First Potomac Realty Trust

First Potomac Realty Trust
Industry Real estate investment trust
Fate Acquired by Government Properties Income Trust
Founded 1997 (1997)
Founder Douglas J. Donatelli
Nicholas R. Smith
Defunct October 2, 2017 (2017-10-02)
Headquarters Bethesda, Maryland
Key people
 Terry L. Stevens, Chairman
Robert Milkovich, President & CEO
Andrew P. Blocher, CFO
Revenue Decrease $0.160 billion (2016)
Decrease $0.009 billion (2016)
Total assets Decrease $1.260 billion (2016)
Total equity Decrease $0.436 billion (2016)
Number of employees
 120 (2016)
Footnotes / references
[1]

First Potomac Realty Trust was a real estate investment trust that invested in industrial properties and business parks in the suburbs of the Washington metropolitan area. In 2017, it was acquired by Government Properties Income Trust.

As of December 31, 2016, the company wholly owned properties totaling 6.7 million square feet and owned an additional 0.9 million square feet via joint ventures. The company's largest tenant was the federal government of the United States, which accounted for 16% of rents in 2016.[1]

History

The company was founded in 1997 by Douglas J. Donatelli and Nicholas R. Smith.[2]

In October 2003, the company became a public company via an initial public offering, raising $112.5 million.[3][1]

In June 2010, the company acquired 500 First Street for $68 million.[4][5]

In October 2010, the company acquired 1750 H Street for $65 million in a joint venture with AEW Capital Management.[6]

In December 2010, the company acquired 1211 Connecticut Ave for $49.5 million.[7]

In January 2011, the company acquired 440 First Street NW for $15.3 million.[8]

In August 2011, the company acquired 1005 First Street NE for $46.75 million in a joint venture.[9] In 2016, the company sold its interest to its joint venture partner based on a valuation of $54.5 million.[10]

In August 2012, the company sold its interest in 1200 17th Street NW for $43.7 million.[11]

In June 2013, the company sold the majority of its industrial portfolio to an affiliate of The Blackstone Group for $241.5 million.[12]

In October 2013, the company acquired a building in Rockville, Maryland leased to the United States Department of Health and Human Services for $30 million.[13]

In April 2014, the company acquired 1401 K Street NW for $58 million.[14]

In June 2014, the company acquired 1775 Wiehle Avenue in Reston, Virginia for $41 million.[15]

In September 2014, the company acquired 11 Dupont Circle NW for $89 million.[16]

In March 2015, the company sold its properties in Richmond, Virginia.[17][18]

In November 2015, Robert Milkovich was appointed chief executive officer of the company and founders Douglas J. Donatelli and Nicholas R. Smith resigned from the company.[2][19]

In March 2016, the company sold 26 buildings in Northern Virginia for net proceeds of $90.5 million.[20]

In February 2017, the company sold Plaza 500 in Alexandria, Virginia for $75 million.[21][22]

In March 2017, the company sold 2 joint venture assets for $59.5 million.[23]

In October 2017, the company was acquired by Government Properties Income Trust.[24]

References

  1. 1 2 3 "First Potomac Realty Trust 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 2 "First Potomac Appoints Robert Milkovich Chief Executive Officer" (Press release). PR Newswire. November 9, 2015.
  3. ↑ "FIRST POTOMAC REALTY TRUST (FPO) IPO". NASDAQ.
  4. ↑ Eckert, Barton (June 30, 2010). "First Potomac buys first downtown D.C. office building". American City Business Journals.
  5. ↑ Forbes, Laurie (July 1, 2010). "First Potomac Pays AREA $68M for DC Office Property". CoStar Group.
  6. ↑ "First Potomac Realty Trust Acquires 1750 H St., NW in Washington, D.C." (Press release). Business Wire. October 28, 2010.
  7. ↑ Forbes, Laurie (December 9, 2010). "First Potomac Buys Office in DC's Golden Triangle for $49.5M". CoStar Group.
  8. ↑ Echols, Tucker (January 4, 2011). "First Potomac buys 440 First St. NW for $15.3M". American City Business Journals.
  9. ↑ "First Potomac Realty Trust Acquires Greyhound Site in Washington, D.C" (Press release). Business Wire. August 4, 2011.
  10. ↑ "First Potomac Realty Trust Sells Storey Park For $54.5 Million" (Press release). PR Newswire. July 26, 2016.
  11. ↑ Schwieger, Charlie (August 28, 2012). "First Potomac Sells Stake in DC Office for $43.7M". CoStar Group.
  12. ↑ "First Potomac Realty Trust Completes Sale Of Industrial Portfolio For $259 Million" (Press release). PR Newswire. June 18, 2013.
  13. ↑ "First Potomac Acquires Third Office Building At Redland Corporate Center For $30 Million" (Press release). PR Newswire. October 7, 2013.
  14. ↑ "First Potomac Realty Trust Acquires 1401 K Street For $58 Million" (Press release). PR Newswire. April 8, 2014.
  15. ↑ "First Potomac Realty Trust Improves Portfolio Quality With Active Capital Recycling" (Press release). PR Newswire. June 26, 2014.
  16. ↑ "First Potomac Realty Trust Acquires 11 Dupont Circle For $89 Million" (Press release). PR Newswire. September 25, 2014.
  17. ↑ "First Potomac Realty Trust Sells Richmond, Virginia Portfolio" (Press release). PR Newswire. March 19, 2015.
  18. ↑ Meyers, Bryce (March 20, 2015). "First Potomac Exits Richmond Market". CoStar Group.
  19. ↑ Trainor, Tim (November 9, 2015). "Donatelli Steps Down at First Potomac; REIT Promotes Milkovich to CEO". CoStar Group.
  20. ↑ "First Potomac Realty Trust Sells Northern Virginia Non-Core Portfolio" (Press release). PR Newswire. March 28, 2016.
  21. ↑ "First Potomac Realty Trust Announces Sales of Plaza 500 and One Fair Oaks" (Press release). PR Newswire. February 21, 2017.
  22. ↑ Harvey, Michael (February 21, 2017). "First Potomac Realty Trust Completes $75 Million Sale of Plaza 500 in Alexandria". CoStar Group.
  23. ↑ "First Potomac Realty Trust Sells Two Joint Venture Assets For $59.5 Million" (Press release). PR Newswire. March 9, 2017.
  24. ↑ "Government Properties Income Trust Completes Acquisition of First Potomac Realty Trust" (Press release). Business Wire. October 2, 2017.
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