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CARR REALTY CORPORATION ANNOUNCES RESULTS FOR THE PERIOD ENDED MARCH 31, 1993

 WASHINGTON, May 14 /PRNewswire/ -- Carr Realty Corporation (NYSE: CRE) today announced its financial results for the 44 days ended March 31, 1993. Carr Realty Corporation commenced operations on Feb. 16, 1993 following its initial public offering and its acquisition of interests in a portfolio of Class A office buildings in Washington as well as the management and leasing business of The Oliver Carr Company. The financial results reflect all costs association with the public offering and formation of the company. Carr Realty Corporation is a self-administered and self-managed real estate investment trust.
 Net operating income for the 44 day period ended March 31, 1993 before reorganization costs, an extraordinary item and minority interest was $2.7 million. Funds from operations (generally defined as net income plus certain non-cash items, and excluding reorganization costs and an extraordinary item) before minority interest were $4.0 million. Adjusted for minority interest, funds from operations were $2.8 million, or 28 cents per share.
 Total revenue for the period ended March 31, 1993 was $10.9 million, including revenue from rental operations of $8.4 million, revenue from property management operations of $2.2 million and interest income of $.3 million. Operating expenses from rental operations (including depreciation and amortization of $1.2 million) were $6.1 million and operating expenses from property management operations were $2.0 million.
 The company incurred anticipated reorganization costs and an anticipated extraordinary charge related to the early retirement of debt of $9.6 million and $8.0 million respectively, both in connection with the completion of the company's recent initial public offering. Adjusting for these costs, the company's loss after minority interests was $10.5 million or $1.05 per share.
 CARR REALTY CORPORATION
 Consolidated Statement of Operations
 (In thousands, except shares outstanding and per share amounts)
 Forty-four
 Days Ended
 March 31, 1993
 Revenue:
 Rental Property $ 8,388
 Property Management 2,252
 Interest Income 259
 Total Revenue 10,899
 Operating Expenses:
 Rental Property, including depreciation and
 amortization of $1,242 (6,122)
 Property Management (2,026)
 Income Taxes (94)
 Total Operating Expenses Before
 Reorganization Costs (8,242)
 Net operating income before reorganization
 costs, extraordinary item, and minority
 interest 2,657
 Reorganization Costs (9,609)
 Loss Before Extraordinary
 Item and Minority Interest (6,952)
 Extraordinary Item -- early extinguishment of debt (8,000)
 Loss Before Minority
 Interest (14,952)
 Minority Interest in Loss 4,452
 Loss $ (10,500)
 Average Shares Outstanding 10,000,067
 Loss Per Share $ (1.05)
 Funds From Operations Before Minority Interest
 (Excluding Reorganization Costs and
 Extraordinary Item) $ 4,058
 Funds From Operations (Excluding Reorganization
 Costs and Extraordinary Item) $ 2,847
 Funds From Operations Per Share $ 0.28
 -0- 5/14/93
 /CONTACT: Kare SU: ERN


KD-IH -- DC020 -- 8744 05/14/93 15:45 EDT
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Publication:PR Newswire
Date:May 14, 1993
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