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| Post Luminaria Apartments, New York, NY |
ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS)
announced today that it has closed the sale of its Post Luminaria™ and Post
Toscana™ apartment communities, located in New York, NY, for a total gross
sales price of $270 million.
Post Luminaria™ was completed in 2002, and contains 138
apartment units and approximately 9,400 square feet of retail space. Post
Luminaria™ was owned in a consolidated joint venture in which the Company held
a 68% interest.
Post Toscana™ was completed in 2003 and contains 199
apartment units and approximately 11,700 square feet of retail space. The buyer
was not disclosed. Eastdil Secured acted as broker on the transaction.
A portion of the net proceeds from the sales were used to
prepay approximately $82.6 million of secured mortgage indebtedness encumbering
the assets and related prepayment premiums totaling approximately $13.0
million.
After closing costs and expenses, debt prepayments and
distributions of the Company’s share of the net proceeds received from the sale
of Post Luminaria™, Post expects to retain approximately $141 million of net
cash proceeds from the sales of the two communities.
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| Post Toscana Apartments New York, NY |
In the third quarter of 2014, the Company expects to report
a net gain on the sale of these assets of approximately $127 million, or
approximately $2.33 per diluted share, and a loss on the early extinguishment
of debt of approximately $12.3 million, or approximately $0.23 per diluted
share, relating to debt prepayment premiums paid and the write off of
unamortized deferred financing costs, each net of non-controlling interests in
the Post Luminaria™ joint venture.
Post Properties has interests in 22,259 apartment units in
58 communities, including 1,471 apartment units in four communities held in
unconsolidated entities and 1,201 apartment units in four communities currently
under development or in lease-up.
For a complete copy
of the company’s news release, please contact:
Post Properties, Inc.
Chris Papa, 404-846-5000
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