WASHINGTON, DC-First Potomac Realty Trustposted an increased in FFO, an important metric for REITs, for thethird quarter of 2013. However, for the first nine months of theyear, the REIT experienced a decline in FFO, compared to the sameperiod in 2011. The REIT cited its internal investigation as thereason. For Q3, it reported that FFO rose to $19.93 million from$13.75 million in the year ago quarter. Net income was $4.10million, compared to net loss of $5.68 million in the same quarterlast year.

Douglas J. Donatelli, chairman and CEO, listedthe progress the REIT made over the quarter--accomplishments thatincluded continued execution of its capital strategy, leasing itsoffice portfolio and improving its liquidity position. "With thesale of 1200 17th Street, NW, we were able tomonetize an investment after adding value in just a short time,bringing our year-to-date dispositions to $56 million, and in turnlowering our debt-to-EBITDA ratio," he said in a preparedstatement.

First Potomac acquired 1200 17th St., NW in October 2011 via a jointventure with Akridge for $37.6 million. Not a yearlater, the REIT sold its 95% interest in the building for $43.7million to an unknown buyer. The buyers' original plan was to razethe building and then build a trophy asset on the high-demand site,but then First Potomac received an offer for its stake and decidedto take it.