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.”
Same Store Community Data
Average economic occupancy at the Company’s 50 same store communities, containing 18,114 apartment units, was 95.6% and 95.9% for the fourth quarter of 2012 and 2011, respectively.Total revenues for the same store communities increased 5.8% and total operating expenses increased 7.7% during the fourth quarter of 2012, compared to the fourth quarter of 2011, resulting in a 4.7% increase in same store net operating income (“NOI”). The average monthly rental rate per unit increased 5.9% during the fourth quarter of 2012, compared to the fourth quarter of 2011. On a sequential basis, total revenues for the same store communities decreased 0.8% and total operating expenses decreased 4.5%, producing a 1.5% increase in same store NOI for the fourth quarter of 2012, compared to the third quarter of 2012. On a sequential basis, the average monthly rental rate per unit increased 0.9%. For the fourth quarter of 2012, average economic occupancy at the same store communities was 95.6%, compared to 96.6% for the third quarter of 2012.
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