Reckson capitalizes on strong market.Reckson Associates Realty Corp. reported diluted funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. ("FFO FFO See: Funds from operations ") of $37.1 million or $0.52 per share for the second quarter of 2004, as compared to FFO of $35.4 million or $0.54 per share for the second quarter of 2003. Commenting on the Company's performance, Scott Rechler, Reckson's President and Chief Executive Officer, stated, "Our strong second quarter operating performance reflects our team's ability to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the improved market conditions by increasing portfolio occupancies and rents. "During the first half of the year we completed office leasing transactions totaling approximately 1.6 million square feet, our two highest quarters on record and approximately double our annual run rate for the previous three years." Mr. Rechler continued, "Approximately 35% of second quarter leasing activity was comprised of renewals of leases expiring in 2005 and beyond, reflecting tenants' recognition of rapidly improving market conditions. "We believe we are well positioned to continue to capitalize on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Tri-State area's market recovery." The second quarter results are consistent with the Company's internal forecasts. The Company is reaffirming its previous 2004 FFO guidance of $2.20 to $2.25 per share. This earnings guidance excludes post second quarter accounting charges relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the redemption of the Company's preferred securities. Michael Maturo, Reckson's Chief Financial Officer, stated, "Our second quarter results reflect our strong portfolio performance, the effect of lower other income and termination fees and a full quarter's dilution from our recent equity offering." Net income allocable to common shareholders totaled $13.0 million in the second quarter of 2004, including $3.6 million related to gain on sales of real estate, as compared to $7.6 million in the second quarter of 2003. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of ("EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ") totaled $0.19 in the second quarter of 2004, as compared to EPS of $0.13 in the second quarter of 2003. |
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