Post Properties Inc. (PPS, Financial) filed Annual Report for the period ended 2010-12-31.
Post Properties Inc. has a market cap of $1.9 billion; its shares were traded at around $39 with a P/E ratio of 26 and P/S ratio of 6.7. The dividend yield of Post Properties Inc. stocks is 2%.Hedge Fund Gurus that owns PPS: Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates. Mutual Fund and Other Gurus that owns PPS: Columbia Wanger of Columbia Wanger Asset Management, Jeremy Grantham of GMO LLC.
The Operating Partnership, through the operating divisions and subsidiaries described below, is the entity through which all of the Companys operations are conducted. At December 31, 2010, the Company, through wholly-owned subsidiaries, controlled the Operating Partnership as the sole general partner and as the holder of 99.7% of the common units in the Operating Partnership (the Common Units) and 100% of the preferred units (the Perpetual Preferred Units). The other limited partners of the Operating Partnership who hold Common Units are those persons who, at the time of the Companys initial public offering, elected to hold all or a portion of their interests in the form of Common Units rather than receiving shares of common stock. Holders of Common Units may cause the Operating Partnership to redeem any of their Common Units for, at the option of the Operating Partnership, either one share of Common Stock or cash equal to the fair market value thereof at the time of such redemption. The Operating Partnership presently anticipates that it will cause shares of common stock to be issued in connection with each such redemption (as has been done in all redemptions to date) rather than paying cash. With each redemption of outstanding Common Units for common stock, the Companys percentage ownership interest in the Operating Partnership will increase. In addition, whenever the Company issues shares of common and preferred stock, the Company will contribute any net proceeds to the Operating Partnership, and the Operating Partnership will issue an equivalent number of Common Units or Perpetual Preferred Units, as appropriate, to the Company.
The Companys financing and liquidity strategy has been to maintain a strong balance sheet and to maintain its investment grade credit rating. The Companys plans to achieve its objectives have included generally limiting total effective leverage (debt and preferred equity) as a percentage of undepreciated real estate assets to not more than 55%, generally limiting variable rate indebtedness as a percentage of total indebtedness to not more than 25%, and maintaining adequate liquidity through its unsecured lines of credit. At December 31, 2010, the Companys total effective leverage (debt and preferred equity) as a percentage of undepreciated real estate assets, and its total variable rate indebtedness as a percentage of total indebtedness were below these percentages.
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Post Properties Inc. has a market cap of $1.9 billion; its shares were traded at around $39 with a P/E ratio of 26 and P/S ratio of 6.7. The dividend yield of Post Properties Inc. stocks is 2%.Hedge Fund Gurus that owns PPS: Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates. Mutual Fund and Other Gurus that owns PPS: Columbia Wanger of Columbia Wanger Asset Management, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
Post Properties, Inc. and its subsidiaries develop, own and manage upscale multi-family apartment 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 December 31, 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 December 31, 2010, the Company had interests in 20,505 apartment units in 56 communities, including 1,747 apartment units in five communities held in unconsolidated entities and 642 apartment units at two communities currently under construction. The Company is also selling luxury for-sale condominium homes in two communities through a taxable REIT subsidiary. The Company is a fully integrated organization with multi-family development, operations and asset management expertise. The Company has approximately 597 employees, 16 of whom are parties to a collective bargaining agreement.The Operating Partnership, through the operating divisions and subsidiaries described below, is the entity through which all of the Companys operations are conducted. At December 31, 2010, the Company, through wholly-owned subsidiaries, controlled the Operating Partnership as the sole general partner and as the holder of 99.7% of the common units in the Operating Partnership (the Common Units) and 100% of the preferred units (the Perpetual Preferred Units). The other limited partners of the Operating Partnership who hold Common Units are those persons who, at the time of the Companys initial public offering, elected to hold all or a portion of their interests in the form of Common Units rather than receiving shares of common stock. Holders of Common Units may cause the Operating Partnership to redeem any of their Common Units for, at the option of the Operating Partnership, either one share of Common Stock or cash equal to the fair market value thereof at the time of such redemption. The Operating Partnership presently anticipates that it will cause shares of common stock to be issued in connection with each such redemption (as has been done in all redemptions to date) rather than paying cash. With each redemption of outstanding Common Units for common stock, the Companys percentage ownership interest in the Operating Partnership will increase. In addition, whenever the Company issues shares of common and preferred stock, the Company will contribute any net proceeds to the Operating Partnership, and the Operating Partnership will issue an equivalent number of Common Units or Perpetual Preferred Units, as appropriate, to the Company.
The Companys financing and liquidity strategy has been to maintain a strong balance sheet and to maintain its investment grade credit rating. The Companys plans to achieve its objectives have included generally limiting total effective leverage (debt and preferred equity) as a percentage of undepreciated real estate assets to not more than 55%, generally limiting variable rate indebtedness as a percentage of total indebtedness to not more than 25%, and maintaining adequate liquidity through its unsecured lines of credit. At December 31, 2010, the Companys total effective leverage (debt and preferred equity) as a percentage of undepreciated real estate assets, and its total variable rate indebtedness as a percentage of total indebtedness were below these percentages.
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