ATLANTA-Post Properties Inc. has reported third-quarter net income of $71.3 million, or $1.75 per share, compared to a net loss of $5.5 million, or a loss of 14 cents per share, last year. For the nine-month period, the apartment developer reported $130.6 million, or $3.25 per share, versus $92.8 million, or $2.34 per share, in the same 2004 period.
Funds from operations for the third quarter totaled $18.4 million, or 43 cents per diluted share, compared to $15.2 million, or 36 cents per share, for third quarter 2004. For the nine months ended Sept. 30, FFO totaled $62.6 million, or $1.46 per diluted share, compared to $47.7 million, or $1.12 per share last year.
"Results this quarter were solid in each area of our business," Post CEO and president David Stockert says in a prepared statement. "Apartment revenues increased in all of our markets on a year-over-year basis and when compared to the prior quarter." Stockert adds, "We're moving successfully through contracts and closings at our condominium conversions and we strengthened our balance sheet again this quarter through asset sales proceeds and debt repayment."
Stockert says the company's reported FFO for the nine-month period this year included a gain of about $5.3 million, or 12 cents per diluted share, relating to the sale of its investment in privately held Rent.com. The FFO amount also included a $3.2 million, or seven-cents per diluted, non-cash loss on the early repayment of tax-exempt secured loans assumed "in connection with asset sales and the termination of related interest rate cap agreements."
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