Post Properties Raises $200 Million Through 5.99%, 10-Year Secured Portfolio Financing

Post Properties, Inc. (NYSE: PPS) announced today the closing of five, cross-collateralized mortgage loans with Deutsche Bank Berkshire Mortgage, Inc., pursuant to the Federal Home Loan Mortgage Corporation (Freddie Mac) loan program, secured by mortgages on the following Post® communities: Post Briarcliff™, Post Crossing® and Post Glen® located in Atlanta, GA, Post Hyde Park® located in Tampa, FL, and Post Corners™ located in Fairfax Co., VA. The mortgage loans have an aggregate principal amount of approximately $202.2 million, require fixed interest-only payments for the first two years and then principal and interest payments for the remaining term of the loan based on a 30-year amortization schedule. The loans bear interest at a fixed rate of 5.99% and mature in ten years on February 1, 2019.

At the end of December 2008, Post repaid approximately $39.2 million of secured indebtedness that was scheduled to mature in March 2009, using available cash from its October 2008 Freddie Mac financing. Post expects to use the net proceeds from this most recent Freddie Mac financing to fully pay down the current outstanding balance on its $600 million unsecured revolving line of credit and expects to use the remaining net proceeds for general corporate purposes, including the funding of development projects currently under construction and to repay other existing and future debt obligations.

Said Christopher Papa, the Company’s Chief Financial Officer, "This latest financing is part of our strategy to manage the balance sheet to stay in front of short-term liquidity requirements, including scheduled debt maturities and remaining development spending, by maintaining substantial unused line capacity and available cash equivalents.”

Forward Looking Statement

Certain statements made in this press release 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. This press release includes forward looking statements relating to our expectations with respect to the use of proceeds from the debt financing. 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 expectations with respect to the use of financing proceeds to differ materially from those described in the Company's forward-looking statements: the success of the Company's business strategies discussed in its Annual Report on Form 10-K dated December 31, 2007, as amended and in previous filings with the SEC; future conditions in the global capital markets, including changes in the availability of credit and liquidity; future local and national economic conditions, including changes in levels of employment, interest rates, the availability of mortgage and other financing and related factors; uncertainties associated with the timing and amount of asset sales, the market for asset sales and the resulting gains/losses associated with such asset sales; conditions affecting ownership of residential real estate and general conditions in the multifamily residential real estate market. 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 fiscal year ended December 31, 2007, as amended, and under the caption "Risk Factors" in the Company's quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2008 and may be discussed in subsequent filings with the SEC. The risk factors discussed in Form 10-K, as amended, and Form 10-Q under the caption "Risk Factors" are specifically incorporated by reference into this press release.

About Post Properties

Post Properties, founded more than 37 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 ten markets across the country.

Post Properties owns 21,189 apartment homes in 58 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 361 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.