PPS Post Properties, Inc. (delisted)

Post Properties Announces Proceeds from Sale of Rent.com ATLANTA, March 3 /PRNewswire-FirstCall/ -- Post Properties, Inc. (NYSE:PPS) today announced that it expects to recognize a gain of approximately $5.2 million ($0.12 per diluted share) in the first quarter of 2005 relating to cash received from the sale of its investment in privately- held Rent.com to eBay Inc. (Logo: http://www.newscom.com/cgi-bin/prnh/20040514/POSTPLOGO ) The Company's previously issued earnings guidance for the first quarter and the full year 2005 included a gain associated with this transaction in the range of $0.10 to $.0.12 per diluted share. 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. In addition, the Company develops high-quality condominiums and converts existing apartments to for-sale multifamily communities. 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 the expected gain from the sale of the Company's investment in Rent.com. All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected. 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. 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/

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