Post Properties' Q3 Financials in the Basement

ATLANTA-There is no joy in the house of Post Properties Inc. today. The locally based national apartment developer is reporting lower numbers in every category for the third quarter and the nine-month period.

Funds from operations in the quarter totaled $27.2 million versus $37.5 million in the same 2001 period. On a diluted per-share basis, FFO was 65 cents compared to 87 cents previously. Year-to-date, FFO per share was $2.02 against $2.66 in the prior year.

Third-quarter net income was $3.3 million or nine cents per diluted share versus $24.4 million or 64 cents a year ago. Year-to-date net income was $39.6 million or $1.07 per diluted share compared to $77.44 million or $2 in the same 2001 period.