August 6, 2008
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
Post Properties drops plans for South End development
Post Properties Inc. has scuttled plans to build Post Plaza South, a 300-unit apartment complex on South Boulevard at Remount Road. The Atlanta-based developer, citing difficult market conditions, says it will also terminate its contract to buy the site.
Post Properties disclosed the decision Tuesday in its second-quarter earnings report. A company spokesman was unavailable for comment. Among its holdings in the Charlotte area, Post Properties owns Post Ballantyne, a 319-unit apartment development in south Charlotte; Post Gateway, a 436-unit property on North Cedar Street; Post Park at Phillips Place, which totals 402 units; and Post Uptown Place, a 227-unit development on North Graham Street.
In its financial report, the company says it lost $27 million, or 61 cents per diluted share, in the second quarter. In the same period last year, Post Properties earned $62 million, or $1.40 per diluted share.
Post Properties (NYSE:PPS) incurred a loss on its funds from operations of $12.6 million, or 29 cents per diluted share, in the latest quarter. In the same period last year, its funds from operations totaled $22.1 million, or 49 cents per diluted share.
Funds from operations is the primary earnings measure for real estate investment trusts.
Post Properties operates in 10 markets across the country. The company owns 22,435 units in 62 developments.That’s news from South End!
Lynnsy Logue The Real Estate Lady® and Condo CanDo® in Charlotte, NC
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