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Post Properties Announces Fourth Quarter 2012 Earnings

Stocks in this article: PPS

Post Properties, Inc. (NYSE: PPS) announced today net income available to common shareholders of $17.9 million, or $0.33 per diluted share, for the fourth quarter of 2012, compared to net income of $3.0 million, or $0.06 per diluted share, for the fourth quarter of 2011.

Net income available to common shareholders for the year ended December 31, 2012 was $80.3 million, or $1.48 per diluted share, compared to net income of $19.3 million, or $0.38 per diluted share, for the year ended December 31, 2011.

The Company’s net income available to common shareholders for the three months ended December 31, 2012 included a loss on the early extinguishment of indebtedness of $4.0 million. In addition, the Company’s net income available to common shareholders for the year ended December 31, 2012 included a gain of $6.1 million on the sale of an asset.

The Company’s net income available to common shareholders for the three months and year ended December 31, 2011 included a loss on the early extinguishment of indebtedness of $6.9 million. In addition, the Company’s net income available to common shareholders for the year ended December 31, 2011 included $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 fourth quarter of 2012 was $38.8 million, or $0.71 per diluted share, compared to $20.9 million, or $0.40 per diluted share, for the fourth quarter of 2011. FFO for the fourth quarter of 2012 included the loss on the early extinguishment of indebtedness discussed above totaling $4.0 million, or $0.07 per diluted share. FFO for the fourth quarter of 2011 included the loss on early extinguishment of indebtedness discussed above totaling $6.9 million, or $0.13 per diluted share.

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