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<P align="center" style="font-size: 10pt">As filed with the Securities and Exchange
Commission on June&nbsp;1, 2005



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



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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
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<P align="center" style="font-size: 18pt"><B>FORM S-8</B>


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


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<P align="center" style="font-size: 24pt"><B>POST PROPERTIES, INC.</B>


<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


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    <TD align="center" valign="top"><B>Georgia</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>58-1550675</B></TD>
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    <TD>&nbsp;</TD>
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    <TD align="center" valign="top">(State or other jurisdiction of<BR>
incorporation or organization)
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    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification No.)</TD>
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<P align="center" style="font-size: 10pt"><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)



<P align="center" style="font-size: 10pt"><B>Post Properties, Inc. 2005 Non-Qualified Employee Stock Purchase Plan</B><BR>
(Full title of plan)



<P align="center" style="font-size: 10pt"><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)



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



<P align="center" style="font-size: 10pt"><B>Copies to:</B>



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



<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


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    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Proposed</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Proposed</TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
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<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Title of</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Maximum</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Maximum</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount of</TD>
    <TD>&nbsp;</TD>
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<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Securities to</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">to be</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Offering Price</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Aggregate</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Registration</TD>
    <TD>&nbsp;</TD>
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    <TD nowrap align="center">be Registered</TD>
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    <TD nowrap align="center" colspan="2">Registered</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Per Obligation(1)</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Offering Price(1)</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Fee</TD>
    <TD>&nbsp;</TD>
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    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common Stock, par
value $.01 per
share</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">$32.30</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">$9,690,000</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">$1,141</TD>
    <TD>&nbsp;</TD>
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    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Estimated solely for the purpose of determining the registration fee, in accordance with
Rule&nbsp;457(h), based upon the average of the high and low sales prices of Post Properties, Inc.
common stock on the New York Stock Exchange on May&nbsp;27, 2005.</TD>
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement on Form S-8 relates to three hundred thousand (300,000)
shares of common stock, par value $.01 per share (the &#147;Common Stock&#148;), of Post Properties, Inc.
(&#147;Post&#148;) to be issued to employees of Post and its affiliates under the Post Properties, Inc. 2005
Non-Qualified Employee Stock Purchase Plan.



<P align="center" style="font-size: 10pt"><B>PART II</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>




<P align="left" style="font-size: 10pt"><B><I>Item&nbsp;3</I></B>. <B><I>Incorporation of Certain Documents by Reference</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents previously filed by Post Properties, Inc. (&#147;Post&#148;) with the Securities
and Exchange Commission are hereby incorporated by reference into this Registration Statement:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
Post&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2004;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Post&#146;s Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2005;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
Post&#146;s Current Reports on Form 8-K filed on January&nbsp;26,
2005, May 24, 2005 and May 31, 2005; and



<P align="left" style="margin-left:3%; font-size: 10pt">&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 Exchange Act, including any
amendment or report filed for the purpose of updating such description.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by Post 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 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.



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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inapplicable.


<P align="left" style="font-size: 10pt"><B><I>Item&nbsp;5. Interest
of Named Experts and Counsel.</I></B>


<P align="left" style="font-size: 10pt">&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.


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


<P align="left" style="font-size: 10pt">&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 (the
&#147;Charter&#148;), 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 Post Apartment Homes, L.P. (the &#147;Operating Partnership&#148;).


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


<P align="left" style="font-size: 10pt">14-2-850. PART DEFINITIONS.



<P align="left" style="font-size: 10pt">As used in this part, the term:




<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) &#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.



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) &#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


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<P align="left" style="font-size: 10pt">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.




<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) &#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:


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


<P align="left" style="font-size: 10pt">&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.



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) &#147;Expenses&#148; includes counsel fees.



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) &#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.



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) &#147;Official capacity&#148; means:


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


<P align="left" style="font-size: 10pt">&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.



<P align="left" style="margin-left:2%; font-size: 10pt">&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.



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) &#147;Party&#148; means an individual who was, is, or is threatened to be made a named defendant or
respondent in a proceeding.



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) &#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.


<P align="left" style="font-size: 10pt">14-2-851. AUTHORITY TO INDEMNIFY.




<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Such individual reasonably believed:


<P align="left" style="font-size: 10pt">&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;


<P align="left" style="font-size: 10pt">&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


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">&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.


<P align="center" style="font-size: 10pt">3
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<P align="left" style="font-size: 10pt">&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.


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


<P align="left" style="font-size: 10pt">&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


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">14-2-852. MANDATORY INDEMNIFICATION.



<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">14-2-853. ADVANCE FOR EXPENSES.



<P align="left" style="font-size: 10pt">&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:


<P align="left" style="font-size: 10pt">&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


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">&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.


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


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



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) 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



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.


<P align="left" style="font-size: 10pt">14-2-854. COURT-ORDERED INDEMNIFICATION AND ADVANCES FOR EXPENSES.




<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:


<P align="center" style="font-size: 10pt">4
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<P align="left" style="font-size: 10pt">&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


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">14-2-855. DETERMINATION AND AUTHORIZATION OF INDEMNIFICATION.



<P align="left" style="font-size: 10pt">&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.


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


<P align="left" style="font-size: 10pt">&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;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;By special legal counsel:


<P align="left" style="font-size: 10pt">&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


<P align="left" style="font-size: 10pt">&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


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">14-2-856. SHAREHOLDER APPROVED INDEMNIFICATION.



<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">&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:


<P align="center" style="font-size: 10pt">5
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&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;


<P align="left" style="font-size: 10pt">&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;


<P align="left" style="font-size: 10pt">&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


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">&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:


<P align="left" style="font-size: 10pt">&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


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">14-2-857. INDEMNIFICATION OF OFFICERS, EMPLOYEES, AND AGENTS.



<P align="left" style="font-size: 10pt">&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:


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


<P align="left" style="font-size: 10pt">&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:


<P align="left" style="font-size: 10pt">&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;


<P align="left" style="font-size: 10pt">&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;


<P align="left" style="font-size: 10pt">&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


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


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">14-2-858. INSURANCE.



<P align="left" style="font-size: 10pt">&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


<P align="center" style="font-size: 10pt">6
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left:3%; font-size: 10pt">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.



<P align="left" style="margin-left:3%; font-size: 10pt">14-2-859. APPLICATION OF PART.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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)&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.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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.


<P align="left" style="font-size: 10pt"><B>Articles of Incorporation of Post, as amended</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.


<P align="left" style="font-size: 10pt"><B>Bylaws of Post</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under Article&nbsp;VI of Post&#146;s Bylaws, 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:


<P align="center" style="font-size: 10pt">7
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left:3%; font-size: 10pt">&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



<P align="left" style="margin-left:3%; font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">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.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Charter, provision of Post&#146;s Bylaws, agreement, vote of shareholders or disinterested
directors or otherwise.


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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 fullest extent permitted
under the Georgia Revised Uniform Limited Partnership Act, as amended. 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.




<P align="left" style="font-size: 10pt"><B>Indemnification Agreements between Post and Directors and Certain Officers</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inapplicable.



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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&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="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. 2005 Non-Qualified Employee Stock Purchase
Plan (incorporated by reference to Appendix&nbsp;A of Post&#146;s Proxy
Statement dated April&nbsp;6, 2005)</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">
    <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">
    <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">
    <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="left" style="font-size: 10pt"><B><I>Item&nbsp;9.
Undertakings</I></B>


<P>
<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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>The undersigned Registrant hereby undertakes:</TD>
</TR>

</TABLE>


<P>
<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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(1)&nbsp;&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>


<P>
<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="15%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&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>

</TABLE>

<P align="center" style="font-size: 10pt">8
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><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="15%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)&nbsp;&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 colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)&nbsp;&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>



<P align="left" style="margin-left:9%; font-size: 10pt"><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.


<P>
<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="4%" nowrap align="left">(2)&nbsp;&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 colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(3)&nbsp;&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>


<P>
<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="4%" nowrap align="left">(b)&nbsp;&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>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(c)&nbsp;&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>

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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&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&nbsp;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
1<sup>st</sup>&nbsp;day of June, 2005.

<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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">POST PROPERTIES, INC.</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">&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">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ David P. Stockert</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">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade color="#000000">
</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">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David P. Stockert</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">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">&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 1st day of June, 2005.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
</TR>

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


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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<P align="center" style="font-size: 10pt"><U><B>EXHIBIT INDEX</B></U>


<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="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" 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. 2005 Non-Qualified Employee Stock Purchase
Plan (incorporated by reference to Appendix&nbsp;A of Post&#146;s Proxy
Statement dated April&nbsp;6, 2005)</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">
    <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">
    <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">
    <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">12
</DIV>

</BODY>
</HTML>
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{"company-data": {"conformed-name": "POST PROPERTIES INC", "cik": "0000903127", "assigned-sic": "6798", "irs-number": "581550675", "state-of-incorporation": "GA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-125390", "film-number": "05869944"}, "business-address": {"street1": "4401 NORTHSIDE PARKWAY", "street2": "SUITE 800", "city": "ATLANTA", "state": "GA", "zip": "30327", "phone": "4048465000"}, "mail-address": {"street1": "4401 NORTHSIDE PARKWAY", "street2": "SUITE 800", "city": "ATLANTA", "state": "GA", "zip": "30327"}}
POST PROPERTIES, INC.
As filed with the Securities and Exchange
Commission on June 1, 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.
(Exact name of registrant as specified in its charter)
Georgia
58-1550675
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
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. 2005 Non-Qualified Employee Stock Purchase Plan
(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(1)
Offering Price(1)
Fee
Common Stock, par
value $.01 per
share
300,000
$32.30
$9,690,000
$1,141
(1)
Estimated solely for the purpose of determining the registration fee, in accordance with
Rule 457(h), based upon the average of the high and low sales prices of Post Properties, Inc.
common stock on the New York Stock Exchange on May 27, 2005.
This Registration Statement on Form S-8 relates to three hundred thousand (300,000)
shares of common stock, par value $.01 per share (the "Common Stock"), of Post Properties, Inc.
("Post") to be issued to employees of Post and its affiliates under the Post Properties, Inc. 2005
Non-Qualified Employee Stock Purchase Plan.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3
.
Incorporation of Certain Documents by Reference
The following documents previously filed by Post Properties, Inc. ("Post") with the Securities
and Exchange Commission are hereby incorporated by reference into this Registration Statement:
(a)
Post's Annual Report on Form 10-K for the year ended December 31, 2004;
(b)
Post's Quarterly Report on Form 10-Q for the quarter ended March 31, 2005;
(c)
Post's Current Reports on Form 8-K filed on January 26,
2005, May 24, 2005 and May 31, 2005; and
(d)
The description of the Common Stock contained in Post's Registration
Statement on Form 8-A, filed on June 14, 1993 under the Exchange Act, including any
amendment or report filed for the purpose of updating such description.
All documents filed by Post 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 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
Inapplicable.
Item 5. Interest
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 (the
"Charter"), Post's
Amended and Restated Bylaws and the
Second Amended and Restated Agreement of Limited Partnership, as amended, (the "Partnership
Agreement") of Post Apartment Homes, L.P. (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.
(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.
3
(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
(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:
4
(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:
(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:
5
(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:
(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
6
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.
(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, 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:
7
(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 Charter, 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 fullest extent permitted
under the Georgia Revised Uniform Limited Partnership Act, as amended. 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.
Indemnification Agreements between Post and Directors and Certain Officers
Post has entered into indemnification agreements with its directors and certain officers
providing contractual indemnification by Post to the maximum extent authorized by law.
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.
Item 7. Exemptions
from Registration Claimed
Inapplicable.
Item 8.
Exhibits
Exhibit
Description
4.1
Post Properties, Inc. 2005 Non-Qualified Employee Stock Purchase
Plan (incorporated by reference to Appendix A of Post's Proxy
Statement dated April 6, 2005)
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");
8
(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.
(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.
9
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
1
st
day of June, 2005.
POST PROPERTIES, INC.
By:
/s/ David P. Stockert
David P. Stockert
President and Chief Executive Officer
10
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 1st day of June, 2005.
Signature
Title
/s/ Robert C. Goddard, III
Chairman of the Board and Director
Robert C. Goddard, III
/s/ David P. Stockert
David P. Stockert
President, Chief Executive
Officer and a Director
(Principal Executive Officer)
/s/ Christopher J. Papa
Christopher J. Papa
Executive Vice President and Chief
Financial Officer
(Principal Financial Officer)
/s/ Arthur J. Quirk
Arthur J. Quirk
Senior Vice President and
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
11
EXHIBIT INDEX
Exhibit
Description
4.1
Post Properties, Inc. 2005 Non-Qualified Employee Stock Purchase
Plan (incorporated by reference to Appendix A of Post's Proxy
Statement dated April 6, 2005)
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)
12