"The dispositions of Plaza 500 and One Fair Oaks move us significantly closer to accomplishing the first phase of our Strategic Plan," stated Robert Milkovich, Chief Executive Officer of First Potomac Realty Trust. "With almost $300 million of our stated $350 million goal of non-core dispositions completed, and the majority of the proceeds from those sales utilized to retire our Series A Preferred Shares and repay additional debt, we have made great progress in de-risking our portfolio, de-levering our balance sheet and maximizing asset values."
About First Potomac Realty Trust
First Potomac Realty Trust is a self-administered, self-managed real estate investment trust that focuses on owning, operating, developing and redeveloping office and business park properties in the greater Washington, D.C. region. FPO common shares (NYSE: FPO) are publicly traded on the New York Stock Exchange. As of September 30, 2016, our consolidated portfolio totaled 6.7 million square feet. Based on annualized cash basis rent, our portfolio consists of 65% office properties and 35% business park and industrial properties. A key element of First Potomac's overarching strategy is its dedication to sustainability. Over one million square feet of First Potomac property is LEED Certified and over half of the portfolio's multi-story office square footage is LEED or Energy Star Certified.
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SOURCE First Potomac Realty Trust