8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): April 26, 2012

COLONIAL PROPERTIES TRUST

(Exact name of registrant as specified in its charter)

Alabama	1-12358	59-7007599
(State or other jurisdiction	(Commission File Number)	(IRS Employer Identification
of incorporation)		Number)

COLONIAL REALTY LIMITED PARTNERSHIP

(Exact name of registrant as specified in its charter)

Delaware	0-20707	63-1098468
(State or other jurisdiction of	(Commission File Number)	(IRS Employer Identification
incorporation)		Number)

2101 Sixth Avenue North, Suite 750, Birmingham, Alabama 35203

(Address of principal executive offices) (Zip Code)

(205) 250-8700

(Registrant's telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Conditions

On April 26, 2012, Colonial Properties Trust (the "Trust") announced its financial results for the quarter ended March 31, 2012. A copy of the Trust's earnings press release is furnished as Exhibit 99.1 to this current report on Form 8-K. A copy of the Trust's Supplemental Financial Highlights for the quarter ended March 31, 2012 is furnished as Exhibit 99.2 to this current report on Form 8-K.

Item 7.01 Regulation FD Disclosure

The disclosure contained in Item 2.02 of this current report on Form 8-K is incorporated into this Item 7.01 by reference.

* * *

The information included in this Current Report on Form 8-K under Item 2.02 and Item 7.01 (including Exhibits 99.1 and 99.2) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing made by the Trust or Colonial Realty Limited Partnership under the Exchange Act or Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.Description

99.1 Colonial Properties Trust first quarter 2012 earnings press release dated April 26, 2012.

99.2 Colonial Properties Trust Supplemental Financial Highlights for the quarter ended March 31, 2012.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		COLONIAL PROPERTIES TRUST
April 26, 2012	By:	/s/ C. Reynolds Thompson, III
		C. Reynolds Thompson, III
		President and Chief Financial Officer

		COLONIAL REALTY LIMITED PARTNERSHIP
		By: Colonial Properties Trust, its general partner
April 26, 2012	By:	/s/ C. Reynolds Thompson, III
		C. Reynolds Thompson, III
		President and Chief Financial Officer

EXHIBIT INDEX

ExhibitDescription

99.1 Colonial Properties Trust first quarter 2012 earnings press release dated April 26, 2012.

99.2 Colonial Properties Trust Supplemental Financial Highlights for the quarter ended March 31, 2012.

EX-99.1

Exhibit 99.1

Listed on the New York Stock Exchange (CLP) NEWS RELEASE

Colonial Properties Trust Reports Results for First Quarter 2012

-Same-Property Portfolio NOI Increases 8.3%-

BIRMINGHAM, Ala. - April 26, 2012 - Colonial Properties Trust (NYSE: CLP) announced its results for the quarter ended March 31, 2012.

For the first quarter 2012, the company reported a net loss available to common shareholders of $6.0 million, or $0.07 per diluted share, compared with a net loss available to common shareholders of $11.6 million, or $0.15 per diluted share, for the same period in 2011. Funds from Operations Available to Common Shareholders and Unitholders (FFO), a widely accepted measure of REIT performance, for the first quarter 2012 was $28.0 million, or $0.30 per diluted share, compared with $23.3 million, or $0.27 per diluted share, for the same period in 2011. The increase in the first quarter 2012 FFO is primarily a result of an 8.3 percent increase in multifamily same-property net operating income (NOI) as a result of improving rental rates and the income derived from the multifamily apartment communities acquired in 2011.

A reconciliation of net income/loss available to common shareholders to FFO, and a reconciliation of NOI to income/loss from continuing operations, as well as definitions and statements of purpose are included in the financial tables accompanying this press release.

“The multifamily operating fundamentals remain attractive and are providing the fuel for driving strong same-property and financial results,” stated Thomas H. Lowder, Chairman and Chief Executive Officer. “Rental rates have been increasing, turnover has remained steady and occupancies have remained high. We are excited about heading into the spring leasing season with this level of operating momentum, and as a result have increased our same-property NOI growth assumptions included in our 2012 guidance. At this point in the cycle, we remain focused on unlocking the value of our land through developing and simplifying the business through selective commercial dispositions.”

Highlights for the First Quarter 2012

• Multifamily same-property NOI increased 8.3 percent compared with first quarter 2011

• Multifamily same-property revenue increased 6.0 percent compared with first quarter 2011

• Ended the quarter with multifamily same-property physical occupancy of 96.0 percent

• Acquired the 350-unit Colonial Grand at Brier Falls in Raleigh, North Carolina, for $45.0 million

• Commenced development of Colonial Reserve at South End, a 353-unit apartment community located in Charlotte, North Carolina

• Entered into a new $500 million unsecured revolving credit facility; and

• Standard & Poor's upgraded the company's senior unsecured notes rating to BBB-

Multifamily Operating Performance

Multifamily NOI for the first quarter 2012 increased 8.3 percent compared with the first quarter 2011 for the 30,323 apartment homes included in the consolidated same-property results. Multifamily same-property revenues increased 6.0 percent and expenses increased 2.5 percent compared with the first quarter 2011. The increase in revenues was primarily due to an improvement in both new and renewal lease rates and a consistently high occupancy level. The increase in expenses was primarily due to increased on-site payroll costs and property taxes.

Sequentially, multifamily same-property NOI for the first quarter 2012 increased 0.3 percent compared with the fourth quarter 2011, with revenues increasing 0.6 percent and expenses increasing 1.1 percent compared with the prior quarter. The increase in expenses is primarily due to property taxes and repair and maintenance expenses.

Asset Recycling Transactions

In January 2012, as previously announced, the company acquired Colonial Grand at Brier Falls, a 350-unit Class A apartment community located in Raleigh, North Carolina, for a total purchase price of $45.0 million. The apartment community was built in 2008. The purchase was funded with proceeds from asset dispositions and borrowings on the company's unsecured credit facility.

In February 2012, the company disposed of its 25 percent interest in Colonial Promenade Madison, an 111,000-square-foot retail center located in Huntsville, Alabama, to one of its joint venture partners for $3.0 million in cash. The property was unencumbered. Net proceeds from the sale were used to repay a portion of the outstanding balance on the company's unsecured credit facility.

Development Activity

Construction continued during the quarter on three wholly-owned apartment communities: Colonial Grand at Hampton Preserve, a $58.3 million development with 486 units in Tampa, Florida; Colonial Grand at Double Creek, a $31.7 million development with 296 units in Austin, Texas; and Colonial Grand at Lake Mary (Phase I), a $30.3 million development with 232 units in Orlando, Florida.

During the quarter, the company started construction on two wholly-owned apartment communities: Colonial Reserve at South End, a $59.3 million development with 353 units in Charlotte, North Carolina, and Colonial Grand at Lake Mary (Phase II), a $13.9 million development with 108 units in Orlando, Florida. Colonial Reserve at South End is scheduled for delivery in the fourth quarter 2012 and projected stabilization is expected in the fourth quarter 2014 and Colonial Grand Lake Mary (Phase II) is scheduled for delivery in the fourth quarter 2012 and projected stabilization is expected in the first quarter 2014.

Financing Activity

As previously disclosed in March 2012, the company, through its operating partnership, Colonial Realty Limited Partnership (CRLP), the company entered into a new $500 million unsecured revolving credit facility with a syndicate of banks. The unsecured revolving credit facility has an initial four-year term maturing in March 2016, with a one-year extension option. The new credit facility replaces CRLP's $675 million unsecured revolving credit facility that was scheduled to mature in June 2012. As of March 31, 2012, $210 million was outstanding under the new unsecured revolving credit facility.

Page 2

The unsecured revolving credit facility has a stated interest rate of LIBOR plus a margin of 1.40 percent and requires the payment of an annual facility fee currently equal to 30 basis points of the aggregate loan commitments. The unsecured revolving credit facility provides for the interest rate margin and facility fee to be adjusted up or down within stated ranges based on changes in the credit ratings of the company's senior unsecured debt.

Quarterly Dividend on Common Shares

On April 25, 2012, the Board of Trustees declared a quarterly cash dividend on common shares for the second quarter 2012 of $0.18 per common share. The dividend is payable May 14, 2012, to shareholders of record as of May 7, 2012, representing an ex-dividend date of May 3, 2012.

2012 EPS and FFO per Share Guidance

Based on the first quarter results, the company has updated its same-property revenue and net operating income growth assumptions for the full-year 2012, as well as the timing of certain transactions. The diluted EPS and FFO per share guidance range remain unchanged for the full-year 2012. These projections are set forth and reconciled below:

	Full-Year 2012 Range
	Low			-	High
Diluted EPS	$	(0.12	)	-	$	0.04
Plus: Real Estate Depreciation & Amortization	1.45			-	1.45
Less: Gain on Sale of Operating Properties	(0.10		)	-	(0.20		)
Total Diluted FFO per share	$	1.23		-	$	1.29

Following are the assumptions reflected in the company's full-year 2012 guidance:

• Multifamily same-property net operating income: growth of 6.00 to 8.00 percent.

◦ Revenue: Increase of 4.75 to 5.75 percent

◦ Expense: Increase of 2.50 to 3.50 percent

• Development spending of $125 million to $150 million.

• Acquisitions of $100 million to $150 million.

• Dispositions of $100 million to $150 million.

• Land and for-sale residential property dispositions of $5 million to $10 million.

• Corporate G&A expenses of $23 million to $24 million.

The company's guidance range reflects the existence of volatile economic conditions, and is based on a number of assumptions, many of which are outside the company's control and all of which are subject to change. The company's guidance may change if actual results vary from these assumptions.

For additional details regarding the company's disposition and investment activities, see the company's Supplemental Financial Highlights available on the company's website at www.colonialprop.com.

Page 3

Conference Call and Supplemental Materials

The company will hold its quarterly conference call Thursday, April 26, 2012, at 1:00 p.m. Central Time. The call will include a review of the company's first quarter performance and a discussion of the company's strategy and expectations for the future.

To participate, please dial 1-800-936-4761. As with previous calls, a replay will be available for seven days by dialing 1-800-633-8284; the conference ID is 21544174. Access to the live call and a replay will also be available through the company's website at www.colonialprop.com under “Investors: Press Releases: Event Calendar.”

Colonial Properties Trust produces a supplemental information package that provides detailed information regarding operating performance, investing activities and the company's overall financial position. For a copy of Colonial Properties' detailed Supplemental Financial Highlights, please visit the company's website at www.colonialprop.com under the “Investors: Financial Information and Filings: Quarterly Supplemental Information” tab, or contact Jerry Brewer in Investor Relations at 1-800-645-3917.

Colonial Properties Trust is a real estate investment trust (REIT) that creates value for its shareholders through a multifamily focused portfolio and the management and development of select commercial assets in the Sunbelt region of the United States.As of March 31, 2012, the company owned or managed 35,517 apartment units and 9.7 million square feet of commercial space. Headquartered in Birmingham, Alabama, Colonial Properties is listed on the New York Stock Exchange under the symbol CLP and is included in the S&P SmallCap 600 Index. For more information, please visit the company's website at www.colonialprop.com.

Non-GAAP Financial Measures

The company uses certain non-GAAP financial measures in this press release. The non-GAAP financial measures include FFO, Operating FFO and NOI. The definitions of these non-GAAP financial measures are summarized below. The company believes that these measures are helpful to investors in measuring financial performance and comparing such performance to other REITs.

Funds from Operations - FFO, as defined by the National Association of Real Estate Investment Trusts (NAREIT), means income (loss) before non-controlling interest (determined in accordance with GAAP), excluding gains (losses) from sales of depreciated property and impairment write-downs of depreciable real estate, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. FFO is a widely recognized measure in the company's industry and is presented to assist investors in analyzing the company's performance. The company believes that FFO is useful to investors because it provides an additional indicator of the company's financial and operating performance. This is because, by excluding the effect of real estate depreciation, gains (or losses) from sales of properties and impairment write-downs of depreciable real estate (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO can facilitate comparison of operating performance among equity REITs. FFO is a widely recognized measure in the company's industry.

The company believes that the line on its consolidated statements of income entitled “net income available to common shareholders” is the most directly comparable GAAP measure to FFO.

Page 4

Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. Thus, NAREIT created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from GAAP net income. Management believes that the use of FFO, combined with the required primary GAAP presentations, is fundamentally beneficial, improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful. In addition to company management evaluating the operating performance of its reportable segments based on FFO results, management uses FFO and FFO per share, along with other measures, to assess performance in connection with evaluating and granting incentive compensation to key employees.

Operating FFO - The company also uses operating funds from operations (“Operating FFO”) as an operating measure. The company defines Operating FFO as FFO excluding gains on the sale of land and development properties and gains on the repurchase of bonds and preferred shares. The company believes Operating FFO is an important supplemental measure because it provides a measure of operating performance. While land and development gains or the repurchase of debt/preferred shares are components of the company's current business plan, the timing and amount of these transactions can vary significantly between periods. The company believes that the line on its consolidated statements of income entitled “net income available to common shareholders” is the most directly comparable GAAP measure to Operating FFO.

Property Net Operating Income - The company uses property NOI, including same store NOI, as an operating measure. NOI is defined as total property revenues, including unconsolidated partnerships and joint ventures, less total property operating expenses (such items as repairs and maintenance, payroll, utilities, property taxes, insurance and advertising). The company believes that in order to facilitate a clear understanding of its operating results, NOI should be examined in conjunction with (loss) income from continuing operations as presented in the company's consolidated financial statements. The company also believes that NOI is an important supplemental measure of operating performance for a REIT's operating real estate because it provides a measure of the core operations, rather than factoring in depreciation and amortization, financing costs and general and administrative expenses. This measure is particularly useful, in the opinion of the company, in evaluating the performance of geographic operations, same store groupings and individual properties. Additionally, the company believes that NOI is a widely accepted measure of comparative operating performance in the real estate investment community. The company believes that the line on its consolidated statements of income entitled "(loss) income from continuing operations" is the most directly comparable GAAP measure to NOI. In addition to company management evaluating the operating performance of its reportable segments based on NOI results, management uses NOI, along with other measures, to assess performance in connection with evaluating and granting incentive compensation to key employees.

The company's method of calculating FFO, Operating FFO and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO, Operating FFO and NOI should not be considered (1) as an alternative to net income (determined in accordance with GAAP), (2) as an indicator of financial performance, (3) as cash flow from operating activities (determined in accordance with GAAP) or (4) as a measure of liquidity, nor is it indicative of sufficient cash flow to fund all of the company's needs, including the company's ability to make distributions.

Page 5

Safe Harbor Statement

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Estimates of future earnings are, by definition, and certain other statements in this press release, including statements regarding future dispositions and developments, development costs and projected stabilization dates, operating performance outlook and other business fundamentals, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks, uncertainties and other factors that may cause the company's actual results, performance, achievements or transactions to be materially different from the results, performance, achievements or transactions expressed or implied by the forward looking statements. Factors that impact such forward looking statements include, among others, changes in national, regional and local economic conditions, which may be negatively impacted by concerns about inflation, deflation, government deficits (including the European sovereign debt crisis), high unemployment rates, decreased consumer confidence and liquidity concerns, particularly in markets in which we have a high concentration of properties; exposure, as a multifamily focused REIT, to risks inherent in investments in a single industry; ability to obtain financing on favorable rates, if at all; performance of affiliates or companies in which we have made investments; changes in operating costs; higher than expected construction costs; uncertainties associated with the timing and amount of real estate disposition and the resulting gains/losses associated with such dispositions; legislative or regulatory decisions; the company's ability to continue to maintain our status as a REIT for federal income tax purposes; price volatility, dislocations and liquidity disruptions in the financial markets and the resulting impact on availability of financing; the effect of any rating agency action on the cost and availability of new debt financings; level and volatility of interest rates or capital market conditions; effect of any terrorist activity or other heightened geopolitical crisis; or other factors affecting the real estate industry generally.

Except as otherwise required by the federal securities laws, the company assumes no responsibility to update the information in this press release.

The company refers you to the documents filed by the company from time to time with the Securities and Exchange Commission, specifically the section titled “Risk Factors” in the company's Annual Report on Form 10-K for the year ended December 31, 2011, as may be updated or supplemented in the company's Form 10-Q filings, which discuss these and other factors that could adversely affect the company's results.

CONTACT: Colonial Properties Trust

Jerry A. Brewer, Executive Vice President, Finance, 1-800-645-3917

Page 6

COLONIAL PROPERTIES TRUST
Financial Statements
First Quarter 2012
BALANCE SHEET
($ in 000s)	As of			As of
	3/31/2012			12/31/2011
ASSETS
Real Estate Assets
Operating Properties	$	3,495,238		$	3,445,455
Undeveloped Land & Construction in Progress	317,883			306,826
Total Real Estate, before Depreciation	3,813,121			3,752,281
Less: Accumulated Depreciation	(762,632		)	(731,894		)
Real Estate Assets Held for Sale, net	15,713			10,543
Net Real Estate Assets	3,066,202			3,030,930
Cash and Equivalents	5,430			6,452
Restricted Cash	32,000			43,489
Accounts Receivable, net	25,825			26,762
Notes Receivable	43,465			43,787
Prepaid Expenses	15,119			19,912
Deferred Debt and Lease Costs	25,461			22,408
Investment in Unconsolidated Subsidiaries	9,469			12,303
Other Assets	50,338			52,562
Total Assets	$	3,273,309		$	3,258,605
LIABILITIES
Unsecured Credit Facility	$	226,503		$	184,000
Notes and Mortgages Payable	1,575,256			1,575,727
Total Debt	1,801,759			1,759,727
Accounts Payable	29,824			50,266
Accrued Interest	16,446			11,923
Accrued Expenses	25,992			15,731
Investment in Unconsolidated Subsidiaries	32,085			31,577
Other Liabilities	21,113			25,208
Total Liabilities	1,927,219			1,894,432
Redeemable Common Units	164,985			159,582
EQUITY
Limited Partner's Noncontrolling Interest	723			728
Cumulative Earnings	1,261,984			1,267,958
Cumulative Distributions	(1,878,635		)	(1,862,838		)
Common Equity, including Additional Paid-in Capital	1,962,417			1,965,812
Treasury Shares, at Cost	(150,163		)	(150,163		)
Accumulated Other Comprehensive Loss	(15,221		)	(16,906		)
Total Equity, including Noncontrolling Interest	1,181,105			1,204,591
Total Liabilities and Equity	$	3,273,309		$	3,258,605

SHARES & UNITS OUTSTANDING, END OF PERIOD
(shares and units in 000s)	As of	As of
	3/31/2012	12/31/2011
Basic
Shares	87,905	87,474
Operating Partnership Units (OP Units)	7,168	7,169
Total Shares & OP Units	95,073	94,643

Page 7

COLONIAL PROPERTIES TRUST
Financial Statements
First Quarter 2012
CONSOLIDATED STATEMENTS OF OPERATIONS
($ in 000s, except per share data)	Three Months Ended
	3/31/2012			3/31/2011
Revenues
Minimum Rent	$	83,614		$	73,526
Tenant Recoveries	3,004			2,698
Other Property Related Revenue	13,644			11,885
Other Non-Property Related Revenue	1,344			1,810
Total Revenues	101,606			89,919
Operating Expenses
Operating Expenses:
Property Operating Expense	27,332			24,623
Taxes, Licenses and Insurance	11,595			10,619
Total Property Operating Expenses	38,927			35,242
Property Management Expense	2,846			2,422
General and Administrative Expense	5,767			5,203
Management Fees and Other Expenses	2,045			1,770
Investment and Development Expense (1)	387			587
Depreciation	32,177			30,286
Amortization	2,080			2,127
Impairment and Other Losses (2)	500			2,097
Total Operating Expenses	84,729			79,734
Income from Operations	16,877			10,185
Other Income (Expense)
Interest Expense	(23,053		)	(20,878		)
Debt Cost Amortization	(1,433		)	(1,150		)
Interest Income	1,031			416
Income (Loss) from Partially-Owned Investments	673			(340		)
Loss on Sale of Property	(227		)	(79		)
Income Tax and Other	(188		)	(248		)
Total Other Income (Expense)	(23,197		)	(22,279		)
Loss from Continuing Operations	(6,320		)	(12,094		)
Discontinued Operations
(Loss) Income from Discontinued Operations	(131		)	338
Loss on Disposal of Discontinued Operations	(2		)	—
Net (Loss) Income from Discontinued Operations	(133		)	338
Net Loss	(6,453		)	(11,756		)
Noncontrolling Interest
Continuing Operations
Noncontrolling Interest of Limited Partners	(9		)	(3		)
Noncontrolling Interest in CRLP - Preferred	—			(906		)
Noncontrolling Interest in CRLP - Common	478			1,082
Discontinued Operations
Noncontrolling Interest in CRLP - Common	10			(28		)
Loss Attributable to Noncontrolling Interest	479			145
Net Loss Available to Common Shareholders	$	(5,974	)	$	(11,611	)

____________________

Continued on following page

Page 8

COLONIAL PROPERTIES TRUST
Financial Statements
First Quarter 2012
CONSOLIDATED STATEMENTS OF OPERATIONS (continued)
	Three Months Ended
	3/31/2012			3/31/2011
Loss per Share - Basic
Continuing Operations	$	(0.07	)	$	(0.15	)
Discontinued Operations	—			—
EPS - Basic	$	(0.07	)	$	(0.15	)
Loss per Share - Diluted
Continuing Operations	$	(0.07	)	$	(0.15	)
Discontinued Operations	—			—
EPS - Diluted	$	(0.07	)	$	(0.15	)
(1) Reflects costs incurred related to acquisitions and abandoned pursuits. These costs are volatile and therefore may vary between periods.
(2) During the three months ended March 31, 2012, the Company recorded a $0.5 million charge as a result of warranty claims on units previously sold at one of
the Company's for-sale residential projects. During the three months ended March 31, 2011, the Company recorded a $1.5 million charge for a loss contingency
related to certain litigation, $0.4 million in casualty losses and $0.2 million in non-cash impairment charges.
SHARES AND UNITS OUTSTANDING, WEIGHTED
(shares and units in 000s)	Three Months Ended
	3/31/2012			3/31/2011
Basic
Shares	87,012			79,512
Operating Partnership Units (OP Units)	7,169			7,284
Total Shares & OP Units	94,181			86,796
Dilutive Common Share Equivalents	—			—
Diluted (1)
Shares	87,012			79,512
Total Shares & OP Units	94,181			86,796
(1) For periods where the Company reported a net loss from continuing operations (after preferred dividends), the effect of dilutive shares has been excluded
from per share computations as including such shares would be anti-dilutive.

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COLONIAL PROPERTIES TRUST
Financial Statements
First Quarter 2012
FUNDS FROM OPERATIONS (FFO) RECONCILIATION
($ in 000s, except per share data)	Three Months Ended
	3/31/2012			3/31/2011
Net Loss Available to Common Shareholders	$	(5,974	)	$	(11,611	)
Noncontrolling Interest in CRLP (Operating Partnership Unitholders)	(488		)	(1,054		)
Total	(6,462		)	(12,665		)
Adjustments - Consolidated Properties
Depreciation - Real Estate	31,961			31,751
Amortization - Real Estate	2,118			2,046
Remove: (Gain)/Loss on Sale of Property, net of Income Tax and Noncontrolling Interest	229			79
Include: Gain/(Loss) on Sale of Undepreciated Property, net of Income Tax and
Noncontrolling Interest	(261		)	(79		)
Total Adjustments - Consolidated	34,047			33,797
Adjustments - Unconsolidated Properties
Depreciation - Real Estate	1,117			1,651
Amortization - Real Estate	367			654
Remove: Gain/(Loss) on Sale of Property	(803		)	21
Total Adjustments - Unconsolidated	681			2,326
Funds from Operations	$	28,266		$	23,458
Income Allocated to Participating Securities	(219		)	(200		)
Funds from Operations Available to Common Shareholders and Unitholders	$	28,047		$	23,258
FFO per Share
Basic	$	0.30		$	0.27
Diluted	$	0.30		$	0.27
Operating FFO:
Funds from Operations	$	28,047		$	23,258
Less: Transaction Income
-Development and Land Losses	261			79
Operating FFO	$	28,308		$	23,337
Operating FFO per Share
Basic	$	0.30		$	0.27
Diluted	$	0.30		$	0.27
FFO, as defined by the National Association of Real Estate Investment Trusts (NAREIT), means income (loss) before noncontrolling interest (determined in
accordance with GAAP), excluding gains (losses) from sales of depreciated property and impairment write-downs of depreciable real estate, plus real estate
depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. FFO is presented to assist investors in analyzing the
Company's performance. The Company believes that FFO is useful to investors because it provides an additional indicator of the Company's financial
and operating performance. This is because, by excluding the effect of real estate depreciation and gains (or losses) from sales of properties (all of which are
based on historical costs which may be of limited relevance in evaluating current performance), FFO can facilitate comparison of operating performance among
equity REITs. FFO is a widely recognized measure in the Company's industry.
The Company defines Operating FFO as FFO excluding gains on the sale of land and development properties, gains on the repurchase of bonds, net of the
attributable write-off of future interest expense held in OCI, and gains on the repurchase of preferred shares/units, net of the write-off of issuance costs. The Company
believes Operating FFO is an important supplemental measure because it provides a measure of operating performance. While land and development gains or the
repurchase of debt are components of the Company's current business plan, the timing and amount of these transactions can vary significantly between periods.
The Company's method of calculating FFO and Operating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to
such other REITs. Neither FFO nor Operating FFO should be considered (1) as an alternative to net income (determined in accordance with GAAP), (2) as an
indicator of financial performance, (3) as cash flow from operating activities (determined in accordance with GAAP) or (4) as a measure of liquidity nor is it
indicative of sufficient cash flow to fund all of our needs, including our ability to make distributions.

Page 10

COLONIAL PROPERTIES TRUST
Corporate Reconciliations
($ in 000s)
RECONCILIATION OF REVENUES
	Three Months Ended
	3/31/2012			3/31/2011
Divisional Total Revenues
Multifamily - Same Property	$	78,843		$	74,411
Multifamily - Non-Same Property (1)	8,998			5,683
Commercial	17,717			19,769
Total Divisional Revenues	105,558			99,863
Less: Unconsolidated Revenues - Multifamily	(471		)	(713		)
Less: Unconsolidated Revenues - Commercial	(4,794		)	(6,572		)
Discontinued Operations	(31		)	(4,469		)
Unallocated Corporate Revenues	1,344			1,810
Consolidated Revenue Adjusted - '11 Discontinued Operations (2)	101,606			89,919
Add: Additional Discontinued Operations Revenue, post filing (3)	—			4,467
Total Consolidated Revenue, per 10-Q (4)	$	101,606		$	94,386
RECONCILIATION OF EXPENSES
	Three Months Ended
	3/31/2012			3/31/2011
Divisional Total Expenses
Multifamily - Same Property	$	31,248		$	30,475
Multifamily - Non-Same Property (1)	4,034			2,946
Commercial	5,731			6,228
Total Divisional Expenses	41,013			39,649
Less: Unconsolidated Expenses - Multifamily	(217		)	(374		)
Less: Unconsolidated Expenses - Commercial	(1,707		)	(2,124		)
Discontinued Operations	(162		)	(1,909		)
Total Property Operating Expenses	38,927			35,242
Property Management Expenses	2,846			2,422
General & Administrative Expenses	5,767			5,203
Management Fee and Other Expenses	2,045			1,770
Investment and Development Expenses (5)	387			587
Impairment and Other Losses	500			2,097
Depreciation	32,177			30,286
Amortization	2,080			2,127
Consolidated Expense Adjusted - '11 Discontinued Operations (2)	84,729			79,734
Add: Additional Discontinued Operations Expense, post filing (3)	—			3,727
Total Consolidated Expense, per 10-Q (4)	$	84,729		$	83,461
________________________
Continued on following page

Page 11

COLONIAL PROPERTIES TRUST
Corporate Reconciliations
($ in 000s)
RECONCILIATION OF NOI
	Three Months Ended
	3/31/2012			3/31/2011
Divisional Total NOI
Multifamily - Same Property	$	47,595		$	43,936
Multifamily - Non-Same Property (1)	4,964			2,737
Commercial	11,986			13,541
Total Divisional NOI	$	64,545		$	60,214
Less: Unconsolidated NOI - Multifamily	(254		)	(339		)
Less: Unconsolidated NOI - Commercial	(3,087		)	(4,448		)
Discontinued Operations	131			(2,560		)
Unallocated Corporate Revenues	1,344			1,810
Property Management Expenses	(2,846		)	(2,422		)
General & Administrative Expenses	(5,767		)	(5,203		)
Management Fee and Other Expenses	(2,045		)	(1,770		)
Investment and Development Expenses (5)	(387		)	(587		)
Impairment and Other Losses	(500		)	(2,097		)
Depreciation	(32,177		)	(30,286		)
Amortization	(2,080		)	(2,127		)
Income from Operations	16,877			10,185
Total Other Income (Expense)	(23,197		)	(22,279		)
Loss from Continuing Operations (6)	(6,320		)	(12,094		)
Discontinued Operations	—			374
Loss from Continuing Operations, per 10-Q (4)	$	(6,320	)	$	(11,720	)
(1) Includes operations from for-sale portfolio.
(2) Reflects total consolidated revenue and total consolidated expense (as applicable), adjusted to reflect discontinued operations classifications made after
filing of prior period financials.
(3) Adjustment to prior period financials to reflect discontinued operations classifications made after filing of prior period financials.
(4) For prior period, reflects total consolidated revenue, expense or income (loss) from continuing operations (as applicable) as presented in prior period
financials (i.e., excluding adjustment for discontinued operations classifications made after filing of prior period financials).
(5) Reflects costs incurred related to acquisitions and abandoned pursuits. These costs are volatile and therefore may vary between periods.
(6) Loss from Continuing Operations before extraordinary items, noncontrolling interest and discontinued operations. Adjustments for additional
discontinued operations have restated prior periods in accordance with ASC 205-20.

Page 12

EX-99.2

Exhibit 99.2

	TABLE OF CONTENTS
	Overview and Contact Information.............................................................................................................................	3
1	Financial Highlights.....................................................................................................................................................	4
2	Quarterly Earnings Announcement and Financial Statements
	Consolidated Statements of Operations / Shares ...................................................................................................	5
	Funds from Operations (FFO) Reconciliation...........................................................................................................	7
	Balance Sheets........................................................................................................................................................	8
3	Multifamily
	Portfolio Statistics.....................................................................................................................................................	9
	Components of Net Operating Income (NOI)...........................................................................................................	13
	Capitalized Expenditures..........................................................................................................................................	13
	Same Property Comparisons...................................................................................................................................	10
4	Joint Ventures
	Operating Data / Balance Sheet Data......................................................................................................................	14
	Investment Summary................................................................................................................................................	15
	Three Month Income Summary................................................................................................................................	16
	Commercial Operational Statistics...........................................................................................................................	17
5	Real Estate Activities...................................................................................................................................................	18
6	Consolidated Data
	Development Pipeline..............................................................................................................................................	19
	Debt Summary / Coverage Ratios / Covenants / Market Capitalization...................................................................	20
	Supplemental Data / Investment Activities...............................................................................................................	23
7	Corporate Reconciliations
	Revenues / Expenses / NOI.....................................................................................................................................	24
	NOI from Discontinued Operations / Adjusted EBITDA...........................................................................................	25
	SEC Coverage Ratios...............................................................................................................................................	27
8	Appendix
	Multifamily Community Table.....................................................................................................................................	27
	Commercial Property Table.......................................................................................................................................	31
	Unconsolidated Joint Venture Summary...................................................................................................................	33
9	Glossary of Terms........................................................................................................................................................	34

Forward Looking Statements

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Estimates of future earnings are, by definition, and certain other statements in this press release may constitute, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks, uncertainties and other factors that may cause the company's actual results, performance, achievements or transactions to be materially different from the results, performance, achievements or transactions expressed or implied by the forward looking statements. Factors that impact such forward looking statements include, among others, real estate conditions and markets, including recent deterioration in the multifamily market and the strength or duration of the current recession or recovery; increased exposure, as a multifamily focused REIT, to risks inherent in investments in a single industry; ability to obtain financing at reasonable rates, if at all; performance of affiliates or companies in which we have made investments; changes in operating costs; higher than expected construction costs; uncertainties associated with the timing and amount of real estate dispositions, including our existing inventory of condominium and for-sale residential assets; legislative or regulatory decisions; our ability to continue to maintain our status as a REIT for federal income tax purposes; price volatility, dislocations and liquidity disruptions in the financial markets and the resulting impact on availability of financing; the effect of any rating agency action on the cost and availability of new debt financings; level and volatility of interest rates or capital market conditions; effect of any terrorist activity or other heightened geopolitical crisis; or other factors affecting the real estate industry generally.

Except as otherwise required by the federal securities laws, the company assumes no liability to update the information in this supplemental package.

The Company refers you to the documents filed by the Company from time to time with the Securities and Exchange Commission, specifically the section titled "Risk Factors: in the Company's Annual Report on Form 10-K for the year ended December 31, 2011, as may be updated or supplemented in the Company's Form 10-Q filings, which discuss these and other factors that could adversely affect the Company's results.

2

COLONIAL PROPERTIES TRUST

Colonial Properties Trust (NYSE: CLP) is a real estate investment trust (REIT) that creates value for its shareholders through a multifamily focused portfolio that owns, operates and develops multifamily communities primarily located in the Sunbelt region of the United States. Also, we create additional value for our shareholders by managing commercial assets, primarily through joint venture investments, and pursuing development opportunities. With a long history as both a private and a public company, the company has a proven track record in real estate operations and development.

Originally founded in 1970, and headquartered in Birmingham, Alabama, Colonial Properties Trust completed its initial public offering in September 1993. The Company, which is included in the S&P SmallCap 600 Index, is listed on the New York Stock Exchange under the symbol "CLP".

Our commitment to excellence allows us to successfully serve our residents, clients and customers. Our focus on quality, service, value and integrity enable us to meet our goal of managing a high quality portfolio that focuses on superior investor returns.

COLONIAL PROPERTIES STRATEGY

Achieve Consistent Long-term Performance through:

-Owning a multifamily portfolio                -Managing multifamily, office, retail and mixed-use properties

-Investing in high growth Sunbelt cities            -Delivering additional income from the taxable REIT

-Pursuing strategic acquisition, disposition and         subsidiary (TRS)

development opportunities                -Ensuring a strong balance sheet and liquidity position

-Achieving operating excellence

CONTACT INFORMATION
Headquarters	Investor Relations	Transfer Agent
Colonial Properties Trust	Jerry Brewer	Computershare
2101 Sixth Avenue North,	Executive Vice President, Finance	P.O. Box 43010
Suite 750	800-645-3917	Providence, RI 02940-3010
Birmingham, Alabama 35203	704-552-8538 - fax	Investor Relations: 800-730-6001
205-250-8700		www.computershare.com
205-250-8890 - fax	To receive an Investor Package, please contact:
	800-645-3917
www.colonialprop.com	704-643-7970

EQUITY RESEARCH COVERAGE
	Barclays	Ross Smotrich	212-526-2306
	BMO Capital Markets	Rich Anderson	212-885-4180
	BoA/Merrill Lynch	Jana Galan	646-855-3081
	Citigroup	Michael Bilerman / Eric Wolfe	212-816-1383 / 212-816-5871
	DISCERN, Inc.	David Wigginton	646-863-4177
	Green Street Advisors	Andy McCulloch	949-640-8780
	Keefe Bruyette & Woods	Taylor Schimkat	212-887-3842
	RBC Capital Markets	Mike Salinsky	440-715-2648
	Sandler O'neill & Partners	Alex Goldfarb	212-466-7937
	Standard & Poor's Research	Raymond Mathis	212-438-9558
	UBS	Ross Nussbaum	212-713-2484
	Wells Fargo Securities, LLC	Jeff Donnelly	617-603-4262
	Wunderlich Securities	Merrill Ross	703-669-9255

GUIDANCE
	FYE 2012 Range
Diluted Loss per Share	$	(0.12	)	$	0.04
Plus: Real Estate Depreciation & Amortization	1.45			1.45
Less: Gain on Sale of Operating Properties	(0.10		)	(0.20		)
Total Diluted Funds from Operation ("FFO") per Share	$	1.23		$	1.29

3

COLONIAL PROPERTIES TRUST
Financial Highlights
First Quarter 2012
FINANCIAL HIGHLIGHTS
($ in 000s, except per share and unit data)	Three Months Ended
	3/31/2012			3/31/2011
Total property revenue (1)	$	100,262		$	88,109
Multifamily property revenue (2)	87,831			80,081
Multifamily property NOI (2)	52,899			46,952
Management & leasing fee revenue	1,344			1,810
Adjusted EBITDA (3)	58,302			54,370
Net income (loss) per share:
Basic	(0.07		)	(0.15		)
Diluted	(0.07		)	(0.15		)
Funds from operations per share:
Basic	0.30			0.27
Diluted	0.30			0.27
Dividends per share	0.18			0.15
Dividends/EPS (diluted) payout ratio	(257.1		)%	(100.0		)%
Dividends/FFO (diluted) payout ratio	60.0		%	55.6		%
Consolidated interest expense (1)	$	23,053		$	21,239
Consolidated interest income (1)	(1,031		)	(416		)
Net interest expense (1)	22,022			20,823
Pro-rata share of joint venture interest expense	2,290			2,937
Principal reductions	572			364
Preferred dividends & distributions	—			906
Interest coverage ratio (4)	2.3			2.2
Fixed charge coverage ratio (4)	2.2			2.1
Fixed charge with capitalized interest ratio (4)	2.2			2.1
Multifamily same property NOI increase (5)	8.3		%	5.7		%
(# of apartment homes included)	30,323			30,959
	As of			As of
	3/31/2012			12/31/2011
Total assets	$	3,273,309		$	3,258,605
Total debt	1,801,759			1,759,727
Common shares and units, outstanding end of period	95,073			94,643
Share price, end of period	21.73			20.86
Book equity value, end of period (6)	1,346,090			1,364,173
Market equity value, end of period (7)	2,065,932			1,974,253
Debt to total market capitalization ratio (8)	46.5		%	47.1		%
Unencumbered real estate assets (at cost) to unsecured debt ratio (8)	254.1		%	259.6		%
(1) Represents consolidated properties excluding amounts classified in discontinued operations. For the GAAP reconciliation of revenues, expenses and NOI, see
page 24 and 25.
(2) For components of revenues and NOI, see page 10.
(3) For a reconciliation of Adjusted EBITDA, see page 26.
(4) For additional information on these calculations, see page 21.
(5) Multifamily same property communities are communities which were owned by the Company and stabilized as of January 1, 2011, as adjusted for dispositions
during the year.
(6) Includes common shares and preferred units.
(7) Includes common shares and units.
(8) Excludes the Company's pro-rata share of partially-owned unconsolidated debt.

4

COLONIAL PROPERTIES TRUST
Financial Statements
First Quarter 2012
CONSOLIDATED STATEMENTS OF OPERATIONS
($ in 000s, except per share data)	Three Months Ended
	3/31/2012			3/31/2011
Revenues
Minimum Rent	$	83,614		$	73,526
Tenant Recoveries	3,004			2,698
Other Property Related Revenue	13,644			11,885
Other Non-Property Related Revenue	1,344			1,810
Total Revenues	101,606			89,919
Operating Expenses
Operating Expenses:
Property Operating Expenses	27,332			24,623
Taxes, Licenses and Insurance	11,595			10,619
Total Property Operating Expenses	38,927			35,242
Property Management Expense	2,846			2,422
General and Administrative Expense	5,767			5,203
Management Fee and Other Expenses	2,045			1,770
Investment and Development Expense (1)	387			587
Depreciation	32,177			30,286
Amortization	2,080			2,127
Impairment and Other Losses (2)	500			2,097
Total Operating Expenses	84,729			79,734
Income from Operations	16,877			10,185
Other Income (Expense)
Interest Expense	(23,053		)	(20,878		)
Debt Cost Amortization	(1,433		)	(1,150		)
Interest Income	1,031			416
Income (Loss) from Partially-Owned Investments	673			(340		)
Loss on Sale of Property	(227		)	(79		)
Income Tax and Other	(188		)	(248		)
Total Other Income (Expense)	(23,197		)	(22,279		)
Loss from Continuing Operations	(6,320		)	(12,094		)
Discontinued Operations
(Loss) Income from Discontinued Operations	(131		)	338
Loss on Disposal of Discontinued Operations	(2		)	—
Net (Loss) Income from Discontinued Operations	(133		)	338
Net Loss	(6,453		)	(11,756		)
Noncontrolling Interest
Continuing Operations
Noncontrolling Interest of Limited Partners	(9		)	(3		)
Noncontrolling Interest in CRLP - Preferred	—			(906		)
Noncontrolling Interest in CRLP - Common	478			1,082
Discontinued Operations
Noncontrolling Interest in CRLP - Common	10			(28		)
Loss Attributable to Noncontrolling Interest	479			145
Net Loss Available to Common Shareholders	$	(5,974	)	$	(11,611	)
Loss per Share - Basic
Continuing Operations	$	(0.07	)	$	(0.15	)
Discontinued Operations	—			—
EPS - Basic	$	(0.07	)	$	(0.15	)
Loss per Share - Diluted
Continuing Operations	$	(0.07	)	$	(0.15	)
Discontinued Operations	—			—
EPS - Diluted	$	(0.07	)	$	(0.15	)
(1) Reflects costs incurred related to acquisitions and abandoned pursuits. These costs are volatile and therefore may vary between periods.
(2) During the three months ended March 31, 2012, the Company recorded a $0.5 million charge as a result of warranty claims on units previously sold at one of
the Company's for-sale residential projects. During the three months ended March 31, 2011, the Company recorded a $1.5 million charge for a loss contingency
related to certain litigation, $0.4 million in casualty losses and $0.2 million in non-cash impairment charges.

5

COLONIAL PROPERTIES TRUST
Financial Statements
First Quarter 2012
SHARES AND UNITS OUTSTANDING, WEIGHTED
(shares and units in 000s)	Three Months Ended
	3/31/2012	3/31/2011
Basic
Shares	87,012	79,512
Operating Partnership Units (OP Units)	7,169	7,284
Total Shares & OP Units	94,181	86,796
Dilutive Common Share Equivalents	—	—
Diluted (1)
Shares	87,012	79,512
Total Shares & OP Units	94,181	86,796
(1) For periods where the Company reported a net loss from continuing operations (after preferred dividends), the effect of dilutive shares has been excluded from
per share computations as including such shares would be anti-dilutive.

6

COLONIAL PROPERTIES TRUST
Financial Statements
First Quarter 2012
FUNDS FROM OPERATIONS (FFO) RECONCILIATION
($ in 000s, except per share data)	Three Months Ended
	3/31/2012			3/31/2011
Net Loss Available to Common Shareholders	$	(5,974	)	$	(11,611	)
Noncontrolling Interest in CRLP (Operating Partnership Unitholders)	(488		)	(1,054		)
Total	(6,462		)	(12,665		)
Adjustments - Consolidated Properties
Depreciation - Real Estate	31,961			31,751
Amortization - Real Estate	2,118			2,046
Remove: (Gain)/Loss on Sale of Property, net of Income Tax and Noncontrolling Interest	229			79
Include: Gain/(Loss) on Sale of Undepreciated Property, net of Income Tax and
Noncontrolling Interest	(261		)	(79		)
Total Adjustments - Consolidated	34,047			33,797
Adjustments - Unconsolidated Properties
Depreciation - Real Estate	1,117			1,651
Amortization - Real Estate	367			654
Remove: (Gain)/Loss on Sale of Property	(803		)	21
Total Adjustments - Unconsolidated	681			2,326
Funds from Operations	$	28,266		$	23,458
Income Allocated to Participating Securities	(219		)	(200		)
Funds from Operations Available to Common Shareholders and Unitholders	$	28,047		$	23,258
FFO per Share
Basic	$	0.30		$	0.27
Diluted	$	0.30		$	0.27
Operating FFO:
Funds from Operations	$	28,047		$	23,258
Less: Transaction Income
-Development and Land Losses	261			79
Operating FFO	$	28,308		$	23,337
Operating FFO per Share
Basic	$	0.30		$	0.27
Diluted	$	0.30		$	0.27
FFO, as defined by the National Association of Real Estate Investment Trusts (NAREIT), means income (loss) before noncontrolling interest (determined in
accordance with GAAP), excluding gains (losses) from sales of depreciated property and impairment write-downs of depreciable real estate, plus real estate
depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. FFO is presented to assist investors in analyzing the
Company's performance. The Company believes that FFO is useful to investors because it provides an additional indicator of the Company's financial
and operating performance. This is because, by excluding the effect of real estate depreciation and gains (or losses) from sales of properties (all of which are
based on historical costs which may be of limited relevance in evaluating current performance), FFO can facilitate comparison of operating performance among
equity REITs. FFO is a widely recognized measure in the Company's industry.
The Company defines Operating FFO as FFO excluding gains on the sale of land and development properties, gains on the repurchase of bonds, net of the
attributable write-off of future interest expense held in OCI, and gains on the repurchase of preferred shares/units, net of the write-off of issuance costs. The
Company believes Operating FFO is an important supplemental measure because it provides a measure of operating performance. While land and development
gains or the repurchase of debt are components of the Company's current business plan, the timing and amount of these transactions can vary significantly
between periods.
The Company's method of calculating FFO and Operating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to
such other REITs. Neither FFO nor Operating FFO should be considered (1) as an alternative to net income (determined in accordance with GAAP), (2) as an
indicator of financial performance, (3) as cash flow from operating activities (determined in accordance with GAAP) or (4) as a measure of liquidity nor is it
indicative of sufficient cash flow to fund all of our needs, including our ability to make distributions.

7

COLONIAL PROPERTIES TRUST
Financial Statements
First Quarter 2012
BALANCE SHEET
($ in 000s)	As of			As of
	3/31/2012			12/31/2011
ASSETS
Real Estate Assets
Operating Properties	$	3,495,238		$	3,445,455
Undeveloped Land & Construction in Progress	317,883			306,826
Total Real Estate, before Depreciation	3,813,121			3,752,281
Less: Accumulated Depreciation	(762,632		)	(731,894		)
Real Estate Assets Held for Sale, net	15,713			10,543
Net Real Estate Assets	3,066,202			3,030,930
Cash and Equivalents	5,430			6,452
Restricted Cash	32,000			43,489
Accounts Receivable, net	25,825			26,762
Notes Receivable	43,465			43,787
Prepaid Expenses	15,119			19,912
Deferred Debt and Lease Costs	25,461			22,408
Investment in Unconsolidated Subsidiaries	9,469			12,303
Other Assets	50,338			52,562
Total Assets	$	3,273,309		$	3,258,605
LIABILITIES
Unsecured Credit Facility	$	226,503		$	184,000
Notes and Mortgages Payable	1,575,256			1,575,727
Total Debt	1,801,759			1,759,727
Accounts Payable	29,824			50,266
Accrued Interest	16,446			11,923
Accrued Expenses	25,992			15,731
Investment in Unconsolidated Subsidiaries	32,085			31,577
Other Liabilities	21,113			25,208
Total Liabilities	1,927,219			1,894,432
Redeemable Common Units	164,985			159,582
EQUITY
Limited Partner's Noncontrolling Interest	723			728
Cumulative Earnings	1,261,984			1,267,958
Cumulative Distributions	(1,878,635		)	(1,862,838		)
Common Equity, including Additional Paid-in Capital	1,962,417			1,965,812
Treasury Shares, at Cost	(150,163		)	(150,163		)
Accumulated Other Comprehensive Loss	(15,221		)	(16,906		)
Total Equity, including Noncontrolling Interest	1,181,105			1,204,591
Total Liabilities and Equity	$	3,273,309		$	3,258,605

SHARES & UNITS OUTSTANDING, END OF PERIOD
(shares and units in 000s)	As of	As of
	3/31/2012	12/31/2011
Basic
Shares	87,905	87,474
Operating Partnership Units (OP Units)	7,168	7,169
Total Shares & OP Units	95,073	94,643

8

COLONIAL PROPERTIES TRUST
Multifamily Portfolio Statistics
First Quarter 2012
COMMUNITY PORTFOLIO AT MARCH 31, 2012 (In apartment homes)
	Same	Non Same		Wholly		Joint	Stabilized	In	Total	Current
	Property	Property		Owned		Venture(1)	Operating	Lease-Up	Operating	Developments	Total
Atlanta	2,598	—		2,598		72	2,670	—	2,670	—	2,670
Austin	2,908	336		3,244		—	3,244	—	3,244	296	3,540
Birmingham	1,608	—		1,608		—	1,608	—	1,608	—	1,608
Charleston	1,578	312		1,890		—	1,890	—	1,890	—	1,890
Charlotte	4,530	321		4,851		—	4,851	—	4,851	353	5,204
Dallas/Fort Worth	3,688	590		4,278		29	4,307	—	4,307	—	4,307
Huntsville	836	—		836		—	836	—	836	—	836
Orlando	1,756	—		1,756		—	1,756	—	1,756	340	2,096
Phoenix	952	—		952		—	952	—	952	—	952
Raleigh	2,328	666		2,994		74	3,068	—	3,068	—	3,068
Richmond	1,700	—		1,700		—	1,700	—	1,700	—	1,700
Savannah	1,437	—		1,437		—	1,437	—	1,437	—	1,437
Other	4,404	761		5,165		—	5,165	486	5,651	—	5,651
Total Portfolio	30,323	2,986		33,309		175	33,484	486	33,970	989	34,959
FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION(2)							PHYSICAL OCCUPANCY (3)
				Total NOI
	Same Property			Incl. JV's at			Mar 31	Dec 31	Sep 30	June 30	Mar 31
	Communities			Pro Rata % (4)			2012	2011	2011	2011	2011
Atlanta		8.8	%	8.1	%		96.5%	96.1%	95.3%	95.7%	94.4%
Austin		9.4	%	9.5	%		96.5%	96.0%	97.2%	96.6%	96.4%
Birmingham		5.0	%	4.5	%		96.5%	95.3%	95.6%	95.1%	95.6%
Charleston		5.3	%	5.7	%		96.9%	97.4%	96.8%	98.4%	97.5%
Charlotte		13.7	%	13.6	%		95.4%	95.9%	96.0%	96.0%	96.0%
Dallas/Fort Worth		10.6	%	11.4	%		95.1%	92.7%	93.5%	95.6%	96.2%
Huntsville		2.7	%	2.5	%		95.2%	93.7%	96.1%	97.6%	96.2%
Orlando		7.1	%	6.4	%		95.3%	96.0%	95.2%	97.2%	97.3%
Phoenix		3.7	%	3.4	%		95.8%	96.2%	97.7%	94.6%	93.3%
Raleigh		8.0	%	9.7	%		96.1%	96.1%	96.7%	95.8%	95.8%
Richmond		5.8	%	5.2	%		96.0%	96.0%	96.9%	95.5%	96.0%
Savannah		5.5	%	4.9	%		98.2%	96.8%	97.7%	98.1%	98.8%
Other		14.4	%	15.1	%		96.3%	95.8%	95.4%	96.1%	95.7%
Total Portfolio (5)		100.0	%	100.0	%		96.1%	95.6%	95.9%	96.2%	96.0%
Same Property (6)							96.0%	95.9%	96.1%	96.2%	96.1%
(1) Joint venture units shown represents the Company's pro-rata share of total units. There are 1,016 total units at the Company's partially-owned apartment
communities.
(2) For the GAAP reconciliation of revenues, expenses and NOI, see page 24 and 25.
(3) Occupancy figures include apartment homes held through joint venture investments but exclude communities in lease-up or under development. For a
detailed occupancy listing by property, see the Multifamily Community Table on page 28.
(4) Based on total NOI from wholly-owned operating communities and the Company's pro-rata share of total NOI from joint venture communities.
(5) Total portfolio occupancy includes wholly-owned operating communities and joint venture communities.
(6) Same property communities are communities which were owned by the Company and stabilized as of January 1, 2011, as adjusted for dispositions during
the year. The 2011 same property data reflects results of the 2012 same property portfolio, as adjusted for dispositions during the year.

9

COLONIAL PROPERTIES TRUST
Multifamily Same Property Quarter Comparisons
First Quarter 2012
($ in 000s, except property data amounts)
REVENUES, EXPENSES & NOI FOR THE THREE MONTHS ENDED MARCH 31, 2012(1)
				Revenues							Expenses						NOI
	1Q12			1Q11			% Chg		1Q12		1Q11		% Chg		1Q12		1Q11		% Chg
Atlanta	$	7,198		$	6,803		5.8	%	$	3,024	$	2,977	1.6	%	$	4,174	$	3,826	9.1	%
Austin	7,831			7,376			6.2	%	3,346		3,287		1.8	%	4,485		4,089		9.7	%
Birmingham	3,953			3,681			7.4	%	1,568		1,547		1.4	%	2,385		2,134		11.8	%
Charleston	4,078			3,796			7.4	%	1,574		1,587		(0.8	)%	2,504		2,209		13.4	%
Charlotte	10,792			9,995			8.0	%	4,248		4,101		3.6	%	6,544		5,894		11.0	%
Dallas / Fort Worth	9,352			8,967			4.3	%	4,327		4,143		4.4	%	5,025		4,824		4.2	%
Huntsville	2,104			2,035			3.4	%	799		782		2.2	%	1,305		1,253		4.2	%
Orlando	5,428			5,228			3.8	%	2,037		1,981		2.8	%	3,391		3,247		4.4	%
Phoenix	2,652			2,375			11.7	%	877		871		0.7	%	1,775		1,504		18.0	%
Raleigh	5,921			5,587			6.0	%	2,113		2,107		0.3	%	3,808		3,480		9.4	%
Richmond	4,373			4,229			3.4	%	1,620		1,617		0.2	%	2,753		2,612		5.4	%
Savannah	4,054			3,805			6.5	%	1,446		1,332		8.6	%	2,608		2,473		5.5	%
Other	11,107			10,534			5.4	%	4,269		4,143		3.0	%	6,838		6,391		7.0	%
Total Same Property (2)	$	78,843		$	74,411		6.0	%	$	31,248	$	30,475	2.5	%	$	47,595	$	43,936	8.3	%
	Financial Occupancy(3)								Revenue per Unit (4)						Rent per Unit(5)
	1Q12			1Q11			% Chg		1Q12		1Q11		% Chg		1Q12		1Q11		% Chg
Atlanta	95.0		%	92.7		%	2.3	%	$	972	$	942	3.2	%	$	792	$	764	3.7	%
Austin	96.0		%	95.8		%	0.2	%	935		882		6.0	%	795		739		7.6	%
Birmingham	95.4		%	93.8		%	1.6	%	859		814		5.5	%	731		698		4.7	%
Charleston	96.7		%	95.4		%	1.3	%	891		841		5.9	%	751		703		6.8	%
Charlotte	94.8		%	94.4		%	0.4	%	837		779		7.4	%	703		658		6.8	%
Dallas / Fort Worth	93.5		%	94.5		%	(1.0	)%	904		858		5.4	%	749		715		4.8	%
Huntsville	93.7		%	94.0		%	(0.3	)%	895		863		3.7	%	739		712		3.8	%
Orlando	94.5		%	95.4		%	(0.9	)%	1,090		1,041		4.7	%	934		889		5.1	%
Phoenix	96.2		%	93.1		%	3.1	%	966		894		8.1	%	823		771		6.7	%
Raleigh	95.1		%	94.9		%	0.2	%	892		843		5.8	%	770		731		5.3	%
Richmond	95.0		%	95.3		%	(0.3	)%	903		870		3.8	%	746		719		3.8	%
Savannah	97.2		%	97.4		%	(0.2	)%	967		906		6.7	%	816		768		6.3	%
Other	95.2		%	94.7		%	0.5	%	884		842		5.0	%	750		722		3.9	%
Total Same Property (2)	95.1		%	94.7		%	0.4	%	$	911	$	864	5.4	%	$	767	$	728	5.4	%
(1) For the GAAP reconciliation of revenues, expenses and NOI, see page 24 and 25.
(2) Same-property communities are communities which were owned by the Company and stabilized as of January 1, 2011, as adjusted for dispositions during
the year. The 2011 same property data reflects results of the 2012 same property portfolio, as adjusted for dispositions during the year.
(3) The Company defines Financial Occupancy as market rent less vacancy loss as a percentage of market rent.
(4) Revenue per Unit is total revenue divided by total number of occupied units.
(5) Rent per Unit is the average net effective rental rate per occupied unit. The Company defines net effective rental rate as the Company's rental rate after
"loss to lease", concessions and vacancy.

10

COLONIAL PROPERTIES TRUST
Multifamily Same Property Sequential Quarter Comparisons
First Quarter 2012
($ in 000s, except property data amounts)
SAME PROPERTY SEQUENTIAL COMPARISON OF REVENUES, EXPENSES & NOI
				Revenues							Expenses						NOI
	1Q12			4Q11			% Chg		1Q12		4Q11		% Chg		1Q12		4Q11		% Chg
Atlanta	$	7,198		$	7,139		0.8	%	$	3,024	$	2,942	2.8	%	$	4,174	$	4,197	(0.5	)%
Austin	7,831			7,759			0.9	%	3,346		3,358		(0.4	)%	4,485		4,401		1.9	%
Birmingham	3,953			3,883			1.8	%	1,568		1,542		1.7	%	2,385		2,341		1.9	%
Charleston	4,078			4,013			1.6	%	1,574		1,577		(0.2	)%	2,504		2,436		2.8	%
Charlotte	10,792			10,702			0.8	%	4,248		4,209		0.9	%	6,544		6,493		0.8	%
Dallas / Fort Worth	9,352			9,289			0.7	%	4,327		4,213		2.7	%	5,025		5,076		(1.0	)%
Huntsville	2,104			2,121			(0.8	)%	799		767		4.2	%	1,305		1,354		(3.6	)%
Orlando	5,428			5,442			(0.3	)%	2,037		1,866		9.2	%	3,391		3,576		(5.2	)%
Phoenix	2,652			2,604			1.8	%	877		950		(7.7	)%	1,775		1,654		7.3	%
Raleigh	5,921			5,993			(1.2	)%	2,113		2,146		(1.5	)%	3,808		3,847		(1.0	)%
Richmond	4,373			4,380			(0.2	)%	1,620		1,641		(1.3	)%	2,753		2,739		0.5	%
Savannah	4,054			4,027			0.7	%	1,446		1,451		(0.3	)%	2,608		2,576		1.2	%
Other	11,107			11,010			0.9	%	4,269		4,231		0.9	%	6,838		6,779		0.9	%
Total Same Property(1)	$	78,843		$	78,362		0.6	%	$	31,248	$	30,893	1.1	%	$	47,595	$	47,469	0.3	%
	Financial Occupancy(2)								Revenue per Unit (3)						Rent per Unit(4)
	1Q12			4Q11			% Chg		1Q12		4Q11		% Chg		1Q12		4Q11		% Chg
Atlanta	95.0		%	94.4		%	0.6	%	$	972	$	971	0.1	%	$	792	$	790	0.3	%
Austin	96.0		%	95.9		%	0.1	%	935		927		0.9	%	795		787		1.0	%
Birmingham	95.4		%	94.8		%	0.6	%	859		849		1.2	%	731		726		0.7	%
Charleston	96.7		%	96.5		%	0.2	%	891		878		1.5	%	751		740		1.5	%
Charlotte	94.8		%	95.2		%	(0.4	)%	837		827		1.2	%	703		696		1.0	%
Dallas / Fort Worth	93.5		%	93.4		%	0.1	%	904		899		0.6	%	749		743		0.8	%
Huntsville	93.7		%	92.8		%	0.9	%	895		912		(1.9	)%	739		745		(0.8	)%
Orlando	94.5		%	95.4		%	(0.9	)%	1,090		1,083		0.6	%	934		923		1.2	%
Phoenix	96.2		%	95.7		%	0.5	%	966		952		1.5	%	823		810		1.6	%
Raleigh	95.1		%	96.4		%	(1.3	)%	892		890		0.2	%	770		762		1.0	%
Richmond	95.0		%	94.9		%	0.1	%	903		905		(0.2	)%	746		742		0.5	%
Savannah	97.2		%	97.1		%	0.1	%	967		962		0.5	%	816		813		0.4	%
Other	95.2		%	95.5		%	(0.3	)%	884		872		1.4	%	750		744		0.8	%
Total Same Property (1)	95.1		%	95.2		%	(0.1	)%	$	911	$	905	0.7	%	$	767	$	761	0.8	%
(1) Same-property communities are communities which were owned by the Company and stabilized as of January 1, 2011, as adjusted for dispositions
during the year. The 2011 same property data reflects results of the 2012 same property portfolio, as adjusted for dispositions during the year.
(2) The Company defines Financial Occupancy as market rent less vacancy loss as a percentage of market rent.
(3) Revenue per Unit is total revenue divided by total number of occupied units.
(4) Rent per Unit is the average net effective rental rate per occupied unit. The Company defines net effective rental rate as the Company's rental rate after
"loss to lease", concessions and vacancy.

11

COLONIAL PROPERTIES TRUST
Multifamily Same Property Operating Expenses Comparisons
First Quarter 2012
($ in 000s)
COMPARISON OF SAME PROPERTY OPERATING EXPENSES FOR THE THREE MONTHS ENDED MARCH 31, 2012
										% of Operating Expense
	1Q12		1Q11		$ Change			% Change		1Q12		1Q11		Change
On-site Payroll (1)	$	8,328	$	7,692	$	636		8.3	%	26.7	%	25.2	%	1.5	%
Real Estate Taxes	7,897		7,647		250			3.3	%	25.3	%	25.1	%	0.2	%
Utilities (2)	7,077		7,040		37			0.5	%	22.6	%	23.1	%	(0.5	)%
Repairs and Maintenance (3)	5,067		4,976		91			1.8	%	16.2	%	16.3	%	(0.1	)%
Insurance	1,088		1,275		(187		)	(14.7	)%	3.5	%	4.2	%	(0.7	)%
General and Administrative	1,159		1,153		6			0.5	%	3.7	%	3.8	%	(0.1	)%
Advertising and Promotions	632		692		(60		)	(8.7	)%	2.0	%	2.3	%	(0.3	)%
Total Same Property(4)	$	31,248	$	30,475	$	773		2.5	%	100.0	%	100.0	%
(1) On-site payroll - Includes payroll and related expenses for on-site personnel including property managers, leasing consultants and maintenance staff.
(2) Utilities - Represents gross expenses prior to any recoveries from tenants and includes bulk cable program expenses. Recoveries are reflected in "Other
Property Related Revenue".
(3) Repairs and maintenance - Includes general maintenance costs, unit turnover costs including interior painting, routine landscaping, security, exterminating, fire
protection, roof and parking lot repairs and other miscellaneous repair costs.
(4) Same property communities are communities which were owned by the Company and stabilized as of January 1, 2011, as adjusted for dispositions during the
year. The 2011 same property data reflects results of the 2012 same property communities, as adjusted for dispositions during the year.

12

COLONIAL PROPERTIES TRUST
Components of Property Net Operating Income and Capitalized Expenditures for Multifamily Portfolio
First Quarter 2012
($ in 000s, except property data and per unit amounts)
COMPONENTS OF PROPERTY NET OPERATING INCOME(1)
	Apartment	Three Months Ended
	Homes	3/31/2012			3/31/2011		Change
Property Revenue
Same Property Communities (2)	30,323	$	78,843		$	74,411	$	4,432
Non-Same Property Communities	2,986	8,145			1,418		6,727
Joint Venture Communities (3)	175	468			711		(243		)
Lease up Communities	486	362			—		362
Dispositions / Other	—	13			3,541		(3,528		)
Total Property Revenue	33,970	$	87,831		$	80,081	$	7,750
Property Expenses
Same Property Communities (2)	30,323	$	31,248		$	30,475	$	773
Non-Same Property Communities	2,986	3,180			631		2,549
Joint Venture Communities (3)	175	204			364		(160		)
Lease up Communities	486	301			—		301
Dispositions / Other	—	(1		)	1,659		(1,660		)
Total Property Expenses	33,970	$	34,932		$	33,129	$	1,803
Property Net Operating Income
Same Property Communities (2)	30,323	$	47,595		$	43,936	$	3,659
Non-Same Property Communities	2,986	4,965			787		4,178
Joint Venture Communities (3)	175	264			347		(83		)
Lease up Communities	486	61			—		61
Dispositions / Other	—	14			1,882		(1,868		)
Total Property Net Operating Income	33,970	$	52,899		$	46,952	$	5,947
CAPITALIZED EXPENDITURES
	Apartment	Three Months Ended
	Homes	3/31/2012			3/31/2011		Change
Capitalized Expenses
Same Property Communities (2)	30,323	$	2,659		$	3,048	$	(389	)
Non-Same Property Communities	2,986	296			2		294
Joint Venture Communities (3)	175	14			13		1
Dispositions / Other	—	(7		)	33		(40		)
Total Property Capitalized Expenses	33,484	$	2,962		$	3,096	$	(134	)
Capitalized Expenses per Unit
Same Property Communities (2)	30,323	$	88		$	101	$	(13	)
Non-Same Property Communities	2,986	99			1		98
Joint Venture Communities	175	80			74		6
Total Per Unit	33,484	$	88		$	92	$	(4	)
(1) For the GAAP reconciliation of revenues, expenses and NOI, see page 24 and 25.
(2) The 2011 same property data reflects results of the 2012 same property portfolio, as adjusted for dispositions during the year.
(3) Includes the Company's pro-rata share of apartment homes, revenues, expenses and NOI from partially-owned unconsolidated communities.

13

COLONIAL PROPERTIES TURST
Unconsolidated Joint Ventures
($ in 000s)
JOINT VENTURE OPERATIONS
	Three Months Ended
OPERATING DATA(1)	3/31/2012			3/31/2011
Property Revenues
Rental Revenue	$	4,997		$	7,028
Other Property Revenue	282			271
Total Property Revenues	5,279			7,299
Property Expenses
Property Operating and Maintenance	1,163			1,442
Taxes, License and Insurance	579			809
Total Property Expenses	1,742			2,251
Net Operating Income (NOI)	3,537			5,048
Other Income (Expense)
Interest, net	(2,305		)	(2,957		)
Depreciation and Amortization (2)	(1,352		)	(2,346		)
Other	(10		)	(64		)
Total Other Expenses	(3,667		)	(5,367		)
Gain (Loss) on Sale of Properties, net	803			(21		)
Income (Loss) from Partially-Owned Investments	$	673		$	(340	)
	As of
BALANCE SHEET DATA (3)	3/31/2012			12/31/2011
Real Estate Assets, net	$	1,039,322		$	1,058,107
Other Assets, net	74,086			78,564
Total Assets	$	1,113,408		$	1,136,671
Notes Payable	$	956,211		$	957,068
Other Liabilities	101,720			106,068
Total Liabilities	1,057,931			1,063,136
Member's Equity	55,477			73,535
Total Liabilities and Member's Equity	$	1,113,408		$	1,136,671
Colonial's Equity Investment (4)	$	(22,616	)	$	(19,274	)
Colonial's Pro-rata Share of Debt	$	147,668		$	147,842
(1) Operating data represents the Company's pro-rata share of revenues, expenses and NOI.
(2) Includes amortization of excess basis differences for certain joint ventures.
(3) Balance sheet data reported at 100%.
(4) Includes distributions in excess of investment balance for certain joint ventures. These joint ventures are presented as "Liabilities" on the
Company's Balance Sheet as of March 31, 2012.

14

COLONIAL PROPERTIES TRUST
Investments in Real Estate Joint Ventures
As of March 31, 2012
($ in 000s)
													Average
			Gross								Average		Remaining
	Number of	Total	Investment in		Construction		Mortgages and		Ownership		Interest		Term	% Fixed		% Variable
Venture	Properties	Units/GLA (1)	Real Estate(2)		in Progress		Notes Payable		Interest		Rate		(In Months)	Rate		Rate
MULTIFAMILY	5	1,016	$	102,062	$	13,841	$	65,766	17	%	5.66	%	36	100.00	%	—	%
COMMERCIAL
DRA/CLP	18	5,220	$	936,820	$	—	$	741,909	15	%	5.61	%	27	100.00	%	—
Bluerock	9	1,703	236,101		—		107,184		10	%	6.47	%	68	100.00	%	—
Other (3)	3	827	56,853		—		41,354		31	%	3.42	%	9	36.43	%	63.57	%
Total Commercial	30	7,750	$	1,229,774	$	—	$	890,447
	35		$	1,331,836	$	13,841	$	956,213
For more information on partially-owned unconsolidated assets, see Appendix pages 28-33.
(1) Gross leasable area (in 000s) includes anchor-owned square footage.
(2) Represents gross investment in real estate at 100% (excluding depreciation)
(3) On February 1, 2012, the Company sold its 25% interest in Colonial Promenade Madison.

15

COLONIAL PROPERTIES TRUST
Operating Joint Venture Income Summary
($ in 000s)
FOR THE THREE MONTHS ENDED MARCH 31, 2012
																		Colonial Share
	Total		Operating		Net Operating		Interest		Other (Income)		Gain (Loss)		Depreciation &		Net Income			of Net Income
Venture	Revenues		Expenses		Income		Expense		Expenses		on Sales		Amortization		(Loss)			(Loss)(1)
MULTIFAMILY	$	2,740	$	1,277	$	1,463	$	876	$	21	$	—	$	946	$	(380	)	$	(47	)
COMMERCIAL
DRA/CLP	$	24,427	$	9,178	$	15,249	$	10,521	$	58	$	—	$	8,756	$	(4,086	)	$	(185	)
Bluerock	6,361		1,950		4,411		3,306		24		—		2,653		(1,572		)	(58		)
Other (2)	1,608		460		1,148		659		21		803		424		847			963
Total Commercial	$	32,396	$	11,588	$	20,808	$	14,486	$	103	$	803	$	11,833	$	(4,811	)	$	720
	$	35,136	$	12,865	$	22,271	$	15,362	$	124	$	803	$	12,779	$	(5,191	)	$	673
Results of operations presented represents 100% of the operations for the properties in these joint ventures.
For more information on partially-owned unconsolidated assets, see Appendix pages 28-33.
(1) Includes amortization or release of excess basis differences and management fee eliminations for certain joint ventures.
(2) On February 1, 2012, the Company sold its 25% interest in Colonial Promenade Madison.

16

COLONIAL PROPERTIES TRUST
Commercial Operational Statistics
First Quarter 2012
	As of											As of
	3/31/2012		3/31/2011									3/31/2012	3/31/2011
Base rent per square foot - Straight-line						Square Feet (in 000's)
Office						Office
Consolidated	$	26.51	$	26.71		Consolidated						1,154	1,330
Unconsolidated	19.40		19.46			Unconsolidated (2)						918	918
Retail (1)						Retail
Consolidated	$	22.62	$	23.09		Consolidated						1,260	1,224
Unconsolidated	21.02		22.08			Unconsolidated (2)						136	440
Base rent per square foot - Cash
Office
Consolidated	$	26.12	$	25.69
Unconsolidated	19.33		19.04
Retail (1)
Consolidated	$	22.54	$	23.09
Unconsolidated	21.08		21.75
(1) This calculation includes tenants occupying less than 10,000 square feet (i.e., excludes anchor tenants). Rental terms for anchor tenants generally are not representative of the larger
portfolio.
(2) Square footage includes the Company's weighted square footage for partially-owned unconsolidated properties based on the Company's ownership percentage. See Appendix
pages 31-33 for additional details.
OFFICE LEASE EXPIRATION SCHEDULE
(SF & $ in 000s)	Total Assets at 100%											Total Assets at Pro Rata Share
			% of Leased						% of				% of Leased				% of
	SF		SF			Rent			Total			SF	SF		Rent		Total
2012	840		13		%	$	18,014		14		%	124	7	%	$	2,676	8	%
2013	776		12		%	15,580			12		%	121	7	%	2,490		7	%
2014	545		8		%	10,759			9		%	97	5	%	1,846		5	%
2015	966		15		%	15,675			12		%	214	12	%	3,878		11	%
2016	775		12		%	13,976			11		%	140	8	%	2,558		7	%
2017+	2,727		41		%	51,440			41		%	1,145	62	%	21,377		61	%
Total Leased SF	6,629					$	125,444					1,841			$	34,825
RETAIL LEASE EXPIRATION SCHEDULE
(SF & $ in 000s)	Total Assets at 100%											Total Assets at Pro Rata Share
			% of Leased						% of				% of Leased				% of
	SF		SF			Rent			Total			SF	SF		Rent		Total
2012	112		6		%	$	1,941		7		%	43	4	%	$	969	5	%
2013	171		9		%	3,466			12		%	88	7	%	1,801		9	%
2014	126		7		%	2,490			8		%	80	6	%	1,478		7	%
2015	112		6		%	2,234			8		%	93	7	%	1,820		9	%
2016	267		15		%	2,619			9		%	232	18	%	2,114		11	%
2017+	1,059		57		%	16,216			56		%	736	58	%	11,794		59	%
Total Leased SF	1,847					$	28,966					1,272			$	19,976
OFFICE CAPITAL EXPENDITURES
						Three Months Ended
Capital Expenditures ($ in 000s)						3/31/2012			3/31/2011
Regular Maintenance						$	55		$	49
Tenant Improvements						163			39
Leasing Commissions						79			162
Total						$	297		$	250
Less: Unconsolidated Assets						(263		)	(222		)
Total - Consolidated Assets						$	34		$	28
RETAIL CAPITAL EXPENDITURES
						Three Months Ended
Capital Expenditures ($ in 000s)						3/31/2012			3/31/2011
Regular Maintenance						$	147		$	28
Tenant Improvements						11			25
Leasing Commissions						144			91
Total						$	302		$	144
Less: Unconsolidated Assets						(32		)	(27		)
Total - Consolidated Assets						$	270		$	117

17

COLONIAL PROPERTIES TRUST
Real Estate Activities
First Quarter 2012
ACQUISITIONS
						Acquisition		Cap
	Location		Date		Units	Basis		Rate	Remarks
						($ MM)
Multifamily
Colonial Grand at Brier Falls	Raleigh, NC		Jan-2012		350	$	45.0	5.6%
DISPOSITIONS
						Sales		Cap
	Location		Date		SF (in 000s)	Price		Rate	Remarks
						($ MM)
Commercial
Colonial Promenade Madison	Huntsville, AL		Feb-2012		111	$	3.0	8.4%	25% Ownership Interest
RESIDENTIAL FOR-SALE DEVELOPMENTS
								Units
			Average Price			Units Closed		Closed
			of Units/Lots		Projected	in Current		Project to	Under	Remaining
Project	Location	Units	Closed		Sell Out	Quarter		Date	Contract(1)	Units/Lots
Metropolitan Midtown	Charlotte, NC	101	$	373,252	4Q12 - 4Q13	2		90	4	7
Whitehouse Creek (lots)	Mobile, AL	59	$	62,184	2Q13 - 4Q16	—		19	—	40
		160				2		109	4	47
(1) Units under contract are stated as of the end of the quarter. There can be no assurance that units under contract will close.
There can be no assurances of the amount, margin or velocity of future for-sale residential sales and closings. If market conditions do not improve or if there is further
market deterioration, the Company could incur additional impairment charges on projects previously impaired as well as on projects not currently impaired but for
which indicators of impairment may exist.

18

COLONIAL PROPERTIES TRUST
Current Development Pipeline
($ in MMs)
										Development Costs
		Units / SF			Start		Compl.	Stab.		Total		Thru
	Location	Total	Deliv'd	Leased	Date		Date	Date		Cost		1Q12		After
Multifamily
CG Hampton Preserve	Tampa, FL	486	176	262	4Q10		4Q12	1Q14		$	58.3	$	48.8	$	9.5
CG at Double Creek	Austin, TX	296	n/a	n/a	1Q11		1Q13	3Q13		31.7		11.1		20.6
CG at Lake Mary (Phase I)	Orlando, FL	232	n/a	n/a	3Q11		4Q12	3Q13		30.3		13.5		16.8
CG at Lake Mary (Phase II)	Orlando, FL	108	n/a	n/a	1Q12		2Q13	1Q14		13.9		2.9		11.0
CR at South End	Charlotte, NC	353	n/a	n/a	1Q12		3Q13	4Q14		59.3		14.5		44.8
										$	193.5	$	90.8	$	102.7
Commercial
Colonial Promenade Huntsville (Phase I) (1)	Huntsville, AL	—			3Q11		4Q12			$	3.8	$	3.5	$	0.3
			Total Active Development Projects							$	197.3	$	94.3	$	103.0
			Future Development Projects (see below)									90.9
			Investment Land (see below)									132.7
			Total Properties Under Development (per Balance Sheet)									$	317.9
FUTURE DEVELOPMENT PIPELINE / LAND AND ASSETS HELD FOR SALE
					Future			Investment				Held
	Location	Units / SF			Development			Land				For Sale
Multifamily
CG at Randal Park (2)	Orlando, FL	462			$	9.2		$	—			$	—
CG at Ayrsley (Phase II)	Charlotte, NC	81			1.2			—				—
CG at Thunderbird	Phoenix, AZ	244			8.4			—				—
CG at Sweetwater	Phoenix, AZ	195			7.2			—				—
CG at Azure	Las Vegas, NV	390			10.6			—				—
CG at Bellevue (Phase II)	Nashville, TN	220			3.4
Total Multifamily Assets					$	40.0		$	—			$	—
Commercial
Colonial Promenade Huntsville (Phase II) (1)	Huntsville, AL				$	3.3		$	—			$	—
Colonial Promenade Nord du Lac (3)	Covington, LA	236,000			27.9			—				—
Randal Park (2)	Orlando, FL				19.7			—				—
Outparcels / Pads					—			16.4				5.9
Total Commercial Assets					$	50.9		$	16.4			$	5.9
Multifamily					$	—		$	1.5			$	—
Commercial					—			44.9				—
Condo / Townhome					—			—				7.4
For-sale Residential Land					—			69.9				2.4
Total Projects					$	90.9		$	132.7			$	15.7
(1) The Company is currently preparing site-work for the shadow-anchor in this commercial development. The Company is still evaluating plans for this commercial project, therefore dollars
attributable to this development are subject to change.
(2) This project is part of a mixed-use development. The Company is still evaluating plans for a multifamily apartment community. Therefore, dollars attributable to this phase of the
development are subject to change.
(3) Total cost to date for this project, including Phase I, is presented net of $25.8 of impairment charges recorded in 4Q09 and 4Q08.

19

COLONIAL PROPERTIES TRUST
Debt Summary
As of March 31, 2012
QUARTERLY DEBT SUMMARY
($ In 000s)
	CONSOLIDATED DEBT							WITH UNCONSOLIDATED SUBSID. DEBT
	Debt		%		Avg Int		Wtd Mat'y	Debt		%		Avg Int		Wtd Mat'y
Unsecured/Secured
Unsecured Line of Credit	$	226,503	12	%	1.6	%	4.0	$	226,503	12	%	1.6	%	4.0
Unsecured Other	881,166		49	%	5.8	%	3.5	881,166		45	%	5.8	%	3.5
Secured	694,090		39	%	5.6	%	7.0	841,757		43	%	5.6	%	6.2
Total Debt	$	1,801,759	100	%	5.2	%	4.9	$	1,949,426	100	%	5.2	%	4.7
Fixed/Floating
Fixed Rate Debt	$	1,562,558	87	%	5.7	%	5.1	$	1,710,225	88	%	5.7	%	4.8
Floating Rate Debt	239,201		13	%	1.7	%	4.0	239,201		12	%	1.7	%	4.0
Total Debt	$	1,801,759	100	%	5.2	%	4.9	$	1,949,426	100	%	5.2	%	4.7
PRINCIPAL DEBT MATURITY SCHEDULE
($ In MMs)

LINE OF CREDIT
	3/31/2012		12/31/2011		Interest Rate		Due
Floating	$	226,503	$	184,000	1.64	%	3/29/2016
Total Outstanding on LOC	$	226,503	$	184,000	1.64	%
Notes:
- In addition to the $500MM LOC, Wells Fargo has provided a $35MM Cash Management Line.
- 10 Banks participate in the LOC, co-led by Wells Fargo and Bank of America.
- The Facility is priced based on the Company's Senior Unsecured Debt Rating.
- The interest rate on the LOC is LIBOR + 140.0 bps, and the facility fee is 30.0 bps.
- 4-year facility through March 2016, plus a 1-year extension option.

20

COLONIAL PROPERTIES TRUST
Debt Summary
As of March 31, 2012
PUBLIC RATINGS
									Senior Unsecured
									Rating		Outlook
Fitch Ratings	George Hoglund				212-908-9149				BB+		Positive
Moody's Investor Services	Karen Nickerson				212-553-4924				Ba1		Positive
Standard & Poor's	Eugene Nusinzon				212-438-2449				BBB-		Positive
COVERAGE RATIOS
					1Q11						1Q12
SEC Coverage Ratios (SEC Reg. S-K, Item 503)
Earnings to Fixed Charges (1)					0.5						0.8
Supplemental Coverage Ratios (KPIs)
Interest Coverage (2)					2.2						2.3
Fixed Charge Coverage (3)					2.1						2.2
Fixed Charge w/ Cap Int (4)					2.1						2.2
See Page 27 for a Reconciliation of SEC Coverage Ratios and a Reconciliation of Supplemental Coverage Ratios.
Coverage ratios as calculated by the Company may not be comparable to similarly titled measures used by other companies. Investors are cautioned that these measures should not be
taken alone to determine a Company's financial status.
(1) The deficiency of the ratio of earnings to fixed charges for the three months ended March 31, 2012 and 2011 is primarily a result of non-cash depreciation and amortization expense.
(2) EBITDA/Interest Expense, including unconsolidated partnerships and joint ventures. The Company believes this ratio is useful as an additional measure of the Company's ability to
service debt. Additionally, management used this ratio to make balance sheet management decisions.
(3) EBITDA/Interest Exp + Pfd Dividends + Debt Prin Repayments, including unconsolidated partnerships and joint ventures. The Company believes this ratio is useful as an additional
measure of the Company's ability to service debt. Additionally, management uses this ratio to make balance sheet management decisions.
(4) EBITDA/Interest Exp + Capitalized Interest + Pfd Div + Debt Prin Repayments, including unconsolidated partnerships and joint ventures. The Company believes this ratio is useful as an
additional measure of the Company's ability to service debt. Additionally, management uses this ratio to make balance sheet management decisions.
FINANCIAL COVENANTS AND PUBLIC DEBT
	1Q11		2Q11		3Q11		4Q11		1Q12		2Q12	3Q12	4Q12
Total Debt to Total Assets cannot exceed 60%	47.8	%	45.9	%	45.7	%	46.6	%	46.9	%
Secured Debt to Total Assets cannot
exceed 40%	21.7	%	21.3	%	21.4	%	20.5	%	20.2	%
Total Unencumbered Assets to Unsecured Debt
must be at least 150%	250.9	%	270.0	%	279.2	%	259.6	%	254.1	%
Consolidated Income Available for Debt Service
Charges must be at least 1.50/1	2.1x		2.2x		2.2x		2.2x		2.2x

21

COLONIAL PROPERTIES TURST
Debt Summary
As of March 31, 2012
TOTAL MARKET CAPITALIZATION
($ In 000s)
	1Q11			2Q11			3Q11			4Q11			1Q12			2Q12	3Q12	4Q12
Consolidated Debt	$	1,767,619		$	1,703,998		$	1,681,720		$	1,759,727		$	1,801,759
Unconsolidated Debt	200,887			188,992			188,803			147,842			147,668
Total Debt	1,968,506			1,892,990			1,870,523			1,907,569			1,949,427
Preferred Stock
7.25% Series B (Units) (1)	50,000			50,000			50,000			—			—
Market Equity (Shares & Units)	1,737,178			1,919,631			1,717,119			1,974,253			2,065,932
Total Market Capitalization	$	3,755,684		$	3,862,621		$	3,637,642		$	3,881,822		$	4,015,359
Debt / Total Market Capitalization	52.4		%	49.0		%	51.4		%	49.1		%	48.5		%
(1) During December 2011, the Company redeemed the remaining 50% of its outstanding Series B Units.

22

COLONIAL PROPERTIES TRUST
Corporate - Trends
($ in 000s)
SUPPLEMENTAL DATA
	1Q12		1Q11
Consolidated
Straight Line Rents	$	118	$	526
Percentage Rents	27		64
Capitalized Interest	185		52
Debt - Principal Amortization	572		364
Amortization of Stock Compensation	1,959		1,489
Unconsolidated(1)
Straight Line Rents	39		118
Interest Expense	2,290		2,937
Debt - Principal Amortization	174		190
Amortization of Deferred Financing Costs	17		22
(1) The unconsolidated revenue and expense data are comprised of the Company's percentage of the applicable line item, which is calculated in accordance with GAAP, for its
unconsolidated partnerships and joint ventures. The Company believes this unconsolidated data is useful to investors in measuring the Company's rights to cash flows and debt obligations
related to the Company's unconsolidated partnerships and joint ventures. The Company manages or leases each of its unconsolidated assets. Incorporating unconsolidated data
also provides investors with management's view of evaluating current operating performance and trends.

INVESTMENT ACTIVITY
	1Q12			1Q11
Acquisitions
Multifamily	$	45,000		$	92,880
Acquisitions, Consolidated Assets	$	45,000		$	92,880
Development Expenditures
Multifamily	$	13,632		$	2,348
Commercial	1,265			3,529
For-Sale / Other	710			206
Development, Consolidated Assets	$	15,607		$	6,083
Proceeds from Sales of Properties, Net of Selling Costs
Commercial	$	3,000		$	—
For-Sale / Other	1,130			1,022
Outparcels / Land	—			2,725
Total, including subs	4,130			3,747
Selling Costs	(107		)	(453		)
Outparcels / Land	—			(2,475		)
Less: Unconsolidated - net (1)	(3,000		)	(250		)
Sales, Net - Consolidated Assets	$	1,023		$	569
(1) Outparcels/Land sales for the three months ended March 31, 2011 include an outparcel sale at one of the Company's unconsolidated commercial properties.
The unconsolidated data regarding investment activity, capital expenditures, tenant improvements and leasing commissions set forth herein are calculated in accordance with GAAP, for all
of its unconsolidated partnerships and joint ventures. The Company believes this unconsolidated data is useful to investors in evaluating the total cash investing activities of the Company.
Typically, the percent of investment activities for its unconsolidated assets must be funded out of current Company cash flows, and therefore, management uses the combined data to
making financing and capital decisions.

23

COLONIAL PROPERTIES TRUST
Corporate Reconciliations
($ in 000s)
RECONCILIATION OF REVENUES
	1Q12			1Q11
Divisional Total Revenues
Multifamily - Same Property	$	78,843		$	74,411
Multifamily - Non-Same Property (1)	8,998			5,683
Commercial	17,717			19,769
Total Divisional Revenues	105,558			99,863
Less: Unconsolidated Revenue - Multifamily	(471		)	(713		)
Less: Unconsolidated Revenue - Commercial	(4,794		)	(6,572		)
Discontinued Operations	(31		)	(4,469		)
Unallocated Corporate Revenue	1,344			1,810
Consolidated Revenue Adjusted - '11 Discontinued Operations (2)	101,606			89,919
Add: Additional Discontinued Operations Revenue, post filing (3)	—			4,467
Total Consolidated Revenue, per 10-Q (4)	$	101,606		$	94,386
RECONCILIATION OF EXPENSES
	1Q12			1Q11
Divisional Total Expenses
Multifamily - Same Property	$	31,248		$	30,475
Multifamily - Non-Same Property (1)	4,034			2,946
Commercial	5,731			6,228
Total Divisional Expenses	41,013			39,649
Less: Unconsolidated Expenses - Multifamily	(217		)	(374		)
Less: Unconsolidated Expenses - Commercial	(1,707		)	(2,124		)
Discontinued Operations	(162		)	(1,909		)
Total Property Operating Expenses	38,927			35,242
Property Management Expenses	2,846			2,422
General & Administrative Expenses	5,767			5,203
Management Fee and Other Expenses	2,045			1,770
Investment and Development Expenses (5)	387			587
Impairment and Other Losses	500			2,097
Depreciation	32,177			30,286
Amortization	2,080			2,127
Consolidated Expense Adjusted - '11 Discontinued Operations (2)	84,729			79,734
Add: Additional Discontinued Operations Expense, post filing (3)	—			3,727
Total Consolidated Expense, per 10-Q (4)	$	84,729		$	83,461
Notes on following page.

24

COLONIAL PROPERTIES TRUST
Corporate Reconciliations
($ in 000s)
RECONCILIATION OF NOI
	1Q12			1Q11
Divisional Total NOI
Multifamily - Same Property	$	47,595		$	43,936
Multifamily - Non-Same Property (1)	4,964			2,737
Commercial	11,986			13,541
Total Divisional NOI	64,545			60,214
Less: Unconsolidated NOI - Multifamily	(254		)	(339		)
Less: Unconsolidated NOI - Commercial	(3,087		)	(4,448		)
Discontinued Operations	131			(2,560		)
Unallocated Corporate Revenue	1,344			1,810
Property Management Expenses	(2,846		)	(2,422		)
General & Administrative Expenses	(5,767		)	(5,203		)
Management Fee and Other Expenses	(2,045		)	(1,770		)
Investment and Development Expenses (5)	(387		)	(587		)
Impairment and Other Losses	(500		)	(2,097		)
Depreciation	(32,177		)	(30,286		)
Amortization	(2,080		)	(2,127		)
Income from Operations	16,877			10,185
Total Other Income (Expense)	(23,197		)	(22,279		)
Loss from Continuing Operations (6)	(6,320		)	(12,094		)
Discontinued Operations	—			374
Loss from Continuing Operations, per 10-Q (4)	$	(6,320	)	$	(11,720	)
(1) Includes operations from for-sale portfolio.
(2) Reflects total consolidated revenue and total consolidated expense (as applicable), adjusted to reflect discontinued operations classifications made after
filing of prior period financials.
(3) Adjustment to prior period financials to reflect discontinued operations classifications made after filing of prior period financials.
(4) For prior period, reflects total consolidated revenue, expense or income (loss) from continuing operations (as applicable) as presented in prior period
financials (i.e., excluding adjustment for discontinued operations classifications made after filing of prior period financials).
(5) Reflects costs incurred related to acquisitions and abandoned pursuits. These costs are volatile and therefore may vary between periods.
(6) Loss from Continuing Operations before extraordinary items, noncontrolling interest and discontinued operations. Adjustments for additional
discontinued operations have restated periods in accordance with ASC 205-20.

DATA FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011
	1Q12			1Q11
Assets Sold
Revenue from Assets Sold	$	31		$	4,469
Expenses from Assets Sold	162			1,909
(NOL)/NOI from Assets Sold	$	(131	)	$	2,560

NOI FROM DISCONTINUED OPERATIONS
(NOL)/NOI as reported by the Company does not include results from discontinued operations (i.e., assets sold or held for sale as of March 31, 2012). A
reconciliation of income from operations from properties sold or held for sale to (NOL)/NOI for these properties is as follows:
	1Q12			1Q11
(Loss) income from discontinued operations	$	(131	)	$	338
Adjustment for:
Interest (income) expense, net	—			360
Debt cost amortization expense	—			7
Depreciation and amortization expense	—			1,855
(NOL)/NOI from discontinued operations	$	(131	)	$	2,560
(NOL)/NOI from assets sold	(131		)	2,560
NOI from assets held for sale	—			—
(NOL)/NOI from discontinued operations	$	(131	)	$	2,560

25

COLONIAL PROPERTIES TRUST
Corporate Reconciliations
($ in 000s)
ADJUSTED EBITDA RECONCILIATION
	1Q12			1Q11
Net Loss Available to Common Shareholders	$	(5,974	)	$	(11,611	)
Consolidated
Noncontrolling Interest	(488		)	(1,054		)
(Income)/Loss - Unconsolidated Assets	(673		)	340
Preferred Dividends	—			906
Interest Expense	23,053			21,239
Amortization of Deferred Financing Costs	1,433			1,157
Income Tax Expense	188			248
Depreciation & Amortization	34,257			34,269
(Gain)/Loss on Sale (Continuing & Discontinued Operations)	229			79
Gain/(Loss) - Undepreciated Property (1)	(261		)	(79		)
Impairment	500			1,710
Amortization of Stock-Based Compensation Expense	1,959			1,489
Adjusted EBITDA from Consolidated Properties	54,223			48,693
Unconsolidated
Reverse: Income/(Loss) - Unconsolidated Assets	673			(340		)
Interest Expense	2,290			2,937
Amortization of Deferred Financing Costs	17			22
Depreciation & Amortization	1,902			3,019
Impairment	—			18
(Gain)/Loss on Sale of Property	(803		)	21
Adjusted EBITDA	$	58,302		$	54,370
(1) The Company includes the effects of undepreciated real estate (e.g. land, outparcels and condominium units) in Adjusted EBITDA, as this is a recurring source
of cash.
Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization ("EBITDA"), including the effects of the Company's percentage
ownership of its unconsolidated partnerships and joint ventures; the calculation also excludes the effects of gains (losses) from depreciated property, impairments
and certain other one-time charges. The Company believes Adjusted EBITDA is useful to investors as an indicative measure of operating performance due to the
significant long-lived real estate exposure and because it can be used to measure the Company's ability to service debt, fund capital expenditures and expand its
business. However, Adjusted EBITDA should not be considered an alternative to net income, operating profit, cash flow from operations or any other operating
or liquidity performance measure prescribed by GAAP. In addition, Adjusted EBITDA as calculated by the Company, may not be comparable to similarly titled
measures used by other companies. Investors are cautioned that the items adjusted to Net Income to Common Shareholders are significant components
in understanding and assessing the Company's financial performance.

26

COLONIAL PROPERTIES TRUST
Corporate Reconciliations
($ in 000s)
RECONCILIATION OF SEC COVERAGE RATIOS
	1Q12			1Q11
Earnings
Net Loss	$	(5,974	)	$	(11,611	)
Discontinued Operations:
Loss/(Income) from Discontinued Operations	131			(338		)
Noncontrolling Interest in CRLP	(10		)	28
Loss on Disposal of Discontinued Operations	2			—
CRLP Noncontrolling Interest - Common U/H	(478		)	(1,082		)
Loss from Sales of Property	227			79
Noncontrolling Interest of Limited Partners	9			3
Income Tax Expense	188			248
(Gain)/Loss from Partially-Owned Investments	(673		)	340
	(6,578		)	(12,333		)
Amortization of Interest Capitalized	497			497
Capitalized Interest	(185		)	(52		)
Distributions from Partially-Owned Investments	286			1,077
Fixed Charges, from below	24,671			23,354
Earnings	$	18,691		$	12,543
Fixed Charges
Interest Expense	$	23,053		$	21,239
Capitalized Interest	185			52
Amortization of Deferred Financing Costs	1,433			1,157
Distributions to Series B Preferred Unitholders	—			906
Total	$	24,671		$	23,354
RECONCILIATION OF SUPPLEMENTAL COVERAGE RATIOS
	1Q12			1Q11
Interest Coverage Denominator
Interest Expense	$	23,053		$	21,239
Interest Expense - Unconsolidated	2,290			2,937
Total Interest Expense	$	25,343		$	24,176
Fixed Charge Denominator
Add: Preferred Dividend Payments	$	—		$	906
Debt Principal Amortization	572			364
Debt Principal Amortization - Unconsolidated	174			190
Total Fixed Charges	$	26,089		$	25,636
Fixed Charge with Capitalized Interest Denominator
Add: Capitalized Interest	185			52
Total Fixed Charges w/ Capitalized Interest	$	26,274		$	25,688

27

COLONIAL PROPERTIES TRUST
Multifamily Property Table
As of March 31, 2012
Appendix
			Year Built / Avg			Apartment	Physical		Rent		Revenue		Rent
Property	MSA	State	Age	% Own		Homes	Occupancy Rate		Per Home		Per Home		Per SF		S-P
PROPERTIES IN MAJOR MARKETS
CG at Barrett Creek	Atlanta	GA	1999	100.0	%	332	98.2	%	$	750	$	973	$	0.80	S
CG at Berkeley Lake	Atlanta	GA	1998	100.0	%	180	99.4	%	869		1,024		0.64		S
CG at Huntcliff	Atlanta	GA	1997	20.0	%	358	93.3	%	807		983		0.79
CG at McDaniel Farm	Atlanta	GA	1997	100.0	%	425	97.9	%	747		995		0.70		S
CG at Mount Vernon	Atlanta	GA	1997	100.0	%	213	93.0	%	1,034		1,156		0.86		S
CG at Pleasant Hill	Atlanta	GA	1996	100.0	%	502	95.4	%	706		873		0.71		S
CG at River Oaks	Atlanta	GA	1992	100.0	%	216	96.3	%	820		974		0.64		S
CG at River Plantation	Atlanta	GA	1994	100.0	%	232	99.1	%	809		964		0.60		S
CG at Shiloh	Atlanta	GA	2002	100.0	%	498	95.2	%	796		957		0.74		S
	Total	9	15.4 Years			2,956	96.5	%	$	791	$	970	$	0.72
	Same Store	8	15.4 Years			2,598	96.6	%	$	792	$	972	$	0.71
CG at Ashton Oaks	Austin	TX	2008	100.0	%	362	98.3	%	$	752	$	892	$	0.89	S
CG at Canyon Creek	Austin	TX	2007	100.0	%	336	95.8	%	831		998		0.80		S
CG at Onion Creek	Austin	TX	2008	100.0	%	300	95.0	%	929		1,086		0.89		S
CG at Round Rock	Austin	TX	2007	100.0	%	422	94.3	%	829		956		0.81		S
CG at Silverado	Austin	TX	2004	100.0	%	238	96.2	%	823		955		0.82		S
CG at Silverado Reserve	Austin	TX	2006	100.0	%	256	97.3	%	911		1,055		0.88		S
CG at Wells Branch	Austin	TX	2007	100.0	%	336	96.4	%	825		983		0.86
CV at Canyon Hills	Austin	TX	1995	100.0	%	229	96.1	%	719		796		0.90		S
CV at Quarry Oaks	Austin	TX	1996	100.0	%	533	97.7	%	709		865		0.82		S
CV at Sierra Vista	Austin	TX	1999	100.0	%	232	97.4	%	688		829		0.78		S
	Total	10	8.5 Years			3,244	96.5	%	$	797	$	940	$	0.84
	Same Store	9	8.9 Years			2,908	96.5	%	$	795	$	935	$	0.84
CG at Liberty Park	Birmingham	AL	2000	100.0	%	300	96.3	%	$	1,014	$	1,129	$	0.90	S
CG at Riverchase Trails	Birmingham	AL	1996	100.0	%	346	98.8	%	747		886		0.79		S
CV at Inverness	Birmingham	AL	1986/87/90/97	100.0	%	586	94.4	%	586		696		0.68		S
CV at Trussville	Birmingham	AL	1996	100.0	%	376	97.9	%	715		873		0.66		S
	Total	4	16.8 Years			1,608	96.5	%	$	732	$	861	$	0.74
	Same Store	4	16.8 Years			1,608	96.5	%	$	731	$	859	$	0.74
CG at Commerce Park	Charleston	SC	2008	100.0	%	312	98.7	%	$	827	$	933	$	0.84
CG at Cypress Cove	Charleston	SC	2001	100.0	%	264	95.1	%	905		1,009		0.79		S
CG at Quarterdeck	Charleston	SC	1986	100.0	%	230	98.7	%	895		1,052		0.94		S
CV at Hampton Pointe	Charleston	SC	1986	100.0	%	304	94.7	%	760		899		0.73		S
CV at Waters Edge	Charleston	SC	1985	100.0	%	204	95.1	%	675		809		0.73		S
CV at Westchase	Charleston	SC	1986	100.0	%	352	99.4	%	632		793		0.86		S
CV at Windsor Place	Charleston	SC	1984	100.0	%	224	95.1	%	667		804		0.70		S
	Total	7	21.4 Years			1,890	96.9	%	$	764	$	898	$	0.80
	Same Store	6	24.3 Years			1,578	96.5	%	$	751	$	891	$	0.79
CG at Ayrsley	Charlotte	NC	2008	100.0	%	368	93.8	%	$	820	$	959	$	0.81	S
CG at Beverly Crest	Charlotte	NC	1996	100.0	%	300	95.3	%	734		887		0.79		S
CG at Cornelius	Charlotte	NC	2007	100.0	%	236	96.2	%	810		947		0.76
CG at Huntersville	Charlotte	NC	2008	100.0	%	250	97.2	%	820		966		0.83		S
CG at Legacy Park	Charlotte	NC	2001	100.0	%	288	96.5	%	731		867		0.70		S
CG at Mallard Creek	Charlotte	NC	2004	100.0	%	252	94.0	%	778		907		0.84		S
CG at Mallard Lake	Charlotte	NC	1998	100.0	%	302	97.4	%	756		895		0.76		S
CG at Matthews Commons	Charlotte	NC	2008	100.0	%	216	96.3	%	841		969		0.89		S
CG at University Center	Charlotte	NC	2005	100.0	%	156	100.0	%	746		877		0.70		S
CV at Chancellor Park	Charlotte	NC	1999	100.0	%	340	95.9	%	691		831		0.72		S
CV at Charleston Place	Charlotte	NC	1986	100.0	%	214	97.2	%	524		651		0.65		S
CV at Greystone	Charlotte	NC	1998/2000	100.0	%	408	94.4	%	606		731		0.64		S
CV at Matthews	Charlotte	NC	1990	100.0	%	270	97.4	%	761		890		0.80		S
CV at South Tryon	Charlotte	NC	2002	100.0	%	216	94.0	%	684		804		0.63		S
CV at Stone Point	Charlotte	NC	1986	100.0	%	192	95.3	%	628		772		0.70		S
CV at Timber Crest	Charlotte	NC	1999	100.0	%	282	96.1	%	624		722		0.64		S
Enclave	Charlotte	NC	2008	100.0	%	85	94.1	%	1,460		1,597		1.15
Heatherwood	Charlotte	NC	1980	100.0	%	476	91.8	%	596		747		0.65		S
	Total	18	13.1 Years			4,851	95.4	%	$	723	$	857	$	0.74
	Same Store	16	14.2 Years			4,530	95.4	%	$	703	$	837	$	0.73

28

COLONIAL PROPERTIES TRUST
Multifamily Property Table
As of March 31, 2012
Appendix
			Year Built / Avg			Apartment	Physical		Rent		Revenue		Rent
Property	MSA	State	Age	% Own		Homes	Occupancy Rate		Per Home		Per Home		Per SF		S-P
Belterra	Dallas/Fort Worth	TX	2006	10.0	%	288	96.9	%	$	870	$	969	$	0.90
CG at Bear Creek	Dallas/Fort Worth	TX	1998	100.0	%	436	95.2	%	815		962		0.90		S
CG at Hebron	Dallas/Fort Worth	TX	2011	100.0	%	312	92.6	%	1,012		1,150		0.90
CG at Valley Ranch	Dallas/Fort Worth	TX	1995	100.0	%	396	93.9	%	1,040		1,180		0.89		S
CR at Medical District	Dallas/Fort Worth	TX	2007	100.0	%	278	94.6	%	1,011		1,092		1.16
CV at Grapevine	Dallas/Fort Worth	TX	1985	100.0	%	450	95.8	%	692		835		0.80		S
CV at Main Park	Dallas/Fort Worth	TX	1984	100.0	%	192	97.4	%	715		873		0.76		S
CV at North Arlington	Dallas/Fort Worth	TX	1985	100.0	%	240	95.8	%	608		761		0.77		S
CV at Oakbend	Dallas/Fort Worth	TX	1997	100.0	%	426	94.8	%	733		895		0.82		S
CV at Shoal Creek	Dallas/Fort Worth	TX	1996	100.0	%	408	96.1	%	779		965		0.83		S
CV at Vista Ridge	Dallas/Fort Worth	TX	1985	100.0	%	300	95.7	%	576		702		0.73		S
CV at Willow Creek	Dallas/Fort Worth	TX	1996	100.0	%	478	96.2	%	723		901		0.81		S
Remington Hills	Dallas/Fort Worth	TX	1985	100.0	%	362	93.6	%	698		847		0.73		S
	Total	13	17.6 Years			4,566	95.1	%	$	791	$	937	$	0.85
	Same Store	10	21.7 Years			3,688	95.4	%	$	749	$	904	$	0.81
CG at Edgewater	Huntsville	AL	1990/99	100.0	%	500	94.4	%	$	712	$	864	$	0.66	S
CG at Madison	Huntsville	AL	1999	100.0	%	336	96.4	%	780		941		0.74		S
	Total	2	15.3 Years			836	95.2	%	$	739	$	895	$	0.69
	Same Store	2	15.3 Years			836	95.2	%	$	739	$	895	$	0.69
CG at Heather Glen	Orlando	FL	2000	100.0	%	448	98.0	%	$	968	$	1,115	$	0.83	S
CG at Heathrow	Orlando	FL	1997	100.0	%	312	94.2	%	914		1,081		0.81		S
CG at Town Park Reserve	Orlando	FL	2004	100.0	%	80	95.0	%	1,109		1,247		1.15		S
CG at Town Park (Lake Mary)	Orlando	FL	2002	100.0	%	456	94.3	%	1,007		1,170		0.86		S
CV at Twin Lakes	Orlando	FL	2004	100.0	%	460	94.3	%	812		967		0.89		S
	Total	5	10.8 Years			1,756	95.3	%	$	934	$	1,090	$	0.86
	Same Store	5	10.8 Years			1,756	95.3	%	$	934	$	1,090	$	0.86
CG at Inverness Commons	Phoenix	AZ	2002	100.0	%	300	96.3	%	$	707	$	861	$	0.69	S
CG at OldTown Scottsdale North	Phoenix	AZ	1995	100.0	%	208	98.1	%	852		997		0.86		S
CG at OldTown Scottsdale South	Phoenix	AZ	1994	100.0	%	264	94.3	%	871		1,004		0.87		S
CG at Scottsdale	Phoenix	AZ	1999	100.0	%	180	94.4	%	912		1,046		0.81		S
	Total	4	14.8 Years			952	95.8	%	$	822	$	965	$	0.80
	Same Store	4	14.8 Years			952	95.8	%	$	823	$	966	$	0.80
CG at Arringdon	Raleigh	NC	2003	100.0	%	320	99.7	%	$	785	$	926	$	0.81	S
CG at Brier Creek	Raleigh	NC	2009	100.0	%	364	94.8	%	889		999		0.81		S
CG at Brier Falls	Raleigh	NC	2008	100.0	%	350	96.0	%	902		974		0.83
CG at Crabtree Valley	Raleigh	NC	1997	100.0	%	210	98.1	%	725		841		0.73		S
CG at Patterson Place	Raleigh	NC	1997	100.0	%	252	96.8	%	799		938		0.84		S
CG at Research Park (Durham)	Raleigh	NC	2002	20.0	%	370	95.7	%	773		913		0.74
CG at Trinity Commons	Raleigh	NC	2000/02	100.0	%	462	92.4	%	747		868		0.71		S
CV at Beaver Creek	Raleigh	NC	2000/03	100.0	%	316	99.1	%	732		883		0.75
CV at Deerfield	Raleigh	NC	1985	100.0	%	204	95.6	%	745		862		0.77		S
CV at Highland Hills	Raleigh	NC	1987	100.0	%	250	94.4	%	737		855		0.70		S
CV at Woodlake	Raleigh	NC	1996	100.0	%	266	96.2	%	692		797		0.72		S
	Total	11	13.4 Years			3,364	96.1	%	$	780	$	901	$	0.76
	Same Store	8	15.4 Years			2,328	95.7	%	$	770	$	892	$	0.76
Ashley Park	Richmond	VA	1988	100.0	%	272	96.0	%	$	641	$	771	$	0.90	S
CR at West Franklin	Richmond	VA	1964/65	100.0	%	332	97.6	%	665		898		1.30		S
CV at Chase Gayton	Richmond	VA	1984	100.0	%	328	94.2	%	812		945		0.86		S
CV at Hampton Glen	Richmond	VA	1986	100.0	%	232	96.1	%	810		940		1.06		S
CV at Waterford	Richmond	VA	1990	100.0	%	312	96.2	%	818		972		0.88		S
CV at West End	Richmond	VA	1987	100.0	%	224	96.0	%	733		869		1.05		S
	Total	6	29.0 Years			1,700	96.0	%	$	746	$	902	$	0.98
	Same Store	6	29.0 Years			1,700	96.0	%	$	746	$	903	$	0.98

29

COLONIAL PROPERTIES TRUST
Multifamily Property Table
As of March 31, 2012
Appendix
			Year Built / Avg			Apartment	Physical		Rent		Revenue		Rent
Property	MSA	State	Age	% Own		Homes	Occupancy Rate		Per Home		Per Home		Per SF		S-P
CG at Godley Station	Savannah	GA	2005	100.0	%	312	98.7	%	$	843	$	1,004	$	0.78	S
CG at Hammocks	Savannah	GA	1997	100.0	%	308	98.1	%	934		1,107		0.89		S
CV at Godley Lake	Savannah	GA	2008	100.0	%	288	99.0	%	820		970		0.88		S
CV at Greentree	Savannah	GA	1983	100.0	%	194	99.5	%	666		803		0.78		S
CV at Huntington	Savannah	GA	1986	100.0	%	147	97.3	%	741		894		0.90		S
CV at Marsh Cove	Savannah	GA	1983	100.0	%	188	95.7	%	782		895		0.75		S
	Total	6	18.6 Years			1,437	98.2	%	$	816	$	967	$	0.83
	Same Store	6	18.6 Years			1,437	98.2	%	$	816	$	967	$	0.83
TOTAL PROPERTIES IN MAJOR MARKETS		95	15.6 Years			29,160	96.0	%	$	781	$	925	$	0.80
	Same Store	84	16.8 Years			25,919	96.0	%	$	770	$	916	$	0.79
PROPERTIES IN OTHER MARKETS
Autumn Hill	Charlottesville	VA	1970	100.0	%	425	98.8	%	$	667	$	828	$	0.77	S
CG at Autumn Park	Greensboro	NC	2001/04	100.0	%	402	93.3	%	764		839		0.75		S
CG at Bellevue	Nashville	TN	1996	100.0	%	349	99.4	%	897		988		0.91		S
CG at Desert Vista	Las Vegas	NV	2008	100.0	%	380	91.8	%	721		887		0.81		S
CG at Palm Vista	Las Vegas	NV	2007	100.0	%	341	93.8	%	817		875		0.80
CG at Lakewood Ranch	Sarasota	FL	1999	100.0	%	288	97.6	%	1,055		1,228		1.01		S
CG at Seven Oaks	Tampa	FL	2004	100.0	%	318	98.1	%	886		1,067		0.93		S
CG at Traditions	Gulf Shores	AL	2007	100.0	%	324	91.5	%	590		707		0.55
CG at Wilmington	Wilmington	NC	1998/2002	100.0	%	390	97.2	%	679		758		0.74		S
CV at Ashford Place	Mobile	AL	1983	100.0	%	168	95.2	%	584		680		0.67		S
CV at Greenbrier	Fredericksburg	VA	1988	100.0	%	258	99.2	%	852		1,022		1.01		S
CV at Harbour Club	Norfolk	VA	1988	100.0	%	213	96.2	%	792		985		0.87		S
CV at Huntleigh Woods	Mobile	AL	1978	100.0	%	233	96.1	%	547		680		0.64		S
CV at Mill Creek	Winston-Salem	NC	1984	100.0	%	220	92.7	%	542		646		0.57		S
CV at Pinnacle Ridge	Asheville	NC	1948/85	100.0	%	166	97.6	%	714		814		0.82		S
CV at Tradewinds	Norfolk	VA	1988	100.0	%	284	95.4	%	800		970		0.81		S
Cypress Village Rental	Gulf Shores	AL	2008	100.0	%	96	96.9	%	1,209		1,388		0.56
Glen Eagles	Winston-Salem	NC	1990/2000	100.0	%	310	94.8	%	600		720		0.60		S
TOTAL PROPERTIES IN OTHER MARKETS		18	19.4 Years			5,165	96.3	%	$	751	$	879	$	0.78
	Same Store	15	22.3 Years			4,404	96.3	%	$	750	$	884	$	0.80
THIRD PARY MANAGED BUSINESS
Hawthorne Groves	Orlando	FL	2002	0%		328	95.4	%
Hawthorne Village	Daytona Beach	FL	2006	0%		378	95.2	%
TOTAL MANAGED		2	8.3 Years			706	95.3	%
LEASE UP PROPERTIES
CG at Hampton Preserve	Tampa	FL		100	%	486	—		$	997	$	1,239	$	0.94
TOTAL LEASE UP		1				486	—		$	997	$	1,239	$	0.94
TOTAL ALL PROPERTIES(1)		116	16.1 Years			35,517	96.0	%	$	776	$	918	$	0.79
	Same Store	99	17.6 Years			30,323	96.0	%	$	758	$	900	$	0.78
CG = Colonial Grand Apartments and CR = Colonial Reserve, Class A; CV = Colonial Village Apartments, Class B
S = Current year same-property portfolio: Property has been stabilized as of the beginning of the prior calendar year. Partially-owned properties are not included.
(1) Total All Properties as calculated includes Managed Properties and Joint Venture Properties at 100%.

30

COLONIAL PROPERTIES TRUST
Commercial Property Table
As of March 31, 2012
Appendix
						Square Feet (000s)
							Anchor		Physical		Base Rent per
Property	MSA	State	Year Built	% Own		Total	Owned	CLP Owned	Occupancy Rate		Sq. Foot (1)
CONSOLIDATED PROPERTIES
CC Brookwood Village (Office)	Birmingham	AL	2007	100	%	170	—	170	100.0	%	$	29.18
Metropolitan Midtown (Office)	Charlotte	NC	2008	100	%	170	—	170	95.5	%	28.18
Three Ravinia (Office)	Atlanta	GA	1991	100	%	814	—	814	94.0	%	25.53
Brookwood Village (Retail)	Birmingham	AL	1973/91/00	100	%	604	232	372	87.8	%	25.21
CP Tannehill (Retail)	Birmingham	AL	2008	100	%	445	211	234	91.1	%	20.17
Metropolitan Midtown (Retail)	Charlotte	NC	2008	100	%	172	—	172	90.7	%	26.77
CP Alabaster (Retail)	Birmingham	AL	2005	100	%	612	393	219	97.1	%	20.03
CP Craft Farms (Retail)	Gulf Shores	AL	2010	100	%	68	—	68	88.1	%	19.34
CP Nord du Lac (Retail)	New Orleans	LA	2010	100	%	283	87	196	89.4	%	17.6
Total Consolidated		9				3,338	923	2,415	92.8	%	$	25.45
UNCONSOLIDATED PROPERTIES
DRA/CLP Joint Venture (Office)
901 Maitland	Orlando	FL	1985	15	%	158	—	158	70.5	%	$	17.79
Colonial Center at TownPark	Orlando	FL	2001	15	%	658	—	658	91.3	%	21.50
Colonial Center at Bayside	Tampa	FL	1988-94/97	15	%	213	—	213	63.1	%	19.17
Colonial Center at Colonnade	Birmingham	AL	1989/99	15	%	419	—	419	85.9	%	21.65
Colonial Center Blue Lake	Birmingham	AL	1982-2005	15	%	167	—	167	71.7	%	20.07
Colonial Center Heathrow	Orlando	FL	1988/96/97/98/99/2000/2001	15	%	922	—	922	79.6	%	19.29
Colonial Place I and II	Tampa	FL	1984/86	15	%	373	—	373	78.2	%	24.80
Colonial Plaza	Birmingham	AL	1982-99	15	%	171	—	171	97.3	%	18.01
Colonial TownPark Office - Lifestyle	Orlando	FL	2004	15	%	38	—	38	45.5	%	23.94
Concourse Center	Tampa	FL	1982-2005/1983-2003/1984	15	%	294	—	294	72.9	%	19.43
Esplanade	Charlotte	NC	1981-2007	15	%	203	—	203	75.9	%	19.96
Independence Plaza	Birmingham	AL	1979-2000	15	%	106	—	106	97.3	%	19.36
International Park	Birmingham	AL	1987/99	15	%	211	—	211	85.0	%	21.22
The Peachtree	Atlanta	GA	1989	15	%	317	—	317	84.9	%	23.91
Research Park Plaza III and IV	Austin	TX	2001	15	%	360	—	360	94.5	%	24.40
Riverchase Center	Birmingham	AL	1985	15	%	306	—	306	86.4	%	10.97
Total		16				4,916	—	4,916	82.6	%	$	20.52
Total (Weighted)		16					—	737	82.6	%	$	20.52
DRA/CLP Joint Venture (Retail)
CP TownPark	Orlando	FL	2005	15	%	198	—	198	89.5	%	$	25.97
Colonial Shops Colonnade	Birmingham	AL	1989/2005	15	%	106	—	106	73.5	%	18.67
Total		2				304	—	304	83.9	%	$	23.04
Total (Weighted)		2						46	83.9	%	$	23.04
Bluerock Joint Venture (Office)
Colonial Center Lakeside	Huntsville	AL	1989/90	10	%	122	—	122	97.2	%	$	17.94
Colonial Center Research Park	Huntsville	AL	1999	10	%	134	—	134	79.3	%	20.67
Colonial Center Research Place	Huntsville	AL	1979/84/88	10	%	275	—	275	74.7	%	15.73
DRS Building	Huntsville	AL	1972/86/90/03	10	%	215	—	215	100.0	%	8.93
Northrop Grumman Building	Huntsville	AL	2007	10	%	110	—	110	100.0	%	13.76
Perimeter Corporate Park	Huntsville	AL	1986/89	10	%	235	—	235	97.9	%	19.80
Progress Center	Huntsville	AL	1987/89	10	%	222	—	222	91.5	%	13.40
Regions Bank Center	Huntsville	AL	1990	10	%	154	—	154	93.9	%	19.12
Research Park Office Center	Huntsville	AL	1998/99	10	%	236	—	236	95.0	%	13.94
Total		9				1,703	—	1,703	91.5	%	$	15.46
Total (Weighted)		9						170	91.5	%	$	15.46

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COLONIAL PROPERTIES TRUST
Commercial Property Table
As of March 31, 2012
Appendix
						Square Feet (000s)
							Anchor		Physical		Base Rent per
Property	MSA	State	Year Built	% Own		Total	Owned	CLP Owned	Occupancy Rate		Sq. Foot (1)
Other Joint Ventures
Land Title Building (Office)	Birmingham	AL	1975	33	%	30	—	30	100.0	%	$	13.71
CP Hoover (Retail)	Birmingham	AL	2002	10	%	381	216	165	86.9	%	18.59
CP Smyrna (Retail)	Smyrna	TN	2008	50	%	416	268	148	96.6	%	20.39
Total		3				827	484	343	92.2	%	$	18.49
Total (Weighted)		3						101	95.3	%	$	18.91
Total Unconsolidated		30				7,750	484	7,266	85.2	%	$	19.16
Total Unconsolidated (Weighted)		30						1,054	85.3	%	$	19.52
THIRD-PARTY MANAGED BUSINESS
International Park 2000 (Office)	Birmingham	AL		0%		130
Calico Corner (Retail)	Birmingham	AL		0%		6
Hoover Commons (Retail)	Birmingham	AL		0%		197
TOTAL MANAGED		3				333
Total Commercial Properties		42				11,421	1,407	9,681	87.1	%	$	20.43
Total Commercial Properties (Weighted)		42						3,469	90.5	%	$	23.31
(1) Base rent per square foot amounts are calculated on a straight-line basis in accordance with GAAP. In reference to the Retail properties, this calculation
includes tenants occupying less than 10,000 square feet (i.e., excludes anchor tenants). Rental terms for anchor tenants generally are not representative of the
larger portfolio.

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COLONIAL PROPERTIES TRUST
Unconsolidated Joint Venture Summary
As of March 31, 2012
($ in 000s)
	Units/				Occupancy
Property	SF-000s		CLP % Own		Rate		Sec'd Debt		Equity Invest
Colonial Grand at Research Park	370		20	%	95.7	%	$	4,288	$	635
Colonial Grand at Huntcliff	358		20	%	93.3	%	4,982		1,332
Belterra	288		10	%	96.9	%	1,942		346
Regents Park (Phase II) (1)	—		40	%	—	%	—		3,388
Colonial Grand at McKinney (1)	—		25	%	—	%	—		1,720
Total Multifamily	1,016						$	11,212	$	7,421
DRA/CLP (2)	5,220		15	%	82.7	%	111,286		(25,460		)
Bluerock (3)	1,703		10	%	91.5	%	10,719		(6,625		)
Other
Land Title Building	30		33	%	100.0	%	179		345
Colonial Promenade Hoover	381		10	%	86.9	%	1,534		36
Colonial Promenade Smyrna	416		50	%	96.6	%	12,738		1,614
Colonial Promenade Madison (4)	—		—	%	—	%	—		—
Total Commercial	7,750	(5)					$	136,456	$	(30,090	)
Other Unconsolidated Investments							—		53
Total Investments in Unconsolidated Subsidiaries							$	147,668	$	(22,616	)
(1) Consists of undeveloped land.
(2) As of March 31, 2012, this joint venture included 16 office properties and 2 retail properties located in Birmingham, Alabama; Orlando and Tampa,
Florida, Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas. Equity investment includes the value of the Company's investment of approximately
$3.0 million, offset by the excess basis difference on the June 2007 joint venture transaction of approximately $28.5 million, which is being amortized over
the life of the properties. This joint venture is presented under "Liabilities" on the Company's Balance Sheet as of March 31, 2012.
(3) Equity investment includes the Company's investment of approximately $0.1 million, offset by the excess basis difference on the transaction of
approximately $6.7 million, which is being amortized over the life of the properties. This joint venture is presented under "Liabilities" on the Company's
Balance Sheet as of March 31, 2012.
(4) On February 1, 2012, the Company sold its 25% interest in this joint venture.
(5) Retail square footage includes anchor-owned square footage. See Commercial Property Table, pg. 31-32.

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COLONIAL PROPERTIES TRUST
Glossary of Terms
RENT PER SQUARE UNIT (FOOT):	Effective rent per unit - average net effective rental rate per occupied unit. Base rent per unit - rental revenue
	charged to tenants divided by occupied square feet for commercial properties. Rental revenue used in on a
	monthly basis for multifamily properties and an annual basis for commercial properties.
CAPITALIZED LEASING	Commissions paid for obtaining a lease which have been capitalized and are to be amortized over the
COMMISSIONS:	lease term.
CONCESSIONS:	Relief or reduction of rent charges for a specified period, negotiated as a part of entering into a lease
	agreement.
DIVIDEND PER SHARE:	The dividends/distributions paid to each shareholder of Colonial Properties Trust and to each partner of
	Colonial Realty Limited Partnership as of a specific date.
EBITDA:	Earnings before interest, taxes, depreciation and amortization excluding the effects of gains (losses)
	from sales of property.
FFO PER SHARE:	FFO divided by the weighted average shares outstanding during the period, assuming the conversation
	of minority interest limited partnership units in Colonial Realty Limited Partnership into the Company's
	Common Shares.
FUNDS FROM OPERATIONS	Calculated per the NAREIT White Paper. Net income (computed in accordance with generally accepted
(FFO):	accounting principles), excluding gains (or losses) from debt restructuring and sales of property, plus
	real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and
	joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to
	reflect funds from operations on the same basis.
NET EFFECTIVE RENTAL RATE:	The Company's rental rate after "loss to lease", concessions and vacancy.
OCCUPANCY RATE:	Total square feet (units) rented divided by net rentable square feet (units) on the date indicated.
OPERATING EXPENSES:	Total operating expenses (as reported by the Company to the SEC in its periodic filings) less
	depreciation and amortization. This amount does not include other income and expenses such as
	interest and gains or losses on sales of assets.
OPERATING FUNDS FROM	Funds from Operations excluding gains on the sale of land and development properties and gains on
OPERATIONS (FFO):	the repurchase of bonds and preferred shares.
OPERATING FFO PER SHARE:	Operating FFO divided by the weighted average shares outstanding during the period, assuming the
	conversion of minority interest limited partnership units in Colonial Realty Limited Partnership into the
	Company's Common Shares.
PERCENT GROWTH:	Percentage increase of an item when compared to the same item from the same quarter in the prior-
	year.
PROPERTY OR DIVISIONAL	Property revenues less property operating expenses.
NET OPERATING INCOME:
RENTAL DOLLARS (LEASING	Total annual revenues to be earned the first year from renewed or re-leased space.
(EXECUTION):
SAME PROPERTY:	Properties owned in the current year which were also owned for the 12 calendar months of the prior
	year; same-property may be restated during the year to account for any disposition activity.
STOCK PRICE PER SHARE:	The closing price reported by the New York Stock Exchange on the date indicated.
TENANT IMPROVEMENTS (TI):	A capital expense used to improve the physical space occupied by a new or new (re-leasing) tenant.
	Tenant improvements are amortized over the term of the lease or the life of the asset, whichever is
	longer.
TOTAL MARKET	The sum of total notes and mortgages payable plus the total market value of all shares and units
CAPITALIZATION:	outstanding at the market price per share on the date indicated.

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