ATLANTA, GA—Post Properties Inc., one of the largest developers of multifamily properties in the U.S., lost $50.7 million in the second quarter of this year. In the same 2008 period, the Atlanta-based developer lost $27 million. The company reported its financials today in an online conference call with industry analysts.
On a diluted per share basis, the net loss attributable to common shareholders was $1.14, compared to $0.61 for the second quarter of 2008.
The company’s net loss attributable to common shareholders for the three months ended June 30, 2009 included non-cash impairment charges of approximately $76.3 million relating to the company’s investment in a condominium project and adjacent land.
These charges were partially offset by a net gain of approximately $24.7 million on the sale of an apartment community in April 2009.The company’s net loss attributable to common shareholders for the six months ended June 30, 2009 included the above-mentioned items as well as gains of approximately $2.3 million relating to the early extinguishment of indebtedness, the mark-to-market of an interest rate swap, and changes in previous hurricane loss estimates.
FFO for the second quarter of 2009 was a deficit of $59.0 million, or $1.32 per diluted share, compared to a deficit of $12.6 million, or $0.28 per diluted share, for the second quarter of 2008.
FFO for the second quarter of 2009 was a deficit of $59.0 million, or $1.32 per diluted share, compared to a deficit of $12.6 million, or $0.28 per diluted share, for the second quarter of 2008.
The company’s reported FFO for the second quarter of 2009 included the impairment charges discussed above of approximately $76.3 million, or $1.71 per diluted share.
The company’s reported FFO for the second quarter of 2008 included the charges discussed above in the aggregate of approximately $31.4 million, or $0.71 per diluted share.
FFO for the six months ended June 30, 2009 was a deficit of $42.0 million, or $0.94 per diluted share, compared to FFO of $1.3 million, or $0.03 per diluted share, for the first six months of 2008. The company’s reported FFO for the six months ended June 30, 2009 included the impairment charges and income items discussed above in the aggregate of approximately $74.0 million, or $1.66 per diluted share.
The Company’s reported FFO for the six months ended June 30, 2008 included the charges discussed above in the aggregate of approximately $37.5 million, or $0.84 per diluted share.
For a complete copy of the company's news release, please contact Chris Papa, 404-846-5028
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