As Reported Financials

Source Document Currency Code (in thousands) 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD 2017 Q1 YTD 3/31/2017 USD
Source Document Currency Code 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD 2017 Q1 YTD 3/31/2017 USD

Cash flows from operating activities

Net income (loss) 10,981 17,043 (35,024) (1,569) 45,029

Adjustments to reconcile net (loss) income to net cash provided by operating activities

Discontinued operations
Gain on sale of rental property (19,363) (1,338) (857) 0 NA
Loss on debt extinguishment / modification 192 NA NA NA NA
Depreciation and amortization 8,937 3,665 1,222 0 NA
Impairment of rental property 4,092 NA NA NA NA

Adjustments to reconcile net income (loss) to net cash provided by operating activities

Depreciation and amortization 55,581 62,843 67,729 61,896 14,823
Stock based compensation 4,412 3,731 4,865 2,314 829
Bad debt expense 800 1,110 580 830 324
Amortization of deferred market rent 76 (14) 138 301 50
Amortization of financing costs and discounts 2,851 1,445 1,482 1,588 434
Equity in earnings of affiliates 47 (775) (1,825) (2,294) (4,223)
Distributions from investments in affiliates 2,064 1,356 1,490 1,424 0
Contingent consideration related to acquisition of property (213) NA NA NA NA
Contingent consideration payments in excess of fair value at acquisition date (987) NA NA NA NA
Impairment of rental property 0 3,956 60,826 2,772 NA
(Gain) loss on sale of rental property 0 (21,230) (29,477) 1,155 (42,799)
Loss on debt extinguishment / modification 223 0 664 0 NA
Changes in assets and liabilities
Escrows and reserves 6,256 4,693 296 784 (929)
Accounts and other receivables 1,763 1,475 (7) 2,453 1,007
Accrued straight-line rents (8,078) (7,968) (8,722) (6,476) (2,883)
Prepaid expenses and other assets 1,074 326 285 913 (6)
Tenant security deposits 1,022 677 (849) (748) (129)
Accounts payable and accrued expenses (2,340) 1,227 7,921 9,524 (1,474)
Accrued interest (990) 56 (115) (68) (67)
Rents received in advance (3,616) 1,984 (1,767) (307) 259
Deferred costs (9,492) (11,309) (8,473) (11,893) (1,171)
Total adjustments 44,311 45,910 95,406 64,168 (35,955)
Net cash provided by operating activities 55,292 62,953 60,382 62,599 9,074

Cash flows from investing activities

Investment in note receivable 0 (9,000) 0 0 NA
Principal payments from note receivable 104 176 29,720 34,000 NA
Proceeds from sale of rental property, net 263,469 97,701 129,247 143,159 85,754
Change in escrow and reserve accounts (10) 0 176 312 0
Additions to rental property and furniture, fixtures and equipment (48,125) (39,338) (52,955) (45,068) (6,569)
Additions to construction in progress (19,877) (11,451) (20,895) (11,863) (242)
Acquisition of rental property and associated intangible assets (30,000) (150,731) 0 0 NA
Acquisition of noncontrolling interest in consolidated joint venture (4,565) NA NA NA NA
Investment in affiliates (665) (1,988) (405) (300) NA
Distributions from investments in affiliates 0 3,075 0 0 NA
Proceeds from sale of rental property owned through unconsolidated joint ventures, net NA NA NA NA 11,301
Net cash provided by investing activities 160,331 (111,556) 84,888 120,240 90,244

Cash flows from financing activities

Financing costs (5,568) (870) (4,476) (319) 0
Issuance of debt 152,199 250,518 195,956 238,408 4,000
Issuance of common shares, net 105,085 NA NA NA NA
Payment of deferred acquisition costs and contingent consideration (9,036) NA NA NA NA
Repayments of debt (412,381) (147,577) (277,108) (227,044) (97,891)
Contributions from consolidated joint venture partners 250 213 0 0 NA
Distributions to consolidated joint venture partners 0 (96) (96) (726) NA
Dividends to common shareholders (32,917) (35,198) (35,080) (26,137) (5,815)
Dividends to preferred shareholders (12,400) (12,400) (12,400) (4,603) 0
Distributions to noncontrolling interests (1,557) (1,578) (1,574) (1,166) (255)
Repurchases of common shares 0 0 (10,180) 0 NA
Income tax obligation payments made on behalf of employees NA NA NA NA (232)
Redemption of preferred shares NA 0 0 (160,000) 0
Redemption of operating partnership units (95) 0 (134) (635) 0
Proceeds from stock option exercises 163 174 26 0 NA
Net cash used in financing activities (216,257) 53,186 (145,066) (182,222) (100,193)
Net (decrease) increase in cash and cash equivalents (634) 4,583 204 617 (875)
Cash and cash equivalents, beginning of period 9,374 8,740 13,323 13,527 14,144
Cash and cash equivalents, end of period 8,740 13,323 13,527 14,144 13,269

Supplemental disclosure of cash flow information

Cash paid for interest, net 32,116 23,083 25,129 24,550 5,975

Non-cash investing and financing activities

Change in fair value of the outstanding common Operating Partnership units (215) 1,424 (797) 1,592 (2,383)
Issuance of common Operating Partnership units in connection with the acquisition of rental property 418 40 0 0 NA
Debt assumed in connection with the acquisition of rental property 0 37,269 0 0 NA
Value of common shares retired to settle employee tax obligation 1,348 487 1,781 137 232

Changes in accruals

Additions to rental property and furniture, fixtures and equipment (4,959) 653 795 (3,561) (1,610)
Additions to development and redevelopment (3,118) (275) 4,408 (5,576) 474
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.
Contact Information
First Potomac Realty Trust
7600 Wisconsin Avenue
11th Floor
Bethesda, MD 20814
(301) 986-9200



Investor Relations
(301) 244-6200
investorrelations@first-potomac.com


Transfer Agent
American Stock Transfer & Trust Co.
59 Maiden Lane
Plaza Level
New York, NY 10038
(800) 937-5449