- Q1 FFO of $38.5M or $0.70 per share vs. $35.1M and $0.64 one year ago.
- Same store communities (50) contain 18.780 apartments. Revenues up 2.4% Y/Y, with operating expenses up 4.3%, producing a NOI gain of 1.2%.
- Average monthly rental rate growth of 2.5%. Average economic occupancy of 94.9% down 40 basis points.
- Announced today is the development of Post Millennium Midtown in Atlanta - 356 luxury apartments in a 25-story high-rise. Total development cost is expected to bey about $90.6M, with a stabilized yield on cost of 6.5%. First apartment deliveries are expected in Q1 2017.
- Conference call tomorrow at 10 ET
- Previously: Post Properties FFO in-line, beats on revenue (May 4)
- PPS flat after hours