Post Properties Inc. (PPS, Financial) filed Quarterly Report for the period ended 2010-09-30.
Post Properties Inc. has a market cap of $1.59 billion; its shares were traded at around $32.66 with and P/S ratio of 5.8. The dividend yield of Post Properties Inc. stocks is 2.4%.PPS is in the portfolios of Bruce Kovner of Caxton Associates, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
At September 30, 2010, the Company owned approximately 99.7% of the common limited partnership interests (Common Units) in the Operating Partnership. Common Units held by persons other than the Company represented a 0.3% common noncontrolling interest in the Operating Partnership.
In recent years, weak conditions caused by a severe recession in the U.S. economy and high unemployment led to declining rental rates for multi-family apartments, as the Company sought to maintain occupancy at historical levels. While these conditions persist in 2010, relative improvement in the U.S. economy has modestly improved demand for multi-family apartments in the Companys markets. This modest improvement in demand, coupled with moderating new supply of multi-family apartments, has contributed to a moderation in the year-over-year rate of decline in rental revenues during the first nine months of 2010, actually leading to a modest increase in year-over-year same store operating revenues of 0.1% for the third quarter of 2010, as compared to a decline of 3.8% during the first half of 2010. Year-over-year same store NOI also increased modestly by 0.4% for the third quarter of 2010, as compared to a decline of 6.6% during the first half of 2010. The year to date revenue decrease is attributable to declining rental rates, which decreased 4.6% during the first nine months of 2010, compared to the first nine months of 2009, offset by an increase in average economic occupancy from 93.8% during the first nine months of 2009 to 95.3% during the first nine months of 2010. Sequentially, average monthly rental rates turned positive in the second quarter of 2010, increasing 0.2%, and increasing 0.9% in the third quarter of 2010. The Companys outlook for same store community revenues and net operating income (NOI) for 2010 is more fully discussed in the Outlook section below. While the U.S. economy has begun to show signs of recovery, it is in its early stages, and any recovery in employment is expected to be modest in 2010. If the economic recovery were to stall or U.S. economic conditions were to worsen, the Companys operating results would be adversely affected.
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Post Properties Inc. has a market cap of $1.59 billion; its shares were traded at around $32.66 with and P/S ratio of 5.8. The dividend yield of Post Properties Inc. stocks is 2.4%.PPS is in the portfolios of Bruce Kovner of Caxton Associates, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Post Properties, Inc. and its subsidiaries develop, own and manage upscale multi-family communities in selected markets in the United States. As used in this report, the term Company includes Post Properties, Inc. and its subsidiaries, including Post Apartment Homes, L.P. (the Operating Partnership), unless the context indicates otherwise. The Company, through its wholly-owned subsidiaries is the general partner and owns a majority interest in the Operating Partnership which, through its subsidiaries, conducts substantially all of the on-going operations of the Company. At September 30, 2010, the Company owned 20,207 apartment units in 56 apartment communities, including 1,747 apartment units in five communities held in unconsolidated entities and 740 apartment units in two communities currently under construction or in lease-up. The Company is also developing and selling 277 luxury for-sale condominium homes in two communities through taxable REIT subsidiaries. At September 30, 2010, approximately 34.7%, 22.7%, 12.9% and 10.6% (on a unit basis) of the Companys communities were located in the Atlanta, Georgia, Dallas, Texas, the greater Washington, D.C. and Tampa, Florida metropolitan areas, respectively.At September 30, 2010, the Company owned approximately 99.7% of the common limited partnership interests (Common Units) in the Operating Partnership. Common Units held by persons other than the Company represented a 0.3% common noncontrolling interest in the Operating Partnership.
In recent years, weak conditions caused by a severe recession in the U.S. economy and high unemployment led to declining rental rates for multi-family apartments, as the Company sought to maintain occupancy at historical levels. While these conditions persist in 2010, relative improvement in the U.S. economy has modestly improved demand for multi-family apartments in the Companys markets. This modest improvement in demand, coupled with moderating new supply of multi-family apartments, has contributed to a moderation in the year-over-year rate of decline in rental revenues during the first nine months of 2010, actually leading to a modest increase in year-over-year same store operating revenues of 0.1% for the third quarter of 2010, as compared to a decline of 3.8% during the first half of 2010. Year-over-year same store NOI also increased modestly by 0.4% for the third quarter of 2010, as compared to a decline of 6.6% during the first half of 2010. The year to date revenue decrease is attributable to declining rental rates, which decreased 4.6% during the first nine months of 2010, compared to the first nine months of 2009, offset by an increase in average economic occupancy from 93.8% during the first nine months of 2009 to 95.3% during the first nine months of 2010. Sequentially, average monthly rental rates turned positive in the second quarter of 2010, increasing 0.2%, and increasing 0.9% in the third quarter of 2010. The Companys outlook for same store community revenues and net operating income (NOI) for 2010 is more fully discussed in the Outlook section below. While the U.S. economy has begun to show signs of recovery, it is in its early stages, and any recovery in employment is expected to be modest in 2010. If the economic recovery were to stall or U.S. economic conditions were to worsen, the Companys operating results would be adversely affected.
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