2008-08-20 02:25:01 -

Postproperties.com - Post Properties, Inc. (NYSE: PPS) announced today the sale of its Post Oglethorpe(R) apartment community located in Atlanta, GA for a gross sales price of approximately $38.5 million. Post Oglethorpe(R) is a garden-style apartment community located in the Brookhaven area of Atlanta and consists of 250 units with an average unit size of approximately

1,150 square feet. The community was completed in 1994. The buyer was not disclosed. Post expects to report a gain of approximately $23 million relating to this sale.

In addition, Post announced today that it has closed two 5-year mortgage loans with Fannie Mae to refinance existing debt secured by mortgages on its Post Biltmore(TM) community in Atlanta, GA and its Post Massachusetts Avenue(TM) community in Washington, D.C. Each of these communities is held in an unconsolidated joint venture, in which Post holds a 35% interest. The Post Biltmore(TM) mortgage loan has a principal amount of approximately $29.3 million, requires fixed interest-only payments at 5.83% and matures on September 1, 2013. The Post Massachusetts Avenue(TM) mortgage loan has a principal amount of approximately $50.5 million, requires fixed interest-only payments at 5.82% and matures on September 1, 2013. Both of these loans are pre-payable without penalty beginning after August 2011.

The Company also announced that Moody's Investors Service and Standard & Poor's last week affirmed Post's senior unsecured credit ratings of Baa3 and BBB, respectively. Moody's also revised the rating outlook to stable from developing for Post Properties, Inc. and Post Apartment Homes, L.P., and S&P removed the Company from Credit Watch while changing its outlook to negative. These rating affirmations and outlook changes follow Post's announcement that it had concluded its formal process to pursue a potential sale or other business combination.

Post Properties, founded more than 36 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(R) 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 21,890 apartment homes in 60 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 514 for-sale condominium homes in four communities (including 137 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.

Post Properties, Inc.
Christopher Papa
404-846-5028