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| Dave Stockert |
ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE:
PPS) announced today net income available to common shareholders of $21.3
million, or $0.39 per diluted share, for the third quarter of 2012, compared to
net income of $7.9 million, or $0.15 per diluted share, for the third quarter
of 2011.
Net income available to common shareholders for the nine
months ended September 30, 2012, was $62.3 million, or $1.15 per diluted share,
compared to net income of $16.3 million, or $0.32 per diluted share, for the
nine months ended September 30, 2011.
Dave Stockert, the Post’s CEO, said,“Our business
continues to be robust, across-the-board. Core funds from operations grew on a
per-share basis in the third quarter by more than 20%.
“ We put up another strong quarter of same-store operating
results, closed a significant number of condominium sales, and commenced
another apartment development that should create value, while complementing our
high-quality portfolio.
“Finally, we were delighted that both of the major ratings
agencies have now upgraded our corporate credit ratings to reflect the work
we’ve done to strengthen the balance sheet.”
The Company also announced the development of its Post
Soho Square™ apartment community located in the Hyde Park submarket of
Tampa, Florida.
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| Hyde Park neighborhood, Tampa, FL |
Post Soho Square™ is planned to consist of 231 apartment
units with an average unit size of approximately 880 square feet and
approximately 10,556 square feet of retail space. The community is expected to
have a total estimated development cost of approximately $39.8 million.
The Company currently expects the stabilized yield on the
project will be approximately 6.25%, after a 3% management fee and $300 per
unit reserve, and based on current market rents, without trending. The Company
anticipates that first apartment unit deliveries will occur in the first
quarter of 2014.
For a complete copy of the company’s news release, please
contact:
Post Properties, Inc.
Chris Papa,
404-846-5028
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