----

----

|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | Multifamily same-property NOI increased 7.3 percent compared with second quarter 2011 |

|         |                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------|
| • | Multifamily same-property revenue increased 4.9 percent compared with second quarter 2011 |

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

|         |                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------|
| • | Acquired the Colonial Grand at Fairview in Dallas, Texas, for a total purchase price of $29.8 million |

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | Entered into a new five-year $150 million unsecured term loan; and |

|         |                                                                                               |
|---------|-----------------------------------------------------------------------------------------------|
| • | Sold its remaining 15 percent ownership interest in the 18-asset DRA/CLP office joint venture |

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |
|                                              | Full-Year 2012 Range |
|                                              | Low | - | High |
|                                              |   |   |   |
| Diluted EPS                                       | $ | 0.03 |  | - | $ | 0.17 |  |
| Plus: Real Estate Depreciation & Amortization | 1.45 |  | - | 1.45 |  |
| Less: Gain on Sale of Operating Properties        | (0.25 | ) | - | (0.35 | ) |
| Total Diluted FFO per share                       | $ | 1.23 |  | - | $ | 1.27 |  |
|                                              |   |   |   |

|         |                                                                                 |
|---------|---------------------------------------------------------------------------------|
| • | Multifamily same-property net operating income: growth of 6.25 to 7.75 percent. |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| ◦ | Revenue:     Increase of 4.75 to 5.50 percent |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| ◦ | Expense:     Increase of 2.25 to 3.00 percent |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | Development spending of $110 million to $130 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                                                          |
| Second Quarter 2012                                                           |
|                                                                          |   |   |   |
| BALANCE SHEET                                                                 |   |   |   |
| ($ in 000s)                                                                   | As of |   | As of |
|                                                                          | 6/30/2012 |   | 12/31/2011 |
| ASSETS                                                                        |   |   |   |
| Real Estate Assets                                                            |   |   |   |
| Operating Properties                                                          | $ | 3,386,946 |  |   | $ | 3,445,455 |  |
| Undeveloped Land & Construction in Progress                               | 340,530 |  |   | 306,826 |  |
|      Total Real Estate, before Depreciation          | 3,727,476 |  |   | 3,752,281 |  |
|                                                                          |   |   |   |
| Less: Accumulated Depreciation                                                | (773,631 | ) |   | (731,894 | ) |
| Real Estate Assets Held for Sale, net                                         | 148,412 |  |   | 10,543 |  |
|                                                                          |   |   |   |
|      Net Real Estate Assets                          | 3,102,257 |  |   | 3,030,930 |  |
|                                                                          |   |   |   |
| Cash and Equivalents                                                          | 7,009 |  |   | 6,452 |  |
| Restricted Cash                                                               | 23,416 |  |   | 43,489 |  |
| Accounts Receivable, net                                                      | 25,432 |  |   | 26,762 |  |
| Notes Receivable                                                              | 42,761 |  |   | 43,787 |  |
| Prepaid Expenses                                                              | 17,412 |  |   | 19,912 |  |
| Deferred Debt and Lease Costs                                                 | 25,778 |  |   | 22,408 |  |
| Investment in Unconsolidated Subsidiaries                                     | 9,293 |  |   | 12,303 |  |
| Other Assets                                                                  | 49,305 |  |   | 52,562 |  |
|      Total Assets                                    | $ | 3,302,663 |  |   | $ | 3,258,605 |  |
|                                                                          |   |   |   |
| LIABILITIES                                                                   |   |   |   |
| Unsecured Credit Facility                                                     | $ | 117,243 |  |   | $ | 184,000 |  |
| Notes and Mortgages Payable                                                   | 1,724,789 |  |   | 1,575,727 |  |
|      Total Debt                                      | 1,842,032 |  |   | 1,759,727 |  |
| Accounts Payable                                                              | 33,193 |  |   | 50,266 |  |
| Accrued Interest                                                              | 12,030 |  |   | 11,923 |  |
| Accrued Expenses                                                              | 33,730 |  |   | 15,731 |  |
| Investment in Unconsolidated Subsidiaries                                     | 6,795 |  |   | 31,577 |  |
| Other Liabilities                                                             | 33,185 |  |   | 25,208 |  |
|      Total Liabilities                               | 1,960,965 |  |   | 1,894,432 |  |
|                                                                          |   |   |   |
| Redeemable Common Units                                                       | 167,310 |  |   | 159,582 |  |
|                                                                          |   |   |   |
| EQUITY                                                                        |   |   |   |
| Limited Partner's Noncontrolling Interest                                     | 707 |  |   | 728 |  |
|                                                                          |   |   |   |
| Cumulative Earnings                                                           | 1,278,359 |  |   | 1,267,958 |  |
| Cumulative Distributions                                                      | (1,894,461 | ) |   | (1,862,838 | ) |
| Common Equity, including Additional Paid-in Capital                           | 1,963,309 |  |   | 1,965,812 |  |
| Treasury Shares, at Cost                                                      | (150,163 | ) |   | (150,163 | ) |
| Accumulated Other Comprehensive Loss                                          | (23,363 | ) |   | (16,906 | ) |
|      Total Equity, including Noncontrolling Interest | 1,174,388 |  |   | 1,204,591 |  |
| Total Liabilities and Equity                                                  | $ | 3,302,663 |  |   | $ | 3,258,605 |  |
|                                                                          |   |   |   |

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |
| SHARES & UNITS OUTSTANDING, END OF PERIOD                        |   |   |   |
| (shares and units in 000s)                                           | As of |   | As of |
|                                                                 | 6/30/2012 |   | 12/31/2011 |
| Basic                                                                |   |   |   |
|      Shares                                 | 88,026 |  |   | 87,474 |  |
|      Operating Partnership Units (OP Units) | 7,154 |  |   | 7,169 |  |
|      Total Shares & OP Units            | 95,180 |  |   | 94,643 |  |

----

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                               |
| Financial Statements                                                                    |
| Second Quarter 2012                                                                     |
|                                                                                    |   |   |   |   |   |   |   |
| CONSOLIDATED STATEMENTS OF OPERATIONS                                                   |   |   |   |   |   |   |   |
| ($ in 000s, except per share data)                                                      | Three Months Ended |   | Six Months Ended |
|                                                                                    | 6/30/2012 |   | 6/30/2011 |   | 6/30/2012 |   | 6/30/2011 |
| Revenues                                                                                |   |   |   |   |   |   |   |
|    Minimum Rent                                                          | $ | 81,582 |  |   | $ | 73,093 |  |   | $ | 161,628 |  |   | $ | 143,168 |  |
|    Tenant Recoveries                                                     | 2,120 |  |   | 1,928 |  |   | 4,437 |  |   | 3,935 |  |
|    Other Property Related Revenue                                        | 14,430 |  |   | 12,711 |  |   | 28,070 |  |   | 24,580 |  |
|    Other Non-Property Related Revenue                                    | 1,471 |  |   | 2,173 |  |   | 2,815 |  |   | 3,984 |  |
|       Total Revenues                                      | 99,603 |  |   | 89,905 |  |   | 196,950 |  |   | 175,667 |  |
|                                                                                    |   |   |   |   |   |   |   |
| Operating Expenses                                                                      |   |   |   |   |   |   |   |
|    Operating Expenses:                                                   |   |   |   |   |   |   |   |
|       Property Operating Expense                          | 27,335 |  |   | 25,131 |  |   | 53,894 |  |   | 48,990 |  |
|       Taxes, Licenses and Insurance                       | 11,115 |  |   | 10,045 |  |   | 22,339 |  |   | 20,291 |  |
|          Total Property Operating Expenses | 38,450 |  |   | 35,176 |  |   | 76,233 |  |   | 69,281 |  |
|    Property Management Expense                                           | 3,001 |  |   | 2,181 |  |   | 5,847 |  |   | 4,603 |  |
|    General and Administrative Expense                                    | 5,446 |  |   | 5,188 |  |   | 11,213 |  |   | 10,390 |  |
|    Management Fees and Other Expenses                                    | 1,769 |  |   | 1,884 |  |   | 3,814 |  |   | 3,653 |  |
|    Investment and Development Expense (1)                                | 205 |  |   | 393 |  |   | 592 |  |   | 979 |  |
|    Depreciation                                                          | 30,472 |  |   | 29,130 |  |   | 60,818 |  |   | 57,874 |  |
|    Amortization                                                          | 1,324 |  |   | 1,773 |  |   | 3,142 |  |   | 3,584 |  |
|    Impairment and Other Losses (2)                                  | 395 |  |   | 148 |  |   | 895 |  |   | 2,244 |  |
|       Total Operating Expenses                            | 81,062 |  |   | 75,873 |  |   | 162,554 |  |   | 152,608 |  |
|                                                                                    |   |   |   |   |   |   |   |
| Income from Operations                                                                  | 18,541 |  |   | 14,032 |  |   | 34,396 |  |   | 23,059 |  |
|                                                                                    |   |   |   |   |   |   |   |
| Other Income (Expense)                                                                  |   |   |   |   |   |   |   |
|    Interest Expense                                                      | (23,277 | ) |   | (20,394 | ) |   | (46,330 | ) |   | (41,272 | ) |
|    Debt Cost Amortization                                                | (1,402 | ) |   | (1,146 | ) |   | (2,835 | ) |   | (2,298 | ) |
|    Interest Income                                                       | 556 |  |   | 336 |  |   | 1,550 |  |   | 668 |  |
|    Income (Loss) from Partially-Owned Investments                        | 21,349 |  |   | (134 | ) |   | 22,022 |  |   | (474 | ) |
|  (Loss) Gain on Sale of Property                                                   | (9 | ) |   | 23 |  |   | (235 | ) |   | (56 | ) |
|    Income Tax and Other                                                  | (277 | ) |   | (271 | ) |   | (465 | ) |   | (519 | ) |
|       Total Other Income (Expense)                        | (3,060 | ) |   | (21,586 | ) |   | (26,293 | ) |   | (43,951 | ) |
| Income (Loss) from Continuing Operations                                                | 15,481 |  |   | (7,554 | ) |   | 8,103 |  |   | (20,892 | ) |
|                                                                                    |   |   |   |   |   |   |   |
| Discontinued Operations                                                                 |   |   |   |   |   |   |   |
|    Income from Discontinued Operations (2)                          | 2,250 |  |   | 1,510 |  |   | 3,177 |  |   | 3,092 |  |
|    Loss on Disposal of Discontinued Operations                           | (12 | ) |   | — |  |   | (14 | ) |   | — |  |
| Net Income from Discontinued Operations                                                 | 2,238 |  |   | 1,510 |  |   | 3,163 |  |   | 3,092 |  |
|                                                                                    |   |   |   |   |   |   |   |
| Net Income (Loss)                                                                       | 17,719 |  |   | (6,044 | ) |   | 11,266 |  |   | (17,800 | ) |
|                                                                                    |   |   |   |   |   |   |   |
| Noncontrolling Interest                                                                 |   |   |   |   |   |   |   |
| Continuing Operations                                                                   |   |   |   |   |   |   |   |
|    Noncontrolling Interest of Limited Partners                           | (8 | ) |   | (41 | ) |   | (17 | ) |   | (43 | ) |
|    Noncontrolling Interest in CRLP - Preferred                           | — |  |   | (906 | ) |   | — |  |   | (1,813 | ) |
|    Noncontrolling Interest in CRLP - Common                              | (1,166 | ) |   | 673 |  |   | (609 | ) |   | 1,847 |  |
| Discontinued Operations                                                                 |   |   |   |   |   |   |   |
|    Noncontrolling Interest in CRLP - Common                              | (168 | ) |   | (119 | ) |   | (239 | ) |   | (251 | ) |
| Income Attributable to Noncontrolling Interest                                          | (1,342 | ) |   | (393 | ) |   | (865 | ) |   | (260 | ) |
|                                                                                    |   |   |   |   |   |   |   |
| Net Income (Loss) Available to Common Shareholders                                      | $ | 16,377 |  |   | $ | (6,437 | ) |   | $ | 10,401 |  |   | $ | (18,060 | ) |

----

|                                                                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                        |
| Financial Statements                                                                                                                                             |
| Second Quarter 2012                                                                                                                                              |
|                                                                                                                                                             |   |   |   |   |   |
| CONSOLIDATED STATEMENTS OF OPERATIONS (continued)                                                                                                                |   |   |   |   |   |   |   |
|                                                                                                                                                             | Three Months Ended |   | Six Months Ended |
|                                                                                                                                                             | 6/30/2012 |   | 6/30/2011 |   | 6/30/2012 |   | 6/30/2011 |
| Income (Loss) per Share - Basic                                                                                                                                  |   |   |   |   |   |   |   |
| Continuing Operations                                                                                                                                            | $ | 0.16 |  |   | $ | (0.09 | ) |   | $ | 0.08 |  |   | $ | (0.26 | ) |
| Discontinued Operations                                                                                                                                          | 0.03 |  |   | 0.01 |  |   | 0.04 |  |   | 0.04 |  |
| EPS - Basic                                                                                                                                                      | $ | 0.19 |  |   | $ | (0.08 | ) |   | $ | 0.12 |  |   | $ | (0.22 | ) |
|                                                                                                                                                             |   |   |   |   |   |   |   |
| Income (Loss) per Share - Diluted                                                                                                                                |   |   |   |   |   |   |   |
| Continuing Operations                                                                                                                                            | $ | 0.16 |  |   | $ | (0.09 | ) |   | $ | 0.08 |  |   | $ | (0.26 | ) |
| Discontinued Operations                                                                                                                                          | 0.03 |  |   | 0.01 |  |   | 0.04 |  |   | 0.04 |  |
| EPS - Diluted                                                                                                                                                    | $ | 0.19 |  |   | $ | (0.08 | ) |   | $ | 0.12 |  |   | $ | (0.22 | ) |
|                                                                                                                                                             |   |   |   |   |   |   |   |
| (1)  Reflects costs incurred related to acquisitions and abandoned pursuits.  These costs are volatile and therefore may vary between periods.                   |
| (2)  During the six months ended June 30, 2012, the Company recorded $0.9 million in charges as a result of warranty claims on units previously sold at two of   |
| the Company's for-sale residential projects and $0.3 million in non-cash impairment charges (classified in "Income from Discontinued Operations").  During the   |
| six months ended June 30, 2011, the Company recorded a $1.5 million charge for a loss contingency related to certain litigation, $0.5 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 |   | Six Months Ended |
|                                                                                                                                                             | 6/30/2012 |   | 6/30/2011 |   | 6/30/2012 |   | 6/30/2011 |
| Basic                                                                                                                                                            |   |   |   |   |   |   |   |
|    Shares                                                                                                                                         | 87,201 |  |   | 83,588 |  |   | 87,106 |  |   | 81,562 |  |
|    Operating Partnership Units (OP Units)                                                                                                         | 7,162 |  |   | 7,259 |  |   | 7,166 |  |   | 7,271 |  |
|    Total Shares & OP Units                                                                                                                    | 94,363 |  |   | 90,847 |  |   | 94,272 |  |   | 88,833 |  |
|                                                                                                                                                             |   |   |   |   |   |   |   |
| Dilutive Common Share Equivalents                                                                                                                                | 289 |  |   | — |  |   | 276 |  |   | — |  |
|                                                                                                                                                             |   |   |   |   |   |   |   |
| Diluted (1)                                                                                                                                                 |   |   |   |   |   |   |   |
|    Shares                                                                                                                                         | 87,490 |  |   | 83,588 |  |   | 87,382 |  |   | 81,562 |  |
|    Total Shares & OP Units                                                                                                                    | 94,652 |  |   | 90,847 |  |   | 94,548 |  |   | 88,833 |  |
|                                                                                                                                                             |   |   |   |   |   |   |   |
| (1)  For periods where the Company reported a net loss from continuing operations (after preferred dividends), the effect of dilutive shares has been excluded   |
| from per share computations as including such shares would be anti-dilutive.                                                                                     |   |   |   |   |

----

|                                                                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                             |
| Financial Statements                                                                                                                                                  |
| Second Quarter 2012                                                                                                                                                   |
|                                                                                                                                                                  |   |   |   |   |   |   |   |
| FUNDS FROM OPERATIONS (FFO) RECONCILIATION                                                                                                                            |   |   |   |   |   |   |   |
| ($ in 000s, except per share data)                                                                                                                                    | Three Months Ended |   | Six Months Ended |
|                                                                                                                                                                  | 6/30/2012 |   | 6/30/2011 |   | 6/30/2012 |   | 6/30/2011 |
| Net Income (Loss) Available to Common Shareholders                                                                                                                    | $ | 16,377 |  |   | $ | (6,437 | ) |   | $ | 10,401 |  |   | $ | (18,060 | ) |
| Noncontrolling Interest in CRLP (Operating Partnership Unitholders)                                                                                                   | 1,334 |  |   | (554 | ) |   | 848 |  |   | (1,596 | ) |
| Total                                                                                                                                                                 | 17,711 |  |   | (6,991 | ) |   | 11,249 |  |   | (19,656 | ) |
|                                                                                                                                                                  |   |   |   |   |   |   |   |
| Adjustments - Consolidated Properties                                                                                                                                 |   |   |   |   |   |   |   |
|    Depreciation - Real Estate                                                                                                                          | 31,169 |  |   | 31,779 |  |   | 63,131 |  |   | 63,530 |  |
|    Amortization - Real Estate                                                                                                                          | 1,502 |  |   | 1,984 |  |   | 3,620 |  |   | 4,030 |  |
| Impairment on Depreciable Asset                                                                                                                                       | 271 |  |   | — |  |   | 271 |  |   | — |  |
|    Remove:  (Gain)/Loss on Sale of Property, net of Income Tax and Noncontrolling                                                                      |   |   |   |   |   |   |   |
| Interest                                                                                                                                                              | 20 |  |   | (23 | ) |   | 249 |  |   | 56 |  |
|    Include:  Gain/(Loss) on Sale of Undepreciated Property, net of Income Tax and                                                                      |   |   |   |   |   |   |   |
|    Noncontrolling Interest                                                                                                                             | (8 | ) |   | 10 |  |   | (269 | ) |   | (69 | ) |
|          Total Adjustments - Consolidated                                                                                | 32,954 |  |   | 33,750 |  |   | 67,002 |  |   | 67,547 |  |
|                                                                                                                                                                  |   |   |   |   |   |   |   |
| Adjustments - Unconsolidated Properties                                                                                                                               |   |   |   |   |   |   |   |
|    Depreciation - Real Estate                                                                                                                          | 1,035 |  |   | 1,598 |  |   | 2,151 |  |   | 3,249 |  |
|    Amortization - Real Estate                                                                                                                          | 355 |  |   | 528 |  |   | 722 |  |   | 1,182 |  |
|    Remove:  Gain/(Loss) on Sale of Property                                                                                                            | (21,906 | ) |   | 4 |  |   | (22,709 | ) |   | 25 |  |
|          Total Adjustments - Unconsolidated                                                                              | (20,516 | ) |   | 2,130 |  |   | (19,836 | ) |   | 4,456 |  |
|                                                                                                                                                                  |   |   |   |   |   |   |   |
| Funds from Operations                                                                                                                                                 | $ | 30,149 |  |   | $ | 28,889 |  |   | $ | 58,415 |  |   | $ | 52,347 |  |
|                                                                                                                                                                  |   |   |   |   |   |   |   |
| Income Allocated to Participating Securities                                                                                                                          | (242 | ) |   | (216 | ) |   | (460 | ) |   | (399 | ) |
|                                                                                                                                                                  |   |   |   |   |   |   |   |
| Funds from Operations Available to Common Shareholders and Unitholders                                                                                                | $ | 29,907 |  |   | $ | 28,673 |  |   | $ | 57,955 |  |   | $ | 51,948 |  |
|                                                                                                                                                                  |   |   |   |   |   |   |   |
| FFO per Share                                                                                                                                                         |   |   |   |   |   |   |   |
|    Basic                                                                                                                                               | $ | 0.32 |  |   | $ | 0.32 |  |   | $ | 0.61 |  |   | $ | 0.58 |  |
|    Diluted                                                                                                                                             | $ | 0.32 |  |   | $ | 0.32 |  |   | $ | 0.61 |  |   | $ | 0.58 |  |
|                                                                                                                                                                  |   |   |   |   |   |   |   |
|                                                                                                                                                                  |   |   |   |   |   |   |   |
| 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's method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.                |
| FFO should not be considered (1) as an alternative to net income (determined in accordance with GAAP), (2) as an indicator of financial performance, (3) as           |
| cash flow from operating activities (determined in accordance with GAAP) or (4) as a measure of liquidity nor is it indicative of sufficient cash flow to fund all of |
| our needs, including our ability to make distributions.                                                                                                               |

----

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                              |
| Corporate Reconciliations                                              |
| ($ in 000s)                                                            |
|                                                                   |   |   |   |   |   |   |   |
| RECONCILIATION OF REVENUES                                             |   |   |   |   |   |   |   |
|                                                                   | Three Months Ended |   | Six Months Ended |
|                                                                   | 6/30/2012 |   | 6/30/2011 |   | 6/30/2012 |   | 6/30/2011 |
| Divisional Total Revenues                                              |   |   |   |   |   |   |   |
|    Multifamily - Same Property                          | $ | 80,277 |  |   | $ | 76,515 |  |   | $ | 159,120 |  |   | $ | 150,926 |  |
|    Multifamily - Non-Same Property (1)                  | 9,936 |  |   | 7,534 |  |   | 18,934 |  |   | 13,216 |  |
|    Commercial                                           | 17,671 |  |   | 19,055 |  |   | 35,387 |  |   | 38,823 |  |
|       Total Divisional Revenues          | 107,884 |  |   | 103,104 |  |   | 213,441 |  |   | 202,965 |  |
|                                                                   |   |   |   |   |   |   |   |
| Less:  Unconsolidated Revenues - Multifamily                           | (480 | ) |   | (702 | ) |   | (952 | ) |   | (1,415 | ) |
| Less:  Unconsolidated Revenues - Commercial                            | (4,393 | ) |   | (6,533 | ) |   | (9,185 | ) |   | (13,104 | ) |
| Discontinued Operations                                                | (4,879 | ) |   | (8,137 | ) |   | (9,169 | ) |   | (16,763 | ) |
| Unallocated Corporate Revenues                                         | 1,471 |  |   | 2,173 |  |   | 2,815 |  |   | 3,984 |  |
| Consolidated Revenue Adjusted - '11 Discontinued Operations (2)        | 99,603 |  |   | 89,905 |  |   | 196,950 |  |   | 175,667 |  |
| Add:  Additional Discontinued Operations Revenue, post filing (3)      | — |  |   | 8,132 |  |   | — |  |   | 16,756 |  |
| Total Consolidated Revenue, per 10-Q (4)                          | $ | 99,603 |  |   | $ | 98,037 |  |   | $ | 196,950 |  |   | $ | 192,423 |  |
|                                                                   |   |   |   |   |   |   |   |
| RECONCILIATION OF EXPENSES                                             |   |   |   |   |   |   |   |
|                                                                   | Three Months Ended |   | Six Months Ended |
|                                                                   | 6/30/2012 |   | 6/30/2011 |   | 6/30/2012 |   | 6/30/2011 |
| Divisional Total Expenses                                              |   |   |   |   |   |   |   |
|    Multifamily - Same Property                          | $ | 31,394 |  |   | $ | 30,940 |  |   | $ | 62,642 |  |   | $ | 61,416 |  |
|    Multifamily - Non-Same Property (1)                  | 4,467 |  |   | 3,808 |  |   | 8,502 |  |   | 6,756 |  |
|    Commercial                                           | 5,922 |  |   | 6,023 |  |   | 11,653 |  |   | 12,252 |  |
|       Total Divisional Expenses          | 41,783 |  |   | 40,771 |  |   | 82,797 |  |   | 80,424 |  |
|                                                                   |   |   |   |   |   |   |   |
| Less:  Unconsolidated Expenses - Multifamily                           | (220 | ) |   | (349 | ) |   | (437 | ) |   | (723 | ) |
| Less:  Unconsolidated Expenses - Commercial                            | (1,771 | ) |   | (2,174 | ) |   | (3,478 | ) |   | (4,301 | ) |
| Discontinued Operations                                                | (1,613 | ) |   | (3,072 | ) |   | (2,920 | ) |   | (6,119 | ) |
| Impairment - Discontinued Operations (5)                          | 271 |  |   | — |  |   | 271 |  |   | — |  |
| Total Property Operating Expenses                                      | 38,450 |  |   | 35,176 |  |   | 76,233 |  |   | 69,281 |  |
| Property Management Expenses                                           | 3,001 |  |   | 2,181 |  |   | 5,847 |  |   | 4,603 |  |
| General & Administrative Expenses                                  | 5,446 |  |   | 5,188 |  |   | 11,213 |  |   | 10,390 |  |
| Management Fee and Other Expenses                                      | 1,769 |  |   | 1,884 |  |   | 3,814 |  |   | 3,653 |  |
| Investment and Development Expenses (6)                                | 205 |  |   | 393 |  |   | 592 |  |   | 979 |  |
| Impairment and Other Losses                                            | 395 |  |   | 148 |  |   | 895 |  |   | 2,244 |  |
| Depreciation                                                           | 30,472 |  |   | 29,130 |  |   | 60,818 |  |   | 57,874 |  |
| Amortization                                                           | 1,324 |  |   | 1,773 |  |   | 3,142 |  |   | 3,584 |  |
| Consolidated Expense Adjusted - '11 Discontinued Operations (2)        | 81,062 |  |   | 75,873 |  |   | 162,554 |  |   | 152,608 |  |
| Add:  Additional Discontinued Operations Expense, post filing (3) | — |  |   | 6,195 |  |   | — |  |   | 12,920 |  |
| Total Consolidated Expense, per 10-Q (4)                               | $ | 81,062 |  |   | $ | 82,068 |  |   | $ | 162,554 |  |   | $ | 165,528 |  |
|                                                                   |   |   |   |   |   |   |   |
| ________________________                                               |   |   |   |   |   |   |   |
| Continued on following page                                            |   |   |   |   |   |   |   |

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|                                                                                                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| COLONIAL PROPERTIES TRUST                                                                                                                                       |
| Corporate Reconciliations                                                                                                                                       |
| ($ in 000s)                                                                                                                                                     |
|                                                                                                                                                            |   |   |   |   |   |   |   |
| RECONCILIATION OF NOI                                                                                                                                           |   |   |   |   |   |   |   |
|                                                                                                                                                            | Three Months Ended |   | Six Months Ended |
|                                                                                                                                                            | 6/30/2012 |   | 6/30/2011 |   | 6/30/2012 |   | 6/30/2011 |
| Divisional Total NOI                                                                                                                                            |   |   |   |   |   |   |   |
|    Multifamily - Same Property                                                                                                                   | $ | 48,883 |  |   | $ | 45,575 |  |   | $ | 96,478 |  |   | $ | 89,510 |  |
|    Multifamily - Non-Same Property (1)                                                                                                           | 5,469 |  |   | 3,726 |  |   | 10,432 |  |   | 6,460 |  |
|    Commercial                                                                                                                                    | 11,749 |  |   | 13,032 |  |   | 23,734 |  |   | 26,571 |  |
|       Total Divisional NOI                                                                                                        | 66,101 |  |   | 62,333 |  |   | 130,644 |  |   | 122,541 |  |
|                                                                                                                                                            |   |   |   |   |   |   |   |
| Less:  Unconsolidated NOI - Multifamily                                                                                                                         | (260 | ) |   | (353 | ) |   | (515 | ) |   | (692 | ) |
| Less:  Unconsolidated NOI - Commercial                                                                                                                          | (2,622 | ) |   | (4,359 | ) |   | (5,707 | ) |   | (8,803 | ) |
| Discontinued Operations                                                                                                                                         | (3,266 | ) |   | (5,065 | ) |   | (6,249 | ) |   | (10,644 | ) |
| Impairment - Discontinued Operations (5)                                                                                                                   | (271 | ) |   | — |  |   | (271 | ) |   | — |  |
| Unallocated Corporate Revenue                                                                                                                                   | 1,471 |  |   | 2,173 |  |   | 2,815 |  |   | 3,984 |  |
| Property Management Expenses                                                                                                                                    | (3,001 | ) |   | (2,181 | ) |   | (5,847 | ) |   | (4,603 | ) |
| General & Administrative Expenses                                                                                                                           | (5,446 | ) |   | (5,188 | ) |   | (11,213 | ) |   | (10,390 | ) |
| Management Fee and Other Expenses                                                                                                                               | (1,769 | ) |   | (1,884 | ) |   | (3,814 | ) |   | (3,653 | ) |
| Investment and Development Expenses (6)                                                                                                                         | (205 | ) |   | (393 | ) |   | (592 | ) |   | (979 | ) |
| Impairment and Other Losses                                                                                                                                     | (395 | ) |   | (148 | ) |   | (895 | ) |   | (2,244 | ) |
| Depreciation                                                                                                                                                    | (30,472 | ) |   | (29,130 | ) |   | (60,818 | ) |   | (57,874 | ) |
| Amortization                                                                                                                                                    | (1,324 | ) |   | (1,773 | ) |   | (3,142 | ) |   | (3,584 | ) |
| Income from Operations                                                                                                                                          | 18,541 |  |   | 14,032 |  |   | 34,396 |  |   | 23,059 |  |
| Total Other Income (Expense)                                                                                                                                    | (3,060 | ) |   | (21,586 | ) |   | (26,293 | ) |   | (43,951 | ) |
| Income (Loss) from Continuing Operations (7)                                                                                                                    | 15,481 |  |   | (7,554 | ) |   | 8,103 |  |   | (20,892 | ) |
| Discontinued Operations                                                                                                                                         | — |  |   | 1,619 |  |   | — |  |   | 3,235 |  |
| Income (Loss) from Continuing Operations, per 10-Q (4)                                                                                                          | $ | 15,481 |  |   | $ | (5,935 | ) |   | $ | 8,103 |  |   | $ | (17,657 | ) |
|                                                                                                                                                            |   |   |   |   |   |   |   |
| (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)  Includes a non-cash impairment charge recorded on one of the Company's commercial assets, which is currently classified as held for sale.                  |
| (6)  Reflects costs incurred related to acquisitions and abandoned pursuits.  These costs are volatile and therefore may vary between periods.                  |
| (7)  Income (Loss) from Continuing Operations before extraordinary items, noncontrolling interest and discontinued operations.  Adjustments for additional      |
| discontinued operations have restated prior periods in accordance with ASC 205-20.                                                                              |