POST PROPERTIES INC - FORM 8-K - EX-99.2 - SUPPLEMENTAL FINANCIAL DATA

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8-K - FORM 8-K - POST PROPERTIES INC	d8k.htm
EX-99.1 - EARNINGS RELEASE - POST PROPERTIES INC	dex991.htm

Exhibit 99.2

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Second Quarter 2011

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 and Land Held for Future Investment		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, 2010 and in subsequent filings with the SEC; future local and national economic conditions, including changes in job growth, interest rates, the availability of mortgage and other financing and related factors; conditions affecting ownership of residential real estate and general conditions in the multi-family residential real estate market; the effects on the financial markets of the economic stabilization actions of the U.S government, U.S. Treasury, Federal Reserve and other governmental and regulatory bodies; uncertainties associated with the Company’s real estate development and construction; uncertainties associated with the timing and amount of apartment community sales; 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 effects of any decision by the government to eliminate Fannie Mae or Freddie Mac or reduce government support for apartment mortgage loans; 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 renew leases or relet units as leases expire; 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 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. 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, 2010 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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CONSOLIDATED STATEMENTS OF OPERATIONS

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


	Three months ended				Six months ended
	June 30,				June 30,
	2011		2010		2011		2010
Revenues
Rental	$	70,499	$	66,379	$	139,592	$	131,513
Other property revenues		4,698		4,181		8,920		7,907
Other		227		271		443		554

Total revenues		75,424		70,831		148,955		139,974


Expenses
Total property operating and maintenance (exclusive of items shown separately below)		33,206		32,915		65,823		66,406
Depreciation		18,808		18,643		37,560		37,114
General and administrative		4,246		3,967		8,362		8,643
Investment and development (1)		296		678		774		1,280
Other investment costs (1)		455		490		949		1,159
Impairment losses		-		35,091		-		35,091

Total expenses		57,011		91,784		113,468		149,693


Operating income (loss)		18,413		(20,953)		35,487		(9,719)

Interest income		516		196		608		365
Interest expense		(14,437)		(12,561)		(28,912)		(25,174)
Amortization of deferred financing costs		(721)		(653)		(1,368)		(1,486)
Net gains on condominium sales activities (2)		5,432		187		6,176		1,135
Equity in income of unconsolidated real estate entities, net		346		173		555		296
Other income (expense), net		285		(142)		301		(297)

Net income (loss)		9,834		(33,753)		12,847		(34,880)
Noncontrolling interests - consolidated real estate entities		(58)		-		(47)		(61)
Noncontrolling interests - Operating Partnership		(30)		125		(29)		136

Net income (loss) available to the Company		9,746		(33,628)		12,771		(34,805)
Dividends to preferred shareholders		(922)		(1,878)		(2,611)		(3,768)
Preferred stock redemption costs		-		(37)		(1,757)		(45)

Net income (loss) available to common shareholders	$	8,824	$	(35,543)	$	8,403	$	(38,618)


Per common share data - Basic (3)
Net income (loss) available to common shareholders	$	0.18	$	(0.73)	$	0.17	$	(0.79)

Weighted average common shares outstanding - basic		49,875		48,432		49,460		48,401

Per common share data - Diluted (3)
Net income (loss) available to common shareholders	$	0.17	$	(0.73)	$	0.17	$	(0.79)

Weighted average common shares outstanding - diluted		50,266		48,432		49,854		48,401

See Notes to Consolidated Financial Statements on page 6

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FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS

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

A reconciliation of net income (loss) 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,
	2011		2010		2011		2010
Net income (loss) available to common shareholders	$	8,824	$	(35,543)	$	8,403	$	(38,618)
Noncontrolling interests - Operating Partnership		30		(125)		29		(136)
Depreciation on consolidated real estate assets, net (4)		18,461		18,180		36,864		36,182
Depreciation on real estate assets held in unconsolidated entities		362		355		722		709
Gains on sales of condominiums		(5,432)		(187)		(6,176)		(1,135)
Incremental gains on condominium sales (5)		5,432		150		6,176		872

Funds (deficit) from operations available to common shareholders and unitholders (A)	$	27,677	$	(17,170)	$	46,018	$	(2,126)


Funds (deficit) from operations available to common shareholders and unitholders (A)	$	27,677	$	(17,170)	$	46,018	$	(2,126)
Annually recurring capital expenditures		(4,393)		(3,391)		(6,521)		(5,969)
Periodically recurring capital expenditures (6)		(2,275)		(726)		(3,568)		(1,278)
Non-cash straight-line adjustment for ground lease expenses		128		279		256		560
Non-cash impairment charges		-		35,091		-		35,091
Preferred stock redemption costs		-		37		1,757		45

Adjusted funds from operations available to common shareholders and unitholders (7) (B)	$	21,137	$	14,120	$	37,942	$	26,323


Per Common Share Data - Basic
Funds (deficit) from operations per share or unit, as defined (A÷C)	$	0.55	$	(0.35)	$	0.92	$	(0.04)
Adjusted funds from operations per share or unit (7) (B÷C)	$	0.42	$	0.29	$	0.76	$	0.54
Dividends declared	$	0.20	$	0.20	$	0.40	$	0.40
Weighted average shares outstanding		50,044		48,649		49,621		48,603
Weighted average shares and units outstanding (C)		50,213		48,820		49,791		48,775

Per Common Share Data - Diluted
Funds (deficit) from operations per share or unit, as defined (A÷D)	$	0.55	$	(0.35)	$	0.92	$	(0.04)
Adjusted funds from operations per share or unit (7) (B÷D)	$	0.42	$	0.29	$	0.76	$	0.54
Dividends declared	$	0.20	$	0.20	$	0.40	$	0.40
Weighted average shares outstanding (8)		50,435		48,803		50,015		48,736
Weighted average shares and units outstanding (8) (D)		50,604		48,974		50,185		48,909

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

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CONSOLIDATED BALANCE SHEETS

(In thousands)


	June 30, 2011		December 31, 2010
	(Unaudited)
Assets
Real estate assets
Land	$	292,396	$	285,005
Building and improvements		2,036,206		2,028,580
Furniture, fixtures and equipment		245,283		240,614
Construction in progress		58,096		25,734
Land held for future investment		55,420		72,697

		2,687,401		2,652,630
Less: accumulated depreciation		(729,759)		(692,514)
For-sale condominiums		68,098		82,259

Total real estate assets		2,025,740		2,042,375
Investments in and advances to unconsolidated real estate entities		7,350		7,671
Cash and cash equivalents		28,955		22,089
Restricted cash		5,328		5,134
Deferred charges, net		10,032		8,064
Other assets		29,351		29,446

Total assets	$	2,106,756	$	2,114,779


Liabilities and equity
Indebtedness	$	1,031,878	$	1,033,249
Accounts payable and accrued expenses		65,476		66,977
Investments in unconsolidated real estate entities		15,662		15,384
Dividends and distributions payable		10,124		9,814
Accrued interest payable		5,791		5,841
Security deposits and prepaid rents		9,970		10,027

Total liabilities		1,138,901		1,141,292


Redeemable common units		6,627		6,192


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
7 5/8% Series B Cumulative Redeemable Shares, liquidation preference $25 per share, 0 and 1,983 shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively		-		20
Common stock, $.01 par value, 100,000 authorized:
50,457 and 48,926 shares issued and 50,457 and 48,913 shares outstanding at June 30, 2011 and December 31, 2010, respectively		504		489
Additional paid-in-capital		963,922		965,691
Accumulated earnings		-		4,577

		964,435		970,786

Less common stock in treasury, at cost, 98 and 108 shares at June 30, 2011 and December 31, 2010, respectively		(3,326)		(3,696)

Total Company shareholders’ equity		961,109		967,090
Noncontrolling interests - consolidated real estate entities		119		205

Total equity		961,228		967,295

Total liabilities and equity	$	2,106,756	$	2,114,779

See Notes to Consolidated Financial Statements on page 6

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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 include land carry costs, primarily property taxes and assessments.

2)	A summary of revenues and costs and expenses of condominium activities for the three and six months ended June 30, 2011 and 2010 is as follows:


	Three months ended June 30,				Six months ended June 30,
	2011		2010		2011		2010
Condominium revenues	$	19,090	$	15,908	$	32,765	$	17,748
Condominium costs and expenses		(13,658)		(15,721)		(26,589)		(16,613)

Net gains on sales of condominiums	$	5,432	$	187	$	6,176	$	1,135

Post Properties, Inc. is structured as an UPREIT, or Umbrella Partnership Real Estate Investment Trust. Post GP Holdings, Inc., a wholly-owned subsidiary of the Company, is the sole general partner and, together with Post LP Holdings, Inc., also a wholly-owned subsidiary of the Company, owns the controlling interest in Post Apartment Homes, L.P., the Operating Partnership through which the Company conducts its operations. As of June 30, 2011, there were 50,620 units of the Operating Partnership outstanding, of which 50,457, or 99.7%, were owned by the Company.

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

For development projects, gains on condominium sales in FFO are equivalent to gains reported under GAAP. For conversion projects sold out in 2010, the Company recognized accounting gains under GAAP to the extent that net sales proceeds from the sale of condominium units exceeded the Company’s net GAAP basis and related expenses. For FFO purposes, the Company recognized incremental gains on condominium sales in FFO, net of provision for income taxes, to the extent that net sales proceeds, less costs of sales, from the sale of condominium units exceeded the “transfer price.” The transfer price for purposes of computing incremental gains on condominium sales included in FFO at conversion projects reflected the greater of (1) the estimated fair value on the date the project was acquired by the Company’s taxable REIT subsidiary (as supported by independently-prepared, third-party appraisals) or (2) its net book value at that time.

6)	Excludes approximately $5,759 and $10,653 for the three and six months ended June 30, 2010, respectively, of periodically recurring capital expenditures related to the Company’s exterior remediation project that was completed in 2010.

Since the Company does not add back the depreciation of non-real estate assets in its calculation of funds from operations, non-real estate related capital expenditures of $336 and $95 for the three months and $486 and $446 for the six months ended June 30, 2011 and 2010, respectively, are excluded from the calculation of adjusted funds from operations available to common shareholders and unitholders.

Diluted weighted average shares and units include the impact of dilutive securities totaling 391 and 154 for the three months and 394 and 133 for the six months ended June 30, 2011 and 2010, respectively. The dilutive securities for the three and six months ended June 30, 2010 were antidilutive to the computation of income (loss) per share, as the Company reported a net loss attributable to common shareholders for these periods under generally accepted accounting principles. Additionally, basic and diluted weighted average shares and units included the impact of non-vested shares and units totaling 169 and 217 for the three months and 161 and 202 for the six months ended June 30, 2011 and 2010, respectively, for the computation of funds (deficit) from operations per share. Such non-vested shares and units are considered in the income (loss) per share computations under generally accepted accounting principles using the “two-class method.”

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SAME STORE RESULTS

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

Same Store Operating Results

The Company defines fully stabilized or same store communities as those which have reached stabilization prior to the beginning of the previous calendar year, adjusted by communities sold and classified as held for sale and communities under rehabilitation. 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 46 communities containing 16,688 apartment units which were fully stabilized as of January 1, 2010, are summarized in the table below.


	Three months ended June 30,						Six months ended June 30,
	2011		2010		% Change		2011		2010		% Change
Revenues:
Rental and other revenue	$	62,651	$	59,910		4.6%	$	123,857	$	119,111		4.0%
Utility reimbursements		2,049		1,788		14.6%		4,081		3,630		12.4%

Total rental and other revenues	$	64,700	$	61,698		4.9%	$	127,938	$	122,741		4.2%


Property operating and maintenance expenses:
Personnel expenses		6,038		6,113		(1.2)%		12,259		12,252		0.1%
Utility expense		3,661		3,280		11.6%		7,620		6,940		9.8%
Real estate taxes and fees		8,486		8,716		(2.6)%		17,071		17,515		(2.5)%
Insurance expenses		848		1,015		(16.5)%		1,825		2,106		(13.3)%
Building and grounds repairs and maintenance (1)		4,406		3,862		14.1%		7,843		7,635		2.7%
Ground lease expense (2)		301		672		(55.2)%		600		1,341		(55.3)%
Other expenses		1,887		1,766		6.9%		3,696		3,508		5.4%

Total property operating and maintenance expenses (excluding depreciation and amortization)		25,627		25,424		0.8%		50,914		51,297		(0.7)%


Same store net operating income	$	39,073	$	36,274		7.7%	$	77,024	$	71,444		7.8%

Same store net operating income margin		60.4%		58.8%		1.6%		60.2%		58.2%		2.0%


Capital expenditures (3)
Annually recurring:
Carpet	$	779	$	748		4.1%	$	1,423	$	1,353		5.2%
Other		3,436		2,503		37.3%		4,800		4,435		8.2%

Total annually recurring		4,215		3,251		29.7%		6,223		5,788		7.5%
Periodically recurring (4)		1,960		6,292		(68.8)%		2,845		11,363		(75.0)%

Total capital expenditures (A)	$	6,175	$	9,543		(35.3)%	$	9,068	$	17,151		(47.1)%

Total capital expenditures per unit (A ÷ 16,688 units)	$	370	$	572		(35.3)%	$	543	$	1,028		(47.2)%

Average monthly rental rate per unit (5)	$	1,260	$	1,217		3.5%	$	1,251	$	1,216		2.9%

Gross turnover (6)		63.2%		62.3%		0.9%		55.0%		54.6%		0.4%

Net turnover (7)		56.8%		56.0%		0.8%		49.1%		48.4%		0.7%

1)	Building and grounds repairs and maintenance includes $328 and $96 for the three months and $328 and $156 for the six months ended June 30, 2011 and 2010, respectively, related to exterior painting of communities.

2)	Ground lease expense reflects the cessation of ground lease expenses at the Company’s Pentagon Row™ community, effective October 1, 2010.

3)	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 included $5,759 and $10,653 for the three and six months ended June 30, 2010, respectively, related to the Company’s exterior remediation project that was completed in 2010. Periodically recurring capital expenditures included $185 and $104 for the three and $273 and $181 for the six months ended June 30, 2011 and 2010, respectively, related to the Company’s “resident design center” program.

5)	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 for further information.

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

7)	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.

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SAME STORE RESULTS (CON’T)

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

Same Store Operating Results by Market - Comparison of Second Quarter of 2011 to Second Quarter of 2010

(Increase (decrease) between periods)


	Three months ended June 30, 2011											Six months ended June 30, 2011
Market	Revenues		(1)	Expenses		(1)	NOI		(1)	Average Economic Occupancy		Revenues		(1)	Expenses		(1)	NOI		(1)	Average Economic Occupancy
Atlanta		5.2%			(0.7)%			9.9%			0.6%		4.4%			(0.5)%			8.2%			0.2%
Washington, D.C.		3.4%			(8.9)%			9.5%			(0.3)%		3.3%			(12.3)%			12.0%			(0.2)%
Dallas		5.7%			4.1%			6.9%			0.4%		5.0%			2.6%			7.1%			0.5%
Tampa		4.4%			5.1%			4.0%			(0.1)%		3.5%			1.0%			5.1%			0.1%
Charlotte		5.7%			2.8%			7.7%			1.4%		4.2%			(0.6)%			7.4%			1.4%
New York		3.7%			8.2%			0.6%			(1.4)%		3.8%			6.3%			2.0%			(1.2)%
Houston		5.7%			(2.7)%			12.5%			3.3%		4.7%			2.9%			6.2%			3.6%
Orlando		5.7%			6.0%			5.5%			(0.9)%		5.9%			(0.3)%			10.3%			(0.3)%
Austin		4.6%			3.3%			5.5%			3.1%		3.6%			3.0%			4.0%			1.2%

Total		4.9%			0.8%			7.7%			0.4%		4.2%			(0.7)%			7.8%			0.4%

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


	Apartment Units		% of NOI Three months ended June 30, 2011										Physical Occupancy at June 30, 2011 (2)		Average Rental Rate Per Unit Three Months Ended June 30, 2011 (3)
					Average Economic				Average Economic
					Occupancy (1)				Occupancy (1)
					Three months ended				Six months ended
					June 30,				June 30,
Market					2011		2010		2011		2010
Atlanta		5,407		28.2%		96.1%		95.5%		96.0%		95.8%		96.2%	$	1,108
Washington, D.C.		1,905		19.3%		95.3%		95.6%		94.6%		94.8%		96.2%		1,850
Dallas		3,797		17.5%		94.3%		93.9%		94.2%		93.7%		95.5%		1,058
Tampa		2,111		12.7%		96.3%		96.4%		97.0%		96.9%		95.3%		1,227
Charlotte		1,388		6.9%		95.7%		94.3%		95.2%		93.8%		95.6%		1,039
New York		337		5.1%		94.8%		96.2%		93.7%		94.9%		97.3%		3,685
Houston		837		4.5%		95.0%		91.7%		95.4%		91.8%		96.1%		1,190
Orlando		598		3.9%		96.2%		97.1%		96.7%		97.0%		96.3%		1,355
Austin		308		1.9%		97.2%		94.1%		96.8%		95.6%		96.8%		1,323

Total		16,688		100.0%		95.5%		95.1%		95.4%		95.0%		95.9%	$	1,260

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 93.7% for the three months and 94.5% and 93.6% for the six months ended June 30, 2011 and 2010, respectively. For the three months ended June 30, 2011 and 2010, net concessions were $352 and $657, respectively, and employee discounts were $181 and $184, respectively. For the six months ended June 30, 2011 and 2010, net concessions were $736 and $1,355, respectively, and employee discounts were $365 and $366, 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 for further information.

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SAME STORE RESULTS (CON’T)

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

Sequential Same Store Operating Results

		000000000000		000000000000		000000000000
	Three months ended
	June 30, 2011		March 31, 2011		% Change
Rental and other revenue	$	62,651	$	61,205		2.4%
Utility reimbursements		2,049		2,032		0.8%

Total rental and other revenues	$	64,700	$	63,237		2.3%


Personnel expenses		6,038		6,221		(2.9)%
Utility expense		3,661		3,960		(7.6)%
Real estate taxes and fees		8,486		8,585		(1.2)%
Insurance expenses		848		977		(13.2)%
Building and grounds repairs and maintenance (1)		4,406		3,438		28.2%
Ground lease expense		301		298		1.0%
Other expenses		1,887		1,808		4.4%

Total property operating and maintenance expenses (excluding depreciation and amortization)		25,627		25,287		1.3%

Same store net operating income (2)	$	39,073	$	37,950		3.0%

Average economic occupancy		95.5%		95.3%		0.2%

Average monthly rental rate per unit	$	1,260	$	1,243		1.4%

1)	Building and grounds repairs and maintenance includes $328 and $0 for the three months ended June 30, 2011 and March 31, 2011, respectively, related to exterior painting of communities.

2)	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 2011 to First Quarter 2011

(Increase (decrease) between periods)


Market	Revenues	(1)	Expenses	(1)	NOI	(1)	Average Economic Occupancy
Atlanta	2.2%		0.9%		3.2%		0.1%
Washington, D.C.	2.8%		(2.7)%		5.2%		1.4%
Dallas	1.9%		3.2%		0.9%		0.1%
Tampa	1.6%		4.8%		(0.2)%		(1.4)%
Charlotte	4.1%		8.7%		1.3%		1.0%
New York	3.1%		(1.9)%		7.3%		2.1%
Houston	1.8%		(6.4)%		8.6%		(0.8)%
Orlando	1.3%		2.1%		0.7%		(1.0)%
Austin	2.9%		(0.2)%		5.4%		0.8%

Total	2.3%		1.3%		3.0%		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.


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DEBT SUMMARY

(In thousands) - (Unaudited)

Summary of Outstanding Debt at June 30, 2011 - Consolidated


			Percentage	Weighted Average Rate (1) June 30,
Type of Indebtedness	Balance		of Total Debt	2011		2010
Unsecured fixed rate senior notes	$	385,412	37.4%		5.5%		6.4%
Secured fixed rate notes		646,466	62.6%		5.7%		5.7%
Unsecured lines of credit		-	0.0%		-		1.0%

	$	1,031,878	100.0%		5.6%		5.9%


	Balance		Percentage of Total Debt	Weighted Average Maturity of Total Debt (2)
Total fixed rate debt	$	1,031,878	100.0%		4.5
Total variable rate debt		-	0.0%		-

Total debt	$	1,031,878	100.0%		4.5

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 2011	$	11,751		5.3%	$	-	$	-	-
2012		100,104		5.5%		-		-	-
2013		186,606		6.1%		79,772		27,920	5.8%
2014		188,644	(3)	6.1%		-		-	-
2015		124,205		4.9%		-		-	-
Thereafter		420,568		5.5%		126,723		31,681	5.7%

	$	1,031,878		5.6%	$	206,495	$	59,601	5.7%

Debt Statistics


	Six months ended June 30,
	2011	2010
Interest coverage ratio (4)(5)	2.6x	2.5x
Interest coverage ratio (including capitalized interest) (4)(5)	2.5x	2.1x

Fixed charge coverage ratio (4)(6)	2.4x	2.2x
Fixed charge coverage ratio (including capitalized interest) (4)(6)	2.3x	1.9x

Total debt to annualized income available for debt service ratio (7)	6.9x	8.3x

Total debt as a % of undepreciated real estate assets (adjusted for joint venture partner’s share of debt) (8)	38.5%	40.0%
Total debt and preferred equity as a % of undepreciated real estate assets (adjusted for joint venture partner’s share of debt) (8)	40.0%	43.3%

1)	Weighted average rate includes credit enhancements and other fees, where applicable. The weighted average rates at June 30, 2010 are based on the debt outstanding at that date.

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 lines of credit maturing in 2014.

4)	Calculated for the six months ended June 30, 2011 and 2010.

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 (loss) and interest expense to consolidated interest expense is included in Table 7 on page 28.

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 (loss) 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 the debt ratios is included in Table 6 on page 27.

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DEBT SUMMARY (CON’T)

(In thousands) - (Unaudited)

Financial Debt Covenants - Senior Unsecured Public Notes


Covenant requirement (1)		As of June 30, 2011

Consolidated Debt to Total Assets cannot exceed 60%		37%
Secured Debt to Total Assets cannot exceed 40%		23%
Total Unencumbered Assets to Unsecured Debt must be at least 1.5/1		5.0x
Consolidated Income Available for Debt Service Charge must be at least 1.5/1		2.6x

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.


	June 30, 2011
Consolidated debt, per balance sheet (A)	$	1,031,878

Total assets, as defined (B) (Table A)	$	2,821,832

Computed ratio (A÷B)		37%

Required ratio (cannot exceed)		60%


Ratio of Secured Debt to Total Assets

Total secured debt (C)	$	646,466

Computed ratio (C÷B)		23%

Required ratio (cannot exceed)		40%


Ratio of Total Unencumbered Assets to Unsecured Debt

Consolidated debt, per balance sheet (A)	$	1,031,878
Total secured debt (C)		(646,466)

Total unsecured debt (D)	$	385,412

Total unencumbered assets, as defined (E) (Table A)	$	1,944,583

Computed ratio (E÷D)		5.0x

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)	$	158,634

Annual Debt Service Charge, as defined (G) (Table B)	$	61,260

Computed ratio (F÷G)		2.6x

Required minimum ratio		1.5x

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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, 2011
Total real estate assets	$	2,025,740
Add:
Investments in and advances to unconsolidated real estate entities		7,350
Accumulated depreciation		729,759
Other tangible assets		58,983

Total assets for public debt covenant computations		2,821,832
Less:
Encumbered real estate assets		(869,899)
Investments in and advances to unconsolidated real estate entities		(7,350)

Total unencumbered assets for public debt covenant computations	$	1,944,583

Table B

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


Consolidated income available for debt service	Six months ended June 30, 2011
Net income	$	12,847
Add:
Depreciation		37,560
Depreciation (company share) of assets held in unconsolidated entities		722
Amortization of deferred financing costs		1,368
Interest expense		28,912
Interest expense (company share) of assets held in unconsolidated entities		1,718
Income tax expense		427
Other non-cash (income) expense, net		1,939
Less:
Gains on sales of real estate assets, net		(6,176)

Consolidated income available for debt service	$	79,317

Consolidated income available for debt service (annualized)	$	158,634


Annual debt service charge
Consolidated interest expense	$	28,912
Interest expense (company share) of assets held in unconsolidated entities		1,718

Debt service charge	$	30,630

Debt service charge (annualized)	$	61,260

1)	The actual calculation of these ratios requires the use of annual trailing financial data. These computations reflect annualized 2011 results for comparison and presentation purposes. The computations using annual trailing financial data also reflect compliance with the debt covenants.

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SUMMARY OF APARTMENT COMMUNITIES UNDER DEVELOPMENT

AND LAND HELD FOR FUTURE INVESTMENT

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

Communities Under Development

	00000000		00000000		00000000		00000000		00000000	00000000	00000000
Community	Location	Number of Units		Retail Sq. Ft. (1)		Estimated Total Cost		Costs Incurred as of 6/30/2011		Quarter of First Units Available	Estimated Quarter of Stabilized Occupancy (2)
Post Carlyle Square™ - Phase II	Wash. DC		344		-	$	95.0	$	30.4	2Q 2012	4Q 2013
Post South Lamar™	Austin, TX		298		8,555		41.7		7.7	3Q 2012	4Q 2013
Post Midtown Square® - Phase III	Houston, TX		124		10,864		21.8		3.9	3Q 2012	4Q 2013
Post Lake® at Baldwin Park - Phase III	Orlando, FL		410		-		58.6		10.9	4Q2012	2Q2014
Post Parkside™ at Wade - Phase I	Raleigh, NC		392		18,148		55.0		5.2	4Q2012	2Q2014

Total			1,568		37,567	$	272.1	$	58.1

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

2)	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.

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.

	000000000000		000000000000		000000000000
Project	Metro Area	Carrying Value At June 30, 2011 (in thousands)		Estimated Usable 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
Frisco Bridges II	Dallas, TX		5,480		5.4
Richmond	Houston, TX		4,420		2.1
Wade	Raleigh, NC		10,044		26.6
Soho Square	Tampa, FL		5,168		4.1

Total Land Held for Future Investment		$	55,420		56.4

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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
Ownership interest		100%				100%
Residential square footage		245,539				292,741
Average unit square footage (1)		1,903				1,978
Quarter of first units available		3Q10				2Q10

Units (2)
Closed		17				78
Under contract		5				3
Available for sale		107				67

Total		129				148


*Quarterly Data*			Per Sq. Ft.				Per Sq. Ft.
Balance Sheet/Cost Data as of 06/30/11
Condominium book value	$	23,754			$	44,344
Condominium estimated cost to complete	$	2,306			$	210
Estimated book value at completion	$	26,060	$	121	$	44,554	$	292
Projected total cost (before impairment losses)	$	112,000	$	456	$	138,100	$	472

Units Closed as of 06/30/11
Quarter		7				11
Year to date		11				19
Project to date		15				72

Square Footage of Units Closed as of 06/30/11 (1)
Quarter		12,771				21,838
Year to date		21,257				37,937
Project to date		29,944				140,157

Gross Revenue as of 06/30/11
Quarter	$	5,328	$	417	$	13,762	$	630
Year to date	$	8,708	$	410	$	24,057	$	634
Project to date	$	12,215	$	408	$	86,797	$	619

Cash flow from sales as of 06/30/11 (3)
Quarter	$	3,226	$	253	$	10,868	$	498
Year to date	$	4,590	$	216	$	18,538	$	489
Project to date	$	6,684	$	223	$	69,678	$	497

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

Represents unit status is as of July 29, 2011. 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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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. Additionally, for new development communities, carpet, vinyl and blind replacements are expensed as incurred during the first five years (which corresponds to the estimated depreciable life of these assets) after construction completion. Thereafter, these replacements are capitalized. Further, the Company expenses as incurred the interior and exterior painting of operating communities, unless those communities are under major rehabilitation.

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 and 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, 2011 and 2010 is provided below.


	Three months ended				Six months ended
	June 30,				June 30,
	2011		2010		2011		2010
Development and acquisition expenditures (1)	$	20,652	$	13,430	$	34,539	$	29,948
Periodically recurring capital expenditures
Community rehabilitation and other revenue generating improvements (2)		585		20		723		52
Other community additions and improvements (3) (6)		2,275		6,485		3,568		11,931
Annually recurring capital expenditures
Carpet replacements and other community additions and improvements (4)		4,393		3,391		6,521		5,969
Corporate additions and improvements		336		95		486		446

	$	28,241	$	23,421	$	45,837	$	48,346


Other Data
Capitalized interest	$	574	$	2,500	$	1,006	$	4,894

Capitalized development and associated costs (5)	$	627	$	44	$	1,096	$	284

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.

6)	Periodically recurring expenditures includes $5,759 and $10,653 for the three and six months ended June 30, 2010, respectively, related to the Company’s exterior remediation project that was completed in 2010.

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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 Biltmore™	Atlanta, GA	Apartments	276	35%
Post Massachusetts Avenue™	Washington, D.C.	Apartments	269	35%


Financial Data
	As of June 30, 2011										Three months ended June 30, 2011							Six months ended June 30, 2011
Joint Venture Property	Gross Investment in Real Estate (7)		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)	$	54,917	$	39,565	(2)	$	10,552	$	(4,469)	(1)	$	620	$	(18)				$	1,242	$	(36)
Post Crest® (1)		64,238		46,158	(2)		12,112		(6,867)	(1)		862		16					1,553		(9)
Post Lindberg®h (1)		60,536		41,000	(3)		15,250		(4,326)	(1)		702		(12)					1,391		(26)
Post Biltmore™		37,184		29,272	(4)		622		1,940			631		(2)					1,234		(14)
Post Massachusetts Avenue™		70,006		50,500	(5)		6,935		5,410			1,807		362					3,537		640

Total	$	286,881	$	206,495		$	45,471	$	(8,312)		$	4,622	$	346	$	216	(6)	$	8,957	$	555	$	427	(6)

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 5.83%, requires monthly interest only payments and matures in September 2013. The note is prepayable without penalty beginning in September 2011.

5)	This note bears interest at a fixed rate of 5.82%, requires monthly interest only payments and matures in September 2013. The note is prepayable without penalty beginning in September 2011.

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

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

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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, 2011		Adjustments			As Adjusted (3)
Rental revenues	$	70,499	$	(152)	(2)	$	70,347
Other property revenues		4,698		77	(2)		4,775

Total rental and other revenues (A)		75,197		(75)			75,122
Property operating & maintenance expenses
(excluding depreciation and amortization) (B)		33,206		(3,752)	(2)		29,454

Property net operating income (Table 1) (A-B)	$	41,991	$	3,677		$	45,668


Assumed property management fee
(calculated at 3% of revenues) (A x 3%)							(2,254)
Assumed property capital expenditure reserve
($300 per unit per year based on 18,563 units)							(1,392)

Adjusted property net operating income						$	42,022

Annualized property net operating income (C)						$	168,088


Apartment units represented (D)		21,431		(2,868)	(2)		18,563


Other Asset Data	As of June 30, 2011		Adjustments			As Adjusted
Cash & equivalents	$	28,955	$	-		$	28,955
Real estate assets under construction, at cost (4)		58,096		-			58,096
Land held for future investment		55,420		-			55,420
For-sale condominiums		68,098		-			68,098
Investments in and advances to unconsolidated real
estate entities (5)		7,350		(7,350)	(5)		-
Restricted cash and other assets		34,679		-			34,679
Cash & other assets of unconsolidated apartment entities (6)		6,276		(4,412)	(6)		1,864

Total (E)	$	258,874	$	(11,762)		$	247,112


Other Liability Data
Indebtedness (7)	$	1,031,878	$	(11,114)	(7)	$	1,020,764
Investments in unconsolidated real estate entities (5)		15,662		(15,662)	(5)		-
Other liabilities (including noncontrolling interests) (8)		91,361		(7,029)	(8)		84,332
Total liabilities of unconsolidated apartment entities (9)		209,832		(149,263)	(9)		60,569

Total (F)	$	1,348,733	$	(183,068)		$	1,165,665


*Other Data*

	As of June 30, 2011
	# Shares/Units		Stock Price			Implied Value
Liquidation value of preferred shares (G)						$	43,392


Common shares outstanding		50,457
Common units outstanding		163

Total (H)		50,620	$	40.76		$	2,063,271


Implied market value of Company gross real estate
assets (I) = (F+G+H-E)						$	3,025,216


Implied Portfolio Capitalization Rate (C÷I)							5.6%


Implied market value of Company gross real estate assets per unit (I÷D)						$	163.0

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NET ASSET VALUE SUPPLEMENTAL INFORMATION (CON’T)

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.

The Company presents NOI for the quarter ended June 30, 2011 for properties stabilized as of April 1, 2011 so that a capitalization rate may be applied and an approximate value for the assets determined. Properties not stabilized as of April 1, 2011 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, 2011 to adjust property net operating income to the Company’s share for fully stabilized communities:


	Rental Revenue		Other Revenue		Expenses		Units
Communities under construction	$	-	$	-	$	-		(1,568)
Company share of unconsolidated entities		2,048		160		720		(1,256)
Minority share of consolidated real estate entity		(521)		(5)		(200)		(44)
Corporate property management expenses		-		-		(2,713)		-
Corporate apartments and other		(1,679)		(78)		(1,559)		-

	$	(152)	$	77	$	(3,752)		(2,868)

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, 2011:


	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	$	20,250	$	8,264	$	11,986		26.2%		5,804
Washington DC		13,263		4,152		9,111		20.0%		2,395
Dallas		14,420		6,369		8,051		17.6%		4,500
Tampa		8,052		3,096		4,956		10.9%		2,111
Charlotte		4,440		1,739		2,701		5.9%		1,388
New York		2,994		1,321		1,673		3.7%		293
Houston		3,018		1,251		1,767		3.9%		837
Orlando		2,511		1,002		1,509		3.3%		598
Austin		2,438		1,051		1,387		3.0%		637
Commercial		3,736		1,209		2,527		5.5%		-

Total	$	75,122	$	29,454	$	45,668		100.0%		18,563


Approximate commercial Sq. Ft.										700,000

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


Post Carlyle Square™ - Phase II	$ 30,344
Post South Lamar™		7,651
Post Midtown Square® - Phase III		3,922
Post Parkside™ at Wade		5,233
Post Lake® at Baldwin Park - Phase III		10,946

	$	58,096

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

The “As of June 30, 2011” 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.

The “As of June 30, 2011” 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 $7,080, offset by the addition of noncontrolling interests of consolidated real estate entities of $51.

The “As of June 30, 2011” amount represents total liabilities of unconsolidated apartment entities. The adjustments represent a reduction for the venture partner’s 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 accompanying 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 (loss) 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, non-cash debt extinguishment gains 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 (loss) 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 (loss)” 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 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.

Average Economic Occupancy - The Company uses average economic occupancy as a statistical measure of 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.

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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, 2011		June 30, 2010		March 31, 2011		June 30, 2011		June 30, 2010
Total same store NOI	$	39,073	$	36,274	$	37,950	$	77,024	$	71,444
Property NOI from other operating segments		2,918		1,371		2,748		5,665		1,570

Consolidated property NOI		41,991		37,645		40,698		82,689		73,014

Add (subtract):
Interest income		516		196		92		608		365
Other revenues		227		271		216		443		554
Depreciation		(18,808)		(18,643)		(18,752)		(37,560)		(37,114)
Interest expense		(14,437)		(12,561)		(14,475)		(28,912)		(25,174)
Amortization of deferred financing costs		(721)		(653)		(647)		(1,368)		(1,486)
General and administrative		(4,246)		(3,967)		(4,116)		(8,362)		(8,643)
Investment and development		(296)		(678)		(478)		(774)		(1,280)
Other investment costs		(455)		(490)		(494)		(949)		(1,159)
Impairment losses		-		(35,091)		-		-		(35,091)
Gains on condominium sales activities, net		5,432		187		744		6,176		1,135
Equity in income of unconsolidated real estate entities, net		346		173		209		555		296
Other income (expense), net		285		(142)		16		301		(297)


Net income (loss)	$	9,834	$	(33,753)	$	3,013	$	12,847	$	(34,880)

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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 ‘11		Q2 ‘11		Q2 ‘11
	June 30, 2011		June 30, 2010		March 31, 2011		vs. Q2 ‘10 % Change		vs. Q1 ‘11 % Change		% Same Store NOI
Rental and other revenues
Atlanta	$	18,927	$	17,987	$	18,513		5.2%		2.2%
Washington, D.C.		10,701		10,353		10,412		3.4%		2.8%
Dallas		12,270		11,613		12,042		5.7%		1.9%
Tampa		8,052		7,714		7,922		4.4%		1.6%
Charlotte		4,440		4,199		4,267		5.7%		4.1%
New York		3,520		3,394		3,413		3.7%		3.1%
Houston		3,018		2,856		2,964		5.7%		1.8%
Orlando		2,511		2,376		2,479		5.7%		1.3%
Austin		1,261		1,206		1,225		4.6%		2.9%

Total rental and other revenues		64,700		61,698		63,237		4.9%		2.3%


Property operating and maintenance expenses (exclusive of depreciation and amortization)
Atlanta		7,896		7,950		7,822		(0.7)%		0.9%
Washington, D.C.		3,155		3,463		3,242		(8.9)%		(2.7)%
Dallas		5,433		5,219		5,266		4.1%		3.2%
Tampa		3,096		2,947		2,954		5.1%		4.8%
Charlotte		1,739		1,691		1,600		2.8%		8.7%
New York		1,521		1,406		1,550		8.2%		(1.9)%
Houston		1,251		1,286		1,337		(2.7)%		(6.4)%
Orlando		1,002		945		981		6.0%		2.1%
Austin		534		517		535		3.3%		(0.2)%

Total		25,627		25,424		25,287		0.8%		1.3%


Net operating income
Atlanta		11,031		10,037		10,691		9.9%		3.2%		28.2%
Washington, D.C.		7,546		6,890		7,170		9.5%		5.2%		19.3%
Dallas		6,837		6,394		6,776		6.9%		0.9%		17.5%
Tampa		4,956		4,767		4,968		4.0%		(0.2)%		12.7%
Charlotte		2,701		2,508		2,667		7.7%		1.3%		6.9%
New York		1,999		1,988		1,863		0.6%		7.3%		5.1%
Houston		1,767		1,570		1,627		12.5%		8.6%		4.5%
Orlando		1,509		1,431		1,498		5.5%		0.7%		3.9%
Austin		727		689		690		5.5%		5.4%		1.9%

Total same store NOI	$	39,073	$	36,274	$	37,950		7.7%		3.0%		100.0%


Average rental rate per unit
Atlanta	$	1,108	$	1,067	$	1,092		3.8%		1.5%
Washington, D.C.		1,850		1,786		1,830		3.6%		1.1%
Dallas		1,058		1,024		1,045		3.3%		1.2%
Tampa		1,227		1,179		1,205		4.1%		1.8%
Charlotte		1,039		1,010		1,018		2.9%		2.1%
New York		3,685		3,591		3,672		2.6%		0.4%
Houston		1,190		1,183		1,174		0.6%		1.4%
Orlando		1,355		1,287		1,336		5.3%		1.4%
Austin		1,323		1,279		1,301		3.4%		1.7%
Total average rental rate per unit		1,260		1,217		1,243		3.5%		1.4%

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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, 2011		June 30, 2010		% Change
Rental and other revenues
Atlanta	$	37,440	$	35,865		4.4%
Washington, D.C.		21,113		20,438		3.3%
Dallas		24,312		23,145		5.0%
Tampa		15,974		15,435		3.5%
Charlotte		8,707		8,355		4.2%
New York		6,933		6,677		3.8%
Houston		5,982		5,711		4.7%
Orlando		4,991		4,715		5.9%
Austin		2,486		2,400		3.6%

Total rental and other revenues		127,938		122,741		4.2%


Property operating and maintenance expenses (exclusive of depreciation and amortization)
Atlanta		15,718		15,790		(0.5)%
Washington, D.C.		6,397		7,296		(12.3)%
Dallas		10,699		10,431		2.6%
Tampa		6,050		5,989		1.0%
Charlotte		3,338		3,358		(0.6)%
New York		3,071		2,890		6.3%
Houston		2,588		2,516		2.9%
Orlando		1,984		1,989		(0.3)%
Austin		1,069		1,038		3.0%

Total		50,914		51,297		(0.7)%


Net operating income
Atlanta		21,722		20,075		8.2%
Washington, D.C.		14,716		13,142		12.0%
Dallas		13,613		12,714		7.1%
Tampa		9,924		9,446		5.1%
Charlotte		5,369		4,997		7.4%
New York		3,862		3,787		2.0%
Houston		3,394		3,195		6.2%
Orlando		3,007		2,726		10.3%
Austin		1,417		1,362		4.0%

Total same store NOI	$	77,024	$	71,444		7.8%


Average rental rate per unit
Atlanta	$	1,100	$	1,066		3.2%
Washington, D.C.		1,840		1,780		3.4%
Dallas		1,051		1,025		2.5%
Tampa		1,216		1,176		3.4%
Charlotte		1,029		1,013		1.6%
New York		3,679		3,588		2.5%
Houston		1,182		1,186		(0.3)%
Orlando		1,346		1,283		4.9%
Austin		1,312		1,277		2.7%
Total average rental rate per unit		1,251		1,216		2.9%

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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.)		Q2 2011 Avg. Monthly Rent				Q2 2011 Average Economic Occ.
Market / Submarket / Community	Year Completed/ Year of Substantial Renovations	No. of Units		Avg. Unit Size (Sq. Ft.)		Per Unit		Per Sq. Ft.		Q2 2011 Average Economic Occ.
Atlanta
Buckhead / Brookhaven
Post Alexander™	2008		307		1,016	$	1,499	$	1.48		95.1%
Post Brookhaven^®	1990-1992		735		933		930		1.00		97.7%
Post Chastain^®	1990/2008		558		866		1,054		1.22		95.9%
Post Collier Hills^® (1)(2)	1997		396		948		993		1.05		96.6%
Post Gardens^®	1998		397		1,039		1,135		1.09		95.6%
Post Glen^® (2)	1997		314		1,076		1,102		1.02		97.8%
Post Lindbergh^® (1)(2)	1998		396		910		1,019		1.12		96.8%
Post Peachtree Hills^®	1992-1994/2009		300		978		1,164		1.19		96.2%
Post Stratford™	2000		250		999		1,107		1.11		97.2%

Dunwoody
Post Crossing^® (2)	1995		354		1,036		1,023		0.99		97.1%

Emory Area
Post Briarcliff™ (2)	1999		688		1,006		1,089		1.08		94.9%

Midtown
Post Biltmore™ (1)(2)	2002		276		766		1,188		1.55		95.2%
Post Parkside™ (2)	2000		188		885		1,288		1.46		96.0%
Post Renaissance^®	1992-1994		342		908		990		1.09		92.7%

Northwest Atlanta
Post Crest^® (1)(2)	1996		410		1,033		981		0.95		95.8%
Post Riverside^®	1998		522		1,062		1,371		1.29		96.0%
Post Spring™ (2)	2000		452		977		951		0.97		97.6%

Dallas
North Dallas
Post Addison Circle™ (2)	1998-2000		1,334		846		957		1.13		94.3%
Post Eastside™	2008		435		910		1,048		1.15		93.4%
Post Legacy (2)	2000		384		810		939		1.16		95.6%
Post Sierra at Frisco Bridges™	2009		268		896		1,046		1.17		92.0%

Uptown Dallas
Post Abbey™	1996		34		1,223		1,708		1.40		98.6%
Post Cole’s Corner™	1998		186		799		1,045		1.31		94.7%
Post Gallery™	1999		34		2,307		2,779		1.20		83.4%
Post Heights™	1998-1999/2009		368		845		1,200		1.42		94.0%
Post Meridian™	1991		133		780		1,138		1.46		95.7%
Post Square™	1996		218		863		1,158		1.34		93.6%
Post Uptown Village™	1995-2000		496		735		944		1.28		95.9%
Post Vineyard™	1996		116		733		1,019		1.39		95.3%
Post Vintage™	1993		160		750		1,024		1.37		96.6%
Post Worthington™ (2)	1993/2008		334		820		1,308		1.60		91.7%

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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.)		Q2 2011 Avg. Monthly Rent				Q2 2011 Average Economic Occ.
Market / Submarket/ Community	Year Completed/ Year of Substantial Renovations	No. of Units		Avg. Unit Size (Sq. Ft.)		Per Unit		Per Sq. Ft.		Q2 2011 Average Economic Occ.
Austin
Post Barton Creek™	1998		160		1,162	$	1,442	$	1.24		96.8%
Post Park Mesa™	1992		148		1,091		1,195		1.10		97.6%
Post West Austin™	2009		329		889		1,297		1.46		93.8%
Houston
Post Midtown Square^®	1999-2000		529		759		1,093		1.44		95.3%
Post Rice Lofts™	1998		308		906		1,357		1.50		94.6%
Tampa
Post Bay at Rocky Point™	1997		150		1,012		1,252		1.24		98.6%
Post Harbour Place™	1999-2002		578		920		1,344		1.46		96.7%
Post Hyde Park^® (2)	1996-2008		467		1,011		1,303		1.29		95.8%
Post Rocky Point^® (2)	1996-1998		916		1,031		1,111		1.08		95.9%
Orlando
Post Lake^® at Baldwin Park	2004-2007		350		1,013		1,399		1.38		95.0%
Post Parkside™	1999		248		852		1,294		1.52		98.1%
Charlotte
Post Ballantyne (2)	2004		323		1,252		1,005		0.80		96.2%
Post Gateway Place™ (2)	2000		436		806		975		1.21		94.5%
Post Park at Phillips Place^®	1998		402		1,099		1,171		1.07		96.0%
Post Uptown Place™	2000		227		800		980		1.23		96.7%
Washington D.C.
Maryland
Post Fallsgrove	2003		361		983		1,651		1.68		96.6%
Post Park^®	2010		396		975		1,581		1.62		85.9%
Virginia
Post Carlyle Square™	2006		205		861		2,393		2.78		94.4%
Post Corners at Trinity Centre (2)	1996		336		994		1,517		1.53		96.0%
Post Pentagon Row ™	2001		504		853		2,207		2.59		95.4%
Post Tysons Corner ™	1990		499		810		1,633		2.02		94.4%
Washington D.C.
Post Massachusetts Avenue ™ (1)(2)	2002		269		884		2,911		3.29		97.4%
New York City
Post Luminaria ™ (2)(3)	2002		138		721		3,679		5.10		95.3%
Post Toscana ™ (2)	2003		199		817		3,689		4.52		94.4%

1)	Communities held in unconsolidated entities.

2)	Communities encumbered by secured mortgage indebtedness.

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

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Table 4 - Year-to-Date Margin Analysis

(In thousands)


	Six months ended June 30, 2011
	Rental and Other Property Revenues		Property Operating & Maintenance Expenses		Net Operating Income (“NOI”)		NOI Margin	Expense Margin
Same store	$	127,938	$	50,914	$	77,024	60.2%	39.8%
Partially stabilized (1)		9,783		4,330		5,453	55.7%	44.3%
Corporate apartments		3,461		2,848		613	17.7%	82.3%
Commercial		7,330		2,453		4,877	66.5%	33.5%
Corporate property management expenses (2)		-		5,278		(5,278)

	$	148,512	$	65,823

Consolidated property NOI (3)					$	82,689


Third-party management fees					$	427

1)	Partially stabilized communities include Post Eastside™, Post West Austin™, Post Park^® and Post Sierra at Frisco Bridges™.

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


Numerator:
Corporate property management expenses	$	5,278
Less: Third-party management fees		(427)

Net property management expenses	$	4,851

Denominator:
Total rental and other property revenues	$	148,512
Less: Corporate apartment revenues		(3,461)

Adjusted property revenues	$	145,051

Net property management expenses as a percentage of adjusted property revenues		3.3%

3)	Consolidated property net operating income (“NOI”) is a non-GAAP financial measure. See Table 1 on page 21 for a reconciliation of consolidated property NOI to GAAP net income (loss).

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

(In thousands)

		000000000000		000000000000		000000000000		000000000000
	Three months ended June 30,				Six months ended June 30,
	2011		2010		2011		2010
Annually recurring capital expenditures by operating segment
Fully stabilized	$	4,215	$	3,251	$	6,223	$	5,788
Communities stabilized during 2010		85		28		107		46
Other segments		93		112		191		135

Total annually recurring capital expenditures	$	4,393	$	3,391	$	6,521	$	5,969


Periodically recurring capital expenditures by operating segment
Fully stabilized	$	1,960	$	6,292	$	2,845	$	11,363
Communities stabilized during 2010		32		-		64		36
Other segments		283		193		659		532

Total periodically recurring capital expenditures (1)	$	2,275	$	6,485	$	3,568	$	11,931


Total revenue generating capital expenditures	$	585	$	20	$	723	$	52


Total property capital expenditures per statements of cash flows	$	7,253	$	9,896	$	10,812	$	17,952

1)	Includes approximately $5,759 and $10,653 for the three and six months ended June 30, 2010, respectively, of periodically recurring capital expenditures related to the Company’s exterior remediation project that was completed in 2010.

Table 6 - Computation of Debt Ratios

(In thousands)

		000000000000		000000000000
	As of June 30,
	2011		2010

Total real estate assets per balance sheet	$	2,025,740	$	2,066,697
Plus:
Company share of real estate assets held in unconsolidated entities		70,828		102,109
Company share of accumulated depreciation - assets held in unconsolidated entities		11,611		9,631
Accumulated depreciation per balance sheet		729,759		655,559

Total undepreciated real estate assets (A)	$	2,837,938	$	2,833,996


Total debt per balance sheet	$	1,031,878	$	1,007,340
Plus:
Company share of third party debt held in unconsolidated entities		59,601		125,758

Total debt (adjusted for joint venture partners’ share of debt) (B)	$	1,091,479	$	1,133,098


Total debt as a % of undepreciated real estate assets (adjusted for joint venture partners’ share of debt) (B÷A)		38.5%		40.0%


Total debt per balance sheet	$	1,031,878	$	1,007,340
Plus:
Company share of third party debt held in unconsolidated entities		59,601		125,758
Preferred shares at liquidation value		43,392		93,039

Total debt and preferred equity (adjusted for joint venture partners’ share of debt) (C)	$	1,134,871	$	1,226,137


Total debt and preferred equity as a % of undepreciated real estate assets (adjusted for joint venture partners’ share of debt) (C÷A)		40.0%		43.3%

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Table 7 - Computation of Coverage Ratios

(In thousands)


	Six months ended June 30,
	2011		2010
Net income (loss)	$	12,847	$	(34,880)
Other non-cash (income) expense, net		1,939		2,127
Income tax expense		427		537
Gains on sales of real estate assets, net		(6,176)		(1,135)
Non-cash impairment charge - consolidated entities		-		35,091
Depreciation expense		37,560		37,114
Depreciation (company share) of assets held in unconsolidated entities		722		709
Interest expense		28,912		25,174
Interest expense (company share) of assets held in unconsolidated entities		1,718		1,718
Amortization of deferred financing costs		1,368		1,486

Income available for debt service (A)	$	79,317	$	67,941

Annualized income available for debt service (B)	$	158,634	$	135,882


Interest expense	$	28,912	$	25,174
Interest expense (company share) of assets held in unconsolidated entities		1,718		1,718

Adjusted interest expense (C)		30,630		26,892
Capitalized interest		1,006		4,894

Adjusted interest expense (including capitalized interest) (D)	$	31,636	$	31,786


Adjusted interest expense	$	30,630	$	26,892
Dividends to preferred shareholders		2,611		3,768

Fixed charges (E)		33,241		30,660
Capitalized interest		1,006		4,894

Fixed charges (including capitalized interest) (F)	$	34,247	$	35,554


Total debt (adjusted for joint venture partners' share of debt) (see Table 6) (G)	$	1,091,479	$	1,133,098


Interest coverage ratio (A÷C)		2.6x		2.5x

Interest coverage ratio (including capitalized interest) (A÷D)		2.5x		2.1x

Fixed charge coverage ratio (A÷E)		2.4x		2.2x

Fixed charge coverage ratio (including capitalized interest) (A÷F)		2.3x		1.9x

Total debt to annualized income available for debt service ratio (G÷B)		6.9x		8.3x

Table 8 - Calculation of Company Undepreciated Book Value Per Share

(In thousands, except per share data)


	June 30, 2011

Total Company shareholders’ equity per balance sheet	$	961,109
Plus:
Accumulated depreciation, per balance sheet		729,759
Noncontrolling interest of common unitholders in Operating Partnership, per balance sheet		6,627
Less:
Deferred charges, net, per balance sheet		(10,032)
Preferred shares at liquidation value		(43,392)

Total undepreciated book value (A)	$	1,644,071


Total common shares and units (B)		50,620


Company undepreciated book value per share (A÷B)	$	32.48

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