WASHINGTON, DC-First Potomac REIT has reported its second quarterly earnings. Funds From Operations, a key metric for REITs, increased for both the three and six months ended June 30, 2013 compared with the same periods in 2012.
Other accomplishments during this period included the sale of its industrial portfolio, including I-66 Commerce Center, for gross proceeds of $259 million. It also prepaid $42.7 million of debt associated with the sold properties and used a portion of the proceeds from the sale to prepay a $16.4 million mortgage loan that encumbered Cloverleaf Center.
The REIT also noted that it brought Redland Corporate Center, a 349,000 square foot office property in Rockville, MD, from 40% leased at acquisition to 100% leased and signed its first office lease at 440 First Street, NW on Capitol Hill with Associated Builders and Contractors, Inc. for approximately 20,000 square feet.
"The second quarter marked significant progress with respect to our previously announced updated strategic and capital plan, as we concentrated our operating focus through the sale of the industrial portfolio, and decreased leverage through the use of proceeds from both that sale and our common equity offering," Douglas Donatelli, CEO, says in a prepared statement.
Author's note: GlobeSt.com used an old transcript by mistake in a story published earlier. We regret the error.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
