WASHINGTON, Oct. 1 /PRNewswire-FirstCall/ -- CarrAmerica Realty
Corporation (NYSE: CRE) today announced that it has completed its previously
announced sale of its 1.7 million square foot suburban Atlanta portfolio for
approximately $196.0 million. The properties are currently 80% leased and are
being sold at an estimated year-one cap rate of 6.4%. The Company will record
a gain of approximately $19.3 million in connection with the sale.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
CarrAmerica Chief Investment Officer, Karen Dorigan, commented, "The sale
of CarrAmerica's suburban Atlanta portfolio demonstrates our continued focus
on our core markets as we allocate the capital from this portfolio into new
investments in those markets." Ms. Dorigan continued, "We have successfully
achieved that goal in 2004, with new investments through the third quarter
totaling $320.3 million in approximately 1,175,000 square feet of high quality
office properties in metropolitan Washington, D.C., Southern and Northern
California."
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 291 operating office properties. 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 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.
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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