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October 19, 2010
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Post Properties Inc. (PPS), a leading operator and developer of multifamily properties across the U.S., has recently announced an offer to sell 4.75% senior unsecured notes worth $150 million. Wells Fargo Securities LLC, part of Wells Fargo & Company (WFC); Deutsche Bank (DB); and J.P. Morgan Securities LLC, the investment banking division of JPMorgan Chase & Co. (JPM), were the joint book-running managers for the offering.
The 7-year unsecured notes are scheduled to mature in October 2017, with interest payable semiannually. The notes are priced at 99.86% of par value. Post Properties intends to utilize the proceeds of the offer for debt repayment and general corporate purposes.
Headquartered in Atlanta, Georgia, Post Properties has developed and operated luxury multifamily apartment communities under the renowned Post brand since its formation in 1971. The company owns interests in 19,863 apartment units in 55 communities, including unconsolidated entities and one community currently in the lease-up stage.
In addition, Post Properties has recently commenced the development of a 344-apartment unit community, along with 277 luxury for-sale condominiums in two communities through a taxable REIT subsidiary.
The rating on Post Properties is currently Outperform. The stock presently has a Zacks #1 Rank, which translates into a short-term Strong Buy recommendation and indicates that the stock is expected to perform well above the overall U.S.equity market for the next 1−3 months.
Read the full analyst report on "PPS"
Zacks Investment Research