First Potomac authorized to redeem 7.75% preferreds throughout 2016

By Tali Rackner

Norfolk, Va., Dec. 8 – First Potomac Realty Trust said its board of trustees authorized the redemption of some or all of its 6.4 million outstanding 7.75% series A cumulative redeemable perpetual preferred shares from time to time between Jan. 18 and Dec. 31, 2016, according to an 8-K filing with the Securities and Exchange Commission.

The preferreds will be redeemed at $25 each plus accrued dividends.

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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