WASHINGTON, DC-First Potomac Realty Trust reported that its Q4 funds from operations, a key metric for REITs, was $14.09 million or $0.27 per share. That compares with $7.80 million or $0.17 per share for the same quarter last year. Core Funds From Operations was $14.86 million or $0.28 per share, compared to $12.95 million or $0.29 per share in the same quarter last year. Core Funds From Operations of $56.0 million, or $1.08 per diluted share.

Douglas J. Donatelli, chairman and CEO of First Potomac, called 2011 a solid year. Among other benchmarks, he said, the REIT “exceeded our goal of one million square feet of new leasing for the year, and continued to make meaningful progress reducing our near-term lease expirations.” For 2011, First Potomac executed 2.8 million square feet of leases, 1.1 million square feet of new leases and 1.7 million square feet of renewal leases.

Much of this activity occurred in Q4, when the company executed 575,000 square feet of leases, a number that consisted of 215,000 square feet of new leases and 360,000 square feet of renewals. The latter reflected a 63% retention rate.

Same-property net operating income decreased 1.0% on a cash basis and 0.8% on an accrual basis for the quarter, compared with the same period in 2010. For the twelve months ended December 31, 2011, First Potomac’s same-property NOI increased 1.2% on a cash basis and decreased 0.1% on an accrual basis.

The REIT also made three acquisitions in Q4. It bought  a 51% interest in Metro Place III and IV, two office buildings in Northern Virginia; a 95% interest in 1200 17th Street, NW, in the District; and it acquired Hillside Center, two office buildings in Columbia, MD.