SCHEDULE 14A
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SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A)
OF THE SECURITIES EXCHANGE ACT OF 1934
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POST PROPERTIES, INC.
(Name Of Registrant As Specified In Its Charter)
JOHN A. WILLIAMS
ROY E. BARNES
FRANCIS L. BRYANT, JR.
PAUL J. DOLINOY
THOMAS J.A. LAVIN
GEORGE R. PUSKAR
EDWARD LOWENTHAL
CRAIG G. VOUGHT
(Name Of Person(s) Filing Proxy Statement, If Other Than The Registrant)
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Contacts:
MEDIA INVESTORS
Jeremy Fielding/Kimberly Kriger Larry Dennedy/Bob Marese
Kekst and Company MacKenzie Partners, Inc.
212-521-4800 212-929-5500
EDWARD LOWENTHAL TO BE NAMED CHIEF EXECUTIVE OFFICER OF POST PROPERTIES IF
INDEPENDENT DIRECTOR NOMINEES ARE ELECTED
-- TWENTY YEAR REAL ESTATE INDUSTRY EXECUTIVE --
-- SLATE ENDORSES LOWENTHAL'S RECOMMENDATION THAT CRAIG G. VOUGHT BE
APPOINTED TO POST'S BOARD --
ATLANTA, May 5, 2003 - Edward Lowenthal, a senior executive with more than 20
years of management and leadership in the real estate industry, has agreed to
become President and Chief Executive Officer of Post Properties, Inc. (NYSE:PPS)
if the slate of independent director nominees is elected at the company's Annual
Meeting of Shareholders on May 22, 2003, it was announced today.
Mr. Lowenthal co-founded Wellsford Residential Property Trust in 1986, and
co-led the company's IPO in November 1992, making it one of the first
multifamily REITs to become a public company in the 1990's. From 1992 to 1997,
Wellsford Residential Property grew from 5,000 to 20,000 multifamily units, and
increased its capitalization from $200 million to more than $1 billion. In May
1997, it was merged into Equity Residential Properties Trust, where Mr.
Lowenthal continues to serve as a Trustee, until May 30, 2003. From 1997 to
2002, Mr. Lowenthal was director and President of Wellsford Real Properties,
Inc., a public company with over $1 billion of assets under management,
including multifamily and office properties. He is currently Managing Member of
Ackerman Management LLC, a private investment management and advisory company.
John A. Williams, founder, largest equity holder and director of Post
Properties, and George Puskar, independent director nominee and proposed
non-executive Chairman of the company, said, "Given our slate's commitment to
enhance value for all Post shareholders, we are delighted that Ed Lowenthal, a
highly respected and accomplished real estate executive with extensive
experience in the multifamily business, has accepted our offer to become Post's
President and Chief Executive Officer if our slate is elected. Ed is a person of
absolute integrity and is committed to doing what is right for all shareholders.
This proxy contest is about Post's leadership, its future, and doing what is in
the best interest of all Post shareholders, customers and employee-associates."
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Mr. Lowenthal said, "Post Properties has built an outstanding brand name and has
set the standard for quality in the apartment industry. Our platform is, in my
view, the right one to achieve the highest levels of integrity and sound
corporate governance, and, importantly, build greater shareholder value. We will
immediately form a Special Committee of the Board with a mandate to explore all
ways to enhance shareholder value, including a potential sale or merger of the
company. I am confident that under a new Board of Directors, Post's
value-creation efforts will be successful."
"At the same time as the Special Committee undertakes its work, our mission will
be to restore operational excellence at Post. We will actively recruit seasoned
and able executives for the vacant Chief Financial Officer and Executive Vice
President for Asset Management positions, and expect to retain those experienced
and valued associates who are committed to Post's future success. There are
several potential candidates I have in mind, and we will explore these
possibilities in the coming weeks," continued Mr. Lowenthal.
It is expected that, following the Annual Meeting, the new Board would appoint
Mr. Lowenthal as a director, filling an existing Board vacancy. Mr. Williams
will not serve as an executive of the company and will not serve on the Special
Committee, but will remain a director.
Mr. Puskar said, "We are excited that someone of Ed Lowenthal's caliber and
track record has agreed to join us. Ed is well respected in the real estate
industry, and his participation has resulted in another opportunity to help us
create value for Post shareholders. The director nominees have endorsed Ed's
recommendation that Craig G. Vought, Managing Director of Broadreach Capital
Partners, LLC, a Trustee of Equity Office Properties Trust and former co-Chief
Executive Officer of Spieker Properties, Inc., also be appointed a director of
the company following our election. Both Ed and Craig have extensive public
company experience and have successful track records of realizing value for
shareholders."
Mr. Williams concluded, "I ask all shareholders to exercise their right to
vote--and join us in voting for change at Post and a stronger future. With only
17 days until the Annual Meeting, I urge all shareholders to sign the GOLD proxy
card and mail it in today."
You may obtain a free copy of Mr. Williams' proxy statement and other relevant
documents by calling MacKenzie Partners, Inc. toll-free at (800) 322-2885 or
(212) 929-5500 or by email at PROXY@MACKENZIEPARTNERS.COM. Mr. Williams' proxy
statement, which has been mailed to Post Properties Shareholders and other
filings and information related to his solicitation can be found at
WWW.POSTSHAREHOLDERS.COM
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# # #
EDWARD LOWENTHAL
Edward Lowenthal is Managing Member of Ackerman Management LLC, a private
investment management and advisory company with particular focus on real estate
and other asset based investments.
Mr. Lowenthal, 58, was a Founder and was President of Wellsford Real Properties,
Inc. (WRP) from 1997 until 2002. WRP is an American Stock Exchange listed real
estate merchant banking company with offices in New York, New York and Denver,
Colorado. WRP has over $1 billion of assets under management including
multifamily and office properties as well as real estate debt held directly and
through joint ventures with institutional partners. He continues to serve as a
director of WRP. Mr. Lowenthal was a Founder, Trustee and President of Wellsford
Residential Property Trust, a New York Stock Exchange listed multi-family real
estate investment trust, until May, 1997 when it was merged into Equity
Residential Properties Trust.
Mr. Lowenthal has significant experience in building and leading management and
operating teams in public and private companies. He also has broad transactional
experience in financing, acquiring, developing and selling real estate assets
and operating companies.
He has over 30 years of real estate and merger and acquisition experience in
both public and private entities. Over hundreds of transactions and through
numerous business cycles, he has been able to benefit by pursuing appropriate
opportunities and at times by refraining from transactional activity.
Mr. Lowenthal serves as a Trustee of Equity Residential (until May 30, 2003),
Omega Healthcare Investors, Inc., and as a director of Reis, Inc., a privately
held real estate information and analytics provider. He has previously served as
a director of other public and private companies.
Mr. Lowenthal serves as a Trustee of The Manhattan School of Music. He served as
a member of the Board of Governors of the National Association of Real Estate
Investment Trusts (NAREIT) from 1992-2000, Co-Chaired its 1993 annual meeting
and served as Co-Chair of the Visiting Committee to Case Western Reserve
University's College of Arts and Sciences.
He earned a B.A. degree from Case Western Reserve University in 1966 and a J.D.
degree from Georgetown University Law Center in 1969 where he was an editor of
the Georgetown University Law Journal.
Mr. Lowenthal has two adult children and resides in New Jersey with his wife of
33 years.
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CRAIG VOUGHT
Craig Vought is currently Managing Director of Broadreach Capital Partners, LLC
a real estate private equity firm which he co-founded in 2002 to pursue high
return investment opportunities in the western United States. The firm has
recently raised in excess of $230 million from a variety of endowments,
foundations and high net worth individuals which it anticipates investing over
the next 3 or 4 years.
Mr. Vought is also a Trustee of Equity Office Properties Trust, and former
co-Chief Executive Officer of Spieker Properties, Inc.
NOTE TO EDITORS
The director nominees proposed by Mr. Williams are:
o Roy E. Barnes, immediate past Governor of Georgia, founder and director
of several Georgia banks and a practicing attorney;
o Francis J. Bryant, Jr., former Executive Vice President of the real
estate division of Manufacturers Hanover Trust Company;
o Paul J. Dolinoy, former President of Lend Lease Real Estate
Investments, Inc.;
o Thomas J.A. Lavin, an independent real estate adviser and former head of
real estate investment banking at both Smith Barney and First Boston;
o George R. Puskar, former Chairman and Chief Executive Officer of
Equitable Real Estate Investment Management