Supplemental Data

COMMUNITY STATISTICS Dollars in thousands except Average Rental Rate


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

Atlanta		2,693	$	169,616		7.7	%		95.8	%	$	746.81
Dallas		4,184	$	243,305		10.9	%		94.5	%	$	753.68
Houston		1,912	$	105,764		4.8	%		95.8	%	$	779.33
Orlando		288	$	13,161		0.6	%		98.6	%	$	767.49
Tampa		1,120	$	66,372		3.0	%		95.0	%	$	857.87
South Florida		480	$	52,070		2.4	%		99.2	%	$	1,193.10
Large Tier Markets		10,677	$	650,288		29.4	%		95.4	%	$	787.60

Austin		1,776	$	101,606		4.6	%		96.5	%	$	720.50
Greenville		1,492	$	62,777		2.8	%		97.9	%	$	572.36
Jacksonville		3,347	$	177,418		8.0	%		96.0	%	$	804.70
Memphis		4,405	$	214,523		9.7	%		94.9	%	$	672.03
Nashville		1,855	$	119,937		5.4	%		97.3	%	$	745.53
Raleigh/Durham		828	$	68,171		3.1	%		96.7	%	$	717.98
All other middle		1,838	$	82,180		3.7	%		95.3	%	$	667.16
Middle Tier Markets		15,541	$	826,612		37.3	%		96.0	%	$	707.22

Augusta/Aiken		912	$	38,878		1.8	%		95.8	%	$	653.08
Chattanooga		943	$	37,159		1.7	%		98.1	%	$	595.02
Columbus		1,293	$	63,217		2.9	%		95.1	%	$	717.58
Jackson, MS		1,577	$	69,312		3.1	%		94.4	%	$	653.39
Lexington		924	$	59,100		2.7	%		94.6	%	$	708.10
Little Rock		808	$	39,502		1.8	%		94.3	%	$	656.41
Macon/Warner Robins		904	$	50,208		2.3	%		95.8	%	$	697.31
All other small		5,928	$	312,842		14.2	%		96.2	%	$	728.04
Small Tier Markets		13,289	$	670,218		30.5	%		95.7	%	$	695.75

Properties Not in Lease-up		39,507	$	2,147,118		97.2	%		95.8	%	$	725.08

Properties in Lease-up⁽¹⁾		480	$	62,377		2.8	%		N/A			N/A

Total Portfolio
(including JV properties)		39,987	$	2,209,495		100.0	%		95.8	%	$	725.08

⁽¹⁾ Represents Talus Ranch at Sonoran Foothills acquired on September 29, 2006.

NUMBER OF APARTMENT UNITS

2006

2005

Sep 30

Jun 30

Mar 31

Dec 31

Sep 30

100% Owned Properties

39,465

38,657

38,267

37,705

Properties in Joint Ventures

522

Total Portfolio

39,987

39,179

38,789

38,227

SAME STORE (EXCLUDES SIX FULL RENOVATION COMMUNITIES) 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.

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

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

Atlanta		2,693	$	6,098	$	2,450	$	3,648		95.8	%		89.9	%	$	746.81		58.3	%
Dallas		2,794	$	5,353	$	2,734	$	2,619		94.8	%		84.6	%	$	682.20		53.2	%
Houston		1,584	$	3,456	$	1,643	$	1,813		96.4	%		84.8	%	$	779.00		68.7	%
Orlando		288	$	699	$	241	$	458		98.6	%		98.4	%	$	767.49		47.6	%
Tampa		890	$	2,424	$	983	$	1,441		94.0	%		94.5	%	$	869.52		55.1	%
South Florida		480	$	1,808	$	661	$	1,147		99.2	%		96.9	%	$	1,193.10		40.2	%
Large Tier Markets		8,729	$	19,838	$	8,712	$	11,126		95.7	%		88.8	%	$	769.70		56.9	%

Austin		1,464	$	3,006	$	1,566	$	1,440		96.7	%		86.8	%	$	708.56		55.2	%
Greenville		1,492	$	2,654	$	1,137	$	1,517		97.9	%		93.0	%	$	572.36		60.7	%
Jacksonville		3,011	$	7,652	$	2,790	$	4,862		96.3	%		95.6	%	$	806.68		67.4	%
Memphis		4,034	$	7,459	$	3,721	$	3,738		94.9	%		83.7	%	$	673.99		58.6	%
Nashville		1,569	$	3,646	$	1,511	$	2,135		97.0	%		92.6	%	$	748.60		62.3	%
Raleigh/Durham		194	$	389	$	174	$	215		96.9	%		94.3	%	$	644.24		52.6	%
All other middle		1,542	$	2,814	$	1,256	$	1,558		95.7	%		88.1	%	$	630.31		59.2	%
Middle Tier Markets		13,306	$	27,620	$	12,155	$	15,465		96.1	%		89.7	%	$	699.73		60.9	%

Augusta/Aiken		912	$	1,762	$	738	$	1,024		95.8	%		89.1	%	$	653.08		76.6	%
Chattanooga		943	$	1,753	$	765	$	988		98.1	%		95.3	%	$	595.02		53.9	%
Columbus		1,293	$	2,862	$	1,184	$	1,678		95.1	%		91.9	%	$	717.58		86.9	%
Jackson, MS		1,577	$	3,048	$	1,232	$	1,816		94.4	%		90.1	%	$	653.39		65.9	%
Lexington		924	$	1,863	$	760	$	1,103		94.6	%		87.1	%	$	708.10		63.3	%
Little Rock		808	$	1,626	$	634	$	992		94.3	%		93.4	%	$	656.41		62.9	%
Macon/Warner Robins		904	$	1,916	$	755	$	1,161		95.8	%		92.1	%	$	697.31		60.4	%
All other small		5,720	$	12,515	$	4,917	$	7,598		96.3	%		91.7	%	$	722.08		62.3	%
Small Tier Markets		13,081	$	27,345	$	10,985	$	16,360		95.8	%		91.5	%	$	692.63		65.8	%

Operating Same Store		35,116	$	74,803	$	31,852	$	42,951		95.9	%		90.1	%	$	714.48		61.7	%

Revenue Straight-line Adjustment ⁽²⁾			$	30			$	30
Total Same Store			$	74,833			$	42,981

⁽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 JUNE 30, 2006 (PRIOR QUARTER ) AND SEPTEMBER 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		1.4	%		11.5	%		4.9	%		-4.7	%		-0.8	%		26.0	%		1.3	%		-0.4	%		1.0	%		2.3	%
Dallas		0.8	%		13.5	%		11.7	%		0.7	%		-8.5	%		30.8	%		0.8	%		0.0	%		0.4	%		1.1	%
Houston		2.5	%		11.8	%		3.3	%		-1.0	%		1.7	%		26.7	%		0.1	%		0.4	%		0.8	%		2.0	%
Orlando		3.1	%		12.7	%		-4.0	%		13.1	%		7.3	%		12.5	%		0.0	%		-1.1	%		4.0	%		13.3	%
Tampa		1.3	%		8.0	%		5.8	%		8.1	%		-1.6	%		7.9	%		-3.4	%		-2.4	%		1.8	%		6.5	%
South Florida		4.3	%		14.1	%		2.8	%		-3.6	%		5.1	%		27.6	%		1.3	%		0.2	%		3.4	%		11.2	%
Large Tier Markets		1.7	%		11.9	%		6.3	%		-0.5	%		-1.6	%		24.0	%		0.4	%		-0.3	%		1.2	%		3.4	%

Austin		2.7	%		11.0	%		10.1	%		2.8	%		-4.4	%		21.4	%		3.1	%		3.2	%		0.3	%		1.9	%
Greenville		2.8	%		10.1	%		1.3	%		1.3	%		4.0	%		17.8	%		0.8	%		0.6	%		1.0	%		4.6	%
Jacksonville		3.4	%		7.5	%		9.6	%		8.8	%		0.2	%		6.7	%		-0.6	%		-1.3	%		1.4	%		4.3	%
Memphis		-1.0	%		3.6	%		7.8	%		9.7	%		-8.4	%		-1.9	%		1.5	%		1.2	%		1.1	%		3.3	%
Nashville		5.8	%		4.4	%		6.2	%		3.7	%		5.5	%		4.9	%		0.8	%		-1.3	%		1.5	%		3.6	%
Raleigh/Durham		5.1	%		11.8	%		4.2	%		5.5	%		5.9	%		17.5	%		-1.0	%		-0.5	%		-0.2	%		5.3	%
All other middle		2.2	%		11.4	%		5.7	%		4.7	%		-0.4	%		17.4	%		1.1	%		1.7	%		0.9	%		2.8	%
Middle Tier Markets		2.3	%		7.0	%		7.4	%		6.4	%		-1.4	%		7.5	%		0.9	%		0.5	%		1.1	%		3.5	%

Augusta/Aiken		1.6	%		5.6	%		5.6	%		7.4	%		-1.2	%		4.4	%		0.3	%		-1.9	%		0.7	%		4.4	%
Chattanooga		2.9	%		10.7	%		5.8	%		4.1	%		0.7	%		16.5	%		0.5	%		-0.1	%		1.3	%		3.6	%
Columbus		1.0	%		7.8	%		11.4	%		10.8	%		-5.2	%		5.7	%		2.8	%		-0.9	%		1.4	%		3.5	%
Jackson, MS		-3.3	%		2.5	%		5.7	%		6.2	%		-8.6	%		0.1	%		-0.3	%		-4.0	%		0.7	%		3.1	%
Lexington		2.2	%		5.2	%		12.3	%		13.4	%		-3.8	%		0.2	%		0.3	%		1.5	%		0.3	%		1.3	%
Little Rock		4.5	%		2.8	%		5.8	%		12.8	%		3.7	%		-2.6	%		-2.4	%		-3.0	%		0.4	%		3.2	%
Macon/Warner Robins		3.5	%		2.1	%		4.4	%		3.3	%		2.9	%		1.3	%		0.0	%		-0.9	%		0.8	%		2.3	%
All other small		2.3	%		5.8	%		5.4	%		4.7	%		0.3	%		6.5	%		2.0	%		-0.4	%		1.7	%		5.0	%
Small Tier Markets		1.7	%		5.4	%		6.5	%		6.5	%		-1.3	%		4.7	%		1.1	%		-1.0	%		1.2	%		3.9	%

Operating Same Store		1.9	%		7.7	%		6.8	%		4.5	%		-1.4	%		10.2	%		0.9	%		-0.2	%		1.2	%		3.6	%

Including revenue straight-line adjustment:
Total Same Store		2.6	%		7.0	%								-0.3	%		8.9	%

SAME STORE (EXCLUDES SIX FULL RENOVATION COMMUNITIES)

Dollars in thousands	Three Months Ended September 30,				Percent
	2006		2005		Change
Revenues
Operating	$	74,803	$	69,472		7.7	%
Straight-line adjustment ⁽¹⁾		30		468
Total Same Store	$	74,833	$	69,940		7.0	%

Expense	$	31,852	$	30,488		4.5	%

NOI
Operating	$	42,951	$	38,984		10.2	%
Straight-line adjustment ⁽¹⁾		30		468
Total Same Store	$	42,981	$	39,452		8.9	%

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

SAME STORE PLUS SIX EXCLUDED RENOVATION COMMUNITIES (Dollars in thousands)
Includes the six full renovation communities (1,727 units).

	Three Months Ended September 30,				Percent
	2006		2005		Change
Revenues
Operating	$	78,870	$	73,336		7.5	%
Straight-line adjustment ⁽²⁾		56		478
Total Same Store	$	78,926	$	73,814		6.9	%

Expense	$	33,390	$	31,993		4.4	%

NOI
Operating	$	45,481	$	41,343		10.0	%
Straight-line adjustment ⁽²⁾		56		478
Total Same Store	$	45,537	$	41,821		8.9	%

⁽²⁾ 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	$	23,988	$	120	$	6,057
St. Augustine Phase II, Jacksonville, FL		124		12,161		98		227
Copper Ridge Phase I, Dallas, TX		216		19,302		89		1,187
Total development		540	$	55,451	$	103	$	7,471

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

Copper Ridge Phase I, Dallas, TX

2Q 2007

3Q 2008

1Q 2008

1Q 2009

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

	Three Months
	Ended			Trailing
	September 30, 2006			4 Quarters
Net income	$	5,630		$	20,258
Depreciation		19,613			77,160
Interest expense		15,505			62,157
Loss on debt extinguishment		-			878
Amortization of deferred financing costs		519			2,108
Net loss (gain) on insurance and other settlement proceeds		54			(55	)
Gain on sale of non-depreciable assets		(32	)		(32	)
EBITDA	$	41,289		$	162,474

	Three Months Ended September 30,
	2006			2005
EBITDA/Debt Service		2.59x			2.35x
Fixed Charge Coverage ⁽³⁾		2.17x			2.00x
Total Debt as % of Gross Real Estate Assets		55	%		58	%

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

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

Conventional - Fixed Rate or Swapped ⁽¹⁾	$	876,294		4.8		5.6	%
Tax-free - Fixed Rate or Swapped ⁽¹⁾		73,640		5.3		4.3	%
Conventional - Variable Rate		199,402		5.9		6.0	%
Tax-free - Variable Rate		10,855		13.7		4.5	%
Conventional - Variable Rate - Capped⁽²⁾		17,936		3.1		5.9	%
Tax-free - Variable Rate - Capped ⁽²⁾		24,090		3.2		4.4	%
Total Debt Outstanding	$	1,202,217		5.2		5.6	%

⁽¹⁾ Maturities on existing swapped balances are calculated using the life of the underlying variable debt.
⁽²⁾ As the capped rates of 6.0% and 6.5% have not been reached, the average rate represents the rate on the underlying variable debt.

FIXED RATE MATURITIES

		Balance		Rate

	2006	$	20,000		5.8	%
	2007		92,800		5.9	%
	2008		187,286		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			93,253		6.6	%
Total		$	949,934		5.8	%

OTHER DATA


	Three Months Ended September30,				Nine Months Ended September 30,
	2006		2005		2006		2005
PER SHARE DATA
Dividend paid per common share	$	0.595	$	0.585	$	1.785	$	1.755

DIVIDEND INFORMATION (latest declaration)
	Payment		Payment		Record
	per Share		Date		Date
Common Dividend - quarterly	$	0.5950		10/31/2006		10/20/2006
Preferred Series F - monthly	$	0.1927		11/15/2006		11/1/2006
Preferred Series H - quarterly	$	0.51875		9/23/2006		9/13/2006