PPS Post Properties, Inc. (delisted)

Post Closes $64 Million of Asset Sales and Completes $17 Million Debt Financing ATLANTA, Dec. 22 /PRNewswire-FirstCall/ -- Post Properties, Inc. announced today that it has closed the sales of two properties, located in Dallas, TX and Phoenix, AZ, for gross proceeds totaling approximately $64 million, and has closed a $17 million mortgage loan on a property located in Atlanta, GA owned in an unconsolidated joint venture. Closing of Previously Announced Asset Sales On December 10, 2003, the company closed the sale of Post Hackberry Creek(R). Located in the Las Colinas area of Dallas, TX, Post Hackberry Creek(R) was developed in two phases in 1987 and 1996. The community includes 432 apartment units with an average unit size of 865 square feet. The property was sold to an unaffiliated third party. On December 17, 2003, the company closed the sale of Post Roosevelt Square(TM). Located in downtown Phoenix, AZ, Post Roosevelt Square(TM) was developed in 2001. The community includes 403 apartment units with an average unit size of 836 square feet and approximately 11,400 square feet of on-site retail. The property was sold to an unaffiliated third party. The sales of Post Hackberry Creek(R) and Post Roosevelt Square(TM) produced net proceeds totaling approximately $63 million. Together with sales completed earlier this year of Post Park(R) in Atlanta, GA, Post West Avenue Lofts(TM) in Austin, TX, Post Paseo Colorado in Pasadena, CA and various land parcels, Post's year-to-date net proceeds from asset sales total approximately $238 million (including the repayment of a joint venture loan made in connection with Post Paseo Colorado). Post Hackberry Creek(R) and Post Roosevelt Square(TM) are two of the properties included in a plan announced in the company's November 3, 2003, press release to dispose of a total of 11 properties comprising 5,175 apartment units, with expected sales prices totaling $340 million to $350 million. This plan, which the company currently expects to complete over the next three to four months, is consistent with an overall strategy to take advantage of high demand for apartment assets, reduce the average age of the portfolio, lessen the company's market concentration in Atlanta, GA and Dallas, TX and exit certain single-asset markets. During 2003, Post exited the Austin, TX, Pasadena, CA and Phoenix, AZ markets as it focuses in fewer cities where the company can achieve operating efficiencies and leverage the Post(R) brand. The company also announced today that an entity controlled by L. Barry Teague, a unitholder who served as a director of Post from February 2003 to September 2003, has terminated its contract to purchase a 166-unit apartment community located in Atlanta, GA. The company currently expects that this property will be sold in the next three to four months consistent with the overall strategy described above. The company intends to use the proceeds of its asset sales program for various corporate purposes, including preferred equity redemptions, common equity repurchases and debt reduction intended to maintain the strength of the company's balance sheet, combined with reinvestment in development and acquisitions that enhance the diversification of the company's cash flow stream and the quality of its portfolio. Secured Loan Financing The company announced today the closing of a 5-year mortgage loan on its Post Biltmore(TM) property located in Atlanta, GA. The loan bears interest at a rate of 4.04% per annum and matures on December 10, 2008. Post Biltmore(TM) is owned in an unconsolidated joint venture with the New York State Common Retirement Fund. Post Properties, Inc., a leading developer and operator of upscale apartment communities in the United States, pioneered building and branding resort-style garden apartments for more than 30 years. Post now also focuses on the creation of high-quality, high-density, live-work-walk neighborhoods in infill locations in major urban markets across the country. The company has been recognized locally, nationally and internationally for building better neighborhoods and the preservation of historic buildings. Operating as a self- administered and self-managed equity real estate investment trust (REIT), the company's primary business consists of developing and managing Post(R) brand- name apartment communities. Nationwide, Post Properties owns approximately 28,081 apartment units in 76 communities, including 468 units currently under development and lease up. 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 the company's anticipated asset sales during the next three to four months (including the estimated proceeds and the use of proceeds from such sales). All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected. 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. The following are some of the factors that could cause the company's actual results to differ materially from the expected results described in the company's forward-looking statements: future local and national economic conditions, including changes in job growth, interest rates, the availability of financing and other factors; demand for apartments in the company's markets and the effect on occupancy and rental rates; the impact of competition on the company's business, including competition for tenants and development locations; the company's ability to obtain financing or self-fund the development or acquisition of additional apartment communities; the uncertainties associated with the company's current real estate development, including actual costs exceeding the company's budgets or development periods exceeding expectations; uncertainties associated with the timing and amount of asset sales and the resulting gains/losses associated with such asset sales; conditions affecting ownership of residential real estate and general conditions in the multi-family residential real estate market; the effects of changes in accounting policies and other regulatory matters detailed in the company's filings with the Securities and Exchange Commission and uncertainties of litigation; and the company's ability to continue to qualify as a real estate investment trust under the Internal Revenue Code. Other important risk factors regarding the company are included under the caption "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2002 and may be discussed in subsequent filings with the SEC. The risk factors discussed in such Form 10-K under the caption "Risk Factors" are specifically incorporated by reference into this press release. DATASOURCE: Post Properties, Inc. CONTACT: Janie Maddox of Post Properties, Inc., +1-404-846-5056 Web site: http://www.postproperties.com/

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