Atlanta-based apartment community developer Post Properties reported Tuesday its funds from operations – a key measure of strength – fell in the fourth quarter, following a hit from an early debt payoff.
The company’s funds for operations for the last three months of 2011 was $20.9 million, or $0.40 per share, compared to $21.1 million, or $0.43 per share, for the same period the year prior.
Still, company executives said they expect to see continued positive apartment market conditions this year.
Apartments have been a bright spot in the nation’s lagging real estate market with rents rising as more people forgo buying homes in a down market, can’t qualify for a mortgage or simply like the flexibility renting offers.
Post reported net income of $3 million or $0.06 per share in the fourth quarter 2011, compared with the year-ago quarter results of $2.4 million or $0.05 per share, despite the early debt payoff.
“2011, which marked our 40th year in business, will go down as one of the most productive in our company,” said Post CEO Dave Stockert.
Post's apartment communities in Atlanta, Charlotte and Texas showed particularly solid revenue growth, a trend likely to continue in the first half of 2012, said Jamie Teabo, executive vice president of property management.
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