Post Properties 8-K Results of Operations and Financial Condition

Exhibit 99.2

First Quarter 2008
Supplemental Financial Data

Table of Contents

	Page
Consolidated Statements of Operations		3
Calculation of Funds from Operations and Adjusted Funds From Operations		6
Same Store Results		7
Consolidated Balance Sheets		10
Consolidated Debt Summary		11
Summary of Communities Under Construction		14
Summary of Future Projects in Pre-Development		15
Summary of Communities Under Rehabilitation		16
Summary of Condominium Projects		17
Community Acquisition and Disposition Summary		18
Capitalized Costs Summary		19
Investments in Unconsolidated Real Estate Entities		20
Net Asset Value Supplemental Information		21
Non-GAAP Financial Measures and Other Defined Terms		23

The projections and estimates given in this document and other written or oral statements made by or on behalf of the Company may constitute “forward-looking statements” within the meaning of the federal securities laws. 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 results to differ materially from the expected results 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; future local and national economic conditions, including changes in job growth, interest rates, the availability of financing and other factors; demand for apartments in the Company’s markets and the effect on occupancy and rental rates; the impact of competition on the Company’s business, including competition for tenants and development locations for its apartment communities and competing for-sale housing in the markets where the Company is completing condominium conversions or developing new condominiums; the Company’s ability to obtain financing or self-fund the development or acquisition of additional multifamily rental and for-sale housing; the uncertainties associated with the Company’s current and planned future real estate development, including the timing of estimated start and completion dates, actual costs exceeding the Company’s budgets or development periods exceeding expectations or the inability to attain estimated yields; uncertainties associated with the timing and amount of asset sales and the resulting gains/losses associated with such asset sales; uncertainties associated with the Company’s condominium conversion and for-sale housing business; conditions affecting ownership of residential real estate and general conditions in the multi-family residential real estate market; uncertainties associated with environmental and other regulatory matters; the impact of our ongoing litigation with the Equal Rights Center regarding compliance with the Americans with Disabilities Act and the Fair Housing Act (including any award of compensatory or punitive damages or injunctive relief requiring us to retrofit apartments or public use areas or prohibiting the sale of apartment communities or condominium units) as well as the impact of other litigation; the effects of changes in accounting policies and other regulatory matters detailed in the Company’s filings with the Securities and Exchange Commission; the Company’s ability to continue to qualify as a real estate investment trust under the Internal Revenue Code; and the progress and results of the Company’s formal process to pursue a potential sale or other business combination. Other important risk factors regarding the Company are included under the caption “Risk Factors” in the company’s Annual Report on Form 10-K dated December 31, 2007, as amended, and may be discussed in subsequent filings with the SEC. The risk factors discussed in Form 10-K, as amended, under the caption “Risk Factors” are specifically incorporated by reference into this document.

2

Post Properties, Inc.
Consolidated Statements of Operations
(In thousands, except per share or unit data)
(Unaudited)

	Three months ended
	March 31,
	2008			2007
Revenues
Rental	$	71,130		$	69,229
Other property revenues		3,558			3,672
Other		239			117
Total revenues		74,927			73,018
Expenses
Property operating and maintenance (exclusive of items shown separately below)		35,613			34,120
Depreciation		15,961			16,255
General and administrative (1)		5,848			5,448
Investment, development and other (2)		1,458			1,550
Strategic review costs (3)		6,070			—
Total expenses		64,950			57,373
Operating income		9,977			15,645
Interest income		210			250
Interest expense		(11,703	)		(12,741	)
Amortization of deferred financing costs		(851	)		(812	)
Gains on sales of real estate assets, net (4)		2,119			3,706
Equity in income of unconsolidated real estate entities		401			504
Other income (expense) (5)		(174	)		(261	)
Minority interest in consolidated property partnerships		(466	)		(20	)
Minority interest of common unitholders		22			(67	)
Income (loss) from continuing operations		(465	)		6,204
Discontinued operations(6)
Income from discontinued property operations, net of minority interest		861			1,377
Gains on sales of real estate assets, net of minority interest		2,290			16,890
Income from discontinued operations		3,151			18,267
Net income		2,686			24,471
Dividends to preferred shareholders		(1,909	)		(1,909	)
Net income available to common shareholders	$	777		$	22,562
Per common share data — Basic(7)
Income (loss) from continuing operations (net of preferred dividends)	$	(0.05	)	$	0.10
Income from discontinued operations		0.07			0.42
Net income available to common shareholders	$	0.02		$	0.52
Weighted average common shares outstanding — basic		43,875			43,367
Per common share data — Diluted(7)
Income (loss) from continuing operations (net of preferred dividends)	$	(0.05	)	$	0.10
Income from discontinued operations		0.07			0.41
Net income available to common shareholders	$	0.02		$	0.51
Weighted average common shares outstanding — diluted		43,875			44,101

3

Post Properties, Inc.
Notes to Consolidated
Statements of Operations
(In thousands, except per share or unit data)

(1)	General and administrative costs for the three months ended March 31, 2008 included $353 of additional severance charges related to increased accruals for prior year severance arrangements and $126 of incentive plan compensation costs under the Company’s Shareholder Value Plan in excess of targeted amounts due to the increase in the Company’s common share price in the first quarter, some of which was attributed to the initiation of the strategic review process discussed in (3) below.
(2)	Investment, development and other expenses for the three months ended March 31, 2008 and 2007 included investment group expenses, development personnel and associated costs and land carry expenses not allocable to current development projects.
(3)	Strategic review costs for the three months ended March 31, 2008 included financial, legal and other costs associated with the Company’s initiation of a formal process to pursue a possible business combination or other sale transaction. There can be no assurance that the process will result in any transaction leading to a business combination or other sale transaction.
(4)	For the three months ended March 31, 2008 and 2007, income from continuing operations included net gains from condominium sales activities at newly developed and condominium conversion projects representing portions of existing communities. In addition, condominium gains are net of certain expensed sales and marketing costs associated with pre-sale condominium communities and condominium communities under development totaling $247 and $160 for the three months ended March 31, 2008 and 2007, respectively. Net gains from condominium sales activities at other consolidated community conversion projects are included in discontinued operations under generally accepted accounting principles (see (6) below). A summary of revenues and costs and expenses of condominium activities included in continuing operations for the three months ended March 31, 2008 and 2007 was as follows:

	Three months ended
	March 31,
	2008			2007
Condominium revenues	$	8,297		$	5,869
Condominium costs and expenses		(6,178	)		(4,361	)
Gains on sales of condominiums, net	$	2,119		$	1,508

	For the three months ended March 31, 2007, gains on sales of real estate assets also included a $2,198 gain on the sale of a land site and an associated corporate facility previously used in the Company’s landscape and maintenance operations.
(5)	For the three months ended March 31, 2008 and 2007, other expenses primarily included estimated state franchise and other income taxes.
(6)	Under SFAS No. 144, the operating results of real estate assets designated as held for sale are included in discontinued operations for all periods presented. Additionally, all subsequent gains or additional losses on the sale of these assets are included in discontinued operations.
	For the three months ended March 31, 2008, income from discontinued operations included the operating results of two apartment communities, containing 744 units, held for sale at March 31, 2008 and one apartment community, containing 143 units, through its sale date in 2008. For the three months ended March 31, 2007, income from discontinued operations included the results of operations of the two apartment communities held for sale at March 31, 2008, the apartment community sold in 2008, a condominium conversion community sold in 2007, and three apartment communities sold in 2007 through their sale dates.

4

The operating revenues and expenses of these communities for the three months ended March 31, 2008 and 2007 were as follows:

	Three months ended
	March 31,
	2008			2007
Revenues
Rental	$	2,364		$	4,695
Other property revenues		143			323
Total revenues		2,507			5,018
Expenses
Property operating and maintenance (exclusive of items shown separately below)		981			1,973
Depreciation		227			788
Interest		430			859
Total expenses		1,638			3,620
Income from discontinued property operations before minority interest		869			1,398
Minority interest		(8	)		(21	)
Income from discontinued property operations	$	861		$	1,377

For the three months ended March 31, 2008, the Company recognized net gains in discontinued operations of $2,311 ($2,290 net of minority interest), from the sale of an apartment community, containing 143 units. This sale generated net proceeds of approximately $19,433. For the three months ended March 31, 2007, the Company recognized net gains in discontinued operations of $16,974 ($16,714 net of minority interest), from the sale of an apartment community, containing 182 units.

For the three months ended March 31, 2007, gains on sales of real estate assets included in discontinued operations also included net gains from condominium sales activities at one condominium conversion community that sold out in 2007. A summary of revenues and costs and expenses of condominium activities included in discontinued operations was as follows:

Condominium revenues	$	560
Condominium costs and expenses		(381	)
Gains on condominium sales, before minority interest		179
Minority interest		(3	)
Gains on condominium sales, net of minority interest	$	176

(7) Post Properties, Inc. is structured as an UPREIT, or Umbrella Partnership Real Estate Investment Trust. Post GP Holdings, Inc., a wholly owned subsidiary of the Company, is the sole general partner and, together with Post LP Holdings, Inc., owns the controlling interest in Post Apartment Homes, L.P., the Operating Partnership through which the Company conducts its operations. As of March 31, 2008, there were 44,405 units of the Operating Partnership outstanding, of which 44,096, or 99.3%, were owned by the Company.

5

Post Properties, Inc.
Calculation of Funds from Operations
and Adjusted Funds From Operations Available
to Common Shareholders and Unitholders
(In thousands, except per share or unit data)
(Unaudited)

A reconciliation of net income available to common shareholders to funds from operations available to common shareholders and unitholders and adjusted funds from operations available to common shareholders and unitholders is provided below.

	Three months ended
	March 31,
	2008			2007
Net income available to common shareholders	$	777		$	22,562
Minority interest of common unitholders - continuing operations		(22	)		67
Minority interest in discontinued operations (1)		29			284
Depreciation on consolidated real estate assets (2)		15,700			16,489
Depreciation on real estate assets held in unconsolidated entities		350			226
Gains on sales of real estate assets		(4,430	)		(18,661	)
Incremental gains (losses) on condominium sales		1,504			(196	)
Gains on sales of real estate assets - unconsolidated entities		—			(202	)
Incremental gains on condominium sales - unconsolidated entities (3)		—			133
Funds from operations available to common shareholders and unitholders (A)	$	13,908		$	20,702
Funds from operations available to common shareholders and unitholders (A)	$	13,908		$	20,702
Annually recurring capital expenditures		(2,258	)		(2,616	)
Periodically recurring capital expenditures		(1,593	)		(2,305	)
Non-cash straight-line adjustment for ground lease expenses		295			313
Adjusted funds from operations available to common shareholders and unitholders (4) (B)	$	10,352		$	16,094
Per Common Share Data — Basic
Funds from operations per share or unit, as defined(A÷C)	$	0.31		$	0.47
Adjusted funds from operations per share or unit (4)(B÷C)	$	0.23		$	0.37
Dividends declared	$	0.45		$	0.45
Weighted average shares outstanding		43,875			43,367
Weighted average shares and units outstanding(C)		44,278			44,041
Per Common Share Data — Diluted
Funds from operations per share or unit, as defined(A÷D)	$	0.31		$	0.46
Adjusted funds from operations per share or unit (4)(B÷D)	$	0.23		$	0.36
Dividends declared	$	0.45		$	0.45
Weighted average shares outstanding (5)		44,294			44,101
Weighted average shares and units outstanding (5)(D)		44,697			44,776

(1)	Represents the minority interest in earnings and gains on sales of real estate assets reported as discontinued operations for the periods presented.
(2)	Depreciation on wholly-owned real estate assets is net of the minority interest portion of depreciation in consolidated entities.
(3)	For condominium conversion projects, the Company recognizes incremental gains on condominium sales in FFO, net of provision for income taxes, to the extent that net sales proceeds, less costs of sales, from the sale of condominium units exceeds the greater of their fair value or net book value as of the date the property is acquired by the Company’s taxable REIT subsidiary. For condominium development projects, gains on condominium sales in FFO are equivalent to gains reported under GAAP. See the table entitled “Summary of Condominium Projects” on page 17 for further detail.
(4)	Since the Company does not add back the depreciation of non-real estate assets in its calculation of funds from operations, non-real estate related capital expenditures of $231 and $1,261 for the three months ended March 31, 2008 and 2007, respectively, are excluded from the calculation of adjusted funds from operations available to common shareholders and unitholders.
(5)	Funds from operations per share were computed using weighted average shares and units outstanding, including the impact of dilutive securities totaling 419 shares and units for the three months ended March 31, 2008. Such dilutive securities were antidilutive to the income (loss) per share computations for the three months ended March 31, 2008 since the Company reported a per share loss from continuing operations under generally accepted accounting principles for such period.

6

Post Properties, Inc.
Same Store Results
(In thousands, except per share or unit data)
(Unaudited)

Same Store Results

The Company defines fully stabilized or same store communities as those which have reached stabilization prior to the beginning of the previous calendar year, adjusted by communities sold and classified as held for sale and communities under rehabilitation. Same store net operating income is a supplemental non-GAAP financial measure. See Table 1 on page 25 for a reconciliation of same store net operating income to GAAP net income. The operating performance and capital expenditures of the 42 communities containing 15,565 apartment units which were fully stabilized as of January 1, 2007, is summarized as follows:

	Three months ended
	March 31,
	2008		2007		% Change
Rental and other revenues	$	59,916	$	58,128		3.1	%
Property operating and maintenance expenses (excluding depreciation and amortization)		23,349		22,226		5.1	%
Same store net operating income	$	36,567	$	35,902		1.9	%
Capital expenditures (1)
Annually recurring:
Carpet	$	618	$	639		(3.3	)%
Other		1,160		1,070		8.4	%
Total annually recurring		1,778		1,709		4.0	%
Periodically recurring (2)		1,301		666		95.3	%
Total capital expenditures(A)	$	3,079	$	2,375		29.6	%
Total capital expenditures per unit(A ÷ 15,565 units)	$	198	$	153		29.4	%
Average monthly rental rate per unit (3)	$	1,287	$	1,252		2.8	%

(1)	See Table 3 on page 27 for a reconciliation of these segment components of property capital expenditures to total annually recurring capital expenditures and total periodically recurring capital expenditures as presented on the consolidated cash flow statements prepared under GAAP.
(2)	Periodically recurring expenditures for the three months ended March 31, 2008 include approximately $480 related to the Company’s new “resident design center” program.
(3)	Average monthly rental rate is defined as the average of the gross actual rates for occupied units and the anticipated rental rates for unoccupied units divided by total units.

7

Same Store Operating Results by Market –
Comparison of First Quarter of 2008 to First Quarter of 2007
(Increase (decrease) from same period in prior year)

	Three months ended
	March 31, 2008
										Average
										Economic
Market	Revenues (1)			Expenses (1)			NOI (1)			Occupancy
Atlanta		3.6	%		3.7	%		3.5	%		0.9	%
Dallas		4.9	%		9.9	%		1.0	%		1.1	%
Washington, DC		2.1	%		4.8	%		0.7	%		(0.2	)%
Tampa		(2.0	)%		1.6	%		(4.4	)%		(1.0	)%
Charlotte		2.7	%		(3.9	)%		6.2	%		(0.9	)%
New York		7.0	%		27.1	%		(2.1	)%		2.2	%
Houston		7.1	%		3.9	%		9.8	%		1.3	%
Austin		5.4	%		(2.0	)%		13.3	%		0.2	%
Orlando		(1.6	)%		(3.6	)%		(0.2	)%		0.6	%
Total		3.1	%		5.1	%		1.9	%		0.5	%

(1) See Table 2 on page 26 for a reconciliation of these components of same store net operating income and Table 1 on page 25 for a reconciliation of same store net operating income to GAAP net income.

Same Store Occupancy by Market

						Average Economic
			% of NOI			Occupancy (1)						Physical
			Three months ended			Three months ended						Occupancy
	Apartment		March 31,			March 31,						at March 31,
Market	Units		2008			2008			2007			2008 (2)
Atlanta		5,413		31.3	%		95.1	%		94.2	%		94.6	%
Dallas		3,096		15.1	%		95.0	%		93.9	%		93.6	%
Washington, DC		2,064		18.8	%		94.0	%		94.2	%		94.2	%
Tampa		1,877		11.5	%		93.5	%		94.5	%		92.8	%
Charlotte		1,388		8.8	%		92.7	%		93.6	%		91.2	%
New York		337		6.5	%		95.8	%		93.6	%		95.0	%
Houston		837		4.6	%		93.4	%		92.1	%		93.7	%
Austin		308		1.8	%		95.9	%		95.7	%		93.8	%
Orlando		245		1.6	%		94.8	%		94.2	%		95.1	%
Total		15,565		100.0	%		94.5	%		94.0	%		93.8	%

(1)

The calculation of average economic occupancy does not include a deduction for net concessions and employee discounts. Average economic occupancy, including these amounts, would have been 93.6% and 93.2% for the three months ended March 31, 2008 and 2007, respectively. For the three months ended March 31, 2008 and 2007, net concessions were $323 and $238, respectively, and employee discounts were $198 and $216, respectively.

(2)

Physical occupancy is defined as the number of units occupied divided by total apartment units, expressed as a percentage.

8

Same Store Sequential Comparison

	Three months ended
	March 31,			December 31,
	2008			2007			% Change
Rental and other revenues	$	59,916		$	60,154			(0.4	)%
Property operating and maintenance expenses (excluding depreciation and amortization)		23,349			21,602			8.1	%
Same store net operating income (1)	$	36,567		$	38,552			(5.1	)%
Average economic occupancy		94.5	%		94.8	%		(0.3	)%
Average monthly rental rate per unit	$	1,287		$	1,286			0.1	%

(1) See Table 2 on page 26 for a reconciliation of these components of same store net operating income and Table 1 on page 25 for a reconciliation of same store net operating income to GAAP net income.

Sequential Same Store Operating Results by Market -
Comparison of First Quarter of 2008 to Fourth Quarter 2007
(Increase (decrease) between periods)

										Average
										Economic
Market	Revenues (1)			Expenses (1)			NOI (1)			Occupancy
Atlanta		(0.6	)%		3.9	%		(3.2	)%		(0.9	)%
Dallas		(0.3	)%		9.1	%		(6.9	)%		(1.1	)%
Washington, DC		(0.3	)%		6.7	%		(3.6	)%		(0.2	)%
Tampa		(0.2	)%		4.1	%		(3.1	)%		0.7	%
Charlotte		(1.1	)%		20.6	%		(9.0	)%		0.5	%
New York		(1.0	)%		26.4	%		(12.2	)%		(1.0	)%
Houston		0.8	%		11.4	%		(6.2	)%		(0.1	)%
Austin		1.1	%		8.4	%		(4.7	)%		0.1	%
Orlando		0.9	%		6.5	%		(2.8	)%		3.8	%
Total		(0.4	)%		8.1	%		(5.1	)%		(0.3	)%

(1) See Table 2 on page 26 for a reconciliation of these components of same store net operating income and Table 1 on page 25 for a reconciliation of same store net operating income to GAAP net income.

9

Post Properties, Inc.
Consolidated Balance Sheets
(In thousands, except per share or unit data)

	March 31,			December 31,
	2008			2007
	(Unaudited)
Assets
Real estate assets
Land	$	272,168		$	276,680
Building and improvements		1,819,259			1,840,563
Furniture, fixtures and equipment		201,484			204,433
Construction in progress		149,550			134,125
Land held for future development		159,736			154,617
		2,602,197			2,610,418
Less: accumulated depreciation		(553,589	)		(562,226	)
For-sale condominiums		33,912			38,844
Assets held for sale, net of accumulated depreciation of $24,333 and $4,031 at March 31, 2008 and December 31, 2007, respectively		36,464			24,576
Total real estate assets		2,118,984			2,111,612
Investments in and advances to unconsolidated real estate entities		22,958			23,036
Cash and cash equivalents		15,879			11,557
Restricted cash		8,759			5,642	��
Deferred charges, net		10,802			10,538
Other assets		35,038			105,756
Total assets	$	2,212,420		$	2,268,141
Liabilities and shareholders’ equity
Indebtedness	$	1,015,645		$	1,059,066
Accounts payable and accrued expenses		93,446			100,215
Dividend and distribution payable		19,982			19,933
Accrued interest payable		13,386			4,388
Security deposits and prepaid rents		15,038			11,708
Total liabilities		1,157,497			1,195,310
Minority interest of common unitholders in Operating Partnership		6,710			10,354
Minority interests in consolidated real estate entities		4,284			3,972
Total minority interests		10,994			14,326
Commitments and contingencies
Shareholders’ equity
Preferred stock, $.01 par value, 20,000 authorized:
8 1/2% Series A Cumulative Redeemable Shares, liquidation preference $50 per share, 900 shares issued and outstanding		9			9
7 5/8% Series B Cumulative Redeemable Shares, liquidation preference $25 per share, 2,000 shares issued and outstanding		20			20
Common stock, $.01 par value, 100,000 authorized:
44,096 and 43,825 shares issued, 44,096 and 43,825 shares outstanding at March 31, 2008 and December 31, 2007, respectively		441			438
Additional paid-in-capital		880,767			874,928
Accumulated earnings		170,919			189,985
Accumulated other comprehensive income (loss)		(5,151	)		(3,962	)
		1,047,005			1,061,418
Less common stock in treasury, at cost, 76 and 72 shares at March 31, 2008 and December 31, 2007, respectively		(3,076	)		(2,913	)
Total shareholders’ equity		1,043,929			1,058,505
Total liabilities and shareholders’ equity	$	2,212,420		$	2,268,141

10

Post Properties, Inc.
Consolidated Debt Summary
(Dollars in thousands, except per share or unit data)
(Unaudited)

Summary of Outstanding Debt at March 31, 2008

						Weighted Average Rate (1)
			Percentage			Three months ended March 31,
Type of Indebtedness	Balance		of Total			2008			2007
Unsecured fixed rate senior notes	$	535,000		52.7	%		6.4	%		6.4	%
Secured conventional fixed rate notes		385,993		38.0	%		5.5	%		6.2	%
Unsecured lines of credit		94,652		9.3	%		4.1	%		5.6	%
Secured tax exempt variable rate notes		—		0.0	%		—			3.6	%
	$	1,015,645		100.0	%		5.9	%		6.2	%

			Percentage			Weighted Average Maturity
	Balance		of Total Debt			of Total Debt (2)
Total fixed rate debt	$	920,993		90.7	%		5.8
Total variable rate debt		94,652		9.3	%		2.0
Total debt	$	1,015,645		100.0	%		5.4

Debt Maturities

				Weighted Average Rate
Aggregate debt maturities by year	Amount			on Debt Maturities (1)
Remainder of 2008	$	4,432			5.9	%
2009		76,618			5.5	%
2010		283,280	(3)		6.5	%
2011		141,431			5.4	%
2012		103,296			5.5	%
Thereafter		406,588			5.7	%
	$	1,015,645

Debt Statistics

	Three months ended
	March 31,
	2008			2007
Interest coverage ratio (4)(5)		2.2	x		2.5	x
Fixed charge coverage ratio (4)(6)		1.9	x		2.2	x
Total debt as a % of undepreciated real estate assets (adjusted for joint venture partner’s share of debt) (7)		38.6	%		39.6	%
Total debt and preferred equity as a % of undepreciated real estate assets (adjusted for joint venture partner’s share of debt) (7)		42.0	%		43.2	%

(1)	Weighted average rate includes credit enhancements and other fees, where applicable. The weighted average rates for the three months ended March 31, 2007 are based on the debt outstanding for that period.
(2)	Weighted average maturity of total debt represents number of years to maturity based on the debt maturities schedule above.
(3)	Includes outstanding balances on lines of credit of $94,652 maturing in 2010.
(4)	Calculated for the three months ended March 31, 2008 and 2007.
(5)	Interest coverage ratio is defined as net income available for debt service divided by interest expense. For purposes of this calculation, net income available for debt service represents income from continuing operations, before preferred or common minority interest, gains on sales of real estate and investment sales, interest expense, depreciation and amortization. Net income available for debt service was also adjusted for the Company’s share of depreciation and interest expense from unconsolidated entities, and interest expense used in the calculation was adjusted to include the Company’s share of interest expense from unconsolidated entities. The calculation of the interest coverage ratio is a non-GAAP financial measure. A reconciliation of net income available for debt service to income from continuing operations and interest expense to consolidated interest expense is included in Table 4 on page 28.
(6)	Fixed charge coverage ratio is defined as net income available for debt service divided by interest expense plus dividends to preferred shareholders and distributions to preferred unitholders. For purposes of this calculation, net income available for debt service represents earnings from continuing operations, before preferred or common minority interest, gains on sales of real estate and investment sales, interest expense, depreciation and amortization. Net income available for debt service was also adjusted for the Company’s share of depreciation and interest expense from unconsolidated entities, and interest expense used in the calculation was adjusted to include the Company’s share of interest expense from unconsolidated entities. The calculation of the fixed coverage ratio is a non-GAAP financial measure. A reconciliation of net income available for debt service to income from continuing operations and fixed charges to consolidated interest expense plus preferred dividends to shareholders and preferred distributions to unitholders is included in Table 4 on page 28.
(7)	A computation of the debt ratios is included in Table 5 on page 29.

11

Post Properties, Inc.
Consolidated Debt Summary (cont.)
(Dollars in thousands, except per share or unit data)
(Unaudited)

Financial Debt Covenants — Senior Unsecured Public Notes

	As of
Covenant requirement (1)	March 31, 2008
Consolidated Debt to Total Assets cannot exceed 60%		37	%
Secured Debt to Total Assets cannot exceed 40%		14	%
Total Unencumbered Assets to Unsecured Debt must be at least 1.5/1		3.4	x
Consolidated Income Available for Debt Service Charge must be at least 1.5/1		2.3	x

(1) A summary of the public debt covenant calculations and reconciliations of the financial components used in the public debt covenant calculations to the most comparable GAAP financial measures are detailed below.

	As of
	March 31, 2008
Ratio of Consolidated Debt to Total Assets
Consolidated debt, per balance sheet(A)	$	1,015,645
Total assets, as defined(B)(Table A)	$	2,779,540
Computed ratio(A÷B)		37	%
Required ratio (cannot exceed)		60	%
Ratio of Secured Debt to Total Assets
Total secured debt(C)	$	385,993
Computed ratio(C÷B)		14	%
Required ratio (cannot exceed)		40	%
Ratio of Total Unencumbered Assets to Unsecured Debt
Consolidated debt, per balance sheet(A)	$	1,015,645
Total secured debt(C)		(385,993	)
Total unsecured debt(D)	$	629,652
Total unencumbered assets, as defined(E)(Table A)	$	2,161,234
Computed ratio(E÷D)		3.4	x
Required minimum ratio		1.5	x
Ratio of Consolidated Income Available for Debt Service to Annual Debt Service Charge
Consolidated Income Available for Debt Service, as defined(F)(Table B)	$	115,464
Annual Debt Service Charge, as defined(G)(Table B)	$	51,308
Computed ratio(F÷G)		2.3	x
Required minimum ratio		1.5	x

12

Post Properties, Inc.
Consolidated Debt Summary (cont.)
(Dollars in thousands, except per share or unit data)
(Unaudited)

Table A

Calculation of Total Assets and Total Unencumbered Assets for Public Debt Covenant Computations

	As of
	March 31, 2008
Total real estate assets	$	2,118,984
Add:
Investments in and advances to unconsolidated real estate entities		22,958
Accumulated depreciation		553,589
Accumulated depreciation on assets held for sale		24,333
Other tangible assets		59,676
Total assets for public debt covenant computations		2,779,540
Less:
Encumbered real estate assets		(618,306	)
Total unencumbered assets for public debt covenant computations	$	2,161,234

Table B

Calculation of Consolidated Income Available for Debt Service and Annual Debt Service Change for Public Covenant Computations

	Three months ended
Consolidated income available for debt service	March 31, 2008
Net income	$	2,686
Add:
Minority interest of common unitholders		7
Minority interest in consolidated property partnerships — gains on sales of real estate assets — continuing operations		387
Income before minority interest		3,080
Add:
Depreciation		15,961
Depreciation (company share) of assets held in unconsolidated entities		350
Depreciation of discontinued operations		227
Amortization of deferred financing costs		851
Interest expense		11,703
Interest expense (company share) of assets held in unconsolidated entities		694
Interest expense of discontinued operations		430
Less:
Gains on sales of real estate assets, net — continuing operations		(2,119	)
Gains on sales of real estate assets — discontinued operations		(2,311	)
Consolidated income available for debt service	$	28,866
Consolidated income available for debt service (annualized)	$	115,464
Annual debt service charge
Consolidated interest expense	$	11,703
Interest expense (company share) of assets held in unconsolidated entities		694
Interest expense of discontinued operations		430
Debt service charge	$	12,827
Debt service charge (annualized)	$	51,308

13

Post Properties, Inc.
Summary Of Communities Under Construction
($ in millions)

														Costs						Estimated
												Company		Incurred		Quarter		Quarter of		Quarter of				Estimated		Units
		Number		Retail		Company			Estimated			Share of		as of		of Const.		First Units		Stabilized		Units		Quarter		Under		Units
Community	Location	of Units		Sq. Ft.		Ownership			Cost			Est. Cost		03/31/08		Start		Available		Occupancy (1)		Leased (2)		Sell-out		Contract (3)		Closed (2)
														(Company
														Share)
Apartments(6):
Post Alexander™	Atlanta, GA		307		—		100	%	$	62.4		$	62.4	$	49.3		2Q 2006		1Q 2008		2Q 2009		32		N/A		N/A		N/A
Post Walk® at Citrus Park Village	Tampa, FL		296		—		100	%		41.6			41.6		8.3		1Q 2008		1Q 2009		1Q 2010		—		N/A		N/A		N/A
Post Eastside™	Dallas, TX		435		37,900		100	%		56.7			56.7		29.0		4Q 2006		2Q 2008		4Q 2009		18		N/A		N/A		N/A
Post Hyde Park®	Tampa, FL		84		—		100	%		18.8	(4)		18.8		15.4		4Q 2006		4Q 2007		3Q 2008		49		N/A		N/A		N/A
Post Frisco Bridges™	Dallas, TX		269		29,000		100	%		41.3			41.3		10.5		3Q 2007		4Q 2008		2Q 2010		—		N/A		N/A		N/A
Post Park®	Wash. DC		396		1,700		100	%		84.7			84.7		19.1		4Q 2007		1Q 2009		3Q 2010		—		N/A		N/A		N/A
Post West Austin™	Austin, TX		329		—		100	%		53.2			53.2		17.8		4Q 2007		1Q 2009		1Q 2010		—		N/A		N/A		N/A
Total Apartments			2,116		68,600				$	358.7		$	358.7	$	149.4								99
Condominiums(6):
The Residences at 3630
Peachtree™ (5)	Atlanta, GA		137		—		50	%	$	93.4		$	47.6	$	12.7		3Q 2007		3Q 2009		N/A		N/A		4Q 2010		—		—
Four Seasons Residences	Austin, TX		168		8,000		100	%		133.5			133.5		23.6		1Q 2008		4Q 2009		N/A		N/A		4Q 2010		60		—
Total Condominiums			305		8,000				$	226.9		$	181.1	$	36.3												60		—

(1)	The Company defines stabilized occupancy as the earlier to occur of (i) the attainment of 95% physical occupancy on the first day of any month or (ii) one year after completion of construction.
(2)	As of April 21, 2008.
(3)	As of April 21, 2008, represents the total number of units under contract for sale upon completion and delivery of the units. There can be no assurance that condominium units under contract will close.
(4)	Total estimated construction costs for the Post Hyde Park® expansion includes the estimated replacement costs of six apartment units at the Company’s existing Hyde Park community that were demolished to accommodate the expansion.
(5)	The amounts reflected for this project represent the condominium portion of a mixed-use development currently being developed in an entity owned with other third-party developers. This condominium portion of the project is co-owned with an Atlanta-based condominium development partner.
(6)	Investments were generally underwritten to achieve targeted yields of approximately 6.00%-6.75% for apartment developments and approximately 20% pre-tax margins on estimated costs for condominium developments. Targeted yields for apartment developments represents the projected unlevered property net operating income (after adjustments for 3% management fee and $300 per unit capital reserves) as a percentage of total estimated construction costs. Targeted pre-tax margins for condominium developments represent projected pre-tax profits from condominium sales activities as a percentage of total estimated construction costs. There can be no assurance that these targets will be achieved.

14

Post Properties, Inc.
Summary of Future Projects In Pre-Development

The following are future projects for which the Company is currently in pre-development. The Company’s previous announcement about a possible business combination could impact the Company’s pre-development projects. The estimates and assumptions detailed below, including the approximate number of units, approximate retail square footage and approximate total projected development costs, are forward-looking and are subject to risks outlined on page 2 of this supplemental financial data. There can be no assurance that projects in pre-development will commence construction in the future or at all, that the number of units, square footage or intended use of the product will not change in the future or that development costs will not differ materially from the estimates provided below. The Company assumes no obligation to update this outlook in the future.

		Estimated
		Apartment Units		Estimated Retail
Project	Metro Area	For Rent		Square Feet
Allen Plaza I	Atlanta, GA		462		24,000
South Lamar	Austin, TX		302		10,000
Post Morningside™ (1)	Charlotte, NC		400		25,000
Post Plaza South™ (1)	Charlotte, NC		425		25,000
Post Midtown Square® III	Houston, TX		124		11,000
Post Richmond™	Houston, TX		232		—
Post Lake® at Baldwin Park	Orlando, FL		410		—
Wade I	Raleigh, NC		432		81,000	(2)
Post Soho Square™	Tampa, FL		192		17,000
Post Carlyle Square™ II	Washington, D.C.		332		6,000
			3,311		199,000

Approx. Projected Total
Development Costs ($ in millions) (3)
$	760

(1)	Site under contract to purchase. There can be no assurance that this land purchase will close.
(2)	The Company currently expects to develop the retail portion of this project in a partnership with a retail developer. The Company’s share of projected development costs is included in total projected development costs.
(3)	The projected total development costs include projected costs of proposed retail component and projected costs of other mixed-use components, as applicable.

15

Post Properties, Inc.
Summary Of Communities Under Rehabilitation
(Dollars in thousands, except per square foot)

								Average Monthly Rental				Property NOI		Property NOI						Number of Units
								Rate Per Sq. Ft. (1)				For the Fiscal		For the		Undepreciated		Projected		As of March 31, 2008
						Average		Actual		Projected		Year Preceding		Three Months		Book Value		Total
		Year		Total		Sq. Ft.		Prior to		After		The Start of		Ended		Prior to		Rehabilitation				Out
Project	Location	Completed		Units		Per Unit (1)		Rehabilitation		Rehabilitation		Rehabilitation		March 31, 2008		Rehabilitation		Capital Cost (2)		Completed		of Service
Post Chastain®	Atlanta, GA		1990		558		867	$	1.09	$	1.29	$	3,693	$	640	$	48,133	$	16,300		538		17
Post Heights™	Dallas, TX		1998-1999		368		845		1.35		1.58		2,598		602		42,195		10,700		—		29
Post Peachtree Hills®	Atlanta, GA		1992-1994		300		978		1.12		1.42		2,436		655		19,539		10,100		3		30
					1,226											$	109,867	$	37,100		541		76

	Rehabilitation Cost Incurred in												Projected
	The Three Months Ended						Rehabilitation Capital Cost Incurred						Remaining
	March 31, 2008						As of March 31, 2008						Rehabilitation				Projected		Projected
	Revenue-		Non-Revenue-		Total		Revenue-		Non-Revenue-		Total		Capital Cost		Quarter of		Quarter of		Quarter of
	Generating		Generating		Capital		Generating		Generating		Capital		To be		Rehabilitation		Rehabilitation		Re-Stabilized
Project	Capital Cost		Capital Cost		Cost		Capital Cost		Capital Cost		Cost		Incurred		Start		Completion		Occupancy
Post Chastain®	$	1,293	$	—	$	1,293	$	15,276	$	457	$	15,733	$	567		2Q 2006		2Q 2008		4Q 2008
Post Heights™		1,038		21		1,059		1,038		21		1,059		9,641		1Q 2008		2Q 2009		1Q 2010
Post Peachtree Hills®		584		—		584		584		—		584		9,516		1Q 2008		1Q 2009		3Q 2009
	$	2,915	$	21	$	2,936	$	16,898	$	478	$	17,376	$	19,724

(1)	Average square footage information is based on approximate amounts and individual unit sizes may vary. There can be no assurance that the projected average monthly rental rates after the rehabilitation will be achieved.
(2)	Includes approximately $2,300 of projected non-revenue generating capital costs.

16

Post Properties, Inc.
Summary Of Condominium Projects
(Dollars in thousands)

								# of Rental Units		Average				Transfer		Book Value		Units (4)
		Year		Sale		Total		Occupied as of		Unit		Project Transfer		Price/Est. Cost		as of						Under		Available
Project	Location	Completed		Start Date		Units		03/31/08		Sq. Ft. (1)		Price/Est. Cost (2)		Per Unit		03/31/08 (3)		Total		Closed		Contract		for Sale
Condominium Conversion Projects
Harbour Place City Homes™	Tampa, FL		1999		Q2 2006		206		2		1,036	$	37,000	$	180	$	4,356		206		157		4		45
RISETM	Houston, TX		2000		Q2 2006		143		32		1,407		26,250		184		10,597		143		80		4		59
Condominium Development Projects
The Condominiums at Carlyle Square™	Washington, DC		2007		2Q2007		145		N/A		855		46,200		319		8,615		145		118		3		24
Mercer Square™	Dallas, TX		2007		3Q2007		85		N/A		1,094		18,600		218		10,344		85		31		7		47
							579									$	33,912		579		386		18		175

Financial Summary — Aggregate Condominium Activity

	Three months ended							Three months ended							Cumulative through
	March 31, 2008							March 31, 2007							March 31, 2008
					FFO							FFO							FFO
					Incremental							Incremental							Incremental
	Units		Gross		Gain on			Units		Gross		Gain on			Units		Gross		Gain on
Project	Closed		Revenues		Sale (6)(7)			Closed		Revenues		Sale (6)(7)			Closed		Revenues		Sale (6)
Condominium Conversion Projects
Harbour Place City Homes™		3	$	648	$	(298	)		15	$	3,758	$	(206	)		155	$	38,393	$	(844	)
RISETM		6		1,956		(97	)		7		2,052		3			79		20,500		(817	)
588TM (5)		—		—		—			1		560		179			127		34,557		3,526
The Peachtree ResidencesTM (5)		—		—		—			10		4,112		133			121		41,547		562
Condominium Development Projects
The Condominiums at Carlyle Square™		16		5,069		1,561			—		—		—			117		51,392		9,328
Mercer Square™		2		624		198			—		—		—			30		8,836		415
		27		8,297		1,364			33		10,482		109			629		195,225		12,170
Other		—		—		(247	)		—		59		(172	)		—		8		(885	)
Total		27	$	8,297	$	1,117			33	$	10,541	$	(63	)		629	$	195,233	$	11,285

(1)	Average square footage information is based on approximate amounts and individual unit sizes may vary.
(2)	Transfer price for purposes of computing incremental gains on condominium sales included in FFO at conversion projects reflects the greater of (1) the estimated fair value on the date the project was acquired by the Company’s taxable REIT subsidiary (as supported by independently-prepared, third-party appraisals) or (2) its net book value at that time.
(3)	Including the Company’s share of total estimated construction costs of ground-up condominiums being developed and not yet in active sales (see page 14) of approximately $181.1 million and book value of unsold condominiums above, committed capital to the condominium business at March 31, 2008 totaled approximately $215.0 million.
(4)	Unit status is as of April 21, 2008. There can be no assurance that condominium units under contract will close.
(5)	Final condominium closings occurred in 2007 at these communities . The Peachtree ResidencesTM is owned in an unconsolidated entity, where the Company’s equity ownership is 35%. Amounts shown, except for incremental gains on condominium sales included in FFO represents gross amounts at the unconsolidated entity level.
(6)	For conversion projects, the Company recognizes incremental gains on condominium sales in FFO, net of provision for income taxes, to the extent that net sales proceeds, less costs of sales, from the sale of condominium units exceed the “transfer price” as described in note 2 above. For development projects, gains on condominium sales in FFO are equivalent to gains reported under GAAP.
(7)	For co-investment projects, amounts are net of minority interests of $387 and $0 for the three months ended March 31, 2008 and 2007, respectively. Excludes the impact of income tax expense attributable to gains on condominium sales, as applicable. There was no income tax provision for the three months ended March 31, 2008 and 2007.

17

Post Properties, Inc.
Community Acquisition and Disposition Summary

						Gross Amount		Gross
Property Name/Period	Location	Units		Year Built		Per Unit		Amount
Acquisitions
Q3 2007
Post Lake® at Baldwin Park	Orlando, FL		350		2004 - 2007	$	211,429	$	74,000,000
2007 YTD Total								$	74,000,000
Average Cap Rate - Acquisitions - 2007									4.2	%(1)
Dispositions
Q1 2007
Post Oak™	Atlanta, GA		182		1993	$	131,868	$	24,000,000
Q2 2007
Post Collier Hills®	Atlanta, GA		396		1997	$	140,327		41,677,000	(3)
Post Crest®	Atlanta, GA		410		1996	$	158,125		48,623,000	(3)
Q4 2007
Post Ashford®	Atlanta, GA		222		1987	$	103,603		23,000,000
Post Lindbergh®	Atlanta, GA		396		1998	$	154,542		45,899,000	(3)
Post Vinings®	Atlanta, GA		403		1989-1991	$	111,166		44,800,000
2007 YTD Total								$	227,999,000
Average Cap Rate - Dispositions - 2007									5.0	%(2)
Q1 2008
Post Wilson™	Dallas, TX		143		1999	$	138,811	$	19,850,000
2008 YTD Total								$	19,850,000
Average Cap Rate - Acquisitions - 2008									5.6	%

(1)	Based on projected first twelve-month net operating income upon achievement of stabilized operations (as it relates to the second phase of Post Lake® at Baldwin Park which is in lease-up) and after adjustment for management fee (3.0%) and capital reserves ($300/unit). Also assumes that the Company will initially spend up to $2.9 million relating to closing costs and other amounts it plans to spend to improve this community.
(2)	Based on trailing twelve-month net operating income after adjustments for management fee (3.0%) and capital reserves ($300/unit).
(3)	The Company transferred these communities to an unconsolidated entity, in which the Company retained a 25% interest. These amounts reflect the portion of the gross transfer price effectively acquired by the institutional investor.

18

Post Properties, Inc.
Capitalized Costs Summary
(Dollars in thousands, except per share or unit data)
(Unaudited)

The Company has a policy of capitalizing those expenditures relating to the acquisition of new assets and the development, construction and rehabilitation of apartment and condominium communities. In addition, the Company capitalizes expenditures that enhance the value of existing assets and expenditures that substantially extend the life of existing assets. All other expenditures necessary to maintain a community in ordinary operating condition are expensed as incurred. Additionally, for new development communities, carpet, vinyl and blind replacements are expensed as incurred during the first five years (which corresponds to the estimated depreciable life of these assets) after construction completion. Thereafter, these replacements are capitalized. Further, the Company expenses as incurred the interior and exterior painting of operating communities, unless those communities are under major rehabilitation.

The Company capitalizes interest, real estate taxes, and certain internal personnel and associated costs related to apartment and condominium communities under development, construction, and major rehabilitation. The internal personnel and associated costs are capitalized to the projects under development based upon the effort identifiable with such projects. The Company treats each unit in an apartment and condominium community separately for cost accumulation, capitalization and expense recognition purposes. Prior to the commencement of leasing and sales activities, interest and other construction costs are capitalized and are reflected on the balance sheet as construction in progress. The Company ceases the capitalization of such costs as the residential units in a community become substantially complete and available for occupancy. This results in a proration of these costs between amounts that are capitalized and expensed as the residential units in a development community become available for occupancy. In addition, prior to the completion of units, the Company expenses as incurred substantially all operating expenses (including pre-opening marketing and property management and leasing personnel expenses) of such communities.

A summary of community acquisition and development improvements and other capitalized expenditures for the three months ended March 31, 2008 and 2007 is detailed below.

	Three months ended
	March 31,
	2008		2007
Development and acquisition expenditures (1)	$	39,358	$	29,590
Periodically recurring capital expenditures
Community rehabilitation and other revenue generating improvements (2)		3,508		4,667
Other community additions and improvements (3)		1,593		2,305
Annually recurring capital expenditurs
Carpet replacements and other community additions and improvements (4)		2,258		2,616
Corporate additions and improvements		231		1,261
	$	46,948	$	40,439
Other Data
Capitalized interest	$	3,383	$	3,107
Capitalized development and associated costs (5)	$	1,760	$	763

(1)	Reflects aggregate community acquisition and development costs, exclusive of the change in construction payables and assumed debt, if any, between years.
(2)	Represents expenditures for community rehabilitations and other unit upgrade costs that enhance the rental value of such units (see page 16).
(3)	Represents community improvement expenditures (e.g. property upgrades) that generally occur less frequently than on an annual basis.
(4)	Represents community improvement expenditures (e.g. carpets, appliances) of a type that are expected to be incurred on an annual basis.
(5)	Reflects internal personnel and associated costs capitalized to construction and development activities.

19

Post Properties, Inc.
Investments in Unconsolidated Real Estate Entities
(Dollars in thousands, except per share or unit data)
(Unaudited)

Apartments and Condominium Conversion/Development Communities

The Company holds investments in four limited liability companies (the “Property LLCs”) with institutional investors and accounts for its investments in these Property LLCs using the equity method of accounting. A summary of non-financial and financial information for the Property LLCs is as follows:

Non-Financial Data

		Property			Ownership
Joint Venture Property	Location	Type	# of Units		Interest
Post Collier Hills® (1)	Atlanta, GA	Apartments		396		25	%
Post Crest® (1)	Atlanta, GA	Apartments		410		25	%
Post Lindbergh® (1)	Atlanta, GA	Apartments		396		25	%
Post Biltmore™	Atlanta, GA	Apartments		276		35	%
Post Massachusetts Avenue™	Washington, D.C.	Apartments		269		35	%
The Residences at 3630 Peachtree™ (2)	Atlanta, GA	Condominiums		137		50	%

Financial Data

	As of										Three months ended
	March 31, 2008										March 31, 2008
	Gross Investment		Mortgage/Construction			Entity		Company’s Equity			Entity			Company’s
Joint Venture Property	in Real Estate (8)		Notes Payable			Equity		Investment			NOI			Equity in Earnings
Post Collier Hills® (1)	$	54,470	$	39,565	(3)	$	14,599	$	(3,885	) (1)	$	753		$	17
Post Crest® (1)		63,631		46,159	(3)		16,972		(6,245	) (1)		770			(5	)
Post Lindbergh® (1)		60,080		41,000	(4)		20,148		(3,654	) (1)		763			4
Post Biltmore™		36,196		17,000	(5)		14,352		6,919			611			91
Post Massachusetts Avenue™		69,074		49,997	(6)		10,633		7,004			1,472			294
The Residences at 3630 Peachtree™ (2)		77,587		34,753	(7)		34,283		9,035			(29	)		—
Total	$	361,038	$	228,474		$	110,987	$	9,174		$	4,340		$	401

(1)	In 2007, the Company’s investment in the 25% owned Property LLC resulted from the transfer of three previously owned apartment communities to the Property LLC co-owned with an institutional investor. The assets, liabilities and members’ equity of the Property LLC were recorded at fair value based on agreed-upon amounts contributed to the venture. The credit investments in the Company’s 25% owned Property LLC resulted from financing proceeds distributed in excess of the Company’s historical cost-basis investment. These credit investments are reflected in consolidated liabilities on the Company’s consolidated balance sheet.
(2)	This project commenced construction during the third quarter of 2007 and is expected to be completed in 2009. The development will consist of for-sale condominiums and class A office space. The Company only holds a 50% equity interest in the for-sale condominium portion of the project. Consequently, the Company’s share of gross real estate assets and mortgage/construction notes payable was $16,742 and $7,627, respectively. See page 14 for information regarding the for-sale condominium portion of the project.
(3)	These notes bear interest at a fixed rate of 5.63% and mature in 2017.
(4)	This note bears interest at a fixed rate of 5.71% and matures in 2017.
(5)	This note bears interest at a fixed rate of 4.04% and matures in 2008.
(6)	This note bears interest at a fixed rate of 4.13% and requires monthly interest payments and annual principal payments of $1 through 2009. Thereafter, the note requires monthly principal and interest payments based on a 25-year amortization schedule and matures in April 2034. The note is callable by the lender in May 2009 and on each successive fifth year anniversary of the note thereafter. The note is prepayable without penalty in May 2008.
(7)	At March 31, 2008, $34,753 was outstanding under a $187,128 construction loan facility bearing interest at a variable rate of LIBOR plus 1.35%.
(8)	Represents GAAP basis net book value plus accumulated depreciation.

20

Post Properties, Inc.
Net Asset Value Supplemental Information
(Dollars in thousands, except per share or unit data)
(Unaudited)

This supplemental financial and other data provides adjustments to certain GAAP financial measures and Net Operating Income (“NOI”), which is a supplemental non-GAAP financial measure that the Company uses internally to calculate Net Asset Value (“NAV”). These measures, as adjusted, are also non-GAAP financial measures. With the exception of NOI, the most comparable GAAP measure for each of the non-GAAP measures presented below in the “As Adjusted” column is the corresponding number presented in the first column listed below.

The Company presents below NOI for the quarter ended March 31, 2008 for properties stabilized by January 1, 2008 so that a capitalization rate may be applied and an approximate value for the assets determined. Properties not stabilized by January 1, 2008 are presented at full undepreciated cost. Other tangible assets, total liabilities and the liquidation value of preferred shares are also presented.

Financial Data
(In thousands)

	Three months
	ended					As
Income Statement Data	March 31, 2008		Adjustments			Adjusted
Rental revenues	$	71,130	$	(4,385	) (1)	$	66,745
Other property revenues		3,558		(202	) (1)		3,356
Total rental and other revenues(A)		74,688		(4,587	)		70,101
Property operating & maintenance expenses (excluding depreciation and amortization)(B)		35,613		(8,726	) (1)		26,887
Property net operating income (Table 1)(A-B)	$	39,075	$	4,139		$	43,214
Assumed property management fee (calculated at 3% of revenues)(A x 3%)							(2,103	)
Assumed property capital expenditure reserve ($300 per unit per year based on 17,339 units)							(1,300	)
Adjusted property net operating income						$	39,811
Annualized property net operating income(C)						$	159,244
Apartment units represented		22,437		(5,098	) (1)		17,339

	As of					As
Other Asset Data	March 31, 2008		Adjustments			Adjusted
Cash & equivalents	$	15,879				$	15,879
Real estate assets under construction, lease-up, conversion or rehabilitation, at cost (2)		149,550		257,955	(2)		407,505
Land held for future development		159,736					159,736
For-sale condominiums and assets held for sale (3)		70,376		(28,891	) (3)		41,485
Investments in and advances to unconsolidated real estate entities (4)		22,958		(6,216	) (4)		16,742
Restricted cash and other assets		43,797					43,797
Cash & other assets of unconsolidated real estate entities (5)		7,382		(5,276	) (5)		2,106
Total(D)	$	469,678	$	217,572		$	687,250
Other Liability Data
Indebtedness	$	1,015,645				$	1,015,645
Other liabilities (6)		146,136		(26,574	) (6)		119,562
Total liabilities of unconsolidated real estate entities (7)		240,138		(175,644	) (7)		64,494
Total(E)	$	1,401,919	$	(202,218	)	$	1,199,701

21

Other Data

	As of March 31, 2008
	# Shares/Units		Stock Price		Implied Value
Liquidation value of preferred shares(F)					$	95,000
Common shares outstanding		44,096
Common units outstanding		309
Total(G)		44,405	$	38.62	$	1,714,921
Implied market value of Company gross real estate assets(H) = (E+F+G-D)					$	2,322,372
Implied Portfolio Capitalization Rate(C÷H)						6.9	%

(1) The following table summarizes the adjustments made to the components of property net operating income for the three months ended March 31, 2008 to adjust property net operating income to the Company’s share for fully stabilized communities:

	Rental Revenue			Other Revenue			Expenses			Units
Under construction, lease-up, conversion or rehabilitation	$	(5,624	)	$	(332	)	$	(3,361	)		(3,842	)
Corporate property management expenses		—			—			(4,150	)		—
Company share of unconsolidated entities		1,972			116			703			(1,256	)
Held for sale operating properties		2,208			137			883			—
Corporate apartments and other		(2,941	)		(123	)		(2,801	)		—
	$	(4,385	)	$	(202	)	$	(8,726	)		(5,098	)

(2)	The “As Adjusted” amount represents CIP balance per the Company’s balance sheet plus the costs of properties under construction and lease-up that have been transferred to operating real estate assets as apartment units are completed, plus the gross book value for communities under rehabilitation during the first quarter of 2008.
(3)	The adjustment reflects a reduction for the depreciated book value of two apartment communities held for sale and included in discontinued operations at March 31, 2008, as the net property operating income of these communities has been included in adjusted property net operating income reflected above (see note 1).
(4)	The adjustment reflects a reduction for the investments in unconsolidated entities for entities with operating real estate assets as the Company’s net operating income of such investments is included in the adjusted net operating income reflected above, plus an adjustment to increase the Company’s investment in The Residences at 3630 Peachtree™ to the Company’s proportionate share of the real estate assets of such entity. The “As Adjusted” amount represents the Company’s share of the total assets of The Residences at 3630 Peachtree™.
(5)	The “As of March 31, 2008” amount represents cash and other assets of unconsolidated apartment and condominium entities. The adjustment includes a reduction for the venture partners’ respective share of cash and other assets of the Company’s unconsolidated apartment and condominium entities. The “As Adjusted” amount represents the Company’s respective share of the cash and other assets of unconsolidated apartment and condominium entities.
(6)	The “As of March 31, 2008” amount consists of the sum of accrued interest payable, dividends and distributions payable, accounts payable and accrued expenses, security deposits and prepaid rents, credit investment balances of the Company’s investment in unconsolidated entities and minority interests in consolidated real estate entities as reflected on the Company’s balance sheet. The adjustment represents a reduction for the non-cash liability associated with straight-line, long-term ground lease expense of $12,790 and for credit investment balances of the Company’s investment in three unconsolidated entities of $13,784.
(7)	The “As of March 31, 2008” amount represents total liabilities of unconsolidated apartment and condominium entities. The adjustment represents a reduction for the venture partner’s respective share of liabilities of unconsolidated apartment entities. The “As Adjusted” amount represents the Company’s respective share of liabilities of unconsolidated apartment and condominium entities.

22

Post Properties, Inc.
Non-GAAP Financial Measures and Other Defined Terms
(Dollars in thousands, except per share or unit data)
(Unaudited)

Definitions of Supplemental Non-GAAP Financial Measures and Other Defined Terms

The Company uses certain non-GAAP financial measures and other defined terms in this accompanying Supplemental Financial Data. These non-GAAP financial measures include FFO, AFFO, net operating income, same store capital expenditures and certain debt statistics and ratios. The definitions of these non-GAAP financial measures are summarized below. The Company believes that these measures are helpful to investors in measuring financial performance and/or liquidity and comparing such performance and/or liquidity to other REITs.

Funds from Operations —The Company uses FFO as an operating measure. The Company uses the NAREIT definition of FFO. FFO is defined by NAREIT to mean net income (loss) available to common shareholders determined in accordance with GAAP, excluding gains (losses) from extraordinary items and sales of depreciable operating property, plus depreciation and amortization of real estate assets, and after adjustment for unconsolidated partnerships and joint ventures all determined on a consistent basis in accordance with GAAP. FFO presented in the Company’s press release and Supplemental Financial Data is not necessarily comparable to FFO presented by other real estate companies because not all real estate companies use the same definition. The Company’s FFO is comparable to the FFO of real estate companies that use the current NAREIT definition.

Accounting for real estate assets using historical cost accounting under GAAP assumes that the value of real estate assets diminishes predictably over time. NAREIT stated in its April 2002 White Paper on Funds from Operations that “since real estate asset values have historically risen or fallen with market conditions, many industry investors have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves.” As a result, the concept of FFO was created by NAREIT for the REIT industry to provide an alternate measure. Since the Company agrees with the concept of FFO and appreciates the reasons surrounding its creation, the Company believes that FFO is an important supplemental measure of operating performance. In addition, since most equity REITs provide FFO information to the investment community, the Company believes that FFO is a useful supplemental measure for comparing the Company’s results to those of other equity REITs. The Company believes that the line on its consolidated statement of operations entitled “net income (loss) available to common shareholders” is the most directly comparable GAAP measure to FFO.

Adjusted Funds From Operations —The Company also uses adjusted funds from operations (“AFFO”) as an operating measure. AFFO is defined as FFO less operating capital expenditures after adjusting for the non-cash impact of straight-line long-term ground lease expense and other income related to mark-to-market of an interest rate swap arrangement. The Company believes that AFFO is an important supplemental measure of operating performance for an equity REIT because it provides investors with an indication of the REIT’s ability to fund operating capital expenditures through earnings. In addition, since most equity REITs provide AFFO information to the investment community, the Company believes that AFFO is a useful supplemental measure for comparing the Company to other equity REITs. The Company believes that the line on its consolidated statement of operations entitled “net income (loss) available to common shareholders” is the most directly comparable GAAP measure to AFFO.

Property Net Operating Income —The Company uses property NOI, including same store NOI and same store NOI by market, as an operating measure. NOI is defined as rental and other revenues from real estate operations less total property and maintenance expenses from real estate operations (exclusive of depreciation and amortization). The Company believes that NOI is an important supplemental measure of operating performance for a REIT’s operating real estate because it provides a measure of the core operations, rather than factoring in depreciation and amortization, financing costs and general and administrative expenses generally incurred at the corporate level. This measure is particularly useful, in the opinion of the Company, in evaluating the performance of geographic operations, same store groupings and individual properties. Additionally, the Company believes that NOI, as defined, is a widely accepted measure of comparative operating performance in the real estate investment community. The Company believes that the line on its consolidated statement of operations entitled “net income” is the most directly comparable GAAP measure to NOI.

23

Same Store Capital Expenditures —The Company uses same store annually recurring and periodically recurring capital expenditures as cash flow measures. Same store annually recurring and periodically recurring capital expenditures are supplemental non-GAAP financial measures. The Company believes that same store annually recurring and periodically recurring capital expenditures are important indicators of the costs incurred by the Company in maintaining its same store communities on an ongoing basis. The corresponding GAAP measures include information with respect to the Company’s other operating segments consisting of communities stabilized in the prior year, lease-up communities, rehabilitation communities, sold properties and commercial properties in addition to same store information. Therefore, the Company believes that the Company’s presentation of same store annually recurring and periodically recurring capital expenditures is necessary to demonstrate same store replacement costs over time. The Company believes that the most directly comparable GAAP measure to same store annually recurring and periodically recurring capital expenditures are the lines on the Company’s consolidated statements of cash flows entitled “annually recurring capital expenditures” and “periodically recurring capital expenditures.”

Debt Statistics and Debt Ratios —The Company uses a number of debt statistics and ratios as supplemental measures of liquidity. The numerator and/or the denominator of certain of these statistics and/or ratios include non-GAAP financial measures that have been reconciled to the most directly comparable GAAP financial measure. These debt statistics and ratios include: (1) an interest coverage ratio; (2) a fixed charge coverage ratio; (3) total debt as a percentage of undepreciated real estate (adjusted for joint venture partner’s share of debt); (4) total debt plus preferred equity as a percentage of undepreciated real estate (adjusted for joint venture partner’s share of debt); (5) a ratio of consolidated debt to total assets; (6) a ratio of secured debt to total assets; (7) a ratio of total unencumbered assets to unsecured debt; and (8) a ratio of consolidated income available to debt service to annual debt service charge. A number of these debt statistics and ratios are derived from covenants found in the Company’s debt agreements, including, among others, the Company’s senior unsecured notes. In addition, the Company presents these measures because the degree of leverage could affect the Company’s ability to obtain additional financing for working capital, capital expenditures, acquisitions, development or other general corporate purposes. The Company uses these measures internally as an indicator of liquidity and the Company believes that these measures are also utilized by the investment and analyst communities to better understand the Company’s liquidity.

Average Economic Occupancy —The Company uses average economic occupancy as a statistical measure of operating performance. The Company defines average economic occupancy as gross potential rent less vacancy losses, model expenses and bad debt expenses divided by gross potential rent for the period, expressed as a percentage.

24

Reconciliations of Supplemental Non-GAAP Financial Measures

Table 1
Reconciliation of Same Store Net Operating Income (NOI) to GAAP Net Income
(Dollars in thousands)
(Unaudited)

	Three months ended
	March 31,			March 31,			December 31,
	2008			2007			2007
Total same store NOI	$	36,567		$	35,902		$	38,552
Property NOI from other operating segments		2,508			2,879			3,052
Consolidated property NOI		39,075			38,781			41,604
Add (subtract):
Interest income		210			250			170
Other revenues		239			117			186
Minority interest in consolidated property partnerships		(466	)		(20	)		(441	)
Depreciation		(15,961	)		(16,255	)		(16,084	)
Interest expense		(11,703	)		(12,741	)		(12,837	)
Amortization of deferred financing costs		(851	)		(812	)		(828	)
General and administrative		(5,848	)		(5,448	)		(5,169	)
Investment and development		(1,458	)		(1,550	)		(1,551	)
Strategic review costs		(6,070	)		—			—
Gains on sales of real estate assets, net		2,119			3,706			28,509
Equity in income of unconsolidated real estate entities		401			504			340
Other income (expense)		(174	)		(261	)		(314	)
Minority interest of common unitholders		22			(67	)		(408	)
Income (loss) from continuing operations		(465	)		6,204			33,177
Income from discontinued operations		3,151			18,267			46,065
Net income	$	2,686		$	24,471		$	79,242

25

Table 2
Same Store Net Operating Income (NOI) Summary by Market
(Dollars in thousands)

	Three Months Ended						Q1 ’08			Q1 ’08			Q1 ’08
	March 31,		March 31,		December 31,		vs. Q1 ’07			vs. Q4 ’07			% Same
	2008		2007		2007		% Change			% Change			Store NOI
Rental and other revenues
Atlanta	$	18,500	$	17,859	$	18,612		3.6	%		(0.6	)%
Dallas		10,031		9,567		10,064		4.9	%		(0.3	)%
Washington, D.C.		10,366		10,157		10,400		2.1	%		(0.3	)%
Tampa		7,181		7,327		7,198		(2.0	)%		(0.2	)%
Charlotte		4,784		4,659		4,835		2.7	%		(1.1	)%
New York		3,768		3,522		3,806		7.0	%		(1.0	)%
Houston		3,030		2,828		3,006		7.1	%		0.8	%
Austin		1,241		1,177		1,227		5.4	%		1.1	%
Orlando		1,015		1,032		1,006		(1.6	)%		0.9	%
Total rental and other revenues		59,916		58,128		60,154		3.1	%		(0.4	)%
Property operating and maintenance expenses (exclusive of depreciation and amortization)
Atlanta		7,067		6,815		6,803		3.7	%		3.9	%
Dallas		4,501		4,094		4,125		9.9	%		9.1	%
Washington, D.C.		3,490		3,329		3,270		4.8	%		6.7	%
Tampa		2,976		2,930		2,858		1.6	%		4.1	%
Charlotte		1,566		1,629		1,298		(3.9	)%		20.6	%
New York		1,396		1,098		1,104		27.1	%		26.4	%
Houston		1,334		1,284		1,197		3.9	%		11.4	%
Austin		594		606		548		(2.0	)%		8.4	%
Orlando		425		441		399		(3.6	)%		6.5	%
Total		23,349		22,226		21,602		5.1	%		8.1	%
Net operating income
Atlanta		11,433		11,044		11,809		3.5	%		(3.2	)%		31.3	%
Dallas		5,530		5,473		5,939		1.0	%		(6.9	)%		15.1	%
Washington, D.C.		6,876		6,828		7,130		0.7	%		(3.6	)%		18.8	%
Tampa		4,205		4,397		4,340		(4.4	)%		(3.1	)%		11.5	%
Charlotte		3,218		3,030		3,537		6.2	%		(9.0	)%		8.8	%
New York		2,372		2,424		2,702		(2.1	)%		(12.2	)%		6.5	%
Houston		1,696		1,544		1,809		9.8	%		(6.2	)%		4.6	%
Austin		647		571		679		13.3	%		(4.7	)%		1.8	%
Orlando		590		591		607		(0.2	)%		(2.8	)%		1.6	%
Total same store NOI	$	36,567	$	35,902	$	38,552		1.9	%		(5.1	)%		100.0	%

26

Table 3
Reconciliation of Segment Cash Flow Data to Statements of Cash Flows
(Dollars in thousands)

	Three months ended
	March 31,
	2008		2007
Annually recurring capital expenditures by operating segment Fully stabilized	$	1,778	$	1,709
Communities stabilized during 2007		25		30
Development, rehabilitation and lease-up		239		245
Condominium conversion and other		—		338
Acquired		31		—
Other segments		185		294
Total annually recurring capital expenditures per statements of cash flows	$	2,258	$	2,616
Periodically recurring capital expenditures by operating segment Fully stabilized	$	1,301	$	666
Communities stabilized during 2007		16		1,226
Development, rehabilitation and lease-up		68		224
Condominium conversion and other		—		124
Acquired		35		—
Other segments		173		65
Total periodically recurring capital expenditures per statements of cash flows	$	1,593	$	2,305

27

Table 4
Computation of Interest and Fixed Charge Coverage Ratios
(Dollars in thousands)

	Three months ended
	March 31,
	2008			2007
Income (loss) from continuing operations	$	(465	)	$	6,204
Minority interest of common unitholders		(22	)		67
Minority interest in consolidated property partnerships — gains on sales of real estate assets — continuing operations		387			—
Gains on sales of real estate assets, net		(2,119	)		(3,706	)
Gains on sales of real estate assets — unconsolidated entities		—			(202	)
Depreciation expense		15,961			16,255
Depreciation (company share) of assets held in unconsolidated entities		350			226
Interest expense		11,703			12,741
Interest expense (company share) of assets held in unconsolidated entities		694			241
Amortization of deferred financing costs		851			812
Income available for debt service(A)	$	27,340		$	32,638
Interest expense	$	11,703		$	12,741
Interest expense (company share) of assets held in unconsolidated entities		694			241
Interest expense for purposes of computation(B)		12,397			12,982
Dividends and distributions to preferred shareholders and unitholders		1,909			1,909
Fixed charges for purposes of computation(C)	$	14,306		$	14,891
Interest coverage ratio(A÷B)		2.2	x		2.5	x
Fixed charge coverage ratio(A÷C)		1.9	x		2.2	x

28

Table 5
Computation of Debt Ratios
(Dollars in thousands)

	As of March 31,
	2008			2007
Total real estate assets per balance sheet	$	2,118,984		$	2,039,487
Plus:
Company share of real estate assets held in unconsolidated entities		92,441			40,252
Company share of accumulated depreciation — assets held in unconsolidated entities		5,691			4,055
Accumulated depreciation per balance sheet		553,589			563,344
Accumulated depreciation on assets held for sale		24,333			—
Total undepreciated real estate assets(A)	$	2,795,038		$	2,647,138
Total debt per balance sheet	$	1,015,645		$	1,033,984
Plus:
Company share of third party debt held in unconsolidated entities		62,757			23,449
Less:
Joint venture partners’ share of mortgage debt of the company		—			(8,550	)
Total debt (adjusted for joint venture partners’ share of debt)(B)	$	1,078,402		$	1,048,883
Total debt as a % of undepreciated real estate assets (adjusted for joint venture partners’ share of debt(B÷A)		38.6	%		39.6	%
Total debt per balance sheet	$	1,015,645		$	1,033,984
Plus:
Company share of third party debt held in unconsolidated entities		62,757			23,449
Preferred shares at liquidation value		95,000			95,000
Less:
Joint venture partners’ share of mortgage debt of the company		—			(8,550	)
Total debt and preferred equity (adjusted for joint venture partners’ share of debt)(C)	$	1,173,402		$	1,143,883
Total debt and preferred equity as a % of undepreciated real estate assets (adjusted for joint venture partners’ share of debt)(C÷A)		42.0	%		43.2	%

29

Table 6
Calculation of Company Undepreciated Book Value Per Share
(Dollars in thousands)

	March 31, 2008
Total shareholders’ equity, per balance sheet	$	1,043,929
Plus:
Accumulated depreciation, per balance sheet		553,589
Accumulated depreciation held for sale assets, per balance sheet		24,333
Minority interest of common unitholders in Operating Partnership, per balance sheet		6,710
Less:
Deferred charges, net, per balance sheet		(10,802	)
Preferred shares at liquidation value		(95,000	)
Total undepreciated book value(A)	$	1,522,759
Total common shares and units(B)		44,405
Company undepreciated book value per share(A÷B)	$	34.29

30