Profile: Post Properties Inc (PPS_pa.N)
21 May 2013
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. As of December 31, 2012, approximately 31.5%, 22.6%, 13.9% and 10.1% (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. At December 31, 2012, the Company had interests in 22,218 apartment units in 60 communities, including 1,471 apartment units in four communities held in unconsolidated entities and 2,046 apartment units at seven communities under development or in lease-up. The Company is also selling luxury for-sale condominium homes in two communities through a taxable REIT subsidiary.
In July 2012, the Company acquired a 360-unit apartment community, including approximately 7,612 square feet of retail space, located in Charlotte, North Carolina. At December 31, 2012, the Company, through wholly-owned subsidiaries, controlled the Operating Partnership as the sole general partner and as the holder of 99.7% of the common units in the Operating Partnership (the Common Units) and 100% of the preferred units (the Perpetual Preferred Units). At December 31, 2012, the Company owned 57 Post multi-family apartment communities, including three communities in lease-up and four communities held in unconsolidated entities. Thirty-seven of the communities have in excess of 300 apartment units, with the community having a total of 1,334 apartment. At December 31, 2012, the Company, through a taxable REIT subsidiary, was selling condominium homes in two ground-up luxury condominium projects and had 66 units under contract and available for sale.
At December 31, 2012, the Company held investments in two individual limited liability companies (the Apartment LLCs) with institutional investors that own four apartment communities, including three communities located in Atlanta, Georgia and one community located in Washington, D.C.The operating divisions of the Company include Post Apartment Management, Post Construction and Property Services, Post Investment Group and Post Corporate Services.
Fully stabilized (same store) communities include those apartment communities, which has been stabilized (the earlier of the point at which a property reaches 95% occupancy or one year after completion of construction) the year ended December 31, 2011 and 2012, respectively. Communities stabilized include those communities which reached stabilized occupancy during 2011. Development and lease-up communities are those communities that are under development, rehabilitation and in lease-up but were not stabilized, including communities that stabilized during 2012. Acquired communities are those communities acquired in during 2011 and 2012. Condominium conversion and other communities are those portions of existing apartment communities converted into condominiums and other communities converted to joint venture ownership.
Post Apartment Management
Post Apartment Management is responsible for 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 division in the Company (based on the number of employees).
Post Construction and Property Services
Post Construction and Property Services are responsible for overseeing all construction. It is also engaged in physical asset maintenance activities of the Company for all Post communities.
Post Investment Group
Post Investment Group is responsible for all development, acquisition, rehabilitation, disposition, for-sale (condominium) and asset management activities of the Company. For development, this includes site selection, zoning and regulatory approvals and project design.
Post Corporate Services
Post Corporate Services provides executive direction and control to the Company’s other divisions and subsidiaries and has responsibility for 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 and development, legal, security, risk management and insurance services required by the Company and all of its affiliates are centralized in Post Corporate Services.
At December 31, 2012, the Company was selling for-sale condominium homes in two communities. The Four Seasons Private Residences, Austin (the Austin Condominium Project) consists of 148 homes, of which three homes were under contract and 129 units were closed as of February 15, 2013. The Company’s other condominium project, The Ritz-Carlton Residences, Atlanta Buckhead (the Atlanta Condominium Project), consists of 129 homes. There were 19 units under contract and 85 units were closed at the Atlanta Condominium Project at February 15, 2013.
Post Properties Inc
Ste 800, 4401 Northside Pkwy
ATLANTA GA 30327