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Post Lays Out New Strategy

ATLANTA-Post Properties announced its third quarter results, which, as expected, fell short. The REIT also announced its pullout in some markets, asset sales and reduction of projects in the pipeline.

By Judith Schonbak | Updated on November 08, 2000

ATLANTA-Saying that results were “disappointing and unacceptable,” Post Properties Chairman and CEO John Williams discussed third quarter results and the plans to right the REIT’s listing ship.

Funds from operations totaled $43 million, a 3.9% increase over the same quarter in 1999. FFO per share was 94 cents, the same as for the period last year.

Although FFO met revised estimates, the amount was short of the original projections, which called for $1.01 per share. In October, Post said it would not meet estimates in the quarter and for the year. In a conference call Nov. 8, Williams cited the increase in interest rates, delays in construction in some markets and lease-up shortfalls, especially in Dallas and Phoenix.

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