Post Properties Announces Redemption of 7-5/8% Series B Cumulative Redeemable Preferred Shares

Post Properties, Inc. (NYSE: PPS) (cusip 737464305) (the "Company") announced today that it is giving notice that it will redeem each of its 1,982,829 outstanding 7-5/8% Series B Cumulative Redeemable Preferred Shares ("Series B Preferred Shares") on March 14, 2011 (the "Redemption Date”) at a price of $25.00 per share, plus $0.386543 in accrued and unpaid dividends up to and including the Redemption Date, for a total redemption price of $25.386543 per share (the "Redemption Price”). Dividends on the Series B Preferred Shares will cease to accumulate on the Redemption Date.

Holders of record must surrender Series B Preferred Shares to Computershare to receive the Redemption Price in accordance with written instructions specified in the Notice of Redemption to be dated February 9, 2011.

The Notice of Redemption will be mailed to holders of record of the Series B Preferred Shares on or about February 9, 2011.

About Post Properties

Post Properties, founded 40 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 20,505 apartment units in 56 communities, including 1,747 apartment units in five communities held in unconsolidated entities and 642 apartment units at two communities currently under construction. The Company is also selling luxury for-sale condominium homes in two communities through a taxable REIT subsidiary.