Last $13.20 USD
Change Today -0.01 / -0.08%
Volume 20.8K
FPO On Other Exchanges
New York
As of 10:42 AM 07/11/14 All times are local (Market data is delayed by at least 15 minutes).

first potomac realty trust (FPO) Snapshot

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52 Week High
07/26/13 - $14.63
52 Week Low
11/13/13 - $10.96
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first potomac realty trust (FPO) Details

First Potomac Realty Trust, a real estate investment trust (REIT), engages in the ownership, development, redevelopment, and operation of industrial properties and business parks in the Washington, D.C. metropolitan area, and other markets in Maryland and Virginia. As of March 31, 2008, it owned approximately 11.4 million square feet. The company qualifies as a REIT under the Internal Revenue Code. As a REIT, it would not be subject to federal tax to the extent that it distributes at least 90% of its taxable income to its shareholders. First Potomac Realty Trust was founded in 1997 and is based in Bethesda, Maryland.

189 Employees
Last Reported Date: 02/28/14
Founded in 1997

first potomac realty trust (FPO) Top Compensated Officers

Co-Founder, Chairman, Chief Executive Officer...
Total Annual Compensation: $575.0K
Co-Founder, Chief Investment Officer and Exec...
Total Annual Compensation: $330.0K
Chief Financial Officer, Executive Vice Presi...
Total Annual Compensation: $360.0K
Chief Accounting Officer and Senior Vice Pres...
Total Annual Compensation: $235.0K
Senior Vice President of Leasing
Total Annual Compensation: --
Compensation as of Fiscal Year 2013.

first potomac realty trust (FPO) Key Developments

First Potomac Realty Trust Announces Acquisition of 1775 Wiehle Avenue in Reston, Virginia for $41 Million

First Potomac Realty Trust announced the acquisition of 1775 Wiehle Avenue in Reston, Virginia for $41 million. 1775 Wiehle Avenue is a multi-tenanted Class-A office building totaling 130,048 square feet and is currently 100% leased. The five-story building is located in Reston, Virginia, two blocks from the Wiehle-Reston East Silver Line Metro station, which is expected to open in July 2014, and is conveniently located directly off the Dulles Toll Road. The property was unencumbered at the time of acquisition. In addition, the company sold Corporate Campus at Ashburn Center in Ashburn, Virginia for $41 million, which represents a significant return on investment for the company. Ashburn Center is a 194,184 square-foot, single-story business park located approximately five miles north of Dulles Airport. The company purchased the property in an off-market transaction in 2009 for approximately $14.7 million and invested an additional $5 million in the property. At the time of acquisition, the property was 45% leased and it was 100% leased at the time of sale. On a year-to-date basis, The company has acquired approximately $99 million of high-quality office properties at a weighted average capitalization rate of approximately 6.4% while disposing of approximately $86 million of business parks at a weighted average capitalization rate of approximately 8.3%.

First Potomac Realty Trust Signs on Four New Leases at 440 First Street, NW

First Potomac Realty Trust announced four lease transactions totaling 19,354 square feet at the newly redeveloped 440 First Street, NW in Washington, D.C. Beer Institute, a resource center representing the beer industry before Congress, state legislatures and public forums, signed an 11-year lease totaling 4,697 square feet. Michael Boland with Boland Real Estate Services represented the Beer Institute. Banner Public Affairs, a government relations and communications company, signed a five year, 10 month lease for 4,808 square feet. Mark Klug at CBRE represented Banner Public Affairs. Access Group signed an 11-year, 7,453 square foot lease. Michael Torrey Associates, a public affairs group, signed a 6-year lease for 2,396 square feet.

First Potomac Realty Trust Appoints Robert Milkovich as Executive Vice President and Chief Operating Officer, Effective June 2, 2014

First Potomac Realty Trust announced the appointment of Robert Milkovich as Executive Vice President and Chief Operating Officer, effective June 2, 2014. In this role, Mr. Milkovich will oversee all aspects of operations, including leasing, property management, marketing and development. Prior to joining First Potomac Realty Trust, Mr. Milkovich served as President of Spaulding & Slye Investments.


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