Bethesda, MD-based real estate investment trust (REIT) -
First Potomac Realty Trust
) recently announced the appointment of Andrew Blocher as the new
Chief Financial Officer, effective October 8, 2012. The appointment
followed the resignation of the existing CFO and Senior Vice
President Barry H. Bass.
Barry H. Bass will leave First Potomac by September 10, 2012.
Though the reason for his leaving is not known, he will support
Blocher in his new responsibilities during the transition to ensure
a smooth handover.
Bass has been with First Potomac for about ten years and has played
a key role in strengthening the position of the company since its
Initial Public Offering in 2003. During his tenure, he had chalked
out an effective growth strategy and helped the company to emerge
as one of the leading owners of office and industrial properties in
the Greater Washington D.C. region.
The new CFO has had experience of more than 20 years in finance and
capital markets, which includes 15 years of expertise in the REIT
sector. Prior to joining First Potomac, Blocher had served as the
CFO of the Rockville, MD-based REIT -
Federal Realty Investment Trust
). Prior to that, he was a Vice President of CRIIMI MAE Inc.
besides holding various positions at
The Federal Home Loan Mortgage Corporation
The company remains optimistic with the appointment of the new
CFO, as it expects to grow its business under his leadership.
Management believes Blocher will add further value to First
Potomac's growth strategy and boost its balance sheet.
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First Potomac owns, develops, redevelops and operates business
parks and industrial properties in the metropolitan area of
Washington D.C. and other submarkets of Maryland and Virginia. As
of June 30, 2012, the company's portfolio comprises more than 14
million square feet of space and consists of 42% office, 22%
industrial properties and 36% business parks.
In the recently completed second-quarter 2012, the company reported
core FFO (Funds From Operations) of 32 cents, beating the Zacks
Consensus Estimate by 7 cents. The core FFO also outpaced the
year-ago level of 28 cents. For full year 2012, the company raised
the core FFO guidance to the range of $1.11 to $1.17 per share,
from the earlier guidance range of $1.06 to $1.12 per share.
Currently, the Zacks Consensus Estimate for 2012 and 2013 FFO per
share are pegged at $1.14 and $1.13 per share. First Potomac
carries a Zacks #3 Rank, signifying a short-term Hold rating. We
presently have a long-term Neutral recommendation on the stock.
Note: FFO, a widely accepted and reported measure of the
performance of REITs, is derived by adding depreciation,
amortization and other non-cash expenses to net income.