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CARR REALTY CORPORATION ANNOUNCES THIRD QUARTER DIVIDEND AND EARNINGS

 WASHINGTON, Oct. 29 /PRNewswire/ -- The board of directors of Carr Realty Corporation (NYSE: CRE), a real estate investment trust, today declared a third quarter dividend of $0.425 per share, payable to shareholders of record as of the close of business on Nov. 12, 1993. Carr Realty stock will begin trading ex-dividend on Nov. 8, 1993, and the dividend will be paid on Nov. 26, 1993.
 Net income for the three months ended Sept. 30, 1993, before minority interest was $2.5 million. Net income before minority interest, however, includes a non-recurring accrual of District of Columbia real estate taxes in the amount of $2.4 million. The accrual is the result of the District of Columbia changing its fiscal tax year for recognizing, not collecting, real estate taxes. Although Carr Realty recognized the expense in the third quarter, any additional real estate taxes will only be paid, on a property by property basis, if Carr Realty sells a rental property. Excluding the accrual for real estate taxes, net income before minority interest was $4.9 million. Adjusted for minority interest, net income was $1.7 million, or 17 cents per share, including the real estate tax accrual, and $4.0 million, or 40 cents per share, excluding the real estate tax accrual.
 Funds from operations (generally defined as net income plus certain non-cash items) before the minority interest of the unit holders of Carr Realty, L.P., were $5.1 million, or 36 cents per share, including the real estate tax accrual, and $7.4 million, or 52 cents per share, excluding the real estate tax accrual. Adjusted for the minority interest of the unit holders of Carr Realty, L.P., funds from operations were $3.6 million, or 36 cents per share, including the real estate tax accrual, and $5.2 million, or 52 cents per share, excluding the real estate tax accrual.
 Total revenue for the three-month period ended Sept. 30, 1993, was $21.6 million, including revenue from rental operations of $17.0 million, revenue from property management operations of $4.1 million and interest income of $0.5 million. Operating expenses from rental operations (including depreciation and amortization of $2.5 million) were $15.0 million, and operating expenses from property management operations were $4.0 million.
 CARR REALTY CORPORATION
 Consolidated Statement of Operations
 (In thousands, except shares outstanding and per share amounts)
 Three Months Ended
 Sept. 30, 1993
 Revenue:
 Rental Property, including equity
 in losses from unconsolidated partnerships
 of $187(A) $ 16,766
 Property Management 4,150
 Interest Income 536
 Total Revenue 21,452
 Operating Expenses:
 Rental Property, including depreciation and
 amortization of $2,502(A) 14,980
 Property Management 3,977
 Income Taxes 37
 Total Operating Expenses 18,994
 Net Income Before Minority Interest 2,458
 Minority Interest in Income 791
 Net Income $ 1,667
 Average Shares Outstanding 10,000,067
 Net Income Per Share $ 0.17
 Funds From Operations
 Before Minority Interest $ 5,282
 Funds From Operations
 Before Minority Interest, Excluding
 Real Estate Tax Accrual(A) $ 7,689
 Funds From Operations $ 3,583
 Funds From Operations, Excluding
 Real Estate Tax Accrual(A) $ 5,207
 Funds From Operations Per Share $ 0.36
 Funds From Operations Per Share,
 Excluding Real Estate Tax Accrual(A) $ 0.52
 (A) During the third quarter, the District of Columbia changed its fiscal year for recognizing, not collecting, real estate taxes. As a result, Carr Realty Corporation's financial results for the third quarter include a non-cash accrual for additional District of Columbia real estate taxes. The accrual increased real estate tax expense (included as a component of Rental Property Operating Expenses) by $2.103 million and increased Equity in Losses from Unconsolidated Partnerships (included as a component of Rental Property Revenue) by $.304 million. Any additional real estate taxes will only be paid by Carr Realty, on a property by property basis, if Carr Realty sells a rental property.
 CARR REALTY CORPORATION
 Calculation of Funds from Operations
 (In thousands, except shares outstanding and per share amounts)
 Three Months Three Months
 Ended Ended
 Sept. 30, 1993 Sept. 30, 1993
 Including the Excluding the
 Real Estate Real Estate
 Tax Accrual Tax Accrual
 Net Income Before
 Minority Interest $ 2,458 $ 4,865
 Add:
 Depreciation and Amortization:
 Consolidated Properties 2,502 2,502
 Equity Properties(A) 322 322
 Deduct:
 Minority Partners' Share
 of Depreciation(B) (94) (94)
 Minority Partners' Share
 of the Real Estate Tax Accrual(C) 0 (92)
 Minority Interests' Share of
 Carr Realty, L.P.'s Net Income(D) (81) (81)
 Funds From Operations Before the
 Minority Interest of the
 Unit Holders of Carr Realty, L.P. 5,107 7,422
 Carr Realty Corporation's
 ownership of Carr Realty, L.P.(E) 70.16 pct. 70.16 pct.
 Carr Realty Corporation
 Funds From Operations $ 3,583 $ 5,207
 (A) Includes Carr Realty Corporation's pro rata share of the depreciation expense in the partnerships that own 2445 M St. and the AARP building.
 (B) Represents the minority partners' pro rata share of depreciation in the consolidated partnerships that own the buildings located at 1255 23rd St. and 1747 Pennsylvania Ave.
 (C) Represents the minority partners' pro rata share of the real estate tax accrual in the consolidated partnerships that own the buildings located at 1255 23rd St. and 1747 Pennsylvania Ave.
 (D) Represents the minority partners' pro rata share of net income in the consolidated partnerships that own the buildings located at 1255 23rd St. and 1747 Pennsylvania Ave. and the minority owner's pro rata share of net income from Carr Real Estate Services, Inc.
 (E) Total number of shares outstanding of Carr Realty Corporation are 10,000,067 and total number of units outstanding of Carr Realty, L.P., are 14,252,995. Carr Realty Corporation owns 10,000,067 units.
 -0- 10/29/93
 /CONTACT: Karen L. Widmayer of Carr Realty Corporation, 202-624-1789/
 (CRE)


CO: Carr Realty Corporation ST: District of Columbia IN: SU: ERN DIV

MH-PB -- DC018 -- 8555 10/29/93 13:30 EDT
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Date:Oct 29, 1993
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