Real estate investment firm Post Properties (PPS) saw its funds from operations fall slightly in the fourth quarter to $20.9 million from $21.1 million a year earlier on reduced incremental gains from condo sales.

That breaks down to 40 cents a share for the Atlanta-based REIT, down from 43 cents a share in the fourth quarter 2010. FFO per share met analyst expectations, according to Yahoo Finance.

FFO represents an operating measure of a REIT’s performance, according to the National Association of Real Estate Investment Trusts. Net income, another measure, showed year-over-year gains in the fourth quarter to $3 million from $2.4 million.

Revenue rose by about $5 million from a year earlier to $77.7 million, while expenses showed a modest $100,000 increase from fourth quarter 2010. Same-store revenue grew 7.4% to $64.9 million as rental rates increased 5.8%.

But incremental gains on condo sales, included in FFO but not net income, plummeted to $780,000 from $3.8 million in the year-earlier period.

For the year, FFO increased to $78.8 million from $57.2 million in 2010.

Post held $2.14 billion in assets at the end of 2011, about $25 million more than a year earlier. That includes  $95 million in construction costs compared with $26 million at the end of 2010. The REIT had five projects in development and closed on a Dallas complex worth $48.5 million in the fourth quarter.

The company held interests in 21,658 apartment units in 58 communities as of Dec. 31.

ascoggin@housingwire.com

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