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|        |
|--------|
|        |  |  |  |
|   |
|   |   |   |
|   | TABLE OF CONTENTS |   |
|   | Overview and Contact Information............................................................................................................................. | 3 |
| 1      |  | Financial Highlights..................................................................................................................................................... | 4 |
| 2      |  | Quarterly Earnings Announcement and Financial Statements |   |
|   | Consolidated Statements of Operations / Shares ................................................................................................... | 5 |
|   | Funds from Operations (FFO) Reconciliation........................................................................................................... | 7 |
|   | Balance Sheets........................................................................................................................................................ | 8 |
| 3      |  | Multifamily |   |
|   | Portfolio Statistics..................................................................................................................................................... | 9 |
|   | Components of Net Operating Income (NOI)........................................................................................................... | 13 |
|   | Capitalized Expenditures.......................................................................................................................................... | 13 |
|   | Same Property Comparisons................................................................................................................................... | 10 |
| 4      |  | Joint Ventures |   |
|   | Operating Data / Balance Sheet Data...................................................................................................................... | 14 |
|   | Investment Summary................................................................................................................................................ | 15 |
|   | Three Month Income Summary................................................................................................................................ | 16 |
|   | Commercial Operational Statistics........................................................................................................................... | 17 |
| 5      |  | Real Estate Activities................................................................................................................................................... | 18 |
| 6      |  | Consolidated Data |   |
|   | Development Pipeline.............................................................................................................................................. | 19 |
|   | Debt Summary / Coverage Ratios / Covenants / Market Capitalization................................................................... | 20 |
|   | Supplemental Data / Investment Activities............................................................................................................... | 23 |
| 7      |  | Corporate Reconciliations |   |
|   | Revenues / Expenses / NOI..................................................................................................................................... | 24 |
|   | NOI from Discontinued Operations / Adjusted EBITDA........................................................................................... | 25 |
|   | SEC Coverage Ratios............................................................................................................................................... | 27 |
| 8      |  | Appendix |   |
|   | Multifamily Community Table..................................................................................................................................... | 27 |
|   | Commercial Property Table....................................................................................................................................... | 31 |
|   | Unconsolidated Joint Venture Summary................................................................................................................... | 33 |
| 9      |  | Glossary of Terms........................................................................................................................................................ | 34 |

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

|                          |
|--------------------------|
|                          |  |  |  |  |  |
| EQUITY RESEARCH COVERAGE |   |   |   |   |
|                     | Barclays |   | Ross Smotrich |   | 212-526-2306 |
|                     | BMO Capital Markets |   | Rich Anderson |   | 212-885-4180 |
|                     | BoA/Merrill Lynch |   | Jana Galan |   | 646-855-3081 |
|                     | Citigroup |   | Michael Bilerman / Eric Wolfe |   | 212-816-1383 / 212-816-5871 |
|                     | DISCERN, Inc. |   | David Wigginton |   | 646-863-4177 |
|                     | Green Street Advisors |   | Andy McCulloch |   | 949-640-8780 |
|                     | Keefe Bruyette & Woods |   | Taylor Schimkat |   | 212-887-3842 |
|                     | RBC Capital Markets |   | Mike Salinsky |   | 440-715-2648 |
|                     | Sandler O'neill & Partners |   | Alex Goldfarb |   | 212-466-7937 |
|                     | Standard & Poor's Research |   | Raymond Mathis |   | 212-438-9558 |
|                     | UBS |   | Ross Nussbaum |   | 212-713-2484 |
|                     | Wells Fargo Securities, LLC |   | Jeff Donnelly |   | 617-603-4262 |
|                     | Wunderlich Securities |   | Merrill Ross |   | 703-669-9255 |

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |
| GUIDANCE                                                                           |   |   |   |   |
|                                                                               |   |   | FYE 2012 Range |
| Diluted Loss per Share                                                             |   | $ | (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 Funds from Operation ("FFO") per Share | $ | 1.23 |  | $ | 1.29 |  |

----

|                                                                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                        |
| Financial Highlights                                                                                                                                             |
| First Quarter 2012                                                                                                                                               |
|                                                                                                                                                             |   |   |   |   |
| FINANCIAL HIGHLIGHTS                                                                                                                                             |   |   |   |   |
| ($ in 000s, except per share and unit data)                                                                                                                      | Three Months Ended |
|                                                                                                                                                             |   | 3/31/2012 |   | 3/31/2011 |
|                                                                                                                                                             |   |   |   |   |
| Total property revenue (1)                                                                                                                                       |   | $ | 100,262 |  |   | $ | 88,109 |  |
|                                                                                                                                                             |   |   |   |   |
| Multifamily property revenue (2)                                                                                                                                 |   | 87,831 |  |   | 80,081 |  |
| Multifamily property NOI (2)                                                                                                                                     |   | 52,899 |  |   | 46,952 |  |
|                                                                                                                                                             |   |   |   |   |
| Management & leasing fee revenue                                                                                                                             |   | 1,344 |  |   | 1,810 |  |
|                                                                                                                                                             |   |   |   |   |
| Adjusted EBITDA (3)                                                                                                                                         |   | 58,302 |  |   | 54,370 |  |
|                                                                                                                                                             |   |   |   |   |
| Net income (loss) per share:                                                                                                                                     |   |   |   |   |
|      Basic                                                                                                                              |   | (0.07 | ) |   | (0.15 | ) |
|      Diluted                                                                                                                            |   | (0.07 | ) |   | (0.15 | ) |
|                                                                                                                                                             |   |   |   |   |
| Funds from operations per share:                                                                                                                                 |   |   |   |   |
|      Basic                                                                                                                              |   | 0.30 |  |   | 0.27 |  |
|      Diluted                                                                                                                            |   | 0.30 |  |   | 0.27 |  |
|                                                                                                                                                             |   |   |   |   |
| Dividends per share                                                                                                                                              |   | 0.18 |  |   | 0.15 |  |
|                                                                                                                                                             |   |   |   |   |
| Dividends/EPS (diluted) payout ratio                                                                                                                             |   | (257.1 | )% |   | (100.0 | )% |
| Dividends/FFO (diluted) payout ratio                                                                                                                             |   | 60.0 |  % |   | 55.6 |  % |
|                                                                                                                                                             |   |   |   |   |
| Consolidated interest expense (1)                                                                                                                           |   | $ | 23,053 |  |   | $ | 21,239 |  |
| Consolidated interest income (1)                                                                                                                                 |   | (1,031 | ) |   | (416 | ) |
|      Net interest expense (1)                                                                                                      |   | 22,022 |  |   | 20,823 |  |
|                                                                                                                                                             |   |   |   |   |
| Pro-rata share of joint venture interest expense                                                                                                                 | 2,290 |  |   | 2,937 |  |
|                                                                                                                                                             |   |   |   |   |
| Principal reductions                                                                                                                                             |   | 572 |  |   | 364 |  |
| Preferred dividends & distributions                                                                                                                          |   | — |  |   | 906 |  |
|                                                                                                                                                             |   |   |   |   |
| Interest coverage ratio (4)                                                                                                                                      |   | 2.3 |  |   | 2.2 |  |
| Fixed charge coverage ratio (4)                                                                                                                             |   | 2.2 |  |   | 2.1 |  |
| Fixed charge with capitalized interest ratio (4)                                                                                                            | 2.2 |  |   | 2.1 |  |
|                                                                                                                                                             |   |   |   |   |
| Multifamily same property NOI increase (5)                                                                                                                       | 8.3 |  % |   | 5.7 |  % |
|      (# of apartment homes included)                                                                                                    |   | 30,323 |  |   | 30,959 |  |
|                                                                                                                                                             |   |   |   |   |
|                                                                                                                                                             |   | As of |   | As of |
|                                                                                                                                                             |   | 3/31/2012 |   | 12/31/2011 |
| Total assets                                                                                                                                                     |   | $ | 3,273,309 |  |   | $ | 3,258,605 |  |
| Total debt                                                                                                                                                       |   | 1,801,759 |  |   | 1,759,727 |  |
| Common shares and units, outstanding end of period                                                                                                               | 95,073 |  |   | 94,643 |  |
| Share price, end of period                                                                                                                                       |   | 21.73 |  |   | 20.86 |  |
| Book equity value, end of period (6)                                                                                                                        |   | 1,346,090 |  |   | 1,364,173 |  |
| Market equity value, end of period (7)                                                                                                                      |   | 2,065,932 |  |   | 1,974,253 |  |
| Debt to total market capitalization ratio (8)                                                                                                               | 46.5 |  % |   | 47.1 |  % |
| Unencumbered real estate assets (at cost) to unsecured debt ratio (8)                                                                                            | 254.1 |  % |   | 259.6 |  % |
|                                                                                                                                                             |   |   |   |   |
| (1)  Represents consolidated properties excluding amounts classified in discontinued operations.  For the GAAP reconciliation of revenues, expenses and NOI, see |
| page 24 and 25.                                                                                                                                                  |
| (2)  For components of revenues and NOI, see page 10.                                                                                                            |
| (3)  For a reconciliation of Adjusted EBITDA, see page 26.                                                                                                       |
| (4)  For additional information on these calculations, see page 21.                                                                                              |
| (5)  Multifamily same property communities are communities which were owned by the Company and stabilized as of January 1, 2011, as adjusted for dispositions    |
| during the year.                                                                                                                                                 |
| (6)  Includes common shares and preferred units.                                                                                                                 |
| (7)  Includes common shares and units.                                                                                                                           |
| (8)  Excludes the Company's pro-rata share of partially-owned unconsolidated debt.                                                                               |

----

|                                                                                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                 |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                       |
| Financial Statements                                                                                                                                            |
| First Quarter 2012                                                                                                                                              |
|                                                                                                                                                            |   |   |   |
| CONSOLIDATED STATEMENTS OF OPERATIONS                                                                                                                           |   |   |   |
| ($ in 000s, except per share data)                                                                                                                              | Three Months Ended |
|                                                                                                                                                            | 3/31/2012 |   | 3/31/2011 |
| Revenues                                                                                                                                                        |   |   |   |
|    Minimum Rent                                                                                                                                  | $ | 83,614 |  |   | $ | 73,526 |  |
|    Tenant Recoveries                                                                                                                             | 3,004 |  |   | 2,698 |  |
|    Other Property Related Revenue                                                                                                                | 13,644 |  |   | 11,885 |  |
|    Other Non-Property Related Revenue                                                                                                            | 1,344 |  |   | 1,810 |  |
|       Total Revenues                                                                                                              | 101,606 |  |   | 89,919 |  |
|                                                                                                                                                            |   |   |   |
| Operating Expenses                                                                                                                                              |   |   |   |
| Operating Expenses:                                                                                                                                             |   |   |   |
|       Property Operating Expenses                                                                                                 | 27,332 |  |   | 24,623 |  |
|       Taxes, Licenses and Insurance                                                                                               | 11,595 |  |   | 10,619 |  |
|          Total Property Operating Expenses                                                                         | 38,927 |  |   | 35,242 |  |
|    Property Management Expense                                                                                                                   | 2,846 |  |   | 2,422 |  |
|    General and Administrative Expense                                                                                                            | 5,767 |  |   | 5,203 |  |
|    Management Fee and Other Expenses                                                                                                             | 2,045 |  |   | 1,770 |  |
|    Investment and Development Expense (1)                                                                                                        | 387 |  |   | 587 |  |
|    Depreciation                                                                                                                                  | 32,177 |  |   | 30,286 |  |
|    Amortization                                                                                                                                  | 2,080 |  |   | 2,127 |  |
|    Impairment and Other Losses (2)                                                                                                               | 500 |  |   | 2,097 |  |
|       Total Operating Expenses                                                                                                    | 84,729 |  |   | 79,734 |  |
|                                                                                                                                                            |   |   |   |
| Income from Operations                                                                                                                                          | 16,877 |  |   | 10,185 |  |
|                                                                                                                                                            |   |   |   |
| Other Income (Expense)                                                                                                                                          |   |   |   |
|    Interest Expense                                                                                                                              | (23,053 | ) |   | (20,878 | ) |
|    Debt Cost Amortization                                                                                                                        | (1,433 | ) |   | (1,150 | ) |
|    Interest Income                                                                                                                               | 1,031 |  |   | 416 |  |
|    Income (Loss) from Partially-Owned Investments                                                                                                | 673 |  |   | (340 | ) |
|    Loss on Sale of Property                                                                                                                      | (227 | ) |   | (79 | ) |
|    Income Tax and Other                                                                                                                          | (188 | ) |   | (248 | ) |
|       Total Other Income (Expense)                                                                                                | (23,197 | ) |   | (22,279 | ) |
|                                                                                                                                                            |   |   |   |
| Loss from Continuing Operations                                                                                                                                 | (6,320 | ) |   | (12,094 | ) |
|                                                                                                                                                            |   |   |   |
| Discontinued Operations                                                                                                                                         |   |   |   |
|    (Loss) Income from Discontinued Operations                                                                                                    | (131 | ) |   | 338 |  |
|    Loss on Disposal of Discontinued Operations                                                                                                   | (2 | ) |   | — |  |
| Net (Loss) Income from Discontinued Operations                                                                                                                  | (133 | ) |   | 338 |  |
|                                                                                                                                                            |   |   |   |
| Net Loss                                                                                                                                                        | (6,453 | ) |   | (11,756 | ) |
|                                                                                                                                                            |   |   |   |
| Noncontrolling Interest                                                                                                                                         |   |   |   |
| Continuing Operations                                                                                                                                           |   |   |   |
|    Noncontrolling Interest of Limited Partners                                                                                                   | (9 | ) |   | (3 | ) |
|    Noncontrolling Interest in CRLP - Preferred                                                                                                   | — |  |   | (906 | ) |
|    Noncontrolling Interest in CRLP - Common                                                                                                      | 478 |  |   | 1,082 |  |
| Discontinued Operations                                                                                                                                         |   |   |   |
|    Noncontrolling Interest in CRLP - Common                                                                                                      | 10 |  |   | (28 | ) |
| Loss Attributable to Noncontrolling Interest                                                                                                                    | 479 |  |   | 145 |  |
|                                                                                                                                                            |   |   |   |
| Net Loss Available to Common Shareholders                                                                                                                       | $ | (5,974 | ) |   | $ | (11,611 | ) |
|                                                                                                                                                            |   |   |   |
| Loss per Share - Basic                                                                                                                                          |   |   |   |
|    Continuing Operations                                                                                                                         | $ | (0.07 | ) |   | $ | (0.15 | ) |
|    Discontinued Operations                                                                                                                       | — |  |   | — |  |
|       EPS - Basic                                                                                                                 | $ | (0.07 | ) |   | $ | (0.15 | ) |
|                                                                                                                                                            |   |   |   |
| Loss per Share - Diluted                                                                                                                                        |   |   |   |
|    Continuing Operations                                                                                                                         | $ | (0.07 | ) |   | $ | (0.15 | ) |
|    Discontinued Operations                                                                                                                       | — |  |   | — |  |
|       EPS - Diluted                                                                                                               | $ | (0.07 | ) |   | $ | (0.15 | ) |
|                                                                                                                                                            |   |   |   |
| (1)  Reflects costs incurred related to acquisitions and abandoned pursuits. These costs are volatile and therefore may vary between periods.                   |
| (2)  During the three months ended March 31, 2012, the Company recorded a $0.5 million charge as a result of warranty claims on units previously sold at one of |
| the Company's for-sale residential projects. During the three months ended March 31, 2011, the Company recorded a $1.5 million charge for a loss contingency    |
| related to certain litigation, $0.4 million in casualty losses and $0.2 million in non-cash impairment charges.                                                 |

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|                                                                                                                                                                     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                     |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                           |
| Financial Statements                                                                                                                                                |
| First Quarter 2012                                                                                                                                                  |
|                                                                                                                                                                |   |   |   |
| SHARES AND UNITS OUTSTANDING, WEIGHTED                                                                                                                              |   |   |   |
| (shares and units in 000s)                                                                                                                                          | Three Months Ended |
|                                                                                                                                                                | 3/31/2012 |   | 3/31/2011 |
| Basic                                                                                                                                                               |   |   |   |
|    Shares                                                                                                                                            | 87,012 |  |   | 79,512 |  |
|    Operating Partnership Units (OP Units)                                                                                                            | 7,169 |  |   | 7,284 |  |
|    Total Shares & OP Units                                                                                                                       | 94,181 |  |   | 86,796 |  |
|                                                                                                                                                                |   |   |   |
| Dilutive Common Share Equivalents                                                                                                                                   | — |  |   | — |  |
|                                                                                                                                                                |   |   |   |
| Diluted (1)                                                                                                                                                         |   |   |   |
|    Shares                                                                                                                                            | 87,012 |  |   | 79,512 |  |
|    Total Shares & OP Units                                                                                                                       | 94,181 |  |   | 86,796 |  |
|                                                                                                                                                                |   |   |   |
| (1)  For periods where the Company reported a net loss from continuing operations (after preferred dividends), the effect of dilutive shares has been excluded from |
| per share computations as including such shares would be anti-dilutive.                                                                                             |

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|                                                                                                                                                                    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                    |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                          |
| Financial Statements                                                                                                                                               |
| First Quarter 2012                                                                                                                                                 |
|                                                                                                                                                               |   |   |   |
| FUNDS FROM OPERATIONS (FFO) RECONCILIATION                                                                                                                         |   |   |   |
| ($ in 000s, except per share data)                                                                                                                                 | Three Months Ended |   |
|                                                                                                                                                               | 3/31/2012 |   | 3/31/2011 |
| Net Loss Available to Common Shareholders                                                                                                                          | $ | (5,974 | ) |   | $ | (11,611 | ) |
| Noncontrolling Interest in CRLP (Operating Partnership Unitholders)                                                                                                | (488 | ) |   | (1,054 | ) |
| Total                                                                                                                                                              | (6,462 | ) |   | (12,665 | ) |
|                                                                                                                                                               |   |   |   |
| Adjustments - Consolidated Properties                                                                                                                              |   |   |   |
|    Depreciation - Real Estate                                                                                                                       | 31,961 |  |   | 31,751 |  |
|    Amortization - Real Estate                                                                                                                       | 2,118 |  |   | 2,046 |  |
|    Remove: (Gain)/Loss on Sale of Property, net of Income Tax and Noncontrolling Interest                                                           | 229 |  |   | 79 |  |
|    Include: Gain/(Loss) on Sale of Undepreciated Property, net of Income Tax and                                                                    |   |   |   |
|    Noncontrolling Interest                                                                                                                          | (261 | ) |   | (79 | ) |
|          Total Adjustments - Consolidated                                                                             | 34,047 |  |   | 33,797 |  |
|                                                                                                                                                               |   |   |   |
| Adjustments - Unconsolidated Properties                                                                                                                            |   |   |   |
|    Depreciation - Real Estate                                                                                                                       | 1,117 |  |   | 1,651 |  |
|    Amortization - Real Estate                                                                                                                       | 367 |  |   | 654 |  |
|    Remove:  (Gain)/Loss on Sale of Property                                                                                                         | (803 | ) |   | 21 |  |
|          Total Adjustments - Unconsolidated                                                                           | 681 |  |   | 2,326 |  |
|                                                                                                                                                               |   |   |   |
| Funds from Operations                                                                                                                                              | $ | 28,266 |  |   | $ | 23,458 |  |
|                                                                                                                                                               |   |   |   |
| Income Allocated to Participating Securities                                                                                                                       | (219 | ) |   | (200 | ) |
|                                                                                                                                                               |   |   |   |
| Funds from Operations Available to Common Shareholders and Unitholders                                                                                             | $ | 28,047 |  |   | $ | 23,258 |  |
|                                                                                                                                                               |   |   |   |
| FFO per Share                                                                                                                                                      |   |   |   |
|    Basic                                                                                                                                            | $ | 0.30 |  |   | $ | 0.27 |  |
|    Diluted                                                                                                                                          | $ | 0.30 |  |   | $ | 0.27 |  |
|                                                                                                                                                               |   |   |   |
| Operating FFO:                                                                                                                                                     |   |   |   |
|    Funds from Operations                                                                                                                            | $ | 28,047 |  |   | $ | 23,258 |  |
|    Less:  Transaction Income                                                                                                                        |   |   |   |
|               -Development and Land Losses                                                   | 261 |  |   | 79 |  |
| Operating FFO                                                                                                                                                      | $ | 28,308 |  |   | $ | 23,337 |  |
|                                                                                                                                                               |   |   |   |
| Operating FFO per Share                                                                                                                                            |   |   |   |
|    Basic                                                                                                                                            | $ | 0.30 |  |   | $ | 0.27 |  |
|    Diluted                                                                                                                                          | $ | 0.30 |  |   | $ | 0.27 |  |
|                                                                                                                                                               |   |
| 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.                                                                                       |   |
|                                                                                                                                                               |   |
| 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 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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|                                                                               |
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|                                                                               |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                     |
| Financial Statements                                                          |
| First Quarter 2012                                                            |
|                                                                          |   |   |   |
| BALANCE SHEET                                                                 |   |   |   |
| ($ in 000s)                                                                   | As of |   | As of |
|                                                                          | 3/31/2012 |   | 12/31/2011 |
| ASSETS                                                                        |   |   |   |
| Real Estate Assets                                                            |   |   |   |
| Operating Properties                                                          | $ | 3,495,238 |  |   | $ | 3,445,455 |  |
| Undeveloped Land & Construction in Progress                               | 317,883 |  |   | 306,826 |  |
|      Total Real Estate, before Depreciation          | 3,813,121 |  |   | 3,752,281 |  |
|                                                                          |   |   |   |
| Less: Accumulated Depreciation                                                | (762,632 | ) |   | (731,894 | ) |
| Real Estate Assets Held for Sale, net                                         | 15,713 |  |   | 10,543 |  |
|      Net Real Estate Assets                          | 3,066,202 |  |   | 3,030,930 |  |
| Cash and Equivalents                                                          | 5,430 |  |   | 6,452 |  |
| Restricted Cash                                                               | 32,000 |  |   | 43,489 |  |
| Accounts Receivable, net                                                      | 25,825 |  |   | 26,762 |  |
| Notes Receivable                                                              | 43,465 |  |   | 43,787 |  |
| Prepaid Expenses                                                              | 15,119 |  |   | 19,912 |  |
| Deferred Debt and Lease Costs                                                 | 25,461 |  |   | 22,408 |  |
| Investment in Unconsolidated Subsidiaries                                     | 9,469 |  |   | 12,303 |  |
| Other Assets                                                                  | 50,338 |  |   | 52,562 |  |
|      Total Assets                                    | $ | 3,273,309 |  |   | $ | 3,258,605 |  |
|                                                                          |   |   |   |
| LIABILITIES                                                                   |   |   |   |
| Unsecured Credit Facility                                                     | $ | 226,503 |  |   | $ | 184,000 |  |
| Notes and Mortgages Payable                                                   | 1,575,256 |  |   | 1,575,727 |  |
|      Total Debt                                      | 1,801,759 |  |   | 1,759,727 |  |
| Accounts Payable                                                              | 29,824 |  |   | 50,266 |  |
| Accrued Interest                                                              | 16,446 |  |   | 11,923 |  |
| Accrued Expenses                                                              | 25,992 |  |   | 15,731 |  |
| Investment in Unconsolidated Subsidiaries                                     | 32,085 |  |   | 31,577 |  |
| Other Liabilities                                                             | 21,113 |  |   | 25,208 |  |
|      Total Liabilities                               | 1,927,219 |  |   | 1,894,432 |  |
|                                                                          |   |   |   |
| Redeemable Common Units                                                       | 164,985 |  |   | 159,582 |  |
|                                                                          |   |   |   |
| EQUITY                                                                        |   |   |   |
| Limited Partner's Noncontrolling Interest                                     | 723 |  |   | 728 |  |
|                                                                          |   |   |   |
| Cumulative Earnings                                                           | 1,261,984 |  |   | 1,267,958 |  |
| Cumulative Distributions                                                      | (1,878,635 | ) |   | (1,862,838 | ) |
| Common Equity, including Additional Paid-in Capital                           | 1,962,417 |  |   | 1,965,812 |  |
| Treasury Shares, at Cost                                                      | (150,163 | ) |   | (150,163 | ) |
| Accumulated Other Comprehensive Loss                                          | (15,221 | ) |   | (16,906 | ) |
|      Total Equity, including Noncontrolling Interest | 1,181,105 |  |   | 1,204,591 |  |
| Total Liabilities and Equity                                                  | $ | 3,273,309 |  |   | $ | 3,258,605 |  |

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |
| SHARES & UNITS OUTSTANDING, END OF PERIOD                        |   |   |   |
| (shares and units in 000s)                                           | As of |   | As of |
|                                                                 | 3/31/2012 |   | 12/31/2011 |
| Basic                                                                |   |   |   |
|      Shares                                 | 87,905 |  |   | 87,474 |  |
|      Operating Partnership Units (OP Units) | 7,168 |  |   | 7,169 |  |
|      Total Shares & OP Units            | 95,073 |  |   | 94,643 |  |

----

|                                                                                                                                                                |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                      |
| Multifamily Portfolio Statistics                                                                                                                               |
| First Quarter 2012                                                                                                                                             |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| COMMUNITY PORTFOLIO AT MARCH 31, 2012  (In apartment homes)                                                                                                    |   |   |   |   |   |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                           | Same | Non Same | Wholly | Joint | Stabilized | In | Total | Current |   |
|                                                                                                                                                           | Property | Property | Owned | Venture (1) | Operating | Lease-Up | Operating | Developments | Total |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Atlanta                                                                                                                                                        | 2,598 |  | — |  | 2,598 |  | 72 |   | 2,670 |   | — |  | 2,670 |  | — |  | 2,670 |  |
| Austin                                                                                                                                                         | 2,908 |  | 336 |  | 3,244 |  | — |   | 3,244 |   | — |  | 3,244 |  | 296 |  | 3,540 |  |
| Birmingham                                                                                                                                                     | 1,608 |  | — |  | 1,608 |  | — |   | 1,608 |   | — |  | 1,608 |  | — |  | 1,608 |  |
| Charleston                                                                                                                                                     | 1,578 |  | 312 |  | 1,890 |  | — |   | 1,890 |   | — |  | 1,890 |  | — |  | 1,890 |  |
| Charlotte                                                                                                                                                      | 4,530 |  | 321 |  | 4,851 |  | — |   | 4,851 |   | — |  | 4,851 |  | 353 |  | 5,204 |  |
| Dallas/Fort Worth                                                                                                                                              | 3,688 |  | 590 |  | 4,278 |  | 29 |   | 4,307 |   | — |  | 4,307 |  | — |  | 4,307 |  |
| Huntsville                                                                                                                                                     | 836 |  | — |  | 836 |  | — |   | 836 |   | — |  | 836 |  | — |  | 836 |  |
| Orlando                                                                                                                                                        | 1,756 |  | — |  | 1,756 |  | — |   | 1,756 |   | — |  | 1,756 |  | 340 |  | 2,096 |  |
| Phoenix                                                                                                                                                        | 952 |  | — |  | 952 |  | — |   | 952 |   | — |  | 952 |  | — |  | 952 |  |
| Raleigh                                                                                                                                                        | 2,328 |  | 666 |  | 2,994 |  | 74 |   | 3,068 |   | — |  | 3,068 |  | — |  | 3,068 |  |
| Richmond                                                                                                                                                       | 1,700 |  | — |  | 1,700 |  | — |   | 1,700 |   | — |  | 1,700 |  | — |  | 1,700 |  |
| Savannah                                                                                                                                                       | 1,437 |  | — |  | 1,437 |  | — |   | 1,437 |   | — |  | 1,437 |  | — |  | 1,437 |  |
| Other                                                                                                                                                          | 4,404 |  | 761 |  | 5,165 |  | — |   | 5,165 |   | 486 |  | 5,651 |  | — |  | 5,651 |  |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Total Portfolio                                                                                                                                                | 30,323 |  | 2,986 |  | 33,309 |  | 175 |   | 33,484 |   | 486 |  | 33,970 |  | 989 |  | 34,959 |  |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION (2)                                                                                                   |   | PHYSICAL OCCUPANCY (3) |   |   |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                           |   |   | Total NOI |   |   |   |   |   |   |   |   |
|                                                                                                                                                           | Same Property | Incl. JV's at |   |   | Mar 31 | Dec 31 | Sep 30 | June 30 | Mar 31 |
|                                                                                                                                                           | Communities | Pro Rata % (4) |   |   | 2012 | 2011 | 2011 | 2011 | 2011 |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Atlanta                                                                                                                                                        |   | 8.8 | % | 8.1 | % |   |   | 96.5% | 96.1% | 95.3% | 95.7% | 94.4% |
| Austin                                                                                                                                                         |   | 9.4 | % | 9.5 | % |   |   | 96.5% | 96.0% | 97.2% | 96.6% | 96.4% |
| Birmingham                                                                                                                                                     |   | 5.0 | % | 4.5 | % |   |   | 96.5% | 95.3% | 95.6% | 95.1% | 95.6% |
| Charleston                                                                                                                                                     |   | 5.3 | % | 5.7 | % |   |   | 96.9% | 97.4% | 96.8% | 98.4% | 97.5% |
| Charlotte                                                                                                                                                      |   | 13.7 | % | 13.6 | % |   |   | 95.4% | 95.9% | 96.0% | 96.0% | 96.0% |
| Dallas/Fort Worth                                                                                                                                              |   | 10.6 | % | 11.4 | % |   |   | 95.1% | 92.7% | 93.5% | 95.6% | 96.2% |
| Huntsville                                                                                                                                                     |   | 2.7 | % | 2.5 | % |   |   | 95.2% | 93.7% | 96.1% | 97.6% | 96.2% |
| Orlando                                                                                                                                                        |   | 7.1 | % | 6.4 | % |   |   | 95.3% | 96.0% | 95.2% | 97.2% | 97.3% |
| Phoenix                                                                                                                                                        |   | 3.7 | % | 3.4 | % |   |   | 95.8% | 96.2% | 97.7% | 94.6% | 93.3% |
| Raleigh                                                                                                                                                        |   | 8.0 | % | 9.7 | % |   |   | 96.1% | 96.1% | 96.7% | 95.8% | 95.8% |
| Richmond                                                                                                                                                       |   | 5.8 | % | 5.2 | % |   |   | 96.0% | 96.0% | 96.9% | 95.5% | 96.0% |
| Savannah                                                                                                                                                       |   | 5.5 | % | 4.9 | % |   |   | 98.2% | 96.8% | 97.7% | 98.1% | 98.8% |
| Other                                                                                                                                                          |   | 14.4 | % | 15.1 | % |   |   | 96.3% | 95.8% | 95.4% | 96.1% | 95.7% |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Total Portfolio (5)                                                                                                                                            | 100.0 | % | 100.0 | % |   |   | 96.1% | 95.6% | 95.9% | 96.2% | 96.0% |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Same Property (6)                                                                                                                                              |   |   |   |   | 96.0% | 95.9% | 96.1% | 96.2% | 96.1% |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| (1)  Joint venture units shown represents the Company's pro-rata share of total units.  There are 1,016 total units at the Company's partially-owned apartment |
| communities.                                                                                                                                                   |
| (2)  For the GAAP reconciliation of revenues, expenses and NOI, see page 24 and 25.                                                                            |
| (3)  Occupancy figures include apartment homes held through joint venture investments but exclude communities in lease-up or under development.  For a         |
| detailed occupancy listing by property, see the Multifamily Community Table on page 28.                                                                        |
| (4)  Based on total NOI from wholly-owned operating communities and the Company's pro-rata share of total NOI from joint venture communities.                  |
| (5)  Total portfolio occupancy includes wholly-owned operating communities and joint venture communities.                                                      |
| (6)  Same property communities are communities which were owned by the Company and stabilized as of January 1, 2011, as adjusted for dispositions during       |
| the year.  The 2011 same property data reflects results of the 2012 same property portfolio, as adjusted for dispositions during the year.                     |

----

|                                                                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                        |
| Multifamily Same Property Quarter Comparisons                                                                                                                    |
| First Quarter 2012                                                                                                                                               |
| ($ in 000s, except property data amounts)                                                                                                                        |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| REVENUES, EXPENSES & NOI FOR THE THREE MONTHS ENDED MARCH 31, 2012 (1)                                                                                  |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   | Revenues |   |   |   |   |   | Expenses |   |   |   |   |   | NOI |   |   |
|                                                                                                                                                             | 1Q12 |   | 1Q11 |   | % Chg |   | 1Q12 |   | 1Q11 |   | % Chg |   | 1Q12 |   | 1Q11 |   | % Chg |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Atlanta                                                                                                                                                          | $ | 7,198 |  |   | $ | 6,803 |  |   | 5.8 |  % |   | $ | 3,024 |  |   | $ | 2,977 |  |   | 1.6 |  % |   | $ | 4,174 |  |   | $ | 3,826 |  |   | 9.1 | % |
| Austin                                                                                                                                                           | 7,831 |  |   | 7,376 |  |   | 6.2 |  % |   | 3,346 |  |   | 3,287 |  |   | 1.8 |  % |   | 4,485 |  |   | 4,089 |  |   | 9.7 | % |
| Birmingham                                                                                                                                                       | 3,953 |  |   | 3,681 |  |   | 7.4 |  % |   | 1,568 |  |   | 1,547 |  |   | 1.4 |  % |   | 2,385 |  |   | 2,134 |  |   | 11.8 | % |
| Charleston                                                                                                                                                       | 4,078 |  |   | 3,796 |  |   | 7.4 |  % |   | 1,574 |  |   | 1,587 |  |   | (0.8 | )% |   | 2,504 |  |   | 2,209 |  |   | 13.4 | % |
| Charlotte                                                                                                                                                        | 10,792 |  |   | 9,995 |  |   | 8.0 |  % |   | 4,248 |  |   | 4,101 |  |   | 3.6 |  % |   | 6,544 |  |   | 5,894 |  |   | 11.0 | % |
| Dallas / Fort Worth                                                                                                                                              | 9,352 |  |   | 8,967 |  |   | 4.3 |  % |   | 4,327 |  |   | 4,143 |  |   | 4.4 |  % |   | 5,025 |  |   | 4,824 |  |   | 4.2 | % |
| Huntsville                                                                                                                                                       | 2,104 |  |   | 2,035 |  |   | 3.4 |  % |   | 799 |  |   | 782 |  |   | 2.2 |  % |   | 1,305 |  |   | 1,253 |  |   | 4.2 | % |
| Orlando                                                                                                                                                          | 5,428 |  |   | 5,228 |  |   | 3.8 |  % |   | 2,037 |  |   | 1,981 |  |   | 2.8 |  % |   | 3,391 |  |   | 3,247 |  |   | 4.4 | % |
| Phoenix                                                                                                                                                          | 2,652 |  |   | 2,375 |  |   | 11.7 |  % |   | 877 |  |   | 871 |  |   | 0.7 |  % |   | 1,775 |  |   | 1,504 |  |   | 18.0 | % |
| Raleigh                                                                                                                                                          | 5,921 |  |   | 5,587 |  |   | 6.0 |  % |   | 2,113 |  |   | 2,107 |  |   | 0.3 |  % |   | 3,808 |  |   | 3,480 |  |   | 9.4 | % |
| Richmond                                                                                                                                                         | 4,373 |  |   | 4,229 |  |   | 3.4 |  % |   | 1,620 |  |   | 1,617 |  |   | 0.2 |  % |   | 2,753 |  |   | 2,612 |  |   | 5.4 | % |
| Savannah                                                                                                                                                         | 4,054 |  |   | 3,805 |  |   | 6.5 |  % |   | 1,446 |  |   | 1,332 |  |   | 8.6 |  % |   | 2,608 |  |   | 2,473 |  |   | 5.5 | % |
| Other                                                                                                                                                            | 11,107 |  |   | 10,534 |  |   | 5.4 |  % |   | 4,269 |  |   | 4,143 |  |   | 3.0 |  % |   | 6,838 |  |   | 6,391 |  |   | 7.0 | % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Same Property (2)                                                                                                                                          | $ | 78,843 |  |   | $ | 74,411 |  |   | 6.0 |  % |   | $ | 31,248 |  |   | $ | 30,475 |  |   | 2.5 |  % |   | $ | 47,595 |  |   | $ | 43,936 |  |   | 8.3 | % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             | Financial Occupancy (3) |   | Revenue per Unit (4) |   | Rent per Unit (5) |
|                                                                                                                                                             | 1Q12 |   | 1Q11 |   | % Chg |   | 1Q12 |   | 1Q11 |   | % Chg |   | 1Q12 |   | 1Q11 |   | % Chg |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Atlanta                                                                                                                                                          | 95.0 | % |   | 92.7 | % |   | 2.3 |  % |   | $ | 972 |  |   | $ | 942 |  |   | 3.2 |  % |   | $ | 792 |  |   | $ | 764 |  |   | 3.7 | % |
| Austin                                                                                                                                                           | 96.0 | % |   | 95.8 | % |   | 0.2 |  % |   | 935 |  |   | 882 |  |   | 6.0 |  % |   | 795 |  |   | 739 |  |   | 7.6 | % |
| Birmingham                                                                                                                                                       | 95.4 | % |   | 93.8 | % |   | 1.6 |  % |   | 859 |  |   | 814 |  |   | 5.5 |  % |   | 731 |  |   | 698 |  |   | 4.7 | % |
| Charleston                                                                                                                                                       | 96.7 | % |   | 95.4 | % |   | 1.3 |  % |   | 891 |  |   | 841 |  |   | 5.9 |  % |   | 751 |  |   | 703 |  |   | 6.8 | % |
| Charlotte                                                                                                                                                        | 94.8 | % |   | 94.4 | % |   | 0.4 |  % |   | 837 |  |   | 779 |  |   | 7.4 |  % |   | 703 |  |   | 658 |  |   | 6.8 | % |
| Dallas / Fort Worth                                                                                                                                              | 93.5 | % |   | 94.5 | % |   | (1.0 | )% |   | 904 |  |   | 858 |  |   | 5.4 |  % |   | 749 |  |   | 715 |  |   | 4.8 | % |
| Huntsville                                                                                                                                                       | 93.7 | % |   | 94.0 | % |   | (0.3 | )% |   | 895 |  |   | 863 |  |   | 3.7 |  % |   | 739 |  |   | 712 |  |   | 3.8 | % |
| Orlando                                                                                                                                                          | 94.5 | % |   | 95.4 | % |   | (0.9 | )% |   | 1,090 |  |   | 1,041 |  |   | 4.7 |  % |   | 934 |  |   | 889 |  |   | 5.1 | % |
| Phoenix                                                                                                                                                          | 96.2 | % |   | 93.1 | % |   | 3.1 |  % |   | 966 |  |   | 894 |  |   | 8.1 |  % |   | 823 |  |   | 771 |  |   | 6.7 | % |
| Raleigh                                                                                                                                                          | 95.1 | % |   | 94.9 | % |   | 0.2 |  % |   | 892 |  |   | 843 |  |   | 5.8 |  % |   | 770 |  |   | 731 |  |   | 5.3 | % |
| Richmond                                                                                                                                                         | 95.0 | % |   | 95.3 | % |   | (0.3 | )% |   | 903 |  |   | 870 |  |   | 3.8 |  % |   | 746 |  |   | 719 |  |   | 3.8 | % |
| Savannah                                                                                                                                                         | 97.2 | % |   | 97.4 | % |   | (0.2 | )% |   | 967 |  |   | 906 |  |   | 6.7 |  % |   | 816 |  |   | 768 |  |   | 6.3 | % |
| Other                                                                                                                                                            | 95.2 | % |   | 94.7 | % |   | 0.5 |  % |   | 884 |  |   | 842 |  |   | 5.0 |  % |   | 750 |  |   | 722 |  |   | 3.9 | % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Same Property (2)                                                                                                                                     | 95.1 | % |   | 94.7 | % |   | 0.4 |  % |   | $ | 911 |  |   | $ | 864 |  |   | 5.4 |  % |   | $ | 767 |  |   | $ | 728 |  |   | 5.4 | % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)  For the GAAP reconciliation of revenues, expenses and NOI, see page 24 and 25.                                                                              |
| (2)  Same-property communities are communities which were owned by the Company and stabilized as of January 1, 2011, as adjusted for dispositions during         |
| the year.  The 2011 same property data reflects results of the 2012 same property portfolio, as adjusted for dispositions during the year.                       |
| (3)  The Company defines Financial Occupancy as market rent less vacancy loss as a percentage of market rent.                                               |
| (4)  Revenue per Unit is total revenue divided by total number of occupied units.                                                                                |
| (5)  Rent per Unit is the average net effective rental rate per occupied unit.  The Company defines net effective rental rate as the Company's rental rate after |
| "loss to lease", concessions and vacancy.                                                                                                                        |

----

|                                                                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                        |
| Multifamily Same Property Sequential Quarter Comparisons                                                                                                         |
| First Quarter 2012                                                                                                                                               |
| ($ in 000s, except property data amounts)                                                                                                                        |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SAME PROPERTY SEQUENTIAL COMPARISON OF REVENUES, EXPENSES & NOI                                                                                              |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   | Revenues |   |   |   |   |   | Expenses |   |   |   |   |   | NOI |   |   |
|                                                                                                                                                             | 1Q12 |   | 4Q11 |   | % Chg |   | 1Q12 |   | 4Q11 |   | % Chg |   | 1Q12 |   | 4Q11 |   | % Chg |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Atlanta                                                                                                                                                          | $ | 7,198 |  |   | $ | 7,139 |  |   | 0.8 |  % |   | $ | 3,024 |  |   | $ | 2,942 |  |   | 2.8 |  % |   | $ | 4,174 |  |   | $ | 4,197 |  |   | (0.5 | )% |
| Austin                                                                                                                                                           | 7,831 |  |   | 7,759 |  |   | 0.9 |  % |   | 3,346 |  |   | 3,358 |  |   | (0.4 | )% |   | 4,485 |  |   | 4,401 |  |   | 1.9 |  % |
| Birmingham                                                                                                                                                       | 3,953 |  |   | 3,883 |  |   | 1.8 |  % |   | 1,568 |  |   | 1,542 |  |   | 1.7 |  % |   | 2,385 |  |   | 2,341 |  |   | 1.9 |  % |
| Charleston                                                                                                                                                       | 4,078 |  |   | 4,013 |  |   | 1.6 |  % |   | 1,574 |  |   | 1,577 |  |   | (0.2 | )% |   | 2,504 |  |   | 2,436 |  |   | 2.8 |  % |
| Charlotte                                                                                                                                                        | 10,792 |  |   | 10,702 |  |   | 0.8 |  % |   | 4,248 |  |   | 4,209 |  |   | 0.9 |  % |   | 6,544 |  |   | 6,493 |  |   | 0.8 |  % |
| Dallas / Fort Worth                                                                                                                                              | 9,352 |  |   | 9,289 |  |   | 0.7 |  % |   | 4,327 |  |   | 4,213 |  |   | 2.7 |  % |   | 5,025 |  |   | 5,076 |  |   | (1.0 | )% |
| Huntsville                                                                                                                                                       | 2,104 |  |   | 2,121 |  |   | (0.8 | )% |   | 799 |  |   | 767 |  |   | 4.2 |  % |   | 1,305 |  |   | 1,354 |  |   | (3.6 | )% |
| Orlando                                                                                                                                                          | 5,428 |  |   | 5,442 |  |   | (0.3 | )% |   | 2,037 |  |   | 1,866 |  |   | 9.2 |  % |   | 3,391 |  |   | 3,576 |  |   | (5.2 | )% |
| Phoenix                                                                                                                                                          | 2,652 |  |   | 2,604 |  |   | 1.8 |  % |   | 877 |  |   | 950 |  |   | (7.7 | )% |   | 1,775 |  |   | 1,654 |  |   | 7.3 |  % |
| Raleigh                                                                                                                                                          | 5,921 |  |   | 5,993 |  |   | (1.2 | )% |   | 2,113 |  |   | 2,146 |  |   | (1.5 | )% |   | 3,808 |  |   | 3,847 |  |   | (1.0 | )% |
| Richmond                                                                                                                                                         | 4,373 |  |   | 4,380 |  |   | (0.2 | )% |   | 1,620 |  |   | 1,641 |  |   | (1.3 | )% |   | 2,753 |  |   | 2,739 |  |   | 0.5 |  % |
| Savannah                                                                                                                                                         | 4,054 |  |   | 4,027 |  |   | 0.7 |  % |   | 1,446 |  |   | 1,451 |  |   | (0.3 | )% |   | 2,608 |  |   | 2,576 |  |   | 1.2 |  % |
| Other                                                                                                                                                            | 11,107 |  |   | 11,010 |  |   | 0.9 |  % |   | 4,269 |  |   | 4,231 |  |   | 0.9 |  % |   | 6,838 |  |   | 6,779 |  |   | 0.9 |  % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Same Property (1)                                                                                                                                     | $ | 78,843 |  |   | $ | 78,362 |  |   | 0.6 | % |   | $ | 31,248 |  |   | $ | 30,893 |  |   | 1.1 |  % |   | $ | 47,595 |  |   | $ | 47,469 |  |   | 0.3 |  % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                             | Financial Occupancy (2) |   | Revenue per Unit (3) |   | Rent per Unit (4) |
|                                                                                                                                                             | 1Q12 |   | 4Q11 |   | % Chg |   | 1Q12 |   | 4Q11 |   | % Chg |   | 1Q12 |   | 4Q11 |   | % Chg |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Atlanta                                                                                                                                                          | 95.0 | % |   | 94.4 | % |   | 0.6 |  % |   | $ | 972 |  |   | $ | 971 |  |   | 0.1 |  % |   | $ | 792 |  |   | $ | 790 |  |   | 0.3 |  % |
| Austin                                                                                                                                                           | 96.0 | % |   | 95.9 | % |   | 0.1 |  % |   | 935 |  |   | 927 |  |   | 0.9 |  % |   | 795 |  |   | 787 |  |   | 1.0 |  % |
| Birmingham                                                                                                                                                       | 95.4 | % |   | 94.8 | % |   | 0.6 |  % |   | 859 |  |   | 849 |  |   | 1.2 |  % |   | 731 |  |   | 726 |  |   | 0.7 |  % |
| Charleston                                                                                                                                                       | 96.7 | % |   | 96.5 | % |   | 0.2 |  % |   | 891 |  |   | 878 |  |   | 1.5 |  % |   | 751 |  |   | 740 |  |   | 1.5 |  % |
| Charlotte                                                                                                                                                        | 94.8 | % |   | 95.2 | % |   | (0.4 | )% |   | 837 |  |   | 827 |  |   | 1.2 |  % |   | 703 |  |   | 696 |  |   | 1.0 |  % |
| Dallas / Fort Worth                                                                                                                                              | 93.5 | % |   | 93.4 | % |   | 0.1 |  % |   | 904 |  |   | 899 |  |   | 0.6 |  % |   | 749 |  |   | 743 |  |   | 0.8 |  % |
| Huntsville                                                                                                                                                       | 93.7 | % |   | 92.8 | % |   | 0.9 |  % |   | 895 |  |   | 912 |  |   | (1.9 | )% |   | 739 |  |   | 745 |  |   | (0.8 | )% |
| Orlando                                                                                                                                                          | 94.5 | % |   | 95.4 | % |   | (0.9 | )% |   | 1,090 |  |   | 1,083 |  |   | 0.6 |  % |   | 934 |  |   | 923 |  |   | 1.2 |  % |
| Phoenix                                                                                                                                                          | 96.2 | % |   | 95.7 | % |   | 0.5 |  % |   | 966 |  |   | 952 |  |   | 1.5 |  % |   | 823 |  |   | 810 |  |   | 1.6 |  % |
| Raleigh                                                                                                                                                          | 95.1 | % |   | 96.4 | % |   | (1.3 | )% |   | 892 |  |   | 890 |  |   | 0.2 |  % |   | 770 |  |   | 762 |  |   | 1.0 |  % |
| Richmond                                                                                                                                                         | 95.0 | % |   | 94.9 | % |   | 0.1 |  % |   | 903 |  |   | 905 |  |   | (0.2 | )% |   | 746 |  |   | 742 |  |   | 0.5 |  % |
| Savannah                                                                                                                                                         | 97.2 | % |   | 97.1 | % |   | 0.1 |  % |   | 967 |  |   | 962 |  |   | 0.5 |  % |   | 816 |  |   | 813 |  |   | 0.4 |  % |
| Other                                                                                                                                                            | 95.2 | % |   | 95.5 | % |   | (0.3 | )% |   | 884 |  |   | 872 |  |   | 1.4 |  % |   | 750 |  |   | 744 |  |   | 0.8 |  % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Same Property (1)                                                                                                                                     | 95.1 | % |   | 95.2 | % |   | (0.1 | )% |   | $ | 911 |  |   | $ | 905 |  |   | 0.7 |  % |   | $ | 767 |  |   | $ | 761 |  |   | 0.8 |  % |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)  Same-property communities are communities which were owned by the Company and stabilized as of January 1, 2011, as adjusted for dispositions                |
| during the year.  The 2011 same property data reflects results of the 2012 same property portfolio, as adjusted for dispositions during the year.                |
| (2)  The Company defines Financial Occupancy as market rent less vacancy loss as a percentage of market rent.                                               |
| (3)  Revenue per Unit is total revenue divided by total number of occupied units.                                                                                |
| (4)  Rent per Unit is the average net effective rental rate per occupied unit.  The Company defines net effective rental rate as the Company's rental rate after |
| "loss to lease", concessions and vacancy.                                                                                                                        |

----

|                                                                                                                                                                        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                              |
| Multifamily Same Property Operating Expenses Comparisons                                                                                                               |
| First Quarter 2012                                                                                                                                                     |
| ($ in 000s)                                                                                                                                                            |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| COMPARISON OF SAME PROPERTY OPERATING EXPENSES FOR THE THREE MONTHS ENDED MARCH 31, 2012                                                                               |   |   |   |   |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   | % of Operating Expense |   |   |
|                                                                                                                                                                   | 1Q12 |   | 1Q11 |   | $ Change |   | % Change |   | 1Q12 |   | 1Q11 |   | Change |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| On-site Payroll (1)                                                                                                                                                    | $ | 8,328 |  |   | $ | 7,692 |  |   | $ | 636 |  |   | 8.3 |  % |   | 26.7 | % |   | 25.2 | % |   | 1.5 |  % |
| Real Estate Taxes                                                                                                                                                      | 7,897 |  |   | 7,647 |  |   | 250 |  |   | 3.3 |  % |   | 25.3 | % |   | 25.1 | % |   | 0.2 |  % |
| Utilities (2)                                                                                                                                                          | 7,077 |  |   | 7,040 |  |   | 37 |  |   | 0.5 |  % |   | 22.6 | % |   | 23.1 | % |   | (0.5 | )% |
| Repairs and Maintenance (3)                                                                                                                                            | 5,067 |  |   | 4,976 |  |   | 91 |  |   | 1.8 |  % |   | 16.2 | % |   | 16.3 | % |   | (0.1 | )% |
| Insurance                                                                                                                                                              | 1,088 |  |   | 1,275 |  |   | (187 | ) |   | (14.7 | )% |   | 3.5 | % |   | 4.2 | % |   | (0.7 | )% |
| General and Administrative                                                                                                                                             | 1,159 |  |   | 1,153 |  |   | 6 |  |   | 0.5 |  % |   | 3.7 | % |   | 3.8 | % |   | (0.1 | )% |
| Advertising and Promotions                                                                                                                                             | 632 |  |   | 692 |  |   | (60 | ) |   | (8.7 | )% |   | 2.0 | % |   | 2.3 | % |   | (0.3 | )% |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Same Property (4)                                                                                                                                           | $ | 31,248 |  |   | $ | 30,475 |  |   | $ | 773 |  |   | 2.5 |  % |   | 100.0 | % |   | 100.0 | % |   |   |
|                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)  On-site payroll - Includes payroll and related expenses for on-site personnel including property managers, leasing consultants and maintenance staff.             |
| (2)  Utilities - Represents gross expenses prior to any recoveries from tenants and includes bulk cable program expenses.  Recoveries are reflected in "Other          |
| Property Related Revenue".                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (3)  Repairs and maintenance - Includes general maintenance costs, unit turnover costs including interior painting, routine landscaping, security, exterminating, fire |
| protection, roof and parking lot repairs and other miscellaneous repair costs.                                                                                         |
| (4)  Same property communities are communities which were owned by the Company and stabilized as of January 1, 2011, as adjusted for dispositions during the           |
| year.  The 2011 same property data reflects results of the 2012 same property communities, as adjusted for dispositions during the year.                               |

----

|                                                                                                                                            |
|--------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                  |
| Components of Property Net Operating Income and Capitalized Expenditures for Multifamily Portfolio                                         |
| First Quarter 2012                                                                                                                         |
| ($ in 000s, except property data and per unit amounts)                                                                                     |
|                                                                                                                                       |   |   |   |   |   |   |   |
| COMPONENTS OF PROPERTY NET OPERATING INCOME (1)                                                                                       |   |   |   |   |   |   |
|                                                                                                                                       |   |   |   |   |   |   |   |   |
|                                                                                                                                       |   | Apartment |   | Three Months Ended |
|                                                                                                                                       |   | Homes |   | 3/31/2012 |   | 3/31/2011 |   | Change |
| Property Revenue                                                                                                                           |   |   |   |   |   |   |   |   |
| Same Property Communities (2)                                                                                                         |   | 30,323 |  |   | $ | 78,843 |  |   | $ | 74,411 |  |   | $ | 4,432 |  |
| Non-Same Property Communities                                                                                                              |   | 2,986 |  |   | 8,145 |  |   | 1,418 |  |   | 6,727 |  |
| Joint Venture Communities (3)                                                                                                              |   | 175 |  |   | 468 |  |   | 711 |  |   | (243 | ) |
| Lease up Communities                                                                                                                       |   | 486 |  |   | 362 |  |   | — |  |   | 362 |  |
| Dispositions / Other                                                                                                                       |   | — |  |   | 13 |  |   | 3,541 |  |   | (3,528 | ) |
|      Total Property Revenue                                                                                       |   | 33,970 |  |   | $ | 87,831 |  |   | $ | 80,081 |  |   | $ | 7,750 |  |
|                                                                                                                                       |   |   |   |   |   |   |   |   |
| Property Expenses                                                                                                                          |   |   |   |   |   |   |   |   |
| Same Property Communities (2)                                                                                                         |   | 30,323 |  |   | $ | 31,248 |  |   | $ | 30,475 |  |   | $ | 773 |  |
| Non-Same Property Communities                                                                                                              |   | 2,986 |  |   | 3,180 |  |   | 631 |  |   | 2,549 |  |
| Joint Venture Communities (3)                                                                                                              |   | 175 |  |   | 204 |  |   | 364 |  |   | (160 | ) |
| Lease up Communities                                                                                                                       |   | 486 |  |   | 301 |  |   | — |  |   | 301 |  |
| Dispositions / Other                                                                                                                       |   | — |  |   | (1 | ) |   | 1,659 |  |   | (1,660 | ) |
|      Total Property Expenses                                                                                      |   | 33,970 |  |   | $ | 34,932 |  |   | $ | 33,129 |  |   | $ | 1,803 |  |
|                                                                                                                                       |   |   |   |   |   |   |   |   |
| Property Net Operating Income                                                                                                              |   |   |   |   |   |   |   |   |
| Same Property Communities (2)                                                                                                              |   | 30,323 |  |   | $ | 47,595 |  |   | $ | 43,936 |  |   | $ | 3,659 |  |
| Non-Same Property Communities                                                                                                              |   | 2,986 |  |   | 4,965 |  |   | 787 |  |   | 4,178 |  |
| Joint Venture Communities (3)                                                                                                              |   | 175 |  |   | 264 |  |   | 347 |  |   | (83 | ) |
| Lease up Communities                                                                                                                       |   | 486 |  |   | 61 |  |   | — |  |   | 61 |  |
| Dispositions / Other                                                                                                                       |   | — |  |   | 14 |  |   | 1,882 |  |   | (1,868 | ) |
|      Total Property Net Operating Income                                                                          | 33,970 |  |   | $ | 52,899 |  |   | $ | 46,952 |  |   | $ | 5,947 |  |
|                                                                                                                                       |   |   |   |   |   |   |   |   |
| CAPITALIZED EXPENDITURES                                                                                                                   |   |   |   |   |   |   |   |
|                                                                                                                                       |   |   |   |   |   |   |   |   |
|                                                                                                                                       |   | Apartment |   | Three Months Ended |
|                                                                                                                                       |   | Homes |   | 3/31/2012 |   | 3/31/2011 |   | Change |
| Capitalized Expenses                                                                                                                       |   |   |   |   |   |   |   |   |
| Same Property Communities (2)                                                                                                              |   | 30,323 |  |   | $ | 2,659 |  |   | $ | 3,048 |  |   | $ | (389 | ) |
| Non-Same Property Communities                                                                                                              |   | 2,986 |  |   | 296 |  |   | 2 |  |   | 294 |  |
| Joint Venture Communities (3)                                                                                                         |   | 175 |  |   | 14 |  |   | 13 |  |   | 1 |  |
| Dispositions / Other                                                                                                                       |   | — |  |   | (7 | ) |   | 33 |  |   | (40 | ) |
|      Total Property Capitalized Expenses                                                                          | 33,484 |  |   | $ | 2,962 |  |   | $ | 3,096 |  |   | $ | (134 | ) |
|                                                                                                                                       |   |   |   |   |   |   |   |   |
| Capitalized Expenses per Unit                                                                                                              |   |   |   |   |   |   |   |   |
| Same Property Communities (2)                                                                                                              |   | 30,323 |  |   | $ | 88 |  |   | $ | 101 |  |   | $ | (13 | ) |
| Non-Same Property Communities                                                                                                              |   | 2,986 |  |   | 99 |  |   | 1 |  |   | 98 |  |
| Joint Venture Communities                                                                                                                  |   | 175 |  |   | 80 |  |   | 74 |  |   | 6 |  |
|      Total Per Unit                                                                                               |   | 33,484 |  |   | $ | 88 |  |   | $ | 92 |  |   | $ | (4 | ) |
|                                                                                                                                       |   |   |   |   |   |   |   |   |
| (1)  For the GAAP reconciliation of revenues, expenses and NOI, see page 24 and 25.                                                        |
| (2)  The 2011 same property data reflects results of the 2012 same property portfolio, as adjusted for dispositions during the year.       |
| (3)  Includes the Company's pro-rata share of apartment homes, revenues, expenses and NOI from partially-owned unconsolidated communities. |

----

|                                                                                                                                                     |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                     |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TURST                                                                                                                           |
| Unconsolidated Joint Ventures                                                                                                                       |
| ($ in 000s)                                                                                                                                         |
|                                                                                                                                                |   |   |   |   |
| JOINT VENTURE OPERATIONS                                                                                                                            |   |   |   |   |
|                                                                                                                                                |   |   |   |   |
|                                                                                                                                                |   | Three Months Ended |
| OPERATING DATA (1)                                                                                                                             |   | 3/31/2012 |   | 3/31/2011 |
|                                                                                                                                                |   |   |   |   |
| Property Revenues                                                                                                                                   |   |   |   |   |
|    Rental Revenue                                                                                                                    |   | $ | 4,997 |  |   | $ | 7,028 |  |
|    Other Property Revenue                                                                                                            |   | 282 |  |   | 271 |  |
|       Total Property Revenues                                                                                         |   | 5,279 |  |   | 7,299 |  |
|                                                                                                                                                |   |   |   |   |
| Property Expenses                                                                                                                                   |   |   |   |   |
|    Property Operating and Maintenance                                                                                                |   | 1,163 |  |   | 1,442 |  |
|    Taxes, License and Insurance                                                                                                      |   | 579 |  |   | 809 |  |
|       Total Property Expenses                                                                                         |   | 1,742 |  |   | 2,251 |  |
|                                                                                                                                                |   |   |   |   |
|    Net Operating Income (NOI)                                                                                                        |   | 3,537 |  |   | 5,048 |  |
|                                                                                                                                                |   |   |   |   |
|    Other Income (Expense)                                                                                                            |   |   |   |   |
|    Interest, net                                                                                                                     |   | (2,305 | ) |   | (2,957 | ) |
|    Depreciation and Amortization (2)                                                                                                 |   | (1,352 | ) |   | (2,346 | ) |
|    Other                                                                                                                             |   | (10 | ) |   | (64 | ) |
|       Total Other Expenses                                                                                            |   | (3,667 | ) |   | (5,367 | ) |
|                                                                                                                                                |   |   |   |   |
|    Gain (Loss) on Sale of Properties, net                                                                                            |   | 803 |  |   | (21 | ) |
|    Income (Loss) from Partially-Owned Investments                                                                                    | $ | 673 |  |   | $ | (340 | ) |
|                                                                                                                                                |   |   |   |   |
|                                                                                                                                                |   | As of |
| BALANCE SHEET DATA (3)                                                                                                                         |   | 3/31/2012 |   | 12/31/2011 |
|                                                                                                                                                |   |   |   |   |
|    Real Estate Assets, net                                                                                                           |   | $ | 1,039,322 |  |   | $ | 1,058,107 |  |
|    Other Assets, net                                                                                                                 |   | 74,086 |  |   | 78,564 |  |
|       Total Assets                                                                                                    |   | $ | 1,113,408 |  |   | $ | 1,136,671 |  |
|                                                                                                                                                |   |   |   |   |
|    Notes Payable                                                                                                                     |   | $ | 956,211 |  |   | $ | 957,068 |  |
|    Other Liabilities                                                                                                                 |   | 101,720 |  |   | 106,068 |  |
|       Total Liabilities                                                                                               |   | 1,057,931 |  |   | 1,063,136 |  |
|                                                                                                                                                |   |   |   |   |
|    Member's Equity                                                                                                                   |   | 55,477 |  |   | 73,535 |  |
|       Total Liabilities and Member's Equity                                                                           |   | $ | 1,113,408 |  |   | $ | 1,136,671 |  |
|                                                                                                                                                |   |   |   |   |
| Colonial's Equity Investment (4)                                                                                                                    |   | $ | (22,616 | ) |   | $ | (19,274 | ) |
| Colonial's Pro-rata Share of Debt                                                                                                                   |   | $ | 147,668 |  |   | $ | 147,842 |  |
|                                                                                                                                                |   |   |   |   |
| (1)  Operating data represents the Company's pro-rata share of revenues, expenses and NOI.                                                          |
| (2)  Includes amortization of excess basis differences for certain joint ventures.                                                                  |
| (3)  Balance sheet data reported at 100%.                                                                                                           |   |   |   |   |
| (4)  Includes distributions in excess of investment balance for certain joint ventures.  These joint ventures are presented as "Liabilities" on the |
| Company's Balance Sheet as of March 31, 2012.                                                                                                       |

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|--------------------------------------------------------------------------------------------|
|                                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                  |
| Investments in Real Estate Joint Ventures                                                  |
| As of March 31, 2012                                                                       |
| ($ in 000s)                                                                                |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Average |   |   |   |   |
|                                                                                       |   |   |   |   |   | Gross |   |   |   |   |   |   |   | Average |   | Remaining |   |   |   |   |
|                                                                                       |   | Number of |   | Total |   | Investment in |   | Construction |   | Mortgages and |   | Ownership |   | Interest |   | Term |   | % Fixed |   | % Variable |
| Venture                                                                                    |   | Properties |   | Units/GLA (1) |   | Real Estate (2) |   | in Progress |   | Notes Payable |   | Interest |   | Rate |   | (In Months) |   | Rate |   | Rate |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| MULTIFAMILY                                                                                |   | 5 |  |   | 1,016 |  |   | $ | 102,062 |  |   | $ | 13,841 |  |   | $ | 65,766 |  |   | 17 | % |   | 5.66 | % |   | 36 |  |   | 100.00 | % |   | — | % |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| COMMERCIAL                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| DRA/CLP                                                                                    |   | 18 |  |   | 5,220 |  |   | $ | 936,820 |  |   | $ | — |  |   | $ | 741,909 |  |   | 15 | % |   | 5.61 | % |   | 27 |  |   | 100.00 | % |   | — |  |
| Bluerock                                                                                   |   | 9 |  |   | 1,703 |  |   | 236,101 |  |   | — |  |   | 107,184 |  |   | 10 | % |   | 6.47 | % |   | 68 |  |   | 100.00 | % |   | — |  |
| Other (3)                                                                                  |   | 3 |  |   | 827 |  |   | 56,853 |  |   | — |  |   | 41,354 |  |   | 31 | % |   | 3.42 | % |   | 9 |  |   | 36.43 | % |   | 63.57 | % |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|           Total Commercial               |   | 30 |  |   | 7,750 |  |   | $ | 1,229,774 |  |   | $ | — |  |   | $ | 890,447 |  |   |   |   |   |   |   |   |   |   |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                       |   | 35 |  |   |   |   | $ | 1,331,836 |  |   | $ | 13,841 |  |   | $ | 956,213 |  |   |   |   |   |   |   |   |   |   |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| For more information on partially-owned unconsolidated assets, see Appendix pages 28-33.   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)  Gross leasable area (in 000s) includes anchor-owned square footage.                   |
| (2)  Represents gross investment in real estate at 100% (excluding depreciation)           |
| (3)  On February 1, 2012, the Company sold its 25% interest in Colonial Promenade Madison. |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                                                               |
|-------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                     |
| Operating Joint Venture Income Summary                                                                                        |
| ($ in 000s)                                                                                                                   |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| FOR THE THREE MONTHS ENDED MARCH 31, 2012                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Colonial Share |
|                                                                                                                          |   | Total |   | Operating |   | Net Operating |   | Interest |   | Other (Income) |   | Gain (Loss) |   | Depreciation & |   | Net Income |   | of Net Income |
| Venture                                                                                                                       |   | Revenues |   | Expenses |   | Income |   | Expense |   | Expenses |   | on Sales |   | Amortization |   | (Loss) |   | (Loss) (1) |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| MULTIFAMILY                                                                                                                   |   | $ | 2,740 |  |   | $ | 1,277 |  |   | $ | 1,463 |  |   | $ | 876 |  |   | $ | 21 |  |   | $ | — |  |   | $ | 946 |  |   | $ | (380 | ) |   | $ | (47 | ) |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| COMMERCIAL                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| DRA/CLP                                                                                                                       |   | $ | 24,427 |  |   | $ | 9,178 |  |   | $ | 15,249 |  |   | $ | 10,521 |  |   | $ | 58 |  |   | $ | — |  |   | $ | 8,756 |  |   | $ | (4,086 | ) |   | $ | (185 | ) |
| Bluerock                                                                                                                      |   | 6,361 |  |   | 1,950 |  |   | 4,411 |  |   | 3,306 |  |   | 24 |  |   | — |  |   | 2,653 |  |   | (1,572 | ) |   | (58 | ) |
| Other (2)                                                                                                                |   | 1,608 |  |   | 460 |  |   | 1,148 |  |   | 659 |  |   | 21 |  |   | 803 |  |   | 424 |  |   | 847 |  |   | 963 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|           Total Commercial                                                  |   | $ | 32,396 |  |   | $ | 11,588 |  |   | $ | 20,808 |  |   | $ | 14,486 |  |   | $ | 103 |  |   | $ | 803 |  |   | $ | 11,833 |  |   | $ | (4,811 | ) |   | $ | 720 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                          |   | $ | 35,136 |  |   | $ | 12,865 |  |   | $ | 22,271 |  |   | $ | 15,362 |  |   | $ | 124 |  |   | $ | 803 |  |   | $ | 12,779 |  |   | $ | (5,191 | ) |   | $ | 673 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Results of operations presented represents 100% of the operations for the properties in these joint ventures.                 |
| For more information on partially-owned unconsolidated assets, see Appendix pages 28-33.                                      |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)  Includes amortization or release of excess basis differences and management fee eliminations for certain joint ventures. |
| (2)  On February 1, 2012, the Company sold its 25% interest in Colonial Promenade Madison.                                    |

----

|                                                                                                                                                                                                |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                                                      |
| Commercial Operational Statistics                                                                                                                                                              |
| First Quarter 2012                                                                                                                                                                             |
|                                                                                                                                                                                           | As of |   |   |   |   |   | As of |   |   |   |   |
|                                                                                                                                                                                           | 3/31/2012 |   | 3/31/2011 |   |   |   |   |   | 3/31/2012 |   | 3/31/2011 |   |   |   |   |
| Base rent per square foot - Straight-line                                                                                                                                                      |   |   |   |   | Square Feet (in 000's) |   |   |   |   |   |   |   |
|    Office                                                                                                                                                                       |   |   |   |   |          Office |   |   |   |   |   |   |   |
|       Consolidated                                                                                                                                               | $ | 26.51 |  |   | $ | 26.71 |  |   |             Consolidated | 1,154 |  |   | 1,330 |  |   |   |   |   |
|       Unconsolidated                                                                                                                                             | 19.40 |  |   | 19.46 |  |   |             Unconsolidated (2) | 918 |  |   | 918 |  |   |   |   |   |
|    Retail (1)                                                                                                                                                                   |   |   |   |   |          Retail |   |   |   |   |   |   |   |
|       Consolidated                                                                                                                                               | $ | 22.62 |  |   | $ | 23.09 |  |   |             Consolidated | 1,260 |  |   | 1,224 |  |   |   |   |   |
|       Unconsolidated                                                                                                                                             | 21.02 |  |   | 22.08 |  |   |             Unconsolidated (2) | 136 |  |   | 440 |  |   |   |   |   |
| Base rent per square foot - Cash                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Office                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Consolidated                                                                                                                                               | $ | 26.12 |  |   | $ | 25.69 |  |   |   |   |   |   |   |   |   |   |   |   |   |
|       Unconsolidated                                                                                                                                             | 19.33 |  |   | 19.04 |  |   |   |   |   |   |   |   |   |   |   |   |   |
|    Retail (1)                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Consolidated                                                                                                                                               | $ | 22.54 |  |   | $ | 23.09 |  |   |   |   |   |   |   |   |   |   |   |   |   |
|       Unconsolidated                                                                                                                                             | 21.08 |  |   | 21.75 |  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)  This calculation includes tenants occupying less than 10,000 square feet (i.e., excludes anchor tenants).  Rental terms for anchor tenants generally are not representative of the larger |
| portfolio.                                                                                                                                                                                     |
| (2)  Square footage includes the Company's weighted square footage for partially-owned unconsolidated properties based on the Company's ownership percentage.  See Appendix                    |
| pages 31-33 for additional details.                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OFFICE LEASE EXPIRATION SCHEDULE                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (SF & $ in 000s)                                                                                                                                                                           | Total Assets at 100% |   | Total Assets at Pro Rata Share |
|                                                                                                                                                                                           |   |   | % of Leased |   |   |   | % of |   |   |   | % of Leased |   |   |   | % of |
|                                                                                                                                                                                           | SF |   | SF |   | Rent |   | Total |   | SF |   | SF |   | Rent |   | Total |
| 2012                                                                                                                                                                                           | 840 |  |   | 13 | % |   | $ | 18,014 |  |   | 14 | % |   | 124 |  |   | 7 | % |   | $ | 2,676 |  |   | 8 | % |
| 2013                                                                                                                                                                                           | 776 |  |   | 12 | % |   | 15,580 |  |   | 12 | % |   | 121 |  |   | 7 | % |   | 2,490 |  |   | 7 | % |
| 2014                                                                                                                                                                                           | 545 |  |   | 8 | % |   | 10,759 |  |   | 9 | % |   | 97 |  |   | 5 | % |   | 1,846 |  |   | 5 | % |
| 2015                                                                                                                                                                                           | 966 |  |   | 15 | % |   | 15,675 |  |   | 12 | % |   | 214 |  |   | 12 | % |   | 3,878 |  |   | 11 | % |
| 2016                                                                                                                                                                                           | 775 |  |   | 12 | % |   | 13,976 |  |   | 11 | % |   | 140 |  |   | 8 | % |   | 2,558 |  |   | 7 | % |
| 2017+                                                                                                                                                                                          | 2,727 |  |   | 41 | % |   | 51,440 |  |   | 41 | % |   | 1,145 |  |   | 62 | % |   | 21,377 |  |   | 61 | % |
| Total Leased SF                                                                                                                                                                                | 6,629 |  |   |   |   | $ | 125,444 |  |   |   |   | 1,841 |  |   |   |   | $ | 34,825 |  |   |   |
|                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| RETAIL LEASE EXPIRATION SCHEDULE                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (SF & $ in 000s)                                                                                                                                                                           | Total Assets at 100% |   | Total Assets at Pro Rata Share |
|                                                                                                                                                                                           |   |   | % of Leased |   |   |   | % of |   |   |   | % of Leased |   |   |   | % of |
|                                                                                                                                                                                           | SF |   | SF |   | Rent |   | Total |   | SF |   | SF |   | Rent |   | Total |
| 2012                                                                                                                                                                                           | 112 |  |   | 6 | % |   | $ | 1,941 |  |   | 7 | % |   | 43 |  |   | 4 | % |   | $ | 969 |  |   | 5 | % |
| 2013                                                                                                                                                                                           | 171 |  |   | 9 | % |   | 3,466 |  |   | 12 | % |   | 88 |  |   | 7 | % |   | 1,801 |  |   | 9 | % |
| 2014                                                                                                                                                                                           | 126 |  |   | 7 | % |   | 2,490 |  |   | 8 | % |   | 80 |  |   | 6 | % |   | 1,478 |  |   | 7 | % |
| 2015                                                                                                                                                                                           | 112 |  |   | 6 | % |   | 2,234 |  |   | 8 | % |   | 93 |  |   | 7 | % |   | 1,820 |  |   | 9 | % |
| 2016                                                                                                                                                                                           | 267 |  |   | 15 | % |   | 2,619 |  |   | 9 | % |   | 232 |  |   | 18 | % |   | 2,114 |  |   | 11 | % |
| 2017+                                                                                                                                                                                          | 1,059 |  |   | 57 | % |   | 16,216 |  |   | 56 | % |   | 736 |  |   | 58 | % |   | 11,794 |  |   | 59 | % |
| Total Leased SF                                                                                                                                                                                | 1,847 |  |   |   |   | $ | 28,966 |  |   |   |   | 1,272 |  |   |   |   | $ | 19,976 |  |   |   |
|                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OFFICE CAPITAL EXPENDITURES                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                           |   |   |   |   | Three Months Ended |   |   |   |   |   |   |
|    Capital Expenditures ($ in 000s)                                                                                                                                             |   |   |   |   | 3/31/2012 |   | 3/31/2011 |   |   |   |   |   |   |   |   |
|       Regular Maintenance                                                                                                                                        |   |   |   |   | $ | 55 |  |   | $ | 49 |  |   |   |   |   |   |   |   |   |
|       Tenant Improvements                                                                                                                                        |   |   |   |   | 163 |  |   | 39 |  |   |   |   |   |   |   |   |   |
|       Leasing Commissions                                                                                                                                        |   |   |   |   | 79 |  |   | 162 |  |   |   |   |   |   |   |   |   |
|       Total                                                                                                                                                      |   |   |   |   | $ | 297 |  |   | $ | 250 |  |   |  |   |  |   |   |   |   |
|       Less:  Unconsolidated Assets                                                                                                                               |   |   |   |   | (263 | ) |   | (222 | ) |   |   |   |   |   |   |   |   |
|       Total - Consolidated Assets                                                                                                                                |   |   |   |   | $ | 34 |  |   | $ | 28 |  |   |  |   |  |   |   |   |   |
|                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| RETAIL CAPITAL EXPENDITURES                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                           |   |   |   |   | Three Months Ended |   |   |   |   |   |   |
|    Capital Expenditures ($ in 000s)                                                                                                                                             |   |   |   |   | 3/31/2012 |  |   | 3/31/2011 |  |   |   |   |   |   |   |   |   |
|       Regular Maintenance                                                                                                                                        |   |   |   |   | $ | 147 |  |   | $ | 28 |  |   |   |   |   |   |   |   |   |
|       Tenant Improvements                                                                                                                                        |   |   |   |   | 11 |  |   | 25 |  |   |   |   |   |   |   |   |   |
|       Leasing Commissions                                                                                                                                        |   |   |   |   | 144 |  |   | 91 |  |   |   |   |   |   |   |   |   |
|       Total                                                                                                                                                      |   |   |   |   | $ | 302 |  |   | $ | 144 |  |   |  |   |  |   |   |   |   |
|       Less:  Unconsolidated Assets                                                                                                                               |   |   |   |   | (32 | ) |   | (27 | ) |   |   |   |   |   |   |   |   |
|       Total - Consolidated Assets                                                                                                                                |   |   |   |   | $ | 270 |  |   | $ | 117 |  |   |  |   |  |   |   |   |   |

----

|                                                                                                                                                                             |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                                   |
| Real Estate Activities                                                                                                                                                      |
| First Quarter 2012                                                                                                                                                          |
|                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| ACQUISITIONS                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                        |   |   |   |   | Acquisition |   | Cap |   |   |   |   |
|                                                                                                                                                                        | Location |   | Date | Units | Basis |   | Rate |   | Remarks |   |   |
|                                                                                                                                                                        |   |   |   |   | ($ MM) |   |   |   |   |   |   |
| Multifamily                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Colonial Grand at Brier Falls                                                                                                                                               | Raleigh, NC |   | Jan-2012 | 350 | $ | 45.0 |  |   | 5.6% |   |   |   |   |
|                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| DISPOSITIONS                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                        |   |   |   |   | Sales |   | Cap |   |   |   |   |
|                                                                                                                                                                        | Location |   | Date | SF (in 000s) | Price |   | Rate |   | Remarks |   |   |
|                                                                                                                                                                        |   |   |   |   | ($ MM) |   |   |   |   |   |   |
| Commercial                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Colonial Promenade Madison                                                                                                                                                  | Huntsville, AL |   | Feb-2012 | 111 | $ | 3.0 |  |   | 8.4% |   | 25% Ownership Interest |
|                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| RESIDENTIAL FOR-SALE DEVELOPMENTS                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                        |   |   |   |   |   |   | Units |   |   |   |   |
|                                                                                                                                                                        |   |   | Average Price |   | Units Closed |   | Closed |   |   |   |   |
|                                                                                                                                                                        |   |   | of Units/Lots | Projected | in Current |   | Project to |   | Under |   | Remaining |
| Project                                                                                                                                                                     | Location | Units | Closed | Sell Out | Quarter |   | Date |   | Contract (1) |   | Units/Lots |
| Metropolitan Midtown                                                                                                                                                        | Charlotte, NC | 101 |  | $ | 373,252 |  | 4Q12 - 4Q13 | 2 |  |   | 90 |  |   | 4 |  |   | 7 |  |
| Whitehouse Creek (lots)                                                                                                                                                     | Mobile, AL | 59 |  | $ | 62,184 |  | 2Q13 - 4Q16 | — |  |   | 19 |  |   | — |  |   | 40 |  |
|                                                                                                                                                                        |   | 160 |  |   |   | 2 |  |   | 109 |  |   | 4 |  |   | 47 |  |
|                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| (1)  Units under contract are stated as of the end of the quarter.  There can be no assurance that units under contract will close.                                         |
|                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| There can be no assurances of the amount, margin or velocity of future for-sale residential sales and closings.  If market conditions do not improve or if there is further |
| market deterioration, the Company could incur additional impairment charges on projects previously impaired as well as on projects not currently impaired but for           |
| which indicators of impairment may exist.                                                                                                                                   |

----

|                                                                                                                                                                                               |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                                                     |
| Current Development Pipeline                                                                                                                                                                  |
| ($ in MMs)                                                                                                                                                                                    |
|                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Development Costs |
|                                                                                                                                                                                          |   |   | Units / SF |   | Start |   | Compl. |   | Stab. |   | Total |   | Thru |   |   |
|                                                                                                                                                                                          | Location |   | Total |   | Deliv'd |   | Leased |   | Date |   | Date |   | Date |   | Cost |   | 1Q12 |   | After |
| Multifamily                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CG Hampton Preserve                                                                                                                                                                           | Tampa, FL |   | 486 |  |   | 176 |   | 262 |   | 4Q10 |   | 4Q12 |   | 1Q14 |   | $ | 58.3 |  |   | $ | 48.8 |  |   | $ | 9.5 |  |
| CG at Double Creek                                                                                                                                                                            | Austin, TX |   | 296 |  |   | n/a |   | n/a |   | 1Q11 |   | 1Q13 |   | 3Q13 |   | 31.7 |  |   | 11.1 |  |   | 20.6 |  |
| CG at Lake Mary (Phase I)                                                                                                                                                                     | Orlando, FL |   | 232 |  |   | n/a |   | n/a |   | 3Q11 |   | 4Q12 |   | 3Q13 |   | 30.3 |  |   | 13.5 |  |   | 16.8 |  |
| CG at Lake Mary (Phase II)                                                                                                                                                                    | Orlando, FL |   | 108 |  |   | n/a |   | n/a |   | 1Q12 |   | 2Q13 |   | 1Q14 |   | 13.9 |  |   | 2.9 |  |   | 11.0 |  |
| CR at South End                                                                                                                                                                               | Charlotte, NC |   | 353 |  |   | n/a |   | n/a |   | 1Q12 |   | 3Q13 |   | 4Q14 |   | 59.3 |  |   | 14.5 |  |   | 44.8 |  |
|                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 193.5 |  |   | $ | 90.8 |  |   | $ | 102.7 |  |
| Commercial                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Colonial Promenade Huntsville (Phase I) (1)                                                                                                                                                   | Huntsville, AL |   | — |  |   |   |   |   |   | 3Q11 |   | 4Q12 |   |   |   | $ | 3.8 |  |   | $ | 3.5 |  |   | $ | 0.3 |  |
|                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                          |   |   |   |   | Total Active Development Projects |   | $ | 197.3 |  |   | $ | 94.3 |  |   | $ | 103.0 |  |
|                                                                                                                                                                                          |   |   |   |   | Future Development Projects (see below) |   |   |   | 90.9 |  |   |   |
|                                                                                                                                                                                          |   |   |   |   | Investment Land (see below) |   |   |   | 132.7 |  |   |   |
|                                                                                                                                                                                          |   |   |   |   | Total Properties Under Development (per Balance Sheet) |   | $ | 317.9 |  |   |   |
|                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                          |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| FUTURE DEVELOPMENT PIPELINE / LAND AND ASSETS HELD FOR SALE                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                          |   |   |   |   |   |   | Future |   | Investment |   | Held |
|                                                                                                                                                                                          | Location |   | Units / SF |   |   |   | Development |   | Land |   | For Sale |
| Multifamily                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CG at Randal Park (2)                                                                                                                                                                         | Orlando, FL |   | 462 |   |   |   |   | $ | 9.2 |   |   | $ | — |   |   | $ | — |   |
| CG at Ayrsley (Phase II)                                                                                                                                                                      | Charlotte, NC |   | 81 |   |   |   |   | 1.2 |   |   | — |   |   | — |   |
| CG at Thunderbird                                                                                                                                                                             | Phoenix, AZ |   | 244 |   |   |   |   | 8.4 |   |   | — |   |   | — |   |
| CG at Sweetwater                                                                                                                                                                              | Phoenix, AZ |   | 195 |   |   |   |   | 7.2 |   |   | — |   |   | — |   |
| CG at Azure                                                                                                                                                                                   | Las Vegas, NV |   | 390 |   |   |   |   | 10.6 |   |   | — |   |   | — |   |
| CG at Bellevue (Phase II)                                                                                                                                                                     | Nashville, TN |   | 220 |   |   |   |   | 3.4 |   |   |   |   |   |
|       Total Multifamily Assets                                                                                                                                  |   |   |   |   |   |   |   |   | $ | 40.0 |   |   | $ | — |   |   | $ | — |   |
|                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Colonial Promenade Huntsville (Phase II) (1)                                                                                                                                                  | Huntsville, AL |   |   |   |   |   | $ | 3.3 |   |   | $ | — |   |   | $ | — |   |
| Colonial Promenade Nord du Lac (3)                                                                                                                                                            | Covington, LA |   | 236,000 |   |   |   |   | 27.9 |   |   | — |   |   | — |   |
| Randal Park (2)                                                                                                                                                                          | Orlando, FL |   |   |   |   |   |   |   | 19.7 |   |   | — |   |   | — |   |
| Outparcels / Pads                                                                                                                                                                             |   |   |   |   |   |   |   |   | — |   |   | 16.4 |   |   | 5.9 |   |
|       Total Commercial Assets                                                                                                                                   |   |   |   |   |   |   |   |   | $ | 50.9 |   |   | $ | 16.4 |   |   | $ | 5.9 |   |
|                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Multifamily                                                                                                                                                                                   |   |   |   |   |   |   |   |   | $ | — |   |   | $ | 1.5 |   |   | $ | — |   |
| Commercial                                                                                                                                                                                    |   |   |   |   |   |   |   |   | — |   |   | 44.9 |   |   | — |   |
| Condo / Townhome                                                                                                                                                                              |   |   |   |   |   |   |   |   | — |   |   | — |   |   | 7.4 |   |
| For-sale Residential Land                                                                                                                                                                     |   |   |   |   |   |   |   |   | — |   |   | 69.9 |   |   | 2.4 |   |
|       Total Projects                                                                                                                                            |   |   |   |   |   |   |   |   | $ | 90.9 |   |   | $ | 132.7 |   |   | $ | 15.7 |   |
|                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)  The Company is currently preparing site-work for the shadow-anchor in this commercial development.  The Company is still evaluating plans for this commercial project, therefore dollars |
| attributable to this development are subject to change.                                                                                                                                       |
| (2)  This project is part of a mixed-use development.  The Company is still evaluating plans for a multifamily apartment community.  Therefore, dollars attributable to this phase of the     |
| development are subject to change.                                                                                                                                                            |
| (3)  Total cost to date for this project, including Phase I, is presented net of $25.8 of impairment charges recorded in 4Q09 and 4Q08.                                                       |
|                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST        |
| Debt Summary                     |
| As of March 31, 2012             |
|                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| QUARTERLY DEBT SUMMARY           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| ($ In 000s)                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                             | CONSOLIDATED DEBT |   | WITH UNCONSOLIDATED SUBSID. DEBT |
|                             | Debt |   | % |   | Avg Int |   | Wtd Mat'y |   | Debt |   | % |   | Avg Int |   | Wtd Mat'y |
| Unsecured/Secured                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unsecured Line of Credit         | $ | 226,503 |  |   | 12 | % |   | 1.6 | % |   | 4.0 |  |   | $ | 226,503 |  |   | 12 | % |   | 1.6 | % |   | 4.0 |  |
| Unsecured Other                  | 881,166 |  |   | 49 | % |   | 5.8 | % |   | 3.5 |  |   | 881,166 |  |   | 45 | % |   | 5.8 | % |   | 3.5 |  |
| Secured                          | 694,090 |  |   | 39 | % |   | 5.6 | % |   | 7.0 |  |   | 841,757 |  |   | 43 | % |   | 5.6 | % |   | 6.2 |  |
| Total Debt                       | $ | 1,801,759 |  |   | 100 | % |   | 5.2 | % |   | 4.9 |  |   | $ | 1,949,426 |  |   | 100 | % |   | 5.2 | % |   | 4.7 |  |
|                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed/Floating                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed Rate Debt                  | $ | 1,562,558 |  |   | 87 | % |   | 5.7 | % |   | 5.1 |  |   | $ | 1,710,225 |  |   | 88 | % |   | 5.7 | % |   | 4.8 |  |
| Floating Rate Debt               | 239,201 |  |   | 13 | % |   | 1.7 | % |   | 4.0 |  |   | 239,201 |  |   | 12 | % |   | 1.7 | % |   | 4.0 |  |
| Total Debt                       | $ | 1,801,759 |  |   | 100 | % |   | 5.2 | % |   | 4.9 |  |   | $ | 1,949,426 |  |   | 100 | % |   | 5.2 | % |   | 4.7 |  |
|                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PRINCIPAL DEBT MATURITY SCHEDULE |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| ($ In MMs)                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                                                                                                                       |
|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| LINE OF CREDIT                                                                                                                        |   |   |   |   |   |   |   |   |   |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                  |   | 3/31/2012 |   |   | 12/31/2011 |   |   | Interest Rate |   | Due |   |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Floating                                                                                                                              |   | $ | 226,503 |  |   |   | $ | 184,000 |  |   |   | 1.64 | % |   | 3/29/2016 |   |
| Total Outstanding on LOC                                                                                                              |   | $ | 226,503 |  |   |   | $ | 184,000 |  |   |   | 1.64 | % |   |   |   |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Notes:                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |
|        -     In addition to the $500MM LOC, Wells Fargo has provided a $35MM Cash Management Line. |   |
|        -     10 Banks participate in the LOC, co-led by Wells Fargo and Bank of America.           |   |
|        -     The Facility is priced based on the Company's Senior Unsecured Debt Rating.           |   |
|        -     The interest rate on the LOC is LIBOR + 140.0 bps, and the facility fee is 30.0 bps.  |   |
|        -     4-year facility through March 2016, plus a 1-year extension option.                   |   |

----

|                                                                                                                                                                                              |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                                                    |
| Debt Summary                                                                                                                                                                                 |
| As of March 31, 2012                                                                                                                                                                         |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PUBLIC RATINGS                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   | Senior Unsecured |   |   |   |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   | Rating |   | Outlook |   |   |   |   |
| Fitch Ratings                                                                                                                                                                                | George Hoglund |   |   | 212-908-9149 |   | BB+ |   | Positive |   |   |   |   |
| Moody's Investor Services                                                                                                                                                                    | Karen Nickerson |   |   | 212-553-4924 |   | Ba1 |   | Positive |   |   |   |   |
| Standard & Poor's                                                                                                                                                                        | Eugene Nusinzon |   |   | 212-438-2449 |   | BBB- |   | Positive |   |   |   |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| COVERAGE RATIOS                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                         |   |   |   |   | 1Q11 |   |   |   |   |   | 1Q12 |   |   |   |   |
| SEC Coverage Ratios (SEC Reg. S-K, Item 503)                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings to Fixed Charges (1)                                                                                                                                                                |   |   |   |   | 0.5 |  |   |   |   |   |   | 0.8 |  |   |   |   |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Supplemental Coverage Ratios (KPIs)                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest Coverage (2)                                                                                                                                                                        |   |   |   |   | 2.2 |  |   |   |   |   |   | 2.3 |  |   |   |   |   |
| Fixed Charge Coverage (3)                                                                                                                                                                    |   |   |   |   | 2.1 |  |   |   |   |   |   | 2.2 |  |   |   |   |   |
| Fixed Charge w/ Cap Int (4)                                                                                                                                                                  |   |   |   |   | 2.1 |  |   |   |   |   |   | 2.2 |  |   |   |   |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See Page 27 for a Reconciliation of SEC Coverage Ratios and a Reconciliation of Supplemental Coverage Ratios.                                                                                |
|                                                                                                                                                                                         |
| Coverage ratios as calculated by the Company may not be comparable to similarly titled measures used by other companies.  Investors are cautioned that these measures should not be          |
| taken alone to determine a Company's financial status.                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)  The deficiency of the ratio of earnings to fixed charges for the three months ended March 31, 2012 and 2011 is primarily a result of non-cash depreciation and amortization expense.    |
| (2)  EBITDA/Interest Expense, including unconsolidated partnerships and joint ventures.  The Company believes this ratio is useful as an additional measure of the Company's ability to      |
| service debt.  Additionally, management used this ratio to make balance sheet management decisions.                                                                                          |
| (3)  EBITDA/Interest Exp + Pfd Dividends + Debt Prin Repayments, including unconsolidated partnerships and joint ventures.  The Company believes this ratio is useful as an additional       |
| measure of the Company's ability to service debt.  Additionally, management uses this ratio to make balance sheet management decisions.                                                      |
| (4)  EBITDA/Interest Exp + Capitalized Interest + Pfd Div + Debt Prin Repayments, including unconsolidated partnerships and joint ventures.  The Company believes this ratio is useful as an |
| additional measure of the Company's ability to service debt.  Additionally, management uses this ratio to make balance sheet management decisions.                                           |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| FINANCIAL COVENANTS AND PUBLIC DEBT                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                         | 1Q11 |   | 2Q11 |   | 3Q11 |   | 4Q11 |   | 1Q12 |   | 2Q12 |   | 3Q12 |   | 4Q12 |
| Total Debt to Total Assets cannot exceed 60%                                                                                                                                                 | 47.8 | % |   | 45.9 | % |   | 45.7 | % |   | 46.6 | % |   | 46.9 | % |   |   |   |   |   |   |
| Secured Debt to Total Assets cannot                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| exceed 40%                                                                                                                                                                                   | 21.7 | % |   | 21.3 | % |   | 21.4 | % |   | 20.5 | % |   | 20.2 | % |   |   |   |   |   |   |
| Total Unencumbered Assets to Unsecured Debt                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| must be at least 150%                                                                                                                                                                        | 250.9 | % |   | 270.0 | % |   | 279.2 | % |   | 259.6 | % |   | 254.1 | % |   |  |  |   |   |   |   |
| Consolidated Income Available for Debt Service                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Charges must be at least 1.50/1                                                                                                                                                              | 2.1x |  |   | 2.2x |  |   | 2.2x |  |   | 2.2x |  |   | 2.2x |  |   |   |   |   |   |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                                      |
|------------------------------------------------------------------------------------------------------|
|                                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TURST                                                                            |
| Debt Summary                                                                                         |
| As of March 31, 2012                                                                                 |
|                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TOTAL MARKET CAPITALIZATION                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    ($ In 000s)                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                 | 1Q11 |   | 2Q11 |   | 3Q11 |   | 4Q11 |   | 1Q12 |   | 2Q12 |   | 3Q12 |   | 4Q12 |
|    Consolidated Debt                                                                  | $ | 1,767,619 |  |   | $ | 1,703,998 |  |   | $ | 1,681,720 |  |   | $ | 1,759,727 |  |   | $ | 1,801,759 |  |   |   |   |   |   |   |
|    Unconsolidated Debt                                                                | 200,887 |  |   | 188,992 |  |   | 188,803 |  |   | 147,842 |  |   | 147,668 |  |   |   |   |   |   |   |
|    Total Debt                                                                         | 1,968,506 |  |   | 1,892,990 |  |   | 1,870,523 |  |   | 1,907,569 |  |   | 1,949,427 |  |   |  |   |  |   |   |
| Preferred Stock                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    7.25% Series B (Units) (1)                                                         | 50,000 |  |   | 50,000 |  |   | 50,000 |  |   | — |  |   | — |  |   |   |   |   |   |   |
|                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Market Equity (Shares & Units)                                                                   | 1,737,178 |  |   | 1,919,631 |  |   | 1,717,119 |  |   | 1,974,253 |  |   | 2,065,932 |  |   |  |   |   |   |   |
|    Total Market Capitalization                                                        | $ | 3,755,684 |  |   | $ | 3,862,621 |  |   | $ | 3,637,642 |  |   | $ | 3,881,822 |  |   | $ | 4,015,359 |  |   |  |   |  |   |  |
|                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Debt / Total Market Capitalization                                                                   | 52.4 | % |   | 49.0 | % |   | 51.4 | % |   | 49.1 | % |   | 48.5 | % |   |  |   |  |   |   |
|                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)  During December 2011, the Company redeemed the remaining 50% of its outstanding Series B Units. |
|                                                                                                 |   |   |   |   |   |   |   |   |   |   |  |   |   |   |   |

----

|                                                                                                                                                                                            |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                            |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                                                  |
| Corporate - Trends                                                                                                                                                                         |
| ($ in 000s)                                                                                                                                                                                |
|                                                                                                                                                                                       |   |   |   |
| SUPPLEMENTAL DATA                                                                                                                                                                          |   |   |   |
|                                                                                                                                                                                       |   |   |   |
|                                                                                                                                                                                       | 1Q12 |   | 1Q11 |
| Consolidated                                                                                                                                                                               |   |   |   |
|    Straight Line Rents                                                                                                                                                      | $ | 118 |  |   | $ | 526 |  |
|    Percentage Rents                                                                                                                                                         | 27 |  |   | 64 |  |
|    Capitalized Interest                                                                                                                                                     | 185 |  |   | 52 |  |
|    Debt - Principal Amortization                                                                                                                                            | 572 |  |   | 364 |  |
|    Amortization of Stock Compensation                                                                                                                                       | 1,959 |  |   | 1,489 |  |
| Unconsolidated (1)                                                                                                                                                                    |   |   |   |
|    Straight Line Rents                                                                                                                                                      | 39 |  |   | 118 |  |
|    Interest Expense                                                                                                                                                         | 2,290 |  |   | 2,937 |  |
|    Debt - Principal Amortization                                                                                                                                            | 174 |  |   | 190 |  |
|    Amortization of Deferred Financing Costs                                                                                                                                 | 17 |  |   | 22 |  |
|                                                                                                                                                                                       |   |   |   |
| (1)  The unconsolidated revenue and expense data are comprised of the Company's percentage of the applicable line item, which is calculated in accordance with GAAP, for its               |
| unconsolidated partnerships and joint ventures.  The Company believes this unconsolidated data is useful to investors in measuring the Company's rights to cash flows and debt obligations |
| related to the Company's unconsolidated partnerships and joint ventures.  The Company manages or leases each of its unconsolidated assets.  Incorporating unconsolidated data              |
| also provides investors with management's view of evaluating current operating performance and trends.                                                                                     |

|                                                                                                                                                                                                |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                |  |  |  |  |  |  |  |
| INVESTMENT ACTIVITY                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                           |   |   |   |
|                                                                                                                                                                                           | 1Q12 |   | 1Q11 |
| Acquisitions                                                                                                                                                                                   |   |   |   |
| Multifamily                                                                                                                                                                                    | $ | 45,000 |  |   | $ | 92,880 |  |
| Acquisitions, Consolidated Assets                                                                                                                                                              | $ | 45,000 |  |   | $ | 92,880 |  |
|                                                                                                                                                                                           |   |   |   |
| Development Expenditures                                                                                                                                                                       |   |   |   |
|    Multifamily                                                                                                                                                                  | $ | 13,632 |  |   | $ | 2,348 |  |
|    Commercial                                                                                                                                                                   | 1,265 |  |   | 3,529 |  |
|    For-Sale / Other                                                                                                                                                             | 710 |  |   | 206 |  |
|    Development, Consolidated Assets                                                                                                                                             | $ | 15,607 |  |   | $ | 6,083 |  |
|                                                                                                                                                                                           |   |   |   |
| Proceeds from Sales of Properties, Net of Selling Costs                                                                                                                                        |   |   |   |
| Commercial                                                                                                                                                                                     | $ | 3,000 |  |   | $ | — |  |
|    For-Sale / Other                                                                                                                                                             | 1,130 |  |   | 1,022 |  |
|    Outparcels / Land                                                                                                                                                            | — |  |   | 2,725 |  |
|    Total, including subs                                                                                                                                                        | 4,130 |  |   | 3,747 |  |
|    Selling Costs                                                                                                                                                                | (107 | ) |   | (453 | ) |
|    Outparcels / Land                                                                                                                                                            | — |  |   | (2,475 | ) |
|    Less:  Unconsolidated - net (1)                                                                                                                                              | (3,000 | ) |   | (250 | ) |
|    Sales, Net - Consolidated Assets                                                                                                                                             | $ | 1,023 |  |   | $ | 569 |  |
|                                                                                                                                                                                           |   |   |   |
| (1)  Outparcels/Land sales for the three months ended March 31, 2011 include an outparcel sale at one of the Company's unconsolidated commercial properties.                                   |
|                                                                                                                                                                                           |   |   |   |
| The unconsolidated data regarding investment activity, capital expenditures, tenant improvements and leasing commissions set forth herein are calculated in accordance with GAAP, for all      |
| of its unconsolidated partnerships and joint ventures.  The Company believes this unconsolidated data is useful to investors in evaluating the total cash investing activities of the Company. |
| Typically, the percent of investment activities for its unconsolidated assets must be funded out of current Company cash flows, and therefore, management uses the combined data to            |
| making financing and capital decisions.                                                                                                                                                        |

----

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                              |
| Corporate Reconciliations                                              |
| ($ in 000s)                                                            |
|                                                                   |   |   |   |
| RECONCILIATION OF REVENUES                                             |   |
|                                                                   |   |   |   |
|                                                                   | 1Q12 |   | 1Q11 |
| Divisional Total Revenues                                              |   |   |   |
|    Multifamily - Same Property                          | $ | 78,843 |  |   | $ | 74,411 |  |
|    Multifamily - Non-Same Property (1)             | 8,998 |  |   | 5,683 |  |
|    Commercial                                           | 17,717 |  |   | 19,769 |  |
|       Total Divisional Revenues          | 105,558 |  |   | 99,863 |  |
|                                                                   |   |   |   |
| Less:  Unconsolidated Revenue - Multifamily                            | (471 | ) |   | (713 | ) |
| Less:  Unconsolidated Revenue - Commercial                             | (4,794 | ) |   | (6,572 | ) |
| Discontinued Operations                                                | (31 | ) |   | (4,469 | ) |
| Unallocated Corporate Revenue                                          | 1,344 |  |   | 1,810 |  |
| Consolidated Revenue Adjusted - '11 Discontinued Operations (2)   | 101,606 |  |   | 89,919 |  |
|                                                                   |   |   |   |
| Add:  Additional Discontinued Operations Revenue, post filing (3) | — |  |   | 4,467 |  |
| Total Consolidated Revenue, per 10-Q (4)                               | $ | 101,606 |  |   | $ | 94,386 |  |
|                                                                   |   |   |   |
| RECONCILIATION OF EXPENSES                                             |   |   |   |
|                                                                   |   |   |   |
|                                                                   | 1Q12 |   | 1Q11 |
| Divisional Total Expenses                                              |   |   |   |
|    Multifamily - Same Property                          | $ | 31,248 |  |   | $ | 30,475 |  |
|    Multifamily - Non-Same Property (1)             | 4,034 |  |   | 2,946 |  |
|    Commercial                                           | 5,731 |  |   | 6,228 |  |
|       Total Divisional Expenses          | 41,013 |  |   | 39,649 |  |
|                                                                   |   |   |   |
| Less:  Unconsolidated Expenses - Multifamily                           | (217 | ) |   | (374 | ) |
| Less:  Unconsolidated Expenses - Commercial                            | (1,707 | ) |   | (2,124 | ) |
| Discontinued Operations                                                | (162 | ) |   | (1,909 | ) |
| Total Property Operating Expenses                                      | 38,927 |  |   | 35,242 |  |
| Property Management Expenses                                           | 2,846 |  |   | 2,422 |  |
| General & Administrative Expenses                                  | 5,767 |  |   | 5,203 |  |
| Management Fee and Other Expenses                                      | 2,045 |  |   | 1,770 |  |
| Investment and Development Expenses (5)                                | 387 |  |   | 587 |  |
| Impairment and Other Losses                                            | 500 |  |   | 2,097 |  |
| Depreciation                                                           | 32,177 |  |   | 30,286 |  |
| Amortization                                                           | 2,080 |  |   | 2,127 |  |
| Consolidated Expense Adjusted - '11 Discontinued Operations (2)   | 84,729 |  |   | 79,734 |  |
|                                                                   |   |   |   |
| Add:  Additional Discontinued Operations Expense, post filing (3)      | — |  |   | 3,727 |  |
| Total Consolidated Expense, per 10-Q (4)                               | $ | 84,729 |  |   | $ | 83,461 |  |
|                                                                   |   |   |   |
|                                                                   |   |   |   |
| Notes on following page.                                               |   |   |   |
|                                                                   |   |   |   |

----

|                                                                                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                 |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                       |
| Corporate Reconciliations                                                                                                                                       |
| ($ in 000s)                                                                                                                                                     |
|                                                                                                                                                            |   |   |   |
| RECONCILIATION OF NOI                                                                                                                                           |   |   |   |
|                                                                                                                                                            |   |   |   |
|                                                                                                                                                            | 1Q12 |   | 1Q11 |
| Divisional Total NOI                                                                                                                                            |   |   |   |
|    Multifamily - Same Property                                                                                                                   | $ | 47,595 |  |   | $ | 43,936 |  |
|    Multifamily - Non-Same Property (1)                                                                                                           | 4,964 |  |   | 2,737 |  |
|    Commercial                                                                                                                                    | 11,986 |  |   | 13,541 |  |
|       Total Divisional NOI                                                                                                        | 64,545 |  |   | 60,214 |  |
|                                                                                                                                                            |   |   |   |
| Less:  Unconsolidated NOI - Multifamily                                                                                                                         | (254 | ) |   | (339 | ) |
| Less:  Unconsolidated NOI - Commercial                                                                                                                          | (3,087 | ) |   | (4,448 | ) |
| Discontinued Operations                                                                                                                                         | 131 |  |   | (2,560 | ) |
| Unallocated Corporate Revenue                                                                                                                                   | 1,344 |  |   | 1,810 |  |
| Property Management Expenses                                                                                                                                    | (2,846 | ) |   | (2,422 | ) |
| General & Administrative Expenses                                                                                                                           | (5,767 | ) |   | (5,203 | ) |
| Management Fee and Other Expenses                                                                                                                               | (2,045 | ) |   | (1,770 | ) |
| Investment and Development Expenses (5)                                                                                                                         | (387 | ) |   | (587 | ) |
| Impairment and Other Losses                                                                                                                                     | (500 | ) |   | (2,097 | ) |
| Depreciation                                                                                                                                                    | (32,177 | ) |   | (30,286 | ) |
| Amortization                                                                                                                                                    | (2,080 | ) |   | (2,127 | ) |
| Income from Operations                                                                                                                                          | 16,877 |  |   | 10,185 |  |
| Total Other Income (Expense)                                                                                                                                    | (23,197 | ) |   | (22,279 | ) |
| Loss from Continuing Operations (6)                                                                                                                        | (6,320 | ) |   | (12,094 | ) |
| Discontinued Operations                                                                                                                                         | — |  |   | 374 |  |
| Loss from Continuing Operations, per 10-Q (4)                                                                                                                   | $ | (6,320 | ) |   | $ | (11,720 | ) |
|                                                                                                                                                            |   |   |   |
| (1)  Includes operations from for-sale portfolio.                                                                                                               |
| (2)  Reflects total consolidated revenue and total consolidated expense (as applicable), adjusted to reflect discontinued operations classifications made after |
| filing of prior period financials.                                                                                                                              |
| (3)  Adjustment to prior period financials to reflect discontinued operations classifications made after filing of prior period financials.                     |
| (4)  For prior period, reflects total consolidated revenue, expense or income (loss) from continuing operations (as applicable) as presented in prior period    |
| financials (i.e., excluding adjustment for discontinued operations classifications made after filing of prior period financials).                               |
| (5)  Reflects costs incurred related to acquisitions and abandoned pursuits.  These costs are volatile and therefore may vary between periods.                  |
| (6)  Loss from Continuing Operations before extraordinary items, noncontrolling interest and discontinued operations.  Adjustments for additional               |
|  discontinued operations have restated periods in accordance with ASC 205-20.                                                                              |

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |
|  DATA FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011 |   |   |   |
|                                                          |   |   |   |
|                                                          | 1Q12 |   | 1Q11 |
| Assets Sold                                                   |   |   |   |
| Revenue from Assets Sold                                      | $ | 31 |  |   | $ | 4,469 |  |
| Expenses from Assets Sold                                     | 162 |  |   | 1,909 |  |
| (NOL)/NOI from Assets Sold                                    | $ | (131 | ) |   | $ | 2,560 |  |
|                                                          |   |   |   |

|                                                                                                                                                         |
|---------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                         |  |  |  |  |  |  |  |
| NOI FROM DISCONTINUED OPERATIONS                                                                                                                        |   |   |   |
|                                                                                                                                                    |   |   |   |
| (NOL)/NOI as reported by the Company does not include results from discontinued operations (i.e., assets sold or held for sale as of March 31, 2012). A |
| reconciliation of income from operations from properties sold or held for sale to (NOL)/NOI for these properties is as follows:                         |
|                                                                                                                                                    |   |   |   |
|                                                                                                                                                    | 1Q12 |   | 1Q11 |
| (Loss) income from discontinued operations                                                                                                              | $ | (131 | ) |   | $ | 338 |  |
| Adjustment for:                                                                                                                                         |   |   |   |
| Interest (income) expense, net                                                                                                                          | — |  |   | 360 |  |
| Debt cost amortization expense                                                                                                                          | — |  |   | 7 |  |
|    Depreciation and amortization expense                                                                                                 | — |  |   | 1,855 |  |
| (NOL)/NOI from discontinued operations                                                                                                                  | $ | (131 | ) |   | $ | 2,560 |  |
|                                                                                                                                                    |   |   |   |
| (NOL)/NOI from assets sold                                                                                                                              | (131 | ) |   | 2,560 |  |
| NOI from assets held for sale                                                                                                                           | — |  |   | — |  |
|                                                                                                                                                    |   |   |   |
| (NOL)/NOI from discontinued operations                                                                                                                  | $ | (131 | ) |   | $ | 2,560 |  |

----

|                                                                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                      |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                            |
| Corporate Reconciliations                                                                                                                                            |
| ($ in 000s)                                                                                                                                                          |
|                                                                                                                                                                 |   |   |   |
| ADJUSTED EBITDA RECONCILIATION                                                                                                                                       |   |   |   |
|                                                                                                                                                                 |   |   |   |
|                                                                                                                                                                 | 1Q12 |   | 1Q11 |
| Net Loss Available to Common Shareholders                                                                                                                            | $ | (5,974 | ) |   | $ | (11,611 | ) |
|                                                                                                                                                                 |   |   |   |
| Consolidated                                                                                                                                                         |   |   |   |
|    Noncontrolling Interest                                                                                                                            | (488 | ) |   | (1,054 | ) |
|    (Income)/Loss - Unconsolidated Assets                                                                                                              | (673 | ) |   | 340 |  |
|    Preferred Dividends                                                                                                                                | — |  |   | 906 |  |
|    Interest Expense                                                                                                                                   | 23,053 |  |   | 21,239 |  |
|    Amortization of Deferred Financing Costs                                                                                                           | 1,433 |  |   | 1,157 |  |
|    Income Tax Expense                                                                                                                                 | 188 |  |   | 248 |  |
|    Depreciation & Amortization                                                                                                                    | 34,257 |  |   | 34,269 |  |
|    (Gain)/Loss on Sale (Continuing & Discontinued Operations)                                                                                     | 229 |  |   | 79 |  |
|    Gain/(Loss) - Undepreciated Property (1)                                                                                                           | (261 | ) |   | (79 | ) |
|    Impairment                                                                                                                                         | 500 |  |   | 1,710 |  |
|    Amortization of Stock-Based Compensation Expense                                                                                                   | 1,959 |  |   | 1,489 |  |
|    Adjusted EBITDA from Consolidated Properties                                                                                                       | 54,223 |  |   | 48,693 |  |
| Unconsolidated                                                                                                                                                       |   |   |   |
|    Reverse:  Income/(Loss) - Unconsolidated Assets                                                                                                    | 673 |  |   | (340 | ) |
|    Interest Expense                                                                                                                                   | 2,290 |  |   | 2,937 |  |
|    Amortization of Deferred Financing Costs                                                                                                           | 17 |  |   | 22 |  |
|    Depreciation & Amortization                                                                                                                    | 1,902 |  |   | 3,019 |  |
|    Impairment                                                                                                                                         | — |  |   | 18 |  |
|    (Gain)/Loss on Sale of Property                                                                                                                    | (803 | ) |   | 21 |  |
| Adjusted EBITDA                                                                                                                                                      | $ | 58,302 |  |   | $ | 54,370 |  |
|                                                                                                                                                                 |   |   |   |
| (1)  The Company includes the effects of undepreciated real estate (e.g. land, outparcels and condominium units) in Adjusted EBITDA, as this is a recurring source   |
| of cash.                                                                                                                                                             |
|                                                                                                                                                                 |
| Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization ("EBITDA"), including the effects of the Company's percentage           |
| ownership of its unconsolidated partnerships and joint ventures;  the calculation also excludes the effects of gains (losses) from depreciated property, impairments |
| and certain other one-time charges.  The Company believes Adjusted EBITDA is useful to investors as an indicative measure of operating performance due to the        |
| significant long-lived real estate exposure and because it can be used to measure the Company's ability to service debt, fund capital expenditures and expand its    |
| business.  However, Adjusted EBITDA should not be considered an alternative to net income, operating profit, cash flow from operations or any other operating        |
| or liquidity performance measure prescribed by GAAP.  In addition, Adjusted EBITDA as calculated by the Company, may not be comparable to similarly titled           |
| measures used by other companies.  Investors are cautioned that the items adjusted to Net Income to Common Shareholders are significant components                   |
| in understanding and assessing the Company's financial performance.                                                                                                  |

----

|                                                                                |
|--------------------------------------------------------------------------------|
|                                                                                |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                      |
| Corporate Reconciliations                                                      |
| ($ in 000s)                                                                    |
|                                                                           |   |   |   |
| RECONCILIATION OF SEC COVERAGE RATIOS                                          |   |   |   |
|                                                                           |   |   |   |
|                                                                           | 1Q12 |   | 1Q11 |
| Earnings                                                                       |   |   |   |
|    Net Loss                                                     | $ | (5,974 | ) |   | $ | (11,611 | ) |
|    Discontinued Operations:                                     |   |   |   |
|       Loss/(Income) from Discontinued Operations | 131 |  |   | (338 | ) |
|       Noncontrolling Interest in CRLP            | (10 | ) |   | 28 |  |
|     Loss on Disposal of Discontinued Operations            | 2 |  |   | — |  |
|    CRLP Noncontrolling Interest - Common U/H                    | (478 | ) |   | (1,082 | ) |
|    Loss from Sales of Property                                  | 227 |  |   | 79 |  |
|    Noncontrolling Interest of Limited Partners                  | 9 |  |   | 3 |  |
|    Income Tax Expense                                           | 188 |  |   | 248 |  |
|   (Gain)/Loss from Partially-Owned Investments                       | (673 | ) |   | 340 |  |
|                                                                           | (6,578 | ) |   | (12,333 | ) |
|    Amortization of Interest Capitalized                         | 497 |  |   | 497 |  |
|    Capitalized Interest                                         | (185 | ) |   | (52 | ) |
|    Distributions from Partially-Owned Investments               | 286 |  |   | 1,077 |  |
|    Fixed Charges, from below                                    | 24,671 |  |   | 23,354 |  |
|    Earnings                                                     | $ | 18,691 |  |   | $ | 12,543 |  |
|                                                                           |   |   |   |
| Fixed Charges                                                                  |   |   |   |
|    Interest Expense                                             | $ | 23,053 |  |   | $ | 21,239 |  |
|    Capitalized Interest                                         | 185 |  |   | 52 |  |
|    Amortization of Deferred Financing Costs                     | 1,433 |  |   | 1,157 |  |
|    Distributions to Series B Preferred Unitholders              | — |  |   | 906 |  |
|    Total                                                        | $ | 24,671 |  |   | $ | 23,354 |  |
|                                                                           |   |   |   |
|                                                                           |   |   |   |
| RECONCILIATION OF SUPPLEMENTAL COVERAGE RATIOS                                 |   |   |   |
|                                                                           |   |   |   |
|                                                                           | 1Q12 |   | 1Q11 |
| Interest Coverage Denominator                                                  |   |   |   |
|    Interest Expense                                             | $ | 23,053 |  |   | $ | 21,239 |  |
|    Interest Expense - Unconsolidated                            | 2,290 |  |   | 2,937 |  |
|    Total Interest Expense                                       | $ | 25,343 |  |   | $ | 24,176 |  |
|                                                                           |   |   |   |
| Fixed Charge Denominator                                                       |   |   |   |
|    Add:  Preferred Dividend Payments                            | $ | — |  |   | $ | 906 |  |
|    Debt Principal Amortization                                  | 572 |  |   | 364 |  |
|    Debt Principal Amortization - Unconsolidated                 | 174 |  |   | 190 |  |
|    Total Fixed Charges                                          | $ | 26,089 |  |   | $ | 25,636 |  |
|                                                                           |   |   |   |
| Fixed Charge with Capitalized Interest Denominator                             |   |   |   |
|    Add:  Capitalized Interest                                   | 185 |  |   | 52 |  |
|    Total Fixed Charges w/ Capitalized Interest                  | $ | 26,274 |  |   | $ | 25,688 |  |
|                                                                           |   |   |   |

----

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST   |
| Multifamily Property Table  |
| As of March 31, 2012        |
| Appendix                    |
|                        |   |   | Year Built / Avg |   | Apartment | Physical | Rent | Revenue | Rent |   |
| Property                    | MSA | State | Age | % Own | Homes | Occupancy Rate | Per Home | Per Home | Per SF | S-P |
|                        |   |   |   |   |   |   |   |   |   |   |
| PROPERTIES IN MAJOR MARKETS |   |   |   |   |   |   |   |   |   |   |
| CG at Barrett Creek         | Atlanta | GA | 1999 | 100.0 | % | 332 |  | 98.2 | % | $ | 750 |  | $ | 973 |  | $ | 0.80 |  | S |
| CG at Berkeley Lake         | Atlanta | GA | 1998 | 100.0 | % | 180 |  | 99.4 | % | 869 |  | 1,024 |  | 0.64 |  | S |
| CG at Huntcliff             | Atlanta | GA | 1997 | 20.0 | % | 358 |  | 93.3 | % | 807 |  | 983 |  | 0.79 |  |   |
| CG at McDaniel Farm         | Atlanta | GA | 1997 | 100.0 | % | 425 |  | 97.9 | % | 747 |  | 995 |  | 0.70 |  | S |
| CG at Mount Vernon          | Atlanta | GA | 1997 | 100.0 | % | 213 |  | 93.0 | % | 1,034 |  | 1,156 |  | 0.86 |  | S |
| CG at Pleasant Hill         | Atlanta | GA | 1996 | 100.0 | % | 502 |  | 95.4 | % | 706 |  | 873 |  | 0.71 |  | S |
| CG at River Oaks            | Atlanta | GA | 1992 | 100.0 | % | 216 |  | 96.3 | % | 820 |  | 974 |  | 0.64 |  | S |
| CG at River Plantation      | Atlanta | GA | 1994 | 100.0 | % | 232 |  | 99.1 | % | 809 |  | 964 |  | 0.60 |  | S |
| CG at Shiloh                | Atlanta | GA | 2002 | 100.0 | % | 498 |  | 95.2 | % | 796 |  | 957 |  | 0.74 |  | S |
|                        | Total | 9 | 15.4 Years |   | 2,956 |  | 96.5 | % | $ | 791 |  | $ | 970 |  | $ | 0.72 |  |   |
|                        | Same Store | 8 |  15.4 Years |   | 2,598 |  | 96.6 | % | $ | 792 |  | $ | 972 |  | $ | 0.71 |  |   |
| CG at Ashton Oaks           | Austin | TX | 2008 | 100.0 | % | 362 |  | 98.3 | % | $ | 752 |  | $ | 892 |  | $ | 0.89 |  | S |
| CG at Canyon Creek          | Austin | TX | 2007 | 100.0 | % | 336 |  | 95.8 | % | 831 |  | 998 |  | 0.80 |  | S |
| CG at Onion Creek           | Austin | TX | 2008 | 100.0 | % | 300 |  | 95.0 | % | 929 |  | 1,086 |  | 0.89 |  | S |
| CG at Round Rock            | Austin | TX | 2007 | 100.0 | % | 422 |  | 94.3 | % | 829 |  | 956 |  | 0.81 |  | S |
| CG at Silverado             | Austin | TX | 2004 | 100.0 | % | 238 |  | 96.2 | % | 823 |  | 955 |  | 0.82 |  | S |
| CG at Silverado Reserve     | Austin | TX | 2006 | 100.0 | % | 256 |  | 97.3 | % | 911 |  | 1,055 |  | 0.88 |  | S |
| CG at Wells Branch          | Austin | TX | 2007 | 100.0 | % | 336 |  | 96.4 | % | 825 |  | 983 |  | 0.86 |  |   |
| CV at Canyon Hills          | Austin | TX | 1995 | 100.0 | % | 229 |  | 96.1 | % | 719 |  | 796 |  | 0.90 |  | S |
| CV at Quarry Oaks           | Austin | TX | 1996 | 100.0 | % | 533 |  | 97.7 | % | 709 |  | 865 |  | 0.82 |  | S |
| CV at Sierra Vista          | Austin | TX | 1999 | 100.0 | % | 232 |  | 97.4 | % | 688 |  | 829 |  | 0.78 |  | S |
|                        | Total | 10 |  8.5 Years |   | 3,244 |  | 96.5 | % | $ | 797 |  | $ | 940 |  | $ | 0.84 |  |   |
|                        | Same Store | 9 |  8.9 Years |   | 2,908 |  | 96.5 | % | $ | 795 |  | $ | 935 |  | $ | 0.84 |  |   |
| CG at Liberty Park          | Birmingham | AL | 2000 | 100.0 | % | 300 |  | 96.3 | % | $ | 1,014 |  | $ | 1,129 |  | $ | 0.90 |  | S |
| CG at Riverchase Trails     | Birmingham | AL | 1996 | 100.0 | % | 346 |  | 98.8 | % | 747 |  | 886 |  | 0.79 |  | S |
| CV at Inverness             | Birmingham | AL | 1986/87/90/97 | 100.0 | % | 586 |  | 94.4 | % | 586 |  | 696 |  | 0.68 |  | S |
| CV at Trussville            | Birmingham | AL | 1996 | 100.0 | % | 376 |  | 97.9 | % | 715 |  | 873 |  | 0.66 |  | S |
|                        | Total | 4 |  16.8 Years |   | 1,608 |  | 96.5 | % | $ | 732 |  | $ | 861 |  | $ | 0.74 |  |   |
|                        | Same Store | 4 |  16.8 Years |   | 1,608 |  | 96.5 | % | $ | 731 |  | $ | 859 |  | $ | 0.74 |  |   |
| CG at Commerce Park         | Charleston | SC | 2008 | 100.0 | % | 312 |  | 98.7 | % | $ | 827 |  | $ | 933 |  | $ | 0.84 |  |   |
| CG at Cypress Cove          | Charleston | SC | 2001 | 100.0 | % | 264 |  | 95.1 | % | 905 |  | 1,009 |  | 0.79 |  | S |
| CG at Quarterdeck           | Charleston | SC | 1986 | 100.0 | % | 230 |  | 98.7 | % | 895 |  | 1,052 |  | 0.94 |  | S |
| CV at Hampton Pointe        | Charleston | SC | 1986 | 100.0 | % | 304 |  | 94.7 | % | 760 |  | 899 |  | 0.73 |  | S |
| CV at Waters Edge           | Charleston | SC | 1985 | 100.0 | % | 204 |  | 95.1 | % | 675 |  | 809 |  | 0.73 |  | S |
| CV at Westchase             | Charleston | SC | 1986 | 100.0 | % | 352 |  | 99.4 | % | 632 |  | 793 |  | 0.86 |  | S |
| CV at Windsor Place         | Charleston | SC | 1984 | 100.0 | % | 224 |  | 95.1 | % | 667 |  | 804 |  | 0.70 |  | S |
|                        | Total | 7 |  21.4 Years |   | 1,890 |  | 96.9 | % | $ | 764 |  | $ | 898 |  | $ | 0.80 |  |   |
|                        | Same Store | 6 |  24.3 Years |   | 1,578 |  | 96.5 | % | $ | 751 |  | $ | 891 |  | $ | 0.79 |  |   |
| CG at Ayrsley               | Charlotte | NC | 2008 | 100.0 | % | 368 |  | 93.8 | % | $ | 820 |  | $ | 959 |  | $ | 0.81 |  | S |
| CG at Beverly Crest         | Charlotte | NC | 1996 | 100.0 | % | 300 |  | 95.3 | % | 734 |  | 887 |  | 0.79 |  | S |
| CG at Cornelius             | Charlotte | NC | 2007 | 100.0 | % | 236 |  | 96.2 | % | 810 |  | 947 |  | 0.76 |  |   |
| CG at Huntersville          | Charlotte | NC | 2008 | 100.0 | % | 250 |  | 97.2 | % | 820 |  | 966 |  | 0.83 |  | S |
| CG at Legacy Park           | Charlotte | NC | 2001 | 100.0 | % | 288 |  | 96.5 | % | 731 |  | 867 |  | 0.70 |  | S |
| CG at Mallard Creek         | Charlotte | NC | 2004 | 100.0 | % | 252 |  | 94.0 | % | 778 |  | 907 |  | 0.84 |  | S |
| CG at Mallard Lake          | Charlotte | NC | 1998 | 100.0 | % | 302 |  | 97.4 | % | 756 |  | 895 |  | 0.76 |  | S |
| CG at Matthews Commons      | Charlotte | NC | 2008 | 100.0 | % | 216 |  | 96.3 | % | 841 |  | 969 |  | 0.89 |  | S |
| CG at University Center     | Charlotte | NC | 2005 | 100.0 | % | 156 |  | 100.0 | % | 746 |  | 877 |  | 0.70 |  | S |
| CV at Chancellor Park       | Charlotte | NC | 1999 | 100.0 | % | 340 |  | 95.9 | % | 691 |  | 831 |  | 0.72 |  | S |
| CV at Charleston Place      | Charlotte | NC | 1986 | 100.0 | % | 214 |  | 97.2 | % | 524 |  | 651 |  | 0.65 |  | S |
| CV at Greystone             | Charlotte | NC | 1998/2000 | 100.0 | % | 408 |  | 94.4 | % | 606 |  | 731 |  | 0.64 |  | S |
| CV at Matthews              | Charlotte | NC | 1990 | 100.0 | % | 270 |  | 97.4 | % | 761 |  | 890 |  | 0.80 |  | S |
| CV at South Tryon           | Charlotte | NC | 2002 | 100.0 | % | 216 |  | 94.0 | % | 684 |  | 804 |  | 0.63 |  | S |
| CV at Stone Point           | Charlotte | NC | 1986 | 100.0 | % | 192 |  | 95.3 | % | 628 |  | 772 |  | 0.70 |  | S |
| CV at Timber Crest          | Charlotte | NC | 1999 | 100.0 | % | 282 |  | 96.1 | % | 624 |  | 722 |  | 0.64 |  | S |
| Enclave                     | Charlotte | NC | 2008 | 100.0 | % | 85 |  | 94.1 | % | 1,460 |  | 1,597 |  | 1.15 |  |   |
| Heatherwood                 | Charlotte | NC | 1980 | 100.0 | % | 476 |  | 91.8 | % | 596 |  | 747 |  | 0.65 |  | S |
|                        | Total | 18 |  13.1 Years |   | 4,851 |  | 95.4 | % | $ | 723 |  | $ | 857 |  | $ | 0.74 |  |   |
|                        | Same Store | 16 |  14.2 Years |   | 4,530 |  | 95.4 | % | $ | 703 |  | $ | 837 |  | $ | 0.73 |  |   |

----

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST      |
| Multifamily Property Table     |
| As of March 31, 2012           |
| Appendix                       |
|                           |   |   | Year Built / Avg |   | Apartment | Physical | Rent | Revenue | Rent |   |
| Property                       | MSA | State | Age | % Own | Homes | Occupancy Rate | Per Home | Per Home | Per SF | S-P |
| Belterra                       | Dallas/Fort Worth | TX | 2006 | 10.0 | % | 288 |  | 96.9 | % | $ | 870 |  | $ | 969 |  | $ | 0.90 |  |   |
| CG at Bear Creek               | Dallas/Fort Worth | TX | 1998 | 100.0 | % | 436 |  | 95.2 | % | 815 |  | 962 |  | 0.90 |  | S |
| CG at Hebron                   | Dallas/Fort Worth | TX | 2011 | 100.0 | % | 312 |  | 92.6 | % | 1,012 |  | 1,150 |  | 0.90 |  |   |
| CG at Valley Ranch             | Dallas/Fort Worth | TX | 1995 | 100.0 | % | 396 |  | 93.9 | % | 1,040 |  | 1,180 |  | 0.89 |  | S |
| CR at Medical District         | Dallas/Fort Worth | TX | 2007 | 100.0 | % | 278 |  | 94.6 | % | 1,011 |  | 1,092 |  | 1.16 |  |   |
| CV at Grapevine                | Dallas/Fort Worth | TX | 1985 | 100.0 | % | 450 |  | 95.8 | % | 692 |  | 835 |  | 0.80 |  | S |
| CV at Main Park                | Dallas/Fort Worth | TX | 1984 | 100.0 | % | 192 |  | 97.4 | % | 715 |  | 873 |  | 0.76 |  | S |
| CV at North Arlington          | Dallas/Fort Worth | TX | 1985 | 100.0 | % | 240 |  | 95.8 | % | 608 |  | 761 |  | 0.77 |  | S |
| CV at Oakbend                  | Dallas/Fort Worth | TX | 1997 | 100.0 | % | 426 |  | 94.8 | % | 733 |  | 895 |  | 0.82 |  | S |
| CV at Shoal Creek              | Dallas/Fort Worth | TX | 1996 | 100.0 | % | 408 |  | 96.1 | % | 779 |  | 965 |  | 0.83 |  | S |
| CV at Vista Ridge              | Dallas/Fort Worth | TX | 1985 | 100.0 | % | 300 |  | 95.7 | % | 576 |  | 702 |  | 0.73 |  | S |
| CV at Willow Creek             | Dallas/Fort Worth | TX | 1996 | 100.0 | % | 478 |  | 96.2 | % | 723 |  | 901 |  | 0.81 |  | S |
| Remington Hills                | Dallas/Fort Worth | TX | 1985 | 100.0 | % | 362 |  | 93.6 | % | 698 |  | 847 |  | 0.73 |  | S |
|                           | Total | 13 |  17.6 Years |   | 4,566 |  | 95.1 | % | $ | 791 |  | $ | 937 |  | $ | 0.85 |  |   |
|                           | Same Store | 10 |  21.7 Years |   | 3,688 |  | 95.4 | % | $ | 749 |  | $ | 904 |  | $ | 0.81 |  |   |
| CG at Edgewater                | Huntsville | AL | 1990/99 | 100.0 | % | 500 |  | 94.4 | % | $ | 712 |  | $ | 864 |  | $ | 0.66 |  | S |
| CG at Madison                  | Huntsville | AL | 1999 | 100.0 | % | 336 |  | 96.4 | % | 780 |  | 941 |  | 0.74 |  | S |
|                           | Total | 2 |  15.3 Years |   | 836 |  | 95.2 | % | $ | 739 |  | $ | 895 |  | $ | 0.69 |  |   |
|                           | Same Store | 2 |  15.3 Years |   | 836 |  | 95.2 | % | $ | 739 |  | $ | 895 |  | $ | 0.69 |  |   |
| CG at Heather Glen             | Orlando | FL | 2000 | 100.0 | % | 448 |  | 98.0 | % | $ | 968 |  | $ | 1,115 |  | $ | 0.83 |  | S |
| CG at Heathrow                 | Orlando | FL | 1997 | 100.0 | % | 312 |  | 94.2 | % | 914 |  | 1,081 |  | 0.81 |  | S |
| CG at Town Park Reserve        | Orlando | FL | 2004 | 100.0 | % | 80 |  | 95.0 | % | 1,109 |  | 1,247 |  | 1.15 |  | S |
| CG at Town Park (Lake Mary)    | Orlando | FL | 2002 | 100.0 | % | 456 |  | 94.3 | % | 1,007 |  | 1,170 |  | 0.86 |  | S |
| CV at Twin Lakes               | Orlando | FL | 2004 | 100.0 | % | 460 |  | 94.3 | % | 812 |  | 967 |  | 0.89 |  | S |
|                           | Total | 5 |  10.8 Years |   | 1,756 |  | 95.3 | % | $ | 934 |  | $ | 1,090 |  | $ | 0.86 |  |   |
|                           | Same Store | 5 |  10.8 Years |   | 1,756 |  | 95.3 | % | $ | 934 |  | $ | 1,090 |  | $ | 0.86 |  |   |
| CG at Inverness Commons        | Phoenix | AZ | 2002 | 100.0 | % | 300 |  | 96.3 | % | $ | 707 |  | $ | 861 |  | $ | 0.69 |  | S |
| CG at OldTown Scottsdale North | Phoenix | AZ | 1995 | 100.0 | % | 208 |  | 98.1 | % | 852 |  | 997 |  | 0.86 |  | S |
| CG at OldTown Scottsdale South | Phoenix | AZ | 1994 | 100.0 | % | 264 |  | 94.3 | % | 871 |  | 1,004 |  | 0.87 |  | S |
| CG at Scottsdale               | Phoenix | AZ | 1999 | 100.0 | % | 180 |  | 94.4 | % | 912 |  | 1,046 |  | 0.81 |  | S |
|                           | Total | 4 |  14.8 Years |   | 952 |  | 95.8 | % | $ | 822 |  | $ | 965 |  | $ | 0.80 |  |   |
|                           | Same Store | 4 |  14.8 Years |   | 952 |  | 95.8 | % | $ | 823 |  | $ | 966 |  | $ | 0.80 |  |   |
| CG at Arringdon                | Raleigh | NC | 2003 | 100.0 | % | 320 |  | 99.7 | % | $ | 785 |  | $ | 926 |  | $ | 0.81 |  | S |
| CG at Brier Creek              | Raleigh | NC | 2009 | 100.0 | % | 364 |  | 94.8 | % | 889 |  | 999 |  | 0.81 |  | S |
| CG at Brier Falls              | Raleigh | NC | 2008 | 100.0 | % | 350 |  | 96.0 | % | 902 |  | 974 |  | 0.83 |  |   |
| CG at Crabtree Valley          | Raleigh | NC | 1997 | 100.0 | % | 210 |  | 98.1 | % | 725 |  | 841 |  | 0.73 |  | S |
| CG at Patterson Place          | Raleigh | NC | 1997 | 100.0 | % | 252 |  | 96.8 | % | 799 |  | 938 |  | 0.84 |  | S |
| CG at Research Park (Durham)   | Raleigh | NC | 2002 | 20.0 | % | 370 |  | 95.7 | % | 773 |  | 913 |  | 0.74 |  |   |
| CG at Trinity Commons          | Raleigh | NC | 2000/02 | 100.0 | % | 462 |  | 92.4 | % | 747 |  | 868 |  | 0.71 |  | S |
| CV at Beaver Creek             | Raleigh | NC | 2000/03 | 100.0 | % | 316 |  | 99.1 | % | 732 |  | 883 |  | 0.75 |  |   |
| CV at Deerfield                | Raleigh | NC | 1985 | 100.0 | % | 204 |  | 95.6 | % | 745 |  | 862 |  | 0.77 |  | S |
| CV at Highland Hills           | Raleigh | NC | 1987 | 100.0 | % | 250 |  | 94.4 | % | 737 |  | 855 |  | 0.70 |  | S |
| CV at Woodlake                 | Raleigh | NC | 1996 | 100.0 | % | 266 |  | 96.2 | % | 692 |  | 797 |  | 0.72 |  | S |
|                           | Total | 11 |  13.4 Years |   | 3,364 |  | 96.1 | % | $ | 780 |  | $ | 901 |  | $ | 0.76 |  |   |
|                           | Same Store | 8 |  15.4 Years |   | 2,328 |  | 95.7 | % | $ | 770 |  | $ | 892 |  | $ | 0.76 |  |   |
| Ashley Park                    | Richmond | VA | 1988 | 100.0 | % | 272 |  | 96.0 | % | $ | 641 |  | $ | 771 |  | $ | 0.90 |  | S |
| CR at West Franklin            | Richmond | VA | 1964/65 | 100.0 | % | 332 |  | 97.6 | % | 665 |  | 898 |  | 1.30 |  | S |
| CV at Chase Gayton             | Richmond | VA | 1984 | 100.0 | % | 328 |  | 94.2 | % | 812 |  | 945 |  | 0.86 |  | S |
| CV at Hampton Glen             | Richmond | VA | 1986 | 100.0 | % | 232 |  | 96.1 | % | 810 |  | 940 |  | 1.06 |  | S |
| CV at Waterford                | Richmond | VA | 1990 | 100.0 | % | 312 |  | 96.2 | % | 818 |  | 972 |  | 0.88 |  | S |
| CV at West End                 | Richmond | VA | 1987 | 100.0 | % | 224 |  | 96.0 | % | 733 |  | 869 |  | 1.05 |  | S |
|                           | Total | 6 |  29.0 Years |   | 1,700 |  | 96.0 | % | $ | 746 |  | $ | 902 |  | $ | 0.98 |  |   |
|                           | Same Store | 6 |  29.0 Years |   | 1,700 |  | 96.0 | % | $ | 746 |  | $ | 903 |  | $ | 0.98 |  |   |

----

|                                                                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                             |
| Multifamily Property Table                                                                                                                                            |
| As of March 31, 2012                                                                                                                                                  |
| Appendix                                                                                                                                                              |
|                                                                                                                                                                  |   |   | Year Built / Avg |   | Apartment | Physical | Rent | Revenue | Rent |   |
| Property                                                                                                                                                              | MSA | State | Age | % Own | Homes | Occupancy Rate | Per Home | Per Home | Per SF | S-P |
| CG at Godley Station                                                                                                                                                  | Savannah | GA | 2005 | 100.0 | % | 312 |  | 98.7 | % | $ | 843 |  | $ | 1,004 |  | $ | 0.78 |  | S |
| CG at Hammocks                                                                                                                                                        | Savannah | GA | 1997 | 100.0 | % | 308 |  | 98.1 | % | 934 |  | 1,107 |  | 0.89 |  | S |
| CV at Godley Lake                                                                                                                                                     | Savannah | GA | 2008 | 100.0 | % | 288 |  | 99.0 | % | 820 |  | 970 |  | 0.88 |  | S |
| CV at Greentree                                                                                                                                                       | Savannah | GA | 1983 | 100.0 | % | 194 |  | 99.5 | % | 666 |  | 803 |  | 0.78 |  | S |
| CV at Huntington                                                                                                                                                      | Savannah | GA | 1986 | 100.0 | % | 147 |  | 97.3 | % | 741 |  | 894 |  | 0.90 |  | S |
| CV at Marsh Cove                                                                                                                                                      | Savannah | GA | 1983 | 100.0 | % | 188 |  | 95.7 | % | 782 |  | 895 |  | 0.75 |  | S |
|                                                                                                                                                                  | Total | 6 |  18.6 Years |   | 1,437 |  | 98.2 | % | $ | 816 |  | $ | 967 |  | $ | 0.83 |  |   |
|                                                                                                                                                                  | Same Store | 6 |  18.6 Years |   | 1,437 |  | 98.2 | % | $ | 816 |  | $ | 967 |  | $ | 0.83 |  |   |
| TOTAL PROPERTIES IN MAJOR MARKETS                                                                                                                                     | 95 |  15.6 Years |   | 29,160 |  | 96.0 | % | $ | 781 |  | $ | 925 |  | $ | 0.80 |  |   |
|                                                                                                                                                                  | Same Store | 84 |  16.8 Years |   | 25,919 |  | 96.0 | % | $ | 770 |  | $ | 916 |  | $ | 0.79 |  |   |
|                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| PROPERTIES IN OTHER MARKETS                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |
| Autumn Hill                                                                                                                                                           | Charlottesville | VA | 1970 | 100.0 | % | 425 |  | 98.8 | % | $ | 667 |  | $ | 828 |  | $ | 0.77 |  | S |
| CG at Autumn Park                                                                                                                                                     | Greensboro | NC | 2001/04 | 100.0 | % | 402 |  | 93.3 | % | 764 |  | 839 |  | 0.75 |  | S |
| CG at Bellevue                                                                                                                                                        | Nashville | TN | 1996 | 100.0 | % | 349 |  | 99.4 | % | 897 |  | 988 |  | 0.91 |  | S |
| CG at Desert Vista                                                                                                                                                    | Las Vegas | NV | 2008 | 100.0 | % | 380 |  | 91.8 | % | 721 |  | 887 |  | 0.81 |  | S |
| CG at Palm Vista                                                                                                                                                      | Las Vegas | NV | 2007 | 100.0 | % | 341 |  | 93.8 | % | 817 |  | 875 |  | 0.80 |  |   |
| CG at Lakewood Ranch                                                                                                                                                  | Sarasota | FL | 1999 | 100.0 | % | 288 |  | 97.6 | % | 1,055 |  | 1,228 |  | 1.01 |  | S |
| CG at Seven Oaks                                                                                                                                                      | Tampa | FL | 2004 | 100.0 | % | 318 |  | 98.1 | % | 886 |  | 1,067 |  | 0.93 |  | S |
| CG at Traditions                                                                                                                                                      | Gulf Shores | AL | 2007 | 100.0 | % | 324 |  | 91.5 | % | 590 |  | 707 |  | 0.55 |  |   |
| CG at Wilmington                                                                                                                                                      | Wilmington | NC | 1998/2002 | 100.0 | % | 390 |  | 97.2 | % | 679 |  | 758 |  | 0.74 |  | S |
| CV at Ashford Place                                                                                                                                                   | Mobile | AL | 1983 | 100.0 | % | 168 |  | 95.2 | % | 584 |  | 680 |  | 0.67 |  | S |
| CV at Greenbrier                                                                                                                                                      | Fredericksburg | VA | 1988 | 100.0 | % | 258 |  | 99.2 | % | 852 |  | 1,022 |  | 1.01 |  | S |
| CV at Harbour Club                                                                                                                                                    | Norfolk | VA | 1988 | 100.0 | % | 213 |  | 96.2 | % | 792 |  | 985 |  | 0.87 |  | S |
| CV at Huntleigh Woods                                                                                                                                                 | Mobile | AL | 1978 | 100.0 | % | 233 |  | 96.1 | % | 547 |  | 680 |  | 0.64 |  | S |
| CV at Mill Creek                                                                                                                                                      | Winston-Salem | NC | 1984 | 100.0 | % | 220 |  | 92.7 | % | 542 |  | 646 |  | 0.57 |  | S |
| CV at Pinnacle Ridge                                                                                                                                                  | Asheville | NC | 1948/85 | 100.0 | % | 166 |  | 97.6 | % | 714 |  | 814 |  | 0.82 |  | S |
| CV at Tradewinds                                                                                                                                                      | Norfolk | VA | 1988 | 100.0 | % | 284 |  | 95.4 | % | 800 |  | 970 |  | 0.81 |  | S |
| Cypress Village Rental                                                                                                                                                | Gulf Shores | AL | 2008 | 100.0 | % | 96 |  | 96.9 | % | 1,209 |  | 1,388 |  | 0.56 |  |   |
| Glen Eagles                                                                                                                                                           | Winston-Salem | NC | 1990/2000 | 100.0 | % | 310 |  | 94.8 | % | 600 |  | 720 |  | 0.60 |  | S |
| TOTAL PROPERTIES IN OTHER MARKETS                                                                                                                                     | 18 | 19.4 Years |   | 5,165 |  | 96.3 | % | $ | 751 |  | $ | 879 |  | $ | 0.78 |  |   |
|                                                                                                                                                                  | Same Store | 15 | 22.3 Years |   | 4,404 |  | 96.3 | % | $ | 750 |  | $ | 884 |  | $ | 0.80 |  |   |
|                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| THIRD PARY MANAGED BUSINESS                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |
| Hawthorne Groves                                                                                                                                                      | Orlando | FL | 2002 | 0% |  | 328 |  | 95.4 | % |   |   |   |   |
| Hawthorne Village                                                                                                                                                     | Daytona Beach | FL | 2006 | 0% |  | 378 |  | 95.2 | % |   |   |   |   |
| TOTAL MANAGED                                                                                                                                                         | 2 |  8.3 Years |   | 706 |  | 95.3 | % |   |   |   |   |
|                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| LEASE UP PROPERTIES                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| CG at Hampton Preserve                                                                                                                                                | Tampa | FL |   | 100 | % | 486 |  | — |  | $ | 997 |  | $ | 1,239 |  | $ | 0.94 |  |   |
| TOTAL LEASE UP                                                                                                                                                        |   | 1 |   |   | 486 |  | — |  | $ | 997 |  | $ | 1,239 |  | $ | 0.94 |  |   |
|                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| TOTAL ALL PROPERTIES (1)                                                                                                                                         | 116 | 16.1 Years |   | 35,517 |  | 96.0 | % | $ | 776 |  | $ | 918 |  | $ | 0.79 |  |   |
|                                                                                                                                                                  | Same Store | 99 | 17.6 Years |   | 30,323 |  | 96.0 | % | $ | 758 |  | $ | 900 |  | $ | 0.78 |  |   |
|                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| CG = Colonial Grand Apartments and CR = Colonial Reserve, Class A;  CV = Colonial Village Apartments, Class B                                                         |
| S = Current year same-property portfolio:  Property has been stabilized as of the beginning of the prior calendar year.  Partially-owned properties are not included. |
|                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| (1)  Total All Properties as calculated includes Managed Properties and Joint Venture Properties at 100%.                                                             |   |   |   |
|                                                                                                                                                                  |
|                                                                                                                                                                  |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                  |
| Commercial Property Table                  |
| As of March 31, 2012                       |
| Appendix                                   |
|                                       |   |   |   |   | Square Feet (000s) |   |   |
|                                       |   |   |   |   |   | Anchor |   | Physical | Base Rent per |
| Property                                   | MSA | State | Year Built | % Own | Total | Owned | CLP Owned | Occupancy Rate | Sq. Foot  (1) |
|                                       |   |   |   |   |   |   |   |   |   |
| CONSOLIDATED PROPERTIES                    |   |   |   |   |   |   |   |   |   |
| CC Brookwood Village (Office)              |  Birmingham |  AL | 2007 | 100 | % | 170 |  | — |  | 170 |  | 100.0 | % | $ | 29.18 |  |
| Metropolitan Midtown (Office)              |  Charlotte |  NC | 2008 | 100 | % | 170 |  | — |  | 170 |  | 95.5 | % | 28.18 |  |
| Three Ravinia  (Office)                    |  Atlanta |  GA | 1991 | 100 | % | 814 |  | — |  | 814 |  | 94.0 | % | 25.53 |  |
| Brookwood Village (Retail)                 | Birmingham | AL | 1973/91/00 | 100 | % | 604 |  | 232 |  | 372 |  | 87.8 | % | 25.21 |  |
| CP Tannehill (Retail)                      | Birmingham | AL | 2008 | 100 | % | 445 |  | 211 |  | 234 |  | 91.1 | % | 20.17 |  |
| Metropolitan Midtown (Retail)              | Charlotte | NC | 2008 | 100 | % | 172 |  | — |  | 172 |  | 90.7 | % | 26.77 |  |
| CP Alabaster  (Retail)                     | Birmingham |  AL | 2005 | 100 | % | 612 |  | 393 |  | 219 |  | 97.1 | % | 20.03 |  |
| CP Craft Farms (Retail)                    | Gulf Shores |  AL | 2010 | 100 | % | 68 |  | — |  | 68 |  | 88.1 | % | 19.34 |  |
| CP Nord du Lac (Retail)                    | New Orleans |  LA | 2010 | 100 | % | 283 |  | 87 |  | 196 |  | 89.4 | % | 17.6 |  |
| Total Consolidated                         |   | 9 |   |   | 3,338 |  | 923 |  | 2,415 |  | 92.8 | % | $ | 25.45 |  |
|                                       |   |   |   |   |   |   |   |   |   |
| UNCONSOLIDATED PROPERTIES                  |   |   |   |   |   |   |   |   |   |
|                                       |   |   |   |   |   |   |   |   |   |
| DRA/CLP Joint Venture (Office)             |   |   |   |   |   |   |   |   |   |
|  901 Maitland                         |  Orlando |  FL | 1985 | 15 | % | 158 |  | — |  | 158 |  | 70.5 | % | $ | 17.79 |  |
|  Colonial Center at TownPark          |  Orlando |  FL | 2001 | 15 | % | 658 |  | — |  | 658 |  | 91.3 | % | 21.50 |  |
|  Colonial Center at Bayside           |  Tampa |  FL |  1988-94/97 | 15 | % | 213 |  | — |  | 213 |  | 63.1 | % | 19.17 |  |
|  Colonial Center at Colonnade         |  Birmingham |  AL |  1989/99 | 15 | % | 419 |  | — |  | 419 |  | 85.9 | % | 21.65 |  |
|  Colonial Center Blue Lake            |  Birmingham |  AL |  1982-2005 | 15 | % | 167 |  | — |  | 167 |  | 71.7 | % | 20.07 |  |
|  Colonial Center Heathrow             |  Orlando |  FL |  1988/96/97/98/99/2000/2001 | 15 | % | 922 |  | — |  | 922 |  | 79.6 | % | 19.29 |  |
|  Colonial Place I and II              |  Tampa |  FL |  1984/86 | 15 | % | 373 |  | — |  | 373 |  | 78.2 | % | 24.80 |  |
|  Colonial Plaza                       |  Birmingham |  AL |  1982-99 | 15 | % | 171 |  | — |  | 171 |  | 97.3 | % | 18.01 |  |
|  Colonial TownPark Office - Lifestyle |  Orlando |  FL | 2004 | 15 | % | 38 |  | — |  | 38 |  | 45.5 | % | 23.94 |  |
|  Concourse Center                     |  Tampa |  FL |  1982-2005/1983-2003/1984 | 15 | % | 294 |  | — |  | 294 |  | 72.9 | % | 19.43 |  |
|  Esplanade                            |  Charlotte |  NC |  1981-2007 | 15 | % | 203 |  | — |  | 203 |  | 75.9 | % | 19.96 |  |
|  Independence Plaza                   |  Birmingham |  AL |  1979-2000 | 15 | % | 106 |  | — |  | 106 |  | 97.3 | % | 19.36 |  |
|  International Park                   |  Birmingham |  AL |  1987/99 | 15 | % | 211 |  | — |  | 211 |  | 85.0 | % | 21.22 |  |
|  The Peachtree                        |  Atlanta |  GA | 1989 | 15 | % | 317 |  | — |  | 317 |  | 84.9 | % | 23.91 |  |
|  Research Park Plaza III and IV       |  Austin |  TX | 2001 | 15 | % | 360 |  | — |  | 360 |  | 94.5 | % | 24.40 |  |
|  Riverchase Center                    |  Birmingham |  AL | 1985 | 15 | % | 306 |  | — |  | 306 |  | 86.4 | % | 10.97 |  |
|  Total                                |   | 16 |   |   | 4,916 |  | — |  | 4,916 |  | 82.6 | % | $ | 20.52 |  |
|  Total (Weighted)                     |   | 16 |   |   |   | — |  | 737 |  | 82.6 | % | $ | 20.52 |  |
|                                       |   |   |   |   |   |   |   |   |   |
| DRA/CLP Joint Venture (Retail)             |   |   |   |   |   |   |   |   |   |
|  CP TownPark                          |  Orlando |  FL | 2005 | 15 | % | 198 |  | — |  | 198 |  | 89.5 | % | $ | 25.97 |  |
|  Colonial Shops Colonnade             |  Birmingham |  AL | 1989/2005 | 15 | % | 106 |  | — |  | 106 |  | 73.5 | % | 18.67 |  |
| Total                                      |   | 2 |   |   | 304 |  | — |  | 304 |  | 83.9 | % | $ | 23.04 |  |
| Total (Weighted)                           |   | 2 |   |   |   |   | 46 |  | 83.9 | % | $ | 23.04 |  |
|                                       |   |   |   |   |   |   |   |   |   |
| Bluerock Joint Venture (Office)            |   |   |   |   |   |   |   |   |   |
|  Colonial Center Lakeside             |  Huntsville |  AL |  1989/90 | 10 | % | 122 |  | — |  | 122 |  | 97.2 | % | $ | 17.94 |  |
|  Colonial Center Research Park        |  Huntsville |  AL | 1999 | 10 | % | 134 |  | — |  | 134 |  | 79.3 | % | 20.67 |  |
|  Colonial Center Research Place       |  Huntsville |  AL |  1979/84/88 | 10 | % | 275 |  | — |  | 275 |  | 74.7 | % | 15.73 |  |
|  DRS Building                         |  Huntsville |  AL |  1972/86/90/03 | 10 | % | 215 |  | — |  | 215 |  | 100.0 | % | 8.93 |  |
|  Northrop Grumman Building            |  Huntsville |  AL | 2007 | 10 | % | 110 |  | — |  | 110 |  | 100.0 | % | 13.76 |  |
|  Perimeter Corporate Park             |  Huntsville |  AL |  1986/89 | 10 | % | 235 |  | — |  | 235 |  | 97.9 | % | 19.80 |  |
|  Progress Center                      |  Huntsville |  AL |  1987/89 | 10 | % | 222 |  | — |  | 222 |  | 91.5 | % | 13.40 |  |
|  Regions Bank Center                  |  Huntsville |  AL | 1990 | 10 | % | 154 |  | — |  | 154 |  | 93.9 | % | 19.12 |  |
|  Research Park Office Center          |  Huntsville |  AL |  1998/99 | 10 | % | 236 |  | — |  | 236 |  | 95.0 | % | 13.94 |  |
| Total                                      |   | 9 |   |   | 1,703 |  | — |  | 1,703 |  | 91.5 | % | $ | 15.46 |  |
| Total (Weighted)                           |   | 9 |   |   |   |   | 170 |  | 91.5 | % | $ | 15.46 |  |

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|                                                                                                                                                                   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                         |
| Commercial Property Table                                                                                                                                         |
| As of March 31, 2012                                                                                                                                              |
| Appendix                                                                                                                                                          |
|                                                                                                                                                              |   |   |   |   | Square Feet (000s) |   |   |
|                                                                                                                                                              |   |   |   |   |   | Anchor |   | Physical | Base Rent per |
| Property                                                                                                                                                          | MSA | State | Year Built | % Own | Total | Owned | CLP Owned | Occupancy Rate | Sq. Foot (1) |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| Other Joint Ventures                                                                                                                                              |   |   |   |   |   |   |   |   |   |
|  Land Title Building (Office)                                                                                                                                |  Birmingham |  AL | 1975 | 33 | % | 30 |  | — |  | 30 |  | 100.0 | % | $ | 13.71 |  |
|  CP Hoover (Retail)                                                                                                                                          |  Birmingham |  AL | 2002 | 10 | % | 381 |  | 216 |  | 165 |  | 86.9 | % | 18.59 |  |
|  CP Smyrna (Retail)                                                                                                                                          |  Smyrna | TN | 2008 | 50 | % | 416 |  | 268 |  | 148 |  | 96.6 | % | 20.39 |  |
| Total                                                                                                                                                             |   | 3 |   |   | 827 |  | 484 |  | 343 |  | 92.2 | % | $ | 18.49 |  |
| Total (Weighted)                                                                                                                                                  |   | 3 |   |   |   |   | 101 |  | 95.3 | % | $ | 18.91 |  |
| Total Unconsolidated                                                                                                                                              |   | 30 |   |   | 7,750 |  | 484 |  | 7,266 |  | 85.2 | % | $ | 19.16 |  |
| Total Unconsolidated (Weighted)                                                                                                                                   |   | 30 |   |   |   |   | 1,054 |  | 85.3 | % | $ | 19.52 |  |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| THIRD-PARTY MANAGED BUSINESS                                                                                                                                      |   |   |   |   |   |   |   |   |   |
| International Park 2000 (Office)                                                                                                                                  |  Birmingham | AL |   | 0% | 130 |  |   |   |   |   |
| Calico Corner (Retail)                                                                                                                                            |  Birmingham | AL |   | 0% | 6 |  |   |   |   |   |
| Hoover Commons (Retail)                                                                                                                                           |  Birmingham | AL |   | 0% | 197 |  |   |   |   |   |
| TOTAL MANAGED                                                                                                                                                     |   | 3 |   |   | 333 |  |   |   |   |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| Total Commercial Properties                                                                                                                                       |   | 42 |   |   | 11,421 |  | 1,407 |  | 9,681 |  | 87.1 | % | $ | 20.43 |  |
| Total Commercial Properties (Weighted)                                                                                                                            |   | 42 |   |   |   |   | 3,469 |  | 90.5 | % | $ | 23.31 |  |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| (1)  Base rent per square foot amounts are calculated on a straight-line basis in accordance with GAAP.  In reference to the Retail properties, this calculation  |
| includes tenants occupying less than 10,000 square feet (i.e., excludes anchor tenants).  Rental terms for anchor tenants generally are not representative of the |
| larger portfolio.                                                                                                                                                 |

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|                                                                                                                                                              |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                    |
| Unconsolidated Joint Venture Summary                                                                                                                         |
| As of March 31, 2012                                                                                                                                         |
| ($ in 000s)                                                                                                                                                  |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                         |   | Units/ |   |   |   | Occupancy |   |   |   |   |
| Property                                                                                                                                                     |   | SF-000s |   | CLP % Own |   | Rate |   | Sec'd Debt |   | Equity Invest |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |
| Colonial Grand at Research Park                                                                                                                              |   | 370 |  |   | 20 | % |   | 95.7 | % |   | $ | 4,288 |  |   | $ | 635 |  |
| Colonial Grand at Huntcliff                                                                                                                                  |   | 358 |  |   | 20 | % |   | 93.3 | % |   | 4,982 |  |   | 1,332 |  |
| Belterra                                                                                                                                                     |   | 288 |  |   | 10 | % |   | 96.9 | % |   | 1,942 |  |   | 346 |  |
| Regents Park (Phase II) (1)                                                                                                                                  |   | — |  |   | 40 | % |   | — | % |   | — |  |   | 3,388 |  |
| Colonial Grand at McKinney (1)                                                                                                                          |   | — |  |   | 25 | % |   | — | % |   | — |  |   | 1,720 |  |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |
| Total Multifamily                                                                                                                                       |   | 1,016 |  |   |   |   |   |   | $ | 11,212 |  |   | $ | 7,421 |  |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |
| DRA/CLP (2)                                                                                                                                             |   | 5,220 |  |   | 15 | % |   | 82.7 | % |   | 111,286 |  |   | (25,460 | ) |
| Bluerock (3)                                                                                                                                                 |   | 1,703 |  |   | 10 | % |   | 91.5 | % |   | 10,719 |  |   | (6,625 | ) |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |
| Other                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |
| Land Title Building                                                                                                                                          |   | 30 |  |   | 33 | % |   | 100.0 | % |   | 179 |  |   | 345 |  |
| Colonial Promenade Hoover                                                                                                                                    |   | 381 |  |   | 10 | % |   | 86.9 | % |   | 1,534 |  |   | 36 |  |
| Colonial Promenade Smyrna                                                                                                                                    |   | 416 |  |   | 50 | % |   | 96.6 | % |   | 12,738 |  |   | 1,614 |  |
| Colonial Promenade Madison (4)                                                                                                                          |   | — |  |   | — | % |   | — | % |   | — |  |   | — |  |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |
| Total Commercial                                                                                                                                             |   | 7,750 |  | (5)  |   |   |   |   | $ | 136,456 |  |   | $ | (30,090 | ) |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |
| Other Unconsolidated Investments                                                                                                                             |   |   |   |   |   |   |   | — |  |   | 53 |  |
| Total Investments in Unconsolidated Subsidiaries                                                                                                             |   |   |   |   |   |   |   | $ | 147,668 |  |   | $ | (22,616 | ) |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |
| (1)  Consists of undeveloped land.                                                                                                                           |
| (2)  As of March 31, 2012, this joint venture included 16 office properties and 2 retail properties located in Birmingham, Alabama;  Orlando and Tampa,      |
| Florida, Atlanta, Georgia;  Charlotte, North Carolina and Austin, Texas.  Equity investment includes the value of the Company's investment of approximately  |
| $3.0 million, offset by the excess basis difference on the June 2007 joint venture transaction of approximately $28.5 million, which is being amortized over |
| the life of the properties.  This joint venture is presented under "Liabilities" on the Company's Balance Sheet as of March 31, 2012.                        |
| (3)  Equity investment includes the Company's investment of approximately $0.1 million, offset by the excess basis difference on the transaction of          |
| approximately $6.7 million, which is being amortized over the life of the properties.  This joint venture is presented under "Liabilities" on the Company's  |
| Balance Sheet as of March 31, 2012.                                                                                                                          |
| (4) On February 1, 2012, the Company sold its 25% interest in this joint venture.                                                                            |
| (5)  Retail square footage includes anchor-owned square footage.  See Commercial Property Table, pg. 31-32.                                                  |

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|                                                |
|------------------------------------------------|
|                                                |  |  |
| COLONIAL PROPERTIES TRUST                      |
| Glossary of Terms                              |
|                                           |
|                                           |   |   |
| RENT PER SQUARE UNIT (FOOT):                   |   | Effective rent per unit - average net effective rental rate per occupied unit.  Base rent per unit - rental revenue |
|                                           |   | charged to tenants divided by occupied square feet for commercial properties.  Rental revenue used in on a |
|                                           |   | monthly basis for multifamily properties and an annual basis for commercial properties. |
|                                           |   |   |
| CAPITALIZED LEASING                            |   | Commissions paid for obtaining a lease which have been capitalized and are to be amortized over the |
| COMMISSIONS:               |   | lease term. |
|                                           |   |   |
| CONCESSIONS:                                   |   | Relief or reduction of rent charges for a specified period, negotiated as a part of entering into a lease |
|                                           |   | agreement. |
|                                           |   |   |
| DIVIDEND PER SHARE:                            |   | The dividends/distributions paid to each shareholder of Colonial Properties Trust and to each partner of |
|                                           |   | Colonial Realty Limited Partnership as of a specific date. |
|                                           |   |   |
| EBITDA:                    |   | Earnings before interest, taxes, depreciation and amortization excluding the effects of gains (losses) |
|                                           |   | from sales of property. |
|                                           |   |   |
| FFO PER SHARE:             |   | FFO divided by the weighted average shares outstanding during the period, assuming the conversation |
|                                           |   | of minority interest limited partnership units in Colonial Realty Limited Partnership into the Company's |
|                                           |   | Common Shares. |
|                                           |   |   |
| FUNDS FROM OPERATIONS                          |   | Calculated per the NAREIT White Paper.  Net income (computed in accordance with generally accepted |
| (FFO):                                         |   | accounting principles), excluding gains (or losses) from debt restructuring and sales of property, plus |
|                                           |   | real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and |
|                                           |   | joint ventures.  Adjustments for unconsolidated partnerships and joint ventures will be calculated to |
|                                           |   | reflect funds from operations on the same basis. |
|                                           |   |   |
| NET EFFECTIVE RENTAL RATE:                     |   | The Company's rental rate after "loss to lease", concessions and vacancy. |
|                                           |   |   |
| OCCUPANCY RATE:                                |   | Total square feet (units) rented divided by net rentable square feet (units) on the date indicated. |
|                                           |   |   |
| OPERATING EXPENSES:                            |   | Total operating expenses (as reported by the Company to the SEC in its periodic filings) less |
|                                           |   | depreciation and amortization.  This amount does not include other income and expenses such as |
|                                           |   | interest and gains or losses on sales of assets. |
|                                           |   |   |
| OPERATING FUNDS FROM       |   | Funds from Operations excluding gains on the sale of land and development properties and gains on |
| OPERATIONS (FFO):                              |   | the repurchase of bonds and preferred shares. |
|                                           |   |   |
| OPERATING FFO PER SHARE:                       |   | Operating FFO divided by the weighted average shares outstanding during the period, assuming the |
|                                           |   | conversion of minority interest limited partnership units in Colonial Realty Limited Partnership into the |
|                                           |   | Company's Common Shares. |
|                                           |   |   |
| PERCENT GROWTH:                                |   | Percentage increase of an item when compared to the same item from the same quarter in the prior- |
|                                           |   | year. |
|                                           |   |   |
| PROPERTY OR DIVISIONAL     |   | Property revenues less property operating expenses. |
| NET OPERATING INCOME:                          |   |   |
|                                           |   |   |
| RENTAL DOLLARS (LEASING                        |   | Total annual revenues to be earned the first year from renewed or re-leased space. |
| (EXECUTION):                                   |   |   |
|                                           |   |   |
| SAME PROPERTY:                                 |   | Properties owned in the current year which were also owned for the 12 calendar months of the prior |
|                                           |   | year; same-property may be restated during the year to account for any disposition activity. |
|                                           |   |   |
| STOCK PRICE PER SHARE:                         |   | The closing price reported by the New York Stock Exchange on the date indicated. |
|                                           |   |   |
| TENANT IMPROVEMENTS (TI):                      |   | A capital expense used to improve the physical space occupied by a new or new (re-leasing) tenant. |
|                                           |   | Tenant improvements are amortized over the term of the lease or the life of the asset, whichever is |
|                                           |   | longer. |
|                                           |   |   |
| TOTAL MARKET               |   | The sum of total notes and mortgages payable plus the total market value of all shares and units |
| CAPITALIZATION:                                |   | outstanding at the market price per share on the date indicated. |