ATLANTA-Post Properties Inc. net income and funds from operations both declined in the second quarter compared to a year ago, the company reports.

Net income totaled $12.1 million or 28 cents per diluted share versus $56.5 million or $1.42 in the same 2005 period. FFO totaled $22.1 million, the same as a year ago. On a per-share basis, FFO totaled 52 cents in the quarter compared to 52 cents in the same 2005 period.

For the six-month period ended June 30, net income totaled $15 million or 35 cents period compared to $59.3 million or $1.48 per diluted share in the first half of 2005. FFO totaled $42.1 million or 96 cents per share for in the first half of this year versus $44.1 million or $1.03 per share last year.

"Apartment revenues accelerated again in the second quarter, on a combination of increasing rents and higher occupancy," Post CEO and president David Stockert said in a prepared statement. He says the company is "particularly pleased to see a continuation of improving year-over-year and sequential revenue growth in our two largest markets, as they experience solid economic and population growth and relatively moderate levels of new supply."

For the second quarter, average economic occupancy at the company's 51 mature communities, containing 18,787 apartment units, was 95.3%, compared to 94% for second quarter 2005. Stockert says total revenue for the mature communities increased 5.9% during the quarter compared to the same period last year. Operating expenses increased 5.2%, producing a 6.3% increase in same-store net operating income, or $2.4 million.

Post's aggregate development pipeline, as of June 30, was about $179 million, Stockert says. The company also owns or has under contract land that will allow for the development of more than 4,000 multifamily units. The undeveloped land is in Atlanta, Austin, Dallas, metro Washington, DC, Houston, Raleigh, NC and Tampa, FL.

For the third quarter, Stockert says Post expects its net income will be in the range of 69 cents to 76 cents per diluted share and FFO will be in the 44 cents to 46 cents per diluted share column.