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 nine months ended September 30, 2012.
- Core Funds From Operations of $15.3 million, or $0.29 per diluted share.
- Same-property net operating income increased by 3.2% on an accrual basis and 1.6% on a cash basis.
- Executed 475,000 square feet of leases, including 143,000 square feet of new leases.
- Sold its 95% interest in an unconsolidated joint venture that owned 1200 17 th Street, NW, an office building in Washington, D.C., for $43.7 million, which resulted in a $3.0 million gain on the sale.
Douglas J. Donatelli, Chairman and CEO of First Potomac Realty Trust, stated, “Over the last few months, we made solid progress executing our capital strategy, leasing our office portfolio, and improving our liquidity position. With the sale of 1200 17th Street, NW, we were able to monetize an investment after adding value in just a short time, bringing our year-to-date dispositions to $56 million, and in turn lowering our Debt to EBITDA ratio. We also completed several property-level financings, which have enhanced our liquidity profile and improved our cost of debt. Additionally, we are pleased to welcome our new CFO, Andy Blocher, whose extensive experience and fiscal discipline will further enhance our Company’s efforts. While we still have work to do, the steps we have taken are considerable, and we are demonstrating our focus on building sustainable growth and improving occupancy in our portfolio.”
Funds From Operations (“FFO”) and Core FFO increased for the three months ended September 30, 2012 compared with the same period in 2011 primarily due to an increase in the Company’s net operating income. Increases in net operating income also resulted in an increase in Core FFO for the nine months ended September 30, 2012 compared with the same period in 2011. The increase in net operating income in 2012 compared with 2011 was the result of higher occupancy in the Company’s portfolio.
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