Profile: Post Properties Inc (PPS)
30 Jun 2015
Post Properties, Inc., incorporated on January 25, 1984, is a self-administrated and self-managed equity real estate investment trust (REIT). The Company along with its subsidiaries develops, owns and manages upscale multi-family apartment communities in selected markets in the United States. The Company, through its wholly owned subsidiaries, is the general partner and owns a majority interest in the Operating Partnership which, through its subsidiaries, conducts substantially all of the on-going operations of the Company. The Company operates through segments, including Fully stabilized (same store) communities, which includes apartment communities that have been stabilized (the earlier of the point at which a property reaches 95% occupancy or one year after completion of construction) for both the current and prior year; Newly stabilized communities, which includes communities that reached stabilized occupancy in the prior year; Lease-up communities, which includes communities that are under development, rehabilitation and in lease-up but were not stabilized by the beginning of the current year, including communities that stabilized during the current year; Acquired communities, which include communities acquired in the current or prior year, and Held for sale and sold communities, which include apartment and mixed-use communities classified as held for sale or sold in 2014.
As of December 31, 2014, approximately 29.1%, 21.9%, 13.5% and 10.9% (on a unit basis) of the Company’s operating communities were located in the Atlanta, Georgia, Dallas, Texas, the greater Washington, D.C. and Tampa, Florida metropolitan areas, respectively. As of December 31, 2014, the Company had interests in 22,994 apartment units in 58 communities, including 1,471 apartment units in four communities held in unconsolidated entities and 1,705 apartment units in five communities under development or in lease-up. The major operating divisions of the Company include Post Apartment Management, Post Construction and Property Services, Post Investment Group and Post Corporate Services.
Post Apartment Management
The Company’s Post Apartment Management division includes the day-to-day operations of all Post communities, including community leasing and property management. Post Apartment Management also conducts short-term corporate apartment leasing activities and is the largest division in the Company, based on the number of employees.
Post Construction and Post Property Services
The Company’s Post Construction and Post Property Services division oversees all construction and physical asset maintenance activities of the Company. This includes for all Post communities.
Post Investment Group
The Company’s Post Investment Group division is engaged in the development, acquisition, rehabilitation, disposition and asset management activities of the Company. For development, this includes site selection, zoning and regulatory approvals, and project design. The Company is also involved in apartment community acquisitions, as well as property dispositions and strategic joint ventures. The Company recommends and executes value added renovations and redevelopments of existing communities.
Post Corporate Services
The Company’s Post Corporate Services division provides executive direction and control to the Company’s other divisions and subsidiaries and is also engaged in the creation and implementation of all Company financing, capital and risk management strategies. All accounting, management reporting, compliance, information systems, human resources, personnel recruiting, training, legal, security, risk management and insurance services required by the Company and all of its affiliates are centralized in Post Corporate Services division.
Post Properties Inc
4401 Northside Pkwy NW Ste 800
ATLANTA GA 30327-3093