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ATLANTA-Despite a drop in the housing market, locally based Post Properties reported earnings of $9.1 million for 3Q. Company officials call these results “better than expected.”

Although the income number reflects a significant drop from Q3 2006–which saw $33.9 million in net income–company officials say the financial results for the quarter were better than anticipated. Net income on a diluted share basis for Q3 was 21 cents per share compared with 77 cents per share for Q3 2006. “We achieved solid results in every market outside of Florida,” Post Properties CEO and president David Stockert said during a Tuesday conference call. “Dallas was particularly strong this quarter.”

Despite the drop in Q3 earnings, net income year-to-date is higher than 2006. For the nine months ending September 30 it was $93.7 million, compared to $48.9 million. On a diluted per share basis, net income was $2.12 per share versus $1.13 per share for 2006. Although the net income for the nine months included a net gain on the sale of an apartment community in the first quarter of $16.7 million, as well as gains of approximately $55.3 million on the sale of a 75% interest in two apartment communities converted to joint venture ownership in the second quarter.

“Results for the third quarter exceeded our expectations,” Stockert says. “We increased apartment revenues, on a same-store basis, through a combination of higher rents and occupancy. Despite conditions in the housing market, we also achieved our targets for condominium sales, closing 84 condominium units with gross revenues totaling more than $30 million.”

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