Post Properties offers Southerners a place to hang their hats,
but has also started showing Yankees some down-home hospitality. A
self-administered and self-managed real estate investment trust
(REIT), Post Properties owns, develops, and manages primarily
upscale multi-family apartment communities. Operating through Post
Apartment Homes, it owns some 60 properties with about 22,500
apartment units. Its primary markets are Atlanta, Dallas, Tampa,
and Washington, DC, with additional holdings in New York,
North Carolina, and other markets in Florida and Texas. Post
Properties also acts as a property manager and provides furnished,
short-term corporate apartments in several markets.
Atlanta and Dallas are the firm's largest markets, each
accounting for more than a quarter of its total apartment units.
Washington, D.C. is also an important market for Post Properties,
as is fast-growing Charlotte, North Carolina.
Post Properties has made a solid recovery since the dark days of
the deep recession, which battered its sales and profits. Indeed,
2013 marked the fourth consecutive year of increasing revenue and
third year of rising profits (after three consecutive years in the
red). Sales topped $362.7 million in 2013, up 8% versus 2012, while
net income grew 32% to $110.5 million.
The REIT seeks to compile a portfolio of high-quality,
low-average-age properties. To that end, it is exploring
opportunities in markets with high growth potential that
cater to upper middle-class consumers. (Post's focus on upscale
rentals hurt sales during the recession and weak recovery as
cash-strapped tenants favored more modest accommodations. With the
economy improving Post's prospects are brighter, although high
unemployment among younger adults, who are more likely to be
renters, may reduce demand for its apartments. Recent purchases
include the 360-unit South End apartment community
in Charlotte, North Carolina for $74 million and Katy
Trail, a 277-unit apartment community in Dallas for $48,500.
Post also plans to reduce its concentration of older and less
competitively priced properties by divesting apartment communities
it has held for more than 20 years after they were acquired or
The company is winding down its for-sale condominium business,
which has been weak. In fall 2013 it closed 12 condo units at
its Atlanta Condominium Project and had one unit remaining to