Post Properties Announces the Development of Post Lake at Baldwin Park, Phase III and Post Parkside at Wade, Phase I

Post Properties, Inc. PPS today announced the commencement of development of Post Lake® at Baldwin Park, Phase III, consisting of 410 apartment units and located in Orlando, FL, and Post Parkside™ at Wade, Phase I, consisting of 392 apartment units and 18,148 square feet of retail space and located in Raleigh, NC. The total estimated development cost of the two projects is approximately $113.6 million, and the Company currently expects the stabilized yield on the projects to average approximately 7.0%, after a 3% management fee and $300 per unit reserve, and based on current market rents, without trending. The Company currently expects to fund future estimated construction expenditures primarily by utilizing available borrowings under its unsecured revolving lines of credit and proceeds under its at-the-market common equity sales program. Post Lake® at Baldwin Park, Phase III is located in the desirable Baldwin Park mixed-use community in Orlando. The Baldwin Park community consists of single-family homes, townhomes and condominiums, retail shops, office space and an array of neighborhood amenities. Post acquired the 350-unit Phases I and II of Post Lake® at Baldwin Park in 2007, along with lake-front land that is the subject of today's development announcement. The Phase III development is planned to comprise an additional 410 apartment units with an average unit size of approximately 960 square feet. Construction is expected to commence in the third quarter of 2011, with first apartment unit deliveries expected by the fourth quarter of 2012. Post Parkside™ at Wade, Phase I is located in Raleigh, at the intersection of I-40 and Wade Avenue near NC State University, the Research Triangle Park, Raleigh-Durham International Airport, and the Town of Cary. The project is part of the Wade mixed-use community, which currently consist of 200,000 square feet of Class-A office space developed and owned by Lichtin Corporation, 307 planned single-family homes and townhomes being developed by Lennar Corp. LEN and a town square park. Future plans for the Wade community include an additional 300,000 square feet of office and a 300-room hotel to be developed by third parties, along with additional retail space and multifamily apartment units that may be developed in future years by Post. The Post Parkside™ at Wade, Phase I development is planned to comprise 392 apartment units with an average unit size of 907 square feet, and 18,148 square feet of retail space, fronting on the town square park. Construction is expected to commence by the fourth quarter of 2011, with first apartment unit deliveries expected by the fourth quarter of 2012.