Post Properties Reaches Agreement with Pentwater Capital

Nominates David Schwartz to Stand for Election to the Board of
Directors; One Additional Director to be Agreed Upon by Company and
Pentwater

Names Doug Crocker Vice Chairman of the Board

Schedules Annual Meeting to be Held October 16, 2008
ATLANTA--(Business Wire)--
Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate
investment trust, today announced that it has entered into an
agreement with Pentwater Capital Management and Pentwater Growth Fund
in connection with the election of directors at the Annual Meeting of
Shareholders scheduled to be held on October 16, 2008. The Company
also announced that its Board of Directors has named Douglas Crocker
II as Vice Chairman. Mr. Crocker will also continue to serve as
chairman of the Strategic Planning and Investment Committee of the
Board.

Under the terms of the agreement with Pentwater, David R. Schwartz
will stand for election at the 2008 Annual Meeting and the Company
will select a new mutually agreed upon independent director. Eight of
the Company's nine incumbent directors will stand for re-election. One
incumbent director has reached the mandatory retirement age under the
Company's Corporate Governance Guidelines and, as a result, will not
stand for re-election to the Board. Pentwater has agreed to support
and vote for the agreed upon slate of nominees at the Annual Meeting.
Under the Company's Board structure, each director stands for election
annually.

Mr. Schwartz is a Managing Member and founder of Waterton
Associates, a Chicago-based real estate firm that, since its inception
in 1995, has acquired more than 39,000 apartments in 109 properties in
most major metropolitan areas of the United States.

The record date for determining shareholders entitled to notice of
and to vote at the Annual Meeting is September 8, 2008.

Robert C. Goddard, III, Chairman of the Company's Board of
Directors, said, "We are pleased that the agreement with Pentwater
will allow the Company to continue to focus exclusively on its
business. The Board looks forward to the contribution of David
Schwartz, and to the continuing leadership of Doug Crocker in his
added role as Vice Chairman."

Said David P. Stockert, President and CEO, "Working together with
the Board, our management team is committed to build on the strengths
of the Company to pursue the common goal of enhancing value for
shareholders."

Post Properties, founded more than 36 years ago, is one of the
largest developers and operators of upscale multifamily communities in
the United States. 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(R) branded resort-style garden
and high density urban apartments. In addition, the Company develops
high-quality condominiums and converts existing apartments to for-sale
multifamily communities. Post Properties is headquartered in Atlanta,
Georgia, and has operations in ten markets across the country.

Post Properties owns 22,140 apartment homes in 61 communities,
including 1,747 apartment units in five communities held in
unconsolidated entities, 1,736 apartment units in five communities
currently under construction and/or in lease-up. The Company is also
developing and selling 514 for-sale condominium homes in four
communities (including 137 units in one community held in an
unconsolidated entity) and is converting apartment units in two
communities initially consisting of 349 units into for-sale
condominium homes through a taxable REIT subsidiary.

Post Properties, Inc.
David Stockert, 404-846-5000

Copyright Business Wire 2008