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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a)
OF THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. __)
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| | Soliciting Material Pursuant to Rule 14a-12
Post Properties, Inc.
(Name of Registrant as Specified in Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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[POST PROPERTIES LOGO]
For Immediate Release
Contact: Judith Wilkinson/Nina Covalesky PRESS RELEASE
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
ISS Recommends That Post Properties Shareholders Vote FOR Post's Board Nominees
Nation's Leading Independent Proxy Voting and Corporate Governance Advisory Firm
Finds Post's Board Nominees Are the Team to Create Shareholder Value
ATLANTA, May 13, 2003 - Post Properties, Inc. (NYSE: PPS), an Atlanta-based real
estate investment trust, today released the following comment on the
recommendation by Institutional Shareholder Services Inc. (ISS) that
shareholders of Post Properties should vote FOR Post's director nominees at
Post's Annual Meeting on May 22, 2003. ISS is widely recognized as the nation's
leading independent proxy voting and corporate governance advisory firm. Its
analyses and recommendations are relied upon by hundreds of major institutional
investment firms, mutual funds and fiduciaries throughout the United States.
Robert C. Goddard III, Chairman of the Board of Post Properties, stated, "We are
very pleased that ISS, a highly respected and truly independent advisory firm,
supports Post's director nominees. ISS correctly found that the true issue in
this proxy contest is: `which team is more likely to create value for
shareholders in the future?' Their answer was Post's current Board and
management. This recommendation reaffirms our belief that Post's management and
Board of Directors, under CEO Dave Stockert's leadership, are on the right track
to improve shareholder value. We look forward to moving beyond the distraction
of Mr. Williams' proxy contest, and to delivering on Post's potential to the
benefit of all Post shareholders."
ISS urged Post shareholders to vote FOR Post's director nominees on Post's white
proxy card and not to vote for Mr. Williams' nominees on the gold proxy card.
Post Properties, Inc., a leading developer and operator of upscale apartment
communities in the United States, pioneered building and branding resort-style
garden apartments for more than 30 years. Post now also focuses on the creation
of high-quality, high-density, live-work-walk neighborhoods in infill locations
in major urban markets. The Company has been recognized locally, nationally and
internationally for building better neighborhoods and the preservation of
historic buildings. Operating as a self-administered and self-managed equity
real estate investment trust (REIT), the Company's primary business consists of
developing and managing Post(R) brand-name apartment communities.
Nationwide, Post Properties owns approximately 30,080 apartment homes in 80
communities, including 1,256 units currently under development.
NOTE: Permission to use quotation from ISS Report was neither sought nor
obtained.
Certain statements made in this release 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. Statements regarding future
events and developments and the Company's future performance, as well as
management's expectations, beliefs, intentions, 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. 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, 2002 and may be discussed in subsequent
filings with the SEC.
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