Post Properties Q2 FFO Tops View; Lifts FY13 FFO Outlook - Quick Facts

(RTTNews) - Post Properties Inc. (PPS) reported that its second-quarter Funds from Operations or FFO available to common shareholders and unitholders increased to $47.9 million or $0.87 per share from $39.7 million, or $0.73 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.73 per share for the quarter. Analysts' estimates typically exclude special items.

Net income available to common shareholders for the quarter was $26.6 million, or $0.48 per share, compared to $20.2 million, or $0.37 per share in the prior year quarter.

Total revenues for the quarter rose to $90.48 million from $82.16 million in the comparable quarter last year, while nine analysts had consensus revenue estimate of $89.81 million for the quarter.

Looking ahead to 2013, the company said it expects FFO of $2.93 - $3.03 per share, and Core FFO of $2.47 - $2.55. Earlier, the company had expected FFO of $2.66 - $2.93 per share, and Core FFO of $2.46 - $2.56.

Analysts currently expect the company to report earnings of $2.89 per share for fiscal 2013.

The Company anticipates that net income available to common shareholders will be in the range of $1.32 to $1.45 per share for the full year 2013.

Further, the company stated that, as previously announced in May, its board of directors increased the quarterly common dividend rate from $0.25 to $0.33 per common share.