This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

First Potomac Realty Trust Reports Second Quarter 2012 Results

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 six months ended June 30, 2012.

  • Core Funds From Operations of $16.9 million, or $0.32 per diluted share, which includes termination fee income of $1.1 million, or $0.02 per diluted share.
  • Same-property net operating income increased by 3.5% on an accrual basis and 3.0% on a cash basis.
  • Executed 560,000 square feet of leases, including 147,000 square feet of new leases.
  • Increased leased rates over prior quarter to 85.4%, from 84.9%, and occupancy rates to 84.0%, from 83.0%.
  • Prepaid the entire $75.0 million principal balance of its Series A and Series B Senior Notes and paid a $10.2 million make-whole amount associated with the prepayment.

Douglas J. Donatelli, Chairman and CEO of First Potomac Realty Trust, stated “Our focus this quarter was continuing to lease up our portfolio, refining our capital plan to better align our balance sheet with our business strategy, implementing steps to remediate the material weakness disclosed in our 10-K and completing the internal investigation. We made good progress on these initiatives, and we are especially pleased that we were able to increase our occupancy to 84%, a more than 300 basis point increase over the second quarter of last year.”

Core FFO increased for the three and six months ended June 30, 2012 compared with the same periods in 2011 primarily due to an increase in the Company’s net operating income. FFO decreased for the three and six months ended June 30, 2012 compared with the same periods in 2011 due to $13.2 million of debt extinguishment charges and $2.5 million of legal and accounting fees associated with the Company’s internal investigation, both of which were incurred during the second quarter of 2012. The debt extinguishment charges and legal and accounting costs also caused the Company’s net loss to increase for the three and six months ended June 30, 2012. The Company’s loss on debt extinguishment and legal and accounting costs associated with its internal investigation are explained in greater detail later in this press release.

1 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs