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CARR REALTY CORPORATION ANNOUNCES SECOND QUARTER DIVIDEND AND EARNINGS

 WASHINGTON, July 30 /PRNewswire/ -- The board of directors of Carr Realty Corporation (NYSE: CRE), a real estate investment trust, today declared a second quarter dividend of $0.425 per share, payable to shareholders of record as of the close of business on Aug. 13, 1993. Carr Realty stock will begin trading ex-dividend on Aug. 9, 1993, and the dividend will be paid on Aug. 27, 1993.
 Net income for the three months ended June 30, 1993, before minority interest was $6.6 million. Adjusted for minority interest, net income was $4.6 million, or 46 cents per share. Funds from operations (generally defined as net income plus certain non-cash items), before minority interest and a non-recurring item, were $7.5 million. Adjusted for minority interest and the non-recurring item, funds from operations were $5.2 million, or 52 cents per share.
 Total revenue for the three-month period ended June 30, 1993, was $23.0 million, including revenue from rental operations of $18.2 million (including a non-recurring item associated with a lease transaction of approximately $2.0 million), revenue from property management operations of $4.3 million and interest income of $0.5 million. Operating expenses from rental operations (including depreciation and amortization of $2.5 million) were $12.6 million and operating expenses from property management operations were $3.7 million.
 CARR REALTY CORPORATION
 Consolidated Statement of Operations
 (In thousands, except shares outstanding and per share amounts)
 Three Months Ended
 June 30, 1993
 Revenue:
 Rental Property $ 18,244
 Property Management 4,310
 Interest Income 502
 Total Revenue 23,056
 Operating Expenses:
 Rental Property, including depreciation and
 amortization of $2,526 (12,576)
 Property Management (3,685)
 Income Taxes (146)
 Total Operating Expenses (16,407)
 Net Income Before Minority Interest 6,649
 Minority Interest in Income 2,002
 Net Income 4,647
 Average Shares Outstanding 10,000,067
 Net Income Per Share $ 0.46
 Funds From Operations Before Minority Interest
 and a Non-Recurring Item (See Note) 7,501
 Funds From Operations Before a Non-Recurring Item
 (See Note) $ 5,245
 Funds From Operations Per Share $ 0.52
 NOTE: Revenue for the three months ended June 30, 1993, includes $2.0 million in non-recurring revenue associated with a lease transaction at 1730 Pennsylvania Ave.
 -0- 7/30/93
 /CONTACT: Karen L. Widmayer of Carr Realty Corporation, 202-624-1789/
 (CRE)


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

DC-TW -- DC019 -- 7795 07/30/93 13:23 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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