"CarrAmerica had a solid first quarter even as the capital and real estate markets underperformed," says CarrAmerica president and CEO Thomas Carr. "Because of the prudent financial and operating strategies taken in the prior quarters, we look forward to an exciting and productive year."
According to the company, average occupancy of its properties stood at 97% at the close of the quarter. The REIT and its subsidiary, CarrAmerica Development Inc., also reported it has some 452,000 sf under development in four markets. It also has partial interest in six developments totally 1.1 million sf under development in five markets.
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