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<TITLE>POST PROPERTIES, INC. / POST APARTMENT HOMES, L.P.</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="center" style="font-size: 10pt; margin-top: 18pt">As filed with
the Securities and Exchange Commission on August 16, 2005
</DIV>


<DIV align="right" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Registration No.&nbsp;333-</B></DIV>



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 20%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>REGISTRATION STATEMENT UNDER<BR>
THE SECURITIES ACT OF 1933</B></DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 20%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>POST PROPERTIES, INC.</B>
</DIV>

<DIV align="center" style="font-size: 24pt"><B>POST APARTMENT HOMES, L.P.</B></div>
<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
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    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Georgia</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>58-1550675</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Georgia</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>58-2053632</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>One Riverside<BR>
4401 Northside Parkway, Suite&nbsp;800<BR>
Atlanta, Georgia 30327-3057</B><BR>
(Address, including zip code, of registrant&#146;s principal executive offices)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Post Properties, Inc. Deferred Compensation Plan for Directors and Eligible Employees as<BR>
Amended and Restated Effective as of January&nbsp;1, 2005</B><BR>
(Full title of plan)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>David P. Stockert<BR>
President and Chief Executive Officer<BR>
Post Properties, Inc.<BR>
One Riverside<BR>
4401 Northside Parkway, Suite&nbsp;800<BR>
Atlanta, Georgia 30327-3057</B><BR>
(Name and address of agent for service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(404)&nbsp;846-5000</B><BR>
(Telephone number, including area code, of agent for service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Copies to:</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>John J. Kelley III<BR>
King &#038; Spalding LLP<BR>
191 Peachtree Street<BR>
Atlanta, Georgia 30303-1763<BR>
(404)&nbsp;572-4600</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CALCULATION OF REGISTRATION FEE</B></DIV>

<DIV align="center">
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<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 2px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-left: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>



<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-left: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="center">Title of</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount of</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-left: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="center">Securities to</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">to be</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Offering Price</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Aggregate</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Registration</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-left: 2px solid #000000">&nbsp;</TD>

    <TD nowrap align="center">be Registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Per Obligation</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Offering Price</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Fee</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD style="border-left: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 2px solid #000000">Deferred Compensation<BR>Obligations (1)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$10,000,000(2)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">100% (2)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$10,000,000 (2)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$1,177</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD style="border-left: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 2px solid #000000">Common Stock, par value<BR>
$.01 per share
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">175,000
shares (3)(4)
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$37.16 (5)
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$6,503,000
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$765</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD style="border-left: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 2px solid #000000">Total
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">&#151;
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">&#151;
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$16,503,000
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$1,942</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>

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</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
 <TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The Deferred Compensation Obligations are general unsecured obligations of Post Properties,
Inc. and Post Apartment Homes, L.P. to pay deferred compensation from time-to-time in the
future in accordance with the terms of the Post Properties, Inc. Deferred Compensation Plan
for Directors and Eligible Employees as Amended and Restated Effective as of January&nbsp;1, 2005
(the &#147;Plan&#148;).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee in accordance with Rule
457 under the Securities Act of 1933, as amended.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents shares of common stock, par value $.01 per share (the &#147;Common Stock&#148;) of
Post Properties, Inc. that may be delivered from time-to-time in the future in accordance with
the terms of the Plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule 416(a) under the Securities Act of 1933, also covers additional securities
that may be offered as a result of stock splits, stock dividends or similar transactions.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for the purpose of determining the
registration fee, in accordance with Rule&nbsp;457(h) based on the
average of the high and low sales prices of the Common Stock on the
New York Stock Exchange on August 9, 2005.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">INTRODUCTION
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Registration Statement on Form S-8 is filed by Post Properties, Inc., a Georgia corporation
(&#147;Post&#148;) and Post Apartment Homes, L.P., a Georgia limited partnership (the &#147;Operating
Partnership&#148;), relating to:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Deferred Compensation Obligations (the &#147;Deferred Compensation Obligations&#148;), which
consist of general unsecured obligations of Post and the Operating Partnership to pay
deferred compensation from time-to-time in the future in accordance with the terms of the
Post Properties, Inc. Deferred Compensation Plan for Directors and Eligible Employees as
Amended and Restated Effective as of January&nbsp;1, 2005 (the &#147;Plan&#148;); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one hundred seventy-five thousand (175,000) shares of common stock, par value $.01
per share (the &#147;Common Stock&#148;), of Post that may be delivered to directors of Post from
time-to-time in accordance with the terms of the Plan.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;3 Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;7. Exemptions from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="g96950exv5w1.htm">EX-5.1 OPINION OF KING & SPALDING LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="g96950exv23w1.htm">EX-23.1 CONSENT OF PRICEWATERHOUSECOOPERS LLP</A></TD></TR>
</TABLE>
</CENTER>
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<!-- link1 "PART II" -->
<DIV align="left"><A NAME="000"></A></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>

<!-- link2 "Item&nbsp;3 Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="001"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Item&nbsp;3</I></B>. <B><I>Incorporation of Documents by Reference.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents previously filed by Post and the Operating Partnership with the
Securities and Exchange Commission are hereby incorporated by reference into this Registration
Statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a) Annual Report on Form 10-K for the year ended December&nbsp;31, 2004;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b) Quarterly Reports on Form 10-Q for the quarters ended March&nbsp;31, 2005 and June&nbsp;30,
2005;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c) Current Reports on Form 8-K filed on January&nbsp;26, 2005, May&nbsp;24, 2005, May&nbsp;31, 2005,
June&nbsp;15, 2005, August&nbsp;12, 2005 and August 15, 2005;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d) The description of the Common Stock contained in Post&#146;s Registration Statement on
Form 8-A, filed on June&nbsp;14, 1993 under the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;), including any amendment or report filed for the purpose of updating such
description.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by Post and the Operating Partnership pursuant to Sections&nbsp;13(a), 13(c),
14 or 15(d) of the Exchange Act subsequent to the date of this Registration Statement and prior to
the filing of a post-effective amendment to this Registration Statement that indicates that all
securities offered hereunder have been sold or that
</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">deregisters all such securities then remaining unsold shall be deemed to be incorporated by
reference into this Registration Statement and to be a part thereof from the date of the filing of
such documents.
</DIV>


<!-- link2 "Item&nbsp;4. Description of Securities" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I><B>Item&nbsp;4. Description of Securities.</B></I>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post&#146;s Common Stock to be issued under the Plan is registered under Section&nbsp;12 of the Exchange
Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement also covers the Deferred Compensation Obligations to be offered to
eligible employees and directors of Post and affiliated companies pursuant to the Plan. The
following is a summary of the Plan as it relates to the Deferred Compensation Obligations. The
Deferred Compensation Obligations consist of general unsecured obligations of Post and the
Operating Partnership to pay deferred compensation from time-to-time in the future in accordance
with the terms of the Plan from the general assets of Post and the Operating Partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a more detailed description of the Plan, we refer you to a copy of the Plan, which is
attached hereto as Exhibit&nbsp;4.1 and is incorporated herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount of compensation deferred by each participating employee and director (each a
&#147;Participant&#148;) in the Plan is determined in accordance with the Plan based upon elections by each
Participant. Obligations in an amount equal to each Participant&#146;s deferral account under the Plan
(consisting of deferred base salary and/or bonus, in the case of eligible employees, and deferred
meeting fees and/or retainers, in the case of directors, and any gains associated with any such
deferred compensation) will be payable in accordance with the Participant&#146;s deferral election and
the terms of the Plan in a lump-sum distribution or in installments. Certain hardship distributions
are also permitted under the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts deferred under the Plan by participating directors are adjusted to track the
investment performance of Post Common Stock, whether positive or negative. Deferred Compensation
Obligations will be payable to directors under the Plan in the form of Post Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts deferred by participating employees are adjusted to track the investment performance
of one or more investment alternatives. The obligations will be indexed to one or more benchmark
return options (the &#147;Benchmark Return Options&#148;) individually chosen by each eligible employee (to
the extent that Post has designated more than one investment alternative) from a list of investment
alternatives. The investment alternatives may be changed or others added as determined by Post.
Each eligible employee&#146;s Deferred Compensation Obligations will be adjusted to reflect the
investment experience, whether positive or negative, of the selected Benchmark Return Options,
including any appreciation or depreciation. Deferred Compensation
Obligations will be payable to
eligible employees in United States dollars.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Participant&#146;s right or the right of a Participant&#146;s beneficiary, if any, to the Deferred
Compensation Obligations cannot be alienated, assigned, commuted or otherwise encumbered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Deferred Compensation Obligations are not subject to redemption, in whole or in part,
prior to the individual payment dates specified by each Participant, at the option of Post or
through operation of a mandatory or optional sinking fund or analogous provision. The Chairman of
the Board or the Chief Executive Officer of Post may amend the Plan, except that no such amendment
shall adversely affect any Participant&#146;s interest in the Plan. In addition, the Chairman of the
Board or the Chief Executive Officer of Post may terminate the Plan at any time. The Deferred
Compensation Obligations are not convertible into any other security of Post except that amounts
deferred by directors will be distributed in the form of Post Common Stock. The obligations of
Post and the Operating Partnership under the Plan will be unsecured general obligations of Post and
the Operating Partnership to pay the deferred compensation in the future. The right of any
participating directors or employees to receive future cash payments or delivery of shares of
Post Common Stock under the provisions of the Plan shall be a contractual obligation of Post and the
Operating Partnership, but shall be subject to the claims of the creditors of Post or the Operating
Partnership in the event of Post&#146;s or the Operating Partnership&#146;s insolvency or bankruptcy. The
Deferred Compensation Obligations will rank pari passu with other unsecured and unsubordinated
indebtedness of Post from time-to-time outstanding. However, the right of Post, and therefore the
right of creditors of Post (including participants in the Plan), to participate in the distribution
of the assets of any subsidiary or affiliate of Post (including the Operating Partnership) upon its
liquidation or reorganization or otherwise is necessarily subject to the claims of creditors of the
subsidiary or affiliate, except to the extent that claims of Post itself as a creditor of the
subsidiary or
</DIV>

<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">affiliate
may be recognized. To the extent compensation deferred by an eligible employee is
payable to such employee by the Operating Partnership or another affiliate of Post, Post will
direct the Operating Partnership or such other affiliate to defer payment of such compensation in
accordance with the Plan and the Obligations arising from such deferred compensation shall also be
unsecured general obligations of the Operating Partnership or other affiliate of Post, as
applicable.
</DIV>

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<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B></I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the securities being offered by this prospectus will be passed upon for us by
King &#038; Spalding LLP. Herschel M. Bloom, a partner of King &#038; Spalding LLP, is a director of Post.
</DIV>
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<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I><B>Item&nbsp;6. Indemnification of Directors and Officers.</B></I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summary is qualified in its entirety by reference to the complete text of the
statute, Post&#146;s Articles of Incorporation, as amended, Post&#146;s Amended and Restated Bylaws and the
Second Amended and Restated Agreement of Limited Partnership, as amended, (the &#147;Partnership
Agreement&#148;) of the Operating Partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indemnification section of Part&nbsp;5 of Article&nbsp;8 of the Georgia Business Corporation Code
states:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">14-2-850. PART DEFINITIONS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As used in this part, the term:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&#147;Corporation&#148; includes any domestic or foreign predecessor entity of a corporation in a
merger or other transaction in which the predecessor&#146;s existence ceased upon consummation of the
transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&#147;Director&#148; or &#147;officer&#148; means an individual who is or was a director or officer,
respectively, of a corporation or who, while a director or officer of the corporation, is or was
serving at the corporation&#146;s request as a director, officer, partner, trustee, employee, or agent
of another domestic or foreign corporation, partnership, joint venture, trust, employee benefit
plan, or other entity. A director or officer is considered to be serving an employee benefit plan
at the corporation&#146;s request if his or her duties to the corporation also impose duties on, or
otherwise involve services by, the director or officer to the plan or to participants in or
beneficiaries of the plan. Director or officer includes, unless the context otherwise requires, the
estate or personal representative of a director or officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&#147;Disinterested director&#148; means a director who at the time of a vote referred to in
subsection (c)&nbsp;of Code Section&nbsp;14-2-853 or a vote or selection referred to in subsection (b)&nbsp;or (c)
of Code Section&nbsp;14-2-855 or subsection (a)&nbsp;of Code Section&nbsp;14-2-856 is not:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;A party to the proceeding; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;An individual who is a party to a proceeding having a familial, financial, professional,
or employment relationship with the director whose indemnification or advance for expenses is the
subject of the decision being made with respect to the proceeding, which relationship would, in the
circumstances, reasonably be expected to exert an influence on the director&#146;s judgment when voting
on the decision being made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&#147;Expenses&#148; includes counsel fees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&#147;Liability&#148; means the obligation to pay a judgment, settlement, penalty, fine (including
an excise tax assessed with respect to an employee benefit plan), or reasonable expenses incurred
with respect to a proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&#147;Official capacity&#148; means:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;When used with respect to a director, the office of director in a corporation; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;When used with respect to an officer, as contemplated in Code Section&nbsp;14-2-857, the office
in a corporation held by the officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Official capacity does not include service for any other domestic or foreign corporation or
any partnership, joint venture, trust, employee benefit plan, or other entity.
</DIV>

<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&#147;Party&#148; means an individual who was, is, or is threatened to be made a named defendant or
respondent in a proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&#147;Proceeding&#148; means any threatened, pending or completed action, suit, or proceeding,
whether civil, criminal, administrative, arbitrative, or investigative and whether formal or
informal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">14-2-851. AUTHORITY TO INDEMNIFY.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except as otherwise provided in this Code section, a corporation may indemnify an
individual who is a party to a proceeding because he or she is or was a director against liability
incurred in the proceeding if:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Such individual conducted himself or herself in good faith; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Such individual reasonably believed:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;In the case of conduct in his or her official capacity, that such conduct was in the best
interests of the corporation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;In all other cases, that such conduct was at least not opposed to the best interests of
the corporation; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;In the case of any criminal proceeding, that the individual had no reasonable cause to
believe such conduct was unlawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;A director&#146;s conduct with respect to an employee benefit plan for a purpose he or she
believed in good faith to be in the interests of the participants in and beneficiaries of the plan
is conduct that satisfies the requirement of subparagraph (a) (2) (B)&nbsp;of this Code section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The termination of a proceeding by judgment, order, settlement, or conviction, or upon a
plea of nolo contendere or its equivalent is not, of itself, determinative that the director did
not meet the standard of conduct described in this Code section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;A corporation may not indemnify a director under this Code section:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;In connection with a proceeding by or in the right of the corporation, except for
reasonable expenses incurred in connection with the proceeding if it is determined that the
director has met the relevant standard of conduct under this Code section; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;In connection with any proceeding with respect to conduct for which he or she was adjudged
liable on the basis that personal benefit was improperly received by him or her, whether or not
involving action in his or her official capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">14-2-852. MANDATORY INDEMNIFICATION.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A corporation shall indemnify a director who was wholly successful, on the merits or
otherwise, in the defense of any proceeding to which he or she was a party because he or she was a
director of the corporation against reasonable expenses incurred by the director in connection with
the proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14-2-853. ADVANCE FOR EXPENSES.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;A corporation may, before final disposition of a proceeding, advance funds to pay for or
reimburse the reasonable expenses incurred by a director who is a party to a proceeding because he
or she is a director if he or she delivers to the corporation:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;A written affirmation of his or her good faith belief that he or she has met the relevant
standard of conduct described in Code Section&nbsp;14-2-851 or that the proceeding involves conduct for
which liability has been eliminated under a provision of the articles of incorporation as
authorized by paragraph (4)&nbsp;of subsection (b)&nbsp;of Code Section&nbsp;14-2-202; and
</DIV>

<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;His or her written undertaking to repay any funds advanced if it is ultimately determined
that the director is not entitled to indemnification under this part.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undertaking required by paragraph (2)&nbsp;of subsection (a)&nbsp;of this Code section must be
an unlimited general obligation of the director but need not be secured and may be accepted without
reference to the financial ability of the director to make repayment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Authorizations under this Code section shall be made:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;By the board of directors:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;When there are two or more disinterested directors, by a majority vote of all the
disinterested directors (a majority of whom shall for such purpose constitute a quorum) or by
a majority of the members of a committee of two or more disinterested directors appointed by
such a vote; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;When there are fewer than two disinterested directors, by the vote necessary for
action by the board in accordance with subsection (c)&nbsp;of Code Section&nbsp;14-2-824, in which
authorization directors who do not qualify as disinterested directors may participate; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;By the shareholders, but shares owned or voted under the control of a director who at
the time does not qualify as a disinterested director with respect to the proceeding may not
be voted on the authorization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">14-2-854. COURT-ORDERED INDEMNIFICATION AND ADVANCES FOR EXPENSES.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;A director who is a party to a proceeding because he or she is a director may apply
for indemnification or advance for expenses to the court conducting the proceeding or to
another court of competent jurisdiction. After receipt of an application and after giving any
notice it considers necessary, the court shall:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Order indemnification or advance for expenses if it determines that the director is
entitled to indemnification under this part; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Order indemnification or advance for expenses if it determines, in view of all the
relevant circumstances, that it is fair and reasonable to indemnify the director or to advance
expenses to the director, even if the director has not met the relevant standard of conduct
set forth in subsections (a)&nbsp;and (b)&nbsp;of Code Section&nbsp;14-2-851, failed to comply with Code
Section&nbsp;14-2-853, or was adjudged liable in a proceeding referred to in paragraph (1)&nbsp;or (2)
of subsection (d)&nbsp;of Code Section&nbsp;14-2-851, but if the director was adjudged so liable, the
indemnification shall be limited to reasonable expenses incurred in connection with the
proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If the court determines that the director is entitled to indemnification or advance
for expenses under this part, it may also order the corporation to pay the director&#146;s
reasonable expenses to obtain court-ordered indemnification or advance for expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">14-2-855. DETERMINATION AND AUTHORIZATION OF INDEMNIFICATION.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;A corporation may not indemnify a director under Code Section&nbsp;14-2-851 unless
authorized thereunder and a determination has been made for a specific proceeding that
indemnification of the director is permissible in the circumstances because he or she has met
the relevant standard of conduct set forth in Code Section&nbsp;14-2-851.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The determination shall be made:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;If there are two or more disinterested directors, by the board of directors by a
majority vote of all the disinterested directors (a majority of whom shall for such purpose
constitute a quorum) or by a majority of the members of a committee of two or more
disinterested directors appointed by such a vote;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;By special legal counsel:
</DIV>

<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;Selected in the manner prescribed in paragraph (1)&nbsp;of this subsection; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;If there are fewer than two disinterested directors, selected by the board of
directors (in which selection directors who do not qualify as disinterested directors may
participate); or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;By the shareholders, but shares owned by or voted under the control of a director who
at the time does not qualify as a disinterested director may not be voted on the
determination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Authorization of indemnification or an obligation to indemnify and evaluation as to
reasonableness of expenses shall be made in the same manner as the determination that
indemnification is permissible, except that if there are fewer than two disinterested
directors or if the determination is made by special legal counsel, authorization of
indemnification and evaluation as to reasonableness of expenses shall be made by those
entitled under subparagraph (b)(2)(B) of this Code section to select special legal counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">14-2-856. SHAREHOLDER APPROVED INDEMNIFICATION.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If authorized by the articles of incorporation or a bylaw, contract, or resolution
approved or ratified by the shareholders by a majority of the votes entitled to be cast, a
corporation may indemnify or obligate itself to indemnify a director made a party to a
proceeding including a proceeding brought by or in the right of the corporation, without
regard to the limitations in other Code sections of this part, but shares owned or voted under
the control of a director who at the time does not qualify as a disinterested director with
respect to any existing or threatened proceeding that would be covered by the authorization
may not be voted on the authorization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The corporation shall not indemnify a director under this Code section for any
liability incurred in a proceeding in which the director is adjudged liable to the corporation
or is subjected to injunctive relief in favor of the corporation:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;For any appropriation, in violation of the director&#146;s duties, of any business
opportunity of the corporation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;For acts or omissions which involve intentional misconduct or a knowing violation of
law;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;For the types of liability set forth in Code Section&nbsp;14-2-832; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;For any transaction from which he or she received an improper personal benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Where approved or authorized in the manner described in subsection (a)&nbsp;of this Code
section, a corporation may advance or reimburse expenses incurred in advance of final
disposition of the proceeding only if:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;The director furnishes the corporation a written affirmation of his or her good faith
belief that his or her conduct does not constitute behavior of the kind described in
subsection (b)&nbsp;of this Code section; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;The director furnishes the corporation a written undertaking, executed personally or
on his or her behalf, to repay any advances if it is ultimately determined that the director
is not entitled to indemnification under this Code section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">14-2-857. INDEMNIFICATION OF OFFICERS, EMPLOYEES, AND AGENTS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;A corporation may indemnify and advance expenses under this part to an officer of the
corporation who is a party to a proceeding because he or she is an officer of the corporation:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To the same extent as a director; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;If he or she is not a director, to such further extent as may be provided by the
articles of incorporation, the bylaws, a resolution of the board of directors, or contract
except for liability arising out of conduct that constitutes:
</DIV>

<P align="center" style="font-size: 10pt">7
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;Appropriation, in violation of his or her duties, of any business opportunity of the
corporation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;Acts or omissions which involve intentional misconduct or a knowing violation of law;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;The types of liability set forth in Code Section&nbsp;14-2-832; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;Receipt of an improper personal benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The provisions of paragraph (2)&nbsp;of subsection (a)&nbsp;of this Code section shall apply to
an officer who is also a director if the sole basis on which he or she is made a party to the
proceeding is an act or omission solely as an officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;An officer of a corporation who is not a director is entitled to mandatory
indemnification under Code Section&nbsp;14-2-852, and may apply to a court under Code Section
14-2-854 for indemnification or advances for expenses, in each case to the same extent to
which a director may be entitled to indemnification or advances for expenses under those
provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;A corporation may also indemnify and advance expenses to an employee or agent who is
not a director to the extent, consistent with public policy, that may be provided by its
articles of incorporation, bylaws, general or specific action of its board of directors, or
contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">14-2-858. INSURANCE.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A corporation may purchase and maintain insurance on behalf of an individual who is a
director, officer, employee, or agent of the corporation or who, while a director, officer,
employee, or agent of the corporation, serves at the corporation&#146;s request as a director,
officer, partner, trustee, employee, or agent of another domestic or foreign corporation,
partnership, joint venture, trust, employee benefit plan, or other entity against liability
asserted against or incurred by him or her in that capacity or arising from his or her status
as director, officer, employee, or agent, whether or not the corporation would have power to
indemnify or advance expenses to him or her against the same liability under this part.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">14-2-859. APPLICATION OF PART.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;A corporation may, by a provision in its articles of incorporation or bylaws or in a
resolution adopted or a contract approved by its board of directors or shareholders, obligate
itself in advance of the act or omission giving rise to a proceeding to provide
indemnification or advance funds to pay for or reimburse expenses consistent with this part.
Any such obligatory provision shall be deemed to satisfy the requirements for authorization
referred to in subsection (c)&nbsp;of Code Section&nbsp;14-2-853 or subsection (c)&nbsp;of Code Section
14-2-855. Any such provision that obligates the corporation to provide indemnification to the
fullest extent permitted by law shall be deemed to obligate the corporation to advance funds
to pay for or reimburse expenses in accordance with Code Section&nbsp;14-2-853 to the fullest
extent permitted by law, unless the provision specifically provides otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any provision pursuant to subsection (a)&nbsp;of this Code section shall not obligate the
corporation to indemnify or advance expenses to a director of a predecessor of the
corporation, pertaining to conduct with respect to the predecessor, unless otherwise
specifically provided. Any provision for indemnification or advance for expenses in the
articles of incorporation, bylaws, or a resolution of the board of directors or shareholders,
partners, or, in the case of limited liability companies, members or managers of a predecessor
of the corporation or other entity in a merger or in a contract to which the predecessor is a
party, existing at the time the merger takes effect, shall be governed by paragraph (3)&nbsp;of
subsection (a)&nbsp;of Code Section&nbsp;14-2-1106.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;A corporation may, by a provision in its articles of incorporation, limit any of the
rights to indemnification or advance for expenses created by or pursuant to this part.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;This part does not limit a corporation&#146;s power to pay or reimburse expenses incurred
by a director or an officer in connection with his or her appearance as a witness in a
proceeding at a time when he or she is not a party.
</DIV>

<P align="center" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Except as expressly provided in Code Section&nbsp;14-2-857, this part does not limit a
corporation&#146;s power to indemnify, advance expenses to, or provide or maintain insurance on
behalf of an employee or agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Articles of Incorporation of Post, as amended</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As permitted by the Georgia Business Corporation Code, Post&#146;s Charter provides that a director
shall not be personally liable to Post or its shareholders for monetary damages for breach of duty
of care or other duty as a director, except that such provision shall not eliminate or limit the
liability of a director (a)&nbsp;for any appropriation, in violation of his duties, of any business
opportunity of Post, (b)&nbsp;for acts or omissions that involve intentional misconduct or a knowing
violation of law, (c)&nbsp;for unlawful corporate distributions or (d)&nbsp;for any transaction from which
the director derived an improper personal benefit. Post&#146;s Charter further provides that if the
Georgia Business Corporation Code is amended to authorize corporate action further eliminating or
limiting the personal liability of directors, then the liability of a director of Post shall be
eliminated or limited to the fullest extent permitted by the Georgia Business Corporation Code, as
amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Bylaws of Post</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Article&nbsp;VI of Post&#146;s Bylaws and certain agreements entered into by Post, Post is
required to indemnify to the fullest extent permitted by the Georgia Business Corporation Code, any
individual made a party to a proceeding (as defined in the Georgia Business Corporation Code)
because he is or was a director or officer against liability (as defined in the Georgia Business
Corporation Code), incurred in the proceeding, if he acted in good faith and, while acting in an
official capacity as a director or officer, acted in a manner he reasonably believed to be in the
best interest of the Corporation, and in all other cases, acted in a manner he reasonably believed
was not opposed to the best interest of the Corporation, and with respect to any criminal
proceeding, if he had no reasonable cause to believe his conduct was unlawful. Post is required to
pay for or reimburse the reasonable expenses incurred by a director or officer who is a party to a
proceeding in advance of final disposition of the proceeding if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Such person furnishes Post a written affirmation of his good faith belief that he
has met the standard of conduct set forth above or that the proceeding involves conduct for
which liability has been eliminated under a provision of the Articles of Incorporation of
the Corporation as authorized by Section&nbsp;14-2-202(b)(4) of the Georgia Business Corporation
Code; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such person furnishes Post a written undertaking, executed personally on his behalf
to repay any advances if it is ultimately determined that he is not entitled to
indemnification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">The written undertaking required by paragraph (b)&nbsp;above must be an unlimited general obligation of
such person but need not be secured and may be accepted without reference to financial ability to
make repayment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The right to indemnification and the payment of expenses incurred in defending a proceeding in
advance of its final disposition conferred in Article&nbsp;VI of Post&#146;s Bylaws are not exclusive of any
other right which any person may have under any statute, provision of Post&#146;s Articles of
Incorporation, provision of Post&#146;s Bylaws, agreement, vote of shareholders or disinterested
directors or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Partnership Agreement of Post Apartment Homes, L.P.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Partnership Agreement of the Operating Partnership also provides for indemnification of
Post, the Operating Partnership&#146;s general partner Post GP Holdings, Inc., which is a wholly owned
subsidiary of Post (the &#147;General Partner&#148;), and the officers and directors of Post, the General
Partner and the Operating Partnership to the same extent that indemnification is provided to
officers and directors of Post in Post&#146;s Charter. The Partnership Agreement generally limits the
liability of Post, the General Partner and the officers and directors of Post, the General Partner
and the Operating Partnership to the Operating Partnership and its partners to the same extent
liability of officers and directors of Post to Post and its shareholders is limited under Post&#146;s
Charter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post&#146;s directors and officers are insured against damages from actions and claims incurred in
the course of their duties, and Post is insured against expenses incurred in defending lawsuits
arising from certain alleged acts of its directors and officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Indemnification Agreements between Post and Directors and Certain Officers</B>
</DIV>


<P align="center" style="font-size: 10pt">9
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post has entered into indemnification agreements with its directors and certain officers
providing contractual indemnification by Post to the maximum extent authorized by law.
</DIV>
<!-- link2 "Item&nbsp;7. Exemptions from Registration Claimed -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I><B>Item&nbsp;7. Exemptions from Registration Claimed.</B></I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inapplicable.
</DIV>
<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I><B>Item&nbsp;8. Exhibits</B></I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Post Properties, Inc. Deferred Compensation Plan for Directors and
Eligible Employees as Amended and Restated Effective as of January
1, 2005 (filed as an exhibit of the Current Report on
Form&nbsp;8-K of the Registrants filed on August&nbsp;15, 2005 and
incorporated herein by reference)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of King &#038; Spalding LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of King &#038; Spalding LLP (included in Exhibit&nbsp;5.1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on signature page)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I><B>Item&nbsp;9. Undertakings</B></I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned Registrant hereby undertakes:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration Statement;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any prospectus required by
Section&nbsp;10(a)(3) of the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To reflect in the prospectus any facts
or events arising after the effective date of the Registration
Statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental
change in the information set forth in the Registration Statement;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any material information
with respect to the plan of distribution not previously disclosed
in the Registration Statement or any material change to such
information in the Registration Statement;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>provided</I>, <I>however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if
the information required to be included in a post-effective amendment by
those paragraphs is contained in periodic reports filed with or furnished to
the Commission by the registrant pursuant to Section&nbsp;13 or Section 15(d) of
the Exchange Act that are incorporated by reference in the registration
statement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That for purposes of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial <I>bona
fide </I>offering thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes that, for purposes of determining
any liability under the Securities Act, each filing of the registrant&#146;s annual report
pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each
filing of an employee benefit plan&#146;s annual report pursuant to Section 15(d) of the
Exchange Act) that is incorporated by reference in the Registration Statement shall be
deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial <I>bona
fide </I>offering thereof.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">10
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insofar as indemnification for liabilities arising under the Securities Act may
be permitted to directors, officers and controlling persons of the Registrant pursuant
to the foregoing provisions, or otherwise, the Registrant has been advised that in the
opinion of the Securities and Exchange Commission such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable. In
the event that a claim for indemnification against such liabilities (other than the
payment by the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">11
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Atlanta, State of Georgia on the
16<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of August, 2005.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">POST PROPERTIES, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ David P. Stockert
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">David P. Stockert&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">12
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that we, the undersigned directors and executive officers of
Post Properties, Inc., do hereby constitute and appoint David P. Stockert and Sherry W. Cohen and
each of them, our true and lawful attorneys-in-fact and agents, with full power of substitution and
resubstitution for us and in our name, place and stead, in any and all capacities, to sign any and
all amendments to this Registration Statement, and to file the same with all exhibits thereto and
other documents in connection therewith, with the Securities and Exchange Commission, granting unto
said attorneys-in-fact and agents, and each of them, full power and authority to do and perform
each and every act and thing requisite or necessary to be done in and about the premises, as fully
and to all intents and purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, and any of them, or their substitutes, may
lawfully do or cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities indicated as of the 16<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of
August, 2005.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Title</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/ Robert C. Goddard, III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board and Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Robert C. Goddard, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/ David P. Stockert
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Chief Executive</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
David P. Stockert
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Officer and a Director<BR>
(Principal Executive Officer)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/ Christopher J. Papa
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and Chief</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Christopher J. Papa
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial Officer<BR>
(Principal Financial Officer)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/ Arthur J. Quirk
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President and</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Arthur J. Quirk
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Accounting Officer<BR>
(Principal Accounting Officer)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/ Herschel M. Bloom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Herschel
M. Bloom
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/ Douglas Crocker II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Douglas
Crocker II
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/ Walter M. Deriso</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Walter
M. Deriso
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/ Russell R. French</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Russell
R. French
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/ Nicholas B. Paumgarten</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Nicholas
B. Paumgarten
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/ Charles E. Rice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Charles
E. Rice
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ronald de Waal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Ronald
de Waal
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">13
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Atlanta, State of Georgia on the
16<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of August, 2005.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">POST APARTMENT HOMES, L.P.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">POST GP HOLDINGS, INC.,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">as General Partner</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ David P. Stockert</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; David P. Stockert</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">14
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>EXHIBIT INDEX</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Post Properties, Inc. Deferred Compensation Plan for Directors and
Eligible Employees as Amended and Restated Effective as of January
1, 2005 (filed as an exhibit of the Current Report on
Form&nbsp;8-K of the Registrants filed on August&nbsp;15, 2005 and
incorporated herein by reference)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of King &#038; Spalding LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of King &#038; Spalding LLP (included in Exhibit&nbsp;5.1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on signature page)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">15
</DIV>

</BODY>
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POST PROPERTIES, INC. / POST APARTMENT HOMES, L.P.
Table of Contents
As filed with
the Securities and Exchange Commission on August 16, 2005
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
POST PROPERTIES, INC.
POST APARTMENT HOMES, L.P.
(Exact name of registrant as specified in its charter)
Georgia
58-1550675
Georgia
58-2053632
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
One Riverside
4401 Northside Parkway, Suite 800
Atlanta, Georgia 30327-3057
(Address, including zip code, of registrant's principal executive offices)
Post Properties, Inc. Deferred Compensation Plan for Directors and Eligible Employees as
Amended and Restated Effective as of January 1, 2005
(Full title of plan)
David P. Stockert
President and Chief Executive Officer
Post Properties, Inc.
One Riverside
4401 Northside Parkway, Suite 800
Atlanta, Georgia 30327-3057
(Name and address of agent for service)
(404) 846-5000
(Telephone number, including area code, of agent for service)
Copies to:
John J. Kelley III
King & Spalding LLP
191 Peachtree Street
Atlanta, Georgia 30303-1763
(404) 572-4600
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Title of
Amount
Maximum
Maximum
Amount of
Securities to
to be
Offering Price
Aggregate
Registration
be Registered
Registered
Per Obligation
Offering Price
Fee
Deferred Compensation
Obligations (1)
$10,000,000(2)
100% (2)
$10,000,000 (2)
$1,177
Common Stock, par value
$.01 per share
175,000
shares (3)(4)
$37.16 (5)
$6,503,000
$765
Total
—
—
$16,503,000
$1,942
(1)
The Deferred Compensation Obligations are general unsecured obligations of Post Properties,
Inc. and Post Apartment Homes, L.P. to pay deferred compensation from time-to-time in the
future in accordance with the terms of the Post Properties, Inc. Deferred Compensation Plan
for Directors and Eligible Employees as Amended and Restated Effective as of January 1, 2005
(the "Plan").
(2)
Estimated solely for the purpose of calculating the registration fee in accordance with Rule
457 under the Securities Act of 1933, as amended.
(3)
Represents shares of common stock, par value $.01 per share (the "Common Stock") of
Post Properties, Inc. that may be delivered from time-to-time in the future in accordance with
the terms of the Plan.
(4)
Pursuant to Rule 416(a) under the Securities Act of 1933, also covers additional securities
that may be offered as a result of stock splits, stock dividends or similar transactions.
(5)
Estimated solely for the purpose of determining the
registration fee, in accordance with Rule 457(h) based on the
average of the high and low sales prices of the Common Stock on the
New York Stock Exchange on August 9, 2005.
INTRODUCTION
This Registration Statement on Form S-8 is filed by Post Properties, Inc., a Georgia corporation
("Post") and Post Apartment Homes, L.P., a Georgia limited partnership (the "Operating
Partnership"), relating to:
A.
Deferred Compensation Obligations (the "Deferred Compensation Obligations"), which
consist of general unsecured obligations of Post and the Operating Partnership to pay
deferred compensation from time-to-time in the future in accordance with the terms of the
Post Properties, Inc. Deferred Compensation Plan for Directors and Eligible Employees as
Amended and Restated Effective as of January 1, 2005 (the "Plan"); and
B.
one hundred seventy-five thousand (175,000) shares of common stock, par value $.01
per share (the "Common Stock"), of Post that may be delivered to directors of Post from
time-to-time in accordance with the terms of the Plan.
TABLE OF CONTENTS
PART II
Item 3 Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemptions from Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
SIGNATURES
EXHIBIT INDEX
EX-5.1 OPINION OF KING & SPALDING LLP
EX-23.1 CONSENT OF PRICEWATERHOUSECOOPERS LLP
Table of Contents
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3
.
Incorporation of Documents by Reference.
The following documents previously filed by Post and the Operating Partnership with the
Securities and Exchange Commission are hereby incorporated by reference into this Registration
Statement:
(a) Annual Report on Form 10-K for the year ended December 31, 2004;
(b) Quarterly Reports on Form 10-Q for the quarters ended March 31, 2005 and June 30,
2005;
(c) Current Reports on Form 8-K filed on January 26, 2005, May 24, 2005, May 31, 2005,
June 15, 2005, August 12, 2005 and August 15, 2005;
(d) The description of the Common Stock contained in Post's Registration Statement on
Form 8-A, filed on June 14, 1993 under the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), including any amendment or report filed for the purpose of updating such
description.
All documents filed by Post and the Operating Partnership pursuant to Sections 13(a), 13(c),
14 or 15(d) of the Exchange Act subsequent to the date of this Registration Statement and prior to
the filing of a post-effective amendment to this Registration Statement that indicates that all
securities offered hereunder have been sold or that
2
Table of Contents
deregisters all such securities then remaining unsold shall be deemed to be incorporated by
reference into this Registration Statement and to be a part thereof from the date of the filing of
such documents.
Item 4. Description of Securities.
Post's Common Stock to be issued under the Plan is registered under Section 12 of the Exchange
Act.
This Registration Statement also covers the Deferred Compensation Obligations to be offered to
eligible employees and directors of Post and affiliated companies pursuant to the Plan. The
following is a summary of the Plan as it relates to the Deferred Compensation Obligations. The
Deferred Compensation Obligations consist of general unsecured obligations of Post and the
Operating Partnership to pay deferred compensation from time-to-time in the future in accordance
with the terms of the Plan from the general assets of Post and the Operating Partnership.
For a more detailed description of the Plan, we refer you to a copy of the Plan, which is
attached hereto as Exhibit 4.1 and is incorporated herein by reference.
The amount of compensation deferred by each participating employee and director (each a
"Participant") in the Plan is determined in accordance with the Plan based upon elections by each
Participant. Obligations in an amount equal to each Participant's deferral account under the Plan
(consisting of deferred base salary and/or bonus, in the case of eligible employees, and deferred
meeting fees and/or retainers, in the case of directors, and any gains associated with any such
deferred compensation) will be payable in accordance with the Participant's deferral election and
the terms of the Plan in a lump-sum distribution or in installments. Certain hardship distributions
are also permitted under the Plan.
Amounts deferred under the Plan by participating directors are adjusted to track the
investment performance of Post Common Stock, whether positive or negative. Deferred Compensation
Obligations will be payable to directors under the Plan in the form of Post Common Stock.
Amounts deferred by participating employees are adjusted to track the investment performance
of one or more investment alternatives. The obligations will be indexed to one or more benchmark
return options (the "Benchmark Return Options") individually chosen by each eligible employee (to
the extent that Post has designated more than one investment alternative) from a list of investment
alternatives. The investment alternatives may be changed or others added as determined by Post.
Each eligible employee's Deferred Compensation Obligations will be adjusted to reflect the
investment experience, whether positive or negative, of the selected Benchmark Return Options,
including any appreciation or depreciation. Deferred Compensation
Obligations will be payable to
eligible employees in United States dollars.
A Participant's right or the right of a Participant's beneficiary, if any, to the Deferred
Compensation Obligations cannot be alienated, assigned, commuted or otherwise encumbered.
The Deferred Compensation Obligations are not subject to redemption, in whole or in part,
prior to the individual payment dates specified by each Participant, at the option of Post or
through operation of a mandatory or optional sinking fund or analogous provision. The Chairman of
the Board or the Chief Executive Officer of Post may amend the Plan, except that no such amendment
shall adversely affect any Participant's interest in the Plan. In addition, the Chairman of the
Board or the Chief Executive Officer of Post may terminate the Plan at any time. The Deferred
Compensation Obligations are not convertible into any other security of Post except that amounts
deferred by directors will be distributed in the form of Post Common Stock. The obligations of
Post and the Operating Partnership under the Plan will be unsecured general obligations of Post and
the Operating Partnership to pay the deferred compensation in the future. The right of any
participating directors or employees to receive future cash payments or delivery of shares of
Post Common Stock under the provisions of the Plan shall be a contractual obligation of Post and the
Operating Partnership, but shall be subject to the claims of the creditors of Post or the Operating
Partnership in the event of Post's or the Operating Partnership's insolvency or bankruptcy. The
Deferred Compensation Obligations will rank pari passu with other unsecured and unsubordinated
indebtedness of Post from time-to-time outstanding. However, the right of Post, and therefore the
right of creditors of Post (including participants in the Plan), to participate in the distribution
of the assets of any subsidiary or affiliate of Post (including the Operating Partnership) upon its
liquidation or reorganization or otherwise is necessarily subject to the claims of creditors of the
subsidiary or affiliate, except to the extent that claims of Post itself as a creditor of the
subsidiary or
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affiliate
may be recognized. To the extent compensation deferred by an eligible employee is
payable to such employee by the Operating Partnership or another affiliate of Post, Post will
direct the Operating Partnership or such other affiliate to defer payment of such compensation in
accordance with the Plan and the Obligations arising from such deferred compensation shall also be
unsecured general obligations of the Operating Partnership or other affiliate of Post, as
applicable.
Item 5. Interests of Named Experts and Counsel.
The validity of the securities being offered by this prospectus will be passed upon for us by
King & Spalding LLP. Herschel M. Bloom, a partner of King & Spalding LLP, is a director of Post.
Item 6. Indemnification of Directors and Officers.
The following summary is qualified in its entirety by reference to the complete text of the
statute, Post's Articles of Incorporation, as amended, Post's Amended and Restated Bylaws and the
Second Amended and Restated Agreement of Limited Partnership, as amended, (the "Partnership
Agreement") of the Operating Partnership.
The Indemnification section of Part 5 of Article 8 of the Georgia Business Corporation Code
states:
14-2-850. PART DEFINITIONS.
As used in this part, the term:
(1) "Corporation" includes any domestic or foreign predecessor entity of a corporation in a
merger or other transaction in which the predecessor's existence ceased upon consummation of the
transaction.
(2) "Director" or "officer" means an individual who is or was a director or officer,
respectively, of a corporation or who, while a director or officer of the corporation, is or was
serving at the corporation's request as a director, officer, partner, trustee, employee, or agent
of another domestic or foreign corporation, partnership, joint venture, trust, employee benefit
plan, or other entity. A director or officer is considered to be serving an employee benefit plan
at the corporation's request if his or her duties to the corporation also impose duties on, or
otherwise involve services by, the director or officer to the plan or to participants in or
beneficiaries of the plan. Director or officer includes, unless the context otherwise requires, the
estate or personal representative of a director or officer.
(3) "Disinterested director" means a director who at the time of a vote referred to in
subsection (c) of Code Section 14-2-853 or a vote or selection referred to in subsection (b) or (c)
of Code Section 14-2-855 or subsection (a) of Code Section 14-2-856 is not:
(A) A party to the proceeding; or
(B) An individual who is a party to a proceeding having a familial, financial, professional,
or employment relationship with the director whose indemnification or advance for expenses is the
subject of the decision being made with respect to the proceeding, which relationship would, in the
circumstances, reasonably be expected to exert an influence on the director's judgment when voting
on the decision being made.
(4) "Expenses" includes counsel fees.
(5) "Liability" means the obligation to pay a judgment, settlement, penalty, fine (including
an excise tax assessed with respect to an employee benefit plan), or reasonable expenses incurred
with respect to a proceeding.
(6) "Official capacity" means:
(A) When used with respect to a director, the office of director in a corporation; and
(B) When used with respect to an officer, as contemplated in Code Section 14-2-857, the office
in a corporation held by the officer.
Official capacity does not include service for any other domestic or foreign corporation or
any partnership, joint venture, trust, employee benefit plan, or other entity.
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(7) "Party" means an individual who was, is, or is threatened to be made a named defendant or
respondent in a proceeding.
(8) "Proceeding" means any threatened, pending or completed action, suit, or proceeding,
whether civil, criminal, administrative, arbitrative, or investigative and whether formal or
informal.
14-2-851. AUTHORITY TO INDEMNIFY.
(a) Except as otherwise provided in this Code section, a corporation may indemnify an
individual who is a party to a proceeding because he or she is or was a director against liability
incurred in the proceeding if:
(1) Such individual conducted himself or herself in good faith; and
(2) Such individual reasonably believed:
(A) In the case of conduct in his or her official capacity, that such conduct was in the best
interests of the corporation;
(B) In all other cases, that such conduct was at least not opposed to the best interests of
the corporation; and
(C) In the case of any criminal proceeding, that the individual had no reasonable cause to
believe such conduct was unlawful.
(b) A director's conduct with respect to an employee benefit plan for a purpose he or she
believed in good faith to be in the interests of the participants in and beneficiaries of the plan
is conduct that satisfies the requirement of subparagraph (a) (2) (B) of this Code section.
(c) The termination of a proceeding by judgment, order, settlement, or conviction, or upon a
plea of nolo contendere or its equivalent is not, of itself, determinative that the director did
not meet the standard of conduct described in this Code section.
(d) A corporation may not indemnify a director under this Code section:
(1) In connection with a proceeding by or in the right of the corporation, except for
reasonable expenses incurred in connection with the proceeding if it is determined that the
director has met the relevant standard of conduct under this Code section; or
(2) In connection with any proceeding with respect to conduct for which he or she was adjudged
liable on the basis that personal benefit was improperly received by him or her, whether or not
involving action in his or her official capacity.
14-2-852. MANDATORY INDEMNIFICATION.
A corporation shall indemnify a director who was wholly successful, on the merits or
otherwise, in the defense of any proceeding to which he or she was a party because he or she was a
director of the corporation against reasonable expenses incurred by the director in connection with
the proceeding.
14-2-853. ADVANCE FOR EXPENSES.
(a) A corporation may, before final disposition of a proceeding, advance funds to pay for or
reimburse the reasonable expenses incurred by a director who is a party to a proceeding because he
or she is a director if he or she delivers to the corporation:
(1) A written affirmation of his or her good faith belief that he or she has met the relevant
standard of conduct described in Code Section 14-2-851 or that the proceeding involves conduct for
which liability has been eliminated under a provision of the articles of incorporation as
authorized by paragraph (4) of subsection (b) of Code Section 14-2-202; and
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(2) His or her written undertaking to repay any funds advanced if it is ultimately determined
that the director is not entitled to indemnification under this part.
(b) The undertaking required by paragraph (2) of subsection (a) of this Code section must be
an unlimited general obligation of the director but need not be secured and may be accepted without
reference to the financial ability of the director to make repayment.
(c) Authorizations under this Code section shall be made:
(1) By the board of directors:
(A) When there are two or more disinterested directors, by a majority vote of all the
disinterested directors (a majority of whom shall for such purpose constitute a quorum) or by
a majority of the members of a committee of two or more disinterested directors appointed by
such a vote; or
(B) When there are fewer than two disinterested directors, by the vote necessary for
action by the board in accordance with subsection (c) of Code Section 14-2-824, in which
authorization directors who do not qualify as disinterested directors may participate; or
(2) By the shareholders, but shares owned or voted under the control of a director who at
the time does not qualify as a disinterested director with respect to the proceeding may not
be voted on the authorization.
14-2-854. COURT-ORDERED INDEMNIFICATION AND ADVANCES FOR EXPENSES.
(a) A director who is a party to a proceeding because he or she is a director may apply
for indemnification or advance for expenses to the court conducting the proceeding or to
another court of competent jurisdiction. After receipt of an application and after giving any
notice it considers necessary, the court shall:
(1) Order indemnification or advance for expenses if it determines that the director is
entitled to indemnification under this part; or
(2) Order indemnification or advance for expenses if it determines, in view of all the
relevant circumstances, that it is fair and reasonable to indemnify the director or to advance
expenses to the director, even if the director has not met the relevant standard of conduct
set forth in subsections (a) and (b) of Code Section 14-2-851, failed to comply with Code
Section 14-2-853, or was adjudged liable in a proceeding referred to in paragraph (1) or (2)
of subsection (d) of Code Section 14-2-851, but if the director was adjudged so liable, the
indemnification shall be limited to reasonable expenses incurred in connection with the
proceeding.
(b) If the court determines that the director is entitled to indemnification or advance
for expenses under this part, it may also order the corporation to pay the director's
reasonable expenses to obtain court-ordered indemnification or advance for expenses.
14-2-855. DETERMINATION AND AUTHORIZATION OF INDEMNIFICATION.
(a) A corporation may not indemnify a director under Code Section 14-2-851 unless
authorized thereunder and a determination has been made for a specific proceeding that
indemnification of the director is permissible in the circumstances because he or she has met
the relevant standard of conduct set forth in Code Section 14-2-851.
(b) The determination shall be made:
(1) If there are two or more disinterested directors, by the board of directors by a
majority vote of all the disinterested directors (a majority of whom shall for such purpose
constitute a quorum) or by a majority of the members of a committee of two or more
disinterested directors appointed by such a vote;
(2) By special legal counsel:
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(A) Selected in the manner prescribed in paragraph (1) of this subsection; or
(B) If there are fewer than two disinterested directors, selected by the board of
directors (in which selection directors who do not qualify as disinterested directors may
participate); or
(3) By the shareholders, but shares owned by or voted under the control of a director who
at the time does not qualify as a disinterested director may not be voted on the
determination.
(c) Authorization of indemnification or an obligation to indemnify and evaluation as to
reasonableness of expenses shall be made in the same manner as the determination that
indemnification is permissible, except that if there are fewer than two disinterested
directors or if the determination is made by special legal counsel, authorization of
indemnification and evaluation as to reasonableness of expenses shall be made by those
entitled under subparagraph (b)(2)(B) of this Code section to select special legal counsel.
14-2-856. SHAREHOLDER APPROVED INDEMNIFICATION.
(a) If authorized by the articles of incorporation or a bylaw, contract, or resolution
approved or ratified by the shareholders by a majority of the votes entitled to be cast, a
corporation may indemnify or obligate itself to indemnify a director made a party to a
proceeding including a proceeding brought by or in the right of the corporation, without
regard to the limitations in other Code sections of this part, but shares owned or voted under
the control of a director who at the time does not qualify as a disinterested director with
respect to any existing or threatened proceeding that would be covered by the authorization
may not be voted on the authorization.
(b) The corporation shall not indemnify a director under this Code section for any
liability incurred in a proceeding in which the director is adjudged liable to the corporation
or is subjected to injunctive relief in favor of the corporation:
(1) For any appropriation, in violation of the director's duties, of any business
opportunity of the corporation;
(2) For acts or omissions which involve intentional misconduct or a knowing violation of
law;
(3) For the types of liability set forth in Code Section 14-2-832; or
(4) For any transaction from which he or she received an improper personal benefit.
(c) Where approved or authorized in the manner described in subsection (a) of this Code
section, a corporation may advance or reimburse expenses incurred in advance of final
disposition of the proceeding only if:
(1) The director furnishes the corporation a written affirmation of his or her good faith
belief that his or her conduct does not constitute behavior of the kind described in
subsection (b) of this Code section; and
(2) The director furnishes the corporation a written undertaking, executed personally or
on his or her behalf, to repay any advances if it is ultimately determined that the director
is not entitled to indemnification under this Code section.
14-2-857. INDEMNIFICATION OF OFFICERS, EMPLOYEES, AND AGENTS.
(a) A corporation may indemnify and advance expenses under this part to an officer of the
corporation who is a party to a proceeding because he or she is an officer of the corporation:
(1) To the same extent as a director; and
(2) If he or she is not a director, to such further extent as may be provided by the
articles of incorporation, the bylaws, a resolution of the board of directors, or contract
except for liability arising out of conduct that constitutes:
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(A) Appropriation, in violation of his or her duties, of any business opportunity of the
corporation;
(B) Acts or omissions which involve intentional misconduct or a knowing violation of law;
(C) The types of liability set forth in Code Section 14-2-832; or
(D) Receipt of an improper personal benefit.
(b) The provisions of paragraph (2) of subsection (a) of this Code section shall apply to
an officer who is also a director if the sole basis on which he or she is made a party to the
proceeding is an act or omission solely as an officer.
(c) An officer of a corporation who is not a director is entitled to mandatory
indemnification under Code Section 14-2-852, and may apply to a court under Code Section
14-2-854 for indemnification or advances for expenses, in each case to the same extent to
which a director may be entitled to indemnification or advances for expenses under those
provisions.
(d) A corporation may also indemnify and advance expenses to an employee or agent who is
not a director to the extent, consistent with public policy, that may be provided by its
articles of incorporation, bylaws, general or specific action of its board of directors, or
contract.
14-2-858. INSURANCE.
A corporation may purchase and maintain insurance on behalf of an individual who is a
director, officer, employee, or agent of the corporation or who, while a director, officer,
employee, or agent of the corporation, serves at the corporation's request as a director,
officer, partner, trustee, employee, or agent of another domestic or foreign corporation,
partnership, joint venture, trust, employee benefit plan, or other entity against liability
asserted against or incurred by him or her in that capacity or arising from his or her status
as director, officer, employee, or agent, whether or not the corporation would have power to
indemnify or advance expenses to him or her against the same liability under this part.
14-2-859. APPLICATION OF PART.
(a) A corporation may, by a provision in its articles of incorporation or bylaws or in a
resolution adopted or a contract approved by its board of directors or shareholders, obligate
itself in advance of the act or omission giving rise to a proceeding to provide
indemnification or advance funds to pay for or reimburse expenses consistent with this part.
Any such obligatory provision shall be deemed to satisfy the requirements for authorization
referred to in subsection (c) of Code Section 14-2-853 or subsection (c) of Code Section
14-2-855. Any such provision that obligates the corporation to provide indemnification to the
fullest extent permitted by law shall be deemed to obligate the corporation to advance funds
to pay for or reimburse expenses in accordance with Code Section 14-2-853 to the fullest
extent permitted by law, unless the provision specifically provides otherwise.
(b) Any provision pursuant to subsection (a) of this Code section shall not obligate the
corporation to indemnify or advance expenses to a director of a predecessor of the
corporation, pertaining to conduct with respect to the predecessor, unless otherwise
specifically provided. Any provision for indemnification or advance for expenses in the
articles of incorporation, bylaws, or a resolution of the board of directors or shareholders,
partners, or, in the case of limited liability companies, members or managers of a predecessor
of the corporation or other entity in a merger or in a contract to which the predecessor is a
party, existing at the time the merger takes effect, shall be governed by paragraph (3) of
subsection (a) of Code Section 14-2-1106.
(c) A corporation may, by a provision in its articles of incorporation, limit any of the
rights to indemnification or advance for expenses created by or pursuant to this part.
(d) This part does not limit a corporation's power to pay or reimburse expenses incurred
by a director or an officer in connection with his or her appearance as a witness in a
proceeding at a time when he or she is not a party.
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(e) Except as expressly provided in Code Section 14-2-857, this part does not limit a
corporation's power to indemnify, advance expenses to, or provide or maintain insurance on
behalf of an employee or agent.
Articles of Incorporation of Post, as amended
As permitted by the Georgia Business Corporation Code, Post's Charter provides that a director
shall not be personally liable to Post or its shareholders for monetary damages for breach of duty
of care or other duty as a director, except that such provision shall not eliminate or limit the
liability of a director (a) for any appropriation, in violation of his duties, of any business
opportunity of Post, (b) for acts or omissions that involve intentional misconduct or a knowing
violation of law, (c) for unlawful corporate distributions or (d) for any transaction from which
the director derived an improper personal benefit. Post's Charter further provides that if the
Georgia Business Corporation Code is amended to authorize corporate action further eliminating or
limiting the personal liability of directors, then the liability of a director of Post shall be
eliminated or limited to the fullest extent permitted by the Georgia Business Corporation Code, as
amended.
Bylaws of Post
Under Article VI of Post's Bylaws and certain agreements entered into by Post, Post is
required to indemnify to the fullest extent permitted by the Georgia Business Corporation Code, any
individual made a party to a proceeding (as defined in the Georgia Business Corporation Code)
because he is or was a director or officer against liability (as defined in the Georgia Business
Corporation Code), incurred in the proceeding, if he acted in good faith and, while acting in an
official capacity as a director or officer, acted in a manner he reasonably believed to be in the
best interest of the Corporation, and in all other cases, acted in a manner he reasonably believed
was not opposed to the best interest of the Corporation, and with respect to any criminal
proceeding, if he had no reasonable cause to believe his conduct was unlawful. Post is required to
pay for or reimburse the reasonable expenses incurred by a director or officer who is a party to a
proceeding in advance of final disposition of the proceeding if:
(a) Such person furnishes Post a written affirmation of his good faith belief that he
has met the standard of conduct set forth above or that the proceeding involves conduct for
which liability has been eliminated under a provision of the Articles of Incorporation of
the Corporation as authorized by Section 14-2-202(b)(4) of the Georgia Business Corporation
Code; and
(b) Such person furnishes Post a written undertaking, executed personally on his behalf
to repay any advances if it is ultimately determined that he is not entitled to
indemnification.
The written undertaking required by paragraph (b) above must be an unlimited general obligation of
such person but need not be secured and may be accepted without reference to financial ability to
make repayment.
The right to indemnification and the payment of expenses incurred in defending a proceeding in
advance of its final disposition conferred in Article VI of Post's Bylaws are not exclusive of any
other right which any person may have under any statute, provision of Post's Articles of
Incorporation, provision of Post's Bylaws, agreement, vote of shareholders or disinterested
directors or otherwise.
Partnership Agreement of Post Apartment Homes, L.P.
The Partnership Agreement of the Operating Partnership also provides for indemnification of
Post, the Operating Partnership's general partner Post GP Holdings, Inc., which is a wholly owned
subsidiary of Post (the "General Partner"), and the officers and directors of Post, the General
Partner and the Operating Partnership to the same extent that indemnification is provided to
officers and directors of Post in Post's Charter. The Partnership Agreement generally limits the
liability of Post, the General Partner and the officers and directors of Post, the General Partner
and the Operating Partnership to the Operating Partnership and its partners to the same extent
liability of officers and directors of Post to Post and its shareholders is limited under Post's
Charter.
Post's directors and officers are insured against damages from actions and claims incurred in
the course of their duties, and Post is insured against expenses incurred in defending lawsuits
arising from certain alleged acts of its directors and officers.
Indemnification Agreements between Post and Directors and Certain Officers
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Post has entered into indemnification agreements with its directors and certain officers
providing contractual indemnification by Post to the maximum extent authorized by law.
Item 7. Exemptions from Registration Claimed.
Inapplicable.
Item 8. Exhibits
Exhibit
Description
4.1
Post Properties, Inc. Deferred Compensation Plan for Directors and
Eligible Employees as Amended and Restated Effective as of January
1, 2005 (filed as an exhibit of the Current Report on
Form 8-K of the Registrants filed on August 15, 2005 and
incorporated herein by reference)
5.1
Opinion of King & Spalding LLP
23.1
Consent of PricewaterhouseCoopers LLP
23.2
Consent of King & Spalding LLP (included in Exhibit 5.1)
24.1
Power of Attorney (included on signature page)
Item 9. Undertakings
(a)
The undersigned Registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration Statement;
(i)
To include any prospectus required by
Section 10(a)(3) of the Securities Act of 1933, as amended (the
"Securities Act");
(ii)
To reflect in the prospectus any facts
or events arising after the effective date of the Registration
Statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental
change in the information set forth in the Registration Statement;
and
(iii)
To include any material information
with respect to the plan of distribution not previously disclosed
in the Registration Statement or any material change to such
information in the Registration Statement;
provided
,
however
, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if
the information required to be included in a post-effective amendment by
those paragraphs is contained in periodic reports filed with or furnished to
the Commission by the registrant pursuant to Section 13 or Section 15(d) of
the Exchange Act that are incorporated by reference in the registration
statement.
(2)
That for purposes of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial
bona
fide
offering thereof.
(3)
To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.
(b)
The undersigned registrant hereby undertakes that, for purposes of determining
any liability under the Securities Act, each filing of the registrant's annual report
pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each
filing of an employee benefit plan's annual report pursuant to Section 15(d) of the
Exchange Act) that is incorporated by reference in the Registration Statement shall be
deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial
bona
fide
offering thereof.
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(c)
Insofar as indemnification for liabilities arising under the Securities Act may
be permitted to directors, officers and controlling persons of the Registrant pursuant
to the foregoing provisions, or otherwise, the Registrant has been advised that in the
opinion of the Securities and Exchange Commission such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable. In
the event that a claim for indemnification against such liabilities (other than the
payment by the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Atlanta, State of Georgia on the
16
th
day of August, 2005.
POST PROPERTIES, INC.
By:
/s/ David P. Stockert
David P. Stockert
President and Chief Executive Officer
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KNOW ALL MEN BY THESE PRESENTS, that we, the undersigned directors and executive officers of
Post Properties, Inc., do hereby constitute and appoint David P. Stockert and Sherry W. Cohen and
each of them, our true and lawful attorneys-in-fact and agents, with full power of substitution and
resubstitution for us and in our name, place and stead, in any and all capacities, to sign any and
all amendments to this Registration Statement, and to file the same with all exhibits thereto and
other documents in connection therewith, with the Securities and Exchange Commission, granting unto
said attorneys-in-fact and agents, and each of them, full power and authority to do and perform
each and every act and thing requisite or necessary to be done in and about the premises, as fully
and to all intents and purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, and any of them, or their substitutes, may
lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities indicated as of the 16
th
day of
August, 2005.
Signature
Title
/s/ Robert C. Goddard, III
Chairman of the Board and Director
Robert C. Goddard, III
/s/ David P. Stockert
President, Chief Executive
David P. Stockert
Officer and a Director
(Principal Executive Officer)
/s/ Christopher J. Papa
Executive Vice President and Chief
Christopher J. Papa
Financial Officer
(Principal Financial Officer)
/s/ Arthur J. Quirk
Senior Vice President and
Arthur J. Quirk
Chief Accounting Officer
(Principal Accounting Officer)
/s/ Herschel M. Bloom
Herschel
M. Bloom
Director
/s/ Douglas Crocker II
Douglas
Crocker II
Director
/s/ Walter M. Deriso
Walter
M. Deriso
Director
/s/ Russell R. French
Russell
R. French
Director
/s/ Nicholas B. Paumgarten
Nicholas
B. Paumgarten
Director
/s/ Charles E. Rice
Charles
E. Rice
Director
/s/ Ronald de Waal
Ronald
de Waal
Director
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Atlanta, State of Georgia on the
16
th
day of August, 2005.
POST APARTMENT HOMES, L.P.
By:
POST GP HOLDINGS, INC.,
as General Partner
By:
/s/ David P. Stockert
David P. Stockert
President and Chief Executive Officer
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EXHIBIT INDEX
Exhibit
Description
4.1
Post Properties, Inc. Deferred Compensation Plan for Directors and
Eligible Employees as Amended and Restated Effective as of January
1, 2005 (filed as an exhibit of the Current Report on
Form 8-K of the Registrants filed on August 15, 2005 and
incorporated herein by reference)
5.1
Opinion of King & Spalding LLP
23.1
Consent of PricewaterhouseCoopers LLP
23.2
Consent of King & Spalding LLP (included in Exhibit 5.1)
24.1
Power of Attorney (included on signature page)
15