Supplemental Data

COMMUNITY STATISTICS Dollars in thousands except Average Rental Rate


	As of June 30, 2006
					Percent to					Average
				Gross	Total of		Physical			Rental
		Units		Real Assets	Gross Assets		Occupancy			Rate

Atlanta		2,693	$	170,008	8.1	%	94.5	%	$	739.45
Dallas		4,184	$	242,753	11.5	%	93.7	%	$	748.55
Houston		1,584	$	82,646	3.9	%	96.3	%	$	773.14
Orlando		288	$	12,976	0.6	%	98.6	%	$	738.02
Tampa		1,120	$	66,117	3.1	%	97.9	%	$	841.96
South Florida		480	$	51,941	2.5	%	97.9	%	$	1,154.00
Large Tier Markets		10,349	$	626,441	29.7	%	95.1	%	$	778.57

Austin		1,776	$	101,109	4.8	%	93.2	%	$	715.94
Greenville		1,492	$	62,422	2.9	%	97.1	%	$	566.78
Jacksonville		3,347	$	175,260	8.3	%	96.9	%	$	792.46
Memphis		4,405	$	213,588	10.1	%	93.4	%	$	664.69
Nashville		1,855	$	119,618	5.7	%	96.6	%	$	733.41
Raleigh/Durham		828	$	65,071	3.1	%	98.3	%	$	705.60
All other middle		1,838	$	81,779	3.9	%	94.6	%	$	661.18
Middle Tier Markets		15,541	$	818,847	38.8	%	95.3	%	$	698.63

Augusta/Aiken		912	$	38,703	1.8	%	95.5	%	$	648.42
Chattanooga		943	$	36,953	1.7	%	97.6	%	$	587.49
Columbus		1,293	$	62,840	3.0	%	92.3	%	$	707.70
Jackson, MS		1,577	$	69,129	3.3	%	94.7	%	$	648.56
Lexington		924	$	58,708	2.8	%	94.3	%	$	706.27
Little Rock		808	$	38,871	1.8	%	96.7	%	$	653.82
Macon/Warner Robins		904	$	50,124	2.4	%	95.8	%	$	691.68
All other small		5,928	$	310,627	14.7	%	94.1	%	$	714.17
Small Tier Markets		13,289	$	665,955	31.5	%	94.6	%	$	686.50

Total Portfolio
(including JV properties)		39,179	$	2,111,243	100.0	%	95.0	%	$	715.63



NUMBER OF APARTMENT UNITS

		2006					2005
		Jun 30		Mar 31	Dec 31		Sep 30			Jun 30

100% Owned Properties		38,657		38,267	37,705		37,705			36,843
Properties in Joint Ventures		522		522	522		522			522
Total Portfolio		39,179		38,789	38,227		38,227			37,365

SAME STORE Dollars in thousands except Average Rental Rate
Revenues by market are presented before the impact of straight-line adjustments. A reconciliation to total revenue is provided below.
Excludes six renovation communities.

CURRENT PERIOD ACTUALS
As of June 30, 2006 unless otherwise noted

				Three Months Ended										Quarterly			Average		Twelve
				June 30, 2006								Physical		Economic			Rental		Month
	Units			Revenue			Expense			NOI		Occupancy		Occupancy⁽¹⁾			Rate		Turn Rate

Atlanta	2,693		$	6,011		$	2,335		$	3,676		94.5	%	90.3	%	$	739.45		61.6	%
Dallas	2,794		$	5,310		$	2,447		$	2,863		94.0	%	85.3	%	$	679.15		52.5	%
Houston	1,584		$	3,373		$	1,590		$	1,783		96.3	%	83.8	%	$	773.14		68.8	%
Orlando	288		$	678		$	251		$	427		98.6	%	97.9	%	$	738.02		47.9	%
Tampa	890		$	2,393		$	929		$	1,464		97.4	%	94.7	%	$	854.11		56.2	%
South Florida	480		$	1,734		$	643		$	1,091		97.9	%	96.7	%	$	1,154.00		41.9	%
Large Tier Markets	8,729		$	19,499		$	8,195		$	11,304		95.3	%	88.9	%	$	760.70		57.9	%

Austin	1,464		$	2,928		$	1,422		$	1,506		93.6	%	85.0	%	$	706.17		58.5	%
Greenville	1,492		$	2,581		$	1,122		$	1,459		97.1	%	92.6	%	$	566.78		63.3	%
Jacksonville	3,011		$	7,398		$	2,546		$	4,852		96.9	%	94.1	%	$	795.19		68.1	%
Memphis	4,034		$	7,534		$	3,451		$	4,083		93.4	%	86.2	%	$	666.80		58.2	%
Nashville	1,569		$	3,447		$	1,423		$	2,024		96.2	%	89.4	%	$	737.49		62.8	%
Raleigh/Durham	194		$	370		$	167		$	203		97.9	%	92.2	%	$	645.38		49.5	%
All other middle	1,542		$	2,753		$	1,188		$	1,565		94.6	%	87.0	%	$	624.90		60.5	%
Middle Tier Markets	13,306		$	27,011		$	11,319		$	15,692		95.2	%	89.3	%	$	692.14		61.7	%

Augusta/Aiken	912		$	1,735		$	699		$	1,036		95.5	%	89.4	%	$	648.42		71.8	%
Chattanooga	943		$	1,704		$	723		$	981		97.6	%	93.9	%	$	587.49		53.2	%
Columbus	1,293		$	2,833		$	1,063		$	1,770		92.3	%	93.8	%	$	707.70		94.4	%
Jackson, MS	1,577		$	3,152		$	1,166		$	1,986		94.7	%	93.9	%	$	648.56		64.2	%
Lexington	924		$	1,823		$	677		$	1,146		94.3	%	86.0	%	$	706.27		62.1	%
Little Rock	808		$	1,556		$	599		$	957		96.7	%	90.7	%	$	653.82		55.6	%
Macon/Warner Robins	904		$	1,851		$	723		$	1,128		95.8	%	90.6	%	$	691.68		57.6	%
All other small	5,720		$	12,238		$	4,665		$	7,573		94.3	%	91.1	%	$	709.67		63.4	%
Small Tier Markets	13,081		$	26,892		$	10,315		$	16,577		94.7	%	91.4	%	$	684.10		65.8	%
Operating Same Store	35,116		$	73,402		$	29,829		$	43,573		95.0	%	89.9	%	$	706.19		62.3	%

Revenue Straight-line Adjustment ⁽²⁾			$	(475	)				$	(475	)
Total Same Store			$	72,927					$	43,098

⁽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 and certain fee revenues on a straight-line basis.

PERCENT CHANGE FROM THREE MONTHS ENDED MARCH 31, 2006 (PRIOR QUARTER ) AND JUNE 30, 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	0.9	%		7.1	%		4.4	%		1.0	%	-1.2	%	11.5	%		0.3	%	0.7	%	1.2	%	-0.7	%
Dallas	0.7	%		10.2	%		-1.4	%		1.7	%	2.5	%	18.6	%		-0.4	%	3.8	%	0.1	%	0.7	%
Houston	0.3	%		10.5	%		-3.3	%		-1.7	%	3.8	%	24.3	%		0.5	%	3.1	%	0.9	%	2.0	%
Orlando	4.6	%		9.2	%		18.4	%		14.6	%	-2.1	%	6.2	%		-1.1	%	-0.4	%	4.0	%	9.2	%
Tampa	1.8	%		9.5	%		1.2	%		3.1	%	2.2	%	14.0	%		0.7	%	1.3	%	2.4	%	5.1	%
South Florida	3.1	%		9.2	%		2.4	%		12.6	%	3.5	%	7.3	%		-1.5	%	2.1	%	5.2	%	9.5	%
Large Tier Markets	1.2	%		9.1	%		0.9	%		2.1	%	1.3	%	14.8	%		0.0	%	2.2	%	1.4	%	2.0	%

Austin	-1.0	%		9.3	%		0.9	%		0.6	%	-2.7	%	19.0	%		-1.6	%	0.8	%	0.9	%	2.1	%
Greenville	1.5	%		8.7	%		4.8	%		2.8	%	-0.8	%	13.7	%		-0.4	%	2.5	%	1.7	%	4.7	%
Jacksonville	1.3	%		4.1	%		0.9	%		3.4	%	1.5	%	4.5	%		0.5	%	0.7	%	1.5	%	3.6	%
Memphis	1.0	%		2.6	%		0.9	%		4.8	%	1.0	%	0.8	%		0.3	%	0.8	%	1.1	%	3.1	%
Nashville	-1.3	%		0.2	%		0.5	%		3.6	%	-2.5	%	-2.1	%		0.9	%	0.7	%	1.0	%	2.6	%
Raleigh/Durham	1.9	%		11.8	%		1.8	%		0.6	%	2.0	%	23.0	%		1.5	%	3.6	%	2.9	%	5.9	%
All other middle	2.8	%		7.9	%		3.5	%		-2.9	%	2.2	%	17.8	%		0.7	%	2.2	%	0.9	%	2.3	%
Middle Tier Markets	0.8	%		4.6	%		1.5	%		2.7	%	0.3	%	6.0	%		0.2	%	1.2	%	1.2	%	3.2	%

Augusta/Aiken	2.7	%		7.5	%		6.4	%		8.4	%	0.3	%	6.9	%		0.5	%	0.7	%	1.9	%	5.4	%
Chattanooga	1.8	%		7.7	%		3.6	%		5.5	%	0.5	%	9.4	%		1.3	%	3.1	%	0.9	%	2.7	%
Columbus	-0.6	%		13.0	%		-3.4	%		5.4	%	1.1	%	18.2	%		-4.0	%	-0.7	%	1.0	%	2.9	%
Jackson, MS	-0.3	%		7.4	%		6.7	%		5.0	%	-4.0	%	8.8	%		-1.7	%	1.5	%	1.2	%	3.0	%
Lexington	4.4	%		2.2	%		7.1	%		3.4	%	2.9	%	1.6	%		4.0	%	-0.2	%	0.8	%	1.4	%
Little Rock	-0.6	%		2.1	%		9.7	%		10.3	%	-6.1	%	-2.4	%		1.4	%	1.3	%	1.5	%	3.0	%
Macon/Warner Robins	-0.6	%		-2.5	%		4.0	%		3.1	%	-3.3	%	-5.8	%		1.2	%	-1.2	%	1.3	%	2.0	%
All other small	0.3	%		5.1	%		2.7	%		2.7	%	-1.1	%	6.6	%		-1.8	%	-1.2	%	1.4	%	3.8	%
Small Tier Markets	0.5	%		5.5	%		3.5	%		4.3	%	-1.2	%	6.3	%		-0.8	%	-0.2	%	1.3	%	3.3	%
Operating Same Store	0.8	%		6.1	%		2.0	%		3.1	%	0.0	%	8.3	%		-0.3	%	0.9	%	1.3	%	2.9	%

Including revenue straight-line adjustment:
Total Same Store	1.1	%		5.5	%							0.5	%	7.2	%

SAME STORE (Dollars in thousands)
Excludes six renovation communities.

		Three Months Ended June 30,					Percent
		2006			2005		Change
Revenues
Operating	$	73,402		$	69,190		6.1	%
Straight-line adjustment ⁽¹⁾		(475	)		(46	)
Total Same Store	$	72,927		$	69,144		5.5	%

Expense	$	29,829		$	28,941		3.1	%

NOI
Operating	$	43,573		$	40,249		8.3	%
Straight-line adjustment ⁽¹⁾		(475	)		(46	)
Total Same Store	$	43,098		$	40,203		7.2	%

⁽¹⁾ Represents the aggregate adjustment necessary to record cash concessions and certain fee revenues on a straight-line basis.

DEVELOPMENT (Dollars in thousands)

			Current		Estimated
	Total		Estimated		Cost		Cost
EXPENDITURES	Units		Cost		per Unit		to Date
Brier Creek Phase II, Raleigh, NC	200	$	22,510	$	113	$	3,065
St. Augustine Phase II, Jacksonville, FL	124		11,340		91		51
Boulder Ridge Phase II, Dallas, TX	216		18,600		86		1,138
Total development	540	$	52,450	$	97	$	4,254

	Forecast
	Construction				Initial			Actual Units
TIMELINE	Start		Finish		Occupancy		Stabilization	Completed	Leased
Brier Creek Phase II, Raleigh, NC	2Q 2006		4Q 2007		2Q 2007		2Q 2008	-	-
St. Augustine Phase II, Jacksonville, FL	1Q 2007		1Q 2008		4Q 2007		3Q 2008	-	-
Boulder Ridge Phase II, Dallas, TX	2Q 2007		3Q 2008		1Q 2008		1Q 2009	-	-

RENOVATION (Dollars in thousands)

					Units	Average
			Spending	Units	Leased or	Rent
	Communities		to Date	Completed	Pre-Leased	Increase
Same store renovations	22	$	1,270	277	251	15.4	%
Non-same store renovations ⁽²⁾	6		1,265	218	211	18.6	%
Total renovation	28	$	2,535	495	462	16.9	%

⁽²⁾These have been excluded from the same store portfolio due to the scope of their renovation programs.

OPERATING RESULTS (Dollars and shares in thousands except per share data)

		Three Months
		Ended			Trailing
		June 30, 2006			4 Quarters
Net income	$	5,892		$	18,243
Depreciation		19,515			76,564
Interest expense		15,833			61,903
Loss on debt extinguishment		1			866
Amortization of deferred financing costs		504			2,051
Net (gain) loss on insurance and other settlement proceeds		(225	)		(983	)
EBITDA	$	41,520		$	158,644

		Three Months Ended June 30,
		2006			2005
EBITDA/Debt Service		2.53x			2.52x
Fixed Charge Coverage ⁽³⁾		2.15x			2.11x
Total Debt as % of Gross Real Estate Assets		54	%		57	%

⁽³⁾Fixed charge coverage represents EBITDA divided by interest expense and preferred dividends.

DEBT AS OF JUNE 30, 2006
Dollars in thousands
			Average Years
		Principal	to Contract	Average
		Balance	Maturity	Rate

Conventional - Fixed Rate or Swapped ⁽¹⁾	$	876,063	4.9	5.7	%
Tax-free - Fixed Rate or Swapped ⁽¹⁾		73,640	5.6	4.3	%
Conventional - Variable Rate		122,651	5.9	6.0	%
Tax-free - Variable Rate		10,855	13.9	4.5	%
Conventional - Variable Rate - Capped⁽²⁾		17,936	3.4	6.0	%
Tax-free - Variable Rate - Capped ⁽²⁾		24,090	3.4	4.3	%
Total Debt Outstanding	$	1,125,235	5.2	5.6	%

Forward swaps ⁽³⁾	$	10,000	7.7	5.7	%


⁽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.
⁽³⁾ Represents swaps on existing debt outstanding which have not gone into effect.

FIXED RATE MATURITIES
Includes forward swaps

			Balance		Rate

	2006	$	45,000		6.7	%
	2007		92,800		5.9	%
	2008		187,983		6.1	%
	2009		100,230		6.5	%
	2010		98,365		5.5	%
	2011		133,000		5.3	%
	2012		125,000		5.2	%
	2013		100,000		5.2	%
	Thereafter		77,325		6.4	%
	Total	$	959,703		5.8	%



OTHER DATA


			Three Months Ended June 30,					Six Months Ended June 30,
			2006		2005			2006		2005
PER SHARE DATA
Dividend paid per common share		$	0.595	$	0.585		$	1.190	$	1.170


DIVIDEND INFORMATION (latest declaration)
			Payment		Payment			Record
			per Share		Date			Date
Common Dividend - quarterly		$	0.5950		7/31/2006			7/20/2006
Preferred Series F - monthly		$	0.1927		8/15/2006			8/1/2006
Preferred Series H - quarterly		$	0.51875		6/23/2006			6/13/2006