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ATLANTA-There is no joy in the house of Post Properties Inc. today. The locally based national apartment developer is reporting lower numbers in every category for the third quarter and the nine-month period.

Funds from operations in the quarter totaled $27.2 million versus $37.5 million in the same 2001 period. On a diluted per-share basis, FFO was 65 cents compared to 87 cents previously. Year-to-date, FFO per share was $2.02 against $2.66 in the prior year.

Third-quarter net income was $3.3 million or nine cents per diluted share versus $24.4 million or 64 cents a year ago. Year-to-date net income was $39.6 million or $1.07 per diluted share compared to $77.44 million or $2 in the same 2001 period.

Total revenue from continuing operations was $86.7 million for the quarter versus $93.8 million previously. Year-to-date revenue was $254.9 million compared to $287.7 million in the prior year.

For the third quarter and year-to date period, $4 million and $11.9 million respectively of the year-over-year change in total revenue was due to the sale of third-party service businesses, the company says in a prepared statement.

Third-quarter operating results included losses of $2.2 million ($1.9 million net of minority interest) or five cents per share from property sales and disposition activity, compared to gains of $8.2 million ($7.2 million net of minority interest) or 19 cents per share in third-quarter 2001.

Occupancy levels at the company’s 66 apartment communities were 92.9% in the third quarter versus 94.6% a year ago. Year-to-date average occupancy was 90.9% compared to 95% last year.

Third-quarter asset sales included the Post Ascension in Arlington, TX for $10 million and Post Fountains in Orlando for $30 million. Year-to-date, the company booked $190 million in gross apartment community sales and the closing of a joint venture of its Post Masachusetts Avenue development project in Washington, D.C.

For the fourth quarter and calendar year 2002, Post management projects FFO per share will be 61 cents to 63 cents and $2.63 to $2.65 respectively.

Projected earnings per share for the two periods will be 29 cents to 31 cents and $1.36 to $1.38 respectively.

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