Last $12.50 USD
Change Today +0.13 / 1.05%
Volume 243.8K
FPO On Other Exchanges
Symbol
Exchange
New York
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As of 8:04 PM 10/31/14 All times are local (Market data is delayed by at least 15 minutes).

first potomac realty trust (FPO) Snapshot

Open
$12.50
Previous Close
$12.37
Day High
$12.57
Day Low
$12.35
52 Week High
06/6/14 - $13.61
52 Week Low
11/13/13 - $10.96
Market Cap
735.3M
Average Volume 10 Days
222.6K
EPS TTM
$0.13
Shares Outstanding
58.8M
EX-Date
11/4/14
P/E TM
98.5x
Dividend
$0.60
Dividend Yield
4.80%
Current Stock Chart for FIRST POTOMAC REALTY TRUST (FPO)

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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 Plans Dispostions

First Potomac Realty Trust (NYSE:FPO) plans to dispositions. Nick Smith, Chief Investment Officer of the company said: “I think from an acquisition standpoint, look at us doing the same sorts of things that we've done thus far in 2014 and toward the end of 2013 But we're also going to be ramping up dispositions in 2015. We're looking at selling and we're evaluating the sale of many of our non-core properties in Northern Virginia, so we're just at the genesis of that. And of course, we'd mentioned that Newington is something that we're also looking to sell, and Richmond is out in market right now.”

First Potomac Realty Trust Declares Dividend on Common and Series A Preferred Shares Payable on November 17, 2014; Reported Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Year 2014; Provides Preferred Dividend Guidance for the Year 2014

On October 21, 2014, First Potomac Realty Trust declared a dividend of $0.15 per common share, equating to an annualized dividend of $0.60 per common share. The dividend will be paid on November 17, 2014 to common shareholders of record as of November 6, 2014. The company also declared a dividend of $0.484375 per share on Series A Preferred Shares. The dividend will be paid on November 17, 2014 to preferred shareholders of record as of November 6, 2014. The company reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total revenues of $42.003 million against $39.249 million a year ago. Operating income was $4.135 million against $3.894 million a year ago. Income from continuing operations was $0.049 million against loss from continuing operations of $2.240 million a year ago. Net loss attributable to common shareholders was $2.920 million or $0.05 per basic diluted share against $4.606 million or $0.08 per basic diluted share a year ago. Funds from operations available to common shareholders was $13.953 million or $0.23 per basic diluted share against $11.451 million or $0.19 per basic diluted share a year ago. Core FFO was $15.441 million or $0.25 per basic diluted share against $13.524 million or $0.22 per basic diluted share a year ago. Funds from operations and Core FFO increased for the three months ended September 30, 2014 compared with the same period in 2013 due to an increase in net operating income and a reduction in interest expense, as the company decreased the weighted average interest rate on total outstanding debt by 95 basis points since September 30, 2013. NOI was $26.578 million against $24.756 million a year ago. For the nine months, the company reported total revenues of $124.608 million against $117.239 million a year ago. Operating income was $8.068 million against $15.132 million a year ago. Income from continuing operations was $16.699 million against loss from continuing operations of $7.374 million a year ago. Net income attributable to common shareholders was $7.314 million or $0.12 per basic diluted share against $5.226 million or $0.098 per basic diluted share a year ago. Funds from operations available to common shareholders were $39.546 million or $0.65 per basic diluted share against $39.670 million or $0.70 per basic diluted share a year ago. Core FFO was $43.258 million or $0.71 per basic diluted share against $45.257 million or $0.80 per basic diluted share a year ago. FFO and Core FFO decreased for the nine months ended September 30. 2014 compared with the same period in 2013 due to a reduction in net operating income. primarily as a result of selling the company's industrial portfolio in June 2013. The reduction in net operating income from the industrial portfolio sale for the nine months ended September 30. 2014 was partially offset by improvements in net operating income on a same-property basis. NOI was $76.775 million against $74.16 million a year ago. The company increased the low end of full-year 2014 core FFO per share guidance to $0.94 to $0.97 per diluted share, as a result of the company's third quarter performance and current anticipated timing of the sale of Richmond portfolio. the revised guidance reflects all completed capital recycling activities as of the date of this release. For the year, the company expects total NOI between $102.750 million to $104.500 million and interest expense between $25 million to $25.5 million. The company expects preferred dividends of $12.400 million.

First Potomac Realty Trust Appoints Samantha Sacks Gallagher as Executive Vice President, General Counsel and Secretary

First Potomac Realty Trust announced the appointment of Samantha Sacks Gallagher as Executive Vice President, General Counsel and Secretary, effective mid-October 2014. In her new position, Ms. Gallagher will be the company's chief legal officer and will lead the company's corporate legal function. In her role, Ms. Gallagher will have leadership responsibility for corporate governance matters, SEC and NYSE compliance, structuring of corporate-level transactions, overseeing litigation, as well as managing outside counsel. Ms. Gallagher is currently a partner at Arnold & Porter LLP in the firm's Corporate and Securities Group in Washington, D.C. Ms. Gallagher's practice has focused on the representation of issuers and underwriters in public and private securities offerings, as well as advising companies in a variety of corporate and securities law matters, including public company reporting obligations, corporate governance issues, joint ventures, and mergers and acquisitions.

 

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Industry Analysis

FPO

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Valuation FPO Industry Range
Price/Earnings 100.0x
Price/Sales 4.4x
Price/Book 1.3x
Price/Cash Flow 9.7x
TEV/Sales NM Not Meaningful
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