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 March 31, 2005
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Percent to Average
Gross Total of Physical Rental
Units Real Assets Gross Assets Occupancy Rate
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Atlanta 3,157 $ 202,676 10.1% 92.9% $ 761.64
Dallas 3,616 $ 201,997 10.1% 91.3% $ 745.82
Houston 1,584 $ 81,151 4.0% 94.6% $ 751.10
Tampa 1,120 $ 65,072 3.2% 96.8% $ 796.51
South Florida 480 $ 51,266 2.6% 97.9% $ 1,038.65
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Large Tier Markets 9,957 $ 602,162 30.0% 93.3% $ 771.49
Austin 1,464 $ 71,359 3.6% 93.2% $ 687.72
Greenville 1,492 $ 61,225 3.1% 94.2% $ 539.99
Jacksonville 3,347 $ 172,812 8.6% 96.1% $ 762.92
Memphis 4,837 $ 222,580 11.1% 92.6% $ 628.76
Nashville 1,855 $ 119,144 5.9% 95.2% $ 708.05
All other middle 2,320 $ 102,093 5.1% 92.7% $ 640.82
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Middle Tier Markets 15,315 $ 749,213 37.4% 93.9% $ 666.50
Augusta/Aiken 912 $ 37,735 1.9% 93.3% $ 608.91
Chattanooga 943 $ 36,103 1.8% 93.4% $ 571.09
Columbia 576 $ 29,749 1.5% 94.6% $ 659.24
Columbus 1,293 $ 61,232 3.1% 89.2% $ 687.95
Huntsville 544 $ 27,115 1.3% 89.9% $ 627.03
Jackson, TN 664 $ 31,917 1.6% 95.5% $ 595.10
Jackson, MS 1,577 $ 67,053 3.3% 94.2% $ 626.27
Lexington 924 $ 57,983 2.9% 90.3% $ 692.86
Little Rock 808 $ 37,973 1.9% 94.2% $ 634.30
Macon/Warner Robbins 904 $ 49,399 2.5% 97.0% $ 672.70
Southeast Georgia 566 $ 25,947 1.3% 95.6% $ 625.01
All other small 3,578 $ 190,338 9.5% 94.3% $ 725.95
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Small Tier Markets 13,289 $ 652,544 32.6% 93.5% $ 662.13
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Total Portfolio
(including JV properties) 38,561 $ 2,003,919 100.0% 93.6% $ 692.10
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NUMBER OF APARTMENT UNITS
2005 2004
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March 31 December 31 September 30 June 30 March 31
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100% Owned Properties 37,275 36,618 35,766 35,382 35,142
Properties in Joint Ventures 1,286 1,286 1,570 1,570 1,570
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Total Portfolio 38,561 37,904 37,336 36,952 36,712
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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 March 31, 2005 unless otherwise noted
Three Months Ended Average Twelve
March 31, 2005 Physical Economic Rental Month
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Units Revenue Expense NOI Occupancy Occupancy(1) Rate Turn Rate
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Atlanta 1,652 $ 3,292 $ 1,343 $ 1,949 93.4% 87.2% $ 698.40 61.3%
Dallas 2,056 $ 3,482 $ 1,764 $ 1,718 90.8% 78.2% $ 649.97 56.1%
Houston 1,310 $ 2,503 $ 1,230 $ 1,273 94.5% 83.4% $ 729.43 66.8%
Tampa 1,120 $ 2,614 $ 1,052 $ 1,562 96.8% 91.2% $ 796.51 52.8%
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Large Tier Markets 6,138 $11,891 $ 5,389 $ 6,502 93.4% 84.4% $ 706.70 59.2%
Austin 1,254 $ 2,192 $ 1,115 $ 1,077 92.7% 81.2% $ 636.21 57.3%
Greenville 1,492 $ 2,363 $ 1,033 $ 1,330 94.2% 88.6% $ 539.99 63.3%
Jacksonville 2,846 $ 6,227 $ 2,116 $ 4,111 96.4% 93.8% $ 732.47 60.9%
Memphis 4,405 $ 7,940 $ 3,519 $ 4,421 92.8% 88.8% $ 640.38 57.5%
Nashville 1,399 $ 2,879 $ 1,148 $ 1,731 94.3% 91.2% $ 712.66 59.5%
All other middle 2,320 $ 4,188 $ 1,738 $ 2,450 92.7% 88.4% $ 640.82 60.3%
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Middle Tier Markets 13,716 $25,789 $10,669 $15,120 93.8% 89.5% $ 655.63 59.5%
Augusta/Aiken 912 $ 1,602 $ 634 $ 968 93.3% 88.9% $ 608.91 70.4%
Chattanooga 943 $ 1,533 $ 694 $ 839 93.4% 91.1% $ 571.09 55.6%
Columbia 576 $ 1,083 $ 490 $ 593 94.6% 85.9% $ 659.24 61.6%
Columbus 1,293 $ 2,535 $ 1,092 $ 1,443 89.2% 91.7% $ 687.95 110.3%
Huntsville 544 $ 882 $ 396 $ 486 89.9% 79.7% $ 627.03 60.3%
Jackson, TN 664 $ 1,104 $ 505 $ 599 95.5% 90.0% $ 595.10 63.9%
Jackson, MS 1,577 $ 2,981 $ 1,081 $ 1,900 94.2% 93.5% $ 626.27 64.1%
Lexington 924 $ 1,715 $ 612 $ 1,103 90.3% 84.6% $ 692.86 61.5%
Little Rock 808 $ 1,505 $ 522 $ 983 94.2% 90.2% $ 634.30 60.0%
Macon/Warner Robbins 904 $ 1,854 $ 682 $ 1,172 97.0% 96.0% $ 672.70 61.1%
Southeast Georgia 566 $ 1,024 $ 380 $ 644 95.6% 93.6% $ 625.01 67.8%
All other small 3,578 $ 7,644 $ 2,765 $ 4,879 94.3% 92.2% $ 725.95 64.5%
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Small Tier Markets 13,289 $25,462 $ 9,853 $15,609 93.5% 90.7% $ 662.13 67.8%
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Total Same Store 33,143 $63,142 $25,911 $37,231 93.6% 89.0% $ 667.70 62.8%
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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 DEC 31, 2004 (PRIOR QUARTER (2) ) AND MAR 31, 2004 (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
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Atlanta -0.3% -0.5% -0.4% -2.8% -0.2% 1.2% -0.9% 0.2% -0.2% -2.8%
Dallas 3.8% 0.1% -6.0% -0.5% 16.2% 0.6% 1.6% -0.9% 1.4% 6.3%
Houston 3.6% -5.1% -5.7% -1.4% 14.7% -8.4% 2.7% 3.4% 0.1% -0.2%
Tampa 2.4% 4.4% -2.4% -1.3% 6.0% 8.7% 1.2% 2.4% 0.3% 3.4%
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Large Tier Markets 2.3% -0.3% -3.9% -1.4% 8.1% 0.7% 1.1% 0.9% 0.5% 1.7%
Austin 4.3% 0.3% -3.6% -1.4% 14.0% 2.2% -1.1% 1.0% 0.7% 2.3%
Greenville -0.5% 1.9% 1.9% 0.5% -2.2% 2.9% -0.5% 0.2% 0.0% -1.7%
Jacksonville 1.9% 3.7% 1.3% -0.5% 2.1% 6.0% 2.3% 2.4% 0.4% 2.4%
Memphis 2.7% 1.2% -0.4% 2.1% 5.4% 0.5% -0.9% 0.2% 0.6% -1.5%
Nashville -0.1% 1.7% 0.9% 1.3% -0.8% 1.9% -1.7% 4.2% -0.1% -1.2%
All other middle 2.2% 1.3% 13.2% 3.7% -4.4% -0.3% -2.3% -1.1% 0.1% 1.7%
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Middle Tier Markets 1.9% 1.9% 1.9% 1.2% 1.9% 2.3% -0.6% 0.9% 0.4% 0.3%
Augusta/Aiken 0.6% 0.9% 0.6% 1.8% 0.5% 0.3% -0.8% 0.4% 0.4% -1.7%
Chattanooga -0.3% -2.5% 1.8% -3.1% -2.0% -2.0% -0.3% -0.1% 0.1% 0.5%
Columbia 6.7% 6.6% -4.3% 3.8% 17.9% 9.0% 1.9% 0.7% 0.6% -1.4%
Columbus -1.3% -4.9% 0.5% 14.2% -2.6% -15.7% -4.5% -6.7% 0.3% 1.9%
Huntsville 2.0% -7.5% 0.5% 0.3% 3.2% -12.9% 4.8% 0.6% 0.0% 0.2%
Jackson, TN 1.5% 0.2% -4.5% 2.2% 7.2% -1.5% 1.7% 2.4% 0.2% 3.2%
Jackson, MS 3.2% 1.8% 0.2% 0.2% 5.0% 2.8% -1.5% -1.4% 0.8% 1.4%
Lexington 0.6% -1.3% -3.3% -8.0% 3.0% 2.8% -1.5% -4.0% 0.1% 0.4%
Little Rock -1.2% 0.7% -0.2% 0.2% -1.7% 1.0% 1.1% -2.0% 0.0% 1.3%
Macon/Warner Robbins 3.1% 3.7% -3.7% 0.3% 7.5% 5.8% 0.0% 0.6% 0.3% 0.8%
Southeast Georgia 2.7% 1.5% -3.3% 5.6% 6.6% -0.8% 4.3% 2.0% 0.6% 2.1%
All other small 1.4% 2.5% 0.9% 1.8% 1.6% 2.9% -0.2% -0.4% 0.2% 1.5%
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Small Tier Markets 1.4% 0.6% -0.6% 1.8% 2.6% -0.2% -0.3% -1.0% 0.3% 1.0%
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Total Same Store 1.8% 0.9% -0.3% 0.9% 3.3% 1.0% -0.1% 0.1% 0.4% 0.9%
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(2) 2004 expenses exclude expenses related to hurricanes.
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CONSOLIDATED BALANCE SHEETS (in thousands)
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March 31, December 31,
2005 2004
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Assets
Gross real estate assets $ 1,890,250 $ 1,836,776
Accumulated depreciation (417,472) (399,762)
Other real estate assets, net 22,884 22,938
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Real estate assets, net 1,495,662 1,459,952
Cash and cash equivalents, including restricted cash 12,567 15,174
Other assets 37,784 38,602
Assets held for disposition 8,634 8,579
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Total assets $ 1,554,647 $ 1,522,307
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Liabilities
Notes payable $ 1,116,275 $ 1,083,473
Other liabilities 35,915 49,969
Liabilities associated with assets held for disposition 129 164
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Total liabilities 1,152,319 1,133,606
Other financing instruments 10,000 10,000
Shareholders' equity and minority interest 392,328 378,701
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Total liabilities and shareholders' equity $ 1,554,647 $ 1,522,307
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SHARE AND UNIT DATA (in thousands)
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Three months ended
March 31,
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2005 2004
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Weighted average common shares - Basic 20,928 20,038
Weighted average common shares - Diluted 21,212 20,365
Weighted average common shares and units - Basic 23,561 22,717
Weighted average common shares and units - Diluted 23,845 23,044
Common shares at March 31 - Basic 21,331 20,354
Common shares at March 31 - Diluted 21,599 20,607
Common shares and units at March 31 - Basic 23,964 23,025
Common shares and units at March 31 - Diluted 24,232 23,278
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OPERATING RESULTS (Dollars and shares in thousands except per share data)
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Three Months Ended Trailing
March 31, 2005 4 Quarters
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Net income $ 4,326 $ 24,469
(Gain) loss on debt extinguishment 4 (1,009)
Net gain on insurance and other settlement proceeds (7) (1,062)
Gain on dispositions of unconsolidated entities - (3,249)
Net (gain) loss on insurance and other settlement proceeds
of discontinued operations 25 (501)
Gain on sale of discontinued operations - (5,825)
Depreciation 18,049 69,696
Amortization of deferred financing costs 460 1,753
Interest expense 13,732 52,249
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EBITDA $ 36,589 $ 136,521
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Three Months Ended March 31,
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2005 2004
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EBITDA/Debt Service 2.55x 2.50x
EBITDA/Fixed Charges 2.58x 2.59x
Total Debt as % of Gross Real Estate Assets 58% 56%
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DEBT AS OF MARCH 31, 2005
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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 $ 732,256 5.4 6.1%
Conventional - Fixed Rate - Forward Swapped (2) 50,000 7.1 5.3%
Tax-free - Fixed Rate or Swapped 87,705 10.2 4.7%
Conventional - Variable Rate 212,884 5.6 3.7%
Tax-free - Variable Rate 10,855 15.2 3.0%
Conventional - Variable Rate - Capped (3) 11,720 8.0 3.5%
Tax-free - Variable Rate - Capped (3) 10,855 8.9 3.0%
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Total $1,116,275 6.0 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 did not go into effect until
May 1, 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 March 31, 2005.
(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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2005 $ 74,262 5.6%
2006 49,573 6.9%
2007 92,800 5.9%
2008 191,431 6.1%
2009 100,230 6.5%
2010 90,000 5.5%
2011 116,000 5.3%
2012 (1) 75,000 5.3%
Thereafter 80,665 6.2%
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Total $ 869,961 5.9%
(1) Includes the impact of a $50 million forward swap which went into effect on
May 1, 2005 and has an effective rate of 5.2%.
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OTHER DATA
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Three Months Ended March 31,
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2005 2004
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PER SHARE DATA
Dividend declared per common share $0.585 $0.585
DIVIDEND INFORMATION (latest declaration)
Payment Payment Record
per Share Date Date
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Common Dividend - quarterly $ 0.5850 04/29/2005 04/19/2005
Preferred Series F - monthly $ 0.1927 05/16/2005 05/01/2005
Preferred Series H - quarterly $0.51875 03/23/2005 03/13/2005