EXHIBIT 99.2 Supplemental Data Schedules
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COMMUNITY STATISTICS Dollars in thousands except Average Rental Rate
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Properties are grouped by operational responsibility
As of September 30, 2004
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Percent to Average
Gross Total of Physical Rental
Units Real Assets Gross Assets Occupancy Rate
---------------- -------------- ---------------- --------------- --------------
Atlanta 2,500 $ 153,055 8.1% 95.4% $ 748.25
Dallas 3,616 $ 200,803 10.6% 90.6% $ 735.68
Houston 1,310 $ 62,410 3.3% 91.9% $ 716.99
Tampa 1,120 $ 64,740 3.4% 94.9% $ 784.22
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Large Tier Markets 8,546 $ 481,008 25.4% 92.8% $ 742.85
Austin 1,254 $ 55,890 3.0% 91.2% $ 626.59
Greenville 1,492 $ 60,946 3.2% 97.3% $ 544.79
Jacksonville 3,631 $ 194,854 10.3% 94.8% $ 774.91
Memphis 4,837 $ 221,378 11.7% 95.0% $ 630.09
Nashville 1,855 $ 118,682 6.3% 97.2% $ 711.85
All other middle 2,320 $ 101,385 5.4% 95.7% $ 636.68
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Middle Tier Markets 15,389 $ 753,135 39.9% 95.3% $ 666.55
Augusta/Aiken 912 $ 37,539 2.0% 97.2% $ 606.79
Chattanooga 943 $ 35,645 1.9% 96.1% $ 573.65
Columbia 576 $ 29,636 1.6% 95.0% $ 656.87
Columbus 1,293 $ 60,275 3.2% 96.0% $ 685.99
Huntsville 544 $ 27,031 1.4% 91.4% $ 628.28
Jackson, TN 664 $ 31,757 1.7% 95.0% $ 589.73
Jackson, MS 1,577 $ 66,783 3.5% 97.8% $ 625.82
Lexington 924 $ 57,808 3.1% 96.3% $ 693.23
Little Rock 808 $ 37,857 2.0% 96.5% $ 631.64
Macon/Warner Robbins 904 $ 49,263 2.6% 96.5% $ 672.04
Southeast Georgia 678 $ 31,700 1.7% 95.7% $ 642.11
All other small 3,578 $ 188,337 10.0% 95.6% $ 721.79
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Small Tier Markets 13,401 $ 653,631 34.7% 96.0% $ 660.87
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Total Portfolio
(including JV properties) 37,336 $ 1,887,774 100.0% 94.9% $ 681.98
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NUMBER OF APARTMENT UNITS
2004 2003
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September 30 June 30 March 31 December 31 September 30
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100% Owned Properties 35,766 35,382 35,142 34,686 34,185
Properties in Joint Ventures 1,570 1,570 1,570 1,048 1,048
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Total Portfolio 37,336 36,952 36,712 35,734 35,233
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SAME STORE Dollars in thousands except Average Rental Rate
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Properties are grouped by operational responsibility
CURRENT PERIOD ACTUALS
As of September 30, 2004 unless otherwise noted
Three Months Ended
September 30, 2004 Average Twelve
---------------------------- Physical Economic Rental Month
Units Revenue Expense NOI Occupancy Occupancy(1) Rate Turn Rate
------- --------- --------- --------- ----------- ------------- --------- -----------
Atlanta 1,412 $ 2,788 $ 1,197 $ 1,591 95.5% 87.7% $ 700.97 67.8%
Dallas 1,402 $ 2,287 $ 1,250 $ 1,037 89.0% 73.8% $ 645.45 67.8%
Houston 1,002 $ 1,855 $ 930 $ 925 92.6% 78.6% $ 669.82 70.7%
Tampa 1,120 $ 2,567 $ 1,121 $ 1,446 94.9% 87.7% $ 784.22 63.2%
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Large Tier Markets 4,936 $ 9,497 $ 4,498 $ 4,999 93.0% 82.3% $ 697.77 67.3%
Austin 976 $ 1,627 $ 922 $ 705 90.5% 78.2% $ 596.76 71.9%
Greenville 1,492 $ 2,245 $ 1,080 $ 1,165 97.3% 87.5% $ 544.79 72.4%
Jacksonville 2,846 $ 6,157 $ 2,365 $ 3,792 95.3% 90.9% $ 726.44 68.7%
Memphis 3,821 $ 6,329 $ 3,122 $ 3,207 94.6% 85.0% $ 608.75 65.7%
Nashville 966 $ 1,951 $ 786 $ 1,165 96.8% 90.1% $ 666.36 76.0%
All other middle 2,016 $ 3,730 $ 1,719 $ 2,011 95.6% 84.6% $ 654.30 68.5%
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Middle Tier Markets 12,117 $22,039 $ 9,994 $12,045 95.1% 86.7% $ 639.72 69.0%
Augusta/Aiken 728 $ 1,283 $ 539 $ 744 97.7% 84.1% $ 594.44 71.7%
Columbia 576 $ 1,009 $ 573 $ 436 95.0% 81.1% $ 656.87 74.5%
Columbus 1,293 $ 2,689 $ 1,102 $ 1,587 96.0% 93.7% $ 685.99 113.5%
Huntsville 544 $ 951 $ 399 $ 552 91.4% 79.6% $ 628.28 67.7%
Jackson, TN 664 $ 1,066 $ 571 $ 495 95.0% 82.7% $ 589.73 77.1%
Jackson, MS 1,381 $ 2,679 $ 1,006 $ 1,673 97.6% 91.7% $ 631.22 69.7%
Lexington 554 $ 991 $ 393 $ 598 96.0% 84.9% $ 610.81 70.4%
Little Rock 808 $ 1,493 $ 558 $ 935 96.5% 92.0% $ 631.64 65.0%
Macon/Warner Robbins 904 $ 1,819 $ 709 $ 1,110 96.5% 91.9% $ 672.04 68.4%
Southeast Georgia 678 $ 1,271 $ 500 $ 771 95.7% 88.2% $ 642.11 67.4%
All other small 3,860 $ 8,251 $ 3,124 $ 5,127 95.8% 89.6% $ 718.12 70.2%
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Small Tier Markets 11,990 $23,502 $ 9,474 $14,028 96.0% 88.8% $ 664.45 74.7%
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Total Same Store 29,043 $55,038 $23,966 $31,072 95.1% 86.7% $ 659.79 71.1%
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(1) Economic Occupancy represents Net Potential Rent less Delinquencies,
Vacancies and Cash Concessions divided by Net Potential Rent.
PERCENT CHANGE FROM THREE MONTHS ENDED JUNE 30, 2004 (PRIOR QUARTER) AND SEPTEMBER 30, 2003 (PRIOR YEAR)
Revenue Expense NOI Physical Occupancy Average Rental Rate
------------------ ------------------- -------------------- -------------------- -------------------
Prior Prior Prior Prior Prior Prior Prior Prior Prior Prior
Quarter Year Quarter Year Quarter Year Quarter Year Quarter Year
--------- -------- ---------- -------- ---------- --------- ----------- -------- ---------- --------
Atlanta -0.3% 0.6% 2.8% -7.4% -2.5% 7.6% 3.0% 3.9% 0.3% -4.6%
Dallas -1.8% -1.9% 1.5% -4.4% -5.6% 1.3% 2.0% -0.9% 2.5% -2.1%
Houston -1.5% -5.0% 12.2% 3.1% -12.3% -11.9% 0.5% 0.1% 0.0% -1.1%
Tampa 3.1% 6.1% 4.3% 9.5% 2.1% 3.7% 2.6% -0.1% 0.7% 2.5%
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Large Tier Markets 0.0% 0.3% 4.6% -0.6% -3.9% 1.1% 2.2% 0.9% 0.9% -1.5%
Austin 2.4% -2.9% 4.9% 14.0% -0.7% -18.7% -1.0% -2.2% 0.2% -1.1%
Greenville -3.1% 5.0% 8.8% -10.8% -12.0% 25.5% 2.5% -1.1% -0.6% -1.2%
Jacksonville 0.6% -0.4% 7.9% 5.3% -3.5% -3.6% 1.4% 0.1% 0.6% 2.3%
Memphis -1.1% 1.9% 9.3% 3.3% -9.5% 0.5% 0.6% 1.1% -0.9% -0.8%
Nashville 4.4% 4.7% 6.4% -4.4% 3.1% 11.9% 2.7% 1.1% 0.0% 0.5%
All other middle 0.5% 2.4% 10.1% 6.0% -6.5% -0.4% 2.2% 1.1% 0.2% 1.4%
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Middle Tier Markets 0.1% 1.5% 8.4% 2.7% -5.8% 0.5% 1.3% 0.3% -0.1% 0.4%
Augusta/Aiken 0.3% 0.9% 14.0% 12.3% -7.7% -6.1% 6.5% 1.7% -2.3% -1.3%
Columbia -2.9% 8.7% 17.4% 7.7% -20.9% 10.1% 5.4% 1.4% -0.8% -1.3%
Columbus -4.5% 0.9% 10.2% 11.9% -12.7% -5.5% 2.1% -1.5% 0.6% 2.0%
Huntsville 1.8% -4.9% -0.7% -4.3% 3.8% -5.3% -1.6% -6.2% 0.3% -1.4%
Jackson, TN 0.2% -0.7% 10.0% -0.9% -9.2% -0.4% -0.8% -0.5% 1.1% 1.2%
Jackson, MS 4.0% 6.3% 4.1% 2.5% 3.8% 8.6% 2.8% -0.4% 1.1% 3.4%
Lexington 4.9% 6.9% 4.8% -4.1% 4.9% 15.7% 1.2% 4.1% -0.3% 1.3%
Little Rock -1.3% 0.8% 6.3% -3.5% -5.4% 3.5% 1.7% 1.8% 0.2% 0.6%
Macon/Warner Robbins -0.8% 0.1% 6.6% -4.4% -5.0% 3.2% 0.9% -0.9% 0.8% 0.3%
Southeast Georgia 0.8% -0.8% 6.6% 0.6% -2.7% -1.7% 1.0% -0.9% 0.1% 1.0%
All other small 2.6% 3.7% 5.3% 2.4% 1.0% 4.6% 2.2% 1.5% 0.3% 1.6%
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Small Tier Markets 0.8% 2.5% 7.1% 2.4% -3.0% 2.6% 2.1% 0.4% 0.3% 1.2%
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Total Same Store 0.4% 1.7% 7.1% 2.0% -4.2% 1.5% 1.8% 0.4% 0.2% 0.4%
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CONSOLIDATED BALANCE SHEETS (in thousands)
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September 30, December 31,
2004 2003
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Assets
Gross real estate assets $ 1,745,632 $ 1,670,417
Accumulated depreciation (382,499) (339,704)
Other real estate assets, net 25,712 21,136
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Real estate assets, net 1,388,845 1,351,849
Cash and cash equivalents, including restricted cash 15,897 20,880
Other assets 39,240 33,804
Assets held for disposition 13,119 -
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Total assets $ 1,457,101 $ 1,406,533
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Liabilities
Notes payable $ 1,016,786 $ 951,941
Other liabilities 61,933 61,279
Liabilities associated with assets held for disposition 188 -
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Total liabilities 1,078,907 1,013,220
Shareholders' equity and minority interest 378,194 393,313
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Total liabilities and shareholders' equity $ 1,457,101 $ 1,406,533
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SHARE AND UNIT DATA (in thousands)
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Three months ended Nine months ended
September 30, September 30,
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2004 2003 2004 2003
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Weighted average common shares - Basic 20,338 18,302 20,218 17,961
Weighted average common shares - Diluted 20,686 18,606 20,545 18,193
Weighted average common shares and units - Basic 23,003 21,020 22,889 20,690
Weighted average common shares and units - Diluted 23,350 21,324 23,217 20,922
Common shares at September 30 - Basic 20,582 19,503 20,582 19,503
Common shares at September 30 - Diluted 20,938 19,830 20,938 19,830
Common shares and units at September 30 - Basic 23,240 22,204 23,240 22,204
Common shares and units at September 30 - Diluted 23,596 22,531 23,596 22,531
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OPERATING RESULTS (Dollars and shares in thousands except per share data)
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Three Months Ended Trailing
September 30, 2004 4 Quarters
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Net income $ 3,131 $ 17,483
(Gain) loss on debt extinguishment (38) (36)
Net gain on insurance and other settlement proceeds (248) (3,364)
Gain on sale of discontinued operations - 2
Depreciation 17,181 67,163
Amortization of deferred financing costs 436 1,768
Interest expense 12,868 48,916
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EBITDA $ 33,330 $ 131,932
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Three Months Ended September 30,
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2004 2003
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EBITDA/Debt Service 2.49x 2.37x
EBITDA/Fixed Charges 2.51x 2.43x
Total Debt as % of Gross Real Estate Assets 57% 55%
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DEBT AS OF SEPTEMBER 30, 2004
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Dollars in thousands
Principal Average Years Average
Balance to Maturity(1) Rate
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Conventional - Fixed Rate or Swapped(2) $ 684,481 7.6 6.1%
Tax-free - Fixed Rate or Swapped 108,531 15.7 5.1%
Conventional - Variable Rate(2) 190,344 8.8 2.5%
Tax-free - Variable Rate 10,855 16.2 2.5%
Capped - Variable Rate(3) 22,575 3.7 2.2%
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Total $ 1,016,786 8.7 5.2%
(1) Maturities on swapped balances are calculated using the life of the
underlying variable debt.
(2) Excludes the impact of a $25 million forward swap which goes into effect on
December 1, 2004 and has an effective rate of 5.2%.
(3) As the cap rate of 6.0% has not been reached, the average rate represents
the rate on the underlying variable debt.
FIXED RATE MATURITIES
Balance Rate
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2004 $ 47,500 7.0%
2005 99,262 5.0%
2006 49,608 6.9%
2007 92,800 5.9%
2008 132,104 5.8%
2009 100,230 6.4%
2010 90,000 5.5%
2011 101,000 5.2%
Thereafter 80,508 6.2%
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Total $ 793,012 5.9%
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OTHER DATA
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Three Months Ended September 30, Nine Months Ended September 30,
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2004 2003 2004 2003
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PER SHARE DATA
Dividend declared per common share $0.585 $0.585 $1.755 $1.755
DIVIDEND INFORMATION (latest declaration) Payment Payment Record
per Share Date Date
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Common Dividend - quarterly $0.5850 10/30/2004 10/22/2004
Preferred Series F - monthly $0.1927 11/15/2004 11/01/2004
Preferred Series H - quarterly $0.51875 09/23/2004 09/13/2004