Thursday, May 6, 2010

Post Properties Announces First Quarter 2010 Earnings

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today a net loss attributable to common shareholders of $3.1 million, or $0.06 per diluted share, for the first quarter of 2010, compared to net income available to common shareholders of $0.4 million, or $0.01 per diluted share, for the first quarter of 2009.

The Company’s net income available to common shareholders for the first quarter of 2009 included net gains of approximately $0.9 million associated with the early extinguishment of indebtedness relating to the tender offer for its 2010 and 2011 senior unsecured notes and the prepayment of its weekly-remarketed, variable rate taxable mortgage bonds.

 Net income for the first quarter of 2009 also included income of approximately $0.9 million from the mark-to-market of the interest rate swap that was terminated in connection with the prepayment of the mortgage bonds discussed above, as well as income of approximately $0.4 million due to a favorable change in management’s estimates regarding the damage sustained at its Houston, Texas communities in 2008 as a result of Hurricane Ike.

For a complete copy of the company's news release and financials, please contact: Post Properties, Inc., Chris Papa, 404-846-5028

Marcus & Millichap Sells $8.7M Prime Park Avenue Building in New York City

Adelaide Polsinelli and Steve Siegel team up with Glen Kunofsky and James Ventura to sell the asset for $2,023 per square foot.

NEW YORK, N.Y., May 3, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 407 Park Ave. (middle left photo) , a retail building fully leased to Stefano Ricci, an upscale men’s clothing store.

The property commanded a price of $8.7 million, or $2,023 per square foot.

Adelaide Polsinelli, (top right photo)  an associate vice president investments, and Steve Siegel, (middle left photo) a vice president investments in the Manhattan office of Marcus & Millichap, represented the seller, 407 Park LLC, in this transaction. Glen Kunofsky (lower right photo) , a senior vice president investments, and James Ventura a retail investment specialist, represented the buyer, Land Finance Corporation.

 “We were able to close this transaction at a high price-per square foot, even as the market continues to face challenges,” explains Polsinelli. “The building is leased on a long-term basis to a strong tenant at below-market rents, with annual rent increases in place. In addition, the site includes 29,450 square feet of additional air rights.

“For several years, this property and others along the block located between 54th and 55th streets on Park Avenue were rumored to be redeveloped by one of New York’s famous developers,” notes Polsinelli.

 “Because of continued interest among developers and investors and a recovering real estate market its prime Midtown location, 407 Park Ave. will appreciate in value as we move out of the current downturn.”

 “This sale demonstrates that quality net-leased properties in major MSAs like New York City remain in high demand among domestic and international buyers seeking trophy assets,” explains Kunofsky.

Located at 407 Park Ave. between 54th and 55th streets, the two-story building is occupied by Stefano Ricci, which has high-end boutiques in locations worldwide.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

March Resort Tax Collections in Orange County, FL Up from Same 2009 Period

ORLANDO, FLORIDA -- County Comptroller Martha Haynie (top right photo)  announced that resort tax collections received by the County in April for the hotel collection month of March 2010 were $15,880,300. Resort taxes are charged on short-term rentals, mostly hotels and motels.

Comptroller Haynie noted that March 2010 collections were roughly 14 percent higher than March 2009. “March 2009 saw one of the sharpest declines we have experienced in the TDT collections, and most of the year was pretty dismal. This upturn in the revenue doesn’t get us out of the ditch, but it is a very welcome development.” Haynie stated.

For a complete copy of the news release and statistics, please contact
Martha O. Haynie (407) 836-5690

Industrial Team at Southern Commercial Completes 10,210-SF New Lease

ORLANDO, FL--Principal Moses L. Salcido (top right photo), SIOR of Southern Commercial Real Estate Advisors completed a 10,210 square foot new lease at 2544 Landstreet Road, Orlando, Florida.

Salcido negotiated the 3 year lease, representing the Landlord, DCT Industries. The Tenant, Grimco, Inc. was represented by NAI Olympia Partners, LTD.

Southern Commercial Real Estate Advisors, LLC (d/b/a Southern Commercial) is a commercial real estate firm focusing on office and industrial properties in Florida, and in Central Florida in particular.

William “Bo” Bradford, Jr., CCIM, SIOR and Tom McFadden, SIOR are founding principals of the company and have combined industry experience in excess of 38 years. Since founding their brokerage team in February of 2002, they have completed over 300 commercial real estate transactions valued at more than $250 million dollars.

The company presently handles 7.2 million square feet of existing product and another 1,000,000 square feet of planned or product under construction.

Media Contact: Celeste MacKenzie, Southern Commercial Real Estate Advisors, 321-281-8503 20 N. Orange Avenue, Suite 605, Orlando, FL 32801,

EastGroup Properties Announces First Quarter 2010 Results

JACKSON, MS--EastGroup Properties, Inc. (NYSE-EGP) announced  the results of its operations for the three months ended March 31, 2010.

Commenting on the Company’s performance for the quarter, David H. Hoster II, (top right photo)  President and CEO, stated, “We are pleased to report that funds from operations for the first quarter exceeded the mid-point of our guidance.

“Although occupancy declined from December 31, it ended above our expectations as we executed a record number of leases with a record total of square feet during the quarter.

“We project occupancy to remain steady in the second quarter and then improve in both the third and fourth quarters.”

For a complete copy of the news release and financials, please contact David H. Hoster II, President and Chief Executive Officer or N. Keith McKey, Chief Financial Officer (601) 354-3555


• Funds from Operations of $19.6 Million or $.73 Per Share Compared to $.83 Per Share the Same Quarter Last Year

• Net Income Attributable to Common Stockholders of $4.9 Million or $.18 Per Share

• Same Property Net Operating Income Decline of 3.8%; 5.1% Decline Without Straight-Line Rent Adjustments

• 87.6% Leased, 86.2% Occupied

• Paid 121st Consecutive Quarterly Cash Dividend – $.52 Per Share

• Interest and Fixed Charge Coverages of 3.2x

• Acquired Five Buildings in Charlotte and San Diego for $22.3 Million

• Three Development Projects With Estimated Costs to Complete of $2.4 Million as of March 31, 2010

• No Debt Maturities for the Remainder of 2010