Post's Net Down But FFO Is Up

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ATLANTA-Post Properties Inc. posted second quarter net income of $56.5 million or $1.42 per diluted share compared to $99.2 million or $2.49 per share in second quarter 2004. Funds from operations totaled $22.1 million or 52 cents per diluted share versus $14.7 million or 35 cents per share last year.

For the six-month period, the locally based apartment and condominium developer recorded net income of $59.3 million of $1.48 per diluted share compared to $98.3 million or $2.48 per share for the first half of 2004. FFO totaled $44.1 million or $1.03 per share compared to $32.5 million or 76 per diluted share in the same period last year.

In addition to the non-cash loss, FFO for the six months ended June 30 included a gain of about $5.3 million or 12 cents per diluted share related to the sale of its investment in privately held Rent.com.

Occupancy at Post’s 52 mature multifamily communities, containing 20,028 apartment units, was 93.7% versus 93.6% in second quarter 2004.

“We are very pleased with our financial performance in the second quarter,” Post president and CEO David Stockert says in a prepared statement. “Solid results from our apartment business were bolstered by a strong pace of condominium sales.”

He adds, “With an expanding set of development opportunities and capital from the sale of older assets, Post is well positioned to continue delivering on its platform to create value.”