POST PROPERTIES, INC.

POST APARTMENT HOMES, L.P.

REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION

December 31, 2012

(Dollars in thousands)


					Initial Costs				Costs Capitalized Subsequent To Acquisition		Gross Amount at Which Carried at Close of Period
					Initial Costs						Gross Amount at Which Carried at Close of Period
	Description		Related Encumbrances		Land		Building and Improvements				Land		Building and Improvements			Total (1)			Accumulated Depreciation (2)		Date of Construction	Date Acquired
Georgia
Post Alexander™		Apartments	$	-	$	7,392	$	-	$	49,718	$	7,392	$	49,718		$	57,110		$	11,119	04/06	N/A
Post Briarcliff™		Apartments		58,729		13,344		-		50,654		13,344		50,654			63,998			23,797	12/96	09/96
Post Brookhaven^®		Apartments		-		7,921		-		38,361		7,921		38,361			46,282			24,823	07/89 - 12/92	03/89
Post Chastain^®		Apartments		-		6,352		-		62,110		6,779		61,683			68,462			32,499	06/88 - 10/90	06/88
Post Crossing^®		Apartments		26,368		3,951		-		22,638		3,951		22,638			26,589			11,831	04/94 - 08/95	11/93
Post Gardens^®		Apartments		-		5,859		-		36,965		5,931		36,893			42,824			18,340	07/96	05/96
Post Glen^®		Apartments		27,395		5,591		-		24,398		5,784		24,205			29,989			12,025	07/96	05/96
Post Parkside™		Mixed Use		-		3,402		-		22,047		3,465		21,984			25,449			8,996	02/99	12/97
Post Peachtree Hills^®		Apartments		-		4,215		-		26,565		4,857		25,923			30,780			10,522	02/92 - 09/94	02/92 & 9/92
Post Renaissance^®		Apartments		-		-		-		32,418		7,391		25,027			32,418			13,650	07/91 - 12/94	06/91 & 01/94
Post Riverside^®		Mixed Use		-		11,130		-		120,618		12,457		119,291			131,748			56,140	07/96	01/96
Post Spring™		Apartments		-		2,105		-		41,501		2,105		41,501			43,606			17,154	09/99	09/99
Post Stratford™ (3)		Apartments		-		328		-		29,375		620		29,083			29,703			11,932	04/99	01/99
Virginia
Post Carlyle Square™		Mixed Use		-		5,870		-		135,465		8,424		132,911			141,335			11,571	12/04 -08/10	N/A
Post Corners^®		Apartments		39,897		4,404		-		26,943		4,493		26,854			31,347			13,115	06/94	06/94
Post Pentagon Row™		Mixed Use		-		2,359		7,659		90,121		3,470		96,669			100,139			30,113	06/99	02/99
Post Tysons Corner™		Apartments		-		20,000		65,478		7,308		20,000		72,786			92,786			18,630	N/A	06/04
Maryland
Post Fallsgrove		Apartments		-		14,801		69,179		5,288		14,801		74,467			89,268			13,643	N/A	7/06
Post Park^®		Mixed Use		-		8,555		-		75,311		8,555		75,311			83,866			11,125	12/07	N/A
Texas
Post Abbey™		Apartments	$	-	$	575	$	6,276	$	2,736	$	575	$	9,012		$	9,587		$	3,377	N/A	10/97
Post Addison Circle™		Mixed Use		120,000		2,885		41,482		136,450		8,382		172,435			180,817			74,260	10/97	10/97
Post Barton Creek™		Apartments		-		1,920		24,482		3,798		1,920		28,280			30,200			5,579	N/A	03/06
Post Cole’s Corner™		Mixed Use		-		1,886		18,006		4,541		2,086		22,347			24,433			10,212	N/A	10/97
Post Eastside™		Mixed Use		-		5,735		-		52,043		5,735		52,043			57,778			9,954	10/06	N/A
Post Heights™/Gallery		Mixed Use		-		5,455		15,559		42,428		5,812		57,630			63,442			24,469	10/97	10/97
Post Katy Trail™		Mixed Use		-		7,324		40,355		240		7,324		40,595			47,919			1,267	N/A	12/11
Post Legacy		Mixed Use		-		684		-		37,209		811		37,082			37,893			13,844	03/99	03/99
Post Meridian™		Apartments		-		1,535		11,605		2,898		1,535		14,503			16,038			6,446	N/A	10/97
Post Midtown Square^®		Mixed Use		-		6,282		1,412		74,893		5,311		77,276			82,587			22,103	10/97 - 05/11	10/97
Post Park Mesa™		Apartments		-		1,480		17,861		2,304		1,480		20,165			21,645			4,078	N/A	03/06
Post Rice Lofts™ (3)		Mixed Use		-		449		13,393		36,100		449		49,493			49,942			16,248	10/97	10/97
Post Sierra at Frisco Bridges™		Mixed Use		-		3,581		-		38,096		3,581		38,096			41,677			6,020	10/07	N/A
Post South Lamar™		Mixed Use		-		4,263		-		23,029		4,263		23,029			27,292			226	02/11	N/A
Post Square™		Mixed Use		-		4,565		24,595		3,702		4,565		28,297			32,862			11,199	N/A	10/97
Post Uptown Village™		Apartments		-		3,955		22,120		21,843		6,195		41,723			47,918			16,136	N/A	10/97
Post Vineyard™		Apartments		-		1,133		8,560		1,729		1,133		10,289			11,422			3,884	N/A	10/97
Post Vintage™		Apartments		-		2,614		12,188		2,382		2,614		14,570			17,184			6,156	N/A	10/97
Post West Austin™		Apartments		-		10,865		-		40,379		10,865		40,379			51,244			7,213	02/08	N/A
Post Worthington™		Mixed Use		-		3,744		34,700		19,092		3,744		53,792			57,536			19,719	N/A	10/97
Florida
Post Bay at Rocky Point™		Apartments		-		528		5,081		21,157		2,400		24,366			26,766			4,519	N/A	10/06
Post Harbour Place™		Mixed Use		-		3,854		-		71,310		8,312		66,852			75,164			28,111	03/97	01/97
Post Hyde Park^®		Apartments		45,408		3,498		-		44,069		9,680		37,887			47,567			15,824	09/94 - 10/06	07/94
Post Lake at Baldwin Park^®		Apartments		-		17,500		56,702		2,594		17,500		59,296			76,796			9,958	N/A	07/07
Post Parkside™		Mixed Use		-		2,493		-		37,541		2,493		37,541			40,034			14,217	03/99	03/99
Post Rocky Point^®		Apartments		-		10,510		-		74,158		10,567		74,101			84,668			32,877	04/94 - 11/96	02/94 & 09/96
					Initial Costs				Costs Capitalized Subsequent To Acquisition		Gross Amount at Which Carried at Close of Period
	Description		Related Encumbrances		Land		Building and Improvements		Costs Capitalized Subsequent To Acquisition		Land		Building and Improvements			Total (1)			Accumulated Depreciation (2)		Date of Construction	Date Acquired
New York
Post Luminaria™		Mixed Use	$	34,076	$	4,938	$	-	$	42,577	$	4,938	$	42,577		$	47,515		$	15,699	03/01	03/01
Post Toscana™		Mixed Use		50,591		15,976		-		78,094		17,156		76,914			94,070			19,389	01/02	01/02
North Carolina
Post Ballantyne		Apartments		-		6,400		30,850		3,566		6,400		34,416			40,816			8,813	11/04	05/05
Post Gateway Place™		Mixed Use		-		2,424		-		64,312		3,481		63,255			66,736			22,598	11/00	08/99
Post Park at Phillips Place^®		Mixed Use		-		4,305		-		41,654		4,307		41,652			45,959			19,767	01/96	11/95
Post South End™		Mixed Use		-		7,732		65,803		449		7,732		66,252			73,984			897	N/A	07/12
Post Uptown Place™		Mixed Use		-		2,336		-		30,525		2,363		30,498			32,861			11,261	09/98	09/98
Miscellaneous Investments (4)				-		78,310		1,304		101,687		79,651		101,650			181,301			25,580

Total			$	402,464	$	359,313	$	594,650	$	2,057,389	$	397,100	$	2,614,252	(5)	$	3,011,352	(5)	$	842,925

(1)	The aggregate cost for Federal Income Tax purposes to the Company was approximately $2,965,294 at December 31, 2012, taking into account the special allocation of gain to the partners contributing property to the Operating Partnership.

(2)	Depreciation is computed on a straight-line basis over the useful lives of the properties: buildings – 40 years, other building and land improvements – 20 years, and furniture, fixtures and equipment – 5 - 10 years.

(3)	The Company has a leasehold interest in the land underlying these communities.

(4)	Miscellaneous investments include construction in progress, land held for investment and certain other corporate assets.

(5)	This total excludes for-sale condominiums and assets held for sale of $23,281 and $0, respectively, at December 31, 2012.

A summary of activity for real estate investments and accumulated depreciation is as follows:


	2012			2011			2010
Real estate investments
Balance at beginning of year	$	2,787,689		$	2,652,630		$	2,726,046
Improvements		152,696			87,944			82,676
Acquisitions of communities		73,535			47,679			-
Asset impairment charges (a)		-			-			(34,691	)
Disposition of property (b)		(2,568	)		(564	)		(121,401	)

Balance at end of year	$	3,011,352		$	2,787,689		$	2,652,630

Accumulated depreciation
Balance at beginning of year	$	767,017		$	692,514		$	625,391
Depreciation (c)		78,476			74,678			73,628
Accumulated depreciation on disposed property		(2,568	)		(175	)		(6,505	)

Balance at end of year	$	842,925		$	767,017		$	692,514

(a)	Represents reductions in total real estate assets due to non-cash impairment charges recorded in 2010.

(b)	Represents reductions for assets classified as held for sale, including for-sale condominiums in 2010, and other asset retirements.

(c)	Represents depreciation expense of real estate assets. Amounts exclude depreciation and amortization of lease intangible assets, commercial leasing costs and excess joint venture investments.