Exhibit 99.1

RECENT DEVELOPMENTS

Results of Operations

For the three months ended June 30, 2012, the Company reported net income available to common shareholders of $20.2 million, or $0.37 per diluted share, compared to net income of $8.8 million, or $0.17 per diluted share, for the three months ended June 30, 2011. Net income available to common shareholders for the six months ended June 30, 2012, was $41.0 million, or $0.76 per diluted share, compared to net income of $8.4 million, or $0.17 per diluted share, for the six months ended June 30, 2011.

The Company’s net income available to common shareholders for the three and six months ended June 30, 2012 included other income of $0.9 million relating primarily to a construction litigation settlement, and for the six months ended June 30, 2012 included a gain of $6.1 million on the sale of an asset. The Company’s net income available to common shareholders for the three and six months ended June 30, 2011 included a $0.4 million gain on the sale of a technology investment and for the six months ended June 30, 2011 included $1.8 million of costs associated with the redemption of preferred stock.

Funds from Operations

The Company uses the National Association of Real Estate Investment Trusts (“NAREIT”) definition of Funds from Operations (“FFO”) as an operating measure of the Company’s financial performance. A reconciliation of FFO to GAAP net income is included in the financial data provided below.

FFO for the three months ended June 30, 2012 was $39.7 million, or $0.73 per diluted share, compared to $27.7 million, or $0.55 per diluted share, for the three months ended June 30, 2011. The Company’s reported FFO for the second quarter of 2012, included the other income discussed above, of $0.9 million, or $0.02 per diluted share, and for the second quarter of 2011 included the technology sale gain of $0.4 million, or $0.01 per diluted share.

FFO for the six months ended June 30, 2012 was $73.9 million, or $1.37 per diluted share, compared to $46.0 million, or $0.92 per diluted share, for the six months ended June 30, 2011. The Company’s reported FFO for the first half of 2012 included the $0.9 million of other income discussed above, or $0.02 per diluted share. The Company’s reported FFO for the first half of 2011 included costs related to the redemption of preferred stock, offset by the technology sale gain discussed above, totaling a net reduction to FFO of $1.3 million, or $0.03 per diluted share.

Mature (Same Store) Community Data

Total revenues for the same store communities increased 7.8% and total operating expenses increased 3.9% during the second quarter of 2012, compared to the second quarter of 2011, resulting in a 10.4% increase in same store net operating income (“NOI”). The average monthly rental rate per unit increased 6.5% during the second quarter of 2012, compared to the second quarter of 2011.

Average economic occupancy at the Company’s 50 same store communities, containing 18,114 apartment units, was 96.1% and 95.1% for the second quarter of 2012 and 2011, respectively.

Total revenues for the same store communities increased 7.8% and total operating expenses increased 3.5% during the first half of 2012, compared to the first half of 2011, resulting in a 10.7% increase in same store NOI. The average monthly rental rate per unit increased 6.3% for the six months ended June 30, 2012, compared to the six months ended June 30, 2011. For the six months ended June 30, 2012, average economic occupancy at the Company’s mature communities was 96.0%, compared to 95.0% for the six months ended June 30, 2011.

Development and Acquisition Activity

During the second quarter of 2012, the Company began delivering units at the second phase of its Post Carlyle Square™ community in Washington, D.C. The Company also reduced the estimated total cost of the project by $6.0 million. As of July 27, 2012, this community was 20.0% leased.

In the aggregate, the Company has 1,810 units in six apartment communities, and approximately 37,567 square feet of retail space, under development or in lease-up with a total estimated cost of $300.4 million. The Company currently expects to fund future estimated construction expenditures primarily by utilizing available borrowings under its unsecured bank credit facilities as well as proceeds from its on-going condominium sales and its at-the-market common equity sales program.

In July 2012, the Company acquired Post South End™, a 360-unit apartment community located in Charlotte, North Carolina for a purchase price of $74.0 million. This community was completed in 2009 and also includes approximately 7,612 square feet of retail space.

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Financing Activity

On May 31, 2012, the Company borrowed an additional $130 million under its unsecured bank term loan facility. On June 1, 2012, the Company repaid in full its $95.7 million of outstanding 5.45% senior unsecured notes. On July 2, 2012, the Company borrowed the remaining $70 million of available capacity under the term loan, bringing total outstanding borrowings under the term loan facility to $300 million. A summary of outstanding indebtedness at June 30, 2012 is included in the financial data provided below.

At-the-Market Common Equity Activity

The Company’s initial at-the-market common equity program provides for the sale of up to 4 million shares of common stock, of which 136,500 shares remain available for issuance as of July 27, 2012. Upon that program’s completion, the Company also has available a second at-the-market common equity program that provides for the sale of up to an additional 4 million shares of common stock. The Company expects to use these programs as an additional source of capital and liquidity, to maintain the strength of its balance sheet and to fund its planned investment activities. Sales under these programs will be dependent upon a variety of factors, including, among others, market conditions, the trading price of the Company’s common stock and potential use of proceeds.

During the second quarter of 2012, the Company sold 96,500 shares under the initial program, for gross proceeds of $4.8 million at an average gross price of $50.23 per share, producing net proceeds of $4.6 million. Since its inception, the Company has sold 3,863,500 shares, for gross proceeds of $158.9 million at an average gross price of $41.14 per share, producing net proceeds of $155.4 million.

Forward Looking Statements

Certain statements made in this disclosure may constitute “forward-looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and the Company’s future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. 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.

All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected. Important risk factors regarding the Company are included in the filings the Company makes from time to time with the Securities and Exchange Commission (“SEC”), including the risk factors under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2011 and other risk factors as may be discussed in subsequent filings with the SEC. These risk factors could cause the Company’s actual results and its expectations to differ materially from those described in the Company’s forward looking statements. All such risk factors are specifically incorporated by reference into this disclosure.

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SUPPLEMENTAL QUARTERLY FINANCIAL INFORMATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

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FUNDS FROM OPERATIONS

(In thousands)

(Unaudited)

The Company uses the National Association of Real Estate Investment Trusts (“NAREIT”) definition of funds from operations (“FFO”). FFO is defined by NAREIT as net income available to common shareholders determined in accordance with GAAP, excluding gains (or losses) from extraordinary items and sales of depreciable property, plus depreciation of real estate assets, and after adjustment for unconsolidated partnerships and joint ventures all determined on a consistent basis in accordance with GAAP. FFO is a supplemental non-GAAP financial measure. FFO presented herein 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.

The Company also uses FFO as an operating measure. 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 “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, management 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 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 the Company’s consolidated statement of operations entitled “net income available to common shareholders” is the most directly comparable GAAP measure to FFO.

FFO should not be considered as an alternative to net income available to common shareholders (determined in accordance with GAAP) as an indicator of the Company’s financial performance. While management believes that FFO is an important supplemental non-GAAP financial measure, management believes it is also important to stress that FFO should not be considered as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity. Further, FFO is not necessarily indicative of sufficient cash flow to fund all of the Company’s needs or ability to service indebtedness or make distributions.

A reconciliation of net income available to common shareholders to FFO available to common shareholders and unitholders for the three and six months ended June 30, 2012 and 2011 was as follows.

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MATURE (SAME STORE) COMMUNITY DATA

(In thousands)

(Unaudited)

The Company defines fully stabilized communities as those which have reached stabilization prior to the beginning of the previous year. For the 2012 to 2011 comparison, fully stabilized communities are defined as those communities which reached stabilization prior to January 1, 2011. This portfolio consisted of 50 communities with 18,114 units, including 13 communities with 5,407 units (29.8%) located in Atlanta, Georgia, 14 communities with 4,559 units (25.2%) located in Dallas, Texas, 6 communities with 2,301 units (12.7%) located in the greater Washington D.C. metropolitan area, 4 communities with 2,111 units (11.7%) located in Tampa, Florida, 4 communities with 1,388 units (7.7%) located in Charlotte, North Carolina and 9 communities with 2,348 units (12.9%) located in other markets. The operating performance of these communities was as follows:

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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 same store communities. The corresponding GAAP measures include information with respect to the Company’s other operating segments consisting of communities stabilized in the prior year, and commercial properties in addition to same store information. Therefore, the Company believes that its 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.”

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CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

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CONSOLIDATED DEBT SUMMARY

(In thousands)

(unaudited)

Indebtedness

At June 30, 2012 and December 31, 2011, the Company’s indebtedness consists of the following:

Debt maturities

The aggregate maturities of the Company’s indebtedness are as follows:

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