Last $12.04 USD
Change Today +0.04 / 0.33%
Volume 52.8K
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As of 3:03 PM 03/3/15 All times are local (Market data is delayed by at least 15 minutes).

first potomac realty trust (FPO) Key Developments

First Potomac Realty Trust Seeks Acquisitions

First Potomac Realty Trust (NYSE:FPO) is looking for acquisitions. Doug Donatelli, Chief Executive Officer of First Potomac said "That's the way to think about it. Those properties are performing fairly well at the moment. So we don't have any particular concerns on some of the properties in the portfolio. They are sort of the -- some of the higher quality flex properties that we still have in the portfolio as well as a couple of industrial buildings that did not sell industrial properties that didn't sell as a part of our industrial property sale. We'll be opportunistic in dispositions of individual properties and try to marry those sales up with acquisitions."

First Potomac Realty Trust Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Full Year of Fiscal 2015

First Potomac Realty Trust announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company announced total revenues of $42,928,000 compared to $37,517,000 for the same period a year ago. Operating income was $4,333,000 compared to $3,618,000 for the same period a year ago. Loss from continuing operations was $402,000 compared to $2,421,000 for the same period a year ago. Net income was $103,000 compared to net loss of $3,741,000 for the same period a year ago. Net income attributable to First Potomac Realty Trust was $231,000 compared to net loss attributable to First Potomac Realty Trust of $3,453,000 for the same period a year ago. Net loss attributable to common shareholders was $2,869,000 or $0.05 per basic and diluted share compared to $6,553,000 or $0.11 per basic and diluted share for the same period a year ago. Funds from operations available to common shareholders were $16,410,000 compared to $12,323,000 for the same period a year ago. Funds from operations (FFO) were $19,510,000 compared to $15,423,000 for the same period a year ago. Core FFO was $16,424,000 compared to $13,950,000 for the same period a year ago. FFO available to common shareholders per share basic and diluted were $0.27 compared to $0.20 for the same period a year ago. Core FFO per share diluted was $0.27 compared to $0.23 for the same period a year ago. For the full year, the company announced total revenues of $161,652,000 compared to $148,815,000 for the same period a year ago. Operating income was $11,451,000 compared to $17,526,000 for the same period a year ago. Income from continuing operations was $15,559,000 compared to loss from continuing operations of $10,761,000 for the same period a year ago. Net income was $17,043,000 compared to $10,981,000 for the same period a year ago. Net income attributable to First Potomac Realty Trust was $16,844,000 compared to $11,074,000 for the same period a year ago. Net income attributable to common shareholders was $4,444,000 or $0.07 per basic and diluted share compared to net loss attributable to the common shareholders of $1,326,000 or $0.03 per basic and diluted share for the same period a year ago. Funds from operations available to common shareholders were $55,956,000 compared to $51,993,000 for the same period a year ago. Funds from operations (FFO) were $68,356,000 compared to $64,393,000 for the same period a year ago. Core FFO was $59,682,000 compared to $59,207,000 for the same period a year ago. FFO available to common shareholders per share basic and diluted were $0.92 compared to $0.90 for the same period a year ago. Core FFO per share diluted was $0.98 compared to $1.03 for the same period a year ago. The company provided earnings guidance for the full year of fiscal 2015. The company issued its full-year 2015 Core FFO guidance of $0.92 to $0.98 per diluted share. The company expects to report portfolio NOI between $105,500,000 and $108,500,000. FFO from unconsolidated joint ventures expected between $5,000,000 and $5,500,000 and interest expense expected between $27,000,000 and $29,000,000. Same property NOI growth - accrual basis is expected between 1.0% and 2.5%. Net loss attributable to common shareholders per diluted share is expected between $0.12 and $0.09 and core FFO per diluted share is expected between $0.92 and $0.98.

First Potomac Realty Trust Signs New Leases Totaling 27,283 Square Feet in NW Washington, D.C

First Potomac Realty Trust announced five new lease transactions totaling 27,283 square feet at two newly redeveloped properties, 440 First Street, NW and 1211 Connecticut Avenue, NW. 440 First Street, NW is now 57.8% leased with the addition of the following two tenants: Lewis-Burke Associates, LLC, a full-service government relations firm, signed a lease totaling 10,670 square feet. They will be relocating from the East End to Capitol Hill. William Meyer and Jim Rayborn from The Meyer Group represented Lewis-Burke Associates, LLC. The Appraisal Institute signed a lease totaling 1,412 square feet. William Quinby and David Cornbrooks of Savills Studley represented the Appraisal Institute. 1211 Connecticut Avenue, NW is now 98% leased with the addition of the following three tenants: RepEquity signed a lease totaling 8,268 square feet. Greg Lubar from JLL represented RepEquity. Public Campaign signed a lease totaling 6,033 square feet. Elizabeth Cooper and Kayma Liburd from JLL represented Public Campaign. International Student Conferences signed a lease totaling 900 square feet. Fletcher Gill and Collin Brown of The Genau Group represented ISC.

First Potomac Realty Trust Declares Quarterly Dividend on Common Share and Series A Preferred Shares, Payable on February 17, 2015

First Potomac Realty Trust announced that its Board of Trustees has declared a quarterly dividend of $0.15 per common share. The dividend, which equates to an annualized rate of $0.60 per share, is payable on February 17, 2015 to common shareholders of record on February 10, 2015. The Board of Trustees has also declared a quarterly dividend of $0.484375 per share on the company's Series A Preferred Shares, payable on February 17, 2015, to Series A preferred shareholders of record on February 10, 2015.

First Potomac Realty Trust to Report Q4, 2014 Results on Feb 19, 2015

First Potomac Realty Trust announced that they will report Q4, 2014 results at 5:00 PM, Eastern Standard Time on Feb 19, 2015

 

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