PPS Post Properties, Inc. (delisted)

Post Properties Chairman Announces Douglas Crocker and Walter 'Sonny' Deriso to Join Board of Directors Crocker, Former CEO of Equity Residential, and Deriso, Vice Chairman of Synovus, Slated to Become Post Properties Directors at 2004 Annual Meeting of Shareholders ATLANTA, Jan. 8 /PRNewswire-FirstCall/ -- Robert C. Goddard, III, Chairman of the Board of Post Properties, Inc. , an Atlanta-based real estate investment trust, today announced that Douglas Crocker II, a nationally-known and respected leader in the REIT industry, and Walter M. "Sonny" Deriso, Jr., Vice Chairman of Synovus, a multi-billion dollar, diversified financial services company headquartered in Columbus, Georgia, will be standing for election to the company's Board of Directors. The nominations were unanimously recommended by Post's nominating committee, which is comprised solely of independent directors and is chaired by Robert Anderson. Mr. Crocker and Mr. Deriso are expected to join the Board when directors are elected at the Company's Annual Meeting of Shareholders on May 27, 2004. Mr. Goddard said, "We are delighted that Doug Crocker and Sonny Deriso have agreed to join the Board. Adding directors of their stature and broad corporate experience reflects Post's commitment to having the strongest possible independent Board as we pursue our plans to strengthen the company and create value for our shareholders. Doug Crocker has a wealth of REIT expertise and extensive knowledge of the residential property markets. Sonny Deriso has a broad financial and operational background. Each will bring unique perspectives to the Board and will make valuable contributions to the strategic direction of the company." Mr. Crocker said, "Post has an outstanding portfolio of quality apartment communities and is taking the right steps to focus its business and to realize the value of its assets. I look forward to working closely with the Board and with Dave Stockert and the management team to help the company realize its full potential." Mr. Deriso said, "I am very pleased to be a nominee for Director of Post Properties. Post has a valuable brand name in the multi-family business and, like Synovus, has a strong corporate culture and commitment to customer service. These important attributes will serve us well as the Board and management team move to shape an exciting future." Mr. Crocker served as Trustee, President and Chief Executive Officer and Vice Chairman of the Board of Trustees of Equity Residential (NYSE:EQR), the nation's largest apartment real estate investment trust, from 1993 until 2002. He continues to be very active in the multifamily industry, serving as chairman of the National Multihousing Council, an Urban Land Institute trustee, a National Apartment Association University regent and a member of the advisory board for the De Paul University Real Estate School. In addition, Mr. Crocker serves on the boards of Wellsford Real Properties, Inc. (AMEX:WRP), a real estate merchant banking firm, Prime Group Realty Trust (NYSE:PGE), a real estate investment trust that owns and operates office and industrial properties, Ventas, Inc. (NYSE:VTR), one of the nation's leading healthcare REITs, and Acadia Realty Trust (NYSE:AKR), a real estate investment trust that owns and operates shopping centers. Mr. Deriso is Vice Chairman of Synovus (NYSE:SNV), a diversified financial services holding company with more than $21 billion in assets. Synovus has been named to Fortune magazine's annual list of The 100 Best Companies to Work For for seven consecutive years. Under Mr. Deriso's direction, the Synovus team is successfully integrating its array of financial services beyond company distinctions, enabling customers to go to one source for all of their financial needs. Mr. Deriso came to Synovus in 1991 after practicing law for 18 years and serving as a Partner in the Law Firm of Divine, Wilkin, Deriso, Raulerson & Fields. As President and Chief Executive Officer of Security Bank & Trust Company, a member of the Synovus family of companies, Mr. Deriso led the bank's team to record earnings and growth. He was named Vice Chairman of Synovus in 1997 and is responsible for both Synovus Financial Management Services and Private Banking. Mr. Deriso is also the Chairman of the Board for both Synovus Trust Company and Security Bank & Trust. The Company also announced that John T. Glover and Robert L. Anderson have decided not to stand for re-election as directors when their terms expire at the 2004 Annual Meeting of Shareholders. Mr. Glover has served as a director since 1984, serving as Vice Chairman from March 2000 to February 2003. Mr. Anderson has served as a director since 2000. Mr. Goddard stated, "John and Bob have been extraordinarily dedicated members of the Board, and I would like to thank them for the valuable contributions they have made to the Company during their tenure. We wish them well in all future endeavors." Mr. Glover said, "Post Properties has been an important part of my life for many years, but as I indicated before the 2003 annual meeting, I will not stand for re-election this year when my term in office expires. This is the right decision at the right time. Post is in good hands, with an excellent management team and a superbly qualified Board of Directors. With Doug Crocker and Sonny Deriso joining the Board, and with Nick Paumgarten who became a director a few months ago, the Company's commitment to Board excellence and independence is evident. I will leave the Board with pride in Post's accomplishments and with optimism about its future." 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 homes in 76 communities, including 468 units currently under development. DATASOURCE: Post Properties, Inc. CONTACT: Janie Maddox, +1-404-846-5056, for Post Properties, Inc.

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