-----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, KP9pmkLmKfQx6rsPS4LVunBU6l49gABc1KkpExhZ/sKWpVrntD8oTabP+IsRdn5s su5o+keU+I6L4p6O50zyVA== 0000950144-05-000543.txt : 20050126 0000950144-05-000543.hdr.sgml : 20050126 20050126060037 ACCESSION NUMBER: 0000950144-05-000543 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050121 ITEM INFORMATION: Material Impairments FILED AS OF DATE: 20050126 DATE AS OF CHANGE: 20050126 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: 1934 Act SEC FILE NUMBER: 000-28226 FILM NUMBER: 05548338 BUSINESS ADDRESS: STREET 1: 4401 NORTHSIDE PARKWAY STREET 2: SUITE 800 CITY: ATLANTA STATE: GA ZIP: 30327 BUSINESS PHONE: 404-846-5000 MAIL ADDRESS: STREET 1: 4401 NORTHSIDE PARKWAY STREET 2: SUITE 800 CITY: ATLANTA STATE: GA ZIP: 30327 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: 1934 Act SEC FILE NUMBER: 001-12080 FILM NUMBER: 05548337 BUSINESS ADDRESS: STREET 1: 4401 NORTHSIDE PARKWAY STREET 2: SUITE 800 CITY: ATLANTA STATE: GA ZIP: 30327 BUSINESS PHONE: 4048465000 MAIL ADDRESS: STREET 1: 4401 NORTHSIDE PARKWAY STREET 2: SUITE 800 CITY: ATLANTA STATE: GA ZIP: 30327 8-K 1 g92894e8vk.htm POST PROPERTIES, INC./ POST APARTMENT HOMES,LP POST PROPERTIES, INC./ POST APARTMENT HOMES,LP
 

UNITED STATES
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):
January 21, 2005

Post Properties, Inc.

Post Apartment Homes, L.P.

(Exact name of registrant as specified in its charter)
         
Georgia
Georgia 		  1-12080
0-28226 		  58-1550675
58-2053632
         
(State or other
jurisdiction
of incorporation) 		  (Commission
File Number) 		  (IRS Employer
Identification Number)
     
4401 Northside Parkway, Suite 800, Atlanta, Georgia   30327
     
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (404) 846-5000

Not applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

     o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 2.06 Material Impairments.

     In early December 2004, the Board of Directors of Post Properties, Inc. (the “Company”) approved the sale of one of the Company’s apartment properties in Dallas, Texas. During the week ended January 21, 2005, the Company received preliminary bids from potential purchasers of the property. After reviewing the bids, on Friday, January 21, 2005, management concluded that under generally accepted accounting principles, the Company will be required to reduce the carrying value of the property to its current fair value (based on the bids received for the property), less estimated selling costs, and record a non-cash impairment charge of approximately $1.5 million to $1.7 million for the fourth quarter ended December 31, 2004. The charge will not result in any future capital expenditures. The closing of the bidding process might not result in the signing of a sales contract, and any sales contract will be subject to customary due diligence and other conditions. Therefore, there can be no assurance that the Company will ultimately sell the property.

     Certain statements made in this Current Report on Form 8-K, may constitute “forward- looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and the Company’s 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. An example of such a statement in this Form 8-K includes the Company’s estimated impairment charge for the fourth quarter of 2004. 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. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise. The Company’s estimated impairment charge for the fourth quarter of 2004 and the ultimate sales price of the property being held for sale could differ from the Company’s current expectations based on, among others, the following factors: the final bids for the property, the results of due diligence by potential buyers and economic conditions, demand for apartments and other competing for sale properties in the Dallas, Texas market. Other important risk factors regarding the Company are included under the caption “Risk Factors” in the Company’s Current Report on Form 8-K dated October 6, 2004 and may be discussed in subsequent filings with the SEC. The risk factors discussed in such Form 8-K under the caption “Risk Factors” are specifically incorporated by reference into this Form 8-K.

 

 

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.
         
  POST PROPERTIES, INC.
 		  
Date: January 26, 2005  By:   /s/ David P. Stockert    
    David P. Stockert   
    President and Chief Executive Officer   
 

 

 

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.
         
  POST APARTMENT HOMES, L.P.



 		  
Date: January 26, 2005  By:   POST GP HOLDINGS, INC., as General Partner    
       
       
 
     
  By:   /s/ David P. Stockert    
    David P. Stockert   
    President and Chief Executive Officer   
 

 

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