Post Properties Announces First Quarter 2012 Earnings And Development Of Post Richmond Avenue™ In Houston, Texas

Post Properties, Inc. (NYSE: PPS) announced today net income available to common shareholders of $20.9 million, or $0.39 per diluted share, for the first quarter of 2012, compared to a net loss attributable to common shareholders of $0.4 million, or a loss of $0.01 per diluted share, for the first quarter of 2011.

The Company’s net income available to common shareholders for the first quarter of 2012 included a gain of $6.1 million on the sale of its interest in Post Biltmore™ in Atlanta, Georgia, held in an unconsolidated joint venture entity in which the Company owned a 35% interest. The Company’s net loss attributable to common shareholders for the first quarter of 2011 included $1.8 million of costs associated with the Company’s redemption of its Series B preferred stock.

Funds From Operations

The Company uses the National Association of Real Estate Investment Trusts (“NAREIT”) definition of Funds from Operations (“FFO”) as an operating measure of the Company’s financial performance. A reconciliation of FFO to GAAP net income is included in the financial data (Table 1) accompanying this press release.

FFO for the first quarter of 2012 was $34.2 million, or $0.64 per diluted share, compared to $18.3 million, or $0.37 per diluted share, for the first quarter of 2011. FFO for the first quarter of 2012 excludes the gain on the sale of Post Biltmore™ discussed above. The Company’s FFO for the first quarter of 2011 included the charge related to the redemption of its Series B preferred stock of $1.8 million, or $0.035 per diluted share.

Said Dave Stockert, the Company’s CEO and President, “We performed well across-the-board in the first quarter, with solid growth in profitability of our apartment business and a healthy pace of condominium sales. We added another high-quality project to our development pipeline, taking advantage of fundamental tailwinds, and continued to emphasize strength and liquidity in our balance sheet. Post remains well-positioned in the current environment, and our first quarter results are a good way to start the year.”

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