Funds from operations totaled $39.7 million, down $3.8 million or 8.7% from $43.5 million in the comparable 2000 period. On a diluted per-share basis, FFO was 90 cents, a decrease of 8.2% from 98 cents last year.
Net income was $19.9 million versus $25 million in first quarter 2000. On a diluted per-share basis, net income was 51 cents per share compared to 63 cents last year.
Total revenue of $102.6 million was up 7.5% from $95.4 million in the same period last year.
Average occupancy at Post's 23,198 units in 60 mature communities was 95.8%, down .7% from 96.5% in first quarter 2000.
Total revenue for from the multifamily complexes was up 3.5%. Operating expenses increased 8.7%. That resulted in a 1.3% increase in net operating income or $600,000 (1.4 cents per diluted share).
Post also has 20 communities and two phases of existing communities containing 6,855 units currently being leased. They were not included among the 60 mature communities reporting first-quarter results. But the 20 complexes contributed $12.2 million of net operating income during the first quarter, an increase of $7 million compared to the same 2000 period.
"These activities are providing quality to Post Properties and its net asset value and are keeping our balanace sheet exceptionallystrong," John Williams, chairman/CEO, said in a morning Internet conference call analyzing the results.
Post remains on target, he says, despite the uncertain economy. He predicted that continued economic uncertainties would continue for another 18 to 24 months, but that overall results were on target.
Factors that contributed to lower earnings were higher property insurance costs and a property tax in Dallas. He also pointed out thatPost could potentially do more projects with its new partner, New York State Common Retirement Fund.
A second speaker, talking about Atlanta specifically, Tom Wilkes, executive vice president, pointed out that was the company's biggest market with 60% of its stores. Total income there grew 3.2% due to higher rentals.
He reminded the audience Post had been "guardedly optimistic" about Atlanta The job market there is slowing. "We believeAtlanta will be a difficult market for the remainder of the year, and potentially in 2002," he says.
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David Wilkening
David Wilkening began his long journalism career as a police reporter for Chicago-area newspapers. He became a writer-editor for major newspapers in Chicago, Washington, Detroit and Florida. He has been a business editor, political editor and travel editor for newspapers and magazines. He tried for a while to be a political operative but did better as an adjunct college professor teaching English and journalism. He is the author of several books, both ghost-written and under his own name. He is also a widely published freelance writer who currently lives in Orlando.
