First Potomac Realty Trust
(NYSE: FPO)
13.66
+0.24
+1.79%
+0.24
+1.79%
MORE ON FPO
COMPANY INFORMATION
| Exchange: | New York Stock Exchange |
| Stock: | First Potomac Realty Trust |
| Industry: | REIT - Office |
| Employees: | 184 |
DESCRIPTION
| First Potomac Realty Trust was formed in July 2003 to be the successor general partner of First Potomac Realty Investment Limited Partnership, the Company’s operating partnership. The Company is engaged in ownership, management, development and redevelopment of office, business park and industrial properties in the greater Washington, D.C. region. The Company separates its properties into four distinct reporting segments, which it refers to as the Washington, D.C., Maryland, Northern Virginia and Southern Virginia reporting segments. Its portfolio contains a mix of single-tenant and multi-tenant office and industrial properties, as well as business parks. Office properties are single-story and multi-story buildings that are used primarily for office use; business parks contain buildings with office features combined with some industrial property space; and industrial properties generally are used as warehouse, distribution or manufacturing facilities. The Company conducts its business through First Potomac Realty Investment Limited Partnership, the Company's operating partnership (the Operating Partnership). It is the sole general partner and, as of December 31, 2012, owned a 95.2% interest in, the Operating Partnership. As of December 31, 2012, the Company wholly-owned or had a controlling interest in properties totaling approximately 13.7 million square feet and had a noncontrolling ownership interest in properties totaling an additional 0.9 million square feet through five unconsolidated joint ventures. It also owned land that can support approximately 2.4 million square feet of additional development. The Company operates so as to qualify as a real estate investment trust (REIT) for federal income tax purposes. It competes with other REITs, public and private real estate companies, private real estate investors and lenders, both domestic and foreign in acquiring and developing properties. The Company's properties are subject to various federal, state and local environmental laws. |
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