First Potomac Realty Trust

First Potomac Realty Trust was a real estate investment trust that invested in industrial properties and business parks in the suburbs of the Washington metropolitan area. In 2017, it was acquired by Government Properties Income Trust.

First Potomac Realty Trust
IndustryReal estate investment trust
FateAcquired by Government Properties Income Trust
Founded1997 (1997)
FounderDouglas J. Donatelli
Nicholas R. Smith
DefunctOctober 2, 2017 (2017-10-02)
HeadquartersBethesda, Maryland
Key people
 Terry L. Stevens, Chairman
Robert Milkovich, President & CEO
Andrew P. Blocher, CFO
Revenue$0.160 billion (2016)
$0.009 billion (2016)
Total assets$1.260 billion (2016)
Total equity$0.436 billion (2016)
Number of employees
120 (2016)
Footnotes / references
[1]

As of December 31, 2016, the company wholly owned properties totaling 6.7 million square feet and owned an additional 0.9 million square feet via joint ventures. The company's largest tenant was the federal government of the United States, which accounted for 16% of rents in 2016.[1]

History

The company was founded in 1997 by Douglas J. Donatelli and Nicholas R. Smith.[2]

In October 2003, the company became a public company via an initial public offering, raising $112.5 million.[3][1]

In 2010, the company acquired 440 First St NW for $15.3 million and 1211 Connecticut Ave for $49.5 million.[4]

In June 2013, the company sold the majority of its industrial portfolio to an affiliate of The Blackstone Group for $241.5 million.[5]

In March 2015, the company sold its properties in Richmond, Virginia for $60 million.[6][7]

In November 2015, Robert Milkovich was appointed chief executive officer of the company and founders Douglas J. Donatelli and Nicholas R. Smith resigned from the company.[2][8]

In March 2016, the company sold 26 buildings in Northern Virginia for net proceeds of $90.5 million.[9]

In October 2017, the company was acquired by Government Properties Income Trust.[10]

References
  1. "First Potomac Realty Trust 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "First Potomac Appoints Robert Milkovich Chief Executive Officer" (Press release). PR Newswire. November 9, 2015.
  3. "FIRST POTOMAC REALTY TRUST (FPO) IPO". NASDAQ.
  4. Echols, Tucker (January 4, 2011). "First Potomac buys 440 First St. NW for $15.3M". American City Business Journals.
  5. "First Potomac Realty Trust Completes Sale Of Industrial Portfolio For $259 Million" (Press release). PR Newswire. June 18, 2013.
  6. "First Potomac Realty Trust Sells Richmond, Virginia Portfolio" (Press release). PR Newswire. March 19, 2015.
  7. "First Potomac sells Richmond portfolio for $60 million". Richmond Times-Dispatch. March 25, 2015.
  8. Sernovitz, Daniel J. (November 9, 2015). "Donatelli out, Milkovich in as CEO of First Potomac Realty Trust". American City Business Journals.
  9. "First Potomac Realty Trust Sells Northern Virginia Non-Core Portfolio" (Press release). PR Newswire. March 28, 2016.
  10. "Government Properties Income Trust Completes Acquisition of First Potomac Realty Trust" (Press release). Business Wire. October 2, 2017.
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