Investor/Analyst Conference Call Scheduled for
Tuesday, May 3 at 10:00 a.m. ET
Post Properties, Inc. (NYSE: PPS) announced today net income
available to common shareholders of $19.2 million, or $0.36 per
diluted share, for the first quarter of 2016, compared to $19.0
million, or $0.35 per diluted share, for the first quarter of 2015.
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 2016 was $41.9 million, or $0.78
per diluted share, compared to $38.5 million, or $0.70 per diluted
share for the first quarter of 2015. 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.
Said Dave Stockert, Post’s CEO and President, “Results for the
first quarter point to the ongoing favorable operating conditions
for our business. Same-store revenue growth that was higher than at
any time in the past two-plus years helped drive strong top-line
and bottom-line growth.”
Same Store Community Data
Total revenues at the Company’s 52 same store communities,
containing 19,819 apartment units, increased 4.0% and total
operating expenses increased 4.9% during the first quarter of 2016,
compared to the first quarter of 2015, producing a 3.4% increase in
same store net operating income (“NOI”). The average monthly rental
rate per unit increased 2.4% during the first quarter of 2016,
compared to the first quarter of 2015. Average economic occupancy
was 96.2% for the first quarter of 2016, compared to 94.9% for the
first quarter of 2015.
On a sequential basis, total revenues for the same store
communities increased 0.7% and total operating expenses increased
5.0%, resulting in a 1.9% decrease in same store NOI for the first
quarter of 2016, compared to fourth quarter of 2015. On a
sequential basis, the average monthly rental rate per unit
increased 0.6%. For the first quarter of 2016, average economic
occupancy at the same store communities was 96.2%, compared to
96.5% for the fourth quarter of 2015.
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 2,290 units in six apartment
communities, and approximately 5,800 square feet of retail space,
under development with a total estimated cost of $478.6 million,
and a remaining funding requirement of $296.0 million. The Company
believes it has adequate internal and external resources to fund
its development commitments.
Share Repurchase Program
During the first quarter of 2016, the Company repurchased
598,733 shares of common stock at an aggregate cost of $32.7
million and at an average gross price per share of $54.67.
Cumulatively, since the most recent program began in 2015, the
Company has repurchased 1,180,700 shares of common stock at an
aggregate cost of $65.1 million and at an average gross price per
share of $55.10. Any future repurchases are expected to be
conditioned on the trading price of the Company’s common stock in
relation to management’s estimates of the net asset value of the
Company’s portfolio and on general economic and market conditions.
There can be no assurance that any additional shares will be
repurchased under this program.
Financing Activity
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 30.4% at March 31, 2016.
As of April 29, 2016, the Company had outstanding borrowings of
$53.9 million and letters of credit totaling $0.2 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 Program
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. Sales under this ATM program are dependent on 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. The Company’s
outlook does not currently anticipate any share issuances under its
ATM program.
2016 Outlook
The estimates and assumptions presented below are forward
looking and are based on the Company’s future view of the apartment
markets and of general economic conditions, as well as other risks
outlined below under the caption “Forward-Looking Statements.”
There can be no assurance that the Company’s actual results will
not differ materially from the estimates set forth below. The
Company assumes no obligation to update this guidance in the
future.
Based on its current outlook, the Company anticipates that FFO
and AFFO per diluted share for the full year 2016 will be in the
range set forth below. Adjusted Funds from Operations (“AFFO”) per
share is defined as FFO per share less operating property capital
expenditures after adjusting for the impact of non-cash
straight-line long-term ground lease expense and debt
extinguishment losses, if any.
Previously Current Issued Outlook
Outlook FFO, per share $3.12 - $3.22 $3.10 - $3.22 AFFO, per
share $2.65 - $2.75 $2.63 - $2.75 Same Store Growth
Revenue
2.8% - 3.2% 2.6% - 3.2% Operating Expenses 3.4% - 4.0% 3.4% - 4.0%
Net Operating Income 2.1% - 3.1% 1.7% - 3.1%
The Company anticipates that net income available to common
shareholders will be in the range of $1.37 to $1.49 per diluted
share, for the full year 2016. The difference between net income
available to common shareholders and FFO per diluted share consists
of depreciation on real estate assets, which is anticipated to be
$1.73 to $1.75 per diluted share. The difference between FFO and
AFFO per diluted share consists of operating property capital
expenditures after adjusting for the impact of non-cash
straight-line long-term ground lease expense. Those operating
property capital expenditures, net of the ground lease adjustment,
are anticipated to total approximately $0.47 per diluted share at
the mid-point of the estimated range of AFFO.
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 plus other
rental fees 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 3, 2016 at 10:00 a.m. ET. The telephone numbers are
888-312-3048 for US and Canada callers and 719-457-2727 for
international callers. The access code is 5469465. 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 3, and
will be available until Tuesday, May 10, 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 5469465. A replay of the call also will be
archived on Post’s website under Investors/Audio Archives.
About Post
Post Properties, founded 45 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 ten markets across the
country.
Post Properties has interests in 24,162 apartment units in 61
communities, including 1,471 apartment units in four communities
held in unconsolidated entities and 2,630 apartment units in seven
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,
expectations regarding use of proceeds from unsecured bank credit
facilities, expectations regarding share repurchases, 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, 2015 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, 2015 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, 2016
2015 OPERATING DATA Total revenues $ 98,467 $ 93,431 Net
income available to common shareholders $ 19,169 $ 19,021 Funds
from operations available to common shareholders and unitholders
(Table 1) $ 41,859 $ 38,501 Weighted average shares
outstanding - diluted 53,599 54,465 Weighted average shares and
units outstanding - diluted 53,720 54,586 PER COMMON SHARE
DATA - DILUTED Net income available to common shareholders $ 0.36 $
0.35 Funds from operations available to common shareholders
and unitholders (Table 1) (1) $ 0.78 $ 0.70 Dividends
declared $ 0.47 $ 0.40
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 17 for the three months ended March 31, 2016 and
2015, respectively. Additionally, diluted weighted average shares
and units included the impact of non-vested shares and units
totaling 117 and 119 for the three months ended March 31, 2016 and
2015, 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, 2016
2015 Net income available to common shareholders $
19,169 $ 19,021 Noncontrolling interests - Operating Partnership
Unitholders 42 42 Depreciation on consolidated real estate assets,
net 22,347 20,911 Depreciation on real estate assets held in
unconsolidated entities 301 300 Gains on sales of depreciable real
estate assets - (1,773 )
Funds from operations
available to common shareholders and unitholders $
41,859 $ 38,501
Funds from operations - per share and
unit - diluted (1) $ 0.78 $ 0.70
Weighted average
shares and units outstanding - diluted (1) 53,837
54,705
1) Diluted weighted average shares and units include the impact
of dilutive securities totaling 17 and 17 for the three months
ended March 31, 2016 and 2015, respectively. Additionally, diluted
weighted average shares and units included the impact of non-vested
shares and units totaling 117 and 119 for the three months ended
March 31, 2016 and 2015, 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, 2016 2015
2015 Total same store NOI $ 54,751 $ 52,938 $ 55,827
Property NOI from other operating segments 657 57
251 Consolidated property NOI 55,408 52,995
56,078 Add (subtract): Interest income 1 81 10 Other
revenues 272 313 285 Depreciation (22,709 ) (21,257 ) (22,710 )
Interest expense (7,766 ) (8,373 ) (8,105 ) General and
administrative (4,886 ) (5,014 ) (4,569 ) Investment and
development (25 ) (235 ) (33 ) Other investment costs (77 ) (134 )
(66 ) Other expenses (333 ) - - Equity in income of unconsolidated
real estate entities, net 643 397 640 Gains on sales of real estate
assets, net - 1,773 - Other income (expense), net (395 ) (364 )
(563 ) Net loss on extinguishment of indebtedness -
(197 ) - Net income $ 20,133 $ 19,985 $ 20,967
Table 3
Same Store Net Operating Income (NOI) and
Average Rental Rate per Unit by Market
(In thousands)
Three months ended
Q1 '16 Q1 '16
Q1 '16 March 31,
March 31, December 31,
vs. Q1 '15 vs. Q4 '15 % Same 2016
2015 2015 % Change % Change Store
NOI Rental and other revenues Atlanta $ 22,756 $ 21,853 $
22,529 4.1 % 1.0 % Dallas 19,050 18,314 18,858 4.0 % 1.0 % Houston
2,802 2,880 2,925 (2.7 )% (4.2 )% Austin 4,513 4,290 4,498 5.2 %
0.3 % Washington, D.C. 15,441 14,955 15,504 3.2 % (0.4 )% Tampa
11,203 10,664 10,977 5.1 % 2.1 % Orlando 6,218 5,869 6,113 5.9 %
1.7 % Charlotte 6,981 6,757 6,978 3.3 % 0.0 % Raleigh 1,278
1,187 1,256 7.7 % 1.8 % Total rental and other
revenues 90,242 86,769 89,638 4.0 % 0.7 %
Property operating and maintenance expenses (exclusive of
depreciation and amortization) Atlanta 8,948 8,444
8,897 6.0 % 0.6 % Dallas 8,542 8,067 8,553 5.9 % (0.1 )% Houston
1,261 1,277 915 (1.3 )% 37.8 % Austin 2,174 2,066 1,926 5.2 % 12.9
% Washington, D.C. 5,506 5,376 4,919 2.4 % 11.9 % Tampa 3,843 3,705
3,587 3.7 % 7.1 % Orlando 2,369 2,105 2,248 12.5 % 5.4 % Charlotte
2,297 2,315 2,298 (0.8 )% (0.0 )% Raleigh 551 476
468 15.8 % 17.7 % Total 35,491 33,831
33,811 4.9 % 5.0 % Net operating income Atlanta 13,808
13,409 13,632 3.0 % 1.3 % 25.3 % Dallas 10,508 10,247 10,305 2.5 %
2.0 % 19.2 % Houston 1,541 1,603 2,010 (3.9 )% (23.3 )% 2.8 %
Austin 2,339 2,224 2,572 5.2 % (9.1 )% 4.3 % Washington, D.C. 9,935
9,579 10,585 3.7 % (6.1 )% 18.1 % Tampa 7,360 6,959 7,390 5.8 %
(0.4 )% 13.4 % Orlando 3,849 3,764 3,865 2.3 % (0.4 )% 7.0 %
Charlotte 4,684 4,442 4,680 5.4 % 0.1 % 8.6 % Raleigh 727
711 788 2.3 % (7.7 )% 1.3 % Total same store NOI $
54,751 $ 52,938 $ 55,827 3.4 % (1.9 )% 100.0 %
Average rental rate per unit Atlanta $ 1,430 $ 1,374 $ 1,416 4.1 %
1.0 % Dallas 1,302 1,262 1,293 3.2 % 0.7 % Houston 1,486 1,515
1,494 (1.9 )% (0.5 )% Austin 1,584 1,569 1,586 1.0 % (0.1 )%
Washington, D.C. 1,888 1,913 1,884 (1.3 )% 0.2 % Tampa 1,532 1,459
1,518 5.0 % 0.9 % Orlando 1,534 1,475 1,522 4.0 % 0.8 % Charlotte
1,314 1,287 1,308 2.1 % 0.4 % Raleigh 1,083 1,062 1,075 2.0 % 0.7 %
Total average rental rate per unit 1,471 1,436 1,462 2.4 % 0.6 %
Table 4
Computation of Debt Ratios
(In thousands)
As of March 31,
2016 2015 Total real estate
assets per balance sheet $ 2,220,126 $ 2,140,809 Plus: Company
share of real estate assets held in unconsolidated entities 57,335
57,404 Company share of accumulated depreciation - assets held in
unconsolidated entities 16,210 14,581 Accumulated depreciation per
balance sheet 1,046,178 958,381
Total
undepreciated real estate assets (A) $ 3,339,849 $ 3,171,175
Face value of total consolidated debt $ 921,176 $ 891,705
Plus: Company share of face value of debt held in unconsolidated
entities 49,531 49,531
Total face value of debt
(adjusted for joint venture partners' share of debt) (B) $
970,707 $ 941,236
Total face value of debt as a % of
undepreciated real estate assets (adjusted for joint venture
partners' share of debt) (B÷A) 29.1 % 29.7 %
Face value of total consolidated debt $ 921,176 $ 891,705
Plus: Company share of face value of debt held in unconsolidated
entities 49,531 49,531 Preferred shares at liquidation value
43,392 43,392
Total face value of debt and preferred
equity (adjusted for joint venture partners' share of debt)
(C) $ 1,014,099 $ 984,628
Total face value of debt
and preferred equity as a % of undepreciated real estate assets
(adjusted for joint venture partners' share of debt) (C÷A)
30.4 % 31.0 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160502006215/en/
Post Properties, Inc.Chris Papa, 404-846-5028
Grafico Azioni Post Properties (NYSE:PPS)
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Grafico Azioni Post Properties (NYSE:PPS)
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