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                                                                    Exhibit 10.3


                         RECKSON ASSOCIATES REALTY CORP.
                            LONG-TERM INCENTIVE PLAN
                             OP UNIT AWARD AGREEMENT



Name of Grantee: Salvatore Campofranco ("Grantee")
No. of LTIP OP Units: 10,000
Date of Grant: April 4, 2006



                                    RECITALS

         A. The Grantee is an officer of Reckson Associates Realty Corp. (the
"Company") or one of its Affiliates.

         B. The Grantee was selected by the Compensation Committee of the Board
of Directors of the Company (the "Committee") to receive an award of Long-Term
Incentive Plan OP Units ("LTIP OP Units") in Reckson Operating Partnership, L.P.
(the "Partnership") in the number specified above and having the rights
specified herein and in the Supplement to the Amended and Restated Agreement of
Limited Partnership of the Partnership (the "Partnership Agreement")
Establishing 2006 LTIP Units of Limited Partnership Interest (the "Partnership
Agreement Supplement").

         NOW, THEREFORE, the Company hereby grants to the Grantee, effective as
of the Date of Grant specified above, the number of LTIP OP Units listed above
subject to the terms and conditions of this Agreement.

         1. Restrictions and Conditions:

            (a) The records of the Partnership evidencing the LTIP OP Units
granted herein shall bear an appropriate legend, as determined by the
Partnership in its sole discretion, to the effect that such LTIP OP Units are
subject to restrictions as set forth herein, in the Partnership Agreement
Supplement and in the Partnership Agreement.

            (b) None of the LTIP OP Units awarded to the Grantee hereunder shall
be sold, assigned, transferred, pledged, hypothecated, given away or in any
other manner disposed of, encumbered, whether voluntarily or by operation of
law, or redeemed in accordance with the Partnership Agreement or the Partnership
Agreement Supplement (a) prior to vesting, (b) for a period of two (2) years
beginning on the Date of Grant specified above other than in connection with a
Change-in-Control, or (c) unless such transfer is in compliance with all
applicable securities laws (including, without limitation, the Securities Act),
and such disposition is in accordance with the applicable terms and conditions
of the Partnership Agreement and the Partnership Agreement Supplement. In
connection with any transfer of LTIP OP Units, the Company may require the
transferor to provide at the Grantee's own expense an opinion of counsel to the
transferor, satisfactory to the Company, that such transfer is in compliance
with all foreign, federal and state securities laws (including, without
limitation, the Securities Act). Any attempted disposition of LTIP OP Units not
in accordance with the terms and conditions of this Section 1(b) shall be null
and void, and the Partnership shall not reflect on its records any change in
record ownership of any LTIP OP Units as a result of any such disposition, shall
otherwise refuse to recognize any such disposition and shall not in any way give
effect to any such disposition of any LTIP OP Units.

<PAGE>

            (c) Except as otherwise provided in Section 2 hereof or elsewhere
herein, if the Grantee's employment with the Company or its Affiliates is
voluntarily or involuntarily terminated for any reason prior to vesting of the
LTIP OP Units granted herein, the Grantee shall forfeit all LTIP OP Units that
are not vested as of the date of such termination of employment.

         2. Vesting of the LTIP OP Units: The LTIP OP Units generally will
become vested as follows:

            (a) 50.0% of the LTIP OP Units will become cumulatively vested on
December 31, 2007 and December 31, 2008 (each, an "Annual Vesting Date"); in
each case provided that the Grantee remains in continuous employment with the
Company or any of its Affiliates until such date; and provided, further, that
any LTIP OP Units which otherwise would become vested on such Annual Vesting
Date will not become so vested unless the Company has achieved, during the
calendar year completed on December 31, 2006, (i) a total return to shareholders
(including all Common Stock dividends and stock appreciation) based on the
respective Initial Base Price that either (x) is at or above the 50th percentile
of the total return to shareholders achieved by members of the Peer Group during
the same period, or (y) subject to the provisions of Section 2(e), equals a
total return of at least 9% per annum or (ii) a per share increase in annual
Funds from Operations of 5% or more. If the vesting performance requirement is
not satisfied for the calendar year ending December 31, 2006, the LTIP OP Units
will not be forfeited and will become vested on December 31, 2007, or if the
performance requirement is not satisfied at such date the LTIP OP Units will not
be forfeited and will become vested on December 31, 2008, if on either of such
dates the vesting performance requirement is satisfied on a cumulative and
compounded basis as measured for an extended performance period beginning with
the annual period for which the vesting performance requirement was not
satisfied through the relevant date. For purposes of this Section, (i) the
performance of the Company relative to the performance of members of the Peer
Group will be determined using the VWAP for the last ten trading days of the
Company's Common Stock and the common stock of the members of the Peer Group at
the applicable calendar year end, and (ii) the per annum percentage performance
of the Company will be determined using the VWAP for the last ten trading days
for the period ending at the applicable calendar year end. If the vesting
performance requirement is not satisfied at December 31, 2008, subject to
Section 2(d), the LTIP OP Units will be forfeited.

            (b) Notwithstanding the foregoing, if a Change-in-Control occurs
prior to December 31, 2008 and the Grantee remains in continuous employment with
the Company or any of its Affiliates until such occurrence, the portion of the
LTIP OP Units that otherwise would have become vested upon the next following
vesting date will become vested at the time of the Change-in-Control, provided
however, such LTIP OP Units shall vest only if the performance requirements set
forth in Section 2(a)(i) above have been satisfied in accordance with their
terms. Notwithstanding the foregoing, if a Change-in-Control shall occur and (i)
(a) the Company continues in existence as a public company or (b) another
company is the successor to the Company in a transaction whereby holders of
Common Stock receive common stock of the successor company (or a combination of
common stock and cash) and such successor company expressly assumes the
obligations of the Company as the general partner of the Partnership, and (ii)
(a) the Partnership continues in existence as the operating partnership of the
Company (in the event described in clause (i)(a) above) or (b) another limited
partnership, limited liability company or similar entity is the successor to the
Partnership in a transaction whereby holders of OPU and LTIP OP Units receive
equity interests in such successor entity having substantially identical rights,
voting powers, restrictions, limitations as to distributions, qualifications and
terms and conditions of redemption as the OPU and LTIP OP Units, respectively,
and expressly assumes the obligations under this Agreement, and (iii) the
Grantee is offered continued employment by the Company or such successor company
or their Affiliates, as the case may be, then no vesting shall occur under this
Section 2(b) as a result of such Change-in-Control, but this Agreement and the
awards hereunder shall continue in effect on the terms hereof, subject to the
adjustment of the Initial Base Price as may be appropriate pursuant to Section 4
hereof.


                                       2
<PAGE>

            (c) Notwithstanding the foregoing, if the Grantee's employment with
the Company and all Affiliates is terminated prior to December 31, 2008 by
reason of the Grantee's death or Disability, by the Grantee prior to the date
which is one year from a Change-in-Control by reason of a Force Out or by the
Company or any Affiliate for any reason other than Cause or transfer to another
Affiliate, all non-vested LTIP OP Units will thereupon become fully vested. If
the Grantee's employment with the Company and all Affiliates is terminated prior
to December 31, 2008 for any other reason, any LTIP OP Units that have not yet
become vested will thereupon be forfeited.

            (d) Notwithstanding the foregoing, if the Grantee remains in
continuous employment with the Company or any of its Affiliates until an
applicable Annual Vesting Date but the vesting performance requirement is not
satisfied at such date (or any extended performance period as contemplated in
Section 2(b) above), and if the Committee determines that it nevertheless would
be consistent with the spirit and intent of this Agreement to vest some or all
of the LTIP OP Units that otherwise would have become vested on that Annual
Vesting Date, then the Committee, in its sole and absolute discretion, may elect
to vest some or all of such LTIP OP Units.

            (e) Notwithstanding the foregoing, in the event that (i) the LTIP OP
Units would become vested as a result of the Company achieving a total return of
at least 9% per annum in accordance with the terms of Section 2(a), (ii) the
appreciation in the share price of the Common Stock alone has not resulted in
the Company achieving such a 9% per annum total return (i.e., without taking
into account any dividends paid to holders of Common Stock), and (iii) the
Company's Dividend Payout Ratio with regard to its Cash Available for
Distribution exceeds 100% for any relevant annual period or periods, the
Committee may, in its sole discretion, review whether it is appropriate for the
LTIP OP Units to vest for such period or periods, and may determine that the
LTIP OP Units shall not vest, in whole or in part, based upon such facts as it
deems appropriate including, but not limited to, the effect on the Dividend
Payout Ratio of rent concessions, tenant improvements, capital expenditures by
the Company and similar matters that represent uses of operating cash flow for
the purpose of generating incremental cash flow or other returns for the
Company.


                                       3
<PAGE>

         3. Distributions. Distributions on the LTIP OP Units shall be paid
currently to the Grantee in accordance with the terms of the Partnership
Agreement.

         4. Adjustment. The Committee will make or provide for such adjustments
in the number of LTIP OP Units and the vesting performance requirements
applicable to LTIP OP Units, as the Committee may in good faith determine to be
equitably required in order to prevent any dilution or expansion of the rights
of the Grantee that otherwise would result from (i) any stock dividend, stock
split, combination of shares, recapitalization or similar change in the capital
structure of the Company or similar events with respect to the partnership
interests in the Partnership or (ii) any merger, consolidation, spin-off,
spin-out, split-off, split-up, reorganization, partial or complete liquidation
or other distribution of assets, issuance of warrants or other rights to
purchase securities or any other transaction or event having an effect similar
to any of the foregoing.

         5. Compliance With Law. The Partnership and the Grantee will make
reasonable efforts to comply with all applicable securities laws. In addition,
notwithstanding any provision of this Agreement to the contrary, no LTIP OP
Units will become vested or be paid at a time that such vesting or payment would
result in a violation of any such law.

         6. Investment Representation; Registration.

            (a) The Grantee hereby makes the covenants, representations and
warranties set forth on EXHIBIT B attached hereto. All of such covenants,
warranties and representations shall survive the execution and delivery of this
Agreement by the Grantee. The Grantee shall immediately notify the Partnership
upon discovering that any of the representations or warranties set forth on
EXHIBIT B were false when made or have, as a result of changes in circumstances,
become false.

            (b) The Partnership may make a notation in its records and/or affix
a legend to the certificates (if any) representing the LTIP OP Units issued
pursuant to this Agreement to the effect that such units have not been
registered under the Securities Act and may only be sold or transferred upon
registration or pursuant to an exemption therefrom.

            (c) The Partnership will have no obligation to register under the
Securities Act any LTIP OP Units.

         7. Severability. In the event that one or more of the provisions of
this Agreement may be invalidated for any reason by a court, any provision so
invalidated will be deemed to be separable from the other provisions hereof, and
the remaining provisions hereof will continue to be valid and fully enforceable.

         8. Governing Law. This Agreement is made under, and will be construed
in accordance with, the laws of the State of New York, without giving effect to
the principles of conflicts of laws of such State.


                                       4
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         9. Transferability. This Agreement is personal to the Grantee, is
non-assignable and is not transferable in any manner, by operation of law or
otherwise, other than by will or the laws of descent and distribution.

         10. Amendment. The Grantee acknowledges that this Agreement may be
amended or canceled by the Partnership for the purpose of satisfying changes in
law or for any other lawful purpose, provided that no such action shall
adversely affect the Grantee's rights under this Agreement without the Grantee's
written consent.

         11. No Obligation to Continue Employment. Neither the Company nor any
Affiliate is obligated by or as a result of this Agreement to continue the
Grantee in employment and this Agreement shall not interfere in any way with the
right of the Company or any Affiliate to terminate the employment of the Grantee
at any time.

         12. Notices. Notices hereunder shall be mailed or delivered to the
Partnership at its principal place of business and shall be mailed or delivered
to the Grantee at the address on file with the Partnership or, in either case,
at such other address as one party may subsequently furnish to the other party
in writing.

         13. Withholding and Taxes. No later than the date as of which an amount
first becomes includible in the gross income of the Grantee for income tax
purposes or subject to Federal Insurance Contributions Act withholding with
respect to any award under this Agreement, such Grantee will pay to the Company
or, if appropriate, any of its Affiliates, or make arrangements satisfactory to
the Company regarding the payment of, any United States federal, state or local
or foreign taxes of any kind required by law to be withheld with respect to such
amount. The obligations of the Company under this Agreement will be conditional
on such payment or arrangements, and the Company and its Affiliates shall, to
the extent permitted by law, have the right to deduct any such taxes from any
payment otherwise due to the Grantee.

         14. Successors and Assigns. This Agreement shall be binding upon the
Partnership's successors and assigns, whether or not this Agreement is expressly
assumed.

         15. Certain Definitions.

            (a) "Affiliate" means any person or entity that, at the time of
reference, is controlled by, controlling of or under common control with the
Company.

            (b) "Cash Available for Distribution" means the Company's cash
available for distribution to holders of the Company's Common Stock on an "as
committed" basis as announced by the Company for the relevant period.

            (c) "Cause" means a finding by the Company's Board of Directors that
the Grantee has (i) acted with gross negligence or intentional misconduct in
connection with the performance of his duties to the Company or any Affiliate;
(ii) defaulted in the performance of his duties to the Company or any Affiliate
and has not corrected such action within 15 days of receipt of written notice
thereof; (iii) acted against the best interests of the Company or any Affiliate,
which act has had an adverse impact on the financial affairs of the Company or
such Affiliate; or (iv) been convicted of a felony or committed a material act
of common law fraud against the Company, any Affiliate or any of their employees
and such act or conviction has had, or the Company's Board of Directors
reasonably determines will have, an adverse effect on the interests of the
Company or such Affiliate; provided, however, that a finding of Cause will not
become effective unless and until the Board of Directors provides the Grantee
notice that it is considering making such finding and a reasonable opportunity
to be heard by the Board of Directors.


                                       5
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            (d) A "Change-in-Control" will be deemed to have occurred if
following the Date of Grant:

                   (i) any Person, together with all "affiliates" and
            "associates" (as such terms are defined in Rule 12b-2 under the
            Securities Exchange Act of 1934 (the "Exchange Act")) of such
            Person, shall become the "beneficial owner" (as such term is defined
            in Rule 13d-3 under the Exchange Act), directly or indirectly, of
            securities of the Company representing 30% or more of (A) the
            combined voting power of the Company's then outstanding securities
            having the right to vote in an election of the Company's Board of
            Directors ("Voting Securities"), (B) the combined voting power of
            the Company's then outstanding Voting Securities and any securities
            convertible into Voting Securities, or (C) the then outstanding
            shares of all classes of stock of the Company; or

                   (ii) individuals who, as of the effective date of this
            Agreement, constitute the Company's Board of Directors (the
            "Incumbent Directors") cease for any reason, including, without
            limitation, as a result of a tender offer, proxy contest, merger or
            similar transaction, to constitute at least a majority of the
            Company's Board of Directors, provided that any person becoming a
            director of the Company subsequent to the effective date of this
            Agreement whose election or nomination for election was approved by
            a vote of at least a majority of the Incumbent Directors (other than
            an election or nomination of an individual whose initial assumption
            of office is in connection with an actual or threatened election
            contest relating to the election of the directors of the Company, as
            such terms are used in Rule 14a-11 of Regulation 14A under the
            Exchange Act) shall, for purposes of this Agreement, be considered
            an Incumbent Director; or

                   (iii) consummation of (1) any consolidation or merger of the
            Company or any subsidiary where the stockholders of the Company,
            immediately prior to the consolidation or merger, would not,
            immediately after the consolidation or merger, beneficially own (as
            such term is defined in Rule 13d-3 under the Exchange Act), directly
            or indirectly, but based solely on their prior ownership of shares
            of the Company, shares representing in the aggregate more than 60%
            of the voting shares of the corporation issuing cash or securities
            in the consolidation or merger (or of its ultimate parent
            corporation, if any), or (2) any sale, lease, exchange or other
            transfer (in one transaction or a series of transactions
            contemplated or arranged by any party as a single plan) of all or
            substantially all of the assets of the Company; or


                                       6
<PAGE>

                   (iv) stockholder approval of any plan or proposal for the
            liquidation or dissolution of the Company.

                   Notwithstanding the foregoing, a "Change-in-Control" shall
            not be deemed to have occurred for purposes of the foregoing clause
            (i) (A) solely as the result of an acquisition of securities by the
            Company which, by reducing the number of shares of stock or other
            Voting Securities outstanding, increases (x) the proportionate
            number of shares of stock of the Company beneficially owned by any
            Person to 30% or more of the shares of stock then outstanding or (y)
            the proportionate voting power represented by the Voting Securities
            beneficially owned by any Person to 30% or more of the combined
            voting power of all then outstanding Voting Securities; provided,
            however, that if any Person referred to in clause (x) or (y) of this
            sentence shall thereafter become the beneficial owner of any
            additional stock of the Company or other Voting Securities (other
            than pursuant to a share split, stock dividend, or similar
            transaction), then a "Change-in-Control" shall be deemed to have
            occurred for purposes of the foregoing clause (i), and (B) solely as
            a result of the direct or indirect acquisition of beneficial
            ownership of Voting Securities by any executive officers of the
            Company on the date hereof and/or the Company, any of its
            subsidiaries, or any trustee, fiduciary or other person or entity
            holding securities under any employee benefit plan of the Company or
            any of its subsidiaries if the Grantee is one of the executive
            officers participating in such acquisition.

            (e) "Common Stock" means the shares of common stock, par value $0.01
per share, of the Company.

            (f) "Disability" means that the Grantee has been unable to
efficiently perform his duties to the Company and all Affiliates because of any
physical or mental injury or illness until the earlier of such time when (i) the
period of injury or illness (whether or not the same injury or illness) exceeds
180 consecutive days or (ii) the Grantee becomes eligible to receive benefits
under a comprehensive disability insurance policy maintained or sponsored by the
Company.

            (g) "Dividend Payout Ratio" means the quotient, expressed as a
percentage, derived by dividing the aggregate dividends paid on shares of the
Company's Common Stock during a relevant period by the Cash Available for
Distribution for such period.

            (h) "Force Out" means

                   (i) a change in duties, responsibilities, status or positions
            with the Company or successor company, which, in the Grantee's
            reasonable judgment, does not represent a promotion from or
            maintaining of the Grantee's duties, responsibilities, status or
            positions as in effect immediately prior to the Change-in-Control,
            or any removal of the Grantee from or any failure to reappoint or
            reelect the Grantee to such positions, except in connection with the
            termination of the Grantee's employment for Cause, Disability,
            retirement or death;


                                       7
<PAGE>

                   (ii) a reduction by the Company or such successor company in
            the Grantee's base salary as in effect immediately prior to the
            Change-in-Control;

                   (iii) the failure by the Company or such successor company to
            provide and credit the Grantee with the number of paid vacation days
            to which the Grantee is then entitled in accordance with the Company
            or such successor company's normal vacation policies as in effect
            immediately prior to the Change-in-Control;

                   (iv) the Company or such successor company requiring the
            Grantee to be based in an office located beyond a reasonable
            commuting distance from the Grantee's residence immediately prior to
            the Change-in-Control, except for required travel relating to the
            Company or such successor company's business to an extent
            substantially consistent with the business travel obligations which
            the Grantee undertook on behalf of the Company or such successor
            company prior to the Change-in-Control;

                   (v) the failure by the Company or such successor company to
            obtain from any successor to the Company or such successor company
            an agreement to be bound by this Agreement; or

                   (vi) the failure by the Company or such successor company to
            continue in effect any of the benefit plans, programs or
            arrangements in which the Grantee is participating at the time of
            the Change-in-Control of the Company or such successor company
            (unless the Grantee is permitted to participate in any substitute
            benefit plan, program or arrangement with substantially the same
            terms and to the same extent and with the same rights as the Grantee
            had with respect to the benefit plan, program or arrangement that is
            discontinued) other than as a result of the normal expiration of any
            such benefit plan, program or arrangement in accordance with its
            terms as in effect at the time of the Change-in-Control, or the
            taking of any action, or the failure to act, by the Company or such
            successor company which would adversely affect the Grantee's
            continued participation in any of such benefit plans, programs or
            arrangements on at least as favorable a basis to the Grantee as is
            the case on the date of the Change-in-Control or which would
            materially reduce the Grantee's benefits in the future under any of
            such benefit plans, programs or arrangements or deprive the Grantee
            of any material benefits enjoyed by the Grantee at the time of the
            Change-in-Control.

            (i) "Funds from Operations" means the Company's funds from
operations as defined by the National Association of Real Estate Investment
Trusts and as may be adjusted by the Company.

            (j) "Initial Base Price" means $35.98 per share of the Common Stock
of the Company.

            (k) An "OPU" means a Class A common operating partnership unit of
the Partnership.


                                       8
<PAGE>

            (l) "Peer Group" means the business entities set forth on EXHIBIT A
to this Agreement, and any successors to the businesses or assets of such
entities as determined by the Committee in its sole and absolute discretion. If
an entity listed on such Exhibit ceases to exist during the term of this
Agreement and the Committee determines that there is no successor to the
business or assets of such entity, then such entity will cease to be treated as
a member of the Peer Group to the extent and for the periods determined by the
Committee in its sole and absolute discretion.

            (m) "Person" has the meaning used in Sections 13(d) and 14(d) of the
Exchange Act.

            (n) "Securities Act" means the Securities Act of 1933.

            (o) "VWAP" means the volume weighted average closing price per share
of a security on the primary exchange or other quotation system on which the
security is traded.

                            [signature page follows]


                                        9
<PAGE>

         IN WITNESS WHEREOF, the undersigned have caused this Agreement to be
executed as of the 4th day of April, 2006.


                                     RECKSON ASSOCIATES REALTY CORP.




                                     By:      /s/ Scott H. Rechler
                                           -------------------------------------
                                           Name:  Scott H. Rechler
                                           Title:  Chief Executive Officer





                                     RECKSON OPERATING PARTNERSHIP, L.P.




                                     By:      /s/ Scott H. Rechler
                                           -------------------------------------
                                           Name:  Scott H. Rechler
                                           Title:  Chief Executive Officer





                                           /s/ Salvatore Campofranco
                                     -------------------------------------------
                                     Salvatore Campofranco


                                       10
<PAGE>

                        Exhibit A - Peer Group Companies




                         American Financial Realty Trust
                            Arden Realty Group, Inc.
                             Boston Properties, Inc.
                             Brandywine Realty Trust
                         CarrAmerica Realty Corporation
                       Crescent Real Estate Equities, Inc.
                         Equity Office Properties Trust
                          Mack-Cali Realty Corporation
                             Maguire Properties Inc.
                            Prentiss Properties Trust
                           SL Green Realty Corporation
                             Trizec Properties Inc.
                              Vornado Realty Trust

<PAGE>

                                                                       EXHIBIT B



               GRANTEE'S COVENANTS, REPRESENTATIONS AND WARRANTIES

         The Grantee hereby represents, warrants and covenants as follows:

         (a) The Grantee is an individual with income (without including any
income of the Grantee's spouse) in excess of $200,000, or joint income with the
Grantee's spouse, in excess of $300,000, in each of the two most recent years,
and the Grantee reasonably expects to reach the same income level in the current
year.

         (b) The Grantee has received and had an opportunity to review the
following documents (the "Background Documents"):

             (i)      The Company's latest Annual Report to Stockholders;

             (ii)     The Company's Proxy Statement for its most recent Annual
                      Meeting of Stockholders;

             (iii)    The Company's Report on Form 10-K for the fiscal year most
                      recently ended;

             (iv)     The Company's Form 10-Q for the most recently ended
                      quarter if one has been filed by the Company with the
                      Securities and Exchange Commission since the filing of the
                      report described in clause (iii) above;

             (v)      Each of the Company's Current Report(s) on Form 8-K, if
                      any, filed since the end of the fiscal year most recently
                      ended;

             (vi)     The Partnership Agreement; and

             (vii)    The Company's Amended and Restated Certificate of
                      Incorporation.

         The Grantee also acknowledges that any delivery of the Background
Documents and other information relating to the Company and the Partnership
prior to the determination by the Partnership of the suitability of the Grantee
as an LTIP OP Unitholder shall not constitute an offer of LTIP OP Units until
such determination of suitability shall be made.

         (c) The Grantee hereby represents and warrants that

             (i)      The Grantee either (i) is an "accredited investor" as
                      defined in Rule 501(a) under the Securities Act of 1933,
                      as amended (the "Securities Act"), or (ii) by reason of
                      his or her business and financial experience, together
                      with the business and financial experience of those
                      persons, if any, retained by the Grantee to represent or
                      advise him or her with respect to the grant to him or her
                      of LTIP OP Units, has such knowledge, sophistication and
                      experience in financial and business matters and in making
                      investment decisions of this type that he or she (A) is
                      capable of evaluating the merits and risks of an
                      investment in the Partnership and of making an informed
                      investment decision, (B) is capable of protecting his or
                      her own interest or has engaged representatives or
                      advisors to assist him or her in protecting his or her
                      interests, and (C) is capable of bearing the economic risk
                      of such investment.


                                       B-1
<PAGE>

             (ii)     The Grantee understands that (A) the award of LTIP OP
                      Units involves risks different from, and in certain
                      circumstances substantially greater than those involved in
                      an award of a comparable number of shares of restricted
                      common stock of the Company; (B) the Grantee is
                      responsible for consulting his or her own tax advisors
                      with respect to the application of the U.S. federal income
                      tax laws, and the tax laws of any state, local or other
                      taxing jurisdiction to which the Grantee is or by reason
                      of the award of LTIP OP Units may become subject, to his
                      or her particular situation; (C) the Grantee has not
                      received or relied upon business or tax advice from the
                      Company, the Partnership or any of their respective
                      employees, agents, consultants or advisors; (D) the
                      Grantee provides services to the Partnership on a regular
                      basis and in such capacity has access to such information,
                      and has such experience of and involvement in the business
                      and operations of the Partnership, as the Grantee believes
                      to be necessary and appropriate to make an informed
                      decision to accept this Award of LTIP OP Units; and (E) an
                      investment in the Partnership involves substantial risks.
                      The Grantee has been given the opportunity to make a
                      thorough investigation of matters relevant to the LTIP OP
                      Units and has been furnished with, and has reviewed and
                      understands, materials relating to the Partnership and its
                      activities (including, but not limited to, the Background
                      Documents). The Grantee has been afforded the opportunity
                      to obtain any additional information (including any
                      exhibits to the Background Documents) deemed necessary by
                      the Grantee to verify the accuracy of information conveyed
                      to the Grantee. The Grantee confirms that all documents,
                      records, and books pertaining to his or her receipt of
                      LTIP OP Units which were requested by the Grantee have
                      been made available or delivered to the Grantee. The
                      Grantee has had an opportunity to ask questions of and
                      receive answers from the Partnership and the Company, or
                      from a person or persons acting on their behalf,
                      concerning the terms and conditions of the LTIP OP Units.
                      THE GRANTEE HAS RELIED UPON, AND IS MAKING ITS DECISION
                      SOLELY UPON, THE BACKGROUND DOCUMENTS AND OTHER WRITTEN
                      INFORMATION PROVIDED TO THE GRANTEE BY THE PARTNERSHIP OR
                      THE COMPANY. The Grantee did not receive any tax, legal or
                      financial advice from the Partnership or the Company and,
                      to the extent it deemed necessary, has consulted with its
                      own advisors in connection with its evaluation of the
                      Background Documents and this Agreement and the Grantee's
                      receipt of LTIP OP Units.

             (iii)    The LTIP OP Units to be issued will be acquired for the
                      account of the Grantee for investment only and not with a
                      current view to, or with any intention of, a distribution
                      or resale thereof, in whole or in part, or the grant of
                      any participation therein, without prejudice, however, to
                      the Grantee's right (subject to the terms of the LTIP OP
                      Units and this Agreement) at all times to sell or
                      otherwise dispose of all or any part of his or her LTIP OP
                      Units in compliance with the Securities Act, and
                      applicable state securities laws, and subject,
                      nevertheless, to the disposition of his or her assets
                      being at all times within his or her control.


                                      B-2
<PAGE>

             (iv)     The Grantee acknowledges that (A) the LTIP OP Units to be
                      issued have not been registered under the Securities Act
                      or state securities laws by reason of a specific exemption
                      or exemptions from registration under the Securities Act
                      and applicable state securities laws and, if such LTIP OP
                      Units are represented by certificates, such certificates
                      will bear a legend to such effect, (B) the reliance by the
                      Partnership on such exemptions is predicated in part on
                      the accuracy and completeness of the representations and
                      warranties of the Grantee contained herein, (C) such LTIP
                      OP Units, therefore, cannot be resold unless registered
                      under the Securities Act and applicable state securities
                      laws, or unless an exemption from registration is
                      available, (D) there is no public market for such LTIP OP
                      Units and (E) the Partnership has no obligation or
                      intention to register such LTIP OP Units under the
                      Securities Act or any state securities laws or to take any
                      action that would make available any exemption from the
                      registration requirements of such laws. The Grantee hereby
                      acknowledges that because of the restrictions on transfer
                      or assignment of such LTIP OP Units acquired hereby that
                      are set forth in the Partnership Agreement or this
                      Agreement, the Grantee may have to bear the economic risk
                      of his or her ownership of the LTIP OP Units acquired
                      hereby for an indefinite period of time.

             (v)      The Grantee has determined that the LTIP OP Units are a
                      suitable investment for the Grantee.

             (vi)     No representations or warranties have been made to the
                      Grantee by the Partnership or the Company, or any officer,
                      director, shareholder, agent, or affiliate of any of them,
                      and the Grantee has received no information relating to an
                      investment in the Partnership or the LTIP OP Units except
                      the information specified in Paragraph (b) above.

         (d) So long as the Grantee holds any LTIP OP Units, the Grantee shall
disclose to the Partnership in writing such information as may be reasonably
requested with respect to ownership of LTIP OP Units as the Partnership may deem
reasonably necessary to ascertain and to establish compliance with provisions of
the Internal Revenue Code of 1986, as amended (the "Code"), applicable to the
Partnership or to comply with requirements of any other appropriate taxing
authority.

         (e) The address set forth on the signature page of this Agreement is
the address of the Grantee's principal residence, and the Grantee has no present
intention of becoming a resident of any country, state or jurisdiction other
than the country and state in which such residence is sited.


                                      B-3
<PAGE>

         (f) The representations of the Grantee as set forth above are true and
complete to the best of the information and belief of the Grantee, and the
Partnership shall be notified promptly of any changes in the foregoing
representations.


                                      B-4