Bob Milkovich, the new CEO of First Potomac Realty Trust, acknowledges that the Bethesda-based REIT faces some stiff tests moving forward but also sees a great opportunity for the company to redefine itself.
Bob joined First Potomac in 2014 as COO and was named CEO last month following the resignations of company founders Doug Donatelli and Nicholas Smith. "There's a real opportunity here. I know that sounds a bit rah-rah, but I know there's a big opportunity here and it's exciting," Bob told the Washington Business Journal.
FRIT is facing a changing landscape as demand has shifted from suburban office properties to urban, walkable communities. The company has faced criticism over the performance and outlook of some of its properties in the region, leading analysts to speculate on whether the REIT is an acquisition target. Bob says the company has no plans to sell itself and recently completed a full assessment of its 7.8M SF portfolio with plans to unveil a new business plan in February.
In the interim, First Potomac will continue with previously announced plans including a stock repurchase program of up to 5M shares. Earlier this year, First Potomac announced plans to sell $200M worth of assets, including nine of its properties in Northern Virginia. [WBJ]
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