|        |                                            |        |                                                  |           |                |
|--------|--------------------------------------------|--------|--------------------------------------------------|-----------|----------------|
|   |                                       |   |                                             |      | Jurisdiction   |
|   |                                       |   |                                             |      | of             |
| Name   |                                       |   |                                             | Formation |
| 1.     | Colonial Realty Limited Partnership (CRLP) |   | Delaware                                         |
|   | A.                                         |   | Colonial Properties Services Limited Partnership |      | Delaware       |
|   | B.                                         |   | Colonial Properties Services, LLC                |      | Delaware       |
|   | C.                                         |   | Colonial Properties Services, Inc. (CPSI)        |      | Alabama        |
|   |                                       | 1.     | Heathrow 4, LLC                                  |      | Delaware       |
|   |                                       | 2.     | TRC Holdings LLC                                 |      | Delaware       |
|   |                                       | 3.     | The Colonnade/CLP Management LLC                 |      | Delaware       |
|   |                                       | 4.     | Colonial CPSI Colonnade LLC                      |      | Delaware       |
|   |                                       | 5.     | Colonial Construction Services L.L.C.            |      | Delaware       |
|   |                                       | 6.     | CPSI Mizner, LLC                                 |      | Delaware       |
|   |                                       | 7.     | Montecito Mizner, LLC                            |      | Delaware       |
|   |                                       | 8.     | CPSI James Island, LLC                           |      | Delaware       |
|   |                                       | 9.     | Montecito James Island, LLC                      |      | Delaware       |
|   |                                       | 10.    | Walkers Chapel Road, LLC                         |      | Alabama        |
|   |                                       | 11.    | Highway 31 Alabaster, LLC                        |      | Alabama        |
|   |                                       | 12.    | Highway 31 Alabaster Two, LLC                    |      | Alabama        |
|   |                                       | 13.    | First Ward MB, LLC                               |      | Georgia        |
|   |                                       | 14.    | First Ward Residential, LLC                      |      | North Carolina |
|   |                                       | 15.    | CPSI Randall Park LLC                            |      | Delaware       |
|   |                                       | 16.    | Lanesboro at Heathrow LLC                        |      | Florida        |
|   |                                       | 17.    | Sam Ridley, LLC                                  |      | Delaware       |
|   |                                       | 18.    | Midtown Redevelopment Partners, LLC              |      | North Carolina |
|   |                                       | 19.    | CPSI-Winter Haven, LLC                           |      | Delaware       |
|   |                                       | 20.    | Regents Park LLC                                 |      | Georgia        |
|   |                                       | 21.    | Regents Park Phase II LLC                        |      | Georgia        |
|   |                                       | 22.    | 1755 Central Park Road Condominiums, LLC         |      | Delaware       |
|   |                                       | 23.    | The Azur at Metrowest, LLC                       |      | Delaware       |
|   |                                       | 24.    | Capri at Hunter's Creek Condominuims, LLC        |      | Delaware       |
|   |                                       | 25.    | CPSI-UCO LLC                                     |      | Alabama        |
|   |                                       | 26.    | CPSI-UCO Spanish Oaks, LLC                       |      | Alabama        |
|   |                                       | 27.    | CPSI-UCO Grander, LLC                            |      | Alabama        |
|   |                                       | 28.    | CPSI-UCO Cypress Village I, LLC                  |      | Alabama        |
|   |                                       | 29.    | CPSI-UCO Cypress Village II, LLC                 |      | Alabama        |
|   |                                       | 30.    | CPSI-UCO Cypress Village III, LLC                |      | Alabama        |
|   | D.                                         |   | Colonial Commercial Contracting LLC              |      | Delaware       |
|   | E.                                         |   | CRLP/CMS, L.L.C.                                 |      | Delaware       |
|   |                                       | 1.     | CMS/Colonial Multifamily Canyon Creek JV, LP     |      | Delaware       |
|   | F.                                         |   | CRLP/CMS II, L.L.C.                              |      | Delaware       |
|   | G.                                         |   | Heathrow E, LLC                                  |      | Delaware       |
|   | H.                                         |   | Heathrow F, LLC                                  |      | Delaware       |
|   | I.                                         |   | Heathrow 3, LLC                                  |      | Delaware       |
|   | J.                                         |   | Heathrow G, LLC                                  |      | Delaware       |
|   | K.                                         |   | Heathrow 6, LLC                                  |      | Delaware       |
|   | L.                                         |   | Heathrow I, LLC                                  |      | Delaware       |
|   | M.                                         |   | Highway 150, LLC                                 |      | Alabama        |

----

|        |        |        |                                                     |           |                |
|--------|--------|--------|-----------------------------------------------------|-----------|----------------|
|   |   |   |                                                |      | Jurisdiction   |
|   |   |   |                                                |      | of             |
| Name   |   |   |                                                | Formation |
|   | N.     |   | 600 Building Partners                               |      | Alabama        |
|   | O.     |   | Colonial/Polar BEK Management Company               |      | Alabama        |
|   | P.     |   | G & I III Madison, LLC                          |      | Delaware       |
|   | Q.     |   | G & I III Meadows, LLC                          |      | Delaware       |
|   | R.     |   | G & I III Colony Woods, LLC                     |      | Delaware       |
|   | S.     |   | G & I IV Cunningham LP                          |      | Delaware       |
|   | T.     |   | Parkside Drive LLC                                  |      | Tennessee      |
|   | U.     |   | North Carolina Multifamily Holdings, LLC            |      | North Carolina |
|   | V.     |   | CP D'Iberville JV LLC                               |      | Alabama        |
|   |   | 1.     | Colonial/DPL JV LLC                                 |      | Alabama        |
|   | W.     |   | TA-Colonial Traditions LLC                          |      | Delaware       |
|   | X.     |   | The Colonnade/CLP LLC                               |      | Delaware       |
|   | Y.     |   | CRLP Durham, LP                                     |      | Delaware       |
|   | Z.     |   | CRLP Roswell, LP                                    |      | Delaware       |
|   | AA.    |   | G & I V Riverchase LLC                          |      | Delaware       |
|   | BB.    |   | Walkers Chapel Road Two, LLC                        |      | Alabama        |
|   | CC.    |   | Belterra Investors LLC                              |      | Delaware       |
|   | DD.    |   | Bham Lending LLC                                    |      | Delaware       |
|   | EE.    |   | CRLP Valley Ranch LLC                               |      | Delaware       |
|   | FF.    |   | CRLP Twin Lakes LLC                                 |      | Delaware       |
|   | GG.    |   | CRLP Bellevue LLC                                   |      | Delaware       |
|   | HH.    |   | CMF 7 Portfolio LLC                                 |      | Delaware       |
|   | II.    |   | CMF 15 Portfolio LLC                                |      | Delaware       |
|   | JJ.    |   | CPSI St. Andrews, LLC                               |      | Delaware       |
|   |   | 1.     | Montecito St. Andrews, LLC                          |      | Delaware       |
|   | KK.    |   | McDowell - CRLP McKinney JV, LLC                    |      | Delaware       |
|   | LL.    |   | CRLP CPSI Nord du Lac Membership LLC                |      | Delaware       |
|   |   | 1.     | CP Nord du Lac JV, LLC                              |      | Delaware       |
|   | MM.    |   | Parkside Drive Farragut, LLC                        |      | Tennessee      |
|   | NN.    |   | Highway 11/31 LLC                                   |      | Delaware       |
|   | OO.    |   | CRLP Huntsville TIC Investor I LLC                  |      | Delaware       |
|   |   | 1.     | BR Cummings Research Park Portfolio I, TIC-1, LLC   |      | Delaware       |
|   |   | 2.     | BR Cummings Research Park Portfolio I, TIC-2, LLC   |      | Delaware       |
|   | PP.    |   | CRLP Huntsville TIC Investor II LLC                 |      | Delaware       |
|   |   | 1.     | BR Cummings Research Park Portfolio II, TIC-1, LLC  |      | Delaware       |
|   |   | 2.     | BR Cummings Research Park Portfolio II, TIC-2, LLC  |      | Delaware       |
|   | QQ.    |   | CRLP Huntsville TIC Investor III LLC                |      | Delaware       |
|   |   | 1.     | BR Cummings Research Park Portfolio III, TIC-1, LLC |      | Delaware       |
|   |   | 2.     | BR Cummings Research Park Portfolio III, TIC-2, LLC |      | Delaware       |
|   | RR.    |   | CRLP Crescent Lane LLC                              |      | Delaware       |
|   | SS.    |   | BR Cummings Research Place Development, LLC         |      | Alabama        |
|   | TT.    |   | CLNL Acquisition Sub LLC                            |      | Delaware       |
|   |   | 1.     | Cornerstone NC Operating Limited Partnership        |      | Virginia       |
|   |   | 2.     | CRIT - NC Three LLC                                 |      | Delaware       |
|   |   | 3.     | CRIT Special II LLC                                 |      | Delaware       |
|   |   | 4.     | CRIT-VA III LLC                                     |      | Delaware       |
|   |   | 5.     | Deposit Waiver LLC                                  |      | Delaware       |
|   |   | 6.     | Merritt at Godley Station, LLC                      |      | Georgia        |
|   |   | 7.     | Merritt at Godley Station II, LLC                   |      | Georgia        |
|   |   | 8.     | ML James Island Apartments, L.P.                    |      | Georgia        |
|   |   | 9.     | St. Andrews Place Apartments, LLC                   |      | North Carolina |
|   |   | 10.    | St. Andrews Place II, LLC                           |      | North Carolina |

----

|        |        |        |                                           |           |                |
|--------|--------|--------|-------------------------------------------|-----------|----------------|
|   |   |   |                                      |      |           |
|   |   |   |                                      |      | Jurisdiction   |
|   |   |   |                                      |      | of             |
| Name   |   |   |                                      | Formation |
|   |   | 11.    | Timber Crest Apartments, LLC              |      | North Carolina |
|   |   | 12.    | Trinity Commons Apartments, LLC           |      | North Carolina |
|   |   | 13.    | Trinity Commons II, LLC                   |      | North Carolina |
|   | UU.    |   | Colonial Office JV LLC                    |      | Delaware       |
|   |   | 1.     | CRT Ravinia MZ LLC                        |      | Delaware       |
|   |   | 2.     | CRT Ravinia LLC                           |      | Delaware       |
|   | VV.    |   | Colonial Office Holdings LLC              |      | Delaware       |
|   |   | 1.     | DRA/CLP Office LLC                        |      | Delaware       |
|   |   | 2.     | DRA/CLP 600 Townpark Office Orlando LLC   |      | Delaware       |
|   |   | 3.     | DRA/CLP 901 Maitland Orlando LLC          |      | Delaware       |
|   |   | 4.     | DRA/CLP Bayside Tampa LLC                 |      | Delaware       |
|   |   | 5.     | DRA/CLP Blue Lake Birmingham LLC          |      | Delaware       |
|   |   | 6.     | DRA/CLP Colonnade Office Birmingham LLC   |      | Delaware       |
|   |   | 7.     | DRA/CLP Colonnade Retail Birmingham LLC   |      | Delaware       |
|   |   | 8.     | DRA/CLP Concourse Center Tampa LLC        |      | Delaware       |
|   |   | 9.     | DRA/CLP CP Tampa LLC                      |      | Delaware       |
|   |   | 10.    | DRA/CLP Downtown Plaza Birmingham LLC     |      | Delaware       |
|   |   | 11.    | DRA/CLP Esplanade Charlotte GP LLC        |      | Delaware       |
|   |   | 12.    | DRA/CLP Esplanade Charlotte LP LLC        |      | Delaware       |
|   |   | 13.    | DRA/CLP Esplanade LP                      |      | Delaware       |
|   |   | 14.    | DRA/CLP Heathrow Orlando LLC              |      | Delaware       |
|   |   | 15.    | DRA/CLP Heathrow Orlando 1000 LLC         |      | Delaware       |
|   |   | 16.    | DRA/CLP Independence Plaza Birmingham LLC |      | Delaware       |
|   |   | 17.    | DRA/CLP International Park Birmingham LLC |      | Delaware       |
|   |   | 18.    | DRA/CLP The Peachtree Atlanta LLC         |      | Delaware       |
|   |   | 19.    | DRA/CLP Peachtree Parking LLC             |      | Delaware       |
|   |   | 20.    | DRA/CLP Research Park Plaza Austin GP LLC |      | Delaware       |
|   |   | 21.    | DRA/CLP Research Park Plaza Austin LP LLC |      | Delaware       |
|   |   | 22.    | DRA/CLP Riverchase Center Birmingham LLC  |      | Delaware       |
|   |   | 23.    | DRA/CLP Townpark Office Orlando LLC       |      | Delaware       |
|   |   | 24.    | DRA/CLP Townpark Retail Orlando LLC       |      | Delaware       |
|   | WW.    |   | Colonial Retail Holdings LLC              |      | Delaware       |
|   |   | 1.     | OZ/CLP Alabaster LLC                      |      | Delaware       |
|   | XX.    |   | Forty Seven Canal Place, LLC              |      | Alabama        |
|   |   |   |                                      |      |           |
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|   |   |   |                                      |      |           |