EXHIBIT 99.2 Supplemental Data Schedules
- ------------------------------------------------------------------------------------------------------------------------
COMMUNITY STATISTICS Dollars in thousands except Average Rental Rate
- ------------------------------------------------------------------------------------------------------------------------
Properties are grouped by operational responsibility
As of December 31, 2004
-------------------------------------------------------------------------------
Percent to Average
Gross Total of Physical Rental
Units Real Assets Gross Assets Occupancy Rate
----------- --------------- ---------------- --------------- --------------
Atlanta 2,500 $ 147,564 7.6% 94.7% $ 737.93
Dallas 3,616 $ 201,535 10.4% 89.6% $ 742.49
Houston 1,584 $ 80,833 4.2% 92.5% $ 752.25
Tampa 1,120 $ 64,963 3.4% 95.6% $ 793.95
South Florida 480 $ 50,806 2.6% 97.7% $1,040.15
- ------------------------------------------------------------------------------------------------------------------------
Large Tier Markets 9,300 $ 545,701 28.2% 92.6% $ 764.49
Austin 1,464 $ 71,094 3.7% 94.1% $ 684.08
Greenville 1,492 $ 61,072 3.2% 94.7% $ 539.82
Jacksonville 3,347 $ 172,565 8.9% 93.3% $ 759.98
Memphis 4,837 $ 221,986 11.5% 92.4% $ 627.58
Nashville 1,855 $ 118,990 6.1% 96.0% $ 708.61
All other middle 2,320 $ 101,961 5.3% 95.0% $ 639.99
- ------------------------------------------------------------------------------------------------------------------------
Middle Tier Markets 15,315 $ 747,668 38.7% 93.8% $ 665.06
Augusta/Aiken 912 $ 37,672 1.9% 94.1% $ 606.19
Chattanooga 943 $ 35,971 1.9% 93.7% $ 570.59
Columbia 576 $ 29,712 1.5% 92.7% $ 655.25
Columbus 1,293 $ 60,890 3.1% 93.7% $ 685.66
Huntsville 544 $ 27,084 1.4% 85.1% $ 626.96
Jackson, TN 664 $ 31,824 1.6% 93.8% $ 593.71
Jackson, MS 1,577 $ 60,065 3.1% 95.7% $ 621.59
Lexington 924 $ 57,955 3.0% 91.8% $ 691.87
Little Rock 808 $ 37,924 2.0% 93.1% $ 634.03
Macon/Warner Robbins 904 $ 49,358 2.5% 97.0% $ 670.66
Southeast Georgia 566 $ 25,908 1.3% 91.3% $ 621.40
All other small 3,578 $ 189,761 9.8% 94.5% $ 724.58
- ------------------------------------------------------------------------------------------------------------------------
Small Tier Markets 13,289 $ 644,124 33.1% 93.8% $ 660.14
- ------------------------------------------------------------------------------------------------------------------------
Total Portfolio
(including JV properties) 37,904 $ 1,937,493 100.0% 93.5% $ 687.73
========================================================================================================================
NUMBER OF APARTMENT UNITS
2004 2003
------------------------------------------------------------------ --------------
December 31 September 30 June 30 March 31 December 31
--------------- ----------------- -------------- -------------- --------------
100% Owned Properties 36,618 35,766 35,382 35,142 34,686
Properties in Joint Ventures 1,286 1,570 1,570 1,570 1,048
- ------------------------------------------------------------------------------------------------------------------------
Total Portfolio 37,904 37,336 36,952 36,712 35,734
========================================================================================================================
- --------------------------------------------------------------------------------------------------------------------------
SAME STORE Dollars in thousands except Average Rental Rate
- --------------------------------------------------------------------------------------------------------------------------
Properties are grouped by operational responsibility
CURRENT PERIOD ACTUALS
As of December 31, 2004 unless otherwise noted
Three Months Ended
December 31, 2004 Average Twelve
-------------------------------- Physical Economic Rental Month
Units Revenue Expense(1) NOI(1) Occupancy Occupancy(2) Rate Turn Rate
------- ---------- ---------- --------- ----------- ------------- ----------- ------------------
Atlanta 1,652 $ 3,301 $ 1,349 $ 1,952 94.3% 82.0% $ 699.46 63.3%
Dallas 2,056 $ 3,356 $ 1,877 $ 1,479 89.2% 77.7% $ 641.26 58.9%
Houston 1,310 $ 2,415 $ 1,305 $ 1,110 91.8% 78.8% $ 728.37 68.5%
Tampa 1,120 $ 2,552 $ 1,078 $ 1,474 95.6% 88.7% $ 793.95 54.6%
- -------------------------------------------------------------------------------------------------------------------------
Large Tier Markets 6,138 $ 11,624 $ 5,609 $ 6,015 92.3% 81.4% $ 703.38 61.3%
Austin 1,254 $ 2,102 $ 1,157 $ 945 93.8% 81.0% $ 631.52 59.2%
Greenville 1,492 $ 2,374 $ 1,014 $ 1,360 94.7% 88.2% $ 539.82 65.7%
Jacksonville 2,846 $ 6,113 $ 2,088 $ 4,025 94.1% 91.9% $ 729.62 60.8%
Memphis 4,405 $ 7,729 $ 3,533 $ 4,196 93.7% 87.9% $ 636.41 55.6%
Nashville 1,399 $ 2,883 $ 1,138 $ 1,745 96.0% 87.0% $ 713.50 60.5%
All other middle 2,320 $ 4,099 $ 1,536 $ 2,563 95.0% 84.3% $ 639.99 60.0%
- --------------------------------------------------------------------------------------------------------------------------
Middle Tier Markets 13,716 $ 25,300 $ 10,466 $ 14,834 94.4% 87.5% $ 653.27 59.4%
Augusta/Aiken 912 $ 1,593 $ 630 $ 963 94.1% 87.6% $ 606.19 69.2%
Chattanooga 943 $ 1,538 $ 682 $ 856 93.7% 89.5% $ 570.59 52.3%
Columbia 576 $ 1,015 $ 512 $ 503 92.7% 79.1% $ 655.25 61.8%
Columbus 1,293 $ 2,568 $ 1,087 $ 1,481 93.7% 90.5% $ 685.66 105.2%
Huntsville 544 $ 865 $ 394 $ 471 85.1% 77.2% $ 626.96 60.7%
Jackson, TN 664 $ 1,088 $ 529 $ 559 93.8% 84.2% $ 593.71 63.0%
Jackson, MS 1,577 $ 2,889 $ 1,079 $ 1,810 95.7% 91.1% $ 621.59 64.2%
Lexington 924 $ 1,704 $ 633 $ 1,071 91.8% 82.0% $ 691.87 60.2%
Little Rock 808 $ 1,523 $ 523 $ 1,000 93.1% 91.7% $ 634.03 60.9%
Macon/Warner Robbins 904 $ 1,798 $ 708 $ 1,090 97.0% 91.2% $ 670.66 63.9%
Southeast Georgia 566 $ 997 $ 393 $ 604 91.3% 86.4% $ 621.40 68.2%
All other small 3,578 $ 7,539 $ 2,739 $ 4,800 94.5% 90.1% $ 724.58 64.0%
- --------------------------------------------------------------------------------------------------------------------------
Small Tier Markets 13,289 $ 25,117 $ 9,909 $ 15,208 93.8% 88.2% $ 660.14 67.0%
- --------------------------------------------------------------------------------------------------------------------------
Total Same Store 33,143 $ 62,041 $ 25,984 $ 36,057 93.7% 86.6% $ 665.30 62.8%
==========================================================================================================================
(1) 2004 expenses exclude expenses related to hurricanes.
(2) Economic Occupancy represents Net Potential Rent less Delinquencies,
Vacancies and Cash Concessions divided by Net Potential Rent.
PERCENT CHANGE FROM THREE MONTHS ENDED SEP 30, 2004 (PRIOR QUARTER (1)(3) ) AND DEC 31, 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 2.3% 2.1% -5.9% -4.7% 8.8% 7.4% -0.9% 3.5% -0.6% -3.8%
Dallas 0.6% -2.3% 6.3% -1.9% -5.8% -2.9% 0.4% -1.3% 2.0% 2.7%
Houston -0.5% -7.0% 0.4% 4.7% -1.5% -17.7% -0.1% 1.7% 1.6% -1.5%
Tampa -0.6% 0.9% -1.4% -7.8% -0.1% 8.5% 0.7% 3.5% 1.2% 3.2%
- --------------------------------------------------------------------------------------------------------------------------
Large Tier Markets 0.6% -1.4% 0.3% -2.4% 0.8% -0.5% 0.0% 1.5% 1.0% 0.0%
Austin -6.2% -3.0% -3.3% 1.1% -9.7% -7.5% 2.6% 2.0% 0.8% 1.6%
Greenville 5.7% 3.6% -6.1% -7.3% 16.7% 13.6% -2.6% 0.4% -0.9% -1.5%
Jacksonville -0.7% 0.0% -6.5% -3.2% 2.6% 1.7% -1.2% 0.1% 0.4% 2.7%
Memphis -2.8% -1.5% -5.1% 2.3% -0.8% -4.5% -2.3% 1.5% -0.4% -3.1%
Nashville -1.1% 1.8% -6.2% 1.3% 2.6% 2.2% -1.1% 4.0% -0.5% -1.0%
All other middle -1.9% 1.1% -19.4% -10.7% 12.9% 9.8% -0.7% 0.0% 0.5% 2.1%
- --------------------------------------------------------------------------------------------------------------------------
Middle Tier Markets -1.5% 0.0% -7.8% -2.1% 3.5% 1.5% -1.2% 1.2% 0.0% -0.2%
Augusta/Aiken -2.9% -0.4% -9.1% 0.3% 1.7% -0.8% -3.1% 1.4% -0.1% -1.9%
Chattanooga -0.9% 2.9% -4.3% -5.8% 2.0% 11.2% -2.4% 0.5% -0.5% 0.8%
Columbia 0.7% 0.5% -10.6% -2.8% 15.6% 4.1% -2.3% 4.0% -0.2% -2.4%
Columbus -4.5% -4.2% -1.4% 5.6% -6.7% -10.4% -2.3% -1.6% 0.0% 1.7%
Huntsville -9.1% -11.8% -1.3% -2.2% -14.8% -18.5% -6.3% -7.2% -0.2% -1.9%
Jackson, TN 2.1% 4.0% -7.4% -11.5% 12.9% 24.8% -1.2% 0.0% 0.7% 1.9%
Jackson, MS -4.6% -0.9% -5.9% 1.6% -3.7% -2.4% -2.1% -0.6% -0.7% 2.3%
Lexington -6.9% 1.7% -1.6% -1.9% -9.8% 3.9% -4.5% -2.6% -0.2% -1.4%
Little Rock 2.0% 2.5% -6.3% -7.9% 7.0% 8.9% -3.4% -1.8% 0.4% 1.2%
Macon/Warner Robbins -1.2% 1.3% -0.1% 7.4% -1.8% -2.3% 0.5% 3.9% -0.2% 0.8%
Southeast Georgia -1.7% -2.6% 1.6% 10.1% -3.7% -9.4% -3.8% 0.0% 0.6% 1.6%
All other small -2.2% 1.9% 0.7% 5.3% -3.8% 0.0% -1.1% -0.3% 0.4% 1.5%
- --------------------------------------------------------------------------------------------------------------------------
Small Tier Markets -2.7% 0.1% -3.0% 1.1% -2.4% -0.5% -2.1% -0.3% 0.0% 0.8%
- --------------------------------------------------------------------------------------------------------------------------
Total Same Store -1.6% -0.2% -4.3% -1.0% 0.5% 0.3% -1.4% 0.6% 0.2% 0.2%
==========================================================================================================================
With Hurricane Expenses -1.6% -0.2% -5.1% -0.4% 1.1% -0.1% -1.4% 0.6% 0.2% 0.2%
(3) Prior Quarter comparisons reflect a year to date adjustment made in the
third quarter to include the effect of straight-lining the greater level of
lease concessions granted.
- ---------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEETS (in thousands)
- ---------------------------------------------------------------------------------------------------------------------------
December 31, December 31,
2004 2003
--------------- -----------------
Assets
Gross real estate assets $ 1,836,776 $ 1,670,417
Accumulated depreciation (399,762) (339,704)
Other real estate assets, net 22,938 21,136
- ---------------------------------------------------------------------------------------
Real estate assets, net 1,459,952 1,351,849
Cash and cash equivalents, including restricted cash 15,174 19,523
Other assets 38,602 35,161
Assets held for disposition 8,579 -
- ---------------------------------------------------------------------------------------
Total assets $ 1,522,307 $ 1,406,533
=======================================================================================
Liabilities
Notes payable $ 1,083,473 $ 951,941
Other liabilities 49,969 61,279
Liabilities associated with assets held for disposition 164 -
- ---------------------------------------------------------------------------------------
Total liabilities 1,133,606 1,013,220
Shareholders' equity and minority interest 388,701 393,313
- ---------------------------------------------------------------------------------------
Total liabilities and shareholders' equity $ 1,522,307 $ 1,406,533
=======================================================================================
- ---------------------------------------------------------------------------------------------------------------------------
SHARE AND UNIT DATA (in thousands)
- ---------------------------------------------------------------------------------------------------------------------------
Three months ended Twelve months ended
December 31, December 31,
-------------------------------- ----------------------------------
2004 2003 2004 2003
-------------- ---------------- --------------- -----------------
Weighted average common shares - Basic 20,612 19,598 20,317 18,374
Weighted average common shares - Diluted (1) 20,969 19,949 20,652 18,636
Weighted average common shares and units - Basic 23,255 22,285 22,981 21,093
Weighted average common shares and units - Diluted 23,612 22,637 23,316 21,354
Common shares at December 31 - Basic 20,857 20,032 20,857 20,032
Common shares at December 31 - Diluted 21,226 20,410 21,226 20,410
Common shares and units at December 31 - Basic 23,492 22,713 23,492 22,713
Common shares and units at December 31 - Diluted 23,861 23,091 23,861 23,091
(1) For periods where the Company reported a net loss available for common
shareholders, the effect of dilutive shares has been excluded from net loss
per share available for common shareholder computations as including such
shares would be anti-dilutive. In such periods, weighted average common
shares - diluted in the above table has been adjusted to represent
potential dilutive shares.
- ---------------------------------------------------------------------------------------------------------------------------
OPERATING RESULTS (Dollars and shares in thousands except per share data)
- ---------------------------------------------------------------------------------------------------------------------------
Three Months Ended Trailing
December 31, 2004 4 Quarters
---------------------- -------------
Net income $ 12,020 $ 25,198
Gain on debt extinguishment (1,274) (1,095)
Net (gain) loss on insurance and other settlement proceeds 421 (2,683)
Gain on dispositions of unconsolidated entities (3,249) (3,249)
Net gain on insurance and other settlement proceeds
of discontinued operations - (526)
Gain on sale of discontinued operations (5,825) (5,825)
Depreciation 17,592 68,653
Amortization of deferred financing costs 452 1,753
Interest expense 13,619 50,858
- -------------------------------------------------------------------------------------------------
EBITDA $ 33,756 $ 133,084
- -------------------------------------------------------------------------------------------------
Three Months Ended December 31, Twelve Months Ended December 31,
----------------------------------- ------------------------------------
2004 2003 2004 2003
----------------- ---------------- ---------------- ------------------
EBITDA/Debt Service 2.39x 2.57x 2.50x 2.50x
EBITDA/Fixed Charges 2.40x 2.64x 2.53x 2.56x
Total Debt as % of Gross Real Estate Assets 58% 56% 58% 56%
- ----------------------------------------------------------------------------------------------------------------------------
DEBT AS OF DECEMBER 31, 2004
- ----------------------------------------------------------------------------------------------------------------------------
Dollars in thousands
Principal Average Years Average
Balance to Maturity(1) Rate
-------------- ------------------- -------------
Conventional - Fixed Rate or Swapped $ 721,327 7.7 6.4%
Conventional - Fixed Rate - Forward Swapped (2) 50,000 8.4 3.0%
Tax-free - Fixed Rate or Swapped 87,960 14.0 4.8%
Conventional - Variable Rate 190,756 6.3 3.0%
Tax-free - Variable Rate 10,855 25.8 2.7%
Tax-free - Variable Rate - Capped (3) 22,575 4.2 2.7%
- --------------------------------------------------------------------------------------------------
Total $ 1,083,473 8.1 5.4%
(1) Maturities on swapped balances are calculated using the life of the
underlying variable debt.
(2) As the $50 million forward swap listed above does not go into effect until
May 2, 2005, its effective rate of 5.2% is replaced in the table with the
rate of its underlying debt to accurately reflect the average interest rate
of the Company at December 31, 2004.
(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
-------------- ----------
2005 $ 99,262 5.7%
2006 49,591 6.9%
2007 92,800 5.9%
2008 191,514 6.1%
2009 100,230 6.5%
2010 90,000 5.5%
2011 101,000 5.2%
2012 (1) 75,000 5.3%
Thereafter 59,890 6.1%
- ----------------------------------------------------------------------------
Total $ 859,287 5.9%
(1) Includes the impact of a $50 million forward swap which goes into effect on
May 2, 2005 and has an effective rate of 5.2%.
- ----------------------------------------------------------------------------------------------------------------------------
OTHER DATA
- ----------------------------------------------------------------------------------------------------------------------------
Three Months Ended December 31, Twelve Months Ended December 31,
---------------------------------- --------------------------------------
2004 2003 2004 2003
---------------- ---------------- ------------------ ------------------
PER SHARE DATA
Dividend declared per common share $0.585 $0.585 $2.340 $2.340
DIVIDEND INFORMATION (latest declaration)
Payment Payment Record
per Share Date Date
------------------ -------------- -------------
Common Dividend - quarterly $0.5850 01/31/2005 01/24/2005
Preferred Series F - monthly $0.1927 02/15/2005 02/01/2005
Preferred Series H - quarterly $0.51875 12/23/2004 12/13/2004