WASHINGTON, Nov. 3 /PRNewswire-FirstCall/ -- CarrAmerica Realty
Corporation (NYSE: CRE) today announced that it has entered into an agreement
to sell First Street Technology Center in San Jose, California. Located at
3745 North First Street, the 67,582 square foot building is currently vacant.
The property is expected to be sold for a price of $5.0 million with closing
expected in the fourth quarter of 2004, subject to certain due diligence,
financing and other closing contingencies.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
If the contingencies are waived or satisfied and the agreement becomes
binding, CarrAmerica will recognize an impairment charge of approximately $2.3
million in the fourth quarter of 2004, reflecting our expected loss on the
sale of the property. If realized, the $2.3 million charge will decrease
fourth quarter diluted earnings per share and diluted Funds from Operations
available to common shareholders (Diluted FFO) by $.04 per share. The impact
of this impairment charge is not included in the Company's earnings guidance
for the fourth quarter and full year 2004, which was previously announced by
the Company on October 29, 2004. Excluding the impact of this potential sale,
net gains from sales for the year to date are approximately $40.0 million on
sales of $236.7 million.
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.
Certain statements in this release 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, possible
charges or payments resulting from our guarantee of certain leases of HQ
Global Workplaces, Inc., the ability of the general economy to recover timely
from the current economic downturn, availability and creditworthiness of
tenants, the level of lease rents and 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 to
close and pending developments to be completed on time and within budget or
the failure of any property acquired or developed to perform as expected),
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, 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, 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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