Exhibit 99.2

Colonial Properties Trust

TABLE OF CONTENTS
Overview and Contact Information	3
1. Financial Highlights	4
2. Quarterly Earnings Announcement and Financial Statements Consolidated Statements of Operations	5
Funds from Operations (FFO) Reconciliation / Shares	6
Balance Sheet	7
3. Multifamily
Portfolio Statistics	8
Components of Net Operating Income (NOI)	9
Capitalized Expenses and Maintenance Expenses	9
Same Property Comparisons	10
4. Joint Ventures
Operating Data / Balance Sheet Data	13
Investment Summary	14
Three Month and Six Month Income Summary	15
Operational Statistics	17
5. For-Sale Residential Activities	18
6. Consolidated Data
Development Pipeline	19
Debt Summary / Coverage Ratios / Covenants / Market Capitalization	20
Supplemental Data / Investment Activities	22
7. Corporate Reconciliations
Revenues / Expenses / NOI	23
NOI from Discontinued Operations / EBITDA	25
SEC Coverage Ratios	26
8. Appendix
Multifamily Community Table	27
Commercial Property Table	30
Unconsolidated Joint Venture Summary	32
9. Glossary of Terms	33

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 on 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, 2008, 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.

1/28/2010

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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 and the management and development of select commercial assets in the Sunbelt region of the United States. 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 to 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	Inv. 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
Citigroup	Michael Bilerman / David Toti	212-816-1383 / 212-816-1909
Green Street Advisors	Andy McCullough	949-640-8780
BoA/Merrill Lynch	Michelle Ko	646-855-1802
Morgan Keegan	Steve Swett	212-508-7585
Keefe Bruyette	Haendel St. Juste	212-887-3842
RBC Capital Markets	Mike Salinsky	440-715-2648
Standard & Poor’s Research	Raymond Mathis	212-438-9558
Wells Fargo Securities, LLC	Jeff Donnelly	617-603-4262

GUIDANCE

	FYE 2010 Range
Diluted Earnings per Share	$	(0.78	)	$	(0.70	)
Plus: Real Estate Depreciation & Amortization		1.70			1.70
Less: Gain on Sale of Operating Properties		—			—
Total Diluted Funds from Operations (“FFO”) per Share	$	0.92		$	1.00
Less: Gain on Sale of Land & Bond or Preferred Stock Repurchases		—			(0.03	)
Operating Funds from Operations per share	$	0.92		$	0.97

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COLONIAL PROPERTIES TRUST

Financial Highlights
Fourth Quarter 2009

FINANCIAL HIGHLIGHTS

	Three Months Ended						Twelve Months Ended
($ in 000s, except per share and unit data)	12/31/2009			12/31/2008			12/31/2009			12/31/2008
Total property revenues (1)	$	83,500		$	82,905		$	329,867		$	330,248
Multifamily property revenues (1)		74,898			75,169			300,704			305,959
Multifamily property NOI (1)		43,550			45,984			173,874			184,030
Management & leasing fee revenues		3,637			2,784			15,003			18,327
EBITDA (2)		53,439			53,487			215,187			237,378
Net (loss) income
Per share — basic		(0.15	)		(2.25	)		(0.01	)		(1.19	)
Per share — diluted		(0.15	)		(2.25	)		(0.01	)		(1.19	)
Funds from operations
Per share — basic		0.25			(1.62	)		2.09			0.02
Per share — diluted		0.25			(1.62	)		2.09			0.02
Dividends per share		0.15			0.25			0.70			1.75
Dividends/EPS (diluted) payout ratio		(100.0	%)		(11.2	%)		n/a			n/a
Dividends/FFO (diluted) payout ratio		60.0	%		(15.4	%)		33.5	%		n/a
Consolidated interest expense (1)	$	21,188		$	17,781		$	87,023		$	69,951
Consolidated interest income (1)		(351	)		(166	)		(1,446	)		(2,776	)
Net interest expense (1)		20,837			17,615			85,577			67,175
Pro-rata share of joint venture interest expense		4,703			6,722			22,748			29,169
Principal amortization		277			169			1,004			715
Preferred dividends & distributions		3,848			3,868			15,392			16,024
Interest coverage ratio (3)		2.1	x		2.2	x		2.0	x		2.4	x
Fixed charge coverage ratio (3)		1.8	x		1.9	x		1.7	x		2.0	x
Fixed charge w/capitalized interest ratio (3)		1.7	x		1.6	x		1.6	x		1.7	x
Multifamily same property NOI increase / (decrease) (4)		(10.7	%)		0.1	%		(6.9	%)		2.7	%
(# of apartment homes included)		28,285			26,543			28,285			26,543

	As of			As of
	12/31/2009			12/31/2008
Total assets	$	3,172,632		$	3,155,169
Total debt	$	1,704,343		$	1,762,019
Common shares and units, outstanding end of period		74,529			57,407
Share price, end of period	$	11.73		$	8.33
Preferred shares and units, end of period	$	200,118		$	200,281
Book equity value, end of period (5)	$	1,385,661		$	1,272,457
Market equity value, end of period (6)	$	874,225		$	478,200
Debt to total market capitalization ratio (7)		61.3	%		72.2	%
Unencumbered real estate assets (at cost) to unsecured debt ratio (7)		240.7	%		205.7	%

(1)	Represents consolidated properties including amounts classified in discontinued operations. For the GAAP reconciliation of revenues, expenses and NOI, see page 23 and 24.
(2)	For a reconciliation of EBITDA, see page 25.
(3)	For additional information on these calculations, see page 21.
(4)	Multifamily same-property communities are communities which were owned by the Company and stabilized as of January 1, 2008, as adjusted for dispositions during the year.
(5)	Includes common shares and units and preferred.
(6)	Includes common shares and units.
(7)	Excludes the Company’s pro-rata share of partially-owned unconsolidated debt.

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COLONIAL PROPERTIES TRUST
Financial Statements
Fourth Quarter 2009

CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended						Twelve Months Ended
($ in 000s, except per share data)	12/31/2009			12/31/2008			12/31/2009			12/31/2008
Revenue
Minimum Rent	$	70,036		$	71,316		$	279,513		$	276,388
Tenant Recoveries		1,529			992			4,353			4,249
Other Property Related Revenue		11,346			9,017			41,447			34,466
Construction Revenues		—			1,035			36			10,137
Other Non-Property Related Revenue		3,637			2,784			15,003			18,327
Total Revenue		86,548			85,144			340,352			343,567
Operating Expenses
Operating Expenses:
Property Operating Expenses		24,418			21,347			95,395			84,134
Taxes, Licenses, and Insurance		10,277			9,144			39,948			38,383
Total Property Operating Expenses		34,695			30,491			135,343			122,517
Construction Expenses		—			1,027			35			9,530
Property Management Expenses		2,419			2,024			7,749			8,426
General and Administrative Expenses		4,959			5,626			17,940			23,185
Management Fee and Other Expenses		3,088			2,885			14,184			15,153
Restructuring Charges		—			1,028			1,400			1,028
Investment and Development (1)		405			3,401			1,989			4,358
Depreciation		28,970			30,773			113,100			101,342
Amortization		1,154			811			4,090			3,371
Impairment and other losses (2)(3)		8,552			93,100			10,390			93,100
Total Operating Expenses		84,242			171,166			306,220			382,010
Income from Operations		2,306			(86,022	)		34,132			(38,443	)
Other Income (Expense)
Interest Expense & Debt Cost Amortization		(22,793	)		(19,128	)		(91,986	)		(75,153	)
(Loss) Gain on Retirement of Debt		(53	)		5,235			56,427			15,951
Interest Income		351			166			1,446			2,776
Income (Loss) from Partially-Owned Investments (4)		3,352			(980	)		(1,243	)		12,516
Loss on Hedging Activites		—			(258	)		(1,709	)		(385	)
Gain on Sale of Property, net of income taxes of $0 (Q4) and $3,157 (YE) in 2009 and $254 (Q4) and $1,546 (YE) in 2008		130			2,509			5,875			6,776
Income Taxes and Other		7,568			139			10,086			1,014
Total Other Income (Expense)		(11,445	)		(12,317	)		(21,104	)		(36,505	)
(Loss) Income from Continuing Operations		(9,139	)		(98,339	)		13,028			(74,948	)
Discontinued Operations
Income (Loss) from Discontinued Operations (2)(3)		530			(25,057	)		421			(18,635	)
Gain (Loss) on Disposal of Discontinued Operations, net of income taxes of $0 (Q4) and $70 (YE) in 2009 and $0 (Q4) and $1,064 (YE) in 2008		1,723			(151	)		1,729			43,062
Income (Loss) from Discontinued Operations		2,253			(25,208	)		2,150			24,427
Net (Loss) Income		(6,886	)		(123,547	)		15,178			(50,521	)
Noncontrolling Interest
Continuing Operations
Noncontrolling Interest of Limited Partners		—			(216	)		(999	)		(531	)
Noncontrolling Interest in CRLP — Preferred		(1,813	)		(1,799	)		(7,250	)		(7,251	)
Noncontrolling Interest in CRLP — Common		1,430			16,312			463			15,436
Discontinued Operations
Noncontrolling Interest in CRLP — Common		(248	)		3,989			(381	)		(4,211	)
Noncontrolling Interest of Limited Partners		—			110			597			449
(Income) Loss Attributable to Noncontrolling Interest		(631	)		18,396			(7,570	)		3,892
Net (Loss) Income Attributable to Parent Company		(7,517	)		(105,151	)		7,608			(46,629	)
Dividends to Preferred Shareholders		(2,035	)		(2,069	)		(8,142	)		(8,773	)
Preferred Share Issuance Costs, Net of Discount		—			—			25			(27	)
Net (Loss) Income Available to Common Shareholders	$	(9,552	)	$	(107,220	)	$	(509	)	$	(55,429	)
(Loss) Earnings per Share — Basic
Continuing Operations	$	(0.18	)	$	(1.80	)	$	(0.06	)	$	(1.63	)
Discontinued Operations		0.03			(0.45	)		0.05			0.44
EPS — Basic	$	(0.15	)	$	(2.25	)	$	(0.01	)	$	(1.19	)
(Loss) Earnings per Share — Diluted
Continuing Operations	$	(0.18	)	$	(1.80	)	$	(0.06	)	$	(1.63	)
Discontinued Operations		0.03			(0.45	)		0.05			0.44
EPS — Diluted	$	(0.15	)	$	(2.25	)	$	(0.01	)	$	(1.19	)

(1)	Reflects costs incurred related to potential mergers, acquisitions and abandoned pursuits . These costs are volatile and therefore may vary between periods.
(2)	For the three months ended December 31, 2009, the Company recorded an $8.4 million non-cash impairment charge and a $0.2 million casualty loss. The casualty loss related to fire damage at one of the Company’s multifamily apartment communities. Of the impairment charge, $6.5 million is related to a change in the strategic direction for the Nord Du Lac retail development, $1.7 million is related to the write-down to market value for the remaining for-sale condos at Metropolitan Midtown, a mixed use development, and $0.2 million is related to the write-down of certain land outparcels. For the year ended December 31, 2009, in addition to the charges described above, the Company recorded a $3.9 million non-cash impairment charge. Of the charge, $0.2 million is related to the Company’s noncontrolling interest in the Colonial Grand at Traditions joint venture, $0.7 million is related to the Company’s noncontrolling interest in the Craft Farms joint venture, $0.3 million is related to the sale of the remaining 17 units at the Regents Park for-sale residential project and $0.6 million is related to an additional for-sale residential project (presented in “Impairment and other losses” in continuing operations). In addition, $0.3 million is related to the sale of the remaining units at Portofino at Jensen Beach, a for-sale residential project, and $1.8 million is related to two multifamily apartment communities sold during the third quarter 2009 (presented as a part of “Income (Loss) from Discontinued Operations”.
(3)	For the three and twelve months ended December 31, 2008, the Company recorded a $116.9 million non-cash impairment charge related to the Company’s for-sale residential business and certain development projects. The Company did not record an income tax benefit in the current period related to this non-cash impairment charge. Of the $116.9 million, $91.4 million is recorded in continuing operations and $25.5 million is recorded in discontinued operations. Additionally, there was $1.7 million in continuing operations for casualty losses recorded as a result of fire damage at four multifamily apartment communities.
(4)	For the twelve months ended December 31, 2009, the Company recorded a $3.5 million charge due to its determination in September 2009 that it was probable the Company will have to fund the partial loan repayment guarantee provided on the original construction loan for Colonial Grand at Traditions, a property in which the Company has a 35% noncontrolling interest.

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COLONIAL PROPERTIES TRUST
Financial Statements
Fourth Quarter 2009

FOURTH QUARTER FUNDS FROM OPERATIONS (FFO) RECONCILIATION

	Three Months Ended						Twelve Months Ended
($ in 000s, except per share data)	12/31/2009			12/31/2008			12/31/2009			12/31/2008
Net (Loss) Income Available to Common Shareholders	$	(9,552	)	$	(107,220	)	$	(509	)	$	(55,429	)
Noncontrolling Interest in CRLP (Operating Ptr Unitholders)		(1,182	)		(20,301	)		(82	)		(11,225	)
Noncontrolling Interest in Gain on Sale of Undepreciated Property		—			—			992			—
Total		(10,734	)		(127,521	)		401			(66,654	)
Adjustments — Consolidated Properties
Depreciation — Real Estate		28,468			30,621			111,220			101,035
Amortization — Real Estate		567			239			1,582			1,272
Remove: Gain/(Loss) on Sale of Property, net of Income
Tax and Noncontrolling Interest		(1,853	)		(2,387	)		(7,606	)		(49,851	)
Include: Gain/(Loss) on Sale of Undepreciated
Property, net of Income Tax and Noncontrolling Interest		194			1,359			4,327			7,335
Total Adjustments — Consolidated		27,376			29,832			109,523			59,791
Adjustments — Unconsolidated Properties
Depreciation — Real Estate		3,678			4,179			17,927			18,744
Amortization — Real Estate		1,364			1,908			6,516			8,699
Remove: Gain/(Loss) on Sale of Property		(3,222	)		(395	)		(4,958	)		(18,943	)
Total Adjustments — Unconsolidated		1,820			5,692			19,485			8,500
Funds from Operations	$	18,462		$	(91,997	)	$	129,409		$	1,637
Income Allocated to Participating Securities		(67	)		(102	)		(559	)		(717	)
Funds from Operations Available to Common Shareholders and Unitholders	$	18,395		$	(92,099	)	$	128,850		$	920
FFO per Share
Basic	$	0.25		$	(1.62	)	$	2.09		$	0.02
Diluted	$	0.25		$	(1.62	)	$	2.09		$	0.02
Operating FFO:
Funds from Operations	$	18,395		$	(92,099	)	$	128,850		$	920
Less: Transaction Income
— Development and Land Gains		(194	)		(1,359	)		(4,327	)		(7,335	)
— Bond / Preferred Repurchase (Gains) Losses		53			(5,235	)		(56,452	)		(15,924	)
— Write-off of OCI as a Result of Bond Repurchases		—			—			1,709			—
Operating FFO	$	18,254		$	(98,693	)	$	69,780		$	(22,339	)
Operating FFO per Share
Basic	$	0.25		$	(1.73	)	$	1.13		$	(0.39	)
Diluted	$	0.25		$	(1.73	)	$	1.13		$	(0.39	)

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 debt restructuring and sales of depreciated property, plus real estate depreciation 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 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’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.

FOURTH QUARTER SHARES AND UNITS OUTSTANDING, WEIGHTED

	Three Months Ended				Twelve Months Ended
(shares and units in 000s)	12/31/2009		12/31/2008		12/31/2009		12/31/2008
Basic
Shares		65,265		47,796		53,266		47,231
Operating Partnership Units (OP Units)		8,172		9,157		8,519		9,673
Total Shares & OP Units		73,437		56,953		61,785		56,904
Dilutive Common Share Equivalents		—		—		—		—
Diluted (1)
Shares		65,265		47,796		53,266		47,231
Total Shares & OP Units		73,437		56,953		61,785		56,904

Notes:

(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
Year Ended 2009

BALANCE SHEET

	As of			As of
($ in 000s)	12/31/2009			12/31/2008
ASSETS
Real Estate Assets
Operating Properties	$	3,210,350		$	2,873,274
Undeveloped Land & Construction in Progress		237,100			309,010
Total Real Estate, before Depreciation		3,447,450			3,182,284
Less: Accumulated Depreciation		(519,728	)		(403,858	)
Real Estate Assets Held for Sale, net		65,022			196,284
Net Real Estate Assets		2,992,744			2,974,710
Cash and Equivalents		4,590			9,185
Restricted Cash		7,952			29,766
Accounts Receivable, net		33,934			23,102
Notes Receivable		22,208			2,946
Prepaid Expenses		16,503			5,332
Deferred Debt and Lease Costs		22,560			16,783
Investment in Unconsolidated Subsidiaries		17,422			46,221
Other Assets		54,719			47,124
Total Assets	$	3,172,632		$	3,155,169
LIABILITIES
Long-Term Liabilities
Unsecured Credit Facility	$	310,546		$	311,630
Notes and Mortgages Payable		1,393,797			1,450,389
Total Long-Term Liabilities		1,704,343			1,762,019
Other Liabilities		82,628			120,693
Total Liabilities		1,786,971			1,882,712
REDEEMABLE NONCONTROLLING INTEREST & EQUITY
Redeemable Common Units		133,537			124,848
Preferred Shares and Units, at Liquidation Value
Series B 7 1/4%, Preferred Units		100,000			100,000
Series D 8 1/8%, Preferred Shares		100,118			100,281
Total Preferred Shares and Units, at Liquidation Value		200,118			200,281
Common Equity, including Noncontrolling Interest in Operating Partnership		1,052,006			947,328
Total Equity, including Noncontrolling Interest		1,385,661			1,272,457
Total Liabilities and Equity	$	3,172,632		$	3,155,169

SHARES & UNITS OUTSTANDING, END OF PERIOD

	As of		As of
(shares and units in 000s)	12/31/2009		12/31/2008
Basic
Shares		66,366		48,546
Operating Partnership Units (OP Units)		8,163		8,861
Total Shares & OP Units		74,529		57,407

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COLONIAL PROPERTIES TRUST
Multifamily Portfolio Statistics
Fourth Quarter 2009

COMMUNITY PORTFOLIO AT DECEMBER 31, 2009 (In apartment homes)

	Same		Non Same		Wholly		Joint		Stabilized		Completed in		Total		Current
	Property		Property		Owned		Venture (1)		Operating		Lease-Up		Operating		Developments		Total
Atlanta		3,282		—		3,282		72		3,354		—		3,354		—		3,354
Austin		1,910		998		2,908		—		2,908		—		2,908		—		2,908
Birmingham		1,262		—		1,262		69		1,331		—		1,331		—		1,331
Charleston		1,578		—		1,578		—		1,578		—		1,578		—		1,578
Charlotte		3,676		1,189		4,865		—		4,865		—		4,865		—		4,865
Dallas/Fort Worth		4,480		—		4,480		29		4,509		—		4,509		—		4,509
Huntsville		836		—		836		—		836		—		836		—		836
Orlando		1,756		—		1,756		—		1,756		—		1,756		—		1,756
Phoenix		952		—		952		—		952		—		952		—		952
Raleigh		1,964		—		1,964		138		2,102		—		2,102		—		2,102
Richmond		1,700		—		1,700		—		1,700		—		1,700		—		1,700
Savannah		1,149		288		1,437		—		1,437		—		1,437		—		1,437
Other		3,740		380		4,120		113		4,233		380		4,613		—		4,613
Total Portfolio		28,285		2,855		31,140		421		31,561		380		31,941		—		31,941

(1) Joint venture units shown represents the Company’s pro-rata share of total units. There are 2,004 total units at the Company’s partially-owned apartment communities.

FOURTH QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION (2)							PHYSICAL OCCUPANCY (3)
				Total NOI
	Same Property			Incl. JVs at			Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
	Communities			Pro Rata % (4)			2009			2009			2009			2009			2008
Atlanta		12.0	%		10.7	%		95.4	%		94.4	%		95.5	%		94.9	%		95.0	%
Austin		6.2	%		8.7	%		95.2	%		95.1	%		94.4	%		94.3	%		94.9	%
Birmingham		4.4	%		4.1	%		94.1	%		96.9	%		95.4	%		95.0	%		96.7	%
Charleston		5.8	%		5.1	%		97.8	%		97.0	%		96.4	%		96.8	%		91.4	%
Charlotte		10.6	%		13.9	%		92.7	%		93.4	%		93.2	%		94.3	%		92.9	%
Dallas/Fort Worth		14.0	%		12.4	%		93.2	%		92.8	%		93.3	%		95.2	%		95.4	%
Huntsville		3.5	%		3.1	%		97.5	%		96.2	%		98.1	%		96.9	%		97.2	%
Orlando		8.4	%		7.4	%		96.1	%		96.0	%		94.6	%		93.8	%		94.6	%
Phoenix		3.1	%		2.7	%		88.6	%		89.5	%		92.8	%		95.3	%		93.2	%
Raleigh		6.9	%		6.5	%		94.0	%		94.1	%		93.5	%		95.3	%		94.6	%
Richmond		6.5	%		5.7	%		98.3	%		94.7	%		94.0	%		95.1	%		95.9	%
Savannah		5.1	%		5.5	%		97.3	%		96.7	%		96.3	%		95.0	%		91.5	%
Other		13.5	%		14.2	%		95.0	%		94.0	%		93.4	%		92.5	%		92.0	%
Total Portfolio		100.0	%		100.0	%		94.7	%		94.4	%		94.3	%		94.6	%		94.1	%
Same Property								94.7	%		94.4	%		94.3	%		94.7	%		94.1	%

(2)	For the GAAP reconciliation of revenues, expenses and NOI, see page 23 and 24.
(3)	Occupancy figures include apartment homes held through joint venture investments but exclude condominiums and communities in lease-up or under development. For a detailed occupancy listing by property, see Multifamily Portfolio Occupancy Listing on page 27.
(4)	Based on total NOI from wholly-owned operating communities and the Company’s pro-rata share of total NOI from joint-venture communities.

- 8 -

COLONIAL PROPERTIES TRUST
Components of Property Net Operating Income and Capitalized Expenditures for Multifamily Portfolio
Fourth Quarter 2009
($ in 000s, except property data and per unit amounts)

COMPONENTS OF PROPERTY NET OPERATING INCOME (1)

	Apartment		Three Months Ended									Twelve Months Ended
	Homes		12/31/2009			12/31/2008			Change			12/31/2009		12/31/2008			Change
Property Revenues
Same Property Communities (2)		28,285	$	66,879		$	69,503		$	(2,624	)	$	271,586	$	279,424		$	(7,838	)
Non-Same Property Communities		2,855		7,336			4,901			2,435			25,643		13,893			11,750
Joint Venture Communities (3)		421		943			919			24			3,841		3,559			282
Development and Lease Up Communities		380		688			26			662			1,674		53			1,621
Dispositions / Other		—		31			1,221			(1,190	)		2,657		14,861			(12,204	)
Total Property Revenues		31,941	$	75,877		$	76,570		$	(693	)	$	305,401	$	311,790		$	(6,389	)
Property Expenses
Same Property Communities (2)		28,285	$	27,879		$	25,832		$	2,047		$	111,312	$	107,245		$	4,067
Non-Same Property Communities		2,855		2,694			2,002			692			10,816		6,382			4,434
Joint Venture Communities (3)		421		454			432			22			1,818		1,792			26
Development and Lease Up Communities		380		381			224			157			1,258		265			993
Dispositions / Other		—		(93	)		781			(874	)		1,240		6,782			(5,542	)
Total Property Expenses		31,941	$	31,315		$	29,271		$	2,044		$	126,444	$	122,466		$	3,978
Property Net Operating Income
Same Property Communities (2)		28,285	$	39,000		$	43,671		$	(4,671	)	$	160,274	$	172,179		$	(11,905	)
Non-Same Property Communities		2,855		4,641			2,899			1,742			14,827		7,511			7,316
Joint Venture Communities (3)		421		488			487			1			2,023		1,767			256
Development and Lease Up Communities		380		308			(198	)		506			416		(212	)		628
Dispositions / Other		—		125			440			(315	)		1,417		8,080			(6,663	)
Total Property Net Operating Income		31,941	$	44,562		$	47,299		$	(2,737	)	$	178,957	$	189,325		$	(10,368	)

CAPITALIZED EXPENDITURES

	Apartment		Three Months Ended									Twelve Months Ended
	Homes		12/31/2009			12/31/2008			Change			12/31/2009		12/31/2008			Change
Capitalized Expenses
Same Property Communities (2)		28,285	$	12,069		$	5,867		$	6,202		$	24,457	$	20,819		$	3,638
Non-Same Property Communities		2,855		379			546			(167	)		816		1,535			(719	)
Joint Venture Communities		421		46			69			(23	)		150		305			(155	)
Development and Lease Up Communities		380		7			29			(22	)		9		43			(34	)
Dispositions / Other		—		(35	)		(63	)		28			133		(53	)		186
Total Property Capitalized Expenses		31,941	$	12,466		$	6,448		$	6,018		$	25,565	$	22,649		$	2,916
Capitalized Expenses per Unit
Same Property Communities (2)		28,285	$	427		$	207		$	219		$	865	$	736		$	129
Non-Same Property Communities		2,855		133			191			(58	)		286		538			(252	)
Joint Venture Communities		421		109			164			(55	)		357		725			(369	)
Total Per Unit		31,561	$	395		$	204		$	191		$	810	$	718		$	92

(1)	For the GAAP reconciliation of revenues, expenses and NOI, see page 23 and 24.
(2)	The 2008 same property data reflects results of the 2009 same property portfolio, as adjusted for dispostions during the year and including straight line rents.
(3)	Includes the Company’s pro-rata share of apartment homes, revenues, expenses and NOI from partially-owned unconsolidated communities.

- 9 -

COLONIAL PROPERTIES TRUST
Multifamily Same Property Quarter Comparisons
Fourth Quarter 2009
($ in 000s, except property data amounts)

REVENUES, EXPENSES & NOI FOR THE THREE MONTHS ENDED DECEMBER 31, 2009

	Revenues							Expenses							NOI
	4Q09		4Q08		%Chg			4Q09		4Q08		%Chg			4Q09		4Q08		%Chg
Atlanta	$	8,495	$	8,906		(4.6	%)	$	3,817	$	3,204		19.1	%	$	4,678	$	5,702		(18.0	%)
Austin		4,438		4,647		(4.5	%)		2,036		2,151		(5.3	%)		2,403		2,495		(3.7	%)
Birmingham		2,908		2,806		3.6	%		1,174		1,038		13.1	%		1,734		1,768		(1.9	%)
Charleston		3,790		3,646		3.9	%		1,534		1,370		12.0	%		2,257		2,276		(0.8	%)
Charlotte		7,403		8,103		(8.6	%)		3,273		3,094		5.8	%		4,130		5,008		(17.5	%)
Dallas/Fort Worth		10,066		10,688		(5.8	%)		4,602		4,516		1.9	%		5,465		6,172		(11.5	%)
Huntsville		2,118		2,121		(0.1	%)		752		681		10.4	%		1,366		1,439		(5.1	%)
Orlando		5,072		5,390		(5.9	%)		1,788		1,961		(8.8	%)		3,283		3,429		(4.3	%)
Phoenix		2,209		2,522		(12.4	%)		1,004		765		31.2	%		1,205		1,757		(31.4	%)
Raleigh		4,454		4,779		(6.8	%)		1,753		1,683		4.2	%		2,701		3,096		(12.8	%)
Richmond		4,194		4,338		(3.3	%)		1,644		1,375		19.6	%		2,549		2,963		(14.0	%)
Savannah		3,047		2,835		7.5	%		1,062		940		13.0	%		1,985		1,895		4.7	%
Other		8,685		8,722		(0.4	%)		3,440		3,054		12.6	%		5,244		5,671		(7.5	%)
Total Same Property (1)	$	66,879	$	69,503		(3.8	%)	$	27,879	$	25,832		7.9	%	$	39,000	$	43,671		(10.7	%)

	Apartment
	Homes		% of NOI			Physical Occupancy									Weighted Average Rental Rate (2)
	Included		Contribution			4Q09			4Q08			%Chg			4Q09		4Q08		%Chg
Atlanta		3,282		12.0	%		95.4	%		95.0	%		0.4	%	$	780	$	849		(8.1	%)
Austin		1,910		6.2	%		95.3	%		95.1	%		0.2	%		723		755		(4.2	%)
Birmingham		1,262		4.4	%		94.1	%		96.8	%		(2.7	%)		711		728		(2.3	%)
Charleston		1,578		5.8	%		97.8	%		91.4	%		6.4	%		700		758		(7.7	%)
Charlotte		3,676		10.6	%		91.8	%		92.6	%		(0.8	%)		644		698		(7.7	%)
Dallas/Fort Worth		4,480		14.0	%		93.2	%		95.5	%		(2.3	%)		707		730		(3.2	%)
Huntsville		836		3.5	%		97.5	%		97.2	%		0.3	%		740		763		(3.0	%)
Orlando		1,756		8.4	%		96.1	%		94.6	%		1.5	%		884		954		(7.3	%)
Phoenix		952		3.1	%		88.6	%		93.2	%		(4.6	%)		790		897		(11.9	%)
Raleigh		1,964		6.9	%		94.1	%		94.8	%		(0.7	%)		723		755		(4.2	%)
Richmond		1,700		6.5	%		98.3	%		95.9	%		2.4	%		737		812		(9.2	%)
Savannah		1,149		5.1	%		97.2	%		91.5	%		5.7	%		787		840		(6.3	%)
Other		3,740		13.5	%		95.2	%		91.9	%		3.3	%		726		772		(6.0	%)
Total Same Property (1)		28,285		100.0	%		94.7	%		94.1	%		0.6	%	$	732	$	780		(6.2	%)

(1)	Same-property communities are communities which were owned by the Company and stabilized as of January 1, 2008, as adjusted for dispositions during the year. The 2008 same property data reflects results of the 2009 same property portfolio, as adjusted for dispostions during the year and including straight line rents.
(2)	Weighted average rental rates are the Company’s market rental rates after “loss to lease” and concessions, but before vacancy and bad debt.
For the GAAP reconciliation of revenues, expenses and NOI, see page 23 and 24.

- 10 -

COLONIAL PROPERTIES TRUST
Multifamily Same Property Year-to-Date Comparisons
Fourth Quarter 2009
($ in 000s, except property data amounts)

REVENUES, EXPENSES & NOI FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2009

			Revenues							Expenses							NOI
	2009		2008		%Chg			2009		2008		%Chg			2009		2008		%Chg
Atlanta	$	34,519	$	35,975		(4.0	%)	$	14,894	$	13,547		9.9	%	$	19,625	$	22,428		(12.5	%)
Austin		18,107		18,636		(2.8	%)		8,225		8,555		(3.9	%)		9,882		10,081		(2.0	%)
Birmingham		11,506		11,270		2.1	%		4,622		4,304		7.4	%		6,884		6,965		(1.2	%)
Charleston		14,982		15,161		(1.2	%)		6,025		5,556		8.4	%		8,957		9,605		(6.7	%)
Charlotte		30,828		32,312		(4.6	%)		13,029		12,800		1.8	%		17,799		19,513		(8.8	%)
Dallas/Fort Worth		41,176		42,567		(3.3	%)		18,891		19,027		(0.7	%)		22,285		23,540		(5.3	%)
Huntsville		8,480		8,411		0.8	%		2,980		2,821		5.6	%		5,499		5,589		(1.6	%)
Orlando		20,456		21,420		(4.5	%)		7,657		7,656		0.0	%		12,799		13,765		(7.0	%)
Phoenix		9,414		10,451		(9.9	%)		3,363		3,353		0.3	%		6,051		7,098		(14.8	%)
Raleigh		18,399		18,924		(2.8	%)		7,062		7,303		(3.3	%)		11,337		11,621		(2.4	%)
Richmond		16,919		17,032		(0.7	%)		6,609		5,745		15.0	%		10,310		11,287		(8.7	%)
Savannah		12,174		11,684		4.2	%		4,245		3,954		7.4	%		7,928		7,730		2.6	%
Other		34,626		35,581		(2.7	%)		13,710		12,624		8.6	%		20,918		22,957		(8.9	%)
Total Same Property (1)	$	271,586	$	279,424		(2.8	%)	$	111,312	$	107,245		3.8	%	$	160,274	$	172,179		(6.9	%)

	Apartment
	Homes		% of NOI			Physical Occupancy									Weighted Average Rental Rate (2)
	Included		Contribution			2009			2008			%Chg			2009		2008		%Chg
Atlanta		3,282		12.2	%		95.4	%		95.0	%		0.4	%	$	811	$	859		(5.6	%)
Austin		1,910		6.2	%		95.3	%		95.1	%		0.2	%		742		753		(1.5	%)
Birmingham		1,262		4.3	%		94.1	%		96.8	%		(2.7	%)		717		717		0.0	%
Charleston		1,578		5.6	%		97.8	%		91.4	%		6.4	%		718		761		(5.7	%)
Charlotte		3,676		11.1	%		91.8	%		92.6	%		(0.8	%)		666		695		(4.2	%)
Dallas/Fort Worth		4,480		13.9	%		93.2	%		95.5	%		(2.3	%)		721		731		(1.4	%)
Huntsville		836		3.4	%		97.5	%		97.2	%		0.3	%		749		759		(1.3	%)
Orlando		1,756		8.0	%		96.1	%		94.6	%		1.5	%		915		962		(4.9	%)
Phoenix		952		3.8	%		88.6	%		93.2	%		(4.6	%)		834		908		(8.1	%)
Raleigh		1,964		7.1	%		94.1	%		94.8	%		(0.7	%)		736		749		(1.7	%)
Richmond		1,700		6.4	%		98.3	%		95.9	%		2.4	%		775		807		(4.0	%)
Savannah		1,149		4.9	%		97.2	%		91.5	%		5.7	%		811		826		(1.8	%)
Other		3,740		13.1	%		95.2	%		91.9	%		3.3	%		744		772		(3.6	%)
Total Same Property (1)		28,285		100.0	%		94.7	%		94.1	%		0.6	%	$	753	$	780		(3.5	%)

(1)	Same-property communities are communities which were owned by the Company and stabilized as of January 1, 2008, as adjusted for dispositions during the year. The 2008 same property data reflects results of the 2009 same property portfolio, as adjusted for dispostions during the year and including straight line rents.
(2)	Weighted average rental rates are the Company’s market rental rates after “loss to lease” and concessions, but before vacancy and bad debt.
For the GAAP reconciliation of revenues, expenses and NOI, see page 23 and 24.

- 11 -

COLONIAL PROPERTIES TRUST
Multifamily Same Property Sequential Quarter Comparisons
Fourth Quarter 2009
($ in 000s, except property data amounts)

SAME PROPERTY SEQUENTIAL COMPARISON OF REVENUES, EXPENSES & NOI

			Revenues						Expenses						NOI
		4Q09		3Q09	%Chg			4Q09		3Q09	%Chg			4Q09		3Q09	%Chg
Atlanta	$	8,495	$	8,511	(0.2	%)	$	3,817	$	3,723	2.5	%	$	4,678	$	4,788	(2.3	%)
Austin		4,438		4,530	(2.0	%)		2,036		2,071	(1.7	%)		2,403		2,458	(2.2	%)
Birmingham		2,908		2,939	(1.1	%)		1,174		1,190	(1.3	%)		1,734		1,749	(0.9	%)
Charleston		3,790		3,772	0.5	%		1,534		1,568	(2.2	%)		2,257		2,204	2.4	%
Charlotte		7,403		7,583	(2.4	%)		3,273		3,311	(1.1	%)		4,130		4,272	(3.3	%)
Dallas/Fort Worth		10,066		10,163	(1.0	%)		4,602		4,890	(5.9	%)		5,465		5,272	3.7	%
Huntsville		2,118		2,161	(2.0	%)		752		763	(1.4	%)		1,366		1,398	(2.3	%)
Orlando		5,072		5,052	0.4	%		1,788		1,880	(4.9	%)		3,283		3,172	3.5	%
Phoenix		2,209		2,304	(4.1	%)		1,004		876	14.6	%		1,205		1,428	(15.6	%)
Raleigh		4,454		4,604	(3.3	%)		1,753		1,887	(7.1	%)		2,701		2,717	(0.6	%)
Richmond		4,194		4,135	1.4	%		1,644		1,703	(3.5	%)		2,549		2,431	4.9	%
Savannah		3,047		3,121	(2.4	%)		1,062		1,087	(2.3	%)		1,985		2,035	(2.5	%)
Other		8,685		8,643	0.5	%		3,440		3,487	(1.3	%)		5,244		5,157	1.7	%
Total Same Property (1)	$	66,879	$	67,518	(0.9	%)	$	27,879	$	28,436	(2.0	%)	$	39,000	$	39,081	(0.2	%)

	Apartment
	Homes		% of NOI			Physical Occupancy									Weighted Average Rental Rate (2)
	Included		Contribution			4Q09			3Q09			%Chg			4Q09		3Q09		%Chg
Atlanta		3,282		12.0	%		95.4	%		94.3	%		1.1	%	$	780	$	801		(2.6	%)
Austin		1,910		6.2	%		95.3	%		95.1	%		0.2	%		723		737		(1.9	%)
Birmingham		1,262		4.4	%		94.1	%		97.0	%		(2.9	%)		711		715		(0.6	%)
Charleston		1,578		5.8	%		97.8	%		97.0	%		0.8	%		700		707		(1.0	%)
Charlotte		3,676		10.6	%		91.8	%		92.9	%		(1.1	%)		644		660		(2.4	%)
Dallas/Fort Worth		4,480		14.0	%		93.2	%		92.9	%		0.3	%		707		721		(1.9	%)
Huntsville		836		3.5	%		97.5	%		96.2	%		1.3	%		740		749		(1.2	%)
Orlando		1,756		8.4	%		96.1	%		96.0	%		0.1	%		884		900		(1.8	%)
Phoenix		952		3.1	%		88.6	%		89.5	%		(0.9	%)		790		819		(3.5	%)
Raleigh		1,964		6.9	%		94.1	%		94.2	%		(0.1	%)		723		733		(1.4	%)
Richmond		1,700		6.5	%		98.3	%		94.7	%		3.6	%		737		768		(4.0	%)
Savannah		1,149		5.1	%		97.2	%		97.6	%		(0.4	%)		787		807		(2.5	%)
Other		3,740		13.5	%		95.2	%		94.2	%		1.0	%		726		738		(1.6	%)
Total Same Property (1)		28,285		100.0	%		94.7	%		94.4	%		0.3	%	$	732	$	747		(2.0	%)

(1)	Same-property communities are communities which were owned by the Company and stabilized as of January 1, 2008, as adjusted for dispositions during the year. The 2008 same property data reflects results of the 2009 same property portfolio, as adjusted for dispostions during the year and including straight line rents.
(2)	Weighted average rental rates are the Company’s market rental rates after “loss to lease” and concessions, but before vacancy and bad debt.

- 12 -

COLONIAL PROPERTIES TRUST
Unconsolidated Joint Ventures
($ in 000s)

JOINT VENTURE OPERATIONS

	Three Months Ended						Twelve Months Ended
	12/31/2009			12/31/2008			12/31/2009			12/31/2008
OPERATING DATA (1)
Property Revenues
Rental revenues	$	14,146		$	17,461		$	65,576		$	74,553
Other property revenues		695			1,059			3,261			3,936
Total property revenues		14,841			18,520			68,837			78,489
Property Expenses
Property operating and maintenance		3,537			4,892			16,096			19,027
Taxes, license and insurance		1,404			1,932			7,910			9,043
Total property expenses		4,941			6,824			24,006			28,070
Net Operating Income (NOI)		9,900			11,696			44,831			50,419
Other Income (Expenses)
Impairments		—			—			(77	)		—
Interest, net		(4,796	)		(6,790	)		(23,068	)		(29,438	)
Depreciation and amortization (2)		(5,002	)		(6,087	)		(24,221	)		(27,443	)
Other (3)		28			(194	)		(3,666	)		35
Total other expenses		(9,770	)		(13,071	)		(51,032	)		(56,846	)
Gain on sale of properties, net		3,222			395			4,958			18,943
Equity in income of joint ventures	$	3,352		$	(980	)	$	(1,243	)	$	12,516

	As of
	12/31/2009		12/31/2008
BALANCE SHEET DATA (4)
Real estate assets, net	$	1,436,315	$	3,187,826
Other assets, net		116,666		316,443
Total assets	$	1,552,981	$	3,504,269
Notes payable	$	1,211,927	$	2,711,059
Other liabilities		107,011		155,812
Total liabilities		1,318,938		2,866,871
Member’s equity		234,043		637,398
Total liabilities and member’s equity	$	1,552,981	$	3,504,269
Colonial’s equity investment (5)	$	17,422	$	46,221
Colonial’s pro-rata share of debt	$	445,742	$	476,313

(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)	The twelve months ended December 31, 2009 includes a $3.5 million charge due to the probability that the Company will have to fund the partial loan repayment guarantee provided on the original construction loan for Colonial Grand at Traditions, a property in which the Company has a 35% noncontrolling interest.
(4)	Balance sheet data reported at 100%.
(5)	Includes distributions in excess of investment balance for certain joint ventures.

- 13 -

COLONIAL PROPERTIES TRUST
Investments in Real Estate Joint Ventures
As of December 31, 2009
(in thousands)

					Gross Investment in		Construction In		Mortgages and Notes					Average Interest			Average Remaining
Venture	Number of Properties		Total Units/GLA (1)		Real Estate (2)		Progress		Payable		Ownership Interest			Rate			Term (In Months)		% Fixed Rate			% Variable Rate
MULTIFAMILY
DRA (3)		2		664	$	59,321	$	—	$	40,848		20	%		4.97	%		10		100.00	%		—
Other		6		1,340		119,509		19,650		101,704		21	%		5.64	%		42		72.12	%		27.88	%
Total Multifamily		8		2,004	$	178,830	$	19,650	$	142,552
COMMERCIAL
DRA/CRT (4)		—		—		—		—		—		—			—			—		—			—
DRA/CLP (5)		18		5,236		949,874		—		741,909		15	%		5.61	%		54		100.00	%		—
OZRE (6)		—		—		—		—		—		—			—			—		—			—
UBS/CLP Mansell (7)		—		—		—		—		—		—			—			—		—			—
Bluerock		9		1,704		230,564		—		107,540		21	%		6.47	%		95		100.00	%		—
Parkway Place		1		623		89,227		—		56,457		50	%		1.23	%		6		—			100.00	%
Turkey Creek		2		652		105,150		—		76,899		50	%		5.89	%		50		86.84	%		13.16	%
Other		6		1,357		119,868		—		86,569		21	%		5.98	%		34		65.25	%		34.75	%
Total Commercial		36		9,572	$	1,494,683	$	—	$	1,069,374
		44		11,576	$	1,673,513	$	19,650	$	1,211,926

(1)	Gross leasable area includes anchor-owned square footage.
(2)	Represents gross investment in real estate at 100% (excluding depreciation).
(3)	On October 27, 2009, the Company sold its 10% interest in Colony Woods, a 414-unit multifamily apartment community located in Birmingham, Alabama.
(4)	The Company sold its 15% interest in this joint venture on November 25, 2009. This joint venture included 17 office properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas. As a result of this transaction, the Company now owns 100% of Three Ravinia, which was one of the assets originally included in this joint venture. The Company retained the management of the other commercial assets in this portfolio, with the exception of two assets, which are managed by unaffiliated third parties.
(5)	As of December 31, 2009, 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.
(6)	The Company sold its 17% interest in this joint venture on December 15, 2009. This joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas. As a result of this transaction, the Company now owns 100% of Colonial Promenade Alabaster I, which was one of the assets originally included in this joint venture.
(7)	The Company sold its 15% interest in this joint venture on December 21, 2009. This joint venture included one office park located in Atlanta, Georgia.

For more information on partially-owned unconsolidated assets, see Appendix pages 27-32.

- 14 -

COLONIAL PROPERTIES TRUST
Operating Joint Venture Income Summary
Three Months Ended December 31, 2009
(in thousands)

																				Colonial Share of
									Other (Income)						Depreciation &					Net Income (Loss)
Venture	Total Revenues		Operating Expenses		Net Operating Income		Interest Expense		Expenses			Gain (Loss) on Sale			Amortization		Net Income (Loss)			(1)
MULTIFAMILY
DRA (2)	$	1,861	$	1,007	$	854	$	789	$	1		$	2,027		$	473	$	(2,436	)	$	141
Other		3,051		1,652		1,399		1,070		3			—			1,330		(1,004	)		(104	)
Total Multifamily	$	4,912	$	2,659	$	2,253	$	1,859	$	4		$	2,027		$	1,803	$	(3,440	)	$	37
COMMERCIAL
DRA/CRT (3)		25,388		10,678		14,710		5,467		672			(3,845	)		8,364		4,052			(301	)
DRA/CLP (4)		27,582		10,856		16,726		10,696		(26	)		—			12,063		(6,007	)		(380	)
OZRE (5)		7,283		2,062		5,221		3,783		2			864			2,930		(630	)		523
UBS/CLP Mansell (6)		3,133		1,113		2,020		1,227		(1	)		280			1,415		(901	)		2,767
Bluerock		6,667		2,158		4,509		3,282		(10	)		—			3,334		(2,097	)		(71	)
Parkway Place		2,908		853		2,055		438		(1	)		—			699		919			583
Turkey Creek		3,001		628		2,373		1,060		61			—			1,120		132			88
Other		2,821		694		2,127		1,004		13			—			2,637		(1,527	)		106
Total Commercial	$	78,783	$	29,042	$	49,741	$	26,957	$	710		$	(2,701	)	$	32,562	$	(6,059	)	$	3,315
	$	83,695	$	31,701	$	51,994	$	28,816	$	714		$	(674	)	$	34,365	$	(9,499	)	$	3,352

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 27-32.

(1)	Includes amortization or release of excess basis differences and management fee eliminations for certain joint ventures.
(2)	On October 27, 2009, the Company sold its 10% interest in Colony Woods, a 414-unit multifamily apartment community located in Birmingham, Alabama.
(3)	The Company sold its 15% interest in this joint venture on November 25, 2009. This joint venture included 17 office properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas. As a result of this transaction, the Company now owns 100% of Three Ravinia, which was one of the assets originally included in this joint venture. The Company retained the management of the other commercial assets in this portfolio, with the exception of two assets, which are managed by unaffiliated third parties.
(4)	As of December 31, 2009, 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.
(5)	The Company sold its 17% interest in this joint venture on December 15, 2009. This joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas. As a result of this transaction, the Company now owns 100% of Colonial Promenade Alabaster I, which was one of the assets originally included in this joint venture.
(6)	The Company sold its 15% interest in this joint venture on December 21, 2009. This joint venture included an office park located in Atlanta, Georgia.

- 15 -

COLONIAL PROPERTIES TRUST
Operating Joint Venture Income Summary
Twelve Months Ended December 31, 2009
(in thousands)

																				Colonial Share of
									Other (Income)						Depreciation &					Net Income (Loss)
Venture	Total Revenues		Operating Expenses		Net Operating Income		Interest Expense		Expenses			Gain (Loss) on Sale			Amortization		Net Income (Loss)			(1)
MULTIFAMILY
DRA (2)	$	11,169	$	5,529	$	5,640	$	3,258	$	143		$	2,048		$	2,552	$	(2,361	)	$	(61	)
CMS (3)		9,279		4,490		4,789		2,859		32			—			2,718		(820	)		1,823
Other (4)		12,650		6,520		6,130		4,289		13			30			5,315		(3,517	)		(4,458	)
Total Multifamily	$	33,098	$	16,539	$	16,559	$	10,406	$	188		$	2,078		$	10,585	$	(6,698	)	$	(2,696	)
COMMERCIAL
DRA/CRT (5)		143,633		61,916		81,717		38,543		2,425			(3,601	)		53,427		(9,077	)		(1,684	)
DRA/CLP (6)		110,695		43,294		67,401		42,422		(101	)		—			46,946		(21,866	)		(1,147	)
OZRE (7)		32,482		8,837		23,645		17,835		63			864			14,289		(9,406	)		(10	)
UBS/CLP Mansell (8)		14,461		5,276		9,185		5,505		(2	)		280			6,656		(3,254	)		2,568
Bluerock		26,085		8,112		17,973		13,071		(52	)		—			12,876		(7,922	)		(409	)
Craft Farms		583		493		90		343		(10	)		—			167		(410	)		(190	)
Parkway Place		10,785		3,473		7,312		1,868		—			—			2,772		2,672			1,861
Turkey Creek		11,436		2,640		8,796		4,168		211			—			4,341		76			161
Other		12,295		3,039		9,256		7,374		(3,701	)		(30	)		4,298		1,255			303
Total Commercial	$	362,455	$	137,080	$	225,375	$	131,129	$	(1,167	)	$	(2,487	)	$	145,772	$	(47,932	)	$	1,453
	$	395,553	$	153,619	$	241,934	$	141,535	$	(979	)	$	(409	)	$	156,357	$	(54,630	)	$	(1,243	)

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 27-32.

(1)	Includes amortization or release of excess basis differences and management fee eliminations for certain joint ventures.
(2)	During the fourth quarter 2009, the Company sold its 10% interest in Colony Woods, a 414-unit multifamily apartment community located in Birmingham, Alabama.
(3)	On October 27, 2009 the Company sold its interest in Colonial Grand at Mountain Brook, Colonial Grand at Brentwood, Colonial Village at Rocky Ridge, Colonial Village at Palma Sola and Cunningham. The Company began consolidating Colonial Grand at Canyon Creek in its financial statements as of September 30, 2009.
(4)	Includes a $3.5 million charge due to the probability that the Company will have to fund the partial loan repayment guarantee provided on the original construction loan for Colonial Grand at Traditions, a property in which the Company has a 35% noncontrolling interest.
(5)	The Company sold its 15% interest in this joint venture on November 25, 2009. This joint venture included 17 office properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas. As a result of this transaction, the Company now owns 100% of Three Ravinia, which was one of the assets originally included in this joint venture. The Company retained the management of the other commercial assets in this portfolio, with the exception of two assets, which are managed by unaffiliated third parties.
(6)	As of December 31, 2009, 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.
(7)	The Company sold its 17% interest in this joint venture on December 15, 2009. This joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas. As a result of this transaction, the Company now owns 100% of Colonial Promenade Alabaster I, which was one of the assets originally included in this joint venture.
(8)	The Company sold its 15% interest in this joint venture on December 21, 2009. This joint venture included an office park located in Atlanta, Georgia.

- 16 -

COLONIAL PROPERTIES TRUST

Commercial Operational Statistics

Fourth Quarter 2009

	As of
	12/31/2009		12/31/2008
Base rent per square foot — Straight-line
Office
Consolidated	$	27.72	$	29.31
Unconsolidated		19.35		19.42
Retail (1)
Consolidated	$	24.28	$	25.57
Unconsolidated		24.56		22.70
Base rent per square foot — Cash
Office
Consolidated	$	26.20	$	23.41
Unconsolidated		19.09		19.03
Retail (1)
Consolidated	$	23.63	$	25.76
Unconsolidated		24.54		22.54

	As of
	12/31/2009		12/31/2008
Square Feet (in 000’s)
Office
Consolidated		1,329		507
Unconsolidated (2)		917		2,282
Retail
Consolidated		1,128		1,195
Unconsolidated (2)		640		977

(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 the Appendix for additional details.

OFFICE LEASE EXPIRATION SCHEDULE

	Total Assets at 100%										Total Assets at Pro Rata Share
			% of Leased					% of					% of Leased					% of
(SF & $ in 000s)	SF		SF			Rent		Total			SF		SF			Rent		Total
2010		672		10	%	$	12,710		10	%		94		5	%	$	1,821		5	%
2011		1,058		16	%		20,030		16	%		167		9	%		3,232		9	%
2012		1,419		21	%		28,268		22	%		206		11	%		4,144		12	%
2013		744		11	%		13,830		11	%		168		9	%		3,404		10	%
2014		433		6	%		8,224		6	%		84		5	%		1,497		4	%
2015+		2,452		37	%		44,043		35	%		1,100		60	%		20,691		60	%
Total Leased SF		6,778				$	127,105					1,819				$	34,789

RETAIL LEASE EXPIRATION SCHEDULE

	Total Assets at 100%										Total Assets at Pro Rata Share
			% of Leased					% of					% of Leased					% of
(SF & $ in 000s)	SF		SF			Rent		Total			SF		SF			Rent		Total
2010		98		4	%	$	2,066		5	%		40		3	%	$	951		4	%
2011		171		7	%		3,433		8	%		122		8	%		2,385		9	%
2012		295		12	%		5,708		13	%		134		9	%		3,120		12	%
2013		214		8	%		4,772		11	%		111		8	%		2,487		10	%
2014		105		4	%		2,099		5	%		65		4	%		1,236		5	%
2015+		1,671		65	%		27,274		60	%		977		67	%		15,831		61	%
Total Leased SF		2,554				$	45,352					1,447				$	26,010

OFFICE CAPITAL EXPENDITURES

	Three Months Ended						Twelve Months Ended
	12/31/2009			12/31/2008			12/31/2009			12/31/2008
Capital Expenditures ($ in 000s)
Regular Maintenance	$	319		$	748		$	934		$	2,343
Tenant Improvements		1,578			964			3,974			2,571
Leasing Commissions		357			345			1,443			1,476
Admin — Division		—			7			—			35
Total	$	2,254		$	2,064		$	6,351		$	6,425
Less: Unconsolidated Assets		(1,545	)		(2,061	)		(5,600	)		(6,119	)
Total — Consolidated Assets	$	709		$	3		$	751		$	306

RETAIL CAPITAL EXPENDITURES

	Three Months Ended						Twelve Months Ended
	12/31/2009			12/31/2008			12/31/2009			12/31/2008
Capital Expenditures ($ in 000s)
Regular Maintenance	$	209		$	36		$	338		$	116
Revenue- Enhancing		43			49			105			69
Tenant Improvements		628			13			895			244
Leasing Commissions		296			442			483			553
Admin — Division		—			17			—			77
Total w/o Acquisition-Related	$	1,176		$	557		$	1,821		$	1,059
Less: Unconsolidated Assets		(301	)		(88	)		(848	)		(402	)
Total — Consolidated Assets	$	875		$	469		$	973		$	657

- 17 -

COLONIAL PROPERTIES TRUST

Development and For-Sale Residential Activities

CONDOMINIUM CONVERSION, FOR-SALE RESIDENTIAL AND DEVELOPMENT SALES

For the three and twelve months ended December 31, 2009, continuing operations includes (losses)/gains on for-sale residential and development sales (before noncontrolling interest and income taxes) of $0.2 million and $7.8 million, respectively. For the three months ended December 31, 2009, there were no gains included in discontinued operations for condominium conversions. For the twelve months ended December 31, 2009, discontinued operations includes gains on condominium conversions (before noncontrolling interest and income taxes) of $259,000. A summary of revenues and costs of these activities for the three and twelve months ended December 31, 2009 and 2008 are as follows:

	Three Months Ended						Twelve Months Ended
($ in 000s)	12/31/2009			12/31/2008			12/31/2009			12/31/2008
Condominium conversion revenues, net	$	—		$	—		$	16,851		$	448
Condominium conversion costs		—			—			(16,592	)		(479	)
Gains (losses) on condominium conversion sales, before noncontrolling interest and income taxes		—			—			259			(31	)
For-sale residential revenues, net		5,286			56			38,839			17,851
For-sale residential costs		(5,078	)		(49	)		(38,161	)		(16,226	)
Gains (losses) on for-sale residential sales, before noncontrolling interest and income taxes		208			7			678			1,625
Development revenues, net		—			—			30,672			15,900
Development costs (1)		—			—			(23,544	)		(11,191	)
Gains on development sales, before		—
Noncontrolling interest and income taxes		—			—			7,128			4,709
Noncontrolling interest		—			—			(992	)		—
Provision for income taxes		—			(2	)		(2,873	)		(1,819	)
Gains on condominium conversions, for-sale residential sales and developments, net of noncontrolling interest and income taxes (2)	$	208		$	5		$	4,200		$	4,484

	Three Months Ended			Twelve Months Ended
For-Sale Residential Projects Status
Units Closed in prior periods		335	233		240	166
Units Closed in current period		23	13		118	80
Contracted (3)		—	23		—	23
Available Units / Lots		275	387		275	387
Total Units		633	656		633	656

Notes:

(1)	Amounts recorded during the twelve months ended December 31, 2008, include $1,701 related to cost estimates and contingencies resolved for sales transactions recorded during previous periods.
(2)	The Company recognizes incremental gains on condominium sales in FFO, net of provision for income taxes, to the extent that net sales proceeds, less costs of sales, from the sale of condominium units exceeds the greater of their fair value or net book value as of the date the property is acquired by the Company’s taxable REIT subsidiary.
(3)	Units under contract are stated as of the end of the quarter. There can be no assurance that units under contract will close.

RESIDENTIAL FOR-SALE DEVELOPMENTS

				Average
				Price of
				Units/Lots					Under		Remaining
Project	Location	Units		Closed		Projected Sell Out	Units Closed		Contract (1)		Units / Lots
For-Sale Residential
Regatta at James Island (2)(3)	Charleston, SC		212	$	169,196	Sold Out		212		—		—
Grander (2)(4)	Gulf Shores, AL		26	$	410,876	Sold Out		26		—		—
Southgate on Fairview (2)	Charlotte, NC		47	$	305,062	2Q10 - 2Q11		29		—		18
Metropolitan Midtown (2)(5)	Charlotte, NC		101	$	344,710	4Q10 - 2Q11		67		—		34
			386					334		—		52
Lots (4)
Cypress Village (lots) (2)	Gulf Shores, AL		188	$	200,000	2Q13 - 2Q14		5		—		183
Whitehouse Creek (lots) (6)	Mobile, AL		59	$	62,184	4Q12 - 3Q16		19		—		40
			247					24		—		223
			633					358		—		275

Notes:

(1)	Units under contract are stated as of the end of the quarter. There can be no assurance that units under contract will close. As of December 31, 2009, there were no units or lots under contract.
(2)	During December 2008, the Company recorded a $116.9 million non-cash impairment charge associated with these projects and other development projects.
(3)	The Company sold the remaining units at this project during the fourth quarter 2009.
(4)	During June 2009, the Company recorded a $0.5 million non-cash impairment charge on this project. The Company sold the remaining units at this project during the fourth quarter 2009.
(5)	During December 2009, the Company recorded a $1.7 million non-cash impairment charge on this project.
(6)	The Company has delayed the development of 141 lots at its Whitehouse Creek development. These undeveloped parcels have been classified as Held for Use, while the 59 completed lots have been classified as Held for Sale.

The Company’s expansion into the condominium and for-sale residential markets exposes the Company to new risks and challenges, which if they materialize, could have an adverse impact on the Company’s business, results of operations and financial condition. There can be no assurances of the amount, margin or velocity of future condominium and 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-in 000s

Start

Compl.

Stab.

Total

Thru

Location

Total

Deliv’d

Leased

Date

Date

Date

Cost

Q409

After

Commercial

Colonial Pinnacle Craft Farms II

Gulf Shores, AL

68

n/a

46

2Q09

2Q10

4Q11

9.9

6.9

3.0

Total Active Development Projects

$

9.9

$

6.9

$

3.0

Future Development Projects (see below)

121.6

Investment Land (see below)

108.6

Total Properties Under Development (per Balance Sheet)

$

237.1

FUTURE DEVELOPMENT PIPELINE / LAND AND ASSETS HELD FOR SALE

		Units/		Future		Investment		Held
	Location	SF-in 000s		Development		Land		for Sale
Multifamily
CG at Thunderbird	Phoenix, AZ		244	$	8.4		—		—
CG at Sweetwater	Phoenix, AZ		195		7.3		—		—
CG at Azure	Las Vegas, NV		188		7.8		—		—
CG at Cityway	Austin, TX		320		5.0		—		—
CG at South End	Charlotte, NC		353		12.1		—		—
CG at Hampton Preserve	Tampa, FL		486		14.4		—		—
CG at Randal Park (1)	Orlando, FL		750		19.2		—		—
Total Multifamily Assets				$	74.2		—	$	—
Commercial
Colonial Promenade Nord du Lac (2)	Covington, LA		497		37.7		—		—
Colonial Promenade Huntsville	Huntsville, AL		111		9.7		—		—
Total Commerical Assets				$	47.4	$	—	$	—
Multifamily					—		3.5		—
Commerical					—		48.1		—
Condo / Townhome					—		—		22.3
For-sale Residential Land					—		57.0		42.7
Total Projects				$	121.6	$	108.6	$	65.0

(1)	This project is part of a mixed-use development.
(2)	Total cost to date for this project is presented net of a $6.5 million non-cash impairment charge recorded in 4Q09 and a $19.3 million non-cash impairment charge recorded in 4Q08.

SIGNIFICANT PROPERTY ACQUISITIONS

					Purch		1st Yr			Cap
	Location	Date	Units/SF		Price		Invest			Rate			Remarks
			(SF-000s)(1)		($mm)			(2	)		(3	)
Commercial
Three Ravinia (4)	Atlanta, GA	Nov-09		813	$	147.6		7.6	%		7.3	%	Acquired the asset in exchange for our 15% ownership interest in the DRA/CRT Joint Venture
Colonial Promenade Alabaster I (5)	Birmingham, AL	Dec-09		612		37.3		9.4	%		9.1	%	Acquired the asset in exchange for our 17.1% ownership interest in the OZRE Joint Venture

SIGNIFICANT PROPERTY DISPOSITIONS

					Sales		Cap
	Location	Date	Units/SF		Price		Rate			Remarks
			(SF-000s)(1)		($mm)			(6	)
Multifamily
CMS Joint Venture	Multiple Cities	Jul-09		1,212	$	17.3		7.4	%	15% - 25% Ownership Interest
Cunningham	Austin, TX	Aug-09		280		3.6		7.0	%	20% Ownership Interest
Colony Woods	Birmingham, AL	Oct-09		414		2.5		7.6	%	10% Ownership Interest
Commercial
Colonial Promenade at Fultondale	Birmingham, AL	Feb-09		369		30.7		8.6	%
Colonial Pinnacle Craft Farms I	Gulf Shores, AL	Apr-09		345		—		—		The company transferred its 15% interest to the majority joint venture partner
DRA/CRT Joint Venture (4)	Multiple Locations	Nov-09		8,406		—		—		15% Ownership Interest exchanged for acquisition of Three Ravinia
OZRE Joint Venture (5)	Multiple Locations	Dec-09		2,983		—		—		17.1% Ownership Interest exchanged for acquisition of CPAlabaster I
Colonial Center Mansell Joint Venture	Atlanta, GA	Dec-09		689		16.9		8.6	%	15% Ownership Interest
Colonial Promenade Winter Haven	Orlando, FL	Dec-09		286		20.8		8.7	%
Total					$	74.5

(1)	Total square-footage includes anchor-owned square-footage for commercial assets.
(2)	First year investment includes first year capital expenditures and closing costs which are included for purposes of underwriting the acquisition.
(3)	Projected GAAP property NOI divided by the projected first year investment price.
(4)	The Company exited its joint venture with DRA/CRT, which was comprised of 17 office assets totaling 8.4 million square feet. The Company transferred its 15% ownership interest and $24.7 million in exchange for 100% ownership in Three Ravinia, an 813,000-square-foot, Class A office building located in Atlanta, Georgia.
(5)	The Company exited its joint venture with OZRE, which was comprised of 11 retail assets totaling 3.0 million square feet. The Company transferred its 17.1% ownership interest in OZ/CLP Retail LLC to the majority partner and $45.2 million in exchange for 100% ownership in Colonial Promenade Alabaster I, a 612,000-square-foot retail center located in Birmingham, Alabama.
(6)	Represents market cap rate which includes industry standard management fees and capital reserves.

- 19 -

COLONIAL PROPERTIES TRUST
Debt Summary
As of December 31, 2009
($ in 000s)

QUARTERLY DEBT SUMMARY

	CONSOLIDATED DEBT										WITH UNCONSOLIDATED SUBSID. DEBT
	Debt		%			Avg Int			Wtd Mat’y		Debt		%			Avg Int			Wtd Mat’y
Unsecured/Secured
Unsecured Line of Credit	$	310,546		18	%		1.3	%		2.5	$	310,546		16	%		1.3	%		2.5
Unsecured Other		769,050		45	%		6.1	%		4.3		769,050		40	%		6.1	%		4.3
Secured		624,747		37	%		5.7	%		9.1		863,803		44	%		5.4	%		7.6
Total Debt	$	1,704,343		100	%		5.1	%		5.7	$	1,943,399		100	%		5.0	%		5.5
Fixed/Floating
Fixed Rate Debt	$	1,380,426		81	%		5.9	%		6.4	$	1,558,783		80	%		5.9	%		6.2
Floating Rate Debt		323,917		19	%		1.4	%		2.6		384,616		20	%		1.5	%		2.3
Total Debt	$	1,704,343		100	%		5.1	%		5.7	$	1,943,399		100	%		5.0	%		5.5

PRINCIPAL DEBT AMORTIZATION SCHEDULE

($ in MMs)

Amortization Schedule includes unconsolidated debt and excludes the Revolving Line of Credit — due June 2012

	Weighted Average Interest
	Rate on Maturing Debt
	(excluding line of credit)
2010		4.29	%
2011		4.80	%
2012		6.86	%
2013		6.11	%
2014		6.01	%
2015		5.94	%
2016		6.02	%
2017		6.39	%
Thereafter		5.78	%
Total		5.81	%

LINE OF CREDIT

	12/31/08		12/31/09		Interest Rate			Due
Floating	$	311,630	$	310,546		1.28	%		06/15/12
Total Outstanding on LOC	$	311,630	$	310,546		1.28	%

Notes:

• In addition to the $675MM LOC, Wachovia has provided a $35MM Cash Management Line.

• 20 Banks participate in the LOC, co-led by Wachovia 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 + 105 bps, and the facility fee is 20.0 bps.

• 5-Year facility through June 2012.

- 20 -

COLONIAL PROPERTIES TRUST
Debt Summary
As of December 31, 2009
($ in 000s)

PUBLIC RATINGS

			Senior Unsecured		Preferred
			Rating	Outlook	Rating
Fitch Ratings	Sean Pattap	212-908-0642	BB+	Stable	BB-
Moody’s Investor Services	Karen Nickerson	212-553-4924	Ba1	Negative	Ba2
Standard & Poor’s	Beth Campbell	212-438-2415	BB+	Stable	B+

COVERAGE RATIOS

	4Q08			YE ’08			4Q09		YE ’09
SEC Coverage Ratios (SEC Reg. S-K, Item 503)
Earnings to Fixed Charges (1)		(3.0	)		(0.0	)		0.2		1.0
Earnings to Fixed Charges & Preferred Share Distributions (1)		(2.8	)		(0.0	)		0.2		0.9
Supplemental Coverage Ratios
Interest Coverage (2)		2.2			2.4			2.1		2.0
Fixed Charge Coverage (3)		1.9			2.0			1.8		1.7
Fixed Charge w/ Cap Int (4)		1.6			1.7			1.7		1.6

See page 26 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.

Notes:

(1)	The deficiency of the ratio of earnings to fixed charges & preferred share distributions for the three months ended December 31, 2009, is primarily due to an $8.4 million non-cash impairment charge related to certain of the Company’s for-sale residential and development projects. For the three and twelve months ended December 31, 2008, the deficiency of the ratio of earnings to fixed charges is a result of the $91.4 million non-cash impairment charge included in continuing operations related to the Company’s for-sale residential business and certain development projects.
(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 uses 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

	1Q08			2Q08			3Q08			4Q08			1Q09			2Q09			3Q09			4Q09
Total Debt to Total Assets cannot exceed 60%		53.1	%		53.9	%		54.3	%		53.3	%		54.4	%		54.2	%		52.1	%		49.3	%
Secured Debt to Total Assets cannot exceed 40%		14.7	%		14.1	%		14.0	%		13.8	%		22.8	%		26.5	%		26.3	%		21.9	%
Total Unencumbered Assets to Unsecured Debt must be at least 150%		206.6	%		211.5	%		219.0	%		205.7	%		211.2	%		219.5	%		234.1	%		240.5	%
Consolidated Income Available for Debt Service Charges must be at least 1.50/1		2.4	x		2.5	x		2.3	x		2.3	x		2.1	x		2.1	x		2.2	x		2.3	x

TOTAL MARKET CAPITALIZATION

Consolidated Debt	$	1,678,038		$	1,748,992		$	1,711,802		$	1,762,019		$	1,741,538		$	1,736,497		$	1,672,917		$	1,704,343
Unconsolidated Debt		500,940			479,231			476,543			476,314			476,784			471,096			445,742			239,056
Total Debt		2,178,978			2,228,223			2,188,345			2,238,333			2,218,322			2,207,594			2,118,659			1,943,399
Preferred Stock
7.25% Series B (Units)		100,000			100,000			100,000			100,000			100,000			100,000			100,000			100,000
8.125% Series D		117,326			102,906			100,281			100,281			100,281			100,281			100,118			100,118
Total Preferred Stock		217,326			202,906			200,281			200,281			200,281			200,281			200,118			200,118
Market Equity (Shares & Units)		1,376,069			1,149,729			1,073,535			478,200			218,856			427,326			607,000			874,225
Total Market Capitalization	$	3,772,373		$	3,580,858		$	3,462,161		$	2,916,814		$	2,637,459		$	2,835,201		$	2,925,777		$	3,017,742
Debt / Total Market Capitalization		57.8	%		62.2	%		63.2	%		76.7	%		84.1	%		77.9	%		72.4	%		64.4	%

TOTAL MARKET CAPITALIZATION (W/ SUB): 5-YEAR	TOTAL MARKET CAPITALIZATION (W/ SUB): CURRENT QTR

- 21 -

COLONIAL PROPERTIES TRUST
Corporate — Trends
($ in 000s, except per share data)

SUPPLEMENTAL DATA

	4Q09			4Q08			YE 09		YE 08
Consolidated
FFO Gains/(Losses) (net of income taxes & noncontrolling interest):
Condo Conversions	$	—		$	—		$	189	$	(15	)
For-Sale Residential		208			5			678		1,057
Development (1)		—			—			3,333		3,442
Land / Outparcel Sales		(14	)		1,354			127		2,851
Totals		194			1,359			4,327		7,335
3rd Party Mgt & Leasing Fee Revenue		3,637			2,784			15,003		18,327
Straight Line Rents		247			482			146		2,064
Percentage Rents		43			88			231		393
Interest Expense		21,188			17,781			87,023		69,951
Capitalized Interest		336			5,062			3,870		25,032
Debt — Principal Amortization		277			169			1,004		715
Preferred Dividend Payments		3,848			3,868			15,392		16,024
Amortization of Deferred Financing Costs		1,606			1,303			4,963		5,019
Amortization of Stock Compensation (2)		705			(29	)		2,979		4,118
Unconsolidated (3)
Straight Line Rents		225			161			968		1,346
Interest Expense		4,703			6,722			22,748		29,169
Debt — Principal Reductions		228			217			698		627
Amortization of Deferred Financing Costs		102			111			367		511

Notes:

(1)	Amounts recorded during the twelve months ended December 31, 2008 include $1,701, net of tax, related to cost estimates and contingencies resolved for sales transactions recorded during previous periods.
(2)	For the three and twelve months ended December 31, 2008, amounts include $1.6 million of unearned stock based compensation expense that was reversed against restructuring charges on the Company’s Consolidated Statements of Operations.
(3)	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

	4Q09			4Q08			YE 09			YE 08
Acquisition of Properties
Commercial	$	185,793		$	—		$	185,793		$	18,375
Less: Debt Assumed		—			—			—			(14,700	)
Acquisitions, net — Consolidated Assets	$	185,793		$	—		$	185,793		$	3,675
Development Expenditures
Multifamily	$	—		$	22,616		$	12,829		$	116,020
Commercial		5,265			30,254			23,256			133,054
For-Sale / Other		—			16,390			12,171			101,661
Total, including subs		5,265			69,260			48,256			350,735
Less: Infrastructure
Reimbursement from City/County		(4,545	)		(400	)		(5,655	)		(1,550	)
Less: Unconsolidated /Other (1)		(82	)		(4,241	)		(1,189	)		(18,017	)
Development, Consolidated Assets	$	638		$	64,619		$	41,412		$	331,168

(1) Includes items reclassified to other cash flow investing activites.

Proceeds from Sales of Properties, Net of Selling Costs
Multifamily	$	2,475		$	4,135		$	21,805		$	155,441
Commercial		37,655			—			68,327			17,201
For Sale / Projects		5,286			5,101			39,961			25,122
Outparcels/Land		8,040			3,112			10,717			11,308
Total, including subs		53,456			12,348			140,810			209,072
Selling Costs		(1,008	)		(548	)		(5,468	)		(4,878	)
Outparcels/Land		(8,040	)		(3,112	)		(10,717	)		(11,308	)
Less: Unconsolidated — net		(19,380	)		(4,135	)		(22,980	)		(30,674	)
Sales, Net — Consolidated Assets	$	25,028		$	4,553		$	101,645		$	162,212

- 22 -

COLONIAL PROPERTIES TRUST
Corporate Reconciliations
($ in 000s, except per share data)

RECONCILIATION OF REVENUES

	Three Months Ended						Twelve Months Ended
	4Q09			4Q08			YE 09			YE 08
Divisional Total Revenues
Multifamily — Same Property	$	66,879		$	69,503		$	271,586		$	279,424
Multifamily — Non-Same Property		8,995			7,786			35,618			35,139
Commerical		22,453			24,117			91,433			94,107
Total Divisional Revenues		98,327			101,406			398,637			408,670
Less: Unconsolidated Revenues — Multifamily		(976	)		(2,120	)		(6,500	)		(8,604	)
Less: Unconsolidated Revenues — Commercial		(13,851	)		(16,381	)		(62,270	)		(69,818	)
Discontinued Operations		(589	)		(1,580	)		(4,554	)		(15,145	)
Construction Revenues		—			1,035			36			10,137
Unallocated Corporate Rev		3,637			2,784			15,003			18,327
Cons. Rev, adj -’08 Disc Ops		86,548			85,144			340,352			343,567
Add: Add’l Disc Ops Rev, post filing		—			85			—			891
Total Consol. Rev, per 10-Q / K	$	86,548		$	85,229		$	340,352		$	344,458

RECONCILIATION OF EXPENSES

	4Q09			4Q08			YE 09			YE 08
Divisional Total Expenses
Multifamily — Same Property	$	27,879		$	25,832		$	111,312		$	107,245
Multifamily — Non-Same Property		4,009			4,366			18,794			19,062
Commerical		8,246			8,484			33,176			33,286
Total Divisional Expenses		40,134			38,682			163,282			159,593
Less: Unconsolidated Expenses — Multifamily		(540	)		(1,013	)		(3,276	)		(4,378	)
Less: Unconsolidated Expenses — Commerical		(4,839	)		(6,364	)		(22,712	)		(25,924	)
Discontinued Operations		(60	)		(26,289	)		(4,002	)		(32,248	)
Impairment — Discontinued Operations (1)(2)		—			25,475			2,051			25,475
Total Property Operating Exp		34,695			30,491			135,343			122,517
Construction Expenses		—			1,027			35			9,530
Property Management Exp		2,419			2,024			7,749			8,426
General & Administrative Exp		4,959			5,626			17,940			23,185
Management Fee and Other Exp		3,088			2,885			14,184			15,153
Restructure Charges		—			1,028			1,400			1,028
Investment and Development (3)		405			3,401			1,989			4,358
Impairment — Continuing Operations (1)(2)		8,552			93,100			10,390			93,100
Depreciation		28,970			30,773			113,100			101,342
Amortization		1,154			811			4,090			3,371
Cons. Exp, adj -’08 Disc Ops		84,242			171,166			306,220			382,010
Add: Add’l Disc Ops Exp,post filing		—			24,186			—			25,771
Total Consol. Exp, per 10-Q / K	$	84,242		$	195,352		$	306,220		$	407,781

Notes on following page.

- 23 -

COLONIAL PROPERTIES TRUST
Corporate Reconciliations
($ in 000s, except per share data)

RECONCILIATION OF NOI

	4Q09			4Q08			YE 09			YE 08
Divisional Total NOI
Multifamily — Same Property	$	39,000		$	43,671		$	160,274		$	172,179
Multifamily — Non-Same Property		4,986			3,420			16,824			16,077
Commercial		14,207			15,633			58,257			60,821
Total Divisional NOI		58,193			62,724			235,355			249,077
Less: Unconsolidated NOI — Multifamily		(436	)		(1,107	)		(3,224	)		(4,226	)
Less: Unconsolidated NOI — Commercial		(9,012	)		(10,017	)		(39,558	)		(43,894	)
Discontinued Operations		(529	)		24,709			(552	)		17,103
Impairment — Discontinued Operations (1)(2)		—			(25,475	)		(2,051	)		(25,475	)
Unallocated Corporate Rev		3,637			2,784			15,003			18,327
Construction NOI		—			8			1			607
Property Management Exp		(2,419	)		(2,024	)		(7,749	)		(8,426	)
General & Administrative Exp		(4,959	)		(5,626	)		(17,940	)		(23,185	)
Management Fee and Other Exp		(3,088	)		(2,885	)		(14,184	)		(15,153	)
Restructure Charges		—			(1,028	)		(1,400	)		(1,028	)
Investment and Development (3)		(405	)		(3,401	)		(1,989	)		(4,358	)
Impairment — Continuing Operations (1)(2)		(8,552	)		(93,100	)		(10,390	)		(93,100	)
Depreciation		(28,970	)		(30,773	)		(113,100	)		(101,342	)
Amortization		(1,154	)		(811	)		(4,090	)		(3,371	)
Income from Operations		2,306			(86,022	)		34,132			(38,443	)
Total Other (Expense) Income		(11,445	)		(12,317	)		(21,104	)		(36,505	)
Income from Continuing Ops (3)		(9,139	)		(98,339	)		13,028			(74,948	)
Disc Ops		—			(24,101	)		—			(24,880	)
08 & 09 Disc Ops Other Inc(Exp)		—			(778	)		—			(2,990	)
(Loss) Income from Cont, per 10-Q / K (4)	$	(9,139	)	$	(123,218	)	$	13,028		$	(102,818	)

Notes:

(1)	For the three months ended December 31, 2009, the Company recorded an $8.4 million non-cash impairment charge and a $0.2 million casualty loss. The casualty loss related to fire damage at one of the Company’s multifamily apartment communities. Of the impairment charge, $6.5 million is related to a change in the strategic direction for the Nord Du Lac retail development, $1.7 million is related to the write-down to market value for the remaining for-sale condos at Metropolitan Midtown, a mixed use development, and $0.2 million is related to the write-down of certain land outparcels. For the year ended December 31, 2009, in addition to the charges described above, the Company recorded a $3.9 million non-cash impairment charge. Of the charge, $0.2 million is related to the Company’s noncontrolling interest in the Colonial Grand at Traditions joint venture, $0.7 million is related to the Company’s noncontrolling interest in the Craft Farms joint venture, $0.3 million is related to the sale of the remaining 17 units at the Regents Park for-sale residential project and $0.6 million is related to an additional for-sale residential project (presented in “Impairment and other losses” in continuing operations). In addition, $0.3 million is related to the sale of the remaining units at Portofino at Jensen Beach, a for-sale residential project, and $1.8 million is related to two multifamily apartment communities sold during the third quarter 2009 (presented as a part of “Income (Loss) from Discontinued Operations”.
(2)	For the three and twelve months ended December 31, 2008, the Company recorded a $116.9 million non-cash impairment charge related to the Company’s for-sale residential business and certain development projects. The Company did not record an income tax benefit in the current period related to this non-cash impairment charge. Of the $116.9 million, $91.4 million is recorded in continuing operations and $25.5 million is recorded in discontinued operations. Additionally, there was $1.7 million in continuing operations for casualty losses recorded as a result of fire damage at four multifamily apartment communities.
(3)	Reflects costs incurred related to potential mergers, acquisitions and abandoned pursuits . These costs are volatile and therefore may vary between periods.
(4)	(Loss)/Income from Continuing Operations before extraordinary items, noncontrolling interest and discontinued operations. Adjustments for additional discontinued operations have restated prior periods in accordance with FAS 144.

QUARTERLY DATA FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2009 AND 2008

	4Q09		4Q08		YE 09			YE 08
Assets Sold
Revenue from assets sold	$	590	$	1,580	$	4,555		$	15,144
Expenses from assets sold (1)		60		815		1,952			6,772
NOI from assets sold		530		765		2,603			8,372
Assets Held for Sale
Revenue from assets held for sale		—		—		—			—
Expenses from assets held for sale		—		—		—			—
NOI from assets held for sale		—		—		—			—
Assets sold, not classified in discontinued operations
Revenue from assets sold		43		952		252			3,274
Expenses from assets sold		39		249		288			803
NOI from assets sold	$	4	$	703	$	(36	)	$	2,471

(1) Excludes non-cash impairment charges of $2.1 million for the twelve months ended December 31, 2009. Excludes non-cash impairment charges of $25.5 million for the three and twelve months ended December 31, 2008.

- 24 -

COLONIAL PROPERTIES TRUST
Corporate Reconciliations
($ in 000s, except per share data)

NOI FROM DISCONTINUED OPERATIONS

NOI as reported by the Company does not include results from discontinued operations (i.e., assets sold or held for sale as of December 31, 2009). A reconciliation of NOI from properties sold or held for sale to net income for these properties is as follows:

	4Q09		4Q08			YE 09		YE 08
(Loss)/Income from discontinued operations	$	530	$	(25,057	)	$	421	$	(18,635	)
Adjustment for:
Impairment		—		25,475			2,051		25,475
Interest (income) expense, net		—		(44	)		—		(183	)
Depreciation and amortization expenses		—		391			131		1,715
NOI from discontinued operations	$	530	$	765		$	2,603	$	8,372
NOI from assets sold		530		765			2,603		8,372
NOI from assets held for sale		—		—			—		—
NOI from discontinued operations	$	530	$	765		$	2,603	$	8,372

EBITDA RECONCILIATION

	4Q09			4Q08			YE 09			YE 08
Net (Loss) Income to Common S/H	$	(9,552	)	$	(107,220	)	$	(509	)	$	(55,429	)
Consolidated
Noncontrolling Interest		(1,182	)		(20,301	)		(82	)		(11,225	)
(Inc)/Loss — Uncons. Assets		(3,352	)		980			1,243			(12,516	)
Preferred Dividends		3,848			3,868			15,392			16,024
Preferred Share Issuance Costs		—			—			(25	)		27
Interest Expense		21,188			17,781			87,023			69,951
(Gain)/Loss on Retirement of Debt		53			(5,235	)		(56,427	)		(15,951	)
Income Tax Expense (Benefit)		(7,568	)		496			(6,859	)		2,963
Depreciation & Amortization		31,730			33,278			122,284			111,447
(Gain) on Sale (Cont & Disc)		(1,853	)		(2,612	)		(10,831	)		(52,448	)
Gain — Undeprec Property (1)		194			1,359			4,327			7,335
Impairment (2)		8,552			118,575			12,441			118,575
Amortization of Stock Based Compensation Expense (3)		705			(29	)		2,979			4,118
EBITDA from Consolidated Props		42,763			40,940			170,956			182,871
Unconsolidated
Reverse: Inc/(Loss) — Uncons.		3,352			(980	)		(1,243	)		12,516
Preferred Dividends		79			90			397			448
Interest Expense		4,703			6,722			22,748			29,169
Depreciation & Amortization		5,764			7,110			27,287			31,317
Loss/(Gain) on Sale of Prop		(3,222	)		(395	)		(4,958	)		(18,943	)
EBITDA	$	53,439		$	53,487		$	215,187		$	237,378

(1)	The Company includes the effects of undepreciated real estate (e.g. land, outparcels and condominium units) in EBITDA, as this is a recurring source of cash.
(2)	Includes non-cash impairment charge from continuing operations.
(3)	For the three and twelve months ended December 31, 2008, amounts include $1.6 million of unearned stock based compensation expense that was reversed against restructuring charges on the Company’s Consolidated Statements of Operations.

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. The Company believes 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, 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, 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.

- 25 -

COLONIAL PROPERTIES TRUST
Corporate Reconciliations
($ in 000s, except per share data)

RECONCILIATION OF SEC COVERAGE RATIOS

	4Q09			4Q08			YE 09			YE 08
Earnings
Net (Loss) Income (before preferred shares)	$	(7,517	)	$	(105,151	)	$	7,608		$	(46,629	)
Discontinued Operations:
(Income)/Loss from Discontinued Operations		(530	)		25,057			(421	)		18,635
Noncontrolling Interest in CRLP		248			(3,989	)		381			4,211
(Gains)/Losses on Disposal of Discontinued
Operations, net of income taxes		(1,723	)		151			(1,729	)		(43,062	)
Noncontrolling Interest of Limited Partners		—			(110	)		(597	)		(449	)
CRLP Noncontrolling Interest — Common U/H		(1,430	)		(16,312	)		(463	)		(15,436	)
(Gains)/Losses from Sales of Property, net of income taxes		(130	)		(2,509	)		(5,875	)		(6,776	)
Noncontrolling Interest of Limited Partners		—			216			999			531
Income Taxes and Other		(7,568	)		(139	)		(10,086	)		(1,014	)
(Income)/Loss from Unconsolidated Entities		(3,352	)		980			1,243			(12,516	)
		(22,002	)		(101,806	)		(8,940	)		(102,505	)
Amortization of Interest Capitalized		967			900			3,780			3,600
Capitalized Interest		(336	)		(5,062	)		(3,870	)		(25,032	)
Distributions from Unconsolidated Entities		2,092			1,947			11,601			13,344
Fixed Charges, from below		24,943			25,945			103,106			107,253
Earnings		5,664			(78,076	)		105,677			(3,340	)
Fixed Charges
Interest Expense		21,188			17,781			87,023			69,951
Capitalized Interest		336			5,062			3,870			25,032
Amortization of Deferred Financing Costs		1,606			1,303			4,963			5,019
Distrib to Series B Pfd Unitholders		1,813			1,799			7,250			7,251
Total		24,943			25,945			103,106			107,253
Fixed Charges & Preferred Share Distributions
Add: Distrib-Pfd Share Series B & D		2,035			2,069			8,142			8,773
Total	$	26,978		$	28,014		$	111,248		$	116,026

RECONCILIATION OF SUPPLEMENTAL COVERAGE RATIOS

	4Q09		4Q08		YE 09		YE 08
Interest Coverage Denominator
Interest Expense	$	21,188	$	17,781	$	87,023	$	69,951
Interest Expense — Unconsolidated		4,703		6,722		22,748		29,169
Total Interest Expense		25,891		24,503		109,771		99,120
Fixed Charge Denominator
Add: Preferred Dividend Payments		3,848		3,868		15,392		16,024
Debt Principal Amortization		277		169		1,004		715
Debt Principal Amortortization — Unconsolidated		228		217		698		627
Total Fixed Charges		30,244		28,757		126,865		116,486
Fixed Charge w/ Capitalized Interest Denominator
Add: Capitalized Interest		336		5,062		3,870		25,032
Total Fixed Charges w/ Capitalized Interest	$	30,580	$	33,819	$	130,735	$	141,518

- 26 -

COLONIAL PROPERTIES TRUST
Multifamily Property Table
As of December 31, 2009
Appendix

															Market Rental Rates
Property	MSA	State	Year Built / Avg Age		% Own			Apartment Homes		Square Feet(000s)		Occupancy Rate			Per Home		Per SF		S-P
PROPERTIES IN MAJOR MARKETS
CG at Berkeley Lake	Atlanta	GA		1998		100.0	%		180		244		97.2	%		869		0.64	S
CG at Mount Vernon	Atlanta	GA		1997		100.0	%		213		257		96.7	%		977		0.81	S
CG at River Oaks	Atlanta	GA		1992		100.0	%		216		276		97.2	%		786		0.61	S
CG at River Plantation	Atlanta	GA		1994		100.0	%		232		310		94.4	%		813		0.61	S
CG at Sugarloaf	Atlanta	GA		2002		100.0	%		250		329		94.0	%		810		0.62	S
CG at McGinnis Ferry	Atlanta	GA		1997		100.0	%		434		509		93.8	%		802		0.68	S
CG at Barrett Creek	Atlanta	GA		1999		100.0	%		332		310		95.5	%		737		0.79	S
CG at McDaniel Farm	Atlanta	GA		1997		100.0	%		425		451		96.7	%		721		0.68	S
CG at Shiloh	Atlanta	GA		2002		100.0	%		498		533		95.0	%		771		0.72	S
CG at Pleasant Hill	Atlanta	GA		1996		100.0	%		502		502		95.2	%		697		0.70	S
CG at Huntcliff	Atlanta	GA		1997		20.0	%		358		365		95.0	%		796		0.79
	Total	11	11.6 Years						3,640		4,086		95.4	%		780		0.69
	Same Store	10	11.6 Years						3,282		3,722		95.4	%		780		0.69
CG at Silverado	Austin	TX		2004		100.0	%		238		240		94.1	%		736		0.73	S
CG at Silverado Reserve	Austin	TX		2006		100.0	%		256		266		96.9	%		814		0.78	S
CV at Quarry Oaks	Austin	TX		1996		100.0	%		533		470		94.2	%		679		0.77	S
CV at Sierra Vista	Austin	TX		1999		100.0	%		232		206		97.8	%		655		0.74	S
CG at Round Rock	Austin	TX		2006		100.0	%		422		430		95.3	%		775		0.76	S
CG at Onion Creek	Austin	TX		2008		100.0	%		300		313		99.0	%		896		0.86
CG at Ashton Oaks	Austin	TX		2008		100.0	%		362		308		93.9	%		689		0.81
CV at Canyon Hills	Austin	TX		1996		100.0	%		229		183		95.2	%		686		0.86	S
CG at Canyon Creek	Austin	TX		2007		100.0	%		336		349		92.0	%		789		0.76
	Total	9	5.7 Years						2,908		2,763		95.2	%		744		0.78
	Same Store	6	7.8 Years						1,910		1,794		95.3	%		723		0.77
CG at Liberty Park	Birmingham	AL		2000		100.0	%		300		339		96.7	%		949		0.84	S
CV at Trussville	Birmingham	AL		1996		100.0	%		376		410		93.9	%		706		0.65	S
CV at Inverness	Birmingham	AL		1986/87/90/97		100.0	%		586		508		93.0	%		592		0.68	S
The Groves at Riverchase	Birmingham	AL		1996		20.0	%		345		327		94.2	%		722		0.76
	Total	4	13.5 Years						1,607		1,585		94.1	%		711		0.72
	Same Store	3	13.7 Years						1,262		1,257		94.1	%		711		0.71
CG at Cypress Cove	Charleston	SC		2001		100.0	%		264		304		98.1	%		847		0.74	S
CV at Westchase	Charleston	SC		1985		100.0	%		352		258		99.4	%		595		0.81	S
CV at Hampton Pointe	Charleston	SC		1986		100.0	%		304		315		96.1	%		704		0.68	S
CG at Quarterdeck	Charleston	SC		1987		100.0	%		230		219		95.2	%		818		0.86	S
CV at Waters Edge	Charleston	SC		1985		100.0	%		204		188		99.5	%		637		0.69	S
CV at Windsor Place	Charleston	SC		1985		100.0	%		224		213		98.2	%		627		0.66	S
	Total	6	20.8 Years						1,578		1,497		97.8	%		700		0.74
	Same Store	6	20.8 Years						1,578		1,497		97.8	%		700		0.74
CG at Mallard Creek	Charlotte	NC		2004		100.0	%		252		233		99.6	%		743		0.80	S
CG at Beverly Crest	Charlotte	NC		1996		100.0	%		300		279		95.0	%		674		0.73	S
CG at Mallard Lake	Charlotte	NC		1998		100.0	%		302		301		98.0	%		707		0.71	S
CG at Ayrsley	Charlotte	NC		2009		100.0	%		368		372		94.6	%		789		0.78
CV at Chancellor Park	Charlotte	NC		1996		100.0	%		340		327		95.6	%		658		0.68	S
CG at Huntersville	Charlotte	NC		2009		100.0	%		250		248		98.8	%		757		0.76
CG at University Center	Charlotte	NC		2006		100.0	%		156		167		98.1	%		711		0.66	S
CV at Matthews	Charlotte	NC		1990		100.0	%		270		256		92.6	%		716		0.76
CG at Matthews Commons	Charlotte	NC		2008		100.0	%		216		203		96.3	%		779		0.83
Enclave	Charlotte	NC		2008		100.0	%		85		108		94.1	%		1,405		1.10
CV at Meadow Creek	Charlotte	NC		1984		100.0	%		250		230		95.2	%		573		0.62	S
Heatherwood	Charlotte	NC		1980		100.0	%		476		439		78.6	%		588		0.64	S
CV at Charleston Place	Charlotte	NC		1986		100.0	%		214		172		94.4	%		538		0.67	S
CV at Stone Point	Charlotte	NC		1986		100.0	%		192		173		92.7	%		619		0.69	S
CV at Greystone	Charlotte	NC		1998/2000		100.0	%		408		387		81.4	%		625		0.66	S
CG at Legacy Park	Charlotte	NC		2001		100.0	%		288		301		95.8	%		702		0.67	S
CV at Timber Crest	Charlotte	NC		2000		100.0	%		282		273		94.0	%		626		0.65	S
CV at South Tryon	Charlotte	NC		2002		100.0	%		216		236		93.1	%		646		0.59	S
	Total	18	11.1 Years						4,865		4,704		92.7	%		684		0.71
	Same Store	13	13.8 Years						3,676		3,517		91.8	%		644		0.67

- 27 -

COLONIAL PROPERTIES TRUST
Multifamily Property Table
As of December 31, 2009
Appendix

															Market Rental Rates
Property	MSA	State	Year Built / Avg Age		% Own			Apartment Homes		Square Feet(000s)		Occupancy Rate			Per Home		Per SF		S-P
CG at Bear Creek	Dallas/Fort Worth	TX		1998		100.0	%		436		395		92.2	%		829		0.91	S
CV at Willow Creek	Dallas/Fort Worth	TX		1996		100.0	%		478		427		94.1	%		753		0.84	S
CV at Shoal Creek	Dallas/Fort Worth	TX		1996		100.0	%		408		382		93.6	%		788		0.84	S
CV at Oakbend	Dallas/Fort Worth	TX		1996		100.0	%		426		383		85.7	%		746		0.83	S
Brookfield	Dallas/Fort Worth	TX		1984		100.0	%		232		166		90.9	%		557		0.78	S
Paces Cove	Dallas/Fort Worth	TX		1982		100.0	%		328		220		95.1	%		480		0.72	S
Remington Hills	Dallas/Fort Worth	TX		1984		100.0	%		362		347		90.6	%		727		0.76	S
CV at Main Park	Dallas/Fort Worth	TX		1984		100.0	%		192		180		97.4	%		732		0.78	S
Summer Tree	Dallas/Fort Worth	TX		1980		100.0	%		232		136		94.0	%		482		0.82	S
CV at Vista Ridge	Dallas/Fort Worth	TX		1985		100.0	%		300		237		97.0	%		558		0.71	S
CV at Grapevine I & II	Dallas/Fort Worth	TX		1985		100.0	%		450		387		92.9	%		686		0.80	S
CV at North Arlington	Dallas/Fort Worth	TX		1985		100.0	%		240		191		93.3	%		578		0.73	S
CG at Valley Ranch	Dallas/Fort Worth	TX		1997		100.0	%		396		462		98.2	%		979		0.84	S
Belterra	Dallas/Fort Worth	TX		2006		10.0	%		288		278		93.4	%		807		0.84
	Total	14	19.1 Years						4,768		4,191		93.2	%		707		0.81
	Same Store	13	20.4 Years						4,480		3,912		93.2	%		707		0.81
CG at Edgewater I	Huntsville	AL		1990/99		100.0	%		500		543		97.6	%		700		0.64	S
CG at Madison	Huntsville	AL		2000		100.0	%		336		355		97.3	%		800		0.76	S
	Total	2	11.8 Years						836		897		97.5	%		740		0.69
	Same Store	2	11.8 Years						836		897		97.5	%		740		0.69
CG at Heather Glen	Orlando	FL		2000		100.0	%		448		523		96.2	%		921		0.79	S
CG at Town Park(Lake Mary)	Orlando	FL		2002		100.0	%		456		535		96.9	%		918		0.78	S
CV at Twin Lakes	Orlando	FL		2004		100.0	%		460		418		96.3	%		789		0.87	S
CG at Town Park Reserve	Orlando	FL		2004		100.0	%		80		77		98.8	%		1,032		1.07	S
CG at Heathrow	Orlando	FL		1997		100.0	%		312		353		93.6	%		884		0.78	S
	Total	5	7.6 Years						1,756		1,907		96.1	%		884		0.81
	Same Store	5	7.6 Years						1,756		1,907		96.1	%		884		0.81
CG at Scottsdale	Phoenix	AZ		1999		100.0	%		180		202		95.0	%		907		0.81	S
CG at OldTown Scottsdale South	Phoenix	AZ		1994		100.0	%		264		265		91.3	%		807		0.81	S
CG at OldTown Scottsdale North	Phoenix	AZ		1995		100.0	%		208		206		90.9	%		762		0.77	S
CG at Inverness Commons	Phoenix	AZ		2002		100.0	%		300		306		80.7	%		724		0.71	S
	Total	4	11.5 Years						952		978		88.6	%		790		0.77
	Same Store	4	11.5 Years						952		978		88.6	%		790		0.77
CG at Arringdon	Raleigh	NC		2003		100.0	%		320		311		94.7	%		755		0.78	S
CG at Patterson Place	Raleigh	NC		1997		100.0	%		252		237		96.8	%		768		0.82	S
CG at Crabtree Valley	Raleigh	NC		1997		100.0	%		210		210		91.4	%		699		0.70	S
CV at Highland Hills	Raleigh	NC		1987		100.0	%		250		263		91.6	%		731		0.70	S
CV at Woodlake	Raleigh	NC		1996		100.0	%		266		255		92.1	%		661		0.69	S
CV at Deerfield	Raleigh	NC		1985		100.0	%		204		198		98.5	%		718		0.74	S
CG at Trinity Commons	Raleigh	NC		2000/02		100.0	%		462		484		93.9	%		722		0.69	S
CV at Cary	Raleigh	NC		1995		20.0	%		319		400		93.4	%		788		0.63
CG at Research Park (Durham)	Raleigh	NC		2002		20.0	%		370		377		93.0	%		754		0.74
	Total	9	13.1 Years						2,653		2,735		94.0	%		726		0.72
	Same Store	7	13.9 Years						1,964		1,958		94.1	%		723		0.73
Ashley Park	Richmond	VA		1988		100.0	%		272		194		100.0	%		629		0.88	S
CR at West Franklin	Richmond	VA		1964/65		100.0	%		332		170		93.4	%		726		1.42	S
CV at Hampton Glen	Richmond	VA		1986		100.0	%		232		178		98.7	%		759		0.99	S
CV at West End	Richmond	VA		1987		100.0	%		224		156		100.0	%		708		1.01	S
CV at Chase Gayton	Richmond	VA		1984		100.0	%		328		311		98.8	%		774		0.82	S
CV at Waterford	Richmond	VA		1989		100.0	%		312		289		100.0	%		808		0.87	S
	Total	6	25.9 Years						1,700		1,299		98.3	%		737		0.96
	Same Store	6	25.9 Years						1,700		1,299		98.3	%		737		0.96
CG at Godley Station I	Savannah	GA		2005		100.0	%		312		337		97.1	%		783		0.72	S
CV at Godley Lake	Savannah	GA		2008		100.0	%		288		270		97.6	%		809		0.86
CV at Greentree	Savannah	GA		1984		100.0	%		194		165		95.4	%		657		0.77	S
CG at Hammocks	Savannah	GA		1997		100.0	%		308		324		97.1	%		925		0.88	S
CV at Huntington	Savannah	GA		1986		100.0	%		147		121		96.6	%		738		0.90	S
CV at Marsh Cove	Savannah	GA		1983		100.0	%		188		197		100.0	%		738		0.70	S
	Total	6	15.2 Years						1,437		1,414		97.3	%		791		0.80
	Same Store	5	18.0 Years						1,149		1,145		97.2	%		787		0.79
TOTAL PROPERTIES IN MAJOR MARKETS		94	13.8 Years						28,700		28,056		94.7	%		739		0.76
	Same Store	80	15.3 Years						24,545		23,883		94.6	%		732		0.75

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COLONIAL PROPERTIES TRUST
Multifamily Property Table
As of December 31, 2009
Appendix

PROPERTIES IN OTHER MARKETS

															Market Rental Rates
Property	MSA	State	Year Built / Avg Age		% Own			Apartment Homes		Square Feet(000s)		Occupancy Rate			Per Home		Per SF		S-P
Autumn Hill	Charlottesville	VA		1970		100.0	%		425		370		91.5	%		694		0.80	S
Autumn Park I & II	Greensboro	NC		2001/04		100.0	%		402		404		93.5	%		719		0.72	S
CG at Wilmington	Wilmington	NC		1998/2002		100.0	%		390		356		98.7	%		649		0.71	S
CG at Traditions	Gulf Shores	AL		2007		35.0	%		324		322		94.8	%		530		0.53
CG at Bellevue	Nashville	TN		1996		100.0	%		349		345		96.6	%		865		0.88	S
CG at Seven Oaks	Tampa	FL		2004		100.0	%		318		302		96.9	%		843		0.89	S
CG at Lakewood Ranch	Sarasota	FL		1999		100.0	%		288		302		100.0	%		925		0.88	S
CV at Harbour Club	Norfolk	VA		1988		100.0	%		213		193		91.1	%		810		0.89	S
CV at Greenbrier	Washington DC	VA		1980		100.0	%		258		217		100.0	%		831		0.99	S
CV at Pinnacle Ridge	Asheville	NC		1948/85		100.0	%		166		147		98.8	%		690		0.78	S
CV at Ashford Place	Mobile	AL		1983		100.0	%		168		146		98.2	%		581		0.67	S
CV at Huntleigh Woods	Mobile	AL		1978		100.0	%		233		199		94.8	%		546		0.64	S
CV at Mill Creek	Winston-Salem	NC		1984		100.0	%		220		210		91.8	%		554		0.58	S
CV at Tradewinds	Norfolk	VA		1988		100.0	%		284		280		92.6	%		813		0.82
Cypress Village Rental	Gulf Shores	AL		2009		100.0	%		96		206		93.8	%		1,120		0.52
Glen Eagles I & II	Winston-Salem	NC		1990/2000		100.0	%		310		312		88.1	%		626		0.62	S
TOTAL PROPERTIES IN OTHER MARKETS		16	18.4 Years						4,444		4,309		95.0	%		736		0.76
	Same Store	13	20.8 Years						3,740		3,501		95.2	%		726		0.78
THIRD PARTY MANAGED BUSINESS
Hawthorne Groves	Orlando	FL		2002		0.0	%		328		363		94.5	%
Hawthorne Village	Daytona Beach	FL		2006		0.0	%		378		414		96.6	%
TOTAL MANAGED	Total	2	5.0 Years						706		777		95.6	%

LEASE UP PROPERTIES

CG at Desert Vista	Las Vegas	NV			2008	100.0	%	380	338	72.1	%	877	0.98
TOTAL LEASE UP	Total		1	1.0 Years				380	338	72.1	%	877	0.98

TOTAL ALL PROPERTIES		113	14.2 Years	34,230	33,480	94.7	%	738	0.76
	Same Store	93	16.1 Years	28,285	27,385	94.7	%	732	0.76

Notes:
CG	=	Colonial Grand Apartments, Class A; CV = Colonial Village Apartments, Class B
LU	=	Properties in lease-up. These properties are not included in Occupancy and Market Rent calculations.
S	=	Current year same-property portfolio: Property has been stabalized as of the beginning of the prior calendar year. Partially owned properties are not included.

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COLONIAL PROPERTIES TRUST
Commercial Property Table
As of December 31, 2009

Appendix

							Square Feet (000s)
									Anchor							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		0		170		100.0	%	$	29.18
Town Park 400 (Office)	Orlando	FL	2008		100	%		176		0		176	LU			LU
Metropolitan Midtown (Office)	Charlotte	NC	2008		100	%		170		0		170		77.0	%		28.94
Three Ravinia (Office)	Atlanta	GA	1991		100	%		813		—		813		84.1	%		27.10
Brookwood Village (Retail)	Birmingham	AL	1973/91/00		100	%		605		232		373		93.1	%		27.95
Brookwood Convenience Center (Retail)	Birmingham	AL	1974		100	%		5		0		5		100.0	%		17.74
CP Tannehill (Retail)	Birmingham	AL	2008		100	%		435		127		290		94.7	%		20.43
Metropolitan Midtown (Retail)	Charlotte	NC	2008		100	%		172		0		172	LU			LU
CP Alabaster (Retail)	Birmingham	AL	2005		100	%		681		393		288		98.6	%		19.46
Total Consolidated		9						3,227		752		2,457		89.9	%	$	26.88
UNCONSOLIDATED PROPERTIES
DRA/CLP Joint Venture (Office)
901 Maitland	Orlando	FL	1985		15	%		158		—		158		73.2	%	$	19.53
Colonial Center at TownPark	Orlando	FL	2001		15	%		658		—		658		92.3	%		21.76
Colonial Center at Bayside	Tampa	FL	1988-94/97		15	%		213		—		213		66.3	%		19.80
Colonal Center at Colonnade	Birmingham	AL	1989/99		15	%		419		—		419		92.9	%		22.01
Colonial Center Blue Lake	Birmingham	AL	1982-2005		15	%		167		—		167		80.8	%		22.03
Colonial Center Heathrow	Orlando	FL	1988/96/97/98/99/2000/2001		15	%		922		—		922		86.4	%		19.87
Colonial Place I and II	Tampa	FL	1984/86		15	%		371		—		371		81.8	%		25.46
Colonial Plaza	Birmingham	AL	1982-99		15	%		171		—		171		91.6	%		18.58
Colonial TownPark Office - Lifestyle	Orlando	FL	2004		15	%		38		—		38		71.5	%		24.40
Concourse Center	Tampa	FL	1982-2005/1983-2003/1984		15	%		294		—		294		78.7	%		20.25
Esplanade	Charlotte	NC	1981-2007		15	%		203		—		203		84.2	%		19.76
Independence Plaza	Birmingham	AL	1979-2000		15	%		106		—		106		98.4	%		19.27
International Park	Birmingham	AL	1987/99		15	%		211		—		211		92.9	%		20.41
The Peachtree	Atlanta	GA	1989		15	%		317		—		317		89.9	%		24.58
Research Park Plaza III and IV	Austin	TX	2001		15	%		358		—		358		81.5	%		21.95
Riverchase Center	Birmingham	AL	1985		15	%		306		—		306		92.1	%		10.71
Total		16						4,912		—		4,912		86.2	%		20.68
Total (Weighted)		16								—		737		86.2	%		20.68
DRA/CLP Joint Venture (Retail)
CP TownPark	Orlando	FL	2005		15	%		198		—		198		90.8	%	$	25.14
Colonial Shops Colonnade	Birmingham	AL	1989/2005		15	%		125		—		125		86.9	%		18.34
Total		2						324		—		324		89.3	%		21.67
Total (Weighted)		2										49		89.3	%		21.67
Huntsville TIC Joint Venture (Office)
Colonial Center Lakeside	Huntsville	AL	1989/90		10	%		122		—		122		100.0	%	$	17.54
Colonial Center Research Park	Huntsville	AL	1999		10	%		134		—		134		100.0	%		18.54
Colonial Center Research Place	Huntsville	AL	1979/84/88		10	%		275		—		275		100.0	%		14.07
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		84.3	%		18.57
Progress Center	Huntsville	AL	1987/89		10	%		222		—		222		96.8	%		12.81
Regions Bank Center	Huntsville	AL	1990		10	%		154		—		154		95.1	%		19.65
Research Park Office Center	Huntsville	AL	1998/99		10	%		236		—		236		99.5	%		12.79
Total		9						1,704		—		1,704		96.9	%		14.66
Total (Weighted)		9										170		96.9	%		14.66
Other Joint Ventures
Land Title Building (Office)	Birmingham	AL	1975		33	%		30		—		30		100.0	%	$	13.71
Parkway Place (Retail)	Huntsville	AL	1999		50	%		623		348		275		90.7	%		28.96
CP Hoover (Retail)	Birmingham	AL	2002		10	%		381		216		165		92.4	%		18.32
CP Madison (Retail)	Huntsville	AL	2000		25	%		111		—		111		95.4	%		14.91
CP Alabaster II (Retail)	Birmingham	AL	2007		5	%		355		226		129		97.6	%		21.14
CP Tutwiler II (Retail)	Birmingham	AL	2008		5	%		65		—		65		100.0	%		13.84
CP Smyrna (Retail)	Smyrna	TN	2008		50	%		416		268		148		96.6	%		20.39
CP Turkey Creek (Retail)	Knoxville	TN	2005		50	%		486		—		486		95.0	%		23.41
CP Turkey Creek III (Retail)	Knoxville	TN	2005		50	%		166		—		166	LU			LU
Total		9						2,633		1,057		1,575		94.6	%		23.27
Total (Weighted)		9										601		96.0	%		24.39
Total Unconsolidated		36						9,572		1,057		8,515		89.9	%		19.42
Total Unconsolidated (Weighted)		36										1,557		90.3	%		20.61

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COLONIAL PROPERTIES TRUST
Commercial Property Table
As of December 31, 2009

Appendix

							Square Feet (000s)
									Anchor							Base Rent per
Property	MSA	State	Year Built	% Own			Total		Owned		CLP Owned		Occupancy Rate			Sq. Foot (1)
THIRD-PARTY MANAGED BUSINESS
International Park 2000 (Office)	Birmingham	AL			0	%		130
Colonial Center Heathrow 500 (Office)	Orlando	FL			0	%		76
Atlanta Chamblee (Office)	Atlanta	GA			0	%		1,130
Atlanta Perimeter (Office)	Atlanta	GA			0	%		182
Atlantic Center Plaza (Office)	Atlanta	GA			0	%		501
Baymeadows Way (Office)	Jacksonville	FL			0	%		224
Broward Financial Center (Office)	Ft.Lauderdale	FL			0	%		326
Charlotte University (Office)	Charlotte	NC			0	%		183
Germantown Center (Office)	Memphis	TN			0	%		536
Jacksonville Baymeadows (Office)	Jacksonville	FL			0	%		752
Jacksonville JTB (Office)	Jacksonville	FL			0	%		417
McGinnis Park (Office)	Atlanta	GA			0	%		202
Orlando Central (Office)	Orlando	FL			0	%		625
Orlando Lake Mary (Office)	Orlando	FL			0	%		305
Orlando University (Office)	Orlando	FL			0	%		386
Post Oak (Office)	Houston	TX			0	%		1,202
Calico Corner (Retail)	Birmingham	AL			0	%		6
Hoover Commons (Retail)	Birmingham	AL			0	%		197
TOTAL MANAGED		18						7,380
Total Commercial Properties		63						20,178		1,809		10,972		89.9	%	$	19.81
Total Commercial Properties (Weighted)		63										4,014		90.1	%	$	21.25

Notes:

LU = Properties in lease up; these properties are not included in occupancy subtotal or total categories.

(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.

- 31 -

COLONIAL PROPERTIES TRUST
Unconsolidated Joint Venture Summary
As of December 31, 2009
($ in 000s)

	Units/			CLP %								Equity
Property	SF-000s			Own			Occupancy Rate			Sec’d Debt		Invest
DRA
The Grove at Riverchase		345			20	%		94.2	%		3,850		1,133
Colonial Village at Cary		319			20	%		93.4	%		4,320		1,440
		664									8,170		2,573
Other
Colonial Grand at Research Park		370			20	%		93.0	%		4,491		914
Colonial Grand at Huntcliff		358			20	%		95.0	%		5,149		1,646
Regents Park (Phase II) (1)		—			40	%		—			—		3,387
Colonial Grand at Traditions (2)		324			35	%		94.8	%		11,707		—
Belterra		288			10	%		93.4	%		1,996		525
Colonial Grand at McKinney (Development)		—			25	%		—			—		1,721
		1,340									23,343		8,193
Total Multifamily (3)		2,004								$	31,513	$	10,766
DRA/CLP (4)		5,236			15	%		86.4	%		111,286		(15,321	)
Huntsville TIC (5)		1,704			10	%		96.9	%		10,754		(4,617	)
Parkway Place		623			50	%		90.7	%		28,229		10,168
Colonial Pinnacle at Turkey Creek		486			50	%		95.0	%		32,500		3,073
Colonial Pinnacle at Turkey Creek III (Development)		166			50	%		80.6	%		5,949		7,210
Other
Land Title Building		30			33	%		100.0	%		291		154
Colonial Promenade Madison		111			25	%		95.4	%		—		2,119
Colonial Promenade Hoover		381			10	%		92.4	%		1,607		59
Colonial Promenade Smyrna		416			50	%		96.6	%		14,814		2,174
Colonial Promenade Alabaster II/Tutwiler II		420			5	%		98.4	%		2,000		(190	)
Total Commercial		9,572	(6)							$	207,430	$	4,829
Other Unconsolidated Investments											113		1,827
Total Investments in Unconsolidated Subsidiaries										$	239,056	$	17,422

Notes:

LU = Properties in lease up.

(1)	The Regents Park Joint Venture (Phase II) consists of undeveloped land.
(2)	In September 2009, the Company determined that it was probable that the Company will have to fund the $3.5 million partial loan repayment guarantee provided on the original construction loan for Colonial Grand at Traditions. Accordingly, the Company recorded a charge to earnings of $3.5 million for this expected payment. In addition, the Company determined that its 35% joint venture interest is impaired and that this impairment is other than temporary. The impairment charge was calculated as the difference between the estimated fair value of the Company’s joint venture interest and the current book value of the Company’s joint venture interest. As a result, the Company recorded a non-cash impairment charge of $0.2 million in third quarter of 2009 for this other-than-temporary impairment.
(3)	During the fourth quarter 2009, the Company sold its interest in Colony Woods. During the third quarter 2009, the Company sold its interest in Colonial Grand at Mountain Brook, Colonial Grand at Brentwood, Colonial Village at Rocky Ridge, Colonial Village at Palma Sola and Cunningham. The Company began consolidating Colonial Grand at Canyon Creek in its financial statements as of September 30, 2009.
(4)	As of December 31, 2009, 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 $17.4 million, offset by the excess basis difference on the June 2007 joint venture transaction of approximately $32.7 million, which is being amortized over the life of the properties.
(5)	Equity investment includes the Company’s investment of approximately $2.7 million, offset by the excess basis difference on the transaction of approximately $7.3 million, which is being amortized over the life of the properties.
(6)	Retail square footage includes anchor-owned square footage.

- 32 -

COLONIAL PROPERTIES TRUST
Glossary of Terms

AVERAGE RENT PER SQUARE FOOT (UNIT):	Base rental revenue charged to tenants divided by occupied square feet for retail and office properties. Average of monthly rent charged for occupied and rent asked for unoccupied units at month end for multifamily properties. Rental revenue used is on an annual basis for retail and office properties and on a monthly basis for multifamily properties.
CAPITALIZED LEASING COMMISSIONS:	Commissions paid for obtaining a lease which have been capitalized and are to be amortized over the 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 conversion of minority interest limited partnership units in Colonial Realty Limited Partnership into the Company’s Common Shares.
FUNDS FROM OPERATIONS (FFO):	Calculated per the NAREIT White Paper. Net income (computed in accordance with generally accepted 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.
LEASING EXECUTION:	Information related to lease agreements entered into during the period including square footage leased, rental dollars (specifically defined below), concessions, tenant improvements, and capitalized leasing commissions.
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 OPERATIONS (FFO):	Funds from Operations excluding gains on the sale of land and development properties and gains on 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 NET OPERATING INCOME:	Property revenues less property operating expenses.
RENTAL DOLLARS (LEASING EXECUTION):	Total annual revenues to be earned the first year from renewed or re-leased space.
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 CAPITALIZATION:	The sum of total notes and mortgages payable plus the total market value of all shares and units outstanding at the market price per share on the date indicated.

- 33 -