First Potomac to redeem remaining $15 million of 7.75% preferreds

By Tali Rackner

Norfolk, Va., June 6 – First Potomac Realty Trust plans to redeem the remaining 600,000 shares of its 7.75% series A cumulative redeemable perpetual preferred stock on July 6, according to a press release.

The preferreds will be redeemed at $25 each plus accrued dividends from May 16 up to but excluding the redemption date.

The company will use proceeds from the prepayment of the $34 million 950 F Street, NW mezzanine loan, which was prepaid on June 2, to fund the redemption of the remaining $15 million preferreds and to repay outstanding debt.

American Stock Transfer & Trust Co., LLC is the redemption agent.

First Potomac is a Bethesda, Md.-based real estate investment trust that focuses on industrial properties and business parks in the Washington, D.C., metropolitan area.

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