Post Properties, Inc. (NYSE: PPS) announced today a net loss
attributable to common shareholders of $3.1 million, or $0.06 per
diluted share, for the first quarter of 2010, compared to net
income available to common shareholders of $0.4 million, or $0.01
per diluted share, for the first quarter of 2009.
The Company’s net income available to common shareholders for
the first quarter of 2009 included net gains of approximately $0.9
million associated with the early extinguishment of indebtedness
relating to the tender offer for its 2010 and 2011 senior unsecured
notes and the prepayment of its weekly-remarketed, variable rate
taxable mortgage bonds. Net income for the first quarter of 2009
also included income of approximately $0.9 million from the
mark-to-market of the interest rate swap that was terminated in
connection with the prepayment of the mortgage bonds discussed
above, as well as income of approximately $0.4 million due to a
favorable change in management’s estimates regarding the damage
sustained at its Houston, Texas communities in 2008 as a result of
Hurricane Ike.
The Company uses the National Association of Real Estate
Investment Trusts (“NAREIT”) definition of Funds from Operations
(“FFO”) as an operating measure of the Company’s financial
performance. A reconciliation of FFO to GAAP net income is included
in the financial data (Table 1) accompanying this press
release.
FFO for the first quarter of 2010 totaled $15.0 million, or
$0.31 per diluted share, compared to $17.0 million, or $0.38 per
diluted share, for the first quarter of 2009. The Company’s
reported FFO for the first quarter of 2009 included net gains of
approximately $2.2 million, or $0.05 per diluted share, relating to
the early extinguishment of indebtedness, mark-to-market of an
interest rate swap and change in previous hurricane casualty loss
estimates discussed above.
Mature (Same Store) Community Data
Average economic occupancy at the Company’s 43 mature (same
store) communities, containing 15,713 apartment units, was 95.0%
and 93.6% for the first quarters of 2010 and 2009,
respectively.
Total revenues for the mature communities decreased 4.6% and
total operating expenses increased 0.4% during the first quarter of
2010, compared to the first quarter of 2009, resulting in a 7.9%
decrease in same store net operating income (“NOI”). The average
monthly rental rate per unit decreased 6.9% during the first
quarter of 2010, compared to the first quarter of 2009.
On a sequential basis, total revenues for the mature communities
decreased 0.2% and total operating expenses increased 2.1%,
producing a 1.8% decrease in same store NOI for the first quarter
of 2010, compared to the fourth quarter of 2009. On a sequential
basis, the average monthly rental rate per unit decreased 1.0%. For
the first quarter of 2010, average economic occupancy at the mature
communities was 95.0%, compared to 94.4% for the fourth quarter of
2009.
Same store NOI is a supplemental non-GAAP financial measure. A
reconciliation of same store NOI to the comparable GAAP financial
measure is included in the financial data (Table 2) accompanying
this press release. Information on same store NOI and average
rental rate per unit by geographic market is also included in the
financial data (Table 3) accompanying this press release.
Said David P. Stockert, CEO and President of Post Properties,
“Operating results in the first quarter exceeded our expectations.
Demand for multifamily apartments appears to be improving with the
economy, and supply remains moderate. We are optimistic that
conditions will become generally more favorable over the course of
the year.”
Financing Activity
At-the-Market Common Equity Program
As previously announced in February 2010, the Company initiated
an at-the-market common equity program for the sale of up to four
million shares of common stock. The Company expects to use this
program as an additional source of capital and liquidity and to
maintain the strength of its balance sheet. There can be no
assurance that the Company will sell any shares under this program.
Sales under this program will be dependent upon a variety of
factors, including, among others, market conditions, the trading
price of the Company’s common stock, and potential use of proceeds.
Through the date of this press release, the Company had not sold
any shares under this program.
Line of Credit Extension and Amendment
As previously announced in March 2010, the Company amended and
extended its unsecured revolving lines of credit. In connection
therewith, the Company, among other things, reduced the amount
available under the syndicated line of credit to $400 million and
extended the maturity date for an additional one-year term to April
27, 2011.
In connection with the amendment of the Company’s $30 million
revolving cash management line of credit, the maturity date was
similarly extended for an additional one-year term to April 27,
2011, and the interest rate was changed to LIBOR (based on a 7-day
interest period) plus 2.50% or the Base Rate (as defined in the
credit agreement) plus 1.50%. The $30 million revolving line of
credit carries other terms, including representations, covenants
and default provisions, substantially consistent with those of the
$400 million syndicated line of credit.
In connection with the amendments and extensions described
above, the Company paid fees and expenses, totaling approximately
$0.9 million, equal to 0.20% of the amount of the commitments under
the credit agreements.
Other Financing Activity
During the first quarter of 2010, the Company repurchased
preferred stock with a liquidation value of approximately $0.9
million under a rule 10b5-1 repurchase program.
Total debt and preferred equity as a percentage of undepreciated
real estate assets (adjusted for joint venture partners’ share of
debt) was 42.8% at March 31, 2010, and variable rate debt as a
percentage of total debt was 2.4% as of that same date.
As of April 30, 2010, the Company had outstanding borrowings of
$18 million and letters of credit totaling approximately $4 million
under its combined $430 million unsecured lines of credit.
Computations of debt ratios and reconciliations of the ratios to
the appropriate GAAP measures in the Company’s financial statements
are included in the financial data (Table 4) accompanying this
press release.
Development and Other Investment Activity
Development Activity
As of March 31, 2010, the Company had substantially completed
construction of its existing apartment development pipeline. As of
April 30, 2010, three of these apartment projects remained in
lease-up and one project, Post Eastside™ in Dallas, Texas, had
achieved stabilized occupancy.
As of March 31, 2010, the Company had two luxury condominium
development projects under construction which are anticipated to
begin delivering units in the second quarter of 2010.
As of March 31, 2010, approximately $53 million of estimated
construction costs remained to be funded by the Company, including
retainage and construction payables. The Company expects to fund
future estimated construction expenditures primarily by utilizing
available cash and cash equivalents and borrowing capacity under
its unsecured revolving lines of credit and under a construction
loan.
Apartment Community Remediation Activity
The Company expects to substantially complete its initiative to
remediate communities with stucco exteriors or exterior insulation
finishing systems by the end of the second quarter of 2010. The
Company continues to estimate that the aggregate cost of this
initiative will be approximately $45 million. Through March 31,
2010, the Company had incurred approximately $37.1 million of
capital expenditures relating to these remediation projects. The
Company expects to fund future estimated remediation expenditures
primarily by utilizing available cash and cash equivalents and
borrowing capacity under its revolving lines of credit.
Condominium Activity
The Company recognized incremental gains in FFO of approximately
$0.7 million from condominium sales activities during the first
quarter of 2010, compared to incremental losses of approximately
$1.1 million during the first quarter of 2009. During the first
quarter of 2010, the Company sold seven condominium units for
aggregate gross sales revenues of approximately $1.8 million,
compared to 11 condominium units sold in the first quarter of 2009
for aggregate gross sales revenues of approximately $2.0
million.
During the first quarter of 2010, the Company completed the sell
out of its condominium conversion community in Tampa, Florida. As
of April 30, 2010, the Company had one unit remaining to complete
the sell out of its condominium conversion community in Houston,
Texas.
Legal Proceedings
In September 2008, the Company and Federal Realty Investment
Trust (“Federal”) filed suit against Vornado Realty Trust and
related entities (“Vornado”) for breach of contract in the Circuit
Court of Arlington County, Virginia. The breach of contract was a
result of Vornado’s acquiring in transactions in 2005 and 2007 the
fee interest in the land under the Company’s and Federal’s Pentagon
Row project without first giving the Company and Federal the
opportunity to purchase the fee interest in that land as required
by the right of first offer (“ROFO”) provisions included in the
documentation relating to the Pentagon Row project. On April 30,
2010, the judge in this case issued a final order ruling that
Vornado failed to comply with the ROFO and as a result, breached
the contract, and ordered Vornado to sell to the Company and
Federal, collectively, the land under Pentagon Row for a remaining
net purchase price of approximately $14.7 million. Based on
indications from Vornado, the Company and Federal anticipate that
Vornado will appeal.
In connection with the trial held in the Circuit Court during
the first quarter of 2010, the Company incurred increased legal
fees, which are included in general and administrative expenses in
the Company’s consolidated statement of operations.
Supplemental Financial Data
The Company also produces Supplemental Financial Data that
includes detailed information regarding the Company’s operating
results, investment activity, financing activity and balance sheet.
This Supplemental Financial Data is considered an integral part of
this earnings release and is available on the Company’s website.
The Company’s Earnings Release and the Supplemental Financial Data
are available through the For Investors/Financial Reports/Quarterly
and Other Reports section of the Company’s website at
www.postproperties.com.
The ability to access the attachments on the Company’s website
requires the Adobe Acrobat Reader, which may be downloaded at
http://get.adobe.com/reader/.
Non-GAAP Financial Measures and Other Defined Terms
The Company uses certain non-GAAP financial measures and other
defined terms in this press release and in its Supplemental
Financial Data available on the Company’s website. The non-GAAP
financial measures include FFO, Adjusted Funds from Operations
(“AFFO”), net operating income, same store capital expenditures,
and certain debt statistics and ratios. The definitions of these
non-GAAP financial measures are summarized below and on page 21 of
the Supplemental Financial Data. The Company believes that these
measures are helpful to investors in measuring financial
performance and/or liquidity and comparing such performance and/or
liquidity to other REITs.
Funds from Operations – The Company uses FFO as an operating
measure. The Company uses the NAREIT definition of FFO. FFO is
defined by NAREIT to mean net income (loss) available to common
shareholders determined in accordance with GAAP, excluding gains
(or losses) from extraordinary items and sales of depreciable
operating property, plus depreciation and amortization of real
estate assets, and after adjustment for unconsolidated partnerships
and joint ventures all determined on a consistent basis in
accordance with GAAP. FFO presented in the Company’s press release
and Supplemental Financial Data is not necessarily comparable to
FFO presented by other real estate companies because not all real
estate companies use the same definition. The Company’s FFO is
comparable to the FFO of real estate companies that use the current
NAREIT definition.
Accounting for real estate assets using historical cost
accounting under GAAP assumes that the value of real estate assets
diminishes predictably over time. NAREIT stated in its April 2002
White Paper on Funds from Operations that “since real estate asset
values have historically risen or fallen with market conditions,
many industry investors have considered presentations of operating
results for real estate companies that use historical cost
accounting to be insufficient by themselves.” As a result, the
concept of FFO was created by NAREIT for the REIT industry to
provide an alternate measure. Since the Company agrees with the
concept of FFO and appreciates the reasons surrounding its
creation, the Company believes that FFO is an important
supplemental measure of operating performance. In addition, since
most equity REITs provide FFO information to the investment
community, the Company believes that FFO is a useful supplemental
measure for comparing the Company’s results to those of other
equity REITs. The Company believes that the line on its
consolidated statement of operations entitled “net income available
to common shareholders” is the most directly comparable GAAP
measure to FFO.
Adjusted Funds From Operations – The Company also uses adjusted
funds from operations (“AFFO”) as an operating measure. AFFO is
defined as FFO less operating capital expenditures and after
adjusting for the impact of non-cash straight-line, long-term
ground lease expense, non-cash impairment charges, non-cash income
(loss) related to mark-to-market of interest rate swap agreements
and non-cash debt extinguishment costs. The Company believes that
AFFO is an important supplemental measure of operating performance
for an equity REIT because it provides investors with an indication
of the REIT’s ability to fund its operating capital expenditures
through earnings. In addition, since most equity REITs provide AFFO
information to the investment community, the Company believes that
AFFO is a useful supplemental measure for comparing the Company to
other equity REITs. The Company believes that the line on its
consolidated statement of operations entitled “net income available
to common shareholders” is the most directly comparable GAAP
measure to AFFO.
Property Net Operating Income (“NOI”) – The Company uses
property NOI, including same store NOI and same store NOI by
market, as an operating measure. NOI is defined as rental and other
revenues from real estate operations less total property and
maintenance expenses from real estate operations (exclusive of
depreciation and amortization). The Company believes that NOI is an
important supplemental measure of operating performance for a
REIT’s operating real estate because it provides a measure of the
core operations, rather than factoring in depreciation and
amortization, financing costs and general and administrative
expenses generally incurred at the corporate level. This measure is
particularly useful, in the opinion of the Company, in evaluating
the performance of geographic operations, same store groupings and
individual properties. Additionally, the Company believes that NOI,
as defined, is a widely accepted measure of comparative operating
performance in the real estate investment community. The Company
believes that the line on its consolidated statement of operations
entitled “net income” is the most directly comparable GAAP measure
to NOI.
Same Store Capital Expenditures – The Company uses same store
annually recurring and periodically recurring capital expenditures
as cash flow measures. Same store annually recurring and
periodically recurring capital expenditures are supplemental
non-GAAP financial measures. The Company believes that same store
annually recurring and periodically recurring capital expenditures
are important indicators of the costs incurred by the Company in
maintaining its same store communities on an ongoing basis. The
corresponding GAAP measures include information with respect to the
Company’s other operating segments consisting of communities
stabilized in the prior year, lease-up communities, rehabilitation
properties, sold properties and commercial properties in addition
to same store information. Therefore, the Company believes that the
Company’s presentation of same store annually recurring and
periodically recurring capital expenditures is necessary to
demonstrate same store replacement costs over time. The Company
believes that the most directly comparable GAAP measure to same
store annually recurring and periodically recurring capital
expenditures are the lines on the Company’s consolidated statements
of cash flows entitled “annually recurring capital expenditures”
and “periodically recurring capital expenditures.”
Debt Statistics and Debt Ratios – The Company uses a number of
debt statistics and ratios as supplemental measures of liquidity.
The numerator and/or the denominator of certain of these statistics
and/or ratios include non-GAAP financial measures that have been
reconciled to the most directly comparable GAAP financial measure.
These debt statistics and ratios include: (1) an interest coverage
ratio; (2) a fixed charge coverage ratio; (3) total debt as a
percentage of undepreciated real estate assets (adjusted for joint
venture partner’s share of debt); (4) total debt plus preferred
equity as a percentage of undepreciated real estate assets
(adjusted for joint venture partner’s share of debt); (5) a ratio
of consolidated debt to total assets; (6) a ratio of secured debt
to total assets; (7) a ratio of total unencumbered assets to
unsecured debt; and (8) a ratio of consolidated income available to
debt service to annual debt service charge. A number of these debt
statistics and ratios are derived from covenants found in the
Company’s debt agreements, including, among others, the Company’s
senior unsecured notes. In addition, the Company presents these
measures because the degree of leverage could affect the Company’s
ability to obtain additional financing for working capital, capital
expenditures, acquisitions, development or other general corporate
purposes. The Company uses these measures internally as an
indicator of liquidity and the Company believes that these measures
are also utilized by the investment and analyst communities to
better understand the Company’s liquidity.
Average Economic Occupancy – The Company uses average economic
occupancy as a statistical measure of operating performance. The
Company defines average economic occupancy as gross potential rent
less vacancy losses, model expenses and bad debt expenses divided
by gross potential rent for the period, expressed as a
percentage.
Conference Call Information
The Company will hold its quarterly conference call on Tuesday,
May 4, at 10:00 a.m. ET. The telephone numbers are 877-604-9673 for
US and Canada callers and 719-325-4933 for international callers.
The access code is 4817627. The conference call will be open to the
public and can be listened to live on Post’s website at
www.postproperties.com under For Investors/Event Calendar. The
replay will begin at 1:00 p.m. ET on Tuesday, May 4, and will be
available until Monday, May 10, at 11:59 p.m. ET. The telephone
numbers for the replay are 888-203-1112 for US and Canada callers
and 719-457-0820 for international callers. The access code for the
replay is 4817627. A replay of the call also will be archived on
Post’s website under For Investors/Audio Archive. The financial and
statistical information that will be discussed on the call is
contained in this press release and the Supplemental Financial
Data. Both documents will be available through the For
Investors/Financial Reports/Quarterly & Other Reports section
of the Company’s website at www.postproperties.com.
About Post
Post Properties, founded more than 39 years ago, is one of the
largest developers and operators of upscale multifamily communities
in the United States. The Company’s mission is delivering superior
satisfaction and value to its residents, associates, and investors,
with a vision of being the first choice in quality multifamily
living. Operating as a real estate investment trust (“REIT”), the
Company focuses on developing and managing Post® branded
resort-style garden and high density urban apartments. In addition,
the Company has also developed high-quality condominiums and
converted existing apartments to for-sale multifamily communities.
Post Properties is headquartered in Atlanta, Georgia, and has
operations in nine markets across the country.
Post Properties owns 19,863 apartment units in 55 communities,
including 1,747 apartment units in five communities held in
unconsolidated entities and 993 apartment units in three
communities currently in lease-up. The Company is also developing
and selling 277 luxury for-sale condominium homes in two
communities (including 129 units in one community held in an
unconsolidated entity) through a taxable REIT subsidiary.
Forward Looking Statements
Certain statements made in this press release and other written
or oral statements made by or on behalf of the Company, may
constitute “forward-looking statements” within the meaning of the
federal securities laws. Statements regarding future events and
developments and the Company’s future performance, as well as
management’s expectations, beliefs, plans, estimates or projections
relating to the future, are forward-looking statements within the
meaning of these laws. Examples of such statements in this press
release include, expectations regarding future operating
conditions, anticipated development and remediation activities
(including the projected costs, timing and anticipated potential
sources of financing of projected future development and
remediation activities), expectations regarding the timing and
delivery of completed for-sale condominium homes, expectations
regarding offerings of the Company’s common stock and the use of
proceeds thereof, the Company’s expectations regarding any appeal
or the outcome of any such appeal in the Vornado matter and
expectations regarding the outcome of other legal proceedings. All
forward-looking statements are subject to certain risks and
uncertainties that could cause actual events to differ materially
from those projected. Management believes that these
forward-looking statements are reasonable; however, you should not
place undue reliance on such statements. These statements are based
on current expectations and speak only as of the date of such
statements. The Company undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of
future events, new information or otherwise.
The following are some of the factors that could cause the
Company’s actual results and its expectations to differ materially
from those described in the Company’s forward-looking statements:
the success of the Company’s business strategies discussed in its
Annual Report on Form 10-K for the year ended December 31, 2009 and
in subsequent filings with the SEC; future local and national
economic conditions, including changes in job growth, interest
rates, the availability of mortgage and other financing and related
factors; uncertainties associated with the global capital markets,
including the continued availability of traditional sources of
capital and liquidity and related factors; conditions affecting
ownership of residential real estate and general conditions in the
multi-family residential real estate market; the effects on the
financial markets of the emergency stabilization actions of the U.S
government, U.S. Treasury, Federal Reserve and other governmental
and regulatory bodies; uncertainties associated with the Company’s
real estate development and construction; uncertainties associated
with the timing and amount of apartment community sales; the
Company’s ability to generate sufficient cash flows to make
required payments associated with its debt financing; the effects
of the Company’s leverage on its risk of default and debt service
requirements; the impact of a downgrade in the credit rating of the
Company’s securities; the impact of the lack of sales of
condominium units at the Atlanta Condominium Project; the effects
of a default by the Company or its subsidiaries on an obligation to
repay outstanding indebtedness, including cross-defaults and
cross-acceleration under other indebtedness or the responsibility
for limited recourse guarantees; the effects of covenants of the
Company’s or its subsidiaries’ mortgage indebtedness on operational
flexibility and default risks; the Company’s ability to maintain
its current dividend level; uncertainties associated with the
Company’s condominium conversion and for-sale housing business,
including the timing and volume of condominium sales and including
the ability to sell units above sales prices; the impact of any
additional charges the Company may be required to record in the
future related to any impairment in the carrying value of its
assets; the impact of competition on the Company’s business,
including competition for residents in the Company’s apartment
communities and buyers of the Company’s for-sale condominium homes
and development locations; the effectiveness of interest rate
hedging contracts; the Company’s ability to succeed in new markets;
the costs associated with compliance with laws requiring access to
the Company’s properties by persons with disabilities; the impact
of the Company’s ongoing litigation with the Equal Rights Center
regarding the Americans with Disabilities Act and the Fair Housing
Act as well as the impact of other litigation; the effects of
losses from natural catastrophes in excess of insurance coverage;
uncertainties associated with environmental and other regulatory
matters; the costs associated with moisture infiltration and
resulting mold remediation; the costs of remediating damage to the
Company’s communities that have stucco or exterior insulation
finishing systems for potential water penetration and other related
issues; the Company’s ability to control joint ventures, properties
in which it has joint ownership and corporations and limited
partnership in which it has partial interests; the Company’s
ability to renew leases or relet units as leases expire; the
Company’s ability to continue to qualify as a REIT under the
Internal Revenue Code; and the effects of changes in accounting
policies and other regulatory matters detailed in the Company’s
filings with the Securities and Exchange Commission. Other
important risk factors regarding the Company are included under the
caption “Risk Factors” in the Company’s Annual Report on Form 10-K
for the year ended December 31, 2009 and may be discussed in
subsequent filings with the SEC. The risk factors discussed in Form
10-K under the caption “Risk Factors” are specifically incorporated
by reference into this press release.
Financial Highlights
(Unaudited; in thousands, except
per share and unit amounts)
Three months ended March 31,
2010 2009 OPERATING DATA Revenues from
continuing operations $ 69,143 $ 69,178 Net income (loss) available
to common shareholders $ (3,075 ) $ 413
Funds from operations available to
common shareholders and unitholders (Table 1)
$ 15,044 $ 16,989 Weighted average shares outstanding -
diluted 48,370 44,114 Weighted average shares and units outstanding
- diluted 48,543 44,332 PER COMMON SHARE DATA - DILUTED Net
income (loss) available to common shareholders $ (0.06 ) $ 0.01
Funds from operations available to
common shareholders and unitholders (Table 1) (1)
$ 0.31 $ 0.38 Dividends declared $ 0.20 $ 0.20
(1) Funds from operations per
share were computed using weighted average shares and units
outstanding, including the impact of dilutive securities totaling
108 for the three months ended March 31, 2010. These dilutive
securities were antidilutive to the computation of income (loss)
per share, as the Company reported a loss from continuing
operations for this period under generally accepted accounting
principles. Additionally, basic and diluted weighted average shares
and units included the impact of non-vested shares and units
totaling 187 and 185 for the three months ended March 31, 2010 and
2009, respectively, for the computation of funds from operations
per share. Such non-vested shares and units are considered in the
income (loss) per share computations under generally accepted
accounting principles using the “two-class method.”
Table 1
Reconciliation of Net Income
Available to Common Shareholders to
Funds From Operations Available to
Common Shareholders and Unitholders
(Unaudited; in thousands, except
per share amounts)
Three months ended March 31,
2010 2009 Net income (loss) available to
common shareholders $ (3,075 ) $ 413 Noncontrolling interests -
Operating Partnership (11 ) 2 Depreciation on consolidated real
estate assets, net 18,002 17,077
Depreciation on real estate assets
held in unconsolidated entities
354 350 Losses (gains) on sales of condominiums (948 ) 260
Incremental gains (losses) on condominium sales (1) 722
(1,113 )
Funds from operations available
to common shareholders and unitholders
$ 15,044 $ 16,989
Funds (deficit) from
operations - per share and unit - diluted (2) $ 0.31 $
0.38
Weighted average shares and units outstanding -
diluted (2) 48,838 44,517
(1) For condominium conversion
projects, the Company recognizes incremental gains on condominium
sales in FFO, net of provision for income taxes, to the extent that
net sales proceeds, less costs of sales and expenses, from the sale
of condominium units exceeds the greater of their fair value or net
book value as of the date the property is acquired by the Company’s
taxable REIT subsidiary. For condominium development projects,
gains on condominium sales in FFO are equivalent to gains reported
under GAAP.
(2) Diluted weighted average
shares and units include the impact of dilutive securities totaling
108 for the three months ended March 31, 2010. These dilutive
securities were antidilutive to the computation of income (loss)
per share, as the Company reported a loss from continuing
operations for this period under generally accepted accounting
principles. Additionally, basic and diluted weighted average shares
and units included the impact of non-vested shares and units
totaling 187 and 185 for the three months ended March 31, 2010 and
2009, respectively, for the computation of funds from operations
per share. Such non-vested shares and units are considered in the
income (loss) per share computations under generally accepted
accounting principles using the “two-class method.”
Table 2
Reconciliation of Same Store Net
Operating Income (NOI) to GAAP Net Income
(Unaudited; In thousands)
Three months ended March 31,
March 31, December 31,
2010 2009 2009 Total same store NOI $ 33,198 $
36,060 $ 33,813 Property NOI from other operating segments
2,171 194 2,162 Consolidated
property NOI 35,369 36,254
35,975 Add (subtract): Interest income 169 115 59 Other
revenues 283 226 271 Depreciation (18,471 ) (17,592 ) (20,053 )
Interest expense (12,613 ) (14,178 ) (12,979 ) Amortization of
deferred financing costs (833 ) (934 ) (737 ) General and
administrative (4,676 ) (4,409 ) (4,031 ) Investment and
development (602 ) (997 ) (1,228 ) Other investment costs (669 )
(653 ) (111 ) Impairment, severance and other charges - - (4,040 )
Gains (losses) on condominium sales activities, net 948 (260 )
2,440
Equity in income of unconsolidated
real estate entities
123 110 130 Other income (expense), net (155 ) 1,059 (487 ) Net
gain (loss) on early extinguishment of indebtedness -
898 (4,136 ) Loss from continuing
operations (1,127 ) (361 ) (8,927 ) Income from discontinued
operations - 2,609 -
Net income (loss) $ (1,127 ) $ 2,248 $ (8,927 )
Table 3
Same Store Net Operating Income
(NOI) and Average Rental Rate per Unit by Market
(In thousands)
Three months ended
Q1 '10vs. Q1 '09%
Change
Q1 '10vs. Q4 '09%
Change
Q1 '10% SameStore
NOI
March 31, March 31,
December 31, 2010 2009 2009 Rental and
other revenues Atlanta $ 15,596 $ 16,280 $ 15,653 (4.2 )% (0.4 )%
Washington, D.C. 10,085 10,121 10,070 (0.4 )% 0.1 % Dallas 10,364
11,189 10,384 (7.4 )% (0.2 )% Tampa 7,721 7,923 7,651 (2.5 )% 0.9 %
Charlotte 4,156 4,577 4,180 (9.2 )% (0.6 )% New York 3,282 3,675
3,337 (10.7 )% (1.6 )% Houston 2,855 3,063 2,941 (6.8 )% (2.9 )%
Orlando 2,340 2,306 2,318 1.5 % 0.9 % Austin 1,193
1,214 1,163 (1.7 )% 2.6 % Total rental and other revenues
57,592 60,348 57,697 (4.6 )% (0.2 )%
Property operating and maintenance expenses (exclusive of
depreciation and amortization) Atlanta 6,911 6,898 6,986 0.2 % (1.1
)% Washington, D.C. 3,833 3,584 3,629 6.9 % 5.6 % Dallas 4,662
4,554 4,719 2.4 % (1.2 )% Tampa 3,042 3,217 2,904 (5.4 )% 4.8 %
Charlotte 1,667 1,576 1,642 5.8 % 1.5 % New York 1,484 1,420 1,487
4.5 % (0.2 )% Houston 1,230 1,456 1,155 (15.5 )% 6.5 % Orlando
1,045 1,022 866 2.3 % 20.7 % Austin 520 561
496 (7.3 )% 4.8 % Total 24,394 24,288 23,884
0.4 % 2.1 % Net operating income Atlanta 8,685 9,382 8,667
(7.4 )% 0.2 % 26.2 % Washington, D.C. 6,252 6,537 6,441 (4.4 )%
(2.9 )% 18.8 % Dallas 5,702 6,635 5,665 (14.1 )% 0.7 % 17.2 % Tampa
4,679 4,706 4,747 (0.6 )% (1.4 )% 14.1 % Charlotte 2,489 3,001
2,538 (17.1 )% (1.9 )% 7.5 % New York 1,798 2,255 1,850 (20.3 )%
(2.8 )% 5.4 % Houston 1,625 1,607 1,786 1.1 % (9.0 )% 4.9 % Orlando
1,295 1,284 1,452 0.9 % (10.8 )% 3.9 % Austin 673 653
667 3.1 % 0.9 % 2.0 % Total same store NOI $ 33,198 $ 36,060
$ 33,813 (7.9 )% (1.8 )% 100.0 % Average rental rate
per unit Atlanta $ 1,036 $ 1,131 $ 1,046 (8.4 )% (1.0 )%
Washington, D.C. 1,773 1,799 1,775 (1.4 )% (0.1 )% Dallas 1,008
1,093 1,023 (7.8 )% (1.5 )% Tampa 1,173 1,251 1,176 (6.2 )% (0.3 )%
Charlotte 1,016 1,151 1,040 (11.7 )% (2.3 )% New York 3,586 3,939
3,641 (9.0 )% (1.5 )% Houston 1,190 1,269 1,215 (6.2 )% (2.1 )%
Orlando 1,280 1,373 1,291 (6.8 )% (0.8 )% Austin 1,274 1,346 1,278
(5.3 )% (0.3 )% Total average rental rate per unit 1,213 1,303
1,225 (6.9 )% (1.0 )%
Table 4
Computation of Debt Ratios
(In thousands)
As of March 31, 2010 2009
Total real estate assets per balance sheet $ 2,112,027 $ 2,126,091
Plus: Company share of real estate assets held in unconsolidated
entities 99,567 123,846 Company share of accumulated depreciation -
assets held in unconsolidated entities 9,251 7,407 Accumulated
depreciation per balance sheet 643,642 571,199 Accumulated
depreciation on assets held for sale - 42,379
Total undepreciated real estate assets
(A) $
2,864,487 $ 2,870,922 Total debt per balance
sheet $ 1,008,551 $ 1,090,388 Plus: Company share of third party
debt held in unconsolidated entities 123,520
82,867 Total debt (adjusted for joint venture partners'
share of debt)
(B) $ 1,132,071 $ 1,173,255
Total debt as a % of undepreciated
real estate assets (adjusted for joint venture partners' share of
debt) (B÷A)
39.5 % 40.9 % Total debt per balance sheet $
1,008,551 $ 1,090,388 Plus: Company share of third party debt held
in unconsolidated entities 123,520 82,867 Preferred shares at
liquidation value 94,068 95,000
Total debt and preferred equity
(adjusted for joint venture partners' share of debt) (C)
$ 1,226,139 $ 1,268,255
Total debt and preferred equity as
a % of undepreciated real estate assets (adjusted for joint venture
partners' share of debt) (C÷A)
42.8 % 44.2 %
Grafico Azioni Post Properties (NYSE:PPS)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Post Properties (NYSE:PPS)
Storico
Da Lug 2023 a Lug 2024