Post Properties widens fiscal year loss to $14.5 million
Post Properties (PPS) swung to a gain in the fourth quarter, but didn't make up enough ground to report positive earnings for the fiscal year. The Atlanta-based company earned $2.4 million, or 5 cents a share, for the three months ended Dec. 31, up 122% from a loss of $10.8 million, or 22 cents a share, a year earlier. Post Properties widened its annual loss to $14.5 million, 30 cents a share, from a loss of about $10.8 million, 24 cents a share, the fiscal year prior. Post Properties reported noncash impairment charges of $35.1 million, which includes a condominium project in Austin, Texas. It was offset by a net gain of $20.9 million related to the acquisition of all remaining interests in its Atlanta condominium project. Post also said it will develop a 298-unit apartment complex in Austin this year that will include street level retail. The company anticipates the project will cost $41.7 million and that "the first apartment unit deliveries will occur in the third quarter of 2012." Fourth-quarter revenue rose 4.8% to $72.3 million from almost $69 million in 2009. Yearly revenue also increased slightly, up 3.2% to $285.1 million from $276.3 million a year earlier. Post Properties expects to decrease its capital reserves for development by 50% in the coming year. As of Dec. 31, it held $1 billion worth of assets on its balance sheet. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR. Disclosure: The author holds no relevant investments.