First Potomac Realty calls 34% of 7.75% perpetual preferred shares

By Susanna Moon

Chicago, Dec. 18 – First Potomac Realty Trust said it plans to redeem 2.2 million, or 34%, of its 6.4 million outstanding 7.75% series A cumulative redeemable perpetual preferred shares.

The preferreds will be redeemed at a price of $25.00 per share plus accrued dividends up to but excluding the redemption date of Jan. 19, according to a company press release.

The company said it had planned to sell at least $200 million of assets and use the proceeds to redeem outstanding preferred shares, to repay outstanding debt or to repurchase common shares.

The redemption agent is American Stock Transfer & Trust Co., LLC (info@amstock.com).

The company said on Dec. 8 that its board of trustees authorized the redemption of some or all of the 7 perpetual preferreds from time to time between Jan. 18 and Dec. 31, 2016.

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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