Post's FFO, Revenue, Occupancy Down

Funds from operations for the Q4 totaled $25.6 million or 62 cents per diluted share compared to $33.7 million or 80 cents in the comparable 2001 period, excluding charges of 41 cents. For the full year, FFO was $110.4 million or $2.63 per diluted share compared to $150.6 million or $3.47 per diluted share.

Q4 total revenue from continuing operations at 65 mature communities totaling 22,618 apartment units was $82.8 million versus $86.4 million in the same 2001 period. For the full year, revenue was $330 million compared to $365.3 million.

Total revenue for the mature communities decreased 6.3% during the quarter while operating expenses decreased 6%. This produced a 6.5% decline in net operating income, or $2.9 million (loss of 6.9 cents per diluted share).

Occupancy was 91% in the fourth quarter; 92.8% in the same 2001 period. For all of 2002, occupancy was 90.9% compared to 94% in 2001. On the positive side, Post completed the leaseup of its 276-unit Post Biltmore community in Midtown. The Atlanta developer also opened a leasing office on Manhattan's Upper East Side to market the 33-story Post Toscana development, a joint venture between Post and New York-based Clarett Group.

Fourth quarter net income available to common stock shareholders was $9.6 million or 26 cents per diluted share versus $13.2 million or 35 cents per diluted share, excluding charges, excluding charges of 41 cents in 2001. Including charges, the company reported a net loss available to shareholders of $2.3 million or a loss of six cents per diluted share. For the full year, net income available to shareholders was $49.3 million compared to $90.5 million, excluding charges, in 2001.