BETHESDA, Md., July 14, 2015 /PRNewswire/ -- First Potomac Realty Trust (NYSE: FPO), a leading owner of office and business park properties in the greater Washington D.C. region, today announced that its Board of Trustees has authorized a share repurchase program. Under the share repurchase program, the company may acquire up to 5 million of its common shares of beneficial interest from time to time over the next 12 months in open market transactions at prevailing prices or in negotiated private transactions. First Potomac Realty Trust currently has approximately 58.8 million common shares outstanding.
We intend that these repurchases will be made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, subject to market conditions, applicable legal requirements, and other factors. The program does not obligate First Potomac Realty Trust to acquire any particular amount of common shares and may be suspended by the Board of Trustees at any time.
Douglas J. Donatelli, Chairman and CEO of First Potomac Realty Trust, stated, "We believe the current price of our common shares represents a compelling value, as we have continued to see our stock trade at discounted levels relative to our net asset value. As such, having the ability to repurchase our shares presents an attractive investment opportunity for First Potomac, and reaffirms our belief in the long-term value of the Company."
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. As of March 31, 2015, our consolidated portfolio totaled 8.0 million square feet. Based on annualized cash basis rent, our portfolio consists of 63% office properties and 37% 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, with the potential for another 700,000 square feet in future development projects. Approximately half of the portfolio's multi-story office square footage is LEED or Energy Star Certified. FPO common shares (NYSE: FPO) and preferred shares (NYSE: FPO-PA) are publicly traded on the New York Stock Exchange.
Forward Looking Statements
The forward-looking statements contained in this press release, including statements regarding our plans and expectations with respect to our new share repurchase program, are subject to various risks and uncertainties. Although we believe the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurance that our expectations will be achieved. Certain factors that could cause actual results to differ materially from our expectations include, but are not limited to, future alternative uses for cash, changes in general or regional economic conditions and other risks detailed in our Annual Report on Form 10-K and described from time to time in our filings with the U.S. Securities and Exchange Commission. Many of these factors are beyond our ability to control or predict. Forward-looking statements are not guarantees of performance. For forward-looking statements herein, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Jaime N. Marcus
Director, Investor Relations
SOURCE First Potomac Realty Trust