First Potomac Realty Trust (NYSE:FPO) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
First Potomac Realty Trust Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 7.14% to $0.30 in the quarter versus EPS of $0.28 in the year-earlier quarter.
Revenue: Rose 9.95% to $51.38 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: First Potomac Realty Trust reported adjusted EPS income of $0.30 per share. By that measure, the company beat the mean analyst estimate of $0.29. It beat the average revenue estimate of $47.06 million.
Quoting Management: Douglas J. Donatelli, Chairman and CEO of First Potomac Realty Trust, stated, “I’m very pleased with our first quarter results, which provided a solid beginning to 2013. This was the fifth consecutive quarter of positive net absorption in our portfolio, despite a slow leasing environment in our region, as we signed more than 563,000 square feet of leases, including 218,000 square feet of new leases. We also increased our leased and occupied percentages across nearly all geographic regions and property types, and our same-property net operating income was up 1.4%. All of this demonstrates the high quality nature of our portfolio and is a result of continued hard work by our team. Additionally, we are continuing to market our industrial portfolio for sale, and we are pleased with the interest we have seen. We look forward to sharing our progress once the process is completed.”
Key Stats (on next page)…