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 hereunto 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: May 2, 2002
EXHIBIT 99.1
RECKSON ASSOCIATES REALTY CORP.
FIRST QUARTER 2002
SUPPLEMENTAL OPERATING AND FINANCIAL DATA
MAY 2, 2002
225 BROADHOLLOW ROAD, MELVILLE, NY 11747
PHONE: 631.694.6900 1.888.RECKSON FAX: 631.622.6790
www.reckson.com
[RECKSON GRAPHIC OMITTED]
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TABLE OF CONTENTS
Page(s)
Company Information
o Corporate Information...............................................2-3
o Reporting Period Highlights.........................................4-5
o Stock Performance.....................................................6
Financial Highlights
o Key Financial Data....................................................7
o Statements of Operations..............................................8
o Funds from Operations and Cash Available for Distribution.............9
o Consolidated Balance Sheets..........................................10
o Debt Summary.........................................................11
o Preferred Securities.................................................12
Portfolio Performance
o Same Store Performance...............................................13
o Portfolio Snapshot...................................................14
o Occupancy Analysis................................................15-16
o Leasing Statistics................................................17-18
o Lease Expirations.................................................19-23
o Lease Distribution...................................................24
o Capital Expenditures Analysis........................................25
Market Statistics
o Suburban Market Overviews............................................26
o New York City Sub-Markets............................................27
o Long Island Sub-Markets..............................................28
o Westchester Sub-Markets..............................................29
o New Jersey Sub-Markets...............................................30
Value Creation Pipeline
o Value Creation Pipeline Schedule.....................................31
Reckson Strategic Venture Partners (RSVP)
o Combined Balance Sheets..............................................32
o Summary of Invested Capital..........................................33
o Summarized Platform Balance Sheets...................................34
Certain matters discussed herein are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. Although the
Company believes 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 re-lease 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 Reckson, reference is made to Reckson's filings with
the Securities and Exchange Commission. Reckson is subject to the reporting
requirements of the Securities and Exchange Commission and undertakes no
responsibility to update or supplement information contained in this
supplemental package that subsequently becomes untrue.
###
Reckson Associates Realty Corp.
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2002
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CORPORATE INFORMATION
CORPORATE PROFILE
Reckson Associates Realty Corp. is a self-administered and self-managed real
estate investment trust (REIT) that is one of the largest publicly traded
owners, developers and managers of Class A office and industrial properties in
the New York Tri-State area.
Through a predecessor entity, Reckson commenced operations in 1958 and grew
steadily by acquiring, developing and redeveloping Class A office and industrial
properties throughout Long Island. In June 1995, Reckson successfully completed
its initial public offering. Subsequently, the Company expanded from its Long
Island base and established operating divisions in Westchester, Connecticut, New
Jersey and New York City. By transporting the formula that built its success on
Long Island to the other Tri-State area markets, Reckson is now positioned as
the premier real estate franchise in the New York Tri-State area.
Today, Reckson owns 181 properties comprised of approximately 20.5 million
square feet located throughout the New York Tri-State area markets. These
properties are comprised of 13.8 million square feet of Class A office space and
6.7 million square feet of industrial space. The Company has a total market
capitalization of approximately $3.3 billion and has generated a total return to
its initial Class A common shareholders of approximately 212% for the period
June 2, 1995 through March 31, 2002.
Reckson is a fully integrated real estate operating company specializing in the
acquisition, leasing, financing, property and asset management, design and
development and construction of Class A office and industrial properties in the
New York Tri-State area.
CORPORATE HEADQUARTERS
225 Broadhollow Road
Melville, New York 11747-4883
Telephone: (631) 694-6900
(888) RECKSON
Facsimile: (631) 622-6790
Web site: www.reckson.com
---------------
EXECUTIVE OFFICER CONTACTS
Donald Rechler Co-Chief Executive Officer
Chairman of the Board
Scott Rechler Co-Chief Executive Officer
Chairman of the Executive Committee
Michael Maturo Chief Financial Officer
Executive Vice President
INVESTOR RELATIONS
Susan McGuire Vice President Investor Relations
Telephone: (631) 622-6642
Facsimile: (631) 622-6790
E-mail: smcguire@reckson.com
--------------------
To request an Investor Relations package or be added to our distribution list,
please contact us at:
Telephone: (631) 622-6746
Facsimile: (631) 622-6790
E-mail: investorrelations@reckson.com
-----------------------------
Web site: www.reckson.com
---------------
(Go to Information Request in the Investor Relations section)
Reckson Associates Realty Corp.
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2002
2
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CORPORATE INFORMATION
RESEARCH COVERAGE
CIBC World Markets Legg Mason
Anthony Paolone David Fick/Kenneth Weinberg
(212) 667-8116 (410) 454-5018/(410) 454-5175
Credit Suisse First Boston. Lehman Brothers
Lawrence Raiman David Shulman/Stuart Axelrod
(212) 538-2380 (212) 526-3413/(212) 526-3410
Deutsche Bank Securities McDonald & Company
Louis Taylor Anatole Pevnev
(212) 469-4912 (216) 263-4783
Goldman Sachs Merrill Lynch
David Kostin/James Kammert Steve Sakwa/Rahul Bhattacharjee
(212) 902-6781/(212) 855-0670 (212) 449-0335/(212) 449-1920
Greenstreet Advisors Salomon Smith Barney
John Lutzius Jonathan Litt/Gary Boston
(949) 640-8780 (212) 816-0231/(212) 816-1383
QUARTERLY REPORTING SCHEDULE
Quarterly results will be announced according to the following anticipated
schedule:
First Quarter Early May
Second Quarter Early August
Third Quarter Early November
Fourth Quarter and Year End Late February
SENIOR UNSECURED DEBT RATINGS
Moody's Baa3
Standard & Poor's BBB-
STOCK LISTING
The stock of Reckson Associates Realty Corp. is traded primarily on the New York
Stock Exchange under the following symbols:
Class A Common Stock: RA
Class B Common Stock: RA.B
Series A Preferred Stock: RA.A
Reckson Associates Realty Corp.
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2002
3
REPORTING PERIOD HIGHLIGHTS
SUMMARY FIRST QUARTER 2002 RESULTS
Reported first quarter diluted funds from operations ("FFO") of $.60 per share,
as compared to FFO of $.69 per share for the first quarter of 2001, representing
a per share decrease of 13%. FFO attributable to core real estate operations
(deducting prior year income relating to the FrontLine Capital Group loans and
RSVP joint ventures) was $.62 per share, representing a per share decrease of
3.2%. The first quarter results are consistent with previously reported
estimates of the Company.
SUMMARY PORTFOLIO PERFORMANCE
Portfolio performance remained strong during the first quarter of 2002 with
occupancies at March 31, 2002 of 96.2% for the office portfolio and 92.9% for
the industrial portfolio. This compares to 96.1% and 91.7%, respectively, at
December 31, 2001 and 97.1% and 97.8%, respectively, at March 31, 2001.
During the quarter, the Company executed 62 leases, encompassing 857,000 square
feet, representing 4% of the total portfolio and renewed 91.1% of the expiring
square feet. The Company reduced its exposure to expiring leases in 2002 to 4.7%
of the total portfolio.
Same property net operating income ("NOI") net of termination fees for the first
quarter of 2002 increased 8.0% (cash) and 1.9% (GAAP) for the total portfolio,
compared to the first quarter of 2001. The office portfolio same property NOI
net of termination fees for the first quarter of 2002 increased 10.0% (cash) and
3.0% (GAAP) and the industrial portfolio same property NOI net of termination
fees for the first quarter of 2002 decreased (5.9%) (GAAP) and (4.3%) (cash).
Rents on same space leases executed during the first quarter of 2002 increased
22.8% (GAAP) and 13.3% (cash) in the office properties and 16.7% (GAAP) and 6.1%
(cash) in the industrial/R&D properties.
DEVELOPMENT PROJECTS
The Company made significant progress in leasing at its two active development
projects, leasing 100% of its repositioning project located at 103 JFK Parkway,
Short Hills, New Jersey and increasing occupancy to 61% at its ground-up
development project located at Reckson Executive Park, Melville, Long Island.
BOARD OF DIRECTORS APPOINTMENTS
The Company also announced Peter Quick and Ronald Menaker have joined the
Company's Board of Directors replacing Harvey Blau and Leonard Feinstein who
have both served on the Board of Directors since the Company's initial public
offering.
Reckson Associates Realty Corp.
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2002
4
REPORTING PERIOD HIGHLIGHTS (CONTINUED)
Mr. Quick is President of the American Stock Exchange(R)and also serves on its
Board of Governors. Prior to his appointment at the American Stock Exchange(R),
Mr. Quick had been President and Chief Executive Officer of Quick & Reilly,
Inc., a leading national discount brokerage firm. Mr. Quick currently sits on
the Board of The Depository Trust & Clearing Corporation and the Board of
Directors of the NASD Insurance Agency. Mr. Quick has served on the Board of
Governors of the Chicago Stock Exchange and he was Chairman of the Midwest
Securities Trust Company. He has also been a Director of The Options Clearing
Corporation and the CUSIP.
Mr. Menaker is a retired Managing Director and Head of Corporate Services of
J.P. Morgan & Co. Inc. of New York and a past President and Director of J.P.
Morgan Services Inc. As head of Corporate Services Worldwide, Mr. Menaker had
management responsibility for a $500 million budget and 1,700 employees
including a range of administrative, support and operations functions for Morgan
companies. These included facilities management, real estate design and
construction, corporate insurance and contingency planning, security services
and investigations, health services, payroll and payment services, executive
compensation, travel services, management services and operations.
CONSOLIDATED FINANCIAL RESULTS
The Company reported diluted operating earnings per share ("OpEPS") of $.26 for
the first quarter of 2002, as compared to $.37 per share for the comparable 2001
period.
The Company reported diluted earnings per Class A common share ("EPS") of $.24
for the first quarter of 2002, as compared to $.33 per Class A common share for
the comparable 2001 period.
Reckson Associates Realty Corp.
Supplemental Operating and Financial Data for the Quarter Ended March 31, 2002
5
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STOCK PERFORMANCE
The following summarizes recent activity of Reckson's Class A common stock (RA):
4th 1st 4/1/02
Quarter Quarter to
2001 2002 4/29/02
----------------------------------------
High Price* $24.46 $24.68 $26.00
Low Price* $22.15 $22.54 $24.25
Closing Price* $23.36 $24.66 $24.45
Average daily trading volume* 329,145 354,233 469,510
Indicated dividend per share** $1.6984 $1.6984 $1.6984
Closing dividend yield 7.27% 6.89% 6.95%
Closing shares and units outstanding (thousands) 57,470 58,248 58,250
Closing market value of shares and units outstanding (thousands) $1,342,499 $1,436,396 $1,424,213
- --------------------------------------------------------------------------------
The following summarizes recent activity of Reckson's Class B common stock
(RA.B):
4th 1st 4/1/02
Quarter Quarter to
2001 2002 4/29/02
----------------------------------------
High Price* $25.76 $25.76 $27.07
Low Price* $23.55 $23.86 $25.35
Closing Price* $25.51 $25.76 $25.48
Average daily trading volume* 73,142 87,175 193,319
Indicated dividend per share** $2.5968 $2.5968 $2.5968
Closing dividend yield 10.18% 10.08% 10.19%
Closing shares outstanding (thousands) 10,284 10,284 10,284
Closing market value of shares outstanding (thousands) $262,345 $264,916 $262,036
- --------------------------------------------------------------------------------
The following summarizes recent activity of Reckson's Series A preferred stock
(RA.A):
4th 1st 4/1/02
Quarter Quarter to
2001 2002 4/29/02
----------------------------------------
High Price* $23.79 $24.35 $24.61
Low Price* $22.45 $22.65 $23.80
Closing Price* $23.79 $24.30 $24.00
Average daily trading volume* 22,789 22,630 102,119
Indicated dividend per share** $1.9064 $1.9064 $1.9064
Closing dividend yield 8.01% 7.85% 7.94%
Closing shares outstanding (thousands) 9,192 9,192 9,192
Closing market value of shares outstanding (thousands) $218,678 $223,366 $220,608
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* New York Stock Exchange trades only
** On an annual basis
6
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KEY FINANCIAL DATA
(Dollars in thousands, except per share data)
For the three months ended or as of
----------------------------------------------------------------------
3/31/02 12/31/01 9/30/01 6/30/01 3/31/01
----------------------------------------------------------------------
SHARES AND UNITS
- ----------------
Common Shares Outstanding - Class A 50,305,143 49,982,377 49,806,885 49,619,419 45,812,864
Common Shares Outstanding - Class B 10,283,513 10,283,513 10,283,513 10,283,513 10,283,513
Operating Partnership Units Outstanding 7,942,692 7,487,218 7,638,043 7,644,135 7,692,142
----------------------------------------------------------------------
Total Shares and Operating Partnership Units 68,531,348 67,753,108 67,728,441 67,547,067 63,788,519
======================================================================
SHARE PRICE & DIVIDENDS - CLASS A
End of period $24.66 $23.36 $24.15 $23.00 $22.30
High during period $24.68 $24.46 $24.15 $23.90 $25.88
Low during period $22.54 $22.15 $21.90 $21.14 $21.90
Dividend declared $0.42 $0.42 $0.42 $0.42 $0.39
Closing dividend yield 6.9% 7.3% 7.0% 7.4% 6.9%
SHARE PRICE & DIVIDENDS - CLASS B
- ---------------------------------
End of period $25.76 $25.51 $25.51 $24.61 $23.55
High during period $25.76 $25.76 $25.60 $25.00 $27.50
Low during period $23.86 $23.55 $23.29 $22.40 $22.90
Dividend declared $0.65 $0.65 $0.65 $0.65 $0.60
Closing dividend yield 10.1% 10.2% 10.2% 10.6% 10.2%
MARKET CAPITALIZATION
- ---------------------
Market Value of Common Equity (a) $1,701,295 $1,604,822 $1,649,627 $1,570,139 $1,435,338
Stated Value of Preferred Equity 299,462 310,765 310,765 314,533 407,318
Total Debt (b) 1,279,195 1,336,011 1,444,473 1,500,081 1,466,965
----------------------------------------------------------------------
Total Market Capitalization $3,279,952 $3,251,598 $3,404,865 $3,384,753 $3,309,621
======================================================================
Total Debt / Total Market Capitalization 39.0% 41.1% 42.4% 44.3% 44.3%
SELECTED BALANCE SHEET DATA
- ---------------------------
Book Value of Real Estate Assets before Depreciation $2,894,481 $2,880,879 $2,814,024 $2,860,491 $2,811,894
Total Assets $2,914,546 $2,994,218 $2,861,651 $3,112,242 $3,063,644
Total Liabilities $1,518,623 $1,592,811 $1,566,012 $1,639,095 $1,584,621
SELECTED OPERATING DATA
- -----------------------
Property Operating Revenues $122,505 $122,261 $126,722 $125,349 $123,439
Property Operating Expenses $42,212 $42,565 $44,231 $40,874 $40,994
Property Operating NOI $80,293 $79,696 $82,491 $84,475 $82,445
Property Gross Operating Margin 65.5% 65.2% 65.1% 67.4% 66.8%
Other Revenues (excluding gain on sales of real estate) $2,425 $2,706 $5,333 $7,038 $7,447
Marketing, General & Administrative Expenses $7,139 $7,160 $7,679 $8,411 $7,497
as a percent of Total Revenues (excluding
gain on sales of real estate) 5.7% 5.7% 5.8% 6.4% 5.7%
Interest Expense $20,996 $22,369 $23,510 $23,562 $23,631
Capitalized Interest $2,607 $2,442 $2,627 $2,434 $2,703
Non-Incremental Capital Expenditures to NOI as a percent 7.39% 8.62% 6.18% 6.78% 3.98%
FINANCIAL RATIOS
- ----------------
Debt Service Coverage Ratio 3.60 3.11 3.27 3.35 3.29
Fixed Charge Coverage Ratio 2.72 2.44 2.60 2.67 2.60
EPS, FFO AND CAD
- ----------------
Class A Common stock:
Basic Net Income (loss) per share $0.24 $0.47 ($1.97) $0.32 $0.34
Diluted Net Income (loss) per share $0.24 $0.46 ($1.97) $0.32 $0.33
Class B Common stock:
Basic Net Income (loss) per share $0.37 $0.71 ($3.01) $0.45 $0.52
Diluted Net Income (loss) per share $0.26 $0.50 ($3.01) $0.34 $0.37
Basic operating earnings per share (d) $0.26 $0.27 $0.31 $0.34 $0.37
Diluted operating earnings per share (d) $0.26 $0.27 $0.31 $0.34 $0.37
Diluted FFO per share $0.60 $0.57 $0.66 $0.70 $0.69
Diluted FFO payout ratio - Class A 71.2% 74.9% 64.3% 61.0% 56.2%
Diluted FFO payout ratio - Class B 108.8% 114.6% 98.3% 90.9% 87.3%
Diluted FFO payout ratio (Class A & Class B combined) 76.1% 80.2% 68.7% 64.9% 60.2%
Diluted CAD per share $0.39 $0.33 $0.46 $0.48 $0.50
Diluted CAD payout ratio - Class A 108.5% 128.7% 92.1% 88.9% 77.5%
Diluted CAD payout ratio - Class B 166.0% 196.7% 140.7% 132.5% 120.4%
Diluted CAD payout ratio (Class A & Class B combined) 117.2% 138.9% 99.3% 95.4% 84.0%
TRI-STATE PORTFOLIO STATISTICS
- ------------------------------
Office properties 77 77 78 82 82
Office square footage 13,771,319 13,777,009 13,863,565 14,438,850 14,444,838
Office occupancy at end of quarter (c) 96.2% 96.1% 96.7% 97.0% 97.1%
Industrial properties 102 103 103 104 104
Industrial square footage 6,755,949 6,813,536 6,812,158 6,836,803 6,834,113
Industrial occupancy at end of quarter (c) 92.9% 91.7% 96.2% 97.9% 97.8%
Total portfolio occupancy at end of quarter (c) 95.1% 94.6% 96.0% 97.2% 97.3%
- ------------------------------------------------------------------------------------------------------------------------------------
(a) Includes Operating Partnership Units valued at the closing price of the
Class A common stock
(b) Includes pro rata share of consolidated and unconsolidated joint venture
debt
(c) Excludes properties under development
(d) Before, when applicable, gain on sales of real estate, extraordinary loss
and valuation reserves on investment in affiliate loans and joint ventures
and other investments.
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7
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STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended
March 31,
- -----------------------------------------------------------------------------------------------------------------------------------
REVENUES 2002 2001
- -----------------------------------------------------------------------------------------------------------------------------------
Base Rents $ 107,169 $ 107,494
Tenant escalations and reimbursements 15,336 15,945
Equity in earnings of service companies and real estate joint ventures 335 398
Interest income on mortgage notes and notes receivable 1,556 1,508
Investment and other income 534 5,541
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Total Operating Revenues 124,930 130,886
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EXPENSES
- -----------------------------------------------------------------------------------------------------------------------------------
Property operating expenses 24,391 23,770
Real estate taxes 17,821 17,224
Marketing, general and administrative 7,139 7,497
Depreciation and amortization 26,136 23,521
Interest expense 20,996 23,631
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Total Expenses 96,483 95,643
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Income from operations before minority interests 28,447 35,243
Minority partners' interests in consolidated partnerships (5,120) (5,755)
Limited partners' minority interest in the operating partnership (1,879) (2,715)
Distributions to preferred unitholders (461) (660)
- -----------------------------------------------------------------------------------------------------------------------------------
Income from operations 20,987 26,113
Adjust for non operating items, net of limited partners' minority interest:
Gain on sales of real estate 482 -
- -----------------------------------------------------------------------------------------------------------------------------------
Income before dividends to preferred shareholders 21,469 26,113
Dividends to preferred shareholders (5,487) (5,425)
- -----------------------------------------------------------------------------------------------------------------------------------
Net income allocable to common shareholders $ 15,982 $ 20,688
- -----------------------------------------------------------------------------------------------------------------------------------
Net income allocable to:
Class A Shareholders $ 12,159 $ 15,308
Class B Shareholders $ 3,823 $ 5,380
PER SHARE DATA
Basic operating earnings $0.26 $0.37
Diluted operating earnings $0.26 $0.37
Basic net income:
Basic net income per Class A common share $0.24 $0.34
Basic net income per Class B common share $0.37 $0.52
Diluted net income:
Diluted net income per Class A common share $0.24 $0.33
Diluted net income per Class B common share $0.26 $0.37
Basic weighted average common shares outstanding:
Class A common stock 50,013 45,484
Class B common stock 10,284 10,284
Diluted weighted average common shares outstanding:
Class A common stock 50,350 45,950
Class B common stock 10,284 10,284
- -----------------------------------------------------------------------------------------------------------------------------------
8
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FUNDS FROM OPERATIONS ("FFO") AND CASH AVAILABLE FOR DISTRIBUTION ("CAD")
(In thousands, except per share / unit data)
Three Months Ended
March 31,
- -----------------------------------------------------------------------------------------------------------------------------------
2002 2001
- -----------------------------------------------------------------------------------------------------------------------------------
FUNDS FROM OPERATIONS
- -----------------------------------------------------------------------------------------------------------------------------------
Net income allocable to common shareholders $ 15,982 $ 20,688
Add back: Real estate depreciation and amortization 25,321 22,988
Minority partners' interests in consolidated partnerships 5,120 5,755
Limited partners' minority interest in the operating partnership 1,934 2,715
Less: Gain on sales of real estate 537 -
Amounts distributable to minority partners in consolidated partnerships 6,563 5,701
- -----------------------------------------------------------------------------------------------------------------------------------
BASIC FUNDS FROM OPERATIONS $ 41,257 $ 46,445
- -----------------------------------------------------------------------------------------------------------------------------------
Add dividends and distributions on dilutive shares and units:
Series A preferred stock $ 4,381 $ 4,381
Series B preferred stock 1,106 1,044
Minority partners' preferred interest - 1,594
Limited partners' preferred interest 461 660
- -----------------------------------------------------------------------------------------------------------------------------------
Diluted FFO $ 47,205 $ 54,124
- -----------------------------------------------------------------------------------------------------------------------------------
Diluted weighted average shares and units outstanding:
Common shares 60,297 55,767
Limited operating partnership units 7,507 7,693
Common stock equivalents 337 466
Series A preferred stock 8,060 8,060
Series B preferred stock 1,919 1,919
Minority partners' preferred interest - 3,454
Limited partners' preferred interest 993 1,367
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Total diluted weighted average shares and units outstanding 79,113 78,726
- -----------------------------------------------------------------------------------------------------------------------------------
Diluted FFO per weighted average share or unit $ 0.60 $ 0.69
Diluted weighted average dividends or distributions per share or unit $ 0.45 $ 0.41
Diluted FFO payout ratio - Class A 71.2% 56.2%
Diluted FFO payout ratio - Class B 108.8% 87.3%
Diluted FFO payout ratio (Class A & Class B combined) 76.1% 60.2%
- -----------------------------------------------------------------------------------------------------------------------------------
CASH AVAILABLE FOR DISTRIBUTION
- -----------------------------------------------------------------------------------------------------------------------------------
Basic FFO $ 41,257 $ 46,445
Less: Straight line rents 8,667 11,159
Non-incremental capitalized tenant improvements and leasing commissions 4,497 2,646
Non-incremental capitalized improvements 1,434 635
- -----------------------------------------------------------------------------------------------------------------------------------
Basic Cash Available for Distribution $ 26,659 $ 32,005
- -----------------------------------------------------------------------------------------------------------------------------------
Add dividends and distributions on dilutive shares and units:
Series A preferred stock $ - $ -
Series B preferred stock - -
Minority partners' preferred interest - 1,594
Limited partners' preferred interest - 272
- -----------------------------------------------------------------------------------------------------------------------------------
Diluted CAD $ 26,659 $ 33,871
- -----------------------------------------------------------------------------------------------------------------------------------
Diluted weighted average shares and units outstanding:
Common shares 60,297 55,767
Limited operating partnership units 7,507 7,693
Common stock equivalents 337 466
Series A preferred stock - -
Series B preferred stock - -
Minority partners' preferred interest - 3,454
Limited partners' preferred interest - 598
- -----------------------------------------------------------------------------------------------------------------------------------
Diluted weighted average shares and units outstanding 68,141 67,978
- -----------------------------------------------------------------------------------------------------------------------------------
Diluted CAD per weighted average share or unit $ 0.39 $ 0.50
Diluted weighted average dividends or distributions per share or unit $ 0.46 $ 0.42
Diluted CAD payout ratio - Class A 108.5% 77.5%
Diluted CAD payout ratio - Class B 166.0% 120.4%
Diluted CAD payout ratio (Class A & Class B combined) 117.2% 84.0%
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9
CONSOLIDATED BALANCE SHEETS
(In thousands)
March, 31 December 31,
2002 2001
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
- -----------------------------------------------------------------------------------------------------------------------------------
Commercial real estate properties, at cost:
Land $ 409,824 $ 408,837
Building and improvements 2,345,406 2,328,374
Developments in progress:
Land 68,769 69,365
Development costs 70,482 74,303
Furniture, fixtures, and equipment 7,731 7,725
- -----------------------------------------------------------------------------------------------------------------------------------
2,902,212 2,888,604
Less: accumulated depreciation (384,696) (361,960)
- -----------------------------------------------------------------------------------------------------------------------------------
Investment in real estate, net of accumulated depreciation
2,517,516 2,526,644
Investments in real estate joint ventures 5,673 5,744
Investments in mortgage notes and notes receivable 55,710 56,234
Investments in sevice companies and affiliate loans and joint ventures 79,362 79,184
Cash and cash equivalents 40,442 121,975
Tenant receivables 10,617 9,633
Deferred rents receivable 89,838 81,089
Prepaid expenses and other assets 23,045 45,495
Contract and land deposits and pre-acquisition costs 27,848 3,782
Deferred leasing and loan costs 64,495 64,438
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TOTAL ASSETS $2,914,546 $ 2,994,218
===================================================================================================================================
LIABILITIES AND STOCKHOLDER'S EQUITY
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
Mortgage notes payable $ 748,591 $ 751,077
Unsecured credit facility 217,000 271,600
Senior unsecured notes 449,484 449,463
Accrued expenses and other liabilities 70,540 87,683
Dividends and distributions payable 33,008 32,988
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 1,518,623 1,592,811
- -----------------------------------------------------------------------------------------------------------------------------------
MINORITY INTERESTS:
Minority partners' interests in consolidated partnerships 243,722 242,698
Preferred unit interest in the operating partnership 19,662 30,965
Limited partners' minority interest in the operating partnership 86,752 81,887
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL MINORITY INTERESTS 350,136 355,550
- -----------------------------------------------------------------------------------------------------------------------------------
STOCKHOLDERS' EQUITY:
Preferred Stock, $.01 par value, 25,000,000 shares authorized
Series A - 9,192,000 shares issued and outstanding 92 92
Series B - 2,000,000 shares issued and outstanding 20 20
Common Stock, $.01 par value, 100,000,000 shares authorized
Class A - 50,305,143 and 49,982,377 shares issued and outstanding, respectively 503 500
Class B - 10,283,513 shares issued and outstanding 103 103
Additional paid in capital 1,045,069 1,045,142
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL STOCKHOLDERS' EQUITY 1,045,787 1,045,857
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $2,914,546 $ 2,994,218
===================================================================================================================================
10
- -------------------------------------------------------------------------------
DEBT SUMMARY AT MARCH 31, 2002
(Dollars in thousands)
DEBT BREAKDOWN
- ----------------------------------------------------------------------------------------------------------------------------
% of Weighted Average Weighted Average
Balance Total Interest Rate Maturity (Years)
- ----------------------------------------------------------------------------------------------------------------------------
Fixed Rate Secured Debt $748,591 52.9% 7.3% 9.7
Fixed Rate Senior Unsecured Notes (a) 449,484 31.8% 7.5% 5.3
Variable Rate Unsecured Credit Facility 217,000 15.3% 3.1% 1.4
- ----------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average $1,415,075 100.0% 6.7% 7.0
- ----------------------------------------------------------------------------------------------------------------------------
DEBT AMORTIZATION AND MATURITY
- ----------------------------------------------------------------------------------------------------------------------------
Secured Debt Senior Unsecured Unsecured Credit
Year Amortization Due at Maturity Notes Facility Total
- ----------------------------------------------------------------------------------------------------------------------------
2002 $8,576 $0 $8,576
2003 12,300 0 217,000 229,300
2004 13,169 2,616 100,000 (a) 115,785
2005 14,167 18,553 32,720
2006 13,785 129,920 143,705
2007 11,305 60,539 150,000 221,844
2008 10,357 0 10,357
2009 9,991 100,254 200,000 (a) 310,245
2010 7,818 28,423 36,241
2011 5,571 217,592 223,163
Thereafter 83,655 0 83,655
- ----------------------------------------------------------------------------------------------------------------------------
Total Debt $190,694 $557,897 $450,000 $217,000 $1,415,591
- ----------------------------------------------------------------------------------------------------------------------------
PROPERTY MORTGAGE DETAIL
- ----------------------------------------------------------------------------------------------------------------------------
Interest Maturity Amortization
Property $ Outstanding Rate Date Term (Years)
- ----------------------------------------------------------------------------------------------------------------------------
80 Orville Dr, Islip, NY 2,616 10.10% February-04 Interest only
395 North Service Road, Melville, NY 20,015 6.45% October-05 $34k per month
200 Summit Lake Drive, Valhalla, NY 19,674 9.25% January-06 25
1350 Avenue of the Americas, NY, NY 75,000 6.52% June-06 (b)
Landmark Square, Stamford, CT 45,832 8.02% October-06 25
100 Summit Lake Drive, Valhalla, NY 20,065 8.50% April-07 15
333 Earle Ovington Blvd, Mitchel Field, NY (c) 54,564 7.72% August-07 25
810 Seventh Avenue, NY,NY 83,933 7.73% August-09 25
100 Wall Street, NY, NY 36,372 7.73% August-09 25
6900 Jericho Turnpike, Syosset, NY 7,431 8.07% July-10 25
6800 Jericho Turnpike, Syosset, NY 14,081 8.07% July-10 25
580 White Plains Road, Tarrytown, NY 12,832 7.86% September-10 25
919 Third Ave, NY, NY (d) 248,601 6.867% August-11 30
110 Bi-County Blvd., Farmingdale, NY 3,797 9.125% November-12 20
One Orlando Center, Orlando, FL (e) 38,795 6.82% November-27 28
120 West 45th Street, NY,NY (e) 64,983 6.82% November-27 28
- ----------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average $748,591 7.27%
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
(a) These notes were issued at an aggregate discount of $738,000, which is
being amortized over the term of the Senior Unsecured Notes to which they
relate. Current unamortized discount is approximately $516,000
(b) Interest only for the 1st year; 30 years thereafter
(c) The Company has a 60% general partnership interest in this property and its
proportionate share of the aggregate principal amount is approximately
$32.7 million
(d) The Company has a 51% membership interest in this property and its
proportionate share of the aggregate principal amount is approximately
$126.8 million
(e) Subject to interest rate adjustment on November 1, 2004
In addition, the Company has a 60% interest in an unconsolidated joint venture
property. The pro rata share of this debt is approximately $7.8 million.
- -------------------------------------------------------------------------------
11
- -------------------------------------------------------------------------------
PREFERRED SECURITIES AT MARCH 31, 2002
(in thousands)
The following table sets forth certain information regarding the Company's
preferred securites, as of March 31, 2002.
- ----------------------------------------------------------------------------------------------------------------------------
Liquidation Current Conversion price
Security Preference Value Yield Per Share Issuance date
- ----------------------------------------------------------------------------------------------------------------------------
7 5/8% Series A Convertible Cumulative Preferred Stock $229,800 7.625% $28.51 April 1998
Series B Convertible Cumulitive Peferred Stock 50,000 8.850% $26.05 June 1999
Series B Preferred Units of Limited Partnership Interest 3,080 5.560% $32.51 April 1998
Series C Preferred Units of Limited Partnership Interest 10,581 5.560% $29.39 April 1998
Series D Preferred Units of Limited Partnership Interest 6,000 5.560% $29.12 July 1998
- ----------------------------------------------------------------------------------------------------------------------------
Total $299,461
============================================================================================================================
12
- -------------------------------------------------------------------------------
SAME STORE PERFORMANCE
For the 3 month period March 31, 2002 vs. March 31, 2001
(In thousands)
REGIONAL BREAKDOWN PROPERTY TYPE BREAKDOWN
------------------ -----------------------
CASH REVENUE (A) CASH REVENUE (A)
1Q02 1Q01 $ Change % Change 1Q02 1Q01 $ Change % Change
- --------------------------------------------------------------------- --------------------------------------------------------
Long Island $ 34,021 $ 33,392 $ 629 1.9% Office $ 99,265 $ 92,143 $ 7,122 7.7%
Westchester 19,761 19,036 725 3.8% Industrial (b) 12,257 12,694 (437) -3.4%
Connecticut 8,242 8,492 (250) -2.9% --------------------------------------------------------
New Jersey 13,298 11,873 1,425 12.0% Total $ 111,522 $ 104,837 $ 6,685 6.4%
New York City 33,940 29,751 4,189 14.1% --------------------------------------------------------
Florida 2,260 2,293 (33) -1.4%
- ---------------------------------------------------------------------
Total $ 111,522 $ 104,837 $ 6,685 6.4%
- ---------------------------------------------------------------------
GAAP REVENUE (A) GAAP REVENUE (A)
1Q02 1Q01 $ Change % Change 1Q02 1Q01 $ Change % Change
- --------------------------------------------------------------------- --------------------------------------------------------
Long Island $ 34,857 $ 34,530 $ 327 0.9% Office $ 106,520 $ 103,005 $ 3,515 3.4%
Westchester 20,457 20,076 381 1.9% Industrial (b) 12,465 13,080 (614) -4.7%
Connecticut 8,380 8,584 (204) -2.4% --------------------------------------------------------
New Jersey 13,173 12,727 446 3.5% Total $ 118,986 $ 116,085 $ 2,901 2.5%
New York City 39,858 37,846 2,012 5.3% --------------------------------------------------------
Florida 2,261 2,322 (61) -2.6%
- ---------------------------------------------------------------------
Total $ 118,986 $ 116,085 $ 2,901 2.5%
- ----------------------------------------------------------------------
OPERATING EXPENSES OPERATING EXPENSES
1Q02 1Q01 $ Change % Change 1Q02 1Q01 $ Change % Change
- ---------------------------------------------------------------------- --------------------------------------------------------
Long Island $ 5,478 $ 5,153 $ 325 6.3% Office $ 22,218 $ 21,457 $ 761 3.5%
Westchester 4,972 5,019 (47) -0.9% Industrial (b) 1,097 1,259 (162) -12.9%
Connecticut 2,045 1,913 132 6.9% --------------------------------------------------------
New Jersey 1,820 2,158 (338) -15.7% Total $ 23,315 $ 22,716 $ 599 2.6%
New York City 8,536 8,088 448 5.5% --------------------------------------------------------
Florida 464 385 79 20.5%
- ----------------------------------------------------------------------
Total $ 23,315 $ 22,716 $ 599 2.6%
- ----------------------------------------------------------------------
REAL ESTATE TAXES REAL ESTATE TAXES
1Q02 1Q01 $ Change % Change 1Q02 1Q01 $ Change % Change
- ---------------------------------------------------------------------- --------------------------------------------------------
Long Island $ 6,319 $ 5,960 $ 359 6.0% Office $ 15,319 $ 14,566 $ 753 5.2%
Westchester 2,537 2,339 198 8.5% Industrial (b) 2,216 2,094 122 5.8%
Connecticut 741 717 24 3.3% --------------------------------------------------------
New Jersey 1,663 1,570 93 5.9% Total $ 17,535 $ 16,660 $ 875 5.3%
New York City 6,035 5,828 207 3.6% --------------------------------------------------------
Florida 240 246 (6) -2.4%
- ----------------------------------------------------------------------
Total $ 17,535 $ 16,660 $ 875 5.3%
- ----------------------------------------------------------------------
CASH NOI CASH NOI
1Q02 1Q01 $ Change % Change 1Q02 1Q01 $ Change % Change
- ----------------------------------------------------------------------- --------------------------------------------------------
Long Island $ 22,224 $ 22,279 $ (55) -0.2% Office $ 61,728 $ 56,120 $ 5,608 10.0%
Westchester 12,252 11,678 574 4.9% Industrial (b) 8,944 9,341 (397) -4.3%
Connecticut 5,456 5,862 (406) -6.9% --------------------------------------------------------
New Jersey 9,815 8,145 1,670 20.5% Total $ 70,672 $ 65,461 $ 5,211 8.0%
New York City 19,369 15,835 3,534 22.3% --------------------------------------------------------
Florida 1,556 1,662 (106) -6.4%
- -----------------------------------------------------------------------
Total $ 70,672 $ 65,461 $ 5,211 8.0%
- -----------------------------------------------------------------------
GAAP NOI GAAP NOI
1Q02 1Q01 $ Change % Change 1Q02 1Q01 $ Change % Change
- ----------------------------------------------------------------------- --------------------------------------------------------
Long Island $ 23,060 $ 23,417 $ (357) -1.5% Office $ 68,983 $ 66,982 $ 2,001 3.0%
Westchester 12,948 12,718 230 1.8% Industrial (b) 9,152 9,727 (575) -5.9%
Connecticut 5,594 5,954 (360) -6.0% --------------------------------------------------------
New Jersey 9,690 8,999 691 7.7% Total $ 78,136 $ 76,709 $ 1,427 1.9%
New York City 25,287 23,930 1,357 5.7% --------------------------------------------------------
Florida 1,557 1,691 (134) -7.9%
- -----------------------------------------------------------------------
Total $ 78,136 $ 76,709 $ 1,427 1.9%
- -----------------------------------------------------------------------
- -------------------------------------------------------------------------------
(a) Excludes lease termination fees
(b) Includes two retail properties.
- -------------------------------------------------------------------------------
13
- -------------------------------------------------------------------------------
PORTFOLIO SNAPSHOT
Based on 1st quarter 2002
GAAP CONSOLIDATED AMOUNTS (A) PRO FORMA AMOUNTS (B)
------------------------------------------------- -------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION
- --------------------------------------------------------------------------------------------------------------------------------
Square Cash Cash GAAP Square Cash Cash GAAP
Feet Revenue NOI NOI Feet Revenue NOI NOI
- --------------------------------------------------------------------------------------------------------------------------------
Long Island
Office 19% 22% 22% 21% 18% 21% 20% 20%
Industrial (c) 29% 9% 11% 10% 31% 11% 12% 11%
- --------------------------------------------------------------------------------------------------------------------------------
Subtotal - 48% 32% 33% 32% 49% 32% 32% 31%
Long Island
Westchester
Office 16% 18% 18% 17% 17% 20% 19% 18%
Industrial 1% 0% 1% 0% 1% 0% 1% 1%
- --------------------------------------------------------------------------------------------------------------------------------
Subtotal - 17% 18% 19% 17% 18% 20% 20% 19%
Westchester
Connecticut
Office 5% 7% 7% 6% 5% 6% 7% 6%
Industrial 2% 1% 1% 1% 2% 1% 1% 1%
- --------------------------------------------------------------------------------------------------------------------------------
Subtotal - 7% 8% 8% 7% 7% 7% 8% 7%
Connecticut
New Jersey
Office 9% 11% 13% 11% 10% 11% 14% 11%
Industrial 2% 1% 1% 1% 2% 1% 1% 1%
- --------------------------------------------------------------------------------------------------------------------------------
Subtotal - 11% 12% 14% 12% 12% 12% 15% 12%
New Jersey
New York City
Office 17% 30% 27% 32% 15% 29% 27% 31%
- --------------------------------------------------------------------------------------------------------------------------------
Subtotal - 17% 30% 27% 32% 15% 29% 27% 31%
New York City
- --------------------------------------------------------------------------------------------------------------------------------
PROPERTY TYPE
- --------------------------------------------------------------------------------------------------------------------------------
Office 66% 89% 87% 88% 66% 87% 87% 86%
Industrial 34% 11% 13% 12% 35% 14% 15% 14%
- --------------------------------------------------------------------------------------------------------------------------------
SUBURBAN VS CBD ( OFFICE SPACE ONLY )
- --------------------------------------------------------------------------------------------------------------------------------
Suburban 62% 53% 55% 51% 60% 47% 50% 52%
CBD 38% 47% 45% 49% 40% 53% 50% 48%
- --------------------------------------------------------------------------------
(a) Information in accordance with GAAP accounting
(b) Adjusted for pro rata share of consolidated and unconsolidated joint venture
properties and free rent addback at 919 3rd Avenue
(c) Includes 2 retail properties
(d) The Company also owns a 357,000 square foot office building in Orlando, FL.
Percentage calculations exclude this property
- -------------------------------------------------------------------------------
14
- ------------------------------------------------------------------------------
OCCUPANCY ANALYSIS
As of March 31, 2002
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF RENTABLE OCCUPANCY AS OF
PROPERTY BUILDINGS SQUARE FEET DEC-01 MAR-02
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICE PROPERTIES
SUBURBAN OFFICE PARKS
- ---------------------
LONG ISLAND
Nassau West Corporate Center, Mitchel Field, NY 6 1,531,021 96.8% 96.8%
Huntington Melville Corporate Center, Melville, NY (1) 7 1,053,354 99.6% 97.9%
North Shore Atrium, Syosset, NY 2 304,177 96.8% 96.8%
- ------------------------------------------------------------------------------------------------------------------------------------
Subtotal - Long Island (1) 15 2,888,552 97.7% 97.1%
WESTCHESTER
Tarrytown Corporate Center, Tarrytown, NY 6 875,726 92.1% 92.2%
Summit at Vallhalla, Vahalla, NY 3 699,045 93.4% 97.0%
Mt. Pleasant Corporate Center, Valhalla, NY 2 162,004 98.3% 98.3%
Reckson Executive Park, Rye Brook, NY 6 541,884 98.8% 98.8%
- ------------------------------------------------------------------------------------------------------------------------------------
SUBTOTAL - WESTCHESTER 17 2,278,659 94.5% 95.7%
NEW JERSEY
Short Hills Office Center, Short Hills, NJ 3 568,642 100.0% 100.0%
Executive Hill Office Park, West Orange, NJ 4 391,382 92.0% 87.1%
University Square, Princeton, NJ 3 131,727 100.0% 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
SUBTOTAL - NEW JERSEY 10 1,091,751 96.8% 95.4%
- ------------------------------------------------------------------------------------------------------------------------------------
Subtotal - Suburban Office Park (1) 42 6,258,962 96.3% 96.3%
- ------------------------------------------------------------------------------------------------------------------------------------
SUBURBAN STAND ALONE
Long Island Office Properties 10 1,064,231 92.0% 93.6%
New Jersey Office Properties 6 872,003 96.7% 96.7%
Westchester Office Properties 2 284,899 97.9% 97.9%
- ------------------------------------------------------------------------------------------------------------------------------------
Subtotal - Suburban Standalone 18 2,221,133 94.6% 95.4%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Subtotal - Suburban Office (1) 60 8,480,095 95.8% 96.0%
- ------------------------------------------------------------------------------------------------------------------------------------
CBD Office
Connecticut
Landmark Square, Stamford, CT 6 799,048 92.3% 91.7%
Stamford Towers, Stamford, CT 2 324,867 100.0% 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Subtotal - Connecticut 8 1,123,915 94.4% 93.9%
Westchester
Standalone Office 4 668,916 96.1% 96.1%
- ------------------------------------------------------------------------------------------------------------------------------------
Subtotal - Westchester Office 4 668,916 96.1% 96.1%
New York City
919 Third Avenue 1 1,356,998 99.5% 100.0%
810 Seventh Avenue 1 692,060 97.6% 97.6%
100 Wall Street 1 466,226 96.2% 96.2%
120 W. 45th Street 1 443,109 89.4% 91.6%
1350 Ave. of the Americas 1 540,000 96.3% 97.4%
- ------------------------------------------------------------------------------------------------------------------------------------
Subtotal - New York City 5 3,498,393 96.9% 97.5%
- ------------------------------------------------------------------------------------------------------------------------------------
Subtotal - CBD Office 17 5,291,224 96.3% 96.6%
- ------------------------------------------------------------------------------------------------------------------------------------
Subtotal-
Office Properties (1) 77 13,771,319 96.1% 96.2%
- ------------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Square Feet as a % of NOI as a %
Property Property Type Total Portfolio Property Type Total Portfolio
- -----------------------------------------------------------------------------------------------------------------------------------
OFFICE PROPERTIES
SUBURBAN OFFICE PARKS
Long Island
Nassau West Corporate Center, Mitchel Field, NY 11.1% 7.5% 10.8% 9.4%
Huntington Melville Corporate Center, Melville, NY (1) 7.6% 5.1% 7.2% 6.3%
North Shore Atrium, Syosset, NY 2.2% 1.5% 1.5% 1.3%
- -----------------------------------------------------------------------------------------------------------------------------------
Subtotal - Long Island (1) 21.0% 14.1% 19.6% 17.0%
Westchester
Tarrytown Corporate Center, Tarrytown, NY 6.4% 4.3% 4.5% 3.9%
Summit at Vallhalla, Vahalla, NY 5.1% 3.4% 4.2% 3.7%
Mt. Pleasant Corporate Center, Valhalla, NY 1.2% 0.8% 1.2% 1.0%
Reckson Executive Park, Rye Brook, NY 3.9% 2.6% 3.1% 2.7%
- -----------------------------------------------------------------------------------------------------------------------------------
Subtotal - Westchester 16.5% 11.1% 13.0% 11.3%
New Jersey
Short Hills Office Center, Short Hills, NJ 4.1% 2.8% 4.9% 4.3%
Executive Hill Office Park, West Orange, NJ 2.8% 1.9% 2.4% 2.1%
University Square, Princeton, NJ 1.0% 0.6% 1.1% 1.0%
- -----------------------------------------------------------------------------------------------------------------------------------
Subtotal - New Jersey 7.9% 5.3% 8.4% 7.3%
- -----------------------------------------------------------------------------------------------------------------------------------
Subtotal - Suburban Office Park (1) 45.4% 30.5% 41.0% 35.6%
- -----------------------------------------------------------------------------------------------------------------------------------
SUBURBAN STAND ALONE
Long Island Office Properties 7.7% 5.2% 5.8% 5.1%
New Jersey Office Properties 6.3% 4.2% 6.4% 5.5%
Westchester Office Properties 2.1% 1.4% 1.8% 1.6%
- -----------------------------------------------------------------------------------------------------------------------------------
Subtotal - Suburban Standalone 16.1% 10.8% 14.0% 12.2%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Subtotal - Suburban Office (1) 61.6% 41.3% 55.0% 47.8%
- -----------------------------------------------------------------------------------------------------------------------------------
CBD Office
Connecticut
Landmark Square, Stamford, CT 5.8% 3.9% 5.3% 4.6%
Stamford Towers, Stamford, CT 2.4% 1.6% 2.7% 2.4%
- -----------------------------------------------------------------------------------------------------------------------------------
Subtotal - Connecticut 8.2% 5.5% 8.0% 7.0%
Westchester
Standalone Office 4.9% 3.3% 5.7% 5.0%
- -----------------------------------------------------------------------------------------------------------------------------------
Subtotal - Westchester Office 4.9% 3.3% 5.7% 5.0%
New York City
919 Third Avenue 9.9% 6.6% 9.7% 8.5%
810 Seventh Avenue 5.0% 3.4% 7.0% 6.1%
100 Wall Street 3.4% 2.3% 4.0% 3.4%
120 W. 45th Street 3.2% 2.2% 5.2% 4.5%
1350 Ave. of the Americas 3.9% 2.6% 5.3% 4.6%
- -----------------------------------------------------------------------------------------------------------------------------------
Subtotal - New York City 25.4% 17.0% 31.2% 27.2%
- -----------------------------------------------------------------------------------------------------------------------------------
Subtotal - CBD Office 38.4% 25.8% 45.0% 39.1%
- -----------------------------------------------------------------------------------------------------------------------------------
Subtotal-
Office Properties (1) 100.0% 67.0% 100.0% 86.9%
- -----------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
(1) Rentable square feet includes a recently completed 277,500 sf Class A
office building which is currently 61% leased; percent leased excludes this
property.
- -------------------------------------------------------------------------------
15
- -------------------------------------------------------------------------------
OCCUPANCY ANALYSIS
As of March 31, 2002
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF RENTABLE OCCUPANCY AS OF
PROPERTY BUILDINGS SQUARE FEET DEC-01 MAR-02
- ------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PROPERTIES
LONG ISLAND INDUSTRIAL PROPERTIES
Vanderbilt Industrial Park, Hauppauge, NY (1) 47 2,332,244 88.4% 92.4%
Airport International Plaza, Bohemia, NY 21 1,290,259 98.7% 99.0%
County Line Industrial Center, Melville, NY 4 342,354 100.0% 100.0%
Other Submarkets
Farmingdale 3 520,008 99.9% 100.0%
Melville 4 246,769 100.0% 100.0%
Islip/Islandia 6 212,524 100.0% 100.0%
Hauppauge 2 195,942 99.1% 99.1%
Other 7 699,277 96.6% 96.6%
- ------------------------------------------------------------------------------------------------------------------------------------
Subtotal - Long Island Industrial (2) 94 5,839,377 94.7% 96.3%
- ------------------------------------------------------------------------------------------------------------------------------------
Stand-alone Westchester Industrial Properties 2 139,690 100.0% 100.0%
Stand-alone Connecticut Industrial Properties 1 452,414 54.3% 54.3%
Stand-alone New Jersey Industrial Properties 5 324,468 86.3% 82.6%
- ------------------------------------------------------------------------------------------------------------------------------------
Subtotal-
Industrial Properties (2) 102 6,755,949 91.7% 92.9%
- ------------------------------------------------------------------------------------------------------------------------------------
Retail Properties 2 19,200 50.0% 81.8%
- ------------------------------------------------------------------------------------------------------------------------------------
Total - All Properties (2) 181 20,546,468 94.6% 95.1%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
SQUARE FEET AS A % OF NOI AS A %
PROPERTY PROPERTY TYPE TOTAL PORTFOLIO PROPERTY TYPE TOTAL PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PROPERTIES
LONG ISLAND INDUSTRIAL PROPERTIES
Vanderbilt Industrial Park, Hauppauge, NY (1) 34.5% 11.4% 25.6% 3.3%
Airport International Plaza, Bohemia, NY 19.1% 6.3% 22.3% 2.9%
County Line Industrial Center, Melville, NY 5.1% 1.7% 5.5% 0.7%
Other Submarkets
Farmingdale 7.7% 2.5% 8.7% 1.1%
Melville 3.7% 1.2% 6.1% 0.8%
Islip/Islandia 3.1% 1.0% 2.3% 0.3%
Hauppauge 2.9% 1.0% 3.7% 0.5%
Other 10.4% 3.4% 10.4% 1.4%
- ------------------------------------------------------------------------------------------------------------------------------------
Subtotal - Long Island Industrial (2) 86.4% 28.4% 84.6% 11.1%
- ------------------------------------------------------------------------------------------------------------------------------------
Stand-alone Westchester Industrial Properties 2.1% 0.7% 4.0% 0.5%
Stand-alone Connecticut Industrial Properties 6.7% 2.2% 4.7% 0.6%
Stand-alone New Jersey Industrial Properties 4.8% 1.6% 6.7% 0.9%
- ------------------------------------------------------------------------------------------------------------------------------------
Subtotal-
Industrial Properties (2) 100.0% 32.9% 100.0% 13.1%
- ------------------------------------------------------------------------------------------------------------------------------------
Retail Properties 0.1% 0.1% 0.0% 0.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Total - All Properties (2) 100.0% 100.0% 100.0% 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
(1) Rentable square feet includes a 56,875 square foot vacant building under
redevelopment; percent leased excludes this property.
(2) Percent leased excludes properties under development.
- -------------------------------------------------------------------------------
16
- -------------------------------------------------------------------------------
LEASING STATISTICS
For the 3 months ended March 31, 2002
- ------------------------------------------------------------------------------------------------------------------------------------
EXECUTED LEASES (A)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
# of Total Average Average Average
Transactions Sq. Ft. Base Rent Effective Rent Term (Years)
- ------------------------------------------------------------------------------------------------------------------------------------
Office Portfolio
Long Island
Operational 11 64,396 $26.30 $24.58 5.3
Development 1 70,000 $34.51 $24.96 8.0
Westchester 17 109,205 $25.13 $23.01 4.8
Connecticut 4 7,282 $29.08 $26.29 3.6
New Jersey
Operational 3 22,187 $23.07 $21.26 5.5
Development 1 123,000 $36.13 $28.67 10.0
New York City 9 75,661 $52.24 $47.68 9.9
- ------------------------------------------------------------------------------------------------------------------------------------
Totals/Weighted Average 46 471,731 $33.86 $28.91 7.5
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Industrial Portfolio
Long Island 11 283,138 $6.05 $5.61 5.3
- ------------------------------------------------------------------------------------------------------------------------------------
Totals/Weighted Average 11 283,138 $6.05 $5.61 5.3
- ------------------------------------------------------------------------------------------------------------------------------------
RESEARCH & DEVELOPMENT PORTFOLIO
Long Island
Operational 4 61,011 $11.28 $10.59 5.5
Development 1 40,880 $15.85 $11.31 7.0
- ------------------------------------------------------------------------------------------------------------------------------------
Totals/Weighted Average 5 101,891 $13.11 $10.88 6.1
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio Totals 62 856,760
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
SAME SPACE STATISTICS
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Total Base Rent GAAP Rent
Property Type Sq. Ft. Expiration Current (b) % Change Expiration Current (b) % Change
- ------------------------------------------------------------------------------------------------------------------------------------
Office 224,929 $24.56 $27.83 13.3% $23.96 $29.42 22.8%
Industrial 283,138 $5.32 $5.65 6.2% $5.00 $5.81 16.2%
Research & Development 61,011 $9.98 $10.58 6.0% $9.49 $11.20 18.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Totals/Weighted Average 569,078 $13.42 $14.95 11.3% $12.98 $15.72 21.2%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TENANT RETENTION
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Leases Sq. Ft Sq. Ft Renewal
Property Type Expiring (c) Expiring (c) Renewing Percentage
- ------------------------------------------------------------------------------------------------------------------------------------
Office 29 164,520 134,806 81.9%
Industrial 7 162,738 162,738 100.0%
Research & Development 2 6,853 6,853 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 38 334,111 304,397 91.1%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(a) Includes new and renewed leases during the period
(b) Represents either renewed or released space
(c) Includes early renewals
- -------------------------------------------------------------------------------
17
- --------------------------------------------------------------------------------
LEASING STATISTICS
For the 12 months ended March 31, 2002
- ------------------------------------------------------------------------------------------------------------------------------------
EXECUTED LEASES (A)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
# of Total Average Average Average
Transactions Sq. Ft. Base Rent Effective Rent Term (Years)
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICE PORTFOLIO
Long Island
Operational 63 390,967 $ 26.51 $ 24.17 5.8
Development 4 112,473 $ 34.46 $ 26.28 8.3
Westchester 75 521,753 $ 25.05 $ 23.13 5.1
Connecticut 22 97,439 $ 31.98 $ 31.33 5.0
New Jersey
Operational 23 390,135 $ 28.40 $ 26.45 3.4
Development 1 123,000 $ 36.13 $ 28.67 10.0
New York City 19 147,205 $ 58.51 $ 53.25 10.3
- ------------------------------------------------------------------------------------------------------------------------------------
Totals/Weighted Average 207 1,782,972 $ 30.60 $ 27.60 5.8
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
Long Island 50 802,212 $ 6.70 $ 6.35 6.3
New Jersey 3 84,985 $ 8.36 $ 7.08 5.0
- ------------------------------------------------------------------------------------------------------------------------------------
Totals/Weighted Average 53 887,197 $ 6.86 $ 6.42 6.2
- ------------------------------------------------------------------------------------------------------------------------------------
RESEARCH & DEVELOPMENT PORTFOLIO
Long Island
Operational 7 167,999 $ 11.18 $ 10.59 5.0
Development 1 40,880 $ 15.85 $ 11.31 7.0
New Jersey 1 13,013 $ 17.60 $ 12.02 5.0
- ------------------------------------------------------------------------------------------------------------------------------------
Totals/Weighted Average 9 221,892 $ 12.42 $ 10.81 5.4
- ------------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TOTALS 269 2,892,061
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
SAME SPACE STATISTICS
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Total Base Rent GAAP Rent
Property Type Sq. Ft. Expiration Current (b) % Change Expiration Current (b) % Change
- ------------------------------------------------------------------------------------------------------------------------------------
Office 1,312,634 $ 24.21 $ 27.25 12.6% $ 23.54 $ 28.42 20.7%
Industrial 851,171 $ 5.89 $ 6.30 7.0% $ 5.59 $ 6.75 20.8%
Research & Development 193,899 $ 11.20 $ 11.17 -0.3% $ 10.11 $ 11.60 14.7%
- ------------------------------------------------------------------------------------------------------------------------------------
Totals/Weighted Average 2,357,704 $ 16.53 $ 18.36 11.1% $ 15.96 $ 19.21 20.4%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TENANT RETENTION
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Leases Sq. Ft Sq. Ft Renewal
Property Type Expiring (c) Expiring (c) Renewing Percentage
- ------------------------------------------------------------------------------------------------------------------------------------
Office 156 1,081,819 674,052 62.3%
Industrial 38 743,709 534,913 71.9%
Research & Development 10 410,437 160,853 39.2%
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 204 2,235,965 1,369,818 61.3%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(a) Includes new and renewed leases during the period
(b) Represents either renewed or released space
(c) Includes early renewals
- -------------------------------------------------------------------------------
18
- -------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE
As of March 31, 2002
TOTAL PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
Number of Square % of Total Cumulative
Year of Leases Feet Leased % of Total
Expiration Expiring Expiring Sq Ft Leased Sq Ft
- ------------------------------------------------------------------------------------------------------------------------------------
2002 125 914,376 4.7% 4.7%
2003 171 1,865,269 9.7% 14.4%
2004 207 1,919,215 10.0% 24.4%
2005 234 2,677,888 13.9% 38.3%
2006 220 2,655,738 13.8% 52.1%
2007 102 1,449,568 7.5% 59.6%
2008 and thereafter 285 7,777,393 40.4% 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average 1,344 19,259,447 100.0% -
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICE PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
Number of Square % of Total Cumulative
Year of Leases Feet Leased % of Total
Expiration Expiring Expiring Sq Ft Leased Sq Ft
- -----------------------------------------------------------------------------------------------------------------------------------
2002 110 717,701 5.5% 5.5%
2003 144 1,194,619 9.2% 14.7%
2004 164 1,258,327 9.7% 24.3%
2005 202 1,758,707 13.5% 37.8%
2006 176 1,713,357 13.1% 51.0%
2007 78 1,143,858 8.8% 59.7%
2008 and thereafter 226 5,248,058 40.3% 100.0%
- -----------------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average 1,100 13,034,627 100.0% -
- -----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL/R&D PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
Number of Square % of Total Cumulative
Year of Leases Feet Leased % of Total
Expiration Expiring Expiring Sq Ft Leased Sq Ft
- ------------------------------------------------------------------------------------------------------------------------------------
2002 15 196,675 3.2% 3.2%
2003 27 670,650 10.8% 13.9%
2004 43 660,888 10.6% 24.6%
2005 32 919,181 14.8% 39.3%
2006 44 942,381 15.1% 54.5%
2007 24 305,710 4.9% 59.4%
2008 and thereafter 59 2,529,335 40.6% 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average 244 6,224,820 100.0% -
- ------------------------------------------------------------------------------------------------------------------------------------
19
- --------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE
As of March 31, 2002
LONG ISLAND OFFICE (EXCLUDING OMNI)
- --------------------------------------------------------------------------------------------------------------
Number of Square % of Total Cumulative Expiring Expiring
Year of Leases Feet Leased % of Total GAAP Cash
Expiration Expiring Expiring Sq Ft Leased Sq Ft Rent (1) Rent (2)
- --------------------------------------------------------------------------------------------------------------
2002 22 78,420 2.5% 2.5% $23.82 $26.06
2003 46 322,001 10.2% 12.6% $24.32 $26.83
2004 48 306,231 9.7% 22.3% $23.23 $24.46
2005 67 402,049 12.7% 35.0% $25.14 $28.04
2006 44 169,206 5.3% 40.4% $26.40 $28.69
2007 26 411,249 13.0% 53.3% $24.57 $30.45
2008 and thereafter 74 1,477,312 46.7% 100.0% - -
- --------------------------------------------------------------------------------------------------------------
Total/Weighted Average 327 3,166,468 100.0% - - -
- --------------------------------------------------------------------------------------------------------------
OMNI
- --------------------------------------------------------------------------------------------------------------
Number of Square % of Total Cumulative Expiring Expiring
Year of Leases Feet Leased % of Total GAAP Cash
Expiration Expiring Expiring Sq Ft Leased Sq Ft Rent (1) Rent (2)
- --------------------------------------------------------------------------------------------------------------
2002 2 33,890 6.3% 6.3% $33.55 $36.68
2003 3 49,793 9.3% 15.6% $29.54 $35.16
2004 5 113,793 21.2% 36.8% $27.27 $34.74
2005 6 59,115 11.0% 47.8% $27.91 $35.45
2006 - - 0.0% 47.8% - -
2007 2 59,722 11.1% 59.0% $26.86 $34.41
2008 and thereafter 9 220,105 41.0% 100.0% - -
- --------------------------------------------------------------------------------------------------------------
Total/Weighted Average 27 536,418 100.0% - - -
- --------------------------------------------------------------------------------------------------------------
WESTCHESTER OFFICE
- --------------------------------------------------------------------------------------------------------------
Number of Square % of Total Cumulative Expiring Expiring
Year of Leases Feet Leased % of Total GAAP Cash
Expiration Expiring Expiring Sq Ft Leased Sq Ft Rent (1) Rent (2)
- --------------------------------------------------------------------------------------------------------------
2002 38 275,301 8.9% 8.9% $21.76 $22.70
2003 47 243,025 7.8% 16.7% $22.22 $23.88
2004 35 171,448 5.5% 22.2% $21.40 $22.46
2005 48 457,964 14.8% 37.0% $22.94 $24.01
2006 39 718,904 23.2% 60.2% $22.69 $24.47
2007 29 416,130 13.4% 73.6% $24.85 $27.41
2008 and thereafter 35 819,165 26.4% 100.0% - -
- --------------------------------------------------------------------------------------------------------------
Total/Weighted Average 271 3,101,937 100.0% - - -
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
(1) Represents annualized straightline rent as of the lease expiration date
(2) Represents annualized base rent as of the lease expiration date plus
non-recoverable operating expense pass-throughs
- --------------------------------------------------------------------------------
20
- -------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE
As of March 31, 2002
STAMFORD OFFICE
- ------------------------------------------------------------------------------------------------------------------
Number of Square % of Total Cumulative Expiring Expiring
Year of Leases Feet Leased % of Total GAAP Cash
Expiration Expiring Expiring Sq Ft Leased Sq Ft Rent (1) Rent (2)
- ------------------------------------------------------------------------------------------------------------------
2002 17 45,536 4.3% 4.3% $24.67 $25.56
2003 21 145,485 13.8% 18.1% $30.85 $31.72
2004 28 236,570 22.4% 40.5% $21.92 $23.08
2005 21 118,584 11.2% 51.7% $26.63 $28.57
2006 24 291,313 27.6% 79.3% $24.17 $25.06
2007 9 92,541 8.8% 88.1% $31.92 $34.29
2008 and thereafter 7 125,617 11.9% 100.0% - -
- ------------------------------------------------------------------------------------------------------------------
Total/Weighted Average 127 1,055,646 100.0% - - -
- ------------------------------------------------------------------------------------------------------------------
NEW JERSEY OFFICE
- ------------------------------------------------------------------------------------------------------------------
Number of Square % of Total Cumulative Expiring Expiring
Year of Leases Feet Leased % of Total GAAP Cash
Expiration Expiring Expiring Sq Ft Leased Sq Ft Rent (1) Rent (2)
- ------------------------------------------------------------------------------------------------------------------
2002 15 123,058 7.0% 7.0% $20.08 $20.78
2003 20 319,328 18.1% 25.1% $27.16 $28.21
2004 28 206,608 11.7% 36.8% $23.08 $23.89
2005 27 271,611 15.4% 52.3% $23.78 $24.81
2006 17 192,248 10.9% 63.2% $24.40 $25.87
2007 3 46,639 2.6% 65.8% $20.89 $23.69
2008 and thereafter 17 602,282 34.2% 100.0% - -
- ------------------------------------------------------------------------------------------------------------------
Total/Weighted Average 127 1,761,774 100.0% - - -
- ------------------------------------------------------------------------------------------------------------------
NEW YORK CITY OFFICE
- ------------------------------------------------------------------------------------------------------------------
Number of Square % of Total Cumulative Expiring Expiring
Year of Leases Feet Leased % of Total GAAP Cash
Expiration Expiring Expiring Sq Ft Leased Sq Ft Rent (1) Rent (2)
- ------------------------------------------------------------------------------------------------------------------
2002 16 161,496 4.7% 4.7% $35.76 $34.14
2003 7 114,987 3.4% 8.1% $32.08 $33.00
2004 20 223,677 6.6% 14.7% $36.24 $39.53
2005 33 449,384 13.2% 27.8% $35.52 $38.07
2006 52 341,686 10.0% 37.8% $30.16 $31.81
2007 9 117,577 3.4% 41.3% $34.16 $36.93
2008 and thereafter 84 2,003,577 58.7% 100.0% - -
- ------------------------------------------------------------------------------------------------------------------
Total/Weighted Average 221 3,412,384 100.0% - - -
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
(1) Represents annualized straightline rent as of the lease expiration date
(2) Represents annualized base rent as of the lease expiration date plus
non-recoverable operating expense pass-throughs
- --------------------------------------------------------------------------------
21
- --------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE
As of March 31, 2002
INDUSTRIAL
- ----------------------------------------------------------------------------------------------------------------
Number of Square % of Total Cumulative Expiring Expiring
Year of Leases Feet Leased % of Total GAAP Cash
Expiration Expiring Expiring Sq Ft Leased Sq Ft Rent (1) Rent (2)
- ----------------------------------------------------------------------------------------------------------------
2002 14 192,055 3.8% 3.8% $6.79 $7.34
2003 22 578,712 11.3% 15.1% $5.67 $6.77
2004 34 561,670 11.0% 26.1% $6.56 $7.61
2005 25 461,741 9.0% 35.1% $5.90 $7.43
2006 38 859,320 16.8% 52.0% $6.64 $7.85
2007 20 220,266 4.3% 56.3% $7.57 $9.19
2008 and thereafter 45 2,231,320 43.7% 100.0% - -
- ----------------------------------------------------------------------------------------------------------------
Total / Weighted Average 198 5,105,084 100.0% - - -
- ----------------------------------------------------------------------------------------------------------------
RESEARCH & DEVELOPMENT
- ----------------------------------------------------------------------------------------------------------------
Number of Square % of Total Cumulative Expiring Expiring
Year of Leases Feet Leased % of Total GAAP Cash
Expiration Expiring Expiring Sq Ft Leased Sq Ft Rent (1) Rent (2)
- ----------------------------------------------------------------------------------------------------------------
2002 1 4,620 0.4% 0.4% $12.85 $13.59
2003 5 91,938 8.2% 8.6% $10.36 $10.76
2004 9 99,218 8.9% 17.5% $13.86 $15.07
2005 7 457,440 40.9% 58.3% $8.98 $11.14
2006 6 83,061 7.4% 65.8% $18.53 $21.50
2007 4 85,444 7.6% 73.4% $12.60 $13.95
2008 and thereafter 14 298,015 26.6% 100.0% - -
- ----------------------------------------------------------------------------------------------------------------
Total / Weighted Average 46 1,119,736 100.0% - - -
- ----------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
(1) Represents annualized straightline rent as of the lease expiration date.
(2) Represents annualized base rent as of the lease expiration date plus
non-recoverable operating expense pass-throughs.
- -------------------------------------------------------------------------------
22
LEASE EXPIRATION COMPARISON
Expiring Rents vs. Reckson Forecast Rents (a)
Office Portfolio
[GRAPHIC OMITTED]
As of March 31, 2002
CBD OFFICE PORTFOLIO SUBURBAN OFFICE PORTFOLIO
460,000 SQ. FT. EXPIRING 1.4 MILLION SQ. FT. EXPIRING
------------------------ ----------------------------
CASH
Expiring $31.34 $31.95
Forecasted (b) $41.71 $42.32
Increase 33% 32%
GAAP
Expiring Rent $25.12 $23.84
Forecasted (b) $25.33 $25.98
Increase 1% 10%
(a) Represents leases expiring during 2002 and 2003.
(b) Company's forecast rent for space to be re-leased.
There can be no assurance that the Company's properties can achieve such
rents.
23
- -------------------------------------------------------------------------------
LEASE DISTRIBUTION
As of March 31, 2002
OFFICE PORTFOLIO (A)
- ---------------------------------------------------------------------------------------------------------------------------
Leased % of Occupied Contract % of Weighted Avg
Square Feet Under Lease Sq Ft Sq Ft Rent (b) Contract Rent Maturity (Years)
- ---------------------------------------------------------------------------------------------------------------------------
2,500 or Less 486,081 3.7% $12,479,770 3.5% 3.9
2,501 - 5,000 875,222 6.7% 22,519,489 6.3% 3.8
5,001 - 10,000 1,474,453 11.3% 41,381,673 11.5% 4.3
10,001 - 20,000 2,258,884 17.3% 63,133,997 17.6% 4.8
20,001 - 40,000 2,886,091 22.1% 82,368,395 22.9% 5.4
40,001 - 60,000 1,127,597 8.7% 29,189,745 8.1% 6.3
60,001 - 100,000 1,434,221 11.0% 31,547,471 8.8% 6.5
100,001 or Greater 2,492,078 19.1% 76,599,379 21.3% 10.1
- ---------------------------------------------------------------------------------------------------------------------------
Total 13,034,627 100.0% $359,219,918 100.0% 6.1
- ---------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
- ---------------------------------------------------------------------------------------------------------------------------
Leased % of Occupied Contract % of Weighted Avg
Square Feet Under Lease Sq Ft Sq Ft Rent (b) Contract Rent Maturity (Years)
- ---------------------------------------------------------------------------------------------------------------------------
10,000 or Less 651,880 10.5% $5,779,384 12.7% 4.3
10,001 - 20,000 619,399 10.0% 5,118,386 11.3% 3.3
20,001 - 40,000 1,163,699 18.7% 8,505,788 18.7% 3.6
40,001 - 60,000 910,304 14.6% 7,639,439 16.8% 4.9
60,001 - 100,000 683,560 11.0% 5,081,161 11.2% 6.4
100,001 or Greater 2,195,978 35.3% 13,296,910 29.3% 6.4
- ---------------------------------------------------------------------------------------------------------------------------
Total 6,224,820 100.0% $45,421,068 100.0% 5.1
- ---------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(a) Excludes office property located in Orlando, FL.
(b) Represents contract rent in place for the 12 month period April 1, 2002
through March 31, 2003.
- -------------------------------------------------------------------------------
24
- -------------------------------------------------------------------------------
NON-INCREMENTAL REVENUE GENERATING CAPITAL EXPENDITURES, TENANT IMPROVEMENT
COSTS AND LEASING COMMISSIONS
The following table summarizes the expenditures incurred for capital
expenditures for the entire portfolio and tenant improvements and
leasing commissions for space leased at the Company's office and
industrial properties for the years 1998 through 2001 and the three
months ended March 31, 2002.
- -------------------------------------------------------------------------------
NON-INCREMENTAL REVENUE GENERATING CAPITAL EXPENDITURES
- -------------------------------------------------------------------------------
Average
1998 1999 2000 2001 1998-2001 2002
-------------- --------------- -------------- --------------- --------------- ---------------
Suburban Office Properties
Total $ 2,004,976 $ 2,298,899 $ 3,289,116 $ 4,606,069 $ 3,049,765 $ 1,252,454
Per Square Foot 0.23 0.23 0.33 0.45 0.31 $ 0.12
NYC Office Properties
Total N/A N/A $ 946,718 $ 1,584,501 $ 1,265,610 $ 147,258
Per Square Foot N/A N/A 0.38 0.45 0.42 $ 0.04
Industrial Properties
Total $ 1,205,266 $ 1,048,688 $ 813,431 $ 711,666 $ 944,763 $ 112,022
Per Square Foot 0.12 0.11 0.11 0.11 0.11$ 0.02
Non-Incremental Revenue Generating Tenant Improvements and Leasing Commissions
- -----------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001
--------------- -------------- --------------- --------------
Long Island Office Properties
Tenant Improvements $1,140,251 $1,009,357 $2,853,706 $2,722,457
Per Square Foot Improved 3.98 4.73 6.99 8.47
Leasing Commissions $418,191 $551,762 $2,208,604 $1,444,412
Per Square Foot Leased 1.46 2.59 4.96 4.49
--------------- -------------- --------------- --------------
Total Per Square Foot $5.44 $7.32 $11.95 $12.96
=============== ============== =============== ==============
Westchester Office Properties
Tenant Improvements $711,160 $1,316,611 $1,860,027 $2,584,728
Per Square Foot Improved 4.45 5.62 5.72 5.91
Leasing Commissions $286,150 $457,730 $412,226 $1,263,012
Per Square Foot Leased 1.79 1.96 3.00 2.89
--------------- -------------- --------------- --------------
Total Per Square Foot $6.24 $7.58 $8.72 $8.80
=============== ============== =============== ==============
Connecticut Office Properties
Tenant Improvements $202,880 $179,043 $385,531 $213,909
Per Square Foot Improved 5.92 4.88 4.19 1.46
Leasing Commissions $151,063 $110,252 $453,435 $209,322
Per Square Foot Leased 4.41 3.00 4.92 1.43
--------------- -------------- --------------- --------------
Total Per Square Foot $10.33 $7.88 $9.11 $2.89
=============== ============== =============== ==============
New Jersey Office Properties
Tenant Improvements $654,877 $454,054 $1,580,323 $1,146,385
Per Square Foot Improved 3.78 2.29 6.71 2.92
Leasing Commissions $396,127 $787,065 $1,031,950 $1,602,962
Per Square Foot Leased 2.08 3.96 4.44 4.08
--------------- -------------- --------------- --------------
Total Per Square Foot $5.86 $6.25 $11.15 $7.00
=============== ============== =============== ==============
New York City Office Properties
Tenant Improvements N/A N/A $65,267 $788,930
Per Square Foot Improved N/A N/A 1.79 15.69
Leasing Commissions N/A N/A $418,185 $1,098,829
Per Square Foot Leased N/A N/A 11.50 21.86
--------------- -------------- --------------- --------------
Total Per Square Foot N/A N/A $13.29 $37.55
=============== ============== =============== ==============
Industrial Properties
Tenant Improvements $283,842 $375,646 $650,216 $1,366,488
Per Square Foot Improved 0.76 0.25 0.95 1.65
Leasing Commissions $200,154 $835,108 $436,506 $354,572
Per Square Foot Leased 0.44 0.56 0.64 0.43
--------------- -------------- --------------- --------------
Total Per Square Foot $1.20 $0.81 $1.59 $2.08
=============== ============== =============== ==============
Average
1998-2001 2002 New Renewal
------------------ ---------------- --------------- ------------
Long Island Office Properties
Tenant Improvements $1,931,443 $408,299 $320,921 $87,378
Per Square Foot Improved 6.04 6.34 13.81 2.12
Leasing Commissions $1,155,742 $250,157 $175,216 $74,941
Per Square Foot Leased 3.38 3.88 7.54 1.82
------------------ ---------------- --------------- ------------
Total Per Square Foot $9.42 $10.23 $21.35 $3.94
================== ================ =============== ============
Westchester Office Properties
Tenant Improvements $1,618,132 $740,852 $644,517 $96,335
Per Square Foot Improved 5.43 7.61 13.14 2.00
Leasing Commissions $604,780 $359,568 $209,738 $149,830
Per Square Foot Leased 2.41 3.69 4.27 3.10
------------------ ---------------- --------------- ------------
Total Per Square Foot $7.84 $11.30 $17.41 $5.10
================== ================ =============== ============
Connecticut Office Properties
Tenant Improvements $245,341 $58,218 $56,498 $1,720
Per Square Foot Improved 4.11 7.99 11.63 0.71
Leasing Commissions $231,018 $31,498 $31,498 $0
Per Square Foot Leased 3.44 4.33 6.48 -
------------------ ---------------- --------------- ------------
Total Per Square Foot $7.55 $12.32 $18.11 0.71
================== ================ =============== ============
New Jersey Office Properties
Tenant Improvements $958,910 $216,839 $66,674 $150,165
Per Square Foot Improved 3.93 9.77 11.79 9.08
Leasing Commissions $954,526 $11,068 $11,068 $0
Per Square Foot Leased 3.64 0.50 1.96 -
------------------ ---------------- --------------- ------------
Total Per Square Foot $7.57 $10.27 $13.75 $9.08
================== ================ =============== ============
New York City Office Properties
Tenant Improvements $427,099 $1,282,734 $602,100 $680,634
Per Square Foot Improved 8.74 21.64 16.28 30.54
Leasing Commissions $758,507 $588,161 $304,300 $283,861
Per Square Foot Leased 16.68 9.92 8.23 12.74
------------------ ---------------- --------------- ------------
Total Per Square Foot $25.42 $31.56 $24.50 $43.28
================== ================ =============== ============
Industrial Properties
Tenant Improvements $669,048 $586,466 $577,373 $9,093
Per Square Foot Improved 0.90 1.70 4.17 -
Leasing Commissions $456,585 $292,487 $251,687 $40,800
Per Square Foot Leased 0.52 0.85 1.82 0.20
------------------ ---------------- --------------- ------------
Total Per Square Foot $1.42 $2.55 $5.98 $0.20
================== ================ =============== ============
25
CLASS A OFFICE STATISTICS
LONG ISLAND STATISTICS
1998 1999 2000 2001 1Q02
---- ---- ---- ---- ----
Direct Vacancy 6.1% 5.6% 6.3% 7.7% 7.1%
Overall Vacancy 6.7% 6.5% 8.4% 11.9% 11.4%
Average Asking Rental Rates $ 27.23 $ 27.69 $ 28.86 $ 30.06 $ 29.88
WESTCHESTER STATISTICS
1998 1999 2000 2001 1Q02
---- ---- ---- ---- ----
Direct Vacancy 16.4% 15.0% 10.7% 16.3% 15.1%
Overall Vacancy 19.2% 16.3% 12.0% 20.5% 19.2%
Average Asking Rental Rates $ 26.67 $ 27.23 $ 29.62 $ 30.15 $ 29.96
SOUTHERN CONNECTICUT STATISTICS
1998 1999 2000 2001 1Q02
---- ---- ---- ---- ----
Direct Vacancy 3.6% 4.0% 7.2% 8.8% 8.2%
Overall Vacancy 4.2% 4.7% 8.1% 13.6% 13.7%
Average Asking Rental Rates $ 32.22 $ 31.78 $ 44.41 $ 36.10 $ 37.39
NORTHERN NEW JERSEY STATISTICS
1998 1999 2000 2001 1Q02
---- ---- ---- ---- ----
Direct Vacancy 5.3% 4.6% 6.5% 8.1% 8.0%
Overall Vacancy 7.5% 7.1% 9.9% 13.4% 13.9%
Average Asking Rental Rates $ 27.42 $ 28.52 $ 29.66 $ 30.92 $ 30.43
Source: Cushman & Wakefield
26
NEW YORK CITY CLASS A OFFICE STATISTICS
[GRAPHICS OMITTED]
AVERAGE ASKING RENTS
1998 1999 2000 2001 1Q02
---- ---- ---- ---- ----
Financial East $ 40.21 $ 37.64 $ 52.90 $ 48.07 $ 47.98
Midtown West Side $ 43.36 $ 48.28 $ 60.89 $ 61.22 $ 58.10
Midtown East Side $ 47.85 $ 51.18 $ 61.46 $ 59.81 $ 60.04
6th Ave./Rockefeller Center $ 51.33 $ 53.12 $ 65.91 $ 67.15 $ 66.53
1998 1999 2000 2001 1Q02
---- ---- ---- ---- ----
FINANCIAL EAST
Overall Vacancy 7.3% 4.1% 2.1% 7.0% 12.4%
Direct Vacancy 6.6% 3.4% 1.4% 2.3% 8.5%
MIDTOWN WEST
Overall Vacancy 4.3% 6.0% 2.7% 6.2% 6.7%
Direct Vacancy 3.3% 4.6% 2.4% 4.0% 4.2%
MIDTOWN EAST
Overall Vacancy 8.0% 5.0% 2.6% 8.9% 10.5%
Direct Vacancy 6.0% 3.8% 1.9% 3.1% 4.3%
6TH AVE/ROCK CTR
Overall Vacancy 5.0% 2.6% 1.2% 4.3% 6.1%
Direct Vacancy 2.2% 1.6% 0.9% 2.7% 2.8%
Source: Cushman & Wakefield
Breakdown of New York City Revenue:
Midtown West Side 36%
Midtown East Side 36%
6th Ave./Rockefeller Center 16%
Financial East 12%
27
LONG ISLAND SUBMARKET CLASS A OFFICE STATISTICS
[GRAPHICS OMITTED]
AVERAGE ASKING RENTS
1998 1999 2000 2001 1Q02
---- ---- ---- ---- ----
Central Nassau County $ 29.10 $ 29.93 $ 31.15 $ 31.94 $ 31.85
Western Suffolk County $ 26.22 $ 27.34 $ 28.22 $ 30.06 $ 29.70
Eastern Nassau County $ 27.49 $ 26.23 $ 28.75 $ 29.02 $ 28.99
DIRECT VACANCY RATES
1998 1999 2000 2001 1Q02
---- ---- ---- ---- ----
Central Nassau County 5.1% 5.1% 4.7% 5.6% 5.8%
Western Suffolk County 7.7% 11.6% 15.4% 17.5% 14.1%
Eastern Nassau County 4.9% 0.9% 1.4% 1.2% 1.5%
Source: Cushman & Wakefield
Breadown of Long Island office revenue:
Central Nassau 51%
Western Suffolk 34%
Eastern Nassau 7%
Other 8%
28
WESTCHESTER SUBMARKETS CLASS A OFFICE STATISTICS
[GRAPHICS OMITTED]
DIRECT VACANCY RATES
1998 1999 2000 2001 1Q02
---- ---- ---- ---- ----
Central 12.3% 13.5% 12.0% 20.6% 20.0%
Tarrytown / Western 7.8% 8.0% 6.0% 8.4% 10.6%
Eastern 12.2% 10.1% 8.1% 16.6% 8.7%
White Plains CBD 22.7% 22.6% 11.5% 15.3% 14.6%
AVERAGE ASKING RENTS
1998 1999 2000 2001 1Q02
---- ---- ---- ---- ----
Central $ 22.91 $ 27.07 $ 28.49 $ 29.53 $ 29.38
Tarrytown/Western $ 24.66 $ 27.30 $ 27.03 $ 28.37 $ 28.44
Eastern $ 29.35 $ 27.70 $ 29.65 $ 30.62 $ 30.48
White Plains CBD $ 26.84 $ 27.44 $ 30.62 $ 30.52 $ 30.58
Source: Cushman & Wakefield
Breakdown of Westchester office revenue:
Tarrytown / Western 27%
White Plains 24%
Central 26%
Eastern 17%
Other 6%
Note: The 20% vacancy in Central Westchester is impacted by IBM selling
a 383,000 owner occupied building. The location of this building
is not easily accessible to major thoroughfares and employee
bedroom communities. Excluding this building the vacancy rate is
18%.
29
NEW JERSEY SUBMARKETS CLASS A OFFICE STATISTICS
[GRAPHICS OMITTED]
AVERAGE ASKING RENTS
1998 1999 2000 2001 1Q02
---- ---- ---- ---- ----
Essex County 27.74 28.78 28.90 30.24 29.83
Bergen County 27.37 28.07 29.41 29.78 29.47
Mercer County 24.49 27.46 30.32 30.06 32.02
Direct Vacancy Rates
1998 1999 2000 2001 1Q02
---- ---- ---- ---- ----
Essex County 3.30% 6.00% 9.60% 6.80% 8.40%
Bergen County 6.80% 5.30% 5.10% 9.90% 9.50%
Mercer County 1.50% 5.20% 6.30% 6.20% 6.20%
Source: Cushman & Wakefield
Breakdown of New Jersey office revenue:
Essex County 51%
Bergen County 10%
Mercer County 7%
Other 32%
30
- --------------------------------------------------------------------------------
VALUE CREATION PIPELINE
As of March 31, 2002
- ----------------------------------------------------------------------------------------------------------------------------
Square Feet/ Investment Anticipated
Stage / Property Acres To Date Total Investment (a)
- ----------------------------------------------------------------------------------------------------------------------------
PROJECTS IN STABILIZATION
- -------------------------
Melville Expressway Corporate Center, Melville, NY ( Phase I ) 277,500 $ 50,000,000
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL PROJECTS IN STABILIZATION 277,500 $ 48,492,835 $ 50,000,000
- ----------------------------------------------------------------------------------------------------------------------------
PROJECTS UNDER DEVELOPMENT OR REPOSITIONING
- -------------------------------------------
103 JFK Expressway, Short Hills, NJ 123,000 $ 32,800,000
400 Moreland Road, Commack, NY 56,875 $ 2,967,000
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL PROJECTS UNDER DEVELOPMENT OR REPOSITIONING 179,875 $ 28,697,820 $ 35,767,000
- ----------------------------------------------------------------------------------------------------------------------------
PROJECTS IN PLANNING
- --------------------
Melville Square Corporate Center II, Melville, NY 255,000 $ 33,660,000
University Square , Princeton, NJ 315,000 $ 50,397,000
Melville Expressway Corporate Center, Melville, NY ( Phase II ) 277,500 $ 49,290,000
Reckson Executive Park, Rye Brook, NY 345,000 $ 55,799,000
AIP 2001, Islip, NY 71,000 $ 5,692,000
Landmark 7, Stamford, CT 61,000 $ 13,208,000
Giralda Farms , Morris County, NJ 430,000 $ 80,091,000
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TOTAL PROJECTS IN PLANNING 1,754,500 $ 66,875,063 $ 288,137,000
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LAND
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70 Andrews Road, Hicksville, NY 3.8 $ 3,309,000
Old Willets Path, Hauppauge, NY 2.0 $ 2,995,000
Eagle Rock 3, East Hanover, NJ 15.0 $ 17,625,000
AIP Recapture, Islip, NY 4.2 $ 0
AIP, Islip NY 3.8 $ 2,200,000
AIP, Islip NY 2.0 $ 1,400,000
East Patchogue, East Patchogue, NY 23.0 $ 0
40 Cragwood, South Plainfield, NJ 7.0 $ 0
Giralda Farms , Chatham County, NJ 113.0 $ 130,000,000
Valhalla Land, Valhalla, NY (b) 52.7 $ 212,000,000
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TOTAL LAND 226.5 $ 40,501,448 $ 369,529,000
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TOTAL UNREALIZED PIPELINE $184,567,166 $ 743,433,000
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Investments that reached realization during 2002
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TOTAL REALIZED VALUE CREATION PROJECTS 7,684,640 $1,004,071,191 $1,004,071,191
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TOTAL VALUE CREATION PIPELINE $1,188,638,357 $1,747,504,191
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Current % Estimated Anticipated
Stage / Property Leased Stabilization Date (a) Stabilized Return (a)
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PROJECTS IN STABILIZATION
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Melville Expressway Corporate Center, Melville, NY ( Phase I ) Q3 2002
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TOTAL PROJECTS IN STABILIZATION 61.4% 11.0%
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Projects under Development or Repositioning
103 JFK Expressway, Short Hills, NJ Q4 2002
400 Moreland Road, Commack, NY Q4 2002
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TOTAL PROJECTS UNDER DEVELOPMENT OR REPOSITIONING 68.4% 10.2%
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PROJECTS IN PLANNING
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Melville Square Corporate Center II, Melville, NY Q3 2003
University Square , Princeton, NJ Q4 2003
Melville Expressway Corporate Center, Melville, NY ( Phase II ) Q4 2003
Reckson Executive Park, Rye Brook, NY Q4 2003
AIP 2001, Islip, NY Q4 2002
Landmark 7, Stamford, CT Q1 2003
Giralda Farms , Morris County, NJ Q1 2004
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TOTAL PROJECTS IN PLANNING 0.0% 12.0%
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LAND
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70 Andrews Road, Hicksville, NY - -
Old Willets Path, Hauppauge, NY - -
Eagle Rock 3, East Hanover, NJ - -
AIP Recapture, Islip, NY - -
AIP, Islip NY - -
AIP, Islip NY - -
East Patchogue, East Patchogue, NY - -
40 Cragwood, South Plainfield, NJ - -
Giralda Farms , Chatham County, NJ - -
Valhalla Land, Valhalla, NY (b) - -
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TOTAL LAND 11.0%
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TOTAL UNREALIZED PIPELINE 11.3%
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Investments that reached realization during 2002
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TOTAL REALIZED VALUE CREATION PROJECTS 97.0% 12.0%
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TOTAL VALUE CREATION PIPELINE
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(a) Forward looking statement based upon management's estimates. Actual results
may differ materially.
(b) Purchased subsequent to the quarter ended March 31, 2002.
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31
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RSVP (AND IT'S EQUITY INVESTMENTS)
Combined Balance Sheets
(amounts in thousands)
(UNAUDITED) (UNAUDITED)
MARCH 31, DECEMBER 31,
2002 2001
--------- ---------
Assets
Cash and other assets $ 314,243 $ 311,271
Equity investments 174,489 174,772
--------- ---------
Total assets $ 488,732 $ 486,043
========= =========
Liabilities
Accounts payable and accrued
expenses 16,477 19,215
Long term debt 240,676 232,125
Other liabilities 5,164 7,528
--------- ---------
Total liabilities $ 262,317 $ 258,868
--------- ---------
Member's equity (a)
Preferred equity 148,465 149,099
Common equity 85,654 85,780
Offering costs (7,704) (7,704)
--------- ---------
Total member's equity 226,415 227,175
--------- ---------
Total liabilities and member's equity $ 488,732 $ 486,043
========= =========
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(a) RSVP has guaranteed $8 million of secured first mortgage debt to third
party financial institutions with respect to the Resort platform.
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32
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RSVP
Summary of Invested Capital
The following table sets forth the Company's invested capital (before valuation
reserves) in RSVP controlled (REIT-qualified) joint ventures and amounts which
were advanced under the RSVP Commitment to FrontLine, for its investment in RSVP
controlled investments:
(amounts in thousands)
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RSVP controlled Amounts
Platform joint ventures advanced Total
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Privatization (Prisons/Gov't offices) $ 21,480 $ 3,520 $ 25,000
Student housing
18,086 3,935 22,021
Medical office
20,185 - 20,185
Parking
- 9,091 9,091
Resorts
- 8,057 8,057
Net leased retail
- 3,180 3,180
Other assets and overhead
- 21,598 21,598
-----------------------------------------
Total $ 59,751 $ 49,381 $ 109,132
=========================================
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Included in these investments is approximately $17.9 million of cash that has
been contributed to the respective RSVP controlled joint ventures or advanced
under the RSVP Commitment to FrontLine and is being held, along with cash from
the preferred investors.
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33
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RSVP
Summarized Platform Balance Sheets as of March 31, 2002 (unaudited)
(amounts in thousands)
------------------------------------------------------
Student Medical
Privatization Housing Office Parking
------------------------------------------------------
ASSETS:
Real estate assets $132,511 $275,019 $ 60,001 $ 59,923
Other assets 30,246 37,279 49,678 4,133
-------------------------------------------------
Total Assets $162,757 $312,298 $109,679 $ 64,056
=================================================
LIABILITIES:
Accounts payable & other liabilities $ 9,225 $ 18,435 $ 1,407 $ 2,843
Property related debt 10,358 240,707 44,607 33,271
-------------------------------------------------
Total Liabilities 19,583 259,142 46,014 36,114
-------------------------------------------------
PARTNER'S CAPITAL
RSVP / RAP capital 74,239 53,378 58,998 19,025
Other partners (2) 68,935 (222) 4,667 8,917
-------------------------------------------------
Total Partner's Capital 143,174 53,156 63,665 27,942
-------------------------------------------------
-------------------------------------------------
Total Liabilities and Partner's Capital $162,757 $312,298 $109,679 $ 64,056
=================================================
--------------------------------
Net Leased
Resorts Retail Other (1)
--------------------------------
ASSETS:
Real estate assets $ 58,861 $ 5,916 $ -
Other assets 12,266 2,434 9,486
---------------------------------
Total Assets $ 71,127 $ 8,350 $ 9,486
=================================
LIABILITIES:
Accounts payable & other liabilities $ 7,019 $ 973 $ -
Property related debt 24,350 4,207 0
---------------------------------
Total Liabilities 31,369 5,180 0
---------------------------------
PARTNER'S CAPITAL
RSVP / RAP capital 22,485 3,170 9,486
Other partners (2) 17,273 0 0
---------------------------------
Total Partner's Capital 39,758 3,170 9,486
---------------------------------
---------------------------------
Total Liabilities and Partner's Capital $ 71,127 $ 8,350 $ 9,486
=================================
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(1) Represents note receivable collateralized by interests in certain senior
living facilities
(2) Includes amounts that are subordinated to RSVP / RAP capital
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