30 Nov

A Must-Read Company Overview of Post Properties

WRITTEN BY Peter Barnes FEATURED IN Company Overviews

Brief history of Post Properties

Headquartered in Atlanta, Georgia, Post Properties (PPS) was founded in 1971 by John A. Williams and Douglas Bates. The company is structured as an REIT (real estate investment trust) and completed its initial public offering in 1993.

In 1997, Post Properties merged with Dallas-based Columbus Realty Trust to become one of the largest publicly traded multifamily companies in the United States. The company is a part of the S&P 600 index.

A Must-Read Company Overview of Post Properties

Post Properties’ business interest

Post Properties began its real estate foray mainly by venturing into the development and management of landscaped apartment communities. After 1980, the company added urban centers and mixed-use properties into its portfolio. The mix-use properties of the company are made up of residential units, retail space, and office space. Post Properties is now engaged in the ownership, development, and management of multifamily apartment communities across the United States.

Post Properties is now a fully integrated, self-administrated, and self-managed REIT with an expertise largely in multifamily development, operations, and asset management. As of the end of fiscal 2014, the company had interests in 22,994 apartment units in 58 communities across the US.

Post Properties’ industry competitors

Post Properties is the tenth-largest apartment REIT company in the US, with a market capitalization of $3.2 billion. The company competes with a number of other apartment REITs and rental property companies in the US.

Post Properties’ competition also comes from other forms of rental properties and single-family housing that provide housing alternatives to potential residents of multifamily properties. In this sense, apartment REITs also have to compete for the residents’ decision of owning a home or renting an apartment. When home prices are high, renting becomes more attractive, and vice versa.

Major competitors of Post Properties in the apartment REIT space include the following:

  • Chicago-based Equity Residential (EQR)
  • California-based Essex Property Trust (ESS)
  • Virginia-based AvalonBay Communities (AVB)
  • Colorado-based UDR (UDR)
  • Tennessee-based Mid-America Apartment Communities (MAA)

The iShares US Real Estate ETF (IYR) invests 0.39% of its portfolio in Post Properties.

Series content

  1. A Must-Read Company Overview of Post Properties
  2. A Key Segmental Breakdown of Post Properties
  3. Assessing Post Properties’ Apartments Portfolio in 2015
  4. Evaluating Post Properties’ Less-than-Aggressive Property Development Strategy
  5. Why Property Acquisitions and Dispositions Are Important to Post Properties
  6. How Post Properties Plans to Create Value Through Strategic Initiatives
  7. Why Post Properties’ Occupancy Level Has Remained High
  8. Assessing Post Properties’ Moderate Revenue Growth
  9. Comparing Post Properties’ EBITDA Margin with Industry Average
  10. Examining Post Properties’ Consistent Growth in Net Operating Income
  11. Gauging Post Properties’ FFO Payout Ratio versus Peers
  12. Comparing Post Properties’ Leverage with Industry Average
  13. Assessing Post Properties’ Average Price-to-FFO Multiple
  14. What Post Properties’ Higher-than-Average EV-to-EBITDA Multiple Could Mean for Investors?
  15. Investing in Post Properties through ETFs

Continue to the next part of this series for a look at Post Properties’ segments.

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