Reckson reports solid numbers.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 $34.8 million or $0.47 per share for the third quarter of 2004, $0.56 per share when adjusted for the $6.7 million or $0.09 per share accounting charge recognized in connection with the redemption of the Company's 7 5/8% Series A Preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , as compared to FFO FFO See: Funds from operations of $41.2 million or $0.56 per share for the third quarter of 2003. Commenting on the Company's performance, Scott Rechler, Reckson's President and Chief Executive Officer, stated, "I believe that our third quarter's leasing, investment and capital markets activity clearly demonstrate the progress that we have made since closing our corporate restructuring approximately one year ago. "We are better positioned to capitalize on the strength of our franchise, improving market conditions and flexible balance sheet to execute on our growth plan and strategy of being 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 'Landlord of Choice'". The Company also reported net income allocable to common shareholders of $8.8 million in the third quarter of 2004, including $2.2 million related to gain on sales of real estate and the aforementioned $6.7 million accounting charge, as compared to $10.0 million in the third quarter of 2003. The Company reported 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 $0.13 in the third quarter of 2004, as compared to EPS of $0.17 in the third quarter of 2003. Commenting on the Company's significant capital markets activity, Michael Maturo, Reckson's Chief Financial Officer, stated, "Our recent capital markets transactions complete our post restructuring goal to significantly strengthen our balance sheet. "During this period, we issued $300 million of new common equity, re-financed maturing unsecured debt and short-term borrowings with $300 million of long-term unsecured debt, redeemed or converted 100% of our outstanding 7 5/8% Series A preferred stock saving $16.6 million in annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. preferred dividends, and repaid approximately $350 million of outstanding mortgage notes, substantially increasing the value of our unencumbered portfolio and reducing our outstanding secured debt." |
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