Reckson reports $46m FFO.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. of $46.4 million or $0.55 per share for the first quarter of 2005, as compared to diluted FFO FFO See: Funds from operations of $42.6 million or $0.58 per share for the first quarter of 2004. Reckson reported net income allocable to common shareholders of $17.4 million or 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. ) of $0.21 for the first quarter of 2005, as compared to $16.0 million, including $5.2 million related to gain on sales of real estate, or EPS of $0.26 for the first quarter of 2004. Commenting on the Company's performance, Scott Rechler, Reckson's president and chief executive officer, stated, "I am pleased with our first quarter operating metrics as we continue to outperform the industry with office occupancy climbing by 40 basis points to 94.5%, same property GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). NOI NOI Net Operating Income NOI Notice of Intent NOI Nation of Islam NOI Notice of Inquiry NOI Neuro Orthopaedic Institute NOI New Organizing Institute NOI Notice of Interest NOI No Offense Intended NOI National Olympiad in Informatics climbing 5.6% and average same space rents climbing 9.0%." Mr. Rechler continued, "I am also pleased that we have successfully executed on our investment strategy. With the One Court Square announcement our year to date investment activity totals approximately $576 million." Michael Maturo, Reckson's chief financial officer, noted, "Results for the quarter were generally consistent with our internal forecasts but were impacted by timing to reinvest equity proceeds, lower other income and higher 'dead deal' costs." This week, Reckson contracted to buy the 1.4 million square foot, 50-story, Citibank office tower located at One Court Square, Long Island City, from Citibank for $470 million. |
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