WASHINGTON, July 29 /PRNewswire-FirstCall/ -- CarrAmerica Realty
Corporation (NYSE: CRE) today reported second quarter 2004 diluted earnings
per share of $0.19 on net income of $14.0 million, compared to diluted
earnings per share of $0.24 on net income of $16.8 million for the second
quarter of 2003. For the first six months of 2004, diluted earnings per share
were $0.39 compared to $0.47 for the same period a year ago.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
For the second quarter of 2004, diluted funds from operations available to
common shareholders (Diluted FFO) were $47.7 million or $0.80 per share
compared to $47.0 million or $0.81 per share for the second quarter of 2003.
Diluted FFO for the six-month period ended June 30, 2004 was $96.0 million or
$1.61 per share as compared to $95.4 million or $1.64 per share for the same
period in 2003. Second quarter 2003 and year-to-date Diluted FFO includes a
$2.7 million impairment charge related to the disposition of one property. As
a result of a clarification of an accounting standard by the Securities &
Exchange Commission (SEC), Diluted FFO is now reduced by original issuance
costs associated with the redemption of preferred stock. Excluding the impact
of preferred stock redemptions and the impairment charge, Diluted FFO per
share for the second quarter and first six months of 2003 would have been
$0.86 and $1.72, respectively.
Portfolio Report
CarrAmerica President and COO, Philip L. Hawkins, commented, "There is no
question that the recovery process is underway but we continue to believe that
it will be gradual." Mr. Hawkins continued, "During the quarter we signed
approximately 800,000 square feet of leases, consistent with our earnings
guidance. Leasing activity is good and most of our markets are recording
positive net absorption. Rental economics have stabilized for the most part
and we are seeing early signs of positive rent pressure in a few markets such
as San Diego and Washington, D.C. In most markets, however, we do not expect
any material growth in market rents for at least the next 12 to 18 months,
given the high vacancy levels."
Occupancy for consolidated stabilized properties was 87.1% at June 30,
2004, down from 87.4% at March 31, 2004 and down from 88.9% at June 30, 2003.
Same store property operating income for the second quarter of 2004 decreased
6.2% on a GAAP basis over the same period in 2003. Adjusting for termination
fees, same store property operating income for the second quarter of 2004
decreased by 8.6%. The average occupancy rate for same store properties was
87.1% in the second quarter of 2004 as compared to 89.7% for second quarter
2003.
For the second quarter, rental rates decreased 26.4% on average on the
leases executed during the quarter. Leasing activity continued to strengthen,
however, with 809,000 square feet leased throughout our portfolio in the
second quarter.
Acquisitions
During the second quarter, CarrAmerica completed the acquisition of
Commonwealth Tower, a 344,533 square foot, 15-story, Class A office building
in Rosslyn, Virginia. The building was acquired for $131.2 million and is
100% leased. The year one GAAP yield on the acquisition is expected to be
approximately 7.7%.
Subsequent to the end of the second quarter, CarrAmerica closed on the
acquisition of 250 and 300 Holger Way in North San Jose, California. The
project contains 176,280 square feet of Class A Office/R&D space, and is 100%
leased. The buildings were acquired for $25.8 million and the year one GAAP
yield is expected to be approximately 9%.
As previously announced, CarrAmerica is also under contract to purchase a
206,000 square foot, Class A building in downtown Washington, D.C. for $84.0
million. The acquisition is expected to close in the third quarter of 2004
with an expected year one GAAP yield of approximately 7.6%. The building is
currently 99% leased.
Dispositions
CarrAmerica is currently under contract to sell its entire Atlanta office
portfolio to one purchaser. All due diligence contingencies associated with
the sale have been removed, and a significant non-refundable earnest money
deposit has been posted by the buyer. The contract contains customary closing
contingencies, and, as a result, we cannot assure you that it will be
consummated. The closing currently is expected to occur by the end of the
third quarter of 2004. As a result, we have included the Atlanta portfolio in
discontinued operations in the accompanying financial statements.
Based on unsatisfactory initial pricing, we have decided to retain our
Portland market properties and have ended our sales effort. We may decide at
a future date to re-market these properties.
Development Update
CarrAmerica owns a 30% interest in a 476,000 square foot office
development, Terrell Place, in Washington, D.C. The total cost of this
project, which was substantially completed in the fourth quarter of 2003, is
expected to be $158.1 million, of which $133.7 million had been invested as of
June 30, 2004. CarrAmerica's share of the total project costs for this
development is expected to be approximately $47.4 million, of which $40.1
million had been expended as of June 30, 2004. This project is currently
54.4% leased or committed, including a 243,791 square foot lease with the law
firm of Venable LLP. The stabilized year-one GAAP return on CarrAmerica's
invested capital (exclusive of fees) is expected to be approximately 10.5%.
Corporate Restructuring
On June 30, 2004, CarrAmerica restructured the manner in which it holds
its assets by converting to what is commonly referred to as an umbrella
partnership REIT, or UPREIT, structure. In connection with this conversion,
CarrAmerica contributed in excess of 99%, or substantially all, of its assets
to CarrAmerica Realty Operating Partnership, L.P. (Operating Partnership) in
exchange for units of common and preferred partnership interest in the
Operating Partnership and the assumption by the Operating Partnership of
substantially all of CarrAmerica's liabilities. CarrAmerica now conducts and
intends to continue to conduct its activities through the Operating
Partnership. The Operating Partnership is managed by CarrAmerica as the sole
general partner of the Operating Partnership.
CarrAmerica undertook the UPREIT restructuring to enable it to better
compete with other office REITs, many of which are structured as UPREITs, for
the acquisition of properties from tax-motivated sellers. As an UPREIT,
CarrAmerica anticipates that the Operating Partnership will be able to issue
units of limited partnership interest in the Operating Partnership to tax-
motivated sellers who contribute properties to the Operating Partnership,
thereby enabling those sellers to realize certain tax benefits that would be
unavailable if the Company purchased properties directly for cash.
CarrAmerica has not currently identified and it is not currently pursuing any
material acquisitions that would be structured as Operating Partnership
contributions.
Capital Markets
On June 30, 2004, CarrAmerica closed on a new, three-year, $500.0 million
line of credit facility with a syndicate of banks led by JP Morgan Chase.
Dividend Reinvestment and Stock Purchase and Sale Plan
American Stock Transfer & Trust Company, CarrAmerica's transfer agent,
recently established a Dividend Reinvestment and Direct Stock Purchase and
Sale Plan for the purchase of CarrAmerica's common stock. The Plan is
sponsored and administered by American Stock, which can be reached at
1-877-366-6438.
CarrAmerica Earnings Estimates
On Friday, July 30, CarrAmerica management will discuss earnings guidance
for 2004. Based on management's view of current market conditions and certain
assumptions with regard to rental rates and other projections, an expected
range of diluted earnings per share of $0.98 - $1.08 and Diluted FFO per share
of $3.07 - $3.17 for 2004 will be discussed. Third quarter 2004 diluted
earnings per share and Diluted FFO per share are projected to be $0.46 - $0.50
and $0.74 - $0.78, respectively. Projections for the third quarter and full
year 2004 include an estimated gain on the sale of the Atlanta portfolio but
exclude any other potential gains, losses or asset impairments associated with
property dispositions currently contemplated or otherwise. The projections
for 2004 are based in part on the following assumptions:
2004
Average Office Portfolio Occupancy 87% - 88%
Real Estate Service Revenue $20 - $23 million
General and Administrative Expense $40 - $41 million
The 2004 estimate assumes that, in addition to the completed and pending
acquisitions and dispositions described above, the Company will complete $0.0
- $75.0 million of additional net acquisitions (acquisitions net of
dispositions) for the year. By definition, Diluted FFO excludes gains or
losses on the disposition of properties.
Impact of Clarification of Accounting Standard
In the third quarter of 2003, the SEC issued a clarification of Emerging
Issues Task Force Topic D-42 which provides that in calculating earnings per
share (and therefore Diluted FFO per share), net earnings available to common
shareholders (or Diluted FFO) must be reduced by the original issuance costs
associated with redeemed or repurchased preferred stock. Our second quarter
year-to-date 2003 results have been previously restated to reflect the
retroactive application of this clarification.
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 17, 2004.
CarrAmerica's common stock will begin trading ex-dividend on August 13, 2004
and the dividend will be paid on August 31, 2004.
The company also declared a dividend on its Series E preferred stock. The
Series E Cumulative Redeemable preferred stock dividend is $.46875 per share.
The Series E preferred stock dividends are payable to shareholders of record
as of the close of business on August 17, 2004. The preferred stock will
begin trading ex-dividend on August 13, 2004 and the dividends will be paid on
August 31, 2004.
CarrAmerica Second Quarter Webcast and Conference Call
CarrAmerica will conduct a conference call to discuss 2004 second quarter
results on Friday, July 30, 2004 at 11:00 AM, ET. A live webcast of the call
will be available through a link at CarrAmerica's web site,
http://www.carramerica.com. The phone number for the conference call is
1-888-515-2235 for U.S. participants and 1-719-457-2601 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 30, 2004 until
midnight August 6, 2004, by dialing 1-888-203-1112 for U.S. callers and
1-719-457-0820 for international callers, passcode 353896.
A copy of supplemental material on the company's second quarter operations
is available on the company's web site, http://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 13 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 296 operating office properties. CarrAmerica's markets include
Atlanta, 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 and the accompanying summary financial information,
including statements regarding management's expectations about, among other
things, operating performance and financial condition, may constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation 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 and real estate conditions that will, among other things, affect
demand for office properties and our ability to lease vacant space at
favorable rental rates, our ability to obtain debt or equity financing if and
when needed on favorable terms, or at all, possible charges or payments
resulting from our guarantee of certain leases of HQ Global Workplaces, Inc.,
the impact of future acquisitions or dispositions not currently contemplated
or expected, the ability of the general economy to recover timely from
economic downturns or otherwise sustain periods of growth, availability and
creditworthiness of tenants, the availability of financing for both tenants
and the company, adverse changes in the real estate markets including, among
other things, competition with other companies, risks of real estate
acquisition and development (including the failure of pending acquisitions or
dispositions to close in a timely manner, on current terms, or at all, and
pending developments to be completed on time and within budget), actions,
strategies and performance of affiliates that the company may not control or
companies in which the company has made investments, our ability to maintain
our status as a REIT for federal income tax purposes, governmental actions and
initiatives, the ability to obtain insurance at a reasonable cost 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 on
Form 10-K.
CARRAMERICA REALTY CORPORATION
Consolidated Balance Sheets
June 30, December 31,
(In thousands) 2004 2003
(Unaudited)
Assets
Rental property
Land $ 690,828 $ 690,410
Buildings 1,922,731 1,974,347
Tenant improvements 413,564 420,533
Furniture, fixtures and equipment 49,789 48,216
3,076,912 3,133,506
Less: Accumulated depreciation (701,963) (692,901)
Net rental property 2,374,949 2,440,605
Land held for future development
or sale 41,586 41,284
Assets related to properties
held for sale 172,725 10,626
Cash and cash equivalents 8,259 4,299
Restricted deposits 2,922 2,549
Accounts and notes receivable, net 21,551 17,829
Investments in unconsolidated entities 139,215 137,604
Accrued straight-line rents 81,818 84,552
Tenant leasing costs, net 47,620 51,547
Prepaid expenses and other assets, net 68,134 45,123
$ 2,958,779 $ 2,836,018
Liabilities and Stockholders' Equity
Liabilities:
Mortgages and notes payable, net $ 1,850,178 $ 1,727,648
Accounts payable and
accrued expenses 98,306 95,586
Rent received in advance and
security deposits 34,389 34,757
1,982,873 1,857,991
Minority interest 63,963 70,456
Stockholders' equity:
Preferred stock 201,250 201,250
Common stock 543 529
Additional paid in capital 1,012,875 976,644
Cumulative dividends in excess of
net income (302,950) (270,852)
Accumulated other
comprehensive income 225 -
911,943 907,571
Commitments and contingencies
$ 2,958,779 $ 2,836,018
CARRAMERICA REALTY CORPORATION
Consolidated Statements of Operations
Three Months Ended Six Months Ended
June 30, June 30,
(In thousands, except
per share amounts) 2004 2003 2004 2003
(Unaudited) (Unaudited)
Revenues:
Rental income (1):
Minimum base rent $ 96,661 $ 94,329 $ 193,654 $ 190,614
Recoveries from tenants 13,219 13,694 26,658 29,746
Parking and other
tenant charges 6,374 5,239 10,479 11,227
Total rental revenue 116,254 113,262 230,791 231,587
Real estate service revenue 5,301 7,478 10,767 13,033
Total operating revenues 121,555 120,740 241,558 244,620
Operating expenses:
Property expenses:
Operating expenses 29,753 28,809 58,597 58,176
Real estate taxes 9,980 10,311 20,785 21,439
General and administrative 10,758 10,657 21,030 20,943
Depreciation and amortization 30,792 30,942 61,839 59,929
Total operating expenses 81,283 80,719 162,251 160,487
Real estate operating
income 40,272 40,021 79,307 84,133
Other (expense) income:
Interest expense (27,835) (26,035) (54,176) (51,908)
Other income 530 93 1,224 191
Equity in earnings of
unconsolidated entities 1,749 1,858 3,747 3,185
Net other expense (25,556) (24,084) (49,205) (48,532)
Income from continuing
operations before income
taxes, minority interest
and (loss) gain on sale
of properties 14,716 15,937 30,102 35,601
Income taxes (32) (120) (154) (372)
Minority interest (2,139) (2,693) (4,165) (5,769)
(Loss) gain on sale of
properties (48) 821 (58) 544
Income from continuing
operations 12,497 13,945 25,725 30,004
Discontinued operations - Net
operations of sold property 1,510 2,884 3,446 5,796
Discontinued operations - Gain
on sale of properties - - 66 -
Net income 14,007 16,829 29,237 35,800
Less: Dividends on
preferred and restricted
stock and issuance costs
of redeemed preferred
stock (3,938) (4,449) (7,877) (11,581)
Net income available to
common shareholders $ 10,069 $ 12,380 $ 21,360 $ 24,219
Basic net income per share:
Continuing operations $ 0.16 $ 0.18 $ 0.33 $ 0.36
Discontinued operations 0.03 0.06 0.07 0.11
Net income $ 0.19 $ 0.24 $ 0.40 $ 0.47
Diluted net income per share:
Continuing operations $ 0.16 $ 0.18 $ 0.33 $ 0.36
Discontinued operations 0.03 0.06 0.06 0.11
Net income $ 0.19 $ 0.24 $ 0.39 $ 0.47
NOTE: (1) Rental income includes $801 and $1,672 of accrued straight line
rents for the three months period ended June 30, 2004 and 2003,
respectively, and $3,037 and $3,825 for the six months period ended
June 30, 2004 and 2003, respectively.
CARRAMERICA REALTY CORPORATION
Consolidated Statements of Cash Flow
Six Months Ended
(Unaudited and in thousands) June 30,
2004 2003
Cash flow from operating activities:
Net income $ 29,237 $ 35,800
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 66,511 66,036
Minority interest 4,165 5,769
Equity in earnings of
unconsolidated entities (3,747) (3,185)
Loss (gain) sale of properties 58 (544)
Gain on sale of discontinued operations (66) -
Gain on sale of residential property (326) -
Provision for uncollectible accounts 148 2,058
Stock based compensation 1,762 2,368
Other 2,560 (1,389)
Change in assets and liabilities:
Decrease in accounts receivable 9,119 6,812
Increase in accrued straight-line rents (3,037) (3,824)
Additions to tenant leasing costs (6,966) (6,577)
Increase in prepaid expenses and
other assets (11,239) (12,711)
Decrease in accounts payable and
accrued expenses (12,294) (6,048)
(Decrease) increase in rent received
in advance and security deposits (369) 420
Total adjustments 46,279 49,185
Net cash provided by
operating activities 75,516 84,985
Cash flows from investing activities:
Rental property additions (3,974) (7,175)
Additions to tenant improvements (23,707) (14,809)
Additions to land held for development
or sale and construction in progress (2,458) (7,013)
Rental property acquisitions and
deposits (139,993) -
Issuance of notes receivable (5,421) (1,495)
Distributions from unconsolidated entities 2,409 5,831
Investments in unconsolidated entities (358) (13,966)
Acquisition of minority interest (4,201) (1,880)
(Increase) decrease in restricted deposits (373) 1,287
Proceeds from sale of residential property 2,727 -
Proceeds from sales of properties 10,512 9,498
Net cash used in
investing activities (164,837) (29,722)
Cash flows from financing activities:
Repurchase of common stock - (7,858)
Repurchase of preferred stock - (54,710)
Exercises of stock options 31,857 7,024
Proceeds from the issuance of
unsecured notes 222,718 -
Net (repayments) borrowings on
unsecured credit facility (68,500) 100,000
Net repayments of mortgages payable (25,874) (35,107)
Dividends and distributions to
minority interests (66,920) (67,714)
Net cash provided by (used in)
financing activities 93,281 (58,365)
Increase (decrease) in unrestricted
cash and cash equivalents 3,960 (3,102)
Cash and cash equivalents,
beginning of the period 4,299 5,238
Cash and cash equivalents,
end of the period $ 8,259 $ 2,136
Supplemental disclosure of cash
flow information:
Cash paid for interest (net of capitalized
interest of $361 and $833 for the six
months ended June 30, 2004 and 2003,
respectively) $ 51,889 $ 51,546
Income tax payments, net $ 358 $ 340
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 is it 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 Six Months Ended
June 30, June 30,
2004 2003 2004 2003
Net income $14,007 $16,829 $29,237 $35,800
Adjustments: Minority interest 2,139 2,693 4,165 5,769
FFO allocable to
the minority
Unitholders (3,502) (4,274) (7,060) (8,779)
Depreciation and
amortization - REIT
properties 29,225 29,835 58,582 57,553
Depreciation and
amortization - Equity
properties 4,018 3,071 7,500 6,009
Depreciation and
amortization -
Discontinued
operations 2,273 2,747 4,672 5,434
Minority interests'
(non Unitholders)
share of depreciation,
amortization and
net income (267) (327) (540) (607)
Loss (gain) on sale
of properties 48 (3,531) (8) (3,254)
FFO as defined by NAREIT(1) 47,941 47,043 96,548 97,925
Less: Preferred dividends,
dividends on unvested
restricted stock and
preferred stock
redemption premium(2) (3,782) (4,311) (7,563) (11,304)
FFO attributable to common
shareholders 44,159 42,732 88,985 86,621
FFO allocable to the
minority Unitholders 3,502 4,274 7,060 8,779
Diluted FFO available to common
shareholders(3) $47,661 $47,006 $96,045 $95,400
Less: Lease commissions (4,690) (3,873) (6,966) (6,577)
Tenant improvements (13,667) (9,482) (23,707) (14,809)
Building capital
additions (2,348) (4,183) (3,756) (6,438)
Straight line rent (801) (1,672) (3,037) (3,824)
Funds available for distribution
to common shareholders(4) $26,155 $27,796 $58,579 $63,752
(1) FFO as defined by NAREIT, as amended by NAREIT during the third
quarter of 2003, includes land and building impairments. The second
quarter and six months ended June 30, 2003 includes an impairment
charge on real estate of $2,710.
(2) On July 31, 2003, the SEC issued a clarification of EITF Topic D-42
which requires us to subtract original issuance costs associated with
redeemed preferred securities from net income available to common
shareholders (and therefore, FFO available to common shareholders).
This clarification is required to be applied retroactively. These
amounts include $24 and $1,723 for the three and six months ended June
30, 2003, respectively, of original preferred stock issuance costs
associated with redemptions.
(3) 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.
(4) Adjustments to arrive at FAD do not include amounts associated
with properties in unconsolidated entities.
CARRAMERICA REALTY CORPORATION
Funds From Operations (con't)
(Unaudited and in thousands,
except per share amounts) Three Months Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
Diluted net income per common share $ 0.19 $ 0.24 $ 0.39 $ 0.47
Add: Depreciation and amortization 0.59 0.62 1.19 1.19
Gain on sale of properties - (0.07) - (0.07)
Minority interest adjustment 0.04 0.05 0.07 0.10
Adjustment for share difference (0.02) (0.03) (0.04) (0.05)
Diluted funds from operations
available to common shareholders $ 0.80 $ 0.81 $ 1.61 $ 1.64
Diluted funds from operations
available to common shareholders,
excluding
Impairment of real estate $ - $ 0.05 $ - $ 0.05
Preferred stock issuance costs - - - 0.03
$ 0.80 $ 0.86 $ 1.61 $ 1.72
Diluted net income per common
share, excluding
Impairment of real estate $ - $ 0.05 $ - $ 0.05
Preferred stock issuance costs - - - 0.03
$ 0.19 $ 0.29 $ 0.39 $ 0.55
Weighted average common shares
outstanding:
Diluted net income 54,339 52,150 54,272 52,026
Diluted funds from operations 59,732 58,016 59,697 57,892
CARRAMERICA REALTY CORPORATION
Funds From Operations (con't)
(Unaudited and in thousands,
except per share amounts) Projected Projected
Three Months Ended Twelve Months Ended
September 30, 2004 December 31, 2004
Projected diluted net income
per common share $ 0.46 - 0.50 $ 0.98 - 1.08
Add: Projected depreciation
and amortization 0.60 2.38
Projected minority interest - 0.12
Less: Gain on sale of properties (0.32) (0.32)
Projected adjustment for
share difference - (0.09)
Projected diluted funds from
operations per common share $ 0.74 - 0.78 $ 3.07 - 3.17
Projected weighted average common
shares outstanding:
Projected diluted net income 61,000 55,100
Projected diluted funds
from operations 61,000 60,500
SOURCE CarrAmerica Realty Corporation
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Related links:
http://www.carramerica.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 212-782-2840
CONTACT:
Media: Karen Widmayer, +1-202-729-1789,
karen.widmayer@carramerica.com, or Analysts: Stephen Walsh:
+1-202-729-1764, stephen.walsh@carramerica.com, both of
CarrAmerica Realty Corporation
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