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Post Properties Announces Third Quarter 2012 Earnings And Development Of Post Soho Square™ In Tampa, Florida

Stocks in this article: PPS

Post Properties, Inc. (NYSE: PPS) announced today net income available to common shareholders of $21.3 million, or $0.39 per diluted share, for the third quarter of 2012, compared to net income of $7.9 million, or $0.15 per diluted share, for the third quarter of 2011.

Net income available to common shareholders for the nine months ended September 30, 2012, was $62.3 million, or $1.15 per diluted share, compared to net income of $16.3 million, or $0.32 per diluted share, for the nine months ended September 30, 2011.

The Company’s net income available to common shareholders for the nine months ended September 30, 2012 included other income of $0.9 million relating primarily to a construction litigation settlement and a gain of $6.1 million on the sale of an asset. The Company’s net income available to common shareholders for the nine months ended September 30, 2011 included a $0.4 million gain on the sale of a technology investment and $1.8 million of costs associated with the Company’s redemption of preferred stock.

Funds From Operations

The Company uses the National Association of Real Estate Investment Trusts (“NAREIT”) definition of Funds from Operations (“FFO”) as an operating measure of the Company’s financial performance. A reconciliation of FFO to GAAP net income is included in the financial data (Table 1) accompanying this press release.

FFO for the third quarter of 2012 was $41.6 million, or $0.76 per diluted share, compared to $26.7 million, or $0.52 per diluted share, for the third quarter of 2011.

FFO for the nine months ended September 30, 2012, was $115.5 million, or $2.13 per diluted share, compared to $72.8 million, or $1.44 per diluted share, for the nine months ended September 30, 2011. The Company’s reported FFO for the nine months ended September 30, 2012, included the $0.9 million of other income discussed above, or $0.02 per diluted share. The Company’s reported FFO for the nine months ended September 30, 2011, included costs related to the redemption of preferred stock, offset by the technology sale gain discussed above, totaling a net reduction to FFO of $1.3 million, or $0.03 per diluted share.

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