First Potomac Realty buys back $17 million in exchangeables at discount in first quarter

By Devika Patel

Knoxville, Tenn., April 29 - First Potomac Realty Trust retired $17 million of its exchangeable senior notes at a 30.8% weighted average discount during the first quarter, according to its earnings release.

The company said the repurchase resulted in a net gain of $4.3 million, or $0.15 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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