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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
(Amendment No.____)*
Post Properties, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
737464107
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(CUSIP Number)
March 7, 2007
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(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|_| Rule 13d-1(b)
|X| Rule 13d-1(c)
|_| Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 (the "Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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
control number.
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CUSIP No. 011537316 13G Page 2 of 9 Pages
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1 NAMES OF REPORTING PERSONS
Wesley Capital Management, LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
52-2280947
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |_|
(b) |_|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES 5 SOLE VOTING POWER
BENEFICIALLY -0-
OWNED BY EACH 6 SHARED VOTING POWER
REPORTING PERSON 2,523,800 (See Item 2)
WITH 7 SOLE DISPOSITIVE POWER
-0-
8 SHARED DISPOSITIVE POWER
2,523,800 (See Item 2)
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,523,800 (See Item 2)
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See
Instructions) |_|
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.79%
12 TYPE OF REPORTING PERSON (See Instructions)
OO
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CUSIP No. 011537316 13G Page 3 of 9 Pages
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1 NAMES OF REPORTING PERSONS
Arthur Wrubel
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |_|
(b) |_|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF SHARES 5 SOLE VOTING POWER
BENEFICIALLY -0-
OWNED BY EACH 6 SHARED VOTING POWER
REPORTING PERSON 2,523,800 (See Item 2)
WITH 7 SOLE DISPOSITIVE POWER
-0-
8 SHARED DISPOSITIVE POWER
2,523,800 (See Item 2)
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,523,800 (See Item 2)
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See
Instructions) |_|
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.79%
12 TYPE OF REPORTING PERSON (See Instructions)
IN
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CUSIP No. 011537316 13G Page 4 of 9 Pages
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1 NAMES OF REPORTING PERSONS
John Khoury
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |_|
(b) |_|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Canada
NUMBER OF SHARES 5 SOLE VOTING POWER
BENEFICIALLY -0-
OWNED BY EACH 6 SHARED VOTING POWER
REPORTING PERSON 2,523,800 (See Item 2)
WITH 7 SOLE DISPOSITIVE POWER
-0-
8 SHARED DISPOSITIVE POWER
2,523,800 (See Item 2)
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,523,800 (See Item 4)
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See
Instructions) |_|
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.79%
12 TYPE OF REPORTING PERSON (See Instructions)
IN
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CUSIP No. 011537316 13G Page 5 of 9 Pages
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Item 1. NAMES OF REPORTING PERSONS
(a) Name of Issuer
The name of the Issuer is Post Properties, Inc.
(b) Address of Issuer's Principal Executive Offices
The Issuer's principal executive office is located at 4401 Northside
Parkway, Suite 800, Atlanta, GA, 30327.
Item 2.
(a) Name of Person Filing
This Schedule 13G is being jointly filed by Wesley Capital
Management LLC, a Delaware limited liability company (the "Management
Company"), Mr. Arthur Wrubel and Mr. John Khoury with respect to the
ownership of the shares of Common Stock of the Issuer by three hedge funds
and a managed account (collectively, the "Funds") for which the Management
Company serves investment manager or advisor.(1) Mr. Wrubel, Mr. Khoury
and the Management Company are referred to in this Schedule 13G as the
"Reporting Persons."
The Reporting Persons have entered into a Joint Filing Agreement,
dated March 16, 2007, a copy of which is filed with this Schedule 13G as
Exhibit A, pursuant to which the Reporting Persons have agreed to file
this statement jointly in accordance with the provisions of Rule
13d-1(k)(1) under the Act.
(b) Address of Principal Business Office, or if none, Residence
The address of the principal business office of each of the
Reporting Persons is 717 5th Avenue, 14th Floor, New York, NY 10022.
(c) Citizenship
The Management Company is organized as a limited liability company
under the laws of the State of Delaware. Mr. Wrubel is a United States
citizen. Mr. Khoury is a Canadian citizen.
(d) Title of Class of Securities
Common Stock.
(e) CUSIP Number
737464107
(1) The Management Company serves as investment manager or advisor to Wesley
Capital L.P., a Delaware limited partnership, Wesley Capital Master Fund
Limited, a Cayman Islands corporation, Wesley Capital QP, L.P., a Delaware
limited partnership, and a managed account. Accordingly, the Management
Company may be deemed to be the beneficial owner of the shares of Common
Stock of the Company held by the Funds. Mr. Wrubel and Mr. Khoury are
Managing Members of the Management Company, and together they control its
business activities. Accordingly each of Mr. Wrubel and Mr. Khoury may be
deemed to be the beneficial owner of the shares of Common Stock of the
Issuer held by the Funds. The Management Company, Mr. Wrubel and Mr.
Khoury each disclaim beneficial ownership of the shares of Common Stock of
the Issuer held by the Funds, except to the extent of any pecuniary
interest, and this report shall not be deemed to be an admission that they
are the beneficial owners of such securities.
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CUSIP No. 011537316 13G Page 6 of 9 Pages
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Item 3. If this statement is filed pursuant to ss.240.13d-1(b) or 240.13d.2(b)
or (c), check whether the person filing is a:
Not applicable.
Item 4. Ownership
A. Wesley Capital Management, LLC(2)
(a) Amount beneficially owned: 2,523,800
(b) Percent of class: 5.79%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 2,523,800
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
2,523,800
B. Arthur Wrubel(2)
(a) Amount beneficially owned: 2,523,800
(b) Percent of class: 5.79%.
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 2,523,800
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition:
2,523,800
(2) See note 1.
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CUSIP No. 011537316 13G Page 7 of 9 Pages
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C. John Khoury(2)
(a) Amount beneficially owned: 2,523,800
(b) Percent of class: 5.79%.
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 2,523,800
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition:
2,523,800
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date
hereof each of the Reporting Persons has ceased to be the beneficial owner of
more than five percent of the class of securities, check the following [ ].
Item 6. Ownership of More than Five Percent on Behalf of Another Person:
See response to Item 4.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company
Not applicable.
Item 8. Identification and Classification of Members of the Group
Not applicable.
Item 9. Notice of Dissolution of Group
Not applicable.
Item 10. Certification
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as participant in any transaction having that purpose or effect.
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CUSIP No. 011537316 13G Page 8 of 9 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Date: March 16, 2007
Wesley Capital Management, LLC
By: /s/ Arthur Wrubel
--------------------------------
Name: Arthur Wrubel
Its: Managing Member
Wesley Capital Management, LLC
By: /s/ John Khoury
--------------------------------
Name: John Khoury
Its: Managing Member
/s/ Arthur Wrubel
------------------------------------
Arthur Wrubel, individually
/s/ John Khoury
------------------------------------
John Khoury, individually
Exhibit A
AGREEMENT REGARDING THE JOINT FILING OF SCHEDULE 13G
The undersigned hereby agree as follows:
(i) Each of them is individually eligible to use the Schedule 13G to which
this Exhibit is attached, and such Schedule 13G is filed on behalf of each of
them; and
(ii) Each of them is responsible for the timely filing of such Schedule
13G and any amendments thereto, and for the completeness and accuracy of the
information concerning such person contained therein; but none of them is
responsible for the completeness or accuracy of the information concerning the
other persons making the filing, unless such person knows or has reason to
believe that such information is inaccurate.
Date: March 16, 2007
Wesley Capital Management, LLC
By: /s/ Arthur Wrubel
--------------------------------
Name: Arthur Wrubel
Its: Managing Member
Wesley Capital Management, LLC
By: /s/ John Khoury
--------------------------------
Name: John Khoury
Its: Managing Member
/s/ Arthur Wrubel
------------------------------------
Arthur Wrubel, individually
/s/ John Khoury
------------------------------------
John Khoury, individually