Post Reports '03 Profits

Post Properties, Atlanta, has reported net income of $2.7 million ($0.07 per share) for 2003, compared with $49.3 million ($1.33 per share) for the previous year.For the fourth quarter, the multifamily real estate investment trust reported net income of $5.8 million ($0.15 per share), compared with $9.6 million ($0.26 per share) for the fourth quarter of 2002. The battle to take over the company last year by John Williams, Post's former chief executive officer, appears to have made inroads into the REIT's earnings. Post reported that, excluding severance and proxy charges, net income available to common shareholders totaled $26.6 million ($0.71 per share) for 2003. The REIT's earnings have also been hurt by multifamily vacancies.