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.

1/24/2005

Colonial Properties Trust

TABLE OF CONTENTS
	Overview and Contact Information		1
1.	Quarterly Earnings Announcement and Financial Statements		2
2.	Corporate Summary and Trends
		EPS and FFO Reconciliation	6
		Dividend Summary/Shares & Units	7
		Segment Data Summary (Divisional NOI)	7
		Segment Data & Reconciliation (Divisional NOI)	8
		Divisional NOI Breakout: By Sector & Market	11
		EBITDA Reconciliation	12
		Supplemental Data	12
		Coverage Ratios	13
		Investment Activities	14
		Capital Expenditures, Tenant Improvements & Leasing Commissions	15
		Debt Summary/Total Market Capitalization	16
		Current Development Pipeline	17
		Property Acquisition & Disposition Detail	18
		Unconsolidated Partnerships Summary	19
3.	Equity Issues: Common & Preferred		20
4.	Debt Summary		24
5.	Multifamily Division Summary
		Divisional NOI	28
		Operational Statistics	29
		Occupancy Schedule	31
6.	Office Division Summary
		Divisional NOI	35
		Operational Statistics	36
		Lease Expiration/Tenant Concentration	37
		Leasing Execution	38
		Occupancy Schedule	39
7.	Retail Division Summary
		Divisional NOI	42
		Operational Statistics	43
		Tenant Performance	45
		Capex/Lease Expiration/Tenant Concentration	46
		Leasing Execution	47
		Occupancy Schedule	48
8.	Market Demographics		52
9.	Glossary of Terms		53

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	bpooley@colonialprop.com
www.colonialprop.com	To receive an Investor Package, please contact:
	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 2005 Range						1Q 2005 Range
Fully Diluted Earnings per Share	$	2.86		$	2.94		$	1.03		$	1.05
Plus: Real Estate Depreciation & Amortization		2.28			2.28			0.80			0.80
Less: Gain on Sale of Assets		(1.46	)		(1.46	)		(0.96	)		(0.96	)
Fully Diluted Funds from Operations per Share	$	3.68		$	3.76		$	0.87		$	0.89

 4Q04 -1- NYSE: CLP

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 -2- 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 - 3 - 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 - 4 - 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 - 5 - 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		$	15,045		$	39,835
Earnings per Share
- Basic	$	0.52		$	0.16		$	0.26		$	0.37		$	1.30		$	0.50		$	0.24		$	0.18		$	0.55		$	1.47
growth		-13.1%			-84.2%			-51.5%			-23.8%			-50.4%			-3.5%			48.6%			-30.0%			48.6%			12.2%
- Diluted	$	0.52		$	0.16		$	0.26		$	0.37		$	1.29		$	0.50		$	0.24		$	0.18		$	0.54		$	1.45
growth		-13.8%			-84.0%			-51.1%			-23.4%			-50.0%			-4.8%			47.0%			-30.9%			45.9%			10.7%
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		$	15,045		$	39,835
Minority Int. in CRLP (Cont & Disc)		5,512			1,634			2,729			3,770			13,645			5,202			2,463			1,884			5,655			15,204
Total		17,621			5,441			9,539			13,573			46,174			18,591			8,904			6,844			20,700			55,039
Adjustments - Consolidated
Depreciation - Real Estate		19,381			19,807			19,597			20,221			79,006			20,728			21,554			23,911			24,466			90,659
Amortization - Real Estate		1,125			1,018			1,035			1,188			4,367			1,399			1,797			2,467			3,819			9,482
Extraordinary (Income)/Loss		—			—			—						—			—			—									—
’-’:(Gain)/Loss-Sale of Prop		(9,657	)		(2,277	)		(4,492	)		(2,036	)		(18,463	)		(10,393	)		(811	)		(2,468	)		(5,845	)		(19,517	)
’+’:Gain/(Loss)-Undeprec Prop		151			2,004			3,836			2,050			8,040			1,008			1,115			813			1,424			4,360
Total Adjustments - Cons.		11,001			20,552			19,976			21,423			72,951			12,742			23,655			24,723			23,864			84,984
Adjustments - Unconsolidated
Depreciation - Real Estate		940			939			963			1,000			3,844			1,041			918			955			1,649			4,562
Amortization - Real Estate		32			23			14			15			83			16			20			46			7			89
Extraordinary (Income)/Loss		—			—			—			—			—			—			—			—			—			—
’-’:(Gain)/Loss-Sale of Prop		—			—			—			—			—			—			(799	)		1			(6,267	)		(7,065	)
’+’:Gain/(Loss)-Undeprec Prop		—			—			—			—			—			—			—			—			—			—
Total Adjustments - Uncons.		972			962			978			1,015			3,927			1,057			139			1,002			(4,611	)		(2,413	)
Funds from Operations	$	29,594		$	26,955		$	30,492		$	36,011		$	123,052		$	32,390		$	32,698		$	32,569		$	39,953		$	137,609
FFO Per Share
- Basic	$	0.88		$	0.78		$	0.84		$	0.98		$	3.47		$	0.87		$	0.87		$	0.87		$	1.06		$	3.67
growth		-2.7%			-15.4%			-10.8%			-9.9%			-9.7%			-0.1%			12.5%			3.5%			7.6%			5.8%
- Diluted	$	0.87		$	0.77		$	0.83		$	0.97		$	3.45		$	0.87		$	0.87		$	0.86		$	1.05		$	3.64
growth		-2.6%			-15.2%			-10.7%			-10.3%			-9.6%			-0.6%			12.4%			3.3%			7.7%			5.7%

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.

4Q04 - 6 - 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		$	39.27
Dividend Per Share	$	0.665		$	0.665		$	0.665		$	0.665		$	2.660		$	0.67		$	0.67		$	0.67		$	0.67		$	2.68
Dividend Yield (End of Period)		8.0%			7.6%			7.4%			6.7%						6.6%			7.0%			6.7%			6.8%
Payout
Dividend/EPS - Diluted		127.9%			415.6%			255.8%			179.7%			206.2%			135.3%			284.8%			373.0%			124.1%			184.8%
Dividend/FFO - Diluted		76.4%			86.3%			80.0%			68.4%			77.1%			77.4%			77.3%			78.1%			64.0%			73.6%
See Funds from Operations Reconciliation on page 8 for a reconciliation 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			27,467			27,121
Diluted - Weighted Avg		23,405			24,562			26,275			26,666			25,232			27,045			27,382			27,615			27,839			27,462
Outstanding (End of Period)		23,529			25,882			26,116			26,395						26,933			27,191			27,319			27,599
Units
Weighted Avg		10,576			10,420			10,420			10,390						10,361			10,358			10,345			10,323			10,347
Outstanding (End of Period)		10,420			10,420			10,420			10,361						10,361			10,345			10,345			10,373
Shares & Units
Basic - Weighted Avg		33,812			34,732			36,421			36,657			35,416			37,031			37,447			37,597			37,790			37,468
Diluted - Weighted Avg		33,981			34,982			36,695			37,055			35,682			37,406			37,740			37,960			38,162			37,809
Outstanding (End of Period)		33,949			36,302			36,535			36,756						37,294			37,536			37,664			37,972
SEGMENT DATA SUMMARY *(1)
Same-Property Portfolio *(2)
Divisional Revenues		78,944			80,985			79,356			83,776			323,060			79,382			79,876			81,608			86,009			326,875
Divisional Expenses		24,421			25,257			25,740			24,846			100,264			24,705			25,322			26,715			25,831			102,573
Divisional NOI		54,523			55,728			53,616			58,930			222,797			54,677			54,554			54,893			60,178			224,302
Divisional NOI Margin		69.1%			68.8%			67.6%			70.3%			69.0%			68.9%			68.3%			67.3%			70.0%			68.6%
growth *(3)		-2.4%			-4.8%			-4.6%			0.0%			-2.9%			0.3%			-2.1%			2.4%			2.1%			0.7%
Same-Property without Terminations
Lease Terminations		(636	)		(2,412	)		(261	)		(193	)		(3,503	)		(491	)		(639	)		(984	)		(466	)		(2,580	)
Divisional NOI w/o Term.		53,887			53,316			53,355			58,737			219,294			54,186			53,915			53,909			59,712			221,722
growth w/o terminations		-2.9%			-4.0%			-1.6%			1.2%			-1.8%			0.6%			1.1%			1.0%			1.7%			1.1%
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		(727	)		(677	)		(678	)		(857	)		(2,939	)		(843	)		(768	)		(892	)		(989	)		(3,492	)
Divisional NOI - Consolidated		53,796			55,051			52,938			58,073			219,858			53,834			53,786			54,001			59,189			220,810
growth - consolidated properties																	0.1%			-2.3%			2.0%			1.9%			0.4%
Total Portfolio
Divisional Revenues		85,939			87,180			85,283			90,860			349,262			89,132			91,953			100,003			110,232			391,319
Divisional Expenses		27,517			28,296			28,514			28,055			112,382			28,757			30,216			33,721			34,914			127,607
Divisional NOI		58,422			58,884			56,768			62,806			236,880			60,374			61,737			66,282			75,318			263,712
Divisional NOI Margin		68.0%			67.5%			66.6%			69.1%			67.8%			67.7%			67.1%			66.3%			68.3%			67.4%
growth		5.7%			5.9%			-2.1%			-1.2%			1.9%			3.3%			4.8%			16.8%			19.9%			11.3%

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.

4Q04 - 7 - 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		22,877			23,487			23,873			23,791			94,029			23,757			24,230			24,754			25,343			98,083
Office		22,193			24,714			22,278			22,391			91,576			22,019			21,899			22,953			22,521			89,392
Retail		33,874			32,783			33,204			37,594			137,456			33,607			33,747			33,901			38,144			139,400
Total Same-Property		78,944			80,985			79,356			83,776			323,060			79,382			79,876			81,608			86,009			326,875
Less: Unconsolidated		(1,061	)		(1,053	)		(1,152	)		(1,275	)		(4,541	)		(1,211	)		(1,160	)		(1,291	)		(1,388	)		(5,050	)
Same-Prop Rev, Cons.		77,883			79,932			78,204			82,501			318,519			78,171			78,716			80,317			84,621			321,825
Divisional Non Same-Property Revenues
Multifamily		1,529			1,102			1,129			1,162			4,921			2,792			4,486			7,077			10,975			25,330
Office		504			427			431			570			1,932			2,009			2,307			2,233			2,749			9,298
Retail		4,962			4,667			4,367			5,353			19,349			4,949			5,283			9,085			10,500			29,817
Total Non-Same Property		6,995			6,195			5,927			7,084			26,201			9,750			12,077			18,394			24,223			64,444
Less: Unconsolidated		(2,866	)		(2,874	)		(2,794	)		(3,167	)		(11,701	)		(2,852	)		(2,714	)		(2,912	)		(3,913	)		(12,391	)
Non Same-Prop Rev, Consolidated		4,129			3,321			3,133			3,917			14,500			6,898			9,363			15,482			20,310			52,053
Divisional Total Revenues
Multifamily		24,406			24,589			25,002			24,953			98,949			26,548			28,716			31,831			36,318			123,413
Office		22,697			25,142			22,709			22,960			93,508			24,028			24,206			25,186			25,270			98,690
Retail		38,836			37,450			37,571			42,947			156,805			38,556			39,030			42,986			48,644			169,217
Total Divisional Revenues		85,939			87,180			85,283			90,860			349,262			89,132			91,953			100,003			110,232			391,319
Less: Unconsolidated Revenues		(3,927	)		(3,927	)		(3,946	)		(4,442	)		(16,242	)		(4,063	)		(3,874	)		(4,203	)		(5,301	)		(17,441	)
Discontinued Operations		(12,343	)		(11,015	)		(11,261	)		(13,049	)		(47,668	)		(11,112	)		(10,551	)		(11,122	)		(11,595	)		(44,380	)
Unallocated Corporate Rev		982			1,594			1,266			810			4,652			1,305			1,450			1,957			3,200			7,912
Cons. Rev, adj -’04 Disc Ops		70,651			73,832			71,342			74,179			290,004			75,262			78,978			86,635			96,536			337,410
Add: Add’l Disc Ops Rev, post filing		11,608			10,973			11,141			12,461			46,183			10,386			9,733			(134	)		—			19,985
Total Consol. Rev, per 10-Q / K		82,259			84,805			82,483			86,640			336,187			85,648			88,711			86,501			96,536			357,395

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.

4Q04 - 8 - 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		8,393			8,870			9,163			8,352			34,779			9,042			9,042			9,691			9,049			36,824
Office		6,474			6,634			6,645			6,599			26,352			6,443			6,327			6,662			6,722			26,154
Retail		9,554			9,753			9,931			9,895			39,133			9,220			9,953			10,362			10,060			39,595
Total Same-Property		24,421			25,257			25,740			24,846			100,264			24,705			25,322			26,715			25,831			102,573
Less: Unconsolidated		(333	)		(376	)		(474	)		(418	)		(1,601	)		(368	)		(391	)		(400	)		(399	)		(1,558	)
Same-Prop Exp, Consolidated		24,088			24,881			25,266			24,428			98,663			24,337			24,931			26,315			25,432			101,015
Divisional Non Same-Property Expenses
Multifamily		688			556			511			526			2,281			1,332			1,952			3,131			4,878			11,292
Office		340			358			304			328			1,330			584			610			652			733			2,578
Retail		2,069			2,125			1,960			2,354			8,507			2,137			2,332			3,223			3,472			11,164
Total Non-Same Property		3,096			3,039			2,775			3,208			12,118			4,053			4,893			7,005			9,083			25,035
Less: Unconsolidated		(1,325	)		(1,340	)		(1,273	)		(1,347	)		(5,285	)		(1,317	)		(1,330	)		(1,398	)		(1,715	)		(5,760	)
Non Same-Prop Exp, Consolidated		1,771			1,699			1,502			1,861			6,833			2,736			3,563			5,607			7,368			19,275
Divisional Total Expenses
Multifamily		9,081			9,427			9,674			8,878			37,060			10,373			10,994			12,822			13,927			48,116
Office		6,814			6,992			6,949			6,927			27,682			7,027			6,937			7,313			7,455			28,732
Retail		11,623			11,877			11,891			12,249			47,640			11,357			12,285			13,585			13,532			50,759
Total Divisional Expenses		27,517			28,296			28,514			28,055			112,382			28,757			30,216			33,721			34,914			127,607
Less: Unconsolidated Expense		(1,658	)		(1,716	)		(1,747	)		(1,765	)		(6,886	)		(1,685	)		(1,721	)		(1,798	)		(2,114	)		(7,318	)
Discontinued Operations		(4,036	)		(3,860	)		(3,869	)		(3,911	)		(15,676	)		(3,606	)		(3,729	)		(4,068	)		(4,199	)		(15,602	)
Other Expense		—			—			45			—			45			28			22			19			274			343
Total Property Operating Exp		21,823			22,720			22,943			22,379			89,865			23,494			24,788			27,874			28,875			105,030
General & Administrative Exp		4,803			5,262			4,936			4,480			19,481			5,460			5,678			6,992			9,078			27,208
Depreciation		17,353			18,019			18,396			18,324			72,092			18,788			19,639			22,122			23,926			84,475
Amortization		1,925			1,861			1,896			2,080			7,762			2,497			2,650			3,418			4,845			13,410
Cons. Exp, adj -’04 Disc Ops		45,904			47,862			48,171			47,263			189,200			50,239			52,755			60,406			66,724			230,123
Add: Add’l Disc Ops Exp,post filing		5,981			6,064			5,984			4,983			23,012			5,452			5,559			(48	)		—			10,963
Total Consol. Exp, per 10-Q / K		51,885			53,926			54,155			52,246			212,212			55,691			58,314			60,358			66,724			241,086

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.

4Q04 - 9 - 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		14,484			14,617			14,710			15,440			59,250			14,715			15,188			15,063			16,294			61,260
Office		15,719			18,081			15,633			15,791			65,224			15,575			15,572			16,291			15,799			63,238
Retail		24,320			23,031			23,273			27,699			98,323			24,387			23,794			23,539			28,085			99,805
Total Same-Property		54,523			55,728			53,616			58,930			222,797			54,677			54,554			54,893			60,178			224,302
Less: Unconsolidated		(728	)		(677	)		(678	)		(857	)		(2,940	)		(843	)		(769	)		(891	)		(989	)		(3,492	)
Same-Prop NOI, Consolidated		53,795			55,051			52,938			58,073			219,857			53,834			53,785			54,002			59,189			220,810
Divisional Non Same-Property NOI
Multifamily		841			545			618			635			2,640			1,460			2,535			3,946			6,097			14,038
Office		164			69			127			242			602			1,426			1,697			1,581			2,016			6,720
Retail		2,893			2,542			2,407			2,999			10,841			2,811			2,952			5,862			7,028			18,652
Total Non-Same Property		3,899			3,156			3,152			3,876			14,083			5,697			7,183			11,389			15,140			39,410
Less: Unconsolidated		(1,541	)		(1,534	)		(1,521	)		(1,820	)		(6,416	)		(1,535	)		(1,384	)		(1,514	)		(2,198	)		(6,631	)
Non Same-Prop NOI, Consolidated		2,358			1,622			1,631			2,056			7,667			4,162			5,799			9,875			12,942			32,779
Divisional Total NOI
Multifamily		15,325			15,162			15,328			16,075			61,890			16,175			17,722			19,009			22,390			75,296
Office		15,883			18,150			15,760			16,033			65,826			17,001			17,269			17,871			17,815			69,956
Retail		27,213			25,572			25,680			30,698			109,164			27,198			26,746			29,401			35,113			118,457
Total Divisional NOI		58,422			58,884			56,768			62,806			236,880			60,374			61,737			66,281			75,318			263,710
Less: Unconsolidated NOI		(2,269	)		(2,211	)		(2,199	)		(2,677	)		(9,356	)		(2,378	)		(2,153	)		(2,405	)		(3,187	)		(10,123	)
Discontinued Operations		(8,307	)		(7,155	)		(7,392	)		(9,138	)		(31,992	)		(7,506	)		(6,822	)		(7,054	)		(7,396	)		(28,778	)
Unallocated Corporate Rev		982			1,594			1,266			810			4,652			1,305			1,450			1,957			3,200			7,912
Other Expense		—			—			(45	)		—			(45	)		(28	)		(22	)		(19	)		(274	)		(343	)
G&A Expenses		(4,803	)		(5,262	)		(4,936	)		(4,480	)		(19,481	)		(5,460	)		(5,678	)		(6,992	)		(9,078	)		(27,208	)
Depreciation		(17,353	)		(18,019	)		(18,396	)		(18,324	)		(72,092	)		(18,788	)		(19,639	)		(22,122	)		(23,926	)		(84,475	)
Amortization		(1,925	)		(1,861	)		(1,896	)		(2,080	)		(7,762	)		(2,497	)		(2,650	)		(3,418	)		(4,845	)		(13,410	)
Income from Operations		24,747			25,970			23,170			26,917			100,804			25,022			26,223			26,228			29,812			107,285
Total Other Income (Expense)		(16,140	)		(14,833	)		(13,435	)		(14,853	)		(59,261	)		(15,152	)		(17,204	)		(20,215	)		(21,068	)		(73,639	)
Income from Contin’g Ops *(1)		8,607			11,137			9,735			12,064			41,543			9,870			9,019			6,013			8,744			33,646
Disc Ops		5,627			4,909			5,157			7,478			23,171			4,934			4,174			(86	)		—			9,022
03 & 04 Disc Ops Other Inc (Exp)		(377	)		37			(25	)		(589	)		(954	)		(3	)		386			(312	)		—			71
Inc from Cont *(1), per 10-Q / K		13,857			16,083			14,867			18,953			63,760			14,801			13,579			5,615			8,744			42,739

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	1,068
Acquisitions	—	—	—	135	226		1,641	1,563	1,794

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.

 4Q04 - 10 - NYSE: CLP

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

DIVISIONAL NOI BREAKOUT: BY SECTOR & MARKET

FYE ‘04 DIVISIONAL NOI *(1) 4Q04 DIVISIONAL NOI *(1)

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

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

4Q04 - 11 - 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		$	15,045		$	39,835
Consolidated
Minority Interest		5,512			1,634			2,729			3,770			13,645			5,202			2,463			1,884			5,655			15,204
(Inc)/Loss — Uncons. Assets		(88	)		(181	)		(29	)		(468	)		(767	)		(258	)		(947	)		(515	)		(6,983	)		(8,703	)
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			5,508			22,274
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			22,872			79,127
Income Tax Expense		(181	)		(167	)		505			35			192			20			88			168			415			691
Depreciation & Amortization		21,476			21,805			21,848			22,508			87,637			23,545			24,510			27,747			29,531			105,333
(Gain)/Loss on Sale (Cont & Disc)		(9,657	)		(2,277	)		(4,492	)		(2,036	)		(18,463	)		(10,393	)		(811	)		(2,468	)		(5,845	)		(19,517	)
Gain/(Loss)-Undeprec Prop *(2)		151			2,004			3,836			2,050			8,040			1,008			1,115			813			1,424			4,360
EBITDA from Consolidated Props		52,202			54,452			54,072			58,563			219,289			54,737			56,694			59,552			67,621			238,604
Unconsolidated
Reverse: Inc/(Loss) — Uncons.		88			181			29			468			767			258			947			515			6,983			8,703
Interest Expense		1,199			1,200			1,193			1,191			4,783			1,057			906			966			1,477			4,406
Income Tax Expense		—			—			—			—			—			—			—			—			—			—
Depreciation & Amortization		1,129			843			996			1,134			4,102			1,079			965			985			1,280			4,308
(Gain)/Loss on Sale of Prop		—			—			—			—			—			—			(799	)		1			(6,267	)		(7,065	)
EBITDA	$	54,618		$	56,676		$	56,291		$	61,357		$	228,941		$	57,131		$	58,712		$	62,019		$	71,094		$	248,956
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		$	3,600		$	7,937
Percentage Rents		571			601			743			1,878			3,793			681			641			822			1,852			3,996
Lease Terminations		636			2,412			261			193			3,503			491			639			984			481			2,595
Straight Line Rents		1,051			626			810			808			3,294			1,528			1,150			604			1,537			4,818
Interest Expense		16,576			17,184			16,925			16,871			67,556			16,473			18,327			21,455			22,872			79,127
Capitalized Interest		1,327			1,389			1,444			1,416			5,576			1,533			1,442			1,908			2,024			6,906
Debt — Principal Amortization		1,454			1,354			1,367			1,363			5,538			1,370			1,446			1,572			1,550			5,938
Preferred Dividend Payments		6,110			6,192			5,942			5,914			24,157			5,751			5,508			5,508			5,508			22,274
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			1,282			4,349
Amort of Stock Compensation		340			326			322			308			1,296			214			223			274			270			981
Unconsolidated *(5)
Straight Line Rents		42			40			22			50			154			45			50			69			35			200
Interest Expense		1,199			1,200			1,193			1,191			4,783			1,057			906			966			1,477			4,406
Capitalized Interest		—			—			—			—			—			—			—			—			—			—
Debt — Principal Reductions		176			151			132			143			602			400			225			309			114			1,048
Amort of Deferred Finan’g Costs		19			19			19			19			76			22			27			40			28			117

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.

4Q04 - 12 - 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			1.5			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			1.3			1.3
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			20,553			62,109
Discontinued Operations:
Minority Interest in CRLP		3,088			—			176			150			3,414			2,670			193			1,861			4,838			9,562
Gain on Disposal		(9,627	)		—			(575	)		(388	)		(10,590	)		(9,391	)		306			(1,566	)		(10,531	)		(21,182	)
CRLP Min Int. — Common U/H		2,424			1,634			2,553			3,620			10,231			2,532			2,270			23			817			5,642
(Gains)/Losses from Sales of Property		(30	)		(2,277	)		(3,917	)		(1,648	)		(7,873	)		(1,002	)		(1,117	)		(902	)		(1,587	)		(4,608	)
Income Tax Expense		(181	)		(167	)		505			35			192			20			88			168			415			691
Income from Unconsolidated Entities		(85	)		(5	)		(36	)		(482	)		(608	)		(249	)		(1,103	)		(583	)		(583	)		(2,518	)
		13,808			13,635			11,458			17,004			55,904			13,720			12,585			9,469			13,922			49,696
Amort of Interest Capitalized		400			400			400			400			1,600			500			500			500			500			2,000
Capitalized Interest		(1,327	)		(1,389	)		(1,444	)		(1,416	)		(5,576	)		(1,533	)		(1,442	)		(1,908	)		(2,024	)		(6,906	)
Distrib from Unconsolidated Entities		615			1,420			1,073			636			3,744			688			2,836			1,031			1,255			5,810
Fixed Charges, from below		18,614			19,367			19,144			19,100			76,225			19,149			20,662			24,392			26,178			90,382
Earnings		32,110			33,432			30,630			35,723			131,896			32,524			35,142			33,484			39,831			140,981
Fixed Charges
Interest Expense		16,576			17,184			16,925			16,871			67,556			16,473			18,327			21,455			22,872			79,127
Capitalized Interest		1,327			1,389			1,444			1,416			5,576			1,533			1,442			1,908			2,024			6,906
Amort of Deferred Finan’g Costs		711			794			775			813			3,093			1,143			894			1,030			1,282			4,349
Distrib to Series B Pfd Unitholders		—			—			—			—			—			—			—			—			—			—
Total		18,614			19,367			19,144			19,100			76,225			19,149			20,662			24,392			26,178			90,382
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			5,508			22,274
Total		24,724			25,559			25,086			25,014			100,382			24,900			26,170			29,900			31,686			112,656
Supplemental Coverage Ratios
Interest Coverage *(1)		3.1			3.1			3.1			3.4			3.2			3.3			3.1			2.8			2.9			3.0
Fixed Charge Coverage *(2)		2.1			2.2			2.2			2.4			2.2			2.3			2.2			2.1			2.3			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			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			22,872			79,127
Interest Exp. — Unconsolidated		1,199			1,200			1,193			1,191			4,783			1,057			906			966			1,477			4,406
Total Interest Expense		17,775			18,384			18,117			18,062			72,339			17,530			19,233			22,421			24,349			83,532
Fixed Charge Denominator
Add: Preferred Dividend Pmts		6,110			6,192			5,942			5,914			24,157			5,751			5,508			5,508			5,508			22,274
Debt Principal Amortization		1,454			1,354			1,367			1,363			5,538			1,370			1,446			1,572			1,550			5,938
Debt Prin Amort — Unconsolidated		176			151			132			143			602			400			225			309			114			1,048
Total Fixed Charges		25,515			26,081			25,558			25,482			102,636			25,051			26,412			29,809			31,521			112,793
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			2,024			6,906
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			33,545			119,699

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.

4Q04 - 13 - NYSE: CLP

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

INVESTMENT ACTIVITY
Acquisition of Properties
Multifamily	—		—		—		59,350		59,350		—		151,633		48,200		153,908		353,740
Office	—		—		—		18,912		18,912		13,100		—		—		16,774		29,874
Retail	—		—		—		—		—		—		94,860		125,065		—		219,925
Acquisitions	—		—		—		78,262		78,262		13,100		246,493		173,265		170,682		603,539
Other Assets & Debt Assumed	—		—		—		(790	)	(790	)	36		(93,840	)	(76,244	)	(2,901	)	(172,949	)
Less: Unconsolidated Assets	—		—		—		—		—		—		(15,710	)	(10,250	)	(64,683	)	(90,643	)
Acq, net — Consolidated Assets	—		—		—		77,472		77,472		13,136		136,943		86,771		103,098		339,947
Development Expenditures
Multifamily	726		2,326		404		11,264		14,721		2,800		11,985		13,495		20,138		48,418
Office	2,169		795		994		1,965		5,924		3,369		1,261		1,647		3,284		9,561
Retail	3,990		13,310		22,359		22,917		62,576		14,428		33,086		18,236		9,959		75,709
Other (mixed-use, infrastruct)	295		466		892		—		1,653		126		437		838		925		2,326
Total, incl subs	7,181		16,897		24,650		36,146		84,873		20,723		46,769		34,216		34,306		136,014
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	)	(917	)	(15,678	)
Development, Consol. Assets	3,724		12,468		22,055		34,310		72,556		19,324		32,098		32,873		33,389		117,684
(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		—		10,005		12,439
Office	—		—		3,033		—		3,033		—		—		3,932		—		3,932
Retail	17,100		—		—		—		17,100		21,250		—		5,850		61,575		88,675
Land and other	631		2,123		6,388		14,890		24,031		2,344		2,160		5,612		10,964		21,079
Total, incl subs	31,531		2,123		9,421		14,890		57,964		23,594		4,593		15,394		82,544		126,125
Selling Costs	(797	)	(87	)	(236	)	(761	)	(1,881	)	(62	)	(323	)	(459	)	(743	)	(1,587	)
Outparcels/Land	—		—		—		—		—		(98	)	(115	)	(846	)	(400	)	(1,459	)
Less: Unconsolidated — net	—		—		—		—		—		—		(44	)	—		(60,944	)	(60,988	)
Sales, Net — Consolidated Assets	30,734		2,035		9,185		14,129		56,083		23,434		4,111		14,089		20,457		62,091

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.

4Q04 - 14 - 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			2,099			8,088
Office		524			272			376			301			1,473			396			178			334			493			1,401
Retail		621			613			669			1,145			3,048			416			1,126			676			481			2,699
Total Regular Maintenance		2,233			2,438			2,470			2,782			9,923			2,250			3,357			3,508			3,073			12,188
Add: Acquisition-Related																	116			212			598			769			1,695
Less: Unconsolidated		(71	)		(167	)		(109	)		(61	)		(408	)		(30	)		(58	)		(129	)		(367	)		(584	)
Reg. Maint., Consolidated		2,162			2,271			2,361			2,721			9,515			2,336			3,511			3,977			3,475			13,299
Revenue-Enhancing
Multifamily		51			50			43			5			149			11			28			21			13			73
Office		—			—			—			—			—			—			—			—			—			—
Retail		334			929			471			734			2,468			94			713			236			723			1,766
Total Rev-Enhancing		385			979			514			739			2,617			105			741			257			736			1,839
Less: Unconsolidated		(14	)		(48	)		7			(69	)		(124	)		—			(9	)		(4	)		5			(8	)
Rev-Enhanc, Consolidated		371			931			521			670			2,493			105			732			253			741			1,831
Administrative
Multifamily		6			25			16			1			48			14			27			61			74			176
Office		70			5			—			—			75			9			2			168			4			183
Retail		18			190			5			35			248			3			73			12			8			96
Corporate		99			31			32			20			182			138			61			108			343			650
Total Administrative		193			251			53			56			553			164			163			349			429			1,105
Less: Unconsolidated		—			—			—			—			—			—			—			—			—			—
Admin., Consolidated		193			251			53			56			553			164			163			349			429			1,105
Total Capital Expenditures		2,811			3,668			3,037			3,577			13,093			2,519			4,261			4,114			4,238			15,132
Less: Unconsolidated		(85	)		(215	)		(102	)		(130	)		(532	)		(30	)		(67	)		(133	)		(362	)		(592	)
Capital Exp., Consolidated		2,726			3,453			2,935			3,447			12,561			2,489			4,194			3,981			3,876			14,540
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			3,062			8,336
Retail		1,545			3,384			474			2,450			7,853			600			2,598			6,233			3,490			12,921
Total Tenant Improvements		4,765			5,442			1,847			4,426			16,480			1,743			4,545			8,417			6,552			21,257
Less: Unconsolidated		(598	)		(5	)		(520	)		(1,510	)		(2,633	)		(4	)		36			(306	)		(146	)		(420	)
Add: TI — Developments		—			—			—			—			—			2,612			625			1,267			523			5,027
Consolidated		4,167			5,437			1,327			2,916			13,847			4,351			5,206			9,379			6,929			25,865
Leasing Commissions
Multifamily		—			—			—			—			—			—			—			—			—			—
Office		505			543			1,055			593			2,696			779			1,393			794			767			3,733
Retail		255			347			418			868			1,888			284			705			411			804			2,204
Total Leasing Commissions		760			890			1,473			1,461			4,584			1,063			2,098			1,204			1,571			5,937
Less: Unconsolidated		(16	)		(1	)		(7	)		(90	)		(114	)		(26	)		(9	)		(36	)		(6	)		(77	)
Consolidated		744			889			1,466			1,371			4,470			1,037			2,089			1,168			1,565			5,860
See Note Under Investment Activity, page 16.

4Q04 - 15 - 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		$	239,970		12%
Unsecured Other		645,396			742,873			742,952			693,031			51	%		693,110			1,091,769			995,149		1,113,532			57%
Secured		460,055			455,195			448,988			447,477			33	%		449,927			568,714			607,361		613,923			31%
Total Debt		1,319,100			1,230,928			1,234,201			1,346,443			100	%		1,357,847			1,660,483			1,830,531		1,967,425			100%
Less: Secured — Uncons Debt		(78,116	)		(78,862	)		(78,726	)		(78,578	)					(82,409	)		(92,474	)		(99,579	)		(111,638	)
Total Consolidated Debt		1,240,984			1,152,066			1,155,475			1,267,865						1,275,438			1,568,009			1,730,952		1,855,787
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		1,458,873			74%
Floating Rate Debt — Capped		89,380			88,844			88,294			87,732			7	%		87,164			86,594			86,038			85,518		4%
Floating Rate Debt		219,847			82,606			79,735			235,660			18	%		326,007			211,013			438,772			423,034		22%
Total Debt		1,319,100			1,230,928			1,234,201			1,346,443			100	%		1,357,847			1,660,483			1,830,531		1,967,425			100%
Less: Unconsolidated Debt		(78,116	)		(78,862	)		(78,726	)		(78,578	)					(82,409	)		(92,474	)		(99,579	)		(111,638	)
Total Consolidated Debt		1,240,984			1,152,066			1,155,475			1,267,865						1,275,438			1,568,009			1,730,952		1,855,787
Tax-Exempt Debt	$	50,475		$	50,475		$	50,468		$	50,463					$	50,475		$	50,475		$	50,475		$	47,075
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 partnerships 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		1,855,787
Unconsolidated Debt		71,607			75,938			77,901			78,301						82,409			92,474			99,579			111,638
Total Debt		1,257,917			1,259,299			1,338,692			1,340,494						1,357,847			1,660,483			1,830,531		1,967,425
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			100,000
9.25% Series C		50,000			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			125,000
Total Preferred Stock		275,000			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			1,491,160
Total Market Capitalization		2,655,950			2,811,766			2,930,060			3,071,018						3,154,456			3,381,760			3,620,377		3,733,585
Debt / Total Market Cap’n		47%			45%			46%			44%						43%			49%			51%		53%

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

4Q04 - 16 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Current Investment Activity
($ in MMs)

CURRENT DEVELOPMENT PIPELINE: DETAIL
Significant Projects Under Construction										Property		Development Costs
		Units / SF-in 000s								Stabilized				Thru								4Q05
	Location	Total			Deliv'd		Leased			Date		Total		4Q04		1Q05		2Q05		3Q05		& Aft
In Construction in Progress
Multifamily
CG at Mallard Creek	Charlotte, NC		252								4Q05		20.0		11.2		4.1		2.6		2.1		—
CG at Silverado	Austin, TX		238			38					3Q05		20.0		14.7		3.6		1.7		—		—
CV Twin Lakes	Orlando, FL		460			224		144			2Q06		35.0		31.0		3.1		0.9		—		—
Retail
CP Alabaster	Birmingham, AL		225					138			4Q05		30.0		15.0		4.9		5.3		2.4		2.4
Colonial Pinnacle Gulf Shores	Gulf Shores, AL		293					55			2Q06		39.0		7.1		7.7		2.6		1.4		20.2
Colonial Pinnacle at Tutwiler Farms			450								4Q06		3.5		—		4.3		13.1		5.2		12.9
Mixed-Use
Colonial TownPark	Orlando, FL		*	(1)							2Q05		13.0		9.8		1.7		1.0		0.5		—
Redevelopment
CM Myrtle Beach	Myrtle Beach, SC		530					*	(2)		3Q05		14.7		13.5		0.2		0.4		0.6		—
Colonial Univ. Village	Auburn, AL		555					*	(4)		1Q06		2.1		—		0.9		0.8		0.4		—
Total Significant Projects, in CIP													209.3		102.3		30.5		28.4		12.6		35.5
Unconsolidated Projects
Turkey Creek	Knoxville, TN		400					113			2Q06		37.0		14.4		—		5.6		4.9		12.1
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															102.3
Misc (Infrastructure and Misc Construction)															9.4	* Predevelopment and other.
Land Inventory															47.3	* Raw and improved land.
Total Construction In Progress															159.0
Transferred to Operating Assets
Office
CC 200 at TownPark	Orlando, FL		155			155		150			3Q04		22.8		22.8		—		—		—		—
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)		3Q05		12.8		12.8		—		—		—		—
Colonial Univ. Village	Auburn, AL		450					*	(4)		1Q06		16.2		16.2		—		—		—		—
Mixed-Use
Colonial TownPark -Completed Retail	Orlando, FL		*	(1)				129			2Q05		30.7		30.7		—		—		—		—
Total Significant Projects, Transferred													94.8		94.8		—		—		—		—

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 redevelopment of 45,000 new sf. Pre-leased new Publix Super Market.
(4)	Redevelopment adding approx 180,000 new sf.

4Q04 - 17 - 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	%
CV at Beverly Crest	Charlotte, NC	Oct-04		300		23.8		24.0		6.6	%
CV at Patterson Place	Durham, NC	Oct-04		252		21.8		21.9		6.6	%
DRA — Southwest JV (16 prop)	AZ, NV, NM	Nov-04		4,225		64.5		65.0		7.7	%	20% Ownership Interest
CG at McGinnis Ferry	Atlanta, GA	Dec-04		434		40.4		40.6		6.7	%
Office
DRS Building	Huntsville, AL	Feb-04		216		13.1		13.5		11.7	%	DRS Technologies
Research Place Office Center	Huntsville, AL	Oct-04		177		16.8		17.1		10.4	%	ITC DeltaCom
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		379		51.3		51.4		7.9	%	Publix, Office Max
CS College Parkway	Ft. Myers, FL	Aug-04		79		15.3		15.3		8.1	%	Office Depot
CS Pines Plaza	Pembroke Pines, FL	Aug-04		68		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					$	601.6	$	609.5		7.6	%
2005
Retail
Portofino Shopping Center	Houston, TX	Jan-05		373	$	60.3	$	60.8		7.4	%	Oshman’s, Steinmart, Old Navy

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
CV at Vernon Marsh	Savannah, GA	Oct-04		178	$	10.0		6.9	%
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	%
Orlando Fashion Square	Orlando, FL	Dec-04		1,041.7		61.5		7.5	%	Dillard’s, Burdines/Macy’s, Sears
Total					$	104.9		7.7	%

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.

4Q04 - 18 - 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	%	$	—	$	(200	)
Parkway City Mall	Huntsville	AL	Retail		630		45	%		26,471		12,760
Colonial Promenade Madison	Huntsville	AL	Retail		111		25	%				2,298
Colonial Promenade Hoover	Birmingham	AL	Retail		155		10	%		1,737		94
Land Title Building	Birmingham	AL	Office		32		33	%		478		(16	)
Turkey Creek Development	Knoxville	TN	Retail		366		50	%		—		13,502
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					9,360		1,435
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					4,838		670
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					8,828		2,925
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					7,396		2,727
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		2,500
DRA — Cunningham
Cunningham	Austin	TX	Multifamily		280		20	%		2,794		1,266
DRA — Southwest
Fairway Crossing	Phoenix	AZ	Multifamily		310		20	%
Posada del Este	Phoenix	AZ	Multifamily		148		20	%
Rancho Viejo	Phoenix	AZ	Multifamily		266		20	%
Arabian Trails	Scottsdale	AZ	Multifamily		384		20	%
La Entrada	Scottsdale	AZ	Multifamily		130		20	%
Casa Lindas	Tucson	AZ	Multifamily		144		20	%
Colonia del Rio	Tucson	AZ	Multifamily		176		20	%
Hacienda del Rio	Tucson	AZ	Multifamily		248		20	%
Pinnacle Heights	Tucson	AZ	Multifamily		310		20	%
Springhill	Tucson	AZ	Multifamily		224		20	%
Pinnacle Estates	Albuquerque	NM	Multifamily		294		20	%
Pinnacle High Desert	Albuquerque	NM	Multifamily		430		20	%
Pinnacle High Resort	Albuquerque	NM	Multifamily		301		20	%
Desert Lakes	Las Vegas	NV	Multifamily		184		20	%
Pinnacle Flamingo West	Las Vegas	NV	Multifamily		324		20	%
Talavera	Las Vegas	NV	Multifamily		350		20	%
					4,223					45,504		19,022
Douglas Entrance Bldg. (Colonnade Properties LLC)												6,457
Other Unconsolidated Investments										—		32
Total Investments in Unconsolidated Subsidiaries									$	111,638	$	65,472

4Q04 - 19 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Equity Issues
Common & Preferred

COMMON SHARES CUSIP: 195872-10-6

	NYSE	Year-to-Date Ending
	Symbol	12/31/99		12/31/00		12/31/01		12/31/02		12/31/03		12/31/04
Common Shares	CLP	$	23.19	$	26.06	$	31.15	$	33.94	$	39.60	$	39.27
Annual Growth			-12.9%		12.4%		19.5%		9.0%		16.7%		-0.8%
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%		6.8%
Total Annual Return			-4.2%		22.7%		29.2%		17.4%		24.5%		5.9%

ANNUAL DIVIDEND/SHARE GROWTH

TOTAL RETURN — ANNUAL	TOTAL RETURN COMPARISON

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

4Q04 - 20 - 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	$125 MM
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	12/31/04
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	$100 MM
Redeemable		2/24/2009	Dividend $/Share	$	3.6250
- Redeem Price	$	50.00	Yield on Face Value		7.250	%

4Q04 - 21 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Equity Issues
Common & Preferred

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

Issue Date		6/19/2001	# of Shares Issued		2,000,000
- Issue Price	$	25.00	Total $ Issued	$50 MM
Redeemable		6/19/2006	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			12/31/04
Preferred Shares	CLPPRC			$	25.65		$	26.25		$	26.82		$	26.55
Dividend History
Annual Dividend				Partial Year			$	2.31		$	2.31		$	2.31
Yield on End of Period Price					9.02	%		8.81	%		8.62	%		8.71	%

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			12/31/04
Preferred Shares	CLPPRD					$	27.16		$	26.55
Dividend History
Annual Dividend						Partial Year			$	2.03
Yield on End of Period Price							7.48	%		7.65	%

TRADING ACTIVITY: CLOSING PRICE & AVG DAILY VOLUME

4Q04 - 22 - 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			12/31/04
Common Shares — CLP
Ordinary Income		78.78	%		79.42	%		85.86	%		77.79	%		58.34	%		53.09	%
Return of Capital		17.35	%		8.16	%		2.40	%		22.21	%		33.85	%		45.26	%
Long-Term Capital Gain					4.74	%		4.65	%
Unrecaptured Section 1250 Gain		3.87	%		7.68	%		7.09	%
25% Capital Gain														2.39	%		0.14	%
20% Capital Gain														3.90	%		—
15% Capital Gain														1.52	%		1.51	%
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	%		96.99	%
25% Capital Gain														3.62	%		0.25	%
20% Capital Gain														5.91	%		—
15% Capital Gain														2.29	%		2.76	%
Preferred Shares — CLPPRD
Ordinary Income														88.18	%		96.99	%
25% Capital Gain														3.62	%		0.25	%
20% Capital Gain														5.91	%		—
15% Capital Gain														2.29	%		2.76	%

4Q04 - 23 - 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	$	239,970		13%	3.1%				0.9	$	239,970		12%	3.1%				0.9
Unsecured Other		1,113,532		60%	5.7%				5.5		1,113,532		57%	5.7%				5.5
Secured		502,286		27%	5.9%		8.8				613,923		31%	5.7%		8.2
Total Debt	$	1,855,787		100%	5.6%				5.8	$	1,967,425		100%	5.6%				5.8
Fixed/Floating
Fixed Rate Debt	$	1,384,807		75%	6.6%				6.1	$	1,458,873		74%	6.5%				6.1
Floating Rate Debt — Capped			85,518	5%		3.3%			7.0			85,518	4%		3.3%			7.0
Floating Rate Debt			385,463	21%		2.8%			4.7			423,034	22%		2.9%			4.6
Total Debt	$	1,855,787		100%	5.6%			5.8		$	1,967,425		100%	5.6%				5.8
Tax-Exempt Debt			45,075	2%		2.7%			21.5			47,075	2%		2.7%			21.7

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		12/31/04		Interest Rate		Due		Remaining		Notes
Floating	$	90,935		79,970		3.47%		11/22/05		0.9		A	U
Competitive Bid Option — Floating		65,000		160,000		2.97%		11/22/05		0.9		A	U
Competitive Bid Option — Swapped to Fixed		50,000		—								F	U
Total Outstanding on LOC	$	205,935	$	239,970		3.14%				0.9

Notes:

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

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

4Q04 - 24 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Debt Summary
($ in 000s)

DETAILED DEBT SCHEDULE: CONSOLIDATED

CUSIP	Issue Date		12/31/03			12/31/04			Interest Rate			Maturity Date		Remaining		Notes
Corporate
Revolving Line of Credit			$	205,935		$	239,970			3.14	%		11/22/05		0.9			U
Bridge Loan				—			119,000			3.45	%		11/22/05		0.9			U
Land Loan				464			418			3.47	%		09/30/06		1.7		A	S
Fair Value of Hedging Investments							3,269						04/01/11		6.3			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		0.1			U
195896 AD 7		08/06/97		25,000			25,000			6.96	%		08/01/05		0.6			U
195896 AE 5		09/26/97		25,000			25,000			6.98	%		09/26/05		0.7			U
195896 AN 5		12/20/01		10,000			10,000			7.46	%		12/20/06		2.0			U
195896 AJ 4		02/29/00		20,000			20,000			8.80	%		02/01/10		5.1			U
195896 AK 1		03/13/00		5,000			5,000			8.80	%		03/15/10		5.2			U
195896 AM 7		12/26/00		10,000			10,000			8.05	%		12/27/10		6.0			U
195896 AL 9		12/26/00		10,000			10,000			8.08	%		12/24/10		6.0			U
Senior Unsecured Notes
195891 AB 2		07/15/96		65,000			65,000			8.05	%		07/15/06		1.5			U
195891 AC 0		07/14/98		175,000			175,000			7.00	%		07/14/07		2.5			U
195891 AD 8		08/09/02		100,000			100,000			6.88	%		08/15/12		7.6			U
195891 AE 6		04/04/03		125,000			125,000			6.15	%		04/15/13		8.3			U
195891 AF 3		04/02/11					100,000			2.17	%		04/01/11		6.3		D	U
195891 AG 1		06/23/04					300,000			6.25	%		06/15/14		9.5			U
Unamortized Discounts				(1,969	)		(3,738	)										U
Multifamily Properties
CG at Edgewater				21,277			20,995			6.81	%		01/01/11		6.0			S
CG at Berkeley Lake							8,311			7.15	%		06/15/08		3.5			S
CG at Galleria				22,400			22,400			2.65	%		06/15/26		21.5		C	S
CG at Galleria Woods				9,247			9,111			6.91	%		07/01/09		4.5			S
CG at Hunter’s Creek				18,999			18,999			7.98	%		06/30/10		5.5			S
CG at Hunter’s Creek				10,827			10,515			6.59	%		06/30/10		5.5		F	S
CG at Madison				16,953			16,507			3.06	%		08/01/11		6.6		B	S
CG at Mt Vernon							13,020			7.18	%		02/01/08		3.1			S
CG at Natchez Trace (Ph I)				6,648			6,600			8.30	%		09/01/35		30.7			S
CG at Natchez Trace (Ph II)				3,971			3,947			8.25	%		02/01/37		32.1			S
CG at Promenade				22,196			21,901			6.81	%		01/01/11		6.0			S
CG at Reservoir				8,379			8,174			3.52	%		04/01/12		7.3		B	S
CG at Riverchase				19,972			19,444			3.06	%		07/01/11		6.5		B	S
CG at Wesleyan *							11,598			7.49	%		08/27/09		4.7			S
CV at Ashley Plantation				15,090			15,090			7.98	%		06/30/10		5.5			S
CV at Ashley Plantation				9,065			8,804			6.59	%		06/30/10		5.5		F	S
CV at Gainesville				25,978			25,344			3.52	%		04/01/12		7.3		B	S
CV at Inverness				9,900			9,900			2.64	%		06/15/26		21.5		C	S
CV at Lake Mary				14,100			14,100			7.98	%		06/30/10		5.5			S
CV at Lake Mary				8,382			8,140			6.59	%		06/30/10		5.5		F	S
CV at Research Park				12,775			12,775			2.72	%		06/15/26		21.5		C	S
CG at River Oaks							10,671			5.54	%		09/01/13		8.7			S
CG at River Plantation							11,887			7.09	%		10/15/08		3.8			S
CG at Sugarloaf							17,729			7.38	%		04/05/06		1.3			S
CV at Timothy Woods *				9,330			9,182			7.49	%		09/01/09		4.7			S
CV at Trussville				16,449			16,048			3.52	%		04/01/12		7.3		B	S
CV at Vernon Marsh				3,400			—										C	S
Office Properties
Colonial Center 100 at Mansell Overlook				16,442			16,194			8.25	%		01/10/08		3.0			S
Colonial Center Heathrow				31,852			—											S
Colonial Center Heathrow				11,000			—											S
Retail Properties
CP Montgomery *				12,016			11,824			7.49	%		09/01/06		1.7			S
CP University Park I				11,785			—											S
CP Boulevard Square				—		27,087				7.22	%		08/01/32		27.6			S
CS Pines Plaza				—		9,288				5.42	%		10/01/10		5.8			S
CP Deerfield				—		31,866				5.90	%		02/01/13		8.1			S
CS College Parkway				—		7,415				7.10	%		07/01/09		4.5			S
Village on the Parkway				—			47,000			5.77	%		07/11/11		6.5			S
Total Corporate Debt			$	1,267,865		$	1,855,787			5.64%				5.8

4Q04 - 25 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Debt Summary
($ in 000s)

DETAILED DEBT SCHEDULE: UNCONSOLIDATED SUBSIDIARIES
	% Owned			12/31/03		12/31/04		Interest Rate			Maturity Date		Remaining		Notes
Multifamily Properties
Barrington, LLC (CG)		15.0	%	$	961		950		7.60	%		10/01/09		4.8			S
Cahaba Heights, LLC (CV)		15.0	%		802		793		7.60	%		10/01/09		4.8			S
Mountain Brook, LLC (CG)		15.0	%		2,397		2,368		7.60	%		10/01/09		4.8			S
Ponte Vedra, LLC (CG)		15.0	%		1,335		—										S
River Hills, LLC (CG)		15.0	%		3,800		3,756		7.60	%		10/01/09		4.8			S
Stockbridge, LLC (CV)		15.0	%		1,511		1,494		7.60	%		10/01/09		4.8			S
Hillwood, LLC (CV)		15.0	%		500		500		3.31	%		12/15/30		26.0		C	S
Hillwood, LLC (CV)		15.0	%		299		290		7.80	%		10/01/20		15.8			S
Inverness Lakes I, LLC (CV)		15.0	%		600		600		3.44	%		12/15/30		26.0		C	S
Inverness Lakes I, LLC (CV)		15.0	%		329		319		7.80	%		07/01/20		15.5			S
Inverness Lakes II, LLC (CV)		15.0	%		1,977		1,955		8.11	%		05/01/10		5.3			S
Rocky Ridge, LLC (CV)		15.0	%		900		900		3.31	%		12/15/30		26.0		C	S
Rocky Ridge, LLC (CV)		15.0	%		289		276		7.74	%		10/01/16		11.8			S
Bayshore (CG)		25.0	%		—		4,901		6.85	%		11/01/11		6.8			S
Palma Sola (CG)		25.0	%		—		3,927		7.03	%		04/01/12		7.3			S
Cunningham		20.0	%		—		2,794		5.18	%		06/15/09		4.5			S
Colony Woods		10.0	%		—		1,715		4.18	%		11/04/08		3.8			S
Madison at Shoal Run		10.0	%		—		980		4.18	%		11/04/08		3.8			S
Meadows at Brook Highland		10.0	%		—		1,536		4.18	%		11/04/08		3.8			S
Brentwood (CG)		25.0	%		—		3,735		7.22	%		01/01/11		6.0			S
Hendersonville (CV)		25.0	%		—		3,661		7.22	%		01/01/11		6.0			S
Pinnacle High Resort — Fixed		20.0	%		—		2,966		4.67	%		11/01/11		6.8			S
Pinnacle High Resort — Floating		20.0	%		—		742		3.10	%		11/01/11		6.8		A	S
Pinnacle Estates — Fixed		20.0	%		—		3,312		4.67	%		11/01/11		6.8			S
Pinnacle Estates — Floating		20.0	%		—		828		3.10	%		11/01/11		6.8		A	S
Hacienda Del Rio — Fixed		20.0	%		—		973		4.67	%		11/01/11		6.8			S
Hacienda Del Rio — Floating		20.0	%		—		243		3.10	%		11/01/11		6.8		A	S
Pinnacle at High Desert — Fixed		20.0	%		—		5,535		4.67	%		11/01/11		6.8			S
Pinnacle at High Desert — Floating		20.0	%		—		1,384		3.10	%		11/01/11		6.8		A	S
Desert Lakes — Fixed		20.0	%		—		1,904		4.67	%		11/01/11		6.8			S
Desert Lakes — Floating		20.0	%		—		476		3.10	%		11/01/11		6.8		A	S
Flamingo West — Fixed		20.0	%		—		3,151		4.67	%		11/01/11		6.8			S
Flamingo West — Floating		20.0	%		—		788		3.10	%		11/01/11		6.8		A	S
Talavera — Fixed		20.0	%		—		3,780		4.67	%		11/01/11		6.8			S
Talavera — Floating		20.0	%		—		945		3.10	%		11/01/11		6.8		A	S
Colonial Del Rio — Fixed		20.0	%		—		1,307		4.67	%		11/01/11		6.8			S
Colonial Del Rio — Floating		20.0	%		—		327		3.10	%		11/01/11		6.8		A	S
Fairway Crossings — Fixed		20.0	%		—		2,051		4.67	%		11/01/11		6.8			S
Fairway Crossings — Floating		20.0	%		—		513		3.10	%		11/01/11		6.8		A	S
Posada Del Este — Fixed		20.0	%		—		891		4.67	%		11/01/11		6.8			S
Posada Del Este — Floating		20.0	%		—		223		3.10	%		11/01/11		6.8		A	S
Casalindas — Fixed		20.0	%		—		991		4.67	%		11/01/11		6.8			S
Casalindas — Floating		20.0	%		—		248		3.10	%		11/01/11		6.8		A	S
Pinnacle Heights — Fixed		20.0	%		—		2,775		4.67	%		11/01/11		6.8			S
Pinnacle Heights — Floating		20.0	%		—		694		3.10	%		11/01/11		6.8		A	S
Spring Hill — Fixed		20.0	%		—		1,301		4.67	%		11/01/11		6.8			S
Spring Hill — Floating		20.0	%		—		325		3.40	%		11/01/11		6.8		A	S
Rancho Viejo — Fixed		20.0	%		—		1,534		4.67	%		11/01/11		6.8			S
Rancho Viejo — Floating		20.0	%		—		383		3.40	%		11/01/11		6.8		A	S
La Entrada — Fixed		20.0	%		—		890		4.67	%		11/01/11		6.8			S
La Entrada — Floating		20.0	%		—		222		3.10	%		11/01/11		6.8		A	S
Arabian Trails — Fixed		20.0	%		—		3,044		4.67	%		11/01/11		6.8			S
Arabian Trails — Floating		20.0	%		—		761		3.10	%		11/01/11		6.8		A	S

4Q04 - 26 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Debt Summary
($ in 000s)

Office Properties
Land Title Building	33.3	%		508		478	8.10	%	02/01/15	10.1			S
Retail Properties
CP Hoover	10.0	%		1,759		1,737	5.94	%	01/11/13	8.0			S
Orlando Fashion Square	50.0	%		31,825		—						A	S
Parkway Place	45.0	%		28,787		26,471	3.09	%	12/20/05	1.0		A	S
Total Unconsolidated Property Debt			$	78,578	$	111,638	4.85	%		5.5
Consolidated & Unconsolidated Debt *(1)			$	1,346,443	$	1,967,425	5.59	%		5.8	%

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

4Q04 - 27 - 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		22,877		23,487		23,873		23,791		94,029		23,757		24,230		24,754		25,343		98,083
Divisional Expenses		8,393		8,870		9,163		8,352		34,779		9,042		9,042		9,691		9,049		36,824
Divisional NOI		14,484		14,617		14,710		15,440		59,250		14,715		15,188		15,063		16,294		61,260
Divisional NOI Margin		63.3%		62.2%		61.6%		64.9%		63.0%		61.9%		62.7%		60.9%		64.3%		62.5%
NOI Growth *(3)		-8.2%		-4.7%		-5.9%		3.6%		-3.9%		1.6%		3.9%		2.4%		5.5%		3.4%
NOI Growth — Sequential		-2.3%		0.9%		-0.2%		5.3%				-4.7%		3.2%		-0.8%		8.2%
Total Division Portfolio
Divisional Revenues		24,406		24,589		25,002		24,953		98,949		26,548		28,716		31,831		36,318		123,413
Divisional Expenses		9,081		9,427		9,674		8,878		37,060		10,373		10,994		12,822		13,927		48,116
Divisional NOI		15,325		15,162		15,328		16,075		61,890		16,175		17,722		19,009		22,391		75,297
Divisional NOI Margin		62.8%		61.7%		61.3%		64.4%		62.5%		60.9%		61.7%		59.7%		61.7%		61.0%
NOI Growth		-17.9%		-12.1%		-6.3%		1.4%		-9.2%		5.5%		16.9%		24.0%		39.3%		21.7%

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		1,525		6.1%		9.5%		—		0.0%
Birmingham	AL		4,887		19.5%		17.9%		3,054		26.9%		4.8%		10.3%		1.1%		3.5%		4.7%		2.7%
Huntsville	AL		1,572		6.3%		9.4%		1,572		13.8%		1.6%		4.4%		0.2%		1.3%		3.2%		0.3%
Jackson	MS		498		2.0%		3.5%		498		4.4%		-2.5%		18.2%		-9.6%		0.7%		13.0%		-4.3%
Mobile	AL		899		3.6%		2.1%		401		3.5%		12.4%		-3.9%		24.4%		4.4%		1.9%		6.1%
Montgomery	AL		544		2.2%		3.4%		384		3.4%		0.8%		13.3%		-2.5%		6.5%		9.2%		5.7%
Orlando	FL		3,068		12.3%		20.7%		2,466		21.7%		9.2%		23.4%		2.7%		4.0%		11.0%		0.4%
Sarasota	FL		560		2.2%		5.0%		560		4.9%		11.5%		-2.3%		19.3%		13.2%		5.5%		18.0%
Other			11,456		45.8%		28.5%		2,434		21.4%		9.9%		-4.7%		19.1%		5.6%		2.5%		7.7%
Total			25,009		100.0%		100.0%		11,369		100.0%		6.5%		8.3%		5.5%		4.3%		5.9%		3.4%

Notes:

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

4Q04 - 28 - 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)	$	790		$	792		$	797		$	797			$	799		$	805		$	814		$	814
change		1.4%			1.2%			1.6%			1.0%				1.2%			1.6%			2.1%			2.1%
Total Division *(2)	$	799		$	788		$	795		$	794			$	796		$	824		$	822		$	844
change		5.4%			0.9%			1.3%			1.1%				-0.3%			4.3%			3.3%			5.9%
Tot Div-Consol Assets Only *(2)	$	802		$	790		$	795		$	742			$	799		$	827		$	807		$	851
change															-0.4%			4.4%			1.5			12.9%
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		$	0.75
change		1.4%			1.4%			1.4%			1.0%				1.2%			1.6%			2.1%			2.1%
Total Division *(2)	$	0.74		$	0.73		$	0.73		$	0.73			$	0.74		$	0.76		$	0.76		$	0.78
change		2.8%			1.4%			0.0%			0.0%				0.3%			3.3			3.9%			7.0%
Tot Div-Consol Assets Only *(2)	$	0.74		$	0.73		$	0.73		$	0.73			$	0.74		$	0.76		$	0.74		$	0.78
change															0.3%			3.4%			1.7%			6.8%
Scheduled Base Rent per Unit Per Month Reconciliation
Same-Property
Scheduled Rent	$	790		$	792		$	797		$	797			$	799		$	805		$	814		$	814
Less: Vacancy & Concessions *(3)		(160	)		(152	)		(145	)		(145	)			(157	)		(147	)		(151	)		(150	)
Less: Effect of Change To Qtrly Avg		—			(1	)		—			—				—			—			—			—
Rent / Unit — Consolidated Assets	$	630		$	639		$	652		$	652			$	642		$	658		$	663		$	664
Total Division
Scheduled Rent	$	799		$	788		$	795		$	794			$	796		$	824		$	822		$	844
Less: Vacancy & Concessions *(3)		(169	)		(161	)		(154	)		(156	)			(159	)		(159	)		(159	)		(164	)
Less: Eff — Ch To Qtrly Avg & Disp.		(13	)		(2	)		—			—				—			(19	)		—			—
Monthly Rent/Unit		617			625			641			638				637			646			663			680
Effect of Unconsolidated Assets		2			2			2			2				1			3			1			10
Rent / Unit — Consolidated Assets	$	618		$	627		$	638		$	639			$	638		$	649		$	664		$	690
To Reconcile to Total Division Rent
Mult by: # of Months in Qtr		3			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			14,369
Revenue	$	21,747		$	21,706		$	22,099		$	22,144			$	23,710		$	25,447		$	27,863		$	29,731

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.
(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.

4Q04 - 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			14,842			13,861
Unconsolidated Assets (at %)		425			425			425			425			425			534			733			887			1,732			972
Unconsol. — Cost Method (at %)																	109			344			165			—			155
Units in Lease-Up																	—			12			48			647			236
1st Yr Acquisition Units — Consolidated																	—			1,411			1,643			2,947			2,000
Capital Expenditures ($ in 000s) *(1)
Regular Maintenance	$	1,088		$	1,553		$	1,425		$	1,336		$	5,402		$	1,438		$	2,053		$	2,498		$	2,099		$	8,088
Revenue-Enhancing		51			50			43			5			149			11			28			21			13			73
Admin — Division		6			25			16			1			48			14			27			61			74			176
Total w/o Acquisition-Related		1,145			1,628			1,484			1,342			5,599			1,463			2,108			2,580			2,186			8,337
Acquisition-Related *(2)		—			—			—			—			—			116			212			598			691			1,617
Total		1,145			1,628			1,484			1,342			5,599			1,579			2,320			3,178			2,877			9,954
Less: Unconsolidated Assets		(48	)		(107	)		(64	)		(46	)		(265	)		(25	)		(50	)		(91	)		(306	)		(472	)
Total — Consolidated Assets	$	1,097		$	1,521		$	1,420		$	1,296		$	5,334		$	1,554		$	2,270		$	3,087		$	2,571		$	9,482
Capital Expenditures per Unit *(3)
Regular Maintenance	$	91		$	130		$	119		$	104		$	443		$	112		$	161		$	186		$	162		$	650
Revenue-Enhancing		4			4			4			0			12			1			2			2			1			6
Total w/o Acquisition-Related		95			134			123			105			456			113			163			188			163			656
Total — Consolidated Assets	$	94		$	130		$	122		$	105		$	450		$	115		$	164		$	191		$	161		$	661

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 or 1st year acquisition units.

4Q04 - 30 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Occupancy — Multifamily

			Avg		%			Total
Property	Location		Age		Own			Units		SF (000s)		4Q03			1Q04			2Q04			3Q04			4Q04			S-P
CONSOLIDATED PROPERTIES
CG at Arringdon	Raleigh/Durham	NC							320		336.0		93.9	%		95.2	%		96.3	%		84.7	%		86.8	%
CG at Berkeley Lake	Atlanta	GA							180		243.9								95.6	%		92.2	%		95.0	%
CG at Cypress Crossing	Orlando	FL							250		314.6		93.9	%		95.2	%		95.2	%		98.9	%		96.1	%		S
CG at Edgewater	Huntsville	AL							500		541.7		91.6	%		91.4	%		94.8	%		92.2	%		91.2	%		S
CG at Gainesville	Gainesville	FL							560		488.6		94.3	%		95.7	%		92.1	%		99.3	%		96.1	%		S
CG at Galleria	Birmingham	AL							1,080		1,195.2		93.7	%		95.4	%		97.8	%		94.3	%		95.3	%		S
CG at Galleria Woods	Birmingham	AL							244		260.7		97.1	%		97.5	%		96.3	%		95.5	%		98.8	%		S
CG at Heather Glen	Orlando	FL							448		524.1		94.8	%		98.4	%		96.7	%		98.8	%		98.9	%		S
CG at Heathrow	Orlando	FL							312		370.0		93.9	%		94.7	%		96.5	%		99.0	%		99.8	%		S
CG at Hunter’s Creek	Orlando	FL							496		624.5		94.9	%		96.9	%		98.7	%		98.5	%		99.0	%		S
CG at Lakewood Ranch	Sarasota	FL							288		301.7		95.5	%		94.4	%		94.1	%		96.9	%		96.8	%		S
CG at Liberty Park	Birmingham	AL							300		338.7		93.3	%		97.2	%		99.0	%		97.3	%		92.7	%		S
CG at Madison	Huntsville	AL							336		354.6		95.2	%		92.9	%		94.3	%		97.3	%		95.8	%		S
CG at McGinnis Ferry	Atlanta	GA							434		510.0														97.5	%
CG at Metrowest	Orlando	FL							311		313.5		94.0	%		97.4	%		97.1	%		98.7	%		97.1	%
CG at Mount Vernon	Atlanta	GA							213		257.2								98.6	%		96.7	%		96.2	%
CG at Natchez Trace	Jackson	MS							328		342.8		92.4	%		97.9	%		97.3	%		96.9	%		90.2	%		S
CG at Promenade	Montgomery	AL							384		424.4		95.1	%		96.6	%		96.1	%		96.4	%		90.1	%		S
CG at River Oaks	Atlanta	GA							216		276.2								96.8	%		94.9	%		95.4	%
CG at River Plantation	Atlanta	GA							232		311.0								98.7	%		94.4	%		96.1	%
CG at Riverchase	Birmingham	AL							468		745.8		93.6	%		97.1	%		98.1	%		99.4	%		96.1	%		S
CG at Seven Oaks	Tampa	FL							318		301.1										LU			LU
CG at Sugarloaf	Atlanta	GA							250		329.6								96.0	%		95.2	%		96.0	%
CG at The Reservoir	Jackson	MS							170		195.6		98.8	%		100.0	%		97.1	%		95.3	%		92.4	%		S
CG at TownPark	Orlando	FL							456		584.7		93.7	%		96.3	%		97.6	%		96.5	%		97.1	%		S
CG at Town Park Reserve	Orlando	FL							67		64.9							LU			LU			LU
CG at Wesleyan	Macon	GA							328		382.9		87.8	%		95.7	%		93.3	%		89.9	%		93.6	%		S
CV at Ashford Place	Mobile	AL							168		139.1		93.5	%		96.4	%		97.0	%		98.2	%		97.0	%		S
CV at Ashley Plantation	Bluffton	SC							414		425.1		76.9	%		93.7	%		92.3	%		91.8	%		89.4	%		S
CV at Beverly Crest	Charlotte	NC							300		278.7														88.7	%
CV at Caledon Wood	Greenville	SC							350		348.3		90.6	%		97.7	%		93.7	%		95.4	%		96.0	%		S
CV at Haverhill	San Antonio	TX							322		326.9		88.8	%		92.2	%		93.5	%		94.7	%		93.2	%		S
CV at Huntleigh Woods	Mobile	AL							233		199.1		93.0	%		93.3	%		92.7	%		96.1	%		95.3	%		S
CV at Inverness	Birmingham	AL							586		551.6		96.5	%		98.6	%		97.5	%		95.1	%		95.2	%		S
CV at Lake Mary	Orlando	FL							504		431.4		93.0	%		91.1	%		99.0	%		96.6	%		98.0	%		S
CV at Patterson Place	Raleigh/Durham	NC							252		238.7														88.5	%
CV at Quarry Oaks	Austin	TX							533		459.8		91.0	%		90.2	%		92.3	%		92.9	%		94.0	%
CV at Research Park	Huntsville	AL							736		809.3		93.1	%		95.0	%		97.7	%		95.1	%		95.2	%		S
CV at Sierra Vista	Austin	TX							232		204.4											94.0	%		94.8	%
CV at Silverado I	Austin	TX							38		38.2													LU
CV at Timothy Woods	Athens	GA							204		211.4		91.7	%		97.1	%		96.6	%		93.1	%		92.2	%		S
CV at TownPark	Sarasota	FL							272		316.4		92.8	%		94.4	%		96.3	%		94.5	%		92.7	%		S
CV at Trussville	Birmingham	AL							376		410.3		95.5	%		96.5	%		97.9	%		97.3	%		94.7	%		S
CV at Twin Lakes	Orlando	FL							224		138.2										LU			LU
CV at Walton Way	Augusta	GA							256		254.3		91.8	%		92.2	%		89.5	%		95.0	%		92.2	%		S
TOTAL CONSOLIDATED	45			9.5					15,489		16,715.0		92.9	%		95.3	%		96.0	%		95.5	%		94.7	%
UNCONSOLIDATED PROPERTIES
CG at Barrington	Macon	GA				15	%		176		191.9		87.5	%		93.2	%		94.9	%		96.0	%		93.2	%
CG at Bayshore	Bradenton	FL				25	%		376		368.9								94.1	%		96.8	%		100.0	%
CG at Brentwood	Nashville	TN				25	%		254		242.2											92.3	%		85.4	%
CG at Inverness Lakes	Mobile	AL				15	%		312		329.9		81.4	%		81.3	%		87.2	%		85.9	%		88.5	%
CG at Mountain Brook	Birmingham	AL				15	%		392		392.7		89.1	%		93.1	%		95.2	%		98.2	%		97.9	%

4Q04 - 31 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Occupancy — Multifamily

			Avg		%			Total
Property	Location		Age		Own			Units		SF (000s)		4Q03			1Q04			2Q04			3Q04			4Q04			S-P
CG at Palma Sola	Bradenton	FL				25	%		340		291.8								95.8	%		96.0	%		98.6	%
CG at Riverhills	Tampa	FL				15	%		776		690.3		91.1	%		93.9	%		92.7	%		90.9	%		91.4	%
Colony Woods	Birmingham	AL				10	%		414		450.7		95.5	%		97.8	%		97.1	%		98.3	%		96.1	%
Cunningham	Austin	TX				20	%		280		257.3								91.8	%		91.1	%		92.9	%
CV at Cahaba Heights	Birmingham	AL				15	%		125		131.2		96.8	%		94.4	%		91.2	%		96.8	%		92.0	%
CV at Hendersonville	Nashville	TN				25	%		364		250.4											97.1	%		84.1	%
CV at Hillwood	Montgomery	AL				15	%		160		150.9		94.4	%		100.0	%		95.0	%		94.4	%		86.3	%
CV at Inverness Lakes	Mobile	AL				15	%		186		176.5		87.1	%		93.0	%		91.9	%		95.2	%		96.2	%
CV at Rocky Ridge	Birmingham	AL				15	%		226		258.9		94.2	%		93.8	%		95.6	%		90.7	%		92.9	%
CV at Stockbridge	Stockbridge	GA				15	%		240		253.2		98.0	%		95.4	%		97.1	%		92.1	%		95.0	%
Madison at Shoal Run	Birmingham	AL				10	%		276		249.3		95.5	%		97.5	%		97.5	%		98.6	%		97.1	%
Meadows at Brook Highland	Birmingham	AL				10	%		400		465.6		95.5	%		95.3	%		93.0	%		96.8	%		99.5	%
Arabian Trails	Scottsdale	AZ				20	%		384		347.2														94.8	%
Casa Lindas	Tucson	AZ				20	%		144		160.6														92.4	%
Colonia del Rio	Tucson	AZ				20	%		176		177.9														91.5	%
Desert Lakes	Las Vegas	NV				20	%		184		188.4														96.2	%
Fairway Crossing	Phoenix	AZ				20	%		310		303.2														94.8	%
Hacienda del Rio	Tucson	AZ				20	%		248		152.5														91.1	%
La Entrada	Scottsdale	AZ				20	%		130		112.8														96.9	%
Pinnacle Estates	Albuquerque	NM				20	%		294		313.4														91.2	%
Pinnacle Flamingo West	Las Vegas	NV				20	%		324		320.4														92.9	%
Pinnacle Heights	Tucson	AZ				20	%		310		339.4														93.9	%
Pinnacle High Desert	Albuquerque	NM				20	%		430		478.0														93.0	%
Pinnacle High Resort	Albuquerque	NM				20	%		301		322.8														86.0	%
Posada del Este	Phoenix	AZ				20	%		148		128.9														94.6	%
Rancho Viejo	Phoenix	AZ				20	%		266		207.4														91.7	%
Springhill	Tucson	AZ				20	%		224		175.5														88.4	%
Talavera	Las Vegas	NV				20	%		350		353.7														94.6	%
TOTAL UNCONSOLIDATED		33							9,520		9,233.8
UNCONSOLIDATED WTD FOR CLP % OWNED				12.6					1,732		1,659.1		90.5	%		93.6	%		93.9	%		94.4	%		92.9	%
PROPERTIES SOLD
CG at Ponte Vedra	Jacksonville	FL				15	%		—		—		94.4	%		93.7	%
CV at Vernon Marsh	Savannah	GA							—		—		93.8	%		98.3	%		96.6	%		96.1	%
TOTAL SOLD	2								—		—		93.9	%		95.7	%		96.6	%		96.1	%
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

4Q04 - 32 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Occupancy — Multifamily

		Avg	%	Total
Property	Location	Age	Own	Units		SF (000s)		4Q03			1Q04			2Q04			3Q04			4Q04			S-P
SUMMARY
								Occupancies Weighted for CLP% Owned
Consolidated	45				15,489		16,715.0		92.9	%		95.3	%		96.0	%		95.5	%		94.7	%
Unconsolidated	33				9,520		9,233.8		90.5	%		93.6	%		93.9	%		94.4	%		92.9	%
Subtotal — Current Portfolio	78				25,009		25,948.8		92.9	%		95.2	%		95.9	%		95.4	%		94.6	%
Managed	15				4,091		4,068.1
Total Owned/Managed	93				29,100		30,016.8
Sold	2				—		—		93.9	%		95.7	%		96.6	%		96.1	%
Occy Incl. Sold Assets	95								92.9	%		95.3	%		95.9	%		95.4	%		94.6	%
By Property Type (Consolidated & Unconsolidated Assets)
Colonial Grands	34				12,115		13,441.5		93.9	%		95.7	%		96.2	%		95.8	%		95.2	%
Colonial Villages	24				7,301		7,002.3		91.6	%		94.6	%		95.4	%		94.9	%		93.7	%
Other	20				5,593		5,505.0					96.8	%		94.4	%		95.5	%		93.2	%
Total Division	78				25,009		25,948.8		92.9	%		95.3	%		95.9	%		95.4	%		94.6	%
Same-Property Occupancy
Same-Property Portfolio *	29				11,369		12,413.8		93.0	%		95.5	%		96.1	%		95.9	%		95.0	%
Economic Occupancy
Same-Property Portfolio *	29				11,369		12,413.8		79.8	%		80.9	%		81.7	%		81.6	%		81.8	%
Consolidated Assets	45				15,489		16,715
Unconsolidated Assets	33				9,520		9,234
Total Division	78				25,009		25,949		79.8	%		80.3	%		80.7	%		80.7	%		80.9	%

*   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.

4Q04 - 33 - 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		95.4	%		6		1,833		96.5	%		12		4,887		95.4	%		1		200		13		5,087
Auburn	AL																							1		240		1		240
Huntsville	AL		3		1,572		94.1	%									3		1,572		94.1	%						3		1,572
Mobile	AL		2		401		96.0	%		2		498		91.4	%		4		899		95.3	%		2		305		6		1,204
Montgomery	AL		1		384		90.1	%		1		160		86.3	%		2		544		89.9	%		1		468		3		1,012
Tuscaloosa	AL																							1		304		1		304
ALABAMA			12		5,411		94.7	%		9		2,491		94.5	%		21		7,902		94.6	%		6		1,517		27		9,419
Phoenix	AZ									3		724		93.6	%		3		724		93.6	%						3		724
Scottsdale	AZ									2		514		95.3	%		2		514		95.3	%						2		514
Tucson	AZ									5		1,102		91.5	%		5		1,102		91.5	%						5		1,102
ARIZONA										10		2,340		93.0	%		10		2,340		93.0	%		1		304		11		2,644
Orlando	FL		9		3,068		98.1	%									9		3,068		98.1	%		1		328		10		3,396
Sarasota	FL		2		560		94.8	%									2		560		94.8	%						2		560
Bradenton	FL									2		716		99.3	%		2		716		99.3	%						2		716
Tampa	FL		1		318					1		776		91.4	%		2		1,094		91.4	%		1		244		3		1,338
Gainesville	FL		1		560		96.1	%									1		560		96.1	%						1		560
Wesley Chapel	FL
FLORIDA			13		4,506		97.3	%		3		1,492		96.2	%		16		5,998		97.3	%		2		572		18		6,570
Macon	GA		1		328		93.6	%		1		176		93.2	%		2		504		93.6	%		2		436		4		940
Athens	GA		1		204		92.2	%									1		204		92.2	%						1		204
Atlanta	GA		6		1,525		96.3	%									6		1,525		96.3	%						6		1,525
Augusta	GA		1		256		92.2	%									1		256		92.2	%						1		256
Douglasville	GA																							1		300		1		300
Savannah	GA
Stockbridge	GA									1		240		95.0	%		1		240		95.0	%						1		240
GEORGIA			9		2,313		95.1	%		2		416		94.2	%		11		2,729		95.1	%		3		736		14		3,465
Baton Rouge	LA																							1		352		1		352
LOUISIANA																								1		352		1		352
Jackson	MS		2		498		91.0	%									2		498		91.0	%						2		498
MISSISSIPPI			2		498		91.0	%									2		498		91.0	%						2		498
Las Vegas	NV									3		858		94.3	%		3		858		94.3	%						3		858
NEVADA										3		858		94.3	%		3		858		94.3	%						3		858
Albuquerque	NM									3		1,025		90.4	%		3		1,025		90.4	%						3		1,025
NEW MEXICO										3		1,025		90.4	%		3		1,025		90.4	%						3		1,025
Charlotte	NC		1		300		88.7	%									1		300		88.7	%						1		300
Raleigh/Durham	NC		2		572		87.5	%									2		572		87.5	%						2		572
NORTH CAROLINA			3		872		87.9	%									3		872		87.9	%						3		872
Bluffton	SC		1		414		89.4	%									1		414		89.4	%						1		414
Greenville	SC		1		350		96.0	%									1		350		96.0	%						1		350
SOUTH CAROLINA			2		764		92.4	%									2		764		92.4	%						2		764
Austin	TX		3		803		94.2	%		1		280		92.9	%		4		1,083		94.2	%						4		1,083
San Antonio	TX		1		322		93.2	%									1		322		93.2	%						1		322
TEXAS			4		1,125		93.9	%		1		280		92.9	%		5		1,405		93.9	%						5		1,405
Chattanooga	TN																							1		308		1		308
Cordova	TN																							1		500		1		500
Murfreesboro	TN																							1		106		1		106
Nashville	TN									2		618		84.6	%		2		618		84.6	%						2		618
TENNESSEE																								3		914		3		914
TOTAL			45		15,489		94.7	%		33		9,520		92.9	%		78		25,009		94.6	%		15		4,091		93		29,100

Note:

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

4Q04 - 34 - 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			22,521			89,392
Divisional Expenses		6,474			6,634			6,645			6,599			26,352			6,443			6,327			6,662			6,722			26,154
Divisional NOI		15,719			18,081			15,633			15,791			65,224			15,575			15,572			16,291			15,799			63,238
Divisional NOI Margin		70.8%			73.2%			70.2%			70.5%			71.2%			70.7%			71.1%			71.0%			70.2%			70.7%
growth *(4)		-5.9%			-5.9%			-14.0%			-8.1%			-8.5%			-0.9%			-13.9%			4.2%			0.1%			-3.0%
Same-Property without Terminations
Lease Terminations		(165	)		(2,258	)		(70	)		(86	)		(2,580	)		(347	)		(37	)		(922	)		(345	)		(1,651	)
Divisional NOI w/o Term.		15,554			15,823			15,562			15,705			62,644			15,228			15,535			15,369			15,454			61,586
growth w/o terminations		-3.7%			-3.7%			-4.8%			-6.9%			-4.8%			-2.1%			-1.8%			-1.2%			-1.6%			-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)		22,697			25,142			22,709			22,960			93,508			24,028			24,206			25,186			25,270			98,690
Divisional Expenses		6,814			6,992			6,949			6,927			27,682			7,027			6,937			7,313			7,455			28,732
Divisional NOI		15,883			18,150			15,760			16,033			65,826			17,001			17,269			17,872			17,815			69,957
Divisional NOI Margin		70.0%			72.2%			69.4%			69.8%			70.4%			70.8%			71.3%			71.0%			70.5%			70.9%
growth		51.1%			52.1%			-0.5%			-3.7%			19.8%			7.0%			-4.9%			13.4%			11.1%			6.3%

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		862		14.7	%		18.2	%		862		17.3	%		13.4	%		-4.5	%		21.3	%		9.3	%		0.6	%		12.8	%
Birmingham	AL		1,409		24.0	%		26.1	%		1,379		27.7	%		3.1	%		13.3	%		-0.3	%		1.0	%		-1.2	%		1.9	%
Huntsville	AL		1,533		26.1	%		21.4	%		869		17.4	%		-1.7	%		-1.7	%		-1.8	%		2.6	%		2.4	%		2.7	%
Montgomery	AL		268		4.6	%		3.6	%		268		5.4	%		8.2	%		1.6	%		12.2	%		6.4	%		-2.9	%		12.6	%
Orlando	FL		1,505		25.6	%		26.5	%		1,315		26.4	%		-9.3	%		-3.7	%		-11.7	%		-14.7	%		-2.6	%		-19.2	%
Tampa	FL		292		5.0	%		4.2	%		292		5.9	%		3.4	%		13.4	%		-2.5	%		-3.2	%		1.0	%		-5.8	%
Total			5,870		100.0	%		100.0	%		4,985		100.0	%		0.6	%		1.9	%		0.1	%		-2.4	%		-0.8	%		-3.0	%

Notes:

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

4Q04 - 35 - 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	$	19.00
change		-0.1%			-3.7%			-1.0%			-5.3%				-1.2%		0.4%		-1.2%		-1.5%
Total Division *(2)	$	19.29		$	19.06		$	19.08		$	19.06			$	18.39	$	18.33	$	18.12	$	18.14
change		6.6%			3.9%			1.7%			-3.8%				-4.7%		-3.8%		-5.0%		-4.8%
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	$	18.28
change		-1.8%			-4.1%			-2.8%			-7.3%				-1.8%		-1.3%		-1.5%		-2.7%
Total Division *(2)	$	18.71		$	18.62		$	18.52		$	18.50			$	17.49	$	17.60	$	17.63	$	17.48
change		5.0%			2.9%			0.7%			-4.8%				-6.5%		-5.5%		-4.8%		-5.5%
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	$	18.28
Effects of Concessions & Contractual Rent Increases		0.57			0.34			0.51			0.52				0.67		0.67		0.57		0.72
S-L Rents per SF — Consolidated	$	19.33		$	19.02		$	19.09		$	19.30			$	19.09	$	19.10	$	18.87	$	19.00
Total Division
Cash Rent per SF	$	18.71		$	18.62		$	18.52		$	18.50			$	17.49	$	17.60	$	17.63	$	17.48
Concess. & Contract. Rent Incr.		0.58			0.44			0.56			0.56				0.90		0.73		0.49		0.66
Straight-Lined Rents per SF		19.29			19.06			19.08			19.06				18.39		18.33		18.12		18.14
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	$	18.14
To Reconcile to Total Division Rent
Div by: # of Qtrs In Yr		4			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		5,329
Revenue	$	21,795		$	22,172		$	21,998		$	22,265			$	22,831	$	23,518	$	23,498	$	24,169

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.

4Q04 - 36 - 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			5,850			5,728
SF — Unconsolidated Assets		(10	)		(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			5,840			5,718
Capital Expenditures ($ in 000s) *(1)
Regular Maintenance		524			272			376			301		$	1,473			396			178			334			493		$	1,401
Revenue- Enhancing		—			—			—			—			—			—			—			—			—			—
Tenant Improvements		3,220			2,058			1,373			1,976			8,627			1,143			1,947			2,184			3,062			8,336
Leasing Commissions		505			543			1,055			593			2,696			779			1,393			794			767			3,733
Admin — Division		70			5			—			—			75			9			2			168			4			183
Total		4,319			2,878			2,804			2,870			12,871			2,327			3,520			3,480			4,326			13,653
Less: Unconsolidated Assets		—			—			—			—			—			—			—			—			—			—
Total — Consolidated Assets	$	4,319		$	2,878		$	2,804		$	2,870		$	12,871		$	2,327		$	3,520		$	3,480		$	4,326		$	13,653
Capital Expenditures per SF
Regular Maintenance	$	0.10		$	0.05		$	0.07		$	0.06		$	0.28		$	0.07		$	0.03		$	0.06		$	0.08		$	0.24
Revenue- Enhancing		—			—			—			—			—			—			—			—			—			—
Tenant Improvements		0.62			0.40			0.27			0.37			1.65			0.20			0.34			0.39			0.52			1.46
Leasing Commissions		0.10			0.10			0.20			0.11			0.52			0.14			0.24			0.14			0.13			0.65
Total		0.83			0.55			0.54			0.54			2.47			0.41			0.62			0.61			0.74			2.38
Total — Consolidated Assets	$	0.83		$	0.56		$	0.54		$	0.54		$	2.47		$	0.41		$	0.62		$	0.61		$	0.74		$	2.39

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
2005		578		11	%	$	10,085		11	%
2006		806		15	%		14,220		16	%
2007		1,003		19	%		17,982		20	%
2008		510		9	%		8,213		9	%
2009		518		10	%		8,717		10	%
2010 +		1,997		37	%		30,912		34	%
Total Leased SF		5,414				$	90,128

TENANT CONCENTRATION
(SF in 000s)
			Consolidated Assets
					% of Total
			SF		Co. Rev
	1	FISERV Solutions		282.7		1.7	%
	2	Veritas Software		146.2		0.9	%
	3	Witness Systems		96.5		0.8	%
	4	Ace Insurance		98.1		0.7	%
	5	General Services Admin		133.3		0.6	%
	6	DRS Test and Energy Mgmt		215.5		0.5	%
	7	London Bridge		71.4		0.5	%
	8	Imery’s		84.4		0.5	%
	9	AmSouth Bank		62.3		0.5	%
	10	Compdent Corp.		58.8		0.4	%

4Q04 - 37 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Financial Summary — Office

LEASING EXECUTION — CONSOLIDATED ASSETS

	1Q03		2Q03		3Q03		4Q03		FYE '03		1Q04		2Q04		3Q04		4Q04		YTD '04
(SF in 000s; $  per SF)
Square Feet *(1)
Renewal		62.9		85.7		108.9		37.2		294.8		96.1		207.2		75.4		235.8		614.6
New		92.6		78.2		236.8		72.1		479.7		104.4		119.7		158.5		160.0		542.6
Development		17.7		41.8		102.9		9.7		172.1		13.6		3.6		12.3		5.5		35.0
Total		173.3		205.6		448.7		119.0		946.6		214.1		330.5		246.3		401.3		1,192.2
Annual Rent $- Straight Line
Renewal	$	16.55	$	18.09	$	15.38	$	17.26	$	16.65	$	17.13	$	17.16	$	15.74	$	16.61	$	16.77
New		15.48		14.35		15.40		16.75		15.45		14.39		17.45		15.39		16.44		15.96
Development		19.37		20.51		19.69		23.65		20.08		21.24		20.01		20.34		21.82		20.89
Total	$	16.27	$	17.16	$	16.38	$	17.47	$	16.66	$	16.06	$	17.30	$	15.75	$	16.61	$	16.52
Annual Rent $- Cash *(2)
Renewal	$	15.98	$	16.32	$	12.76	$	16.35	$	14.94	$	16.82	$	16.22	$	15.52	$	15.67	$	16.02
New		13.39		12.06		10.95		8.82		11.28		10.94		14.53		13.86		15.71		13.99
Development		14.56		18.84		18.46		5.15		17.40		20.10		16.25		19.15		21.35		19.57
Total	$	14.45	$	15.21	$	13.11	$	10.88	$	13.53	$	14.16	$	15.61	$	14.63	$	15.76	$	15.20
Concession $
Renewal	$	0.24	$	0.24	$	0.83	$	0.22	$	0.45	$	0.13	$	0.10	$	—	$	1.62	$	0.68
New		1.73		2.50		0.73		1.86		1.38		3.21		3.91		5.19		0.99		3.29
Development		0.84		1.48		6.37		—		4.26		1.27		—		1.94		2.48		1.57
Total	$	1.10	$	1.35	$	2.05	$	1.19	$	1.62	$	1.71	$	1.48	$	3.44	$	1.38	$	1.89
TI Committed $
Renewal	$	5.08	$	4.78	$	6.05	$	1.46	$	4.90	$	0.74	$	3.97	$	1.39	$	10.17	$	5.52
New		14.10		14.89		19.39		14.15		16.85		12.46		16.58		16.41		14.50		15.12
Development		28.75		29.60		40.87		23.10		35.88		27.07		25.00		16.76		30.55		23.79
Total	$	12.32	$	13.67	$	21.08	$	10.91	$	16.59	$	8.13	$	8.76	$	11.82	$	12.17	$	10.43
Leasing Commissions $
Renewal	$	1.44	$	1.71	$	1.98	$	0.60	$	1.61	$	0.16	$	3.70	$	0.66	$	4.21	$	2.97
New		3.07		3.34		6.12		8.76		5.47		3.52		5.71		5.44		3.92		4.68
Development		5.43		4.43		6.30		3.05		5.57		2.70		6.14		2.78		0.86		2.78
Total	$	2.72	$	2.88	$	5.15	$	5.74	$	4.29	$	1.96	$	4.45	$	3.84	$	4.04	$	3.74

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	$	15.76	$	15.20
Concess. and Contract. Rent Incr.		1.82		1.95		3.26		6.60		3.13		1.90		1.69		1.12		0.85		1.32
Straight Line Rents	$	16.27	$	17.16	$	16.38	$	17.47	$	16.66	$	16.06	$	17.30	$	15.75	$	16.61	$	16.52

4Q04 - 38 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Occupancy — Office

			%					For Period Ending
Property	Location		Own			SF - 000s		4Q03			1Q04			2Q04			3Q04			4Q04			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					154.6		95.4	%		85.1	%		67.5	%		68.1	%		67.8	%	S
AmSouth Center	Huntsville	AL					154.5		91.4	%		92.2	%		95.2	%		95.5	%		93.2	%	S
Colonial Center at Blue Lake	Birmingham	AL					164.7		86.2	%		86.6	%		81.8	%		84.1	%		79.8	%	S
Colonial Center at Colonnade	Birmingham	AL					421.8		99.1	%		98.5	%		99.0	%		98.4	%		97.5	%	S
Colonial Center 100 at TownPark	Orlando	FL					153.6		100.0	%		99.1	%		100.0	%		100.0	%		99.1	%	S
Colonial Center 200 at TownPark	Orlando	FL					155.2	LU				88.8	%		91.3	%		95.4	%		98.8	%
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	%		100.0	%		100.0	%		100.0	%		98.9	%	S
Colonial Center at Research Place	Huntsville	AL					272.6		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Colonial Center Heathrow	Orlando	FL					807.1		81.4	%		80.7	%		80.3	%		84.0	%		85.0	%	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					652.8		84.6	%		86.7	%		91.1	%		92.2	%		94.6	%	S
Colonial Plaza	Birmingham	AL					170.9		99.7	%		99.7	%		99.7	%		96.1	%		89.0	%	S
Colonial TownPark Office — Lifestyle	Orlando	FL					34.9				LU			LU			LU			LU
Concourse Center	Tampa	FL					292.2		91.4	%		91.2	%		91.3	%		92.8	%		93.0	%	S
DRS Building	Huntsville	AL					215.5					100.0	%		100.0	%		100.0	%		100.0	%
Independence Plaza	Birmingham	AL					106.2		99.4	%		99.4	%		100.0	%		100.0	%		98.4	%	S
International Park	Birmingham	AL					210.7		97.9	%		98.2	%		98.7	%		98.7	%		98.9	%	S
Interstate Park	Montgomery	AL					230.5		84.6	%		85.9	%		89.9	%		90.8	%		95.5	%	S
Mansell 400 Business Park	Atlanta	GA					188.8		50.8	%		53.5	%		59.6	%		66.2	%		72.5	%	S
Perimeter Corporate Park	Huntsville	AL					234.7		93.3	%		92.3	%		94.3	%		95.4	%		91.6	%	S
Progress Center	Huntsville	AL					224.4		99.1	%		98.4	%		95.5	%		95.9	%		96.7	%	S
Research Park Office Center	Huntsville	AL					176.6														96.2	%
Riverchase Center	Birmingham	AL					305.2		81.4	%		80.4	%		84.6	%		90.9	%		87.1	%	S
Shoppes at Mansell	Atlanta	GA					20.9		87.5	%		100.0	%		100.0	%		100.0	%		100.0	%	S
TOTAL CONSOLIDATED	26						5,840.2		89.7	%		89.9	%		90.8	%		92.2	%		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	%

4Q04 - 39 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Occupancy — Office

			%					For Period Ending
Property	Location		Own			SF - 000s		4Q03			1Q04			2Q04			3Q04			4Q04			S-P
SOLD — LAST 5 QTRS
Village at Roswell Summitt	Atlanta	GA					25.5		84.6	%		84.6	%		84.6	%
TOTAL SOLD	1						25.5		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	26						5,840.2		89.7	%		89.9	%		90.8	%		92.2	%		92.2	%
Unconsolidated	1						30.0		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Subtotal — Current Portfolio	27						5,870.1		89.7	%		90.0	%		90.9	%		92.2	%		92.4	%
Managed	8						925.7
Total Owned & Managed	35						6,795.9
Sold	1						25.5		84.6	%		84.6	%		84.6	%		0.0	%		0.0	%
Occupancy Total Including Sold Assets									89.7	%		89.9	%		90.8	%		92.2	%		92.2	%
By Property Type (Consolidated & Unconsolidated Assets)
Suburban Office	23						5,477.3		89.2	%		89.7	%		90.3	%		91.9	%		92.4	%
Central Business District	4						392.8		96.3	%		96.6	%		97.9	%		96.4	%		92.1	%
Total Division	27						5,870.1		89.7	%		90.0	%		90.9	%		92.2	%		92.4	%
Same-Property Occupancy
Same-Property Portfolio*	21						4,985.5		89.1	%		89.0	%		89.9	%		91.3	%		91.3	%

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

4Q04 - 40 - 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		92.3%		1		30		100.0%		7		1,409		92.4%		5		631		12		2,041
Huntsville	AL		8		1,533		97.0%								8		1,533		97.0%						8		1,533
Montgomery	AL		2		268		96.1%								2		268		96.1%		1		43		3		311
ALABAMA			16		3,181		94.9%		1		30		100.0%		17		3,211		94.9%		6		675		23		3,885
Orlando	FL		6		1,505		86.1%								6		1,505		88.2%		2		251		8		1,756
Tampa	FL		1		292		93.0%								1		292		93.0%						1		292
FLORIDA			7		1,797		87.2%								7		1,797		89.0%		2		251		9		2,048
Atlanta	GA		3		862		89.9%								3		862		89.9%						3		862
GEORGIA			3		862		89.9%								3		862		89.9%						3		862
TOTAL			26		5,840		92.2%		1		30		100.0%		27		5,870		92.4%		8		926		35		6,796

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

4Q04 - 41 - 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)		33,874			32,783			33,204			37,594			137,456			33,607			33,747			33,901			38,144			139,400
Divisional Expenses		9,554			9,753			9,931			9,895			39,133			9,220			9,953			10,362			10,060			39,595
Divisional NOI		24,320			23,031			23,273			27,699			98,323			24,387			23,794			23,539			28,085			99,805
Divisional NOI Margin		71.8%			70.3%			70.1%			73.7%			71.5%			72.6%			70.5%			69.4%			73.6%			71.6%
growth *(4)		2.4%			-4.5%			0.1%			0.9%			-0.2%			0.3%			3.3%			1.1%			1.4%			1.5%
Same-Property without Terminations
Lease Terminations		(471	)		(154	)		(191	)		(107	)		(923	)		(144	)		(602	)		(62	)		(121	)		(929	)
Divisional NOI w/o Term.		23,849			22,877			23,082			27,592			97,400			24,243			23,192			23,477			27,964			98,876
growth w/o terminations		0.5%			-3.7%			2.3%			2.8%			0.5%			1.7%			1.4%			1.7%			1.3%			1.5%
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		(727	)		(677	)		(678	)		(857	)		(2,939	)		(843	)		(768	)		(892	)		(989	)		(3,492	)
Divisional NOI — Consolidated		23,593			22,354			22,595			26,842			95,384			23,544			23,026			22,647			27,096			96,313
growth — consolidated properties																	-0.2%			3.0%			0.2%			0.9%			1.0%
Total Portfolio
Divisional Revenues *(3)		38,836			37,450			37,571			42,947			156,805			38,556			39,030			42,986			48,644			169,217
Divisional Expenses		11,623			11,877			11,891			12,249			47,640			11,357			12,285			13,585			13,532			50,759
Divisional NOI		27,213			25,572			25,680			30,698			109,164			27,198			26,746			29,401			35,113			118,457
Divisional NOI Margin		70.1%			68.3%			68.4%			71.5%			69.6%			70.5%			68.5%			68.4%			72.2%			70.0%
growth		4.4%			-3.2%			-0.4%			-1.2%			-0.1%			-0.1%			4.6%			14.5%			14.4%			8.5%

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		7,302		57.6%		62.2%		6,897		63.9%		1.6%		4.1%		0.6%		1.0%		1.8%		0.7%
Shopping Centers		5,386		42.4%		37.8%		3,889		36.1%		1.1%		-7.8%		3.4%		2.5%		-1.4%		3.5%
Total		12,687		100.0%		100.0%		10,786		100.0%		1.5%		1.7%		1.4%		1.4%		1.2%		1.5%

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

4Q04 - 42 - 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)	$	22.31		$	22.51		$	22.60		$	22.70			$	22.82		$	22.93		$	22.98		$	22.95
change		1.2%			1.3%			0.9%			1.8%				2.3%			1.9%			1.7%			1.1%
Total Division *(2)	$	22.21		$	22.41		$	22.42		$	22.06			$	22.15		$	22.89		$	23.71		$	22.86
change		1.2%			1.3%			0.9%			-0.7%				-0.3%			2.1%			5.8%			3.6%
Base Rent per SF — Cash *(3) (See Reconciliation Below)
Same-Property *(1)	$	22.16		$	22.34		$	22.37		$	22.50			$	22.69		$	22.78		$	22.78		$	22.79
change		1.5%			1.5%			1.1%			2.2%				2.4%			2.0%			1.8%			1.3%
Total Division *(2)	$	22.14		$	22.32		$	22.39		$	22.05			$	22.14		$	22.81		$	23.50		$	22.72
change		1.5%			1.5%			1.1%			-0.2%				0.0%			2.2%			5.0%			3.0%
Base Rent per SF Reconciliation from Cash Rents to Straight Line
Same-Property
Cash Rent per SF	$	22.16		$	22.34		$	22.37		$	22.50			$	22.69		$	22.78		$	22.78		$	22.79
Effects of Concessions & Contractual Rent Increases		0.15			0.17			0.23			0.20				0.13			0.15			0.20			0.16
Straight-Line Rent per SF		22.31			22.51			22.60			22.70				22.82			22.93			22.98			22.95
Effect of Unconsolidated Assets		(0.64	)		(0.63	)		(0.72	)		(0.67	)			(0.64	)		(0.76	)		(0.64	)		(0.64	)
S-L Rents per SF(Ten<10K) — Consolidated	$	21.67		$	21.88		$	21.88		$	22.03			$	22.18		$	22.17		$	22.34		$	22.31
Total Division
Cash Rent per SF	$	22.14		$	22.32		$	22.39		$	22.05			$	22.14		$	22.81		$	23.50		$	22.72
Concess & Contract. Rent Incr.		0.07			0.09			0.03			0.01				0.01			0.08			0.21			0.14
Straight-Line Rent per SF		22.21			22.41			22.42			22.06				22.15			22.89			23.71			22.86
Effect of Unconsolidated Assets		(0.59	)		(0.59	)		(0.63	)		(0.09	)			(0.53	)		(0.82	)		(1.47	)		(0.61	)
S-L Rents per SF(Ten<10K) — Consolidated	$	21.62		$	21.82		$	21.79		$	21.97			$	21.62		$	22.07		$	22.24		$	22.25
To Reconcile to Total Mall Minimum Rent
Less: Effects of Ten>10K		(11.98	)		(12.26	)		(12.27	)		(12.50	)			(11.75	)		(12.51	)		(12.87	)		(12.44	)
S-L Rents for Malls — Consolidated		9.64			9.56			9.52			9.47				9.87			9.56			9.37			9.81
Div by: # of Qtrs In Yr		4			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			6,375
Minimum Rents	$	15,045		$	14,925		$	14,851		$	15,158			$	15,540		$	15,003		$	14,877		$	15,632

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.

4Q04 - 43 - 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		$	14.48
change		3.5%			1.8%			1.0%			0.5%				1.6%			2.6%			5.8%			6.0%
Total Division *(2)	$	13.30		$	13.21		$	13.40		$	14.38			$	14.31		$	14.58		$	16.53		$	16.65
change		2.0%			0.3%			0.6%			6.9%				7.6%			10.4%			23.4%			15.8%
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		$	14.51
change		3.4%			1.8%			1.0%			0.2%				1.7%			2.6%			5.8%			6.2%
Total Division *(2)	$	13.30		$	13.21		$	13.41		$	14.35			$	14.28		$	14.53		$	16.41		$	16.57
change		1.8%			-0.1%			0.4%			6.3%				7.4%			10.0%			22.4%			15.5%
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		$	14.51
Effects of Concessions & Contractual Rent Increases		0.01			0.01			(0.01	)		—				—			0.01			(0.01	)		(0.03	)
Straight-Line Rent per SF		13.48			13.41			13.55			13.66				13.70			13.76			14.33			14.48
Effect of Unconsolidated Assets		(0.04	)		(0.05	)		(0.04	)		(0.04	)			(0.04	)		(0.04	)		(0.38	)		(0.35	)
S-L Rents per SF — Consolidated	$	13.44		$	13.36		$	13.51		$	13.62			$	13.66		$	13.72		$	13.95		$	14.13
Total Division
Cash Rent per SF	$	13.30		$	13.21		$	13.41		$	14.35			$	14.28		$	14.53		$	16.41		$	16.57
Concess. & Contract. Rent Incr.		—			—			(0.01	)		0.03				0.03			0.05			0.12			0.08
Straight-Line Rent per SF		13.30			13.21			13.40			14.38				14.31			14.58			16.53			16.65
Unconsolidated Assets		(0.04	)		(0.04	)		(0.04	)		(0.02	)			(0.03	)		(0.02	)		(0.06	)		(0.04	)
S-L Rents per SF — Consolidated	$	13.26		$	13.17		$	13.36		$	14.36			$	14.28		$	14.56		$	16.47		$	16.61
To Reconcile to Total Center Minimum Rent
Less: Effects of Ten>10K		(3.87	)		(4.03	)		(4.27	)		(5.29	)			(4.68	)		(5.54	)		(6.23	)		(5.53	)
S-L Rents for Centers — Consolidated		9.39			9.14			9.09			9.07				9.60			9.02			10.24			11.08
Div by: # of Qtrs In Yr		4			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			4,536
Minimum Rents	$	8,259		$	7,747		$	7,657		$	7,899			$	8,212		$	8,692		$	11,271		$	12,562

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.

4Q04 - 44 - 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%		11.3%
Gross Sales per SF *(3)
Same-Property *(4)	$	265.00	$	265.61	$	268.84	$	271.20		$	275.09	$	275.67	$	274.15	$	272.48
change		-0.9%		-0.7%		1.4%		3.2%			3.8%		3.8%		2.0%		0.5%
Total Division *(5)	$	267.31	$	268.49	$	270.39	$	270.23		$	274.37	$	275.56	$	272.34	$	271.19
change		-1.3%		-0.6%		0.6%		1.4%			2.6%		2.6%		0.7%		0.4%
CONSOLIDATED ASSETS
MALLS
Occupancy Costs *(2)		11.3%		11.2%		11.1%		11.0%			10.9%		10.9%		10.9%		11.0%
Gross Sales per SF *(3)
Same-Property *(4)	$	265.00	$	265.61	$	268.84	$	271.20		$	275.09	$	275.67	$	274.15	$	272.48
change		-0.9%		-0.7%		1.4%		3.2%			3.8%		3.8%		2.0%		0.5%
Total Division *(5)	$	265.66	$	266.14	$	269.97	$	271.37		$	274.82	$	275.24	$	273.62	$	271.03
change		-0.7%		-0.6%		1.6%		3.1%			3.4%		3.4%		1.4%		-0.1%
CONSOLIDATED & UNCONSOLIDATED ASSETS
SHOPPING CENTERS
Occupancy Costs *(2)		10.1%		9.3%		9.9%		10.3%			10.2%		10.2%		9.8%		9.6%
Gross Sales per SF *(3)
Same-Property *(4)	$	222.33	$	221.18	$	218.63	$	220.64		$	221.16	$	219.28	$	220.26	$	224.58
change		1.8%		1.5%		1.5%		6.5%			-0.5%		-0.9%		0.7%		1.8%
Total Division *(5)	$	222.99	$	222.05	$	218.36	$	220.53		$	223.96	$	221.16	$	213.75	$	214.16
change		0.0%		-4.0%		-4.5%		0.8%			0.4%		-0.4%		-2.1%		-2.9%
CONSOLIDATED ASSETS
SHOPPING CENTERS
Occupancy Costs *(2)		10.0%		10.1%		10.1%		10.0%			10.1%		10.1%		9.7%		9.5%
Gross Sales per SF *(3)
Same-Property *(4)	$	220.54	$	219.10	$	218.54	$	220.77		$	220.41	$	218.14	$	218.99	$	223.55
change											-0.1%		-0.4%		0.2%		1.3%
Total Division *(5)	$	221.40	$	220.21	$	218.26	$	220.65		$	223.43	$	220.21	$	212.30	$	212.70
change											0.9%		0.0%		-2.7%		-3.6%

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; same property malls excludes Parkway Place, Orlando Fashion Square, and Colonial University Village.
(5)	Total division statistics exclude properties in lease-up.

4Q04 - 45 - 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			12,302			12,086
SF — Unconsolidated Assets		(531	)		(531	)		(531	)		(531	)		(531	)		(531	)		(531	)		(510	)		(170	)		(436	)
SF — Consolidated Assets		11,010			11,015			11,043			11,098			11,042			10,942			11,414			12,113			12,132			11,650
Capital Expenditures ($ in 000s) *(1)
Regular Maintenance	$	621		$	613		$	669		$	1,145		$	3,048		$	416		$	1,126		$	676		$	481		$	2,699
Revenue- Enhancing		334			929			471			734			2,468			94			713			236			723			1,766
Tenant Improvements		1,545			3,384			474			2,450			7,853			600			2,598			6,233			3,490			12,921
Leasing Commissions		255			347			418			868			1,888			284			705			411			804			2,204
Admin — Division		18			190			5			35			248			3			73			12			8			96
Total w/o Acquisition-Related		2,773			5,463			2,037			5,232			15,505			1,397			5,215			7,568			5,506			19,686
Acquisition-Related *(2)		—			—			—			—			—			—			—			—			78			78
Less: Unconsolidated Assets		(665	)		(707	)		(545	)		(1,774	)		(3,691	)		(90	)		(34	)		(411	)		(204	)		(739	)
Total — Consolidated Assets	$	2,108		$	4,756		$	1,492		$	3,458		$	11,814		$	1,307		$	5,181		$	7,157		$	5,380		$	19,025
Capital Expenditures per SF
Regular Maintenance	$	0.05		$	0.05		$	0.06		$	0.10		$	0.26		$	0.04		$	0.09		$	0.05		$	0.04		$	0.22
Revenue- Enhancing		0.03			0.08			0.04			0.06			0.21			0.01			0.06			0.02			0.06			0.15
Tenant Improvements		0.13			0.29			0.04			0.21			0.68			0.05			0.22			0.49			0.28			1.07
Leasing Commissions		0.02			0.03			0.04			0.07			0.16			0.02			0.06			0.03			0.07			0.18
Total		0.24			0.47			0.18			0.45			1.34			0.12			0.44			0.60			0.45			1.63
Total — Consolidated Assets	$	0.19		$	0.43		$	0.14		$	0.31		$	1.07		$	0.12		$	0.45		$	0.59		$	0.44		$	1.63

Notes:
(1)	Capital Expenditures includes unconsolidated subsidiary properties. 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.

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
2005		948			8%	$	13,848		12%		908			8%	$	13,309		12%
2006		1,344			12%		13,661		11%		1,335			12%		13,522		12%
2007		1,394			12%		14,487		12%		1,353			12%		13,321		12%
2008		1,035			9%		9,485		8%		1,003			9%		8,837		8%
2009		1,512			13%		12,609		10%		1,504			14%		12,377		11%
2010+		5,237			46%		56,249		47%		4,884			44%		49,835		45%
Total Leased SF		11,470					120,338				10,987					111,201

TENANT CONCENTRATION
(SF in 000s)
		Total Consolidated & Unconsolidated Assets						Consolidated Assets Only
					% of Total						% of Total
			SF		Co. Rev				SF		Co. Rev
1	The Limited, Inc.			271		1.3%	1	The Limited, Inc.		252		1.2%
2	Saks Inc.			600		1.0%	2	Saks Inc.		600		1.0%
3	JC Penney Co, Inc.			1,084		0.9%	3	JC Penney Co, Inc.		1,084		0.9%
4	Belk, Inc.			1,093		0.6%	4	Belk, Inc.		1,093		0.7%
5	Sears, Roebuck, & Co.			1,097		0.6%	5	Sears, Roebuck, & Co.		1,097		0.6%
6	Publix Supermarkets, Inc.			229		0.6%	6	Shoe Show, Inc.		123		0.5%
7	Shoe Show, Inc.			123		0.5%	7	Wal-Mart Stores, Inc.		307		0.5%
8	Wal-Mart Stores, Inc.			523		0.5%	8	Footlocker		99		0.5%
9	Footlocker			102		0.5%	9	TJX Companies, Inc.		256		0.5%
10	TJX Companies, Inc.			226		0.5%	10	Publix Supermarkets, Inc.		185		0.4%

4Q04 - 46 - 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		207		89		154		735
New		39		156		122		59		376		84		143		223		175		625
Development		128		167		42		25		362		77		129		39		14		260
Total		414		385		243		134		1,176		447		479		351		343		1,620
Annual Rent $ — Straight Line
Total	$	6.93	$	11.35	$	16.36	$	18.91	$	11.69	$	12.91	$	14.00	$	13.91	$	14.19	$	13.72
Annual Rent $ — Cash *(2)
Renewal	$	5.32	$	18.32	$	15.13	$	18.46	$	10.43	$	9.53	$	11.73	$	17.03	$	14.38	$	12.07
New		16.21		14.51		14.44		16.02		14.90		18.63		13.10		11.20		11.40		12.69
Development		7.01		5.68		21.76		24.04		9.28		17.95		17.02		18.72		40.84		18.87
Total	$	6.87	$	11.29	$	15.93	$	18.43	$	11.51	$	12.70	$	13.57	$	13.52	$	13.97	$	13.40
TI Committed $
Renewal	$	—	$	0.16	$	—	$	—	$	0.02	$	1.67	$	—	$	0.10	$	—	$	0.66
New		25.38		55.80		28.18		6.42		35.94		32.27		33.01		33.24		6.11		25.47
Development		89.06		1.02		19.45		7.36		34.73		6.31		51.07		5.98		7.22		28.57
Total	$	29.93	$	23.08	$	17.51	$	4.20	$	22.19	$	8.25	$	23.63	$	21.82	$	3.42	$	14.71
Leasing Commissions $
Renewal	$	0.19	$	0.60	$	0.77	$	0.42	$	0.38	$	0.45	$	0.59	$	0.76	$	0.60	$	0.56
New		2.90		4.91		3.52		2.20		3.83		4.26		2.31		2.20		3.05		2.74
Development		1.93		1.54		2.45		2.64		1.86		2.78		2.88		1.72		6.62		2.88
Total	$	0.98	$	2.75	$	2.44	$	1.62	$	1.94	$	1.57	$	1.72	$	1.79	$	2.10	$	1.78

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	$	12.70	$	13.57	$	13.52	$	13.97	$	13.40
Concessions and Contr. Rent Incr.		0.07		0.06		0.43		0.49		0.19		0.21		0.43		0.39		0.22		0.32
Straight Line Rents	$	6.93	$	11.35	$	16.36	$	18.91	$	11.69	$	12.91	$	14.00	$	13.91	$	14.19	$	13.72

4Q04 - 47 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Financial Summary — Retail

LEASING EXECUTION - TOTAL (MALLS & SHOPPING CENTERS) - CONSOLIDATED ASSETS
	1Q03	2Q03	3Q03	4Q03	FYE '03	1Q04		2Q04		3Q04		4Q04		YTD '04
(SF in 000s; $  per SF)
Square Feet *(1)
Renewal							286		189		89		154		717
New							80		132		220		175		607
Development							59		44		32		10		145
Total							424		365		340		339		1,468
Annual Rent $- Straight Line
Total						$	12.44	$	12.79	$	13.52	$	13.41	$	13.00
Annual Rent $- Cash *(2)
Renewal						$	9.53	$	11.52	$	17.03	$	14.39	$	12.02
New							18.81		12.88		11.17		11.40		12.61
Development							16.52		16.02		15.83		26.09		16.90
Total						$	12.24	$	12.56	$	13.13	$	13.20	$	12.75
TI Committed $
Renewal						$	1.67	$	—	$	0.10	$	—	$	0.68
New							34.02		35.39		33.73		6.11		26.16
Development							1.03		34.26		6.64		10.10		12.96
Total						$	7.65	$	16.96	$	22.44	$	3.46	$	12.42
Leasing Commissions $
Renewal						$	0.45	$	0.56	$	0.76	$	0.60	$	0.55
New							4.46		2.34		2.22		3.05		2.78
Development							2.57		2.98		1.38		4.97		2.61
Total						$	1.50	$	1.50	$	1.76	$	2.00	$	1.68

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	$	12.24	$	12.56	$	13.13	$	13.20	$	12.75
Concessions and Contr. Rent Incr.		0.19		0.24		0.39		0.21		0.25
Straight Line Rents	$	12.44	$	12.79	$	13.52	$	13.41	$	13.00

4Q04 - 48 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Occupancy — Retail

			%			Total		Anchor		CLP
Property	Location		Own			SF (000s)		Owned		SF (000s)		4Q03			1Q04			2Q04			3Q04			4Q04			S-P
CONSOLIDATED PROPERTIES
Britt David Shopping Ctr	Columbus	GA					109.6		—		109.6		68.7	%		68.7	%		68.7	%		68.7	%		70.0	%		S
Brookwood Village Ctr	Birmingham	AL					88.2		—		88.2		93.0	%		93.0	%		93.0	%		93.0	%		93.0	%		S
CM Bel Air	Mobile	AL					1,335.6		334.0		1,001.6		97.3	%		95.1	%		94.3	%		95.4	%		96.5	%		S
CM Burlington	Burlington	NC					415.2		—		415.2		96.0	%		95.8	%		96.9	%		97.1	%		97.1	%		S
CM Decatur	Huntsville	AL					576.0		80.9		495.1		87.3	%		86.5	%		85.7	%		86.1	%		86.2	%		S
CM Gadsden	Gadsden	AL					517.0		—		517.0		96.5	%		96.4	%		96.2	%		96.6	%		95.9	%		S
CM Glynn Place	Brunswick	GA					507.7		225.6		282.2		60.2	%		60.2	%		60.3	%		59.4	%		92.1	%		S
CM Greenville	Greenville	NC					450.2		46.1		404.1		93.4	%		92.9	%		96.8	%		95.9	%		98.4	%		S
CM Lakeshore	Gainesville	GA					518.3		—		518.3		92.4	%		90.6	%		92.0	%		91.4	%		91.3	%		S
CM Macon	Macon	GA					1,446.4		682.2		764.2		94.4	%		93.5	%		93.1	%		93.6	%		94.2	%		S
CM Mayberry	Mount Airy	NC					206.9		57.8		149.0		97.5	%		96.0	%		99.0	%		99.0	%		97.0	%		S
CM Myrtle Beach	Myrtle Beach	SC					506.4		—		506.4		96.4	%		93.1	%		93.4	%		91.6	%		94.7	%		S
CM Staunton	Staunton	VA					423.3		—		423.3		81.3	%		84.4	%		84.0	%		98.3	%		97.8	%		S
CM Temple	Temple	TX					555.4		109.0		446.4		87.9	%		87.9	%		87.5	%		88.7	%		90.8	%		S
CM Valdosta	Valdosta	GA					398.9		73.7		325.2		94.6	%		93.0	%		97.5	%		95.8	%		96.2	%		S
Colonial Brookwood Village	Birmingham	AL					601.0		232.0		369.0		91.0	%		90.8	%		93.1	%		94.4	%		94.8	%		S
Colonial Shoppes Clay	Birmingham	AL					66.3		—		66.3		63.3	%		88.2	%		93.0	%		91.5	%		95.3	%		S
Colonial University Village	Auburn	AL					404.7		—		404.7		95.1	%		94.4	%		86.6	%		87.3	%		83.5	%
CP Beechwood	Athens	GA					339.1		—		339.1		74.0	%		74.5	%		76.2	%		76.2	%		75.3	%		S
CS College Parkway	Ft. Myers	FL					78.9		—		78.9											100.0	%		100.0	%
CP Burnt Store	Punta Gorda	FL					95.0		—		95.0		44.8	%		44.8	%		43.9	%		45.1	%		96.1	%		S
CP Deerfield	Deerfield Beach	FL					378.7		—		378.7											98.0	%		97.6	%
CP Hunter’s Creek	Orlando	FL					222.1		—		222.1		50.6	%		51.5	%		50.9	%		50.0	%		50.6	%		S
CP Lakewood	Jacksonville	FL					195.2		—		195.2		93.6	%		93.6	%		94.0	%		93.7	%		87.6	%		S
CP Montgomery	Montgomery	AL					209.1		44.0		165.1		95.2	%		96.5	%		95.9	%		94.9	%		75.0	%		S
CP Montgomery North	Montgomery	AL					209.9		101.8		108.1		95.9	%		95.9	%		95.9	%		95.9	%		98.0	%		S
CP Northdale	Tampa	FL					230.9		55.0		175.9		95.2	%		98.0	%		97.5	%		97.5	%		98.0	%		S
CP Boulevard Square	Pembroke Pines	FL					220.7		—		220.7											94.3	%		94.9	%
CP TownPark	Orlando	FL					146.5		—		146.5	LU			LU			LU			LU			LU
CP Trussville	Birmingham	AL					388.3		—		388.3		100.0	%		100.0	%		100.0	%		97.7	%		97.7	%		S
CP Trussville II	Birmingham	AL					58.2		—		58.2				LU			LU			LU				97.3	%
CP Tutwiler Farm	Birmingham	AL					514.1		—		514.1		100.0	%		99.6	%		100.0	%		100.0	%		100.0	%		S
CP Wekiva	Orlando	FL					208.6		—		208.6		97.8	%		89.8	%		87.9	%		83.3	%		83.3	%		S
CP Winter Haven	Orlando	FL					197.5		—		197.5		93.2	%		92.4	%		89.8	%		74.9	%		74.9	%		S
CS Bear Lake	Orlando	FL					131.6		—		131.6		92.5	%		92.5	%		92.5	%		91.9	%		92.5	%		S
CS Bellwood	Montgomery	AL					88.5		—		88.5		89.6	%		91.2	%		96.7	%		96.7	%		95.1	%		S
CS McGehee	Montgomery	AL					98.3		—		98.3		86.7	%		79.2	%		79.4	%		79.4	%		77.6	%		S
CS Pines Plaza	Pembroke Pines	FL					68.2		—		68.2											100.0	%		100.0	%
CS Quaker Village	Greensboro	NC					102.2		—		102.2		86.4	%		87.7	%		87.7	%		80.2	%		79.9	%		S
CS Yadkinville	Yadkinville	NC					90.9		—		90.9		100.0	%		100.0	%		96.5	%		94.7	%		94.7	%		S
Kingwood Commons	Houston	TX					164.4		—		164.4								80.4	%		82.7	%		84.9	%
Old Town Shopping Ctr	Montgomery	AL					38.8		—		38.8		52.2	%		59.4	%		61.3	%		61.3	%		59.7	%		S
Rivermont Shopping Ctr	Chattanooga	TN					73.5		—		73.5		96.8	%		98.6	%		100.0	%		100.0	%		100.0	%		S
Shops at Colonnade	Birmingham	AL					116.7		—		116.7		50.0	%		50.0	%		50.0	%		50.0	%		54.8	%		S
Village on the Parkway	Dallas	TX		90	%		381.2		—		381.2								93.8	%		96.2	%		96.2	%
TOTAL CONSOLIDATED	45						14,173.9		2,042.0		12,131.9		88.7	%		89.0	%		89.1	%		89.8	%		91.4	%
UNCONSOLIDATED PROPERTIES
CP Hoover	Birmingham	AL		10	%		380.6		215.8		164.8		98.1	%		97.3	%		98.8	%		98.8	%		98.8	%		S
CP Madison	Huntsville	AL		25	%		110.7		—		110.7		100.0	%		98.6	%		100.0	%		100.0	%		100.0	%		S
Parkway Place	Huntsville	AL		45	%		628.2		348.2		280.1		79.8	%		77.3	%		81.2	%		81.9	%		81.9	%		S
TOTAL UNCONSOLIDATED	3						1,119.5		563.9		555.6
UNCONSOLIDATED WTD FOR CLP % OWNED							348.4				170.2		89.2	%		87.5	%		90.2	%		90.5	%		90.5	%

4Q04 - 49 - NYSE: CLP

COLONIAL PROPERTIES TRUST
Portfolio Occupancy — Retail

			%			Total		Anchor		CLP
Property	Location		Own			SF (000s)		Owned		SF (000s)		4Q03			1Q04			2Q04			3Q04			4Q04			S-P
SOLD — LAST 5 QTRS
Bel Air Village	Mobile	AL					86.0		—		86.0
CP University Park I	Orlando	FL					215.6				215.6		81.8	%
CS Inverness	Birmingham	AL					28.2		—		28.2		49.2	%		49.2	%		49.2	%
CS Stanly	Locust	NC					47.1		—		47.1		100.0	%		100.0	%		100.0	%
Orlando Fashion Square	Orlando	FL		50	%		1,041.7		361.4		680.3		92.3	%		89.5	%		88.9	%		92.9	%
TOTAL SOLD	5						1,418.6		361.4		1,057.2		82.2	%		69.8	%		88.2	%		92.9	%
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						14,173.9		2,042.0		12,131.9		88.7	%		89.0	%		89.1	%		89.8	%		91.4	%
Unconsolidated	3						1,119.5		563.9		555.6		89.2	%		87.5	%		90.2	%		90.5	%		90.5	%
Subtotal — Current Portfolio	48						15,293.5		2,606.0		12,687.5		88.7	%		88.9	%		89.2	%		89.9	%		91.4	%
Managed	4						352.3		—		352.3
Total Owned & Managed	52						15,645.8		2,606		13,039.8
Sold	5						1,418.6		361.4		1,057.2		82.2	%		69.8	%		88.2	%		92.9	%
Occupancy Total Including Sold Assets													88.1	%		87.3	%		89.1	%		90.0	%		91.4	%
By Property Type (Consolidated & Unconsolidated Assets)
Regional Malls	16						9,491.2		2,189.4		7,301.8		91.4	%		90.5	%		90.7	%		91.8	%		93.3	%
Shopping Centers	32						5,802.3		416.6		5,385.7		83.8	%		86.1	%		86.7	%		87.3	%		88.6	%
Total Division	48						15,293.5		2,606.0		12,687.5		88.7	%		88.9	%		89.2	%		89.9	%		91.4	%
Same-Property Occupancy
Same-Property Portfolio *	39						13,392.1		2,606.0		10,786.1		88.5	%		88.7	%		89.2	%		89.3	%		91.1	%

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

- 50 -

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		1,601		94.3	%		1		165		98.8	%		8		1,766		94.7	%		2		202		10		1,968
Auburn	AL		1		405		83.5	%									1		405		83.5	%						1		405
Huntsville	AL		1		495		86.2	%		2		391		87.0	%		3		886		86.6	%		1		68		4		954
Madison	AL																							1		82		1		82
Mobile	AL		1		1,002		96.5	%									1		1,002		96.5	%						1		1,002
Montgomery	AL		5		499		82.8	%									5		499		82.8	%						5		499
Gadsden	AL		1		517		95.9	%									1		517		95.9	%						1		517
ALABAMA			16		4,518		91.8	%		3		556		90.5	%		19		5,073		91.7	%		4		352		23		5,426
Orlando	FL		5		906		61.3	%									5		906		73.1	%						5		906
Tampa	FL		1		176		98.0	%									1		176		98.0	%						1		176
Ft. Myers	FL		1		79		100.0	%									1		79		100.0	%						1		79
Deerfield Beach	FL		1		379		97.6	%									1		379		97.6	%						1		379
Pembroke Pines	FL		2		289		96.1	%									2		289		96.1	%						2		289
Jacksonville	FL		1		195		87.6	%									1		195		87.6	%						1		195
Punta Gorda	FL		1		95		96.1	%									1		95		96.1	%						1		95
FLORIDA			12		2,119		81.0	%									12		2,119		87.0	%						12		2,119
Columbus	GA		1		110		70.0	%									1		110		70.0	%						1		110
Brunswick	GA		1		282		92.1	%									1		282		92.1	%						1		282
Gainesville	GA		1		518		91.3	%									1		518		91.3	%						1		518
Valdosta	GA		1		325		96.2	%									1		325		96.2	%						1		325
Athens	GA		1		339		75.3	%									1		339		75.3	%						1		339
Macon	GA		1		764		94.2	%									1		764		94.2	%						1		764
GEORGIA			6		2,339		89.7	%									6		2,339		89.7	%						6		2,339
Burlington	NC		1		415		97.1	%									1		415		97.1	%						1		415
Greensboro	NC		1		102		79.9	%									1		102		79.9	%						1		102
Locust	NC
Yadkinville	NC		1		91		94.7	%									1		91		94.7	%						1		91
Mount Airy	NC		1		149		97.0	%									1		149		97.0	%						1		149
Greenville	NC		1		404		98.4	%									1		404		98.4	%						1		404
NORTH CAROLINA			5		1,161		95.8	%									5		1,161		95.8	%						5		1,161
Myrtle Beach	SC		1		506		94.7	%									1		506		94.7	%						1		506
SOUTH CAROLINA			1		506		94.7	%									4		506		94.7	%						4		506
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		84.9	%									1		164		84.9	%						1		164
Temple	TX		1		446		90.8	%									1		446		90.8	%						1		446
TEXAS			3		992		91.9	%									3		992		91.9	%						3		992
Staunton	VA		1		423		97.8	%									1		423		97.8	%						1		423
VIRGINIA			1		423		97.8	%									1		423		97.8	%						1		423
TOTAL			45		12,132		91.4	%		3		556		90.5	%		48		12,687		91.4	%		4		352		52		13,040

Note:

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

4Q04 - 51 - 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		November - 04
Auburn-Opelika	AL		121.6		2.75%		1.42%		2.26%		1.36%	$	42,843		0.16%		0.56%		3.6%
Birmingham-Hoover	AL		1,087.2		0.96%		0.88%		1.76%		1.08%	$	68,969		1.83%		0.92%		4.3%
Decatur	AL		149.4		0.93%		1.02%		1.47%		1.03%	$	59,268		1.22%		0.88%		6.1%
Gadsden	AL		103.6		0.27%		0.26%		0.98%		0.65%	$	49,624		1.00%		0.89%		6.2%
Huntsville	AL		362.6		1.66%		1.22%		1.58%		1.24%	$	66,172		0.85%		0.84%		3.9%
Mobile	AL		403.1		0.45%		0.37%		1.55%		0.66%	$	54,678		1.27%		0.88%		6.0%
Montgomery	AL		358.2		1.22%		1.00%		1.90%		1.25%	$	62,985		1.12%		0.78%		5.1%
Gainesville	FL		243.0		1.87%		1.24%		2.47%		1.43%	$	55,793		1.16%		0.71%		2.0%
Jacksonville	FL		1,218.5		2.19%		1.67%		2.58%		1.69%	$	69,900		1.40%		0.84%		4.4%
Orlando	FL		1,837.4		3.44%		2.32%		3.98%		2.44%	$	65,192		1.18%		0.92%		3.9%
Punta Gorda	FL		158.8		2.91%		3.19%		4.67%		3.10%	$	52,446		0.65%		0.85%		5.6%
Sarasota-Bradenton	FL		652.0		2.30%		2.42%		4.17%		2.71%	$	77,608		1.46%		1.30%		2.9%
Tampa-St. Petersburg	FL		2,563.4		1.67%		1.42%		3.23%		1.83%	$	64,238		1.74%		1.00%		3.5%
Athens	GA		176.3		2.06%		1.51%		2.53%		1.57%	$	54,140		1.11%		0.80%		2.8%
Atlanta	GA		4,699.5		3.72%		1.80%		3.70%		1.68%	$	83,323		2.11%		0.84%		4.1%
Augusta	GA		516.6		1.27%		0.92%		1.05%		1.06%	$	59,980		0.68%		0.82%		5.1%
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%		5.6%
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%		3.2%
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%		4.6%
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%		0.6%
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%		0.3%
Greenville	SC		587.8		1.70%		1.10%		1.74%		1.30%	$	62,302		1.30%		0.90%		5.8%
Myrtle Beach	SC		215.2		3.45%		2.11%		3.73%		2.19%	$	52,930		1.03%		0.76%		5.2%
Chattanooga	TN		489.6		0.92%		0.72%		1.82%		1.00%	$	62,103		1.41%		0.88%		3.6%
Austin-Round Rock	TX		1,434.9		4.89%		2.97%		6.04%		3.10%	$	77,408		3.25%		1.00%		4.2%
Houston	TX		5,158.5		2.57%		1.66%		2.79%		1.69%	$	89,583		2.65%		0.68%		5.7%
Killeen-Temple-Fort Hood	TX		347.8		2.07%		1.40%		2.74%		1.59%	$	59,104		1.70%		0.66%		4.2%
San Antonio	TX		1,850.7		2.23%		1.73%		3.39%		2.07%	$	68,675		2.02%		0.87%		4.6%
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%		4.8%
United States			294,197.3		1.28%		1.00%		1.77%		1.26%	$	73,960		1.59%		0.88%		5.2%
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

4Q04 - 52 - 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.

4Q04 - 53 - NYSE: CLP