----

|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | Multifamily same-property NOI increased 7.5 percent compared with second quarter 2010 |

|         |                                                                                           |
|---------|-------------------------------------------------------------------------------------------|
| • | Multifamily same-property revenue increased 3.9 percent compared with second quarter 2010 |

|         |                                                                                     |
|---------|-------------------------------------------------------------------------------------|
| • | Ended the quarter with multifamily same-property physical occupancy of 96.2 percent |

|         |                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------|
| • | Resident turnover levels declined to 58.7 percent at June 30, 2011 from 62.6 percent the prior year |

|         |                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------|
| • | Increased full-year 2011 same-property NOI guidance range to 5.5 to 7.0 percent, up from 4.0 to 6.0 percent |

----

|         |                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Announced $75 million “at-the-market” equity offering program, which was subsequently completed in early July with 3.6 million shares issued at an average price of $20.67 per share |

|         |                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Subsequent to quarter end, completed a $250 million seven-year unsecured term loan, reducing outstanding borrowings under our unsecured credit facility |

----

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |
|                                                                | Full-Year 2011 Range |
|                                                                | Low | - | High |
|                                                                |   |   |   |
| Diluted EPS                                                         | $ | (0.43 | ) | - | $ | (0.29 | ) |
| Plus: Real Estate Depreciation & Amortization                   | 1.55 |  | - | 1.55 |  |
| Less: Gain on Sale of Operating Properties                          | 0.00 | - | (0.10 | ) |
| Total Diluted FFO per share                                         | $ | 1.12 |  | - | $ | 1.16 |  |
|                                                                |   |   |   |
| Less: Transaction Income                                            |   |   |   |
| (Gain)/Loss on Sale of Land and Bond or Preferred Stock Repurchases | 0.00 | - | 0.00 |
| Operating FFO per share                                             | $ | 1.12 |  |   | $ | 1.16 |  |

|         |                                                                                 |
|---------|---------------------------------------------------------------------------------|
| • | Multifamily same-property net operating income: growth of 5.50 to 7.00 percent. |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| ◦ | Revenue:     Increase of 3.25 to 5.00 percent |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| ◦ | Expense:     Increase of 0.25 to 2.25 percent |

|         |                                                     |
|---------|-----------------------------------------------------|
| • | Development spending of $50 million to $75 million. |

|         |                                               |
|---------|-----------------------------------------------|
| • | Acquisitions of $100 million to $150 million. |

|         |                                              |
|---------|----------------------------------------------|
| • | Dispositions of $50 million to $150 million. |

|         |                                                                              |
|---------|------------------------------------------------------------------------------|
| • | Unsecured debt financings of $250 million, which was completed in July 2011. |

|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| • | Land and for-sale residential property dispositions of $10 million to $20 million. |

|         |                                                           |
|---------|-----------------------------------------------------------|
| • | Corporate G&A expenses of $20 million to $21 million. |

----

----

----

----

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                     |
| Financial Statements                                                          |
| Second Quarter 2011                                                           |
|                                                                          |   |   |   |
| BALANCE SHEET                                                                 |   |   |   |
| ($ in 000s)                                                                   | As of |   | As of |
|                                                                          | 6/30/2011 |   | 12/31/2010 |
| ASSETS                                                                        |   |   |   |
| Real Estate Assets                                                            |   |   |   |
| Operating Properties                                                          | $ | 3,450,141 |  |   | $ | 3,331,108 |  |
| Undeveloped Land & Construction in Progress                               | 275,541 |  |   | 261,955 |  |
|      Total Real Estate, before Depreciation          | 3,725,682 |  |   | 3,593,063 |  |
|                                                                          |   |   |   |
| Less: Accumulated Depreciation                                                | (703,901 | ) |   | (640,981 | ) |
| Real Estate Assets Held for Sale, net                                         | 14,070 |  |   | 16,861 |  |
|                                                                          |   |   |   |
|      Net Real Estate Assets                          | 3,035,851 |  |   | 2,968,943 |  |
|                                                                          |   |   |   |
| Cash and Equivalents                                                          | 11,025 |  |   | 4,954 |  |
| Restricted Cash                                                               | 9,662 |  |   | 9,294 |  |
| Accounts Receivable, net                                                      | 19,874 |  |   | 20,734 |  |
| Notes Receivable                                                              | 44,087 |  |   | 44,538 |  |
| Prepaid Expenses                                                              | 19,044 |  |   | 23,225 |  |
| Deferred Debt and Lease Costs                                                 | 21,174 |  |   | 23,035 |  |
| Investment in Unconsolidated Subsidiaries                                     | 21,741 |  |   | 22,828 |  |
| Other Assets                                                                  | 52,510 |  |   | 53,583 |  |
|      Total Assets                                    | $ | 3,234,968 |  |   | $ | 3,171,134 |  |
|                                                                          |   |   |   |
| LIABILITIES                                                                   |   |   |   |
| Long-Term Liabilities                                                         |   |   |   |
| Unsecured Credit Facility                                                     | $ | 377,361 |  |   | $ | 377,362 |  |
| Notes and Mortgages Payable                                                   | 1,326,637 |  |   | 1,384,209 |  |
|      Total Debt                                      | 1,703,998 |  |   | 1,761,571 |  |
| Accounts Payable                                                              | 29,141 |  |   | 38,915 |  |
| Accrued Interest                                                              | 11,108 |  |   | 12,002 |  |
| Accrued Expenses                                                              | 25,123 |  |   | 15,267 |  |
| Investment in Unconsolidated Subsidiaries                                     | 29,762 |  |   | 27,954 |  |
| Other Liabilities                                                             | 14,246 |  |   | 10,129 |  |
|      Total Liabilities                               | 1,813,378 |  |   | 1,865,838 |  |
|                                                                          |   |   |   |
| Redeemable Common Units                                                       | 159,208 |  |   | 145,539 |  |
|                                                                          |   |   |   |
| EQUITY                                                                        |   |   |   |
| Noncontrolling Interest                                                       |   |   |   |
| Series B 7 1/4%, Preferred Units                                              | 50,000 |  |   | 50,000 |  |
| Limited Partner's Noncontrolling Interest                                     | 767 |  |   | 769 |  |
|      Total Noncontrolling Interest                   | 50,767 |  |   | 50,769 |  |
|                                                                          |   |   |   |
| Cumulative Earnings                                                           | 1,244,708 |  |   | 1,260,944 |  |
| Cumulative Distributions                                                      | (1,834,876 | ) |   | (1,808,700 | ) |
| Common Equity, including Additional Paid-in Capital                           | 1,953,400 |  |   | 1,809,138 |  |
| Treasury Shares, at Cost                                                      | (150,163 | ) |   | (150,163 | ) |
| Accumulated Other Comprehensive Loss                                          | (1,454 | ) |   | (2,231 | ) |
|      Total Equity, including Noncontrolling Interest | 1,262,382 |  |   | 1,159,757 |  |
|                                                                          |   |   |   |
| Total Liabilities and Equity                                                  | $ | 3,234,968 |  |   | $ | 3,171,134 |  |
|                                                                          |   |   |   |

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |
| SHARES & UNITS OUTSTANDING, END OF PERIOD                        |   |   |   |
| (shares and units in 000s)                                           | As of |   | As of |
|                                                                 | 6/30/2011 |   | 12/31/2010 |
| Basic                                                                |   |   |   |
|      Shares                                 | 86,841 |  |   | 78,334 |  |
|      Operating Partnership Units (OP Units) | 7,259 |  |   | 7,300 |  |
|      Total Shares & OP Units            | 94,100 |  |   | 85,634 |  |

----

|                                                                                                              |
|--------------------------------------------------------------------------------------------------------------|
|                                                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                    |
| Financial Statements                                                                                         |
| Second Quarter 2011                                                                                          |
|                                                                                                         |   |   |   |   |   |   |   |
| CONSOLIDATED STATEMENTS OF OPERATIONS                                                                        |   |   |   |   |   |   |   |
| ($ in 000s, except per share data)                                                                           | Three Months Ended |   | Six Months Ended |
|                                                                                                         | 6/30/2011 |   | 6/30/2010 |   | 6/30/2011 |   | 6/30/2010 |
| Revenue                                                                                                      |   |   |   |   |   |   |   |
|    Minimum Rent                                                                               | $ | 80,050 |  |   | $ | 73,613 |  |   | $ | 156,711 |  |   | $ | 147,094 |  |
|    Tenant Recoveries                                                                          | 2,493 |  |   | 2,608 |  |   | 5,191 |  |   | 5,397 |  |
|    Other Property Related Revenue                                                             | 13,321 |  |   | 12,118 |  |   | 26,537 |  |   | 23,662 |  |
|    Other Non-Property Related Revenue                                                         | 2,173 |  |   | 3,400 |  |   | 3,984 |  |   | 6,298 |  |
|       Total Revenue                                                            | 98,037 |  |   | 91,739 |  |   | 192,423 |  |   | 182,451 |  |
| Operating Expenses                                                                                           |   |   |   |   |   |   |   |
|    Operating Expenses:                                                                        |   |   |   |   |   |   |   |
|       Property Operating Expenses                                              | 27,288 |  |   | 25,979 |  |   | 53,253 |  |   | 51,399 |  |
|       Taxes, Licenses and Insurance                                            | 10,846 |  |   | 10,982 |  |   | 21,996 |  |   | 22,041 |  |
|          Total Property Operating Expenses                      | 38,134 |  |   | 36,961 |  |   | 75,249 |  |   | 73,440 |  |
|    Property Management Expenses                                                               | 2,181 |  |   | 1,878 |  |   | 4,603 |  |   | 3,685 |  |
|    General and Administrative Expenses                                                        | 5,188 |  |   | 5,458 |  |   | 10,390 |  |   | 10,264 |  |
|    Management Fee and Other Expenses                                                          | 1,884 |  |   | 2,585 |  |   | 3,653 |  |   | 5,258 |  |
|    Investment and Development Expenses (1)                                                    | 393 |  |   | 31 |  |   | 979 |  |   | 34 |  |
|    Depreciation                                                                               | 32,062 |  |   | 30,243 |  |   | 64,122 |  |   | 60,521 |  |
|    Amortization                                                                               | 2,078 |  |   | 2,170 |  |   | 4,288 |  |   | 4,394 |  |
|    Impairment and Other Losses (2)                                                       | 148 |  |   | — |  |   | 2,244 |  |   | 783 |  |
|       Total Operating Expenses                                                 | 82,068 |  |   | 79,326 |  |   | 165,528 |  |   | 158,379 |  |
| Income from Operations                                                                                       | 15,969 |  |   | 12,413 |  |   | 26,895 |  |   | 24,072 |  |
|                                                                                                         |   |   |   |   |   |   |   |
| Other Income (Expense)                                                                                       |   |   |   |   |   |   |   |
|    Interest Expense                                                                           | (20,759 | ) |   | (20,927 | ) |   | (41,998 | ) |   | (41,828 | ) |
|    Debt Cost Amortization                                                                     | (1,153 | ) |   | (1,131 | ) |   | (2,311 | ) |   | (2,316 | ) |
|    Gain on Retirement of Debt                                                                 | — |  |   | 1,015 |  |   | — |  |   | 1,044 |  |
|    Interest Income                                                                            | 390 |  |   | 325 |  |   | 806 |  |   | 718 |  |
|    (Loss) Income from Partially-Owned Investments                                             | (134 | ) |   | 395 |  |   | (474 | ) |   | 665 |  |
| Loss on Hedging Activities                                                                                   | — |  |   | (289 | ) |   | — |  |   | (289 | ) |
|    Gain (Loss) on Sale of Property, net of Income Taxes of $ - (Q2) and $ - (YTD) in 2011 and |   |   |   |   |   |   |   |
|    $93 (Q2) and $93 (YTD) in 2010                                                             | 23 |  |   | (654 | ) |   | (56 | ) |   | (661 | ) |
|    Income Tax Expense                                                                         | (271 | ) |   | (439 | ) |   | (519 | ) |   | (688 | ) |
|       Total Other Income (Expense)                                             | (21,904 | ) |   | (21,705 | ) |   | (44,552 | ) |   | (43,355 | ) |
| Loss from Continuing Operations                                                                              | (5,935 | ) |   | (9,292 | ) |   | (17,657 | ) |   | (19,283 | ) |
|                                                                                                         |   |   |   |   |   |   |   |
| Discontinued Operations                                                                                      |   |   |   |   |   |   |   |
|    Loss from Discontinued Operations                                                          | (109 | ) |   | (15 | ) |   | (143 | ) |   | (46 | ) |
|    Loss on Disposal of Discontinued Operations                                                | — |  |   | (13 | ) |   | — |  |   | (48 | ) |
| Loss from Discontinued Operations                                                                            | (109 | ) |   | (28 | ) |   | (143 | ) |   | (94 | ) |
| Net Loss                                                                                                     | (6,044 | ) |   | (9,320 | ) |   | (17,800 | ) |   | (19,377 | ) |
|                                                                                                         |   |   |   |   |   |   |   |
| Noncontrolling Interest                                                                                      |   |   |   |   |   |   |   |
| Continuing Operations                                                                                        |   |   |   |   |   |   |   |
|    Noncontrolling Interest of Limited Partners                                                | (41 | ) |   | 28 |  |   | (43 | ) |   | 111 |  |
|    Noncontrolling Interest in CRLP - Preferred                                                | (906 | ) |   | (1,813 | ) |   | (1,813 | ) |   | (3,625 | ) |
|    Noncontrolling Interest in CRLP - Common                                                   | 545 |  |   | 1,288 |  |   | 1,584 |  |   | 2,774 |  |
| Discontinued Operations                                                                                      |   |   |   |   |   |   |   |
|    Noncontrolling Interest in CRLP - Common                                                   | 9 |  |   | 2 |  |   | 12 |  |   | 11 |  |
|    Noncontrolling Interest of Limited Partners                                                | — |  |   | — |  |   | — |  |   | (5 | ) |
| Income Attributable to Noncontrolling Interest                                                               | (393 | ) |   | (495 | ) |   | (260 | ) |   | (734 | ) |
|                                                                                                         |   |   |   |   |   |   |   |
| Net Loss Attributable to Parent Company                                                                      | (6,437 | ) |   | (9,815 | ) |   | (18,060 | ) |   | (20,111 | ) |
|                                                                                                         |   |   |   |   |   |   |   |
| Dividends to Preferred Shareholders                                                                          | — |  |   | (2,034 | ) |   | — |  |   | (4,067 | ) |
| Net Loss Available to Common Shareholders                                                                    | $ | (6,437 | ) |   | $ | (11,849 | ) |   | $ | (18,060 | ) |   | $ | (24,178 | ) |
|                                                                                                         |   |   |   |   |   |   |   |
| _________________________                                                                                    |   |   |   |   |   |   |   |
|                                                                                                         |   |   |   |   |   |   |   |
| Continued on following page                                                                                  |   |   |   |   |   |   |   |

----

|                                                                                                                                                                        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                              |
| Financial Statements                                                                                                                                                   |
| Second Quarter 2011                                                                                                                                                    |
|                                                                                                                                                                   |   |   |   |   |   |
|                                                                                                                                                                   | Three Months Ended |   | Six Months Ended |
|                                                                                                                                                                   | 6/30/2011 |   | 6/30/2010 |   | 6/30/2011 |   | 6/30/2010 |
|                                                                                                                                                                   |   |   |   |   |   |   |   |
| Loss per Share - Basic                                                                                                                                                 |   |   |   |   |   |   |   |
| Continuing Operations                                                                                                                                                  | $ | (0.08 | ) |   | $ | (0.17 | ) |   | $ | (0.22 | ) |   | $ | (0.36 | ) |
| Discontinued Operations                                                                                                                                                | — |  |   | — |  |   | — |  |   | — |  |
| EPS - Basic                                                                                                                                                            | $ | (0.08 | ) |   | $ | (0.17 | ) |   | $ | (0.22 | ) |   | $ | (0.36 | ) |
|                                                                                                                                                                   |   |   |   |   |   |   |   |
| Loss per Share - Diluted                                                                                                                                               |   |   |   |   |   |   |   |
| Continuing Operations                                                                                                                                                  | $ | (0.08 | ) |   | $ | (0.17 | ) |   | $ | (0.22 | ) |   | $ | (0.36 | ) |
| Discontinued Operations                                                                                                                                                | — |  |   | — |  |   | — |  |   | — |  |
| EPS - Diluted                                                                                                                                                          | $ | (0.08 | ) |   | $ | (0.17 | ) |   | $ | (0.22 | ) |   | $ | (0.36 | ) |
|                                                                                                                                                                   |   |   |   |   |   |   |   |
| (1)  Reflects costs incurred related to acquisitions and abandoned pursuits.  These costs are volatile and therefore may vary between periods.                         |
| (2) For the three months ended June 30, 2011, the Company recorded $0.1 million in casualty loss related to tornado damage at one of the Company's multifamily         |
| apartment communities. In addition to these charges, for the six months ended June 30, 2011, the Company recorded a $1.5 million charge for a loss contingency         |
| related to certain litigation, $0.4 million in casualty loss and a $0.2 million non-cash impairment charge.  The casualty loss is related to fire damage at two of the |
| Company's multifamily apartment communities.  Of the impairment charge, $0.1 million is related to sales of various for-sale residential units and $0.1 million        |
| is related to the sale of land outparcels. For the six months ended June 30, 2010, the Company incurred casualty losses related to property damage at three of         |
| the Company's multifamily apartment communities.                                                                                                                       |

|                                                                                                                                                                |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |
| SHARES AND UNITS OUTSTANDING, WEIGHTED                                                                                                                         |   |   |   |   |   |   |   |
| (shares and units in 000s)                                                                                                                                     | Three Months Ended |   | Six Months Ended |
|                                                                                                                                                           | 6/30/2011 |   | 6/30/2010 |   | 6/30/2011 |   | 6/30/2010 |
| Basic                                                                                                                                                          |   |   |   |   |   |   |   |
|    Shares                                                                                                                                       | 83,588 |  |   | 69,553 |  |   | 81,562 |  |   | 67,998 |  |
|    Operating Partnership Units (OP Units)                                                                                                       | 7,259 |  |   | 7,656 |  |   | 7,271 |  |   | 7,905 |  |
|    Total Shares & OP Units                                                                                                                  | 90,847 |  |   | 77,209 |  |   | 88,833 |  |   | 75,903 |  |
|                                                                                                                                                           |   |   |   |   |   |   |   |
| Dilutive Common Share Equivalents                                                                                                                              | — |  |   | — |  |   | — |  |   | — |  |
|                                                                                                                                                           |   |   |   |   |   |   |   |
| Diluted (1)                                                                                                                                                    |   |   |   |   |   |   |   |
|    Shares                                                                                                                                       | 83,588 |  |   | 69,553 |  |   | 81,562 |  |   | 67,998 |  |
|    Total Shares & OP Units                                                                                                                  | 90,847 |  |   | 77,209 |  |   | 88,833 |  |   | 75,903 |  |
|                                                                                                                                                           |   |   |   |   |   |   |   |
| (1)  For periods where the Company reported a net loss from continuing operations (after preferred dividends), the effect of dilutive shares has been excluded |
| from per share computations as including such shares would be anti-dilutive.                                                                                   |   |   |   |   |

----

|                                                                                                                                                                            |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                                  |
| Financial Statements                                                                                                                                                       |
| Second Quarter 2011                                                                                                                                                        |
|                                                                                                                                                                       |   |   |   |   |   |   |   |
| FUNDS FROM OPERATIONS (FFO) RECONCILIATION                                                                                                                                 |   |   |   |   |   |   |   |
| ($ in 000s, except per share data)                                                                                                                                         | Three Months Ended |   | Six Months Ended |
|                                                                                                                                                                       | 6/30/2011 |   | 6/30/2010 |   | 6/30/2011 |   | 6/30/2010 |
| Net Loss Available to Common Shareholders                                                                                                                                  | $ | (6,437 | ) |   | $ | (11,849 | ) |   | $ | (18,060 | ) |   | $ | (24,178 | ) |
| Noncontrolling Interest in CRLP (Operating Partnership Unitholders)                                                                                                        | (554 | ) |   | (1,290 | ) |   | (1,596 | ) |   | (2,785 | ) |
| Total                                                                                                                                                                      | (6,991 | ) |   | (13,139 | ) |   | (19,656 | ) |   | (26,963 | ) |
|                                                                                                                                                                       |   |   |   |   |   |   |   |
| Adjustments - Consolidated Properties                                                                                                                                      |   |   |   |   |   |   |   |
|    Depreciation - Real Estate                                                                                                                               | 31,779 |  |   | 29,802 |  |   | 63,530 |  |   | 59,623 |  |
|    Amortization - Real Estate                                                                                                                               | 1,984 |  |   | 1,718 |  |   | 4,030 |  |   | 3,459 |  |
|    Remove:  (Gain)/Loss on Sale of Property, net of Income Tax and Noncontrolling Interest                                                                  | (23 | ) |   | 667 |  |   | 56 |  |   | 709 |  |
|    Include:  Gain/(Loss) on Sale of Undepreciated Property, net of Income Tax and                                                                           |   |   |   |   |   |   |   |
|    Noncontrolling Interest                                                                                                                                  | 10 |  |   | (631 | ) |   | (69 | ) |   | (641 | ) |
|          Total Adjustments - Consolidated                                                                                     | 33,750 |  |   | 31,556 |  |   | 67,547 |  |   | 63,150 |  |
|                                                                                                                                                                       |   |   |   |   |   |   |   |
| Adjustments - Unconsolidated Properties                                                                                                                                    |   |   |   |   |   |   |   |
|    Depreciation - Real Estate                                                                                                                               | 1,598 |  |   | 1,715 |  |   | 3,249 |  |   | 4,123 |  |
|    Amortization - Real Estate                                                                                                                               | 528 |  |   | 708 |  |   | 1,182 |  |   | 1,410 |  |
|    Remove:  Gain/(Loss) on Sale of Property                                                                                                                 | 4 |  |   | (15 | ) |   | 25 |  |   | (96 | ) |
|          Total Adjustments - Unconsolidated                                                                                   | 2,130 |  |   | 2,408 |  |   | 4,456 |  |   | 5,437 |  |
| Funds from Operations                                                                                                                                                      | $ | 28,889 |  |   | $ | 20,825 |  |   | $ | 52,347 |  |   | $ | 41,624 |  |
|                                                                                                                                                                       |   |   |   |   |   |   |   |
| Income Allocated to Participating Securities                                                                                                                               | (216 | ) |   | (169 | ) |   | (399 | ) |   | (343 | ) |
| Funds from Operations Available to Common Shareholders and Unitholders                                                                                                     | $ | 28,673 |  |   | $ | 20,656 |  |   | $ | 51,948 |  |   | $ | 41,281 |  |
|                                                                                                                                                                       |   |   |   |   |   |   |   |
| FFO per Share                                                                                                                                                              |   |   |   |   |   |   |   |
|    Basic                                                                                                                                                    | $ | 0.32 |  |   | $ | 0.27 |  |   | $ | 0.58 |  |   | $ | 0.54 |  |
|    Diluted                                                                                                                                                  | $ | 0.32 |  |   | $ | 0.27 |  |   | $ | 0.58 |  |   | $ | 0.54 |  |
|                                                                                                                                                                       |   |   |   |   |   |   |   |
| Operating FFO:                                                                                                                                                             |   |   |   |   |   |   |   |
|    Funds from Operations                                                                                                                                    | $ | 28,673 |  |   | $ | 20,656 |  |   | $ | 51,948 |  |   | $ | 41,281 |  |
|    Less:  Transaction Income                                                                                                                                |   |   |   |   |   |   |   |
|               -Development and Land (Gains)/Losses                                                   | (10 | ) |   | 631 |  |   | 69 |  |   | 528 |  |
|               -Bond Repurchase Gains, Net of Write-off                                               | — |  |   | (726 | ) |   | — |  |   | (755 | ) |
| Operating FFO                                                                                                                                                              | $ | 28,663 |  |   | $ | 20,561 |  |   | $ | 52,017 |  |   | $ | 41,054 |  |
|                                                                                                                                                                       |   |   |   |   |   |   |   |
| Operating FFO per Share                                                                                                                                                    |   |   |   |   |   |   |   |
|    Basic                                                                                                                                                    | $ | 0.32 |  |   | $ | 0.27 |  |   | $ | 0.58 |  |   | $ | 0.54 |  |
|    Diluted                                                                                                                                                  | $ | 0.32 |  |   | $ | 0.27 |  |   | $ | 0.58 |  |   | $ | 0.54 |  |
|                                                                                                                                                                       |   |   |   |   |   |   |   |
| 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 debt restructuring and sales of depreciated property, plus real estate depreciation 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 gains (or losses) from sales of properties (all of which are based on historical costs which may be of limited relevance in evaluating        |
| current performance), FFO can facilitate comparison of operating performance among equity REITs.  FFO is a widely recognized measure in the Company's                      |
| industry.                                                                                                                                                                  |   |   |   |   |
|                                                                                                                                                                       |   |   |   |   |
| The Company defines Operating FFO as FFO excluding gains on the sale of land and development properties, gains on the repurchase of bonds, net of the                      |
| attributable write-off of future interest expense held in OCI, and gains on the repurchase of preferred shares/units, net of the write-off of issuance costs.  The Company |
| believes Operating FFO is an important supplemental measure because it provides a measure of operating performance.  While land and development gains or the               |
| repurchase of debt/preferred shares/units are components of the Company's current business plan, the timing and amount of these transactions can vary significantly        |
| between periods.                                                                                                                                                           |   |   |   |   |
|                                                                                                                                                                       |   |   |   |   |
| The Company's method of calculating FFO and Operating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to                     |
| such other REITs.  Neither FFO nor Operating FFO should 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                                              |
| Corporate Reconciliations                                              |
| ($ in 000s)                                                            |
|                                                                   |   |   |   |   |   |   |   |
| RECONCILIATION OF REVENUES                                             |   |   |   |   |   |   |   |
|                                                                   | Three Months Ended |   | Six Months Ended |
|                                                                   | 6/30/2011 |   | 6/30/2010 |   | 6/30/2011 |   | 6/30/2010 |
| Divisional Total Revenues                                              |   |   |   |   |   |   |   |
|    Multifamily - Same Property                          | $ | 77,313 |  |   | $ | 74,398 |  |   | $ | 152,519 |  |   | $ | 147,810 |  |
|    Multifamily - Non-Same Property (1)                  | 6,736 |  |   | 2,635 |  |   | 11,623 |  |   | 5,101 |  |
|    Commercial                                           | 19,055 |  |   | 20,322 |  |   | 38,823 |  |   | 41,312 |  |
|       Total Divisional Revenues          | 103,104 |  |   | 97,355 |  |   | 202,965 |  |   | 194,223 |  |
|                                                                   |   |   |   |   |   |   |   |
| Less:  Unconsolidated Revenues - Multifamily                           | (702 | ) |   | (968 | ) |   | (1,415 | ) |   | (1,911 | ) |
| Less:  Unconsolidated Revenues - Commercial                            | (6,533 | ) |   | (8,044 | ) |   | (13,104 | ) |   | (16,183 | ) |
| Discontinued Operations                                                | (5 | ) |   | (4 | ) |   | (7 | ) |   | 24 |  |
| Unallocated Corporate Revenues                                         | 2,173 |  |   | 3,400 |  |   | 3,984 |  |   | 6,298 |  |
| Consolidated Revenue Adjusted - '10 Discontinued Operations (2)        | 98,037 |  |   | 91,739 |  |   | 192,423 |  |   | 182,451 |  |
| Add:  Additional Discontinued Operations Revenue, post filing (3)      | — |  |   | — |  |   | — |  |   | — |  |
| Total Consolidated Revenue, per 10-Q (4)                          | $ | 98,037 |  |   | $ | 91,739 |  |   | $ | 192,423 |  |   | $ | 182,451 |  |
|                                                                   |   |   |   |   |   |   |   |
| RECONCILIATION OF EXPENSES                                             |   |   |   |   |   |   |   |
|                                                                   | Three Months Ended |   | Six Months Ended |
|                                                                   | 6/30/2011 |   | 6/30/2010 |   | 6/30/2011 |   | 6/30/2010 |
| Divisional Total Expenses                                              |   |   |   |   |   |   |   |
|    Multifamily - Same Property                          | $ | 31,546 |  |   | $ | 31,816 |  |   | $ | 62,642 |  |   | $ | 63,493 |  |
|    Multifamily - Non-Same Property (1)                  | 3,202 |  |   | 1,741 |  |   | 5,530 |  |   | 3,245 |  |
|    Commercial                                           | 6,023 |  |   | 6,629 |  |   | 12,252 |  |   | 12,989 |  |
|       Total Divisional Expenses          | 40,771 |  |   | 40,186 |  |   | 80,424 |  |   | 79,727 |  |
|                                                                   |   |   |   |   |   |   |   |
| Less:  Unconsolidated Expenses - Multifamily                           | (349 | ) |   | (550 | ) |   | (723 | ) |   | (1,034 | ) |
| Less:  Unconsolidated Expenses - Commercial                            | (2,174 | ) |   | (2,656 | ) |   | (4,301 | ) |   | (5,231 | ) |
| Discontinued Operations                                                | (114 | ) |   | (19 | ) |   | (151 | ) |   | (22 | ) |
| Total Property Operating Expenses                                      | 38,134 |  |   | 36,961 |  |   | 75,249 |  |   | 73,440 |  |
| Property Management Expenses                                           | 2,181 |  |   | 1,878 |  |   | 4,603 |  |   | 3,685 |  |
| General & Administrative Expenses                                  | 5,188 |  |   | 5,458 |  |   | 10,390 |  |   | 10,264 |  |
| Management Fee and Other Expenses                                      | 1,884 |  |   | 2,585 |  |   | 3,653 |  |   | 5,258 |  |
| Investment and Development Expenses (5)                                | 393 |  |   | 31 |  |   | 979 |  |   | 34 |  |
| Impairment and Other Losses                                            | 148 |  |   | — |  |   | 2,244 |  |   | 783 |  |
| Depreciation                                                           | 32,062 |  |   | 30,243 |  |   | 64,122 |  |   | 60,521 |  |
| Amortization                                                           | 2,078 |  |   | 2,170 |  |   | 4,288 |  |   | 4,394 |  |
| Consolidated Expense Adjusted - '10 Discontinued Operations (2)        | 82,068 |  |   | 79,326 |  |   | 165,528 |  |   | 158,379 |  |
| Add:  Additional Discontinued Operations Expense, post filing (3) | — |  |   | — |  |   | — |  |   | — |  |
| Total Consolidated Expense, per 10-Q (4)                               | $ | 82,068 |  |   | $ | 79,326 |  |   | $ | 165,528 |  |   | $ | 158,379 |  |
|                                                                   |   |   |   |   |   |   |   |
| ________________________                                               |   |   |   |   |   |   |   |
| Continued on following page                                            |   |   |   |   |   |   |   |

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|                                                                                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                       |
| Corporate Reconciliations                                                                                                                                       |
| ($ in 000s)                                                                                                                                                     |
|                                                                                                                                                            |   |   |   |   |   |   |   |
| RECONCILIATION OF NOI                                                                                                                                           |   |   |   |   |   |   |   |
|                                                                                                                                                            | Three Months Ended |   | Six Months Ended |
|                                                                                                                                                            | 6/30/2011 |   | 6/30/2010 |   | 6/30/2011 |   | 6/30/2010 |
| Divisional Total NOI                                                                                                                                            |   |   |   |   |   |   |   |
|    Multifamily - Same Property                                                                                                                   | $ | 45,767 |  |   | $ | 42,582 |  |   | $ | 89,877 |  |   | $ | 84,317 |  |
|    Multifamily - Non-Same Property (1)                                                                                                           | 3,534 |  |   | 894 |  |   | 6,093 |  |   | 1,856 |  |
|    Commercial                                                                                                                                    | 13,032 |  |   | 13,693 |  |   | 26,571 |  |   | 28,323 |  |
|       Total Divisional NOI                                                                                                        | $ | 62,333 |  |   | $ | 57,169 |  |   | $ | 122,541 |  |   | $ | 114,496 |  |
|                                                                                                                                                            |   |   |   |   |   |   |   |
| Less:  Unconsolidated NOI - Multifamily                                                                                                                         | (353 | ) |   | (418 | ) |   | (692 | ) |   | (877 | ) |
| Less:  Unconsolidated NOI - Commercial                                                                                                                          | (4,359 | ) |   | (5,388 | ) |   | (8,803 | ) |   | (10,952 | ) |
| Discontinued Operations                                                                                                                                         | 109 |  |   | 15 |  |   | 144 |  |   | 46 |  |
| Unallocated Corporate Revenues                                                                                                                                  | 2,173 |  |   | 3,400 |  |   | 3,984 |  |   | 6,298 |  |
| Property Management Expenses                                                                                                                                    | (2,181 | ) |   | (1,878 | ) |   | (4,603 | ) |   | (3,685 | ) |
| General & Administrative Expenses                                                                                                                           | (5,188 | ) |   | (5,458 | ) |   | (10,390 | ) |   | (10,264 | ) |
| Management Fee and Other Expenses                                                                                                                               | (1,884 | ) |   | (2,585 | ) |   | (3,653 | ) |   | (5,258 | ) |
| Investment and Development Expenses (5)                                                                                                                         | (393 | ) |   | (31 | ) |   | (979 | ) |   | (34 | ) |
| Impairment and Other Losses                                                                                                                                     | (148 | ) |   | — |  |   | (2,244 | ) |   | (783 | ) |
| Depreciation                                                                                                                                                    | (32,062 | ) |   | (30,243 | ) |   | (64,122 | ) |   | (60,521 | ) |
| Amortization                                                                                                                                                    | (2,078 | ) |   | (2,170 | ) |   | (4,288 | ) |   | (4,394 | ) |
| Income from Operations                                                                                                                                          | 15,969 |  |   | 12,413 |  |   | 26,895 |  |   | 24,072 |  |
| Total Other Income (Expense)                                                                                                                                    | (21,904 | ) |   | (21,705 | ) |   | (44,552 | ) |   | (43,355 | ) |
| Loss from Continuing Operations (6)                                                                                                                             | (5,935 | ) |   | (9,292 | ) |   | (17,657 | ) |   | (19,283 | ) |
| Discontinued Operations                                                                                                                                         | — |  |   | — |  |   | — |  |   | — |  |
| Loss from Continuing Operations, per 10-Q (4)                                                                                                                   | $ | (5,935 | ) |   | $ | (9,292 | ) |   | $ | (17,657 | ) |   | $ | (19,283 | ) |
|                                                                                                                                                            |   |   |   |   |   |   |   |
| (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 (loss) income 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 prior periods in accordance with ASC 205-20.                                                                              |