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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................................................................................................................................................................... | 14 |
|   | Real Estate Activities..................................................................................................................................................................... | 15 |
|   | Debt Summary / Market Capitalization / Coverage Ratios / Covenants........................................................................................ | 16 |
|   | Supplemental Data / Investment Activities.................................................................................................................................... | 18 |
|   | Joint Venture Operating Data / Balance Sheet.............................................................................................................................. | 19 |
| 5      |  | Corporate Reconciliations |   |
|   | Revenues / Expenses / NOI.......................................................................................................................................................... | 20 |
|   | NOI from Discontinued Operations / Adjusted EBITDA................................................................................................................ | 22 |
|   | SEC Coverage Ratios................................................................................................................................................................... | 23 |
| 6      |  | Appendix |   |
|   | Multifamily Property Table............................................................................................................................................................. | 24 |
|   | Commercial Property Table........................................................................................................................................................... | 27 |
| 7      |  | Glossary of Terms............................................................................................................................................................................. | 28 |

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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 |
|                     | BoA/Merrill Lynch |   | Jana Galan |   | 646-855-3081 |
|                     | 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 |

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |
| GUIDANCE                                                                           |   |   |   |   |
|                                                                               |   |   | FYE 2013 Range |
| Diluted Income per Share                                                           |   | $ | 0.29 |  | $ | 0.45 |  |
| Plus:  Real Estate Depreciation & Amortization                                 | 1.35 |  | 1.35 |  |
| Less:  Gain on Sale of Operating Properties                                        | (0.30 | ) | (0.40 | ) |
|      Total Diluted Funds from Operation ("FFO") per Share | $ | 1.34 |  | $ | 1.40 |  |

----

|                                                                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                        |
| Financial Highlights                                                                                                                                             |
| First Quarter 2013                                                                                                                                               |
|                                                                                                                                                             |   |   |   |   |   |
| FINANCIAL HIGHLIGHTS                                                                                                                                             |   |   |   |   |   |
| ($ in 000s, except per share and unit data)                                                                                                                      |   | Three Months Ended |
|                                                                                                                                                             |   |   | 3/31/2013 |   | 3/31/2012 |
|                                                                                                                                                             |   |   |   |   |   |
| Total property revenue (1)                                                                                                                                       |   |   | $ | 103,708 |  |   | $ | 92,653 |  |
|                                                                                                                                                             |   |   |   |   |   |
| Multifamily property revenue (2)                                                                                                                                 |   |   | 95,764 |  |   | 87,831 |  |
| Multifamily property NOI (2)                                                                                                                                     |   |   | 58,338 |  |   | 52,899 |  |
|                                                                                                                                                             |   |   |   |   |   |
| Management & leasing fee revenue                                                                                                                             |   |   | 178 |  |   | 1,344 |  |
|                                                                                                                                                             |   |   |   |   |   |
| Adjusted EBITDA (3)                                                                                                                                         |   |   | 57,719 |  |   | 58,302 |  |
|                                                                                                                                                             |   |   |   |   |   |
| Net (loss) income per share:                                                                                                                                     |   |   |   |   |   |
|      Basic                                                                                                                              |   |   | 0.06 |  |   | (0.07 | ) |
|      Diluted                                                                                                                            |   |   | 0.06 |  |   | (0.07 | ) |
|                                                                                                                                                             |   |   |   |   |   |
| Funds from operations per share:                                                                                                                                 |   |   |   |   |   |
|      Basic                                                                                                                              |   |   | 0.34 |  |   | 0.30 |  |
|      Diluted                                                                                                                            |   |   | 0.34 |  |   | 0.30 |  |
|                                                                                                                                                             |   |   |   |   |   |
| Dividends per share                                                                                                                                              |   |   | 0.21 |  |   | 0.18 |  |
|                                                                                                                                                             |   |   |   |   |   |
| Dividends/EPS (diluted) payout ratio                                                                                                                             |   |   | 350.0 | % |   | (257.1 | )% |
| Dividends/FFO (diluted) payout ratio                                                                                                                             |   |   | 61.8 | % |   | 60.0 |  % |
|                                                                                                                                                             |   |   |   |   |   |
| Consolidated interest expense (1)                                                                                                                           |   |   | $ | 22,195 |  |   | $ | 23,053 |  |
| Consolidated interest income (1)                                                                                                                                 |   |   | (764 | ) |   | (1,031 | ) |
|      Net interest expense (1)                                                                                                      |   |   | 21,431 |  |   | 22,022 |  |
|                                                                                                                                                             |   |   |   |   |   |
| Pro-rata share of joint venture interest expense                                                                                                                 |   | 248 |  |   | 2,290 |  |
|                                                                                                                                                             |   |   |   |   |   |
| Principal reductions                                                                                                                                             |   |   | 811 |  |   | 572 |  |
|                                                                                                                                                             |   |   |   |   |   |
| Interest coverage ratio (4)                                                                                                                                      |   |   | 2.6 |  |   | 2.3 |  |
| Fixed charge coverage ratio (4)                                                                                                                             |   |   | 2.5 |  |   | 2.2 |  |
| Fixed charge with capitalized interest ratio (4)                                                                                                            |   | 2.5 |  |   | 2.2 |  |
|                                                                                                                                                             |   |   |   |   |   |
| Multifamily same property NOI increase (5)                                                                                                                       |   | 6.8 | % |   | 8.3 |  % |
|      (# of apartment homes included)                                                                                                    |   |   | 31,436 |  |   | 30,323 |  |
|                                                                                                                                                             |   |   |   |   |   |
|                                                                                                                                                             |   |   | As of |
|                                                                                                                                                             |   |   | 3/31/2013 |   | 12/31/2012 |
| Total assets                                                                                                                                                     |   |   | $ | 3,193,092 |  |   | $ | 3,286,208 |  |
| Total debt                                                                                                                                                       |   |   | 1,758,780 |  |   | 1,831,992 |  |
| Common shares and units, outstanding end of period                                                                                                               |   | 95,672 |  |   | 95,365 |  |
| Share price, end of period                                                                                                                                       |   |   | 22.61 |  |   | 21.37 |  |
| Book equity value, end of period                                                                                                                                 |   |   | 1,302,984 |  |   | 1,312,059 |  |
| Market equity value, end of period (6)                                                                                                                      |   |   | 2,163,134 |  |   | 2,037,959 |  |
| Debt to total market capitalization ratio (7)                                                                                                               |   | 44.8 | % |   | 47.3 |  % |
| Unencumbered real estate assets (at cost) to unsecured debt ratio (7)                                                                                            |   | 262.8 | % |   | 247.5 |  % |
|                                                                                                                                                             |   |   |   |   |   |
| (1)  Represents consolidated properties excluding amounts classified in discontinued operations.  For the GAAP reconciliation of revenues, expenses and NOI, see |
| page 20 and 21.                                                                                                                                                  |   |   |   |   |
| (2)  For components of revenues and NOI, see page 10.                                                                                                            |   |   |   |   |
| (3)  For a reconciliation of Adjusted EBITDA, see page 22.                                                                                                       |   |   |   |   |
| (4)  For additional information on these calculations, see page 17.                                                                                              |   |   |   |   |
| (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.                                                                               |   |   |   |   |

----

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                               |
| Financial Statements                                                                    |
| First Quarter 2013                                                                      |
|                                                                                    |   |   |   |
| CONSOLIDATED STATEMENTS OF OPERATIONS                                                   |   |   |   |
| ($ in 000s, except per share data)                                                      | Three Months Ended |
|                                                                                    | 3/31/2013 |   | 3/31/2012 |
| Revenues                                                                                |   |   |   |
|    Minimum Rent                                                          | $ | 84,843 |  |   | $ | 77,240 |  |
|    Tenant Recoveries                                                     | 2,495 |  |   | 2,566 |  |
|    Other Property Related Revenue                                        | 16,370 |  |   | 12,847 |  |
|    Other Non-Property Related Revenue                                    | 178 |  |   | 1,344 |  |
|       Total Revenues                                      | 103,886 |  |   | 93,997 |  |
|                                                                                    |   |   |   |
| Operating Expenses                                                                      |   |   |   |
|    Operating Expenses:                                                   |   |   |   |
|       Property Operating Expense                          | 27,340 |  |   | 25,271 |  |
|       Taxes, Licenses and Insurance                       | 13,031 |  |   | 10,875 |  |
|          Total Property Operating Expenses | 40,371 |  |   | 36,146 |  |
|    Property Management Expense                                           | 4,416 |  |   | 2,846 |  |
|    General and Administrative Expense                                    | 4,787 |  |   | 5,767 |  |
|    Management Fees and Other Expenses                                    | 250 |  |   | 2,045 |  |
|    Investment and Development Expenses (1)                               | 400 |  |   | 387 |  |
|    Depreciation                                                          | 31,626 |  |   | 29,551 |  |
|    Amortization                                                          | 1,775 |  |   | 1,872 |  |
|    Impairment and Other Losses                                           | 90 |  |   | 500 |  |
|       Total Operating Expenses                            | 83,715 |  |   | 79,114 |  |
| Income from Operations                                                                  | 20,171 |  |   | 14,883 |  |
|                                                                                    |   |   |   |
| Other Income (Expense)                                                                  |   |   |   |
|    Interest Expense                                                      | (22,195 | ) |   | (23,053 | ) |
|    Debt Cost Amortization                                                | (1,377 | ) |   | (1,433 | ) |
|    Interest Income                                                       | 761 |  |   | 1,028 |  |
|    Income from Partially-Owned Investments                               | 670 |  |   | 673 |  |
|  Gain (Loss) on Sale of Property                                                   | 10 |  |   | (227 | ) |
|    Taxes and Other                                                       | (188 | ) |   | (188 | ) |
|       Total Other Income (Expense)                        | (22,319 | ) |   | (23,200 | ) |
| Loss from Continuing Operations                                                         | (2,148 | ) |   | (8,317 | ) |
|                                                                                    |   |   |   |
| Discontinued Operations                                                                 |   |   |   |
| Income from Discontinued Operations                                                     | 1,115 |  |   | 1,866 |  |
|    Gain (Loss) on Disposal of Discontinued Operations                    | 7,184 |  |   | (2 | ) |
| Net Income from Discontinued Operations                                                 | 8,299 |  |   | 1,864 |  |
|                                                                                    |   |   |   |
| Net Income (Loss)                                                                       | 6,151 |  |   | (6,453 | ) |
|                                                                                    |   |   |   |
| Noncontrolling Interest                                                                 |   |   |   |
| Continuing Operations                                                                   |   |   |   |
|    Noncontrolling Interest of Limited Partners                           | (123 | ) |   | (9 | ) |
|    Noncontrolling Interest in CRLP - Common                              | 169 |  |   | 630 |  |
| Discontinued Operations                                                                 |   |   |   |
|    Noncontrolling Interest in CRLP - Common                              | (621 | ) |   | (142 | ) |
| (Income) Loss Attributable to Noncontrolling Interest                                   | (575 | ) |   | 479 |  |
|                                                                                    |   |   |   |
| Net Income (Loss) Available to Common Shareholders                                      | $ | 5,576 |  |   | $ | (5,974 | ) |
| _______________________                                                                 |   |   |   |
| Continued on following page                                                             |   |   |   |

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|                                                                                                                                                                     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                     |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                           |
| Financial Statements                                                                                                                                                |
| First Quarter 2013                                                                                                                                                  |
|                                                                                                                                                                |   |   |   |
| CONSOLIDATED STATEMENTS OF OPERATIONS (continued)                                                                                                                   |   |   |   |
|                                                                                                                                                                | Three Months Ended |
|                                                                                                                                                                | 3/31/2013 |   | 3/31/2012 |
| Income (Loss) per Share - Basic                                                                                                                                     |   |   |   |
| Continuing Operations                                                                                                                                               | $ | (0.03 | ) |   | $ | (0.09 | ) |
| Discontinued Operations                                                                                                                                             | 0.09 |  |   | 0.02 |  |
| EPS - Basic                                                                                                                                                         | $ | 0.06 |  |   | $ | (0.07 | ) |
|                                                                                                                                                                |   |   |   |
| Income (Loss) per Share - Diluted                                                                                                                                   |   |   |   |
| Continuing Operations                                                                                                                                               | $ | (0.03 | ) |   | $ | (0.09 | ) |
| Discontinued Operations                                                                                                                                             | 0.09 |  |   | 0.02 |  |
| EPS - Diluted                                                                                                                                                       | $ | 0.06 |  |   | $ | (0.07 | ) |
|                                                                                                                                                                |   |   |   |
| (1)  Reflects costs incurred related to acquisitions and abandoned pursuits. These costs are volatile and therefore may vary between periods.                       |
|                                                                                                                                                                |   |   |   |
| SHARES AND UNITS OUTSTANDING, WEIGHTED                                                                                                                              |   |   |   |
| (shares and units in 000s)                                                                                                                                          | Three Months Ended |
|                                                                                                                                                                | 3/31/2013 |   | 3/31/2012 |
| Basic                                                                                                                                                               |   |   |   |
|    Shares                                                                                                                                            | 87,791 |  |   | 87,012 |  |
|    Operating Partnership Units (OP Units)                                                                                                            | 7,153 |  |   | 7,169 |  |
|    Total Shares & OP Units                                                                                                                       | 94,944 |  |   | 94,181 |  |
|                                                                                                                                                                |   |   |   |
| Dilutive Common Share Equivalents                                                                                                                                   | — |  |   | — |  |
|                                                                                                                                                                |   |   |   |
| Diluted (1)                                                                                                                                                    |   |   |   |
|    Shares                                                                                                                                            | 87,791 |  |   | 87,012 |  |
|    Total Shares & OP Units                                                                                                                       | 94,944 |  |   | 94,181 |  |
|                                                                                                                                                                |   |   |   |
| (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                                                                                                                                                  |
| First Quarter 2013                                                                                                                                                    |
|                                                                                                                                                                  |   |   |   |
| FUNDS FROM OPERATIONS (FFO) RECONCILIATION                                                                                                                            |   |   |   |
| ($ in 000s, except per share data)                                                                                                                                    | Three Months Ended |
|                                                                                                                                                                  | 3/31/2013 |   | 3/31/2012 |
| Net Income (Loss) Available to Common Shareholders                                                                                                                    | $ | 5,576 |  |   | $ | (5,974 | ) |
| Noncontrolling Interest in CRLP (Operating Partnership Unitholders)                                                                                                   | 452 |  |   | (488 | ) |
| Total                                                                                                                                                                 | 6,028 |  |   | (6,462 | ) |
|                                                                                                                                                                  |   |   |   |
| Adjustments - Consolidated Properties                                                                                                                                 |   |   |   |
|    Depreciation - Real Estate                                                                                                                          | 31,597 |  |   | 31,961 |  |
|    Amortization - Real Estate                                                                                                                          | 1,817 |  |   | 2,118 |  |
|    Remove: (Gain) Loss on Sale of Property, net of Income Tax and Noncontrolling Interest                                                              | (7,194 | ) |   | 229 |  |
|    Include: Gain (Loss) on Sale of Undepreciated Property, net of Income Tax and Noncontrolling Interest                                               | 7 |  |   | (261 | ) |
|          Total Adjustments - Consolidated                                                                                | 26,227 |  |   | 34,047 |  |
|                                                                                                                                                                  |   |   |   |
| Adjustments - Unconsolidated Properties                                                                                                                               |   |   |   |
|    Depreciation - Real Estate                                                                                                                          | 95 |  |   | 1,117 |  |
|    Amortization - Real Estate                                                                                                                          | 2 |  |   | 367 |  |
|    Remove:  Gain on Sale of Property                                                                                                                   | (344 | ) |   | (803 | ) |
|          Total Adjustments - Unconsolidated                                                                              | (247 | ) |   | 681 |  |
|                                                                                                                                                                  |   |   |   |
| Funds from Operations                                                                                                                                                 | $ | 32,008 |  |   | $ | 28,266 |  |
|                                                                                                                                                                  |   |   |   |
| Income Allocated to Participating Securities                                                                                                                          | (197 | ) |   | (219 | ) |
|                                                                                                                                                                  |   |   |   |
| Funds from Operations Available to Common Shareholders and Unitholders                                                                                                | $ | 31,811 |  |   | $ | 28,047 |  |
|                                                                                                                                                                  |   |   |   |
| FFO per Share                                                                                                                                                         |   |   |   |
|    Basic                                                                                                                                               | $ | 0.34 |  |   | $ | 0.30 |  |
|    Diluted                                                                                                                                             | $ | 0.34 |  |   | $ | 0.30 |  |
|                                                                                                                                                                  |   |   |   |
|                                                                                                                                                                  |
| 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.                                                                                                               |

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|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                     |
| Financial Statements                                                          |
| First Quarter 2013                                                            |
|                                                                          |   |   |   |
| BALANCE SHEET                                                                 |   |   |   |
| ($ in 000s)                                                                   | As of |   | As of |
|                                                                          | 3/31/2013 |   | 12/31/2012 |
| ASSETS                                                                        |   |   |   |
| Real Estate Assets                                                            |   |   |   |
| Operating Properties                                                          | $ | 3,563,090 |  |   | $ | 3,489,324 |  |
| Undeveloped Land & Construction in Progress                               | 268,910 |  |   | 296,153 |  |
|      Total Real Estate, before Depreciation          | 3,832,000 |  |   | 3,785,477 |  |
|                                                                          |   |   |   |
| Less: Accumulated Depreciation                                                | (832,881 | ) |   | (804,964 | ) |
| Real Estate Assets Held for Sale, net                                         | 35,498 |  |   | 93,450 |  |
|      Net Real Estate Assets                          | 3,034,617 |  |   | 3,073,963 |  |
| Cash and Equivalents                                                          | 8,661 |  |   | 11,674 |  |
| Restricted Cash                                                               | 8,892 |  |   | 38,128 |  |
| Accounts Receivable, net                                                      | 23,449 |  |   | 23,977 |  |
| Notes Receivable                                                              | 42,107 |  |   | 42,399 |  |
| Prepaid Expenses                                                              | 13,448 |  |   | 19,460 |  |
| Deferred Debt and Lease Costs                                                 | 20,521 |  |   | 23,938 |  |
| Investment in Unconsolidated Subsidiaries                                     | 7,702 |  |   | 7,777 |  |
| Other Assets                                                                  | 33,695 |  |   | 44,892 |  |
|      Total Assets                                    | $ | 3,193,092 |  |   | $ | 3,286,208 |  |
|                                                                          |   |   |   |
| LIABILITIES                                                                   |   |   |   |
| Unsecured Credit Facility                                                     | $ | 116,173 |  |   | $ | 188,631 |  |
| Notes and Mortgages Payable                                                   | 1,642,607 |  |   | 1,643,361 |  |
|      Total Debt                                      | 1,758,780 |  |   | 1,831,992 |  |
| Accounts Payable                                                              | 34,959 |  |   | 53,545 |  |
| Accrued Interest                                                              | 16,161 |  |   | 10,209 |  |
| Accrued Expenses                                                              | 47,143 |  |   | 41,652 |  |
| Other Liabilities                                                             | 33,065 |  |   | 36,751 |  |
|      Total Liabilities                               | 1,890,108 |  |   | 1,974,149 |  |
|                                                                          |   |   |   |
| Redeemable Common Units                                                       | 169,894 |  |   | 162,056 |  |
|                                                                          |   |   |   |
| EQUITY                                                                        |   |   |   |
| Limited Partner's Noncontrolling Interest                                     | 104 |  |   | 695 |  |
|                                                                          |   |   |   |
| Cumulative Earnings                                                           | 1,281,694 |  |   | 1,276,118 |  |
| Cumulative Distributions                                                      | (1,944,721 | ) |   | (1,926,167 | ) |
| Common Equity, including Additional Paid-in Capital                           | 1,969,338 |  |   | 1,974,532 |  |
| Treasury Shares, at Cost                                                      | (150,163 | ) |   | (150,163 | ) |
| Accumulated Other Comprehensive Loss                                          | (23,162 | ) |   | (25,012 | ) |
|      Total Equity, including Noncontrolling Interest | 1,133,090 |  |   | 1,150,003 |  |
| Total Liabilities and Equity                                                  | $ | 3,193,092 |  |   | $ | 3,286,208 |  |

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |
| SHARES & UNITS OUTSTANDING, END OF PERIOD                        |   |   |   |
| (shares and units in 000s)                                           | As of |   | As of |
|                                                                 | 3/31/2013 |   | 12/31/2012 |
| Basic                                                                |   |   |   |
|      Shares                                 | 88,520 |  |   | 88,212 |  |
|      Operating Partnership Units (OP Units) | 7,152 |  |   | 7,153 |  |
|      Total Shares & OP Units            | 95,672 |  |   | 95,365 |  |

----

|                                                                                                                                                              |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                    |
| Multifamily Portfolio Statistics                                                                                                                             |
| First Quarter 2013                                                                                                                                           |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| COMMUNITY PORTFOLIO AT MARCH 31, 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 |  | 72 |   | 2,670 |   | — |  | 2,670 |  | — |  | 2,670 |  |
| Austin                                                                                                                                                       | 3,015 |  | 272 |  | 3,287 |  | — |   | 3,287 |   | 296 |  | 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 |   | — |  | 2,828 |  | — |  | 2,828 |  |
| Fort Worth                                                                                                                                                   | 2,012 |  | — |  | 2,012 |  | 29 |   | 2,041 |   | — |  | 2,041 |  | — |  | 2,041 |  |
| Orlando                                                                                                                                                      | 1,756 |  | 512 |  | 2,268 |  | — |   | 2,268 |   | 108 |  | 2,376 |  | 594 |  | 2,970 |  |
| Phoenix                                                                                                                                                      | 952 |  | — |  | 952 |  | — |   | 952 |   | — |  | 952 |  | — |  | 952 |  |
| Raleigh                                                                                                                                                      | 2,744 |  | 370 |  | 3,114 |  | — |   | 3,114 |   | — |  | 3,114 |  | — |  | 3,114 |  |
| Richmond                                                                                                                                                     | 1,700 |  | — |  | 1,700 |  | — |   | 1,700 |   | — |  | 1,700 |  | — |  | 1,700 |  |
| Savannah                                                                                                                                                     | 1,437 |  | — |  | 1,437 |  | — |   | 1,437 |   | — |  | 1,437 |  | — |  | 1,437 |  |
| Tampa/Sarasota                                                                                                                                               | 606 |  | 486 |  | 1,092 |  |   | 1,092 |   | — |  | 1,092 |  | — |  | 1,092 |  |
| Other                                                                                                                                                        | 4,874 |  | 96 |  | 4,970 |  | — |   | 4,970 |   | — |  | 4,970 |  | — |  | 4,970 |  |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Total Portfolio                                                                                                                                              | 31,436 |  | 2,695 |  | 34,131 |  | 101 |   | 34,232 |   | 404 |  | 34,636 |  | 1,028 |  | 35,664 |  |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION (2)                                                                                                 |   | PHYSICAL OCCUPANCY (3) |   |   |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                         |   |   | Total NOI |   |   |   |   |   |   |   |   |
|                                                                                                                                                         | Same Property | Incl. JV's at |   |   | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 |
|                                                                                                                                                         | Communities | Pro Rata % (4) |   |   | 2013 | 2012 | 2012 | 2012 | 2012 |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Atlanta                                                                                                                                                      |   | 8.4 | % | 7.9 | % |   |   | 95.9% | 97.1% | 96.9% | 95.5% | 96.5% |
| Austin                                                                                                                                                       |   | 8.9 | % | 8.8 | % |   |   | 95.9% | 95.3% | 96.1% | 96.7% | 96.5% |
| Birmingham                                                                                                                                                   |   | 4.7 | % | 4.3 | % |   |   | 96.0% | 94.2% | 96.7% | 96.7% | 96.5% |
| Charleston                                                                                                                                                   |   | 6.0 | % | 5.5 | % |   |   | 96.3% | 95.8% | 96.1% | 95.3% | 96.9% |
| Charlotte                                                                                                                                                    |   | 13.8 | % | 13.1 | % |   |   | 96.4% | 97.1% | 97.9% | 96.5% | 95.8% |
| Dallas                                                                                                                                                       |   | 6.1 | % | 8.4 | % |   |   | 95.9% | 95.0% | 97.0% | 96.2% | 94.5% |
| Fort Worth                                                                                                                                                   |   | 5.5 | % | 5.1 | % |   |   | 96.6% | 96.7% | 97.0% | 96.0% | 95.8% |
| Orlando                                                                                                                                                      |   | 6.8 | % | 7.3 | % |   |   | 95.0% | 94.5% | 95.8% | 95.8% | 95.3% |
| Phoenix                                                                                                                                                      |   | 3.4 | % | 3.1 | % |   |   | 96.4% | 95.6% | 98.2% | 96.6% | 95.8% |
| Raleigh                                                                                                                                                      |   | 9.6 | % | 9.9 | % |   |   | 96.0% | 96.0% | 96.4% | 95.7% | 96.2% |
| Richmond                                                                                                                                                     |   | 5.3 | % | 4.9 | % |   |   | 94.9% | 95.1% | 96.6% | 94.0% | 96.0% |
| Savannah                                                                                                                                                     |   | 5.0 | % | 4.5 | % |   |   | 96.7% | 96.2% | 97.5% | 94.8% | 98.2% |
| Tampa/Sarasota                                                                                                                                               |   | 2.6 | % | 4.0 | % |   |   | 97.5% | 96.9% | 96.0% | 98.0% | 97.9% |
| Other                                                                                                                                                        |   | 13.9 | % | 13.2 | % |   |   | 95.6% | 94.9% | 96.1% | 96.2% | 95.7% |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Total Portfolio (5)                                                                                                                                          | 100.0 | % | 100.0 | % |   |   | 96.0% | 95.8% | 96.7% | 96.0% | 96.1% |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Same Property (6)                                                                                                                                            |   |   |   |   | 96.1% | 95.8% | 96.8% | 95.9% | 96.1% |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| (1)  Joint venture units shown represents the Company's pro-rata share of total units.  There are 646 total units at the Company's partially-owned apartment |
| communities.                                                                                                                                                 |
| (2)  For the GAAP reconciliation of revenues, expenses and NOI, see page 20 and 21.                                                                          |
| (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 24.                                                                       |
| (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                                         |
| First Quarter 2013                                                                                                                         |
| ($ in 000s, except property data and per unit amounts)                                                                                     |
|                                                                                                                                       |   |   |   |   |   |   |   |
| COMPONENTS OF PROPERTY NET OPERATING INCOME (1)                                                                                       |   |   |   |   |   |   |
|                                                                                                                                       |   |   |   |   |   |   |   |   |
|                                                                                                                                       |   | Apartment |   | Three Months Ended |
|                                                                                                                                       |   | Homes |   | 3/31/2013 |   | 3/31/2012 |   | Change |
| Property Revenue                                                                                                                           |   |   |   |   |   |   |   |   |
| Same Property Communities (2)                                                                                                         |   | 31,436 |  |   | $ | 86,613 |  |   | $ | 82,293 |  |   | $ | 4,320 |  |
| Non-Same Property Communities                                                                                                              |   | 2,695 |  |   | 8,160 |  |   | 1,957 |  |   | 6,203 |  |
| Joint Venture Communities (3)                                                                                                              |   | 101 |  |   | 290 |  |   | 276 |  |   | 14 |  |
| Lease up / Development Communities                                                                                                         |   | 1,432 |  |   | 687 |  |   | — |  |   | 687 |  |
| Dispositions / Other                                                                                                                       |   | — |  |   | 14 |  |   | 3,305 |  |   | (3,291 | ) |
|      Total Property Revenue                                                                                       |   | 35,664 |  |   | $ | 95,764 |  |   | $ | 87,831 |  |   | $ | 7,933 |  |
|                                                                                                                                       |   |   |   |   |   |   |   |   |
| Property Expenses                                                                                                                          |   |   |   |   |   |   |   |   |
| Same Property Communities (2)                                                                                                         |   | 31,436 |  |   | $ | 33,220 |  |   | $ | 32,306 |  |   | $ | 914 |  |
| Non-Same Property Communities                                                                                                              |   | 2,695 |  |   | 3,380 |  |   | 983 |  |   | 2,397 |  |
| Joint Venture Communities (3)                                                                                                              |   | 101 |  |   | 125 |  |   | 125 |  |   | — |  |
| Lease up / Development Communities                                                                                                         |   | 1,432 |  |   | 701 |  |   | 17 |  |   | 684 |  |
| Dispositions / Other                                                                                                                       |   | — |  |   | — |  |   | 1,501 |  |   | (1,501 | ) |
|      Total Property Expenses                                                                                      |   | 35,664 |  |   | $ | 37,426 |  |   | $ | 34,932 |  |   | $ | 2,494 |  |
|                                                                                                                                       |   |   |   |   |   |   |   |   |
| Property Net Operating Income                                                                                                              |   |   |   |   |   |   |   |   |
| Same Property Communities (2)                                                                                                              |   | 31,436 |  |   | $ | 53,393 |  |   | $ | 49,987 |  |   | $ | 3,406 |  |
| Non-Same Property Communities                                                                                                              |   | 2,695 |  |   | 4,780 |  |   | 974 |  |   | 3,806 |  |
| Joint Venture Communities (3)                                                                                                              |   | 101 |  |   | 165 |  |   | 151 |  |   | 14 |  |
| Lease up / Development Communities                                                                                                         |   | 1,432 |  |   | (14 | ) |   | (17 | ) |   | 3 |  |
| Dispositions / Other                                                                                                                       |   | — |  |   | 14 |  |   | 1,804 |  |   | (1,790 | ) |
|      Total Property Net Operating Income                                                                          | 35,664 |  |   | $ | 58,338 |  |   | $ | 52,899 |  |   | $ | 5,439 |  |
|                                                                                                                                       |   |   |   |   |   |   |   |   |
| CAPITALIZED EXPENDITURES                                                                                                                   |   |   |   |   |   |   |   |
|                                                                                                                                       |   |   |   |   |   |   |   |   |
|                                                                                                                                       |   | Apartment |   | Three Months Ended |
|                                                                                                                                       |   | Homes |   | 3/31/2013 |   | 3/31/2012 |   | Change |
| Capitalized Expenses                                                                                                                       |   |   |   |   |   |   |   |   |
| Same Property Communities (2)                                                                                                              |   | 31,436 |  |   | $ | 4,792 |  |   | $ | 2,676 |  |   | $ | 2,116 |  |
| Non-Same Property Communities                                                                                                              |   | 2,695 |  |   | 281 |  |   | 106 |  |   | 175 |  |
| Joint Venture Communities (3)                                                                                                         |   | 101 |  |   | 10 |  |   | 5 |  |   | 5 |  |
| Dispositions / Other                                                                                                                       |   | — |  |   | 199 |  |   | 300 |  |   | (101 | ) |
|      Total Property Capitalized Expenses                                                                          | 34,232 |  |   | $ | 5,282 |  |   | $ | 3,087 |  |   | $ | 2,195 |  |
|                                                                                                                                       |   |   |   |   |   |   |   |   |
| Capitalized Expenses per Unit                                                                                                              |   |   |   |   |   |   |   |   |
| Same Property Communities (2)                                                                                                              |   | 31,436 |  |   | $ | 152 |  |   | $ | 85 |  |   | $ | 67 |  |
| Non-Same Property Communities                                                                                                              |   | 2,695 |  |   | 104 |  |   | 39 |  |   | 65 |  |
| Joint Venture Communities (3)                                                                                                         |   | 101 |  |   | 99 |  |   | 50 |  |   | 50 |  |
|      Total Per Unit                                                                                               |   | 34,232 |  |   | $ | 154 |  |   | $ | 90 |  |   | $ | 64 |  |
|                                                                                                                                       |   |   |   |   |   |   |   |   |
| (1)  For the GAAP reconciliation of revenues, expenses and NOI, see page 20 and 21.                                                        |
| (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                                                                                                                    |
| First Quarter 2013                                                                                                                                               |
| ($ in 000s, except property data amounts)                                                                                                                        |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SAME PROPERTY REVENUES, EXPENSES & NOI FOR THE THREE MONTHS ENDED MARCH 31, 2013 (1)                                                                    |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   | Revenues |   |   |   |   |   | Expenses |   |   |   |   |   | NOI |   |   |
|                                                                                                                                                             | 1Q13 |   | 1Q12 |   | % Chg |   | 1Q13 |   | 1Q12 |   | % Chg |   | 1Q13 |   | 1Q12 |   | % Chg |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Atlanta                                                                                                                                                          | $ | 7,564 |  |   | $ | 7,198 |  |   | 5.1 |  % |   | $ | 3,098 |  |   | $ | 3,024 |  |   | 2.4 |  % |   | $ | 4,466 |  |   | $ | 4,174 |  |   | 7.0 | % |
| Austin                                                                                                                                                           | 8,616 |  |   | 8,237 |  |   | 4.6 |  % |   | 3,891 |  |   | 3,515 |  |   | 10.7 |  % |   | 4,725 |  |   | 4,722 |  |   | 0.1 | % |
| Birmingham                                                                                                                                                       | 4,098 |  |   | 3,953 |  |   | 3.7 |  % |   | 1,584 |  |   | 1,568 |  |   | 1.0 |  % |   | 2,514 |  |   | 2,385 |  |   | 5.4 | % |
| Charleston                                                                                                                                                       | 5,128 |  |   | 4,915 |  |   | 4.3 |  % |   | 1,934 |  |   | 1,885 |  |   | 2.6 |  % |   | 3,194 |  |   | 3,031 |  |   | 5.4 | % |
| Charlotte                                                                                                                                                        | 11,313 |  |   | 10,481 |  |   | 7.9 |  % |   | 3,930 |  |   | 3,997 |  |   | (1.7 | )% |   | 7,383 |  |   | 6,484 |  |   | 13.9 | % |
| Dallas                                                                                                                                                           | 5,607 |  |   | 5,182 |  |   | 8.2 |  % |   | 2,376 |  |   | 2,335 |  |   | 1.8 |  % |   | 3,231 |  |   | 2,846 |  |   | 13.5 | % |
| Fort Worth                                                                                                                                                       | 5,388 |  |   | 5,025 |  |   | 7.2 |  % |   | 2,471 |  |   | 2,349 |  |   | 5.2 |  % |   | 2,917 |  |   | 2,676 |  |   | 9.0 | % |
| Orlando                                                                                                                                                          | 5,677 |  |   | 5,428 |  |   | 4.6 |  % |   | 2,055 |  |   | 2,037 |  |   | 0.9 |  % |   | 3,623 |  |   | 3,392 |  |   | 6.8 | % |
| Phoenix                                                                                                                                                          | 2,711 |  |   | 2,652 |  |   | 2.2 |  % |   | 905 |  |   | 877 |  |   | 3.2 |  % |   | 1,807 |  |   | 1,775 |  |   | 1.8 | % |
| Raleigh                                                                                                                                                          | 7,700 |  |   | 7,117 |  |   | 8.2 |  % |   | 2,569 |  |   | 2,466 |  |   | 4.2 |  % |   | 5,130 |  |   | 4,651 |  |   | 10.3 | % |
| Richmond                                                                                                                                                         | 4,508 |  |   | 4,373 |  |   | 3.1 |  % |   | 1,664 |  |   | 1,620 |  |   | 2.7 |  % |   | 2,844 |  |   | 2,752 |  |   | 3.3 | % |
| Savannah                                                                                                                                                         | 4,131 |  |   | 4,054 |  |   | 1.9 |  % |   | 1,483 |  |   | 1,446 |  |   | 2.6 |  % |   | 2,647 |  |   | 2,608 |  |   | 1.5 | % |
| Tampa/Sarasota                                                                                                                                                   | 2,093 |  |   | 2,010 |  |   | 4.1 |  % |   | 712 |  |   | 707 |  |   | 0.7 |  % |   | 1,381 |  |   | 1,303 |  |   | 6.0 | % |
| Other                                                                                                                                                            | 12,079 |  |   | 11,668 |  |   | 3.5 |  % |   | 4,548 |  |   | 4,480 |  |   | 1.5 |  % |   | 7,531 |  |   | 7,188 |  |   | 4.8 | % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Same Property (2)                                                                                                                                          | $ | 86,613 |  |   | $ | 82,293 |  |   | 5.2 |  % |   | $ | 33,220 |  |   | $ | 32,306 |  |   | 2.8 |  % |   | $ | 53,393 |  |   | $ | 49,987 |  |   | 6.8 | % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             | Financial Occupancy (3) |   | Revenue per Unit (4) |   | Rent per Unit (5) |
|                                                                                                                                                             | 1Q13 |   | 1Q12 |   | % Chg |   | 1Q13 |   | 1Q12 |   | % Chg |   | 1Q13 |   | 1Q12 |   | % Chg |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Atlanta                                                                                                                                                          | 96.4 | % |   | 95.0 | % |   | 1.4 |  % |   | $ | 1,007 |  |   | $ | 972 |  |   | 3.6 |  % |   | $ | 826 |  |   | $ | 792 |  |   | 4.3 | % |
| Austin                                                                                                                                                           | 94.8 | % |   | 95.7 | % |   | (0.9 | )% |   | 1,005 |  |   | 951 |  |   | 5.7 |  % |   | 857 |  |   | 808 |  |   | 6.1 | % |
| Birmingham                                                                                                                                                       | 95.4 | % |   | 95.4 | % |   | — |  % |   | 890 |  |   | 859 |  |   | 3.6 |  % |   | 758 |  |   | 731 |  |   | 3.7 | % |
| Charleston                                                                                                                                                       | 95.4 | % |   | 96.5 | % |   | (1.1 | )% |   | 948 |  |   | 898 |  |   | 5.6 |  % |   | 798 |  |   | 762 |  |   | 4.7 | % |
| Charlotte                                                                                                                                                        | 96.6 | % |   | 95.4 | % |   | 1.2 |  % |   | 910 |  |   | 854 |  |   | 6.6 |  % |   | 773 |  |   | 722 |  |   | 7.1 | % |
| Dallas                                                                                                                                                           | 94.4 | % |   | 94.0 | % |   | 0.4 |  % |   | 1,014 |  |   | 941 |  |   | 7.8 |  % |   | 852 |  |   | 804 |  |   | 6.0 | % |
| Fort Worth                                                                                                                                                       | 96.4 | % |   | 93.0 | % |   | 3.4 |  % |   | 926 |  |   | 895 |  |   | 3.5 |  % |   | 745 |  |   | 733 |  |   | 1.6 | % |
| Orlando                                                                                                                                                          | 95.2 | % |   | 94.5 | % |   | 0.7 |  % |   | 1,132 |  |   | 1,090 |  |   | 3.9 |  % |   | 961 |  |   | 934 |  |   | 2.9 | % |
| Phoenix                                                                                                                                                          | 95.2 | % |   | 96.2 | % |   | (1.0 | )% |   | 997 |  |   | 966 |  |   | 3.2 |  % |   | 847 |  |   | 823 |  |   | 2.9 | % |
| Raleigh                                                                                                                                                          | 96.3 | % |   | 95.6 | % |   | 0.7 |  % |   | 971 |  |   | 905 |  |   | 7.3 |  % |   | 840 |  |   | 792 |  |   | 6.1 | % |
| Richmond                                                                                                                                                         | 94.9 | % |   | 95.0 | % |   | (0.1 | )% |   | 932 |  |   | 903 |  |   | 3.2 |  % |   | 769 |  |   | 746 |  |   | 3.1 | % |
| Savannah                                                                                                                                                         | 97.1 | % |   | 97.2 | % |   | (0.1 | )% |   | 986 |  |   | 967 |  |   | 2.0 |  % |   | 826 |  |   | 816 |  |   | 1.2 | % |
| Tampa/Sarasota                                                                                                                                                   | 98.0 | % |   | 96.7 | % |   | 1.3 |  % |   | 1,174 |  |   | 1,143 |  |   | 2.7 |  % |   | 983 |  |   | 966 |  |   | 1.8 | % |
| Other                                                                                                                                                            | 95.1 | % |   | 94.8 | % |   | 0.3 |  % |   | 869 |  |   | 842 |  |   | 3.2 |  % |   | 731 |  |   | 714 |  |   | 2.4 | % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Same Property (2)                                                                                                                                     | 95.7 | % |   | 95.2 | % |   | 0.5 |  % |   | $ | 959 |  |   | $ | 917 |  |   | 4.6 |  % |   | $ | 808 |  |   | $ | 775 |  |   | 4.3 | % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)  For the GAAP reconciliation of revenues, expenses and NOI, see page 20 and 21.                                                                              |
| (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.                                                                                                                        |

----

|                                                                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                        |
| Multifamily Same Property Sequential Quarter Comparisons                                                                                                         |
| First Quarter 2013                                                                                                                                               |
| ($ in 000s, except property data amounts)                                                                                                                        |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SAME PROPERTY SEQUENTIAL COMPARISON OF REVENUES, EXPENSES & NOI                                                                                              |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   | Revenues |   |   |   |   |   | Expenses |   |   |   |   |   | NOI |   |   |
|                                                                                                                                                             | 1Q13 |   | 4Q12 |   | % Chg |   | 1Q13 |   | 4Q12 |   | % Chg |   | 1Q13 |   | 4Q12 |   | % Chg |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Atlanta                                                                                                                                                          | $ | 7,564 |  |   | $ | 7,477 |  |   | 1.2 |  % |   | $ | 3,098 |  |   | $ | 3,105 |  |   | (0.2 | )% |   | $ | 4,466 |  |   | $ | 4,372 |  |   | 2.2 |  % |
| Austin                                                                                                                                                           | 8,616 |  |   | 8,609 |  |   | 0.1 |  % |   | 3,891 |  |   | 3,934 |  |   | (1.1 | )% |   | 4,725 |  |   | 4,675 |  |   | 1.1 |  % |
| Birmingham                                                                                                                                                       | 4,098 |  |   | 4,050 |  |   | 1.2 |  % |   | 1,584 |  |   | 1,619 |  |   | (2.2 | )% |   | 2,514 |  |   | 2,431 |  |   | 3.4 |  % |
| Charleston                                                                                                                                                       | 5,128 |  |   | 5,131 |  |   | (0.1 | )% |   | 1,934 |  |   | 2,059 |  |   | (6.1 | )% |   | 3,194 |  |   | 3,072 |  |   | 4.0 |  % |
| Charlotte                                                                                                                                                        | 11,313 |  |   | 11,278 |  |   | 0.3 |  % |   | 3,930 |  |   | 3,830 |  |   | 2.6 |  % |   | 7,383 |  |   | 7,448 |  |   | (0.9 | )% |
| Dallas                                                                                                                                                           | 5,607 |  |   | 5,538 |  |   | 1.2 |  % |   | 2,376 |  |   | 2,614 |  |   | (9.1 | )% |   | 3,231 |  |   | 2,924 |  |   | 10.5 |  % |
| Fort Worth                                                                                                                                                       | 5,388 |  |   | 5,351 |  |   | 0.7 |  % |   | 2,471 |  |   | 2,385 |  |   | 3.6 |  % |   | 2,917 |  |   | 2,966 |  |   | (1.7 | )% |
| Orlando                                                                                                                                                          | 5,677 |  |   | 5,660 |  |   | 0.3 |  % |   | 2,055 |  |   | 2,042 |  |   | 0.6 |  % |   | 3,622 |  |   | 3,618 |  |   | 0.1 |  % |
| Phoenix                                                                                                                                                          | 2,711 |  |   | 2,697 |  |   | 0.5 |  % |   | 905 |  |   | 845 |  |   | 7.1 |  % |   | 1,806 |  |   | 1,852 |  |   | (2.5 | )% |
| Raleigh                                                                                                                                                          | 7,700 |  |   | 7,676 |  |   | 0.3 |  % |   | 2,569 |  |   | 2,533 |  |   | 1.4 |  % |   | 5,131 |  |   | 5,143 |  |   | (0.2 | )% |
| Richmond                                                                                                                                                         | 4,508 |  |   | 4,540 |  |   | (0.7 | )% |   | 1,664 |  |   | 1,686 |  |   | (1.3 | )% |   | 2,844 |  |   | 2,854 |  |   | (0.4 | )% |
| Savannah                                                                                                                                                         | 4,131 |  |   | 4,126 |  |   | 0.1 |  % |   | 1,483 |  |   | 1,466 |  |   | 1.2 |  % |   | 2,648 |  |   | 2,660 |  |   | (0.5 | )% |
| Tampa/Sarasota                                                                                                                                                   | 2,093 |  |   | 2,072 |  |   | 1.0 |  % |   | 712 |  |   | 693 |  |   | 2.7 |  % |   | 1,381 |  |   | 1,379 |  |   | 0.1 |  % |
| Other                                                                                                                                                            | 12,079 |  |   | 12,009 |  |   | 0.6 |  % |   | 4,548 |  |   | 4,649 |  |   | (2.2 | )% |   | 7,531 |  |   | 7,360 |  |   | 2.3 |  % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Same Property (1)                                                                                                                                     | $ | 86,613 |  |   | $ | 86,214 |  |   | 0.5 | % |   | $ | 33,220 |  |   | $ | 33,460 |  |   | (0.7 | )% |   | $ | 53,393 |  |   | $ | 52,754 |  |   | 1.2 |  % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             | Financial Occupancy (2) |   | Revenue per Unit (3) |   | Rent per Unit (4) |
|                                                                                                                                                             | 1Q13 |   | 4Q12 |   | % Chg |   | 1Q13 |   | 4Q12 |   | % Chg |   | 1Q13 |   | 4Q12 |   | % Chg |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Atlanta                                                                                                                                                          | 96.4 | % |   | 96.2 | % |   | 0.2 |  % |   | $ | 1,007 |  |   | $ | 997 |  |   | 1.0 |  % |   | $ | 826 |  |   | $ | 818 |  |   | 1.0 |  % |
| Austin                                                                                                                                                           | 94.8 | % |   | 95.2 | % |   | (0.4 | )% |   | 1,005 |  |   | 999 |  |   | 0.6 |  % |   | 857 |  |   | 855 |  |   | 0.2 |  % |
| Birmingham                                                                                                                                                       | 95.4 | % |   | 94.7 | % |   | 0.7 |  % |   | 890 |  |   | 886 |  |   | 0.5 |  % |   | 758 |  |   | 757 |  |   | 0.1 |  % |
| Charleston                                                                                                                                                       | 95.4 | % |   | 95.9 | % |   | (0.5 | )% |   | 948 |  |   | 944 |  |   | 0.4 |  % |   | 798 |  |   | 791 |  |   | 0.9 |  % |
| Charlotte                                                                                                                                                        | 96.6 | % |   | 97.4 | % |   | (0.8 | )% |   | 910 |  |   | 900 |  |   | 1.1 |  % |   | 773 |  |   | 765 |  |   | 1.0 |  % |
| Dallas                                                                                                                                                           | 94.4 | % |   | 94.7 | % |   | (0.3 | )% |   | 1,014 |  |   | 998 |  |   | 1.6 |  % |   | 852 |  |   | 841 |  |   | 1.3 |  % |
| Fort Worth                                                                                                                                                       | 96.4 | % |   | 96.3 | % |   | 0.1 |  % |   | 926 |  |   | 921 |  |   | 0.5 |  % |   | 745 |  |   | 743 |  |   | 0.3 |  % |
| Orlando                                                                                                                                                          | 95.2 | % |   | 95.7 | % |   | (0.5 | )% |   | 1,132 |  |   | 1,123 |  |   | 0.8 |  % |   | 961 |  |   | 961 |  |   | — |  % |
| Phoenix                                                                                                                                                          | 95.2 | % |   | 95.0 | % |   | 0.2 |  % |   | 997 |  |   | 994 |  |   | 0.3 |  % |   | 847 |  |   | 841 |  |   | 0.7 |  % |
| Raleigh                                                                                                                                                          | 96.3 | % |   | 95.8 | % |   | 0.5 |  % |   | 971 |  |   | 973 |  |   | (0.2 | )% |   | 840 |  |   | 841 |  |   | (0.1 | )% |
| Richmond                                                                                                                                                         | 94.9 | % |   | 95.5 | % |   | (0.6 | )% |   | 932 |  |   | 933 |  |   | (0.1 | )% |   | 769 |  |   | 765 |  |   | 0.5 |  % |
| Savannah                                                                                                                                                         | 97.1 | % |   | 97.6 | % |   | (0.5 | )% |   | 986 |  |   | 981 |  |   | 0.5 |  % |   | 826 |  |   | 826 |  |   | — |  % |
| Tampa/Sarasota                                                                                                                                                   | 98.0 | % |   | 98.7 | % |   | (0.7 | )% |   | 1,174 |  |   | 1,155 |  |   | 1.6 |  % |   | 983 |  |   | 971 |  |   | 1.2 |  % |
| Other                                                                                                                                                            | 95.1 | % |   | 95.2 | % |   | (0.1 | )% |   | 869 |  |   | 863 |  |   | 0.7 |  % |   | 731 |  |   | 729 |  |   | 0.3 |  % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Same Property (1)                                                                                                                                     | 95.7 | % |   | 95.9 | % |   | (0.2 | )% |   | $ | 959 |  |   | $ | 953 |  |   | 0.6 |  % |   | $ | 808 |  |   | $ | 803 |  |   | 0.6 |  % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (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                                                                                                               |
| First Quarter 2013                                                                                                                                                     |
| ($ in 000s)                                                                                                                                                            |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| COMPARISON OF SAME PROPERTY OPERATING EXPENSES FOR THE THREE MONTHS ENDED MARCH 31, 2013                                                                               |   |   |   |   |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   | % of Operating Expense |   |   |
|                                                                                                                                                                   | 1Q13 |   | 1Q12 |   | $ Change |   | % Change |   | 1Q13 |   | 1Q12 |   | Change |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| On-site Payroll (1)                                                                                                                                                    | $ | 8,694 |  |   | $ | 8,615 |  |   | $ | 79 |  |   | 0.9 |  % |   | 26.2 | % |   | 26.7 | % |   | (0.5 | )% |
| Real Estate Taxes                                                                                                                                                      | 8,999 |  |   | 8,247 |  |   | 752 |  |   | 9.1 |  % |   | 27.1 | % |   | 25.5 | % |   | 1.6 |  % |
| Utilities (2)                                                                                                                                                          | 7,339 |  |   | 7,200 |  |   | 139 |  |   | 1.9 |  % |   | 22.1 | % |   | 22.3 | % |   | (0.2 | )% |
| Repairs and Maintenance (3)                                                                                                                                            | 5,075 |  |   | 5,194 |  |   | (119 | ) |   | (2.3 | )% |   | 15.3 | % |   | 16.1 | % |   | (0.8 | )% |
| Insurance                                                                                                                                                              | 1,311 |  |   | 1,147 |  |   | 164 |  |   | 14.3 |  % |   | 3.9 | % |   | 3.6 | % |   | 0.3 |  % |
| General and Administrative                                                                                                                                             | 1,131 |  |   | 1,207 |  |   | (76 | ) |   | (6.3 | )% |   | 3.4 | % |   | 3.7 | % |   | (0.3 | )% |
| Advertising and Promotions                                                                                                                                             | 671 |  |   | 696 |  |   | (25 | ) |   | (3.6 | )% |   | 2.0 | % |   | 2.2 | % |   | (0.2 | )% |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Same Property (4)                                                                                                                                           | $ | 33,220 |  |   | $ | 32,306 |  |   | $ | 914 |  |   | 2.8 |  % |   | 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.                                                                             |

----

|                                                                                                                                      |
|--------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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 |   | 1Q13 |   | After |
| Multifamily                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CR at South End                                                                                                                      | Charlotte, NC |   | 353 |  |   | n/a |   | n/a |   | 1Q12 |   | 2Q13 |   | 4Q13 |   | 4Q14 |   | 59.3 |  |   | 31.7 |  |   | 27.6 |  |
| CG at Ayrsley (Phase II)                                                                                                             | Charlotte, NC |   | 81 |  |   | n/a |   | n/a |   | 2Q12 |   | 2Q13 |   | 2Q13 |   | 4Q13 |   | 9.1 |  |   | 5.4 |  |   | 3.7 |  |
| CG at Randal Lakes                                                                                                                   | Orlando, FL |   | 462 |  |   | n/a |   | n/a |   | 2Q12 |   | 3Q13 |   | 1Q14 |   | 1Q15 |   | 57.0 |  |   | 24.2 |  |   | 32.8 |  |
| CG at Lake Mary (Phase III)                                                                                                          | Orlando, FL |   | 132 |  |   | n/a |   | n/a |   | 1Q13 |   | 2Q14 |   | 3Q14 |   | 3Q14 |   | 16.1 |  |   | 2.4 |  |   | 13.7 |  |
|                                                                                                                                 |   |   | 1,028 |  |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 141.5 |  |   | $ | 63.7 |  |   | $ | 77.8 |  |
| Commercial                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brookwood West Retail                                                                                                                | Birmingham, AL |   | 41,300 |  |   |   |   |   |   | 4Q12 |   | 3Q13 |   | 3Q13 |   |   |   | $ | 8.3 |  |   | $ | 1.9 |  |   | $ | 6.4 |  |
|                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                 |   |   |   |   |   |   | Total Active Development Projects |   | $ | 149.8 |  |   | $ | 65.6 |  |   | $ | 84.2 |  |
|                                                                                                                                 |   |   |   |   |   |   | Future Development Projects (see below) |   |   |   | 79.7 |  |   |   |
|                                                                                                                                 |   |   |   |   |   |   | Investment Land (see below) |   |   |   | 123.6 |  |   |   |
|                                                                                                                                 |   |   |   |   |   |   | Total Properties Under Development (per Balance Sheet) |   |   |   | $ | 268.9 |  |   |   |
|                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                 |   |   |   |   |   |   |   |   |
|                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 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 |   |   |   |   |   |   | $ | 8.0 |   |   | $ | — |   |   | $ | — |   |
| 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 |   |   |   |   |   |   | 3.9 |   |   | — |   |   | — |   |
| CG at Randal Park                                                                                                                    | Orlando, FL |   | 314 |   |   |   |   |   |   | 6.6 |   |   | — |   |   | — |   |
|       Total Multifamily Assets                                                                         |   |   |   |   |   |   |   |   |  |   | $ | 37.2 |   |   | $ | — |   |   | $ | — |   |
|                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Colonial Promenade Huntsville                                                                                                        | Huntsville, AL |   |   |   |   |   |   |   | $ | 5.5 |   |   | $ | — |   |   | $ | — |   |
| Colonial Promenade Nord du Lac (2)                                                                                                   | Covington, LA |   | 236,000 |   |   |   |   |   |   | 26.0 |   |   | — |   |   | — |   |
| Randal Park                                                                                                                          | Orlando, FL |   |   |   |   |   |   |   |   |   | 11.0 |   |   | — |   |   | — |   |
| Outparcels / Pads                                                                                                                    |   |   |   |   |   |   |   |   |   |   | — |   |   | 17.6 |   |   | 2.8 |   |
|       Total Commercial Assets                                                                          |   |   |   |   |   |   |   |   |  |   | $ | 42.5 |   |   | $ | 17.6 |   |   | $ | 2.8 |   |
|                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Multifamily                                                                                                                          |   |   |   |   |   |   |   |   |   |   | $ | — |   |   | $ | 1.5 |   |   | $ | 27.0 |   |
| Commercial                                                                                                                           |   |   |   |   |   |   |   |   |   |   | — |   |   | 37.8 |   |   | — |   |
| Condo / Townhome (3)                                                                                                                 |   |   |   |   |   |   |   |   |   |   | — |   |   | — |   |   | 3.3 |   |
| For-sale Residential Land (4)                                                                                                        |   |   |   |   |   |   |   |   |   |   | — |   |   | 66.7 |   |   | 2.4 |   |
|       Total Projects                                                                                   |   |   |   |   |   |   |   |   |   |   | $ | 79.7 |   |   | $ | 123.6 |   |   | $ | 35.5 |   |
|                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (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 four condo units at Metropolitan Midtown.                                                                |
| (4)  Held for Sale includes 39 lots at Whitehouse Creek.                                                                             |
|                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                 |
| Real Estate Activities                                    |
| First 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 | % |   |   |   |   |
|                                                      |   |   |   |   | $ | 43.0 |  |   |   |   |   |   |   |
|                                                      |   |   |   |   |   |   |   |   |   |   |   |
| 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 | % |   |   |   |   |
|                                                      |   |   |   |   | $ | 23.8 |  |   |   |   |   |   |   |
| 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 | % |   |   |   |   |
|                                                      |   |   |   |   | $ | 96.4 |  |   |   |   |   |   |   |
| Total Dispositions                                        |   |   |   |   | $ | 120.2 |  |   |   |   |   |   |   |
|                                                      |   |   |   |   |   |   |   |   |   |   |   |
| (1)  Square-footage includes anchor-owned square-footage. |   |   |   |   |   |   |   |
|                                                      |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                                                                                                     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                           |
| Debt Summary                                                                                                                                                        |
| As of March 31, 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)                                                                                                                                        | $ | 116,173 |  |   | 7 | % |   | 1.6 | % |   | 3.0 |  |   | $ | 116,173 |  |   | 7 | % |   | 1.6 | % |   | 3.0 |  |
| Unsecured Other                                                                                                                                                     | 951,475 |  |   | 54 | % |   | 5.1 | % |   | 3.1 |  |   | 951,475 |  |   | 54 | % |   | 5.1 | % |   | 3.1 |  |
| Secured                                                                                                                                                             | 691,132 |  |   | 39 | % |   | 5.6 | % |   | 6.0 |  |   | 710,185 |  |   | 40 | % |   | 5.6 | % |   | 5.8 |  |
| Total Debt                                                                                                                                                          | $ | 1,758,780 |  |   | 100 | % |   | 5.1 | % |   | 4.2 |  |   | $ | 1,777,833 |  |   | 101 | % |   | 5.1 | % |   | 4.2 |  |
|                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed/Floating                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed Rate Debt                                                                                                                                                     | $ | 1,630,223 |  |   | 93 | % |   | 5.3 | % |   | 4.3 |  |   | $ | 1,649,276 |  |   | 93 | % |   | 5.3 | % |   | 4.2 |  |
| Floating Rate Debt                                                                                                                                                  | 128,557 |  |   | 7 | % |   | 1.8 | % |   | 2.9 |  |   | 128,557 |  |   | 7 | % |   | 1.8 | % |   | 2.9 |  |
| Total Debt                                                                                                                                                          | $ | 1,758,780 |  |   | 100 | % |   | 5.1 | % |   | 4.2 |  |   | $ | 1,777,833 |  |   | 100 | % |   | 5.1 | % |   | 4.2 |  |
|                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)  In addition to the $500MM Unsecured Line of Credit, Wells Fargo has provided the Company a $35MM Cash Management Line.  The interest rate on the Line          |
| of Credit is LIBOR + 140.0 bps, and the facility fee is 30.0 bps.  At March 31, 2013 the interest rate was 1.60%.  The Line of Credit matures March 29, 2016 with a |
| one-year extension option.                                                                                                                                          |
|                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PRINCIPAL DEBT MATURITY SCHEDULE                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| ($ In MMs)                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |
| Weighted Average Interest Rate on Maturing Debt (excluding line of credit) |
| 2013                                                                       |   | 6.07% |   |
| 2014                                                                       |   | 6.23% |   |
| 2015                                                                       |   | 5.36% |   |
| 2016                                                                       |   | 6.03% |   |
| 2017                                                                       |   | 2.75% |   |
| 2018                                                                       |   | 4.64% |   |
| 2019                                                                       |   | 5.81% |   |
| 2020                                                                       |   | 5.02% |   |
| Thereafter                                                                 |   | 5.55% |   |
| Total                                                                      |   | 5.31% |   |
|                                                                       |   |   |   |

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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 |  |   |   |   |   |   |   |
|    Unconsolidated Debt         | 147,668 |  |   | 35,932 |  |   | 35,743 |  |   | 20,697 |  |   | 19,053 |  |   |   |   |   |   |   |
|    Total Debt                  | 1,949,427 |  |   | 1,877,964 |  |   | 1,863,507 |  |   | 1,852,689 |  |   | 1,777,833 |  |   |   |   |   |   |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Market Equity (Shares & Units)            | 2,065,932 |  |   | 2,107,285 |  |   | 2,005,364 |  |   | 2,037,959 |  |   | 2,163,134 |  |   |   |   |   |   |   |
|    Total Market Capitalization | $ | 4,015,359 |  |   | $ | 3,985,249 |  |   | $ | 3,868,871 |  |   | $ | 3,890,648 |  |   | $ | 3,940,967 |  |   |   |   |   |   |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Debt / Total Market Capitalization            | 48.5 | % |   | 47.1 | % |   | 48.2 | % |   | 47.6 | % |   | 45.1 | % |   |   |   |   |   |   |

----

|                                                                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                        |
| Debt Summary                                                                                                                                                     |
| As of March 31, 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                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   | 1Q12 |   |   |   |   |   | 1Q13 |   |   |   |   |
| SEC Coverage Ratios (SEC Reg. S-K, Item 503)                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings to Fixed Charges (1)                                                                                                                                    |   |   |   |   | 0.7 |  |   |   |   |   |   | 0.9 |  |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Supplemental Coverage Ratios (KPIs)                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest Coverage (2)                                                                                                                                            |   |   |   |   | 2.3 |  |   |   |   |   |   | 2.6 |  |   |   |   |   |
| Fixed Charge Coverage (3)                                                                                                                                        |   |   |   |   | 2.2 |  |   |   |   |   |   | 2.5 |  |   |   |   |   |
| Fixed Charge w/ Capitalized Interest (4)                                                                                                                         |   |   |   |   | 2.2 |  |   |   |   |   |   | 2.4 |  |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See Page 23 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 months ended March 31, 2013 and 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 | % |   |   |   |   |   |   |
| Secured Debt to Total Assets cannot                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| exceed 40%                                                                                                                                                       | 20.2 | % |   | 17.9 | % |   | 17.9 | % |   | 17.6 | % |   | 17.6 | % |   |   |   |   |   |   |
| Total Unencumbered Assets to Unsecured Debt                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| must be at least 150%                                                                                                                                            | 254.1 | % |   | 248.1 | % |   | 248.9 | % |   | 247.5 | % |   | 262.8 | % |   |  |  |   |  |   |   |
| Consolidated Income Available for Debt Service                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Charges must be at least 1.50/1                                                                                                                                  | 2.2x |  |   | 2.2x |  |   | 2.2x |  |   | 2.3x |  |   | 2.4x |  |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                                                                                                |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                      |
| Corporate - Trends                                                                                                                                             |
| ($ in 000s)                                                                                                                                                    |
|                                                                                                                                                           |   |   |   |
| SUPPLEMENTAL DATA                                                                                                                                              |   |   |   |
|                                                                                                                                                           |   |   |   |
|                                                                                                                                                           | 1Q13 |   | 1Q12 |
| Consolidated                                                                                                                                                   |   |   |   |
|    Straight Line Rents                                                                                                                          | $ | 228 |  |   | $ | 118 |  |
|    Percentage Rents                                                                                                                             | 37 |  |   | 27 |  |
|    Capitalized Interest                                                                                                                         | 206 |  |   | 185 |  |
|    Debt - Principal Amortization                                                                                                                | 811 |  |   | 572 |  |
|    Amortization of Stock Compensation                                                                                                           | 1,799 |  |   | 1,959 |  |
| Unconsolidated (1)                                                                                                                                        |   |   |   |
|    Straight Line Rents                                                                                                                          | 7 |  |   | 39 |  |
|    Interest Expense                                                                                                                             | 248 |  |   | 2,290 |  |
|    Debt - Principal Amortization                                                                                                                | 137 |  |   | 174 |  |
|    Amortization of Deferred Financing Costs                                                                                                     | 2 |  |   | 17 |  |
|                                                                                                                                                           |   |   |   |
| (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                                                                                                                                                 |   |   |   |
|                                                                                                                                                                |   |   |   |
|                                                                                                                                                                | 1Q13 |   | 1Q12 |
| Acquisitions                                                                                                                                                        |   |   |   |
| Multifamily                                                                                                                                                         | $ | 43,000 |  |   | $ | 45,000 |  |
| Acquisitions, Consolidated Assets                                                                                                                                   | $ | 43,000 |  |   | $ | 45,000 |  |
|                                                                                                                                                                |   |   |   |
| Development Expenditures                                                                                                                                            |   |   |   |
|    Multifamily                                                                                                                                       | $ | 16,825 |  |   | $ | 13,632 |  |
|    Commercial                                                                                                                                        | 3,219 |  |   | 1,265 |  |
|    For-Sale / Other                                                                                                                                  | 111 |  |   | 710 |  |
|    Development, Consolidated Assets                                                                                                                  | 20,155 |  |   | 15,607 |  |
|    Less:  Infrastructure Reimbursement from City/County                                                                                              | (833 | ) |   | — |  |
|    Development, Consolidated Assets                                                                                                                  | $ | 19,322 |  |   | $ | 15,607 |  |
|                                                                                                                                                                |   |   |   |
| Capital Expenditures                                                                                                                                                |   |   |   |
| Multifamily                                                                                                                                                         | $ | 5,292 |  |   | $ | 2,948 |  |
| Commercial (1)                                                                                                                                                      | 875 |  |   | 304 |  |
| Capital Expenditures, Consolidated Assets                                                                                                                           | $ | 6,167 |  |   | $ | 3,252 |  |
|                                                                                                                                                                |   |   |   |
| Proceeds from Sales of Properties, Net of Selling Costs                                                                                                             |   |   |   |
| Commercial                                                                                                                                                          | $ | 94,832 |  |   | $ | 3,000 |  |
|    For-Sale / Other                                                                                                                                  | 711 |  |   | 1,130 |  |
|    Outparcels / Land                                                                                                                                 | 4,881 |  |   | — |  |
|    Total, including subs                                                                                                                             | 100,424 |  |   | 4,130 |  |
|    Selling Costs                                                                                                                                     | (2,968 | ) |   | (107 | ) |
|    Less:  Unconsolidated - net                                                                                                                       | (450 | ) |   | (3,000 | ) |
|    Sales, Net - Consolidated Assets                                                                                                                  | $ | 97,006 |  |   | $ | 1,023 |  |
|                                                                                                                                                                |   |   |   |
| (1) Includes capital expenditures, tenant improvements and leasing commissions.                                                                                     |   |   |   |
|                                                                                                                                                                |   |   |   |
| 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 |
| OPERATING DATA (1)                                                                    |   | 3/31/2013 |   | 3/31/2012 |
|                                                                                       |   |   |   |   |
| Property Revenues                                                                          |   |   |   |   |
|    Rental Revenue                                                           |   | $ | 696 |  |   | $ | 4,997 |  |
|    Other Property Revenue                                                   |   | 53 |  |   | 282 |  |
|       Total Property Revenues                                |   | 749 |  |   | 5,279 |  |
|                                                                                       |   |   |   |   |
| Property Expenses                                                                          |   |   |   |   |
|    Property Operating and Maintenance                                       |   | 131 |  |   | 1,163 |  |
|    Taxes, License and Insurance                                             |   | 96 |  |   | 579 |  |
|       Total Property Expenses                                |   | 227 |  |   | 1,742 |  |
|                                                                                       |   |   |   |   |
|    Net Operating Income (NOI)                                               |   | 522 |  |   | 3,537 |  |
|                                                                                       |   |   |   |   |
|    Other Income (Expense)                                                   |   |   |   |   |
|    Interest, net                                                            |   | (250 | ) |   | (2,305 | ) |
|    Depreciation and Amortization (2)                                        |   | 67 |  |   | (1,352 | ) |
|    Other                                                                    |   | (13 | ) |   | (10 | ) |
|       Total Other Expenses                                   |   | (196 | ) |   | (3,667 | ) |
|                                                                                       |   |   |   |   |
|    Gain on Sale of Properties, net                                          |   | 344 |  |   | 803 |  |
|    Income from Partially-Owned Investments                                  | $ | 670 |  |   | $ | 673 |  |
|                                                                                       |   |   |   |   |
|                                                                                       |   | As of |
| BALANCE SHEET DATA (3)                                                                |   | 3/31/2013 |   | 12/31/2012 |
|                                                                                       |   |   |   |   |
|    Real Estate Assets, net                                                  |   | $ | 92,889 |  |   | $ | 105,067 |  |
|    Other Assets, net                                                        |   | 3,273 |  |   | 10,347 |  |
|       Total Assets                                           |   | $ | 96,162 |  |   | $ | 115,414 |  |
|                                                                                       |   |   |   |   |
|    Notes Payable                                                            |   | $ | 68,251 |  |   | $ | 83,738 |  |
|    Other Liabilities                                                        |   | 1,883 |  |   | 2,238 |  |
|       Total Liabilities                                      |   | 70,134 |  |   | 85,976 |  |
|                                                                                       |   |   |   |   |
|    Member's Equity                                                          |   | 26,028 |  |   | 29,438 |  |
|       Total Liabilities and Member's Equity                  |   | $ | 96,162 |  |   | $ | 115,414 |  |
|                                                                                       |   |   |   |   |
| Colonial's Equity Investment                                                               |   | $ | 7,702 |  |   | $ | 7,777 |  |
| Colonial's Pro-rata Share of Debt                                                          |   | $ | 19,053 |  |   | $ | 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                                             |   |
|                                                                   |   |   |   |
|                                                                   | 1Q13 |   | 1Q12 |
| Segment Total Revenues                                                 |   |   |   |
|    Multifamily - Same Property                          | $ | 86,613 |  |   | $ | 82,293 |  |
|    Multifamily - Non-Same Property (1)             | 9,158 |  |   | 5,548 |  |
|    Commercial                                           | 10,746 |  |   | 17,717 |  |
|       Total Segment Revenues             | 106,517 |  |   | 105,558 |  |
|                                                                   |   |   |   |
| Less:  Unconsolidated Revenue - Multifamily                            | (292 | ) |   | (471 | ) |
| Less:  Unconsolidated Revenue - Commercial                             | (457 | ) |   | (4,794 | ) |
| Discontinued Operations                                                | (2,060 | ) |   | (7,640 | ) |
| Unallocated Corporate Revenue                                          | 178 |  |   | 1,344 |  |
| Consolidated Revenue Adjusted - '12 Discontinued Operations (2)   | 103,886 |  |   | 93,997 |  |
|                                                                   |   |   |   |
| Add:  Additional Discontinued Operations Revenue, post filing (3) | — |  |   | 7,609 |  |
| Total Consolidated Revenue, per 10-Q (4)                               | $ | 103,886 |  |   | $ | 101,606 |  |
|                                                                   |   |   |   |
| RECONCILIATION OF EXPENSES                                             |   |   |   |
|                                                                   |   |   |   |
|                                                                   | 1Q13 |   | 1Q12 |
| Segment Total Expenses                                                 |   |   |   |
|    Multifamily - Same Property                          | $ | 33,220 |  |   | $ | 32,306 |  |
|    Multifamily - Non-Same Property (1)             | 4,599 |  |   | 2,976 |  |
|    Commercial                                           | 3,658 |  |   | 5,731 |  |
|       Total Segment Expenses             | 41,477 |  |   | 41,013 |  |
|                                                                   |   |   |   |
| Less:  Unconsolidated Expenses - Multifamily                           | (136 | ) |   | (217 | ) |
| Less:  Unconsolidated Expenses - Commercial                            | (114 | ) |   | (1,707 | ) |
| Discontinued Operations                                                | (856 | ) |   | (2,943 | ) |
| Total Property Operating Expenses                                      | 40,371 |  |   | 36,146 |  |
| Property Management Expense                                            | 4,416 |  |   | 2,846 |  |
| General and Administrative Expense                                     | 4,787 |  |   | 5,767 |  |
| Management Fee and Other Expenses                                      | 250 |  |   | 2,045 |  |
| Investment and Development Expenses (5)                                | 400 |  |   | 387 |  |
| Impairment and Other Losses                                            | 90 |  |   | 500 |  |
| Depreciation                                                           | 31,626 |  |   | 29,551 |  |
| Amortization                                                           | 1,775 |  |   | 1,872 |  |
| Consolidated Expense Adjusted - '12 Discontinued Operations (2)   | 83,715 |  |   | 79,114 |  |
|                                                                   |   |   |   |
| Add:  Additional Discontinued Operations Expense, post filing (3)      | — |  |   | 5,615 |  |
| Total Consolidated Expense, per 10-Q (4)                               | $ | 83,715 |  |   | $ | 84,729 |  |
|                                                                   |   |   |   |
| ________________________                                               |   |   |   |
| Notes on following page.                                               |   |   |   |
|                                                                   |   |   |   |

----

|                                                                                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                 |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                       |
| Corporate Reconciliations                                                                                                                                       |
| ($ in 000s)                                                                                                                                                     |
|                                                                                                                                                            |   |   |   |
| RECONCILIATION OF NOI                                                                                                                                           |   |   |   |
|                                                                                                                                                            |   |   |   |
|                                                                                                                                                            | 1Q13 |   | 1Q12 |
| Segment Total NOI                                                                                                                                               |   |   |   |
|    Multifamily - Same Property                                                                                                                   | $ | 53,393 |  |   | $ | 49,987 |  |
|    Multifamily - Non-Same Property (1)                                                                                                           | 4,559 |  |   | 2,572 |  |
|    Commercial                                                                                                                                    | 7,088 |  |   | 11,986 |  |
|       Total Segment NOI                                                                                                           | 65,040 |  |   | 64,545 |  |
|                                                                                                                                                            |   |   |   |
| Less:  Unconsolidated NOI - Multifamily                                                                                                                         | (156 | ) |   | (254 | ) |
| Less:  Unconsolidated NOI - Commercial                                                                                                                          | (343 | ) |   | (3,087 | ) |
| Discontinued Operations                                                                                                                                         | (1,204 | ) |   | (4,697 | ) |
| Unallocated Corporate Revenue                                                                                                                                   | 178 |  |   | 1,344 |  |
| Property Management Expense                                                                                                                                     | (4,416 | ) |   | (2,846 | ) |
| General and Administrative Expense                                                                                                                              | (4,787 | ) |   | (5,767 | ) |
| Management Fee and Other Expenses                                                                                                                               | (250 | ) |   | (2,045 | ) |
| Investment and Development Expenses (5)                                                                                                                         | (400 | ) |   | (387 | ) |
| Impairment and Other Losses                                                                                                                                     | (90 | ) |   | (500 | ) |
| Depreciation                                                                                                                                                    | (31,626 | ) |   | (29,551 | ) |
| Amortization                                                                                                                                                    | (1,775 | ) |   | (1,872 | ) |
| Income from Operations                                                                                                                                          | 20,171 |  |   | 14,883 |  |
| Total Other Income (Expense)                                                                                                                                    | (22,319 | ) |   | (23,200 | ) |
| Loss from Continuing Operations (6)                                                                                                                        | (2,148 | ) |   | (8,317 | ) |
| Discontinued Operations                                                                                                                                         | — |  |   | 1,997 |  |
| Loss from Continuing Operations, per 10-Q (4)                                                                                                                   | $ | (2,148 | ) |   | $ | (6,320 | ) |
|                                                                                                                                                            |   |   |   |
| (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)  Reflects costs incurred related to acquisitions and abandoned pursuits. These costs are volatile and therefore may vary between periods.                   |
| (6)  Loss 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 MONTHS ENDED MARCH 31, 2013 AND 2012 |   |   |   |
|                                                          |   |   |   |
|                                                          | 1Q13 |   | 1Q12 |
| Assets Sold                                                   |   |   |   |
| Revenue from Assets Sold                                      | $ | 777 |  |   | $ | 6,389 |  |
| Expenses from Assets Sold                                     | 298 |  |   | 2,432 |  |
| NOI from Assets Sold                                          | $ | 479 |  |   | $ | 3,957 |  |
|                                                          |   |   |   |
| Assets Held for Sale                                          |   |   |   |
| Revenue from Assets Held for Sale                             | $ | 1,283 |  |   | $ | 1,251 |  |
| Expenses from Assets Held for Sale                            | 558 |  |   | 511 |  |
| NOI from Assets Held for Sale                                 | $ | 725 |  |   | $ | 740 |  |
|                                                          |   |   |   |
|                                                          |   |   |   |

----

|                                                                                                                                                    |
|----------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                    |  |  |  |  |  |  |  |
| 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 March 31, 2013).  A |
| reconciliation of income from operations from properties sold or held for sale to NOI for these properties is as follows:                          |
|                                                                                                                                               |   |   |   |
|                                                                                                                                               | 1Q13 |   | 1Q12 |
| Income from discontinued operations                                                                                                                | $ | 1,115 |  |   | $ | 1,866 |  |
| Adjustment for:                                                                                                                                    |   |   |   |
| Interest (income) expense, net                                                                                                                     | (3 | ) |   | (3 | ) |
|    Depreciation and amortization expense                                                                                            | 92 |  |   | 2,834 |  |
| NOI from discontinued operations                                                                                                                   | $ | 1,204 |  |   | $ | 4,697 |  |
|                                                                                                                                               |   |   |   |
| NOI from assets sold                                                                                                                               | 479 |  |   | 3,957 |  |
| NOI from assets held for sale                                                                                                                      | 725 |  |   | 740 |  |
| NOI from discontinued operations                                                                                                                   | $ | 1,204 |  |   | $ | 4,697 |  |

|                                                                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                      |  |  |  |  |  |  |  |
|                                                                                                                                                                 |   |   |   |
| ADJUSTED EBITDA RECONCILIATION                                                                                                                                       |   |   |   |
|                                                                                                                                                                 |   |   |   |
|                                                                                                                                                                 | 1Q13 |   | 1Q12 |
| Net Income (Loss) Available to Common Shareholders                                                                                                                   | $ | 5,576 |  |   | $ | (5,974 | ) |
|                                                                                                                                                                 |   |   |   |
| Consolidated                                                                                                                                                         |   |   |   |
|    Noncontrolling Interest                                                                                                                            | 452 |  |   | (488 | ) |
|    Income - Unconsolidated Assets                                                                                                                     | (670 | ) |   | (673 | ) |
|    Interest Expense                                                                                                                                   | 22,195 |  |   | 23,053 |  |
|    Amortization of Deferred Financing Costs                                                                                                           | 1,377 |  |   | 1,433 |  |
|    Income Tax Expense                                                                                                                                 | — |  |   | 188 |  |
|    Depreciation & Amortization                                                                                                                    | 33,493 |  |   | 34,257 |  |
|    (Gain)/Loss on Sale of Property (Continuing & Discontinued Operations)                                                                         | (7,194 | ) |   | 229 |  |
|    Gain/(Loss) on Sale of Undepreciated Property (1)                                                                                                  | 7 |  |   | (261 | ) |
|    Impairment                                                                                                                                         | — |  |   | 500 |  |
|    Amortization of Stock-Based Compensation Expense                                                                                                   | 1,799 |  |   | 1,959 |  |
|    Adjusted EBITDA from Consolidated Properties                                                                                                       | 57,035 |  |   | 54,223 |  |
| Unconsolidated                                                                                                                                                       |   |   |   |
|    Reverse:  Income - Unconsolidated Assets                                                                                                           | 670 |  |   | 673 |  |
|    Interest Expense                                                                                                                                   | 248 |  |   | 2,290 |  |
|    Amortization of Deferred Financing Costs                                                                                                           | 2 |  |   | 17 |  |
|    Depreciation & Amortization                                                                                                                    | 108 |  |   | 1,902 |  |
|    Gain on Sale of Property                                                                                                                           | (344 | ) |   | (803 | ) |
| Adjusted EBITDA                                                                                                                                                      | $ | 57,719 |  |   | $ | 58,302 |  |
|                                                                                                                                                                 |   |   |   |
| (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                                                  |   |   |   |
|                                                                                   |   |   |   |
|                                                                                   | 1Q13 |   | 1Q12 |
| Earnings                                                                               |   |   |   |
|    Net Income (Loss)                                                    | $ | 5,576 |  |   | $ | (5,974 | ) |
|    Discontinued Operations:                                             |   |   |   |
|       Income from Discontinued Operations                | (1,115 | ) |   | (1,866 | ) |
|       Noncontrolling Interest in CRLP                    | 621 |  |   | 142 |  |
|       (Gain)/Loss on Disposal of Discontinued Operations | (7,184 | ) |   | 2 |  |
|    CRLP Noncontrolling Interest - Common U/H                            | (169 | ) |   | (630 | ) |
|    (Gain)/Loss from Sales of Property                                   | (10 | ) |   | 227 |  |
|    Noncontrolling Interest of Limited Partners                          | 123 |  |   | 9 |  |
|    Income from Partially-Owned Investments                              | (670 | ) |   | (673 | ) |
|                                                                                   | (2,828 | ) |   | (8,763 | ) |
|    Amortization of Interest Capitalized                                 | 490 |  |   | 497 |  |
|    Capitalized Interest                                                 | (206 | ) |   | (185 | ) |
|    Distributions from Partially-Owned Investments                       | 167 |  |   | 286 |  |
|    Fixed Charges, from below                                            | 23,778 |  |   | 24,671 |  |
|    Earnings                                                             | $ | 21,401 |  |   | $ | 16,506 |  |
|                                                                                   |   |   |   |
| Fixed Charges                                                                          |   |   |   |
|    Interest Expense                                                     | $ | 22,195 |  |   | $ | 23,053 |  |
|    Capitalized Interest                                                 | 206 |  |   | 185 |  |
|    Amortization of Deferred Financing Costs                             | 1,377 |  |   | 1,433 |  |
|    Total                                                                | $ | 23,778 |  |   | $ | 24,671 |  |
|                                                                                   |   |   |   |
|                                                                                   |   |   |   |
| RECONCILIATION OF SUPPLEMENTAL COVERAGE RATIOS                                         |   |   |   |
|                                                                                   |   |   |   |
|                                                                                   | 1Q13 |   | 1Q12 |
| Interest Coverage Denominator                                                          |   |   |   |
|    Interest Expense                                                     | $ | 22,195 |  |   | $ | 23,053 |  |
|    Interest Expense - Unconsolidated                                    | 248 |  |   | 2,290 |  |
|    Total Interest Expense                                               | $ | 22,443 |  |   | $ | 25,343 |  |
|                                                                                   |   |   |   |
| Fixed Charge Denominator                                                               |   |   |   |
|    Debt Principal Amortization                                          | 811 |  |   | 572 |  |
|    Debt Principal Amortization - Unconsolidated                         | 137 |  |   | 174 |  |
|    Total Fixed Charges                                                  | $ | 23,391 |  |   | $ | 26,089 |  |
|                                                                                   |   |   |   |
| Fixed Charge with Capitalized Interest Denominator                                     |   |   |   |
|    Add:  Capitalized Interest                                           | 206 |  |   | 185 |  |
|    Total Fixed Charges w/ Capitalized Interest                          | $ | 23,597 |  |   | $ | 26,274 |  |
|                                                                                   |   |   |   |

----

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST   |
| Multifamily Property Table  |
| As of March 31, 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 | % | $ | 768 |  | $ | 1,000 |  | $ | 0.82 |  | S |
| CG at Berkeley Lake         | Atlanta | GA | 1998 | 100.0 | % | 180 |  | 96.7 | % | 922 |  | 1,087 |  | 0.68 |  | S |
| CG at Huntcliff             | Atlanta | GA | 1997 | 20.0 | % | 358 |  | 99.2 | % | 835 |  | 994 |  | 0.82 |  |   |
| CG at McDaniel Farm         | Atlanta | GA | 1997 | 100.0 | % | 425 |  | 96.9 | % | 769 |  | 1,022 |  | 0.72 |  | S |
| CG at Mount Vernon          | Atlanta | GA | 1997 | 100.0 | % | 213 |  | 97.2 | % | 1,076 |  | 1,129 |  | 0.89 |  | S |
| CG at Pleasant Hill         | Atlanta | GA | 1996 | 100.0 | % | 502 |  | 97.0 | % | 744 |  | 903 |  | 0.74 |  | S |
| CG at River Oaks            | Atlanta | GA | 1992 | 100.0 | % | 216 |  | 92.6 | % | 868 |  | 1,027 |  | 0.68 |  | S |
| CG at River Plantation      | Atlanta | GA | 1994 | 100.0 | % | 232 |  | 94.4 | % | 869 |  | 1,056 |  | 0.65 |  | S |
| CG at Shiloh                | Atlanta | GA | 2002 | 100.0 | % | 498 |  | 94.0 | % | 815 |  | 989 |  | 0.76 |  | S |
|                        | Total | 9 |  16.4 Years |   | 2,956 |  | 95.8 | % | $ | 830 |  | $ | 1,009 |  | $ | 0.76 |  |   |
|                        | Same Store | 8 |  16.4 Years |   | 2,598 |  | 95.8 | % | $ | 826 |  | $ | 1,007 |  | $ | 0.74 |  |   |
| CG at Ashton Oaks           | Austin | TX | 2008 | 100.0 | % | 362 |  | 96.7 | % | $ | 811 |  | $ | 959 |  | $ | 0.95 |  | S |
| CG at Canyon Creek          | Austin | TX | 2007 | 100.0 | % | 336 |  | 95.5 | % | 880 |  | 1,046 |  | 0.85 |  | S |
| CG at Canyon Ranch          | Austin | TX | 2003 | 100.0 | % | 272 |  | 98.5 | % | 870 |  | 1,015 |  | 0.90 |  |   |
| CG at Onion Creek           | Austin | TX | 2008 | 100.0 | % | 300 |  | 95.7 | % | 966 |  | 1,112 |  | 0.93 |  | S |
| CG at Round Rock            | Austin | TX | 2007 | 100.0 | % | 422 |  | 93.4 | % | 910 |  | 1,025 |  | 0.89 |  | S |
| CG at Silverado             | Austin | TX | 2004 | 100.0 | % | 238 |  | 97.1 | % | 850 |  | 990 |  | 0.84 |  | S |
| CG at Silverado Reserve     | Austin | TX | 2006 | 100.0 | % | 256 |  | 96.1 | % | 965 |  | 1,098 |  | 0.93 |  | S |
| CG at Wells Branch          | Austin | TX | 2007 | 100.0 | % | 336 |  | 96.7 | % | 864 |  | 1,019 |  | 0.90 |  | S |
| CV at Quarry Oaks           | Austin | TX | 1996 | 100.0 | % | 533 |  | 94.6 | % | 776 |  | 943 |  | 0.90 |  | S |
| CV at Sierra Vista          | Austin | TX | 1999 | 100.0 | % | 232 |  | 97.8 | % | 728 |  | 878 |  | 0.82 |  | S |
|                        | Total | 10 |  8.8 Years |   | 3,287 |  | 95.9 | % | $ | 856 |  | $ | 1,003 |  | $ | 0.89 |  |   |
|                        | Same Store | 9 |  8.6 Years |   | 3,015 |  | 95.7 | % | $ | 857 |  | $ | 1,005 |  | $ | 0.89 |  |   |
| CG at Liberty Park          | Birmingham | AL | 2000 | 100.0 | % | 300 |  | 94.7 | % | $ | 1,054 |  | $ | 1,166 |  | $ | 0.93 |  | S |
| CG at Riverchase Trails     | Birmingham | AL | 1996 | 100.0 | % | 346 |  | 94.5 | % | 767 |  | 921 |  | 0.81 |  | S |
| CV at Inverness             | Birmingham | AL | 1986/87/90/97 | 100.0 | % | 586 |  | 96.8 | % | 603 |  | 711 |  | 0.69 |  | S |
| CV at Trussville            | Birmingham | AL | 1996 | 100.0 | % | 376 |  | 97.1 | % | 756 |  | 919 |  | 0.69 |  | S |
|                        | Total | 4 |  17.8 Years |   | 1,608 |  | 96.0 | % | $ | 758 |  | $ | 890 |  | $ | 0.77 |  |   |
|                        | Same Store | 4 |  17.8 Years |   | 1,608 |  | 96.0 | % | $ | 758 |  | $ | 890 |  | $ | 0.77 |  |   |
| CG at Commerce Park         | Charleston | SC | 2008 | 100.0 | % | 312 |  | 94.2 | % | $ | 840 |  | $ | 994 |  | $ | 0.86 |  | S |
| CG at Cypress Cove          | Charleston | SC | 2001 | 100.0 | % | 264 |  | 97.3 | % | 948 |  | 1,041 |  | 0.82 |  | S |
| CG at Quarterdeck           | Charleston | SC | 1986 | 100.0 | % | 230 |  | 99.6 | % | 972 |  | 1,145 |  | 1.02 |  | S |
| CV at Hampton Pointe        | Charleston | SC | 1986 | 100.0 | % | 304 |  | 94.7 | % | 790 |  | 960 |  | 0.76 |  | S |
| CV at Waters Edge           | Charleston | SC | 1985 | 100.0 | % | 204 |  | 96.6 | % | 701 |  | 844 |  | 0.38 |  | S |
| CV at Westchase             | Charleston | SC | 1986 | 100.0 | % | 352 |  | 96.0 | % | 652 |  | 806 |  | 0.89 |  | S |
| CV at Windsor Place         | Charleston | SC | 1984 | 100.0 | % | 224 |  | 96.9 | % | 710 |  | 871 |  | 0.74 |  | S |
|                        | Total | 7 |  22.4 Years |   | 1,890 |  | 96.3 | % | $ | 798 |  | $ | 948 |  | $ | 0.76 |  |   |
|                        | Same Store | 7 |  22.4 Years |   | 1,890 |  | 96.3 | % | $ | 798 |  | $ | 948 |  | $ | 0.76 |  |   |
| CG at Ayrsley               | Charlotte | NC | 2008 | 100.0 | % | 368 |  | 95.9 | % | $ | 872 |  | $ | 1,029 |  | $ | 0.86 |  | S |
| CG at Beverly Crest         | Charlotte | NC | 1996 | 100.0 | % | 300 |  | 92.7 | % | 790 |  | 933 |  | 0.85 |  | S |
| CG at Cornelius             | Charlotte | NC | 2007 | 100.0 | % | 236 |  | 97.0 | % | 892 |  | 1,021 |  | 0.84 |  | S |
| CG at Huntersville          | Charlotte | NC | 2008 | 100.0 | % | 250 |  | 96.0 | % | 866 |  | 1,003 |  | 0.87 |  | S |
| CG at Legacy Park           | Charlotte | NC | 2001 | 100.0 | % | 288 |  | 99.7 | % | 788 |  | 914 |  | 0.75 |  | S |
| CG at Mallard Creek         | Charlotte | NC | 2004 | 100.0 | % | 252 |  | 98.4 | % | 803 |  | 948 |  | 0.87 |  | S |
| CG at Mallard Lake          | Charlotte | NC | 1998 | 100.0 | % | 302 |  | 96.0 | % | 829 |  | 983 |  | 0.83 |  | S |
| CG at Matthews Commons      | Charlotte | NC | 2008 | 100.0 | % | 216 |  | 95.4 | % | 906 |  | 1,056 |  | 0.96 |  | S |
| CG at University Center     | Charlotte | NC | 2005 | 100.0 | % | 156 |  | 96.2 | % | 790 |  | 928 |  | 0.74 |  | S |
| CV at Chancellor Park       | Charlotte | NC | 1999 | 100.0 | % | 340 |  | 94.1 | % | 746 |  | 872 |  | 0.78 |  | S |
| CV at Charleston Place      | Charlotte | NC | 1986 | 100.0 | % | 214 |  | 97.2 | % | 576 |  | 709 |  | 0.72 |  | S |
| CV at Greystone             | Charlotte | NC | 1998/2000 | 100.0 | % | 408 |  | 97.1 | % | 651 |  | 780 |  | 0.69 |  | S |
| CV at Matthews              | Charlotte | NC | 1990 | 100.0 | % | 270 |  | 97.0 | % | 787 |  | 922 |  | 0.83 |  | S |
| CV at South Tryon           | Charlotte | NC | 2002 | 100.0 | % | 216 |  | 98.6 | % | 739 |  | 866 |  | 0.68 |  | S |
| CV at Stone Point           | Charlotte | NC | 1986 | 100.0 | % | 192 |  | 94.3 | % | 690 |  | 818 |  | 0.77 |  | S |
| CV at Timber Crest          | Charlotte | NC | 1999 | 100.0 | % | 282 |  | 99.3 | % | 667 |  | 791 |  | 0.69 |  | S |
| CR at Enclave               | Charlotte | NC | 2008 | 100.0 | % | 85 |  | 91.8 | % | 1,638 |  | 1,774 |  | 1.29 |  |   |
|                        | Total | 17 |  13.0 Years |   | 4,375 |  | 96.4 | % | $ | 789 |  | $ | 926 |  | $ | 0.81 |  |   |
|                        | Same Store | 16 |  13.5 Years |   | 4,290 |  | 96.5 | % | $ | 773 |  | $ | 910 |  | $ | 0.79 |  |   |

----

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST      |
| Multifamily Property Table     |
| As of March 31, 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 |  | 97.8 | % | $ | 1,109 |  | $ | 1,201 |  | $ | 0.98 |  |   |
| CG at Fairview                 | Dallas | TX | 2012 | 100.0 | % | 256 |  | 95.7 | % | 1,047 |  | 1,143 |  | 1.04 |  |   |
| CG at Valley Ranch             | Dallas | TX | 1995 | 100.0 | % | 396 |  | 93.7 | % | 1,100 |  | 1,259 |  | 0.94 |  | S |
| CR at Medical District         | Dallas | TX | 2007 | 100.0 | % | 278 |  | 96.8 | % | 1,085 |  | 1,190 |  | 1.25 |  | S |
| CR at Las Colinas              | Dallas | TX | 2006 | 100.0 | % | 306 |  | 90.5 | % | 1,179 |  | 1,281 |  | 1.31 |  |   |
| CV at Main Park                | Dallas | TX | 1984 | 100.0 | % | 192 |  | 97.4 | % | 721 |  | 890 |  | 0.77 |  | S |
| CV at Oakbend                  | Dallas | TX | 1997 | 100.0 | % | 426 |  | 95.5 | % | 770 |  | 947 |  | 0.86 |  | S |
| CV at Vista Ridge              | Dallas | TX | 1985 | 100.0 | % | 300 |  | 97.7 | % | 627 |  | 780 |  | 0.79 |  | S |
| Remington Hills                | Dallas | TX | 1985 | 100.0 | % | 362 |  | 98.6 | % | 757 |  | 943 |  | 0.79 |  | S |
|                           | Total | 9 |  15.3 Years |   | 2,828 |  | 95.9 | % | $ | 930 |  | $ | 1,071 |  | $ | 0.96 |  |   |
|                           | Same Store | 6 |  21.1 Years |   | 1,954 |  | 96.4 | % | $ | 852 |  | $ | 1,014 |  | $ | 0.90 |  |   |
| Belterra                       | Fort Worth | TX | 2006 | 10.0 | % | 288 |  | 95.8 | % | $ | 906 |  | $ | 996 |  | $ | 0.94 |  |   |
| CG at Bear Creek               | Fort Worth | TX | 1998 | 100.0 | % | 436 |  | 97.2 | % | 826 |  | 984 |  | 0.91 |  | S |
| CV at Grapevine                | Fort Worth | TX | 1985 | 100.0 | % | 450 |  | 97.3 | % | 717 |  | 877 |  | 0.83 |  | S |
| CV at North Arlington          | Fort Worth | TX | 1985 | 100.0 | % | 240 |  | 97.1 | % | 571 |  | 749 |  | 0.72 |  | S |
| CV at Shoal Creek              | Fort Worth | TX | 1996 | 100.0 | % | 408 |  | 95.8 | % | 803 |  | 1,004 |  | 0.86 |  | S |
| CV at Willow Creek             | Fort Worth | TX | 1996 | 100.0 | % | 478 |  | 95.8 | % | 737 |  | 944 |  | 0.83 |  | S |
|                           | Total | 6 |  18.9 Years |   | 2,300 |  | 96.6 | % | $ | 765 |  | $ | 934 |  | $ | 0.85 |  |   |
|                           | Same Store | 5 |  21.3 Years |   | 2,012 |  | 96.6 | % | $ | 745 |  | $ | 926 |  | $ | 0.84 |  |   |
| CG at Heather Glen             | Orlando | FL | 2000 | 100.0 | % | 448 |  | 96.0 | % | $ | 1,041 |  | $ | 1,195 |  | $ | 0.89 |  | S |
| CG at Heathrow                 | Orlando | FL | 1997 | 100.0 | % | 312 |  | 92.6 | % | 931 |  | 1,127 |  | 0.82 |  | S |
| CG at Lake Mary                | Orlando | FL | 2012 | 100.0 | % | 232 |  | 94.8 | % | 1,145 |  | 1,285 |  | 1.13 |  |   |
| CR at Town Park                | Orlando | FL | 2004 | 100.0 | % | 80 |  | 95.0 | % | 1,101 |  | 1,248 |  | 1.14 |  | S |
| CG at Town Park (Lake Mary)    | Orlando | FL | 2002 | 100.0 | % | 456 |  | 95.2 | % | 1,025 |  | 1,196 |  | 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 |  | 96.7 | % | 816 |  | 990 |  | 0.90 |  | S |
|                           | Total | 7 |  9.3 Years |   | 2,268 |  | 95.3 | % | $ | 861 |  | $ | 999 |  | $ | 0.80 |  |   |
|                           | Same Store | 5 |  11.8 Years |   | 1,756 |  | 95.3 | % | $ | 961 |  | $ | 1,132 |  | $ | 0.88 |  |   |
| CG at Inverness Commons        | Phoenix | AZ | 2002 | 100.0 | % | 300 |  | 97.3 | % | $ | 733 |  | $ | 900 |  | $ | 0.72 |  | S |
| CG at OldTown Scottsdale North | Phoenix | AZ | 1995 | 100.0 | % | 208 |  | 96.2 | % | 852 |  | 1,000 |  | 0.86 |  | S |
| CG at OldTown Scottsdale South | Phoenix | AZ | 1994 | 100.0 | % | 264 |  | 96.2 | % | 891 |  | 1,033 |  | 0.89 |  | S |
| CG at Scottsdale               | Phoenix | AZ | 1999 | 100.0 | % | 180 |  | 95.6 | % | 965 |  | 1,104 |  | 0.86 |  | S |
|                           | Total | 4 |  15.8 Years |   | 952 |  | 96.4 | % | $ | 847 |  | $ | 997 |  | $ | 0.82 |  |   |
|                           | Same Store | 4 |  15.8 Years |   | 952 |  | 96.4 | % | $ | 847 |  | $ | 997 |  | $ | 0.82 |  |   |
| CG at Arringdon                | Raleigh | NC | 2003 | 100.0 | % | 320 |  | 98.4 | % | $ | 838 |  | $ | 990 |  | $ | 0.86 |  | S |
| CG at Brier Creek              | Raleigh | NC | 2009 | 100.0 | % | 364 |  | 98.1 | % | 933 |  | 1,054 |  | 0.85 |  | S |
| CG at Brier Falls              | Raleigh | NC | 2008 | 100.0 | % | 350 |  | 94.9 | % | 975 |  | 1,094 |  | 0.89 |  | S |
| CG at Crabtree Valley          | Raleigh | NC | 1997 | 100.0 | % | 210 |  | 97.1 | % | 762 |  | 903 |  | 0.76 |  | S |
| CG at Patterson Place          | Raleigh | NC | 1997 | 100.0 | % | 252 |  | 96.8 | % | 840 |  | 997 |  | 0.89 |  | S |
| CG at Research Park            | Raleigh | NC | 2002 | 100.0 | % | 370 |  | 93.2 | % | 825 |  | 964 |  | 0.79 |  |   |
| CG at Trinity Commons          | Raleigh | NC | 2000/2002 | 100.0 | % | 462 |  | 93.9 | % | 811 |  | 943 |  | 0.77 |  | S |
| CV at Beaver Creek             | Raleigh | NC | 2000/2003 | 100.0 | % | 316 |  | 98.1 | % | 798 |  | 936 |  | 0.82 |  | S |
| CV at Deerfield                | Raleigh | NC | 1985 | 100.0 | % | 204 |  | 96.1 | % | 806 |  | 936 |  | 0.83 |  | S |
| CV at Woodlake                 | Raleigh | NC | 1996 | 100.0 | % | 266 |  | 94.4 | % | 726 |  | 819 |  | 0.76 |  | S |
|                           | Total | 10 |  13.3 Years |   | 3,114 |  | 96.0 | % | $ | 838 |  | $ | 970 |  | $ | 0.82 |  |   |
|                           | Same Store | 9 |  13.5 Years |   | 2,744 |  | 96.3 | % | $ | 840 |  | $ | 971 |  | $ | 0.83 |  |   |
| Ashley Park                    | Richmond | VA | 1988 | 100.0 | % | 272 |  | 94.9 | % | $ | 670 |  | $ | 812 |  | $ | 0.94 |  | S |
| CR at West Franklin            | Richmond | VA | 1964/65 | 100.0 | % | 332 |  | 93.7 | % | 704 |  | 947 |  | 1.38 |  | S |
| CV at Chase Gayton             | Richmond | VA | 1984 | 100.0 | % | 328 |  | 92.7 | % | 828 |  | 954 |  | 0.87 |  | S |
| CV at Hampton Glen             | Richmond | VA | 1986 | 100.0 | % | 232 |  | 97.8 | % | 832 |  | 979 |  | 1.09 |  | S |
| CV at Waterford                | Richmond | VA | 1990 | 100.0 | % | 312 |  | 95.5 | % | 830 |  | 992 |  | 0.90 |  | S |
| CV at West End                 | Richmond | VA | 1987 | 100.0 | % | 224 |  | 96.4 | % | 748 |  | 894 |  | 1.07 |  | S |
|                           | Total | 6 |  30.0 Years |   | 1,700 |  | 94.9 | % | $ | 769 |  | $ | 932 |  | $ | 1.01 |  |   |
|                           | Same Store | 6 |  30.0 Years |   | 1,700 |  | 94.9 | % | $ | 769 |  | $ | 932 |  | $ | 1.01 |  |   |

----

|                                                                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                             |
| Multifamily Property Table                                                                                                                                            |
| As of March 31, 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 |  | 96.2 | % | $ | 857 |  | $ | 1,015 |  | $ | 0.79 |  | S |
| CG at Hammocks                                                                                                                                                        | Savannah | GA | 1997 | 100.0 | % | 308 |  | 96.1 | % | 972 |  | 1,170 |  | 0.92 |  | S |
| CV at Godley Lake                                                                                                                                                     | Savannah | GA | 2008 | 100.0 | % | 288 |  | 97.6 | % | 821 |  | 967 |  | 0.88 |  | S |
| CV at Greentree                                                                                                                                                       | Savannah | GA | 1983 | 100.0 | % | 194 |  | 96.9 | % | 656 |  | 816 |  | 0.77 |  | S |
| CV at Huntington                                                                                                                                                      | Savannah | GA | 1986 | 100.0 | % | 147 |  | 99.3 | % | 749 |  | 916 |  | 0.91 |  | S |
| CV at Marsh Cove                                                                                                                                                      | Savannah | GA | 1983 | 100.0 | % | 188 |  | 95.2 | % | 782 |  | 898 |  | 0.75 |  | S |
|                                                                                                                                                                  | Total | 6 |  19.6 Years |   | 1,437 |  | 96.7 | % | $ | 826 |  | $ | 986 |  | $ | 0.84 |  |   |
|                                                                                                                                                                  | Same Store | 6 |  19.6 Years |   | 1,437 |  | 96.7 | % | $ | 826 |  | $ | 986 |  | $ | 0.84 |  |   |
| CG at Hampton Preserve                                                                                                                                                | Tampa/Sarasota | FL | 2012 | 100.0 | % | 486 |  | 96.1 | % | $ | 995 |  | $ | 1,136 |  | $ | 0.94 |  |   |
| CG at Lakewood Ranch                                                                                                                                                  | Tampa/Sarasota | FL | 1999 | 100.0 | % | 288 |  | 98.6 | % | 1,078 |  | 1,258 |  | 1.03 |  | S |
| CG at Seven Oaks                                                                                                                                                      | Tampa/Sarasota | FL | 2004 | 100.0 | % | 318 |  | 98.7 | % | 897 |  | 1,098 |  | 0.95 |  | S |
|                                                                                                                                                                  | Total | 3 |  8.3 Years |   | 1,092 |  | 97.5 | % | $ | 989 |  | $ | 1,158 |  | $ | 0.97 |  |   |
|                                                                                                                                                                  | Same Store | 2 |  11.8 Years |   | 606 |  | 98.7 | % | $ | 983 |  | $ | 1,174 |  | $ | 0.99 |  |   |
| TOTAL PROPERTIES IN MAJOR MARKETS                                                                                                                                     | 98 |  15.5 Years |   | 29,807 |  | 96.1 | % | $ | 831 |  | $ | 981 |  | $ | 0.84 |  |   |
|                                                                                                                                                                  | Same Store | 87 | 16.7 Years |   | 26,562 |  | 96.2 | % | $ | 822 |  | $ | 976 |  | $ | 0.83 |  |   |
|                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| PROPERTIES IN OTHER MARKETS                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |
| CG at Autumn Park                                                                                                                                                     | Greensboro | NC | 2001/04 | 100.0 | % | 402 |  | 91.3 | % | $ | 783 |  | $ | 855 |  | $ | 0.77 |  | S |
| CG at Bellevue                                                                                                                                                        | Nashville | TN | 1996 | 100.0 | % | 349 |  | 97.4 | % | 952 |  | 1,050 |  | 0.96 |  | S |
| CG at Desert Vista                                                                                                                                                    | Las Vegas | NV | 2008 | 100.0 | % | 380 |  | 96.6 | % | 709 |  | 847 |  | 0.80 |  | S |
| CG at Edgewater                                                                                                                                                       | Huntsville | AL | 1990/99 | 100.0 | % | 500 |  | 97.2 | % | 713 |  | 855 |  | 0.66 |  | S |
| CG at Madison                                                                                                                                                         | Huntsville | AL | 1999 | 100.0 | % | 336 |  | 95.2 | % | 761 |  | 945 |  | 0.72 |  | S |
| CG at Palm Vista                                                                                                                                                      | Las Vegas | NV | 2007 | 100.0 | % | 341 |  | 96.2 | % | 743 |  | 886 |  | 0.73 |  | S |
| CG at Traditions                                                                                                                                                      | Gulf Shores | AL | 2008 | 100.0 | % | 324 |  | 91.5 | % | 640 |  | 792 |  | 0.64 |  | S |
| CG at Wilmington                                                                                                                                                      | Wilmington | NC | 1998/2002 | 100.0 | % | 390 |  | 92.3 | % | 746 |  | 833 |  | 0.82 |  | S |
| CV at Ashford Place                                                                                                                                                   | Mobile | AL | 1983 | 100.0 | % | 168 |  | 97.6 | % | 565 |  | 680 |  | 0.65 |  | S |
| CV at Greenbrier                                                                                                                                                      | Fredericksburg | VA | 1988 | 100.0 | % | 258 |  | 96.1 | % | 870 |  | 1,059 |  | 1.03 |  | S |
| CV at Harbour Club                                                                                                                                                    | Norfolk | VA | 1988 | 100.0 | % | 213 |  | 96.2 | % | 804 |  | 994 |  | 0.89 |  | S |
| CV at Huntleigh Woods                                                                                                                                                 | Mobile | AL | 1978 | 100.0 | % | 233 |  | 97.0 | % | 530 |  | 677 |  | 0.62 |  | S |
| CV at Mill Creek                                                                                                                                                      | Winston-Salem | NC | 1984 | 100.0 | % | 220 |  | 92.7 | % | 541 |  | 676 |  | 0.57 |  | S |
| CV at Pinnacle Ridge                                                                                                                                                  | Asheville | NC | 1948/85 | 100.0 | % | 166 |  | 98.8 | % | 741 |  | 862 |  | 0.85 |  | S |
| CV at Tradewinds                                                                                                                                                      | Norfolk | VA | 1988 | 100.0 | % | 284 |  | 95.1 | % | 806 |  | 987 |  | 0.82 |  | S |
| Cypress Village Rental                                                                                                                                                | Gulf Shores | AL | 2008 | 100.0 | % | 96 |  | 100.0 | % | 1,229 |  | 1,448 |  | 0.57 |  |   |
| Glen Eagles                                                                                                                                                           | Winston-Salem | NC | 1990/2000 | 100.0 | % | 310 |  | 93.9 | % | 622 |  | 774 |  | 0.62 |  | S |
| TOTAL PROPERTIES IN OTHER MARKETS                                                                                                                                     | 17 | 19.5 Years |   | 4,970 |  | 95.6 | % | $ | 740 |  | $ | 879 |  | $ | 0.75 |  |   |
|                                                                                                                                                                  | Same Store | 16 | 20.4 Years |   | 4,874 |  | 95.5 | % | $ | 731 |  | $ | 869 |  | $ | 0.76 |  |   |
|                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| LEASE UP PROPERTIES                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| CG at Double Creek                                                                                                                                                    | Austin | TX | 2013 | 100.0 | % | 296 |  | LU |  | $ | 1,016 |  | $ | 1,198 |  | $ | 1.08 |  |   |
| CG at Lake Mary II                                                                                                                                                    | Orlando | FL | 2013 | 100.0 | % | 108 |  | LU |  | 1,107 |  | 1,308 |  | 1.07 |  |   |
| TOTAL LEASE UP                                                                                                                                                        |   | 2 |   |   | 404 |  | LU |  | $ | 1,039 |  | $ | 1,228 |  | $ | 1.08 |  |   |
|                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| TOTAL ALL PROPERTIES                                                                                                                                                  | 117 | 16.1 Years |   | 35,181 |  | 96.0 | % | $ | 818 |  | $ | 966 |  | $ | 0.83 |  |   |
|                                                                                                                                                                  | Same Store | 103 | 17.2 Years |   | 31,436 |  | 96.1 | % | $ | 808 |  | $ | 959 |  | $ | 0.82 |  |   |
|                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| 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. |
|                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                  |

----

|                                                                                                                                                                   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                         |
| Commercial Property Table                                                                                                                                         |
| As of March 31, 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 |  |
| Three Ravinia (Office)                                                                                                                                            |  Atlanta |  GA | 1991 | 100 | % | 814 |  | — |  | 814 |  | 92.1 | % | 24.59 |  |
| Brookwood Village (Retail)                                                                                                                                        | Birmingham | AL | 1973/91/00 | 100 | % | 604 |  | 232 |  | 372 |  | 86.5 | % | 23.36 |  |
| CP Tannehill (Retail)                                                                                                                                             | Birmingham | AL | 2008 | 100 | % | 421 |  | 211 |  | 210 |  | 89.9 | % | 19.22 |  |
| CP Craft Farms (Retail)                                                                                                                                           | Gulf Shores |  AL | 2010 | 100 | % | 68 |  | — |  | 68 |  | 86.1 | % | 18.60 |  |
| CP Nord du Lac (Retail)                                                                                                                                           | New Orleans |  LA | 2010 | 100 | % | 283 |  | 87 |  | 196 |  | 93.6 | % | 18.24 |  |
| Total Consolidated                                                                                                                                                |   | 6 |   |   | 2,360 |  | 530 |  | 1,830 |  | 91.2 | % | $ | 24.55 |  |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| 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 |  | 98.8 | % | 20.65 |  |
| Total                                                                                                                                                             |   | 2 |   |   | 446 |  | 268 |  | 178 |  | 99.0 | % | $ | 18.96 |  |
| Total (Weighted)                                                                                                                                                  |   | 2 |   |   |   |   | 84 |  | 99.0 | % | $ | 19.41 |  |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| THIRD-PARTY MANAGED BUSINESS                                                                                                                                      |   |   |   |   |   |   |   |   |   |
| Calico Corner (Retail)                                                                                                                                            |  Birmingham | AL |   | 0% | 6 |  |   |   |   |   |
| TOTAL MANAGED                                                                                                                                                     |   | 1 |   |   | 6 |  |   |   |   |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| Total Commercial Properties                                                                                                                                       |   | 9 |   |   | 2,812 |  | 798 |  | 2,008 |  | 91.9 | % | $ | 24.14 |  |
| Total Commercial Properties (Weighted)                                                                                                                            |   | 9 |   |   |   |   | 1,914 |  | 91.5 | % | $ | 24.37 |  |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| (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.                                                                                                                                                 |

----

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