PPS Post Properties, Inc. (delisted)

Post Properties Buys Ballantyne Place Luxury Apartment Acquisition Will Build Market Share in Charlotte to 1,384 Units ATLANTA, May 31 /PRNewswire-FirstCall/ -- Post Properties, Inc. (NYSE:PPS) today announced the acquisition of Ballantyne Place, a 319-unit luxury apartment community located within the high-end Ballantyne area of Charlotte, N.C. As part of a tax-deferred like-kind exchange transaction, Post paid approximately $37.3 million for the community, which is in its initial lease-up and is currently 77 percent leased. Post also expects to incur an additional approximately $2 million in connection with this acquisition relating to closing costs, reimbursement of a fee to terminate a loan commitment that the seller had previously entered into in connection with the community and other amounts it plans to spend to improve the property. Post will fund the acquisition from borrowings under its revolving line of credit. Located at 14205 Ballantyne Lake Road, the community will be renamed Post Ballantyne. (Logo: http://www.newscom.com/cgi-bin/prnh/20040514/POSTPLOGO ) Construction of the community was completed in late 2004, and the community includes one-, two-, three- and four-bedroom units ranging in size from 814 square feet to 2,060 square feet, with the average square footage being approximately 1,270 square feet. Post acquired the community from Roberts Realty Investors, Inc. (AMEX:RPI) in a directly negotiated transaction. As part of its strategic plan, Post is selectively pursuing acquisitions as a way to reinvest capital from asset sales and build critical mass in key markets. In 2004, the company acquired Post Tysons Corner(TM) in Washington, D.C. "Our strategy is to buy well-positioned, high-quality apartment communities in growing submarkets, and Post Ballantyne is a perfect fit," said David P. Stockert, CEO and president of Post. "Charlotte is an important market for Post as we balance our portfolio and build the Post brand in our strongest markets." The community's location in Ballantyne -- near I-485, I-85, and I-77 -- is expected to be a strong selling point with residents. It is also a short drive from Charlotte-Douglas International Airport and Uptown Charlotte. Numerous convenience retail establishments and high-end restaurants are within walking distance, and a new multi-screen theater is under construction across the street. Ballantyne is a 2,000 acre master planned community south of Charlotte's central business district. It includes a five-star resort and championship golf course, a 700-home community with prices from the $500s to more than $1 million, approximately 2.5 million square feet of office space, and approximately 1.3 million square feet of retail space. For its residents, Post Ballantyne offers top-quality amenities, including a swimming pool, approximately 4,000 square-foot fitness center, lighted tennis court, state-of-the-art playground, and two saunas. Individual units include upgraded appliances, nine-foot ceilings with crown molding, and cherry cabinetry. 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 nine markets across the country. Post Properties owns 23,740 apartment homes in 60 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 (including 121 units in one community held in an unconsolidated entity) into for-sale condominium homes through a taxable REIT subsidiary. Forward-Looking Statements: Certain statements made in this press release and other written or oral statements made by or on behalf of Post Properties, Inc. may constitute "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and Post'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 statements regarding additional costs Post expects to incur in connection with the acquisition. 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. Post 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 Post's actual results to differ materially from the expected results described in Post'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 Post's markets and the effect on occupancy and rental rates; the impact of competition on Post's business, including competition for tenants and development locations; Post's ability to obtain financing or self-fund the development or acquisition of additional apartment communities; the uncertainties associated with Post's current and planned future real estate development, including actual costs exceeding Post'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 Post's filings with the Securities and Exchange Commission and uncertainties of litigation; and Post's ability to continue to qualify as a real estate investment trust under the Internal Revenue Code. Other important risk factors regarding Post Properties, Inc. are included under the caption "Risk Factors" in Post's Annual Report on Form 10-K for the year ended December 31, 2004 and may be discussed in subsequent filings with the SEC. The risk factors discussed in such Form 10-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/

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