For the year ended December 31, 2012, average economic occupancy at the Company’s same store communities was 96.0%, compared to 95.6% for the year ended December 31, 2011.
Total revenues for the same store communities increased 7.0% and total operating expenses increased 4.4% during 2012, compared to 2011, resulting in a 8.7% increase in same store NOI. The average monthly rental rate per unit increased 6.2% for 2012, compared to 2011.
Same store NOI is a supplemental non-GAAP financial measure. A reconciliation of same store NOI to the comparable GAAP financial measure is included in the financial data (Table 2) accompanying this press release. Information on same store NOI and average rental rate per unit by geographic market is also included in the financial data (Table 3) accompanying this press release.
In December 2012, the Company acquired development land in Austin, Texas, adjacent to its Post South Lamar™ development community, for an aggregate price of approximately $8.5 million. This approximately 3-acre site is expected to be redeveloped in the future to include, subject to revision, approximately 300 luxury apartment units and approximately 7,000 square feet of retail space.
In the aggregate, the Company has 2,046 units in seven apartment communities, and approximately 45,085 square feet of retail space, under development or in lease-up with a total estimated cost of $338.2 million. The Company currently expects to utilize available cash, available borrowings under its unsecured bank credit facilities, or other indebtedness, as well as net proceeds from its on-going condominium sales and its at-the-market common equity sales program to fund future estimated construction expenditures.
In 2012, the Company began leasing units at three of its development communities: the second phase of its Post Carlyle Square™ apartment community located in Washington D.C., its Post South Lamar™ apartment community located in Austin, Texas, and at the third phase of its Post Midtown Square® apartment community in Houston, Texas. As of February 2, 2013, Post Carlyle Square™ – Phase II, Post South Lamar™ and Post Midtown Square® - Phase III were 52.9%, 44.0% and 49.2% leased, respectively.