Post Properties Announces Third Quarter 2012 Earnings and Development of Post Soho Square™ in Tampa, FL

Dave Stockert

 ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today net income available to common shareholders of $21.3 million, or $0.39 per diluted share, for the third quarter of 2012, compared to net income of $7.9 million, or $0.15 per diluted share, for the third quarter of 2011.

Net income available to common shareholders for the nine months ended September 30, 2012, was $62.3 million, or $1.15 per diluted share, compared to net income of $16.3 million, or $0.32 per diluted share, for the nine months ended September 30, 2011.

Dave Stockert, the Post’s CEO, said,“Our business continues to be robust, across-the-board. Core funds from operations grew on a per-share basis in the third quarter by more than 20%.

“ We put up another strong quarter of same-store operating results, closed a significant number of condominium sales, and commenced another apartment development that should create value, while complementing our high-quality portfolio.

“Finally, we were delighted that both of the major ratings agencies have now upgraded our corporate credit ratings to reflect the work we’ve done to strengthen the balance sheet.”

The Company also announced the development of its Post Soho Square™ apartment community located in the Hyde Park submarket of Tampa, Florida.

Hyde Park neighborhood, Tampa, FL

Post Soho Square™ is planned to consist of 231 apartment units with an average unit size of approximately 880 square feet and approximately 10,556 square feet of retail space. The community is expected to have a total estimated development cost of approximately $39.8 million.

The Company currently expects the stabilized yield on the project will be approximately 6.25%, after a 3% management fee and $300 per unit reserve, and based on current market rents, without trending. The Company anticipates that first apartment unit deliveries will occur in the first quarter of 2014.

For a complete copy of the company’s news release, please contact:

Post Properties, Inc.

Chris Papa,

 404-846-5028