Investor/Analyst Conference Call Scheduled for
Tuesday, August 2nd at 10:00 a.m. ET
Post Properties, Inc. (NYSE: PPS) announced today net income
available to common shareholders of $21.1 million, or $0.39 per
diluted share, for the second quarter of 2016, compared to $18.7
million, or $0.34 per diluted share, for the second quarter of
2015.
Net income available to common shareholders for the six months
ended June 30, 2016, was $40.3 million, or $0.75 per diluted share,
compared to $37.7 million, or $0.69 per diluted share, for the six
months ended June 30, 2015. Net income for the first six months of
2015 included a gain on the sale of real estate assets of $1.5
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 second quarter of 2016 was $43.9 million, or $0.82
per diluted share, compared to $40.4 million, or $0.74 per diluted
share for the second quarter of 2015.
FFO for the six months ended June 30, 2016 was $85.8 million, or
$1.60 per diluted share, compared to $78.9 million, or $1.44 per
diluted share, for the six months ended June 30, 2015. FFO for the
first half 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, “The Company
produced double-digit growth in funds from operations in the second
quarter, with each area of the business contributing to solid
profitability. During the quarter we opened phase II of our
community in Raleigh, North Carolina − a quality addition to our
portfolio in that market that is being well received, achieving
strong leasing velocity and rents.”
Fully Stabilized (“Same Store”) Community Data
Total revenues at the Company’s 52 same store communities,
containing 19,819 apartment units, increased 3.2% and total
operating expenses increased 4.5% during the second quarter of
2016, compared to the second quarter of 2015, producing a 2.4%
increase in same store net operating income (“NOI”). The average
monthly rental rate per unit increased 2.7% during the second
quarter of 2016, compared to the second quarter of 2015. Average
economic occupancy was 96.2% for the second quarter of 2016,
compared to 96.0% for the second quarter of 2015.
On a sequential basis, total revenues for the same store
communities increased 1.3% and total operating expenses increased
2.8%, resulting in a 0.4% increase in same store NOI for the second
quarter of 2016, compared to first quarter of 2016. On a sequential
basis, the average monthly rental rate per unit increased 0.8%. For
the second quarter of 2016, average economic occupancy at the same
store communities was 96.2%, compared to 96.2% for the first
quarter of 2016.
Total revenues for the same store communities increased 3.6% and
total operating expenses increased 4.7% during the first half of
2016, compared to the first half of 2015, producing a 2.9% increase
in same store NOI. The average monthly rental rate per unit
increased 2.6% for the six months ended June 30, 2016, compared to
the six months ended June 30, 2015. For the six months ended June
30, 2016, average economic occupancy at the Company’s same store
communities was 96.2% compared to 95.5% for the six months ended
June 30, 2015.
The Company uses same store NOI as a measure of reportable
segment operating performance. A reconciliation of same store NOI
to GAAP net income 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 $258.9 million. The Company
believes it has adequate internal and external resources to fund
its development commitments.
During the second quarter, the Company began leasing apartment
units at its newest community - Post Parkside at Wade™, Phase II -
located in Raleigh, North Carolina. As of July 30, 2016, this
community was 24.9% leased.
Disposition Activity
The Company announced today that it has commenced the marketing
for sale of three apartment communities, located in Atlanta,
Georgia, and owned in a joint venture in which the Company owns a
25% interest. The sale of these three communities is currently
expected to be completed by the end of the fourth quarter, although
there can be no assurance that any sale will occur. In connection
with the proposed sale, the Company expects to incur its share of
the costs associated with prepaying the mortgage loans encumbering
the communities. The Company’s share of such prepayment costs is
currently estimated to be approximately $1.2 million to $1.3
million.
Share Repurchase Program
There were no share repurchases in the second quarter of 2016.
Future repurchases, if any, 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.
Financing Activity
Leverage and Line of Credit Capacity
Total outstanding principal value of debt and liquidation value
of 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 June 30, 2016.
As of July 30, 2016, the Company had outstanding borrowings of
$67.6 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, if any, 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.
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 net
income available to common shareholders and FFO per diluted share
for the full year 2016 will be in the range set forth below.
Previously Current Issued Outlook
Outlook Net income available to common
shareholders, per diluted share
$1.45 - $1.51 $1.37 - $1.49 FFO per diluted share $3.20 - $3.24
$3.12 - $3.22 Same Store Outlook
Revenue Growth 3.0% - 3.3% 2.8%
- 3.2% Operating Expense Growth 3.3% - 3.7% 3.4% - 4.0% Net
Operating Income Growth 2.5% - 3.3% 2.1% - 3.1%
A reconciliation of our current outlook for net income available
to common shareholders per diluted share to our current outlook for
FFO per diluted share is included in the table below.
Year ended December
31, 2016 Low
High
Forecasted net income available to common
shareholders, per diluted share
$ 1.45 $ 1.51 Forecasted real estate depreciation, per diluted
share 1.75 1.73 Forecasted funds from operations, per diluted share
$ 3.20 $ 3.24
Forecasted net income available to common shareholders per
diluted share excludes gains on future asset sales. Gains on sales
of real estate assets are also excluded from the definition of FFO.
In 2016, the Company’s share of forecasted gains on sales of assets
held in unconsolidated entities are currently estimated to be in
range of $37 million to $42 million; although there can be no
assurance that any asset sales will occur or that forecasted gains
on sales will be realized in 2016. The Company’s current earnings
and FFO guidance includes the Company’s share of the loan
prepayment costs estimated to be approximately $1.2 million to $1.3
million associated with prepaying the mortgage loans encumbering
these communities.
The Company reports historical adjusted funds from operations
information in its Quarterly Supplemental Financial Data as
described below. Operating property capital expenditures are
forecasted to be approximately $26.0 million for the full year
2016.
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 Funds from Operations (“FFO”), Adjusted
Funds from Operations (“AFFO”), property net operating income,
operating capital expenditures, and certain debt statistics and
ratios. The definitions of non-GAAP financial measures are listed
below and on page 20 of the Supplemental Financial Data. The
Company uses these measures to monitor the operating and financial
performance of the Company and 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 uses AFFO as a
supplemental non-GAAP measure. AFFO is defined by the Company as
FFO less operating capital expenditures and after adjusting for the
impact of debt extinguishment losses, if any. AFFO is used as an
additional measure in evaluating Company performance, as an
indication of the REIT’s ability to fund its operating capital
expenditures through earnings and in reviewing its common dividend
policy over time. In addition, since other equity REITs provide
AFFO, or similar supplemental measures, to the investment
community, the Company believes that AFFO is a useful supplemental
measure for comparing the Company to other equity REITs. The
Company’s calculation of AFFO is reconciled to the line on its
consolidated statement of cash flows entitled “net cash flow
provided by operating activities”, the comparable GAAP measure.
Property Net Operating Income (“NOI”) – The Company uses
property NOI, including same store NOI and same store NOI by
market, as a reportable segment operating performance measures. 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 property NOI is an important 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
segment groupings and individual properties. Additionally, the
Company believes that property 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 property NOI (see
Tables 2 and 3).
Operating Capital Expenditures – The Company uses aggregate
Company and same store annually recurring and periodically
recurring capital expenditures as cash flow measures. The Company
believes that aggregate Company and same store annually recurring
and periodically recurring capital expenditures are important
indicators of the costs incurred by the Company in maintaining its
communities on an ongoing basis. Aggregate company annually
recurring and periodically recurring capital expenditures include
information with respect to the Company’s reportable operating
segments consisting of fully stabilized (same store) communities,
newly stabilized communities, lease-up communities, held for sale
communities, sold communities and commercial properties. Aggregate
company annually recurring and periodically recurring capital
expenditures are reported on the line in 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 and the Company’s unsecured line
of credit agreements. 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,
August 2, 2016 at 10:00 a.m. ET. The telephone numbers are
877-718-5101 for US and Canada callers and 719-325-4748 for
international callers. The access code is 4834533. 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, August 2, and
will be available until Tuesday, August 9, at 1:00 p.m. ET. Please
click here to register for the replay. 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 prior 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 partnerships 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
Six months ended June 30,
June 30, 2016 2015
2016 2015 OPERATING DATA
Total revenues $ 99,721 $ 95,431 $ 198,188 $ 188,862 Net income
available to common shareholders $ 21,102 $ 18,688 $ 40,271 $
37,709 Funds from operations available to common shareholders and
unitholders (Table 1) $ 43,892 $ 40,400 $ 85,751 $ 78,901
Weighted average shares outstanding - diluted 53,374 54,469 53,486
54,467 Weighted average shares and units outstanding - diluted
53,495 54,590 53,607 54,588 PER COMMON SHARE DATA - DILUTED
Net income available to common shareholders $ 0.39 $ 0.34 $ 0.75 $
0.69 Funds from operations available to common shareholders
and unitholders (Table 1) (1) $ 0.82 $ 0.74 $ 1.60 $ 1.44
Dividends declared $ 0.47 $ 0.44 $ 0.94 $ 0.84
1) Funds from operations available to common shareholders and
unitholders per share is computed using weighted average shares and
units outstanding, including the impact of dilutive securities
totaling 15 and 14 for the three months and 16 and 15 for the six
months ended June 30, 2016 and 2015, respectively. Additionally,
diluted weighted average shares and units include the impact of
non-vested shares and units totaling 132 and 138 for the three
months and 125 and 128 for the six months ended June 30, 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
Six months ended June 30,
June 30, 2016 2015
2016 2015 Net income
available to common shareholders $ 21,102 $ 18,688 $ 40,271 $
37,709 Noncontrolling interests - operating partnership unitholders
47 41 89 83 Depreciation on consolidated real estate assets, net
22,440 21,073 44,787 41,985 Depreciation on real estate assets held
in unconsolidated entities 303 300 604 599 Gains on sales of
depreciable real estate assets - 298 -
(1,475 )
Funds from operations available to
common shareholders and unitholders
$ 43,892 $ 40,400 $ 85,751 $ 78,901
Funds from operations
- per share and unit - diluted (1) $ 0.82 $ 0.74 $ 1.60 $ 1.44
Weighted average shares and units outstanding - diluted
(1) 53,627 54,728 53,732 54,716
1) Diluted weighted average shares and units include the impact
of dilutive securities totaling 15 and 14 for the three months and
16 and 15 for the six months ended June 30, 2016 and 2015,
respectively. Additionally, diluted weighted average shares and
units include the impact of non-vested shares and units totaling
132 and 138 for the three months and 125 and 128 for the six months
ended June 30, 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
Six months ended June 30,
June 30, March 31,
June 30, June 30, 2016
2015 2016 2016 2015 Total same store
NOI $ 54,949 $ 53,663 $ 54,751 $ 109,699 $ 106,601 Property NOI
from other operating segments 625 (18 ) 657
1,283 39 Consolidated property NOI 55,574
53,645 55,408 110,982 106,640 Add
(subtract): Interest income - 43 1 1 124 Other revenues 283 274 272
555 587 Depreciation (22,794 ) (21,418 ) (22,709 ) (45,503 )
(42,675 ) Interest expense (7,534 ) (8,041 ) (7,766 ) (15,300 )
(16,414 ) General and administrative (3,761 ) (4,353 ) (4,886 )
(8,647 ) (9,367 ) Investment and development (33 ) (275 ) (25 ) (58
) (510 ) Other investment costs (76 ) (154 ) (77 ) (153 ) (288 )
Other expenses (67 ) - (333 ) (400 ) - Equity in income of
unconsolidated real estate entities, net 589 568 643 1,232 965
Gains on sales of real estate assets, net - (298 ) - - 1,475 Other
income (expense), net (110 ) (340 ) (395 ) (505 ) (704 ) Net loss
on extinguishment of indebtedness - - -
- (197 ) Net income $ 22,071 $ 19,651 $ 20,133 $ 42,204 $
39,636
Table 3
Same Store Net Operating Income (NOI) and
Average Rental Rate per Unit by Market
(In thousands, except average rental
rates)
Three months ended
Q2 '16 Q2 '16
Q2 '16 June 30,
June 30, March 31, vs. Q2
'15 vs. Q1 '16 % Same 2016 2015
2016 % Change % Change Store NOI Rental
and other revenues Atlanta $ 23,124 $ 22,333 $ 22,756 3.5 % 1.6 %
Dallas 19,155 18,555 19,050 3.2 % 0.6 % Houston 2,804 2,856 2,802
(1.8 )% 0.1 % Austin 4,536 4,395 4,513 3.2 % 0.5 % Washington, D.C.
Metro 15,754 15,520 15,441 1.5 % 2.0 % Tampa 11,285 10,824 11,203
4.3 % 0.7 % Orlando 6,280 5,943 6,218 5.7 % 1.0 % Charlotte 7,132
6,929 6,981 2.9 % 2.2 % Raleigh 1,362 1,228
1,278 10.9 % 6.6 % Total rental and other revenues 91,432
88,583 90,242 3.2 % 1.3 % Property operating
and maintenance expenses (exclusive of depreciation and
amortization) Atlanta $ 8,857 $ 8,893 8,948 (0.4 )%
(1.0 )% Dallas 8,996 8,389 8,542 7.2 % 5.3 % Houston 1,275 1,148
1,261 11.1 % 1.1 % Austin 2,286 2,133 2,174 7.2 % 5.2 % Washington,
D.C. Metro 5,647 5,645 5,506 0.0 % 2.6 % Tampa 4,190 3,782 3,843
10.8 % 9.0 % Orlando 2,368 2,250 2,369 5.2 % (0.0 )% Charlotte
2,408 2,188 2,297 10.1 % 4.8 % Raleigh 456 492
551 (7.3 )% (17.2 )% Total 36,483 34,920
35,491 4.5 % 2.8 % Net operating income Atlanta 14,267
13,440 13,808 6.2 % 3.3 % 26.0 % Dallas 10,159 10,166 10,508 (0.1
)% (3.3 )% 18.5 % Houston 1,529 1,708 1,541 (10.5 )% (0.8 )% 2.8 %
Austin 2,250 2,262 2,339 (0.5 )% (3.8 )% 4.1 % Washington, D.C.
Metro 10,107 9,875 9,935 2.3 % 1.7 % 18.4 % Tampa 7,095 7,042 7,360
0.8 % (3.6 )% 12.9 % Orlando 3,912 3,693 3,849 5.9 % 1.6 % 7.1 %
Charlotte 4,724 4,741 4,684 (0.4 )% 0.9 % 8.6 % Raleigh 906
736 727 23.1 % 24.6 % 1.6 % Total same store NOI $
54,949 $ 53,663 $ 54,751 2.4 % 0.4 % 100.0 % Average
rental rate per unit Atlanta $ 1,446 $ 1,391 $ 1,430 4.0 % 1.1 %
Dallas 1,312 1,275 1,302 2.9 % 0.8 % Houston 1,475 1,505 1,486 (2.0
)% (0.8 )% Austin 1,590 1,571 1,584 1.2 % 0.4 % Washington, D.C.
Metro 1,895 1,893 1,888 0.1 % 0.4 % Tampa 1,547 1,476 1,532 4.8 %
1.0 % Orlando 1,555 1,486 1,534 4.6 % 1.4 % Charlotte 1,322 1,297
1,314 1.9 % 0.6 % Raleigh 1,093 1,071 1,083 2.1 % 0.9 % Total
average rental rate per unit 1,483 1,444 1,471 2.7 % 0.8 %
Table 3 (con’t)
Same Store Net Operating Income (NOI) and
Average Rental Rate per Unit by Market
(In thousands, except average rental
rates)
Six months ended
June 30,
June 30, % 2016 2015
Change Rental and other revenues Atlanta $ 45,880 $ 44,186
3.8 % Dallas 38,206 36,870 3.6 % Houston 5,606 5,736 (2.3 )% Austin
9,048 8,685 4.2 % Washington, D.C. Metro 31,195 30,475 2.4 % Tampa
22,488 21,488 4.7 % Orlando 12,498 11,811 5.8 % Charlotte 14,113
13,685 3.1 % Raleigh 2,640 2,415 9.3 % Total rental
and other revenues 181,674 175,351 3.6 %
Property operating and maintenance expenses (exclusive of
depreciation and amortization) Atlanta $ 17,805 $
17,337 2.7 % Dallas 17,538 16,456 6.6 % Houston 2,536 2,425 4.6 %
Austin 4,461 4,199 6.2 % Washington, D.C. Metro 11,153 11,021 1.2 %
Tampa 8,033 7,487 7.3 % Orlando 4,737 4,354 8.8 % Charlotte 4,705
4,503 4.5 % Raleigh 1,007 968 4.0 % Total
71,975 68,750 4.7 % Net operating income Atlanta
28,075 26,849 4.6 % Dallas 20,668 20,414 1.2 % Houston 3,070 3,311
(7.3 )% Austin 4,587 4,486 2.3 % Washington, D.C. Metro 20,042
19,454 3.0 % Tampa 14,455 14,001 3.2 % Orlando 7,761 7,457 4.1 %
Charlotte 9,408 9,182 2.5 % Raleigh 1,633 1,447 12.9
% Total same store NOI $ 109,699 $ 106,601 2.9 %
Average rental rate per unit Atlanta $ 1,438 $ 1,382 4.1 % Dallas
1,307 1,269 3.0 % Houston 1,481 1,510 (1.9 )% Austin 1,587 1,570
1.1 % Washington, D.C. Metro 1,891 1,903 (0.6 )% Tampa 1,540 1,468
4.9 % Orlando 1,544 1,480 4.3 % Charlotte 1,318 1,292 2.0 % Raleigh
1,088 1,067 2.0 % Total average rental rate per unit 1,477 1,440
2.6 %
Table 4
Computation of Debt Ratios
(In thousands)
As of June 30,
2016 2015 Total real estate
assets per balance sheet $ 2,246,848 $ 2,151,111 Plus: Company
share of real estate assets held in unconsolidated entities 57,285
57,337 Company share of accumulated depreciation - assets held in
unconsolidated entities 16,626 14,982 Accumulated depreciation per
balance sheet 1,068,791 979,505
Total
undepreciated real estate assets (A) $ 3,389,550 $ 3,202,935
Outstanding principal value of total consolidated debt $
935,861 $ 891,004 Plus: Company share of outstanding principal
value of debt held in unconsolidated entities 49,531
49,531
Total outstanding principal value of debt (adjusted for
joint venture partners' share of debt) (B) $ 985,392 $ 940,535
Total outstanding principal value of debt as a % of
undepreciated real estate assets (adjusted for joint venture
partners' share of debt) (B÷A) 29.1
%
29.4
%
Outstanding principal value of total consolidated debt $
935,861 $ 891,004 Plus: Company share of outstanding principal
value of debt held in unconsolidated entities 49,531 49,531
Preferred shares at liquidation value 43,392 43,392
Total outstanding principal value of debt and liquidation value
of preferred equity (adjusted for joint venture partners'
share of debt) (C) $ 1,028,784 $ 983,927
Total
outstanding principal value of debt and liquidation value preferred
equity as a % of real estate assets (adjusted for joint
venture partners' share of real estate assets and debt) (C÷A)
30.4
%
30.7
%
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Post Properties, Inc.Art Quirk, 404-846-5013
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