Post Properties Announces Sale of New York City Communities
23 Settembre 2014 - 2:30PM
Business Wire
Post Properties, Inc. (NYSE: PPS) announced today that it has
closed the sale of its Post Luminaria™ and Post Toscana™ apartment
communities, located in New York, NY, for a total gross sales price
of $270 million.
Post Luminaria™ was completed in 2002, and contains 138
apartment units and approximately 9,400 square feet of retail
space. Post Luminaria™ was owned in a consolidated joint venture in
which the Company held a 68% interest. Post Toscana™ was completed
in 2003 and contains 199 apartment units and approximately 11,700
square feet of retail space. The buyer was not disclosed. Eastdil
Secured acted as broker on the transaction.
A portion of the net proceeds from the sales were used to prepay
approximately $82.6 million of secured mortgage indebtedness
encumbering the assets and related prepayment premiums totaling
approximately $13.0 million. After closing costs and expenses, debt
prepayments and distributions of the Company’s share of the net
proceeds received from the sale of Post Luminaria™, Post expects to
retain approximately $141 million of net cash proceeds from the
sales of the two communities.
In the third quarter of 2014, the Company expects to report a
net gain on the sale of these assets of approximately $127 million,
or approximately $2.33 per diluted share, and a loss on the early
extinguishment of debt of approximately $12.3 million, or
approximately $0.23 per diluted share, relating to debt prepayment
premiums paid and the write off of unamortized deferred financing
costs, each net of non-controlling interests in the Post Luminaria™
joint venture.
About Post Properties
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 nine markets across the country.
Post Properties has interests in 22,259 apartment units in 58
communities, including 1,471 apartment units in four communities
held in unconsolidated entities and 1,201 apartment units in four
communities currently under development or in lease-up.
Post Properties, Inc.Chris Papa, 404-846-5000
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