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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
-------------
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: March 7, 2002
RECKSON ASSOCIATES REALTY CORP.
and
RECKSON OPERATING PARTNERSHIP, L.P.
(Exact name of each Registrant as specified in its Charter)
EXHIBIT 99.1
The New York Tri-State Area's Leading Real Estate Company
Reckson Associates Realty Corp.
RA
Fourth Quarter 2001 Presentation
Earnings Results and Overview
March 7, 2002
[GRAPHIC OMITTED]
RECKSON
RA SUMMARY OF HIGHLIGHTS
Reported diluted FFO of $.57 per share (inclusive of $.07 in non-recurring
charges and reserves), as compared to FFO of $.67 per share for the fourth
quarter of 2000, representing a per share decrease of 14.9%. FFO for the fourth
quarter of 2001 attributable to core real estate operations increased by $.02
per share over fourth quarter of 2000, representing a per share increase of
3.3%.
Reported diluted FFO of $2.61 per share (inclusive of $.07 in non-recurring
charges and reserves) for the year ended December 31, 2001, as compared to $2.59
per share for the comparable 2000 period, representing a per share increase of
0.8%. FFO attributable to core real estate operations increased by $.27 per
share, representing a per share increase of 11.8%.
Reported diluted operating earnings per share ("OEPS") (income before gain
(loss) on sales of real estate, extraordinary loss and valuation reserves) of
$.27 for the fourth quarter of 2001, as compared to $.36 per share for the
comparable 2000 period. The Company also reported diluted OEPS of $1.28 for the
year ended December 31, 2001, as compared to $1.31 per share for the comparable
2000 period.
Generated same property NOI increases of 11.9% (cash) and 2.7% (GAAP) for the
fourth quarter of 2001 and 7.9% (cash) and 7.0% (GAAP) for the 12 months ended
December 31, 2001
Generated same space rent growth of 16.3% (GAAP) and 8.2% (cash) for Office and
21.0% (GAAP) and 4.9% (cash) for Industrial/R&D for the fourth quarter of 2001.
Generated same space rent growth of 20.8% (GAAP) and 12.2% (cash) for Office and
20.7% (GAAP) and 5.5% (cash) for Industrial/R&D for the 12 months ended December
31, 2001
Reported occupancy of 96.1% for the office portfolio for the fourth quarter of
2001, as compared to 96.7% for the third quarter of 2001 and 97.2% for the year
ended December 31, 2000
Completed a strategic joint venture transaction with New York State Teachers'
Retirement System (NYSTRS) for the sale of a 49% interest in 919 Third Avenue
for total consideration of approximately $221 million
2
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The New York Tri-State Area's Leading Real Estate Company
RA PORTFOLIO COMPOSITION
NET OPERATING INCOME (A)
[GRAPHIC OMITTED]
Long Island 30%
Westchester 21%
New Jersey 12%
Connecticut 7%
New York City 30%
PRO FORMA PORTFOLIO STATS
- -------------------------
o 20.6 Million Square Feet (b)
o 181 Properties (b)
o 1,275 Tenants Representing a
Diverse Industry Base
o Five Integrated Operating Divisions
o NOI:
Office 86%
Industrial 14%
o Average Tenant Size:
Office 12,000 sq. ft.
Industrial 26,000 sq. ft.
o Occupancy: (c)
Office 96.1%
Industrial 91.7%
(a) Pro forma for 919 Third Avenue free rent add back and pro rata share of
consolidated and unconsolidated joint ventures. If 919 Third Avenue was
treated as a joint venture property for the entire quarter, the New York
City percentage would be 28%.
(b) Reflects one 10,000 square foot industrial property sold subsequent to the
year ended December 31, 2001
(c) Excluding properties under development
3
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The New York Tri-State Area's Leading Real Estate Company
RA MARKET OVERVIEW
[GRAPHICS OMITTED]
SOUTHERN CONNECTICUT 2Q99 4Q99 2Q00 4Q00 2Q01 4Q01
------------------------------------------------
RA Portfolio Vacancy (a) 7.8% 7.9% 6.3% 4.4% 3.9% 5.6%
Overall Vacancy 3.3% 4.7% 2.6% 8.1% 12.4% 13.6%
Direct Vacancy 2.8% 4.0% 1.9% 7.2% 9.4% 8.8%
WESTCHESTER 2Q99 4Q99 2Q00 4Q00 2Q01 4Q01
------------------------------------------------
RA Portfolio Vacancy (a) 15.3% 8.8% 7.6% 4.0% 4.7% 4.9%
Overall Vacany 18.8% 16.3% 15.1% 12.0% 13.7% 20.5%
Direct Vacancy 17.4% 15.0% 13.8% 10.7% 11.6% 16.3%
LONG ISLAND 2Q99 4Q99 2Q00 4Q00 2Q01 4Q01
------------------------------------------------
RA Portfoli Vacancy (a) 10.0% 6.0% 3.6% 8.2% 6.5% 8.2%
Overall Vacancy 6.3% 6.5% 5.8% 8.4% 10.4% 11.9%
Direct Vacancy 5.1% 5.6% 4.8% 6.3% 7.7% 7.7%
NORTHERN NEW JERSEY 2Q99 4Q99 2Q00 4Q00 2Q01 4Q01
------------------------------------------------
RA Portfolio Vacancy (a) 16.2% 15.3% 3.4% 1.3% 7.3% 9.6%
Overall Vacancy 9.9% 7.1% 9.4% 9.9% 11.1% 13.4%
Direct Vacancy 8.2% 4.6% 8.4% 6.5% 6.2% 8.1%
Source: Cushman & Wakefield Class A Statistics
(a) Includes properties under development. Excluding the development
properties, the 4Q01 vacancy percentages for LI and NJ are 2.2% and 3.3%,
respectively.
4
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The New York Tri-State Area's Leading Real Estate Company
RA MARKET OVERVIEW
[GRAPHICS OMITTED]
NYC FINANCIAL EAST 2Q99 4Q99 2Q00 4Q00 2Q01 4Q01
------------------------------------------------
RA Portfolio Vacancy 8.1% 2.3% 8.3% 0.7% 1.0% 3.8%
Overall Vacancy 6.2% 7.3% 2.3% 2.1% 6.6% 7.0%
Direct Vacancy 5.4% 6.6% 1.6% 1.4% 3.4% 2.3%
NYC MIDTOWN EAST SIDE 2Q99 4Q99 2Q00 4Q00 2Q01 4Q01
------------------------------------------------
RA Portfolio Vacancy 3.4% 0.9% 5.5% 2.1% 2.6% 0.5%
Overall Vacancy 7.6% 5.0% 3.9% 2.6% 4.5% 8.9%
Direct Vacancy 5.1% 3.9% 3.1% 1.9% 2.5% 3.1%
NYC MIDTOWN WEST SIDE 2Q99 4Q99 2Q00 4Q00 2Q01 4Q01
------------------------------------------------
RA 9.4% 3.0% 0.0% 3.0% 2.1% 5.6%
Overall acancy 6.1% 5.2% 2.7% 2.7% 4.4% 6.2%
Direct Vacancy 5.5% 4.1% 2.4% 2.4% 2.7% 4.0%
NYC SIXTH AVE./ROCKEFELLER CENTER
4Q99 2Q00 4Q00 2Q01 4Q01
---------------------------------------
RA 10.7% 5.6% 7.2% 6.5% 3.7%
Overall Vacancy 2.7% 1.2% 1.2% 3.3% 4.3%
Direct Vacancy 1.7% 0.6% 0.9% 1.5% 2.7%
Source: Cushman & Wakefield Class A Statistics
5
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The New York Tri-State Area's Leading Real Estate Company
RA LIMITED NEW SUPPLY
[GRAPHIC OMITTED]
NEW SPACE UNDER DEVELOPMENT AS A % OF INVENTORY
WESTCHESTER 0.0%
STAMFORD 0.8%
LONG ISLAND 0.9%
Cleveland 1.3%
NEW YORK CITY 1.9%
Houston 2.3%
LA County 2.8%
Denver 3.0%
Orange County 3.0%
San Diego 3.2%
Dallas 3.6%
Philadelphia 3.8%
Atlanta 4.0%
NO. NEW JERSEY (A) 4.6%
Chicago 4.6%
Oakland 5.6%
Phoenix 5.6%
Washington, D.C. 6.0%
Minneapolis 7.3%
San Francisco 7.4%
Boston 8.2%
Source: Merrill Lynch mid-year 2001 report
(a) Excluding Jersey City the new space under development is 2.8%
6
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The New York Tri-State Area's Leading Real Estate Company
RA HISTORICAL PORTFOLIO OCCUPANCY
[GRAPHICS OMITTED]
1997 1998 1999 2000 2001
---- ---- ---- ---- ----
OFFICE 95.8% 96.4% 96.0% 97.2% 96.1%
INDUSTRIAL 95.3% 96.8% 98.2% 97.5% 91.7%
Note: Excludes properties under development
Note: Decrease in industrial occupancy reflects a 206,710 square foot lease
that expired in November 2001, decreasing occupancy 300 basis points.
7
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The New York Tri-State Area's Leading Real Estate Company
RA PORTFOLIO PERFORMANCE
Same Property NOI Growth
[GRAPHICS OMITTED]
THREE MONTHS
TOTAL PORTFOLIO (A) OFFICE PORTFOLIO (A)
------------------- --------------------
CASH NOI 11.9% 13.2%
GAAP NOI 2.7% 2.7%
TOTAL PORTFOLIO
9.8% CASH REVENUE INCREASE
6.1% EXPENSE INCREASE
(2.7%) OCCUPANCY DECREASE
OFFICE PORTFOLIO
10.4% CASH REVENUE INCREASE
6.1% EXPENSE INCREASE
(1.1%) OCCUPANCY DECREASE
(a) Based on comparison period for the three month period ended December
31, 2001 versus the three month period ended December 31, 2000
8
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The New York Tri-State Area's Leading Real Estate Company
RA PORTFOLIO PERFORMANCE
Same Property NOI Growth
[GRAPHICS OMITTED]
TWELVE MONTHS
TOTAL PORTFOLIO (A) OFFICE PORTFOLIO (A)
------------------- --------------------
CASH NOI 7.9% 8.7%
GAAP NOI 7.0% 7.8%
TOTAL PORTFOLIO
7.5% CASH REVENUE INCREASE
7.0% EXPENSE INCREASE
(0.4%) AVERAGE OCCUPANCY DECREASE
OFFICE PORTFOLIO
8.1% CASH REVENUE INCREASE
7.0% EXPENSE INCREASE
0.2% AVERAGE OCCUPANCY INCREASE
(a) Based on comparison period for the twelve month period ended
December 31, 2001 versus thetwelve month period ended December 31, 2000
9
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The New York Tri-State Area's Leading Real Estate Company
RA PORTFOLIO PERFORMANCE
Same Property NOI Growth
[GRAPHIC OMITTED]
TREND ANALYSIS - TOTAL PORTFOLIO
4Q00 1Q01 2Q01 3Q01 4Q01
---- ---- ---- ---- ----
CASH NOI 10.6% 14.9% 8.5% 10.5% 11.9%
GAAP NOI 10.2% 13.4% 9.6% 5.2% 2.7%
10
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The New York Tri-State Area's Leading Real Estate Company
RA PORTFOLIO PERFORMANCE
[GRAPHICS OMITTED]
FOURTH QUARTER 2001SAME SPACE AVERAGE RENT GROWTH (A)
OFFICE RENT GROWTH: 16.3% INDUSTRIAL/R&D RENT GROWTH: 21.0%
EXPIRING LEASES - $24.37 EXPIRING LEASES - $7.15
NEW LEASES - $28.35 NEW LEASES - $8.65
o RENEWED 59% OF EXPIRING SQUARE FOOTAGE(b)
o 76 TOTAL LEASES EXECUTED ENCOMPASSING 839,000 SQ. FT.
o SAME SPACE FOURTH QUARTER CASH INCREASE OF 8.2% FOR OFFICE AND 4.9%
FOR INDUSTRIAL/R&D
o SAME SPACE YEAR END GAAP INCREASE OF 20.8% FOR OFFICE AND 20.7%
FOR INDUSTRIAL/R&D
o SAME SPACE YEAR END CASH INCREASE OF 12.2% FOR OFFICE AND 5.5%
FOR INDUSTRIAL/R&D
(a) Represents leases executed during the fourth quarter
(b) Reflects the impact of a 206,710 sf Industrial/R&D tenant who did not
renew. Excluding this tenant, renewal rate was 80%
11
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The New York Tri-State Area's Leading Real Estate Company
RA LEASE EXPIRATIONS
Square Feet Expiring Throughout New York Tri-state Regional Portfolio
[GRAPHICS OMITTED]
OFFICE (IN THOUSANDS) 2002 2003 2004 2005 2006 2007
- ------ ---- ---- ---- ---- ---- ----
SQUARE FEET EXPIRING 879 1,198 1,225 1,749 1,723 1,029
%SQUARE FEET EXPIRING 6.8% 9.3% 9.5% 13.5% 13.3% 8.0%
INDUSTRIAL (IN THOUSANDS) 2002 2003 2004 2005 2006 2007
- ---------- ---- ---- ---- ---- ---- ----
SQUARE FEET EXPIRING 247 779 661 890 1,062 276
%SQUARE FEET EXPIRING 4.0% 12.6% 10.7% 14.4% 17.2% 4.5%
12
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The New York Tri-State Area's Leading Real Estate Company
RA LEASE EXPIRATIONS
2002 Office Expirations - 6.8% of Total Portfolio
[GRAPHIC OMITTED]
2002 OFFICE EXPIRATIONS BY REGION
% SQ. FT. EXPIRING ACTUAL SQ. FT. EXPIRING % OF DIVISION
--------------------------------------------------------------
LONG ISLAND 17% 145,536 4%
WESTCHESTER 39% 344,580 11%
CONNECTICUT 6% 56,475 5%
NEW JERSEY 17% 144,155 8%
NEW YORK CITY 21% 187,903 6%
13
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The New York Tri-State Area's Leading Real Estate Company
RA LEASE EXPIRATION COMPARISON
2002 AND 2003
EXPIRING RENTS VS. RECKSON FORECAST RENTS
OFFICE PORTFOLIO
[GRAPHIC OMITTED]
CBD OFFICE PORTFOLIO SUBURBAN OFFICE PORTFOLIO
500,000 SQ. FT. EXPIRING 1.6 MILLION SQ. FT. EXPIRING
CASH
EXPIRING $31.51 $24.75
FORECASTED (a) $41.81 $25.33
INCREASE 33% 2%
GAAP
EXPIRING $30.94 $23.66
FORECASTED (a) $42.28 $26.14
INCREASE 37% 10%
AS OF DECEMBER 31, 2001
(a) Company's forecast rent for space to be re-leased. There can be no
assurance that the Company's properties can achieve such rents.
14
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The New York Tri-State Area's Leading Real Estate Company
VALUE CREATION
ACTIVITY UPDATE
[PICTURE OMITTED]
Repositioning
919 Third Avenue
New York City
o 1.4 Million Square Foot Office Tower
o Acquired the Non-performing Mortgage Secured by this Property for $200 psf
within 30 Days after Identifying the Opportunity
o Cleaned-up the Ownership Structure, Re-tenanted the Vacated Space,
Completed an $87 Million Capital Improvement Program and Refinanced the
Building with a $250 Million Mortgage
o Sold a 49% Interest in the Property Based on a Total Property Valuation of
$450 Million, Resulting in an Unleveraged IRR of 16% on the Interest Sold
(a)
o Projecting a 23% Leveraged Return on Our Remianing Investment (a)
(a) Forward-looking statements based upon management's estimates. Actual
results may differ materially.
RA
15
RA VALUE CREATION ACTIVITY UPDATE
Reckson Executive Park - Melville, Long Island
GROUND-UP DEVELOPMENT
[PICTURE OMITTED]
o 61% Leased Based on Leases Signed or Out for Signature
o Anticipated
Return On Investment - 12%
o Projected Occupancy at End of 2002 - 220,000 s.f.
STACKING PLAN - 277,500 SQ. FT.
4TH FLOOR SHOWING PROPOSAL SHOWING
15,000 s.f. 28,000 s.f. 20,000 s.f.
3RD FLOOR LEASES OUT PROPOSAL
70,000 s.f. 120,000 s.f.
2ND FLOOR HAIN CELESTIAL GROUP, INC TRANSAMERICA CORP.
34,988 s.f. 24,099 s.f.
1ST FLOOR OSI PHARMACEUTICAL, INC. DRAKE BEAM MORIN SHOWING
36,309 s.f. 4,870 s.f. 7,500 s.f.
LEASES SIGNED LEASES OUT PROPOSALS SHOWINGS
------------- ---------- --------- --------
TOTALS 100,266 S.F. 70,000 S.F. 148,000 S.F. 42,500 S.F.
16
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The New York Tri-State Area's Leading Real Estate Company
VALUE CREATION
ACTIVITY UPDATE
Redevelopment
[PICTURE OMITTED]
103 JFK Parkway
Short Hills, New Jersey
o 129,508 Square Feet
o Total Anticipated Investment - $30 Million (a)
o Lease Out for 100% of Property
o Anticipated Stabilized NOI Yield of 10% (a)
RA
(a) Forward-looking statements based upon management's estimates.
Actual results may differ materially.
17
RA
FINANCIAL OVERVIEW
Presented By:
Michael Maturo
Chief Financial Officer
18
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The New York Tri-State Area's Leading Real Estate Company
RA PRO FORMA FFO - CORE OPERATIONS
Increases in FFO Per Share From Core Operations
FOURTH QUARTER ANNUAL
2000 FFO $.67 $2.59
INCOME ON FRONTLINE LOANS AND RSVP J.V.S (.07) (.31)
-------- ------
2000 FFO CORE REAL ESTATE OPERATIONS $.60 $2.28
======== ======
2001 FFO $.57 $2.61
INCOME ON FRONTLINE LOANS AND RSVP J.V.S - (.11)
NON-RECURRING CHARGES AND RESERVES:
CAPTIVATE NETWORK, INC. .01 .01
NON-EXECUTIVE EMPLOYEE LOANS .04 .04
-------- -------
2001 FFO CORE REAL ESTATE OPERATIONS $.62 $2.55
======== =======
INCREASE $.02 $.27
======== =======
PERCENT INCREASE 3.3% 11.8%
======== =======
19
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The New York Tri-State Area's Leading Real Estate Company
[GRAPHIC OMITTED] GUIDANCE - 2002 FFO ESTIMATES
2001 FFO FROM CORE OPERATIONS $2.55 $2.55
NOI INCREASE (2.5% - 3.5%) BEFORE TERMINATION FEES AND BAD DEBT .10 .12
2002 NET TERMINATION FEES (.09) (.08)
NET OTHER INCOME (.06) (.05)
NET BAD DEBT (.04) (.02)
INVESTMENT DILUTION (.06) (.02)
REDUCTION IN DEBT SERVICE AND PREFERRED DIVIDENDS .05 .05
----- -----
TOTAL $2.45 $2.55
===== =====
INVESTMENT ASSUMPTIONS:
----- -----
REAL ESTATE INVESTMENTS AND STOCK REPURCHASE $225M $350M
===== =====
20
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The New York Tri-State Area's Leading Real Estate Company
RA FINANCIAL RATIOS
(IN MILLIONS EXCEPT RATIOS)
DECEMBER 31, 2001
RATIOS HISTORICAL
- ------ ---------------------------
Total Debt (a) $1,336
Total Equity $1,916
Total Market Cap $3,252
Interest Coverage Ratio (b) 3.15x
Fixed Charge Coverage Ratio (b) 2.42x
Debt to Total Market Cap (b) 39.5%
(a) Including pro-rata share of joint venture debt and net of minority partners
interests
(b) Pro forma for $84.6 million paydown o fline of credit on January 4, 2002
21
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The New York Tri-State Area's Leading Real Estate Company
RA DEBT SCHEDULE
(IN MILLIONS)
PRINCIPAL AMOUNT WEIGHTED AVERAGE AVERAGE TERM
DEBT SCHEDULE OUTSTANDING INTEREST RATE TO MATURITY
- ------------- ---------------- ---------------- ------------
Fixed Rate
- ----------
Mortgage Notes Payable $751.1 7.3% 10.0 yrs.
Senior Unsecured Notes $450.0 7.5% 5.6 yrs.
---------
Subtotal/Weighted Average $1,201.1 7.4% 8.4 yrs.
=========
Floating Rate
- -------------
Corporate Unsecured ---------
Credit Facility $187.0 (a)(b) LIBOR + 105bps
=========
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NO SIGNIFICANT NEAR-TERM REFINANCING NEEDS
LONG-TERM STAGGERED DEBT MATURITY SCHEDULE
[GRAPHIC OMITTED]
(maturities in millions)
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-------------------------------------------------------------
MORTGAGE DEBT $0 $0 $3 $19 $130 $60 $0 $100 $28 $214
UNSECURED NOTES $100 $150 $200
LOW FLOATING RATE DEBT LEVELS
[GRAPHIC OMITTED]
Floating Rate - 13% (a)
Fixed Rate - 87%
(a) Reflects Paydown of $84.6 Million On January 4, 2002
(b) Unsecured Corporate Credit Facility Matures in September of 2003
22
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The New York Tri-State Area's Leading Real Estate Company
RA CAPITAL RECYCLING PROGRAM
$479 Million Slated for Program
(in thousands)
2001 2002 2003
---- ---- ----
DISPOSITIONS - COMPLETED
- ------------------------
6 non-core office assets $85,000
Keystone Preferred Stock $36,000
919 Third Avenue - Sale of JV Interest $221,000
DISPOSITIONS - ANTICIPATED
- --------------------------
Remaining Non-Core Assets $50,000 $87,000
--------- ------- -------
Total $342,000 $50,000 $87,000
========= ======= =======
23
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The New York Tri-State Area's Leading Real Estate Company
RA INVESTMENT FOCUS AND STRATEGY
VALUE-ADDED OPPORTUNITIES IN CORE NEW YORK TRI-STATE AREA MARKETS
o MIDTOWN MANHATTAN
- Direct investments in Class A office buildings
- Investments in mezzanine debt on Class A office buildings
- Purchase of troubled assets or partnerships
o DOWNTOWN MANHATTAN
- Bias away from investing in downtown Manhattan
- Will look at select unique opportunities
o TRI-STATE SUBURBAN MARKETS
- Value-added opportunities
- Partially completed buildings
- Corporate vacated buildings
- Portfolio investments
- Operating assets in core sub-markets
CONTINUE TO PURSUE STRATEGIC DISPOSITIONS WHERE OPPORTUNISTIC
STOCK REPURCHASE
24
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The New York Tri-State Area's Leading Real Estate Company
RA SUMMARY
PROVEN TRACK RECORD - MANAGEMENT TEAM IS FOCUSED
WELL POSITIONED FOR PRESENT ECONOMIC CLIMATE
* Strong balance sheet
* Relatively low lease expiration exposure
* Portfolio rents below market
* Minimum development exposure
* High barrier to entry markets
* Most stable office markets in the U.S.
NEW YORK TRI-STATE AREA REGIONAL STRATEGY
* Only major real estate owner with a significant presence
in all the New York Tri-State area markets
* Premier portfolio located within one hour of New York City
* Regional dominance
ACTIVELY SEEKING TO CAPITALIZE ON CREATIVE OPPORTUNITIES IN CORE MARKETS
TARGET STOCK REPURCHASE AS A CORE INVESTMENT OPTION
25
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The New York Tri-State Area's Leading Real Estate Company
RA FORWARD-LOOKING STATEMENTS
Estimates of future FFO per share and certain other matters discussed herein are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Although 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 presentation
that subsequently becomes untrue.
26
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The New York Tri-State Area's Leading Real Estate Company
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
RA
[GRAPHIC OMITTED]
RECKSON