BETHESDA, MD-First Potomac Realty Trust executives say that the fourth quarter of 2013 ended with strong leasing momentum, despite the challenges that exist in Washington, DC office market.
The company reports that it posted lower net operating income in the fourth quarter due in part to the sale of its industrial business. First Potomac posted fourth quarter revenue of $39.4 million, compared to $38.5 million a year earlier. It recorded a quarterly net loss of $3.7 million, or 11 cents per share, compared to net income of $880 million, or 4 cents per share in the fourth quarter of 2012, according to the Washington Business Journal.
Core funds from operations for the REIT totaled $13.95 million in the fourth quarter of 2013, or 23 cents per share, as compared to $16.8 million, or 32 cents per share a year earlier.
“We ended the year with very strong leasing momentum and delivered our eighth consecutive quarter of positive net absorption, despite the challenges the Greater Washington, D.C. region is facing,” says Douglas Donatelli, chairman and CEO of First Potomac Realty Trust. See story in the Washington Business Journal.