PHI Subsidiary Announces Planned Sale of Edison Place Building; Will Remain PHI/Pepco Headquarters
Thursday, July 24, 2003
For Immediate Release
Potomac Capital Investment Corporation, a wholly owned subsidiary of Pepco Holdings, Inc. (NYSE: POM), today announced the planned sale of its real estate investment in a ten-story, 360,000 square-foot office building in downtown Washington, D.C. Known as Edison Place, the buildinghas served as the corporate headquarters of PHI and Pepco since 2001. The current, long-term Pepco lease in the building will remain in place as part of the terms of the sale. PHI's ongoing lease of the building demonstrates its continued commitment to remaining in the District of Columbia.
Edison Place is located at 701 Ninth Street N.W. in the highly desirable East End section of Washington, D. C., the second largest submarket in the city. The building is newly constructed, with state-of-the-art energy efficient heating and cooling, electrical, security and telecommunications systems. The building has a prime location near the Washington Convention Center, MCI Center, National Portrait Gallery and Gallery Place Metro stop. The surrounding area is home to many fine hotels, restaurants and cultural attractions and has become the center o fa vibrant, 24-hour urban core.
PCI since 2000 has reduced its real estate investment portfolio from 15 propertiesto Edison Place – its final real estate investment. With interest rates at historically low levels and renewed interest in the downtown area, Edison Place is now being offered for sale to take advantage of the current favorable financial and real estate market. PCI expects to conclude the sale by the end of this year. The real estate firm of Cassidy and Pinkard is handling the transaction for PCI.
Pepco Holdings, Inc. is a diversified energy company with headquarters in Washington, D.C. Its principal operations consist of Pepco and Conectiv Power Delivery, which deliver 50,000 gigawatt-hours of power to more than 1.8 million customers in Washington, Delaware, Maryland, New Jersey and Virginia. PHI engages in regulated utility operations by delivering electricity and natural gas, and provides competitive energy and energy products and services to residential and commercial customers.
Forward-Looking Statements: Except forhistorical statements and discussions, the statements in this news release constitute "forward-looking statements" within the meaning of federal securities law. These statements contain management's beliefs based on information currently available to management and on various assumptions concerning future events. Forward-looking statements are not a guarantee of future performance or events.They are subject to a number of uncertainties and other factors, many of which are outside the company's control. Factors that could cause actual results to differ materially from those in the forward-looking statements herein include general economic, business and financing conditions;availability and cost of capital; changes in laws, regulations or regulatory policies; weather conditions; competition; governmental actions; and other presently unknown or unforeseen factors.These uncertainties and factors could cause actual results to differ materially from such statements.PHI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results and prospects of PHI.
