WASHINGTON, Oct. 28 /PRNewswire-FirstCall/ -- CarrAmerica Realty
Corporation (NYSE: CRE) today reported third quarter 2004 diluted earnings per
share of $0.61 on net income of $37.6 million, compared to diluted earnings
per share of $0.37 on net income of $24.0 million for the third quarter of
2003. For the first nine months of 2004, diluted earnings per share were
$1.01 on net income of $66.8 million compared to $0.84 on net income of $59.8
million for the same period a year ago.
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For the third quarter of 2004, diluted funds from operations available to
common shareholders (Diluted FFO) were $51.2 million or $0.85 per share
compared to $46.3 million or $0.79 per share for the third quarter of 2003.
Diluted FFO for the nine-month period ended September 30, 2004 was $147.2
million or $2.46 per share as compared to $141.9 million or $2.45 per share
for the same period in 2003.
Net income for the third quarter of 2004 was positively impacted by a gain
of $19.8 million (or $0.36 per diluted share) related to the sale of our
Atlanta portfolio and by a fee associated with the termination of a
development project in a venture in which we own a 35.0% interest. Our share
of this termination fee was $2.7 million ($0.05 per diluted share).
Net income in the third quarter of 2003 was positively impacted by a gain
on the sale of discontinued operations of $10.0 million ($0.19 per diluted
share). Net income was negatively impacted during the third quarter of 2003
by an $0.8 million ($0.02 per diluted share) charge associated with an
adjustment to our HQ lease guarantee obligation. Results for the nine months
ended September 30, 2003 were also impacted by a $2.7 million ($0.05 per
diluted share) impairment loss on real estate and a reduction to earnings per
share of $0.03 related to the original issuance costs associated with redeemed
or repurchased preferred stock.
Portfolio Report
CarrAmerica President and COO, Philip L. Hawkins, commented, "Conditions
in CarrAmerica's markets have continued to improve slowly but steadily during
the third quarter of 2004. Rental rates have stabilized, although conditions
will remain very competitive in many markets for the next twelve months due to
high vacancy rates." Mr. Hawkins continued, "Our market teams have continued
to compete well, armed with the ability to make responsive, localized
decisions and continuing their emphasis on broker relationships and customer
service."
Occupancy for consolidated stabilized properties was 87.0% at September
30, 2004, down from 87.1% at June 30, 2004 and down from 88.5% at September
30, 2003. Same store property operating income for the third quarter of 2004
decreased 1.7% on a GAAP basis over the same period in 2003. Adjusting for
termination fees, same store property operating income for the third quarter
of 2004 decreased by 3.2%. The average occupancy rate for same store
properties was 87.2% in the third quarter, an increase from 87.1% at June 30,
2004 and down from 89.4% for the third quarter 2003.
For the third quarter, rental rates decreased 11.3% on average on the
leases executed during the quarter. Leasing activity was steady, with 566,000
square feet leased throughout our portfolio in the third quarter.
Acquisitions
During the third quarter, CarrAmerica completed the acquisition of
approximately 830,000 square feet in 10 office buildings for a total price of
approximately $189.1 million. The properties are located in Washington, D.C.,
San Jose and San Diego. These properties include:
* 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 $25.9 million with a year-one
and stabilized GAAP yield of approximately 9.0%.
* Corporate Technology Centre in North San Jose, California, comprised
of five additional buildings on Holger Way. CarrAmerica paid $43.6
million for the buildings containing 331,950 square feet and which are
42.0% leased. This acquisition is expected to provide a year-one GAAP
yield of 3.7% and a stabilized GAAP return of approximately 11.0%.
* The Commercial National Bank Building, a 206,000 square foot, Class A
building in downtown Washington, D.C. The building was acquired for
$84.0 million and is expected to have a year-one and stabilized GAAP
yield of 7.6%. The building is currently 99% leased.
* Corporate Plaza II in San Diego, California. CarrAmerica paid $35.6
million for the 116,166 square foot, two-building office property.
Currently 77.0% leased, Corporate Plaza II is expected to provide a
year-one GAAP yield of 6.3% and a stabilized GAAP return of
approximately 8.0%.
In addition to the wholly-owned acquisitions described above, CarrAmerica
invested in, through a joint venture in which it is a 20.0% partner, One and
Two Legacy Town Center, a 360,823 square foot Class A office project located
in the Legacy submarket of suburban Dallas. The joint venture purchased the
buildings for $66.3 million. CarrAmerica expects to earn a year-one and
stabilized GAAP return on its investment of approximately 8.8%. Subsequent to
the end of the quarter, this joint venture acquired an additional 32,293
square foot building adjacent to One and Two Legacy Town Center, for $5.8
million. CarrAmerica expects to receive a year-one and stabilized GAAP return
on its investment in the additional building of 9.4%.
Total investments year-to-date, including CarrAmerica's minority
investment in the Dallas assets is $334.7 million.
Dispositions
CarrAmerica completed its previously announced sale of its 1.7 million
square foot suburban Atlanta portfolio for approximately $196.0 million. The
properties were 80% leased at closing and were sold at an estimated year-one
cap rate of 6.4%. The Company recorded a gain of approximately $19.8 million
in connection with the sale.
Subsequent to the end of the quarter, CarrAmerica sold John Marshall II, a
223,000 square foot office building in Northern Virginia in which it owned a
50.0% interest, for $59.3 million. CarrAmerica recorded a gain of
approximately $20.2 million in connection with the sale.
On a year-to-date basis, including its 50.0% interest in John Marshall II,
CarrAmerica has completed sales of properties totaling $236.7 million.
Development Update
Subsequent to the end of the quarter, CarrAmerica was named as Project
Developer for The Harman Center for the Arts and Headquarters for the
International Union of Bricklayers and Allied Craftworkers (BAC), an 11-story
mixed-use project co-owned by The Shakespeare Theatre and the BAC. The 800-
seat theatre comprising Sidney Harman Hall will occupy the first five stories
of this landmark development while BAC will occupy the upper 6 stories,
consisting of approximately 120,000 square feet of Class A office space.
Scheduled for groundbreaking by the end of October 2004, the headquarters for
BAC is scheduled to be completed in December 2006 and Sidney Harman Hall in
Spring 2007.
Capital Markets
In the third quarter, CarrAmerica Realty Operating Partnership, L.P.
issued $200.0 million principal amount of senior unsecured notes that bear
interest at 5.125% and mature September 1, 2011.
Impact of Clarification of Accounting Standard
In the second 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 third quarter
year-to-date 2003 results have been previously restated to reflect the
retroactive application of this clarification.
CarrAmerica Earnings Estimates
On Friday, October 29, CarrAmerica management will discuss earnings
guidance for 2004 and 2005. 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 $1.54 - $1.58
and Diluted FFO per share of $3.12 - $3.16 for 2004 will be discussed. Fourth
quarter 2004 diluted earnings per share and Diluted FFO per share are
projected to be $0.54 - $0.58 and $0.66 - $0.70, respectively. Projections
for the fourth quarter and full year 2004 include the gain on the sale of the
Atlanta portfolio and on the sale of our 50.0% interest in John Marshall II in
Northern Virginia, but exclude any other potential gains, losses or asset
impairments associated with property dispositions currently contemplated or
otherwise. Projections for the fourth quarter and full year 2004 also include
approximately $4 million of prepayment penalties associated with the
extinguishment of debt. Diluted earnings per share of $0.33 - $0.53 and
Diluted FFO per share of $2.85 - $3.05 for 2005 will be discussed. Estimates
for 2005 exclude any other potential gains, losses or asset impairments
associated with property dispositions currently contemplated or otherwise.
The projections for full year 2004 and 2005 are based in part on the following
assumptions:
2004 2005
Average Office
Portfolio Occupancy 87.0% - 88.0% 88.0% - 90.0%
Real Estate Service
Revenue $23.0 - $24.0 million $17.0 - $20.0 million
General and
Administrative Expense $41.0 - $42.0 million $39.0 - $41.0 million
Termination Fees $ 6.5 - $ 7.0 million $ 1.0 - $ 2.0 million
The 2004 estimate assumes that, in addition to the completed and pending
acquisitions and dispositions described above, the Company will complete no
additional net acquisitions (acquisitions net of dispositions) for the balance
of the year. The 2005 estimate includes no net additional new investment.
The 2005 estimate includes the impact of lost property operating income of
approximately $6.0 million for 2-4 months of downtime associated with the
commencement of a 394,000 square foot lease in Washington, D.C. Our 2005
estimate also assumes straight-line rents on in-place leases that expire in
2005 exceed market rental rates by 8.0% - 12.0%. By definition, Diluted FFO
excludes gains or losses on the disposition of properties.
CarrAmerica Announces Third Quarter Dividend
The Board of Directors of CarrAmerica today declared a third 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 November 15,
2004. CarrAmerica's common stock will begin trading ex-dividend on November
11, 2004 and the dividend will be paid on November 30, 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 November 15, 2004. The preferred stock will begin
trading ex-dividend on November 11, 2004 and the dividends will be paid on
November 30, 2004.
CarrAmerica Third Quarter Webcast and Conference Call
CarrAmerica will conduct a conference call to discuss 2004 third quarter
results on Friday, October 29, 2004 at 11:00 A.M., 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
1-800-310-6649 for U.S. participants and 1-719-457-2693 for international
participants. The call is open to all interested persons. A taped replay of
the conference call can be accessed from 3:00 PM on October 29, 2004 until
midnight November 4, 2004, by dialing 1-888-203-1112 for U.S. callers and
1-719-457-0820 for international callers, passcode 972554.
A copy of supplemental material on the company's third 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 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 293 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.
CARRAMERICA REALTY CORPORATION
Consolidated Balance Sheets
September 30, December 31,
(In thousands) 2004 2003
(Unaudited)
Assets
Rental property
Land $ 765,637 $ 690,410
Buildings 2,020,468 1,974,347
Tenant improvements 436,279 420,533
Furniture, fixtures and equipment 50,008 48,216
3,272,392 3,133,506
Less: Accumulated depreciation (730,733) (692,901)
Net rental property 2,541,659 2,440,605
Land held for future development or sale 41,623 41,284
Assets related to properties held
for sale - 10,626
Cash and cash equivalents 3,196 4,299
Restricted deposits 3,956 2,549
Accounts and notes receivable, net 33,876 17,829
Investments in unconsolidated entities 153,317 137,604
Accrued straight-line rents 83,037 84,552
Tenant leasing costs, net 51,407 51,547
Prepaid expenses and other assets, net 66,095 45,123
$ 2,978,166 $ 2,836,018
Liabilities and Stockholders' Equity
Liabilities:
Mortgages and notes payable, net $ 1,867,817 $ 1,727,648
Accounts payable and accrued expenses 92,923 95,586
Rent received in advance and
security deposits 31,895 34,757
1,992,635 1,857,991
Minority interest 63,371 70,456
Stockholders' equity:
Preferred stock 201,250 201,250
Common stock 545 529
Additional paid in capital 1,016,373 976,644
Cumulative dividends in excess of
net income (296,235) (270,852)
Accumulated other comprehensive income 227 -
922,160 907,571
Commitments and contingencies
$ 2,978,166 $ 2,836,018
CARRAMERICA REALTY CORPORATION
Consolidated Statements of Operations
Three Months Ended Nine Months Ended
(In thousands, except September 30, September 30,
per share amounts) 2004 2003 2004 2003
(Unaudited) (Unaudited)
Revenues:
Rental income (1):
Minimum base rent $ 99,458 $ 94,459 $293,112 $285,073
Recoveries from tenants 14,529 15,292 41,187 45,038
Parking and other tenant
charges 4,146 3,629 14,625 14,856
Total rental revenue 118,133 113,380 348,924 344,967
Real estate service revenue 6,234 6,518 17,001 19,551
Total operating revenues 124,367 119,898 365,925 364,518
Operating expenses:
Property expenses:
Operating expenses 30,751 32,255 89,348 90,431
Real estate taxes 10,076 8,338 30,861 29,777
General and administrative 10,304 10,028 31,334 30,971
Depreciation and amortization 33,366 30,414 95,205 90,343
Total operating expenses 84,497 81,035 246,748 241,522
Real estate operating income 39,870 38,863 119,177 122,996
Other (expense) income:
Interest expense (28,362) (25,880) (82,538) (77,788)
Obligations under lease
guarantees - (811) - (811)
Equity in earnings of
unconsolidated entities 3,644 1,772 7,391 4,957
Interest income and other
income (expense), net 505 (96) 1,729 95
Net other expense (24,213) (25,015) (73,418) (73,547)
Income from continuing
operations before income
taxes, minority interest
and gain (loss) on sale
of properties 15,657 13,848 45,759 49,449
Income taxes 19 (63) (135) (435)
Minority interest (2,192) (2,616) (6,357) (8,385)
Impairment loss on real estate - - - (2,701)
Gain (loss) on sale of properties - 120 (58) 3,365
Income from continuing
operations 13,484 11,289 39,209 41,293
Discontinued operations - Net
operations of sold properties 4,268 2,663 7,714 8,459
Discontinued operations - Gain on
sale of properties 19,804 10,035 19,870 10,035
Net income 37,556 23,987 66,793 59,787
Less: Dividends on preferred
and restricted stock and
issuance costs of redeemed
preferred stock (3,931) (4,639) (11,794) (15,996)
Net income available to
common shareholders $ 33,625 $ 19,348 $ 54,999 $ 43,791
Basic net income per share:
Continuing operations $ 0.18 $ 0.13 $ 0.51 $ 0.49
Discontinued operations 0.44 0.24 0.51 0.36
Net income $ 0.62 $ 0.37 $ 1.02 $ 0.85
Diluted net income per share:
Continuing operations $ 0.17 $ 0.13 $ 0.50 $ 0.48
Discontinued operations 0.44 0.24 0.51 0.36
Net income $ 0.61 $ 0.37 $ 1.01 $ 0.84
NOTE: (1) Rental income includes $1,715 and $2,105 of accrued straight
line rents for the three months period ended Sept. 30, 2004 and
2003, respectively, and $4,752 and $5,930 for the nine months period
ended Sept. 30, 2004 and 2003, respectively.
CARRAMERICA REALTY CORPORATION
Consolidated Statements of Cash Flow
Nine Months Ended
(Unaudited and in thousands) September 30,
2004 2003
Cash flow from operating activities:
Net income $ 66,793 $ 59,787
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 99,882 98,341
Minority interest 6,357 8,385
Equity in earnings of unconsolidated
entities (7,391) (4,957)
Gain sale of properties 58 (3,365)
Gain on sale of properties -
discontinued operations (19,870) (10,035)
(Gain) loss on sale of residential
property (326) 263
Impairment loss on real estate - 2,701
Obligations under lease guarantees - 811
Provision for uncollectible accounts 444 3,455
Stock based compensation 2,538 2,937
Other 2,362 (163)
Change in assets and liabilities:
Decrease in accounts receivable 4,847 7,423
Increase in accrued straight-line rents (4,753) (5,922)
Additions to tenant leasing costs (10,052) (13,664)
Increase in prepaid expenses and
other assets (4,534) (10,375)
Decrease in accounts payable and
accrued expenses (19,785) (13,642)
Decrease in rent received in advance
and security deposits (1,679) (358)
Total adjustments 48,098 61,835
Net cash provided by operating
activities 114,891 121,622
Cash flows from investing activities:
Rental property additions (6,280) (9,735)
Additions to tenant improvements (36,707) (22,042)
Additions to land held for development or
sale and construction in progress (3,217) (14,664)
Rental property acquisitions (320,379) (51,100)
Issuance of notes receivable (13,164) (3,031)
Distributions from unconsolidated entities 5,389 13,603
Investments in unconsolidated entities (13,936) (14,350)
Acquisition of minority interest (4,406) (1,880)
(Increase) decrease in restricted deposits (1,407) 761
Proceeds from sale of residential property 2,727 402
Proceeds from sales of properties 201,702 38,817
Net cash used in investing activities (189,678) (63,219)
Cash flows from financing activities:
Repurchase of common stock - (7,858)
Repurchase of preferred stock - (58,270)
Exercises of stock options 34,881 10,373
Proceeds from the sale of preferred stock - 195,070
Repayment of unsecured notes (150,000) -
Proceeds from the issuance of
unsecured notes, net 419,967 -
Net repayments on unsecured credit facility (100,500) (45,000)
Net repayments of mortgages and
notes payable (30,043) (49,112)
Dividends and distributions to
minority interests (100,621) (101,359)
Net cash provided by (used in)
financing activities 73,684 (56,156)
(Decrease) increase in unrestricted
cash and cash equivalents (1,103) 2,247
Cash and cash equivalents, beginning
of the period 4,299 5,238
Cash and cash equivalents, end of the period $ 3,196 $ 7,485
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized
interest of $457 and $1,293 for the nine
months ended Sept. 30, 2004 and 2003,
respectively) $ 90,399 $ 90,656
Income tax payments, net $ 870 $ 388
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 Nine Months Ended
September 30, September 30,
2004 2003 2004 2003
Net income $37,556 $23,987 $66,793 $59,787
Adjustments: Minority interest 2,192 2,616 6,357 8,385
FFO allocable to the
minority Unitholders (3,653) (4,343) (10,713) (13,122)
Depreciation and
amortization - REIT
properties 31,626 28,875 90,208 86,428
Depreciation and
amortization -
Equity properties 3,685 3,219 11,185 9,228
Depreciation and
amortization -
Discontinued
operations 5 2,564 4,677 7,998
Minority interests'
(non Unitholders)
share of depreciation,
amortization and
net income (258) (333) (798) (940)
Loss (gain) on sale
of properties (19,804) (10,155) (19,812) (13,400)
FFO as defined by NAREIT 51,349 46,430 147,897 144,364
Less: Preferred dividends,
dividends on unvested
restricted stock and
preferred stock
redemption premium (3,790) (4,507) (11,371) (15,599)
FFO attributable to common
shareholders 47,559 41,923 136,526 128,765
FFO allocable to the
minority Unitholders 3,653 4,343 10,713 13,122
Diluted FFO available to common
shareholders(1) $51,212 $46,266 $147,239 $141,887
Less: Lease commissions (3,088) (5,632) (10,054) (12,209)
Tenant improvements (12,556) (7,233) (36,263) (22,042)
Building capital
additions (2,359) (3,353) (6,115) (9,791)
Straight line rent (1,715) (2,105) (4,752) (5,930)
Funds available for distribution
to common shareholders(2) $31,494 $27,943 $90,055 $91,915
(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.
CARRAMERICA REALTY CORPORATION
Funds From Operations (con't)
(Unaudited and in thousands, Three Months Ended Nine Months Ended
except per share amounts) September 30, September 30,
2004 2003 2004 2003
Diluted net income per common share $ 0.61 $ 0.37 $ 1.01 $ 0.84
Add: Depreciation and amortization 0.59 0.60 1.77 1.79
Gain on sale of properties (0.33) (0.17) (0.33) (0.23)
Minority interest adjustment 0.04 0.04 0.11 0.13
Adjustment for share difference (0.06) (0.05) (0.10) (0.08)
Diluted funds from operations
available to common shareholders $ 0.85 $ 0.79 $ 2.46 $ 2.45
Diluted funds from operations
available to common shareholders,
excluding
Impairment of real estate $ - $ - $ - $ 0.05
HQ lease guarantees - 0.02 - 0.02
Preferred stock issuance costs - - 0.03
$ 0.85 $ 0.81 $ 2.46 $ 2.55
Diluted net income per common
share, excluding
Impairment of real estate $ - $ - $ - $ 0.05
HQ lease guarantees - 0.02 - 0.02
Preferred stock issuance costs - - - 0.03
$ 0.61 $ 0.39 $ 1.01 $ 0.94
Weighted average common shares
outstanding:
Diluted net income 54,669 52,657 54,332 52,379
Diluted funds from operations 60,069 58,270 59,799 58,023
CARRAMERICA REALTY CORPORATION
Funds From Operations (con't)
(Unaudited and in thousands,
except per share amounts)
Projected Projected Projected
Three Months Twelve Months Twelve Months
Ended Ended Ended
December 31, December 31, December 31,
2004 2004 2005
Projected diluted net
income per common share $ 0.54 - 0.58 $ 1.54 - 1.58 $ 0.33 - 0.53
Add: Projected depreciation
and amortization 0.59 2.37 2.40
Projected minority
interest 0.09 0.19 0.16
Less: Gain on sale of
properties (0.51) (0.84) -
Projected adjustment for
share difference (0.05) (0.14) (0.04)
Projected diluted funds
from operations per
common share $ 0.66 - 0.70 $ 3.12 - 3.16 $ 2.85 - 3.05
Projected weighted average
common shares outstanding:
Projected diluted
net income 54,700 54,400 55,200
Projected diluted
funds from operations 60,100 59,800 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, photodesk@prnewswire.com
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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