First Potomac Realty Trust (NYSE:FPO) has announced a public offering of 5,000,000 of its common shares. The offering is pursuant to an effective shelf registration statement that has been filed with the Securities and Exchange Commission. Underwriters of the offering will be granted a 30 day option to purchase an additional 750,000 shares to cover over allotments. Joint book running managers for the offering were KeyBanc Capital Markets, Inc., and Wells Fargo Securities, LLC. Co-lead managers for the offering were BMO Capital Markets Corp, and Raymond James & Associates, Inc. Net proceeds will be used to pay down a portion of the company’s balance outstanding under its unsecured revolving credit facility. The remainder of the proceeds will be used for general corporate purposes.
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First Potomac Realty Trust (First Potomac) is a self-managed, self-administered real estate investment trust. The Company focuses on owning, developing, redeveloping and operating industrial properties and business parks in the Washington, District of Columbia metropolitan area and other major markets in Maryland and Virginia, which it refers to as the Southern Mid-Atlantic region. First Potomac separates its properties into three distinct segments: the Maryland, Northern Virginia and Southern Virginia regions. First Potomac owns all of its properties and conducts its business through First Potomac Realty Investment Limited Partnership (the Operating Partnership), its 97.3% owned general partner.
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