PPS Post Properties, Inc. (delisted)

Post Properties Announces Conversion Plans for Post Peachtree Landmark High-Rise Joins Other Post Preferred Homes(R) Condominiums ATLANTA, April 11 /PRNewswire-FirstCall/ -- Post Properties, Inc. (NYSE:PPS) has announced its first condo conversion in its hometown. (Logo: http://www.newscom.com/cgi-bin/prnh/20040514/POSTPLOGO ) Post, through a taxable REIT subsidiary, will convert Post Peachtree, a 19-story landmark high-rise along Peachtree Road in Buckhead, into 121 upscale condominiums called The Peachtree Residences. Luxury homes in the building will be marketed under the company's new for-sale housing brand, Post Preferred Homes(TM). The Peachtree Residences is located at 2626 Peachtree Road, in the heart of Buckhead's residential district, which is one of the most affluent neighborhoods in Atlanta. The building will include flats, two-story townhomes and four penthouses with a variety of high-end finishes and amenities. Units will range from 652 square feet to 2,572 square feet and range in price beginning from the mid $170,000's. Units will be offered for sale to the public later this month; interested parties can register for the priority buyer's list by visiting http://www.peachtreeresidences.com/ or call (404) 846-3345 for more information. For more than 30 years, Post Properties has been among Atlanta's largest and most well-known apartment developers and owners. In February, Post launched the Post Preferred Homes(TM) brand to serve as the unified marketing umbrella for the company's for-sale ventures. Sales of condominiums in converted apartment buildings and new condominiums are off to successful starts in Dallas, Tampa and Washington, D.C. The Peachtree Residences will be the first Post Preferred Homes(TM) community in the Company's largest market of Atlanta. "The Peachtree Residences is a great opportunity for the company to build the Post Preferred Homes(TM) brand in Atlanta," said Tom Senkbeil, chief investment officer of Post Properties. "Its high-end finishes, intown location and variety of amenities make it a wonderful candidate for conversion." The conversion of The Peachtree Residences continues Post's recent initiative to move into for-sale multifamily housing. An extension of Post's long-term commitment to providing quality multifamily living, for-sale housing will support the company's brand by allowing Post to serve a brand new group of residents who wish to own, rather than rent, their home. "We are approaching the for-sale market as a long-term opportunity that has been carefully planned and is being deliberately executed," said Dave Stockert, president and CEO of Post. "We are seeking to cement our position as a leading developer, owner and manager of top-quality multifamily assets in great locations -- whether they are for-sale or for-rent. We will continue to build our asset base with these goals in mind." Situated just south of West Wesley Road on Peachtree Road, The Peachtree Residences opened as a luxury rental community in June 2001. As Post's first Atlanta high-rise, the community was part of Post's move to build high-end infill product that would be attractive for future condominium conversion. With a prime location and views of the Buckhead, Galleria and downtown Atlanta skylines, The Peachtree Residences is already a premier address along Peachtree Road. Interior amenities include 10-foot ceilings, hardwood floors, granite countertops and designer kitchens. Community amenities will include a 24-hour concierge, exercise room, rooftop terrace with outdoor fireplace and lounge pool and a formal courtyard and fountain at street level. Post notified current residents of the property's conversion earlier today. Residents will have the opportunity to purchase their homes at reduced sale prices during an "insider" sales period before the homes are made available to the public. Post hired Coldwell Banker The Condo Store to handle marketing and sales of The Peachtree Residences. One of the market leaders in the sales and marketing of condominiums, lofts, luxury high-rises, cluster and townhomes, Coldwell Banker The Condo Store is an equal housing company owned and operated by NRT Inc. 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, through a taxable REIT subsidiary, 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 24,523 apartment homes in 63 communities, including 545 apartment units in two communities held in unconsolidated entities and 205 apartment units in one community currently under development. The Company is also developing 145 for-sale condominium homes and is converting 382 apartment units in three communities 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 expectations with regard to the conversion of Post Peachtree and plans for future for-sale housing projects. 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/ http://www.peachtreeresidences.com/

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