Post Properties Announces New Stock and Note Repurchase Program

Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced that its Board of Directors adopted a new stock and note repurchase program under which Post may repurchase up to an aggregate of $200 million of Post’s common stock or preferred stock or its operating partnership’s senior unsecured notes from time to time until December 31, 2012. The new stock and note repurchase program replaces programs that are currently in place through the end of 2010.

About Post Properties

Post Properties, founded more than 39 years ago, is a leading developer and operator of upscale multifamily communities. 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. Post Properties is headquartered in Atlanta, Georgia, and has operations in nine markets across the country.

Post Properties has interests in 20,207 apartment units in 56 communities, including 1,747 apartment units in five communities held in unconsolidated entities, 396 apartment units in one community currently in lease-up and 344 apartment units in one community currently under construction. The Company is also developing and selling 277 luxury for-sale condominium homes in two communities through a taxable REIT subsidiary.