EXHIBIT 99.2 Supplemental Data Schedules
- ------------------------------------------------------------------------------------------------------------------------
COMMUNITY STATISTICS Dollars in thousands except Average Rental Rate
- ------------------------------------------------------------------------------------------------------------------------
As of September 30, 2005
-------------------------------------------------------------------------------------
Percent to Average
Gross Total of Physical Rental
Units Real Assets Gross Assets Occupancy Rate
------------------ -------------- ---------------- --------------- --------------
Atlanta 2,693 $ 168,905 8.4% 96.2% $ 730.27
Dallas 3,794 $ 215,083 10.7% 94.0% $ 744.36
Houston 1,584 $ 81,721 4.1% 96.0% $ 763.91
Tampa 1,120 $ 65,622 3.3% 96.9% $ 806.31
South Florida 480 $ 51,455 2.6% 99.0% $ 1,073.39
- ------------------------------------------------------------------------------------------------------------------------
Large Tier Markets 9,671 $ 582,786 29.1% 95.5% $ 767.15
Austin 1,464 $ 71,931 3.6% 93.5% $ 695.11
Greenville 1,492 $ 61,665 3.1% 97.3% $ 546.97
Jacksonville 3,347 $ 173,541 8.6% 97.8% $ 769.93
Memphis 4,405 $ 209,548 10.4% 93.8% $ 650.17
Nashville 1,855 $ 119,807 6.0% 98.3% $ 716.56
All other middle 2,704 $ 128,814 6.4% 96.1% $ 641.96
- ----------------------------------------------------------------------------------------------------------------------
Middle Tier Markets 15,267 $ 765,306 38.1% 95.9% $ 677.26
Augusta/Aiken 912 $ 38,143 1.9% 97.7% $ 625.58
Chattanooga 943 $ 36,512 1.8% 98.2% $ 574.16
Columbia 576 $ 29,950 1.5% 96.0% $ 673.92
Columbus 1,293 $ 61,989 3.1% 96.0% $ 693.36
Huntsville 544 $ 27,277 1.3% 94.3% $ 622.45
Jackson, TN 664 $ 32,386 1.6% 96.7% $ 602.38
Jackson, MS 1,577 $ 67,657 3.4% 98.4% $ 633.89
Lexington 924 $ 58,233 2.9% 93.1% $ 698.78
Little Rock 808 $ 38,403 1.9% 97.3% $ 636.21
Macon/Warner Robins 904 $ 49,841 2.5% 96.7% $ 681.36
Southeast Georgia 566 $ 26,195 1.3% 95.4% $ 621.28
All other small 3,578 $ 191,884 9.6% 97.5% $ 732.15
- ----------------------------------------------------------------------------------------------------------------------
Small Tier Markets 13,289 $ 658,470 32.8% 96.8% $ 668.36
- ----------------------------------------------------------------------------------------------------------------------
Total Portfolio
(including JV properties) 38,227 $ 2,006,562 100.0% 96.1% $ 696.91
========================================================================================================================
NUMBER OF APARTMENT UNITS
2005 2004
-------------------------------------------------- ---------------------------------
September 30 June 30 March 31 December 31 September 30
------------------ -------------- -------------- ---------------- ---------------
100% Owned Properties 37,705 36,843 37,275 36,618 35,766
Properties in Joint Ventures 522 522 1,286 1,286 1,570
- ------------------------------------------------------------------------------------------------------------------------
Total Portfolio 38,227 37,365 38,561 37,904 37,336
========================================================================================================================
- ---------------------------------------------------------------------------------------------------------------------------
SAME STORE Dollars in thousands except Average Rental Rate
- ---------------------------------------------------------------------------------------------------------------------------
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 September 30, 2005 unless otherwise noted
Three Months Ended Quarterly Average Twelve
September 30, 2005 Physical Economic Rental Month
----------------------------------
Units Revenue Expense NOI Occupancy Occupancy(1) Rate Turn Rate
--------- ----------- ----------- ---------- ----------- -------------- ----------- --------------
Atlanta 1,652 $ 3,163 $ 1,577 $ 1,586 95.3% 82.7% $ 700.13 65.6%
Dallas 2,554 $ 4,245 $ 2,416 $ 1,829 95.0% 75.7% $ 666.38 54.6%
Houston 1,310 $ 2,433 $ 1,351 $ 1,082 96.0% 76.9% $ 741.15 68.0%
Tampa 1,120 $ 2,814 $ 1,101 $ 1,713 96.9% 94.2% $ 806.31 53.5%
- ---------------------------------------------------------------------------------------------------------------------------
Large Tier Markets 6,636 $ 12,655 $ 6,445 $ 6,210 95.6% 81.2% $ 713.16 59.8%
Austin 1,254 $ 2,174 $ 1,255 $ 919 93.0% 80.9% $ 645.16 59.6%
Greenville 1,492 $ 2,385 $ 1,097 $ 1,288 97.3% 88.9% $ 546.97 61.7%
Jacksonville 3,347 $ 7,863 $ 2,804 $ 5,059 97.8% 93.6% $ 769.93 65.9%
Memphis 4,405 $ 7,818 $ 3,633 $ 4,185 93.8% 84.5% $ 650.17 57.8%
Nashville 1,855 $ 4,064 $ 1,685 $ 2,379 98.3% 91.9% $ 716.56 58.9%
All other middle 2,320 $ 4,223 $ 1,839 $ 2,384 95.6% 85.1% $ 647.43 59.5%
- ---------------------------------------------------------------------------------------------------------------------------
Middle Tier Markets 14,673 $ 28,527 $ 12,313 $ 16,214 95.8% 88.1% $ 674.53 60.6%
Augusta/Aiken 912 $ 1,655 $ 674 $ 981 97.7% 88.4% $ 625.58 67.4%
Chattanooga 943 $ 1,577 $ 729 $ 848 98.2% 90.4% $ 574.16 52.4%
Columbia 576 $ 1,140 $ 522 $ 618 96.0% 88.4% $ 673.92 63.7%
Columbus 1,293 $ 2,636 $ 1,049 $ 1,587 96.0% 90.5% $ 693.36 101.7%
Huntsville 544 $ 949 $ 394 $ 555 94.3% 84.3% $ 622.45 57.4%
Jackson, TN 664 $ 1,149 $ 573 $ 576 96.7% 89.4% $ 602.38 63.7%
Jackson, MS 1,577 $ 2,965 $ 1,149 $ 1,816 98.4% 90.8% $ 633.89 58.3%
Lexington 924 $ 1,766 $ 665 $ 1,101 93.1% 84.3% $ 698.78 59.7%
Little Rock 808 $ 1,575 $ 557 $ 1,018 97.3% 92.9% $ 636.21 59.3%
Macon/Warner Robins 904 $ 1,864 $ 718 $ 1,146 96.7% 92.8% $ 681.36 63.8%
All other small 4,144 $ 9,038 $ 3,331 $ 5,707 97.2% 93.2% $ 717.01 62.5%
- ---------------------------------------------------------------------------------------------------------------------------
Small Tier Markets 13,289 $ 26,314 $ 10,361 $ 15,953 96.8% 90.8% $ 668.36 65.4%
- ---------------------------------------------------------------------------------------------------------------------------
Operating Same Store 34,598 $ 67,496 $ 29,119 $ 38,377 96.2% 87.7% $ 679.57 62.3%
===========================================================================================================================
Concession Straight-line
Adjustment(2) $ 466 $ 466
- ---------------------------------------------------------------------------------------------------------------------------
Total Same Store $ 67,962 $ 38,843
========= =========
(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 JUNE 30, 2005 (PRIOR QUARTER ) AND SEPTEMBER 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 -4.4% -2.7% 11.2% 10.0% -16.0% -12.7% 1.5% 0.2% 0.2% -0.5%
Dallas -1.8% 1.3% 13.2% 4.8% -16.4% -3.0% 4.7% 5.1% -0.1% 2.3%
Houston -1.2% 3.0% 2.3% 3.9% -5.3% 1.9% 2.3% 4.1% 0.7% 3.4%
Tampa 2.7% 12.0% -2.6% -1.8% 6.5% 23.1% 0.2% 2.0% 0.6% 2.8%
- ----------------------------------------------------------------------------------------------------------------------------
Large Tier Markets -1.4% 2.8% 7.4% 4.6% -9.1% 0.9% 2.7% 3.1% 0.3% 1.9%
Austin 0.8% 2.1% 7.0% 4.9% -6.5% -1.6% 0.9% 1.8% 0.5% 3.0%
Greenville 1.1% 2.0% 2.0% 1.6% 0.4% 2.3% 2.6% -0.1% 1.0% 0.4%
Jacksonville 0.0% 11.1% 2.8% -3.6% -1.5% 21.4% 1.6% 3.2% 0.8% 1.5%
Memphis -1.9% -1.6% 2.9% -2.4% -5.8% -1.0% 1.0% -2.2% 0.8% 1.8%
Nashville 1.2% 4.8% 5.3% 2.9% -1.5% 6.3% 2.7% 1.1% 0.5% 0.7%
All other middle 0.2% 3.5% -0.4% -5.1% 0.7% 11.2% 1.8% -0.1% 0.7% 1.7%
- ----------------------------------------------------------------------------------------------------------------------------
Middle Tier Markets -0.2% 3.9% 3.0% -1.3% -2.5% 8.3% 1.6% 0.3% 0.7% 1.5%
Augusta/Aiken 2.9% 5.5% 5.5% -2.7% 1.2% 12.0% 2.9% 0.5% 1.7% 3.1%
Chattanooga 0.0% 2.9% 7.2% 2.2% -5.5% 3.5% 3.7% 2.1% 0.4% 0.1%
Columbia 3.9% 12.2% 5.0% -8.9% 3.0% 39.5% -0.2% 1.0% 1.4% 2.6%
Columbus 5.6% -1.9% 5.0% -4.8% 6.0% 0.1% 2.9% 0.0% 0.8% 1.1%
Huntsville 2.9% 4.5% 1.3% -1.3% 4.1% 9.0% 0.9% 2.9% -0.7% -0.9%
Jackson, TN -1.0% 9.4% 8.5% 0.4% -9.0% 20.3% 1.4% 1.7% 0.5% 2.1%
Jackson, MS 1.3% 1.6% 4.4% 0.2% -0.5% 2.6% 5.2% 0.6% 0.6% 1.3%
Lexington -0.7% 0.7% 2.3% 3.6% -2.5% -1.0% -1.4% -3.2% 0.3% 0.8%
Little Rock 3.7% 4.4% 3.5% -0.2% 3.8% 7.2% 1.9% 0.7% 0.2% 0.7%
Macon/Warner Robbins -1.5% 3.2% 3.3% 1.3% -4.3% 4.5% -0.3% 0.2% 0.5% 1.4%
All other small 1.5% 4.8% 2.5% 1.4% 0.9% 6.9% 1.5% 1.8% 0.6% 1.3%
- ----------------------------------------------------------------------------------------------------------------------------
Small Tier Markets 1.7% 3.7% 4.0% -0.3% 0.2% 6.5% 1.9% 0.9% 0.6% 1.3%
- ----------------------------------------------------------------------------------------------------------------------------
Operating Same Store 0.3% 3.6% 4.3% 0.3% -2.5% 6.3% 2.0% 1.1% 0.6% 1.5%
============================================================================================================================
Including concession straight-line adjustment:
Total Same Store 1.1% 2.4% -1.1% 4.1%
================ ==================
- ------------------------------------------------------------------------------------------------------------------------------------
SAME STORE (Dollars in thousands)
- ------------------------------------------------------------------------------------------------------------------------------------
Three Months Ended September 30, Percent
----------------------------------------
2005 2004 Change
------------------- ------------------- -------------
Revenues
Operating $ 67,496 $ 65,138 3.6%
Straight-line adjustment (1) 466 1,223
- ------------------------------------------------------------------------------------------------------------------
Total Same Store $ 67,962 $ 66,361 2.4%
==================================================================================================================
Expense $ 29,119 $ 29,031 0.3%
NOI
Operating $ 38,377 $ 36,107 6.3%
Straight-line adjustment (1) 466 1,223
- ------------------------------------------------------------------------------------------------------------------
Total Same Store $ 38,843 $ 37,330 4.1%
==================================================================================================================
(1) Represents the aggregate adjustment necessary to record cash concessions on a straight-line basis.
- -----------------------------------------------------------------------------------------------------------------------
OPERATING RESULTS (Dollars and shares in thousands except per share data)
- -----------------------------------------------------------------------------------------------------------------------
Three Months Ended Trailing
September 30, 2005 4 Quarters
--------------------- --------------
Net income $ 3,615 $ 28,154
Depreciation 19,176 73,221
Interest expense 15,332 57,156
(Gain) loss on debt extinguishment (12) (1,192)
Amortization of deferred financing costs 462 1,863
Net (gain) loss on insurance and other
settlement proceeds (874) (444)
Gain on sale of non-depreciable assets - (334)
Gain on dispositions within unconsolidated entities - (6,283)
Net loss on insurance and other settlement
proceeds of discontinued operations - 25
(Gain) loss on sale of discontinued operations - (5,825)
- ------------------------------------------------------------------------------------------
EBITDA $ 37,699 $ 146,341
==========================================================================================
Three Months Ended September 30,
------------------------------------
2005 2004
----------------- -----------------
EBITDA/Debt Service 2.36x 2.49x
Fixed Charge Coverage (1) 2.00x 2.01x
Total Debt as % of Gross Real Estate Assets 58% 57%
(1) Fixed charge coverage represents EBITDA divided by interest expense and preferred dividends.
OTHER DATA
Three Months Ended September 30, Nine Months Ended September 30,
----------------------------------- ---------------------------------
2005 2004 2005 2004
------------------- -------------- ------------------- ------------
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
---------------- ----------------- --------------
Common Dividend - quarterly $ 0.5950 10/31/2005 10/19/2005
Preferred Series F - monthly $ 0.1927 11/15/2005 11/01/2005
Preferred Series H - quarterly $0.51875 09/23/2005 09/13/2005
- ----------------------------------------------------------------------------------------------------------------------------
DEBT AS OF SEPTEMBER 30, 2005
- ----------------------------------------------------------------------------------------------------------------------------
Dollars in thousands
Average Years
Principal to Contract Average
Balance Maturity Rate
---------------- ----------------- ----------------
Conventional - Fixed Rate or Swapped (1) $ 772,512 5.0 5.7%
Tax-free - Fixed Rate or Swapped (1) 87,150 8.7 4.7%
Preferred Series G - Called May 26, 2006 10,000 0.7 8.6%
Conventional - Variable Rate 237,104 6.8 4.5%
Tax-free - Variable Rate 10,855 14.7 3.5%
Conventional - Variable Rate - Capped (2) 11,720 3.4 4.3%
Tax-free - Variable Rate - Capped (2) 10,855 2.6 3.4%
---------------------------------------------------
Total Debt Outstanding $ 1,140,196 5.8 5.4%
===================================================
Forward Swaps (3) $ 150,000 7.1 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. $25 million of the forward swaps will replace existing swaps
when they mature.
FIXED RATE MATURITIES
Includes forward swaps
Balance Rate
---------------- -----------------
2005 $ 25,000 6.3%
2006 83,799 5.9%
2007 92,800 5.9%
2008 190,080 6.1%
2009 100,230 6.5%
2010 90,000 5.5%
2011 133,000 5.3%
2012 125,000 5.2%
2013 100,000 5.2%
Thereafter 79,753 6.2%
----------------------------------
Total $ 1,019,662 5.8%
==================================