Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2013

Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III Real Estate and Accumulated Depreciation

																									Life used to compute depreciation in latest income statement (20)
				Initial Cost				Costs Capitalized subsequent to Acquisition					Gross Amount carried at December 31, 2013  (19)
Property	Location	Encumbrances		Land		Buildings and Fixtures		Land		Buildings and Fixtures			Land		Buildings and Fixtures		Total		Accumulated Depreciation			Net		Date of Construction
Birchall at Ross Bridge	Birmingham, AL	—		$	2,640	$	28,842	$	—	$	548		$	2,640	$	29,390	$	32,030	$	(2,358	)	$	29,672	2009	1 - 40
Colonial Village at Inverness	Birmingham, AL	—		2,280		28,807		—		203			2,280		29,010		31,290		(328		)	30,962		1986/87/90/97	1 - 40
Colonial Grand at Riverchase Trails	Birmingham, AL	—		3,769		22,079		—		94			3,769		22,173		25,942		(273		)	25,669		2010	1 - 40
Colonial Village at Trussville	Birmingham, AL	—		3,409		31,813		—		132			3,409		31,945		35,354		(352		)	35,002		1996/97	1 - 40
Eagle Ridge	Birmingham, AL	—	(1)	851		7,667		—		3,928			851		11,595		12,446		(6,467		)	5,979		1986	1 - 40
Colonial Grand at Traditions	Gulf Shores, AL	—		3,218		25,162		—		173			3,218		25,335		28,553		(299		)	28,254		2007	1 - 40
Abbington Place	Huntsville, AL	—	(1)	524		4,724		—		2,696			524		7,420		7,944		(4,235		)	3,709		1987	1 - 40
Colonial Grand at Edgewater	Huntsville, AL	28,462		4,953		38,673		—		215			4,953		38,888		43,841		(402		)	43,439		1990	1 - 40
Paddock Club Huntsville	Huntsville, AL	—		909		10,152		830		13,119			1,739		23,271		25,010		(11,469		)	13,541		1993	1 - 40
Colonial Grand at Madison	Madison, AL	23,102		3,608		28,934		—		154			3,608		29,088		32,696		(333		)	32,363		2000	1 - 40
Colonial Village at Ashford Place	Mobile, AL	—		1,152		6,195		—		(976		)	1,152		5,219		6,371		(72		)	6,299		1983	1 - 40
Colonial Village at Huntleigh Woods	Mobile, AL	—		1,192		8,202		—		(1,265		)	1,192		6,937		8,129		(93		)	8,036		1978	1 - 40
Paddock Club Montgomery	Montgomery, AL	—	(1)	965		13,190		—		1,796			965		14,986		15,951		(6,442		)	9,509		1999	1 - 40
Colonial Village at Cypress Village	Orange Beach, AL	—		1,293		12,238		—		62			1,293		12,300		13,593		(132		)	13,461		2008	1 - 40
Colonial Grand at Liberty Park	Vestavia Hills, AL	18,531		3,930		30,977		—		1,086			3,930		32,063		35,993		(344		)	35,649		2000	1 - 40
Calais Forest	Little Rock, AR	—		1,026		9,244		—		7,523			1,026		16,767		17,793		(9,748		)	8,045		1987	1 - 40
Napa Valley	Little Rock, AR	—		960		8,642		—		4,547			960		13,189		14,149		(7,407		)	6,742		1984	1 - 40
Palisades at Chenal Valley	Little Rock, AR	—		2,560		25,234		—		946			2,560		26,180		28,740		(1,881		)	26,859		2006	1 - 40
Ridge at Chenal Valley	Little Rock, AR	—		2,626		—		—		26,600			2,626		26,600		29,226		(962		)	28,264		2012	1 - 40
Westside Creek I & II	Little Rock, AR	—		1,271		11,463		—		7,051			1,271		18,514		19,785		(9,558		)	10,227		1985	1 - 40
Edge at Lyon's Gate	Phoenix, AZ	—		7,901		27,182		—		1,042			7,901		28,224		36,125		(5,311		)	30,814		2007	1 - 40
Sky View Ranch	Gilbert, AZ	—		2,668		14,577		—		661			2,668		15,238		17,906		(2,506		)	15,400		2007	1 - 40
Talus Ranch	Phoenix, AZ	—		12,741		47,701		—		1,692			12,741		49,393		62,134		(12,381		)	49,753		2005	1 - 40
Colonial Grand at Inverness Commons	Mesa, AZ	—		4,228		26,255		—		106			4,228		26,361		30,589		(284		)	30,305		2001	1 - 40
Colonial Grand at Scottsdale	Scottsdale, AZ	—		3,620		20,273		—		91			3,620		20,364		23,984		(218		)	23,766		1999	1 - 40
Colonial Grand at OldTown Scottsdale North	Scottsdale, AZ	—		3,918		29,556		—		123			3,918		29,679		33,597		(311		)	33,286		2001	1 - 40

Colonial Grand at OldTown Scottsdale South	Scottsdale, AZ	—		3,918	22,071	—		102	3,918	22,173	26,091	(232	)	25,859	2001	1 - 40
Tiffany Oaks	Altamonte Springs, FL	—	(1)	1,024	9,219	—		5,518	1,024	14,737	15,761	(9,246	)	6,515	1985	1 - 40
Indigo Point	Brandon, FL	—	(1)	1,167	10,500	—		3,326	1,167	13,826	14,993	(7,014	)	7,979	1989	1 - 40
Paddock Club Brandon	Brandon, FL	—		2,896	26,111	—		4,141	2,896	30,252	33,148	(15,464	)	17,684	1998	1 - 40
Colonial Grand at Lakewood Ranch	Bradenton, FL	—		2,986	40,230	—		236	2,986	40,466	43,452	(423	)	43,029	1999	1 - 40
Preserve at Coral Square	Coral Springs, FL	—	(3)	9,600	40,004	—		6,872	9,600	46,876	56,476	(15,323	)	41,153	1996	1 - 40
Anatole	Daytona Beach, FL	6,758	(6)(17)	1,227	5,879	—		3,541	1,227	9,420	10,647	(5,874	)	4,773	1986	1 - 40
Paddock Club Gainesville	Gainesville, FL	—		1,800	15,879	—		2,788	1,800	18,667	20,467	(7,457	)	13,010	1999	1 - 40
The Retreat at Magnolia Parke	Gainesville, FL	—		2,040	16,338	—		173	2,040	16,511	18,551	(1,505	)	17,046	2009	1 - 40
Colonial Grand at Heathrow	Heathrow, FL	21,412		4,110	35,684	—		177	4,110	35,861	39,971	(394	)	39,577	1997	1 - 40
Atlantic Crossing	Jacksonville, FL	—		4,000	19,495	—		1,087	4,000	20,582	24,582	(1,945	)	22,637	2008	1 - 40
Cooper's Hawk	Jacksonville, FL	—		854	7,500	—		3,460	854	10,960	11,814	(6,912	)	4,902	1987	1 - 40
Hunter's Ridge at Deerwood	Jacksonville, FL	—		1,533	13,835	—		6,400	1,533	20,235	21,768	(11,126	)	10,642	1987	1 - 40
Lakeside	Jacksonville, FL	—		1,430	12,883	—		9,320	1,430	22,203	23,633	(14,330	)	9,303	1985	1 - 40
Lighthouse at Fleming Island	Jacksonville, FL	—	(1)	4,047	35,052	—		4,017	4,047	39,069	43,116	(14,091	)	29,025	2003	1 - 40
Paddock Club Mandarin	Jacksonville, FL	—		1,411	14,967	—		2,477	1,411	17,444	18,855	(7,306	)	11,549	1998	1 - 40
St. Augustine	Jacksonville, FL	13,235	(16)(17)	2,857	6,475	—		6,479	2,857	12,954	15,811	(8,823	)	6,988	1987	1 - 40
St. Augustine II	Jacksonville, FL	—	(1)	—	—	—		13,445	—	13,445	13,445	(1,684	)	11,761	2008	1 - 40
Tattersall at Tapestry Park	Jacksonville, FL	—		6,417	36,069	—		375	6,417	36,444	42,861	(3,133	)	39,728	2009	1 - 40
Woodhollow	Jacksonville, FL	—	(1)	1,686	15,179	(8	)	9,254	1,678	24,433	26,111	(14,210	)	11,901	1986	1 - 40
Paddock Club Lakeland	Lakeland, FL	—	(1)	2,254	20,452	(1,033	)	7,895	1,221	28,347	29,568	(15,596	)	13,972	1989	1 - 40
Colonial Grand at Lake Mary	Lake Mary, FL	—		3,788	33,543	—		110	3,788	33,653	37,441	(323	)	37,118	2012	1 - 40
Colonial Grand at Oval Park	Lake Mary, FL	—		1,263	11,654	—		39	1,263	11,693	12,956	(118	)	12,838	2013	1 - 40
Colonial Grand at Town Park	Lake Mary, FL	33,818		5,754	56,562	—		251	5,754	56,813	62,567	(651	)	61,916	2005	1 - 40
Colonial Grand at Town Park Reserve	Lake Mary, FL	—		3,488	10,311	—		43	3,488	10,354	13,842	(116	)	13,726	2004	1 - 40
Paddock Park Ocala	Ocala, FL	6,570	(2)(17)	2,284	21,970	—		5,118	2,284	27,088	29,372	(15,178	)	14,194	1987	1 - 40
Retreat at Lake Nona	Orlando, FL	—		7,880	41,175	—		1,214	7,880	42,389	50,269	(1,937	)	48,332	2006	1 - 40
Colonial Grand at Heather Glen	Orlando, FL	—		4,672	56,988	—		335	4,672	57,323	61,995	(593	)	61,402	2000	1 - 40
The Club at Panama Beach	Panama City, FL	—		898	14,276	(5	)	3,330	893	17,606	18,499	(8,236	)	10,263	2000	1 - 40
Colonial Village at Twin Lakes	Sanford, FL	26,243		3,097	47,793	—		194	3,097	47,987	51,084	(512	)	50,572	2005	1 - 40
Paddock Club Tallahassee	Tallahassee, FL	—		530	4,805	950		13,802	1,480	18,607	20,087	(10,043	)	10,044	1992	1 - 40
Belmere	Tampa, FL	—	(1)	852	7,667	—		5,277	852	12,944	13,796	(8,682	)	5,114	1984	1 - 40
Links at Carrollwood	Tampa, FL	—		817	7,355	110		5,107	927	12,462	13,389	(6,999	)	6,390	1980	1 - 40
Village Oaks	Tampa, FL	—		2,738	19,055	153		1,358	2,891	20,413	23,304	(3,735	)	19,569	2007	1 - 40

Colonial Grand at Hampton Preserve	Tampa, FL	—		6,246	69,535	—	223		6,246	69,758	76,004	(692	)	75,312	2012	1 - 40
Colonial Grand at Seven Oaks	Wesley Chapel, FL	21,274		3,057	42,768	—	162		3,057	42,930	45,987	(428	)	45,559	2004	1 - 40
Colonial Grand at Windermere	Windermere, FL	—		2,717	36,710	—	121		2,717	36,831	39,548	(359	)	39,189	2009	1 - 40
Park Crest at Innisbrook	Palm Harbor, FL	29,574		6,900	26,613	—	(388	)	6,900	26,225	33,125	(4,208	)	28,917	2000	1 - 40
Allure at Brookwood	Atlanta, GA	—		11,168	52,758	—	1,033		11,168	53,791	64,959	(2,574	)	62,385	2008	1 - 40
Allure in Buckhead Village Residential	Atlanta, GA	—		8,633	19,844	—	2,361		8,633	22,205	30,838	(1,231	)	29,607	2002	1 - 40
Sanctuary at Oglethorpe	Atlanta, GA	23,500		6,875	31,441	—	2,746		6,875	34,187	41,062	(6,766	)	34,296	1994	1 - 40
Bradford Pointe	Augusta, GA	—		772	6,949	—	3,106		772	10,055	10,827	(5,593	)	5,234	1986	1 - 40
Westbury Creek	Augusta, GA	3,428	(11)(17)	400	3,626	—	1,822		400	5,448	5,848	(3,106	)	2,742	1984	1 - 40
Fountain Lake	Brunswick, GA	—		502	4,551	—	2,897		502	7,448	7,950	(4,099	)	3,851	1983	1 - 40
Whisperwood	Columbus, GA	—		4,286	42,722	—	18,048		4,286	60,770	65,056	(32,583	)	32,473	1986	1 - 40
Terraces at Fieldstone	Conyers, GA	—		1,284	15,819	—	2,362		1,284	18,181	19,465	(7,340	)	12,125	1999	1 - 40
Prescott	Duluth, GA	—	(4)	3,840	24,011	—	2,238		3,840	26,249	30,089	(8,765	)	21,324	2001	1 - 40
Colonial Grand at Berkeley Lake	Duluth, GA	—		1,964	15,707	—	105		1,964	15,812	17,776	(202	)	17,574	1988	1 - 40
Colonial Grand at River Oaks	Duluth, GA	11,992		4,369	13,579	—	173		4,369	13,752	18,121	(225	)	17,896	1992	1 - 40
Colonial Grand at River Plantation	Duluth, GA	—		2,063	19,158	—	118		2,063	19,276	21,339	(245	)	21,094	1994	1 - 40
Colonial Grand at McDaniel Farm	Duluth, GA	—		3,993	32,206	—	145		3,993	32,351	36,344	(413	)	35,931	1997	1 - 40
Colonial Grand at Pleasant Hill	Duluth, GA	—		6,767	32,202	—	169		6,767	32,371	39,138	(394	)	38,744	1996	1 - 40
Colonial Grand at Mount Vernon	Dunwoody, GA	15,936		6,875	23,748	—	144		6,875	23,892	30,767	(249	)	30,518	1997	1 - 40
Lanier	Gainesville, GA	15,558		3,560	22,611	—	2,924		3,560	25,535	29,095	(8,148	)	20,947	1988	1 - 40
Lake Club	Gainesville, GA	—	(4)	3,150	18,383	—	1,367		3,150	19,750	22,900	(6,168	)	16,732	2001	1 - 40
Colonial Grand at Shiloh	Kennesaw, GA	31,663		4,875	45,893	—	225		4,875	46,118	50,993	(529	)	50,464	2002	1 - 40
Millstead Village	LaGrange, GA	—		3,100	29,240	—	(704	)	3,100	28,536	31,636	(891	)	30,745	1983	1 - 40
Austin Chase	Macon, GA	—		1,409	12,687	—	3,289		1,409	15,976	17,385	(8,206	)	9,179	1996	1 - 40
The Vistas	Macon, GA	—		595	5,403	—	2,079		595	7,482	8,077	(4,330	)	3,747	1985	1 - 40
Colonial Grand at Barrett Creek	Marietta, GA	19,772		5,673	26,186	—	117		5,673	26,303	31,976	(340	)	31,636	1999	1 - 40
Colonial Grand at Godley Station	Pooler, GA	14,747		1,804	35,454	—	145		1,804	35,599	37,403	(358	)	37,045	2001	1 - 40
Colonial Village at Godley Lake	Pooler, GA	—		1,754	30,893	—	105		1,754	30,998	32,752	(331	)	32,421	2008	1 - 40
Avala at Savannah Quarters	Savannah, GA	—		1,500	24,862	—	610		1,500	25,472	26,972	(2,282	)	24,690	2009	1 - 40
Georgetown Grove	Savannah, GA	—	(3)	1,288	11,579	—	2,699		1,288	14,278	15,566	(7,558	)	8,008	1997	1 - 40
Colonial Grand at Hammocks	Savannah, GA	—		2,446	36,863	—	158		2,446	37,021	39,467	(384	)	39,083	1997	1 - 40
Colonial Village at Greentree	Savannah, GA	—		1,715	10,494	—	96		1,715	10,590	12,305	(178	)	12,127	1994	1 - 40
Colonial Village at Huntington	Savannah, GA	—		2,526	8,223	—	58		2,526	8,281	10,807	(101	)	10,706	1986	1 - 40
Colonial Village at Marsh Cove	Savannah, GA	—		5,242	8,555	—	60		5,242	8,615	13,857	(126	)	13,731	1983	1 - 40

Oaks at Wilmington Island	Savannah, GA	—	(3)	2,910	25,315	—	2,267	2,910	27,582	30,492	(7,112	)	23,380	1999	1 - 40
Huntington Chase	Warner Robins, GA	—	(3)	1,160	10,437	—	2,651	1,160	13,088	14,248	(6,198	)	8,050	1997	1 - 40
Southland Station	Warner Robins, GA	—		1,470	13,284	—	3,709	1,470	16,993	18,463	(9,678	)	8,785	1988	1 - 40
Terraces at Townelake	Woodstock, GA	—		1,331	11,918	1,688	20,881	3,019	32,799	35,818	(15,963	)	19,855	1999	1 - 40
Fairways at Hartland	Bowling Green, KY	—		1,038	9,342	—	3,472	1,038	12,814	13,852	(7,262	)	6,590	1996	1 - 40
Grand Reserve Lexington	Lexington, KY	—	(1)	2,024	31,525	—	2,188	2,024	33,713	35,737	(12,843	)	22,894	2000	1 - 40
Lakepointe	Lexington, KY	—		411	3,699	—	2,305	411	6,004	6,415	(3,891	)	2,524	1986	1 - 40
Mansion, The	Lexington, KY	—	(1)	694	6,242	—	3,372	694	9,614	10,308	(6,117	)	4,191	1989	1 - 40
Village, The	Lexington, KY	—	(1)	900	8,097	—	4,504	900	12,601	13,501	(8,073	)	5,428	1989	1 - 40
Stonemill Village	Louisville, KY	—		1,169	10,518	—	8,676	1,169	19,194	20,363	(11,721	)	8,642	1985	1 - 40
Crosswinds	Jackson, MS	—	(1)	1,535	13,826	—	4,931	1,535	18,757	20,292	(11,321	)	8,971	1989	1 - 40
Pear Orchard	Jackson, MS	—	(1)	1,351	12,168	—	8,045	1,351	20,213	21,564	(12,649	)	8,915	1985	1 - 40
Reflection Pointe	Jackson, MS	5,692	(7)(17)	710	8,770	138	7,750	848	16,520	17,368	(9,659	)	7,709	1986	1 - 40
Lakeshore Landing	Ridgeland, MS	—		676	6,284	—	2,282	676	8,566	9,242	(3,242	)	6,000	1974	1 - 40
Savannah Creek	Southaven, MS	—	(1)	778	7,013	—	3,014	778	10,027	10,805	(6,205	)	4,600	1989	1 - 40
Sutton Place	Southaven, MS	—		894	8,053	—	3,755	894	11,808	12,702	(7,264	)	5,438	1991	1 - 40
Market Station	Kansas City, MO	—		5,814	46,241	—	317	5,814	46,558	52,372	(1,974	)	50,398	2010	1 - 40
Colonial Village at Beaver Creek	Apex, NC	—		7,507	34,863	—	139	7,507	35,002	42,509	(351	)	42,158	2007	1 - 40
Hermitage at Beechtree	Cary, NC	—	(1)	900	8,099	—	4,750	900	12,849	13,749	(7,269	)	6,480	1988	1 - 40
Waterford Forest	Cary, NC	—	(4)	4,000	20,250	—	2,486	4,000	22,736	26,736	(7,109	)	19,627	1996	1 - 40
1225 South Church I	Charlotte, NC	—		4,780	22,342	—	234	4,780	22,576	27,356	(1,872	)	25,484	2010	1 - 40
1225 South Church II	Charlotte, NC	—		4,832	—	—	22,275	4,832	22,275	27,107	(451	)	26,656	2013	1 - 40
Colonial Grand at Ayrsley	Charlotte, NC	—		1,243	52,119	—	175	1,243	52,294	53,537	(479	)	53,058	2008	1 - 40
Colonial Grand at Ayrsley II	Charlotte, NC	—		1,244	11,659	—	34	1,244	11,693	12,937	(121	)	12,816	2013	1 - 40
Colonial Grand at Beverly Crest	Charlotte, NC	16,111		3,168	24,004	—	305	3,168	24,309	27,477	(250	)	27,227	1996	1 - 40
Colonial Grand at Legacy Park	Charlotte, NC	—		2,897	28,272	—	185	2,897	28,457	31,354	(313	)	31,041	2001	1 - 40
Colonial Grand at Mallard Creek	Charlotte, NC	16,250		4,601	27,713	—	109	4,601	27,822	32,423	(301	)	32,122	2005	1 - 40
Colonial Grand at Mallard Lake	Charlotte, NC	18,342		3,257	31,389	—	221	3,257	31,610	34,867	(352	)	34,515	1988	1 - 40
Colonial Grand at University Center	Charlotte, NC	—		1,623	17,499	—	68	1,623	17,567	19,190	(175	)	19,015	2005	1 - 40
Colonial Village at Chancellor Park	Charlotte, NC	—		5,322	28,016	—	209	5,322	28,225	33,547	(292	)	33,255	1999	1 - 40
Colonial Village at Charleston Place	Charlotte, NC	—		1,444	9,570	—	80	1,444	9,650	11,094	(120	)	10,974	1986	1 - 40
Colonial Village at Greystone	Charlotte, NC	14,559		4,129	25,974	—	144	4,129	26,118	30,247	(264	)	29,983	1998/2000	1 - 40
Colonial Village at South Tryon	Charlotte, NC	—		2,265	19,489	—	100	2,265	19,589	21,854	(216	)	21,638	2002	1 - 40
Colonial Village at Stone Point	Charlotte, NC	—		2,145	11,564	—	91	2,145	11,655	13,800	(160	)	13,640	1986	1 - 40

Colonial Village at Timber Crest	Charlotte, NC	12,142		2,907	17,192	—		141		2,907	17,333	20,240	(177	)	20,063	2000	1 - 40
Enclave	Charlotte, NC	—		1,464	18,984	—		73		1,464	19,057	20,521	(168	)	20,353	2008	1 - 40
Colonial Grand at Cornelius	Cornelius, NC	—		4,580	29,151	—		102		4,580	29,253	33,833	(323	)	33,510	2009	1 - 40
Colonial Grand at Patterson Place	Durham, NC	15,971		2,595	27,126	—		107		2,595	27,233	29,828	(292	)	29,536	1997	1 - 40
Colonial Village at Woodlake	Durham, NC	—		2,747	17,686	—		71		2,747	17,757	20,504	(207	)	20,297	1996	1 - 40
Colonial Village at Deerfield	Durham, NC	—		3,278	15,609	—		79		3,278	15,688	18,966	(207	)	18,759	1985	1 - 40
Colonial Grand at Research Park	Durham, NC	—		4,210	37,682	—		196		4,210	37,878	42,088	(424	)	41,664	2002	1 - 40
Colonial Grand at Autumn Park	Greensboro, NC	—		4,191	26,214	—		140		4,191	26,354	30,545	(270	)	30,275	2001/04	1 - 40
Colonial Grand at Huntersville	Huntersville, NC	15,239		4,260	31,948	—		(1,229	)	4,260	30,719	34,979	(342	)	34,637	2002	1 - 40
Colonial Village at Matthews	Matthews, NC	14,923		3,077	21,830	—		165		3,077	21,995	25,072	(265	)	24,807	2008	1 - 40
Colonial Grand at Matthews Commons	Matthews, NC	—		3,698	28,536	—		108		3,698	28,644	32,342	(291	)	32,051	2008	1 - 40
Colonial Grand at Arringdon	Morrisville, NC	20,087		6,414	31,134	—		139		6,414	31,273	37,687	(375	)	37,312	2003	1 - 40
Colonial Grand at Brier Creek	Raleigh, NC	26,502		7,387	50,202	—		190		7,387	50,392	57,779	(509	)	57,270	2010	1 - 40
Colonial Grand at Brier Falls	Raleigh, NC	—		6,586	48,910	—		170		6,586	49,080	55,666	(488	)	55,178	2008	1 - 40
Colonial Grand at Crabtree Valley	Raleigh, NC	10,950		2,246	18,434	—		361		2,246	18,795	21,041	(187	)	20,854	1997	1 - 40
Hue	Raleigh, NC	—		3,690	29,910	—		1,318		3,690	31,228	34,918	(3,031	)	31,887	2009	1 - 40
Colonial Grand at Trinity Commons	Raleigh, NC	31,769		5,243	45,138	—		174		5,243	45,312	50,555	(514	)	50,041	2000/02	1 - 40
Preserve at Brier Creek	Raleigh, NC	—		5,850	21,980	(19	)	23,129		5,831	45,109	50,940	(10,088	)	40,852	2004	1 - 40
Providence at Brier Creek	Raleigh, NC	—		4,695	29,007	—		932		4,695	29,939	34,634	(5,699	)	28,935	2007	1 - 40
Colonial Grand at Wilmington	Wilmington, NC	27,105		4,201	25,121	—		131		4,201	25,252	29,453	(348	)	29,105	1998/2002	1 - 40
Corners, The	Winston-Salem, NC	—		685	6,165	—		2,859		685	9,024	9,709	(6,313	)	3,396	1982	1 - 40
Glen Eagles	Winston-Salem, NC	—		3,407	15,002	—		(380	)	3,407	14,622	18,029	(177	)	17,852	1990/2000	1 - 40
Colonial Village at Mill Creek	Winston-Salem, NC	—		2,356	7,354	—		79		2,356	7,433	9,789	(91	)	9,698	1984	1 - 40
Colonial Grand at Desert Vista	North Las Vegas, NV	—		4,100	29,826	—		123		4,100	29,949	34,049	(340	)	33,709	2009	1 - 40
Colonial Grand at Palm Vista	North Las Vegas, NV	—		4,919	25,643	—		108		4,919	25,751	30,670	(300	)	30,370	2007	1 - 40
Colony at South Park	Aiken, SC	—	(1)	862	7,867	—		1,969		862	9,836	10,698	(3,725	)	6,973	1982	1 - 40
Woodwinds	Aiken, SC	—		503	4,540	—		2,296		503	6,836	7,339	(3,902	)	3,437	1988	1 - 40
Tanglewood	Anderson, SC	—		427	3,853	—		3,184		427	7,037	7,464	(4,541	)	2,923	1980	1 - 40
Colonial Grand at Cypress Cove	Charleston, SC	—		3,617	28,645	—		123		3,617	28,768	32,385	(319	)	32,066	2001	1 - 40
Colonial Village at Hampton Pointe	Charleston, SC	—		3,979	22,790	—		477		3,979	23,267	27,246	(259	)	26,987	1986	1 - 40
Colonial Grand at Quarterdeck	Charleston, SC	—		922	24,097	—		58		922	24,155	25,077	(244	)	24,833	1987	1 - 40
Colonial Village at Westchase	Charleston, SC	—		4,580	20,091	—		111		4,580	20,202	24,782	(259	)	24,523	1985	1 - 40
River's Walk	Charleston, SC	—		5,200	—	—		28,189		5,200	28,189	33,389	(160	)	33,229	2013	1 - 40
Fairways, The	Columbia, SC	7,488	(8)(17)	910	8,207	—		3,210		910	11,417	12,327	(7,051	)	5,276	1992	1 - 40

Paddock Club Columbia	Columbia, SC	—	(1)	1,840		16,560	—	3,798	1,840	20,358	22,198	(11,466	)	10,732	1991	1 - 40
Colonial Village at Windsor Place	Goose Creek, SC	—		1,324	—	14,163	—	67	1,324	14,230	15,554	(177	)	15,377	1985	1 - 40
Highland Ridge	Greenville, SC	—		482		4,337	—	2,367	482	6,704	7,186	(3,939	)	3,247	1984	1 - 40
Howell Commons	Greenville, SC	—	(1)	1,304		11,740	—	3,842	1,304	15,582	16,886	(9,278	)	7,608	1987	1 - 40
Paddock Club Greenville	Greenville, SC	—	(1)	1,200		10,800	—	2,042	1,200	12,842	14,042	(7,187	)	6,855	1996	1 - 40

Park Haywood	Greenville, SC	—	(1)	325	2,925	35		4,643	360	7,568	7,928	(5,116	)	2,812	1983	1 - 40
Spring Creek	Greenville, SC	—		597	5,374	(14	)	2,975	583	8,349	8,932	(5,315	)	3,617	1985	1 - 40
Runaway Bay	Mt. Pleasant, SC	8,365	(5)(17)	1,085	7,269	(2	)	6,207	1,083	13,476	14,559	(8,243	)	6,316	1988	1 - 40
Colonial Grand at Commerce Park	North Charleston, SC	—		2,786	33,966	—		121	2,786	34,087	36,873	(351	)	36,522	2008	1 - 40
535 Brookwood	Simpsonville, SC	13,413		1,216	18,666	—		531	1,216	19,197	20,413	(2,351	)	18,062	2008	1 - 40
Park Place	Spartanburg, SC	—		723	6,504	—		3,053	723	9,557	10,280	(5,537	)	4,743	1987	1 - 40
Farmington Village	Summerville, SC	15,200		2,800	26,295	—		809	2,800	27,104	29,904	(5,778	)	24,126	2007	1 - 40
Colonial Village at Waters Edge	Summerville, SC	—		2,107	9,187	—		123	2,107	9,310	11,417	(130	)	11,287	1985	1 - 40
Hamilton Pointe	Chattanooga, TN	—	(1)	1,131	10,632	—		2,902	1,131	13,534	14,665	(5,232	)	9,433	1989	1 - 40
Hidden Creek	Chattanooga, TN	—	(1)	972	8,954	—		2,236	972	11,190	12,162	(4,410	)	7,752	1987	1 - 40
Steeplechase	Chattanooga, TN	—	(1)	217	1,957	—		3,082	217	5,039	5,256	(3,284	)	1,972	1986	1 - 40
Windridge	Chattanooga, TN	5,383	(12)(17)	817	7,416	—		4,006	817	11,422	12,239	(6,311	)	5,928	1984	1 - 40
Oaks, The	Jackson, TN	—		177	1,594	12		2,253	189	3,847	4,036	(2,527	)	1,509	1978	1 - 40
Post House Jackson	Jackson, TN	4,919	(17)(18)	443	5,078	—		4,170	443	9,248	9,691	(5,215	)	4,476	1987	1 - 40
Post House North	Jackson, TN	3,267	(9)(17)	381	4,299	(57	)	2,866	324	7,165	7,489	(4,521	)	2,968	1987	1 - 40
Bradford Chase	Jackson, TN	—		523	4,711	—		2,129	523	6,840	7,363	(4,379	)	2,984	1987	1 - 40
Woods at Post House	Jackson, TN	—		240	6,839	—		2,684	240	9,523	9,763	(6,343	)	3,420	1997	1 - 40
Greenbrook	Memphis, TN	27,853		2,100	24,468	25		26,986	2,125	51,454	53,579	(35,558	)	18,021	1978	1 - 40
Kirby Station	Memphis, TN	—	(1)	1,148	10,337	—		9,256	1,148	19,593	20,741	(11,111	)	9,630	1978	1 - 40
Lincoln on the Green	Memphis, TN	—	(1)	1,498	20,483	—		14,392	1,498	34,875	36,373	(20,734	)	15,639	1992	1 - 40
Park Estate	Memphis, TN	—		178	1,141	—		4,742	178	5,883	6,061	(4,396	)	1,665	1974	1 - 40
Reserve at Dexter Lake	Memphis, TN	—		1,260	16,043	2,147		37,608	3,407	53,651	57,058	(19,319	)	37,739	2000	1 - 40
Paddock Club Murfreesboro	Murfreesboro, TN	—		915	14,774	—		2,305	915	17,079	17,994	(7,067	)	10,927	1999	1 - 40
Aventura at Indian Lake Village	Nashville, TN	—		4,950	28,053	—		685	4,950	28,738	33,688	(2,191	)	31,497	2010	1 - 40
Avondale at Kennesaw	Nashville, TN	18,484		3,456	22,443	—		826	3,456	23,269	26,725	(2,797	)	23,928	2008	1 - 40
Brentwood Downs	Nashville, TN	—		1,193	10,739	(2	)	6,718	1,191	17,457	18,648	(10,643	)	8,005	1986	1 - 40
Colonial Grand at Bellevue	Nashville, TN	23,143		8,640	34,229	—		252	8,640	34,481	43,121	(405	)	42,716	1996	1 - 40
Grand View Nashville	Nashville, TN	—		2,963	33,673	—		4,863	2,963	38,536	41,499	(14,058	)	27,441	2001	1 - 40
Monthaven Park	Nashville, TN	—	(3)	2,736	28,902	—		4,155	2,736	33,057	35,793	(11,952	)	23,841	2000	1 - 40

Park at Hermitage	Nashville, TN	6,645	(13)(17)	1,524	14,800	—	7,900		1,524	22,700	24,224	(13,992	)	10,232	1987	1 - 40
Venue at Cool Springs	Nashville, TN	—		6,670	—	—	49,864		6,670	49,864	56,534	(1,748	)	54,786	2012	1 - 40
Verandas at Sam Ridley	Nashville, TN	22,749		3,350	28,308	—	621		3,350	28,929	32,279	(3,412	)	28,867	2009	1 - 40
Colonial Village at North Arlington	Arlington, TX	—		1,885	9,906	—	125		1,885	10,031	11,916	(116	)	11,800	1985	1 - 40
Northwood	Arlington, TX	—		886	8,051	—	2,094		886	10,145	11,031	(3,896	)	7,135	1980	1 - 40
Balcones Woods	Austin, TX	—		1,598	14,398	—	10,522		1,598	24,920	26,518	(14,746	)	11,772	1983	1 - 40
Colonial Grand at Canyon Creek	Austin, TX	16,160		3,629	32,137	—	89		3,629	32,226	35,855	(343	)	35,512	2008	1 - 40
Colonial Grand at Canyon Pointe	Austin, TX	—		3,786	20,201	—	92		3,786	20,293	24,079	(269	)	23,810	2003	1 - 40
Colonial Grand at Double Creek	Austin, TX	—		3,138	29,375	—	95		3,138	29,470	32,608	(324	)	32,284	2013	1 - 40
Colonial Grand at Onion Creek	Austin, TX	—		4,912	33,010	—	146		4,912	33,156	38,068	(361	)	37,707	2009	1 - 40
Colonial Grand at Wells Branch	Austin, TX	—		3,094	32,283	—	118		3,094	32,401	35,495	(327	)	35,168	1996	1 - 40
Grand Reserve at Sunset Valley	Austin, TX	—	(3)	3,150	11,393	—	2,616		3,150	14,009	17,159	(4,893	)	12,266	1996	1 - 40
Colonial Village at Quarry Oaks	Austin, TX	27,898		4,631	34,461	—	171		4,631	34,632	39,263	(383	)	38,880	1996	1 - 40
Legacy at Western Oaks	Austin, TX	31,591		9,100	49,339	—	(3,049	)	9,100	46,290	55,390	(2,742	)	52,648	2001	1 - 40
Silverado	Austin, TX	—	(3)	2,900	24,009	—	1,686		2,900	25,695	28,595	(7,120	)	21,475	2003	1 - 40
Stassney Woods	Austin, TX	4,050	(14)(17)	1,621	7,501	—	5,856		1,621	13,357	14,978	(8,570	)	6,408	1985	1 - 40
Travis Station	Austin, TX	3,585	(15)(17)	2,281	6,169	—	6,589		2,281	12,758	15,039	(7,626	)	7,413	1987	1 - 40
Woods, The	Austin, TX	—		1,405	12,769	—	5,413		1,405	18,182	19,587	(6,943	)	12,644	1977	1 - 40
Colonial Village at Shoal Creek	Bedford, TX	23,713		4,992	27,377	—	297		4,992	27,674	32,666	(327	)	32,339	1996	1 - 40
Colonial Village at Willow Creek	Bedford, TX	27,479		3,115	33,488	—	183		3,115	33,671	36,786	(369	)	36,417	1996	1 - 40
Colonial Grand at Hebron	Carrollton, TX	—		4,240	42,237	—	143		4,240	42,380	46,620	(413	)	46,207	2011	1 - 40
Colonial Grand at Silverado	Cedar Park, TX	—		3,289	24,935	—	96		3,289	25,031	28,320	(264	)	28,056	2005	1 - 40
Colonial Grand at Silverado Reserve	Cedar Park, TX	—		3,959	31,705	—	(1,547	)	3,959	30,158	34,117	(325	)	33,792	2005	1 - 40
Courtyards at Campbell	Dallas, TX	—		988	8,893	—	3,590		988	12,483	13,471	(6,741	)	6,730	1986	1 - 40
Deer Run	Dallas, TX	—		1,252	11,271	—	4,470		1,252	15,741	16,993	(8,710	)	8,283	1985	1 - 40
Grand Courtyard	Dallas, TX	—	(3)	2,730	22,240	—	1,842		2,730	24,082	26,812	(6,680	)	20,132	2000	1 - 40
Legends at Lowe's Farm	Dallas, TX	—		5,016	41,091	—	828		5,016	41,919	46,935	(3,288	)	43,647	2008	1 - 40
Colonial Reserve at Medical District	Dallas, TX	—		4,058	33,779	—	125		4,058	33,904	37,962	(314	)	37,648	2007	1 - 40
Watermark	Dallas, TX	—	(4)	960	14,438	—	1,459		960	15,897	16,857	(5,445	)	11,412	2002	1 - 40
Colonial Village at Main Park	Duncanville, TX	—		1,825	10,960	—	48		1,825	11,008	12,833	(134	)	12,699	1984	1 - 40
Colonial Grand at Bear Creek	Euless, TX	25,038		6,466	30,048	—	149		6,466	30,197	36,663	(368	)	36,295	1998	1 - 40
Colonial Grand at Fairview	Fairview, TX	—		2,176	35,077	—	136		2,176	35,213	37,389	(338	)	37,051	2012	1 - 40
La Valencia at Starwood	Frisco, TX	21,718		3,240	26,069	—	521		3,240	26,590	29,830	(3,081	)	26,749	2009	1 - 40
Colonial Reserve at Frisco Bridges	Frisco, TX	—		1,972	34,018	—	154		1,972	34,172	36,144	(332	)	35,812	2013	1 - 40

Colonial Village at Grapevine	Grapevine, TX	—		2,356	29,757	—		194		2,356	29,951	32,307	(327	)	31,980	1985/1986	1 - 40
Greenwood Forest	Houston, TX	18,536		3,465	23,482	—		(755	)	3,465	22,727	26,192	(515	)	25,677	1994	1 - 40
Legacy Pines	Houston, TX	—	(4)	2,157	19,066	(15	)	3,142		2,142	22,208	24,350	(8,830	)	15,520	1999	1 - 40
Reserve at Woodwind Lakes	Houston, TX	11,285		1,968	19,928	—		2,772		1,968	22,700	24,668	(6,147	)	18,521	1999	1 - 40
Park Place (Houston)	Houston, TX	—		2,061	15,830	—		2,881		2,061	18,711	20,772	(4,948	)	15,824	1996	1 - 40
Ranchstone	Houston, TX	—	(3)	1,480	14,807	—		1,975		1,480	16,782	18,262	(4,192	)	14,070	1996	1 - 40
Cascade at Fall Creek	Humble, TX	—		3,230	19,926	—		894		3,230	20,820	24,050	(4,458	)	19,592	2007	1 - 40
Chalet at Fall Creek	Humble, TX	—	(3)	2,755	20,085	—		657		2,755	20,742	23,497	(4,826	)	18,671	2006	1 - 40
Bella Casita at Las Colinas	Irving, TX	—	(4)	2,521	26,432	—		674		2,521	27,106	29,627	(2,887	)	26,740	2007	1 - 40
Remington Hills	Irving, TX	—		4,399	21,822	—		601		4,399	22,423	26,822	(260	)	26,562	1984	1 - 40
Colonial Reserve at Las Colinas	Irving, TX	—		3,910	40,691	—		238		3,910	40,929	44,839	(380	)	44,459	2006	1 - 40
Colonial Grand at Valley Ranch	Irving, TX	26,243		5,083	37,397	—		968		5,083	38,365	43,448	(413	)	43,035	1997	1 - 40
Lane at Towne Crossing	Mesquite, TX	—		1,311	11,867	(8	)	2,554		1,303	14,421	15,724	(5,592	)	10,132	1983	1 - 40
Colonial Village at Oakbend	Lewisville, TX	22,527		5,610	28,616	—		165		5,610	28,781	34,391	(329	)	34,062	1997	1 - 40
Colonial Village at Vista Ridge	Lewisville, TX	—		3,288	13,118	—		106		3,288	13,224	16,512	(168	)	16,344	1985	1 - 40
Times Square at Craig Ranch	McKinney, TX	—		1,130	28,058	—		2,126		1,130	30,184	31,314	(3,619	)	27,695	2009	1 - 40
Highwood	Plano, TX	—		864	7,783	—		3,547		864	11,330	12,194	(6,516	)	5,678	1983	1 - 40
Los Rios Park	Plano, TX	—		3,273	28,823	—		3,666		3,273	32,489	35,762	(12,187	)	23,575	2000	1 - 40
Boulder Ridge	Roanoke, TX	—		3,382	26,930	—		4,673		3,382	31,603	34,985	(9,620	)	25,365	1999	1 - 40
Copper Ridge	Roanoke, TX	—		4,166	—	(1	)	21,052		4,165	21,052	25,217	(2,733	)	22,484	2009	1 - 40
Colonial Grand at Ashton Oaks	Round Rock, TX	—		5,522	36,241	—		131		5,522	36,372	41,894	(382	)	41,512	2009	1 - 40
Colonial Grand at Round Rock	Round Rock, TX	25,456		4,701	45,379	—		166		4,701	45,545	50,246	(464	)	49,782	1997	1 - 40
Colonial Village at Sierra Vista	Round Rock, TX	11,333		2,566	16,488	—		76		2,566	16,564	19,130	(191	)	18,939	1999	1 - 40
Alamo Ranch	San Antonio, TX	—		2,380	26,982	—		1,128		2,380	28,110	30,490	(2,924	)	27,566	2009	1 - 40
Haven at Blanco	San Antonio, TX	—		5,450	45,958	—		826		5,450	46,784	52,234	(2,125	)	50,109	2010	1 - 40
Stone Ranch at Westover Hills	San Antonio, TX	19,061		4,000	24,992	—		1,151		4,000	26,143	30,143	(3,703	)	26,440	2009	1 - 40
Cypresswood Court	Spring, TX	—	(4)	576	5,190	—		3,275		576	8,465	9,041	(5,533	)	3,508	1984	1 - 40
Villages at Kirkwood	Stafford, TX	—	(3)	1,918	15,846	—		2,051		1,918	17,897	19,815	(6,146	)	13,669	1996	1 - 40
Green Tree Place	Woodlands, TX	—	(4)	539	4,850	—		2,967		539	7,817	8,356	(5,071	)	3,285	1984	1 - 40
Adalay Bay	Chesapeake, VA	—		5,280	31,341	—		1,052		5,280	32,393	37,673	(1,948	)	35,725	2002	1 - 40
Colonial Village at Greenbrier	Fredericksburg, VA	—		4,852	21,677	—		95		4,852	21,772	26,624	(224	)	26,400	1980	1 - 40
Seasons at Celebrate Virginia	Fredericksburg, VA	—		6,960	32,083	—		276		6,960	32,359	39,319	(2,302	)	37,017	2011	1 - 40
Seasons at Celebrate II	Fredericksburg, VA	—		7,530	37,534	—		3		7,530	37,537	45,067	(158	)	44,909	2013	1 - 40
Station Square at Cosner's Corner	Fredericksburg, VA	—		8,580	35,700	—		115		8,580	35,815	44,395	(534	)	43,861	2013	1 - 40

Colonial Village at Hampton Glen	Glen Allen, VA	—			4,861		21,678		—			106			4,861		21,784		26,645		(238		)	26,407		1986	1 - 40
Colonial Village at West End	Glen Allen, VA	13,112			4,671		18,908		—			93			4,671		19,001		23,672		(200		)	23,472		1987	1 - 40
Township	Hampton, VA	10,430		(10)(17)	1,509		8,189		—			8,578			1,509		16,767		18,276		(9,454		)	8,822		1987	1 - 40
Colonial Village at Tradewinds	Hampton, VA	—			5,643		15,660		—			113			5,643		15,773		21,416		(174		)	21,242		1988	1 - 40
Colonial Village at Waterford	Midlothian, VA	—			6,747		29,221		—			179			6,747		29,400		36,147		(331		)	35,816		1989	1 - 40
Ashley Park	Richmond, VA	—			4,771		13,365		—			90			4,771		13,455		18,226		(171		)	18,055		1988	1 - 40
Colonial Village at Chase Gayton	Richmond, VA	—			6,034		29,004		—			100			6,034		29,104		35,138		(327		)	34,811		1984	1 - 40
Hamptons at Hunton Park	Richmond, VA	—			4,930		35,598		—			1,776			4,930		37,374		42,304		(3,373		)	38,931		2003	1 - 40
Colonial Village at Harbour Club	Virginia Beach, VA	—			3,490		14,796		—			73			3,490		14,869		18,359		(159		)	18,200		1988	1 - 40
Total Residential Properties		1,107,341			822,370		5,738,844		4,924			784,734			827,294		6,523,578		7,350,872		(1,123,272		)	6,227,600
Colonial Center Brookwood Village	Birmingham, AL	—			1,447		32,049		—			(455		)	1,447		31,594		33,041		(303		)	32,738		2007	1 - 40
Colonial Brookwood Village	Birmingham, AL	—			8,026		17,780		—			22			8,026		17,802		25,828		(199		)	25,629		1973/91/00	1 - 40
Colonial Promenade Craft Farms	Gulf Shores, AL	—			2,775		5,109		—			1,863			2,775		6,972		9,747		(66		)	9,681		2010	1 - 40
Times Square at Craig Ranch	McKinney, TX	—			253		1,310		—			1,152			253		2,462		2,715		(115		)	2,600		2009	1 - 40
Bella Casita at Las Colinas	Irving, TX	—			46		186		—			126			46		312		358		(30		)	328		2007	1 - 40
Allure at Buckhead	Atlanta, GA	—			867		3,465		—			—			867		3,465		4,332		(192		)	4,140		2002	1 - 40
1225 South Church	Charlotte, NC	—			43		199		9			242			52		441		493		(30		)	463		2010	1 - 40
Total Commercial Properties		—			13,457		60,098		9			2,950			13,466		63,048		76,514		(935		)	75,579
Brookwood West - Retail	Birmingham, AL	—			1,652		6,632		—			1,248			1,652		7,880		9,532		—			9,532		N/A	N/A
Colonial Promenade Huntsville (Phase II)	Huntsville, AL	—			6,113		5,113		—			598			6,113		5,711		11,824		—			11,824		N/A	N/A
Colonial Grand at Lake Mary (Phase III)	Orlando, FL	—			1,309		7,996		—			1,061			1,309		9,057		10,366		—			10,366		N/A	N/A
Colonial Grand at Randal Lakes	Orlando, FL	—			5,671		50,553		—			(803		)	5,671		49,750		55,421		—			55,421		N/A	N/A
Colonial Reserve at South End	Charlotte, NC	—			4,639		44,282		—			6,579			4,639		50,861		55,500		—			55,500		N/A	N/A
Colonial Grand at Bellevue (Phase II)	Nashville, TN	—			8,672		4,549		—			2,913			8,672		7,462		16,134		—			16,134		N/A	N/A
220 Riverside	Jacksonville, FL	—			2,500		—		—			14,975			2,500		14,975		17,475		—			17,475		N/A	N/A
Total Active Development Properties		—			30,556		119,125		—			26,571			30,556		145,696		176,252		—			176,252
Total Properties		1,107,341			866,383		5,918,067		4,933			814,255			871,316		6,732,322		7,603,638		(1,124,207		)	6,479,431
Total Land Held for Future Developments		—			63,951		—		(101		)	—			63,850		—		63,850		—			63,850		N/A	N/A
Corporate Properties		—			—		—		—			21,631			—		21,631		21,631		(14,108		)	7,523		Various	1-40
Total Other		—			63,951		—		(101		)	21,631			63,850		21,631		85,481		(14,108		)	71,373
Total Real Estate Assets, net of Joint Ventures		$	1,107,341		$	930,334	$	5,918,067	$	4,832		$	835,886		$	935,166	$	6,753,953	$	7,689,119	$	(1,138,315	)	$	6,550,804

(1) Encumbered by a $571.8 million Fannie Mae facility, with $345.8 million available and $345.8 million outstanding with a variable interest rate of 1.33% on which there exist four interest rate swap agreements totaling $125 million at an average rate of 4.62% and six interest rate caps totaling $165 million at an average rate of 4.58% at December 31, 2013.

(2) Encumbered by $6.6 million in bonds on which there exists a $6.6 million interest rate cap of 6.00% which terminates on October 24, 2017.

(3) Encumbered by a $200 million Freddie Mac facility, with $198.2 million available and an outstanding balance of $198.2 million and a variable interest rate of 0.73% on which there exists seven interest rate swap agreements totaling $94 million at an average rate of 4.58% and a $15 million interest rate cap of 5% at December 31, 2013.

(4) Encumbered by a $128 million loan with an outstanding balance of $128 million and a fixed interest rate of 5.08% which matures on June 10, 2021.

(5) Encumbered by $8.4 million in bonds on which there exists a $8.4 million interest rate cap of 4.50% which terminates on March 1, 2014.

(6) Encumbered by $6.8 million in bonds on which there exists a $6.8 million interest rate cap of 6.00% and maturing on October 15, 2017.

(7) Encumbered by $5.7 million in bonds on which there exists a $5.7 million interest rate cap of 6.00% which terminates on October 31, 2017.

(8) Encumbered by $7.5 million in bonds on which there exists a $7.5 million interest rate cap of 6.00% which terminates on October 31, 2017.

(9) Encumbered by $3.3 million in bonds on which there exists a $3.3 million interest rate cap of 6.00% which terminates on October 31, 2017.

(10) Encumbered by $10.4 million in bonds on which there exists a $10.4 million interest rate cap of 6.00% and maturing on October 15, 2017.

(11) Encumbered by $3.4 million in bonds with $0.5 million having a variable rate of 0.908% and $2.9 million with a variable rate of 0.867% on which there exists a $2.9 million interest rate cap of 6.00% which terminates on May 31, 2018.

(12) Encumbered by $5.4 million in bonds, $0.5 million having a variable rate of 0.908% and $4.9 million with a variable rate of 0.867% on which there exists a $4.9 million interest rate cap of 6.00% which terminates on May 31, 2018.

(13) Encumbered by $6.6 million in bonds on which there exists a $6.6 million interest rate cap of 6.00% which terminates on November 15, 2016.

(14) Encumbered by $4.1 million in bonds on which there exists a $4.1 million interest rate cap of 6.00% which terminates on November 15, 2016.

(15) Encumbered by $3.6 million in bonds on which there exists a $3.6 million interest rate cap of 6.00% which terminates on November 15, 2016.

(16) Encumbered by $13.2 million in bonds on which exists a $13.2 million interest rate cap of 4.50% which terminates on March 1, 2014.

(17) Also encumbered by a $17.9 million FNMA facility maturing on March 1, 2014 with a variable interest rate of 0.80% on which there exists a $11.7 million interest rate cap of 5.00% which terminates on March 1, 2014, and a $6.2 million interest rate cap of 4.50% which terminates on March 1, 2014.

(18) Encumbered by $4.9 million in bonds on which there exists a $4.9 million interest rate cap of 4.50% which terminates on March 1, 2014.

Mid-America Apartment Communities, Inc.

Mid-America Apartments, L.P.

Schedule III

Real Estate Investments and Accumulated Depreciation

A summary of activity for real estate investments and accumulated depreciation is as follows (dollars in thousands):