Atlanta-based Post Properties, one of the country's largest developers and operators of apartment and condo communities, reported a $35.5 million net loss, or 73 cents a share for the second quarter, Monday after the market closed.
The current quarterly losses are less than the $50.7 million net loss, or $1.14 a share, reported during the same period last year.
Post’s net loss for the quarter included a non-cash impairment charge of approximately $35.1 million, according to the earnings announcement.
Revenues from continuing operations were $70.8 million, com pared to $69.1 million in the second quarter of 2009.
The earnings announcement also included apartment development announcements in Virginia and condo closings in Texas, but no activity on either front in Georgia.
Post remains in “discussions with its lenders” regarding the Ritz-Carlton Residences in Buckhead and has “not executed any unit sales contracts at this project,” the announcement said.
The condos, a high-profile, approximately 130-unit project on Peachtree Road, is expected to combine condo living with upscale hotel services.
This is the fourth consecutive quarter Post indicated it is negotiating with the lender about unit pricing.
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