First Potomac Realty Trust, a Bethesda-based owner of office and business park properties in the greater Washington D.C. region, on Tuesday announced that its board of trustees has authorized a share repurchase program.
Under the share repurchase program, the company may buy up to 5 million of its common shares of beneficial interest from time to time over the next year in open market transactions at prevailing prices or in negotiated private transactions.
First Potomac Realty Trust currently has approximately 58.8 million common shares outstanding.
The program does not obligate the company to buy any particular amount of common shares and may be suspended by the company’s board of trustees at any time.
“We believe the current price of our common shares represents a compelling value, as we have continued to see our stock trade at discounted levels relative to our net asset value,” said Douglas J. Donatelli, chairman and CEO of the company, in a prepared statement.