First Potomac Realty Trust (NYSE:FPO), a regional leader in the ownership, development and management of business parks and industrial properties, today announced that its Board of Trustees has declared a dividend of $0.20 per common share for the Company's first quarter ended March 31, 2009. The dividend, which equates to an annualized rate of $0.80 per share, is payable on May 15, 2009, to common shareholders of record on May 8, 2009.
Douglas J. Donatelli, Chairman and Chief Executive Officer of First Potomac, stated, “Our operating results continue to be strong and our balance sheet is very well positioned with limited debt maturities over the next two years. In order to further enhance our financial flexibility in these unprecedented times and in light of the recent change in the tax laws relative to recognition of gains on cancellation of debt, the Board has adopted a dividend policy that will give us additional capacity in the event the capital markets remain challenging for an extended period. More importantly, we are confident that the additional capital and accompanying financial flexibility will allow us to generate superior returns for shareholders by better positioning us to take advantage of opportunities as they develop.”
About First Potomac Realty Trust
First Potomac Realty Trust is a self-administered, self-managed real estate investment trust that focuses on owning, developing, redeveloping and operating industrial properties and business parks in the Washington, D.C. metropolitan area and other major markets in Virginia and Maryland. The Company's portfolio totals approximately 12 million square feet. The Company's largest tenant is the U.S. Government, which, along with government contractors, accounts for approximately 20% of the Company's revenue. For more information, please visit us at www.first-potomac.com.
Forward Looking Statements
The forward-looking statements contained in this press release are subject to various risks and uncertainties. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurance that its expectations will be achieved. Certain factors that could cause actual results to differ materially from the Company’s expectations include changes in general or regional economic conditions; the Company’s ability to timely lease or re-lease space at current or anticipated rents; changes in interest rates; changes in operating costs; the Company’s ability to complete acquisitions on acceptable terms; and other risks detailed in the Company’s Annual Report on Form 10-K and described from time to time in the Company’s filings with the SEC. Many of these factors are beyond the Company’s ability to control or predict. Forward-looking statements are not guarantees of performance. For forward-looking statements herein, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.