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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.