TRO Issued Against REIT

A temporary restraining order has been issued against Post Properties, enjoining certain activities of the Atlanta-based multifamily real estate investment trust and its board of directors for 30 days.Post said the order was issued in response to a complaint filed by John A. Williams, chairman emeritus of the REIT's board, seeking an injunction and damages. Post's board was to have voted on resolutions that would have restricted Mr. Williams regarding certain company matters, including restrictions on access to employees and information, Post said. The board cannot vote on these matters during the 30-day period of the order. Post said it intends to defend itself in the matter and doesn't expect it to have any "material adverse effect" on its operations or financial position. About a month ago, Post replaced Mr. Williams as chairman of the company with Robert C. Goddard III, chairman and chief executive officer of a privately held commercial real estate investor. John Glover also relinquished his position as vice chairman of the board at that time. Post had reported that it expected to record a noncash charge for the first quarter relating to payments and benefits provided to Mr. Williams and Mr. Glover. Both remain members of the Post board. The REIT can be found online at http://www.postproperties.com.