For the year, however, the 32-year-old developer of garden-styled apartments showed net income of $76.4 million compared to $2.7 million in the previous year. On a diluted per-share basis, the company posted $1.92 versus seven cents for the year ended Dec. 31, 2003.
Funds from operations in the fourth quarter totaled $2.9 million or seven cents per diluted share. The comparable 2003 period total was $19.8 million or 47 cents per share. For the full year, Post recorded FFO of $50.6 million or $1.19 per diluted share compared to $40 million or 95 cents per diluted share in 2003.
Post president and CEO David P. Stockert says the company is "pleased that we were able to produce year-over-year growth in revenue from our core portfolio during the fourth quarter and for the full year 2004." He says that performance was "consistent with the turnaround in apartment market conditions."
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