Funds from operations totaled $37.54 million, down 12.6% from $42.96 million for the comparable 2000 period. That's the not-so-good news.
Net earnings, however, were $24.4 million, up 1.2% from $24.1 million. That's the good news.
The bad news is that Post chairman/CEO John A. Williams expects financial results for the remainder of 2001 to be less than previously anticipated. The REIT forecasts the FFO per share for 2001 to be between $3.46 and $3.48, with earnings per share between $2.35 and $2.37.
Diluted per share FFO declined to 87 cents for the third quarter compared to 94 cents for the same period last year. Year-to-date diluted FFO per share was $2.66, compared to $2.90 for the first three quarters of 2000.
Diluted earnings per share were 64 cents or 6.7 % higher than the 60 centsper share for third quarter 2000. Post attributed the increase in earnings per share to the net gain on the sale of Post Pointe apartments in Atlanta.
Year-to-date earnings totaled $77.4 million compared to $75 million for the first three quarters of 2000. Diluted earnings per share were $2 year to date, an increase of 6.4 % compared to $1.88 for 2000.
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