Post Properties 8-K Results of Operations and Financial Condition

Exhibit 99.2

Third Quarter 2012

Supplemental Financial Data

Table of Contents

	Page
Consolidated Statements of Operations		3
Funds from Operations and Adjusted Funds From Operations		4
Consolidated Balance Sheets		5
Same Store Results		7
Debt Summary		10
Summary of Apartment Communities Under Development, Land Held for Future Investment and Acquisition/Disposition Activity		13
Summary of Condominium Projects		14
Capitalized Costs Summary		15
Investments in Unconsolidated Real Estate Entities		16
Net Asset Value Supplemental Information		17
Non-GAAP Financial Measures and Other Defined Terms and Property Tables		19

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 and its expectations to differ materially from those 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 for the year ended December 31, 2011 and in subsequent filings with the SEC; conditions affecting ownership of residential real estate and general conditions in the multi-family residential real estate market; uncertainties associated with the Company’s real estate development and construction; uncertainties associated with the timing and amount of apartment community sales; exposure to economic and other competitive factors due to market concentration; future local and national economic conditions, including changes in job growth, interest rates, the availability of mortgage and other financing and related factors; the Company’s ability to generate sufficient cash flows to make required payments associated with its debt financing; the effects of the Company’s leverage on its risk of default and debt service requirements; the impact of a downgrade in the credit rating of the Company’s securities; the effects of a default by the Company or its subsidiaries on an obligation to repay outstanding indebtedness, including cross-defaults and cross-acceleration under other indebtedness; the effects of covenants of the Company’s or its subsidiaries’ mortgage indebtedness on operational flexibility and default risks; the effects of any decision by the government to eliminate Fannie Mae or Freddie Mac or reduce government support for apartment mortgage loans; the Company’s ability to maintain its current dividend level; uncertainties associated with the Company’s condominium for-sale housing business, including the timing and volume of condominium sales; the impact of any additional charges the Company may be required to record in the future related to any impairment in the carrying value of its assets; the impact of competition on the Company’s business, including competition for residents in the Company’s apartment communities and buyers of the Company’s for-sale condominium homes and development locations; the Company’s ability to compete for limited investment opportunities; the effects of changing interest rates and effectiveness of interest rate hedging contracts; the success of the Company’s acquired apartment communities; the Company’s ability to succeed in new markets; the costs associated with compliance with laws requiring access to the Company’s properties by persons with disabilities; the impact of the Company’s ongoing litigation with the U.S. Department of Justice regarding the Americans with Disabilities Act and the Fair Housing Act as well as the impact of other litigation; the effects of losses from natural catastrophes in excess of insurance coverage; uncertainties associated with environmental and other regulatory matters; the costs associated with moisture infiltration and resulting mold remediation; the Company’s ability to control joint ventures, properties in which it has joint ownership and corporations and limited partnership in which it has partial interests; the Company’s ability to renew leases or relet units as leases expire; the Company’s ability to continue to qualify as a REIT under the Internal Revenue Code; and the effects of changes in accounting policies and other regulatory matters detailed in the Company’s filings with the Securities and Exchange Commission; increased costs arising from health care reform; any breach of the Company’s privacy or information security systems. Other important risk factors regarding the Company are included under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 and may be discussed in subsequent filings with the SEC. The risk factors discussed in Form 10-K under the caption “Risk Factors” are specifically incorporated by reference into this document.

Supplemental Financial Data 2 | Page

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data) - (Unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2012			2011			2012			2011
Revenues
Rental	$	81,069		$	73,607		$	233,805		$	213,199
Other property revenues		5,096			4,762			14,368			13,682
Other		209			243			637			686
Total revenues		86,374			78,612			248,810			227,567
Expenses
Property operating and maintenance (exclusive of items shown separately below)		37,341			34,618			107,209			100,441
Depreciation		20,334			18,823			59,172			56,383
General and administrative		3,763			3,970			11,931			12,332
Investment and development (1)		203			239			1,005			1,013
Other investment costs (1)		547			329			1,159			1,278
Total expenses		62,188			57,979			180,476			171,447
Operating income		24,186			20,633			68,334			56,120
Interest income		20			374			359			982
Interest expense		(11,816	)		(14,207	)		(34,564	)		(43,119	)
Amortization of deferred financing costs		(667	)		(717	)		(2,026	)		(2,085	)
Net gains on condominium sales activities (2)		10,261			2,581			25,695			8,757
Equity in income of unconsolidated real estate entities, net (3)		475			235			7,416			790
Other income (expense), net		(137	)		(71	)		444			230
Net loss on extinguishment of indebtedness (4)		—			—			(301	)		—
Net income		22,322			8,828			65,357			21,675
Noncontrolling interests - consolidated real estate entities		(55	)		(9	)		(96	)		(56	)
Noncontrolling interests - Operating Partnership		(60	)		(25	)		(175	)		(54	)
Net income available to the Company		22,207			8,794			65,086			21,565
Dividends to preferred shareholders		(922	)		(922	)		(2,766	)		(3,533	)
Preferred stock redemption costs		—			—			—			(1,757	)
Net income available to common shareholders	$	21,285		$	7,872		$	62,320		$	16,275
Per common share data - Basic(5)
Net income available to common shareholders	$	0.39		$	0.15		$	1.16		$	0.33
Weighted average common shares outstanding - basic		54,115			50,651			53,661			49,862
Per common share data - Diluted(5)
Net income available to common shareholders	$	0.39		$	0.15		$	1.15		$	0.32
Weighted average common shares outstanding - diluted		54,392			51,053			54,001			50,259

See Notes to Consolidated Financial Statements on page 6

Supplemental Financial Data 3 | Page

FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS

(In thousands, except per share 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 September 30,						Nine months ended September 30,
Funds From Operations	2012			2011			2012			2011
Net income available to common shareholders	$	21,285		$	7,872		$	62,320		$	16,275
Noncontrolling interests - Operating Partnership		60			25			175			54
Depreciation on consolidated real estate assets, net (6)		20,012			18,475			58,171			55,340
Depreciation on real estate assets held in unconsolidated entities		287			363			910			1,084
Gains on sales of depreciable real estate assets - unconsolidated entities		—			—			(6,055	)		—
Funds from operations available to common shareholders and unitholders (A)	$	41,644		$	26,735		$	115,521		$	72,753
Funds from operations available to common shareholders and unitholders - core operations (B)	$	31,383		$	24,154		$	89,826		$	63,996
Funds from operations available to common shareholders and unitholders - condominiums		10,261			2,581			25,695			8,757
Funds from operations available to common shareholders and unitholders (A)	$	41,644		$	26,735		$	115,521		$	72,753
Adjusted Funds From Operations
Funds from operations available to common shareholders and unitholders (A)	$	41,644		$	26,735		$	115,521		$	72,753
Annually recurring capital expenditures		(4,672	)		(5,458	)		(12,152	)		(11,978	)
Periodically recurring capital expenditures		(2,214	)		(1,875	)		(5,736	)		(5,443	)
Non-cash straight-line adjustment for ground lease expenses		121			128			367			384
Net loss on early extinguishment of indebtedness		—			—			301			—
Preferred stock redemption costs		—			—			—			1,757
Adjusted funds from operations available to common shareholders and unitholders (7) (C)	$	34,879		$	19,530		$	98,301		$	57,473
Adjusted funds from operations available to common shareholders and unitholders - core operations (7) (D)	$	24,618		$	16,949		$	72,606		$	48,716
Adjusted funds from operations available to common shareholders and unitholders - condominiums (7)		10,261			2,581			25,695			8,757
Adjusted funds from operations available to common shareholders and unitholders (7) (C)	$	34,879		$	19,530		$	98,301		$	57,473
Per Common Share Data - Diluted
Funds from operations per share or unit, as defined (A÷E)	$	0.76		$	0.52		$	2.13		$	1.44
Funds from operations per share or unit - core operations (B÷E)	$	0.57		$	0.47		$	1.66		$	1.27
Adjusted funds from operations per share or unit, as defined (7)(C÷E)	$	0.64		$	0.38		$	1.81		$	1.14
Adjusted funds from operations per share or unit - core operations (7)(D÷E)	$	0.45		$	0.33		$	1.34		$	0.96
Dividends declared	$	0.25		$	0.22		$	0.72		$	0.62
Weighted average shares outstanding (8)		54,522			51,217			54,126			50,421
Weighted average shares and units outstanding (8)(E)		54,665			51,379			54,275			50,588

See Notes to Funds from Operations and Adjusted Funds from Operations on page 6

Supplemental Financial Data 4 | Page

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

	September 30, 2012			December 31, 2011
	(Unaudited)
Assets
Real estate assets
Land	$	312,774		$	299,720
Building and improvements		2,230,285			2,085,929
Furniture, fixtures and equipment		266,084			251,663
Construction in progress		115,594			94,981
Land held for future development		45,957			55,396
		2,970,694			2,787,689
Less: accumulated depreciation		(825,015	)		(767,017	)
For-sale condominiums		32,066			54,845
Total real estate assets		2,177,745			2,075,517
Investments in and advances to unconsolidated real estate entities		5,040			7,344
Cash and cash equivalents		64,222			13,084
Restricted cash		5,817			5,126
Deferred financing costs, net		9,376			6,381
Other assets		31,463			31,612
Total assets	$	2,293,663		$	2,139,064
Liabilities and equity
Indebtedness	$	1,036,492		$	970,443
Accounts payable, accrued expenses and other		89,121			72,102
Investments in unconsolidated real estate entities		16,192			15,945
Dividends and distributions payable		13,639			11,692
Accrued interest payable		9,186			5,185
Security deposits and prepaid rents		9,400			9,334
Total liabilities		1,174,030			1,084,701
Redeemable common units		6,874			6,840
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
Common stock, $.01 par value, 100,000 authorized:
54,413 and 53,002 shares issued and 54,413 and 52,988 shares outstanding at September 30, 2012 and December 31, 2011, respectively		545			530
Additional paid-in-capital		1,104,781			1,053,612
Accumulated earnings		23,219			—
Accumulated other comprehensive income (loss)		(12,614	)		(2,633	)
		1,115,940			1,051,518
Less common stock in treasury, at cost, 93 and 113 shares at September 30, 2012 and December 31, 2011, respectively		(3,106	)		(4,000	)
Total Company shareholders’ equity		1,112,834			1,047,518
Noncontrolling interests - consolidated property partnerships		(75	)		5
Total equity		1,112,759			1,047,523
Total liabilities and equity	$	2,293,663		$	2,139,064

See Notes to Consolidated Financial Statements on page 6

Supplemental Financial Data 5 | Page

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS

AND RECONCILIATIONOF FUNDS FROM OPERATIONSAND ADJUSTED FUNDS FROM OPERATIONS

(In thousands)

1) Investment and development expenses include investment group expenses, development personnel and associated costs not allocable to development projects. Other investment costs primarily include land carry costs, principally property taxes and assessments, as well as acquisition expenses of $139 and the write-off of development pursuit costs of $135 for the three and nine months ended September 30, 2012.

2) A summary of revenues and costs and expenses of condominium activities for the three and nine months ended September 30, 2012 and 2011 is as follows:

	Three months ended September 30,								Nine months ended September 30,
	2012				2011				2012				2011
Condominium revenues		$	23,517			$	13,678			$	64,043			$	46,443
Condominium costs and expenses			(13,256	)			(11,097	)			(38,960	)			(37,686	)
Gains on sales of condominiums, before income taxes			10,261				2,581				25,083				8,757
Income tax benefit			—				—				612				—
Net gains on sales of condominiums		$	10,261			$	2,581			$	25,695			$	8,757

3) Equity in earnings of unconsolidated entities for the nine months ended September 30, 2012 includes the Company’s $6,055 share of the gain on the sale of Post Biltmore™, previously owned by a 35% owned unconsolidated entity.

4) The net loss on early extinguishment of indebtedness of $301 for the nine months ended September 30, 2012 represents the write-off of a portion of the Company’s unamortized deferred loan costs associated with the refinancing of the Company’s lines of credit.

5) Post Properties, Inc., through its wholly-owned subsidiaries, is the sole general partner, a limited partner and owns a majority interest in Post Apartment Homes, L.P., the Operating Partnership, through which the Company conducts its operations. As of September 30, 2012, there were 54,556 Operating Partnership units outstanding, of which 54,413, or 99.7%, were owned by the Company.

6) Depreciation on consolidated real estate assets is net of the minority interest portion of depreciation on consolidated entities.

7) Since the Company does not add back the depreciation of non-real estate assets in its calculation of FFO, non-real estate related capital expenditures of $76 and $440 for the three months and $521 and $926 for the nine months ended September 30, 2012 and 2011, respectively, are excluded from the calculation of adjusted funds from operations available to common shareholders and unitholders.

8) Diluted weighted average shares and units include the impact of dilutive securities totaling 277 and 402 for the three months and 340 and 397 for the nine months ended September 30, 2012 and 2011, respectively. Additionally, diluted weighted average shares and units included the impact of non-vested shares and units totaling 129 and 164 for the three months and 126 and 162 for the nine months ended September 30, 2012 and 2011, respectively, for the computation of FFO per share. Such non-vested shares and units are considered in the income per share computations under GAAP using the “two-class method.”

Supplemental Financial Data 6 | Page

SAME STORE RESULTS

(In thousands, except per unit data) - (Unaudited)

Same Store Operating Results

The Company defines same store communities as those which have reached stabilization prior to the beginning of the previous calendar year. Same store net operating income is a supplemental non-GAAP financial measure. See Table 1 on page 21 for a reconciliation of same store net operating income to GAAP net income and Table 4 on page 26 for a year-to-date margin analysis. The operating performance and capital expenditures of the 50 communities containing 18,114 apartment units which were fully stabilized as of January 1, 2011, are summarized in the table below.

	Three months ended										Nine months ended
	September 30,										September 30,
	2012				2011				% Change		2012				2011				% Change
Revenues:
Rental and other revenue		$	74,747			$	69,919			6.9%		$	218,719			$	203,288			7.6%
Utility reimbursements			2,420				2,411			0.4%			6,897				6,764			2.0%
Total rental and other revenues		$	77,167			$	72,330			6.7%		$	225,616			$	210,052			7.4%
Property operating and maintenance expenses:
Personnel expenses			6,869				6,724			2.2%			20,298				19,990			1.5%
Utility expense			4,610				4,821			(4.4)%			12,517				13,073			(4.3)%
Real estate taxes and fees			10,964				9,531			15.0%			31,955				28,037			14.0%
Insurance expenses			1,044				929			12.4%			3,189				2,910			9.6%
Building and grounds repairs and maintenance (1)			4,336				4,685			(7.4)%			12,809				13,237			(3.2)%
Ground lease expense (2)			230				234			(1.7)%			690				834			(17.3)%
Other expenses			1,929				2,135			(9.6)%			5,705				6,223			(8.3)%
Total property operating and maintenance expenses (excluding depreciation and amortization)			29,982				29,059			3.2%			87,163				84,304			3.4%
Same store net operating income		$	47,185			$	43,271			9.0%		$	138,453			$	125,748			10.1%
Same store net operating income margin			61.1	%			59.8	%		1.3%			61.4	%			59.9	%		1.5%
Capital expenditures (3)
Annually recurring:
Carpet		$	1,005			$	925			8.6%		$	2,587			$	2,349			10.1%
Other			3,202				4,383			(26.9)%			8,597				9,289			(7.4)%
Total annually recurring			4,207				5,308			(20.7)%			11,184				11,638			(3.9)%
Periodically recurring (3)			1,840				1,350			36.3%			4,267				4,259			0.2%
Total capital expenditures (A)		$	6,047			$	6,658			(9.2)%		$	15,451			$	15,897			(2.8)%
Total capital expenditures per unit
(A ÷ 18,114 units)		$	334			$	368			(9.2)%		$	853			$	878			(2.8)%
Average monthly rental rate per unit (4)		$	1,370			$	1,288			6.4%		$	1,344			$	1,263			6.4%
Gross turnover (5)			70.3	%			67.6	%		2.7%			60.4	%			59.3	%		1.1%
Net turnover (6)			63.8	%			62.0	%		1.8%			54.2	%			53.5	%		0.7%
Percentage rent increase - new leases (7)			5.2	%			6.6	%		(1.4)%			6.0	%			6.4	%		(0.4)%
Percentage rent increase - renewed leases (7)			6.4	%			6.3	%		0.1%			6.6	%			5.6	%		1.0%

1) Building and grounds repairs and maintenance includes $53 and $188 for the three months and $490 and $516 for the nine months ended September 30, 2012 and 2011, respectively, related to exterior painting of communities.

2) Ground lease expense reflects the cessation of ground lease expenses at the Company’s Post Renaissance® community, effective July 1, 2011.

3) See Table 5 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 in the consolidated cash flow statements prepared under GAAP. Periodically recurring capital expenditures includes $159 and $184 for the three months and $426 and $457 for the nine months ended September 30, 2012 and 2011, respectively, related to the Company’s “resident design center” program.

4) 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. See Table 2 on page 22 and Table 3 on page 24 for further information.

5) Gross turnover represents the percentage of leases expiring during the period that are not renewed by the existing resident(s).

6) Net turnover is gross turnover decreased by the percentage of expiring leases where the resident(s) transfer to a new apartment unit in the same community or in another Post® community.

7) Percentage change is calculated using the respective new or renewed rental rate as of the date of a new lease, as compared with the previous rental rate on that same unit. Accordingly, these percentage changes may differ from the change in the average monthly rental rate per unit due to the timing of move-ins and/or the term of the respective leases.

Supplemental Financial Data 7 | Page

SAME STORE RESULTS (CON’T)

(In thousands, except per unit data) - (Unaudited)

Same Store Operating Results by Market - Comparison of Third Quarter and Year to Date 2012 to Third Quarter and Year to Date 2011

(Increase (decrease) between periods)

	Three months ended								Nine months ended
	September 30, 2012								September 30, 2012
							Average								Average
							Economic								Economic
Market	Revenues (1)		Expenses (1)		NOI (1)		Occupancy		Revenues (1)		Expenses (1)		NOI (1)		Occupancy
Atlanta		6.8%		7.6%		6.2%		(0.1)%		7.3%		3.3%		10.1%		0.1%
Washington, D.C.		3.5%		(5.2)%		8.0%		0.0%		5.3%		0.4%		7.7%		1.2%
Dallas		7.7%		4.6%		10.2%		0.4%		8.1%		4.1%		11.3%		0.9%
Tampa		7.6%		3.9%		9.9%		0.2%		7.4%		5.4%		8.6%		(0.2)%
Charlotte		9.1%		(3.1)%		16.5%		0.6%		9.2%		(0.6)%		15.2%		0.7%
New York		3.6%		3.3%		3.9%		0.2%		4.4%		5.9%		3.3%		1.6%
Houston		9.9%		1.4%		16.7%		0.2%		10.2%		1.9%		16.7%		1.0%
Orlando		7.5%		1.4%		11.6%		0.1%		7.6%		1.1%		11.9%		0.6%
Austin		8.6%		7.5%		9.5%		(0.2)%		11.9%		11.5%		12.3%		0.8%
Total		6.7%		3.2%		9.0%		0.2%		7.4%		3.4%		10.1%		0.7%

1) See Table 2 on page 22 for a reconciliation of these components of same store net operating income and Table 1 on page 21 for a reconciliation of same store net operating income to GAAP net income.

Same Store Occupancy by Market

	Apartment Units		% of NOI Three months ended September 30, 2012										Physical Occupancy at September 30, 2012 (2)		Average Rental Rate Per Unit Three Months Ended September 30, 2012 (3)
					Average Economic				Average Economic
					Occupancy (1)				Occupancy (1)
					Three months ended				Nine months ended
					September 30,				September 30,
Market					2012		2011		2012		2011
Atlanta		5,407		26.4%		97.2%		97.3%		96.6%		96.5%		96.3%		$	1,214
Washington, D.C.		2,301		19.3%		95.5%		95.5%		95.3%		94.1%		95.0%			1,883
Dallas		4,498		19.6%		96.4%		96.0%		95.5%		94.6%		96.0%			1,160
Tampa		2,111		11.8%		96.9%		96.7%		96.7%		96.9%		95.7%			1,348
Charlotte		1,388		7.1%		97.4%		96.8%		96.5%		95.8%		95.5%			1,167
New York		337		4.4%		95.8%		95.6%		95.9%		94.3%		97.3%			3,824
Houston		837		4.3%		96.5%		96.3%		96.7%		95.7%		96.7%			1,338
Orlando		598		3.7%		97.5%		97.4%		97.5%		96.9%		97.2%			1,487
Austin		637		3.4%		96.1%		96.3%		96.3%		95.5%		95.6%			1,466
Total		18,114		100.0%		96.6%		96.4%		96.2%		95.5%		96.0%		$	1,370

1) 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 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 95.9% and 95.5% for the three months and 95.5% and 94.3% for the nine months ended September 30, 2012 and 2011, respectively. For the three months ended September 30, 2012 and 2011, net concessions were $274 and $456, respectively, and employee discounts were $218 and $205, respectively. For the nine months ended September 30, 2012 and 2011, net concessions were $908 and $1,886, respectively, and employee discounts were $642 and $604, respectively.

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

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. See Table 2 on page 22 and Table 3 on page 24 for further information.

Supplemental Financial Data 8 | Page

SAME STORE RESULTS (CON’T)

(In thousands, except per unit data) - (Unaudited)

Sequential Same Store Operating Results – Comparison of Third Quarter of 2012 to Second Quarter of 2012

	Three months ended
	September 30, 2012			June 30, 2012			% Change
Rental and other revenue	$	74,747		$	72,868			2.6%
Utility reimbursements		2,420			2,261			7.0%
Total rental and other revenues	$	77,167		$	75,129			2.7%
Personnel expenses		6,869			6,611			3.9%
Utility expense		4,610			4,039			14.1%
Real estate taxes and fees		10,964			10,603			3.4%
Insurance expenses		1,044			1,026			1.8%
Building and grounds repairs and maintenance (1)		4,336			4,473			(3.1)%
Ground lease expense		230			227			1.3%
Other expenses		1,929			1,948			(1.0)%
Total property operating and maintenance expenses (excluding depreciation and amortization)		29,982			28,927			3.6%
Same store net operating income (2)	$	47,185		$	46,202			2.1%
Average economic occupancy		96.6	%		96.1	%		0.5%
Average monthly rental rate per unit	$	1,370		$	1,341			2.2%

1) Building and grounds repairs and maintenance includes $53 and $292 for the three months ended September 30, 2012 and June 30, 2012, respectively, related to exterior painting of communities.

2) See Table 2 on page 22 for a reconciliation of these components of same store net operating income and Table 1 on page 21 for a reconciliation of same store net operating income to GAAP net income.

Sequential Same Store Operating Results by Market - Comparison of Third Quarter of 2012 to Second Quarter of 2012

(Increase (decrease) between periods)

Market	Revenues (1)		Expenses (1)			NOI (1)		Average Economic Occupancy
Atlanta		3.3%		��	6.0%		1.5%		1.1%
Washington, D.C.		1.3%			5.3%		(0.4)%		(0.2)%
Dallas		3.4%			5.1%		2.2%		0.7%
Tampa		2.6%			0.6%		3.8%		0.6%
Charlotte		3.5%			(3.8)%		7.6%		0.9%
New York		1.1%			0.3%		1.7%		(0.3)%
Houston		2.6%			(2.2)%		6.2%		(0.9)%
Orlando		2.4%			4.1%		1.5%		0.2%
Austin		2.7%			4.7%		1.2%		(0.6)%
Total		2.7%			3.6%		2.1%		0.5%

1) See Table 2 on page 22 for a reconciliation of these components of same store net operating income and Table 1 on page 21 for a reconciliation of same store net operating income to GAAP net income.

Supplemental Financial Data 9 | Page

DEBT SUMMARY

(In thousands) - (Unaudited)

Summary of Outstanding Debt at September 30, 2012 - Consolidated

Type of Indebtedness	Balance			Percentage of  Total Debt		Weighted Average Rate (1) September 30,
						2012		2011
Unsecured fixed rate senior notes		$	280,091		27.0%		5.5%		5.5%
Unsecured bank term loan			300,000		29.0%		3.4%		—
Secured fixed rate notes			456,401		44.0%		5.6%		5.7%
		$	1,036,492		100.0%		4.9%		5.6%
	Balance			Percentage of Total Debt		Weighted Average  Maturity of Total Debt (2)
Total fixed rate debt		$	1,036,492		100.0%		4.5
Total variable rate debt - unhedged			—		0.0%		0.0
Total debt		$	1,036,492		100.0%		4.5

Debt Maturities – Consolidated and Unconsolidated

	Consolidated							Unconsolidated Entities
Aggregate debt maturities by year	Amount				Weighted Avg. Rate on Debt Maturities (1)			Amount			Company Share			Weighted Avg. Rate on Debt Maturities (1)
Remainder of 2012		$	1,153			5.8	%		$	—		$	—		—
2013			186,606			6.1	%			—			—		—
2014			3,961			5.9	%			—			—		—
2015			124,205	(9)		4.9	%			—			—		—
2016			4,419	(3)		5.9	%			—			—		—
Thereafter			716,148			4.6	%			177,723			49,531		5.0	%
		$	1,036,492			4.9	%		$	177,723		$	49,531		5.0	%

Debt Statistics

	Nine months  ended September 30,
	2012			2011
Interest coverage ratio (4)(5)		3.7x			2.7x
Interest coverage ratio (including capitalized interest) (4)(5)		3.3x			2.6x
Fixed charge coverage ratio (4)(6)		3.5x			2.5x
Fixed charge coverage ratio (including capitalized interest) (4)(6)		3.1x			2.4x
Total debt to annualized income available for debt service ratio (7)		6.0x			6.7x
Total debt as a % of undepreciated real estate assets (adjusted for joint venture partner’s share of debt) (8)		35.3	%		38.2	%
Total debt and preferred equity as a % of undepreciated real estate assets (adjusted for joint venture partner’s share of debt) (8)		36.8	%		39.7	%

1) Weighted average rate includes credit enhancements and other fees, where applicable. The weighted average rates at September 30, 2012 are based on the debt outstanding at that date. Weighted average interest rate of the unsecured bank term loan represents the effective fixed interest rate based on outstanding borrowings as of September 30, 2012, after considering the impact of interest rate swap arrangements that hedge this debt. Effective October 1, 2012, the effective fixed interest rate for the term loan was reduced to approximately 3.2% due to recent upgrades to the Company’s credit ratings.

2) Weighted average maturity of total debt represents number of years to maturity based on the debt maturities schedule above.

3) Includes $0 outstanding on unsecured revolving lines of credit maturing in 2016.

4) Calculated for the nine months ended September 30, 2012 and 2011.

5) Interest coverage ratio is defined as net income available for debt service divided by interest expense. The calculation of the interest coverage ratio is a non-GAAP financial measure. A reconciliation of net income available for debt service to net income and interest expense to consolidated interest expense is included in Table 7 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. The calculation of the fixed charge coverage ratio is a non-GAAP financial measure. A reconciliation of net income available for debt service to net income and fixed charges to consolidated interest expense plus dividends to preferred shareholders is included in Table 7 on page 28.

7) A computation of this ratio is included in Table 7 on page 28.

8) A computation of this debt ratio is included in Table 6 on page 27.

9) Includes a mortgage note payable of $120,000 that matures in February 2015 at which time it will automatically be extended for a one-year term at a variable interest rate.

Supplemental Financial Data 10 | Page

DEBT SUMMARY (CON’T)

(In thousands) - (Unaudited)

Financial Debt Covenants - Senior Unsecured Public Notes

Covenant requirement(1)	As of September 30, 2012
Consolidated Debt to Total Assets cannot exceed 60%		33%
Secured Debt to Total Assets cannot exceed 40%		15%
Total Unencumbered Assets to Unsecured Debt must be at least 1.5/1		4.3x
Consolidated Income Available for Debt Service Charge must be at least 1.5/1		3.7x

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 is detailed below.

Ratio of Consolidated Debt to Total Assets
	As of September 30, 2012
Consolidated debt, per balance sheet (A)	$	1,036,492
Total assets, as defined(B) (Table A)	$	3,101,350
Computed ratio(A÷B)		33%
Required ratio (cannot exceed)		60%
Ratio of Secured Debt to Total Assets
Total secured debt (C)	$	456,401
Computed ratio(C÷B)		15%
Required ratio (cannot exceed)		40%
Ratio of Total Unencumbered Assets to Unsecured Debt
Consolidated debt, per balance sheet (A)	$	1,036,492
Total secured debt (C)		(456,401)
Total unsecured debt(D)	$	580,091
Total unencumbered assets, as defined(E) (Table A)	$	2,487,072
Computed ratio(E÷D)		4.3x
Required minimum ratio		1.5x
Ratio of Consolidated Income Available for Debt Service to Annual Debt Service Charge (Annualized)
Consolidated Income Available for Debt Service, as defined(F) (Table B)	$	181,335
Annual Debt Service Charge, as defined(G) (Table B)	$	48,712
Computed ratio(F÷G)		3.7x
Required minimum ratio		1.5x

Supplemental Financial Data 11 | Page

DEBT SUMMARY (CON’T)

(In thousands) - (Unaudited)

Table A

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

	As of September 30, 2012
Total real estate assets	$	2,177,745
Add:
Investments in and advances to unconsolidated real estate entities		5,040
Accumulated depreciation		825,015
Other tangible assets		93,550
Total assets for public debt covenant computations		3,101,350
Less:
Encumbered real estate assets		(609,238	)
Investments in and advances to unconsolidated real estate entities		(5,040	)
Total unencumbered assets for public debt covenant computations	$	2,487,072

Table B

Calculation of Consolidated Income Available for Debt Service and Annual Debt Service Charge – Annualized (1)

Consolidated income available for debt service	Nine months  ended September 30, 2012
Net income	$	65,357
Add:
Depreciation		59,172
Depreciation and amort. (company share) of assets held in unconsolidated entities		972
Amortization of deferred financing costs		2,026
Interest expense		34,564
Interest expense (company share) of assets held in unconsolidated entities		1,970
Income tax expense, net		469
Other non-cash (income) expense, net		2,920
Net loss on early extinguishment of indebtedness		301
Less:
Gain on sale of real estate assets - unconsolidated entity, net		(6,055	)
Gains on sales of real estate assets, net		(25,695	)
Consolidated income available for debt service	$	136,001
Consolidated income available for debt service (annualized)	$	181,335
Annual debt service charge
Consolidated interest expense	$	34,564
Interest expense (company share) of assets held in unconsolidated entities		1,970
Debt service charge	$	36,534
Debt service charge (annualized)	$	48,712

1) The actual calculation of these ratios requires the use of annual trailing financial data. These computations reflect annualized 2012 results for comparison and presentation purposes. The computations using annual trailing financial data also reflect compliance with the debt covenants.

Supplemental Financial Data 12 | Page

SUMMARY OF APARTMENT COMMUNITIES UNDER DEVELOPMENT,

LAND HELD FOR FUTURE INVESTMENTANDACQUISITION/DISPOSITIONACTIVITY

(In millions, except units, square footage and acreage) – (Unaudited)

Communities Under Development

Community	Location	Number of Units		Retail Sq. Ft.  (1)		Estimated Total Cost  (2)		Costs Incurred as of 09/30/2012		Quarter of First Units Available	Estimated Quarter of Stabilized Occupancy (3)	Percent Leased (4)
Post Carlyle Square™ - Phase II	Wash. DC		344		—	$	89.0	$	80.3	2Q 2012	4Q 2013	42.7%
Post South Lamar™	Austin, TX		298		9,263		41.7		34.0	3Q 2012	4Q 2013	11.7%
Post Midtown Square® - Phase III	Houston, TX		124		10,358		21.8		18.1	4Q 2012	4Q 2013	3.2%
Post Lake® at Baldwin Park - Phase III	Orlando, FL		410		—		58.6		22.7	1Q 2013	3Q 2014	N/A
Post Parkside™ at Wade - Phase I	Raleigh, NC		397		14,908		55.0		21.4	1Q 2013	3Q 2014	N/A
Post Richmond Avenue™	Houston, TX		242		—		34.3		10.0	3Q 2013	4Q 2014	N/A
Post Soho Square™	Tampa, FL		231		10,556		39.8		6.1	1Q 2014	2Q 2015	N/A
Total			2,046		45,085	$	340.2	$	192.6

1) Square footage amounts are approximate. Actual square footage may vary.

2) To the extent that developments contain a retail component, total estimated cost includes estimated first generation tenant improvements and leasing commissions.

3) 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.

4) Represents unit status as of October 26, 2012.

Land Held for Future Investment

The following are land positions (including pre-development costs incurred to date) that the Company currently holds. There can be no assurance that projects held for future investment will be developed in the future or at all.

Project	Metro Area	Carrying Value At  September 30, 2012 (in thousands)		Estimated  Usable Acreage
Alexander	Atlanta, GA	$	6,652		2.5
Centennial Park	Atlanta, GA		18,858		5.6
Millennium	Atlanta, GA		2,775		1.0
Spring Hill	Atlanta, GA		2,023		9.1
Frisco Bridges II	Dallas, TX		5,480		5.4
Wade	Raleigh, NC		10,169		26.6
Total Land Held for Future Investment		$	45,957		50.2

Acquisition/Disposition Activity

Property Name	Location	Quarter Acquired  / Disposed	Units	Retail   Sq. Ft.	Year Completed	Gross Price (in thousands)	Cap     Rate	Company’s Ownership %
Acquisitions
Post Katy Trail™	Dallas, TX	Q4 2011	227	9,080	2010	$48,500	5.0%(1)	100%
Post South End™	Charlotte, NC	Q3 2012	360	7,612	2009	$74,000	5.0%(1)	100%
Dispositions
Post Biltmore™	Atlanta, GA	Q1 2012	276	—	2002	$51,075	4.8%(2)	35%

1) Based on projected first twelve-month net operating income after adjustments for management fee (3.0%) and capital reserves ($300/unit). Also assumes the Company will initially spend approximately $0.5 million relating to closing costs and other amounts it plans to spend to improve the community.

2) Based on trailing twelve-month net operating income after adjustments for management fee (3%) and capital reserves ($300/unit).

Supplemental Financial Data 13 | Page

SUMMARY OF CONDOMINIUM PROJECTS

(In thousands, except unit and square foot data) - (Unaudited)

	The Ritz-Carlton				Four Seasons
	Residences,				Private Residences,
	Atlanta Buckhead				Austin
Project Data
Location		Atlanta, GA				Austin, TX
Residential square footage		245,539				292,741
Average unit square footage (1)		1,903				1,978
Quarter of first units available		3Q10				2Q10
Units as of 10/26/12 (2)
Closed		71				117
Under contract		14				8
Available for sale		44				23
Total		129				148
			Per Sq. Ft.				Per Sq. Ft.
Quarterly Data
Balance Sheet/Cost Data as of 9/30/12
Condominium book value	$	11,741			$	20,325
Condominium estimated cost to complete	$	2,070			$	1,096
Estimated book value at completion	$	13,811	$	121	$	21,421	$	298
Projected total cost (before impairment losses)	$	112,700	$	459	$	138,500	$	473
Units Closed as of 9/30/12
Quarter		15				9
Year to date		38				31
Project to date		67				117
Square Footage of Units Closed as of 9/30/12 (1)
Quarter		25,173				22,183
Year to date		72,852				57,486
Project to date		131,334				220,759
Gross Revenue as of 9/30/12
Quarter	$	9,184	$	365	$	14,333	$	646
Year to date	$	27,777	$	381	$	36,266	$	631
Project to date	$	51,487	$	392	$	136,747	$	619
Cash flow from sales as of 9/30/12 (3)
Quarter	$	7,044	$	280	$	11,816	$	533
Year to date	$	19,293	$	265	$	29,620	$	515
Project to date	$	32,461	$	247	$	109,505	$	496

1) Average square footage information is based on approximate amounts, and individual unit sizes may vary.

2) Units “under contract” includes all units currently under contract. However, the Company has experienced contract terminations in these and other condominium projects when units become available for delivery and may experience additional terminations in connection with existing projects. Accordingly, there can be no assurance that condominium units under contract will close.

3) Amounts represent approximate cash flows from condominium activities beginning in the period of initial closings for each community.

Supplemental Financial Data 14 | Page

CAPITALIZED COSTS SUMMARY

(In thousands) - (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 and nine months ended September 30, 2012 and 2011 is provided below.

	Three months ended				Nine months ended
	September 30,				September 30,
	2012		2011		2012		2011
New community development and acquisition activity (1)	$	103,331	$	21,701	$	177,697	$	56,240
Periodically recurring capital expenditures
Community rehabilitation and other revenue generating improvements (2)		1,212		530		2,522		1,254
Other community additions and improvements (3)		2,214		1,875		5,736		5,443
Annually recurring capital expenditures
Carpet replacements and other community additions and improvements (4)		4,672		5,458		12,152		11,978
Corporate additions and improvements		76		440		521		926
	$	111,505	$	30,004	$	198,628	$	75,841
Other Data
Capitalized interest	$	1,414	$	886	$	4,414	$	1,892
Capitalized development and associated costs (5)	$	973	$	879	$	2,692	$	1,975

1) Reflects aggregate community acquisition and development costs, exclusive of the change in construction payables and assumed debt, if any, between years. In the three and nine months ended September 30, 2012, the Company acquired one mixed-use community for a purchase price of approximately $74,000. There was no acquisition activity for the three or nine months ended September 30, 2011.

2) Represents expenditures for community rehabilitations and other unit upgrade costs that enhance the rental value of such units.

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.

Supplemental Financial Data 15 | Page

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

(In thousands) - (Unaudited)

The Company holds investments in 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 provided below.

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 Massachusetts Avenue™	Washington, D.C.	Apartments	269		35	%

Financial Data
	As of										Three months ended							Nine months ended
	September 30, 2012										September 30, 2012							September 30, 2012
	Gross							Company’s					Company’s			Mgmt.				Company’s			Mgmt.
Joint Venture Property	Investment in Real Estate (6)		Mortgage Notes Payable			Entity Equity		Equity Investment			Entity NOI		Equity in Income (Loss)			Fees & Other		Entity NOI		Equity in Income (Loss)			Fees & Other
Post Collier Hills® (1)	$	55,065	$	39,565	(2)	$	9,224	$	(4,646	) (1)	$	678	$	(5	)			$	2,066	$	(4	)
Post Crest® (1)		64,453		46,158	(2)		10,621		(7,019	) (1)		772		(8	)				2,282		(29	)
Post Lindbergh® (1)		60,773		41,000	(3)		13,765		(4,527	) (1)		742		(1	)				2,201		(11	)
Post Biltmore™ (7)		—		—			677		269			—		—					—		6,034
Post Massachusetts Avenue™		70,749		51,000	(4)		5,434		4,771			1,859		489					5,551		1,426
Total	$	251,040	$	177,723		$	39,721	$	(11,152	)	$	4,051	$	475		$	208 (5)	$	12,100	$	7,416		$	623 (5)

1) 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) These notes bear interest at a fixed rate of 5.63% and mature in June 2017.

3) This note bears interest at a fixed rate of 5.71% and matures in January 2018, at which time it will be automatically extended for a one-year term at a variable interest rate.

4) This note bears interest at a fixed rate of 3.5% and matures in February 2019. The note is prepayable without penalty beginning in February 2017.

5) Amounts include net property and asset management fees to the Company included in “Other Revenues” in the Company’s consolidated statements of operations.

6) Represents GAAP basis net book value plus accumulated depreciation.

7) The unconsolidated entity that owned this apartment community sold it to a third party for gross proceeds of approximately $51,075 in February 2012. The mortgage note of $29,272 was repaid in full upon the sale of the apartment community, and the cash proceeds were distributed to its members. The Company recognized its share of the gain on the sale of this community of $6,055 in its equity in earnings of unconsolidated entities on the consolidated statement of operations for the nine months ended September 30, 2012. Entity NOI through the date of sale was excluded from the above table since amounts are reported as discontinued operations at the unconsolidated entity level.

Supplemental Financial Data 16 | Page

NET ASSET VALUE SUPPLEMENTAL INFORMATION(1)

(In thousands, except unit data, commercial square feet and stock price) - (Unaudited)

Financial Data

Income Statement Data	Three months  ended September 30, 2012		Adjustments			As Adjusted (3)
Rental revenues	$	81,069	$	(2,407	) (2)	$	78,662
Other property revenues		5,096		(39	) (2)		5,057
Total rental and other revenues(A)		86,165		(2,446	)		83,719
Property operating & maintenance expenses (excluding depreciation and amortization)(B)		37,341		(5,151	) (2)		32,190
Property net operating income (Table 1)(A-B)	$	48,824	$	2,705		$	51,529
Assumed property management fee (calculated at 3% of revenues)(A x 3%)							(2,512	)
Assumed property capital expenditure reserve ($300 per unit per year based on 18,691 units)							(1,402	)
Adjusted property net operating income						$	47,615
Annualized property net operating income(C)						$	190,460
Apartment units represented(D)		22,218		(3,527	) (2)		18,691
Other Asset Data	As of September 30, 2012		Adjustments			As Adjusted
Cash & equivalents	$	64,222	$	—		$	64,222
Real estate assets acquired, at cost (10)		—		74,000	(10)		74,000
Real estate assets under construction, at cost (4)		115,594		76,957			192,551
Land held for future investment		45,957		—			45,957
For-sale condominiums		32,066		—			32,066
Investments in and advances to unconsolidated real estate entities (5)		5,040		(5,040	) (5)		—
Restricted cash and other assets (10)		37,280		(666	) (10)		36,614
Cash & other assets of unconsolidated apartment entities (6)		4,965		(3,524	) (6)		1,441
Total(E)	$	305,124	$	141,727		$	446,851
Other Liability Data
Indebtedness (7)	$	1,036,492	$	(10,941	) (7)	$	1,025,551
Investments in unconsolidated real estate entities (5)		16,192		(16,192	) (5)		—
Other liabilities (including noncontrolling interests) (8)		121,346		(7,653	) (8)		113,693
Total liabilities of unconsolidated apartment entities (9)		179,651		(129,575	) (9)		50,076
Total(F)	$	1,353,681	$	(164,361	)	$	1,189,320
Other Data	As of September 30, 2012
	# Shares/Units		Stock Price			Implied Value
Liquidation value of preferred shares(G)						$	43,392
Common shares outstanding		54,413
Common units outstanding		143
Total(H)		54,556	$	47.96		$	2,616,506
Implied market value of Company gross real estate assets(I) = (F+G+H-E)						$	3,402,367
Implied Portfolio Capitalization Rate(C÷I)							5.6	%

1) 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 NOI for the quarter ended September 30, 2012, for properties stabilized as of July 1, 2012, so that a capitalization rate may be applied and an approximate value for the assets determined. Properties not stabilized as of July 1, 2012, are presented at full undepreciated cost. Other tangible assets, total liabilities and the liquidation value of preferred shares are also presented.

Supplemental Financial Data 17 | Page

2) The following table summarizes the adjustments made to the components of property net operating income for the three months ended September 30, 2012, to adjust property net operating income to the Company’s share for fully stabilized communities:

	Rental Revenue			Other Revenue			Expenses			Units
Communities acquired	$	(1,159	)	$	(60	)	$	(428	)		(360	)
Communities in lease-up		(479	)		(43	)		(642	)		(2,046	)
Company share of unconsolidated entities		1,805			134			660			(1,077	)
Minority share of consolidated real estate entity		(549	)		(5	)		(230	)		(44	)
Corporate property management expenses		—			—			(2,792	)		—
Corporate apartments and other		(2,025	)		(65	)		(1,719	)		—
	$	(2,407	)	$	(39	)	$	(5,151	)		(3,527	)

3) The following table summarizes the Company’s share of the “As Adjusted” components of property net operating income, apartment units and commercial square feet by market for the three months ended September 30, 2012:

	Rental and Other  Revenues		Property Operating  & Maintenace Expenses (ex. Deprec. and Amort.)		Property Net Operating  Income (NOI)		Percentage of Total NOI			Apartment Units  / Commercial Sq. Ft.
Atlanta	$	21,996	$	8,863	$	13,133		25.5	%		5,707
Washington DC		14,207		4,403		9,804		19.0	%		2,395
Dallas		17,362		7,561		9,801		19.0	%		4,725
Tampa		8,851		3,275		5,576		10.8	%		2,111
Charlotte		4,985		1,672		3,313		6.4	%		1,388
New York		3,155		1,382		1,773		3.4	%		293
Houston		3,446		1,407		2,039		4.0	%		837
Orlando		2,777		1,042		1,735		3.4	%		598
Austin		2,845		1,249		1,596		3.1	%		637
Commercial		4,095		1,336		2,759		5.4	%		—
Total	$	83,719	$	32,190	$	51,529		100.0	%		18,691
Approximate commercial Sq. Ft.											700,000

4) The “As Adjusted” amount represents the CIP balance per the Company’s balance sheet consisting of the following:

Post Carlyle Square™ - Phase II	$	80,290
Post South Lamar™		33,973
Post Midtown Square® - Phase III		18,121
Post Parkside™ at Wade - Phase I		21,385
Post Lake® at Baldwin Park - Phase III		22,683
Post Richmond Avenue™		9,987
Post Soho Square™		6,112
	$	192,551

5) The adjustment reflects a reduction for the investments in unconsolidated entities, as the Company’s respective share of net operating income of such investments is included in the adjusted net operating income reflected above.

6) The “As of September 30, 2012” amount represents cash and other assets of unconsolidated apartment entities. The adjustment includes a reduction for the venture partners’ respective share of cash and other assets. The “As Adjusted” amount represents the Company’s respective share of the cash and other assets of unconsolidated apartment entities.

7) The adjustment reflects a reduction for the minority interest portion of the consolidated mortgage debt of a consolidated joint venture community. Likewise, only the Company’s majority share of that community is included in the adjusted net operating income reflected above.

8) The “As of September 30, 2012” amount consists of the sum of accrued interest payable, dividends and distributions payable, accounts payable and accrued expenses and security deposits and prepaid rents 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 $7,704, offset by the addition of noncontrolling interests of consolidated real estate entities of $51.

9) The “As of September 30, 2012” amount represents total liabilities of unconsolidated apartment entities. The adjustment represents a reduction for the venture partners’ respective share of liabilities. The “As Adjusted” amount represents the Company’s respective share of liabilities of unconsolidated apartment entities.

10) This adjustment represents the undepreciated real estate assets of Post South End™ acquired during the third quarter of 2012 and which was excluded from net operating income reflected above. Certain assets acquired totaling $666 were reflected in other assets under GAAP.

Supplemental Financial Data 18 | Page

NON-GAAP FINANCIAL MEASURES AND OTHER DEFINED TERMS

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 impact of non-cash straight-line long-term ground lease expense, non-cash impairment charges, debt extinguishment gains (losses) and preferred stock redemption costs. 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 (loss)” is the most directly comparable GAAP measure to NOI.

Supplemental Financial Data 19 | Page

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 is the line on the Company’s consolidated statements of cash flows entitled “property capital expenditures,” which also includes revenue generating 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) interest coverage ratios; (2) fixed charge coverage ratios; (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; (8) a ratio of consolidated income available for debt service to annual debt service charge; and (9) a debt to annualized income available for debt service ratio. 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.

The Company uses income available for debt service to calculate certain debt ratios and statistics. Income available for debt service is defined as net income (loss) before interest, taxes, depreciation, amortization, gains on sales of real estate assets, non-cash impairment charges and other non-cash income and expenses. Income available for debt service is a supplemental measure of operating performance that does not represent and should not be considered as an alternative to net income or cash flow from operating activities as determined under GAAP, and the Company’s calculation thereof may not be comparable to similar measures reported by other companies, including EBITDA or Adjusted EBITDA.

Property Operating Statistics – The Company uses average economic occupancy, gross turnover, net turnover and percentage increases in rent for new and renewed leases as statistical measures of property 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. Gross turnover is defined as the percentage of leases expiring during the period that are not renewed by the existing residents. Net turnover is defined as gross turnover decreased by the percentage of expiring leases where the residents transfer to a new apartment unit in the same community or in another Post^® community. The percentage increases in rent for new and renewed leases are calculated using the respective new or renewed rental rate as of the date of a new lease, as compared with the previous rental rate on that same unit.

Supplemental Financial Data 20 | Page

RECONCILIATIONS OF SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES

Table 1 - Reconciliation of Same Store Net Operating Income (NOI) to GAAP Net Income

(In thousands) - (Unaudited)

	Three months ended									Nine months ended
	September 30, 2012			September 30, 2011			June 30, 2012			September 30, 2012			September 30, 2011
Total same store NOI	$	47,185		$	43,271		$	46,202		$	138,453		$	125,748
Property NOI from other operating segments		1,639			480			521			2,511			692
Consolidated property NOI		48,824			43,751			46,723			140,964			126,440
Add (subtract):
Interest income		20			374			288			359			982
Other revenues		209			243			206			637			686
Depreciation		(20,334	)		(18,823	)		(19,497	)		(59,172	)		(56,383	)
Interest expense		(11,816	)		(14,207	)		(11,103	)		(34,564	)		(43,119	)
Amortization of deferred financing costs		(667	)		(717	)		(698	)		(2,026	)		(2,085	)
General and administrative		(3,763	)		(3,970	)		(3,883	)		(11,931	)		(12,332	)
Investment and development		(203	)		(239	)		(322	)		(1,005	)		(1,013	)
Other investment costs		(547	)		(329	)		(306	)		(1,159	)		(1,278	)
Gains on condominium sales activities, net		10,261			2,581			8,530			25,695			8,757
Equity in income of unconsolidated real estate entities, net		475			235			495			7,416			790
Other income (expense), net		(137	)		(71	)		737			444			230
Net loss on extinguishment of indebtedness		—			—			—			(301	)		—
Net income	$	22,322		$	8,828		$	21,170		$	65,357		$	21,675

Supplemental Financial Data 21 | Page

Table 2 - Same Store Net Operating Income (NOI) and Average Rental Rate per Unit by Market

(In thousands, except average rental rates)

	Three months ended									Q3 ‘12 vs. Q3 ‘11 % Change		Q3 ‘12 vs. Q2 ‘12 % Change		Q3 ‘12 % Same Store NOI
	September 30, 2012			September 30, 2011			June 30, 2012
Rental and other revenues
Atlanta		$	20,982		$	19,655		$	20,320		6.8%		3.3%
Washington, D.C.			13,283			12,837			13,108		3.5%		1.3%
Dallas			16,261			15,101			15,720		7.7%		3.4%
Tampa			8,851			8,226			8,628		7.6%		2.6%
Charlotte			5,013			4,594			4,845		9.1%		3.5%
New York			3,709			3,580			3,668		3.6%		1.1%
Houston			3,446			3,135			3,359		9.9%		2.6%
Orlando			2,777			2,583			2,711		7.5%		2.4%
Austin			2,845			2,619			2,770		8.6%		2.7%
Total rental and other revenues			77,167			72,330			75,129		6.7%		2.7%
Property operating and maintenance expenses (exclusive of depreciation and amortization)
Atlanta			8,569			7,963			8,087		7.6%		6.0%
Washington, D.C.			4,157			4,384			3,946		(5.2)%		5.3%
Dallas			6,996			6,691			6,655		4.6%		5.1%
Tampa			3,275			3,153			3,257		3.9%		0.6%
Charlotte			1,675			1,729			1,742		(3.1)%		(3.8)%
New York			1,612			1,561			1,607		3.3%		0.3%
Houston			1,407			1,388			1,439		1.4%		(2.2)%
Orlando			1,042			1,028			1,001		1.4%		4.1%
Austin			1,249			1,162			1,193		7.5%		4.7%
Total			29,982			29,059			28,927		3.2%		3.6%
Net operating income
Atlanta			12,413			11,692			12,233		6.2%		1.5%		26.4%
Washington, D.C.			9,126			8,453			9,162		8.0%		(0.4)%		19.3%
Dallas			9,265			8,410			9,065		10.2%		2.2%		19.6%
Tampa			5,576			5,073			5,371		9.9%		3.8%		11.8%
Charlotte			3,338			2,865			3,103		16.5%		7.6%		7.1%
New York			2,097			2,019			2,061		3.9%		1.7%		4.4%
Houston			2,039			1,747			1,920		16.7%		6.2%		4.3%
Orlando			1,735			1,555			1,710		11.6%		1.5%		3.7%
Austin			1,596			1,457			1,577		9.5%		1.2%		3.4%
Total same store NOI		$	47,185		$	43,271		$	46,202		9.0%		2.1%		100.0%
Average rental rate per unit
Atlanta		$	1,214		$	1,139		$	1,187		6.6%		2.3%
Washington, D.C.			1,883			1,826			1,859		3.1%		1.3%
Dallas			1,160			1,080			1,137		7.4%		2.1%
Tampa			1,348			1,260			1,321		7.0%		2.0%
Charlotte			1,167			1,071			1,129		9.0%		3.4%
New York			3,824			3,715			3,777		2.9%		1.2%
Houston			1,338			1,218			1,292		9.9%		3.6%
Orlando			1,487			1,383			1,447		7.5%		2.7%
Austin			1,466			1,350			1,421		8.6%		3.2%
Total average rental rate per unit			1,370			1,288			1,341		6.4%		2.2%

Supplemental Financial Data 22 | Page

Table 2(con’t) - Same Store Net Operating Income (NOI) and Average Rental Rate per Unit by Market

(In thousands, except average rental rates)

	Nine months ended
	September 30, 2012			September 30, 2011			% Change
Rental and other revenues
Atlanta		$	61,273		$	57,095		7.3%
Washington, D.C.			39,245			37,263		5.3%
Dallas			47,103			43,569		8.1%
Tampa			25,988			24,199		7.4%
Charlotte			14,521			13,301		9.2%
New York			10,979			10,513		4.4%
Houston			10,050			9,116		10.2%
Orlando			8,150			7,575		7.6%
Austin			8,307			7,421		11.9%
Total rental and other revenues			225,616			210,052		7.4%
Property operating and maintenance expenses (exclusive of depreciation and amortization)
Atlanta			24,472			23,681		3.3%
Washington, D.C.			12,126			12,080		0.4%
Dallas			20,178			19,384		4.1%
Tampa			9,703			9,203		5.4%
Charlotte			5,037			5,068		(0.6)%
New York			4,905			4,632		5.9%
Houston			4,052			3,976		1.9%
Orlando			3,046			3,012		1.1%
Austin			3,644			3,268		11.5%
Total			87,163			84,304		3.4%
Net operating income
Atlanta			36,801			33,414		10.1%
Washington, D.C.			27,119			25,183		7.7%
Dallas			26,925			24,185		11.3%
Tampa			16,285			14,996		8.6%
Charlotte			9,484			8,233		15.2%
New York			6,074			5,881		3.3%
Houston			5,998			5,140		16.7%
Orlando			5,104			4,563		11.9%
Austin			4,663			4,153		12.3%
Total same store NOI		$	138,453		$	125,748		10.1%
Average rental rate per unit
Atlanta		$	1,190		$	1,113		6.9%
Washington, D.C.			1,861			1,806		3.0%
Dallas			1,138			1,061		7.3%
Tampa			1,322			1,231		7.4%
Charlotte			1,134			1,043		8.7%
New York			3,782			3,691		2.5%
Houston			1,298			1,194		8.7%
Orlando			1,453			1,358		7.0%
Austin			1,429			1,316		8.6%
Total average rental rate per unit			1,344			1,263		6.4%

Supplemental Financial Data 23 | Page

Table 3 - Operating Community Table

	Year Completed/			Avg.		Q3 2012						Q3 2012
Market /	Year of			Unit		Avg. Monthly Rent						Average
Submarket /	Substantial	No. of		Size		Per			Per			Economic
Community	Renovations	Units		(Sq. Ft.)		Unit			Sq. Ft.			Occ.
Atlanta
Buckhead / Brookhaven
Post Alexander™	2008		307		1,016		$	1,644		$	1.62		97.5%
Post Brookhaven®	1990-1992		735		933			1,034			1.11		97.3%
Post Chastain®	1990/2008		558		866			1,150			1.33		98.5%
Post Collier Hills® (1)(2)	1997		396		948			1,058			1.12		96.7%
Post Gardens®	1998		397		1,039			1,231			1.18		98.2%
Post Glen® (2)	1997		314		1,076			1,226			1.14		96.4%
Post Lindbergh® (1)(2)	1998		396		910			1,101			1.21		99.1%
Post Peachtree Hills®	1992-1994/2009		300		978			1,302			1.33		97.4%
Post StratfordTM	2000		250		999			1,258			1.26		97.7%
Dunwoody
Post Crossing® (2)	1995		354		1,036			1,109			1.07		98.5%
Emory Area
Post BriarcliffTM (2)	1999		688		1,006			1,200			1.19		97.0%
Midtown
Post ParksideTM (2)	2000		188		885			1,413			1.60		96.5%
Post Renaissance®	1992-1994		342		908			1,058			1.17		96.7%
Northwest Atlanta
Post Crest® (1)(2)	1996		410		1,033			1,035			1.00		95.6%
Post Riverside®	1998		522		1,062			1,473			1.39		96.2%
Post SpringTM (2)	2000		452		977			1,029			1.05		96.0%
Dallas
North Dallas
Post Addison CircleTM (2)	1998-2000		1,334		846			1,044			1.23		96.4%
Post EastsideTM	2008		435		910			1,138			1.25		94.9%
Post Legacy (2)	2000		384		810			1,023			1.26		96.1%
Post Sierra at Frisco Bridges™	2009		268		896			1,105			1.23		96.0%
Uptown Dallas
Post AbbeyTM	1996		34		1,223			1,878			1.54		100.0%
Post Cole’s CornerTM	1998		186		799			1,155			1.45		97.1%
Post GalleryTM	1999		34		2,307			2,763			1.20		100.0%
Post HeightsTM	1998-1999/2009		368		845			1,320			1.56		95.2%
Post Katy Trail™	2010		227		898			1,610			1.79		95.7%
Post MeridianTM	1991		133		780			1,298			1.66		96.2%
Post SquareTM	1996		216		863			1,270			1.47		97.6%
Post Uptown VillageTM	1995-2000		496		735			1,090			1.48		97.3%
Post VineyardTM	1996		116		733			1,145			1.56		96.6%
Post VintageTM	1993		160		750			1,173			1.56		97.4%
Post WorthingtonTM (2)	1993/2008		334		820			1,423			1.74		95.8%

Supplemental Financial Data 24 | Page

Table 3 (con’t) - Operating Community Table

	Year Completed/			Avg.		Q3 2012						Q3 2012
Market /	Year of			Unit		Avg. Monthly Rent						Average
Submarket /	Substantial	No. of		Size		Per			Per			Economic
Community	Renovations	Units		(Sq. Ft.)		Unit			Sq. Ft.			Occ.
Austin
Post Barton Creek™	1998		160		1,162		$	1,647		$	1.42		96.3%
Post Park Mesa™	1992		148		1,091			1,390			1.27		96.7%
Post West Austin™	2009		329		889			1,413			1.59		95.6%
Houston
Post Midtown Square®	1999-2000		529		759			1,253			1.65		97.4%
Post Rice LoftsTM	1998		308		906			1,486			1.64		95.4%
Tampa
Post Bay at Rocky Point™	1997		150		1,012			1,389			1.37		95.9%
Post Harbour PlaceTM	1999-2002		578		920			1,467			1.59		98.9%
Post Hyde Park® (2)	1996-2008		467		1,011			1,421			1.41		97.6%
Post Rocky Point® (2)	1996-1998		916		1,031			1,229			1.19		95.1%
Orlando
Post Lake® at Baldwin Park	2004-2007		350		1,013			1,523			1.50		97.7%
Post ParksideTM	1999		248		852			1,435			1.68		97.3%
Charlotte
Post Ballantyne (2)	2004		323		1,252			1,115			0.89		96.9%
Post Gateway PlaceTM (2)	2000		436		806			1,089			1.35		96.9%
Post Park at Phillips Place®	1998		402		1,099			1,319			1.20		97.7%
Post South End™ (4)	2009		360		847			1,387			1.64		95.0%
Post Uptown PlaceTM	2000		227		800			1,124			1.41		98.0%
Washington D.C.
Maryland
Post Fallsgrove	2003		361		983			1,731			1.76		95.1%
Post Park®	2010		396		975			1,599			1.64		96.3%
Virginia
Post Carlyle Square™ - Phase I	2006		205		861			2,435			2.83		95.5%
Post Corners at Trinity Centre (2)	1996		336		994			1,598			1.61		96.9%
Post Pentagon RowTM	2001		504		853			2,313			2.71		95.8%
Post Tysons CornerTM	1990		499		810			1,751			2.16		94.0%
Washington D.C.
Post Massachusetts AvenueTM (1)(2)	2002		269		884			3,106			3.51		95.8%
New York City
Post LuminariaTM (2)(3)	2002		138		721			3,799			5.27		97.8%
Post ToscanaTM (2)	2003		199		817			3,842			4.70		94.5%

1) Communities held in unconsolidated entities.

2) Communities encumbered by secured mortgage indebtedness.

3) The Company owns a 68% interest in this community.

4) Average monthly rent and economic occupancy data reflects the first two full months after acquisition.

Supplemental Financial Data 25 | Page

Table 4 - Year-to-Date Margin Analysis

(In thousands)

	Nine months ended September 30, 2012
	Rental and Other Property Revenues			Property Operating & Maintenance Expenses			Net Operating Income (“NOI”)				NOI Margin		Expense Margin
Same store communities		$	225,616		$	87,163		$	138,453			61.4%		38.6%
Development and lease-up communities (2)(6)			599			880			(281	)		N/A		N/A
Acquired communities			4,440			1,971			2,469			55.6%		44.4%
Other property segments:
Corporate apartments			5,664			4,663			1,001			17.7%		82.3%
Commercial			11,854			4,030			7,824			66.0%		34.0%
Corporate property management expenses (1)			—			8,502			(8,502	)
		$	248,173		$	107,209
Consolidated property NOI (2)								$	140,964
Third-party management fees								$	623

1) The following table summarizes the Company’s net property management expense as a percentage of adjusted property revenues:

	Numerator:
Corporate property management expenses		$	8,502
	Less: Third-party management fees		(623	)
	Net property management expenses	$	7,879
	Denominator:
	Total rental and other property revenues	$	248,173
	Less: Corporate apartment revenues		(5,664	)
	Adjusted property revenues	$	242,509
	Net property management expenses as a percentage of adjusted property revenues		3.2	%

2) Consolidated property net operating income (“NOI”) is a non-GAAP financial measure. See Table 1 on page 21 for a reconciliation of consolidated property NOI to GAAP net income (loss).

Supplemental Financial Data 26 | Page

Table 5 - Reconciliation of Segment Cash Flow Data to Statements of Cash Flows

(In thousands)

	Three months  ended September 30,						Nine months  ended September 30,
	2012			2011			2012			2011
Annually recurring capital expenditures by operating segment
Same store communities		$	4,207		$	5,308		$	11,184		$	11,638
Development and lease-up			4			—			4			—
Acquired communities			187			—			221			—
Other segments			274			150			743			340
Total annually recurring capital expenditures		$	4,672		$	5,458		$	12,152		$	11,978
Periodically recurring capital expenditures by operating segment
Same store communities		$	1,840		$	1,350		$	4,267		$	4,259
Development and lease-up			5			—			5			—
Acquired communities			16			—			16			—
Other segments			353			525			1,448			1,184
Total periodically recurring capital expenditures		$	2,214		$	1,875		$	5,736		$	5,443
Total revenue generating capital expenditures		$	1,212		$	530		$	2,522		$	1,254
Total property capital expenditures per statements of cash flows		$	8,098		$	7,863		$	20,410		$	18,675

Table 6 - Computation of Debt Ratios

(In thousands)

	As of September 30,
	2012				2011
Total real estate assets per balance sheet		$	2,177,745			$	2,025,333
Plus:
Company share of real estate assets held in unconsolidated entities			59,177				70,419
Company share of accumulated depreciation - assets held in unconsolidated entities			10,658				12,091
Accumulated depreciation per balance sheet			825,015				748,306
Total undepreciated real estate assets(A)		$	3,072,595			$	2,856,149
Total debt per balance sheet		$	1,036,492			$	1,030,852
Plus:
Company share of third party debt held in unconsolidated entities			49,531				59,601
Total debt (adjusted for joint venture partners’ share of debt)(B)		$	1,086,023			$	1,090,453
Total debt as a % of undepreciated real estate assets (adjusted for joint venture partners’ share of debt)(B÷A)			35.3	%			38.2	%
Total debt per balance sheet		$	1,036,492			$	1,030,852
Plus:
Company share of third party debt held in unconsolidated entities			49,531				59,601
Preferred shares at liquidation value			43,392				43,392
Total debt and preferred equity (adjusted for joint venture partners’ share of debt)(C)		$	1,129,415			$	1,133,845
Total debt and preferred equity as a % of undepreciated real estate assets (adjusted for joint venture partners’ share of debt)(C÷A)			36.8	%			39.7	%

Supplemental Financial Data 27 | Page

Table 7 - Computation of Coverage Ratios

(In thousands)

	Nine months ended
	September 30,
	2012				2011
Net income (loss)		$	65,357			$	21,675
Other non-cash (income) expense, net			2,920				3,141
Income tax expense, net			469				568
Gains on sales of real estate assets, net			(25,695	)			(8,757	)
Gain on sale of real estate assets - unconsolidated entity, net			(6,055	)			—
Net loss on early extinguishment of indebtedness			301				—
Depreciation expense			59,172				56,383
Depreciation and amort. (company share) of assets held in unconsolidated entities			972				1,084
Interest expense			34,564				43,119
Interest expense (company share) of assets held in unconsolidated entities			1,970				2,592
Amortization of deferred financing costs			2,026				2,085
Income available for debt service(A)		$	136,001			$	121,890
Annualized income available for debt service(B)		$	181,335			$	162,520
Interest expense		$	34,564			$	43,119
Interest expense (company share) of assets held in unconsolidated entities			1,970				2,592
Adjusted interest expense(C)			36,534				45,711
Capitalized interest			4,414				1,892
Adjusted interest expense (including capitalized interest)(D)		$	40,948			$	47,603
Adjusted interest expense		$	36,534			$	45,711
Dividends to preferred shareholders			2,766				3,533
Fixed charges (E)			39,300				49,244
Capitalized interest			4,414				1,892
Fixed charges (including capitalized interest) (F)		$	43,714			$	51,136
Total debt (adjusted for joint venture partners’ share of debt) (see Table 6) (G)		$	1,086,023			$	1,090,453
Interest coverage ratio(A÷C)			3.7x				2.7x
Interest coverage ratio (including capitalized interest)(A÷D)			3.3x				2.6x
Fixed charge coverage ratio(A÷E)			3.5x				2.5x
Fixed charge coverage ratio (including capitalized interest)(A÷F)			3.1x				2.4x
Total debt to annualized income available for debt service ratio(G÷B)			6.0x				6.7x

Table 8 - Calculation of Company Undepreciated Book Value Per Share

(In thousands, except per share data)

	September 30, 2012
Total Company shareholders’ equity per balance sheet		$	1,112,834
Plus:
Accumulated depreciation, per balance sheet			825,015
Noncontrolling interest of common unitholders in Operating Partnership, per balance sheet			6,874
Less:
Deferred financing costs, net, per balance sheet			(9,376	)
Preferred shares at liquidation value			(43,392	)
Total undepreciated book value(A)		$	1,891,955
Total common shares and units(B)			54,556
Company undepreciated book value per share(A÷B)		$	34.68

Supplemental Financial Data 28 | Page