By comparison, Post showed a profit of $14.2 million or 38 cents per share in Q1 of 2002.
Directors will be telling shareholders they can blame former Post chairman John A. Williams and former vice chairman John Glover for contributing to the Q1 loss.
In an Internet conference call with analysts May 6, the locally based apartment development REIT says Q1 results include a combined $19.7 million severance charge of compensation and insurance premiums paid for Williams who left the company July 1, 2002 and Glover who also left last year.
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