----

|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | Multifamily same-property NOI increased 8.3 percent compared with first quarter 2011 |

|         |                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------|
| • | Multifamily same-property revenue increased 6.0 percent compared with first quarter 2011 |

|         |                                                                                     |
|---------|-------------------------------------------------------------------------------------|
| • | Ended the quarter with multifamily same-property physical occupancy of 96.0 percent |

|         |                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------|
| • | Acquired the 350-unit Colonial Grand at Brier Falls in Raleigh, North Carolina, for $45.0 million |

|         |                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------|
| • | Commenced development of Colonial Reserve at South End, a 353-unit apartment community located in Charlotte, North Carolina |

|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | Entered into a new $500 million unsecured revolving credit facility; and |

|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| • | Standard & Poor's upgraded the company's senior unsecured notes rating to BBB- |

----

----

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

|         |                                                                                 |
|---------|---------------------------------------------------------------------------------|
| • | Multifamily same-property net operating income: growth of 6.00 to 8.00 percent. |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| ◦ | Revenue:     Increase of 4.75 to 5.75 percent |

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

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

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

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

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

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

----

----

----

----

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                     |
| Financial Statements                                                          |
| 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                                                               |
| 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 Expense                          | 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 Fees 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 | ) |

----

|                                                                                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                 |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                       |
| Financial Statements                                                                                                                                            |
| First Quarter 2012                                                                                                                                              |
|                                                                                                                                                            |   |
| CONSOLIDATED STATEMENTS OF OPERATIONS (continued)                                                                                                               |   |   |   |
|                                                                                                                                                            | Three Months Ended |
|                                                                                                                                                            | 3/31/2012 |   | 3/31/2011 |
| 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.                                                 |
|                                                                                                                                                            |   |   |   |
|                                                                                                                                                            |   |   |   |
| 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.                                                                                    |

----

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

----

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                              |
| Corporate Reconciliations                                              |
| ($ in 000s)                                                            |
|                                                                   |   |   |   |
| RECONCILIATION OF REVENUES                                             |   |   |   |
|                                                                   | Three Months Ended |
|                                                                   | 3/31/2012 |   | 3/31/2011 |
| 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 Revenues - Multifamily                           | (471 | ) |   | (713 | ) |
| Less:  Unconsolidated Revenues - Commercial                            | (4,794 | ) |   | (6,572 | ) |
| Discontinued Operations                                                | (31 | ) |   | (4,469 | ) |
| Unallocated Corporate Revenues                                         | 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                                             |   |   |   |
|                                                                   | Three Months Ended |
|                                                                   | 3/31/2012 |   | 3/31/2011 |
| 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 |  |
|                                                                   |   |   |   |
| ________________________                                               |   |   |   |
| Continued on following page                                            |   |   |   |

----

|                                                                                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                 |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                       |
| Corporate Reconciliations                                                                                                                                       |
| ($ in 000s)                                                                                                                                                     |
|                                                                                                                                                            |   |   |   |
| RECONCILIATION OF NOI                                                                                                                                           |   |   |   |
|                                                                                                                                                            | Three Months Ended |
|                                                                                                                                                            | 3/31/2012 |   | 3/31/2011 |
| 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 Revenues                                                                                                                                  | 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 prior periods in accordance with ASC 205-20.                                                                              |