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Post Properties Posts First-Quarter Downer

ATLANTA-The locally based REIT booked net income of $14.2 million or 38 cents per diluted share versus $19.9 million or 51 cents in the comparable 2001 quarter. Company president David P. Stockert succeeds Post's founder/chairman John A. Williams as CEO July 1.

By Alex Finkelstein | Updated on May 08, 2002

ATLANTA-This was the quarter that Post Properties Inc. officials never want to see again. Almost every thing was down at the locally based REIT.

First quarter net income of $14.2 million or 38 cents per diluted share compared with $19.9 million or 51 cents in the comparable 2001 quarter.

Total revenue from continuing operations of $86.1 million was off from $98.6 million a year ago. Funds from operations logged in at $30.2 million or 72 cents per diluted share versus $39.7 million or 90 cents for the same 2001 period.

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