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Press Release |
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2003 |
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$47 |
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#261275 |
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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, Co-CEO
Michael Maturo, CFO
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FOR IMMEDIATE RELEASE
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Reckson Associates Announces Second Quarter 2003 Results
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(MELVILLE, NEW YORK, August 5, 2003) - Reckson Associates Realty Corp. (NYSE:
RA) today reported diluted funds from operations ("FFO") of $35.4 million or
$.54 per share for the second quarter of 2003, as compared to FFO of $46.8
million or $.59 per share for the second quarter of 2002, representing a per
share decrease of (8.5%).
Net income allocable to common shareholders totaled $7.6 million in the second
quarter of 2003, as compared to $13.8 million in the second quarter of 2002.
Diluted net income per Class A Common share, commonly referred to as earnings
per share ("EPS"), totaled $.12 per share in the second quarter of 2003, as
compared to $.21 per share in the second quarter of 2002, representing a per
share decrease of ($.09). Diluted EPS per Class B Common share totaled $.13
per share in the second quarter of 2003, as compared to $.22 per share in the
second quarter of 2002, representing a per share decrease of ($.09).
A reconciliation of FFO to net income allocable to common shareholders, the
GAAP measure the Company believes to be the most directly comparable, is in
the financial tables accompanying this press release.
Commenting on the second quarter results, Scott Rechler, Reckson's Co-Chief
Executive Officer, said, "During the second quarter, we executed leases on
over 70% more office space than in the first quarter and have seen that pace
continue into the third quarter. We believe that the Company's recent leasing
activity indicates that the markets have bottomed and are starting to
stabilize. While the markets remain competitive, we are confident that we will
successfully meet our leasing targets including re-tenanting space vacated by
recent tenant defaults."
{PAGE}
Summary Portfolio Performance
-----------------------------
The Company reported overall portfolio occupancy of 92.2% at June 30, 2003, as
compared to 93.2% at March 31, 2003 and 94.2% at June 30, 2002. The Company
reported office and industrial/R&D occupancies at June 30, 2003 of 91.7% and
93.2%, respectively. This compares to 92.8% and 94.0%, respectively, at March
31, 2003 and 95.2% and 92.0%, respectively, at June 30, 2002. WorldCom/MCI and
HQ Global Workplaces, Inc. account for 91 basis points of the 110 basis point
decrease in office portfolio occupancy from March 31, 2003 to June 30, 2003.
During the quarter, the Company executed 57 leases encompassing 753,387 square
feet, representing 3.7% of the total portfolio. During the quarter, the
Company executed 45 office leases encompassing 532,549 square feet, which
resulted in a 58% renewal rate.
Core same property net operating income (property operating revenues less
property operating expenses) ("NOI") before termination fees for the second
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