1
EXHIBIT 99.1
POST PROPERTIES, INC.
SELECTED FINANCIAL INFORMATION
(Dollars in thousands, except per share data)
(Unaudited)
THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31, DECEMBER 31,
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2000 1999 2000 1999
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OPERATING DATA
Revenue:
Rental - owned properties .............................................. $ 94,675 $ 83,852 $ 365,895 $ 318,697
Property management - third party ...................................... 998 934 3,826 3,368
Landscape services - third party ....................................... 3,580 2,636 11,423 9,118
Interest ............................................................... 459 200 1,922 764
Other .................................................................. 3,853 3,753 16,766 13,980
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Total revenue .................................................. 103,565 91,375 399,832 345,927
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Property operating and maintenance expenses - owned
properties ............................................................ 34,443 29,350 131,349 113,152
Depreciation expense ...................................................... 19,748 15,892 71,113 58,013
Property management expenses - third party ................................ 850 750 3,099 2,925
Landscape services expenses - third party ................................. 3,133 2,271 9,993 7,904
Interest expense .......................................................... 14,752 9,117 50,303 33,192
Amortization of deferred loan costs ....................................... 438 383 1,636 1,496
General and administrative expenses ....................................... 3,108 2,294 10,066 7,788
Minority interest in consolidated property partnerships.................... (500) 26 (1,695) 511
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75,972 60,083 275,864 224,981
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Net income before net gain (loss) on sale of assets, non-recurring charges,
minority interest and extraordinary item ............................... 27,593 31,292 123,968 120,946
Net gain (loss) on sale of assets ......................................... 1,581 (185) 3,208 (1,522)
Non-recurring charges (1) ................................................. (9,365) -- (9,365) --
Minority interest of preferred unitholders in Operating Partnership ....... (1,400) (1,416) (5,600) (1,851)
Minority interest of common unitholders in Operating Partnership .......... (1,792) (3,163) (11,691) (12,598)
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Net income before extraordinary item ...................................... 16,617 26,528 100,520 104,975
Extraordinary item, net of minority interest (2) .......................... -- -- -- (458)
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Net income ................................................................... 16,617 26,528 100,520 104,517
Dividends to preferred shareholders .......................................... (2,969) (2,968) (11,875) (11,875)
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Net income available to common shareholders .................................. $ 13,648 $ 23,560 $ 88,645 $ 92,642
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PER COMMON SHARE DATA
Net income before extraordinary item
(net of preferred dividend) - basic .................................. $ 0.35 $ 0.61 $ 2.25 $ 2.42
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Net income available to common shareholders - basic ....................... $ 0.35 $ 0.61 $ 2.25 $ 2.41
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Net income before extraordinary item
(net of preferred dividend) - diluted ................................ $ 0.34 $ 0.60 $ 2.22 $ 2.39
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Net income available to common shareholders - diluted ..................... $ 0.34 $ 0.60 $ 2.22 $ 2.38
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Dividends declared ........................................................ $ 0.76 $ 0.70 $ 3.04 $ 2.80
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OTHER DATA
Cash Flow Provided From (Used In):
Operating Activities..................................................... $ 32,108 $ 31,025 $ 185,073 $ 153,038
Investing Activities..................................................... $(16,468) $(100,268) $(255,986) $(317,960)
Financing Activities..................................................... $(26,120) $ 68,748 $ 72,502 $ 149,638
Funds from operations (3) ................................................. $ 32,317 $ 41,953 $ 163,411 $ 162,581
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Capitalized interest ...................................................... $ 6,434 $ 6,707 $ 25,426 $ 21,417
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DECEMBER 31,
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2000 1999
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BALANCE SHEET DATA
Real estate, before accumulated depreciation............................... $2,827,094 $2,582,785
Real estate, after accumulated depreciation................................ 2,469,914 2,279,769
Total assets............................................................... 2,551,237 2,350,173
Total debt................................................................. 1,213,309 989,583
Shareholders' equity....................................................... 1,028,610 1,058,862
KEY DEBT STATISTICS
Total secured debt......................................................... 468,384 415,157
Total unsecured debt....................................................... 744,925 574,426
2
NOTES TO SELECTED FINANCIAL INFORMATION
(1) Non-recurring charges consisted of the following:
Write off of pursuit costs on abandoned development projects - $4,389
Severance cost related to management changes - $3,066
Impairment reserves on for-sale housing - $407
Write off of investment in Darwin Networks - $1,503
(2) The extraordinary item for the twelve months ended December 31, 1999
resulted from the costs associated with the early extinguishment of
indebtedness.
(3) The Company uses the National Association of Real Estate Investment
Trusts ("NAREIT") definition of FFO. Effective January 1, 2000, NAREIT
amended its definition of FFO to include in FFO all non-recurring
transactions, except those that are defined as extraordinary under
generally accepted accounting principles. The Company adopted this new
definition effective January 1, 2000. FFO for any period means the
Consolidated Net Income of the Company and its subsidiaries for such
period excluding gains or losses from debt restructuring and sales of
property plus depreciation of real estate assets, and after adjustment
for unconsolidated partnerships and joint ventures, all determined on
a consistent basis in accordance with generally accepted accounting
principles ("GAAP"). FFO presented herein is not necessarily
comparable to FFO presented by other real estate companies because not
all real estate companies use the same definition. The Company's FFO
is comparable to the FFO of real estate companies that use the current
NAREIT definition. FFO should not be considered as an alternative to
net income, (determined in accordance with GAAP) as a measure of the
Company's liquidity, nor is it necessarily indicative of sufficient
cash flow to fund all of the Company's needs or ability to service
indebtedness or make distributions.
3
POST PROPERTIES, INC.
CALCULATION OF FFO AND CAD
(Dollars in thousands, except share or unit data)
THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31, DECEMBER 31,
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2000 1999 2000 1999
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NET INCOME AVAILABLE TO COMMON SHAREHOLDERS ................ $ 13,648 $ 23,560 $ 88,645 $ 92,642
Extraordinary item, net of minority interest .......... -- -- -- 458
Minority Interest of common unitholders ............... 1,792 3,163 11,691 12,598
Net (gain) loss on sale of assets ..................... (1,581) 185 (3,208) 1,522
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Adjusted net income ........................................ 13,859 26,908 97,128 107,220
Depreciation on real estate assets, net(1) ................. 18,458 15,045 66,283 55,361
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FUNDS FROM OPERATIONS ...................................... 32,317 41,953 163,411 162,581
Recurring capital expenditures(2) .......................... (1,355) (1,359) (9,157) (8,641)
Non-recurring capital expenditures ......................... (3,240) (1,420) (5,576) (2,971)
Loan amortization payments ................................. (243) (21) (1,869) (81)
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CASH AVAILABLE FOR DISTRIBUTION ............................ $ 27,479 $ 39,153 $ 146,809 $ 150,888
============================ ============================
Revenue generating capital expenditures(3) ................. $ 2,414 $ 3,831 $ 6,670 $ 8,011
============================ ============================
Weighted average shares outstanding - basic ................ 39,390,488 38,753,907 39,317,725 38,460,689
Weighted average shares and units outstanding - basic ...... 44,571,899 43,948,473 44,503,290 43,663,373
Weighted average shares outstanding - diluted .............. 39,587,600 39,183,463 39,852,514 38,916,987
Weighted average shares and units outstanding - diluted .... 44,769,011 44,378,029 45,038,079 44,119,671
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(1) Depreciation on real estate assets is net of the minority interest portion
of depreciation in consolidated partnerships.
(2) Since the Company does not add back the depreciation of non-real estate
assets in its calculation of FFO, capital expenditures of $1,450 and $571
for the three months ended December 31, 2000 and 1999, respectively, and
$3,441 and $6,811 for the twelve months ended December 31, 2000 and 1999,
respectively, are excluded from the calculation of CAD.
(3) Primarily comprised of major renovations of communities.
4
POST PROPERTIES,INC
DEBT SUMMARY
(Dollars in thousands)
Weighted Average Rate for
Three Months Ended
December 31, (1)
Percentage -------------------------
Balance of Total 2000 1999
----------------------- -------------------------
Unsecured fixed rate senior notes ................ $ 695,000 57.28% 7.55% 7.23%
Secured tax exempt variable rate notes(2) ........ 235,880 19.44% 4.91% 4.31%
Secured conventional fixed rate note(3) .......... 103,200 8.51% 7.60% 6.60%
Secured conventional fixed rate notes ............ 129,304 10.66% 7.24% 6.66%
Unsecured fixed rate senior note(4) .............. 25,000 2.06% 7.43% 5.78%
Other lines of credit and unsecured debt ......... 24,925 2.05% 7.12% 6.58%
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$1,213,309 100.00% 6.99% 6.26%
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Percentage
Balance of Total Debt
-----------------------------------------
Total fixed rate debt $ 954,504 78.67%
Total variable rate debt 258,805 21.33%
-----------------------------------------
Total debt $ 1,213,309 100.00%
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Amount of debt maturity by year:(5) 2000 $ --(6)
2001 67,000
2002 20,000
2003 100,000
2004 23,000
2005 and thereafter 978,384
(1) Weighted average rate includes credit enhancements and other fees,
where applicable. The weighted average rates for the three months ended
December 31, 1999 are based on the debt outstanding for that period.
(2) The Company has purchased an interest rate cap that limits the
Company's exposure to increases in the base rate to 5%.
(3) In December 2000, the Company entered into a swap transaction that
fixed the rate of interest on this note at 6.975%, inclusive of
credit enhancement and other fees, from January 1, 2001 through July
31, 2009.
(4) In October 2000, the Company entered into a swap transaction that fixed
the rate on the note at 7.28% through maturity.
(5) Excludes principal amortization payments and payments on lines of
credit and other unsecured debt.
(6) The Company has repaid a secured conventional variable rate note in the
amount of $22,067 and an unsecured variable rate senior note in the
amount of $30,000 in 2000.
5
POST PROPERTIES,INC
SUMMARY OF DISPOSITION ACTIVITY AS OF DECEMBER 31, 2000
Community Name Location Proceeds Per Unit Gross Sales Price
Post River Atlanta, GA $ 151,878 $ 32,350,000
Q1 2000
Post Trace, Mark, Pointe Jackson, MS $ 45,371 $ 44,600,000
Q3 2000
Post Hillsboro, Green Hills Nashville, TN $ 100,505
Post Terrace Atlanta, GA $ 119,088
Post Parkwood Atlanta, GA $ 96,000
Q4 2000 $ 84,135,400
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2000 Total $ 161,085,400
6
POST PROPERTIES, INC.
Construction and Initial Lease-Up Properties
Leasing Activity
02/03/01
ESTIMATED ESTIMATED ESTIMATED
Quarter of Quarter of Quarter of
Number of Construction First Units of Stabilized
Metropolitan Area Units Start Available Occupancy
- -------------------------------------------- ----------------------------------------------
ATLANTA, GA
Post Spring 452 3Q '99 2Q '00 3Q '01
Post Peachtree 121 2Q '00 4Q '01 2Q '02
Post Biltmore 276 3Q '00 4Q '01 3Q '02
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SUBTOTAL 849
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CHARLOTTE, NC
Post Uptown Place 226 3Q '98 1Q '00 2Q '01
Post Gateway Place 232 3Q '99 3Q '00 3Q '01
Post Gateway Place II 204 3Q '00 3Q '01 1Q '02
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SUBTOTAL 662
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TAMPA, FL
Post Harbour Place II 319 4Q '98 2Q '00 1Q'01
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SUBTOTAL 319
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DALLAS, TX
Post Legacy 384 3Q '99 3Q '00 4Q '01
Post Addison Circle III 264 3Q '99 3Q '00 2Q '01
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SUBTOTAL 648
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HOUSTON, TX
Post Midtown Square II 193 1Q '00 4Q'00 4Q '01
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SUBTOTAL 193
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DENVER, CO
Post Uptown Square I 449 1Q '98 3Q '99 3Q '01
Post Uptown Square II 247 1Q '00 4Q '01 3Q '02
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SUBTOTAL 696
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PHOENIX, AZ
Post Roosevelt Square 403 4Q '98 1Q 00 4Q '01
WASHINGTON D.C
Post Pentagon Row 504 2Q '99 2Q '01 2Q '02
PASADENA, CA
Post Paseo Colorado 387 2Q '00 2Q '02 2Q '03
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TOTAL 4,661
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