PPS Post Properties, Inc. (delisted)

Post Announces Condo Conversions in Dallas and Tampa 588 and Hyde Park Walk Launch New For-Sale Brand ATLANTA, Feb. 3 /PRNewswire-FirstCall/ -- Post Properties, Inc. (NYSE:PPS) today announced that it will convert two apartment communities to condominiums through a taxable REIT subsidiary. Post Block 588 apartments in Uptown Dallas will be marketed as 588, and Post Walk at Hyde Park Village in Tampa will be marketed as Hyde Park Walk. (Logo: http://www.newscom.com/cgi-bin/prnh/20040514/POSTPLOGO ) The company also announced the launch of a new for-sale housing brand, Post Preferred Homes(TM), which will serve as a unified marketing umbrella for the company's for-sale ventures, including developing new communities and converting existing assets into upscale for-sale housing in several key markets. According to Post Chief Executive Officer Dave Stockert, the company's for-sale ventures will be marketed under the Post Preferred Homes(TM) brand to differentiate for-sale product from the company's rental portfolio while capitalizing on the company's unique brand heritage. "For more than 30 years, our apartment communities have set a standard for multifamily living. While our residents have certainly shared in our vision for the Post(R) lifestyle, they have also consistently asked for the opportunity to 'own' a part of the Post(R) brand," said Stockert. "Post Preferred Homes(TM) is a strategic opportunity for Post to reach out to the increasing number of consumers who are choosing to own their home." 588 and Hyde Park Walk join the previously announced The Condominiums at Carlyle Square as projects that will be marketed as Post Preferred Homes(TM). "588 is a top candidate for condominium conversion and represents a solid introduction of Post Preferred Homes'(TM) for-sale offering to the Dallas market," said David Ward, executive vice president for Post's Southwest markets. "We hope to blend our brand's tradition of quality and our legacy in Uptown Dallas with the design elements and lifestyle amenities that our team is planning for 588." Located at 3110 Thomas Ave. in the heart of the historic State-Thomas residential district, 588 will bring a fresh perspective to the Uptown Dallas live-work-play lifestyle, offering 127 prospective buyers upscale one- and two-bedroom lofts and penthouses with protected views of Dallas' downtown skyline. Post Preferred Homes(TM) has tapped the Dallas-based Marquis Group to manage the conversion and Al Coker & Associates to manage the sales and marketing process at 588. Determined to add upscale, contemporary sensibility to the conversion of 588, the conversion team has created an amenity package that should be well-received in the Dallas market. Units in 588 range in size from 835 square feet to 2,500 square feet, with prices starting at the high $100,000s. Additional information about 588 can be found at http://www.loft588.com/ . Hyde Park Walk is located in Tampa's Old Hyde Park Village shopping district at 800 South Dakota Ave. It will offer 134 units priced from $135,000 to more than $525,000. Unit sizes range from 662 square feet to 2,284 square feet, and include one- and two-bedroom units and three-bedroom townhouses. The conversion, marketing and sales of Hyde Park Walk will be managed by The Toni Everett Co. More information can be found at http://www.theeverettcompany.com/ . Hyde Park Walk is situated within steps of numerous shops, restaurants and entertainment venues. In keeping with Post's tradition for quality construction and lush landscaping, this small, quaint community combines a convenient location with the full range of amenities, including a pool, fitness center, business center, and secure, controlled access systems. Individual homes include vaulted ceilings, sunrooms, screened porches, alarm systems, and other top-grade finishes. Surrounding Old Hyde Park Village is Hyde Park, one of Tampa's oldest, most prestigious neighborhoods. With its tree-lined streets and historic homes, Hyde Park was designated as a national historic district in 1985. "We believe the location and price point of Hyde Park Walk make it a unique offering," said Tom Senkbeil, executive vice president and chief investment officer. "This is a perfect example of the sort of high-quality offering we want to give buyers from Post Preferred Homes(TM). " Post is also developing The Condominiums at Carlyle Square in suburban Washington, D.C., through a taxable REIT subsidiary. The Condominiums at Carlyle Square, a joint venture with PN Hoffman, a leading Washington, D.C.- based developer and marketer, will consist of 145 new luxury condominiums in the Carlyle district of Alexandria, Virginia. The $95 million mixed-use master-planned development, also featuring more than 200 luxury rental units and 20,000 square feet of retail space, was announced in December. More information can be found at http://www.pnhoffman.com/ . Post Properties, founded more than 30 years ago, is one of the largest developers and operators of upscale multifamily communities in the United States. The Company's mission is delivering superior satisfaction and value to its residents, associates, and investors, with a vision of being the first choice in quality multifamily living. Operating as a real estate investment trust (REIT), the Company focuses on developing and managing Post(R) branded resort-style garden and high density urban apartments. The Company also develops high-quality condominiums and converts existing apartments to for- sale multifamily communities through a taxable REIT subsidiary. Post Properties is headquartered in Atlanta, Georgia, and has operations in 10 markets across the country. Nationwide, Post Properties owns approximately 24,644 apartment homes in 64 communities, including 666 apartment homes held in three unconsolidated joint ventures and 205 apartment homes in one community under development. Post is also developing 145 for-sale condominium homes and is converting another 261 rental units into for-sale condominium homes through a taxable REIT subsidiary. Forward Looking Statement: Certain statements made in this press release and other written or oral statements made by or on behalf of the Company, may constitute "forward- looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and the Company's future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. Examples of such statements in this press release include our plans with respect to Post Preferred Homes'(TM) for-sale offerings in the Dallas, Texas, Tampa, Florida and Washington, D.C. markets. Management believes that these forward-looking statements are reasonable; however, you should not place undue reliance on such statements. These statements are based on current expectations and speak only as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise. The following are some of the factors that could cause the Company's actual results to differ materially from the expected results described in the Company's forward-looking statements: future local and national economic conditions, including changes in job growth, interest rates, the availability of financing and other factors; demand for apartments in the Company's markets and the effect on occupancy and rental rates; the impact of competition on the Company's business, including competition for tenants and development locations; the Company's ability to obtain financing or self-fund the development or acquisition of additional apartment communities; the uncertainties associated with the Company's current and planned future real estate development, including actual costs exceeding the Company's budgets or development periods exceeding expectations; uncertainties associated with the timing and amount of asset sales and the resulting gains/losses associated with such asset sales; conditions affecting ownership of residential real estate and general conditions in the multi-family residential real estate market; the effects of changes in accounting policies and other regulatory matters detailed in the Company's filings with the Securities and Exchange Commission and uncertainties of litigation; and the Company's ability to continue to qualify as a real estate investment trust under the Internal Revenue Code. Other important risk factors regarding the Company are included under the caption "Risk Factors" in the Company's current report on Form 8-K dated October 6, 2004, and may be discussed in subsequent filings with the SEC. The risk factors discussed in Form 8-K under the caption "Risk Factors" are specifically incorporated by reference into this press release. http://www.newscom.com/cgi-bin/prnh/20040514/POSTPLOGO http://photoarchive.ap.org/ DATASOURCE: Post Properties, Inc. CONTACT: Janie Maddox of Post Properties, Inc., +1-404-846-5056 Web site: http://www.postproperties.com/ http://www.theeverettcompany.com/ http://www.pnhoffman.com/ http://www.loft588.com/

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