MELVILLE, N.Y.--(BUSINESS WIRE)--Sept. 18, 2001--Reckson
Associates Realty Corp. (NYSE: RA) one of the largest publicly traded
owners, managers and developers of Class A office and industrial
properties in the New York Tri-State area, announced today that its
Board of Directors has declared quarterly cash dividends on the
Company's Class A common stock, its Class B common stock, its Series A
preferred stock and its Series B preferred stock.
The Board has declared a quarterly cash dividend on the Company's
Class A common stock (NYSE: RA) of $.4246 per share payable on October
17, 2001 to its stockholders of record as of October 5, 2001. The
dividend is based on an annualized dividend rate of $1.6984 per share.
The Board has also declared a quarterly cash dividend on the
Company's Class B common stock (NYSE: RA.B) of $.6492 per share
payable on October 31, 2001 to its stockholders of record as of
October 12, 2001. The dividend is based on an annualized dividend rate
of $2.5968 per share.
The Board has also declared a quarterly cash dividend on the
Company's Series A preferred stock in the amount of $.4766 per share
payable on October 31, 2001 to its stockholders of record as of
October 12, 2001.
The Board has also declared a quarterly cash dividend on the
Company's Series B preferred stock in the amount of $.553125 per share
payable on October 31, 2001 to its stockholders of record as of
October 12, 2001.
Reckson Associates Realty Corp. is a self-administered and
self-managed real estate investment trust (REIT) specializing in the
acquisition, leasing, financing, management, and development of office
and industrial properties.
Reckson's core growth strategy is focused on the markets
surrounding and including New York City. The Company is one of the
largest publicly traded owners, managers and developers of Class A
office and industrial properties in the New York Tri-State area, with
184 properties comprised of approximately 20.7 million square feet
either owned and controlled, directly or indirectly, or under
contract. For additional information on Reckson Associates Realty
Corp. please visit the Company's web site at www.reckson.com.
Certain 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 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 or supplement information
contained in this press release that subsequently becomes untrue.
CONTACT:
Reckson Associates Realty Corp., Melville
Scott Rechler
Michael Maturo
631/694-6900
Fax: 631/622-6790
