709
Total Partially Owned Land		64	1,134,681
Total All Land Held for Future Development		218	3,016,117

22

CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES

Key Quarterly Financial Data - Reconciliation of Financial Measures

Reconciliation of Diluted Funds from Operations to Net Income

	Quarter Ended
(In thousands)	6/30/2005			3/31/2005			12/31/2004			9/30/2004			6/30/2004
Net income	$	11,868		$	95,042		$	26,794		$	37,556		$	14,007
Depreciation and amortization		37,169			36,728			37,296			35,316			35,516
Minority interest		1,714			1,506			1,360			1,934			1,872
(Gain) loss on sales of properties		(663	)		(88,094	)		(27,658	)		—			48
Gain on sale of discontinued operations		(3,773	)		—			—			(19,804	)		—
Preferred stock dividends and dividends on unvested restricted stock		(4,044	)		(3,780	)		(3,971	)		(3,790	)		(3,782	)
Diluted funds from operations(1)	$	42,271		$	41,402		$	33,821		$	51,212		$	47,661

(1) FFO is a widely used measure of operating performance for real estate companies. We provide FFO as a supplement to net income calculated in accordance with GAAP. Although FFO is a widely used measure of operating performance for equity REITs, FFO does not represent net income calculated in accordance with GAAP. As such, it should not be considered an alternative to net income as an indication of our operating performance. In addition, FFO does not represent cash generated from operating activities in accordance with GAAP, nor does it represent cash available to pay distributions and should not be considered as an alternative to cash flow from operating activities, determined in accordance with GAAP as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make cash distributions. We believe that FFO is helpful to investors as a measure of our performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance, such as gain and losses on sales of real estate and real estate related depreciation and amortization, which can make periodic analyses of operating performance more difficult to compare. Our management believes, however, that FFO, by excluding such items, which can vary among owners of similar assets in similar condition based on historical cost accounting and useful life estimates, can help compare the operating performance of a company’s real estate between periods or as compared to different companies. Our FFO may not be comparable to FFO reported by other REITs.

Reconciliation of Diluted Funds from Operations per Share to Diluted Earnings per Share

	Quarter Ended
	6/30/2005			3/31/2005			12/31/2004			9/30/2004			6/30/2004
Net income	$	0.14		$	1.54		$	0.42		$	0.61		$	0.19
Add: Depreciation and amortization		0.61			0.58			0.68			0.59			0.59
Less: Gain on sale of property		(0.01	)		(1.46	)		(0.50	)		—			—
Minority interest adjustment		0.03			0.03			0.02			0.04			0.04
Gain on sale of discontinued operations		(0.06	)		—			—			(0.33	)		—
Adjustment for share difference(2)		(0.02	)		—			—			(0.06	)		(0.02	)
Diluted funds from operations(1)	$	0.69		$	0.69		$	0.62		$	0.85		$	0.80

(1) Fund from operating is defined as net income, excluding gains on sales of property, plus depreciation and amortization of assets and after adjustments for unconsolidated partnerships and joint ventures. Diluted funds from operations is computed as FFO attributable to common shareholders adjusted to reflect all operating partnership units as if they were converted to common shares for any period in which they are not antidilutive.

(2) Operating partnership units are considered to be converted to common shares for any period in which they are not antidilutive. Diluted FFO per share may include operating partnership units in periods which operating partnership units are antidilutive for EPS purposes.

23

CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES

Key Quarterly Financial Data - Reconciliation of Financial Measures (con’t)

Reconciliation of EBITDA to Net Income

	Quarter Ended
(In thousands)	6/30/2005			3/31/2005			12/31/2004			9/30/2004			6/30/2004
EBITDA(1)	$	72,605		$	77,371		$	74,834		$	81,658		$	77,126
Add: Gain (loss) on sale of assets		4,436			88,094			27,658			19,804			(48	)
Less: Interest		(28,147	)		(29,499	)		(32,440	)		(28,362	)		(27,835	)
Taxes		(130	)		(172	)		(207	)		19			(32	)
Depreciation/amortization
- Continuing operations		(34,644	)		(34,695	)		(34,829	)		(32,913	)		(30,344	)
- Discontinued operations		(65	)		(266	)		(385	)		(458	)		(2,721	)
Impairment losses		(210	)		(4,000	)		(2,524	)		—			—
Minority interest		(1,977	)		(1,791	)		(5,313	)		(2,192	)		(2,139	)
Net income	$	11,868		$	95,042		$	26,794		$	37,556		$	14,007

(1) EBITDA is a non-GAAP financial measure and we believe it is helpful to investors due to the significance of our long-lived assets and their associated significant depreciation expense. This data should not be considered as an alternative to net income, operating profit, cash flow from operations or any other operating or liquidity performance measure prescribed by GAAP. In addition, we may calculate EBITDA differently from other companies and our EBITDA may not be comparable to similarly titled measures reported by other companies. Interest expense, depreciation and amortization, taxes, impairment losses, minority interests, net gain on sales of real estate and preferred dividends are not reflected in the presentation of EBITDA. We caution investors that these excluded items are significant components in understanding and assessing our financial performance.

Secured Property Operating Income/EBITDA

	Quarter Ended
(In thousands, except ratio)	6/30/2005			3/31/2005			12/31/2004			9/30/2004			6/30/2004
Secured Property Operating Income	$	11,684		$	11,751		$	11,374		$	17,032		$	17,378
Total EBITDA		72,605			77,371			74,834			81,658			77,126
Secured Property NOI/Total EBITDA		16.1	%		15.2	%		15.2	%		20.9	%		22.5	%

Secured property operating income is computed as rental revenues less property operating expenses and real estate taxes from only those properties with mortgage debt. See the table above for reconciliation of EBITDA to net income.

24

CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES

Key Quarterly Financial Data - Computation of Supplemental Measures

Reconciliation of Funds Available for Distribution to Net Income

	Quarter Ended
(In thousands, except ratio)	6/30/2005			3/31/2005			12/31/2004			9/30/2004			6/30/2004
Net income	$	11,868		$	95,042		$	26,794		$	37,556		$	14,007
Depreciation and amortization		37,169			36,728			37,296			35,316			35,516
Minority interest		1,714			1,506			1,360			1,934			1,872
(Gain) loss on sale of property		(663	)		(88,094	)		(27,658	)		—			48
Gain on sale of discontinued operations		(3,773	)		—			—			(19,804	)		—
Preferred stock dividends and dividends on unvested restricted stock		(4,044	)		(3,780	)		(3,971	)		(3,790	)		(3,782	)
Diluted funds from operations(1)		42,271			41,402			33,821			51,212			47,661
Less: Lease commissions		(3,012	)		(4,271	)		(4,486	)		(3,088	)		(4,690	)
Lease incentives		(559	)		(36	)		(1,277	)		(163	)		(1,002	)
Tenant improvements		(9,656	)		(6,063	)		(12,064	)		(12,556	)		(13,667	)
Building capital additions		(2,102	)		(1,848	)		(4,497	)		(2,359	)		(2,348	)
Lease intangible amortization		2,011			2,009			530			(102	)		(331	)
Straight line rent		331			(2,487	)		(1,397	)		(1,715	)		(801	)
Impairment losses		210			4,000			2,524			—			—
Antidilutive FFO allocable to minority Unitholders		—			—			3,687			—			—
Funds available for distribution to common shareholders(1)	$	29,494		$	32,706		$	16,841		$	31,229		$	24,822
Common dividends and distributions(2)	$	30,492		$	30,276		$	30,568		$	29,928		$	29,901
Funds available for distribution to common shareholders coverage ratio		1.0			1.1			0.6			1.0			0.8

(1) FFO and FAD are widely used measures of operating performance for real estate companies. We provide FFO and FAD as supplements to net income calculated in accordance with GAAP. Although FFO and FAD are widely used measures of operating performance for equity REITs, FFO and FAD do not represent net income calculated in accordance with GAAP. As such, they should not be considered an alternative to net income as an indication of our operating performance. In addition, FFO and FAD do not represent cash generated from operating activities in accordance with GAAP, nor do they represent cash available to pay distributions and should not be considered as an alternative to cash flow from operating activities, determined in accordance with GAAP as a measure of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to make cash distributions. We believe that FFO and FAD are helpful to investors as measures of our performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance, such as gains and losses on sales of real estate and real estate related depreciation and amortization, which can make periodic analyses of operating performance more difficult to compare. Our management believes, however, that FFO and FAD, by excluding such items, which can vary among owners of similar assets in similar condition based on historical cost accounting and useful life estimates, can help compare the operating performance of a company’s real estate between periods or as compared to different companies. Our FFO and FAD may not be comparable to FFO and FAD reported by other REITs.

(2) Common dividends and distributions include distributions to minority unitholders. For the quarter ended 12/31/04, minority units were antidilutive for the computation of Diluted FFO and FFO allocable to minority unitholders reduces Diluted FFO. FFO allocable to minority unitholders is added back for the computation of the FAD coverage ratio as the minority distributions are included in the calculation.

25

CARRAMERICA REALTY CORPORATION AND SUBSIDIARIES

Key Quarterly Financial Data - Computation of Supplemental Measures (con’t)

Reconciliation of Property Operating Income to Net Income

	Quarter Ended
(In thousands)	6/30/2005			3/31/2005			12/31/2004			9/30/2004			6/30/2004
Property operating income	$	74,715		$	79,282		$	78,048		$	76,649		$	75,642
Less: Interest expense		(28,147	)		(29,499	)		(32,440	)		(28,362	)		(27,835	)
General and administrative expense		(10,179	)		(10,749	)		(10,517	)		(10,304	)		(10,758	)
Depreciation and amortization		(34,644	)		(34,695	)		(34,829	)		(32,913	)		(30,344	)
Income taxes		(130	)		(172	)		(207	)		19			(32	)
Minority interest		(1,977	)		(1,791	)		(5,313	)		(2,192	)		(2,139	)
Add: Real estate service revenue		5,222			5,573			6,327			6,234			5,301
Gain (loss) on sale of properties and impairment losses		453			84,094			27,658			—			(48	)
Other income		2,534			2,520			321			4,149			2,279
Discontinued operations		4,021			479			(2,254	)		24,276			1,941
Net income	$	11,868		$	95,042		$	26,794		$	37,556		$	14,007

* Property operating income is the performance measure used to assess the results of our real estate property segment. Although property operating income is a widely used measure of operating performance for equity REITs, property operating income does not represent net income calculated in accordance with GAAP. As such, it should not be considered an alternative to net income as an indication of our operating performance. We believe that the presentation of property operating income is helpful to investors as a measure of the operating performance of our office properties because it excludes items that do not relate to or are not indicative of operating performance of the properties (including interest and depreciation and amortization) and which can make periodic comparison of operating performance more difficult.

Computation of Fixed Charge Coverage Ratio

	Quarter Ended
(In thousands, except ratios)	6/30/2005		3/31/2005		12/31/2004			9/30/2004		6/30/2004
Amortizing principal payments	$	1,430	$	1,497	$	3,211		$	4,169	$	4,089
Preferred stock dividends		3,774		3,774		3,773			3,773		3,774
Prepayment penalties on debt		—		—		(3,028	)		—		—
Interest expense		28,147		29,499		32,440			28,362		27,835
Fixed changes excluding capitalized interest		33,351		34,770		36,396			36,304		35,698
Add:    Capitalized interest		—		—		—			96		185
Fixed charges including capitalized interest	$	33,351	$	34,770	$	36,396		$	36,400	$	35,883
EBITDA	$	72,605	$	77,371	$	74,834		$	81,658	$	77,126
Fixed charge coverage excluding capitalized interest		2.2		2.2		2.1			2.2		2.2
Fixed charge coverage including capitalized interest		2.2		2.2		2.1			2.2		2.1

Computation of Interest Coverage Ratio

	Quarter Ended
(In thousands, except ratios)	6/30/2005		3/31/2005		12/31/2004			9/30/2004		6/30/2004
Interest expense	$	28,147	$	29,499	$	32,440		$	28,362	$	27,835
Prepayment penalties on debt		—		—		(3,028	)		—		—
Fixed changes excluding capitalized interest		28,147		29,499		29,412			28,362		27,835
Add:    Capitalized interest		—		—		—			96		185
Fixed charges including capitalized interest	$	28,147	$	29,499	$	29,412		$	28,458	$	28,020
EBITDA	$	72,605	$	77,371	$	74,834		$	81,658	$	77,126
Fixed charge coverage excluding capitalized interest		2.6		2.6		2.5			2.9		2.8
Fixed charge coverage including capitalized interest		2.6		2.6		2.5			2.9		2.8

26

EX-99.2

Exhibit 99.2

Immediate           Karen Widmayer: Media Contact

(202) 729-1789

karen.widmayer@carramerica.com

Stephen Walsh: Analyst Contact

(202) 729-1764

stephen.walsh@carramerica.com

CARRAMERICA ANNOUNCES SECOND QUARTER 2005 FINANCIAL RESULTS

Washington D.C. – July 28, 2005 – CarrAmerica Realty Corporation (NYSE:CRE) today reported second quarter 2005 diluted earnings per share of $0.14 on net income of $11.9 million, compared to diluted earnings per share of $0.19 on net income of $14.0 million for the second quarter of 2004. For the first six months of 2005, diluted earnings per share were $1.69 compared to $0.39 for the same period a year ago. Net income for the three and six months ended June 30, 2005 includes gains from disposition of properties of $4.4 million and $92.5 million, respectively.

For the second quarter of 2005, diluted funds from operations available to common shareholders (Diluted FFO), including the impairment charges discussed below, were $42.3 million or $0.69 per share compared to $47.7 million or $0.80 per share for the second quarter of 2004. Diluted FFO for the six-month period ended June 30, 2005 was $83.4 million or $1.38 per share as compared to $96.0 million or $1.61 per share for the same period in 2004. The gains associated with the disposition of real estate had no impact on reported Diluted FFO or Diluted FFO per share.

Net income and Diluted FFO in the second quarter of 2005 were negatively impacted by $1.9 million or $.03 per diluted share, by the change in application of our revenue recognition policy more fully described below.

The three and six months ended June 30, 2005 include $0.2 million and $4.2 million, respectively, of impairment losses on three properties.

Portfolio Report

CarrAmerica President and COO, Philip L. Hawkins, commented, “The office market experienced continued expansion in the second quarter nationally with most of our markets benefiting from increased job growth.” Mr. Hawkins

-CONTINUED-

CarrAmerica Release of July 28, 2005

Page Two

continued, “We were pleased to see these economic trends, combined with strong leasing from our market teams, impact our portfolio with occupancy rising above last quarter as well as second quarter 2004.”

Occupancy for consolidated stabilized properties was 88.3% at June 30, 2005, 88.1% at March 31, 2005 and 87.1% at June 30, 2004. Same store property operating income for the second quarter of 2005 decreased 6.7% on a GAAP basis over the same period in 2004 due primarily to the impact of lease termination fees and rental rates in new leases being substantially lower than rental rates in expiring leases in many of CarrAmerica’s markets. Adjusting for termination fees, same store property operating income for the second quarter of 2005 decreased by 3.1% as compared to the previous year. The average occupancy rate for same store properties was 88.8% in the second quarter, up from 87.9% during the first quarter. The Company has executed leases for approximately 1.4 million square feet of office space for which revenue recognition has not yet begun and which are not included in our occupancy statistics as of June 30, 2005.

For the second quarter, rental rates decreased 18.9% on average on the leases executed during the quarter. The Company leased 1.1 million square feet of office space in the second quarter of 2005 versus 0.8 million square feet for the same period in 2004. In addition, subsequent to the end of the quarter, the Company executed two additional leases totaling 252,000 square feet.

Acquisitions

In the second quarter, a joint venture in which CarrAmerica is a 20% partner acquired Colonnade I, II & III, a 984,000 square foot Class A property located in Dallas, Texas for $153.5 million. CarrAmerica will also lease and manage the property. CarrAmerica expects to receive a year one unleveraged GAAP return on its investment of 8.1% and a stabilized unleveraged GAAP return on its investment of approximately 9.25%.

Also in the second quarter, CarrAmerica acquired North Creek Corporate Center in Bothell, Washington for approximately $16.8 million. The three-building, 95,267 square foot, office/R&D property is expected to provide a year one GAAP return of 7.4%.

CarrAmerica is also under contract to purchase two additional properties with contingencies waived which are expected to close in the third quarter. The first is a 168,000 square foot Class A office building in Rosslyn, Virginia which is being purchased for $61.7 million. The building is currently 94% leased with an expected year-one GAAP return of approximately 7%. The second is a 3-building, 156,000 square foot Class A R&D project in Redmond, Washington which is being purchased for approximately $35.6 million. The project is 100% leased with an expected year-one GAAP return of approximately 8.13%. The consummation of these acquisitions remains subject to customary closing conditions.

Dispositions

In the second quarter, CarrAmerica closed on the sale of Westlake Spectrum, a two-building, 107,000 square foot office property in Los Angeles for $21.3 million. The Company recorded a gain of approximately $3.8 million in connection with this sale.

-CONTINUED-

CarrAmerica Release of July 28, 2005

Page Three

Also during the second quarter, a joint venture in which we are a 35% partner sold Royal Ridge V, a 123,750 square foot office building in Dallas, Texas. The building was sold pursuant to an option to purchase exercised by the tenant. The Company recognized a gain of $0.8 million on the sale.

CarrAmerica is currently in the process of marketing additional properties for sale. Of those properties, three had book values in excess of the undisclosed cash flows we expect to receive from the operation and sale of the properties. The Company recognized an impairment loss of $4.2 million related to these three properties in the first half of 2005. One building in Phoenix, Arizona is under contract for sale with contingencies waived. There can be no assurance that any of these additional sales will be consummated.

Application of Revenue Recognition Policy

In a letter dated February 7, 2005 sent by the Chief Accountant of the Securities and Exchange Commission (“Commission”) to the American Institute of Certified Public Accountants, the Chief Accountant addressed a number of issues related to lease accounting by tenants. In that letter, the Chief Accountant indicated that leasehold improvements made by a tenant that are funded by landlord incentives or allowances under an operating lease should in certain circumstances be recorded as leasehold improvement assets by the tenant. This letter caused REITs and their accounting firms to reevaluate their treatment of tenant improvements and lease incentives. Based upon the implications of the Chief Accountant’s letter, we have concluded that if a tenant improvement is deemed to be owned by the tenant for accounting purposes that we must record the amounts funded to construct the tenant improvements as a lease incentive instead of as an asset, and as a result, the amount funded would be amortized as a reduction of rental revenue rather than as an increase to depreciation expense. This change in presentation will have no effect on our net income or Diluted FFO.

This consideration of the issues raised in the Chief Accountant’s letter also resulted in examination of when revenue recognition under an operating lease should begin. Historically, we began to recognize revenue under a lease when possession or control of the space leased was turned over to our tenant. In instances where our tenant contracted directly with third parties for their tenant improvement work, we determined that the tenant took possession of the space and we would begin recognizing revenue when we turned over the space to the tenant to begin construction. However, after discussions with our registered independent public accounting firm, we have concluded that if we are the owner of the tenant improvements revenue recognition cannot commence until the leasehold improvements are substantially completed. In contrast, if we determine that the tenant allowances we are funding are lease incentives, then we will commence revenue recognition when possession or control of the space is turned over to the tenant for construction to begin.

As a result of this change in the timing of revenue recognition under leases where we own the improvements and where our tenant took possession or control of the space before the improvements were complete, we reduced base rental revenue previously recorded in the first quarter of 2005 by approximately $1.0 million. This change did not have a material impact on or require a material adjustment to our audited financial statements for fiscal years ended on or before December 31, 2004.

-CONTINUED-

CarrAmerica Release of July 28, 2005

Page Four

CarrAmerica Earnings Estimates

On Friday, July 29, CarrAmerica management will discuss earnings guidance for 2005 which includes the impairment charges previously disclosed. Diluted earnings per share of $1.66 – $1.76 and Diluted FFO per share of $2.61 – $2.71 for 2005 will be discussed. Third quarter 2005 diluted earnings (loss) per share and Diluted FFO per share of $(0.05) to $0.00 and $0.60 to $0.65 respectively, will also be discussed. Estimates for 2005 reflect the change in the application of our revenue recognition policy described earlier which is expected to reduce our full year diluted earnings per share and diluted FFO per share by $.08, compared to our prior estimates. Since we consider a space occupied when revenue recognition commences, this change also reduced our forecasted 2005 average occupancy by 150 basis points. In addition, full year diluted earnings per share and diluted FFO per share have been reduced by approximately $0.02 per share related to an expected debt prepayment penalty in the fourth quarter in connection with a building sale. The projections for 2005 are based in part on the following assumptions:

	2005
Average Office Portfolio Occupancy	87.0% – 89.0%
Real Estate Service Revenue	$20.0 – $22.0 million
General and Administrative Expense	$40.0 – $42.0 million
Termination Fees	$ 2.0 – $ 2.5 million
Debt prepayment penalties	$ 1.0 – $ 2.0 million

Estimates for full year 2005 include gains on the sale of property and the impairment charges previously disclosed (see Dispositions section earlier in this document) but exclude any other potential gains, losses or asset impairments associated with property dispositions currently in process, contemplated or otherwise. Any gains or losses on the sales of real estate will have an impact on net income, which may be material, but will not have an impact on FFO, since those amounts are not added back in the calculation of FFO. Any impairments of real estate will negatively impact both net income and FFO, which may be material. The 2005 estimates also include the impact of lost property income of approximately $5.0 to $5.5 million associated with the vacancy of the International Monetary Fund from our International Square property in Washington, D.C. The Company expects to incur approximately 2-4 months of downtime associated with the commencement of a 394,000 square foot lease in approximately 80.0% of the vacated space. Our 2005 estimate also assumes that straight-line rents on in-place leases that expire in 2005 exceed market rental rates by 8% – 12%. For leases that expire in the second half of 2005, straight-line rents on in-place leases will be less than market rental rates by 3% – 5%. On a weighted average basis, dispositions will exceed acquisitions by approximately $100 million for the year.

CarrAmerica Announces Second Quarter Dividend

The Board of Directors of CarrAmerica today declared a second quarter dividend for its common stock of $0.50 per share. The dividend will be payable to shareholders of record as of the close of business August 19, 2005. CarrAmerica’s common stock will begin trading ex-dividend on August 17, 2005 and the dividend will be paid on August 31, 2005. The Company also declared a dividend on its Series E preferred stock. The Series E Cumulative Redeemable preferred stock dividend is $.46875 per share.

-CONTINUED-

CarrAmerica Release of July 28, 2005

Page Five

The Series E preferred stock dividends are payable to shareholders of record as of the close of business on August 19, 2005. The preferred stock will begin trading ex-dividend on August 17, 2005 and the dividends will be paid on August 31, 2005.

CarrAmerica Second Quarter Webcast and Conference Call

CarrAmerica will conduct a conference call to discuss 2005 second quarter results on Friday, July 29, 2005 at 11:00 A.M, ET. A live webcast of the call will be available through a link at CarrAmerica’s web site, www.carramerica.com. The phone number for the conference call is 1-800-946-0786 for U.S. participants and 1-719-457-2662 for international participants. The call is open to all interested persons. A taped replay of the conference call can be accessed from 2:00 PM on July 29, 2005 until midnight August 12, 2005, by dialing 1-888-203-1112 for U.S. callers and 1-719-457-0820 for international callers, passcode 6422044.

A copy of supplemental material on the Company’s second quarter operations is available on the Company’s web site, www.carramerica.com, or by request from:

Stephen Walsh

CarrAmerica Realty Corporation

1850 K Street, NW, Suite 500

Washington, D.C. 20006

(Telephone) 202-729-1764

E-mail: stephen.walsh@carramerica.com

CarrAmerica owns, develops and operates office properties in 12 markets throughout the United States. The Company has become one of America’s leading office workplace companies by meeting the rapidly changing needs of its customers with superior service, a large portfolio of quality office properties and extraordinary development capabilities. Currently, CarrAmerica and its affiliates own, directly or through joint ventures, interests in a portfolio of 290 operating office properties, totaling close to 27 million square feet. CarrAmerica’s markets include Austin, Chicago, Dallas, Denver, Los Angeles, Orange County, Portland, Salt Lake City, San Diego, San Francisco Bay Area, Seattle and metropolitan Washington, D.C. For additional information on CarrAmerica, including space availability, visit our web site at http://www.carramerica.com

Estimates of Diluted FFO and earnings per share and certain other statements in this release, including management’s expectations about, among other things, operating performance and financial conditions, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation of lease rents, and the availability of financing for both tenants and us; adverse changes in real estate markets, including, among other things, the extent of tenant bankruptcies, financial difficulties and defaults, the extent of future demand for office space in our core markets and barriers to entry into

-CONTINUED-

CarrAmerica Release of July 28, 2005

Page Six

markets which we may seek to enter in the future, the extent of the decreases in rental rates, our ability to identify and consummate attractive acquisitions on favorable terms, our ability to consummate any planned dispositions in a timely manner on acceptable terms, and changes in operating costs, including real estate taxes, utilities, insurance and security costs; actions, strategies and performance of affiliates that we may not control or companies in which we have made investments; ability to obtain insurance at a Reform Act of 1995 (the “Reform Act”). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, dividends, achievements or transactions of the Company and its affiliates or industry results to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. Such factors include, among others, the following: national and local economic, business, financial and real estate conditions that will, among other things, affect demand for office space, the extent, strength and duration of any economic recovery, including the effect on demand for office space and the creation of new office development, availability and creditworthiness of tenants, the level reasonable cost; ability to maintain our status as a REIT for federal and state income tax purposes; ability to raise capital; the effect of any changes in accounting policies or financial statement presentation; the effect of any terrorist activity or other heightened geopolitical crisis; governmental actions and initiatives; and environmental/safety requirements. For a further discussion of these and other factors that could impact the Company’s future results, performance, achievements or transactions, see the documents filed by the Company from time to time with the Securities and Exchange Commission, and in particular the section titled, “The Company – Risk Factors” in the Company’s Annual Report or Form 10-K.

-END OF PART ONE –

CARRAMERICA REALTY CORPORATION

Consolidated Balance Sheets

(In thousands)	June 30, 2005			December 31, 2004
	(Unaudited)
Assets
Rental property:
Land	$	737,361		$	779,482
Buildings		1,963,096			2,064,678
Tenant improvements		437,429			448,515
Furniture, fixtures and equipment		46,350			45,879
		3,184,236			3,338,554
Less: Accumulated depreciation		(757,840	)		(750,530	)
Net rental property		2,426,396			2,588,024
Land held for future development or sale		41,718			41,676
Assets held for sale		11,826			—
Cash and cash equivalents		7,332			4,735
Restricted deposits		2,237			1,364
Accounts and notes receivable, net		54,210			52,438
Investments in unconsolidated entities		164,302			138,127
Accrued straight-line rents		82,471			84,396
Tenant leasing costs, net		50,080			53,908
Intangible assets, net		91,690			98,354
Prepaid expenses and other assets		25,179			18,170
	$	2,957,441		$	3,081,192
Liabilities and Stockholders’ Equity
Liabilities:
Mortgages and notes payable, net	$	1,783,725		$	1,941,130
Accounts payable and accrued expenses		90,847			107,409
Rent received in advance and security deposits		34,907			40,304
		1,909,479			2,088,843
Minority interest		59,617			65,378
Stockholders’ equity:
Preferred stock		201,250			201,250
Common stock		557			548
Additional paid-in capital		1,042,804			1,025,388
Cumulative dividends in excess of net income		(256,493	)		(300,500	)
Accumulated other comprehensive income		227			285
		988,345			926,971
Commitments and contingencies
	$	2,957,441		$	3,081,192

-CONTINUED-

CARRAMERICA REALTY CORPORATION

Consolidated Statements of Operations

	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands, except per share amounts)	2005			2004			2005			2004
	(Unaudited)						(Unaudited)
Revenues:
Rental income (1):
Minimum base rent	$	96,640		$	95,429		$	199,777		$	191,171
Recoveries from tenants		13,727			13,219			28,466			26,658
Parking and other tenant charges		4,171			6,374			7,751			10,479
Total rental revenue		114,538			115,022			235,994			228,308
Real estate service revenue		5,222			5,301			10,795			10,767
Total operating revenues		119,760			120,323			246,789			239,075
Operating expenses:
Property expenses:
Operating expenses		29,764			29,494			60,743			58,176
Real estate taxes		10,059			9,886			21,254			20,601
General and administrative		10,179			10,758			20,928			21,030
Depreciation and amortization		34,644			30,344			69,338			60,930
Total operating expenses		84,646			80,482			172,263			160,737
Real estate operating income		35,114			39,841			74,526			78,338
Other (expense) income:
Interest expense		(28,147	)		(27,835	)		(57,646	)		(54,176	)
Equity in earnings of unconsolidated entities		972			1,749			2,042			3,747
Interest and other income		1,562			530			3,012			1,224
Net other expense		(25,613	)		(25,556	)		(52,592	)		(49,205	)
Income from continuing operations before income taxes, minority interest, impairment losses on real estates and gain (loss) on sale of properties		9,501			14,285			21,934			29,133
Income taxes		(130	)		(32	)		(302	)		(154	)
Minority interest		(1,977	)		(2,139	)		(3,768	)		(4,165	)
Impairment losses on real estate		—			—			(4,000	)		—
Gain (loss) on sale of properties		663			(48	)		88,757			(58	)
Income from continuing operations		8,057			12,066			102,621			24,756
Discontinued operations - Net operations of sold properties		3,811			1,941			4,289			4,481
Net income		11,868			14,007			106,910			29,237
Less: Dividends on preferred and restricted stock		(4,044	)		(3,938	)		(8,089	)		(7,877	)
Net income available to common shareholders	$	7,824		$	10,069		$	98,821		$	21,360
Basic net income per share:
Continuing operations	$	0.07		$	0.15		$	1.73		$	0.31
Discontinued operations		0.07			0.04			0.07			0.09
Net income	$	0.14		$	0.19		$	1.80		$	0.40
Diluted net income per share:
Continuing operations	$	0.07		$	0.15		$	1.62		$	0.31
Discontinued operations		0.07			0.04			0.07			0.08
Net income	$	0.14		$	0.19		$	1.69		$	0.39

NOTE: (1) Rental income includes $(331) and $801 of accrued straight line rents for the three months ended June 30, 2005 and 2004, respectively, and $2,156 and $3,037 for the six months ended June 30, 2005 and 2004, respectively.

-CONTINUED-

CARRAMERICA REALTY CORPORATION

Consolidated Statements of Cash Flow

	Six Months Ended June 30,
(In thousands)	2005			2004
	(Unaudited)
Cash flow from operating activities:
Net income	$	106,910		$	29,237
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		69,670			66,511
Minority interest		3,768			4,165
Equity in earnings of unconsolidated entities		(2,042	)		(3,747	)
(Gain) loss sale of properties		(88,757	)		58
Gain on sale of properties - discontinued operations		(3,773	)		(66	)
Gain on sale of residential property		—			(326	)
Impairment losses on real estate		4,210			—
Lease intangibles amortization		4,022			(601	)
Amortization of deferred financing costs		2,222			2,613
(Recovery of) provision for uncollectible accounts		(148	)		148
Stock based compensation		2,754			1,762
Other		906			548
Change in assets and liabilities:
Decrease in accounts receivable		2,054			9,119
Increase in accrued straight-line rents		(2,684	)		(3,037	)
Additions to tenant leasing costs		(7,282	)		(6,966	)
Increase in intangible assets, prepaid expenses and other assets		(8,111	)		(11,239	)
Decrease in accounts payable and accrued expenses		(18,883	)		(12,294	)
Decrease in rent received in advance and security deposits		(5,511	)		(369	)
Total adjustments		(47,585	)		46,279
Net cash provided by operating activities		59,325			75,516
Cash flows from investing activities:
Rental property additions		(3,649	)		(3,974	)
Additions to tenant improvements		(17,052	)		(23,707	)
Additions to land held for development or sale and construction in progress		(282	)		(2,458	)
Rental property acquisitions and deposits		(16,455	)		(139,993	)
Issuance of notes receivable		(8,395	)		(5,421	)
Payments on notes receivable		5,693			2,409
Distributions from unconsolidated entities		4,058			—
Investments in unconsolidated entities		(14,321	)		(358	)
Acquisition of minority interest		(4,403	)		(4,201	)
Increase in restricted deposits		(873	)		(373	)
Proceeds from sale of residential property		930			2,727
Proceeds from sales of properties		212,581			10,512
Net cash provided by (used in) investing activities		157,832			(164,837	)
Cash flows from financing activities:
Exercises of stock options		14,907			31,857
Repayment of unsecured notes		(100,000	)		—
Termination of interest rate swap agreement		(1,996	)		—
Proceeds from the issuance of unsecured notes, net		—			222,718
Net repayments on unsecured credit facility		(56,000	)		(68,500	)
Net repayments of mortgages and notes payable		(2,927	)		(25,874	)
Dividends and distributions to minority interests		(68,544	)		(66,920	)
Net cash (used in) provided by financing activities		(214,560	)		93,281
Increase in cash and cash equivalents		2,597			3,960
Cash and cash equivalents, beginning of the period		4,735			4,299
Cash and cash equivalents, end of the period	$	7,332		$	8,259
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $361 for the three months ended June 30, 2004)	$	59,822		$	51,889
Income tax payments	$	417		$	358

-CONTINUED-

CARRAMERICA REALTY CORPORATION

Funds From Operations

Funds from operations (“FFO”) and funds available for distribution (“FAD”) are used as measures of operating performance for real estate companies. We provide FFO and FAD as a supplement to net income calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Although FFO and FAD are widely used measures of operating performance for equity REITs, they do not represent net income calculated in accordance with GAAP. As such, they should not be considered an alternative to net income as an indication of our operating performance. In addition, FFO or FAD does not represent cash generated from operating activities in accordance with GAAP, nor do they represent cash available to pay distributions and should not be considered as an alternative to cash flow from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to make cash distributions. The National Association of Real Estate Investment Trusts (NAREIT) defines FFO as net income (computed in accordance GAAP), excluding gains (losses) on sales of property, plus depreciation and amortization of assets uniquely significant to the real estate industry and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis.

We believe that FFO and FAD are helpful to investors as a measure of our performance because they exclude various items included in net income that do not relate to or are not indicative of our operating performance, such as gains and losses on sales of real estate and real estate related depreciation and amortization, which can make periodic analyses of operating performance more difficult to compare. FAD deducts various capital items and non-cash revenue from diluted FFO available to common shareholders. Our management believes, however, that FFO and FAD, by excluding such items, which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates, can help compare the operating performance of a company’s real estate between periods or as compared to different companies. Our FFO or FAD may not be comparable to FFO or FAD reported by other REITs. These REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than us. They may include or exclude items which we include or exclude from FAD.

(Unaudited and in thousands)	Three Months Ended June 30,						Six Months Ended June 30,
	2005			2004			2005			2004
Net income	$	11,868		$	14,007		$	106,910		$	29,237
Adjustments:  Minority interest		1,977			2,139			3,768			4,165
FFO allocable to the minority Unitholders		(3,796	)		(3,502	)		(7,153	)		(7,060	)
Depreciation and amortization - Consolidated properties		32,766			28,777			65,651			57,673
Depreciation and amortization - Unconsolidated properties		4,338			4,018			7,914			7,500
Depreciation and amortization - Discontinued operations		65			2,721			332			5,581
Minority interests’ (non Unitholders) share of depreciation, amortization and net income		(263	)		(267	)		(548	)		(540	)
(Gain) loss on sale of properties		(4,436	)		48			(92,530	)		(8	)
FFO as defined by NAREIT		42,519			47,941			84,344			96,548
Less:               Preferred dividends and dividends on unvested restricted stock		(4,044	)		(3,782	)		(8,089	)		(7,563	)
FFO attributable to common shareholders		38,475			44,159			76,255			88,985
FFO allocable to the minority Unitholders		3,796			3,502			7,153			7,060
Diluted FFO available to common shareholders(1)	$	42,271		$	47,661		$	83,408		$	96,045
Less:                Lease commissions		(3,012	)		(4,690	)		(7,283	)		(6,966	)
Lease incentives		(559	)		(1,002	)		(595	)		(2,264	)
Tenant improvements		(9,656	)		(13,667	)		(15,371	)		(23,707	)
Building capital additions		(2,102	)		(2,348	)		(3,950	)		(3,756	)
Lease intangible amortization		2,011			(331	)		4,022			(601	)
Impairment losses		210			—			4,210			—
Straight line rent		331			(801	)		(2,156	)		(3,037	)
Funds available for distribution to common shareholders(2)	$	29,494		$	24,822		$	62,285		$	55,714

1 Diluted funds from operations is computed as FFO attributable to common shareholders adjusted to reflect all operating partnership units as if they were converted to common shares for any period in which they are not antidilutive.

2 Adjustments to arrive at FAD do not include amounts associated with properties in unconsolidated entities.

-CONTINUED-

CARRAMERICA REALTY CORPORATION

Funds From Operations (con’t)

(Unaudited and in thousands, except per share amounts)	Three Months Ended June 30,						Six Months Ended June 30,
	2005			2004			2005			2004
Diluted net income per common share	$	0.14		$	0.19		$	1.69		$	0.39
Add:     Depreciation and amortization		0.61			0.59			1.22			1.19
Gain on sale of properties		(0.07	)		—			(1.53	)		—
Minority interest adjustment		0.03			0.04			—			0.07
Adjustment for share difference		(0.02	)		(0.02	)		—			(0.04	)
Diluted funds from operations available to common shareholders	$	0.69		$	0.80		$	1.38		$	1.61
Weighted average common shares outstanding:
Diluted net income		55,466			54,339			60,444			54,272
Diluted funds from operations		60,665			59,732			60,444			59,697

-CONTINUED-

CARRAMERICA REALTY CORPORATION

Funds From Operations (con’t)

(Unaudited and in thousands, except per share amounts)	Projected Three Months Ended September 30, 2005		Projected Twelve Months Ended December 31, 2005
Projected diluted net income per common share	$	(0.05) - 0.00	1.66 -1.76
Add:    Projected depreciation and amortization		0.62	2.46
Projected minority interest		0.02	(0.01)
Projected amortization of tenant improvement allowances		0.01	0.02
Less:    Gain on sale of properties		—	(1.52)
Projected adjustment for share difference		—	—
Projected diluted funds from operations per common share	$	0.60 - 0.65	2.61 - 2.71
Projected weighted average common shares outstanding:
Projected diluted net income		55,500	60,900
Projected diluted funds from operations		61,100	60,900

####

EX-99.3

CarrAmerica Realty Corporation

For the quarter ended June 30, 2005

Supplemental Quarterly Call Reconciliations

Exhibit 99.3

Projected Funds Available for Distribution Coverage 2005 - Q3 Forecast
(In millions, except ratios)		Forecast 2005
Net income	$	111 -117
Adjustments:        Minority interest		7
FFO allocable to the minority Unitholders		(14	)
Depreciation and amortization - REIT properties		132
Depreciation and amortization - Equity properties		18
Amortization of tenant improvement allowances		1
Minority interests' (non Unitholders) share of depreciation, amortization and net income		(1	)
(Gain) loss on sale of properties		(93	)
FFO as defined by NAREIT	$	161 -167
Less:                     Preferred dividends, dividends on unvested restricted stock		(16	)
FFO attributable to common shareholders	$	145 -151
FFO allocable to the minority Unitholders		14
Diluted FFO available to common shareholders(1)	$	159 -165
Less:                     Lease commissions/Tenant improvements and allowances		(69 - 80	)
Building capital additions		(8 - 10	)
Impairment losses / Prepayment penalties		5 - 6
Above/below market leases		7 - 9
Straight line rent		(10 - 13	)
Funds available for distribution to common shareholders(2)(3)	$	68 - 93
Dividends and distributions	$	120 -123
Funds Available for Distribution Coverage		.6x - .8x
Adjusted funds available for distribution to common shareholders excluding approximately $16 million for new lease in Washington, D.C.	$	84 - 109
Adjusted Funds Available for Distribution Coverage		.7x - .9x

(1) Diluted funds from operations is computed as FFO attributable to common shareholders adjusted to reflect all operating partnership units as if they were converted to common shares for any period in which they are not antidilutive.

(2) Adjustments to arrive at FAD do not include amounts associated with properties in unconsolidated entities.

(3) Amounts in 2005 include the impact of Dickstein Shapiro lease in Washington, D.C. which represents an approximate $16 million reduction of Funds Available for Distribution to common shareholders.

Debt Plus Preferred Stock to Market Capitalization Percentage Calculation
(In thousands, except ratio)
Market value of common equity	$	2,203,073
Preferred equity		201,250
Total Debt (less discount/swap)		1,793,230
Total Market Capitalization	$	4,197,553
Preferred equity	$	201,250
Total Debt (less discount/swap)		1,793,230
Debt plus Preferred Stock	$	1,994,480
Debt plus Preferred to Market Capitalization		47.5	%