Post Properties, Inc. (NYSE: PPS) announced today net income
available to common shareholders of $13.3 million, or $0.24 per
diluted share, for the first quarter of 2014, compared to $19.4
million, or $0.35 per diluted share, for the first quarter of
2013.
Funds From Operations
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 2014 was $35.1 million, or $0.64
per diluted share, compared to $40.5 million, or $0.74 per diluted
share, for the first quarter of 2013. Core FFO for the first
quarter of 2014 (excluding FFO from condominium activities) was
$34.3 million, or $0.63 per diluted share, compared to $32.3
million, or $0.59 per diluted share, for the first quarter of
2013.
Said Dave Stockert, Post’s CEO, “The Company produced solid
growth again in the first quarter. Top-line revenue advanced 8% on
a combination of healthy apartment market fundamentals and the
profitable contribution of our value-creating development pipeline,
with per share core funds from operations growing by nearly
7%.”
Same Store Community Data
Average economic occupancy at the Company’s 48 same store
communities, containing 17,714 apartment units, was 95.4% for the
first quarter of 2014 and 2013.
Total revenues for the same store communities increased 2.4% and
total operating expenses increased 3.7% during the first quarter of
2014, compared to the first quarter of 2013, producing a 1.6%
increase in same store net operating income (“NOI”). The average
monthly rental rate per unit increased 2.3% during the first
quarter of 2014, compared to the first quarter of 2013.
On a sequential basis, total revenues for the same store
communities increased 0.5% and total operating expenses increased
2.2%, resulting in a 0.6% decrease in same store NOI for the first
quarter of 2014, compared to the fourth quarter of 2013. On a
sequential basis, the average monthly rental rate per unit
increased 0.2%. For the first quarter of 2014, average economic
occupancy at the same store communities was 95.4%, compared to
95.7% for the fourth quarter of 2013.
Same Store Results Adjusted for Three Communities Held for
Sale
As discussed below, the Company is currently marketing for sale
three communities. Total revenues for the same store communities,
adjusted to include the three communities classified as held for
sale, increased 2.6% and total operating expenses increased 4.9%
during the first quarter of 2014, compared to the first quarter of
2013, producing a 1.1% increase in same store NOI. On a sequential
basis, total revenues for the same store communities, again
adjusted to include the three communities classified as held for
sale, increased 0.4% and total operating expenses increased 2.7%,
resulting in a 1.1% decrease in same store NOI for the first
quarter of 2014, compared to the fourth quarter of 2013.
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.
Investment Activity
Development Activity
In the aggregate, the Company has 1,620 units in five apartment
communities, and approximately 25,464 square feet of retail space,
under development or in lease-up with a total estimated cost of
$260.7 million, and a remaining funding requirement of $79.6
million. The Company believes it has adequate internal resources to
fund its development commitments.
The Company is also actively planning five additional
development projects on land it already owns. These projects could
total more than 1,800 apartment units with a total investment of
more than $300 million. There can be no assurance that any of these
projects will commence.
Planned Asset Sales Activity
The Company is currently marketing for sale three apartment
communities, containing 645 apartment units and 65,900 square feet
of retail space – Post Rice Lofts™ in Houston, Texas, and Post
Toscana™ and Post Luminaria™, in New York, NY.
The Company is pursuing these sales in order to take advantage
of strong demand for high-quality apartment assets, to harvest
value and to enhance the Company’s capacity for future growth,
particularly through development.
The Company currently expects that gross proceeds from the sale
of these three assets may be $300 million or more, and is currently
anticipating closings as early as the second and third quarter.
Proceeds, after payment of transaction costs and a distribution to
the Company’s partner in one of the communities, are expected to be
used, in combination with a portion of cash on hand, as
follows:
- To prepay a $120.0 million, 4.88%
mortgage loan secured by Post Addison Circle™, and associated
estimated prepayment premiums of approximately $4.2 million;
- To prepay a $49.7 million, 5.84%
mortgage loan secured by Post Toscana™, if that loan is not
otherwise assumed by the buyer, and associated estimated prepayment
premiums of approximately $8.3 million to $8.5 million;
- To prepay a $33.5 million, 5.61%
mortgage loan secured by Post Luminaria™, if that loan is not
otherwise assumed by the buyer, and associated estimated prepayment
premiums, the Company’s share of which are expected to be
approximately $3.8 million to $4.0 million;
- To repurchase shares of common stock at
least sufficient, when combined with the interest savings from the
loan prepayments discussed above, to mitigate the dilution to
recurring earnings and cash flow from the sale of the three
communities; and
- To pay special dividends to common
shareholders to the extent of required capital gains distributions,
after various tax planning strategies have been employed.
There can be no assurance that the Company’s planned asset sales
will be completed, or that the proceeds will be sufficient or will
be applied in a manner consistent with the above.
The Company’s share of prepayment premiums discussed above and
the write-off of unamortized deferred financing costs are projected
to result in losses on early extinguishment of debt of $0.32 to
$0.33 per diluted share, which were not included in the Company’s
previously disclosed earnings guidance for 2014. There can be no
assurance that the estimated losses on early extinguishment of debt
will not change due to future changes in interest rates or
otherwise.
Condominium Activity
In the first quarter of 2014, the Company closed the sale of its
final available unit at the Ritz-Carlton Residences, Atlanta
Buckhead, originally consisting of 126 units. At March 31, 2014,
the Company had no further investment in condominium assets. The
Company recognized net gains in FFO of $0.8 million, or $0.015 per
diluted share, from condominium sales activities during the first
quarter of 2014, compared to $8.2 million, or $0.15 per diluted
share, during the first quarter of 2013.
Financing Activity
Leverage, Line and Term Loan Capacity
Total debt and preferred equity as a percentage of undepreciated
real estate assets (adjusted for joint venture partners’ share of
real estate assets and debt) was 36.6% at March 31, 2014.
As of April 25, 2014, the Company had cash and cash equivalents
of $57.2 million. Additionally, the Company had no outstanding
borrowings, and letters of credit totaling $0.4 million under its
combined $330 million unsecured lines of credit. The Company has no
principal debt maturities in 2014.
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.
At-the-Market Common Equity Activity
The Company has available an at-the-market (“ATM”) common equity
program that provides for the sale of up to 4 million shares of
common stock. As of March 31, 2014 and since its inception, no
shares have been issued under that program. Sales under this
program are dependent upon a variety of factors, including, among
others, market conditions, the trading price of the Company’s
common stock, the Company’s liquidity position and the potential
use of proceeds.
Information Technology Systems Initiatives
The Company is in the process of upgrading and replacing its
financial and property management information technology systems,
which it expects to be completed by the end of 2014. As part of
this project, in addition to other system implementation costs
capitalized, the Company is required to expense certain up-front
implementation and training costs. These expensed system
implementation costs totaled $0.2 million in the first quarter of
2014 and are currently projected to total approximately $1.3
million throughout 2014.
Supplemental Financial Data
The Company also produces Supplemental Financial Data that
includes detailed information regarding the Company’s operating
results, investment activity, financing activity, balance sheet and
properties. 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
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 listed below and on page 19 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 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, debt extinguishment gains (losses) and preferred stock
redemption 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 newly stabilized
communities, lease-up communities, held for sale communities, sold
communities 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 is the
line on the Company’s consolidated statements of cash flows
entitled “property capital expenditures,” which also includes
revenue generating 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) interest coverage
ratios; (2) fixed charge coverage ratios; (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; (8) a ratio of consolidated income available for
debt service to annual debt service charge; and (9) a debt to
annualized income available for debt service ratio. 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.
The Company uses income available for debt service to calculate
certain debt ratios and statistics. Income available for debt
service is defined as net income (loss) before interest, taxes,
depreciation, amortization, gains on sales of real estate assets,
non-cash impairment charges and other non-cash income and expenses.
Income available for debt service is a supplemental measure of
operating performance that does not represent and should not be
considered as an alternative to net income or cash flow from
operating activities as determined under GAAP, and the Company’s
calculation thereof may not be comparable to similar measures
reported by other companies, including EBITDA or Adjusted
EBITDA.
Property Operating Statistics – The Company uses average
economic occupancy, gross turnover, net turnover and percentage
increases in rent for new and renewed leases as statistical
measures of property 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. Gross
turnover is defined as the percentage of leases expiring during the
period that are not renewed by the existing residents. Net turnover
is defined as gross turnover decreased by the percentage of
expiring leases where the residents transfer to a new apartment
unit in the same community or in another Post® community. The
percentage increases in rent for new and renewed leases are
calculated using the respective new or renewed rental rate as of
the date of a new lease, as compared with the previous rental rate
on that same unit.
Conference Call Information
The Company will hold its quarterly conference call on Tuesday,
April 29, at 10:00 a.m. ET. The telephone numbers are 888-359-3627
for US and Canada callers and 719-325-2494 for international
callers. The access code is 9720599. The conference call will be
open to the public and can be listened to live on Post’s website at
www.postproperties.com. Click Investors in the top menu, then
select either Investor’s Overview or Events Calendar. The replay
will begin at 1:00 p.m. ET on Tuesday, April 29, and will be
available until Tuesday, May 6, at 1:00 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 9720599. A replay of the call also will be archived on
Post’s website under Investors/Audio Archives.
About Post
Post Properties, founded more than 40 years ago, is a leading
developer and operator of upscale multifamily communities. 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 high density urban and resort-style
garden apartments. Post Properties is headquartered in Atlanta,
Georgia, and has operations in ten markets across the country.
Post Properties has interests in 22,516 apartment units in 60
communities, including 1,471 apartment units in four communities
held in unconsolidated entities and 1,620 apartment units in five
communities currently under development or in lease-up.
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 and in the Company’s outlook include, expectations
regarding apartment market conditions, expectations regarding
future operating conditions, including the Company’s current
outlook as to expected funds from operations, adjusted funds from
operations, revenue, operating expenses, net operating income,
capital expenditures, depreciation, gains on sales and net income,
anticipated development activities (including projected
construction expenditures and timing), expectations regarding
apartment community sales and the use of proceeds thereof
(including the prepayment of indebtedness and prepayment penalties
as well as the possible repurchase of shares and special dividends
to shareholders), expectations regarding use of proceeds from
unsecured bank credit facilities, and expectations regarding
offerings of the Company’s common stock and the use of proceeds
thereof. 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, 2013 and
in subsequent filings with the SEC; conditions affecting ownership
of residential real estate and general conditions in the
multi-family residential real estate market; uncertainties
associated with the Company’s real estate development and
construction; uncertainties associated with the timing and amount
of apartment community sales; exposure to economic and other
competitive factors due to market concentration; future local and
national economic conditions, including changes in job growth,
interest rates, the availability of mortgage and other financing
and related factors; 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 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; 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 for-sale
housing business, including warranty and related obligations; 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 for development locations; the Company’s
ability to compete for limited investment opportunities; the
effects of any decision by the government to eliminate Fannie Mae
or Freddie Mac or reduce government support for apartment mortgage
loans; the effects of changing interest rates and effectiveness of
interest rate hedging contracts; the success of the Company’s
acquired apartment communities; 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 U.S. Department of Justice 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
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; the
effects of changes in accounting policies and other regulatory
matters detailed in the Company’s filings with the Securities and
Exchange Commission; increased costs arising from health care
reform; and any breach of the Company’s privacy or information
security systems. 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, 2013 and may be discussed in subsequent filings with the SEC.
The risk factors discussed in the 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, 2014 2013 OPERATING DATA
Total revenues $ 93,512 $ 86,358 Net income available to common
shareholders $ 13,314 $ 19,420 Funds from operations available to
common shareholders and unitholders (Table 1) $ 35,129 $ 40,537
Weighted average shares outstanding - diluted 54,291 54,639
Weighted average shares and units outstanding - diluted 54,426
54,782 PER COMMON SHARE DATA - DILUTED Net income available
to common shareholders $ 0.24 $ 0.35 Funds from operations
available to common shareholders and unitholders (Table 1) (1) $
0.64 $ 0.74 Dividends declared $ 0.36 $ 0.25
1) Funds from operations available to common shareholders and
unitholders per share was computed using weighted average shares
and units outstanding, including the impact of dilutive securities
totaling 116 and 202 for the three months ended March 31, 2014 and
2013, respectively. Additionally, diluted weighted average shares
and units included the impact of non-vested shares and units
totaling 112 and 111 for the three months ended March 31, 2014 and
2013, respectively, for the computation of FFO per share. Such
non-vested shares and units are considered in the income per share
computations under GAAP 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
and unit amounts)
Three months ended March 31,
2014 2013 Net income
available to common shareholders $ 13,314 $ 19,420
Noncontrolling interests - Operating Partnership 33 51 Depreciation
on consolidated real estate assets, net 21,489 20,777 Depreciation
on real estate assets held in unconsolidated entities 293
289
Funds from operations available to common
shareholders and unitholders $ 35,129 $ 40,537 Funds
from operations available to common shareholders and unitholders -
core operations $ 34,319 $ 32,343 Funds from operations available
to common shareholders and unitholders - condominiums 810
8,194
Funds from operations available to common
shareholders and unitholders $ 35,129 $ 40,537
Funds from operations - per share and unit - diluted (1) $
0.64 $ 0.74
Funds from operations per share and unit - core
operations $ 0.63 $ 0.59
Weighted average shares and units
outstanding - diluted (1) 54,538 54,893
1) Diluted weighted average shares and units include the impact
of dilutive securities totaling 116 and 202 for the three months
ended March 31, 2014 and 2013, respectively. Additionally, diluted
weighted average shares and units included the impact of non-vested
shares and units totaling 112 and 111 for the three months ended
March 31, 2014 and 2013, respectively, for the computation of FFO
per share. Such non-vested shares and units are considered in the
income per share computations under GAAP 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,
2014 2013 2013 Total same store NOI $ 46,318 $
45,580 $ 46,586 Property NOI from held for sale segment -
residential 2,473 2,704 2,734 Property NOI from held for sale
segment- commercial 300 423 364 Property NOI from other operating
segments 3,606 153 4,279
Consolidated property NOI 52,697 48,860
53,963 Add (subtract): Interest income 12 36 10 Other
revenues 219 214 204 Depreciation (21,767 ) (20,944 ) (21,914 )
Interest expense (11,244 ) (11,052 ) (11,424 ) Amortization of
deferred financing costs (645 ) (624 ) (658 ) General and
administrative (4,128 ) (4,245 ) (4,751 ) Investment and
development (811 ) (489 ) (307 ) Other investment costs (273 ) (305
) (85 ) Other expenses (907 ) - (436 ) Gains on condominium sales
activities, net 810 8,194 476 Equity in income of unconsolidated
real estate entities, net 485 478 479 Other income (expense), net
(195 ) (166 ) (195 ) Income from
continuing operations 14,253 19,957 15,362 Income from discontinued
operations - 433 28,501
Net income $ 14,253 $ 20,390 $ 43,863
Table 3
Same Store Net Operating Income (NOI) and
Average Rental Rate per Unit by Market
(In thousands)
Three months ended Q1
'14 Q1 '14 Q1 '14 March 31,
March 31, December 31, vs. Q1 '13 vs. Q4
'13 % Same 2014 2013 2013 %
Change % Change Store NOI Rental and other
revenues Atlanta $ 20,846 $ 19,817 $ 20,682 5.2 % 0.8 % Dallas
17,805 17,263 17,604 3.1 % 1.1 % Houston 2,256 2,160 2,227 4.4 %
1.3 % Austin 2,986 2,884 2,990 3.5 % (0.1 )% Washington, D.C.
12,823 13,040 12,990 (1.7 )% (1.3 )% Tampa 9,251 9,015 9,100 2.6 %
1.7 % Orlando 2,709 2,785 2,747 (2.7 )% (1.4 )% Charlotte
6,596 6,548 6,573 0.7 % 0.3 % Total rental and other
revenues 75,272 73,512 74,913 2.4 % 0.5 %
Property operating and maintenance expenses (exclusive of
depreciation and amortization) Atlanta 8,091 7,861 8,104 2.9 % (0.2
)% Dallas 7,664 7,191 7,387 6.6 % 3.7 % Houston 870 820 857 6.1 %
1.5 % Austin 1,345 1,226 1,278 9.7 % 5.2 % Washington, D.C. 4,488
4,306 4,373 4.2 % 2.6 % Tampa 3,416 3,321 3,272 2.9 % 4.4 % Orlando
964 1,108 930 (13.0 )% 3.7 % Charlotte 2,116 2,099
2,126 0.8 % (0.5 )% Total 28,954 27,932
28,327 3.7 % 2.2 % Net operating income Atlanta 12,755
11,956 12,578 6.7 % 1.4 % 27.5 % Dallas 10,141 10,072 10,217 0.7 %
(0.7 )% 21.9 % Houston 1,386 1,340 1,370 3.4 % 1.2 % 3.0 % Austin
1,641 1,658 1,712 (1.0 )% (4.1 )% 3.5 % Washington, D.C. 8,335
8,734 8,617 (4.6 )% (3.3 )% 18.0 % Tampa 5,835 5,694 5,828 2.5 %
0.1 % 12.6 % Orlando 1,745 1,677 1,817 4.1 % (4.0 )% 3.8 %
Charlotte 4,480 4,449 4,447 0.7 % 0.7 % 9.7 %
Total same store NOI $ 46,318 $ 45,580 $ 46,586 1.6 % (0.6 )% 100.0
% Average rental rate per unit Atlanta $ 1,301 $
1,247 $ 1,296 4.3 % 0.4 % Dallas 1,232 1,199 1,228 2.8 % 0.3 %
Houston 1,374 1,306 1,364 5.2 % 0.7 % Austin 1,551 1,490 1,544 4.1
% 0.5 % Washington, D.C. 1,868 1,889 1,875 (1.1 )% (0.4 )% Tampa
1,402 1,371 1,396 2.3 % 0.4 % Orlando 1,484 1,512 1,490 (1.9 )%
(0.4 )% Charlotte 1,245 1,213 1,243 2.6 % 0.2 % Total average
rental rate per unit 1,380 1,349 1,377 2.3 % 0.2 %
Table 4
Computation of Debt Ratios
(In thousands)
As of March 31, 2014 2013 Total
real estate assets per balance sheet $ 2,248,691 $ 2,203,873 Plus:
Company share of real estate assets held in unconsolidated entities
57,389 58,448 Company share of accumulated depreciation - assets
held in unconsolidated entities 13,022 11,526 Accumulated
depreciation per balance sheet 875,069 863,594 Accumulated
depreciation on assets held for sale 59,163 -
Total undepreciated real estate assets
(A) $
3,253,334 $ 3,137,441 Total debt per balance
sheet $ 1,097,709 $ 1,101,495 Plus: Company share of third party
debt held in unconsolidated entities 49,531
49,531 Total debt (adjusted for joint venture partners'
share of debt)
(B) $ 1,147,240 $ 1,151,026
Total debt as a % of undepreciated real estate assets
(adjusted for joint venture partners' share of debt)
(B÷A)
35.3 % 36.7 % Total debt per balance sheet $
1,097,709 $ 1,101,495 Plus: Company share of third party debt held
in unconsolidated entities 49,531 49,531 Preferred shares at
liquidation value 43,392 43,392 Total
debt and preferred equity (adjusted for joint venture partners'
share of debt)
(C) $ 1,190,632 $ 1,194,418
Total debt and preferred equity as a % of undepreciated real
estate assets (adjusted for joint venture partners' share of debt)
(C÷A) 36.6 % 38.1 %
Post Properties, Inc.Chris Papa, 404-846-5028
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