Post Properties Announces Dismissal of Lawsuit Regarding Alleged Violations of the Fair Housing Act & Americans with Disabili...
29 Settembre 2009 - 3:23PM
Business Wire
Post Properties, Inc. (NYSE: PPS) announced today that the
United States District Court for the District of Columbia has
dismissed in its entirety the lawsuit filed against the Company by
the Equal Rights Center alleging various violations of the Fair
Housing Act and the Americans with Disabilities Act. The lawsuit
involved properties designed, constructed or operated by Post
Properties. In the lawsuit, the plaintiff sought compensatory and
punitive damages, an award of attorneys’ fees and costs of suit, as
well as preliminary and permanent injunctive relief that included
retrofitting multi-family units and public use areas to comply with
the FHA and the ADA and prohibiting construction or sale of
noncompliant units or communities. In granting the Company’s
request to dismiss the suit, the Court held that the plaintiff
lacked standing to bring the claims.
About Post Properties
Post Properties, founded more than 38 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 19,864 apartment units in 55 communities,
including 1,747 apartment units in five communities held in
unconsolidated entities and 1,429 apartment units in four
communities currently under construction and/or in lease-up. The
Company is also developing and selling 362 for-sale condominium
homes in three 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.
Forward Looking Statements
Certain statements made in this press release 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. 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.
All forward-looking statements are subject to certain risks and
uncertainties that could cause actual events to differ materially
from those projected. Such risks include the potential for the
plaintiff in the litigation described in this press release to
appeal the Court’s dismissal of its lawsuit. It is not possible for
the Company to predict whether such an appeal would be successful
or the potential outcome of the lawsuit if re-instated on appeal.
Other important risk factors regarding the Company are included in
the filings the Company makes from time to time with the SEC,
including the risk factors under the caption “Risk Factors” in the
Company’s Annual Report on Form 10-K dated December 31, 2008
and other risk factors as may be discussed in subsequent filings
with the SEC. These risk factors could cause the Company’s actual
results and its expectations to differ materially from those
described in the Company’s forward looking statements. All such
risk factors are specifically incorporated by reference into this
press release.
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