First Potomac Posts FFO Increase in Q3

WASHINGTON, DC-First Potomac Realty Trust posted an increased in FFO, an important metric for REITs, for the third quarter of 2013. However, for the first nine months of the year, the REIT experienced a decline in FFO, compared to the same period in 2011. The REIT cited its internal investigation as the reason. For Q3, it reported that FFO rose to $19.93 million from $13.75 million in the year ago quarter. Net income was $4.10 million, compared to net loss of $5.68 million in the same quarter last year.

Douglas J. Donatelli, chairman and CEO, listed the progress the REIT made over the quarter–accomplishments that included continued execution of its capital strategy, leasing its office portfolio and improving its liquidity position. “With the sale of 1200 17th Street, NW, we were able to monetize an investment after adding value in just a short time, bringing our year-to-date dispositions to $56 million, and in turn lowering our debt-to-EBITDA ratio,” he said in a prepared statement.