Supplemental Data

COMMUNITY STATISTICS Dollars in thousands except Average Rental Rate


	As of March 31, 2007
					Percent to						Average
			Gross		Total of			Physical			Rental
	Units		Real Assets		Gross Assets			Occupancy			Rate

Dallas, TX		3,662	$	198,391		9.0	%		95.3	%	$	713.95
Atlanta, GA		2,693	$	170,175		7.7	%		95.3	%	$	754.47
Houston, TX		1,912	$	106,486		4.8	%		96.0	%	$	783.76
Nashville, TN		1,855	$	120,472		5.5	%		94.6	%	$	755.67
Raleigh/Durham, NC		1,028	$	80,928		3.7	%		94.7	%	$	802.23
All Other		8,429	$	484,545		21.9	%		92.9	%	$	754.33
High Growth Markets		19,579	$	1,160,997		52.6	%		94.3	%	$	752.31

Memphis, TN		4,405	$	216,324		9.8	%		94.8	%	$	675.73
Austin, TX		1,776	$	102,319		4.6	%		95.2	%	$	728.05
Columbus, GA		1,293	$	63,946		2.9	%		90.9	%	$	726.29
Lexington, KY		924	$	59,373		2.7	%		93.9	%	$	714.55
Augusta, GA/Aiken, SC		912	$	39,137		1.8	%		94.4	%	$	656.55
All Other		3,300	$	162,942		7.4	%		93.9	%	$	677.76
Growth plus Income Markets		12,610	$	644,041		29.2	%		94.1	%	$	690.27

Jacksonville, FL		3,347	$	179,809		8.1	%		94.2	%	$	819.88
Chattanooga, TN		943	$	37,380		1.7	%		95.8	%	$	604.71
Jackson, TN		664	$	33,028		1.5	%		97.1	%	$	639.44
Savannah, GA		526	$	29,793		1.4	%		95.6	%	$	868.60
Lakeland, FL		464	$	25,179		1.1	%		94.2	%	$	781.52
All Other		1,838	$	97,635		4.4	%		95.9	%	$	734.29
Stable Income Markets		7,782	$	402,824		18.2	%		95.1	%	$	759.20

Total Portfolio		39,971	$	2,207,862		100.0	%		94.4	%	$	734.08

NUMBER OF APARTMENT UNITS

2007

2006

Mar 31

Dec 31

Sep 30

Jun 30

Mar 31

100% Owned Properties

39,971

39,771

39,465

38,657

38,267

Properties in Joint Ventures

522

Total Portfolio

39,971

40,293

39,987

39,179

38,789

SAME STORE (EXCLUDES SEVEN 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 March 31, 2007 unless otherwise noted

			Three Months Ended											Quarterly			Average		Twelve
			March 31, 2007								Physical			Economic			Rental		Month
	Units		Revenue			Expense		NOI			Occupancy			Occupancy ⁽¹⁾			Rate		Turn Rate
High Growth Markets
Dallas, TX		3,272	$	6,594		$	3,034	$	3,560			94.8	%		86.1	%	$	708.51		55.8	%
Atlanta, GA		2,693	$	6,240		$	2,376	$	3,864			95.3	%		91.6	%	$	754.47		57.4	%
Houston, TX		1,584	$	3,576		$	1,603	$	1,973			95.8	%		87.7	%	$	783.85		66.0	%
Nashville, TN		1,569	$	3,605		$	1,378	$	2,227			94.0	%		90.2	%	$	756.76		61.1	%
Tampa, FL		890	$	2,350		$	973	$	1,377			95.1	%		89.2	%	$	877.51		54.5	%
All Other		6,615	$	13,950		$	5,416	$	8,534			95.4	%		90.8	%	$	701.28		60.5	%
Subtotal		16,623	$	36,315		$	14,780	$	21,535			95.2	%		89.6	%	$	733.86		59.3	%

Growth plus Income Markets
Memphis, TN		4,034	$	7,876		$	3,709	$	4,167			94.9	%		88.8	%	$	676.18		60.9	%
Austin, TX		1,464	$	3,157		$	1,467	$	1,690			95.1	%		90.2	%	$	717.03		57.8	%
Columbus, GA		1,293	$	2,878		$	1,197	$	1,681			90.9	%		90.4	%	$	726.29		88.9	%
Lexington, KY		924	$	1,851		$	716	$	1,135			93.9	%		86.6	%	$	714.55		63.2	%
Augusta, GA/Aiken, SC		912	$	1,787		$	750	$	1,037			94.4	%		90.5	%	$	656.55		78.8	%
All Other		3,300	$	6,606		$	2,770	$	3,836			93.9	%		89.5	%	$	677.76		62.2	%
Subtotal		11,927	$	24,155		$	10,609	$	13,546			94.1	%		89.3	%	$	688.53		65.5	%

Stable Income Markets
Jacksonville, FL		3,011	$	7,458		$	2,668	$	4,790			94.4	%		91.7	%	$	820.16		65.7	%
Chattanooga, TN		943	$	1,767		$	726	$	1,041			95.8	%		94.3	%	$	604.71		53.2	%
Jackson, TN		664	$	1,286		$	563	$	723			97.1	%		91.7	%	$	639.44		66.4	%
Lakeland, FL		464	$	1,150		$	450	$	700			94.2	%		93.2	%	$	781.52		64.2	%
All Other		2,058	$	4,777		$	1,733	$	3,044			96.1	%		94.1	%	$	749.07		62.0	%
Subtotal		7,140	$	16,438		$	6,140	$	10,298			95.3	%		92.8	%	$	751.90		63.0	%

Operating Same Store		35,690	$	76,908		$	31,529	$	45,379			94.8	%		90.1	%	$	722.32		62.1	%

Revenue Straight-line Adjustment ⁽²⁾			$	(188	)			$	(188	)
Total Same Store			$	76,720				$	45,191

⁽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 DECEMBER 31, 2006 (PRIOR QUARTER ) AND MARCH 31, 2006 (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
High Growth Markets
Dallas, TX		2.1	%		6.1	%		-2.8	%		2.5	%		6.6	%		9.5	%		2.0	%		0.7	%		1.2	%		2.2	%
Atlanta, GA		1.4	%		4.8	%		-3.4	%		6.1	%		4.6	%		3.9	%		-0.3	%		1.1	%		0.4	%		3.2	%
Houston, TX		2.2	%		6.4	%		-1.8	%		-2.6	%		5.7	%		15.0	%		0.2	%		0.0	%		0.3	%		2.3	%
Nashville, TN		-1.0	%		3.3	%		2.2	%		-2.8	%		-2.9	%		7.4	%		0.4	%		-1.3	%		0.2	%		3.6	%
Tampa, FL		0.9	%		0.0	%		1.9	%		5.9	%		0.2	%		-3.8	%		2.7	%		-1.6	%		-0.1	%		5.2	%
All Other		1.2	%		3.4	%		0.3	%		7.3	%		1.7	%		1.0	%		1.3	%		-1.1	%		0.6	%		4.7	%
Subtotal		1.2	%		4.1	%		-0.9	%		3.9	%		2.7	%		4.3	%		1.1	%		-0.3	%		0.6	%		3.6	%

Growth plus Income Markets
Memphis, TN		3.0	%		5.5	%		0.4	%		8.3	%		5.5	%		3.2	%		1.1	%		1.8	%		0.2	%		2.5	%
Austin, TX		1.3	%		6.8	%		-5.1	%		4.0	%		7.7	%		9.3	%		-0.5	%		-0.1	%		0.6	%		2.5	%
Columbus, GA		2.3	%		0.9	%		-7.5	%		8.7	%		10.7	%		-3.9	%		-0.6	%		-5.4	%		0.6	%		3.7	%
Lexington, KY		0.9	%		6.0	%		-1.8	%		13.1	%		2.6	%		2.0	%		2.4	%		3.6	%		0.7	%		2.0	%
Augusta, GA/Aiken, SC		5.1	%		5.7	%		-0.5	%		14.0	%		9.6	%		0.5	%		1.9	%		-0.6	%		0.1	%		3.2	%
All Other		0.3	%		4.5	%		0.5	%		9.7	%		0.2	%		1.1	%		1.1	%		-0.3	%		0.4	%		3.5	%
Subtotal		2.0	%		4.9	%		-1.5	%		8.8	%		4.9	%		2.0	%		0.9	%		0.2	%		0.4	%		2.9	%

Stable Income Markets
Jacksonville, FL		-0.9	%		2.2	%		0.1	%		5.6	%		-1.4	%		0.3	%		-0.3	%		-2.0	%		0.7	%		4.6	%
Chattanooga, TN		1.4	%		5.6	%		-2.8	%		3.9	%		4.6	%		6.8	%		0.0	%		-0.5	%		0.9	%		3.8	%
Jackson, TN		6.3	%		4.4	%		-1.1	%		5.2	%		12.8	%		3.7	%		1.9	%		-1.4	%		0.7	%		4.3	%
Lakeland, FL		0.3	%		4.0	%		2.7	%		9.8	%		-1.1	%		0.6	%		-0.4	%		-2.8	%		0.7	%		4.3	%
All Other		0.2	%		4.1	%		1.3	%		5.7	%		-0.4	%		3.2	%		-0.3	%		-0.5	%		0.5	%		4.5	%
Subtotal		0.3	%		3.4	%		0.2	%		5.7	%		0.4	%		2.0	%		-0.1	%		-1.4	%		0.7	%		4.5	%

Operating Same Store		1.3	%		4.2	%		-0.9	%		5.8	%		2.8	%		3.1	%		0.7	%		-0.4	%		0.5	%		3.6	%

Including revenue straight-line adjustment:
Total Same Store		0.8	%		4.9	%								2.1	%		4.3	%

SAME STORE (EXCLUDES SEVEN FULL RENOVATION COMMUNITIES)

Dollars in thousands	Three Months Ended March 31,						Percent
	2007			2006			Change
Revenues
Operating	$	76,908		$	73,800			4.2	%
Straight-line adjustment ⁽¹⁾		(188	)		(662	)
Total Same Store	$	76,720		$	73,138			4.9	%

Expense	$	31,529		$	29,794			5.8	%

NOI
Operating	$	45,379		$	44,006			3.1	%
Straight-line adjustment ⁽¹⁾		(188	)		(662	)
Total Same Store	$	45,191		$	43,344			4.3	%

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

SAME STORE PLUS SEVEN EXCLUDED RENOVATION COMMUNITIES (Dollars in thousands)
Includes the seven full renovation communities (2,015 units).

	Three Months Ended March 31,						Percent
	2007			2006			Change
Revenues
Operating	$	81,470		$	78,472			3.8	%
Straight-line adjustment ⁽²⁾		(151	)		(673	)
Total Same Store	$	81,319		$	77,799			4.5	%

Expense	$	33,241		$	31,456			5.7	%

NOI
Operating	$	48,229		$	47,016			2.6	%
Straight-line adjustment ⁽²⁾		(151	)		(673	)
Total Same Store	$	48,078		$	46,343			3.7	%

⁽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	$	23,983	$	120	$	18,546
St. Augustine Phase II, Jacksonville, FL		124		13,142		106		658
Copper Ridge Phase I, Dallas, TX		216		19,291		89		1,616
Total development		540	$	56,416	$	104	$	20,820

		Construction				Initial			Actual Units
FORECASTED TIMELINE		Start		Finish		Occupancy		Stabilization	Completed	Leased
Brier Creek Phase II, Raleigh, NC		2Q 2006		4Q 2007		2Q 2007		2Q 2008	48	24
St. Augustine Phase II, Jacksonville, FL		2Q 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
	March 31, 2007			4 Quarters
Net income	$	11,324		$	27,143
Depreciation		21,288			81,508
Interest expense		16,014			63,531
Loss on debt extinguishment		-			1
Amortization of deferred financing costs		561			2,112
Net gain on insurance and other settlement proceeds		(510	)		(594	)
Gain on sale of non-depreciable assets		-			(50	)
Gain on dispositions within unconsolidated entities		(5,387	)		(5,387	)
EBITDA	$	43,290		$	168,264

		Three Months Ended March 31,
		2007			2006
EBITDA/Debt Service		2.61x			2.51x
Fixed Charge Coverage ⁽³⁾		2.22x			2.12x
Total Debt as % of Gross Real Estate Assets		53	%		58	%

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

DEBT AS OF MARCH 31, 2007
Dollars in thousands
			Average Years
	Principal		to Contract		Average
	Balance		Maturity		Rate

Conventional - Fixed Rate or Swapped ⁽¹⁾	$	879,185		4.2		5.6	%
Tax-free - Fixed Rate or Swapped ⁽¹⁾		73,500		4.8		4.3	%
Conventional - Variable Rate		178,122		5.2		6.0	%
Tax-free - Variable Rate		10,855		13.2		4.5	%
Conventional - Variable Rate - Capped⁽²⁾		17,936		2.6		5.9	%
Tax-free - Variable Rate - Capped ⁽²⁾		24,090		2.7		4.5	%
Total Debt Outstanding	$	1,183,688		4.5		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

	2007	$	92,800		5.9	%
	2008		185,841		6.1	%
	2009		100,230		6.5	%
	2010		98,365		5.5	%
	2011		133,000		5.3	%
	2012		125,000		5.2	%
	2013		125,000		5.3	%
	2014		50,004		6.4	%
	Thereafter		42,445		6.4	%
	Total	$	952,685		5.8	%

OTHER DATA


PER SHARE DATA	Three Months Ended March 31,
	2007		2006
Dividend paid per common share	$	0.605	$	0.595

DIVIDEND INFORMATION (latest declaration)
	Payment		Payment		Record
	per Share		Date		Date
Common Dividend - quarterly	$	0.6050		4/30/2007		4/13/2007
Preferred Series F - monthly	$	0.1927		5/15/2007		5/1/2007
Preferred Series H - quarterly	$	0.51875		3/23/2007		3/13/2007

PREFERRED STOCK	Number of		Liquidation		Earliest
	Shares Issued		Preference		Optional
	and Outstanding		per Share		Call Date
9 1/4% Series F Cumulative Redeemable Preferred Stock		474,500	$	25.00		10/16/2007
8.30% Series H Cumulative Redeemable Preferred Stock		6,200,000	$	25.00		8/11/2008