trending Market Intelligence /marketintelligence/en/news-insights/trending/DRAnF9gjLZxbmcJfVKH8RA2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

First Potomac registers $500M shelf

Blog

M&A rebound sparks optimism for near-term deal activity

Blog

Message in a (Word)Cloud

Six trends shaping the industries and sectors we cover in 2021

Six trends shaping the industries and sectors we cover in 2021


First Potomac registers $500M shelf

First PotomacRealty Trust plans to offer up to $500 million of its securitiesfrom time to time.

The securities that will be offered will comprise commonshares of beneficial interest; preferred shares of beneficial interest;depositary shares representing the company's preferred shares; warrants to buycommon shares, preferred shares or depositary shares; rights to purchase commonshares; and units consisting of two or more of such securities.

The securities' prices and terms and how they will beoffered will be provided in one or more prospectus supplements, according to anApril 11 filing.

The net proceeds from any sale of the securities will beinjected into the company's First Potomac Realty Investment LP operatingpartnership. The operating partnership, in turn, will use the funds for generalcorporate purposes, which may include outstanding debt repayment orrefinancing, additional property acquisitions, property development, capitalexpenditures, existing property redevelopment and improvements, and workingcapital. Pending such use, the net proceeds may be invested in interest-bearingaccounts and short-term, interest-bearing securities that are consistent withthe company's plan to maintain its REIT status for federal income tax purposes.

The proposed maximum aggregate offering price of $500million is estimated solely for the purpose of calculating the registration fee.

First Potomac in late March said it eight noncore properties inNorthern Virginia for net proceeds of $90.5 million, advancing its plan todispose of $350 million of assets and strengthen its balance sheet.