PRESS RELEASE

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Reckson Associates Realty Corp.

225 Broadhollow Road

Melville, NY  11747

(631) 694-6900 (Phone)

(631) 622-6790 (Facsimile)

Contact:  Scott Rechler, CEO

          Michael Maturo, CFO



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FOR IMMEDIATE RELEASE

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          Reckson Announces Fourth Quarter and Full Year 2003 Results

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     Announces Leasing Activity of Approximately 950,000 Square Feet From

          End of 3Q Through YTD 2004 Including 177,000 Square Feet of

                   Space Previously Vacated by WorldCom/MCI



(MELVILLE, NEW YORK, February 26, 2004) - Reckson Associates Realty Corp.

(NYSE: RA) today reported diluted funds from operations ("FFO") of $24.2

million or $.38 per share for the fourth quarter of 2003, after deducting

$11.6 million or $.18 per share of non-recurring restructuring charges, as

compared to FFO of $40.9 million or $.55 per share for the fourth quarter of

2002, after deducting $2.6 million or $.04 per share as a result of the

Company's adoption of FAS 145 which addresses reporting for gains and losses

from extinguishment of debt.



Reckson also reported diluted FFO of $136.0 million or $2.07 per share for the

year ended December 31, 2003, after deducting $11.6 million or $.18 per share

of non-recurring restructuring charges, on total revenues of $470.3 million, as

compared to FFO of $ 181.5 million or $2.32 per share for the year ended

December 31, 2002, after deducting $2.6 million or $.03 per share as a result

of the Company's adoption of FAS 145.



Commenting on the Company's performance, Scott Rechler, Reckson's Chief

Executive Officer and President, stated, "I am extremely pleased with the

exceptional level of leasing activity that we have had since the end of the

third quarter and believe that it is a positive indicator that our markets

have gone from `bouncing along the bottom' to beginning their recovery. Our

ability to capture a large portion of the market activity demonstrates

Reckson's competitive advantage and the strength of our franchise." Mr.

Rechler continued, "I am proud of our newly appointed management team's

ability to execute so effectively on our core operations during a period when

the



{PAGE}



Company experienced extensive organizational, investment and capital market

activity."



Net income allocable to common shareholders totaled $116.0 million in the

fourth quarter of 2003, including $115.8 million related to gain on sales of

real estate (primarily the sale of the Long Island industrial portfolio), as

compared to $8.6 million in the fourth quarter of 2002. Diluted net income per

Class A common share, commonly referred to as earnings per share ("EPS"),

totaled $2.00 per share in the fourth quarter of 2003, as compared to $.14 per

share in the fourth quarter of 2002. Diluted EPS per Class B common share

totaled $1.77 per share in the fourth quarter of 2003, as compared to $.15 per

share in the fourth quarter of 2002.



Net income allocable to common shareholders totaled $142.3 million for the

year ended December 31, 2003, including $115.8 million related to gain on

sales of real estate, as compared to $54.5 million, including $4.8 million

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