ex99_2.htm

COMMUNITY STATISTICS Dollars in thousands except Average Effective Rent

						Average Effective
		As of September 30, 2008				Rent for the
				Percent to		Three Months
			Gross	Total of	Physical	Ended
		Units	Real Assets	Assets	Occupancy	Sept. 30, 2008

Dallas, TX		3,662	$ 203,959	7.8%	97.2%	$ 712.60
Houston, TX		3,191	$ 220,064	8.5%	95.4%	$ 820.86
Atlanta, GA		3,253	$ 249,244	9.6%	91.1%	$ 781.93
Nashville, TN		1,855	$ 125,098	4.8%	96.5%	$ 789.96
Raleigh, NC		828	$ 64,140	2.5%	97.3%	$ 766.80
Tampa, FL		1,120	$ 68,770	2.6%	96.3%	$ 863.95
All Other		4,580	$ 296,230	11.4%	93.0%	$ 765.52
	High Growth Markets	18,489	$ 1,227,505	47.2%	94.6%	$ 775.95

Memphis, TN		4,021	$ 205,375	7.9%	96.7%	$ 680.06
Jacksonville, FL		3,347	$ 185,131	7.1%	95.8%	$ 809.65
Austin, TX		1,776	$ 108,891	4.2%	93.0%	$ 767.22
Jackson, MS		1,241	$ 57,971	2.2%	96.9%	$ 708.28
Chattanooga, TN		943	$ 38,646	1.5%	96.3%	$ 622.02
Augusta, GA/Aiken, SC		912	$ 40,357	1.6%	92.8%	$ 669.49
All Other		3,862	$ 218,193	8.4%	96.1%	$ 705.17
	Growth plus Income Markets	16,102	$ 854,564	32.9%	95.7%	$ 720.81

Columbus, GA		1,509	$ 76,531	2.9%	94.6%	$ 729.74
Lexington, KY		924	$ 60,364	2.3%	97.9%	$ 721.86
All Other		4,146	$ 242,138	9.3%	95.1%	$ 739.17
	Stable Income Markets	6,579	$ 379,033	14.5%	95.4%	$ 734.58

	Subtotal	41,170	$ 2,461,102	94.6%	95.2%	$ 747.77

	Development and Lease-up Properties	1,257	$ 141,638	5.4%	74.9%	$ 676.84

	Total Portfolio	42,427	$ 2,602,740	100%	94.6%	$ 745.67



NUMBER OF APARTMENT UNITS

		2008			2007
		Sept 30	Jun 30	Mar 31	Dec 31	Sept 30

100% Owned Properties		41,801	41,007	40,494	40,248	40,248
Properties in Joint Ventures		626	626	626	-	-
	Total Portfolio	42,427	41,633	41,120	40,248	40,248

SAME STORE (EXCLUDES 8 FULL RENOVATION AND 4 HELD FOR SALE COMMUNITIES) Dollars in thousands except Effective Rent
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, 2008 unless otherwise noted

			Three Months Ended September 30, 2008
						Average		Quarterly	Twelve
						Effective	Physical	Economic	Month
		Units	Revenue	Expense	NOI	Rent	Occupancy	Occupancy (1)	Turn Rate
High Growth Markets
Dallas, TX		3,184	$ 7,076	$ 3,375	$ 3,701	$ 696.19	97.2%	94.4%	54.8%
Atlanta, GA		2,543	$ 5,843	$ 2,607	$ 3,236	$ 763.74	92.3%	89.7%	58.6%
Houston, TX		2,132	$ 5,139	$ 2,612	$ 2,527	$ 779.55	95.8%	93.1%	67.0%
Nashville, TN		1,569	$ 3,955	$ 1,573	$ 2,382	$ 790.18	96.0%	94.0%	60.4%
Raleigh, NC		384	$ 861	$ 286	$ 575	$ 701.81	98.2%	97.5%	47.9%
Tampa, FL		1,120	$ 3,055	$ 1,305	$ 1,750	$ 863.95	96.3%	94.0%	50.8%
All Other		3,516	$ 8,015	$ 3,327	$ 4,688	$ 744.65	93.9%	91.0%	58.3%
	Subtotal	14,448	$ 33,944	$ 15,085	$ 18,859	$ 755.53	95.2%	92.6%	58.3%

Growth plus Income Markets
Memphis, TN		3,210	$ 6,807	$ 3,167	$ 3,640	$ 693.41	96.8%	92.6%	58.0%
Jacksonville, FL		2,611	$ 6,433	$ 2,569	$ 3,864	$ 820.48	95.6%	91.6%	65.5%
Austin, TX		1,392	$ 3,422	$ 1,663	$ 1,759	$ 774.54	94.3%	93.2%	62.6%
Jackson, MS		1,241	$ 2,698	$ 1,064	$ 1,634	$ 708.28	96.9%	93.8%	62.1%
Chattanooga, TN		943	$ 1,857	$ 834	$ 1,023	$ 622.02	96.3%	93.2%	52.6%
Augusta, GA/Aiken, SC		912	$ 1,834	$ 817	$ 1,017	$ 669.49	92.8%	91.3%	74.9%
All Other		3,278	$ 7,313	$ 3,132	$ 4,181	$ 707.97	95.8%	94.1%	63.0%
	Subtotal	13,587	$ 30,364	$ 13,246	$ 17,118	$ 724.45	95.8%	92.9%	62.3%

Stable Income Markets
Columbus, GA		1,509	$ 3,434	$ 1,440	$ 1,994	$ 729.74	94.6%	93.5%	84.8%
Lexington, KY		924	$ 2,087	$ 835	$ 1,252	$ 721.86	97.9%	94.7%	64.3%
All Other		4,050	$ 9,354	$ 3,866	$ 5,488	$ 746.25	95.1%	92.9%	62.4%
	Subtotal	6,483	$ 14,875	$ 6,141	$ 8,734	$ 738.93	95.4%	93.3%	67.9%

Operating Same Store		34,518	$ 79,183	$ 34,472	$ 44,711	$ 740.18	95.4%	92.8%	61.6%

Revenue Straight-line Adjustment (2)			$ (66)		$ (66)
Total Same Store			$ 79,117		$ 44,645

(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 QUARTER ENDED JUNE 30, 2008 (PRIOR QUARTER) AND QUARTER ENDED SEPTEMBER 30, 2007 (PRIOR YEAR)

		Revenue		Expense		NOI		Physical Occupancy		Average Effective Rent
		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		2.4%	5.5%	5.5%	9.0%	-0.3%	2.5%	1.3%	0.6%	1.1%	3.1%
Atlanta, GA		-1.1%	-3.1%	10.2%	3.6%	-8.7%	-7.9%	-0.3%	-3.3%	-0.1%	0.3%
Houston, TX		-0.4%	1.2%	12.4%	12.9%	-10.9%	-8.6%	0.7%	0.2%	0.4%	2.6%
Nashville, TN		0.6%	2.3%	8.6%	2.7%	-4.1%	2.1%	0.8%	-3.5%	0.7%	5.4%
Raleigh, NC		0.9%	5.3%	-3.4%	-16.4%	3.2%	20.8%	1.6%	0.8%	0.7%	3.7%
Tampa, FL		0.0%	0.8%	3.1%	11.3%	-2.1%	-5.9%	1.9%	0.3%	-0.8%	-2.0%
All Other		0.8%	0.0%	3.4%	6.3%	-1.0%	-4.0%	-0.2%	-2.0%	0.7%	0.8%
	Subtotal	0.5%	1.2%	6.9%	7.0%	-4.1%	-3.0%	0.6%	-1.2%	0.4%	1.8%

Growth plus Income Markets
Memphis, TN		0.2%	0.2%	1.6%	3.0%	-1.0%	-2.0%	0.4%	-0.7%	-0.1%	1.1%
Jacksonville, FL		-0.8%	-4.9%	-0.5%	8.9%	-1.0%	-12.3%	1.1%	0.4%	0.3%	-2.5%
Austin, TX		0.6%	4.6%	9.7%	7.5%	-6.7%	2.0%	-1.0%	-3.3%	2.0%	6.9%
Jackson, MS		-0.6%	1.0%	16.2%	11.2%	-9.2%	-4.7%	1.7%	0.2%	1.0%	3.1%
Chattanooga, TN		-0.1%	2.0%	3.2%	6.0%	-2.6%	-1.0%	3.4%	-2.2%	-0.6%	3.1%
Augusta, GA/Aiken, SC		-1.7%	-1.0%	12.2%	8.6%	-10.6%	-7.6%	-2.9%	0.6%	0.5%	-0.5%
All Other		2.1%	3.0%	5.9%	10.7%	-0.6%	-2.1%	0.9%	-0.8%	0.5%	2.0%
	Subtotal	0.3%	0.3%	4.9%	7.6%	-3.1%	-4.7%	0.7%	-0.7%	0.4%	1.3%

Stable Income Markets
Columbus, GA		2.9%	5.7%	4.9%	-1.4%	1.5%	11.5%	-1.8%	0.6%	2.3%	2.4%
Lexington, KY		3.8%	4.1%	2.1%	18.1%	4.9%	-3.5%	1.5%	0.7%	0.7%	4.1%
All Other		-0.2%	-0.5%	6.4%	5.1%	-4.4%	-4.2%	0.0%	-1.8%	0.6%	0.9%
	Subtotal	1.0%	1.5%	5.4%	5.0%	-1.8%	-0.9%	-0.2%	-0.9%	1.0%	1.7%

Operating Same Store		0.5%	0.9%	5.9%	6.9%	-3.3%	-3.3%	0.4%	-1.0%	0.5%	1.6%

Including revenue straight-line adjustment:
Total Same Store		0.6%	1.4%			-3.1%	-2.4%

SAME STORE (EXCLUDES 8 FULL RENOVATION AND 4 HELD FOR SALE COMMUNITIES)

Dollars in thousands		Three Months Ended September 30,		Percent
		2008	2007	Change
Revenues
	Operating	$ 79,183	$ 78,482	0.9%
	Straight-line adjustment (1)	(66)	(467)
	Total Same Store	$ 79,117	$ 78,015	1.4%

Expense		$ 34,472	$ 32,257	6.9%

NOI
	Operating	$ 44,711	$ 46,225	-3.3%
	Straight-line adjustment (1)	(66)	(467)
	Total Same Store	$ 44,645	$ 45,758	-2.4%

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

SAME STORE PLUS EIGHT EXCLUDED RENOVATION COMMUNITIES (Dollars in thousands)
Includes the eight full renovation communities (2,384 units).

		Three Months Ended September 30,		Percent
		2008	2007	Change
Revenues
	Operating	$ 84,807	$ 84,186	0.7%
	Straight-line adjustment (2)	(36)	(523)
	Total Same Store	$ 84,771	$ 83,663	1.3%

Expense		$ 37,111	$ 34,549	7.4%

NOI
	Operating	$ 47,696	$ 49,637	-3.9%
	Straight-line adjustment (2)	(36)	(523)
	Total Same Store	$ 47,660	$ 49,114	-3.0%

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

NOI BRIDGE (Dollars in thousands)

			Three Months Ended
			9/30/2008	6/30/2008	9/30/2007
NOI
	Same store		$ 44,645	$ 46,072	$ 45,758
	Non-same store		8,661	8,021	7,184
	Total NOI		53,306	54,093	52,942
Held for sale NOI included above			(693)	(781)	(924)
Management fee income			58	61	-
Depreciation			(22,558)	(21,984)	(21,525)
Property management expense			(4,230)	(4,387)	(4,357)
General and administrative expense			(2,996)	(2,831)	(2,401)
Interest and other non-property income			115	116	4
Interest expense			(15,004)	(15,007)	(15,887)
Loss on debt extinguishment			(3)	-	(71)
Amortization of deferred financing costs			(586)	(486)	(614)
Incentive fees from real estate joint ventures			-	-	-
Net casualty (loss) gains and other settlement proceeds			(1,131)	416	(197)
Loss on sale of non-depreciable assets			-	-	29
Minority interest in operating partnership income			(321)	(513)	(1,034)
(Loss) gains from real estate joint ventures			(274)	(199)	1
Discontinued operations			510	146	5,934
Net income			$ 6,193	$ 8,644	$ 11,900

Net Operating Income (NOI)
	Net operating income represents total property revenues less total property operating expenses, excluding depreciation, for all
	properties held during the period, regardless of their status as held for sale. We believe NOI by market is a helpful tool in evaluating
	the operating performance within our markets because it measures the core operations of property performance by excluding corporate
	level expenses and other items not related to property operating performance.

DEVELOPMENT (Dollars in thousands)


EXPENDITURES			Current	Estimated
		Total	Estimated	Cost	Cost
		Units	Cost	per Unit	to Date
Brier Creek Phase II, Raleigh, NC		200	$ 23,274	$ 116	$ 23,274
St. Augustine Phase II, Jacksonville, FL		124	12,967	105	8,379
Copper Ridge Phase I, Dallas, TX		216	19,232	89	18,084
	Total development	540	$ 55,473	$ 103	$ 49,737


ESTIMATED TIMELINE		Construction		Initial
		Start	Finish	Occupancy	Stabilization
Brier Creek Phase II, Raleigh, NC		2Q 2006	4Q 2007	2Q 2007	4Q 2008
St. Augustine Phase II, Jacksonville, FL		3Q 2007	4Q 2008	4Q 2008	4Q 2009
Copper Ridge Phase I, Dallas, TX		3Q 2007	4Q 2008	2Q 2008	3Q 2009


UNITS		Actual Units as of September 30, 2008
		Completed	Occupied
Brier Creek Phase II, Raleigh, NC		200	193
St. Augustine Phase II, Jacksonville, FL		-	-
Copper Ridge Phase I, Dallas, TX		141	66



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

			Three Months
			Ended	Trailing
			September 30, 2008	4 Quarters
Net income			$ 6,193	$ 30,120
Depreciation			22,558	87,754
Interest expense			15,004	62,192
Loss on debt extinguishment			3	3
Amortization of deferred financing costs			586	2,358
Net casualty loss and other settlement proceeds			1,131	643
Gain on sale of non-depreciable assets			-	(276)
Gain on dispositions within unconsolidated entities			-	(38)
Loss (gain) on sale of discontinued operations			-	113
EBITDA			$ 45,475	$ 182,869

			Three Months Ended September 30,
			2008	2007
EBITDA/Debt Service			2.88x	2.68x
Fixed Charge Coverage (1)			2.50x	2.29x
Total Debt as % of Total Gross Assets			51%	52%

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

DEBT AS OF SEPTEMBER 30, 2008
Dollars in thousands
				Average
				Years to
			Principal	Contract	Effective
			Balance (3)	Maturity (3)	Rate (3)
Conventional - Fixed Rate or Swapped (1)			$ 880,324	4.1	5.6%
Tax-free - Fixed Rate or Swapped (1)			37,885	8.6	4.7%
Conventional - Variable Rate			350,945	5.6	3.5%
Tax-free - Variable Rate			19,040	9.0	6.3%
Conventional - Variable Rate - Capped (2)			17,936	1.1	3.4%
Tax-free - Variable Rate - Capped (2)			50,070	3.5	6.7%
	Total Debt Outstanding		$ 1,356,200	4.8	5.0%

(1) Maturities on existing swapped balances are calculated using the life of the underlying variable debt.
(2) When the capped rates of 6.0% and 6.5% are not reached, the average rate represents the rate on the underlying variable debt.
(3) Table does not include $115 million of forward interest rate swaps entered into as of September 30, 2008; $65 million of which became effective on
	October 1, 2008 and $50 million of which becomes effective on December 1, 2008.


			Line	Amount	Amount
			Limit	Collateralized	Borrowed
Fannie Mae Credit Facilities			$ 1,044,429	$ 1,027,749	$ 974,833
Freddie Mac Credit Facilities			300,000	275,929	275,929
Regions Credit Facility			50,000	43,863	1,754
Regions Term Loan			38,880	38,880	38,880
Other Borrowings			64,804	64,804	64,804
	Total Debt		$ 1,498,113	$ 1,451,225	$ 1,356,200


CONTRACT MATURITIES
			Credit Facilities			Regions
			Fannie Mae	Freddie Mac	Regions	Term Loan	Other	Total
		2008	$ -	$ -	$ -	$ -	$ -	$ -
		2009	-	-	-	38,880	-	38,880
		2010	-	-	50,000	-	-	50,000
		2011	80,000	100,000	-	-	-	180,000
		2012	80,000	-	-	-	-	80,000
		2013	203,193	-	-	-	-	203,193
		2014	321,236	200,000	-	-	19,135	540,371
		2015	120,000	-	-	-	14,972	134,972
		Thereafter	240,000	-	-	-	30,697	270,697
		Total	$ 1,044,429	$ 300,000	$ 50,000	$ 38,880	$ 64,804	$ 1,498,113


FIXED RATE MATURITIES
Includes forward swaps				Contract
			Balance	Rate
		2008	$ -	0.0%
		2009	90,000	6.9%
		2010	148,365	5.7%
		2011	158,000	5.2%
		2012	142,800	5.1%
		2013	190,000	5.2%
		2014	188,135	5.6%
		2015	89,972	5.5%
		Thereafter	25,937	5.6%
		Total	$ 1,033,209	5.5%

OTHER DATA


PER SHARE DATA			Three Months Ended September 30,		Nine Months Ended September 30,
			2008	2007	2008	2007
	Dividend paid per common share		$0.615	$0.605	$1.845	$1.815



DIVIDEND INFORMATION (latest declaration)
			Payment	Payment	Record
			per Share	Date	Date
	Common - quarterly		$0.6150	10/31/2008	10/15/2008
	Preferred Series H - quarterly		$0.51875	9/23/2008	9/12/2008



PREFERRED STOCK			Number of	Liquidation	Total	Earliest
			Shares Issued	Preference	Liquidation	Optional
			and Outstanding	per Share	Value	Call Date
	8.30% Series H Cumulative Redeemable
		Preferred Stock	6,200,000	$ 25.00	$ 155,000,000	8/11/2008