SUPPLEMENTAL FINANCIAL HIGHLIGHTS
3RD QUARTER 2004

Forward Looking Statements

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Except for the historical information contained herein, these supplemental financial highlights contain forward-looking statements regarding Company and property performance, and are  based on the Company’s current expectations and judgment. Actual results could vary materially depending on risks and uncertainties inherent to general and local real estate conditions, competitive factors specific to markets in which the Company operates, legislative or other regulatory decisions, future interest rate levels or capital markets conditions. The Company assumes no liability to update this information. For more details, please refer to the Company’s SEC filings, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q.

10/18/2004

Colonial Properties Trust

TABLE OF CONTENTS

	Overview and Contact Information	3
1.	Quarterly Earnings Announcement and Financial Statements	4
2.	Corporate Summary and Trends
	EPS and FFO Reconciliation	8
	Dividend Summary/Shares & Units	9
	Segment Data Summary (Divisional NOI)	9
	Segment Data & Reconciliation (Divisional NOI)	10
	Divisional NOI Breakout: By Sector & Market	13
	EBITDA Reconciliation	14
	Supplemental Data	14
	Coverage Ratios	15
	Investment Activities	16
	Capital Expenditures, Tenant Improvements & Leasing Commissions	17
	Debt Summary/Total Market Capitalization	18
	Current Development Pipeline	19
	Property Acquisition & Disposition Detail	20
	Unconsolidated Partnerships Summary	21
3.	Equity Issues: Common & Preferred	22
4.	Debt Summary	26
5.	Multifamily Division Summary
	Divisional NOI	29
	Operational Statistics	30
	Occupancy Schedule	32
6.	Office Division Summary
	Divisional NOI	36
	Operational Statistics	37
	Lease Expiration/Tenant Concentration	37
	Leasing Execution	39
	Occupancy Schedule	40
7.	Retail Division Summary
	Divisional NOI	43
	Operational Statistics	44
	Tenant Performance	46
	Capex/Lease Expiration/Tenant Concentration	47
	Leasing Execution	48
	Occupancy Schedule	50
8.	Market Demographics	53
9.	Glossary of Terms	54

3Q04 - 2 - NYSE: CLP

COLONIAL PROPERTIES TRUST

Colonial Properties Trust (NYSE:CLP) is a diversified real estate investment trust (REIT) headquartered in Birmingham, Alabama. The Company is a self-administered and self-managed REIT with fully-integrated real estate activities including development of new properties, acquisition of existing properties, build-to-suit development, and the provision of management, leasing and brokerage services for income-producing real estate.

The Company’s initial public offering was in September, 1993. The solid performance Colonial Properties Trust has achieved is a direct result of the Company’s business strategy, the Colonial Star Strategy. Under its Colonial Star Strategy, the Company operates a diversified portfolio of multifamily, office and retail properties in select markets in the Sunbelt region of the United States. Colonial Properties Trust focuses on delivering consistent long-term performance through both its existing operations and its external investment strategies.

COLONIAL STAR STRATEGY

            Achieve Consistent Long-term Performance through:

- Diversified Property Portfolio
- Investment in High Growth Sunbelt Cities
- Operating Excellence
- Mixed Use Investment
- Acquisitions/Development/Dispositions
- Balance Sheet Management

CONTACT INFORMATION

Headquarters	Investor Relations
Colonial Properties Trust	Barbara Pooley
2101 Sixth Avenue North, Suite 750	Senior Vice President
Birmingham, Alabama 35203	704-376-1774         704-376-3393 - fax
205-250-8700	800-645-3917
205-250-8890 - fax	To receive an Investor Package, please contact:
www.colonialprop.com	Brandi Singleton 205-250-8724 bsingleton@colonialprop.com

TRANSFER AGENT

Equiserve Trust Company P.O. Box 43010 Boston, MA 02940-3010	The Company’s Transfer Agent manages share certificate transactions for including transfers, sales, dividend reinvestment and optional cash investment transactions.
Investor Relations: 800-730-6001 www.equiserve.com

EQUITY RESEARCH COVERAGE

Bear Stearns	Ross Smotrich / Amy Young	212-272-8046 / 212-272-3523
Citigroup Smith Barney	Jon Litt	212-816-0231
Green Street Advisors	John Arabia / Michael Knott	949-640-8780
Legg Mason	Rod Petrick / Tamara Fique	410-454-4131 / 410-454-5873
Maxcor REIT Research	Rich Anderson	646-346-7077
Standard & Poor’s Research	Raymond Mathis	212-438-9558
Wachovia Securities	Steve Swett	212-909-0954

GUIDANCE

	FYE 2004 Range						4Q04 Range						FYE 2005 Range
Fully Diluted Earnings per Share	$	1.36		$	1.38		$	0.43		$	0.44		$	2.33		$	2.48
Plus: Real Estate Depreciation & Amortization		2.68			2.68			0.70			0.70			3.02			3.02
Less: Gain on Sale of Assets		(0.42	)		(0.42	)		(0.10	)		(0.10	)		(1.70	)		(1.70	)
Fully Diluted Funds from Operations per Share	$	3.62		$	3.64		$	1.03		$	1.04		$	3.65		$	3.80

3Q04 - 3 - NYSE: CLP

COLONIAL PROPERTIES TRUST

Financial Statements

Third Quarter 2004

BALANCE SHEET

	As of			As of
($ in 000s)	9/30/2004			12/31/2003
ASSETS
Real Estate Investments
Operating Properties	$	2,637,402		$	2,378,835
Undeveloped Land & Construction in Progress		141,179			114,262
Total Real Estate, before Depreciation		2,778,581			2,493,097
Less: Accumulated Depreciation		(420,425	)		(419,827	)
Real estate assets held for sale, net		146,294			11,691
Net Real Estate Assets		2,504,450			2,084,961
Cash and Equivalents		7,450			8,070
Restricted Cash		2,261			1,879
Accounts Receivable, net		16,639			10,262
Notes Receivable		645			2,504
Prepaid Expenses		6,654			6,587
Deferred Debt and Lease Costs		33,174			25,832
Investment in Unconsolidated Subsidiaries		63,085			37,496
Other Assets		42,799			17,336
Total Assets	$	2,677,157		$	2,194,927
LIABILITIES
Long-Term Liabilities
Unsecured Credit Facility	$	228,021		$	205,935
Notes and Mortgages Payable		1,499,531			1,050,145
Mortgages Payable related to real estate held for sale		3,400			11,785
Total Long-Term Liabilities		1,730,952			1,267,865
Other Liabilities		87,805			55,275
Total Liabilities		1,818,757			1,323,140
MINORITY INTEREST & EQUITY
Minority Interest		1,184			—
Preferred Shares and Units, at Liquidation Value
Series B 7 1/4%, Preferred Units		100,000			100,000
Series C 9 1/4%, Preferred Shares		50,000			50,000
Series D 8 1/8%, Preferred Shares		125,000			125,000
Total Preferred Shares and Units, at Liquidation Value		275,000			275,000
Common Equity, including Minority Interest		582,216			596,787
Total Equity, including Minority Interest		858,400			871,787
Total Liabilities and Equity	$	2,677,157		$	2,194,927

SHARES & UNITS OUTSTANDING, END OF PERIOD

	As of		As of
(shares and units in 000s)	9/30/2004		12/31/2003
Basic
Shares		27,319		26,395
Operating Partnership Units (OP Units)		10,345		10,361
Total Shares & OP Units		37,664		36,756
Dilutive Common Share Equivalents		345		266
Diluted
Shares		27,664		26,661
Total Shares & OP Units		38,009		37,022

3Q04 - 4 - NYSE: CLP

COLONIAL PROPERTIES TRUST

Financial Statements

Third Quarter 2004

CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended								Nine Months Ended
($ in 000s, except per share date)	9/30/2004			9/30/2003					9/30/2004			9/30/2003
Revenue
Minimum Rent	$	70,811		$	58,901		20.2	%	$	198,398		$	174,775		13.5	%
Percentage Rent		534			420		27.1	%		1,375			1,115		23.3	%
Tenant Recoveries		7,752			6,693		15.8	%		21,489			21,395		0.4	%
Other Property Related Revenue		5,447			3,922		38.9	%		14,334			14,015		2.3	%
Other Non-Property Related Revenue		1,957			1,242		57.6	%		4,634			3,875		19.6	%
Total Revenue		86,501			71,178		21.5	%		240,230			215,175		11.6	%
Operating Expenses
Property Operating Expenses:
General Operating Expenses		6,775			5,753		17.8	%		18,230			16,319		11.7	%
Salaries and Benefits		4,496			3,625		24.0	%		12,284			10,452		17.5	%
Repairs and Maintenance		7,991			6,962		14.8	%		22,210			20,294		9.4	%
Taxes, Licenses, and Insurance		8,601			6,535		31.6	%		23,237			20,308		14.4	%
Total Property Operating Expenses		27,863			22,875		21.8	%		75,961			67,373		12.7	%
General and Administrative		6,992			4,936		41.7	%		18,209			15,001		21.4	%
Depreciation		22,085			18,362		20.3	%		60,441			53,668		12.6	%
Amortization		3,418			1,895		80.4	%		8,562			5,681		50.7	%
Total Operating Expenses		60,358			48,068		25.6	%		163,173			141,723		15.1	%
Income from Operations		26,143			23,110		13.1	%		77,057			73,452		4.9	%
Other Income (Expense)
Interest Expense		(21,437	)		(16,724	)	28.2	%		(56,063	)		(49,959	)	12.2	%
Income from Investments		114			(114	)	-200.0	%		288			(330	)	-187.3	%
Gain (Loss) on Hedging Activities		62			(9	)	-788.9	%		142			(326	)	-143.6	%
Gain on Sale of Property		902			3,915		-77.0	%		3,020			6,055		-50.1	%
Other		(168	)		(505	)	-66.7	%		(276	)		(156	)	76.9	%
Total Other Expense		(20,527	)		(13,437	)	52.8	%		(52,889	)		(44,716	)	18.3	%
Income before Minority Interest & Discontinued Operations		5,616			9,673		-41.9	%		24,168			28,736		-15.9	%
Minority Interest
Minority Interest of limited partners		(25	)		—					(36	)		—
Minority Interest in CRLP - Preferred		(1,813	)		(2,218	)	-18.3	%		(5,680	)		(6,655	)	-14.7	%
Minority Interest in CRLP - Common		(23	)		(1,067	)	-97.8	%		(2,071	)		(1,302	)	56.8	%
Total Minority Interest		(1,861	)		(3,285	)	-43.3	%		(7,787	)		(7,957	)	-2.5	%
Income from Continuing Operations		3,755			6,388		-41.2	%		16,381			20,779		-21.0	%
Discontinued Operations
Income from Discontinued Operations		5,195			5,231		-0.7	%		15,525			16,188		-4.1	%
Gain (Loss) on Disposal of Discontinued Operations		1,566			577		171.4	%		11,448			10,371		10.4	%
Minority Interest in Discontinued Operations		(1,861	)		(1,662	)	12.0	%		(7,477	)		(8,573	)	-12.8	%
Income from Discontinued Operations		4,900			4,146		18.2	%		19,496			17,986		8.4	%
Net Income		8,655			10,534		-17.8	%		35,906			38,765		-7.4	%
Dividends to Preferred Shareholders		(3,695	)		(3,724	)	-0.8	%		(11,086	)		(11,588	)	-4.3	%
Preferred Share Issuance Costs		—			—					—			(4,451	)	-100.0	%
Net Income Available to Common Shareholders	$	4,960		$	6,810		-27.2	%	$	24,791		$	22,726		9.2	%
Earnings per Share - Basic
Continuing Operations	$	—		$	0.11		-100.0	%	$	0.20		$	0.19		5.3	%
Discontinued Operations		0.18			0.16		12.5	%		0.72			0.73		-1.4	%
EPS - Basic	$	0.18		$	0.26		-30.8	%	$	0.92		$	0.93		-1.1	%
Earnings per Share - Diluted
Continuing Operations	$	—		$	0.10		-100.0	%	$	0.19		$	0.19		0.0	%
Discontinued Operations		0.18			0.16		12.5	%		0.71			0.73		-2.7	%
EPS - Diluted	$	0.18		$	0.26		-30.8	%	$	0.91		$	0.92		-1.1	%

3Q04 - 5 - NYSE: CLP

COLONIAL PROPERTIES TRUST

Financial Statements

Third Quarter 2004

THIRD QUARTER FUNDS FROM OPERATIONS (FFO) RECONCILIATION

	Three Months Ended								Nine Months Ended
($ in 000s, except per share data)	9/30/2004			9/30/2003					9/30/2004			9/30/2003
Net Income Available to Common Shareholders	$	4,960		$	6,810		-27.2	%	$	24,791		$	22,726		9.2	%
Minority Interest in CRLP (Operating Ptr Unitholders)		1,884			2,729		-31.0	%		9,548			9,875		-3.6	%
Total		6,844			9,539		-28.3	%		34,339			32,601		5.3	%
Adjustments - Consolidated Properties
Depreciation - Real Estate		23,911			19,597		22.0	%		66,193			58,784		12.6	%
Amortization - Real Estate		2,467			1,035		138.4	%		5,664			3,178		78.2	%
Remove: Gain/(Loss) on Sale of Property		(2,468	)		(4,492	)	-45.1	%		(14,324	)		(16,426	)	-12.8	%
Include: Gain/(Loss) on Sale of Undepreciated Property		813			3,836		-78.8	%		2,933			5,991		-51.0	%
Total Adjustments - Consolidated		24,723			19,976		23.8	%		60,466			51,527		17.3	%
Adjustments - Unconsolidated Properties
Depreciation - Real Estate		955			963		-0.8	%		2,914			2,845		2.4	%
Amortization - Real Estate		46			14		228.6	%		82			69		18.8	%
Remove: Gain/(Loss) on Sale of Property		1			—					(144	)		(3	)	4700.0	%
Include: Gain/(Loss) on Sale of Undepreciated Property		—			—					—			—
Total Adjustments - Unconsolidated		1,002			977		2.6	%		2,852			2,911		-2.0	%
Funds from Operations	$	32,569		$	30,492		6.8	%	$	97,657		$	87,039		12.2	%
FFO per Share
Basic	$	0.87		$	0.84		3.5	%	$	2.61		$	2.49		5.1	%
Diluted	$	0.86		$	0.83		3.3	%	$	2.59		$	2.47		4.8	%

Pursuant to the definition of Funds from Operations (“FFO”) adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”), FFO is calculated by adjusting net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis.

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.FFO does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net cash flows from operating activities (determined in accordance with GAAP), as a measure of our liquidity, or as an indicator of our ability to make cash distributions.

THIRD QUARTER SHARES AND UNITS OUTSTANDING, WEIGHTED

(shares and units in 000s)	Three Months Ended						Nine Months Ended
	9/30/2004		9/30/2003				9/30/2004		9/30/2003
Basic
Shares		27,252		26,002	4.8	%		27,005		24,527	10.1	%
Operating Partnership Units (OP Units)		10,345		10,420	-0.7	%		10,354		10,471	-1.1	%
Total Shares & OP Units		37,597		36,422	3.2	%		37,359		34,998	6.7	%
Dilutive Common Share Equivalents		363		273	33.0	%		345		222	55.4	%
Diluted
Shares		27,615		26,275	5.1	%		27,350		24,749	10.5	%
Total Shares & OP Units		37,960		36,695	3.4	%		37,704		35,220	7.1	%

3Q04 - 6 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Financial Statements
Third Quarter 2004

THIRD QUARTER SEGMENT DATA & RECONCILATION

	Three Months Ended								Nine Months Ended
	9/30/2004			9/30/2003					9/30/2004			9/30/2003
Net Operating Income (NOI)
Divisional Same-Property NOI
Multifamily		15,281			14,880		2.7	%		45,601			44,299		2.9	%
Office		16,291			15,633		4.2	%		47,438			49,432		-4.0	%
Retail		24,556			24,296		1.1	%		74,724			73,782		1.3	%
Total Same-Property		56,128			54,809		2.4	%		167,763			167,513		0.1	%
Less: Unconsolidated Assets		(1,890	)		(1,726	)				(5,531	)		(5,306	)
Same-Property NOI, Consolidated		54,238			53,083					162,232			162,207
Divisional Non Same-Property NOI
Multifamily		3,728			448					7,305			1,516
Office		1,580			127					4,702			362
Retail		4,845			1,384					8,621			4,684
Total Non-Same Property		10,153			1,959					20,628			6,562
Less: Unconsolidated Assets		(701	)		(472	)				(1,591	)		(3,388	)
Non Same-Property NOI, Consolidated		9,452			1,487					19,037			3,174
Divisional Total NOI
Multifamily		19,009			15,328		24.0	%		52,906			45,815		15.5	%
Office		17,871			15,760		13.4	%		52,140			49,794		4.7	%
Retail		29,401			25,680		14.5	%		83,345			78,466		6.2	%
Total Divisional NOI		66,281			56,768		16.8	%		188,391			174,075		8.2	%
Less: NOI, Unconsolidated		(2,591	)		(2,198	)				(7,122	)		(6,678	)
Less: Discontinued Operations		(6,991	)		(7,474	)				(21,672	)		(23,296	)
Unallocated Corporate Rev		1,956			1,242					4,632			3,767
Other Expense		(17	)		(35	)				40			(66	)
General & Administrative Expenses		(6,992	)		(4,936	)				(18,209	)		(15,001	)
Depreciation		(22,085	)		(18,362	)				(60,441	)		(53,668	)
Amortization		(3,418	)		(1,895	)				(8,562	)		(5,681	)
Income from Operations, restated for additional discontinued operations		26,143			23,110					77,057			73,452
Total Other Income (Expense)		(20,527	)		(13,437	)				(52,889	)		(44,716	)
Income from Continuing Operations before Extraordinary Items, Minority Interest and Discontinued Operations, as restated for additional discontinued operations		5,616			9,673					24,168			28,736
Add: Discontinued Operations Income, post 3Q 2004		—			5,194					—			16,102
Income from Continuing Operations before Extraordinary Items, Minority Interest and Discontinued Operations, per corresponding 10-K or 10-Q		5,616			14,867					24,168			44,838

Divisional NOI is defined as total property revenues, including unconsolidated partnerships and joint ventures, less real estate expenses (such items as repairs and maintenance, payroll, utilities, property taxes, insurance, advertising, management fees).

The Company believes Total Divisional NOI (and other NOI measures aggregating segment data) is useful to investors as a meaningful indicator of property level operating performance and current market conditions affecting the Company . Additionally, the Company also believes Total Divisional NOI (and such other NOI measures) is useful to investors because NOI is commonly used industry-wide to evaluate and compare property level operating results of real estate companies, allowing investors to view the Company in comparison to these other real estate companies. The Company cautions investors that other real estate companies may calculate Total Divisional NOI on a basis different than the Company. In addition, Total Divisional NOI (and such other NOI measures) should not be viewed as a substitute measure of performance for GAAP income from continuing operations or other applicable GAAP performance measures.

3Q04 - 7 - NYSE: CLP

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

NET INCOME TO COMMON SHAREHOLDERS

	1Q03			2Q03			3Q03			4Q03			FYE ’03			1Q04			2Q04			3Q04			4Q04	YTD ’04
Net Income to Common S/H	$	12,109		$	3,807		$	6,810		$	9,803		$	32,529		$	13,389		$	6,441		$	4,960			$	24,790
Earnings per Share
- Basic	$	0.52		$	0.16		$	0.26		$	0.37		$	1.30		$	0.50		$	0.24		$	0.18			$	0.92
growth		-13.1	%		-84.2	%		-51.5	%		-23.8	%		-50.4	%		-3.5	%		48.6	%		-30.8	%			-2.1	%
- Diluted	$	0.52		$	0.16		$	0.26		$	0.37		$	1.29		$	0.50		$	0.24		$	0.18			$	0.91
growth		-13.8	%		-84.0	%		-51.1	%		-23.4	%		-50.0	%		-4.8	%		47.0	%		-30.8	%			-3.2	%

FUNDS FROM OPERATIONS RECONCILIATION

Net Income to Common S/H	$	12,109		$	3,807		$	6,810		$	9,803		$	32,529		$	13,389		$	6,441		$	4,960		$	24,790
Minority Int. in CRLP (Cont & Disc)		5,512			1,634			2,729			3,770			13,645			5,202			2,463			1,884			9,549
Total		17,621			5,441			9,539			13,573			46,174			18,591			8,904			6,844			34,339
Adjustments - Consolidated
Depreciation - Real Estate		19,381			19,807			19,597			20,221			79,006			20,728			21,554			23,911			66,193
Amortization - Real Estate		1,125			1,018			1,035			1,188			4,367			1,399			1,797			2,467			5,663
Extraordinary (Income)/Loss		—			—			—						—			—			—						—
‘-’:(Gain)/Loss-Sale of Prop		(9,657	)		(2,277	)		(4,492	)		(2,036	)		(18,463	)		(10,393	)		(811	)		(2,468	)		(13,672	)
‘+’:Gain/(Loss)-Undeprec Prop		151			2,004			3,836			2,050			8,040			1,008			1,115			813			2,936
Total Adjustments - Cons.		11,001			20,552			19,976			21,423			72,951			12,742			23,655			24,723			61,120
Adjustments - Unconsolidated
Depreciation - Real Estate		940			939			963			1,000			3,844			1,041			918			955			2,913
Amortization - Real Estate		32			23			14			15			83			16			20			46			82
Extraordinary (Income)/Loss		—			—			—			—			—			—			—						—
‘-’:(Gain)/Loss-Sale of Prop		—			—			—			—			—			—			(799	)		1			(798	)
‘+’:Gain/(Loss)-Undeprec Prop		—			—			—			—			—			—			—			—			—
Total Adjustments - Uncons.		972			962			978			1,015			3,927			1,057			139			1,002			2,198
Funds from Operations	$	29,594		$	26,955		$	30,492		$	36,011		$	123,052		$	32,390		$	32,698		$	32,569		$	97,656
FFO Per Share
- Basic	$	0.88		$	0.78		$	0.84		$	0.98		$	3.47		$	0.87		$	0.87		$	0.87		$	2.61
growth		-2.7	%		-15.4	%		-10.8	%		-9.9	%		-9.7	%		-0.1	%		12.5	%		3.5	%		5.0	%
- Diluted	$	0.87		$	0.77		$	0.83		$	0.97		$	3.45		$	0.87		$	0.87		$	0.86		$	2.59
growth		-2.6	%		-15.2	%		-10.7	%		-10.3	%		-9.6	%		-0.6	%		12.4	%		3.3	%		4.8	%

Pursuant to the definition of Funds from Operations (“FFO”) adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”), FFO is calculated by adjusting net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis.

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.FFO does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net cash flows from operating activities (determined in accordance with GAAP), as a measure of our liquidity, or as an indicator of our ability to make cash distributions.

3Q04 - 8 - NYSE: CLP

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

DIVIDEND SUMMARY

	1Q03			2Q03			3Q03			4Q03			FYE ’03			1Q04			2Q04			3Q04			4Q04	YTD ’04
Price per Share (End of Period)	$	33.08		$	35.19		$	36.03		$	39.60					$	40.80		$	38.53		$	40.22
Dividend Per Share	$	0.665		$	0.665		$	0.665		$	0.665		$	2.660		$	0.67		$	0.67		$	0.67			$	2.01
Dividend Yield (End of Period)		8.0	%		7.6	%		7.4	%		6.7	%					6.6	%		7.0	%		6.7	%
Payout
Dividend/EPS - Diluted		127.9	%		415.6	%		255.8	%		179.7	%		206.2	%		135.3	%		284.8	%		372.2	%			220.9	%
Dividend/FFO - Diluted		76.4	%		86.3	%		80.0	%		68.4	%		77.1	%		77.4	%		77.3	%		78.1	%			77.6	%
See Funds from Operations Reconciliation on page 8 for a reconcilation of FFO to earnings. Dividend/FFO - Diluted is useful to investors as an additional measure to determine the Company’s ability to pay its dividend.
SHARES & UNITS
Shares
Basic - Weighted Avg		23,236			24,312			26,002			26,267			24,965			26,670			27,089			27,252				27,005
Diluted - Weighted Avg		23,405			24,562			26,275			26,666			25,232			27,045			27,382			27,615				27,350
Outstanding (End of Period)		23,529			25,882			26,116			26,395						26,933			27,191			27,319
Units
Weighted Avg		10,576			10,420			10,420			10,390						10,361			10,358			10,345				10,354
Outstanding (End of Period)		10,420			10,420			10,420			10,361						10,361			10,345			10,345
Shares & Units
Basic - Weighted Avg		33,812			34,732			36,421			36,657			35,416			37,031			37,447			37,597				37,359
Diluted - Weighted Avg		33,981			34,982			36,695			37,055			35,682			37,406			37,740			37,960				37,704
Outstanding (End of Period)		33,949			36,302			36,535			36,756						37,294			37,536			37,664
SEGMENT DATA SUMMARY *(1)
Same-Property Portfolio *(2)
Divisional Revenues		81,166			83,220			81,519			86,318			332,222			81,616			82,034			83,869				247,519
Divisional Expenses		25,402			26,280			26,709			25,887			104,278			25,701			26,314			27,741				79,756
Divisional NOI		55,764			56,940			54,809			60,431			227,945			55,915			55,720			56,128				167,763
Divisional NOI Margin		68.7	%		68.4	%		67.2	%		70.0	%		68.6	%		68.5	%		67.9	%		66.9	%			67.8	%
growth *(3)		-2.4	%		-4.8	%		-4.6	%		0.0	%		-2.9	%		0.3	%		-2.1	%		2.4	%			0.1	%
Same-Property without Terminations
Lease Terminations		(636	)		(2,412	)		(261	)		(193	)		(3,503	)		(491	)		(639	)		(984	)			(2,114	)
Divisional NOI w/o Term.		55,128			54,529			54,548			60,238			224,442			55,423			55,081			55,144				165,649
growth w/o terminations		-2.9	%		-4.0	%		-1.6	%		1.2	%		-1.8	%		0.5	%		1.0	%		1.1	%			0.9	%
Same-Property growth without the effects of lease terminations is useful to investors as an additional indicator as to the Company’s operating performance because buyouts of commercial leases can fluctuate from quarter to quarter and year to year.
Same-Property - Consolidated Properties
NOI from Unconsolidated Assets		(1,811	)		(1,769	)		(1,727	)		(2,207	)		(7,514	)		(1,903	)		(1,737	)		(1,890	)			(5,530	)
Divisional NOI - Consolidated		53,953			55,171			53,082			58,224			220,431			54,012			53,983			54,238				162,233
growth - consolidated properties																	0.1	%		-2.2	%		2.2	%			0.0	%
Total Portfolio
Divisional Revenues		85,911			87,162			85,258			90,875			349,206			89,120			91,934			99,991				281,045
Divisional Expenses		27,489			28,274			28,503			28,060			112,326			28,746			30,197			33,709				92,651
Divisional NOI		58,422			58,888			56,755			62,815			236,880			60,375			61,737			66,282				188,393
Divisional NOI Margin		68.0	%		67.6	%		66.6	%		69.1	%		67.8	%		67.7	%		67.2	%		66.3	%			67.0	%
growth		5.7	%		5.9	%		-2.1	%		-1.2	%		1.9	%		3.3	%		4.8	%		16.8	%			8.2	%

Notes:

(1)	See Segment Data and Reconciliation beginning on page 10.
(2)	The 2003 same-property data reflects results of the 2004 same-property portfolio, as adjusted for dispositions during year and including straight-line rents.
(3)	The 2003 same-property growth reflects performance of the 2003 same-property portfolio.

3Q04 - 9 - NYSE: CLP

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

SEGMENT DATA & RECONCILIATION

	1Q03			2Q03			3Q03			4Q03			FYE ’03			1Q04			2Q04			3Q04			4Q04	YTD ’04
Revenues
Divisional Same-Property Revenues
Multifamily		23,181			23,786			24,186			24,116			95,270			24,083			24,575			25,096				73,754
Office		22,193			24,714			22,278			22,391			91,576			22,019			21,899			22,953				66,871
Retail		35,792			34,720			35,054			39,811			145,377			35,514			35,560			35,820				106,894
Total Same-Property		81,166			83,220			81,519			86,318			332,222			81,616			82,034			83,869				247,519
Less: Unconsolidated		(2,971	)		(2,985	)		(2,998	)		(3,492	)		(12,446	)		(3,114	)		(2,980	)		(3,065	)			(9,159	)
Same-Prop Rev, Cons.		78,195			80,235			78,521			82,826			319,776			78,502			79,054			80,804				238,360
Divisional Non Same-Property Revenues
Multifamily		1,224			803			816			837			3,680			2,466			4,141			6,735				13,341
Office		476			410			406			584			1,876			1,998			2,288			2,221				6,506
Retail		3,044			2,730			2,517			3,137			11,428			3,041			3,471			7,166				13,678
Total Non-Same Property		4,745			3,942			3,739			4,557			16,984			7,505			9,899			16,122				33,526
Less: Unconsolidated		(956	)		(942	)		(948	)		(950	)		(3,796	)		(949	)		(947	)		(1,444	)			(3,340	)
Non Same-Prop Rev, Consolidated		3,789			3,000			2,791			3,607			13,188			6,556			8,952			14,678				30,186
Divisional Total Revenues
Multifamily		24,406			24,589			25,002			24,953			98,949			26,548			28,716			31,831				87,095
Office		22,669			25,124			22,685			22,975			93,452			24,016			24,187			25,174				73,377
Retail		38,836			37,450			37,571			42,947			156,805			38,556			39,030			42,986				120,572
Total Divisional Revenues		85,911			87,162			85,258			90,875			349,206			89,120			91,934			99,991				281,045
Less: Unconsolidated Revenues		(3,927	)		(3,927	)		(3,946	)		(4,442	)		(16,242	)		(4,063	)		(3,927	)		(4,509	)			(12,499	)
Discontinued Operations		(12,560	)		(11,233	)		(11,400	)		(13,264	)		(48,457	)		(11,333	)		(10,762	)		(10,938	)			(33,033	)
Unallocated Corporate Rev		982			1,594			1,266			812			4,654			1,305			1,450			1,957				4,712
Cons. Rev, adj -’04 Disc Ops		70,406			73,596			71,178			73,981			289,161			75,029			78,695			86,501				240,225
Add: Add’l Disc Ops Rev, post filing		11,853			11,209			11,305			12,659			47,026			10,619			10,016			—				20,635
Total Consol. Rev, per 10-Q / K		82,259			84,805			82,483			86,640			336,187			85,648			88,711			86,501				260,860

Divisional Revenue is defined as total property revenues, including unconsolidated partnerships and joint ventures.

The Company believes Total Divisional Revenue (and other revenue measures aggregating segment data) is useful to investors as a meaningful indicator of property operating performance and current market conditions affecting the Company. Additionally, Divisional Revenue is an integral component in calculating Divisional NOI which follows.

3Q04 - 10 - NYSE: CLP

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

SEGMENT DATA & RECONCILIATION (CONT’D)

	1Q03			2Q03			3Q03			4Q03			FYE ’03			1Q04			2Q04			3Q04			4Q04	YTD ’04
Expenses
Divisional Same-Property Expenses
Multifamily		8,525			9,023			9,306			8,501			35,355			9,169			9,169			9,815				28,153
Office		6,474			6,634			6,645			6,599			26,352			6,443			6,327			6,662				19,432
Retail		10,403			10,623			10,758			10,786			42,570			10,089			10,818			11,264				32,171
Total Same-Property		25,402			26,280			26,709			25,887			104,278			25,701			26,314			27,741				79,756
Less: Unconsolidated		(1,161	)		(1,216	)		(1,271	)		(1,283	)		(4,931	)		(1,210	)		(1,243	)		(1,175	)			(3,628	)
Same-Prop Exp, Consolidated		24,241			25,064			25,438			24,604			99,347			24,491			25,071			26,566				76,128
Divisional Non Same-Property Expenses
Multifamily		556			403			368			377			1,704			1,204			1,825			3,007				6,036
Office		312			336			293			333			1,274			572			591			640				1,803
Retail		1,220			1,254			1,133			1,463			5,070			1,269			1,467			2,321				5,057
Total Non-Same Property		2,087			1,994			1,794			2,173			8,049			3,045			3,882			5,969				12,895
Less: Unconsolidated		(497	)		(500	)		(476	)		(482	)		(1,955	)		(475	)		(478	)		(743	)			(1,696	)
Non Same-Prop Exp, Consolidated		1,590			1,494			1,318			1,691			6,094			2,570			3,404			5,226				11,199
Divisional Total Expenses
Multifamily		9,081			9,427			9,674			8,878			37,060			10,373			10,994			12,822				34,189
Office		6,786			6,970			6,938			6,932			27,626			7,015			6,918			7,302				21,235
Retail		11,623			11,877			11,891			12,249			47,640			11,357			12,285			13,585				37,227
Total Divisional Expenses		27,489			28,274			28,503			28,060			112,326			28,746			30,197			33,709				92,651
Less: Unconsolidated Expense		(1,658	)		(1,716	)		(1,747	)		(1,765	)		(6,886	)		(1,685	)		(1,721	)		(1,918	)			(5,324	)
Discontinued Operations		(4,075	)		(3,898	)		(3,926	)		(3,939	)		(15,838	)		(3,645	)		(3,768	)		(3,947	)			(11,360	)
Other Expense		—			—			45			—			45			28			22			19				69
Total Property Operating Exp		21,756			22,660			22,875			22,356			89,647			23,444			24,730			27,863				76,036
General & Administrative Exp		4,803			5,262			4,936			4,480			19,481			5,460			5,678			6,992				18,130
Depreciation		17,320			17,986			18,362			18,290			71,958			18,754			19,605			22,085				60,443
Amortization		1,924			1,861			1,895			2,079			7,759			2,496			2,649			3,418				8,563
Cons. Exp, adj -’04 Disc Ops		45,804			47,769			48,069			47,205			188,846			50,153			52,662			60,358				163,173
Add: Add’l Disc Ops Exp, post filing		6,081			6,157			6,086			5,946			22,039			5,538			5,652			—				11,190
Total Consol. Exp, per 10-Q / K		51,885			53,926			54,155			53,151			210,885			55,691			58,314			60,358				174,363

Divisional Expense is defined as real estate expenses, (such items as repairs and maintenance, payroll, utilities, property taxes, insurance, advertising, management fees), including unconsolidated partnerships and joint ventures.

The Company believes Total Divisional Expense (and other expense measures aggregating segment data) is useful to investors as a meaningful indicator of property operating expenses. Additionally, Divisional Expense is an integral component in calculating Divisional NOI which follows.

3Q04 - 11 - NYSE: CLP

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

SEGMENT DATA & RECONCILIATION (CONT’D)

	1Q03			2Q03			3Q03			4Q03			FYE ’03			1Q04			2Q04			3Q04			4Q04	YTD ’04
Net Operating Income (NOI)
Divisional Same-Property NOI
Multifamily		14,656			14,763			14,880			15,615			59,914			14,914			15,406			15,281				45,601
Office		15,719			18,081			15,633			15,791			65,224			15,575			15,572			16,291				47,439
Retail		25,389			24,096			24,296			29,025			102,807			25,425			24,742			24,556				74,724
Total Same-Property		55,764			56,940			54,809			60,431			227,945			55,915			55,720			56,128				167,763
Less: Unconsolidated		(1,810	)		(1,769	)		(1,727	)		(2,209	)		(7,515	)		(1,904	)		(1,737	)		(1,890	)			(5,531	)
Same-Prop NOI, Consolidated		53,954			55,171			53,082			58,222			220,430			54,011			53,983			54,238				162,232
Divisional Non Same-Property NOI
Multifamily		669			399			448			460			1,976			1,261			2,316			3,728				7,306
Office		165			73			114			251			602			1,426			1,697			1,581				4,704
Retail		1,824			1,476			1,384			1,674			6,357			1,773			2,004			4,845				8,621
Total Non-Same Property		2,657			1,948			1,945			2,384			8,935			4,460			6,017			10,153				20,630
Less: Unconsolidated		(459	)		(442	)		(472	)		(468	)		(1,841	)		(474	)		(469	)		(701	)			(1,644	)
Non Same-Prop NOI, Consolidated		2,198			1,506			1,473			1,916			7,094			3,986			5,548			9,452				18,986
Divisional Total NOI
Multifamily		15,325			15,162			15,328			16,075			61,890			16,175			17,722			19,009				52,906
Office		15,884			18,154			15,746			16,042			65,826			17,001			17,269			17,871				52,141
Retail		27,213			25,572			25,680			30,698			109,164			27,198			26,746			29,401				83,345
Total Divisional NOI		58,422			58,888			56,755			62,815			236,880			60,375			61,737			66,281				188,392
Less: Unconsolidated NOI		(2,269	)		(2,211	)		(2,199	)		(2,677	)		(9,356	)		(2,378	)		(2,206	)		(2,591	)			(7,175	)
Discontinued Operations		(8,485	)		(7,335	)		(7,474	)		(9,325	)		(32,619	)		(7,688	)		(6,994	)		(6,991	)			(21,673	)
Unallocated Corporate Rev		982			1,594			1,266			812			4,654			1,305			1,450			1,957				4,712
Other Expense		—			—			(45	)		—			(45	)		(28	)		(22	)		(19	)			(69	)
G&A Expenses		(4,803	)		(5,262	)		(4,936	)		(4,480	)		(19,481	)		(5,460	)		(5,678	)		(6,992	)			(18,130	)
Depreciation		(17,320	)		(17,986	)		(18,362	)		(18,290	)		(71,958	)		(18,754	)		(19,605	)		(22,085	)			(60,443	)
Amortization		(1,924	)		(1,861	)		(1,895	)		(2,079	)		(7,759	)		(2,496	)		(2,649	)		(3,418	)			(8,563	)
Income from Operations		24,602			25,828			23,109			26,776			100,315			24,876			26,033			26,142				77,051
Total Other Income (Expense)		(16,140	)		(15,226	)		(13,437	)		(14,524	)		(59,327	)		(15,152	)		(17,204	)		(20,527	)			(52,883	)
Income from Contin’g Ops *(1)		8,462			10,602			9,672			12,252			40,988			9,724			8,829			5,615				24,168
Disc Ops		5,772			5,052			5,219			6,713			22,756			5,081			4,364			—				9,445
03 & 04 Disc Ops Other Inc (Exp)		(377	)		429			(24	)		(12	)		16			(4	)		386			—				382
Inc from Cont *(1), per 10-Q / K		13,857			16,083			14,867			18,953			63,760			14,801			13,579			5,615				33,995

Divisional NOI is defined as total property revenues, including unconsolidated partnerships and joint ventures, less real estate expenses (such items as repairs and maintenance, payroll, utilities, property taxes, insurance, advertising, management fees).

The Company believes Total Divisional NOI (and other NOI measures aggregating segment data) is useful to investors as a meaningful indicator of property level operating performance and current market conditions affecting the Company . Additionally, the Company also believes Total Divisional NOI (and such other NOI measures) is useful to investors because NOI is commonly used industry-wide to evaluate and compare property level operating results of real estate companies, allowing investors to view the Company in comparison to these other real estate companies. The Company cautions investors that other real estate companies may calculate Total Divisional NOI on a basis different than the Company. In addition, Total Divisional NOI (and such other NOI measures) should not be viewed as a substitute measure of performance for GAAP income from continuing operations or other applicable GAAP performance measures.

Quarterly NOI from Properties Not Stabilized in that Quarter
Properties in Lease-up or CIP	1,122	683	501	313	(28	)	33	559
Acquisitions	—	—	—	135	226		1,641	1,563

Notes:

(1) Income from Continuing Operations before extraordinary items, minority interest and discontinued operations. Adjustments for additional discontinued operations have restated prior periods in accordance with FAS 144.

3Q04 - 12 - NYSE: CLP

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

DIVISIONAL NOI BREAKOUT: BY SECTOR & MARKET

MULTIFAMILY DIVISIONAL NOI	OFFICE DIVISIONAL NOI
RETAIL DIVISIONAL NOI	TOTAL DIVISIONAL NOI *(1)

Notes:

(1) See Segment Data and Reconciliation beginning on Page 10.

3Q04 - 13 - NYSE: CLP

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

EBITDA RECONCILIATION

	1Q03			2Q03			3Q03			4Q03			FYE ’03			1Q04			2Q04			3Q04			4Q04	YTD ’04
Net Income to Common S/H	$	12,109		$	3,807		$	6,810		$	9,803		$	32,529		$	13,389		$	6,441		$	4,960			$	24,790
Consolidated
Minority Interest		5,512			1,634			2,729			3,770			13,645			5,202			2,463			1,884				9,549
(Inc)/Loss — Uncons. Assets		(88	)		(181	)		(29	)		(468	)		(767	)		(258	)		(947	)		(515	)			(1,719	)
ITDA from Disc Ops *(1)		194			—			—			117			311			—										—
Preferred Dividends		6,110			6,192			5,942			5,914			24,157			5,751			5,508			5,508				16,766
Preferred Share Issuance Costs		—			4,451			—			—			4,451			—			—			—				—
Interest Expense		16,576			17,184			16,925			16,871			67,556			16,473			18,327			21,455				56,255
Income Tax Expense		(181	)		(167	)		505			35			192			20			88			168				276
Depreciation & Amortization		21,476			21,805			21,848			22,508			87,637			23,545			24,510			27,747				75,803
(Gain)/Loss on Sale (Cont & Disc)		(9,657	)		(2,277	)		(4,492	)		(2,036	)		(18,463	)		(10,393	)		(811	)		(2,468	)			(13,672	)
Gain/(Loss)-Undeprec Prop *(2)		151			2,004			3,836			2,050			8,040			1,008			1,115			813				2,936
EBITDA from Consolidated Props		52,202			54,452			54,072			58,563			219,289			54,737			56,694			59,552				170,983
Unconsolidated
Reverse: Inc/(Loss) - Uncons.		88			181			29			468			767			258			947			515				1,719
Interest Expense		1,199			1,200			1,193			1,191			4,783			1,057			906			966				2,929
Income Tax Expense		—			—			—			—			—			—			—			—				—
Depreciation & Amortization		1,129			843			996			1,134			4,102			1,079			965			985				3,029
(Gain)/Loss on Sale of Prop		—			—			—			—			—			—			(799	)		1				(798	)
EBITDA	$	54,618		$	56,676		$	56,291		$	61,357		$	228,941		$	57,131		$	58,712		$	62,019			$	177,862

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.

SUPPLEMENTAL DATA

Consolidated
3-Party Mgt & Leasing Fee Rev	$	1,022	$	1,504	$	1,270	$	992	$	4,788	$	1,123	$	1,327	$	1,886	$	4,337
Percentage Rents		571		601		743		1,878		3,793		681		641		822		2,144
Lease Terminations		636		2,412		261		193		3,503		491		639		984		2,114
Straight Line Rents		1,051		626		810		808		3,294		1,528		1,150		604		3,281
Interest Expense		16,576		17,184		16,925		16,871		67,556		16,473		18,327		21,455		56,255
Capitalized Interest		1,327		1,389		1,444		1,416		5,576		1,533		1,442		1,908		4,882
Debt - Principal Amortization		1,454		1,354		1,367		1,363		5,538		1,370		1,446		1,572		4,388
Preferred Dividend Payments		6,110		6,192		5,942		5,914		24,157		5,751		5,508		5,508		16,766
Preferred Share Issuance Costs		—		4,451		—		—		4,451		—		—		—		—
Amort of Deferred Finan’g Costs		711		794		775		813		3,093		1,143		894		1,030		3,067
Amort of Stock Compensation		340		326		322		308		1,296		214		223		274		711
Unconsolidated *(5)
Straight Line Rents		42		40		22		50		154		45		50		69		165
Interest Expense		1,199		1,200		1,193		1,191		4,783		1,057		906		966		2,929
Capitalized Interest		—		—		—		—		—		—		—		—		—
Debt — Principal Reductions		176		151		132		143		602		400		225		309		934
Amort of Deferred Finan’g Costs		19		19		19		19		76		22		27		40		89

Notes:

(1)	The effects of interest, taxes, depreciation and amortization from discontinued operations which are not reflected in the above scheduled line items.
(2)	The Company includes the effects of undepreciated real estate (e.g. land and outparcels) in EBITDA, as this is a recurring source of cash.
(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.

3Q04 - 14 - NYSE: CLP

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

COVERAGE RATIOS

	1Q03			2Q03			3Q03			4Q03			FYE ’03			1Q04			2Q04			3Q04			4Q04	YTD ’04
SEC Coverage Ratios (SEC Reg. S-K, Item 503)
Earnings to Fixed Charges		1.7			1.7			1.6			1.9			1.7			1.7			1.7			1.4				1.6
Earnings to Fixed Charges & Preferred Share Distributions		1.3			1.3			1.2			1.4			1.3			1.3			1.3			1.1				1.2
Reconciliation of SEC Coverage Ratios
Earnings
Net Income (before pfd share)		18,218			14,450			12,752			15,717			61,137			19,140			11,949			10,468				41,556
Discontinued Operations:
Minority Interest in CRLP		3,088			—			176			150			3,414			2,670			193			1,861				4,724
Gain on Disposal		(9,627	)		—			(575	)		(388	)		(10,590	)		(9,391	)		306			(1,566	)			(10,651	)
CRLP Min Int. - Common U/H		2,424			1,634			2,553			3,620			10,231			2,532			2,270			23				4,825
(Gains)/Losses from Sales of Property		(30	)		(2,277	)		(3,917	)		(1,648	)		(7,873	)		(1,002	)		(1,117	)		(902	)			(3,021	)
Income Tax Expense		(181	)		(167	)		505			35			192			20			88			168				276
Income from Unconsolidated Entities		(85	)		(5	)		(36	)		(482	)		(608	)		(249	)		(1,103	)		(583	)			(1,935	)
		13,808			13,635			11,458			17,004			55,904			13,720			12,585			9,469				35,774
Amort of Interest Capitalized		400			400			400			400			1,600			500			500			500				1,500
Capitalized Interest		(1,327	)		(1,389	)		(1,444	)		(1,416	)		(5,576	)		(1,533	)		(1,442	)		(1,908	)			(4,882	)
Distrib from Unconsolidated Entities		615			1,420			1,073			636			3,744			688			2,836			1,031				4,555
Fixed Charges from below		18,614			19,367			19,144			19,100			76,225			19,149			20,662			24,392				64,204
Earnings		32,110			33,432			30,630			35,723			131,896			32,524			35,142			33,484				101,150
Fixed Charges
Interest Expense		16,576			17,184			16,925			16,871			67,556			16,473			18,327			21,455				56,255
Capitalized Interest		1,327			1,389			1,444			1,416			5,576			1,533			1,442			1,908				4,882
Amort of Deferred Finan’g Costs		711			794			775			813			3,093			1,143			894			1,030				3,067
Distrib to Series B Pfd Unitholders		—			—			—			—			—			—			—			—				—
Total		18,614			19,367			19,144			19,100			76,225			19,149			20,662			24,392				64,204
Fixed Charges & Preferred Share Distributions
Add: Distrib-Pfd Share Series B, C & D		6,110			6,192			5,942			5,914			24,157			5,751			5,508			5,508				16,766
Total		24,724			25,559			25,086			25,014			100,382			24,900			26,170			29,900				80,970

Supplemental Coverage Ratios
Interest Coverage *(1)	3.1	3.1	3.1	3.4	3.2	3.3	3.1	2.8	3.0
Fixed Charge Coverage *(2)	2.1	2.2	2.2	2.4	2.2	2.3	2.2	2.1	2.2
Fixed Charge w/ Cap Int*(3)	2.0	2.1	2.1	2.3	2.1	2.1	2.1	2.0	2.1

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.

Reconciliation of Supplemental Coverage Ratios

See EBITDA Reconciliation on page 14.

Interest Coverage Denominator
Interest Expense	16,576	17,184	16,925	16,871	67,556	16,473	18,327	21,455	56,255
Interest Exp. - Unconsolidated	1,199	1,200	1,193	1,191	4,783	1,057	906	966	2,929
Total Interest Expense	17,775	18,384	18,117	18,062	72,339	17,530	19,233	22,421	59,183
Fixed Charge Denominator
Add: Preferred Dividend Pmts	6,110	6,192	5,942	5,914	24,157	5,751	5,508	5,508	16,766
Debt Principal Amortization	1,454	1,354	1,367	1,363	5,538	1,370	1,446	1,572	4,388
Debt Prin Amort - Unconsolidated	176	151	132	143	602	400	225	309	934
Total Fixed Charges	25,515	26,081	25,558	25,482	102,636	25,051	26,412	29,809	81,272
Fixed Charge w/ Capitalized Interest Denominator
Add: Capitalized Interest	1,327	1,389	1,444	1,416	5,576	1,533	1,442	1,908	4,882
Cap Interest - Unconsolidated	—	—	—	—	—	—	—	—	—
Total Fixed Charges w/ Cap Int	26,842	27,470	27,002	26,898	108,212	26,584	27,853	31,717	86,154

Notes:

(1) 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.

(2) 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.

(3) 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.

3Q04 - 15 - NYSE: CLP

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

INVESTMENT ACTIVITY

Acquisition of Properties	1Q03		2Q03		3Q03		4Q03		FYE ’03		1Q04		2Q04		3Q04		YTD ’04
Multifamily	—		—		—		59,350		59,350		—		151,633		48,200		199,832
Office	—		—		—		18,912		18,912		13,100		—		—		13,100
Retail	—		—		—		—		—		—		94,860		125,065		219,925
Acquisitions	—		—		—		78,262		78,262		13,100		246,493		173,265		432,857
Other Assets & Debt Assumed	—		—		—		(790	)	(790	)	36		(93,840	)	(76,244	)	(170,048	)
Less: Unconsolidated Assets	—		—		—		—		—		—		(15,710	)	(10,250	)	(25,960	)
Acq, net - Consolidated Assets	—		—		—		77,472		77,472		13,136		136,943		86,771		236,849
Development Expenditures
Multifamily	726		2,326		404		11,264		14,721		2,800		11,985		13,495		28,280
Office	2,169		795		994		1,965		5,924		3,369		1,261		1,647		6,277
Retail	3,990		13,310		22,359		22,917		62,576		14,428		33,086		18,236		65,750
Other (mixed-use, infrastruct)	295		466		892		—		1,653		126		437		838		1,401
Total, incl subs	7,181		16,897		24,650		36,146		84,873		20,723		46,769		34,216		101,708
Less: Non-Cash Allocations & Other	—		(2,139	)	—		—		(2,139	)	—		—		—		—
Less: Infrastructure Reimbursement from City/Cty	(3,457	)	(2,290	)	(2,595	)	(1,836	)	(10,178	)	(1,399	)	(705	)	(548	)	(2,652	)
Less: Unconsolidated /Other *(1)	—		—		—		—		—		—		(13,966	)	(795	)	(14,761	)
Development, Consol. Assets	3,724		12,468		22,055		34,310		72,556		19,324		32,098		32,873		84,295

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

Proceeds from Sales of Properties, Net of Selling Costs
Multifamily	13,800		—		—		—		13,800		—		2,434		—		2,434
Office	—		—		3,033		—		3,033		—		—		3,932		3,932
Retail	17,100		—		—		—		17,100		21,250		—		5,850		27,100
Land and other	631		2,123		6,388		14,890		24,031		2,344		2,160		5,612		10,115
Total, incl subs	31,531		2,123		9,421		14,890		57,964		23,594		4,593		15,394		43,581
Selling Costs	(797	)	(87	)	(236	)	(761	)	(1,881	)	(62	)	(323	)	(459	)	(844	)
Outparcels/Land	—		—		—		—		—		(98	)	(115	)	(846	)	(1,059	)
Less: Unconsolidated - net	—		—		—		—		—		—		(44	)	—		(44	)
Sales, Net - Consolidated Assets	30,734		2,035		9,185		14,129		56,083		23,434		4,111		14,089		41,634

The unconsolidated data regarding investment activity, capital expenditures, tenant improvements and leasing commissions set forth herein are calculated in accordance with GAAP, for all of its unconsolidated partnerships and joint ventures.

The Company believes this unconsolidated data is useful to investors in evaluating the total cash investing activities of the Company. Typically, the percent of investment activities for its unconsolidated assets must be funded out of current Company cash flows, and therefore, management uses the combined data to make financing and capital decisions.

3Q04 - 16 - NYSE: CLP

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

CAPITAL EXPENDITURES

	1Q03			2Q03			3Q03			4Q03			FYE ’03			1Q04			2Q04			3Q04			4Q04	YTD ’04
Regular Maintenance
Multifamily		1,088			1,553			1,425			1,336			5,402			1,438			2,053			2,498				5,989
Office		524			272			376			301			1,473			396			178			334				908
Retail		621			613			669			1,145			3,048			416			1,126			676				2,218
Total Regular Maintenance		2,233			2,438			2,470			2,782			9,923			2,250			3,357			3,508				9,115
Add: Acquisition-Related																	116			212			598				926
Less: Unconsolidated		(71	)		(167	)		(109	)		(61	)		(408	)		(30	)		(58	)		(129	)			(217	)
Reg. Maint., Consolidated		2,162			2,271			2,361			2,721			9,515			2,336			3,511			3,977				9,824
Revenue-Enhancing
Multifamily		51			50			43			5			149			11			28			21				60
Office		—			—			—			—			—			—			—			—				—
Retail		334			929			471			734			2,468			94			713			236				1,043
Total Rev-Enhancing		385			979			514			739			2,617			105			741			257				1,103
Less: Unconsolidated		(14	)		(48	)		7			(69	)		(124	)		—			(9	)		(4	)			(13	)
Rev-Enhanc, Consolidated		371			931			521			670			2,493			105			732			253				1,090
Administrative
Multifamily		6			25			16			1			48			14			27			61				102
Office		70			5			—			—			75			9			2			168				179
Retail		18			190			5			35			248			3			73			12				88
Corporate		99			31			32			20			182			138			61			108				307
Total Administrative		193			251			53			56			553			164			163			349				676
Less: Unconsolidated		—			—			—			—			—			—			—			—				—
Admin., Consolidated		193			251			53			56			553			164			163			349				676
Total Capital Expenditures		2,811			3,668			3,037			3,577			13,093			2,519			4,261			4,114				10,894
Less: Unconsolidated		(85	)		(215	)		(102	)		(130	)		(532	)		(30	)		(67	)		(133	)			(230	)
Capital Exp., Consolidated		2,726			3,453			2,935			3,447			12,561			2,489			4,194			3,981				10,664

See Note Under Investment Activity, page 16.

TENANT IMPROVEMENTS & LEASING COMMISSIONS

Tenant Improvements
Multifamily	—		—		—		—		—		—		—		—		—
Office	3,220		2,058		1,373		1,976		8,627		1,143		1,947		2,184		5,274
Retail	1,545		3,384		474		2,450		7,853		600		2,598		6,233		9,431
Total Tenant Improvements	4,765		5,442		1,847		4,426		16,480		1,743		4,545		8,417		14,705
Less: Unconsolidated	(598	)	(5	)	(520	)	(1,510	)	(2,633	)	(4	)	36		(306	)	(274	)
Add: TI - Developments	—		—		—		—		—		2,612		625		1,267		4,504
Consolidated	4,167		5,437		1,327		2,916		13,847		4,351		5,206		9,379		18,936
Leasing Commissions
Multifamily	—		—		—		—		—		—		—		—		—
Office	505		543		1,055		593		2,696		779		1,393		794		2,966
Retail	255		347		418		868		1,888		284		705		411		1,400
Total Leasing Comissions	760		890		1,473		1,461		4,584		1,063		2,098		1,204		4,365
Less: Unconsolidated	(16	)	(1	)	(7	)	(90	)	(114	)	(26	)	(9	)	(36	)	(71	)
Consolidated	744		889		1,466		1,371		4,470		1,037		2,089		1,168		4,294

See Note Under Investment Activity, page 16.

3Q04 - 17 - NYSE: CLP

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

DEBT SUMMARY: CONSOLIDATED & UNCONSOLIDATED

	1Q03			2Q03			3Q03			4Q03			FYE ’03			1Q04			2Q04			3Q04			4Q04	YTD ’04
Unsecured/Secured
Unsecured Line of Credit	$	213,648		$	32,860		$	42,261		$	205,935			15	%	$	214,810		$	—		$	228,021				12	%
Unsecured Other		645,396			742,873			742,952			693,031			51	%		693,110			1,091,769			995,149				54	%
Secured		460,055			455,195			448,988			447,477			33	%		449,927			568,714			607,361				33	%
Total Debt		1,319,100			1,230,928			1,234,201			1,346,443			100	%		1,357,847			1,660,483			1,830,531				100	%
Less: Secured - Uncons Debt		(78,116	)		(78,862	)		(78,726	)		(78,578	)					(82,409	)		(92,474	)		(99,579	)
Total Consolidated Debt		1,240,984			1,152,066			1,155,475			1,267,865						1,275,438			1,568,009			1,730,952
Fixed/Floating
Fixed Rate Debt		1,009,872			1,059,479			1,066,172			1,023,052			76	%		944,676			1,362,876			1,305,720				71	%
Floating Rate Debt - Capped		89,380			88,844			88,294			87,732			7	%		87,164			86,594			86,038				5	%
Floating Rate Debt		219,847			82,606			79,735			235,660			18	%		326,007			211,013			438,772				24	%
Total Debt		1,319,100			1,230,928			1,234,201			1,346,443			100	%		1,357,847			1,660,483			1,830,531				100	%
Less: Unconsolidated Debt		(78,116	)		(78,862	)		(78,726	)		(78,578	)					(82,409	)		(92,474	)		(99,579	)
Total Consolidated Debt		1,240,984			1,152,066			1,155,475			1,267,865						1,275,438			1,568,009			1,730,952
Tax-Exempt Debt	$	50,475		$	50,475		$	50,468		$	50,463					$	50,475		$	50,475		$	50,475
The unconsolidated indebtedness data are comprised of the Company’s percentage of indebtedness, which is calculated in accordance with GAAP, for all of its unconsolidated partnerhsips and joint ventures. The Company believes consolidated indebtedness together with unconsolidated indebtedness is useful to investors in evaluating the Company’s level of debt obligations and corresponding leverage to total market capitalization, providing investors with a comparable measure used in the Company’s industry. TOTAL MARKET CAPITALIZATION
Consolidated Debt	$	1,186,310		$	1,183,361		$	1,260,791		$	1,262,193					$	1,275,438		$	1,568,009		$	1,730,952
Unconsolidated Debt		71,607			75,938			77,901			78,301						82,409			92,474			99,579
Total Debt		1,257,917			1,259,299			1,338,692			1,340,494						1,357,847			1,660,483			1,830,531
Preferred Stock
8.75% Series A		125,000			125,000			125,000			—						—			—			—
7.25% Series B (Units)		100,000			100,000			100,000			100,000						100,000			100,000			100,000
9.25% Series C		50,000			50,000			50,000			50,000						50,000			50,000			50,000
8.125% Series D		—			—			—			125,000						125,000			125,000			125,000
Total Preferred Stock		275,000			275,000			275,000			275,000						275,000			275,000			275,000
Series B was repriced in 1Q04 from 8.875%
Market Equity (Shares & Units)		1,123,033			1,277,467			1,316,368			1,455,524						1,521,609			1,446,277			1,514,846
Total Market Capitalization		2,655,950			2,811,766			2,930,060			3,071,018						3,154,456			3,381,760			3,620,377
Debt / Total Market Cap’n		47	%		45	%		46	%		44	%					43	%		49	%		51	%

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

3Q04 - 18 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Current Investment Activity
($ in MMs)

CURRENT DEVELOPMENT PIPELINE: DETAIL

Signficant Projects Under Construction

				Units / SF-in 000s								Property		Development Costs
												Stabilized				Thru									3Q05
			Location	Total			Deliv’d		Leased			Date		Total		3Q04			4Q04		1Q05		2Q05		& Aft
In Construction in Progress
Multifamily
CG at Mallard Creek			Charlotte, NC		252								4Q05		20.0		7.5			4.3		3.4		1.9		2.9
CG at Silverado			Austin, TX		238								3Q05		20.0		9.9			4.2		3.5		2.1		0.3
CV Twin Lakes			Orlando, FL		460			36		27			2Q06		35.0		25.8			4.1		3.2		1.9		—
Retail
Colonial Pinnacle Gulf Shores			Gulf Shores, AL		293								2Q06		45.0		4.9			2.2		10.4		0.5		27.0
CP Alabaster			Birmingham, AL		227					122			4Q05		30.8		11.2			1.5		7.5		4.2		6.4
Mixed-Use
Colonial TownPark			Orlando, FL		*	(1)							1Q05		14.3		11.1			2.6		0.1		0.5		—
Redevelopment
CM Myrtle Beach			Myrtle Beach, SC		530					*	(2)		2Q05		15.8		6.0			2.5		3.2		3.0		1.1
Colonial Univ. Village			Auburn, AL		555					*	(4)		1Q06		5.2		2.3			—		—		2.4		0.5
Total Signficant Projects, in CIP															186.1		78.7			21.4		31.3		16.5		38.2
Unconsolidated Projects
Turkey Creek			Knoxville, TN		412								1Q06		37.0		14.4			—		4.0		7.1		11.5
Typical Development Cap Rate Ranges:
Multifamily:	8-9	%
Office:	10-11.5	%
Retail:	10-12	%
Reconciliation to Construction-in-Progress
Dollars Invested in Significant Projects, in CIP																	78.7
Misc (Infrastructure and Misc Construction)																	16.8	* Predevelopment and other.
Land Inventory																	45.7	* Raw and improved land.
Total Construction In Progress																	141.2
Transferred to Operating Assets
Office
CC 200 at TownPark			Orlando, FL		155			155		150			3Q04		22.8		22.6			0.2		—		—		—
Retail
CS Clay			Birmingham, AL		66					*	(3)		1Q04		4.3		4.3			—		—		—		—
CP Trussville, Phase II			Birmingham, AL		59			40		55			3Q04		8.0		8.0			—		—		—		—
CM Myrtle Beach			Myrtle Beach, SC		530					*	(2)		2Q05		12.8		12.8			—		—		—		—
Colonial Univ. Village			Auburn, AL		555					*	(4)		1Q06		13.9		13.9			—		—		—		—
Mixed-Use
Colonial TownPark -Completed Retail			Orlando, FL		*	(1)				129			1Q05		29.4		29.4			—		—		—		—
Total Significant Projects, Transferred															91.2		91.0			0.2		—		—		—

Notes:

(1)	79 multifamily units (12 over retail, 67 freestanding), 35,000 sf of office space, and 147,000 sf of retail space.
(2)	Redevelopment adding approx. 35,000 new sf. Pre-leased new Bass Pro.
(3)	Renovation of center and redeveopment of 45,000 new sf. Pre-leased new Publix Super Market.
(4)	Redevelopment adding approx 180,000 new sf.

3Q04 - 19 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Current Investment Activity
($ in MMs)

SIGNIFICANT PROPERTY ACQUISITIONS

					Purch		1st Yr		Cap
	Location	Date	Units/SF		Price		Invest		Rate			Major Tenants
			(SF-000s)		($ mm)		*(1)		*(2)
2004
Multifamily
Colonial Grand at Arringdon	Raleigh/Durham, NC	Apr-04		320	$	26.8	$	26.8		6.3	%
CG at Berkeley Lake	Atlanta, GA	Jun-04		180
CG at Mount Vernon	Atlanta, GA	Jun-04		213
CG at River Oaks	Atlanta, GA	Jun-04		216
CG at River Plantation	Atlanta, GA	Jun-04		232
CG at Sugarloaf	Atlanta, GA	Jun-04		250
						109.2		111.2		6.7	%
CG at Bayshore	Bradenton, FL	Jun-04		376
CG at Palma Sola	Bradenton, FL	Jun-04		340
						11.9		12.2		9.3	%	25% Ownership Interest
Cunningham	Austin, TX	Jun-04		280		3.9		4.0		8.7	%	20% Ownership Interest
CV at Hendersonville	Nashville, TN	Aug-04		364		4.8		4.8		9.9	%	25% Ownership Interest
CG at Brentwood	Nashville, TN	Aug-04		254		5.5		5.5		10.1	%	25% Ownership Interest
CG at Sierra Vista	Austin, TX	Sep-04		232		14.7		14.8		6.1	%
CG at Seven Oaks	Tampa, FL	Sep-04		316		24.4		24.4		9.2	%
Office
DRS Building	Huntsville, AL	Feb-04		216		13.1		13.5		11.7	%	DRS Technologies
Retail
Kingwood Commons	Houston, TX	Apr-04		165		34.5		35.1		6.4	%	Randalls Grocery
Village on the Parkway	Dallas, TX	Jun-04		381		60.4		63.3		8.7	%	Bed Bath & Beyond 90% Ownership Interest
CP Deerfield	Deerfield Beach, FL	Aug-04		371		51.3		51.4		7.9	%	Publix, Office Max
CS College Parkway	Ft. Myers, FL	Aug-04		69		15.3		15.3		8.1	%	Office Depot
CS Pines Plaza	Pembroke Pines, FL	Aug-04		82		15.1		15.1		7.5	%	Comp USA, Office Depot
CP Boulevard Square	Pembroke Pines, FL	Sep-04		221		43.4		43.5		7.9	%	Office Max, Sports Authority
Total					$	434.3	$	440.9		7.8	%

SIGNIFICANT PROPERTY DISPOSITIONS

					Sales		Cap
	Location	Date	Units/SF		Price		Rate			Major Tenants
			(SF-000s)		($ mm)		*(2)
2004
Multifamily
CG at Ponte Vedra	Jacksonville, FL	Jun-04		240	$	2.4		6.8	%	15% Ownership Interest
Office
Village at Roswell Summit	Atlanta, GA	Sep-04		25.5		3.9		8.0	%
Retail
Colonial Promenade University Park I	Orlando, FL	Mar-04		215.6		21.3		8.6	%	Albertson’s,Books-A-Million
CS Stanly	Locust, NC	Aug-04		47.1		2.4		9.7	%
CS Inverness	Birmingham, AL	Sep-04		28.2		3.4		6.3	%
Total					$	33.4		8.2	%

Notes:

(1)	First year investment includes in the first year capital expenditures and closing costs which are included for purposes of underwriting the acquisition.
(2)	Projected 12 month property NOI divided by the projected first year investment/disposition price.

3Q04 - 20 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Additional Corporate Data
($ in 000s)

UNCONSOLIDATED PARTNERSHIPS SUMMARY

				Units /		CLP
Property	Location		Property Type	SF-000s		% Own			Sec’d Debt		Equity Invest
Orlando Fashion Square	Orlando	FL	Retail		1,070		50	%	$	31,468	$	19,173
Parkway City Mall	Huntsville	AL	Retail		630		45	%		28,375		10,886
Colonial Promenade Madison	Huntsville	AL	Retail		111		25	%				2,300
Colonial Promenade Hoover	Birmingham	AL	Retail		155		10	%		1,743		90
Land Title Building	Birmingham	AL	Office		32		33	%		486		5
Turkey Creek Development	Knoxville	TN	Retail		366		50	%		—		13,315
CMS Joint Venture I - 6 Properties
Colonial Grand at Barrington	Macon	GA	Multifamily		176		15	%
Colonial Grand at Mountain Brook	Birmingham	AL	Multifamily		392		15	%
Colonial Village at Cahaba Heights	Birmingham	AL	Multifamily		125		15	%
Colonial Village at River Hills	Tampa	FL	Multifamily		776		15	%
Colonial Village at Stockbridge	Stockbridge	GA	Multifamily		240		15	%
					1,710					9,390		1,504
CMS Joint Venture II - 4 Properties
Colonial Grand at Inverness Lakes	Mobile	AL	Multifamily		312		15	%
Colonial Village at Inverness Lakes	Mobile	AL	Multifamily		186		15	%
Colonial Village at Hillwood	Montgomery	AL	Multifamily		160		15	%
Colonial Village at Rocky Ridge	Birmingham	AL	Multifamily		226		15	%
					885					4,852		653
CMS Joint Venture III - 2 Properties
Colonial Grand at Bayshore	Bradenton	FL	Multifamily		376		25	%
Colonial Village at Palma Sola	Bradenton	FL	Multifamily		340		25	%
					717					8,827		2,948
CMS Joint Venture IV - 2 Properties
Colonial Village at Hendersonville	Nashville	TN	Multifamily		364		25	%
Colonial Grand at Brentwood	Nashville	TN	Multifamily		254		25	%
					619					7,414		2,830
DRA
Colony Woods	Birmingham	AL	Multifamily		414		10	%
Meadows of Brook Highland	Birmingham	AL	Multifamily		400		10	%
Madison at Shoal Run	Birmingham	AL	Multifamily		276		10	%
					1,090					4,231		2,439
DRA - Cunningham
Cunningham	Austin	TX	Multifamily		280		20	%		2,794		1,254
Colonnade Properties LLC												5,704
Other Unconsolidated Investments										—		(16	)
Total Investments in Unconsolidated Subsidiaries									$	99,579	$	63,085

3Q04 - 21 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Equity Issues
Common & Preferred

COMMON SHARES CUSIP: 195872-10-6

		Year-to-Date Ending
	NYSE
	Symbol	12/31/99			12/31/00			12/31/01			12/31/02			12/31/03			09/30/04
Common Shares	CLP	$	23.19		$	26.06		$	31.15		$	33.94		$	39.60		$	40.22
Annual Growth			-12.9	%		12.4	%		19.5	%		9.0	%		16.7	%		1.6	%
Dividend per Share		$	2.32		$	2.40		$	2.52		$	2.64		$	2.66		$	2.68
Annual Growth			5.5	%		3.4	%		5.0	%		4.8	%		0.8	%		0.8	%
Yield on End of Period Price			10.0	%		9.2	%		8.1	%		7.8	%		6.7	%		6.7	%
Total Annual Return			-4.2	%		22.7	%		29.2	%		17.4	%		24.5	%		4.9	%

ANNUAL DIVIDEND/SHARE GROWTH

TOTAL RETURN - ANNUAL	TOTAL RETURN COMPARISON

TRADING ACTIVITY: CLOSING PRICE & AVG DAILY VOLUME (5-YEAR)

3Q04 - 22 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Equity Issues
Common & Preferred

PREFERRED SHARES 8.75% SERIES A     - REDEEMED CUSIP: 195872-20-5

Issue Date		11/6/1997	# of Shares Issued		5,000,000
- Issue Price	$	25.00	Total $ Issued	$	125MM
Redeemable		11/6/2002	Dividend $/Share	$	2.1875
- Redeem Price	$	25.00	Yield on Face Value		8.75	%
Redeemed		5/7/2003

	NYSE	Year-to-Date Ending
	Symbol	12/31/99			12/31/00			12/31/01			12/31/02			12/31/03	09/30/04
Preferred Shares	CLPPRA	$	17.69		$	20.75		$	25.00		$	25.03
Dividend History
Annual Dividend		$	2.19		$	2.19		$	2.19		$	2.19
Yield on End of Period Price			12.37	%		10.54	%		8.75	%		8.74	%

TRADING ACTIVITY: CLOSING PRICE & AVG DAILY VOLUME (5-YEAR)

PREFERRED UNITS 8.875% SERIES B Issued By CRLP (Partnership)

Privately Placed Perpetual Preferred Issue - Not Traded
Repriced & Extended in February 2004 - (old rate of 8.875%, Redeemable 2/23/04)

Issue Date		2/23/1999	# of Shares Issued		2,000,000
- Issue Price	$	50.00	Total $ Issue	$	100MM
Redeemable		2/24/2009	Dividend $/Share	$	3.6250
- Redeem Price	$	50.00	Yield on Face Value		7.250	%

3Q04 - 23 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Equity Issues
Common & Preferred

PREFERRED SHARES 9.25% SERIES C CUSIP: 195872-30-4

Issue Date		6/1/2001	# of Shares Issued		2,000,000
- Issue Price	$	25.00	Total $ Issued	$	50MM
Redeemable		6/1/2006	Dividend $/Share	$	2.3125
- Redeem Price	$	25.00	Yield on Face Value		9.25	%

	NYSE	Year-to-Date Ending
	Symbol	12/31/99	12/31/00	12/31/01			12/31/02			12/31/03			09/30/04
Preferred Shares	CLPPRC			$	25.65		$	26.25		$	26.82		$	26.45
Dividend History
Annual Dividend				Partial Year			$	2.31		$	2.31		$	2.31
Yield on End of Period Price					9.02	%		8.81	%		8.62	%		8.74	%

TRADING ACTIVITY: CLOSING PRICE & AVG DAILY VOLUME

	DEP SHARES CUSIP: 195872-40-3
PREFERRED SHARES 8.125% SERIES D (DEPOSITARY SHARES)	PFD SH REP’D BY DEP SHARES CUSIP: 195872-50-2

Issue Date		4/30/2003	# of Shares Issued		5,000,000
- Issue Price	$	25.00	Total $ Issued	$	125MM
Redeemable		4/30/2008	Dividend $/Share	$	2.0313
- Redeem Price	$	25.00	Yield on Face Value		8.125	%

	NYSE	Year-to-Date Ending
	Symbol	12/31/99	12/31/00	12/31/01	12/31/02	12/31/03			09/30/04
Preferred Shares	CLPPRD					$	27.16		$	26.41
Dividend History
Annual Dividend						Partial Year			$	2.03
Yield on End of Period Price							7.48	%		7.69	%

TRADING ACTIVITY: CLOSING PRICE & AVG DAILY VOLUME

3Q04 - 24 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Equity Issues
Common & Preferred

TAX STATUS OF DIVIDENDS

	12/31/99			12/31/00			12/31/01			12/31/02			12/31/03
Common Shares - CLP
Ordinary Income		78.78	%		79.42	%		85.86	%		77.79	%		58.34	%
Return of Capital		17.35	%		8.16	%		2.40	%		22.21	%		33.85	%
Long-Term Capital Gain					4.74	%		4.65	%
Unrecaptured Section 1250 Gain		3.87	%		7.68	%		7.09	%
25% Capital Gain														2.39	%
20% Capital Gain														3.90	%
15% Capital Gain														1.52	%
Preferred Shares - CLPPRA
Ordinary Income		100	%		100	%		100	%		100	%		88.18	%
25% Capital Gain														3.62	%
20% Capital Gain														5.91	%
15% Capital Gain														2.29	%
Preferred Shares - CLPPRC
Ordinary Income		100	%		100	%		100	%		100	%		88.18	%
25% Capital Gain														3.62	%
20% Capital Gain														5.91	%
15% Capital Gain														2.29	%
Preferred Shares - CLPPRD
Ordinary Income														88.18	%
25% Capital Gain														3.62	%
20% Capital Gain														5.91	%
15% Capital Gain														2.29	%

3Q04 - 25 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Debt Summary
($ in 000s)

PUBLIC RATINGS

			Rating
			Senior Unsecured	Preferred
Fitch Ratings	Bill Travers	212-908-0304	BBB-	BB+
Moody’s Investor Services	Karen Nickerson	212-553-4924	Baa3	Ba1
Standard & Poor’s	Jim Fielding	212-438-2452	BBB-	BB+

QUARTERLY DEBT SUMMARY

	CONSOLIDATED DEBT										WITH UNCONSOLIDATED SUBSID. DEBT
	Debt		%			Avg Int			Wtd Mat’y		Debt *(1)		%			Avg Int			Wtd Mat’y
Unsecured/Secured
Unsecured Line of Credit	$	228,021		13	%		2.5	%		1.1	$	228,021		12	%		2.5	%		1.1
Unsecured Other		995,149		57	%		6.3	%		6.4		995,149		54	%		6.3	%		6.4
Secured		507,783		29	%		5.8	%		9.1		607,361		33	%		5.6	%		8.1
Total Debt	$	1,730,952		100	%		5.7	%		6.5	$	1,830,531		100	%		5.6	%		6.3
Fixed/Floating
Fixed Rate Debt	$	1,267,984		73	%		6.9	%		6.8	$	1,305,720		71	%		6.8	%		6.8
Floating Rate Debt - Capped		86,038		5	%		2.7	%		7.2		86,038		5	%		2.7	%		7.2
Floating Rate Debt		376,930		22	%		2.4	%		5.2		438,772		24	%		2.5	%		4.7
Total Debt	$	1,730,952		100	%		5.7	%		6.5	$	1,830,531		100	%		5.6	%		6.3
Tax-Exempt Debt		48,475		3	%		2.8	%		21.7		50,475		3	%		2.8	%		21.9

Notes:

(1) See Debt Summary: Consolidated & Unconsolidated and Total Market Capitalization on page 18 for reconciliation.

PRINCIPAL DEBT AMORTIZATION SCHEDULE
($ in MMs)

Amortization Schedule excludes the Revolving Line of Credit – due Nov-05

LINE OF CREDIT

	12/31/03		09/30/04		Interest Rate			Due		Remaining		Notes
Floating	$	90,935		68,021		2.89	%		11/22/05		1.1	A    U
Competitive Bid Option - Floating		65,000		160,000		2.34	%		11/22/05		1.1	A    U
Competitive Bid Option - Swapped to Fixed		50,000		—		0.00	%		11/22/05		1.1	F    U
Total Outstanding on LOC	$	205,935	$	228,021		2.51	%				1.1

Notes:

• The $320MM LOC has a $160MM Competitive Bid Option.

• 9 Banks participate in the LOC, led by SouthTrust: AmSouth, Branch Banking and Trust (BB&T), Compass, Comerica, PNC, US Bank, Wachovia, and Wells Fargo

• The Facility is priced based on the Company’s Senior Unsecured Debt Rating.

• At BBB-/Baa3: the interest rate is LIBOR + 105 bps, and the facility fee is 20 bps.

• 3-Year facility through November, 2005; with 1 1-year extension

3Q04 - 26 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Debt Summary
($ in 000s)

DETAILED DEBT SCHEDULE: CONSOLIDATED

CUSIP	Issue Date		12/31/03			09/30/04			Interest Rate			Maturity Date		Remaining		Notes
Corporate
Revolving Line of Credit			$	205,935		$	228,021			2.51	%		11/22/05		1.1			U
Land Loan				464			434			2.98	%		09/30/06		2.0		A	S
Fair Value of Hedging Investments							4,022						04/01/11		6.5			U
Medium Term Notes
195896 AC 9		07/25/97		75,000			—											U
195896 AG 0		08/09/99		25,000			—											U
195896 AH 8		02/07/00		25,000			25,000			8.82	%		02/07/05		0.4			U
195896 AD 7		08/06/97		25,000			25,000			6.96	%		08/01/05		0.8			U
195896 AE 5		09/26/97		25,000			25,000			6.98	%		09/26/05		1.0			U
195896 AN 5		12/20/01		10,000			10,000			7.46	%		12/20/06		2.2			U
195896 AJ 4		02/29/00		20,000			20,000			8.80	%		02/01/10		5.3			U
195896 AK 1		03/13/00		5,000			5,000			8.80	%		03/15/10		5.5			U
195896 AM 7		12/26/00		10,000			10,000			8.05	%		12/27/10		6.2			U
195896 AL 9		12/26/00		10,000			10,000			8.08	%		12/24/10		6.2			U
Senior Unsecured Notes
195891 AB 2		07/15/96		65,000			65,000			8.05	%		07/15/06		1.8			U
195891 AC 0		07/14/98		175,000			175,000			7.00	%		07/14/07		2.8			U
195891 AD 8		08/09/02		100,000			100,000			6.88	%		08/15/12		7.9			U
195891 AE 6		04/04/03		125,000			125,000			6.15	%		04/15/13		8.5			U
195891 AF 3		04/02/11					100,000			1.87	%		04/01/11		6.5		D	U
195891 AG 1		06/23/04					300,000			6.25	%		06/15/14		9.7			U
Unamortized Discounts				(1,969	)		(3,873	)										U
Multifamily Properties
CG at Edgewater				21,277			21,067			6.81	%		01/01/11		6.3			S
CG at Berkeley Lake							8,388			7.15	%		06/15/08		3.7			S
CG at Galleria				22,400			22,400			2.76	%		06/15/26		21.7		C	S
CG at Galleria Woods				9,247			9,146			6.91	%		07/01/09		4.8			S
CG at Hunter’s Creek				18,999			18,999			7.98	%		06/30/10		5.8			S
CG at Hunter’s Creek				10,827			10,588			6.59	%		06/30/10		5.8		F	S
CG at Madison				16,953			16,611			2.49	%		08/01/11		6.8		B	S
CG at Mt Vernon							13,138			7.18	%		02/01/08		3.3			S
CG at Natchez Trace (Ph I)				6,648			6,613			8.30	%		09/01/35		30.9			S
CG at Natchez Trace (Ph II)				3,971			3,953			8.25	%		02/01/37		32.4			S
CG at Promenade				22,196			21,977			6.81	%		01/01/11		6.3			S
CG at Reservoir				8,379			8,223			2.92	%		04/01/12		7.5		B	S
CG at Riverchase				19,972			19,568			2.49	%		07/01/11		6.8		B	S
CG at Wesleyan *							11,646			7.49	%		08/27/09		4.9			S
CV at Ashley Plantation				15,090			15,090			7.98	%		06/30/10		5.8			S
CV at Ashley Plantation				9,065			8,865			6.59	%		06/30/10		5.8		F	S
CV at Gainesville				25,978			25,493			2.92	%		04/01/12		7.5		B	S
CV at Inverness				9,900			9,900			2.75	%		06/15/26		21.7		C	S
CV at Lake Mary				14,100			14,100			7.98	%		06/30/10		5.8			S
CV at Lake Mary				8,382			8,197			6.59	%		06/30/10		5.8		F	S
CV at Research Park				12,775			12,775			2.83	%		06/15/26		21.7		C	S
CG at River Oaks							10,712			5.54	%		09/01/13		8.9			S
CG at River Plantation							12,001			7.09	%		10/15/08		4.0			S
CG at Sugarloaf							17,942			7.38	%		04/05/06		1.5			S
CV at Timothy Woods *				9,330			9,220			7.49	%		09/01/09		4.9			S
CV at Trussville				16,449			16,143			2.92	%		04/01/12		7.5		B	S
CV at Vernon Marsh				3,400			3,400			2.76	%		07/01/26		21.8		C	S
Office Properties
Colonial Center 100 at Mansell Overlook				16,442			16,258			8.25	%		01/10/08		3.3			S
Colonial Center Heathrow				31,852			—											S
Colonial Center Heathrow				11,000			—											S
Retail Properties
CP Montgomery				12,016			11,873			7.49	%		09/01/06		1.9			S
CP University Park I *				11,785			—											S
CP Boulevard Square				—			27,206			7.22	%		08/01/32		27.9			S
CS Pines Plaza				—			9,321			5.42	%		10/01/10		6.0			S
CP Deerfield				—			32,035			5.90	%		02/01/13		8.3			S
CP Pembroke Pines				—			7,499			7.10	%		07/01/09		4.8			S
Village on the Parkway				—			47,000			5.77	%		07/11/11		6.8			S
Total Corporate Debt			$	1,267,865		$	1,730,952			5.67	%				6.5

3Q04 - 27 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Debt Summary
($ in 000s)

DETAILED DEBT SCHEDULE: UNCONSOLIDATED SUBSIDIARIES

	% Owned			12/31/03		09/30/04		Interest Rate			Maturity Date		Remaining		Notes
Multifamily Properties
Barrington, LLC (CG)		15.0	%	$	961		953		7.60	%		10/01/09		5.0			S
Cahaba Heights, LLC (CV)		15.0	%		802		795		7.60	%		10/01/09		5.0			S
Mountain Brook, LLC (CG)		15.0	%		2,397		2,375		7.60	%		10/01/09		5.0			S
Ponte Vedra, LLC (CG)		15.0	%		1,335		—										S
River Hills, LLC (CG)		15.0	%		3,800		3,768		7.60	%		10/01/09		5.0			S
Stockbridge, LLC (CV)		15.0	%		1,511		1,499		7.60	%		10/01/09		5.0			S
Hillwood, LLC (CV)		15.0	%		500		500		2.44	%		12/15/30		26.2		C	S
Hillwood, LLC (CV)		15.0	%		299		292		7.80	%		10/01/20		16.0			S
Inverness Lakes I, LLC (CV)		15.0	%		600		600		2.47	%		12/15/30		26.2		C	S
Inverness Lakes I, LLC (CV)		15.0	%		329		322		7.80	%		07/01/20		15.8			S
Inverness Lakes II, LLC (CV)		15.0	%		1,977		1,960		8.11	%		05/01/10		5.6			S
Rocky Ridge, LLC (CV)		15.0	%		900		900		2.69	%		12/15/30		26.2		C	S
Rocky Ridge, LLC (CV)		15.0	%		289		279		7.74	%		10/01/16		12.0			S
Bayshore (CG)		25.0	%		—		4,881		6.85	%		11/01/11		7.1			S
Palma Sola (CG)		25.0	%		—		3,946		7.03	%		04/01/12		7.5			S
Cunningham		20.0	%		—		2,794		5.18	%		06/15/09		4.7			S
Colony Woods		10.0	%		—		1,715		4.18	%		11/04/08		4.1			S
Madison at Shoal Run		10.0	%		—		980		4.18	%		11/04/08		4.1			S
Meadows at Brook Highland		10.0	%		—		1,536		4.18	%		11/04/08		4.1			S
Brentwood (CG)		25.0	%		—		3,744		7.22	%		01/01/11		6.3			S
Hendersonville (CV)		25.0	%		—		3,670		7.22	%		01/01/11		6.3			S
Office Properties
Land Title Building		33.3	%		508		486		8.10	%		02/01/15		10.3			S
Retail Properties
CP Hoover		10.0	%		1,759		1,743		5.94	%		01/11/13		8.3			S
Orlando Fashion Square		50.0	%		31,825		31,468		3.34	%		12/28/05		1.2		A	S
Parkway Place		45.0	%		28,787		28,375		3.09	%		12/20/04		0.2		A	S
Total Unconsolidated Property Debt				$	78,578	$	99,579		4.55	%				3.3
Consolidated & Unconsolidated Debt *(1)				$	1,346,443	$	1,830,531		5.61	%				6.3

Notes:

(1) See Debt Summary: Consolidated & Unconsolidated Debt and Total Market Capitalization on page 18 for reconciliation.

A	Floating Rate Debt
B	Floating Rate Debt - Capped
C	Floating Rate Debt - Tax Exempt
D	Floating Rate Debt - Swapped from Fixed Rate
E	Fixed Rate Debt - Tax Exempt
F	Fixed Rate Debt - Swapped from Floating Rate
	Debt without a notation is Fixed Rate Debt
U	Unsecured Debt
S	Secured Debt

3Q04 - 28 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Financial Summary - Multifamily

MULTIFAMILY DIVISIONAL NOI *(1)

($ in 000s)	1Q03			2Q03			3Q03			4Q03			FYE ’03			1Q04			2Q04			3Q04			4Q04	YTD ’04
Same-Property Portfolio *(2)
Divisional Revenues		23,181			23,786			24,186			24,116			95,270			24,083			24,575			25,096				73,754
Divisional Expenses		8,525			9,023			9,306			8,501			35,355			9,169			9,169			9,815				28,153
Divisional NOI		14,656			14,763			14,880			15,615			59,914			14,914			15,406			15,281				45,601
Divisional NOI Margin		63.2	%		62.1	%		61.5	%		64.7	%		62.9	%		61.9	%		62.7	%		60.9	%			61.8	%
NOI Growth *(3)		-8.2	%		-4.7	%		-5.9	%		3.6	%		-3.9	%		1.8	%		4.4	%		2.7	%			2.9	%
NOI Growth - Sequential		-2.3	%		0.9	%		-0.2	%		5.3	%					-4.5	%		3.3	%		-0.8	%
Total Division Portfolio
Divisional Revenues		24,406			24,589			25,002			24,953			98,949			26,548			28,716			31,831				87,095
Divisional Expenses		9,081			9,427			9,674			8,878			37,060			10,373			10,994			12,822				34,189
Divisional NOI		15,325			15,162			15,328			16,075			61,890			16,175			17,722			19,009				52,906
Divisional NOI Margin		62.8	%		61.7	%		61.3	%		64.4	%		62.5	%		60.9	%		61.7	%		59.7	%			60.7	%
NOI Growth		-17.9	%		-12.1	%		-6.3	%		1.4	%		-9.2	%		5.5	%		16.9	%		24.0	%			15.5	%

Notes:

(1)	For more information regarding Multifamily Divisional Revenue, Expenses and NOI refer to Segment Data on page 10.
(2)	The 2003 same-property data reflects results of the 2004 same-property portfolio, as adjusted for dispositions during year.
(3)	The 2003 same-property growth reflects performance of the 2003 same-property portfolio, which does not include any unconsolidated assets.

SAME-PROPERTY RESULTS	DIVISION RESULTS

SUMMARY BY MARKET *(1)

		Total Multifamily Division								Same-Property
															Increase/(Decrease) from Prior Year Period
		# of Wtd		% of			% of			# of Wtd		% of			Current Quarter									Year-to-Date
		Units		Units			NOI			Units		Units			Rev			Exp			NOI			Rev			Exp			NOI
Atlanta	GA		1,091		5.5	%		10.0	%		—		0.0	%
Birmingham	AL		4,887		24.8	%		20.2	%		3,054		26.4	%		4.0	%		4.6	%		3.5	%		3.1	%		2.9	%		3.2	%
Huntsville	AL		1,572		8.0	%		10.5	%		1,572		13.6	%		0.7	%		1.1	%		0.4	%		1.2	%		2.8	%		0.3	%
Jackson	MS		498		2.5	%		3.9	%		498		4.3	%		-3.3	%		17.2	%		-11.5	%		1.7	%		11.5	%		-2.4	%
Mobile	AL		899		4.6	%		2.0	%		401		3.5	%		2.4	%		6.3	%		-0.5	%		1.7	%		3.9	%		0.0	%
Montgomery	AL		544		2.8	%		3.9	%		384		3.3	%		5.3	%		17.8	%		1.5	%		8.6	%		8.0	%		8.8	%
Orlando	FL		2,825		14.3	%		22.3	%		2,466		21.4	%		5.4	%		13.8	%		1.0	%		2.3	%		7.3	%		-0.4	%
Sarasota	FL		560		2.8	%		5.3	%		560		4.8	%		16.6	%		3.5	%		25.5	%		13.9	%		8.1	%		17.5	%
Other			6,819		34.6	%		21.8	%		2,612		22.6	%		1.7	%		-1.3	%		4.0	%		4.6	%		3.7	%		5.1	%
Total			19,695		100.0	%		100.0	%		11,547		100.0	%		3.8	%		5.5	%		2.7	%		3.7	%		4.8	%		2.9	%

Notes:

(1) For more information regarding Multifamily Divisional Revenue, Expenses and NOI refer to Segment Data on page 10.

3Q04 - 29 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Financial Summary - Multifamily

OPERATIONAL STATISTICS

	1Q03			2Q03			3Q03			4Q03			FYE ’03	1Q04			2Q04			3Q04			4Q04	YTD ’04
End of Month Scheduled Base Rent per Unit Per Month (See Reconciliation Below)
Same-Property *(1)	$	788		$	790		$	795		$	795			$	797		$	804		$	812
change		1.4	%		1.2	%		1.6	%		1.0	%			1.2	%		1.7	%		2.2	%
Total Division *(2)	$	799		$	788		$	795		$	794			$	796		$	824		$	822
change		5.4	%		0.9	%		1.3	%		1.1	%			-0.3	%		4.6	%		3.4	%
Tot Div-Consol Assets Only *(2)	$	802		$	790		$	795		$	742			$	798		$	827		$	807
change															-0.5	%		4.7	%		1.5	%
End of Month Scheduled Base Rent per SF per Month
Same-Property *(1)	$	0.72		$	0.73		$	0.73		$	0.73			$	0.73		$	0.74		$	0.75
change		1.4	%		1.4	%		1.4	%		1.0	%			0.8	%		1.9	%		2.7	%
Total Division *(2)	$	0.74		$	0.73		$	0.73		$	0.73			$	0.74		$	0.75		$	0.76
change		2.8	%		1.4	%		0.0	%		0.0	%			0.0	%		2.7	%		4.1	%
Tot Div-Consol Assets Only *(2)	$	0.74		$	0.73		$	0.73		$	0.67			$	0.74		$	0.76		$	0.74
change															0.0	%		4.1	%		1.4	%
Scheduled Base Rent per Unit Per Month Reconciliation
Same-Property
Scheduled Rent	$	788		$	790		$	795		$	795			$	797		$	804		$	812
Less: Vacancy & Concessions *(3)		(160	)		(152	)		(145	)		(145	)			(157	)		(147	)		(151	)
Less: Effect of Change To Qtrly Avg		—			(1	)		—			—				—			—			—
Rent / Unit - Consolidated Assets	$	628		$	637		$	650		$	650			$	640		$	657		$	661
Total Division
Scheduled Rent	$	799		$	788		$	795		$	794			$	796		$	824		$	822
Less: Vacancy & Concessions *(3)		(169	)		(161	)		(154	)		(156	)			(159	)		(159	)		(159	)
Less: Eff - Ch To Qtrly Avg & Disp.		(13	)		(2	)		—			—				—			(19	)		—
Monthly Rent/Unit		617			625			641			638				637			646			663
Effect of Unconsolidated Assets		2			2			2			2				1			3			1
Rent / Unit - Consolidated Assets	$	618		$	627		$	638		$	639			$	638		$	649		$	664
To Reconcile to Total Division Rent
Mult by: # of Months in Qtr		3			3			3			3				3			3			3
Mult by: Avg # of Cons. Units for Pd		11,723			11,547			11,547			11,547				12,391			13,075			13,985
Revenue	$	21,747		$	21,706		$	22,099		$	22,144			$	23,710		$	25,447		$	27,863

The Company believes Scheduled Base Rent is useful to investors as a measure of indicated monthly market rents and the maximum potential revenue per unit that is currently achievable. Unconsolidated assets are included to measure the total potential cash flows to the Company from the Company’s total holdings.

Notes:

(1)	The 2003 same-property data reflects results of the 2004 same-property portfolio, as adjusted for dispositions during year.
(2)	Total division statistics exclude properties in lease-up and DRA assets, held under the cost basis of accounting.
(3)	[Sched base rents less vacancy loss, all concessions (including but not limited to: renewals, move-ins, models, employee units), and bad debts] /sched base rents.

3Q04 - 30 - NYSE: CLP

COLONIAL PROPERTIES TRUST

Portfolio Financial Summary - Multifamily

OPERATIONAL STATISTICS CONT’D

	1Q03			2Q03			3Q03			4Q03			FYE ’03			1Q04			2Q04			3Q04			4Q04	YTD ’04
Apartment Homes
Units - Consolidated Assets		11,547			11,547			11,547			12,391			11,758			12,391			13,814			14,398				13,534
Unconsolidated Assets (at %)		425			425			425			425			425			534			733			887				718
Unconsol. - Cost Method (at %)																	109			344			165				206
Units in Lease-Up																	—			12			48				20
1st Yr Acquisition Units - Consolidated																	—			1,411			1,643				1,018
Capital Expenditures ($ in 000s) *(1)
Regular Maintenance	$	1,088		$	1,553		$	1,425		$	1,336		$	5,402		$	1,438		$	2,053		$	2,498			$	5,989
Revenue-Enhancing		51			50			43			5			149			11			28			21				60
Admin - Division		6			25			16			1			48			14			27			61				102
Total w/o Acquisition-Related		1,145			1,628			1,484			1,342			5,599			1,463			2,108			2,580				6,151
Acquisition-Related *(2)		—			—			—			—			—			116			212			598				926
Total		1,145			1,628			1,484			1,342			5,599			1,579			2,320			3,178				7,077
Less: Unconsolidated Assets		(48	)		(107	)		(64	)		(46	)		(265	)		(25	)		(50	)		(91	)			(166	)
Total - Consolidated Assets	$	1,097		$	1,521		$	1,420		$	1,296		$	5,334		$	1,554		$	2,270		$	3,087			$	6,911
Capital Expenditures per Unit *(3)
Regular Maintenance	$	91		$	130		$	119		$	104		$	443		$	112		$	161		$	186			$	460
Revenue-Enhancing		4			4			4			0			12			1			2			2				5
Total w/o Acquisition-Related		95			134			123			105			456			113			163			188				465
Total - Consolidated Assets	$	94		$	130		$	122		$	105		$	450		$	115		$	164		$	191			$	471
Notes :

(1) See page 17 for a reconciliation to the Income Statement.

(2) Capital spent on recently acquired properties. First year capital has been included in the total investment for purposes of underwriting the acquisition.

(3) Per unit data does not include units in lease-up, properties held under the cost basis of accounting or 1st year acquisition units.

3Q04 - 31 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Occupancy - Multifamily

			Avg		%			Total
Property	Location		Age		Own			Units		SF (000s)		3Q03			4Q03			1Q04			2Q04			3Q04			S-P
CONSOLIDATED PROPERTIES
CG at Arringdon	Raleigh/Durham	NC							320		336.0		92.9	%		93.9	%		95.2	%		96.3	%		84.7	%
CG at Berkeley Lake	Atlanta	GA							180		243.9											95.6	%		92.2	%
CG at Cypress Crossing	Orlando	FL							250		314.6		92.9	%		93.9	%		95.2	%		95.2	%		98.9	%		S
CG at Edgewater	Huntsville	AL							500		541.7		95.0	%		91.6	%		91.4	%		94.8	%		92.2	%		S
CG at Gainesville	Gainesville	FL							560		488.6		93.4	%		94.3	%		95.7	%		92.1	%		99.3	%		S
CG at Galleria	Birmingham	AL							1,080		1,195.2		94.5	%		93.7	%		95.4	%		97.8	%		94.3	%		S
CG at Galleria Woods	Birmingham	AL							244		260.7		96.2	%		97.1	%		97.5	%		96.3	%		95.5	%		S
CG at Heather Glen	Orlando	FL							448		524.1		94.9	%		94.8	%		98.4	%		96.7	%		98.8	%		S
CG at Heathrow	Orlando	FL							312		370.0		93.6	%		93.9	%		94.7	%		96.5	%		99.0	%		S
CG at Hunter’s Creek	Orlando	FL							496		624.5		96.5	%		94.9	%		96.9	%		98.7	%		98.5	%		S
CG at Lakewood Ranch	Sarasota	FL							288		301.7		95.7	%		95.5	%		94.4	%		94.1	%		96.9	%		S
CG at Liberty Park	Birmingham	AL							300		338.7		96.9	%		93.3	%		97.2	%		99.0	%		97.3	%		S
CG at Madison	Huntsville	AL							336		354.6		94.6	%		95.2	%		92.9	%		94.3	%		97.3	%		S
CG at Metrowest	Orlando	FL							311		313.5					94.0	%		97.4	%		97.1	%		98.7	%
CG at Mount Vernon	Atlanta	GA							213		257.2											98.6	%		96.7	%
CG at Natchez Trace	Jackson	MS							328		342.8		97.6	%		92.4	%		97.9	%		97.3	%		96.9	%		S
CG at Promenade	Montgomery	AL							384		424.4		95.3	%		95.1	%		96.6	%		96.1	%		96.4	%		S
CG at River Oaks	Atlanta	GA							216		276.2											96.8	%		94.9	%
CG at River Plantation	Atlanta	GA							232		311.0											98.7	%		94.4	%
CG at Riverchase	Birmingham	AL							468		745.8		93.2	%		93.6	%		97.1	%		98.1	%		99.4	%		S
CG at Seven Oaks	Tampa	FL							316		304.5													LU
CG at Sugarloaf	Atlanta	GA							250		329.6											96.0	%		95.2	%
CG at The Reservoir	Jackson	MS							170		195.6		98.8	%		98.8	%		100.0	%		97.1	%		95.3	%		S
CG at TownPark	Orlando	FL							456		584.7		96.1	%		93.7	%		96.3	%		97.6	%		96.5	%		S
CG at Town Park Reserve	Orlando	FL							12		11.3										LU			LU
CG at Wesleyan	Macon	GA							328		382.9		89.9	%		87.8	%		95.7	%		93.3	%		89.9	%		S
CV at Ashford Place	Mobile	AL							168		139.1		96.4	%		93.5	%		96.4	%		97.0	%		98.2	%		S
CV at Ashley Plantation	Bluffton	SC							414		425.1		92.9	%		76.9	%		93.7	%		92.3	%		91.8	%		S
CV at Caledon Wood	Greenville	SC							350		348.3		90.9	%		90.6	%		97.7	%		93.7	%		95.4	%		S
CV at Haverhill	San Antonio	TX							322		326.9		91.0	%		88.8	%		92.2	%		93.5	%		94.7	%		S
CV at Huntleigh Woods	Mobile	AL							233		199.1		93.6	%		93.0	%		93.3	%		92.7	%		96.1	%		S
CV at Inverness	Birmingham	AL							586		551.6		98.5	%		96.5	%		98.6	%		97.5	%		95.1	%		S
CV at Lake Mary	Orlando	FL							504		431.4		92.9	%		93.0	%		91.1	%		99.0	%		96.6	%		S
CV at Quarry Oaks	Austin	TX							533		459.8					91.0	%		90.2	%		92.3	%		92.9	%
CV at Research Park	Huntsville	AL							736		809.3		94.5	%		93.1	%		95.0	%		97.7	%		95.1	%		S
CV at Sierra Vista	Austin	TX							232		204.4														94.0	%
CV at Timothy Woods	Athens	GA							204		211.4		98.0	%		91.7	%		97.1	%		96.6	%		93.1	%		S
CV at TownPark	Sarasota	FL							272		316.4		93.4	%		92.8	%		94.4	%		96.3	%		94.5	%		S
CV at Trussville	Birmingham	AL							376		410.3		97.9	%		95.5	%		96.5	%		97.9	%		97.3	%		S
CV at Twin Lakes	Orlando	FL							36		32.7													LU
CV at Vernon Marsh	Savannah	GA							178		151.2		92.7	%		93.8	%		98.3	%		96.6	%		96.1	%		S
CV at Walton Way	Augusta	GA							256		254.3		98.0	%		91.8	%		92.2	%		89.5	%		95.0	%		S
TOTAL CONSOLIDATED	42			9.6					14,398		15,645.1		94.8	%		92.9	%		95.4	%		96.0	%		95.5	%
UNCONSOLIDATED PROPERTIES
CG at Barrington	Macon	GA				15	%		176		191.9		91.5	%		87.5	%		93.2	%		94.9	%		96.0	%
CG at Bayshore	Bradenton	FL				25	%		376		368.9											94.1	%		96.8	%
CG at Brentwood	Nashville	TN				25	%		254		242.2														92.3	%
CG at Inverness Lakes	Mobile	AL				15	%		312		329.9		81.8	%		81.4	%		81.3	%		87.2	%		85.9	%
CG at Mountain Brook	Birmingham	AL				15	%		392		392.7		93.4	%		89.1	%		93.1	%		95.2	%		98.2	%
CG at Palma Sola	Bradenton	FL				25	%		340		291.8											95.8	%		96.0	%
CG at Riverhills	Tampa	FL				15	%		776		690.3		93.9	%		91.1	%		93.9	%		92.7	%		90.9	%
Colony Woods	Birmingham	AL				10	%		414		450.7		97.9	%		95.5	%		97.8	%		97.1	%		98.3	%

3Q04 - 32 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Occupancy - Multifamily

			Avg		%			Total
Property	Location		Age		Own			Units		SF (000s)		3Q03			4Q03			1Q04			2Q04			3Q04			S-P
Cunningham	Austin	TX				20	%		280		257.3											91.8	%		91.1	%
CV at Cahaba Heights	Birmingham	AL				15	%		125		131.2		99.2	%		96.8	%		94.4	%		91.2	%		96.8	%
CV at Hendersonville	Nashville	TN				25	%		364		250.4														97.1	%
CV at Hillwood	Montgomery	AL				15	%		160		150.9		97.5	%		94.4	%		100.0	%		95.0	%		94.4	%
CV at Inverness Lakes	Mobile	AL				15	%		186		176.5		89.8	%		87.1	%		93.0	%		91.9	%		95.2	%
CV at Rocky Ridge	Birmingham	AL				15	%		226		258.9		93.4	%		94.2	%		93.8	%		95.6	%		90.7	%
CV at Stockbridge	Stockbridge	GA				15	%		240		253.2		99.0	%		98.0	%		95.4	%		97.1	%		92.1	%
Madison at Shoal Run	Birmingham	AL				10	%		276		249.3		97.9	%		95.5	%		97.5	%		97.5	%		98.6	%
Meadows at Brook Highland	Birmingham	AL				10	%		400		465.6		97.9	%		95.5	%		95.3	%		93.0	%		96.8	%
TOTAL UNCONSOLIDATED	17								5,297		5,151.7
UNCONSOLIDATED WTD FOR CLP % OWNED				11.4					887		842.7		92.8	%		90.5	%		93.2	%		93.8	%		94.4	%
PROPERTIES SOLD
CG at Ponte Vedra	Jacksonville	FL				15	%		—		—		96.7	%		94.4	%		93.7	%
TOTAL SOLD	1								—		—		96.7	%		94.4	%		93.7	%
THIRD-PARTY MANAGED PROPERTIES
Hawthorn Groves	Orlando	FL				0	%		328		344.4
CMS Carrollwood Assoc, LP	Tampa	FL				0	%		244		286.1
CMS Colony Park	Mobile	AL				0	%		201		129.6
CMS Hillcrest	Mobile	AL				0	%		104		114.4
CMS McGehee Place	Montgomery	AL				0	%		468		404.2
CMS Monte D’ro, LLC	Birmingham	AL				0	%		200		295.8
CMS No. Ingle Assoc, LP	Macon	GA				0	%		140		133.3
CMS Patio Assoc, LP	Auburn	AL				0	%		240		179.0
CMS Rivermont	Murfreesboro	TN				0	%		106		115.3
CMS Ski Lodge - Tuscaloosa	Tuscaloosa	AL				0	%		304		273.1
CMS Spring Creek Assoc, LP	Macon	GA				0	%		296		328.0
CMS Stonebridge Crossing	Cordova	TN				0	%		500		450.0
PH Coursey Place	Baton Rouge	LA				0	%		352		344.3
PH Harbour View	Chattanooga	TN				0	%		308		323.4
PH Rocky Ridge	Douglasville	GA				0	%		300		347.1
TOTAL MANAGED	15								4,091		4,068.1

3Q04 - 33 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Occupancy - Multifamily

			Avg	%	Total
Property	Location		Age	Own	Units		SF (000s)		3Q03			4Q03			1Q04			2Q04			3Q04			S-P
SUMMARY
					Occupancies Weighted for CLP% Owned
Consolidated		42				14,398		15,645.1		94.8	%		92.9	%		95.4	%		96.0	%		95.5	%
Unconsolidated		17				5,297		5,151.7		92.8	%		90.5	%		93.2	%		93.8	%		94.4	%
Subtotal - Current Portfolio		59				19,695		20,796.8		94.8	%		92.9	%		95.3	%		95.9	%		95.4	%
Managed		15				4,091		4,068.1
Total Owned/Managed		74				23,786		24,864.9
Sold		1				—		—		96.7	%		94.4	%		93.7	%
Occy Incl. Sold Assets		75								94.8	%		92.9	%		95.3	%		95.9	%		95.4	%
By Property Type (Consolidated & Unconsolidated Assets)
Colonial Grands		33				11,624		12,881.3		94.8	%		93.9	%		95.7	%		96.2	%		95.8	%
Colonial Villages		22				6,701		6,492.6		94.7	%		91.6	%		94.6	%		95.4	%		94.9	%
Other		4				1,370		1,422.9								96.2	%		95.7	%		95.5	%
Total Division		59				19,695		20,796.8		94.8	%		92.9	%		95.3	%		95.9	%		95.4	%
Same-Property Occupancy
Same-Property Portfolio *		30				11,547		12,565.0		94.8	%		93.0	%		95.5	%		96.1	%		95.9	%
Economic Occupancy
Same-Property Portfolio *		30				11,547		12,565.0		81.1	%		79.8	%		80.9	%		81.7	%		81.6	%
Consolidated Assets		42				14,398		15,645
Unconsolidated Assets		17				5,297		5,152
Total Division		59				19,695		20,797		81.2	%		79.8	%		80.3	%		80.7	%		80.7	%

* Same-property portfolio is adjusted historically to reflect the current same-property portfolio.

Notes:

CG = Colonial Grand Apartments, Class A; CV = Colonial Village Apartments, Class B

LU = Properties in lease-up; these properties are not included in occupancies for Subtotals or Summary Categories.

S = Current year same-property portfolio: property has been in service for a full calendar year. Partial-owned properties are not included.

3Q04 - 34 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Occupancy - Multifamily
Exposure By Market - Most Recent Quarter

		CONSOLIDATED							UNCONSOLIDATED							SUBTOTAL							MANAGED				TOTAL
		#		Units		Occy			#		Units		Occy			#		Units		Occy			#		Units		#		Units
Birmingham	AL		6		3,054		96.0	%		6		1,833		96.7	%		12		4,887		96.0	%		1		200		13		5,087
Auburn	AL																							1		240		1		240
Huntsville	AL		3		1,572		94.6	%									3		1,572		94.6	%						3		1,572
Mobile	AL		2		401		96.9	%		2		498		89.4	%		4		899		95.7	%		2		305		6		1,204
Montgomery	AL		1		384		96.4	%		1		160		94.4	%		2		544		96.2	%		1		468		3		1,012
Tuscaloosa	AL																							1		304		1		304
ALABAMA			12		5,411		95.7	%		9		2,491		94.8	%		21		7,902		95.6	%		6		1,517		27		9,419
Orlando	FL		9		2,825		96.3	%									9		2,825		98.0	%		1		328		10		3,153
Sarasota	FL		2		560		95.7	%									2		560		95.7	%						2		560
Bradenton	FL									2		716		96.4	%		2		716		96.4	%						2		716
Tampa	FL		1		316		0.0	%		1		776		90.9	%		2		1,092		90.9	%		1		244		3		1,336
Gainesville	FL		1		560		99.3	%									1		560		99.3	%						1		560
Wesley Chapel	FL
FLORIDA			13		4,261		89.5	%		3		1,492		94.2	%		16		5,753		97.6	%		2		572		18		6,325
Macon	GA		1		328		89.9	%		1		176		96.0	%		2		504		90.3	%		2		436		4		940
Athens	GA		1		204		93.1	%									1		204		93.1	%						1		204
Atlanta	GA		5		1,091		94.8	%									5		1,091		94.8	%						5		1,091
Augusta	GA		1		256		95.0	%									1		256		95.0	%						1		256
Douglasville	GA																							1		300		1		300
Savannah	GA		1		178		96.1	%									1		178		96.1	%						1		178
Stockbridge	GA									1		240		92.1	%		1		240		92.1	%						1		240
GEORGIA			9		2,057		93.9	%		2		416		93.8	%		11		2,473		93.9	%		3		736		14		3,209
Baton Rouge	LA																							1		352		1		352
LOUISIANA																								1		352		1		352
Jackson	MS		2		498		96.3	%									2		498		96.3	%						2		498
MISSISSIPPI			2		498		96.3	%									2		498		96.3	%						2		498
Raleigh/Durham	NC		1		320		84.7	%									1		320		84.7	%						1		320
NORTH CAROLINA			1		320		84.7	%									1		320		84.7	%						1		320
Bluffton	SC		1		414		91.8	%									1		414		91.8	%						1		414
Greenville	SC		1		350		95.4	%									1		350		95.4	%						1		350
SOUTH CAROLINA			3		1,084		65.8	%									3		1,084		93.4	%						3		1,084
Austin	TX		2		765		93.2	%		1		280		91.1	%		3		1,045		93.1	%						3		1,045
San Antonio	TX		1		322		94.7	%									1		322		94.7	%						1		322
TEXAS			3		1,087		93.7	%		1		280		91.1	%		4		1,367		93.5	%						4		1,367
Chattanooga	TN																							1		308		1		308
Cordova	TN																							1		500		1		500
Murfreesboro	TN																							1		106		1		106
Nashville	TN									2		618		95.1	%		2		618		95.1	%						2		618
TENNESSEE																								3		914		3		914
TOTAL			42		14,398		95.5	%		17		5,297		94.4	%		59		19,695		95.4	%		15		4,091		74		23,786

Note:

Occupancies for unconsolidated properties are weighted according to CLP’s percentage interest.

3Q04 - 35 - NYSE:CLP

COLONIAL PROPERTIES TRUST
Portfolio Financial Summary - Office

NET OPERATING INCOME *(1)

($ in 000s)	1Q03			2Q03			3Q03			4Q03			FYE ’03			1Q04			2Q04			3Q04			4Q04	YTD ’04
Same-Property Portfolio *(2)
Divisional Revenues *(3)		22,193			24,714			22,278			22,391			91,576			22,019			21,899			22,953				66,871
Divisional Expenses		6,474			6,634			6,645			6,599			26,352			6,443			6,327			6,662				19,432
Divisional NOI		15,719			18,081			15,633			15,791			65,224			15,575			15,572			16,291				47,439
Divisional NOI Margin		70.8	%		73.2	%		70.2	%		70.5	%		71.2	%		70.7	%		71.1	%		71.0	%			70.9	%
growth *(4)		-5.9	%		-5.9	%		-14.0	%		-8.1	%		-8.5	%		-0.9	%		-13.9	%		4.2	%			-4.0	%
Same-Property without Terminations
Lease Terminations		(165	)		(2,258	)		(70	)		(86	)		(2,580	)		(347	)		(37	)		(922	)			(1,306	)
Divisional NOI w/o Term.		15,554			15,823			15,562			15,705			62,644			15,228			15,535			15,369				46,132
growth w/o terminations		-3.7	%		-3.7	%		-4.8	%		-6.9	%		-4.8	%		-2.1	%		-1.8	%		-1.2	%			-1.7	%

Same-Property growth without the effects of lease terminations is useful to investors as an additional indicator as to the Company’s operating performance because buyouts of commercial leases can fluctuate from quarter to quarter and year to year.

Total Portfolio
Divisional Revenues *(3)	22,669		25,124		22,685		22,975		93,452		24,016		24,187		25,174		73,377
Divisional Expenses	6,786		6,970		6,938		6,932		27,626		7,015		6,918		7,302		21,235
Divisional NOI	15,884		18,154		15,746		16,042		65,826		17,001		17,269		17,872		52,142
Divisional NOI Margin	70.1	%	72.3	%	69.4	%	69.8	%	70.4	%	70.8	%	71.4	%	71.0	%	71.1	%
growth	51.1	%	52.1	%	-0.5	%	-3.7	%	19.8	%	7.0	%	-4.9	%	13.5	%	4.7	%

Notes:

(1)	For more information regarding Office Divisional Revenue, Expenses and NOI refer to Segment Data on page 10.
(2)	The 2003 same-property data reflects results of the 2004 same-property portfolio, as adjusted for dispositions during year.
(3)	Straight-line rents are included.
(4)	The 2003 same-property growth reflects performance of the 2003 same-property portfolio.

SAME-PROPERTY RESULTS	DIVISION RESULTS

SUMMARY BY MARKET *(1)

		Total Office Division								Same-Property
															Increase/(Decrease) from Prior Year Period
		# of Wtd		% of Wtd			% of			# of Wtd		% of Wtd			Current Quarter									Year-to-Date
		SF (000)		SF			NOI			SF (000)		SF			Rev			Exp			NOI			Rev			Exp			NOI
Atlanta	GA		864		15.2	%		17.1	%		864		17.3	%		10.8	%		11.1	%		10.6	%		7.9	%		2.4	%		10.1	%
Birmingham	AL		1,409		24.8	%		25.1	%		1,379		27.7	%		-1.0	%		-8.9	%		2.3	%		0.3	%		-5.5	%		2.7	%
Huntsville	AL		1,357		23.8	%		21.1	%		869		17.4	%		8.6	%		4.2	%		10.1	%		4.1	%		4.0	%		4.2	%
Montgomery	AL		264		4.6	%		3.5	%		264		5.3	%		13.8	%		-4.1	%		28.3	%		5.7	%		-4.3	%		12.7	%
Orlando	FL		1,503		26.4	%		29.2	%		1,314		26.4	%		-0.1	%		2.3	%		-1.1	%		-16.4	%		-2.3	%		-21.4	%
Tampa	FL		292		5.1	%		4.1	%		292		5.9	%		-6.1	%		-2.2	%		-8.4	%		-5.4	%		-2.9	%		-6.9	%
Total			5,689		100.0	%		100.0	%		4,981		100.0	%		3.0	%		0.2	%		4.2	%		-3.3	%		-1.6	%		-4.0	%

Notes:

(1) For more information regarding Office Divisional Revenue, Expenses and NOI refer to Segment Data on page 10.

3Q04 - 36 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Financial Summary - Office

OPERATIONAL STATISTICS

	1Q03			2Q03			3Q03			4Q03			FYE ’03	1Q04			2Q04			3Q04			4Q04	YTD ’04
Base Rent per SF - Straight Line (See Reconciliation Below)
Same-Property *(1)	$	19.33		$	19.02		$	19.09		$	19.30			$	19.09		$	19.10		$	18.87
change		-0.1	%		-3.7	%		-1.0	%		-5.3	%			-1.2	%		0.4	%		-1.2	%
Total Division *(2)	$	19.29		$	19.06		$	19.08		$	19.06			$	18.39		$	18.33		$	18.12
change		6.6	%		3.9	%		1.7	%		-3.8	%			-4.7	%		-3.8	%		-5.0	%
Base Rent per SF - Cash (See Reconciliation Below)
Same-Property *(1)	$	18.76		$	18.68		$	18.58		$	18.78			$	18.42		$	18.43		$	18.30
change		-1.8	%		-4.1	%		-2.8	%		-7.3	%			-1.8	%		-1.3	%		-1.5	%
Total Division *(2)	$	18.71		$	18.62		$	18.52		$	18.50			$	17.49		$	17.60		$	17.63
change		5.0	%		2.9	%		0.7	%		-4.8	%			-6.5	%		-5.5	%		-4.8	%
Base Rent per SF Reconciliation
Same-Property
Cash Rent per SF	$	18.76		$	18.68		$	18.58		$	18.78			$	18.42		$	18.43		$	18.30
Effects of Concessions & Contractual Rent Increases		0.57			0.34			0.51			0.52				0.67			0.67			0.57
S-L Rents per SF - Consolidated	$	19.33		$	19.02		$	19.09		$	19.30			$	19.09		$	19.10		$	18.87
Total Division
Cash Rent per SF	$	18.71		$	18.62		$	18.52		$	18.50			$	17.49		$	17.60		$	17.63
Concess. & Contract. Rent Incr.		0.58			0.44			0.56			0.56				0.90			0.73			0.49
Straight-Lined Rents per SF		19.29			19.06			19.08			19.06				18.39			18.33			18.12
Effect of Unconsolidated Assets		(0.01	)		(0.01	)		(0.01	)		(0.00	)			—			—			—
S-L Rents per SF - Consolidated	$	19.28		$	19.05		$	19.07		$	19.06			$	18.39		$	18.33		$	18.12
To Reconcilie to Total Division Rent
Div by: # of Qtrs In Yr		4			4			4			4				4			4			4
Mult by: Avg Occupied SF - Cons.		4,522			4,656			4,614			4,673				4,966			5,132			5,187
Revenue	$	21,795		$	22,172		$	21,998		$	22,265			$	22,831		$	23,518		$	23,498

The Company believes that Cash Rents are a useful alternative measure of performance and a measure of current cash flow generated from a tenant. Unconsolidated assets are included to measure the total potential cash flows to the Company from the Company’s total holdings.

Notes:

(1) The 2003 same-property data reflects results of the 2004 same-property portfolio, as adjusted for dispositions during year.

(2) Total division statistics exclude properties in lease-up. Total Division statistics are reconciled to Consolidated Only above.

3Q04 - 37 - NYSE: CLP

COLONIAL PROPERTIES TRUST

Portfolio Financial Summary - Office

OPERATIONAL STATISTICS CONT’D

	1Q03			2Q03			3Q03			4Q03			FYE ’03			1Q04			2Q04			3Q04			4Q04	YTD ’04
Square Feet (in 000s)
Total SF		5,192			5,194			5,169			5,305			5,215			5,696			5,695			5,670				5,687
SF - Unconsolidated Assets		(10	)		(10	)		(10	)		(10	)		(10	)		(10	)		(10	)		(10	)			(10	)
SF - Consolidated Assets		5,182			5,184			5,159			5,295			5,205			5,686			5,685			5,660				5,677
Capital Expenditures ($ in 000s) *(1)
Regular Maintenance		524			272			376			301		$	1,473			396			178			334			$	908
Revenue- Enhancing		—			—			—			—			—			—			—			—				—
Tenant Improvements		3,220			2,058			1,373			1,976			8,627			1,143			1,947			2,184				5,274
Leasing Commissions		505			543			1,055			593			2,696			779			1,393			794				2,966
Admin - Division		70			5			—			—			75			9			2			168				179
Total		4,319			2,878			2,804			2,870			12,871			2,327			3,520			3,480				9,327
Less: Unconsolidated Assets		—			—			—			—			—			—			—			—				—
Total - Consolidated Assets	$	4,319		$	2,878		$	2,804		$	2,870		$	12,871		$	2,327		$	3,520		$	3,480			$	9,327
Capital Expenditures per SF
Regular Maintenance	$	0.10		$	0.05		$	0.07		$	0.06		$	0.28		$	0.07		$	0.03		$	0.06			$	0.16
Revenue- Enhancing		—			—			—			—			—			—			—			—				—
Tenant Improvements		0.62			0.40			0.27			0.37			1.65			0.20			0.34			0.39				0.93
Leasing Commissions		0.10			0.10			0.20			0.11			0.52			0.14			0.24			0.14				0.52
Total		0.83			0.55			0.54			0.54			2.47			0.41			0.62			0.61				1.64
Total - Consolidated Assets	$	0.83		$	0.56		$	0.54		$	0.54		$	2.47		$	0.41		$	0.62		$	0.61			$	1.64

Notes:

(1) See page 17 for a reconciliation to the Income Statement.

LEASE EXPIRATION SCHEDULE
(SF & $ in 000s)

			Consolidated Assets
			% of Leased					% of
	SF		SF			Rent		Total
2004		79		4	%	$	1,346		4	%
2005		971		49	%		15,264		49	%
2006		749		38	%		13,419		43	%
2007		960		49	%		17,482		57	%
2008		460		23	%		7,558		24	%
2009 +		1,974		100	%		30,881		100	%
Total Leased SF		5,193				$	85,950

TENANT CONCENTRATION
(SF in 000s)

				Consolidated Assets
				% of Total
		SF		Co. Rev
1	FISERV Solutions		282.7		1.7	%
2	United HealthCare		156.5		1.0	%
3	Veritas Software		146.2		0.9	%
4	Healthplan Services		145.2		0.8	%
5	Witness Systems		96.5		0.8	%
6	Ace Insurance		98.1		0.7	%
7	General Services Admin		132.8		0.6	%
8	DRS Test and Energy Mgmt		215.5		0.5	%
9	London Bridge		71.4		0.5	%
10	AmSouth Bank		62.3		0.5	%

3Q04 - 38 - NYSE: CLP

COLONIAL PROPERTIES TRUST

Portfolio Financial Summary - Office

LEASING EXECUTION - CONSOLIDATED ASSETS

(SF in 000s; $  per SF)	1Q03		2Q03		3Q03		4Q03		FYE ’03		1Q04		2Q04		3Q04		4Q04	YTD ’04
Square Feet *(1)
Renewal		62.9		85.7		108.9		37.2		294.8		96.1		207.2		75.4			378.8
New		92.6		78.2		236.8		72.1		479.7		104.4		119.7		158.5			382.6
Development		17.7		41.8		102.9		9.7		172.1		13.6		3.6		12.3			29.5
Total		173.3		205.6		448.7		119.0		946.6		214.1		330.5		246.3			790.9
Annual Rent $- Straight Line
Renewal	$	16.55	$	18.09	$	15.38	$	17.26	$	16.65	$	17.13	$	17.16	$	15.74		$	16.87
New		15.48		14.35		15.40		16.75		15.45		14.39		17.45		15.39			15.76
Development		19.37		20.51		19.69		23.65		20.08		21.24		20.01		20.34			20.72
Total	$	16.27	$	17.16	$	16.38	$	17.47	$	16.66	$	16.06	$	17.30	$	15.75		$	16.48
Annual Rent $- Cash *(2)
Renewal	$	15.98	$	16.32	$	12.76	$	16.35	$	14.94	$	16.82	$	16.22	$	15.52		$	16.23
New		13.39		12.06		10.95		8.82		11.28		10.94		14.53		13.86			13.27
Development		14.56		18.84		18.46		5.15		17.40		20.10		16.25		19.15			19.24
Total	$	14.45	$	15.21	$	13.11	$	10.88	$	13.53	$	14.16	$	15.61	$	14.63		$	14.91
Concession $
Renewal	$	0.24	$	0.24	$	0.83	$	0.22	$	0.45	$	0.13	$	0.10	$	—		$	0.09
New		1.73		2.50		0.73		1.86		1.38		3.21		3.91		5.19			4.25
Development		0.84		1.48		6.37		—		4.26		1.27		—		1.94			1.39
Total	$	1.10	$	1.35	$	2.05	$	1.19	$	1.62	$	1.71	$	1.48	$	3.44		$	2.15
TI Committed $
Renewal	$	5.08	$	4.78	$	6.05	$	1.46	$	4.90	$	0.74	$	3.97	$	12.92		$	4.93
New		14.10		14.89		19.39		14.15		16.85		12.46		16.58		16.41			15.38
Development		28.75		29.60		40.87		23.10		35.88		27.07		25.00		16.76			22.51
Total	$	12.32	$	13.67	$	21.08	$	10.91	$	16.59	$	8.13	$	8.76	$	15.35		$	10.64
Leasing Commissions $
Renewal	$	1.44	$	1.71	$	1.98	$	0.60	$	1.61	$	0.16	$	3.70	$	0.66		$	2.20
New		3.07		3.34		6.12		8.76		5.47		3.52		5.71		5.44			5.00
Development		5.43		4.43		6.30		3.05		5.57		2.70		6.14		2.78			3.15
Total	$	2.72	$	2.88	$	5.15	$	5.74	$	4.29	$	1.96	$	4.45	$	3.84		$	3.59

Notes:

(1)	Square feet leased during the quarter.
(2)	First full year rent for square feet produced during the quarter.
	The Company believes Annual Cash Rents is a useful measure to investors in analyzing the first year of potential cash flows generated from a lease. Additionally, cash rents are a commonly used measure in the industry and investors are able to compare performance.

	1Q03		2Q03		3Q03		4Q03		FYE ’03		1Q04		2Q04		3Q04		4Q04	YTD ’04
Cash Rents	$	14.45	$	15.21	$	13.11	$	10.88	$	13.53	$	14.16	$	15.61	$	14.63		$	14.91
Concess. and Contract. Rent Incr.		1.82		1.95		3.26		6.60		3.13		1.90		1.69		1.12			1.57
Straight Line Rents	$	16.27	$	17.16	$	16.38	$	17.47	$	16.66	$	16.06	$	17.30	$	15.75		$	16.48

3Q04 - 39 - NYSE: CLP

COLONIAL PROPERTIES TRUST

Portfolio Occupancy - Office

			%
Property	Location		Own	SF - 000s		3Q03			4Q03			1Q04			2Q04			3Q04			S-P
CONSOLIDATED PROPERTIES
250 Commerce Center	Montgomery	AL			37.4		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		S
901 Maitland	Orlando	FL			155.7		87.6	%		95.4	%		85.1	%		67.5	%		68.1	%		S
AmSouth Center	Huntsville	AL			154.5		99.6	%		91.4	%		92.2	%		95.2	%		95.5	%		S
Colonal Center at Colonnade	Birmingham	AL			421.4		97.1	%		99.1	%		98.5	%		99.0	%		98.4	%		S
Colonial Center 100 at TownPark	Orlando	FL			153.6		100.0	%		100.0	%		99.1	%		100.0	%		100.0	%		S
Colonial Center 200 at TownPark	Orlando	FL			154.7	LU			LU				88.8	%		91.3	%		95.4	%
Colonial Center 600 at TownPark	Orlando	FL			199.6		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		S
Colonial Center at Research Park	Huntsville	AL			133.5		89.0	%		89.0	%		100.0	%		100.0	%		100.0	%		S
Colonial Center at Research Place	Huntsville	AL			272.6					100.0	%		100.0	%		100.0	%		100.0	%
Colonial Center Heathrow	Orlando	FL			804.8		94.0	%		81.4	%		80.7	%		80.3	%		84.0	%		S
Colonial Center Lakeside	Huntsville	AL			121.5		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		S
Colonial Center Mansell Overlook	Atlanta	GA			654.3		84.6	%		84.6	%		86.7	%		91.1	%		92.2	%		S
Colonial Plaza	Birmingham	AL			170.9		99.7	%		99.7	%		99.7	%		99.7	%		96.1	%		S
Colonial TownPark Office - Lifestyle	Orlando	FL			34.9							LU			LU				LU
Concourse Center	Tampa	FL			292.0		92.6	%		91.4	%		91.2	%		91.3	%		92.8	%		S
DRS Building	Huntsville	AL			215.5								100.0	%		100.0	%		100.0	%
Emmett R. Johnson Bldg	Birmingham	AL			165.1		88.5	%		86.2	%		86.6	%		81.8	%		84.1	%		S
Independence Plaza	Birmingham	AL			106.2		96.3	%		99.4	%		99.4	%		100.0	%		100.0	%		S
International Park	Birmingham	AL			210.7		97.5	%		97.9	%		98.2	%		98.7	%		98.7	%		S
Interstate Park	Montgomery	AL			226.9		84.6	%		84.6	%		85.9	%		89.9	%		90.8	%		S
Mansell 400 Business Park	Atlanta	GA			188.9		59.7	%		50.8	%		53.5	%		59.6	%		66.2	%		S
Perimeter Corporate Park	Huntsville	AL			234.7		95.9	%		93.3	%		92.3	%		94.3	%		95.4	%		S
Progress Center	Huntsville	AL			224.4		98.4	%		99.1	%		98.4	%		95.5	%		95.9	%		S
Riverchase Center	Birmingham	AL			304.2		75.0	%		81.4	%		80.4	%		84.6	%		90.9	%		S
Shoppes at Mansell	Atlanta	GA			20.9		100.0	%		87.5	%		100.0	%		100.0	%		100.0	%		S
TOTAL CONSOLIDATED	25				5,658.9		91.4	%		89.7	%		89.9	%		90.8	%		92.2	%
UNCONSOLIDATED PROPERTIES
Land Title Building	Birmingham	AL	33%		30.0		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
TOTAL UNCONSOLIDATED	1				30.0
UNCONSOLIDATED WTD FOR CLP % OWNED					10		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

3Q04 - 40 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Occupancy - Office

				%
Property	Location			Own			SF - 000s		3Q03			4Q03			1Q04			2Q04			3Q04			S-P
SOLD - LAST 5 QTRS
Village at Roswell Summit	Atlanta		GA					25.5		95.1	%		84.6	%		84.6	%		84.6	%
TOTAL SOLD		1						25.5		95.1	%		84.6	%		84.6	%		84.6	%
THIRD-PARTY MANAGED PROPERTIES
Beacon Ridge Tower	Birmingham		AL		0	%		153.4
Concourse Riverchase	Birmingham		AL		0	%		171.5
Grand Twin	Birmingham		AL		0	%		90.2
HIBC Bldg 550	Orlando		FL		0	%		125.9
HIBC Bldg 600	Orlando		FL		0	%		125.2
International Park 2000	Birmingham		AL		0	%		129.5
Interstate Park 700 & 800	Montgomery		AL		0	%		43.4
Oxmoor Tower	Birmingham		AL		0	%		86.8
TOTAL MANAGED		8						925.7
SUMMARY
								Occupancies Weighted for CLP % Owned
Consolidated		25						5,658.9		91.4	%		89.7	%		89.9	%		90.8	%		92.2	%
Unconsolidated		1						30.0		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Subtotal - Current Portfolio		26						5,688.9		91.5	%		89.7	%		90.0	%		90.9	%		92.2	%
Managed		8						925.7
Total Owned & Managed		34						6,614.6
Sold		1						25.5		95.1	%		84.6	%		84.6	%		84.6	%
Occupancy Total Including Sold Assets										91.5	%		89.7	%		89.9	%		90.8	%		92.2	%
By Property Type (Consolidated & Unconsolidated Assets)
Suburban Office		22						5,296.1		90.8	%		89.2	%		89.5	%		90.4	%		91.9	%
Central Business District		4						392.8		99.7	%		96.3	%		96.6	%		97.9	%		96.3	%
Total Division		26						5,688.9		91.5	%		89.7	%		90.0	%		90.9	%		92.2	%
Same-Property Occupancy
Same-Property Portfolio *		21						4,981.3		91.4	%		89.1	%		89.0	%		89.9	%		91.3	%

* Same-property portfolio is adjusted historically to reflect the current same-property portfolio.

3Q04 - 41 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Occupancy - Office
Exposure By Market - Most Recent Quarter

		CONSOLIDATED							UNCONSOLIDATED							SUBTOTAL							MANAGED				TOTAL
		#		SF		Occy			#		SF		Occy			#		SF		Occy			#		SF		#		SF
Birmingham	AL		6		1,379		94.9	%		1		30		100.0	%		7		1,409		95.0	%		5		631		12		2,040
Huntsville	AL		7		1,357		98.0	%									7		1,357		98.0	%						7		1,357
Montgomery	AL		2		264		92.1	%									2		264		92.1	%		1		43		3		308
ALABAMA			15		3,000		96.1	%		1		30		100.0	%		16		3,030		96.1	%		6		675		22		3,704
Orlando	FL		6		1,503		85.3	%									6		1,503		87.4	%		2		251		8		1,754
Tampa	FL		1		292		92.8	%									1		292		92.8	%						1		292
FLORIDA			7		1,795		86.6	%									7		1,795		88.3	%		2		251		9		2,046
Atlanta	GA		3		864		86.7	%									3		864		86.7	%						3		864
GEORGIA			3		864		86.7	%									3		864		86.7	%						3		864
TOTAL			25		5,659		92.2	%		1		30		100.0	%		26		5,689		92.2	%		8		926		34		6,615

Note:

Occupancies for unconsolidated properties are weighted according to CLP’s percentage interest.

3Q04 - 42 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Financial Summary - Retail

NET OPERATING INCOME *(1)

($ in 000s)	1Q03			2Q03			3Q03			4Q03			FYE ’03			1Q04			2Q04			3Q04			4Q04	YTD ’04
Same-Property Portfolio *(2)
Divisional Revenues *(3)		35,792			34,720			35,054			39,811			145,377			35,514			35,560			35,820				106,894
Divisional Expenses		10,403			10,623			10,758			10,786			42,570			10,089			10,818			11,264				32,171
Divisional NOI		25,389			24,096			24,296			29,025			102,807			25,425			24,742			24,556				74,724
Divisional NOI Margin		70.9	%		69.4	%		69.3	%		72.9	%		70.7	%		71.6	%		69.6	%		68.6	%			69.9	%
growth *(4)		2.4	%		-4.5	%		0.1	%		0.9	%		-0.2	%		0.1	%		2.7	%		1.1	%			1.3	%
Same-Property without Terminations
Lease Terminations		(471	)		(154	)		(191	)		(107	)		(923	)		(144	)		(602	)		(62	)			(808	)
Divisional NOI w/o Term		24,918			23,942			24,105			28,918			101,884			25,281			24,140			24,494				73,916
growth w/o terminations		0.5	%		-3.7	%		2.3	%		2.8	%		0.5	%		1.5	%		0.8	%		1.6	%			1.3	%
Same-Property growth without the effects of lease terminations is useful to investors as an additional indicator as to the Company’s operating performance because buyouts of commercial leases can fluctuate from quarter to quarter and year to year.
Same-Property - Consolidated Properties
NOI from Unconsolidated Assets		(1,811	)		(1,769	)		(1,727	)		(2,207	)		(7,514	)		(1,903	)		(1,737	)		(1,890	)			(5,530	)
Divisional NOI - Consolidated		23,578			22,327			22,569			26,818			95,293			23,522			23,005			22,666				69,194
growth - consolidated properties																	-0.2	%		3.0	%		0.4	%			1.0	%
Total Portfolio
Divisional Revenues *(3)		38,836			37,450			37,571			42,947			156,805			38,556			39,030			42,986				120,572
Divisional Expenses		11,623			11,877			11,891			12,249			47,640			11,357			12,285			13,585				37,227
Divisional NOI		27,213			25,572			25,680			30,698			109,164			27,198			26,746			29,401				83,345
Divisional NOI Margin		70.1	%		68.3	%		68.4	%		71.5	%		69.6	%		70.5	%		68.5	%		68.4	%			69.1	%
growth		4.4	%		-3.2	%		-0.4	%		-1.2	%		-0.1	%		-0.1	%		4.6	%		14.5	%			6.2	%

Notes:

(1) For more information regarding Retail Divisional Revenue, Expenses and NOI refer to Segment Data on page 10.

(2) The 2003 same-property data reflects results of the 2004 same-property portfolio, as adjusted for dispositions during year.

(3) Straight-line rents are included.

(4) The 2003 same-property growth reflects performance of the 2003 same-property portfolio.

SAME-PROPERTY RESULTS DIVISION RESULTS

SUMMARY BY PROPERTY TYPE

	Total Division									Same-Property
														Increase/(Decrease) from Prior Year Period
	# of Wtd		% of Wtd			% of			# of Wtd		% of Wtd			Current Quarter									Year-to-Date
	SF (000)		SF			NOI			SF (000)		SF			Rev			Exp			NOI			Rev			Exp			NOI
Malls		7,849		58.8	%		60.6	%		7,573		65.4	%		1.3	%		4.3	%		-0.2	%		0.6	%		1.4	%		0.3	%
Shopping Centers		5,500		41.2	%		39.4	%		4,003		34.6	%		4.8	%		6.5	%		4.3	%		3.0	%		0.5	%		3.8	%
Total		13,349		100.0	%		100.0	%		11,576		100.0	%		2.2	%		4.7	%		1.1	%		1.3	%		1.2	%		1.3	%

Notes:

(1) Includes both consolidated and unconsolidated properties. See page 10 for Reconcilation to Income Statement.

3Q04 - 43 - NYSE: CLP

COLONIAL PROPERTIES TRUST

Portfolio Financial Summary - Retail

OPERATIONAL STATISTICS

	1Q03			2Q03			3Q03			4Q03			FYE ’03	1Q04			2Q04			3Q04			4Q04	YTD ’04
MALLS
Base Rent per SF - Straight Line *(3) (See Reconciliation Below)
Same-Property *(1)	$	22.29		$	22.48		$	22.54		$	22.13			$	22.26		$	23.02		$	23.86
change		1.2	%		1.3	%		0.9	%		1.8	%			-0.1	%		2.4	%		5.9	%
Total Division *(2)	$	22.21		$	22.41		$	22.42		$	22.06			$	22.15		$	22.89		$	23.71
change		1.2	%		1.3	%		0.9	%		-0.7	%			-0.3	%		2.1	%		5.8	%
Base Rent per SF - Cash *(3) (See Reconciliation Below)
Same-Property *(1)	$	22.25		$	22.43		$	22.50		$	22.12			$	22.25		$	22.93		$	23.63
change		1.5	%		1.5	%		1.1	%		2.2	%			0.0	%		2.2	%		5.0	%
Total Division *(2)	$	22.14		$	22.32		$	22.39		$	22.05			$	22.14		$	22.81		$	23.50
change		1.5	%		1.5	%		1.1	%		-0.2	%			0.0	%		2.2	%		5.0	%
Base Rent per SF Reconciliation from Cash Rents to Straight Line
Same-Property
Cash Rent per SF	$	22.25		$	22.43		$	22.50		$	22.12			$	22.25		$	22.93		$	23.63
Effects of Concessions & Contractual Rent Increases		0.04			0.05			0.04			0.01				0.01			0.09			0.23
Straight-Line Rent per SF		22.29			22.48			22.54			22.13				22.26			23.02			23.86
Effect of Unconsolidated Assets		(0.62	)		(0.60	)		(0.66	)		(0.10	)			(0.08	)		(0.85	)		(1.52	)
S-L Rents per SF(Ten<10K) - Consolidated	$	21.67		$	21.88		$	21.88		$	22.03			$	22.18		$	22.17		$	22.34
Total Division
Cash Rent per SF	$	22.14		$	22.32		$	22.39		$	22.05			$	22.14		$	22.81		$	23.50
Concess & Contract. Rent Incr.		0.07			0.09			0.03			0.01				0.01			0.08			0.21
Straight-Line Rent per SF		22.21			22.41			22.42			22.06				22.15			22.89			23.71
Effect of Unconsolidated Assets		(0.59	)		(0.59	)		(0.63	)		(0.09	)			(0.53	)		(0.82	)		(1.47	)
S-L Rents per SF(Ten<10K) - Consolidated	$	21.62		$	21.82		$	21.79		$	21.97			$	21.62		$	22.07		$	22.24
To Reconcilie to Total Mall Minimum Rent
Less: Effects of Ten>10K		(11.98	)		(12.26	)		(12.27	)		(12.50	)			(11.75	)		(12.51	)		(12.87	)
S-L Rents for Malls - Consolidated		9.64			9.56			9.52			9.47				9.87			9.56			9.37
Div by: # of Qtrs In Yr		4			4			4			4				4			4			4
Mult by: Avg Occupied SF - Consolidated		6,243			6,246			6,243			6,404				6,301			6,279			6,348
Minimum Rents	$	15,045		$	14,925		$	14,851		$	15,158			$	15,540		$	15,003		$	14,877

The Company believes that Cash Rents is useful to investors as an alternative measure of performance and a measure of current cash flow generated from a tenant. Uncons. assets are included to measure the total potential cash flows to the Company from the Company’s total holdings.

Notes:

(1) The 2003 same-property data reflects results of the 2004 same-property portfolio, as adjusted for dispositions during year.

(2) Total division statistics exclude properties in lease-up.

(3) Includes unconsolidated partnerships and joint ventures which the Company manages. Excludes tenants greater than 10,000 sf, percentage of sales tenants, and temporary tenants. Base Rents have been restated to reflect the straight line rent for acquisitions for the period acquired forward, and % ownership of unconsol.

3Q04 - 44 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Financial Summary - Retail

OPERATIONAL STATISTICS CONT’D

	1Q03			2Q03			3Q03			4Q03			FYE ’03	1Q04			2Q04			3Q04			4Q04	YTD ’04
SHOPPING CENTERS
Base Rent per SF - Straight Line *(3) (See Reconciliation Below)
Same-Property *(1)	$	13.48		$	13.41		$	13.55		$	13.66			$	13.70		$	13.76		$	14.33
change		3.5	%		1.8	%		1.0	%		0.5	%			1.6	%		2.6	%		5.8	%
Total Division *(2)	$	13.30		$	13.21		$	13.40		$	14.38			$	14.31		$	14.58		$	16.53
change		2.0	%		0.3	%		0.6	%		6.9	%			7.6	%		10.4	%		23.4	%
Base Rent per SF - Cash *(3) (See Reconciliation Below)
Same-Property *(1)	$	13.47		$	13.40		$	13.56		$	13.66			$	13.70		$	13.75		$	14.34
change		3.4	%		1.8	%		1.0	%		0.2	%			1.7	%		2.6	%		5.8	%
Total Division *(2)	$	13.30		$	13.21		$	13.41		$	14.35			$	14.28		$	14.53		$	16.41
change		1.8	%		-0.1	%		0.4	%		6.3	%			7.4	%		10.0	%		22.4	%
Base Rent per SF Reconciliation from Cash Rents to Straight Line
Same-Property
Cash Rent per SF	$	13.47		$	13.40		$	13.56		$	13.66			$	13.70		$	13.75		$	14.34
Effects of Concessions & Contractual Rent Increases		0.01			0.01			(0.01	)		—				—			0.01			(0.01	)
Straight-Line Rent per SF		13.48			13.41			13.55			13.66				13.70			13.76			14.33
Effect of Unconsolidated Assets		(0.04	)		(0.05	)		(0.04	)		(0.04	)			(0.04	)		(0.04	)		(0.38	)
S-L Rents per SF - Consolidated	$	13.44		$	13.36		$	13.51		$	13.62			$	13.66		$	13.72		$	13.95
Total Division
Cash Rent per SF	$	13.30		$	13.21		$	13.41		$	14.35			$	14.28		$	14.53		$	16.41
Concess. & Contract. Rent Incr.		—			—			(0.01	)		0.03				0.03			0.05			0.12
Straight-Line Rent per SF		13.30			13.21			13.40			14.38				14.31			14.58			16.53
Unconsolidated Assets		(0.04	)		(0.04	)		(0.04	)		(0.02	)			(0.03	)		(0.02	)		(0.06	)
S-L Rents per SF - Consolidated	$	13.26		$	13.17		$	13.36		$	14.36			$	14.28		$	14.56		$	16.47
To Reconcilie to Total Center Minimum Rent
Less: Effects of Ten > 10K		(3.87	)		(4.03	)		(4.27	)		(5.29	)			(4.68	)		(5.54	)		(6.23	)
S-L Rents for Centers - Consolidated		9.39			9.14			9.09			9.07				9.60			9.02			10.24
Div by: # of Qtrs in Yr		4			4			4			4				4			4			4
Mult by: Avg Occupied SF - Consolidated		3,520			3,390			3,369			3,483				3,421			3,855			4,402
Minimum Rents	$	8,259		$	7,747		$	7,657		$	7,899			$	8,212		$	8,692		$	11,271

The Company believes that Cash Rents are a useful alternative measure of performance and a measure of current cash flow generated from a tenant. Uncons. assets are included to measure the total potential cash flows to the Company from the Company’s total holdings.

Notes:

(1)	The 2003 same-property data reflects results of the 2004 same-property portfolio, as adjusted for dispositions during year.
(2)	Total division statistics exclude properties in lease-up.
(3)	Includes unconsolidated partnerships and joint ventures which the Company manages. Excludes tenants greater than 10,000 sf, percentage of sales tenants, and temporary tenants. Base Rents have been restated to reflect the straight line rent for acquisitions for the period acquired forward, and % ownership of unconsol.

3Q04 - 45 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Financial Summary - Retail

TENANT PERFORMANCE *(1)

	1Q03			2Q03			3Q03			4Q03			FYE ’03	1Q04			2Q04			3Q04			4Q04	YTD ’04
CONSOLIDATED & UNCONSOLIDATED ASSETS
MALLS
Occupancy Costs *(2)		11.8	%		11.7	%		11.6	%		11.8	%			11.8	%		11.6	%		11.7	%
Gross Sales per SF *(3)
Same-Property *(4)	$	268.50		$	268.83		$	271.36		$	273.63			$	278.28		$	275.93		$	276.79
change		-1.4	%		-0.5	%		0.9	%		2.8	%			3.6	%		2.6	%		2.0	%
Total Division *(5)	$	267.31		$	268.49		$	270.39		$	270.23			$	274.37		$	275.56		$	272.35
change		-1.4	%		-0.5	%		0.9	%		1.2	%			2.6	%		2.6	%		0.7	%
CONSOLIDATED ASSETS
MALLS
Occupancy Costs *(2)		11.3	%		11.2	%		11.1	%		11.0	%			10.9	%		10.9	%		10.9	%
Gross Sales per SF *(3)
Same-Property *(4)	$	266.94		$	267.58		$	271.87		$	272.67			$	276.90		$	277.98		$	274.10
change															3.7	%		3.9	%		0.8	%
Total Division *(5)	$	267.50		$	268.02		$	271.90		$	272.79			$	276.54		$	277.43		$	273.66
change															3.4	%		3.5	%		0.6	%
CONSOLIDATED & UNCONSOLIDATED ASSETS
SHOPPING CENTERS
Occupancy Costs *(2)		9.9	%		10.1	%		10.3	%		10.3	%			10.2	%		10.3	%		9.8	%
Gross Sales per SF *(3)
Same-Property *(4)	$	222.35		$	221.20		$	218.65		$	220.75			$	221.30		$	219.41		$	220.42
change		1.8	%		1.5	%		1.5	%		6.5	%			-0.5	%		-0.8	%		0.8	%
Total Division *(5)	$	223.01		$	222.08		$	218.38		$	220.64			$	224.09		$	221.97		$	214.53
change		0.0	%		-4.0	%		-4.5	%		0.8	%			0.5	%		0.0	%		-1.8	%
CONSOLIDATED ASSETS
SHOPPING CENTERS
Occupancy Costs *(2)		9.9	%		10.0	%		10.0	%		10.0	%			10.0	%		10.0	%		9.7	%
Gross Sales per SF *(3)
Same-Property *(4)	$	220.88		$	219.44		$	218.87		$	221.10			$	220.71		$	218.50		$	219.44
change															-0.1	%		-0.4	%		0.3	%
Total Division *(5)	$	221.71		$	220.52		$	218.56		$	220.95			$	223.73		$	221.30		$	213.32
change															0.9	%		0.4	%		-2.4	%

Notes:

(1)	Tenant Performance statistics are provided by tenants. Due to late-reporting tenants, historical Tenant Performance data may change as the information is received and incorporated in the statistics.
(2)	Includes all reporting tenants less than 10,000 square feet.
(3)	Includes all reporting tenants less than 10,000 square feet for malls and all reporting tenants for shopping centers.
(4)	The 2003 same-property data reflects results of the 2004 same-property portfolio, as adjusted for dispositions during year; excludes Parkway Place and Colonial University Village.
(5)	Total division statistics exclude properties in lease-up.

3Q04 - 46 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Financial Summary - Retail

CAPEX SUMMARY

	1Q03			2Q03			3Q03			4Q03			FYE ’03			1Q04			2Q04			3Q04			4Q04	YTD ’04
Square Feet (in 000s)
Total SF		11,541			11,546			11,574			11,629			11,573			11,473			11,945			12,623				12,014
SF - Unconsolidated Assets		(531	)		(531	)		(531	)		(531	)		(531	)		(531	)		(531	)		(510	)			(524	)
SF - Consolidated Assets		11,010			11,015			11,043			11,098			11,042			10,942			11,414			12,113				11,490
Capital Expenditures ($ in 000s) *(1)
Regular Maintenance	$	621		$	613		$	669		$	1,145		$	3,048		$	416		$	1,126		$	676			$	2,218
Revenue- Enhancing		334			929			471			734			2,468			94			713			236				1,043
Tenant Improvements		1,545			3,384			474			2,450			7,853			600			2,598			6,233				9,431
Leasing Commissions		255			347			418			868			1,888			284			705			411				1,400
Admin - Division		18			190			5			35			248			3			73			12				88
Total		2,773			5,463			2,037			5,232			15,505			1,397			5,215			7,568				14,180
Less: Unconsolidated Assets		(665	)		(707	)		(545	)		(1,774	)		(3,691	)		(90	)		(34	)		(411	)			(535	)
Total - Consolidated Assets	$	2,108		$	4,756		$	1,492		$	3,458		$	11,814		$	1,307		$	5,181		$	7,157			$	13,645
Capital Expenditures per SF
Regular Maintenance	$	0.05		$	0.05		$	0.06		$	0.10		$	0.26		$	0.04		$	0.09		$	0.05			$	0.18
Revenue- Enhancing		0.03			0.08			0.04			0.06			0.21			0.01			0.06			0.02				0.09
Tenant Improvements		0.13			0.29			0.04			0.21			0.68			0.05			0.22			0.49				0.79
Leasing Commissions		0.02			0.03			0.04			0.07			0.16			0.02			0.06			0.03				0.12
Total		0.24			0.47			0.18			0.45			1.34			0.12			0.44			0.60				1.18
Total - Consolidated Assets	$	0.19		$	0.43		$	0.14		$	0.31		$	1.07		$	0.12		$	0.45		$	0.59			$	1.19

Notes:

(1) Capital Expenditures includes unconsolidated subsidiary properties. See page 17 for a reconciliation to the Income Statement.

LEASE EXPIRATION SCHEDULE
(SF & $ in 000s)

	Total Consolidated & Unconsolidated Assets										Consolidated Assets Only
			% of Leased					% of					% of Leased					% of
	SF		SF			Rent		Total			SF		SF			Rent		Total
2004		315		3	%	$	4,230		3	%		388		3	%	$	5,145		5	%
2005		848		7	%		13,465		11	%		927		8	%		13,235		12	%
2006		1,346		11	%		14,144		12	%		1,320		12	%		13,129		12	%
2007		1,404		12	%		14,622		12	%		1,324		12	%		12,725		11	%
2008		1,067		9	%		9,948		8	%		1,039		9	%		9,294		8	%
2009+		6,743		58	%		66,005		54	%		6,099		55	%		59,031		52	%
Total Leased SF		11,723					122,414					11,098					112,559

TENANT CONCENTRATION
(SF in 000s)

		Total Consolidated & Unconsolidated Assets
				% of Total
		SF		Co. Rev
1	The Limited, Inc.		326		1.7	%
2	JC Penney Co., Inc.		1,216		1.1	%
3	Saks Inc.		600		1.0	%
4	Publix Super Markets		253		0.6	%
5	Footlocker		111		0.6	%
6	Belk, Inc.		1,000		0.6	%
7	Sears, Roebuck & Co		1,253		0.6	%
8	Shoe Show, Inc.		123		0.5	%
9	Wal-Mart Stores, Inc.		523		0.5	%
10	Books-A-Million		165		0.5	%

Consolidated Assets Only
				% of Total
		SF		Co. Rev
1	The Limited, Inc.		249		1.2	%
2	JC Penney Co., Inc.		600		1.0	%
3	Saks Inc.		1,094		0.9	%
4	Belk, Inc.		1,000		0.6	%
5	Sears, Roebuck & Co		1,097		0.6	%
6	Shoe Show, Inc.		123		0.5	%
7	Publix Super Markets		208		0.5	%
8	Wal-Mart Stores, Inc.		307		0.5	%
9	Footlocker		99		0.5	%
10	Gap, Inc.		152		0.4	%

3Q04 - 47 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Financial Summary - Retail

LEASING EXECUTION - TOTAL (MALLS & SHOPPING CENTERS) - CONSOLIDATED & UNCONSOLIDATED ASSETS

	1Q03		2Q03		3Q03		4Q03		FYE ’03		1Q04		2Q04		3Q04		4Q04	YTD ’04
(SF in 000s; $  per SF)
Square Feet *(1)
Renewal		247		62		79		50		438		286		184		85			555
New		39		156		122		59		376		83		127		230			440
Development		128		167		42		25		362		77		129		49			256
Total		414		385		243		134		1,176		445		441		365			1,251
Annual Rent $ - Straight Line
Total	$	6.93	$	11.35	$	16.36	$	18.91	$	11.69	$	12.89	$	13.63	$	14.50		$	13.62
Annual Rent $ - Cash *(2)
Renewal	$	5.32	$	18.32	$	15.13	$	18.46	$	10.43	$	9.53	$	11.26	$	17.67		$	11.36
New		16.21		14.51		14.44		16.02		14.90		18.69		12.19		11.67			13.14
Development		7.01		5.68		21.76		24.04		9.28		17.95		16.89		19.38			17.69
Total	$	6.87	$	11.29	$	15.93	$	18.43	$	11.51	$	12.68	$	13.18	$	14.12		$	13.28
TI Committed $
Renewal	$	—	$	0.16	$	—	$	—	$	0.02	$	1.67	$	0.03	$	0.11		$	0.89
New		25.38		55.80		28.18		6.42		35.94		32.39		35.34		33.52			33.84
Development		89.06		1.02		19.45		7.36		34.73		6.31		51.03		4.76			28.63
Total	$	29.93	$	23.08	$	17.51	$	4.20	$	22.19	$	8.17	$	25.23	$	21.82		$	18.16
Leasing Commissions $
Renewal	$	0.19	$	0.60	$	0.77	$	0.42	$	0.38	$	0.45	$	0.68	$	0.78		$	0.58
New		2.90		4.91		3.52		2.20		3.83		4.32		1.96		2.45			2.66
Development		1.93		1.54		2.45		2.64		1.86		2.78		2.80		1.70			2.58
Total	$	0.98	$	2.75	$	2.44	$	1.62	$	1.94	$	1.57	$	1.67	$	1.96		$	1.72

Notes:

(1) Square feet leased during the quarter.

(2) First full year rent for square feet produced during the quarter.

The Company believes Annual Cash Rents is a useful measure to investors in analyzing the first year of potential cash flows generated from a lease. Additionally, cash rents are a commonly used measure in the industry and investors are able to compare performance.

	1Q03		2Q03		3Q03		4Q03		FYE ’03		1Q04		2Q04		3Q04		4Q04	YTD ’04
Cash Rents	$	6.87	$	11.29	$	15.93	$	18.43	$	11.51	$	12.68	$	13.18	$	14.12		$	13.28
Concessions and Contr. Rent Incr.		0.07		0.06		0.43		0.49		0.19		0.21		0.45		0.39			0.34
Straight Line Rents	$	6.93	$	11.35	$	16.36	$	18.91	$	11.69	$	12.89	$	13.63	$	14.50		$	13.62

3Q04 - 48 - NYSE: CLP

COLONIAL PROPERTIES TRUST

Portfolio Financial summary - Retail

LEASING EXECUTION - TOTAL (MALLS & SHOPPING CENTERS) - CONSOLIDATED ASSETS

(SF in 000s; $  per SF)	1Q03	2Q03	3Q03	4Q03	FYE’03	1Q04		2Q04		3Q04		4Q04	YTD’04
Square Feet *(1)
Renewal							286		178		85			549
New							78		117		227			422
Development							59		44		42			145
Total							423		339		354			1,116
Annual Rent $ - Straight Line
Total						$	12.42	$	12.07	$	14.15		$	12.87
Annual Rent $ - Cash *(2)
Renewal						$	9.53	$	10.91	$	17.67		$	11.24
New							18.88		11.85		11.65			13.04
Development							16.52		15.63		17.32			16.48
Total						$	12.23	$	11.85	$	13.77		$	12.60
TI Committed $
Renewal						$	1.67	$	—	$	0.11		$	0.89
New							34.19		37.55		33.99			35.01
Development							1.03		34.18		5.03			12.25
Total						$	7.56	$	17.41	$	22.41		$	15.27
Leasing Commissions $
Renewal						$	0.45	$	0.57	$	0.78		$	0.54
New							4.53		1.76		2.50			2.67
Development							2.57		2.75		1.44			2.30
Total						$	1.50	$	1.26	$	1.96		$	1.57

Notes:

(1)	Square feet leased during the quarter.
(2)	First full year rent for square feet produced during the quarter. The Company believes Annual Cash Rents is a useful measure to investors in analyzing the first year of potential cash flows generated from a lease. Additionally, cash rents are a commonly used measure in the industry and investors are able to compare performance.

	1Q04		2Q04		3Q04		4Q04	YTD’04
Cash Rents	$	12.23	$	11.85	$	13.77		$	12.60
Concessions and Contr. Rent Incr.		0.20		0.22		0.38			0.26
Straight Line Rents	$	12.42	$	12.07	$	14.15		$	12.87

3Q04 -49- NYSE:CLP

COLONIAL PROPERTIES TRUST
Portfolio Occupancy - Retail

			%			Total		Anchor		CLP
Property	Location		Own			SF (000s)		Owned		SF (000s)		3Q03			4Q03			1Q04			2Q04			3Q04			S-P
CONSOLIDATED PROPERTIES
Britt David Shopping Ctr	Columbus		GA				109.6		—		109.6		68.7	%		68.7	%		68.7	%		68.7	%		68.7	%		S
Brookwood Village Ctr	Birmingham		AL				88.2		—		88.2		98.3	%		93.0	%		93.0	%		93.0	%		93.0	%		S
CM Bel Air	Mobile		AL				1,334.8		334.0		1,000.8		97.3	%		97.3	%		95.1	%		94.3	%		95.4	%		S
CM Burlington	Burlington		NC				415.0		—		415.0		94.8	%		96.0	%		95.8	%		96.9	%		97.1	%		S
CM Decatur	Huntsville		AL				576.0		80.9		495.1		86.0	%		87.3	%		86.5	%		85.7	%		86.1	%		S
CM Gadsden	Gadsden		AL				517.0		—		517.0		88.3	%		96.5	%		96.4	%		96.2	%		96.6	%		S
CM Glynn Place	Brunswick		GA				507.5		225.6		282.0		62.8	%		60.2	%		60.2	%		60.3	%		59.4	%		S
CM Greenville	Greenville		NC				450.1		46.1		404.0		94.6	%		93.4	%		92.9	%		96.8	%		95.9	%		S
CM Lakeshore	Gainesville		GA				518.3		—		518.3		91.3	%		92.4	%		90.6	%		92.0	%		91.4	%		S
CM Macon	Macon		GA				1,446.4		682.2		764.2		93.6	%		94.4	%		93.5	%		93.1	%		93.6	%		S
CM Mayberry	Mount Airy		NC				206.9		57.8		149.0		97.5	%		97.5	%		96.0	%		99.0	%		99.0	%		S
CM Myrtle Beach	Myrtle Beach		SC				503.8		—		503.8		76.1	%		96.4	%		93.1	%		93.4	%		91.6	%		S
CM Staunton	Staunton		VA				423.3		—		423.3		80.9	%		81.3	%		84.4	%		84.0	%		98.3	%		S
CM Temple	Temple		TX				555.3		109.0		446.3		87.4	%		87.9	%		87.9	%		87.5	%		88.7	%		S
CM Valdosta	Valdosta		GA				398.9		73.7		325.2		93.4	%		94.6	%		93.0	%		97.5	%		95.8	%		S
Colonial Brookwood Village	Birmingham		AL				600.7		232.0		368.7		90.8	%		91.0	%		90.8	%		93.1	%		94.4	%		S
Colonial Shoppes Clay	Birmingham		AL				66.3		—		66.3		49.0	%		63.3	%		88.2	%		93.0	%		91.5	%		S
Colonial University Village	Auburn		AL				276.1		—		276.1		93.4	%		95.1	%		94.4	%		86.6	%		87.3	%
CP Beechwood	Athens		GA				339.1		—		339.1		71.0	%		74.0	%		74.5	%		76.2	%		76.2	%		S
CP Boulevard Square	Ft. Meyers		FL				78.9		—		78.9														100.0	%
CP Burnt Store	Punta Gorda		FL				198.8		—		198.8		44.8	%		44.8	%		44.8	%		43.9	%		45.1	%		S
CP Deerfield	Deerfield Beach		FL				378.7		—		378.7														98.0	%
CP Hunter’s Creek	Orlando		FL				222.1		—		222.1		50.6	%		50.6	%		51.5	%		50.9	%		50.0	%		S
CP Lakewood	Jacksonville		FL				195.2		—		195.2		91.1	%		93.6	%		93.6	%		94.0	%		93.7	%		S
CP Montgomery	Montgomery		AL				209.1		44.0		165.1		97.1	%		95.2	%		96.5	%		95.9	%		94.9	%		S
CP Montgomery North	Montgomery		AL				209.9		101.8		108.1		95.9	%		95.9	%		95.9	%		95.9	%		95.9	%		S
CP Northdale	Tampa		FL				230.9		55.0		175.9		95.2	%		95.2	%		98.0	%		97.5	%		97.5	%		S
CP Pembroke Pines	Pembroke Pines		FL				220.7		—		220.7														94.3	%
CP TownPark	Orlando		FL				146.5		—		146.5				LU			LU			LU			LU
CP Trussville	Birmingham		AL				388.3		—		388.3		100.0	%		100.0	%		100.0	%		100.0	%		97.7	%		S
CP Trussville II	Birmingham		AL				58.3		—		58.3							LU			LU			LU
CP Tutwiler Farm	Birmingham		AL				514.1		—		514.1		100.0	%		100.0	%		99.6	%		100.0	%		100.0	%		S
CP Wekiva	Orlando		FL				208.6		—		208.6		96.4	%		97.8	%		89.8	%		87.9	%		83.3	%		S
CP Winter Haven	Orlando		FL				197.5		—		197.5		93.8	%		93.2	%		92.4	%		89.8	%		74.9	%		S
CS Bear Lake	Orlando		FL				131.6		—		131.6		91.1	%		92.5	%		92.5	%		92.5	%		91.9	%		S
CS Bellwood	Montgomery		AL				88.5		—		88.5		91.7	%		89.6	%		91.2	%		96.7	%		96.7	%		S
CS McGehee	Montgomery		AL				98.3		—		98.3		81.3	%		86.7	%		79.2	%		79.4	%		79.4	%		S
CS Plaza Pines	Pembroke Pines		FL				68.2		—		68.2														100.0	%
CS Quaker Village	Greensboro		NC				102.2		—		102.2		92.6	%		86.4	%		87.7	%		87.7	%		80.2	%		S
CS Yadkinville	Yadkinville		NC				90.9		—		90.9		100.0	%		100.0	%		100.0	%		96.5	%		94.7	%		S
Kingwood Commons	Houston		TX				164.4		—		164.4											80.4	%		82.7	%
Old Town Shopping Ctr	Montgomery		AL				38.8		—		38.8		48.4	%		52.2	%		59.4	%		61.3	%		61.3	%		S
Rivermont Shopping Ctr	Chattanooga		TN				73.5		—		73.5		87.3	%		96.8	%		98.6	%		100.0	%		100.0	%		S
Shops at Colonnade	Birmingham		AL				126.6		—		126.6		53.9	%		50.0	%		50.0	%		50.0	%		50.0	%		S
Village on the Parkway	Dallas		TX	90	%		381.2		—		381.2											93.8	%		96.2	%
TOTAL CONSOLIDATED		45					14,154.8		2,042.0		12,112.8		86.9	%		89.6	%		89.0	%		89.2	%		89.8	%
UNCONSOLIDATED PROPERTIES
CP Hoover	Birmingham		AL	10	%		380.6		215.8		164.8		98.3	%		98.1	%		97.3	%		98.8	%		98.8	%		S
CP Madison	Huntsville		AL	25	%		110.7		—		110.7		100.0	%		100.0	%		98.6	%		100.0	%		100.0	%		S
Orlando Fashion Square	Orlando		FL	50	%		1,041.7		361.4		680.3		87.6	%		92.3	%		89.5	%		88.9	%		92.9	%		S
Parkway Place	Huntsville		AL	45	%		628.2		348.2		280.1		79.8	%		79.8	%		77.3	%		81.2	%		81.2	%		S
TOTAL UNCONSOLIDATED		4					2,161.3		925.4		1,235.9
UNCONSOLIDATED WTD FOR CLP % OWNED							869.3				510.3		87.1	%		91.0	%		88.7	%		88.0	%		90.6	%

3Q04 - 50 - NYSE: CLP

COLONIAL PROPERTIES TRUST

Portfolio Occupancy - Retail

				%			Total		Anchor		CLP
Property	Location			Own			SF (000s)		Owned		SF (000s)		3Q03			4Q03			1Q04			2Q04			3Q04			S-P
SOLD - LAST 5 QTRS
Bel Air Village	Mobile			AL				86.0		—		86.0		10.6	%
CP University Park I	Orlando			FL				215.6		—		215.6		81.8	%		81.8	%
CS Inverness	Birmingham			AL				28.2		—		28.2		42.8	%		49.2	%		49.2	%		49.2	%					S
CS Stanly	Locust			NC				47.1		—		47.1		82.0	%		100.0	%		100.0	%		100.0	%					S
TOTAL SOLD		4						376.9		—		376.9		62.7	%		81.6	%		80.9	%		80.9	%		0.0	%
THIRD-PARTY MANAGED PROPERTIES
Calico Corner	Birmingham			AL	0	%		5.5				5.5
Hoover Commons	Birmingham			AL	0	%		196.8				196.8
Meadowbrook Place	Huntsville			AL	0	%		68.0				68.0
Plaza Centre	Madison			AL	0	%		82.0				82.0
TOTAL MANAGED		4						352.3				352.3
SUMMARY
													Occupancies Weighted for CLP % Owned
Consolidated			45					14,154.8		2,042.0		12,112.8		86.9	%		89.6	%		89.0	%		89.2	%		89.8	%
Unconsolidated			4					2,161.3		925.4		1,235.9		87.1	%		91.0	%		88.7	%		88.0	%		90.6	%
Subtotal - Current Portfolio			49					16,316.1		2,967.4		13,348.7		87.0	%		89.8	%		89.0	%		89.1	%		89.9	%
Managed			4					352.3		—		352.3
Total Owned & Managed			53					16,668.4		2,967.4		13,701.0
Sold			4					376.9		—		376.9		62.7	%		81.6	%		80.9	%		80.9	%		0.0	%
Occupancy Total Including Sold Assets														86.2	%		89.6	%		88.9	%		89.0	%		89.3	%
By Property Type (Consolidated & Unconsolidated Assets)
Regional Malls			17					10,399.9		2,550.8		7,849.1		88.9	%		91.5	%		90.4	%		90.9	%		92.0	%
Shopping Centers			32					5,916.2		416.6		5,499.6		82.9	%		86.3	%		86.2	%		86.0	%		86.8	%
Total Division			49					16,316.1		2,967.4		13,348.7		87.0	%		89.8	%		89.0	%		89.1	%		89.9	%
Same-Property Occupancy
Same-Property Portfolio *			40					14,543.2		2,967.4		11,575.8		86.7	%		89.6	%		88.8	%		89.1	%		89.3	%

* Same-property portfolio is adjusted historically to reflect the current same-property portfolio.

3Q04 - 51 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Occupancy - Retail
Exposure By Market - Most Recent Quarter

		CONSOLIDATED							UNCONSOLIDATED							SUBTOTAL							MANAGED				TOTAL
		#		SF		Occy			#		SF		Occy			#		SF		Occy			#		SF		#		SF
Birmingham	AL		7		1,611		89.9	%		1		165		98.8	%		8		1,775		93.3	%		2		202		10		1,978
Auburn	AL		1		276		87.3	%									1		276		87.3	%						1		276
Huntsville	AL		1		495		86.1	%		2		391		84.6	%		3		886		85.7	%		1		68		4		954
Madison	AL																							1		82		1		82
Mobile	AL		1		1,001		95.4	%									1		1,001		95.4	%						1		1,001
Montgomery	AL		5		499		89.8	%									5		499		89.8	%						5		499
Gadsden	AL		1		517		96.6	%									1		517		96.6	%						1		517
ALABAMA			16		4,398		91.3	%		3		556		86.0	%		19		4,954		92.3	%		4		352		23		5,306
Orlando	FL		5		906		61.1	%		1		680		92.9	%		6		1,587		79.1	%						6		1,587
Tampa	FL		1		176		97.5	%									1		176		97.5	%						1		176
Ft. Meyers	FL		1		79		100.0	%									1		79		100.0	%						1		79
Deerfield Beach	FL		1		379		98.0	%									1		379		98.0	%						1		379
Pembroke Pines	FL		2		289		95.6	%									2		289		95.6	%						2		289
Jacksonville	FL		1		195		93.7	%									1		195		93.7	%						1		195
Punta Gorda	FL		1		199		45.1	%									1		199		45.1	%						1		199
FLORIDA			12		2,223		77.6	%		1		680		92.9	%		13		2,903		84.4	%						13		2,903
Columbus	GA		1		110		68.7	%									1		110		68.7	%						1		110
Brunswick	GA		1		282		59.4	%									1		282		59.4	%						1		282
Gainesville	GA		1		518		91.4	%									1		518		91.4	%						1		518
Valdosta	GA		1		325		95.8	%									1		325		95.8	%						1		325
Athens	GA		1		339		76.2	%									1		339		76.2	%						1		339
Macon	GA		1		764		93.6	%									1		764		93.6	%						1		764
GEORGIA			6		2,338		85.6	%									6		2,338		85.6	%						6		2,338
Burlington	NC		1		415		97.1	%									1		415		97.1	%						1		415
Greensboro	NC		1		102		80.2	%									1		102		80.2	%						1		102
Locust	NC
Yadkinville	NC		1		91		94.7	%									1		91		94.7	%						1		91
Mount Airy	NC		1		149		99.0	%									1		149		99.0	%						1		149
Greenville	NC		1		404		95.9	%									1		404		95.9	%						1		404
NORTH CAROLINA			5		1,161		95.3	%									5		1,161		95.3	%						5		1,161
Myrtle Beach	SC		1		504		91.6	%									1		504		91.6	%						1		504
SOUTH CAROLINA			4		1,148		40.2	%									4		1,148		91.6	%						4		1,148
Chattanooga	TN		1		73		100.0	%									1		73		100.0	%						1		73
TENNESSEE			1		73		100.0	%									1		73		100.0	%						1		73
Dallas	TX		1		381		96.2	%									1		381		96.2	%						1		381
Houston	TX		1		164		82.7	%									1		164		82.7	%						1		164
Temple	TX		1		446		88.7	%									1		446		88.7	%						1		446
TEXAS			3		992		90.6	%									3		992		90.6	%						3		992
Staunton	VA		1		423		98.3	%									1		423		98.3	%						1		423
VIRGINIA			1		423		98.3	%									1		423		98.3	%						1		423
TOTAL			45		12,113		89.8	%		4		1,236		90.6	%		49		13,349		89.9	%		4		352		53		13,701

Note:

Occupancies for unconsolidated properties are weighted according to CLP’s percentage interest.

3Q04 - 52 - NYSE:CLP

COLONIAL PROPERTIES TRUST
Market Demographics

Source: Woods & Poole Economics

		POPULATION								JOB GROWTH						HOUSEHOLD INCOME								UNEMPLOYMENT
							Proj’d						Proj’d								Proj’d
		2004		Growth			Growth			Growth			Growth			Mean		Growth			Growth
		(000s)		1990-2004			2004-2010			1990-2004			2004-2010			2004		1990-2004			2004-2010			August, 2004
Auburn-Opelika	AL		121.6		2.75	%		1.42	%		2.26	%		1.36	%	$	42,843		0.16	%		0.56	%		4.4	%
Birmingham-Hoover	AL		1,087.2		0.96	%		0.88	%		1.76	%		1.08	%	$	68,969		1.83	%		0.92	%		5.0	%
Decatur	AL		149.4		0.93	%		1.02	%		1.47	%		1.03	%	$	59,268		1.22	%		0.88	%		6.8	%
Gadsden	AL		103.6		0.27	%		0.26	%		0.98	%		0.65	%	$	49,624		1.00	%		0.89	%		7.3	%
Huntsville	AL		362.6		1.66	%		1.22	%		1.58	%		1.24	%	$	66,172		0.85	%		0.84	%		4.7	%
Mobile	AL		403.1		0.45	%		0.37	%		1.55	%		0.66	%	$	54,678		1.27	%		0.88	%		6.6	%
Montgomery	AL		358.2		1.22	%		1.00	%		1.90	%		1.25	%	$	62,985		1.12	%		0.78	%		5.9	%
Gainesville	FL		243.0		1.87	%		1.24	%		2.47	%		1.43	%	$	55,793		1.16	%		0.71	%		2.4	%
Jacksonville	FL		1,218.5		2.19	%		1.67	%		2.58	%		1.69	%	$	69,900		1.40	%		0.84	%		5.0	%
Orlando	FL		1,837.4		3.44	%		2.32	%		3.98	%		2.44	%	$	65,192		1.18	%		0.92	%		4.3	%
Punta Gorda	FL		158.8		2.91	%		3.19	%		4.67	%		3.10	%	$	52,446		0.65	%		0.85	%		3.9	%
Sarasota-Bradenton	FL		652.0		2.30	%		2.42	%		4.17	%		2.71	%	$	77,608		1.46	%		1.30	%		3.3	%
Tampa-St. Petersburg	FL		2,563.4		1.67	%		1.42	%		3.23	%		1.83	%	$	64,238		1.74	%		1.00	%		3.9	%
Athens	GA		176.3		2.06	%		1.51	%		2.53	%		1.57	%	$	54,140		1.11	%		0.80	%		2.9	%
Atlanta	GA		4,699.5		3.72	%		1.80	%		3.70	%		1.68	%	$	83,323		2.11	%		0.84	%		4.4	%
Augusta	GA		516.6		1.27	%		0.92	%		1.05	%		1.06	%	$	59,980		0.68	%		0.82	%		5.2	%
Brunswick	GA		97.7		1.32	%		1.26	%		2.03	%		1.49	%	$	61,420		1.66	%		0.64	%
Columbus	GA		285.4		0.49	%		0.40	%		1.37	%		0.91	%	$	62,676		2.02	%		1.15	%		5.0	%
Gainesville	GA		156.2		4.45	%		1.30	%		3.96	%		1.54	%	$	67,550		2.00	%		1.10	%
Macon	GA		226.9		0.68	%		0.43	%		1.29	%		0.75	%	$	62,938		1.59	%		0.86	%		3.9	%
Savannah	GA		304.9		1.26	%		0.84	%		1.88	%		0.97	%	$	68,198		1.70	%		0.89	%		3.6	%
Valdosta	GA		123.9		1.73	%		1.10	%		2.19	%		1.21	%	$	52,201		1.16	%		0.66	%
Jackson	MS		516.8		1.09	%		1.10	%		2.18	%		1.40	%	$	65,480		2.17	%		0.98	%		4.1	%
Burlington	NC		138.6		1.97	%		0.98	%		1.57	%		1.10	%	$	60,306		1.34	%		0.84	%
Greensboro	NC		668.0		1.65	%		0.75	%		1.36	%		0.94	%	$	64,000		1.01	%		0.72	%		4.8	%
Greenville	NC		162.4		2.17	%		1.76	%		2.62	%		1.72	%	$	56,357		1.08	%		0.62	%		6.1	%
Mount Airy	NC		73.3		1.30	%		0.70	%		0.90	%		0.90	%	$	52,206		0.70	%		0.70	%
Raleigh-Cary	NC		899.1		4.56	%		2.22	%		4.11	%		2.05	%	$	79,093		2.06	%		0.45	%		3.4	%
Greenville	SC		587.8		1.70	%		1.10	%		1.74	%		1.30	%	$	62,302		1.30	%		0.90	%		6.2	%
Myrtle Beach	SC		215.2		3.45	%		2.11	%		3.73	%		2.19	%	$	52,930		1.03	%		0.76	%		3.7	%
Chattanooga	TN		489.6		0.92	%		0.72	%		1.82	%		1.00	%	$	62,103		1.41	%		0.88	%		3.4	%
Austin-Round Rock	TX		1,434.9		4.89	%		2.97	%		6.04	%		3.10	%	$	77,408		3.25	%		1.00	%		4.4	%
Houston	TX		5,158.5		2.57	%		1.66	%		2.79	%		1.69	%	$	89,583		2.65	%		0.68	%		6.2	%
Killeen-Temple-Fort Hood	TX		347.8		2.07	%		1.40	%		2.74	%		1.59	%	$	59,104		1.70	%		0.66	%		4.4	%
San Antonio	TX		1,850.7		2.23	%		1.73	%		3.39	%		2.07	%	$	68,675		2.02	%		0.87	%
Staunton	VA				1.00	%		0.60	%		1.10	%		0.60	%	$	56,638		0.80	%		0.60	%
Sunbelt States *			105,443.2		1.85	%		1.36	%		2.40	%		1.54	%	$	65,379		1.73	%		0.78	%		5.0	%
United States			294,197.3		1.28	%		1.00	%		1.77	%		1.26	%	$	73,960		1.59	%		0.88	%		5.4	%

Source:Claritas

		POPULATION								HOUSEHOLD INCOME								UNEMPLOYMENT
							Proj’d								Proj’d
		2004		Growth			Growth			Mean		Growth			Growth
		(000s)		1990-2000			2003-2008			2003		2000-2003			2003-2008
Locust	NC		2.6		6.8	%		6.9	%	$	56,881		11.5	%		10.9	%
Bluffton	SC		1.6		30.0	%		28.6	%	$	54,014		17.6	%		19.8	%

* Sunbelt States include:

Alabama, Arizona, Arkansas, Georgia, Florida, Kentucky, Louisiana, Mississippi,
New Mexico, North Carolina, Oklahoma, South Carolina, Virginia, Tennessee,Texas

3Q04 - 53 - NYSE: CLP

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.
GROSS SALES PER SQUARE FOOT:	Gross retail sales reported by tenants divided by rented square feet.
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.
OCCUPANCY COST PERCENT:	Tenants’ occupancy cost as a percentage of their gross sales.
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.
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.
RENEWAL OR RE-LEASE:	Leases that have been renewed by current tenants or leased space that has been re-leased by new tenants.
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.
TI COMMITTED:	Tenant improvements which have been committed as a part of entering into a lease agreement.
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.
TURNOVER RATE:	The percentage of multifamily units that became available for rent during the 12-month period ending on the date indicated.

3Q04 - 54 - NYSE: CLP