ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) has announced a net loss attributable to common shareholders of $(27.0) million for the second quarter of 2008, compared to net income available to common shareholders of $62.0 million for the second quarter of 2007. Said David P Stockert, (top right photo) President and Chief Executive Officer, “We are taking the steps necessary to adjust our business plan to the realities of difficult current economic and financial market conditions.
"We have reduced the size and risk of our development pipeline and assessed the carrying value of our assets in order to maintain the strength of our balance sheet. With Post’s portfolio of high-quality, well located properties, moderate leverage and adequate liquidity, we believe we are positioned t
o navigate successfully this point in the economic cycle and to enhance the value of our business as conditions improve.”
o navigate successfully this point in the economic cycle and to enhance the value of our business as conditions improve.” On a diluted per share basis, the net loss attributable to common shareholders was $(0.61) for the second quarter of 2008, compared to net income available to common shareholders of $1.40 for the second quarter of 2007.
The net loss attributable to common shareholders was $(26.2) million for the six months ended June 30, 2008, compared to net income available to common shareholders of $84.6 million for the six months ended June 30, 2007.
For a complete detailed copy of the company's news release, please
contact Chris Papa, 404-846-5028 or P. Butler at pbutler@postproperties.com
contact Chris Papa, 404-846-5028 or P. Butler at pbutler@postproperties.com
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