Exhibit 99.2

2^nd Quarter 2013

Second 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 and warranty and related obligations; 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.

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2^nd Quarter 2013

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Three months ended June  30,				Six months ended June  30,
	2013		2012		2013		2012
Revenues
Rental	$	85,042	$	77,081	$	167,438	$	152,736
Other property revenues		5,213		4,873		10,132		9,272
Other		229		206		443		428
Total revenues		90,484		82,160		178,013		162,436
Expenses
Property operating and maintenance (exclusive of items shown separately below)		38,671		35,231		76,426		69,868
Depreciation		21,345		19,497		42,466		38,838
General and administrative		4,170		3,883		8,415		8,168
Investment and development (1)		592		322		1,081		802
Other investment costs (1)		516		306		821		612
Total expenses		65,294		59,239		129,209		118,288
Operating income		25,190		22,921		48,804		44,148
Interest income		23		288		59		339
Interest expense		(11,130)		(11,103)		(22,272)		(22,748)
Amortization of deferred financing costs		(645)		(698)		(1,269)		(1,359)
Net gains on condominium sales activities (2)		13,981		8,530		22,175		15,434
Equity in income of unconsolidated real estate entities, net (3)		477		495		955		6,941
Other income (expense), net		(282)		737		(448)		581
Net loss on extinguishment of indebtedness (4)		-		-		-		(301)
Net income		27,614		21,170		48,004		43,035
Noncontrolling interests - consolidated real estate entities		(58)		(35)		(55)		(41)
Noncontrolling interests - Operating Partnership		(68)		(56)		(120)		(115)
Net income available to the Company		27,488		21,079		47,829		42,879
Dividends to preferred shareholders		(922)		(922)		(1,844)		(1,844)
Net income available to common shareholders	$	26,566	$	20,157	$	45,985	$	41,035
Per common share data - Basic (5)
Net income available to common shareholders	$	0.49	$	0.37	$	0.84	$	0.77
Weighted average common shares outstanding - basic		54,464		53,773		54,450		53,430
Per common share data - Diluted (5)
Net income available to common shareholders	$	0.48	$	0.37	$	0.84	$	0.76
Weighted average common shares outstanding - diluted		54,658		54,096		54,648		53,799

See Notes to Consolidated Financial Statements on page 6

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2^nd 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 June 30,				Six months ended June 30,
	2013		2012		2013		2012
Funds From Operations
Net income available to common shareholders	$	26,566	$	20,157	$	45,985	$	41,035
Noncontrolling interests - Operating Partnership		68		56		120		115
Depreciation on consolidated real estate assets, net (6)		20,981		19,156		41,758		38,159
Depreciation on real estate assets held in unconsolidated entities		291		285		580		623
Gains on sales of depreciable real estate assets - unconsolidated entities		-		-		-		(6,055)
Funds from operations available to common shareholders and unitholders (A)	$	47,906	$	39,654	$	88,443	$	73,877
Funds from operations available to common shareholders and unitholders - core operations (B)	$	33,925	$	31,124	$	66,268	$	58,443
Funds from operations available to common shareholders and unitholders - condominiums		13,981		8,530		22,175		15,434
Funds from operations available to common shareholders and unitholders (A)	$	47,906	$	39,654	$	88,443	$	73,877
Adjusted Funds From Operations
Funds from operations available to common shareholders and unitholders (A)	$	47,906	$	39,654	$	88,443	$	73,877
Annually recurring capital expenditures		(3,892)		(4,538)		(7,365)		(7,480)
Periodically recurring capital expenditures		(3,633)		(2,146)		(8,327)		(3,523)
Non-cash straight-line adjustment for ground lease expenses		118		118		239		246
Net loss on early extinguishment of indebtedness		-		-		-		301
Adjusted funds from operations available to common shareholders and unitholders (7) (C)	$	40,499	$	33,088	$	72,990	$	63,421
Adjusted funds from operations available to common shareholders and unitholders - core operations (7) (D)	$	26,518	$	24,558	$	50,815	$	47,987
Adjusted funds from operations available to common shareholders and unitholders - condominiums (7)		13,981		8,530		22,175		15,434
Adjusted funds from operations available to common shareholders and unitholders (7) (C)	$	40,499	$	33,088	$	72,990	$	63,421
Per Common Share Data - Diluted
Funds from operations per share or unit, as defined (A÷E)	$	0.87	$	0.73	$	1.61	$	1.37
Funds from operations per share or unit - core operations (B÷E)	$	0.62	$	0.57	$	1.21	$	1.08
Adjusted funds from operations per share or unit, as defined (7) (C÷E)	$	0.74	$	0.61	$	1.33	$	1.17
Adjusted funds from operations per share or unit - core operations (7) (D÷E)	$	0.48	$	0.45	$	0.93	$	0.89
Dividends declared	$	0.33	$	0.25	$	0.58	$	0.47
Weighted average shares outstanding (8)		54,785		54,225		54,767		53,923
Weighted average shares and units outstanding (8) (E)		54,928		54,376		54,910		54,074

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

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2^nd Quarter 2013

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

	June 30,              2013		December 31,          2012
	(Unaudited)
Assets
Real estate assets
Land	$	326,963	$	318,416
Building and improvements		2,368,999		2,278,213
Furniture, fixtures and equipment		282,256		270,180
Construction in progress		101,286		90,075
Land held for future investment		62,168		54,468
		3,141,672		3,011,352
Less: accumulated depreciation		(884,571)		(842,925)
For-sale condominiums		3,745		23,281
Total real estate assets		2,260,846		2,191,708
Investments in and advances to unconsolidated real estate entities		4,458		4,533
Cash and cash equivalents		74,413		118,698
Restricted cash		5,507		5,388
Deferred financing costs, net		9,762		10,855
Other assets		29,868		32,182
Total assets	$	2,384,854	$	2,363,364
Liabilities and equity
Indebtedness	$	1,100,604	$	1,102,464
Accounts payable, accrued expenses and other		81,645		88,926
Investments in unconsolidated real estate entities		16,518		16,297
Dividends and distributions payable		18,066		13,653
Accrued interest payable		5,080		5,721
Security deposits and prepaid rents		9,866		9,524
Total liabilities		1,231,779		1,236,585
Redeemable common units		7,093		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:
54,602 and 54,483 shares issued and 54,602 and 54,470 shares outstanding at June 30, 2013 and December 31, 2012, respectively		546		545
Additional paid-in-capital		1,110,684		1,107,354
Accumulated earnings		41,720		27,266
Accumulated other comprehensive income (loss)		(3,600)		(11,679)
		1,149,359		1,123,495
Less common stock in treasury, at cost, 96 and 107 shares at June 30, 2013 and December 31, 2012, respectively		(3,224)		(3,781)
Total Company shareholders’ equity		1,146,135		1,119,714
Noncontrolling interests - consolidated property partnerships		(153)		(94)
Total equity		1,145,982		1,119,620
Total liabilities and equity	$	2,384,854	$	2,363,364

See Notes to Consolidated Financial Statements on page 6

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2^nd 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, as well as acquisition expenses of $175 for the three and six months ended June 30, 2013.

2) A summary of revenues and costs and expenses of condominium activities for the three and six months ended June 30, 2013 and 2012 is as follows:

	Three months ended          June 30,				Six months ended            June 30,
	2013		2012		2013		2012
Condominium revenues	$	38,123	$	22,945	$	55,598	$	40,526
Condominium costs and expenses		(24,142)		(14,415)		(33,423)		(25,704)
Net gains on sales of residential condominiums, before income tax		13,981		8,530		22,175		14,822
Income tax benefit		-		-		-		612
Net gains on sales of condominiums	$	13,981	$	8,530	$	22,175	$	15,434

3) Equity in earnings of unconsolidated entities for the six months ended June 30, 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 six months ended June 30, 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 June 30, 2013, there were 54,745 Operating Partnership units outstanding, of which 54,602, 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 $316 and $366 for the three months and $656 and $445 for the six months ended June 30, 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 194 and 323 for the three months and 198 and 369 for the six months ended June 30, 2013 and 2012, respectively. Additionally, basic and diluted weighted average shares and units included the impact of non-vested shares and units totaling 127 and 130 for the three months and 119 and 124 for the six months ended June 30, 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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2^nd 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 26 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 June 30,						Six months ended June 30,
	2013		2012		% Change		2013		2012		% Change
Revenues:
Rental and other revenue	$	76,951	$	73,940		4.1%	$	152,729	$	146,093		4.5%
Utility reimbursements		2,298		2,280		0.8%		4,719		4,504		4.8%
Total rental and other revenues	$	79,249	$	76,220		4.0%	$	157,448	$	150,597		4.5%
Property operating and maintenance expenses:
Personnel expenses		6,490		6,696		(3.1)%		13,231		13,597		(2.7)%
Utility expense		4,010		4,078		(1.7)%		8,206		7,978		2.9%
Real estate taxes and fees		11,895		10,920		8.9%		23,790		21,579		10.2%
Insurance expenses		1,261		1,042		21.0%		2,521		2,178		15.7%
Building and grounds repairs and maintenance		4,338		4,511		(3.8)%		8,302		8,548		(2.9)%
Ground lease expense		230		227		1.3%		460		460		0.0%
Other expenses		2,154		1,961		9.8%		4,059		3,822		6.2%
Total property operating and maintenance expenses (excluding depreciation and amortization)		30,378		29,435		3.2%		60,569		58,162		4.1%
Same store net operating income	$	48,871	$	46,785		4.5%	$	96,879	$	92,435		4.8%
Same store net operating income margin		61.7%		61.4%		0.5%		61.5%		61.4%		0.2%
Capital expenditures (1)
Annually recurring:
Carpet	$	918	$	886		3.6%	$	1,709	$	1,582		8.0%
Other		2,782		3,295		(15.6)%		5,355		5,429		(1.4)%
Total annually recurring		3,700		4,181		(11.5)%		7,064		7,011		0.8%
Periodically recurring (1)		3,195		1,899		68.2%		7,455		2,430		206.8%
Total capital expenditures (A)	$	6,895	$	6,080		13.4%	$	14,519	$	9,441		53.8%
Total capital expenditures per unit (A ÷ 18,341 units)	$	376	$	331		13.6%	$	792	$	515		53.8%
Average monthly rental rate per unit (2)	$	1,406	$	1,344		4.6%	$	1,399	$	1,334		4.9%
Gross turnover (3)		64.8%		62.5%		2.3%		57.9%		55.9%		2.0%
Net turnover (4)		57.2%		56.1%		1.1%		50.6%		49.6%		1.0%
Percentage rent increase - new leases (5)		2.7%		7.2%		(4.5)%		3.9%		6.3%		(2.4)%
Percentage rent increase - renewed leases (5)		5.3%		6.5%		(1.2)%		5.3%		6.7%		(1.4)%

1) See Table 5 on page 27 for a reconciliation of these segment components of property capital expenditures to total annually recurring capital expenditures and total periodically recurring capital expenditures as presented in the consolidated cash flow statements prepared under GAAP. Periodically recurring capital expenditures includes $344 and $143 for the three months and $523 and $267 for the six months ended June 30, 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 24 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.

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2^nd Quarter 2013

SAME STORE RESULTS (CON’T)

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

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

(Increase (decrease) between periods)

	Three months ended June 30, 2013											Six months ended June 30, 2013
Market	Revenues		(1)	Expenses		(1)	NOI		(1)	Average Economic   Occupancy		Revenues		(1)	Expenses		(1)	NOI		(1)	Average Economic   Occupancy
Atlanta		5.3%			8.0%			3.6%			0.1%		5.2%			7.1%			4.0%			(0.3)%
Dallas		3.3%			3.2%			3.4%			(1.1)%		5.0%			2.8%			6.6%			(0.2)%
Houston		7.2%			0.5%			12.2%			(1.5)%		8.9%			7.1%			10.2%			(0.2)%
Austin		6.3%			0.7%			10.5%			(1.1)%		6.7%			1.2%			11.0%			(0.6)%
Washington, D.C.		0.7%			6.1%			(1.6)%			(1.9)%		1.1%			6.4%			(1.3)%			(1.7)%
New York		1.4%			(3.0)%			4.9%			(1.1)%		0.9%			1.0%			0.7%			(2.3)%
Tampa		5.7%			1.8%			8.1%			0.7%		5.8%			3.1%			7.5%			0.4%
Orlando		3.1%			(8.1)%			9.6%			(0.9)%		3.9%			1.0%			5.6%			(1.1)%
Charlotte		5.2%			(6.4)%			11.7%			(0.2)%		6.4%			(2.8)%			11.4%			(0.2)%
Total		4.0%			3.2%			4.5%			(0.6)%		4.5%			4.1%			4.8%			(0.6)%

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				Average Economic						Rate Per Unit
					Occupancy (1)				Occupancy (1)				Physical		Three Months
			% of NOI		Three months ended				Six months ended				Occupancy		Ended
	Apartment		Three months ended		June 30,				June 30,				at June 30,		June 30,
Market	Units		June 30, 2013		2013		2012		2013		2012		2013 (2)		2013 (3)
Atlanta		5,407		25.9%		96.2%		96.1%		96.0%		96.3%		96.3%	$	1,251
Dallas		4,725		20.4%		94.7%		95.8%		95.0%		95.2%		95.2%		1,213
Houston		837		4.4%		95.9%		97.4%		96.8%		97.0%		96.1%		1,399
Austin		637		3.6%		95.6%		96.7%		95.8%		96.4%		95.6%		1,509
Washington, D.C.		2,301		18.4%		93.8%		95.7%		93.5%		95.2%		94.0%		1,898
New York		337		4.4%		95.0%		96.1%		93.6%		95.9%		94.7%		3,869
Tampa		2,111		11.9%		97.0%		96.3%		97.1%		96.7%		95.1%		1,386
Orlando		598		3.8%		96.4%		97.3%		96.4%		97.5%		94.6%		1,518
Charlotte		1,388		7.2%		96.3%		96.5%		95.9%		96.1%		95.7%		1,195
Total		18,341		100.0%		95.5%		96.1%		95.4%		96.0%		95.4%	$	1,406

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 94.8% and 95.4% for the three months and 94.8% and 95.2% for the six months ended June 30, 2013 and 2012, respectively. For the three months ended June 30, 2013 and 2012, net concessions were $249 and $303, respectively, and employee discounts were $207 and $216, respectively. For the six months ended June 30, 2013 and 2012, net concessions were $504 and $640, respectively, and employee discounts were $420 and $424, 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 24 for further information.

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2^nd Quarter 2013

SAME STORE RESULTS (CON’T)

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

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

	Three months ended
	June 30,     2013		March 31,     2013		% Change
Rental and other revenue	$	76,951	$	75,778		1.5%
Utility reimbursements		2,298		2,421		(5.1)%
Total rental and other revenues	$	79,249	$	78,199		1.3%
Personnel expenses		6,490		6,742		(3.7)%
Utility expense		4,010		4,196		(4.4)%
Real estate taxes and fees		11,895		11,895		0.0%
Insurance expenses		1,261		1,260		0.1%
Building and grounds repairs and maintenance		4,338		3,964		9.4%
Ground lease expense		230		230		-
Other expenses		2,154		1,904		13.1%
Total property operating and maintenance expenses (excluding depreciation and amortization)		30,378		30,191		0.6%
Same store net operating income (1)	$	48,871	$	48,008		1.8%
Average economic occupancy		95.5%		95.3%		0.2%
Average monthly rental rate per unit	$	1,406	$	1,393		0.9%

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 Second Quarter of 2013 to First Quarter of 2013

(Increase (decrease) between periods)

										Average
										Economic
Market	Revenues		(1)	Expenses		(1)	NOI		(1)	Occupancy
Atlanta		2.0%			5.2%			(0.1)%			0.5%
Dallas		0.6%			3.0%			(1.1)%			(0.6)%
Houston		0.2%			4.4%			(2.4)%			(1.9)%
Austin		2.1%			(1.9)%			5.0%			(0.3)%
Washington, D.C.		1.2%			(2.4)%			3.0%			0.7%
New York		3.0%			(11.8)%			17.3%			2.7%
Tampa		1.2%			0.1%			1.8%			(0.1)%
Orlando		0.4%			(16.7)%			11.5%			0.0%
Charlotte		1.5%			(0.5)%			2.5%			0.8%
Total		1.3%			0.6%			1.8%			0.2%

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.

Supplemental Financial Data 9 | P a g e  

2^nd Quarter 2013

DEBT SUMMARY

(In thousands) - (Unaudited)

Summary of Outstanding Debt at June 30, 2013 - Consolidated

				Weighted Average Rate (1)
			Percentage	June 30,
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	27.3%		3.2%		3.5%
Secured fixed rate notes		400,604	36.4%		5.6%		5.6%
	$	1,100,604	100.0%		4.3%		5.0%
			Percentage	Weighted Average Maturity
	Balance		of Total Debt	of Total Debt (2)
Total fixed rate debt	$	1,100,604	100.0%		5.7
Total variable rate debt - unhedged		-	0.0%		0.0
Total debt	$	1,100,604	100.0%		5.7

Debt Maturities - Consolidated and Unconsolidated

	Consolidated				Unconsolidated Entities
Aggregate debt maturities by year	Amount			Weighted Avg.  Rate on Debt Maturities (1)	Amount		Company     Share		Weighted Avg.  Rate on Debt Maturities (1)
Remainder of 2013	$	1,871		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%
	$	1,100,604		4.3%	$	177,723	$	49,531	5.0%

Debt Statistics

	Six months ended              June 30,
	2013	2012
Interest coverage ratio (4)(5)	4.1x	3.7x
Interest coverage ratio (including capitalized interest) (4)(5)	3.8x	3.3x
Fixed charge coverage ratio (4)(6)	3.8x	3.4x
Fixed charge coverage ratio (including capitalized interest) (4)(6)	3.5x	3.1x
Total debt to annualized income available for debt service ratio (7)	6.0x	5.7x
Total debt as a % of undepreciated real estate assets (adjusted for joint venture partner’s share of debt) (8)	35.8%	34.2%
Total debt and preferred equity as a % of undepreciated real estate assets (adjusted for joint venture partner’s share of debt) (8)	37.1%	35.7%

1) Weighted average rate includes credit enhancements and other fees, where applicable. The weighted average rates at June 30, 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 June 30, 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 June 30, 2013, the Company’s lines of credit bear interest at LIBOR plus 1.225%.

4) Calculated for the six months ended June 30, 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 28.

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 28.

7) A computation of this ratio is included in Table 7 on page 28.

8) A computation of these debt ratios is included in Table 6 on page 27.

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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2^nd Quarter 2013

DEBT SUMMARY (CON’T)

(In thousands) - (Unaudited)

Financial Debt Covenants - Senior Unsecured Public Notes

	As of
Covenant requirement (1)	June 30, 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	3.9x
Consolidated Income Available for Debt Service Charge must be at least 1.5/1	4.1x

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
	June 30, 2013
Consolidated debt, per balance sheet (A)	$	1,100,604
Total assets, as defined (B) (Table A)	$	3,252,998
Computed ratio (A÷B)		34%
Required ratio (cannot exceed)		60%
Ratio of Secured Debt to Total Assets
Total secured debt (C)	$	400,604
Computed ratio (C÷B)		12%
Required ratio (cannot exceed)		40%
Ratio of Total Unencumbered Assets to Unsecured Debt
Consolidated debt, per balance sheet (A)	$	1,100,604
Total secured debt (C)		(400,604)
Total unsecured debt (D)	$	700,000
Total unencumbered assets, as defined (E) (Table A)	$	2,717,184
Computed ratio (E÷D)		3.9x
Required minimum ratio		1.5x
Ratio of Consolidated Income Available for Debt Service to Annual Debt Service Charge (Annualized)
Consolidated Income Available for Debt Service, as defined (F) (Table B)	$	192,200
Annual Debt Service Charge, as defined (G) (Table B)	$	46,970
Computed ratio (F÷G)		4.1x
Required minimum ratio		1.5x

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2^nd 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
	June 30,             2013
Total real estate assets	$	2,260,846
Add:
Investments in and advances to unconsolidated real estate entities		4,458
Accumulated depreciation		884,571
Other tangible assets		103,123
Total assets for public debt covenant computations		3,252,998
Less:
Encumbered real estate assets		(531,356)
Investments in and advances to unconsolidated real estate entities		(4,458)
Total unencumbered assets for public debt covenant computations	$	2,717,184

Table B

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

	Six months ended
Consolidated income available for debt service	June 30, 2013
Net income	$	48,004
Add:
Depreciation		42,466
Depreciation and amort. (company share) of assets held in unconsolidated entities		595
Amortization of deferred financing costs		1,269
Interest expense		22,272
Interest expense (company share) of assets held in unconsolidated entities		1,213
Income tax expense, net		448
Other non-cash (income) expense, net		2,008
Less:
Gains on sales of real estate assets, net		(22,175)
Consolidated income available for debt service	$	96,100
Consolidated income available for debt service (annualized)	$	192,200
Annual debt service charge
Consolidated interest expense	$	22,272
Interest expense (company share) of assets held in unconsolidated entities		1,213
Debt service charge	$	23,485
Debt service charge (annualized)	$	46,970

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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2^nd 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 6/30/2013		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		-	$	84.5	$	271	$	83.5	2Q 2012	3Q 2013	86.8%
Under development
Post Lake® at Baldwin Park, III	Orlando, FL		410		960		-		58.6		149		45.5	1Q 2013	3Q 2014	29.3%
Post Parkside™ at Wade	Raleigh, NC		397		875		14,908		55.0		152		45.3	1Q 2013	3Q 2014	23.7%
Post Richmond Avenue™	Houston, TX		242		857		-		34.3		165		20.4	4Q 2013	4Q 2014	N/A
Post Soho Square™	Tampa, FL		231		598		10,556		39.8		196		14.2	1Q 2014	2Q 2015	N/A
Post Alexander™, II	Atlanta, GA		340		830		-		75.5		268		6.8	1Q 2015	3Q 2016	N/A
Total			1,964				25,464	$	347.7			$	215.7
Communities stabilized during the period (4)
Post South Lamar™	Austin, TX		298		853		9,263	$	40.4	$	153	$	39.5	3Q 2012	2Q 2013	98.3%
Post Midtown Square®, III	Houston, TX		124		889		10,358		21.8		181		20.1	4Q 2012	2Q 2013	98.4%

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. For stabilized apartment communities, remaining unfunded construction costs include first generation retail 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 July 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 June 30, 2013		Estimated Usable
Project	Metro Area	(in thousands)		Acreage
Centennial Park	Atlanta, GA	$	18,858		5.6
South Lamar II	Austin, TX		8,492		3.0
Frisco Bridges II	Dallas, TX		5,480		5.4
Galleria	Houston, TX		13,119		3.9
Wade	Raleigh, NC		10,257		26.6
Other land parcels	Atlanta, GA		5,962		11.2
Total Land Held for Future Investment		$	62,168		55.7

Acquisition/Disposition Activity

		Quarter  Acquired /		Est. Avg. Unit Size	Retail	Year	Gross Price		Est. Total Price Per		Cap		Company’s   Ownership
Property Name	Location	Disposed	Units	Sq. Ft. (1)	Sq. Ft.	Completed	(Thousands) (2)		Sq. Ft. (3)		Rate		%
Acquisitions
Post South End™	Charlotte, NC	Q3 2012	360	847	7,612	2009	$	74,000	$	237		5.0%(4)	100%
Post Lakeside™	Orlando, FL	Q2 2013	300	1,070	-	2013	$	48,500	$	151		5.2%(4)	100%
Dispositions
Post Biltmore™	Atlanta, GA	Q1 2012	276	766	-	2002	$	51,075	$	242		4.8%(5)	35%

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

2) Excludes transaction costs and planned up front capital expenditures, if any.

3) 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.

4) Based on projected first twelve-month net operating income after adjustments for management fee (3.0%) and capital reserves ($300/unit). Also includes the impact of transaction costs and planned up front capital expenditures, if any.

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

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2^nd Quarter 2013

SUMMARY OF CONDOMINIUM PROJECTS

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

	The Ritz-Carlton Residences,       Atlanta Buckhead				Four Seasons      Private Residences,      Austin
Project Data
Location		Atlanta, GA				Austin, TX
Residential square footage		245,539				292,741
Average unit square footage (1)		1,949				1,978
Quarter of first units available		3Q10				2Q10
Units as of 7/26/13 (2)
Closed		119				148
Under contract		6				-
Available for sale		1				-
Total		126				148
Quarterly Data			Per Sq. Ft.				Per Sq. Ft.
Balance Sheet/Cost Data as of 6/30/13
Condominium book value	$	3,745			$	-
Condominium estimated cost to complete	$	444			$	-
Estimated book value at completion	$	4,189	$	134	$	-	$	-
Projected total cost (before impairment losses)	$	112,700	$	459	$	138,500	$	473
Units Closed as of 6/30/13
Quarter		14				16
Year to date		30				20
Project to date		113				148
Square Footage of Units Closed as of 6/30/13 (1)
Quarter		24,057				41,839
Year to date		53,703				50,676
Project to date		214,170				292,741
Gross Revenue as of 6/30/13
Quarter	$	10,036	$	417	$	28,087	$	671
Year to date	$	21,603	$	402	$	33,995	$	671
Project to date	$	84,446	$	394	$	185,041	$	632
Cash flow from sales as of 6/30/13 (3)
Quarter	$	6,918	$	288	$	24,020	$	574
Year to date	$	15,587	$	290	$	28,438	$	561
Project to date	$	55,644	$	260	$	150,778	$	515

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.

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2^nd 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 and six months ended June 30, 2013 and 2012 is provided below.

	Three months ended June 30,				Six months ended June 30,
	2013		2012		2013		2012
New community development and acquisition activity (1)	$	91,407	$	43,135	$	125,339	$	74,366
Periodically recurring capital expenditures
Community rehabilitation and other revenue generating improvements (2)		1,495		599		2,413		1,310
Other community additions and improvements (3) (6)		3,633		2,146		8,327		3,523
Annually recurring capital expenditures
Carpet replacements and other community additions and improvements (4)		3,892		4,538		7,365		7,480
Corporate additions and improvements		316		366		656		445
	$	100,743	$	50,784	$	144,100	$	87,124
Other Data
Capitalized interest	$	1,092	$	1,679	$	2,096	$	3,000
Capitalized development and associated costs (5)	$	670	$	913	$	1,426	$	1,719

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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2^nd 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 June 30, 2013										Three months ended June 30, 2013							Six months ended June 30, 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			Entity NOI		Company’s Equity in  Income (Loss)		Mgmt.   Fees &   Other
Post Collier Hills® (1)	$	55,292	$	39,565	(2)	$	8,546	$	(4,757)	(1)	$	674	$	(4)				$	1,348	$	(7)
Post Crest® (1)		64,662		46,158	(2)		9,865		(7,111)	(1)		808		4					1,616		9
Post Lindbergh® (1)		60,934		41,000	(3)		12,922		(4,650)	(1)		764		7					1,483		3
Post Massachusetts Avenue™		71,031		51,000	(4)		4,738		4,458			1,881		470					3,760		950
Total	$	251,919	$	177,723		$	36,071	$	(12,060)		$	4,127	$	477	$	216	(5)	$	8,207	$	955	$	425	(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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2^nd 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     June 30, 2013		Adjustments			As     Adjusted  (3)
Rental revenues	$	85,042	$	(3,887)	(2)	$	81,155
Other property revenues		5,213		(174)	(2)		5,039
Total rental and other revenues (A)		90,255		(4,061)			86,194
Property operating & maintenance expenses
(excluding depreciation and amortization) (B)		38,671		(5,971)	(2)		32,700
Property net operating income (Table 1) (A-B)	$	51,584	$	1,910		$	53,494
Assumed property management fee
(calculated at 3% of revenues) (A x 3%)							(2,586)
Assumed property capital expenditure reserve
($300 per unit per year based on 19,051 units)							(1,429)
Adjusted property net operating income						$	49,479
Annualized property net operating income (C)						$	197,916
Apartment units represented (D)		22,858		(3,807)	(2)		19,051
Other Asset Data	As of June 30, 2013		Adjustments			As Adjusted
Cash & equivalents	$	74,413	$	-		$	74,413
Real estate assets acquired, at cost (10)		-		48,500	(10)		48,500
Real estate assets under construction, at cost (4)		101,286		173,988			275,274
Land held for future investment		62,168		-			62,168
For-sale condominiums		3,745		-			3,745
Investments in and advances to unconsolidated real estate entities (5)		4,458		(4,458)	(5)		-
Restricted cash and other assets		35,375		(387)	(10)		34,988
Cash & other assets of unconsolidated apartment entities (6)		6,589		(4,729)	(6)		1,860
Total (E)	$	288,034	$	212,914		$	500,948
Other Liability Data
Indebtedness (7)	$	1,100,604	$	(10,829)	(7)	$	1,089,775
Investments in unconsolidated real estate entities (5)		16,518		(16,518)	(5)		-
Other liabilities (including noncontrolling interests) (8)		114,657		(8,013)	(8)		106,644
Total liabilities of unconsolidated apartment entities (9)		181,467		(130,911)	(9)		50,556
Total (F)	$	1,413,246	$	(166,271)		$	1,246,975

Other Data

	As of June 30, 2013
	# Shares/Units		Stock Price		Implied Value
Liquidation value of preferred shares (G)					$	43,392
Common shares outstanding		54,602
Common units outstanding		143
Total (H)		54,745	$	49.49	$	2,709,330
Implied market value of Company gross real estate assets (I) = (F+G+H-E)					$	3,498,749
Implied Portfolio Capitalization Rate (C÷I)						5.7%

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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The Company presents NOI for the second quarter ended June 30, 2013, for properties stabilized as of April 1, 2013, so that a capitalization rate may be applied and an approximate value for the assets determined. Properties not stabilized as of April 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 June 30, 2013, to adjust property net operating income to the Company’s share for fully stabilized communities:

	Rental Revenue		Other Revenue		Expenses		Units
Communities acquired	$	(354)	$	(30)	$	(108)		(300)
Communities in lease-up		(3,482)		(222)		(2,043)		(2,386)
Company share of unconsolidated entities		1,840		145		681		(1,077)
Minority share of consolidated real estate entity		(537)		(4)		(214)		(44)
Corporate property management expenses		-		-		(2,949)		-
Corporate apartments and other		(1,354)		(63)		(1,338)		-
	$	(3,887)	$	(174)	$	(5,971)		(3,807)

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 June 30, 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	$	22,448	$	9,041	$	13,407		25.1%		5,707
Dallas		17,370		7,390		9,980		18.7%		4,725
Houston		3,600		1,446		2,154		4.0%		837
Austin		2,944		1,200		1,744		3.3%		637
Washington, D.C		14,141		4,440		9,701		18.1%		2,395
New York		3,180		1,345		1,835		3.4%		293
Tampa		9,119		3,314		5,805		10.8%		2,111
Orlando		2,795		920		1,875		3.5%		598
Charlotte		6,558		2,221		4,337		8.1%		1,748
Commercial		4,039		1,383		2,656		5.0%		-
Total	$	86,194	$	32,700	$	53,494		100.0%		19,051
Approximate commercial Sq. Ft.										719,000

4) The “As Adjusted” amount represents the CIP balance, adjusted for costs of completed apartment units, as follows:

Post Carlyle Square™ - Phase II	$                83,496
Post South Lamar™		39,491
Post Midtown Square® - Phase III		20,149
Post Parkside™ at Wade		45,299
Post Lake® at Baldwin Park - Phase III		45,491
Post Richmond Avenue™		20,427
Post Soho Square™		14,167
Post Alexander™ - Phase II		6,754
	$	275,274

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 June 30, 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 June 30, 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 $8,064, offset by the addition of noncontrolling interests of consolidated real estate entities of $51.

9) The “As of June 30, 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.

10) This adjustment represents the undepreciated real estate assets of Post Lakeside™ acquired during the second quarter of 2013 and which was excluded from net operating income reflected above. Certain assets acquired totaling $387 were reflected in other assets under GAAP.

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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						Six months ended
	June 30,       2013		June 30,       2012		March 31,       2013		June 30,       2013		June 30,       2012
Total same store NOI	$	48,871	$	46,785	$	48,008	$	96,879	$	92,435
Property NOI from other operating segments		2,713		(62)		1,552		4,265		(295)
Consolidated property NOI		51,584		46,723		49,560		101,144		92,140
Add (subtract):
Interest income		23		288		36		59		339
Other revenues		229		206		214		443		428
Depreciation		(21,345)		(19,497)		(21,121)		(42,466)		(38,838)
Interest expense		(11,130)		(11,103)		(11,142)		(22,272)		(22,748)
Amortization of deferred financing costs		(645)		(698)		(624)		(1,269)		(1,359)
General and administrative		(4,170)		(3,883)		(4,245)		(8,415)		(8,168)
Investment and development		(592)		(322)		(489)		(1,081)		(802)
Other investment costs		(516)		(306)		(305)		(821)		(612)
Gains on condominium sales activities, net		13,981		8,530		8,194		22,175		15,434
Equity in income of unconsolidated real estate entities, net		477		495		478		955		6,941
Other income (expense), net		(282)		737		(166)		(448)		581
Net loss on extinguishment of indebtedness		-		-		-		-		(301)
Net income	$	27,614	$	21,170	$	20,390	$	48,004	$	43,035

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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						Q2 ‘13 vs. Q2 '12   % Change		Q2 ‘13 vs. Q1 '13   % Change		Q2 ‘13 % Same   Store NOI
	June 30,         2013		June 30,         2012		March 31,          2013
Rental and other revenues
Atlanta	$	21,405	$	20,320	$	20,989		5.3%		2.0%
Dallas		17,370		16,811		17,263		3.3%		0.6%
Houston		3,600		3,359		3,593		7.2%		0.2%
Austin		2,944		2,770		2,884		6.3%		2.1%
Washington, D.C.		13,199		13,108		13,040		0.7%		1.2%
New York		3,721		3,668		3,611		1.4%		3.0%
Tampa		9,119		8,628		9,015		5.7%		1.2%
Orlando		2,795		2,711		2,785		3.1%		0.4%
Charlotte		5,096		4,845		5,019		5.2%		1.5%
Total rental and other revenues		79,249		76,220		78,199		4.0%		1.3%
Property operating and maintenance expenses (exclusive of depreciation and amortization)
Atlanta		8,732		8,087		8,297		8.0%		5.2%
Dallas		7,390		7,163		7,174		3.2%		3.0%
Houston		1,446		1,439		1,385		0.5%		4.4%
Austin		1,200		1,192		1,223		0.7%		(1.9)%
Washington, D.C.		4,186		3,946		4,291		6.1%		(2.4)%
New York		1,559		1,607		1,768		(3.0)%		(11.8)%
Tampa		3,314		3,257		3,310		1.8%		0.1%
Orlando		920		1,001		1,104		(8.1)%		(16.7)%
Charlotte		1,631		1,743		1,639		(6.4)%		(0.5)%
Total		30,378		29,435		30,191		3.2%		0.6%
Net operating income
Atlanta		12,673		12,233		12,692		3.6%		(0.1)%		25.9%
Dallas		9,980		9,648		10,089		3.4%		(1.1)%		20.4%
Houston		2,154		1,920		2,208		12.2%		(2.4)%		4.4%
Austin		1,744		1,578		1,661		10.5%		5.0%		3.6%
Washington, D.C.		9,013		9,162		8,749		(1.6)%		3.0%		18.4%
New York		2,162		2,061		1,843		4.9%		17.3%		4.4%
Tampa		5,805		5,371		5,705		8.1%		1.8%		11.9%
Orlando		1,875		1,710		1,681		9.6%		11.5%		3.8%
Charlotte		3,465		3,102		3,380		11.7%		2.5%		7.2%
Total same store NOI	$	48,871	$	46,785	$	48,008		4.5%		1.8%		100.0%
Average rental rate per unit
Atlanta	$	1,251	$	1,187	$	1,236		5.4%		1.2%
Dallas		1,213		1,159		1,199		4.7%		1.1%
Houston		1,399		1,292		1,381		8.3%		1.3%
Austin		1,509		1,421		1,490		6.2%		1.2%
Washington, D.C.		1,898		1,859		1,889		2.1%		0.5%
New York		3,869		3,777		3,874		2.4%		(0.1)%
Tampa		1,386		1,321		1,371		4.9%		1.1%
Orlando		1,518		1,447		1,512		4.9%		0.4%
Charlotte		1,195		1,129		1,180		5.8%		1.2%
Total average rental rate per unit		1,406		1,344		1,393		4.6%		0.9%

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2^nd Quarter 2013

Table 2 (con’t) - Same Store Net Operating Income (NOI) and Average Rental Rate per Unit by Market

(In thousands, except average rental rates)

	Six months ended
	June 30,         2013		June 30,         2012		% Change
Rental and other revenues
Atlanta	$	42,394	$	40,290		5.2%
Dallas		34,633		32,991		5.0%
Houston		7,193		6,604		8.9%
Austin		5,828		5,462		6.7%
Washington, D.C.		26,239		25,962		1.1%
New York		7,332		7,270		0.9%
Tampa		18,134		17,137		5.8%
Orlando		5,580		5,373		3.9%
Charlotte		10,115		9,508		6.4%
Total rental and other revenues		157,448		150,597		4.5%
Property operating and maintenance expenses (exclusive of depreciation and amortization)
Atlanta		17,029		15,903		7.1%
Dallas		14,564		14,164		2.8%
Houston		2,831		2,644		7.1%
Austin		2,423		2,395		1.2%
Washington, D.C.		8,477		7,969		6.4%
New York		3,327		3,293		1.0%
Tampa		6,624		6,427		3.1%
Orlando		2,024		2,004		1.0%
Charlotte		3,270		3,363		(2.8)%
Total		60,569		58,162		4.1%
Net operating income
Atlanta		25,365		24,387		4.0%
Dallas		20,069		18,827		6.6%
Houston		4,362		3,960		10.2%
Austin		3,405		3,067		11.0%
Washington, D.C.		17,762		17,993		(1.3)%
New York		4,005		3,977		0.7%
Tampa		11,510		10,710		7.5%
Orlando		3,556		3,369		5.6%
Charlotte		6,845		6,145		11.4%
Total same store NOI	$	96,879	$	92,435		4.8%
Average rental rate per unit
Atlanta	$	1,244	$	1,177		5.7%
Dallas		1,206		1,149		5.0%
Houston		1,390		1,278		8.8%
Austin		1,500		1,410		6.4%
Washington, D.C.		1,893		1,851		2.3%
New York		3,871		3,760		3.0%
Tampa		1,378		1,309		5.3%
Orlando		1,515		1,436		5.5%
Charlotte		1,188		1,117		6.4%
Total average rental rate per unit		1,399		1,334		4.9%

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Table 3 - Operating Community Table

Market / Submarket / Community	Yr. Completed/ Yr. of Substantial           Renovations	No. of           Units		Avg. Unit Size     (Sq. Ft.)		Q2 2013 Avg. Monthly Rent				Q2 2013 Average Economic     Occ.
						Per     Unit		Per     Sq. Ft.
Atlanta
Buckhead / Brookhaven
Post Alexander™	2008		307		1,015	$	1,660	$	1.64		97.4%
Post Brookhaven®	1990-1992		735		933		1,079		1.16		97.4%
Post Chastain®	1990/2008		558		866		1,206		1.39		97.4%
Post Collier Hills® (1)(2)	1997		396		948		1,082		1.14		95.9%
Post Gardens®	1998		397		1,039		1,257		1.21		95.9%
Post Glen® (2)	1997		314		1,076		1,251		1.16		97.7%
Post Lindbergh® (1)(2)	1998		396		909		1,131		1.24		97.7%
Post Peachtree Hills®	1992-1994/2009		300		978		1,353		1.38		96.3%
Post StratfordTM	2000		250		1,000		1,322		1.32		95.2%
Dunwoody
Post Crossing® (2)	1995		354		1,036		1,140		1.10		96.3%
Emory Area
Post BriarcliffTM (2)	1999		688		1,006		1,222		1.21		94.5%
Midtown
Post ParksideTM	2000		188		886		1,487		1.68		97.4%
Post Renaissance®	1992-1994		342		914		1,097		1.20		96.4%
Northwest Atlanta
Post Crest® (1)(2)	1996		410		1,033		1,062		1.03		97.0%
Post Riverside®	1998		522		1,059		1,516		1.43		94.3%
Post SpringTM	2000		452		977		1,036		1.06		96.0%
Dallas
North Dallas
Post Addison CircleTM (2)	1998-2000		1,334		846		1,082		1.28		92.6%
Post EastsideTM	2008		435		912		1,174		1.29		94.2%
Post Legacy	2000		384		810		1,045		1.29		94.6%
Post Sierra at Frisco Bridges™	2009		268		896		1,128		1.26		89.5%
Uptown Dallas
Post AbbeyTM	1996		34		1,223		1,943		1.59		95.7%
Post Cole’s CornerTM	1998		186		800		1,179		1.47		95.3%
Post GalleryTM	1999		34		2,307		2,884		1.25		93.6%
Post HeightsTM	1998-1999/2009		368		845		1,341		1.59		96.4%
Post Katy Trail™	2010		227		898		1,629		1.81		96.6%
Post MeridianTM	1991		133		780		1,332		1.71		96.7%
Post SquareTM	1996		216		856		1,322		1.54		95.3%
Post Uptown VillageTM	1995-2000		496		736		1,114		1.51		97.0%
Post VineyardTM	1996		116		733		1,153		1.57		98.1%
Post VintageTM	1993		160		750		1,210		1.61		96.5%
Post WorthingtonTM	1993/2008		334		820		1,451		1.77		96.6%

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2^nd Quarter 2013

Table 3 (con’t) - Operating Community Table

Market / Submarket / Community	Yr. Completed/ Yr. of Substantial           Renovations	No. of           Units		Avg. Unit Size     (Sq. Ft.)		Q2 2013 Avg. Monthly Rent				Q2 2013 Average Economic     Occ.
						Per     Unit		Per     Sq. Ft.
Houston
Post Midtown Square® - Phases I & II	1999-2000		529		759	$	1,326	$	1.75		95.4%
Post Midtown Square® - Phase III (4)	2012		124		889		1,712		1.93		84.0%
Post Rice LoftsTM	1998		308		904		1,526		1.69		96.5%
Austin
Post Barton Creek™	1998		160		1,162		1,734		1.49		96.6%
Post Park Mesa™	1992		148		1,091		1,424		1.31		95.5%
Post South Lamar™ (4)	2012		298		853		1,606		1.88		74.9%
Post West Austin™	2009		329		889		1,438		1.62		95.1%
Washington D.C.
Maryland
Post Fallsgrove	2003		361		983		1,732		1.76		95.4%
Post Park®	2010		396		975		1,627		1.67		97.8%
Virginia
Post Carlyle Square™ - Phase I	2006		205		861		2,409		2.80		91.3%
Post Carlyle Square™ - Phase II (4)	2012		344		906		2,555		2.82		69.2%
Post Corners at Trinity Centre (2)	1996		336		994		1,605		1.61		97.3%
Post Pentagon Row TM	2001		504		853		2,349		2.75		90.9%
Post Tysons Corner TM	1990		499		807		1,764		2.19		92.7%
Washington D.C.
Post Massachusetts Avenue TM (1)(2)	2002		269		883		3,173		3.59		95.4%
New York City
Post Luminaria TM (2)(3)	2002		138		721		3,849		5.34		95.0%
Post Toscana TM (2)	2003		199		817		3,884		4.75		95.0%
Tampa
Post Bay at Rocky Point™	1997		150		1,012		1,428		1.41		98.6%
Post Harbour PlaceTM	1999-2002		578		920		1,503		1.63		97.2%
Post Hyde Park® (2)	1996-2008		467		1,011		1,462		1.45		98.2%
Post Rocky Point®	1996-1998		916		1,031		1,266		1.23		95.9%
Orlando
Post Lake® at Baldwin Park	2004-2007		350		1,013		1,544		1.52		95.4%
Post Lake® at Baldwin Park - Phase III (4)	2013		410		960		1,555		1.62		7.0%
Post Lakeside™ (5)	2013		300		1,070		1,268		1.19		87.0%
Post ParksideTM	1999		248		867		1,480		1.71		97.8%
Charlotte
Post Ballantyne	2004		323		1,252		1,167		0.93		96.7%
Post Gateway PlaceTM	2000		436		804		1,097		1.36		96.6%
Post Park at Phillips Place®	1998		402		1,101		1,356		1.23		95.0%
Post South End™	2009		360		847		1,322		1.56		97.6%
Post Uptown PlaceTM	2000		227		800		1,135		1.42		97.5%
Raleigh
Post Parkside™ at Wade (4)	2013		397		875		1,146		1.31		3.9%

1) Communities held in unconsolidated entities.

2) Communities encumbered by secured mortgage indebtedness.

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

4) During the period, these communities, or portions thereof, were currently in lease-up.

5) Community was acquired in May 2013. Average monthly rent and average economic occupancy was calculated for the Company’s ownership period.

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2^nd Quarter 2013

Table 4 - Year-to-Date Margin Analysis

(In thousands)

	Six months ended June 30, 2013
	Rental and Other Property Revenues		Property Operating &     Maintenance     Expenses		Net     Operating     Income (“NOI”)		NOI     Margin	Expense     Margin
Same store communities	$	157,448	$	60,569	$	96,879	61.5%		38.5%
Development and lease-up communities		5,900		3,593		2,307	N/A		N/A
Acquired communities		3,374		1,150		2,224	65.9%		34.1%
Other property segments:
Corporate apartments		2,820		2,443		377	13.4%		86.6%
Commercial		8,028		2,718		5,310	66.1%		33.9%
Corporate property management expenses (1)		-		5,953		(5,953)
	$	177,570	$	76,426
Consolidated property NOI (2)					$	101,144
Third-party management fees					$	425

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

Numerator:
Corporate property management expenses	$	5,953
Less: Third-party management fees		(425)
Net property management expenses	$	5,528
Denominator:
Total rental and other property revenues	$	177,570
Less: Corporate apartment revenues		(2,820)
Adjusted property revenues	$	174,750
Net property management expenses as     a percentage of adjusted property revenues		3.2%

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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2^nd Quarter 2013

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

(In thousands)

	Three months ended June 30,				Six months ended June 30,
	2013		2012		2013		2012
Annually recurring capital expenditures by operating segment
Same store communities	$	3,700	$	4,181	$	7,064	$	7,011
Development and lease-up		7		-		25		-
Acquired communities		43		-		86		-
Commercial and other segments		142		357		190		469
Total annually recurring capital expenditures	$	3,892	$	4,538	$	7,365	$	7,480
Periodically recurring capital expenditures by operating segment
Same store communities	$	3,195	$	1,899	$	7,455	$	2,430
Development and lease-up		8		5		10		5
Acquired communities		57		-		228		-
Commercial and other segments		373		242		634		1,088
Total periodically recurring capital expenditures	$	3,633	$	2,146	$	8,327	$	3,523
Total revenue generating capital expenditures	$	1,495	$	599	$	2,413	$	1,310
Decrease (increase) in capital expenditure accruals	$	170	$	-	$	(1,115)	$	-
Total property capital expenditures per statements of cash flows	$	9,190	$	7,283	$	16,990	$	12,313

Table 6 - Computation of Debt Ratios

(In thousands)

	As of June 30,
	2013		2012
Total real estate assets per balance sheet	$	2,260,846	$	2,099,355
Plus:
Company share of real estate assets held in unconsolidated entities		58,187		59,450
Company share of accumulated depreciation - assets held in unconsolidated entities		11,896		10,284
Accumulated depreciation per balance sheet		884,571		805,129
Total undepreciated real estate assets (A)	$	3,215,500	$	2,974,218
Total debt per balance sheet	$	1,100,604	$	967,582
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)	$	1,150,135	$	1,017,113
Total debt as a % of undepreciated real estate assets (adjusted for joint venture partners’ share of debt) (B÷A)		35.8%		34.2%
Total debt per balance sheet	$	1,100,604	$	967,582
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)	$	1,193,527	$	1,060,505
Total debt and preferred equity as a % of undepreciated real estate assets (adjusted for joint venture partners’ share of debt) (C÷A)		37.1%		35.7%

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2^nd Quarter 2013

Table 7 - Computation of Coverage Ratios

(In thousands)

	Six months ended June 30,
	2013		2012
Net income	$	48,004	$	43,035
Other non-cash (income) expense, net		2,008		2,088
Income tax expense, net		448		304
Gains on sales of real estate assets, net		(22,175)		(15,434)
Gain on sale of real estate assets - unconsolidated entity, net		-		(6,055)
Net loss on early extinguishment of indebtedness		-		301
Depreciation expense		42,466		38,838
Depreciation and amort. (company share) of assets held in unconsolidated entities		595		623
Interest expense		22,272		22,748
Interest expense (company share) of assets held in unconsolidated entities		1,213		1,356
Amortization of deferred financing costs		1,269		1,359
Income available for debt service (A)	$	96,100	$	89,163
Annualized income available for debt service (B)	$	192,200	$	178,326
Interest expense	$	22,272	$	22,748
Interest expense (company share) of assets held in unconsolidated entities		1,213		1,356
Adjusted interest expense (C)		23,485		24,104
Capitalized interest		2,096		3,000
Adjusted interest expense (including capitalized interest) (D)	$	25,581	$	27,104
Adjusted interest expense	$	23,485	$	24,104
Dividends to preferred shareholders		1,844		1,844
Fixed charges (E)		25,329		25,948
Capitalized interest		2,096		3,000
Fixed charges (including capitalized interest) (F)	$	27,425	$	28,948
Total debt (adjusted for joint venture partners’ share of debt) (see Table 6) (G)	$	1,150,135	$	1,017,113
Interest coverage ratio (A÷C)		4.1x		3.7x
Interest coverage ratio (including capitalized interest) (A÷D)		3.8x		3.3x
Fixed charge coverage ratio (A÷E)		3.8x		3.4x
Fixed charge coverage ratio (including capitalized interest) (A÷F)		3.5x		3.1x
Total debt to annualized income available for debt service ratio (G÷B)		6.0x		5.7x

Table 8 - Calculation of Company Undepreciated Book Value Per Share

(In thousands, except per share data)

	June 30, 2013
Total Company shareholders’ equity per balance sheet	$	1,146,135
Plus:
Accumulated depreciation, per balance sheet		884,571
Noncontrolling interest of common unitholders in Operating Partnership, per balance sheet		7,093
Less:
Deferred financing costs, net, per balance sheet		(9,762)
Preferred shares at liquidation value		(43,392)
Total undepreciated book value (A)	$	1,984,645
Total common shares and units (B)		54,745
Company undepreciated book value per share (A÷B)	$	36.25

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