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
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