-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KkEcpaPSignSX9xrSkTtjPxpPyRsC1JZsp38/JeKooCgH5DL+GjzW5c5zKe78j0+ TqNBJn1kM1MH7j8e0sW4lw== 0000950144-01-500200.txt : 20010308 0000950144-01-500200.hdr.sgml : 20010308 ACCESSION NUMBER: 0000950144-01-500200 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20010212 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010307 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POST PROPERTIES INC CENTRAL INDEX KEY: 0000903127 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 581550675 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-12080 FILM NUMBER: 1562810 BUSINESS ADDRESS: STREET 1: 4401 NORTHSIDE PARKWAY STREET 2: SUITE 800 CITY: ATLANTA STATE: GA ZIP: 30327 BUSINESS PHONE: 4048465000 MAIL ADDRESS: STREET 1: ONE RIVERSIDE STREET 2: SUITE 800 CITY: ATLANTA STATE: GA ZIP: 30327 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POST APARTMENT HOMES LP CENTRAL INDEX KEY: 0001012271 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 582053632 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-28226 FILM NUMBER: 1562811 BUSINESS ADDRESS: STREET 1: ONE RIVERSIDE 4401 NORTHSIDE PARKWAY STREET 2: SUITE 800 CITY: ATLANTA STATE: GA ZIP: 30327 BUSINESS PHONE: 7708504400 MAIL ADDRESS: STREET 1: ONE RIVERSIDE 4401 NORTHSIDE PARKWAY STREET 2: SUITE 800 CITY: ATLANTA STATE: GA ZIP: 30327 8-K 1 g67453e8-k.txt POST PROPERTIES, INC. / POST APARTMENT HOMES, L.P. 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 7, 2001 Post Properties, Inc. Post Apartment Homes, L.P. -------------------------- (Exact name of registrant as specified in its charter) Georgia Georgia ------- (State or other jurisdiction of incorporation) 1-12080 0-28226 ------- (Commission File Number) 58-1550675 58-2053632 ---------- (IRS Employer Identification Number) 4401 Northside Parkway, Suite 800, Atlanta, Georgia 30327 --------------------------------------------------------- (Address of principal executive offices) Registrant's telephone number, including area code (404) 846-5000 -------------- Not Applicable -------------- (Former Name or Former Address, if Changed Since Last Report) 2 ITEM 5. OTHER EVENTS. On February 5, 2001, Post Properties, Inc. issued a press release announcing results for the fourth quarter of 2000. On February 6, 2001, Post hosted a conference call with financial analysts, investors and reporters during which it discussed its announced financial results and provided guidance regarding expected results for future periods. The call was broadcast live, and available for replay at www.postproperties.com under corporate information and financial/investor. The prospective financial information included in this Form 8-K has been prepared by, and is the responsibility of, Post's management. PricewaterhouseCoopers LLP has neither examined nor compiled the accompanying prospective financial information and, accordingly, PricewaterhouseCoopers LLP does not express an opinion or any other form of assurance with respect thereto. The PricewaterhouseCoopers LLP's report included in Post's Annual Report on Form 10-K relates to Post's historical financial information. It does not extend to the prospective financial information and should not be read to do so. In the February 5, 2001 press release, Post announced, among other things, the following: - For the fourth quarter, average economic occupancy at Post's 63 mature communities, containing 21,591 units, was 96.3%. For all of 2000, average economic occupancy at such communities was 96.8%. Post defines mature communities as those which were stabilized as of January 1, 1999. - Total revenue for Post's mature communities was up 5.2% during the fourth quarter of 2000 compared to the fourth quarter of 1999, while operating expenses were up 7.7%, resulting in a 4.1% increase in net operating income, or NOI, or $1.6 million. For all of 2000, revenue, expenses and NOI at Post's mature communities were up 4.7%, 3.5% and 5.3%, respectively, over 1999 levels. The increase in operating expenses in the fourth quarter was due primarily to higher personnel, tax, and insurance expenses. - Post has 28 communities and two phases of existing communities containing 9,951 units that were stabilized after January 1, 1999, or are currently in lease-up and are therefore not included in the reported results of Post's mature communities. These communities contributed $19.1 million of NOI during the fourth quarter of 2000, an increase of $7.7 million compared to the same period of 1999. For all of 2000, these communities contributed $62.4 million of NOI, up from $35.9 million in 1999. - On December 19, 2000, Post fixed the interest rate on its $104 million notes with the Federal National Mortgage Association. The fixed rate, inclusive of credit enhancement and other fees, is 6.975% effective January 2001 through July 2009. On December 20, 2000, Post Apartment Homes, L.P., the operating subsidiary of Post, closed the sale of $185 million of 7.7% senior unsecured 10-year notes. On January 12, 2001, Post also closed a new $320 million three-year revolving line of credit and a $185 million 364-day line of credit. - During the fourth quarter of 2000, Post repurchased 772,500 shares of its common stock at an average price of $35.15 per share, totaling $27.2 million. - In January 2001, Post changed and restructured its executive team, including the addition of David P. Stockert as president and chief operating officer. Certain financial information included as part of the February 5, 2001 press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. Except for the effect of minority interest in Post Apartment Homes, the financial information included in Exhibit 99.1 with respect to Post is the same for Post Apartment Homes. On the February 6, 2001 conference call, Post revised its estimates for funds from operations, or FFO, for 2001 and provided guidance for the first quarter of 2001 as follows: - Post projected FFO in the range of $3.77 to $3.85 per share for fiscal 2001, a decrease from the $3.82 to $4.00 per share prior guidance. - Post projected FFO in the range of $0.89 to $0.91 per share for the first quarter of 2001. FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as a measure of Post's liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of Post's needs or ability to service indebtedness or make distributions. Post also issued a press release on February 8, 2001 announcing quarterly dividends on its common stock of $0.78 per share for the first quarter of 2001, raising Post's annual dividend rate to $3.12 from $3.04. 3 DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS Certain statements made in this report, including in the exhibits to this report, and other written or oral statements made by or on behalf of us, may constitute "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. Examples of such statements in this report include projections of funds from operations for future periods, descriptions of our plans with respect to the development of new apartment communities, our plans to enter new markets, our financing plans and our expectations relating to our continuing growth. All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected. Management believes that these forward-looking statements are reasonable; however, you should not place undue reliance on such statements. These statements are based on current expectations and speak only as of the date of such statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise. The following are some of the factors that could cause our actual results to differ materially from the expected results described in our forward-looking statements: - conditions affecting the acquisition, development and ownership of residential real estate, including local zoning and land use issues, environmental regulations, the Americans with Disabilities Act, the Fair Housing Amendments Act of 1988 and general conditions in the multi-family residential real estate market. - adverse or unanticipated weather conditions, which may affect our overall level of development. - our ability to obtain financing for the development of additional apartment communities. - the impact of competition, including competition for tenants and locations and in other important aspects of our business. Our primary competitors include other regional or national apartment communities. The multifamily apartment community business is highly competitive. - general economic conditions which affected consumer confidence and purchases of new homes, including interest rates, the overall level of economic activity, the availability of consumer credit and mortgage financing, unemployment rates, and other factors. - our ability to continue to qualify as a real estate investment trust under the Internal Revenue Code. - changes in laws and regulations, including changes in accounting standards, tax statutes or regulations, and environmental and land use regulations, and uncertainties of litigation. Additional information concerning the risks and uncertainties listed above and other factors that you may wish to consider with respect to any investment in our securities is contained in the filings by Post and Post Apartment Homes with the SEC. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits:
EXHIBIT NO. DESCRIPTION ----------- -------------------------------------------------- 12.1 Computation of Ratio of Earnings to Fixed Charges 99.1 Supplemental Information
4 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: March 7, 2001. POST PROPERTIES, INC. By: /s/ R. Gregory Fox ----------------------------------------- R. Gregory Fox Executive Vice President and Chief Financial Officer 3 5 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: March 7, 2001. POST APARTMENT HOMES, L.P. By: POST GP HOLDINGS, INC., as General Partner By: /s/ R. Gregory Fox -------------------------------- R. Gregory Fox Executive Vice President and Chief Financial Officer 4 6 EXHIBIT INDEX Exhibit Number and Description 12.1 Computation of Ratio of Earnings to Fixed Charges 99.1 Supplemental Information 5 EX-12.1 2 g67453ex12-1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 1 EXHIBIT 12.1 POST APARTMENT HOMES, L.P. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, --------- -------------------------------------------------------------------- 2000 1999 1998 1997 1996 1995 --------- --------- --------- --------- -------- -------- (unaudited) Pre-tax income (loss) from continuing operations $ 117,811(1) $ 119,424(1) $ 100,461 $ 66,078(1) $ 53,453(1) $ 38,417(1) Fixed Charges: Interest incurred and amortization of debt discount and premium on all indebtedness 77,365 56,105 48,189 35,205 27,916 29,714 Rentals - 33.34% (2) 2,835 2,385 2,220 1,686 939 405 --------- --------- --------- --------- -------- -------- Total fixed charges 80,200 58,490 50,409 36,891 28,855 30,119 --------- --------- --------- --------- -------- -------- Earnings before income taxes, minority interest and fixed charges 198,011 177,914 150,870 102,969 82,308 68,536 Adjustment for capitalized interest (25,426) (21,417) (15,707) (9,567) (4,443) (5,653) --------- --------- --------- --------- -------- -------- Total earnings $ 172,585 $ 156,497 $ 135,163 $ 93,402 $ 77,865 $ 62,883 ========= ========= ========= ========= ======== ======== RATIO OF EARNINGS TO FIXED CHARGES 2.2 2.7 2.7 2.5 2.7 2.1 ========= ========= ========= ========= ======== ========
(1) Included in the pre-tax income from continuing operations for 2000, 1999, 1997, 1996 and 1995 was a non-recurring gain/(loss) of $3,208, ($1,522), $3,270, $854 and $1,746, respectively, relating to the sale of real estate assets as disclosed in the Company's consolidated financial statements. If such sales had not occurred, the ratio of earnings to fixed charges would have been 2.1, 2.7, 2.4, 2.7 and 2.0 for 2000, 1999, 1997, 1996 and 1995, respectively. (2) The interest factor of rental expense is calculated as one-third of rental expense for all leases except for two leases for which the interest factor is calculated as 100% of rental expense. The Company believes these represent appropriate interest factors. EX-99.1 3 g67453ex99-1.txt SUPPLEMENTAL INFORMATION 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, ====================== ========================= 2000 1999 2000 1999 ====================== ========================= 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 ---------------------- ------------------------ Total revenue .................................................. 103,565 91,375 399,832 345,927 ---------------------- ------------------------ 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 ---------------------- ----------------------- 75,972 60,083 275,864 224,981 ---------------------- ----------------------- 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) ---------------------- ----------------------- Net income before extraordinary item ...................................... 16,617 26,528 100,520 104,975 Extraordinary item, net of minority interest (2) .......................... -- -- -- (458) ---------------------- ----------------------- Net income ................................................................... 16,617 26,528 100,520 104,517 Dividends to preferred shareholders .......................................... (2,969) (2,968) (11,875) (11,875) ---------------------- ----------------------- Net income available to common shareholders .................................. $ 13,648 $ 23,560 $ 88,645 $ 92,642 ====================== ======================= PER COMMON SHARE DATA Net income before extraordinary item (net of preferred dividend) - basic .................................. $ 0.35 $ 0.61 $ 2.25 $ 2.42 ====================== ======================= Net income available to common shareholders - basic ....................... $ 0.35 $ 0.61 $ 2.25 $ 2.41 ====================== ======================= Net income before extraordinary item (net of preferred dividend) - diluted ................................ $ 0.34 $ 0.60 $ 2.22 $ 2.39 ====================== ======================= Net income available to common shareholders - diluted ..................... $ 0.34 $ 0.60 $ 2.22 $ 2.38 ====================== ======================= Dividends declared ........................................................ $ 0.76 $ 0.70 $ 3.04 $ 2.80 ====================== ======================= 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 ====================== ======================= Capitalized interest ...................................................... $ 6,434 $ 6,707 $ 25,426 $ 21,417 ====================== =======================
DECEMBER 31, ================================ 2000 1999 ================================ 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, ---------------------------- ---------------------------- 2000 1999 2000 1999 ---------------------------- ---------------------------- 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 ---------------------------- ---------------------------- 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 ---------------------------- ---------------------------- 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) ---------------------------- ---------------------------- 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
- -------------------- (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% ----------------------- --------------------- $1,213,309 100.00% 6.99% 6.26% ======================= ===================== 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% ========================================= 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 ------------- 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 ----- SUBTOTAL 849 ----- 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 ----- SUBTOTAL 662 ----- TAMPA, FL Post Harbour Place II 319 4Q '98 2Q '00 1Q'01 ----- SUBTOTAL 319 ----- DALLAS, TX Post Legacy 384 3Q '99 3Q '00 4Q '01 Post Addison Circle III 264 3Q '99 3Q '00 2Q '01 ----- SUBTOTAL 648 ----- HOUSTON, TX Post Midtown Square II 193 1Q '00 4Q'00 4Q '01 ----- SUBTOTAL 193 ----- DENVER, CO Post Uptown Square I 449 1Q '98 3Q '99 3Q '01 Post Uptown Square II 247 1Q '00 4Q '01 3Q '02 ----- SUBTOTAL 696 ----- 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 ----- TOTAL 4,661 =====
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