First Potomac Realty retires $34.5 million exchangeable senior notes

By Devika Patel

Knoxville, Tenn., Oct. 30 - First Potomac Realty Trust said it used some of the proceeds of a $17.9 million stock sale to retire $8.5 million of its exchangeable senior notes at a discount in the third quarter.

The notes were bought at a weighted average discount of 12%, which resulted in a gain of $600,000, or $0.02 per diluted share.

During the nine months ended Sept. 30, the company retired $34.5 million of the notes, which resulted in a gain of $6.3 million, or $0.22 per diluted share.

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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