Post Properties Q3 FFO Declines; Cuts FY13 Core FFO Outlook

(RTTNews) - Post Properties Inc. (PPS) reported that its third-quarter Funds from Operations or FFO available to common shareholders and unitholders declined to $39.9 million or $0.73 per share from $41.6 million, or $0.76 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.70 per share for the quarter. Analysts' estimates typically exclude special items.

Net income available to common shareholders for the quarter was $18.1 million, or $0.33 per share, compared to $21.3 million, or $0.39 per share in the prior year quarter.

Total revenues for the quarter rose to $93.39 million from $85.22 million in the comparable quarter last year, while ten analysts had consensus revenue estimate of $92.55 million for the quarter.

Looking ahead to 2013, the company said it expects FFO of $2.96 - $2.99 per share, and Core FFO of $2.46 - $2.49. Earlier, the company had expected FFO of $2.93 - $3.03 per share, and Core FFO of $2.47 - $2.55.

Analysts currently expect the company to report earnings of $2.96 per share for fiscal 2013.

The company anticipates that net income available to common shareholders will be in the range of $1.90 to $1.96 per share for the full year 2013.

Earlier, the company had expected net income available to common shareholders to be in the range of $1.32 to $1.45 per share for the full year 2013.