History

1997

Company founded by Douglas J Donatelli and Nicholas R Smith
Company begins acquisition program with the purchase of four properties totaling 762,000 square feet

1998

James H Dawson joins the team as Senior Vice President and Chief Operating Officer and currently holds the position of Executive Vice President and Chief Operating Officer

1999

Company enters the Norfolk market with the purchase of properties totaling 841,000 square feet

2002

Barry H Bass joins the team as Senior Vice President and Chief Financial Officer and currently holds the position of Executive Vice President and Chief Financial Officer

2003

Michael H Comer joins the team as Senior Vice President and Chief Accounting Officer
Company completes its Initial Public Offering (NYSE ticker symbol: FPO) in October
Company acquires four properties totaling $67 million
Company reports $244.1 million in total assets and $18 million in total revenue

2004

Timothy M Zulick joins the team as Senior Vice President, Leasing
Company completes the purchase of an additional 23 properties totaling more than 2.7 million square feet for $270 million
Company reports $510.1 million total assets and $42.1 million in total revenues
Company sells property for $8.6 million
Company enters into a new $75 million unsecured revolving credit facility with Key Bank and Wells Fargo to replace a secured facility with Fleet National Bank

2005

Joel F Bonder joins the team as Executive Vice President, General Counsel and Secretary
Company continues acquisition momentum with the purchase of 13 properties totaling 2.9 million square feet for $214 million
Company reports $727.7 million in total assets and $77.6 million in total revenues
Company expands unsecured revolving credit facility from $75 million to $100 million
Company enters into a $100 million fixed-rate loan with Jackson National Life Insurance Company. The loan has a 10-year term with a fixed interest rate of 5.19%

2006

Anthony R Beck joins the team as Regional Vice President, Southern Virginia
Company forms in-house Development/Construction team
Company acquires 14 properties totaling 2.2 million square feet for $233 million
Company reports $994 million in total assets and $104.5 million in total revenues
Company reaches a total portfolio size of over 10.2 million square feet
Company issues unsecured Senior Notes totaling $75 million through a private placement
Company issues $125 million of Exchangeable Senior Notes

2007

Matthew L Wilson joins the team as Regional Vice President, Maryland
Company acquires six properties totaling approximately 946,000 million square feet for $88.5 million
Company completes developments totaling 253,000 square feet at 15395 John Marshall Highway, Crossways Commerce Center and Cavalier Industrial Park at a total cost of approximately $18.6 million, of which 134,500 square feet was pre-leased prior to completion
Company enters into an amendment to its unsecured revolving credit facility, which extended the facility’s maturity by one year to April 26, 2010, with the ability to further extend the facility to April 26, 2011 and lowered the interest rate from 120 to 160 basis points over the London Interbank Offered Rate (“LIBOR”) to 80 to 135 basis points over LIBOR
Company enters into a $50.0 million Secured Term Loan with Key Bank, N.A. The loan, which matures in August 2010 with one-year extension option

2008

Company enhances liquidity with refinancing of $72.1 million in debt and issuance of 2.9 million common shares with net proceeds totaling $43.9 million
Acquires Rivers Park I & II and Triangle Business Center for $46.75 Million
Completes Joint Venture with AEW Value Investors II, L.P.
Executes 3.1 million square feet of leases, consisting of 1.2 million square feet of new leases and 1.9 million square feet of renewal leases
Sells a property for a gain of $14.3 million
Company reports $1.1 billion in total assets and $124.3 million in total revenues
Company reaches a total portfolio size of approximately 12 million square feet

2009

Acquires Cloverleaf Center in Suburban Washington, DC a 173,655 square-foot property for $25.5 million
Acquires Ashburn Center, a three-building, 194,000 square foot business park in Ashburn, Virginia for $14.0 million
Executes 2.2 million square feet of leases
Refinances bank debt, extending the maturity on approximately $180 million of debt and increasing its total bank debt capacity by $10 million
Company reports $1.1 billion in total assets and $133.9 million in total revenues

2010

Company completes two offerings for a total of 17.8 million common shares, generating net proceeds totaling $257.5 million
Acquires Three Flint Hill, a 174,000 square foot, eight-story office building in Fairfax County, Virginia for $13.6 million
Acquires 500 First Street, a 129,035 square foot, nine-story, Class A office building, in downtown Washington, D.C. for $68 million
Acquires 1750 H Street, a Class A 111,000 square foot, ten-story office building in downtown Washington, D.C. for $65 million in a 50/50 joint venture with AEW Capital Management, L.P.
Acquires Battlefield Corporate Center, a 97,000 square foot business park in Chesapeake, Virginia for $8 million
Acquires Redland Corporate Center, two-buildings with 347,462 total square foot office space in Rockville, Maryland
Acquires 1211 Connecticut Ave, NW, a 137,754 square foot eight-story office building in downtown, Washington, D.C. for $49.5 million
Provides a $25 million loan to the owners of the Atlantic Building, 950 F Street, NW, in Washington, D.C., a 86,678 square-foot, ten-story, trophy office building located in the heart of Washington, D.C.
Acquires 440 First Street, a 105,000 square foot office building in downtown, Washington, D.C. for $15.3 million.
Acquires 7458 Candlewood Road, a 295,673 square foot warehouse facility located within close proximity to BWI Airport for $22.6 million
Expands its unsecured revolving credit facility from $175 million to $225 million

2011

Acquires 440 First Street, NW in Washington D.C. for $23.3 million for Redevelopment
Purchases 295,673 square foot warehouse at 7458 Candlewood Road in Hanover, MD for $22.6 million
Completes offering of 4 million 7.750% Series A Cumulative Redeemable Perpetual Preferred Shares
Acquires three office buildings in VA and MD, totaling 240,309 square feet for $33.8 million
Ernest D. Jarvis Joins First Potomac as Senior Vice President responsible for the Company’s Washington, D.C. portfolio
Acquires 248,576 square foot 840 First Street, NE, a fully leased, Class A office building adjacent to Union Station in Washington, D.C.
Purchases 214,214 square foot fully leased office building in Fairfax, Virginia for $60.25 million
Acquires Greyhound Bus Terminal site at 1005 First Street, NE in Washington, D.C. for approximately $46.75 million; intends to redevelop site in joint venture with Perseus Realty, LLC
Provides $30 million mezzanine loan to the owner of America’s Square in Washington, D.C.
Acquires 172,064 square foot two-building office portfolio in Chesapeake, VA for $16.7 million
Purchases 1200 17th Street, NW in downtown Washington, D.C. for $39.6 million in a partnership with Akridge.