PPS Post Properties, Inc. (delisted)

Post Properties, Inc. (NYSE: PPS) announced today how it expects its 2006 dividends to be classified for federal income tax purposes. The dividend classifications are shown on the attached chart. Of special note is that for tax reporting purposes the common stock dividend payable on January 15, 2007 is taxable in year 2007. Additionally, dividends paid on Series A and B preferred stock on January 2, 2007 are taxable in year 2006. This release is based on the preliminary results of work on the company�s tax filings and is subject to correction or adjustment when the filings are completed. The Company is releasing information at this time to aid those required to distribute Forms 1099 on the Company�s dividends. No material change in these classifications is expected. 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� 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 21,745 apartment homes in 61 communities, including 545 apartment units in two communities held in unconsolidated entities, and 1,181 apartment units in five communities (including the expansion of one community) currently under construction and/or in lease-up. The Company is also developing 230 for-sale condominium homes and is converting apartment homes in four communities initially consisting of 597 units (including 121 units in one community held in an unconsolidated entity) into for-sale condominium homes through a taxable REIT subsidiary. Post Properties, Inc. Estimated Income Tax Characteristics of 2006 Dividends for Form 1099-DIV � � � � � � Total Ordinary Taxable Dividends Total Capital Gain Distribution= Breakout of (b) (a) = Breakout of (a) � (b) (c) (a)+(b)+(c) Ordinary TotalCapital GainDistribution UnrecapturedSec. 1250Gain Taxable OrdinaryIncomeDividends Short-TermCapitalGain QualifiedDividends(Box 1b Total) Long-TermCapitalGain Returnof Capital(Box 3) Declaration Record Payable Distribution Dividends Date Date Date Per Share (Box 1a Total) (Box 2a Total) (Box 2b) Total % � Common Stock- (PPS) (CUSIP 737464107) � 12/1/2005� 1/3/2006� 1/15/2006� $ 0.4500� 0.0000% 0.0000% 0.0000% 0.0000% 100.0000% 57.3062% 42.6938% 0.0000% 100.000% � 2/21/2006� 3/31/2006� 4/15/2006� $ 0.4500� 0.0000% 0.0000% 0.0000% 0.0000% 100.0000% 57.3062% 42.6938% 0.0000% 100.000% � 5/18/2006� 6/30/2006� 7/15/2006� $ 0.4500� 5.4495% 5.4495% 0.0000% 0.0000% 94.0162% 42.0572% 51.9590% 0.5343% 100.000% � 9/15/2006� 9/30/2006� 10/13/2006� $ 0.4500� 7.2077% 7.2077% 0.0000% 0.0000% 92.0856% 37.1374% 54.9482% 0.7067% 100.000% � 11/30/2006� 1/2/2007� 1/15/2007� $ 0.4500� (1) See Note See Note See Note See Note See Note See Note See Note See Note See Note � � � Total $ 1.800� � � (1) Note: The Common Stock dividend payable on 1/15/07 is taxable in Year 2007 - no portion of that dividend is taxable in Year 2006 � 8.5% Series A Cumulative Redeemable Preferred (PPS) (CUSIP 737464206) � � � 2/21/2006� 3/15/2006� 3/31/2006� $ 1.0625� 0.0000% 0.0000% 0.0000% 0.0000% 100.0000% 57.3062% 42.6938% 0.0000% 100.000% � 5/18/2006� 6/15/2006� 6/30/2006� $ 1.0625� 0.0000% 0.0000% 0.0000% 0.0000% 100.0000% 57.3062% 42.6938% 0.0000% 100.000% � 9/15/2006� 9/15/2006� 10/2/2006� $ 1.0625� 7.9144% 7.9144% 0.0000% 0.0000% 92.0856% 37.1374% 54.9482% 0.0000% 100.000% � 11/30/2006� 12/15/2006� 1/2/2007� $ 1.0625� (2) 7.9144% 7.9144% 0.0000% 0.0000% 92.0856% 37.1374% 54.9482% 0.0000% 100.000% � � � Total $ 4.2500� � 7.625% Series B Cumulative Redeemable Preferred (PPS) (CUSIP 737464305) � � 2/21/2006� 3/15/2006� 3/31/2006� $ 0.47656� 0.0000% 0.0000% 0.0000% 0.0000% 100.0000% 57.3062% 42.6938% 0.0000% 100.000% � 5/18/2006� 6/15/2006� 6/30/2006� $ 0.47656� 0.0000% 0.0000% 0.0000% 0.0000% 100.0000% 57.3062% 42.6938% 0.0000% 100.000% � 9/15/2006� 9/15/2006� 10/2/2006� $ 0.47656� 7.9144% 7.9144% 0.0000% 0.0000% 92.0856% 37.1374% 54.9482% 0.0000% 100.000% � 11/30/2006� 12/15/2006� 1/2/2007� $ 0.47656� (2) 7.9144% 7.9144% 0.0000% 0.0000% 92.0856% 37.1374% 54.9482% 0.0000% 100.000% � � � Total $ 1.90624� � � (2) Note: The Series A and B Preferred Stock dividends paid on 1/2/07 are taxable in Year 2006