SCHEDULE 14A
(RULE 14A-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A)
OF THE SECURITIES EXCHANGE ACT OF 1934
Filed by the Registrant |_|
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Check the appropriate box:
|_| Preliminary Proxy Statement |_| Confidential, for Use of the
Commission Only (as permitted by
Rule 14a-6(e)(2))
|_| Definitive Proxy Statement
|X| Definitive Additional Materials
|_| Soliciting Material Pursuant to Rule 14a-12
POST PROPERTIES, INC.
(Name Of Registrant As Specified In Its Charter)
JOHN A. WILLIAMS
ROY E. BARNES
FRANCIS L. BRYANT, JR.
PAUL J. DOLINOY
THOMAS J.A. LAVIN
GEORGE R. PUSKAR
EDWARD LOWENTHAL
CRAIG G. VOUGHT
WILLIAM A. PARKER, JR.
J.C. SHAW
(Name Of Person(s) Filing Proxy Statement, If Other Than The Registrant)
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[The pages that follow are updates to a presentation filed by
John A. Williams on April 23, 2003]
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ACTION PLAN TO RESTORE VALUE
AND INVESTOR CONFIDENCE
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ACTION PLAN
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1. Elect a slate of independent, better qualified directors
<table>
<caption>
Our Director Nominees Their Director Nominees*
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<s>
Yrs.of Yrs. of
Nominee RE Exp. Prior Experience Nominee RE Exp. Prior Experience
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George R. 36 Chairman, Lend Lease Real Estate Robert C. 15 Chairman & CEO, Goddard Investment
Puskar Chairman & CEO, Equitable Real Goddard Group
Estate Investment Mgmt Chairman & CEO, NAI/Brannen Goddard
Director Nominee, New Plan Excel Company
Director, I-Star Financial NO PUBLIC COMPANY EXPERIENCE
Director, CarrAmerica NO MULTIFAMILY EXPERIENCE
Director, NRC, ICSC, NACREIF, ULI
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Roy E. 25 Immediate Past Governor of Georgia Herschel 9 Partner, King & Spalding
Barnes Former Georgia State Representative M. Bloom Director of Russell Corp.
Founder, Efficiency Lodge Hotel Company K&S IS COMPANY COUNSEL
Founder, Cobb Savings and Loan Assoc.
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Francis L. 40 EVP Manufacturers Hanover Trust Company Ronald de 3 Chairman, We International b.v.
Bryant, Jr. Officer-In-Charge of RE Division, Waal Director of Saks Inc, and The Body Shop
Manufacturers Corporation LIVES IN BELGIUM
RE Adv. Cmte., NY State Comm. Ret. NO MULTIFAMILY EXPERIENCE
Fund (24 years)
Founding Member, Wharton School RE Center
Director, Pru. Realty Trust, RE Board of
NY, ULI
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Paul J. 31 President, Lend Lease Real Estate Investments Russell R. 10 General Partner, Moseley & Co.
Dolinoy SVP, Equitable Real Estate French VENTURE CAPITALIST
Chairman, JP Morgan US Real Estate Fund NO MULTIFAMILY EXPERIENCE
Director, NYSTRS Real Estate Advisory Cmte. FORMER PARTNER, K&S
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Thomas J.A. 30 Head of Mortgage Lending, MetLife David P. 8 EVP, Duke Realty Corp.
Lavin Head of RE Debt Origination, Citicorp Stockert SVP & CFO, Weeks Corp.
Securities FORMER INVESTMENT BANKER
Head of Real Estate Investment Banking, Smith NO MULTIFAMILY EXPERIENCE
Barney and First Boston
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<fn>
* Information derived from Post Properties' 2003 Proxy Statement.
</fn>
</table>
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<page>
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ACTION PLAN
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2. Appoint two qualified directors post election
o Edward Lowenthal
- Co-Founder and President, Wellsford Residential Property Trust
- Co-Founder and President, Wellsford Real Properties
- Trustee, Equity Residential Properties Trust
- Key Accomplishments
o Grew Wellsford Residential from 5,000 to 20,000 units in 5 years
o Increased capitalization from $200 million to $1 billion
o Merged Wellsford into Equity Residential in 1997
o Craig Vought
- Former Co-CEO, Spieker Properties
- Co-Founder and Managing Director, Broadreach Capital Partners
- Trustee, Equity Office Properties Trust
- Initiated and negotiated the $7.2 billion merger of Spieker Properties
into Equity Office properties
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ACTION PLAN
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3. REPLACE SENIOR MANAGEMENT
o CHAIRMAN: GEORGE PUSKAR VS. ROBERT GODDARD
o CEO: EDWARD LOWENTHAL VS. DAVID STOCKART
Our Team Their Team*
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Puskar Lowenthal Total Goddard Stockert Total
------------------------- ---------------------------
Years of Real Estate Exp. 36 20 56 15 8 23
Years of Multifamily Exp. 36 16 52 0 2 2
Years of Public
CEO/Pres. Exp. 0 11 11 0 2 2
Other Public Company
Directorships 4 5 9 0 0 0
o REVIEW OF SENIOR OFFICERS
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WHICH TEAM IS BETTER EQUIPPED?
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*Information derived from Post Properties' 2003 Proxy Statement.
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<page>
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ACTION PLAN
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4. Establish shareholder-friendly governance
o Eliminate staggered board
o Create a Special Committee of independant directors to objectively
evaluate all strategic alternatives -----------
---
o Require shareholder approval for grant of options and restricted
stock to CEO and any other directors
o Prohibit the board from adopting a shareholder rights plan (poison
pill) without receiving shareholder approval
o Prohibit the board from opting into Georgia's anti-takeover statutes
without prior shareholder approval
o Modify the Company's certificate of incorporation to allow investors
who meet certain criteria designed to preserve the Company's REIT
status to accumulate larger stakes in post
5. Explore all alternatives to enhance shareholder value
---
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<page>
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ACTION PLAN
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6. Establish active Strategic Planning Committee
o Will meet monthly until the Company's operating performance is
acceptable
o Proposed members include
- George Puskar
- Ed Lowenthal
- John Williams
o Over 100 years of combined multifamily experience
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<page>
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ACTION PLAN
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7. Re-Establish Post corporate culture and brand image
o Highest and consistent level of training and on-site quality control
o Promote from within
o Uniform procedures
o Commitment to customer satisfaction
8. Fix yield management problems
o Rate
o Occupancy
o Expenses
o Establish proper incentives
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<page>
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ACTION PLAN
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9. Establish improved criteria for asset sales and use of proceeds
o Active Board oversight
o Proper incentive fee arrangements with brokers
o Repurchase stock on leverage neutral basis
10. Undertake appropriate G&A cuts
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| Sign the GOLD CARD & |
| Restore Value and Investor Confidence |
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