Mid-America Apartment Communities (MAA) 8-K MAA Reports First Quarter Results

COMMUNITY STATISTICS Dollars in thousands except Average Effective Rent
											Average Effective
	As of March 31, 2011										Rent for the
					Percent to						Three Months
			Gross		Total of			Physical			Ended
	Units		Real Assets		Gross Assets			Occupancy			Mar 31, 2011
Dallas, TX		4,714	$	313,228		9.9	%		95.9	%	$	735.13
Houston, TX		3,503	$	253,436		8.0	%		95.4	%	$	785.78
Jacksonville, FL		3,471	$	206,751		6.6	%		96.5	%	$	749.01
Atlanta, GA		3,253	$	256,352		8.1	%		96.7	%	$	756.10
Nashville, TN		2,479	$	190,393		6.0	%		94.6	%	$	778.57
Austin, TX		2,255	$	163,874		5.2	%		95.5	%	$	800.11
Tampa, FL		1,784	$	126,559		4.0	%		97.2	%	$	870.31
Raleigh/Durham, NC		1,341	$	124,309		3.9	%		95.0	%	$	778.93
Phoenix, AZ		1,024	$	116,847		3.7	%		93.8	%	$	728.94
South Florida		480	$	54,769		1.7	%		96.9	%	$	1,294.39
Orlando, FL		288	$	15,259		0.5	%		96.5	%	$	715.33
Large Markets		24,592	$	1,821,777		57.6	%		95.8	%	$	780.04
Memphis, TN		3,581	$	195,817		6.2	%		97.0	%	$	703.76
Columbus, GA		1,509	$	80,952		2.6	%		96.4	%	$	712.70
Greenville, SC		1,396	$	72,880		2.3	%		94.6	%	$	611.46
Jackson, MS		1,241	$	62,946		2.0	%		95.1	%	$	724.01
Lexington, KY		924	$	61,954		2.0	%		97.5	%	$	706.73
Little Rock, AR		808	$	45,012		1.4	%		96.4	%	$	696.64
San Antonio, TX		740	$	60,219		1.9	%		95.5	%	$	786.60
Savannah, GA		526	$	45,159		1.4	%		95.8	%	$	833.57
All Other Secondary		10,916	$	622,995		19.7	%		93.4	%	$	683.00
Secondary Markets		21,641	$	1,247,934		39.5	%		94.8	%	$	694.97
Subtotal		46,233	$	3,069,711		97.1	%		95.4	%	$	740.22
Development and Lease-up Properties		717	$	91,916		2.9	%		74.5	%	$	1,095.94
Total Portfolio		46,950	$	3,161,627		100.0	%		95.0	%	$	745.65

NUMBER OF APARTMENT UNITS
	2011		2010
	Mar 31		Dec 31			Sept 30		Jun 30		Mar 31
100% Owned Properties		44,689		44,349			44,130		43,063		42,206
Properties in Joint Ventures		2,261		1,961			1,711		1,399		1,399
Total Portfolio		46,950		46,310			45,841		44,462		43,605
COMMUNITIES IN LEASE-UP
Included above			Physical
	Total		Occupancy at			Expected
	Units		Mar 31, 2011			Stabilization
1225 South Church Phase I		196		74.0	%		4Q11
Hue		208		56.7	%		4Q11
Times Square at Craig Ranch		313		86.6	%		4Q11
		717		74.5	%

DEVELOPMENT COMMUNITIES Dollars in thousands
UNITS
	Total		As of March 31, 2011
	Development		Units		Units
	Units		Completed		Occupied
1225 South Church Phase II		210		-		-
Cool Springs		428		-		-
		638		-		-
TIMELINE
	Construction				Initial		Expected
	Start		Finish		Occupancy		Stabilization
1225 South Church Phase II		2Q11		4Q12		2Q12		3Q13
Cool Springs		4Q10		2Q12		3Q11		1Q13
EXPENDITURES
	Current		Estimated		Current
	Estimated		Cost		Cost
	Cost		per Unit		to Date
1225 South Church Phase II	$	26,500	$	126	$	5,509
Cool Springs		54,000		126		14,453
	$	80,500	$	126	$	19,962
Total development units are not included in total portfolio units until the first units of the development are completed.

SAME STORE WITH BULK CABLE NETTED IN REVENUES

Dollars in thousands		Three Months Ended March 31,
							Percent
		2011			2010		Change
Revenues
	Operating	$	93,737		$	90,868		3.2	%
	Straight-line adjustment (1)		(129	)		5
	Total Same Store	$	93,608		$	90,873		3.0	%
Expense		$	37,779		$	37,636		0.4	%
NOI
	Operating	$	55,958		$	53,232		5.1	%
	Straight-line adjustment (1)		(129	)		5
	Total Same Store	$	55,829		$	53,237		4.9	%

		Percent Change from Prior Year									Percent Change from Prior Quarter
			1Q11		2Q11	3Q11	4Q11	YTD				1Q11		2Q11	3Q11	4Q11
Revenues
	Operating		3.2	%					3.2	%		1.5	%
	Total Same Store		3.0	%					3.0	%		1.2	%
Expense			0.4	%					0.4	%		-0.8	%
NOI
	Operating		5.1	%					5.1	%		3.1	%
	Total Same Store		4.9	%					4.9	%		2.7	%

(1) Represents the aggregate adjustment necessary to record cash concessions and certain fee revenues on a straight-line basis.

SAME STORE

Dollars in thousands		Three Months Ended March 31,
							Percent
		2011			2010		Change
Revenues
	Operating	$	96,270		$	92,416		4.2	%
	Straight-line adjustment (2)		(129	)		5
	Total Same Store	$	96,141		$	92,421		4.0	%
Expense		$	40,312		$	39,183		2.9	%
NOI
	Operating	$	55,958		$	53,233		5.1	%
	Straight-line adjustment (2)		(129	)		5
	Total Same Store	$	55,829		$	53,238		4.9	%

		Percent Change from Prior Year									Percent Change from Prior Quarter
			1Q11		2Q11	3Q11	4Q11	YTD				1Q11		2Q11	3Q11	4Q11
Revenues
	Operating		4.2	%					4.2	%		1.5	%
	Total Same Store		4.0	%					4.0	%		1.2	%
Expense			2.9	%					2.9	%		-0.7	%
NOI
	Operating		5.1	%					5.1	%		3.1	%
	Total Same Store		4.9	%					4.9	%		2.7	%

(2) Represents the aggregate adjustment necessary to record cash concessions and certain fee revenues on a straight-line basis.

SAME STORE WITH BULK CABLE NETTED IN REVENUES Dollars in thousands except Effective Rent

Revenues by market are presented before the impact of straight-line adjustments. A reconciliation to total revenue is provided below.

CURRENT PERIOD ACTUALS  As of March 31, 2011 unless otherwise noted

			Three Months Ended March 31, 2011
											Average					Quarterly			Twelve
											Effective		Physical			Economic			Month
	Units		Revenue			Expense		NOI			Rent		Occupancy			Occupancy (1)			Turn Rate
Large Markets
Jacksonville, FL		3,471	$	8,258		$	3,196	$	5,062		$	749.01		96.5	%		95.9	%		50.0	%
Dallas, TX		3,418	$	7,711		$	3,381	$	4,330		$	694.33		96.3	%		95.3	%		50.0	%
Atlanta, GA		2,943	$	7,033		$	2,890	$	4,143		$	747.02		96.5	%		94.3	%		53.4	%
Houston, TX		2,052	$	4,985		$	2,241	$	2,744		$	785.50		94.3	%		92.5	%		58.6	%
Nashville, TN		1,855	$	4,433		$	1,755	$	2,678		$	759.31		94.7	%		92.6	%		52.3	%
Austin, TX		1,776	$	4,341		$	1,978	$	2,363		$	748.81		95.7	%		94.1	%		53.4	%
Tampa, FL		1,552	$	4,250		$	1,736	$	2,514		$	848.94		97.1	%		95.5	%		44.9	%
Raleigh/Durham, NC		1,147	$	2,853		$	941	$	1,912		$	794.15		95.2	%		93.3	%		52.5	%
Phoenix, AZ		1,024	$	2,389		$	1,037	$	1,352		$	728.94		93.8	%		92.5	%		58.7	%
South Florida		480	$	1,920		$	659	$	1,261		$	1,294.39		96.9	%		95.7	%		45.4	%
Orlando, FL		288	$	649		$	261	$	388		$	715.33		96.5	%		95.2	%		48.6	%
Subtotal		20,006	$	48,822		$	20,075	$	28,747		$	765.97		95.8	%		94.4	%		52.0	%
Secondary Markets
Memphis, TN		3,305	$	7,299		$	3,037	$	4,262		$	715.24		96.9	%		95.1	%		51.0	%
Columbus, GA		1,509	$	3,462		$	1,276	$	2,186		$	712.70		96.4	%		95.7	%		67.7	%
Jackson, MS		1,241	$	2,755		$	874	$	1,881		$	724.01		95.1	%		92.9	%		62.9	%
Greenville, SC		1,140	$	2,108		$	846	$	1,262		$	578.97		94.5	%		95.1	%		54.9	%
Lexington, KY		924	$	2,086		$	772	$	1,314		$	706.73		97.5	%		96.7	%		54.1	%
Little Rock, AR		808	$	1,793		$	645	$	1,148		$	696.64		96.4	%		95.5	%		45.8	%
Savannah, GA		526	$	1,402		$	545	$	857		$	833.57		95.8	%		95.2	%		56.1	%
San Antonio, TX		400	$	1,019		$	439	$	580		$	840.73		95.0	%		92.5	%		81.8	%
All Other Secondary		10,322	$	22,991		$	9,270	$	13,721		$	700.04		96.0	%		94.4	%		58.2	%
Subtotal		20,175	$	44,915		$	17,704	$	27,211		$	704.55		96.1	%		94.7	%		57.6	%
Operating Same Store		40,181	$	93,737		$	37,779	$	55,958		$	735.13		96.0	%		94.5	%		54.8	%
Revenue Straight-line Adjustment (2)			$	(129	)			$	(129	)
Total Same Store			$	93,608				$	55,829

(1) Economic Occupancy represents Net Potential Rent less Delinquencies, Vacancies and Cash Concessions divided by Net Potential Rent.

(2) Represents the aggregate adjustment necessary to record cash concessions and certain fee revenues on a straight-line basis.

PERCENT CHANGE FROM THREE MONTHS ENDED DECEMBER 31, 2010 (PRIOR QUARTER) AND THREE MONTHS ENDED MARCH 31, 2010 (PRIOR YEAR)

	Revenue						Expense						NOI						Physical Occupancy						Average Effective Rent
	Prior			Prior			Prior			Prior			Prior			Prior			Prior			Prior			Prior			Prior
	Quarter			Year			Quarter			Year			Quarter			Year			Quarter			Year			Quarter			Year
Large Markets
Jacksonville, FL		1.3	%		2.5	%		1.7	%		0.4	%		1.0	%		3.9	%		-0.3	%		-0.6	%		0.4	%		0.6	%
Dallas, TX		2.2	%		1.3	%		3.8	%		0.6	%		0.9	%		1.8	%		0.6	%		-0.4	%		0.9	%		1.1	%
Atlanta, GA		0.9	%		3.0	%		-4.7	%		1.1	%		5.2	%		4.3	%		0.9	%		-0.5	%		0.5	%		0.9	%
Houston, TX		0.7	%		1.8	%		3.6	%		-5.0	%		-1.6	%		8.1	%		1.3	%		-1.4	%		0.4	%		0.2	%
Nashville, TN		-1.2	%		3.3	%		3.0	%		5.0	%		-3.8	%		2.2	%		0.7	%		-1.3	%		0.4	%		2.0	%
Austin, TX		1.5	%		5.4	%		-2.6	%		0.6	%		5.2	%		9.9	%		-1.0	%		0.0	%		1.7	%		3.5	%
Tampa, FL		3.0	%		2.7	%		6.2	%		2.5	%		0.8	%		2.7	%		0.8	%		-0.6	%		0.7	%		1.7	%
Raleigh/Durham, NC		0.8	%		2.9	%		-4.5	%		2.6	%		3.6	%		3.1	%		-1.0	%		0.6	%		0.4	%		1.4	%
Phoenix, AZ		4.1	%		7.5	%		-10.3	%		-3.2	%		18.8	%		17.5	%		0.3	%		0.6	%		1.6	%		2.1	%
South Florida		1.7	%		4.6	%		-1.9	%		-0.3	%		3.8	%		7.3	%		1.7	%		-0.4	%		1.1	%		3.8	%
Orlando, FL		5.0	%		1.7	%		2.8	%		1.6	%		6.6	%		1.8	%		0.0	%		-2.5	%		-1.4	%		2.1	%
Subtotal		1.4	%		3.0	%		0.2	%		0.4	%		2.2	%		4.9	%		0.3	%		-0.6	%		0.7	%		1.4	%
Secondary Markets
Memphis, TN		1.6	%		5.4	%		-3.0	%		0.8	%		5.3	%		9.0	%		1.3	%		-0.1	%		1.0	%		3.3	%
Columbus, GA		2.2	%		4.8	%		-4.0	%		-3.4	%		6.2	%		10.2	%		1.5	%		-0.4	%		1.7	%		2.6	%
Jackson, MS		-0.3	%		0.8	%		-12.6	%		-9.5	%		6.7	%		6.5	%		-0.1	%		-1.3	%		0.3	%		2.2	%
Greenville, SC		3.5	%		7.3	%		-4.1	%		-0.1	%		9.4	%		13.0	%		-0.7	%		-1.4	%		2.1	%		4.0	%
Lexington, KY		-1.7	%		2.7	%		-4.8	%		0.8	%		0.3	%		3.8	%		-0.4	%		-0.1	%		0.4	%		1.2	%
Little Rock, AR		3.1	%		4.7	%		0.8	%		-0.9	%		4.5	%		8.2	%		-0.6	%		0.5	%		0.8	%		4.9	%
Savannah, GA		1.2	%		0.7	%		4.2	%		2.6	%		-0.6	%		-0.5	%		-3.1	%		-2.5	%		1.7	%		2.0	%
San Antonio, TX		-1.1	%		4.8	%		-1.8	%		2.1	%		-0.5	%		7.0	%		1.3	%		-2.8	%		0.5	%		5.9	%
All Other Secondary		1.9	%		2.5	%		-0.2	%		1.7	%		3.4	%		3.1	%		-0.5	%		-0.9	%		0.8	%		2.3	%
Subtotal		1.6	%		3.4	%		-1.9	%		0.4	%		4.1	%		5.4	%		-0.1	%		-0.8	%		0.9	%		2.7	%
Operating Same Store		1.5	%		3.2	%		-0.8	%		0.4	%		3.1	%		5.1	%		0.2	%		-0.6	%		0.8	%		2.0	%
Including revenue straight-line adjustment:
Total Same Store		1.2	%		3.0	%								2.7	%		4.9	%

SAME STORE Dollars in thousands except Effective Rent

Revenues by market are presented before the impact of straight-line adjustments. A reconciliation to total revenue is provided below.

CURRENT PERIOD ACTUALS  As of March 31, 2011, unless otherwise noted

			Three Months Ended March 31, 2011
											Average					Quarterly			Twelve
											Effective		Physical			Economic			Month
	Units		Revenue			Expense		NOI			Rent		Occupancy			Occupancy (1)			Turn Rate
Large Markets
Jacksonville, FL		3,471	$	8,258		$	3,196	$	5,062		$	749.01		96.5	%		95.9	%		50.0	%
Dallas, TX		3,418	$	7,920		$	3,590	$	4,330		$	694.33		96.3	%		95.3	%		50.0	%
Atlanta, GA		2,943	$	7,264		$	3,121	$	4,143		$	747.02		96.5	%		94.3	%		53.4	%
Houston, TX		2,052	$	5,176		$	2,432	$	2,744		$	785.50		94.3	%		92.5	%		58.6	%
Nashville, TN		1,855	$	4,575		$	1,897	$	2,678		$	759.31		94.7	%		92.6	%		52.3	%
Austin, TX		1,776	$	4,460		$	2,097	$	2,363		$	748.81		95.7	%		94.1	%		53.4	%
Tampa, FL		1,552	$	4,375		$	1,861	$	2,514		$	848.94		97.1	%		95.5	%		44.9	%
Raleigh/Durham, NC		1,147	$	2,942		$	1,030	$	1,912		$	794.15		95.2	%		93.3	%		52.5	%
Phoenix, AZ		1,024	$	2,451		$	1,099	$	1,352		$	728.94		93.8	%		92.5	%		58.7	%
South Florida		480	$	1,920		$	659	$	1,261		$	1,294.39		96.9	%		95.7	%		45.4	%
Orlando, FL		288	$	649		$	261	$	388		$	715.33		96.5	%		95.2	%		48.6	%
Subtotal		20,006	$	49,990		$	21,243	$	28,747		$	765.97		95.8	%		94.4	%		52.0	%
Secondary Markets
Memphis, TN		3,305	$	7,629		$	3,367	$	4,262		$	715.24		96.9	%		95.1	%		51.0	%
Columbus, GA		1,509	$	3,585		$	1,399	$	2,186		$	712.70		96.4	%		95.7	%		67.7	%
Jackson, MS		1,241	$	2,877		$	996	$	1,881		$	724.01		95.1	%		92.9	%		62.9	%
Greenville, SC		1,140	$	2,200		$	938	$	1,262		$	578.97		94.5	%		95.1	%		54.9	%
Lexington, KY		924	$	2,086		$	772	$	1,314		$	706.73		97.5	%		96.7	%		54.1	%
Little Rock, AR		808	$	1,794		$	646	$	1,148		$	696.64		96.4	%		95.5	%		45.8	%
Savannah, GA		526	$	1,423		$	566	$	857		$	833.57		95.8	%		95.2	%		56.1	%
San Antonio, TX		400	$	1,019		$	439	$	580		$	840.73		95.0	%		92.5	%		81.8	%
All Other Secondary		10,322	$	23,667		$	9,946	$	13,721		$	700.04		96.0	%		94.4	%		58.2	%
Subtotal		20,175	$	46,280		$	19,069	$	27,211		$	704.55		96.1	%		94.7	%		57.6	%
Operating Same Store		40,181	$	96,270		$	40,312	$	55,958		$	735.13		96.0	%		94.5	%		54.8	%
Revenue Straight-line Adjustment (2)			$	(129	)			$	(129	)
Total Same Store			$	96,141				$	55,829

(1) Economic Occupancy represents Net Potential Rent less Delinquencies, Vacancies and Cash Concessions divided by Net Potential Rent.

(2) Represents the aggregate adjustment necessary to record cash concessions and certain fee revenues on a straight-line basis.

PERCENT CHANGE FROM THREE MONTHS ENDED DECEMBER 31, 2010 (PRIOR QUARTER) AND THREE MONTHS ENDED MARCH 31, 2010 (PRIOR YEAR)

	Revenue						Expense						NOI						Physical Occupancy						Average Effective Rent
	Prior			Prior			Prior			Prior			Prior			Prior			Prior			Prior			Prior			Prior
	Quarter			Year			Quarter			Year			Quarter			Year			Quarter			Year			Quarter			Year
Large Markets
Jacksonville, FL		1.3	%		2.5	%		1.7	%		0.4	%		1.0	%		3.9	%		-0.3	%		-0.6	%		0.4	%		0.6	%
Dallas, TX		2.2	%		1.7	%		3.8	%		1.5	%		0.9	%		1.8	%		0.6	%		-0.4	%		0.9	%		1.1	%
Atlanta, GA		1.0	%		3.6	%		-4.1	%		2.7	%		5.2	%		4.3	%		0.9	%		-0.5	%		0.5	%		0.9	%
Houston, TX		0.8	%		3.2	%		3.6	%		-1.8	%		-1.6	%		8.1	%		1.3	%		-1.4	%		0.4	%		0.2	%
Nashville, TN		-1.2	%		4.1	%		2.8	%		7.1	%		-3.8	%		2.2	%		0.7	%		-1.3	%		0.4	%		2.0	%
Austin, TX		1.5	%		5.5	%		-2.3	%		0.9	%		5.2	%		9.9	%		-1.0	%		0.0	%		1.7	%		3.5	%
Tampa, FL		3.1	%		5.7	%		6.5	%		9.9	%		0.8	%		2.7	%		0.8	%		-0.6	%		0.7	%		1.7	%
Raleigh/Durham, NC		0.9	%		3.8	%		-3.6	%		5.2	%		3.6	%		3.1	%		-1.0	%		0.6	%		0.4	%		1.4	%
Phoenix, AZ		3.9	%		8.9	%		-9.9	%		0.0	%		18.8	%		17.5	%		0.3	%		0.6	%		1.6	%		2.1	%
South Florida		1.7	%		4.6	%		-1.9	%		-0.3	%		3.8	%		7.3	%		1.7	%		-0.4	%		1.1	%		3.8	%
Orlando, FL		5.0	%		1.7	%		2.8	%		1.6	%		6.6	%		1.8	%		0.0	%		-2.5	%		-1.4	%		2.1	%
Subtotal		1.5	%		3.7	%		0.4	%		2.2	%		2.2	%		4.9	%		0.3	%		-0.6	%		0.7	%		1.4	%
Secondary Markets
Memphis, TN		1.5	%		7.9	%		-2.9	%		6.5	%		5.3	%		9.0	%		1.3	%		-0.1	%		1.0	%		3.3	%
Columbus, GA		2.0	%		6.6	%		-3.8	%		1.3	%		6.2	%		10.2	%		1.5	%		-0.4	%		1.7	%		2.6	%
Jackson, MS		-0.2	%		0.7	%		-11.2	%		-8.6	%		6.7	%		6.5	%		-0.1	%		-1.3	%		0.3	%		2.2	%
Greenville, SC		3.3	%		6.9	%		-3.8	%		-0.3	%		9.4	%		13.0	%		-0.7	%		-1.4	%		2.1	%		4.0	%
Lexington, KY		-1.7	%		2.7	%		-4.8	%		0.8	%		0.3	%		3.8	%		-0.4	%		-0.1	%		0.4	%		1.2	%
Little Rock, AR		3.0	%		4.8	%		0.6	%		-0.8	%		4.5	%		8.2	%		-0.6	%		0.5	%		0.8	%		4.9	%
Savannah, GA		1.3	%		0.9	%		4.2	%		2.9	%		-0.6	%		-0.5	%		-3.1	%		-2.5	%		1.7	%		2.0	%
San Antonio, TX		-1.1	%		4.8	%		-1.8	%		2.1	%		-0.5	%		7.0	%		1.3	%		-2.8	%		0.5	%		5.9	%
All Other Secondary		1.9	%		4.0	%		-0.1	%		5.4	%		3.4	%		3.1	%		-0.5	%		-0.9	%		0.8	%		2.3	%
Subtotal		1.6	%		4.7	%		-1.8	%		3.6	%		4.1	%		5.4	%		-0.1	%		-0.8	%		0.9	%		2.7	%
Operating Same Store		1.5	%		4.2	%		-0.7	%		2.9	%		3.1	%		5.1	%		0.2	%		-0.6	%		0.8	%		2.0	%
Including revenue straight-line adjustment:
Total Same Store		1.2	%		4.0	%								2.7	%		4.9	%

NOI BRIDGE(Dollars in thousands)

		Three Months Ended
		Mar 31, 2011			Dec 31, 2010			Mar 31, 2010
NOI
	Large market same store	$	28,662		$	28,156		$	27,408
	Secondary market same store		27,167			26,225			25,830
	Total same store		55,829			54,381			53,238
	Non-same store		5,686			4,619			2,539
	Total NOI		61,515			59,000			55,777
Management fee income			223			203			136
Depreciation			(27,741	)		(27,575	)		(25,080	)
Acquisition expense			(219	)		(1,061	)		24
Property management expense			(5,144	)		(4,732	)		(4,277	)
General and administrative expense			(4,610	)		(3,476	)		(2,811	)
Interest and other non-property income			235			219			315
Interest expense			(13,990	)		(14,514	)		(13,891	)
Amortization of deferred financing costs			(715	)		(709	)		(595	)
Net casualty (loss) gain and other settlement proceeds			(148	)		-			156
Loss on sale of non-depreciable assets			(6	)		-			-
Gains on properties contributed to joint ventures			-			103			371
Loss from real estate joint ventures			(245	)		(293	)		(276	)
Net income attributable to noncontrolling interests			(311	)		(225	)		(437	)
Net income attributable to MAA		$	8,844		$	6,940		$	9,412

OPERATING RESULTS(Dollars and shares in thousands except per share data)

	Three Months
	Ended
	March 31			Trailing
	2011			4 Quarters
Net income attributable to MAA	$	8,844		$	29,193
Depreciation		27,741			106,725
Interest expense		13,990			56,095
Amortization of deferred financing costs		715			2,747
Net casualty loss (gain) and other settlement proceeds		148			(26	)
Gain on sale of non-depreciable assets		6			6
Loss (gain) on properties contributed to joint ventures		-			(381	)
Loss on sale of discontinued operations		-			2
EBITDA	$	51,444		$	194,361
	Three Months Ended
	March 31
		2011			2010
EBITDA/Debt Service		3.51	x		3.42	x
Fixed Charge Coverage (1)		3.68	x		2.83	x
Total Debt as % of Total Gross Assets		46	%		49	%

(1) Fixed charge coverage represents EBITDA divided by interest expense and preferred dividends.

DEBT AS OF MARCH 31, 2011

Dollars in thousands

DEBT OUTSTANDING SUMMARIES

			Average
			Years to
	Principal		Contract		Effective
	Balance		Maturity		Rate
Conventional - Fixed Rate or Swapped	$	994,607		3.7		5.2	%
Tax-free - Fixed Rate or Swapped		28,695		7.7		4.7	%
Conventional - Variable Rate (1)		157,829		3.0		1.1	%
Conventional - Variable Rate - Capped  (2)		197,936		5.1		0.8	%
Tax-free - Variable Rate - Capped (2)		72,715		2.0		1.1	%
Total Debt Outstanding	$	1,451,782		3.6		3.9	%
(1)  Includes a $15 million mortgage with an imbedded cap at a 7% rate.
(2) When capped rates are not reached, the average rate represents the rate on the underlying variable debt.
	Line		Amount		Amount
	Limit		Collateralized		Borrowed
Fannie Mae Credit Facilities	$	1,044,429	$	1,044,429	$	899,833
Freddie Mac Credit Facilities		300,000		298,247		298,247
Regions Credit Facility		50,000		45,310		-
Other Borrowings		253,702		253,702		253,702
Total Debt	$	1,648,131	$	1,641,688	$	1,451,782

CONTRACT MATURITIES			��
	Line Limit
	Credit Facilities
Maturity	Fannie Mae		Freddie Mac		Regions		Other		Total
2011	$	80,000	$	100,000	$	-	$	-	$	180,000
2012		80,000		-		50,000		-		130,000
2013		203,193		-		-		-		203,193
2014		321,236		200,000		-		17,544		538,780
2015		120,000		-		-		52,054		172,054
2016		80,000						-		80,000
Thereafter		160,000		-		-		184,104		344,104
Total	$	1,044,429	$	300,000	$	50,000	$	253,702	$	1,648,131
SWAPS AND FIXED RATE MATURITIES
	Swap Balances								Total
			SIFMA		Fannie Mae		Fixed Rate				Contract
	LIBOR		(formerly BMA)		Facility		Balances		Balance		Rate
2011	$	158,000	$	-	$	-	$	-	$	158,000		5.2	%
2012		150,000		17,800		-		-		167,800		5.1	%
2013		190,000		-		-		-		190,000		5.2	%
2014		144,000		-		-		17,544		161,544		5.7	%
2015		75,000		-		-		36,854		111,854		5.6	%
2016		-		-		-		-		-		-
Thereafter		-		-		50,000		184,104		234,104		4.7	%
Total	$	717,000	$	17,800	$	50,000	$	238,502	$	1,023,302		5.2	%