Post Losses Top $5M in Q3

On a diluted per-share basis, Post lost 14 cents per share compared to a net loss of 12 cents per share last year for the third quarter. For the nine-month period, the developer showed net income of $2.34 per share versus a loss of eight cents per share a year ago.

Funds from operations for the third quarter totaled $15.2 million or 36 cents per diluted share compared to $16.8 million or 40 cents per diluted share in third quarter 2003. For the nine month period, FFO totaled $47.7 million or $1.12 per diluted share compared to $20.2 million or 48 cents per share last year.

"We were pleased that we were able to produce growth in revenue from our core portfolio during the third quarter consistent with our expectations," Post CEO and president David P. Stockert says in a prepared statement. "Occupancy and average rents increased modestly on a sequential basis, reflecting the gradual firming of apartment market conditions."

Stockert says "management believes that the company's net loss available to common shareholders per diluted share for the fourth quarter will be in a range of 12 cents to 14 cents." He says FFO per share for the fourth quarter could range from 35 cent to 37 cents, or 44 cents to 46 cents, "excluding the loss on early extinguishment of indebtedness."

Christopher J. Papa, Post's executive vice president and chief financial officer, says the company "continued to strengthen our balance sheet by delivering on our intended redemption of high-coupon preferred equity and debt, and by successfully reducing our exposure to 2005 debt maturities while taking advantage of the prevailing low interest rate environment."