FFO for the year ended December 31, 2012 was $154.3 million, or $2.84 per diluted share, compared to $93.7 million, or $1.83 per diluted share, for the year ended December 31, 2011. FFO for the year ended December 31, 2012 included losses on the early extinguishment of indebtedness of $4.3 million, or $0.08 per diluted share. FFO for the year ended December 31, 2011 included the loss on the early extinguishment of indebtedness and the costs related to the redemption of preferred stock, discussed above, totaling a net reduction to FFO of $8.7 million, or $0.17 per diluted share.Said Dave Stockert, Post’s CEO, “Strong results in the fourth quarter capped a very productive year. Per share core funds from operations grew by more than 20% in 2012, driven by excellent portfolio performance and opportunistic investing and financing activity. In addition, we achieved a robust pace of condominium closings. The Company enters the new year well positioned to continue growing its core funds from operations. We expect to see ongoing favorable apartment market conditions, and look forward to the bottom-line contribution of our communities in lease-up.”
Post Properties Announces Fourth Quarter 2012 Earnings
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