ATLANTA-Locally based Post Properties Inc. reported net income of $33.9 million, or 77 cents per share, for the third quarter in a conference call Tuesday.

The net income for the quarter compares with net income of $71.3 million, or $1.77 per share, for Q3 2005. The net income for the quarter included net gains on the sale of apartment communities for $28.1 million and $74.7 million. For the nine months ending Sept. 30, net income was $48.9 million, or $1.13 per share, compared to $130.6 million, or $3.25 per share, a year ago.

For the Q3, average economic occupancy at the company's 48 communities containing 17,961 units was 94.9% compared to 95.4% for the same period a year ago. However, total revenues for the communities increased 5.6% during Q3 compared to 2005. Operating expenses increased 6.1% during Q3, producing a 5.3% increase in same store net operating income, or $2 million. The average monthly rental rate per unit increased 6% during Q3 compared to 2005 with property tax expenses accounting for the majority of the increase in operating expenses.

"Results for the third quarter reflect ongoing strength in the apartment market," said Post Properties president and CEO David Stockert, during the conference call. "It's a good time to own high-quality apartments."

The company recently announced plans for two new developments. Post plans to begin construction at Post Eastside, a $53.9-million mixed-use development in the suburban Dallas office corridor of Richardson, TX. The development will include approximately 435 apartment homes above 36,000 sf of ground-floor retail development. The company also recently announced plans to begin construction of an expansion of its Post Hyde Park apartment community in Tampa. The $18.6-million expansion will include 467 apartment homes.