----

|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | Multifamily same-property NOI increased 4.4 percent compared with second quarter 2012 |

|         |                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------|
| • | Multifamily same-property revenue increased 4.3 percent compared with second quarter 2012 |

|         |                                                                                     |
|---------|-------------------------------------------------------------------------------------|
| • | Ended the quarter with multifamily same-property physical occupancy of 94.9 percent |

|         |                                                                                             |
|---------|---------------------------------------------------------------------------------------------|
| • | Acquired the 252-unit Colonial Reserve at Frisco Bridges in Dallas, Texas for $36.2 million |

|         |                                                                                        |
|---------|----------------------------------------------------------------------------------------|
| • | Sold Three Ravinia, a Class A office building, for a total sales price of $144 million |

|         |                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------|
| • | Completed the disposition of three apartment communities totaling 856 units for an aggregate sales price of $78.3 million |

|         |                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------|
| • | Completed the sale of the four remaining condominium units at Metropolitan Midtown and reduced for-sale residential land inventory |

|         |                                           |
|---------|-------------------------------------------|
| • | Announced definitive merger agreement MAA |

----

----

----

----

----

----

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |
| 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                                                               |
| 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                                                             |   |   |   |   |   |   |   |

----

|                                                                                                                                                                     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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.                                                                                             |   |   |   |   |

----

|                                                                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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                                              |
| Corporate Reconciliations                                              |
| ($ in 000s)                                                            |
|                                                                   |   |   |   |   |   |   |   |
| RECONCILIATION OF REVENUES                                             |   |   |   |   |   |   |   |
|                                                                   | Three Months Ended |   | Six Months Ended |
|                                                                   | 6/30/2013 |   | 6/30/2012 |   | 6/30/2013 |   | 6/30/2012 |
| Divisional 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 Divisional Revenues          | 106,862 |  |   | 107,884 |  |   | 213,378 |  |   | 213,441 |  |
|                                                                   |   |   |   |   |   |   |   |
| Less:  Unconsolidated Revenues - Multifamily                           | (264 | ) |   | (480 | ) |   | (556 | ) |   | (952 | ) |
| Less:  Unconsolidated Revenues - 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                                             |   |   |   |   |   |   |   |
|                                                                   | Three Months Ended |   | Six Months Ended |
|                                                                   | 6/30/2013 |   | 6/30/2012 |   | 6/30/2013 |   | 6/30/2012 |
| Divisional 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 Divisional 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 (7)                                        | 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 |  |
|                                                                   |   |   |   |   |   |   |   |
| ________________________                                               |   |   |   |   |   |   |   |
| Continued on following page                                            |   |   |   |   |   |   |   |

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|                                                                                                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                          |
| Corporate Reconciliations                                                                                                                                          |
| ($ in 000s)                                                                                                                                                        |
|                                                                                                                                                               |   |   |   |   |   |   |   |
| RECONCILIATION OF NOI                                                                                                                                              |   |   |   |   |   |   |   |
|                                                                                                                                                               | Three Months Ended |   | Six Months Ended |
|                                                                                                                                                               | 6/30/2013 |   | 6/30/2012 |   | 6/30/2013 |   | 6/30/2012 |
| Divisional 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 Divisional 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 prior periods in accordance with ASC 205-20.                                                                                 |