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Title: |
Supplemental Operating and Financial Data |
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Entities: |
FrontLine Capital Group; Reckson Associates Realty Corp.; TOTAL SA |
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Date: |
2001 |
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Size: |
Preview shows 10KB of 181KB total |
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Price: |
$63 |
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ID: |
#261316 |
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RECKSON ASSOCIATES REALTY CORP.
SUPPLEMENTAL OPERATING AND FINANCIAL DATA
FOR THE SECOND QUARTER ENDED JUNE 30, 2001
Reporting Period Highlights
---------------------------
o Reported diluted FFO of $.70 per share for the second quarter of 2001, as
compared to $.65 per share for the comparable 2000 period, representing an
increase of 7.7%. FFO for the second quarter 2001 includes a $3.5 million
or $.04 per share charge to reserve against interest income accrued for the
quarter on the Company's two loans to Frontline Capital Group.
o Reported FFO for the six months ended June 30, 2001 of $1.38 per share, as
compared to FFO of $1.27 per share for the six months ended June 30, 2000,
representing a per share increase of 8.7%.
o Reported second quarter diluted EPS of $.32 per Class A common share, as
compared to EPS of $.40 per Class A common share for the second quarter of
2000. The decrease is attributable to a $6.7 million gain on sale of real
estate assets in the second quarter 2000 with no asset sales in the second
quarter of 2001. Adjusting for the gain on sale of real estate assets,
diluted EPS for the second quarter 2000 was $.30 per Class A common share
as compared to $.32 per Class A common share for the second quarter 2001
representing an increase of 6.7%.
o Generated a 9.6% increase (GAAP) and 8.5% increase (cash) in same property
NOI for the second quarter of 2001.
o Generated same space rent growth of 23.2% (GAAP) and 13.7% (cash) for
Office and 19.9% (GAAP) and 7.0% (cash) for Industrial/R&D for the second
quarter of 2001.
o Completed a $250 million ten year mortgage financing on 919 Third Avenue
with an interest rate of 6.867% per annum.
o Completed a $75 million five year mortgage financing on 1350 Avenue of the
Americas with an interest rate of 6.52% per annum.
{PAGE}
o Continued leasing momentum at Reckson Executive Park in Melville, the
Company's newly developed Class A office building, with leased space now
totaling 86,762 square feet, representing 31% of the total rentable space.
o Completed dispositions of three non-core office assets totaling
approximately $32 million and entered into contracts to sell three
additional non-core office assets totaling approximately $53 million as
part of the Company's capital recycling program.
o Entered into a letter of intent to sell a 49% interest in 919 Third Avenue
to a domestic institutional pension fund.
o Moody's Investor Service reaffirmed the investment grade rating of Baa3 on
the Company's senior unsecured debt and maintained a stable rating outlook
opinion.
o Increased the dividend on the Company's Class A common stock by 10% and
increased the dividend on the Company's Class B common stock by 8.2%.
{PAGE}
RECKSON ASSOCIATES REALTY CORP.
SUPPLEMENTAL OPERATING AND FINANCIAL DATA
FOR THE QUARTER ENDING JUNE 30, 2001
TABLE OF CONTENTS
-----------------
{TABLE}
{CAPTION}
PAGE
----
{S} {C}
o Company Background............................................................................. 1
o Summary Statement of Operating Data............................................................ 6
o Selected Financial Information................................................................. 7
o Funds from Operations Analysis................................................................. 8
o Cash Available for Distribution Analysis....................................................... 9
o Balance Sheet.................................................................................. 10
o Ratios Computed for Industry Comparisons....................................................... 11
o Total Debt & Preferred Securities.............................................................. 12
o Core Operating Results
o Occupancy Analysis........................................................................... 14
o Executed Lease and Renewal Analysis.......................................................... 17
o Lease Expiration Analysis.................................................................... 18
o Portfolio Snapshot........................................................................... 25
o Capital Expenditure Analysis................................................................. 27
o Market Statistics
o Market Overview Analysis..................................................................... 29
o Long Island Sub-market Analysis.............................................................. 30
o Westchester Sub-market Analysis.............................................................. 32
o New Jersey Sub-market Analysis............................................................... 34
o New York City Sub-market Analysis............................................................ 36
o Value Creation Pipeline Statistics............................................................. 38
{/TABLE}
{PAGE}
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 we believe 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 release 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 us, reference
is made to our filings with the Securities and Exchange Commission. We are
subject to the reporting requirements of the Securities and Exchange Commission
and undertake no responsibility to update or supplement information contained in
this Supplemental Operating and Financial Data Package that subsequently becomes
untrue.
###
{PAGE}
CORE IDEOLOGY
VISION
------
Reckson will be the "Landlord of Choice" in the New York Tri-State area.
MISSION
-------
We are in the business of improving the quality of life in the workplace through
innovation, design excellence and providing premier service.
VALUES
------
o Tenant satisfaction comes first
o Do what is right by acting honestly, fairly and maintaining integrity
o Act as a team, share knowledge, foster a challenging and rewarding work
experience for all employees
o Strive for continued improvement individually and continued progress as a
Company
o Be responsible to the communities in which we operate
o Treat our shareholders as we would treat our partners
By acting in this manner, we will maximize the value of our Company.
[GRAPHIC OMITTED]
{PAGE}
COMPANY BACKGROUND
------------------
Reckson Associates Realty Corp. ("Reckson") 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. Reckson is structured as an UPREIT,
therefore its property operations are conducted through Reckson Operating
Partnership, a limited partnership in which the Company is the sole general
partner.
On June 2, 1995, Reckson successfully completed its initial public offering.
Subsequently, Reckson expanded from its Long Island base and established
operating divisions in Westchester, Connecticut, New Jersey and New York City.
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