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ATLANTA-Locally based Post Properties Inc. brings good news to its shareholders today. The company’s first-quarter net income totaled $2.9 million, up from $2.8 million in the same 2005 period. On a diluted per-share basis, net income of seven cents per share was the same in first-quarter 2006 as in 2005.

However, funds from operations dipped to $19.9 million, or 46 cents per diluted share, versus $22 million, or 51 cents per share, in the comparable quarter last year.

“The company’s reported FFO for the first quarter of 2006 included approximately three cents per diluted share of non-cash other income related to the market-to-market of an interest rate swap and the adoption of SFAS 123 related to stock option accounting,” Post Properties CEO and president David Stockert says in a prepared statement.

“We continue to experience a solid underpinning to our business today, with good growth in employment, population and new households in each of our markets,” Stockert says. “We took advantage of favorable market conditions in the first quarter to produce more than 7% year-over-year growth in net operating income of our apartment communities, on a ‘same-story’ basis.”

Stockert adds, “Over the past two quarters, the rate of growth in this important profit measure has been higher than at any time in at least the past five years.”

In his second-quarter outlook, Stockert expects net income will be in the range of 20 cents to 27 cents per diluted share. FFO will be 45 cents to 48 cents per diluted share. On a year-over-year basis, same store NOI is expected to increase 4.6% to 6.7%, based primarily on revenue that is expected to increase 5.2% to 5.6%, and operating expenses expected to increase 5.6% to 6.1%, Stockert says.

On a first-quarter revenue and net operating income basis, Atlanta properties led in the company’s rental and other revenues list. Atlanta posted revenue of $27.2 million and NOI of $17 million.

In the other markets, Dallas had revenue of $10.8 million and NOI of $5.9 million; Tampa, $6.8 million in revenue and NOI of $4.3 million; Washington, DC, $8.1 million in revenue and NOI of $5.3 million; Charlotte, $3.4 million in revenue and NOI of $2.3 million; Houston, $2.6 million in revenue and NOI of $1.3 million; New York, $3.2 million in revenue and NOI of $2.1 million; and Orlando, $991,000 in revenue and NOI of $584,000.

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