PPS Post Properties, Inc. (delisted)

Post Properties, Inc. (NYSE: PPS) today announced that it has begun construction on a new luxury apartment community adjacent to Phipps Plaza in Atlanta's Buckhead district. The residential development will be known as Post Alexander(TM) and is located near Phipps Boulevard and the Buckhead Loop on Alexander Circle. "We believe that this is one of the best remaining residential development sites in Buckhead, and the luxury apartment homes we're planning will match the quality of the site," said David Stockert, Post Properties' President and CEO. "Like our other in-town Atlanta communities, this property is expected to not only provide value for our shareholders, but also enhance the Post(R) brand in the intown neighborhoods that offer the lifestyle and amenities most attractive to our residents." The mid-rise community will be comprised of 307 one-, two- and three-bedroom apartment homes in a five-story building with two levels of controlled-access parking. The community will contain approximately 300,000 square feet of residential space. Post expects to deliver the first apartment homes in the first quarter of 2008. The development's estimated cost of construction is approximately $62 million. In addition to the myriad live-work-play opportunities afforded by its location near Phipps Plaza and Lenox Mall, residents of Post Alexander(TM) will also enjoy a variety of high-end community amenities, including a large landscaped courtyard, a resort size pool, a club room, controlled-access parking and a well-appointed library and business center. Homes in the new community will feature a collection of luxury finishes, including hardwood and ceramic tile floors, granite countertops and premium appliances. The homes will range in size from approximately 530 to 1,500 square feet; the average size will be nearly 1,000 square feet. Post Alexander(TM) is the company's first new start in Atlanta in several years. The community will join several existing and planned Post(R) communities in the heart of Buckhead. Post Stratford(TM) is less than a quarter mile from Post Alexander(TM), and the company also has plans to develop high-end condos in a partnership with Pope & Land, Duke Realty and Novare Group at a site on Peachtree Road just north of Phipps Plaza. "We believe the Buckhead submarket will continue to draw multi-family renters and buyers as it grows into a true high-end live-work-walk community," said Tom Senkbeil, Post's executive vice president and chief investment officer. "As existing rental units have been converted to condominiums throughout Atlanta, we saw an exciting opportunity to create a luxury for-rent community in one of the best infill locations in Atlanta." 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 22,057 apartment homes in 61 communities, including 545 apartment homes in two communities held in unconsolidated entities and 512 apartment units in two communities currently under construction. The Company is also developing 230 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.