Announces Development of Post Millennium
Midtown™ in Atlanta, Georgia
Investor/Analyst Conference Call Scheduled for
Tuesday, May 5 at 10:00 a.m. ET
Post Properties, Inc. (NYSE: PPS) announced today net income
available to common shareholders of $19.0 million, or $0.35 per
diluted share, for the first quarter of 2015 compared to $13.3
million, or $0.24 per diluted share, for the first quarter of 2014.
Net income for the first quarter of 2015 included a gain on the
sale of a retail condominium of $1.8 million, or $0.03 per diluted
share.
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 2015 was $38.5 million, or $0.70
per diluted share, compared to $35.1 million, or $0.64 per diluted
share for the first quarter of 2014. FFO for the first quarter of
2015 included losses on extinguishment of indebtedness of $0.2
million, or less than $0.01 per diluted share. FFO for the first
quarter of 2014 included FFO from condominium activities of $0.8
million, or $0.01 per diluted share.
Said Dave Stockert, Post’s CEO, “The Company continues to
produce strong growth in profits and cash flows through balanced
contributions from our core portfolio, our development business and
our capital and balance sheet management. Conditions for the
overall housing and apartment markets remain favorable.”
Same Store Community Data
Total revenues at the Company’s 50 same store communities,
containing 18,780 apartment units, increased 2.4% and total
operating expenses increased 4.3% during the first quarter of 2015,
compared to the first quarter of 2014, producing a 1.2% increase in
same store net operating income (“NOI”). The average monthly rental
rate per unit increased 2.5% during the first quarter of 2015,
compared to the first quarter of 2014. Average economic occupancy
was 94.9% in the first quarter of 2015, compared to 95.3% for the
first quarter of 2014.
On a sequential basis, total revenues for the same store
communities decreased 0.1% and total operating expenses increased
4.4%, resulting in a 2.8% decrease in same store NOI for the first
quarter of 2015, compared to the fourth quarter of 2014. On a
sequential basis, the average monthly rental rate per unit
increased 0.4%. For the first quarter of 2015, average economic
occupancy at the same store communities was 94.9%, compared to
95.8% for the fourth quarter of 2014.
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
The Company announced today the development of its Post
Millennium Midtown™ apartment community located in Atlanta,
Georgia. Post Millennium Midtown™ is planned to consist of 356
luxury apartment units with an average unit size of approximately
864 square feet in a 25-story high-rise. The proposed new community
will be in the heart of Atlanta’s most vibrant and walkable office
and retail district and adjacent to the Midtown MARTA rail station.
Post Millennium Midtown™ is also just blocks away from Piedmont
Park, the High Museum of Art and the Woodruff Arts Center. The
project’s luxury apartments will include 9-foot ceilings, quartz
counter tops, stainless appliances and designer lighting, and will
enjoy commanding views of the Atlanta skyline. Amenities will
include a rooftop pool and terrace, outdoor lounge with fire pit,
fitness studios, pet spa and cyber-café.
The community is expected to have a total estimated development
cost of approximately $90.6 million, and is expected to initially
produce an estimated stabilized yield on cost of approximately
6.5%, calculated on current market rents and after a 3% management
fee, $300 per unit replacement reserve and 10-year partial property
tax abatement. The Company anticipates that first apartment unit
deliveries will occur in the first quarter of 2017.
In the aggregate, the Company has 1,819 units in five apartment
communities, and approximately 5,800 square feet of retail space,
under development with a total estimated cost of $365.4 million,
and a remaining funding requirement of $247.6 million. The Company
believes it has adequate internal and external resources to fund
its development commitments.
Disposition Activity
During the first quarter of 2015, the Company sold a
ground-floor retail condominium, containing approximately 5,200
square feet, for a gross price of $2.5 million, and resulting in a
gain of $1.8 million.
Financing Activity
Line of Credit and Term Loan Extension and Refinancing
As previously announced, during the first quarter of 2015 the
Company closed the refinancing of its $330 million unsecured lines
of credit and its $300 million unsecured bank term loan facilities,
which lowered the stated interest rates and extended their maturity
dates. In connection with the refinancing, the Company recognized
an extinguishment loss of $0.2 million.
Leverage and Line of Credit 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 31.0% at March 31, 2015.
As of May 1, 2015, the Company had cash and cash equivalents of
$105 million. Additionally, the Company had no outstanding
borrowings, and letters of credit totaling $0.1 million under its
combined $330 million unsecured lines of credit. The Company has no
principal debt maturities until 2017.
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, 2015, 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.
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 18 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, non-cash impairment charges on depreciable real
estate, 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,
May 5, at 10:00 a.m. ET. The telephone numbers are 888-468-2440 for
US and Canada callers and 719-457-2085 for international callers.
The access code is 2316175. 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, May 5, and will be available
until Tuesday, May 12, 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 2316175. 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.
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 23,350 apartment units in 59
communities, including 1,471 apartment units in four communities
held in unconsolidated entities and 1,819 apartment units in five
communities currently under development.
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,
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, 2014 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, 2014 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, 2015
2014 OPERATING DATA Total revenues $ 93,431 $
93,512 Net income available to common shareholders $ 19,021 $
13,314
Funds from operations available to common
shareholders and unitholders (Table 1)
$ 38,501 $ 35,129 Weighted average shares outstanding -
diluted 54,465 54,291 Weighted average shares and units outstanding
- diluted 54,586 54,426 PER COMMON SHARE DATA - DILUTED Net
income available to common shareholders $ 0.35 $ 0.24
Funds from operations available to common
shareholders and unitholders (Table 1) (1)
$ 0.70 $ 0.64 Dividends declared $ 0.40 $ 0.36
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 17 and 116 for the three months ended
March 31, 2015 and 2014, respectively. Additionally, diluted
weighted average shares and units included the impact of non-vested
shares and units totaling 119 and 112 for the three months ended
March 31, 2015 and 2014, 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,
2015 2014 Net income available to
common shareholders $ 19,021 $ 13,314 Noncontrolling interests
- Operating Partnership 42 33 Depreciation on consolidated real
estate assets, net 20,911 21,489
Depreciation on real estate assets held in
unconsolidated entities
300 293 Gain on sale of retail condominium (1,773 ) -
Funds from operations available to
common shareholders and unitholders
$ 38,501 $ 35,129
Funds from operations available to common
shareholders and unitholders - core operations
$ 38,501 $ 34,319
Funds from operations available to common
shareholders and unitholders - condominiums
- 810
Funds from operations available to
common shareholders and unitholders
$ 38,501 $ 35,129
Funds from operations - per
share and unit - diluted (1) $ 0.70 $ 0.64
Funds from
operations per share and unit - core operations $ 0.70 $
0.63
Weighted average shares and units outstanding - diluted
(1) 54,705 54,538 1) Diluted
weighted average shares and units include the impact of dilutive
securities totaling 17 and 116 for the three months ended March 31,
2015 and 2014, respectively. Additionally, diluted weighted average
shares and units included the impact of non-vested shares and units
totaling 119 and 112 for the three months ended March 31, 2015 and
2014, 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,
2015 2014 2014 Total same store NOI $ 50,331 $
49,745 $ 51,757 Property NOI from other operating segments
2,664 2,952 1,847 Consolidated
property NOI 52,995 52,697
53,604 Add (subtract): Interest income 81 12 41 Other
revenues 313 219 316 Depreciation (21,257 ) (21,767 ) (21,145 )
Interest expense (8,093 ) (11,244 ) (8,751 ) Amortization of
deferred financing costs (449 ) (645 ) (429 ) General and
administrative (5,014 ) (4,128 ) (5,020 ) Investment and
development (235 ) (811 ) (206 ) Other investment costs (134 ) (273
) (61 ) Severance, impairment and other - (907 ) (513 ) Gains on
condominium sales activities, net 1,773 810 683
Equity in income of unconsolidated real
estate entities, net
397 485 380 Other income (expense), net (195 ) (195 ) 605 Net loss
on extinguishment of indebtedness (197 ) -
- Net income $ 19,985 $ 14,253 $
19,504
Table 3
Same Store Net Operating Income (NOI) and Average Rental Rate per
Unit by Market (In thousands)
Three months ended Q1
'15 Q1 '15 Q1 '15 March 31,
March 31, December 31, vs. Q1
'14 vs. Q4 '14 % Same 2015 2014
2014 % Change % Change Store
NOI Rental and other revenues Atlanta $ 21,942 $ 20,846 $
21,808 5.3% 0.6% Dallas 18,314 17,805 18,204 2.9% 0.6% Houston
2,880 2,873 2,880 0.2% 0.0% Austin 4,290 4,358 4,369 (1.6)% (1.8)%
Washington, D.C. 14,955 15,141 15,226 (1.2)% (1.8)% Tampa 9,501
9,251 9,416 2.7% 0.9% Orlando 4,059 3,919 4,041 3.6% 0.4% Charlotte
6,757 6,596 6,822 2.4% (1.0)% Total rental and
other revenues 82,698 80,789 82,766 2.4%
(0.1)%
Property operating and maintenance
expenses (exclusive of depreciation and amortization)
Atlanta 8,533 8,091 8,525 5.5% 0.1% Dallas 8,067 7,664 7,956 5.3%
1.4% Houston 1,277 1,137 1,123 12.3% 13.7% Austin 2,066 1,907 1,927
8.3% 7.2% Washington, D.C. 5,376 5,293 5,059 1.6% 6.3% Tampa 3,268
3,416 2,930 (4.3)% 11.5% Orlando 1,465 1,420 1,442 3.2% 1.6%
Charlotte 2,315 2,116 2,047 9.4% 13.1% Total
32,367 31,044 31,009 4.3% 4.4% Net
operating income Atlanta 13,409 12,755 13,283 5.1% 0.9% 26.6%
Dallas 10,247 10,141 10,248 1.0% (0.0)% 20.4% Houston 1,603 1,736
1,757 (7.7)% (8.8)% 3.2% Austin 2,224 2,451 2,442 (9.3)% (8.9)%
4.4% Washington, D.C. 9,579 9,848 10,167 (2.7)% (5.8)% 19.0% Tampa
6,233 5,835 6,486 6.8% (3.9)% 12.4% Orlando 2,594 2,499 2,599 3.8%
(0.2)% 5.2% Charlotte 4,442 4,480 4,775 (0.8)%
(7.0)% 8.8% Total same store NOI $ 50,331 $ 49,745 $ 51,757 1.2%
(2.8)% 100.0% Average rental rate per unit Atlanta $
1,374 $ 1,301 $ 1,361 5.6% 0.9% Dallas 1,263 1,232 1,254 2.5% 0.7%
Houston 1,515 1,444 1,506 4.9% 0.6% Austin 1,569 1,571 1,574 (0.1)%
(0.3)% Washington, D.C. 1,913 1,939 1,928 (1.3)% (0.8)% Tampa 1,439
1,402 1,432 2.6% 0.5% Orlando 1,451 1,423 1,441 2.0% 0.7% Charlotte
1,287 1,245 1,273 3.4% 1.1% Total average rental rate per unit
1,439 1,404 1,433 2.5% 0.4%
Table 4
Computation of Debt Ratios (In thousands)
As of March
31, 2015 2014 Total real estate
assets per balance sheet $ 2,140,809 $ 2,248,691 Plus: Company
share of real estate assets held in unconsolidated entities 57,404
57,389 Company share of accumulated depreciation - assets held in
unconsolidated entities 14,581 13,022 Accumulated depreciation per
balance sheet 958,381 875,069 Accumulated depreciation on assets
held for sale - 59,163 Total
undepreciated real estate assets
(A) $ 3,171,175 $
3,253,334 Total debt per balance sheet $ 891,705 $
1,097,709 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) $ 941,236 $ 1,147,240
Total debt as a % of undepreciated real
estate assets (adjusted for joint venture partners' share of debt)
(B÷A)
29.7 % 35.3 % Total debt per balance sheet $
891,705 $ 1,097,709 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)
$ 984,628 $ 1,190,632
Total debt and preferred equity as a % of
undepreciated real estate assets (adjusted for joint venture
partners' share of debt) (C÷A)
31.0 % 36.6 %
Post Properties, Inc.Chris Papa, 404-846-5028
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