Post Properties Announces Fourth Quarter 2014 Earnings

ATLANTA--(BUSINESS WIRE)--Post Properties, Inc. (NYSE: PPS) announced today net income available to common shareholders of $18.5 million, or $0.34 per diluted share, for the fourth quarter of 2014, compared to $42.8 million, or $0.79 per diluted share, for the fourth quarter of 2013.

Net income available to common shareholders for the year ended December 31, 2014, was $211.4 million, or $3.88 per diluted share, compared to $106.8 million, or $1.96 per diluted share, for the year ended December 31, 2013.

Net income for the year ended December 31, 2014, included gains on sales of apartment communities of $163.8 million, offset by losses on the extinguishment of indebtedness of $16.6 million, both net of noncontrolling interest. The Companys net income available to common shareholders for the three months and year ended December 31, 2013 included a gain of $28.4 million on the sale of an apartment community.

Funds From Operations

The Company uses the National Association of Real Estate Investment Trusts (NAREIT) definition of Funds from Operations (FFO) as an operating measure of the Companys financial performance. A reconciliation of FFO to GAAP net income is included in the financial data (Table 1) accompanying this press release.

FFO for the fourth quarter of 2014 was $40.1 million, or $0.73 per diluted share, compared to $36.4 million, or $0.67 per diluted share, for the fourth quarter of 2013. For the fourth quarter of 2014, Core FFO (excluding FFO from condominium activities) was $39.5 million, or $0.72 per diluted share, compared to $36.0 million, or $0.66 per diluted share, for the fourth quarter of 2013.

FFO for the year ended December 31, 2014 was $133.1 million, or $2.44 per diluted share, compared to $164.8 million, or $3.01 per diluted share, for the year ended December 31, 2013. For the year ended December 31, 2014, Core FFO (excluding FFO from condominium activities) was $130.9 million, or $2.40 per diluted share, compared to $136.8 million, or $2.50 per diluted share, for the year ended December 31, 2013.

FFO and Core FFO included losses on extinguishment of indebtedness of $16.6 million, net of noncontrolling interest, or $0.30 per diluted share, for the year ended December 31, 2014.

Said Dave Stockert, the Companys CEO and President, 2014 was a terrific year for Post. We produced solid growth in revenue, earnings and cash flow, created value in our development pipeline, and realized high prices for assets we sold. We made a strong balance sheet even stronger, creating capacity for future growth, installed an entirely new technology platform, raised the dividend substantially and produced very attractive total returns to shareholders. Better still, the apartment market and our business are set up well for good results again in the coming year.

Same Store Community Data

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Post Properties Announces Fourth Quarter 2014 Earnings