PPS Post Properties, Inc. (delisted)

Post Properties Closes $85 million of Secured Financings and Announces Post Toscana(TM) Lease-Up Reaches 95% ATLANTA, March 17 /PRNewswire-FirstCall/ -- Post Properties, Inc. , an Atlanta-based real estate investment trust, today announced the closing of 5-year mortgage loans on each of Post Luminaria(TM) located in New York, NY and Post Massachusetts Avenue(TM) located in Washington, D.C. Post also announced today that its Post Toscana(TM) property in New York, NY has reached lease-up of 95%. The Post Luminaria(TM) mortgage loan is $35 million, bears interest at a rate of 4.27% per annum and matures on March 10, 2009. Post Luminaria(TM) is owned in a joint venture with a third party investor of which Post is the majority owner. The Post Massachusetts Avenue(TM) mortgage loan is $50 million, bears interest at a rate of 4.13% per annum, is first callable by the lender on May 1, 2009 and is first prepayable without a prepayment premium by the company on May 1, 2008. Post Massachusetts Avenue(TM) is owned in an unconsolidated joint venture with the New York State Common Retirement Fund. The net proceeds of the above-described loans were used primarily to repay construction loans that Post had made to each of these entities to fund the development and construction of such properties. Post Toscana(TM) is a 199-unit luxury high-rise property on the upper east side of New York City. As of March 13, 2004, Post Toscana(TM) was 95.5% leased. 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 selected infill and urban locations in selected 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-administeredand 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 72 communities, including 666 apartment homes is held in three unconsolidated joint ventures and including 468 apartment homes currently in lease-up. Certain statements made in this press release and other written or oral statements made by or on behalf of thecompany, 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. 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 forapartments 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 estatemarket; 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 realestate 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, 2003 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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