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First Potomac Realty Trust Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: March 11, 2011 06:18AM
First Potomac Realty Trust (FPO) filed Annual Report for the period ended 2010-12-31.
Highlight of Business Operations:
The aggregate fair value of the registrants common shares of beneficial interest, $0.001 par value per share, at June 30, 2010, held by those persons deemed by the registrant to be non-affiliates was $518,050,499.
For the year ended December 31, 2010, the Company had consolidated net revenues of approximately $140 million and consolidated total assets of $1.4 billion. Required financial information related to the Companys three reporting segments is set forth in footnote 18, Segment Information, to the Companys consolidated financial statements.
Our operating partnership was formed in December 1997 by Louis T. Donatelli, our former Chairman, Douglas J. Donatelli, our current Chairman and Chief Executive Officer and Nicholas R. Smith, our Executive Vice President and Chief Investment Officer, to focus on the acquisition, redevelopment and development of industrial properties and business parks, primarily in the suburban markets of the Washington, D.C. metropolitan area. The Company completed its initial public offering (IPO) in October 2003, raising net proceeds of approximately $118 million. At December 31, 2003, the Company owned 17 properties totaling approximately 2.9 million square feet and had revenues of $18.4 million and total assets of $244.1 million. Through its business strategy and operating model, by December 31, 2006, the Company had almost quadrupled its square footage owned and had more than quadrupled its revenues and total assets. During 2007 and 2008, the Companys management team chose not to expand the Companys portfolio given the increase in asset prices. The company therefore focused on maximizing the value of its assets under management and maintaining a flexible balance sheet. In 2009, the Company began seeing attractive acquisition opportunities and determined that it was the appropriate time to begin growing its portfolio again, expanding its platform to include more multi-story office properties. In 2010, the Company entered the office market in Washington, D.C., with the acquisition of four properties, including one property purchased through an unconsolidated joint venture.
Total assets were $1.4 billion at December 31, 2010 compared with $1.1 billion at December 31, 2009.
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