Post Apartment Homes 8-K Post Properties Announces Second Quarter 2015 Earnings

Exhibit 99.2

Second Quarter 2015

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		8
Debt Summary		11
Summary of Apartment Communities Under Development, Land Held for Future Investment and Acquisitions/Disposition Activity		14
Capitalized Costs Summary		15
Investments in Unconsolidated Real Estate Entities		16
Net Asset Value Supplemental Information		17
Non-GAAP Financial Measures and Other Defined Terms and Tables		19

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, 2014 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, 2014 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 | P a g e  

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Three months ended June 30,				Six months ended June 30,
	2015		2014		2015		2014
Revenues
Rental	$	89,368	$	89,414	$	177,029	$	177,442
Other property revenues		5,789		5,389		11,246		10,654
Other		274		223		587		442
Total revenues		95,431		95,026		188,862		188,538
Expenses
Property operating and maintenance (exclusive of items shown separately below)		41,512		41,795		81,635		82,391
Depreciation		21,418		20,829		42,675		42,596
General and administrative		4,353		3,966		9,367		8,094
Investment and development (1)		275		794		510		1,605
Other investment costs (1)		154		210		288		483
Other expenses (2)		—		502		—		1,409
Total expenses		67,712		68,096		134,475		136,578
Operating income		27,719		26,930		54,387		51,960
Interest income		43		4		124		16
Interest expense		(7,753)		(10,433)		(15,846)		(21,677)
Amortization of deferred financing costs		(433)		(620)		(882)		(1,265)
Equity in income of unconsolidated real estate entities, net		568		501		965		986
Gains on sales of real estate assets, net (3)		(298)		36,092		1,475		36,902
Other income (expense), net		(195)		(196)		(390)		(391)
Net loss on extinguishment of indebtedness (4)		—		(4,287)		(197)		(4,287)
Net income		19,651		47,991		39,636		62,244
Noncontrolling interests - consolidated real estate entities		—		(154)		—		(138)
Noncontrolling interests - Operating Partnership		(41)		(118)		(83)		(151)
Net income available to the Company		19,610		47,719		39,553		61,955
Dividends to preferred shareholders		(922)		(922)		(1,844)		(1,844)
Net income available to common shareholders	$	18,688	$	46,797	$	37,709	$	60,111
Per common share data - Basic(5)
Net income available to common shareholders	$	0.34	$	0.86	$	0.69	$	1.11
Weighted average common shares outstanding - basic		54,455		54,223		54,452		54,199
Per common share data - Diluted(5)
Net income available to common shareholders	$	0.34	$	0.86	$	0.69	$	1.10
Weighted average common shares outstanding - diluted		54,469		54,335		54,467		54,314

See Notes to Consolidated Financial Statements on page 6

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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 June 30,				Six months ended June 30,
Funds From Operations	2015		2014		2015		2014
Net income available to common shareholders	$	18,688	$	46,797	$	37,709	$	60,111
Noncontrolling interests - Operating Partnership		41		118		83		151
Depreciation on consolidated real estate assets, net (6)		21,073		20,581		41,985		42,071
Depreciation on real estate assets held in unconsolidated entities		300		294		599		586
Gains on sales of depreciable real estate assets		298		(36,092)		(1,475)		(36,092)
Funds from operations available to common shareholders and unitholders (A)	$	40,400	$	31,698	$	78,901	$	66,827
Funds from operations available to common shareholders and unitholders - core operations (B)	$	40,400	$	31,698	$	78,901	$	66,017
Funds from operations available to common shareholders and unitholders - condominiums		-		-		-		810
Funds from operations available to common shareholders and unitholders (A)	$	40,400	$	31,698	$	78,901	$	66,827
Adjusted Funds From Operations
Funds from operations available to common shareholders and unitholders (A)	$	40,400	$	31,698	$	78,901	$	66,827
Annually recurring capital expenditures		(3,871)		(3,795)		(6,139)		(6,216)
Periodically recurring capital expenditures		(1,824)		(2,087)		(2,522)		(4,608)
Non-cash straight-line adjustment for ground lease expenses		112		115		227		234
Net loss on early extinguishment of indebtedness		-		4,287		197		4,287
Adjusted funds from operations available to common shareholders and unitholders (7) (C)	$	34,817	$	30,218	$	70,664	$	60,524
Adjusted funds from operations available to common shareholders and unitholders - core operations (7) (D)	$	34,817	$	30,218	$	70,664	$	59,714
Adjusted funds from operations available to common shareholders and unitholders - condominiums (7)		-		-		-		810
Adjusted funds from operations available to common shareholders and unitholders (7) (C)	$	34,817	$	30,218	$	70,664	$	60,524
Per Common Share Data - Diluted
Funds from operations per share or unit, as defined(A÷E)	$	0.74	$	0.58	$	1.44	$	1.22
Funds from operations per share or unit - core operations(B÷E)	$	0.74	$	0.58	$	1.44	$	1.21
Adjusted funds from operations per share or unit, as defined (7) (C÷E)	$	0.64	$	0.55	$	1.29	$	1.11
Adjusted funds from operations per share or unit - core operations (7) (D÷E)	$	0.64	$	0.55	$	1.29	$	1.09
Dividends declared	$	0.44	$	0.40	$	0.84	$	0.76
Weighted average shares outstanding (8)		54,607		54,465		54,595		54,435
Weighted average shares and units outstanding (8) (E)		54,728		54,600		54,716		54,570

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

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CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

	June 30,             2015		December 31,     2014
	(Unaudited)
Assets
Real estate assets
Land	$	319,401	$	317,077
Building and improvements		2,357,576		2,323,626
Furniture, fixtures and equipment		314,552		304,534
Construction in progress		109,292		86,971
Land held for future investment		29,795		33,197
		3,130,616		3,065,405
Less: accumulated depreciation		(979,505)		(937,310)
Assets held for sale, net of accumulated depreciation of $207 at December 31, 2014		-		672
Total real estate assets		2,151,111		2,128,767
Investments in and advances to unconsolidated real estate entities		3,957		4,059
Cash and cash equivalents		119,057		140,512
Restricted cash		3,885		3,572
Deferred financing costs, net		7,924		5,117
Other assets		28,098		29,771
Total assets	$	2,314,032	$	2,311,798
Liabilities, redeemable common units and equity
Indebtedness	$	891,004	$	892,459
Accounts payable, accrued expenses and other		78,039		70,616
Investments in unconsolidated real estate entities		16,437		16,624
Dividends and distributions payable		24,074		21,852
Accrued interest payable		4,003		4,229
Security deposits and prepaid rents		13,684		12,972
Total liabilities		1,027,241		1,018,752
Redeemable common units		6,555		7,086
Commitments and contingencies
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 54,592 and 54,509 shares outstanding at June 30, 2015 and December 31, 2014, respectively		546		546
Additional paid-in-capital		1,117,450		1,114,851
Accumulated earnings		176,979		185,001
Accumulated other comprehensive income (loss)		(4,468)		(3,675)
		1,290,516		1,296,732
Less common stock in treasury, at cost, 125 and 207 shares at June 30, 2015 and December 31, 2014, respectively		(10,280)		(10,772)
Total equity		1,280,236		1,285,960
Total liabilities, redeemable common units and equity	$	2,314,032	$	2,311,798

Supplemental Financial Data 5 | P a g e  

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS

AND RECONCILIATIONOF FUNDS FROM OPERATIONSAND 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 for the three months and six months ended June 30, 2014 included $502 and $659, respectively, related to the upgrade of the Company’s operating and financial software systems. For the six months ended June 30, 2014, other expenses also include casualty losses of $750.

3) In the six months ended June 30, 2015, the Company sold its remaining ground-floor retail space at its former condominium community in Austin, Texas and recognized a gain of $1,773. Additionally in 2015, gains on sales of real estate assets included state tax expense of $298 related to an asset sale. In the three months ended June 30, 2014, the Company sold an apartment community and recognized a gain of $36,092. For the six months ended June 30, 2014, gains on sales of real estate assets also included $810, resulting from the sale of the final residential condominium unit at the Company’s former condominium community in Atlanta, Georgia.

In 2014, the Company classified three communities, containing 645 units, as held for sale, including one community containing 308 units in Houston, Texas and two communities containing 337 units in New York, New York. The Company determined that these communities did not meet the criteria for discontinued operations reporting and, accordingly, were included in continuing operations. These communities were sold in 2014, and the Company recognized gains on sales in the second and third quarters of 2014. The revenues, expenses and net income, including gains on sales of real estate assets, associated with these three communities, for the three and six months ended June 30, 2014 were as follows:

	Three months ended June 30, 2014		Six months ended June 30, 2014
Revenues
Rental	$	4,769	$	10,540
Other property revenues		51		149
Total revenues		4,820		10,689
Property operating and maintenance expenses		(2,246)		(5,343)
Net operating income		2,574		5,346
Other expenses
Depreciation		—		(1,239)
Interest		(1,251)		(2,588)
Amortization of deferred financing costs		(59)		(118)
Total other expenses		(1,310)		(3,945)
Gains on sales of real estate assets		36,092		36,092
Net income	$	37,356	$	37,493
Net income, net of noncontrolling interest	$	37,202	$	37,355

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. In 2014, the Company recognized an extinguished loss of $4,287 related to prepayment premiums and the write off of unamortized loans associated with the prepayment of secured mortgage indebtedness.

Supplemental Financial Data 6 | P a g e  

5) 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 June 30, 2015, there were 54,713 Operating Partnership units outstanding, of which 54,592, or 99.8%, were owned by the Company.

6) Depreciation on consolidated real estate assets is net of the minority interest portion of depreciation on consolidated entities.

7) 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 $336 and $1,559 for the three months and $542 and $1,687 for the six months ended June 30, 2015 and 2014, respectively, are excluded from the calculation of adjusted funds from operations available to common shareholders and unitholders.

8) Diluted weighted average shares and units include the impact of dilutive securities totaling 14 and 112 for the three months and 15 and 115 for the six months ended June 30, 2015 and 2014, respectively. Additionally, basic and diluted weighted average shares and units include the impact of non-vested shares and units totaling 138 and 130 for the three months and 128 and 121 for the six months ended June 30, 2015 and 2014, 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.”

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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 21 for a reconciliation of same store net operating income to GAAP net income and Table 4 on page 26 for a year-to-date margin analysis. The operating performance and capital expenditures of the 50 communities containing 18,780 apartment units which were fully stabilized as of January 1, 2014, are summarized in the table below.

	Three months ended     June 30,						Six months ended     June 30,
	2015		2014		% Change		2015		2014		% Change
Revenues:
Rental and other revenue	$	81,860	$	79,670		2.7%	$	161,998	$	157,849		2.6%
Utility reimbursements		2,541		2,439		4.2%		5,100		5,050		1.0%
Total rental and other revenues		84,401		82,109		2.8%		167,098		162,899		2.6%
Property operating and maintenance expenses:
Personnel expenses		6,738		6,676		0.9%		13,637		13,398		1.8%
Utility expense		3,961		3,650		8.5%		8,125		7,980		1.8%
Real estate taxes and fees		13,599		12,928		5.2%		27,382		25,749		6.3%
Insurance expenses		1,279		1,328		(3.7)%		2,548		2,658		(4.1)%
Building and grounds repairs and maintenance (1)		5,402		5,779		(6.5)%		9,390		9,537		(1.5)%
Ground lease expense		230		230		-		460		460		-
Other expenses		2,211		1,971		12.2%		4,244		3,824		11.0%
Total property operating and maintenance expenses (excluding depreciation and amortization)		33,420		32,562		2.6%		65,786		63,606		3.4%
Same store net operating income	$	50,981	$	49,547		2.9%	$	101,312	$	99,293		2.0%
Same store net operating income margin		60.4%		60.3%		0.1%		60.6%		61.0%		(0.4)%
Capital expenditures (2)
Annually recurring	$	3,744	$	3,617		3.5%	$	5,960	$	5,879		1.4%
Periodically recurring		1,534		986		55.6%		2,089		2,310		(9.6)%
Total capital expenditures (A)	$	5,278	$	4,603		14.7%	$	8,049	$	8,189		(1.7)%
Total capital expenditures per unit(A ÷ 18,780 units)	$	281	$	245		14.7%	$	429	$	436		(1.6)%
Average monthly rental rate per unit (3)	$	1,448	$	1,417		2.2%	$	1,444	$	1,411		2.3%
Gross turnover (4)		56.1%		63.8%		(7.7)%		50.5%		56.5%		(6.0)%
Net turnover (5)		51.8%		56.7%		(4.9)%		46.0%		49.3%		(3.3)%
Percentage rent increase - new leases (6)		2.0%		2.0%		0.0%		2.0%		2.1%		(0.1)%
Percentage rent increase - renewed leases (6)		4.7%		4.9%		(0.2)%		4.8%		4.7%		0.1%

1) Building and ground repairs and maintenance includes $599 and $1,192 for the three months and $733 and $1,192 for the six months ended June 30, 2015 and 2014, respectively, related to painting of communities.

2) See Table 5 on page 27 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 22 and Table 3 on page 24 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.

6) 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.

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SAME STORE RESULTS (CON’T)

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

Same Store Operating Results by Market - Comparison of Second Quarter 2015 to Second Quarter 2014

(Increase (decrease) between periods)

	Three months ended											Six months ended
Market	Revenues		(1)	Expenses		(1)	NOI		(1)	Average Economic   Occupancy		Revenues		(1)	Expenses		(1)	NOI		(1)	Average Economic   Occupancy
Atlanta		5.2%			2.3%			7.2%			(0.4)%		5.2%			3.8%			6.1%			(0.2)%
Dallas		3.3%			6.4%			0.8%			0.3%		3.1%			5.8%			0.9%			0.1%
Houston		(2.4)%			(8.7)%			2.4%			(4.5)%		(1.1)%			1.3%			(2.8)%			(4.6)%
Austin		0.2%			9.4%			(7.2)%			0.0%		(0.7)%			8.9%			(8.2)%			(1.2)%
Washington, D.C.		0.9%			5.0%			(1.3)%			2.5%		(0.2)%			3.3%			(2.0)%			0.8%
Tampa		3.1%			(10.1)%			12.0%			(0.1)%		2.9%			(7.3)%			9.3%			0.1%
Orlando		2.1%			4.7%			0.6%			(0.6)%		2.8%			3.9%			2.2%			0.4%
Charlotte		2.2%			5.3%			0.8%			(1.5)%		2.3%			7.4%			0.0%			(1.1)%
Total		2.8%			2.6%			2.9%			0.1%		2.6%			3.4%			2.0%			(0.1)%

1) See Table 2 on page 22 for a reconciliation of these components of same store net operating income and Table 1 on page 21 for a reconciliation of same store net operating income to GAAP net income.

Same Store Occupancy by Market

					Average Economic Occupancy (1)				Average Economic Occupancy (1)				Physical		Avg. Rental Rate Per Unit Three Months
	Apartment		% of NOI   Three months ended		Three months ended     June 30,				Six months ended     June 30,				Occupancy     at June 30,		Ended June 30,
Market	Units		June 30, 2015		2015		2014		2015		2014		2015 (2)		2015 (3)
Atlanta		5,065		26.4%		96.7%		97.1%		96.6%		96.8%		95.3%	$	1,391
Dallas		4,725		19.9%		96.2%		95.9%		95.8%		95.7%		95.9%		1,275
Houston		653		3.4%		91.6%		96.1%		91.9%		96.5%		91.7%		1,505
Austin		935		4.4%		94.0%		94.0%		93.2%		94.4%		94.7%		1,571
Washington, D.C.		2,645		19.4%		96.1%		93.6%		93.9%		93.1%		96.1%		1,893
Tampa		2,111		12.3%		96.9%		97.0%		97.0%		96.9%		94.7%		1,458
Orlando		898		4.9%		96.5%		97.1%		96.9%		96.5%		96.9%		1,462
Charlotte		1,748		9.3%		95.4%		96.9%		94.8%		95.9%		96.1%		1,297
Total		18,780		100.0%		96.0%		95.9%		95.5%		95.6%		95.5%	$	1,448

1) 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 95.6% and 95.2% for the three months and 95.0% and 94.9% for the six months ended June 30, 2015 and 2014, respectively. For the three months ended June 30, 2015 and 2014, net concessions were $228 and $384, respectively, and employee discounts were $155 and $165, respectively. For the six months ended June 30 30, 2015 and 2014, net concessions were $486 and $846, respectively, and employee discounts were $314 and $325, 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 22 and Table 3 on page 24 for further information.

Supplemental Financial Data 9 | P a g e  

SAME STORE RESULTS (CON’T)

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

Sequential Same Store Operating Results - Comparison of Second Quarter of 2015 to First Quarter of 2015

	Three months ended
	June 30,     2015		March 31,     2015		% Change
Revenues:
Rental and other revenue	$	81,860	$	80,139		2.1%
Utility reimbursements		2,541		2,559		(0.7)%
Total rental and other revenues		84,401		82,698		2.1%
Property operating and maintenance expenses:
Personnel expenses		6,738		6,899		(2.3)%
Utility expense		3,961		4,164		(4.9)%
Real estate taxes and fees		13,599		13,784		(1.3)%
Insurance expenses		1,279		1,269		0.8%
Building and grounds repairs and maintenance (1)		5,402		3,989		35.4%
Ground lease expense		230		230		0.0%
Other expenses		2,211		2,032		8.8%
Total property operating and maintenance expenses (excluding depreciation and amortization)		33,420		32,367		3.3%
Same store net operating income (2)	$	50,981	$	50,331		1.3%
Average economic occupancy		96.0%		94.9%		1.1%
Average monthly rental rate per unit	$	1,448	$	1,439		0.6%

1) Building and grounds repairs and maintenance includes $599 and $134 for the three months ended June 30, 2015 and March 31, 2015, respectively, related to painting of communities.

2) See Table 2 on page 22 for a reconciliation of these components of same store net operating income and Table 1 on page 21 for a reconciliation of same store net operating income to GAAP net income.

Sequential Same Store Operating Results by Market - Comparison of Second Quarter of 2015 to First Quarter of 2015

(Increase (decrease) between periods)

Market	Revenues		(1)	Expenses		(1)	NOI		(1)	Average Economic      Occupancy
Atlanta		2.1%			5.1%			0.2%			0.2%
Dallas		1.3%			4.0%			(0.8)%			0.8%
Houston		(0.8)%			(10.1)%			6.6%			(0.7)%
Austin		2.4%			3.2%			1.7%			1.5%
Washington, D.C.		3.8%			5.0%			3.1%			4.3%
Tampa		1.5%			3.1%			0.7%			(0.2)%
Orlando		0.8%			7.6%			(3.0)%			(0.7)%
Charlotte		2.5%			(5.5)%			6.7%			1.1%
Total		2.1%			3.3%			1.3%			1.1%

1) See Table 2 on page 22 for a reconciliation of these components of same store net operating income and Table 1 on page 21 for a reconciliation of same store net operating income to GAAP net income.

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DEBT SUMMARY

(In thousands) - (Unaudited)

Summary of Outstanding Debt at June 30, 2015 - Consolidated

			Percentage		Weighted Average
Type of Indebtedness	Balance		of Total Debt		Rate (1)
Unsecured fixed rate senior notes	$	400,000		44.9%		3.9%
Unsecured bank term loan		300,000		33.7%		2.7%
Secured fixed rate notes		191,004		21.4%		6.0%
	$	891,004		100.0%		3.9%
	Balance		Percentage of Total Debt		Weighted Average Maturity (2)
Total fixed rate debt	$	891,004		100.0%		4.8
Total variable rate debt - unhedged		-		0.0%		0.0
Total debt	$	891,004		100.0%		4.8

Debt Maturities - Consolidated and Unconsolidated

	Consolidated				Unconsolidated Entities
Aggregate debt maturities by year	Amount			Weighted Avg.  Rate on Debt Maturities (1)	Amount		Company     Share		Weighted Avg. Rate on Debt Maturities (1)
Remainder of 2015	$	1,467		6.0%	$	-	$	-	-
2016		3,071		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		179,668	(3)	6.0%		51,000		17,850	3.5%
Thereafter		550,000	(4)	3.0%		-		-	-
	$	891,004		3.9%	$	177,723	$	49,531	5.0%

Debt Statistics

	Six months ended         June 30,
	2015	2014
Interest coverage ratio (5)(6)	6.0x	4.3x
Interest coverage ratio (including capitalized interest) (5)(6)	5.4x	4.1x
Fixed charge coverage ratio (5)(7)	5.5x	4.0x
Fixed charge coverage ratio (including capitalized interest) (5)(7)	4.9x	3.8x
Total debt to annualized income available for debt service ratio (8)	4.6x	5.2x
Total debt as a % of undepreciated real estate assets (adjusted for joint venture  partner’s share of debt) (9)	29.4%	31.8%
Total debt and preferred equity as a % of undepreciated real estate assets (adjusted  for joint venture partner’s share of debt) (9)	30.7%	33.1%

1) Weighted average rate includes credit enhancements and other fees, where applicable. The weighted average rates at June 30, 2015 are based on the debt outstanding at that date. Weighted average interest rate of the unsecured bank term loan represents the effective fixed interest rate based on outstanding borrowings as of June 30, 2015, 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 $0 outstanding on unsecured revolving lines of credit. At June 30, 2015, the Company’s lines of credit bear interest at LIBOR plus 1.05% and mature in 2019 with a one year extension option.

4) Includes an unsecured bank term loan that matures in January 2020. The blended effective 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 interest rate swaps. Thereafter, the term loan bears interest at the stated rate of LIBOR plus 1.15%.

5) Calculated for the six months ended June 30, 2015 and 2014.

6) 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 28.

7) 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 28.

8) A computation of this ratio is included in Table 7 on page 28.

9) A computation of these debt ratios is included in Table 6 on page 27.

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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

Covenant requirement (1)	As of     June 30, 2015
Consolidated Debt to Total Assets cannot exceed 60%	27%
Secured Debt to Total Assets cannot exceed 40%	6%
Total Unencumbered Assets to Unsecured Debt must be at least 1.5/1	4.4x
Consolidated Income Available for Debt Service Charge must be at least 1.5/1	6.0x

1) 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
	June 30, 2015
Consolidated debt, per balance sheet(A)	$	891,004
Total assets, as defined(B) (Table A)	$	3,279,892
Computed ratio(A÷B)		27%
Required ratio (cannot exceed)		60%
Ratio of Secured Debt to Total Assets
Total secured debt(C)	$	191,004
Computed ratio(C÷B)		6%
Required ratio (cannot exceed)		40%
Ratio of Total Unencumbered Assets to Unsecured Debt
Consolidated debt, per balance sheet(A)	$	891,004
Total secured debt(C)		(191,004)
Total unsecured debt(D)	$	700,000
Total unencumbered assets, as defined(E) (Table A)	$	3,065,808
Computed ratio(E÷D)		4.4x
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)	$	206,366
Annual Debt Service Charge, as defined(G) (Table B)	$	34,118
Computed ratio(F÷G)		6.0x
Required minimum ratio		1.5x

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DEBT SUMMARY (CON’T)

(In thousands) - (Unaudited)

Table A

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

	As of
	June 30,             2015
Total real estate assets	$	2,151,111
Add:
Investments in and advances to unconsolidated real estate entities		3,957
Accumulated depreciation		979,505
Other tangible assets		145,319
Total assets for public debt covenant computations		3,279,892
Less:
Encumbered real estate assets		(210,127)
Investments in and advances to unconsolidated real estate entities		(3,957)
Total unencumbered assets for public debt covenant computations	$	3,065,808

Table B

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

	Six months ended
Consolidated income available for debt service	June 30, 2015
Net income	$	39,636
Add:
Depreciation		42,675
Depreciation and amortization (company share) - unconsolidated entities		614
Amortization of deferred financing costs		882
Interest expense		15,846
Interest expense (company share) - unconsolidated entities		1,213
Other non-cash (income) expense, net		3,101
Income tax expense (benefit), net		494
Net loss on extinguishment of indebtedness		197
Less:
Gains on sales of real estate assets, net		(1,475)
Consolidated income available for debt service	$	103,183
Consolidated income available for debt service (annualized)	$	206,366
Annual debt service charge
Consolidated interest expense	$	15,846
Interest expense (company share) - unconsolidated entities		1,213
Debt service charge	$	17,059
Debt service charge (annualized)	$	34,118

1) The actual calculation of these ratios requires the use of annual trailing financial data. These computations reflect annualized 2015 results for comparison and presentation purposes. The computations using annual trailing financial data also reflect compliance with the debt covenants.

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SUMMARY OF APARTMENT COMMUNITIES UNDER DEVELOPMENT,

LAND HELD FOR FUTURE INVESTMENTANDACQUISITIONS/DISPOSITIONACTIVITY

(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)		6/30/2015		Available		Occup. (4)		Leased (5)
Under construction
The High Rise at Post Alexander™		Atlanta, GA		340		830		-	$	75.5	$	268	$	70.4		2Q 2015		4Q 2016		18.2	%
Post Galleria™		Houston, TX		388		867		-		80.7		240		33.2		3Q 2016		4Q 2017		N/A
Post Parkside™ at Wade, II		Raleigh, NC		406		910		-		57.5		156		16.9		1Q 2016		2Q 2017		N/A
Post South Lamar™, II		Austin, TX		344		734		5,800		65.6		254		14.6		1Q 2017		2Q 2018		N/A
Post Millennium Midtown™		Atlanta, GA		356		864		-		90.6		295		6.2		1Q 2017		2Q 2018		N/A
Total				1,834				5,800	$	369.9			$	141.3

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

2) 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 July 31, 2015.

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 June 30, 2015		Usable
Project	Metro Area	(in thousands)		Acreage
Centennial Park	Atlanta, GA	$	18,858		5.6
Frisco Bridges II	Dallas, TX		5,480		5.4
Wade	Raleigh, NC		2,670		6.5
Other land parcels	Atlanta, GA		2,787		10.2
Total Land Held for Future Investment		$	29,795		27.7

Acquisition/Disposition Activity

		Quarter		Est. Avg.		Year				Est. Total
		Acquired /		Unit Size	Retail	Completed/		Gross Price		Price Per		Cap
Property Name	Location	Disposed	Units	Sq. Ft. (1)	Sq. Ft.	Renovated		(thousands) (2)		Sq. Ft. (3)		Rate
Acquisitions
None
Dispositions
Post Rice Lofts™	Houston, TX	Q2 2014	308	904	44,734		1913 / 1998	$	71,750	$	222	5.3%(4)
Post LuminariaTM(5)	New York, NY	Q3 2014	138	721	9,386		2002		111,500	$	1,024	3.1%(4)
Post ToscanaTM	New York, NY	Q3 2014	199	817	11,700		2003		158,500	$	909	2.7%(4)
								$	341,750

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

2) Excludes transaction costs and planned up front capital expenditures, if any.

3) The estimated total price 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) Based on trailing twelve-month net operating income after adjustments for management fee (3%) and capital reserves ($300/unit).

5) The Company owned 68% of Post Luminaria™.

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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 and six months ended June 30, 2015 and 2014 is provided below.

	Three months ended				Six months ended
	June 30,				June 30,
	2015		2014		2015		2014
New community development and acquisition activity (1)	$	23,739	$	18,734	$	51,907	$	33,647
Periodically recurring capital expenditures
Community rehabilitation and other revenue generating improvements (2)		2,314		2,052		3,946		3,338
Other community additions and improvements (3)		1,824		2,087		2,522		4,608
Annually recurring capital expenditures
Carpet replacements and other community additions and improvements (4)		3,871		3,795		6,139		6,216
Corporate additions and improvements		336		1,559		542		1,687
	$	32,084	$	28,227	$	65,056	$	49,496
Other Data
Capitalized interest	$	1,237	$	755	$	2,219	$	1,601
Capitalized development and associated costs (5)	$	1,213	$	512	$	2,348	$	1,001

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

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

3) Represents community improvement expenditures that generally occur less frequently than on an annual basis.

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

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

Supplemental Financial Data 15 | P a g e  

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
	June 30, 2015
	Gross							Company’s
	Investment in		Mortgage			Entity		Equity
Joint Venture Property	Real Estate (6)		Notes Payable			Equity		Investment
Post Collier Hills® (1)	$	57,063	$	39,565	(2)	$	8,074	$	(4,686)	(1)
Post Crest® (1)		65,363		46,158	(2)		7,835		(7,338)	(1)
Post Lindbergh® (1)		63,679		41,000	(3)		12,862		(4,413)	(1)
Post Massachusetts Avenue™		73,692		51,000	(4)		3,831		3,957
Total	$	259,797	$	177,723		$	32,602	$	(12,480)

	Three months ended							Six months ended
	June 30, 2015							June 30, 2015
			Company’s		Mgmt.					Company’s		Mgmt.
	Entity		Equity in		Fees &			Entity		Equity in		Fees &
Joint Venture Property	NOI		Income (Loss)		Other			NOI		Income (Loss)		Other
Post Collier Hills® (1)	$	739	$	13				$	1,484	$	30
Post Crest® (1)		910		31					1,806		60
Post Lindbergh® (1)		851		28					1,638		42
Post Massachusetts Avenue™		1,845		496					3,549		833
Total	$	4,345	$	568	$	225	(5)	$	8,477	$	965	$	447	(5)

1) 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 notes bear interest at a fixed rate of 5.63% and mature in June 2017.

3) This note bears interest at a 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 bears interest at a 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 16 | P a g e  

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	June 30, 2015		Adjustments			Adjusted (3)
Rental revenues	$	89,368	$	607	(2)	$	89,975
Other property revenues		5,789		85	(2)		5,874
Total rental and other revenues(A)		95,157		692			95,849
Property operating & maintenance expenses
(excluding depreciation and amortization)(B)		41,512		(4,008)	(2)		37,504
Property net operating income (Table 1) (A-B)	$	53,645	$	4,700		$	58,345
Assumed property management fee
(calculated at 3% of revenues)(A x 3%)							(2,875)
Assumed property capital expenditure reserve
($300 per unit per year based on 20,454 units)							(1,534)
Adjusted property net operating income						$	53,936
Annualized property net operating income(C)						$	215,744
Apartment units represented(D)		23,365		(2,911)	(2)		20,454
Other Asset Data	As of June 30, 2015		Adjustments			As Adjusted
Cash & equivalents	$	119,057	$	-		$	119,057
Real estate assets under construction, at cost (4)		109,292		31,976	(4)		141,268
Land held for future investment		29,795		-			29,795
Investments in and advances to unconsolidated real estate entities (5)		3,957		(3,957)	(5)		-
Restricted cash and other assets		31,983		-			31,983
Cash & other assets of unconsolidated apartment entities (6)		7,262		(5,233)	(6)		2,029
Total(E)	$	301,346	$	22,786		$	324,132
Other Liability Data
Indebtedness	$	891,004	$	-		$	891,004
Investments in unconsolidated real estate entities (5)		16,437		(16,437)	(5)		-
Other liabilities (including noncontrolling interests) (7)		119,800		(8,992)	(7)		110,808
Total liabilities of unconsolidated apartment entities (8)		182,444		(131,612)	(8)		50,832
Total(F)	$	1,209,685	$	(157,041)		$	1,052,644

Other Data

	As of June 30, 2015
	# Shares/Units		Stock Price		Implied Value
Liquidation value of preferred shares(G)					$	43,392
Common shares outstanding		54,592
Common units outstanding		121
Total (H)		54,713	$	54.37	$	2,974,746
Implied market value of Company gross real estate assets (I) = (F+G+H-E)					$	3,746,650
Implied Portfolio Capitalization Rate(C÷I)						5.8%

1) This supplemental financial and other data provides adjustments to certain GAAP financial measures and Net Operating Income (“NOI”), which is a supplemental non-GAAP financial measure that the Company uses internally to calculate Net Asset Value (“NAV”). These measures, as adjusted, are also non-GAAP financial measures. With the exception of NOI, the most comparable GAAP measure for each of the non-GAAP measures presented below in the “As Adjusted” column is the corresponding number presented in the first column listed below.

The Company presents NOI for the second quarter ended June 30, 2015, for properties stabilized as of April 1, 2015, so that a capitalization rate may be applied and an approximate value for the assets determined. Properties not stabilized as of April 1, 2015, are presented at full undepreciated cost. Other tangible assets, total liabilities and the liquidation value of preferred shares are also presented.

Supplemental Financial Data 17 | P a g e  

2) The following table summarizes the adjustments made to the components of property net operating income for the three months ended June 30, 2015, to adjust property net operating income to the Company’s share for fully stabilized communities:

	Rental Revenue		Other Revenue		Expenses		Units
Communities in lease-up / development	$	(9)	$	(14)	$	(197)		(1,834)
Company share of unconsolidated entities		1,974		150		768		(1,077)
Corporate property management expenses		-		-		(3,198)		-
Corporate apartments and other		(1,358)		(51)		(1,381)		-
	$	607	$	85	$	(4,008)		(2,911	)

3) The following table summarizes the Company’s share of the “As Adjusted” components of property net operating income, apartment units and commercial square feet by market for the three months ended June 30, 2015:

	Rental and Other Revenues		Property Operating Maintenance Expenses (ex. Depr. and Amort.)		Property Net     Operating Income (NOI)		Percentage of     Total NOI			Apartment Units /     Commercial Sq. Ft.
Atlanta	$	23,569	$	9,334	$	14,235		24.3	%		5,365
Dallas		18,555		8,389		10,166		17.4	%		4,725
Houston		3,929		1,671		2,258		3.9	%		895
Austin		4,395		2,133		2,262		3.9	%		935
Washington, D.C.		16,485		5,936		10,549		18.1	%		2,739
Tampa		10,824		3,781		7,043		12.1	%		2,342
Orlando		5,943		2,250		3,693		6.3	%		1,308
Charlotte		6,929		2,188		4,741		8.1	%		1,748
Raleigh		1,228		492		736		1.3	%		397
Commercial		3,992		1,330		2,662		4.6	%		—
Total	$	95,849	$	37,504	$	58,345		100.0	%		20,454
Approximate commercial Sq. Ft.											689,000

4) The “As Adjusted” amount represents the CIP balance, adjusted for costs of completed apartment units, as follows:

The High Rise at Post Alexander™	$	70,431
Post Parkside™ at Wade - Phase II		16,909
Post Galleria™		33,191
Post South Lamar™ - Phase II		14,581
Post Millennium Midtown™		6,156
	$	141,268

5) The adjustments reflect reductions for investments in unconsolidated entities, as the net operating income of the Company’s respective share of net operating income of such investments in unconsolidated entities is included in the adjusted net operating income reflected above.

6) The “As of June 30, 2015” amount represents cash and other assets of unconsolidated apartment entities. The adjustment includes a reduction for the venture partners’ respective share of cash and other assets. The “As Adjusted” amount represents the Company’s respective share of the cash and other assets of unconsolidated apartment entities.

7) The “As of June 30, 2015” amount consists of the sum of accrued interest payable, dividends and distributions payable, accounts payable and accrued expenses and security deposits and prepaid rents as reflected on the Company’s balance sheet. The adjustment represents a reduction for the non-cash liability associated with straight-line, long-term ground lease expense of $8,992.

8) The “As of June 30, 2015” amount represents total liabilities of unconsolidated apartment entities. The adjustment represents a reduction for the venture partners’ respective share of liabilities. The “As Adjusted” amount represents the Company’s respective share of liabilities of unconsolidated apartment entities.

Supplemental Financial Data 18 | P a g e  

NON-GAAP FINANCIAL MEASURES AND OTHER DEFINED TERMS

Definitions of Supplemental Non-GAAP Financial Measures and Other Defined Terms

The Company uses certain non-GAAP financial measures and other defined terms in this Supplemental Financial Data. These non-GAAP financial measures include FFO, AFFO, net operating income, same store capital expenditures and certain debt statistics and ratios. The definitions of these non-GAAP financial measures are summarized below. The Company believes that these measures are helpful to investors in measuring financial performance and/or liquidity and comparing such performance and/or liquidity to other REITs.

Funds from Operations - The Company uses FFO as an operating measure. The Company uses the NAREIT definition of FFO. FFO is defined by NAREIT to mean net income (loss) available to common shareholders determined in accordance with GAAP, excluding gains (losses) from extraordinary items and sales of depreciable operating property, plus depreciation and amortization of real estate assets, non-cash impairment charges on depreciable real estate, and after adjustment for unconsolidated partnerships and joint ventures all determined on a consistent basis in accordance with GAAP. FFO presented in the Company’s press release and Supplemental Financial Data is not necessarily comparable to FFO presented by other real estate companies because not all real estate companies use the same definition. The Company’s FFO is comparable to the FFO of real estate companies that use the current NAREIT definition.

Accounting for real estate assets using historical cost accounting under GAAP assumes that the value of real estate assets diminishes predictably over time. NAREIT stated in its April 2002 White Paper on Funds from Operations that “since real estate asset values have historically risen or fallen with market conditions, many industry investors have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves.” As a result, the concept of FFO was created by NAREIT for the REIT industry to provide an alternate measure. Since the Company agrees with the concept of FFO and appreciates the reasons surrounding its creation, the Company believes that FFO is an important supplemental measure of operating performance. In addition, since most equity REITs provide FFO information to the investment community, the Company believes that FFO is a useful supplemental measure for comparing the Company’s results to those of other equity REITs. The Company believes that the line on its consolidated statement of operations entitled “net income available to common shareholders” is the most directly comparable GAAP measure to FFO.

Adjusted Funds From Operations - The Company also uses adjusted funds from operations (“AFFO”) as an operating measure. AFFO is defined as FFO less operating capital expenditures after adjusting for the impact of non-cash straight-line long-term ground lease expense, non-cash impairment charges, debt extinguishment gains (losses) and preferred stock redemption costs. The Company believes that AFFO is an important supplemental measure of operating performance for an equity REIT because it provides investors with an indication of the REIT’s ability to fund operating capital expenditures through earnings. In addition, since most equity REITs provide AFFO information to the investment community, the Company believes that AFFO is a useful supplemental measure for comparing the Company to other equity REITs. The Company believes that the line on its consolidated statement of operations entitled “net income available to common shareholders” is the most directly comparable GAAP measure to AFFO.

Property Net Operating Income - The Company uses property NOI, including same store NOI and same store NOI by market, as an operating measure. NOI is defined as rental and other revenues from real estate operations less total property and maintenance expenses from real estate operations (exclusive of depreciation and amortization). The Company believes that NOI is an important supplemental measure of operating performance for a REIT’s operating real estate because it provides a measure of the core operations, rather than factoring in depreciation and amortization, financing costs and general and administrative expenses generally incurred at the corporate level. This measure is particularly useful, in the opinion of the Company, in evaluating the performance of geographic operations, same store groupings and individual properties. Additionally, the Company believes that NOI, as defined, is a widely accepted measure of comparative operating performance in the real estate investment community. The Company believes that the line on its consolidated statement of operations entitled “net income” is the most directly comparable GAAP measure to NOI.

Supplemental Financial Data 19 | P a g e  

Same Store Capital Expenditures - The Company uses same store annually recurring and periodically recurring capital expenditures as cash flow measures. Same store annually recurring and periodically recurring capital expenditures are supplemental non-GAAP financial measures. The Company believes that same store annually recurring and periodically recurring capital expenditures are important indicators of the costs incurred by the Company in maintaining its same store communities on an ongoing basis. The corresponding GAAP measures include information with respect to the Company’s other operating segments consisting of newly stabilized communities, lease-up communities, held for sale communities, sold communities and commercial properties in addition to same store information. Therefore, the Company believes that the Company’s presentation of same store annually recurring and periodically recurring capital expenditures is necessary to demonstrate same store replacement costs over time. The Company believes that the most directly comparable GAAP measure to same store annually recurring and periodically recurring capital expenditures is the line on the Company’s consolidated statements of cash flows entitled “property capital expenditures,” which also includes revenue generating capital expenditures.

Debt Statistics and Debt Ratios - The Company uses a number of debt statistics and ratios as supplemental measures of liquidity. The numerator and/or the denominator of certain of these statistics and/or ratios include non-GAAP financial measures that have been reconciled to the most directly comparable GAAP financial measure. These debt statistics and ratios include: (1) interest coverage ratios; (2) fixed charge coverage ratios; (3) total debt as a percentage of undepreciated real estate (adjusted for joint venture partner’s share of debt); (4) total debt plus preferred equity as a percentage of undepreciated real estate (adjusted for joint venture partner’s share of debt); (5) a ratio of consolidated debt to total assets; (6) a ratio of secured debt to total assets; (7) a ratio of total unencumbered assets to unsecured debt; (8) a ratio of consolidated income available for debt service to annual debt service charge; and (9) a debt to annualized income available for debt service ratio. A number of these debt statistics and ratios are derived from covenants found in the Company’s debt agreements, including, among others, the Company’s senior unsecured notes. In addition, the Company presents these measures because the degree of leverage could affect the Company’s ability to obtain additional financing for working capital, capital expenditures, acquisitions, development or other general corporate purposes. The Company uses these measures internally as an indicator of liquidity, and the Company believes that these measures are also utilized by the investment and analyst communities to better understand the Company’s liquidity.

The Company uses income available for debt service to calculate certain debt ratios and statistics. Income available for debt service is defined as net income (loss) before interest, taxes, depreciation, amortization, gains on sales of real estate assets, non-cash impairment charges and other non-cash income and expenses. Income available for debt service is a supplemental measure of operating performance that does not represent and should not be considered as an alternative to net income or cash flow from operating activities as determined under GAAP, and the Company’s calculation thereof may not be comparable to similar measures reported by other companies, including EBITDA or Adjusted EBITDA.

Property Operating Statistics - The Company uses average economic occupancy, gross turnover, net turnover and percentage increases in rent for new and renewed leases as statistical measures of property operating performance. The Company defines average economic occupancy 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 turnover is defined as the percentage of leases expiring during the period that are not renewed by the existing residents. Net turnover is defined as gross turnover decreased by the percentage of expiring leases where the residents transfer to a new apartment unit in the same community or in another Post^® community. The percentage increases in rent for new and renewed leases are 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.

Supplemental Financial Data 20 | P a g e  

RECONCILIATIONS OF SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES

Table 1 - Reconciliation of Same Store Net Operating Income (NOI) to GAAP Net Income

(In thousands) - (Unaudited)

	Three months ended						Six months ended
	June 30,		June 30,		March 31,		June 30,		June 30,
	2015		2014		2015		2015		2014
Total same store NOI	$	50,981	$	49,547	$	50,331	$	101,312	$	99,293
Property NOI from other operating segments		2,664		3,461		2,664		5,328		6,412
Consolidated property NOI		53,645		53,008		52,995		106,640		105,705
Add (subtract):
Interest income		43		4		81		124		16
Other revenues		274		223		313		587		442
Depreciation		(21,418)		(20,829)		(21,257)		(42,675)		(42,596)
Interest expense		(7,753)		(10,433)		(8,093)		(15,846)		(21,677)
Amortization of deferred financing costs		(433)		(620)		(449)		(882)		(1,265)
General and administrative		(4,353)		(3,966)		(5,014)		(9,367)		(8,094)
Investment and development		(275)		(794)		(235)		(510)		(1,605)
Other investment costs		(154)		(210)		(134)		(288)		(483)
Other expenses		-		(502)		-		-		(1,409)
Equity in income of unconsolidated real estate entities, net		568		501		397		965		986
Gains on sales of real estate assets, net		(298)		36,092		1,773		1,475		36,902
Other income (expense), net		(195)		(196)		(195)		(390)		(391)
Net loss on extinguishment of indebtedness		-		(4,287)		(197)		(197)		(4,287)
Net income	$	19,651	$	47,991	$	19,985	$	39,636	$	62,244

Supplemental Financial Data 21 | P a g e  

Table 2 - Same Store Net Operating Income (NOI) and Average Rental Rate per Unit by Market

(In thousands, except average rental rates)

	Three months ended						Q2 ‘15		Q2 ‘15		Q2 ‘15
	June 30,		June 30,		March 31,		vs. Q2 ‘14		vs. Q1 ‘15		% Same
	2015		2014		2015		% Change		%  Change		Store NOI
Rental and other revenues
Atlanta	$	22,411	$	21,305	$	21,942		5.2%		2.1%
Dallas		18,555		17,970		18,314		3.3%		1.3%
Houston		2,856		2,925		2,880		(2.4)%		(0.8)%
Austin		4,395		4,387		4,290		0.2%		2.4%
Washington, D.C.		15,520		15,385		14,955		0.9%		3.8%
Tampa		9,643		9,350		9,501		3.1%		1.5%
Orlando		4,092		4,007		4,059		2.1%		0.8%
Charlotte		6,929		6,780		6,757		2.2%		2.5%
Total rental and other revenues		84,401		82,109		82,698		2.8%		2.1%
Property operating and maintenance expenses (exclusive of depreciation and amortization)
Atlanta		8,971		8,766		8,533		2.3%		5.1%
Dallas		8,389		7,882		8,067		6.4%		4.0%
Houston		1,148		1,257		1,277		(8.7)%		(10.1)%
Austin		2,133		1,949		2,066		9.4%		3.2%
Washington, D.C.		5,645		5,376		5,376		5.0%		5.0%
Tampa		3,369		3,749		3,268		(10.1)%		3.1%
Orlando		1,577		1,506		1,465		4.7%		7.6%
Charlotte		2,188		2,077		2,315		5.3%		(5.5)%
Total		33,420		32,562		32,367		2.6%		3.3%
Net operating income
Atlanta		13,440		12,539		13,409		7.2%		0.2%		26.4%
Dallas		10,166		10,088		10,247		0.8%		(0.8)%		19.9%
Houston		1,708		1,668		1,603		2.4%		6.6%		3.4%
Austin		2,262		2,438		2,224		(7.2)%		1.7%		4.4%
Washington, D.C.		9,875		10,009		9,579		(1.3)%		3.1%		19.4%
Tampa		6,274		5,601		6,233		12.0%		0.7%		12.3%
Orlando		2,515		2,501		2,594		0.6%		(3.0)%		4.9%
Charlotte		4,741		4,703		4,442		0.8%		6.7%		9.3%
Total same store NOI	$	50,981	$	49,547	$	50,331		2.9%		1.3%		100.0%
Average rental rate per unit
Atlanta	$	1,391	$	1,323	$	1,374		5.1%		1.2%
Dallas		1,275		1,240		1,263		2.8%		1.0%
Houston		1,505		1,470		1,515		2.4%		(0.6)%
Austin		1,571		1,581		1,569		(0.6)%		0.1%
Washington, D.C.		1,893		1,943		1,913		(2.6)%		(1.1)%
Tampa		1,458		1,418		1,439		2.8%		1.3%
Orlando		1,462		1,432		1,451		2.1%		0.7%
Charlotte		1,297		1,255		1,287		3.3%		0.7%
Total average rental rate per unit		1,448		1,417		1,439		2.2%		0.6%

Supplemental Financial Data 22 | P a g e  

Table 2 (con’t) - Same Store Net Operating Income (NOI) and Average Rental Rate per Unit by Market

(In thousands, except average rental rates)

	Six months ended
	June 30,		June 30,
	2015		2014		% Change
Rental and other revenues
Atlanta	$	44,353	$	42,151		5.2%
Dallas		36,870		35,776		3.1%
Houston		5,735		5,798		(1.1)%
Austin		8,685		8,745		(0.7)%
Washington, D.C.		30,475		30,526		(0.2)%
Tampa		19,144		18,601		2.9%
Orlando		8,151		7,926		2.8%
Charlotte		13,685		13,376		2.3%
Total rental and other revenues		167,098		162,899		2.6%
Property operating and maintenance expenses (exclusive of depreciation and amortization)
Atlanta		17,504		16,857		3.8%
Dallas		16,456		15,547		5.8%
Houston		2,425		2,394		1.3%
Austin		4,199		3,856		8.9%
Washington, D.C.		11,021		10,669		3.3%
Tampa		6,638		7,164		(7.3)%
Orlando		3,041		2,926		3.9%
Charlotte		4,502		4,193		7.4%
Total		65,786		63,606		3.4%
Net operating income
Atlanta		26,849		25,294		6.1%
Dallas		20,414		20,229		0.9%
Houston		3,310		3,404		(2.8)%
Austin		4,486		4,889		(8.2)%
Washington, D.C.		19,454		19,857		(2.0)%
Tampa		12,506		11,437		9.3%
Orlando		5,110		5,000		2.2%
Charlotte		9,183		9,183		0.0%
Total same store NOI	$	101,312	$	99,293		2.0%
Average rental rate per unit
Atlanta	$	1,382	$	1,312		5.3%
Dallas		1,269		1,236		2.7%
Houston		1,510		1,457		3.6%
Austin		1,570		1,576		(0.4)%
Washington, D.C.		1,903		1,941		(2.0)%
Tampa		1,448		1,410		2.7%
Orlando		1,457		1,428		2.0%
Charlotte		1,292		1,250		3.4%
Total average rental rate per unit		1,444		1,411		2.3%

Supplemental Financial Data 23 | P a g e  

Table 3 - Operating Community Table

Market / Submarket / Community	Yr. Completed / Yr. of Substantial           Renovations	No. of           Units		Avg. Unit Size     (Sq. Ft.)		Q2 2015 Avg. Monthly Rent				Q2 2015 Average Economic     Occ.
						Per     Unit		Per     Sq. Ft.
Atlanta
Buckhead / Brookhaven
Post Alexander™	2008		307		1,015	$	1,818	$	1.79		98.5%
The High Rise at Post Alexander™ (3)	2015		340		830		2,017		2.43		0.6%
Post Brookhaven®	1990-1992		735		933		1,251		1.34		97.2%
Post Chastain®	1990, 2008		558		866		1,345		1.55		96.9%
Post Collier Hills® (1)(2)	1997		396		948		1,239		1.31		93.3%
Post Gardens®	1998		397		1,039		1,360		1.31		97.5%
Post Glen® (2)	1997		314		1,076		1,413		1.31		97.2%
Post Lindbergh® (1)(2)	1998		396		909		1,285		1.41		94.7%
Post Peachtree Hills®	1992-1994, 2009		300		978		1,477		1.51		96.1%
Post StratfordTM	2000		250		1,000		1,433		1.43		95.8%
Dunwoody
Post Crossing® (2)	1995		354		1,036		1,271		1.23		98.6%
Emory Area
Post BriarcliffTM (2)	1999		688		1,006		1,345		1.34		93.1%
Midtown
Post ParksideTM	2000		188		886		1,636		1.85		95.8%
Northwest Atlanta
Post Crest® (1)(2)	1996		410		1,033		1,181		1.14		98.5%
Post Riverside®	1998		522		1,059		1,624		1.53		97.4%
Post SpringTM	2000		452		977		1,105		1.13		97.1%
Dallas
North Dallas
Post Addison CircleTM	1998-2000		1,334		846		1,133		1.34		95.9%
Post EastsideTM	2008		435		912		1,256		1.38		94.8%
Post Legacy	2000		384		810		1,139		1.41		96.5%
Post Sierra at Frisco Bridges™	2009		268		896		1,183		1.32		96.0%
Uptown Dallas
Post AbbeyTM	1996		34		1,223		2,084		1.70		96.8%
Post Cole’s CornerTM	1998		186		800		1,241		1.55		100.0%
Post GalleryTM	1999		34		2,307		2,980		1.29		91.5%
Post HeightsTM	1998-1999, 2009		368		845		1,385		1.64		96.2%
Post Katy Trail™	2010		227		898		1,664		1.85		96.9%
Post MeridianTM	1991		133		780		1,451		1.86		93.3%
Post SquareTM	1996		216		856		1,408		1.64		94.3%
Post Uptown VillageTM	1995-2000		496		736		1,180		1.60		98.9%
Post VineyardTM	1996		116		733		1,203		1.64		96.7%
Post VintageTM	1993		160		750		1,275		1.70		96.8%
Post WorthingtonTM	1993, 2008		334		820		1,490		1.82		95.0%
Houston
Post 510™	2014		242		857		1,607		1.88		95.4%
Post Midtown Square®	1999-2000, 2013		653		783		1,505		1.92		91.6%

Supplemental Financial Data 24 | P a g e  

Table 3 (con’t) - Operating Community Table

Market / Submarket / Community	Yr. Completed / Yr. of Substantial           Renovations			Avg. Unit Size     (Sq. Ft.)		Q2 2015 Avg. Monthly Rent				Q2 2015 Average Economic     Occ.
		No. of           Units				Per     Unit		Per     Sq. Ft.
Austin
Post Barton Creek™	1998		160		1,162	$	1,814	$	1.56		96.5%
Post Park Mesa™	1992		148		1,091		1,548		1.42		96.6%
Post South Lamar™	2012		298		853		1,581		1.85		90.2%
Post West Austin™	2009		329		889		1,453		1.63		94.9%
Washington D.C.
Maryland
Post Fallsgrove	2003		361		983		1,703		1.73		98.2%
Post Park®	2010		396		975		1,638		1.68		96.8%
Virginia
Post Carlyle Square™	2006, 2013		549		890		2,288		2.57		93.8%
Post Corners at Trinity Centre (2)	1996		336		994		1,573		1.58		97.2%
Post Pentagon RowTM	2001		504		853		2,203		2.58		96.0%
Post Tysons CornerTM	1990		499		807		1,702		2.11		96.8%
Washington D.C.
Post Massachusetts AvenueTM (1)(2)	2002		269		883		3,285		3.72		94.6%
Tampa
Post Bay at Rocky Point™	1997		150		1,012		1,464		1.45		98.8%
Post Harbour PlaceTM	1999-2002		578		920		1,577		1.71		97.0%
Post Hyde Park® (2)	1996, 2008		467		1,011		1,527		1.51		96.1%
Post Rocky Point®	1996-1998		916		1,031		1,346		1.31		97.0%
Post Soho Square™	2014		231		880		1,647		1.87		100.0%
Orlando
Post Lake® at Baldwin Park	2004-2007		350		1,013		1,487		1.47		97.0%
Post Lake® at Baldwin Park - Phase III	2013		410		960		1,539		1.60		94.7%
Post Lakeside™	2013		300		1,070		1,382		1.29		95.9%
Post ParksideTM	1999		248		867		1,524		1.76		96.6%
Charlotte
Post Ballantyne	2004		323		1,252		1,233		0.98		94.8%
Post Gateway PlaceTM	2000		436		804		1,161		1.44		96.1%
Post Park at Phillips Place®	1998		402		1,101		1,445		1.31		95.6%
Post South End™	2009		360		847		1,398		1.65		94.5%
Post Uptown PlaceTM	2000		227		800		1,223		1.53		96.5%
Raleigh
Post Parkside™ at Wade - Phase I	2013		397		875		1,071		1.22		93.0%

1) Communities held in unconsolidated entities.

2) Communities encumbered by secured mortgage indebtedness.

3) During the period, this community, or portion thereof, was in lease-up.

Supplemental Financial Data 25 | P a g e  

Table 4 - Year-to-Date Margin Analysis

(In thousands)

	Six months ended June 30, 2015
	Rental and Other Property Revenues		Property     Operating &     Maintenance Expenses		Net     Operating     Income (“NOI”)		NOI     Margin	Expense     Margin
Same store communities	$	167,098	$	65,786	$	101,312	60.6%	39.4%
Newly stabilized communities		8,419		3,129		5,290	62.8%	37.2%
Lease-up communities		2,118		1,216		902	N/A	N/A
Other property segments:
Corporate apartments		2,718		2,482		236	8.7%	91.3%
Commercial		7,922		2,726		5,196	65.6%	34.4%
Corporate property management expenses (1)		-		6,296		(6,296)
	$	188,275	$	81,635
Consolidated property NOI (2)					$	106,640
Third-party management fees					$	447

1) The following table summarizes the Company’s net property management expense as a percentage of adjusted property revenues:

Numerator:
Corporate property management expenses	$	6,296
Less: Third-party management fees		(447)
Net property management expenses	$	5,849
Denominator:
Total rental and other property revenues	$	188,275
Less: Corporate apartment revenues		(2,718)
Adjusted property revenues	$	185,557
Net property management expenses as a percentage of adjusted property revenues		3.2%

2) Consolidated property NOI is a non-GAAP financial measure. See Table 1 on page 21 for a reconciliation of consolidated property NOI to GAAP net income.

Supplemental Financial Data 26 | P a g e  

Table 5 - Reconciliation of Segment Cash Flow Data to Statements of Cash Flows

(In thousands)

	Three months ended June 30,				Six months ended June 30,
	2015		2014		2015		2014
Annually recurring capital expenditures by operating segment
Same store communities	$	3,744	$	3,617	$	5,960	$	5,879
Newly stabilized communities		4		2		7		9
Lease-up communities		2		1		3		4
Held for sale and sold communities		-		56		-		141
Commercial and other segments		121		119		169		183
Total annually recurring capital expenditures	$	3,871	$	3,795	$	6,139	$	6,216
Periodically recurring capital expenditures by operating segment
Same store communities	$	1,534	$	986	$	2,089	$	2,310
Newly stabilized communities		-		9		-		10
Held for sale and sold communities		-		182		-		439
Commercial and other segments		290		910		433		1,849
Total periodically recurring capital expenditures	$	1,824	$	2,087	$	2,522	$	4,608
Total revenue generating capital expenditures	$	2,314	$	2,052	$	3,946	$	3,338
Increase in capital expenditure accruals	$	226	$	445	$	(298)	$	110
Total property capital expenditures per statements of cash flows	$	8,235	$	8,379	$	12,309	$	14,272

Table 6 - Computation of Debt Ratios

(In thousands)

	As of June 30,
	2015		2014
Total real estate assets per balance sheet	$	2,151,111	$	2,221,738
Plus:
Company share of real estate assets held in unconsolidated entities		57,337		57,402
Company share of accumulated depreciation - assets held in unconsolidated entities		14,982		13,403
Accumulated depreciation per balance sheet		979,505		895,723
Accumulated depreciation on assets held for sale		-		40,986
Total undepreciated real estate assets(A)	$	3,202,935	$	3,229,252
Total debt per balance sheet	$	891,004	$	976,760
Plus:
Company share of third party debt held in unconsolidated entities		49,531		49,531
Total debt (adjusted for joint venture partners’ share of debt)(B)	$	940,535	$	1,026,291
Total debt as a % of undepreciated real estate assets (adjusted for joint venture partners’ share of debt)(B÷A)		29.4%		31.8%
Total debt per balance sheet	$	891,004	$	976,760
Plus:
Company share of third party debt held in unconsolidated entities		49,531		49,531
Preferred shares at liquidation value		43,392		43,392
Total debt and preferred equity (adjusted for joint venture partners’ share of debt)(C)	$	983,927	$	1,069,683
Total debt and preferred equity as a % of undepreciated real estate assets (adjusted for joint venture partners’ share of debt)(C÷A)		30.7%		33.1%

Supplemental Financial Data 27 | P a g e  

Table 7 - Computation of Coverage Ratios

(In thousands)

	Six months ended June 30,
	2015		2014
Net income	$	39,636	$	62,244
Other non-cash (income) expense, net		3,101		2,131
Income tax expense (benefit), net		494		399
Gains on sales of real estate assets, net		(1,475)		(36,902)
Net loss on extinguishment of indebtedness		197		4,287
Depreciation expense		42,675		42,596
Depreciation and amortization (company share) - unconsolidated entities		614		601
Interest expense		15,846		21,677
Interest expense (company share) - unconsolidated entities		1,213		1,213
Amortization of deferred financing costs		882		1,265
Income available for debt service(A)	$	103,183	$	99,511
Annualized income available for debt service(B)	$	206,366	$	199,022
Interest expense	$	15,846	$	21,677
Interest expense (company share) - unconsolidated entities		1,213		1,213
Adjusted interest expense(C)		17,059		22,890
Capitalized interest		2,219		1,601
Adjusted interest expense (including capitalized interest)(D)	$	19,278	$	24,491
Fixed charges for purposes of computation -
Adjusted interest expense	$	17,059	$	22,890
Dividends to preferred shareholders		1,844		1,844
Fixed charges(E)		18,903		24,734
Capitalized interest		2,219		1,601
Fixed charges (including capitalized interest)(F)	$	21,122	$	26,335
Total debt (adjusted for joint venture partners’ share of debt) (see Table 6)(G)	$	940,535	$	1,026,291
Interest coverage ratio(A÷C)		6.0x		4.3x
Interest coverage ratio (including capitalized interest)(A÷D)		5.4x		4.1x
Fixed charge coverage ratio(A÷E)		5.5x		4.0x
Fixed charge coverage ratio (including capitalized interest)(A÷F)		4.9x		3.8x
Total debt to income available for debt service ratio(G÷B)		4.6x		5.2x

Table 8 - Calculation of Company Undepreciated Book Value Per Share

(In thousands, except per share data)

	June 30, 2015
Total Company shareholders’ equity per balance sheet	$	1,280,236
Plus:
Accumulated depreciation, per balance sheet		979,505
Noncontrolling interest of common unitholders - Operating Partnership		6,555
Less:
Deferred financing costs, net, per balance sheet		(7,924)
Preferred shares at liquidation value		(43,392)
Total undepreciated book value(A)	$	2,214,980
Total common shares and units(B)		54,713
Company undepreciated book value per share(A÷B)	$	40.48

Supplemental Financial Data 28 | P a g e