First Potomac’s Market Cap Falls Below $700M

11 Dupont Circle was one of First Potomac’s last major acquisitions. It bought the iconic property in 2014 for $89 million.

WASHINGTON, DC—First Potomac Realty Trust’s market cap has fallen below $700 million, presumable due to the significant drop in share value it has experienced over the last two years. Last week the REIT filed a Form S-3 with the US Securities and Exchange Commission, a technical filing to automatically update its shelf registration. As part of that filing it included a post-effective amendment stating that it expects that it will no longer be a “well-known seasoned issuer” when its annual report is filed for 2015, per SEC regulations.

The SEC created the category of ‘Well-Known Seasoned Investor” in 2005. It defines it as  (1) as of a date within 60 days of determination date, has a worldwide market value of its outstanding voting and non-voting common equity held by non-affiliates of $700 million or more; or (2) as of a date within 60 days of the determination date, has issued in the last three years at least $1 billion aggregate principal amount of non-convertible securities…..