Supplemental Data

COMMUNITY STATISTICS Dollars in thousands except Average Rental Rate


	As of March 31, 2006
					Percent to						Average
			Gross		Total of			Physical			Rental
	Units		Real Assets		Gross Assets			Occupancy			Rate

Atlanta		2,693	$	169,600		8.2	%		94.2	%	$	730.73
Dallas		3,794	$	216,199		10.4	%		93.9	%	$	738.86
Houston		1,584	$	82,232		4.0	%		95.8	%	$	766.18
Tampa		1,120	$	65,894		3.2	%		97.1	%	$	822.54
South Florida		480	$	51,715		2.5	%		99.4	%	$	1,096.56
Large Tier Markets		9,671	$	585,640		28.3	%		95.0	%	$	768.51

Austin		1,776	$	100,534		4.8	%		95.4	%	$	714.16
Greenville		1,492	$	61,932		3.0	%		97.5	%	$	557.53
Jacksonville		3,347	$	174,615		8.4	%		96.6	%	$	780.08
Memphis		4,405	$	211,486		10.2	%		93.3	%	$	657.51
Nashville		1,855	$	119,283		5.8	%		95.6	%	$	725.88
Raleigh/Durham		828	$	64,489		3.1	%		97.2	%	$	692.53
All other middle		2,126	$	93,996		4.5	%		95.2	%	$	660.73
Middle Tier Markets		15,829	$	826,335		39.8	%		95.4	%	$	690.63

Augusta/Aiken		912	$	38,370		1.8	%		95.0	%	$	636.30
Chattanooga		943	$	36,710		1.8	%		96.3	%	$	582.49
Columbia		576	$	30,033		1.4	%		94.1	%	$	680.77
Columbus		1,293	$	62,407		3.0	%		96.3	%	$	700.65
Huntsville		544	$	27,406		1.3	%		93.2	%	$	629.38
Jackson, MS		1,577	$	68,614		3.3	%		96.4	%	$	640.75
Jackson, TN		664	$	32,549		1.6	%		98.5	%	$	612.85
Lexington		924	$	58,479		2.8	%		90.3	%	$	700.39
Little Rock		808	$	38,599		1.9	%		95.3	%	$	644.20
Macon/Warner Robins		904	$	50,010		2.4	%		94.6	%	$	682.90
Southeast Georgia		566	$	26,395		1.3	%		95.4	%	$	624.16
All other small		3,578	$	192,816		9.3	%		96.6	%	$	747.36
Small Tier Markets		13,289	$	662,388		31.9	%		95.6	%	$	677.24

Total Portfolio
(including JV properties)		38,789	$	2,074,363		100.0	%		95.3	%	$	705.46

NUMBER OF APARTMENT UNITS

2006

2005

March 31

December 31

September 30

June 30

March 31

100% Owned Properties

38,267

37,705

36,843

37,275

Properties in Joint Ventures

522

1,286

Total Portfolio

38,789

38,227

37,365

38,561

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 March 31, 2006 unless otherwise noted

			Three Months Ended											Quarterly			Average		Twelve
			March 31, 2006								Physical			Economic			Rental		Month
	Units		Revenue			Expense		NOI			Occupancy			Occupancy ⁽¹⁾			Rate		Turn Rate

Atlanta		2,036	$	4,469		$	1,721	$	2,748			94.5	%		91.2	%	$	721.34		60.9	%
Dallas		2,794	$	5,275		$	2,481	$	2,794			94.4	%		85.1	%	$	678.40		53.7	%
Houston		1,584	$	3,362		$	1,645	$	1,717			95.8	%		83.2	%	$	766.18		69.1	%
Tampa		890	$	2,351		$	918	$	1,433			96.7	%		95.5	%	$	833.99		58.3	%
South Florida		480	$	1,682		$	628	$	1,054			99.4	%		98.6	%	$	1,096.56		41.5	%
Large Tier Markets		7,784	$	17,139		$	7,393	$	9,746			95.3	%		88.8	%	$	751.07		58.5	%

Austin		1,464	$	2,957		$	1,409	$	1,548			95.2	%		86.3	%	$	699.77		57.0	%
Greenville		1,492	$	2,542		$	1,071	$	1,471			97.5	%		92.4	%	$	557.53		63.4	%
Jacksonville		3,011	$	7,301		$	2,523	$	4,778			96.4	%		94.3	%	$	783.81		68.0	%
Memphis		4,034	$	7,462		$	3,420	$	4,042			93.1	%		86.4	%	$	659.79		59.0	%
Nashville		1,569	$	3,491		$	1,415	$	2,076			95.3	%		90.9	%	$	730.30		62.1	%
Raleigh/Durham		194	$	363		$	165	$	198			96.4	%		91.7	%	$	627.33		47.4	%
All other middle		1,830	$	3,326		$	1,359	$	1,967			94.8	%		87.1	%	$	633.42		59.1	%
Middle Tier Markets		13,594	$	27,442		$	11,362	$	16,080			95.1	%		89.7	%	$	684.47		61.5	%

Augusta/Aiken		912	$	1,690		$	657	$	1,033			95.0	%		86.8	%	$	636.30		70.8	%
Chattanooga		943	$	1,674		$	698	$	976			96.3	%		93.1	%	$	582.49		54.1	%
Columbia		576	$	1,141		$	488	$	653			94.1	%		87.7	%	$	680.77		67.2	%
Columbus		1,293	$	2,851		$	1,100	$	1,751			96.3	%		95.4	%	$	700.65		94.2	%
Huntsville		544	$	980		$	384	$	596			93.2	%		87.1	%	$	629.38		58.1	%
Jackson, TN		664	$	1,232		$	534	$	698			98.5	%		94.2	%	$	612.85		64.9	%
Jackson, MS		1,577	$	3,162		$	1,093	$	2,069			96.4	%		95.4	%	$	640.75		60.2	%
Lexington		924	$	1,746		$	632	$	1,114			90.3	%		82.4	%	$	700.39		63.2	%
Little Rock		808	$	1,565		$	546	$	1,019			95.3	%		92.6	%	$	644.20		58.2	%
Macon/Warner Robins		904	$	1,862		$	695	$	1,167			94.6	%		91.6	%	$	682.90		62.4	%
All other small		3,936	$	8,847		$	3,138	$	5,709			96.4	%		94.2	%	$	726.59		62.3	%
Small Tier Markets		13,081	$	26,750		$	9,965	$	16,785			95.5	%		92.2	%	$	675.20		65.6	%

Operating Same Store		34,459	$	71,331		$	28,720	$	42,611			95.3	%		90.4	%	$	695.99		62.4	%

Concession Straight-line Adjustment ⁽²⁾			$	(668	)			$	(668	)
Total Same Store			$	70,663				$	41,943

⁽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 DECEMBER 31, 2005 (PRIOR QUARTER ) AND MARCH 31, 2005 (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		4.3	%		6.2	%		-8.9	%		3.2	%		14.7	%		8.1	%		0.0	%		0.3	%		0.6	%		-0.9	%
Dallas		4.2	%		8.6	%		-4.4	%		-2.5	%		13.3	%		20.8	%		0.3	%		3.5	%		0.5	%		0.7	%
Houston		3.5	%		7.7	%		-1.4	%		9.7	%		8.7	%		5.9	%		0.9	%		1.2	%		0.2	%		2.0	%
Tampa		2.7	%		12.4	%		8.5	%		8.5	%		-0.7	%		15.0	%		0.3	%		0.2	%		1.5	%		3.4	%
South Florida		2.0	%		7.8	%		-13.7	%		8.3	%		14.4	%		7.6	%		-0.2	%		1.5	%		1.8	%		5.6	%
Large Tier Markets		3.7	%		8.2	%		-4.3	%		3.6	%		10.7	%		12.0	%		0.3	%		1.7	%		0.7	%		1.3	%

Austin		3.0	%		10.4	%		-5.1	%		5.7	%		11.6	%		15.1	%		-0.4	%		2.0	%		0.3	%		1.8	%
Greenville		2.7	%		6.9	%		-2.4	%		2.6	%		6.7	%		10.2	%		0.9	%		3.3	%		0.8	%		3.2	%
Jacksonville		0.8	%		7.0	%		1.9	%		5.9	%		0.3	%		7.6	%		0.6	%		0.4	%		0.6	%		2.2	%
Memphis		1.3	%		1.2	%		-0.3	%		4.6	%		2.8	%		-1.6	%		1.9	%		0.3	%		0.5	%		2.8	%
Nashville		-1.3	%		3.3	%		4.4	%		4.5	%		-4.8	%		2.4	%		0.5	%		0.5	%		0.4	%		2.1	%
Raleigh/Durham		0.8	%		5.5	%		5.1	%		6.5	%		-2.5	%		4.8	%		0.0	%		1.6	%		2.2	%		4.2	%
All other middle		2.3	%		3.5	%		-1.5	%		1.2	%		5.2	%		5.2	%		1.4	%		2.5	%		0.8	%		2.1	%
Middle Tier Markets		1.3	%		4.8	%		-0.2	%		4.4	%		2.3	%		5.0	%		1.0	%		1.2	%		0.6	%		2.4	%

Augusta/Aiken		-0.9	%		4.1	%		-3.4	%		2.8	%		0.7	%		4.9	%		1.4	%		1.7	%		0.7	%		4.5	%
Chattanooga		0.2	%		8.1	%		1.6	%		-0.3	%		-0.8	%		15.1	%		0.2	%		2.9	%		0.4	%		2.0	%
Columbia		2.1	%		5.7	%		-6.2	%		-1.0	%		9.2	%		11.4	%		0.0	%		-0.5	%		0.5	%		3.3	%
Columbus		9.3	%		12.1	%		-7.6	%		-0.4	%		23.4	%		21.6	%		4.5	%		7.1	%		0.5	%		1.8	%
Huntsville		3.0	%		11.4	%		-0.8	%		-4.0	%		5.7	%		24.2	%		0.0	%		3.3	%		1.2	%		0.4	%
Jackson, TN		5.9	%		10.4	%		-3.8	%		3.7	%		14.8	%		16.1	%		0.8	%		3.0	%		0.8	%		3.0	%
Jackson, MS		-1.3	%		5.1	%		2.9	%		0.3	%		-3.4	%		7.8	%		0.0	%		2.2	%		0.5	%		2.3	%
Lexington		-1.0	%		0.1	%		-10.9	%		2.4	%		5.7	%		-1.2	%		-1.2	%		0.0	%		-0.6	%		1.1	%
Little Rock		-1.0	%		4.5	%		1.7	%		3.6	%		-2.4	%		4.9	%		0.5	%		1.1	%		0.7	%		1.6	%
Macon/Warner Robbins		0.8	%		-0.6	%		-6.6	%		1.5	%		5.7	%		-1.8	%		0.0	%		-2.4	%		1.5	%		1.5	%
All other small		1.3	%		7.1	%		0.0	%		3.9	%		2.0	%		8.9	%		0.2	%		1.9	%		1.1	%		2.4	%
Small Tier Markets		1.5	%		6.3	%		-2.4	%		1.8	%		4.0	%		9.1	%		0.6	%		2.0	%		0.7	%		2.2	%

Operating Same Store		1.9	%		6.1	%		-2.0	%		3.3	%		4.8	%		8.2	%		0.7	%		1.6	%		0.7	%		2.1	%

Including concession straight-line adjustment:
Total Same Store		-0.8	%		5.5	%								0.1	%		7.1	%

SAME STORE (Dollars in thousands)

	Three Months Ended March 31,						Percent
	2006			2005			Change
Revenues
Operating	$	71,331		$	67,208			6.1	%
Straight-line adjustment ⁽¹⁾		(668	)		(234	)
Total Same Store	$	70,663		$	66,974			5.5	%

Expense	$	28,720		$	27,809			3.3	%

NOI
Operating	$	42,611		$	39,399			8.2	%
Straight-line adjustment ⁽¹⁾		(668	)		(234	)
Total Same Store	$	41,943		$	39,165			7.1	%

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
	March 31, 2006		4 Quarters

Net income	$	5,126	$	20,544
Depreciation		18,930		75,931
Interest expense		15,803		60,822
Loss on debt extinguishment		550		955
Amortization of deferred financing costs		485		2,036
Net (gain) loss on insurance and other
settlement proceeds		-		(742	)
Gain on sale of non-depreciable assets		-		(334	)
Gain on dispositions within unconsolidated entities		-		(3,034	)
EBITDA	$	40,894	$	156,178

	Three Months Ended March 31,
	2006			2005

EBITDA/Debt Service		2.51x			2.55x
Fixed Charge Coverage ⁽¹⁾		2.12x			2.09x
Total Debt as % of Gross Real Estate Assets		58	%		58	%

⁽¹⁾Fixed charge coverage represents EBITDA divided by interest expense and preferred dividends.

OTHER DATA

	Three Months Ended March 31,
	2006		2005
PER SHARE DATA
Dividend declared per common share	$	0.595	$	0.585

DIVIDEND INFORMATION (latest declaration)
	Payment		Payment		Record
	per Share		Date		Date
Common Dividend - quarterly	$	0.5950		4/29/2006		4/20/2006
Preferred Series F - monthly	$	0.1927		5/15/2006		5/1/2006
Preferred Series H - quarterly	$	0.51875		3/23/2006		3/13/2006

DEBT AS OF MARCH 31, 2006
Dollars in thousands
			Average Years
	Principal		to Contract		Average
	Balance		Maturity		Rate

Conventional - Fixed Rate or Swapped ⁽¹⁾	$	871,440		5.0		5.5	%
Tax-free - Fixed Rate or Swapped ⁽¹⁾		73,780		5.9		4.3	%
Preferred Series G - Called May 26, 2006		10,000		0.2		8.6	%
Conventional - Variable Rate		172,945		5.9		5.2	%
Tax-free - Variable Rate		10,855		14.2		4.0	%
Conventional - Variable Rate - Capped⁽²⁾		17,936		3.6		5.4	%
Tax-free - Variable Rate - Capped ⁽²⁾		24,090		3.7		3.9	%
Total Debt Outstanding	$	1,181,046		5.4		5.4	%

FIXED RATE MATURITIES


		Balance	Rate

	2006	$ 59,499	7.2%
	2007	92,800	5.9%
	2008	188,675	6.1%
	2009	100,230	6.5%
	2010	98,365	5.0%
	2011	133,000	5.3%
	2012	125,000	5.2%
	2013	100,000	5.2%
	Thereafter	57,651	6.4%
	Total	$ 955,220	5.8%

⁽¹⁾ Maturities on existing swapped balances are calculated using the life of the underlying variable debt.
⁽²⁾ As the capped rate of 6.0% has not been reached, the average rate represents the rate on the underlying variable debt.