Post Denies It's For Sale

Post Properties, an Atlanta-based multifamily real estate investment trust, is categorically denying market rumors that the company is for sale."We have not received any proposals or engaged in any form of discussions, preliminary or otherwise, regarding a possible sale of the company or a management-led buyout," said Dave Stockert, the REIT's chief executive officer. "Any reports to the contrary are inaccurate." The REIT also reported that it intends to reduce its dividend rate 42.3% to $0.45 per share in the first quarter of 2003. "Reducing the dividend will free up approximately $55 million in 2003, which we will use to fund our limited development pipeline and to reduce indebtedness," Mr. Stockert said. Post said it will continue to sell properties selectively to take advantage of what it views as "currently favorable pricing for apartment assets." The REIT will also continue repurchasing its shares on an "opportunistic" basis.