POST APARTMENT HOMES LP

CIK:0001012271|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Rental	$ 95,330	$ 91,802	$ 281,298	$ 268,831
Other property revenues	5,986	5,628	17,651	16,874
Other	273	337	828	924
Total revenues	101,589	97,767	299,777	286,629
Expenses
Property operating and maintenance (exclusive of items shown separately below)	42,110	42,707	128,761	124,342
Depreciation	23,949	22,073	69,452	64,748
General and administrative	4,474	4,622	13,121	13,989
Investment and development	44	73	102	583
Other investment costs	87	165	240	453
Merger expenses	6,468		6,468
Other expenses			400
Total expenses	77,132	69,640	218,544	204,115
Operating income	24,457	28,127	81,233	82,514
Interest income		34	1	158
Interest expense	(7,427)	(8,217)	(22,727)	(24,631)
Equity in income of unconsolidated real estate entities, net	921	603	2,153	1,568
Gains on sales of real estate assets, net				1,475
Other income (expense), net	(316)	(357)	(821)	(1,061)
Net loss on extinguishment of indebtedness				(197)
Net income	17,635	20,190	59,839	59,826
Noncontrolling interests - Operating Partnership	(37)	(43)	(126)	(126)
Net income available to the Company	17,598	20,147	59,713	59,700
Dividends to preferred shareholders	(922)	(922)	(2,766)	(2,766)
Net income available to common shareholders	$ 16,676	$ 19,225	$ 56,947	$ 56,934
Per common share data - Basic
Net income available to common shareholders	$ 0.31	$ 0.35	$ 1.06	$ 1.04
Weighted average common shares outstanding - basic	53,384	54,326	53,442	54,409
Per common share data - Diluted
Net income available to common shareholders	$ 0.31	$ 0.35	$ 1.06	$ 1.04
Weighted average common shares outstanding - diluted	53,403	54,342	53,459	54,425
Post Apartment Homes, L.P. [Member]
Revenues
Rental	$ 95,330	$ 91,802	$ 281,298	$ 268,831
Other property revenues	5,986	5,628	17,651	16,874
Other	273	337	828	924
Total revenues	101,589	97,767	299,777	286,629
Expenses
Property operating and maintenance (exclusive of items shown separately below)	42,110	42,707	128,761	124,342
Depreciation	23,949	22,073	69,452	64,748
General and administrative	4,474	4,622	13,121	13,989
Investment and development	44	73	102	583
Other investment costs	87	165	240	453
Merger expenses	6,468		6,468
Other expenses			400
Total expenses	77,132	69,640	218,544	204,115
Operating income	24,457	28,127	81,233	82,514
Interest income		34	1	158
Interest expense	(7,427)	(8,217)	(22,727)	(24,631)
Equity in income of unconsolidated real estate entities, net	921	603	2,153	1,568
Gains on sales of real estate assets, net				1,475
Other income (expense), net	(316)	(357)	(821)	(1,061)
Net loss on extinguishment of indebtedness				(197)
Net income	17,635	20,190	59,839	59,826
Dividends to preferred shareholders	(922)	(922)	(2,766)	(2,766)
Net income available to common shareholders	$ 16,713	$ 19,268	$ 57,073	$ 57,060
Per common share data - Basic
Net income available to common shareholders	$ 0.31	$ 0.35	$ 1.06	$ 1.04
Weighted average common shares outstanding - basic	53,500	54,447	53,561	54,530
Per common share data - Diluted
Net income available to common shareholders	$ 0.31	$ 0.35	$ 1.06	$ 1.04
Weighted average common shares outstanding - diluted	53,519	54,463	53,578	54,546

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash Flows From Operating Activities
Net income	$ 59,839	$ 59,826
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	69,452	64,748
Gains on sales of real estate assets, net		(1,475)
Other, net	1,066	1,959
Equity in income of unconsolidated entities, net	(2,153)	(1,568)
Distributions of earnings of unconsolidated entities	2,057	1,503
Stock-based compensation	3,088	3,646
Net loss on extinguishment of indebtedness		197
Changes in assets, decrease (increase) in:
Other assets	(3,391)	(1,675)
Changes in liabilities, increase (decrease) in:
Accrued interest payable	3,911	3,664
Accounts payable and accrued expenses	22,722	1,483
Prepaid rents and other	801	1,338
Net cash provided by operating activities	157,392	133,646
Cash Flows From Investing Activities
Development and construction of real estate assets	(99,418)	(84,125)
Proceeds from sales of real estate assets		4,529
Capitalized interest	(5,463)	(3,328)
Property capital expenditures	(28,562)	(22,667)
Corporate additions and improvements	(1,158)	(942)
Investments in unconsolidated entities	(125)	(669)
Other investing activities	309	(246)
Net cash used in investing activities	(134,417)	(107,448)
Cash Flows From Financing Activities
Lines of credit proceeds	334,086
Lines of credit repayments	(270,229)
Payments on indebtedness	(2,270)	(2,167)
Payments of financing costs and other		(4,008)
Proceeds from employee stock purchase and stock options plans	1,886	920
Acquisition of treasury stock and other	(34,073)	(28,101)
Contributions from noncontrolling interests - real estate entities	761
Distributions to noncontrolling interests - common unitholders	(166)	(149)
Dividends paid to preferred shareholders	(2,766)	(2,766)
Dividends paid to common shareholders	(74,046)	(67,662)
Other financing activities	291	182
Net cash used in financing activities	(46,526)	(103,751)
Net decrease in cash and cash equivalents	(23,551)	(77,553)
Cash and cash equivalents, beginning of period	28,611	140,512
Cash and cash equivalents, end of period	5,060	62,959
Post Apartment Homes, L.P. [Member]
Cash Flows From Operating Activities
Net income	59,839	59,826
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	69,452	64,748
Gains on sales of real estate assets, net		(1,475)
Other, net	1,066	1,959
Equity in income of unconsolidated entities, net	(2,153)	(1,568)
Distributions of earnings of unconsolidated entities	2,057	1,503
Stock-based compensation	3,088	3,646
Net loss on extinguishment of indebtedness		197
Changes in assets, decrease (increase) in:
Other assets	(3,391)	(1,675)
Changes in liabilities, increase (decrease) in:
Accrued interest payable	3,911	3,664
Accounts payable and accrued expenses	22,722	1,483
Prepaid rents and other	801	1,338
Net cash provided by operating activities	157,392	133,646
Cash Flows From Investing Activities
Development and construction of real estate assets	(99,418)	(84,125)
Proceeds from sales of real estate assets		4,529
Capitalized interest	(5,463)	(3,328)
Property capital expenditures	(28,562)	(22,667)
Corporate additions and improvements	(1,158)	(942)
Investments in unconsolidated entities	(125)	(669)
Other investing activities	309	(246)
Net cash used in investing activities	(134,417)	(107,448)
Cash Flows From Financing Activities
Lines of credit proceeds	334,086
Lines of credit repayments	(270,229)
Payments on indebtedness	(2,270)	(2,167)
Payments of financing costs and other		(4,008)
Proceeds from employee stock purchase and stock options plans	1,886	920
Acquisition of treasury stock and other	(34,073)	(28,101)
Contributions from noncontrolling interests - real estate entities	761
Distributions to noncontrolling interests - common unitholders	(166)	(149)
Dividends paid to preferred shareholders	(2,766)	(2,766)
Dividends paid to common shareholders	(74,046)	(67,662)
Other financing activities	291	182
Net cash used in financing activities	(46,526)	(103,751)
Net decrease in cash and cash equivalents	(23,551)	(77,553)
Cash and cash equivalents, beginning of period	28,611	140,512
Cash and cash equivalents, end of period	$ 5,060	$ 62,959

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Real estate assets
Land	$ 325,842	$ 322,566
Building and improvements	2,436,953	2,406,425
Furniture, fixtures and equipment	350,862	329,854
Construction in progress	243,334	151,270
Land held for future investment	16,730	16,730
Real estate assets, total	3,373,721	3,226,845
Less: accumulated depreciation	(1,091,705)	(1,023,652)
Total real estate assets	2,282,016	2,203,193
Investments in and advances to unconsolidated real estate entities	3,645	3,856
Cash and cash equivalents	5,060	28,611
Restricted cash	4,039	3,881
Other assets	30,943	27,708
Total assets	2,325,703	2,267,249
Liabilities, redeemable common units and equity
Indebtedness	947,376	884,954
Accounts payable, accrued expenses and other	112,321	74,855
Investments in unconsolidated real estate entities	15,509	15,873
Dividends and distributions payable	25,202	23,819
Accrued interest payable	7,962	4,051
Security deposits and prepaid rents	14,629	13,537
Total liabilities	1,122,999	1,017,089
Redeemable common units	7,477	7,133
Commitments and contingencies
Company shareholders' equity
Preferred stock, $.01 par value, 20,000 authorized: 8 1/2% Series A Cumulative Redeemable Shares, liquidation preference $50 per share, 868 shares issued and outstanding	9	9
Common stock, $.01 par value, 100,000 authorized: 54,632 and 54,632 shares issued and 53,509 and 54,012 shares outstanding at September 30, 2016 and December 31, 2015, respectively	546	546
Additional paid-in-capital	1,120,204	1,117,627
Accumulated earnings	148,149	167,791
Accumulated other comprehensive income (loss)	(5,227)	(3,356)
Stockholders Equity Subtotal Before Treasury Stock	1,263,681	1,282,617
Common stock in treasury, at cost, 1,207 and 706 shares at September 30, 2016 and December 31, 2015, respectively	(70,760)	(41,135)
Total Company shareholders' equity	1,192,921	1,241,482
Noncontrolling interests - consolidated real estate entities	2,306	1,545
Total equity	1,195,227	1,243,027
Total liabilities, redeemable common units and equity	2,325,703	2,267,249
Post Apartment Homes, L.P. [Member]
Real estate assets
Land	325,842	322,566
Building and improvements	2,436,953	2,406,425
Furniture, fixtures and equipment	350,862	329,854
Construction in progress	243,334	151,270
Land held for future investment	16,730	16,730
Real estate assets, total	3,373,721	3,226,845
Less: accumulated depreciation	(1,091,705)	(1,023,652)
Total real estate assets	2,282,016	2,203,193
Investments in and advances to unconsolidated real estate entities	3,645	3,856
Cash and cash equivalents	5,060	28,611
Restricted cash	4,039	3,881
Other assets	30,943	27,708
Total assets	2,325,703	2,267,249
Liabilities, redeemable common units and equity
Indebtedness	947,376	884,954
Accounts payable, accrued expenses and other	112,321	74,855
Investments in unconsolidated real estate entities	15,509	15,873
Dividends and distributions payable	25,202	23,819
Accrued interest payable	7,962	4,051
Security deposits and prepaid rents	14,629	13,537
Total liabilities	1,122,999	1,017,089
Redeemable common units	7,477	7,133
Commitments and contingencies
Company shareholders' equity
Preferred units	43,392	43,392
General partner	13,147	13,610
Limited partner	1,141,609	1,187,836
Accumulated other comprehensive income (loss)	(5,227)	(3,356)
Total Company shareholders' equity	1,192,921	1,241,482
Noncontrolling interests - consolidated real estate entities	2,306	1,545
Total equity	1,195,227	1,243,027
Total liabilities, redeemable common units and equity	$ 2,325,703	$ 2,267,249