Post Loses Approximately $5M in Q3

ATLANTA-Post Properties Inc. lost $4.5 million in the third quarter and $3.1 million for the nine months ended Sept. 30, the company reports.

For shareholders, that meant a loss of 12 cents per diluted share in the quarter and a loss of eight cents per share for the nine-month period. In third quarter 2002, Post had net income of $3.3 million, or nine cents per share. For the nine months last year, the REIT had net income of $39.6 million, or $1.07 per diluted share. However, excluding severance and proxy charges, net income available to common shareholders totaled $20.7 million, or 55 cents per diluted share, for the first nine months of this year.

The company’s funds from operations numbers also lagged last year’s numbers. FFO for the quarter totaled $16.8 million, or 40 cents per diluted share, compared to $25.3 million, or 60 cents per share, in third quarter 2002. Excluding asset impairment charges, FFO for the quarter totaled $20.1 million, or 48 cents per share, compared to $27.2 million, or 65 cents per share, last year.