First Potomac Realty Trust operates as a real estate investment trust (REIT) in the United States. It engages in the acquisition, ownership, and operation of industrial and flex properties in the Washington, D.C. metropolitan area, as well as in Virginia and Maryland. As of December 31, 2005, the company owned 52 properties comprising approximately 8.3 million square feet. The company has elected to be taxed as a REIT under the Internal Revenue Code of 1986. As a REIT, it would not be subject to the federal income tax, provided it distributes at least 90% of its taxable income to its shareholders. First Potomac was founded in 1997 and is based in Bethesda, Maryland.