Post Properties, Inc. Announces At-the-Market Offering

ATLANTA, GA--Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, has filed a prospectus supplement under which it may sell up to 4 million shares of its common stock from time to time through J.P. Morgan Securities, Inc. and Cantor Fitzgerald & Co., as sales agents.

Sales of common stock under the at-the-market offering, if any, would be made by means of ordinary brokers’ transactions on the New York Stock Exchange at market prices or as otherwise agreed with the agents. The Company intends to use the proceeds from any sales for general corporate purposes.

J.P. Morgan and Cantor Fitzgerald & Co. are the sales agents for the at-the-market offering. Copies of the prospectus supplement and accompanying prospectus relating to these securities may be obtained by contacting J.P. Morgan Securities Inc., Attention: National Statement Processing, Prospectus Library, 4 Chase Metrotech Center, CS Level, Brooklyn, New York, 11245, telephone: 718-242-8002 or Cantor Fitzgerald & Co., Attention: Equity Capital Markets, 110 East 59th Street, New York, New York, 10022, telephone: 212-829-7122.

Contact:  Post Properties, Inc., David Stockert, (top right photo)  president,  404-846-5000

Post Properties Announces Quarterly Dividends

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced quarterly dividends on its common stock of $0.20 per share for the fourth quarter of 2009. The dividend is payable on January 15, 2010 to all common stock shareholders of record as of January 4, 2010.

Post also announced regular quarterly dividends for its 8.5 percent Series A Cumulative Redeemable Preferred Stock and its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock.

On its 8.5 percent Series A Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $1.0625 per share for the fourth quarter. The dividend is payable on December 31, 2009 to all Series A preferred stock shareholders of record as of December 15, 2009.

On its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $0.47656 per share for the fourth quarter. The dividend is payable on December 31, 2009 to all Series B preferred stock shareholders of record as of December 15, 2009.

Contacts: Post Properties, Inc., David P. Stockert, (top right photo) CEO, Post Properties Inc. 404-846-5000

Post Properties Announces Executive Departure

ATLANTA, GA-- Post Properties, Inc. (NYSE: PPS) announced today that, as part of an overall restructuring intended to streamline its business and reduce costs, Thomas L. Wilkes, (top right  photo) President of Post Apartment Management and EVP of Post Properties, Inc., will leave the Company, effective December 31, 2009.

Mr. Wilkes’ responsibilities will be assumed by S. Jamie Teabo, SVP Property Management, and Charles A. Konas, EVP Construction/ Development. Both Ms. Teabo and Mr. Konas have substantial industry and company experience.

 Post expects to incur a charge in the fourth quarter related to settling its contractual obligations with Mr. Wilkes and in connection with the overall restructuring.

 Post Properties CEO David P. Stockert (bottom left photo)  said, “With his background in multifamily real estate and commitment to the business, Tom Wilkes has made substantial contributions to Post over many years. We appreciate his accomplishments on behalf of the Company and wish him every continued success.”

Contacts: Post Properties, Inc., David P. Stockert, 404-846-5000

Post Properties Announces Third Quarter 2009 Earnings

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced  net income available to common shareholders of $50.2 million for the third quarter of 2009, compared to net income available to common shareholders of $25.2 million for the third quarter of 2008. On a diluted per share basis, net income available to common shareholders was $1.13 for the third quarter of 2009, compared to $0.57 for the third quarter of 2008.

The Company reported a net loss attributable to common shareholders of $0.1 million for the nine months ended September 30, 2009, compared to a net loss attributable to common shareholders of $1.0 million for the nine months ended September 30, 2008. On a diluted per share basis, the net loss attributable to common shareholders was less than $0.01 for the nine months ended September 30, 2009, compared to $0.02 for the nine months ended September 30, 2008.

For a complete copy of the company's release and financials, please contact Chris Papa, 404-846-5028

Post Properties Announces Dismissal of Lawsuit on Alleged Violations of the Fair Housing Act and ADA Act

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced the United States District Court for the District of Columbia has dismissed in its entirety the lawsuit filed against the Company by the Equal Rights Center alleging various violations of the Fair Housing Act and the Americans with Disabilities Act.

The lawsuit involved properties designed, constructed or operated by Post Properties. In the lawsuit, the plaintiff sought compensatory and punitive damages, an award of attorneys’ fees and costs of suit, as well as preliminary and permanent injunctive relief that included retrofitting multi-family units and public use areas to comply with the FHA and the ADA and prohibiting construction or sale of noncompliant units or communities.

 In granting the Company’s request to dismiss the suit, the Court held that the plaintiff lacked standing to bring the claims.

Contact: David Stockert, (top right photo) CEO, Post Properties, Inc., 404-846-5000

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

Post Properties Announces Quarterly Dividends

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced quarterly dividends on its common stock of $0.20 per share for the third quarter of 2009. The dividend is payable on October 15, 2009 to all common stock shareholders of record as of September 30, 2009.

(David P. Stockert, top right photo, is CEO of Post Properties Inc.)

Post also announced regular quarterly dividends for its 8.5 percent Series A Cumulative Redeemable Preferred Stock and its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock.

On its 8.5 percent Series A Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $1.0625 per share for the third quarter. The dividend is payable on September 30, 2009 to all Series A preferred stock shareholders of record as of September 15, 2009.

On its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $0.47656 per share for the third quarter. The dividend is payable on September 30, 2009 to all Series B preferred stock shareholders of record as of September 15, 2009.

Contact:  Dave Stockert, 404-846-5000

Post Properties Loses $50M in Second Quarter

ATLANTA, GA—Post Properties Inc., one of the largest developers of multifamily properties in the U.S., lost $50.7 million in the second quarter of this year. In the same 2008 period, the Atlanta-based developer lost $27 million.

The company reported its financials today in an online conference call with industry analysts.

On a diluted per share basis, the net loss attributable to common shareholders was $1.14, compared to $0.61 for the second quarter of 2008.

The company’s net loss attributable to common shareholders for the three months ended June 30, 2009 included non-cash impairment charges of approximately $76.3 million relating to the company’s investment in a condominium project and adjacent land.

These charges were partially offset by a net gain of approximately $24.7 million on the sale of an apartment community in April 2009.

The company’s net loss attributable to common shareholders for the six months ended June 30, 2009 included the above-mentioned items as well as gains of approximately $2.3 million relating to the early extinguishment of indebtedness, the mark-to-market of an interest rate swap, and changes in previous hurricane loss estimates.
FFO for the second quarter of 2009 was a deficit of $59.0 million, or $1.32 per diluted share, compared to a deficit of $12.6 million, or $0.28 per diluted share, for the second quarter of 2008.

The company’s reported FFO for the second quarter of 2009 included the impairment charges discussed above of approximately $76.3 million, or $1.71 per diluted share.

The company’s reported FFO for the second quarter of 2008 included the charges discussed above in the aggregate of approximately $31.4 million, or $0.71 per diluted share.

FFO for the six months ended June 30, 2009 was a deficit of $42.0 million, or $0.94 per diluted share, compared to FFO of $1.3 million, or $0.03 per diluted share, for the first six months of 2008.

The company’s reported FFO for the six months ended June 30, 2009 included the impairment charges and income items discussed above in the aggregate of approximately $74.0 million, or $1.66 per diluted share.

The Company’s reported FFO for the six months ended June 30, 2008 included the charges discussed above in the aggregate of approximately $37.5 million, or $0.84 per diluted share.

For a complete copy of the company's news release, please contact Chris Papa, 404-846-5028

Post Properties Completes Sales of Post Ridge® in Atlanta, GA and Post Forest® in Fairfax, VA

Net Proceeds of Approximately $100M Used to Repay Line of Credit and to Add to Cash Balances

ATLANTA--(BUSINESS WIRE)--Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, announced today the sale of its Post Ridge® apartment community located in Atlanta, GA for a gross sales price of $44.8 million.

Post Ridge® (top left photo) is a garden-style apartment community, consisting of 434 units, and was completed in 1998.

The buyer was an entity affiliated with Centennial Holding Company, LLC of Atlanta, GA. CB Richard Ellis, Inc. brokered the transaction.

The Company also announced on Monday that it recently closed the sale of its Post Forest® (bottom right photo) apartment community located in Fairfax, VA for a gross sales price of $57.5 million. Post Forest® is a garden-style apartment community, consisting of 364 units, and was completed in 1990.

The buyer was an entity affiliated with Pantzer Properties, Inc. of New York, NY. Holliday Fenoglio Fowler, L.P. brokered the transaction.

The Company expects to report net gains of approximately $54 million in the third quarter relating to these two sales.

Said David P. Stockert, (top right photo) CEO and President of Post, “Completing these two sales in a difficult transaction environment reflects the quality of the assets and the strength of the Post® brand.

"Net proceeds will be used to bolster our balance sheet and our cash balances, enhancing the Company’s financial strength and flexibility through the current economic cycle.”

Post Properties owns 19,864 apartment units in 55 communities, including 1,747 apartment units in five communities held in unconsolidated entities and 1,736 apartment units in five communities currently under construction and/or in lease-up.

The Company is also developing and selling 362 for-sale condominium homes in three communities (including 129 units in one community held in an unconsolidated entity) and is converting apartment units in two communities initially consisting of 349 units into for-sale condominium homes through a taxable REIT subsidiary.

Contacts
Post Properties, Inc., Dave Stockert, 404-846-5000

Post Properties Completes the Refinancing of its 2009 Scheduled Debt Maturities

ATLANTA, GA, Mar. 28, 2009--(BUSINESS WIRE)--Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced the closing of a mortgage loan with PNC ARCS, LLC, pursuant to the Federal Home Loan Mortgage Corporation (Freddie Mac) loan program, secured by a mortgage on its Post Luminaria™ community (top right photo) located in New York City.

Post Luminaria™ is held in a joint venture entity in which the Company holds a 68% interest.

The mortgage loan has a principal amount of $34.8 million, requires fixed interest-only payments for the first two years and then principal and interest payments for the remaining term of the loan based on a 30-year amortization schedule.

The loan bears interest at a fixed rate of 5.61% and matures in ten years on April 1, 2019. Proceeds from the financing were used to repay in full an existing loan secured by a mortgage on the same property.

Earlier in March, the Company also redeemed in full its approximately $92.3 million of weekly remarketed variable rate taxable mortgage bonds and settled a related interest rate swap agreement, using available cash equivalents and proceeds drawn on its lines of credit.

Said Christopher Papa, (bottom left photo) Post’s EVP and CFO, “Through the transactions announced today, we have completed the refinancing of all our scheduled 2009 debt maturities, taking advantage of attractively priced agency debt capital.”

Post Properties, founded more than 37 years ago, is one of the largest developers and operators of upscale multifamily communities in the United States.

Post Properties owns 21,189 apartment homes in 58 communities, including 1,747 apartment units in five communities held in unconsolidated entities and 1,736 apartment units in five communities currently under construction and/or in lease-up.

The Company is also developing and selling 361 for-sale condominium homes in three communities (including 129 units in one community held in an unconsolidated entity) and is converting apartment units in two communities initially consisting of 349 units into for-sale condominium homes through a taxable REIT subsidiary.

Contacts: Post Properties, Inc., Christopher Papa, 404-846-5000

Post Properties Announces Annual Meeting Date and Quarterly Dividends

ATLANTA, GA, (Business Wire) -- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, announces that its 2009 Annual Meeting of Shareholders will be held on June 9, 2009 in Atlanta, Georgia.

The record date for determining shareholders entitled to notice of and to vote at the Annual Meeting is April 15, 2009.

(Dave Stockert, top right photo, is chairman of Post Properties)

Post also announced quarterly dividends on its common stock of $0.20 per share for the first quarter of 2009. The Company’s annual dividend rate is $0.80 per common share. The dividend is payable on April 15, 2009 to all common stock shareholders of record as of March 31, 2009.

Post also announced regular quarterly dividends for its 8.5 percent Series A Cumulative Redeemable Preferred Stock and its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock.

On its 8.5 percent Series A Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $1.0625 per share for the first quarter. The dividend is payable on March 31, 2009 to all Series A preferred stock shareholders of record as of March 15, 2009.

On its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $0.47656 per share for the first quarter. The dividend is payable on March 31, 2009 to all Series B preferred stock shareholders of record as of March 15, 2009.

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

Post Properties Raises $200M Through 5.99%, 10-Year Secured Portfolio Financing

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today the closing of five, cross-collateralized mortgage loans with Deutsche Bank Berkshire Mortgage, Inc., pursuant to the Federal Home Loan Mortgage Corporation (Freddie Mac) loan program, secured by mortgages on the following Post® communities:

Post Briarcliff™, (bottom right photo) Post Crossing® and Post Glen® located in Atlanta, GA, Post Hyde Park® (top left photo) located in Tampa, FL, and Post Corners™ located in Fairfax Co., VA.

The mortgage loans have an aggregate principal amount of approximately $202.2 million, require fixed interest-only payments for the first two years and then principal and interest payments for the remaining term of the loan based on a 30-year amortization schedule.

The loans bear interest at a fixed rate of 5.99% and mature in ten years on February 1, 2019.

At the end of December 2008, Post repaid approximately $39.2 million of secured indebtedness that was scheduled to mature in March 2009, using available cash from its October 2008 Freddie Mac financing.

Post expects to use the net proceeds from this most recent Freddie Mac financing to fully pay down the current outstanding balance on its $600 million unsecured revolving line of credit and expects to use the remaining net proceeds for general corporate purposes, including the funding of development projects currently under construction and to repay other existing and future debt obligations.

Said Christopher Papa (top right photo), the Company’s Chief Financial Officer, “This latest financing is part of our strategy to manage the balance sheet to stay in front of short-term liquidity requirements, including scheduled debt maturities and remaining development spending, by maintaining substantial unused line capacity and available cash equivalents.”

Post Properties owns 21,189 apartment homes in 58 communities, including 1,747 apartment units in five communities held in unconsolidated entities and 1,736 apartment units in five communities currently under construction and/or in lease-up.

The Company is also developing and selling 361 for-sale condominium homes in three communities (including 129 units in one community held in an unconsolidated entity) and is converting apartment units in two communities initially consisting of 349 units into for-sale condominium homes through a taxable REIT subsidiary.

CONTACT: Post Properties, Inc.Christopher Papa, 404-846-5028

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

Post Properties Sells Post Woods® in Atlanta for $52.8M

Developer Announces Hurricane Damage Estimates in Houston

ATLANTA, GA (Business Wire))-- Post Properties, Inc. (NYSE: PPS) has sold its Post Woods® apartment community (top right photo) located in Atlanta, GA for a gross sales price of approximately $52.8 million.

Post Woods® is a 494-unit garden-style apartment community located in the Cumberland/Vinings area of Atlanta that was completed in phases in the 1970’s and early 1980’s.

The buyer is BPG Investment Partnership VIII & VIIIA, L.P., a fully discretionary private equity fund operated by BPG Properties, Ltd.

Post expects to report a gain of approximately $37 million relating to this sale in the fourth quarter of 2008.

In addition, Post announced that it expects to report casualty losses of approximately $2.8 million in the third quarter of 2008 relating to preliminary estimates of the damage it sustained at its Houston, TX properties as a result of Hurricane Ike. The damage related primarily to roofing, windows, exterior siding, interior restoration and landscaping.

CONTACT: Post Properties, Inc., Christopher Papa, 404-846-5028

Post Properties Announces Closing of $185M Secured Portfolio Financing

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today the closing of six, cross-collateralized mortgage loans with Wachovia Multifamily Capital, Inc., pursuant to the Federal Home Loan Mortgage Corporation (Freddie Mac) loan program.

The loans were secured by mortgages on the following six Post® communities: Post Parkside™(bottom left photo) and Post Spring™ located in Atlanta, GA, Post Legacy and Post Worthington™ (top right photo) located in Dallas, TX, and Post Ballantyne and Post Gateway Place™ located in Charlotte, NC.

The mortgage loans have an aggregate principal amount of approximately $184.7 million, require fixed interest-only payments at 6.09% and mature in six years on November 1, 2014.

The mortgage loans are also pre-payable without penalty beginning after October 2012.

Post expects to use $100 million of the net proceeds from these secured financings to fully pay down the current outstanding balance on its $600 million unsecured revolving line of credit and expects to use the remaining net proceeds for general corporate purposes

CONTACT: Post Properties Inc., Christopher Papa, 404-846-5028

Post Properties Announces Quarterly Dividends

ATLANTA, GA(Business Wire))-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced quarterly dividends on its common stock of $0.45 per share for the third quarter of 2008.

The Company’s annual dividend rate is $1.80 per common share. The dividend is payable on October 15, 2008 to all common stock shareholders of record as of September 30, 2008.

(David Stockert, chairman, Post Properties Inc., top right photo)

Post also announced regular quarterly dividends for its 8.5 percent Series A Cumulative Redeemable Preferred Stock and its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock.

On its 8.5 percent Series A Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $1.0625 per share for the third quarter. The dividend is payable on September 30, 2008 to all Series A preferred stock shareholders of record as of September 15, 2008.

On its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $0.47656 per share for the third quarter.

The dividend is payable on September 30, 2008 to all Series B preferred stock shareholders of record as of September 15, 2008.

Contact: Post Properties, Inc., Chris Papa, 404-846-5000

Post Properties Sells Post Oglethorpe® in Atlanta for $38.5M

Refinances Mortgage Debt Securing Properties Held in Joint Ventures; Moody’s and S&P Affirm Ratings and Change Outlook

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) has announced the sale of its Post Oglethorpe® apartment community (top right photo) located in Atlanta, GA for a gross sales price of approximately $38.5 million.

Post Oglethorpe® is a garden-style apartment community located in the Brookhaven area of Atlanta and consists of 250 units with an average unit size of approximately 1,150 square feet. The community was completed in 1994. The buyer was not disclosed.

Post expects to report a gain of approximately $23 million relating to this sale.

In addition, Post announced today that it has closed two 5-year mortgage loans with Fannie Mae to refinance existing debt secured by mortgages on its Post Biltmore™ community in Atlanta, GA (middle left photo) and its Post Massachusetts Avenue™ community in Washington, D.C. (bottom right photo)

Each of these communities is held in an unconsolidated joint venture, in which Post holds a 35% interest. The Post Biltmore™ mortgage loan has a principal amount of approximately $29.3 million, requires fixed interest-only payments at 5.83% and matures on September 1, 2013.

The Post Massachusetts Avenue™ mortgage loan has a principal amount of approximately $50.5 million, requires fixed interest-only payments at 5.82% and matures on September 1, 2013.

Both of these loans are pre-payable without penalty beginning after August 2011.

The Company also announced that Moody’s Investors Service and Standard & Poor’s last week affirmed Post's senior unsecured credit ratings of Baa3 and BBB, respectively.

Moody’s also revised the rating outlook to stable from developing for Post Properties, Inc. and Post Apartment Homes, L.P., and S&P removed the Company from Credit Watch while changing its outlook to negative. These rating affirmations and outlook changes follow Post’s announcement that it had concluded its formal process to pursue a potential sale or other business combination.

CONTACTS: Post Properties, Inc., Christopher Papa, 404-846-5028 or pbutler at pbutler@postproperties.com.

Post Properties Announces Second Quarter 2008 Earnings

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) has announced a net loss attributable to common shareholders of $(27.0) million for the second quarter of 2008, compared to net income available to common shareholders of $62.0 million for the second quarter of 2007.

Said David P Stockert, (top right photo) President and Chief Executive Officer, “We are taking the steps necessary to adjust our business plan to the realities of difficult current economic and financial market conditions.

"We have reduced the size and risk of our development pipeline and assessed the carrying value of our assets in order to maintain the strength of our balance sheet. With Post’s portfolio of high-quality, well located properties, moderate leverage and adequate liquidity, we believe we are positioned to navigate successfully this point in the economic cycle and to enhance the value of our business as conditions improve.”

On a diluted per share basis, the net loss attributable to common shareholders was $(0.61) for the second quarter of 2008, compared to net income available to common shareholders of $1.40 for the second quarter of 2007.

The net loss attributable to common shareholders was $(26.2) million for the six months ended June 30, 2008, compared to net income available to common shareholders of $84.6 million for the six months ended June 30, 2007.

For a complete detailed copy of the company's news release, please
contact Chris Papa, 404-846-5028 or P. Butler at pbutler@postproperties.com

Post Properties Reaches Agreement with Pentwater Capital

Nominates David Schwartz to Stand for Election to the Board of Directors; One Additional Director to be Agreed Upon by Company and Pentwater

Names Doug Crocker Vice Chairman of the Board;
Schedules Annual Meeting to be Held October 16, 2008

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced that it has entered into an agreement with Pentwater Capital Management and Pentwater Growth Fund in connection with the election of directors at the Annual Meeting of Shareholders scheduled to be held on October 16, 2008.

The Company also announced that its Board of Directors has named Douglas Crocker II (middle right photo) as Vice Chairman. Mr. Crocker will also continue to serve as chairman of the Strategic Planning and Investment Committee of the Board.

Under the terms of the agreement with Pentwater, David R. Schwartz (middle left photo) will stand for election at the 2008 Annual Meeting and the Company will select a new mutually agreed upon independent director.

Eight of the Company’s nine incumbent directors will stand for re-election. One incumbent director has reached the mandatory retirement age under the Company’s Corporate Governance Guidelines and, as a result, will not stand for re-election to the Board. Pentwater has agreed to support and vote for the agreed upon slate of nominees at the Annual Meeting. Under the Company’s Board structure, each director stands for election annually.

Mr. Schwartz is a Managing Member and founder of Waterton Associates, a Chicago-based real estate firm that, since its inception in 1995, has acquired more than 39,000 apartments in 109 properties in most major metropolitan areas of the United States.

The record date for determining shareholders entitled to notice of and to vote at the Annual Meeting is September 8, 2008.

Robert C. Goddard, III, Chairman of the Company’s Board of Directors, said, “We are pleased that the agreement with Pentwater will allow the Company to continue to focus exclusively on its business. The Board looks forward to the contribution of David Schwartz, and to the continuing leadership of Doug Crocker in his added role as Vice Chairman.”

Said David P. Stockert,(top right photo) President and CEO, “Working together with the Board, our management team is committed to build on the strengths of the Company to pursue the common goal of enhancing value for shareholders.”

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

Post Properties Ends Process to Seek Potential Sale

Company Cites Difficult Market Conditions and Receipt of No Definitive Acquisition Proposals;

Board Reaffirms Commitment to Enhancing Shareholder Value

ATLANTA, GA, Business Wire-- Post Properties, Inc. (NYSE: PPS) announces that after five months of actively pursuing a formal process to sell the Company in an increasingly difficult market environment, it has received no definitive acquisition proposals.

All potential bidders have withdrawn from the sale process and, as a result, the Board has brought the process to an end. At the same time, the Board reaffirmed its commitment to actively pursue other strategies to enhance shareholder value.

Said David P. Stockert, (top right photo) the Company’s president and chief executive officer, “We conducted an open and thorough sales process, but conditions in the economy and the financial markets combined to produce a difficult transaction environment.”

Mr. Stockert added, “Post’s portfolio consists of high-quality assets in desirable, in-fill locations, with a widely-recognized brand. We have a strong balance sheet and an experienced and capable management team committed to moving the Company forward.

"We remain optimistic about the longer term fundamentals for our business. We intend to actively pursue strategies to enhance shareholder value and to position the Company so that the value of its assets, business and brand is more fully realized.”

CONTACTS:

Post Properties, Inc., David P. Stockert, 404-846-5000 or

pbutler@postproperties.com