CarrAmerica Realty Corp.

1850 K St. NW

Year founded: 1962

Industry: Real estate

Post 200 Category: Top 125 Companies

Revenue: $492.32 Million

Net Income/Loss: $93.59 Million

Earnings per share: $1.43

Dividend: $2.00

Stockholder equity: $926.97 Million

Auditor: KPMG LLP

Stock: CRE

Assets: $3.08 Billion

Market capitalization: $1.81 Billion

52-week high: 34.34 9/1/2004

52-week low: 26.63 5/10/2004

Chairman and CEO: Thomas A. Carr

President and COO: Philip L. Hawkins

Employees: 690

Local employees: 413

Description: CarrAmerica Realty is a real estate investment trust that owns, develops and manages office buildings in 12 U.S. markets. It owns, directly or through joint ventures, about 300 office properties. Its largest holdings are in the Washington metro region and the San Francisco Bay area.

Developments: CarrAmerica benefited from a gradually improving office rental market in 2004. Occupancy rates in the company's buildings ticked up modestly over the year, particularly in the fourth quarter. Occupancy stood at 88.2 percent at the end of 2004, up from 87.8 at the end of 2003. As a result, funds from operations, the common measure of performance for real estate investment trusts, were also up modestly year over year, from $3.07 per share to $3.09 per share. The improvement came after a tough 2003. Company executives said the company spent last year upgrading its portfolio, selling underperforming buildings and buying higher quality buildings with potential for long-term growth. CarrAmerica sold 20 office buildings during the year for a total of $254 million. It exited the Atlanta market with one of the sales. At the same time, the company acquired 15 buildings totaling $464 million, including the Commercial National Bank Building in the District and the Commonwealth Tower building in Rosslyn. In the Washington metro market, CarrAmerica is developing five projects with a value of $1 billion. Those include the International Monetary Fund's second headquarters, the new building for the Newseum, the Kennedy Center Plaza Project and the Atlantic Building in downtown Washington, which will include the new Shakespeare Theatre. The company said the local market is one of its strongest nationwide.