Post Properties Announces Third Quarter 2008 Earnings

Investor/Analyst Conference Call Scheduled for Nov. 4, 2008 at 10:00 a.m. ET

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today net income available to common shareholders of $25.2 million for the third quarter of 2008, compared to $9.1 million for the third quarter of 2007.

(Post Woods apartments, Atlanta, (top right photo) recently sold by Post Properties.)

On a diluted per share basis, net income available to common shareholders was $0.57 for the third quarter of 2008, compared to $0.21 for the third quarter of 2007.

The Company’s net loss attributable to common shareholders was $(1.0) million for the nine months ended September 30, 2008, compared to net income available to common shareholders of $93.7 million for the nine months ended September 30, 2007.

On a diluted per share basis, the Company’s net loss attributable to common shareholders was $(0.02) for the nine months ended September 30, 2008, compared to net income available to common shareholders of $2.12 for the nine months ended September 30, 2007.

The Company’s net income available to common shareholders for the three months ended September 30, 2008 included (i) casualty losses of approximately $2.8 million relating to preliminary estimates of the damage sustained at its Houston, Texas properties as a result of Hurricane Ike and (ii) severance charges of approximately $2.2 million associated with the elimination of certain employment positions during the quarter.

For a complete copy of Post Properties’ news release and financial highlights, please contact Chris Papa, 404-846-5028 or pbutler@postproperties.com