First Potomac Realty Trust was formed in July 2003 to be the successor general partner to First Potomac Realty Investment Trust, Inc., the general partner of First Potomac Realty Investment Limited Partnership, its operating partnership. The Company is engaged in ownership, management, redevelopment and development of office and business park properties in the greater Washington, D.C. region. Its focus is owning and operating properties that it believes can benefit from market knowledge and intensive operational skills, with a focus on increasing their profitability and value. Its portfolio contains a mix of single-tenant and multi-tenant office properties and business parks. Office properties are single-story and multi-story buildings that are for office use; and business parks contain buildings with office features combined with some industrial property space. It separates its properties into four distinct reporting segments, which it refers to as the Washington, D.C., Maryland, Northern Virginia and Southern Virginia reporting segments. It operates, acquires, develops and redevelops office and business park properties in the greater Washington, D.C. region. Within this area, its market is the Washington, D.C. metropolitan statistical area (MSA), which includes Washington D.C., Northern Virginia and suburban Maryland. Additionally it owns and operates office and business park properties in the Virginia Beach-Norfolk-Newport News MSA, where its Southern Virginia properties are located, as well as in the Baltimore-Columbia-Towson MSA where the remainder of its Maryland properties is located (Annapolis and Columbia). The Company competes with other real estate investment trusts, public and private real estate companies, private real estate investors and lenders, both domestic and foreign, in acquiring and developing properties.
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