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Business Description
Reckson Associates Realty Corp. is a self-administered and self-managed real estate investment trust engaged in the business of owning, developing, acquiring, leasing, financing, operating and managing office and, to a lesser extent, industrial/research and development properties in the New York City tri-state area. It also owns land for future development and one retail property in New York. The Company owns all of its interests in its real properties, directly or indirectly, through Reckson Operating Partnership, L.P. The Company's portfolio consists of Class A office properties located within the New York City metropolitan area and Class A suburban office and industrial/research and development properties predominantly located and operated within the Tri-State Area. As of December 31, 2003, the Company owned 89 properties including 10 joint venture properties encompassing approximately 14.7 million rentable square feet, all of which are managed by the Company.

Financial Information
For the nine months ended 9/04, revenues rose 17% to $403.5 million. Net income from continuing operations applicable to common rose 70% to $26.1 million. Revenue reflect increase in rent and tenent escalations. Nett income from continuingops applicable to common reflect higher margins and lower administrative expenses.