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  <TITLE>POST PROPERTIES, INC.</TITLE>
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  <P align="center"><FONT size="2">As filed with the Securities and Exchange Commission on July&nbsp;16, 2003
  </FONT>
  <div align="right"><FONT size="2"><B>Registration No.&nbsp;333-</B>
  </FONT>
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  <P align="center"><FONT size="4"><B>UNITED STATES<BR>
  SECURITIES AND EXCHANGE COMMISSION</B></FONT>
  <div align="center"><FONT size="3"><B>WASHINGTON, D.C. 20549</B></FONT>
  </div>
  
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  <P align="center"><FONT size="5"><B>FORM S-8</B></FONT>
  
  <P align="center"><FONT size="2"><B>REGISTRATION STATEMENT UNDER<BR>
  THE SECURITIES ACT OF 1933</B></FONT>
  
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  <HR width="26%" align="center" size="1" noshade>
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  <P align="center"><FONT size="6"><B>POST PROPERTIES, INC.</B></FONT>
  <div align="center"><FONT size="2">(Exact name of registrant as specified in its charter)</FONT>
  </div>
  
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      <TD width="45%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="45%">&nbsp;</TD>
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      <TD align="center" valign="top"><FONT size="2"><B>Georgia</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="center" valign="top"><FONT size="2">
  <B>58-1550675</B></FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD align="center" valign="top"><FONT size="2">(State or other jurisdiction of<BR>
  incorporation or organization)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="center" valign="top"><FONT size="2">
  (I.R.S. Employer<BR>
  Identification No.)</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  <P align="center"><FONT size="2"><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)</FONT>
  
  <P align="center"><FONT size="2"><B>Post Properties, Inc. 2003 Incentive Stock Plan</B><BR>
  (Full title of plan)</FONT>
  
  <P align="center"><FONT size="2"><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)</FONT>
  
  <P align="center"><FONT size="2"><B>(404)&nbsp;846-5000</B><BR>
  (Telephone number, including area code, of agent for service)</FONT>
  
  <P align="center"><FONT size="2"><B>Copies to:</B></FONT>
  
  <P align="center"><FONT size="2"><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></FONT>
  
  <P align="center"><FONT size="2"><B>CALCULATION OF REGISTRATION FEE</B></FONT>
  
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  <TR valign="bottom">
      <TD width="32%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="7%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><FONT size="1"><B>Title of</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Maximum</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Maximum</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount of</B></FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><FONT size="1"><B>Securities to</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>to be</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering Price</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Aggregate</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registration</B></FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><FONT size="1"><B>be Registered</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registered</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Per Obligation(1)</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering Price(1)</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="1"><B>Fee</B></FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD colspan="3"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD colspan="3"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD colspan="3"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD colspan="3"><HR size="1" noshade></TD>
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      <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock, par
  value $.01 per
  share</FONT></DIV></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">4,000,000</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">$</FONT></TD>
      <TD align="right"><FONT size="2">26.27</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">$</FONT></TD>
      <TD align="right"><FONT size="2">105,080,000</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">$</FONT></TD>
      <TD align="right"><FONT size="2">8,501</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
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          <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
          <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
          <TD width="96%"><FONT size="2">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 July&nbsp;10, 2003.</FONT></TD>
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  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement on Form&nbsp;S-8 relates to four million
  (4,000,000) 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 and
  outside directors under the Post Properties, Inc. 2003 Incentive Stock Plan.
  </FONT>
  <!-- link1 "PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
  <P align="center"><FONT size="2"><B>PART II<BR>&nbsp;<br>
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></FONT>
  
  <P align="left"><FONT size="2"><B><I>Item&nbsp;3</I></B>. <B><I>Incorporation of Certain Documents by Reference</I></B></FONT>
  
  <P align="left"><FONT size="2">&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:
  </FONT>
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  <TR valign="top">
          <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
          <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
          <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
          <TD width="90%"><FONT size="2">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31,
  2002;</FONT></TD>
  </TR>
  <TR>
          <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
          <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
          <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
          <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
          <TD width="90%"><FONT size="2">All reports filed by Post pursuant to Sections&nbsp;13(a) or 15(d)
  of the Securities Exchange Act of 1934, as amended (the &#147;Exchange
  Act&#148;), since December&nbsp;31, 2002; and</FONT></TD>
  </TR>
  <TR>
          <TD><FONT size="2">&nbsp;</FONT></TD>
  </TR>
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          <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
          <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
          <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
          <TD width="90%"><FONT size="2">The description of Post common stock contained in the
  Registration Statement on Form&nbsp;8-A, dated July&nbsp;22, 1993, including
  any amendment or report filed to update such description.</FONT></TD>
  </TR>
  </TABLE>
  <P align="left"><FONT size="2">&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.
  </FONT>
  <P align="left"><FONT size="2"><B><I>Item&nbsp;4</I></B>. <B><I>Description of Securities</I></B></FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inapplicable.
  </FONT>
  <P align="left"><FONT size="2"><B><I>Item&nbsp;5</I></B>. <B><I>Interest of Named Experts and Counsel.</I></B></FONT>
  
  <P align="left"><FONT size="2">&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.
  </FONT>
  <P align="left"><FONT size="2"><B><I>Item&nbsp;6</I></B>. <B><I>Indemnification of Directors and Officers</I></B>.</FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summary is qualified in its entirety by reference to the
  complete text of the statute, Post&#146;s Articles of Incorporation, as amended,
  Post&#146;s Amended and Restated Bylaws and the Second Amended and Restated
  Agreement of Limited Partnership, as amended, (the &#147;Partnership Agreement&#148;) of
  Post Apartment Homes, L.P. (the &#147;Operating Partnership&#148;).
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indemnification section of Part 5 of Article&nbsp;8 of the Georgia Business
  Corporation Code states:
  </FONT>
  <P align="left"><FONT size="2">14-2-850. PART DEFINITIONS.
  </FONT>
  <P align="left"><FONT size="2">As used in this part, the term:
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp; &#147;Corporation&#148; includes any domestic or foreign predecessor entity of a
  corporation in a merger or other transaction in which the predecessor&#146;s
  existence ceased upon consummation of the transaction.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp; &#147;Director&#148; or &#147;officer&#148; means an individual who is or was a director
  or officer, respectively, of a corporation or who, while a director or officer
  of the corporation, is or was serving at the corporation&#146;s request as a
  director, officer, partner, trustee, employee, or agent of another domestic or
  foreign corporation, partnership, joint venture, trust, employee benefit plan,
  or other entity. A director or officer is considered to be serving an employee
  benefit plan at the
  </FONT>
  <P align="center"><FONT size="2">1</FONT>
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  <P align="left"><FONT size="2">corporation&#146;s request if his or her duties to the corporation also impose
  duties on, or otherwise involve services by, the director or officer to the
  plan or to participants in or beneficiaries of the plan. Director or officer
  includes, unless the context otherwise requires, the estate or personal
  representative of a director or officer.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp; &#147;Disinterested director&#148; means a director who at the time of a vote
  referred to in subsection (c)&nbsp;of Code Section&nbsp;14-2-853 or a vote or selection
  referred to in subsection (b)&nbsp;or (c)&nbsp;of Code Section&nbsp;14-2-855 or subsection (a)
  of Code Section&nbsp;14-2-856 is not:
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;A party to the proceeding; or
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;An individual who is a party to a proceeding having a familial,
  financial, professional, or employment relationship with the director whose
  indemnification or advance for expenses is the subject of the decision being
  made with respect to the proceeding, which relationship would, in the
  circumstances, reasonably be expected to exert an influence on the director&#146;s
  judgment when voting on the decision being made.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp; &#147;Expenses&#148; includes counsel fees.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp; &#147;Liability&#148; means the obligation to pay a judgment, settlement,
  penalty, fine (including an excise tax assessed with respect to an employee
  benefit plan), or reasonable expenses incurred with respect to a proceeding.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp; &#147;Official capacity&#148; means:
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;When used with respect to a director, the office of director in a
  corporation; and
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;When used with respect to an officer, as contemplated in Code Section
  14-2-857, the office in a corporation held by the officer.
  </FONT>
  <P align="left"><FONT size="2">&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.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp; &#147;Party&#148; means an individual who was, is, or is threatened to be made a
  named defendant or respondent in a proceeding.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp; &#147;Proceeding&#148; means any threatened, pending or completed action, suit,
  or proceeding, whether civil, criminal, administrative, arbitrative, or
  investigative and whether formal or informal.
  </FONT>
  <P align="left"><FONT size="2">14-2-851. AUTHORITY TO INDEMNIFY.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp; Except as otherwise provided in this Code section, a corporation may
  indemnify an individual who is a party to a proceeding because he or she is or
  was a director against liability incurred in the proceeding if:
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Such individual conducted himself or herself in good faith; and
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Such individual reasonably believed:
  </FONT>
  <P align="left"><FONT size="2">&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;
  </FONT>
  <P align="left"><FONT size="2">&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
  </FONT>
  <P align="left"><FONT size="2">&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.
  </FONT>
  <P align="left"><FONT size="2">&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
  </FONT>
  <P align="center"><FONT size="2">2</FONT>
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  <P align="left"><FONT size="2">subparagraph (a) (2) (B)&nbsp;of this Code section.
  </FONT>
  <P align="left"><FONT size="2">&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.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp; A corporation may not indemnify a director under this Code section:
  </FONT>
  <P align="left"><FONT size="2">&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
  </FONT>
  <P align="left"><FONT size="2">&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.
  </FONT>
  <P align="left"><FONT size="2">14-2-852. MANDATORY INDEMNIFICATION.
  </FONT>
  <P align="left"><FONT size="2">&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.
  </FONT>
  <P align="left"><FONT size="2">14-2-853. ADVANCE FOR EXPENSES.
  </FONT>
  <P align="left"><FONT size="2">&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:
  </FONT>
  <P align="left"><FONT size="2">&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
  </FONT>
  <P align="left"><FONT size="2">&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.
  </FONT>
  <P align="left"><FONT size="2">&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.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; Authorizations under this Code section shall be made:
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;By the board of directors:
  </FONT>
  <P>
  <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;When there are two or more disinterested directors, by a majority
  vote of all the disinterested directors (a majority of whom shall for such
  purpose constitute a quorum) or by a majority of the members of a committee
  of two or more disinterested directors appointed by such a vote; or
  </FONT>
  
  <P>
  <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;When there are fewer than two disinterested directors, by the vote
  necessary for action by the board in accordance with subsection (c)&nbsp;of Code
  Section&nbsp;14-2-824, in which authorization directors who do not qualify as
  disinterested directors may participate; or
  </FONT>
  
  <P>
  <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;By the shareholders, but shares owned or voted under the control
  of a director who at the time does not qualify as a disinterested director
  with respect to the proceeding may not be voted on the authorization.
  </FONT>
  
  <P align="left"><FONT size="2">14-2-854. COURT-ORDERED INDEMNIFICATION AND ADVANCES FOR EXPENSES.
  </FONT>
  <P align="center"><FONT size="2">3</FONT>
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
  
  <P>
  <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;A director who is a party to a proceeding because he or she is a
  director may apply for indemnification or advance for expenses to the court
  conducting the proceeding or to another court of competent jurisdiction.
  After receipt of an application and after giving any notice it considers
  necessary, the court shall:
  </FONT>
  
  <P>
  <FONT size="2">&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
  </FONT>
  
  <P>
  <FONT size="2">&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)&nbsp;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.
  </FONT>
  
  <P>
  <FONT size="2">&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.
  </FONT>
  
  <P align="left"><FONT size="2">14-2-855. DETERMINATION AND AUTHORIZATION OF INDEMNIFICATION.
  </FONT>
  
  <P>
  <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;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&nbsp;14-2-851.
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; The determination shall be made:
  </FONT>
  
  <P>
  <FONT size="2">&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;
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;By special legal counsel:
  </FONT>
  
  <P>
  <FONT size="2">&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
  </FONT>
  
  <P>
  <FONT size="2">&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
  </FONT>
  
  <P>
  <FONT size="2">&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.
  </FONT>
  
  <P>
  <FONT size="2">&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.
  </FONT>
  
  <P align="left"><FONT size="2">14-2-856. SHAREHOLDER APPROVED INDEMNIFICATION.
  </FONT>
  
  <P>
  <FONT size="2">&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
  </FONT>
  
  <P align="center"><FONT size="2">4</FONT>
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
  
  <P>
  <FONT size="2">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.
  </FONT>
  
  <P>
  <FONT size="2">&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:
  </FONT>
  
  <P>
  <FONT size="2">&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;
  </FONT>
  
  <P>
  <FONT size="2">&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;
  </FONT>
  
  <P align="left"><FONT size="2">&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
  </FONT>
  
  <P>
  <FONT size="2">&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.
  </FONT>
  
  <P>
  <FONT size="2">&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:
  </FONT>
  
  <P>
  <FONT size="2">&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
  </FONT>
  
  <P>
  <FONT size="2">&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.
  </FONT>
  
  <P align="left"><FONT size="2">14-2-857. INDEMNIFICATION OF OFFICERS, EMPLOYEES, AND AGENTS.
  </FONT>
  
  <P>
  <FONT size="2">&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:
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To the same extent as a director; and
  </FONT>
  
  <P>
  <FONT size="2">&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:
  </FONT>
  
  <P>
  <FONT size="2">&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;
  </FONT>
  
  <P>
  <FONT size="2">&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;
  </FONT>
  
  <P align="left"><FONT size="2">&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
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;Receipt of an improper personal benefit.
  </FONT>
  <P>
  <FONT size="2">&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.
  </FONT>
  
  <P>
  <FONT size="2">&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&nbsp;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.
  </FONT>
  <P align="center"><FONT size="2">5</FONT>
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
  
  <P>
  <FONT size="2">&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.
  </FONT>
  
  <P align="left"><FONT size="2">14-2-858. INSURANCE.
  </FONT>
  <P>
  <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A corporation may purchase and maintain insurance on behalf of an
  individual who is a director, officer, employee, or agent of the
  corporation or who, while a director, officer, employee, or agent of the
  corporation, serves at the corporation&#146;s request as a director, officer,
  partner, trustee, employee, or agent of another domestic or foreign
  corporation, partnership, joint venture, trust, employee benefit plan, or
  other entity against liability asserted against or incurred by him or her
  in that capacity or arising from his or her status as director, officer,
  employee, or agent, whether or not the corporation would have power to
  indemnify or advance expenses to him or her against the same liability
  under this part.
  </FONT>
  
  <P align="left"><FONT size="2">14-2-859. APPLICATION OF PART.
  </FONT>
  <P>
  <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;A corporation may, by a provision in its articles of incorporation
  or bylaws or in a resolution adopted or a contract approved by its board of
  directors or shareholders, obligate itself in advance of the act or
  omission giving rise to a proceeding to provide indemnification or advance
  funds to pay for or reimburse expenses consistent with this part. Any such
  obligatory provision shall be deemed to satisfy the requirements for
  authorization referred to in subsection (c)&nbsp;of Code Section&nbsp;14-2-853 or
  subsection (c)&nbsp;of Code Section&nbsp;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.
  </FONT>
  
  <P>
  <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any provision pursuant to subsection (a)&nbsp;of this Code section
  shall not obligate the corporation to indemnify or advance expenses to a
  director of a predecessor of the corporation, pertaining to conduct with
  respect to the predecessor, unless otherwise specifically provided. Any
  provision for indemnification or advance for expenses in the articles of
  incorporation, bylaws, or a resolution of the board of directors or
  shareholders, partners, or, in the case of limited liability companies,
  members or managers of a predecessor of the corporation or other entity in
  a merger or in a contract to which the predecessor is a party, existing at
  the time the merger takes effect, shall be governed by paragraph (3)&nbsp;of
  subsection (a)&nbsp;of Code Section&nbsp;14-2-1106.
  </FONT>
  
  <P>
  <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;A corporation may, by a provision in its articles of
  incorporation, limit any of the rights to indemnification or advance for
  expenses created by or pursuant to this part.
  </FONT>
  
  <P>
  <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;This part does not limit a corporation&#146;s power to pay or reimburse
  expenses incurred by a director or an officer in connection with his or her
  appearance as a witness in a proceeding at a time when he or she is not a
  party.
  </FONT>
  
  <P>
  <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Except as expressly provided in Code Section&nbsp;14-2-857, this part
  does not limit a corporation&#146;s power to indemnify, advance expenses to, or
  provide or maintain insurance on behalf of an employee or agent.
  </FONT>
  
  <P align="left"><FONT size="2"><B>Articles of Incorporation of Post, as amended</B></FONT>
  
  <P align="left"><FONT size="2">&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.
  </FONT>
  <P align="center"><FONT size="2">6</FONT>
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
  <P align="left"><FONT size="2"><B>Bylaws of Post</B></FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Article&nbsp;VI of Post&#146;s Bylaws and certain agreements entered into by
  Post, Post is required to indemnify to the fullest extent permitted by the
  Georgia Business Corporation Code, any individual made a party to a proceeding
  (as defined in the Georgia Business Corporation Code) because he is or was a
  director or officer against liability (as defined in the Georgia Business
  Corporation Code), incurred in the proceeding, if he acted in a manner he
  believed in good faith to be in or not opposed to the best interests of Post
  and, in the case of any criminal proceeding, 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:
  </FONT>
  <P>
  <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Such person furnishes Post a written affirmation of his good
  faith belief that he has met the standard of conduct set forth above; and
  </FONT>
  
  <p>
  <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;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.
  </FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
  </FONT>
  <P align="left"><FONT size="2">&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
  VI of Post&#146;s Bylaws are not exclusive of any other right which any person may
  have under any statute, provision of Post&#146;s Articles of Incorporation,
  provision of Post&#146;s Bylaws, agreement, vote of shareholders or disinterested
  directors or otherwise.
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Partnership Agreement of Post Apartment Homes, L.P.</B>
  </FONT>
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Partnership Agreement of the Operating Partnership also provides for
  indemnification of Post, the Operating Partnership&#146;s general partner Post GP
  Holdings, Inc., which is a wholly owned subsidiary of Post (the &#147;General
  Partner&#148;), and the officers and directors of Post, the General Partner and the
  Operating Partnership to the same extent that indemnification is provided to
  officers and directors of Post in Post&#146;s Charter. The Partnership Agreement
  generally limits the liability of Post, the General Partner and the officers
  and directors of Post, the General Partner and the Operating Partnership to the
  Operating Partnership and its partners to the same extent liability of officers
  and directors of Post to Post and its shareholders is limited under Post&#146;s
  Charter.
  </FONT>
  <P align="left"><FONT size="2">&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.
  </FONT>
  <P align="left"><FONT size="2"><B><I>Item&nbsp;7. Exemptions from Registration Claimed</I></B></FONT>
  
  <P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inapplicable.
  </FONT>
  <P align="left"><FONT size="2"><B><I>Item&nbsp;8. Exhibits</I></B></FONT>
  
  <CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
  <TR valign="bottom">
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="90%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><HR size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">5.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Opinion of King &#038; Spalding LLP</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">23.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Consent of PricewaterhouseCoopers LLP</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">23.2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Consent of King &#038; Spalding LLP (included in Exhibit&nbsp;5.1)</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">24.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Power of Attorney (included on signature page)</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">99.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Post Properties, Inc. 2003 Incentive Stock Plan (incorporated by
  reference to Appendix&nbsp;A of Post&#146;s Proxy Statement dated April&nbsp;4, 2003)</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  <P align="center"><FONT size="2">7</FONT>
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
  <P align="left"><FONT size="2"><B><I>Item&nbsp;9. Undertakings</I></B></FONT>
  
  <CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
  <TR valign="bottom">
      <TD width="3%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="85%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">(a)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top" colspan="5"><FONT size="2">The undersigned Registrant hereby undertakes:</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  (1)
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top" colspan="3"><FONT size="2">To file, during any period in which offers or
  sales are being made, a post-effective amendment to this
  Registration Statement;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">(i)
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">To include any prospectus
  required by Section&nbsp;10(a)(3) of the Securities Act
  of 1933, as amended (the &#147;Securities Act&#148;);</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">(ii)
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">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</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">(iii)
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">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;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top" colspan="3"><FONT size="2"><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&nbsp;15(d) of the
  Exchange Act that are incorporated by reference in the
  registration statement.</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  (2)
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top" colspan="3"><FONT size="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 <I>bona
  fide </I>offering thereof.</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  (3)
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top" colspan="3"><FONT size="2">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.</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">(b)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top" colspan="5"><FONT size="2">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&nbsp;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&nbsp;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.</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">(c)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top" colspan="5"><FONT size="2">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.</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  <P align="center"><FONT size="2">8</FONT>
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
  <!-- link1 "SIGNATURES" -->
  <P align="center"><FONT size="2"><B>SIGNATURES</B></FONT>
  
  <P align="left"><FONT size="2">&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 16th day of
  July, 2003.
  </FONT>
  <CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
  <TR valign="bottom">
      <TD width="45%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="40%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top" colspan="3"><FONT size="2">POST PROPERTIES, INC.</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  By:
  </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">/s/ David P. Stockert</FONT></TD>
  </TR>
  <TR>
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><HR size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">David P. Stockert<br>
  President and Chief Executive Officer</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  <P align="left"><FONT size="2">&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.
  </FONT>
  <P align="center"><FONT size="2">9</FONT>
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
  <P align="left"><FONT size="2">&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 16th day of July, 2003.
  </FONT>
  <CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
  <TR valign="bottom">
      <TD width="45%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="45%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><FONT size="1"><B>Signature</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>Title</B></FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><HR size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Chairman of the Board</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">
  </FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">Robert C. Goddard, III</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR valign="bottom">
      <TD valign="bottom"><FONT size="2">/s/ David P. Stockert</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="bottom"><FONT size="2">
  President, Chief Executive Officer and a Director</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">
  </FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  (Principal Executive Officer and Principal Financial Officer)</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">David P. Stockert</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  &nbsp;</FONT></TD>
  </TR>
  <TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ Arthur J. Quirk</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Senior Vice President and Controller,</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">
  </FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Chief Accounting Officer</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">Arthur J. Quirk</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  (Principal Accounting Officer)</FONT></TD>
  </TR>
  <TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ Robert L. Anderson</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">
  </FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">Robert L. Anderson</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ Herschel M. Bloom</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">
  </FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">Herschel M. Bloom</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ Russell R. French</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">
  </FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">Russell R. French</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ John T. Glover</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">
  </FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">John T. Glover</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ Charles E. Rice</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">
  </FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">Charles E. Rice</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ L. Barry Teague</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">
  </FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">L. Barry Teague</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ Ronald de Waal</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">
  </FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">Ronald de Waal</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  <TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Director</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ John A. Williams
  </FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">John A. Williams</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  <P align="center"><FONT size="2">10</FONT>
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
  <!-- link1 "EXHIBIT INDEX" -->
  <P align="center"><FONT size="2"><B>EXHIBIT INDEX</B></FONT>
  
  <CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
  <TR valign="bottom">
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="90%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
  </TR>
  <TR valign="bottom">
      <TD nowrap align="center"><HR size="1" noshade></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><HR size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">5.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Opinion of King &#038; Spalding LLP</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">23.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Consent of PricewaterhouseCoopers LLP</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">23.2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Consent of King &#038; Spalding LLP (included in Exhibit&nbsp;5.1)</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">24.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Power of Attorney (included on signature page)</FONT></TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><FONT size="2">99.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">
  Post Properties, Inc. 2003 Incentive Stock Plan (incorporated by
  reference to Appendix&nbsp;A of Post&#146;s Proxy Statement dated April&nbsp;4, 2003)</FONT></TD>
  </TR>
  </TABLE>
  </CENTER>
  
  <P align="center"><FONT size="2">11</FONT>
  </BODY>
  </HTML>
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metadata_filer: {"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": "333-107092", "film-number": "03789809"}, "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"}}
text: POST PROPERTIES, INC.
  As filed with the Securities and Exchange Commission on July 16, 2003
  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. 2003 Incentive Stock 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
  4,000,000
  $
  26.27
  $
  105,080,000
  $
  8,501
  (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 July 10, 2003.
  This Registration Statement on Form S-8 relates to four million
  (4,000,000) shares of common stock, par value $.01 per share (the "Common
  Stock"), of Post Properties, Inc. ("Post") to be issued to employees and
  outside directors under the Post Properties, Inc. 2003 Incentive Stock 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)
  Annual Report on Form 10-K for the year ended December 31,
  2002;
  (b)
  All reports filed by Post pursuant to Sections 13(a) or 15(d)
  of the Securities Exchange Act of 1934, as amended (the "Exchange
  Act"), since December 31, 2002; and
  (c)
  The description of Post common stock contained in the
  Registration Statement on Form 8-A, dated July 22, 1993, including
  any amendment or report filed to update 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,
  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
  1
  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
  2
  subparagraph (a) (2) (B) of this Code section.
  (c)  The termination of a proceeding by judgment, order, settlement, or
  conviction, or upon a plea of nolo contendere or its equivalent is not, of
  itself, determinative that the director did not meet the standard of conduct
  described in this Code section.
  (d)  A corporation may not indemnify a director under this Code section:
  (1) In connection with a proceeding by or in the right of the corporation,
  except for reasonable expenses incurred in connection with the proceeding if it
  is determined that the director has met the relevant standard of conduct under
  this Code section; or
  (2) In connection with any proceeding with respect to conduct for which he
  or she was adjudged liable on the basis that personal benefit was improperly
  received by him or her, whether or not involving action in his or her official
  capacity.
  14-2-852. MANDATORY INDEMNIFICATION.
  A corporation shall indemnify a director who was wholly successful, on the
  merits or otherwise, in the defense of any proceeding to which he or she was a
  party because he or she was a director of the corporation against reasonable
  expenses incurred by the director in connection with the proceeding.
  14-2-853. ADVANCE FOR EXPENSES.
  (a)  A corporation may, before final disposition of a proceeding, advance
  funds to pay for or reimburse the reasonable expenses incurred by a director
  who is a party to a proceeding because he or she is a director if he or she
  delivers to the corporation:
  (1) A written affirmation of his or her good faith belief that he or she
  has met the relevant standard of conduct described in Code Section 14-2-851 or
  that the proceeding involves conduct for which liability has been eliminated
  under a provision of the articles of incorporation as authorized by paragraph
  (4) of subsection (b) of Code Section 14-2-202; and
  (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.
  3
  (a) A director who is a party to a proceeding because he or she is a
  director may apply for indemnification or advance for expenses to the court
  conducting the proceeding or to another court of competent jurisdiction.
  After receipt of an application and after giving any notice it considers
  necessary, the court shall:
  (1) Order indemnification or advance for expenses if it determines
  that the director is entitled to indemnification under this part; or
  (2) Order indemnification or advance for expenses if it determines, in
  view of all the relevant circumstances, that it is fair and reasonable to
  indemnify the director or to advance expenses to the director, even if the
  director has not met the relevant standard of conduct set forth in
  subsections (a) and (b) of Code Section 14-2-851, failed to comply with
  Code Section 14-2-853, or was adjudged liable in a proceeding referred to
  in paragraph (1) or (2) of subsection (d) of Code Section 14-2-851, but if
  the director was adjudged so liable, the indemnification shall be limited
  to reasonable expenses incurred in connection with the proceeding.
  (b) If the court determines that the director is entitled to
  indemnification or advance for expenses under this part, it may also order
  the corporation to pay the director's reasonable expenses to obtain
  court-ordered indemnification or advance for expenses.
  14-2-855. DETERMINATION AND AUTHORIZATION OF INDEMNIFICATION.
  (a) A corporation may not indemnify a director under Code Section
  14-2-851 unless authorized thereunder and a determination has been made for
  a specific proceeding that indemnification of the director is permissible
  in the circumstances because he or she has met the relevant standard of
  conduct set forth in Code Section 14-2-851.
  (b)  The determination shall be made:
  (1) If there are two or more disinterested directors, by the board of
  directors by a majority vote of all the disinterested directors (a majority
  of whom shall for such purpose constitute a quorum) or by a majority of the
  members of a committee of two or more disinterested directors appointed by
  such a vote;
  (2) By special legal counsel:
  (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
  4
  under the control of a director who at the time does not qualify as a
  disinterested director with respect to any existing or threatened
  proceeding that would be covered by the authorization may not be voted on
  the authorization.
  (b) The corporation shall not indemnify a director under this Code
  section for any liability incurred in a proceeding in which the director is
  adjudged liable to the corporation or is subjected to injunctive relief in
  favor of the corporation:
  (1) For any appropriation, in violation of the director's duties, of
  any business opportunity of the corporation;
  (2) For acts or omissions which involve intentional misconduct or a
  knowing violation of law;
  (3) For the types of liability set forth in Code Section 14-2-832; or
  (4) For any transaction from which he or she received an improper
  personal benefit.
  (c) Where approved or authorized in the manner described in subsection
  (a) of this Code section, a corporation may advance or reimburse expenses
  incurred in advance of final disposition of the proceeding only if:
  (1) The director furnishes the corporation a written affirmation of
  his or her good faith belief that his or her conduct does not constitute
  behavior of the kind described in subsection (b) of this Code section; and
  (2) The director furnishes the corporation a written undertaking,
  executed personally or on his or her behalf, to repay any advances if it is
  ultimately determined that the director is not entitled to indemnification
  under this Code section.
  14-2-857. INDEMNIFICATION OF OFFICERS, EMPLOYEES, AND AGENTS.
  (a) A corporation may indemnify and advance expenses under this part
  to an officer of the corporation who is a party to a proceeding because he
  or she is an officer of the corporation:
  (1) To the same extent as a director; and
  (2) If he or she is not a director, to such further extent as may be
  provided by the articles of incorporation, the bylaws, a resolution of the
  board of directors, or contract except for liability arising out of conduct
  that constitutes:
  (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.
  5
  (d) A corporation may also indemnify and advance expenses to an
  employee or agent who is not a director to the extent, consistent with
  public policy, that may be provided by its articles of incorporation,
  bylaws, general or specific action of its board of directors, or contract.
  14-2-858. INSURANCE.
  A corporation may purchase and maintain insurance on behalf of an
  individual who is a director, officer, employee, or agent of the
  corporation or who, while a director, officer, employee, or agent of the
  corporation, serves at the corporation's request as a director, officer,
  partner, trustee, employee, or agent of another domestic or foreign
  corporation, partnership, joint venture, trust, employee benefit plan, or
  other entity against liability asserted against or incurred by him or her
  in that capacity or arising from his or her status as director, officer,
  employee, or agent, whether or not the corporation would have power to
  indemnify or advance expenses to him or her against the same liability
  under this part.
  14-2-859. APPLICATION OF PART.
  (a) A corporation may, by a provision in its articles of incorporation
  or bylaws or in a resolution adopted or a contract approved by its board of
  directors or shareholders, obligate itself in advance of the act or
  omission giving rise to a proceeding to provide indemnification or advance
  funds to pay for or reimburse expenses consistent with this part. Any such
  obligatory provision shall be deemed to satisfy the requirements for
  authorization referred to in subsection (c) of Code Section 14-2-853 or
  subsection (c) of Code Section 14-2-855. Any such provision that obligates
  the corporation to provide indemnification to the fullest extent permitted
  by law shall be deemed to obligate the corporation to advance funds to pay
  for or reimburse expenses in accordance with Code Section 14-2-853 to the
  fullest extent permitted by law, unless the provision specifically provides
  otherwise.
  (b) Any provision pursuant to subsection (a) of this Code section
  shall not obligate the corporation to indemnify or advance expenses to a
  director of a predecessor of the corporation, pertaining to conduct with
  respect to the predecessor, unless otherwise specifically provided. Any
  provision for indemnification or advance for expenses in the articles of
  incorporation, bylaws, or a resolution of the board of directors or
  shareholders, partners, or, in the case of limited liability companies,
  members or managers of a predecessor of the corporation or other entity in
  a merger or in a contract to which the predecessor is a party, existing at
  the time the merger takes effect, shall be governed by paragraph (3) of
  subsection (a) of Code Section 14-2-1106.
  (c) A corporation may, by a provision in its articles of
  incorporation, limit any of the rights to indemnification or advance for
  expenses created by or pursuant to this part.
  (d) This part does not limit a corporation's power to pay or reimburse
  expenses incurred by a director or an officer in connection with his or her
  appearance as a witness in a proceeding at a time when he or she is not a
  party.
  (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.
  6
  Bylaws of Post
  Under Article VI of Post's Bylaws and certain agreements entered into by
  Post, Post is required to indemnify to the fullest extent permitted by the
  Georgia Business Corporation Code, any individual made a party to a proceeding
  (as defined in the Georgia Business Corporation Code) because he is or was a
  director or officer against liability (as defined in the Georgia Business
  Corporation Code), incurred in the proceeding, if he acted in a manner he
  believed in good faith to be in or not opposed to the best interests of Post
  and, in the case of any criminal proceeding, he had no reasonable cause to
  believe his conduct was unlawful. Post is required to pay for or reimburse the
  reasonable expenses incurred by a director or officer who is a party to a
  proceeding in advance of final disposition of the proceeding if:
  (a) Such person furnishes Post a written affirmation of his good
  faith belief that he has met the standard of conduct set forth above; and
  (b) Such person furnishes Post a written undertaking, executed
  personally on his behalf to repay any advances if it is ultimately
  determined that he is not entitled to indemnification.
  The written undertaking required by paragraph (b) above must be an unlimited
  general obligation of such person but need not be secured and may be accepted
  without reference to financial ability to make repayment.
  The right to indemnification and the payment of expenses incurred in
  defending a proceeding in advance of its final disposition conferred in Article
  VI of Post's Bylaws are not exclusive of any other right which any person may
  have under any statute, provision of Post's Articles of Incorporation,
  provision of Post's Bylaws, agreement, vote of shareholders or disinterested
  directors or otherwise.
  Partnership Agreement of Post Apartment Homes, L.P.
  The Partnership Agreement of the Operating Partnership also provides for
  indemnification of Post, the Operating Partnership's general partner Post GP
  Holdings, Inc., which is a wholly owned subsidiary of Post (the "General
  Partner"), and the officers and directors of Post, the General Partner and the
  Operating Partnership to the same extent that indemnification is provided to
  officers and directors of Post in Post's Charter. The Partnership Agreement
  generally limits the liability of Post, the General Partner and the officers
  and directors of Post, the General Partner and the Operating Partnership to the
  Operating Partnership and its partners to the same extent liability of officers
  and directors of Post to Post and its shareholders is limited under Post's
  Charter.
  Post's directors and officers are insured against damages from actions and
  claims incurred in the course of their duties, and Post is insured against
  expenses incurred in defending lawsuits arising from certain alleged acts of
  its directors and officers.
  Item 7. Exemptions from Registration Claimed
  Inapplicable.
  Item 8. Exhibits
  Exhibit
  Description
  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)
  99.1
  Post Properties, Inc. 2003 Incentive Stock Plan (incorporated by
  reference to Appendix A of Post's Proxy Statement dated April 4, 2003)
  7
  Item 9. Undertakings
  (a)
  The undersigned Registrant hereby undertakes:
  (1)
  To file, during any period in which offers or
  sales are being made, a post-effective amendment to this
  Registration Statement;
  (i)
  To include any prospectus
  required by Section 10(a)(3) of the Securities Act
  of 1933, as amended (the "Securities Act");
  (ii)
  To reflect in the prospectus
  any facts or events arising after the effective date
  of the Registration Statement (or the most recent
  post-effective amendment thereof) which,
  individually or in the aggregate, represent a
  fundamental change in the information set forth in
  the Registration Statement; and
  (iii)
  To include any material
  information with respect to the plan of distribution
  not previously disclosed in the Registration
  Statement or any material change to such information
  in the Registration Statement;
  provided
  ,
  however
  , that paragraphs (a)(1)(i) and (a)(1)(ii)
  do not apply if the information required to be included in a
  post-effective amendment by those paragraphs is contained in
  periodic reports filed with or furnished to the Commission by
  the registrant pursuant to Section 13 or Section 15(d) of the
  Exchange Act that are incorporated by reference in the
  registration statement.
  (2)
  That for purposes of determining any liability
  under the Securities Act, each such post-effective amendment
  shall be deemed to be a new registration statement relating to
  the securities offered therein, and the offering of such
  securities at that time shall be deemed to be the initial
  bona
  fide
  offering thereof.
  (3)
  To remove from registration by means of a
  post-effective amendment any of the securities being
  registered which remain unsold at the termination of the
  offering.
  (b)
  The undersigned registrant hereby undertakes that, for
  purposes of determining any liability under the Securities Act, each
  filing of the registrant's annual report pursuant to Section 13(a)
  or 15(d) of the Exchange Act (and, where applicable, each filing of
  an employee benefit plan's annual report pursuant to Section 15(d)
  of the Exchange Act) that is incorporated by reference in the
  Registration Statement shall be deemed to be a new registration
  statement relating to the securities offered therein, and the
  offering of such securities at that time shall be deemed to be the
  initial
  bona fide
  offering thereof.
  (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.
  8
  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 16th day of
  July, 2003.
  POST PROPERTIES, INC.
  By:
  /s/ David P. Stockert
  David P. Stockert
  President and Chief Executive Officer
  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.
  9
  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 16th day of July, 2003.
  Signature
  Title
  Chairman of the Board
  Robert C. Goddard, III
  /s/ David P. Stockert
  President, Chief Executive Officer and a Director
  (Principal Executive Officer and Principal Financial Officer)
  David P. Stockert
  /s/ Arthur J. Quirk
  Senior Vice President and Controller,
  Chief Accounting Officer
  Arthur J. Quirk
  (Principal Accounting Officer)
  /s/ Robert L. Anderson
  Director
  Robert L. Anderson
  /s/ Herschel M. Bloom
  Director
  Herschel M. Bloom
  /s/ Russell R. French
  Director
  Russell R. French
  /s/ John T. Glover
  Director
  John T. Glover
  /s/ Charles E. Rice
  Director
  Charles E. Rice
  /s/ L. Barry Teague
  Director
  L. Barry Teague
  /s/ Ronald de Waal
  Director
  Ronald de Waal
  Director
  /s/ John A. Williams
  John A. Williams
  10
  EXHIBIT INDEX
  Exhibit
  Description
  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)
  99.1
  Post Properties, Inc. 2003 Incentive Stock Plan (incorporated by
  reference to Appendix A of Post's Proxy Statement dated April 4, 2003)
  11