Post's FFO Down but Meets Estimates Call

ATLANTA-Although the numbers are down, Post Properties Inc.’s second quarter funds from operations of $39.6 million or 90 cents on a diluted per-share basis, are in line with First Call’s consensus estimates. The locally based apartment REIT posted $44.6 million or 99 cents per diluted share in second quarter 2000.

Year-to-date FFO per share was $1.80 compared to $1.96 for the first two quarters of 2000. Post attributed the decrease to dilution from asset sales and non-recurring revenue in 2000.

Net income was $33.1 million, up 27.8% from $25.9 million in second quarter 2000. Diluted earnings per share were 85 cents, an increase of 30.8%, versus 65 cents a year ago. The company says the increase came from the sale of assets in the second quarter.