PPS Post Properties, Inc. (delisted)

Post Properties Closes Sale of Suburban Dallas Property and Announces Repayment of $13 Million of 7.3% Medium Term Notes ATLANTA, April 7 /PRNewswire-FirstCall/ -- Post Properties, Inc. , an Atlanta-based real estate investment trust, today announced the closing of the sale of Post Town Lake(R) for gross proceeds of approximately $22 million. Post today also announced the repayment at maturity of $13 million of its 7.3% Medium Term Notes due on April 1, 2004. Located in suburban Dallas, TX, Post Town Lake(R) was developed in 1986. The community includes 398 apartment homes with an average unit size of 880 square feet. The sale, to an unaffiliated third party, closed on March 29, 2004. The sale of Post Town Lake(R) is one in Post's previously announced plan to sell nine of its oldest apartment communities in the first and second quarters of 2004. David Stockert, President and CEO of Post, said "Our asset sales program is achieving its intended benefits. With the sale of our older, more commodity-like properties, we're enhancing the already high quality and consistency of the portfolio and raising attractively priced capital. We expect to use the net proceeds of these sales in roughly equal measures to strengthen thebalance sheet and for reinvestment, all intended to create a stronger platform for future earnings growth." 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-administered and self-managed equity real estate investment trust (REIT), the company's primary businessconsists of developing and managing Post(R) brand-name apartment communities. Nationwide, Post Properties owns approximately 27,683 apartment homes in 71 communities, including 666 apartment homes owned in three unconsolidated joint ventures, of which269 of these apartment homes are currently in 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. 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-lookingstatements: 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, 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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