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CORRECTING And REPLACING First Potomac Realty Trust Reports First Quarter 2012 Results

Stocks in this article: FPO

Please replace the release with the following corrected version due to changes to the Guidance Range chart.

The corrected release reads:

FIRST POTOMAC REALTY TRUST REPORTS FIRST QUARTER 2012 RESULTS

Schedules Conference Call for May 16 th at 9:00 a.m.

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 months ended March 31, 2012.

Highlights:

  • Core Funds From Operations of $14.5 million, or $0.28 per diluted share.
  • Same-property net operating income increased by 2.0% on an accrual basis and 2.8% on a cash basis.
  • Executed 576,000 square feet of leases, generating over 134,000 square feet of positive net absorption.
  • Increased leased and occupancy rates over prior quarter to 84.9% and 83.0%, respectively.
  • Expanded unsecured term loan from $225 million to $300 million.
  • Raised net proceeds of approximately $44 million through the issuance of 1.8 million additional 7.750% Series A Preferred Shares.

Core FFO and FFO increased for the three months ended March 31, 2012 compared with the same period in 2011 primarily due to an increase in the Company’s net operating income. The Company’s net loss decreased for the three months ended March 31, 2012 compared with the same period in 2011 primarily due to a decrease in acquisition costs. The Company did not acquire any properties during the three months ended March 31, 2012 compared with the acquisition of three properties during the three months ended March 31, 2011, which resulted in $2.2 million in acquisition costs.

The Company’s consolidated portfolio was 84.9% leased and 83.0% occupied at March 31, 2012 compared with 84.3% leased and 81.8% occupied at December 31, 2011. A list of the Company's properties, as well as additional information regarding the Company’s results of operations can be found in the Company's First Quarter 2012 Supplemental Financial Report, which is posted on the Company's website, www.first-potomac.com.

A reconciliation of net loss to FFO and Core FFO, as well as definitions and statements of purpose, is included below under “Non-GAAP Financial Measures” and in the financial tables accompanying this press release.

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