Exhibit 99.2

Colonial Properties Trust

TABLE OF CONTENTS

	Overview and Contact Information	3
1.	Financial Highlights	4
2.	Quarterly Earnings Announcement and Financial Statements
	Consolidated Statements of Income	5
	Funds from Operations (FFO) Reconciliation / Shares	6
	Balance Sheet	7
3.	Multifamily
	Portfolio Statistics	8
	Components of Net Operating Income (NOI)	9
	Capitalized Expenses and Maintenance Expenses	9
	Same Property Comparisons	10
4.	Joint Ventures
	Operating Data / Balance Sheet Data	12
	Investment Summary	13
	Three Month Income Summary	14
	Operational Statistics	15
5.	For-Sale Residential Activities	16
6.	Consolidated Data
	Development Pipeline	17
	Significant Property Acquisitions and Dispositions	19
	Debt Summary/Coverage Ratios/Covenants/Market Capitalization	20
	Supplemental Data / Investment Activities	22
7.	Corporate Reconciliations
	Revenues / Expenses / NOI	23
	NOI from Discontinued Operations/EBITDA	25
	SEC Coverage Ratios	26
8.	Appendix
	Multifamily Community Table	27
	Office Property Table	30
	Retail Property Table	31
	Unconsolidated Joint Venture Summary	32
9.	Glossary of Terms	33

Forward Looking Statements

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this supplemental package may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results, performance or achievements to be materially different from the results, performance or achievements expressed or implied by the forward looking statements. Factors that impact such forward looking statements include, among others, real estate conditions and markets; performance of affiliates or companies in which we have made investments; volatility of for-sale residential markets; changes in operating costs; legislative or regulatory decisions; our ability to continue to maintain our status as a REIT for federal income tax purposes; the cost and availability of new debt financings; volatility of interest rates or capital market conditions; effect of any terrorist activity; or other factors affecting the real estate industry generally.

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

The Company refers you to the documents filed by the company from time to time with the Securities and Exchange Commission, specifically the section titled “Business-Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, which discuss these and other factors that could adversely affect the Company’s results.

4/18/2008

1Q08 -2- NYSE: CLP

COLONIAL PROPERTIES TRUST

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

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

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

COLONIAL PROPERTIES STRATEGY

     Achieve Consistent Long-term Performance through:

• Owning a multifamily portfolio

• Investing in high growth Sunbelt cities

• Pursuing strategic acquisition, disposition and development opportunities

• Achieving operating excellence

• Managing multifamily, office, retail and mixed-use properties

• Emphasizing mixed-use development

• Delivering additional income from the taxable REIT subsidiary (TRS)

• Ensuring a strong balance sheet and liquidity position

CONTACT INFORMATION

Headquarters	Investor Relations
Colonial Properties Trust	Jerry Brewer
2101 Sixth Avenue North, Suite 750	Executive Vice President, Finance
Birmingham, Alabama 35203	800-645-3917
205-250-8700	704-552-8538 — fax
205-250-8890 — fax
www.colonialprop.com	To receive an Investor Package, please contact:
	800-645-3917
	704-643-7970

TRANSFER AGENT

Computershare
P.O. Box 43010
Providence, RI 02940-3010
Investor Relations: 800-730-6001
www.computershare.com The Company’s Transfer Agent manages all activities for registered shareholders including basic account updates, initial share purchases, dividend reinvestments, share transfers and sales as well as optional cash investments.

EQUITY RESEARCH COVERAGE

Bank of America	Dustin Pizzo	212-847-5771
BB&T Capital Markets	Craig Kucera / Steve Radanovic	703-245-0909 / 703-245-0907
Bear Stearns	Ross Smotrich / Michael Lewis	212-272-8046 / 212-272-1108
BMO Capital Markets	Rich Anderson	212-885-4180
Cantor Fitzgerald	Philip Martin	312-469-7485
Citigroup Smith Barney	Michael Bilerman / Craig Melcher	212-816-1383 / 212-816-1909
Green Street Advisors	Haendel St. Jude	949-640-8780
Keefe, Bruyette & Woods	Steve Swett	212-887-3680
Merrill Lynch	Bill Acheson / David Bragg	212-449-1920 / 212-449-8922
Morgan Keegan	Napoleon Overton / Troy Garner	901-579-4865 / 901-531-3397
Standard & Poor’s Research	Raymond Mathis	212-438-9558
Stifel Nicolaus	Rod Petrick	410-454-4131
UBS	Alex Goldfarb	212-713-8602
Wachovia Capital Markets	Jeff Donnelly	617-603-4262

GUIDANCE

	FYE 2008 Range
Diluted Earnings per Share	$	1.20		$	1.50
Plus: Real Estate Depreciation & Amortization		1.80			1.80
Less: Gain on Sale of Assets		(0.85	)		(1.05	)
Diluted Funds from Operations per Share (1)	$	2.15		$	2.25

(1) The Company has the option to redeem its outstanding $125 million 8 1/8 percent Series D preferred shares beginning in late April 2008. If the Company redeems all of the outstanding Series D preferred shares in 2008, the Company would expect to record a non-cash charge of $0.08 per diluted share related to the write-off of Series D preferred issuance costs. The 2008 FFO per share guidance range does not include the impact of the non-cash charge related to such redemption.

1Q08 -3- NYSE: CLP

COLONIAL PROPERTIES TRUST
Financial Highlights
First Quarter 2008

FINANCIAL HIGHLIGHTS

	Three Months Ended
($ in 000s, except per share and unit data)	3/31/2008			3/31/2007
Total property revenues (1)	$	80,916		$	125,748
Multifamily property revenues (1)		76,077			73,917
Multifamily property NOI (1)		46,133			44,079
Management & leasing fee revenues		5,299			3,243
EBITDA (2)		59,413			84,296
Net income
Per share — basic		0.30			0.69
Per share — diluted		0.30			0.69
Funds from operations
Per share — basic		0.58			0.78
Per share — diluted		0.58			0.78
Dividends per share		0.50			0.68
Dividends/EPS (diluted) payout ratio		166.7	%		98.6	%
Dividends/FFO (diluted) payout ratio		86.2	%		87.2	%
Consolidated interest expense (1)	$	17,479		$	27,904
Consolidated interest income (1)		(791	)		(2,133	)
Net interest expense (1)		16,688			25,771
Pro-rata share of joint venture interest expense		7,941			5,239
Principal amortization		199			1,588
Preferred dividends & distributions		4,315			6,303
Interest coverage ratio		2.3x			2.5x
Fixed charge coverage ratio		2.0x			2.0x
Fixed charge w/capitalized interest ratio		1.6x			1.8x
Multifamily same property NOI Increase (3)		3.7	%		5.0	%
(# of apartment homes included)		28,418			24,998

	As of			As of
	3/31/2008			12/31/2007
Total assets	$	3,232,716		$	3,229,830
Total debt	$	1,678,038		$	1,641,839
Common shares and units, outstanding end of period		57,217			57,269
Share price, end of period (4)	$	24.05		$	22.63
Preferred shares and units, end of period	$	217,331		$	225,000
Book equity value, end of period (5)	$	1,440,546		$	1,460,328
Market equity value, end of period (5)	$	1,376,069		$	1,295,997
Debt to total market capitalization ratio (6)		51.3	%		51.9	%
Unencumbered real estate assets (at cost) to unsecured debt ratio (6)		206.6	%		207.9	%

(1)	Represents consolidated properties including amounts classified in discontinued operations. For the GAAP reconciliation of revenues, expenses and NOI, see page 23 and 24.
(2)	For a reconciliation of EBITDA, see page 25.
(3)	Multifamily same-property communities are communities which were owned by the Company and stabilized as of January 1, 2007, as adjusted for dispositions during the year.
(4)	Stock price as of March 31, 2008 and December 31, 2007 includes effect of special dividend of $10.75 per share, which was paid during 2007.
(5)	Includes common shares and units.
(6)	Excludes the Company’s pro-rata share of partially-owned unconsolidated debt.

1Q08 -4- NYSE: CLP

COLONIAL PROPERTIES TRUST
Financial Statements
First Quarter 2008

CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended
($ in 000s, except per share data)	3/31/2008			3/31/2007
Revenue
Minimum Rent	$	64,872		$	93,865
Tenant Recoveries		867			5,233
Other Property Related Revenue		7,761			7,642
Construction Revenues		7,879			12,785
Other Non-Property Related Revenue		5,299			3,243
Total Revenue		86,678			122,768
Operating Expenses
Operating Expenses:
Property Operating Expenses		19,111			25,435
Taxes, Licenses, and Insurance		9,488			12,804
Total Property Operating Expenses		28,599			38,239
Construction Expenses		7,266			12,371
Property Management Expenses		2,241			3,490
General and Administrative Expenses		5,780			5,978
Management Fee and Other Expenses		3,685			2,943
Investment and Development (1)		769			138
Depreciation		23,691			32,109
Amortization		771			5,725
Total Operating Expenses		72,802			100,993
Income from Operations		13,876			21,775
Other Income (Expense)
Interest Expense & Debt Cost Amortization		(18,440	)		(27,534	)
Gain (Loss) on Retirement of Debt		5,471			(64	)
Interest Income		791			2,131
Income from Partially-Owned Investments		10,269			6,814
Gain on Sale of Property, net of income taxes of $406 in 2008 and $747 in 2007		1,931			1,325
Income Taxes and Other		874			(233	)
Total Other Income (Expense)		896			(17,561	)
Income before Minority Interest & Discontinued Operations		14,772			4,214
Minority Interest
Minority Interest of Limited Partners		5			143
Minority Interest in CRLP — Preferred		(1,827	)		(1,812	)
Minority Interest in CRLP — Common		(1,785	)		362
Total Minority Interest		(3,607	)		(1,307	)
Income from Continuing Operations		11,165			2,907
Discontinued Operations
Income from Discontinued Operations		4,126			6,322
Gain on Disposal of Discontinued Operations, net of income taxes (benefit) of ($14) in 2008 and $1,528 in 2007		2,913			34,801
Minority Interest in CRLP — Common		(1,231	)		(7,641	)
Minority Interest of Limited Partners		13			(42	)
Income from Discontinued Operations		5,821			33,440
Net Income		16,986			36,347
Dividends to Preferred Shareholders		(2,488	)		(4,491	)
Preferred Share Issuance Costs		(271	)		—
Net Income Available to Common Shareholders	$	14,227		$	31,856
Earnings (Loss) per Share — Basic
Continuing Operations	$	0.18		$	(0.03	)
Discontinued Operations		0.12			0.72
EPS — Basic	$	0.30		$	0.69
Earnings (Loss) per Share — Diluted
Continuing Operations	$	0.18		$	(0.03	)
Discontinued Operations		0.12			0.72
EPS — Diluted	$	0.30		$	0.69

(1) Reflects costs incurred related to abandoned pursuits. Abandoned pursuits are volatile and therefore may vary between periods.

1Q08 -5- NYSE: CLP

FIRST QUARTER FUNDS FROM OPERATIONS (FFO) RECONCILIATION

	Three Months Ended
($in 000s, except per share data)	3/31/2008			3/31/2007
Net Income Available to Common Shareholders	$	14,227		$	31,856
Minority Interest in CRLP (Operating Ptr Unitholders)		3,016			7,279
Minority Interest in Gain/(Loss) on Sale of Undepreciated Property		—			(142	)
Total		17,243			38,993
Adjustments — Consolidated Properties
Depreciation — Real Estate		23,218			34,400
Amortization — Real Estate		366			5,699
Remove: Gain/(Loss) on Sale of Property, net of Income Tax and Minority Interest		(4,844	)		(36,126	)
Include: Gain/(Loss) on Sale of Undepreciated Property, net of Income Tax and Minority Interest (1)		1,925			4,248
Total Adjustments — Consolidated		20,665			8,221
Adjustments — Unconsolidated Properties
Depreciation — Real Estate		5,150			3,682
Amortization — Real Estate		2,358			1,467
Remove: Gain/(Loss) on Sale of Property		(12,298	)		(8,481	)
Total Adjustments — Unconsolidated		(4,790	)		(3,332	)
Funds from Operations	$	33,118		$	43,882
FFO per Share
Basic	$	0.58		$	0.78
Diluted	$	0.58		$	0.78

(1) Amounts recorded during the three months ended March 31, 2008, relate to cost estimates and contingencies resolved for sales transactions recorded during previous periods.

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.

FIRST QUARTER SHARES AND UNITS OUTSTANDING, WEIGHTED

	Three Months Ended
(shares and units in 000s)	3/31/2008		3/31/2007
Basic
Shares		46,853		45,964
Operating Partnership Units (OP Units)		10,015		10,579
Total Shares & OP Units		56,868		56,543
Dilutive Common Share Equivalents		161		—
Diluted (1)
Shares		47,014		45,964
Total Shares & OP Units		57,029		56,543

Notes:

(1) For periods where the Company reported a net loss from continuing operations (after preferred dividends), the effect of dilutive shares has been excluded from per share computations as including such shares would be anti-dilutive.

1Q08 -6- NYSE: CLP

COLONIAL PROPERTIES TRUST
Financial Statements
First Quarter 2008

BALANCE SHEET

	As of			As of
($in 000s)	3/31/2008			12/31/2007
ASSETS
Real Estate Assets
Operating Properties	$	2,565,375		$	2,431,082
Undeveloped Land & Construction in Progress		505,515			531,410
Total Real Estate, before Depreciation		3,070,890			2,962,492
Less: Accumulated Depreciation		(319,143	)		(290,134	)
Real Estate Assets Held for Sale, net		250,512			253,641
Net Real Estate Assets		3,002,259			2,925,999
Cash and Equivalents		32,301			93,033
Restricted Cash		10,165			10,005
Accounts Receivable, net		18,206			25,534
Notes Receivable		29,759			30,756
Prepaid Expenses		11,678			8,845
Deferred Debt and Lease Costs		18,003			15,636
Investment in Unconsolidated Subsidiaries		61,841			69,682
Other Assets		48,504			50,340
Total Assets	$	3,232,716		$	3,229,830
LIABILITIES
Long-Term Liabilities
Unsecured Credit Facility	$	82,000		$	39,316
Notes and Mortgages Payable		1,581,729			1,575,921
Mortages Payable Related to Real Estate Assets Held for Sale		14,309			26,602
Total Long-Term Liabilities		1,678,038			1,641,839
Other Liabilities		114,132			127,663
Total Liabilities		1,792,170			1,769,502
MINORITY INTEREST & EQUITY
Limited Partners’ Interest in Consolidated Partnership		2,120			2,439
Preferred Shares and Units, at Liquidation Value
Series B 7 1/4%, Preferred Units		100,000			100,000
Series D 8 1/8%, Preferred Shares		117,331			125,000
Total Preferred Shares and Units, at Liquidation Value		217,331			225,000
Common Equity, including Minority Interest in Operating Partnership		1,221,095			1,232,889
Total Equity, including Minority Interest		1,440,546			1,460,328
Total Liabilities and Equity	$	3,232,716		$	3,229,830

SHARES & UNITS OUTSTANDING, END OF PERIOD

	As of		As of
(shares and units in 000s)	3/31/2008		12/31/2007
Basic
Shares		47,224		47,216
Operating Partnership Units (OP Units)		9,993		10,053
Total Shares & OP Units		57,217		57,269

1Q08 -7- NYSE: CLP

COLONIAL PROPERTIES TRUST
Multifamily Portfolio Statistics
First Quarter 2008

COMMUNITY PORTFOLIO AT MARCH 31, 2008 (In apartment homes)

	Same		Non Same		Wholly		Joint		Stabilized		Completed in		Total		Current
	Property		Property		Owned		Venture (1)		Operating		Lease-Up		Operating		Developments		Total
Atlanta		3,282		—		3,282		72		3,354		—		3,354		—		3,354
Austin		1,910		—		1,910		140		2,050		—		2,050		662		2,712
Birmingham		1,262		—		1,262		271		1,533		—		1,533		—		1,533
Charleston		1,578		—		1,578		—		1,578		—		1,578		—		1,578
Charlotte		3,268		678		3,946		—		3,946		250		4,196		668		4,864
Dallas		2,710		—		2,710		—		2,710		—		2,710		541		3,251
Fort Worth		2,570		—		2,570		29		2,599		—		2,599		—		2,599
Huntsville		836		—		836		—		836		—		836		—		836
Orlando		2,252		—		2,252		—		2,252		—		2,252		—		2,252
Phoenix		180		772		952		—		952		—		952		—		952
Raleigh		1,714		250		1,964		138		2,102		—		2,102		—		2,102
Richmond		1,699		—		1,699		—		1,699		—		1,699		—		1,699
Savannah		837		312		1,149		—		1,149		—		1,149		288		1,437
Other		4,320		365		4,685		167		4,852		209		5,061		380		5,441
Total Portfolio		28,418		2,377		30,795		817		31,612		459		32,071		2,539		34,610

(1) Joint venture units shown represents the Company’s pro-rata share of total units. There are 4,789 total units at the Company’s partially-owned apartment communities.

FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION (2)							PHYSICAL OCCUPANCY (3)
				Total NOI
	Same Property			Incl. JVs at			Mar 31			Dec 31			Sept 30			Jun 30			Mar 31
	Communities			Pro Rata % (4)			2008			2007			2007			2007			2007
Atlanta		12.9	%		11.9	%		96.3	%		95.7	%		95.0	%		95.9	%		96.7	%
Austin		6.0	%		5.7	%		97.0	%		95.2	%		96.0	%		96.9	%		97.4	%
Birmingham		3.9	%		4.2	%		96.3	%		95.9	%		95.1	%		97.0	%		96.6	%
Charleston		5.7	%		5.2	%		96.0	%		96.7	%		95.8	%		97.1	%		95.9	%
Charlotte		10.1	%		12.2	%		94.2	%		95.2	%		94.1	%		95.0	%		94.8	%
Dallas		7.8	%		7.1	%		96.3	%		96.6	%		95.3	%		95.8	%		96.7	%
Fort Worth		7.7	%		7.1	%		97.2	%		96.8	%		96.5	%		96.7	%		96.5	%
Huntsville		3.1	%		2.8	%		98.1	%		95.1	%		98.2	%		97.4	%		94.1	%
Orlando		10.4	%		9.4	%		97.1	%		96.3	%		97.6	%		98.3	%		97.3	%
Phoenix		1.0	%		3.8	%		95.6	%		96.3	%		85.2	%		81.6	%		87.9	%
Raleigh		6.2	%		6.6	%		96.0	%		96.8	%		94.7	%		95.0	%		94.6	%
Richmond		6.4	%		5.8	%		96.5	%		96.6	%		96.5	%		96.8	%		96.9	%
Savannah		3.1	%		3.8	%		96.3	%		96.8	%		95.5	%		96.1	%		95.9	%
Other		15.7	%		14.7	%		96.3	%		95.2	%		95.4	%		96.3	%		96.5	%
Total Portfolio		100.0	%		100.0	%		96.2	%		96.0	%		95.3	%		95.9	%		96.0	%
Same Property								96.3	%		96.1	%		96.0	%		96.6	%		96.5	%

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

1Q08 -8- NYSE: CLP

COLONIAL PROPERTIES TRUST
Components of Property Net Operating Income and Capitalized Expenditures for Multifamily Portfolio
First Quarter 2008
($ in 000s, except property data and per unit amounts)

COMPONENTS OF PROPERTY NET OPERATING INCOME (1)

	Apartment		Three Months Ended
	Homes		3/31/2008			3/31/2007			Change
Property Revenues
Same Property Communities		28,418	$	69,656		$	67,462		$	2,194
Non-Same Property Communities		2,377		5,733			2,396			3,337
Joint Venture Communities (2)		817		2,011			1,563			448
Development and Lease Up Communities		2,998		719			—			719
Dispositions / Other		—		176			5,068			(4,892	)
Total Property Revenues		34,610	$	78,295		$	76,489		$	1,806
Property Expenses
Same Property Communities		28,418	$	26,763		$	26,115		$	647
Non-Same Property Communities		2,377		2,499			880			1,619
Joint Venture Communities (2)		817		925			744			181
Development and Lease Up Communities		2,998		542			24			518
Dispositions / Other		—		303			3,571			(3,268	)
Total Property Expenses		34,610	$	31,031		$	31,335		$	(303	)
Property Net Operating Income
Same Property Communities		28,418	$	42,894		$	41,347		$	1,547
Non-Same Property Communities		2,377		3,234			1,515			1,718
Joint Venture Communities (2)		817		1,086			819			267
Development and Lease Up Communities		2,998		177			(24	)		201
Dispositions / Other		—		(127	)		1,497			(1,624	)
Total Property Net Operating Income		34,610	$	47,264		$	45,154		$	2,109

(1)	For the GAAP reconciliation of revenues, expenses and NOI, see page 23 and 24.
(2)	Includes the Company’s pro-rata share of apartment homes, revenues, expenses and NOI from partially-owned unconsolidated communities.

CAPITALIZED EXPENDITURES

	Apartment		Three Months Ended
	Homes		3/31/2008		3/31/2007			Change
Capitalized Expenses
Same Property Communities		28,418	$	3,612	$	2,594		$	1,018
Non-Same Property Communities		2,377		382		63			319
Joint Venture Communities		817		114		152			(38	)
Development and Lease Up Communities		2,998		5		(0	)		5
Dispositions / Other		—		234		683			(449	)
Total Property Capitalized Expenses		34,610		4,348		3,491			856
Capitalized Expenses per Unit
Same Property Communities		28,418	$	127	$	91		$	36
Non-Same Property Communities		2,377		161		27			134
Joint Venture Communities		817		140		186			(46	)
Total Per Unit		31,612	$	138	$	110		$	27

1Q08 -9- NYSE: CLP

COLONIAL PROPERTIES TRUST
Multifamily Same Property Quarter Comparisons
First Quarter 2008
($ in 000s, except property data amounts)

REVENUES, EXPENSES & NOI FOR THE THREE MONTHS ENDED MARCH 31, 2008

			Revenues							Expenses							NOI
	1Q08		1Q07		% Chg			1Q08		1Q07		% Chg			1Q08		1Q07		% Chg
Atlanta	$	8,947	$	8,618		3.8	%	$	3,434	$	3,190		7.7	%	$	5,512	$	5,428		1.5	%
Austin		4,597		4,386		4.8	%		2,012		2,093		(3.9	%)		2,585		2,293		12.7	%
Birmingham		2,740		2,674		2.5	%		1,073		1,116		(3.8	%)		1,667		1,558		7.0	%
Charleston		3,849		3,684		4.5	%		1,399		1,317		6.2	%		2,449		2,367		3.5	%
Charlotte		7,213		7,007		2.9	%		2,899		2,716		6.7	%		4,314		4,291		0.6	%
Dallas		6,072		5,747		5.7	%		2,719		2,549		6.7	%		3,353		3,198		4.8	%
Fort Worth		5,965		5,574		7.0	%		2,656		2,583		2.8	%		3,309		2,991		10.6	%
Huntsville		2,043		1,942		5.2	%		715		797		(10.4	%)		1,328		1,145		16.0	%
Orlando		6,844		6,982		(2.0	%)		2,371		2,429		(2.4	%)		4,473		4,553		(1.7	%)
Phoenix		613		617		(0.7	%)		193		198		(2.6	%)		420		419		0.2	%
Raleigh		4,113		3,825		7.5	%		1,452		1,415		2.6	%		2,660		2,410		10.4	%
Richmond		4,197		3,990		5.2	%		1,452		1,435		1.2	%		2,746		2,555		7.5	%
Savannah		2,046		2,114		(3.2	%)		716		739		(3.2	%)		1,331		1,375		(3.2	%)
Other		10,417		10,303		1.1	%		3,671		3,538		3.8	%		6,745		6,765		(0.3	%)
Total Same Property (1)	$	69,656	$	67,462		3.3	%	$	26,763	$	26,115		2.5	%	$	42,894	$	41,347		3.7	%

	Apartment
	Homes		% of NOI			Physical Occupancy									Weighted Average Rental Rate (2)
	Included		Contribution			1Q08			1Q07			% Chg			1Q08		1Q07		% Chg
Atlanta		3,282		12.9	%		96.2	%		96.7	%		(0.5	%)	$	866	$	846		2.3	%
Austin		1,910		6.0	%		97.1	%		97.4	%		(0.3	%)		749		705		6.1	%
Birmingham		1,262		3.9	%		96.0	%		96.8	%		(0.8	%)		712		699		1.8	%
Charleston		1,578		5.7	%		96.0	%		95.9	%		0.1	%		767		743		3.3	%
Charlotte		3,268		10.1	%		94.5	%		95.0	%		(0.5	%)		699		693		0.9	%
Dallas		2,710		7.8	%		96.3	%		96.9	%		(0.6	%)		696		682		2.0	%
Fort Worth		2,570		7.7	%		97.2	%		96.6	%		0.6	%		709		688		3.1	%
Huntsville		836		3.1	%		98.1	%		94.1	%		3.9	%		755		735		2.7	%
Orlando		2,252		10.4	%		97.1	%		97.3	%		(0.2	%)		975		1,001		(2.6	%)
Phoenix		180		1.0	%		95.6	%		95.0	%		0.6	%		1,113		1,156		(3.7	%)
Raleigh		1,714		6.2	%		96.4	%		94.8	%		1.6	%		747		716		4.4	%
Richmond		1,699		6.4	%		96.5	%		96.9	%		(0.4	%)		796		766		3.9	%
Savannah		837		3.1	%		96.4	%		95.9	%		0.5	%		794		819		(3.0	%)
Other		4,320		15.7	%		96.3	%		96.8	%		(0.5	%)		777		770		1.0	%
Total Same Property (1)		28,418		100.0	%		96.3	%		96.5	%		(0.2	%)	$	776	$	763		1.7	%

(1)	Same-property communities are communities which were owned by the Company and stabilzed as of January 1, 2007, as adjusted for dispositions during the year.
(2)	Weighted average rental rates are the Company’s market rental rates after “loss to lease” and concessions, but before vacancy and bad debt. For the GAAP reconciliation of revenues, expenses and NOI, see page 23 and 24.

For the GAAP reconciliation of revenues, expenses and NOI, see page 23 and 24.

1Q08 -10- NYSE: CLP

COLONIAL PROPERTIES TRUST
Multifamily Same Property Sequential Quarter Comparisons
First Quarter 2008
($ in 000s, except property data amounts)

SAME PROPERTY SEQUENTIAL COMPARISON OF REVENUES, EXPENSES & NOI

			Revenues							Expenses							NOI
	1Q08		4Q07		% Chg			1Q08		4Q07		% Chg			1Q08		4Q07		% Chg
Atlanta	$	8,947	$	8,935		0.1	%	$	3,434	$	3,359		2.2	%	$	5,512	$	5,576		(1.1	%)
Austin		4,597		4,554		1.0	%		2,012		1,966		2.4	%		2,585		2,588		(0.1	%)
Birmingham		2,740		2,792		(1.9	%)		1,073		991		8.3	%		1,667		1,802		(7.5	%)
Charleston		3,849		3,851		0.0	%		1,399		1,298		7.8	%		2,449		2,553		(4.1	%)
Charlotte		7,213		7,193		0.3	%		2,899		2,746		5.6	%		4,314		4,447		(3.0	%)
Dallas		6,072		5,905		2.8	%		2,719		2,642		2.9	%		3,353		3,264		2.7	%
Fort Worth		5,965		5,921		0.7	%		2,656		2,494		6.5	%		3,309		3,427		(3.4	%)
Huntsville		2,043		2,116		(3.4	%)		715		651		9.7	%		1,328		1,464		(9.3	%)
Orlando		6,844		6,953		(1.6	%)		2,371		2,334		1.6	%		4,473		4,619		(3.2	%)
Raleigh		4,113		4,065		1.2	%		1,452		1,479		(1.8	%)		2,660		2,585		2.9	%
Richmond		4,197		4,131		1.6	%		1,452		1,383		5.0	%		2,746		2,748		(0.1	%)
Savannah		2,046		2,208		(7.3	%)		716		675		6.0	%		1,331		1,533		(13.2	%)
Other		10,417		10,323		0.9	%		3,671		3,562		3.1	%		6,745		6,761		(0.2	%)
Total Same Property (1)	$	69,656	$	69,566		0.1	%	$	26,763	$	25,799		3.7	%	$	42,894	$	43,767		(2.0	%)

	Apartment
	Homes		% of NOI			Physical Occupancy									Weighted Average Rental Rate (2)
	Included		Contribution			1Q08			4Q07			% Chg			1Q08		4Q07		% Chg
Atlanta		3,282		12.9	%		96.2	%		95.7	%		0.5	%	$	866	$	857		1.0	%
Austin		1,910		6.0	%		97.1	%		95.2	%		1.9	%		749		735		1.9	%
Birmingham		1,262		3.9	%		96.0	%		95.9	%		0.1	%		712		715		(0.4	%)
Charleston		1,578		5.7	%		96.0	%		96.7	%		(0.7	%)		767		770		(0.3	%)
Charlotte		3,268		10.1	%		94.5	%		95.2	%		(0.7	%)		699		692		1.0	%
Dallas		2,710		7.8	%		96.3	%		96.6	%		(0.3	%)		696		690		0.9	%
Fort Worth		2,570		7.7	%		97.2	%		96.8	%		0.4	%		709		701		1.1	%
Huntsville		836		3.1	%		98.1	%		95.1	%		3.0	%		755		756		(0.1	%)
Orlando		2,252		10.4	%		97.1	%		96.3	%		0.8	%		975		975		(0.0	%)
Raleigh		1,714		6.2	%		96.4	%		96.8	%		(0.4	%)		747		741		0.9	%
Richmond		1,699		6.4	%		96.5	%		96.6	%		(0.2	%)		796		790		0.7	%
Savannah		837		3.1	%		96.4	%		96.8	%		(0.4	%)		794		800		(0.7	%)
Other		4,320		15.7	%		96.3	%		95.2	%		1.1	%		777		786		(1.2	%)
Total Same Property (1)		28,418		100.0	%		96.3	%		96.1	%		0.2	%	$	776	$	773		0.4	%

(1)	Same-property communities are communities which were owned by the Company and stabilzed as of January 1, 2007, as adjusted for dispositions during the year.
(2)	Weighted average rental rates are the Company’s market rental rates after “loss to lease” and concessions, but before vacancy and bad debt.

1Q08 -11- NYSE: CLP

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

Joint Venture Operations

	Three Months Ended
	03/31/2008			03/31/2007
OPERATING DATA (1)
Property Revenues
Rental revenues	$	19,777		$	13,411
Other property revenues		937			690
Total property revenues		20,714			14,101
Property Expenses
Property operating and maintenance		5,189			3,618
Taxes, license and insurance		2,474			1,853
Total property expenses		7,663			5,471
Net Operating Income (NOI)		13,051			8,630
Other Income (Expenses)
Interest, net		(7,997	)		(5,380	)
Depreciation and amortization (2)		(7,683	)		(5,251	)
Other		600			334
Total other expenses		(15,080	)		(10,297	)
Gain on sale of properties, net		12,298			8,481
Equity in income of joint ventures	$	10,269		$	6,814

	As of
	03/31/2008		12/31/2007
BALANCE SHEET DATA (3)
Real estate assets, net	$	3,336,088	$	3,741,517
Other assets, net		324,196		350,939
Total assets	$	3,660,284	$	4,092,456
Notes payable	$	2,765,201	$	3,168,494
Notes payable to Colonial		23,268		23,390
Other liabilities		146,391		91,766
Total liabilities		2,934,859		3,283,650
Member’s equity		725,425		808,806
Total liabilities and member’s equity	$	3,660,284	$	4,092,456
Colonial’s equity investment (4)	$	61,841	$	69,682
Colonial’s pro-rata share of debt	$	500,940	$	544,208

(1)	Operating data represents the Company’s pro-rata share of revenues, expenses and NOI.
(2)	Includes amortization of excess basis differences for certain joint ventures.
(3)	Balance sheet data reported at 100%.
(4)	Includes distributions in excess of investment balance for certain joint ventures.

1Q08 -12- NYSE: CLP

COLONIAL PROPERTIES TRUST
Investments in Real Estate Joint Ventures
As of March 31, 2008
(in thousands)

					Gross										Weighted			Average
			Total		Investment		Construction			Mortgages		Weighted			Average			Remaining
	Number of		Units/		in Real		in			and Notes		Ownership			Interest			Term		% Fixed			% Variable
Venture	Properties		GLA		Estate (1)		Progress			Payable		Interest			Rate			(in months)		Rate			Rate
MULTIFAMILY
CMS		5		1,548	$	117,748	$	—		$	100,756		20	%		5.38	%		48		69.00	%		31.00	%
DRA		6		2,034		143,366		—			95,401		15	%		4.85	%		19		100.00	%		—
Development		3		888		31,590		42,755			22,519		30	%		4.05	%		23		—			100.00	%
Other		4		1,207		107,578		5,679			74,199		16	%		5.48	%		66		100.00	%		—
Total Multifamily		18		5,677	$	400,282	$	48,434		$	292,875
OFFICE
DRA/CRT (2)		18		8,529		1,307,474		11,137			993,189		15	%		5.08	%		24		65.82	%		34.18	%
DRA/CLP (3)		18		5,235		933,560		7			741,907		15	%		5.61	%		75		100.00	%		—
UBS/CLP Mansell		2		689		141,912		8,107			92,690		15	%		6.15	%		100		100.00	%		—
Huntsville TIC (4)		9		1,702		222,451		—			107,540		33	%		6.47	%		116		100.00	%		—
Other		1		30		2,819		—			1,097		33	%		8.10	%		82		100.00	%		—
Total Office		48		16,185	$	2,608,217	$	19,251		$	1,936,423
RETAIL
OZRE (5)		11		2,911		362,525		5			284,000		15	%		6.31	%		76		100.00	%		—
Craft Farms		1		345		53,802		—			43,000		15	%		4.20	%		4		—			100.00	%
Parkway Place		1		636		90,059		—			58,436		45	%		3.70	%		14		—			100.00	%
Turkey Creek		1		486		79,562		(10	)		65,000		50	%		6.03	%		101		100.00	%		—
Other		5		1,203		81,860		41,013			85,467		20	%		5.32	%		44		20.17	%		79.83	%
Total Retail		19		5,581	$	667,808	$	41,009		$	535,903
		85			$	3,676,306	$	108,693		$	2,765,201

(1)	Represents gross investment in real estate at 100% (excluding depreciation).
(2)	As of March 31, 2008, this joint venture included 18 office properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Rockville, Maryland; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas.
(3)	As of March 31, 2008, this joint venture included 16 office properties and 2 retail properties located in Birmingham, Alabama; Orlando and Tampa, Florida; Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas.
(4)	During the three months ended March 31, 2008, the Company disposed of a portion of its interest in this joint venture through a series of three transactions. Effectively, the Company’s interest was reduced from 40% to 33.3%.
(5)	As of March 31, 2008, this joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas.

For a detailed schedule of partially-owned unconsolidated assets, see page 32.

1Q08 -13- NYSE: CLP

COLONIAL PROPERTIES TRUST
Operating Joint Venture Income Summary
Three Months Ended March 31, 2008
(in thousands)

																					Colonial
																					Share of
	Total		Operating		Net Operating			Interest		Other Income			Gain (Loss)			Depreciation &		Net Income			Net Income
Venture	Revenues		Expenses		Income			Expense		(Expenses)			on Sale			Amortization		(Loss)			(Loss) (1)
MULTIFAMILY
CMS	$	3,827	$	1,864	$	1,963		$	1,247	$	(8	)	$	—		$	1,276	$	(567	)	$	(124	)
DRA		4,617		2,096		2,521			1,264		33			—			—		1,291			206
Development		134		262		(128	)		82		(7	)		6,501			116		6,168			(96	)
Other		4,285		2,007		2,278			1,792		8			10,001			1,239		9,256			(60	)
Total Multifamily	$	12,863	$	6,229	$	6,634		$	4,385	$	26		$	16,502		$	2,631	$	16,148		$	(73	)
OFFICE
DRA/CRT (2)		42,495		16,867		25,628			13,818		(360	)		—			16,118		(4,668	)		(530	)
DRA/CLP (3)		28,397		11,322		17,075			10,577		297			—			11,155		(4,360	)		(96	)
UBS/CLP Mansell		3,895		1,252		2,643			1,426		7			(3	)		2,268		(1,046	)		(101	)
Huntsville TIC (4)		5,762		1,860		3,902			3,247		26			—			3,300		(2,619	)		(791	)
Other		162		65		98			23		—			—			14		60			28
Total Office	$	80,711	$	31,365	$	49,346		$	29,091	$	(31	)	$	(3	)	$	32,854	$	(12,633	)	$	(1,491	)
RETAIL
GPT (5)		8,191		3,041		5,150			3,076		(318	)		—			3,508		(1,752	)		11,977
OZRE (6)		8,583		2,276		6,307			4,565		34			—			4,270		(2,493	)		(38	)
Craft Farms		1,200		505		695			660		57			—			345		(253	)		(142	)
Parkway Place		2,732		827		1,905			1,090		—			—			1,067		(253	)		(111	)
Turkey Creek		2,530		607		1,923			994		6			—			888		46			59
Other		2,186		487		1,698			867		(17	)		19			484		349			88
Total Retail	$	25,422	$	7,743	$	17,679		$	11,253	$	(238	)	$	19		$	10,562	$	(4,356	)	$	11,833
	$	118,995	$	45,337	$	73,658		$	44,728	$	(242	)	$	16,518		$	46,047	$	(841	)	$	10,269

Results of operations presented represents 100% of the operations for the properties in these joint ventures.

For a detailed schedule of partially-owned unconsolidated assets, see page 32.

(1)	Includes amortization or release of excess basis differences and management fee eliminations for certain joint ventures.
(2)	As of March 31, 2008, this joint venture included 18 office properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Rockville, Maryland; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas. Net income includes gains on Las Olas Centre, located in Ft. Lauderdale, Florida, which was sold during the third quarter of 2007.
(3)	As of March 31, 2008, this joint venture included 16 office properties and 2 retail properties located in Birmingham, Alabama; Orlando and Tampa, Florida; Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas.
(4)	During the three months ended March 31, 2008, the Company disposed of a portion of its interest in this joint venture through a series of three transactions. Effectively, the Company’s interest was reduced from 40% to 33.3%.
(5)	This joint venture included 6 retail properties located in Auburn and Mobile, Alabama; Brunswick and Valdosta, Georgia; Greenville, North Carolina and Myrtle Beach, South Carolina. The Company sold its interest in this joint venture in February 2008 and recognized a gain of approximately $12.2 million.
(6)	As of March 31, 2008, this joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas.

1Q08 -14- NYSE: CLP

COLONIAL PROPERTIES TRUST
Joint Venture Operational Statistics
First Quarter 2008

	As of
	03/31/2008		03/31/2007
Base rent per square foot — Straight-line
Office
Consolidated	$	28.48		n/a
Unconsolidated		18.45		18.32
Retail
Consolidated	$	15.54	$	11.06
Unconsolidated		17.09		16.82
Base rent per square foot — Cash
Office
Consolidated	$	20.96		n/a
Unconsolidated		17.95		17.52
Retail
Consolidated	$	15.34	$	10.99
Unconsolidated		16.89		16.48

	As of
	03/31/2008		03/31/2007
Square Feet (in 000’s)
Office
Consolidated		169		6,644
Unconsolidated (1)		2,786		1,464
Retail
Consolidated		674		6,259
Unconsolidated (1)		897		717

(1) Square footage includes the Company’s weighted square-footage for partially-owned unconsolidated properties based on the Company’s ownership percentage. See the Appendix for additional detail.

OFFICE LEASE EXPIRATION SCHEDULE

	Total Assets at 100%										Total Assets at Pro Rata Share
			% of Leased					% of					% of Leased					% of
(SF & $ in 000s)	SF		SF			Rent		Total			SF		SF			Rent		Total
2008		1,530		11	%	$	28,438		10	%		221		10	%	$	4,158		10	%
2009		1,816		12	%		32,771		12	%		266		12	%		4,818		11	%
2010		1,711		12	%		30,842		11	%		243		11	%		4,430		11	%
2011		1,994		14	%		38,232		14	%		289		13	%		5,577		13	%
2012		2,546		17	%		51,222		19	%		374		17	%		7,554		18	%
2013+		4,968		34	%		89,399		34	%		847		37	%		15,596		37	%
Total Leased SF		14,565				$	270,903					2,240				$	42,134

RETAIL LEASE EXPIRATION SCHEDULE

	Total Assets at 100%										Total Assets at Pro Rata Share
			% of Leased					% of					% of Leased					% of
(SF & $ in 000s)	SF		SF			Rent		Total			SF		SF			Rent		Total
2008		247		6	%	$	3,355		5	%		149		11	%	$	1,464		7	%
2009		182		4	%		3,329		5	%		56		4	%		1,103		5	%
2010		435		10	%		5,796		9	%		78		6	%		1,182		6	%
2011		420		10	%		7,158		12	%		116		8	%		2,593		12	%
2012		557		13	%		8,568		14	%		189		13	%		3,491		16	%
2013+		2,508		57	%		33,757		55	%		830		58	%		11,591		54	%
Total Leased SF		4,349				$	61,963					1,418				$	21,424

OFFICE CAPITAL EXPENDITURES

	Three Months Ended
	3/31/2008			3/31/2007
Capital Expenditures ($ in 000s)
Regular Maintenance	$	180		$	1,265
Tenant Improvements		579			1,112
Leasing Commissions		248			839
Admin — Division		11			—
Total	$	1,018		$	3,216
Less: Unconsolidated Assets		(1,007	)		(578	)
Total — Consolidated Assets	$	11		$	2,638

RETAIL CAPITAL EXPENDITURES

	Three Months Ended
	3/31/2008			3/31/2007
Capital Expenditures ($ in 000s)
Regular Maintenance	$	62		$	350
Revenue— Enhancing		17			201
Tenant Improvements		193			1,377
Leasing Commissions		61			702
Admin — Division		56			14
Total w/o Acquisition-Related	$	389		$	2,644
Less: Unconsolidated Assets		(223	)		(354	)
Total — Consolidated Assets	$	166		$	2,290

1Q08 -15- NYSE: CLP

COLONIAL PROPERTIES TRUST
Development and For-Sale Residential Activities

CONDOMINIUM CONVERSION, FOR-SALE RESIDENTIAL AND DEVELOPMENT SALES

For the three months ended March 31, 2008, continuing operations includes gains on condominium conversion, for-sale residential and development sales (before minority interest and income taxes) of $1.7 million. For the three months ended March 31, 2008, there are no gains on condominium conversion, for-sale residential and development sales in discontinued operations. A summary of revenues and costs of these activities for the three months ended March 31, 2008 and 2007 are as follows:

	Three Months Ended
($ in 000s)	3/31/2008			3/31/2007
Condominium conversion revenues, net	$	—		$	34,079
Condominium conversion costs		—			(30,077	)
Gains (losses) on condominium conversion sales, before minority interest and income taxes		—			4,002
For-sale residential revenues, net		2,776			9,259
For-sale residential costs		(2,743	)		(7,017	)
Gains (losses) on for-sale residential sales, before minority interest and income taxes		33			2,242
Development revenues, net		—			—
Development costs (1)		1,693			—
Gains on development sales, before minority interest and income taxes		1,693			—
Minority interest		—			142
Provision for income taxes		(140	)		(2,275	)
Gains on condominium conversions, for-sale residential sales and developments, net of minority interest and income taxes (2)	$	1,586		$	4,111

	Three Months Ended
	3/31/2008		3/31/2007
Condominium Conversion Projects Status
Units Closed in prior periods		1,197		935
Units Closed in current period		—		179
Contracted (3)		2		99
Available Units (4)		28		237
Total Units		1,227		1,450
For-Sale Residential Projects Status
Units Closed in prior periods		165		54
Units Closed in current period		12		46
Contracted (3)		86		232
Available Units / Lots (4)		511		1,410
Total Units		774		1,742

Notes:
(1)	Amounts recorded during the three months ended March 31, 2008, relate to cost estimates and contingencies resolved for sales transactions recorded during previous periods.
(2)	The Company recognizes incremental gains on condominium sales in FFO, net of provision for income taxes, to the extent that net sales proceeds, less costs of sales, from the sale of condominium units exceeds the greater of their fair value or net book value as of the date the property is acquired by the Company’s taxable REIT subsidiary.
(3)	Units under contract are stated as of the end of the quarter. There can be no assurance that condominium units under contract will close.
(4)	The Company is leasing the remaining units at two of its previous condominium conversion projects and also at two of its previous for-sale residential projects.

Condominium Conversions

				Average Price
				Units of					Under		Remaining
Project (2)	Location	Units		closed		Projected Sell Out	Units Closed		Contract (1)		Units
Azur at Metrowest (4)	Orlando, FL		311	$	158,691	4Q08 - 1Q09		291		—		20
Capri at Hunter’s Creek (4)	Orlando, FL		250		195,543	4Q08 - 1Q09		240		2		8
			561					531		2		28
Residential For-Sale Development
				Average Price
				Units of					Under		Remaining
Project (2)	Location	Units		closed		Projected Sell Out	Units Closed		Contract (1)		Units
Regatta at James Island (4)	Charleston, SC		212	$	191,382	3Q09 - 1Q10		133		9		70
Grander (3)(4)	Gulf Shores, AL		26		731,250	1Q10 - 3Q10		12		—		14
Cypress Village (lots) (3)	Gulf Shores, AL		188		200,000	2Q13 - 2Q14		5		—		183
Spanish Oaks (lots) (5)	Mobile, AL		200		62,715	1Q15 - 2Q17		14		—		186
Southgate on Fairview (3)(4)	Charlotte, NC		47		321,553	4Q08 - 2Q09		13		3		31
Colonial Traditions at Gulf Shores (4)(5)	Gulf Shores, AL		—		—	1Q11 - 1Q12		—		—		—
Metropolitan Midtown	Charlotte, NC		101		—	1Q09 - 3Q09		—		74		27
			774					177		86		511

Notes:
(1)	Units under contract are stated as of the end of the quarter. There can be no assurance that condominium units under contract will close.
(2)	In addition to the above projects, the Company has a 40% investment in Regents Park, a for-sale residential development property that will consist of 23 townhomes. As of March 31, 2008, there were six townhomes that had closed and one townhome under contract. The average price per townhome is expected to be approximately $2.1 million. See Unconsolidated Partnerships Summary on page 32.
(3)	During the third quarter of 2007, the Company recorded a $43.3 million non-cash impairment charge ($26.8 million net of income tax) associated with these projects as a result of the deterioration in the single family housing market and dislocation in the mortgage markets.
(4)	This project is classified as Held for Sale on the Company’s Consolidated Balance Sheet.
(5)	This project will include the sale of undeveloped parcels.

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

1Q08 -16- NYSE: CLP

COLONIAL PROPERTIES TRUST
Current Development Pipeline
($ in MMs)

																Development Costs
				Units / SF-in 000s						Start		Compl.		Stab.		Total		Thru
	Location			Total		Deliv’d		Leased		Date		Date		Date		Cost		Q108			After
Multifamily
Enclave (1)(2)(3)	Charlotte, NC				84		—		—		1Q06		2Q08		3Q08	$	26.2	$	23.8		$	2.4
CG at Ayrsley	Charlotte, NC				368		225		164		3Q06		3Q08		1Q09		34.9		31.1			3.8
CG at Onion Creek	Austin, TX				300		—		—		1Q07		4Q08		2Q09		31.8		21.6			10.2
CV at Godley Lake	Savannah, GA				288		24		—		3Q07		4Q08		2Q09		26.2		17.1			9.1
CV at Matthews Commons	Charlotte, NC				216		—		—		4Q07		4Q08		2Q09		21.1		5.1			16.0
CG at Desert Vista	Las Vegas, NV				380		—		—		1Q08		3Q09		2Q10		52.0		18.4			33.6
CG at Ashton Oaks	Austin, TX				362		—		—		1Q08		2Q09		4Q09		34.3		8.2			26.1
																	226.5		125.3			101.2
Commercial
Office
Colonial Center TownPark 400*	Orlando, FL				176		—		38		2Q07		2Q08		2Q09		31.3		19.4			11.9
Metropolitan * (4)	Charlotte, NC				162		—		131		3Q06		2Q08		1Q09		39.5		30.5			9.0
Retail
Colonial Promenade Fultondale	Birmingham, AL				234		—		228		2Q06		2Q08		3Q08		23.0		20.3			2.7
Colonial Promenade Tannehill	Birmingham, AL				347		—		260		1Q07		4Q08		1Q09		49.5		28.9			20.6
Metropolitan * (4)	Charlotte, NC				189		—		100		3Q06		2Q09		4Q09		48.7		33.5			15.2
																	192.0		132.6			59.4
For Sale Projects
Metropolitan * (4)	Charlotte, NC				101		—		—		3Q06		3Q09				43.1		29.0			14.1
																	43.1		29.0			14.1
						Total Active Development Projects										$	461.6	$	286.9		$	174.7
Residential Lots for Sale
Cypress Village (lots)(1)(3)	Gulf Shores, AL				236		236		—		1Q06		2Q14				21.6		18.8			2.8
Spanish Oaks (lots)	Mobile, AL				200		59		15		1Q06		3Q11				17.6		15.6			2.0
																	39.2		34.4			4.8
						Future Development Projects (see page 20)													200.4
						Less assets transferred to operating assets													(16.2	)
						Total Properties Under Development (per Balance Sheet)												$	505.5
Unconsolidated Projects (5)
Regents Park (For-Sale) (1)(3)(6)	Atlanta, GA				23		23		—		1Q06		3Q09			$	18.9	$	17.5		$	1.3
Colonial Promenade Smyrna * (7)	Nashville, TN				148		—		138		1Q07		3Q08		4Q08		17.4		16.2			1.2
Colonial Pinnacle Turkey Creek III (8)	Knoxville, TN				167		—		60		1Q08		3Q09		3Q09		14.7		3.6			11.1
CG at McKinney (9)	Dallas, TX				541		—		—		2Q08		1Q10		1Q11		14.6		1.5			13.1
																$	65.6	$	38.8		$	26.7
Target Development Yield Ranges:
Multifamily:		7.0-8.5	%
Office:		8.5-11.0	%
Retail:		8.5-11.0	%

*	These projects are part of a mixed-use development.
Notes:
(1)	During 2007, the Company recorded a non-cash impairment charge associated with these projects as a result of the deterioration in the single family housing market.
(2)	Enclave, formerly a for-sale residential project, is now being developed as a multifamily apartment community.
(3)	Total costs and Project costs to date are net of the impairment charge recorded during 2007. See Note 1.
(4)	Development costs are net of economic grant proceeds of approximately $12.6 million (present value) to be received after property is put into service.
(5)	Units and square feet for unconsolidated projects are presented at 100%.
(6)	Development costs represent 40% of total development costs, as the Company is a 40% partner in this project.
(7)	Development costs represent 50% of total development costs, as the Company is a 50% partner in this project.
(8)	Development costs represent 50% of total development costs, as the Company is a 50% partner in this project.
(9)	Development costs represent 25% of total development costs, as the Company is a 25% partner in this project.

1Q08 -17- NYSE: CLP

COLONIAL PROPERTIES TRUST
Future Development Pipeline
($ in MMs)

		Units/		Cost to
	Location	SF-in 000s		Date
Multifamily
CG at Thunderbird	Phoenix, AZ		244	$	7.8
CG at Sweetwater	Phoenix, AZ		195		6.9
CG at Azure	Las Vegas, NV		188		7.1
CG at Cityway	Austin, TX		376		4.6
CG at Wakefield	Raleigh, NC		365		5.7
CG at South End	Charlotte, NC		344		10.6
CG at Hampton Preserve	Tampa, FL		486		12.2
CG at Randal Park (1)	Orlando, FL		600		12.3
					67.2
Commercial
Retail
Colonial Pinnacle Craft Farms II (1)	Gulf Shores, AL		75		1.5
Colonial Promenade Huntsville	Huntsville, AL		90		8.7
					10.2
Future Development Projects				$	77.4
Undeveloped Land & Other Pre-development costs					123.0
Total Future Development Projects				$	200.4

(1) These projects are part of a mixed-use development.

ASSETS HELD FOR SALE

	Total
	Cost
Multifamily assets	$	193.2
Office assets		—
Retail assets		—
For-Sale Residential		57.3
Total Assets Held For Sale (per Balance Sheet)	$	250.5

1Q08 -18- NYSE: CLP

COLONIAL PROPERTIES TRUST
Property Acquisitions and Dispositions
($ in MMs)

SIGNIFICANT PROPERTY ACQUISITIONS

Purch

1st Yr

Cap

Location

Date

Units/SF

Price

Invest

Rate

Remarks

(SF-000s)

($ mm)

(1)

(2)

Multifamily

Colonial Village at Matthews

Charlotte, NC

Jan-08

270

$

18.4

$

19.0

6.1

%

remaining 75% interest

SIGNIFICANT PROPERTY DISPOSITIONS

					Sales		Cap
	Location	Date	Units/SF		Price		Rate			Remarks
			(SF-000s)		($ mm)		(3)
Multifamily
Fairmont at Fossil Creek	Fort Worth, TX	Jan-08		240	$	3.2		5.4	%	15% ownership interest
Auberry at Twin Creeks	Dallas, TX	Jan-08		216		3.2		5.6	%	15% ownership interest
Arbors at Windsor Lake	Columbia, SC	Jan-08		228		1.4		6.4	%	10% ownership interest
Park Crossing	Fairfield, CA	Feb-08		200		3.4		5.7	%	10% ownership interest
Total — Multifamily						11.2
Office
250 Commerce Center	Montgomery, AL	Feb-08		37.0		3.1		10.1	%
Retail
GPT	Multiple Cities	Feb-08		3,876.0		38.3		8.0	%	10% ownership interest
	Total				$	52.6

Notes:
(1)	First year investment includes the first year capital expenditures and closing costs which are included for purposes of underwriting the acquisition.
(2)	Projected GAAP property NOI divided by the projected first year investment price.
(3)	Represents market cap rate which includes industry standard management fees and capital reserves.

1Q08 -19- NYSE: CLP

COLONIAL PROPERTIES TRUST
Debt Summary
As of March 31, 2008
($ in 000s)

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	$	82,000		5	%		3.5	%		4.2	$	82,000		4	%		3.5	%		4.2
Unsecured Other		1,490,863		89	%		5.8	%		5.5		1,490,863		68	%		5.8	%		5.5
Secured		105,175		6	%		5.4	%		8.8		606,115		28	%		5.4	%		5.4
Total Debt	$	1,678,038		100	%		5.6	%		5.6	$	2,178,978		100	%		5.6	%		5.4
Fixed/Floating
Fixed Rate Debt	$	1,581,494		94	%		5.8	%		5.8	$	1,958,177		90	%		5.8	%		5.8
Floating Rate Debt — Capped		—		—			—			—		39,630		2	%		4.5	%		0.8
Floating Rate Debt		96,544		6	%		3.6	%		3.6		181,171		8	%		3.8	%		2.5
Total Debt	$	1,678,038		100	%		5.6	%		5.7	$	2,178,978		100	%		5.6	%		5.4

PRINCIPAL DEBT AMORTIZATION SCHEDULE
($ in MMs)

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

Weighted Average Interest
Rate on Maturing Debt
(excluding line of credit)

2008	4.71	%
2009	4.41	%
2010	5.52	%
2011	4.88	%
2012	6.81	%
2013	6.11	%
2014	6.10	%
2015	5.49	%
Thereafter	6.03	%
Total	5.78	%

LINE OF CREDIT

	12/31/07		03/31/08		Interest Rate			Due
Floating	$	39,316	$	82,000		3.50	%		06/15/12
Competitive Bid Option — Floating		—		—		—			06/15/12
Total Outstanding on LOC	$	39,316	$	82,000		3.50	%

Notes:

• On January 8, 2008, the Company increased its borrowing capacity to $675MM, which includes a $337.5MM Competitive Bid Option, by exercising the accordion feature under its existing LOC.

• In addition to the $675MM LOC, Wachovia has provided a $40MM Cash Management Line.

• 20 Banks participate in the LOC, co-led by Wachovia and Bank of America.

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

• At BBB-/Baa3: the interest rate is LIBOR + 75 bps, and the facility fee is 17.5 bps.

• 5-Year facility through June 2012.

1Q08 -20- NYSE: CLP

COLONIAL PROPERTIES TRUST
Debt Summary
As of March 31, 2008
($ in 000s)

PUBLIC RATINGS

			Rating
			Senior Unsecured	Preferred
Fitch Ratings	Sean Pattap	212-908-0642	BBB-	BB+
Moody’s Investor Services	Karen Nickerson	212-553-4924	Baa3	Ba1
Standard & Poor’s	Lisa Wright	212-438-3121	BBB-	BB+

COVERAGE RATIOS

	1Q07		YTD ’07		1Q08		YTD ’08
SEC Coverage Ratios (SEC Reg. S-K, Item 503)
Earnings to Fixed Charges (1)		0.8		0.8		0.9		0.9
Earnings to Fixed Charges & Preferred Share Distributions (1)		0.7		0.7		0.8		0.8
Supplemental Coverage Ratios
Interest Coverage (2)		2.5		2.5		2.3		2.3
Fixed Charge Coverage (3)		2.0		2.0		2.0		2.0
Fixed Charge w/ Cap Int (4)		1.8		1.8		1.6		1.6

See page 28 for a Reconciliation of SEC Coverage Ratios and a Reconciliation of Supplemental Coverage Ratios.

Coverage ratios as calculated by the Company may not be comparable to similarly titled measures used by other companies. Investors are cautioned that these measures should not be taken alone to determine a Company’s financial status.

Notes:
(1)	The deficiency of the ratio of earnings to fixed charges for the periods presented above is primarily due to the classification of operations for assets held for sale and sold as discontinued operations.
(2)	EBITDA/Interest Expense, including unconsolidated partnerships and joint ventures. The Company believes this ratio is useful as an additional measure of the Company’s ability to service debt. Additionally, management uses this ratio to make balance sheet management decisions.
(3)	EBITDA/Interest Exp + Pfd Dividends+Debt Prin Repayments, including unconsolidated partnerships and joint ventures. The Company believes this ratio is useful as an additional measure of the Company’ s ability to service debt. Additionally, management uses this ratio to make balance sheet management decisions.
(4)	EBITDA/Interest Exp+Capitalized Interest+Pfd Div+Debt Prin Repayments, including unconsolidated partnerships and joint ventures. The Company believes this ratio is useful as an additional measure of the Company’ s ability to service debt. Additionally, management uses this ratio to make balance sheet management decisions.

FINANCIAL COVENANTS AND PUBLIC DEBT

	1Q07			2Q07			3Q07			4Q07			1Q08			2Q08	3Q08	4Q08
Consolidated Debt to Total Assets cannot exceed 60%		52.0	%		54.8	%		53.5	%		53.4	%		53.1	%
Secured Debt to Total Assets cannot exceed 40%		15.8	%		13.5	%		13.9	%		14.8	%		14.7	%
Total Unencumbered Assets to Unsecured Debt must be at least 150%		192.3	%		199.3	%		208.8	%		207.9	%		206.6	%
Consolidated Income Available for Debt Service Charges must be at least 1.50/1		2.7x			2.6x			2.6x			2.3x			2.4x
TOTAL MARKET CAPITALIZATION
Consolidated Debt	$	2,311,734		$	1,851,464		$	1,629,502		$	1,641,839		$	1,678,038
Unconsolidated Debt		342,714			461,042			492,432			544,208			500,940
Total Debt		2,654,448			2,312,506			2,121,934			2,186,047			2,178,978
Preferred Stock
7.25% Series B (Units)		100,000			100,000			100,000			100,000			100,000
8.125% Series D		125,000			125,000			125,000			125,000			117,326
7.62% Series E		104,761			—			—			—			—
Total Preferred Stock		329,761			225,000			225,000			225,000			217,326
Market Equity (Shares & Units)		2,602,505			2,068,866			1,961,823			1,295,997			1,376,069
Total Market Capitalization	$	5,586,714		$	4,606,372		$	4,308,757		$	3,707,044		$	3,772,373
Debt / Total Market Capitalization		47.5	%		50.2	%		49.2	%		59.0	%		57.8	%

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

TOTAL MARKET CAPITALIZATION (W/ SUB): CURRENT QTR

1Q08 -21- NYSE: CLP

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

SUPPLEMENTAL DATA

	Q108			Q107
Consolidated
FFO Gains/(Losses) (net of income taxes & minority interest):
Condo Conversions	$	19		$	2,668
For-Sale Residential		46			1,443
Development (1)		1,521			—
Land / Outparcel Sales		339			137
Totals		1,925			4,248
3rd Party Mgt & Leasing Fee Revenue		5,299			3,243
Straight Line Rents		34			1,567
Percentage Rents		108			248
Lease Terminations		(7	)		12
Interest Expense		17,479			27,904
Interest Income		791			2,133
Capitalized Interest		6,336			6,245
Debt — Principal Amortization		199			1,588
Preferred Dividend Payments		4,315			6,304
Preferred Share Issuance Costs		271			—
Amortization of Deferred Financing Costs		1,188			1,657
Amortization of Stock Compensation		1,304			1,445
Unconsolidated (2)
Straight Line Rents		502			365
Interest Expense		7,941			5,239
Debt — Principal Reductions		94			140
Amortization of Deferred Financing Costs		149			169

Notes:
(1)	Amounts recorded during the three months ended March 31, 2008, relate to cost estimates and contingencies resolved for sales transactions recorded during previous periods.
(2)	The unconsolidated revenue and expense data are comprised of the Company’s percentage of the applicable line item, which is calculated in accordance with GAAP, for its unconsolidated partnerships and joint ventures. The Company believes this unconsolidated data is useful to investors in measuring the Company’s rights to cash flows and debt obligations related to the Company’s unconsolidated partnerships and joint ventures. The Company manages or leases each of its unconsolidated assets. Incorporating unconsolidated data also provides investors with management’s view of evaluating current operating performance and trends.

INVESTMENT ACTIVITY

	Q108			Q107
Acquisition of Properties
Multifamily	$	18,375		$	123,591
Office		—			—
Retail		—			—
Acquisitions		18,375			123,591
Other Assets & Debt Assumed		(14,700	)		—
Less: Unconsolidated Assets		—			(6,293	)
Acq, net — Consolidated Assets	$	3,675		$	117,298
Development Expenditures
Multifamily		30,993			16,457
Office		5,088			11,817
Retail		16,272			21,254
For-Sale / Other		34,893			41,673
Total, incl subs		87,246			91,201
Less: Infrastructure Reimbursement from City/County		—			(6,788	)
Less: Unconsolidated /Other (1)		(5,107	)		(6,883	)
Development, Consol. Assets	$	82,139		$	77,530
(1) Includes items reclassified to other cash flow investing activites.
Proceeds from Sales of Properties, Net of Selling Costs
Multifamily	$	11,220		$	156,386
Office		6,450			14,061
Retail		7,021			12,503
For Sale / Projects		4,481			42,410
Land and other		2,228			1,358
Total, incl subs		31,400			226,718
Selling Costs		(636	)		(11,566	)
Outparcels/Land		(2,228	)		(1,358	)
Less: Unconsolidated — net		(22,096	)		(29,061	)
Sales, Net — Consolidated Assets	$	6,440		$	184,733

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.

1Q08 -22- NYSE: CLP

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

RECONCILIATION OF REVENUES

	Q108			Q107
Divisional Total Revenues
Multifamily — Same Property	$	69,656		$	67,462
Multifamily — Non-Same Property		8,639			9,027
Office		14,614			38,026
Retail		8,710			25,301
Total Divisional Revenues		101,619			139,816
Less: Unconsolidated Revenues — Mfam		(2,218	)		(2,572	)
Less: Unconsolidated Revenues — Off		(13,147	)		(7,827	)
Less: Unconsolidated Revenues — Rtl		(5,338	)		(3,669	)
Discontinued Operations		(7,416	)		(19,008	)
Construction Revenues		7,879			12,785
Unallocated Corporate Rev		5,299			3,243
Cons. Rev, adj -’08 Disc Ops		86,678			122,768
Add: Add’l Disc Ops Rev, post filing		—			8,479
Total Consol. Rev, per 10-Q / K	$	86,678		$	131,247

RECONCILIATION OF EXPENSES

	Q108			Q107
Divisional Total Expenses
Multifamily — Same Property	$	26,763		$	26,115
Multifamily — Non-Same Property		4,268			5,228
Office		4,962			12,832
Retail		2,757			7,442
Total Divisional Expenses		38,750			51,617
Less: Unconsolidated Expenses — Mfam		(1,087	)		(1,505	)
Less: Unconsolidated Expenses — Off		(4,626	)		(2,988	)
Less: Unconsolidated Expenses — Rtl		(1,552	)		(1,143	)
Discontinued Operations		(3,063	)		(7,863	)
Other Expense		177			121
Total Property Operating Exp		28,599			38,239
Construction Expenses		7,266			12,371
Property Management Exp		2,241			3,490
General & Administrative Exp		5,780			5,978
Management Fee and Other Exp		3,685			2,943
Investment and Development (1)		769			138
Depreciation		23,691			32,109
Amortization		771			5,725
Cons. Exp, adj -’08 Disc Ops		72,802			100,993
Add: Add’l Disc Ops Exp,post filing		—			5,694
Total Consol. Exp, per 10-Q / K	$	72,802		$	106,687

Notes on following page.

1Q08 -23- NYSE: CLP

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

RECONCILIATION OF NOI

	Q108			Q107
Divisional Total NOI
Multifamily — Same Property	$	42,893		$	41,347
Multifamily — Non-Same Property		4,371			3,799
Office		9,652			25,194
Retail		5,953			17,859
Total Divisional NOI		62,869			88,199
Less: Unconsolidated NOI — Mfam		(1,131	)		(1,067	)
Less: Unconsolidated NOI — Off		(8,521	)		(4,839	)
Less: Unconsolidated NOI — Rtl		(3,786	)		(2,526	)
Discontinued Operations		(4,353	)		(11,145	)
Unallocated Corporate Rev		5,299			3,243
Other Expense		(177	)		(121	)
Construction NOI		613			414
Property Management Exp		(2,241	)		(3,490	)
General & Administrative Exp		(5,780	)		(5,978	)
Management Fee and Other Exp		(3,685	)		(2,943	)
Investment and Development (1)		(769	)		(138	)
Depreciation		(23,691	)		(32,109	)
Amortization		(771	)		(5,725	)
Income from Operations		13,876			21,775
Total Other Income (Expense)		896			(17,561	)
Income from Contin’g Ops (2)		14,772			4,214
Disc Ops		—			2,785
07 & 08 Disc Ops Other Inc(Exp)		—			(1,142	)
Inc from Cont (2), per 10-Q / K	$	14,772		$	5,857
Quarterly NOI from Properties Not Stabilized in that Quarter
Properties in Lease-up or CIP		1,338			1,035
Acquisitions		84			2,503

Notes:
(1)	Reflects costs incurred related to abandoned pursuits. Abandoned pursuits are volatile and therefore may vary between periods.
(2)	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.

QUARTERLY DATA FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007

	Q108			Q107
Assets Sold
Revenue from assets sold	$	82		$	12,078
Expenses from assets sold		138			5,164
NOI from assets sold		(56	)		6,914
Assets Held for Sale
Revenue from assets held for sale		7,334			6,928
Expenses from assets held for sale		2,925			2,697
NOI from assets held for sale		4,409			4,231
Assets sold, not classified in discontinued operations
Revenue from assets sold		19			40,923
Expenses from assets sold		91			13,807
NOI from assets sold	$	(72	)	$	27,116

1Q08 -24- NYSE: CLP

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

NOI FROM DISCONTINUED OPERATIONS

NOI as reported by the Company does not include results from discontinued operations (i.e., assets sold or held for sale as of March 31, 2008). A reconciliation of NOI from properties sold or held for sale to net income for these properties is as follows:

	Q108			Q107
Income from discontinued operations	$	4,126		$	6,320
Interest (income) expense, net		227			2,025
Depreciation and amortization expenses		—			2,796
Other		—			4
NOI from discontinued operations	$	4,353		$	11,145
NOI from assets sold		(56	)		6,914
NOI from assets held for sale		4,409			4,231
NOI from discontinued operations	$	4,353		$	11,145

EBITDA RECONCILIATION

	Q108			Q107
Net Income to Common S/H	$	14,227		$	31,856
Consolidated
Minority Interest		3,016			7,279
(Inc)/Loss — Uncons. Assets		(10,269	)		(6,814	)
Preferred Dividends		4,315			6,303
Preferred Share Issuance Costs		271			—
Interest Expense		17,479			27,904
(Gain)/Loss on Retirement of Debt		(5,471	)		68
Income Tax Expense (Benefit)		591			2,502
Depreciation & Amortization		24,462			40,630
(Gain)/Loss on Sale (Cont & Disc)		(5,236	)		(38,401	)
Gain/(Loss)-Undeprec Prop (1)		1,925			4,248
EBITDA from Consolidated Props		45,310			75,575
Unconsolidated
Reverse: Inc/(Loss) — Uncons.		10,269			6,814
Interest Expense		7,941			5,239
Depreciation & Amortization		8,191			5,149
(Gain)/Loss on Sale of Prop		(12,298	)		(8,481	)
EBITDA	$	59,413		$	84,296

(1) The Company includes the effects of undepreciated real estate (e.g. land, outparcels and condominium units) in EBITDA, as this is a recurring source of cash.

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.

1Q08 -25- NYSE: CLP

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

RECONCILIATION OF SEC COVERAGE RATIOS

	Q108			Q107
Earnings
Net Income (before preferred shares)	$	16,986		$	36,347
Discontinued Operations:
(Income)/Loss from Discontinued Operations		(4,126	)		(6,322	)
Minority Interest in CRLP		1,231			7,641
(Gains)/Losses on Disposal of Discontinued Operations, net of income taxes		(2,913	)		(34,801	)
Minority Interest of Limited Partners		(13	)		42
CRLP Minority Interest — Common U/H		1,785			(362	)
(Gains)/Losses from Sales of Property, net of income taxes		(1,931	)		(1,325	)
Minority Interest of Limited Partners		(5	)		(143	)
Income Taxes and Other		(874	)		233
(Income)/Loss from Unconsolidated Entities		(10,269	)		(6,814	)
		(129	)		(5,504	)
Amortization of Interest Capitalized		900			600
Capitalized Interest		(6,336	)		(6,245	)
Distributions from Unconsolidated Entities		3,217			2,335
Fixed Charges, from below		26,830			37,618
Earnings		24,482			28,804
Fixed Charges
Interest Expense		17,479			27,904
Capitalized Interest		6,336			6,245
Amortization of Deferred Financing Costs		1,188			1,657
Distrib to Series B Pfd Unitholders		1,827			1,812
Total		26,830			37,618
Fixed Charges & Preferred Share Distributions
Add: Distrib-Pfd Share Series B, D & E		2,488			4,491
Total	$	29,318		$	42,109

RECONCILIATION OF SUPPLEMENTAL COVERAGE RATIOS

	Q108		Q107
Interest Coverage Denominator
Interest Expense	$	17,479	$	27,904
Interest Expense — Unconsolidated		7,941		5,239
Total Interest Expense		25,420		33,143
Fixed Charge Denominator
Add: Preferred Dividend Payments		4,315		6,303
Debt Principal Amortization		199		1,588
Debt Principal Amortortization — Unconsolidated		94		140
Total Fixed Charges		30,028		41,174
Fixed Charge w/ Capitalized Interest Denominator
Add: Capitalized Interest		6,336		6,245
Total Fixed Charges w/ Capitalized Interest	$	36,364	$	47,419

1Q08 -26- NYSE: CLP

COLONIAL PROPERTIES TRUST
Multifamily Community Table
As of March 31, 2008
Appendix

								Apartment		Square		Occupancy			Market Rental Rates
Property	MSA	State	Year Built / Avg Age		% Own			Homes		Feet(000s)		Rate			Per Home		Per SF		S-P
PROPERTIES IN MAJOR MARKETS
CG at Huntcliff	Atlanta	GA		1997		20	%		358		365		98.3	%	$	898	$	0.89
CG at Berkeley Lake	Atlanta	GA		1998		100	%		180		244		96.7	%		927		0.68	S
CG at Mount Vernon	Atlanta	GA		1997		100	%		213		257		94.4	%		1,090		0.90	S
CG at River Oaks	Atlanta	GA		1992		100	%		216		276		95.8	%		898		0.70	S
CG at River Plantation	Atlanta	GA		1994		100	%		232		310		94.4	%		891		0.67	S
CG at Sugarloaf	Atlanta	GA		2002		100	%		250		329		95.6	%		927		0.71	S
CG at McGinnis Ferry	Atlanta	GA		1997		100	%		434		509		95.9	%		877		0.75	S
CG at Barrett Creek	Atlanta	GA		1999		100	%		332		310		96.4	%		795		0.85	S
CG at McDaniel Farm	Atlanta	GA		1997		100	%		425		451		97.2	%		800		0.75	S
CG at Shiloh	Atlanta	GA		2002		100	%		498		533		98.4	%		845		0.79	S
CG at Pleasant Hill	Atlanta	GA		1996		100	%		502		502		95.4	%		805		0.80	S
Total		11	10.6 Years						3,640		4,086		96.3	%		866		0.77
Same Store		10	10.6 Years						3,282		3,722		96.2	%		866		0.76
Cunningham	Austin	TX		2000		20	%		280		258		93.9	%		741		0.80
Canyon Creek LP	Austin	TX		2007		25	%		336		349		96.4	%		880		0.85
CG at Silverado	Austin	TX		2004		100	%		238		240		93.7	%		771		0.77	S
CG at Silverado Reserve	Austin	TX		2006		100	%		256		266		96.5	%		838		0.81	S
CV at Quarry Oaks	Austin	TX		1996		100	%		533		470		96.8	%		707		0.80	S
CV at Sierra Vista	Austin	TX		1999		100	%		232		206		98.7	%		680		0.77	S
CG at Round Rock	Austin	TX		2006		100	%		422		430		97.9	%		804		0.79	S
CV at Canyon Hills	Austin	TX		1996		100	%		229		183		99.1	%		690		0.86	S
Total		8	6.3 Years						2,526		2,401		97.0	%		754		0.78
Same Store		6	6.8 Years						1,910		1,794		97.1	%		749		0.79
The Groves at Riverchase	Birmingham	AL		1996		20	%		345		327		99.1	%		738		0.78
Colony Woods	Birmingham	AL		1988		10	%		414		451		97.3	%		696		0.63
Meadows	Birmingham	AL		1987		10	%		400		464		97.5	%		651		0.56
Madison	Birmingham	AL		1985		10	%		276		249		95.7	%		578		0.65
CV at Rocky Ridge	Birmingham	AL		1984		15	%		226		259		96.5	%		677		0.59
CG at Mountain Brook	Birmingham	AL		1987/1991		15	%		392		393		97.7	%		718		0.72
CG at Liberty Park	Birmingham	AL		2000		100	%		300		339		95.7	%		933		0.83	S
CV at Trussville	Birmingham	AL		1996		100	%		376		410		94.9	%		700		0.64	S
CV at Inverness	Birmingham	AL		1986/1987/1990/1997		100	%		586		508		96.8	%		606		0.70	S
Total		9	17.4 Years						3,315		3,401		96.2	%		708		0.71
Same Store		3	12.7 Years						1,262		1,257		96.0	%		712		0.71
CG at Cypress Cove	Charleston	SC		2001		100	%		264		304		97.7	%		887		0.77	S
CV at Westchase	Charleston	SC		1985		100	%		352		258		97.4	%		660		0.90	S
CV at Hampton Pointe	Charleston	SC		1986		100	%		304		315		95.1	%		762		0.74	S
CG at Quarterdeck	Charleston	SC		1987		100	%		230		219		95.2	%		883		0.93	S
CV at Waters Edge	Charleston	SC		1985		100	%		204		188		95.1	%		724		0.79	S
CV at Windsor Place	Charleston	SC		1985		100	%		224		213		94.6	%		723		0.76	S
Total		6	19.8 Years						1,578		1,497		96.0	%		767		0.81
Same Store		6	19.8 Years						1,578		1,497		96.0	%		767		0.81
CV at Matthews	Charlotte	NC		1990		100	%		270		256		94.1	%		656		0.69
CG at Mallard Creek	Charlotte	NC		2004		100	%		252		233		98.4	%		790		0.86	S
CG at Beverly Crest	Charlotte	NC		1996		100	%		300		279		97.3	%		746		0.80	S
CG at Mallard Lake	Charlotte	NC		1998		100	%		302		301		96.0	%		754		0.76	S
CV at Chancellor Park	Charlotte	NC		1996		100	%		340		327		93.5	%		731		0.76	S
CG at University Center	Charlotte	NC		2006		100	%		156		167		94.2	%		769		0.72	S
CV at Meadow Creek	Charlotte	NC		1984		100	%		250		230		92.4	%		629		0.68	S
Heatherwood	Charlotte	NC		1980		100	%		476		439		94.3	%		606		0.66	S
CV at Charleston Place	Charlotte	NC		1986		100	%		214		172		91.6	%		584		0.73	S
CV at Stone Point	Charlotte	NC		1986		100	%		192		173		91.7	%		696		0.77	S
CV at Greystone	Charlotte	NC		1998/2000		100	%		408		387		92.4	%		641		0.68
CG at Legacy Park	Charlotte	NC		2001		100	%		288		301		95.8	%		750		0.72	S
CV at Timber Crest	Charlotte	NC		2000		100	%		282		273		92.2	%		669		0.69	S
CV at South Tryon	Charlotte	NC		2002		100	%		216		236		94.9	%		731		0.67	S
Total		14	13.1 Years						4,564		4,393		89.3	%		719		0.75
Same Store		12	13.1 Years						3,268		3,130		94.5	%		699		0.73

1Q08 -27- NYSE: CLP

COLONIAL PROPERTIES TRUST
Multifamily Community Table
As of March 31, 2008
Appendix

								Apartment		Square		Occupancy			Market Rental Rates
Property	MSA	State	Year Built / Avg Age		% Own			Homes		Feet(000s)		Rate			Per Home		Per SF		S-P
CV at Oakbend	Dallas	TX		1996		100	%		426		383		96.7	%		748		0.83	S
Brookfield	Dallas	TX		1984		100	%		232		166		94.4	%		547		0.77	S
Paces Cove	Dallas	TX		1982		100	%		328		220		95.7	%		508		0.76	S
Remington Hills	Dallas	TX		1984		100	%		362		347		94.8	%		746		0.78	S
CV at Main Park	Dallas	TX		1984		100	%		192		180		97.4	%		752		0.80	S
Summer Tree	Dallas	TX		1980		100	%		232		136		96.1	%		506		0.86	S
CV at Vista Ridge	Dallas	TX		1985		100	%		300		237		98.7	%		600		0.76	S
CV at Pear Ridge	Dallas	TX		1988		100	%		242		199		94.6	%		640		0.78	S
CG at Valley Ranch	Dallas	TX		1997		100	%		396		462		97.7	%		1,028		0.88	S
Total		9	21.3 Years						2,710		2,329		96.3	%		699		0.81
Same Store		9	21.3 Years						2,710		2,329		96.3	%		696		0.81
Belterra	Fort Worth	TX		2006		10	%		288		278		93.4	%		875		0.91
CG at Bear Creek	Fort Worth	TX		1998		100	%		436		395		97.9	%		851		0.94	S
CV at Willow Creek	Fort Worth	TX		1996		100	%		478		427		94.6	%		760		0.85	S
CV at Shoal Creek	Fort Worth	TX		1996		100	%		408		382		98.0	%		786		0.84	S
CV at Bear Creek	Fort Worth	TX		1984		100	%		120		91		98.3	%		619		0.82	S
CV at Bedford	Fort Worth	TX		1983		100	%		238		158		96.1	%		549		0.83	S
Cottonwood Crossing	Fort Worth	TX		1985		100	%		200		150		100.0	%		504		0.67	S
CV at Grapevine	Fort Worth	TX		1985		100	%		450		387		96.2	%		700		0.81	S
CV at North Arlington	Fort Worth	TX		1985		100	%		240		191		98.8	%		608		0.77	S
Total		9	17.1 Years						2,858		2,458		97.1	%		711		0.84
Same Store		8	19.0 Years						2,570		2,180		97.2	%		709		0.84
CG at Edgewater I	Huntsville	AL		1990/1999		100	%		500		543		98.6	%		726		0.67	S
CG at Madison	Huntsville	AL		2000		100	%		336		355		97.3	%		796		0.76	S
Total		2	10.8 Years						836		897		98.1	%		755		0.70
Same Store		2	10.8 Years						836		897		98.1	%		755		0.70
CG at Heather Glen	Orlando	FL		2000		100	%		448		523		99.1	%		969		0.83	S
CG at Town Park(Lake Mary)	Orlando	FL		2002		100	%		456		535		96.1	%		1,016		0.87	S
CV at Twin Lakes	Orlando	FL		2004		100	%		460		418		96.3	%		881		0.97	S
CG at Town Park Reserve	Orlando	FL		2004		100	%		80		77		97.5	%		1,149		1.19	S
CG at Heathrow	Orlando	FL		1997		100	%		312		353		97.4	%		974		0.86	S
CG at Hunter’s Creek	Orlando	FL		1997		100	%		496		624		96.6	%		1,003		0.80	S
Total		6	7.3 Years						2,252		2,531		97.1	%		975		0.87
Same Store		6	7.3 Years						2,252		2,531		97.1	%		975		0.87
CG at Scottsdale	Phoenix	AZ		1999		100	%		180		202		95.6	%		1,113		0.99	S
CG at OldTown Scottsdale South	Phoenix	AZ		1994		100	%		264		265		96.2	%		929		0.93
CG at OldTown Scottsdale North	Phoenix	AZ		1995		100	%		208		206		94.7	%		923		0.93
CG at Inverness Commons	Phoenix	AZ		2002		100	%		300		306		95.7	%		802		0.79
Total		4	10.5 Years						952		978		95.6	%		923		0.90
Same Store		1	9.0 Years						180		202		95.6	%		1,113		0.99
CV at Cary	Raleigh	NC		1995		20	%		319		400		96.2	%		852		0.68
CG at Research Park (Durham)	Raleigh	NC		2002		20	%		370		375		95.4	%		770		0.76
CG at Arringdon	Raleigh	NC		2003		100	%		320		311		97.5	%		781		0.80	S
CG at Patterson Place	Raleigh	NC		1997		100	%		252		237		98.0	%		795		0.85	S
CG at Crabtree Valley	Raleigh	NC		1997		100	%		210		210		95.2	%		739		0.74	S
CV at Highland Hills	Raleigh	NC		1987		100	%		250		263		93.2	%		683		0.65
Parkside at Woodlake	Raleigh	NC		1996		100	%		266		255		96.2	%		661		0.69	S
CV at Deerfield	Raleigh	NC		1985		100	%		204		198		97.1	%		710		0.73	S
CG at Trinity Commons	Raleigh	NC		2000/2002		100	%		462		484		95.2	%		768		0.73	S
Total		9	12.1 Years						2,653		2,733		96.0	%		744		0.74
Same Store		6	11.5 Years						1,714		1,695		96.4	%		747		0.76
Ashley Park	Richmond	VA		1988		100	%		272		194		94.9	%		727		1.02	S
Trolley Square East & West	Richmond	VA		1964/1965		100	%		331		169		92.7	%		756		1.48	S
CV at Hampton Glen	Richmond	VA		1986		100	%		232		178		98.7	%		857		1.12	S
CV at West End	Richmond	VA		1987		100	%		224		156		98.2	%		781		1.13	S
CV at Chase Gayton	Richmond	VA		1984		100	%		328		311		98.8	%		805		0.85	S
CV at Waterford	Richmond	VA		1989		100	%		312		289		96.5	%		854		0.92	S
Total		6	24.9 Years						1,699		1,298		96.5	%		796		1.04
Same Store		6	24.9 Years						1,699		1,298		96.5	%		796		1.04
CG at Godley Station I	Savannah	GA		2005		100	%		312		337		95.8	%		864		0.80
CV at Greentree	Savannah	GA		1984		100	%		194		165		96.9	%		698		0.82	S
CG at Hammocks	Savannah	GA		1997		100	%		308		324		95.8	%		917		0.87	S
CV at Huntington	Savannah	GA		1986		100	%		147		121		96.6	%		715		0.87	S
CV at Marsh Cove	Savannah	GA		1983		100	%		188		197		96.8	%		754		0.72	S
Total		5	17.0 Years						1,149		1,145		96.3	%		813		0.82
Same Store		4	20.5 Years						837		807		96.4	%		794		0.82
TOTAL PROPERTIES IN MAJOR MARKETS		98	14.2 Years						30,732		30,147		95.3	%	$	779	$	0.80
Same Store		79	14.9 Years						24,098		23,341		96.3	%	$	776	$	0.80

1Q08 -28- NYSE: CLP

COLONIAL PROPERTIES TRUST
Multifamily Community Table
As of March 31, 2008
Appendix

								Apartment		Square		Occupancy			Market Rental Rates
Property	MSA	State	Year Built / Avg Age		% Own			Homes		Feet(000s)		Rate			Per Home		Per SF		S-P
PROPERTIES IN OTHER MARKETS
Autumn Hill (formerly known as Trophy Chase I & II)	Charlottesville	VA		1970		100	%		425		370		91.3	%	$	714	$	0.82	S
Autumn Park I & II	Greensboro	NC		2001/2004		100	%		402		404		95.0	%		754		0.75	S
CG at Shelby Farms I	Memphis	TN		1998		100	%		296		318		97.0	%		811		0.76	S
CG at Bellevue	Nashville	TN		1996		100	%		349		345		97.1	%		872		0.88	S
CG at Seven Oaks	Tampa	FL		2004		100	%		318		302		95.9	%		886		0.93	S
CG at Wilmington	Wilmington	NC		1998/2002		100	%		390		356		94.4	%		727		0.80	S
CG at Brentwood	Nashville	TN		1995		25	%		254		287		96.9	%		954		0.85
CG at Palma Sola	Sarasota	FL		1992		25	%		340		293		96.5	%		799		0.93
CG at Lakewood Ranch	Sarasota	FL		1999		100	%		288		302		97.9	%		978		0.93	S
CV at Greenbrier	Washington DC	VA		1980		100	%		258		217		97.3	%		927		1.10	S
CV at Pinnacle Ridge	Asheville	NC		1948/1985		100	%		166		147		97.6	%		680		0.77	S
CV at Huntleigh Woods	Mobile	AL		1978		100	%		233		199		97.0	%		564		0.66	S
CV at Ashford Place	Mobile	AL		1983		100	%		168		146		98.2	%		632		0.73	S
CV at Tradewinds	Norfolk	VA		1988		100	%		284		280		97.5	%		840		0.85	S
CV at Mill Creek	Winston-Salem	NC		1984		100	%		220		210		96.8	%		596		0.63	S
CV at Harbour Club	Norfolk	VA		1988		100	%		213		193		97.7	%		917		1.01	S
Glen Eagles I & II	Winston-Salem	NC		1990/2000		100	%		310		312		93.9	%		658		0.65	S
Portofino at Jensen Beach	Port St. Lucie	FL		2002		100	%		118		137		96.6	%		824		0.71
Murano at Delray Beach	West Palm Beach	FL		2002		100	%		93		112		97.8	%		1,127		0.93
Shelby Farms II	Memphis	TN		2007		100	%		154		155		92.2	%		750		0.75
Stone Ridge	Columbia	SC		1972		10	%		191		199		94.2	%		628		0.60
TOTAL PROPERTIES IN OTHER MARKETS		21	16.6 Years						5,794		5,604		94.6	%	$	791	$	0.82
Same Store		15	19.2 Years						4,320		4,099		96.3	%	$	777	$	0.82
THIRD-PARTY MANAGED BUSINESS
Hawthorne Groves	Orlando	FL		2002		0	%		328		363		98.2	%
Hawthorne Village	Daytona Beach	FL		2006		0	%		378		414		95.8	%
Monte D’oro	Birmingham	AL		1977		0	%		200		296		97.5	%
PH Coursey Place	Baton Rouge	LA		2003		0	%		352		352		94.0	%
TOTAL MANAGED		4	11.0 Years						1,258		1,424		96.2	%
LEASE UP PROPERTIES
CG at Ayrsley	Charlotte	NC		2008		100	%		368		372	LU				915		0.91
CG at Huntersville	Charlotte	NC		2008		100	%		250		248	LU				884		0.89
CG at Traditions	Gulf Shores	AL		2007		35	%		324		322	LU				979		0.98
CV at Cypress Village	Gulf Shores	AL		2008		100	%		96		194	LU				—		—
TOTAL LEASE UP		4	0.3 Years						1,038		1,136					914		0.91
TOTAL ALL PROPERTIES (1)		127	14.5 Years						38,822		38,311		95.2	%	$	780	$	0.80
Same Store		94	15.6 Years						28,418		27,439		96.3	%	$	776	$	0.80

Notes:

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

LU = Properties in lease-up are not included in Occupancy Rate and Rental Rate totals and subtotals.

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

1Q08 -29- NYSE: CLP

COLONIAL PROPERTIES TRUST
Office Property Table
As of March 31, 2008
Appendix

												Base Rent
			Year	%					Occupancy			Per
Property	MSA	State	Built	Own			SF - 000s		Rate			Sq. Foot (1)		S-P
CONSOLIDATED PROPERTIES
CC Brookwood Village	Birmingham	AL	2007		100	%		169		99.5	%	$	28.48
Total Consolidated	1							169		99.5	%	$	28.48
UNCONSOLIDATED PROPERTIES
DRA/CRT Joint Venture
Atlanta Chamblee	Atlanta	GA	2000		15	%		1,129		91.9	%	$	19.57
Atlanta Perimeter	Atlanta	GA	1985		15	%		182		87.2	%		19.14
Atlantic Center Plaza	Atlanta	GA	2001		15	%		500		96.1	%		30.52
Baymeadows Way	Jacksonville	FL	1989/90/98		15	%		224		100.0	%		10.48
Broward Financial Center	Ft.Lauderdale	FL	1986		15	%		325		76.8	%		27.11
Charlotte University	Charlotte	NC	1999		15	%		183		84.0	%		19.29
Decoverly	Rockville	MD	1989		15	%		156		91.2	%		25.45
Germantown Center	Memphis	TN	1999		15	%		534		89.3	%		19.22
Jacksonville Baymeadows	Jacksonville	FL	1999		15	%		751		83.3	%		13.26
Jacksonville JTB	Jacksonville	FL	2001		15	%		417		100.0	%		13.45
McGinnis Park	Atlanta	GA	2001		15	%		202		75.9	%		18.98
Orlando Central	Orlando	FL	1980		15	%		617		86.4	%		18.50
Orlando Lake Mary	Orlando	FL	1999		15	%		304		86.5	%		17.91
Orlando University	Orlando	FL	2001		15	%		385		84.6	%		19.81
Post Oak	Houston	TX	1982		15	%		1,197		95.4	%		19.99
Ravinia 3	Atlanta	GA	1991		15	%		802		94.9	%		18.81
Signature Place	Dallas	TX	1983/86		15	%		437		78.7	%		18.27
Westchase	Houston	TX	2000		15	%		184		98.5	%		23.16
Totals	18							8,529		89.9	%		19.32
Totals (Weighted)								1,279		89.9	%		19.32
DRA/CLP Joint Venture
901 Maitland	Orlando	FL	1985		15	%		156		72.3	%		20.46
Colonial Center at TownPark	Orlando	FL	2001		15	%		658		98.9	%		21.45
Colonial Center at Bayside	Tampa	FL	1988-94/97		15	%		213		81.7	%		19.84
Colonal Center at Colonnade	Birmingham	AL	1989/99		15	%		419		98.2	%		21.72
Colonial Center Blue Lake	Birmingham	AL	1982-2005		15	%		167		92.5	%		19.61
Colonial Center Heathrow	Orlando	FL	1988/96/97/98/99/2000/2001		15	%		922		85.4	%		19.59
Colonial Place I and II	Tampa	FL	1984/86		15	%		372		93.6	%		24.50
Colonial Plaza	Birmingham	AL	1982-99		15	%		171		89.1	%		17.94
Colonial TownPark Office — Lifestyle	Orlando	FL	2004		15	%		38		93.9	%		23.57
Concourse Center	Tampa	FL	1982-2005/1983-2003/1984		15	%		294		97.5	%		20.00
Esplanade	Charlotte	NC	1981-2007		15	%		203		85.0	%		19.47
Independence Plaza	Birmingham	AL	1979-2000		15	%		106		86.9	%		18.66
International Park	Birmingham	AL	1987/99		15	%		211		84.1	%		20.89
The Peachtree	Atlanta	GA	1989		15	%		317		87.4	%		24.46
Research Park Plaza III and IV	Austin	TX	2001		15	%		358		100.0	%		22.24
Riverchase Center	Birmingham	AL	1985		15	%		306		92.9	%		10.73
Totals	16							4,910		91.1	%		20.43
Totals (Weighted)								737		91.1	%		20.43
Huntsville TIC Joint Venture
Colonial Center Lakeside	Huntsville	AL	1989/90		40	%		122		97.2	%		17.97
Colonial Center Research Park	Huntsville	AL	1999		40	%		134		98.9	%		18.22
Colonial Center Research Place	Huntsville	AL	1979/84/88		40	%		273		76.6	%		12.65
DRS Building	Huntsville	AL	1972/86/90/03		40	%		215		100.0	%		8.48
Northrop Grumman Building	Huntsville	AL	2007		40	%		110		100.0	%		13.76
Perimeter Corporate Park	Huntsville	AL	1986/89		40	%		235		95.4	%		17.81
Progress Center	Huntsville	AL	1987/89		40	%		222		98.3	%		12.44
Regions Bank Center	Huntsville	AL	1990		40	%		155		96.3	%		19.32
Research Park Office Center	Huntsville	AL	1998/99		40	%		236		96.4	%		11.86
Totals	9							1,702		94.3	%		14.24
Totals (Weighted)								656		94.3	%		14.24
Colonial Center Mansell Joint Venture
Colonial Center Mansell Overlook	Atlanta	GA	1987/96/97/00		15	%		653		93.8	%		21.52
Lakeside & Shoppes at Mansell	Atlanta	GA	1996-2005		15	%		36		92.7	%		25.52
Totals	2							689		93.7	%		21.74
Totals (Weighted)								103		93.7	%		21.74
Land Title Building	Birmingham	AL	1975		33	%		30		100.0	%		13.65
Total Unconsolidated	46							15,860		91.4	%	$	18.45
Total Unconsolidated (Weighted)								2,786		91.4	%		18.45
THIRD-PARTY MANAGED BUSINESS
International Park 2000	Birmingham	AL			0	%		130
Colonial Center Heathrow 500	Orlando	FL			0	%		76
TOTAL MANAGED	2							206
TOTAL ALL PROPERTIES	49							16,235		91.9	%	$	18.91

Notes:
LU =	Properties in lease up; these properties are not included in occupancies for Subtotals or Totals categories.
S =	Current year same-property portfolio: property has been in service for a full calendar year. Partially-owned properties are not included.
(1)	Base rent per square foot amounts are calculated on a straight-line basis in accordance with GAAP.

1Q08 -30- NYSE: CLP

COLONIAL PROPERTIES TRUST
Retail Property Table
As of March 31, 2008
Appendix

							Square Feet (000s)									Base Rent
Property	MSA	State	Year Built	% Own			Total		Anchor Owned		CLP Owned		Occupancy Rate			per Sq. Foot (1)		S-P
CONSOLIDATED PROPERTIES
Brookwood Village	Birmingham	AL	1973/91/00		100	%		604		232		372		94.9	%	$	18.72		S
Brookwood Convenience Center	Birmingham	AL	1974		100	%		7		—		7		100.0	%		17.50
CP Winter Haven	Orlando	FL	1986		100	%		162		—		162		89.3	%		7.73		S
CP Fultondale	Birmingham	AL	2007		100	%		261		127		134	LU			LU
Total Consolidated		4						1,033		359		674		93.3	%	$	15.54
UNCONSOLIDATED PROPERTIES
OZRE Joint Venture
CP Alabaster	Birmingham	AL	2005		15	%		538		319		219		95.4	%	$	15.54
CP Beechwood	Athens	GA	1963/92/05		15	%		350		—		350		99.5	%		10.96
CP Burnt Store	Punta Gorda	FL	1990		15	%		95		—		95		93.2	%		9.86
CP Hunter’s Creek	Orlando	FL	1993/95		15	%		228		—		228		48.6	%		14.28
CP Lakewood	Jacksonville	FL	1995		15	%		195		—		195		93.8	%		11.86
CP Northdale	Tampa	FL	1988/2000		15	%		231		55		176		96.6	%		10.84
CP Trussville	Birmingham	AL	2000		15	%		388		—		388		99.3	%		8.74
CP Trussville II	Birmingham	AL	2004		15	%		283		225		58		97.9	%		16.19
CS Clay	Birmingham	AL	1982/2004		15	%		66		—		66		91.3	%		12.45
Kingwood Commons	Houston	TX	2003/2004		15	%		164		—		164		83.7	%		17.71
CP at Portofino	Houston	TX	2000		15	%		374		—		374		87.8	%		15.54
Totals		11						2,911		599		2,313		89.8	%		12.56
Totals (Weighted)		11										347		89.8	%		12.56
DRA/CLP Joint Venture
CP TownPark	Orlando	FL	2005		15	%		198		—		198		96.8	%		15.25
Colonial Shops Colonnade	Birmingham	AL	1989/2005		15	%		125		—		125		91.5	%		15.78
Totals		2						324		—		324		94.7	%		15.45
Totals (Weighted)		2										49		94.7	%		15.45
Parkway Place	Huntsville	AL	1999		45	%		636		348		288		84.1	%		28.71
CP Hoover	Birmingham	AL	2002		10	%		381		216		165		93.2	%		12.37
CP Madison	Huntsville	AL	2000		25	%		111		—		111		100.0	%		10.67
Craft Farms	Gulf Shores	AL	2007		15	%		345		125		220	LU			LU
CP Alabaster II	Birmingham	AL	2007		5	%		355		226		129		98.7	%		16.53
CP Tutwiler II	Birmingham	AL	2008		5	%		65		—		65		100.0	%		13.84
CP Smyrna	Smyrna	TN	2008		50	%		351		268		84	LU			LU
CP Turkey Creek	Knoxville	TN	2005		50	%		486		—		486		97.1	%		19.79
Totals		8						2,729		1,182		1,547		94.1	%		18.69
Totals (Weighted)		8										501		93.2	%		20.94
Total Unconsolidated		21						5,964		1,781		4,183		91.6	%	$	14.83
Total Unconsolidated (Weighted)		21						—		—		897		91.9	%		17.09
THIRD-PARTY MANAGED BUSINESS
Calico Corner	Birmingham	AL			0	%		6
Hoover Commons	Birmingham	AL			0	%		197
Bear Lake	Orlando	FL			0	%		131
CP Boulevard Square	Pembroke Pines	FL			0	%		221
CP Deerfield	Deerfield Beach	FL			0	%		379
CS College Parkway	Ft. Myers	FL			0	%		79
CS Pines Plaza	Pembroke Pines	FL			0	%		68
TOTAL MANAGED		7						1,080
Total Retail Properties		32						8,077		2,140		4,858		91.8	%	$	14.92
Total Retail Properties (Weighted)		32										1,571		92.7	%		16.45

Notes:
LU =	Properties in lease up; these properties are not included in occupancies for Subtotals or Totals categories.
S =	Current year same-property portfolio: property has been in service for a full calendar year. Partially-owned properties are not included.
(1)	Base rent per square foot amounts are calculated on a straight-line basis in accordance with GAAP.

1Q08 -31- NYSE: CLP

COLONIAL PROPERTIES TRUST
Additional Corporate Data
As of March 31, 2008
($ in 000s)

UNCONSOLIDATED JOINT VENTURE SUMMARY              

Property	Location		Units/ SF-000s			CLP % Own			Occupancy Rate			Sec’d Debt		Equity Invest
CMS Joint Venture I
Colonial Grand at Mountain Brook	Birmingham	AL		392			15	%		97.7	%	$	2,955	$	438
CMS Joint Venture II
Colonial Village at Rocky Ridge	Birmingham	AL		226			15	%		96.5	%		1,669		(415	)
CMS Joint Venture III
Colonial Village at Palma Sola	Sarasota	FL		340			25	%		96.5	%		5,825		(388	)
CMS Joint Venture IV
Colonial Grand at Brentwood	Nashville	TN		254			25	%		96.9	%		4,805		256
CMS Joint Venture V
Colonial Grand at Canyon Creek	Austin	TX		336			25	%		96.4	%		6,852		873
DRA
Colony Woods	Birmingham	AL		414			10	%		97.3	%
Meadows of Brook Highland	Birmingham	AL		400			10	%		97.5	%
Madison at Shoal Run	Birmingham	AL		276			10	%		95.7	%
				1,090									4,055		2,314
DRA
The Grove at Riverchase	Birmingham	AL		345			20	%		99.1	%		3,850		1,461
Cunningham	Austin	TX		280			20	%		93.9	%		2,800		969
Colonial Village at Cary	Raleigh	NC		319			20	%		96.2	%		4,320		1,973
				944									10,970		4,403
Other
Colonial Grand at Research Park	Raleigh	NC		370			20	%		95.4	%		4,634		1,153
Colonial Grand at Huntcliff	Atlanta	GA		358			20	%		98.3	%		5,200		2,078
Regents Park (Development)	Atlanta	GA		23			40	%		—			—		5,316
Colonial Grand at Traditions	Gulf Shores	AL		324			35	%	LU				7,882		1,683
Belterra	Fort Worth	TX		288			10	%		93.4	%		2,000		690
Stone Ridge	Columbia	SC		191			10	%		94.2	%		484		459
Colonial Grand at McKinney (Development)	Dallas	TX		541			20	%		—			—		876
				2,095									20,200		12,255
Total Multifamily				5,677									57,331		19,736
Land Title Building	Birmingham	AL		30			33	%		100.0	%		366		84
Colonial Center Mansell JV	Atlanta	GA		689			15	%		93.7	%		13,903		1,264
DRA/CRT (1)				8,529			15	%		89.9	%		148,978		22,212
DRA/CLP (2)				5,235			15	%		91.4	%		111,286		(7,826	)
Huntsville TIC				1,702			33	%		94.3	%		43,016		3,837
Total Office				16,185									317,549		19,571
OZRE (3)				2,911			15	%		89.8	%		42,600		(6,622	)
Other
Parkway Place	Huntsville	AL		636			45	%		84.1	%		26,296		9,774
Colonial Promenade Madison	Huntsville	AL		111			25	%		100.0	%		—		2,232
Colonial Promenade Hoover	Birmingham	AL		381			10	%		93.2	%		1,654		61
Colonial Promenade Smyrna (Development)	Smyrna	TN		351			50	%	LU				14,464		2,257
Craft Farms	Gulf Shores	AL		345			15	%	LU				6,450		1,123
Colonial Pinnacle at Turkey Creek	Knoxville	TN		486			50	%		97.1	%		32,500		5,821
Colonial Pinnacle at Turkey Creek III (Development)	Knoxville	TN		167			50	%		—			—		6,256
Colonial Promenade Alabaster II/Tutwiler II	Birmingham	AL		193			5	%		99.1	%		2,000		(121	)
				2,670									83,364		27,403
Total Retail				5,581	(4)								125,964		20,781
Other Unconsolidated Investments													96		1,753
Total Investments in Unconsolidated Subsidiaries												$	500,940	$	61,841

Notes:
LU =	Properties in lease up.
(1)	As of March 31, 2008, this joint venture included 18 properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Rockville, Maryland; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas.
(2)	As of March 31, 2008, this joint venture included 16 office properties and 2 retail properties located in Birmingham, Alabama; Orlando and Tampa, Florida; Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas.
(3)	As of March 31, 2008, this joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas.
(4)	Includes anchor-owned square footage.

1Q08 -32- 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.
LEASING EXECUTION:	Information related to lease agreements entered into during the period including square footage leased, rental dollars (specifically defined below), concessions, tenant improvements, and capitalized leasing commissions.
OCCUPANCY RATE:	Total square feet (units) rented divided by net rentable square feet (units) on the date indicated.
OPERATING EXPENSES:	Total operating expenses (as reported by the Company to the SEC in its periodic filings) less depreciation and amortization. This amount does not include other income and expenses such as interest and gains or losses on sales of assets.
PERCENT GROWTH:	Percentage increase of an item when compared to the same item from the same quarter in the prior-year.
PROPERTY OR DIVISIONAL NET OPERATING INCOME:	Property revenues less property operating expenses.
RENTAL DOLLARS (LEASING EXECUTION):	Total annual revenues to be earned the first year from renewed or re-leased space.
SAME PROPERTY:	Properties owned in the current year which were also owned for the 12 calendar months of the prior year; same-property may be restated during the year to account for any disposition activity.
STOCK PRICE PER SHARE:	The closing price reported by the New York Stock Exchange on the date indicated.
TENANT IMPROVEMENTS (TI):	A capital expense used to improve the physical space occupied by a new or new (re-leasing) tenant. Tenant improvements are amortized over the term of the lease or the life of the asset, whichever is longer.
TOTAL MARKET CAPITALIZATION:	The sum of total notes and mortgages payable plus the total market value of all shares and units outstanding at the market price per share on the date indicated.

1Q08 -33- NYSE: CLP