The company wrote off $5.2 million in expenses incurred in the May proxy fight with former chairman John A. Williams and $1.8 million in severance charges related to two executives.
Total revenue from continuing operations was $82.7 million compared to $81 million for the second quarter of 2002. For the six months ended June 30 of this year, total revenue was $164.7 million compared to $163.2 million for the same 2002 period.
Funds from operations in the second quarter totaled $14.7 million, or 35 cents per diluted shared, compared to $27.3 million, or 65 cents per share last year. Excluding the severance and proxy contest-related charges, second-quarter FFO was $21.7 million, or 52 cents per share, the company says in a prepared statement.
For the six-month period, FFO, was $17.6 million or 42 cents per diluted share, versus $57.5 million, or $1.37 per share a year ago.
Average occupancy at the REIT's 67 active communities totaling 24,347 units was 91.1% compared to 89.5% in second quarter 2002. For the six-month period, occupancy averaged 90.6% compared to 89.8% last year.
Post sold two properties in the second quarter--a 770-unit asset here that produced more than $58 million in net proceeds and the 391-unit Post Paseo Colorado in California that netted Post $75 million. The company's year-to-date net proceeds from asset sales total $170 million. Since launching its self-funding strategy in 2000, Post has raised more than $700 million in net proceeds from asset sales, the company says.
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