First Potomac Realty Trust / FPO

About First Potomac Realty Trust

7600 Wisconsin Ave., 11th Floor, Bethesda, Md. 20814
www.first-potomac.com | 301-986-9200 | Founded: 1997

Industry: Real Estate | Category: Top 100 Companies

First Potomac had a year of recovery after stumbling a bit at the end of 2005. In the fourth quarter of 2006, earnings per share reached 3 cents compared with a loss of 9 cents for the fourth quarter in 2005. Overall for the year, earnings per share increased to 45 cents in 2006 from 8 cents in 2005. Profit rose sharply, to $10 million last year from $1.4 million in 2005. Much of that was driven by the company's ability to increase rental rates. The company posted a 19 percent rise on new leases and a 7 percent increase on renewed leases.
First Potomac has preferred buying single-story buildings over traditional office buildings because the properties are often less expensive and the low-rise buildings allow companies to have their office and distribution and assembly operations in the same building. In 2006, First Potomac increased the pace of its acquisitions, buying $233 million worth of properties in 11 deals, compared with $214 million in 2005. The acquisitions were spread evenly through its markets: three in Maryland, two in Northern Virginia, three in Richmond and three in the Norfolk area. It spent $41 million in acquisitions in early 2007.
The company's stock rose about 10 percent in 2006.

2007 Financial Data

Total employees: 111 | Local employees: 93