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Post Properties Announces Management Changes
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01/16/2005
Post Properties, Inc. (NYSE:PPS) , an Atlanta-based real estate investment trust, announced today that R. Gregory Fox, the Company's Chief Financial Officer and Douglas S. Gray, the Company's Executive Vice President of Asset Management, will be leaving Post Properties shortly. Both have agreed to continue in their current roles until their successors are identified. The Company is in the process of discussing appropriate termination arrangements.
David P. Stockert, the Company's President and Chief Executive Officer, said, "Greg and Doug have made many contributions to the Post team over the last several years. We appreciate their hard work and we wish them both the best in their future endeavors."
The Company is commencing a search to identify qualified candidates for Chief Financial Officer and Chief Investment Officer.
The Company noted that today's announcement in no way reflects any concerns regarding Post's accounting practices, financial reporting or internal controls.
Post Properties, Inc., a leading developer and operator of upscale apartment communities in the United States, pioneered building and branding resort-style garden apartments for more than 30 years. Post now also focuses on the creation of high-quality, high-density, live-work-walk neighborhoods in infill locations in major urban markets. The Company has been recognized locally, nationally and internationally for building better neighborhoods and the preservation of historic buildings. Operating as a self-administered and self-managed equity real estate investment trust (REIT), the Company's primary business consists of developing and managing Post(R) brand-name apartment communities.
Nationwide, Post Properties owns approximately 30,080 apartment homes in 80 communities, including 1,256 units currently under development.
Source: Post Properties, Inc.
CONTACT: Judith Wilkinson, or Nina Covalesky, both of Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449
