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ATLANTA-Although the numbers are down, Post Properties Inc.’s second quarter funds from operations of $39.6 million or 90 cents on a diluted per-share basis, are in line with First Call’s consensus estimates. The locally based apartment REIT posted $44.6 million or 99 cents per diluted share in second quarter 2000.

Year-to-date FFO per share was $1.80 compared to $1.96 for the first two quarters of 2000. Post attributed the decrease to dilution from asset sales and non-recurring revenue in 2000.

Net income was $33.1 million, up 27.8% from $25.9 million in second quarter 2000. Diluted earnings per share were 85 cents, an increase of 30.8%, versus 65 cents a year ago. The company says the increase came from the sale of assets in the second quarter.

Year-to-date earnings are $53 million compared to $50.9 million for the first two quarters of 2000. Diluted earnings per share were $1.36 year-to-date, up 6.3%, compared to $1.28 in the same period last year.

Total revenue rose 2.8% to $102.2 million from $99.4 million a year ago.

“We are marking great strides in executing the strategic initiatives we laid out last fall in anticipation of weaker economic conditions,” John A. Williams, Post’s chairman/CEO, says in a prepared statement. “While Atlanta, our primary market, is even softer than we anticipated, we are encouraged by the institutional demand for our assets and the value we are creating, as evidenced by the sizable gains which drove the growth of our earnings per share this quarter.”

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