----

----

|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | Multifamily same-property NOI increased 6.9 percent compared with fourth quarter 2010 |

|         |                                                                                           |
|---------|-------------------------------------------------------------------------------------------|
| • | Multifamily same-property revenue increased 5.5 percent compared with fourth quarter 2010 |

|         |                                                                                     |
|---------|-------------------------------------------------------------------------------------|
| • | Ended the quarter with multifamily same-property physical occupancy of 95.9 percent |

|         |                                                                                                |
|---------|------------------------------------------------------------------------------------------------|
| • | Acquired the Colonial Grand at Hebron, a 312-unit Class A apartment community in Dallas, Texas |

|         |                                                                                                                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Sold the 659,000-square-foot Colonial Pinnacle Turkey Creek in Knoxville, Tennessee, in which the company had a 50 percent joint venture interest and sold its remaining 5 percent interest in the 420,000-square-foot Colonial Promenade Alabaster II/Tutwiler II in Birmingham, Alabama |

|         |                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Repurchased the remaining $50.0 million Series B Cumulative Redeemable Preferred Units of CRLP at a 5 percent discount to the original issuance price |

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |
|                                              | Full-Year 2012 Range |
|                                              | Low | - | High |
|                                              |   |   |   |
| Diluted EPS                                       | $ | (0.12 | ) | - | $ | 0.04 |  |
| Plus: Real Estate Depreciation & Amortization | 1.45 |  | - | 1.45 |  |
| Less: Gain on Sale of Operating Properties        | -0.10 | - | (0.20 | ) |
| Total Diluted FFO per share                       | $ | 1.23 |  | - | $ | 1.29 |  |

----

|         |                                                                                 |
|---------|---------------------------------------------------------------------------------|
| • | Multifamily same-property net operating income: growth of 5.50 to 7.50 percent. |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| ◦ | Revenue:     Increase of 4.25 to 5.75 percent |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| ◦ | Expense:     Increase of 2.50 to 3.50 percent |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | Development spending of $125 million to $150 million. |

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

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

|         |                                                                                   |
|---------|-----------------------------------------------------------------------------------|
| • | Land and for-sale residential property dispositions of $5 million to $10 million. |

|         |                                                           |
|---------|-----------------------------------------------------------|
| • | Corporate G&A expenses of $23 million to $24 million. |

----

----

----

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                     |
| Financial Statements                                                          |
| Fourth Quarter 2011                                                           |
|                                                                          |   |   |   |
| BALANCE SHEET                                                                 |   |   |   |
| ($ in 000s)                                                                   | As of |   | As of |
|                                                                          | 12/31/2011 |   | 12/31/2010 |
| ASSETS                                                                        |   |   |   |
| Real Estate Assets                                                            |   |   |   |
| Operating Properties                                                          | $ | 3,445,455 |  |   | $ | 3,331,108 |  |
| Undeveloped Land & Construction in Progress                               | 306,826 |  |   | 261,955 |  |
|      Total Real Estate, before Depreciation          | 3,752,281 |  |   | 3,593,063 |  |
|                                                                          |   |   |   |
| Less: Accumulated Depreciation                                                | (731,894 | ) |   | (640,981 | ) |
| Real Estate Assets Held for Sale, net                                         | 10,543 |  |   | 16,861 |  |
|                                                                          |   |   |   |
|      Net Real Estate Assets                          | 3,030,930 |  |   | 2,968,943 |  |
|                                                                          |   |   |   |
| Cash and Equivalents                                                          | 6,452 |  |   | 4,954 |  |
| Restricted Cash                                                               | 43,489 |  |   | 9,294 |  |
| Accounts Receivable, net                                                      | 26,762 |  |   | 20,734 |  |
| Notes Receivable                                                              | 43,787 |  |   | 44,538 |  |
| Prepaid Expenses                                                              | 19,912 |  |   | 23,225 |  |
| Deferred Debt and Lease Costs                                                 | 22,408 |  |   | 23,035 |  |
| Investment in Unconsolidated Subsidiaries                                     | 12,303 |  |   | 22,828 |  |
| Other Assets                                                                  | 52,562 |  |   | 53,583 |  |
|      Total Assets                                    | $ | 3,258,605 |  |   | $ | 3,171,134 |  |
|                                                                          |   |   |   |
| LIABILITIES                                                                   |   |   |   |
| Long-Term Liabilities                                                         |   |   |   |
| Unsecured Credit Facility                                                     | $ | 184,000 |  |   | $ | 377,362 |  |
| Notes and Mortgages Payable                                                   | 1,575,727 |  |   | 1,384,209 |  |
|      Total Debt                                      | 1,759,727 |  |   | 1,761,571 |  |
| Accounts Payable                                                              | 50,266 |  |   | 38,915 |  |
| Accrued Interest                                                              | 11,923 |  |   | 12,002 |  |
| Accrued Expenses                                                              | 15,731 |  |   | 15,267 |  |
| Investment in Unconsolidated Subsidiaries                                     | 31,577 |  |   | 27,954 |  |
| Other Liabilities                                                             | 25,208 |  |   | 10,129 |  |
|      Total Liabilities                               | 1,894,432 |  |   | 1,865,838 |  |
|                                                                          |   |   |   |
| Redeemable Common Units                                                       | 159,582 |  |   | 145,539 |  |
|                                                                          |   |   |   |
| EQUITY                                                                        |   |   |   |
| Noncontrolling Interest                                                       |   |   |   |
| Series B 7 1/4%, Preferred Units                                              | — |  |   | 50,000 |  |
| Limited Partner's Noncontrolling Interest                                     | 728 |  |   | 769 |  |
|      Total Noncontrolling Interest                   | 728 |  |   | 50,769 |  |
|                                                                          |   |   |   |
| Cumulative Earnings                                                           | 1,267,958 |  |   | 1,260,944 |  |
| Cumulative Distributions                                                      | (1,862,838 | ) |   | (1,808,700 | ) |
| Common Equity, including Additional Paid-in Capital                           | 1,965,812 |  |   | 1,809,138 |  |
| Treasury Shares, at Cost                                                      | (150,163 | ) |   | (150,163 | ) |
| Accumulated Other Comprehensive Loss                                          | (16,906 | ) |   | (2,231 | ) |
|      Total Equity, including Noncontrolling Interest | 1,204,591 |  |   | 1,159,757 |  |
|                                                                          |   |   |   |
| Total Liabilities and Equity                                                  | $ | 3,258,605 |  |   | $ | 3,171,134 |  |
|                                                                          |   |   |   |

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |
| SHARES & UNITS OUTSTANDING, END OF PERIOD                        |   |   |   |
| (shares and units in 000s)                                           | As of |   | As of |
|                                                                 | 12/31/2011 |   | 12/31/2010 |
| Basic                                                                |   |   |   |
|      Shares                                 | 87,474 |  |   | 78,334 |  |
|      Operating Partnership Units (OP Units) | 7,169 |  |   | 7,300 |  |
|      Total Shares & OP Units            | 94,643 |  |   | 85,634 |  |

----

|                                                                                                             |
|-------------------------------------------------------------------------------------------------------------|
|                                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                   |
| Financial Statements                                                                                        |
| Fourth Quarter 2011                                                                                         |
|                                                                                                        |   |   |   |   |   |   |   |
| CONSOLIDATED STATEMENTS OF OPERATIONS                                                                       |   |   |   |   |   |   |   |
| ($ in 000s, except per share data)                                                                          | Three Months Ended |   | Twelve Months Ended |
|                                                                                                        | 12/31/2011 |   | 12/31/2010 |   | 12/31/2011 |   | 12/31/2010 |
| Revenue                                                                                                     |   |   |   |   |   |   |   |
|    Minimum Rent                                                                              | $ | 81,815 |  |   | $ | 72,120 |  |   | $ | 310,956 |  |   | $ | 282,975 |  |
|    Tenant Recoveries                                                                         | 2,853 |  |   | 2,427 |  |   | 10,934 |  |   | 10,228 |  |
|    Other Property Related Revenue                                                            | 13,603 |  |   | 12,124 |  |   | 51,373 |  |   | 46,332 |  |
|    Other Non-Property Related Revenue                                                        | 2,097 |  |   | 2,781 |  |   | 8,047 |  |   | 11,693 |  |
|       Total Revenue                                                           | 100,368 |  |   | 89,452 |  |   | 381,310 |  |   | 351,228 |  |
| Operating Expenses                                                                                          |   |   |   |   |   |   |   |
|    Operating Expenses:                                                                       |   |   |   |   |   |   |   |
|       Property Operating Expenses                                             | 26,902 |  |   | 24,697 |  |   | 106,067 |  |   | 100,305 |  |
|       Taxes, Licenses and Insurance                                           | 11,041 |  |   | 9,681 |  |   | 42,491 |  |   | 40,009 |  |
|          Total Property Operating Expenses                     | 37,943 |  |   | 34,378 |  |   | 148,558 |  |   | 140,314 |  |
|    Property Management Expenses                                                              | 2,187 |  |   | 2,576 |  |   | 9,185 |  |   | 8,584 |  |
|    General and Administrative Expenses                                                       | 4,844 |  |   | 4,541 |  |   | 20,439 |  |   | 18,563 |  |
|    Management Fee and Other Expenses                                                         | 2,386 |  |   | 2,245 |  |   | 8,067 |  |   | 9,504 |  |
|    Restructuring Charges                                                                     | 153 |  |   | 361 |  |   | 153 |  |   | 361 |  |
|    Investment and Development Expenses (1)                                                   | 344 |  |   | 380 |  |   | 1,781 |  |   | 422 |  |
|    Depreciation                                                                              | 31,605 |  |   | 29,594 |  |   | 123,460 |  |   | 116,374 |  |
|    Amortization                                                                              | 2,017 |  |   | 2,217 |  |   | 8,426 |  |   | 8,848 |  |
|    Impairment and Other Losses (2)                                                      | 3,392 |  |   | 394 |  |   | 5,736 |  |   | 1,308 |  |
|       Total Operating Expenses                                                | 84,871 |  |   | 76,686 |  |   | 325,805 |  |   | 304,278 |  |
| Income from Operations                                                                                      | 15,497 |  |   | 12,766 |  |   | 55,505 |  |   | 46,950 |  |
|                                                                                                        |   |   |   |   |   |   |   |
| Other Income (Expense)                                                                                      |   |   |   |   |   |   |   |
|    Interest Expense                                                                          | (22,991 | ) |   | (21,133 | ) |   | (86,573 | ) |   | (83,091 | ) |
|    Debt Cost Amortization                                                                    | (1,252 | ) |   | (1,166 | ) |   | (4,767 | ) |   | (4,618 | ) |
|    Gain on Retirement of Debt                                                                | — |  |   | — |  |   | — |  |   | 1,044 |  |
|    Interest Income                                                                           | 279 |  |   | 435 |  |   | 1,503 |  |   | 1,597 |  |
|    Income from Partially-Owned Investments                                                   | 18,588 |  |   | 3,389 |  |   | 17,497 |  |   | 3,365 |  |
| Loss on Hedging Activities                                                                                  | — |  |   | — |  |   | — |  |   | (289 | ) |
|    Gain (Loss) on Sale of Property, net of Income Taxes of $ - (Q4) and $ - (YE) in 2011 and |   |   |   |   |   |   |   |
|    $ - (Q4) and $117 (YE) in 2010                                                            | 96 |  |   | (444 | ) |   | 115 |  |   | (1,391 | ) |
|    Income Tax and Other                                                                      | (132 | ) |   | (201 | ) |   | (872 | ) |   | (1,084 | ) |
|       Total Other Income (Expense)                                            | (5,412 | ) |   | (19,120 | ) |   | (73,097 | ) |   | (84,467 | ) |
| Income (Loss) from Continuing Operations                                                                    | 10,085 |  |   | (6,354 | ) |   | (17,592 | ) |   | (37,517 | ) |
|                                                                                                        |   |   |   |   |   |   |   |
| Discontinued Operations                                                                                     |   |   |   |   |   |   |   |
|    (Loss) Income from Discontinued Operations                                                | (614 | ) |   | (1,331 | ) |   | 38 |  |   | (631 | ) |
|    Gain (Loss) on Disposal of Discontinued Operations                                        | 58 |  |   | — |  |   | 23,733 |  |   | (395 | ) |
| Net (Loss) Income from Discontinued Operations                                                              | (556 | ) |   | (1,331 | ) |   | 23,771 |  |   | (1,026 | ) |
| Net Income (Loss)                                                                                           | 9,529 |  |   | (7,685 | ) |   | 6,179 |  |   | (38,543 | ) |
|                                                                                                        |   |   |   |   |   |   |   |
| Noncontrolling Interest                                                                                     |   |   |   |   |   |   |   |
| Continuing Operations                                                                                       |   |   |   |   |   |   |   |
|    Noncontrolling Interest of Limited Partners                                               | (6 | ) |   | (7 | ) |   | (53 | ) |   | 103 |  |
|    Noncontrolling Interest in CRLP - Preferred                                               | (867 | ) |   | (1,724 | ) |   | (3,586 | ) |   | (7,161 | ) |
|    Noncontrolling Interest in CRLP - Common                                                  | (791 | ) |   | 550 |  |   | 1,580 |  |   | 4,969 |  |
| Discontinued Operations                                                                                     |   |   |   |   |   |   |   |
|    Noncontrolling Interest in CRLP - Common                                                  | 43 |  |   | 114 |  |   | (1,873 | ) |   | 99 |  |
|    Noncontrolling Interest of Limited Partners                                               | — |  |   | 1 |  |   | — |  |   | (4 | ) |
| Income Attributable to Noncontrolling Interest                                                              | (1,621 | ) |   | (1,066 | ) |   | (3,932 | ) |   | (1,994 | ) |
|                                                                                                        |   |   |   |   |   |   |   |
| Net Income (Loss) Attributable to Parent Company                                                            | 7,908 |  |   | (8,751 | ) |   | 2,247 |  |   | (40,537 | ) |
|                                                                                                        |   |   |   |   |   |   |   |
| Dividends to Preferred Shareholders                                                                         | — |  |   | — |  |   | — |  |   | (5,649 | ) |
| Preferred Unit Repurchase Gains                                                                             | 2,500 |  |   | 3,000 |  |   | 2,500 |  |   | 3,000 |  |
| Preferred Share/Unit Issuance Costs                                                                         | (1,319 | ) |   | (1,318 | ) |   | (1,319 | ) |   | (4,868 | ) |
| Net Income (Loss) Available to Common Shareholders                                                          | $ | 9,089 |  |   | $ | (7,069 | ) |   | $ | 3,428 |  |   | $ | (48,054 | ) |
|                                                                                                        |   |   |   |   |   |   |   |
| _________________________                                                                                   |   |   |   |   |   |   |   |
|                                                                                                        |   |   |   |   |   |   |   |
| Continued on following page                                                                                 |   |   |   |   |   |   |   |

----

|                                                                                                                                                                        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                              |
| Financial Statements                                                                                                                                                   |
| Fourth Quarter 2011                                                                                                                                                    |
|                                                                                                                                                                   |   |   |   |   |   |
|                                                                                                                                                                   | Three Months Ended |   | Twelve Months Ended |
|                                                                                                                                                                   | 12/31/2011 |   | 12/31/2010 |   | 12/31/2011 |   | 12/31/2010 |
|                                                                                                                                                                   |   |   |   |   |   |   |   |
| Income (Loss) per Share - Basic                                                                                                                                        |   |   |   |   |   |   |   |
| Continuing Operations                                                                                                                                                  | $ | 0.11 |  |   | $ | (0.08 | ) |   | $ | (0.22 | ) |   | $ | (0.66 | ) |
| Discontinued Operations                                                                                                                                                | (0.01 | ) |   | (0.01 | ) |   | 0.26 |  |   | (0.01 | ) |
| EPS - Basic                                                                                                                                                            | $ | 0.10 |  |   | $ | (0.09 | ) |   | $ | 0.04 |  |   | $ | (0.67 | ) |
|                                                                                                                                                                   |   |   |   |   |   |   |   |
| Income (Loss) per Share - Diluted                                                                                                                                      |   |   |   |   |   |   |   |
| Continuing Operations                                                                                                                                                  | $ | 0.11 |  |   | $ | (0.08 | ) |   | $ | (0.22 | ) |   | $ | (0.66 | ) |
| Discontinued Operations                                                                                                                                                | (0.01 | ) |   | (0.01 | ) |   | 0.26 |  |   | (0.01 | ) |
| EPS - Diluted                                                                                                                                                          | $ | 0.10 |  |   | $ | (0.09 | ) |   | $ | 0.04 |  |   | $ | (0.67 | ) |
|                                                                                                                                                                   |   |   |   |   |   |   |   |
| (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 December 31, 2011, the Company recorded a $3.3 million charge for a loss contingency related to certain litigation.  For the twelve    |
| months ended December 31, 2011, in addition to the charges recorded during the three months ended December 31, 2011, the Company recorded a $1.5 million               |
| charge for a loss contingency related to certain litigation, $0.7 million in casualty losses as a result of property damage at eight multifamily apartment communities |
| and $0.2 million in non-cash impairment charges related to various for-sale project and land outparcel transactions.  For the twelve months ended December 31,         |
| 2010, the Company incurred $1.0 million in casualty losses related to property damage at four of the Company's multifamily apartment communities.  The                 |
| remaining $0.3 million recorded during 2010 was the result of various for-sale project transactions.                                                                   |

|                                                                                                                                                                |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |
| SHARES AND UNITS OUTSTANDING, WEIGHTED                                                                                                                         |   |   |   |   |   |   |   |
| (shares and units in 000s)                                                                                                                                     | Three Months Ended |   | Twelve Months Ended |
|                                                                                                                                                           | 12/31/2011 |   | 12/31/2010 |   | 12/31/2011 |   | 12/31/2010 |
|                                                                                                                                                           |   |   |   |   |   |   |   |
| Basic                                                                                                                                                          |   |   |   |   |   |   |   |
|    Shares                                                                                                                                       | 86,769 |  |   | 77,148 |  |   | 84,142 |  |   | 71,919 |  |
|    Operating Partnership Units (OP Units)                                                                                                       | 7,191 |  |   | 7,305 |  |   | 7,247 |  |   | 7,617 |  |
|    Total Shares & OP Units                                                                                                                  | 93,960 |  |   | 84,453 |  |   | 91,389 |  |   | 79,536 |  |
|                                                                                                                                                           |   |   |   |   |   |   |   |
| Dilutive Common Share Equivalents                                                                                                                              | 241 |  |   | — |  |   | — |  |   | — |  |
|                                                                                                                                                           |   |   |   |   |   |   |   |
| Diluted (1)                                                                                                                                                    |   |   |   |   |   |   |   |
|    Shares                                                                                                                                       | 87,010 |  |   | 77,148 |  |   | 84,142 |  |   | 71,919 |  |
|    Total Shares & OP Units                                                                                                                  | 94,201 |  |   | 84,453 |  |   | 91,389 |  |   | 79,536 |  |
|                                                                                                                                                           |   |   |   |   |   |   |   |
| (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                                                                                                                                                       |
| Fourth Quarter 2011                                                                                                                                                        |
|                                                                                                                                                                       |   |   |   |   |   |   |   |
| FUNDS FROM OPERATIONS (FFO) RECONCILIATION                                                                                                                                 |   |   |   |   |   |   |   |
| ($ in 000s, except per share data)                                                                                                                                         | Three Months Ended |   | Twelve Months Ended |
|                                                                                                                                                                       | 12/31/2011 |   | 12/31/2010 |   | 12/31/2011 |   | 12/31/2010 |
| Net Income (Loss) Available to Common Shareholders                                                                                                                         | $ | 9,089 |  |   | $ | (7,069 | ) |   | $ | 3,428 |  |   | $ | (48,054 | ) |
| Noncontrolling Interest in CRLP (Operating Partnership Unitholders)                                                                                                        | 748 |  |   | (664 | ) |   | 293 |  |   | (5,068 | ) |
| Total                                                                                                                                                                      | 9,837 |  |   | (7,733 | ) |   | 3,721 |  |   | (53,122 | ) |
|                                                                                                                                                                       |   |   |   |   |   |   |   |
| Adjustments - Consolidated Properties                                                                                                                                      |   |   |   |   |   |   |   |
|    Depreciation - Real Estate                                                                                                                               | 31,531 |  |   | 30,692 |  |   | 126,696 |  |   | 120,471 |  |
|    Amortization - Real Estate                                                                                                                               | 2,047 |  |   | 1,878 |  |   | 8,306 |  |   | 7,248 |  |
|    Remove:  (Gain)/Loss on Sale of Property, net of Income Tax and Noncontrolling Interest                                                                  | (154 | ) |   | 444 |  |   | (23,849 | ) |   | 1,786 |  |
|    Include:  Gain/(Loss) on Sale of Undepreciated Property, net of Income Tax and                                                                           |   |   |   |   |   |   |   |
|    Noncontrolling Interest                                                                                                                                  | 96 |  |   | (444 | ) |   | 102 |  |   | (1,720 | ) |
|          Total Adjustments - Consolidated                                                                                     | 33,520 |  |   | 32,570 |  |   | 111,255 |  |   | 127,785 |  |
|                                                                                                                                                                       |   |   |   |   |   |   |   |
| Adjustments - Unconsolidated Properties                                                                                                                                    |   |   |   |   |   |   |   |
|    Depreciation - Real Estate                                                                                                                               | 1,524 |  |   | 1,867 |  |   | 6,451 |  |   | 8,060 |  |
|    Amortization - Real Estate                                                                                                                               | 459 |  |   | 625 |  |   | 2,822 |  |   | 2,810 |  |
|    Remove:  Gain/(Loss) on Sale of Property                                                                                                                 | (18,787 | ) |   | (3,461 | ) |   | (18,765 | ) |   | (3,578 | ) |
|          Total Adjustments - Unconsolidated                                                                                   | (16,804 | ) |   | (969 | ) |   | (9,492 | ) |   | 7,292 |  |
| Funds from Operations                                                                                                                                                      | $ | 26,553 |  |   | $ | 23,868 |  |   | $ | 105,484 |  |   | $ | 81,955 |  |
|                                                                                                                                                                       |   |   |   |   |   |   |   |
| Income Allocated to Participating Securities                                                                                                                               | (179 | ) |   | (177 | ) |   | (772 | ) |   | (645 | ) |
| Funds from Operations Available to Common Shareholders and Unitholders                                                                                                     | $ | 26,374 |  |   | $ | 23,691 |  |   | $ | 104,712 |  |   | $ | 81,310 |  |
|                                                                                                                                                                       |   |   |   |   |   |   |   |
| FFO per Share                                                                                                                                                              |   |   |   |   |   |   |   |
|    Basic                                                                                                                                                    | $ | 0.28 |  |   | $ | 0.28 |  |   | $ | 1.15 |  |   | $ | 1.02 |  |
|    Diluted                                                                                                                                                  | $ | 0.28 |  |   | $ | 0.28 |  |   | $ | 1.15 |  |   | $ | 1.02 |  |
|                                                                                                                                                                       |   |   |   |   |   |   |   |
| Operating FFO:                                                                                                                                                             |   |   |   |   |   |   |   |
|    Funds from Operations                                                                                                                                    | $ | 26,374 |  |   | $ | 23,691 |  |   | $ | 104,712 |  |   | $ | 81,310 |  |
|    Less:  Transaction Income                                                                                                                                |   |   |   |   |   |   |   |
|               -Development and Land (Gains)/Losses                                                   | (96 | ) |   | 444 |  |   | (102 | ) |   | 1,607 |  |
|               -Bond Repurchase Gains, Net of Write-off                                               | — |  |   | — |  |   | — |  |   | (755 | ) |
|               -Preferred Share/Unit Gains, Net of Issuance Costs                                     | (1,181 | ) |   | (1,682 | ) |   | (1,181 | ) |   | 1,868 |  |
| Operating FFO                                                                                                                                                              | $ | 25,097 |  |   | $ | 22,453 |  |   | $ | 103,429 |  |   | $ | 84,030 |  |
|                                                                                                                                                                       |   |   |   |   |   |   |   |
| Operating FFO per Share                                                                                                                                                    |   |   |   |   |   |   |   |
|    Basic                                                                                                                                                    | $ | 0.27 |  |   | $ | 0.27 |  |   | $ | 1.13 |  |   | $ | 1.06 |  |
|    Diluted                                                                                                                                                  | $ | 0.27 |  |   | $ | 0.27 |  |   | $ | 1.13 |  |   | $ | 1.06 |  |
|                                                                                                                                                                       |   |   |   |   |   |   |   |
| 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 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.                                                                                               |
|                                                                                                                                                                       |   |   |   |   |
| On October 31, 2011, NAREIT issued updated guidance on FFO indicating that all companies should exclude impairment write-downs of depreciable real                         |
| estate assets when computing FFO.  Previously, the Company's calculation of FFO did not exclude impairment write-downs of depreciable real estate assets.                  |
| As a result, the Company has changed its presentation of FFO to exclude impairment write-downs of depreciable real estate assets.  However, no amounts                     |
| presented herein were impacted by this change in presentation.                                                                                                             |
|                                                                                                                                                                       |
| 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 |   | Twelve Months Ended |
|                                                                   | 12/31/2011 |   | 12/31/2010 |   | 12/31/2011 |   | 12/31/2010 |
| Divisional Total Revenues                                              |   |   |   |   |   |   |   |
|    Multifamily - Same Property                          | $ | 75,507 |  |   | $ | 71,575 |  |   | $ | 295,620 |  |   | $ | 283,115 |  |
|    Multifamily - Non-Same Property (1)                  | 9,994 |  |   | 7,329 |  |   | 40,427 |  |   | 26,279 |  |
|    Commercial                                           | 19,401 |  |   | 19,227 |  |   | 77,850 |  |   | 80,015 |  |
|       Total Divisional Revenues          | 104,902 |  |   | 98,131 |  |   | 413,897 |  |   | 389,409 |  |
|                                                                   |   |   |   |   |   |   |   |
| Less:  Unconsolidated Revenues - Multifamily                           | (459 | ) |   | (534 | ) |   | (2,336 | ) |   | (3,106 | ) |
| Less:  Unconsolidated Revenues - Commercial                            | (6,129 | ) |   | (6,938 | ) |   | (26,046 | ) |   | (30,987 | ) |
| Discontinued Operations                                                | (43 | ) |   | (3,988 | ) |   | (12,252 | ) |   | (15,781 | ) |
| Unallocated Corporate Revenues                                         | 2,097 |  |   | 2,781 |  |   | 8,047 |  |   | 11,693 |  |
| Consolidated Revenue Adjusted - '10 Discontinued Operations (2)        | 100,368 |  |   | 89,452 |  |   | 381,310 |  |   | 351,228 |  |
| Add:  Additional Discontinued Operations Revenue, post filing (3)      | — |  |   | 3,986 |  |   | — |  |   | 15,781 |  |
| Total Consolidated Revenue, per 10-Q/10-K (4)                     | $ | 100,368 |  |   | $ | 93,438 |  |   | $ | 381,310 |  |   | $ | 367,009 |  |
|                                                                   |   |   |   |   |   |   |   |
| RECONCILIATION OF EXPENSES                                             |   |   |   |   |   |   |   |
|                                                                   | Three Months Ended |   | Twelve Months Ended |
|                                                                   | 12/31/2011 |   | 12/31/2010 |   | 12/31/2011 |   | 12/31/2010 |
| Divisional Total Expenses                                              |   |   |   |   |   |   |   |
|    Multifamily - Same Property                          | $ | 29,876 |  |   | $ | 28,878 |  |   | $ | 120,730 |  |   | $ | 120,057 |  |
|    Multifamily - Non-Same Property (1)                  | 4,695 |  |   | 5,094 |  |   | 19,272 |  |   | 15,145 |  |
|    Commercial                                           | 6,218 |  |   | 6,376 |  |   | 25,077 |  |   | 26,009 |  |
|       Total Divisional Expenses          | 40,789 |  |   | 40,348 |  |   | 165,079 |  |   | 161,211 |  |
|                                                                   |   |   |   |   |   |   |   |
| Less:  Unconsolidated Expenses - Multifamily                           | (211 | ) |   | (225 | ) |   | (1,153 | ) |   | (1,638 | ) |
| Less:  Unconsolidated Expenses - Commercial                            | (2,147 | ) |   | (2,256 | ) |   | (8,728 | ) |   | (10,148 | ) |
| Discontinued Operations                                                | (488 | ) |   | (3,489 | ) |   | (6,640 | ) |   | (9,111 | ) |
| Total Property Operating Expenses                                      | 37,943 |  |   | 34,378 |  |   | 148,558 |  |   | 140,314 |  |
| Property Management Expenses                                           | 2,187 |  |   | 2,576 |  |   | 9,185 |  |   | 8,584 |  |
| General & Administrative Expenses                                  | 4,844 |  |   | 4,541 |  |   | 20,439 |  |   | 18,563 |  |
| Management Fee and Other Expenses                                      | 2,386 |  |   | 2,245 |  |   | 8,067 |  |   | 9,504 |  |
| Restructuring Charges                                                  | 153 |  |   | 361 |  |   | 153 |  |   | 361 |  |
| Investment and Development Expenses (5)                                | 344 |  |   | 380 |  |   | 1,781 |  |   | 422 |  |
| Impairment and Other Losses                                            | 3,392 |  |   | 394 |  |   | 5,736 |  |   | 1,308 |  |
| Depreciation                                                           | 31,605 |  |   | 29,594 |  |   | 123,460 |  |   | 116,374 |  |
| Amortization                                                           | 2,017 |  |   | 2,217 |  |   | 8,426 |  |   | 8,848 |  |
| Consolidated Expense Adjusted - '10 Discontinued Operations (2)        | 84,871 |  |   | 76,686 |  |   | 325,805 |  |   | 304,278 |  |
| Add:  Additional Discontinued Operations Expense, post filing (3) | — |  |   | 3,284 |  |   | — |  |   | 13,207 |  |
| Total Consolidated Expense, per 10-Q/10-K (4)                          | $ | 84,871 |  |   | $ | 79,970 |  |   | $ | 325,805 |  |   | $ | 317,485 |  |
|                                                                   |   |   |   |   |   |   |   |
| ________________________                                               |   |   |   |   |   |   |   |
| Continued on following page                                            |   |   |   |   |   |   |   |

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|                                                                                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                       |
| Corporate Reconciliations                                                                                                                                       |
| ($ in 000s)                                                                                                                                                     |
|                                                                                                                                                            |   |   |   |   |   |   |   |
| RECONCILIATION OF NOI                                                                                                                                           |   |   |   |   |   |   |   |
|                                                                                                                                                            | Three Months Ended |   | Twelve Months Ended |
|                                                                                                                                                            | 12/31/2011 |   | 12/31/2010 |   | 12/31/2011 |   | 12/31/2010 |
| Divisional Total NOI                                                                                                                                            |   |   |   |   |   |   |   |
|    Multifamily - Same Property                                                                                                                   | $ | 45,631 |  |   | $ | 42,697 |  |   | $ | 174,890 |  |   | $ | 163,058 |  |
|    Multifamily - Non-Same Property (1)                                                                                                           | 5,299 |  |   | 2,235 |  |   | 21,155 |  |   | 11,134 |  |
|    Commercial                                                                                                                                    | 13,183 |  |   | 12,851 |  |   | 52,773 |  |   | 54,006 |  |
|       Total Divisional NOI                                                                                                        | $ | 64,113 |  |   | $ | 57,783 |  |   | $ | 248,818 |  |   | $ | 228,198 |  |
|                                                                                                                                                            |   |   |   |   |   |   |   |
| Less:  Unconsolidated NOI - Multifamily                                                                                                                         | (248 | ) |   | (309 | ) |   | (1,183 | ) |   | (1,468 | ) |
| Less:  Unconsolidated NOI - Commercial                                                                                                                          | (3,982 | ) |   | (4,682 | ) |   | (17,318 | ) |   | (20,839 | ) |
| Discontinued Operations                                                                                                                                         | 445 |  |   | (499 | ) |   | (5,612 | ) |   | (6,670 | ) |
| Unallocated Corporate Revenues                                                                                                                                  | 2,097 |  |   | 2,781 |  |   | 8,047 |  |   | 11,693 |  |
| Property Management Expenses                                                                                                                                    | (2,187 | ) |   | (2,576 | ) |   | (9,185 | ) |   | (8,584 | ) |
| General & Administrative Expenses                                                                                                                           | (4,844 | ) |   | (4,541 | ) |   | (20,439 | ) |   | (18,563 | ) |
| Management Fee and Other Expenses                                                                                                                               | (2,386 | ) |   | (2,245 | ) |   | (8,067 | ) |   | (9,504 | ) |
| Restructuring Charges                                                                                                                                           | (153 | ) |   | (361 | ) |   | (153 | ) |   | (361 | ) |
| Investment and Development Expenses (5)                                                                                                                         | (344 | ) |   | (380 | ) |   | (1,781 | ) |   | (422 | ) |
| Impairment and Other Losses                                                                                                                                     | (3,392 | ) |   | (394 | ) |   | (5,736 | ) |   | (1,308 | ) |
| Depreciation                                                                                                                                                    | (31,605 | ) |   | (29,594 | ) |   | (123,460 | ) |   | (116,374 | ) |
| Amortization                                                                                                                                                    | (2,017 | ) |   | (2,217 | ) |   | (8,426 | ) |   | (8,848 | ) |
| Income from Operations                                                                                                                                          | 15,497 |  |   | 12,766 |  |   | 55,505 |  |   | 46,950 |  |
| Total Other Income (Expense)                                                                                                                                    | (5,412 | ) |   | (19,120 | ) |   | (73,097 | ) |   | (84,467 | ) |
| Income (Loss) from Continuing Operations (6)                                                                                                                    | 10,085 |  |   | (6,354 | ) |   | (17,592 | ) |   | (37,517 | ) |
| Discontinued Operations                                                                                                                                         | — |  |   | 327 |  |   | — |  |   | 1,085 |  |
| Income (Loss) from Continuing Operations, per 10-Q/10-K (4)                                                                                                     | $ | 10,085 |  |   | $ | (6,027 | ) |   | $ | (17,592 | ) |   | $ | (36,432 | ) |
|                                                                                                                                                            |   |   |   |   |   |   |   |
| (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)  Income (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.                                                                              |