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| Post Renaissance apartments, Downtown Atlanta, GA |
ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE:
PPS) announced today net income available to common shareholders of $18.1
million, or $0.33 per diluted share, for the third quarter of 2013, compared to
$21.3 million, or $0.39 per diluted share, for the third quarter of 2012.
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| Dave Stockert |
The Company also announced
it has closed the sale of its Post Renaissance® apartment community,
located in Atlanta, Georgia, for a gross sale price of $47.5 million.
The community was constructed in phases in 1992 and 1994,
and contains 342 units, with an average unit size of approximately 914 square
feet. The cap rate on the sale price was approximately 5.4 percent, calculated
based on the trailing 12-months net operating income, as adjusted for a three
percent management fee and $300 per unit capital reserve.
The Company expects to record a gain on the sale in the
fourth quarter of approximately $28 million. The Company completed a reverse
like-kind exchange for tax purposes.
Said Dave Stockert, Post’s CEO, “In the third
quarter, and through the first nine months of this year, we’ve been able to
grow core funds from operations by at least 10 percent.
“This quarter, we also realized excellent pricing on the
sale of one of our oldest apartment communities – evidence of the consistent
high quality and desirability of Post’s apartment assets.
“We used a portion of our available cash balances to
repurchase common stock at prices that we believe represent a discount to the
underlying net value of our real estate assets.”
For a complete
copy of the company’s news release, please contact:
Post Properties, Inc.
Chris Papa, 404-846-5028
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