Post Properties doubles profits
The Atlanta Journal-Constitution
Post Properties Inc. doubled its profits in the third quarter.
Net income rose to $50.2 million from $25.1 million, thanks to infusions of cash from property sales and a debt buy-down, according to the quarterly conference call.
Activity in the third quarter was “consistent with expectations,” said Dave Stockert, the company’s chief executive.
Atlanta-based Post, one of the country’s largest developers and operators of multifamily communities, made approximately $54.6 million on the sale of two apartment communities at the beginning of the quarter and approximately $68 million at the end of the three-month period by selling more than 4 million shares of common stock.
Funds from operations dropped to $13.9 million this quarter, from $16 million in the third quarter of 2008, Stockert said.
There were no major announcements related to completion of the Ritz Carlton residences planned for Buckhead. Company officials said there are “ongoing conversations” with the construction lender about completing the building’s shell. No contracts have been written for any of the residential units and pricing is still being determined, Stockert said.
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