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CarrAmerica Realty Corp.'s FFO Growth Up 12%

WASHINGTON, DC-The company's president says that funds are up from operations, share values are up, occupancy rates are up, rent is up and things are looking very good for CarrAmerica.

By Diane Cook | Updated on November 13, 2000

WASHINGTON, DC-CarrAmerica Realty Corp., headquartered here, announces a strong third quarter. According to company president and chief executive officer Thomas A. Carr, funds from operations increased 12%, or $0.75 per diluted share, over the same period in 1999. FFO for the nine-month period ending Sept. 30 was up 17% to $165.3 million or $2.22 per diluted share compared to $143.1 million or $1.90 per diluted share for the same period in 1999.

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.

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