Post Properties Q3 FFO Down

(RTTNews) - Post Properties Inc.'s (PPS) Funds from Operations or FFO for the third quarter of 2014 was $26.2 million, or $0.48 per share, down from $39.9 million, or $0.73 per diluted share, for the third quarter of 2013. Analysts polled by Thomson Reuters expected the company to report earnings of $0.45 per share. Analysts' estimates typically exclude special items.

Quarterly Core FFO, excluding FFO from condominium activities, was $25.4 million, or $0.47 per share, compared to $34.6 million or $0.63 per share, for the third quarter of 2013.

Net income available to common shareholders was $132.8 million, or $2.44 per share, compared to $18.1 million or $0.33 per share, for the third quarter of 2013.

Net income for the three months ended September 30, 2014, included gains on sales of apartment communities of $127.7 million, offset by losses on the extinguishment of debt of $12.3 million, both net of noncontrolling interest.

The Company anticipates that net income available to common shareholders will be in the range of $3.82 to $3.84 per share for the full year 2014. Analysts expect the company to report earnings of $2.35 per share for fiscal 2014.