SANTA BARBARA, CALIF., Feb. 07, 2011 – Washington, D.C.-based real estate investment trust First Potomac Realty Trust will consolidate the accounting and property management reporting platforms for its 13-million-square-foot office and industrial property portfolio by implementing Yardi Voyager™ software.
First Potomac sought to consolidate multiple systems in order to streamline business processes, including financial reporting, forecasting and other functions. As First Potomac continued to experience strong growth in 2010, it focused on a technology solution and single-system platform that would meet its criteria. By working with Yardi, First Potomac anticipates upgrading its system capabilities and converging functionality that will introduce significant operating efficiencies.
“Yardi is a provider that is solely focused on real estate and has a solid roadmap for future development. We will rely on Yardi to help us scale up our business as we pursue growth opportunities in the Washington, D.C. market,” said Mike Comer, chief accounting officer for First Potomac.
First Potomac extended Yardi Voyager’s value by adding other products to the platform. Yardi PAYscan™ will incorporate automated, electronic invoice processing into Yardi Voyager. Yardi Executive Dashboard™, a business intelligence automation tool, will present real-time key performance indicators and analytics drawn from Yardi Voyager on user-configurable screens.
Yardi will also provide hosting services to First Potomac through its Application Service Provider (ASP). With ASP, Yardi serves and maintains the Voyager application and database for First Potomac from its data center. Yardi assumes responsibility for all application updates, network security, hardware, bandwidth and infrastructure, allowing First Potomac to focus on its principal business.
“We are pleased to provide First Potomac with a solid technology platform that will be a foundation for their growth. The company can easily add even more capabilities to Voyager as their portfolio expands and their business needs evolve,” said Richard Malpica, vice president and general manager of Yardi’s Eastern Region.
About First Potomac Realty Trust
Founded in 1997 and based in Washington, D.C., First Potomac Realty Trust (NYSE:FPO) is a real estate investment trust that focuses on owning, operating, developing and redeveloping office and industrial properties in the greater Washington region. Since going public in 2003, First Potomac’s portfolio has grown significantly and now encompasses approximately 13 million square feet. The U.S. government and government contractors account for more than 20% of the company’s revenue. For more information, visit www.first-potomac.com.
Yardi Systems has been committed to the design, development and support of real estate investment management and property management software for nearly 30 years. With its Yardi Multifamily Suite™, Yardi Commercial Suite™ and Yardi Investment Suite™, the Yardi Voyager™ system is the most comprehensive single real estate management platform on the market today. Yardi serves clients around the world from offices in Asia, Australia, Europe and North America. More information about Yardi products and services is available at www.yardi.com.
Trade Media Contact: Joel Nelson 805.699-2040, ext. 1255