Post Properties Announces Annual Meeting Voting Results and Quarterly Dividends

Business Wire, June 09, 2009

ATLANTA -- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, announced today the results of the votes taken at its Annual Meeting of Shareholders held on June 9, 2009.

Shareholders elected the Board’s ten nominees and ratified the appointment of Deloitte & Touche LLP as the Company’s independent registered public accountants for 2009.

The Company also announced quarterly dividends on its common stock of $0.20 per share for the second quarter of 2009. The dividend is payable on July 15, 2009 to all common stock shareholders of record as of June 30, 2009.

Post also announced regular quarterly dividends for its 8.5 percent Series A Cumulative Redeemable Preferred Stock and its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock.

On its 8.5 percent Series A Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $1.0625 per share for the second quarter. The dividend is payable on June 30, 2009 to all Series A preferred stock shareholders of record as of June 15, 2009.

On its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $0.47656 per share for the second quarter. The dividend is payable on June 30, 2009 to all Series B preferred stock shareholders of record as of June 15, 2009.

About Post Properties

Post Properties, founded more than 38 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, with a vision of being the first choice in quality multifamily living. Operating as a real estate investment trust (“REIT”), the Company focuses on developing and managing Post® branded resort-style garden and high density urban apartments. In addition, the Company develops high-quality condominiums and converts existing apartments to for-sale multifamily communities. Post Properties is headquartered in Atlanta, Georgia, and has operations in nine markets across the country.

Post Properties owns 20,662 apartment units in 57 communities, including 1,747 apartment units in five communities held in unconsolidated entities and 1,736 apartment units in five communities currently under construction and/or in lease-up. The Company is also developing and selling 362 for-sale condominium homes in three communities (including 129 units in one community held in an unconsolidated entity) and is converting apartment units in two communities initially consisting of 349 units into for-sale condominium homes through a taxable REIT subsidiary.