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First Potomac Realty Trust Reports Fourth Quarter And Full-Year 2011 Results

Stocks in this article: FPO

First Potomac Realty Trust (NYSE: FPO), a leader in the ownership, management, development and redevelopment of office and industrial properties in the greater Washington, D.C. region, reported results for the three and twelve months ended December 31, 2011.

Fourth Quarter 2011 Highlights:

  • Core Funds From Operations of $14.9 million, or $0.28 per diluted share.
  • Executed 575,000 square feet of leases.
  • Expanded $175 million unsecured term loan to $225 million in December 2011 and to $300 million in February 2012.
  • Completed three acquisitions:
    • a 51% interest in Metro Place III and IV, two office buildings in Northern Virginia.
    • a 95% interest in 1200 17 th Street, NW, an office building in Washington, D.C. that the Company plans to develop into a new Class A office building.
    • Hillside Center, two office buildings in Columbia, Maryland.

Full-Year 2011 Highlights:

  • Core Funds From Operations of $56.0 million, or $1.08 per diluted share.
  • Executed 2.8 million square feet of leases, 1.1 million square feet of new leases and 1.7 million square feet of renewal leases.
  • Expanded borrowing capacity of unsecured revolving credit facility to $255 million.

Douglas J. Donatelli, Chairman and CEO of First Potomac Realty Trust, stated “2011 was a solid year for First Potomac as we continued to execute on our strategy of upgrading and adding value to our portfolio in the greater Washington, D.C. region. We exceeded our goal of one million square feet of new leasing for the year, and continued to make meaningful progress reducing our near-term lease expirations. We continued to acquire high-quality assets in amenity-rich and transportation-friendly locations, maintaining a balance between stabilized and value-add assets. While uncertainty in the Washington, D.C. region persists, our portfolio is very well positioned. We remain committed to improving our occupancy with a view toward increasing earnings and driving shareholder value.”

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