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Post Properties Tightens Its Belt

ATLANTA-The locally-based REIT is reining in development, getting out of some markets and selling off assets to self-fund further projects. The company expects a lower-than-expected funds from operations in the third and fourth quarters.

By Judith Schonbak | Updated on October 02, 2000

ATLANTA-One of the nation’s best-performing REITs is scaling down development, exiting some low-performing markets and focusing on fewer and smaller projects.

In a conference call, chairman/CEO John Williams said, “Basically, we are stabilizing or shrinking the company going forward.” He expects a real estate downturn and is readying the company to weather it. “We will be smaller and more nimble as we look toward a change in the real estate cycle,” Williams says.

The REIT anticipates its fully-diluted FFO per share for the third quarter will be about 94 cents, lower than analysts’ projections of $1.01. Fourth-quarter results will also likely be lower, in the range of 95 cents to 98 cents per share.

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