Wed, 6 August 2008
August 6, 2008
Post Properties Inc. has scuttled plans to build Post Plaza South, a 300-unit apartment complex on
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
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.