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Press Release |
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2002 |
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$37 |
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#261296 |
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PRESS RELEASE
-------------
Reckson Associates Realty Corp.
225 Broadhollow Road
Melville, New York 11747
(631) 694-6900 (Phone)
(631) 622-6790 (Facsimile)
Contact: Scott Rechler, Co-CEO
Michael Maturo, CFO
________________________________________________________________________
FOR IMMEDIATE RELEASE
----------------------
Reckson Associates Realty Corp. Provides Data on
------------------------------------------------
Leases with WorldCom/MCI
------------------------
(Melville, New York, June 28, 2002) - Reckson Associates Realty Corp. (NYSE:
RA) today provided detail on the Company's leases with WorldCom/MCI and its
affiliates. The Company leases approximately 547,000 square feet to
WorldCom/MCI in 15 buildings located throughout the Company's New York
Tri-State area portfolio. The total annualized base rental revenue from these
leases amounts to approximately $12.4 million, or 2.5%, of the Company's total
annualized rental revenue, making it the Company's second largest tenant based
on rental revenue contribution on a consolidated basis. Total annualized
escalation and reimbursement revenue related to the WorldCom/MCI leases
amounts to $3.2 million, or 0.7% of total annualized rental revenue.
Set forth in the tables below are certain qualitative and quantitative metrics
relating to the WorldCom/MCI leases and the relevant submarkets.
{TABLE}
{CAPTION}
WorldCom/MCI occupancy by submarket:
-------------------------- ---------- ----------------------- ----------------- ---------------- -----------------------
Submarket # Of WorldCom/MCI Square Lease Annualized Annualized Escalation
Bldgs. Feet Expirations Base Rental and Reimbursement
Revenue Rental Revenue
-------------------------- ---------- ----------------------- ----------------- ---------------- -----------------------
{S} {C} {C} {C} {C} {C}
Westchester:
Eastern 4 300,000 2006-2007 $5.7 Million $2.5 Million
White Plains 2 19,800 2002-2007 $0.4 Million -
-------------------------- ---------- ----------------------- ----------------- ---------------- -----------------------
Long Island: (a)
Central Nassau 2 165,000 2004-2010 $4.6 Million $0.4 Million
-------------------------- ---------- ----------------------- ----------------- ---------------- -----------------------
New York City:
Downtown 1 34,900 2002-2006 $0.8 Million $0.1 Million
Midtown 3 10,400 2004-2006 $0.5 Million $0.1 Million
-------------------------- ---------- ----------------------- ----------------- ---------------- -----------------------
Connecticut:
Stamford 3 16,600 2005-2011 $0.4 Million $0.1 Million
-------------------------- ---------- ----------------------- ----------------- ---------------- -----------------------
{/TABLE}
{PAGE}
(a) Includes one lease encompassing approximately 37,000 square feet with
annualized rental revenue of approximately $1.2 million in one of the
Company's 51% owned joint venture properties.
{TABLE}
{CAPTION}
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