ATLANTA-Post Properties, Inc. is reporting funds from operations for the fourthquarter of 2001 totaled $33.7 million, excluding a $17.5 million severance andimpairment charge. This compares to funds from operations of $41.7 millionfor the fourth quarter of 2000, excluding a $9.4 million charge recorded inthat period.
On a diluted per share basis, FFO was 80 cents for the fourthquarter, compared to the diluted per share result of 93 cents for the sameperiod in 2000, excluding the impact of charges. For the year, FFO was$150.6 million, compared to $172.8 million for the prior year, excludingcharges. On a diluted per share basis, FFO was $3.47 for the year, comparedto $3.84 for the prior year, excluding charges.
In an Internet conference call yesterday (Feb. 7) , Post officials sayresults for the fourthquarter and the full year 2001, were consistent with First Call estimates,excluding the charge. Including the impact of charges, diluted per share FFO was 39 cents pershare for the fourth quarter of 2001, compared to 72 cents for the same periodin 2000, and $3.07 per share for the full year 2001, compared to $3.63 for theprior year.
Fourth quarter 2001 net income available to common shareholders was$13.2 million, compared to $21.9 million for the fourth quarter of 2000,excluding charges. For the year, net income available to common shareholderstotaled $90.5 million, compared to $96.9 million for the prior year, excludingcharges.
On a diluted per share basis, net income was 35 cents for the fourthquarter of 2001, compared to 55 cents for the same period in 2000, and $2.37for the year 2001, compared to $2.44 for the prior year, excluding charges.
Total revenues were $94.5 million for the fourth quarter of 2001, comparedto $103.6 million for the fourth quarter of 2000. For the year, revenuestotaled $398.3 million, compared to $399.8 million for the prior year.
Total revenue for mature communities (those stabilized as of Jan. 1, 2000) was down 2.9% during thefourth quarter of 2001, compared to the fourth quarter of 2000, whileoperating expenses were up 2.1%, resulting in a 5.2% decline innet operating income or $2.3 million (5.4 cents per diluted share.)Year-to-date revenues and expenses for the company's mature communities wereup 1% and 6.4% respectively, and NOI was down 1.4%compared to the prior year.
During 2001, Post completed the construction and leaseup of ninecommunities, consisting of 2,992 units. At the same time, the companyannounced the start of three communities, consisting of 666 units. As aresult, the company has reduced the number of units under development by morethan 40% over the past 12 months, a previously announced strategy of substantially reducing its development pipeline.
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