Post Properties

Post Properties, Inc.
Industry Apartments
Fate Acquired
Founded 1971
Headquarters Atlanta, Georgia, USA
Key people
 David Stockert, President and Chief Executive Officer[1]
Revenue Increase US$0.384 billion (2015)[1]
Decrease US$0.080 billion (2015)[1]
Total assets Decrease US$2.271 billion (2015)[1]
Total equity Decrease US$1.243 billion (2015)[1]
Number of employees
 650 (2015)
Website www.postproperties.com/ Edit this on Wikidata

Post Properties, Inc. was a publicly-traded real estate investment trust headquartered in Atlanta, Georgia that invested in apartments.[1] As of December 31, 2015, the company owned interests in 24,162 apartment units in 61 communities.[1] In 2016, the company was acquired by Mid-America Apartment Communities.

History

The company was founded in 1971 by John A. Williams (1943-2018) and Douglas Bates.[2]

On July 15, 1993, the company became a public company via an initial public offering.[3]

While the company initially developed garden-style apartments, it shifted its focus to mixed-use infill developments in 1998.[4]

In 1997, the company acquired Columbus Realty Trust, which owned 7,526 apartment units, in a $600 million transaction.[5]

In 1999, the company established an initiative to wire its apartments for high speed internet access.[6]

In January 2001, David Stockert was named president and chief operating officer of the company.[7]

In 2001, the company received $99 million from the sale of 2 apartment complexes near Dallas, Texas and a land parcel in Charlotte, North Carolina.[8] The company also entered into a joint venture with the New York State Common Retirement Fund to develop a property in Pasadena, California.[9]

In 2002, the company sold 3 properties in Texas and Florida for approximately $86 million.[10]

In 2002, founder John A. Williams resigned as CEO of the company.[11] In 2004, he resigned from the board of directors of the company after losing a proxy battle.[12]

In 2005, the company converted an apartment complex in Atlanta to 121 condominium units.[13]

In early 2016, the company went through a re brand effort with updated signage and marketing material. At this time it also unveiled separate logos for Post Eco-Active and Post Hope, an eco effort for communities and its non-profit branch, respectively.[14]

Effective May 2016, chief financial officer Mark Papa resigned to take a position with Liberty Property Trust.[15]

In December 2016, the company was acquired by Mid-America Apartment Communities.[16][17]

References

  1. 1 2 3 4 5 6 7 Post Properties, Inc. 2015 Form 10-K Annual Report
  2. ↑ Barnes, Peter (November 30, 2015). "A Must-Read Company Overview of Post Properties". Market Realist.
  3. ↑ Chappell, Carisa (July 15, 2013). "Post Properties Witnesses 20 years of Change Since IPO". National Association of Real Estate Investment Trusts.
  4. ↑ Sinderman, Martin (May 4, 1998). "Post now embracing `new urbanism' movement". American City Business Journals.
  5. ↑ "Post Properties, Columbus Realty to merge". American City Business Journals. August 4, 1997.
  6. ↑ Blalock, Rick (July 5, 1999). "Post apartments being wired for Internet access". American City Business Journals.
  7. ↑ "Stockert brings Wall Street experience to Post". American City Business Journals. March 5, 2001.
  8. ↑ "Post Properties sells 2 Dallas-area apartments". American City Business Journals. June 25, 2001.
  9. ↑ "Post Properties closes on California joint venture". American City Business Journals. November 26, 2001.
  10. ↑ Booker, Reggie (April 29, 2002). "Three Posted". CoStar Group.
  11. ↑ Smith, Ray A. (March 27, 2002). "Post Properties Founder Williams To Step Down From the CEO Post". The Wall Street Journal. (subscription required)
  12. ↑ "John Williams resigns from Post Properties board, leaves company". American City Business Journals. August 27, 2004.
  13. ↑ "Post Peachtree to get condo makeover". American City Business Journals. April 12, 2005.
  14. ↑ "IQ Agency | Case Study | Post Properties Rebrand". iqagency.com. Retrieved 2018-04-27.
  15. ↑ "Post Properties Announces Christopher J. Papa to Step Down as Chief Financial Officer" (Press release). PR Newswire. May 9, 2016.
  16. ↑ "MAA and Post complete merger" (Press release). PR Newswire. December 1, 2016.
  17. ↑ "MAA and Post Properties to merge in $17 billion combination" (Press release). PR Newswire. August 15, 2016.
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