PPS Post Properties, Inc. (delisted)

Post Properties, Inc. (NYSE: PPS) announced today the sale of its Post Woods� apartment community located in Atlanta, GA for a gross sales price of approximately $52.8 million. Post Woods� is a 494-unit garden-style apartment community located in the Cumberland/Vinings area of Atlanta that was completed in phases in the 1970�s and early 1980�s. The buyer is BPG Investment Partnership VIII & VIIIA, L.P., a fully discretionary private equity fund operated by BPG Properties, Ltd. Post expects to report a gain of approximately $37 million relating to this sale in the fourth quarter of 2008. In addition, Post announced today that it expects to report casualty losses of approximately $2.8 million in the third quarter of 2008 relating to preliminary estimates of the damage it sustained at its Houston, TX properties as a result of Hurricane Ike. The damage related primarily to roofing, windows, exterior siding, interior restoration and landscaping. Certain statements made in this press release and other written or oral statements made by or on behalf of the Company, may constitute �forward-looking statements� within the meaning of the federal securities laws. Statements regarding future events and developments and the Company�s future performance, as well as management�s expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. Examples of such statements in this press release include expectations with respect to the gain on sale of Post Woods� and casualty losses from hurricane damage. All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected, including the risk factors included under the caption �Risk Factors� in the Company�s Annual Report on Form 10-K dated December�31, 2007, as amended, which are specifically incorporated by reference into this press release. Management believes that these forward-looking statements are reasonable; however, you should not place undue reliance on such statements. These statements are based on current expectations and speak only as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise. Post Properties, founded more than 36 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 ten markets across the country. Post Properties owns 20,402 apartment homes in 59 communities, including 1,747 apartment units in five communities held in unconsolidated entities and 1,736 apartment units in five communities currently under construction and/or in lease-up. The Company is also developing and selling 514 for-sale condominium homes in four communities (including 137 units in one community held in an unconsolidated entity) and is converting apartment units in two communities initially consisting of 349 units into for-sale condominium homes through a taxable REIT subsidiary.