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Monday, June 30, 2008
Where should Post Properties go from here?
The Atlanta Journal-Constitution
Last week, Post Properties announced that it had not received any definitive offers to sell the development company.
That opens up the question of what will happen to the company that made its name developing Post Apartments landscaped with tulips.
The company has changed dramatically since 2001, the last full year that founder John Williams ran the Real Estate Investment Trust. He lost control of the company when certain board members decided to change management. He also failed a proxy fight in 2003.
Williams flirted with the idea of buying back the company at two different times in the past year. But after taking a hard look at the company, Williams, 65, decided he did not want to take on the challenge of owning and running Post Properties again.
The company is struggling financially, especially during the economic recession in the real estate industry. The price of a share of Post stock dropped to under $30 at Friday’s close.
What should Post Properties do to turn itself around?
And had John Williams been able to keep control of the company six years ago, do you think today’s outcome would have been different?
Your thoughts?
Column: John Williams finally lets go of Post Properties
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