EXHIBIT 99.2 Supplemental Data Schedules
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COMMUNITY STATISTICS Dollars in thousands except Average Rental Rate
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As of June 30, 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 2,693 $ 168,435 8.7% 93.8% $ 744.30
Dallas 3,316 $ 183,158 9.4% 90.3% $ 745.32
Houston 1,584 $ 81,374 4.2% 93.2% $ 757.82
Tampa 1,120 $ 65,445 3.4% 96.7% $ 801.42
South Florida 480 $ 51,372 2.6% 95.8% $ 1,054.19
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Large Tier Markets 9,193 $ 549,784 28.3% 92.9% $ 770.14
Austin 1,464 $ 71,648 3.7% 92.8% $ 691.94
Greenville 1,492 $ 61,474 3.2% 94.6% $ 541.47
Jacksonville 3,347 $ 173,089 8.9% 96.1% $ 763.70
Memphis 4,405 $ 208,913 10.8% 92.8% $ 644.84
Nashville 1,855 $ 119,414 6.1% 95.6% $ 713.03
All other middle 2,320 $ 102,865 5.3% 93.8% $ 643.16
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Middle Tier Markets 14,883 $ 737,403 38.0% 94.2% $ 674.08
Augusta/Aiken 912 $ 37,906 1.9% 94.8% $ 615.05
Chattanooga 943 $ 36,250 1.9% 94.5% $ 571.77
Columbia 576 $ 29,840 1.5% 96.2% $ 664.89
Columbus 1,293 $ 61,795 3.2% 93.0% $ 687.72
Huntsville 544 $ 27,209 1.4% 93.4% $ 626.60
Jackson, TN 664 $ 32,226 1.6% 95.3% $ 599.60
Jackson, MS 1,577 $ 67,381 3.5% 93.2% $ 629.94
Lexington 924 $ 58,076 3.0% 94.5% $ 696.56
Little Rock 808 $ 38,176 2.0% 95.4% $ 634.72
Macon/Warner Robins 904 $ 49,722 2.6% 97.0% $ 678.20
Southeast Georgia 566 $ 26,031 1.3% 91.9% $ 621.03
All other small 3,578 $ 190,979 9.8% 96.3% $ 727.16
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Small Tier Markets 13,289 $ 655,591 33.7% 94.9% $ 664.28
Total Portfolio
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(including JV properties) 37,365 $ 1,942,778 100.0% 94.1% $ 694.23
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NUMBER OF APARTMENT UNITS
2005 2004
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June 30 March 31 December 31 September 30 June 30
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100% Owned Properties 36,843 37,275 36,618 35,766 35,382
Properties in Joint Ventures 522 1,286 1,286 1,570 1,570
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Total Portfolio 37,365 38,561 37,904 37,336 36,952
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SAME STORE Dollars in thousands except Average Rental Rate
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Revenues by market are presented before the impact of the adjustment to straight-line concessions.
A reconciliation to total revenue is provided below.
CURRENT PERIOD ACTUALS
As of June 30, 2005 unless otherwise noted
Three Months Ended Average Twelve
June 30, 2005 Physical Economic Rental Month
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Units Revenue Expense NOI Occupancy Occupancy(1) Rate Turn Rate
------- ---------- ---------- ----------- ------------ ------------- ----------- ------------
Atlanta 1,652 $ 3,307 $ 1,418 $ 1,889 93.8% 87.2% $ 698.51 60.0%
Dallas 2,554 $ 4,323 $ 2,134 $ 2,189 90.3% 74.6% $ 667.32 55.8%
Houston 1,310 $ 2,463 $ 1,321 $ 1,142 93.7% 77.2% $ 736.26 66.3%
Tampa 1,120 $ 2,739 $ 1,130 $ 1,609 96.7% 91.4% $ 801.42 53.2%
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Large Tier Markets 6,636 $ 12,832 $ 6,003 $ 6,829 92.9% 81.4% $ 711.33 58.5%
Austin 1,254 $ 2,156 $ 1,173 $ 983 92.1% 77.8% $ 641.67 56.9%
Greenville 1,492 $ 2,359 $ 1,076 $ 1,283 94.6% 89.1% $ 541.47 62.9%
Jacksonville 3,347 $ 7,862 $ 2,728 $ 5,134 96.1% 92.7% $ 763.70 64.3%
Memphis 4,405 $ 7,972 $ 3,530 $ 4,442 92.8% 85.8% $ 644.84 57.9%
Nashville 1,855 $ 4,015 $ 1,600 $ 2,415 95.6% 90.1% $ 713.03 58.0%
All other middle 2,320 $ 4,215 $ 1,847 $ 2,368 93.8% 84.6% $ 643.16 60.9%
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Middle Tier Markets 14,673 $ 28,579 $ 11,954 $ 16,625 94.2% 87.6% $ 669.53 60.2%
Augusta/Aiken 912 $ 1,608 $ 639 $ 969 94.8% 85.2% $ 615.05 68.6%
Chattanooga 943 $ 1,577 $ 680 $ 897 94.5% 90.9% $ 571.77 52.9%
Columbia 576 $ 1,097 $ 497 $ 600 96.2% 86.4% $ 664.89 60.9%
Columbus 1,293 $ 2,496 $ 999 $ 1,497 93.0% 92.3% $ 687.72 103.8%
Huntsville 544 $ 922 $ 389 $ 533 93.4% 84.6% $ 626.60 55.7%
Jackson, TN 664 $ 1,161 $ 528 $ 633 95.3% 88.0% $ 599.60 64.0%
Jackson, MS 1,577 $ 2,926 $ 1,101 $ 1,825 93.2% 88.7% $ 629.94 61.8%
Lexington 924 $ 1,779 $ 650 $ 1,129 94.5% 85.2% $ 696.56 59.1%
Little Rock 808 $ 1,519 $ 538 $ 981 95.4% 90.1% $ 634.72 59.0%
Macon/Warner Robins 904 $ 1,892 $ 695 $ 1,197 97.0% 93.4% $ 678.20 64.5%
Southeast Georgia 566 $ 1,059 $ 409 $ 650 91.9% 91.2% $ 621.03 72.3%
All other small 3,578 $ 7,846 $ 2,841 $ 5,005 96.3% 93.3% $ 727.16 63.5%
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Small Tier Markets 13,289 $ 25,882 $ 9,966 $ 15,916 94.9% 90.3% $ 664.28 66.3%
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Operating Same Store 34,598 $ 67,293 $ 27,923 $ 39,370 94.2% 87.4% $ 675.53 62.2%
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Concession Straight-
line Adjustment (2) $ (95) $ (95)
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Total Same Store $ 67,198 $ 39,275
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(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 on
a straight-line basis.
PERCENT CHANGE FROM THREE MONTHS ENDED MARCH 31, 2005 (PRIOR QUARTER ) AND JUNE 30, 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
--------- -------- ---------- -------- ---------- -------- ----------- -------- --------- ---------
Atlanta 0.0% 1.2% 5.6% 1.3% -3.9% 1.1% 0.4% 1.8% 0.0% -0.3%
Dallas -1.2% -0.1% -6.2% -8.0% 4.3% 9.1% -0.9% 1.2% -0.4% 4.7%
Houston -1.4% -2.9% 7.4% 14.0% -9.9% -17.1% -0.8% 3.0% 0.9% 2.6%
Tampa 4.0% 10.0% 7.4% 5.1% 1.8% 13.6% -0.1% 4.4% 0.6% 2.9%
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Large Tier Markets 0.2% 1.7% 1.7% 0.8% -1.2% 2.4% -0.4% 2.2% 0.2% 2.7%
Austin -0.3% 0.4% 5.2% 3.3% -6.2% -3.0% -0.6% 0.1% 0.9% 3.7%
Greenville -0.3% 1.8% 4.2% 8.4% -3.8% -3.1% 0.4% -0.1% 0.3% -1.2%
Jacksonville 4.5% 11.0% 5.2% 1.6% 4.2% 16.7% 0.1% 5.3% 0.1% 1.3%
Memphis -0.5% 0.2% 0.3% 1.6% -1.2% -0.8% -0.1% -2.1% 0.7% 0.2%
Nashville 1.4% 4.1% 1.9% 6.2% 1.1% 2.7% 0.4% 1.7% 0.7% -0.5%
All other middle -1.2% 0.9% 6.3% 5.2% -6.3% -2.3% 1.1% -0.1% 0.4% 1.4%
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Middle Tier Markets 1.0% 3.8% 3.3% 3.5% -0.6% 4.0% 0.2% 0.8% 0.5% 0.7%
Augusta/Aiken -0.7% -1.3% 0.8% 4.8% -1.6% -4.9% 1.5% 3.3% 1.0% -0.6%
Chattanooga 2.3% 2.5% -2.0% -3.0% 5.8% 7.2% 1.1% 0.6% 0.1% -0.9%
Columbia 2.0% 5.6% 1.4% 1.8% 2.6% 8.9% 1.6% 6.6% 0.9% 0.4%
Columbus -1.5% -11.4% -8.5% -0.1% 3.9% -17.6% 3.9% -0.9% 0.0% 0.9%
Huntsville 5.3% -1.2% -1.8% -3.2% 11.0% 0.4% 3.5% 0.4% -0.1% 0.0%
Jackson, TN 4.3% 9.1% 4.6% 1.7% 4.1% 16.1% -0.2% -0.5% 0.8% 2.8%
Jackson, MS -2.5% 0.2% 1.9% 0.8% -4.9% -0.1% -1.0% -1.8% 0.6% 1.7%
Lexington 2.3% 0.9% 6.2% 7.3% 0.2% -2.4% 4.2% 0.9% 0.5% -0.2%
Little Rock 1.7% 0.4% 3.1% 2.5% 1.0% -0.7% 1.2% 0.6% 0.1% 0.7%
Macon/Warner Robbins 1.3% 3.2% 1.9% 4.5% 1.0% 2.5% 0.0% 1.4% 0.8% 1.8%
Southeast Georgia 2.4% 4.0% 7.6% 8.8% -0.6% 1.2% -3.7% -2.7% -0.6% 0.7%
All other small 2.1% 4.6% 2.7% 4.1% 1.7% 4.9% 2.0% 2.8% 0.2% 1.2%
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Small Tier Markets 1.2% 1.2% 1.1% 2.6% 1.2% 0.4% 1.4% 1.1% 0.3% 0.8%
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Operating Same Store 0.9% 2.4% 2.2% 2.6% 0.0% 2.2% 0.5% 1.2% 0.4% 1.2%
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Including concession straight-line adjustment:
Total Same Store 1.1% 2.2% 0.4% 2.0%
================= ====================
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OPERATING RESULTS (Dollars and shares in thousands except per share data)
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Three Months Ended Trailing
June 30, 2005 4 Quarters
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Net income $ 8,193 $ 27,670
Depreciation 18,404 71,226
Interest expense 14,473 54,692
(Gain) loss on debt extinguishment 90 (1,218)
Amortization of deferred financing costs 489 1,837
Net (gain) loss on insurance and other
settlement proceeds 16 182
Gain on sale of non-depreciable assets (334) (334)
Gain on dispositions within unconsolidated entities (3,034) (6,283)
Net loss on insurance and other settlement
proceeds of discontinued operations - 25
(Gain) loss on sale of discontinued operations - (5,825)
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EBITDA $ 38,297 $ 141,972
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Three Months Ended June 30,
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2005 2004
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EBITDA/Debt Service 2.52x 2.63x
EBITDA/Fixed Charges 2.56x 2.64x
Total Debt as % of Gross Real Estate Assets 57% 58%
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OTHER DATA
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Three Months Ended June 30, Six Months Ended June 30,
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2005 2004 2005 2004
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PER SHARE DATA
Dividend declared per common share $0.585 $0.585 $1.170 $1.170
DIVIDEND INFORMATION (latest declaration)
Payment Payment Record
per Share Date Date
--------------- ---------------- --------------
Common Dividend - quarterly $ 0.5850 07/29/2005 07/19/2005
Preferred Series F - monthly $ 0.1927 08/15/2005 08/01/2005
Preferred Series H - quarterly $0.51875 06/23/2005 06/13/2005
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DEBT AS OF JUNE 30, 2005
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Dollars in thousands
Principal Average Years Average
Balance to Maturity Rate
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Conventional - Fixed Rate or Swapped (1) $ 781,388 5.6 5.7%
Tax-free - Fixed Rate or Swapped (1) 87,410 9.9 4.7%
Preferred Series G - Called May 26, 2006 10,000 0.9 8.6%
Conventional - Variable Rate 174,419 7.2 3.9%
Tax-free - Variable Rate 10,855 14.9 3.3%
Conventional - Variable Rate - Capped (2) 11,720 3.7 3.9%
Tax-free - Variable Rate - Capped (2) 10,855 2.8 3.2%
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Total Debt Outstanding $ 1,086,647 6.3 5.3%
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Forward Swaps (3) $ 150,000 7.4 5.1%
(1) Maturities on existing swapped balances are calculated using the life of
the underlying variable debt.
(2) As the cap rate of 6.0% has not been reached, the average rate represents
the rate on the underlying variable debt.
(3) Represents swaps on existing debt outstanding which have not gone into
effect yet. Some of the forward swaps will replace existing swaps when they
mature.
FIXED RATE MATURITIES
Includes the impact of forward swaps
Balance Rate
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2005 $ 60,000 7.2%
2006 73,817 5.6%
2007 92,800 5.9%
2008 190,758 6.1%
2009 100,230 6.6%
2010 90,000 5.5%
2011 116,000 5.3%
2012 125,000 5.2%
2013 100,000 5.2%
Thereafter 80,193 6.2%
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Total $ 1,028,798 5.8%
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