The causes, according to Moody's VP and senior analyst Philip M.Kibel, are many. First came Post's announcement that earnings weregoing to lag behind expectations. Then there was a reversal ofstrategy. Earlier plans to become a nationwide apartment entityfizzled, and Post reportedly sheared off markets to narrow itsfocus. Finally, a slower lease-up on newly developed propertiesdidn't help.
Presumably, however, the rating would have been lower if it werenot for certain strengths that Post has going for it. "The ratingsalso incorporate its focus on upscale multifamily properties," saysKibel, "its successful mixed-use strategy; its good experience asan apartment builder and owner; and its position as one of theleading developers, owners and operators of institutional-qualityapartments in the Southern USA."
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
