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|   |
|   |   |   |
|   | TABLE OF CONTENTS |   |
|   | Overview and Contact Information................................................................................................................................................... | 3 |
| 1      |  | Financial Highlights.......................................................................................................................................................................... | 4 |
| 2      |  | Quarterly Earnings Announcement and Financial Statements |   |
|   | Consolidated Statements of Operations / Shares......................................................................................................................... | 5 |
|   | Funds from Operations (FFO) Reconciliation................................................................................................................................ | 7 |
|   | Balance Sheets............................................................................................................................................................................. | 8 |
| 3      |  | Multifamily |   |
|   | Portfolio Statistics.......................................................................................................................................................................... | 9 |
|   | Components of Net Operating Income (NOI)................................................................................................................................ | 10 |
|   | Capitalized Expenditures............................................................................................................................................................... | 10 |
|   | Same Property Comparisons........................................................................................................................................................ | 11 |
| 4      |  | Corporate Data |   |
|   | Development Pipeline................................................................................................................................................................... | 15 |
|   | Real Estate Activities..................................................................................................................................................................... | 16 |
|   | Debt Summary / Market Capitalization / Coverage Ratios / Covenants........................................................................................ | 17 |
|   | Supplemental Data / Investment Activities.................................................................................................................................... | 19 |
|   | Joint Venture Operating Data / Balance Sheet.............................................................................................................................. | 20 |
| 5      |  | Corporate Reconciliations |   |
|   | Revenues / Expenses / NOI.......................................................................................................................................................... | 21 |
|   | NOI from Discontinued Operations / Adjusted EBITDA................................................................................................................ | 23 |
|   | SEC Coverage Ratios................................................................................................................................................................... | 24 |
| 6      |  | Appendix |   |
|   | Multifamily Property Table............................................................................................................................................................. | 25 |
|   | Commercial Property Table........................................................................................................................................................... | 28 |
| 7      |  | Glossary of Terms............................................................................................................................................................................. | 29 |

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|---------------------------|
|                           |  |  |  |  |
|  CONTACT INFORMATION |   |   |   |   |
| Headquarters              | Investor Relations | Transfer Agent |
| Colonial Properties Trust | Jerry Brewer | Computershare |
| 2101 Sixth Avenue North,  | Executive Vice President, Finance | P.O. Box 43010 |
| Suite 750                 | 800-645-3917 | Providence, RI  02940-3010 |
| Birmingham, Alabama 35203 | 704-552-8538 - fax | Investor Relations:  800-730-6001 |
| 205-250-8700              |   |   |   | www.computershare.com |
| 205-250-8890 - fax        | To receive an Investor Package, please contact: |   |
|                      | 800-645-3917 |   |
| www.colonialprop.com      | 704-643-7970 |   |

|                          |
|--------------------------|
|                          |  |  |  |  |  |
| EQUITY RESEARCH COVERAGE |   |   |   |   |
|                     | Barclays |   | Ross Smotrich |   | 212-526-2306 |
|                     | BMO Capital Markets |   | Rich Anderson |   | 212-885-4180 |
|                     | Citigroup |   | Michael Bilerman / Nicholas Joseph |   | 212-816-1383 / 212-816-1909 |
|                     | DISCERN, Inc. |   | David Wigginton |   | 646-863-4177 |
|                     | Green Street Advisors |   | Andy McCulloch |   | 949-640-8780 |
|                     | Sandler O'neill & Partners |   | Alex Goldfarb |   | 212-466-7937 |
|                     | UBS |   | Ross Nussbaum |   | 212-713-2484 |
|                     | Wells Fargo Securities, LLC |   | Jeff Donnelly |   | 617-603-4262 |

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|                                                                                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                        |
| Financial Highlights                                                                                                                                             |
| Second Quarter 2013                                                                                                                                              |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |
| FINANCIAL HIGHLIGHTS                                                                                                                                             |   |   |   |   |   |   |   |   |
| ($ in 000s, except per share and unit data)                                                                                                                      | Three Months Ended |   | Six Months Ended |
|                                                                                                                                                             |   | 6/30/2013 |   | 6/30/2012 |   | 6/30/2013 |   | 6/30/2012 |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |
| Total property revenue (1)                                                                                                                                       |   | $ | 102,017 |  |   | $ | 89,053 |  |   | $ | 199,858 |  |   | $ | 175,784 |  |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |
| Multifamily property revenue (2)                                                                                                                                 |   | 97,247 |  |   | 90,204 |  |   | 193,010 |  |   | 178,035 |  |
| Multifamily property NOI (2)                                                                                                                                     |   | 58,908 |  |   | 54,727 |  |   | 117,245 |  |   | 107,626 |  |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |
| Management & leasing fee revenue                                                                                                                             | 126 |  |   | 1,471 |  |   | 304 |  |   | 2,815 |  |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |
| Adjusted EBITDA (3)                                                                                                                                         |   | 57,812 |  |   | 60,446 |  |   | 115,817 |  |   | 118,749 |  |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |
| Net income per share:                                                                                                                                            |   |   |   |   |   |   |   |   |
|      Basic                                                                                                                              |   | 0.18 |  |   | 0.19 |  |   | 0.24 |  |   | 0.12 |  |
|      Diluted                                                                                                                            |   | 0.18 |  |   | 0.19 |  |   | 0.24 |  |   | 0.12 |  |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |
| Funds from operations per share:                                                                                                                                 |   |   |   |   |   |   |   |
|      Basic                                                                                                                              |   | 0.31 |  |   | 0.32 |  |   | 0.64 |  |   | 0.61 |  |
|      Diluted                                                                                                                            |   | 0.31 |  |   | 0.32 |  |   | 0.64 |  |   | 0.61 |  |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |
| Dividends per share                                                                                                                                              |   | 0.21 |  |   | 0.18 |  |   | 0.42 |  |   | 0.36 |  |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |
| Dividends/EPS (diluted) payout ratio                                                                                                                             | 116.7 | % |   | 94.7 | % |   | 175.0 | % |   | 300.0 | % |
| Dividends/FFO (diluted) payout ratio                                                                                                                             | 67.7 | % |   | 56.3 | % |   | 65.6 | % |   | 59.0 | % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |
| Consolidated interest expense (1)                                                                                                                           |   | $ | 20,999 |  |   | $ | 23,277 |  |   | $ | 43,194 |  |   | $ | 46,330 |  |
| Consolidated interest income (1)                                                                                                                                 |   | (238 | ) |   | (558 | ) |   | (1,002 | ) |   | (1,589 | ) |
|      Net interest expense (1)                                                                                                      |   | 20,761 |  |   | 22,719 |  |   | 42,192 |  |   | 44,741 |  |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |
| Pro-rata share of joint venture interest expense                                                                                                                 | 229 |  |   | 2,243 |  |   | 477 |  |   | 4,534 |  |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |
| Principal reductions                                                                                                                                             |   | 849 |  |   | 567 |  |   | 1,660 |  |   | 1,139 |  |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |
| Interest coverage ratio (4)                                                                                                                                      |   | 2.7 |  |   | 2.4 |  |   | 2.7 |  |   | 2.3 |  |
| Fixed charge coverage ratio (4)                                                                                                                             |   | 2.6 |  |   | 2.3 |  |   | 2.5 |  |   | 2.3 |  |
| Fixed charge with capitalized interest ratio (4)                                                                                                            | 2.6 |  |   | 2.3 |  |   | 2.5 |  |   | 2.2 |  |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |
| Multifamily same property NOI increase (5)                                                                                                                       | 4.4 | % |   | 7.3 | % |   | 5.6 | % |   | 7.8 | % |
|      (# of apartment homes included)                                                                                                    | 30,938 |  |   | 30,323 |  |   | 30,938 |  |   | 30,323 |  |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   | As of |
|                                                                                                                                                             |   |   |   |   |   | 6/30/2013 |   | 12/31/2012 |
| Total assets                                                                                                                                                     |   |   |   |   |   | $ | 3,082,994 |  |   | $ | 3,286,208 |  |
| Total debt                                                                                                                                                       |   |   |   |   |   | 1,647,326 |  |   | 1,831,992 |  |
| Common shares and units, outstanding end of period                                                                                                               |   |   |   |   | 95,896 |  |   | 95,365 |  |
| Share price, end of period                                                                                                                                       |   |   |   |   |   | 24.12 |  |   | 21.37 |  |
| Book equity value, end of period                                                                                                                                 |   |   |   |   |   | 1,316,111 |  |   | 1,312,059 |  |
| Market equity value, end of period (6)                                                                                                                      |   |   |   |   | 2,313,014 |  |   | 2,037,959 |  |
| Debt to total market capitalization ratio (7)                                                                                                               |   |   |   |   | 41.6 | % |   | 47.3 | % |
| Unencumbered real estate assets (at cost) to unsecured debt ratio (7)                                                                                            |   |   |   |   | 284.1 | % |   | 247.5 | % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |
| (1)  Represents consolidated properties excluding amounts classified in discontinued operations.  For the GAAP reconciliation of revenues, expenses and NOI, see |
| page 21 and 22.                                                                                                                                                  |   |   |   |   |
| (2)  For components of revenues and NOI, see page 10.                                                                                                            |   |  |   |   |
| (3)  For a reconciliation of Adjusted EBITDA, see page 23.                                                                                                       |   |   |   |   |
| (4)  For additional information on these calculations, see page 18.                                                                                              |   |   |   |   |
| (5)  Multifamily same property communities are communities which were owned by the Company and stabilized as of January 1, 2012, as adjusted for dispositions    |
| during the year.                                                                                                                                                 |   |   |   |   |
| (6)  Includes common shares and units.                                                                                                                           |   |   |   |   |
| (7)  Excludes the Company's pro-rata share of partially-owned unconsolidated debt.                                                                               |   |   |   |   |

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|                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                               |
| Financial Statements                                                                    |
| Second Quarter 2013                                                                     |
|                                                                                    |   |   |   |   |   |   |   |
| CONSOLIDATED STATEMENTS OF OPERATIONS                                                   |   |   |   |   |   |   |   |
| ($ in 000s, except per share data)                                                      | Three Months Ended |   | Six Months Ended |
|                                                                                    | 6/30/2013 |   | 6/30/2012 |   | 6/30/2013 |   | 6/30/2012 |
| Revenues                                                                                |   |   |   |   |   |   |   |
|    Minimum Rent                                                          | $ | 82,331 |  |   | $ | 75,054 |  |   | $ | 163,407 |  |   | $ | 148,621 |  |
|    Tenant Recoveries                                                     | 658 |  |   | 649 |  |   | 1,321 |  |   | 1,278 |  |
|    Other Property Related Revenue                                        | 19,028 |  |   | 13,350 |  |   | 35,130 |  |   | 25,885 |  |
|    Other Non-Property Related Revenue                                    | 126 |  |   | 1,471 |  |   | 304 |  |   | 2,815 |  |
|       Total Revenues                                      | 102,143 |  |   | 90,524 |  |   | 200,162 |  |   | 178,599 |  |
|                                                                                    |   |   |   |   |   |   |   |
| Operating Expenses                                                                      |   |   |   |   |   |   |   |
|    Operating Expenses:                                                   |   |   |   |   |   |   |   |
|       Property Operating Expense                          | 27,156 |  |   | 24,641 |  |   | 53,208 |  |   | 48,626 |  |
|       Taxes, Licenses and Insurance                       | 12,563 |  |   | 10,138 |  |   | 24,938 |  |   | 20,305 |  |
|          Total Property Operating Expenses | 39,719 |  |   | 34,779 |  |   | 78,146 |  |   | 68,931 |  |
|    Property Management Expense                                           | 4,895 |  |   | 3,001 |  |   | 9,311 |  |   | 5,847 |  |
|    General and Administrative Expense                                    | 4,518 |  |   | 5,446 |  |   | 9,306 |  |   | 11,213 |  |
|    Management Fees and Other Expenses                                    | 21 |  |   | 1,769 |  |   | 272 |  |   | 3,814 |  |
|    Investment and Development Expenses (1)                               | 1,315 |  |   | 205 |  |   | 1,713 |  |   | 592 |  |
|    Depreciation                                                          | 30,466 |  |   | 27,952 |  |   | 60,603 |  |   | 55,790 |  |
|    Amortization                                                          | 930 |  |   | 710 |  |   | 2,050 |  |   | 1,906 |  |
|    Impairment and Other Losses (2)                                       | 912 |  |   | 395 |  |   | 1,002 |  |   | 895 |  |
|       Total Operating Expenses                            | 82,776 |  |   | 74,257 |  |   | 162,403 |  |   | 148,988 |  |
| Income from Operations                                                                  | 19,367 |  |   | 16,267 |  |   | 37,759 |  |   | 29,611 |  |
|                                                                                    |   |   |   |   |   |   |   |
| Other Income (Expense)                                                                  |   |   |   |   |   |   |   |
|    Interest Expense                                                      | (20,999 | ) |   | (23,277 | ) |   | (43,194 | ) |   | (46,330 | ) |
|    Debt Cost Amortization                                                | (1,382 | ) |   | (1,402 | ) |   | (2,759 | ) |   | (2,835 | ) |
|    Interest Income                                                       | 201 |  |   | 556 |  |   | 930 |  |   | 1,550 |  |
|    Income from Partially-Owned Investments                               | 2,327 |  |   | 21,349 |  |   | 2,998 |  |   | 22,022 |  |
|  Gain (Loss) on Sale of Property                                                   | 14 |  |   | (9 | ) |   | 25 |  |   | (235 | ) |
|    Taxes and Other                                                       | (267 | ) |   | (277 | ) |   | (455 | ) |   | (465 | ) |
|       Total Other Income (Expense)                        | (20,106 | ) |   | (3,060 | ) |   | (42,455 | ) |   | (26,293 | ) |
| (Loss) Income from Continuing Operations                                                | (739 | ) |   | 13,207 |  |   | (4,696 | ) |   | 3,318 |  |
|                                                                                    |   |   |   |   |   |   |   |
| Discontinued Operations                                                                 |   |   |   |   |   |   |   |
| (Loss) Income from Discontinued Operations (3)                                          | (159 | ) |   | 4,524 |  |   | 2,767 |  |   | 7,962 |  |
|    Gain (Loss) on Disposal of Discontinued Operations                    | 18,726 |  |   | (12 | ) |   | 25,910 |  |   | (14 | ) |
| Net Income from Discontinued Operations                                                 | 18,567 |  |   | 4,512 |  |   | 28,677 |  |   | 7,948 |  |
|                                                                                    |   |   |   |   |   |   |   |
| Net Income                                                                              | 17,828 |  |   | 17,719 |  |   | 23,981 |  |   | 11,266 |  |
|                                                                                    |   |   |   |   |   |   |   |
| Noncontrolling Interest                                                                 |   |   |   |   |   |   |   |
| Continuing Operations                                                                   |   |   |   |   |   |   |   |
|    Noncontrolling Interest of Limited Partners                           | (422 | ) |   | (8 | ) |   | (545 | ) |   | (17 | ) |
|    Noncontrolling Interest in CRLP - Common                              | 87 |  |   | (995 | ) |   | 391 |  |   | (249 | ) |
| Discontinued Operations                                                                 |   |   |   |   |   |   |   |
|    Noncontrolling Interest in CRLP - Common                              | (1,385 | ) |   | (339 | ) |   | (2,142 | ) |   | (599 | ) |
| Income Attributable to Noncontrolling Interest                                          | (1,720 | ) |   | (1,342 | ) |   | (2,296 | ) |   | (865 | ) |
|                                                                                    |   |   |   |   |   |   |   |
| Net Income Available to Common Shareholders                                             | $ | 16,108 |  |   | $ | 16,377 |  |   | $ | 21,685 |  |   | $ | 10,401 |  |
| _______________________                                                                 |   |   |   |   |   |   |   |
| Continued on following page                                                             |   |   |   |   |   |   |   |

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|                                                                                                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                           |
| Financial Statements                                                                                                                                                |
| Second Quarter 2013                                                                                                                                                 |
|                                                                                                                                                                |   |   |   |   |   |   |   |
| CONSOLIDATED STATEMENTS OF OPERATIONS (continued)                                                                                                                   |   |   |   |   |   |   |   |
|                                                                                                                                                                | Three Months Ended |   | Six Months Ended |
|                                                                                                                                                                | 6/30/2013 |   | 6/30/2012 |   | 6/30/2013 |   | 6/30/2012 |
| Income (Loss) per Share - Basic                                                                                                                                     |   |   |   |   |   |   |   |
| Continuing Operations                                                                                                                                               | $ | (0.01 | ) |   | $ | 0.14 |  |   | $ | (0.06 | ) |   | $ | 0.03 |  |
| Discontinued Operations                                                                                                                                             | 0.19 |  |   | 0.05 |  |   | 0.30 |  |   | 0.09 |  |
| EPS - Basic                                                                                                                                                         | $ | 0.18 |  |   | $ | 0.19 |  |   | $ | 0.24 |  |   | $ | 0.12 |  |
|                                                                                                                                                                |   |   |   |   |   |   |   |
| Income (Loss) per Share - Diluted                                                                                                                                   |   |   |   |   |   |   |   |
| Continuing Operations                                                                                                                                               | $ | (0.01 | ) |   | $ | 0.14 |  |   | $ | (0.06 | ) |   | $ | 0.03 |  |
| Discontinued Operations                                                                                                                                             | 0.19 |  |   | 0.05 |  |   | 0.30 |  |   | 0.09 |  |
| EPS - Diluted                                                                                                                                                       | $ | 0.18 |  |   | $ | 0.19 |  |   | $ | 0.24 |  |   | $ | 0.12 |  |
|                                                                                                                                                                |   |   |   |   |   |   |   |
| (1)  Reflects costs incurred related to acquisitions and abandoned pursuits. These costs are volatile and therefore may vary between periods.  The three and six    |
| months ended June 30, 2013, includes $1.2 million for merger related costs.                                                                                         |
| (2)  The three and six months ended June 30, 2013, includes a $0.9 million non-cash impairment charge related to the sale of certain for-sale residential units.    |
| (3)  The three and six months ended June 30, 2013, includes a $1.6 million charge for a loss contingency related to certain litigation and a $0.3 million non-cash  |
| impairment charge related to the sale of an outparcel.                                                                                                              |
|                                                                                                                                                                |   |   |   |   |   |   |   |
| SHARES AND UNITS OUTSTANDING, WEIGHTED                                                                                                                              |   |   |   |   |   |   |   |
| (shares and units in 000s)                                                                                                                                          | Three Months Ended |   | Six Months Ended |
|                                                                                                                                                                | 6/30/2013 |   | 6/30/2012 |   | 6/30/2013 |   | 6/30/2012 |
| Basic                                                                                                                                                               |   |   |   |   |   |   |   |
|    Shares                                                                                                                                            | 88,122 |  |   | 87,201 |  |   | 87,958 |  |   | 87,106 |  |
|    Operating Partnership Units (OP Units)                                                                                                            | 7,152 |  |   | 7,162 |  |   | 7,152 |  |   | 7,166 |  |
|    Total Shares & OP Units                                                                                                                       | 95,274 |  |   | 94,363 |  |   | 95,110 |  |   | 94,272 |  |
|                                                                                                                                                                |   |   |   |   |   |   |   |
| Dilutive Common Share Equivalents                                                                                                                                   | — |  |   | 289 |  |   | — |  |   | 276 |  |
|                                                                                                                                                                |   |   |   |   |   |   |   |
| Diluted (1)                                                                                                                                                    |   |   |   |   |   |   |   |
|    Shares                                                                                                                                            | 88,122 |  |   | 87,490 |  |   | 87,958 |  |   | 87,382 |  |
|    Total Shares & OP Units                                                                                                                       | 95,274 |  |   | 94,652 |  |   | 95,110 |  |   | 94,548 |  |
|                                                                                                                                                                |   |   |   |   |   |   |   |
| (1)  For periods where the Company reported a net loss from continuing operations (after preferred dividends), the effect of dilutive shares has been excluded from |
| per share computations as including such shares would be anti-dilutive.                                                                                             |   |   |   |   |

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|                                                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                             |
| Financial Statements                                                                                                                                                  |
| Second Quarter 2013                                                                                                                                                   |
|                                                                                                                                                                  |   |   |   |   |   |   |   |
| FUNDS FROM OPERATIONS (FFO) RECONCILIATION                                                                                                                            |   |   |   |   |   |   |   |
| ($ in 000s, except per share data)                                                                                                                                    | Three Months Ended |   | Six Months Ended |
|                                                                                                                                                                  | 6/30/2013 |   | 6/30/2012 |   | 6/30/2013 |   | 6/30/2012 |
| Net Income Available to Common Shareholders                                                                                                                           | $ | 16,108 |  |   | $ | 16,377 |  |   | $ | 21,685 |  |   | $ | 10,401 |  |
| Noncontrolling Interest in CRLP (Operating Partnership Unitholders)                                                                                                   | 1,298 |  |   | 1,334 |  |   | 1,751 |  |   | 848 |  |
| Total                                                                                                                                                                 | 17,406 |  |   | 17,711 |  |   | 23,436 |  |   | 11,249 |  |
|                                                                                                                                                                  |   |   |   |   |   |   |   |
| Adjustments - Consolidated Properties                                                                                                                                 |   |   |   |   |   |   |   |
|    Depreciation - Real Estate                                                                                                                          | 30,830 |  |   | 31,169 |  |   | 62,427 |  |   | 63,131 |  |
|    Amortization - Real Estate                                                                                                                          | 1,354 |  |   | 1,502 |  |   | 3,171 |  |   | 3,620 |  |
| Impairment on Depreciable Asset                                                                                                                                       | — |  |   | 271 |  |   | — |  |   | 271 |  |
|    Remove: Total Consolidated (Gain)/Loss on Sale of Property, net of                                                                                  |   |   |   |   |   |   |   |
| Income Tax and Noncontrolling Interest                                                                                                                                | (18,315 | ) |   | 20 |  |   | (25,509 | ) |   | 249 |  |
|    Include: Gain/(Loss) on Sale of Undepreciated Property, net of                                                                                      |   |   |   |   |   |   |   |
| Income Tax and Noncontrolling Interest                                                                                                                                | 14 |  |   | (8 | ) |   | 21 |  |   | (269 | ) |
|          Total Adjustments - Consolidated                                                                                | 13,883 |  |   | 32,954 |  |   | 40,110 |  |   | 67,002 |  |
|                                                                                                                                                                  |   |   |   |   |   |   |   |
| Adjustments - Unconsolidated Properties                                                                                                                               |   |   |   |   |   |   |   |
|    Depreciation - Real Estate                                                                                                                          | 46 |  |   | 1,035 |  |   | 142 |  |   | 2,151 |  |
|    Amortization - Real Estate                                                                                                                          | 2 |  |   | 355 |  |   | 3 |  |   | 722 |  |
|    Remove:  (Gain)/Loss on Sale of Property                                                                                                            | (2,055 | ) |   | (21,906 | ) |   | (2,402 | ) |   | (22,709 | ) |
|          Total Adjustments - Unconsolidated                                                                              | (2,007 | ) |   | (20,516 | ) |   | (2,257 | ) |   | (19,836 | ) |
|                                                                                                                                                                  |   |   |   |   |   |   |   |
| Funds from Operations                                                                                                                                                 | $ | 29,282 |  |   | $ | 30,149 |  |   | $ | 61,289 |  |   | $ | 58,415 |  |
|                                                                                                                                                                  |   |   |   |   |   |   |   |
| Income Allocated to Participating Securities                                                                                                                          | (166 | ) |   | (242 | ) |   | (362 | ) |   | (460 | ) |
|                                                                                                                                                                  |   |   |   |   |   |   |   |
| Funds from Operations Available to Common Shareholders and                                                                                                            |   |   |   |   |   |   |   |
| Unitholders                                                                                                                                                           | $ | 29,116 |  |   | $ | 29,907 |  |   | $ | 60,927 |  |   | $ | 57,955 |  |
|                                                                                                                                                                  |   |   |   |   |   |   |   |
| FFO per Share                                                                                                                                                         |   |   |   |   |   |   |   |
|    Basic                                                                                                                                               | $ | 0.31 |  |   | $ | 0.32 |  |   | $ | 0.64 |  |   | $ | 0.61 |  |
|    Diluted                                                                                                                                             | $ | 0.31 |  |   | $ | 0.32 |  |   | $ | 0.64 |  |   | $ | 0.61 |  |
|                                                                                                                                                                  |   |   |   |   |   |   |   |
|                                                                                                                                                                  |   |   |   |   |
| FFO, as defined by the National Association of Real Estate Investment Trusts (NAREIT), means income (loss) before noncontrolling interest (determined in              |
| accordance with GAAP), excluding gains (losses) from sales of depreciated property and impairment write-downs of depreciable real estate, plus real estate            |
| depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.  FFO is presented to assist investors in analyzing the        |
| Company's performance.  The Company believes that FFO is useful to investors because it provides an additional indicator of the Company's financial                   |
| and operating performance.  This is because, by excluding the effect of real estate depreciation and amortization, gains (or losses) from sales of properties and     |
| impairment write-downs of depreciable real estate (all of which are based on historical costs which may be of limited relevance in evaluating current performance),   |
| FFO can facilitate comparison of operating performance among equity REITs.  FFO is a widely recognized measure in the Company's industry.                             |
|                                                                                                                                                                  |   |   |   |   |
| The Company's method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.                |
| FFO should not be considered (1) as an alternative to net income (determined in accordance with GAAP), (2) as an indicator of financial performance, (3) as           |
| cash flow from operating activities (determined in accordance with GAAP) or (4) as a measure of liquidity nor is it indicative of sufficient cash flow to fund all of |
| our needs, including our ability to make distributions.                                                                                                               |

----

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                     |
| Financial Statements                                                          |
| Second Quarter 2013                                                           |
|                                                                          |   |   |   |
| BALANCE SHEET                                                                 |   |   |   |
| ($ in 000s)                                                                   | As of |   | As of |
|                                                                          | 6/30/2013 |   | 12/31/2012 |
| ASSETS                                                                        |   |   |   |
| Real Estate Assets                                                            |   |   |   |
| Operating Properties                                                          | $ | 3,443,165 |  |   | $ | 3,489,324 |  |
| Undeveloped Land & Construction in Progress                               | 289,645 |  |   | 296,153 |  |
|      Total Real Estate, before Depreciation          | 3,732,810 |  |   | 3,785,477 |  |
|                                                                          |   |   |   |
| Less: Accumulated Depreciation                                                | (843,435 | ) |   | (804,964 | ) |
| Real Estate Assets Held for Sale, net                                         | 41,279 |  |   | 93,450 |  |
|      Net Real Estate Assets                          | 2,930,654 |  |   | 3,073,963 |  |
| Cash and Equivalents                                                          | 20,944 |  |   | 11,674 |  |
| Restricted Cash                                                               | 10,212 |  |   | 38,128 |  |
| Accounts Receivable, net                                                      | 24,760 |  |   | 23,977 |  |
| Notes Receivable                                                              | 41,962 |  |   | 42,399 |  |
| Prepaid Expenses                                                              | 19,576 |  |   | 19,460 |  |
| Deferred Debt and Lease Costs                                                 | 16,253 |  |   | 23,938 |  |
| Investment in Unconsolidated Subsidiaries                                     | 4,379 |  |   | 7,777 |  |
| Other Assets                                                                  | 14,254 |  |   | 44,892 |  |
|      Total Assets                                    | $ | 3,082,994 |  |   | $ | 3,286,208 |  |
|                                                                          |   |   |   |
| LIABILITIES                                                                   |   |   |   |
| Unsecured Credit Facility                                                     | $ | 105,000 |  |   | $ | 188,631 |  |
| Notes and Mortgages Payable                                                   | 1,542,326 |  |   | 1,643,361 |  |
|      Total Debt                                      | 1,647,326 |  |   | 1,831,992 |  |
| Accounts Payable                                                              | 32,388 |  |   | 53,545 |  |
| Accrued Interest                                                              | 8,837 |  |   | 10,209 |  |
| Accrued Expenses                                                              | 56,331 |  |   | 41,652 |  |
| Other Liabilities                                                             | 22,001 |  |   | 36,751 |  |
|      Total Liabilities                               | 1,766,883 |  |   | 1,974,149 |  |
|                                                                          |   |   |   |
| Redeemable Common Units                                                       | 179,576 |  |   | 162,056 |  |
|                                                                          |   |   |   |
| EQUITY                                                                        |   |   |   |
| Limited Partner's Noncontrolling Interest                                     | 182 |  |   | 695 |  |
|                                                                          |   |   |   |
| Cumulative Earnings                                                           | 1,297,803 |  |   | 1,276,118 |  |
| Cumulative Distributions                                                      | (1,963,333 | ) |   | (1,926,167 | ) |
| Common Equity, including Additional Paid-in Capital                           | 1,966,139 |  |   | 1,974,532 |  |
| Treasury Shares, at Cost                                                      | (150,163 | ) |   | (150,163 | ) |
| Accumulated Other Comprehensive Loss                                          | (14,093 | ) |   | (25,012 | ) |
|      Total Equity, including Noncontrolling Interest | 1,136,535 |  |   | 1,150,003 |  |
| Total Liabilities and Equity                                                  | $ | 3,082,994 |  |   | $ | 3,286,208 |  |

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |
| SHARES & UNITS OUTSTANDING, END OF PERIOD                        |   |   |   |
| (shares and units in 000s)                                           | As of |   | As of |
|                                                                 | 6/30/2013 |   | 12/31/2012 |
| Basic                                                                |   |   |   |
|      Shares                                 | 88,744 |  |   | 88,212 |  |
|      Operating Partnership Units (OP Units) | 7,152 |  |   | 7,153 |  |
|      Total Shares & OP Units            | 95,896 |  |   | 95,365 |  |

----

|                                                                                                                                                              |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                    |
| Multifamily Portfolio Statistics                                                                                                                             |
| Second Quarter 2013                                                                                                                                          |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| COMMUNITY PORTFOLIO AT JUNE 30, 2013  (In apartment homes)                                                                                                   |   |   |   |   |   |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                         | Same | Non Same | Wholly | Joint | Stabilized | In | Total | Current |   |
|                                                                                                                                                         | Property | Property | Owned | Venture (1) | Operating | Lease-Up | Operating | Developments | Total |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Atlanta                                                                                                                                                      | 2,598 |  | — |  | 2,598 |  | — |   | 2,598 |   | — |  | 2,598 |  | — |  | 2,598 |  |
| Austin                                                                                                                                                       | 3,015 |  | 568 |  | 3,583 |  | — |   | 3,583 |   | — |  | 3,583 |  | — |  | 3,583 |  |
| Birmingham                                                                                                                                                   | 1,608 |  | — |  | 1,608 |  | — |   | 1,608 |   | — |  | 1,608 |  | — |  | 1,608 |  |
| Charleston                                                                                                                                                   | 1,890 |  | — |  | 1,890 |  | — |   | 1,890 |   | — |  | 1,890 |  | — |  | 1,890 |  |
| Charlotte                                                                                                                                                    | 4,290 |  | 85 |  | 4,375 |  | — |   | 4,375 |   | — |  | 4,375 |  | 434 |  | 4,809 |  |
| Dallas                                                                                                                                                       | 1,954 |  | 874 |  | 2,828 |  | — |   | 2,828 |   | 252 |  | 3,080 |  | — |  | 3,080 |  |
| Fort Worth                                                                                                                                                   | 2,012 |  | — |  | 2,012 |  | 29 |   | 2,041 |   | — |  | 2,041 |  | — |  | 2,041 |  |
| Orlando                                                                                                                                                      | 1,756 |  | 620 |  | 2,376 |  | — |   | 2,376 |   | — |  | 2,376 |  | 594 |  | 2,970 |  |
| Phoenix                                                                                                                                                      | 952 |  | — |  | 952 |  | — |   | 952 |   | — |  | 952 |  | — |  | 952 |  |
| Raleigh                                                                                                                                                      | 2,744 |  | 370 |  | 3,114 |  | — |   | 3,114 |   | — |  | 3,114 |  | — |  | 3,114 |  |
| Richmond                                                                                                                                                     | 1,368 |  | — |  | 1,368 |  | — |   | 1,368 |   | — |  | 1,368 |  | — |  | 1,368 |  |
| Savannah                                                                                                                                                     | 1,437 |  | — |  | 1,437 |  | — |   | 1,437 |   | — |  | 1,437 |  | — |  | 1,437 |  |
| Tampa/Sarasota                                                                                                                                               | 606 |  | 486 |  | 1,092 |  |   | 1,092 |   | — |  | 1,092 |  | — |  | 1,092 |  |
| Other                                                                                                                                                        | 4,708 |  | 96 |  | 4,804 |  | — |   | 4,804 |   | — |  | 4,804 |  | — |  | 4,804 |  |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Total Portfolio                                                                                                                                              | 30,938 |  | 3,099 |  | 34,037 |  | 29 |   | 34,066 |   | 252 |  | 34,318 |  | 1,028 |  | 35,346 |  |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| SECOND QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION (2)                                                                                                |   | PHYSICAL OCCUPANCY (3) |   |   |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                         |   |   | Total NOI |   |   |   |   |   |   |   |   |
|                                                                                                                                                         | Same Property | Incl. JV's at |   |   | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 |
|                                                                                                                                                         | Communities | Pro Rata % (4) |   |   | 2013 | 2013 | 2012 | 2012 | 2012 |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Atlanta                                                                                                                                                      | 8.5% | 7.7% |   |   | 95.3% | 95.9% | 97.1% | 96.9% | 95.5% |
| Austin                                                                                                                                                       | 9.2% | 9.6% |   |   | 94.7% | 95.9% | 95.3% | 96.1% | 96.7% |
| Birmingham                                                                                                                                                   | 4.7% | 4.2% |   |   | 95.2% | 96.0% | 94.2% | 96.7% | 96.7% |
| Charleston                                                                                                                                                   | 6.1% | 5.5% |   |   | 95.4% | 96.3% | 95.8% | 96.1% | 95.3% |
| Charlotte                                                                                                                                                    | 14.0% | 13.0% |   |   | 94.9% | 96.4% | 97.1% | 97.9% | 96.5% |
| Dallas                                                                                                                                                       | 6.1% | 8.5% |   |   | 94.1% | 95.9% | 95.0% | 97.0% | 96.2% |
| Fort Worth                                                                                                                                                   | 5.6% | 5.1% |   |   | 94.9% | 96.6% | 96.7% | 97.0% | 96.0% |
| Orlando                                                                                                                                                      | 6.8% | 8.2% |   |   | 94.8% | 95.0% | 94.5% | 95.8% | 95.8% |
| Phoenix                                                                                                                                                      | 3.4% | 3.0% |   |   | 94.7% | 96.4% | 95.6% | 98.2% | 96.6% |
| Raleigh                                                                                                                                                      | 9.9% | 10.0% |   |   | 95.5% | 96.0% | 96.0% | 96.4% | 95.7% |
| Richmond                                                                                                                                                     | 4.4% | 3.9% |   |   | 95.2% | 94.9% | 95.1% | 96.6% | 94.0% |
| Savannah                                                                                                                                                     | 5.0% | 4.5% |   |   | 96.0% | 96.7% | 96.2% | 97.5% | 94.8% |
| Tampa/Sarasota                                                                                                                                               | 2.6% | 4.1% |   |   | 96.0% | 97.5% | 96.9% | 96.0% | 98.0% |
| Other                                                                                                                                                        | 13.7% | 12.7% |   |   | 94.0% | 95.6% | 94.9% | 96.1% | 96.2% |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Total Portfolio (5)                                                                                                                                          | 100.0% | 100.0% |   |   | 94.9% | 96.0% | 95.8% | 96.7% | 96.0% |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Same Property (6)                                                                                                                                            |   |   |   |   | 94.9% | 96.1% | 95.8% | 96.8% | 95.9% |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| (1)  Joint venture units shown represents the Company's pro-rata share of total units.  There are 288 total units at the Company's partially-owned apartment |
| communities.                                                                                                                                                 |
| (2)  For the GAAP reconciliation of revenues, expenses and NOI, see page 21 and 22.                                                                          |
| (3)  Occupancy figures include apartment homes held through joint venture investments but exclude communities in lease-up or under development.  For a       |
| detailed occupancy listing by property, see the Multifamily Property Table on page 25.                                                                       |
| (4)  Based on total NOI from wholly-owned operating communities and the Company's pro-rata share of total NOI from joint venture communities.                |
| (5)  Total portfolio occupancy includes wholly-owned operating communities and joint venture communities.                                                    |
| (6)  Same property communities are communities which were owned by the Company and stabilized as of January 1, 2012, as adjusted for dispositions during     |
| the year.                                                                                                                                                    |

----

|                                                                                                                                            |
|--------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                  |
| Components of Property Net Operating Income and Capitalized Expenditures for Multifamily Portfolio                                         |
| Second Quarter 2013                                                                                                                        |
| ($ in 000s, except property data and per unit amounts)                                                                                     |
|                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| COMPONENTS OF PROPERTY NET OPERATING INCOME (1)                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                       |   | Apartment |   | Three Months Ended |   | Six Months Ended |
|                                                                                                                                       |   | Homes |   | 6/30/2013 |   | 6/30/2012 |   | Change |   | 6/30/2013 |   | 6/30/2012 |   | Change |
| Property Revenue                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Same Property Communities (2)                                                                                                         |   | 30,938 |  |   | $ | 86,127 |  |   | $ | 82,609 |  |   | $ | 3,518 |  |   | $ | 171,458 |  |   | $ | 163,650 |  |   | $ | 7,808 |  |
| Non-Same Property Communities                                                                                                              |   | 3,099 |  |   | 10,153 |  |   | 2,687 |  |   | 7,466 |  |   | 18,998 |  |   | 4,644 |  |   | 14,354 |  |
| Joint Venture Communities (3)                                                                                                              |   | 29 |  |   | 84 |  |   | 82 |  |   | 2 |  |   | 167 |  |   | 160 |  |   | 7 |  |
| Lease up / Development Communities                                                                                                         |   | 1,280 |  |   | 129 |  |   | — |  |   | 129 |  |   | 131 |  |   | — |  |   | 131 |  |
| Dispositions / Other                                                                                                                       |   | — |  |   | 754 |  |   | 4,826 |  |   | (4,072 | ) |   | 2,256 |  |   | 9,581 |  |   | (7,325 | ) |
|      Total Property Revenue                                                                                       |   | 35,346 |  |   | $ | 97,247 |  |   | $ | 90,204 |  |   | $ | 7,043 |  |   | $ | 193,010 |  |   | $ | 178,035 |  |   | $ | 14,975 |  |
|                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property Expenses                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Same Property Communities (2)                                                                                                         |   | 30,938 |  |   | $ | 33,249 |  |   | $ | 31,939 |  |   | $ | 1,310 |  |   | $ | 65,911 |  |   | $ | 63,734 |  |   | $ | 2,177 |  |
| Non-Same Property Communities                                                                                                              |   | 3,099 |  |   | 4,234 |  |   | 1,325 |  |   | 2,909 |  |   | 8,136 |  |   | 2,324 |  |   | 5,812 |  |
| Joint Venture Communities (3)                                                                                                              |   | 29 |  |   | 41 |  |   | 39 |  |   | 2 |  |   | 82 |  |   | 78 |  |   | 4 |  |
| Lease up / Development Communities                                                                                                         |   | 1,280 |  |   | 420 |  |   | 2 |  |   | 418 |  |   | 599 |  |   | 3 |  |   | 596 |  |
| Dispositions / Other                                                                                                                       |   | — |  |   | 395 |  |   | 2,172 |  |   | (1,777 | ) |   | 1,037 |  |   | 4,270 |  |   | (3,233 | ) |
|      Total Property Expenses                                                                                      |   | 35,346 |  |   | $ | 38,339 |  |   | $ | 35,477 |  |   | $ | 2,862 |  |   | $ | 75,765 |  |   | $ | 70,409 |  |   | $ | 5,356 |  |
|                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property Net Operating Income                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Same Property Communities (2)                                                                                                              |   | 30,938 |  |   | $ | 52,878 |  |   | $ | 50,670 |  |   | $ | 2,208 |  |   | $ | 105,547 |  |   | $ | 99,916 |  |   | $ | 5,631 |  |
| Non-Same Property Communities                                                                                                              |   | 3,099 |  |   | 5,919 |  |   | 1,362 |  |   | 4,557 |  |   | 10,862 |  |   | 2,320 |  |   | 8,542 |  |
| Joint Venture Communities (3)                                                                                                              |   | 29 |  |   | 43 |  |   | 43 |  |   | — |  |   | 85 |  |   | 82 |  |   | 3 |  |
| Lease up / Development Communities                                                                                                         |   | 1,280 |  |   | (291 | ) |   | (2 | ) |   | (289 | ) |   | (468 | ) |   | (3 | ) |   | (465 | ) |
| Dispositions / Other                                                                                                                       |   | — |  |   | 359 |  |   | 2,654 |  |   | (2,295 | ) |   | 1,219 |  |   | 5,311 |  |   | (4,092 | ) |
|      Total Property Net Operating Income                                                                          | 35,346 |  |   | $ | 58,908 |  |   | $ | 54,727 |  |   | $ | 4,181 |  |   | $ | 117,245 |  |   | $ | 107,626 |  |   | $ | 9,619 |  |
|                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CAPITALIZED EXPENDITURES                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                       |   | Apartment |   | Three Months Ended |   | Six Months Ended |
|                                                                                                                                       |   | Homes |   | 6/30/2013 |   | 6/30/2012 |   | Change |   | 6/30/2013 |   | 6/30/2012 |   | Change |
| Capitalized Expenses                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Same Property Communities (2)                                                                                                              |   | 30,938 |  |   | $ | 7,312 |  |   | $ | 8,313 |  |   | $ | (1,001 | ) |   | $ | 12,051 |  |   | $ | 10,861 |  |   | $ | 1,190 |  |
| Non-Same Property Communities                                                                                                              |   | 3,099 |  |   | (180 | ) |   | 28 |  |   | (208 | ) |   | 119 |  |   | 135 |  |   | (16 | ) |
| Joint Venture Communities (3)                                                                                                         |   | 29 |  |   | 6 |  |   | 3 |  |   | 3 |  |   | 15 |  |   | (1 | ) |   | 16 |  |
| Dispositions / Other                                                                                                                       |   | — |  |   | 303 |  |   | 749 |  |   | (446 | ) |   | 557 |  |   | 1,185 |  |   | (628 | ) |
|      Total Property Capitalized Expenses                                                                          | 34,066 |  |   | $ | 7,441 |  |   | $ | 9,093 |  |   | $ | (1,652 | ) |   | $ | 12,742 |  |   | $ | 12,180 |  |   | $ | 562 |  |
|                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capitalized Expenses per Unit                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Same Property Communities (2)                                                                                                              |   | 30,938 |  |   | $ | 236 |  |   | $ | 269 |  |   | $ | (33 | ) |   | $ | 390 |  |   | $ | 351 |  |   | $ | 39 |  |
| Non-Same Property Communities                                                                                                              |   | 3,099 |  |   | (58 | ) |   | 9 |  |   | (67 | ) |   | 38 |  |   | 44 |  |   | (5 | ) |
| Joint Venture Communities (3)                                                                                                         |   | 29 |  |   | 207 |  |   | 103 |  |   | 103 |  |   | 517 |  |   | (34 | ) |   | 552 |  |
|      Total Per Unit                                                                                               |   | 34,066 |  |   | $ | 218 |  |   | $ | 267 |  |   | $ | (48 | ) |   | $ | 374 |  |   | $ | 358 |  |   | $ | 16 |  |
|                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)  For the GAAP reconciliation of revenues, expenses and NOI, see page 21 and 22.                                                        |
| (2)  The 2012 same property data reflects results of the 2013 same property portfolio.                                                     |
| (3)  Includes the Company's pro-rata share of apartment homes, revenues, expenses and NOI from partially-owned unconsolidated communities. |

----

|                                                                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                        |
| Multifamily Same Property Quarter Comparisons                                                                                                                    |
| Second Quarter 2013                                                                                                                                              |
| ($ in 000s, except property data amounts)                                                                                                                        |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SAME PROPERTY REVENUES, EXPENSES & NOI FOR THE THREE MONTHS ENDED JUNE 30, 2013 (1)                                                                     |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   | Revenues |   |   |   |   |   | Expenses |   |   |   |   |   | NOI |   |   |
|                                                                                                                                                             | 2Q13 |   | 2Q12 |   | % Chg |   | 2Q13 |   | 2Q12 |   | % Chg |   | 2Q13 |   | 2Q12 |   | % Chg |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Atlanta                                                                                                                                                          | $ | 7,655 |  |   | $ | 7,275 |  |   | 5.2 |  % |   | $ | 3,152 |  |   | $ | 3,063 |  |   | 2.9 | % |   | $ | 4,503 |  |   | $ | 4,212 |  |   | 6.9 |  % |
| Austin                                                                                                                                                           | 8,849 |  |   | 8,453 |  |   | 4.7 |  % |   | 3,969 |  |   | 3,647 |  |   | 8.8 | % |   | 4,880 |  |   | 4,806 |  |   | 1.5 |  % |
| Birmingham                                                                                                                                                       | 4,125 |  |   | 4,021 |  |   | 2.6 |  % |   | 1,648 |  |   | 1,579 |  |   | 4.4 | % |   | 2,477 |  |   | 2,442 |  |   | 1.4 |  % |
| Charleston                                                                                                                                                       | 5,227 |  |   | 4,995 |  |   | 4.6 |  % |   | 1,995 |  |   | 1,930 |  |   | 3.4 | % |   | 3,232 |  |   | 3,065 |  |   | 5.4 |  % |
| Charlotte                                                                                                                                                        | 11,387 |  |   | 10,741 |  |   | 6.0 |  % |   | 4,010 |  |   | 3,863 |  |   | 3.8 | % |   | 7,377 |  |   | 6,878 |  |   | 7.3 |  % |
| Dallas                                                                                                                                                           | 5,656 |  |   | 5,243 |  |   | 7.9 |  % |   | 2,457 |  |   | 2,296 |  |   | 7.0 | % |   | 3,199 |  |   | 2,947 |  |   | 8.6 |  % |
| Fort Worth                                                                                                                                                       | 5,357 |  |   | 5,168 |  |   | 3.7 |  % |   | 2,411 |  |   | 2,361 |  |   | 2.1 | % |   | 2,946 |  |   | 2,807 |  |   | 5.0 |  % |
| Orlando                                                                                                                                                          | 5,738 |  |   | 5,555 |  |   | 3.3 |  % |   | 2,141 |  |   | 2,062 |  |   | 3.8 | % |   | 3,597 |  |   | 3,493 |  |   | 3.0 |  % |
| Phoenix                                                                                                                                                          | 2,735 |  |   | 2,685 |  |   | 1.9 |  % |   | 949 |  |   | 892 |  |   | 6.4 | % |   | 1,786 |  |   | 1,793 |  |   | (0.4 | )% |
| Raleigh                                                                                                                                                          | 7,773 |  |   | 7,341 |  |   | 5.9 |  % |   | 2,559 |  |   | 2,503 |  |   | 2.2 | % |   | 5,214 |  |   | 4,838 |  |   | 7.8 |  % |
| Richmond                                                                                                                                                         | 3,675 |  |   | 3,540 |  |   | 3.8 |  % |   | 1,357 |  |   | 1,339 |  |   | 1.3 | % |   | 2,318 |  |   | 2,201 |  |   | 5.3 |  % |
| Savannah                                                                                                                                                         | 4,139 |  |   | 4,055 |  |   | 2.1 |  % |   | 1,481 |  |   | 1,376 |  |   | 7.6 | % |   | 2,658 |  |   | 2,679 |  |   | (0.8 | )% |
| Tampa/Sarasota                                                                                                                                                   | 2,121 |  |   | 2,071 |  |   | 2.4 |  % |   | 746 |  |   | 725 |  |   | 2.9 | % |   | 1,375 |  |   | 1,346 |  |   | 2.2 |  % |
| Other                                                                                                                                                            | 11,690 |  |   | 11,466 |  |   | 2.0 |  % |   | 4,374 |  |   | 4,303 |  |   | 1.7 | % |   | 7,316 |  |   | 7,163 |  |   | 2.1 |  % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Same Property (2)                                                                                                                                          | $ | 86,127 |  |   | $ | 82,609 |  |   | 4.3 |  % |   | $ | 33,249 |  |   | $ | 31,939 |  |   | 4.1 | % |   | $ | 52,878 |  |   | $ | 50,670 |  |   | 4.4 |  % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             | Financial Occupancy (3) |   | Revenue per Unit (4) |   | Rent per Unit (5) |
|                                                                                                                                                             | 2Q13 |   | 2Q12 |   | % Chg |   | 2Q13 |   | 2Q12 |   | % Chg |   | 2Q13 |   | 2Q12 |   | % Chg |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Atlanta                                                                                                                                                          | 94.7 | % |   | 95.2 | % |   | (0.5 | )% |   | $ | 1,037 |  |   | $ | 980 |  |   | 5.8 | % |   | $ | 834 |  |   | $ | 800 |  |   | 4.3 |  % |
| Austin                                                                                                                                                           | 95.0 | % |   | 95.8 | % |   | (0.8 | )% |   | 1,030 |  |   | 975 |  |   | 5.6 | % |   | 870 |  |   | 823 |  |   | 5.7 |  % |
| Birmingham                                                                                                                                                       | 94.8 | % |   | 96.5 | % |   | (1.7 | )% |   | 903 |  |   | 864 |  |   | 4.5 | % |   | 766 |  |   | 736 |  |   | 4.1 |  % |
| Charleston                                                                                                                                                       | 95.1 | % |   | 95.5 | % |   | (0.4 | )% |   | 969 |  |   | 922 |  |   | 5.1 | % |   | 811 |  |   | 772 |  |   | 5.1 |  % |
| Charlotte                                                                                                                                                        | 95.0 | % |   | 95.3 | % |   | (0.3 | )% |   | 932 |  |   | 876 |  |   | 6.4 | % |   | 787 |  |   | 737 |  |   | 6.8 |  % |
| Dallas                                                                                                                                                           | 94.2 | % |   | 93.0 | % |   | 1.2 |  % |   | 1,024 |  |   | 961 |  |   | 6.6 | % |   | 859 |  |   | 820 |  |   | 4.8 |  % |
| Fort Worth                                                                                                                                                       | 94.6 | % |   | 94.5 | % |   | 0.1 |  % |   | 939 |  |   | 906 |  |   | 3.6 | % |   | 760 |  |   | 740 |  |   | 2.7 |  % |
| Orlando                                                                                                                                                          | 95.2 | % |   | 95.0 | % |   | 0.2 |  % |   | 1,144 |  |   | 1,110 |  |   | 3.1 | % |   | 966 |  |   | 946 |  |   | 2.1 |  % |
| Phoenix                                                                                                                                                          | 94.6 | % |   | 94.6 | % |   | — |  % |   | 1,013 |  |   | 994 |  |   | 1.9 | % |   | 856 |  |   | 836 |  |   | 2.4 |  % |
| Raleigh                                                                                                                                                          | 95.3 | % |   | 95.2 | % |   | 0.1 |  % |   | 990 |  |   | 937 |  |   | 5.7 | % |   | 849 |  |   | 811 |  |   | 4.7 |  % |
| Richmond                                                                                                                                                         | 95.2 | % |   | 94.3 | % |   | 0.9 |  % |   | 940 |  |   | 915 |  |   | 2.7 | % |   | 793 |  |   | 774 |  |   | 2.5 |  % |
| Savannah                                                                                                                                                         | 96.6 | % |   | 96.8 | % |   | (0.2 | )% |   | 994 |  |   | 972 |  |   | 2.3 | % |   | 834 |  |   | 821 |  |   | 1.6 |  % |
| Tampa/Sarasota                                                                                                                                                   | 96.9 | % |   | 96.9 | % |   | — |  % |   | 1,203 |  |   | 1,176 |  |   | 2.3 | % |   | 994 |  |   | 973 |  |   | 2.2 |  % |
| Other                                                                                                                                                            | 94.1 | % |   | 95.1 | % |   | (1.0 | )% |   | 880 |  |   | 854 |  |   | 3.0 | % |   | 736 |  |   | 721 |  |   | 2.1 |  % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Same Property (2)                                                                                                                                     | 94.9 | % |   | 95.2 | % |   | (0.3 | )% |   | $ | 978 |  |   | $ | 935 |  |   | 4.6 | % |   | $ | 819 |  |   | $ | 787 |  |   | 4.1 |  % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)  For the GAAP reconciliation of revenues, expenses and NOI, see page 21 and 22.                                                                              |
| (2)  Same property communities are communities which were owned by the Company and stabilized as of January 1, 2012, as adjusted for dispositions during         |
| the year.  The 2012 same property data reflects results of the 2013 same property portfolio.                                                                     |
| (3)  The Company defines Financial Occupancy as market rent less vacancy loss as a percentage of market rent.                                               |
| (4)  Revenue per Unit is total revenue divided by total number of occupied units.                                                                                |
| (5)  Rent per Unit is the average net effective rental rate per occupied unit.  The Company defines net effective rental rate as the Company's rental rate after |
| "loss to lease", concessions and vacancy.                                                                                                                        |

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|                                                                                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                        |
| Multifamily Same Property Quarter Comparisons                                                                                                                    |
| Year to Date 2013                                                                                                                                                |
| ($ in 000s, except property data amounts)                                                                                                                        |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SAME PROPERTY REVENUES, EXPENSES & NOI FOR THE SIX MONTHS ENDED JUNE 30, 2013 (1)                                                                       |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   | Revenues |   |   |   |   |   | Expenses |   |   |   |   |   | NOI |   |   |
|                                                                                                                                                             | 2013 |   | 2012 |   | % Chg |   | 2013 |   | 2012 |   | % Chg |   | 2013 |   | 2012 |   | % Chg |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Atlanta                                                                                                                                                          | $ | 15,218 |  |   | $ | 14,473 |  |   | 5.1 |  % |   | $ | 6,250 |  |   | $ | 6,087 |  |   | 2.7 | % |   | $ | 8,968 |  |   | $ | 8,386 |  |   | 6.9 | % |
| Austin                                                                                                                                                           | 17,465 |  |   | 16,690 |  |   | 4.6 |  % |   | 7,859 |  |   | 7,162 |  |   | 9.7 | % |   | 9,606 |  |   | 9,528 |  |   | 0.8 | % |
| Birmingham                                                                                                                                                       | 8,223 |  |   | 7,974 |  |   | 3.1 |  % |   | 3,232 |  |   | 3,147 |  |   | 2.7 | % |   | 4,991 |  |   | 4,827 |  |   | 3.4 | % |
| Charleston                                                                                                                                                       | 10,355 |  |   | 9,910 |  |   | 4.5 |  % |   | 3,929 |  |   | 3,815 |  |   | 3.0 | % |   | 6,426 |  |   | 6,095 |  |   | 5.4 | % |
| Charlotte                                                                                                                                                        | 22,700 |  |   | 21,222 |  |   | 7.0 |  % |   | 7,940 |  |   | 7,859 |  |   | 1.0 | % |   | 14,760 |  |   | 13,363 |  |   | 10.5 | % |
| Dallas                                                                                                                                                           | 11,263 |  |   | 10,424 |  |   | 8.0 |  % |   | 4,832 |  |   | 4,631 |  |   | 4.3 | % |   | 6,431 |  |   | 5,793 |  |   | 11.0 | % |
| Fort Worth                                                                                                                                                       | 10,746 |  |   | 10,193 |  |   | 5.4 |  % |   | 4,882 |  |   | 4,709 |  |   | 3.7 | % |   | 5,864 |  |   | 5,484 |  |   | 6.9 | % |
| Orlando                                                                                                                                                          | 11,416 |  |   | 10,983 |  |   | 3.9 |  % |   | 4,196 |  |   | 4,099 |  |   | 2.4 | % |   | 7,220 |  |   | 6,884 |  |   | 4.9 | % |
| Phoenix                                                                                                                                                          | 5,446 |  |   | 5,337 |  |   | 2.0 |  % |   | 1,854 |  |   | 1,770 |  |   | 4.7 | % |   | 3,592 |  |   | 3,567 |  |   | 0.7 | % |
| Raleigh                                                                                                                                                          | 15,473 |  |   | 14,457 |  |   | 7.0 |  % |   | 5,128 |  |   | 4,969 |  |   | 3.2 | % |   | 10,345 |  |   | 9,488 |  |   | 9.0 | % |
| Richmond                                                                                                                                                         | 7,323 |  |   | 7,054 |  |   | 3.8 |  % |   | 2,646 |  |   | 2,621 |  |   | 1.0 | % |   | 4,677 |  |   | 4,433 |  |   | 5.5 | % |
| Savannah                                                                                                                                                         | 8,269 |  |   | 8,108 |  |   | 2.0 |  % |   | 2,964 |  |   | 2,822 |  |   | 5.0 | % |   | 5,305 |  |   | 5,286 |  |   | 0.4 | % |
| Tampa/Sarasota                                                                                                                                                   | 4,214 |  |   | 4,081 |  |   | 3.3 |  % |   | 1,458 |  |   | 1,432 |  |   | 1.8 | % |   | 2,756 |  |   | 2,649 |  |   | 4.0 | % |
| Other                                                                                                                                                            | 23,347 |  |   | 22,744 |  |   | 2.7 |  % |   | 8,741 |  |   | 8,611 |  |   | 1.5 | % |   | 14,606 |  |   | 14,133 |  |   | 3.3 | % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Same Property (2)                                                                                                                                          | $ | 171,458 |  |   | $ | 163,650 |  |   | 4.8 |  % |   | $ | 65,911 |  |   | $ | 63,734 |  |   | 3.4 | % |   | $ | 105,547 |  |   | $ | 99,916 |  |   | 5.6 | % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             | Financial Occupancy (3) |   | Revenue per Unit (4) |   | Rent per Unit (5) |
|                                                                                                                                                             | 2013 |   | 2012 |   | % Chg |   | 2013 |   | 2012 |   | % Chg |   | 2013 |   | 2012 |   | % Chg |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Atlanta                                                                                                                                                          | 95.6 | % |   | 95.1 | % |   | 0.5 |  % |   | $ | 1,022 |  |   | $ | 976 |  |   | 4.7 | % |   | $ | 830 |  |   | $ | 796 |  |   | 4.3 | % |
| Austin                                                                                                                                                           | 94.9 | % |   | 95.8 | % |   | (0.9 | )% |   | 1,018 |  |   | 963 |  |   | 5.7 | % |   | 864 |  |   | 816 |  |   | 5.9 | % |
| Birmingham                                                                                                                                                       | 95.1 | % |   | 96.0 | % |   | (0.9 | )% |   | 897 |  |   | 861 |  |   | 4.2 | % |   | 762 |  |   | 733 |  |   | 4.0 | % |
| Charleston                                                                                                                                                       | 95.3 | % |   | 96.0 | % |   | (0.7 | )% |   | 958 |  |   | 910 |  |   | 5.3 | % |   | 805 |  |   | 767 |  |   | 5.0 | % |
| Charlotte                                                                                                                                                        | 95.8 | % |   | 95.3 | % |   | 0.5 |  % |   | 921 |  |   | 865 |  |   | 6.5 | % |   | 780 |  |   | 730 |  |   | 6.8 | % |
| Dallas                                                                                                                                                           | 94.3 | % |   | 93.5 | % |   | 0.8 |  % |   | 1,019 |  |   | 951 |  |   | 7.2 | % |   | 856 |  |   | 812 |  |   | 5.4 | % |
| Fort Worth                                                                                                                                                       | 95.5 | % |   | 93.8 | % |   | 1.7 |  % |   | 932 |  |   | 901 |  |   | 3.4 | % |   | 752 |  |   | 737 |  |   | 2.0 | % |
| Orlando                                                                                                                                                          | 95.2 | % |   | 94.8 | % |   | 0.4 |  % |   | 1,138 |  |   | 1,100 |  |   | 3.5 | % |   | 964 |  |   | 940 |  |   | 2.6 | % |
| Phoenix                                                                                                                                                          | 94.9 | % |   | 95.4 | % |   | (0.5 | )% |   | 1,005 |  |   | 980 |  |   | 2.6 | % |   | 851 |  |   | 829 |  |   | 2.7 | % |
| Raleigh                                                                                                                                                          | 95.8 | % |   | 95.4 | % |   | 0.4 |  % |   | 981 |  |   | 921 |  |   | 6.5 | % |   | 845 |  |   | 801 |  |   | 5.5 | % |
| Richmond                                                                                                                                                         | 95.4 | % |   | 94.5 | % |   | 0.9 |  % |   | 935 |  |   | 909 |  |   | 2.9 | % |   | 789 |  |   | 770 |  |   | 2.5 | % |
| Savannah                                                                                                                                                         | 96.9 | % |   | 97.0 | % |   | (0.1 | )% |   | 990 |  |   | 969 |  |   | 2.2 | % |   | 830 |  |   | 818 |  |   | 1.5 | % |
| Tampa/Sarasota                                                                                                                                                   | 97.5 | % |   | 96.8 | % |   | 0.7 |  % |   | 1,189 |  |   | 1,160 |  |   | 2.5 | % |   | 988 |  |   | 970 |  |   | 1.9 | % |
| Other                                                                                                                                                            | 94.4 | % |   | 94.9 | % |   | (0.5 | )% |   | 438 |  |   | 424 |  |   | 3.3 | % |   | 1,469 |  |   | 1,435 |  |   | 2.4 | % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Same Property (2)                                                                                                                                     | 95.3 | % |   | 95.2 | % |   | 0.1 |  % |   | $ | 969 |  |   | $ | 926 |  |   | 4.6 | % |   | $ | 814 |  |   | $ | 782 |  |   | 4.1 | % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)  For the GAAP reconciliation of revenues, expenses and NOI, see page 21 and 22.                                                                              |
| (2)  Same property communities are communities which were owned by the Company and stabilized as of January 1, 2012, as adjusted for dispositions during         |
| the year.  The 2012 same property data reflects results of the 2013 same property portfolio.                                                                     |
| (3)  The Company defines Financial Occupancy as market rent less vacancy loss as a percentage of market rent.                                               |
| (4)  Revenue per Unit is total revenue divided by total number of occupied units.                                                                                |
| (5)  Rent per Unit is the average net effective rental rate per occupied unit.  The Company defines net effective rental rate as the Company's rental rate after |
| "loss to lease", concessions and vacancy.                                                                                                                        |

----

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|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
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| COLONIAL PROPERTIES TRUST                                                                                                                                        |
| Multifamily Same Property Sequential Quarter Comparisons                                                                                                         |
| Second Quarter 2013                                                                                                                                              |
| ($ in 000s, except property data amounts)                                                                                                                        |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SAME PROPERTY SEQUENTIAL COMPARISON OF REVENUES, EXPENSES & NOI                                                                                              |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   | Revenues |   |   |   |   |   | Expenses |   |   |   |   |   | NOI |   |   |
|                                                                                                                                                             | 2Q13 |   | 1Q13 |   | % Chg |   | 2Q13 |   | 1Q13 |   | % Chg |   | 2Q13 |   | 1Q13 |   | % Chg |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Atlanta                                                                                                                                                          | $ | 7,655 |  |   | $ | 7,564 |  |   | 1.2 |  % |   | $ | 3,152 |  |   | $ | 3,098 |  |   | 1.7 |  % |   | $ | 4,503 |  |   | $ | 4,466 |  |   | 0.8 |  % |
| Austin                                                                                                                                                           | 8,849 |  |   | 8,616 |  |   | 2.7 |  % |   | 3,969 |  |   | 3,891 |  |   | 2.0 |  % |   | 4,880 |  |   | 4,725 |  |   | 3.3 |  % |
| Birmingham                                                                                                                                                       | 4,125 |  |   | 4,098 |  |   | 0.7 |  % |   | 1,648 |  |   | 1,584 |  |   | 4.0 |  % |   | 2,477 |  |   | 2,514 |  |   | (1.5 | )% |
| Charleston                                                                                                                                                       | 5,227 |  |   | 5,128 |  |   | 1.9 |  % |   | 1,995 |  |   | 1,934 |  |   | 3.2 |  % |   | 3,232 |  |   | 3,194 |  |   | 1.2 |  % |
| Charlotte                                                                                                                                                        | 11,387 |  |   | 11,313 |  |   | 0.7 |  % |   | 4,010 |  |   | 3,930 |  |   | 2.0 |  % |   | 7,377 |  |   | 7,383 |  |   | (0.1 | )% |
| Dallas                                                                                                                                                           | 5,656 |  |   | 5,607 |  |   | 0.9 |  % |   | 2,457 |  |   | 2,376 |  |   | 3.4 |  % |   | 3,199 |  |   | 3,231 |  |   | (1.0 | )% |
| Fort Worth                                                                                                                                                       | 5,357 |  |   | 5,388 |  |   | (0.6 | )% |   | 2,411 |  |   | 2,471 |  |   | (2.4 | )% |   | 2,946 |  |   | 2,917 |  |   | 1.0 |  % |
| Orlando                                                                                                                                                          | 5,738 |  |   | 5,677 |  |   | 1.1 |  % |   | 2,141 |  |   | 2,055 |  |   | 4.2 |  % |   | 3,597 |  |   | 3,622 |  |   | (0.7 | )% |
| Phoenix                                                                                                                                                          | 2,735 |  |   | 2,711 |  |   | 0.9 |  % |   | 949 |  |   | 905 |  |   | 4.9 |  % |   | 1,786 |  |   | 1,806 |  |   | (1.1 | )% |
| Raleigh                                                                                                                                                          | 7,773 |  |   | 7,700 |  |   | 0.9 |  % |   | 2,559 |  |   | 2,569 |  |   | (0.4 | )% |   | 5,214 |  |   | 5,131 |  |   | 1.6 |  % |
| Richmond                                                                                                                                                         | 3,675 |  |   | 3,648 |  |   | 0.7 |  % |   | 1,357 |  |   | 1,288 |  |   | 5.4 |  % |   | 2,318 |  |   | 2,360 |  |   | (1.8 | )% |
| Savannah                                                                                                                                                         | 4,139 |  |   | 4,131 |  |   | 0.2 |  % |   | 1,481 |  |   | 1,483 |  |   | (0.1 | )% |   | 2,658 |  |   | 2,648 |  |   | 0.4 |  % |
| Tampa/Sarasota                                                                                                                                                   | 2,121 |  |   | 2,093 |  |   | 1.3 |  % |   | 746 |  |   | 712 |  |   | 4.8 |  % |   | 1,375 |  |   | 1,381 |  |   | (0.4 | )% |
| Other                                                                                                                                                            | 11,690 |  |   | 11,656 |  |   | 0.3 |  % |   | 4,374 |  |   | 4,366 |  |   | 0.2 |  % |   | 7,316 |  |   | 7,290 |  |   | 0.4 |  % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Same Property (1)                                                                                                                                     | $ | 86,127 |  |   | $ | 85,330 |  |   | 0.9 | % |   | $ | 33,249 |  |   | $ | 32,662 |  |   | 1.8 |  % |   | $ | 52,878 |  |   | $ | 52,668 |  |   | 0.4 |  % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             | Financial Occupancy (2) |   | Revenue per Unit (3) |   | Rent per Unit (4) |
|                                                                                                                                                             | 2Q13 |   | 1Q13 |   | % Chg |   | 2Q13 |   | 1Q13 |   | % Chg |   | 2Q13 |   | 1Q13 |   | % Chg |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Atlanta                                                                                                                                                          | 94.7 | % |   | 96.4 | % |   | (1.7 | )% |   | $ | 1,037 |  |   | $ | 1,007 |  |   | 3.0 |  % |   | $ | 834 |  |   | $ | 826 |  |   | 1.0 |  % |
| Austin                                                                                                                                                           | 95.0 | % |   | 94.8 | % |   | 0.2 |  % |   | 1,030 |  |   | 1,005 |  |   | 2.5 |  % |   | 870 |  |   | 857 |  |   | 1.5 |  % |
| Birmingham                                                                                                                                                       | 94.8 | % |   | 95.4 | % |   | (0.6 | )% |   | 903 |  |   | 890 |  |   | 1.5 |  % |   | 766 |  |   | 758 |  |   | 1.1 |  % |
| Charleston                                                                                                                                                       | 95.1 | % |   | 95.4 | % |   | (0.3 | )% |   | 969 |  |   | 948 |  |   | 2.2 |  % |   | 811 |  |   | 798 |  |   | 1.6 |  % |
| Charlotte                                                                                                                                                        | 95.0 | % |   | 96.6 | % |   | (1.6 | )% |   | 932 |  |   | 910 |  |   | 2.4 |  % |   | 787 |  |   | 773 |  |   | 1.8 |  % |
| Dallas                                                                                                                                                           | 94.2 | % |   | 94.4 | % |   | (0.2 | )% |   | 1,024 |  |   | 1,014 |  |   | 1.0 |  % |   | 859 |  |   | 852 |  |   | 0.8 |  % |
| Fort Worth                                                                                                                                                       | 94.6 | % |   | 96.4 | % |   | (1.8 | )% |   | 939 |  |   | 926 |  |   | 1.4 |  % |   | 760 |  |   | 745 |  |   | 2.0 |  % |
| Orlando                                                                                                                                                          | 95.2 | % |   | 95.2 | % |   | — |  % |   | 1,144 |  |   | 1,132 |  |   | 1.1 |  % |   | 966 |  |   | 961 |  |   | 0.5 |  % |
| Phoenix                                                                                                                                                          | 94.6 | % |   | 95.2 | % |   | (0.6 | )% |   | 1,013 |  |   | 997 |  |   | 1.6 |  % |   | 856 |  |   | 847 |  |   | 1.1 |  % |
| Raleigh                                                                                                                                                          | 95.3 | % |   | 96.3 | % |   | (1.0 | )% |   | 990 |  |   | 971 |  |   | 2.0 |  % |   | 849 |  |   | 840 |  |   | 1.1 |  % |
| Richmond                                                                                                                                                         | 95.2 | % |   | 95.6 | % |   | (0.4 | )% |   | 940 |  |   | 930 |  |   | 1.1 |  % |   | 793 |  |   | 785 |  |   | 1.0 |  % |
| Savannah                                                                                                                                                         | 96.6 | % |   | 97.1 | % |   | (0.5 | )% |   | 994 |  |   | 986 |  |   | 0.8 |  % |   | 834 |  |   | 826 |  |   | 1.0 |  % |
| Tampa/Sarasota                                                                                                                                                   | 96.9 | % |   | 98.0 | % |   | (1.1 | )% |   | 1,203 |  |   | 1,174 |  |   | 2.5 |  % |   | 994 |  |   | 983 |  |   | 1.1 |  % |
| Other                                                                                                                                                            | 94.1 | % |   | 95.4 | % |   | (1.3 | )% |   | 880 |  |   | 865 |  |   | 1.7 |  % |   | 736 |  |   | 727 |  |   | 1.2 |  % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Same Property (1)                                                                                                                                     | 94.9 | % |   | 95.8 | % |   | (0.9 | )% |   | $ | 978 |  |   | $ | 960 |  |   | 1.9 |  % |   | $ | 819 |  |   | $ | 809 |  |   | 1.2 |  % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)  Same property communities are communities which were owned by the Company and stabilized as of January 1, 2012, as adjusted for dispositions                |
| during the year.  The 2012 same property data reflects results of the 2013 same property portfolio.                                                              |
| (2)  The Company defines Financial Occupancy as market rent less vacancy loss as a percentage of market rent.                                               |
| (3)  Revenue per Unit is total revenue divided by total number of occupied units.                                                                                |
| (4)  Rent per Unit is the average net effective rental rate per occupied unit.  The Company defines net effective rental rate as the Company's rental rate after |
| "loss to lease", concessions and vacancy.                                                                                                                        |

----

|                                                                                                                                                                        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                              |
| Multifamily Same Property Operating Expenses Comparisons                                                                                                               |
| Second Quarter 2013                                                                                                                                                    |
| ($ in 000s)                                                                                                                                                            |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| COMPARISON OF SAME PROPERTY OPERATING EXPENSES FOR THE THREE MONTHS ENDED JUNE 30, 2013                                                                                |   |   |   |   |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   | % of Operating Expense |   |   |
|                                                                                                                                                                   | 2Q13 |   | 2Q12 |   | $ Change |   | % Change |   | 2Q13 |   | 2Q12 |   | Change |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| On-site Payroll (1)                                                                                                                                                    | $ | 8,545 |  |   | $ | 8,277 |  |   | $ | 268 |  |   | 3.2 |  % |   | 25.7 | % |   | 25.9 | % |   | (0.2 | )% |
| Real Estate Taxes                                                                                                                                                      | 8,889 |  |   | 8,194 |  |   | 695 |  |   | 8.5 |  % |   | 26.7 | % |   | 25.7 | % |   | 1.0 |  % |
| Utilities (2)                                                                                                                                                          | 7,182 |  |   | 6,960 |  |   | 222 |  |   | 3.2 |  % |   | 21.6 | % |   | 21.8 | % |   | (0.2 | )% |
| Repairs and Maintenance (3)                                                                                                                                            | 5,625 |  |   | 5,641 |  |   | (16 | ) |   | (0.3 | )% |   | 16.9 | % |   | 17.7 | % |   | (0.8 | )% |
| Insurance                                                                                                                                                              | 1,257 |  |   | 1,036 |  |   | 221 |  |   | 21.3 |  % |   | 3.8 | % |   | 3.2 | % |   | 0.6 |  % |
| General and Administrative                                                                                                                                             | 1,133 |  |   | 1,190 |  |   | (57 | ) |   | (4.8 | )% |   | 3.4 | % |   | 3.7 | % |   | (0.3 | )% |
| Advertising and Promotions                                                                                                                                             | 618 |  |   | 641 |  |   | (23 | ) |   | (3.6 | )% |   | 1.9 | % |   | 2.0 | % |   | (0.1 | )% |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Same Property (4)                                                                                                                                           | $ | 33,249 |  |   | $ | 31,939 |  |   | $ | 1,310 |  |   | 4.1 |  % |   | 100.0 | % |   | 100.0 | % |   |   |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| COMPARISON OF SAME PROPERTY OPERATING EXPENSES FOR THE SIX MONTHS ENDED JUNE 30, 2013                                                                                  |   |   |   |   |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   | % of Operating Expense |   |   |
|                                                                                                                                                                   | 2013 |   | 2012 |   | $ Change |   | % Change |   | 2013 |   | 2012 |   | Change |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| On-site Payroll (1)                                                                                                                                                    | $ | 17,094 |  |   | $ | 16,745 |  |   | $ | 349 |  |   | 2.1 |  % |   | 25.9 | % |   | 26.3 | % |   | (0.4 | )% |
| Real Estate Taxes                                                                                                                                                      | 17,798 |  |   | 16,362 |  |   | 1,436 |  |   | 8.8 |  % |   | 27.0 | % |   | 25.7 | % |   | 1.3 |  % |
| Utilities (2)                                                                                                                                                          | 14,332 |  |   | 13,990 |  |   | 342 |  |   | 2.4 |  % |   | 21.7 | % |   | 22.0 | % |   | (0.3 | )% |
| Repairs and Maintenance (3)                                                                                                                                            | 10,612 |  |   | 10,763 |  |   | (151 | ) |   | (1.4 | )% |   | 16.1 | % |   | 16.9 | % |   | (0.8 | )% |
| Insurance                                                                                                                                                              | 2,548 |  |   | 2,165 |  |   | 383 |  |   | 17.7 |  % |   | 3.9 | % |   | 3.4 | % |   | 0.5 |  % |
| General and Administrative                                                                                                                                             | 2,246 |  |   | 2,382 |  |   | (136 | ) |   | (5.7 | )% |   | 3.4 | % |   | 3.7 | % |   | (0.3 | )% |
| Advertising and Promotions                                                                                                                                             | 1,281 |  |   | 1,327 |  |   | (46 | ) |   | (3.5 | )% |   | 1.9 | % |   | 2.1 | % |   | (0.2 | )% |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Same Property (4)                                                                                                                                           | $ | 65,911 |  |   | $ | 63,734 |  |   | $ | 2,177 |  |   | 3.4 |  % |   | 100.0 | % |   | 100.0 | % |   |   |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)  On-site payroll - Includes payroll and related expenses for on-site personnel including property managers, leasing consultants and maintenance staff.             |
| (2)  Utilities - Represents gross expenses prior to any recoveries from tenants and includes bulk cable program expenses.  Recoveries are reflected in "Other          |
| Property Related Revenue".                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (3)  Repairs and maintenance - Includes general maintenance costs, unit turnover costs including interior painting, routine landscaping, security, exterminating, fire |
| protection, roof and parking lot repairs and other miscellaneous repair costs.                                                                                         |
| (4)  Same property communities are communities which were owned by the Company and stabilized as of January 1, 2012, as adjusted for dispositions during the           |
| year.  The 2012 same property data reflects results of the 2013 same property communities.                                                                             |

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|                                                                                                                                      |
|--------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                            |
| Current Development Pipeline                                                                                                         |
| ($ in MMs)                                                                                                                           |
|                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Development Costs |
|                                                                                                                                 |   |   |   |   |   |   |   |   |   |   | Initial |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                 |   |   | Units / SF (1) |   | Start |   | Occp. |   | Compl. |   | Stab. |   | Total |   | Thru |   |   |
|                                                                                                                                 | Location |   | Total |   | Deliv'd |   | Leased |   | Date |   | Date |   | Date |   | Date |   | Cost |   | 2Q13 |   | After |
| Multifamily                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CR at South End                                                                                                                      | Charlotte, NC |   | 353 |  |   | n/a |   | 30 |   | 1Q12 |   | 3Q13 |   | 1Q14 |   | 4Q14 |   | $ | 59.3 |  |   | $ | 38.6 |  |   | $ | 20.7 |  |
| CG at Ayrsley (Phase II)                                                                                                             | Charlotte, NC |   | 81 |  |   | 60 |   | 53 |   | 2Q12 |   | 2Q13 |   | 3Q13 |   | 4Q13 |   | 9.1 |  |   | 8.3 |  |   | 0.8 |  |
| CG at Randal Lakes                                                                                                                   | Orlando, FL |   | 462 |  |   | 22 |   | 41 |   | 2Q12 |   | 3Q13 |   | 1Q14 |   | 1Q15 |   | 57.0 |  |   | 35.7 |  |   | 21.3 |  |
| CG at Lake Mary (Phase III)                                                                                                          | Orlando, FL |   | 132 |  |   | n/a |   | n/a |   | 1Q13 |   | 2Q14 |   | 2Q14 |   | 3Q14 |   | 16.1 |  |   | 3.8 |  |   | 12.3 |  |
|                                                                                                                                 |   |   | 1,028 |  |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 141.5 |  |   | $ | 86.4 |  |   | $ | 55.1 |  |
| Commercial                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brookwood West Retail                                                                                                                | Birmingham, AL |   | 41,300 |  |   |   |   |   |   | 4Q12 |   | 3Q13 |   | 1Q14 |   |   |   | 8.3 |  |   | 3.0 |  |   | 5.3 |  |
| Colonial Promenade Huntsville (Phase II)                                                                                             | Huntsville, AL |   | 23,000 |  |   |   |   |   |   | 2Q13 |   | 3Q13 |   | 3Q13 |   |   |   | 5.0 |  |   | 1.8 |  |   | 3.2 |  |
|                                                                                                                                 |   |   | 64,300 |  |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 13.3 |  |   | $ | 4.8 |  |   | $ | 8.5 |  |
|                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                 |   |   |   |   |   |   | Total Active Development Projects |   | $ | 154.8 |  |   | $ | 91.2 |  |   | $ | 63.6 |  |
|                                                                                                                                 |   |   |   |   |   |   | Future Development Projects (see below) |   |   |   | 79.6 |  |   |   |
|                                                                                                                                 |   |   |   |   |   |   | Investment Land (see below) |   |   |   | 118.8 |  |   |   |
|                                                                                                                                 |   |   |   |   |   |   | Total Properties Under Development (per Balance Sheet) |   |   |   | $ | 289.6 |  |   |   |
|                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                 |   |   |   |   |   |   |   |   |
|                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| FUTURE DEVELOPMENT PIPELINE / LAND AND ASSETS HELD FOR SALE                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                 |   |   |   |   |   |   |   |   | Future |   | Investment |   | Held |
|                                                                                                                                 | Location |   | Units / SF (1) |   |   |   |   |   | Development |   | Land |   | For Sale |
| Multifamily                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CG at Thunderbird                                                                                                                    | Phoenix, AZ |   | 244 |   |   |   |   |   |   | $ | 8.1 |   |   | $ | — |   |   | $ | — |   |
| CG at Sweetwater                                                                                                                     | Phoenix, AZ |   | 195 |   |   |   |   |   |   | 7.2 |   |   | — |   |   | — |   |
| CG at Azure                                                                                                                          | Las Vegas, NV |   | 438 |   |   |   |   |   |   | 11.5 |   |   | — |   |   | — |   |
| CG at Bellevue (Phase II)                                                                                                            | Nashville, TN |   | 220 |   |   |   |   |   |   | 4.0 |   |   | — |   |   | — |   |
| CG at Randal Park                                                                                                                    | Orlando, FL |   | 314 |   |   |   |   |   |   | 6.7 |   |   | — |   |   | — |   |
|       Total Multifamily Assets                                                                         |   |   |   |   |   |   |   |   |  |   | $ | 37.5 |   |   | $ | — |   |   | $ | — |   |
|                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Colonial Promenade Huntsville                                                                                                        | Huntsville, AL |   |   |   |   |   |   |   | 4.2 |   |   | $ | — |   |   | $ | — |   |
| Colonial Promenade Nord du Lac (2)                                                                                                   | Covington, LA |   | 236,000 |   |   |   |   |   |   | 26.9 |   |   | — |   |   | — |   |
| Randal Park                                                                                                                          | Orlando, FL |   |   |   |   |   |   |   |   |   | 11.0 |   |   | — |   |   | — |   |
| Outparcels / Pads                                                                                                                    |   |   |   |   |   |   |   |   |   |   | — |   |   | 13.1 |   |   | 1.5 |   |
|       Total Commercial Assets                                                                          |   |   |   |   |   |   |   |   |  |   | $ | 42.1 |   |   | $ | 13.1 |   |   | $ | 1.5 |   |
|                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Multifamily                                                                                                                          |   |   |   |   |   |   |   |   |   |   | $ | — |   |   | $ | 1.5 |   |   | $ | — |   |
| Commercial                                                                                                                           |   |   |   |   |   |   |   |   |   |   | — |   |   | 37.5 |   |   | 37.1 |   |
| Condo / Townhome                                                                                                                     |   |   |   |   |   |   |   |   |   |   | — |   |   | — |   |   | 0.3 |   |
| For-sale Residential Land (3)                                                                                                        |   |   |   |   |   |   |   |   |   |   | — |   |   | 66.7 |   |   | 2.4 |   |
|       Total Projects                                                                                   |   |   |   |   |   |   |   |   |   |   | $ | 79.6 |   |   | $ | 118.8 |   |   | $ | 41.3 |   |
|                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)  Units refer to multifamily apartment units.  Square feet refers to commercial space and excludes space owned by anchor tenants. |
| (2)  Total cost to date for this project is presented net of $18.1 million of impairment charges recorded in 4Q09 and 4Q08.          |
| (3)  Held for Sale includes 39 lots at Whitehouse Creek.                                                                             |
|                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                 |
| Real Estate Activities                                    |
| Second Quarter 2013                                       |
|                                                      |   |   |   |   |   |   |   |   |   |   |   |
| ACQUISITIONS                                              |   |   |   |   |   |   |   |   |   |   |   |
|                                                      |   |   |   |   |   |   |   |   |   |   |   |
|                                                      |   |   |   |   |   |   | Stabilized |   |   |   |   |
|                                                      |   |   |   |   | Acquisition |   | Cap |   |   |   |   |
|                                                      | Location |   | Date | Units | Basis |   | Rate |   | Remarks |   |   |
|                                                      |   |   |   |   | ($ MM) |   |   |   |   |   |   |
| Multifamily                                               |   |   |   |   |   |   |   |   |   |   |   |
| Colonial Grand at Windermere                              | Orlando, FL |   | Mar-2013 | 280 | $ | 43.0 |  |   | 5.5 | % |   |   |   |   |
| Colonial Reserve at Frisco Bridges                        | Dallas, TX |   | May-2013 | 252 | 36.2 |  |   | 5.5 | % |   |   |   |   |
|                                                      |   |   |   |   | $ | 79.2 |  |   |   |   |   |   |   |
|                                                      |   |   |   |   |   |   |   |   |   |   |   |
| DISPOSITIONS                                              |   |   |   |   |   |   |   |   |   |   |   |
|                                                      |   |   |   |   |   |   |   |   |   |   |   |
|                                                      |   |   |   |   | Sales |   | Cap |   |   |   |   |
|                                                      | Location |   | Date | Units/SF (1) | Price |   | Rate |   | Remarks |   |   |
|                                                      |   |   |   | (SF-000s) | ($ MM) |   |   |   |   |   |   |
| Multifamily                                               |   |   |   |   |   |   |   |   |   |   |   |
| Colonial Reserve at West Franklin                         | Richmond, VA |   | Apr-2013 | 332 | $ | 23.8 |  |   | 6.5 | % |   |   |   |   |
| Colonial Grand at Huntcliff                               | Atlanta, GA |   | Jun-2013 | 358 | 8.2 |  |   | 5.3 | % |   | 20% Ownership Interest |
| Colonial Village at Pinnacle Ridge                        | Asheville, NC |   | Jun-2013 | 166 | 13.4 |  |   | 6.0 | % |   |   |   |   |
|                                                      |   |   |   |   | $ | 45.4 |  |   |   |   |   |   |   |
|                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Commercial                                                |   |   |   |   |   |   |   |   |   |   |   |
| Colonial Promenade Hoover                                 | Birmingham, AL |   | Jan-2013 | 388 | $ | 2.0 |  |   | 8.4 | % |   | 10% Ownership Interest |
| Metropolitan Midtown                                      | Charlotte, NC |   | Feb-2013 | 342 | 94.4 |  |   | 7.2 | % |   |   |   |   |
| Three Ravinia                                             | Atlanta, GA |   | May-2013 | 814 | 144.3 |  |   | 7.9 | % |   |   |   |   |
|                                                      |   |   |   |   | $ | 240.7 |  |   |   |   |   |   |   |
| Total Dispositions                                        |   |   |   |   | $ | 286.1 |  |   |   |   |   |   |   |
|                                                      |   |   |   |   |   |   |   |   |   |   |   |
| (1)  Square-footage includes anchor-owned square-footage. |   |   |   |   |   |   |   |

----

|                                                                                                                                                                    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                          |
| Debt Summary                                                                                                                                                       |
| As of June 30, 2013                                                                                                                                                |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| QUARTERLY DEBT SUMMARY                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| ($ In 000s)                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                               | CONSOLIDATED DEBT |   | WITH UNCONSOLIDATED SUBSID. DEBT |
|                                                                                                                                                               | Debt |   | % |   | Avg Int |   | Wtd Mat'y |   | Debt |   | % |   | Avg Int |   | Wtd Mat'y |
| Unsecured/Secured                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unsecured Line of Credit (1)                                                                                                                                       | $ | 105,000 |  |   | 6 | % |   | 1.6 | % |   | 2.7 |  |   | $ | 105,000 |  |   | 6 | % |   | 1.6 | % |   | 2.7 |  |
| Unsecured Other                                                                                                                                                    | 852,043 |  |   | 52 | % |   | 4.9 | % |   | 3.2 |  |   | 852,043 |  |   | 51 | % |   | 4.9 | % |   | 3.2 |  |
| Secured                                                                                                                                                            | 690,283 |  |   | 42 | % |   | 5.6 | % |   | 5.7 |  |   | 704,323 |  |   | 43 | % |   | 5.6 | % |   | 5.6 |  |
| Total Debt                                                                                                                                                         | $ | 1,647,326 |  |   | 100 | % |   | 5.0 | % |   | 4.2 |  |   | $ | 1,661,366 |  |   | 100 | % |   | 5.0 | % |   | 4.2 |  |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed/Floating                                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed Rate Debt                                                                                                                                                    | $ | 1,530,021 |  |   | 93 | % |   | 5.3 | % |   | 4.3 |  |   | $ | 1,544,061 |  |   | 93 | % |   | 5.3 | % |   | 4.3 |  |
| Floating Rate Debt                                                                                                                                                 | 117,305 |  |   | 7 | % |   | 1.8 | % |   | 2.7 |  |   | 117,305 |  |   | 7 | % |   | 1.8 | % |   | 2.7 |  |
| Total Debt                                                                                                                                                         | $ | 1,647,326 |  |   | 100 | % |   | 5.0 | % |   | 4.2 |  |   | $ | 1,661,366 |  |   | 100 | % |   | 5.1 | % |   | 4.2 |  |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)  In addition to the $500MM Unsecured Line of Credit, Wells Fargo has provided the Company a $35MM Cash Management Line.  The interest rate on the Line         |
| of Credit is LIBOR + 140.0 bps, and the facility fee is 30.0 bps.  At June 30, 2013 the interest rate was 1.59%.  The Line of Credit matures March 29, 2016 with a |
| one-year extension option.                                                                                                                                         |
|                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PRINCIPAL DEBT MATURITY SCHEDULE                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| ($ In MMs)                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |
| Weighted Average Interest Rate on Maturing Debt (excluding line of credit) |
| 2013                                                                       |   | 5.38% |   |
| 2014                                                                       |   | 6.25% |   |
| 2015                                                                       |   | 5.36% |   |
| 2016                                                                       |   | 6.03% |   |
| 2017                                                                       |   | 2.75% |   |
| 2018                                                                       |   | 4.64% |   |
| 2019                                                                       |   | 5.81% |   |
| 2020                                                                       |   | 5.02% |   |
| Thereafter                                                                 |   | 5.55% |   |
| Total                                                                      |   | 5.26% |   |
|                                                                       |   |   |   |

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| TOTAL MARKET CAPITALIZATION                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    ($ In 000s)                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          | 1Q12 |   | 2Q12 |   | 3Q12 |   | 4Q12 |   | 1Q13 |   | 2Q13 |   | 3Q13 |   | 4Q13 |
|    Consolidated Debt           | $ | 1,801,759 |  |   | $ | 1,842,032 |  |   | $ | 1,827,764 |  |   | $ | 1,831,992 |  |   | $ | 1,758,780 |  |   | 1,647,326 |  |   |   |   |   |
|    Unconsolidated Debt         | 147,668 |  |   | 35,932 |  |   | 35,743 |  |   | 20,697 |  |   | 19,053 |  |   | 14,040 |  |   |  |   |   |
|    Total Debt                  | 1,949,427 |  |   | 1,877,964 |  |   | 1,863,507 |  |   | 1,852,689 |  |   | 1,777,833 |  |   | 1,661,366 |  |   |   |   |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Market Equity (Shares & Units)            | 2,065,932 |  |   | 2,107,285 |  |   | 2,005,364 |  |   | 2,037,959 |  |   | 2,163,134 |  |   | 2,313,014 |  |   |   |   |   |
|    Total Market Capitalization | $ | 4,015,359 |  |   | $ | 3,985,249 |  |   | $ | 3,868,871 |  |   | $ | 3,890,648 |  |   | $ | 3,940,967 |  |   | $ | 3,974,380 |  |   |   |   |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Debt / Total Market Capitalization            | 48.5 | % |   | 47.1 | % |   | 48.2 | % |   | 47.6 | % |   | 45.1 | % |   | 41.8 | % |   |   |   |   |

----

|                                                                                                                                                                   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                         |
| Debt Summary                                                                                                                                                      |
| As of June 30, 2013                                                                                                                                               |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PUBLIC RATINGS                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   | Senior Unsecured |   |   |   |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   | Rating |   | Outlook |   |   |   |   |
| Moody's Investor Services                                                                                                                                         | Karen Nickerson |   |   | 212-553-4924 |   | Baa3 |   | Stable |   |   |   |   |
| Standard & Poor's                                                                                                                                             | Eugene Nusinzon |   |   | 212-438-2449 |   | BBB- |   | Stable |   |   |   |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| COVERAGE RATIOS                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                              |   |   |   |   | 2Q12 |   | YTD 12 |   |   |   | 2Q13 |   | YTD 13 |   |   |
| SEC Coverage Ratios (SEC Reg. S-K, Item 503)                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings to Fixed Charges (1)                                                                                                                                     |   |   |   |   | 0.7 |  |   | 0.6 |  |   |   |   | 1.1 |  |   | 1.0 |  |   |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Supplemental Coverage Ratios (KPIs)                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest Coverage (2)                                                                                                                                             |   |   |   |   | 2.4 |  |   | 2.3 |  |   |   |   | 2.7 |  |   | 2.7 |  |   |   |
| Fixed Charge Coverage (3)                                                                                                                                         |   |   |   |   | 2.3 |  |   | 2.3 |  |   |   |   | 2.6 |  |   | 2.5 |  |   |   |
| Fixed Charge w/ Capitalized Interest (4)                                                                                                                          |   |   |   |   | 2.3 |  |   | 2.2 |  |   |   |   | 2.6 |  |   | 2.5 |  |   |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See Page 24 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.                                                                                     |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)  The deficiency of the ratio of earnings to fixed charges for the three and six months ended June 30, 2012 is primarily a result of non-cash depreciation and |
| amortization expense.                                                                                                                                             |
| (2)  Adjusted 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 used this ratio to make balance sheet management decisions.                           |
| (3)  Adjusted EBITDA/Interest Exp + 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)  Adjusted EBITDA/Interest Exp + Capitalized Interest + 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                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                              | 1Q12 |   | 2Q12 |   | 3Q12 |   | 4Q12 |   | 1Q13 |   | 2Q13 |   | 3Q13 |   | 4Q13 |
| Total Debt to Total Assets cannot exceed 60%                                                                                                                      | 46.9 | % |   | 46.3 | % |   | 46.0 | % |   | 46.0 | % |   | 44.3 | % |   | 42.4 | % |   |   |   |   |
| Secured Debt to Total Assets cannot                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| exceed 40%                                                                                                                                                        | 20.2 | % |   | 17.9 | % |   | 17.9 | % |   | 17.6 | % |   | 17.6 | % |   | 18.0 | % |   |   |   |   |
| Total Unencumbered Assets to Unsecured Debt                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| must be at least 150%                                                                                                                                             | 254.1 | % |   | 248.1 | % |   | 248.9 | % |   | 247.5 | % |   | 262.8 | % |   | 284.1 | % |   |  |  |   |   |
| Consolidated Income Available for Debt Service                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Charges must be at least 1.50/1                                                                                                                                   | 2.2x |  |   | 2.2x |  |   | 2.2x |  |   | 2.3x |  |   | 2.4x |  |   | 2.4x |  |   |   |   |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                                                                                                |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                      |
| Corporate - Trends                                                                                                                                             |
| ($ in 000s)                                                                                                                                                    |
|                                                                                                                                                           |   |   |   |   |   |   |   |
| SUPPLEMENTAL DATA                                                                                                                                              |   |   |   |   |   |   |   |
|                                                                                                                                                           |   |   |   |   |   |   |   |
|                                                                                                                                                           | 2Q13 |   | 2Q12 |   | YTD 13 |   | YTD 12 |
| Consolidated                                                                                                                                                   |   |   |   |   |   |   |   |
|    Straight Line Rents                                                                                                                          | $ | 161 |  |   | $ | 225 |  |   | 389 |  |   | 343 |  |
|    Percentage Rents                                                                                                                             | 68 |  |   | 232 |  |   | 105 |  |   | 259 |  |
|    Capitalized Interest                                                                                                                         | 355 |  |   | 350 |  |   | 562 |  |   | 535 |  |
|    Debt - Principal Amortization                                                                                                                | 849 |  |   | 567 |  |   | 1,660 |  |   | 1,139 |  |
|    Amortization of Stock Compensation                                                                                                           | 1,619 |  |   | 2,041 |  |   | 3,418 |  |   | 4,000 |  |
| Unconsolidated (1)                                                                                                                                        |   |   |   |   |   |   |   |
|    Straight Line Rents                                                                                                                          | (7 | ) |   | 167 |  |   | (1 | ) |   | 205 |  |
|    Interest Expense                                                                                                                             | 229 |  |   | 2,243 |  |   | 477 |  |   | 4,534 |  |
|    Debt - Principal Amortization                                                                                                                | 134 |  |   | 188 |  |   | 271 |  |   | 362 |  |
|    Amortization of Deferred Financing Costs                                                                                                     | 1 |  |   | 17 |  |   | 3 |  |   | 35 |  |
|                                                                                                                                                           |   |   |   |   |   |   |   |
| (1)  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                                                                                                                                                 |   |   |   |   |   |   |   |
|                                                                                                                                                                |   |   |   |   |   |   |   |
|                                                                                                                                                                | 2Q13 |   | 2Q12 |   | YTD 13 |   | YTD 12 |
| Acquisitions                                                                                                                                                        |   |   |   |   |   |   |   |
| Multifamily                                                                                                                                                         | $ | 36,150 |  |   | $ | 29,775 |  |   | $ | 79,150 |  |   | $ | 74,775 |  |
| Acquisitions, Consolidated Assets                                                                                                                                   | $ | 36,150 |  |   | $ | 29,775 |  |   | $ | 79,150 |  |   | $ | 74,775 |  |
|                                                                                                                                                                |   |   |   |   |   |   |   |
| Development Expenditures                                                                                                                                            |   |   |   |   |   |   |   |
|    Multifamily                                                                                                                                       | $ | 23,382 |  |   | $ | 24,227 |  |   | $ | 40,207 |  |   | $ | 37,859 |  |
|    Commercial                                                                                                                                        | 2,497 |  |   | 4,104 |  |   | 5,716 |  |   | 6,079 |  |
|    For-Sale / Other                                                                                                                                  | 18 |  |   | — |  |   | 129 |  |   | — |  |
|    Development, Consolidated Assets                                                                                                                  | 25,897 |  |   | 28,331 |  |   | 46,052 |  |   | 43,938 |  |
|    Less:  Infrastructure Reimbursement from City/County                                                                                              | — |  |   | — |  |   | (833 | ) |   | — |  |
|    Development, Consolidated Assets                                                                                                                  | $ | 25,897 |  |   | $ | 28,331 |  |   | $ | 45,219 |  |   | $ | 43,938 |  |
|                                                                                                                                                                |   |   |   |   |   |   |   |
| Capital Expenditures                                                                                                                                                |   |   |   |   |   |   |   |
| Multifamily                                                                                                                                                         | $ | 7,425 |  |   | $ | 9,067 |  |   | $ | 12,717 |  |   | $ | 12,169 |  |
| Commercial (1)                                                                                                                                                      | 760 |  |   | 503 |  |   | 1,635 |  |   | 746 |  |
| Capital Expenditures, Consolidated Assets                                                                                                                           | $ | 8,185 |  |   | $ | 9,570 |  |   | $ | 14,352 |  |   | $ | 12,915 |  |
|                                                                                                                                                                |   |   |   |   |   |   |   |
| Proceeds from Sales of Properties, Net of Selling Costs                                                                                                             |   |   |   |   |   |   |   |
| Multifamily                                                                                                                                                         | $ | 45,370 |  |   | $ | — |  |   | $ | 45,370 |  |   | $ | — |  |
| Commercial                                                                                                                                                          | 144,300 |  |   | — |  |   | 239,132 |  |   | 3,000 |  |
|    For-Sale / Other                                                                                                                                  | 2,450 |  |   | 1,295 |  |   | 3,161 |  |   | 2,425 |  |
|    Outparcels / Land                                                                                                                                 | 4,289 |  |   | 263 |  |   | 9,170 |  |   | 263 |  |
|    Total, including subs                                                                                                                             | 196,409 |  |   | 1,558 |  |   | 296,833 |  |   | 5,688 |  |
|    Selling Costs                                                                                                                                     | (2,665 | ) |   | (212 | ) |   | (5,633 | ) |   | (319 | ) |
|    Less:  Unconsolidated - net (2)                                                                                                                   | (10,565 | ) |   | (263 | ) |   | (11,015 | ) |   | (3,263 | ) |
|    Sales, Net - Consolidated Assets                                                                                                                  | $ | 183,179 |  |   | $ | 1,083 |  |   | $ | 280,185 |  |   | $ | 2,106 |  |
|                                                                                                                                                                |   |   |   |   |   |   |   |
| (1) Includes capital expenditures, tenant improvements and leasing commissions.                                                                                     |   |   |   |   |   |   |   |
| (2) Outparcels / Land sales for the three and six months ended June 30, 2013 and 2012 include outparcel sales at some of the Company's unconsolidated               |
| properties.                                                                                                                                                         |
|                                                                                                                                                                |   |   |   |   |   |   |   |
| 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 in making financing and capital decisions.                                             |

----

|                                                                                            |
|--------------------------------------------------------------------------------------------|
|                                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TURST                                                                  |
| Unconsolidated Joint Ventures                                                              |
| ($ in 000s)                                                                                |
|                                                                                       |   |   |   |   |   |   |   |   |
| JOINT VENTURE OPERATIONS                                                                   |   |   |   |   |   |   |   |   |
|                                                                                       |   |   |   |   |   |   |   |   |
|                                                                                       |   | Three Months Ended |   | Six Months Ended |
| OPERATING DATA (1)                                                                    |   | 6/30/2013 |   | 6/30/2012 |   | 6/30/2013 |   | 6/30/2012 |
|                                                                                       |   |   |   |   |   |   |   |   |
| Property Revenues                                                                          |   |   |   |   |   |   |   |   |
|    Rental Revenue                                                           |   | $ | 624 |  |   | $ | 4,602 |  |   | $ | 1,319 |  |   | $ | 9,598 |  |
|    Other Property Revenue                                                   |   | 50 |  |   | 285 |  |   | 103 |  |   | 568 |  |
|       Total Property Revenues                                |   | 674 |  |   | 4,887 |  |   | 1,422 |  |   | 10,166 |  |
|                                                                                       |   |   |   |   |   |   |   |   |
| Property Expenses                                                                          |   |   |   |   |   |   |   |   |
|    Property Operating and Maintenance                                       |   | 141 |  |   | 1,217 |  |   | 272 |  |   | 2,381 |  |
|    Taxes, License and Insurance                                             |   | 77 |  |   | 595 |  |   | 173 |  |   | 1,174 |  |
|       Total Property Expenses                                |   | 218 |  |   | 1,812 |  |   | 445 |  |   | 3,555 |  |
|                                                                                       |   |   |   |   |   |   |   |   |
|    Net Operating Income (NOI)                                               |   | 456 |  |   | 3,075 |  |   | 977 |  |   | 6,611 |  |
|                                                                                       |   |   |   |   |   |   |   |   |
|    Other Income (Expense)                                                   |   |   |   |   |   |   |   |   |
|    Interest, net                                                            |   | (230 | ) |   | (2,258 | ) |   | (480 | ) |   | (4,565 | ) |
|    Depreciation and Amortization (2)                                        |   | 118 |  |   | (1,256 | ) |   | 186 |  |   | (2,606 | ) |
|    Other                                                                    |   | (6 | ) |   | (118 | ) |   | (18 | ) |   | (127 | ) |
|       Total Other Expenses                                   |   | (118 | ) |   | (3,632 | ) |   | (312 | ) |   | (7,298 | ) |
|                                                                                       |   |   |   |   |   |   |   |   |
|    Gain on Sale of Properties, net                                          |   | 1,989 |  |   | 21,906 |  |   | 2,333 |  |   | 22,709 |  |
|    Income from Partially-Owned Investments                                  | $ | 2,327 |  |   | $ | 21,349 |  |   | $ | 2,998 |  |   | $ | 22,022 |  |
|                                                                                       |   |   |   |   |   |   |   |   |
|                                                                                       |   |   |   |   |   | As of |
| BALANCE SHEET DATA (3)                                                                |   |   |   |   |   | 6/30/2013 |   | 12/31/2012 |
|                                                                                       |   |   |   |   |   |   |   |   |
|    Real Estate Assets, net                                                  |   |   |   |   |   | $ | 56,513 |  |   | $ | 105,067 |  |
|    Other Assets, net                                                        |   |   |   |   |   | 3,124 |  |   | 10,347 |  |
|       Total Assets                                           |   |   |   |   |   | $ | 59,637 |  |   | $ | 115,414 |  |
|                                                                                       |   |   |   |   |   |   |   |   |
|    Notes Payable                                                            |   |   |   |   |   | $ | 43,454 |  |   | $ | 83,738 |  |
|    Other Liabilities                                                        |   |   |   |   |   | 1,181 |  |   | 2,238 |  |
|       Total Liabilities                                      |   |   |   |   |   | 44,635 |  |   | 85,976 |  |
|                                                                                       |   |   |   |   |   |   |   |   |
|    Member's Equity                                                          |   |   |   |   |   | 15,002 |  |   | 29,438 |  |
|       Total Liabilities and Member's Equity                  |   |   |   |   |   | $ | 59,637 |  |   | $ | 115,414 |  |
|                                                                                       |   |   |   |   |   |   |   |   |
| Colonial's Equity Investment                                                               |   |   |   |   |   | $ | 4,379 |  |   | $ | 7,777 |  |
| Colonial's Pro-rata Share of Debt                                                          |   |   |   |   |   | $ | 14,040 |  |   | $ | 20,697 |  |
|                                                                                       |   |   |   |   |   |   |   |   |
| (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%.                                                  |   |   |   |   |   |   |   |   |

----

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                              |
| Corporate Reconciliations                                              |
| ($ in 000s)                                                            |
|                                                                   |   |   |   |   |   |   |   |
| RECONCILIATION OF REVENUES                                             |   |   |   |   |   |
|                                                                   |   |   |   |   |   |   |   |
|                                                                   | 2Q13 |   | 2Q12 |   | YTD 13 |   | YTD 12 |
| Segment Total Revenues                                                 |   |   |   |   |   |   |   |
|    Multifamily - Same Property                          | $ | 86,127 |  |   | $ | 82,609 |  |   | $ | 171,458 |  |   | $ | 163,650 |  |
|    Multifamily - Non-Same Property (1)             | 11,131 |  |   | 7,604 |  |   | 21,570 |  |   | 14,404 |  |
|    Commercial                                           | 9,604 |  |   | 17,671 |  |   | 20,350 |  |   | 35,387 |  |
|       Total Segment Revenues             | 106,862 |  |   | 107,884 |  |   | 213,378 |  |   | 213,441 |  |
|                                                                   |   |   |   |   |   |   |   |
| Less:  Unconsolidated Revenue - Multifamily                            | (264 | ) |   | (480 | ) |   | (556 | ) |   | (952 | ) |
| Less:  Unconsolidated Revenue - Commercial                             | (409 | ) |   | (4,393 | ) |   | (865 | ) |   | (9,185 | ) |
| Discontinued Operations                                                | (4,172 | ) |   | (13,958 | ) |   | (12,099 | ) |   | (27,520 | ) |
| Unallocated Corporate Revenue                                          | 126 |  |   | 1,471 |  |   | 304 |  |   | 2,815 |  |
| Consolidated Revenue Adjusted - '12 Discontinued Operations (2)   | 102,143 |  |   | 90,524 |  |   | 200,162 |  |   | 178,599 |  |
|                                                                   |   |   |   |   |   |   |   |
| Add:  Additional Discontinued Operations Revenue, post filing (3) | — |  |   | 9,079 |  |   | — |  |   | 18,351 |  |
| Total Consolidated Revenue, per 10-Q (4)                               | $ | 102,143 |  |   | $ | 99,603 |  |   | $ | 200,162 |  |   | $ | 196,950 |  |
|                                                                   |   |   |   |   |   |   |   |
| RECONCILIATION OF EXPENSES                                             |   |   |   |   |   |   |   |
|                                                                   |   |   |   |   |   |   |   |
|                                                                   | 2Q13 |   | 2Q12 |   | YTD 13 |   | YTD 12 |
| Segment Total Expenses                                                 |   |   |   |   |   |   |   |
|    Multifamily - Same Property                          | $ | 33,249 |  |   | $ | 31,939 |  |   | $ | 65,911 |  |   | $ | 63,734 |  |
|    Multifamily - Non-Same Property (1)             | 5,341 |  |   | 3,922 |  |   | 10,498 |  |   | 7,410 |  |
|    Commercial                                           | 2,992 |  |   | 5,922 |  |   | 6,650 |  |   | 11,653 |  |
|       Total Segment Expenses             | 41,582 |  |   | 41,783 |  |   | 83,059 |  |   | 82,797 |  |
|                                                                   |   |   |   |   |   |   |   |
| Less:  Unconsolidated Expenses - Multifamily                           | (131 | ) |   | (220 | ) |   | (265 | ) |   | (437 | ) |
| Less:  Unconsolidated Expenses - Commercial                            | (112 | ) |   | (1,772 | ) |   | (227 | ) |   | (3,478 | ) |
| Discontinued Operations                                                | (3,477 | ) |   | (5,283 | ) |   | (6,278 | ) |   | (10,222 | ) |
| Impairment - Discontinued Operations (5)                               | 1,857 |  |   | 271 |  |   | 1,857 |  |   | 271 |  |
| Total Property Operating Expenses                                      | 39,719 |  |   | 34,779 |  |   | 78,146 |  |   | 68,931 |  |
| Property Management Expense                                            | 4,895 |  |   | 3,001 |  |   | 9,311 |  |   | 5,847 |  |
| General and Administrative Expense                                     | 4,518 |  |   | 5,446 |  |   | 9,306 |  |   | 11,213 |  |
| Management Fee and Other Expenses                                      | 21 |  |   | 1,769 |  |   | 272 |  |   | 3,814 |  |
| Investment and Development Expenses (6)                                | 1,315 |  |   | 205 |  |   | 1,713 |  |   | 592 |  |
| Impairment and Other Losses                                            | 912 |  |   | 395 |  |   | 1,002 |  |   | 895 |  |
| Depreciation                                                           | 30,466 |  |   | 27,952 |  |   | 60,603 |  |   | 55,790 |  |
| Amortization                                                           | 930 |  |   | 710 |  |   | 2,050 |  |   | 1,906 |  |
| Consolidated Expense Adjusted - '12 Discontinued Operations (2)   | 82,776 |  |   | 74,257 |  |   | 162,403 |  |   | 148,988 |  |
|                                                                   |   |   |   |   |   |   |   |
| Add:  Additional Discontinued Operations Expense, post filing (3)      | — |  |   | 6,805 |  |   | — |  |   | 13,566 |  |
| Total Consolidated Expense, per 10-Q (4)                               | $ | 82,776 |  |   | $ | 81,062 |  |   | $ | 162,403 |  |   | $ | 162,554 |  |
|                                                                   |   |   |   |   |   |   |   |
| ________________________                                               |   |   |   |   |   |   |   |
| Notes on following page.                                               |   |   |   |   |   |   |   |
|                                                                   |   |   |   |   |   |   |   |

----

|                                                                                                                                                                    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                          |
| Corporate Reconciliations                                                                                                                                          |
| ($ in 000s)                                                                                                                                                        |
|                                                                                                                                                               |   |   |   |   |   |   |   |
| RECONCILIATION OF NOI                                                                                                                                              |   |   |   |   |   |   |   |
|                                                                                                                                                               |   |   |   |   |   |   |   |
|                                                                                                                                                               | 2Q13 |   | 2Q12 |   | YTD 13 |   | YTD 12 |
| Segment Total NOI                                                                                                                                                  |   |   |   |   |   |   |   |
|    Multifamily - Same Property                                                                                                                      | $ | 52,878 |  |   | $ | 50,670 |  |   | $ | 105,547 |  |   | $ | 99,916 |  |
|    Multifamily - Non-Same Property (1)                                                                                                              | 5,790 |  |   | 3,682 |  |   | 11,072 |  |   | 6,994 |  |
|    Commercial                                                                                                                                       | 6,612 |  |   | 11,749 |  |   | 13,700 |  |   | 23,734 |  |
|       Total Segment NOI                                                                                                              | 65,280 |  |   | 66,101 |  |   | 130,319 |  |   | 130,644 |  |
|                                                                                                                                                               |   |   |   |   |   |   |   |
| Less:  Unconsolidated NOI - Multifamily                                                                                                                            | (133 | ) |   | (260 | ) |   | (291 | ) |   | (515 | ) |
| Less:  Unconsolidated NOI - Commercial                                                                                                                             | (297 | ) |   | (2,621 | ) |   | (638 | ) |   | (5,707 | ) |
| Discontinued Operations                                                                                                                                            | (695 | ) |   | (8,675 | ) |   | (5,821 | ) |   | (17,298 | ) |
| Impairment - Discontinued Operations (5)                                                                                                                           | (1,857 | ) |   | (271 | ) |   | (1,857 | ) |   | (271 | ) |
| Unallocated Corporate Revenue                                                                                                                                      | 126 |  |   | 1,471 |  |   | 304 |  |   | 2,815 |  |
| Property Management Expense                                                                                                                                        | (4,895 | ) |   | (3,001 | ) |   | (9,311 | ) |   | (5,847 | ) |
| General and Administrative Expense                                                                                                                                 | (4,518 | ) |   | (5,446 | ) |   | (9,306 | ) |   | (11,213 | ) |
| Management Fee and Other Expenses                                                                                                                                  | (21 | ) |   | (1,769 | ) |   | (272 | ) |   | (3,814 | ) |
| Investment and Development Expenses (6)                                                                                                                            | (1,315 | ) |   | (205 | ) |   | (1,713 | ) |   | (592 | ) |
| Impairment and Other Losses (7)                                                                                                                                    | (912 | ) |   | (395 | ) |   | (1,002 | ) |   | (895 | ) |
| Depreciation                                                                                                                                                       | (30,466 | ) |   | (27,952 | ) |   | (60,603 | ) |   | (55,790 | ) |
| Amortization                                                                                                                                                       | (930 | ) |   | (710 | ) |   | (2,050 | ) |   | (1,906 | ) |
| Income from Operations                                                                                                                                             | 19,367 |  |   | 16,267 |  |   | 37,759 |  |   | 29,611 |  |
| Total Other Income (Expense)                                                                                                                                       | (20,106 | ) |   | (3,060 | ) |   | (42,455 | ) |   | (26,293 | ) |
| (Loss) Income from Continuing Operations (8)                                                                                                                  | (739 | ) |   | 13,207 |  |   | (4,696 | ) |   | 3,318 |  |
| Discontinued Operations                                                                                                                                            | — |  |   | 2,274 |  |   | — |  |   | 4,785 |  |
| (Loss) Income from Continuing Operations, per 10-Q (4)                                                                                                             | $ | (739 | ) |   | $ | 15,481 |  |   | $ | (4,696 | ) |   | $ | 8,103 |  |
|                                                                                                                                                               |   |   |   |   |   |   |   |
| (1)  Includes operations from for-sale portfolio.                                                                                                                  |
| (2)  Reflects total consolidated revenue and total consolidated expense (as applicable), adjusted to reflect discontinued operations classifications made after    |
| filing of prior period financials.                                                                                                                                 |
| (3)  Adjustment to prior period financials to reflect discontinued operations classifications made after filing of prior period financials.                        |
| (4)  For prior period, reflects total consolidated revenue, expense or income (loss) from continuing operations (as applicable) as presented in prior period       |
| financials (i.e., excluding adjustment for discontinued operations classifications made after filing of prior period financials).                                  |
| (5)  The three and six months ended June 30, 2013, includes a $1.6 million charge for a loss contingency related to certain litigation and a $0.3 million non-cash |
| impairment charge related to the sale of an outparcel.                                                                                                             |
| (6)  Reflects costs incurred related to acquisitions and abandoned pursuits. These costs are volatile and therefore may vary between periods.  The three and six   |
| months ended June 30, 2013, includes $1.2 million for merger related costs.                                                                                        |
| (7)  The three and six months ended June 30, 2013, includes a $0.9 million non-cash impairment charge related to the sale of certain for-sale residential units.   |
| (8)  (Loss) Income from Continuing Operations before extraordinary items, noncontrolling interest and discontinued operations. Adjustments for additional          |
| discontinued operations have restated periods in accordance with ASC 205-20.                                                                                       |

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  DATA FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2013 AND 2012 |   |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   |
|                                                                 | 2Q13 |   | 2Q12 |   | YTD 13 |   | YTD 12 |
| Assets Sold                                                          |   |   |   |   |   |   |   |
| Revenue from Assets Sold                                             | $ | 3,115 |  |   | $ | 12,512 |  |   | $ | 9,951 |  |   | $ | 25,071 |  |
| Expenses from Assets Sold                                            | 1,367 |  |   | 4,703 |  |   | 3,866 |  |   | 9,341 |  |
| NOI from Assets Sold                                                 | $ | 1,748 |  |   | $ | 7,809 |  |   | $ | 6,085 |  |   | $ | 15,730 |  |
|                                                                 |   |   |   |   |   |   |   |
| Assets Held for Sale                                                 |   |   |   |   |   |   |   |
| Revenue from Assets Held for Sale                                    | $ | 1,057 |  |   | $ | 1,446 |  |   | $ | 2,148 |  |   | $ | 2,449 |  |
| Expenses from Assets Held for Sale                                   | 253 |  |   | 309 |  |   | 555 |  |   | 610 |  |
| NOI from Assets Held for Sale                                        | $ | 804 |  |   | $ | 1,137 |  |   | $ | 1,593 |  |   | $ | 1,839 |  |
|                                                                 |   |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   |

----

|                                                                                                                                                |
|------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                      |
| Corporate Reconciliations                                                                                                                      |
| ($ in 000s)                                                                                                                                    |
|                                                                                                                                           |   |   |   |   |   |   |   |
| 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 June 30, 2013). |
| A reconciliation of income from operations from properties sold or held for sale to NOI for these properties is as follows:                    |
|                                                                                                                                           |   |   |   |   |   |   |   |
|                                                                                                                                           | 2Q13 |   | 2Q12 |   | YTD 13 |   | YTD 12 |
| (Loss) Income from Discontinued Operations                                                                                                     | $ | (159 | ) |   | $ | 4,524 |  |   | $ | 2,767 |  |   | $ | 7,962 |  |
| Adjustment for:                                                                                                                                |   |   |   |   |   |   |   |
| Impairment                                                                                                                                     | 1,857 |  |   | 271 |  |   | 1,857 |  |   | 271 |  |
| Interest (Income) Expense, net                                                                                                                 | (36 | ) |   | (2 | ) |   | (72 | ) |   | (39 | ) |
|    Depreciation and Amortization Expense                                                                                        | 890 |  |   | 4,153 |  |   | 3,126 |  |   | 9,375 |  |
| NOI from Discontinued Operations                                                                                                               | $ | 2,552 |  |   | $ | 8,946 |  |   | $ | 7,678 |  |   | $ | 17,569 |  |
|                                                                                                                                           |   |   |   |   |   |   |   |
| NOI from Assets Sold                                                                                                                           | 1,748 |  |   | 7,809 |  |   | 6,085 |  |   | 15,730 |  |
| NOI from Assets Held for Sale                                                                                                                  | 804 |  |   | 1,137 |  |   | 1,593 |  |   | 1,839 |  |
| NOI from Discontinued Operations                                                                                                               | $ | 2,552 |  |   | $ | 8,946 |  |   | $ | 7,678 |  |   | $ | 17,569 |  |

|                                                                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                 |   |   |   |   |   |   |   |
| ADJUSTED EBITDA RECONCILIATION                                                                                                                                       |   |   |   |   |   |   |   |
|                                                                                                                                                                 |   |   |   |   |   |   |   |
|                                                                                                                                                                 | 2Q13 |   | 2Q12 |   | YTD 13 |   | YTD 12 |
| Net Income Available to Common Shareholders                                                                                                                          | $ | 16,108 |  |   | $ | 16,377 |  |   | $ | 21,685 |  |   | $ | 10,401 |  |
|                                                                                                                                                                 |   |   |   |   |   |   |   |
| Consolidated                                                                                                                                                         |   |   |   |   |   |   |   |
|    Noncontrolling Interest                                                                                                                            | 1,298 |  |   | 1,334 |  |   | 1,751 |  |   | 848 |  |
|    Income - Unconsolidated Assets                                                                                                                     | (2,327 | ) |   | (21,349 | ) |   | (2,998 | ) |   | (22,022 | ) |
|    Interest Expense                                                                                                                                   | 20,999 |  |   | 23,277 |  |   | 43,194 |  |   | 46,330 |  |
|    Amortization of Deferred Financing Costs                                                                                                           | 1,382 |  |   | 1,402 |  |   | 2,759 |  |   | 2,835 |  |
|    Tax Expense                                                                                                                                        | 267 |  |   | 277 |  |   | 555 |  |   | 465 |  |
|    Depreciation & Amortization                                                                                                                    | 32,286 |  |   | 32,814 |  |   | 65,779 |  |   | 67,071 |  |
|    (Gain)/Loss on Sale of Property (Continuing & Discontinued Operations)                                                                         | (18,315 | ) |   | 20 |  |   | (25,509 | ) |   | 249 |  |
|    Gain/(Loss) on Sale of Undepreciated Property (1)                                                                                                  | 14 |  |   | (8 | ) |   | 21 |  |   | (269 | ) |
|    Impairment                                                                                                                                         | 2,769 |  |   | 666 |  |   | 2,769 |  |   | 1,166 |  |
| Merger Related Costs                                                                                                                                                 | 1,154 |  |   | — |  |   | 1,154 |  |   | — |  |
|    Amortization of Stock-Based Compensation Expense                                                                                                   | 1,619 |  |   | 2,041 |  |   | 3,418 |  |   | 4,000 |  |
|    Adjusted EBITDA from Consolidated Properties                                                                                                       | 57,254 |  |   | 56,851 |  |   | 114,578 |  |   | 111,074 |  |
| Unconsolidated                                                                                                                                                       |   |   |   |   |   |   |   |
|    Reverse:  Income - Unconsolidated Assets                                                                                                           | 2,327 |  |   | 21,349 |  |   | 2,998 |  |   | 22,022 |  |
|    Interest Expense                                                                                                                                   | 229 |  |   | 2,243 |  |   | 477 |  |   | 4,534 |  |
|    Amortization of Deferred Financing Costs                                                                                                           | 1 |  |   | 17 |  |   | 3 |  |   | 35 |  |
|    Depreciation & Amortization                                                                                                                    | 56 |  |   | 1,795 |  |   | 163 |  |   | 3,696 |  |
|    Impairment                                                                                                                                         | — |  |   | 97 |  |   | — |  |   | 97 |  |
|    Gain on Sale of Property                                                                                                                           | (2,055 | ) |   | (21,906 | ) |   | (2,402 | ) |   | (22,709 | ) |
| Adjusted EBITDA                                                                                                                                                      | $ | 57,812 |  |   | $ | 60,446 |  |   | $ | 115,817 |  |   | $ | 118,749 |  |
|                                                                                                                                                                 |   |   |   |   |   |   |   |
| (1)  The Company includes the effects of undepreciated real estate (e.g. land, outparcels and condominium units) in Adjusted EBITDA, as this is a recurring source   |
| of cash.                                                                                                                                                             |
|                                                                                                                                                                 |
| Adjusted 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, impairments |
| and certain other one-time charges.  The Company believes Adjusted 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, Adjusted 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, Adjusted 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.                                                                                                  |

----

|                                                                                        |
|----------------------------------------------------------------------------------------|
|                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                              |
| Corporate Reconciliations                                                              |
| ($ in 000s)                                                                            |
|                                                                                   |   |   |   |   |   |   |   |
| RECONCILIATION OF SEC COVERAGE RATIOS                                                  |   |   |   |   |   |   |   |
|                                                                                   |   |   |   |   |   |   |   |
|                                                                                   | 2Q13 |   | 2Q12 |   | YTD 13 |   | YTD 12 |
| Earnings                                                                               |   |   |   |   |   |   |   |
|    Net Income                                                           | $ | 16,108 |  |   | $ | 16,377 |  |   | $ | 21,685 |  |   | $ | 10,401 |  |
|    Discontinued Operations:                                             |   |   |   |   |   |   |   |
|       Loss (Income) from Discontinued Operations         | 159 |  |   | (4,524 | ) |   | (2,767 | ) |   | (7,962 | ) |
|       Noncontrolling Interest in CRLP                    | 1,385 |  |   | 339 |  |   | 2,142 |  |   | 599 |  |
|       (Gain)/Loss on Disposal of Discontinued Operations | (18,726 | ) |   | 12 |  |   | (25,910 | ) |   | 14 |  |
|    CRLP Noncontrolling Interest - Common U/H                            | (87 | ) |   | 995 |  |   | (391 | ) |   | 249 |  |
|    (Gain)/Loss from Sales of Property                                   | (14 | ) |   | 9 |  |   | (25 | ) |   | 235 |  |
|    Noncontrolling Interest of Limited Partners                          | 422 |  |   | 8 |  |   | 545 |  |   | 17 |  |
|    Income from Partially-Owned Investments                              | (2,327 | ) |   | (21,349 | ) |   | (2,998 | ) |   | (22,022 | ) |
|                                                                                   | (3,080 | ) |   | (8,133 | ) |   | (7,719 | ) |   | (18,469 | ) |
|    Amortization of Interest Capitalized                                 | 490 |  |   | 490 |  |   | 980 |  |   | 987 |  |
|    Capitalized Interest                                                 | (355 | ) |   | (350 | ) |   | (562 | ) |   | (535 | ) |
|    Distributions from Partially-Owned Investments                       | 5,502 |  |   | 185 |  |   | 5,669 |  |   | 471 |  |
|    Fixed Charges, from below                                            | 22,736 |  |   | 25,029 |  |   | 46,515 |  |   | 49,700 |  |
|    Earnings                                                             | $ | 25,293 |  |   | $ | 17,221 |  |   | $ | 44,883 |  |   | $ | 32,154 |  |
|                                                                                   |   |   |   |   |   |   |   |
| Fixed Charges                                                                          |   |   |   |   |   |   |   |
|    Interest Expense                                                     | $ | 20,999 |  |   | $ | 23,277 |  |   | $ | 43,194 |  |   | $ | 46,330 |  |
|    Capitalized Interest                                                 | 355 |  |   | 350 |  |   | 562 |  |   | 535 |  |
|    Amortization of Deferred Financing Costs                             | 1,382 |  |   | 1,402 |  |   | 2,759 |  |   | 2,835 |  |
|    Total                                                                | $ | 22,736 |  |   | $ | 25,029 |  |   | $ | 46,515 |  |   | $ | 49,700 |  |
|                                                                                   |   |   |   |   |   |   |   |
|                                                                                   |   |   |   |   |   |   |   |
| RECONCILIATION OF SUPPLEMENTAL COVERAGE RATIOS                                         |   |   |   |   |   |   |   |
|                                                                                   |   |   |   |   |   |   |   |
|                                                                                   | 2Q13 |   | 2Q12 |   | YTD 13 |   | YTD 12 |
| Interest Coverage Denominator                                                          |   |   |   |   |   |   |   |
|    Interest Expense                                                     | $ | 20,999 |  |   | $ | 23,277 |  |   | $ | 43,194 |  |   | $ | 46,330 |  |
|    Interest Expense - Unconsolidated                                    | 229 |  |   | 2,243 |  |   | 477 |  |   | 4,534 |  |
|    Total Interest Expense                                               | $ | 21,228 |  |   | $ | 25,520 |  |   | $ | 43,671 |  |   | $ | 50,864 |  |
|                                                                                   |   |   |   |   |   |   |   |
| Fixed Charge Denominator                                                               |   |   |   |   |   |   |   |
|    Debt Principal Amortization                                          | 849 |  |   | 567 |  |   | 1,660 |  |   | 1,139 |  |
|    Debt Principal Amortization - Unconsolidated                         | 134 |  |   | 188 |  |   | 271 |  |   | 362 |  |
|    Total Fixed Charges                                                  | $ | 22,211 |  |   | $ | 26,275 |  |   | $ | 45,602 |  |   | $ | 52,365 |  |
|                                                                                   |   |   |   |   |   |   |   |
| Fixed Charge with Capitalized Interest Denominator                                     |   |   |   |   |   |   |   |
|    Add:  Capitalized Interest                                           | 355 |  |   | 350 |  |   | 562 |  |   | 535 |  |
|    Total Fixed Charges w/ Capitalized Interest                          | $ | 22,566 |  |   | $ | 26,625 |  |   | $ | 46,164 |  |   | $ | 52,900 |  |
|                                                                                   |   |   |   |   |   |   |   |

----

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST   |
| Multifamily Property Table  |
| As of June 30, 2013         |
| Appendix                    |
|                        |   |   | Year Built / |   | Apartment | Physical | Rent | Revenue | Rent |   |
| Property                    | MSA | State | Avg Age | % Own | Homes | Occupancy Rate | Per Home | Per Home | Per SF | S-P |
|                        |   |   |   |   |   |   |   |   |   |   |
| PROPERTIES IN MAJOR MARKETS |   |   |   |   |   |   |   |   |   |   |
| CG at Barrett Creek         | Atlanta | GA | 1999 | 100.0 | % | 332 |  | 96.7 | % | $ | 788 |  | $ | 1,024 |  | $ | 0.84 |  | S |
| CG at Berkeley Lake         | Atlanta | GA | 1998 | 100.0 | % | 180 |  | 98.3 | % | 942 |  | 1,111 |  | 0.69 |  | S |
| CG at McDaniel Farm         | Atlanta | GA | 1997 | 100.0 | % | 425 |  | 95.3 | % | 787 |  | 1,033 |  | 0.74 |  | S |
| CG at Mount Vernon          | Atlanta | GA | 1997 | 100.0 | % | 213 |  | 95.3 | % | 1,093 |  | 1,247 |  | 0.90 |  | S |
| CG at Pleasant Hill         | Atlanta | GA | 1996 | 100.0 | % | 502 |  | 94.0 | % | 757 |  | 932 |  | 0.76 |  | S |
| CG at River Oaks            | Atlanta | GA | 1992 | 100.0 | % | 216 |  | 92.1 | % | 893 |  | 1,061 |  | 0.70 |  | S |
| CG at River Plantation      | Atlanta | GA | 1994 | 100.0 | % | 232 |  | 96.6 | % | 876 |  | 1,072 |  | 0.65 |  | S |
| CG at Shiloh                | Atlanta | GA | 2002 | 100.0 | % | 498 |  | 95.2 | % | 788 |  | 1,009 |  | 0.74 |  | S |
|                        | Total | 8 |  16.6 Years |   | 2,598 |  | 95.3 | % | $ | 834 |  | $ | 1,037 |  | $ | 0.75 |  |   |
|                        | Same Store | 8 |  16.6 Years |   | 2,598 |  | 95.3 | % | $ | 834 |  | $ | 1,037 |  | $ | 0.75 |  |   |
| CG at Ashton Oaks           | Austin | TX | 2008 | 100.0 | % | 362 |  | 94.2 | % | $ | 817 |  | $ | 972 |  | $ | 0.96 |  | S |
| CG at Canyon Creek          | Austin | TX | 2007 | 100.0 | % | 336 |  | 94.0 | % | 885 |  | 1,076 |  | 0.85 |  | S |
| CG at Canyon Ranch          | Austin | TX | 2003 | 100.0 | % | 272 |  | 98.5 | % | 870 |  | 1,015 |  | 0.90 |  |   |
| CG at Double Creek          | Austin | TX | 2013 | 100.0 | % | 296 |  | 93.6 | % | 870 |  | 1,015 |  | 0.93 |  |   |
| CG at Onion Creek           | Austin | TX | 2008 | 100.0 | % | 300 |  | 92.0 | % | 986 |  | 1,158 |  | 0.95 |  | S |
| CG at Round Rock            | Austin | TX | 2007 | 100.0 | % | 422 |  | 92.4 | % | 916 |  | 1,041 |  | 0.90 |  | S |
| CG at Silverado             | Austin | TX | 2004 | 100.0 | % | 238 |  | 98.7 | % | 877 |  | 1,027 |  | 0.87 |  | S |
| CG at Silverado Reserve     | Austin | TX | 2006 | 100.0 | % | 256 |  | 96.9 | % | 984 |  | 1,155 |  | 0.95 |  | S |
| CG at Wells Branch          | Austin | TX | 2007 | 100.0 | % | 336 |  | 92.6 | % | 887 |  | 1,045 |  | 0.93 |  | S |
| CV at Quarry Oaks           | Austin | TX | 1996 | 100.0 | % | 533 |  | 97.0 | % | 784 |  | 954 |  | 0.91 |  | S |
| CV at Sierra Vista          | Austin | TX | 1999 | 100.0 | % | 232 |  | 95.7 | % | 748 |  | 893 |  | 0.84 |  | S |
|                        | Total | 11 |  8.2 Years |   | 3,583 |  | 94.9 | % | $ | 880 |  | $ | 1,037 |  | $ | 0.92 |  |   |
|                        | Same Store | 9 |  8.8 Years |   | 3,015 |  | 94.7 | % | $ | 870 |  | $ | 1,030 |  | $ | 0.91 |  |   |
| CG at Liberty Park          | Birmingham | AL | 2000 | 100.0 | % | 300 |  | 94.3 | % | $ | 1,067 |  | $ | 1,198 |  | $ | 0.95 |  | S |
| CG at Riverchase Trails     | Birmingham | AL | 1996 | 100.0 | % | 346 |  | 99.7 | % | 773 |  | 915 |  | 0.82 |  | S |
| CV at Inverness             | Birmingham | AL | 1986/87/90/97 | 100.0 | % | 586 |  | 93.5 | % | 610 |  | 724 |  | 0.70 |  | S |
| CV at Trussville            | Birmingham | AL | 1996 | 100.0 | % | 376 |  | 94.4 | % | 760 |  | 933 |  | 0.70 |  | S |
|                        | Total | 4 |  18.0 Years |   | 1,608 |  | 95.2 | % | $ | 766 |  | $ | 903 |  | $ | 0.78 |  |   |
|                        | Same Store | 4 |  18.0 Years |   | 1,608 |  | 95.2 | % | $ | 766 |  | $ | 903 |  | $ | 0.78 |  |   |
| CG at Commerce Park         | Charleston | SC | 2008 | 100.0 | % | 312 |  | 95.5 | % | $ | 846 |  | $ | 1,010 |  | $ | 0.86 |  | S |
| CG at Cypress Cove          | Charleston | SC | 2001 | 100.0 | % | 264 |  | 97.7 | % | 964 |  | 1,070 |  | 0.84 |  | S |
| CG at Quarterdeck           | Charleston | SC | 1986 | 100.0 | % | 230 |  | 97.0 | % | 996 |  | 1,170 |  | 1.05 |  | S |
| CV at Hampton Pointe        | Charleston | SC | 1986 | 100.0 | % | 304 |  | 94.1 | % | 810 |  | 985 |  | 0.78 |  | S |
| CV at Waters Edge           | Charleston | SC | 1985 | 100.0 | % | 204 |  | 92.2 | % | 707 |  | 865 |  | 0.77 |  | S |
| CV at Westchase             | Charleston | SC | 1986 | 100.0 | % | 352 |  | 97.4 | % | 665 |  | 835 |  | 0.91 |  | S |
| CV at Windsor Place         | Charleston | SC | 1984 | 100.0 | % | 224 |  | 92.4 | % | 724 |  | 882 |  | 0.76 |  | S |
|                        | Total | 7 |  22.6 Years |   | 1,890 |  | 95.4 | % | $ | 813 |  | $ | 971 |  | $ | 0.85 |  |   |
|                        | Same Store | 7 |  22.6 Years |   | 1,890 |  | 95.4 | % | $ | 811 |  | $ | 969 |  | $ | 0.85 |  |   |
| CG at Ayrsley               | Charlotte | NC | 2008 | 100.0 | % | 368 |  | 92.4 | % | $ | 883 |  | $ | 1,040 |  | $ | 0.87 |  | S |
| CG at Beverly Crest         | Charlotte | NC | 1996 | 100.0 | % | 300 |  | 92.3 | % | 808 |  | 966 |  | 0.87 |  | S |
| CG at Cornelius             | Charlotte | NC | 2007 | 100.0 | % | 236 |  | 95.3 | % | 889 |  | 1,038 |  | 0.83 |  | S |
| CG at Huntersville          | Charlotte | NC | 2008 | 100.0 | % | 250 |  | 97.6 | % | 872 |  | 1,032 |  | 0.88 |  | S |
| CG at Legacy Park           | Charlotte | NC | 2001 | 100.0 | % | 288 |  | 97.9 | % | 801 |  | 945 |  | 0.77 |  | S |
| CG at Mallard Creek         | Charlotte | NC | 2004 | 100.0 | % | 252 |  | 95.2 | % | 819 |  | 966 |  | 0.89 |  | S |
| CG at Mallard Lake          | Charlotte | NC | 1998 | 100.0 | % | 302 |  | 94.0 | % | 848 |  | 1,004 |  | 0.85 |  | S |
| CG at Matthews Commons      | Charlotte | NC | 2008 | 100.0 | % | 216 |  | 96.8 | % | 933 |  | 1,096 |  | 0.99 |  | S |
| CG at University Center     | Charlotte | NC | 2005 | 100.0 | % | 156 |  | 96.2 | % | 799 |  | 946 |  | 0.75 |  | S |
| CV at Chancellor Park       | Charlotte | NC | 1999 | 100.0 | % | 340 |  | 92.1 | % | 760 |  | 897 |  | 0.79 |  | S |
| CV at Charleston Place      | Charlotte | NC | 1986 | 100.0 | % | 214 |  | 93.5 | % | 589 |  | 713 |  | 0.73 |  | S |
| CV at Greystone             | Charlotte | NC | 1998/2000 | 100.0 | % | 408 |  | 96.6 | % | 656 |  | 802 |  | 0.69 |  | S |
| CV at Matthews              | Charlotte | NC | 1990 | 100.0 | % | 270 |  | 95.2 | % | 808 |  | 928 |  | 0.85 |  | S |
| CV at South Tryon           | Charlotte | NC | 2002 | 100.0 | % | 216 |  | 97.7 | % | 760 |  | 908 |  | 0.70 |  | S |
| CV at Stone Point           | Charlotte | NC | 1986 | 100.0 | % | 192 |  | 95.8 | % | 705 |  | 838 |  | 0.78 |  | S |
| CV at Timber Crest          | Charlotte | NC | 1999 | 100.0 | % | 282 |  | 93.3 | % | 680 |  | 800 |  | 0.70 |  | S |
| CR at Enclave               | Charlotte | NC | 2008 | 100.0 | % | 85 |  | 92.9 | % | 1,633 |  | 1,786 |  | 1.29 |  |   |
|                        | Total | 17 |  13.3 Years |   | 4,375 |  | 94.9 | % | $ | 803 |  | $ | 948 |  | $ | 0.82 |  |   |
|                        | Same Store | 16 |  13.8 Years |   | 4,290 |  | 94.9 | % | $ | 787 |  | $ | 932 |  | $ | 0.81 |  |   |

----

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST      |
| Multifamily Property Table     |
| As of June 30, 2013            |
| Appendix                       |
|                           |   |   | Year Built / Avg |   | Apartment | Physical | Rent | Revenue | Rent |   |
| Property                       | MSA | State | Age | % Own | Homes | Occupancy Rate | Per Home | Per Home | Per SF | S-P |
| CG at Hebron                   | Dallas | TX | 2011 | 100.0 | % | 312 |  | 95.8 | % | $ | 1,113 |  | $ | 1,204 |  | $ | 0.99 |  |   |
| CG at Fairview                 | Dallas | TX | 2012 | 100.0 | % | 256 |  | 94.9 | % | 1,044 |  | 1,142 |  | 1.04 |  |   |
| CG at Valley Ranch             | Dallas | TX | 1995 | 100.0 | % | 396 |  | 94.4 | % | 1,107 |  | 1,267 |  | 0.95 |  | S |
| CR at Medical District         | Dallas | TX | 2007 | 100.0 | % | 278 |  | 95.0 | % | 1,058 |  | 1,196 |  | 1.22 |  | S |
| CR at Las Colinas              | Dallas | TX | 2006 | 100.0 | % | 306 |  | 95.4 | % | 1,179 |  | 1,281 |  | 1.30 |  |   |
| CV at Main Park                | Dallas | TX | 1984 | 100.0 | % | 192 |  | 95.8 | % | 744 |  | 925 |  | 0.79 |  | S |
| CV at Oakbend                  | Dallas | TX | 1997 | 100.0 | % | 426 |  | 93.2 | % | 788 |  | 964 |  | 0.88 |  | S |
| CV at Vista Ridge              | Dallas | TX | 1985 | 100.0 | % | 300 |  | 92.3 | % | 635 |  | 794 |  | 0.80 |  | S |
| Remington Hills                | Dallas | TX | 1985 | 100.0 | % | 362 |  | 94.5 | % | 765 |  | 942 |  | 0.80 |  | S |
|                           | Total | 9 |  15.5 Years |   | 2,828 |  | 94.5 | % | $ | 938 |  | $ | 1,081 |  | $ | 0.97 |  |   |
|                           | Same Store | 6 |  21.3 Years |   | 1,954 |  | 94.1 | % | $ | 859 |  | $ | 1,024 |  | $ | 0.91 |  |   |
| Belterra                       | Fort Worth | TX | 2006 | 10.0 | % | 288 |  | 93.4 | % | $ | 912 |  | $ | 1,018 |  | $ | 0.94 |  |   |
| CG at Bear Creek               | Fort Worth | TX | 1998 | 100.0 | % | 436 |  | 97.5 | % | 848 |  | 1,012 |  | 0.94 |  | S |
| CV at Grapevine                | Fort Worth | TX | 1985 | 100.0 | % | 450 |  | 91.3 | % | 730 |  | 889 |  | 0.85 |  | S |
| CV at North Arlington          | Fort Worth | TX | 1985 | 100.0 | % | 240 |  | 98.8 | % | 575 |  | 733 |  | 0.72 |  | S |
| CV at Shoal Creek              | Fort Worth | TX | 1996 | 100.0 | % | 408 |  | 94.4 | % | 812 |  | 1,019 |  | 0.87 |  | S |
| CV at Willow Creek             | Fort Worth | TX | 1996 | 100.0 | % | 478 |  | 94.6 | % | 754 |  | 953 |  | 0.84 |  | S |
|                           | Total | 6 |  19.2 Years |   | 2,300 |  | 94.9 | % | $ | 777 |  | $ | 947 |  | $ | 0.87 |  |   |
|                           | Same Store | 5 |  21.5 Years |   | 2,012 |  | 94.9 | % | $ | 760 |  | $ | 939 |  | $ | 0.86 |  |   |
| CG at Heather Glen             | Orlando | FL | 2000 | 100.0 | % | 448 |  | 95.3 | % | $ | 1,044 |  | $ | 1,221 |  | $ | 0.89 |  | S |
| CG at Heathrow                 | Orlando | FL | 1997 | 100.0 | % | 312 |  | 95.2 | % | 955 |  | 1,143 |  | 0.84 |  | S |
| CG at Lake Mary                | Orlando | FL | 2012 | 100.0 | % | 232 |  | 97.0 | % | 1,145 |  | 1,285 |  | 1.12 |  |   |
| CG at Lake Mary II             | Orlando | FL | 2013 | 100.0 | % | 108 |  | 95.4 | % | 1,145 |  | 1,285 |  | 1.11 |  |   |
| CR at Town Park                | Orlando | FL | 2004 | 100.0 | % | 80 |  | 91.3 | % | 1,118 |  | 1,254 |  | 1.16 |  | S |
| CG at Town Park (Lake Mary)    | Orlando | FL | 2002 | 100.0 | % | 456 |  | 93.0 | % | 1,023 |  | 1,201 |  | 0.87 |  | S |
| CG at Windermere               | Orlando | FL | 2009 | 100.0 | % | 280 |  | 95.0 | % | 1,112 |  | 1,235 |  | 1.10 |  |   |
| CV at Twin Lakes               | Orlando | FL | 2004 | 100.0 | % | 460 |  | 96.5 | % | 816 |  | 994 |  | 0.90 |  | S |
|                           | Total | 8 |  8.4 Years |   | 2,376 |  | 95.1 | % | $ | 1,014 |  | $ | 1,172 |  | $ | 0.95 |  |   |
|                           | Same Store | 5 |  12.1 Years |   | 1,756 |  | 94.8 | % | $ | 966 |  | $ | 1,144 |  | $ | 0.89 |  |   |
| CG at Inverness Commons        | Phoenix | AZ | 2002 | 100.0 | % | 300 |  | 96.0 | % | $ | 749 |  | $ | 906 |  | $ | 0.73 |  | S |
| CG at OldTown Scottsdale North | Phoenix | AZ | 1995 | 100.0 | % | 208 |  | 94.7 | % | 866 |  | 1,035 |  | 0.87 |  | S |
| CG at OldTown Scottsdale South | Phoenix | AZ | 1994 | 100.0 | % | 264 |  | 93.6 | % | 895 |  | 1,044 |  | 0.89 |  | S |
| CG at Scottsdale               | Phoenix | AZ | 1999 | 100.0 | % | 180 |  | 94.4 | % | 963 |  | 1,119 |  | 0.86 |  | S |
|                           | Total | 4 |  16.0 Years |   | 952 |  | 94.7 | % | $ | 855 |  | $ | 1,012 |  | $ | 0.83 |  |   |
|                           | Same Store | 4 |  16.0 Years |   | 952 |  | 94.7 | % | $ | 856 |  | $ | 1,013 |  | $ | 0.83 |  |   |
| CG at Arringdon                | Raleigh | NC | 2003 | 100.0 | % | 320 |  | 97.5 | % | $ | 848 |  | $ | 1,011 |  | $ | 0.87 |  | S |
| CG at Brier Creek              | Raleigh | NC | 2009 | 100.0 | % | 364 |  | 97.8 | % | 943 |  | 1,075 |  | 0.86 |  | S |
| CG at Brier Falls              | Raleigh | NC | 2008 | 100.0 | % | 350 |  | 96.0 | % | 969 |  | 1,103 |  | 0.89 |  | S |
| CG at Crabtree Valley          | Raleigh | NC | 1997 | 100.0 | % | 210 |  | 97.1 | % | 780 |  | 917 |  | 0.78 |  | S |
| CG at Patterson Place          | Raleigh | NC | 1997 | 100.0 | % | 252 |  | 96.8 | % | 850 |  | 1,013 |  | 0.90 |  | S |
| CG at Research Park            | Raleigh | NC | 2002 | 100.0 | % | 370 |  | 94.9 | % | 843 |  | 991 |  | 0.81 |  |   |
| CG at Trinity Commons          | Raleigh | NC | 2000/2002 | 100.0 | % | 462 |  | 92.6 | % | 821 |  | 963 |  | 0.78 |  | S |
| CV at Beaver Creek             | Raleigh | NC | 2000/2003 | 100.0 | % | 316 |  | 97.8 | % | 814 |  | 974 |  | 0.83 |  | S |
| CV at Deerfield                | Raleigh | NC | 1985 | 100.0 | % | 204 |  | 92.2 | % | 803 |  | 951 |  | 0.83 |  | S |
| CV at Woodlake                 | Raleigh | NC | 1996 | 100.0 | % | 266 |  | 91.7 | % | 742 |  | 836 |  | 0.77 |  | S |
|                           | Total | 10 |  13.6 Years |   | 3,114 |  | 95.4 | % | $ | 849 |  | $ | 992 |  | $ | 0.83 |  |   |
|                           | Same Store | 9 |  13.8 Years |   | 2,744 |  | 95.5 | % | $ | 849 |  | $ | 990 |  | $ | 0.84 |  |   |
| Ashley Park                    | Richmond | VA | 1988 | 100.0 | % | 272 |  | 95.6 | % | $ | 671 |  | $ | 802 |  | $ | 0.94 |  | S |
| CV at Chase Gayton             | Richmond | VA | 1984 | 100.0 | % | 328 |  | 95.1 | % | 839 |  | 978 |  | 0.88 |  | S |
| CV at Hampton Glen             | Richmond | VA | 1986 | 100.0 | % | 232 |  | 96.6 | % | 837 |  | 993 |  | 1.09 |  | S |
| CV at Waterford                | Richmond | VA | 1990 | 100.0 | % | 312 |  | 93.9 | % | 845 |  | 1,001 |  | 0.91 |  | S |
| CV at West End                 | Richmond | VA | 1987 | 100.0 | % | 224 |  | 95.1 | % | 757 |  | 914 |  | 1.08 |  | S |
|                           | Total | 5 |  26.5 Years |   | 1,368 |  | 95.2 | % | $ | 793 |  | $ | 940 |  | $ | 0.96 |  |   |
|                           | Same Store | 5 |  26.5 Years |   | 1,368 |  | 95.2 | % | $ | 793 |  | $ | 940 |  | $ | 0.96 |  |   |

----

|                                                                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                             |
| Multifamily Property Table                                                                                                                                            |
| As of June 30, 2013                                                                                                                                                   |
| Appendix                                                                                                                                                              |
|                                                                                                                                                                  |   |   | Year Built / Avg |   | Apartment | Physical | Rent | Revenue | Rent |   |
| Property                                                                                                                                                              | MSA | State | Age | % Own | Homes | Occupancy Rate | Per Home | Per Home | Per SF | S-P |
| CG at Godley Station                                                                                                                                                  | Savannah | GA | 2005 | 100.0 | % | 312 |  | 98.4 | % | $ | 875 |  | $ | 1,047 |  | $ | 0.81 |  | S |
| CG at Hammocks                                                                                                                                                        | Savannah | GA | 1997 | 100.0 | % | 308 |  | 94.5 | % | 987 |  | 1,172 |  | 0.94 |  | S |
| CV at Godley Lake                                                                                                                                                     | Savannah | GA | 2008 | 100.0 | % | 288 |  | 97.6 | % | 823 |  | 981 |  | 0.88 |  | S |
| CV at Greentree                                                                                                                                                       | Savannah | GA | 1983 | 100.0 | % | 194 |  | 95.4 | % | 658 |  | 774 |  | 0.77 |  | S |
| CV at Huntington                                                                                                                                                      | Savannah | GA | 1986 | 100.0 | % | 147 |  | 97.3 | % | 761 |  | 915 |  | 0.92 |  | S |
| CV at Marsh Cove                                                                                                                                                      | Savannah | GA | 1983 | 100.0 | % | 188 |  | 92.0 | % | 773 |  | 920 |  | 0.74 |  | S |
|                                                                                                                                                                  | Total | 6 |  19.8 Years |   | 1,437 |  | 96.0 | % | $ | 835 |  | $ | 994 |  | $ | 0.85 |  |   |
|                                                                                                                                                                  | Same Store | 6 |  19.8 Years |   | 1,437 |  | 96.0 | % | $ | 834 |  | $ | 994 |  | $ | 0.85 |  |   |
| CG at Hampton Preserve                                                                                                                                                | Tampa/Sarasota | FL | 2012 | 100.0 | % | 486 |  | 96.1 | % | $ | 1,001 |  | $ | 1,163 |  | $ | 0.94 |  |   |
| CG at Lakewood Ranch                                                                                                                                                  | Tampa/Sarasota | FL | 1999 | 100.0 | % | 288 |  | 97.2 | % | 1,090 |  | 1,305 |  | 1.04 |  | S |
| CG at Seven Oaks                                                                                                                                                      | Tampa/Sarasota | FL | 2004 | 100.0 | % | 318 |  | 94.7 | % | 907 |  | 1,111 |  | 0.96 |  | S |
|                                                                                                                                                                  | Total | 3 |  8.5 Years |   | 1,092 |  | 96.0 | % | $ | 998 |  | $ | 1,186 |  | $ | 0.97 |  |   |
|                                                                                                                                                                  | Same Store | 2 |  12.0 Years |   | 606 |  | 95.9 | % | $ | 994 |  | $ | 1,203 |  | $ | 1.00 |  |   |
| TOTAL PROPERTIES IN MAJOR MARKETS                                                                                                                                     | 98 |  15.1 Years |   | 29,521 |  | 95.1 | % | $ | 857 |  | $ | 940 |  | $ | 0.87 |  |   |
|                                                                                                                                                                  | Same Store | 86 | 16.5 Years |   | 26,230 |  | 95.1 | % | $ | 826 |  | $ | 917 |  | $ | 0.85 |  |   |
|                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| PROPERTIES IN OTHER MARKETS                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |
| CG at Autumn Park                                                                                                                                                     | Greensboro | NC | 2001/04 | 100.0 | % | 402 |  | 90.3 | % | $ | 773 |  | $ | 879 |  | $ | 0.76 |  | S |
| CG at Bellevue                                                                                                                                                        | Nashville | TN | 1996 | 100.0 | % | 349 |  | 95.4 | % | 946 |  | 1,068 |  | 0.96 |  | S |
| CG at Desert Vista                                                                                                                                                    | Las Vegas | NV | 2008 | 100.0 | % | 380 |  | 93.9 | % | 720 |  | 868 |  | 0.81 |  | S |
| CG at Edgewater                                                                                                                                                       | Huntsville | AL | 1990/99 | 100.0 | % | 500 |  | 93.4 | % | 733 |  | 874 |  | 0.68 |  | S |
| CG at Madison                                                                                                                                                         | Huntsville | AL | 1999 | 100.0 | % | 336 |  | 93.5 | % | 776 |  | 950 |  | 0.74 |  | S |
| CG at Palm Vista                                                                                                                                                      | Las Vegas | NV | 2007 | 100.0 | % | 341 |  | 91.8 | % | 754 |  | 902 |  | 0.74 |  | S |
| CG at Traditions                                                                                                                                                      | Gulf Shores | AL | 2008 | 100.0 | % | 324 |  | 91.5 | % | 654 |  | 792 |  | 0.66 |  | S |
| CG at Wilmington                                                                                                                                                      | Wilmington | NC | 1998/2002 | 100.0 | % | 390 |  | 91.8 | % | 728 |  | 848 |  | 0.80 |  | S |
| CV at Ashford Place                                                                                                                                                   | Mobile | AL | 1983 | 100.0 | % | 168 |  | 98.8 | % | 566 |  | 676 |  | 0.65 |  | S |
| CV at Greenbrier                                                                                                                                                      | Fredericksburg | VA | 1988 | 100.0 | % | 258 |  | 97.3 | % | 883 |  | 1,094 |  | 1.05 |  | S |
| CV at Harbour Club                                                                                                                                                    | Norfolk | VA | 1988 | 100.0 | % | 213 |  | 96.7 | % | 816 |  | 1,004 |  | 0.90 |  | S |
| CV at Huntleigh Woods                                                                                                                                                 | Mobile | AL | 1978 | 100.0 | % | 233 |  | 95.3 | % | 548 |  | 695 |  | 0.64 |  | S |
| CV at Mill Creek                                                                                                                                                      | Winston-Salem | NC | 1984 | 100.0 | % | 220 |  | 91.8 | % | 543 |  | 672 |  | 0.57 |  | S |
| CV at Tradewinds                                                                                                                                                      | Norfolk | VA | 1988 | 100.0 | % | 284 |  | 93.3 | % | 822 |  | 999 |  | 0.83 |  | S |
| Cypress Village Rental                                                                                                                                                | Gulf Shores | AL | 2008 | 100.0 | % | 96 |  | 94.8 | % | 1,250 |  | 1,464 |  | 0.58 |  |   |
| Glen Eagles                                                                                                                                                           | Winston-Salem | NC | 1990/2000 | 100.0 | % | 310 |  | 92.9 | % | 636 |  | 764 |  | 0.63 |  | S |
| TOTAL PROPERTIES IN OTHER MARKETS                                                                                                                                     | 16 | 18.0 Years |   | 4,804 |  | 94.0 | % | $ | 747 |  | $ | 892 |  | $ | 0.75 |  |   |
|                                                                                                                                                                  | Same Store | 15 | 18.9 Years |   | 4,708 |  | 94.0 | % | $ | 736 |  | $ | 880 |  | $ | 0.76 |  |   |
|                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| LEASE UP PROPERTIES                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| CR at Frisco Bridges                                                                                                                                                  | Dallas | TX | 2013 | 100.0 | % | 252 |  | LU |  | 1,299 |  | — |  | — |  |   |
| TOTAL LEASE UP                                                                                                                                                        |   | 1 |   |   | 252 |  | LU |  | $ | 1,299 |  | $ | — |  | $ | — |  |   |
|                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| TOTAL ALL PROPERTIES                                                                                                                                                  | 115 | 15.5 Years |   | 34,577 |  | 94.9 | % | $ | 841 |  | $ | 933 |  | $ | 0.85 |  |   |
|                                                                                                                                                                  | Same Store | 101 | 16.9 Years |   | 30,938 |  | 94.9 | % | $ | 813 |  | $ | 911 |  | $ | 0.83 |  |   |
|                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| CG = Colonial Grand Apartments and CR = Colonial Reserve, Class A;  CV = Colonial Village Apartments, Class B                                                         |
| LU = Properties in lease up.  These properties are not included in Occupancy and Market Rent calculations.                                                            |
| S = Current year same-property portfolio:  Property has been stabilized as of the beginning of the prior calendar year.  Partially-owned properties are not included. |
|                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                  |

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|                                                                                                                                                                   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                         |
| Commercial Property Table                                                                                                                                         |
| As of June 30, 2013                                                                                                                                               |
| Appendix                                                                                                                                                          |
|                                                                                                                                                              |   |   |   |   | Square Feet (000s) |   |   |
|                                                                                                                                                              |   |   |   |   |   | Anchor |   | Physical | Base Rent per |
| Property                                                                                                                                                          | MSA | State | Year Built | % Own | Total | Owned | CLP Owned | Occupancy Rate | Sq. Foot  (1) |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| CONSOLIDATED PROPERTIES                                                                                                                                           |   |   |   |   |   |   |   |   |   |
| CC Brookwood Village (Office)                                                                                                                                     |  Birmingham |  AL | 2007 | 100 | % | 170 |  | — |  | 170 |  | 97.7 | % | $ | 30.81 |  |
| Brookwood Village (Retail)                                                                                                                                        | Birmingham | AL | 1973/91/00 | 100 | % | 604 |  | 232 |  | 372 |  | 84.9 | % | 24.10 |  |
| CP Tannehill (Retail)                                                                                                                                             | Birmingham | AL | 2008 | 100 | % | 421 |  | 211 |  | 210 |  | 90.3 | % | 19.20 |  |
| CP Craft Farms (Retail)                                                                                                                                           | Gulf Shores |  AL | 2010 | 100 | % | 68 |  | — |  | 68 |  | 84.7 | % | 19.02 |  |
| CP Nord du Lac (Retail)                                                                                                                                           | New Orleans |  LA | 2010 | 100 | % | 283 |  | 87 |  | 196 |  | 96.6 | % | 18.44 |  |
| Total Consolidated                                                                                                                                                |   | 5 |   |   | 1,546 |  | 530 |  | 1,016 |  | 90.4 | % | $ | 24.69 |  |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| UNCONSOLIDATED PROPERTIES                                                                                                                                         |   |   |   |   |   |   |   |   |   |
|  Land Title Building (Office)                                                                                                                                |  Birmingham |  AL | 1975 | 33 | % | 30 |  | — |  | 30 |  | 100.0 | % | $ | 14.79 |  |
|  CP Smyrna (Retail)                                                                                                                                          |  Smyrna | TN | 2008 | 50 | % | 416 |  | 268 |  | 148 |  | 97.0 | % | 20.71 |  |
| Total                                                                                                                                                             |   | 2 |   |   | 446 |  | 268 |  | 178 |  | 97.5 | % | $ | 18.95 |  |
| Total (Weighted)                                                                                                                                                  |   | 2 |   |   |   |   | 84 |  | 97.4 | % | $ | 19.42 |  |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| THIRD-PARTY MANAGED BUSINESS                                                                                                                                      |   |   |   |   |   |   |   |   |   |
| Calico Corner (Retail)                                                                                                                                            |  Birmingham | AL |   | 0% | 6 |  |   |   |   |   |
| TOTAL MANAGED                                                                                                                                                     |   | 1 |   |   | 6 |  |   |   |   |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| Total Commercial Properties                                                                                                                                       |   | 8 |   |   | 1,998 |  | 798 |  | 1,194 |  | 91.5 | % | $ | 23.75 |  |
| Total Commercial Properties (Weighted)                                                                                                                            |   | 8 |   |   |   |   | 1,100 |  | 90.9 | % | $ | 24.26 |  |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| (1)  Base rent per square foot amounts are calculated on a straight-line basis in accordance with GAAP.  In reference to the Retail properties, this calculation  |
| includes tenants occupying less than 10,000 square feet (i.e., excludes anchor tenants).  Rental terms for anchor tenants generally are not representative of the |
| larger portfolio.                                                                                                                                                 |

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|                                             |
|---------------------------------------------|
|                                             |  |  |
| COLONIAL PROPERTIES TRUST                   |
| Glossary of Terms                           |
|                                        |
|                                        |   |   |
| RENT PER SQUARE UNIT (FOOT):                |   | Effective rent per unit - average net effective rental rate per occupied unit.  Base rent per unit - rental revenue |
|                                        |   | charged to tenants divided by occupied square feet for commercial properties.  Rental revenue used in on a |
|                                        |   | monthly basis for multifamily properties and an annual basis for commercial properties. |
|                                        |   |   |
| 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. |
|                                        |   |   |
| FINANCIAL OCCUPANCY:                        |   | Market rent less vacancy loss as a percentage of market rent. |
|                                        |   |   |
| FUNDS FROM OPERATIONS                       |   | Net income (loss) before noncontrolling interest (determined in accordance with generally accepted accounting |
| (FFO):                                      |   | principles), excluding gains (losses) from sales of depreciated property and impairment write-downs of |
|                                        |   | depreciable real estate, plus real estate depreciation and amortization and after adjustments for unconsolidated |
|                                        |   | partnerships and joint ventures. |
|                                        |   |   |
| FFO PER SHARE:          |   | FFO divided by the weighted average shares outstanding during the period, assuming the conversation |
|                                        |   | of minority interest limited partnership units in Colonial Realty Limited Partnership into the Company's |
|                                        |   | Common Shares. |
|                                        |   |   |
| NET EFFECTIVE RENTAL RATE:                  |   | The Company's rental rate after "loss to lease", concessions and vacancy. |
|                                        |   |   |
| PHYSICAL 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 SEGMENT     |   | Property revenues less property operating expenses. |
| NET OPERATING INCOME:                       |   |   |
|                                        |   |   |
| 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. |
|                                        |   |   |
| TOTAL MARKET            |   | The sum of total notes and mortgages payable plus the total market value of all shares and units |
| CAPITALIZATION:                             |   | outstanding at the market price per share on the date indicated. |