PPS Post Properties, Inc. (delisted)

Post Properties' Shareholders Reject John Williams' Proposed Bylaw Amendment by Wide Margin Shareholders Also Approve Board-Sponsored Proposal to Declassify the Board of Directors and Elect Board's Director Nominees ATLANTA, May 27 /PRNewswire-FirstCall/ -- Post Properties, Inc. (NYSE:PPS), an Atlanta-based real estate investment trust, today announced that its shareholders have overwhelmingly rejected a proposed Bylaw amendment submitted by John A. Williams which would have required annual shareholder approval of director compensation. The Company said that based on its preliminary tabulation of the vote, the Williams Bylaw amendment was supported by the holders of 9% of the outstanding shares. The amendment needed the support of a majority of the outstanding shares in order to be adopted. Post Properties also said its preliminary count indicates that shareholders voting on the Williams Bylaw amendment voted against it by a margin of better than 7 to 1. (Logo: http://www.newscom.com/cgi-bin/prnh/20040514/POSTPLOGO ) The preliminary tally also shows that a Board-sponsored amendment to the Company's Bylaws to declassify the Board and the election of the three director nominees were overwhelmingly approved. All proxy cards received by Post Properties were turned over to the independent inspector of election, who will tabulate and certify the final results. Post Properties, founded more than 30 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. Operating as a real estate investment trust (REIT), the Company focuses on developing and managing Post(R) branded resort-style garden apartments and high-density urban apartments with a vision of being the first choice in quality multifamily living. Post Properties is headquartered in Atlanta, Georgia, and has operations in 10 markets across the country. Nationwide, Post Properties owns approximately 27,683 apartment homes in 71 communities, including 666 apartment homes held in three unconsolidated joint ventures. http://www.newscom.com/cgi-bin/prnh/20040514/POSTPLOGO http://photoarchive.ap.org/ 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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