First Potomac buys back $18 million 4% exchangeables

By Jennifer Chiou

New York, Jan. 30 - First Potomac Realty Trust announced the repurchase of an additional $18 million of 4% exchangeable senior notes due 2011 of First Potomac Realty Investment LP for about $12.6 million.

The company's board of trustees said it has authorized it to spend, from time to time, at negotiated prices less than par, up to $60 million for the repurchase of notes.

First Potomac previously announced that it had repurchased about $34 million of the notes for $28.6 million.

First Potomac is a Bethesda, Md.-based real estate investment trust that owns industrial and flex properties in the Washington metropolitan area, Virginia and Maryland.

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