
	Exhibit 99.2
1^st Quarter 2016

First Quarter 2016

Supplemental Financial Data

Table of Contents


	Page
Consolidated Statements of Operations	3
Funds from Operations and Adjusted Funds From Operations	4
Consolidated Balance Sheets	5
Same Store Results	7
Debt Summary	10
Summary of Apartment Communities Under Development, Land Held for Future Investment and Acquisitions/Disposition Activity	13
Capitalized Costs Summary	14
Investments in Unconsolidated Real Estate Entities	15
Net Asset Value Supplemental Information	16
Non-GAAP Financial Measures and Other Defined Terms and Tables	18

The projections and estimates given in this document and other written or oral statements made by or on behalf of the Company may constitute "forward-looking statements" within the meaning of the federal securities laws. All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected. Management believes that these forward-looking statements are reasonable; however, you should not place undue reliance on such statements. These statements are based on current expectations and speak only as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise. The following are some of the factors that could cause the Company’s actual results and its expectations to differ materially from those described in the Company’s forward-looking statements: the success of the Company’s business strategies discussed in its Annual Report on Form 10-K for the year ended December 31, 2015 and in subsequent filings with the SEC; conditions affecting ownership of residential real estate and general conditions in the multi-family residential real estate market; uncertainties associated with the Company’s real estate development and construction; uncertainties associated with the timing and amount of apartment community sales; exposure to economic and other competitive factors due to market concentration; future local and national economic conditions, including changes in job growth, interest rates, the availability of mortgage and other financing and related factors; the Company’s ability to generate sufficient cash flows to make required payments associated with its debt financing; the effects of the Company’s leverage on its risk of default and debt service requirements; the impact of a downgrade in the credit rating of the Company’s securities; the effects of a default by the Company or its subsidiaries on an obligation to repay outstanding indebtedness, including cross-defaults and cross-acceleration under other indebtedness; the effects of covenants of the Company’s or its subsidiaries’ mortgage indebtedness on operational flexibility and default risks; the Company’s ability to maintain its current dividend level; uncertainties associated with the Company’s condominium for-sale housing business, including warranty and related obligations; the impact of any additional charges the Company may be required to record in the future related to any impairment in the carrying value of its assets; the impact of competition on the Company’s business, including competition for residents in the Company’s apartment communities and for development locations; the Company’s ability to compete for limited investment opportunities; the effects of any decision by the government to eliminate Fannie Mae or Freddie Mac or reduce government support for apartment mortgage loans; the effects of changing interest rates and effectiveness of interest rate hedging contracts; the success of the Company’s acquired apartment communities; uncertainties associated with the timing and amount of asset sales, the market for asset sales and the resulting gains/losses associated with such asset sales; the Company’s ability to succeed in new markets; the costs associated with compliance with laws requiring access to the Company’s properties by persons with disabilities; the impact of the Company’s ongoing litigation with the U.S. Department of Justice regarding the Americans with Disabilities Act and the Fair Housing Act as well as the impact of other litigation; the effects of losses from natural catastrophes in excess of insurance coverage; uncertainties associated with environmental and other regulatory matters; the costs associated with moisture infiltration and resulting mold remediation; the Company’s ability to control joint ventures, properties in which it has joint ownership and corporations and limited partnerships in which it has partial interests; the Company’s ability to renew leases or relet units as leases expire; the Company’s ability to continue to qualify as a REIT under the Internal Revenue Code; and the effects of changes in accounting policies and other regulatory matters detailed in the Company’s filings with the Securities and Exchange Commission; increased costs arising from health care reform; or any breach of the Company’s privacy or information security systems. Other important risk factors regarding the Company are included under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 and may be discussed in subsequent filings with the SEC. The risk factors discussed in Form 10-K under the caption “Risk Factors” are specifically incorporated by reference into this document.


Supplemental Financial Data	2 \| Page


1^st Quarter 2016

Consolidated Statements Of Operations

(In thousands, except per share data) - (Unaudited)

	Three months ended
	March 31,
	2016			2015

Revenues
Rental	$	92,570		$	87,661
Other property revenues		5,625			5,457
Other		272			313
Total revenues		98,467			93,431

Expenses
Property operating and maintenance (exclusive of items
shown separately below)		42,787			40,123
Depreciation		22,709			21,257
General and administrative		4,886			5,014
Investment and development (1)		25			235
Other investment costs (1)		77			134
Other expenses (2)		333			-
Total expenses		70,817			66,763

Operating income		27,650			26,668

Interest income		1			81
Interest expense		(7,766	)		(8,373	)
Equity in income of unconsolidated real estate entities, net		643			397
Gains on sales of real estate assets, net (3)		-			1,773
Other income (expense), net		(395	)		(364	)
Net loss on extinguishment of indebtedness (4)		-			(197	)
Net income		20,133			19,985
Noncontrolling interests - Operating Partnership		(42	)		(42	)
Net income available to the Company		20,091			19,943
Dividends to preferred shareholders		(922	)		(922	)
Net income available to common shareholders	$	19,169		$	19,021

Per common share data - Basic (5)
Net income available to common shareholders	$	0.36		$	0.35
Weighted average common shares outstanding - basic		53,582			54,448
Per common share data - Diluted (5)
Net income available to common shareholders	$	0.36		$	0.35
Weighted average common shares outstanding - diluted		53,599			54,465

See Notes to Consolidated Financial Statements on page 6


Supplemental Financial Data	3 \| Page


1^st Quarter 2016

Funds From Operations And Adjusted Funds From Operations

(In thousands, except per share data) - (Unaudited)

A reconciliation of net income available to common shareholders to funds from operations and adjusted funds from operations available to common shareholders and unitholders is provided below.

	Three months ended
	March 31,
Funds From Operations	2016			2015
Net income available to common shareholders	$	19,169		$	19,021
Noncontrolling interests - Operating Partnership Unitholders		42			42
Depreciation on consolidated real estate assets, net		22,347			20,911
Depreciation on real estate assets held in unconsolidated entities		301			300
Gains on sales of depreciable real estate assets		-			(1,773	)
Funds from operations available to common
shareholders and unitholders (A)	$	41,859		$	38,501

Adjusted Funds From Operations
Funds from operations available to common
shareholders and unitholders (A)	$	41,859		$	38,501
Annually recurring capital expenditures		(3,524	)		(2,268	)
Periodically recurring capital expenditures		(1,224	)		(698	)
Non-cash straight-line adjustment for ground lease expenses		112			115
Net loss on early extinguishment of indebtedness		-			197
Adjusted funds from operations available to common
shareholders and unitholders (6) (B)	$	37,223		$	35,847

Per Common Share Data - Diluted
Funds from operations per share or unit, as defined (A÷C)	$	0.78		$	0.70
Adjusted funds from operations per share or unit, as defined (7) (B÷C)	$	0.69		$	0.66
Dividends declared	$	0.47		$	0.40
Weighted average shares outstanding (7)		53,716			54,584
Weighted average shares and units outstanding (7) (C)		53,837			54,705

See Notes to Funds from Operations and Adjusted Funds from Operations on page 6


Supplemental Financial Data	4 \| Page


1^st Quarter 2016

Consolidated Balance Sheets

(In thousands, except per share data) - (Unaudited)

	March 31,			December 31,
	2016			2015

Assets
Real estate assets
Land	$	322,566		$	322,566
Building and improvements		2,410,408			2,406,425
Furniture, fixtures and equipment		333,968			329,854
Construction in progress		182,632			151,270
Land held for future investment		16,730			16,730
		3,266,304			3,226,845
Less: accumulated depreciation		(1,046,178	)		(1,023,652	)
Total real estate assets		2,220,126			2,203,193
Investments in and advances to unconsolidated real estate entities		3,696			3,856
Cash and cash equivalents		4,545			28,611
Restricted cash		3,951			3,881
Other assets		29,370			27,708
Total assets	$	2,261,688		$	2,267,249

Liabilities, redeemable common units and equity
Indebtedness	$	916,874		$	884,954
Accounts payable, accrued expenses and other		69,820			74,855
Investments in unconsolidated real estate entities		15,942			15,873
Dividends and distributions payable		25,196			23,819
Accrued interest payable		7,966			4,051
Security deposits and prepaid rents		14,286			13,537
Total liabilities		1,050,084			1,017,089

Redeemable common units		7,202			7,133

Commitments and contingencies
Equity
Company shareholders' equity
Preferred stock, $.01 par value, 20,000 authorized: 8 1/2% Series A Cumulative Redeemable Shares, liquidation preference $50 per share, 868 shares issued and outstanding		9			9
Common stock, $.01 par value, 100,000 authorized: 54,632 and 54,632 shares issued and 53,487 and 54,012 shares outstanding at March 31, 2016 and December 31, 2015, respectively		546			546
Additional paid-in-capital		1,119,188			1,117,627
Accumulated earnings		161,363			167,791
Accumulated other comprehensive income (loss)		(5,208	)		(3,356	)
		1,275,898			1,282,617
Less common stock in treasury, at cost, 1,233 and 706 shares at March 31, 2016 and December 31, 2015, respectively		(73,180	)		(41,135	)
Total Company shareholders' equity		1,202,718			1,241,482
Noncontrolling interests - consolidated real estate entities		1,684			1,545
Total equity		1,204,402			1,243,027
Total liabilities, redeemable common units and equity	$	2,261,688		$	2,267,249


Supplemental Financial Data	5 \| Page


1^st Quarter 2016

Notes to Consolidated Financial Statements

And Reconciliation of Funds From Operations and Adjusted Funds From Operations

(In thousands)

1)	Investment and development expenses include investment group expenses, development personnel and associated costs not allocable to development projects. Other investment costs primarily include land carry costs, principally property taxes and assessments.

2)	Other expenses in 2016 included casualty losses of $250 related to extreme weather conditions in one of the Company’s Texas markets and $83 related to the upgrade of the Company’s human resources information system.

3)	In 2015, the Company sold its remaining condominium retail asset and recognized a gain of $1,773.

4)	In January 2015, the Company refinanced its unsecured lines of credit and term loan facilities. In connection with the refinancing, the Company recognized an extinguishment loss of $197 related to the write-off of a portion of unamortized deferred loan costs.

Post Properties, Inc., through its wholly-owned subsidiaries, is the sole general partner, a limited partner and owns a majority interest in Post Apartment Homes, L.P., the Operating Partnership, through which the Company conducts its operations. As of March 31, 2016, there were 53,608 Operating Partnership units outstanding, of which 53,487, or 99.8%, were owned by the Company.

Since the Company does not add back the depreciation of non-real estate assets in its calculation of FFO, non-real estate related capital expenditures of $255 and $206 for the three months ended March 31, 2016 and 2015, respectively, are excluded from the calculation of adjusted funds from operations available to common shareholders and unitholders.

Diluted weighted average shares and units include the impact of dilutive securities totaling 17 and 17 for the three months ended March 31, 2016 and 2015, respectively. Additionally, basic and diluted weighted average shares and units include the impact of non-vested shares and units totaling 117 and 119 for the three months ended March 31, 2016 and 2015, respectively, for the computation of FFO per share. Such non-vested shares and units are considered in the income per share computations under GAAP using the “two-class method.”


Supplemental Financial Data	6 \| Page


1^st Quarter 2016

Same Store Results

(In thousands, except per unit data) - (Unaudited)

Same Store Operating Results

The Company defines same store communities as those which have reached stabilization prior to the beginning of the previous calendar year. Same store net operating income is a supplemental non-GAAP financial measure. See Table 1 on page 20 for a reconciliation of same store net operating income to GAAP net income and Table 4 on page 24 for a year-to-date margin analysis. The operating performance and capital expenditures of the 52 communities containing 19,819 apartment units which were fully stabilized as of January 1, 2015, are summarized in the table below.

	Three months ended
	March 31,		%
	2016	2015	Change
Revenues:
Rental and other revenue	$ 87,434	$ 84,193	3.8%
Utility reimbursements	2,808	2,576	9.0%
Total rental and other revenues	90,242	86,769	4.0%
Property operating and maintenance expenses:
Personnel expenses	7,457	7,289	2.3%
Utility expense	4,105	4,268	(3.8)%
Real estate taxes and fees	15,019	14,370	4.5%
Insurance expenses	1,461	1,347	8.5%
Building and grounds repairs and maintenance (1)	4,838	4,176	15.9%
Ground lease expense	230	230	-
Other expenses	2,381	2,151	10.7%
Total property operating and maintenance expenses
(excluding depreciation and amortization)	35,491	33,831	4.9%
Same store net operating income	$ 54,751	$ 52,938	3.4%
Same store net operating income margin	60.7%	61.0%	(0.3)%
Capital expenditures (2)
Annually recurring	$ 3,465	$ 2,220	56.1%
Periodically recurring	842	555	51.7%
Total capital expenditures (A)	$ 4,307	$ 2,775	55.2%
Total capital expenditures per unit
(A ÷ 19,819 units)	$ 217	$ 140	55.0%
Average monthly rental rate per unit (3)	$ 1,471	$ 1,436	2.4%
Gross turnover (4)	43.2%	44.8%	(1.6)%
Net turnover (5)	39.4%	40.1%	(0.7)%
Percentage rent increase - new leases (6)	0.9%	1.2%	(0.3)%
Percentage rent increase - renewed leases (6)	5.0%	4.0%	1.0%

1)	Building and ground repairs and maintenance includes $326 and $134 for the three months ended March 31, 2016 and 2015, respectively, related to painting of communities.

2)	See Table 5 on page 25 for a reconciliation of these segment components of property capital expenditures to total annually recurring capital expenditures and total periodically recurring capital expenditures as presented in the consolidated cash flow statements prepared under GAAP.

3)	Average monthly rental rate is defined as the average of the gross actual rates for occupied units and the anticipated rental rates for unoccupied units divided by total units. See Table 2 on page 21 and Table 3 on page 22 for further information.

4)	Gross turnover represents the percentage of leases expiring during the period that are not renewed by the existing resident(s).

5)	Net turnover is gross turnover decreased by the percentage of expiring leases where the resident(s) transfer to a new apartment unit in the same community or in another Post® community.

Percentage change is calculated using the respective new or renewed rental rate as of the date of a new lease, as compared with the previous rental rate on that same unit. Accordingly, these percentage changes may differ from the change in the average monthly rental rate per unit due to the timing of move-ins and/or the term of the respective leases.


Supplemental Financial Data	7 \| Page


1^st Quarter 2016

Same Store Results (Con’t)

(In thousands, except per unit data) - (Unaudited)

Same Store Operating Results by Market - Comparison of First Quarter 2016 to First Quarter 2015 (1)

(Increase (decrease) between periods)

	Three months ended
	March 31, 2016
Market	Revenues	Expenses	NOI	Average Economic Occupancy
Atlanta	4.1%	6.0%	3.0%	(0.3)%
Dallas	4.0%	5.9%	2.5%	1.4%
Houston	(2.7)%	(1.3)%	(3.9)%	(0.9)%
Austin	5.2%	5.2%	5.2%	3.5%
Washington, D.C.	3.2%	2.4%	3.7%	3.7%
Tampa	5.1%	3.7%	5.8%	0.0%
Orlando	5.9%	12.5%	2.3%	0.7%
Charlotte	3.3%	(0.8)%	5.4%	1.0%
Raleigh	7.7%	15.8%	2.3%	2.1%
Total	4.0%	4.9%	3.4%	1.3%

1)	See Table 2 on page 21 for a reconciliation of these components of same store net operating income and Table 1 on page 20 for a reconciliation of same store net operating income to GAAP net income.

Same Store Occupancy by Market

						Avg. Rental
		% of NOI	Average Economic			Rate Per Unit
		Three months	Occupancy (1)		Physical	Three months
		ended	Three months ended		Occupancy at	ended
	Apartment	March 31,	March 31,		March 31,	March 31,
Market	Units	2016	2016	2015	2016 (2)	2016 (3)
Atlanta	5,065	25.3%	96.2%	96.5%	95.2%	$ 1,430
Dallas	4,726	19.2%	96.8%	95.4%	94.9%	1,302
Houston	653	2.8%	91.4%	92.3%	91.4%	1,486
Austin	935	4.3%	96.0%	92.5%	94.5%	1,584
Washington, D.C.	2,645	18.1%	95.5%	91.8%	95.1%	1,888
Tampa	2,342	13.4%	97.3%	97.3%	95.5%	1,532
Orlando	1,308	7.0%	97.3%	96.6%	95.7%	1,534
Charlotte	1,748	8.6%	95.3%	94.3%	93.9%	1,314
Raleigh	397	1.3%	94.7%	92.6%	94.5%	1,083
Total	19,819	100.0%	96.2%	94.9%	94.9%	$ 1,471

Average economic occupancy is defined as gross potential rent plus other rental fees less vacancy losses, model expenses and bad debt expenses divided by gross potential rent for the period, expressed as a percentage. Gross potential rent is defined as the sum of the gross actual rates for leased units and the anticipated rental rates for unoccupied units. The calculation of average economic occupancy does not include a deduction for net concessions and employee discounts. Average economic occupancy, including these amounts, would have been 95.7% and 94.3% for the three months ended March 31, 2016 and 2015, respectively. For the three months ended March 31, 2016 and 2015, net concessions were $210 and $405, respectively, and employee discounts were $188 and $163, respectively.

2)	Physical occupancy is defined as the number of units occupied divided by total apartment units, expressed as a percentage.

3)	Average monthly rental rate is defined as the average of the gross actual rates for occupied units and the anticipated rental rates for unoccupied units divided by total units. See Table 2 on page 21 and Table 3 on page 22 for further information.


Supplemental Financial Data	8 \| Page


1^st Quarter 2016

Same Store Results (Con’t)

(In thousands, except per unit data) - (Unaudited)

Sequential Same Store Operating Results – Comparison of First Quarter 2016 to Fourth Quarter 2015

	Three months ended
	March 31,	December 31,	%
	2016	2015	Change
Revenues:
Rental and other revenue	$ 87,434	$ 86,957	0.5%
Utility reimbursements	2,808	2,681	4.7%
Total rental and other revenues	90,242	89,638	0.7%
Property operating and maintenance expenses:
Personnel expenses	7,457	6,647	12.2%
Utility expense	4,105	4,257	(3.6)%
Real estate taxes and fees	15,019	13,913	7.9%
Insurance expenses	1,461	1,964	(25.6)%
Building and grounds repairs and maintenance (1)	4,838	4,572	5.8%
Ground lease expense	230	230	0.0%
Other expenses	2,381	2,228	6.9%
Total property operating and maintenance expenses
(excluding depreciation and amortization)	35,491	33,811	5.0%
Same store net operating income (2)	$ 54,751	$ 55,827	(1.9)%
Average economic occupancy	96.2%	96.5%	(0.3)%
Average monthly rental rate per unit	$ 1,471	$ 1,462	0.6%

1)	Building and grounds repairs and maintenance includes $326 and $126 for the three months ended March 31, 2016 and December 31, 2015, respectively, related to painting of communities.

2)	See Table 2 on page 21 for a reconciliation of these components of same store net operating income and Table 1 on page 20 for a reconciliation of same store net operating income to GAAP net income.

Sequential Same Store Operating Results by Market - Comparison of First Quarter of 2016 to Fourth Quarter of 2015 (1)

(Increase (decrease) between periods)

Market	Revenues	Expenses	NOI	Average Economic Occupancy
Atlanta	1.0%	0.6%	1.3%	(0.6)%
Dallas	1.0%	(0.1)%	2.0%	(0.2)%
Houston	(4.2)%	37.8%	(23.3)%	(3.3)%
Austin	0.3%	12.9%	(9.1)%	0.0%
Washington, D.C.	(0.4)%	11.9%	(6.1)%	(0.8)%
Tampa	2.1%	7.1%	(0.4)%	0.5%
Orlando	1.7%	5.4%	(0.4)%	0.5%
Charlotte	0.0%	(0.0)%	0.1%	(0.8)%
Raleigh	1.8%	17.7%	(7.7)%	0.6%
Total	0.7%	5.0%	(1.9)%	(0.3)%

1)	See Table 2 on page 21 for a reconciliation of these components of same store net operating income and Table 1 on page 20 for a reconciliation of same store net operating income to GAAP net income.


Supplemental Financial Data	9 \| Page


1^st Quarter 2016

Debt Summary

(In thousands) - (Unaudited)

Summary of Outstanding Debt at March 31, 2016 - Consolidated

				Percentage		Weighted Average
Type of Indebtedness	Balance			of Total Debt		Stated Rate (1)
Unsecured fixed rate senior notes	$	400,000			43.4%		3.9%
Unsecured bank term loan		300,000			32.6%		2.7%
Secured fixed rate notes		188,771			20.5%		6.0%
Unsecured revolving lines of credit		32,405			3.5%		1.5%
	$	921,176			100.0%		3.8%
Less: debt issuance costs		(4,302	)
	$	916,874

				Percentage		Weighted Average
	Balance			of Total Debt		Maturity (2)
Total fixed rate debt	$	888,771			96.5%		4.0
Total variable rate debt - unhedged		32,405			3.5%		2.8
	$	921,176			100.0%		4.0
Less: debt issuance costs		(4,302	)
	$	916,874

Debt Maturities – Consolidated and Unconsolidated

	Consolidated					Unconsolidated Entities
	Face			Weighted Avg.		Face		Company		Weighted Avg.
Aggregate debt maturities by year	Amount			Stated Rate (1)		Amount		Share		Stated Rate (1)
Remainder of 2016	$	2,305			6.0%	$	-	$	-	-
2017		153,296			4.8%		85,723		21,431		5.6%
2018		3,502			6.0%		41,000		10,250		5.7%
2019		212,073	(3)		5.3%		51,000		17,850		3.5%
2020		300,000	(4)		2.7%		-		-	-
Thereafter		250,000			3.4%		-		-	-
	$	921,176			3.8%	$	177,723	$	49,531		5.0%

Debt Statistics

	Three months ended
	March 31,
	2016		2015
Interest coverage ratio (5)(6)	6.6x		5.9x
Interest coverage ratio (including capitalized interest) (5)(6)	5.6x		5.3x
Fixed charge coverage ratio (5)(7)	5.9x		5.3x
Fixed charge coverage ratio (including capitalized interest) (5)(7)	5.1x		4.8x
Total debt to annualized income available for debt service ratio (8)	4.5x		4.6x
Total debt as a % of undepreciated real estate assets
(adjusted for joint venture partner's share of debt) (9)		29.1%		29.7%
Total debt and preferred equity as a % of undepreciated real
estate assets (adjusted for joint venture partner's share of debt) (9)		30.4%		31.0%

Weighted average rate includes credit enhancements and other fees, where applicable. The weighted average rates at March 31, 2016 are based on the debt outstanding at that date. Weighted average interest rate of the unsecured bank term loan represents the effective stated fixed interest rate based on outstanding borrowings as of March 31, 2016, after considering the impact of interest rate swap arrangements that hedge this debt.

2)	Weighted average maturity of total debt represents number of years to maturity based on the debt maturities schedule above.

3)	Includes $32,405 outstanding on unsecured revolving lines of credit. At March 31, 2016, the Company’s lines of credit bear interest at LIBOR plus 1.05% and mature in 2019 with a one year extension option.

Includes an unsecured bank term loan that matures in January 2020. The blended effective stated interest rate, after considering the impact of interest rate swap arrangements that hedge this debt, is 2.69% through January 2018, the termination date of the current interest rate swaps. From January 2018 to January 2020, $200,000 of the term loan is swapped to an effective stated interest rate of 2.53%. The underlying term loan bears interest at the stated rate of LIBOR plus 1.15%.

5)	Calculated for the three months ended March 31, 2016 and 2015.

Interest coverage ratio is defined as net income available for debt service divided by interest expense. The calculation of the interest coverage ratio is a non-GAAP financial measure. A reconciliation of net income available for debt service to net income and interest expense to consolidated interest expense is included in Table 7 on page 26.

Fixed charge coverage ratio is defined as net income available for debt service divided by interest expense plus dividends to preferred shareholders. The calculation of the fixed charge coverage ratio is a non-GAAP financial measure. A reconciliation of net income available for debt service to net income and fixed charges to consolidated interest expense plus dividends to preferred shareholders is included in Table 7 on page 26.

8)	A computation of this ratio is included in Table 7 on page 26.

9)	A computation of these debt ratios is included in Table 6 on page 25.


Supplemental Financial Data	10 \| Page


1^st Quarter 2016

Debt Summary (CON’T)

(In thousands) - (Unaudited)

Senior Unsecured Public Notes Debt Ratings

Moody’s – Baa2 (stable)

Standard & Poor’s – BBB (stable)

Financial Debt Covenants - Senior Unsecured Public Notes

	As of
Covenant requirement (1)	March 31, 2016
Consolidated Debt to Total Assets cannot exceed 60%		28%
Secured Debt to Total Assets cannot exceed 40%		6%
Total Unencumbered Assets to Unsecured Debt must be at least 1.5/1	4.2x
Consolidated Income Available for Debt Service Charge must be at least 1.5/1	6.6x

A summary of the public debt covenant calculations and reconciliations of the financial components used in the public debt covenant calculations to the most comparable GAAP financial measures is detailed below.

Ratio of Consolidated Debt to Total Assets
	As of
	March 31, 2016
Face value of consolidated debt (A)	$	921,176
Total assets, as defined (B) (Table A)	$	3,300,499
Computed ratio (A÷B)		28	%
Required ratio (cannot exceed)		60	%


Ratio of Secured Debt to Total Assets

Face value of secured debt (C)	$	188,771
Computed ratio (C÷B)		6	%
Required ratio (cannot exceed)		40	%


Ratio of Total Unencumbered Assets to Unsecured Debt

Face value of consolidated debt (A)	$	921,176
Face value of secured debt (C)		(188,771	)
Face value of unsecured debt (D)	$	732,405
Total unencumbered assets, as defined (E) (Table A)	$	3,083,521
Computed ratio (E÷D)	4.2x
Required minimum ratio	1.5x


Ratio of Consolidated Income Available for Debt Service to Annual
Debt Service Charge (Annualized)

Consolidated Income Available for Debt Service, as defined (F) (Table B)	$	214,100
Annual Debt Service Charge, as defined (G) (Table B)	$	32,376
Computed ratio (F÷G)	6.6x
Required minimum ratio	1.5x


Supplemental Financial Data	11 \| Page


1^st Quarter 2016

Debt Summary (con’t)

(In thousands) - (Unaudited)

Table A

Calculation of Total Assets and Total Unencumbered Assets for Public Debt Covenant Computations

	As of
	March 31, 2016
Total real estate assets	$	2,220,126
Add:
Investments in and advances to unconsolidated real estate entities		3,696
Accumulated depreciation		1,046,178
Other tangible assets		30,499
Total assets for public debt covenant computations		3,300,499
Less:
Encumbered real estate assets		(213,282	)
Investments in and advances to unconsolidated real estate entities		(3,696	)
Total unencumbered assets for public debt covenant computations	$	3,083,521

Table B

Calculation of Consolidated Income Available for Debt Service and Annual Debt Service Charge - Annualized (1)

	Three months ended
Consolidated income available for debt service	March 31, 2016
Net income	$	20,133
Add:
Depreciation		22,709
Depreciation (company share) - unconsolidated entities		301
Interest expense:
Interest expense, excluding debt cost amortization		7,485
Debt cost amortization		281
Interest expense (company share) - unconsolidated entities:
Interest expense, excluding debt cost amortization		609
Debt cost amortization		8
Other non-cash (income) expense, net (2)		1,742
Income tax expense (benefit), net		257
Consolidated income available for debt service	$	53,525
Consolidated income available for debt service (annualized)	$	214,100

Annual debt service charge
Interest expense, excluding debt cost amortization	$	7,485
Interest expense, excluding debt cost amortization - unconsolidated entities		609
Debt service charge	$	8,094
Debt service charge (annualized)	$	32,376

1)	The actual calculation of these ratios requires the use of annual trailing financial data. These computations reflect annualized 2016 results for comparison and presentation purposes. The computations using annualized trailing financial data also reflect compliance with the debt covenants.

2)	Includes debt cost amortization of $196 relating to the Company’s unsecured revolving lines of credit.


Supplemental Financial Data	12 \| Page


1^st Quarter 2016

Summary Of Apartment Communities Under Development,

Land Held For Future Investment and acquisitions/disposition activity

(In millions, except units, square footage and acreage) – (Unaudited)

Communities Under Development

				Estimated						Estimated		Costs		Quarter	Estimated
		Number		Average		Estimated		Estimated		Total		Incurred		of First	Quarter of
		of		Unit Size		Retail		Total		Cost Per		as of		Units	Stabilized	Percent
Community	Location	Units		Sq. Ft. (1)		Sq. Ft. (1)		Cost (2)		Sq. Ft. (3)		3/31/2016		Available	Occup. (4)	Leased (5)
Under construction
Post Parkside™ at Wade, II	Raleigh, NC		406		910		-	$	57.5	$	156	$	37.0	2Q 2016	3Q 2017	N/A
Post Afton Oaks™	Houston, TX		388		867		-		80.7		240		56.0	3Q 2016	4Q 2017	N/A
Post South Lamar™, II	Austin, TX		344		734		5,800		65.6		254		28.5	1Q 2017	2Q 2018	N/A
Post Millennium Midtown™	Atlanta, GA		356		864		-		90.6		295		18.7	2Q 2017	3Q 2018	N/A
Post River North™ (6)	Denver, CO		358		818		-		88.2		301		23.8	3Q 2017	4Q 2018	N/A
Post Centennial Park™	Atlanta, GA		438		808		-		96.0		271		18.6	1Q 2018	2Q 2019	N/A
Total			2,290				5,800	$	478.6			$	182.6
Substantially complete, in lease-up
The High Rise at Post Alexander™	Atlanta, GA		340		830		-	$	74.8	$	265	$	74.2	2Q 2015	4Q 2016		72.6%

1)	Square footage amounts are approximate. Actual square footage may vary.

To the extent that developments contain a retail component, total estimated cost includes estimated first generation tenant improvements and leasing commissions. For stabilized apartment communities, remaining unfunded construction costs include first generation retail tenant improvements and leasing commissions.

3)	The estimated total cost per square foot is calculated using net rentable residential and retail square feet, where applicable. Square footage amounts used are approximate. Actual amounts may vary.

4)	The Company defines stabilized occupancy as the earlier to occur of (i) the attainment of 95% physical occupancy or (ii) one year after completion of construction.

5)	Represents unit status as of April 30, 2016.

6)	The Company owns a 92.5% interest in an entity which is developing Post River North™. Total estimated cost represents aggregate costs of the joint venture and excludes any future promoted interest to the developer.

Land Held for Future Investment

The following are land positions (including pre-development costs incurred to date) that the Company currently holds. There can be no assurance that projects held for future investment will be developed in the future or at all.

		Carrying Value		Estimated
		at March 31, 2016		Usable
Project	Metro Area	(in thousands)		Acreage
Centennial Park II	Atlanta, GA	$	5,953		1.7
Frisco Bridges II	Dallas, TX		5,480		5.4
Wade III	Raleigh, NC		2,510		5.4
Other land parcels	Atlanta, GA		2,787		10.2
Total Land Held for Future Investment		$	16,730		22.7

Acquisition/Disposition Activity - Current and Prior Year

None


Supplemental Financial Data	13 \| Page


1^st Quarter 2016

Capitalized Costs Summary

(In thousands) - (Unaudited)

The Company has a policy of capitalizing those expenditures relating to the acquisition of new assets and the development, construction and rehabilitation of apartment communities. In addition, the Company capitalizes expenditures that enhance the value of existing assets and expenditures that substantially extend the life of existing assets. All other expenditures necessary to maintain a community in ordinary operating condition are expensed as incurred.

The Company capitalizes interest, real estate taxes, and certain internal personnel and associated costs related to apartment communities under development, construction, and major rehabilitation. The internal personnel and associated costs are capitalized to the projects under development based upon the effort identifiable with such projects. The Company treats each unit in an apartment community separately for cost accumulation, capitalization and expense recognition purposes. Prior to the commencement of leasing and sales activities, interest and other construction costs are capitalized and are reflected on the balance sheet as construction in progress. The Company ceases the capitalization of such costs as the residential units in a community become substantially complete and available for occupancy. This results in a proration of these costs between amounts that are capitalized and expensed as the residential units in a development community become available for occupancy. In addition, prior to the completion of units, the Company expenses as incurred substantially all operating expenses (including pre-opening marketing and property management and leasing personnel expenses) of such communities.

A summary of community acquisition and development improvements and other capitalized expenditures for the three months ended March 31, 2016 and 2015 is provided below.

	Three months ended
	March 31,
	2016		2015
New community development and acquisition activity (1)	$	32,109	$	28,168
Periodically recurring capital expenditures
Community rehabilitation and other revenue generating
improvements (2)		2,481		1,633
Other community additions and improvements (3)		1,224		698
Annually recurring capital expenditures
Carpet replacements and other community additions and
improvements (4)		3,524		2,268
Corporate additions and improvements		255		206
	$	39,593	$	32,973

Other Data
Capitalized interest	$	1,550	$	982
Capitalized development and associated costs (5)	$	1,414	$	1,135

Reflects aggregate community acquisition and development costs, exclusive of the change in construction payables and assumed debt, if any, between years.

Represents expenditures for community rehabilitations and other unit upgrade costs that enhance the rental value of such units.

Represents community improvement expenditures that generally occur less frequently than on an annual basis. Amounts include second generation lease costs on commercial properties of $135 and $25 for the three months ended March 31, 2016 and 2015, respectively.

Represents community improvement expenditures (e.g. carpets, appliances) of a type that are expected to be incurred on an annual basis.

Reflects internal personnel and associated costs capitalized to construction and development activities.


Supplemental Financial Data	14 \| Page


1^st Quarter 2016

Investments In Unconsolidated Real Estate Entities

(In thousands) - (Unaudited)

The Company holds investments in limited liability companies (the “Property LLCs”) with institutional investors and accounts for its investments in these Property LLCs using the equity method of accounting. A summary of non-financial and financial information for the Property LLCs is provided below.

Non-Financial Data
			Property					Ownership
Joint Venture Property	Location		Type			# of Units		Interest

Post Collier Hills® (1)	Atlanta, GA		Apartments			396			25%
Post Crest® (1)	Atlanta, GA		Apartments			410			25%
Post Lindbergh® (1)	Atlanta, GA		Apartments			396			25%
Post Massachusetts Avenue™	Washington, D.C.		Apartments			269			35%

Financial Data
	As of
	March 31, 2016
	Gross							Company's
	Investment in		Mortgage			Entity		Equity
Joint Venture Property	Real Estate (6)		Notes Payable			Equity		Investment
Post Collier Hills® (1)	$	58,516	$	39,542	(2)	$	8,723	$	(4,434	)	(1)
Post Crest® (1)		65,704		46,133	(2)		7,026		(7,426	)	(1)
Post Lindbergh® (1)		65,355		40,961	(3)		13,702		(4,082	)	(1)
Post Massachusetts Avenue™		74,718		50,893	(4)		3,283		3,696
Total	$	264,293	$	177,529		$	32,734	$	(12,246	)

	Three months ended
	March 31, 2016
			Company's		Mgmt.
	Entity		Equity in		Fees &
Joint Venture Property	NOI		Income (Loss)		Other
Post Collier Hills® (1)	$	845	$	41
Post Crest® (1)		964		45
Post Lindbergh® (1)		888		38
Post Massachusetts Avenue™		1,890		519
Total	$	4,587	$	643	$	231	(5)

The Company’s investment in the 25% owned Property LLC resulted from the transfer of three previously owned apartment communities to the Property LLC co-owned with an institutional investor. The assets, liabilities and members’ equity of the Property LLC were recorded at fair value based on agreed-upon amounts contributed to the venture. The credit investments in the Company’s 25% owned Property LLC resulted from financing proceeds distributed in excess of the Company’s historical cost-basis investment. These credit investments are reflected in consolidated liabilities on the Company’s consolidated balance sheet.

2)	These mortgage notes have a combined face value of $85,723, bear interest at a stated fixed rate of 5.63% and mature in June 2017.

3)	This mortgage note has a face value of $41,000, bears interest at a stated fixed rate of 5.71% and matures in January 2018, at which time it will be automatically extended for a one-year term at a variable interest rate.

4)	This note has a face value of $51,000, bears interest at a stated fixed rate of 3.5% and matures in February 2019. The note is prepayable without penalty beginning in February 2017.

5)	Amounts include net property and asset management fees to the Company included in “Other Revenues” in the Company’s consolidated statements of operations.

6)	Represents GAAP basis net book value plus accumulated depreciation.


Supplemental Financial Data	15 \| Page


1^st Quarter 2016

Net Asset Value Supplemental Information (1)

(In thousands, except unit data, commercial square feet and stock price) - (Unaudited)

Financial Data

	Three months ended						As
Income Statement Data	March 31, 2016		Adjustments				Adjusted (3)
Rental revenues	$	92,570	$	(407	)	(2)	$	92,163
Other property revenues		5,625		(16	)	(2)		5,609
Total rental and other revenues (A)		98,195		(423	)			97,772
Property operating & maintenance expenses
(excluding depreciation and amortization) (B)		42,787		(4,754	)	(2)		38,033
Property net operating income (Table 1) (A-B)	$	55,408	$	4,331			$	59,739

Assumed property management fee
(calculated at 3% of revenues) (A x 3%)								(2,933	)
Assumed property capital expenditure reserve
($300 per unit per year based on 20,455 units)								(1,534	)
Adjusted property net operating income							$	55,272
Annualized property net operating income (C)							$	221,088

Apartment units represented (D)		24,162		(3,707	)	(2)		20,455

	As of						As
Other Asset Data	March 31, 2016		Adjustments				Adjusted
Cash & equivalents	$	4,545	$	-			$	4,545
Real estate assets under construction, at cost (4)		182,632		72,439		(4)		255,071
Land held for future investment		16,730		-				16,730
Investments in and advances to unconsolidated real
estate entities (5)		3,696		(3,696	)	(5)		-
Restricted cash and other assets (6)		33,321		(2,169	)	(6)		31,152
Cash & other assets of unconsolidated apartment entities (7)		5,857		(4,255	)	(7)		1,602
Total (E)	$	246,781	$	62,319			$	309,100

Other Liability Data
Indebtedness (8)	$	916,874	$	4,302		(8)	$	921,176
Investments in unconsolidated real estate entities (5)		15,942		(15,942	)	(5)		-
Other liabilities (9)		117,268		(9,328	)	(9)		107,940
Total liabilities of unconsolidated apartment entities (10)		181,000		(130,516	)	(10)		50,484
Total (F)	$	1,231,084	$	(151,484	)		$	1,079,600


Other Data	As of March 31, 2016
	# Shares/Units		Stock Price				Implied Value
Liquidation value of preferred shares (G)							$	43,392

POST APARTMENT HOMES LP 8-K