SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Teabo Sheila J.

(Last)

(First)

(Middle)

4401 NORTHSIDE PARKWAY

SUITE 800

(Street)

ATLANTA

30327

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
12/22/2009

3. Issuer Name and Ticker or Trading Symbol
POST PROPERTIES INC [ PPS ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Senior Vice Pres.

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	8,190.66	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Stock Option (right to buy)	⁽¹⁾	07/17/2013	Common Stock	10,000	$26.07	D
Stock Option (right to buy)	⁽¹⁾	01/20/2014	Common Stock	2,500	$27.98	D
Stock Option (right to buy)	⁽¹⁾	01/18/2015	Common Stock	2,334	$32.53	D
Stock Option (right to buy)	⁽¹⁾	01/18/2016	Common Stock	3,500	$40.15	D
Stock Option (right to buy)	⁽²⁾	02/18/2017	Common Stock	2,080	$48	D
Stock Option (right to buy)	⁽³⁾	02/18/2019	Common Stock	8,500	$12.22	D
Units in 401(k) Plan	⁽⁴⁾	⁽⁴⁾	Common Stock	⁽⁴⁾	⁽⁴⁾	D

Explanation of Responses:

1. Fully vested. Vested one-third annually beginning with one year after grant.

2. One third vested on 02/02/2008, one third vested on 02/02/2009 and remainder will vest on 02/02/2010.

3. Option vests one-third each year over a three year period beginning 02/09/2010, the first anniversary after the grant date.

4. The issuer's outside administrator for the employees 401(k) plan holds issuer stock in a pooled fund as a participant investment option. Participant contributions designated to be invested in issuer common stock are accounted for as units of interest in the issuer fund. Each unit was valued at $5.3773 as of 12/22/2009. The unit value will fluctuate with fluctuations in the value of the issuer common stock and the daily cash position. Dividends on the issuer common stock held in the issuer stock fund are included in the unit value. The number of shares of issuer stock attributable to the reporting person can be determined at any time by first multiplying the number of units in the reporting person's account by the then current unit price and dividing the total by the price of the issuer common stock. As of 12/22/2009, the reporting person held an equivalent of 163.3 shares in the issuer 401(k) Plan. The 401(k) plan is a"Qualified Plan" as defined in Rule 16b-3(b)(4).

Remarks:

	/s/ Sherry Cohen, Power of Attorney	12/28/2009
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.