On its 8 ½% Series A cumulative Redeemable Preferred Stock, holders of record on Sept. 15 will receive $1.06 per share for the third quarter on Sept. 30. On its 7 5/8% Series B Cumulative Redeemable Preferred Stock, Post is paying 47 cents per share on Sept. 30 to holders of record on Sept. 15.
In a separate action, Post has told shareholders that its operating partnership, Post Apartment Homes LP, redeemed each of its 2.8 million outstanding 8% Series D Cumulative Redeemable Preferred Units on Sept. 3 for $25 per unit. Dividends on the Series D Preferred Units also stopped accumulating on the redemption date.
When the developer of branded, resort-style garden apartments first issued the Series D Preferred Units in September 1999, Post spent $1.8 million in issuance costs and recorded those costs as a reduction of shareholders' equity. "The redemption price of the Series D Preferred Units exceeds the related carrying value by the $1.8 million of issuance costs," the company says in a prepared statement.
On its third-quarter financial statement, Post says it will show the $1.8 million of issuance costs as a reduction of earnings in arriving at both net income available to common shareholders and funds from operations available to common shareholders.
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