First Potomac Realty Trust (FPO) 8-K Other Events

EXHIBIT 99.4

SCHEDULE III

FIRST POTOMAC REALTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2007
(Amounts in thousands)

				Encumbrances at
Property	Location	Date Acquired	Property Type(1),(2)	December 31, 2007
Maryland
Rumsey Center	Columbia	Oct-02	BP	$	9,114
Snowden Center	Columbia	Oct-02	BP		12,373
6900 English Muffin Way	Frederick	Jul-04	I		6,738
Deer Park	Randallstown	Jul-04	BP		7,455
Gateway Center	Gaithersburg	Jul-04	BP		3,836
Gateway West	Westminster	Jul-04	BP		5,791
4451 Georgia Pacific Boulevard	Frederick	Jul-04	I		6,514
20270 Goldenrod Lane	Germantown	Jul-04	BP		2,026
Girard Business Center	Gaithersburg	Jul-04	BP		7,383
Girard Place	Gaithersburg	Jul-04	BP		9,409
7561 Lindbergh Drive	Gaithersburg	Jul-04	I		1,882
Patrick Center	Frederick	Jul-04	Office		7,673
Old Courthouse Square	Martinsburg, WV	Jul-04	Retail		7,238
15 Worman’s Mill Court	Frederick	Jul-04	BP		2,534
West Park	Frederick	Jul-04	Office		2,606
Woodlands Business Center	Largo	Jul-04	Office		2,461
Airpark Place	Gaithersburg	Aug-04	BP		—
4612 Navistar Drive	Frederick	Dec-04	I		13,565
Campus at Metro Park	Rockville	Dec-04	BP		24,893
Glenn Dale Business Center	Glenn Dale	May-05	I		8,496
Owings Mills Business Center	Owings Mills	Nov-05	BP		5,742
Gateway 270	Clarksburg	Jul-06	BP		—
Indian Creek Court	Beltsville	Aug-06	I		13,199
Owings Mills Commerce Center	Owings Mills	Nov-06	BP		—
Ammendale Commerce Center	Beltsville	Mar-07	BP		—
Annapolis Commerce Park East	Annapolis	Jun-07	Office		8,834
Total:					169,762
Northern Virginia
13129 Airpark Road	Culpeper	Dec-97	I		—
Plaza 500	Alexandria	Dec-97	I		33,801
Van Buren Business Park	Herndon	Dec-97	BP		7,580
Tech Court	Chantilly	Oct-98	BP		3,462
Newington Business Park	Lorton	Dec-99	I		16,008
Interstate Plaza	Alexandria	Dec-03	I		—
Alexandria Corporate Park	Alexandria	Dec-03	I		27,495
Herndon Corporate Center	Herndon	Apr-04	BP		8,538
Aquia Commerce Center I & II	Stafford	Jun-04	BP		725
15395 John Marshall Highway	Haymarket	Oct-04	I		—
Windsor at Battlefield	Manassas	Dec-04	BP		—
Reston Business Campus	Reston	Mar-05	BP		—
Enterprise Center	Chantilly	Apr-05	BP		18,772
Gateway Centre	Manassas	Jul-05	BP		1,649
403/405 Glenn Drive	Sterling	Oct-05	BP		8,790
Linden Business Center	Manassas	Oct-05	BP		7,515
Prosperity Business Center	Merrifield	Nov-05	BP		3,862
Sterling Park Business Center	Sterling	Feb-06	BP		—
Davis Drive	Sterling	Aug-06	BP		—
Total:					138,197
Southern Virginia
Crossways Commerce Center(3)	Chesapeake	Dec-99	BP		25,377
Greenbrier Technology Center II	Chesapeake	Oct-02	BP		4,972
Norfolk Business Center	Norfolk	Oct-02	BP		4,665
Virginia Center	Glen Allen	Oct-03	BP		—
Crossways II	Chesapeake	Oct-04	BP		—
Norfolk Commerce Park II	Norfolk	Oct-04	BP		7,192
Cavalier Industrial Park	Chesapeake	Apr-05	I		—
1434 Crossways Boulevard	Chesapeake	Aug-05	BP		19,527
Enterprise Parkway	Hampton	Sep-05	BP		—
Diamond Hill Distribution Center	Chesapeake	Oct-05	I		—
1000 Lucas Way	Hampton	Dec-05	BP		—
River’s Bend Center	Chester	Jan-06	BP		—
Northridge I&II	Ashland	Jan-06	I		—
Crossways I	Chesapeake	Feb-06	BP		—
1408 Stephanie Way	Chesapeake	May-06	BP		—
Airpark Business Center	Richmond	Jun-06	BP		1,543
Chesterfield Business Center	Richmond	Jun-06	BP		5,330
Hanover Business Center	Ashland	Jun-06	BP		2,320
Gateway II	Norfolk	Nov-06	BP		—
Park Central	Richmond	Nov-06	BP		11,187
Greenbrier Circle Corporate Center	Chesapeake	Jan-07	BP		—
Greenbrier Technology Center I	Chesapeake	Jan-07	BP		—
Pine Glen	Richmond	Feb-07	BP		—
River’s Bend Center II	Chester	May-07	BP		—
Total:					82,113
Land held for future development	Richmond	Aug-07			—
Total				$	390,072

⁽¹⁾ I =Industrial

(2)	BP = Business Park
(3)	Represents Crossways Commerce Center I, Crossways Commerce Center III and Coast Guard Building.

Initial Costs				Gross Amount at End of Year
		Building &		Since					Building &				Accumulated
Land		Improvements		Acquisition			Land		Improvements		Total		Depreciation
$	2,675	$	10,196	$	1,780		$	2,675	$	11,976	$	14,651	$	2,790
	3,404		12,824		1,725			3,404		14,549		17,953		3,308
	3,136		8,642		(7	)		3,136		8,635		11,771		814
	3,677		7,697		479			3,677		8,179		11,856		779
	1,715		3,943		38			1,715		3,983		5,698		402
	890		6,925		847			890		7,773		8,663		810
	3,445		8,923		1			3,445		8,924		12,369		859
	1,415		2,060		115			1,415		2,176		3,591		263
	4,671		7,151		1,230			4,671		8,385		13,056		739
	5,134		9,507		38			5,134		9,581		14,715		948
	2,966		306		—			2,966		306		3,272		45
	1,777		8,721		521			1,777		9,243		11,020		831
	3,485		12,862		(49	)		3,485		12,813		16,298		1,377
	545		3,329		42			545		3,372		3,917		335
	520		5,177		301			520		5,478		5,998		534
	1,322		2,920		205			1,322		3,126		4,448		289
	2,697		7,141		277			2,697		7,418		10,115		665
	3,808		18,658		6			3,808		18,664		22,472		1,461
	9,220		32,056		145			9,220		32,201		41,421		3,062
	3,369		14,504		992			3,369		15,496		18,865		1,111
	1,382		7,416		1,039			1,382		8,455		9,837		527
	18,302		20,562		1,127			18,302		21,689		39,991		983
	5,673		17,168		176			5,673		17,344		23,017		677
	3,304		12,295		8			3,304		12,322		15,626		572
	2,398		7,659		486			2,398		8,145		10,543		93
	6,101		12,602		92			6,101		12,695		18,796		200
	97,031		261,244		11,684			97,031		272,928		369,959		24,474
	442		3,103		1,251			442		4,355		4,797		1,196
	6,265		35,433		2,283			6,265		37,716		43,981		9,940
	3,592		7,652		2,057			3,592		9,709		13,301		2,871
	1,056		4,844		661			1,056		5,505		6,561		1,384
	3,135		10,354		4,712			3,135		15,066		18,201		3,956
	2,185		8,972		248			2,185		9,220		11,405		1,191
	10,036		27,243		849			10,036		28,102		38,138		3,156
	4,082		14,651		560			4,082		15,216		19,298		1,599
	1,795		8,689		163			1,795		8,852		10,647		850
	2,736		7,301		8,266			2,736		15,567		18,303		985
	3,228		11,696		1,885			3,228		13,581		16,809		1,708
	1,996		8,778		424			1,996		9,202		11,198		778
	3,727		27,274		968			3,727		28,243		31,970		2,083
	3,015		6,734		302			3,015		7,036		10,051		761
	3,940		12,547		593			3,940		13,140		17,080		871
	4,829		10,978		204			4,829		11,182		16,011		818
	5,881		3,495		116			5,881		3,611		9,492		220
	19,897		10,750		4,174			19,897		14,925		34,822		721
	1,614		3,611		97			1,614		3,708		5,322		173
	83,451		224,105		29,831			83,451		253,936		337,387		35,261
	5,160		23,660		7,209			5,160		30,869		36,029		7,823
	1,365		5,119		819			1,483		5,820		7,303		1,930
	1,323		4,967		422			1,554		5,158		6,712		1,884
	1,922		7,026		1,499			1,922		8,525		10,447		1,902
	1,036		6,254		245			1,036		6,499		7,535		539
	1,221		8,693		350			1,221		9,043		10,264		901
	1,387		11,362		5,197			1,387		16,559		17,946		824
	4,447		24,739		236			4,815		24,607		29,422		2,225
	4,132		10,674		1,424			4,132		12,098		16,230		677
	3,290		24,949		988			3,290		25,937		29,227		1,454
	2,592		8,563		299			2,592		8,862		11,454		889
	3,153		26,294		1,325			3,482		27,290		30,772		1,989
	1,172		7,417		514			1,172		7,931		9,103		604
	2,657		11,597		852			2,657		12,449		15,106		838
	1,292		3,899		43			1,292		3,942		5,234		165
	250		2,814		490			250		3,304		3,554		158
	900		13,335		644			900		13,979		14,879		602
	1,794		11,561		399			1,795		11,959		13,754		546
	1,320		2,293		138			1,320		2,471		3,791		83
	1,789		19,712		1,171			1,789		20,883		22,672		908
	4,164		18,984		67			4,164		19,051		23,215		743
	2,024		7,960		379			2,024		8,339		10,363		316
	618		4,517		6			618		4,523		5,141		119
	5,634		11,533		40			5,634		11,573		17,207		221
	54,642		277,922		24,796			55,689		301,671		357,360		28,340
	442		—		33			465		10		475		—
$	235,566	$	763,271	$	66,344		$	236,636	$	828,545	$	1,065,181	$	88,075

     Depreciation of rental property is computed on a straight-line basis over the estimated useful lives of the assets. The estimated lives of our assets range from 5 to 39 years. The tax basis of the assets above is $1,081 million at December 31, 2007.

(a) Reconciliation of Real Estate

     The following table reconciles the real estate investments for the years ended December 31 (amounts in thousands):

	2007			2006			2005
Beginning balance	$	947,723		$	710,956		$	491,031
Acquisitions of rental property		84,636			226,485			215,593
Capital expenditures		34,899			18,282			5,081
Cost of real estate sold		—			(7,708	)		—
Dispositions		(2,077	)		(292	)		(749	)
Ending balance	$	1,065,181		$	947,723		$	710,956

(b) Reconciliation of Accumulated Depreciation

     The following table reconciles the accumulated depreciation on the real estate investments for the years ended December 31 (amounts in thousands):

	2007			2006			2005
Beginning balance	$	62,841		$	42,226		$	27,094
Depreciation of acquisitions of rental property		1,692			3,164			2,217
Depreciation of all other rental property and capital expenditures		25,287			18,640			13,061
Dispositions – real estate sold		—			(1,104	)		—
Dispositions – write-off		(1,745	)		(85	)		(146	)
Ending balance	$	88,075		$	62,841		$	42,226