The causes, according to Moody's VP and senior analyst Philip M. Kibel, are many. First came Post's announcement that earnings were going to lag behind expectations. Then there was a reversal of strategy. Earlier plans to become a nationwide apartment entity fizzled, and Post reportedly sheared off markets to narrow its focus. Finally, a slower lease-up on newly developed properties didn't help.
Presumably, however, the rating would have been lower if it were not for certain strengths that Post has going for it. "The ratings also incorporate its focus on upscale multifamily properties," says Kibel, "its successful mixed-use strategy; its good experience as an apartment builder and owner; and its position as one of the leading developers, owners and operators of institutional-quality apartments in the Southern USA."
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
