As Reported Financials

Source Document Currency Code (in thousands) 2012 Y 12/31/2014 USD 2013 Y 12/31/2015 USD 2014 Y 12/31/2015 USD 2015 Y 12/31/2015 USD 2016 Q3 YTD 9/30/2016 USD
Source Document Currency Code 2012 Y 12/31/2014 USD 2013 Y 12/31/2015 USD 2014 Y 12/31/2015 USD 2015 Y 12/31/2015 USD 2016 Q3 YTD 9/30/2016 USD

Cash flows from operating activities

Net income (8,381) 10,981 17,043 (35,024) 149

Adjustments to reconcile net income to net cash provided by operating activities

Discontinued operations
Gain on sale of rental property (161) (19,363) (1,338) (857) 0
Loss on debt extinguishment / modification 0 192 0 0 NA
Depreciation and amortization 14,958 8,937 3,665 1,222 0
Impairment of rental property 1,072 4,092 0 0 NA
Depreciation and amortization 52,855 55,581 62,843 67,729 44,843
Stock based compensation 3,572 4,412 3,731 4,865 1,625
Bad debt expense 702 800 1,110 580 790
Deferred income taxes (3,533) NA NA NA NA
Amortization of deferred market rent 195 76 (14) 138 236
Amortization of financing costs and discounts 2,397 2,851 1,445 1,482 1,184
Equity in earnings of affiliates (40) 47 (775) (1,825) (1,883)
Distributions from investments in affiliates 1,796 2,064 1,356 1,490 997
Contingent consideration related to acquisition of property 152 (213) 0 0 NA
Contingent consideration payments in excess of fair value at acquisition date 0 (987) 0 0 NA
Impairment of rental property 2,444 0 3,956 60,826 2,772
Loss (gain) on sale of rental property 0 0 (21,230) (29,477) 1,155
Gain on sale of investment (2,951) NA NA NA NA
Loss on debt extinguishment / modification 2,379 223 0 664 NA
Changes in assets and liabilities
Escrows and reserves 5,889 6,256 4,693 296 1,387
Accounts and other receivables (4,152) 1,763 1,475 (7) 2,653
Accrued straight-line rents (10,343) (8,078) (7,968) (8,722) (4,725)
Prepaid expenses and other assets (348) 1,074 326 285 (641)
Tenant security deposits 289 1,022 677 (849) (547)
Accounts payable and accrued expenses 3,444 (2,340) 1,227 7,921 7,433
Accrued interest (129) (990) 56 (115) (92)
Rents received in advance (1,603) (3,616) 1,984 (1,767) 1,365
Deferred costs (12,664) (9,492) (11,309) (8,473) (12,331)
Total adjustments 56,220 44,311 45,910 95,406 46,221
Net cash provided by operating activities 47,839 55,292 62,953 60,382 46,370

Cash flows from investing activities

Proceeds from sale of rental property 14,341 263,469 97,701 129,247 143,159
Proceeds from sale of investment 25,705 NA NA NA NA
Investment in note receivable 0 0 (9,000) 0 NA
Principal payments from note receivable 0 104 176 29,720 34,000
Change in escrow and reserve accounts (61) (10) 0 176 196
Additions to rental property and furniture, fixtures and equipment (58,371) (48,125) (39,338) (52,955) (37,313)
Additions to construction in progress (12,115) (19,877) (11,451) (20,895) (11,394)
Acquisition of rental property and associated intangible assets 0 (30,000) (150,731) 0 NA
Acquisition of noncontrolling interest in consolidated joint venture 0 (4,565) 0 0 NA
Contributions to investment in affiliates (2,512) (665) (1,988) (405) 0
Distributions from investments in affiliates 0 0 3,075 0 NA
Net cash provided by investing activities (33,013) 160,331 (111,556) 84,888 128,648

Cash flows from financing activities

Financing costs (3,932) (5,568) (870) (4,476) (315)
Issuance of debt 445,400 152,199 250,518 195,956 224,408
Issuance of common shares, net 3,599 105,085 0 0 NA
Issuance of preferred shares, net 43,518 NA NA NA NA
Payment of deferred acquisition costs and contingent consideration 0 (9,036) 0 0 NA
Contributions from consolidated joint venture partners 0 250 213 0 NA
Repayments of debt (456,109) (412,381) (147,577) (277,108) (210,964)
Dividends to common shareholders (40,730) (32,917) (35,198) (35,080) (20,323)
Dividends to preferred shareholders (11,267) (12,400) (12,400) (12,400) (4,603)
Distributions to consolidated joint venture partners (592) 0 (96) (96) (727)
Distributions to noncontrolling interests (2,159) (1,557) (1,578) (1,574) (909)
Repurchase of common shares NA 0 0 (10,180) 0
Redemption of preferred shares NA NA NA NA (160,000)
Redemption of operating partnership units 0 (95) 0 (134) (345)
Proceeds from stock option exercises 71 163 174 26 0
Net cash used in financing activities (22,201) (216,257) 53,186 (145,066) (173,778)
Net increase (decrease) in cash and cash equivalents (7,375) (634) 4,583 204 1,240
Cash and cash equivalents, beginning of period 16,749 9,374 8,740 13,323 13,527
Cash and cash equivalents, end of period 9,374 8,740 13,323 13,527 14,767

Supplemental disclosure of cash flow information

Cash paid for interest, net 40,769 32,116 23,083 25,129 18,444
Cash paid for income based franchise taxes 714 NA NA NA NA

Non-cash investing and financing activities

Debt assumed in connection with the acquisition of rental property 0 0 37,269 0 NA
Value of common shares retired to settle employee income tax obligations 1,252 1,348 487 1,781 137
Change in fair value of the outstanding common Operating Partnership units 2,074 (215) 1,424 (797) (1,069)
Conversion of common Operating Partnership units for common shares 4,064 NA NA NA NA
Issuance of common Operating Partnership units in connection with the acquisition of rental property 0 418 40 0 NA

Changes in accruals

Additions to rental property and furniture, fixtures and equipment 1,988 (4,959) 653 795 (1,556)
Additions to development and redevelopment 3,705 (3,118) (275) 4,408 (5,465)
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