Businessweek

First Potomac Realty Trust operates as a real estate investment trust. The company focuses on owning, developing, redeveloping and operating industrial properties and business parks in the Washington, D.C. metropolitan area and other major markets in Maryland and Virginia (which it refers to as the Southern Mid-Atlantic region). The company separates its properties into three distinct segments, which it refers to as the Maryland, Northern Virginia and Southern Virginia regions. Business The company’s acquisition strategies focus on industrial properties and business parks in its target markets that generally meet the following investment criteria: established locations; below-market rents; and/or absentee ownership. The company was formed to be the successor general partner of First Potomac Realty Investment Limited Partnership, the Company’s operating partnership (the ‘Operating Partnership’). The company owns all of its properties and conducts its business through the Operating Partnership. As of December 31, 2007, the Company was the sole general partner of, and owned a 96.8% interest in, the Operating Partnership. As of December 31, 2007, the company owned approximately 11.4 million square feet, and the company’s properties were 86.3% occupied by 610 tenants. It also owned land that can accommodate approximately 1.6 million square feet of development. As of December 31, 2007, the company’s largest tenant was the U.S. Government. REIT Tax Status 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. Significant Events First Potomac Realty Trust has a joint venture with AEW Value Investors II, L.P a value-added real estate fund managed by AEW Capital Management. First Potomac contributed to the joint venture a six-building business park located in Columbia, Maryland, Rivers Park I & II, which the company acquired in September 2008. The new joint venture is owned 75% by AEW and 25% by First Potomac. History First Potomac Realty Trust was founded in 1997.