The reasons were the same as he had noted last November: to exit weak markets and use sale proceeds for self-fund development and stock buybacks. Williamson finds Austin and northern Virginia strong markets for the company's urban infill apartment development.
During the fourth quarter, the REIT sold two apartment communities in Nashville for a total of $37 million and two in Atlanta for $47 million. The total asset sale for 2000 was $161 million.
Williams reported FFO for the fourth quarter plunged 23.1% to 32.3 million, a drop of $9.7 million compared to the same 1999 period. Per share FFO slipped to 72 cents in the fourth quarter, down 24.2% from last year. For the year, FFO was $3.63 per share, down 1.6% from 1999.
Post president David Stockert says value per share in 2001 has been revised from a range of $3.82 to $4 to $3.77 to $3.85.
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