Post Properties Announces Common Stock Offering

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced it has commenced a public offering of 3,000,000 shares of its common stock. In connection with the offering, the underwriters will be granted a 30-day option to purchase up to 450,000 additional shares of common stock to cover overallotments, if any.

The Company intends to use the net proceeds from the offering to repay approximately $39.4 million of existing mortgage indebtedness secured by the Company’s Post Fallsgrove property and for an approximately $4.0 million prepayment penalty in connection with the repayment of the Fallsgrove indebtedness. The remaining net proceeds from the offering will be used for general corporate purposes, which may include funding the Company’s development pipeline or the repurchase of its outstanding preferred stock or senior unsecured notes.


Contact: David Stockert, CEO, Post Properties Inc.,  404-846-5000