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Title: |
Supplemental Operating and Financial Data |
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Entities: |
FrontLine Capital Group; Reckson Associates Realty Corp.; Reckson Operating Partnership LP |
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Date: |
2002 |
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Size: |
Preview shows 9KB of 234KB total |
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Price: |
$65 |
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ID: |
#1556549 |
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RECKSON ASSOCIATES REALTY CORP.
SECOND QUARTER 2002
SUPPLEMENTAL OPERATING AND FINANCIAL DATA
AUGUST 7, 2002
225 BROADHOLLOW ROAD, MELVILLE, NY 11747
PHONE: 631.694.6900 1.888.RECKSON FAX: 631.622.6790
WWW.RECKSON.COM
[RECKSON GRAPHIC OMITTED]
<PAGE>
<TABLE>
<CAPTION>
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TABLE OF CONTENTS
Page(s)
-------
<S> <C>
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........................................9-11
o Consolidated Balance Sheets........................................................................12
o Debt Summary.......................................................................................13
o Preferred Securities...............................................................................14
Portfolio Performance
o Same Property Performance.......................................................................15-16
o Portfolio Snapshot.................................................................................17
o Occupancy Analysis..............................................................................18-19
o Leasing Statistics..............................................................................20-21
o Lease Expirations...............................................................................22-25
o Top 25 Tenants.....................................................................................26
o Capital Expenditures Analysis...................................................................27-29
Market Statistics
o Suburban Market Overviews.......................................................................30-31
o New York City Sub-Markets.......................................................................32-33
o Long Island Sub-Markets............................................................................34
o Westchester Sub-Markets............................................................................35
o New Jersey Sub-Markets.............................................................................36
Value Creation Pipeline Schedule..................................................................................37
Unconsolidated Real Estate Joint Ventures.........................................................................38
Reckson Strategic Venture Partners (RSVP)
o Combined Balance Sheets............................................................................39
o Summary of Invested Capital........................................................................40
o Summarized Platform Balance Sheets.................................................................41
</TABLE>
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; credit of our tenants; 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 and insurance 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 undertakes no responsibility to update or supplement
information contained in this presentation.
<PAGE>
--------------------------------------------------------------------------------
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 June 30, 2002.
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