The company's same store occupancy rate is more than 97% while rental rate growth reached 40%. Its operating properties' average occupancy was 97.1% as of Sept. 30. CarrAmerica purchased approximately $71.4 million of its common stock to date under the previously announced $100-million share repurchase program. The average price per share has been $28.14.
Previously, on Nov. 2, the company's board of directors declared a third quarter dividend for its common stock and its series A cumulative convertible redeemable preferred stock of $0.4625 per share. The dividends will be payable at the close of business on Friday (Nov. 17). CarrAmerica's common stock will begin trading ex-dividend on Wednesday (Nov. 15) and the dividends payable to common and Series A preferred shareholders will be paid on Dec. 1.
The company also declared a regular dividend for Series B, C and D preferred stock. The series B is $0.5356 per share, the series C is $0.5344 per share, and the series D is $0.5281 per share, payable to shareholders at the close of business on Friday. Preferred stock will begin trading ex-dividend on Wednesday and the dividends will be paid on Nov. 30.
As of Sept. 30, CarrAmerica and its affiliate, CarrAmerica Development, Inc., had approximately 796,000 sf of wholly owned projects under development in seven of its markets. CarrAmerica owns, develops and operates office properties in 14 markets -- Atlanta, Austin, TX, Chicago, Dallas, Denver, Los Angeles/Orange County, Phoenix, Portland, Salt Lake City, San Diego, San Francisco Bay Area, Seattle, South Florida and metropolitan Washington, DC.
Total cost of this development is expected to be approximately $149 million, of which $79 million was invested by Sept. 30. This development pipeline is 100% leased or committed and the year-one unleveraged return on CarrAmerica's invested capital is expected to be approximately 11.8%.
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