WASHINGTON, Nov. 22 /PRNewswire-FirstCall/ -- CarrAmerica Realty
Corporation (NYSE: CRE) today announced that it is under contract to sell
three office buildings -- 5000 Quorum, Quorum North and Quorum Place -- in
Dallas, Texas, subject to normal closing contingencies. Based on the final
sales price of these three buildings, CarrAmerica will recognize an additional
impairment charge of approximately $1.8 million in the fourth quarter of 2005,
reflecting our expected loss on the sale of the properties. The Company had
previously recognized an impairment loss of $4.0 million related to the
potential sale of two of the Quorum buildings in the first quarter of 2005.
The $1.8 million charge will decrease fourth quarter diluted earnings per
share and diluted Funds from Operations available to common shareholders
(Diluted FFO) by $.03 per share. The impact of this impairment charge is not
included in the Company's earnings guidance for the fourth quarter and full
year 2005, which was previously announced by the Company on October 27, 2005.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990820/CRELOGO )
With the sale of these three buildings and the pending sale of a 77,000
square foot building, CarrAmerica's Dallas portfolio will consist of
approximately 467,000 square feet of Class A office buildings that are wholly
owned and approximately 2.0 million square feet of Class A office buildings
that are owned in joint ventures.
CarrAmerica owns, develops and operates office properties in 12 markets
throughout the United States. The company has become one of America's leading
office companies by meeting the 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 294 operating office
properties, totaling approximately 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 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 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 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 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 and on acceptable terms, our ability to
successfully reinvest the proceeds from dispositions in other properties or
markets with improved returns, our ability to complete development projects on
time and within budget and our ability to stabilize such projects, 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 reasonable cost; ability to maintain our status as a REIT for
federal and state income tax purposes; ability to raise capital; 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.
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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