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): April 29, 2013

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 April 29, 2013, 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, 2013. 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, 2013. 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: April 30, 2013

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: April 30, 2013

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

Exhibit 99.1

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

Post Properties Announces First Quarter 2013 Earnings

Investor/Analyst Conference Call Scheduled for Tuesday, April 30 at 10:00 a.m. ET

ATLANTA, Monday, April 29, 2013 – Post Properties, Inc. (NYSE: PPS) announced today net income available to common shareholders of $19.4 million, or $0.35 per diluted share, for the first quarter of 2013, compared to $20.9 million, or $0.39 per diluted share, for the first quarter of 2012.

The Company’s net income available to common shareholders for the first quarter of 2012 included a gain of $6.1 million, or $0.11 per diluted share, on the sale of an asset.

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 2013 was $40.5 million, or $0.74 per diluted share, compared to $34.2 million, or $0.64 per diluted share, for the first quarter of 2012.

Said Dave Stockert, Post’s CEO, “We are pleased to produce growth in core funds from operations for the quarter of more than 15 percent. These results point to the ongoing momentum in apartment market fundamentals, the strength of our capital position and the attractive return potential of our new projects in development.”

Same Store Community Data

Average economic occupancy at the Company’s 51 same store communities, containing 18,341 apartment units, was 95.3% and 95.8% for the first quarter of 2013 and 2012, respectively.

Total revenues for the same store communities increased 5.1% and total operating expenses increased 5.1% during the first quarter of 2013, compared to the first quarter of 2012, resulting in a 5.2% increase in same store net operating income (“NOI”). The average monthly rental rate per unit increased 5.3% during the first quarter of 2013, compared to the first quarter of 2012.

On a sequential basis, total revenues for the same store communities increased 0.8% and total operating expenses increased 3.8%, producing a 1.1% decrease in same store NOI for the first quarter of 2013, compared to the fourth quarter of 2012. On a sequential basis, the average monthly rental rate per unit increased 0.5%. For the first quarter of 2013, average economic occupancy at the same store communities was 95.3%, compared to 95.6% for the fourth quarter of 2012.

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.

Development Activity

In the aggregate, the Company has 2,046 units in seven apartment communities, and approximately 45,085 square feet of retail space, under development or in lease-up with a total estimated cost of $335.5 million. The Company currently expects to utilize available cash, available borrowings under its unsecured bank credit facilities, or other indebtedness, as well as net proceeds from its on-going condominium sales and, from time to time, its at-the-market common equity sales program to fund future estimated construction expenditures.

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During the first quarter of 2013, the Company substantially completed the development of three of its communities: the second phase of its Post Carlyle Square™ apartment community in Washington D.C., its Post South Lamar™ apartment community in Austin, Texas, and the third phase of its Post Midtown Square^® apartment community in Houston, Texas. During the first quarter of 2013, the Company also began leasing the third phase of its Post Lake^® at Baldwin Park apartment community in Orlando, Florida and its Post Parkside™ at Wade apartment community in Raleigh, North Carolina. As of April 26, 2013, Post Carlyle Square™ – Phase II, Post South Lamar™, Post Midtown Square^®—Phase III, Post Lake^® at Baldwin Park – Phase III and Post Parkside™ at Wade were 73.6%, 82.8%, 84.8%, 10.6% and 4.2% leased, respectively.

Financing Activity

Leverage, Line and Term Loan 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 38.1% at March 31, 2013.

As of April 26, 2013, the Company had cash and cash equivalents of $113.4 million. Additionally, the Company had no outstanding borrowings, and letters of credit totaling $0.6 million under its combined $330 million unsecured lines of credit. The Company has no principal debt maturities in either 2013 or 2014.

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.

At-the-Market Common Equity Activity

The Company has available an at-the-market (“ATM”) common equity program that provides for the sale of up to 4 million shares of common stock. As of March 31, 2013 and through April 26, 2013, no shares have been issued under that program. The Company expects to use its ATM program, from time to time, as an additional source of capital and liquidity, to maintain the strength of its balance sheet and to fund its future investment activities. Sales under this program are dependent upon a variety of factors, including, among others, market conditions, the trading price of the Company’s common stock, the Company’s liquidity position and the potential use of proceeds.

Condominium Activity

During the first quarter of 2013, the Company closed 20 condominium units at its Austin and Atlanta condominium projects for aggregate gross revenue of $17.5 million. As of April 26, 2013, the Company has, in the aggregate, closed 244 units at the Austin and Atlanta condominium projects and has 12 units under contract. There can be no assurance that condominium units under contract will close.

The Company recognized net gains in FFO of $8.2 million, or $0.15 per diluted share, from condominium sales activities during the first quarter of 2013, compared to $6.9 million, or $0.13 per diluted share, during the first quarter of 2012.

Recent Technology Initiatives

In a move to offer residents a better online experience, the Company recently announced the launch of MyPost™, its first mobile app, for residents. MyPost™ is available in the iTunes App Store and is a way to enhance the resident experience by allowing a resident to pay rent, submit maintenance requests, view service history and more. While the Company deployed the mobile app for iPhones initially, there are plans underway for an Android version.

As part of its ongoing technology and social media initiatives, the Company also recently launched a refreshed website. With its clean look and simpler navigation, www.postproperties.com makes it easier for apartment hunters to search for and compare units across multiple properties within a market or submarket.

2013 Outlook

The Company reaffirms its outlook for FFO per diluted share for the full year 2013 previously included in its February 4, 2013 earnings release. The estimates and assumptions presented in its February 4, 2013 release and its current outlook are forward looking and are based on the Company’s future view of the apartment and condominium markets and of general

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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. The Company assumes no obligation to update this guidance in the future.

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 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 listed below and on page 19 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 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, debt extinguishment gains (losses) and preferred stock redemption costs. The Company believes that AFFO is an important supplemental measure of operating performance for an equity REIT because it provides investors with an indication of the REIT’s ability to fund 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

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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 over time. The Company believes that the most directly comparable GAAP measure to same store annually recurring and periodically recurring capital expenditures is the line on the Company’s consolidated statements of cash flows entitled “property capital expenditures,” which also includes revenue generating capital expenditures.

Debt Statistics and Debt Ratios - The Company uses a number of debt statistics and ratios as supplemental measures of liquidity. The numerator and/or the denominator of certain of these statistics and/or ratios include non-GAAP financial measures that have been reconciled to the most directly comparable GAAP financial measure. These debt statistics and ratios include: (1) interest coverage ratios; (2) fixed charge coverage ratios; (3) total debt as a percentage of undepreciated real estate 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; (8) a ratio of consolidated income available for debt service to annual debt service charge; and (9) a debt to annualized income available for debt service ratio. A number of these debt statistics and ratios are derived from covenants found in the Company’s debt agreements, including, among others, the Company’s senior unsecured notes. In addition, the Company presents these measures because the degree of leverage could affect the Company’s ability to obtain additional financing for working capital, capital expenditures, acquisitions, development or other general corporate purposes. The Company uses these measures internally as an indicator of liquidity, and the Company believes that these measures are also utilized by the investment and analyst communities to better understand the Company’s liquidity.

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

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

Conference Call Information

The Company will hold its quarterly conference call on Tuesday, April 30, at 10:00 a.m. ET. The telephone numbers are 888-427-9376 for US and Canada callers and 719-325-2361 for international callers. The access code is 3400336. The

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conference call will be open to the public and can be listened to live on Post’s website at www.postproperties.com. Click Investors in the top menu, then select either Investor’s Overview or Events Calendar. The replay will begin at 1:00 p.m. ET on Tuesday, April 30, and will be available until Monday, May 6, 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 3400336. A replay of the call also will be archived on Post’s website under Investors/Audio Archive.

About Post

Post Properties, founded more than 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 high density urban and resort-style garden apartments. Post Properties is headquartered in Atlanta, Georgia, and has operations in ten markets across the country.

Post Properties has interests in 22,218 apartment units in 60 communities, including 1,471 apartment units in four communities held in unconsolidated entities and 2,046 apartment units in seven communities currently under development or in lease-up. 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 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 apartment market conditions, expectations regarding use of proceeds from unsecured bank credit facilities, expectations regarding future operating conditions, including the Company’s current outlook as to expected funds from operations, revenue, operating expenses and net operating income, anticipated development activities (including projected construction expenditures and timing), expectations regarding the for-sale condominium business, 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, 2012 and in subsequent filings with the SEC; conditions affecting ownership of residential real estate and general conditions in the multi-family residential real estate market; uncertainties associated with the Company’s real estate development and construction; uncertainties associated with the timing and amount of apartment community sales; exposure to economic and other competitive factors due to market concentration; future local and national economic conditions, including changes in job growth, interest rates, the availability of mortgage and other financing and related factors; the Company’s ability to generate sufficient cash flows to make required payments associated with its debt financing; the effects of the Company’s leverage on its risk of default and debt service requirements; the impact of a downgrade in the credit rating of the Company’s securities; the effects of a default by the Company or its subsidiaries on an obligation to repay outstanding indebtedness, including cross-defaults and cross-acceleration under other indebtedness; the effects of covenants of the Company’s or its subsidiaries’ mortgage indebtedness on operational flexibility and default risks; the Company’s ability to maintain its current dividend level; uncertainties associated with the Company’s condominium for-sale housing business, including the timing and volume of condominium sales; the impact of any additional charges the Company may be required to record in the future related to any impairment in the carrying value of its assets; the impact of competition on the Company’s business, including competition for residents in the Company’s apartment communities and buyers of the Company’s for-sale condominium homes and development locations; the Company’s ability to compete for limited investment opportunities; the effects of any decision by the government to eliminate Fannie Mae or Freddie Mac or reduce government support for apartment mortgage loans; the effects of changing interest rates and effectiveness of interest rate hedging contracts; the success of the Company’s acquired apartment communities; the Company’s ability to succeed in new markets; the costs associated with compliance with laws

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requiring access to the Company’s properties by persons with disabilities; the impact of the Company’s ongoing litigation with the U.S. Department of Justice regarding the Americans with Disabilities Act and the Fair Housing Act as well as the impact of other litigation; the effects of losses from natural catastrophes in excess of insurance coverage; uncertainties associated with environmental and other regulatory matters; the costs associated with moisture infiltration and resulting mold remediation; the Company’s ability to control joint ventures, properties in which it has joint ownership and corporations and limited partnership in which it has partial interests; the Company’s ability to renew leases or relet units as leases expire; the Company’s ability to continue to qualify as a REIT under the Internal Revenue Code; the effects of changes in accounting policies and other regulatory matters detailed in the Company’s filings with the Securities and Exchange Commission; increased costs arising from health care reform; and any breach of the Company’s privacy or information security systems. Other important risk factors regarding the Company are included under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 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.

Financial Highlights

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

	Three months ended
	March 31,
	2013		2012
OPERATING DATA
Total revenues	$	87,529	$	80,276
Net income available to common shareholders	$	19,420	$	20,878
Funds from operations available to common shareholders and unitholders (Table 1)	$	40,537	$	34,223
Weighted average shares outstanding - diluted		54,639		53,493
Weighted average shares and units outstanding - diluted		54,782		53,645
PER COMMON SHARE DATA - DILUTED
Net income available to common shareholders	$	0.35	$	0.39
Funds from operations available to common shareholders and unitholders (Table 1) (1)	$	0.74	$	0.64
Dividends declared	$	0.25	$	0.22

1) Funds from operations available to common shareholders and unitholders per share was computed using weighted average shares and units outstanding, including the impact of dilutive securities totaling 202 and 406 for the three months ended March 31, 2013 and 2012, respectively. Additionally, diluted weighted average shares and units included the impact of non-vested shares and units totaling 111 and 119 for the three months ended March 31, 2013 and 2012, respectively, for the computation of FFO per share. Such non-vested shares and units are considered in the income per share computations under GAAP using the “two-class method.”

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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 and unit amounts)

	Three months ended March  31,
	2013		2012
Net income available to common shareholders	$	19,420	$	20,878
Noncontrolling interests - Operating Partnership		51		59
Depreciation on consolidated real estate assets, net		20,777		19,003
Depreciation on real estate assets held in unconsolidated entities		289		338
Gains on sales of depreciable real estate assets - unconsolidated entities		-		(6,055	)
Funds from operations available to common shareholders and unitholders	$	40,537	$	34,223
Funds from operations - per share and unit - diluted (1)	$	0.74	$	0.64
Weighted average shares and units outstanding - diluted (1)		54,893		53,764

1) Diluted weighted average shares and units include the impact of dilutive securities totaling 202 and 406 for the three months ended March 31, 2013 and 2012, respectively. Additionally, diluted weighted average shares and units included the impact of non-vested shares and units totaling 111 and 119 for the three months ended March 31, 2013 and 2012, respectively, for the computation of FFO per share. Such non-vested shares and units are considered in the income per share computations under GAAP using the “two-class method.”

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Table 2

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

(Unaudited; In thousands)

	Three months ended
	March 31, 2013			March 31, 2012			December 31, 2012
Total same store NOI	$	48,008		$	45,650		$	48,525
Property NOI from other operating segments		1,552			(233	)		894
Consolidated property NOI		49,560			45,417			49,419
Add (subtract):
Interest income		36			51			34
Other revenues		214			222			213
Depreciation		(21,121	)		(19,341	)		(20,973	)
Interest expense		(11,142	)		(11,645	)		(11,855	)
Amortization of deferred financing costs		(624	)		(661	)		(669	)
General and administrative		(4,245	)		(4,285	)		(4,411	)
Investment and development		(489	)		(480	)		(312	)
Other investment costs		(305	)		(306	)		(242	)
Gains on condominium sales activities, net		8,194			6,904			10,578
Equity in income of unconsolidated real estate entities, net		478			6,446			579
Other income (expense), net		(166	)		(156	)		590
Net loss on extinguishment of indebtedness		-			(301	)		(4,017	)
Net income	$	20,390		$	21,865		$	18,934

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Table 3

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

(In thousands)

	Three months ended						Q1 ‘13 vs. Q1 ‘12 % Change		Q1 ‘13 vs. Q4 ‘12 % Change		Q1 ‘13 %  Same Store NOI
	March 31, 2013		March 31, 2012		December 31, 2012
Rental and other revenues
Atlanta	$	20,989	$	19,970	$	20,807		5.1%		0.9%
Dallas		17,263		16,180		17,083		6.7%		1.1%
Houston		3,593		3,245		3,453		10.7%		4.1%
Austin		2,884		2,692		2,823		7.1%		2.2%
Washington, D.C.		13,040		12,854		13,180		1.4%		(1.1)%
New York		3,611		3,602		3,704		0.2%		(2.5)%
Tampa		9,015		8,509		8,851		5.9%		1.9%
Orlando		2,785		2,662		2,778		4.6%		0.3%
Charlotte		5,019		4,663		4,930		7.6%		1.8%
Total rental and other revenues		78,199		74,377		77,609		5.1%		0.8%
Property operating and maintenance expenses (exclusive of depreciation and amortization)
Atlanta		8,297		7,816		8,280		6.2%		0.2%
Dallas		7,174		7,000		6,755		2.5%		6.2%
Houston		1,385		1,205		1,341		14.9%		3.3%
Austin		1,223		1,203		1,175		1.7%		4.1%
Washington, D.C.		4,291		4,024		4,147		6.6%		3.5%
New York		1,768		1,686		1,662		4.9%		6.4%
Tampa		3,310		3,170		3,169		4.4%		4.4%
Orlando		1,104		1,003		967		10.1%		14.2%
Charlotte		1,639		1,620		1,588		1.2%		3.2%
Total		30,191		28,727		29,084		5.1%		3.8%
Net operating income
Atlanta		12,692		12,154		12,527		4.4%		1.3%		26.4%
Dallas		10,089		9,180		10,328		9.9%		(2.3)%		21.0%
Houston		2,208		2,040		2,112		8.2%		4.5%		4.6%
Austin		1,661		1,489		1,648		11.6%		0.8%		3.5%
Washington, D.C.		8,749		8,830		9,033		(0.9)%		(3.1)%		18.2%
New York		1,843		1,916		2,042		(3.8)%		(9.7)%		3.8%
Tampa		5,705		5,339		5,682		6.9%		0.4%		11.9%
Orlando		1,681		1,659		1,811		1.3%		(7.2)%		3.5%
Charlotte		3,380		3,043		3,342		11.1%		1.1%		7.1%
Total same store NOI	$	48,008	$	45,650	$	48,525		5.2%		(1.1)%		100.0%
Average rental rate per unit
Atlanta	$	1,236	$	1,168	$	1,227		5.8%		0.7%
Dallas		1,199		1,139		1,192		5.3%		0.6%
Houston		1,381		1,264		1,366		9.3%		1.1%
Austin		1,490		1,399		1,475		6.5%		1.0%
Washington, D.C.		1,889		1,843		1,889		2.5%		-
New York		3,874		3,744		3,856		3.5%		0.5%
Tampa		1,371		1,297		1,361		5.7%		0.7%
Orlando		1,512		1,424		1,502		6.2%		0.7%
Charlotte		1,180		1,105		1,182		6.8%		(0.2)%
Total average rental rate per unit		1,393		1,323		1,385		5.3%		0.5%

-9-

Table 4

Computation of Debt Ratios

(In thousands)

	As of March 31,
	2013			2012
Total real estate assets per balance sheet	$	2,203,873		$	2,083,008
Plus:
Company share of real estate assets held in unconsolidated entities		58,448			59,748
Company share of accumulated depreciation - assets held in unconsolidated entities		11,526			9,896
Accumulated depreciation per balance sheet		863,594			785,996
Total undepreciated real estate assets (A)	$	3,137,441		$	2,938,648
Total debt per balance sheet	$	1,101,495		$	939,263
Plus:
Company share of third party debt held in unconsolidated entities		49,531			49,531
Total debt (adjusted for joint venture partners’ share of debt) (B)	$	1,151,026		$	988,794
Total debt as a % of undepreciated real estate assets (adjusted for joint venture partners’ share of debt) (B÷A)		36.7	%		33.6	%
Total debt per balance sheet	$	1,101,495		$	939,263
Plus:
Company share of third party debt held in unconsolidated entities		49,531			49,531
Preferred shares at liquidation value		43,392			43,392
Total debt and preferred equity (adjusted for joint venture partners’ share of debt) (C)	$	1,194,418		$	1,032,186
Total debt and preferred equity as a % of undepreciated real estate assets (adjusted for joint venture partners’ share of debt) (C÷A)		38.1	%		35.1	%

-10-

EX-99.2

Exhibit 99.2

1^st Quarter 2013

First Quarter 2013

Supplemental Financial Data

Table of Contents

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

The projections and estimates given in this document and other written or oral statements made by or on behalf of the Company may constitute “forward-looking statements” within the meaning of the federal securities laws. All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected. Management believes that these forward-looking statements are reasonable; however, you should not place undue reliance on such statements. These statements are based on current expectations and speak only as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise. The following are some of the factors that could cause the Company’s actual results and its expectations to differ materially from those described in the Company’s forward-looking statements: the success of the Company’s business strategies discussed in its Annual Report on Form 10-K for the year ended December 31, 2012 and in subsequent filings with the SEC; conditions affecting ownership of residential real estate and general conditions in the multi-family residential real estate market; uncertainties associated with the Company’s real estate development and construction; uncertainties associated with the timing and amount of apartment community sales; exposure to economic and other competitive factors due to market concentration; future local and national economic conditions, including changes in job growth, interest rates, the availability of mortgage and other financing and related factors; the Company’s ability to generate sufficient cash flows to make required payments associated with its debt financing; the effects of the Company’s leverage on its risk of default and debt service requirements; the impact of a downgrade in the credit rating of the Company’s securities; the effects of a default by the Company or its subsidiaries on an obligation to repay outstanding indebtedness, including cross-defaults and cross-acceleration under other indebtedness; the effects of covenants of the Company’s or its subsidiaries’ mortgage indebtedness on operational flexibility and default risks; the Company’s ability to maintain its current dividend level; uncertainties associated with the Company’s condominium for-sale housing business, including the timing and volume of condominium sales; the impact of any additional charges the Company may be required to record in the future related to any impairment in the carrying value of its assets; the impact of competition on the Company’s business, including competition for residents in the Company’s apartment communities and buyers of the Company’s for-sale condominium homes and development locations; the Company’s ability to compete for limited investment opportunities; the effects of any decision by the government to eliminate Fannie Mae or Freddie Mac or reduce government support for apartment mortgage loans; the effects of changing interest rates and effectiveness of interest rate hedging contracts; the success of the Company’s acquired apartment communities; the Company’s ability to succeed in new markets; the costs associated with compliance with laws requiring access to the Company’s properties by persons with disabilities; the impact of the Company’s ongoing litigation with the U.S. Department of Justice regarding the Americans with Disabilities Act and the Fair Housing Act as well as the impact of other litigation; the effects of losses from natural catastrophes in excess of insurance coverage; uncertainties associated with environmental and other regulatory matters; the costs associated with moisture infiltration and resulting mold remediation; the Company’s ability to control joint ventures, properties in which it has joint ownership and corporations and limited partnership in which it has partial interests; the Company’s ability to renew leases or relet units as leases expire; the Company’s ability to continue to qualify as a REIT under the Internal Revenue Code; and the effects of changes in accounting policies and other regulatory matters detailed in the Company’s filings with the Securities and Exchange Commission; increased costs arising from health care reform; any breach of the Company’s privacy or information security systems. Other important risk factors regarding the Company are included under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 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 | P a g e  

1^st Quarter 2013

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Three months ended March  31,
	2013		2012
Revenues
Rental	$	82,396	$	75,655
Other property revenues		4,919		4,399
Other		214		222
Total revenues		87,529		80,276
Expenses
Property operating and maintenance (exclusive of items shown separately below)		37,755		34,637
Depreciation		21,121		19,341
General and administrative		4,245		4,285
Investment and development (1)		489		480
Other investment costs (1)		305		306
Total expenses		63,915		59,049
Operating income		23,614		21,227
Interest income		36		51
Interest expense		(11,142)		(11,645)
Amortization of deferred financing costs		(624)		(661)
Net gains on condominium sales activities (2)		8,194		6,904
Equity in income of unconsolidated real estate entities, net (3)		478		6,446
Other income (expense), net		(166)		(156)
Net loss on extinguishment of indebtedness (4)		-		(301)
Net income		20,390		21,865
Noncontrolling interests - consolidated real estate entities		3		(6)
Noncontrolling interests - Operating Partnership		(51)		(59)
Net income available to the Company		20,342		21,800
Dividends to preferred shareholders		(922)		(922)
Net income available to common shareholders	$	19,420	$	20,878
Per common share data - Basic (5)
Net income available to common shareholders	$	0.36	$	0.39
Weighted average common shares outstanding - basic		54,437		53,087
Per common share data - Diluted (5)
Net income available to common shareholders	$	0.35	$	0.39
Weighted average common shares outstanding - diluted		54,639		53,493

See Notes to Consolidated Financial Statements on page 6

Supplemental Financial Data 3 | P a g e  

1^st Quarter 2013

FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS

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

A reconciliation of net income available to common shareholders to funds from operations available to common shareholders and unitholders, and adjusted funds from operations available to common shareholders and unitholders is provided below.

	Three months ended March  31,
	2013		2012
Funds From Operations
Net income available to common shareholders	$	19,420	$	20,878
Noncontrolling interests - Operating Partnership		51		59
Depreciation on consolidated real estate assets, net (6)		20,777		19,003
Depreciation on real estate assets held in unconsolidated entities		289		338
Gains on sales of depreciable real estate assets - unconsolidated entities		-		(6,055)
Funds from operations available to common shareholders and unitholders (A)	$	40,537	$	34,223
Funds from operations available to common shareholders and unitholders - core operations (B)	$	32,343	$	27,319
Funds from operations available to common shareholders and unitholders - condominiums		8,194		6,904
Funds from operations available to common shareholders and unitholders (A)	$	40,537	$	34,223
Adjusted Funds From Operations
Funds from operations available to common shareholders and unitholders (A)	$	40,537	$	34,223
Annually recurring capital expenditures		(3,474)		(2,941)
Periodically recurring capital expenditures		(4,694)		(1,377)
Non-cash straight-line adjustment for ground lease expenses		121		128
Net loss on early extinguishment of indebtedness		-		301
Adjusted funds from operations available to common shareholders and unitholders (7) (C)	$	32,490	$	30,334
Adjusted funds from operations available to common shareholders and unitholders - core operations (7) (D)	$	24,296	$	23,430
Adjusted funds from operations available to common shareholders and unitholders - condominiums (7)		8,194		6,904
Adjusted funds from operations available to common shareholders and unitholders (7) (C)	$	32,490	$	30,334
Per Common Share Data - Diluted
Funds from operations per share or unit, as defined (A÷E)	$	0.74	$	0.64
Funds from operations per share or unit - core operations (B÷E)	$	0.59	$	0.51
Adjusted funds from operations per share or unit, as defined (7) (C÷E)	$	0.59	$	0.56
Adjusted funds from operations per share or unit - core operations (7) (D÷E)	$	0.44	$	0.44
Dividends declared	$	0.25	$	0.22
Weighted average shares outstanding (8)		54,750		53,612
Weighted average shares and units outstanding (8) (E)		54,893		53,764

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

Supplemental Financial Data 4 | P a g e  

1^st Quarter 2013

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

	March 31,            2013		December 31,          2012
	(Unaudited)
Assets
Real estate assets
Land	$	320,411	$	318,416
Building and improvements		2,304,900		2,278,213
Furniture, fixtures and equipment		274,615		270,180
Construction in progress		93,931		90,075
Land held for future development		54,531		54,468
		3,048,388		3,011,352
Less: accumulated depreciation		(863,594)		(842,925)
For-sale condominiums		19,079		23,281
Total real estate assets		2,203,873		2,191,708
Investments in and advances to unconsolidated real estate entities		4,487		4,533
Cash and cash equivalents		114,854		118,698
Restricted cash		6,252		5,388
Deferred financing costs, net		10,366		10,855
Other assets		30,745		32,182
Total assets	$	2,370,577	$	2,363,364
Liabilities and equity
Indebtedness	$	1,101,495	$	1,102,464
Accounts payable, accrued expenses and other		82,864		88,926
Investments in unconsolidated real estate entities		16,470		16,297
Dividends and distributions payable		13,682		13,653
Accrued interest payable		9,479		5,721
Security deposits and prepaid rents		10,537		9,524
Total liabilities		1,234,527		1,236,585
Redeemable common units		6,751		7,159
Commitments and contingencies
Equity
Company shareholders’ equity
Preferred stock, $.01 par value, 20,000 authorized:
8 1/2% Series A Cumulative Redeemable Shares, liquidation preference $50 per share, 868 shares issued and outstanding		9		9
Common stock, $.01 par value, 100,000 authorized:
54,587 and 54,483 shares issued and 54,587 and 54,470 shares outstanding at March 31, 2013 and December 31, 2012, respectively		546		545
Additional paid-in-capital		1,109,383		1,107,354
Accumulated earnings		33,471		27,266
Accumulated other comprehensive income (loss)		(10,756)		(11,679)
		1,132,653		1,123,495
Less common stock in treasury, at cost, 95 and 107 shares at March 31, 2013 and December 31, 2012, respectively		(3,200)		(3,781)
Total Company shareholders’ equity		1,129,453		1,119,714
Noncontrolling interests - consolidated property partnerships		(154)		(94)
Total equity		1,129,299		1,119,620
Total liabilities and equity	$	2,370,577	$	2,363,364

See Notes to Consolidated Financial Statements on page 6

Supplemental Financial Data 5 | P a g e  

1^st Quarter 2013

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 primarily includes land carry costs, principally property taxes and assessments.

2) A summary of revenues and costs and expenses of condominium activities for the three months ended March 31, 2013 and 2012 is as follows:

	Three months  ended               March 31,
	2013		2012
Condominium revenues	$	17,475	$	17,581
Condominium costs and expenses		(9,281)		(11,289)
Net gains on sales of residential condominiums, before income tax		8,194		6,292
Income tax benefit		-		612
Net gains on sales of condominiums	$	8,194	$	6,904

3) Equity in earnings of unconsolidated entities for the three months ended March 31, 2012 includes the Company’s $6,055 share of the gain on the sale of Post Biltmore™, previously owned by a 35% owned unconsolidated entity.

4) The net loss on early extinguishment of indebtedness of $301 for the three months ended March 31, 2012, represents the write-off of a portion of unamortized deferred loan costs associated with the refinancing of the Company’s line of credit.

5) Post Properties, Inc., through its wholly-owned subsidiaries, is the sole general partner, a limited partner and owns a majority interest in Post Apartment Homes, L.P., the Operating Partnership, through which the Company conducts its operations. As of March 31, 2013, there were 54,730 Operating Partnership units outstanding, of which 54,587, or 99.7%, were owned by the Company.

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

7) Since the Company does not add back the depreciation of non-real estate assets in its calculation of FFO, non-real estate related capital expenditures of $340 and $79 for the three months ended March 31, 2013 and 2012, 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 202 and 406 for the three months ended March 31, 2013 and 2012, respectively. Additionally, basic and diluted weighted average shares and units included the impact of non-vested shares and units totaling 111 and 119 for the three months ended March 31, 2013 and 2012, respectively, for the computation of FFO per share. Such non-vested shares and units are considered in the income per share computations under GAAP using the “two-class method.”

Supplemental Financial Data 6 | P a g e  

1^st Quarter 2013

SAME STORE RESULTS

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

Same Store Operating Results

The Company defines same store communities as those which have reached stabilization prior to the beginning of the previous calendar year. Same store net operating income is a supplemental non-GAAP financial measure. See Table 1 on page 21 for a reconciliation of same store net operating income to GAAP net income and Table 4 on page 25 for a year-to-date margin analysis. The operating performance and capital expenditures of the 51 communities containing 18,341 apartment units which were fully stabilized as of January 1, 2012, are summarized in the table below.

	Three months ended March  31,
	2013		2012		% Change
Revenues:
Rental and other revenue	$	75,778	$	72,154		5.0%
Utility reimbursements		2,421		2,223		8.9%
Total rental and other revenues	$	78,199	$	74,377		5.1%
Property operating and maintenance expenses:
Personnel expenses		6,742		6,902		(2.3)%
Utility expense		4,196		3,900		7.6%
Real estate taxes and fees		11,895		10,659		11.6%
Insurance expenses		1,260		1,136		10.9%
Building and grounds repairs and maintenance		3,964		4,038		(1.8)%
Ground lease expense		230		234		(1.7)%
Other expenses		1,904		1,858		2.5%
Total property operating and maintenance expenses (excluding depreciation and amortization)		30,191		28,727		5.1%
Same store net operating income	$	48,008	$	45,650		5.2%
Same store net operating income margin		61.4%		61.4%		-
Capital expenditures (1)
Annually recurring:
Carpet	$	791	$	695		13.8%
Other		2,573		2,135		20.5%
Total annually recurring		3,364		2,830		18.9%
Periodically recurring (1)		4,260		531		702.3%
Total capital expenditures (A)	$	7,624	$	3,361		126.8%
Total capital expenditures per unit (A ÷ 18,341 units)	$	416	$	183		127.3%
Average monthly rental rate per unit (2)	$	1,393	$	1,323		5.3%
Gross turnover (3)		51.2%		49.3%		1.9%
Net turnover (4)		44.2%		43.2%		1.0%
Percentage rent increase - new leases (5)		5.0%		5.2%		(0.2)%
Percentage rent increase - renewed leases (5)		5.2%		7.0%		(1.8)%

1) See Table 5 on page 26 for a reconciliation of these segment components of property capital expenditures to total annually recurring capital expenditures and total periodically recurring capital expenditures as presented in the consolidated cash flow statements prepared under GAAP. Periodically recurring capital expenditures includes $179 and $124 for the three months ended March 31, 2013 and 2012, respectively, related to the Company’s “resident design center” program.

2) Average monthly rental rate is defined as the average of the gross actual rates for occupied units and the anticipated rental rates for unoccupied units divided by total units. See Table 2 on page 22 and Table 3 on page 23 for further information.

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

4) 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.

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

Supplemental Financial Data 7 | P a g e  

1^st Quarter 2013

SAME STORE RESULTS (CON’T)

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

Same Store Operating Results by Market - Comparison of First Quarter 2013 to First Quarter 2012

(Increase (decrease) between periods)

	Three months ended March 31, 2013
Market	Revenues		(1)	Expenses		(1)	NOI		(1)	Average Economic    Occupancy
Atlanta		5.1%			6.2%			4.4%			(0.9)%
Dallas		6.7%			2.5%			9.9%			0.7%
Houston		10.7%			14.9%			8.2%			1.1%
Austin		7.1%			1.7%			11.6%			(0.1)%
Washington, D.C.		1.4%			6.6%			(0.9)%			(1.7)%
New York		0.2%			4.9%			(3.8)%			(3.4)%
Tampa		5.9%			4.4%			6.9%			0.1%
Orlando		4.6%			10.1%			1.3%			(1.2)%
Charlotte		7.6%			1.2%			11.1%			(0.3)%
Total		5.1%			5.1%			5.2%			(0.5)%

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

Same Store Occupancy by Market

											Average Rental
					Average Economic						Rate Per Unit
					Occupancy (1)				Physical		Three Months
			% of NOI		Three months ended				Occupancy		Ended
	Apartment		Three months ended		March 31,				at March 31,		March 31,
Market	Units		March 31, 2013		2013		2012		2013 (2)		2013 (3)
Atlanta		5,407		26.4%		95.7%		96.6%		94.7%	$	1,236
Dallas		4,725		21.0%		95.3%		94.6%		94.2%		1,199
Houston		837		4.6%		97.8%		96.7%		96.3%		1,381
Austin		637		3.5%		95.9%		96.0%		93.9%		1,490
Washington, D.C.		2,301		18.2%		93.1%		94.8%		93.9%		1,889
New York		337		3.8%		92.3%		95.7%		93.8%		3,874
Tampa		2,111		11.9%		97.1%		97.0%		96.4%		1,371
Orlando		598		3.5%		96.4%		97.6%		96.0%		1,512
Charlotte		1,388		7.1%		95.5%		95.8%		96.0%		1,180
Total		18,341		100.0%		95.3%		95.8%		94.9%	$	1,393

1) Average economic occupancy is defined as gross potential rent less vacancy losses, model expenses and bad debt expenses divided by gross potential rent for the period, expressed as a percentage. Gross potential rent is defined as the sum of the gross actual rates for leased units and the anticipated rental rates for unoccupied units. The calculation of average economic occupancy does not include a deduction for net concessions and employee discounts. Average economic occupancy, including these amounts, would have been 94.7% and 95.1% for the three months ended March 31, 2013 and 2012, respectively. For the three months ended March 31, 2013 and 2012, net concessions were $255 and $337, respectively, and employee discounts were $213 and $209, respectively.

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

3) Average monthly rental rate is defined as the average of the gross actual rates for occupied units and the anticipated rental rates for unoccupied units divided by total units. See Table 2 on page 22 and Table 3 on page 23 for further information.

Supplemental Financial Data 8 | P a g e  

1^st Quarter 2013

SAME STORE RESULTS (CON’T)

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

Sequential Same Store Operating Results - Comparison of First Quarter of 2013 to Fourth Quarter of 2012

	Three months ended
	March 31,     2013		December 31,     2012		% Change
Rental and other revenue	$	75,778	$	75,296		0.6%
Utility reimbursements		2,421		2,313		4.7%
Total rental and other revenues	$	78,199	$	77,609		0.8%
Personnel expenses		6,742		6,740		-
Utility expense		4,196		4,038		3.9%
Real estate taxes and fees		11,895		10,866		9.5%
Insurance expenses		1,260		1,253		0.6%
Building and grounds repairs and maintenance		3,964		4,109		(3.5)%
Ground lease expense		230		230		-
Other expenses		1,904		1,848		3.0%
Total property operating and maintenance expenses (excluding depreciation and amortization)		30,191		29,084		3.8%
Same store net operating income (1)	$	48,008	$	48,525		(1.1)%
Average economic occupancy		95.3%		95.6%		(0.3)%
Average monthly rental rate per unit	$	1,393	$	1,385		0.5%

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

Sequential Same Store Operating Results by Market - Comparison of First Quarter of 2013 to Fourth Quarter of 2012

(Increase (decrease) between periods)

										Average
										Economic
Market	Revenues		(1)	Expenses		(1)	NOI		(1)	Occupancy
Atlanta		0.9%			0.2%			1.3%			(0.5)%
Dallas		1.1%			6.2%			(2.3)%			(0.4)%
Houston		4.1%			3.3%			4.5%			3.1%
Austin		2.2%			4.1%			0.8%			0.4%
Washington, D.C.		(1.1)%			3.5%			(3.1)%			(1.5)%
New York		(2.5)%			6.4%			(9.7)%			(2.8)%
Tampa		1.9%			4.4%			0.4%			1.0%
Orlando		0.3%			14.2%			(7.2)%			(0.9)%
Charlotte		1.8%			3.2%			1.1%			1.0%
Total		0.8%			3.8%			(1.1)%			(0.3)%

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

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1^st Quarter 2013

DEBT SUMMARY

(In thousands) - (Unaudited)

Summary of Outstanding Debt at March 31, 2013 - Consolidated

				Weighted Average Rate (1)
			Percentage	March 31,
Type of Indebtedness	Balance		of Total Debt	2013		2012
Unsecured fixed rate senior notes	$	400,000	36.3%		3.9%		5.5%
Unsecured bank term loan		300,000	27.2%		3.2%		3.5%
Secured fixed rate notes		401,495	36.5%		5.6%		5.6%
Unsecured revolving lines of credit		-	0.0%		-		1.6%
	$	1,101,495	100.0%		4.3%		5.3%
			Percentage	Weighted Average Maturity
	Balance		of Total Debt	of Total Debt (2)
Total fixed rate debt	$	1,101,495	100.0%		5.9
Total variable rate debt - unhedged		-	0.0%		0.0
Total debt	$	1,101,495	100.0%		5.9

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 2013	$	2,762		5.9%	$	-	$	-	-
2014		3,961		5.9%		-		-	-
2015		124,205	(9)	4.9%		-		-	-
2016		4,419	(3)	5.9%		-		-	-
2017		154,736		4.8%		85,723		21,431	5.6%
Thereafter		811,412		4.1%		92,000		28,100	4.5%
	$	1,101,495		4.3%	$	177,723	$	49,531	5.0%

Debt Statistics

	Three months ended              March 31,
	2013	2012
Interest coverage ratio (4)(5)	4.0x	3.5x
Interest coverage ratio (including capitalized interest) (4)(5)	3.7x	3.1x
Fixed charge coverage ratio (4)(6)	3.7x	3.2x
Fixed charge coverage ratio (including capitalized interest) (4)(6)	3.4x	2.9x
Total debt to annualized income available for debt service ratio (7)	6.1x	5.7x
Total debt as a % of undepreciated real estate assets (adjusted for joint venture partner’s share of debt) (8)	36.7%	33.6%
Total debt and preferred equity as a % of undepreciated real estate assets (adjusted for joint venture partner’s share of debt) (8)	38.1%	35.1%

1) Weighted average rate includes credit enhancements and other fees, where applicable. The weighted average rates at March 31, 2013 and 2012 are based on the debt outstanding at that date. Weighted average interest rate of the unsecured bank term loan represents the effective fixed interest rate based on outstanding borrowings as of March 31, 2013 and 2012, after considering the impact of interest rate swap arrangements that hedge this debt.

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

3) Includes $0 outstanding on unsecured revolving lines of credit maturing in 2016. At March 31, 2013, the Company’s lines of credit bear interest at LIBOR plus 1.225%.

4) Calculated for the three months ended March 31, 2013 and 2012.

5) Interest coverage ratio is defined as net income available for debt service divided by interest expense. The calculation of the interest coverage ratio is a non-GAAP financial measure. A reconciliation of net income available for debt service to net income and interest expense to consolidated interest expense is included in Table 7 on page 27.

6) Fixed charge coverage ratio is defined as net income available for debt service divided by interest expense plus dividends to preferred shareholders. The calculation of the fixed charge coverage ratio is a non-GAAP financial measure. A reconciliation of net income available for debt service to net income and fixed charges to consolidated interest expense plus dividends to preferred shareholders is included in Table 7 on page 27.

7) A computation of this ratio is included in Table 7 on page 27.

8) A computation of these debt ratios is included in Table 6 on page 26.

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

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1^st Quarter 2013

DEBT SUMMARY (CON’T)

(In thousands) - (Unaudited)

Financial Debt Covenants - Senior Unsecured Public Notes

	As of
Covenant requirement (1)	March 31, 2013
Consolidated Debt to Total Assets cannot exceed 60%	34%
Secured Debt to Total Assets cannot exceed 40%	12%
Total Unencumbered Assets to Unsecured Debt must be at least 1.5/1	3.8x
Consolidated Income Available for Debt Service Charge must be at least 1.5/1	4.0x

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, 2013
Consolidated debt, per balance sheet (A)	$	1,101,495
Total assets, as defined (B) (Table A)	$	3,217,079
Computed ratio (A÷B)		34%
Required ratio (cannot exceed)		60%
Ratio of Secured Debt to Total Assets
Total secured debt (C)	$	401,495
Computed ratio (C÷B)		12%
Required ratio (cannot exceed)		40%
Ratio of Total Unencumbered Assets to Unsecured Debt
Consolidated debt, per balance sheet (A)	$	1,101,495
Total secured debt (C)		(401,495)
Total unsecured debt (D)	$	700,000
Total unencumbered assets, as defined (E) (Table A)	$	2,683,477
Computed ratio (E÷D)		3.8x
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)	$	188,412
Annual Debt Service Charge, as defined (G) (Table B)	$	46,984
Computed ratio (F÷G)		4.0x
Required minimum ratio		1.5x

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1^st Quarter 2013

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,             2013
Total real estate assets	$	2,203,873
Add:
Investments in and advances to unconsolidated real estate entities		4,487
Accumulated depreciation		863,594
Other tangible assets		145,125
Total assets for public debt covenant computations		3,217,079
Less:
Encumbered real estate assets		(529,115)
Investments in and advances to unconsolidated real estate entities		(4,487)
Total unencumbered assets for public debt covenant computations	$	2,683,477

Table B

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

	Three months ended
Consolidated income available for debt service	March 31, 2013
Net income	$	20,390
Add:
Depreciation		21,121
Depreciation and amort. (company share) of assets held in unconsolidated entities		297
Amortization of deferred financing costs		624
Interest expense		11,142
Interest expense (company share) of assets held in unconsolidated entities		604
Income tax expense, net		166
Other non-cash (income) expense, net		953
Less:
Gains on sales of real estate assets, net		(8,194)
Consolidated income available for debt service	$	47,103
Consolidated income available for debt service (annualized)	$	188,412
Annual debt service charge
Consolidated interest expense	$	11,142
Interest expense (company share) of assets held in unconsolidated entities		604
Debt service charge	$	11,746
Debt service charge (annualized)	$	46,984

1) The actual calculation of these ratios requires the use of annual trailing financial data. These computations reflect annualized 2013 results for comparison and presentation purposes. The computations using annual trailing financial data also reflect compliance with the debt covenants.

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1^st Quarter 2013

SUMMARY OF APARTMENT COMMUNITIES UNDER DEVELOPMENT,

LAND HELD FOR FUTURE INVESTMENT AND ACQUISITION/DISPOSITION ACTIVITY

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

Communities Under Development

Community	Location	Number of Units		Estimated Average Unit Size Sq. Ft. (1)		Estimated Retail Sq. Ft.  (1)		Estimated Total Cost  (2)		Estimated Total Cost Per Sq. Ft. (3)		Costs Incurred as of 3/31/2013		Quarter of First Units Available	Estimated Quarter of Stabilized Occupancy (4)	Percent Leased (5)
Substainially complete, in lease-up
Post Carlyle Square™, II	Wash. DC		344		906		-	$	85.0	$	273	$	83.5	2Q 2012	4Q 2013	73.6%
Post South Lamar™	Austin, TX		298		852		9,263		41.0		156		39.1	3Q 2012	4Q 2013	82.8%
Post Midtown Square®, III	Houston, TX		124		889		10,358		21.8		181		20.0	4Q 2012	4Q 2013	84.8%
Under development
Post Lake® at Baldwin Park, III	Orlando, FL		410		960		-		58.6		149		38.9	1Q 2013	3Q 2014	10.6%
Post Parkside™ at Wade	Raleigh, NC		397		882		14,908		55.0		151		38.4	1Q 2013	3Q 2014	4.2%
Post Richmond Avenue™	Houston, TX		242		857		-		34.3		165		15.9	4Q 2013	4Q 2014	N/A
Post Soho Square™	Tampa, FL		231		880		10,556		39.8		186		11.5	1Q 2014	2Q 2015	N/A
Total			2,046				45,085	$	335.5			$	247.3

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

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

3) The estimated total cost per square foot is calculated using net rentable residential and retail square feet, where applicable. Square footage amounts used are approximate. Actual amounts may vary.

4) 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.

5) Represents unit status as of April 26, 2013.

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.

		Carrying Value
		At March 31, 2013		Estimated Usable
Project	Metro Area	(in thousands)		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
South Lamar II	Austin, TX		8,492		3.0
Frisco Bridges II	Dallas, TX		5,480		5.4
Wade	Raleigh, NC		10,251		26.6
Total Land Held for Future Investment		$	54,531		53.2

Acquisition/Disposition Activity

Property Name	Location	Quarter  Acquired /  Disposed	Units	Est. Avg. Unit Size   Sq. Ft. (1)	Retail   Sq. Ft.	Year  Completed	Gross Price  (thousands)		Est. Total Price Per   Sq. Ft. (2)		Cap     Rate	Company’s  Ownership  %
Acquisitions
Post South End™	Charlotte, NC	Q3 2012	360	847	7,612	2009	$	74,000	$	237	5.0%(3)	100%
Dispositions
Post Biltmore™	Atlanta, GA	Q1 2012	276	766	-	2002	$	51,075	$	242	4.8%(4)	35%

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

2) The estimated total price per square foot is calculated using net rentable residential and retail square feet, where applicable. Square footage amounts used are approximate. Actual amounts may vary.

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

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

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1^st Quarter 2013

SUMMARY OF CONDOMINIUM PROJECTS

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

	The Ritz-Carlton				Four Seasons
	Residences,				Private Residences,
	Atlanta Buckhead				Austin
Project Data
Location		Atlanta, GA				Austin, TX
Residential square footage		245,539				292,741
Average unit square footage (1)		1,903				1,978
Quarter of first units available		3Q10				2Q10
Units as of 4/26/13 (2)
Closed		106				138
Under contract		8				4
Available for sale (4)		12				6
Total (4)		126				148
Quarterly Data			Per Sq. Ft.				Per Sq. Ft.
Balance Sheet/Cost Data as of 3/31/13
Condominium book value	$	6,020			$	13,059
Condominium estimated cost to complete	$	959			$	764
Estimated book value at completion	$	6,979	$	126	$	13,823	$	330
Projected total cost (before impairment losses)	$	112,700	$	459	$	138,500	$	473
Units Closed as of 3/31/13
Quarter		16				4
Year to date		16				4
Project to date		99				132
Square Footage of Units Closed as of 3/31/13 (1)
Quarter		29,646				8,837
Year to date		29,646				8,837
Project to date		190,113				250,902
Gross Revenue as of 3/31/13
Quarter	$	11,567	$	390	$	5,908	$	669
Year to date	$	11,567	$	390	$	5,908	$	669
Project to date	$	74,410	$	391	$	156,954	$	626
Cash flow from sales as of 3/31/13 (3)
Quarter	$	8,669	$	292	$	4,418	$	500
Year to date	$	8,669	$	292	$	4,418	$	500
Project to date	$	48,726	$	256	$	126,758	$	505

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

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

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

4) The total unit count for the Ritz Carlton Residences, Atlanta Buckhead community was reduced by 3 units due to the combination of certain units into larger residential suites.

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1^st Quarter 2013

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.

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 or 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, 2013 and 2012 is provided below.

	Three months ended March 31,
	2013		2012
New community development and acquisition activity (1)	$	33,932	$	31,231
Periodically recurring capital expenditures
Community rehabilitation and other revenue generating improvements (2)		918		711
Other community additions and improvements (3) (6)		4,694		1,377
Annually recurring capital expenditures
Carpet replacements and other community additions and improvements (4)		3,474		2,941
Corporate additions and improvements		340		79
	$	43,358	$	36,339
Other Data
Capitalized interest	$	1,004	$	1,321
Capitalized development and associated costs (5)	$	756	$	806

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.

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1^st Quarter 2013

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

Financial Data
	As of March 31, 2013										Three months ended March 31, 2013
Joint Venture Property	Gross Investment in    Real Estate (6)		Mortgage   Notes  Payable			Entity      Equity		Company’s     Equity Investment			Entity NOI		Company’s Equity in  Income (Loss)		Mgmt.   Fees &    Other
Post Collier Hills® (1)	$	55,149	$	39,565	(2)	$	8,711	$	(4,736)	(1)	$	674	$	(3)
Post Crest® (1)		64,584		46,158	(2)		10,052		(7,097)	(1)		808		5
Post Lindbergh® (1)		60,881		41,000	(3)		13,083		(4,637)	(1)		719		(4)
Post Massachusetts Avenue™		70,916		51,000	(4)		4,755		4,487			1,880		480
Total	$	251,530	$	177,723		$	36,601	$	(11,983)		$	4,081	$	478	$	208	(5)

1) The Company’s investment in the 25% owned Property LLC resulted from the transfer of three previously owned apartment communities to the Property LLC co-owned with an institutional investor. The assets, liabilities and members’ equity of the Property LLC were recorded at fair value based on agreed-upon amounts contributed to the venture. The credit investments in the Company’s 25% owned Property LLC resulted from financing proceeds distributed in excess of the Company’s historical cost-basis investment. These credit investments are reflected in consolidated liabilities on the Company’s consolidated balance sheet.

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

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

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

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

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

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1^st Quarter 2013

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, 2013		Adjustments			As     Adjusted  (3)
Rental revenues	$	82,396	$	(2,138)	(2)	$	80,258
Other property revenues		4,919		(45)	(2)		4,874
Total rental and other revenues (A)		87,315		(2,183)			85,132
Property operating & maintenance expenses
(excluding depreciation and amortization) (B)		37,755		(5,495)	(2)		32,260
Property net operating income (Table 1) (A-B)	$	49,560	$	3,312		$	52,872
Assumed property management fee
(calculated at 3% of revenues) (A x 3%)							(2,554)
Assumed property capital expenditure reserve
($300 per unit per year based on 19,051 units)							(1,429)
Adjusted property net operating income						$	48,889
Annualized property net operating income (C)						$	195,556
Apartment units represented (D)		22,218		(3,167)	(2)		19,051
Other Asset Data	As of March 31, 2013		Adjustments			As Adjusted
Cash & equivalents	$	114,854	$	-		$	114,854
Real estate assets under construction, at cost (4)		93,931		153,406			247,337
Land held for future investment		54,531		-			54,531
For-sale condominiums		19,079		-			19,079
Investments in and advances to unconsolidated real estate entities (5)		4,487		(4,487)	(5)		-
Restricted cash and other assets		36,997		-			36,997
Cash & other assets of unconsolidated apartment entities (6)		5,297		(3,809)	(6)		1,488
Total (E)	$	329,176	$	145,110		$	474,286
Other Liability Data
Indebtedness (7)	$	1,101,495	$	(10,865)	(7)	$	1,090,630
Investments in unconsolidated real estate entities (5)		16,470		(16,470)	(5)		-
Other liabilities (including noncontrolling interests) (8)		116,562		(7,895)	(8)		108,667
Total liabilities of unconsolidated apartment entities (9)		180,579		(130,269)	(9)		50,310
Total (F)	$	1,415,106	$	(165,499)		$	1,249,607

Other Data

	As of March 31, 2013
	# Shares/Units		Stock Price		Implied Value
Liquidation value of preferred shares (G)					$	43,392
Common shares outstanding		54,587
Common units outstanding		143
Total (H)		54,730	$	47.10	$	2,577,783
Implied market value of Company gross real estate assets (I) = (F+G+H-E)					$	3,396,496
Implied Portfolio Capitalization Rate (C÷I)						5.8%

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.

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1^st Quarter 2013

The Company presents NOI for the first quarter ended March 31, 2013, for properties stabilized as of January 1, 2013, so that a capitalization rate may be applied and an approximate value for the assets determined. Properties not stabilized as of January 1, 2013, 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, 2013, to adjust property net operating income to the Company’s share for fully stabilized communities:

	Rental Revenue		Other Revenue		Expenses		Units
Communities in lease-up	$	(2,084)	$	(111)	$	(1,550)		(2,046)
Company share of unconsolidated entities		1,820		125		660		(1,077)
Minority share of consolidated real estate entity		(528)		(2)		(257)		(44)
Corporate property management expenses		-		-		(3,004)		-
Corporate apartments and other		(1,346)		(57)		(1,344)		-
	$	(2,138)	$	(45)	$	(5,495)		(3,167)

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, 2013:

	Rental and Other Revenues		Property Operating & Maintenace Expenses (ex. Deprec. and Amort.)		Property Net     Operating Income (NOI)		Percentage of     Total NOI		Apartment Units /     Commercial Sq. Ft.
Atlanta	$	22,014	$	8,603	$	13,411		25.4%		5,707
Dallas		17,263		7,174		10,089		19.1%		4,725
Houston		3,593		1,385		2,208		4.2%		837
Austin		2,884		1,223		1,661		3.1%		637
Washington, D.C.		13,960		4,524		9,436		17.8%		2,395
New York		3,081		1,511		1,570		3.0%		293
Tampa		9,015		3,310		5,705		10.8%		2,111
Orlando		2,785		1,104		1,681		3.2%		598
Charlotte		6,548		2,091		4,457		8.4%		1,748
Commercial		3,989		1,335		2,654		5.0%		-
Total	$	85,132	$	32,260	$	52,872		100.0%		19,051
Approximate commercial Sq. Ft.										719,000

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

Post Carlyle Square™ - Phase II	$                83,491
Post South Lamar™		39,112
Post Midtown Square® - Phase III		20,045
Post Parkside™ at Wade		38,400
Post Lake® at Baldwin Park - Phase III		38,860
Post Richmond Avenue™		15,905
Post Soho Square™		11,524
	$	247,337

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

6) The “As of March 31, 2013” 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, 2013” amount consists of the sum of accrued interest payable, dividends and distributions payable, accounts payable and accrued expenses and security deposits and prepaid rents as reflected on the Company’s balance sheet. The adjustment represents a reduction for the non-cash liability associated with straight-line, long-term ground lease expense of $7,946, offset by the addition of noncontrolling interests of consolidated real estate entities of $205.

9) The “As of March 31, 2013” amount represents total liabilities of unconsolidated apartment entities. The adjustment represents a reduction for the venture partners’ respective share of liabilities. The “As Adjusted” amount represents the Company’s respective share of liabilities of unconsolidated apartment entities.

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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 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 available to common shareholders” is the most directly comparable GAAP measure to FFO.

Adjusted Funds From Operations - The Company also uses adjusted funds from operations (“AFFO”) as an operating measure. AFFO is defined as FFO less operating capital expenditures after adjusting for the impact of non-cash straight-line long-term ground lease expense, non-cash impairment charges, debt extinguishment gains (losses) and preferred stock redemption costs. The Company believes that AFFO is an important supplemental measure of operating performance for an equity REIT because it provides investors with an indication of the REIT’s ability to fund operating capital expenditures through earnings. In addition, since most equity REITs provide AFFO information to the investment community, the Company believes that AFFO is a useful supplemental measure for comparing the Company to other equity REITs. The Company believes that the line on its consolidated statement of operations entitled “net income available to common shareholders” is the most directly comparable GAAP measure to AFFO.

Property Net Operating Income - The Company uses property NOI, including same store NOI and same store NOI by market, as an operating measure. NOI is defined as rental and other revenues from real estate operations less total property and maintenance expenses from real estate operations (exclusive of depreciation and amortization). The Company believes that NOI is an important supplemental measure of operating performance for a REIT’s operating real estate because it provides a measure of the core operations, rather than factoring in depreciation and amortization, financing costs and general and administrative expenses generally incurred at the corporate level. This measure is particularly useful, in the opinion of the Company, in evaluating the performance of geographic operations, same store groupings and individual properties. Additionally, the Company believes that NOI, as defined, is a widely accepted measure of comparative operating performance in the real estate investment community. The Company believes that the line on its consolidated statement of operations entitled “net income” is the most directly comparable GAAP measure to NOI.

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Same Store Capital Expenditures - The Company uses same store annually recurring and periodically recurring capital expenditures as cash flow measures. Same store annually recurring and periodically recurring capital expenditures are supplemental non-GAAP financial measures. The Company believes that same store annually recurring and periodically recurring capital expenditures are important indicators of the costs incurred by the Company in maintaining its same store communities on an ongoing basis. The corresponding GAAP measures include information with respect to the Company’s other operating segments consisting of communities stabilized in the prior year, lease-up communities, rehabilitation communities, sold properties and commercial properties in addition to same store information. Therefore, the Company believes that the Company’s presentation of same store annually recurring and periodically recurring capital expenditures is necessary to demonstrate same store replacement costs over time. The Company believes that the most directly comparable GAAP measure to same store annually recurring and periodically recurring capital expenditures is the line on the Company’s consolidated statements of cash flows entitled “property capital expenditures,” which also includes revenue generating capital expenditures.

Debt Statistics and Debt Ratios - The Company uses a number of debt statistics and ratios as supplemental measures of liquidity. The numerator and/or the denominator of certain of these statistics and/or ratios include non-GAAP financial measures that have been reconciled to the most directly comparable GAAP financial measure. These debt statistics and ratios include: (1) interest coverage ratios; (2) fixed charge coverage ratios; (3) total debt as a percentage of undepreciated real estate (adjusted for joint venture partner’s share of debt); (4) total debt plus preferred equity as a percentage of undepreciated real estate (adjusted for joint venture partner’s share of debt); (5) a ratio of consolidated debt to total assets; (6) a ratio of secured debt to total assets; (7) a ratio of total unencumbered assets to unsecured debt; (8) a ratio of consolidated income available for debt service to annual debt service charge; and (9) a debt to annualized income available for debt service ratio. A number of these debt statistics and ratios are derived from covenants found in the Company’s debt agreements, including, among others, the Company’s senior unsecured notes. In addition, the Company presents these measures because the degree of leverage could affect the Company’s ability to obtain additional financing for working capital, capital expenditures, acquisitions, development or other general corporate purposes. The Company uses these measures internally as an indicator of liquidity, and the Company believes that these measures are also utilized by the investment and analyst communities to better understand the Company’s liquidity.

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

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

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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,       2013		March 31,       2012		December 31,     2012
Total same store NOI	$	48,008	$	45,650	$	48,525
Property NOI from other operating segments		1,552		(233)		894
Consolidated property NOI		49,560		45,417		49,419
Add (subtract):
Interest income		36		51		34
Other revenues		214		222		213
Depreciation		(21,121)		(19,341)		(20,973)
Interest expense		(11,142)		(11,645)		(11,855)
Amortization of deferred financing costs		(624)		(661)		(669)
General and administrative		(4,245)		(4,285)		(4,411)
Investment and development		(489)		(480)		(312)
Other investment costs		(305)		(306)		(242)
Gains on condominium sales activities, net		8,194		6,904		10,578
Equity in income of unconsolidated real estate entities, net		478		6,446		579
Other income (expense), net		(166)		(156)		590
Net loss on extinguishment of indebtedness		-		(301)		(4,017)
Net income	$	20,390	$	21,865	$	18,934

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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 ‘13 vs. Q1 ‘12   % Change		Q1 ‘13 vs. Q4 ‘12   % Change		Q1 ‘13 %  Same   Store NOI
	March 31,          2013		March 31,          2012		December 31,       2012
Rental and other revenues
Atlanta	$	20,989	$	19,970	$	20,807		5.1%		0.9%
Dallas		17,263		16,180		17,083		6.7%		1.1%
Houston		3,593		3,245		3,453		10.7%		4.1%
Austin		2,884		2,692		2,823		7.1%		2.2%
Washington, D.C.		13,040		12,854		13,180		1.4%		(1.1)%
New York		3,611		3,602		3,704		0.2%		(2.5)%
Tampa		9,015		8,509		8,851		5.9%		1.9%
Orlando		2,785		2,662		2,778		4.6%		0.3%
Charlotte		5,019		4,663		4,930		7.6%		1.8%
Total rental and other revenues		78,199		74,377		77,609		5.1%		0.8%
Property operating and maintenance   expenses (exclusive of depreciation   and amortization)
Atlanta		8,297		7,816		8,280		6.2%		0.2%
Dallas		7,174		7,000		6,755		2.5%		6.2%
Houston		1,385		1,205		1,341		14.9%		3.3%
Austin		1,223		1,203		1,175		1.7%		4.1%
Washington, D.C.		4,291		4,024		4,147		6.6%		3.5%
New York		1,768		1,686		1,662		4.9%		6.4%
Tampa		3,310		3,170		3,169		4.4%		4.4%
Orlando		1,104		1,003		967		10.1%		14.2%
Charlotte		1,639		1,620		1,588		1.2%		3.2%
Total		30,191		28,727		29,084		5.1%		3.8%
Net operating income
Atlanta		12,692		12,154		12,527		4.4%		1.3%		26.4%
Dallas		10,089		9,180		10,328		9.9%		(2.3)%		21.0%
Houston		2,208		2,040		2,112		8.2%		4.5%		4.6%
Austin		1,661		1,489		1,648		11.6%		0.8%		3.5%
Washington, D.C.		8,749		8,830		9,033		(0.9)%		(3.1)%		18.2%
New York		1,843		1,916		2,042		(3.8)%		(9.7)%		3.8%
Tampa		5,705		5,339		5,682		6.9%		0.4%		11.9%
Orlando		1,681		1,659		1,811		1.3%		(7.2)%		3.5%
Charlotte		3,380		3,043		3,342		11.1%		1.1%		7.1%
Total same store NOI	$	48,008	$	45,650	$	48,525		5.2%		(1.1)%		100.0%
Average rental rate per unit
Atlanta	$	1,236	$	1,168	$	1,227		5.8%		0.7%
Dallas		1,199		1,139		1,192		5.3%		0.6%
Houston		1,381		1,264		1,366		9.3%		1.1%
Austin		1,490		1,399		1,475		6.5%		1.0%
Washington, D.C.		1,889		1,843		1,889		2.5%		-
New York		3,874		3,744		3,856		3.5%		0.5%
Tampa		1,371		1,297		1,361		5.7%		0.7%
Orlando		1,512		1,424		1,502		6.2%		0.7%
Charlotte		1,180		1,105		1,182		6.8%		(0.2)%
Total average rental rate per unit		1,393		1,323		1,385		5.3%		0.5%

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Table 3 - Operating Community Table

Market / Submarket / Community	Year Completed/ Year of Substantial           Renovations	No. of           Units		Avg. Unit Size     (Sq. Ft.)		Q1 2013 Avg. Monthly Rent				Q1 2013 Average Economic     Occ.
						Per     Unit		Per     Sq. Ft.
Atlanta
Buckhead / Brookhaven
Post Alexander™	2008		307		1,015	$	1,653	$	1.63		95.3	%
Post Brookhaven®	1990-1992		735		933		1,065		1.14		97.1	%
Post Chastain®	1990/2008		558		866		1,191		1.38		95.9	%
Post Collier Hills® (1)(2)	1997		396		948		1,063		1.12		98.0	%
Post Gardens®	1998		397		1,039		1,238		1.19		96.4	%
Post Glen® (2)	1997		314		1,076		1,250		1.16		96.4	%
Post Lindbergh® (1)(2)	1998		396		909		1,120		1.23		96.4	%
Post Peachtree Hills®	1992-1994/2009		300		978		1,332		1.36		96.3	%
Post StratfordTM	2000		250		1,000		1,303		1.30		94.4	%
Dunwoody
Post Crossing® (2)	1995		354		1,036		1,135		1.10		96.1	%
Emory Area
Post BriarcliffTM (2)	1999		688		1,006		1,204		1.20		95.9	%
Midtown
Post ParksideTM	2000		188		886		1,460		1.65		97.4	%
Post Renaissance®	1992-1994		342		914		1,073		1.17		96.8	%
Northwest Atlanta
Post Crest® (1)(2)	1996		410		1,033		1,053		1.02		97.7	%
Post Riverside®	1998		522		1,059		1,499		1.42		93.0	%
Post SpringTM	2000		452		977		1,033		1.06		94.7	%
Dallas
North Dallas
Post Addison CircleTM (2)	1998-2000		1,334		846		1,068		1.26		95.5	%
Post EastsideTM	2008		435		912		1,155		1.27		94.8	%
Post Legacy	2000		384		810		1,032		1.27		93.8	%
Post Sierra at Frisco Bridges™	2009		268		896		1,114		1.24		92.2	%
Uptown Dallas
Post AbbeyTM	1996		34		1,223		1,941		1.59		97.1	%
Post Cole’s CornerTM	1998		186		800		1,173		1.47		95.8	%
Post GalleryTM	1999		34		2,307		2,847		1.23		97.3	%
Post HeightsTM	1998-1999/2009		368		845		1,331		1.58		95.2	%
Post Katy Trail™	2010		227		898		1,619		1.80		95.9	%
Post MeridianTM	1991		133		780		1,322		1.69		94.9	%
Post SquareTM	1996		216		856		1,294		1.51		96.4	%
Post Uptown VillageTM	1995-2000		496		736		1,107		1.50		96.5	%
Post VineyardTM	1996		116		733		1,150		1.57		93.9	%
Post VintageTM	1993		160		750		1,192		1.59		98.4	%
Post WorthingtonTM	1993/2008		334		820		1,431		1.75		94.6	%

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Table 3 (con’t) - Operating Community Table

Market / Submarket / Community	Year Completed/ Year of Substantial           Renovations	No. of           Units		Avg. Unit Size     (Sq. Ft.)		Q1 2013 Avg. Monthly Rent				Q1 2013 Average Economic     Occ.
						Per     Unit		Per     Sq. Ft.
Houston
Post Midtown Square® - Phases I & II	1999-2000		529		759		1,306		1.72		98.2	%
Post Midtown Square® - Phase III (4)	2012		124		889		1,716		1.93		45.6	%
Post Rice LoftsTM	1998		308		904		1,510		1.67		97.2	%
Austin
Post Barton Creek™	1998		160		1,162	$	1,694	$	1.46		98.7	%
Post Park Mesa™	1992		148		1,091		1,416		1.30		95.6	%
Post South Lamar™ (4)	2012		298		892		1,615		1.81		37.5	%
Post West Austin™	2009		329		889		1,425		1.60		94.4	%
Washington D.C.
Maryland
Post Fallsgrove	2003		361		983		1,738		1.77		94.2	%
Post Park®	2010		396		975		1,614		1.66		96.3	%
Virginia
Post Carlyle Square™ - Phase I	2006		205		861		2,415		2.80		92.2	%
Post Carlyle Square™ - Phase II (4)	2012		344		906		2,564		2.83		49.2	%
Post Corners at Trinity Centre (2)	1996		336		994		1,600		1.61		96.9	%
Post Pentagon Row TM	2001		504		853		2,338		2.74		90.3	%
Post Tysons Corner TM	1990		499		807		1,743		2.16		92.2	%
Washington D.C.
Post Massachusetts Avenue TM (1)(2)	2002		269		883		3,139		3.55		94.9	%
New York City
Post Luminaria TM (2)(3)	2002		138		721		3,836		5.32		93.5	%
Post Toscana TM (2)	2003		199		817		3,900		4.77		91.4	%
Tampa
Post Bay at Rocky Point™	1997		150		1,012		1,410		1.39		96.1	%
Post Harbour PlaceTM	1999-2002		578		920		1,485		1.61		98.6	%
Post Hyde Park® (2)	1996-2008		467		1,011		1,448		1.43		98.3	%
Post Rocky Point®	1996-1998		916		1,031		1,253		1.22		95.4	%
Orlando
Post Lake® at Baldwin Park	2004-2007		350		1,013		1,537		1.52		96.4	%
Post ParksideTM	1999		248		867		1,476		1.70		96.2	%
Charlotte
Post Ballantyne	2004		323		1,252		1,145		0.91		95.9	%
Post Gateway PlaceTM	2000		436		804		1,087		1.35		94.3	%
Post Park at Phillips Place®	1998		402		1,101		1,337		1.21		95.8	%
Post South End™	2009		360		847		1,338		1.58		97.5	%
Post Uptown PlaceTM	2000		227		800		1,132		1.42		96.4	%

1) Communities held in unconsolidated entities.

2) Communities encumbered by secured mortgage indebtedness.

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

4) These communities, or portions thereof, are currently in lease-up.

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Table 4 - Year-to-Date Margin Analysis

(In thousands)

	Three months ended March 31, 2013
	Rental and Other Property Revenues		Property Operating &     Maintenance     Expenses		Net     Operating     Income (“NOI”)		NOI     Margin	Expense     Margin
Same store communities	$	78,199	$	30,191	$	48,008	61.4%		38.6%
Development and lease-up communities		2,195		1,550		645	N/A		N/A
Acquired communities		1,529		452		1,077	70.4%		29.6%
Other property segments:
Corporate apartments		1,403		1,223		180	12.8%		87.2%
Commercial		3,989		1,335		2,654	66.5%		33.5%
Corporate property management expenses (1)		—		3,004		(3,004)
	$	87,315	$	37,755
Consolidated property NOI (2)					$	49,560
Third-party management fees					$	208

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

Numerator:
Corporate property management expenses	$	3,004
Less: Third-party management fees		(208)
Net property management expenses	$	2,796
Denominator:
Total rental and other property revenues	$	87,315
Less: Corporate apartment revenues		(1,403)
Adjusted property revenues	$	85,912
Net property management expenses as a     percentage of adjusted property revenues		3.3%

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

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

(In thousands)

	Three months ended March 31,
	2013		2012
Annually recurring capital expenditures by operating segment
Same store communities	$	3,364	$	2,830
Development and lease-up		18		-
Acquired communities		43		-
Commercial and other segments		49		111
Total annually recurring capital expenditures	$	3,474	$	2,941
Periodically recurring capital expenditures by operating segment
Same store communities	$	4,260	$	531
Development and lease-up		2		-
Acquired communities		171		-
Commercial and other segments		261		846
Total periodically recurring capital expenditures	$	4,694	$	1,377
Total revenue generating capital expenditures	$	918	$	711
Increase in capital expenditure accruals	$	(1,285)	$	-
Total property capital expenditures per statements of cash flows	$	7,801	$	5,029

Table 6 - Computation of Debt Ratios

(In thousands)

	As of March 31,
	2013		2012
Total real estate assets per balance sheet	$	2,203,873	$	2,083,008
Plus:
Company share of real estate assets held in unconsolidated entities		58,448		59,748
Company share of accumulated depreciation - assets held in unconsolidated entities		11,526		9,896
Accumulated depreciation per balance sheet		863,594		785,996
Total undepreciated real estate assets (A)	$	3,137,441	$	2,938,648
Total debt per balance sheet	$	1,101,495	$	939,263
Plus:
Company share of third party debt held in unconsolidated entities		49,531		49,531
Total debt (adjusted for joint venture partners’ share of debt) (B)	$	1,151,026	$	988,794
Total debt as a % of undepreciated real estate assets (adjusted for joint venture partners’ share of debt) (B÷A)		36.7%		33.6%
Total debt per balance sheet	$	1,101,495	$	939,263
Plus:
Company share of third party debt held in unconsolidated entities		49,531		49,531
Preferred shares at liquidation value		43,392		43,392
Total debt and preferred equity (adjusted for joint venture partners’ share of debt) (C)	$	1,194,418	$	1,032,186
Total debt and preferred equity as a % of undepreciated real estate assets (adjusted for joint venture partners’ share of debt) (C÷A)		38.1%		35.1%

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Table 7 - Computation of Coverage Ratios

(In thousands)

	Three months ended March 31,
	2013		2012
Net income	$	20,390	$	21,865
Other non-cash (income) expense, net		953		1,067
Income tax expense, net		166		145
Gains on sales of real estate assets, net		(8,194)		(6,904)
Gain on sale of real estate assets - unconsolidated entity, net		-		(6,055)
Net loss on early extinguishment of indebtedness		-		301
Depreciation expense		21,121		19,341
Depreciation and amort. (company share) of assets held in unconsolidated entities		297		338
Interest expense		11,142		11,645
Interest expense (company share) of assets held in unconsolidated entities		604		747
Amortization of deferred financing costs		624		661
Income available for debt service (A)	$	47,103	$	43,151
Annualized income available for debt service (B)	$	188,412	$	172,604
Interest expense	$	11,142	$	11,645
Interest expense (company share) of assets held in unconsolidated entities		604		747
Adjusted interest expense (C)		11,746		12,392
Capitalized interest		1,004		1,321
Adjusted interest expense (including capitalized interest) (D)	$	12,750	$	13,713
Adjusted interest expense	$	11,746	$	12,392
Dividends to preferred shareholders		922		922
Fixed charges (E)		12,668		13,314
Capitalized interest		1,004		1,321
Fixed charges (including capitalized interest) (F)	$	13,672	$	14,635
Total debt (adjusted for joint venture partners’ share of debt) (see Table 6) (G)	$	1,151,026	$	988,794
Interest coverage ratio (A÷C)		4.0x		3.5x
Interest coverage ratio (including capitalized interest) (A÷D)		3.7x		3.1x
Fixed charge coverage ratio (A÷E)		3.7x		3.2x
Fixed charge coverage ratio (including capitalized interest) (A÷F)		3.4x		2.9x
Total debt to annualized income available for debt service ratio (G÷B)		6.1x		5.7x

Table 8 - Calculation of Company Undepreciated Book Value Per Share

(In thousands, except per share data)

	March 31, 2013
Total Company shareholders’ equity per balance sheet	$	1,129,453
Plus:
Accumulated depreciation, per balance sheet		863,594
Noncontrolling interest of common unitholders in Operating Partnership, per balance sheet		6,751
Less:
Deferred financing costs, net, per balance sheet		(10,366)
Preferred shares at liquidation value		(43,392)
Total undepreciated book value (A)	$	1,946,040
Total common shares and units (B)		54,730
Company undepreciated book value per share (A÷B)	$	35.56

Supplemental Financial Data 27 | P a g e