Post Properties Inc

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  • uploads///PPS MAA Synergies
    Basic Materials

    Post Properties and Mid-America: Exceptions in the MAE Clause

    Pretty much anything that has a material adverse effect on a company will be considered an MAE, although there are exceptions to that rule.

    By Brent Nyitray, CFA, MBA
  • uploads///PPS MAA Strategic Rationale
    Basic Materials

    MAE Clause: How Mid-America Could Walk Away from the Deal

    We’ll look at the MAE clause of the Post Properties and Mid-America Apartment merger agreement. We’ll see how Mid-America could walk away from the deal.

    By Brent Nyitray, CFA, MBA
  • uploads///PPS MAA Downside
    Basic Materials

    What’s the Downside in the Post Properties and Mid-America Deal?

    Post Properties was trading at ~$62 per share before the deal with Mid-America was announced. If the deal breaks, it could return to those levels.

    By Brent Nyitray, CFA, MBA
  • uploads///PPS MAA complementary portfolio
    Basic Materials

    Why Is Mid-America Apartment Buying Post Properties?

    Mid-America Apartment is buying Post Properties (PPS) in a $4.5 billion stock transaction to create the largest publicly traded apartment REIT.

    By Brent Nyitray, CFA, MBA
  • uploads///PPS MAA Spread
    Basic Materials

    Mid-America Apartment Buys Post Properties in a $4.5 Billion Deal

    Post Properties and Mid-America Apartment announced a merger. Mid-America will purchase Post Properties for ~$4.5 billion in stock and assumed debt.

    By Brent Nyitray, CFA, MBA
  • uploads///C ETF
    Company & Industry Overviews

    Investing in Post Properties through ETFs

    The iShares US Real Estate ETF (IYR) has a 0.39% stake in Post Properties while the SPDR Dow Jones REIT ETF (RWR) has a 0.55% exposure.

    By Peter Barnes
  • uploads///C EV EBITDA
    Company & Industry Overviews

    What Post Properties’ Higher-than-Average EV-to-EBITDA Multiple Means

    Post Properties’ EV-to-EBITDA ratio is in line with its historical valuation, ranging between 12.2x–25.5x, with a current EV-to-EBITDA ratio of ~21.7x.

    By Peter Barnes
  • uploads///C P FFO
    Company & Industry Overviews

    Assessing Post Properties’ Average Price-to-FFO Multiple

    Post Properties’ TTM price-to-FFO multiple is in line with its historical valuation at around 18.9x.

    By Peter Barnes
  • uploads///C DIV
    Company & Industry Overviews

    Gauging Post Properties’ FFO Payout Ratio versus Peers

    Despite its decline in FFO, Post Properties increased its dividend by 25.8%, reaching $1.56 per common share in fiscal 2014, compared to $1.24 in 2013.

    By Peter Barnes
  • uploads///C COST
    Company & Industry Overviews

    Comparing Post Properties’ EBITDA Margin with Industry Average

    Post Properties recorded an EBITDA margin of 51.3% in 2014, which is lower than the industry average of 57.7%.

    By Peter Barnes
  • uploads///c acqui
    Company & Industry Overviews

    Why Property Acquisitions and Dispositions Are Important to Post Properties

    The principal objective of Post Properties’ acquisition and disposition strategy is to build a high-quality portfolio that garners demand from residents.

    By Peter Barnes
  • uploads///C DEV
    Company & Industry Overviews

    Evaluating Post Properties’ Less-Than-Aggressive Property Development Strategy

    Like other major apartment REITs, Post Properties believes in generating consistent earnings growth through property development and redevelopment.

    By Peter Barnes
  • uploads///C PIC
    Company & Industry Overviews

    A Must-Read Company Overview of Post Properties

    Headquartered in Atlanta, Georgia, Post Properties is structured as an REIT and completed its initial public offering in 1993.

    By Peter Barnes
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