Exhibit 99.2

Second Quarter 2010

Supplemental Financial Data

Table of Contents

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

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, 2009 and in subsequent filings with the SEC; future local and national economic conditions, including changes in job growth, interest rates, the availability of mortgage and other financing and related factors; uncertainties associated with the global capital markets, including the continued availability of traditional sources of capital and liquidity and related factors; conditions affecting ownership of residential real estate and general conditions in the multi-family residential real estate market; the effects on the financial markets of the emergency stabilization actions of the U.S government, U.S. Treasury, Federal Reserve and other governmental and regulatory bodies; uncertainties associated with the Company’s real estate development and construction; uncertainties associated with the timing and amount of apartment community sales; 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 impact of the lack of sales of condominium units at the Atlanta Condominium Project; 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 or the responsibility for limited recourse guarantees; the effects of covenants of the Company’s or its subsidiaries’ mortgage indebtedness on operational flexibility and default risks; 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 and including the ability to sell units above sales prices required by the lender; 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 effectiveness of interest rate hedging contracts; 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 Equal Rights Center 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 costs of remediating damage to the Company’s communities that have stucco or exterior insulation finishing systems for potential water penetration and other related issues; 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. 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, 2009 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.

2

POST PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share or unit data)

(Unaudited)

	Three months ended June 30,				Six months ended June 30,
	2010		2009		2010		2009
Revenues
Rental	$	66,379	$	64,808	$	131,513	$	30,192
Other property revenues		4,181		4,033		7,907		7,601
Other		271		277		554		503
Total revenues		70,831		69,118		139,974		138,296
Expenses
Total property operating and maintenance (exclusive of items shown separately below)		32,915		32,658		66,406		65,356
Depreciation		18,643		18,009		37,114		35,601
General and administrative		3,967		3,964		8,643		8,373
Investment and development (1)		678		793		1,280		1,790
Other investment costs (1)		490		646		1,159		1,299
Impairment losses (2)		35,091		9,658		35,091		9,658
Total expenses		91,784		65,728		149,693		122,077
Operating income (loss)		(20,953)		3,390		(9,719)		16,219
Interest income		196		23		365		138
Interest expense		(12,561)		(12,241)		(25,174)		(26,419)
Amortization of deferred financing costs		(653)		(682)		(1,486)		(1,616)
Net gains (losses) on condominium sales activities (3)		187		232		1,135		(28)
Equity in income (loss) of unconsolidated real estate entities (4)		173		(74,656)		296		(74,546)
Other income (expense) (5)		(142)		50		(297)		1,109
Net gain (loss) on early extinguishment of indebtedness (6)		-		(79)		-		819
Loss from continuing operations		(33,753)		(83,963)		(34,880)		(84,324)
Discontinued operations (7)
Income from discontinued property operations		-		2,026		-		4,635
Gains on sales of real estate assets		-		24,742		-		24,742
Income from discontinued operations		-		26,768		-		29,377
Net loss		(33,753)		(57,195)		(34,880)		(54,947)
Noncontrolling interests - consolidated real estate entities		-		8,150		(61)		8,226
Noncontrolling interests - Operating Partnership		125		250		136		248
Net loss attributable to the Company		(33,628)		(48,795)		(34,805)		(46,473)
Dividends to preferred shareholders		(1,878)		(1,910)		(3,768)		(3,819)
Preferred stock redemption costs		(37)		-		(45)		-
Net loss attributable to common shareholders	$	(35,543)	$	(50,705)	$	(38,618)	$	(50,292)
Per common share data - Basic (8)
Loss from continuing operations
(net of preferred dividends and redemption costs)	$	(0.73)	$	(1.75)	$	(0.79)	$	(1.80)
Income from discontinued operations		-		0.61		-		0.66
Net loss attributable to common shareholders	$	(0.73)	$	(1.14)	$	(0.79)	$	(1.13)
Weighted average common shares outstanding - basic		48,432		44,118		48,401		44,116
Per common share data - Diluted (8)
Loss from continuing operations
(net of preferred dividends and redemption costs)	$	(0.73)	$	(1.75)	$	(0.79)	$	(1.80)
Income from discontinued operations		-		0.61		-		0.66
Net loss attributable to common shareholders	$	(0.73)	$	(1.14)	$	(0.79)	$	(1.13)
Weighted average common shares outstanding - diluted		48,432		44,118		48,401		44,116

3

POST PROPERTIES, INC.

NOTES TO CONSOLIDATED

STATEMENTS OF OPERATIONS

(In thousands, except per share or unit data)

(1) Investment and development expenses for the three and six months ended June 30, 2010 and 2009 included investment group expenses, development personnel and associated costs not allocable to current development projects. Other investment costs for the three and six months ended June 30, 2010 and 2009 includes land carry costs, primarily property taxes and assessments.

(2) For the three and six months ended June 30, 2010, the Company recorded non-cash impairment charges of $34,691 associated with its luxury condominium project in Austin, Texas and $400 associated with a land parcel in Tampa, Florida. For the three and six months ended June 30, 2009, the Company recorded non-cash impairment charges of $9,658 to write-off certain condominium land held for future investment, including $1,560 allocable to the noncontrolling joint venture interest in the consolidated entity holding the land.

(3) A summary of revenues and costs and expenses of condominium activities for the three and six months ended June 30, 2010 and 2009 is as follows:

	Three months ended June 30,		Six months ended June 30,
	2010	2009	2010	2009
Condominium revenues	$    15,908	$    6,176	$    17,748	$    8,222
Condominium costs and expenses	(15,721)	(5,944)	(16,613)	(8,250)
Net gains (losses) on sales of condominiums	$         187	$       232	$      1,135	$       (28)

(4) For the three and six months ended June 30, 2009, the Company recognized a non-cash impairment charge associated with its investment in an unconsolidated entity constructing luxury condominium homes in Atlanta, Georgia. The gross non-cash impairment charge totaled $74,733, including $6,514 allocable to the noncontrolling joint venture interest in the consolidated entity controlling the investment. The charge resulted from the write-off of the Company’s investment and the recognition of guarantee liabilities associated with the write-down of the condominium assets of the unconsolidated entity to their estimated fair value as of June 30, 2009.

(5) For the three and six months ended June 30, 2010 and 2009, other expenses included estimated state franchise and other income taxes. For the three and six months ended June 30, 2009, other income (expense) included non-cash income of approximately $207 and $582, respectively, related to a reduction in estimated costs associated with the hurricane damage sustained in 2008, offset by inspection expenses related to the Company’s exterior remediation project. For the six months ended June 30, 2009, other income (expense) also included non-cash income of $874 related to the mark-to-market of an interest rate swap agreement that became ineffective under generally accepted accounting principles.

(6) The net gain on early extinguishment of indebtedness for the six months ended June 30, 2009 includes a net gain of $3,445 from the early extinguishment of debt related to the Company’s tender offer for its 2010 and 2011 senior unsecured bonds, offset by a net loss of $2,626 on the prepayment of the Company’s weekly-remarketed, variable rate taxable mortgage bonds and the associated interest rate swap agreement.

(7) In accordance with ASC Topic 360, “Property, Plant and Equipment,” the operating results of real estate assets designated as held for sale or sold are included in discontinued operations for all periods presented. Additionally, all subsequent gains or additional losses on the sale of these assets are included in discontinued operations. There were no communities classified as held for sale at June 30, 2010.

4

For the three and six months ended June 30, 2009, income from discontinued operations included the operating results of three apartment communities, containing 1,328 units. The operating revenues and expenses of these communities for the three and six months ended June 30, 2009 were as follows:

	Three months ended     June 30, 2009		Six months ended     June 30, 2009
Revenues
Rental	$	3,228	$	7,463
Other property revenues		196		454
Total revenues		3,424		7,917
Expenses
Total property operating and maintenance (exclusive of items shown separately below)		1,087		2,559
Interest		311		723
Total expenses		1,398		3,282
Income from discontinued property operations	$	2,026	$	4,635

For the three and six months ended June 30, 2009, the Company recognized net gains in discontinued operations of $24,742 from the sale of one apartment community, containing 530 units. This sale generated aggregate net proceeds of approximately $47,013 for the three and six months ended June 30, 2009. There were no sales of apartment communities in 2010.

(8) Post Properties, Inc. is structured as an UPREIT, or Umbrella Partnership Real Estate Investment Trust. Post GP Holdings, Inc., a wholly-owned subsidiary of the Company, is the sole general partner and, together with Post LP Holdings, Inc., also a wholly-owned subsidiary of the Company, owns the controlling interest in Post Apartment Homes, L.P., the Operating Partnership through which the Company conducts its operations. As of June 30, 2010, there were 48,862 units of the Operating Partnership outstanding, of which 48,691, or 99.7%, were owned by the Company.

5

POST PROPERTIES, INC.

CALCULATION OF FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS

AVAILABLE TO COMMON SHAREHOLDERS AND UNITHOLDERS

(In thousands, except per share or unit data)

(Unaudited)

A reconciliation of net income (loss) available to common shareholders to funds (deficit) 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 June 30,				Six months ended June 30,
	2010		2009		2010		2009
Net loss attributable to common shareholders	$	(35,543)	$	(50,705)	$	(38,618)	$	(50,292)
Noncontrolling interests - Operating Partnership		(125)		(250)		(136)		(248)
Depreciation on consolidated real estate assets, net (1)		18,180		17,501		36,182		34,578
Depreciation on real estate assets held in unconsolidated entities		355		350		709		700
Gains on sales of apartment communities		-		(24,742)		-		(24,742)
Losses (gains) on sales of condominiums		(187)		(232)		(1,135)		28
Incremental gains (losses) on condominium sales (2)		150		(959)		872		(2,072)
Deficit from operations attributable to common shareholders and unitholders (A)	$	(17,170)	$	(59,037)	$	(2,126)	$	(42,048)
Deficit from operations attributable to common shareholders and unitholders (A)	$	(17,170)	$	(59,037)	$	(2,126)	$	(42,048)
Annually recurring capital expenditures		(3,391)		(3,673)		(5,969)		(6,307)
Periodically recurring capital expenditures (3)		(726)		(1,215)		(1,278)		(5,009)
Non-cash impairment charges		35,091		76,317		35,091		76,317
Non-cash income related to mark-to-market of interest rate swap agreement		-		-		-		(874)
Non-cash straight-line adjustment for ground lease expenses		279		284		560		574
Net loss (gain) on early extinguishment of indebtedness		-		79		-		(819)
Preferred stock redemption costs		37		-		45		-
Adjusted funds from operations available to common shareholders and unitholders (4) (B)	$	14,120	$	12,755	$	26,323	$	21,834
Per Common Share Data - Basic
Deficit from operations per share or unit, as defined (A÷C)	$	(0.35)	$	(1.32)	$	(0.04)	$	(0.94)
Adjusted funds from operations per share or unit (4) (B÷C)	$	0.29	$	0.29	$	0.54	$	0.49
Dividends declared	$	0.20	$	0.20	$	0.40	$	0.40
Weighted average shares outstanding		48,649		44,351		48,603		44,325
Weighted average shares and units outstanding (C)		48,820		44,570		48,775		44,544
Per Common Share Data - Diluted
Deficit from operations per share or unit, as defined (A÷D)	$	(0.35)	$	(1.32)	$	(0.04)	$	(0.94)
Adjusted funds from operations per share or unit (4) (B÷D)	$	0.29	$	0.29	$	0.54	$	0.49
Dividends declared	$	0.20	$	0.20	$	0.40	$	0.40
Weighted average shares outstanding (5)		48,803		44,351		48,736		44,325
Weighted average shares and units outstanding (5) (D)		48,974		44,570		48,909		44,544

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

(2) For conversion projects, the Company recognizes accounting gains under GAAP to the extent that net sales proceeds from the sale of condominium units exceed the Company’s net GAAP basis and related expenses. For FFO purposes, the Company recognizes incremental gains on condominium sales in FFO, net of provision for income taxes, to the extent that net sales proceeds, less costs of sales, from the sale of condominium units exceed the “transfer price.” The transfer price for purposes of computing incremental gains on condominium sales included in FFO at conversion projects reflects the greater of (1) the estimated fair value on the date the project was acquired by the Company’s taxable REIT subsidiary (as supported by independently-prepared, third-party appraisals) or (2) its net book value at that time. For development projects, gains on condominium sales in FFO are equivalent to gains reported under GAAP.

(3) Excludes approximately $5,759 and $8,157 for the three months and $10,653 and $13,528 for the six months ended June 30, 2010 and 2009, respectively, of periodically recurring capital expenditures related to the Company’s exterior remediation project. Includes approximately $140 and $2,058 of periodically recurring capital expenditures associated with communities under rehabilitation for the three and six months ended June 30, 2009, respectively.

(4) Since the Company does not add back the depreciation of non-real estate assets in its calculation of funds from operations, non-real estate related capital expenditures of $95 and $67 for the three months and $446 and $126 for the six months ended June 30, 2010 and 2009, respectively, are excluded from the calculation of adjusted funds from operations available to common shareholders and unitholders.

(5) Diluted weighted average shares and units include the impact of dilutive securities totaling 154 and 133 for the three and six months ended June 30, 2010, respectively. These dilutive securities were antidilutive to the computation of income (loss) per share, as the Company reported a loss from continuing operations for these periods under generally accepted accounting principles. Additionally, basic and diluted weighted average shares and units included the impact of non-vested shares and units totaling 217 and 233 for the three months and 202 and 209 for the six months ended June 30, 2010 and 2009, respectively, for the computation of funds (deficit) 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.”

6

POST PROPERTIES, INC.

SAME STORE RESULTS

(In thousands, except per share or unit data)

(Unaudited)

Same Store Results

The Company defines fully stabilized or same store communities as those which have reached stabilization prior to the beginning of the previous calendar year, adjusted by communities sold and classified as held for sale and communities under rehabilitation. Same store net operating income is a supplemental non-GAAP financial measure. See Table 1 on page 23 for a reconciliation of same store net operating income to GAAP net income and Table 3 on page 26 for a quarterly margin analysis. The operating performance and capital expenditures of the 43 communities containing 15,713 apartment units which were fully stabilized as of January 1, 2009, are summarized as follows:

	Three months ended June 30,					Six months ended June 30,
	2010		2009		% Change	2010		2009		% Change
Revenues:
Rental and other revenue	$	56,459	$	58,445	(3.4)%	$	112,300	$	117,151	(4.1)%
Utility reimbursements		1,705		1,545	10.4 %		3,458		3,186	8.5 %
Total rental and other revenues	$	58,164	$	59,990	(3.0)%	$	115,758	$	120,337	(3.8)%
Property operating and maintenance expenses:
Personnel expenses		5,753		5,553	3.6 %		11,508		11,089	3.8 %
Utility expense		3,115		2,936	6.1 %		6,609		6,317	4.6 %
Real estate taxes and fees		8,158		8,351	(2.3)%		16,409		17,008	(3.5)%
Insurance expenses		954		1,038	(8.1)%		1,980		2,034	(2.7)%
Building and grounds repairs and maintenance (1)		3,681		3,568	3.2 %		7,278		6,830	6.6 %
Ground lease expense		673		669	0.6 %		1,341		1,337	0.3 %
Other expenses		1,638		1,754	(6.6)%		3,242		3,541	(8.4)%
Total property operating and maintenance expenses (excluding depreciation and amortization)		23,972		23,869	0.4 %		48,367		48,156	0.4 %
Same store net operating income	$	34,192	$	36,121	(5.3)%	$	67,391	$	72,181	(6.6)%
Capital expenditures (2)
Annually recurring:
Carpet	$	743	$	689	7.8 %	$	1,338	$	1,281	4.4 %
Other		2,436		2,710	(10.1)%		4,317		4,495	(4.0)%
Total annually recurring		3,179		3,399	(6.5)%		5,655		5,776	(2.1)%
Periodically recurring (3)		6,291		8,764	(28.2)%		11,354		15,182	(25.2)%
Total capital expenditures (A)	$	9,470	$	12,163	(22.1)%	$	17,009	$	20,958	(18.8)%
Total capital expenditures per unit
(A ÷ 15,713 units)	$	603	$	774	(22.1)%	$	1,082	$	1,334	(18.9)%
Average monthly rental rate per unit (4)	$	1,215	$	1,281	(5.2)%	$	1,214	$	1,292	(6.0)%
Gross turnover (5)		54.2%		61.0%	(6.8)%		48.0%		51.8%	(7.3)%
Net turnover (6)		49.0%		52.8%	(3.8)%		42.9%		44.1%	(2.7)%

(1) Building and grounds repairs and maintenance includes $96 and $37 for the three months and $156 and $48 for the six months ended June 30, 2010 and 2009, respectively, related to exterior painting of communities.

(2) See Table 4 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.

(3) Periodically recurring capital expenditures included $5,759 and $8,157 for the three months and $10,653 and $13,528 for the six months ended June 30, 2010 and 2009, respectively, related to the Company’s exterior remediation project. Periodically recurring capital expenditures included $104 and $259 for the three months and $181 and $585 for the six months ended June 30, 2010 and 2009, 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 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

Same Store Operating Results by Market –

Comparison of Second Quarter of 2010 to Second Quarter of 2009

(Increase (decrease) from same period in prior year)

	Three months ended June 30, 2010							Six months ended June 30, 2010
Market	Revenues	(1)	Expenses	(1)	NOI	(1)	Average Economic Occupancy	Revenues	(1)	Expenses	(1)	NOI	(1)	Average Economic Occupancy
Atlanta	(3.4)%		3.6 %		(8.3)%		2.4 %	(3.8)%		1.9 %		(7.9)%		2.8 %
Washington, D.C.	1.3 %		(1.7)%		3.0 %		1.1 %	0.5 %		2.6 %		(0.7)%		0.4 %
Dallas	(5.2)%		1.2 %		(9.9)%		1.1 %	(6.3)%		1.8 %		(12.0)%		0.3 %
Tampa	(2.2)%		(8.6)%		2.2 %		1.9 %	(2.4)%		(7.0)%		0.8 %		2.0 %
Charlotte	(5.5)%		6.5 %		(12.2)%		3.0 %	(7.4)%		6.1 %		(14.7)%		2.7 %
New York	(6.6)%		16.6 %		(18.1)%		2.8 %	(8.6)%		10.1 %		(19.1)%		2.1 %
Houston	(7.0)%		2.1 %		(13.4)%		(0.2)%	(6.9)%		(7.3)%		(6.6)%		(0.2)%
Orlando	0.6 %		(14.9)%		14.3 %		1.9 %	1.0 %		(6.7)%		7.5 %		2.1 %
Austin	0.9 %		(4.4)%		5.3 %		2.6 %	(0.4)%		(5.8)%		4.1 %		3.5 %
Total	(3.0)%		0.4 %		(5.3)%		1.9 %	(3.8)%		0.4 %		(6.6)%		1.6 %

(1) See Table 2 on page 24 for a reconciliation of these components of same store net operating income and Table 1 on page 23 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 June  30, 2010	Average Economic Occupancy (1)		Average Economic Occupancy (1)		Physical Occupancy at June 30, 2010 (2)	Average Rental Rate Per Unit Three Months Ended June 30, 2010 (3)
			Three months ended June 30,		Six months ended June 30,
Market			2010	2009	2010	2009
Atlanta	4,800	25.3%	95.5%	93.1%	95.9%	93.1%	95.6%	$	1,037
Washington, D.C.	1,905	20.1%	95.6%	94.5%	94.8%	94.4%	96.2%		1,786
Dallas	3,429	16.7%	94.1%	93.0%	94.0%	93.7%	94.2%		1,006
Tampa	2,111	13.9%	96.4%	94.5%	96.9%	94.9%	95.5%		1,179
Charlotte	1,388	7.4%	94.3%	91.3%	93.8%	91.1%	94.3%		1,010
New York	337	5.8%	96.2%	93.4%	94.9%	92.8%	95.8%		3,591
Houston	837	4.6%	91.7%	91.9%	91.8%	92.0%	93.5%		1,183
Orlando	598	4.2%	97.1%	95.2%	97.0%	94.9%	94.0%		1,287
Austin	308	2.0%	94.1%	91.5%	95.6%	92.1%	95.5%		1,279
Total	15,713	100.0%	95.2%	93.3%	95.1%	93.5%	95.1%	$	1,215

(1) The calculation of average economic occupancy does not include a deduction for net concessions and employee discounts. Average economic occupancy, including these amounts, would have been 94.0% and 92.2% for the three months and 93.9% and 92.0% for the six months ended June 30, 2010 and 2009, respectively. For the three months ended June 30, 2010 and 2009, net concessions were $494 and $524, respectively, and employee discounts were $178 and $199, respectively. For the six months ended June 30, 2010 and 2009, net concessions were $1,000 and $1,413, respectively, and employee discounts were $352 and $397, 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 24 for further information.

8

Same Store Sequential Comparison

	Three months ended
	June 30, 2010		March 31, 2010		% Change
Rental and other revenue	$	56,459	$	55,839	1.1 %
Utility reimbursements		1,705		1,753	(2.7)%
Total rental and other revenues	$	58,164	$	57,592	1.0 %
Personnel expenses		5,753		5,755	(0.0)%
Utility expense		3,115		3,494	(10.8)%
Real estate taxes and fees		8,158		8,251	(1.1)%
Insurance expenses		954		1,026	(7.0)%
Building and grounds repairs and maintenance (1)		3,681		3,597	2.3 %
Ground lease expense		673		668	0.7 %
Other expenses		1,638		1,603	2.2 %
Total property operating and maintenance expenses (excluding depreciation and amortization)		23,972		24,394	(1.7)%
Same store net operating income (2)	$	34,192	$	33,198	3.0 %
Average economic occupancy		95.2%		95.0%	0.2 %
Average monthly rental rate per unit	$	1,215	$	1,213	0.2 %

(1) Building and grounds repairs and maintenance includes $96 and $60 for the three months ended June 30, 2010 and March 31, 2010, respectively, related to exterior painting of communities.

(2) See Table 2 on page 24 for a reconciliation of these components of same store net operating income and Table 1 on page 23 for a reconciliation of same store net operating income to GAAP net income.

Sequential Same Store Operating Results by Market –

Comparison of Second Quarter of 2010 to First Quarter 2010

(Increase (decrease) between periods)

Market	Revenues	(1)	Expenses	(1)	NOI	(1)	Average Economic     Occupancy
Atlanta	0.4 %		1.4 %		(0.5)%		(0.7)%
Washington, D.C.	2.6 %		(9.7)%		10.2 %		1.5 %
Dallas	0.5 %		1.0 %		0.1 %		0.1 %
Tampa	(0.1)%		(3.1)%		1.9 %		(1.1)%
Charlotte	1.0 %		1.4 %		0.8 %		0.9 %
New York	3.4 %		(5.3)%		10.6 %		2.6 %
Houston	0.0 %		4.6 %		(3.4)%		(0.3)%
Orlando	1.5 %		(9.6)%		10.5 %		0.2 %
Austin	1.2 %		(0.6)%		2.5 %		(2.9)%
Total	1.0 %		(1.7)%		3.0 %		0.2 %

(1) See Table 2 on page 24 for a reconciliation of these components of same store net operating income and Table 1 on page 23 for a reconciliation of same store net operating income to GAAP net income.

9

POST PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share or unit data)

	June 30, 2010		December 31,  2009
	(Unaudited)
Assets
Real estate assets
Land	$	284,647	$	283,217
Building and improvements		2,010,564		1,983,839
Furniture, fixtures and equipment		236,079		230,271
Construction in progress		19,498		28,274
Land held for future investment		77,868		93,899
		2,628,656		2,619,500
Less: accumulated depreciation		(655,559)		(625,391)
Condominiums, for-sale and under construction		85,378		107,366
Assets held for sale		8,222		5,045
Total real estate assets		2,066,697		2,106,520
Investments in and advances to unconsolidated real estate entities		7,950		8,322
Cash and cash equivalents		8,033		13,347
Restricted cash		11,017		11,177
Deferred charges, net		8,017		8,365
Other assets		29,129		29,698
Total assets	$	2,130,843	$	2,177,429
Liabilities and equity
Indebtedness	$	1,007,340	$	992,760
Accounts payable and accrued expenses		76,584		79,815
Investments in unconsolidated real estate entities		54,203		54,706
Dividend and distribution payable		9,771		9,724
Accrued interest payable		4,693		4,890
Security deposits and prepaid rents		15,007		16,079
Total liabilities		1,167,598		1,157,974
Redeemable common units		3,877		3,402
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 and 900 shares issued and outstanding at June 30, 2010 and December 31, 2009, respectively		9		9
7 5/8% Series B Cumulative Redeemable Shares, liquidation preference
$25 per share, 1,986 and 2,000 shares issued and outstanding at June 30, 2010 and December 31, 2009, respectively		20		20
Common stock, $.01 par value, 100,000 authorized:
48,695 and 48,453 shares issued and 48,691 and 48,445 shares outstanding at June 30, 2010 and December 31, 2009, respectively		486		484
Additional paid-in-capital		961,273		960,593
Accumulated earnings		-		57,253
		961,788		1,018,359
Less common stock in treasury, at cost, 93 and 97 shares at June 30, 2010   and December 31, 2009, respectively		(3,175)		(3,240)
Total Company shareholders’ equity		958,613		1,015,119
Noncontrolling interests - consolidated real estate entities		755		934
Total equity		959,368		1,016,053
Total liabilities and equity	$	2,130,843	$	2,177,429

10

POST PROPERTIES, INC.

DEBT SUMMARY

(Dollars in thousands, except per share or unit data)

(Unaudited)

Summary of Outstanding Debt at June 30, 2010 – Consolidated

			Percentage of Total	Weighted Average Rate  (1) June 30,
Type of Indebtedness	Balance			2010	2009
Unsecured fixed rate senior notes	$	335,917	33.3%	6.4%	6.4%
Secured fixed rate notes		648,270	64.4%	5.7%	5.8%
Unsecured lines of credit		15,000	1.5%	1.0%	1.1%
Secured variable rate construction note		8,153	0.8%	1.6%	1.8%
	$	1,007,340	100.0%	5.9%	5.8%
	Balance		Percentage of Total Debt	Weighted Average Maturity of Total Debt (2) (3)
Total fixed rate debt	$	984,187	97.7%	4.7
Total variable rate debt		23,153	2.3%	0.9
Total debt	$	1,007,340	100.0%	4.6

Debt Maturities – Consolidated and Unconsolidated

	Consolidated				Unconsolidated Entities
Aggregate debt maturities by year	Amount			Weighted Average Rate on Debt Maturities (1)	Amount			Company     Share		Weighted Average Rate on Debt Maturities (1)
Remainder of 2010	$	100,937		7.7%	$	-		$	-	0.0%
2011		36,276	(3)	2.7%		66,157	(4)		66,157	1.7%
2012		100,104		5.5%		-			-	0.0%
2013		186,606		6.1%		79,772			27,920	5.8%
2014		188,644		6.1%		-			-	0.0%
Thereafter		394,773		5.6%		126,723			31,681	5.7%
	$	1,007,340		5.9%	$	272,652		$	125,758	4.1%

Debt Statistics

	Six months ended June  30,
	2010	2009
Interest coverage ratio (5)(6)	2.5x	2.4x
Fixed charge coverage ratio (5)(7)	2.2x	2.1x
Total debt as a % of undepreciated real estate assets (adjusted for joint venture partner’s share of debt) (8)	40.0%	41.6%
Total debt and preferred equity as a % of undepreciated real estate assets (adjusted for joint venture partner’s share of debt) (8)	43.3%	45.0%

(1) Weighted average rate includes credit enhancements and other fees, where applicable. The weighted average rates at June 30, 2009 are based on the debt outstanding at that date.

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

(3) Includes outstanding indebtedness on lines of credit of $15,000 maturing in 2011.

(4) Amount represents the outstanding balance of the condominium portion of the total construction loan outstanding on the Company’s mixed-use development. See page 18 for further discussion.

(5) Calculated for the six months ended June 30, 2010 and 2009.

(6) Interest coverage ratio is defined as net income available for debt service divided by interest expense. For purposes of this calculation, net income available for debt service represents income from continuing operations, before preferred or common noncontrolling interest, gains on sales of real estate, impairment charges, interest expense, depreciation, amortization and income taxes. Net income available for debt service was also adjusted for the Company’s share of depreciation and interest expense from unconsolidated entities, and interest expense used in the calculation was adjusted to include the Company’s share of interest expense from unconsolidated entities. The calculation of the interest coverage ratio is a non-GAAP financial measure. A reconciliation of net income available for debt service to income from continuing operations and interest expense to consolidated interest expense is included in Table 5 on page 27.

(7) Fixed charge coverage ratio is defined as net income available for debt service divided by interest expense plus dividends to preferred shareholders and distributions to preferred unitholders. For purposes of this calculation, net income available for debt service represents earnings from continuing operations, before preferred or common noncontrolling interest, gains on sales of real estate, impairment charges, interest expense, depreciation, amortization and income taxes. Net income available for debt service was also adjusted for the Company’s share of depreciation and interest expense from unconsolidated entities, and interest expense used in the calculation was adjusted to include the Company’s share of interest expense from unconsolidated entities. The calculation of the fixed charge coverage ratio is a non-GAAP financial measure. A reconciliation of net income available for debt service to income from continuing operations and fixed charges to consolidated interest expense plus preferred dividends to shareholders and preferred distributions to unitholders is included in Table 5 on page 27.

(8) A computation of the debt ratios is included in Table 6 on page 28.

11

POST PROPERTIES, INC.

DEBT SUMMARY (CONT.)

(Dollars in thousands, except per share or unit data)

(Unaudited)

Financial Debt Covenants - Senior Unsecured Public Notes

Covenant requirement (1)	As of     June  30, 2010
Consolidated Debt to Total Assets cannot exceed 60%	36%
Secured Debt to Total Assets cannot exceed 40%	24%
Total Unencumbered Assets to Unsecured Debt must be at least 1.5/1	5.5x
Consolidated Income Available for Debt Service Charge must be at least 1.5/1	2.5x

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

Ratio of Consolidated Debt to Total Assets
	As of         June 30, 2010
Consolidated debt, per balance sheet (A)	$	1,007,340
Total assets, as defined (B) (Table A)	$	2,778,385
Computed ratio (A÷B)		36%
Required ratio (cannot exceed)		60%
Ratio of Secured Debt to Total Assets
Total secured debt (C)	$	656,423
Computed ratio (C÷B)		24%
Required ratio (cannot exceed)		40%
Ratio of Total Unencumbered Assets to Unsecured Debt
Consolidated debt, per balance sheet (A)	$	1,007,340
Total secured debt (C)		(656,423)
Total unsecured debt (D)	$	350,917
Total unencumbered assets, as defined (E) (Table A)	$	1,916,330
Computed ratio (E÷D)		5.5x
Required minimum ratio		1.5x
Ratio of Consolidated Income Available for Debt Service to Annual Debt Service Charge (Annualized) (2)
Consolidated Income Available for Debt Service, as defined (F) (Table B)	$	135,882
Annual Debt Service Charge, as defined (G) (Table B)	$	53,784
Computed ratio (F÷G)		2.5x
Required minimum ratio		1.5x

(2) The actual calculation of these ratios requires the use of annual trailing financial data. These computations reflect annualized 2010 results for comparison and presentation purposes. The computations using annual financial data also reflect compliance with the debt covenants.

12

POST PROPERTIES, INC.

DEBT SUMMARY (CONT.)

(Dollars in thousands, except per share or unit data)

(Unaudited)

Table A

Calculation of Total Assets and Total Unencumbered Assets for     Public Debt Covenant Computations
	As of         June 30, 2010
Total real estate assets	$	2,066,697
Add:
Investments in and advances to unconsolidated real estate entities		7,950
Accumulated depreciation		655,559
Other tangible assets		48,179
Total assets for public debt covenant computations		2,778,385
Less:
Encumbered real estate assets		(862,055)
Total unencumbered assets for public debt covenant computations	$	1,916,330

Table B

Calculation of Consolidated Income Available for Debt Service and     Annual Debt Service Charge (Annualized) (1)
Consolidated income available for debt service	Six months ended       June 30, 2010
Net loss	$	(34,880)
Add:
Non-cash impairment charge - consolidated entities		35,091
Depreciation		37,114
Depreciation (company share) of assets held in unconsolidated entities		709
Amortization of deferred financing costs		1,486
Interest expense		25,174
Interest expense (company share) of assets held in unconsolidated entities		1,718
Income tax expense		537
Other non-cash expenses		2,127
Less:
Gains on sales of real estate assets		(1,135)
Consolidated income available for debt service	$	67,941
Consolidated income available for debt service (annualized)	$	135,882
Annual debt service charge
Consolidated interest expense	$	25,174
Interest expense (company share) of assets held in unconsolidated entities		1,718
Debt service charge	$	26,892
Debt service charge (annualized)	$	53,784

(1) The actual calculation of these ratios requires the use of annual trailing financial data. These computations reflect annualized 2010 results for comparison and presentation purposes. The computations using annual financial data also reflect compliance with the debt covenants.

13

POST PROPERTIES, INC.

SUMMARY OF APARTMENT COMMUNITIES UNDER CONSTRUCTION AND IN LEASE-UP

AND LAND HELD FOR FUTURE INVESTMENT AND SALE

($ in millions)

Communities Under Construction and in Lease-Up

Community	Location	Number of Units	Retail Sq. Ft.	Estimated Total  Cost		Costs Incurred as of 06/30/10		Quarter of First Units Available	Estimated Quarter of Stabilized Occupancy (1)	Units Leased (2)	Percent Leased (2)
Post Park®	Wash. DC	396	1,700	$	84.7	$	81.6	2Q 2009	4Q 2010	290	73	%
Post Carlyle Square™ - Phase II	Wash. DC	344	-		95.0		12.3	2Q 2012	4Q 2013	-	-
Total		740	1,700	$	179.7	$	93.9			290

(1) The Company defines stabilized occupancy as the earlier to occur of (i) the attainment of 95% physical occupancy on the first day of any month or (ii) one year after completion of construction.

(2) As of July 30, 2010.

Land Held for Future Investment and Sale

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 or that land held for sale will be sold.

Land Held for Future Investment:
Project	Metro Area	Carrying Value      At June 30, 2010     (in thousands)		Estimated Usable Acreage
Alexander	Atlanta, GA	$	6,652	2.5
Allen Plaza	Atlanta, GA		18,858	5.6
Millennium	Atlanta, GA		2,774	1.0
Spring Hill	Atlanta, GA		2,023	9.1
South Lamar	Austin, TX		4,942	4.0
Frisco Bridges II	Dallas, TX		5,480	5.4
Midtown Square III	Houston, TX		3,502	1.6
Richmond	Houston, TX		4,420	2.1
Baldwin Park	Orlando, FL		9,841	13.5
Wade	Raleigh, NC		14,208	39.6
Soho Square	Tampa, FL		5,168	4.1
Total Land Held for Future Investment		$	77,868	88.5
Land Held for Sale:
Project	Metro Area	Carrying Value     At June 30, 2010     (in thousands)		Estimated Usable Acreage
Wade	Raleigh, NC	$	5,045	40.9
Citrus Park	Tampa, FL		3,177	17.7
Total Land Held for Sale		$	8,222	58.6

14

POST PROPERTIES, INC.

SUMMARY OF CONDOMINIUM PROJECTS

(Dollars in Thousands)

	The Ritz-Carlton Residences, Atlanta Buckhead		Four Seasons Private  Residences, Austin
Non-financial Data
Location		Atlanta, GA		Austin, TX
Ownership interest		(1)		100%
Residential square footage		245,539		291,452
Average unit square footage (2)		1,903		1,969
Quarter of first units available		3Q10		2Q10
Units (3)
Under contract		-		54
Closed		-		23
Available for sale		129		71
Total		129		148
Financial Data
Balance Sheet/Cost Data as of 6/30/10
Condominium book value	$	30,493	$	85,378
Condominium estimated cost to complete	$	7,074	$	7,457
Projected total cost (before impairment losses)	$	112,300	$	140,000
Units Closed as of 6/30/10
Quarter		-		8
Year to date		-		8
Project to date		-		8
Square Footage of Units Closed as of 6/30/10 (2)
Quarter		-		24,571
Year to date		-		24,571
Project to date		-		24,571
Gross Revenue as of 6/30/10
Quarter	$	-	$	15,477
Year to date	$	-	$	15,494
Project to date	$	-	$	15,494
Net cumulative cash flow from sales of condominium units as of 6/30/10 (4)	$	-	$	12,469

(1) The mixed-use project (the “Mixed-Use LP”) consists of 129 luxury for-sale condominiums to be marketed as The Ritz-Carlton Residences, Atlanta, Buckhead (sponsored through a joint venture between the Company and a private condominium developer; the “Condominium LLC”) and approximately 425,000 square feet of Class A office space (sponsored through a joint venture between an office REIT and a private office developer). The Condominium LLC owns an approximate 49% pro-rata interest in the Mixed-Use LP accounted for on the equity method, representing the condominium portion of the project. Due to its majority ownership and controlling financial interest of the Condominium LLC, the Company consolidates that entity on its consolidated balance sheet. See page 18 for further information regarding this project.

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

(3) Represents unit status is as of July 30, 2010. Units “under contract” includes all units currently under contract. However, the Company has experienced contract terminations in prior 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. In addition, the Company is in discussions with its construction lenders for The Ritz-Carlton Residences, Atlanta Buckhead. These discussions are ongoing, and until such time that they are concluded, the Company is not able to execute sales contracts at prices below the minimum sales prices stated in the loan agreement without the lender’s prior written consent. As current market prices for condominium units at this project are substantially below the minimum sales prices, there are no executed sales contracts to date.

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

15

POST PROPERTIES, INC.

COMMUNITY ACQUISITION AND DISPOSITION SUMMARY

Property Name/Period	Location	Units	Year Built	Gross Amount     Per Unit		Gross         Amount
Acquisitions
2009
None
2010
None
Dispositions
Q2 2009
Post Dunwoody®	Atlanta, GA	530	1989-1996	$	89,434	$	47,400,000
Q3 2009
Post Forest®	Washington, D.C.	364	1990	$	157,967		57,500,000
Post Ridge®	Atlanta, GA	434	1998	$	103,226		44,800,000
2009 YTD Total						$	149,700,000
Average Cap Rate – Dispositions – 2009							7.6%	(1)
2010
None

(1) Based on trailing twelve-month net operating income after adjustments for management fee (3.0%) and capital reserves ($300/unit).

16

POST PROPERTIES, INC.

CAPITALIZED COSTS SUMMARY

(Dollars in thousands, except per share or unit data)

(Unaudited)

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

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

A summary of community acquisition and development improvements and other capitalized expenditures for the three and six months ended June 30, 2010 and 2009 is detailed below.

	Three months ended          June 30,				Six months ended          June 30,
	2010		2009		2010		2009
Development and acquisition expenditures (1)	$	13,430	$	37,265	$	29,948	$	86,507
Periodically recurring capital expenditures
Community rehabilitation and other revenue generating improvements (2)		20		1,925		52		3,503
Other community additions and improvements (3) (6)		6,485		9,372		11,931		18,537
Annually recurring capital expenditures
Carpet replacements and other community additions and improvements (4)		3,391		3,673		5,969		6,307
Corporate additions and improvements		95		67		446		126
	$	23,421	$	52,302	$	48,346	$	114,980
Other Data
Capitalized interest	$	2,500	$	3,490	$	4,894	$	6,597
Capitalized development and associated costs (5)	$	44	$	1,194	$	284	$	2,499

(1) Reflects aggregate community acquisition and development costs, exclusive of the change in construction payables and assumed debt, if any, between years.

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

(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.

(6) Periodically recurring expenditures includes $5,759 and $8,157 for the three months and $10,653 and $13,528 for the six months ended June 30, 2010 and 2009, respectively, related to the Company’s exterior remediation project.

17

POST PROPERTIES, INC.

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

(Dollars in thousands, except per share or unit data)

(Unaudited)

Apartments and Condominium Development Communities

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 as follows:

Non-Financial Data
Joint Venture Property	Location	Property Type	# of Units	Ownership Interest
Post Collier Hills® (1)	Atlanta, GA	Apartments	396	25%
Post Crest® (1)	Atlanta, GA	Apartments	410	25%
Post Lindbergh® (1)	Atlanta, GA	Apartments	396	25%
Post Biltmore™	Atlanta, GA	Apartments	276	35%
Post Massachusetts Avenue™	Washington, D.C.	Apartments	269	35%
3630 Peachtree South Tower (2)	Atlanta, GA	Mixed-Use	129	49%

Financial Data
	As of June 30, 2010											Three months ended June 30, 2010									Six months ended June 30, 2010
Joint Venture Property	Gross Investment in Real Estate (9)		Mortgage/ Construction Notes Payable			Entity Equity			Company's Equity Investment			Entity NOI			Company's Equity in Earnings			Mgmt. Fees & Other			Entity NOI			Company's Equity in Earnings			Mgmt. Fees & Other
Post Collier Hills® (1)	$	54,769	$	39,565	(4)	$	11,893		$	(4,272	)(1)	$	624		$	(18	)				$	1,238		$	(37	)
Post Crest® (1)		64,080		46,159	(4)		13,322			(6,755	)(1)		661			(34	)					1,280			(79	)
Post Lindbergh® (1)		60,395		41,000	(5)		16,525			(4,137	)(1)		614			(34	)					1,232			(66	)
Post Biltmore™		36,414		29,272	(6)		817			2,061			572			(20	)					1,150			(36	)
Post Massachusetts Avenue™		69,764		50,500	(7)		8,038			5,889			1,632			279						3,258			514
3630 Peachtree South Tower (2)		121,326		137,935	(8)		(20,632	)		(39,039	)(3)		(90	)		-						(212	)		-
Total	$	406,748	$	344,431		$	29,963		$	(46,253	)	$	4,013		$	173		$	207	(10)	$	7,946		$	296		$	413	(10)

(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) The mixed-use project (the “Master LP”) consists of 129 luxury for-sale condominiums to be marketed as The Ritz-Carlton Residences, Atlanta, Buckhead (sponsored through a joint venture between the Company and a private condominium developer; the “Condo LLC”) and approximately 425,000 square feet of Class A office space (sponsored through a joint venture between an office REIT and a private office developer). The Condo LLC owns an approximate 49% pro-rata interest in the Master LP accounted for on the equity method, representing the condominium portion of the project. Due to its majority ownership and controlling financial interest of the Condo LLC, the Company consolidates that entity on its consolidated balance sheet. The Company’s share of gross real estate assets and construction notes payable at June 30, 2010 was $29,766 and $66,157, respectively. See page 15 for further information regarding the for-sale condominium portion of the project.

(3) The Company’s credit investment primarily results from a non-cash impairment charge of $68,219, net of the allocable loss to the noncontrolling joint venture interest in the entity of $6,514, to write down its investment to fair value in 2009. The credit investment is reflected in consolidated liabilities on the Company’s balance sheet.

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

(5) This note bears interest at a fixed rate of 5.71% and matures in 2017.

(6) This note bears interest at a fixed rate of 5.83% and requires monthly interest only payments through 2013. The note is prepayable without penalty in September 2011.

(7) This note bears interest at a fixed rate of 5.82% and requires monthly interest only payments through 2013. The note is prepayable without penalty in September 2011.

(8) At June 30, 2010, $137,935 was outstanding under a $178,840 construction loan facility bearing interest at a variable rate of LIBOR plus 1.35% and which matures in 2011.

(9) Represents GAAP basis net book value plus accumulated depreciation.

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

18

POST PROPERTIES, INC.

NET ASSET VALUE SUPPLEMENTAL INFORMATION

(Dollars in thousands, except per share or unit data)

(Unaudited)

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

The Company presents below NOI for the quarter ended June 30, 2010 for properties stabilized by April 1, 2010 so that a capitalization rate may be applied and an approximate value for the assets determined. Properties not stabilized by April 1, 2010 are presented at full undepreciated cost. Other tangible assets, total liabilities and the liquidation value of preferred shares are also presented.

Financial Data

(In thousands)

Income Statement Data	Three months ended June 30, 2010		Adjustments			As Adjusted
Rental revenues	$	66,379	$	(2,357)	(1)	$	64,022
Other property revenues		4,181		(94)	(1)		4,087
Total rental and other revenues (A)		70,560		(2,451	)		68,109
Property operating & maintenance expenses (excluding depreciation and amortization) (B)		32,915		(5,239)	(1)		27,676
Property net operating income (Table 1) (A-B)	$	37,645	$	2,788		$	40,433
Assumed property management fee (calculated at 3% of revenues) (A x 3%)							(2,043)
Assumed property capital expenditure reserve ($300 per unit per year based on 17,614 units)							(1,321)
Adjusted property net operating income						$	37,069
Annualized property net operating income (C)						$	148,276
Apartment units represented (D)		19,863		(2,249)	(1)		17,614
Other Asset Data	As of June 30, 2010		Adjustments			As Adjusted
Cash & equivalents	$	8,033	$	-		$	8,033
Real estate assets under construction or lease-up, at cost (2)		19,498		165,919	(2)		185,417
Land held for future investment		77,868		-			77,868
Condominiums, for-sale and under construction		85,378		-			85,378
Assets held for sale		8,222		-			8,222
Investments in and advances to unconsolidated real estate entities (3)		7,950		(7,950)	(3)		-
Restricted cash and other assets		40,146		-			40,146
Cash & other assets of unconsolidated apartment entities (4)		6,103		(4,286)	(4)		1,817
Total (E)	$	253,198	$	153,683		$	406,881
Other Liability Data
Indebtedness	$	1,007,340	$	-		$	1,007,340
Investments in unconsolidated real estate entities (3)		54,203		(15,164)	(3)		39,039
Other liabilities (including noncontrolling interests) (5)		106,055		(14,607)	(5)		91,448
Total liabilities of unconsolidated apartment entities (6)		210,053		(149,428)	(6)		60,625
Total (F)	$	1,377,651	$	(179,199)		$	1,198,452

19

Other Data

	As of June 30, 2010
	# Shares/Units	Stock Price		Implied Value
Liquidation value of preferred shares (G)				$	93,039
Common shares outstanding	48,691
Common units outstanding	171
Total (H)	48,862	$	22.73	$	1,110,633
Implied market value of Company gross real estate assets (I) = (F+G+H-E)				$	1,995,243
Implied Portfolio Capitalization Rate (C÷I)					7.4%
Implied market value of Company gross real estate assets per unit (I÷D)				$	113.3

(1) The following table summarizes the adjustments made to the components of property net operating income for the three months ended June 30, 2010 to adjust property net operating income to the Company’s share for fully stabilized communities:

	Rental Revenue		Other Revenue		Expenses		Units
Under construction and lease-up	$	(2,309)	$	(173)	$	(1,580)	(993)
Corporate property management expenses		-		-		(2,497)	-
Company share of unconsolidated entities		1,944		149		761	(1,256)
Corporate apartments and other		(1,992)		(70)		(1,923)	-
	$	(2,357)	$	(94)	$	(5,239)	(2,249)

(2) The “As Adjusted” amount represents CIP balance per the Company’s balance sheet plus the costs of properties under construction and lease-up that have been transferred to operating real estate assets as apartment units are completed. The “As Adjusted” column consists of the following:

	As Adjusted CIP
Post Carlyle Square™ - Phase II	$	12,315
Post Sierra at Frisco Bridges™		40,560
Post Park®		81,596
Post West Austin™		50,946
	$	185,417

(3) The adjustment reflects a reduction for the investments in unconsolidated entities for entities with operating real estate assets, as the Company’s respective share of net operating income of such investments is included in the adjusted net operating income reflected above. The “As Adjusted” liability amount represents the consolidated credit investment in 3630 Peachtree South Tower (i.e., The Ritz-Carlton Residences, Atlanta, Buckhead).

(4) The “As of June 30, 2010” 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.

(5) The “As of June 30, 2010” 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, offset by the addition of noncontrolling interests of consolidated real estate entities of $755.

(6) The “As of June 30, 2010” amount represents total liabilities of unconsolidated apartment entities. The adjustments represent a reduction for the venture partner’s respective share of liabilities. The “As Adjusted” amount represents the Company’s respective share of liabilities of unconsolidated apartment entities.

20

POST PROPERTIES, INC.

NON-GAAP FINANCIAL MEASURES AND OTHER DEFINED TERMS

(Dollars in thousands, except per share or unit data)

(Unaudited)

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

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

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

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

Adjusted Funds From Operations - The Company also uses adjusted funds from operations (“AFFO”) as an operating measure. AFFO is defined as FFO less operating capital expenditures after adjusting for the impact of non-cash straight-line long-term ground lease expense, non-cash impairment charges, non-cash income (loss) related to mark-to-market of interest rate swap agreements and non-cash debt extinguishment 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” is the most directly comparable GAAP measure to NOI.

21

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

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

22

Reconciliations of Supplemental Non-GAAP Financial Measures

Table 1

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

(Dollars in thousands)

(Unaudited)

	Three months ended						Six months ended
	June 30, 2010		June 30, 2009		March 31, 2010		June 30, 2010		June 30, 2009
Total same store NOI	$	34,192	$	36,121	$	33,198	$	67,391	$	72,181
Property NOI from other operating segments		3,453		62		2,171		5,623		256
Consolidated property NOI		37,645		36,183		35,369		73,014		72,437
Add (subtract):
Interest income		196		23		169		365		138
Other revenues		271		277		283		554		503
Depreciation		(18,643)		(18,009)		(18,471)		(37,114)		(35,601)
Interest expense		(12,561)		(12,241)		(12,613)		(25,174)		(26,419)
Amortization of deferred financing costs		(653)		(682)		(833)		(1,486)		(1,616)
General and administrative		(3,967)		(3,964)		(4,676)		(8,643)		(8,373)
Investment and development		(678)		(793)		(602)		(1,280)		(1,790)
Other investment costs		(490)		(646)		(669)		(1,159)		(1,299)
Impairment losses		(35,091)		(9,658)		-		(35,091)		(9,658)
Gains (losses) on condominium sales activities, net		187		232		948		1,135		(28)
Equity in income (loss) of unconsolidated real estate entities		173		(74,656)		123		296		(74,546)
Other income (expense), net		(142)		50		(155)		(297)		1,109
Net gain (loss) on early extinguishment of indebtedness		-		(79)		-		-		819
Loss from continuing operations		(33,753)		(83,963)		(1,127)		(34,880)		(84,324)
Income from discontinued operations		-		26,768		-		-		29,377
Net loss	$	(33,753)	$	(57,195)	$	(1,127)	$	(34,880)	$	(54,947)

23

Table 2

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

(Dollars in thousands)

	Three months ended						Q2 ’10 vs. Q2 ’09     % Change	Q2 ’10 vs. Q1 ’10     % Change	Q2 ’10 % Same     Store NOI
	June 30,         2010		June 30,         2009		March 31,          2010
Rental and other revenues
Atlanta	$	15,653	$	16,197	$	15,596	(3.4)%	0.4 %
Washington, D.C.		10,352		10,215		10,085	1.3 %	2.6 %
Dallas		10,414		10,982		10,364	(5.2)%	0.5 %
Tampa		7,713		7,889		7,721	(2.2)%	(0.1)%
Charlotte		4,199		4,443		4,156	(5.5)%	1.0 %
New York		3,394		3,634		3,282	(6.6)%	3.4 %
Houston		2,856		3,072		2,855	(7.0)%	0.0 %
Orlando		2,376		2,362		2,340	0.6 %	1.5 %
Austin		1,207		1,196		1,193	0.9 %	1.2 %
Total rental and other revenues		58,164		59,990		57,592	(3.0)%	1.0 %
Property operating and maintenance expenses (exclusive of depreciation and amortization)
Atlanta		7,009		6,767		6,911	3.6 %	1.4 %
Washington, D.C.		3,463		3,524		3,833	(1.7)%	(9.7)%
Dallas		4,708		4,650		4,662	1.2 %	1.0 %
Tampa		2,947		3,224		3,042	(8.6)%	(3.1)%
Charlotte		1,691		1,588		1,667	6.5 %	1.4 %
New York		1,406		1,206		1,484	16.6 %	(5.3)%
Houston		1,286		1,259		1,230	2.1 %	4.6 %
Orlando		945		1,110		1,045	(14.9)%	(9.6)%
Austin		517		541		520	(4.4)%	(0.6)%
Total		23,972		23,869		24,394	0.4 %	(1.7)%
Net operating income
Atlanta		8,644		9,430		8,685	(8.3)%	(0.5)%	25.3%
Washington, D.C.		6,889		6,691		6,252	3.0 %	10.2 %	20.1%
Dallas		5,706		6,332		5,702	(9.9)%	0.1 %	16.7%
Tampa		4,766		4,665		4,679	2.2 %	1.9 %	13.9%
Charlotte		2,508		2,855		2,489	(12.2)%	0.8 %	7.4%
New York		1,988		2,428		1,798	(18.1)%	10.6 %	5.8%
Houston		1,570		1,813		1,625	(13.4)%	(3.4)%	4.6%
Orlando		1,431		1,252		1,295	14.3 %	10.5 %	4.2%
Austin		690		655		673	5.3 %	2.5 %	2.0%
Total same store NOI	$	34,192	$	36,121	$	33,198	(5.3)%	3.0 %	100.0%
Average rental rate per unit
Atlanta	$	1,037	$	1,110	$	1,036	(6.6)%	0.1 %
Washington, D.C.		1,786		1,787		1,773	(0.1)%	0.7 %
Dallas		1,006		1,078		1,008	(6.7)%	(0.2)%
Tampa		1,179		1,229		1,173	(4.1)%	0.5 %
Charlotte		1,010		1,108		1,016	(8.8)%	(0.6)%
New York		3,591		3,843		3,586	(6.6)%	0.2 %
Houston		1,183		1,263		1,190	(6.3)%	(0.5)%
Orlando		1,287		1,339		1,280	(3.9)%	0.5 %
Austin		1,279		1,325		1,274	(3.5)%	0.4 %
Total average rental rate per unit		1,215		1,281		1,213	(5.2)%	0.2 %

24

Table 2 (cont.)

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

(Dollars in thousands)

	Six months ended				% Change
	June 30, 2010		June 30, 2009
Rental and other revenues
Atlanta	$	31,249	$	32,477	(3.8)%
Washington, D.C.		20,438		20,337	0.5 %
Dallas		20,777		22,171	(6.3)%
Tampa		15,435		15,812	(2.4)%
Charlotte		8,355		9,020	(7.4)%
New York		6,677		7,308	(8.6)%
Houston		5,711		6,135	(6.9)%
Orlando		4,716		4,667	1.0 %
Austin		2,400		2,410	(0.4)%
Total rental and other revenues		115,758		120,337	(3.8)%
Property operating and maintenance expenses (exclusive of depreciation and amortization)
Atlanta		13,921		13,665	1.9 %
Washington, D.C.		7,296		7,108	2.6 %
Dallas		9,369		9,205	1.8 %
Tampa		5,989		6,440	(7.0)%
Charlotte		3,358		3,164	6.1 %
New York		2,890		2,625	10.1 %
Houston		2,516		2,715	(7.3)%
Orlando		1,990		2,132	(6.7)%
Austin		1,038		1,102	(5.8)%
Total		48,367		48,156	0.4 %
Net operating income
Atlanta		17,328		18,812	(7.9)%
Washington, D.C.		13,142		13,229	(0.7)%
Dallas		11,408		12,966	(12.0)%
Tampa		9,446		9,372	0.8 %
Charlotte		4,997		5,856	(14.7)%
New York		3,787		4,683	(19.1)%
Houston		3,195		3,420	(6.6)%
Orlando		2,726		2,535	7.5 %
Austin		1,362		1,308	4.1%
Total same store NOI	$	67,391	$	72,181	(6.6)%
Average rental rate per unit
Atlanta	$	1,036	$	1,121	(7.6)%
Washington, D.C.		1,780		1,793	(0.7)%
Dallas		1,007		1,086	(7.3)%
Tampa		1,176		1,240	(5.2)%
Charlotte		1,013		1,130	(10.4)%
New York		3,588		3,891	(7.8)%
Houston		1,186		1,266	(6.3)%
Orlando		1,283		1,356	(5.4)%
Austin		1,277		1,335	(4.3)%
Total average rental rate per unit		1,214		1,292	(6.0)%

25

Table 3

Quarterly Margin Analysis

(Dollars in thousands)

	For the three months ended June 30, 2010
	Rental and   Other Property   Revenues		Property Operating &   Maintenance   Expenses		Net Operating Income ("NOI")		NOI   Margin	Expense   Margin
Same store	$	58,164	$	23,972	$	34,192	58.8%	41.2%
Partially stabilized (1)		3,533		1,451		2,082	58.9%	41.1%
Development and lease-up communities (2)		3,681		2,094		1,587	43.1%	56.9%
Other property segments:
Corporate apartments		2,062		1,644		418	20.3%	79.7%
Commercial		3,120		1,257		1,863	59.7%	40.3%
Corporate property management expenses (3)		-		2,497		(2,497)
	$	70,560	$	32,915
Consolidated property NOI (4)					$	37,645
Third-party management fees					$	207

(1) Partially stabilized communities include Post Alexander™, Post Peachtree Hills^® and Post Heights™.

(2) Development, rehabilitation and lease-up communities include Post Eastside™, Post Sierra at Frisco Bridges™, Post Park^® and Post West Austin™.

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

Numerator:
Corporate property management expenses	$	2,497
Less: Third-party management fees		(207)
Net property management expenses	$	2,290
Denominator:
Total rental and other property revenues	$	70,560
Less: Corporate apartment revenues		(2,062)
Adjusted property revenues	$	68,498
Net property management expenses as a percentage of adjusted property revenues		3.3%

(4) Consolidated property net operating income (“NOI”) is a non-GAAP financial measure. See Table 1 on page 23 for a reconciliation of consolidated property NOI to GAAP net income (loss).

26

Table 4

Reconciliation of Segment Cash Flow Data to Statements of Cash Flows

(Dollars in thousands)

	Three months ended          June 30,				Six months ended          June 30,
	2010		2009		2010		2009
Annually recurring capital expenditures by operating segment
Fully stabilized	$	3,179	$	3,399	$	5,655	$	5,776
Communities stabilized during 2009		72		46		133		98
Development and lease-up		28		89		46		107
Other segments		112		139		135		326
Total annually recurring capital expenditures	$	3,391	$	3,673	$	5,969	$	6,307
Periodically recurring capital expenditures by operating segment
Fully stabilized	$	6,291	$	8,764	$	11,354	$	15,182
Communities stabilized during 2009		1		145		9		2,132
Development and lease-up		-		-		36		-
Other segments		193		463		532		1,223
Total periodically recurring capital expenditures (1)	$	6,485	$	9,372	$	11,931	$	18,537
Total revenue generating capital expenditures	$	20	$	1,925	$	52	$	3,503
Total property capital expenditures per statements of cash flows	$	9,896	$	14,970	$	17,952	$	28,347

(1) Includes approximately $5,759 and $8,157 for the three months and $10,653 and $13,528 for the six months ended June 30, 2010 and 2009, respectively, of periodically recurring capital expenditures related to the Company’s exterior remediation project.

Table 5

Computation of Interest and Fixed Charge Coverage Ratios

(Dollars in thousands)

	Six months ended June 30,
	2010		2009
Loss from continuing operations	$	(34,880)	$	(84,324)
Other non-cash expenses, net		2,127		1,713
Income tax expense		537		464
Losses (gains) on sales of real estate assets		(1,135)		28
Net gains on early extinguishment of indebtedness		-		(819)
Non-cash impairment charge - unconsolidated entity		-		74,733
Non-cash impairment charge - consolidated entities		35,091		9,658
Depreciation expense		37,114		35,601
Depreciation (company share) of assets held in unconsolidated entities		709		700
Interest expense		25,174		26,419
Interest expense (company share) of assets held in unconsolidated entities		1,718		1,718
Amortization of deferred financing costs		1,486		1,616
Income available for debt service (A)	$	67,941	$	67,507
Interest expense	$	25,174	$	26,419
Interest expense (company share) of assets held in unconsolidated entities		1,718		1,718
Interest expense for purposes of computation (B)		26,892		28,137
Dividends and distributions to preferred shareholders and unitholders		3,768		3,819
Fixed charges for purposes of computation (C)	$	30,660	$	31,956
Interest coverage ratio (A÷B)		2.5x		2.4x
Fixed charge coverage ratio (A÷C)		2.2x		2.1x

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Table 6

Computation of Debt Ratios

(Dollars in thousands)

	As of June 30,
	2010		2009
Total real estate assets per balance sheet	$	2,066,697	$	2,132,577
Plus:
Company share of real estate assets held in unconsolidated entities		102,082		80,436
Company share of accumulated depreciation - assets held in unconsolidated entities		9,631		7,864
Accumulated depreciation per balance sheet		655,559		587,116
Accumulated depreciation on assets held for sale		-		28,441
Total undepreciated real estate assets (A)	$	2,833,969	$	2,836,434
Total debt per balance sheet	$	1,007,340	$	1,086,790
Plus:
Company share of third party debt held in unconsolidated entities		125,758		93,280
Total debt (adjusted for joint venture partners’ share of debt) (B)	$	1,133,098	$	1,180,070
Total debt as a % of undepreciated real estate assets (adjusted for joint venture partners’ share of debt) (B÷A)		40.0%		41.6%
Total debt per balance sheet	$	1,007,340	$	1,086,790
Plus:
Company share of third party debt held in unconsolidated entities		125,758		93,280
Preferred shares at liquidation value		93,039		95,000
Total debt and preferred equity (adjusted for joint venture partners’ share of debt) (C)	$	1,226,137	$	1,275,070
Total debt and preferred equity as a % of undepreciated real estate assets (adjusted for joint venture partners’ share of debt) (C÷A)		43.3%		45.0%

Table 7

Calculation of Company Undepreciated Book Value Per Share

(Dollars in thousands)

	June 30, 2010
Total Company shareholders’ equity per balance sheet	$	958,613
Plus:
Accumulated depreciation, per balance sheet		655,559
Noncontrolling interest of common unitholders in Operating Partnership, per balance sheet		3,877
Less:
Deferred charges, net, per balance sheet		(8,017)
Preferred shares at liquidation value		(93,038)
Total undepreciated book value (A)	$	1,516,994
Total common shares and units (B)		48,862
Company undepreciated book value per share (A÷B)	$	31.05

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