Post Apartment Homes 8-K Post Properties Announces Second Quarter 2016 Earnings

	Exhibit 99.2
2nd Quarter 2016

Second Quarter 2016

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
Fully Stabilized (“Same Store”) Results	7
Operating Community Data	10
Debt Summary	12
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
Margin Analysis and Company Undepreciated Book Value per Share	19
Non-GAAP Financial Measures and Other Defined Terms and Tables	20

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, 2015 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 prior 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, 2015 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 Page 2

2^nd Quarter 2016

Consolidated Statements Of Operations

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

	Three months ended						Six months ended
	June 30,						June 30,
	2016			2015			2016			2015
Revenues
Rental	$	93,398		$	89,368		$	185,968		$	177,029
Other property revenues		6,040			5,789			11,665			11,246
Other		283			274			555			587
Total revenues		99,721			95,431			198,188			188,862
Expenses
Property operating and maintenance (exclusive of items
shown separately below)		43,864			41,512			86,651			81,635
Depreciation		22,794			21,418			45,503			42,675
General and administrative		3,761			4,353			8,647			9,367
Investment and development  (1)		33			275			58			510
Other investment costs (1)		76			154			153			288
Other expenses (2)		67			-			400			-
Total expenses		70,595			67,712			141,412			134,475
Operating income		29,126			27,719			56,776			54,387
Interest income		-			43			1			124
Interest expense		(7,534	)		(8,041	)		(15,300	)		(16,414	)
Equity in income of unconsolidated real estate entities, net		589			568			1,232			965
Gains on sales of real estate assets, net (3)		-			(298	)		-			1,475
Other income (expense), net		(110	)		(340	)		(505	)		(704	)
Net loss on extinguishment of indebtedness (4)		-			-			-			(197	)
Net income		22,071			19,651			42,204			39,636
Noncontrolling interests - Operating Partnership		(47	)		(41	)		(89	)		(83	)
Net income available to the Company		22,024			19,610			42,115			39,553
Dividends to preferred shareholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available to common shareholders	$	21,102		$	18,688		$	40,271		$	37,709
Per common share data - Basic (5)
Net income available to common shareholders	$	0.39		$	0.34		$	0.75		$	0.69
Weighted average common shares outstanding - basic		53,359			54,455			53,470			54,452
Per common share data - Diluted (5)
Net income available to common shareholders	$	0.39		$	0.34		$	0.75		$	0.69
Weighted average common shares outstanding - diluted		53,374			54,469			53,486			54,467

See Notes to Consolidated Financial Statements on page 6

Supplemental Financial Data Page 3

2^nd Quarter 2016

Funds From Operations And Adjusted Funds From Operations

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

Funds From Operations

A reconciliation of net income available to common shareholders to funds from operations available to common shareholders and unitholders is provided below.

	Three months ended				Six months ended
	June 30,				June 30,
Funds From Operations	2016		2015		2016		2015
Net income available to common shareholders	$	21,102	$	18,688	$	40,271	$	37,709
Noncontrolling interests - operating partnership unitholders		47		41		89		83
Depreciation on consolidated real estate assets, net		22,440		21,073		44,787		41,985
Depreciation on real estate assets held in unconsolidated entities		303		300		604		599
Gains on sales of depreciable real estate assets		-		298		-		(1,475	)
Funds from operations available to common
shareholders and unitholders (A)	$	43,892	$	40,400	$	85,751	$	78,901
Per Common Share/Unit Data - Diluted
Funds from operations per share or unit, as defined (A÷B)	$	0.82	$	0.74	$	1.60	$	1.44
Dividends declared	$	0.47	$	0.44	$	0.94	$	0.84
Weighted average shares outstanding (6)		53,506		54,607		53,611		54,595
Weighted average shares and units outstanding (6) (B)		53,627		54,728		53,732		54,716

Adjusted Funds From Operations

The Company uses adjusted funds from operations as a supplemental non-GAAP measure.  The Company defines adjusted funds from operations as funds from operations less operating capital expenditures and after adjusting for the impact of debt extinguishment losses, if any.  A reconciliation of adjusted funds from operations to the line on the Company’s consolidated statement of cash flows entitled, “net cash provided by operating activities,” the comparable GAAP measure, is included in Table 1 on page 22.

	Three months ended		Six months ended
	June 30,		June 30,
Adjusted Funds From Operations (7)	2016	2015	2016	2015
Funds from operations available to common
shareholders and unitholders	$          43,892	$          40,400	$           85,751	$           78,901
Annually recurring capital expenditures	(6,140)	(3,871)	(9,664)	(6,139)
Periodically recurring capital expenditures	(1,892)	(1,824)	(3,116)	(2,522)
Net loss on early extinguishment of indebtedness	-	-	-	197
Adjusted funds from operations available to common
shareholders and unitholders (7)	$          35,860	$          34,705	$           72,971	$          70,437

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

Supplemental Financial Data Page 4

2^nd Quarter 2016

Consolidated Balance Sheets

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

	June 30,			December 31,
	2016			2015
Assets
Real estate assets
Land	$	323,121		$	322,566
Building and improvements		2,418,696			2,406,425
Furniture, fixtures and equipment		341,665			329,854
Construction in progress		215,427			151,270
Land held for future investment		16,730			16,730
		3,315,639			3,226,845
Less: accumulated depreciation		(1,068,791	)		(1,023,652	)
Total real estate assets		2,246,848			2,203,193
Investments in and advances to unconsolidated real estate entities		3,695			3,856
Cash and cash equivalents		3,875			28,611
Restricted cash		4,126			3,881
Other assets		29,904			27,708
Total assets	$	2,288,448		$	2,267,249
Liabilities, redeemable common units and equity
Indebtedness	$	931,836		$	884,954
Accounts payable, accrued expenses and other		89,450			74,855
Investments in unconsolidated real estate entities		15,891			15,873
Dividends and distributions payable		25,197			23,819
Accrued interest payable		4,049			4,051
Security deposits and prepaid rents		14,393			13,537
Total liabilities		1,080,816			1,017,089
Redeemable common units		7,360			7,133
Commitments and contingencies
Equity
Company shareholders' 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 53,490 and 54,012 shares       outstanding at June 30, 2016 and December 31, 2015, respectively		546			546
Additional paid-in-capital		1,119,574			1,117,627
Accumulated earnings		156,958			167,791
Accumulated other comprehensive income (loss)		(7,061	)		(3,356	)
		1,270,026			1,282,617
Less common stock in treasury, at cost, 1,225 and 706 shares       at June 30, 2016 and December 31, 2015, respectively		(71,762	)		(41,135	)
Total Company shareholders' equity		1,198,264			1,241,482
Noncontrolling interests - consolidated real estate entities		2,008			1,545
Total equity		1,200,272			1,243,027
Total liabilities, redeemable common units and equity	$	2,288,448		$	2,267,249

Supplemental Financial Data Page 5

2^nd Quarter 2016

Notes to Consolidated Financial Statements

And Reconciliation of Funds From Operations and 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 and six months ended June 30, 2016 include $67 and $150, respectively, related to the upgrade of the Company’s human resources information system.  For the first six months of 2016, other expenses include casualty losses of $250 related to extreme weather conditions in one of the Company’s Texas markets.

3) In 2015, the Company sold its remaining condominium retail asset 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.

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.

 

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, 2016, there were 53,611 Operating Partnership units outstanding, of which 53,490, or 99.8%, were owned by the Company.  

6) Diluted weighted average shares and units include the impact of dilutive securities totaling 15 and 14 for the three months and 16 and 15 for the six months ended June 30, 2016 and 2015, respectively.  Additionally, diluted weighted average shares and units include the impact of non-vested shares and units totaling 132 and 138 for the three months and 125 and 128 for the six months ended June 30, 2016 and 2015, 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.”

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 $599 and $336 for the three months and $854 and $542 for the six months ended June 30, 2016 and 2015, respectively, are excluded from the calculation of adjusted funds from operations available to common shareholders and unitholders.

Previously reported adjusted funds from operations included an adjustment to add back non-cash, straight-line ground rent.  Non-cash, straight-line ground rent was $109 and $112 for the three months ended and $221 and $227 for the six months ended June 30, 2016 and 2015, respectively.

Supplemental Financial Data Page 6

2^nd Quarter 2016

Fully Stabilized (“Same Store”) Results

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

Same Store Operating Results

The Company defines same store communities as those communities 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 2 on page 23 for a reconciliation of same store net operating income to GAAP net income.  The operating performance and capital expenditures of the 52 communities containing 19,819 apartment units which were fully stabilized as of January 1, 2015, are summarized in the table below.

	Three months ended			Six months ended
	June 30,		%	June 30,		%
	2016	2015	Change	2016	2015	Change
Revenues:
Rental and other revenue	$   88,653	$   86,015	3.1%	$ 176,086	$ 170,206	3.5%
Utility reimbursements	2,779	2,568	8.2%	5,588	5,145	8.6%
Total rental and other revenues	91,432	88,583	3.2%	181,674	175,351	3.6%
Property operating and maintenance expenses:
Personnel expenses	7,150	7,089	0.9%	14,607	14,378	1.6%
Utility expense	4,161	4,049	2.8%	8,265	8,317	(0.6)%
Real estate taxes and fees	14,959	14,217	5.2%	29,979	28,587	4.9%
Insurance expenses	1,464	1,358	7.8%	2,926	2,705	8.2%
Building and grounds repairs and maintenance (1)	5,936	5,651	5.0%	10,774	9,826	9.6%
Ground lease expense	230	230	-	460	460	-
Other expenses	2,583	2,326	11.0%	4,964	4,477	10.9%
Total property operating and maintenance expenses
(excluding depreciation and amortization)	36,483	34,920	4.5%	71,975	68,750	4.7%
Same store net operating income	$   54,949	$   53,663	2.4%	$ 109,699	$ 106,601	2.9%
Same store net operating income margin	60.1%	60.6%	(0.5)%	60.4%	60.8%	(0.4)%
Capital expenditures (2)
Annually recurring	$     5,987	$     3,747	59.8%	$     9,453	$     5,967	58.4%
Periodically recurring	1,299	1,534	(15.3)%	2,141	2,089	2.5%
Total capital expenditures (A)	$     7,286	$     5,281	38.0%	$   11,594	$     8,056	43.9%
Total capital expenditures per unit
(A ÷ 19,819 units)	$        368	$        266	38.3%	$        585	$        406	44.1%
Average monthly rental rate per unit (3)	$     1,483	$     1,444	2.7%	$     1,477	$     1,440	2.6%
Gross turnover (4)	58.8%	56.0%	2.8%	51.0%	50.2%	0.8%
Net turnover (5)	53.9%	51.5%	2.4%	46.7%	45.7%	1.0%
Percentage rent increase - new leases (6)	1.7%	1.9%	(0.2)%	1.3%	1.6%	(0.3)%
Percentage rent increase - renewed leases (6)	4.9%	4.2%	0.7%	5.0%	4.1%	0.9%

1) Building and ground repairs and maintenance includes $326 and $599 for the three months ended and $652 and $733 for the six months ended June 30, 2016 and 2015, respectively, related to painting of communities.

2) See Table 7 on page 30 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 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.

Supplemental Financial Data Page 7

2^nd Quarter 2016

Fully Stabilized (“Same Store”) Results (con’t)

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

Same Store Operating Results by Market - Comparison of Second Quarter 2016 to Second Quarter 2015 (1)

(Increase (decrease) between periods)

	Three months ended				Six months ended
	June 30,  2016				June 30,  2016
Market	Revenues	Expenses	NOI	Average Economic Occupancy	Revenues	Expenses	NOI	Average Economic Occupancy
Atlanta	3.5%	(0.4)%	6.2%	(0.6)%	3.8%	2.7%	4.6%	(0.4)%
Dallas	3.2%	7.2%	(0.1)%	(0.1)%	3.6%	6.6%	1.2%	0.7%
Houston	(1.8)%	11.1%	(10.5)%	0.2%	(2.3)%	4.6%	(7.3)%	(0.3)%
Austin	3.2%	7.2%	(0.5)%	1.3%	4.2%	6.2%	2.3%	2.5%
Wash. DC Metro	1.5%	0.0%	2.3%	0.8%	2.4%	1.2%	3.0%	2.3%
Tampa	4.3%	10.8%	0.8%	(0.6)%	4.7%	7.3%	3.2%	(0.3)%
Orlando	5.7%	5.2%	5.9%	0.3%	5.8%	8.8%	4.1%	0.5%
Charlotte	2.9%	10.1%	(0.4)%	1.0%	3.1%	4.5%	2.5%	1.1%
Raleigh	10.9%	(7.3)%	23.1%	3.7%	9.3%	4.0%	12.9%	2.9%
Total	3.2%	4.5%	2.4%	0.2%	3.6%	4.7%	2.9%	0.7%

1) See Table 3 on page 24 for a reconciliation of these components of same store net operating income and Table 2 on page 23 for a reconciliation of same store net operating income to GAAP net income.

Same Store Occupancy by Market

								Avg. Rental
		% of NOI	Average Economic		Average Economic			Rate Per Unit
		Three months	Occupancy (1)		Occupancy (1)		Physical	Three months
		ended	Three months ended		Six months ended		Occupancy at	ended
	Apartment	June 30,	June 30,		June 30,		June 30,	June 30,
Market	Units	2016	2016	2015	2016	2015	2016 (2)	2016 (3)
Atlanta	5,065	26.0%	96.1%	96.7%	96.2%	96.6%	95.4%	$            1,446
Dallas	4,726	18.5%	96.1%	96.2%	96.5%	95.8%	95.7%	1,312
Houston	653	2.8%	91.8%	91.6%	91.6%	91.9%	91.7%	1,475
Austin	935	4.1%	95.3%	94.0%	95.7%	93.2%	95.3%	1,590
Wash. DC Metro	2,645	18.4%	96.9%	96.1%	96.2%	93.9%	96.1%	1,895
Tampa	2,342	12.9%	96.7%	97.3%	97.0%	97.3%	95.6%	1,547
Orlando	1,308	7.1%	96.2%	95.9%	96.7%	96.2%	94.1%	1,555
Charlotte	1,748	8.6%	96.4%	95.4%	95.9%	94.8%	95.8%	1,322
Raleigh	397	1.6%	96.7%	93.0%	95.7%	92.8%	94.2%	1,093
Total	19,819	100.0%	96.2%	96.0%	96.2%	95.5%	95.4%	$            1,483

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 95.7% and 95.4% for the three months and 95.7% and 94.9% for the six months ended June 30, 2016 and 2015, respectively.  For the three months ended June 30, 2016 and 2015, net concessions were $214 and $353, respectively, and employee discounts were $181 and $158, respectively. For the six months ended June 30, 2016 and 2015, net concessions were $424 and $757, respectively, and employee discounts were $369 and $321, 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 3 on page 24 for further information.

Supplemental Financial Data Page 8

2^nd Quarter 2016

Fully Stabilized (“Same Store”) Results (con’t)

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

Sequential Same Store Operating Results – Comparison of Second Quarter 2016 to First Quarter 2016

	Three months ended
	June 30,	March 31,	%
	2016	2016	Change
Revenues:
Rental and other revenue	$                88,653	$                87,434	1.4%
Utility reimbursements	2,779	2,808	(1.0)%
Total rental and other revenues	91,432	90,242	1.3%
Property operating and maintenance expenses:
Personnel expenses	7,150	7,457	(4.1)%
Utility expense	4,161	4,105	1.4%
Real estate taxes and fees	14,959	15,019	(0.4)%
Insurance expenses	1,464	1,461	0.2%
Building and grounds repairs and maintenance (1)	5,936	4,838	22.7%
Ground lease expense	230	230	0.0%
Other expenses	2,583	2,381	8.5%
Total property operating and maintenance expenses
(excluding depreciation and amortization)	36,483	35,491	2.8%
Same store net operating income (2)	$                54,949	$                54,751	0.4%
Average economic occupancy	96.2%	96.2%	0.0%
Average monthly rental rate per unit	$                  1,483	$                  1,471	0.8%

1) Building and grounds repairs and maintenance includes $326 and $326 for the three months ended June 30, 2016 and March 31, 2016, respectively, related to painting of communities.

2) See Table 3 on page 24 for a reconciliation of these components of same store net operating income and Table 2 on page 23 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 2016 to First Quarter of 2016 (1)

(Increase (decrease) between periods)

Market	Revenues	Expenses	NOI	Average Economic Occupancy
Atlanta	1.6%	(1.0)%	3.3%	(0.1)%
Dallas	0.6%	5.3%	(3.3)%	(0.7)%
Houston	0.1%	1.1%	(0.8)%	0.4%
Austin	0.5%	5.2%	(3.8)%	(0.7)%
Washington, D.C. Metro	2.0%	2.6%	1.7%	1.4%
Tampa	0.7%	9.0%	(3.6)%	(0.6)%
Orlando	1.0%	(0.0)%	1.6%	(1.1)%
Charlotte	2.2%	4.8%	0.9%	1.1%
Raleigh	6.6%	(17.2)%	24.6%	2.0%
Total	1.3%	2.8%	0.4%	0.0%

1) See Table 3 on page 24 for a reconciliation of these components of same store net operating income and Table 2 on page 23 for a reconciliation of same store net operating income to GAAP net income.

Supplemental Financial Data Page 9

2^nd Quarter 2016

Operating Community Data

(Unaudited)

				Avg.		Q2 2016				Q2 2016
Market /	Yr. Completed /			Unit		Avg. Monthly Rent				Average
Submarket /	Yr. of Substantial	No. of		Size		Per		Per		Economic
Community	Renovations	Units		(Sq. Ft.)		Unit		Sq. Ft.		Occ.
Atlanta
Buckhead / Brookhaven
Post Alexander ReserveTM	2008	307			1,015	$	1,822	$	1.79	95.0%
The High Rise at Post AlexanderTM (3)	2015	340			830		1,974		2.38	63.0%
Post Brookhaven®	1990-1992	735			933		1,313		1.41	97.9%
Post Chastain®	1990 / 2008	558			866		1,387		1.60	96.7%
Post Collier Hills® (1)(2)	1997	396			948		1,318		1.39	95.3%
Post Gardens®	1998	397			1,039		1,412		1.36	95.4%
Post Glen® (2)	1997	314			1,076		1,499		1.39	97.2%
Post Lindbergh® (1)(2)	1998	396			909		1,355		1.49	94.9%
Post Peachtree Hills®	1992-1994 / 2009	300			978		1,503		1.54	97.0%
Post StratfordTM	2000	250			1,000		1,458		1.46	94.7%
Dunwoody
Post Crossing® (2)	1995	354			1,036		1,342		1.30	97.7%
Emory Area
Post BriarcliffTM (2)	1999	688			1,006		1,413		1.40	93.0%
Midtown
Post ParksideTM	2000	188			886		1,653		1.87	98.6%
Northwest Atlanta
Post Crest® (1)(2)	1996	410			1,033		1,242		1.20	96.2%
Post Riverside®	1998	522			1,059		1,702		1.61	95.4%
Post SpringTM	2000	452			977		1,181		1.21	97.7%
Dallas
North Dallas
Post Addison CircleTM	1998-2000		1,334		846		1,202		1.42	96.5%
Post EastsideTM	2008	435			912		1,286		1.41	94.5%
Post Legacy	2000	384			810		1,201		1.48	95.8%
Post Sierra at Frisco BridgesTM	2009	268			896		1,208		1.35	94.2%
Uptown Dallas
Post AbbeyTM	1996	34			1,223		2,104		1.72	96.5%
Post Cole’s CornerTM	1998	186			800		1,251		1.56	98.6%
Post GalleryTM	1999	34			2,307		3,089		1.34	99.4%
Post HeightsTM	1998 -1999 / 2009	368			845		1,400		1.66	96.6%
Post Katy TrailTM	2010	227			898		1,691		1.88	95.6%
Post MeridianTM	1991	133			780		1,537		1.97	94.7%
Post SquareTM	1996	217			856		1,443		1.69	95.2%
Post Uptown VillageTM	1995-2000	496			736		1,188		1.61	96.1%
Post VineyardTM	1996	116			733		1,221		1.67	95.7%
Post VintageTM	1993	160			750		1,284		1.71	97.3%
Post WorthingtonTM	1993 / 2008	334			820		1,474		1.80	96.8%
Houston
Post 510TM	2014	242			857		1,539		1.80	95.1%
Post Midtown Square®	1999-2000, 2013	653			783		1,475		1.88	91.8%

Supplemental Financial Data Page 10

2^nd Quarter 2016

Operating Community Data(con’t)

(Unaudited)

				Avg.		Q2 2016				Q2 2016
Market /	Yr. Completed /			Unit		Avg. Monthly Rent				Average
Submarket /	Yr. of Substantial	No. of		Size		Per		Per		Economic
Community	Renovations	Units		(Sq. Ft.)		Unit		Sq. Ft.		Occ.
Austin
Post Barton CreekTM	1998		160		1,162	$	1,822	$	1.57	96.1%
Post Park MesaTM	1992		148		1,091		1,568		1.44	96.7%
Post South LamarTM	2012		298		853		1,578		1.85	95.1%
Post West AustinTM	2009	329			889		1,497		1.68	94.3%
Washington D.C. Metro
Maryland
Post Fallsgrove	2003	361			983		1,696		1.72	96.4%
Post Park®	2010	396			975		1,663		1.71	95.3%
Virginia
Post Carlyle SquareTM	2006, 2013	549			890		2,260		2.54	95.9%
Post Corners at Trinity Centre (2)	1996	336			994		1,591		1.60	98.6%
Post Pentagon RowTM	2001	504			853		2,204		2.58	98.1%
Post Tysons CornerTM	1990	499			807		1,713		2.12	97.1%
Washington D.C.
Post Massachusetts AvenueTM (1)(2)	2002	269			883		3,322		3.76	96.4%
Tampa
Post Bay at Rocky PointTM	1997	150			1,012		1,561		1.54	96.1%
Post Harbour PlaceTM	1999-2002	578			920		1,633		1.77	95.9%
Post Hyde Park® (2)	1996, 2008	467			1,011		1,592		1.57	96.9%
Post Rocky Point®	1996-1998	916			1,031		1,406		1.36	96.2%
Post Soho SquareTM	2014	231			880		1,794		2.04	99.8%
Orlando
Post Lake® at Baldwin Park	2004-2007, 2013	760			1,013		1,588		1.57	95.5%
Post LakesideTM	2013	300			1,070		1,439		1.35	96.6%
Post ParksideTM	1999	248			867		1,593		1.84	97.5%
Charlotte
Post Ballantyne	2004	323			1,252		1,279		1.02	97.3%
Post Gateway PlaceTM	2000	436			804		1,170		1.45	95.7%
Post Park at Phillips Place®	1998	402			1,101		1,470		1.34	96.9%
Post South EndTM	2009	360			847		1,437		1.70	95.7%
Post Uptown PlaceTM	2000	227			800		1,234		1.54	97.1%
Raleigh
Post Parkside at WadeTM - Phase I	2013	397			875		1,093		1.25	96.7%

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 Page 11

2^nd Quarter 2016

Debt Summary

(In thousands) - (Unaudited)

Summary of Outstanding Debt at June 30, 2016 - Consolidated

				Percentage		Weighted Average
Type of Indebtedness	Balance			of Total Debt		Stated Rate (1)
Unsecured fixed rate senior notes	$	400,000			42.7%		3.9%
Unsecured bank term loan		300,000			32.1%		2.7%
Secured fixed rate notes		188,025			20.1%		6.0%
Unsecured revolving lines of credit		47,836			5.1%		1.5%
Total principal outstanding	$	935,861			100.0%		3.8%
Less:  debt issuance costs		(4,025	)
Total indebtedness	$	931,836
				Percentage		Weighted Average
	Balance			of Total Debt		Maturity (2)
Total fixed rate debt	$	888,025			94.9%		3.8
Total variable rate debt - unhedged		47,836			5.1%		2.6
Total principal outstanding	$	935,861			100.0%		3.7
Less:  debt issuance costs		(4,025	)
Total indebtedness	$	931,836

Debt Maturities – Consolidated and Unconsolidated

	Consolidated					Unconsolidated Entities
				Weighted Avg.				Company		Weighted Avg.
Aggregate debt maturities by year	Balance			Stated Rate (1)		Balance		Share		Stated Rate (1)
Remainder of 2016	$	1,559			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		227,504	(3)		5.0%		51,000		17,850		3.5%
2020		300,000	(4)		2.7%		-		-	-
Thereafter		250,000			3.4%		-		-	-
Total principal outstanding	$	935,861			3.8%	$	177,723	$	49,531		5.0%

1) Weighted average rate includes credit enhancements and other fees, where applicable.  The weighted average rates at June 30, 2016 are based on the debt outstanding at that date.  The weighted average interest rate of the unsecured bank term loan represents the effective stated fixed interest rate based on outstanding borrowings as of June 30, 2016, 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 $47,836 outstanding on unsecured revolving lines of credit.  At June 30, 2016, 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 stated 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 four interest rate swaps. From January 2018 to January 2020, the term loan is swapped to an effective stated interest rate of 2.52%. The underlying term loan bears interest at the stated rate of LIBOR plus 1.15%.

Supplemental Financial Data Page 12

2^nd Quarter 2016

Debt Summary (con’t)

(In thousands) - (Unaudited)

Debt Statistics	Six months ended
	June 30,
	2016		2015
Interest coverage ratio (1)	6.7x		6.0x
Interest coverage ratio (including capitalized interest) (1)	5.6x		5.4x
Fixed charge coverage ratio (2)	6.0x		5.5x
Fixed charge coverage ratio (including capitalized interest) (2)	5.1x		4.9x
Total debt to annualized income available for debt service ratio (3)	4.6x		4.6x
Total debt as a % of undepreciated real estate assets
(adjusted for joint venture partner's share of debt) (4)		29.1%		29.4%
Total debt and preferred equity as a % of undepreciated real
estate assets (adjusted for joint venture partner's share of debt) (4)		30.4%		30.7%

1) 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 adjusted interest expense is included in Table 6 on page 29.

2) 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 adjusted interest expense plus dividends to preferred shareholders is included in Table 6 on page 29.

3) A computation of this ratio is included in Table 6 on page 29.

4) A computation of these debt ratios is included in Table 5 on page 28.

Senior Unsecured Public Notes Debt Ratings

Moody’s – Baa2 (stable)

Standard & Poor’s – BBB (stable)

Financial Debt Covenants - Senior Unsecured Public Notes

	As of
Covenant requirements, as defined (1)	June 30,  2016
Consolidated Debt to Total Assets cannot exceed 60%		28%
Secured Debt to Total Assets cannot exceed 40%		6%
Total Unencumbered Assets to Unsecured Debt must be at least 1.5/1	4.2x
Consolidated Income Available for Debt Service Charge must be at least 1.5/1	6.7x

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 in Table 4 on page 26.

Supplemental Financial Data Page 13

2^nd Quarter 2016

Summary Of Apartment Communities Under Development,

Land Held For Future Investment and acquisitions/disposition activity

(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)		6/30/2016		Available	Occup. (4)	Leased (5)
Under construction
Post Parkside at WadeTM, II	Raleigh, NC		406		910		-	$	57.5	$	156	$	45.1	2Q 2016	3Q 2017	24.9%
Post Afton OaksTM	Houston, TX		388		867		-		80.7		240		65.1	3Q 2016	4Q 2017	N/A
Post South LamarTM, II	Austin, TX		344		734		5,800		65.6		254		33.7	1Q 2017	2Q 2018	N/A
Post Millennium MidtownTM	Atlanta, GA		356		864		-		90.6		295		24.3	2Q 2017	3Q 2018	N/A
Post River NorthTM (6)	Denver, CO		358		818		-		88.2		301		29.1	3Q 2017	4Q 2018	N/A
Post Centennial ParkTM	Atlanta, GA		438		808		-		96.0		271		22.4	1Q 2018	2Q 2019	N/A
Total			2,290				5,800	$	478.6			$	219.7
Substantially complete, in lease-up
The High Rise at      Post AlexanderTM	Atlanta, GA		340		830		-	$	74.8	$	265	$	74.4	2Q 2015	4Q 2016	89.1%

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 30, 2016.

6) The Company owns a 92.5% interest in an entity which is developing Post River North™. Total estimated cost represents aggregate costs of the joint venture and excludes any future promoted interest to the developer.

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, 2016		Usable
Project	Metro Area	(in thousands)		Acreage
Centennial Park II	Atlanta, GA	$	5,953		1.7
Frisco Bridges II	Dallas, TX		5,480		5.4
Wade III	Raleigh, NC		2,510		5.4
Other land parcels	Atlanta, GA		2,787		10.2
Total Land Held for Future Investment		$	16,730		22.7

Acquisition/Disposition Activity - Current and Prior Year

None

Supplemental Financial Data Page 14

2^nd Quarter 2016

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 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, 2016 and 2015 is provided below.

	Three months ended				Six months ended
	June 30,				June 30,
	2016		2015		2016		2015
New community development and acquisition activity (1)	$	34,028	$	25,636	$	62,379	$	48,545
Periodically recurring capital expenditures
Community rehabilitation and other revenue generating
improvements (2)		3,491		2,314		5,972		3,946
Other community additions and improvements (3)		1,892		1,824		3,116		2,522
Annually recurring capital expenditures
Carpet replacements and other community additions and
improvements (4)		6,140		3,871		9,664		6,139
Corporate additions and improvements		599		336		854		542
	$	46,150	$	33,981	$	81,985	$	61,694
Other Data
Capitalized interest	$	1,848	$	1,237	$	3,399	$	2,219
Capitalized development and associated costs (5)	$	1,413	$	1,213	$	2,827	$	2,348

1) Reflects aggregate community acquisition and new community development costs.  

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. Amounts include second generation leasing costs on commercial properties of $203 and $138 for the three months and $338 and $163 for the six months ended June 30, 2016 and 2015, respectively.

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 Page 15

2^nd Quarter 2016

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
						Ownership
Joint Venture Property	Location		# of Units			Interest
Post Collier Hills® (1)	Atlanta, GA		396				25%
Post Crest® (1)	Atlanta, GA		410				25%
Post Lindbergh® (1)	Atlanta, GA		396				25%
Post Massachusetts AvenueTM	Washington, D.C.		269				35%
Financial Data
	As of
	June 30, 2016
	Gross							Company's
	Investment in		Mortgage			Entity		Equity
Joint Venture Property	Real Estate (6)		Notes Payable			Equity		Investment
Post Collier Hills® (1)	$	58,949	$	39,547	(2)	$	8,679	$	(4,414	)	(1)
Post Crest® (1)		65,853		46,139	(2)		6,958		(7,402	)	(1)
Post Lindbergh® (1)		65,759		40,967	(3)		13,560		(4,075	)	(1)
Post Massachusetts AvenueTM		75,060		50,903	(4)		3,346		3,695
Total	$	265,621	$	177,556		$	32,543	$	(12,196	)

	Three months ended							Six months ended
	June 30, 2016							June 30, 2016
			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)	$	840	$	40				$	1,686	$	81
Post Crest® (1)		958		43					1,922		88
Post Lindbergh® (1)		844		28					1,732		66
Post Massachusetts AvenueTM		1,946		478					3,835		997
Total	$	4,588	$	589	$	234	(5)	$	9,175	$	1,232	$	465	(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 mortgage notes have a combined outstanding principal value of $85,723, bear interest at a stated fixed rate of 5.63% and mature in June 2017.

3) This mortgage note has an outstanding principal value of $41,000, bears interest at a stated 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 has an outstanding principal value of $51,000, bears interest at a stated 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 Page 16

2^nd Quarter 2016

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,  2016		Adjustments				Adjusted (3)
Rental revenues	$	93,398	$	(787	)	(2)	$	92,611
Other property revenues		6,040		(12	)	(2)		6,028
Total rental and other revenues (A)		99,438		(799	)			98,639
Property operating & maintenance expenses
(excluding depreciation and amortization) (B)		43,864		(4,732	)	(2)		39,132
Property net operating income (1) (A-B)	$	55,574	$	3,933			$	59,507
Assumed property management fee
(calculated at 3% of revenues) (A x 3%)								(2,959	)
Assumed property capital expenditure reserve
($300 per unit per year based on 20,455 units)								(1,534	)
Adjusted property net operating income							$	55,014
Annualized property net operating income (C)							$	220,056
Apartment units represented (D)		24,162		(3,707	)	(2)		20,455
	As of						As
Other Asset Data	June 30,  2016		Adjustments				Adjusted
Cash & equivalents	$	3,875	$	-			$	3,875
Real estate assets under construction, at cost (4)		215,427		76,416		(4)		291,843
Land held for future investment		16,730		-				16,730
Investments in and advances to unconsolidated real
estate entities (5)		3,695		(3,695	)	(5)		-
Restricted cash and other assets (6)		34,030		(1,978	)	(6)		32,052
Cash & other assets of unconsolidated apartment entities (7)		6,693		(4,846	)	(7)		1,847
Total (E)	$	280,450	$	65,897			$	346,347
Other Liability Data
Indebtedness (8)	$	931,836	$	4,025		(8)	$	935,861
Investments in unconsolidated real estate entities (5)		15,891		(15,891	)	(5)		-
Other liabilities (9)		133,089		(9,437	)	(9)		123,652
Total liabilities of unconsolidated apartment entities (10)		181,858		(131,145	)	(10)		50,713
Total (F)	$	1,262,674	$	(152,448	)		$	1,110,226
Other Data	As of June 30,  2016
	# Shares/Units		Stock Price				Implied Value
Liquidation value of preferred shares (G)							$	43,392
Common shares outstanding		53,490
Common units outstanding		121
Total (H)		53,611	$	61.05			$	3,272,952
Implied market value of Company gross real estate
assets (I) = (F+G+H-E)							$	4,080,223
Implied Portfolio Capitalization Rate (C÷I)								5.4	%

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.  See Table 2 on page 23 for a reconciliation of NOI to consolidated net income.

The Company presents NOI for the second quarter ended June 30, 2016, for properties stabilized as of April 1, 2016, so that a capitalization rate may be applied and an approximate value for the assets determined.  Properties not stabilized as of April 1, 2016, are presented at full undepreciated cost.  Other tangible assets and total liabilities are presented at book value. The liquidation value of preferred shares is also presented.  

Supplemental Financial Data Page 17

2^nd Quarter 2016

2) The following table summarizes the adjustments made to the components of property net operating income for the three months ended June 30, 2016, 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	$	(1,273	)	$	(99	)	$	(786	)		(2,630	)
Company share of unconsolidated entities		2,062			161			792			(1,077	)
Corporate property management expenses		-			-			(3,160	)		-
Corporate apartments and other		(1,576	)		(74	)		(1,578	)		-
	$	(787	)	$	(12	)	$	(4,732	)		(3,707	)

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, 2016:

			Property Operating
			Maintenance		Property Net		Percentage
	Rental and		Expenses (ex. Depr.		Operating		of			Apartment Units /
	Other Revenues		and Amort.)		Income (NOI)		Total NOI			Commercial Sq. Ft.
Atlanta	$	24,354	$	9,259	$	15,095		25.4	%		5,365
Dallas		19,155		8,996		10,159		17.1	%		4,726
Houston		3,905		1,823		2,082		3.5	%		895
Austin		4,536		2,286		2,250		3.8	%		935
Wash. DC Metro		16,747		5,930		10,817		18.2	%		2,739
Tampa		11,285		4,190		7,095		11.9	%		2,342
Orlando		6,280		2,368		3,912		6.6	%		1,308
Charlotte		7,132		2,408		4,724		7.9	%		1,748
Raleigh		1,362		456		906		1.5	%		397
Commercial		3,883		1,416		2,467		4.1	%		-
Total	$	98,639	$	39,132	$	59,507		100.0	%		20,455
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 AlexanderTM	$	74,395
Post Parkside at WadeTM - Phase II		45,080
Post Afton OaksTM		65,138
Post South LamarTM - Phase II		33,708
Post Millennium MidtownTM		24,265
Post Centennial ParkTM		22,373
Post River NorthTM (a)		26,884
	$	291,843

(a) The Company owns 92.5% of the consolidated real estate entity that owns this community. The amount above represents 92.5%

of the consolidated CIP balance for this community.

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

6) This adjustment reflects a reduction to other assets for the net debt issuance costs related to the Company’s lines of credit.

7) The “As of June 30, 2016” 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.

8) The adjustment reflects an addition of the debt issuance costs related to consolidated indebtedness. The “As Adjusted” column represents the outstanding principal value of consolidated indebtedness.

9) The “As of June 30, 2016” amount represents 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.

10) The “As of June 30, 2016” amount represents total liabilities of unconsolidated apartment entities.  The adjustment represents a reduction for the venture partners’ respective share of liabilities and an adjustment to reflect the Company’s share of the outstanding principal value of mortgage indebtedness. The “As Adjusted” amount represents the Company’s respective share of liabilities of unconsolidated apartment entities.

Supplemental Financial Data Page 18

2^nd Quarter 2016

Margin Analysis and Company Undepreciated Book Value Per Share

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

Margin Analysis

	Six months ended June 30, 2016
			Property		Net
	Rental and		Operating &		Operating
	Other Property		Maintenance		Income			NOI		Expense
	Revenues		Expenses		("NOI")			Margin		Margin
Same store communities	$	181,674	$	71,975	$	109,699			60.4%		39.6%
Newly stabilized communities		2,178		1,045		1,133			52.0%		48.0%
Lease-up communities		2,362		1,472		890		N/A		N/A
Other property segments:
Corporate apartments		3,258		2,886		372			11.4%		88.6%
Commercial		8,161		2,819		5,342			65.5%		34.5%
Corporate property management expenses (1)		-		6,454		(6,454	)
	$	197,633	$	86,651
Consolidated property NOI (2)					$	110,982
Third-party management fees					$	465

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

Numerator:
Corporate property management expenses	$	6,454
Less:  Third-party management fees		(465	)
Net property management expenses	$	5,989
Denominator:
Total rental and other property revenues	$	197,633
Less:  Corporate apartment revenues		(3,258	)
Adjusted property revenues	$	194,375
Net property management expenses as a
percentage of adjusted property revenues		3.1	%

2) Consolidated property NOI is a non-GAAP financial measure.  See Table 2 on page 23 for a reconciliation of consolidated property NOI to GAAP net income.

Calculation of Company Undepreciated Book Value Per Share

	June 30, 2016
Total Company shareholders' equity per balance sheet	$	1,198,264
Plus:
Accumulated depreciation, per balance sheet		1,068,791
Noncontrolling interest of common unitholders - Operating Partnership		7,360
Less:
Preferred shares at liquidation value		(43,392	)
Total undepreciated book value (A)	$	2,231,023
Total common shares and units (B)		53,611
Company undepreciated book value per share and unit (A÷B)	$	41.62

Supplemental Financial Data Page 19

2^nd Quarter 2016

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, property net operating income, operating capital expenditures and certain debt statistics and ratios.  The definitions of these non-GAAP financial measures are summarized below.  The Company uses these measures to monitor the operating and financial performance of the Company and 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 (or 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 uses AFFO as a supplemental non-GAAP measure. AFFO is defined by the Company as FFO less operating capital expenditures and after adjusting for the impact of debt extinguishment gains (losses), if any. AFFO is used as an additional measure in evaluating Company performance, as an indication of the REIT’s ability to fund its operating capital expenditures through earnings and in reviewing its common dividend policy over time. In addition, since other equity REITs provide AFFO, or similar supplemental measures, to the investment community, the Company believes that AFFO is a useful supplemental measure for comparing the Company to other equity REITs. The Company’s calculation of AFFO is reconciled to the line on its consolidated statement of cash flows entitled “net cash provided by operating activities”, the comparable GAAP measure (see Table 1).

Property Net Operating Income (“NOI”) - The Company uses property NOI, including same store NOI and same store NOI by market, as a reportable segment operating performance measures. 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 property NOI is an important 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 segment groupings and individual properties. Additionally, the Company believes that property 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 property NOI (see Tables 2 and 3).  

Supplemental Financial Data Page 20

2^nd Quarter 2016

Operating Capital Expenditures - The Company uses aggregate Company and same store annually recurring and periodically recurring capital expenditures as cash flow measures. The Company believes that aggregate Company and same store annually recurring and periodically recurring capital expenditures are important indicators of the costs incurred by the Company in maintaining its communities on an ongoing basis. Aggregate company annually recurring and periodically recurring capital expenditures include information with respect to the Company’s reportable operating segments consisting of fully stabilized (same store) communities, newly stabilized communities, lease-up communities, held for sale communities, sold communities and commercial properties. Aggregate company annually recurring and periodically recurring capital expenditures are reported on the line in the Company’s consolidated statements of cash flows entitled “property capital expenditures,” which also includes revenue generating capital expenditures (see Table 7).

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 (see Tables 4, 5 and 6). 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 assets (adjusted for joint venture partner’s share of debt);  (4) total debt plus preferred equity as a percentage of undepreciated real estate assets (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 and the Company’s unsecured line of credit agreements. 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 Page 21

2^nd Quarter 2016

Reconciliations Of Supplemental Non-Gaap Financial Measures

Table 1 - Reconciliation of Adjusted Funds From Operations to GAAP Net Cash Flow Provided by Operating Activities

(In thousands) - (Unaudited)

	Three months ended						Six months ended
	June 30,						June 30,
	2016			2015			2016			2015
Net cash provided by operating activities	$	55,220		$	51,474		$	93,541		$	87,875
Changes in components of working capital		(9,323	)		(8,215	)		(2,498	)		(2,744	)
Dividends to preferred shareholders		(922	)		(922	)		(1,844	)		(1,844	)
Non-cash expenses		(1,105	)		(1,666	)		(3,079	)		(4,008	)
Distributions from unconsolidated entities		(516	)		(794	)		(1,489	)		(1,055	)
Equity in earnings of unconsolidated entities, net of    depreciation		892			867			1,836			1,564
Corporate depreciation		(354	)		(344	)		(716	)		(690	)
Annually and periodically recurring property    capital expenditures		(8,032	)		(5,695	)		(12,780	)		(8,661	)
Adjusted funds from operations available to common
shareholders and unitholders	$	35,860		$	34,705		$	72,971		$	70,437

A summary of net cash provided by (used in) operating, investing and financing activities from the Company’s statements of cash flows is detailed below.

	Six months ended
	June 30,
	2016			2015
Net cash provided by operating activities	$	93,541		$	87,875
Net cash used in investing activities	$	(81,897	)	$	(57,400	)
Net cash used in financing activities	$	(36,380	)	$	(51,930	)

Supplemental Financial Data Page 22

2^nd Quarter 2016

Table 2 - 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,
	2016			2015			2016			2016			2015
Total same store NOI	$	54,949		$	53,663		$	54,751		$	109,699		$	106,601
Property NOI from other operating segments		625			(18	)		657			1,283			39
Consolidated property NOI		55,574			53,645			55,408			110,982			106,640
Add (subtract):
Interest income		-			43			1			1			124
Other revenues		283			274			272			555			587
Depreciation		(22,794	)		(21,418	)		(22,709	)		(45,503	)		(42,675	)
Interest expense		(7,534	)		(8,041	)		(7,766	)		(15,300	)		(16,414	)
General and administrative		(3,761	)		(4,353	)		(4,886	)		(8,647	)		(9,367	)
Investment and development		(33	)		(275	)		(25	)		(58	)		(510	)
Other investment costs		(76	)		(154	)		(77	)		(153	)		(288	)
Other expenses		(67	)		-			(333	)		(400	)		-
Equity in income of unconsolidated
real estate entities, net		589			568			643			1,232			965
Gains on sales of real estate assets, net		-			(298	)		-			-			1,475
Other income (expense), net		(110	)		(340	)		(395	)		(505	)		(704	)
Net loss on extinguishment of indebtedness		-			-			-			-			(197	)
Net income	$	22,071		$	19,651		$	20,133		$	42,204		$	39,636

Supplemental Financial Data Page 23

2^nd Quarter 2016

Table 3 - Same Store Net Operating Income (NOI) and Average Rental Rate per Unit by Market

(In thousands, except average rental rates)

.	Three months ended			Q2 '16	Q2 '16	Q2 '16
	June 30,	June 30,	March 31,	vs. Q2 '15	vs. Q1 '16	% Same
	2016	2015	2016	% Change	% Change	Store NOI
Rental and other revenues
Atlanta	$        23,124	$        22,333	$        22,756	3.5%	1.6%
Dallas	19,155	18,555	19,050	3.2%	0.6%
Houston	2,804	2,856	2,802	(1.8)%	0.1%
Austin	4,536	4,395	4,513	3.2%	0.5%
Washington, D.C. Metro	15,754	15,520	15,441	1.5%	2.0%
Tampa	11,285	10,824	11,203	4.3%	0.7%
Orlando	6,280	5,943	6,218	5.7%	1.0%
Charlotte	7,132	6,929	6,981	2.9%	2.2%
Raleigh	1,362	1,228	1,278	10.9%	6.6%
Total rental and other revenues	91,432	88,583	90,242	3.2%	1.3%
Property operating and maintenance
expenses (exclusive of depreciation
and amortization)
Atlanta	$          8,857	$          8,893	8,948	(0.4)%	(1.0)%
Dallas	8,996	8,389	8,542	7.2%	5.3%
Houston	1,275	1,148	1,261	11.1%	1.1%
Austin	2,286	2,133	2,174	7.2%	5.2%
Washington, D.C. Metro	5,647	5,645	5,506	0.0%	2.6%
Tampa	4,190	3,782	3,843	10.8%	9.0%
Orlando	2,368	2,250	2,369	5.2%	(0.0)%
Charlotte	2,408	2,188	2,297	10.1%	4.8%
Raleigh	456	492	551	(7.3)%	(17.2)%
Total	36,483	34,920	35,491	4.5%	2.8%
Net operating income
Atlanta	14,267	13,440	13,808	6.2%	3.3%	26.0%
Dallas	10,159	10,166	10,508	(0.1)%	(3.3)%	18.5%
Houston	1,529	1,708	1,541	(10.5)%	(0.8)%	2.8%
Austin	2,250	2,262	2,339	(0.5)%	(3.8)%	4.1%
Washington, D.C. Metro	10,107	9,875	9,935	2.3%	1.7%	18.4%
Tampa	7,095	7,042	7,360	0.8%	(3.6)%	12.9%
Orlando	3,912	3,693	3,849	5.9%	1.6%	7.1%
Charlotte	4,724	4,741	4,684	(0.4)%	0.9%	8.6%
Raleigh	906	736	727	23.1%	24.6%	1.6%
Total same store NOI	$        54,949	$        53,663	$        54,751	2.4%	0.4%	100.0%
Average rental rate per unit
Atlanta	$          1,446	$          1,391	$          1,430	4.0%	1.1%
Dallas	1,312	1,275	1,302	2.9%	0.8%
Houston	1,475	1,505	1,486	(2.0)%	(0.8)%
Austin	1,590	1,571	1,584	1.2%	0.4%
Washington, D.C. Metro	1,895	1,893	1,888	0.1%	0.4%
Tampa	1,547	1,476	1,532	4.8%	1.0%
Orlando	1,555	1,486	1,534	4.6%	1.4%
Charlotte	1,322	1,297	1,314	1.9%	0.6%
Raleigh	1,093	1,071	1,083	2.1%	0.9%
Total average rental rate per unit	1,483	1,444	1,471	2.7%	0.8%

Supplemental Financial Data Page 24

2^nd Quarter 2016

Table 3 (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,	%
	2016	2015	Change
Rental and other revenues
Atlanta	$        45,880	$        44,186	3.8%
Dallas	38,206	36,870	3.6%
Houston	5,606	5,736	(2.3)%
Austin	9,048	8,685	4.2%
Washington, D.C. Metro	31,195	30,475	2.4%
Tampa	22,488	21,488	4.7%
Orlando	12,498	11,811	5.8%
Charlotte	14,113	13,685	3.1%
Raleigh	2,640	2,415	9.3%
Total rental and other revenues	181,674	175,351	3.6%
Property operating and maintenance
expenses (exclusive of depreciation
and amortization)
Atlanta	$        17,805	$        17,337	2.7%
Dallas	17,538	16,456	6.6%
Houston	2,536	2,425	4.6%
Austin	4,461	4,199	6.2%
Washington, D.C. Metro	11,153	11,021	1.2%
Tampa	8,033	7,487	7.3%
Orlando	4,737	4,354	8.8%
Charlotte	4,705	4,503	4.5%
Raleigh	1,007	968	4.0%
Total	71,975	68,750	4.7%
Net operating income
Atlanta	28,075	26,849	4.6%
Dallas	20,668	20,414	1.2%
Houston	3,070	3,311	(7.3)%
Austin	4,587	4,486	2.3%
Washington, D.C. Metro	20,042	19,454	3.0%
Tampa	14,455	14,001	3.2%
Orlando	7,761	7,457	4.1%
Charlotte	9,408	9,182	2.5%
Raleigh	1,633	1,447	12.9%
Total same store NOI	$      109,699	$      106,601	2.9%
Average rental rate per unit
Atlanta	$          1,438	$          1,382	4.1%
Dallas	1,307	1,269	3.0%
Houston	1,481	1,510	(1.9)%
Austin	1,587	1,570	1.1%
Washington, D.C. Metro	1,891	1,903	(0.6)%
Tampa	1,540	1,468	4.9%
Orlando	1,544	1,480	4.3%
Charlotte	1,318	1,292	2.0%
Raleigh	1,088	1,067	2.0%
Total average rental rate per unit	1,477	1,440	2.6%

Supplemental Financial Data Page 25

2^nd Quarter 2016

Table 4 – Financial Debt Covenant Calculations – Senior Unsecured Public Notes

Ratio of Consolidated Debt to Total Assets
	As of
	June 30,  2016
Outstanding principal value of consolidated debt (A)	$	935,861
Total assets, as defined (B) (1)	$	3,350,182
Computed ratio (A÷B)		28	%
Required ratio (cannot exceed)		60	%
Ratio of Secured Debt to Total Assets
Outstanding principal value of secured debt (C)	$	188,025
Computed ratio (C÷B)		6	%
Required ratio (cannot exceed)		40	%
Ratio of Total Unencumbered Assets to Unsecured Debt
Outstanding principal value of consolidated debt (A)	$	935,861
Outstanding principal value of secured debt (C)		(188,025	)
Outstanding principal value of unsecured debt (D)	$	747,836
Total unencumbered assets, as defined (E) (1)	$	3,131,585
Computed ratio (E÷D)	4.2x
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) (2)	$	215,392
Annual Debt Service Charge, as defined (G) (2)	$	31,918
Computed ratio (F÷G)	6.7x
Required minimum ratio	1.5x

1) The Calculation of Total Assets and Total Unencumbered Assets for Public Debt Covenant Computations, as defined, is detailed below.

	As of
	June 30,  2016
Total real estate assets	$	2,246,848
Add:
Investments in and advances to unconsolidated real estate entities		3,695
Accumulated depreciation		1,068,791
Other tangible assets		30,848
Total assets for public debt covenant computations		3,350,182
Less:
Encumbered real estate assets		(214,902	)
Investments in and advances to unconsolidated real estate entities		(3,695	)
Total unencumbered assets for public debt covenant computations	$	3,131,585

Supplemental Financial Data Page 26

2^nd Quarter 2016

Table 4 (con’t) – Financial Debt Covenant Calculations – Senior Unsecured Public Notes

2) The Calculation of Consolidated Income Available for Debt Service and Annual Debt Service Charge, as defined, is detailed below.

The computation below reflects annualized 2016 results for comparison and presentation purposes. The actual calculation of these ratios requires the use of annual trailing financial data. The computations using annual trailing financial data for the year ended December 21, 2015, reflected compliance with the debt covenants.

	Six months ended
Consolidated income available for debt service, as defined	June 30,  2016
Net income	$	42,204
Add:
Depreciation		45,503
Depreciation (company share) - unconsolidated entities		604
Interest expense:
Interest expense, excluding debt cost amortization		14,741
Debt cost amortization		559
Interest expense (company share) - unconsolidated entities:
Interest expense, excluding debt cost amortization		1,218
Debt cost amortization		15
Other non-cash (income) expense, net  (a)		2,612
Income tax expense (benefit), net		240
Consolidated income available for debt service	$	107,696
Consolidated income available for debt service (annualized)	$	215,392
Annual debt service charge, as defined
Interest expense, excluding debt cost amortization	$	14,741
Interest expense, excluding debt cost amortization - unconsolidated entities		1,218
Annual debt service charge	$	15,959
Annual debt service charge (annualized)	$	31,918

a) Includes debt cost amortization of $387 relating to the Company’s unsecured revolving lines of credit.

Supplemental Financial Data Page 27

2^nd Quarter 2016

Table 5 – Computation of Debt Statistics

(In thousands)

	As of June 30,
	2016			2015
Total real estate assets per balance sheet	$	2,246,848		$	2,151,111
Plus:
Company share of real estate assets held in unconsolidated entities		57,285			57,337
Company share of accumulated depreciation - assets held in unconsolidated entities		16,626			14,982
Accumulated depreciation per balance sheet		1,068,791			979,505
Total undepreciated real estate assets (A)	$	3,389,550		$	3,202,935
Outstanding principal value of total consolidated debt	$	935,861		$	891,004
Plus:
Company share of outstanding principal value of debt held in unconsolidated entities		49,531			49,531
Total outstanding principal value of debt (adjusted for joint venture partners' share of debt) (B)	$	985,392		$	940,535
Total outstanding principal value of debt as a % of undepreciated real estate assets
(adjusted for joint venture partners' share of debt) (B÷A)		29.1	%		29.4	%
Outstanding principal value of total consolidated debt	$	935,861		$	891,004
Plus:
Company share of outstanding principal value of debt held in unconsolidated entities		49,531			49,531
Preferred shares at liquidation value		43,392			43,392
Total outstanding principal value of debt and liquidation value of preferred equity (adjusted
for joint venture partners' share of debt) (C)	$	1,028,784		$	983,927
Total outstanding principal value of debt and liquidation value preferred equity as a % of
real estate assets (adjusted for joint venture partners' share of real estate assets and debt) (C÷A)		30.4	%		30.7	%

Supplemental Financial Data Page 28

2^nd Quarter 2016

Table 6 - Computation of Debt Coverage Ratios

(In thousands)

	Six months ended
	June 30,
	2016		2015
Net income	$	42,204	$	39,636
Other non-cash (income) expense, net  (1)		2,612		3,415
Income tax expense (benefit), net		240		494
Gains on sales of real estate assets, net		-		(1,475	)
Net loss on extinguishment of indebtedness		-		197
Depreciation expense		45,503		42,675
Depreciation (company share) - unconsolidated entities		604		599
Interest expense:
Interest expense, excluding debt cost amortization		14,741		15,846
Debt cost amortization		559		568
Interest expense (company share) - unconsolidated entities:
Interest expense, excluding debt cost amortization		1,218		1,213
Debt cost amortization		15		15
Income available for debt service, as defined (A)	$	107,696	$	103,183
Annualized income available for debt service, as defined (B)	$	215,392	$	206,366
Interest expense, excluding debt cost amortization	$	14,741	$	15,846
Interest expense, excluding debt cost amortization - unconsolidated entities		1,218		1,213
Adjusted interest expense, as defined (C)		15,959		17,059
Capitalized interest		3,399		2,219
Adjusted interest expense, as defined (including capitalized interest) (D)	$	19,358	$	19,278
Fixed charges for purposes of computation -
Adjusted interest expense	$	15,959	$	17,059
Dividends to preferred shareholders		1,844		1,844
Fixed charges (E)		17,803		18,903
Capitalized interest		3,399		2,219
Fixed charges (including capitalized interest) (F)	$	21,202	$	21,122
Total outstanding principal value of debt (adjusted for joint venture partners' share of    debt) (see Table 5) (G)	$	985,392	$	940,535
Interest coverage ratio (A÷C)	6.7x		6.0x
Interest coverage ratio (including capitalized interest) (A÷D)	5.6x		5.4x
Fixed charge coverage ratio (A÷E)	6.0x		5.5x
Fixed charge coverage ratio (including capitalized interest) (A÷F)	5.1x		4.9x
Total outstanding principal value of debt to annualized income available for debt    service ratio (G÷B)	4.6x		4.6x

1) Includes debt cost amortization of $387 and $314 for the six months ended June 30, 2016 and 2015, respectively, related to the Company’s unsecured revolving lines of credit.

Supplemental Financial Data Page 29

2^nd Quarter 2016

Table 7 – Reconciliation of Segment Cash Flow Data to Statements of Cash Flows

(In thousands)

	Three months ended				Six months ended
	June 30,				June 30,
	2016		2015		2016		2015
Annually recurring capital expenditures by operating segment
Same store communities	$	5,987	$	3,747	$	9,453	$	5,967
Newly stabilized communities		4		2		6		3
Lease-up communities		4		-		4		-
Commercial and other segments		145		122		201		169
Total annually recurring capital expenditures	$	6,140	$	3,871	$	9,664	$	6,139
Periodically recurring capital expenditures by operating segment
Same store communities	$	1,299	$	1,534	$	2,141	$	2,089
Newly stabilized communities		-		-		-		-
Lease-up communities		-		-		-		-
Commercial and other segments		593		290		975		433
Total periodically recurring capital expenditures	$	1,892	$	1,824	$	3,116	$	2,522
Total revenue generating capital expenditures	$	3,491	$	2,314	$	5,972	$	3,946
Decrease (increase) in capital expenditure accruals, net of commercial leasing costs	$	7	$	226	$	9	$	(298	)
Total property capital expenditures per statements of cash flows	$	11,530	$	8,235	$	18,761	$	12,309

Supplemental Financial Data Page 30