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): July 23, 2009
Post Properties, Inc.
Post Apartment Homes, L.P.
(Exact name of registrant as specified in its charter)
Georgia
Georgia
(State or other jurisdiction of incorporation)
1-12080
0-28226
(Commission File Number)
58-1550675
58-2053632
(IRS Employer Identification Number)
4401 Northside Parkway, Suite 800, Atlanta, Georgia 30327
(Address of principal executive offices)
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 (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.01. | Completion of Acquisition or Disposition of Assets. |
On July 23, 2009, Post Properties, Inc., through its majority owned operating subsidiary, Post Apartment Homes, L.P. (together, the “Company”), sold an apartment community, located in Atlanta, Georgia, formerly operated as Post Ridge®. The sale was consummated pursuant to a purchase and sale agreement, a copy of which is included as Exhibit 99.1 and incorporated herein by reference in its entirety. The sales price for the community was approximately $44.8 million. The purchaser was Centennial Ridge, LLC, an independent third party to the Company. The sales price was determined based on arms-length negotiations between the parties.
The property formerly operated as Post Ridge® is a 434-unit garden-style apartment community located in the northwest area of Atlanta, Georgia and was completed in 1998.
As of March 31, 2009 and December 31, 2008, the Company classified the Post Ridge® apartment community as an asset held for sale with a net book value of approximately $26.9 million and $26.8 million, respectively. As a result, the operating results of this community were reflected in discontinued operations in the Company’s statements of operations for the three months ended March 31, 2009 and the year ended December 31, 2008.
| Item 9.01. | Financial Statements and Exhibits. |
| Exhibit 99.1 |
Purchase and Sale Agreement. |
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.
Dated: July 27, 2009
| POST PROPERTIES, INC. | ||
| By: | /s/ Christopher J. Papa | |
| Christopher J. Papa | ||
| Executive Vice President and Chief Financial 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.
Dated: July 27, 2009
| POST APARTMENT HOMES, L.P. | ||
| By: | POST GP HOLDINGS, INC., | |
| as General Partner | ||
| By: | /s/ Christopher J. Papa | |
| Christopher J. Papa | ||
| Executive Vice President and Chief Financial Officer | ||
EXHIBIT INDEX
| Exhibit |
Index | |
| 99.1 |
Purchase and Sale Agreement. |