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Analyst Mike Salinsky at RBC Capital Markets has released an update on Post Properties, Inc. (NYSE: PPS). The company has reported results for the fourth-quarter.
Post Properties, Inc. reported FFO of $0.17 per share, which is ahead of RBC’s estimate of $0.11 per share. The company reported operating FFO of $0.30, which excludes $0.16 per share of net charges, and $0.03 per share of condo gains. The company reported a year-over-year decline of 11.3% in NOI. The company reported a 6% year-over-year decline in revenue.
The company has also issued guidance for FY10. The company expects FFO to be in the range of $0.18-$0.32. The company expects operating FFO to be in the range of $1.03-$1.17, which excludes a $0.82 per share impairment charge, and $0.01-$0.04 per share of expected condo losses.
RBC Capital Markets has maintained an Underperform rating for Post Properties, Inc.