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

COLONIAL PROPERTIES TRUST
REPORTS INCREASED EARNINGS FOR FOURTH QUARTER AND YEAR END 2004

BIRMINGHAM, Ala., January 24, 2005—Colonial Properties Trust (NYSE: CLP) (the “Company”) a real estate investment trust (REIT) that owns a diversified portfolio of multifamily, office and retail properties, today reported financial results for the quarter and year ended December 31, 2004.

For the quarter ended December 31, 2004,

Net income available to common shareholders was $15.0 million or $0.54 per fully diluted share (EPS), an increase from $9.8 million, or $0.37 per fully diluted share for the same period in 2003.

Funds from operations (FFO), a widely accepted measure of REIT performance, increased to $39.9 million, or $1.05 per fully diluted share/unit (FFOPS), from $36.0 million, or $0.97 per share/unit in the fourth quarter 2003. A reconciliation from net income available to common shareholders to funds from operations is provided in the attached tables.

For the year ended December 31, 2004,

Net income available to common shareholders was $39.8 million, or $1.45 per share, an increase from $32.5 million, or $1.29 per fully diluted share, for the year 2003.

FFO increased to $137.6 million, or $3.64 per fully diluted share/unit, from $123.0 million, or $3.45 per fully diluted share/unit for the year 2003, representing a 5.5 percent increase per fully diluted share/unit.

Highlights for the fourth quarter

•   Announced intention to merge with Cornerstone Realty Income Trust (NYSE: TCR).

•   Entered into a joint venture with DRA Advisors.

•   Paid a dividend of $0.67 per common share in October.

•   Multifamily:

•   On a same-property basis, posted an NOI increase of 5.5 percent over the comparable period last year.

•   Occupancies for stabilized properties at year end were 94.6 percent.

•   Acquired three new multifamily properties; sold one property.

•   Office:

•   On a same property basis, increased NOI 0.1 percent from prior year’s fourth quarter.

•   Occupancies at the end of the period for stabilized properties were 92.4 percent, up 20 basis points from third quarter of 2004.

•   Acquired 177,000 square feet of property in Huntsville, Alabama.

•   Retail:

•   On a same-property basis, realized a 1.4 percent increase in NOI compared to fourth quarter 2003.

•   Occupancies at the end of the period for stabilized properties were 91.4 percent, 150 basis points higher than third quarter of 2004.

•   Completed the sale of Orlando Fashion Square during the quarter.

•   Announced the development of a 450,000-square-foot lifestyle center in Birmingham, Alabama.

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

In comments summarizing the fourth quarter, Thomas H. Lowder, Colonial Properties’ Chairman and Chief Executive Officer, stated, “We have significant momentum in our multifamily and retail divisions. Occupancy rates are above 91 percent in each division. As we head into 2005, we are poised to participate in the expected growth of the economy and, in particular, the recovery of the multifamily sector.”

Acquisitions and Developments

•   On October 25, Colonial Properties announced its intention to merge with Cornerstone Realty Income Trust. The Richmond-based company owns and operates a multifamily portfolio with more than 23,000 units. With a total value of approximately $1.5 billion, the transaction is expected to close at the end of March 2005. The Securities and Exchange Commission (SEC) has elected not to review the Company’s S-4 filing.

•   The Company entered into a joint venture with DRA Investments to acquire a 20 percent interest in 16 multifamily properties located in Las Vegas, Phoenix, Tucson and Albuquerque. Colonial Properties manages the 4,223 units with a current average occupancy of 93%.

•   On October 29, the Company acquired two multifamily properties in North Carolina. Colonial Grand at Beverly Crest in Charlotte, North Carolina has 300 units and is currently 89% occupied. Colonial Village at Patterson Place in Durham has 252 units and is also 89% occupied. The purchase price for each was $23.2 million and $21.5 million, respectively.

•   On December 7, Colonial Properties acquired Colonial Grand at McGinnis Ferry in Atlanta, Georgia for $40.0 million. The 434-unit multifamily property is 98% occupied.

•   Purchased office property in Research Place Office Park in Huntsville, Alabama totaling 177,000 square feet for $17.1 million at a capitalization rate of 10.4%. The property is 96.2% occupied.

•   The Company announced the development of Colonial Pinnacle at Tutwiler Farm in Birmingham, Alabama on November 24. The 450,000 square foot lifestyle center is scheduled to open October 2006 and will be anchored by Belk, Parisian, JC Penney and Best Buy.

Dispositions

•   On December 2, Colonial Properties and its joint venture partner completed the sale of its interest in Orlando Fashion Square. The total sales price was $123.2 million which represents a capitalization rate of 7.5 %.

•   The Company sold its 178 unit multifamily property, Colonial Village at Vernon Marsh in Savannah, Georgia on October 15. The sales price was $10.0 million.

•   Colonial Properties has received bids for each of its malls which are being marketed for sale by Granite Partners. The Company is reviewing the bids and will complete its plans for these assets by the second quarter of 2005.

Financing Activities

During the fourth quarter, senior management of the Company met with Fitch, Moody’s and S&P. Each rating agency has affirmed the investment grade ratings for the company’s bonds of BBB-, Baa3 and BBB-, respectively.

Portfolio Overview

Multifamily: The Company owns and/or manages 29,100 units. This is comprised of 45 wholly owned properties totaling approximately 15,489 units with 94.7 percent occupancy; a partial interest in 33 properties with over 9,520 units. Additionally, the Company provides third party management services for approximately 4,100 units.

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

Office: Colonial Properties owns or manages 6.8 million square feet of office space. The Company’s office portfolio includes 26 wholly owned properties and one partially owned property that together total 5.9 million square feet. The Company manages an additional eight properties totaling 0.9 million square feet.

Retail: The Company owns and/or manages assets approximating 15.6 million square feet of retail centers, which is comprised of 45 wholly owned properties, 3 partially owned properties and management of another 4 centers.

EPS and FFO Per Share Guidance

The Company’s guidance for the first-quarter and full-year 2005 for fully diluted EPS and FFOPS is set forth and reconciled below.

	First-Quarter 2005 Range							Full-Year 2005 Range
	Low			-	High			Low			-	High
Fully Diluted EPS	$	2.92		-	$	2.94		$	4.45		-	$	4.53
Plus: Real Estate Depreciation & Amortization		0.80		-		0.80			2.28		-		2.28
Less: Gain on Sale of Assets		(2.85	)	-		(2.85	)		(3.05	)	-		(3.05	)
Fully Diluted FFOPS	$	0.87		-	$	0.89		$	3.68		-	$	3.76

“Our top priorities in 2005 are to close the merger with Cornerstone, integrate the two companies efficiently and execute our plans for asset dispositions and reinvestments,” Lowder stated. “We will also focus on our balance sheet in order to reduce our effective leverage and regain more flexibility.”

For additional details of disposition and investment activities, see the Company’s detailed Supplemental Financial Highlights available on Colonial Properties’ website.

Conference Call and Supplemental Materials

Colonial Properties will hold its quarterly conference call Tuesday, January 25th at 11:00 a.m. Central time. The call will include a review of the Company’s fourth-quarter and full year 2004 performance and discussion of its strategy and current expectations for the future.

To participate, dial 1-877-500-9123. As with previous calls, a replay will be available for one week by dialing 800-642-1687; the Conference ID will be 3094365. Access to the live call and a replay will be available through the Company’s website at http://www.colonialprop.com under “Investor Relations: Shareholder Information.”

Colonial Properties produces a supplemental information package that provides detailed information regarding operating performance, investing activities and the Company’s overall financial position. Additionally, 2005 earnings guidance is available in the supplemental. For a copy of Colonial Properties’ detailed Supplemental Financial Highlights, please visit the Company’s website at http://www.colonialprop.com under the “Investor Relations: Financial Reporting” tab or contact Barbara Pooley in Investor Relations at 800-645-3917.

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

Company Summary

Colonial Properties Trust is a diversified REIT that, through its subsidiaries, owns a portfolio of multifamily, office and retail properties where you live, work and shop in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia. Colonial Properties Trust performs development, acquisition, management, leasing and brokerage services for its portfolio and properties owned by third parties. Colonial Properties Trust is a diversified REIT, which has a total market capitalization in excess of $3.5 billion. The foundation of Colonial Properties’ success is its live, work and shop diversified investment strategy. The Company manages or leases 29,100 apartment units, 6.8 million square feet of office space and 15.6 million square feet of retail shopping space. Additional information on Colonial Properties Trust is available on the Internet at www.colonialprop.com. The Company, headquartered in Birmingham, Ala., is listed on the New York Stock Exchange under the symbol “CLP” and is included in the S&P SmallCap 600 Index.

Forward Looking Statements

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Except for the historical information contained herein, this news release contains forward-looking statements regarding Company and property performance, and is 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 Colonial Properties 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.

Additional Information about the Merger and Where to Find It
In connection with the proposed merger of Cornerstone Realty Income Trust, Inc. with and into Colonial Properties Trust, Cornerstone and Colonial have filed and will continue to file relevant materials with the Securities and Exchange Commission, including a registration statement on Form S-4 that will contain a prospectus and a joint proxy statement. INVESTORS AND SECURITY HOLDERS OF CORNERSTONE AND COLONIAL ARE URGED TO READ THE MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CORNERSTONE, COLONIAL AND THE MERGER. The proxy statement, prospectus and other relevant materials (when they become available), and any other documents filed by Cornerstone and Colonial with the SEC, may be obtained free of charge at the SEC’s web site at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed with the SEC by Colonial by directing a written request to Colonial Properties Trust, 2101 Sixth Avenue North, Suite 750, Birmingham, Alabama 35203, Attention: Investor Relations, and free copies of the documents filed with the SEC by Cornerstone by directing a written request to Cornerstone Realty Income Trust, Inc., 306 East Main Street, Richmond, Virginia 23219, Attention: Investor Relations. Investors and security holders are urged to read the proxy statement, prospectus and the other relevant materials when they become available before making any voting or investment decision with respect to the merger.

Cornerstone, Colonial and their respective executive officers, trustees and directors may be deemed to be participants in the solicitation of proxies from the security holders of Cornerstone and Colonial in connection with the merger. Information about those executive officers and directors of Cornerstone and their ownership of Cornerstone common shares is set forth in the proxy statement for Cornerstone’s 2004 Annual Meeting of Shareholders, which was filed with the SEC on April 8, 2004. Information about the executive officers and trustees of Colonial and their ownership of Colonial common stock and limited partnership units in Colonial Realty Limited Partnership is set forth in the proxy statement for Colonial’s 2004 Annual Meeting of Shareholders, which was filed with the SEC on March 22, 2004. Investors and security holders may obtain additional information regarding the direct and indirect interests of Cornerstone, Colonial and their respective executive officers, trustees and directors in the merger by reading the proxy statement and prospectus regarding the merger when they become available.

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

This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

- # # # -

Contact:	Barbara M. Pooley, Senior Vice President – Investor Relations, 800-645-3917
	Linda S. Geiss, Vice President – Media Relations, 205.250.8768

EXHIBIT 99.1

COLONIAL PROPERTIES TRUST
Financial Statements
Fourth Quarter 2004

BALANCE SHEET

($ in 000s)	As of			As of
	12/31/2004			12/31/2003
ASSETS
Real Estate Investments
Operating Properties	$	2,700,016		$	2,378,835
Undeveloped Land & Construction in Progress		158,954			114,262
Total Real Estate, before Depreciation		2,858,970			2,493,097
Less: Accumulated Depreciation		(437,635	)		(419,827	)
Real estate assets held for sale, net		167,712			11,691
Net Real Estate Assets		2,589,047			2,084,961
Cash and Equivalents		10,725			8,070
Restricted Cash		2,333			1,879
Accounts Receivable, net		20,642			10,262
Notes Receivable		906			2,504
Prepaid Expenses		11,238			6,587
Deferred Debt and Lease Costs		36,749			25,832
Investment in Unconsolidated Subsidiaries		65,472			37,496
Other Assets		64,230			17,336
Total Assets	$	2,801,343		$	2,194,927
LIABILITIES
Long-Term Liabilities
Unsecured Credit Facility	$	239,970		$	205,935
Notes and Mortgages Payable		1,615,817			1,050,145
Mortgages Payable related to real estate held for sale		—			11,785
Total Long-Term Liabilities		1,855,787			1,267,865
Other Liabilities		74,548			55,275
Total Liabilities		1,930,335			1,323,140
MINORITY INTEREST & EQUITY
Minority Interest		1,389			—
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		594,619			596,787
Total Equity, including Minority Interest		871,008			871,787
Total Liabilities and Equity	$	2,801,343		$	2,194,927

SHARES & UNITS OUTSTANDING, END OF PERIOD

(shares and units in 000s)	As of		As of
	12/31/2004		12/31/2003
Basic
Shares		27,599		26,395
Operating Partnership Units (OP Units)		10,373		10,361
Total Shares & OP Units		37,972		36,756
Dilutive Common Share Equivalents		341		266
Diluted
Shares		27,940		26,661
Total Shares & OP Units		38,313		37,022

 4Q04 -1- NYSE: CLP

COLONIAL PROPERTIES TRUST
Financial Statements
Fourth Quarter 2004

CONSOLIDATED STATEMENTS OF INCOME
($ in 000s, except per share data)	Three Months Ended							Twelve Months Ended
	12/31/2004			12/31/2003				12/31/2004			12/31/2003
Revenue
Minimum Rent	$	77,351		$	60,502		27.8%	$	276,284		$	235,815		17.2%
Percentage Rent		1,359			1,380		-1.5%		2,735			2,494		9.7%
Tenant Recoveries		8,535			7,273		17.4%		30,132			28,777		4.7%
Other Property Related Revenue		5,643			4,220		33.7%		19,977			18,190		9.8%
Other Non-Property Related Revenue		3,648			804		353.7		8,282			4,728		75.2%
Total Revenue		96,536			74,179		30.1%		337,410			290,004		16.3%
Operating Expenses
Property Operating Expenses:
General Operating Expenses		6,875			5,482		25.4%		25,135			21,807		15.3%
Salaries and Benefits		4,915			3,779		30.1		17,212			14,233		20.9%
Repairs and Maintenance		8,590			6,447		33.2%		30,896			26,790		15.3%
Taxes, Licenses, and Insurance		8,495			6,671		27.3%		31,786			27,034		17.6%
Total Property Operating Expenses		28,875			22,379		29.0%		105,029			89,864		16.9%
General and Administrative		9,078			4,480		102.6%		27,208			19,481		39.7%
Depreciation		23,926			18,324		30.6%		84,475			72,093		17.2%
Amortization		4,845			2,080		132.9%		13,411			7,762		72.8%
Total Operating Expenses		66,724			47,263		41.2%		230,123			189,200		21.6%
Income from Operations		29,812			26,916		10.8%		107,287			100,804		6.4%
Other Income (Expense)
Interest Expense		(22,870	)		(16,655	)	37.3%		(78,933	)		(66,613	)	18.5%
Income from Investments		385			155		148.4%		990			130		661.5%
Gain (Loss) on Hedging Activities		245			(35	)	-800.0%		387			(361	)	-207.2%
Gain on Sale of Property		1,587			1,648		-3.7%		4,608			7,704		-40.2%
Other		(415	)		35		-1285.7%		(691	)		(121	)	471.1%
Total Other Expense		(21,068	)		(14,852	)	41.9%		(73,639	)		(59,261	)	24.3%
Income before Minority Interest & Discontinued Operations		8,744			12,064		-27.5%		33,648			41,543		-19.0%
Minority Interest
Minority Interest of limited partners		(245	)		—				(281	)		—
Minority Interest in CRLP - Preferred		(1,813	)		(2,218	)	-18.3%		(7,493	)		(8,873	)	-15.6%
Minority Interest in CRLP - Common		(817	)		(1,667	)	-51.0%		(3,064	)		(3,822	)	-19.8%
Total Minority Interest		(2,875	)		(3,885	)	-26.0%		(10,838	)		(12,695	)	-14.6%
Income from Continuing Operations		5,869			8,179		-28.2%		22,810			28,848		-20.9%
Discontinued Operations
Income from Discontinued Operations		7,178			7,034		2.0%		22,114			22,477		-1.6%
Gain (Loss) on Disposal of Discontinued Operations		10,531			388		2614.2%		21,832			10,762		102.9%
Minority Interest in Discontinued Operations		(4,838	)		(2,103	)	130.1%		(12,138	)		(9,822	)	23.6%
Income from Discontinued Operations		12,871			5,319		142.0%		31,808			23,417		35.8%
Net Income		18,740			13,498		38.8%		54,618			52,265		4.5%
Dividends to Preferred Shareholders		(3,695	)		(3,696	)	0.0%		(14,781	)		(15,284	)	-3.3%
Preferred Share Issuance Costs		—			—				—			(4,451	)	-100.0%
Net Income Available to Common Shareholders	$	15,045		$	9,802		53.5%	$	39,837		$	32,530		22.5%
Earnings per Share - Basic Continuing Operations	$	0.08		$	0.17		-52.9%	$	0.30		$	0.37		-18.9%
Discontinued Operations		0.47			0.20		135.0%		1.17			0.94		24.5%
EPS - Basic	$	0.55		$	0.37		48.6%	$	1.47		$	1.30		13.1%
Earnings per Share - Diluted Continuing Operations	$	0.08		$	0.17		-52.9%	$	0.29		$	0.36		-19.4%
Discontinued Operations		0.46			0.20		130.0%		1.16			0.93		24.7%
EPS - Diluted	$	0.54		$	0.37		45.9%	$	1.45		$	1.29		12.4%

4Q04 - 2 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Financial Statements
Fourth Quarter 2004

FOURTH QUARTER FUNDS FROM OPERATIONS (FFO) RECONCILIATION
($ in 000s, except per share data)	Three Months Ended								Twelve Months Ended
	12/31/2004			12/31/2003					12/31/2004			12/31/2003
Net Income Available to Common Shareholders	$	15,045		$	9,802		53.5	%	$	39,837		$	32,530		22.5	%
Minority Interest in CRLP (Operating Ptr Unitholders)		5,655			3,770		50.0	%		15,202			13,644		11.4	%
Total		20,700			13,572		52.5	%		55,039			46,174		19.2	%
Adjustments - Consolidated Properties
Depreciation - Real Estate		24,466			20,221		21.0	%		90,659			79,006		14.7	%
Amortization - Real Estate		3,819			1,188		221.5	%		9,482			4,367		117.1	%
Remove: Gain/(Loss) on Sale of Property		(5,845	)		(2,036	)	187.1	%		(19,517	)		(18,463	)	5.7	%
Include: Gain/(Loss) on Sale of Undepreciated Property		1,424			2,050		-30.5	%		4,357			8,040		-45.8	%
Total Adjustments - Consolidated		23,864			21,423		11.4	%		84,981			72,950		16.5	%
Adjustments - Unconsolidated Properties
Depreciation - Real Estate		1,649			1,000		64.9	%		4,562			3,844		18.7	%
Amortization - Real Estate		7			15		-53.3	%		89			83		7.2	%
Remove: Gain/(Loss) on Sale of Property		(6,267	)		—					(7,061	)		—
Include: Gain/(Loss) on Sale of Undepreciated Property		—			—					—			—
Total Adjustments - Unconsolidated		(4,611	)		1,015		-554.3	%		(2,410	)		3,927		-161.4	%
Funds from Operations	$	39,953		$	36,010		10.9	%	$	137,610		$	123,051		11.8	%
FFO per Share
Basic	$	1.06		$	0.98		7.6	%	$	3.67		$	3.47		5.7	%
Diluted	$	1.05		$	0.97		7.7	%	$	3.64		$	3.45		5.5	%

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.

FOURTH QUARTER SHARES AND UNITS OUTSTANDING, WEIGHTED
(shares and units in 000s)	Three Months Ended						Twelve Months Ended
	12/31/2004		12/31/2003				12/31/2004		12/31/2003
Basic
Shares		27,467		26,267	4.6	%		27,121		24,965	8.6	%
Operating Partnership Units (OP Units)		10,323		10,390	-0.6	%		10,347		10,451	-1.0	%
Total Shares & OP Units		37,790		36,657	3.1	%		37,468		35,416	5.8	%
Dilutive Common Share Equivalents		372		398	-6.6	%		341		266	28.1	%
Diluted
Shares		27,839		26,665	4.4	%		27,462		25,231	8.8	%
Total Shares & OP Units		38,162		37,055	3.0	%		37,808		35,682	6.0	%

4Q04 - 3 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Financial Statements
Fourth Quarter 2004

FOURTH QUARTER SEGMENT DATA & RECONCILIATION
	Three Months Ended								Twelve Months Ended
	12/31/2004			12/31/2003					12/31/2004			12/31/2003
Net Operating Income (NOI)
Divisional Same-Property NOI
Multifamily		16,294			15,440		5.5	%		61,260			59,250		3.4	%
Office		15,799			15,791		0.1	%		63,238			65,224		-3.0	%
Retail		28,085			27,699		1.4	%		99,805			98,323		1.5	%
Total Same-Property		60,178			58,930		2.1	%		224,303			222,797		0.7	%
Less: Unconsolidated Assets		(989	)		(857	)				(3,492	)		(2,939	)
Same-Property NOI, Consolidated		59,189			58,073					220,811			219,858
Divisional Non Same-Property NOI
Multifamily		6,096			635					14,037			2,640
Office		2,016			242					6,718			602
Retail		7,028			2,999					18,652			10,841
Total Non-Same Property		15,140			3,876					39,407			14,083
Less: Unconsolidated Assets		(2,198	)		(1,819	)				(6,633	)		(3,388	)
Non Same-Property NOI, Consolidated		12,942			2,057					32,774			10,695
Divisional Total NOI
Multifamily		22,390			16,075		39.3	%		75,297			61,890		21.7	%
Office		17,815			16,033		11.1	%		69,956			65,826		6.3	%
Retail		35,113			30,698		14.4	%		118,457			109,164		8.5	%
Total Divisional NOI		75,318			62,806		19.9	%		263,710			236,880		11.3	%
Less: NOI, Unconsolidated		(3,187	)		(2,676	)				(10,125	)		(9,355	)
Less: Discontinued Operations		(7,844	)		(9,145	)				(28,989	)		(31,906	)
Unallocated Corporate Rev		3,648			811					8,282			4,578
Other Expense		(274	)		(7	)				(497	)		(57	)
General & Administrative Expenses		(9,078	)		(4,480	)				(27,208	)		(19,481	)
Depreciation		(23,926	)		(18,324	)				(84,475	)		(72,093	)
Amortization		(4,845	)		(2,080	)				(13,411	)		(7,762	)
Income from Operations, restated for additional discontinued operations		29,812			26,905					107,287			100,804
Total Other Income (Expense)		(21,068	)		(14,852	)				(73,639	)		(59,261	)
Income from Continuing Operations before Extraordinary Items, Minority Interest and Discontinued Operations, as restated for additional discontinued operations		8,744			12,053					33,648			41,543
Add: Discontinued Operations Income, post 4Q 2003		—			6,907					—			22,224
Income from Continuing Operations before Extraordinary Items, Minority Interest and Discontinued Operations, per corresponding 10-K or 10-Q		8,744			18,960					33,648			63,767

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.

4Q04 - 4 - NYSE:CLP