BNET Industries
Market Cap:$355.4M
Last Fiscal Year Sales:$124.2M
- Public
- US
Dow Jones Description
First Potomac Realty Trust (the Company) is a self-managed, self-administered Maryland real estate investment trust. The Company focuses on owning, developing, redeveloping and operating industrial properties and business parks in the Washington, D.C. metropolitan area and other major markets in Maryland and Virginia, which it refers to as the Southern Mid-Atlantic region. The Company separates its properties into three distinct segments, which it refers to as the Maryland, Northern Virginia and Southern Virginia regions. The Company has elected to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code of 1986, as amended (the Internal Revenue Code). References in this Annual Report on Form 10-K to we, our or First Potomac, refer to the Company and its subsidiaries, on a consolidated basis, unless the context indicates otherwise. The Company was formed in July 2003 to be the successor general partner of First Potomac Realty Investment Limited Partnership, the Companys operating partnership (the Operating Partnership). The Company conducts its business through the Operating Partnership. As of December 31, 2008, the Company was the sole general partner of, and owned a 97.3% interest in, the Operating Partnership. ...
Chairman of the Board and Chief Executive Officer
Douglas J DonatelliNumber of Employees 137
Contact Information
7600 Wisconsin Ave 11th Fl
Bethesda, Maryland 20814
(301) 986-9200
Peer Companies
NAICS Code : 525930
Recent Events
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Wells Fargo Upgrades First Potomac Realty Trust FPO to Market Perform; Raises Valuation Range &...
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First Potomac Realty Trust Reports Third Quarter 2009 Results
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First Potomac Realty Trust Declares Third Quarter Dividend
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First Potomac Invests $25.5M in Cloverleaf Center
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First Potomac Realty Trust Acquires Cloverleaf Center in Suburban Washington, DC
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RBC Capital Markets Corp maintains First Potomac Realty at 'sector perform'
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First Potomac Realty Trust Introduces New Director of Finance and Capital Markets
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Robert W. Baird & Co. downgrades First Potomac Realty to 'neutral'
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First Potomac Realty Trust Reports Second Quarter 2009 Results
News & Analysis
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earnings and first potomac realty trust - All News and Analysis
First Potomac Realty Trust Q2 2009 Earnings Call Transcript
Question-and-Answer Session Operator Thank you. Operator Instructions And we’ll take our first question from Paul Adornato with BMO Capital Markets. Please go ahead, sir. Paul Adornato - BMO Capital Markets Could you tell us about the bad debt, how many tenants does that relate to and what...
First Potomac Realty Trust Q1 2009 Earnings Call Transcript
Question-and-Answer SessionOperator Thank you, sir. Operator Instructions. And our first question is coming from the line of Jordan Sadler with KeyBanc Capital Markets. Please go ahead. Jordan Sadler - KeyBanc Capital Markets Inc. Thanks. Good morning guys. Hey, Barry could you just clarify for me, you discussed it quickly...
First Potomac Realty Trust Q4 2008 Earnings Call Transcript
Question-and-Answer Session Operator Thank you, sir. Operator Instructions Our first question comes from the line of Chris Lucas with Robert W. Baird; please go ahead sir. Chris Lucas – Robert W. Baird Good morning guys. Doug Donatelli Good morning Chris. Chris Lucas – Robert W. Baird Skip,...
First Potomac Realty Trust Q3 2008 Earnings Call Transcript
Question-and-Answer SessionOperator Thank you, sir. Operator instructions Our first question comes from the line of Chris Lucas with Robert W. Baird. Please go ahead. Chris Lucas – Robert W. Baird Hey, good morning, guys. Barry Bass Good morning, Chris. Chris Lucas – Robert W. Baird ...
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Decision Makers
| Name (plus bio) | Position |
|---|---|
| Barry H Bass | Executive Vice President & Cfo |
| James H Dawson | Executive Vice President, Chief Operating Officer |
| Michael H. Comer | Senior Vice President, Chief Accounting Officer |
| Nicholas R Smith | Executive Vice President, Chief Investment Officer |
| Joel F Bonder | General Counsel, Secretary & Executive Vice President |
| Timothy M. Zulick | Senior Vice President, Leasing |
| Anthony R. Beck | Reg Vice President & General Manager |
| John E. Sadlik | Vice President, Construction |
| Mary T. Wacker | Reg Vice President & General Manager |
| Matthew L. Wilson | Reg Vice President & General Manager |
| Robert H. Arnold | Co-Managing Director, R.H. Arnold & Company, Llc |
| Louis T Donatelli | Founder |
| R Michael McCullough | Trustee |
| Richard B Chess | Attorney |
Board of Directors
| Name (plus bio) | Position |
|---|---|
| Douglas J Donatelli | Chairman of the Board and Chief Executive Officer |
| Terry L. Stevens | Chairman |
| John Roderick Heller | Board of Directors |
Douglas J. Donatelli is one of the co-founders of the Company and has served as President, Chief Executive Officer and Trustee since its predecessor s founding in 1997. Prior to 1997, Mr. Donatelli served as Executive Vice President of Donatelli & Klein, Inc. ( D&K ) located in Washington, D.C. and President of D&K Management, D&K s property management subsidiary, where he oversaw all of the major operational aspects of D&K s property ownership activities. From 1985 to 1991, Mr. Donatelli also served as President of D&K Broadcasting, a communications-related subsidiary of D&K that owned Fox-network affiliated television stations. Mr. Donatelli holds a Bachelor of Science degree in Business Administration from Wake Forest University and is a member of the Urban Land Institute and National Association of Real Estate Investment Trusts.
| Organization | Position | Status |
|---|---|---|
| First Potomac Realty Trust | Chairman of the Board and Chief Executive Officer | Current |
| Urban Land Institute | Board of Directors | Current |
| National Association of Real Estate Investment Trusts, Inc. | Board of Directors | Current |
| Urban Land Institute | Member | Current |
| National Association of Real Estate Investment Trusts, Inc. | Member | Current |
| The Klein | Executive Vice President | Former |
| Wake Forest University | Bachelor of Science Degree In Business Administration | Former |
| Organization | Position | Status |
|---|---|---|
| First Potomac Realty Trust | Executive Vice President & Cfo | Current |
| National Association of Real Estate Investment Trusts, Inc. | Board of Directors | Current |
| Urban Land Institute | Member | Current |
| National Association of Real Estate Investment Trusts, Inc. | Member | Current |
| Maryland.Com | Executive Vice President | Former |
| Dartmouth College | Former | |
| Legg Mason Wood Walker, Inc. | Member | Former |
James H. Dawson served as Senior Vice President and Chief Operating Officer of the Company since 1998 and was elected Executive Vice President in February 2005. Mr. Dawson has coordinated the Company s management and leasing activities since joining the Company in 1998. Prior to joining the Company, Mr. Dawson spent 18 years with Reico Distributors, a large user of industrial and flex product in the Baltimore/Washington corridor. At Reico, he was responsible for the construction and management of the firm s warehouse portfolio. Mr. Dawson received his Bachelor of Science degree in Business Administration from James Madison University and is a member of the Northern Virginia Board of Realtors, the Virginia State Board of Realtors and the Institute of Real Estate Management.
| Organization | Position | Status |
|---|---|---|
| First Potomac Realty Trust | Executive Vice President, Chief Operating Officer | Current |
| Institute of Real Estate Management | Board of Directors | Current |
| Realtors Limited | Board of Directors | Current |
| Reico, Inc. | Former | |
| James Madison University | Bachelor of Science Degree In Business Administration | Former |
Michael H. Comer served as the Company s Vice President and Chief Accounting Officer since August 2003 and was elected Senior Vice President in February 2005. Prior to joining the Company, Mr. Comer was Controller at Washington Real Estate Investment Trust (WRIT), a Washington, D.C.-based, diversified real estate investment trust, where from 1999 to 2003 he was responsible for overseeing the Company s accounting operations and its internal and external financial reporting. Prior to his tenure at WRIT, he was a manager in corporate accounting at The Federal Home Loan Mortgage Corp., and, prior to that position, was with KPMG LLP in Washington, D.C. where he performed audit, consultation and advisory services from 1990 to 1994. He is a CPA and a graduate of the University of Maryland where he received a Bachelor of Science in Accounting. Mr. Comer is a member of the American Institute of Certified Public Accountants and a member of the National Association of Real Estate Investment Trusts.
| Organization | Position | Status |
|---|---|---|
| First Potomac Realty Trust | Senior Vice President, Chief Accounting Officer | Current |
| National Association of Real Estate Investment Trusts, Inc. | Member | Current |
| American Institute of Certified Public Accountants | Member | Current |
| American Institute of Certified Public Accountants | Board of Directors | Current |
| National Association of Real Estate Investment Trusts, Inc. | Board of Directors | Current |
| Washington Real Estate Investment Trust | Controller | Former |
| University of Maryland | Bachelor of Science | Former |
Nicholas R. Smith is one of the founders of the Company and has served as Executive Vice President and Chief Investment Officer since the founding of our Predecessor in 1997. He has over 25 years' experience in commercial real estate in the Washington, D.C. area, including seven years with DDI and D&K Management. Prior to joining DDI, Mr. Smith was with Garrett & Smith, Inc., a real estate investment and development firm based in McLean, Virginia and Transwestern (formerly Barrueta & Associates, Inc.) a Washington-based commercial real estate brokerage and property management firm. Mr. Smith is a graduate of the Catholic University of America. He currently serves on the Council of Advisors for the University of Maryland's School of Architecture, Planning and Preservation Graduate Programs in Real Estate and is a member of the Board of Directors of the Choral Arts Society of Washington. He is also a member of the National Association of Industrial and Office Parks, the Urban Land Institute and the National Association of Real Estate Investment Trusts.
| Organization | Position | Status |
|---|---|---|
| First Potomac Realty Trust | Executive Vice President, Chief Investment Officer | Current |
| Urban Land Institute | Member | Current |
| Urban Land Institute | Board of Directors | Current |
| District of Columbia Building Industry Association | Board of Directors | Current |
| District of Columbia Building Industry Association | Member | Current |
| Garrett Smith | Former | |
| The Catholic University of America | Former |
Executive Vice President, General Counsel and Secretary Joel F. Bonder has served as Executive Vice President, General Counsel and Secretary since joining the Company in January 2005. He was General Counsel of Apartment Investment and Management Company (AIMCO), one of the largest public apartment REITs in the country, from 1997 to 2002, and General Counsel of National Corporation for Housing Partnerships, the largest private owner of FHA-insured multifamily housing, and its parent, NHP Incorporated, from 1994 to 1997. Mr. Bonder was Counsel at Bryan Cave LLP from 1993 to 1994 in Washington, D.C., where he specialized in corporate, real estate and project finance. Mr. Bonder is a graduate of the University of Rochester and received his JD degree from Washington University School of Law. He is admitted to the bar in the District of Columbia, Massachusetts and Illinois.
| Organization | Position | Status |
|---|---|---|
| First Potomac Realty Trust | General Counsel, Secretary & Executive Vice President | Current |
| Reits Inc | Executive Vice President | Former |
| Reits Inc | General Counsel | Former |
| Bryan Cave Llp | Counsel | Former |
| First Potomac Realty Trust | General Counsel | Former |
| Apartment Investment & Management Co. | Counsel | Former |
| Washington University School of Law | Jd Degree | Former |
Timothy M. Zulick has been the Senior Vice President, Leasing since August 2004. Prior to joining the Company, Mr. Zulick was Senior Vice President at Trammell Crow Company where, from 1998 to 2004, he concentrated on leasing, sales and development of flex and industrial properties in the Baltimore-Washington Corridor. From 1994 to 1998, he worked as a tenant and landlord representative with Casey ONCOR International where he also focused on leasing and sales of industrial properties. Prior to that, Mr. Zulick was with Colliers Pinkard and specialized in the valuation of commercial real estate in Maryland. He received a Bachelors degree in Business Administration from Roanoke College. Mr. Zulick is a licensed real estate person and an active member of the Society of Industrial and Office Realtors (SIOR).
| Organization | Position | Status |
|---|---|---|
| First Potomac Realty Trust | Senior Vice President, Leasing | Current |
| Maryland Chapter | Active Member | Current |
| Sior | Current | |
| Trammell Crow Company | Senior Vice President | Former |
| Colliers Pinkard | Former | |
| Roanoke College | Bachelors Degree In Business Administration | Former |
Anthony R. Beck is our Regional Vice President/General Manager for the Southern Virginia portfolio. Prior to joining First Potomac, Mr. Beck spent over eight years with Highwoods Properties, a REIT that provides leasing, management, development, construction and other customer-related services for its properties and for third parties in Florida, Georgia, Iowa, Kansas, Maryland, Missouri, North Carolina, South Carolina, Tennessee and Virginia, as Director of Real Estate Operations. Mr. Beck also served as Vice President of Operations for Solec Corporation in Norfolk, Virginia for ten years. Mr. Beck received his Bachelor of Science degree in Business Administration from Old Dominion University and is a member of the Virginia Economic Development Association, the Urban Land Institute, the Greater Richmond Association of Commercial Real Estate, the Executive Committee of the Virginia Association of Commercial Real Estate and the Hampton Roads Association of Commercial Real Estate.
| Organization | Position | Status |
|---|---|---|
| First Potomac Realty Trust | Reg Vice President & General Manager | Current |
| Urban Land Institute | Member | Current |
| First Potomac Realty Trust | Director of Real Estate | Former |
| Old Dominion University | Bachelor of Science Degree In Business Administration | Former |
John E. Sadlik joined the Company in July 2005 as Director of Construction and was appointed Vice President, Construction in January 2007. John has over 20 years of real estate development and project management experience, including master planning, design coordination, permitting, infrastructure and construction. Prior to joining the Company, Mr. Sadlik was Director, Design and Construction for Science Applications International Corporation (SAIC), one of the largest systems, solutions, and technical services companies with over 400 locations in more than 150 cities worldwide. Prior to that, Mr. Sadlik managed both interior and new construction projects for a general contractor in Herndon, Virginia. Mr. Sadlik received a Bachelor of Architectural Engineering degree in Construction Engineering and Management from The Pennsylvania State University and is a member of the American Institute of Constructors.
| Organization | Position | Status |
|---|---|---|
| First Potomac Realty Trust | Vice President, Construction | Current |
| Organization | Position | Status |
|---|---|---|
| First Potomac Realty Trust | Reg Vice President & General Manager | Current |
| Bridgestreet Corporate Housing Worldwide, Inc. | President | Former |
| Interstate Hotels & Resorts, Inc. | President | Former |
Matthew L. Wilson is our Regional Vice President/General Manager for the Maryland portfolio. Prior to joining First Potomac, Mr. Wilson was a senior leasing executive with Trammell Crow Company and CB Richard Ellis in Baltimore, Maryland where he gained valuable experience in delivering on a complete platform of commercial real estate services including leasing, development, property management and construction. With more than 17 years of commercial real estate experience in the Baltimore metropolitan area, Mr. Wilson is a proven skilled real estate professional, having handled in excess of 500 lease and sale transactions (including build to suits) for institutional clients with a focus on maximizing project value. Mr. Wilson received his Bachelor of Arts degree from Washington College and is a member of the Society of Industrial and Officer Realtors and the National Association of Industrial and Office Properties.
| Organization | Position | Status |
|---|---|---|
| First Potomac Realty Trust | Reg Vice President & General Manager | Current |
Robert H. Arnold is the Co-Managing Director of R.H. Arnold & Company, LLC, a New York-based investment banking firm which specializes in providing advisory services to U.S. and international investment funds, and advising corporations on capital raising, mergers, acquisitions, divestitures and valuations. Mr. Arnold has served as a trustee since our initial public offering and was a director of First Potomac Realty Investment Trust, Inc. (our Predecessor ) from 1997 until our initial public offering. Mr. Arnold has more than 30 years of financial experience including serving as the Treasurer of Merrill Lynch & Co. and the Chief Financial Officer of Merrill Lynch Capital Markets. Mr. Arnold serves on the boards of the WT Mutual Funds, Treasury Strategies, Inc. and The Stanton Group. He received his Bachelor of Science, Master of Science and Ph.D. degrees from Northwestern University.
| Organization | Position | Status |
|---|---|---|
| First Potomac Realty Trust | Co-Managing Director, R.H. Arnold & Company, Llc | Current |
| Treasury Strategies, Inc | Board of Directors | Current |
| The Stanton Group | Board of Directors | Current |
| First Potomac Realty Trust | Trustee | Former |
| Northwestern University | Master of Science | Former |
| Northwestern University | Bachelor of Science | Former |
Louis T. Donatelli has notified the Chairman of the Nominating & Governance Committee of the Board, Dr. Merten, that in the event Mr. Donatelli is elected to another term as a trustee he will not stand for re-election as Chairman at the meeting of the Board immediately following the Annual Meeting of Shareholders. The Nominating & Governance Committee has recommended to the Board that in the event Douglas J. Donatelli is elected to another term as a trustee, he be elected Chairman of the Board.
| Organization | Position | Status |
|---|---|---|
| First Potomac Realty Trust | Founder | Current |
| St. John's College High School | Board of Directors | Current |
| First Potomac Realty Trust | Board of Directors | Former |
R. Michael McCullough was employed by Booz, Allen & Hamilton Inc. ( Booz Allen ), a global consulting firm, from 1965 through 1996. He was the Chairman and Chief Executive Officer of Booz Allen from 1984 to 1992, and from 1992 until his retirement in 1996, Mr. McCullough was the Senior Chairman of Booz Allen. Mr. McCullough has served as a trustee of the Company since our initial public offering and is currently also a Director of Watson Wyatt Worldwide, a global consulting firm. Mr. McCullough was previously a director of Charles E. Smith Residential Realty, Inc. Mr. McCullough received a Bachelor of Science degree in Electrical Engineering from the University of Detroit.
| Organization | Position | Status |
|---|---|---|
| First Potomac Realty Trust | Trustee | Current |
| Watson Wyatt Worldwide | Nominating & Governance Committee Chairman | Current |
| National Rehabilitation Hospital | Director | Current |
| Booz Allen Hamilton, Inc. | Chairman and Chief Executive Officer | Former |
| Booz Allen Hamilton, Inc. | Managing Partner | Former |
| Technology Center, Inc. | Managing Partner | Former |
| Booz Allen Hamilton, Inc. | Consultant | Former |
| Watson Wyatt Worldwide | Director | Former |
| University of Detroit Mercy School of Law | Bachelor of Science Degree In Electrical Engineering | Former |
| Organization | Position | Status |
|---|---|---|
| American Realty Capital Markets, LLC | President | Current |
| First Potomac Realty Trust | Attorney | Current |
| University of Pittsburgh | Bachelor of Science Degree | Former |
| University of Richmond | Former |
Terry L. Stevens is Senior Vice President and Chief Financial Officer of Highwoods Properties, Inc. ( Highwoods ) located in Raleigh, North Carolina. Mr. Stevens joined Highwoods in December 2003. Highwoods is a publicly traded real estate investment trust that owns office, industrial and retail properties. Mr. Stevens has served as a trustee of the Company since our initial public offering. Prior to joining Highwoods, Mr. Stevens held various executive positions, including Executive Vice President, Chief Financial Officer and Trustee, from 1994 to 2003 with Crown American Realty Trust, a publicly traded retail real estate company that merged with Pennsylvania Real Estate Investment Trust in November 2003. From 1990 to 1994, Mr. Stevens was Director of Financial Systems Development as well as Director of Internal Audit at AlliedSignal, Inc., a large multi-national manufacturer. He also spent 18 years with Price Waterhouse, including seven years as an audit partner. Mr. Stevens received a Bachelor of Science degree in physics from Juniata College and a Masters of Business Administration from The Wharton School.
| Organization | Position | Status |
|---|---|---|
| Highwoods Properties, Inc. | Chief Financial Officer | Current |
| Highwoods Properties, Inc. | Senior Vice President | Current |
| First Potomac Realty Trust | Chairman | Current |
| Highwoods Properties, Inc. | Board of Directors | Current |
| Crown American Realty Trust | Former | |
| High Woods | Former | |
| Wharton Graduate School of the University of Pennsylvania | Masters of Business Administration | Former |
| Juniata College | Bachelor of Science Degree In Physics | Former |
| Organization | Position | Status |
|---|---|---|
| First Potomac Realty Trust | Board of Directors | Current |



