SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
each registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
RECKSON ASSOCIATES REALTY CORP.
By: /s/ Michael Maturo
------------------------------------------
Michael Maturo
Executive Vice President
and Chief Financial Officer
RECKSON OPERATING PARTNERSHIP, L.P.
By: Reckson Associates Realty Corp.,
its General Partner
By: /s/ Michael Maturo
------------------------------------------
Michael Maturo
Executive Vice President
and Chief Financial Officer
Date: August 8, 2001
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA
SECOND QUARTER 2001 PRESENTATION
EARNINGS RESULTS AND OVERVIEW
AUGUST 8, 2001
RECKSON ASSOCIATES REALTY CORP
RA SUMMARY OF HIGHLIGHTS
o Reported diluted FFO of $.70 per share for the second quarter of 2001, as
compared to $.65 per share for the comparable 2000 period, representing an
increase of 7.7%. FFO for the second quarter of 2001 includes a $3.5 million or
$.04 per share charge to reserve against the Frontline Capital Group interest
income accrued for the quarter.
o Reported diluted EPS of $.32 per Class A common share for the second quarter
of 2001, as compared to $.30 per Class A common share excluding gains on sales
for the comparable 2000 period, representing an increase of 6.7%.
o Generated same property NOI increases of 9.6% (GAAP) and 8.5% (cash) for the
second quarter of 2001.
o Generated same space rent growth of 23.2% (GAAP) and 13.7% (cash) for Office
and 19.9% (GAAP) and 7.0% (cash) for Industrial/R&D for the second quarter of
2001.
o Increased Class A common stock dividend by 10% and Class B common stock
dividend by 8.2%.
o Entered into a letter of intent to sell a 49% interest in 919 Third Avenue to
an institutional investor.
o Completed dispositions of three non-core office assets totaling approximately
$32 million and entered into contracts to sell three additional non-core office
assets totaling approximately $53 million.
o Completed a $250 million ten year mortgage financing with an interest rate of
6.867% on 919 Third Avenue and a $75 million five year mortgage financing with
an interest rate of 6.52% on 1350 Avenue of the Americas.
o Moody's reaffirmed Baa3 investment grade rating and maintained a stable rating
outlook opinion.
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA PORTFOLIO COMPOSITION
[GRAPHIC OMITTED]
NET OPERATING INCOME (a)
Long Island 31%
Westchester 18%
New Jersey 12%
Connecticut 7%
New York City 32%
Pro Forma Portfolio Stats
- -------------------------
- 21.3 Million Square Feet (b)
- 188 Properties (b)
- 1,365 Tenants Representing a Diverse Industry Base
- Five Integrated Operating Divisions
- NOI:
Office 88%
Industrial 12%
- Average Tenant Size:
Office 12,000 sq. ft.
Industrial 25,500 sq. ft.
- Occupancy: (c)
Office 97.0%
Industrial 97.9%
(a)Pro forma for 919 Third Avenue free rent add back and Tri-State joint
venture percent ownership interest
(b)Three properties sold after reporting period encompassing 250,000 square feet
(c)Excluding properties under development
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA PORTFOLIO COMPOSITION
FOCUSED EXPANSION ON HIGH
BARRIER TO ENTRY CBD MARKETS
% of Revenue
Derived from CBD Properties (a)
[GRAPHIC OMITTED]
1995 1996 1997 1998 1999 2000 2001(E)
-------------------------------------------------------------------------
0% 9% 18% 14% 35% 46% 48%
HIGH CONCENTRATION OF SUBURBAN OFFICE
PORTFOLIO IN FULLY SERVICED OFFICE PARKS
% Breakdown of Office NOI
Based on Second Quarter 2001 (a)
[GRAPHIC OMITTED]
- NOI Derived from Suburban Office Buildings 72%
Located in Fully Serviced Office Parks
- NOI Derived from Stand-Alone Suburban Office Buildings 28%
(a) Pro forma for three stand-alone suburban office buildings sold subsequent
to end of reporting period
- -------------------------------------------------------------------------------
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA FAVORABLE MARKETS
[GRAPHICS OMITTED]
YE97 YE98 YE99 YE00 2Q01
------- -------- ------- ------ ------
SOUTHERN CONNECTICUT
- --------------------
Average Asking Rental Rates $28.96 $32.22 $31.78 $44.41 $42.74
Direct Vacancy 4.2% 3.6% 4.0% 7.2% 9.4%
Overall Vacancy 5.7% 4.2% 4.7% 8.1% 12.4%
WESTCHESTER
- -----------
Average Asking Rental Rates $25.14 $26.67 $27.23 $29.62 $29.13
Direct Vacancy 13.3% 16.4% 15.0% 10.7% 11.6%
Overall Vacancy 15.6% 19.2% 16.3% 12.0% 13.7%
LONG ISLAND
- -----------
Average Asking Rental Rates $26.14 $27.23 $27.69 $28.86 $30.45
Direct Vacancy 8.7% 6.1% 5.6% 6.3% 7.7%
Overall Vacancy 9.7% 6.7% 6.5% 8.4% 10.4%
NORTHERN NEW JERSEY
- -------------------
Average Asking Rental Rates $25.38 $27.42 $28.52 $29.66 $29.69
Direct Vacancy 4.7% 5.3% 4.6% 6.5% 6.2%
Overall Vacancy 7.3% 7.5% 7.1% 9.9% 11.1%
Source: Cushman & Wakefield Class A Statistics
- -------------------------------------------------------------------------------
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA FAVORABLE MARKETS
[GRAPHIC OMITTED]
YE97 YE98 YE99 YE00 2Q01
---- ----- ---- ---- ----
NYC FINANCIAL EAST
- ------------------
Average Asking Rental Rates $29.77 $40.21 $37.64 $52.90 $47.84
Direct Vacancy 8.2% 6.6% 3.4% 1.4% 3.4%
Overall Vacancy 8.9% 7.3% 4.1% 2.1% 6.6%
NYC MIDTOWN EAST SIDE
- ---------------------
Average Asking Rental Rates $39.33 $47.85 $51.18 $61.46 $60.33
Direct Vacancy 5.6% 6.0% 3.8% 1.9% 2.5%
Overall Vacancy 7.2% 8.0% 5.0% 2.6% 4.5%
NYC MIDTOWN WEST SIDE
- ---------------------
Average Asking Rental Rates $33.10 $43.36 $48.28 $60.89 $57.65
Direct Vacancy 3.7% 3.3% 4.6% 2.4% 2.7%
Overall Vacancy 6.9% 4.3% 6.0% 2.7% 4.4%
NYC SIXTH AVE./ROCKEFELLER CENTER
- ---------------------------------
Average Asking Rental Rates $43.62 $51.33 $53.12 $65.91 $71.32
Direct Vacancy 2.7% 2.2% 1.6% 0.9% 1.5%
Overall Vacancy 4.7% 5.0% 2.6% 1.2% 3.3%
Source: Cushman & Wakefield Class A Statistics
- -------------------------------------------------------------------------------
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA LIMITED NEW SUPPLY
[GRAPHIC OMITTED]
NEW SPACE UNDER DEVELOPMENT AS A % OF INVENTORY
Westchester 0.0%
New York City 1.1%
Stamford 1.3%
Cleveland 1.5%
Long Island 1.8%
Philadelphia 1.9%
Houston 1.9%
LA County 2.5%
Dallas 3.2%
Phoenix 4.4%
Atlanta 5.0%
Chicago 5.0%
Denver 5.0%
Orange County 5.1%
Oakland 5.1%
No. New Jersey 5.7%
San Diego 7.0%
Washington, D.C. 7.3%
Minneapolis 7.5%
Boston 8.2%
San Francisco 9.5%
Source: Merrill Lynch
Note: Excluding Jersey City the new space under development is 3.3%
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA HISTORICAL PORTFOLIO OCCUPANCY
LAST FIVE QUARTERS
[GRAPHICS OMITTED]
OFFICE
------
June 2000 Sept. 2000 Dec. 2000 Mar. 2001 June 2001
- --------- ---------- --------- --------- ---------
95.7% 97.0% 97.2% 97.1% 97.0%
INDUSTRIAL
----------
June 2000 Sept. 2000 Dec. 2000 Mar. 2001 June 2001
- --------- ---------- --------- --------- ---------
97.6% 98.0% 97.5% 97.8% 97.9%
Note: Excludes properties under development
- --------------------------------------------------------------------------------
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA PORTFOLIO PERFORMANCE
Same Property NOI
[GRAPHICS OMITTED]
TOTAL PORTFOLIO (a)
THREE MONTHS SIX MONTHS
------------ ----------
Cash NOI 8.5% Cash NOI 7.6%
GAAP NOI 9.6% GAAP NOI 12.4%
Cash Revenue Increase 8.1% Cash Revenue Increase 7.2%
Expense Increase 7.4% Expense Increase 6.6%
Occupancy Increase 0.9% Occupancy Increase 0.9%
(a) Based on a comparison for the periods ended June 30, 2001 versus the
periods ended June 30, 2000
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA PORTFOLIO PERFORMANCE
Same Property NOI
[GRAPHICS OMITTED]
REGIONAL BREAKDOWN (a)
Cash NOI GAAP NOI
-------- --------
Long Island 2.7% 3.6%
Westchester 7.0% 7.4%
Connecticut 15.4% 14.7%
New Jersey 18.5% 10.3%
New York City 11.9% 17.1%
(a) Based on comparison period for the three month period ended June 30, 2001
versus the three month period ended June 30, 2000
- -------------------------------------------------------------------------------
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA PORTFOLIO PERFORMANCE
[GRAPHICS OMITTED]
SECOND QUARTER SAME SPACE AVERAGE RENT GROWTH (a)
Office Rent Growth: 23%
- ------------------------
Expiring Leases - $23.32
New Leases - $28.73
Average Lease Term Approximately 6 Years
Industrial/R&D Rent Growth: 20%
- -------------------------------
Expiring Leases - $6.72
New Leases - $8.05
Average Lease Term Approximately 5 Years
- 72 Total Leases Executed Encompassing 509,630 Sq. Ft.
- Same Space Second Quarter Cash Increase of 14% for
Office and 7% for Industrial/R&D
(a) Represents leases executed during the second quarter
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
Lease Expirations
For the next 5.5 years
Office 2001 2002 2003 2004 2005 2006
- ------ ---- ---- ---- ---- ---- ----
Square Feet Expiring
(in thousands) 460 1,057 l,224 1,245 1,902 1,577
% Square Feet Expiring 3.4% 7.8% 9.1% 9.2% 14.1% 11.7%
Industrial 2001 2002 2003 2004 2005 2006
- ---------- ---- ---- ---- ---- ---- ----
Square Feet Expiring
(in thousands) 594 365 771 723 785 979
% Square Feet Expiring 9.6% 5.9% 12.4% 11.6% 12.6% 15.8%
- --------------------------------------------------------------------------------
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA INTERNAL GROWTH - OFFICE PORTFOLIO
[GRAPHICS OMITTED]
Potential Future Increases in Cash Flow
Suburban Office Portfolio New York City Office Portfolio
- ------------------------- ------------------------------
Market Rent(a): $31.63 Market Rent(a): $60.18
In-Place Rent: $23.12 In-Place Rent: $33.59
Cash Flow Increase: Cash Flow Increase:
- $51.8 million - $36.5 million
- $0.66 per diluted share - $0.46 per diluted share
6.1 Million Sq.Ft. Expiring Over the 1.4 Million Sq.Ft. Expiring Over the
Next 5.5 Years Next 5.5 Years
Portfolio Rents 37% Below Market Portfolio Rents 79% Below Market
As of June 30, 2001
(a) Average asking rents as provided by Cushman & Wakefield. There can be no
assurance the Company's properties can achieve such average asking rents.
Calculations based on weighted average sq. ft. expiring in each of the
respective sub-markets.
- -------------------------------------------------------------------------------
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA VALUE CREATION ACTIVITY REPORT
[GRAPHICS OMITTED]
SQUARE PERCENT TOTAL ANTICIPATED TOTAL INVESTMENT ESTIMATED
PROJECTS IN STABILIZATION PERIOD FEET LEASED INVESTMENT(a) TO DATE NOI YIELD(a)
- -------------------------------- ---------- -------- ----------------- ---------------- -------------
Melville Expressway Corporate Center,
Melville, NY (Phase I) 277,500 31.0% $43,446,000 $40,332,000 12.0%
SQUARE PERCENT TOTAL ANTICIPATED TOTAL INVESTMENT ESTIMATED
PROJECTS UNDER DEVELOPMENT OR REPOSITIONING FEET LEASED INVESTMENT(a) TO DATE NOI YIELD(a)
- ------------------------------------------- ---------- -------- ----------------- ---------------- -------------
103 JFK Parkway, Short Hills, NJ 129,508 0.0% $30,000,000 10.0%
400 Moreland Road, Commack, NY 56,875 0.0% $2,967,000 12.0%
Projects Under Development
or Repositioning During 2001 186,383 0.0% $32,967,000 $25,035,000 10.2%
SQUARE PERCENT TOTAL ANTICIPATED TOTAL INVESTMENT ESTIMATED
PROJECTS IN PLANNING FEET LEASED INVESTMENT(a) TO DATE NOI YIELD(a)
- -------------------- --------- -------- ----------------- ---------------- ------------
AIP 2001, Islip, NY 71,000 0.0% $5,692,000 12.0%
University Square, Princeton, NJ 315,000 0.0% $50,397,000 12.0%
Melville Square Corporate Center II, Melville, NY 255,000 0.0% $33,660,000 12.5%
Melville Expressway Corporate Center, 277,500 0.0% $49,290,000 13.0%
Melville, NY (Phase II)
Reckson Executive Park, Rye Brook, NY 345,000 0.0% $55,799,000 12.0%
Landmark 7, Stamford, CT 61,000 0.0% $13,208,000 12.5%
PROJECTS IN PLANNING 1,324,500 0.0% $208,046,000 $48,782,000 12.3%
(a) Forward-looking statements based upon management's estimates. Actual results
may differ materially.
- -------------------------------------------------------------------------------
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA LEASING ACTIVITY UPDATE
Reckson Executive Park - Melville, Long Island
- - Ground-Up Development
[PICTURE OMITTED]
- - Property is currently 31% leased
with 171,000 square feet of leases
signed or under negotiation
Stacking Plan - 277,500 Sq. Ft.
[GRAPHIC OMMITTED]
---------------------------------------------------------------------
4th Floor Showing Showing Showing
250,000 s.f. 40,000 s.f. 150,000 s.f.
3rd Floor Showing Showing Proposal
25,000 s.f. 17,000 s.f. 42,000 s.f.
2nd Floor Hain Celestial Group, Inc Showings Transamerica Corp.
34,988 s.f. 7,000 s.f. 24,099 s.f.
1st Floor OSI Pharmaceutical, Inc. Drake Beam Morin Proposal
22,805 s.f. 4,870 s.f. 20,000 s.f.
Totals Leases Signed Proposals Showings
86,762 s.f. 85,000 s.f. 574,000 s.f.
- -------------------------------------------------------------------------------
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
Financial Overview
Presented by Michael Maturo
- --------------------------------------------------------------------------------
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA FFO PER SHARE GROWTH
[GRAPHIC OMITTED]
2Q96 2Q97 2Q98 2Q99 2Q00 2Q01
---- ---- ----- ----- ---- ----
FFO $0.37 $0.42 $0.51 $0.57 $0.65 $0.70
Growth 13.5% 21.4% 11.8% 14.0% 7.7%
13.6% Diluted Compounded FFO Quarterly Growth Per Share
- -------------------------------------------------------------------------------
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA FRONTLINE CAPITAL GROUP UPDATE
o At June 30, 2001, Reckson had two outstanding loans to FrontLine Capital
Group, the FrontLine Facility of $93.4 million and the RSVP Facility of $49.3
million.
o The Company recorded a reserve of $3.5 million or $.04 per share against
interest income accrued on the Frontline Capital Group loans during the
second quarter.
o Allows future performance measurements to be based on the Company's core real
estate operations.
o Formation of committee of independent board members to evaluate, consider
actions and make recommendations with respect to the FrontLine Capital Group
loans.
- -------------------------------------------------------------------------------
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA DILUTED CAD PER SHARE ANALYSIS
SECOND QUARTER 2001
- --------------------
Diluted CAD Per Share Reported $0.48
Add Back: Increase in 919 Third Avenue Straight-Line Rent 0.04
-----
Adjusted CAD Per Share $0.52
=====
CAD Prior Year Three Months $0.50
=====
Adjusted Percent Increase 4.0%
=====
-----
Pro Forma CAD Payout Ratio 88.5%
-----
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA FINANCIAL RATIOS
(in millions except ratios)
June 30, 2001
Ratios Historical
------ ----------
Total Debt (a) $1,500
Total Equity $1,885
Total Market Cap $3,385
Interest Coverage Ratio 3.35x
Fixed Charge Coverage Ratio 2.67x
Debt to Total Market Cap 44.3%
(a) Including pro-rata share of joint venture debt and net of minority
partners' interests
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA DIVIDEND GROWTH
[GRAPHIC OMITTED]
CLASS A COMMON STOCK
1995 1996 1997 1998 1999 2000 2001(a)
---- ---- ---- ---- ---- ---- -------
Dividend Per Share (Annualized) $1.15 $1.20 $1.25 $1.35 $1.49 $1.54 $1.70
Payout Ratio 79% 76% 71% 65% 66% 63% 63%
(a) For the six month period ended June 30, 2001
- -------------------------------------------------------------------------------
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA NET ASSET VALUE ANALYSIS
(in thousands, except percentages and per share amount)
NAV Calculation June 30, 2001
- --------------- -------------
Q2 2001 consolidated NOI $ 84,475
Adjustments
Termination fees (1,715)
919 Third Avenue GAAP NOI (10,807)
Straightline (1) (4,050)
Amounts distributed to minority partners (2) (4,009)
Leasing activity effecting post 2nd quarter 1,114
-----
Adjusted Q2 2001 NOI $ 65,008
Annualized adjusted NOI (3) $ 266,531
Capitalization rate 9.25%
-----------
Value of operating properties $ 2,881,414
Development pipeline at 110% of cost (4) 155,643
Investment in and advances to affiliates (5) 180,759
Other assets (6) 240,877
919 Third Avenue (7) 444,000
-----------
Total value of assets $ 3,902,693
Liabilities & Preferred Stock & Preferred Units 1,932,006
-----------
Net asset value $ 1,970,687
Outstanding Shares and Units 67,547
Net asset value per share $ 29.18
(1) Net of $6.9 million adjustment for 919 Third Avenue
(2) Net of Crescent distribution, whose shares are treated as converted
(3) Includes a 4% annualized growth factor, adjusted to account for timing
(4) Excludes properties which leasing activity is included above
(5) Includes $93.4 million related to the FrontLine Facility, $49.4 million
related to the RSVP Commitment and $19.6 million of accrued interest.
(6) Consists of the following (in millions): Prepaid Expenses $77.4
(includes $40M for investment in ARE); Inv. in R/E joint ventures $69;
Mtg Notes $55.2; Cash $26.4; Tenant Receivables $9.8; Contract Deposits $3;
(7) Market value less remaining costs to develop
- -------------------------------------------------------------------------------
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA DEBT SCHEDULE
(in millions)
Principal Amount Weighted Average Average Term
Debt Schedule Outstanding Interest Rate to Maturity
- ------------- ---------------- ---------------- ------------
Mortgage Notes Payable (a) $764.7 7.3% 10.4 yrs.
Senior Unsecured Notes $450.0 7.5% 6.1 yrs.
Sub-Total/ Weighted Average $1,214.7 7.4% 8.8 yrs.
Corporate Unsecured Credit Facility $334.6 LIBOR + 105bps
NO SIGNIFICANT NEAR-TERM REFINANCING NEEDS
LONG-TERM STAGGERED DEBT MATURITY SCHEDULE
[GRAPHIC OMITTED]
(maturities in millions)
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-------------------------------------------------------------------------------
Mortgage Debt $0 $8 $0 $3 $19 $130 $60 $0 $100 $28 $214
Unsecured Notes $100 $150 $200
LOW FLOATING RATE DEBT LEVELS
[GRAPHIC OMITTED]
Floating Rate 22%
Fixed Rate 78%
(a) Reflects refinancing of 919 Third Avenue on July 18, 2001
- -------------------------------------------------------------------------------
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA CAPITAL RECYCLING PROGRAM
$574 Million Slated for Program
(in thousands)
DISPOSITIONS - COMPLETED OR UNDER CONTRACT 2001 2002
- ------------------------------------------ ---- ----
Closed (3 non-core office assets) $ 32,000
Under Contract (3 non-core office assets) 53,000
--------
Subtotal $ 85,000
--------
DISPOSITIONS - ANTICIPATED
Primary
- -------
919 Third Avenue - Sale of JV Interest $225,000
Remaining Non-Core Office Assets 115,000
(5 buildings in multiple markets) -------- --------
Subtotal $225,000 115,000
-------- --------
Secondary
- ---------
RSVP (a) $109,000
Other 40,000
-------- --------
Subtotal $40,000 $109,000
-------- --------
Total $350,000 $224,000
======== ========
(a) Represents Investment Basis
- -------------------------------------------------------------------------------
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA BENCHMARKS FOR BALANCE OF 2001
o Meet Leasing Objectives for Development Projects
o Continue to Execute Capital Recycling Program
* Strengthen Balance Sheet
* Exit Non-Core Holdings
* Identify Pipeline of Reinvestment Opportunities
- Seen a Significant Increase in Potential Investment Opportunities
- Evaluated Over $650 Million of Opportunities in Last 90 Days
- Valuations Still Need to Adjust
o Strengthen Focus in the New York Tri-State Area
o Better Position Company to Execute in More Competitive Environment
- -------------------------------------------------------------------------------
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA FORWARD LOOKING STATEMENTS
Estimates of future FFO per share and certain other matters discussed herein are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Although we believe the expectations reflected in
such forward-looking statements are based on reasonable assumptions,
forward-looking statements are not guarantees of results and no assurance can be
given that the expected results will be delivered. Such forward-looking
statements are subject to certain risks, trends and uncertainties that could
cause actual results to differ materially from those expected. Among those
risks, trends and uncertainties are the general economic climate, including the
conditions affecting industries in which our principal tenants compete; changes
in the supply of and demand for office and industrial properties in the New York
Tri-State area; changes in interest rate levels; downturns in rental rate levels
in our markets and our ability to lease or release space in a timely manner at
current or anticipated rental rate levels; the availability of financing to us
or our tenants; changes in operating costs, including utility costs; repayment
of debt owed to the Company by third parties (including FrontLine Capital
Group); risks associated with joint ventures; and other risks associated with
the development and acquisition of properties, including risks that development
may not be completed on schedule, that the tenants will not take occupancy or
pay rent, or that development or operating costs may be greater than
anticipated. For further information on factors that could impact us, reference
is made to our filings with the Securities and Exchange Commission. We are
subject to the reporting requirements of the Securities and Exchange Commission
and undertake no responsibility to update or supplement information contained in
this presentation that subsequently becomes untrue.
- -------------------------------------------------------------------------------
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA
RECKSON
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
