PPS Post Properties, Inc. (delisted)

Atlanta-based Post Properties, Inc. (NYSE: PPS) today announced that it will convert 206 homes at Post Harbour Place(TM) into for-sale condominiums through a taxable REIT subsidiary. The collection of lofts, town homes and city-style apartments will now be known as Harbour Place City Homes and marketed under the company's for-sale brand Post Preferred Homes(TM). The conversion introduces upscale one-, two- and three-bedroom homes to Tampa's downtown condominium market. 578 existing units at Post Harbour Place(TM) will remain rental apartments. Units at Harbour Place City Homes, which are now for sale, range in size from 700 square feet to 1,600 square feet and are affordably priced from the $190s to the $430s. The conversion, marketing and sales of Harbour Place City Homes will be managed by Anthony Everett of The Toni Everett Co. More information can be found at www.harbourplacecityhomes.com. Built in 1998, Post Harbour Place(TM), along with other pioneering residential and retail developments nearby, signaled the rebirth of Harbour Island's Channelside district, an area once reserved for warehouses for the city's shipping industry. Today, Harbour Island's northern side is a vital part of Downtown Tampa's live-work-play environment, offering city living within walking distance of popular entertainment venues. "Several years ago, Post Harbour Place(TM) was among the first residential properties to help Tampa realize the opportunity for a viable, urban environment in the island's Channelside district," said Tom Senkbeil, chief investment officer of Post Properties. "Now that the neighborhood has become Downtown Tampa's most vibrant, we're excited to offer these for-sale homes with unmatched lifestyle amenities and exceptional value." Located across Garrison Channel from the Marriott Convention Center Hotel and the Channelside Seaport - an entertainment complex that includes retail shops, restaurants, a 14-screen cinema and an IMAX theater - Harbour Place City Homes is within walking distance of several other projects that have contributed to the redevelopment of Harbour Island and the Channelside district. In addition, the island is adjacent to the city's convention center, the Ice Palace (home of the National Hockey League's Tampa Bay Lightning) and Tampa's cruise ship terminal. "The value and location of these units, matched with Post's tradition of quality, will make this property one of Downtown Tampa's most enviable addresses for homeowners," said David P. Stockert, president and CEO of Post. Situated on Beneficial Drive at Knights Run Avenue, Harbour Place City Homes is Post's second local condominium conversion; the company successfully converted Post Walk at Old Hyde Park Village(TM) in 2005. The interior and exterior designs of Harbour Place City Homes boast the urban sensibilities similar to those found in old buildings of New York, Boston and Washington, D.C.'s Georgetown. Features include exposed brick walls, stained concrete floors and exposed ductwork. Other homes offer a variety of other upscale options, including tile and hardwood floors, high ceilings and pre-wired audio capabilities. Post Preferred Homes notified current residents of the property's conversion earlier this month. Each resident has the opportunity to purchase their home at a reduced sale price during an "insider" sales period before the property opens to the public. 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 21,585 apartment homes in 58 communities, including 545 apartment units in two communities held in unconsolidated entities and 205 apartment units in one community currently under construction. The Company is also developing 145 for-sale condominium homes and is converting 454 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.