Post Properties 8-K Other Events

Exhibit 99.1

RECENT DEVELOPMENTS

Results of Operations

For the three months ended September 30, 2011, the Company reported net income available to common shareholders of $7.9 million, or $0.15 per diluted share, compared to $21.7 million, or $0.44 per diluted share, for the three months ended September 30, 2010. For the nine months ended September 30, 2011, the Company reported net income available to common shareholders of $16.3 million, or $0.32 per diluted share, compared to a net loss attributable to common shareholders of $16.9 million, or a net loss of $0.35 per diluted share, for the nine months ended September 30, 2010.

The Company’s net income available to common shareholders for the nine months ended September 30, 2011 included a $0.4 million gain on the sale of a technology investment and $1.8 million of costs associated with the Company’s redemption of its Series B preferred stock. The Company’s net income (loss) available to common shareholders for the three and nine months ended September 30, 2010 included a net gain of $20.9 million related to the acquisition of all remaining interests in its Atlanta condominium project, adjacent land and infrastructure and the acquisition of the related construction loans. The Company’s net loss attributable to common shareholders for the nine months ended September 30, 2010 also included non-cash impairment charges of approximately $35.1 million primarily relating to the Company’s Austin condominium project.

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 provided below.

FFO for the three months ended September 30, 2011 was $26.7 million, compared to $40.3 million for the three months ended September 30, 2010. FFO for the nine months ended September 30, 2011 was $72.8 million, compared to $38.1 million for the nine months ended September 30, 2010.

The Company’s reported FFO for the nine months ended September 30, 2011 included a charge related to the redemption of the Company’s Series B preferred stock, offset by the technology sale gain discussed above, totaling a net reduction to FFO of $1.3 million. The Company’s reported FFO for the nine months ended September 30, 2010 included the net gain discussed above totaling $20.9 million, offset by the non-cash impairment charges discussed above of $35.1 million, resulting in total net charges included in FFO of $14.2 million.

Mature (Same Store) Community Data

Total revenues for the Company’s mature (same store) communities increased 6.7% and total operating expenses increased 1.1% during the three months ended September 30, 2011, compared to the three months ended September 30, 2010, resulting in a 10.8% increase in same store net operating income (“NOI”). The average monthly rental rate per unit increased 5.0% during the three months ended September 30, 2011, compared to the three months ended September 30, 2010. Average economic occupancy at the Company’s 46 mature (same store) communities, containing 16,688 apartment units, was 96.7% and 95.8% for the three months ended September 30, 2011 and 2010, respectively.

Total revenues for the Company’s mature (same store) communities increased 5.1% and total operating expenses decreased 0.1% during the nine months ended September 30, 2011, compared to the nine months ended September 30, 2010, resulting in an 8.8% increase in same store NOI. The average monthly rental rate per unit increased 3.6% during the nine months ended September 30, 2011, compared to the nine months ended September 30, 2010. Average economic occupancy at the Company’s mature (same store) communities was 95.8% and 95.3% for the nine months ended September 30, 2011 and 2010, respectively.

Development Activity

In the aggregate, the Company has 1,568 units in five apartment communities, and approximately 37,567 square feet of retail space, under development with a total estimated cost of $272.1 million.

The Company currently expects to initially fund future estimated construction expenditures primarily by utilizing available borrowings under its unsecured revolving lines of credit and utilizing net proceeds from on-going condominium sales and its at-the-market common equity sales program.

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At-the-Market Common Equity Activity

The Company has an at-the-market common equity program for the sale of up to 4 million shares of common stock. The Company expects to use this program as an additional source of capital and liquidity, to maintain the strength of its balance sheet and to fund its planned investment activities. Sales under this program will be dependent upon a variety of factors, including, among others, market conditions, the trading price of the Company’s common stock and potential use of proceeds. During the third quarter of 2011, the Company sold 1,322,800 shares, at an average gross price per share of $41.34, producing net proceeds of $53.5 million. During the first nine months of 2011, the Company sold 2,321,487 shares, at an average gross price per share of $40.38, producing net proceeds of $91.7 million. The Company has approximately 1.6 million shares remaining for issuance under this program.

Forward Looking Statements

Certain statements made in this disclosure 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. 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.

All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected. Important risk factors regarding the Company are included in the filings the Company makes from time to time with the Securities and Exchange Commission (“SEC”), including the risk factors under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2010 and other risk factors as may be discussed in subsequent filings with the SEC. These risk factors could cause the Company’s actual results and its expectations to differ materially from those described in the Company’s forward looking statements. All such risk factors are specifically incorporated by reference into this disclosure.

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SUPPLEMENTAL QUARTERLY FINANCIAL INFORMATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

	Three months ended						Nine months ended
	September 30,						September 30,
	2011			2010			2011			2010
Revenues
Rental	$	73,607		$	68,384		$	213,199		$	199,897
Other property revenues		4,762			4,288			13,682			12,195
Other		243			223			686			777
Total revenues		78,612			72,895			227,567			212,869
Expenses
Total property operating and maintenance (exclusive of items shown separately below)		34,618			33,958			100,441			100,364
Depreciation		18,823			18,623			56,383			55,737
General and administrative		3,970			3,927			12,332			12,570
Investment and development		239			569			1,013			1,849
Other investment costs		329			669			1,278			1,828
Impairment losses		—			—			—			35,091
Total expenses		57,979			57,746			171,447			207,439
Operating income		20,633			15,149			56,120			5,430
Interest income		374			390			982			755
Interest expense		(14,207	)		(13,646	)		(43,119	)		(38,820	)
Amortization of deferred financing costs		(717	)		(611	)		(2,085	)		(2,097	)
Net gains on condominium sales activities		2,581			1,184			8,757			2,319
Equity in income of unconsolidated real estate entities, net		235			18,258			790			18,554
Other income (expense), net		(71	)		26			230			(271	)
Net gain on extinguishment of indebtedness		—			2,845			—			2,845
Net income (loss)		8,828			23,595			21,675			(11,285	)
Noncontrolling interests—consolidated real estate entities		(9	)		14			(56	)		(47	)
Noncontrolling interests—Operating Partnership		(25	)		(76	)		(54	)		60
Net income (loss) available to the Company		8,794			23,533			21,565			(11,272	)
Dividends to preferred shareholders		(922	)		(1,864	)		(3,533	)		(5,632	)
Preferred stock redemption costs		—			1			(1,757	)		(44	)
Net income (loss) available to common shareholders	$	7,872		$	21,670		$	16,275		$	(16,948	)
Per common share data—Basic
Net income (loss) available to common shareholders	$	0.15		$	0.44		$	0.33		$	(0.35	)
Weighted average common shares outstanding—basic		50,651			48,535			49,862			48,446
Per common share data—Diluted
Net income (loss) available to common shareholders	$	0.15		$	0.44		$	0.32		$	(0.35	)
Weighted average common shares outstanding—diluted		51,053			48,670			50,259			48,446

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FUNDS FROM OPERATIONS

(In thousands)

(Unaudited)

The Company uses the National Association of Real Estate Investment Trusts (“NAREIT”) definition of funds from operations (“FFO”). FFO is defined by NAREIT as net income available to common shareholders determined in accordance with GAAP, excluding gains (or losses) from extraordinary items and sales of depreciable property, plus depreciation of real estate assets, and after adjustment for unconsolidated partnerships and joint ventures all determined on a consistent basis in accordance with GAAP. FFO is a supplemental non-GAAP financial measure. FFO presented herein 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.

The Company also uses FFO as an operating measure. 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 “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, management 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 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 the Company’s consolidated statement of operations entitled “net income (loss) available to common shareholders” is the most directly comparable GAAP measure to FFO.

FFO should not be considered as an alternative to net income available to common shareholders (determined in accordance with GAAP) as an indicator of the Company’s financial performance. While management believes that FFO is an important supplemental non-GAAP financial measure, management believes it is also important to stress that FFO should not be considered as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity. Further, FFO is not necessarily indicative of sufficient cash flow to fund all of the Company’s needs or ability to service indebtedness or make distributions.

A reconciliation of net income (loss) available to common shareholders to FFO available to common shareholders and unitholders was as follows.

	Three months ended						Nine months ended
	September 30,						September 30,
	2011			2010			2011			2010
Net income (loss) available to common shareholders	$	7,872		$	21,670		$	16,275		$	(16,948	)
Noncontrolling interests—Operating Partnership		25			76			54			(60	)
Depreciation on consolidated real estate assets		18,475			18,167			55,340			54,349
Depreciation on real estate assets held in unconsolidated entities		363			356			1,084			1,065
Gains on sales of condominiums		(2,581	)		(1,184	)		(8,757	)		(2,319	)
Incremental gains on condominium sales (1)		2,581			1,184			8,757			2,057
Funds from operations available to common shareholders and unitholders (2)	$	26,735		$	40,269		$	72,753		$	38,144
Weighted average shares outstanding—basic		50,815			48,747			50,024			48,652
Weighted average shares and units outstanding—basic		50,977			48,918			50,191			48,824
Weighted average shares outstanding—diluted (3)		51,217			48,882			50,421			48,785
Weighted average shares and units outstanding—diluted (3)		51,379			49,053			50,588			48,957

(1) The Company recognizes incremental gains on condominium sales in FFO, net of provision for income taxes, to the extent that net sales proceeds from the sale of condominium homes exceeds the greater of their fair value or net book value as of the date the property is acquired by its taxable REIT subsidiary. For condominium development projects, gains on condominium sales in FFO are equivalent to gains reported under generally accepted accounting principles.

(2) For the nine months ended September 30, 2011, FFO included $1,757 of preferred stock redemption costs. FFO for the three and nine months ended September 30, 2010 included non-cash impairment charges of $5,492 and $40,583, respectively. FFO for the three and nine months ended September 30, 2010 included net debt extinguishment gains of $26,441.

(3) Diluted weighted average shares and units include the impact of dilutive securities totaling 402 and 135 for the three months and 397 and 134 for the nine months ended September 30, 2011 and 2010, respectively. The dilutive securities for the nine months ended September 30, 2010 were antidilutive to the computation of income (loss) per share, as the Company reported net loss attributable to common shareholders and unitholders for these periods under generally accepted accounting principles. Aditionally, basic and diluted weighted average shares and units included the impact of non-vested shares and units totaling 164 and 212 for the three months and 162 and 205 for the nine months ended September 30, 2011 and 2010, respectively, for the computation of funds from operations per share. Such non-vested shares and units are considered in the income (loss) per share computations under generally accepted accounting principles using the “two-class method.”

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MATURE (SAME STORE) COMMUNITY DATA

(In thousands)

(Unaudited)

The Company defines mature communities as those which have reached stabilization prior to the beginning of the previous year. For the 2011 to 2010 comparison, mature communities are defined as those communities which reached stabilization prior to January 1, 2010. This portfolio consisted of 46 communities with 16,688 units, including 13 communities with 5,407 units (32.4%) located in Atlanta, Georgia, 12 communities with 3,797 units (22.8%) located in Dallas, Texas, 5 communities with 1,905 units (11.4%) located in the greater Washington D.C. metropolitan area, 4 communities with 2,111 units (12.6%) located in Tampa, Florida, 4 communities with 1,388 units (8.3%) located in Charlotte, North Carolina and 8 communities with 2,080 units (12.5%) located in other markets. The operating performance of these communities was as follows:

	Three months ended									Nine months ended
	September 30,									September 30,
	2011			2010			% Change			2011			2010			% Change
Rental and other revenues	$	66,973		$	62,780			6.7	%	$	194,911		$	185,521			5.1	%
Property operating and maintenance expenses (excluding depreciation and amortization)		26,843			26,563			1.1	%		77,757			77,860			(0.1	)%
Same store net operating income (1) (5)	$	40,130		$	36,217			10.8	%	$	117,154		$	107,661			8.8	%
Capital expenditures (2)
Annually recurring:
Carpet	$	925		$	808			14.5	%	$	2,349		$	2,161			8.7	%
Other		4,312			2,162			99.4	%		9,111			6,597			38.1	%
Total annually recurring		5,237			2,970			76.3	%		11,460			8,758			30.9	%
Periodically recurring		1,217			1,439			(15.4	)%		4,063			12,802			(68.3	)%
Total capital expenditures (A)	$	6,454		$	4,409			46.4	%	$	15,523		$	21,560			(28.0	)%
Total capital expenditures per unit(A ÷ 16,688 units)	$	387		$	264			46.6	%	$	930		$	1,292			(28.0	)%
Average economic occupancy (3)		96.7	%		95.8	%		0.9	%		95.8	%		95.3	%		0.5	%
Average monthly rental rate per unit (4)	$	1,289		$	1,228			5.0	%	$	1,264		$	1,220			3.6	%

(1) Net operating income of stabilized communities is a supplemental non-GAAP financial measure. The Company believes that the line on the Company’s consolidated statement of operations entitled “Net income (loss)” is the most directly comparable GAAP measure to net operating income. See footnote 5 below for a reconciliation of property net operating income to GAAP net income (loss). The Company believes that net operating income 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. This measure is particularly useful, in the opinion of the Company, in evaluating the performance of geographic operations, operating segment groupings and individual properties. Additionally, the Company believes that net operating income, as defined, is a widely accepted measure of comparative operating performance in the real estate investment community.

(2) A reconciliation of these segment components of property capital expenditures to total annually recurring and periodically recurring and total capital expenditures as presented in the consolidated statements of cash flows prepared under GAAP is detailed below.

	Three months ended				Nine months ended
	September 30,				September 30,
	2011		2010		2011		2010
Annually recurring capital expenditures by operating segment
Fully stabilized	$	5,237	$	2,970	$	11,460	$	8,758
Communities stabilized during 2010		71		40		178		86
Other segments		150		49		340		184
Total annually recurring capital expenditures	$	5,458	$	3,059	$	11,978	$	9,028
Periodically recurring capital expenditures by operating segment
Fully stabilized	$	1,217	$	1,439	$	4,063	$	12,802
Communities stabilized during 2010		133		15		196		48
Other segments		525		407		1,184		942
Total periodically recurring capital expenditures	$	1,875	$	1,861	$	5,443	$	13,792
Total revenue generating capital expenditures	$	530	$	217	$	1,254	$	269
Total property capital expenditures per statements of cash flows	$	7,863	$	5,137	$	18,675	$	23,089

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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 same store communities. The corresponding GAAP measures include information with respect to the Company’s other operating segments consisting of communities stabilized in the prior year, and commercial properties in addition to same store information. Therefore, the Company believes that its 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 is the line on the Company’s consolidated statements of cash flows entitled “property capital expenditures.”

(3) Average economic occupancy is defined 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. Gross potential rent is defined as the sum of the gross actual rental rates for leased units and the anticipated rental rates for unoccupied units. 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 96.0% and 94.6% for the three months and 95.0% and 93.9% for the nine months ended September 30, 2011 and 2010, respectively. For the three months ended September 30, 2011 and 2010, net concessions were $314 and $559, respectively, and employee discounts were $185 and $187, respectively. For the nine months ended September 30, 2011 and 2010, net concessions were $1,049 and $1,914, respectively, and employee discounts were $549 and $553, respectively.

(4) Average monthly rental rate is defined as the average of the gross actual rental rates for leased units and the average of the anticipated rental rates for unoccupied units, divided by total units.

(5) A reconciliation of property net operating income to GAAP net income (loss) is detailed below.

	Three months ended						Nine months ended
	September 30,						September 30,
	2011			2010			2011			2010
Total same store NOI	$	40,130		$	36,217		$	117,154		$	107,661
Property NOI from other operating segments		3,621			2,497			9,286			4,067
Consolidated property NOI		43,751			38,714			126,440			111,728
Add (subtract):
Interest income		374			390			982			755
Other revenues		243			223			686			777
Depreciation		(18,823	)		(18,623	)		(56,383	)		(55,737	)
Interest expense		(14,207	)		(13,646	)		(43,119	)		(38,820	)
Amortization of deferred financing costs		(717	)		(611	)		(2,085	)		(2,097	)
General and administrative		(3,970	)		(3,927	)		(12,332	)		(12,570	)
Investment and development		(239	)		(569	)		(1,013	)		(1,849	)
Other investment costs		(329	)		(669	)		(1,278	)		(1,828	)
Impairment losses		—			—			—			(35,091	)
Gains on condominium sales activities, net		2,581			1,184			8,757			2,319
Equity in income of unconsolidated real estate entities, net		235			18,258			790			18,554
Other income (expense), net		(71	)		26			230			(271	)
Net gain on extinguishment of indebtedness		—			2,845			—			2,845
Net income (loss)	$	8,828		$	23,595		$	21,675		$	(11,285	)

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CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

	September 30,			December 31,
	2011			2010
	(Unaudited)
Assets
Real estate assets
Land	$	292,396		$	285,005
Building and improvements		2,040,929			2,028,580
Furniture, fixtures and equipment		248,794			240,614
Construction in progress		75,856			25,734
Land held for future development		55,428			72,697
		2,713,403			2,652,630
Less: accumulated depreciation		(748,306	)		(692,514	)
For-sale condominiums		60,236			82,259
Total real estate assets		2,025,333			2,042,375
Investments in and advances to unconsolidated real estate entities		7,316			7,671
Cash and cash equivalents		93,107			22,089
Restricted cash		4,489			5,134
Deferred charges, net		9,400			8,064
Other assets		29,445			29,446
Total assets	$	2,169,090		$	2,114,779
Liabilities and equity
Indebtedness	$	1,030,852		$	1,033,249
Accounts payable and accrued expenses		69,744			66,977
Investments in unconsolidated real estate entities		15,766			15,384
Dividends and distributions payable		11,448			9,814
Accrued interest payable		11,045			5,841
Security deposits and prepaid rents		9,214			10,027
Total liabilities		1,148,069			1,141,292
Redeembable common units		5,454			6,192
Commitments and contingencies
Equity
Company shareholders’ equity
Preferred stock, $.01 par value, 20,000 authorized:
8 1/2% Series A Cumulative Redeemable Shares, liquidation preference $50 per share, 868 shares issued and outstanding		9			9
7 5/8% Series B Cumulative Redeemable Shares, liquidation preference $25 per share, 0 and 1,983 shares issued and outstandingat September 30, 2011 and December 31, 2010, respectively		—			20
Common stock, $.01 par value, 100,000 authorized:
51,877 and 48,926 shares issued and 51,877 and 48,913 shares outstanding at September 30, 2011 and December 31, 2010, respectively		518			489
Additional paid-in-capital		1,018,310			965,691
Accumulated earnings		—			4,577
		1,018,837			970,786
Less common stock in treasury, at cost, 98 and 108 sharesat September 30, 2011 and December 31, 2010, respectively		(3,331	)		(3,696	)
Total Company shareholders’ equity		1,015,506			967,090
Noncontrolling interests—consolidated property partnerships		61			205
Total equity		1,015,567			967,295
Total liabilities and equity	$	2,169,090		$	2,114,779

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CONSOLIDATED DEBT SUMMARY

(In thousands)

(unaudited)

Indebtedness

At September 30, 2011 and December 31, 2010, the Company’s indebtedness consists of the following:

	Payment		Maturity		September 30,		December 31,
Description	Terms	Interest Rate	Date		2011		2010
Senior Unsecured Notes	Int.	4.75% - 6.30%(1)	2011-2017	(1)	$	385,412	$	385,412
Unsecured Lines of Credit	N/A	LIBOR + 2.30%(2)	2014	(2)		—		—
Secured Mortgage Notes	Prin. and Int.	4.88% - 6.09%	2013-2019	(3)		645,440		647,837
Total					$	1,030,852	$	1,033,249

(1) Senior unsecured notes totaling approximately $9,637 bearing interest at 5.125% matured in October 2011, at which time they were repaid in full. The remaining unsecured notes mature between 2012 and 2017.

(2) Represents stated rate.

(3) There are no scheduled maturities of secured notes in 2011. These notes mature between 2013 and 2019.

Debt maturities

A schedule of the aggregate maturities of the Company’s indebtedness at September 30, 2011 is provided below.

Remainder of 2011	$	10,725
2012		100,104
2013		186,606
2014		188,644	(1)
2015		124,205
Thereafter		420,568
	$	1,030,852

(1) Includes outstanding balances on lines of credit totaling $0 at September 30, 2011.

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