Post Properties Inc. (PPS) earned $7.9 million, or 15 cents a share, following solid rent growth and sustained high occupancy. That compares to earnings of $21.7 million, or 44 cents per share, for the year-ago quarter. Funds from operations, a common measurement of performance for real estate investment trusts such as Post, was $26.7 million in 3Q, or 52 cents a share, compared to $40.3 million, or 82 cents per share, for the third quarter of 2010. Post beat the Thomson Reuters consensus estimate of 44 cents a share. FFO for the third quarter of 2010 included a net gain of $20.9 million related to the acquisition of all remaining interests in its Atlanta condominium project, adjacent land and infrastructure and the acquisition of the related construction loans. In the nine months ended Sept. 30, FFO was $72.8 million, or $1.44 per share, compared to $38.1 million, or 78 cents per share, for the nine months ended Sept. 30, 2010. Post's FFO for the first nine months of 2010 included a noncash impairment charge of $35.1 million primarily relating to its Austin condominium project. Total revenue for 3Q was $78.6 million, up 7% from $72.9 million in the year-ago period. Post said the average monthly rental rate per unit increased 5% during the third quarter of 2011, compared to the third quarter of 2010. Occupancy rose slightly, clocking in at 96.7% at its mature communities, or those that have been open and operating at least a year. In the year-ago period, it was 95.8%. "Ongoing favorable supply-and-demand conditions are prevailing against the uncertain economic environment, and support another increase in our full-year guidance for property operating results and FFO," said Post Chief Executive Dave Stockert. Last quarter, the apartment developer stated that it began development of apartment communities in Orlando, Fla., and Raleigh, N.C. In total, the company has 1,568 units in five apartment communities and 37,567 square feet of retail space under development with a total estimated cost of $272.1 million. Post Properties and its subsidiaries develop, own and manage upscale multifamily apartment communities across the U.S. Write to Justin T. Hilley. Follow him on Twitter @JustinHilley.