8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 2, 2011

Post Properties, Inc.

Post Apartment Homes, L.P.

(Exact name of registrant as specified in its charter)

Georgia

Georgia

(State or other jurisdiction of incorporation)

1-12080

0-28226

(Commission File Number)

58-1550675

58-2053632

(IRS Employer Identification Number)

4401 Northside Parkway, Suite 800, Atlanta, Georgia 30327

(Address of principal executive offices)

Registrant’s telephone number, including area code (404) 846-5000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On May 2, 2011, Post Properties, Inc. and Post Apartment Homes, L.P. (collectively referred to as the “Registrants”), issued an Earnings Release and Supplemental Financial Data announcing their financial results for the quarterly period ended March 31, 2011. The Earnings Release and Supplemental Financial Data contain information about the Registrants’ financial condition and results of operations for the quarterly period ended March 31, 2011. A copy of the Earnings Release is attached hereto as Exhibit 99.1 and is incorporated by reference herein in its entirety. A copy of the Supplemental Financial Data is attached hereto as Exhibit 99.2 and is incorporated by reference herein in its entirety.

Item 9.01. Financial Statements and Exhibits.

99.1                Earnings Release

99.2                Supplemental Financial Data

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: May 2, 2011

POST PROPERTIES, INC.
By:	/s/ David P. Stockert
	David P. Stockert
	President and        Chief Executive Officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: May 2, 2011

POST APARTMENT HOMES, L.P.
By:	POST GP HOLDINGS, INC.,
	as General Partner
By:     /s/ David P. Stockert
	David P. Stockert
	President and        Chief Executive Officer

EXHIBIT INDEX

Exhibit   Number	Description
99.1	Earnings Release
99.2	Supplemental Financial Data

EX-99.1

Ex 99.1

Contact: Chris Papa Post Properties, Inc. (404) 846-5028             

Post Properties Announces First Quarter 2011 Earnings

and Development of Post Midtown Square® - Phase III in Houston, Texas

Investor/Analyst Conference Call Scheduled for May 3, 2011 at 10:00 a.m. EST

ATLANTA, May 2, 2011 – Post Properties, Inc. (NYSE: PPS) announced today a net loss attributable to common shareholders of $0.4 million, or a loss of $0.01 per diluted share, for the first quarter of 2011, compared to a net loss attributable to common shareholders of $3.1 million, or a loss of $0.06 per diluted share, for the first quarter of 2010.

The Company’s net loss attributable to common shareholders for the first quarter of 2011 included $1.8 million of costs associated with the Company’s redemption of its Series B preferred stock, discussed further below.

Funds From Operations

The Company uses the National Association of Real Estate Investment Trusts (“NAREIT”) definition of Funds from Operations (“FFO”) as an operating measure of the Company’s financial performance. A reconciliation of FFO to GAAP net income is included in the financial data (Table 1) accompanying this press release.

FFO for the first quarter of 2011 was $18.3 million, or $0.37 per diluted share, compared to $15.0 million, or $0.31 per diluted share, for the first quarter of 2010.

The Company’s reported FFO for the first quarter of 2011 included a charge related to the redemption of the Company’s Series B preferred stock of $1.8 million, or $0.035 per diluted share.

Said Dave Stockert, CEO and President of Post, “Our business continued to strengthen steadily in the first quarter. Year-over-year growth in average rents, occupancy and net operating income contributed to solid funds from operations. These results reflect favorable supply and demand conditions for apartments against a backdrop of gradually improving economic conditions.”

Mature (Same Store) Community Data

Average economic occupancy at the Company’s 46 mature (same store) communities, containing 16,688 apartment units, was 95.3% and 95.0% for the first quarter of 2011 and 2010, respectively.

Total revenues for the mature communities increased 3.6% and total operating expenses decreased 2.3% during the first quarter of 2011, compared to the first quarter of 2010, resulting in a 7.9% increase in same store net operating income (“NOI”). The average monthly rental rate per unit increased 2.3% during the first quarter of 2011, compared to the first quarter of 2010.

On a sequential basis, total revenues for the mature communities increased 1.4% and total operating expenses increased 6.1%, producing a 1.5% decrease in same store NOI for the first quarter of 2011, compared to the fourth quarter of 2010. On a sequential basis, the average monthly rental rate per unit increased 0.7%. For the first quarter of 2011, average economic occupancy at the mature communities was 95.3%, compared to 95.1% for the fourth quarter of 2010.

Same store NOI is a supplemental non-GAAP financial measure. A reconciliation of same store NOI to the comparable GAAP financial measure is included in the financial data (Table 2) accompanying this press release. Information on same store NOI and average rental rate per unit by geographic market is also included in the financial data (Table 3) accompanying this press release.

-1-

Development Activity

The Company today announced the development of Phase III of its Post Midtown Square® apartment community in Houston, TX. Post Midtown Square® - Phase III is planned to consist of 124 apartment units with an average unit size of approximately 889 square feet and approximately 10,864 square feet of street-level retail space, and is expected to have a total estimated development cost of approximately $21.8 million. The Company currently expects the stabilized yield on the project will be approximately 6.8%, after a 3% management fee and $300 per unit reserve, and based on current market rents, without trending. The Company anticipates that first apartment unit deliveries will occur in the third quarter of 2012. The Company currently expects to fund future estimated construction expenditures primarily by utilizing available borrowings under its unsecured revolving lines of credit and proceeds under its at-the-market common equity sales program.

Financing Activity

Leverage and Line Capacity

Total debt and preferred equity as a percentage of undepreciated real estate assets (adjusted for joint venture partners’ share of real estate assets and debt) was 40.4% at March 31, 2011, and variable rate debt as a percentage of total debt was 0.4% as of that same date.

As of April 29, 2011, the Company had cash and cash equivalents of $4.6 million. The Company had outstanding borrowings of $3.8 million and letters of credit totaling $0.7 million under its combined $330 million unsecured lines of credit.

Computations of debt ratios and reconciliations of the ratios to the appropriate GAAP measures in the Company’s financial statements are included in the financial data (Table 4) accompanying this press release.

Preferred Stock Redemption and At-the-Market Common Equity Activity

In March 2011, the Company redeemed all outstanding shares of its 7-5/8% Series B cumulative redeemable preferred stock for their redemption value of $49.6 million, plus accrued and unpaid dividends through the redemption date. The Company recorded costs of $1.8 million, or $0.035 per diluted share, in the first quarter of 2011 related to original issuance costs and expenses associated with the redemption.

The Company has an at-the-market common equity program for the sale of up to 4 million shares of common stock. The Company expects to use this program in 2011 as an additional source of capital and liquidity, to maintain the strength of its balance sheet and to fund its planned investment activities. Sales under this program will be dependent upon a variety of factors, including, among others, market conditions, the trading price of the Company’s common stock and potential use of proceeds. During the first quarter of 2011, the Company sold 420,889 shares, at an average gross price per share of $37.62, producing net proceeds of $15.5 million. The Company has approximately 3.5 million shares remaining for issuance under this program.

Condominium Activity

During the first quarter of 2011, the Company closed 12 condominium units at its Austin and Atlanta condominium projects for aggregate gross revenue of $13.7 million. As of April 29, 2011, the Company has, in the aggregate, closed 77 units at the Austin and Atlanta condominium projects and had 20 units under contract. There can be no assurance that condominium units under contract will close.

The Company recognized net gains in FFO of $0.7 million from condominium sales activities during the first quarter of 2011, and $0.7 million during the first quarter of 2010.

-2-

2011 Outlook

The estimates and assumptions presented below are forward looking and are based on the Company’s future view of the apartment and condominium markets and of general economic conditions, as well as other risks outlined below under the caption “Forward Looking Statements.” There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth below. The Company assumes no obligation to update this guidance in the future.

Based on its revised outlook, the Company anticipates that FFO for the full year 2011 will be in the range set forth below, as compared to its previous outlook disclosed in its February 2011 earnings release. The tables below reflect the anticipated range of FFO before and after charges recorded in connection with the redemption of preferred stock discussed above, and reflects anticipated net gains from condominium sales (for purposes of this discussion, “Condo FFO”) and FFO before charges and Condo FFO (for purposes of this discussion, “Core FFO”).

	Current Outlook	Previously Issued Outlook
Core FFO, before charges	$1.57 to $1.63	$1.53 to $1.63
Condo FFO	$0.00 to $0.08	$0.00 to $0.08
FFO, before charges	$1.57 to $1.71	$1.53 to $1.71
Preferred redemption charges	($0.035)	($0.04)
FFO	$1.54 to $1.68	$1.49 to $1.67
Same Store Assumptions	Current Outlook	Previously Issued Outlook
Revenue	3.9% to 4.3%	3.7% to 4.3%
Operating expenses	1.4% to 2.0%	1.5% to 2.1%
Net operating income (NOI)	5.2% to 6.3%	4.8% to 6.2%

The Company’s other assumptions set forth in its previous outlook disclosed in its February 2011 earnings release were substantially the same.

Annual Meeting of Shareholders

The Company previously announced that its Annual Meeting of Shareholders will be held on May 25, 2011 at its corporate offices in Atlanta, GA.

Supplemental Financial Data

The Company also produces Supplemental Financial Data that includes detailed information regarding the Company’s operating results, investment activity, financing activity, balance sheet and properties. This Supplemental Financial Data is considered an integral part of this earnings release and is available on the Company’s website. The Company’s Earnings Release and the Supplemental Financial Data are available through the For Investors/Financial Reports/Quarterly and Other Reports section of the Company’s website at www.postproperties.com.

The ability to access the attachments on the Company’s website requires the Adobe Acrobat Reader, which may be downloaded at http://get.adobe.com/reader/.

Non-GAAP Financial Measures and Other Defined Terms

The Company uses certain non-GAAP financial measures and other defined terms in this press release and in its Supplemental Financial Data available on the Company’s website. The non-GAAP financial measures include FFO, Adjusted Funds from Operations (“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 and on page 19

-3-

of the Supplemental Financial Data. 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 (or 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 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 and after adjusting for the impact of non-cash straight-line, long-term ground lease expense, non-cash impairment charges, non-cash debt extinguishment gains 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 its 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 available to common shareholders” is the most directly comparable GAAP measure to AFFO.

Property Net Operating Income (“NOI”) – 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.

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 properties, 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

-4-

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 assets (adjusted for joint venture partner’s share of debt); (4) total debt plus preferred equity as a percentage of undepreciated real estate assets (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.

Conference Call Information

The Company will hold its quarterly conference call on Tuesday, May 3, at 10:00 a.m. ET. The telephone numbers are 888-428-9496 for US and Canada callers and 719-325-2155 for international callers. The access code is 5898835. The conference call will be open to the public and can be listened to live on Post’s website at www.postproperties.com under For Investors/Event Calendar. The replay will begin at 1:00 p.m. ET on Tuesday, May 3, and will be available until Monday, May 11, at 11:59 p.m. ET. The telephone numbers for the replay are 888-203-1112 for US and Canada callers and 719-457-0820 for international callers. The access code for the replay is 5898835. A replay of the call also will be archived on Post’s website under For Investors/Audio Archives. The financial and statistical information that will be discussed on the call is contained in this press release and the Supplemental Financial Data. Both documents will be available through the For Investors/Financial Reports/Quarterly & Other Reports section of the Company’s website at www.postproperties.com.

About Post

Post Properties, founded 40 years ago, is a leading developer and operator of upscale multifamily communities. The Company’s mission is delivering superior satisfaction and value to its residents, associates, and investors, with a vision of being the first choice in quality multifamily living. Operating as a real estate investment trust (“REIT”), the Company focuses on developing and managing Post® branded resort-style garden and high density urban apartments. Post Properties is headquartered in Atlanta, Georgia, and has operations in nine markets across the country.

Post Properties has interests in 20,629 apartment units in 56 communities, including 1,747 apartment units in five communities held in unconsolidated entities and 766 apartment units at three communities currently under construction. The Company is also selling luxury for-sale condominium homes in two communities through a taxable REIT subsidiary.

Forward Looking Statements

Certain statements made in this press release 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. Statements regarding future events and developments and the Company’s future performance, as well as

-5-

management’s expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. Examples of such statements in this press release include, expectations regarding future operating conditions, including the Company’s current outlook as to expected funds from operations, revenue, operating expenses, net operating income, newly stabilized property net operating income, interest capitalized to development projects, interest expense, preferred dividends, number of diluted shares, condominium profits and underlying assumptions, charges and overhead expenses, anticipated development activities (including the projected costs, projected construction expenditures, projected yield, timing and anticipated potential sources of financing of projected future development activities), expectations regarding the for-sale condominium business and the timing, sales pace and closing volumes of condominium homes, and expectations regarding offerings of the Company’s common stock and the use of proceeds thereof. 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, 2010 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; 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 economic 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 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 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 renew leases or relet units as leases expire; 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 and 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 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, 2010 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 press release.

-6-

Financial Highlights

(Unaudited; in thousands, except per share and unit amounts)

	Three months ended March 31,
	2011			2010
OPERATING DATA
Revenues from continuing operations	$	73,531		$	69,143
Net loss attributable to common shareholders	$	(421	)	$	(3,075	)
Funds from operations available to common shareholders and unitholders (Table 1)	$	18,341		$	15,044
Weighted average shares outstanding - diluted		49,041			48,370
Weighted average shares and units outstanding - diluted		49,212			48,543
PER COMMON SHARE DATA - DILUTED
Net loss attributable to common shareholders	$	(0.01	)	$	(0.06	)
Funds from operations available to common shareholders and unitholders (Table 1) (1)	$	0.37		$	0.31
Dividends declared	$	0.20		$	0.20

1) Funds from operations per share was computed using weighted average shares and units outstanding, including the impact of dilutive securities totaling 387 and 108 for the three months ended March 31, 2011 and 2010, respectively. These dilutive securities were antidilutive to the computation of income (loss) per share, as the Company reported a net loss attributable to common shareholders 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 153 and 187 for the three months ended March 31, 2011 and 2010, respectively, for the computation of funds from operations per share. Such non-vested shares and units are considered in the income (loss) per share computations under generally accepted accounting principles using the “two-class method.”

-7-

Table 1

Reconciliation of Net Income Available to Common Shareholders to

Funds From Operations Available to Common Shareholders and Unitholders

(Unaudited; in thousands, except per share amounts)

	Three months ended March 31,
	2011			2010
Net loss attributable to common shareholders	$	(421	)	$	(3,075	)
Noncontrolling interests - Operating Partnership		(1	)		(11	)
Depreciation on consolidated real estate assets, net		18,404			18,002
Depreciation on real estate assets held in unconsolidated entities		359			354
Gains on sales of condominiums		(744	)		(948	)
Incremental gains on condominium sales		744			722
Funds from operations available to common shareholders and unitholders	$	18,341		$	15,044
Funds from operations - per share and unit - diluted (1)	$	0.37		$	0.31
Weighted average shares and units outstanding - diluted (1)		49,752			48,838

1) Diluted weighted average shares and units include the impact of dilutive securities totaling 387 and 108 for the three months ended March 31, 2011 and 2010, respectively. These dilutive securities were antidilutive to the computation of income (loss) per share, as the Company reported a net loss attributable to common shareholders 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 153 and 187 for the three months ended March 31, 2011 and 2010, 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.”

-8-

Table 2

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

(Unaudited; In thousands)

	Three months ended
	March  31, 2011			March  31, 2010			December  31, 2010
Total same store NOI	$	37,950		$	35,170		$	38,511
Property NOI from other operating segments		2,748			199			2,526
Consolidated property NOI		40,698			35,369			41,037
Add (subtract):
Interest income		92			169			86
Other revenues		216			283			218
Depreciation		(18,752	)		(18,471	)		(18,760	)
Interest expense		(14,475	)		(12,613	)		(15,793	)
Amortization of deferred financing costs		(647	)		(833	)		(890	)
General and administrative		(4,116	)		(4,676	)		(3,873	)
Investment and development		(478	)		(602	)		(566	)
Other investment costs		(494	)		(669	)		(589	)
Gains on condominium sales activities, net		744			948			3,842
Equity in income of unconsolidated real estate entities, net		209			123			185
Other income (expense), net		16			(155	)		(603	)
Net income (loss)	$	3,013		$	(1,127	)	$	4,294

-9-

Table 3

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

(In thousands)

	Three months ended						Q1 ‘11 vs. Q1 ‘10 % Change			Q1 ‘11 vs. Q4 ‘10 % Change			Q1  ‘11 % Same Store NOI
	March  31, 2011		March  31, 2010		December  31, 2010
Rental and other revenues
Atlanta	$	18,513	$	17,879	$	18,236		3.5	%		1.5	%
Washington, D.C.		10,412		10,085		10,408		3.2	%		0.0	%
Dallas		12,042		11,532		11,739		4.4	%		2.6	%
Tampa		7,922		7,721		7,768		2.6	%		2.0	%
Charlotte		4,267		4,156		4,211		2.7	%		1.3	%
New York		3,413		3,282		3,452		4.0	%		(1.1	)%
Houston		2,964		2,855		2,906		3.8	%		2.0	%
Orlando		2,479		2,339		2,433		6.0	%		1.9	%
Austin		1,225		1,194		1,181		2.6	%		3.7	%
Total rental and other revenues		63,237		61,043		62,334		3.6	%		1.4	%
Property operating and maintenance expenses (exclusive of depreciation and amortization)
Atlanta		7,822		7,840		7,240		(0.2	)%		8.0	%
Washington, D.C.		3,242		3,833		3,383		(15.4	)%		(4.2	)%
Dallas		5,266		5,212		4,856		1.0	%		8.4	%
Tampa		2,954		3,042		2,733		(2.9	)%		8.1	%
Charlotte		1,600		1,667		1,553		(4.0	)%		3.0	%
New York		1,550		1,484		1,545		4.4	%		0.3	%
Houston		1,337		1,230		1,142		8.7	%		17.1	%
Orlando		981		1,044		883		(6.0	)%		11.1	%
Austin		535		521		488		2.7	%		9.6	%
Total		25,287		25,873		23,823		(2.3	)%		6.1	%
Net operating income
Atlanta		10,691		10,039		10,996		6.5	%		(2.8	)%		28.2	%
Washington, D.C.		7,170		6,252		7,025		14.7	%		2.1	%		18.9	%
Dallas		6,776		6,320		6,883		7.2	%		(1.6	)%		17.9	%
Tampa		4,968		4,679		5,035		6.2	%		(1.3	)%		13.1	%
Charlotte		2,667		2,489		2,658		7.2	%		0.3	%		7.0	%
New York		1,863		1,798		1,907		3.6	%		(2.3	)%		4.9	%
Houston		1,627		1,625		1,764		0.1	%		(7.8	)%		4.3	%
Orlando		1,498		1,295		1,550		15.7	%		(3.4	)%		3.9	%
Austin		690		673		693		2.5	%		(0.4	)%		1.8	%
Total same store NOI	$	37,950	$	35,170	$	38,511		7.9	%		(1.5	)%		100.0	%
Average rental rate per unit
Atlanta	$	1,092	$	1,065	$	1,085		2.5	%		0.7	%
Washington, D.C.		1,830		1,773		1,826		3.2	%		0.2	%
Dallas		1,045		1,027		1,035		1.8	%		1.0	%
Tampa		1,205		1,173		1,197		2.7	%		0.7	%
Charlotte		1,018		1,016		1,008		0.2	%		1.0	%
New York		3,672		3,586		3,660		2.4	%		0.3	%
Houston		1,174		1,190		1,172		(1.3	)%		0.2	%
Orlando		1,336		1,280		1,322		4.4	%		1.0	%
Austin		1,301		1,274		1,294		2.1	%		0.5	%
Total average rental rate per unit		1,243		1,215		1,235		2.3	%		0.7	%

-10-

Table 4

Computation of Debt Ratios

(In thousands)

	As of March 31,
	2011			2010
Total real estate assets per balance sheet	$	2,027,500		$	2,112,027
Plus:
Company share of real estate assets held in unconsolidated entities		71,210			99,567
Company share of accumulated depreciation - assets held in unconsolidated entities		11,132			9,251
Accumulated depreciation per balance sheet		711,111			643,642
Total undepreciated real estate assets (A)	$	2,820,953		$	2,864,487
Total debt per balance sheet	$	1,036,770		$	1,008,551
Plus:
Company share of third party debt held in unconsolidated entities		59,601			123,520
Total debt (adjusted for joint venture partners’ share of debt) (B)	$	1,096,371		$	1,132,071
Total debt as a % of undepreciated real estate assets (adjusted for joint venture partners’ share of debt) (B÷A)		38.9	%		39.5	%
Total debt per balance sheet	$	1,036,770		$	1,008,551
Plus:
Company share of third party debt held in unconsolidated entities		59,601			123,520
Preferred shares at liquidation value		43,392			94,068
Total debt and preferred equity (adjusted for joint venture partners’ share of debt) (C)	$	1,139,763		$	1,226,139
Total debt and preferred equity as a % of undepreciated real estate assets (adjusted for joint venture partners’ share of debt) (C÷A)		40.4	%		42.8	%

-11-

EX-99.2

Ex 99.2

First Quarter 2011

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 Construction and Land Held for Future Investment		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, 2010 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; 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 economic 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 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 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 renew leases or relet units as leases expire; 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 and 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 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, 2010 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 March 31,
	2011			2010
Revenues
Rental	$	69,093		$	65,134
Other property revenues		4,222			3,726
Other		216			283
Total revenues		73,531			69,143
Expenses
Total property operating and maintenance (exclusive of items shown separately below)		32,617			33,491
Depreciation		18,752			18,471
General and administrative		4,116			4,676
Investment and development (1)		478			602
Other investment costs (1)		494			669
Total expenses		56,457			57,909
Operating income		17,074			11,234
Interest income		92			169
Interest expense		(14,475	)		(12,613	)
Amortization of deferred financing costs		(647	)		(833	)
Net gains on condominium sales activities (2)		744			948
Equity in income of unconsolidated real estate entities, net		209			123
Other income (expense)		16			(155	)
Net income (loss)		3,013			(1,127	)
Noncontrolling interests - consolidated real estate entities		11			(61	)
Noncontrolling interests - Operating Partnership		1			11
Net income (loss) attributable to the Company		3,025			(1,177	)
Dividends to preferred shareholders		(1,689	)		(1,890	)
Preferred stock redemption costs		(1,757	)		(8	)
Net loss attributable to common shareholders	$	(421	)	$	(3,075	)
Per common share data - Basic (3)
Net loss attributable to common shareholders	$	(0.01	)	$	(0.06	)
Weighted average common shares outstanding - basic		49,041			48,370
Per common share data - Diluted (3)
Net loss attributable to common shareholders	$	(0.01	)	$	(0.06	)
Weighted average common shares outstanding - diluted		49,041			48,370

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 (loss) available to common shareholders to funds from operations available to common shareholders and unitholders and adjusted funds from operations available to common shareholders and unitholders is provided below.

	Three months ended March 31,
	2011			2010
Net loss attributable to common shareholders	$	(421	)	$	(3,075	)
Noncontrolling interests - Operating Partnership		(1	)		(11	)
Depreciation on consolidated real estate assets, net (4)		18,404			18,002
Depreciation on real estate assets held in unconsolidated entities		359			354
Gains on sales of condominiums		(744	)		(948	)
Incremental gains on condominium sales (5)		744			722
Funds from operations available to common shareholders and unitholders (A)	$	18,341		$	15,044
Funds from operations available to common shareholders and unitholders (A)	$	18,341		$	15,044
Annually recurring capital expenditures		(2,127	)		(2,578	)
Periodically recurring capital expenditures (6)		(1,292	)		(551	)
Non-cash straight-line adjustment for ground lease expenses		128			281
Preferred stock redemption costs		1,757			8
Adjusted funds from operations available to common shareholders and unitholders (7) (B)	$	16,807		$	12,204
Per Common Share Data - Basic
Funds from operations per share or unit, as defined (A÷C)	$	0.37		$	0.31
Adjusted funds from operations per share or unit (7) (B÷C)	$	0.34		$	0.25
Dividends declared	$	0.20		$	0.20
Weighted average shares outstanding		49,194			48,557
Weighted average shares and units outstanding (C)		49,365			48,731
Per Common Share Data - Diluted
Funds from operations per share or unit, as defined (A÷D)	$	0.37		$	0.31
Adjusted funds from operations per share or unit (7) (B÷D)	$	0.34		$	0.25
Dividends declared	$	0.20		$	0.20
Weighted average shares outstanding (8)		49,581			48,665
Weighted average shares and units outstanding (8) (D)	$	49,752			48,838

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

Supplemental Financial Data 4 | Page

CONSOLIDATED BALANCE SHEETS

(In thousands)

	March 31, 2011			December 31, 2010
	(Unaudited)
Assets
Real estate assets
Land	$	285,005		$	285,005
Building and improvements		2,030,629			2,028,580
Furniture, fixtures and equipment		242,507			240,614
Construction in progress		34,709			25,734
Land held for future investment		69,775			72,697
		2,662,625			2,652,630
Less: accumulated depreciation		(711,111	)		(692,514	)
For-sale condominiums		75,986			82,259
Total real estate assets		2,027,500			2,042,375
Investments in and advances to unconsolidated real estate entities		7,533			7,671
Cash and cash equivalents		8,292			22,089
Restricted cash		4,855			5,134
Deferred charges, net		11,443			8,064
Other assets		28,724			29,446
Total assets	$	2,088,347		$	2,114,779
Liabilities and equity
Indebtedness	$	1,036,770		$	1,033,249
Accounts payable and accrued expenses		62,483			66,977
Investments in unconsolidated real estate entities		15,558			15,384
Dividends and distributions payable		9,977			9,814
Accrued interest payable		11,123			5,841
Security deposits and prepaid rents		9,182			10,027
Total liabilities		1,145,093			1,141,292
Redeemable common units		6,695			6,192
Commitments and contingencies
Equity
Company shareholders’ equity
Preferred stock, $.01 par value, 20,000 authorized:
8 1/2% Series A Cumulative Redeemable Shares, liquidation preference $50 per share, 868 shares issued and outstanding		9			9
7 5/8% Series B Cumulative Redeemable Shares, liquidation preference $25 per share, 0 and 1,983 shares issued and outstanding at March 31, 2011 and December 31, 2010, respectively		—			20
Common stock, $.01 par value, 100,000 authorized:
49,787 and 48,926 shares issued and 49,787 and 48,913 shares outstanding at March 31, 2011 and December 31, 2010, respectively		497			489
Additional paid-in-capital		939,206			965,691
Accumulated earnings		—			4,577
		939,712			970,786
Less common stock in treasury, at cost, 96 and 108 shares at March 31, 2011 and December 31, 2010, respectively		(3,281	)		(3,696	)
Total Company shareholders’ equity		936,431			967,090
Noncontrolling interests - consolidated real estate entities		128			205
Total equity		936,559			967,295
Total liabilities and equity	$	2,088,347		$	2,114,779

See Notes to Consolidated Financial Statements on page 6

Supplemental Financial Data 5 | Page

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AND RECONCILIATION OF FUNDS FROM OPERATIONS AND 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 include land carry costs, primarily property taxes and assessments.

2) A summary of revenues and costs and expenses of condominium activities for the three months ended March 31, 2011 and 2010 is as follows:

	Three months ended March 31,
	2011			2010
Condominium revenues	$	13,675		$	1,840
Condominium costs and expenses		(12,931	)		(892	)
Net gains on sales of condominiums	$	744		$	948

3) 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 March 31, 2011, there were 49,958 units of the Operating Partnership outstanding, of which 49,787, or 99.7%, were owned by the Company.

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

5) For development projects, gains on condominium sales in FFO are equivalent to gains reported under GAAP. For conversion projects sold out in 2010, the Company recognized accounting gains under GAAP to the extent that net sales proceeds from the sale of condominium units exceeded the Company’s net GAAP basis and related expenses. For FFO purposes, the Company recognized 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 exceeded the “transfer price.” The transfer price for purposes of computing incremental gains on condominium sales included in FFO at conversion projects reflected 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.

6) Excludes approximately $4,895 for the three months ended March 31, 2010 of periodically recurring capital expenditures related to the Company’s exterior remediation project that was completed in 2010.

7) 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 $150 and $351 for the three months ended March 31, 2011 and 2010, 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 387 and 108 for the three months ended March 31, 2011 and 2010, respectively. These dilutive securities were antidilutive to the computation of income (loss) per share, as the Company reported a net loss attributable to common shareholders 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 153 and 187 for the three months ended March 31, 2011 and 2010, 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.”

Supplemental Financial Data 6 | Page

SAME STORE RESULTS

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

Same Store Operating 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 20 for a reconciliation of same store net operating income to GAAP net income and Table 4 on page 24 for a year-to-date margin analysis. The operating performance and capital expenditures of the 46 communities containing 16,688 apartment units which were fully stabilized as of January 1, 2010, are summarized in the table below.

	Three months ended March 31,
	2011			2010			% Change
Revenues:
Rental and other revenue	$	61,205		$	59,201			3.4	%
Utility reimbursements		2,032			1,842			10.3	%
Total rental and other revenues	$	63,237		$	61,043			3.6	%
Property operating and maintenance expenses:
Personnel expenses		6,221			6,139			1.3	%
Utility expense		3,960			3,661			8.2	%
Real estate taxes and fees		8,585			8,799			(2.4	)%
Insurance expenses		977			1,092			(10.5	)%
Building and grounds repairs and maintenance (1)		3,438			3,772			(8.9	)%
Ground lease expense (2)		298			668			(55.4	)%
Other expenses		1,808			1,742			3.8	%
Total property operating and maintenance expenses (excluding depreciation and amortization)		25,287			25,873			(2.3	)%
Same store net operating income	$	37,950		$	35,170			7.9	%
Same store net operating income margin		60.0	%		57.6	%		2.4	%
Capital expenditures (3)
Annually recurring:
Carpet	$	644		$	605			6.4	%
Other		1,363			1,932			(29.5	)%
Total annually recurring		2,007			2,537			(20.9	)%
Periodically recurring (4)		886			5,071			(82.5	)%
Total capital expenditures (A)	$	2,893		$	7,608			(62.0	)%
Total capital expenditures per unit (A ÷ 16,688 units)	$	173		$	456			(62.1	)%
Average monthly rental rate per unit (5)	$	1,243		$	1,215			2.3	%
Gross turnover (6)		46.8	%		46.9	%		(0.1	)%
Net turnover (7)		41.3	%		40.7	%		0.6	%

1) Building and grounds repairs and maintenance includes $0 and $60 for the three months ended March 31, 2011 and 2010, respectively, related to exterior painting of communities.

2) Ground lease expense reflects the cessation of ground lease expenses at the Company’s Pentagon Row™ community, effective October 1, 2010.

3) See Table 5 on page 25 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.

4) Periodically recurring capital expenditures included $4,895 for the three months ended March 31, 2010 related to the Company’s exterior remediation project that was completed in 2010. Periodically recurring capital expenditures included $87 and $76 for the three months ended March 31, 2011 and 2010, respectively, related to the Company’s “resident design center” program.

5) 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 21 for further information.

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

7) 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.

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 First Quarter of 2011 to First Quarter of 2010

(Increase (decrease) between periods)

	Three months ended March 31, 2011
Market	Revenues (1)			Expenses (1)			NOI (1)			Average Economic Occupancy
Atlanta		3.5	%		(0.2	)%		6.5	%		(0.1	)%
Washington, D.C.		3.2	%		(15.4	)%		14.7	%		(0.2	)%
Dallas		4.4	%		1.0	%		7.2	%		0.6	%
Tampa		2.6	%		(2.9	)%		6.2	%		0.2	%
Charlotte		2.7	%		(4.0	)%		7.2	%		1.3	%
New York		4.0	%		4.4	%		3.6	%		(0.9	)%
Houston		3.8	%		8.7	%		0.1	%		3.8	%
Orlando		6.0	%		(6.0	)%		15.7	%		0.3	%
Austin		2.6	%		2.7	%		2.5	%		(0.6	)%
Total		3.6	%		(2.3	)%		7.9	%		0.3	%

1) See Table 2 on page 21 for a reconciliation of these components of same store net operating income and Table 1 on page 20 for a reconciliation of same store net operating income to GAAP net income.

Same Store Occupancy by Market

Market	Apartment Units		% of NOI Three months ended March 31, 2011			Average Economic Occupancy (1)						Physical Occupancy at March 31, 2011 (2)			Average Rental Rate Per Unit Three Months Ended March 31, 2011 (3)
						Three months ended March 31,
						2011			2010
Atlanta		5,407		28.2	%		96.0	%		96.1	%		95.4	%	$	1,092
Washington, D.C.		1,905		18.9	%		93.9	%		94.1	%		94.1	%		1,830
Dallas		3,797		17.9	%		94.2	%		93.6	%		94.2	%		1,045
Tampa		2,111		13.1	%		97.7	%		97.5	%		96.5	%		1,205
Charlotte		1,388		7.0	%		94.7	%		93.4	%		93.3	%		1,018
New York		337		4.9	%		92.7	%		93.6	%		93.5	%		3,672
Houston		837		4.3	%		95.8	%		92.0	%		96.2	%		1,174
Orlando		598		3.9	%		97.2	%		96.9	%		94.5	%		1,336
Austin		308		1.8	%		96.4	%		97.0	%		97.4	%		1,301
Total		16,688		100.0	%		95.3	%		95.0	%		94.9	%	$	1,243

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 94.4% and 93.5% for the three months ended March 31, 2011 and 2010, respectively. For the three months ended March 31, 2011 and 2010, net concessions were $384 and $699, respectively, and employee discounts were $184 and $181, 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 21 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

	Three months ended
	March 31, 2011			December 31, 2010			% Change
Rental and other revenue	$	61,205		$	60,383			1.4	%
Utility reimbursements		2,032			1,951			4.2	%
Total rental and other revenues	$	63,237		$	62,334			1.4	%
Personnel expenses		6,221			5,930			4.9	%
Utility expense		3,960			3,741			5.9	%
Real estate taxes and fees		8,585			7,414			15.8	%
Insurance expenses		977			819			19.3	%
Building and grounds repairs and maintenance (1)		3,438			3,843			(10.5	)%
Ground lease expense		298			340			(12.4	)%
Other expenses		1,808			1,736			4.1	%
Total property operating and maintenance expenses (excluding depreciation and amortization)		25,287			23,823			6.1	%
Same store net operating income (2)	$	37,950		$	38,511			(1.5	)%
Average economic occupancy		95.3	%		95.1	%		0.2	%
Average monthly rental rate per unit	$	1,243		$	1,235			0.7	%

1) Building and grounds repairs and maintenance includes $0 and $254 for the three months ended March 31, 2011 and December 31, 2010, respectively, related to exterior painting of communities.

2) See Table 2 on page 21 for a reconciliation of these components of same store net operating income and Table 1 on page 20 for a reconciliation of same store net operating income to GAAP net income.

Sequential Same Store Operating Results by Market - Comparison of First Quarter of 2011 to Fourth Quarter 2010

(Increase (decrease) between periods)

Market	Revenues (1)			Expenses (1)			NOI (1)			Average Economic Occupancy
Atlanta		1.5	%		8.0	%		(2.8	)%		0.5	%
Washington, D.C.		0.0	%		(4.2	)%		2.1	%		(0.6	)%
Dallas		2.6	%		8.4	%		(1.6	)%		0.1	%
Tampa		2.0	%		8.1	%		(1.3	)%		1.1	%
Charlotte		1.3	%		3.0	%		0.3	%		(0.5	)%
New York		(1.1	)%		0.3	%		(2.3	)%		(2.1	)%
Houston		2.0	%		17.1	%		(7.8	)%		1.8	%
Orlando		1.9	%		11.1	%		(3.4	)%		0.3	%
Austin		3.7	%		9.6	%		(0.4	)%		2.1	%
Total		1.4	%		6.1	%		(1.5	)%		0.2	%

1) See Table 2 on page 21 for a reconciliation of these components of same store net operating income and Table 1 on page 20 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 March 31, 2011 - Consolidated

			Percentage			Weighted Average Rate  (1) March 31,
Type of Indebtedness	Balance		of Total			2011			2010
Unsecured fixed rate senior notes	$	385,412		37.2	%		5.5	%		6.4	%
Secured fixed rate notes		647,348		62.4	%		5.7	%		5.7	%
Unsecured lines of credit		4,010		0.4	%		2.5	%		1.0	%
	$	1,036,770		100.0	%		5.6	%		5.9	%
	Balance		Percentage of Total Debt			Weighted Average Maturity of Total Debt (2)
Total fixed rate debt	$	1,032,760		99.6	%		4.7
Total variable rate debt		4,010		0.4	%		2.8
Total debt	$	1,036,770		100.0	%		4.7

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 2011	$	12,633			5.3	%	$	—	$	—		—
2012		100,104			5.5	%		—		—		—
2013		186,606			6.1	%		79,772		27,920		5.8	%
2014		192,654	(3)		6.0	%		—		—		—
2015		124,205			4.9	%		—		—		—
Thereafter		420,568			5.5	%		126,723		31,681		5.7	%
	$	1,036,770			5.6	%	$	206,495	$	59,601		5.7	%

Debt Statistics

	Three months ended March 31,
	2011			2010
Interest coverage ratio (4)(5)		2.5x			2.4x
Fixed charge coverage ratio (4)(6)		2.3x			2.1x
Total debt as a % of undepreciated real estate assets (adjusted for joint venture partner’s share of debt) (7)		38.9	%		39.5	%
Total debt and preferred equity as a % of undepreciated real estate assets (adjusted for joint venture partner’s share of debt) (7)		40.4	%		42.8	%

1) Weighted average rate includes credit enhancements and other fees, where applicable. The weighted average rates at March 31, 2010 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 $4,010 outstanding on unsecured lines of credit maturing in 2014.

4) Calculated for the three months ended March 31, 2011 and 2010.

5) Interest coverage ratio is defined as net income available for debt service divided by interest expense. For purposes of this calculation, net income available for debt service represents net income (loss), before dividends to preferred shareholders, common noncontrolling interests, gains on sales of real estate, 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 net income (loss) and interest expense to consolidated interest expense is included in Table 6 on page 25.

6) Fixed charge coverage ratio is defined as net income available for debt service divided by interest expense plus dividends to preferred shareholders. For purposes of this calculation, net income available for debt service represents net income (loss), before dividends to preferred shareholders, common noncontrolling interest, gains on sales of real estate, 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 net income (loss) and fixed charges to consolidated interest expense plus dividends to preferred shareholders is included in Table 6 on page 25.

7) A computation of the debt ratios is included in Table 7 on page 26.

Supplemental Financial Data 10 | Page

DEBT SUMMARY (CON’T)

(In thousands) - (Unaudited)

Financial Debt Covenants - Senior Unsecured Public Notes

Covenant requirement (1)	As of March 31, 2011
Consolidated Debt to Total Assets cannot exceed 60%		37	%
Secured Debt to Total Assets cannot exceed 40%		23	%
Total Unencumbered Assets to Unsecured Debt must be at least 1.5/1		4.9x
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 is detailed below.

Ratio of Consolidated Debt to Total Assets

	As of March 31, 2011
Consolidated debt, per balance sheet (A)	$	1,036,770
Total assets, as defined (B) (Table A)	$	2,783,112
Computed ratio (A÷B)		37	%
Required ratio (cannot exceed)		60	%

Ratio of Secured Debt to Total Assets

Total secured debt (C)	$	647,348
Computed ratio (C÷B)		23	%
Required ratio (cannot exceed)		40	%

Ratio of Total Unencumbered Assets to Unsecured Debt

Consolidated debt, per balance sheet (A)	$	1,036,770
Total secured debt (C)		(647,348	)
Total unsecured debt (D)	$	389,422
Total unencumbered assets, as defined (E) (Table A)	$	1,908,510
Computed ratio (E÷D)		4.9x
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)	$	155,596
Annual Debt Service Charge, as defined (G) (Table B)	$	61,316
Computed ratio (F÷G)		2.5x
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 March 31, 2011
Total real estate assets	$	2,027,500
Add:
Investments in and advances to unconsolidated real estate entities		7,533
Accumulated depreciation		711,111
Other tangible assets		36,968
Total assets for public debt covenant computations		2,783,112
Less:
Encumbered real estate assets		(867,069	)
Investments in and advances to unconsolidated real estate entities		(7,533	)
Total unencumbered assets for public debt covenant computations	$	1,908,510

Table B

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

Consolidated income available for debt service	Three months ended March  31, 2011
Net income	$	3,013
Add:
Depreciation		18,752
Depreciation (company share) of assets held in unconsolidated entities		359
Amortization of deferred financing costs		647
Interest expense		14,475
Interest expense (company share) of assets held in unconsolidated entities		854
Income tax expense		283
Other non-cash expenses		1,260
Less:
Gains on sales of real estate assets, net		(744	)
Consolidated income available for debt service	$	38,899
Consolidated income available for debt service (annualized)	$	155,596
Annual debt service charge
Consolidated interest expense	$	14,475
Interest expense (company share) of assets held in unconsolidated entities		854
Debt service charge	$	15,329
Debt service charge (annualized)	$	61,316

1) The actual calculation of these ratios requires the use of annual trailing financial data. These computations reflect annualized 2011 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 CONSTRUCTION

AND LAND HELD FOR FUTURE INVESTMENT

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

Communities Under Construction

Community	Location	Number of Units		Retail Sq. Ft. (1)		Estimated Total Cost		Costs Incurred as of 3/31/2011		Quarter of First Units Available	Estimated Quarter of Stabilized Occupancy (2)
Post Carlyle Square™ - Phase II	Wash. DC		344		—	$	95.0	$	24.7	2Q 2012	4Q 2013
Post South Lamar™	Austin, TX		298		8,555		41.7		5.6	3Q 2012	4Q 2013
Post Midtown Square® - Phase III	Houston, TX		124		10,864		21.8		3.7	3Q 2012	4Q 2013
Total			766		19,419	$	158.5	$	34.0

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

2) 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.

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 March  31, 2011 (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
Richmond		Houston, TX		4,420		2.1
Baldwin Park		Orlando, FL		10,101		13.5
Wade		Raleigh, NC		14,298		39.6
Soho Square		Tampa, FL		5,168		4.1
Total Land Held for Future Investment			$	69,775		82.9

Supplemental Financial Data 13 | Page

SUMMARY OF CONDOMINIUM PROJECTS

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

	The  Ritz-Carlton Residences, Atlanta Buckhead					Four Seasons Private Residences, Austin
Project Data
Location		Atlanta, GA					Austin, TX
Ownership interest		100	%				100	%
Residential square footage		245,539					291,452
Average unit square footage (1)		1,903					1,969
Quarter of first units available		3Q10					2Q10
Units (2)
Closed		9					68
Under contract		9					11
Available for sale		111					69
Total		129					148
				Per Sq. Ft.					Per Sq. Ft.
Quarterly Data
Balance Sheet/Cost Data as of 03/31/11
Condominium book value	$	25,749				$	50,237
Condominium estimated cost to complete	$	2,899				$	442
Estimated book value at completion	$	28,648		$	125	$	50,679		$	293
Projected total cost (before impairment losses)	$	112,000		$	456	$	138,100		$	474
Units Closed as of 03/31/11
Quarter		4					8
Year to date		4					8
Project to date		8					61
Square Footage of Units Closed as of 03/31/11 (1)
Quarter		8,486					16,099
Year to date		8,486					16,099
Project to date		17,173					118,319
Gross Revenue as of 03/31/11
Quarter	$	3,380		$	398	$	10,295		$	639
Year to date	$	3,380		$	398	$	10,295		$	639
Project to date	$	6,887		$	401	$	73,035		$	617
Cash flow from sales as of 03/31/11 (3)
Quarter	$	1,364		$	161	$	7,670		$	476
Year to date	$	1,364		$	161	$	7,670		$	476
Project to date	$	3,458		$	201	$	58,810		$	497

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

2) Represents unit status is as of April 29, 2011. 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 months ended March 31, 2011 and 2010 is provided below.

	Three months ended March 31,
	2011		2010
Development and acquisition expenditures (1)	$	13,887	$	16,518
Periodically recurring capital expenditures
Community rehabilitation and other revenue generating improvements (2)		139		33
Other community additions and improvements (3) (6)		1,292		5,446
Annually recurring capital expenditures
Carpet replacements and other community additions and improvements (4)		2,127		2,578
Corporate additions and improvements		150		351
	$	17,595	$	24,926
Other Data
Capitalized interest	$	432	$	2,394
Capitalized development and associated costs (5)	$	470	$	240

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 $4,895 for the three months ended March 31, 2010 related to the Company’s exterior remediation project that was completed in 2010.

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

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	%

Financial Data

	As of March 31, 2011										Three months ended March 31, 2011
Joint Venture Property	Gross Investment in Real Estate (7)		Mortgage Notes Payable			Entity Equity		Company’s Equity Investment			Entity NOI		Company’s Equity in Income (Loss)			Mgmt. Fees & Other
Post Collier Hills® (1)	$	54,865	$	39,565	(2)	$	10,907	$	(4,416	)(1)	$	622	$	(17	)
Post Crest® (1)		64,177		46,158	(2)		12,306		(6,867	)(1)		691		(25	)
Post Lindbergh® (1)		60,490		41,000	(3)		15,586		(4,275	)(1)		689		(14	)
Post Biltmore™		37,091		29,272	(4)		665		1,965			603		(12	)
Post Massachusetts Avenue™		69,936		50,500	(5)		7,345		5,568			1,730		277
Total	$	286,559	$	206,495		$	46,809	$	(8,025	)	$	4,335	$	209		$	212	(6)

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 5.83%, requires monthly interest only payments and matures in September 2013. The note is prepayable without penalty beginning in September 2011.

5) This note bears interest at a fixed rate of 5.82%, requires monthly interest only payments and matures in September 2013. The note is prepayable without penalty beginning in September 2011.

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

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

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 March 31, 2011		Adjustments			As Adjusted (3)
Rental revenues	$	69,093	$	(114	)(2)	$	68,979
Other property revenues		4,222		77	(2)		4,299
Total rental and other revenues (A)		73,315		(37	)		73,278
Property operating & maintenance expenses (excluding depreciation and amortization) (B)		32,617		(3,589	)(2)		29,028
Property net operating income (Table 1) (A-B)	$	40,698	$	3,552		$	44,250
Assumed property management fee (calculated at 3% of revenues) (A x 3%)							(2,198	)
Assumed property capital expenditure reserve ($300 per unit per year based on 18,563 units)							(1,392	)
Adjusted property net operating income						$	40,660
Annualized property net operating income (C)						$	162,640
Apartment units represented (D)		20,629		(2,066	)(2)		18,563
Other Asset Data	As of March 31, 2011		Adjustments			As Adjusted
Cash & equivalents	$	8,292	$	—		$	8,292
Real estate assets under construction, at cost (4)		34,709		—			34,709
Land held for future investment		69,775		—			69,775
For-sale condominiums		75,986		—			75,986
Investments in and advances to unconsolidated real estate entities (5)		7,533		(7,533	)(5)		—
Restricted cash and other assets		33,579		—			33,579
Cash & other assets of unconsolidated apartment entities (6)		6,146		(4,319	)(6)		1,827
Total (E)	$	236,020	$	(11,852	)	$	224,168
Other Liability Data
Indebtedness (7)	$	1,036,770	$	(11,136	)(7)	$	1,025,634
Investments in unconsolidated real estate entities (5)		15,558		(15,558	)(5)		—
Other liabilities (including noncontrolling interests) (8)		92,765		(6,901	)(8)		85,864
Total liabilities of unconsolidated apartment entities (9)		209,717		(149,183	)(9)		60,534
Total (F)	$	1,354,810	$	(182,778	)	$	1,172,032
Other Data
	As of March 31, 2011
	# Shares/Units		Stock Price			Implied Value
Liquidation value of preferred shares (G)						$	43,392
Common shares outstanding		49,787
Common units outstanding		171
Total (H)		49,958	$	39.25		$	1,960,852
Implied market value of Company gross real estate assets (I) = (F+G+H-E)						$	2,952,108
Implied Portfolio Capitalization Rate (C÷I)							5.5	%
Implied market value of Company gross real estate assets per unit (I÷D)						$	159.0

Supplemental Financial Data 17 | Page

NET ASSET VALUE SUPPLEMENTAL INFORMATION (CON’T)

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 March 31, 2011 for properties stabilized as of January 1, 2011 so that a capitalization rate may be applied and an approximate value for the assets determined. Properties not stabilized as of January 1, 2011 are presented at full undepreciated cost. Other tangible assets, total liabilities and the liquidation value of preferred shares are also presented.

2) The following table summarizes the adjustments made to the components of property net operating income for the three months ended March 31, 2011 to adjust property net operating income to the Company’s share for fully stabilized communities:

	Rental Revenue			Other Revenue			Expenses			Units
Communities under construction	$	—		$	—		$	—			(766	)
Company share of unconsolidated entities		2,012			140			752			(1,256	)
Minority share of consolidated real estate entity		(482	)		(3	)		(231	)		(44	)
Corporate property management expenses		—			—			(2,565	)		—
Corporate apartments and other		(1,644	)		(60	)		(1,545	)		—
	$	(114	)	$	77		$	(3,589	)		(2,066	)

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 March 31, 2011:

	Rental and Other Revenues		Property Operating & Maintenance Expenses (ex. Deprec. and Amort.)		Property Net Operating  Income (NOI)		Percentage of Total NOI			Apartment Units  / Commercial Sq. Ft.
Atlanta	$	19,802	$	8,217	$	11,585		26.2	%		5,804
Washington DC		12,910		3,997		8,913		20.1	%		2,395
Dallas		14,047		6,324		7,723		17.5	%		4,500
Tampa		7,922		2,954		4,968		11.2	%		2,111
Charlotte		4,267		1,600		2,667		6.0	%		1,388
New York		2,928		1,319		1,609		3.6	%		293
Houston		2,964		1,337		1,627		3.7	%		837
Orlando		2,479		981		1,498		3.4	%		598
Austin		2,363		1,055		1,308		3.0	%		637
Commercial		3,596		1,244		2,352		5.3	%		—
Total	$	73,278	$	29,028	$	44,250		100.0	%		18,563
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	$	24,744
Post South Lamar™		5,571
Post Midtown Square® - Phase III		3,673
The Four Seasons Residences - retail component		721
	$	34,709

5) 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.

6) The “As of March 31, 2011” 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 March 31, 2011” 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 $6,952, offset by the addition of noncontrolling interests of consolidated real estate entities of $51.

9) The “As of March 31, 2011” 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.

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, non-cash debt extinguishment gains 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.

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.

Supplemental Financial Data 19 | 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
	March 31, 2011			March 31, 2010			December 31, 2010
Total same store NOI	$	37,950		$	35,170		$	38,511
Property NOI from other operating segments		2,748			199			2,526
Consolidated property NOI		40,698			35,369			41,037
Add (subtract):
Interest income		92			169			86
Other revenues		216			283			218
Depreciation		(18,752	)		(18,471	)		(18,760	)
Interest expense		(14,475	)		(12,613	)		(15,793	)
Amortization of deferred financing costs		(647	)		(833	)		(890	)
General and administrative		(4,116	)		(4,676	)		(3,873	)
Investment and development		(478	)		(602	)		(566	)
Other investment costs		(494	)		(669	)		(589	)
Gains on condominium sales activities, net		744			948			3,842
Equity in income of unconsolidated real estate entities, net		209			123			185
Other income (expense), net		16			(155	)		(603	)
Net income (loss)	$	3,013		$	(1,127	)	$	4,294

Supplemental Financial Data 20 | 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						Q1 ‘11 vs. Q1 ‘10 % Change			Q1 ‘11 vs. Q4 ‘10 % Change			Q1 ‘11 % Same Store NOI
	March 31, 2011		March 31, 2010		December 31, 2010
Rental and other revenues
Atlanta	$	18,513	$	17,879	$	18,236		3.5	%		1.5	%
Washington, D.C.		10,412		10,085		10,408		3.2	%		0.0	%
Dallas		12,042		11,532		11,739		4.4	%		2.6	%
Tampa		7,922		7,721		7,768		2.6	%		2.0	%
Charlotte		4,267		4,156		4,211		2.7	%		1.3	%
New York		3,413		3,282		3,452		4.0	%		(1.1	)%
Houston		2,964		2,855		2,906		3.8	%		2.0	%
Orlando		2,479		2,339		2,433		6.0	%		1.9	%
Austin		1,225		1,194		1,181		2.6	%		3.7	%
Total rental and other revenues		63,237		61,043		62,334		3.6	%		1.4	%
Property operating and maintenance expenses (exclusive of depreciation and amortization)
Atlanta		7,822		7,840		7,240		(0.2	)%		8.0	%
Washington, D.C.		3,242		3,833		3,383		(15.4	)%		(4.2	)%
Dallas		5,266		5,212		4,856		1.0	%		8.4	%
Tampa		2,954		3,042		2,733		(2.9	)%		8.1	%
Charlotte		1,600		1,667		1,553		(4.0	)%		3.0	%
New York		1,550		1,484		1,545		4.4	%		0.3	%
Houston		1,337		1,230		1,142		8.7	%		17.1	%
Orlando		981		1,044		883		(6.0	)%		11.1	%
Austin		535		521		488		2.7	%		9.6	%
Total		25,287		25,873		23,823		(2.3	)%		6.1	%
Net operating income
Atlanta		10,691		10,039		10,996		6.5	%		(2.8	)%		28.2	%
Washington, D.C.		7,170		6,252		7,025		14.7	%		2.1	%		18.9	%
Dallas		6,776		6,320		6,883		7.2	%		(1.6	)%		17.9	%
Tampa		4,968		4,679		5,035		6.2	%		(1.3	)%		13.1	%
Charlotte		2,667		2,489		2,658		7.2	%		0.3	%		7.0	%
New York		1,863		1,798		1,907		3.6	%		(2.3	)%		4.9	%
Houston		1,627		1,625		1,764		0.1	%		(7.8	)%		4.3	%
Orlando		1,498		1,295		1,550		15.7	%		(3.4	)%		3.9	%
Austin		690		673		693		2.5	%		(0.4	)%		1.8	%
Total same store NOI	$	37,950	$	35,170	$	38,511		7.9	%		(1.5	)%		100.0	%
Average rental rate per unit
Atlanta	$	1,092	$	1,065	$	1,085		2.5	%		0.7	%
Washington, D.C.		1,830		1,773		1,826		3.2	%		0.2	%
Dallas		1,045		1,027		1,035		1.8	%		1.0	%
Tampa		1,205		1,173		1,197		2.7	%		0.7	%
Charlotte		1,018		1,016		1,008		0.2	%		1.0	%
New York		3,672		3,586		3,660		2.4	%		0.3	%
Houston		1,174		1,190		1,172		(1.3	)%		0.2	%
Orlando		1,336		1,280		1,322		4.4	%		1.0	%
Austin		1,301		1,274		1,294		2.1	%		0.5	%
Total average rental rate per unit		1,243		1,215		1,235		2.3	%		0.7	%

Supplemental Financial Data 21 | Page

Table 3 - Operating Community Table

	Year Completed/ Year of				Avg. Unit		Q1 2011 Avg. Monthly Rent				Q1 2011 Average
Market / Submarket / Community	Substantial Rennovations		No. of Units		Size (Sq. Ft.)		Per Unit		Per Sq. Ft.		Economic Occ.
Atlanta
Buckhead / Brookhaven
Post Alexander™		2008		307		1,016	$	1,473	$	1.45		97.0	%
Post Brookhaven®		1990-1992		735		933		915		0.98		97.3	%
Post Chastain®		1990/2008		558		866		1,038		1.20		94.5	%
Post Collier Hills® (1)(2)		1997		396		948		977		1.03		97.2	%
Post Gardens®		1998		397		1,039		1,119		1.08		95.8	%
Post Glen® (2)		1997		314		1,076		1,086		1.01		98.1	%
Post Lindbergh® (1)(2)		1998		396		910		1,003		1.10		97.5	%
Post Peachtree Hills®		1992-1994/2009		300		978		1,153		1.18		95.9	%
Post StratfordTM		2000		250		999		1,093		1.09		94.7	%
Dunwoody
Post Crossing® (2)		1995		354		1,036		1,012		0.98		95.5	%
Emory Area
Post BriarcliffTM (2)		1999		688		1,006		1,073		1.07		94.2	%
Midtown
Post BiltmoreTM (1)(2)		2002		276		766		1,153		1.51		95.9	%
Post ParksideTM (2)		2000		188		885		1,282		1.45		93.6	%
Post Renaissance®		1992-1994		342		908		974		1.07		94.9	%
Northwest Atlanta
Post Crest® (1)(2)		1996		410		1,033		961		0.93		97.1	%
Post Riverside®		1998		522		1,062		1,343		1.26		98.0	%
Post SpringTM (2)		2000		452		977		942		0.96		96.3	%
Dallas
North Dallas
Post Addison CircleTM (2)		1998-2000		1,334		846		945		1.12		94.5	%
Post EastsideTM		2008		435		910		1,051		1.15		89.4	%
Post Legacy (2)		2000		384		810		920		1.14		97.3	%
Post Sierra at Frisco Bridges™		2009		268		896		1,034		1.15		93.5	%
Uptown Dallas
Post AbbeyTM		1996		34		1,223		1,708		1.40		94.6	%
Post Cole’s CornerTM		1998		186		799		1,031		1.29		95.6	%
Post GalleryTM		1999		34		2,307		2,945		1.28		77.7	%
Post HeightsTM		1998-1999/2009		368		845		1,195		1.41		92.5	%
Post MeridianTM		1991		133		780		1,111		1.42		94.1	%
Post SquareTM		1996		218		863		1,145		1.33		96.2	%
Post Uptown VillageTM		1995-2000		496		735		926		1.26		96.1	%
Post VineyardTM		1996		116		733		993		1.35		97.3	%
Post VintageTM		1993		160		750		1,007		1.34		96.2	%
Post WorthingtonTM (2)		1993/2008		334		820		1,294		1.58		91.1	%

Supplemental Financial Data 22 | Page

Table 3 (con’t) - Operating Community Table

	Year Completed/ Year of				Avg. Unit		Q1 2011 Avg. Monthly Rent				Q1 2011 Average
Market / Submarket / Community	Substantial Rennovations		No. of Units		Size (Sq. Ft.)		Per Unit		Per Sq. Ft.		Economic Occ.
Austin
Post Barton Creek™		1998		160		1,162	$	1,416	$	1.22		96.5	%
Post Park Mesa™		1992		148		1,091		1,176		1.08		96.2	%
Post West Austin™		2009		329		889		1,278		1.44		93.0	%
Houston
Post Midtown Square®		1999-2000		529		759		1,077		1.42		95.7	%
Post Rice LoftsTM		1998		308		906		1,340		1.48		96.0	%
Tampa
Post Bay at Rocky Point™		1997		150		1,012		1,231		1.22		93.9	%
Post Harbour PlaceTM		1999-2002		578		920		1,325		1.44		99.0	%
Post Hyde Park® (2)		1996-2008		467		1,011		1,277		1.26		98.7	%
Post Rocky Point® (2)		1996-1998		916		1,031		1,088		1.06		96.8	%
Orlando
Post Lake® at Baldwin Park		2004-2007		350		1,013		1,377		1.36		97.3	%
Post ParksideTM		1999		248		852		1,279		1.50		97.0	%
Charlotte
Post Ballantyne (2)		2004		323		1,252		992		0.79		93.4	%
Post Gateway PlaceTM (2)		2000		436		806		950		1.18		93.5	%
Post Park at Phillips Place®		1998		402		1,099		1,142		1.04		95.0	%
Post Uptown PlaceTM		2000		227		800		965		1.21		98.0	%
Washington D.C.
Maryland
Post Fallsgrove		2003		361		983		1,650		1.68		93.9	%
Post Park®		2010		396		975		1,582		1.62		87.0	%
Virginia
Post Carlyle Square™		2006		205		861		2,365		2.75		91.9	%
Post Corners at Trinity Centre (2)		1996		336		994		1,499		1.51		95.6	%
Post Pentagon Row TM		2001		504		853		2,181		2.56		92.7	%
Post Tysons Corner TM		1990		499		810		1,607		1.98		95.8	%
Washington D.C.
Post Massachusetts Avenue TM (1)(2)		2002		269		884		2,874		3.25		97.2	%
New York City
Post Luminaria TM (2)(3)		2002		138		721		3,657		5.07		92.5	%
Post Toscana TM (2)		2003		199		817		3,682		4.51		92.8	%

1) Communities held in unconsolidated entities.

2) Communities encumbered by secured mortgage indebtedness.

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

Supplemental Financial Data 23 | Page

Table 4 - Year-to-Date Margin Analysis

(In thousands)

	Three months ended March 31, 2011
	Rental and Other Property Revenues		Property Operating & Maintenance Expenses		Net Operating Income (“NOI”)			NOI Margin			Expense Margin
Same store	$	63,237	$	25,287	$	37,950			60.0	%		40.0	%
Partially stabilized (1)		4,780		2,104		2,676			56.0	%		44.0	%
Corporate apartments		1,704		1,417		287			16.8	%		83.2	%
Commercial		3,594		1,244		2,350			65.4	%		34.6	%
Corporate property management expenses (2)		—		2,565		(2,565	)
	$	73,315	$	32,617
Consolidated property NOI (3)					$	40,698
Third-party management fees					$	212

1) Partially stabilized communities include Post Eastside™, Post West Austin™, Post Park® and Post Sierra at Frisco Bridges™.

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

Numerator:
Corporate property management expenses	$	2,565
Less: Third-party management fees		(212	)
Net property management expenses	$	2,353
Denominator:
Total rental and other property revenues	$	73,315
Less: Corporate apartment revenues		(1,704	)
Adjusted property revenues	$	71,611
Net property management expenses as a percentage of adjusted property revenues		3.3	%

3) Consolidated property net operating income (“NOI”) is a non-GAAP financial measure. See Table 1 on page 20 for a reconciliation of consolidated property NOI to GAAP net income (loss).

Supplemental Financial Data 24 | Page

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

(In thousands)

	Three months ended March 31,
	2011		2010
Annually recurring capital expenditures by operating segment
Fully stabilized	$	2,007	$	2,537
Communities stabilized during 2010		22		17
Other segments		98		24
Total annually recurring capital expenditures	$	2,127	$	2,578
Periodically recurring capital expenditures by operating segment
Fully stabilized	$	886	$	5,071
Communities stabilized during 2010		31		36
Other segments		375		339
Total periodically recurring capital expenditures (1)	$	1,292	$	5,446
Total revenue generating capital expenditures	$	139	$	33
Total property capital expenditures per statements of cash flows	$	3,558	$	8,057

1) Includes approximately $4,895 for the three months ended March 31, 2010 of periodically recurring capital expenditures related to the Company’s exterior remediation project that was completed in 2010.

Table 6 - Computation of Interest and Fixed Charge Coverage Ratios

(In thousands)

	Three months ended March 31,
	2011			2010
Net income (loss)	$	3,013		$	(1,127	)
Other non-cash expenses, net		1,260			1,052
Income tax expense		283			280
Gains on sales of real estate assets, net		(744	)		(948	)
Depreciation expense		18,752			18,471
Depreciation (company share) of assets held in unconsolidated entities		359			354
Interest expense		14,475			12,613
Interest expense (company share) of assets held in unconsolidated entities		854			854
Amortization of deferred financing costs		647			833
Income available for debt service (A)	$	38,899		$	32,382
Interest expense	$	14,475		$	12,613
Interest expense (company share) of assets held in unconsolidated entities		854			854
Interest expense for purposes of computation (B)		15,329			13,467
Dividends to preferred shareholders		1,689			1,890
Fixed charges for purposes of computation (C)	$	17,018		$	15,357
Interest coverage ratio (A÷B)		2.5x			2.4x
Fixed charge coverage ratio (A÷C)		2.3x			2.1x

Supplemental Financial Data 25 | Page

Table 7 - Computation of Debt Ratios

(In thousands)

	As of March 31,
	2011			2010
Total real estate assets per balance sheet	$	2,027,500		$	2,112,027
Plus:
Company share of real estate assets held in unconsolidated entities		71,210			99,567
Company share of accumulated depreciation - assets held in unconsolidated entities		11,132			9,251
Accumulated depreciation per balance sheet		711,111			643,642
Total undepreciated real estate assets (A)	$	2,820,953		$	2,864,487
Total debt per balance sheet	$	1,036,770		$	1,008,551
Plus:
Company share of third party debt held in unconsolidated entities		59,601			123,520
Total debt (adjusted for joint venture partners’ share of debt) (B)	$	1,096,371		$	1,132,071
Total debt as a % of undepreciated real estate assets (adjusted for joint venture partners’ share of debt) (B÷A)		38.9	%		39.5	%
Total debt per balance sheet	$	1,036,770		$	1,008,551
Plus:
Company share of third party debt held in unconsolidated entities		59,601			123,520
Preferred shares at liquidation value		43,392			94,068
Total debt and preferred equity (adjusted for joint venture partners’ share of debt) (C)	$	1,139,763		$	1,226,139
Total debt and preferred equity as a % of undepreciated real estate assets (adjusted for joint venture partners’ share of debt) (C÷A)		40.4	%		42.8	%

Table 8 - Calculation of Company Undepreciated Book Value Per Share

(In thousands, except per share data)

	March 31, 2011
Total Company shareholders’ equity per balance sheet	$	936,431
Plus:
Accumulated depreciation, per balance sheet		711,111
Noncontrolling interest of common unitholders in Operating Partnership, per balance sheet		6,695
Less:
Deferred charges, net, per balance sheet		(11,443	)
Preferred shares at liquidation value		(43,392	)
Total undepreciated book value (A)	$	1,599,402
Total common shares and units (B)		49,958
Company undepreciated book value per share (A÷B)	$	32.01

Supplemental Financial Data 26 | Page