Post Properties' FFO Down in Fourth Quarter

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.