[GRAPHIC OMITTED]
RECKSON ASSOCIATES
REALTY CORP.
THE NEW YORK TRI-STATE AREA'S
"LANDLORD OF CHOICE"
THIRD QUARTER PRESENTATION
NOVEMBER 2, 2000
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
<PAGE>
[GRAPHIC OMITTED] SUMMARY OF QUARTERLY HIGHLIGHTS
o Reported Basic FFO of $.69 ($.65 diluted) per share for the third quarter
of 2000, as compared to $.60 ($.58 diluted) per share for the comparable
1999 period, representing an increase of 15.0% (12.1% diluted)
o 7.4% increase (cash) and 9.1% increase (GAAP) in same property NOI for the
third quarter of 2000
o Generated same space rent growth of 22% (GAAP) and 10% (cash) for Office
and 18% (GAAP) and 9.8% (cash) for Industrial/R&D for the third quarter of
2000
o Completed the sale of a 49% ownership interest in eight suburban, Class A,
office properties to Teachers Insurance and Annuity Association ("TIAA")
for approximately $136 million. Used proceeds from TIAA transaction to
reduce outstanding borrowings under line of credit.
o Closed a three year $575 million unsecured revolving credit facility on
September 7, 2000 replacing the Company's prior credit facility and term
loan
o Obtained title to 919 Third Avenue upon the completion of the consensual
bankruptcy and secured a $250 million first mortgage commitment
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
2
<PAGE>
[GRAPHIC OMITTED] FFO PER SHARE GROWTH
<TABLE>
<CAPTION>
96/97 97/98 98/99 99/00
YR/YR YR/YR YR/YR YR/YR
3Q96 3Q97 GROWTH 3Q98 GROWTH 3Q99 GROWTH 3Q00 GROWTH
---- ---- ------ ---- ------ ---- ------ ---- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
DILUTED $0.38 $0.43 13.2% $0.52 20.9% $0.58 11.5% 0.65 12.1%
BASIC $0.38 $0.43 13.2% $0.52 20.9% $0.60 15.4% 0.69 15.0%
</TABLE>
14% DILUTED AND 16% BASIC COMPOUNDED QUARTERLY FFO GROWTH PER SHARE
(1) Diluted per share amounts are calculated in accordance with NAREIT
guidelines which adjust GAAP by replacing net income with FFO. If diluted per
share amounts were calculated in accordance with GAAP, weighted average diluted
shares would approximate weighted average basic shares. 96% of the incremental
diluted shares are attributable to the assumed conversion of outstanding
convertible preferred securities which on a weighted average basis were
approximately 8% out of the money at September 30, 2000.
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
3
<PAGE>
[GRAPHIC OMITTED] DILUTED CAD PER SHARE ANALYSIS
Diluted CAD Per Share Reported - 3Q00 $0.41
Add Back 919 Third Avenue Straight-line Rent 0.13
Add Back Excess Leasing Costs 0.02
-----
Adjusted CAD Per Share - 3Q00 0.56
=====
CAD Prior Year Three Months - 3Q99 0.49
=====
Adjusted Percent Increase 14%
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
4
<PAGE>
[GRAPHIC OMITTED] PORTFOLIO PERFORMANCE
7.4% (Cash) and 9.1% (GAAP) Third Quarter Same Property NOI Growth
SAME SPACE AVERAGE RENT GROWTH
OFFICE RENT GROWTH: 22% INDUSTRIAL/R&D RENT GROWTH: 18%
Expiring Leases New Leases Expiring Leases New Leases
$23.02 $27.99 $6.78 $7.97
o 74 Leases Executed Totaling 695,000 Sq. Ft.
o 6.5 % Increase in Same Property Revenues
o 5.0% Increase in Same Property Operating Expenses
o 2.1% Increase in Same Property Occupancy
o Generated Same Space Cash Rent Growth of 10% for Office
and 9.8% for Industrial/R&D
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
5
<PAGE>
[GRAPHIC OMITTED] PORTFOLIO COMPOSITION
NET OPERATING INCOME
LONG ISLAND
33%
NEW YORK CITY
22%
CONNECTICUT [GRAPHIC OMITTED]
10%
NEW JERSEY
15%
WESTCHESTER
20%
PRO FORMA PORTFOLIO STATS:
-------------------------
o 20.8 Million Square Feet
o 186 Properties
o 1,375 Tenants
o Five integrated Operating Divisions
o NOI:
Office 85%
Industrial 15%
o Occupancy:(a)
Office 97%
Industrial 98%
(a) Excluding properties under development.
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
6
<PAGE>
[GRAPHIC OMITTED] PORTFOLIO COMPOSITION
FUNDS FROM OPERATIONS
(ACTUAL)
[GRAPHIC OMITTED]
NEW YORK
CITY
31%
LONG ISLAND
30%
CONNECTICUT
8%
NEW JERSEY
13%
WESTCHESTER
18%
FUNDS FROM OPERATIONS
(PRO FORMA FOR JV TRANSACTION)
[GRAPHIC OMITTED]
NEW YORK
CITY
32%
LONG ISLAND
30%
CONNECTICUT
7%
NEW JERSEY
13%
WESTCHESTER
18%
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
7
<PAGE>
[GRAPHIC OMITTED] FAVORABLE MARKETS
SOUTHERN CONNECTICUT
YE96 YE97 YE98 YE99 3Q00
Avg. Asking Rents $26.19 $28.96 $32.22 $31.78 $39.69
Direct Vac. 6.10% 4.20% 3.60% 4.00% 2.70%
LONG ISLAND
YE96 YE97 YE98 YE99 3Q00
Avg. Asking Rents $23.83 $26.14 $27.23 $27.69 $28.88
Direct Vac. 12.70% 8.70% 6.10% 5.60% 4.40%
WESTCHESTER
YE96 YE97 YE98 YE99 3Q00
Avg. Asking Rents $23.67 $25.14 $26.67 $27.23 $27.65
Direct Vac. 16.00% 13.30% 16.40% 15.00% 13.90%
NORTHERN NEW JERSEY
YE96 YE97 YE98 YE99 3Q00
Avg. Asking Rents $24.55 $25.38 $27.42 $28.52 $29.69
Direct Vac. 9.10% 4.70% 5.30% 4.60% 4.80%
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
8
Source: Cushman & Wakefield Class A Statistics
<PAGE>
[GRAPHIC OMITTED] FAVORABLE MARKETS
NEW YORK CITY - MIDTOWN WEST SIDE
YE96 YE97 YE98 YE99 3Q00
Avg. Asking Rents $31.92 $33.10 $43.36 $48.28 $58.64
Direct Vac. 6.20% 3.70% 3.30% 4.60% 2.10%
NEW YORK CITY - FINANCIAL EAST
YE96 YE97 YE98 YE99 3Q00
Avg. Asking Rents $30.80 $29.77 $40.21 $37.64 $48.16
Direct Vac. 16.00% 8.20% 6.60% 3.40% 1.40%
NEW YORK CITY - MIDTOWN EAST
YE96 YE97 YE98 YE99 3Q00
Avg. Asking Rents $36.27 $39.33 $47.85 $51.18 $60.38
Direct Vac. 7.60% 5.60% 6.00% 3.80% 2.20%
NEW YORK CITY - SIXTH AVE./ROCKEFELLER CENTER
YE96 YE97 YE98 YE99 3Q00
Avg. Asking Rents $39.43 $43.62 $51.33 $53.12 $58.24
Direct Vac. 4.80% 2.70% 2.20% 1.60% 0.40%
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
9
Source: Cushman & Wakefield Class A Statistics
<PAGE>
[GRAPHIC OMITTED] LEASE EXPIRATION COMPARISION
EXPIRING RENT VS. MARKET RENT
CBD OFFICE PORTFOLIO
Connecticut New York City
----------- -------------
Expiring Rent(a) $25.43 $34.42
Market Rent(b) $39.69 $57.64
------ ------
Growth 56% 67%
As of September 30, 2000
(a) Represents average rent for leases expiring over the next 6 years
(b) Average asking rents as provided by Cushman & Wakefield
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
10
Source: Cushman & Wakefield
<PAGE>
[GRAPHIC OMITTED] LEASE EXPIRATION COMPARISION
EXPIRING RENT VS. MARKET RENT
SUBURBAN OFFICE PORTFOLIO
Long Island Westchester New Jersey
----------- ----------- ----------
Expiring Rent(a) $23.32 $21.87 $20.72
Market Rent(b) $28.88 $27.65 $29.69
------ ------ ------
Growth 24% 26% 43%
As of September 30, 2000
(a) Represents average rent for leases expiring over the next 6 years
(b) Average asking rents as provided by Cushman & Wakefield.
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
11
Source: Cushman & Wakefield
<PAGE>
[GRAPHIC OMITTED] INTERNAL GROWTH - OFFICE PORTFOLIO
Potential Future Increases in Cash Flow
SUBURBAN OFFICE PORTFOLIO
MARKET RENT: $30.09(a)
IN-PLACE RENT: $22.53
o Cash Flow Increase
o $42.3 million
o $0.54/diluted share
5.6 MILLION SQ.FT. EXPIRING OVER THE NEXT 6 YEARS
PORTFOLIO RENTS 34% BELOW MARKET
NEW YORK CITY OFFICE PORTFOLIO
MARKET RENT: $57.64(a)
IN-PLACE RENT: $34.42
o Cash Flow Increase
o $27.8 million
o $0.35/diluted share
1.2 MILLION SQ.FT. EXPIRING OVER THE NEXT 6 YEARS
PORTFOLIO RENTS 67% BELOW MARKET
As of September 30, 2000
(a) Average asking rents as provided by Cushman & Wakefield. Calculations based
on weighted average sq. ft. expiring in each of the respective submarkets.
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
12
<PAGE>
[GRAPHIC OMITTED] VALUE CREATION ACTIVITY REPORT
<TABLE>
<CAPTION>
PROJECTS UNDER ACTIVE DEVELOPMENT/REPOSITIONING
ESTIMATED
PERCENT TOTAL ANTICIPATED STABILIZATION ESTIMATED
SQ. FT. LEASED INVESTMENT PERIOD NOI YIELD (b)
------- ------- ----------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
LONG ISLAND
AIP 2002, Islip, L.I. 206,000 100% $ 13,658,000 4Q00 13.1%
400 Moreland Road, Commack, L.I. 56,875 Vacant $ 2,967,000 1Q01 13.1%
Melville Expressway Corporate Center, Melville, L.I. 277,500 Vacant $ 43,446,000 2Q01 12.0%
AIP 2001, Islip, L.I. 71,000 Vacant $ 5,692,000 3Q01 12.2%
50 Marcus Drive, Melville, L.I. 163,762 Vacant $ 19,889,000 4Q01 14.0%
--------- ------ ------------ -----
Subtotal/Weighted Average 775,137 27% $ 85,652,000 12.7%
--------- ------ ------------ -----
NEW JERSEY
492 River Rd., Nutley, N.J. 130,009 100% $ 12,903,300 1Q01 16.4%
University Square, Princeton, N.J. 315,000 Vacant $ 50,397,000 2Q02 12.0%
--------- ------ ------------ -----
Subtotal/Weighted Average 445,009 29% $ 63,300,300 12.9%
--------- ------ ------------ -----
WESTCHESTER
100 Grasslands Road, Elmsford, Westchester 49,000 22% $ 4,477,000 2Q01 15.7%
SUBTOTAL WEIGHTED AVERAGE - SUBURBAN PORTFOLIO 1,269,146 28% $153,429,300 12.9%
NEW YORK CITY
919 Third Avenue, New York City (a) 1,374,966 97% $369,955,000 4Q00 11.5%
--------- ------ ------------
TOTAL/WEIGHTED AVERAGE - PORTFOLIO 2,644,112 64% $523,384,300 11.9%
========= ====== ============ =====
</TABLE>
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
(a) Yield projected to grow to 11.5% by the end of 2005. 13
(b) Forward looking statements based upon management's estimates. Actual results
may differ materially.
<PAGE>
[GRAPHIC OMITTED] VALUE CREATION ACTIVITY REPORT
PROJECTS REACHING REALIZATION - 3Q00
<TABLE>
<CAPTION>
PERCENT TOTAL ANTICIPATED ESTIMATED
SQ. FT. LEASED INVESTMENT NOI YIELD (a)
------- ------ ---------- -------------
<S> <C> <C> <C> <C>
538 Broadhollow Rd., Melville, L.I. 180,339 100% $26,084,000 12.0%
390 Motor Parkway, Hauppauge, L.I. 181,155 100% $ 6,601,600 14.3%
360 Hamilton Avenue, White Plains, Westchester 382,000 82% $57,300,000 13.5%
------- ----- ----------- -----
TOTAL/WEIGHTED AVERAGE 743,494 91% $89,985,600 13.1%
======= ===== =========== =====
DEVELOPMENT FUNDING REQUIREMENTS
2000 Remaining Anticipated $20,000,000
2001 Anticipated $127,000,000
</TABLE>
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
14
(a) Forward looking statements based upon management's estimates. Actual results
may differ materially.
<PAGE>
[GRAPHIC OMITTED] VALUE CREATION PIPELINE HIGHLIGHTS
o Project Reaching Realization
o 382,000 sq. ft. 100 Grasslands
o Current Occupancy 82% Elmsford, Westchester
o Total Investment $57.3 million
o Stabilized NOI Yield 13.5%
o Project under Redevelopment
o Projected Stabilization Period 2Q01
o 49,000 sq. ft.
o Current Occupancy 22%
o Total Anticipated Investment $4.5 million
o Anticipated Stabilized NOI Yield 15.7%
Reckson Metro Center
White Plains, Westchester
[GRAPHIC OMITTED]
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
15
Note: Forward looking statements based upon management's estimates. Actual
results may differ materially.
<PAGE>
[GRAPHIC OMITTED] VALUE CREATION PIPELINE HIGHLIGHTS
University Square
Princeton, New Jersey
[GRAPHIC OMITTED]
<TABLE>
<CAPTION>
<S> <C>
o Project Under Redevelopment - Projected Stabilization o Project Under Development - Groundbreaking
Period 1Q01 in October - Projected Stabilization Period 2Q02
o 130,009 sq. ft. o 315,000 sq. ft.
o Current Occupancy 100% o Current Occupancy - Vacant
o Total Anticipated Investment $12.9 million o Total Anticipated Investment $50.4 million
o Anticipated Stabilized NOI Yield 16.4% o Anticipated Stabilized NOI Yield 12.0%
492 River Road
Nutley, New Jersey
</TABLE>
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
16
Note: Forward looking statements based upon management's estimates. Actual
results may differ materially.
<PAGE>
[GRAPHIC OMITTED] VALUE CREATION PIPELINE HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C>
o Project Under Development - Projected o Project Under Redevelopment - Projected
Stabilization Period 2Q01 Stabilization Period 4Q01
o 277,500 sq. ft. o 163,762 sq. ft.
o Current Occupancy - Vacant o Current Occupancy - Vacant
o Total Anticipated Investment $43.4 million o Total Anticipated Investment $19.9 million
o Anticipated Stabilized NOI Yield 12.0% o Anticipated Stabilized NOI Yield 14.0%
Mellville Expressway Corporate Center o Project Under Redevelopment - Projected 50 Marcus Drive
Melville, Long Island Stabilization Period 4Q00 Melville, Long Island
o 206,000 sq. ft.
o Current Occupancy - 100%
o Total Anticipated Investment $13.7 million
o Anticipated Stabilized NOI Yield 13.1%
</TABLE>
AIP 2002
Islip, Long Island
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
17
Note: Forward looking statements based upon management's estimates. Actual
results may differ materially.
<PAGE>
[GRAPHIC OMITTED] 919 THIRD AVENUE ACTIVITY TIMELINE
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Reckson Announced Reckson BNP, Schulte NOI Yield Is
Closing on Acquisition Consented and Debevoise Projected to
of First Mortgage to the Filing (Partial Space) Increase to
Note - Property of the Pre- Encompassing 11.5% as
Generates an NOI Packaged 403,300 sq. ft., Below Market
Yield of Bankruptcy Free Rent Period Rents are
Approximately 9.5% Plan Ends Replaced (a)
[GRAPHIC OMITTED]
Reckson Skadden Arps Reckson Debevoise, 422,000
Announced Vacated 705,000 Obtains Title to sq. ft., Free Rent
Agreement to sq. ft. Allowing 919 Third Period Ends -
Acquire First Work to Begin Avenue Upon Building to
Mortgage for Occupancy of Completion of Restabilize at an
Note Secured Debevoise, BNP Consensual Approximate 9.5%
by 919 Third and Schulte - Bankruptcy and NOI Yield - Total
Avenue for Three Long-Term Secures $250 Investment Less
277.5 Million Leases Million First Than $275 psf or
or $200 psf Encompassing Mortgage 40% Discount to
826,000 sq. ft. Replacement Cost
</TABLE>
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
18
(a) Forward looking statements based upon management's estimates. Actual results
may differ materially.
<PAGE>
[GRAPHIC OMITTED] 919 THIRD AVENUE RENT TIMELINE
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
BNP
45,528 sq. ft. Cash Rent
28,059 sq. ft. GAAP Rent Cash Rent
72,244 sq. ft. GAAP Rent Cash Rent
SCHULTE ROTH
213,426 sq. ft. GAAP Rent Cash Rent
DEBEVOISE & PLIMPTON
44,024 sq. ft. GAAP Rent Cash Rent
421,967 sq. ft. GAAP Rent Cash Rent
[GRAPHIC OMITTED]
CASH RENT $ 658,694 $3,059,578 $3,426,486 $4,185,099 $4,185,099 $5,882,746 $9,278,040
GAAP RENT $9,840,612 $9,840,612 $9,840,612 $9,840,612 $9,840,612 $9,840,612 $9,840,612
</TABLE>
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
19
<PAGE>
[GRAPHIC OMITTED] JOINT VENTURE TRANSACTION
o Completed the sale of a 49% ownership interest in eight suburban, Class A,
office properties to Teachers Insurance and Annuity Association ("TIAA"),
for approximately $136 million
o The properties total approximately 1.5 million square feet and include:
51 JFK PARKWAY, SHORT HILLS, NEW JERSEY
680 WASHINGTON BLVD., STAMFORD, CONNECTICUT (STAMFORD TOWERS)
750 WASHINGTON BLVD., STAMFORD, CONNECTICUT (STAMFORD TOWERS)
120 WHITE PLAINS ROAD, TARRYTOWN, NEW YORK
90 MERRICK AVENUE, EAST MEADOW, NEW YORK
400 GARDEN CITY PLAZA, GARDEN CITY, NEW YORK
275 BROADHOLLOW ROAD, MELVILLE, NEW YORK
1305 WALT WHITMAN ROAD, MELVILLE, NEW YORK
o The Company sold this interest at an 8.7% cap rate on in-place NOI for 2000
and a 9.1% cap rate on 2001 NOI
o Proceeds from JV used to repay outstanding borrowings under line of credit
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
21
<PAGE>
[GRAPHICS OMITTED] REFINANCING OF CREDIT FACILITY
o Refinanced revolving unsecured line of credit and term loan with a new
three year unsecured revolving credit facility on September 7, 2000
o The credit facility provides for a maximum borrowing amount Of $575 million
o Borrowings under the credit facility will bear interest at LIBOR plus 105
basis points
o Proceeds from JV transaction of $136 million were used to repay outstanding
borrowings under the line of credit
o Reduced variable rate debt to approximately 25% of total debt
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
22
<PAGE>
[GRAPHIC OMITTED] UPDATE ON FRONTLINE CAPITAL GROUP AND RSVP
o Status of FrontLine Facility
(in thousands)
As of September 30, 2000 FrontLine
------------------------ ---------
Loan Balance $92,498
Accrued Interest $10,096
Undrawn Outstanding Letters of Credit $ 3,169
o Status of RSVP Commitment
(in thousands)
As of September 30, 2000 RSVP
------------------------ ----------
Direct Investments $37,616
Investments in Loans $39,915
o Interest Paid on FrontLine Facility for 3Q00
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
23
<PAGE>
[GRAPHIC OMITTED] FINANCIAL RATIOS
SEPTEMBER 30, 2000 SEPTEMBER 30, 2000
RATIOS HISTORICAL PRO FORMA (b)
------ ---------- -------------
Total Debt $1,328(a) $1,328(a)
Total Equity $2,034 $2,034
Total Market Cap $3,362 $3,362
Interest Coverage Ratio 3.06x 3.17x
Fixed Charge Coverage Ratio 2.45x 2.47x
Debt to Total Market Cap 39.5% 39.5%
(a) Including pro-rata share of joint venture debt and net of minority
partners' interests
(b) Pro forma for JV transaction occurring on July 1, 2000
--------------------------------------------------------------------------------
THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
24
<PAGE>
[GRAPHIC OMITTED]
RECKSON ASSOCIATES
REALTY CORP.
THE NEW YORK TRI-STATE AREA'S
"LANDLORD OF CHOICE"
This information contains forward-looking information that is subject to
certain risks, trends and uncertainties that could cause actual results to
differ materially from those projected. Among those risks, trends and
uncertainties are the general economic climate; the supply of and demand for
office and industrial properties in the New York Tri-State area; interest
rate levels; continued strength of rental rate levels in the company's
markets; the availability of financing; 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 is subject to the reporting requirements of the
Securities and Exchange Commission and undertakes no responsibility to
update the information contained in this slide show presentation.
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THE NEW YORK TRI-STATE AREA'S LEADING REAL ESTATE COMPANY
