PPS Post Properties, Inc. (delisted)

Post Properties, Inc. (NYSE: PPS) announced today how it expects its 2008 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, 2009 is taxable in year 2009. 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.

About Post Properties

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 21,190 apartment homes in 58 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 506 for-sale condominium homes in four communities (including 129 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.

Post Properties, Inc. Estimated Income Tax Characteristics of 2008 Dividends for Form 1099-DIV � � � � � � � � � � � � � � � � Total Ordinary Taxable Dividends Total Capital Gain Distribution (a) = Breakout of (a) (b) = Breakout of (b) (c) (a)+(b)+(c) Ordinary Taxable Dividends

Total Capital Gain Distribution

�

Unrecaptured Sec. 1250 Gain

Ordinary Income Dividends Short-Term Capital Gain

Qualified Dividends

Long-Term Capital Gain

Return of Capital

Declaration Date Record Date Payable Date Distribution Per Share (Box 1a Total) (Box 1b Total) (Box 2a Total) (Box 2b) (Box 3) Total % �

Common Stock- (PPS) (CUSIP 737464107)

� 11/29/2007 1/2/2008 1/15/2008 $ 0.4500 19.0861% 19.0861% 0.0000% 0.0000% 80.9139% 37.3113% 43.6026% 0.0000% 100.000% � 2/20/2008 3/31/2008 4/15/2008 $ 0.4500 16.5260% 16.5260% 0.0000% 0.0000% 70.0607% 32.3066% 37.7541% 13.4134% 100.000% � 6/4/2008 6/30/2008 7/15/2008 $ 0.4500 10.4892% 10.4892% 0.0000% 0.0000% 44.4680% 20.5052% 23.9628% 45.0429% 100.000% � 9/18/2008 9/30/2008 10/15/2008 $ 0.4500 10.4892% 10.4892% 0.0000% 0.0000% 44.4680% 20.5052% 23.9628% 45.0429% 100.000% � 12/2/2008 1/2/2009 1/15/2009 $ 0.2000 (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 1/15/09 is taxable in Year 2009 - no portion of that dividend is taxable in Year 2008 � 8.5% Series A Cumulative Redeemable Preferred (PPS) (CUSIP 737464206) � 2/20/2008 3/15/2008 3/31/2008 $ 1.0625 19.0861% 19.0861% 0.0000% 0.0000% 80.9139% 37.3113% 43.6026% 0.0000% 100.000% � 6/4/2008 6/15/2008 6/30/2008 $ 1.0625 19.0861% 19.0861% 0.0000% 0.0000% 80.9139% 37.3113% 43.6026% 0.0000% 100.000% � 9/18/2008 9/15/2008 9/30/2008 $ 1.0625 19.0861% 19.0861% 0.0000% 0.0000% 80.9139% 37.3113% 43.6026% 0.0000% 100.000% � 12/2/2008 12/15/2008 12/31/2008 $ 1.0625 19.0861% 19.0861% 0.0000% 0.0000% 80.9139% 37.3113% 43.6026% 0.0000% 100.000% � Total $ 4.2500 � � 7.625% Series B Cumulative Redeemable Preferred (PPS) (CUSIP 737464305) � 2/20/2008 3/15/2008 3/31/2008 $ 0.47656 19.0861% 19.0861% 0.0000% 0.0000% 80.9139% 37.3113% 43.6026% 0.0000% 100.000% � 6/4/2008 6/15/2008 6/30/2008 $ 0.47656 19.0861% 19.0861% 0.0000% 0.0000% 80.9139% 37.3113% 43.6026% 0.0000% 100.000% � 9/18/2008 9/15/2008 9/30/2008 $ 0.47656 19.0861% 19.0861% 0.0000% 0.0000% 80.9139% 37.3113% 43.6026% 0.0000% 100.000% � 12/2/2008 12/15/2008 12/31/2008 $ 0.47656 19.0861% 19.0861% 0.0000% 0.0000% 80.9139% 37.3113% 43.6026% 0.0000% 100.000% � Total $ 1.90624