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First Potomac Realty Trust Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 9, 2011 04:11PM

First Potomac Realty Trust (FPO) filed Quarterly Report for the period ended 2011-06-30. First Potomac Realty Trust has a market cap of $535.6 million; its shares were traded at around $11.32 with a P/E ratio of 9.5 and P/S ratio of 3.8. The dividend yield of First Potomac Realty Trust stocks is 7.5%. First Potomac Realty Trust had an annual average earning growth of 4.1% over the past 10 years.



Highlight of Business Operations:

The Company had net income of $0.8 million during the second quarter of 2011 compared with net income of $33 thousand during the second quarter of 2010. The increase in the Company’s net income for the quarter ended June 30, 2011 compared with 2010 is primarily due to an increase in gain on sale of real estate properties. The Company sold a property in the second quarter of 2011 for a gain of $2.0 million compared with a gain of $0.6 million from a property sold in the second quarter of 2010. The increase in net income for the three months ended June 30, 2011 was partially offset by an increase in interest expense as the Company issued additional debt and assumed several mortgages in its acquisition of properties in the fourth quarter of 2010 and the first half of 2011.

For the six months ended June 30, 2011, the Company incurred a net loss of $3.1 million compared with a net loss of $2.2 million during the six months ended June 30, 2010. The increase in the Company’s net loss for the six months ended June 30, 2011 compared with the same period in 2010 is primarily due to an increase in acquisition costs and impairment charges. The Company acquired four properties during the six months ended June 30, 2011, incurring $2.7 million in acquisition costs, compared with two property acquisitions during the six months ended June 30, 2010, incurring $1.7 million in acquisition costs. During the first quarter of 2011, the Company incurred a $2.7 million impairment charge on a property in its Maryland region that was sold in the second quarter of 2011. During the first quarter of 2010, the Company incurred a $0.6 impairment charge on a property in its Maryland region that was sold in the second quarter of 2010.

The Company’s funds from operations (“FFO”) were $14.0 million, or $0.27 per diluted share, and $21.7 million, or $0.42 per diluted share, for the three and six months ended June 30, 2011, respectively, compared with FFO of $10.2 million, or $0.27 per diluted share, and $18.2 million, or $0.53 per diluted share, for the three and six months ended June 30, 2010, respectively. The increase in FFO for the periods presented is primarily due to an increase in the Company’s net operating income. FFO is a non-GAAP financial measure. For a description of FFO, including why management believes its presentation is useful and a reconciliation of FFO to net income (loss) attributable to First Potomac Realty Trust, see “Funds From Operations.”

Read the The complete Report



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