Post Properties Announces Second Quarter 2010 Earnings

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today a net loss attributable to common shareholders of $35.5 million, or $0.73 per diluted share, for the second quarter of 2010, compared to a net loss attributable to common shareholders of $50.7 million, or $1.14 per diluted share, for the second quarter of 2009.

The net loss attributable to common shareholders was $38.6 million for the six months ended June 30, 2010, compared to a net loss of $50.3 million for the six months ended June 30, 2009.

On a diluted per share basis, the net loss attributable to common shareholders was $0.79 for the six months ended June 30, 2010, compared to a net loss of $1.13 for the six months ended June 30, 2009.

The Company’s net loss attributable to common shareholders for the three and six months ended June 30, 2010 and 2009 included non-cash impairment charges of approximately $35.1 million and $76.3 million, respectively.

For the six months ended June 30, 2009, these charges were partially offset by a net gain of approximately $24.7 million on the sale of an apartment community, 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.

For a complete copy of the company's news release and financials, please contact  pbutler@postproperties.com