Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

ATLANTA-Post Properties Inc. has reported third-quarter net income of $71.3 million, or $1.75 per share, compared to a net loss of $5.5 million, or a loss of 14 cents per share, last year. For the nine-month period, the apartment developer reported $130.6 million, or $3.25 per share, versus $92.8 million, or $2.34 per share, in the same 2004 period.

Funds from operations for the third quarter totaled $18.4 million, or 43 cents per diluted share, compared to $15.2 million, or 36 cents per share, for third quarter 2004. For the nine months ended Sept. 30, FFO totaled $62.6 million, or $1.46 per diluted share, compared to $47.7 million, or $1.12 per share last year.

“Results this quarter were solid in each area of our business,” Post CEO and president David Stockert says in a prepared statement. “Apartment revenues increased in all of our markets on a year-over-year basis and when compared to the prior quarter.” Stockert adds, “We’re moving successfully through contracts and closings at our condominium conversions and we strengthened our balance sheet again this quarter through asset sales proceeds and debt repayment.”

Stockert says the company’s reported FFO for the nine-month period this year included a gain of about $5.3 million, or 12 cents per diluted share, relating to the sale of its investment in privately held Rent.com. The FFO amount also included a $3.2 million, or seven-cents per diluted, non-cash loss on the early repayment of tax-exempt secured loans assumed “in connection with asset sales and the termination of related interest rate cap agreements.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.