ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced net income available to common shareholders of $3.0 million, or $0.06 per diluted share, for the fourth quarter of 2011, compared to net income of $2.4 million, or $0.05 per diluted share, for the fourth quarter of 2010.
Net income available to common shareholders for the year ended December 31, 2011, was $19.3 million, or $0.38 per diluted share, compared to a net loss of $14.5 million, or a net loss of $0.30 per diluted share, for the year ended December 31, 2010.
The Company’s net income (loss) available to common shareholders for the three months and year ended December 31, 2011 included a $6.9 million loss on the early extinguishment of indebtedness.
The Company’s net income (loss) available to common shareholders for the year ended December 31, 2010 included non-cash impairment charges of approximately $40.6 million primarily relating to the Company’s condominium projects, offset by a net gain of $26.4 million related to the acquisition of all remaining interests in its Atlanta condominium project, adjacent land and infrastructure and the acquisition of the related construction loans.
For a complete copy of the company’s news release and statistics, please contact Post Properties, Inc., Chris Papa, 404-846-5028
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