Financial Highlights
2017 FQ2
6/30/2017
2016 FQ2
6/30/2016
Y-Y Ch (%)
2017 FQ1
3/31/2017
Q-Q Ch (%)†
Balance Sheet ($000)
Gross Depreciable Property 1,215,869 1,210,186 0.47 1,212,382 1.15
Net Property Investment 978,833 978,347 0.05 985,242 (2.60)
Construction in Progress 27,902 90,549 (69.19) 24,930 47.69
Senior Secured Debt 271,720 331,879 (18.13) 295,523 (32.22)
Senior Unsecured Debt 373,420 443,498 (15.80) 348,191 28.98
Total Debt 645,140 775,377 (16.80) 643,714 0.89
Total Liabilities 703,531 831,185 (15.36) 699,121 2.52
Equity Attributable to Parent Company 468,326 461,881 1.40 477,360 (7.57)
Noncontrolling Interests 0 690 NM 0 0
Total Equity 468,326 462,571 1.24 477,360 (7.57)
Market Capitalization($M) 652.60 534.80 22.03 603.60 32.47
Implied Market Cap($M) 680.90 558.50 21.92 629.80 32.45
Total Capitalization($M) 1,326 1,349.60 (1.75) 1,273.50 16.49
Total Enterprise Value($M) 1,311.50 1,335.90 (1.83) 1,260.20 16.28
Total Enterprise Value Plus JV Debt($M) 1,353 1,384.40 (2.27) 1,301.70 15.76
Income Statement ($000)
Rental Revenue 35,188 38,293 (8.11) 37,723 (26.88)
Rental Net Operating Income 22,379 24,830 (9.87) 23,104 (12.55)
NOI 22,379 24,830 (9.87) 23,104 (12.55)
Interest Expense 6,053 6,568 (7.84) 6,344 (18.35)
Revenue 36,093 40,257 (10.34) 38,459 (24.61)
Expense 38,921 42,249 (7.88) 40,026 (11.04)
Extraordinary Items 0 0 0 0 0
Net Income (2,828) (1,992) 41.97 45,029 NM
Net Income Attributable to Noncontrolling Int (123) (390) (68.46) 1,884 NM
Net Income Attributable to Parent (2,705) (1,602) 68.85 43,145 NM
Net Income Avail to Common (2,766) (5,544) (50.11) 43,090 NM
FFO 11,717 16,912 (30.72) 13,869 (62.07)
Operating Funds from Operations, as Reported 13,929 16,118 (13.58) 13,869 1.73
Adjusted FFO NA 12,950 NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) (0.94) (0.59) (35) bp 14.62 (1,556) bp
ROAE(%) (2.39) (1.56) (83) bp 39.42 (4,181) bp
Implied Capitalization Rate(%) 8.78 9.31 (53) bp 9.12 (34) bp
Dividend Payout Ratio(%) NM NM NM 13.51 NM
Dividend Yield(%) 3.60 4.35 (75) bp 3.89 (29) bp
FFO Payout(%) 52.63 45.45 718 bp 43.48 915 bp
FFO/ Total Revenue(%) 32.46 42.01 (955) bp 36.06 (360) bp
Price/ LTM FFO(x) 11.60 11.10 50 bp 10.40 120 bp
Price/ LTM AFFO(x) NA 12.10 NA NA NA
Recurring EBITDA/ Interest Expense(x) 3.24 3.44 (20) bp 3.10 14 bp
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 3.24 3.07 17 bp 3.10 14 bp
Debt and Preferred/ TEV(%) 50.75 60.60 (985) bp 52.64 (189) bp
Total Debt/ Gross Properties(%) 53.06 64.07 (1,101) bp 53.09 (3) bp
Loans/ Assets(%) 0 0 0 bp 0 0 bp
Credit Lines Drawn/ Available(%) 43.68 48.69 (501) bp 28.35 1,533 bp
Changes and Trends (%)
Same-store NOI: Change (0.10) 6 (610) bp 1.20 (130) bp
Same-store Revenue: Change from Prior 0.70 4.21 (351) bp 0.70 0 bp
FFO Growth (30.72) (7.72) (2,300) bp (18.20) (1,252) bp
FFO/Share Growth (13.60) (12) (164) bp 9.50 (2,316) bp
Real Estate Investment Growth (1.65) (11.13) 948 bp (19.58) 1,793 bp
Per Share Information ($)
Common Shares Outstanding 58,741,000 58,129,000 1.05 58,716,000 0.17
Closing Price 11.11 9.20 20.76 10.28 32.30
Basic EPS before Extra (0.05) (0.10) (50) 0.75 NM
Diluted EPS before Extra (0.05) (0.10) (50) 0.74 NM
FFO/ Share 0.19 0.22 (13.64) 0.23 (69.57)
Operating FFO per Share, as Reported 0.23 0.27 (14.81) 0.23 0
AFFO per Share NA 0.22 NA NA NA
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.10 0.10 0 0.10 0
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 62,529 34,333 82.13 95,089 (136.97)
Debt Maturing: Next FY 0 96,101 NM 0 0
Debt Maturing: FY2 117,658 0 NM 83,342 164.70
Debt Maturing: FY3 138,107 178,742 (22.73) 138,332 (0.65)
Debt Maturing: FY4 100,000 138,991 (28.05) 100,000 0
Debt Maturing: Thereafter 230,179 331,484 (30.56) 230,511 (0.58)

   Q-Q Ch(%)= most recent quarter minus prior quarter annualized e.g. [(Q4-Q3)/Q3]*4

  * Percentages presented for individual quarters are annualized by taking the quarter amount and multiplying by four.


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