Exhibit 99.3
CarrAmerica Realty Corporation
For the quarter ended March 31, 2005
Supplemental Quarterly Call Reconciliations - Exhibit 99.3
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| Debt Plus Preferred Stock to Market Capitalization Percentage Calculation | |
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(In thousands, except ratio) | | | | |
Market value of common equity | | $ | 1,905,904 | |
Preferred equity | | | 201,250 | |
Total Debt (less discount/swap) | | | 1,943,660 | |
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Total Market Capitalization | | $ | 4,050,814 | |
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Preferred equity | | $ | 201,250 | |
Total Debt (less discount/swap) | | | 1,943,660 | |
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Debt plus Preferred Stock | | $ | 2,144,910 | |
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Debt plus Preferred to Market Capitalization | | | 53.0 | % |
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Projected Funds Available for Distribution Coverage 2005 | | |
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(In millions, except ratios) | | Forecast
2005 |
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Net income | | | | $113-125 |
Adjustments: | | Minority interest | | 8 |
| | | FFO allocable to the minority Unitholders | | (14) |
| | | Depreciation and amortization—REIT properties | | 130 |
| | | Depreciation and amortization—Equity properties | | 18 |
| | | Minority interests' (non Unitholders) share of depreciation, amortization and net income | | (1) |
| | | (Gain) loss on sale of properties | | (92) |
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FFO as defined by NAREIT | | 162-174 |
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Less: | | Preferred dividends, dividends on unvested restricted stock | | (15) |
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FFO attributable to common shareholders | | 147-159 |
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FFO allocable to the minority Unitholders | | 14 |
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Diluted FFO available to common shareholders(1) | | $161-173 |
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Less: | | Lease commissions/Tenant improvements | | (70-80) |
| | | Building capital additions | | (9-12) |
| | | Above/below market leases | | 7-9 |
| | | Impairment losses | | 4 |
| | | Straight line rent | | (13-15) |
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Funds available for distribution to common shareholders(2)(3) | | $65-94 |
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| | | Dividends and distributions | | $118-122 |
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| | | Funds Available for Distribution Coverage | | .5x-.8x |
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Adjusted funds available for distribution to common shareholders excluding approximately $26 million for a lease in Washington, DC (3) | | $91-120 |
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| | | Adjusted Funds Available for Distribution Coverage | | .75x-1.0x |
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1 Diluted funds from operations is computed as FFO attributable to common shareholders adjusted to reflect all operating partnership units as if they were converted to common shares for any period in which they are not antidilutive. 2 Adjustments to arrive at FAD do not include amounts associated with properties in unconsolidated entities. 3 Amounts in 2005 include the impact of Dickstein Shapiro lease in Washington, D.C. which represents an approximate $26 million reduction of Funds Available for Distribution to common shareholders. |
