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ATLANTA-Post Properties Inc. shareholders are in good spirits today as they review their company’s first-quarter financials showing net income of $2.8 million or seven cents per diluted share. That number compared to a first-quarter 2004 net loss of $900,000 and a loss of two cents per diluted share.

Funds from operations totaled $22 million, or 51 cents per diluted share, versus $17.8 million or, 42 cents, for first-quarter 2004. The 51 cents per diluted share number included a gain of about $5.3 million, or 12 cents per diluted share, related to the sale of its investment in privately held Rent.com, the company states.

First-quarter occupancy at Post’s 52 mature communities containing 20,028 apartment units was 93.5% compared to 93% in first quarter 2004. Total revenue for the mature properties increased 0.9% and operating expenses increased 3.7%, producing a 0.9% or $300,000 decrease in same-store net operating income.

The company has long-term ground leases at two of its mature communities in Atlanta and Washington, DC with terms expiring in 2066 and 2074 respectively. “These ground leases provide for future increases in minimum lease payments of approximately 2% to 3% per annum that generally compensate for the impact of inflation,” according to Post’s prepared statement.

In condominium conversion activity, Post is converting apartment communities in Tampa, FL (134 units) and Dallas (127 units). First-quarter gross sales at the Dallas project totaled $3.5 million on 18 units or $194,444 per unit. The company posted about $400,000 or one cent per diluted share on the sales. In Tampa, the company has 124 units under contract with no specified closing date. Post also has 74 units under contract at its Dallas project which is called 588 TM.

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