PPS Post Properties, Inc. (delisted)

Post Properties, Inc. (NYSE: PPS) announced today that its Board of Directors has adopted a new policy relating to the election of directors that will further strengthen the Company's corporate governance structure. Under the new policy, a nominee for director in an uncontested election who receives a greater number of "withhold" votes than "for" votes will be required to tender his or her resignation as a director to the Chairman of the Board for consideration by the Board's Nominating and Corporate Governance Committee, which will then recommend to the Board whether the resignation should be accepted or rejected. In considering the tendered resignation, the Nominating and Corporate Governance Committee will evaluate factors such as the stated reasons underlying the withhold votes, the qualifications of the director and whether the resignation would be in the best interests of the Company and its shareholders. The Committee will also consider a range of possible alternatives concerning the resignation, including acceptance of the resignation, rejection of the resignation, or rejection of the resignation coupled with a commitment to seek to redress the reasons underlying the withhold votes. The policy requires that the Board take formal action on the Committee's recommendation within 75 days of the shareholders' meeting at which the vote occurred, and that the Company publicly disclose the Board's decision, together with a full explanation of the process by which the decision was made, in a Form 8-K filing within four business days of such action. "The Board's adoption of this policy demonstrates our continuing commitment to corporate governance best practices, as well as our willingness to be proactive in enhancing shareholder rights," said Robert C. Goddard III, Post's Chairman. 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. Post Properties owns 21,750 apartment homes in 60 communities, including 545 apartment homes 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 597 apartment units in four communities (including 121 units in one community held in an unconsolidated entity) into for-sale condominium homes through a taxable REIT subsidiary.