PPS Post Properties, Inc. (delisted)

Post Properties, Inc. (NYSE: PPS) announced today the closing of the sale of its Post Oak� apartment community located in Atlanta, GA. Post sold the community for a gross sales price of approximately $24 million, through a Section 1031 exchange intermediary. The buyer was not disclosed. Post Oak� is a garden-style apartment community located in the Emory area of Atlanta and consists of 182 units with an average unit size of approximately 997 square feet. The community was completed in 1993. Post also announced that Moody�s Investors Service recently raised the outlook for the Baa3 senior unsecured debt and Ba1 preferred stock ratings of Post Properties, Inc. and Post Apartment Homes, LP to positive, from stable. The rating agency cited improvement in the Company�s credit metrics and improved diversification in its apartment portfolio. Post Properties, founded more than 35 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 21,563 apartment homes in 60 communities, including 545 apartment units in two communities held in unconsolidated entities, 1,181 apartment units in four communities (and the expansion of one community) currently under construction and/or in lease-up. The Company is also developing 230 for-sale condominium homes in two communities and is converting apartment units in three communities initially consisting of 470 units (including 121 units in one community held in an unconsolidated entity) into for-sale condominium homes through a taxable REIT subsidiary.